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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018 (dollars in thousands):

		As of September 30, 2019
		Fair Value Measured and Recorded Using
		Level 1				Level 2				Level 3				Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities		$	6,818			$	—			$	—			$	6,818
Debt securities issued by U.S. federal agencies			—				11,137				—				11,137
Corporate debt securities			—				27,463				—				27,463
Asset-backed securities			—				5,159				—				5,159
Collateralized mortgage obligations			—				2,251				—				2,251
Total available for sale debt securities			6,818				46,010				—				52,828
Equity securities			78,547				—				—				78,547
Warehouse receivables and advance warehouse funding			—				1,364,630				—				1,364,630
Total assets at fair value		$	85,365			$	1,410,640			$	—			$	1,496,005

		As of December 31, 2018
		Fair Value Measured and Recorded Using
		Level 1				Level 2				Level 3				Total
Assets
Available for sale securities:
Debt securities:
U.S. treasury securities		$	3,138			$	—			$	—			$	3,138
Debt securities issued by U.S. federal agencies			—				11,196				—				11,196
Corporate debt securities			—				27,201				—				27,201
Asset-backed securities			—				5,017				—				5,017
Collateralized mortgage obligations			—				2,224				—				2,224
Total available for sale debt securities			3,138				45,638				—				48,776
Equity securities			153,762				—				—				153,762
Warehouse receivables			—				1,342,468				—				1,342,468
Total assets at fair value		$	156,900			$	1,388,106			$	—			$	1,545,006
Liabilities
Interest rate swaps		$	—			$	1,070			$	—			$	1,070
Securities sold, not yet purchased			3,133				—				—				3,133
Total liabilities at fair value		$	3,133			$	1,070			$	—			$	4,203

Summary of Non-Recurring Fair Value Measurement

There were no significant non-recurring fair value measurements recorded during the three months ended September 30, 2019. The following non-recurring fair value measurement was recorded for the nine months ended September 30, 2019 (dollars in thousands):

																	Total
																	Impairment Charges
	Net Carrying Value				Fair Value Measured and												for the
	as of				Recorded Using												Nine Months Ended
	September 30, 2019				Level 1				Level 2				Level 3				September 30, 2019
Other intangible assets	$	16,000			$	—			$	—			$	16,000			$	89,037

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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