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BORROWINGS AND SUBORDINATED DEBENTURES (Tables)
 12 Months Ended
Dec. 31, 2013
BORROWINGS AND SUBORDINATED DEBENTURES  
Schedule of borrowings outstanding

 

 

 
   December 31,  
 
   2013   2012  
 
   Amount   Rate   Amount   Rate  
 
   (Dollars in thousands)
  

Non-recourse debt

   $ 7,126     6.30 % $ 12,591     6.28 %

Overnight FHLB advances

     106,600     0.06 %   —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total borrowings

   $ 113,726         $ 12,591        
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
Summary of outstanding FHLB advances by their maturity dates

 

 

 
   December 31,    
    
    
    
  
 
   2013   2012    
    
    
    
  
 
   Date
Issued		   Maturity
Date		    
   Next
Reset
Date		  
Series
  Amount   Rate(1)   Amount   Rate(2)   Rate Index  
 
   (Dollars in thousands)
    
    
    
    
  

Trust V

   $ 10,310     3.34 % $ 10,310     3.41 %   8/15/03     9/17/33   3 month LIBOR + 3.10     3/13/14  

Trust VI

     10,310     3.29 %   10,310     3.36 %   9/3/03     9/15/33   3 month LIBOR + 3.05     3/12/14  

Trust CII

     5,155     3.19 %   5,155     3.26 %   9/17/03     9/17/33   3 month LIBOR + 2.95     3/13/14  

Trust VII

     61,856     2.99 %   61,856     3.05 %   2/5/04     4/23/34   3 month LIBOR + 2.75     4/28/14  

Trust CIII

     20,619     1.93 %   20,619     2.00 %   8/15/05     9/15/35   3 month LIBOR + 1.69     3/12/14  

Trust FCCI(3)

     16,495     1.84 %   —     —     1/25/07     3/15/37   3 month LIBOR + 1.60     3/12/14  

Trust FCBI(3)

     10,310     1.79 %   —     —     9/30/05     12/15/35   3 month LIBOR + 1.55     3/12/14  
                                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross subordinated debentures

     135,055           108,250                              

Unamortized discount(4)

     (2,410 )         —                              
                                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net subordinated debentures

   $ 132,645         $ 108,250                              
                                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                             
(1)
As of January 28, 2014.

(2)
As of January 28, 2013.

(3)
Acquired in the FCAL acquisition.

(4)
Amount represents the fair value adjustment on trusts acquired in the FCAL acquisition.