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v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
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
|  | March 31, 2023 |  | December 31, 2022
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading investments |  | $ | — |  |  | $ | — |  |  | $ | 51,342 |  |  | $ | 51,342 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,903 |  |  | $ | 55,903 |
Available-for-sale investments |  | — |  |  | 2,311,062 |  |  | — |  |  | 2,311,062 |  |  | — |  |  | 2,342,089 |  |  | — |  |  | 2,342,089 |
Derivative instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 972 |  |  | — |  |  | 972 |
Total |  | $ | — |  |  | $ | 2,311,062 |  |  | $ | 51,342 |  |  | $ | 2,362,404 |  |  | $ | — |  |  | $ | 2,343,061 |  |  | $ | 55,903 |  |  | $ | 2,398,964 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  |  | $ | (1,815) |  |  | $ | — |  |  | $ | (1,815) |  |  | $ | — |  |  | $ | (567) |  |  | $ | — |  |  | $ | (567) |
Total |  | $ | — |  |  | $ | (1,815) |  |  | $ | — |  |  | $ | (1,815) |  |  | $ | — |  |  | $ | (567) |  |  | $ | — |  |  | $ | (567) |
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.
|  | March 31, 2023 |  | December 31, 2022
(Dollars in thousands) |  | Fair Value |  | Carrying Value |  | Difference |  | Fair Value |  | Carrying Value |  | Difference
Earning assets: |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment, net: |  |  |  |  |  |  |  |  |  |  |  |
Private Education Loans |  | $ | 23,088,030 |  |  | $ | 20,497,675 |  |  | $ | 2,590,355 |  |  | $ | 21,062,548 |  |  | $ | 19,019,713 |  |  | $ | 2,042,835 |
FFELP Loans |  | 601,203 |  |  | 589,888 |  |  | 11,315 |  |  | 618,186 |  |  | 607,155 |  |  | 11,031 |
Loans held for sale |  | 26,202 |  |  | 26,202 |  |  | — |  |  | 29,448 |  |  | 29,448 |  |  | — |
Cash and cash equivalents |  | 3,716,379 |  |  | 3,716,379 |  |  | — |  |  | 4,616,117 |  |  | 4,616,117 |  |  | — |
Trading investments |  | 51,342 |  |  | 51,342 |  |  | — |  |  | 55,903 |  |  | 55,903 |  |  | — |
Available-for-sale investments |  | 2,311,062 |  |  | 2,311,062 |  |  | — |  |  | 2,342,089 |  |  | 2,342,089 |  |  | — |
Accrued interest receivable |  | 1,393,556 |  |  | 1,331,017 |  |  | 62,539 |  |  | 1,237,074 |  |  | 1,202,059 |  |  | 35,015 |
Tax indemnification receivable |  | 2,858 |  |  | 2,858 |  |  | — |  |  | 2,816 |  |  | 2,816 |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | — |  |  | 972 |  |  | 972 |  |  | — |
Total earning assets |  | $ | 31,190,632 |  |  | $ | 28,526,423 |  |  | $ | 2,664,209 |  |  | $ | 29,965,153 |  |  | $ | 27,876,272 |  |  | $ | 2,088,881 |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Money-market and savings accounts |  | $ | 11,671,878 |  |  | $ | 11,796,120 |  |  | $ | 124,242 |  |  | $ | 11,854,849 |  |  | $ | 11,959,828 |  |  | $ | 104,979 |
Certificates of deposit |  | 9,637,370 |  |  | 10,005,546 |  |  | 368,176 |  |  | 9,175,339 |  |  | 9,486,819 |  |  | 311,480 |
Long-term borrowings |  | 5,106,299 |  |  | 5,513,976 |  |  | 407,677 |  |  | 4,813,233 |  |  | 5,235,114 |  |  | 421,881 |
Accrued interest payable |  | 91,943 |  |  | 91,943 |  |  | — |  |  | 71,586 |  |  | 71,586 |  |  | — |
Derivative instruments |  | 1,815 |  |  | 1,815 |  |  | — |  |  | 567 |  |  | 567 |  |  | — |
Total interest-bearing liabilities |  | $ | 26,509,305 |  |  | $ | 27,409,400 |  |  | $ | 900,095 |  |  | $ | 25,915,574 |  |  | $ | 26,753,914 |  |  | $ | 838,340 |
Excess of net asset fair value over carrying value |  |  |  |  |  | $ | 3,564,304 |  |  |  |  |  |  | $ | 2,927,221 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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