Variable Interest Entities

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Variable Interest Entities

13. Variable Interest Entities

During 2013, the Company entered into a loan workout arrangement with a borrower. Due to this workout arrangement, this is considered to be a VIE, whereby the Company is considered the primary beneficiary and must consolidate the VIE. The initial recognition of this VIE relationship was accounted for using acquisition accounting. Under acquisition accounting, the assets and liabilities acquired are accounted for at market and intercompany balances are eliminated. The asset acquired from the debtor, which consisted of a net operating loss, is included in the accompanying consolidated balance sheets.