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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 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
 
 
December 31, 2019
 
December 31, 2018
 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments
 
$

 
$
487,669

 
$

 
$
487,669

 
$

 
$
176,245

 
$

 
$
176,245

Derivative instruments
 

 
715

 

 
715

 

 
2,090

 

 
2,090

Total
 
$

 
$
488,384

 
$

 
$
488,384

 
$

 
$
178,335

 
$

 
$
178,335

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments
 
$

 
$
(1,164
)
 
$

 
$
(1,164
)
 
$

 
$
(2,032
)
 
$

 
$
(2,032
)
Total
 
$

 
$
(1,164
)
 
$

 
$
(1,164
)
 
$

 
$
(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.

 
 
December 31, 2019
 
December 31, 2018
 
 
Fair
Value
 
Carrying
Value
 
Difference
 
Fair
Value
 
Carrying
Value
 
Difference
Earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for investment, net:
 
 
 
 
 
 
 
 
 
 
 
 
   Private Education Loans
 
$
24,988,941

 
$
22,896,515

 
$
2,092,426

 
$
22,313,419

 
$
20,294,843

 
$
2,018,576

   FFELP Loans
 
795,055

 
783,816

 
11,239

 
859,185

 
847,889

 
11,296

   Personal Loans
 
1,047,119

 
983,643

 
63,476

 
1,156,531

 
1,128,187

 
28,344

Credit Cards
 
3,818

 
3,818

 

 

 

 

Cash and cash equivalents
 
5,563,877

 
5,563,877

 

 
2,559,106

 
2,559,106

 

Available-for-sale investments
 
487,669

 
487,669

 

 
176,245

 
176,245

 

Accrued interest receivable
 
1,491,471

 
1,392,725

 
98,746

 
1,285,842

 
1,191,981

 
93,861

Tax indemnification receivable
 
27,558

 
27,558

 

 
39,207

 
39,207

 

Derivative instruments
 
715

 
715

 

 
2,090

 
2,090

 

Total earning assets
 
$
34,406,223

 
$
32,140,336

 
$
2,265,887

 
$
28,391,625

 
$
26,239,548

 
$
2,152,077

Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Money-market and savings accounts
 
$
10,363,691

 
$
10,335,163

 
$
(28,528
)
 
$
9,370,957

 
$
9,390,108

 
$
19,151

Certificates of deposit
 
14,065,007

 
13,947,743

 
(117,264
)
 
9,513,194

 
9,551,974

 
38,780

Short-term borrowings
 
289,230

 
289,230

 

 

 

 

Long-term borrowings
 
4,434,323

 
4,354,037

 
(80,286
)
 
4,278,931

 
4,284,304

 
5,373

Accrued interest payable
 
75,158

 
75,158

 

 
61,341

 
61,341

 

Derivative instruments
 
1,164

 
1,164

 

 
2,032

 
2,032

 

Total interest-bearing liabilities
 
$
29,228,573

 
$
29,002,495

 
$
(226,078
)
 
$
23,226,455

 
$
23,289,759

 
$
63,304

 
 
 
 
 
 
 
 
 
 
 
 
 
Excess of net asset fair value over carrying value
 
 
 
 
 
$
2,039,809

 
 
 
 
 
$
2,215,381