Rendering
Component: (Network and Table) |
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Network | 2315301 - Disclosure - Fair Values (Tables) (http://www.istarfinancial.com/role/FairValuesTables) |
Table | (Implied) |
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis] | 0001095651 (http://www.sec.gov/CIK) |
Fair Value Disclosures [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis | The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): | | | | | | | | | | | | | | | | | | | | Fair Value Using | | Total | | Quoted market prices in active markets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | As of December 31, 2016 | | | | | | | | Recurring basis: | | | | | | | | Derivative assets(1) | $ | 727 |
| | $ | — |
| | $ | 727 |
| | $ | — |
| Derivative liabilities(1) | 47 |
| | — |
| | 47 |
| | — |
| Available-for-sale securities(1) | 21,666 |
| | — |
| | — |
| | 21,666 |
| Non-recurring basis: | | | | | | | | Impaired loans(2) | 7,200 |
| | — |
| | — |
| | 7,200 |
| Impaired real estate(3) | 3,063 |
| | — |
| | — |
| | 3,063 |
| As of December 31, 2015 | | | | | | | | Recurring basis: | | | | | | | | Derivative assets(1) | $ | 1,522 |
| | $ | — |
| | $ | 1,522 |
| | $ | — |
| Derivative liabilities(1) | 131 |
| | — |
| | 131 |
| | — |
| Available-for-sale securities(1) | 1,161 |
| | — |
| | — |
| | 1,161 |
| Non-recurring basis: | | | | | | | | Impaired loans(4) | 3,200 |
| | — |
| | — |
| | 3,200 |
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_______________________________________________________________________________ | | (1) | The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. |
| | (2) | The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received. |
| | (3) | The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period. |
| | (4) | The Company recorded a provision for loan losses on one loan with a fair value of $3.2 million based on a discounted cash flow analysis using a discount rate of 14%. |
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Summary of changes in Level 3 available-for-sale securities reported at fair value | The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2016 and 2015 ($ in thousands): | | | | | | | | | | | | 2016 | | 2015 | Beginning balance | | $ | 1,161 |
| | $ | 1,167 |
| Purchases | | 20,240 |
| | — |
| Repayments | | (10 | ) | | (10 | ) | Unrealized gains recorded in other comprehensive income | | 275 |
| | 4 |
| Ending balance | | $ | 21,666 |
| | $ | 1,161 |
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