Quarterly report pursuant to Section 13 or 15(d)

Other Assets (Tables)

v2.4.0.8
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2014
Other Assets [Abstract]  
Schedule of Servicing Assets at Fair Value [Table Text Block]
The following table summarizes activity related to MSR for the three months ended March 31, 2014 and 2013.
 
Three Months Ended March 31,
(in thousands)
2014
 
2013
Balance at beginning of period
$
514,402

 
$
—

Additions from purchases of servicing rights
1,280

 
—

Changes in fair value due to:
 
 
 
Changes in valuation inputs or assumptions used in the valuation model
(20,250
)
 
—

Other changes in fair value (1)
(12,510
)
 
—

Other changes (2)
(6,259
)
 
—

Balance at end of period
$
476,663

 
$
—

____________________
(1)
Other changes in fair value primarily represents changes due to the realization of expected cash flows.
(2)
Other changes includes purchase price adjustments, principally contractual prepayment protection, and changes due to the Company’s repurchase of the underlying collateral.

Schedule of Other Assets [Table Text Block]
Other assets as of March 31, 2014 and December 31, 2013 are summarized in the following table:
(in thousands)
March 31,
2014
 
December 31,
2013
Property and equipment at cost
$
2,710

 
$
2,285

Accumulated depreciation (1)
(1,065
)
 
(858
)
Net property and equipment
1,645

 
1,427

Prepaid expenses
1,793

 
1,818

Income taxes receivable
321

 
—

Deferred tax assets
10,064

 
—

Intangible assets
133

 
533

Servicing advances
12,714

 
7,298

Federal Home Loan Bank stock
18,589

 
10

Equity investments
3,000

 
—

Other receivables
12,629

 
2,113

Total other assets
$
60,888

 
$
13,199

____________________
(1)
Depreciation expense for the three months ended March 31, 2014 was $206,575.
Components of Servicing Revenue [Table Text Block]
The following table presents the components of servicing income recorded on the Company’s condensed consolidated statements of comprehensive income for the three months ended March 31, 2014 and 2013:
 
Three Months Ended March 31,
(in thousands)
2014
 
2013
Servicing fee income
$
29,871

 
$
—

Ancillary fee income
570

 
—

 
$
30,441

 
$
—