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Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2021

For a description of the fair value hierarchy and the Company’s fair value methodologies, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 2. Summary of Significant Accounting Policies” in the Annual Report. The Company records certain assets and liabilities at fair value as listed in the following tables.

Financial Instruments Recorded at Fair Value

The following tables present the fair value hierarchy for assets and liabilities measured at fair value at September 30, 2021 and December 31, 2020:


September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans held for sale at fair value	$	—	$	—	$	152,160	$	152,160
Retail and certificate loans held for investment at fair value	—		—		298,541		298,541
Other loans held for investment at fair value	—		—		27,229		27,229
Securities available for sale:
U.S. agency residential mortgage-backed securities	—		113,894		—		113,894
Asset-backed senior securities and subordinated securities	—		37,708		11,810		49,518
Commercial mortgage-backed securities	—		28,644		—		28,644
Other asset-backed securities	—		27,846		—		27,846
U.S. agency securities	—		27,410		—		27,410
CLUB Certificate asset-backed securities	—		—		24,176		24,176
Municipal securities	—		3,242		—		3,242
Other securities	—		200		—		200
Total securities available for sale	—		238,944		35,986		274,930
Servicing assets	—		—		63,573		63,573
Other assets	—		3,235		5,357		8,592
Total assets	$	—	$	242,179	$	582,846	$	825,025

Liabilities:
Retail notes, certificates and secured borrowings	$	—	$	—	$	298,541	$	298,541
Payable on Structured Program borrowings	—		—		89,252		89,252
Other liabilities	—		—		17,941		17,941
Total liabilities	$	—	$	—	$	405,734	$	405,734


December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans held for sale at fair value	$	—	$	—	$	121,902	$	121,902
Retail and certificate loans held for investment at fair value	—		—		636,686		636,686
Other loans held for investment at fair value	—		—		49,954		49,954
Securities available for sale:
Asset-backed senior securities and subordinated securities	—		75,372		16,515		91,887
CLUB Certificate asset-backed securities	—		—		50,139		50,139





Other securities	—		200		—		200
Total securities available for sale	—		75,572		66,654		142,226
Servicing assets	—		—		56,347		56,347
Total assets	$	—	$	75,572	$	931,543	$	1,007,115

Liabilities:
Retail notes, certificates and secured borrowings	$	—	$	—	$	636,774	$	636,774
Payable on Structured Program borrowings	—		—		152,808		152,808
Other liabilities	—		—		12,270		12,270
Total liabilities	$	—	$	—	$	801,852	$	801,852

Changes in the fair value of financial liabilities presented in the tables above, caused by a change in the Company’s risk are reported in other comprehensive income (OCI). For the third quarters and first nine months of 2021 and 2020, the amount reported in OCI is zero because these financial liabilities are either payable only upon receipt of cash flows from underlying loans or secured by cash collateral.

Financial instruments are categorized in the valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. Since the financial instruments listed in the tables above do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, changes in fair value for assets and liabilities within the Level 2 or Level 3 categories may include changes in fair value that were attributable to observable and unobservable inputs, respectively. The Company primarily uses a discounted cash flow model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that are inherently judgmental and reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. Due to changes in the availability of market observable inputs, the Company transferred $517 thousand of asset-backed securities related to Structured Program transactions out of Level 3 during the first nine months of 2020. The Company did not transfer any other assets or liabilities in or out of Level 3 during the third quarters and first nine months of 2021.

Fair valuation adjustments are recorded through earnings related to Level 3 instruments for the third quarters and first nine months of 2021 and 2020. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques, a change in one input in a certain direction may be offset by an opposite change from another input.

Loans Held for Sale at Fair Value

Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 loans held for sale at fair value at September 30, 2021 and December 31, 2020:


	Loans Held for Sale at Fair Value
	September 30, 2021						December 31, 2020
	Minimum		Maximum		Weighted- Average		Minimum		Maximum		Weighted- Average
Discount rates	5.2	%	11.6	%	9.1	%	7.6	%	16.0	%	8.5	%
Net cumulative expected loss rates (1)	2.5	%	25.6	%	9.8	%	5.0	%	28.0	%	8.2	%
Cumulative expected prepayment rates (1)	30.6	%	44.8	%	36.0	%	27.2	%	41.2	%	30.4	%

(1) Expressed as a percentage of the original principal balance of the loan.

Significant Recurring Level 3 Fair Value Input Sensitivity

The sensitivity of loans held for sale at fair value to adverse changes in key assumptions as of September 30, 2021 and December 31, 2020, are as follows:


	September 30, 2021		December 31, 2020
Loans held for sale at fair value	$	152,160	$	121,902
Expected weighted-average life (in years)	1.2		1.1
Discount rates
100 basis point increase	$	(1,572)	$	(1,151)
200 basis point increase	$	(3,119)	$	(2,282)
Expected credit loss rates on underlying loans
10% adverse change	$	(675)	$	(1,099)
20% adverse change	$	(1,371)	$	(2,220)
Expected prepayment rates
10% adverse change	$	(1,568)	$	(273)
20% adverse change	$	(3,242)	$	(556)

Fair Value Reconciliation

The following tables present additional information about Level 3 loans held for sale at fair value on a recurring basis for the third quarters and first nine months of 2021 and 2020:


	Loans Held for Sale at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at June 30, 2021		$	186,988	$	(6,927)	$	180,061
Originations and purchases		2,339,869		—		2,339,869


Sales		(2,342,158)		(85)		(2,342,243)
Principal payments and retirements		(27,211)		—		(27,211)
Charge-offs, net of recoveries		(1,138)		(209)		(1,347)
Change in fair value recorded in earnings		—		3,031		3,031
Balance at September 30, 2021		$	156,350	$	(4,190)	$	152,160




	Loans Held for Sale at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at June 30, 2020		$	668,262	$	(81,169)	$	587,093
Purchases		27,756		(6)		27,750

Transfers from loans held for investment and/or loans held for sale (1)		479		—		479
Sales		(442,744)		51,220		(391,524)
Principal payments and retirements		(44,439)		—		(44,439)
Charge-offs, net of recoveries		(6,565)		6,148		(417)
Change in fair value recorded in earnings		—		1,859		1,859
Balance at September 30, 2020		$	202,749	$	(21,948)	$	180,801


	Loans Held for Sale at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at December 31, 2020		$	132,600	$	(10,698)	$	121,902
Originations and purchases		5,320,264		(1,629)		5,318,635
Transfers from loans and leases held for investment at amortized cost (1)		1,181		—		1,181
Sales		(5,211,984)		10,568		(5,201,416)
Principal payments and retirements		(78,946)		—		(78,946)
Charge-offs, net of recoveries		(6,765)		3,711		(3,054)
Change in fair value recorded in earnings		—		(6,142)		(6,142)
Balance at September 30, 2021		$	156,350	$	(4,190)	$	152,160




	Loans Held for Sale at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at December 31, 2019		$	747,394	$	(25,039)	$	722,355
Purchases		1,430,213		(6)		1,430,207
Transfers to loans held for investment and/or loans held for sale (1)		(42,680)		—		(42,680)
Sales		(1,726,678)		82,076		(1,644,602)
Principal payments and retirements		(186,130)		—		(186,130)
Charge-offs, net of recoveries		(19,370)		17,945		(1,425)
Change in fair value recorded in earnings		—		(96,924)		(96,924)
Balance at September 30, 2020		$	202,749	$	(21,948)	$	180,801

(1) Represents non-cash activity.

Retail and Certificate Loans Held for Investment at Fair Value and Retail Notes, Certificates and Secured Borrowings

Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for retail and certificate loans held for investment at fair value and the related retail notes, certificates and secured borrowings at September 30, 2021 and December 31, 2020:


	Retail and Certificate Loans Held for Investment at Fair Value, and Retail Notes, Certificates and Secured Borrowings
	September 30, 2021						December 31, 2020
	Minimum		Maximum		Weighted- Average		Minimum		Maximum		Weighted- Average
Discount rates	7.9	%	15.8	%	10.0	%	7.6	%	15.0	%	9.4	%
Net cumulative expected loss rates (1)	3.0	%	18.7	%	8.7	%	4.3	%	28.1	%	11.2	%
Cumulative expected prepayment rates (1)	32.0	%	41.0	%	37.5	%	27.3	%	35.7	%	30.4	%

(1) Expressed as a percentage of the original principal balance of the loan, note, certificate or secured borrowing.

Significant Recurring Level 3 Fair Value Input Sensitivity

At September 30, 2021 and December 31, 2020, the discounted cash flow methodology used to estimate the retail note, certificate and secured borrowings’ fair values used the same projected net cash flows as their related retail loans. As demonstrated by the following tables, the fair value adjustments for retail and certificate loans held for investment were largely offset by the corresponding fair value adjustments due to the payment dependent design of the retail notes, certificates and secured borrowings.

Fair Value Reconciliation

The following tables present additional information about Level 3 retail and certificate loans held for investment at fair value and retail notes, certificates and secured borrowings measured at fair value on a recurring basis for the third quarters and first nine months of 2021 and 2020:


	Retail and Certificate Loans Held for Investment at Fair Value						Retail Notes, Certificates and Secured Borrowings
	Outstanding Principal Balance		Valuation Adjustment		Fair Value			Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at June 30, 2021	$	413,935	$	(22,573)	$	391,362		$	413,935	$	(22,551)	$	391,384




Principal payments and retirements	(94,152)		—		(94,152)			(94,152)		—		(94,152)
Charge-offs, net of recoveries	(5,775)		(3,293)		(9,068)			(5,775)		(3,315)		(9,090)
Change in fair value recorded in earnings	—		10,399		10,399			—		10,399		10,399
Balance at September 30, 2021	$	314,008	$	(15,467)	$	298,541		$	314,008	$	(15,467)	$	298,541

















	Retail and Certificate Loans Held for Investment at Fair Value						Retail Notes, Certificates and Secured Borrowings
	Outstanding Principal Balance		Valuation Adjustment		Fair Value		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at June 30, 2020	$	851,476	$	(66,248)	$	785,228	$	851,476	$	(65,548)	$	785,928
Purchases	77,389		—		77,389		—		—		—
Transfers to retail and certificate loans held for investment and/or loans held for sale (1)	(324)		—		(324)		—		—		—
Issuances	—		—		—		77,389		—		77,389
Principal payments and retirements	(159,753)		—		(159,753)		(160,077)		—		(160,077)
Charge-offs, net of recoveries	(12,218)		2,049		(10,169)		(12,218)		1,358		(10,860)
Change in fair value recorded in earnings	—		15,903		15,903		—		16,217		16,217
Balance at September 30, 2020	$	756,570	$	(48,296)	$	708,274	$	756,570	$	(47,973)	$	708,597


	Retail and Certificate Loans Held for Investment at Fair Value						Retail Notes, Certificates and Secured Borrowings
	Outstanding Principal Balance		Valuation Adjustment		Fair Value			Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at December 31, 2020	$	679,903	$	(43,217)	$	636,686		$	679,903	$	(43,129)	$	636,774
Principal payments and retirements	(339,911)		—		(339,911)			(339,911)		—		(339,911)
Charge-offs, net of recoveries	(25,984)		3,890		(22,094)			(25,984)		3,735		(22,249)
Change in fair value recorded in earnings	—		23,860		23,860			—		23,927		23,927
Balance at September 30, 2021	$	314,008	$	(15,467)	$	298,541		$	314,008	$	(15,467)	$	298,541

















	Retail and Certificate Loans Held for Investment at Fair Value						Retail Notes, Certificates and Secured Borrowings
	Outstanding Principal Balance		Valuation Adjustment		Fair Value		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at December 31, 2019	$	1,148,888	$	(69,573)	$	1,079,315	$	1,148,888	$	(67,422)	$	1,081,466
Purchases	237,283		—		237,283		—		—		—
Transfers to retail and certificate loans held for investment and/or loans held for sale (1)	(17,903)		—		(17,903)		—		—		—
Issuances	—		—		—		237,283		—		237,283

Principal payments and retirements	(547,042)		—		(547,042)		(564,945)		—		(564,945)
Charge-offs, net of recoveries	(64,656)		33,562		(31,094)		(64,656)		31,345		(33,311)
Change in fair value recorded in earnings	—		(12,285)		(12,285)		—		(11,896)		(11,896)
Balance at September 30, 2020	$	756,570	$	(48,296)	$	708,274	$	756,570	$	(47,973)	$	708,597

(1) Represents non-cash activity.

Other Loans Held for Investment at Fair Value

Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 other loans held for investment at fair value at September 30, 2021 and December 31, 2020:


	Other Loans Held for Investment at Fair Value
	September 30, 2021						December 31, 2020
	Minimum		Maximum		Weighted- Average		Minimum		Maximum		Weighted- Average
Discount rates	7.7	%	11.0	%	9.4	%	7.5	%	16.1	%	8.8	%
Net cumulative expected loss rates (1)	2.9	%	12.3	%	7.3	%	5.0	%	26.3	%	10.3	%
Cumulative expected prepayment rates (1)	30.6	%	40.2	%	35.2	%	26.8	%	39.7	%	30.7	%

(1) Expressed as a percentage of the original principal balance of the loan.

Significant Recurring Level 3 Fair Value Input Sensitivity

The sensitivity of other loans held for investment at fair value to adverse changes in key assumptions as of September 30, 2021 and December 31, 2020, are as follows:


	September 30, 2021		December 31, 2020
Other loans held for investment at fair value	$	27,229	$	49,954
Expected weighted-average life (in years)	1.0		1.1
Discount rates
100 basis point increase	$	(229)	$	(541)
200 basis point increase	$	(453)	$	(1,073)
Expected credit loss rates on underlying loans
10% adverse change	$	(135)	$	(640)
20% adverse change	$	(275)	$	(1,295)
Expected prepayment rates
10% adverse change	$	(223)	$	(181)
20% adverse change	$	(461)	$	(368)

Fair Value Reconciliation

The following tables present additional information about Level 3 other loans held for investment at fair value on a recurring basis for the third quarters and first nine months of 2021 and 2020:


	Other Loans Held for Investment at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at June 30, 2021		$	38,137	$	(3,614)	$	34,523
Purchases		6		2		8



Principal payments and retirements		(7,654)		—		(7,654)
Charge-offs, net of recoveries		(395)		324		(71)
Change in fair value recorded in earnings		—		423		423
Balance at September 30, 2021		$	30,094	$	(2,865)	$	27,229


	Other Loans Held for Investment at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at June 30, 2020		$	75,159	$	(9,602)	$	65,557
Purchases		201		(189)		12
Transfers to other loans held for investment and/or loans held for sale (1)		(155)		—		(155)


Principal payments and retirements		(8,205)		—		(8,205)
Charge-offs, net of recoveries		(768)		245		(523)
Change in fair value recorded in earnings		—		2,413		2,413
Balance at September 30, 2020		$	66,232	$	(7,133)	$	59,099


	Other Loans Held for Investment at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at December 31, 2020		$	56,388	$	(6,434)	$	49,954
Purchases		161		(69)		92



Principal payments and retirements		(24,224)		—		(24,224)
Charge-offs, net of recoveries		(2,231)		1,653		(578)
Change in fair value recorded in earnings		—		1,985		1,985
Balance at September 30, 2021		$	30,094	$	(2,865)	$	27,229


	Other Loans Held for Investment at Fair Value
		Outstanding Principal Balance		Valuation Adjustment		Fair Value
Balance at December 31, 2019		$	47,042	$	(3,349)	$	43,693
Purchases		1,314		(1,194)		120
Transfers from other loans held for investment and/or loans held for sale (1)		43,170		—		43,170


Principal payments and retirements		(21,838)		—		(21,838)
Charge-offs, net of recoveries		(3,456)		756		(2,700)
Change in fair value recorded in earnings		—		(3,346)		(3,346)
Balance at September 30, 2020		$	66,232	$	(7,133)	$	59,099

(1) Represents non-cash activity.

Asset-Backed Securities Related to Structured Program Transactions

Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for asset-backed securities related to Structured Program transactions at September 30, 2021 and December 31, 2020:


	Asset-Backed Securities Related to Structured Program Transactions
	September 30, 2021						December 31, 2020
	Minimum		Maximum		Weighted- Average		Minimum		Maximum		Weighted- Average
Discount rates	6.0	%	38.0	%	25.0	%	2.2	%	25.1	%	8.4	%
Net cumulative expected loss rates (1)	3.3	%	19.2	%	12.0	%	5.4	%	28.9	%	18.8	%
Cumulative expected prepayment rates (1)	15.4	%	35.1	%	28.9	%	6.3	%	30.5	%	24.8	%

(1) Expressed as a percentage of the outstanding collateral balance.

Significant Recurring Fair Value Input Sensitivity

The following tables present adverse changes to the fair value sensitivity of Level 2 and Level 3 asset-backed securities related to Structured Program transactions to changes in key assumptions at September 30, 2021 and December 31, 2020:


	September 30, 2021
	Asset-Backed Securities Related to Structured Program Transactions
	Senior Securities		Subordinated Securities		CLUB Certificates
Fair value of interests held	$	37,708	$	11,810	$	24,176
Expected weighted-average life (in years)	0.7		1.3		0.8
Discount rates
100 basis point increase	$	(260)	$	(109)	$	(187)
200 basis point increase	$	(515)	$	(232)	$	(370)
Expected credit loss rates on underlying loans
10% adverse change	$	—	$	(854)	$	(587)
20% adverse change	$	—	$	(1,746)	$	(1,204)
Expected prepayment rates
10% adverse change	$	—	$	(473)	$	(323)
20% adverse change	$	—	$	(1,106)	$	(673)


	December 31, 2020
	Asset-Backed Securities Related to Structured Program Transactions
	Senior Securities		Subordinated Securities		CLUB Certificates
Fair value of interests held	$	75,372	$	16,515	$	50,139
Expected weighted-average life (in years)	0.9		1.4		0.9
Discount rates
100 basis point increase	$	(579)	$	(161)	$	(405)
200 basis point increase	$	(1,145)	$	(343)	$	(800)
Expected credit loss rates on underlying loans
10% adverse change	$	—	$	(1,831)	$	(1,528)
20% adverse change	$	—	$	(3,718)	$	(3,095)
Expected prepayment rates
10% adverse change	$	—	$	(791)	$	(659)
20% adverse change	$	—	$	(1,736)	$	(1,343)

Fair Value Reconciliation

The following table presents additional information about Level 3 asset-backed securities related to Structured Program transactions measured at fair value on a recurring basis for the third quarters and first nine months of 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Fair value at beginning of period	$	45,918	$	95,590	$	66,654	$	110,796
Additions	488		446		1,445		26,458
Redemptions	(1,525)		(426)		(3,749)		(802)
Transfers	—		(517)		—		(517)
Cash received	(12,869)		(20,297)		(42,683)		(54,371)
Change in unrealized gain	2,110		3,413		6,968		288
Accrued interest	1,369		1,823		4,064		5,649
Reversal of (impairment on) securities available for sale	495		3,669		3,287		(3,800)

Fair value at end of period	$	35,986	$	83,701	$	35,986	$	83,701

Servicing Assets

Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for servicing assets at September 30, 2021 and December 31, 2020:


	Servicing Assets
	September 30, 2021						December 31, 2020
	Minimum		Maximum		Weighted- Average		Minimum		Maximum		Weighted- Average
Discount rates	7.5	%	15.1	%	10.0	%	4.8	%	16.4	%	9.9	%
Net cumulative expected loss rates (1)	2.5	%	25.5	%	10.0	%	4.5	%	26.3	%	12.5	%
Cumulative expected prepayment rates (1)	32.3	%	45.5	%	37.1	%	27.0	%	38.9	%	31.2	%
Total market servicing rates (% per annum on outstanding principal balance) (2)	0.62	%	0.62	%	0.62	%	0.62	%	0.62	%	0.62	%

(1) Expressed as a percentage of the original principal balance of the loan.

(2) Includes collection fees estimated to be paid to a hypothetical third-party servicer.

Significant Recurring Level 3 Fair Value Input Sensitivity

The Company’s selection of the most representative market servicing rates for servicing assets is inherently judgmental. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions as of September 30, 2021 and December 31, 2020:


	Servicing Assets
	September 30, 2021			December 31, 2020
Weighted-average market servicing rate assumptions	0.62		%	0.62		%
Change in fair value from:
Servicing rate increase by 0.10%	$	(8,904)		$	(7,379)
Servicing rate decrease by 0.10%	$	8,904		$	7,379

The following table presents the fair value sensitivity of servicing assets to adverse changes in key assumptions as of September 30, 2021 and December 31, 2020:


	Servicing Assets
	September 30, 2021		December 31, 2020
Fair value of servicing assets	$	63,573	$	56,347
Discount rates
100 basis point increase	$	(523)	$	(455)
200 basis point increase	$	(1,047)	$	(911)
Expected loss rates
10% adverse change	$	(442)	$	(346)
20% adverse change	$	(884)	$	(691)
Expected prepayment rates
10% adverse change	$	(2,681)	$	(1,596)
20% adverse change	$	(5,362)	$	(3,192)

Fair Value Reconciliation

The following table presents additional information about Level 3 servicing assets measured at fair value on a recurring basis for the third quarters and first nine months of 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Fair value at beginning of period	$	58,728	$	65,515	$	56,347	$	89,680
Issuances (1)	21,071		7,783		46,274		27,119
Change in fair value, included in Marketplace revenue	(14,984)		(13,376)		(39,584)		(48,046)
Other net changes included in Deferred revenue	(1,242)		(384)		536		(9,215)
Fair value at end of period	$	63,573	$	59,538	$	63,573	$	59,538

(1) Represents the gains or losses on sales of the related loans.

Financial Instruments, Assets, and Liabilities Not Recorded at Fair Value

The following tables present the fair value hierarchy for financial instruments, assets, and liabilities not recorded at fair value at September 30, 2021 and December 31, 2020:


September 30, 2021	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans and leases held for investment, net	$	2,603,256	$	—	$	—	$	2,741,859	$	2,741,859


Other assets	2,717		—		12,246		2,717		14,963
Total assets	$	2,605,973	$	—	$	12,246	$	2,744,576	$	2,756,822
Liabilities:
Deposits	$	73,065	$	—	$	—	$	73,065	$	73,065




Short-term borrowings	46,110		—		25,563		20,547		46,110
Advances from PPPLF	391,945		—		—		391,945		391,945
Other long-term debt	15,563		—		—		15,563		15,563


Other liabilities	45,457		—		20,910		24,547		45,457
Total liabilities	$	572,140	$	—	$	46,473	$	525,667	$	572,140


December 31, 2020	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Total cash and cash equivalents (1)	$	524,963	$	—	$	524,963	$	—	$	524,963
Restricted cash (1)	103,522		—		103,522		—		103,522
Other assets	914		—		914		—		914

Total assets	$	629,399	$	—	$	629,399	$	—	$	629,399
Liabilities:



Short-term borrowings	$	104,989	$	—	$	65,121	$	39,868	$	104,989
Other liabilities	57,536		—		43,984		13,552		57,536
Total liabilities	$	162,525	$	—	$	109,105	$	53,420	$	162,525

(1) Carrying amount approximates fair value due to the short maturity of these financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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