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Note 10 - Residential Collateralized Debt Obligations
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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Residential Collateralized Debt Obligations [Member]
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| Note 10 - Residential Collateralized Debt Obligations [Line Items] | |||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] | 10. Residential Collateralized Debt Obligations The Company’s Residential CDOs, which are recorded as liabilities on the Company’s consolidated balance sheets, are secured by ARM loans pledged as collateral, which are recorded as assets of the Company. As of December 31, 2013 and 2012, the Company had Residential CDOs outstanding of $158.4 million and $181.0 million, respectively. As of December 31, 2013 and 2012, the current weighted average interest rate on these CDOs was 0.55% and 0.59%, respectively. The Residential CDOs are collateralized by ARM loans with a principal balance of $165.2 million and $189.0 million at December 31, 2013 and 2012, respectively. The Company retained the owner trust certificates, or residual interest for three securitizations, and, as of December 31, 2013 and 2012, had a net investment in the residential securitization trusts of $6.6 million and $7.0 million, respectively. |
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Subordinated Debentures [Member]
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| Note 10 - Residential Collateralized Debt Obligations [Line Items] | |||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] | 11. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of December 31, 2013 and December 31, 2012 (dollar amounts in thousands):
As of March 10, 2014 the Company has not been notified, and is not aware, of any event of default under the covenants for the subordinated debentures. |
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