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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2013
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The fair value of the Company’s financial assets and liabilities is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consist mainly of investments in equity and fixed-income mutual funds that are quoted daily. Level 2 financial assets consist of GNMA mortgage-backed pass-through certificates, FHLB and other U.S. government agency short-term notes and investment grade commercial paper. The Company's Level 2 financial assets, with the exception of the GNMA securities, were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The GNMA mortgage-backed pass-through certificates were purchased for the sole purpose of satisfying specific regulatory requirements imposed on our wholly-owned limited purpose federal thrift subsidiary, SPTC. As a result, the Company's Level 2 financial assets are limited to only these types of fixed income securities. The valuation of the Company's Level 2 financial assets are based upon securities pricing policies and procedures utilized by third-party pricing vendors. The Company's Level 3 financial assets at December 31, 2012 consisted of an investment product that was in the process of liquidation and was closed to new investors. The Company had no financial assets at December 31, 2013 and had no Level 3 financial liabilities at December 31, 2013 or 2012. There were no transfers of financial assets between levels within the fair value hierarchy during 2013 or 2012. Valuation of GNMA, Other U.S. Government Agency Securities and Investment Grade Commercial Paper All of the Company's investments in GNMA, other U.S. government agency securities and investment grade commercial paper are held in accounts at well-established financial institutions. The Company's selection of a financial institution for the purpose of purchasing securities considered a number of various factors including, but not limited to, securities pricing policies and procedures utilized by that financial institution. Each financial institution utilizes the services of independent pricing vendors. These vendors utilize evaluated and industry accepted pricing models that vary by asset class and incorporate available trade, bid and other market information to determine the fair value of the securities. The market inputs, listed in approximate order of priority, include: benchmark yields, reported trade, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company evaluated the information regarding the pricing methodologies and processes utilized by the independent pricing vendors during the selection process of the financial institution. The Company analyzed this information for the purpose of classifying the securities into the appropriate level within the fair value hierarchy and to ensure that each pricing model for each asset class provided the fair value of those specific securities in accordance with generally accepted accounting principles. The Company continually monitors the price of each security for any unanticipated deviations from the previously quoted price or deviations from anticipated changes in a security's price based upon an assessment of market factors and other factors relative to a specific issue expected to affect a security's price. In the event a security price changed in excess of management's pre-established tolerance levels, additional analysis is conducted which may include the comparison of the security's price as determined by other independent pricing vendors. The Company's investments in GNMA, other U.S. government agency securities and investment grade commercial paper have been recorded at the prices provided by the independent pricing vendor without adjustment. The fair value of certain financial assets and liabilities of the Company was determined using the following inputs:
|  |  |  | December 31, 2013
|  |  |  | Fair Value Measurements at Reporting Date Using
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |  |
Equity available-for-sale securities |  | $ | 11,633 |  |  | $ | 11,633 |  |  | $ | — |  |  | $ | — |
Fixed-income available-for-sale securities |  | 71,690 |  |  | — |  |  | 71,690 |  |  | — |
Fixed income securities owned |  | 21,133 |  |  | — |  |  | 21,133 |  |  | — |
Trading securities |  | 4,849 |  |  | 4,849 |  |  | — |  |  | — |
|  | $ | 109,305 |  |  | $ | 16,482 |  |  | $ | 92,823 |  |  | $ | — |
|  |  |  | December 31, 2012
|  |  |  | Fair Value Measurements at Reporting Date Using
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |  |
Equity available-for-sale securities |  | $ | 15,926 |  |  | $ | 15,926 |  |  | $ | — |  |  | $ | — |
Fixed-income available-for-sale securities |  | 59,943 |  |  | — |  |  | 59,943 |  |  | — |
Fixed income securities owned |  | 20,088 |  |  | — |  |  | 20,088 |  |  | — |
Trading securities |  | 5,909 |  |  | 4,706 |  |  | — |  |  | 1,203 |
|  | $ | 101,866 |  |  | $ | 20,632 |  |  | $ | 80,031 |  |  | $ | 1,203 |
The table below presents a reconciliation for all assets and liabilities of the Company measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period from January 1, 2012 to December 31, 2013:
| Trading Securities
Balance, January 1, 2012 | $ | 52,623 |
Purchases | 13 |
Issuances | — |
Principal prepayments and settlements | (10,728 | )
Sales | (53,920 | )
Total gains or (losses) (realized/unrealized): |
Included in earnings | 13,215 |
Included in other comprehensive income | — |
Transfers in and out of Level 3 | — |
Balance, December 31, 2012 | $ | 1,203 |
Purchases | — |
Issuances | — |
Principal prepayments and settlements | (1,167 | )
Sales | — |
Total gains or (losses) (realized/unrealized): |
Included in earnings | (36 | )
Included in other comprehensive income | — |
Transfers in and out of Level 3 | — |
Balance, December 31, 2013 | $ | — |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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