Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We use estimates of fair value in applying various accounting standards for our financial statements.

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2015 Form 10-K.

During the three and six months ended June 30, 2016, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments.

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
	June 30, 2016										December 31, 2015
	Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3		Total
Assets
Mortgage-backed securities	$	—	$	206,785		$	—	$	206,785		$	—	$	195,391		$	—	$	195,391
Derivative instruments	—		65,116			—		65,116			—		15,314			—		15,314
Total	$	—	$	271,901		$	—	$	271,901		$	—	$	210,705		$	—	$	210,705
Liabilities
Derivative instruments	$	—	$	(60,892	)	$	—	$	(60,892	)	$	—	$	(30,497	)	$	—	$	(30,497	)
Total	$	—	$	(60,892	)	$	—	$	(60,892	)	$	—	$	(30,497	)	$	—	$	(30,497	)

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

	June 30, 2016							December 31, 2015
	Fair Value		Carrying Value		Difference			Fair Value		Carrying Value		Difference
Earning assets
Loans held for investment, net	$	14,286,053	$	13,245,426	$	1,040,627		$	12,343,726	$	11,630,591	$	713,135
Cash and cash equivalents	1,042,915		1,042,915		—			2,416,219		2,416,219		—
Available-for-sale investments	206,785		206,785		—			195,391		195,391		—
Accrued interest receivable	719,875		719,875		—			564,496		564,496		—
Tax indemnification receivable	160,325		160,325		—			186,076		186,076		—
Derivative instruments	65,116		65,116		—			15,314		15,314		—
Total earning assets	$	16,481,069	$	15,440,442	$	1,040,627		$	15,721,222	$	15,008,087	$	713,135
Interest-bearing liabilities
Money-market and savings accounts	$	5,883,818	$	5,883,818	$	—		$	5,556,254	$	5,556,254	$	—
Certificates of deposit	6,034,513		6,015,105		(19,408		)	5,928,450		5,931,453		3,003
Short-term borrowings	—		—		—			500,175		500,175		—
Long-term borrowings	1,053,086		1,038,029		(15,057		)	567,468		579,101		11,633
Accrued interest payable	19,309		19,309		—			16,385		16,385		—
Derivative instruments	60,892		60,892		—			30,497		30,497		—
Total interest-bearing liabilities	$	13,051,618	$	13,017,153	$	(34,465	)	$	12,599,229	$	12,613,865	$	14,636
Excess of net asset fair value over carrying value					$	1,006,162						$	727,771

Please refer to Note 15, “Fair Value Measurements” in our 2015 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.