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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Valuation of Financial Instruments that are Marked-To-Market on Recurring Basis
The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.


 
Fair Value Measurements on a Recurring Basis
 
March 31, 2015
 
December 31, 2014
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
—

 
$
170,831

 
$
—

 
$
170,831

 
$
—

 
$
168,934

 
$
—

 
$
168,934

Derivative instruments
—

 
25,410

 
—

 
25,410

 
—

 
5,238

 
—

 
5,238

Total
$
—

 
$
196,241

 
$
—

 
$
196,241

 
$
—

 
$
174,172

 
$
—

 
$
174,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
—

 
(38,063
)
 
—

 
(38,063
)
 
$
—

 
$
(28,688
)
 
$
—

 
$
(28,688
)
Total
$
—

 
$
(38,063
)
 
$
—

 
$
(38,063
)
 
$
—

 
$
(28,688
)
 
$
—

 
$
(28,688
)


Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.

 
 
March 31, 2015
 
December 31, 2014
 
 
Fair
Value
 
Carrying
Value
 
Difference
 
Fair
Value
 
Carrying
Value
 
Difference
Earning assets
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for investment, net
 
$
11,878,508

 
$
10,909,014

 
$
969,494

 
$
10,228,399

 
$
9,509,786

 
$
718,613

Cash and cash equivalents
 
875,622

 
875,622

 
—

 
2,359,780

 
2,359,780

 
—

Available for sale investments
 
170,831

 
170,831

 
—

 
168,934

 
168,934

 
—

Accrued interest receivable
 
541,355

 
541,355

 
—

 
469,697

 
469,697

 
—

Tax indemnification receivable
 
227,157

 
227,157

 
—

 
240,311

 
240,311

 
—

Derivative instruments
 
25,410

 
25,410

 
—

 
5,238

 
5,238

 
—

Total earning assets
 
$
13,718,883

 
$
12,749,389

 
$
969,494

 
$
13,472,359

 
$
12,753,746

 
$
718,613

Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Money-market, savings and NOW accounts
 
$
5,209,320

 
$
5,209,320

 
$
—

 
$
5,231,736

 
$
5,231,736

 
$
—

Certificates of deposit
 
5,274,481

 
5,258,433

 
(16,048
)
 
5,313,645

 
5,308,818

 
(4,827
)
Accrued interest payable
 
22,624

 
22,624

 
—

 
16,082

 
16,082

 
—

Derivative instruments
 
38,063

 
38,063

 
—

 
28,688

 
28,688

 
—

Total interest-bearing liabilities
 
$
10,544,488

 
$
10,528,440

 
$
(16,048
)
 
$
10,590,151

 
$
10,585,324

 
$
(4,827
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Excess of net asset fair value over carrying value
 
 
 
 
 
$
953,446

 
 
 
 
 
$
713,786