XML 45 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Measurements  
Schedule of information regarding financial assets and liabilities measured at fair value on a recurring basis

The following tables present information regarding financial assets and liabilities measured at fair value on a recurring basis (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Level 1

    

Level 2

    

Level 3

    

Total

 

June 30, 2020

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

 

Trading securities

​

$

50,771

​

$

597,266

​

$

—

​

$

648,037

​

Available for sale securities

​

​

—

​

​

1,091,348

​

​

—

​

​

1,091,348

​

Equity securities

​

​

122

​

​

—

​

​

—

​

​

122

​

Loans held for sale

​

​

—

​

​

2,357,115

​

​

91,936

​

​

2,449,051

​

Derivative assets

​

​

—

​

​

148,573

​

​

—

​

​

148,573

​

MSR asset

​

​

—

​

​

—

​

​

81,264

​

​

81,264

​

Securities sold, not yet purchased

​

​

24,027

​

​

31,313

​

​

—

​

​

55,340

​

Derivative liabilities

​

​

—

​

​

58,436

​

​

—

​

​

58,436

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Level 1

    

Level 2

    

Level 3

    

​

Total

​

December 31, 2019

​

Inputs

​

Inputs

​

Inputs

​

​

Fair Value

​

Trading securities

​

$

—

​

$

689,576

​

$

—

​

$

689,576

​

Available for sale securities

​

​

—

​

​

911,493

​

​

—

​

​

911,493

​

Equity securities

​

​

166

​

​

—

​

​

—

​

​

166

​

Loans held for sale

​

​

—

​

​

1,868,518

​

​

67,195

​

​

1,935,713

​

Derivative assets

​

​

—

​

​

33,129

​

​

—

​

​

33,129

​

MSR asset

​

​

—

​

​

—

​

​

55,504

​

​

55,504

​

Securities sold, not yet purchased

​

​

29,080

​

​

14,737

​

​

—

​

​

43,817

​

Derivative liabilities

​

​

—

​

​

17,140

​

​

—

​

​

17,140

​

​

Rollforward for financial instruments measured at fair value using Level 3 inputs

The following tables include a rollforward for those financial instruments measured at fair value using Level 3 inputs (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Gains or Losses

​

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Realized or Unrealized)

​

​

​

 

​

   

Balance at

   

​

​

   

​

​

   

    

​

   

​

​

  

Included in Other

   

​

​

 

​

​

Beginning of

​

Purchases/

​

Sales/

​

Transfers to

​

Included in

​

Comprehensive

​

Balance at

 

​

​

Period

​

Additions

​

Reductions

​

(from) Level 3

​

Net Income

​

Income (Loss)

​

End of Period

 

Three months ended June 30, 2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

79,588

​

$

34,339

​

$

(26,768)

​

$

2,746

​

$

2,031

​

$

—

​

$

91,936

​

MSR asset

​

 

30,299

​

​

59,440

​

​

—

​

​

—

​

​

(8,475)

​

​

—

​

 

81,264

​

Total

​

$

109,887

​

$

93,779

​

$

(26,768)

​

$

2,746

​

$

(6,444)

​

$

—

​

$

173,200

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

67,195

​

$

48,623

​

$

(30,943)

​

$

8,967

​

$

(1,906)

​

$

—

​

$

91,936

​

MSR asset

​

​

55,504

​

​

63,915

​

​

(18,650)

​

​

—

​

​

(19,505)

​

​

—

​

​

81,264

​

Total

​

$

122,699

​

$

112,538

​

$

(49,593)

​

$

8,967

​

$

(21,411)

​

$

—

​

$

173,200

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

57,844

​

$

14,053

​

$

(11,108)

​

$

(612)

​

$

(3,378)

​

$

—

​

$

56,799

​

MSR asset

​

​

62,049

​

​

2,547

​

​

—

​

​

—

​

​

(10,901)

​

​

—

​

​

53,695

​

Total

​

$

119,893

​

$

16,600

​

$

(11,108)

​

$

(612)

​

$

(14,279)

​

$

—

​

$

110,494

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

50,464

​

$

29,480

​

$

(18,084)

​

​

425

​

$

(5,486)

​

$

—

​

$

56,799

​

MSR asset

​

​

66,102

​

​

4,408

​

​

—

​

​

—

​

​

(16,815)

​

​

—

​

​

53,695

​

Total

​

$

116,566

​

$

33,888

​

$

(18,084)

​

$

425

​

$

(22,301)

​

$

—

​

$

110,494

​

​

Schedule of significant unobservable inputs used in the fair value measurements

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Range (Weighted-Average)

​

​

​

​

​

​

June 30,

​

December 31,

Financial instrument

    

Valuation Technique

    

Unobservable Inputs

    

2020

​

2019

Loans held for sale

​

Discounted cash flows / Market comparable

​

Projected price

​

91

-

95

%

(

94

%)

​

92

-

96

%

(

95

%)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MSR asset

​

Discounted cash flows

​

Constant prepayment rate

​

​

​

13.45

%

​

​

​

​

​

13.16

%

​

​

​

​

​

​

Discount rate

​

​

​

14.62

%

​

​

​

​

​

11.14

%

​

​

Schedule of changes in fair value for instruments reported at fair value under the Fair Value Option

The following table presents those changes in fair value of instruments recognized in the consolidated statements of operations that are accounted for under the Fair Value Option (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2020

​

Three Months Ended June 30, 2019

​

​

   

​

   

Other

   

Total

   

​

   

Other

   

Total

 

​

​

Net

​

Noninterest

​

Changes in

​

Net

​

Noninterest

​

Changes in

​

​

​

Gains (Losses)

​

Income

​

Fair Value

​

Gains (Losses)

​

Income

​

Fair Value

​

Loans held for sale

​

$

24,499

​

$

—

​

$

24,499

​

$

17,179

​

$

—

​

$

17,179

​

MSR asset

​

 

(8,475)

​

 

—

​

 

(8,475)

​

 

(10,901)

​

 

—

​

 

(10,901)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2020

​

Six Months Ended June 30, 2019

​

​

   

​

   

Other

   

Total

   

​

   

Other

   

Total

 

​

​

Net

​

Noninterest

​

Changes in

​

Net

​

Noninterest

​

Changes in

​

​

​

Gains (Losses)

​

Income

​

Fair Value

​

Gains (Losses)

​

Income

​

Fair Value

​

Loans held for sale

​

$

58,478

​

$

—

​

$

58,478

​

$

3,855

​

$

—

​

$

3,855

​

MSR asset

​

 

(19,505)

​

 

—

​

 

(19,505)

​

 

(16,815)

​

 

—

​

 

(16,815)

​

Schedule of carrying values and estimated fair values of financial instruments

​

The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on either a recurring or non-recurring basis (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Estimated Fair Value

 

​

    

Carrying

    

Level 1

    

Level 2

    

Level 3

    

​

​

 

June 30, 2020

​

Amount

​

Inputs

​

Inputs

​

Inputs

​

Total

 

Financial assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

1,655,877

​

$

1,655,877

​

$

—

​

$

—

​

$

1,655,877

​

Assets segregated for regulatory purposes

​

​

194,626

​

​

194,626

​

​

—

​

​

—

​

​

194,626

​

Securities purchased under agreements to resell

​

​

161,457

​

​

—

​

​

161,457

​

​

—

​

​

161,457

​

Held to maturity securities

​

​

343,198

​

​

—

​

​

359,542

​

​

—

​

​

359,542

​

Loans held for sale

​

​

143,256

​

​

—

​

​

143,256

​

​

—

​

​

143,256

​

Loans held for investment, net

​

​

7,693,521

​

​

—

​

​

422,891

​

​

7,508,015

​

​

7,930,906

​

Broker-dealer and clearing organization receivables

​

 

1,222,627

​

 

—

​

 

1,222,627

​

 

—

​

 

1,222,627

​

Other assets

​

 

72,574

​

 

—

​

 

70,461

​

 

2,113

​

 

72,574

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

 

11,649,598

​

 

—

​

 

11,668,575

​

 

—

​

 

11,668,575

​

Broker-dealer and clearing organization payables

​

 

1,158,628

​

 

—

​

 

1,158,628

​

 

—

​

 

1,158,628

​

Short-term borrowings

​

 

720,164

​

 

—

​

 

720,164

​

 

—

​

 

720,164

​

Debt

​

 

517,170

​

 

—

​

 

517,170

​

 

—

​

 

517,170

​

Other liabilities

​

 

9,603

​

 

—

​

 

9,603

​

 

—

​

 

9,603

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Estimated Fair Value

 

​

    

Carrying

   

Level 1

   

Level 2

   

Level 3

   

​

​

 

December 31, 2019

​

Amount

​

Inputs

​

Inputs

​

Inputs

​

Total

 

Financial assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

434,020

​

$

434,020

​

$

—

​

$

—

​

$

434,020

​

Assets segregated for regulatory purposes

​

​

157,436

​

​

157,436

​

​

—

​

​

—

​

​

157,436

​

Securities purchased under agreements to resell

​

​

59,031

​

​

—

​

​

59,031

​

​

—

​

​

59,031

​

Held to maturity securities

​

​

386,326

​

​

—

​

​

388,930

​

​

—

​

​

388,930

​

Loans held for sale

​

​

170,648

​

​

—

​

​

170,648

​

​

—

​

​

170,648

​

Loans held for investment, net

​

​

7,320,264

​

​

—

​

​

576,527

​

​

6,990,706

​

​

7,567,233

​

Broker-dealer and clearing organization receivables

​

 

1,780,280

​

 

—

​

 

1,780,280

​

 

—

​

 

1,780,280

​

Other assets

​

 

71,040

​

 

—

​

 

69,580

​

 

1,460

​

 

71,040

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

 

9,032,214

​

 

—

​

 

9,032,496

​

 

—

​

 

9,032,496

​

Broker-dealer and clearing organization payables

​

 

1,605,518

​

 

—

​

 

1,605,518

​

 

—

​

 

1,605,518

​

Short-term borrowings

​

 

1,424,010

​

 

—

​

 

1,424,010

​

 

—

​

 

1,424,010

​

Debt

​

 

323,281

​

 

—

​

 

323,281

​

 

—

​

 

323,281

​

Other liabilities

​

 

8,340

​

 

—

​

 

8,340

​

 

—

​

 

8,340

​

Schedule of adjustments to the carrying value of these investments The following table presents the adjustments to the carrying value of these investments during the periods presented (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

Six Months Ended June 30,

​

    

2020

   

2019

​

2020

    

2019

Balance, beginning of period

 

$

19,088

 

$

20,477

​

$

19,771

 

$

20,376

Additional investments

​

​

—

​

​

—

​

​

—

​

​

—

Upward adjustments

​

​

1,525

​

​

101

​

​

1,631

​

​

202

Impairments and downward adjustments

​

​

—

​

​

(672)

​

​

(789)

​

​

(672)

Dispositions

​

 

—

​

 

—

​

 

—

​

 

—

Balance, end of period

​

$

20,613

​

$

19,906

​

$

20,613

​

$

19,906