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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
						June 30, 2023																								December 31, 2022
(Dollars in thousands)						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Trading investments						$	—					$	—					$	52,146					$	52,146					$	—					$	—					$	55,903					$	55,903
Available-for-sale investments						—						2,372,846						—						2,372,846						—						2,342,089						—						2,342,089
Derivative instruments						—						212						—						212						—						972						—						972
Total						$	—					$	2,373,058					$	52,146					$	2,425,204					$	—					$	2,343,061					$	55,903					$	2,398,964
Liabilities:
Derivative instruments						$	—					$	(422)					$	—					$	(422)					$	—					$	(567)					$	—					$	(567)
Total						$	—					$	(422)					$	—					$	(422)					$	—					$	(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.

						June 30, 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						$	20,941,860					$	18,648,904					$	2,292,956					$	21,062,548					$	19,019,713					$	2,042,835
FFELP Loans						579,333						570,614						8,719						618,186						607,155						11,031
Loans held for sale						—						—						—						29,448						29,448						—
Cash and cash equivalents						3,875,758						3,875,758						—						4,616,117						4,616,117						—
Trading investments						52,146						52,146						—						55,903						55,903						—
Available-for-sale investments						2,372,846						2,372,846						—						2,342,089						2,342,089						—
Accrued interest receivable						1,357,360						1,300,136						57,224						1,237,074						1,202,059						35,015
Tax indemnification receivable						2,902						2,902						—						2,816						2,816						—
Derivative instruments						212						212						—						972						972						—
Total earning assets						$	29,182,417					$	26,823,518					$	2,358,899					$	29,965,153					$	27,876,272					$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts						$	11,063,242					$	11,169,500					$	106,258					$	11,854,849					$	11,959,828					$	104,979
Certificates of deposit						8,879,002						9,189,461						310,459						9,175,339						9,486,819						311,480
Long-term borrowings						4,836,019						5,213,698						377,679						4,813,233						5,235,114						421,881
Accrued interest payable						82,019						82,019						—						71,586						71,586						—
Derivative instruments						422						422						—						567						567						—
Total interest-bearing liabilities						$	24,860,704					$	25,655,100					$	794,396					$	25,915,574					$	26,753,914					$	838,340
Excess of net asset fair value over carrying value																		$	3,153,295																	$	2,927,221

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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