View Filing Data

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2013	May 01, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	PMC COMMERCIAL TRUST /TX
Entity Central Index Key	0000908311
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,596,220

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Loans receivable, net:
Commercial mortgage loans receivable	$ 121,122	$ 125,515
SBIC commercial mortgage loans receivable	51,133	47,153
SBA 7(a) loans receivable, subject to secured borrowings	37,522	38,349
SBA 7(a) loans receivable	30,894	27,974
Loans receivable, net	240,671	238,991
Cash and cash equivalents	8,073	1,230
Real estate owned	630	739
Other assets	7,080	6,747
Total assets	256,454	247,707
Debt:
Secured borrowings - government guaranteed loans	40,093	41,008
Junior subordinated notes	27,070	27,070
SBIC debentures payable	23,190	17,190
Revolving credit facility	15,200	11,900
Debt	105,553	97,168
Borrower advances	6,371	5,942
Accounts payable and accrued expenses	3,899	4,078
Dividends payable	1,347	1,293
Total liabilities	117,170	108,481
Commitments and contingencies
Beneficiaries' equity:
Common shares of beneficial interest; authorized 100,000,000 shares of $0.01 par value; 11,132,549 and 11,125,883 shares issued at March 31, 2013 and December 31, 2012, respectively; 10,596,220 and 10,589,554 shares outstanding at March 31, 2013 and December 31, 2012, respectively	111	111
Additional paid-in capital	153,097	153,072
Net unrealized appreciation of retained interests in transferred assets	292	278
Cumulative net income	175,261	173,917
Cumulative dividends	(185,476)	(184,151)
Beneficiaries' equity before treasury stock	143,285	143,227
Less: Treasury stock; at cost, 536,329 shares at March 31, 2013 and December 31, 2012	(4,901)	(4,901)
Total beneficiaries' equity	138,384	138,326
Noncontrolling interests - cumulative preferred stock of subsidiary	900	900
Total equity	139,284	139,226
Total liabilities and equity	$ 256,454	$ 247,707

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2013	Dec. 31, 2012
Consolidated Balance Sheets [Abstract]
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	100,000,000	100,000,000
Common shares, shares issued	11,132,549	11,125,883
Common shares, shares outstanding	10,596,220	10,589,554
Treasury stock, shares	536,329	536,329

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
Interest income	$ 3,471	$ 3,398
Premium income	820	113
Other income	224	276
Total revenues	4,515	3,787
Expenses:
Salaries and related benefits	1,019	1,144
Interest	812	883
General and administrative	642	460
Provision for loan losses, net	242	475
Strategic alternatives		850
Total expenses	2,715	3,812
Income (loss) before income tax benefit (provision) and discontinued operations	1,800	(25)
Income tax benefit (provision)	(282)	19
Income (loss) from continuing operations	1,518	(6)
Discontinued operations	(174)	(149)
Net income (loss)	$ 1,344	$ (155)
Weighted average shares outstanding:
Basic	10,591	10,576
Diluted	10,591	10,576
Basic and diluted earnings (loss) per share:
Income (loss) from continuing operations	$ 0.14	$ 0.00
Discontinued operations	(0.02)	(0.01)
Net income (loss)	$ 0.12	$ (0.01)

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 1,344	$ (155)
Change in unrealized appreciation of retained interests in transferred assets:
Net unrealized appreciation (depreciation) arising during period	37	(9)
Net realized gains included in net income	(23)	(36)
Change in unrealized appreciation of retained interests in transferred assets	14	(45)
Comprehensive income (loss)	$ 1,358	$ (200)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Net of tax amount of unrealized holding gain (loss) before reclassification adjustments and transfers on available-for-sale securities.

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+ Details

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares of Beneficial Interest Outstanding	Additional Paid-in Capital	Net Unrealized Appreciation of Retained Interests in Transferred Assets	Cumulative Net Income	Cumulative Dividends	Treasury Stock	Cumulative Preferred Stock of Subsidiary
Beginning Balances at Dec. 31, 2011	$ 147,736	$ 111	$ 152,934	$ 394	$ 176,096	$ (177,798)	$ (4,901)	$ 900
Beginning Balances, shares at Dec. 31, 2011		10,574,554
Net unrealized depreciation/appreciation	(45)			(45)
Share-based compensation expense	40		40
Share-based compensation expense, shares		10,000
Dividends ($0.16 and $0.125 per share for the period ended March 31, 2012 and 2013 respectively)	(1,694)					(1,694)
Net income (loss)	(155)				(155)
Ending Balances at Mar. 31, 2012	145,882	$ 111	152,974	349	175,941	(179,492)	(4,901)	900
Ending Balances, shares at Mar. 31, 2012		10,584,554
Beginning Balances at Dec. 31, 2012	$ 139,226	$ 111	153,072	278	173,917	(184,151)	(4,901)	900
Beginning Balances, shares at Dec. 31, 2012	10,589,554	10,589,554
Net unrealized depreciation/appreciation	$ 14			14
Share-based compensation expense	25		25
Share-based compensation expense, shares		6,666
Dividends ($0.16 and $0.125 per share for the period ended March 31, 2012 and 2013 respectively)	(1,325)					(1,325)
Net income (loss)	1,344				1,344
Ending Balances at Mar. 31, 2013	$ 139,284	$ 111	$ 153,097	$ 292	$ 175,261	$ (185,476)	$ (4,901)	$ 900
Ending Balances, shares at Mar. 31, 2013	10,596,220	10,596,220

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References + Details

- Definition

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References + Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

Consolidated Statements of Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Dividends per share	$ 0.125	$ 0.16
Cumulative Dividends
Dividends per share	$ 0.125	$ 0.16

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ 1,344	$ (155)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Impairment losses	109	18
Deferred income taxes	28	(160)
Provision for loan losses, net	242	475
Unrealized premium adjustment	222	544
Amortization and accretion, net	(82)	(31)
Share-based compensation	25	40
Capitalized loan origination costs	(70)	(76)
Loans funded, held for sale	(8,145)	(4,941)
Proceeds from sale of guaranteed loans	7,206	1,258
Principal collected on loans	180	155
Loan fees remitted, net	(6)	(13)
Change in operating assets and liabilities:
Other assets	(159)	(146)
Borrower advances	429	(178)
Accounts payable and accrued expenses	(236)	70
Other liabilities	16	43
Net cash provided by (used in) operating activities	1,103	(3,097)
Cash flows from investing activities:
Loans funded	(7,277)	(5,790)
Principal collected on loans	5,290	7,584
Principal collected on retained interests in transferred assets	24	29
Purchase of furniture and equipment		(7)
Release of restricted cash and cash equivalents		2,233
Net cash provided by (used in) investing activities	(1,963)	4,049
Cash flows from financing activities:
Proceeds from (repayment of) revolving credit facility, net	3,300	(2,100)
Payment of principal on structured notes payable		(5,264)
Proceeds from issuance of SBIC debentures	6,000
Proceeds from secured borrowings - government guaranteed loans		4,989
Payment of principal on secured borrowings - government guaranteed loans	(180)	(155)
Payment of borrowing costs	(146)
Payment of dividends	(1,271)	(1,670)
Net cash provided by (used in) financing activities	7,703	(4,200)
Net increase (decrease) in cash and cash equivalents	6,843	(3,248)
Cash and cash equivalents, beginning of year	1,230	6,502
Cash and cash equivalents, end of period	$ 8,073	$ 3,254

Basis of Presentation

3 Months Ended

Mar. 31, 2013

Basis of Presentation [Abstract]

Basis of Presentation

Note 1. Basis of Presentation:

The accompanying interim financial statements of PMC Commercial Trust (“PMC Commercial” or together with its wholly-owned subsidiaries, “we,” “us” or “our”) have not been audited by independent accountants. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statement presentation. In the opinion of management, the financial statements include all normal recurring adjustments necessary for a fair statement of the results for the interim period. All material intercompany balances and transactions have been eliminated. The results for the three months ended March 31, 2013 are not necessarily indicative of future financial results. Therefore, these financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and (2) the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Our most sensitive estimates involve the valuation of our real estate owned and determination of loan loss reserves.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Loans Receivable, net

3 Months Ended

Mar. 31, 2013

Loans Receivable, net [Abstract]

Loans Receivable, net

Note 2. Loans Receivable, net:

Loans receivable, net, consisted of the following:


	March 31, 2013			December 31, 2012
	(In thousands)
Commercial mortgage loans	$	124,102		$	128,401
SBIC commercial mortgage loans		51,613			47,621
SBA 7(a) loans, subject to secured borrowings		37,095			37,909
SBA 7(a) loans		31,211			28,196

Total loans receivable		244,021			242,127
Adjusted by:
Deferred capitalized costs, net		304			277
Loan loss reserves		(3,654	)		(3,413	)

Loans receivable, net	$	240,671		$	238,991

Commercial mortgage loans

Represents the loans held by the parent company, PMC Commercial Trust.

SBIC commercial mortgage loans

Represents loans of our licensed Small Business Investment Company (“SBIC”) subsidiaries.

SBA 7(a) loans, subject to secured borrowings

Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings – government guaranteed loans (a liability on our consolidated balance sheet). There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal; therefore, no loan loss reserves are recorded on the $37.1 million and $37.9 million, respectively of government guaranteed portions of these SBA 7(a) loans included in loans receivable at March 31, 2013 and December 31, 2012.

SBA 7(a) loans

Represents the non-government guaranteed retained portion of loans originated under the SBA 7(a) program and the government guaranteed portion of loans that have not yet been fully funded or sold. The balance is net of retained loan discounts of $2.3 million and $2.1 million at March 31, 2013 and December 31, 2012, respectively.

Concentration Risks

We have certain concentrations of investments. Substantially all of our revenue is generated from loans collateralized by hospitality properties. At both March 31, 2013 and December 31, 2012, our loans were 94% concentrated in the hospitality industry. Any economic factors that negatively impact the hospitality industry, including recessions, depressed commercial real estate markets, travel restrictions, gasoline prices, bankruptcies or other political or geopolitical events, could have a material adverse effect on our financial condition and results of operations.

At March 31, 2013 and December 31, 2012, 14% and 15%, respectively, of our loans were collateralized by properties in Texas. No other state had a concentration of 10% or greater of our loans receivable at March 31, 2013 or December 31, 2012. A decline in economic conditions in any state in which we have a concentration of investments could have a material adverse effect on our financial condition and results of operations.

We have not loaned more than 10% of our assets to any single borrower; however, we have an affiliated group of obligors representing approximately 5% of our loans receivable at both March 31, 2013 and December 31, 2012. Any decline in the financial status of this group could have a material adverse effect on our financial condition and results of operations.

Aging

The following tables represent an aging of our Loans Receivable Subject to Credit Risk (loans receivable less SBA 7(a) loans, subject to secured borrowings as the SBA has guaranteed payment of the principal). Balances are prior to loan loss reserves and deferred capitalized costs, net.


March 31, 2013
Category	Totals				Commercial Mortgage Loans				SBA 7(a) Loans
	(Dollars in thousands)
Current (1)	$	201,280	97.3	%	$	170,770	97.2	%	$	30,510	97.8	%
Between 30 and 59 days delinquent		2,393	1.2	%		1,904	1.1	%		489	1.5	%
Between 60 and 89 days delinquent		—	—			—	—			—	—
Over 89 days delinquent (2)		3,253	1.5	%		3,041	1.7	%		212	0.7	%

	$	206,926	100.0	%	$	175,715	100.0	%	$	31,211	100.0	%

(1)

Includes $8.5 million of loans classified as troubled debt restructurings which were current at March 31, 2013 based on revised note terms.

(2)

Loans are classified as troubled debt restructurings. We are currently in the process of foreclosing on the collateral underlying these loans – three limited service hospitality properties.


December 31, 2012
Category	Totals				Commercial Mortgage Loans				SBA 7(a) Loans
	(Dollars in thousands)
Current (1)	$	198,282	97.1	%	$	170,429	96.8	%	$	27,853	98.8	%
Between 30 and 59 days delinquent (2)		2,824	1.4	%		2,482	1.4	%		342	1.2	%
Between 60 and 89 days delinquent		1	—			—	—			1	—
Over 89 days delinquent (3)		3,111	1.5	%		3,111	1.8	%		—	—

	$	204,218	100.0	%	$	176,022	100.0	%	$	28,196	100.0	%

(1)

Includes $7.6 million of loans classified as troubled debt restructurings which were current at December 31, 2012 based on revised note terms.

(2)

Includes $2.3 million of loans classified as troubled debt restructurings. We are currently in the process of foreclosing on the collateral underlying an SBA 7(a) Program loan – a limited service hospitality property – with a principal balance of $211,000.

(3)

Loans are classified as troubled debt restructurings. We are currently in the process of foreclosing on the collateral underlying these loans – two limited service hospitality properties.

Loan Loss Reserves

Management closely monitors our loans which require evaluation for loan loss reserves based on specific identification metrics which are classified into three categories: Doubtful, Substandard and Other Assets Especially Mentioned (“OAEM”) (together “Specific Identification Loans”). Loans classified as Doubtful are generally loans which are not complying with their contractual terms, the collection of the balance of the principal is considered impaired and on which the fair value of the collateral is less than the remaining unamortized principal balance. These loans are typically placed on non-accrual status and are generally in the foreclosure process. Loans classified as Substandard are generally those loans that are either not complying or had previously not complied with their contractual terms and have other credit weaknesses which may make payment default or principal exposure likely but not yet certain. Loans classified as OAEM are generally loans for which the credit quality of the borrowers has temporarily deteriorated. Typically the borrowers are current on their payments; however, they may be delinquent on their property taxes, insurance, or franchise fees or may be under agreements which provide for interest only payments during a short period of time.

Management has classified our Loans Receivable Subject to Credit Risk as follows (balances represent our investment in the loans prior to loan loss reserves and deferred capitalized costs):


	March 31, 2013
	Totals		%			Commercial Mortgage Loans		%			SBA 7(a) Loans		%
	(Dollars in thousands)
Satisfactory	$	190,365		92.0	%	$	160,394		91.3	%	$	29,971		96.0	%
OAEM		1,898		0.9	%		1,423		0.8	%		475		1.5	%
Substandard		11,136		5.4	%		10,857		6.2	%		279		0.9	%
Doubtful		3,527		1.7	%		3,041		1.7	%		486		1.6	%

	$	206,926		100.0	%	$	175,715		100.0	%	$	31,211		100.0	%


	December 31, 2012
	Totals		%			Commercial Mortgage Loans		%			SBA 7(a) Loans		%
	(Dollars in thousands)
Satisfactory	$	187,749		92.0	%	$	159,994		90.9	%	$	27,755		98.5	%
OAEM		81		—			—		—			81		0.3	%
Substandard		13,043		6.4	%		12,917		7.3	%		126		0.4	%
Doubtful		3,345		1.6	%		3,111		1.8	%		234		0.8	%

	$	204,218		100.0	%	$	176,022		100.0	%	$	28,196		100.0	%

Our provision for loan losses (excluding reductions of loan losses and recoveries) as a percentage of our weighted average outstanding Loans Receivable Subject to Credit Risk was 0.14% and 0.24% during the three months ended March 31, 2013 and 2012, respectively. To the extent one or several of our borrowers experience significant operating difficulties and we are forced to liquidate the collateral underlying the loan, future losses may be substantial.

The activity in our loan loss reserves was as follows:


	Three Months Ended March 31, 2013
	Total			Commercial Mortgage Loans			SBA 7(a) Loans
	(In thousands)
Balance, beginning of year	$	3,413		$	2,850		$	563
Provision for loan losses		301			163			138
Reduction of loan losses		(59	)		(59	)		—
Principal balances written-off		(1	)		—			(1	)

Balance, end of period	$	3,654		$	2,954		$	700


	Three Months Ended March 31, 2012
	Total			Commercial Mortgage Loans			SBA 7(a) Loans
	(In thousands)
Balance, beginning of year	$	1,812		$	1,329		$	483
Provision for loan losses		482			410			72
Reduction of loan losses		(7	)		(7	)		—
Principal balances written-off		(15	)		—			(15	)

Balance, end of period	$	2,272		$	1,732		$	540

Information on those loans considered to be impaired loans was as follows:


	March 31, 2013
	Total		Commercial Mortgage Loans		SBA 7(a) Loans
	(In thousands)
Impaired loans requiring reserves (1)	$	10,893	$	9,413	$	1,480
Impaired loans expected to be fully recoverable (1)		2,208		2,089		119

Total impaired loans (2)	$	13,101	$	11,502	$	1,599

Loan loss reserves	$	1,730	$	1,488	$	242


	December 31, 2012
	Total		Commercial Mortgage Loans		SBA 7(a) Loans
	(In thousands)
Impaired loans requiring reserves (1)	$	10,927	$	10,049	$	878
Impaired loans expected to be fully recoverable (1)		2,244		2,123		121

Total impaired loans (3)	$	13,171	$	12,172	$	999

Loan loss reserves	$	1,535	$	1,382	$	153

(1)

Balances represent our recorded investment. Includes loans classified as troubled debt restructurings.

(2)

The unpaid principal balance of our impaired commercial mortgage loans was $12,176,000 at March 31, 2013. The unpaid principal balance of our impaired SBA 7(a) loans (excluding the government guaranteed portion) was $494,000 at March 31, 2013.

(3)

The unpaid principal balance of our impaired commercial mortgage loans was $12,704,000 at December 31, 2012. The unpaid principal balance of our impaired SBA 7(a) loans (excluding the government guaranteed portion) was $362,000 at December 31, 2012.


	Three Months Ended March 31, 2013						Three Months Ended March 31, 2012
	Total		Commercial Mortgage Loans		SBA 7(a) Loans		Total		Commercial Mortgage Loans		SBA 7(a) Loans
	(In thousands)
Average impaired loans	$	12,842	$	11,707	$	1,135	$	8,261	$	7,726	$	535

Interest income on impaired loans	$	109	$	89	$	20	$	89	$	87	$	2

Our recorded investment in Non-Accrual Loans at March 31, 2013 of $5,039,000 was comprised of $217,000 SBA 7(a) loans and $4,822,000 of commercial mortgage loans. Our recorded investment in Non-Accrual Loans at December 31, 2012 of $5,768,000 was comprised of an $855,000 SBA 7(a) loan and $4,913,000 of commercial mortgage loans. Included within the SBA 7(a) loan at December 31, 2012 was the government guaranteed portion of $634,000 (i.e., the loan had a related secured borrowing as it was sold as a hybrid) on which we have no credit loss exposure. We did not have any loans receivable past due 90 days or more which were accruing interest at March 31, 2013 or December 31, 2012.

Our troubled debt restructurings consist of loans with a recorded investment at March 31, 2013 of $4.2 million which were modified voluntarily under agreements to allow extended interest only periods instead of the principal and interest payments required by the notes. In addition, loans with a recorded investment at March 31, 2013 of $5.9 million were modified involuntarily through Chapter 11 bankruptcy proceedings. The bankruptcy plans were confirmed with modified terms including extended interest only and amortization periods or modification of timing of payments combined with interest rate adjustments. Of our troubled debt restructurings, loans with a recorded investment of $8.3 million are no longer complying with their modified terms, including lack of required payments at March 31, 2013. We are currently in the process of foreclosing on the collateral underlying these loans.

Detailed information on our troubled debt restructurings was as follows:


	March 31, 2013
	Commercial Mortgage Loans				SBA 7(a) Loan
	Recorded Investment		Unpaid Principal Balance		Recorded Investment		Unpaid Principal Balance
	(In thousands)
Troubled debt restructurings requiring reserves (1)	$	9,393	$	10,035	$	212	$	237
Troubled debt restructurings without reserves		2,093		2,141		—		—

Total troubled debt restructurings	$	11,486	$	12,176	$	212	$	237

Number of loans		8				1

Loan loss reserves	$	1,488			$	131


	December 31, 2012
	Commercial Mortgage Loans				SBA 7(a) Loan
	Recorded Investment		Unpaid Principal Balance		Recorded Investment		Unpaid Principal Balance
	(In thousands)
Troubled debt restructurings requiring reserves (1)	$	10,049	$	10,531	$	854	$	846
Troubled debt restructurings without reserves		2,123		2,172		—		—

Total troubled debt restructurings	$	12,172	$	12,703	$	854	$	846

Number of loans		8				1

Loan loss reserves	$	1,382			$	130

(1)

At December 31, 2012, the SBA 7(a) loan recorded investment and unpaid principal balance include the government guaranteed portion of $634,000 on which we have no credit loss exposure. However, during 2013, the government guaranteed portion of $634,000 was reclassified from secured borrowings to loans receivable, net, representing a non-cash transaction since it was repurchased by the SBA from the secondary market. Therefore, at March 31, 2013, the SBA 7(a) loan recorded investment and unpaid principal balance do not include the government guaranteed portion of $634,000.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5066-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5162-111524

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5074-111524

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

+ Details

Other Assets

3 Months Ended

Mar. 31, 2013

Other Assets [Abstract]

Other Assets

Note 3. Other Assets:

Other assets consisted of the following:


	March 31, 2013		December 31, 2012
	(In thousands)
Deferred tax asset, net	$	1,599	$	1,626
Servicing asset, net		1,348		1,261
Deferred borrowing costs, net		1,346		1,218
Investment in a variable interest entity		827		820
Retained interests in transferred assets		763		773
Interest receivable		721		620
Prepaid expenses and deposits		356		330
Other		120		99

	$	7,080	$	6,747

Debt

3 Months Ended

Mar. 31, 2013

Debt [Abstract]

Debt

Note 4. Debt:

Information on our debt was as follows:


					Weighted Average Coupon Rate at
	March 31, 2013		December 31, 2012		March 31, 2013			December 31, 2012
	(Dollars in thousands, except footnotes)
Secured borrowings—government guaranteed loans:
Loans sold for a premium and excess spread—principal	$	31,279	$	32,062		4.09	%		4.09	%
Loans sold for a premium and excess spread—deferred premiums		2,998		3,099		NA			NA
Loans sold for excess spread		5,816		5,847		1.58	%		1.58	%

		40,093		41,008
Junior subordinated notes		27,070		27,070		3.56	%		3.61	%
Debentures payable (1)		23,190		17,190		4.06	%		4.47	%
Revolving credit facility (2)		15,200		11,900		2.64	%		2.30	%

Debt	$	105,553	$	97,168

(1)

Our SBIC subsidiaries issued a total of $6.0 million of debentures in March 2013 with an interest rate of 2.351% plus an annual fee of 0.515%. The debentures mature in 10 years and have semi-annual interest only payments until maturity.

(2)

Proceeds on the revolving credit facility were $15,800,000 and $8,200,000 during the three months ended March 31, 2013 and 2012, respectively. Repayments on the revolving credit facility were $12,500,000 and $10,300,000 during the three months ended March 31, 2013 and 2012, respectively.

Principal payments on, and estimated amortization of, our debt at March 31, 2013 was as follows:


			Secured Borrowings
Twelve Months Ending March 31,	Total		Principal (1)		Deferred Premiums (2)		All Other Debt (3)
	(In thousands)
2014	$	5,440	$	1,098	$	152	$	4,190
2015		20,488		1,136		152		19,200
2016		1,327		1,175		152		—
2017		1,369		1,217		152		—
2018		1,413		1,261		152		—
Thereafter		75,516		31,208		2,238		42,070

	$	105,553	$	37,095	$	2,998	$	65,460

(1)

Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

(2)

Represents cash premiums collected on loans sold for excess spread and a cash premium of 10% which are amortized as a reduction to interest expense over the life of the loan. Our estimate of their amortization will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs.

(3)

Represents the revolving credit facility, junior subordinated notes and debentures payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2013

Share-Based Compensation Plans [Abstract]

Share-Based Compensation Plans

Note 5. Share-Based Compensation Plans:

We issued an aggregate of 6,666 shares to our executive officers on March 14, 2013 at the then current market price of the shares of $7.22 (the closing price on March 13, 2013). We issued an aggregate of 10,000 shares our executive officers on March 12, 2012 at the then current market price of the shares of $7.27 (the closing price on March 9, 2012). The restricted shares vest based on two years of continuous service with one-third of the shares vesting immediately upon issuance of the shares and one-third vesting at the end of each of the next two years. Restricted share awards provide for accelerated vesting if there is a change in control (as defined in the plan). Compensation expense related to the restricted shares is being recognized over the vesting periods. We recorded compensation expense of $25,000 and $40,000 during the three months ended March 31, 2013 and 2012, respectively, related to restricted shares. As of March 31, 2013, there was $37,000 of total unrecognized compensation expense related to restricted shares which will be recognized over the next two years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Other Income

3 Months Ended

Mar. 31, 2013

Other Income [Abstract]

Other Income

Note 6. Other Income:

Other income consisted of the following:


	Three Months Ended March 31,
	2013		2012
	(In thousands)
Servicing income	$	104	$	126
Loan related income—other		52		47
Retained interests in transferred assets		41		54
Prepayment fees		—		19
Other		27		30

	$	224	$	276

Severance and Related Benefits

3 Months Ended

Mar. 31, 2013

Severance and Related Benefits [Abstract]

Severance and Related Benefits

Note 7. Severance and Related Benefits:

In October 2012, we entered into a mutual separation agreement with our former Chief Executive Officer under which the former Chief Executive Officer’s employment with the Company ended and pursuant to which he agreed to serve as a consultant to us for a one-year period. In connection with this separation agreement, we recorded severance and related benefits expense of $2,114,000 during the fourth quarter of 2012.

Included within accounts payable and accrued expenses on our consolidated balance sheet is the remaining liability for severance payments of $1,800,000 which was paid in May 2013.

Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

Discontinued Operations

Note 8. Discontinued Operations:

Discontinued operations consisted of the following:


	Three Months Ended March 31,
	2013			2012
	(In thousands)
Net operating losses	$	(65	)	$	(131	)
Impairment losses		(109	)		(18	)

Discontinued operations	$	(174	)	$	(149	)

Net operating losses relate to the operations and holding costs of our real estate owned included in discontinued operations.

Impairment losses represent declines in the estimated fair value of our real estate owned subsequent to initial valuation.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings (Loss) Per Share ("EPS")

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings (Loss) Per Share ("EPS")

Note 9. Earnings (Loss) Per Share (“EPS”):

The computations of basic EPS are based on our weighted average shares outstanding. No shares were added to the weighted average shares outstanding for purposes of calculating diluted EPS during the three months ended March 31, 2013 or 2012 as options were anti-dilutive.

Not included in the computation of diluted EPS were outstanding options to purchase 113,000 and 95,000 common shares during the three months ended March 31, 2013 and 2012, respectively because the options’ exercise prices were greater than the average market price of the shares.

Dividends Declared

3 Months Ended

Mar. 31, 2013

Dividends Declared [Abstract]

Dividends Declared

Note 10. Dividends Declared:

The Board of Trust Managers declared a $0.125 per common share quarterly dividend to common shareholders of record on March 28, 2013 which was paid on April 8, 2013.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Research Bulletin (ARB)
-Number 43
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-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
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Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 11. Fair Value Measurements:

For impaired loans measured at fair value on a nonrecurring basis during the three months ended March 31, 2013 and 2012, the following table provides the carrying value of the related individual assets at quarter end. We used Level 3 inputs to determine the estimated fair value of our impaired loans.


	Carrying Value at March 31,				Provision for Loan Losses Three Months Ended March 31, (2)
	2013		2012		2013		2012
	(In thousands)
Impaired loans (1)	$	11,372	$	7,644	$	106	$	71

(1)

Carrying value represents our impaired loans net of loan loss reserves. Our carrying value is determined based on management’s assessment of the fair value of the collateral based on numerous factors including operating statistics to the extent available, appraised value of the collateral, tax assessed value and market environment.

(2)

Represents the net change in the provision for loan losses included in our consolidated statements of income (loss) related specifically to our impaired loans during the periods presented.

For real estate owned, our carrying value approximates the estimated fair value at the time of foreclosure and the lower of cost or fair value thereafter. We use Level 3 inputs to determine the estimated fair value of our real estate owned. The carrying value of our real estate owned is established at the time of foreclosure based upon management’s assessment of its fair value based on numerous factors including operating statistics to the extent available, the appraised value, tax assessed value and market environment. The estimated fair value of our real estate owned at March 31, 2013 and December 31, 2012 was $630,000 and $739,000, respectively.

Our retained interests in transferred assets (“Retained Interests”) are recorded at estimated fair value using Level 3 inputs. In determining the estimated fair value of our Retained Interests, we use a present value technique with assumptions of prepayment tendencies and a current discount rate. No credit losses are assumed for our Retained Interests since the SBA has guaranteed the principal on these loans. The estimated fair value of our Retained Interests at March 31, 2013 and December 31, 2012 was $763,000 and $773,000, respectively.

The estimated fair values of our financial instruments (not recorded at fair value on our consolidated balance sheets) were as follows:


	March 31, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(In thousands)
Assets:
Loans Receivable Subject to Credit Risk	$	203,149	$	183,996	$	200,642	$	181,112		3
SBA 7(a) loans receivable, subject to secured borrowings		37,522		42,130		38,349		43,096		3
Liabilities:
SBIC debentures		23,190		23,836		17,190		18,027		3
Secured borrowings—government guaranteed loans		40,093		40,093		41,008		41,008		3
Revolving credit facility		15,200		15,200		11,900		11,900		3
Junior subordinated notes		27,070		22,607		27,070		22,592		3

We used Level 3 inputs to determine the estimated fair value of our financial instruments. In general, estimates of fair value differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented may not be indicative of the amounts we could realize in a current market exchange.

Loans Receivable Subject to Credit Risk: Our loans receivable are recorded at cost and adjusted by net loan origination fees and discounts. In order to determine the estimated fair value of our loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate based on current market interest rates, prepayment tendencies and potential loan losses. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. Reserves are established based on numerous factors including, but not limited to, the creditor’s payment history, collateral value, guarantor support, expected future cash flows and other factors. In the absence of a readily ascertainable market value, the estimated value of our loans receivable may differ from the values that would be placed on the portfolio if a ready market for the loans receivable existed.

SBA 7(a) loans receivable, subject to secured borrowings: Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings – government guaranteed loans (a liability on our consolidated balance sheet). There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. In order to determine the estimated fair value of our loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate based on current market interest rates and prepayment tendencies taking into consideration the lack of credit risk.

SBIC debentures payable and junior subordinated notes: The estimated fair value is based on a present value calculation based on management’s estimate of prices of the same or similar instruments after considering market risks, current interest rates, and remaining maturities.

Secured borrowings—government guaranteed loans: The estimated fair value approximates cost as the interest rates on these secured borrowings approximates current market interest rates. Includes the unamortized deferred cash premiums collected on the sale of the government guaranteed portions of the loans.

Revolving credit facility: The carrying amount is a reasonable estimation of fair value as the interest rate on this instrument is variable and was set in a third-party transaction.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies:

Loan Commitments

Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding loan commitments and approvals to fund loans were $10.7 million at March 31, 2013, of which $6.6 million were for prime-based loans to be originated by our SBA 7(a) subsidiary, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements.

Operating Lease

We lease office space in Dallas, Texas under a lease which expires in February 2015. Future minimum lease payments are as follows:


Twelve Months Ending March 31,	Total
	(In thousands)
2014	$	213
2015		200

	$	413

Employment Agreements

We have employment agreements with our two executive officers for three-year terms expiring December 31, 2015. Under certain circumstances, as defined within the agreements, the agreements provide for (1) severance compensation or change in control payments to the executive officer in an amount equal to 2.99 times the average of the last three years annual compensation paid to the executive officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual salary paid to the executive officer.

Litigation

In the normal course of business we are periodically party to certain legal actions and proceedings involving matters that are generally incidental to our business (i.e., collection of loans receivable). In management’s opinion, the resolution of these legal actions and proceedings will not have a material adverse effect on our consolidated financial statements.

SBA Related

If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced by our SBLC, the SBA may seek recovery of the principal loss related to the deficiency from us. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from us in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, we do not expect that this contingency would be material to the financial statements if asserted.

In certain instances, including liquidation or charge-off of an SBA guaranteed loan, we may have a receivable for the SBA’s guaranteed portion of legal fees, operating expenses, property taxes paid, etc. related to the loan or the collateral (upon foreclosure). While we believe expenses incurred were justified and necessary for the care and preservation of the collateral and within the established rules of the SBA, there can be no assurance that the SBA will reimburse us. In addition, reimbursement from the SBA is a time consuming and lengthy process and the SBA may seek compensation from us related to reimbursement of expenses which it does not believe were necessary for the care and preservation of the loan or its collateral. Although the SBA has never declined to reimburse us for its portion of material expenses, no assurance can be given that the SBA would not do so in the future. We have evaluated our SBA receivables and believe that our financial statements fairly reflect these receivables at their appropriate net realizable value.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
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-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Loans Receivable, net (Tables)

3 Months Ended

Mar. 31, 2013

Loans Receivable, net [Abstract]

Loans receivables, net


	March 31, 2013			December 31, 2012
	(In thousands)
Commercial mortgage loans	$	124,102		$	128,401
SBIC commercial mortgage loans		51,613			47,621
SBA 7(a) loans, subject to secured borrowings		37,095			37,909
SBA 7(a) loans		31,211			28,196

Total loans receivable		244,021			242,127
Adjusted by:
Deferred capitalized costs, net		304			277
Loan loss reserves		(3,654	)		(3,413	)

Loans receivable, net	$	240,671		$	238,991

Aging of loans Receivable


March 31, 2013
Category	Totals				Commercial Mortgage Loans				SBA 7(a) Loans
	(Dollars in thousands)
Current (1)	$	201,280	97.3	%	$	170,770	97.2	%	$	30,510	97.8	%
Between 30 and 59 days delinquent		2,393	1.2	%		1,904	1.1	%		489	1.5	%
Between 60 and 89 days delinquent		—	—			—	—			—	—
Over 89 days delinquent (2)		3,253	1.5	%		3,041	1.7	%		212	0.7	%

	$	206,926	100.0	%	$	175,715	100.0	%	$	31,211	100.0	%

(1)

Includes $8.5 million of loans classified as troubled debt restructurings which were current at March 31, 2013 based on revised note terms.

(2)

Loans are classified as troubled debt restructurings. We are currently in the process of foreclosing on the collateral underlying these loans – three limited service hospitality properties.


December 31, 2012
Category	Totals				Commercial Mortgage Loans				SBA 7(a) Loans
	(Dollars in thousands)
Current (1)	$	198,282	97.1	%	$	170,429	96.8	%	$	27,853	98.8	%
Between 30 and 59 days delinquent (2)		2,824	1.4	%		2,482	1.4	%		342	1.2	%
Between 60 and 89 days delinquent		1	—			—	—			1	—
Over 89 days delinquent (3)		3,111	1.5	%		3,111	1.8	%		—	—

	$	204,218	100.0	%	$	176,022	100.0	%	$	28,196	100.0	%

(1)

Includes $7.6 million of loans classified as troubled debt restructurings which were current at December 31, 2012 based on revised note terms.

(2)

(3)

Loans are classified as troubled debt restructurings. We are currently in the process of foreclosing on the collateral underlying these loans – two limited service hospitality properties.

Classified loans receivable


	March 31, 2013
	Totals		%			Commercial Mortgage Loans		%			SBA 7(a) Loans		%
	(Dollars in thousands)
Satisfactory	$	190,365		92.0	%	$	160,394		91.3	%	$	29,971		96.0	%
OAEM		1,898		0.9	%		1,423		0.8	%		475		1.5	%
Substandard		11,136		5.4	%		10,857		6.2	%		279		0.9	%
Doubtful		3,527		1.7	%		3,041		1.7	%		486		1.6	%

	$	206,926		100.0	%	$	175,715		100.0	%	$	31,211		100.0	%


	December 31, 2012
	Totals		%			Commercial Mortgage Loans		%			SBA 7(a) Loans		%
	(Dollars in thousands)
Satisfactory	$	187,749		92.0	%	$	159,994		90.9	%	$	27,755		98.5	%
OAEM		81		—			—		—			81		0.3	%
Substandard		13,043		6.4	%		12,917		7.3	%		126		0.4	%
Doubtful		3,345		1.6	%		3,111		1.8	%		234		0.8	%

	$	204,218		100.0	%	$	176,022		100.0	%	$	28,196		100.0	%

Loan loss reserves


	Three Months Ended March 31, 2013
	Total			Commercial Mortgage Loans			SBA 7(a) Loans
	(In thousands)
Balance, beginning of year	$	3,413		$	2,850		$	563
Provision for loan losses		301			163			138
Reduction of loan losses		(59	)		(59	)		—
Principal balances written-off		(1	)		—			(1	)

Balance, end of period	$	3,654		$	2,954		$	700


	Three Months Ended March 31, 2012
	Total			Commercial Mortgage Loans			SBA 7(a) Loans
	(In thousands)
Balance, beginning of year	$	1,812		$	1,329		$	483
Provision for loan losses		482			410			72
Reduction of loan losses		(7	)		(7	)		—
Principal balances written-off		(15	)		—			(15	)

Balance, end of period	$	2,272		$	1,732		$	540

Loans considered to be impaired loans


	March 31, 2013
	Total		Commercial Mortgage Loans		SBA 7(a) Loans
	(In thousands)
Impaired loans requiring reserves (1)	$	10,893	$	9,413	$	1,480
Impaired loans expected to be fully recoverable (1)		2,208		2,089		119

Total impaired loans (2)	$	13,101	$	11,502	$	1,599

Loan loss reserves	$	1,730	$	1,488	$	242


	December 31, 2012
	Total		Commercial Mortgage Loans		SBA 7(a) Loans
	(In thousands)
Impaired loans requiring reserves (1)	$	10,927	$	10,049	$	878
Impaired loans expected to be fully recoverable (1)		2,244		2,123		121

Total impaired loans (3)	$	13,171	$	12,172	$	999

Loan loss reserves	$	1,535	$	1,382	$	153

(1)

Balances represent our recorded investment. Includes loans classified as troubled debt restructurings.

(2)

(3)


	Three Months Ended March 31, 2013						Three Months Ended March 31, 2012
	Total		Commercial Mortgage Loans		SBA 7(a) Loans		Total		Commercial Mortgage Loans		SBA 7(a) Loans
	(In thousands)
Average impaired loans	$	12,842	$	11,707	$	1,135	$	8,261	$	7,726	$	535

Interest income on impaired loans	$	109	$	89	$	20	$	89	$	87	$	2

Troubled Debt Restructurings


	March 31, 2013
	Commercial Mortgage Loans				SBA 7(a) Loan
	Recorded Investment		Unpaid Principal Balance		Recorded Investment		Unpaid Principal Balance
	(In thousands)
Troubled debt restructurings requiring reserves (1)	$	9,393	$	10,035	$	212	$	237
Troubled debt restructurings without reserves		2,093		2,141		—		—

Total troubled debt restructurings	$	11,486	$	12,176	$	212	$	237

Number of loans		8				1

Loan loss reserves	$	1,488			$	131


	December 31, 2012
	Commercial Mortgage Loans				SBA 7(a) Loan
	Recorded Investment		Unpaid Principal Balance		Recorded Investment		Unpaid Principal Balance
	(In thousands)
Troubled debt restructurings requiring reserves (1)	$	10,049	$	10,531	$	854	$	846
Troubled debt restructurings without reserves		2,123		2,172		—		—

Total troubled debt restructurings	$	12,172	$	12,703	$	854	$	846

Number of loans		8				1

Loan loss reserves	$	1,382			$	130

(1)

Other Assets (Tables)

3 Months Ended

Mar. 31, 2013

Other Assets [Abstract]

Other Assets


	March 31, 2013		December 31, 2012
	(In thousands)
Deferred tax asset, net	$	1,599	$	1,626
Servicing asset, net		1,348		1,261
Deferred borrowing costs, net		1,346		1,218
Investment in a variable interest entity		827		820
Retained interests in transferred assets		763		773
Interest receivable		721		620
Prepaid expenses and deposits		356		330
Other		120		99

	$	7,080	$	6,747

Debt (Tables)

3 Months Ended

Mar. 31, 2013

Debt [Abstract]

Summary of Debt


					Weighted Average Coupon Rate at
	March 31, 2013		December 31, 2012		March 31, 2013			December 31, 2012
	(Dollars in thousands, except footnotes)
Secured borrowings—government guaranteed loans:
Loans sold for a premium and excess spread—principal	$	31,279	$	32,062		4.09	%		4.09	%
Loans sold for a premium and excess spread—deferred premiums		2,998		3,099		NA			NA
Loans sold for excess spread		5,816		5,847		1.58	%		1.58	%

		40,093		41,008
Junior subordinated notes		27,070		27,070		3.56	%		3.61	%
Debentures payable (1)		23,190		17,190		4.06	%		4.47	%
Revolving credit facility (2)		15,200		11,900		2.64	%		2.30	%

Debt	$	105,553	$	97,168

(1)

(2)

Principal payments on, and estimated amortization on debt


			Secured Borrowings
Twelve Months Ending March 31,	Total		Principal (1)		Deferred Premiums (2)		All Other Debt (3)
	(In thousands)
2014	$	5,440	$	1,098	$	152	$	4,190
2015		20,488		1,136		152		19,200
2016		1,327		1,175		152		—
2017		1,369		1,217		152		—
2018		1,413		1,261		152		—
Thereafter		75,516		31,208		2,238		42,070

	$	105,553	$	37,095	$	2,998	$	65,460

(1)

(2)

(3)

Represents the revolving credit facility, junior subordinated notes and debentures payable.

Other Income (Tables)

3 Months Ended

Mar. 31, 2013

Other Income [Abstract]

Summary of Other Income


	Three Months Ended March 31,
	2013		2012
	(In thousands)
Servicing income	$	104	$	126
Loan related income—other		52		47
Retained interests in transferred assets		41		54
Prepayment fees		—		19
Other		27		30

	$	224	$	276

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

Summary of Discontinued operations


	Three Months Ended March 31,
	2013			2012
	(In thousands)
Net operating losses	$	(65	)	$	(131	)
Impairment losses		(109	)		(18	)

Discontinued operations	$	(174	)	$	(149	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

Impaired loans measured at fair value on a nonrecurring basis


	Carrying Value at March 31,				Provision for Loan Losses Three Months Ended March 31, (2)
	2013		2012		2013		2012
	(In thousands)
Impaired loans (1)	$	11,372	$	7,644	$	106	$	71

(1)

(2)

Represents the net change in the provision for loan losses included in our consolidated statements of income (loss) related specifically to our impaired loans during the periods presented.

Estimated fair values of financial instruments


	March 31, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(In thousands)
Assets:
Loans Receivable Subject to Credit Risk	$	203,149	$	183,996	$	200,642	$	181,112		3
SBA 7(a) loans receivable, subject to secured borrowings		37,522		42,130		38,349		43,096		3
Liabilities:
SBIC debentures		23,190		23,836		17,190		18,027		3
Secured borrowings—government guaranteed loans		40,093		40,093		41,008		41,008		3
Revolving credit facility		15,200		15,200		11,900		11,900		3
Junior subordinated notes		27,070		22,607		27,070		22,592		3

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2013

Commitments and Contingencies [Abstract]

Future minimum lease payments


Twelve Months Ending March 31,	Total
	(In thousands)
2014	$	213
2015		200

	$	413

Loans Receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Loans receivable, net:
Total loans receivable	$ 244,021	$ 242,127
Adjusted by:
Deferred capitalized costs, net	304	277
Loan loss reserves	(3,654)	(3,413)
Loans receivable, net	240,671	238,991
Commercial mortgage loans [Member]
Loans receivable, net:
Commercial mortgage loans	124,102	128,401
SBIC commercial mortgage loans [Member]
Loans receivable, net:
SBIC commercial mortgage loans	51,613	47,621
SBA 7(a) loans, subject to secured borrowings [Member]
Loans receivable, net:
SBA 7(a) loans, subject to secured borrowings	37,095	37,909
SBA 7(a) Loans [Member]
Loans receivable, net:
SBA 7(a) loans	$ 31,211	$ 28,196

Loans Receivable, net (Details 1) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Aging of loans Receivable
Current	$ 201,280	$ 198,282
Between 30 and 59 days delinquent	2,393	2,824
Between 60 and 89 days delinquent		1
Over 89 days delinquent	3,253	3,111
Loans receivable, gross, excluding secured borrowings	$ 206,926	$ 204,218
Current	97.30%	97.10%
Between 30 and 59 days delinquent	1.20%	1.40%
Between 60 and 89 days delinquent
Over 89 days delinquent	1.50%	1.50%
Aging of loans receivable percent	100.00%	100.00%
Commercial Mortgage Loans [Member]
Aging of loans Receivable
Current	$ 170,770	$ 170,429
Between 30 and 59 days delinquent	1,904	2,482
Between 60 and 89 days delinquent
Over 89 days delinquent	3,041	3,111
Loans receivable, gross, commercial mortgage loans	$ 175,715	$ 176,022
Current	97.20%	96.80%
Between 30 and 59 days delinquent	1.10%	1.40%
Between 60 and 89 days delinquent
Over 89 days delinquent	1.70%	1.80%
Aging of loans receivable percent	100.00%	100.00%
SBA 7(a) Loans [Member]
Aging of loans Receivable
Current	$ 30,510	$ 27,853
Between 30 and 59 days delinquent	489	342
Between 60 and 89 days delinquent		1
Over 89 days delinquent	212
SBA 7(a) loans receivable, gross, excluding secured borrowings	$ 31,211	$ 28,196
Current	97.80%	98.80%
Between 30 and 59 days delinquent	1.50%	1.20%
Between 60 and 89 days delinquent
Over 89 days delinquent	0.70%
Aging of loans receivable percent	100.00%	100.00%

Loans Receivable, net (Details 2) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Classified loans receivable
Loans receivable, gross, excluding secured borrowings	$ 206,926	$ 204,218
Percentage of loan receivable in aggregate loan receivable	100.00%	100.00%
Satisfactory [Member]
Classified loans receivable
Loans receivable, gross, excluding secured borrowings	$ 190,365	$ 187,749
Percentage of loan receivable in aggregate loan receivable	92.00%	92.00%
OAEM [Member]
Classified loans receivable
Loans receivable, gross, excluding secured borrowings	$ 1,898	$ 81
Percentage of loan receivable in aggregate loan receivable	0.90%
Substandard [Member]
Classified loans receivable
Loans receivable, gross, excluding secured borrowings	$ 11,136	$ 13,043
Percentage of loan receivable in aggregate loan receivable	5.40%	6.40%
Doubtful [Member]
Classified loans receivable
Loans receivable, gross, excluding secured borrowings	$ 3,527	$ 3,345
Percentage of loan receivable in aggregate loan receivable	1.70%	1.60%
Commercial Mortgage Loans [Member]
Classified loans receivable
Loans receivable, gross, commercial mortgage loans	$ 175,715	$ 176,022
Percentage of loan receivable in aggregate loan receivable	100.00%	100.00%
Commercial Mortgage Loans [Member] \| Satisfactory [Member]
Classified loans receivable
Loans receivable, gross, commercial mortgage loans	$ 160,394	$ 159,994
Percentage of loan receivable in aggregate loan receivable	91.30%	90.90%
Commercial Mortgage Loans [Member] \| OAEM [Member]
Classified loans receivable
Loans receivable, gross, commercial mortgage loans	$ 1,423
Percentage of loan receivable in aggregate loan receivable	0.80%
Commercial Mortgage Loans [Member] \| Substandard [Member]
Classified loans receivable
Loans receivable, gross, commercial mortgage loans	$ 10,857	$ 12,917
Percentage of loan receivable in aggregate loan receivable	6.20%	7.30%
Commercial Mortgage Loans [Member] \| Doubtful [Member]
Classified loans receivable
Loans receivable, gross, commercial mortgage loans	$ 3,041	$ 3,111
Percentage of loan receivable in aggregate loan receivable	1.70%	1.80%
SBA 7(a) Loans [Member]
Classified loans receivable
SBA 7(a) loans receivable, gross, excluding secured borrowings	$ 31,211	$ 28,196
Percentage of loan receivable in aggregate loan receivable	100.00%	100.00%
SBA 7(a) Loans [Member] \| Satisfactory [Member]
Classified loans receivable
SBA 7(a) loans receivable, gross, excluding secured borrowings	$ 29,971	$ 27,755
Percentage of loan receivable in aggregate loan receivable	96.00%	98.50%
SBA 7(a) Loans [Member] \| OAEM [Member]
Classified loans receivable
SBA 7(a) loans receivable, gross, excluding secured borrowings	$ 475	$ 81
Percentage of loan receivable in aggregate loan receivable	1.50%	0.30%
SBA 7(a) Loans [Member] \| Substandard [Member]
Classified loans receivable
SBA 7(a) loans receivable, gross, excluding secured borrowings	$ 279	$ 126
Percentage of loan receivable in aggregate loan receivable	0.90%	0.40%
SBA 7(a) Loans [Member] \| Doubtful [Member]
Classified loans receivable
SBA 7(a) loans receivable, gross, excluding secured borrowings	$ 486	$ 234
Percentage of loan receivable in aggregate loan receivable	1.60%	0.80%

Loans Receivable, net (Details 3) - USD ($) $ in Thousands	3 Months Ended
Loans Receivable, net (Details 3) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012
Loan loss reserves
Balance, beginning of year	$ 3,413	$ 1,812
Provision for loan losses	301	482
Reduction of loan losses	(59)	(7)
Principal balances written-off	(1)	(15)
Balance, end of period	3,654	2,272
Commercial Mortgage Loans [Member]
Loan loss reserves
Balance, beginning of year	2,850	1,329
Provision for loan losses	163	410
Reduction of loan losses	(59)	(7)
Principal balances written-off
Balance, end of period	2,954	1,732
SBA 7(a) Loans [Member]
Loan loss reserves
Balance, beginning of year	563	483
Provision for loan losses	138	72
Reduction of loan losses
Principal balances written-off	(1)	(15)
Balance, end of period	$ 700	$ 540

- Definition

Amount of allowance to cover probable credit losses on loans and leases. Includes carryover of or adjustments to the allowance for loan losses in connection with business combinations. Excludes allowance for loans and leases covered under loss sharing agreements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.7(d))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (b)(1)(ii)
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 8
-Subparagraph a(ii)
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Subparagraph d
-Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 114
-Paragraph 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section L
-Subsection 1

+ Details

Loans Receivable, net (Details 4) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Loans considered to be impaired loans
Impaired loans requiring reserves	$ 10,893	$ 10,927
Impaired loans expected to be fully recoverable	2,208	2,244
Total impaired loans	13,101	13,171
Loan loss reserves	1,730	1,535
Commercial Mortgage Loans [Member]
Loans considered to be impaired loans
Impaired loans requiring reserves	9,413	10,049
Impaired loans expected to be fully recoverable	2,089	2,123
Total impaired loans	11,502	12,172
Loan loss reserves	1,488	1,382
SBA 7(a) Loans [Member]
Loans considered to be impaired loans
Impaired loans requiring reserves	1,480	878
Impaired loans expected to be fully recoverable	119	121
Total impaired loans	1,599	999
Loan loss reserves	$ 242	$ 153

Loans Receivable, net (Details 5) - USD ($) $ in Thousands	3 Months Ended
Loans Receivable, net (Details 5) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012
Loans considered to be impaired loans
Average impaired loans	$ 12,842	$ 8,261
Interest income on impaired loans	109	89
Commercial Mortgage Loans [Member]
Loans considered to be impaired loans
Average impaired loans	11,707	7,726
Interest income on impaired loans	89	87
SBA 7(a) Loans [Member]
Loans considered to be impaired loans
Average impaired loans	1,135	535
Interest income on impaired loans	$ 20	$ 2

Loans Receivable, net (Details 6) $ in Thousands	Mar. 31, 2013 USD ($) Loans	Dec. 31, 2012 USD ($) Loans	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Troubled debt restructurings
Loan loss reserves	$ 3,654	$ 3,413	$ 2,272	$ 1,812
Commercial Mortgage Loans [Member]
Troubled debt restructurings
Troubled debt restructurings requiring reserves, Recorded Investment	9,393	10,049
Troubled debt restructurings without reserves, Recorded Investment	2,093	2,123
Total Troubled Debt Restructurings, Recorded Investment	11,486	12,172
Troubled debt restructurings requiring reserves, Unpaid Principal Balance	10,035	10,531
Troubled debt restructurings without reserves, Unpaid Principal Balance	2,141	2,172
Total troubled debt restructurings, Unpaid Principal Balance	$ 12,176	$ 12,703
Number of loans \| Loans	8	8
Loan loss reserves	$ 1,488	$ 1,382
SBA 7(a) Loans [Member]
Troubled debt restructurings
Troubled debt restructurings requiring reserves, Recorded Investment	212	854
Troubled debt restructurings without reserves, Recorded Investment
Total Troubled Debt Restructurings, Recorded Investment	212	854
Troubled debt restructurings requiring reserves, Unpaid Principal Balance	237	846
Troubled debt restructurings without reserves, Unpaid Principal Balance
Total troubled debt restructurings, Unpaid Principal Balance	$ 237	$ 846
Number of loans \| Loans	1	1
Loan loss reserves	$ 131	$ 130

Loans Receivable, net (Details Textual)	3 Months Ended		12 Months Ended
Loans Receivable, net (Details Textual)	Mar. 31, 2013 USD ($) Property	Mar. 31, 2012	Dec. 31, 2012 USD ($) Property
Loans Receivable, net (Textual) [Abstract]
Recorded investment in non accrual loans	$ 5,039,000		$ 5,768,000
Loans Receivable net (Additional Textual) [Abstract]
Concentrations of investments in hospitality industry	94.00%		94.00%
Loans collateralized by properties	14.00%		15.00%
State loan receivable concentration	10.00%		10.00%
Maximum loans receivable single borrower	10.00%		10.00%
Loans receivable affiliated group of obligors	5.00%		5.00%
Troubled debt restructurings current	$ 8,500,000		$ 7,600,000
Number of limited service hospitality properties \| Property	3		2
Provision for loan losses	0.14%	0.24%
Government guaranteed portion of loan related secured borrowing on non accrual status	$ 634,000		$ 634,000
Loans receivable past due 90 days or more which were accruing interest	$ 0		$ 0
Loans receivable past due	90 days		90 days
Voluntary modification of loans recorded investment	$ 4,200,000
Involuntary modification due to bankruptcy loans recorded investment	5,900,000
Modified loans no longer complying with their terms	8,300,000
Commercial Loan [Member]
Loans Receivable, net (Textual) [Abstract]
Unpaid principal balance of our impaired commercial mortgage loans	12,176,000		$ 12,704,000
Recorded investment in commercial mortgage non accrual loans	4,822,000		4,913,000
SBA 7(a) Loans [Member]
Loans Receivable, net (Textual) [Abstract]
Balance of SBA 7(a) loans, net of retained loans discount	2,300,000		2,100,000
Foreclosing on collateral underlying, between 30 and 59 days			211,000
Unpaid principal balance of our impaired SBA 7(a) loans (excluding the government guaranteed portion)	494,000		362,000
Recorded investment in non accrual loans	217,000		855,000
SBA 7(a) loans, subject to secured borrowings [Member]
Loans Receivable, net (Textual) [Abstract]
SBA 7(a) loans, subject to secured borrowings	$ 37,095,000		37,909,000
Between 30 and 59 days [Member]
Loans Receivable, net (Textual) [Abstract]
Loans classified as troubled debt restructurings which are between 30 and 59 days delinquent			$ 2,300,000

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Other Assets
Deferred tax asset, net	$ 1,599	$ 1,626
Servicing asset, net	1,348	1,261
Deferred borrowing costs, net	1,346	1,218
Investment in variable interest entity	827	820
Retained interests in transferred assets	763	773
Interest receivable	721	620
Prepaid expenses and deposits	356	330
Other	120	99
Other Assets, Total	$ 7,080	$ 6,747

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Summary of Debt
Secured borrowings - government guaranteed loans	$ 40,093	$ 41,008
Junior subordinated notes	27,070	27,070
SBIC debentures payable	23,190	17,190
Revolving credit facility	15,200	11,900
Debt	105,553	97,168
Loans sold for premium and excess spread - principal [Member]
Summary of Debt
Secured borrowings - government guaranteed loans	$ 31,279	$ 32,062
Weighted Average Coupon Rate	4.09%	4.09%
Loans sold for a premiums and excess spread - deferred premiums [Member]
Summary of Debt
Secured borrowings - government guaranteed loans	$ 2,998	$ 3,099
Weighted Average Coupon Rate
Loans sold for excess spread [Member]
Summary of Debt
Secured borrowings - government guaranteed loans	$ 5,816	$ 5,847
Weighted Average Coupon Rate	1.58%	1.58%
Junior subordinated notes [Member]
Summary of Debt
Weighted Average Coupon Rate	3.56%	3.61%
Debentures payable [Member]
Summary of Debt
Weighted Average Coupon Rate	4.06%	4.47%
Revolving credit facility [Member]
Summary of Debt
Weighted Average Coupon Rate	2.64%	2.30%

Debt (Details 1) $ in Thousands	Mar. 31, 2013 USD ($)
Principal payments on debt
2014	$ 5,440
2015	20,488
2016	1,327
2017	1,369
2018	1,413
Thereafter	75,516
Total principal payments on debt	105,553
Secured Borrowings Principal [Member]
Principal payments on debt
2014	1,098
2015	1,136
2016	1,175
2017	1,217
2018	1,261
Thereafter	31,208
Total principal payments on debt	37,095
Secured Borrowings Deferred Premiums [Member]
Principal payments on debt
2014	152
2015	152
2016	152
2017	152
2018	152
Thereafter	2,238
Total principal payments on debt	2,998
All other debt [Member]
Principal payments on debt
2014	4,190
2015	19,200
Thereafter	42,070
Total principal payments on debt	$ 65,460

Debt (Details Textual) - USD ($)	3 Months Ended
Debt (Details Textual) - USD ($)	Mar. 31, 2013	Mar. 31, 2012
Long Term Debt Unclassified [Line Items]
Total debt	$ 105,553,000
Debt (Textual) [Abstract]
Proceeds on revolving credit facility	15,800,000	$ 8,200,000
Repayments on revolving credit facility	$ 12,500,000	$ 10,300,000
Secured Borrowings [Member]
Long Term Debt Unclassified [Line Items]
Rate of cash premium	10.00%
Debenture [Member]
Long Term Debt Unclassified [Line Items]
Total debt	$ 6,000,000
SBIC debenture interest rate	2.351%
Annual fees	0.515%
Debenture maturity period	10 years

Share-Based Compensation Plans (Details) - USD ($)	3 Months Ended
Share-Based Compensation Plans (Details) - USD ($)	Mar. 31, 2013	Mar. 31, 2012	Mar. 14, 2013	Mar. 12, 2012
Share-Based Compensation Plans (Textual) [Abstract]
Restricted shares issued to executive officer			6,666	10,000
Current Market price of restricted shares issued to executive officer			$ 7.22	$ 7.27
Terms of Award	restricted share awards generally vest based on two years of continuous service with one-third of the shares vesting immediately upon issuance of the shares and one-third vesting at the end of each of the next two years.
Compensation expense	$ 25,000	$ 40,000
Total Unrecognized Compensation expenses restricted shares	$ 37,000
Vesting period	2 years
Cost recognized to the restricted shares (in years)	2 years

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
Other Income (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012
Summary of Other Income
Servicing income	$ 104	$ 126
Loan related income - other	52	47
Retained interests in transferred assets	41	54
Prepayment fees		19
Other	27	30
Other income	$ 224	$ 276

Severance and Related Benefits (Details) - USD ($)	3 Months Ended	5 Months Ended
Severance and Related Benefits (Details) - USD ($)	Dec. 31, 2012	Mar. 31, 2013
Severance and Related Benefits (Textual) [Abstract]
Tenure of CEO serving as a consultant		1 year
Severance and related benefits	$ 2,114,000
Liability for severance payments		$ 1,800,000

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012
Summary of Discontinued operations
Net operating losses	$ (65)	$ (131)
Impairment losses	(109)	(18)
Discontinued operations	$ (174)	$ (149)

- Definition

Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References + Details

Earnings (Loss) Per Share ("EPS") (Details) - shares	3 Months Ended
Earnings (Loss) Per Share ("EPS") (Details) - shares	Mar. 31, 2013	Mar. 31, 2012
Earnings (Loss) Per Share ("EPS") (Textual) [Abstract]
Weighted average diluted shares outstanding increased	0	0
Stock options not exercised	113,000	95,000

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Dividends Declared (Details)	3 Months Ended
Dividends Declared (Details)	Mar. 31, 2013 $ / shares
Dividends Declared (Textual) [Abstract]
Dividends declared	$ 0.125
Record date	Mar. 28, 2013
Date paid	Apr. 08, 2013

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012
Impaired loans measured at fair value on a nonrecurring basis
Impaired loans, Carrying value	$ 11,372	$ 7,644
Impaired loans, Provision for Loan Losses	$ 106	$ 71

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Assets:
SBA 7(a) loans receivable, subject to secured borrowings	$ 37,522	$ 38,349
Liabilities:
Secured borrowings - government guaranteed loans	40,093	41,008
Revolving credit facility	15,200	11,900
Junior subordinated notes	27,070	27,070
Carrying Amount [Member] \| Level 3 inputs [Member]
Assets:
Loans Receivable, Subject to Credit Risk	203,149	200,642
SBA 7(a) loans receivable, subject to secured borrowings	37,522	38,349
Liabilities:
SBIC debentures	23,190	17,190
Secured borrowings - government guaranteed loans	40,093	41,008
Revolving credit facility	15,200	11,900
Junior subordinated notes	27,070	27,070
Estimated Fair Value [Member] \| Level 3 inputs [Member]
Assets:
Loans Receivable, Subject to Credit Risk	183,996	181,112
SBA 7(a) loans receivable, subject to secured borrowings	42,130	43,096
Liabilities:
SBIC debentures	23,836	18,027
Secured borrowings - government guaranteed loans	40,093	41,008
Revolving credit facility	15,200	11,900
Junior subordinated notes	$ 22,607	$ 22,592

Fair Value Measurements (Details Textual) - USD ($)	Mar. 31, 2013	Dec. 31, 2012
Fair Value Measurements (Additional Textual) [Abstract]
Estimated fair value of real estate owned	$ 630,000	$ 739,000
Estimated Fair Value [Member] \| Level 3 inputs [Member]
Fair Value Measurements (Textual) [Abstract]
Estimated fair value of retained interests	$ 763,000	$ 773,000

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2013 USD ($)
Future minimum lease payments
2014	$ 213
2015	200
Future Minimum Lease Payments, Total	$ 413

Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2013 USD ($) Employee Payment
Commitments and Contingencies (Textual) [Abstract]
Outstanding loan commitments and approvals to fund loans \| $	$ 10.7
Prime-based loans \| $	$ 6.6
Lease expiration date of office space in Dallas, Texas	Feb. 01, 2015
Employment agreements with executive officer expiration date	Dec. 31, 2015
Severance compensation paid in terms of annual compensation	2.99 times the average of the last three years
Death payments in terms of annual salary paid \| Payment	2
Disability payments in terms of annual salary paid \| Payment	1
Number of employees covered under employee agreement \| Employee	2
Employment agreement term	3 years