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11. Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis

		Three Months Ended
		March 31,
		2015				2014
		(in thousands)
Finance Receivables Measured at Fair Value:
Balance at beginning of period		$	1,664			$	14,476
Payments on finance receivables at fair value			(921	)			(5,321	)
Charge-offs on finance receivables at fair value			–				(343	)
Discount accretion			–				239
Mark to fair value			–				7
Balance at end of period		$	$743			$	9,058

Debt Secured by Finance Receivables Measured at Fair Value:
Balance at beginning of period		$	1,250			$	13,117
Principal payments on debt at fair value			(1,250	)			(5,039	)
Premium accretion			–				304
Mark to fair value			–				194
Balance at end of period			–				8,576
Reduction for payments collected and payable			–				(1,399	)
Adjusted balance at end of period		$	–			$	7,177

Comparision of fair values of the Fireside receivables and the related secured debt

March 31, 2015

December 31, 2014

Contractual

Fair

Contractual

Fair

Balance

Value

Balance

Value

(In thousands)

Fireside receivables portfolio

$

743

$

743

$

1,664

$

1,664

Debt secured by Fireside receivables portfolio

–

–

–

1,250

Qualitative information about level 3 fair value measurements

Financial Instrument

Fair Values as of

Inputs as of

March 31,

December 31,

Valuation

Unobservable

March 31,

December 31,

2015

2014

Techniques

Inputs

2015

2014

(In thousands)

Assets:

Finance receivables measured at fair value

$

743

$

1,664

Discounted cash flows

Discount rate

15.4%

15.4%

Cumulative net losses

5.0%

5.0%

Monthly average prepayments

0.5%

0.5%

Liabilities:

Debt secured by receivables measured at fair value

–

1,250

Discounted cash flows

Discount rate

n/a

12.2%

Estimated fair values of financial assets and liabilities

		As of March 31, 2015
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
		Value				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	20,202			$	20,202			$	–			$	–			$	20,202
Restricted cash and equivalents			173,451				173,451				–				–				173,451
Finance receivables, net			1,615,762				–				–				1,589,952				1,589,952
Finance receivables measured at fair value			743				–				–				743				743
Residual interest in securitizations			32				–				–				32				32
Accrued interest receivable			24,496				–				–				24,496				24,496
Liabilities:
Warehouse lines of credit		$	21,965			$	–			$	–			$	21,965			$	21,965
Accrued interest payable			2,678				–				–				2,678				2,678
Residual interest financing			12,074				–				–				12,074				12,074
Securitization trust debt			1,697,649				–				–				1,720,705				1,720,705
Subordinated renewable notes			15,082				–				–				15,082				15,082

		As of December 31, 2014
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
			Value				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	17,859			$	17,859			$	–			$	–			$	17,859
Restricted cash and equivalents			175,382				175,382				–				–				175,382
Finance receivables, net			1,534,496				–				–				1,512,567				1,512,567
Finance receivables measured at fair value			1,664				–				–				1,664				1,664
Residual interest in securitizations			68				–				–				68				68
Accrued interest receivable			23,372				–				–				23,372				23,372
Liabilities:
Warehouse lines of credit		$	56,839			$	–			$	–			$	56,839			$	56,839
Accrued interest payable			2,613				–				–				2,613				2,613
Residual interest financing			12,327				–				–				12,327				12,327
Debt secured by receivables measured at fair value			1,250				–				–				1,250				1,250
Securitization trust debt			1,598,496				–				–				1,619,742				1,619,742
Subordinated renewable notes			15,233				–				–				15,233				15,233

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+ Details

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.

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