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11. Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2013
Fair Value Measurements Tables |
Reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |  |  | (in thousands) |
Finance Receivables Measured at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 30,319 |  |  | $ | 102,366 |  |  | $ | 59,668 |  |  | $ | 160,253 |
Payments on finance receivables at fair value |  |  | (8,848 | ) |  |  | (22,449 | ) |  |  | (36,828 | ) |  |  | (86,556 | )
Charge-offs on finance receivables at fair value |  |  | (535 | ) |  |  | (1,259 | ) |  |  | (2,275 | ) |  |  | (5,309 | )
Discount accretion |  |  | 263 |  |  |  | 1,870 |  |  |  | 1,247 |  |  |  | 7,272 |
Mark to fair value |  |  | 18 |  |  |  | (3,044 | ) |  |  | (595 | ) |  |  | 1,824 |
Balance at end of period |  | $ | 21,217 |  |  | $ | 77,484 |  |  | $ | 21,217 |  |  | $ | 77,484 |
Debt Secured by Finance Receivables Measured at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 21,907 |  |  | $ | 104,662 |  |  | $ | 57,107 |  |  | $ | 166,828 |
Principal payments on debt at fair value |  |  | (5,107 | ) |  |  | (26,902 | ) |  |  | (41,365 | ) |  |  | (97,703 | )
Premium accretion |  |  | 379 |  |  |  | 1,687 |  |  |  | 2,079 |  |  |  | 5,552 |
Mark to fair value |  |  | (291 | ) |  |  | (2,817 | ) |  |  | (933 | ) |  |  | 1,953 |
Balance at end of period |  |  | 16,888 |  |  |  | 76,630 |  |  |  | 16,888 |  |  |  | 76,630 |
Reduction for payments collected and payable |  |  | (570 | ) |  |  | (7,002 | ) |  |  | (570 | ) |  |  | (7,002 | )
Adjusted balance at end of period |  | $ | 16,318 |  |  | $ | 69,628 |  |  | $ | 16,318 |  |  | $ | 69,628 |
Comparision of fair values of the Fireside receivables and the related secured debt |
|  | September 30, 2013 |  |  | December 31, 2012 |
|  | Contractual |  |  | Fair |  |  | Contractual |  |  | Fair |
|  | Balance |  |  | Value |  |  | Balance |  |  | Value |
|  | (In thousands) |
Fireside receivables portfolio |  | $ | 21,701 |  |  | $ | 21,217 |  |  | $ | 60,804 |  |  | $ | 59,668 |
Debt secured by Fireside receivables portfolio |  |  | – |  |  |  | 16,888 |  |  |  | 41,365 |  |  |  | 57,107 |
Reconciliation for level 3 assets |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |  |  | (in thousands) |
Residual Interest in Securitizations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 2,246 |  |  | $ | 4,850 |  |  | $ | 4,824 |  |  | $ | 4,414 |
Cash paid (received) during period |  |  | (820 | ) |  |  | 45 |  |  |  | (3,398 | ) |  |  | 23 |
Included in earnings |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 458 |
Balance at end of period |  | $ | 1,426 |  |  | $ | 4,895 |  |  | $ | 1,426 |  |  | $ | 4,895 |
Warrant Derivative Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | – |  |  | $ | 51 |  |  | $ | 355 |  |  | $ | 967 |
Included in earnings |  |  | – |  |  |  | 44 |  |  |  | 228 |  |  |  | 435 |
Reclassification to equity |  |  | – |  |  |  | – |  |  |  | (583 | ) |  |  | (1,307 | )
Balance at end of period |  | $ | – |  |  | $ | 95 |  |  | $ | – |  |  | $ | 95 |
Qualitative information about level 3 fair value measurements |
Financial Instrument |  | Fair Values as of |  |  |  |  |  |  | Inputs as of |
|  | September 30, |  |  | December 31, |  |  | Valuation |  | Unobservable |  | September 30, |  |  | December 31, |
|  | 2013 |  |  | 2012 |  |  | Techniques |  | Inputs |  | 2013 |  |  | 2012 |
|  | (In thousands) |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables measured at fair value |  | $ | 21,217 |  |  | $ | 59,668 |  |  | Discounted cash flows |  | Discount rate |  |  | 15.4% |  |  |  | 20.4% |
|  |  |  |  |  |  |  |  |  |  |  | Cumulative net losses |  |  | 4.8% |  |  |  | 5.5% |
|  |  |  |  |  |  |  |  |  |  |  | Monthly average prepayments |  |  | 0.5% |  |  |  | 0.5% |
Residual interest in securitizations |  |  | 1,426 |  |  |  | 4,824 |  |  | Discounted cash flows |  | Discount rate |  |  | 20.0% |  |  |  | 20.0% |
|  |  |  |  |  |  |  |  |  |  |  | Cumulative net losses |  |  | 15.0% |  |  |  | 13.5% |
|  |  |  |  |  |  |  |  |  |  |  | Monthly average prepayments |  |  | 0.5% |  |  |  | 0.5% |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant derivative liability |  | $ | – |  |  | $ | 355 |  |  | Binomial |  | Stock price |  |  | n/a |  |  |  | $5.36/sh |
|  |  |  |  |  |  |  |  |  |  |  | Volatility |  |  | n/a |  |  |  | 40.0% |
|  |  |  |  |  |  |  |  |  |  |  | Risk free rate |  |  | n/a |  |  |  | 1.26% |
Debt secured by receivables measured at fair value |  |  | 16,888 |  |  |  | 57,107 |  |  | Discounted cash flows |  | Discount rate |  |  | 12.2% |  |  |  | 16.2% |
Estimated fair values of financial assets and liabilities |
|  | As of September 30, 2013 |
Financial Instrument |  | (In thousands) |
|  | Carrying |  |  | Fair Value Measurements Using: |  |  |  |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 24,128 |  |  | $ | 24,128 |  |  | $ | – |  |  | $ | – |  |  | $ | 24,128 |
Restricted cash and equivalents |  |  | 129,450 |  |  |  | 129,450 |  |  |  | – |  |  |  | – |  |  |  | 129,450 |
Finance receivables, net |  |  | 1,046,818 |  |  |  | – |  |  |  | – |  |  |  | 1,025,398 |  |  |  | 1,025,398 |
Finance receivables measured at fair value |  |  | 21,217 |  |  |  | – |  |  |  | – |  |  |  | 21,217 |  |  |  | 21,217 |
Residual interest in securitizations |  |  | 1,426 |  |  |  | – |  |  |  | – |  |  |  | 1,426 |  |  |  | 1,426 |
Accrued interest receivable |  |  | 15,146 |  |  |  | – |  |  |  | – |  |  |  | 15,146 |  |  |  | 15,146 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse lines of credit |  | $ | 26,959 |  |  | $ | – |  |  | $ | – |  |  | $ | 26,959 |  |  | $ | 26,959 |
Accrued interest payable |  |  | 2,733 |  |  |  | – |  |  |  | – |  |  |  | 2,733 |  |  |  | 2,733 |
Residual interest financing |  |  | 20,000 |  |  |  | – |  |  |  | – |  |  |  | 20,000 |  |  |  | 20,000 |
Debt secured by receivables measured at fair value |  |  | 16,888 |  |  |  | – |  |  |  | – |  |  |  | 16,888 |  |  |  | 16,888 |
Securitization trust debt |  |  | 1,094,559 |  |  |  | – |  |  |  | – |  |  |  | 1,107,865 |  |  |  | 1,107,865 |
Senior secured debt |  |  | 38,963 |  |  |  | – |  |  |  | – |  |  |  | 38,963 |  |  |  | 38,963 |
Subordinated renewable notes |  |  | 20,640 |  |  |  | – |  |  |  | – |  |  |  | 20,640 |  |  |  | 20,640 |
|  | As of December 31, 2012 |
Financial Instrument |  | (In thousands) |
|  | Carrying |  |  | Fair Value Measurements Using: |  |  |  |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12,966 |  |  | $ | 12,966 |  |  | $ | – |  |  | $ | – |  |  | $ | 12,966 |
Restricted cash and equivalents |  |  | 104,445 |  |  |  | 104,445 |  |  |  | – |  |  |  | – |  |  |  | 104,445 |
Finance receivables, net |  |  | 744,749 |  |  |  | – |  |  |  | – |  |  |  | 740,511 |  |  |  | 740,511 |
Finance receivables measured at fair value |  |  | 59,668 |  |  |  | – |  |  |  | – |  |  |  | 59,668 |  |  |  | 59,668 |
Residual interest in securitizations |  |  | 4,824 |  |  |  | – |  |  |  | – |  |  |  | 4,824 |  |  |  | 4,824 |
Accrued interest receivable |  |  | 10,411 |  |  |  | – |  |  |  | – |  |  |  | 10,411 |  |  |  | 10,411 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant derivative liability |  | $ | 355 |  |  | $ | – |  |  | $ | – |  |  | $ | 355 |  |  | $ | 355 |
Warehouse lines of credit |  |  | 21,731 |  |  |  | – |  |  |  | – |  |  |  | 21,731 |  |  |  | 21,731 |
Accrued interest payable |  |  | 2,795 |  |  |  | – |  |  |  | – |  |  |  | 2,795 |  |  |  | 2,795 |
Residual interest financing |  |  | 13,773 |  |  |  | – |  |  |  | – |  |  |  | 13,773 |  |  |  | 13,773 |
Debt secured by receivables measured at fair value |  |  | 57,107 |  |  |  | – |  |  |  | – |  |  |  | 57,107 |  |  |  | 57,107 |
Securitization trust debt |  |  | 792,497 |  |  |  | – |  |  |  | – |  |  |  | 803,290 |  |  |  | 803,290 |
Senior secured debt |  |  | 50,135 |  |  |  | – |  |  |  | – |  |  |  | 50,135 |  |  |  | 50,135 |
Subordinated renewable notes |  |  | 23,281 |  |  |  | – |  |  |  | – |  |  |  | 23,281 |  |  |  | 23,281 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + 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 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14210-108612 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b),(c)(2),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -Subparagraph (a),(b),(c)(1) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612 + Details
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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://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 + Details
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