Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.8.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2017
Debt [Abstract]  
Contractual Minimum Principle Payments Of Debt Outstanding



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Lines-of-
credit
and notes payable

 

Recourse
receivable-
backed
notes
payable

 

Non-recourse
receivable-
backed
notes payable

 

Junior
subordinated
debentures

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

$

19,871 

 

$

 —

 

$

 —

 

$

 —

 

$

19,871 

2019

 

 

27,336 

 

 

 —

 

 

 —

 

 

 —

 

 

27,336 

2020

 

 

8,382 

 

 

24,989 

 

 

 —

 

 

 —

 

 

33,371 

2021

 

 

45,272 

 

 

21,955 

 

 

 —

 

 

 —

 

 

67,227 

2022

 

 

1,273 

 

 

11,326 

 

 

16,144 

 

 

 —

 

 

28,743 

Thereafter

 

 

 —

 

 

26,427 

 

 

326,425 

 

 

110,827 

 

 

463,679 

Unamortized debt issuance costs

 

 

(1,940)

 

 

 —

 

 

(6,148)

 

 

 —

 

 

(8,088)

Purchase accounting adjustment

 

 

 —

 

 

 —

 

 

 —

 

 

(40,443)

 

 

(40,443)

    Total

 

$

100,194 

 

$

84,697 

 

$

336,421 

 

$

70,384 

 

$

591,696 



Lines-Of-Credit And Notes Payable



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31,



 

2017

 

2016



 

Balance

 

Interest
Rate

 

Carrying
Amount of
Pledged
Assets

 

Balance

 

Interest
Rate

 

Carrying
Amount of
Pledged
Assets



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Notes Payable

 

$

46,500 

 

5.50%

 

$

29,403 

 

$

52,500 

 

5.50%

 

$

29,349 

Pacific Western Term Loan

 

 

2,715 

 

6.72%

 

 

9,884 

 

 

1,727 

 

6.02%

 

 

8,963 

Fifth Third Bank Note Payable  

 

 

4,080 

 

4.36%

 

 

8,071 

 

 

4,326 

 

3.62%

 

 

9,157 

NBA Line of Credit

 

 

5,089 

 

4.75%

 

 

15,260 

 

 

2,006 

 

5.00%

 

 

8,230 

Fifth Third Syndicated LOC

 

 

20,000 

 

4.27%

 

 

75,662 

 

 

15,000 

 

3.46%

 

 

60,343 

Fifth Third Syndicated Term

 

 

23,750 

 

4.32%

 

 

23,960 

 

 

25,000 

 

3.46%

 

 

20,114 

Unamortized debt issuance costs

 

 

(1,940)

 

 

 

 —

 

 

(2,177)

 

 

 

 —

          Total

 

$

100,194 

 

 

 

$

162,240 

 

$

98,382 

 

 

 

$

136,156 



Receivable-Backed Notes Payable



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31,



 

2017

 

2016



 

Debt
Balance

 

Interest
Rate

 

Principal
Balance of
Pledged/
Secured
Receivables

 

Debt
Balance

 

Interest
Rate

 

Principal
Balance of
Pledged/
Secured
Receivables



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable-backed notes payable - recourse:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Bank Facility

 

$

24,990 

 

5.00%

 

$

30,472 

 

$

32,674 

 

4.25%

 

$

41,357 

NBA Receivables Facility

 

 

44,414 

 

4.10%

 

 

53,730 

 

 

34,164 

 

3.50-4.00%

 

 

40,763 

Pacific Western Facility

 

 

15,293 

 

6.00%

 

 

19,516 

 

 

20,793 

 

5.14%

 

 

27,712 

   Total

 

 

84,697 

 

 

 

 

103,718 

 

 

87,631 

 

 

 

 

109,832 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivable-backed notes payable - non-recourse:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KeyBank/DZ Purchase Facility

 

$

16,144 

 

4.31%

 

$

19,866 

 

$

31,417 

 

3.67%

 

$

41,388 

Quorum Purchase Facility

 

 

16,771 

 

4.75-6.90%

 

 

18,659 

 

 

23,981 

 

4.75-6.90%

 

 

26,855 

2010 Term Securitization

 

 

 —

 

 —

 

 

 —

 

 

13,163 

 

5.54%

 

 

16,191 

2012 Term Securitization

 

 

23,227 

 

2.94%

 

 

25,986 

 

 

32,929 

 

2.94%

 

 

36,174 

2013 Term Securitization

 

 

37,163 

 

3.20%

 

 

39,510 

 

 

48,514 

 

3.20%

 

 

51,157 

2015 Term Securitization

 

 

58,498 

 

3.02%

 

 

61,705 

 

 

75,011 

 

3.02%

 

 

78,980 

2016 Term Securitization

 

 

83,142 

 

3.35%

 

 

91,348 

 

 

107,533 

 

3.35%

 

 

117,249 

2017 Term Securitization

 

 

107,624 

 

3.12%

 

 

119,582 

 

 

 —

 

 —

 

 

 —

Unamortized debt issuance costs

 

 

(6,148)

 

---

 

 

 —

 

 

(5,190)

 

 —

 

 

 —

    Total

 

 

336,421 

 

 

 

 

376,656 

 

 

327,358 

 

 

 

 

367,994 

Total receivable-backed debt

 

$

421,118 

 

 

 

$

480,374 

 

$

414,989 

 

 

 

$

477,826 



Junior Subordinated Debentures Outstanding





We had the following junior subordinated debentures outstanding at December 31, 2017 (dollars in thousands):



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Trust

Outstanding
Amount of
Junior
Subordinated
Debentures

 

Initial
Equity In
Trust(1)

Issue
Date

Beginning
Optional
Redemption
Date

Interest Rate
Following
Beginning
Optional
Redemption
Date

Interest
Rate at
December 31,
2017

Maturity
Date



 

 

 

 

 

 

 

 

 

 

BST I

$

14,703 

 

$

696 

3/15/2005

3/30/2010

3-month LIBOR
+  4.90%

6.59%

3/30/2035

BST II

 

16,472 

 

 

774 

5/4/2005

7/30/2010

3-month LIBOR
+ 4.85% 

6.23%

7/30/2035

BST III

 

6,670 

 

 

310 

5/10/2005

7/30/2010

3-month LIBOR
+ 4.85%

6.23%

7/30/2035

BST IV

 

9,802 

 

 

464 

4/24/2006

6/30/2011

3-month LIBOR
+  4.85%

6.54%

6/30/2036

BST V

 

9,802 

 

 

464 

7/21/2006

9/30/2011

3-month LIBOR
+  4.85%

6.54%

9/30/2036

BST VI

 

12,935 

 

 

619 

2/26/2007

4/30/2012

3-month LIBOR
+  4.80%

6.18%

4/30/2037



$

70,384 

 

$

3,327 

 

 

 

 

 



(1)

Amounts include purchase accounting adjustments which reduced the carrying value by $40.4 million.

(2)

Initial Equity in Trust is recorded as part of other assets in the Consolidated Balance Sheets.



We had the following junior subordinated debentures outstanding at December 31, 2016 (dollars in thousands):





 

 

 

 

 

 

 

 

 

 

Trust

Outstanding
Amount of
Junior
Subordinated
Debentures

 

Initial
Equity In
Trust(1)

Issue
Date

Beginning
Optional
Redemption
Date

Interest Rate
Following
Beginning
Optional
Redemption
Date

Interest
Rate at
December 31,
2016

Maturity
Date



 

 

 

 

 

 

 

 

 

 

BST I

$

14,422 

 

$

696 

3/15/2005

3/30/2010

3-month LIBOR + 4.90%

5.90%

3/30/2035

BST II

 

16,164 

 

 

774 

5/4/2005

7/30/2010

3-month LIBOR + 4.85% 

5.74%

7/30/2035

BST III

 

6,550 

 

 

310 

5/10/2005

7/30/2010

3-month LIBOR + 4.85% 

5.74%

7/30/2035

BST IV

 

9,614 

 

 

464 

4/24/2006

6/30/2011

3-month LIBOR + 4.85%

5.85%

6/30/2036

BST V

 

9,614 

 

 

464 

7/21/2006

9/30/2011

3-month LIBOR + 4.85%

5.85%

9/30/2036

BST VI

 

12,680 

 

 

619 

2/26/2007

4/30/2012

3-month LIBOR + 4.80%

5.69%

4/30/2037



$

69,044 

 

$

3,327 

 

 

 

 

 



(1)

Amounts include purchase accounting adjustments which reduced the carrying value by $41.8 million.

(2)

Initial Equity in Trust is recorded as part of other assets in the Consolidated Balance Sheets.