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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2017
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
 
 
September 30, 2017
 
December 31, 2016
 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments
 
$

 
$
232,549

 
$

 
$
232,549

 
$

 
$
208,603

 
$

 
$
208,603

Derivative instruments
 

 
636

 

 
636

 

 
7,808

 

 
7,808

Total
 
$

 
$
233,185

 
$

 
$
233,185

 
$

 
$
216,411

 
$

 
$
216,411

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
 
$

 
$
(8,636
)
 
$

 
$
(8,636
)
 
$

 
$
(25,937
)
 
$

 
$
(25,937
)
Total
 
$

 
$
(8,636
)
 
$

 
$
(8,636
)
 
$

 
$
(25,937
)
 
$

 
$
(25,937
)
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.

 
 
September 30, 2017
 
December 31, 2016
 
 
Fair
Value
 
Carrying
Value
 
Difference
 
Fair
Value
 
Carrying
Value
 
Difference
Earning assets
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for investment, net
 
$
20,013,518

 
$
18,040,465

 
$
1,973,053

 
$
16,520,786

 
$
15,137,922

 
$
1,382,864

Cash and cash equivalents
 
1,247,764

 
1,247,764

 

 
1,918,793

 
1,918,793

 

Available-for-sale investments
 
232,549

 
232,549

 

 
208,603

 
208,603

 

Accrued interest receivable
 
1,019,735

 
1,019,735

 

 
766,106

 
766,106

 

Tax indemnification receivable
 
214,496

 
214,496

 

 
259,532

 
259,532

 

Derivative instruments
 
636

 
636

 

 
7,808

 
7,808

 

Total earning assets
 
$
22,728,698

 
$
20,755,645

 
$
1,973,053

 
$
19,681,628

 
$
18,298,764

 
$
1,382,864

Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Money-market and savings accounts
 
$
8,480,477

 
$
8,480,477

 
$

 
$
7,963,925

 
$
7,963,925

 
$

Certificates of deposit
 
6,569,956

 
6,553,047

 
(16,909
)
 
5,510,504

 
5,471,065

 
(39,439
)
Short-term borrowings
 
300,000

 
300,000

 

 

 

 

Long-term borrowings
 
2,764,427

 
2,738,662

 
(25,765
)
 
2,160,105

 
2,167,979

 
7,874

Accrued interest payable
 
36,299

 
36,299

 

 
21,058

 
21,058

 

Derivative instruments
 
8,636

 
8,636

 

 
25,937

 
25,937

 

Total interest-bearing liabilities
 
$
18,159,795

 
$
18,117,121

 
$
(42,674
)
 
$
15,681,529

 
$
15,649,964

 
$
(31,565
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Excess of net asset fair value over carrying value
 
 
 
 
 
$
1,930,379

 
 
 
 
 
$
1,351,299