2020 Q2 Form 10-Q Financial Statement

#000125860220000069 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $151.9M $246.8M
YoY Change -38.46% 7.68%
Cost Of Revenue $21.12M $20.97M
YoY Change 0.7% 38.14%
Gross Profit $130.8M $225.8M
YoY Change -42.09% 5.52%
Gross Profit Margin 86.1% 91.5%
Selling, General & Admin $119.2M $114.6M
YoY Change 4.01% 3.15%
% of Gross Profit 91.16% 50.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00M $16.20M
YoY Change 35.8% 18.25%
% of Gross Profit 16.82% 7.17%
Operating Expenses $185.7M $181.1M
YoY Change 2.53% 2.77%
Operating Profit -$54.93M $44.70M
YoY Change -222.88% 18.31%
Interest Expense $85.25M $187.0M
YoY Change -54.4% 9.05%
% of Operating Profit 418.25%
Other Income/Expense, Net $37.05M $45.42M
YoY Change -18.42% 4.14%
Pretax Income $107.9M $30.89M
YoY Change 249.25% -51.01%
Income Tax $21.26M $6.209M
% Of Pretax Income 19.71% 20.1%
Net Earnings $86.48M $24.62M
YoY Change 251.28% -50.2%
Net Earnings / Revenue 56.94% 9.98%
Basic Earnings Per Share $2.21
Diluted Earnings Per Share $2.21 $622.8K
COMMON SHARES
Basic Shares Outstanding 39.20M shares
Diluted Shares Outstanding 39.20M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.7M $155.4M
YoY Change 54.29% -5.95%
Cash & Equivalents $67.54M $84.40M
Short-Term Investments $172.2M $70.98M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $74.00M $65.00M
Other Receivables $0.00 $724.0M
Total Short-Term Assets $142.0M $873.0M
YoY Change -83.73% 21.59%
LONG-TERM ASSETS
Property, Plant & Equipment $350.0M $337.4M
YoY Change 3.74% 2.87%
Goodwill $156.9M $156.9M
YoY Change 0.0% 2.02%
Intangibles $66.73M $97.48M
YoY Change -31.54% -4.89%
Long-Term Investments $450.0M $222.0M
YoY Change 102.7% -13.62%
Other Assets $854.0M $970.0M
YoY Change -11.96% 8.26%
Total Long-Term Assets $22.47B $23.35B
YoY Change -3.76% -4.67%
TOTAL ASSETS
Total Short-Term Assets $142.0M $873.0M
Total Long-Term Assets $22.47B $23.35B
Total Assets $22.61B $24.22B
YoY Change -6.64% -3.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.0M $279.0M
YoY Change -3.58% 80.0%
Accrued Expenses $33.00M $89.00M
YoY Change -62.92% 41.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $302.0M $368.0M
YoY Change -17.93% 68.81%
LONG-TERM LIABILITIES
Long-Term Debt $19.73B $21.29B
YoY Change -7.36% -5.23%
Other Long-Term Liabilities $243.0M $231.0M
YoY Change 5.19% -2.12%
Total Long-Term Liabilities $19.97B $21.53B
YoY Change -7.23% -5.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $302.0M $368.0M
Total Long-Term Liabilities $19.97B $21.53B
Total Liabilities $20.27B $21.89B
YoY Change -7.41% -4.49%
SHAREHOLDERS EQUITY
Retained Earnings $2.331B $2.317B
YoY Change 0.61% 2.02%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.337B $2.322B
YoY Change
Total Liabilities & Shareholders Equity $22.61B $24.22B
YoY Change -6.64% -3.92%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $86.48M $24.62M
YoY Change 251.28% -50.2%
Depreciation, Depletion And Amortization $22.00M $16.20M
YoY Change 35.8% 18.25%
Cash From Operating Activities $38.90M $121.9M
YoY Change -68.09% 796.32%
INVESTING ACTIVITIES
Capital Expenditures -$21.40M -$18.90M
YoY Change 13.23% -48.78%
Acquisitions
YoY Change
Other Investing Activities $633.1M $488.1M
YoY Change 29.71% -142.41%
Cash From Investing Activities $611.6M $469.2M
YoY Change 30.35% -139.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -829.5M -588.6M
YoY Change 40.93% -148.51%
NET CHANGE
Cash From Operating Activities 38.90M 121.9M
Cash From Investing Activities 611.6M 469.2M
Cash From Financing Activities -829.5M -588.6M
Net Change In Cash -179.0M 2.500M
YoY Change -7260.0% -93.59%
FREE CASH FLOW
Cash From Operating Activities $38.90M $121.9M
Capital Expenditures -$21.40M -$18.90M
Free Cash Flow $60.30M $140.8M
YoY Change -57.17% 178.81%

Facts In Submission

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us-gaap Basis Of Accounting
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Basis of Financial Reporting<div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report").</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Reclassifications</span></div><div style="text-align:justify;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Certain amounts previously reported have been reclassified to conform to the current period presentation. These reclassifications include:</span></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">Reclassifying the line item "accrued interest receivable" on the Company's consolidated balance sheet to "loans and accrued interest receivable" and "investments"; and</span></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">Reclassifying "gain on sale of loans" that was previously included in "other income" to a new line item on the Company's consolidated statements of income.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Accounting Standard Adopted in 2020</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In June 2016, the Financial Accounting Standards Board (“FASB”) issued <span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjIwNjRhMDNmYmQzNjQyYjBhYjdiMWNjMmQwNzMyMGUxL3NlYzoyMDY0YTAzZmJkMzY0MmIwYWI3YjFjYzJkMDczMjBlMV8zNC9mcmFnOjcxYzIxYTMwYWU0NzQ3YThiYmJlN2FiN2JhZThlNzkxL3RleHRyZWdpb246NzFjMjFhMzBhZTQ3NDdhOGJiYmU3YWI3YmFlOGU3OTFfNzE0NjgyNTU5MzgyMg_84f1f051-2c42-4c06-9d89-9f6559c289ee">ASU No. 2016-13, </span></span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Financial Instruments – Credit Losses</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326. </span></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:97.807%;"><tr><td style="width:1.0%;"/><td style="width:41.497%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.547%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.086%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.547%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.086%;"/><td style="width:1.0%;"/><td style="width:0.1%;"/><td style="width:0.547%;"/><td style="width:0.1%;"/><td style="width:1.0%;"/><td style="width:16.090%;"/><td style="width:1.0%;"/></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Balances at <br/>December 31, 2019</span></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjIwNjRhMDNmYmQzNjQyYjBhYjdiMWNjMmQwNzMyMGUxL3NlYzoyMDY0YTAzZmJkMzY0MmIwYWI3YjFjYzJkMDczMjBlMV8zNC9mcmFnOjcxYzIxYTMwYWU0NzQ3YThiYmJlN2FiN2JhZThlNzkxL3RhYmxlOjJjNmUyOGNkYzYxMzRmZDc4OGQwMmIxYzA4MTlmMjBhL3RhYmxlcmFuZ2U6MmM2ZTI4Y2RjNjEzNGZkNzg4ZDAyYjFjMDgxOWYyMGFfMC00LTEtMS03OTEw_7478bd4a-94ed-4f00-8a81-c66885d2c648">Impact of ASC 326 adoption</span></span></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Balances at <br/>January 1, 2020</span></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Assets</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Loans and accrued interest receivable, net of allowance</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:6pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Loans receivable</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">$</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">20,798,719 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">— </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">20,798,719 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:6pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Accrued interest receivable</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">733,497 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">— </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">733,497 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:6pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Loan discount, net</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(35,036)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">33,790 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(1,246)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:6pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Non-accretable discount</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(32,398)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">32,398 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">— </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:6pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Allowance for loan losses</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(61,914)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(91,014)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(152,928)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:12pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Loans and accrued interest receivable, net of allowance</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">21,402,868 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(24,826)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">21,378,042 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;border-top:1pt solid #000;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Liabilities</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Other liabilities (deferred taxes)</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">303,781 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(5,958)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">297,823 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr><tr><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="height:11pt;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:700;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Equity</span></td><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="3" style="background-color:#cceeff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Retained earnings</span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">2,377,627 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(18,868)</span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td><td colspan="3" style="background-color:#ffffff;text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"/><td colspan="2" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-left:1pt;padding-right:0%;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">2,358,759 </span></td><td style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:right;vertical-align:bottom;padding-right:1pt;"><span style="font-size:9pt;font-weight:400;font-family:'Times New Roman',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);"> </span></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company adopted ASC 326 using the prospective transition approach for loans receivable purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI"). In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the unamortized cost basis of the PCD assets were adjusted to reflect the addition of $32.4 million in the allowance for loan losses (as reflected in the table above). The remaining noncredit premium on these loans as of January 1, 2020 (based on the adjusted amortized cost basis) will be amortized into interest income over the life of the loans. Changes to the allowance for loan losses on these loans after adoption are recorded through provision expense.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Summary of Significant Accounting Policies Affected by Implementation of ASC 326</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration: underline;">Allowance for Loan Losses</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company aggregates loans with similar risk characteristics into homogeneous pools to estimate its expected credit losses. The Company continuously evaluates such pooling decisions and adjusts as needed from period to period as risk characteristics change.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company determines its estimated credit losses for the following financial assets as follows:</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Loans receivable</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Management has determined that the federally insured, private education, and consumer loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 2 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer loan portfolio. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, in general, the Company can reasonably estimate expected losses that incorporate current and forecasted economic conditions up to a one-year period. After this "reasonable and supportable" period, the Company uses a reversion period to the Company's actual long-term historical loss experience over a full economic life cycle. Historical credit loss experience provides </span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">the basis for the estimation of expected credit losses. Qualitative and quantitative adjustments to historical loss information are made separately on each of the Company’s federally insured, private education, and consumer loan portfolios.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following for the Company’s federally insured loan portfolio: loans in repayment versus those in nonpaying status; delinquency status; trends in defaults in the portfolio based on Company and industry data; past experience; trends in student loan claims rejected for payment by guarantors; changes in federal student loan programs; current economic conditions, including changes in unemployment rates; and other relevant qualitative factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following for the Company’s private education loans: loans in repayment versus those in a nonpaying status; delinquency status; type of program; trends in defaults in the portfolio based on Company and industry data; past experience; current economic conditions, including changes in unemployment rates and gross domestic product growth; and other relevant qualitative factors. The Company places private education loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days past due. Collections, if any, are reflected as a recovery through the allowance for loan losses.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Qualitative and quantitative adjustments related to current conditions and a reasonable and supportable forecast period consider all of the following for the Company's consumer loans: delinquency status; type of program; trends in defaults in the portfolio based on Company and industry data; past experience; current economic conditions; and other relevant qualitative factors. The Company places consumer loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Purchased Loans Receivable with Credit Deterioration (“PCD”)</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Loan Accrued Interest Receivable</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company has elected to present its loan accrued interest receivable balance combined in its consolidated balance sheets with the loans receivable amortized cost balance.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">For the Company’s federally insured loan portfolio, the Company has elected to measure an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses.</span></div><div style="text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">For the Company’s private education and consumer loan portfolios, the Company has elected not to measure an allowance for credit losses for accrued interest receivables. For private education and consumer loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Certain amounts previously reported have been reclassified to conform to the current period presentation. These reclassifications include:</span></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">Reclassifying the line item "accrued interest receivable" on the Company's consolidated balance sheet to "loans and accrued interest receivable" and "investments"; and</span></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">Reclassifying "gain on sale of loans" that was previously included in "other income" to a new line item on the Company's consolidated statements of income.</span></div>
CY2019Q4 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
20798719000 USD
CY2019Q4 us-gaap Financing Receivable Accrued Interest Before Allowance For Credit Loss
FinancingReceivableAccruedInterestBeforeAllowanceForCreditLoss
733497000 USD
CY2019Q4 us-gaap Financing Receivable Unamortized Loan Commitment Origination Fee And Premium Discount
FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount
-35036000 USD
CY2020Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
2999000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
8926000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
404000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Loss Purchased With Credit Deterioration Increase
FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease
6100000 USD
CY2020Q2 us-gaap Financing Receivable Transfer To Held For Sale Allowance For Credit Loss Expense Reversal
FinancingReceivableTransferToHeldForSaleAllowanceForCreditLossExpenseReversal
0 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
209445000 USD
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
61778000 USD
CY2019Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
9000000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
7118000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
431000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Loss Purchased With Credit Deterioration Increase
FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease
0 USD
CY2019Q2 us-gaap Financing Receivable Transfer To Held For Sale Allowance For Credit Loss Expense Reversal
FinancingReceivableTransferToHeldForSaleAllowanceForCreditLossExpenseReversal
1500000 USD
CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
21402868000 USD
CY2019Q4 us-gaap Other Liabilities
OtherLiabilities
303781000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2377627000 USD
CY2020Q2 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
19830397000 USD
CY2019Q4 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
20798719000 USD
CY2020Q2 us-gaap Financing Receivable Accrued Interest Before Allowance For Credit Loss
FinancingReceivableAccruedInterestBeforeAllowanceForCreditLoss
856880000 USD
CY2019Q4 us-gaap Financing Receivable Accrued Interest Before Allowance For Credit Loss
FinancingReceivableAccruedInterestBeforeAllowanceForCreditLoss
733497000 USD
CY2020Q2 us-gaap Financing Receivable Unamortized Loan Commitment Origination Fee And Premium Discount
FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount
-16959000 USD
CY2019Q4 us-gaap Financing Receivable Unamortized Loan Commitment Origination Fee And Premium Discount
FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount
-35036000 USD
CY2020Q2 nni Non Accretable Discount Premium
NonAccretableDiscountPremium
0 USD
CY2019Q4 nni Non Accretable Discount Premium
NonAccretableDiscountPremium
-32398000 USD
CY2020Q2 us-gaap Notes Receivable Net
NotesReceivableNet
20460873000 USD
CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
21402868000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
208868000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
62591000 USD
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
61914000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
79297000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
20923000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
843000 USD
us-gaap Financing Receivable Allowance For Credit Loss Purchased With Credit Deterioration Increase
FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease
10800000 USD
us-gaap Financing Receivable Transfer To Held For Sale Allowance For Credit Loss Expense Reversal
FinancingReceivableTransferToHeldForSaleAllowanceForCreditLossExpenseReversal
13500000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
209445000 USD
CY2018Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
60388000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
16000000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
12982000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
685000 USD
us-gaap Financing Receivable Allowance For Credit Loss Purchased With Credit Deterioration Increase
FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease
0 USD
us-gaap Financing Receivable Transfer To Held For Sale Allowance For Credit Loss Expense Reversal
FinancingReceivableTransferToHeldForSaleAllowanceForCreditLossExpenseReversal
1500000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
62591000 USD
CY2020Q2 us-gaap Financing Receivable Purchased With Credit Deterioration Amount At Par Value
FinancingReceivablePurchasedWithCreditDeteriorationAmountAtParValue
292700000 USD
us-gaap Financing Receivable Purchased With Credit Deterioration Amount At Par Value
FinancingReceivablePurchasedWithCreditDeteriorationAmountAtParValue
583900000 USD
CY2020Q2 us-gaap Financing Receivable Purchased With Credit Deterioration Allowance For Credit Loss At Acquisition Date
FinancingReceivablePurchasedWithCreditDeteriorationAllowanceForCreditLossAtAcquisitionDate
6100000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
20529054000 USD
us-gaap Financing Receivable Purchased With Credit Deterioration Allowance For Credit Loss At Acquisition Date
FinancingReceivablePurchasedWithCreditDeteriorationAllowanceForCreditLossAtAcquisitionDate
10800000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
209400000 USD
CY2020Q2 nni Loans In Repayment Percent
LoansInRepaymentPercent
0.675
CY2019Q4 nni Loans In Repayment Percent
LoansInRepaymentPercent
0.881
CY2019Q2 nni Loans In Repayment Percent
LoansInRepaymentPercent
0.875
CY2020Q2 nni Financing Receivable Before Allowance For Credit Loss Percent
FinancingReceivableBeforeAllowanceForCreditLossPercent
1.000
CY2019Q4 nni Financing Receivable Before Allowance For Credit Loss Percent
FinancingReceivableBeforeAllowanceForCreditLossPercent
1.000
CY2019Q2 nni Financing Receivable Before Allowance For Credit Loss Percent
FinancingReceivableBeforeAllowanceForCreditLossPercent
1.000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
19983826000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
257668000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
19726158000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20803180000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
274126000 USD
CY2020Q2 us-gaap Other Borrowings
OtherBorrowings
86700000 USD
CY2020Q2 nni Other Borrowings Maximum
OtherBorrowingsMaximum
100000000.0 USD
CY2020Q2 nni Other Borrowings Maximum
OtherBorrowingsMaximum
100000000.0 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
137970000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4571000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
316000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
142225000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
48790000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3911000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
52701000 USD
CY2020Q2 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
27291000 USD
CY2020Q2 nni Equity Securities Fvni Unrealized Gain Gross
EquitySecuritiesFVNIUnrealizedGainGross
5345000 USD
CY2020Q2 nni Equity Securities Fvni Unrealized Loss Gross
EquitySecuritiesFVNIUnrealizedLossGross
2664000 USD
CY2020Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
29972000 USD
CY2019Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
9622000 USD
CY2019Q4 nni Equity Securities Fvni Unrealized Gain Gross
EquitySecuritiesFVNIUnrealizedGainGross
4561000 USD
CY2019Q4 nni Equity Securities Fvni Unrealized Loss Gross
EquitySecuritiesFVNIUnrealizedLossGross
1283000 USD
CY2019Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
12900000 USD
CY2020Q2 nni Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
165261000 USD
CY2020Q2 nni Marketable Securities Unrealized Gain
MarketableSecuritiesUnrealizedGain
9916000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
350043000 USD
CY2020Q2 nni Marketable Securities Unrealized Loss
MarketableSecuritiesUnrealizedLoss
2980000 USD
CY2020Q2 us-gaap Marketable Securities
MarketableSecurities
172197000 USD
CY2019Q4 nni Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
58412000 USD
CY2019Q4 nni Marketable Securities Unrealized Gain
MarketableSecuritiesUnrealizedGain
8472000 USD
CY2019Q4 nni Marketable Securities Unrealized Loss
MarketableSecuritiesUnrealizedLoss
1283000 USD
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
65601000 USD
CY2020Q2 nni Beneficial Interest In Securitization Allowance For Credit Loss
BeneficialInterestInSecuritizationAllowanceForCreditLoss
24837000 USD
CY2020Q2 us-gaap Other Investments
OtherInvestments
277503000 USD
CY2019Q4 us-gaap Other Investments
OtherInvestments
181498000 USD
CY2020Q2 us-gaap Investments
Investments
449700000 USD
CY2019Q4 us-gaap Investments
Investments
247099000 USD
CY2020Q2 us-gaap Other Borrowings
OtherBorrowings
86700000 USD
CY2020Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
34100000 USD
CY2020Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
300000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
348259000 USD
CY2020Q2 us-gaap Depreciation
Depreciation
22000000.0 USD
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P78M
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
66733000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
81532000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7400000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8300000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14800000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16800000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
16011000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
19687000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6431000 USD
CY2019Q2 us-gaap Depreciation
Depreciation
16200000 USD
us-gaap Depreciation
Depreciation
42300000 USD
us-gaap Depreciation
Depreciation
31900000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6184000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5771000 USD
CY2020Q2 nni Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
12649000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
66733000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
156912000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
156912000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
86482000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
24619000 USD
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39203404 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40050065 shares
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
2.21
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.61
us-gaap Net Income Loss
NetIncomeLoss
45950000 USD
us-gaap Net Income Loss
NetIncomeLoss
66210000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39579459 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40210787 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.16
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.65
CY2020Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
151883000 USD
CY2020Q2 us-gaap Interest Expense
InterestExpense
85248000 USD
CY2020Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
66635000 USD
CY2020Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
2999000 USD
CY2020Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
63636000 USD
CY2020Q2 nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
CY2020Q2 nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
0 USD
CY2020Q2 us-gaap Other Income
OtherIncome
60127000 USD
CY2020Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
332000 USD
CY2020Q2 nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
5821000 USD
CY2020Q2 nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
-3911000 USD
CY2020Q2 nni Noninterest Income Expense
NoninterestIncomeExpense
251049000 USD
CY2020Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
21119000 USD
CY2020Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
119247000 USD
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
29393000 USD
CY2020Q2 us-gaap Other Expenses
OtherExpenses
37052000 USD
CY2020Q2 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2020Q2 us-gaap Operating Expenses
OperatingExpenses
185692000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
107874000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21264000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
86610000 USD
CY2020Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
128000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
86482000 USD
CY2020Q2 us-gaap Assets
Assets
22611208000 USD
CY2019Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
246788000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
186963000 USD
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
59825000 USD
CY2019Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
9000000 USD
CY2019Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
50825000 USD
CY2019Q2 nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
CY2019Q2 nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
1712000 USD
CY2019Q2 us-gaap Other Income
OtherIncome
14440000 USD
CY2019Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2019Q2 nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
12972000 USD
nni Noninterest Income Expense
NoninterestIncomeExpense
388276000 USD
CY2019Q2 nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
-37060000 USD
CY2019Q2 nni Noninterest Income Expense
NoninterestIncomeExpense
182149000 USD
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
20972000 USD
CY2019Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
111214000 USD
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
24484000 USD
CY2019Q2 us-gaap Other Expenses
OtherExpenses
45417000 USD
CY2019Q2 nni Intersegment Expenses
IntersegmentExpenses
0 USD
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
181115000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30887000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6209000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
24678000 USD
CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
59000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
24619000 USD
CY2019Q2 us-gaap Assets
Assets
24219800000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
341074000 USD
us-gaap Interest Expense
InterestExpense
219366000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
121708000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
79297000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
42411000 USD
nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
18206000 USD
us-gaap Other Income
OtherIncome
68408000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
34419000 USD
nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
10058000 USD
nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
-24513000 USD
nni Noninterest Income Expense
NoninterestIncomeExpense
441676000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
49506000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
239125000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
57041000 USD
us-gaap Other Expenses
OtherExpenses
80439000 USD
nni Intersegment Expenses
IntersegmentExpenses
0 USD
us-gaap Operating Expenses
OperatingExpenses
376605000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
57976000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11131000 USD
us-gaap Profit Loss
ProfitLoss
46845000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
895000 USD
us-gaap Net Income Loss
NetIncomeLoss
45950000 USD
CY2020Q2 us-gaap Assets
Assets
22611208000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
497374000 USD
us-gaap Interest Expense
InterestExpense
378733000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
118641000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
16000000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
102641000 USD
nni Intersegment Servicing Revenue
IntersegmentServicingRevenue
0 USD
nni Gains On Sale Of Student Loans And Debt Repurchases Net
GainsOnSaleOfStudentLoansAndDebtRepurchasesNet
1712000 USD
us-gaap Other Income
OtherIncome
23507000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
nni Derivative Settlements Expense Income
DerivativeSettlementsExpenseIncome
32007000 USD
nni Derivative Market Value And Foreign Currency Gain Loss
DerivativeMarketValueAndForeignCurrencyGainLoss
-67635000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
46790000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
222272000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
48697000 USD
us-gaap Other Expenses
OtherExpenses
89233000 USD
nni Intersegment Expenses
IntersegmentExpenses
0 USD
us-gaap Operating Expenses
OperatingExpenses
360202000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
83925000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17600000 USD
us-gaap Profit Loss
ProfitLoss
66325000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
115000 USD
us-gaap Net Income Loss
NetIncomeLoss
66210000 USD
CY2019Q2 us-gaap Assets
Assets
24219800000 USD
CY2020Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
53151000 USD
CY2019Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
4258000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
49286000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
3831000 USD
CY2020Q2 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
319000 USD
CY2019Q2 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
3161000 USD
us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
3506000 USD
us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
6674000 USD
CY2020Q2 nni Other Income Miscellaneous
OtherIncomeMiscellaneous
3821000 USD
CY2019Q2 nni Other Income Miscellaneous
OtherIncomeMiscellaneous
4013000 USD
nni Other Income Miscellaneous
OtherIncomeMiscellaneous
7348000 USD
nni Other Income Miscellaneous
OtherIncomeMiscellaneous
7211000 USD
CY2020Q2 us-gaap Other Income
OtherIncome
60127000 USD
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
26753000 USD
CY2019Q2 us-gaap Other Income
OtherIncome
14440000 USD
us-gaap Other Income
OtherIncome
68408000 USD
us-gaap Other Income
OtherIncome
23507000 USD
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
26889000 USD
CY2020Q2 nni Contract With Customer Liability Increase Decrease Deferred Revenue
ContractWithCustomerLiabilityIncreaseDecreaseDeferredRevenue
34659000 USD
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
34105000 USD
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
27443000 USD
CY2019Q2 nni Contract With Customer Liability Increase Decrease Deferred Revenue
ContractWithCustomerLiabilityIncreaseDecreaseDeferredRevenue
35173000 USD
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
32431000 USD
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29495000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
39646000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
39646000 USD
nni Contract With Customer Liability Increase Decrease Deferred Revenue
ContractWithCustomerLiabilityIncreaseDecreaseDeferredRevenue
60903000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
73106000 USD
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
27443000 USD
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
39122000 USD
nni Contract With Customer Liability Increase Decrease Deferred Revenue
ContractWithCustomerLiabilityIncreaseDecreaseDeferredRevenue
59253000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
68880000 USD
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29495000 USD
nni Servicing Contract Number Of Extension Options
ServicingContractNumberOfExtensionOptions
2 extensionOption
nni Servicing Contract Term Of Extension Option
ServicingContractTermOfExtensionOption
P6M
CY2020Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
172197000 USD
CY2019Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
65601000 USD
CY2020Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
172197000 USD
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
65601000 USD

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