v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024December 31, 2023
(Dollars in thousands)Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 
Assets:
Trading investments$— $— $58,166 $58,166 $— $— $54,481 $54,481 
Available-for-sale investments— 2,271,108 — 2,271,108 — 2,411,622 — 2,411,622 
Derivative instruments— 208 — 208 — — — — 
Total$— $2,271,316 $58,166 $2,329,482 $— $2,411,622 $54,481 $2,466,103 
Liabilities:
Derivative instruments$— $(116)$— $(116)$— $(370)$— $(370)
Total$— $(116)$— $(116)$— $(370)$— $(370)
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, 2024December 31, 2023
(Dollars in thousands)Fair
Value		Carrying
Value		DifferenceFair
Value		Carrying
Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans$22,342,438 $19,687,783 $2,654,655 $22,229,045 $19,772,293 $2,456,752 
FFELP Loans521,527 513,006 8,521 542,775 534,064 8,711 
Cash and cash equivalents3,584,013 3,584,013 — 4,149,838 4,149,838 — 
Trading investments58,166 58,166 — 54,481 54,481 — 
Available-for-sale investments2,271,108 2,271,108 — 2,411,622 2,411,622 — 
Accrued interest receivable1,467,249 1,386,487 80,762 1,448,766 1,379,904 68,862 
Tax indemnification receivable— — — — — — 
Derivative instruments208 208 — — — — 
Total earning assets$30,244,709 $27,500,771 $2,743,938 $30,836,527 $28,302,202 $2,534,325 
Interest-bearing liabilities:
Money-market and savings accounts$10,268,578 $10,417,629 $149,051 $11,134,883 $11,203,292 $68,409 
Certificates of deposit10,431,342 10,483,580 52,238 10,380,684 10,448,365 67,681 
Long-term borrowings4,703,196 4,976,882 273,686 4,873,690 5,227,512 353,822 
Accrued interest payable89,328 89,328 — 105,066 105,066 — 
Derivative instruments116 116 — 370 370 — 
Total interest-bearing liabilities$25,492,560 $25,967,535 $474,975 $26,494,693 $26,984,605 $489,912 
Excess of net asset fair value over carrying value$3,218,913 $3,024,237