Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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
	2022								2021
As of December 31, (dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Trading investments	$	—	$	—	$	55,903	$	55,903	$	—	$	—	$	37,465	$	37,465
Available-for-sale investments	—		2,342,089		—		2,342,089		—		2,517,956		—		2,517,956
Derivative instruments	—		972		—		972		—		1,322		—		1,322
Total	$	—	$	2,343,061	$	55,903	$	2,398,964	$	—	$	2,519,278	$	37,465	$	2,556,743
Liabilities:
Derivative instruments	$	—	$	(567)	$	—	$	(567)	$	—	$	(252)	$	—	$	(252)
Total	$	—	$	(567)	$	—	$	(567)	$	—	$	(252)	$	—	$	(252)

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.

As of December 31, (dollars in thousands)	2022						2021
	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	21,062,548	$	19,019,713	$	2,042,835	$	22,919,836	$	19,625,374	$	3,294,462
FFELP Loans	618,186		607,155		11,031		705,644		692,954		12,690
Credit Cards	—		—		—		25,037		22,955		2,082
Loans held for sale	29,448		29,448		—		—		—		—
Cash and cash equivalents	4,616,117		4,616,117		—		4,334,603		4,334,603		—
Trading investments	55,903		55,903		—		37,465		37,465		—
Available-for-sale investments	2,342,089		2,342,089		—		2,517,956		2,517,956		—
Accrued interest receivable	1,237,074		1,202,059		35,015		1,306,410		1,205,667		100,743
Tax indemnification receivable	2,816		2,816		—		8,047		8,047		—
Derivative instruments	972		972		—		1,322		1,322		—
Total earning assets	$	29,965,153	$	27,876,272	$	2,088,881	$	31,856,320	$	28,446,343	$	3,409,977
Interest-bearing liabilities:
Money-market and savings accounts	$	11,854,849	$	11,959,828	$	104,979	$	11,457,490	$	11,432,691	$	(24,799)
Certificates of deposit	9,175,339		9,486,819		311,480		9,451,528		9,394,001		(57,527)
Short-term borrowings	—		—		—		—		—		—
Long-term borrowings	4,813,233		5,235,114		421,881		6,000,174		5,930,990		(69,184)
Accrued interest payable	71,586		71,586		—		46,600		46,600		—
Derivative instruments	567		567		—		252		252		—
Total interest-bearing liabilities	$	25,915,574	$	26,753,914	$	838,340	$	26,956,044	$	26,804,534	$	(151,510)
Excess of net asset fair value over carrying value					$	2,927,221					$	3,258,467