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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 (dollars in thousands):

		As of September 30, 2018
		Fair Value Measured and Recorded Using
		Level 1				Level 2				Level 3				Total
Assets
Available for sale debt securities:
U.S. treasury securities		$	3,650			$	—			$	—			$	3,650
Debt securities issued by U.S. federal agencies			—				10,459				—				10,459
Corporate debt securities			—				26,846				—				26,846
Asset-backed securities			—				4,694				—				4,694
Collateralized mortgage obligations			—				2,256				—				2,256
Total available for sale debt securities			3,650				44,255				—				47,905
Equity securities			148,778				—				—				148,778
Warehouse receivables			—				1,598,021				—				1,598,021
Total assets at fair value		$	152,428			$	1,642,276			$	—			$	1,794,704
Liabilities
Interest rate swaps		$	—			$	1,370			$	—			$	1,370
Securities sold, not yet purchased			3,529				—				—				3,529
Total liabilities at fair value		$	3,529			$	1,370			$	—			$	4,899

		As of December 31, 2017
		Fair Value Measured and Recorded Using
		Level 1				Level 2				Level 3				Total
Assets
Available for sale debt securities:
U.S. treasury securities		$	3,820			$	—			$	—			$	3,820
Debt securities issued by U.S. federal agencies			—				4,901				—				4,901
Corporate debt securities			—				20,023				—				20,023
Asset-backed securities			—				3,577				—				3,577
Collateralized mortgage obligations			—				2,366				—				2,366
Total available for sale debt securities			3,820				30,867				—				34,687
Equity securities			133,595				—				—				133,595
Warehouse receivables			—				928,038				—				928,038
Total assets at fair value		$	137,415			$	958,905			$	—			$	1,096,320
Liabilities
Interest rate swaps		$	—			$	4,766			$	—			$	4,766
Securities sold, not yet purchased			3,431				—				—				3,431
Foreign currency exchange forward contracts			—				55				—				55
Total liabilities at fair value		$	3,431			$	4,821			$	—			$	8,252

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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