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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
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
 
 
June 30, 2019
 
December 31, 2018
 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments
 
$
—

 
$
331,541

 
$
—

 
$
331,541

 
$
—

 
$
176,245

 
$
—

 
$
176,245

Derivative instruments
 
—

 
772

 
—

 
772

 
—

 
2,090

 
—

 
2,090

Total
 
$
—

 
$
332,313

 
$
—

 
$
332,313

 
$
—

 
$
178,335

 
$
—

 
$
178,335

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
 
$
—

 
$
(359
)
 
$
—

 
$
(359
)
 
$
—

 
$
(2,032
)
 
$
—

 
$
(2,032
)
Total
 
$
—

 
$
(359
)
 
$
—

 
$
(359
)
 
$
—

 
$
(2,032
)
 
$
—

 
$
(2,032
)
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.

 
 
June 30, 2019
 
December 31, 2018
 
 
Fair
Value
 
Carrying
Value
 
Difference
 
Fair
Value
 
Carrying
Value
 
Difference
Earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for investment, net:
 
 
 
 
 
 
 
 
 
 
 
 
Private Education Loans
 
$
23,609,477

 
$
21,394,781

 
$
2,214,696

 
$
22,313,419

 
$
20,294,843

 
$
2,018,576

FFELP Loans
 
824,687

 
813,028

 
11,659

 
859,185

 
847,889

 
11,296

Personal Loans
 
1,120,227

 
1,060,837

 
59,390

 
1,156,531

 
1,128,187

 
28,344

Cash and cash equivalents
 
3,998,514

 
3,998,514

 
—

 
2,559,106

 
2,559,106

 
—

Available-for-sale investments
 
331,541

 
331,541

 
—

 
176,245

 
176,245

 
—

Accrued interest receivable
 
1,516,824

 
1,401,618

 
115,206

 
1,285,842

 
1,191,981

 
93,861

Tax indemnification receivable
 
38,925

 
38,925

 
—

 
39,207

 
39,207

 
—

Derivative instruments
 
772

 
772

 
—

 
2,090

 
2,090

 
—

Total earning assets
 
$
31,440,967

 
$
29,040,016

 
$
2,400,951

 
$
28,391,625

 
$
26,239,548

 
$
2,152,077

Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Money-market and savings accounts
 
$
9,803,941

 
$
9,784,025

 
$
(19,916
)
 
$
9,370,957

 
$
9,390,108

 
$
19,151

Certificates of deposit
 
11,479,318

 
11,391,997

 
(87,321
)
 
9,513,194

 
9,551,974

 
38,780

Long-term borrowings
 
4,924,239

 
4,862,763

 
(61,476
)
 
4,278,931

 
4,284,304

 
5,373

Accrued interest payable
 
68,379

 
68,379

 
—

 
61,341

 
61,341

 
—

Derivative instruments
 
359

 
359

 
—

 
2,032

 
2,032

 
—

Total interest-bearing liabilities
 
$
26,276,236

 
$
26,107,523

 
$
(168,713
)
 
$
23,226,455

 
$
23,289,759

 
$
63,304

 
 
 
 
 
 
 
 
 
 
 
 
 
Excess of net asset fair value over carrying value
 
 
 
 
 
$
2,232,238

 
 
 
 
 
$
2,215,381