Carrying Value and Fair Value of Financial Instruments |
The carrying value and fair value of our financial instruments are as follows:
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March 31, 2023 |
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December 31, 2022 |
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(Dollars in thousands) |
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Level in Fair Value Hierarchy |
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Carrying Value |
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Estimated Fair Value |
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Carrying Value |
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Estimated Fair Value |
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Description: |
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Mortgage loans held for sale |
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2 |
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$ |
186,194 |
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$ |
186,194 |
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$ |
346,364 |
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$ |
346,364 |
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IRLCs |
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3 |
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4,571 |
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4,571 |
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2,386 |
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2,386 |
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MBSs |
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2 |
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(3,190 |
) |
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(3,190 |
) |
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1,090 |
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1,090 |
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Mortgage warehouse borrowings |
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2 |
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146,334 |
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146,334 |
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306,072 |
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306,072 |
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Loans payable and other borrowings |
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2 |
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338,667 |
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338,667 |
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361,486 |
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361,486 |
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5.625% Senior Notes due 2024 (1) |
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2 |
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349,506 |
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347,519 |
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349,372 |
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347,375 |
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5.875% Senior Notes due 2027 (1) |
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2 |
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496,736 |
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490,515 |
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496,541 |
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480,060 |
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6.625% Senior Notes due 2027 (1) |
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2 |
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28,308 |
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25,920 |
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28,380 |
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26,123 |
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5.75% Senior Notes due 2028 (1) |
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2 |
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446,975 |
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442,652 |
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446,817 |
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421,358 |
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5.125% Senior Notes due 2030 (1) |
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2 |
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495,352 |
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461,540 |
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495,193 |
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434,330 |
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Equity Security |
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1 |
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460 |
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460 |
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460 |
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460 |
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Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs and premiums. Debt issuance costs are not factored into the fair value calculation for the Senior Notes.
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Fair Value of Assets Measured on a Nonrecurring Basis |
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value for our inventories measured at fair value on a nonrecurring basis:
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(Dollars in thousands) |
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Level in Fair Value Hierarchy |
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As of December 31, 2022 |
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Description: |
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Real estate inventories |
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3 |
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$ |
48,360 |
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