SELECTED QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Selected quarterly results of operations and other financial information for the four quarters ended December 31, 2013 and 2012 follows (dollar amounts in thousands except share data):

	2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
REVENUE
Total Revenue	$	1,856		$	5,097		$	6,727		9,646			$	23,326
EXPENSES
Total Operating Expenses	9,394			13,121			15,843			19,539			57,897
(Gain)/Loss on Disposal of Legacy Assets	10			(711		)	(252		)	(477		)	(1,430		)
(Recovery of) Provision for Credit Losses	(2,606		)	(4,965		)	(679		)	211			(8,039		)
Impairment of REO	—			—			—			1,103			1,103
Total Expenses	6,798			7,445			14,912			20,376			49,531
Net Loss	$	(4,942	)	$	(2,348	)	$	(8,185	)	$	(10,730	)	$	(26,205	)
Net Loss per Share	$	(0.29	)	$	(0.14	)	$	(0.49	)	$	(0.64	)	$	(1.55	)
Weighted Average Shares Outstanding for Period	16,873,880			16,873,880			16,873,880			16,857,126			16,869,645

	2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
REVENUE
Total Revenue	$	1,282		$	1,306		$	1,058		1,118			$	4,764
EXPENSES
Total Operating Expenses	9,251			8,498			10,642			11,676			40,067
(Gain)/Loss on Disposal of Legacy Assets	(77		)	(146		)	(368		)	(398		)	(989		)
(Recovery of) Provision for Credit Losses	—			(900		)	(1,030		)	(192		)	(2,122		)
Total Expenses	9,174			7,452			9,244			11,086			36,956
Net Loss	$	(7,892	)	$	(6,146	)	$	(8,186	)	$	(9,968	)	$	(32,192	)
Net Loss per Share	$	(0.47	)	$	(0.36	)	$	(0.49	)	$	(0.59	)	$	(1.91	)
Weighted Average Shares Outstanding for Period	16,873,880			16,873,880			16,873,880			16,873,880			16,873,880

The average of each quarter’s weighted average shares outstanding does not necessarily equal the weighted average shares outstanding for the year and, therefore, individual quarterly weighted earnings per share do not equal the annual amount.