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Fair Value Measurements (Tables)
12 Months Ended
Dec. 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
 
December 31, 2015
 
December 31, 2014
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
—

 
$
195,391

 
$
—

 
$
195,391

 
$
—

 
$
168,934

 
$
—

 
$
168,934

Derivative instruments
—

 
15,314

 
—

 
15,314

 
—

 
5,238

 
—

 
5,238

Total
$
—

 
$
210,705

 
$
—

 
$
210,705

 
$
—

 
$
174,172

 
$
—

 
$
174,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
$
—

 
$
(30,497
)
 
$
—

 
$
(30,497
)
 
$
—

 
$
(28,688
)
 
$
—

 
$
(28,688
)
Total
$
—

 
$
(30,497
)
 
$
—

 
$
(30,497
)
 
$
—

 
$
(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.

 
 
December 31, 2015
 
December 31, 2014
 
 
Fair
Value
 
Carrying
Value
 
Difference
 
Fair
Value
 
Carrying
Value
 
Difference
Earning assets
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for investment, net
 
$
12,343,726

 
$
11,630,591

 
$
713,135

 
$
10,228,399

 
$
9,509,786

 
$
718,613

Cash and cash equivalents
 
2,416,219

 
2,416,219

 
—

 
2,359,780

 
2,359,780

 
—

Available for sale investments
 
195,391

 
195,391

 
—

 
168,934

 
168,934

 
—

Accrued interest receivable
 
564,496

 
564,496

 
—

 
469,697

 
469,697

 
—

Tax indemnification receivable
 
186,076

 
186,076

 
—

 
240,311

 
240,311

 
—

Derivative instruments
 
15,314

 
15,314

 
—

 
5,238

 
5,238

 
—

Total earning assets
 
$
15,721,222

 
$
15,008,087

 
$
713,135

 
$
13,472,359

 
$
12,753,746

 
$
718,613

Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Money-market and savings accounts
 
$
5,556,254

 
$
5,556,254

 
$
—

 
$
5,231,736

 
$
5,231,736

 
$
—

Certificates of deposit
 
5,928,450

 
5,931,453

 
3,003

 
5,313,645

 
5,308,818

 
(4,827
)
Short-term borrowings
 
500,175

 
500,175

 
—

 
—

 
—

 
—

Long-term borrowings
 
567,468

 
579,101

 
11,633

 
—

 
—

 
—

Accrued interest payable
 
16,385

 
16,385

 
—

 
16,082

 
16,082

 
—

Derivative instruments
 
30,497

 
30,497

 
—

 
28,688

 
28,688

 
—

Total interest-bearing liabilities
 
$
12,599,229

 
$
12,613,865

 
14,636

 
$
10,590,151

 
$
10,585,324

 
$
(4,827
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Excess of net asset fair value over carrying value
 
 
 
 
 
$
727,771

 
 
 
 
 
$
713,786