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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 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
 
December 31, 2017
 
December 31, 2016
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments
$
—

 
$
244,088

 
$
—

 
$
244,088

 
$
—

 
$
208,603

 
$
—

 
$
208,603

Derivative instruments
—

 
812

 
—

 
812

 
—

 
7,808

 
—

 
7,808

Total
$
—

 
$
244,900

 
$
—

 
$
244,900

 
$
—

 
$
216,411

 
$
—

 
$
216,411

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
$
—

 
$
(2,584
)
 
$
—

 
$
(2,584
)
 
$
—

 
$
(25,937
)
 
$
—

 
$
(25,937
)
Total
$
—

 
$
(2,584
)
 
$
—

 
$
(2,584
)
 
$
—

 
$
(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.

 
 
December 31, 2017
 
December 31, 2016
 
 
Fair
Value
 
Carrying
Value
 
Difference
 
Fair
Value
 
Carrying
Value
 
Difference
Earning assets
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for investment, net
 
$
20,673,136

 
$
18,567,641

 
$
2,105,495

 
$
16,520,786

 
$
15,137,922

 
$
1,382,864

Cash and cash equivalents
 
1,534,339

 
1,534,339

 
—

 
1,918,793

 
1,918,793

 
—

Available-for-sale investments
 
244,088

 
244,088

 
—

 
208,603

 
208,603

 
—

Accrued interest receivable
 
967,482

 
967,482

 
—

 
766,106

 
766,106

 
—

Tax indemnification receivable
 
168,011

 
168,011

 
—

 
259,532

 
259,532

 
—

Derivative instruments
 
812

 
812

 
—

 
7,808

 
7,808

 
—

Total earning assets
 
$
23,587,868

 
$
21,482,373

 
$
2,105,495

 
$
19,681,628

 
$
18,298,764

 
$
1,382,864

Interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Money-market and savings accounts
 
$
8,470,209

 
$
8,470,209

 
$
—

 
$
7,963,925

 
$
7,963,925

 
$
—

Certificates of deposit
 
7,044,208

 
7,034,121

 
(10,087
)
 
5,510,504

 
5,471,065

 
(39,439
)
Short-term borrowings
 
—

 
—

 
—

 
—

 
—

 
—

Long-term borrowings
 
3,299,871

 
3,275,270

 
(24,601
)
 
2,160,105

 
2,167,979

 
7,874

Accrued interest payable
 
35,363

 
35,363

 
—

 
21,058

 
21,058

 
—

Derivative instruments
 
2,584

 
2,584

 
—

 
25,937

 
25,937

 
—

Total interest-bearing liabilities
 
$
18,852,235

 
$
18,817,547

 
$
(34,688
)
 
$
15,681,529

 
$
15,649,964

 
$
(31,565
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Excess of net asset fair value over carrying value
 
 
 
 
 
$
2,070,807

 
 
 
 
 
$
1,351,299