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4. Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

(4) Debt

The terms and amounts of our other debt outstanding at September 30, 2019 and December 31, 2018 are summarized below:

								Amount Outstanding at
								September 30,				December 31,
								2019				2018
								(In thousands)
Description		Interest Rate		Maturity
Warehouse lines of credit		5.50% over one month Libor (Minimum 6.50%)			February 2021			$	35,264			$	38,198
		3.00% over one month Libor (Minimum 3.75%)			September 2020				96,154				99,885
		6.75% over a commercial paper rate (Minimum 7.75%)			November 2019				27,578				–
Residual interest financing		8.60%			January 2026				40,000				40,000
Subordinated renewable notes		Weighted average rate of 9.22% and 8.53% at September 30, 2019 and December 31, 2018, respectively			Weighted average maturity of December 2021 and January 2021 at September 30, 2019 and December 31, 2018, respectively				15,529				17,290
								$	214,525			$	195,373

Unamortized debt issuance costs of $615,000 and $894,000 as of September 30, 2019 and December 31, 2018, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $1.2 million and $1.2 million as of September 30, 2019 and December 31, 2018, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.

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- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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