CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
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Allowance for loan losses | $ 110,093 | $ 131,827 |
Allowance for doubtful accounts | $ 3,989 | $ 3,079 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common Class A | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 26,655,651 | 26,461,651 |
Common stock, outstanding (in shares) | 26,655,651 | 26,461,651 |
Common Class B | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 10,668,460 | 10,668,460 |
Common stock, outstanding (in shares) | 10,668,460 | 10,668,460 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Common Class A | ||||
Cash dividend on common stock (in dollars per share) | $ 0.26 | $ 0.24 | $ 0.78 | $ 0.72 |
Common Class B | ||||
Cash dividend on common stock (in dollars per share) | $ 0.26 | $ 0.24 | $ 0.78 | $ 0.72 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Statement of Cash Flows [Abstract] | ||
Federal and state tax credit utilized | $ 49,000 | $ 9,400 |
Cash and cash equivalents: | ||
Total cash and cash equivalents | 187,690 | 63,198 |
Restricted cash | 445,983 | 799,212 |
Restricted cash - due to customers | 158,872 | 180,919 |
Cash, cash equivalents, and restricted cash | $ 792,545 | $ 1,043,329 |
Basis of Financial Reporting |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Reporting | Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 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 (GAAP) 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 nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. 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, 2022 (the "2022 Annual Report"). |
Loans and Accrued Interest Receivable and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Accrued Interest Receivable and Allowance for Loan Losses | Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following:
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
(a) As of September 30, 2023 and December 31, 2022, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.9% and 22.4%, respectively, and for Nelnet Bank was 10.0% and 10.3%, respectively. Loan Sales The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table summarizes the loans sold and gains/losses recognized by the Company during the nine months ended September 30, 2023 and 2022.
(a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet. Activity in the Allowance for Loan Losses The following table presents the activity in the allowance for loan losses by portfolio segment.
The primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods presented above. The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Unfunded Loan Commitments As of September 30, 2023, Nelnet Bank has a liability of approximately $217,000 related to $13.1 million of unfunded private education and consumer loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the nine months ended September 30, 2023 and 2022, Nelnet Bank recognized provision for loan losses of approximately $132,000 and approximately $65,000, respectively, related to unfunded loan commitments. Loan Modifications to Borrowers Experiencing Financial Difficulty On January 1, 2023, the Company adopted ASU No. 2022-02, Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The guidance also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty and vintage disclosures reflecting gross charge-offs by year of origination. Under the Higher Education Act, federally insured loan borrowers may be granted a deferment or forbearance for a period of time based on need. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department of Education (the "Department"). Because federally insured loan modifications are driven by the Higher Education Act, the Company does not consider these events as part of its loan modification programs. Administrative forbearances (e.g. bankruptcy, military service, death and disability, and disaster forbearance) are required by law and therefore are also not considered as part of the Company's loan modification programs. The Company does offer payment delays in the form of deferments or forbearances on certain private education and consumer loan programs for short-term periods. The Company generally considers payment delays to be insignificant when the delay is 3 months or less. The amortized cost of the Company’s private education and consumer loans in which the borrower is experiencing financial difficulty and the financial effect of such loan modifications is not material. Key Credit Quality Indicators Loan Status and Delinquencies Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The following table presents the Company’s loan status and delinquency amounts.
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation. FICO Scores - Nelnet Bank Private Education Loans An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
(a) Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. Nonaccrual Status The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of September 30, 2023 and December 31, 2022, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
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Bonds and Notes Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds and Notes Payable | Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument:
Warehouse Facilities The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of September 30, 2023.
(a) On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, respectively. (b) This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility. (c) On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million. (d) On June 30, 2023, August 31, 2023, and October 31, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023, October 31, 2023, and December 31, 2023, respectively. No additional amounts can be borrowed under this facility. Unsecured Line of Credit The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of September 30, 2023, no amount was outstanding on the line of credit and $495.0 million was available for future use. Participation Agreement The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). As of September 30, 2023, $0.1 million (par value) of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon business days' notice. On May 4, 2023, the agreement automatically renewed for another year through May 4, 2024. The Company can participate FFELP loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities subject to this agreement are included on the Company's consolidated balance sheets as "investments and notes receivable" and the participation interests outstanding have been accounted for by the Company as a secured borrowing. See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under the remaining participation agreement. Repurchase Agreements On May 3, 2021, the Company entered into a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The agreement has various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date. Included in “bonds and notes payable” in the consolidated balance sheets as of September 30, 2023 was $336.5 million subject to this agreement. On June 23, 2021, the Company entered into a separate repurchase agreement with a non-affiliated third party, which was collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The outstanding balance of this facility was paid in full during the third quarter of 2023. See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, serving as collateral for this repurchase agreement. Debt Repurchases The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of September 30, 2023, the Company holds $257.3 million (par value) of its own FFELP loan asset-backed securities. As of September 30, 2023, $118.9 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreement (as discussed above). In April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity, of which the Company owned $140.5 million of the bonds that were redeemed. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023. This expense is included in "interest expense on bonds and notes payable and bank deposits" on the consolidated statements of income.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative financial instruments primarily to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2022 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2023 and December 31, 2022 is presented below. Non-Nelnet Bank Derivatives Basis Swaps The following table summarizes the Company’s outstanding basis swaps, in which the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Subsequent to the discontinuation of LIBOR on June 30, 2023, the Company now receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR.
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2023 was the term adjusted SOFR plus the tenor spread adjustment relating to LIBOR plus 10.1 basis points and as of December 31, 2022 was one-month LIBOR plus 9.7 basis points, respectively. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
(a) On March 15, 2023, to minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements. (b) For the interest rate derivative maturing in 2030, the Company receives payments based on SOFR that resets quarterly. For all other interest rate derivatives that were terminated, the Company received payments based on three-month LIBOR that reset quarterly. (c) The Company entered into this derivative in June 2023. Nelnet Bank Derivatives Interest Rate Swaps Derivative instruments are used by Nelnet Bank to hedge the exposure to variability in cash flows of variable rate intercompany deposits primarily to minimize the exposure to volatility in cash flows from future changes in interest rates. Nelnet Bank has structured these derivatives so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. As a result, the change in market value of these derivative instruments is reported in current period earnings and presented in "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of September 30, 2023.
(a) For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly. (b) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively. (c) This $25 million notional amount derivative has a forward effective start date in February 2027. Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at fair value. As of September 30, 2023, the gross fair value of Nelnet Bank's interest rate swap derivatives was $3.1 million (an asset) that is included in "other assets" on the consolidated balance sheet. Consolidated Financial Statement Impact Related to Derivatives The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
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Investments and Notes Receivable |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Notes Receivable | Investments and Notes Receivable Investments and notes receivable consisted of the following:
(a) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of September 30, 2023, the par value and fair value of these securities was $0.1 million and $0.1 million, respectively. (b) A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of September 30, 2023, the par value and fair value of these securities was $294.5 million and $260.1 million, respectively. (c) On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available-for-sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield. (d) On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available-for-sale. (e) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of September 30, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. (f) During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $17.3 million and $17.6 million during the three months ended September 30, 2023 and 2022, respectively, and $49.7 million and $47.6 million during the nine months ended September 30, 2023 and 2022, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. (g) As of September 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $6.8 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.3 million and $2.2 million during the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (h) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2023, the Company's ownership correlates to approximately $660 million, $540 million, and $350 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (i) As of September 30, 2023, the Company has funded a total of $332.0 million in solar investments, which includes $126.5 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of September 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of September 30, 2023, the Company is committed to fund an additional $265.9 million on tax equity investments, of which $128.7 million is expected to be provided by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $3.6 million and $4.2 million during the three months ended September 30, 2023 and 2022, respectively, and $13.5 million and $7.1 million during the nine months ended September 30, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $1.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $12.0 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding losses attributed to noncontrolling interest investors, the Company recognized losses on its solar investments of $1.8 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $1.5 million and gains of $0.9 million during the nine months ended September 30, 2023 and 2022, respectively. The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at September 30, 2023:
The following table presents securities classified as available-for-sale that have gross unrealized losses at September 30, 2023 and the fair value of such securities as of September 30, 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Intangible assets consisted of the following:
The Company recorded amortization expense on its intangible assets of $5.4 million and $3.3 million for the three months ended September 30, 2023 and 2022, respectively, and $11.6 million and $8.6 million during the nine months ended September 30, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2023, the Company estimates it will record amortization expense as follows:
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Goodwill |
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Goodwill | Goodwill The following table presents the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 by reportable operating segment:
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Impairment Expense |
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Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Expense | Impairment ExpenseThe Company continues to evaluate the use of office space as a large number of associates continue to work from home. As a result, the Company recorded impairment charges related to operating lease assets and associated leasehold improvements of $5.0 million during the third quarter of 2023, which included a $2.4 million lease termination fee paid to Union Bank, a related party. In 2022, the Company recorded non-cash impairment charges of $6.2 million, primarily related to one of its venture capital investments accounted for under the measurement alternative method. The Company’s impairment charges are included in “impairment and other expense, net” in the consolidated statements of income. |
Bank Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Deposits | Bank Deposits Deposits are interest-bearing deposits and primarily consist of brokered certificates of deposit (CDs) and retail and other savings deposits and CDs. Retail and other deposits include savings deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trusts (STFIT), and commercial and institutional CDs. Union Bank, a related party, is the program manager for the College Savings plans and trustee for the STFIT Trust. CDs are accounts that have a stipulated maturity and interest rate. For savings accounts, the depositor may be required to give written notice of any intended withdrawal no less than seven days before the withdrawal is made. Generally, early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity). As of September 30, 2023 and December 31, 2022, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $229.3 million and $98.3 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes. The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
The following table presents certificates of deposit remaining maturities as of September 30, 2023:
The Educational 529 College Savings, STFIT, and Health Savings plan deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Except for the commercial deposit, the pledged deposit from Nelnet, Inc., and an earmarked deposit required for intercompany transactions, there were no deposits exceeding the FDIC insurance limits as of September 30, 2023 and December 31, 2022.
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Earnings per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Common Share The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
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Segment Reporting |
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Segment Reporting | Segment Reporting See note 17 of the notes to consolidated financial statements included in the 2022 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
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Disaggregated Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregated Revenue | Disaggregated Revenue The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments. Loan Servicing and Systems
Education Technology, Services, and Payment Processing
Solar Construction
(a) GRNE Solar was acquired on July 1, 2022. Other Income (Expense) The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
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Major Customer |
9 Months Ended |
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Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Major Customer | Major Customer Government Loan Servicing Nelnet Servicing, LLC (Nelnet Servicing) and Great Lakes Educational Loan Services, Inc. (Great Lakes), both subsidiaries of the Company, are two of the current five private sector entities that have student loan servicing contracts with the Department. Revenue earned by the Company related to these contracts was $100.2 million and $104.4 million for the three months ended September 30, 2023 and 2022, respectively, and $304.8 million and $312.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company also earned remote hosted servicing revenue by licensing its software to certain third-party servicers for the Department. Contract Modifications and Award Effective April 1, 2023, the Department modified the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “servicing contracts”) to reduce the monthly fee under the servicing contracts by $0.19 per borrower on certain borrower statuses. The Company's current student loan servicing contracts with the Department were scheduled to expire on December 14, 2023. In April 2023, Nelnet Diversified Solutions, LLC (NDS), a subsidiary of the Company, received a contract award from the Department, pursuant to which NDS was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts. On October 11, 2023, the USDS contract awarded to NDS was novated to Nelnet Servicing. The New Government Servicing Contract is effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of more than 37 million existing borrowers will be allocated by the Department to Nelnet Servicing and four other third-party servicers that were awarded a USDS contract based on service and performance levels. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it will be compensated from the Department on certain of these investments. In April 2023, the Department indicated that servicing under the USDS contracts will go live in 2024 and it will extend the current legacy servicing contracts from December 14, 2023 to December 2024. Until servicing under the USDS contracts goes live, which is anticipated to be during the second quarter of 2024, the Company will continue to earn revenue for servicing borrowers under its current legacy servicing contracts with the Department. The new USDS servicing contracts have multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contracts is primarily based on borrower status. Assuming borrower volume remains consistent under the USDS servicing contract, the Company expects revenue earned on a per borrower blended basis will decrease under the USDS contract versus the current legacy contracts. However, consistent with the current legacy contracts, the Company expects to earn additional revenue from the Department under the USDS servicing contract for change requests, consolidations, and other support services. As discussed below, during the second quarter of 2023, the Company completed the transfer of Great Lakes direct loan servicing volume to the Nelnet servicing platform. The associated cost savings with moving government borrowers to one servicing platform will be partially offset under the USDS contract as the Company will incur additional costs for cybersecurity and other system specifications as required under the new contract. Loan Volume Transfers - Full Service Borrowers In February 2023, the Department notified the Company of its intention to transfer up to one million of the Company’s existing Department servicing borrowers to another third-party servicer. This transfer decision was not based on the Company's performance. These transfers began in the second quarter of 2023 and were completed in July 2023. In addition, the Company completed the transfer of active borrowers of Great Lakes direct loan servicing volume to the Nelnet servicing platform (the GreatNet Federal servicing platform) during the second quarter of 2023. The Company anticipates the decommissioning of the Great Lakes' platform to be completed by the end of 2023. Therefore, potential associated cost savings as a result of transferring direct loan servicing volume to one platform will not be recognized in operating results until 2024. Loan Volume Transfers - Remote Hosted Servicing Borrowers Edfinancial Services, LLC ("Edfinancial"), a current servicer for the Department, utilized Nelnet Servicing's platform to service their loans for the Department (remote hosted servicing customer). In the fourth quarter of 2022, Nelnet Servicing and Edfinancial reached an agreement on a decommission schedule transferring Edfinancial’s direct loan servicing volume to another third-party servicing platform. As of December 31, 2022, Edfinancial was servicing 4.5 million borrowers for the Department on the Company’s platform. The Company began transferring Edfinancial's servicing volume to another servicing platform in the first quarter of 2023 which reduced the number of Edfinancial's borrowers serviced on the Company's platform to 3.5 million borrowers as of March 31, 2023 and 579,000 borrowers as of June 30, 2023. Edfinancial's remaining borrowers were transferred off of the Company's platform in July 2023. In February 2023, the Company’s other remote hosted servicing customer notified the Company the Department intended to move that customer’s servicing borrowers to a different third-party servicing platform. This transfer decision was the result of this customer not being one of the servicers awarded a USDS contract. As of March 31, 2023, this remote hosted servicing customer was servicing 1.4 million borrowers for the Department on the Company's platform. The majority of this volume was transferred to another third-party servicing platform during the second quarter of 2023, and the remaining borrowers were transferred off of the Company's platform in July 2023. As a result of the transfers discussed above, the Company currently has no remaining Department remote hosted servicing borrowers on its platform and software services revenue will be negatively impacted in future periods. However, the Company has executed an agreement with a third-party servicer awarded a USDS contract to license its servicing software to such entity and the Company anticipates earning remote hosted servicing revenue from this new customer when USDS goes live beginning in the second quarter of 2024. Department of Education Debt Relief In August 2022, the Department announced a broad based student debt relief plan that would provide targeted student debt cancellation to borrowers with loans held by the Department with unconditional loan cancellation in amounts of up to $20,000 for eligible borrowers who received a Pell Grant, or of up to $10,000 for eligible borrowers who did not receive a Pell Grant. Federal courts blocked implementation of the Department's broad based student debt relief plan and on June 30, 2023, the Supreme Court struck down the Department's plan. While the current version of the Department's forgiveness plan has been invalidated, the Department recently announced that it has begun a new rulemaking process to consider other ways to provide debt relief to borrowers. The Company cannot predict the timing, nature, or ultimate outcome of any future potential student loan forgiveness programs as a result of the rulemaking process. Revenue earned under the current Department servicing contracts will decrease in future periods if the Department successfully implements broad based loan forgiveness.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Nelnet Bank derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, Nelnet Bank takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2022 Annual Report.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income attributable to Nelnet, Inc. | $ 45,332 | $ 104,798 | $ 100,086 | $ 376,573 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Financial Reporting (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Reporting | The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 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 (GAAP) 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 nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. 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, 2022 (the "2022 Annual Report"). |
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Accrued Interest Receivable | Loans and accrued interest receivable consisted of the following:
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Allowance for Loan Losses as a Percentage of the Ending Balance | The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
(a) As of September 30, 2023 and December 31, 2022, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.9% and 22.4%, respectively, and for Nelnet Bank was 10.0% and 10.3%, respectively. The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
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Financing Receivable, Loans Sold and Gains Recognized | The following table summarizes the loans sold and gains/losses recognized by the Company during the nine months ended September 30, 2023 and 2022.
(a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
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Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses by portfolio segment.
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Loan Status and Delinquencies | The following table presents the Company’s loan status and delinquency amounts.
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
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Loans Receivable Credit Quality Indicators | The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
(a) Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
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Bonds and Notes Payable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Debt Obligations | The following tables summarize the Company’s outstanding debt obligations by type of instrument:
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Outstanding Line of Credit Facilities | The following table summarizes the Company's warehouse facilities as of September 30, 2023.
(a) On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, respectively. (b) This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility. (c) On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million. (d) On June 30, 2023, August 31, 2023, and October 31, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023, October 31, 2023, and December 31, 2023, respectively. No additional amounts can be borrowed under this facility.
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Debt Repurchased | The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Basis Swap | The following table summarizes the Company’s outstanding basis swaps, in which the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Subsequent to the discontinuation of LIBOR on June 30, 2023, the Company now receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR.
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Interest Rate Swaps, Floor Income Hedge | The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
(a) On March 15, 2023, to minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements. (b) For the interest rate derivative maturing in 2030, the Company receives payments based on SOFR that resets quarterly. For all other interest rate derivatives that were terminated, the Company received payments based on three-month LIBOR that reset quarterly. (c) The Company entered into this derivative in June 2023.
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Interest Rate Derivatives | The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of September 30, 2023.
(a) For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly. (b) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively. (c) This $25 million notional amount derivative has a forward effective start date in February 2027.
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Derivative Impact on Statement of Income | The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
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Investments and Notes Receivable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Notes Receivable | Investments and notes receivable consisted of the following:
(a) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of September 30, 2023, the par value and fair value of these securities was $0.1 million and $0.1 million, respectively. (b) A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of September 30, 2023, the par value and fair value of these securities was $294.5 million and $260.1 million, respectively. (c) On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available-for-sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield. (d) On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available-for-sale. (e) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of September 30, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. (f) During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $17.3 million and $17.6 million during the three months ended September 30, 2023 and 2022, respectively, and $49.7 million and $47.6 million during the nine months ended September 30, 2023 and 2022, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. (g) As of September 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $6.8 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.3 million and $2.2 million during the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (h) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2023, the Company's ownership correlates to approximately $660 million, $540 million, and $350 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (i) As of September 30, 2023, the Company has funded a total of $332.0 million in solar investments, which includes $126.5 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of September 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of September 30, 2023, the Company is committed to fund an additional $265.9 million on tax equity investments, of which $128.7 million is expected to be provided by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $3.6 million and $4.2 million during the three months ended September 30, 2023 and 2022, respectively, and $13.5 million and $7.1 million during the nine months ended September 30, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $1.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $12.0 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding losses attributed to noncontrolling interest investors, the Company recognized losses on its solar investments of $1.8 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $1.5 million and gains of $0.9 million during the nine months ended September 30, 2023 and 2022, respectively.
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Investments Classified by Contractual Maturity Date | The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at September 30, 2023:
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Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
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Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities | The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
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Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible assets consisted of the following:
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Future Amortization Expense | The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2023, the Company estimates it will record amortization expense as follows:
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Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | The following table presents the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 by reportable operating segment:
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Bank Deposits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits | The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
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Certificates of Deposit Maturities | The following table presents certificates of deposit remaining maturities as of September 30, 2023:
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Earnings per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments Reconciliation to Consolidated Financial Statements | The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
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Disaggregated Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments. Loan Servicing and Systems
Education Technology, Services, and Payment Processing
(a) GRNE Solar was acquired on July 1, 2022.
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Schedule of Other Income, by Component | The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Nelnet Bank derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, Nelnet Bank takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.
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Fair Value of Financial Instruments | The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
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Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrued interest receivable | $ 806,854 | $ 816,864 | ||||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (33,638) | (30,714) | ||||
Allowance for loan losses | (110,093) | $ (114,263) | (131,827) | $ (119,057) | $ (120,424) | $ (127,113) |
Financing receivable, after allowance for credit loss | 13,867,557 | 15,243,889 | ||||
Non-Nelnet Bank loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 12,735,621 | 14,169,771 | ||||
Allowance for loan losses | (103,009) | (129,267) | ||||
Federally insured loans - Non-Nelnet Bank: | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 12,298,984 | 13,566,473 | 14,300,391 | |||
Accrued interest receivable | 798,102 | 808,150 | 786,494 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (30,979) | (35,468) | (25,381) | |||
Allowance for loan losses | (72,043) | (74,061) | (83,593) | (87,778) | (92,593) | (103,381) |
Financing receivable, after allowance for credit loss | 12,994,064 | 14,255,562 | 14,973,726 | |||
Federally insured loans - Non-Nelnet Bank: | Stafford and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 3,104,569 | 3,389,178 | ||||
Federally insured loans - Non-Nelnet Bank: | Consolidation | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 9,194,415 | 10,177,295 | ||||
Private education loans - Non-Nelnet Bank: | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 293,004 | 252,383 | 262,183 | |||
Accrued interest receivable | 2,750 | 2,146 | 2,207 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (8,069) | (38) | (185) | |||
Allowance for loan losses | (16,944) | (14,322) | (15,411) | (15,577) | (15,253) | (16,143) |
Financing receivable, after allowance for credit loss | 270,741 | 239,080 | 248,628 | |||
Consumer and other loans - Non-Nelnet Bank: | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 143,633 | 350,915 | 231,441 | |||
Accrued interest receivable | 1,716 | 3,658 | 2,561 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (180) | (588) | (1,847) | |||
Allowance for loan losses | (14,022) | (20,005) | (30,263) | (13,290) | (10,576) | (6,481) |
Financing receivable, after allowance for credit loss | 131,147 | 323,722 | 218,865 | |||
Nelnet Bank loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 468,813 | 419,795 | ||||
Allowance for loan losses | (7,084) | (2,560) | ||||
Federally insured loans - Nelnet Bank: | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 59,261 | 65,913 | 72,905 | |||
Accrued interest receivable | 2,008 | 1,758 | 1,607 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | 19 | 20 | 23 | |||
Allowance for loan losses | (148) | (154) | (170) | (164) | (258) | (268) |
Financing receivable, after allowance for credit loss | 61,140 | 67,521 | 74,371 | |||
Private education loans - Nelnet Bank | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 359,941 | 353,882 | 356,571 | |||
Accrued interest receivable | 1,905 | 1,152 | 969 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | 5,578 | 5,360 | 5,369 | |||
Allowance for loan losses | (3,083) | (2,905) | (2,390) | (2,248) | $ (1,744) | $ (840) |
Financing receivable, after allowance for credit loss | 364,341 | 358,004 | $ 360,661 | |||
Consumer and other loans - Nelnet Bank | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 49,611 | 0 | ||||
Accrued interest receivable | 373 | |||||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (7) | |||||
Allowance for loan losses | (3,853) | $ (2,816) | $ 0 | |||
Financing receivable, after allowance for credit loss | $ 46,124 |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Federally insured loans - Non-Nelnet Bank: | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 0.59% | 0.62% |
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty | 21.90% | 22.40% |
Private education loans - Non-Nelnet Bank: | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 5.78% | 6.11% |
Consumer and other loans - Non-Nelnet Bank: | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 9.76% | 8.62% |
Federally insured loans - Nelnet Bank: | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 0.25% | 0.26% |
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty | 10.00% | 10.30% |
Private education loans - Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 0.86% | 0.68% |
Consumer and other loans - Nelnet Bank | ||
Financing Receivable, Credit Ratio [Line Items] | ||
Allowance for loan losses as a percentage of the ending balance | 7.77% | 0.00% |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Sold and Gains Recognized (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 03, 2023 |
May 02, 2023 |
Apr. 13, 2023 |
Apr. 04, 2023 |
Mar. 02, 2023 |
Jan. 31, 2023 |
Jul. 07, 2022 |
Jun. 30, 2022 |
Jan. 26, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans sold (par value) | $ 61,807 | $ 127,663 | $ 24,980 | $ 5,633 | $ 122,277 | $ 28,915 | $ 114 | $ 18,125 | $ 481,985 | $ 47,154 | |
Gain (loss) | $ 5,362 | $ 11,729 | $ 3,123 | $ 659 | $ 8,903 | $ 2,627 | $ 0 | $ 2,989 | 32,685 | 5,616 | |
Residual interest received in securitization | 24.30% | 26.50% | 11.30% | 0.00% | 24.60% | 7.60% | 0.00% | 6.60% | |||
Receipt of asset-backed investment securities as consideration from sale of loans | $ 43,700 | $ 14,500 | $ 58,182 | $ 0 | |||||||
Home equity | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans sold (par value) | 97,350 | ||||||||||
Gain (loss) | $ (1,441) | ||||||||||
Residual interest received in securitization | 64.80% | ||||||||||
Consumer | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans sold (par value) | $ 42,275 | ||||||||||
Gain (loss) | $ 4,350 | ||||||||||
Residual interest received in securitization | 13.30% |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 114,263 | $ 120,424 | $ 131,827 | $ 127,113 |
Provision for loan losses | 10,504 | 9,625 | 54,394 | 18,575 |
Charge-offs | (8,908) | (7,802) | (28,332) | (21,914) |
Recoveries | 618 | 383 | 1,659 | 996 |
Initial allowance on loans purchased with credit deterioration | 0 | 12 | 6 | 156 |
Loan sales | (6,384) | (3,585) | (49,461) | (5,869) |
Balance at end of period | 110,093 | 119,057 | 110,093 | 119,057 |
Federally insured loans - Non-Nelnet Bank: | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 74,061 | 92,593 | 83,593 | 103,381 |
Provision for loan losses | 1,641 | 888 | 4,052 | 505 |
Charge-offs | (3,659) | (5,715) | (15,608) | (16,264) |
Recoveries | 0 | 0 | 0 | 0 |
Initial allowance on loans purchased with credit deterioration | 0 | 12 | 6 | 156 |
Loan sales | 0 | 0 | 0 | 0 |
Balance at end of period | 72,043 | 87,778 | 72,043 | 87,778 |
Private education loans - Non-Nelnet Bank: | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 14,322 | 15,253 | 15,411 | 16,143 |
Provision for loan losses | 3,009 | 1,154 | 3,249 | 1,971 |
Charge-offs | (571) | (1,066) | (2,279) | (3,072) |
Recoveries | 184 | 236 | 563 | 531 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 | 0 |
Loan sales | 0 | 0 | 0 | 4 |
Balance at end of period | 16,944 | 15,577 | 16,944 | 15,577 |
Consumer and other loans - Non-Nelnet Bank: | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 20,005 | 10,576 | 30,263 | 6,481 |
Provision for loan losses | 4,082 | 7,173 | 41,388 | 14,702 |
Charge-offs | (4,115) | (1,021) | (9,264) | (2,489) |
Recoveries | 434 | 147 | 1,096 | 465 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 | 0 |
Loan sales | (6,384) | (3,585) | (49,461) | (5,869) |
Balance at end of period | 14,022 | 13,290 | 14,022 | 13,290 |
Federally insured loans - Nelnet Bank: | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 154 | 258 | 170 | 268 |
Provision for loan losses | (2) | (94) | (15) | (102) |
Charge-offs | (4) | 0 | (7) | (2) |
Recoveries | 0 | 0 | 0 | 0 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 | 0 |
Loan sales | 0 | 0 | 0 | 0 |
Balance at end of period | 148 | 164 | 148 | 164 |
Private education loans - Nelnet Bank | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 2,905 | 1,744 | 2,390 | 840 |
Provision for loan losses | 220 | 504 | 1,350 | 1,499 |
Charge-offs | (42) | 0 | (657) | (87) |
Recoveries | 0 | 0 | 0 | 0 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 | 0 |
Loan sales | 0 | 0 | 0 | (4) |
Balance at end of period | 3,083 | $ 2,248 | 3,083 | $ 2,248 |
Consumer and other loans - Nelnet Bank | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 2,816 | 0 | ||
Provision for loan losses | 1,554 | 4,370 | ||
Charge-offs | (517) | (517) | ||
Recoveries | 0 | 0 | ||
Initial allowance on loans purchased with credit deterioration | 0 | 0 | ||
Loan sales | 0 | 0 | ||
Balance at end of period | $ 3,853 | $ 3,853 |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Federally insured loans - Non-Nelnet Bank: | ||||
Financing Receivable, Credit Ratio [Line Items] | ||||
Net charge-offs as a percentage of average loans | 0.11% | 0.15% | 0.16% | 0.13% |
Private education loans - Non-Nelnet Bank: | ||||
Financing Receivable, Credit Ratio [Line Items] | ||||
Net charge-offs as a percentage of average loans | 0.61% | 1.23% | 0.94% | 1.22% |
Consumer and other loans - Non-Nelnet Bank: | ||||
Financing Receivable, Credit Ratio [Line Items] | ||||
Net charge-offs as a percentage of average loans | 9.57% | 1.96% | 4.59% | 2.54% |
Federally insured loans - Nelnet Bank: | ||||
Financing Receivable, Credit Ratio [Line Items] | ||||
Net charge-offs as a percentage of average loans | 0.03% | 0.00% | 0.01% | 0.00% |
Private education loans - Nelnet Bank | ||||
Financing Receivable, Credit Ratio [Line Items] | ||||
Net charge-offs as a percentage of average loans | 0.05% | 0.00% | 0.25% | 0.04% |
Consumer and other loans - Nelnet Bank | ||||
Financing Receivable, Credit Ratio [Line Items] | ||||
Net charge-offs as a percentage of average loans | 5.69% | 0.00% | 3.00% | 0.00% |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, payment delays not significant, period (or less) | 3 months | |
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Liability related to unfunded education loan commitments | $ 217 | |
Unfunded education loan commitments | 13,100 | |
Provision for loan losses (negative provision for loan losses) | $ 132 | $ 65 |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Loans in repayment status: | ||||||
Accrued interest receivable | $ 806,854 | $ 816,864 | ||||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (33,638) | (30,714) | ||||
Allowance for loan losses | (110,093) | $ (114,263) | (131,827) | $ (119,057) | $ (120,424) | $ (127,113) |
Financing receivable, after allowance for credit loss | 13,867,557 | 15,243,889 | ||||
Federally insured loans - Non-Nelnet Bank: | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans in-school/grace/deferment | $ 562,754 | $ 637,919 | $ 719,724 | |||
Loans in-school/grace/deferment, percent | 4.60% | 4.70% | 5.00% | |||
Loans in forbearance | $ 906,060 | $ 1,103,181 | $ 1,384,709 | |||
Loans in forbearance, percent | 7.40% | 8.10% | 9.70% | |||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 12,298,984 | $ 13,566,473 | $ 14,300,391 | |||
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |||
Total loans in repayment | $ 10,830,170 | $ 11,825,373 | $ 12,195,958 | |||
Loans in repayment, percent | 88.00% | 87.20% | 85.30% | |||
Total loans, percent | 100.00% | 100.00% | 100.00% | |||
Accrued interest receivable | $ 798,102 | $ 808,150 | $ 786,494 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (30,979) | (35,468) | (25,381) | |||
Allowance for loan losses | (72,043) | (74,061) | (83,593) | (87,778) | (92,593) | (103,381) |
Financing receivable, after allowance for credit loss | 12,994,064 | 14,255,562 | 14,973,726 | |||
Federally insured loans - Non-Nelnet Bank: | Loans current | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 9,014,731 | $ 10,173,859 | $ 10,454,046 | |||
Loans current, percentage | 83.20% | 86.00% | 85.70% | |||
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 441,016 | $ 415,305 | $ 431,471 | |||
Loans past due, percentage | 4.10% | 3.50% | 3.60% | |||
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 301,028 | $ 253,565 | $ 261,616 | |||
Loans past due, percentage | 2.80% | 2.20% | 2.10% | |||
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 213,245 | $ 180,029 | $ 185,753 | |||
Loans past due, percentage | 2.00% | 1.50% | 1.50% | |||
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 648,924 | $ 534,410 | $ 540,555 | |||
Loans past due, percentage | 6.00% | 4.50% | 4.40% | |||
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 211,226 | $ 268,205 | $ 322,517 | |||
Loans past due, percentage | 1.90% | 2.30% | 2.70% | |||
Private education loans - Non-Nelnet Bank: | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans in-school/grace/deferment | $ 11,373 | $ 12,756 | $ 15,556 | |||
Loans in-school/grace/deferment, percent | 3.90% | 5.10% | 5.90% | |||
Loans in forbearance | $ 2,280 | $ 2,017 | $ 2,745 | |||
Loans in forbearance, percent | 0.80% | 0.80% | 1.10% | |||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 293,004 | $ 252,383 | $ 262,183 | |||
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |||
Total loans in repayment | $ 279,351 | $ 237,610 | $ 243,882 | |||
Loans in repayment, percent | 95.30% | 94.10% | 93.00% | |||
Total loans, percent | 100.00% | 100.00% | 100.00% | |||
Accrued interest receivable | $ 2,750 | $ 2,146 | $ 2,207 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (8,069) | (38) | (185) | |||
Allowance for loan losses | (16,944) | (14,322) | (15,411) | (15,577) | (15,253) | (16,143) |
Financing receivable, after allowance for credit loss | 270,741 | 239,080 | 248,628 | |||
Private education loans - Non-Nelnet Bank: | Loans current | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 271,948 | $ 232,539 | $ 238,926 | |||
Loans current, percentage | 97.40% | 97.90% | 98.00% | |||
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 3,485 | $ 2,410 | $ 2,014 | |||
Loans past due, percentage | 1.20% | 1.00% | 0.80% | |||
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 1,424 | $ 767 | $ 992 | |||
Loans past due, percentage | 0.50% | 0.30% | 0.40% | |||
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 2,494 | $ 1,894 | $ 1,950 | |||
Loans past due, percentage | 0.90% | 0.80% | 0.80% | |||
Consumer and other loans - Non-Nelnet Bank: | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans in-school/grace/deferment | $ 20 | $ 109 | $ 29 | |||
Loans in-school/grace/deferment, percent | 0.00% | 0.00% | 0.00% | |||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 143,633 | $ 350,915 | $ 231,441 | |||
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |||
Total loans in repayment | $ 143,613 | $ 350,806 | $ 231,412 | |||
Loans in repayment, percent | 100.00% | 100.00% | 100.00% | |||
Total loans, percent | 100.00% | 100.00% | 100.00% | |||
Accrued interest receivable | $ 1,716 | $ 3,658 | $ 2,561 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (180) | (588) | (1,847) | |||
Allowance for loan losses | (14,022) | (20,005) | (30,263) | (13,290) | (10,576) | (6,481) |
Financing receivable, after allowance for credit loss | 131,147 | 323,722 | 218,865 | |||
Consumer and other loans - Non-Nelnet Bank: | Loans current | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 137,744 | $ 346,812 | $ 228,827 | |||
Loans current, percentage | 95.90% | 98.90% | 98.90% | |||
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 1,987 | $ 1,906 | $ 1,019 | |||
Loans past due, percentage | 1.40% | 0.50% | 0.40% | |||
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 1,293 | $ 764 | $ 427 | |||
Loans past due, percentage | 0.90% | 0.20% | 0.20% | |||
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 2,589 | $ 1,324 | $ 1,139 | |||
Loans past due, percentage | 1.80% | 0.40% | 0.50% | |||
Federally insured loans - Nelnet Bank: | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans in-school/grace/deferment | $ 283 | $ 241 | $ 274 | |||
Loans in-school/grace/deferment, percent | 0.50% | 0.40% | 0.40% | |||
Loans in forbearance | $ 862 | $ 981 | $ 2,551 | |||
Loans in forbearance, percent | 1.50% | 1.50% | 3.50% | |||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 59,261 | $ 65,913 | $ 72,905 | |||
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |||
Total loans in repayment | $ 58,116 | $ 64,691 | $ 70,080 | |||
Loans in repayment, percent | 98.00% | 98.10% | 96.10% | |||
Total loans, percent | 100.00% | 100.00% | 100.00% | |||
Accrued interest receivable | $ 2,008 | $ 1,758 | $ 1,607 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | 19 | 20 | 23 | |||
Allowance for loan losses | (148) | (154) | (170) | (164) | (258) | (268) |
Financing receivable, after allowance for credit loss | 61,140 | 67,521 | 74,371 | |||
Federally insured loans - Nelnet Bank: | Loans current | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 57,059 | $ 63,225 | $ 68,970 | |||
Loans current, percentage | 98.30% | 97.80% | 98.40% | |||
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 333 | $ 436 | $ 353 | |||
Loans past due, percentage | 0.60% | 0.70% | 0.50% | |||
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 81 | $ 466 | $ 130 | |||
Loans past due, percentage | 0.10% | 0.70% | 0.20% | |||
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 12 | $ 222 | $ 5 | |||
Loans past due, percentage | 0.00% | 0.30% | 0.00% | |||
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 428 | $ 183 | $ 508 | |||
Loans past due, percentage | 0.70% | 0.30% | 0.70% | |||
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 203 | $ 159 | $ 114 | |||
Loans past due, percentage | 0.30% | 0.20% | 0.20% | |||
Private education loans - Nelnet Bank | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans in-school/grace/deferment | $ 23,575 | $ 11,580 | $ 10,888 | |||
Loans in-school/grace/deferment, percent | 6.60% | 3.30% | 3.10% | |||
Loans in forbearance | $ 1,169 | $ 864 | $ 524 | |||
Loans in forbearance, percent | 0.30% | 0.20% | 0.10% | |||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 359,941 | $ 353,882 | $ 356,571 | |||
Total loans in repayment, percentage | 100.00% | 100.00% | 100.00% | |||
Total loans in repayment | $ 335,197 | $ 341,438 | $ 345,159 | |||
Loans in repayment, percent | 93.10% | 96.50% | 96.80% | |||
Total loans, percent | 100.00% | 100.00% | 100.00% | |||
Accrued interest receivable | $ 1,905 | $ 1,152 | $ 969 | |||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | 5,578 | 5,360 | 5,369 | |||
Allowance for loan losses | (3,083) | (2,905) | (2,390) | (2,248) | $ (1,744) | $ (840) |
Financing receivable, after allowance for credit loss | 364,341 | 358,004 | 360,661 | |||
Private education loans - Nelnet Bank | Loans current | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 333,595 | $ 340,830 | $ 344,469 | |||
Loans current, percentage | 99.50% | 99.80% | 99.80% | |||
Private education loans - Nelnet Bank | Loans delinquent 30-59 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 679 | $ 167 | $ 197 | |||
Loans past due, percentage | 0.20% | 0.10% | 0.10% | |||
Private education loans - Nelnet Bank | Loans delinquent 60-89 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 412 | $ 32 | $ 79 | |||
Loans past due, percentage | 0.10% | 0.00% | 0.00% | |||
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 511 | $ 409 | $ 414 | |||
Loans past due, percentage | 0.20% | 0.10% | 0.10% | |||
Consumer and other loans - Nelnet Bank | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans in-school/grace/deferment | $ 95 | |||||
Loans in-school/grace/deferment, percent | 0.20% | |||||
Loans in forbearance | $ 32 | |||||
Loans in forbearance, percent | 0.10% | |||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 49,611 | $ 0 | ||||
Total loans in repayment, percentage | 100.00% | |||||
Total loans in repayment | $ 49,484 | |||||
Loans in repayment, percent | 99.70% | |||||
Total loans, percent | 100.00% | |||||
Accrued interest receivable | $ 373 | |||||
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs | (7) | |||||
Allowance for loan losses | (3,853) | $ (2,816) | $ 0 | |||
Financing receivable, after allowance for credit loss | 46,124 | |||||
Consumer and other loans - Nelnet Bank | Loans current | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 48,358 | |||||
Loans current, percentage | 97.70% | |||||
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 527 | |||||
Loans past due, percentage | 1.10% | |||||
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 306 | |||||
Loans past due, percentage | 0.60% | |||||
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||||
Loans in repayment status: | ||||||
Loans receivable, gross | $ 293 | |||||
Loans past due, percentage | 0.60% |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - Private education loans - Nelnet Bank - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | $ 36,245 | $ 209,846 | |
Fiscal year before current fiscal year | 195,815 | 133,788 | |
Fiscal year two years before current fiscal year | 118,837 | 10,248 | |
Fiscal year three years before current fiscal year | 9,044 | ||
Total loans | 359,941 | 353,882 | $ 356,571 |
Less than 705 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 2,681 | 5,898 | |
Fiscal year before current fiscal year | 5,726 | 5,389 | |
Fiscal year two years before current fiscal year | 4,860 | 348 | |
Fiscal year three years before current fiscal year | 339 | ||
Total loans | 13,606 | 11,635 | |
705 - 734 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 6,970 | 23,392 | |
Fiscal year before current fiscal year | 22,441 | 10,543 | |
Fiscal year two years before current fiscal year | 9,395 | 542 | |
Fiscal year three years before current fiscal year | 502 | ||
Total loans | 39,308 | 34,477 | |
735 - 764 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 6,505 | 35,456 | |
Fiscal year before current fiscal year | 33,692 | 16,686 | |
Fiscal year two years before current fiscal year | 15,233 | 1,473 | |
Fiscal year three years before current fiscal year | 1,378 | ||
Total loans | 56,808 | 53,615 | |
765 - 794 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 4,797 | 57,141 | |
Fiscal year before current fiscal year | 53,433 | 31,035 | |
Fiscal year two years before current fiscal year | 28,066 | 1,622 | |
Fiscal year three years before current fiscal year | 1,400 | ||
Total loans | 87,696 | 89,798 | |
Greater than 794 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 13,719 | 87,959 | |
Fiscal year before current fiscal year | 80,523 | 70,135 | |
Fiscal year two years before current fiscal year | 61,283 | 6,263 | |
Fiscal year three years before current fiscal year | 5,425 | ||
Total loans | 160,950 | $ 164,357 | |
No FICO score available or required | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current fiscal year | 1,573 | ||
Fiscal year before current fiscal year | 0 | ||
Fiscal year two years before current fiscal year | 0 | ||
Fiscal year three years before current fiscal year | 0 | ||
Total loans | $ 1,573 |
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Accrued interest receivable | $ 806,854 | $ 816,864 | ||||
Loan discount, net of unamortized premiums | (33,638) | (30,714) | ||||
Allowance for loan losses | (110,093) | $ (114,263) | (131,827) | $ (119,057) | $ (120,424) | $ (127,113) |
Financing receivable, after allowance for credit loss | 13,867,557 | 15,243,889 | ||||
Private education loans - Non-Nelnet Bank: | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 128 | |||||
2022 | 5,532 | |||||
2021 | 9,310 | |||||
2020 | 49,160 | |||||
2019 | 41,110 | |||||
Prior years | 187,764 | |||||
Total loans | 293,004 | 252,383 | 262,183 | |||
Accrued interest receivable | 2,750 | 2,146 | 2,207 | |||
Loan discount, net of unamortized premiums | (8,069) | (38) | (185) | |||
Allowance for loan losses | (16,944) | (14,322) | (15,411) | (15,577) | (15,253) | (16,143) |
Financing receivable, after allowance for credit loss | 270,741 | 239,080 | 248,628 | |||
Current period gross charge-offs, current fiscal year | 0 | |||||
Current period gross charge-offs, fiscal year before current fiscal year | 35 | |||||
Current period gross charge-offs, two years before current fiscal year | 10 | |||||
Current period gross charge-offs, three years before current fiscal year | 105 | |||||
Current period gross charge-offs, four years before current fiscal year | 548 | |||||
Current period gross charge-offs, more than five years before current fiscal year | 1,581 | |||||
Current period gross charge-offs, total | 2,279 | |||||
Private education loans - Non-Nelnet Bank: | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 271,948 | 232,539 | 238,926 | |||
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 3,485 | 2,410 | 2,014 | |||
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 1,424 | 767 | 992 | |||
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 2,494 | 1,894 | 1,950 | |||
Private education loans - Non-Nelnet Bank: | Loans in-school/grace/deferment | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 0 | |||||
2022 | 1,138 | |||||
2021 | 4,845 | |||||
2020 | 1,105 | |||||
2019 | 1,647 | |||||
Prior years | 2,638 | |||||
Total loans | 11,373 | |||||
Private education loans - Non-Nelnet Bank: | Loans in forbearance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 0 | |||||
2022 | 79 | |||||
2021 | 50 | |||||
2020 | 411 | |||||
2019 | 569 | |||||
Prior years | 1,171 | |||||
Total loans | 2,280 | |||||
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 128 | |||||
2022 | 4,315 | |||||
2021 | 4,415 | |||||
2020 | 47,644 | |||||
2019 | 38,894 | |||||
Prior years | 183,955 | |||||
Total loans | 279,351 | |||||
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 128 | |||||
2022 | 4,311 | |||||
2021 | 4,351 | |||||
2020 | 46,927 | |||||
2019 | 38,618 | |||||
Prior years | 177,613 | |||||
Total loans | 271,948 | |||||
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 0 | |||||
2022 | 0 | |||||
2021 | 33 | |||||
2020 | 383 | |||||
2019 | 234 | |||||
Prior years | 2,835 | |||||
Total loans | 3,485 | |||||
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 0 | |||||
2022 | 4 | |||||
2021 | 31 | |||||
2020 | 145 | |||||
2019 | 42 | |||||
Prior years | 1,202 | |||||
Total loans | 1,424 | |||||
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 0 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 189 | |||||
2019 | 0 | |||||
Prior years | 2,305 | |||||
Total loans | 2,494 | |||||
Consumer and other loans - Non-Nelnet Bank: | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 84,984 | |||||
2022 | 51,534 | |||||
2021 | 5,197 | |||||
2020 | 533 | |||||
2019 | 877 | |||||
Prior years | 508 | |||||
Total loans | 143,633 | 350,915 | 231,441 | |||
Accrued interest receivable | 1,716 | 3,658 | 2,561 | |||
Loan discount, net of unamortized premiums | (180) | (588) | (1,847) | |||
Allowance for loan losses | (14,022) | (20,005) | (30,263) | (13,290) | (10,576) | (6,481) |
Financing receivable, after allowance for credit loss | 131,147 | 323,722 | 218,865 | |||
Current period gross charge-offs, current fiscal year | 2,866 | |||||
Current period gross charge-offs, fiscal year before current fiscal year | 5,580 | |||||
Current period gross charge-offs, two years before current fiscal year | 583 | |||||
Current period gross charge-offs, three years before current fiscal year | 27 | |||||
Current period gross charge-offs, four years before current fiscal year | 80 | |||||
Current period gross charge-offs, more than five years before current fiscal year | 128 | |||||
Current period gross charge-offs, total | 9,264 | |||||
Consumer and other loans - Non-Nelnet Bank: | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 137,744 | 346,812 | 228,827 | |||
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 1,987 | 1,906 | 1,019 | |||
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 1,293 | 764 | 427 | |||
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 2,589 | 1,324 | 1,139 | |||
Consumer and other loans - Non-Nelnet Bank: | Loans in-school/grace/deferment | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 0 | |||||
2022 | 0 | |||||
2021 | 18 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 2 | |||||
Total loans | 20 | |||||
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 84,984 | |||||
2022 | 51,534 | |||||
2021 | 5,179 | |||||
2020 | 533 | |||||
2019 | 877 | |||||
Prior years | 506 | |||||
Total loans | 143,613 | |||||
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 83,292 | |||||
2022 | 48,425 | |||||
2021 | 4,687 | |||||
2020 | 506 | |||||
2019 | 664 | |||||
Prior years | 170 | |||||
Total loans | 137,744 | |||||
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 677 | |||||
2022 | 1,128 | |||||
2021 | 167 | |||||
2020 | 0 | |||||
2019 | 9 | |||||
Prior years | 6 | |||||
Total loans | 1,987 | |||||
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 623 | |||||
2022 | 579 | |||||
2021 | 84 | |||||
2020 | 0 | |||||
2019 | 5 | |||||
Prior years | 2 | |||||
Total loans | 1,293 | |||||
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 392 | |||||
2022 | 1,402 | |||||
2021 | 241 | |||||
2020 | 27 | |||||
2019 | 199 | |||||
Prior years | 328 | |||||
Total loans | 2,589 | |||||
Private education loans - Nelnet Bank | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 36,245 | 209,846 | ||||
2022 | 195,815 | 133,788 | ||||
2021 | 118,837 | 10,248 | ||||
2020 | 9,044 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 359,941 | 353,882 | 356,571 | |||
Accrued interest receivable | 1,905 | 1,152 | 969 | |||
Loan discount, net of unamortized premiums | 5,578 | 5,360 | 5,369 | |||
Deferred origination costs, net of unaccreted discount | 5,578 | |||||
Allowance for loan losses | (3,083) | (2,905) | (2,390) | (2,248) | $ (1,744) | $ (840) |
Financing receivable, after allowance for credit loss | 364,341 | 358,004 | 360,661 | |||
Current period gross charge-offs, current fiscal year | 20 | |||||
Current period gross charge-offs, fiscal year before current fiscal year | 637 | |||||
Current period gross charge-offs, two years before current fiscal year | 0 | |||||
Current period gross charge-offs, three years before current fiscal year | 0 | |||||
Current period gross charge-offs, four years before current fiscal year | 0 | |||||
Current period gross charge-offs, more than five years before current fiscal year | 0 | |||||
Current period gross charge-offs, total | 657 | |||||
Private education loans - Nelnet Bank | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 333,595 | 340,830 | 344,469 | |||
Private education loans - Nelnet Bank | Loans delinquent 30-59 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 679 | 167 | 197 | |||
Private education loans - Nelnet Bank | Loans delinquent 60-89 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 412 | 32 | 79 | |||
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 511 | 409 | $ 414 | |||
Private education loans - Nelnet Bank | Loans in-school/grace/deferment | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 9,028 | |||||
2022 | 12,210 | |||||
2021 | 1,218 | |||||
2020 | 1,119 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 23,575 | |||||
Private education loans - Nelnet Bank | Loans in forbearance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 147 | |||||
2022 | 683 | |||||
2021 | 339 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 1,169 | |||||
Private education loans - Nelnet Bank | Loans in repayment status: | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 27,070 | |||||
2022 | 182,922 | |||||
2021 | 117,280 | |||||
2020 | 7,925 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 335,197 | |||||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 26,709 | |||||
2022 | 182,313 | |||||
2021 | 116,684 | |||||
2020 | 7,889 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 333,595 | |||||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 228 | |||||
2022 | 249 | |||||
2021 | 166 | |||||
2020 | 36 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 679 | |||||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 4 | |||||
2022 | 165 | |||||
2021 | 243 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 412 | |||||
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 129 | |||||
2022 | 195 | |||||
2021 | 187 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 511 | |||||
Consumer and other loans - Nelnet Bank | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 49,066 | |||||
2022 | 490 | |||||
2021 | 55 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 49,611 | 0 | ||||
Accrued interest receivable | 373 | |||||
Loan discount, net of unamortized premiums | (7) | |||||
Allowance for loan losses | (3,853) | $ (2,816) | $ 0 | |||
Financing receivable, after allowance for credit loss | 46,124 | |||||
Current period gross charge-offs, current fiscal year | 517 | |||||
Current period gross charge-offs, fiscal year before current fiscal year | 0 | |||||
Current period gross charge-offs, two years before current fiscal year | 0 | |||||
Current period gross charge-offs, three years before current fiscal year | 0 | |||||
Current period gross charge-offs, four years before current fiscal year | 0 | |||||
Current period gross charge-offs, more than five years before current fiscal year | 0 | |||||
Current period gross charge-offs, total | 517 | |||||
Consumer and other loans - Nelnet Bank | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 48,358 | |||||
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 527 | |||||
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 306 | |||||
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total loans | 293 | |||||
Consumer and other loans - Nelnet Bank | Loans in deferment | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 95 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 95 | |||||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 48,939 | |||||
2022 | 490 | |||||
2021 | 55 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 49,484 | |||||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 47,813 | |||||
2022 | 490 | |||||
2021 | 55 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 48,358 | |||||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 527 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 527 | |||||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 306 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 306 | |||||
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 293 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | 293 | |||||
Consumer and other loans - Nelnet Bank | Loans in forbearance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Nine months ended September 30, 2023 | 32 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
Prior years | 0 | |||||
Total loans | $ 32 |
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 12,544,682 | $ 14,785,283 |
Discount on bonds and notes payable and debt issuance costs | (96,573) | (148,088) |
Bonds and notes payable, net | 12,448,109 | 14,637,195 |
Unsecured line of credit | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 0 | $ 0 |
Interest rate | 0.00% | 0.00% |
Participation agreement | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 63 | $ 395,432 |
Interest rate | 6.06% | 5.02% |
Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 336,523 | $ 567,254 |
Other - due to related party | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 6,010 | 6,187 |
Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 10,028,276 | 11,868,190 |
Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 89,910 | 178,960 |
Federally insured | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 10,118,186 | 12,047,150 |
Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 497,397 | 594,051 |
Federally insured | Loan warehouse facility | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 1,466,178 | 978,956 |
Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 15,579 | 19,865 |
Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | 16,626 | 23,032 |
Private education | Loan warehouse facility | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 38,183 | $ 64,356 |
Interest rate | 5.63% | 4.72% |
Consumer loans | Loan warehouse facility | ||
Debt Instrument [Line Items] | ||
Bonds and notes payable, gross | $ 49,937 | $ 89,000 |
Interest rate | 5.68% | 4.73% |
Minimum | Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.26% | 0.97% |
Minimum | Other - due to related party | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.55% | 3.55% |
Minimum | Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.27% | 4.47% |
Minimum | Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.00% | 0.00% |
Minimum | Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.42% | 1.42% |
Minimum | Federally insured | Loan warehouse facility | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.40% | 4.69% |
Minimum | Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.90% | |
Minimum | Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.60% | |
Maximum | Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.72% | 5.60% |
Maximum | Other - due to related party | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.05% | 6.05% |
Maximum | Federally insured | Bonds and notes based on indices | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.43% | 6.39% |
Maximum | Federally insured | Bonds and notes based on auction | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.43% | 4.02% |
Maximum | Federally insured | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.45% | 3.45% |
Maximum | Federally insured | Loan warehouse facility | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.67% | 4.71% |
Maximum | Private education | Variable-rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.90% | 6.14% |
Maximum | Private education | Fixed rate bonds and notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.35% | 5.35% |
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse Agreement Borrowings - USD ($) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
May 22, 2023 |
Sep. 30, 2023 |
May 25, 2023 |
Apr. 03, 2023 |
Mar. 31, 2023 |
Mar. 30, 2023 |
|
FFELP Warehouse Facilities | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum financing amount | $ 1,682,000,000 | |||||
Amount outstanding | 1,466,178,000 | |||||
Amount available | 215,822,000 | |||||
Advanced as equity support | 108,308,000 | |||||
FFELP Warehouse Facility Due November 2024 | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum financing amount | 1,250,000,000 | $ 1,250,000,000 | $ 1,200,000,000 | |||
Amount outstanding | 1,067,533,000 | |||||
Amount available | 182,467,000 | |||||
Advanced as equity support | 74,825,000 | |||||
Advance rate, maximum, lower range | 90.00% | |||||
Advance rate, maximum, higher range | 96.00% | |||||
Advance rate, minimum, lower range | 84.00% | |||||
Advance rate, minimum, higher range | 90.00% | |||||
FFELP Warehouse Facility Due April 2025 | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum financing amount | 432,000,000 | $ 432,000,000 | $ 250,000,000 | |||
Amount outstanding | 398,645,000 | |||||
Amount available | $ 33,355,000 | |||||
Advance rate | 92.00% | |||||
Advanced as equity support | $ 33,483,000 | |||||
Private Loan Warehouse Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum financing amount | 38,183,000 | |||||
Amount outstanding | 38,183,000 | |||||
Amount available | $ 0 | |||||
Advance rate | 0.00% | |||||
Advanced as equity support | $ 17,910,000 | |||||
Consumer Loan Warehouse Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum financing amount | 250,000,000 | |||||
Amount outstanding | 49,937,000 | |||||
Amount available | $ 200,063,000 | |||||
Advance rate | 70.00% | |||||
Advanced as equity support | $ 21,328,000 |
Bonds and Notes Payable - Narrative (Details) - USD ($) |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Apr. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | |||
Amount of participation, student loan asset-backed securities at par value | $ 100,000 | ||
Other borrowing agreement, termination notice period | 5 days | ||
Other borrowings, maximum | $ 400,000,000 | ||
Repurchase agreements, contractual maturity adjustment, written notice period | 180 days | ||
Repurchase agreements, amount collateralized by private education loan asset-backed securities | $ 336,500,000 | ||
Par value of asset-based securities | 1,059,297,000 | $ 1,389,037,000 | |
Asset-backed securities | |||
Debt Instrument [Line Items] | |||
Par value of asset-based securities | 257,300,000 | ||
Asset-based securities serving as collateral on secured debt repurchase agreements | 118,900,000 | ||
Unsecured Line of Credit | Line of Credit | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 0 | ||
Amount available | 495,000,000 | ||
Unsecured Line of Credit | Unsecured Debt | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum financing amount | $ 495,000,000 | ||
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt | |||
Debt Instrument [Line Items] | |||
Payments to extinguish debt | $ 188,600,000 | ||
Payments to extinguish debt, bonds owned by entity | 140,500,000 | ||
Write off of unamortized debt discount | $ 25,900,000 |
Bonds and Notes Payable - Debt Repurchased (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Disclosure [Abstract] | ||||
Purchase price | $ (4,284) | $ (13,563) | $ (5,112) | $ (67,081) |
Par value | 5,033 | 13,903 | 5,941 | 69,133 |
Remaining unamortized cost of issuance | (12) | (180) | (14) | (821) |
Gain | $ 737 | $ 160 | $ 815 | $ 1,231 |
Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Notional amount | $ 3,150,000,000 | $ 3,900,000,000 |
2023 | ||
Derivative [Line Items] | ||
Notional amount | 0 | 750,000,000 |
2024 | ||
Derivative [Line Items] | ||
Notional amount | 1,750,000,000 | 1,750,000,000 |
2026 | ||
Derivative [Line Items] | ||
Notional amount | 1,150,000,000 | 1,150,000,000 |
2027 | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000,000 | $ 250,000,000 |
Derivative Financial Instruments - Narrative (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Gross fair value of derivatives | $ 3,056,000 | $ 0 |
1:3 basis swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 3,150,000,000 | $ 3,900,000,000 |
1:3 basis swaps | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Weighted average rate | 0.101% | |
1:3 basis swaps | London Interbank Offered Rate (LIBOR) | ||
Derivative [Line Items] | ||
Weighted average rate | 0.097% | |
Interest rate swaps - Nelnet Bank | Variable Rate Deposits | ||
Derivative [Line Items] | ||
Gross fair value of derivatives | $ 3,100,000 | |
Notional amount | $ 115,000,000 |
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedge - Interest rate swaps - Nelnet Bank - USD ($) |
Mar. 15, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Derivative [Line Items] | |||
Notional amount | $ 50,000,000 | $ 2,800,000,000 | |
Weighted average fixed rate paid by the Company | 3.44% | 0.70% | |
Derivative, notional amount, terminated | $ 2,800,000,000 | ||
Cash received or receivable from derivative | 183,200,000 | ||
Proceeds for settlement of terminated derivatives | $ 19,100,000 | ||
2024 | |||
Derivative [Line Items] | |||
Notional amount | $ 0 | $ 2,000,000,000 | |
Weighted average fixed rate paid by the Company | 0.00% | 0.35% | |
2026 | |||
Derivative [Line Items] | |||
Notional amount | $ 0 | $ 500,000,000 | |
Weighted average fixed rate paid by the Company | 0.00% | 1.02% | |
2030 | |||
Derivative [Line Items] | |||
Notional amount | $ 50,000,000 | $ 0 | |
Weighted average fixed rate paid by the Company | 3.44% | 0.00% | |
2031 | |||
Derivative [Line Items] | |||
Notional amount | $ 0 | $ 100,000,000 | |
Weighted average fixed rate paid by the Company | 0.00% | 1.53% | |
2032 | |||
Derivative [Line Items] | |||
Notional amount | $ 0 | $ 200,000,000 | |
Weighted average fixed rate paid by the Company | 0.00% | 2.92% |
Derivative Financial Instruments - Interest Rate Swaps, Variable Rate Deposits (Details) - Variable Rate Deposits - Interest rate swaps - Nelnet Bank $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | $ 115,000 |
Weighted average fixed rate paid by the Company | 3.36% |
2028 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | $ 40,000 |
Weighted average fixed rate paid by the Company | 3.33% |
2030 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | $ 50,000 |
Weighted average fixed rate paid by the Company | 3.06% |
Variable Rate Deposits, April 2026 Effective Start Date | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | $ 25,000 |
Variable Rate Deposits, May 2026 Effective Start Date | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | 25,000 |
2032 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional amount | $ 25,000 |
Weighted average fixed rate paid by the Company | 4.03% |
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative settlements, net | $ 817 | $ 10,271 | $ 24,219 | $ 12,085 |
Change in fair value | 3,140 | 52,991 | $ (32,266) | 239,125 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Derivative market value adjustments and derivative settlements, net | |||
Derivative market value adjustments and derivative settlements, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative settlements, net | 817 | 10,271 | $ 24,219 | 12,085 |
Derivative market value adjustments and derivative settlements, net - income (expense) | 3,957 | 63,262 | (8,047) | 251,210 |
1:3 basis swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value | (464) | 189 | $ (253) | 929 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Derivative market value adjustments and derivative settlements, net | |||
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative settlements, net | 386 | (1,085) | $ 1,180 | 242 |
Interest rate swaps - floor income hedge | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value | 1,656 | 52,802 | $ (35,070) | 238,196 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Derivative market value adjustments and derivative settlements, net | |||
Interest rate swaps - floor income hedge | Derivative market value adjustments and derivative settlements, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative settlements, net | 235 | 11,356 | $ 22,760 | 11,843 |
Interest rate swaps - Nelnet Bank | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value | 1,948 | 0 | $ 3,057 | 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Derivative market value adjustments and derivative settlements, net | |||
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative settlements, net | $ 196 | $ 0 | $ 279 | $ 0 |
Investments and Notes Receivable - Summary of Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Feb. 06, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Investments (at fair value): | ||||||||
Amortized cost | $ 1,092,419 | $ 1,092,419 | $ 1,441,630 | |||||
Gross unrealized gains | 11,487 | 11,487 | 4,622 | |||||
Gross unrealized losses | (44,609) | (44,609) | (57,215) | |||||
Fair value | 1,059,297 | 1,059,297 | 1,389,037 | |||||
Equity securities | 46,634 | 46,634 | 39,082 | |||||
Total investments at fair value | 1,105,931 | 1,105,931 | 1,428,119 | |||||
Held to maturity investments | ||||||||
Fair value | 163,066 | 163,066 | 18,774 | |||||
Beneficial interest in securitizations | 191,152 | 191,152 | 138,738 | |||||
Notes receivable | 54,129 | 54,129 | 31,106 | |||||
Other investments | 839,757 | 839,757 | 683,798 | |||||
Total investments and notes receivable | 1,945,688 | 1,945,688 | 2,111,917 | |||||
Amount of participation, student loan asset-backed securities at par value | 100 | 100 | ||||||
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value | 294,500 | 294,500 | ||||||
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value | 260,100 | 260,100 | ||||||
Debt securities, held-to-maturity, transfer from available-for-sale | $ 149,200 | |||||||
Debt securities, held-to-maturity, transfer from available-for-sale, unrealized loss | $ 3,700 | |||||||
Equity securities, realized gain | 2,299 | $ 2,164 | 6,822 | $ 6,420 | ||||
Net loss attributable to noncontrolling interests | 3,096 | 4,329 | 15,738 | 8,315 | ||||
Net income (loss) excluding those attributed to noncontrolling interest investors | 45,332 | 104,798 | 100,086 | 376,573 | ||||
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 655,977 | 655,977 | 958,353 | |||||
Gross unrealized gains | 8,012 | 8,012 | 3,649 | |||||
Gross unrealized losses | (39,707) | (39,707) | (44,333) | |||||
Fair value | 624,282 | 624,282 | 917,669 | |||||
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 295,986 | 295,986 | 463,861 | |||||
Gross unrealized gains | 5,930 | 5,930 | 3,498 | |||||
Gross unrealized losses | (5,310) | (5,310) | (11,105) | |||||
Fair value | 296,606 | 296,606 | 456,254 | |||||
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 294,068 | 294,068 | 335,903 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | (33,960) | (33,960) | (29,438) | |||||
Fair value | 260,108 | 260,108 | 306,465 | |||||
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 65,923 | 65,923 | 158,589 | |||||
Gross unrealized gains | 2,082 | 2,082 | 151 | |||||
Gross unrealized losses | (437) | (437) | (3,790) | |||||
Fair value | 67,568 | 67,568 | 154,950 | |||||
Asset-Backed Securities, Available-For-Sale, Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 436,442 | 436,442 | 483,277 | |||||
Gross unrealized gains | 3,475 | 3,475 | 973 | |||||
Gross unrealized losses | (4,902) | (4,902) | (12,882) | |||||
Fair value | 435,015 | 435,015 | 471,368 | |||||
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 318,919 | 318,919 | 349,855 | |||||
Gross unrealized gains | 3,329 | 3,329 | 955 | |||||
Gross unrealized losses | (2,393) | (2,393) | (8,853) | |||||
Fair value | 319,855 | 319,855 | 341,957 | |||||
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 1,609 | 1,609 | 1,941 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | (83) | (83) | (122) | |||||
Fair value | 1,526 | 1,526 | 1,819 | |||||
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank | ||||||||
Investments (at fair value): | ||||||||
Amortized cost | 115,914 | 115,914 | 131,481 | |||||
Gross unrealized gains | 146 | 146 | 18 | |||||
Gross unrealized losses | (2,426) | (2,426) | (3,907) | |||||
Fair value | 113,634 | 113,634 | 127,592 | |||||
Debt Securities, Held-To-Maturity, Non-Nelnet Bank | ||||||||
Held to maturity investments | ||||||||
Fair value | 4,700 | 4,700 | 18,554 | |||||
Held-To-Maturity Investments, Nelnet Bank | ||||||||
Held to maturity investments | ||||||||
Fair value | 158,366 | 158,366 | 220 | |||||
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | ||||||||
Held to maturity investments | ||||||||
Fair value | 158,125 | 158,125 | 0 | |||||
Debt Securities, Held-To-Maturity, Other, Nelnet Bank | ||||||||
Held to maturity investments | ||||||||
Fair value | 241 | 241 | 220 | |||||
Asset-Backed Securities Subject To Participation Interests | ||||||||
Investments (at fair value): | ||||||||
Fair value | 100 | 100 | ||||||
Venture capital funds | ||||||||
Held to maturity investments | ||||||||
Measurement alternative | 193,106 | 193,106 | 160,052 | |||||
Equity method | 99,640 | 99,640 | 89,332 | |||||
Other investments | 292,746 | 292,746 | 249,384 | |||||
Carrying amount of investment | 193,106 | 193,106 | 160,052 | |||||
Venture capital funds | Hudl | ||||||||
Held to maturity investments | ||||||||
Measurement alternative | 165,500 | 165,500 | ||||||
Payment to acquire additional ownership interests in investment | $ 31,500 | |||||||
Carrying amount of investment | 165,500 | 165,500 | ||||||
Real estate | ||||||||
Held to maturity investments | ||||||||
Equity method | 97,053 | 97,053 | 80,364 | |||||
Partnership Interest | ||||||||
Held to maturity investments | ||||||||
Equity method | 26,294 | 26,294 | 67,538 | |||||
Preferred membership interest and accrued and unpaid preferred return | 152,748 | 152,748 | 145,926 | |||||
Other investments | 179,042 | 179,042 | 213,464 | |||||
Additional equity investment | $ 8,400 | |||||||
Equity securities, realized loss | 17,300 | 17,600 | 49,700 | 47,600 | ||||
Preferred membership interest and accrued and unpaid preferred return | 152,748 | 152,748 | 145,926 | |||||
Partnership Interest | ALLO | ||||||||
Held to maturity investments | ||||||||
Preferred membership interest and accrued and unpaid preferred return | 145,900 | 145,900 | ||||||
Preferred membership interest and accrued and unpaid preferred return | 145,900 | 145,900 | ||||||
Equity method investment, accrued and unpaid preferred return | 6,800 | 6,800 | ||||||
Beneficial interest in consumer loans and other | ||||||||
Held to maturity investments | ||||||||
Beneficial interest in securitizations | 98,701 | 98,701 | 39,249 | |||||
Beneficial interest in private education loan securitizations | ||||||||
Held to maturity investments | ||||||||
Beneficial interest in securitizations | 69,716 | 69,716 | 75,261 | |||||
Loans corresponding to beneficial interest | 540,000 | 540,000 | ||||||
Beneficial interest in federally insured loan securitizations | ||||||||
Held to maturity investments | ||||||||
Beneficial interest in securitizations | 22,735 | 22,735 | 24,228 | |||||
Loans corresponding to beneficial interest | 350,000 | 350,000 | ||||||
Solar | ||||||||
Held to maturity investments | ||||||||
Solar | (144,929) | (144,929) | (55,448) | |||||
Amount funded or committed to fund | 332,000 | 332,000 | ||||||
Amount funded or committed to fund by partners | 126,500 | 126,500 | ||||||
Equity method investment, amount committed to fund | 265,900 | 265,900 | ||||||
Equity method investment, amount committed to fund by partners | 128,700 | 128,700 | ||||||
Pre-tax loss from equity investment | 3,600 | 4,200 | 13,500 | 7,100 | ||||
Net loss attributable to noncontrolling interests | 1,800 | 4,100 | 12,000 | 8,000 | ||||
Net income (loss) excluding those attributed to noncontrolling interest investors | (1,800) | (100) | (1,500) | 900 | ||||
Tax liens, affordable housing, and other | ||||||||
Held to maturity investments | ||||||||
Other investments | 7,498 | 7,498 | $ 7,416 | |||||
Consumer loans | ||||||||
Held to maturity investments | ||||||||
Loans corresponding to beneficial interest | $ 660,000 | $ 660,000 | ||||||
Preferred Partnership Interest | ||||||||
Held to maturity investments | ||||||||
Equity method investment, preferred annual return | 6.25% | 6.25% | ||||||
Equity securities, realized gain | $ 2,300 | $ 2,200 | $ 6,800 | $ 6,400 |
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | $ 69,688 | |
Amortized cost, after 1 year through 5 years | 56,620 | |
Amortized cost, after 5 years through 10 years | 140,823 | |
Amortized cost, after 10 years | 825,288 | |
Amortized cost | 1,092,419 | $ 1,441,630 |
Fair value | ||
Fair value, 1 year or less | 69,388 | |
Fair value, after 1 year through 5 years | 55,798 | |
Fair value, after 5 years through 10 years | 139,013 | |
Fair value, after 10 years | 795,098 | |
Total | 1,059,297 | 1,389,037 |
Held to maturity investments | ||
Amortized cost, 1 year or less | 4,941 | |
Amortized cost, after 1 year through 5 years | 3,571 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 154,554 | |
Total | 163,066 | 18,774 |
Fair value | ||
Fair value, 1 year or less | 4,941 | |
Fair value, after 1 year through 5 years | 3,641 | |
Fair value, after 5 years through 10 years | 0 | |
Fair value, after 10 years | 155,786 | |
Total | 164,368 | |
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 15,907 | |
Amortized cost, after 5 years through 10 years | 37,468 | |
Amortized cost, after 10 years | 602,602 | |
Amortized cost | 655,977 | 958,353 |
Fair value | ||
Fair value, 1 year or less | 0 | |
Fair value, after 1 year through 5 years | 15,676 | |
Fair value, after 5 years through 10 years | 36,563 | |
Fair value, after 10 years | 572,043 | |
Total | 624,282 | 917,669 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 15,808 | |
Amortized cost, after 5 years through 10 years | 28,269 | |
Amortized cost, after 10 years | 251,909 | |
Amortized cost | 295,986 | 463,861 |
Fair value | ||
Total | 296,606 | 456,254 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 294,068 | |
Amortized cost | 294,068 | 335,903 |
Fair value | ||
Total | 260,108 | 306,465 |
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 99 | |
Amortized cost, after 5 years through 10 years | 9,199 | |
Amortized cost, after 10 years | 56,625 | |
Amortized cost | 65,923 | 158,589 |
Fair value | ||
Total | 67,568 | 154,950 |
Asset-Backed Securities, Available-For-Sale, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 69,688 | |
Amortized cost, after 1 year through 5 years | 40,713 | |
Amortized cost, after 5 years through 10 years | 103,355 | |
Amortized cost, after 10 years | 222,686 | |
Amortized cost | 436,442 | 483,277 |
Fair value | ||
Fair value, 1 year or less | 69,388 | |
Fair value, after 1 year through 5 years | 40,122 | |
Fair value, after 5 years through 10 years | 102,450 | |
Fair value, after 10 years | 223,055 | |
Total | 435,015 | 471,368 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 68,494 | |
Amortized cost, after 1 year through 5 years | 13,183 | |
Amortized cost, after 5 years through 10 years | 55,630 | |
Amortized cost, after 10 years | 181,612 | |
Amortized cost | 318,919 | 349,855 |
Fair value | ||
Total | 319,855 | 341,957 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 1,609 | |
Amortized cost | 1,609 | 1,941 |
Fair value | ||
Total | 1,526 | 1,819 |
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank | ||
Available-for-sale asset-backed securities | ||
Amortized cost, 1 year or less | 1,194 | |
Amortized cost, after 1 year through 5 years | 27,530 | |
Amortized cost, after 5 years through 10 years | 47,725 | |
Amortized cost, after 10 years | 39,465 | |
Amortized cost | 115,914 | 131,481 |
Fair value | ||
Total | 113,634 | 127,592 |
Debt Securities, Held-To-Maturity, Non-Nelnet Bank | ||
Held to maturity investments | ||
Amortized cost, 1 year or less | 4,700 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 0 | |
Total | 4,700 | 18,554 |
Fair value | ||
Fair value, 1 year or less | 4,700 | |
Fair value, after 1 year through 5 years | 0 | |
Fair value, after 5 years through 10 years | 0 | |
Fair value, after 10 years | 0 | |
Total | 4,700 | |
Held-To-Maturity Investments, Nelnet Bank | ||
Held to maturity investments | ||
Amortized cost, 1 year or less | 241 | |
Amortized cost, after 1 year through 5 years | 3,571 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 154,554 | |
Total | 158,366 | 220 |
Fair value | ||
Fair value, 1 year or less | 241 | |
Fair value, after 1 year through 5 years | 3,641 | |
Fair value, after 5 years through 10 years | 0 | |
Fair value, after 10 years | 155,786 | |
Total | 159,668 | |
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | ||
Held to maturity investments | ||
Amortized cost, 1 year or less | 0 | |
Amortized cost, after 1 year through 5 years | 3,571 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 154,554 | |
Total | 158,125 | 0 |
Debt Securities, Held-To-Maturity, Other, Nelnet Bank | ||
Held to maturity investments | ||
Amortized cost, 1 year or less | 241 | |
Amortized cost, after 1 year through 5 years | 0 | |
Amortized cost, after 5 years through 10 years | 0 | |
Amortized cost, after 10 years | 0 | |
Total | $ 241 | $ 220 |
Investments and Notes Receivable - Narrative (Details) |
Sep. 30, 2023
USD ($)
|
---|---|
Investments [Abstract] | |
Asset -backed securities unrealized loss position not due to credit loss | $ 0 |
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | $ (13,505) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 416,739 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (31,104) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 300,314 |
Total, unrealized loss | (44,609) |
Total, fair value | 717,053 |
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (11,858) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 267,743 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (27,849) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 195,548 |
Total, unrealized loss | (39,707) |
Total, fair value | 463,291 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (5,283) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 181,168 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (27) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 716 |
Total, unrealized loss | (5,310) |
Total, fair value | 181,884 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (6,138) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 65,276 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (27,822) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 194,832 |
Total, unrealized loss | (33,960) |
Total, fair value | 260,108 |
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (437) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 21,299 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | 0 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 0 |
Total, unrealized loss | (437) |
Total, fair value | 21,299 |
Asset-Backed Securities, Available-For-Sale, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (1,647) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 148,996 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (3,255) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 104,766 |
Total, unrealized loss | (4,902) |
Total, fair value | 253,762 |
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (1,328) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 123,951 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (1,065) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 60,907 |
Total, unrealized loss | (2,393) |
Total, fair value | 184,858 |
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | 0 |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 0 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (83) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 1,526 |
Total, unrealized loss | (83) |
Total, fair value | 1,526 |
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss | (319) |
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value | 25,045 |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss | (2,107) |
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value | 42,333 |
Total, unrealized loss | (2,426) |
Total, fair value | $ 67,378 |
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Investments [Abstract] | ||||
Gross proceeds from sales | $ 198,548 | $ 130,705 | $ 776,096 | $ 450,457 |
Gross realized gains | 1,257 | 1,142 | 3,451 | 5,016 |
Gross realized losses | (193) | (564) | (6,452) | (796) |
Net gains (losses) | $ 1,064 | $ 578 | $ (3,001) | $ 4,220 |
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful life | 96 months | |
Amortizable intangible assets, net | $ 51,910 | $ 63,501 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | $ 45,217 | 55,116 |
Weighted average remaining useful life | 105 months | |
Amortizable intangible assets, net | $ 45,490 | 51,738 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | $ 5,177 | 617 |
Weighted average remaining useful life | 21 months | |
Amortizable intangible assets, net | $ 3,733 | 8,293 |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | $ 487 | 6,400 |
Weighted average remaining useful life | 43 months | |
Amortizable intangible assets, net | $ 1,233 | 1,520 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization of intangible assets | $ 986 | 490 |
Weighted average remaining useful life | 45 months | |
Amortizable intangible assets, net | $ 1,454 | $ 1,950 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 5.4 | $ 3.3 | $ 11.6 | $ 8.6 |
Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2023 (October 1 - December 31) | $ 5,382 | |
2024 | 8,775 | |
2025 | 7,141 | |
2026 | 6,294 | |
2027 | 5,814 | |
2028 and thereafter | 18,504 | |
Amortizable intangible assets, net | $ 51,910 | $ 63,501 |
Goodwill (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 176,902 | $ 176,902 |
Corporate and Other Activities | ||
Goodwill [Line Items] | ||
Goodwill | 18,873 | 18,873 |
Loan Servicing and Systems | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 23,639 | 23,639 |
Education Technology, Services, and Payment Processing | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 92,507 | 92,507 |
Asset Generation and Management | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 41,883 | 41,883 |
Nelnet Bank | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | $ 0 | $ 0 |
Impairment Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Related Party Transaction [Line Items] | ||||
Impairment charges | $ 5,000 | |||
Impairment expense | 4,974 | $ (121) | $ 4,974 | $ 6,163 |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Impairment charges | $ 2,400 |
Bank Deposits - Narrative (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Intercompany deposits | $ 229,300,000 | $ 98,300,000 | ||
Restricted cash | 445,983,000 | 945,159,000 | $ 799,212,000 | $ 741,981,000 |
Deposits exceeding the FDIC insurance limits | 0 | $ 0 | ||
Nelnet Bank | Pledged deposit | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Restricted cash | $ 40,000,000 |
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
Brokered CDs, net of brokered deposit fees | $ 203,470 | $ 254,817 |
Commercial | 2,057 | 0 |
Retail and other savings (529, STFIT, and HSA) | 491,496 | 410,556 |
Retail and other CDs (commercial and institutional) | 21,030 | 25,949 |
Total interest-bearing deposits | $ 718,053 | $ 691,322 |
Bank Deposits - Certificates of Deposit Maturities (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Deposits [Abstract] | |
After two years to three years | $ 149,855 |
After three years to four years | 74,298 |
After four years to five years | 347 |
Total | $ 224,500 |
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Nelnet, Inc., basic | $ 45,332 | $ 104,798 | $ 100,086 | $ 376,573 |
Net income attributable to Nelnet, Inc., diluted | $ 45,332 | $ 104,798 | $ 100,086 | $ 376,573 |
Weighted-average common shares outstanding - basic (in shares) | 37,498,073 | 37,380,493 | 37,437,587 | 37,708,425 |
Weighted-average common shares outstanding - diluted (in shares) | 37,498,073 | 37,380,493 | 37,437,587 | 37,708,425 |
Earnings per share - basic (in dollars per share) | $ 1.21 | $ 2.80 | $ 2.67 | $ 9.99 |
Earnings per share - diluted (in dollars per share) | $ 1.21 | $ 2.80 | $ 2.67 | $ 9.99 |
Common shareholders | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Nelnet, Inc., basic | $ 44,367 | $ 102,763 | $ 97,982 | $ 369,479 |
Net income attributable to Nelnet, Inc., diluted | $ 44,367 | $ 102,763 | $ 97,982 | $ 369,479 |
Weighted-average common shares outstanding - basic (in shares) | 36,699,510 | 36,654,781 | 36,650,653 | 36,998,100 |
Weighted-average common shares outstanding - diluted (in shares) | 36,699,510 | 36,654,781 | 36,650,653 | 36,998,100 |
Earnings per share - basic (in dollars per share) | $ 1.21 | $ 2.80 | $ 2.67 | $ 9.99 |
Earnings per share - diluted (in dollars per share) | $ 1.21 | $ 2.80 | $ 2.67 | $ 9.99 |
Unvested restricted stock shareholders | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Nelnet, Inc., basic | $ 965 | $ 2,035 | $ 2,104 | $ 7,094 |
Net income attributable to Nelnet, Inc., diluted | $ 965 | $ 2,035 | $ 2,104 | $ 7,094 |
Weighted-average common shares outstanding - basic (in shares) | 798,563 | 725,712 | 786,934 | 710,325 |
Weighted-average common shares outstanding - diluted (in shares) | 798,563 | 725,712 | 786,934 | 710,325 |
Earnings per share - basic (in dollars per share) | $ 1.21 | $ 2.80 | $ 2.67 | $ 9.99 |
Earnings per share - diluted (in dollars per share) | $ 1.21 | $ 2.80 | $ 2.67 | $ 9.99 |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Segment Reporting Information [Line Items] | |||||
Total interest income | $ 284,551 | $ 203,133 | $ 834,547 | $ 479,916 | |
Interest expense | 207,159 | 126,625 | 639,756 | 248,347 | |
Net interest income | 77,392 | 76,508 | 194,791 | 231,569 | |
Less provision for loan losses | 10,659 | 9,665 | 54,526 | 18,640 | |
Net interest income after provision for loan losses | 66,733 | 66,843 | 140,265 | 212,929 | |
Other income (expense): | |||||
Intersegment revenue | 0 | 0 | 0 | 0 | |
Other, net | (211) | 2,225 | (21,293) | 24,750 | |
Gain on sale of loans, net | 5,362 | 2,627 | 32,685 | 5,616 | |
Impairment and other expense, net | (4,974) | 121 | (4,974) | (6,163) | |
Derivative settlements, net | 817 | 10,271 | 24,219 | 12,085 | |
Derivative market value adjustments, net | 3,140 | 52,991 | (32,266) | 239,125 | |
Total other income (expense), net | 252,123 | 318,684 | 764,454 | 990,420 | |
Total cost of services | 51,477 | 48,644 | 157,008 | 115,041 | |
Operating expenses: | |||||
Salaries and benefits | 141,204 | 147,198 | 438,620 | 438,010 | |
Depreciation and amortization | 21,835 | 18,772 | 57,114 | 53,978 | |
Other expenses | 51,370 | 43,858 | 138,154 | 120,297 | |
Intersegment expenses, net | 0 | 0 | 0 | 0 | |
Total operating expenses | 214,409 | 209,828 | 633,888 | 612,285 | |
Income before income taxes | 52,970 | 127,055 | 113,823 | 476,023 | |
Income tax (expense) benefit | (10,734) | (26,586) | (29,475) | (107,765) | |
Net income | 42,236 | 100,469 | 84,348 | 368,258 | |
Net (income) loss attributable to noncontrolling interests | 3,096 | 4,329 | 15,738 | 8,315 | |
Net income attributable to Nelnet, Inc. | 45,332 | 104,798 | 100,086 | 376,573 | |
Total assets | 17,222,682 | 19,563,533 | 17,222,682 | 19,563,533 | $ 19,374,044 |
Operating Segments | Loan Servicing and Systems | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 1,098 | 831 | 3,193 | 1,144 | |
Interest expense | 0 | 0 | 0 | 44 | |
Net interest income | 1,098 | 831 | 3,193 | 1,100 | |
Less provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 1,098 | 831 | 3,193 | 1,100 | |
Other income (expense): | |||||
Intersegment revenue | 6,944 | 8,281 | 21,980 | 25,142 | |
Other, net | 687 | 596 | 1,900 | 1,946 | |
Gain on sale of loans, net | 0 | 0 | 0 | 0 | |
Impairment and other expense, net | (296) | 0 | (296) | 0 | |
Derivative settlements, net | 0 | 0 | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | 0 | 0 | |
Total other income (expense), net | 135,227 | 143,074 | 412,722 | 422,526 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Salaries and benefits | 73,310 | 82,067 | 234,012 | 257,259 | |
Depreciation and amortization | 5,023 | 5,784 | 14,400 | 16,056 | |
Other expenses | 15,629 | 16,654 | 42,760 | 46,375 | |
Intersegment expenses, net | 17,894 | 17,486 | 58,030 | 56,442 | |
Total operating expenses | 111,856 | 121,991 | 349,202 | 376,132 | |
Income before income taxes | 24,469 | 21,914 | 66,713 | 47,494 | |
Income tax (expense) benefit | (5,872) | (5,259) | (16,011) | (11,399) | |
Net income | 18,597 | 16,655 | 50,702 | 36,095 | |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 18,597 | 16,655 | 50,702 | 36,095 | |
Total assets | 243,697 | 235,858 | 243,697 | 235,858 | |
Operating Segments | Education Technology, Services, and Payment Processing | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 8,934 | 3,707 | 20,237 | 4,920 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 8,934 | 3,707 | 20,237 | 4,920 | |
Less provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 8,934 | 3,707 | 20,237 | 4,920 | |
Other income (expense): | |||||
Intersegment revenue | 77 | 8 | 198 | 16 | |
Other, net | 0 | 0 | 0 | 0 | |
Gain on sale of loans, net | 0 | 0 | 0 | 0 | |
Impairment and other expense, net | 0 | 0 | 0 | 0 | |
Derivative settlements, net | 0 | 0 | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | 0 | 0 | |
Total other income (expense), net | 113,873 | 106,902 | 357,456 | 310,227 | |
Total cost of services | 43,694 | 42,676 | 131,804 | 109,073 | |
Operating expenses: | |||||
Salaries and benefits | 39,776 | 34,950 | 116,040 | 98,356 | |
Depreciation and amortization | 3,030 | 2,532 | 8,424 | 7,544 | |
Other expenses | 8,309 | 7,034 | 26,063 | 19,549 | |
Intersegment expenses, net | 5,875 | 4,762 | 17,559 | 14,171 | |
Total operating expenses | 56,990 | 49,278 | 168,086 | 139,620 | |
Income before income taxes | 22,123 | 18,655 | 77,803 | 66,454 | |
Income tax (expense) benefit | (5,307) | (4,475) | (18,700) | (15,947) | |
Net income | 16,816 | 14,180 | 59,103 | 50,507 | |
Net (income) loss attributable to noncontrolling interests | (6) | (61) | 113 | (8) | |
Net income attributable to Nelnet, Inc. | 16,810 | 14,119 | 59,216 | 50,499 | |
Total assets | 444,631 | 440,859 | 444,631 | 440,859 | |
Operating Segments | Asset Generation and Management | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 248,878 | 182,932 | 737,359 | 441,926 | |
Interest expense | 197,393 | 120,009 | 618,905 | 235,720 | |
Net interest income | 51,485 | 62,923 | 118,454 | 206,206 | |
Less provision for loan losses | 8,732 | 9,215 | 48,689 | 17,178 | |
Net interest income after provision for loan losses | 42,753 | 53,708 | 69,765 | 189,028 | |
Other income (expense): | |||||
Intersegment revenue | 0 | 0 | 0 | 0 | |
Other, net | 2,776 | 4,627 | 6,939 | 16,270 | |
Gain on sale of loans, net | 5,362 | 2,627 | 32,685 | 5,616 | |
Impairment and other expense, net | 0 | 0 | 0 | 0 | |
Derivative settlements, net | 621 | 10,271 | 23,940 | 12,085 | |
Derivative market value adjustments, net | 1,192 | 52,991 | (35,323) | 239,125 | |
Total other income (expense), net | 9,951 | 70,516 | 28,241 | 273,096 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Salaries and benefits | 1,242 | 653 | 3,093 | 1,858 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Other expenses | 2,952 | 3,349 | 12,083 | 9,925 | |
Intersegment expenses, net | 7,948 | 8,350 | 24,789 | 25,694 | |
Total operating expenses | 12,142 | 12,352 | 39,965 | 37,477 | |
Income before income taxes | 40,562 | 111,872 | 58,041 | 424,647 | |
Income tax (expense) benefit | (9,735) | (26,849) | (13,930) | (101,915) | |
Net income | 30,827 | 85,023 | 44,111 | 322,732 | |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 30,827 | 85,023 | 44,111 | 322,732 | |
Total assets | 14,111,517 | 16,374,493 | 14,111,517 | 16,374,493 | |
Operating Segments | Nelnet Bank | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 15,171 | 7,551 | 41,092 | 15,792 | |
Interest expense | 9,456 | 3,298 | 24,841 | 5,792 | |
Net interest income | 5,715 | 4,253 | 16,251 | 10,000 | |
Less provision for loan losses | 1,927 | 450 | 5,837 | 1,462 | |
Net interest income after provision for loan losses | 3,788 | 3,803 | 10,414 | 8,538 | |
Other income (expense): | |||||
Intersegment revenue | 0 | 0 | 0 | 0 | |
Other, net | 565 | 566 | 1,395 | 2,224 | |
Gain on sale of loans, net | 0 | 0 | 0 | 0 | |
Impairment and other expense, net | 0 | 0 | 0 | 0 | |
Derivative settlements, net | 196 | 0 | 279 | 0 | |
Derivative market value adjustments, net | 1,948 | 0 | 3,057 | 0 | |
Total other income (expense), net | 2,709 | 566 | 4,731 | 2,224 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Salaries and benefits | 2,520 | 1,814 | 6,881 | 5,082 | |
Depreciation and amortization | 259 | 4 | 315 | 11 | |
Other expenses | 1,290 | 1,427 | 3,696 | 3,009 | |
Intersegment expenses, net | 129 | 69 | 302 | 171 | |
Total operating expenses | 4,198 | 3,314 | 11,194 | 8,273 | |
Income before income taxes | 2,299 | 1,055 | 3,951 | 2,489 | |
Income tax (expense) benefit | (552) | (246) | (913) | (574) | |
Net income | 1,747 | 809 | 3,038 | 1,915 | |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 1,747 | 809 | 3,038 | 1,915 | |
Total assets | 1,089,565 | 884,089 | 1,089,565 | 884,089 | |
Corporate and Other Activities | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 16,253 | 10,860 | 63,307 | 21,087 | |
Interest expense | 6,093 | 6,067 | 26,653 | 11,745 | |
Net interest income | 10,160 | 4,793 | 36,654 | 9,342 | |
Less provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 10,160 | 4,793 | 36,654 | 9,342 | |
Other income (expense): | |||||
Intersegment revenue | 0 | 0 | 0 | 0 | |
Other, net | (4,238) | (3,564) | (31,526) | 4,309 | |
Gain on sale of loans, net | 0 | 0 | 0 | 0 | |
Impairment and other expense, net | (4,678) | 121 | (4,678) | (6,163) | |
Derivative settlements, net | 0 | 0 | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | 0 | 0 | |
Total other income (expense), net | (2,615) | 5,915 | (16,517) | 7,504 | |
Total cost of services | 7,783 | 5,968 | 25,204 | 5,968 | |
Operating expenses: | |||||
Salaries and benefits | 25,019 | 27,713 | 79,403 | 75,455 | |
Depreciation and amortization | 13,522 | 10,452 | 33,976 | 30,366 | |
Other expenses | 23,192 | 15,395 | 53,550 | 41,438 | |
Intersegment expenses, net | (25,488) | (22,378) | (79,310) | (71,320) | |
Total operating expenses | 36,245 | 31,182 | 87,619 | 75,939 | |
Income before income taxes | (36,483) | (26,442) | (92,686) | (65,061) | |
Income tax (expense) benefit | 10,732 | 10,244 | 20,080 | 22,070 | |
Net income | (25,751) | (16,198) | (72,606) | (42,991) | |
Net (income) loss attributable to noncontrolling interests | 3,102 | 4,390 | 15,625 | 8,323 | |
Net income attributable to Nelnet, Inc. | (22,649) | (11,808) | (56,981) | (34,668) | |
Total assets | 2,052,500 | 2,360,882 | 2,052,500 | 2,360,882 | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | (5,783) | (2,748) | (30,643) | (4,953) | |
Interest expense | (5,783) | (2,748) | (30,643) | (4,953) | |
Net interest income | 0 | 0 | 0 | 0 | |
Less provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 | |
Other income (expense): | |||||
Intersegment revenue | (7,021) | (8,289) | (22,178) | (25,158) | |
Other, net | 0 | 0 | 0 | 0 | |
Gain on sale of loans, net | 0 | 0 | 0 | 0 | |
Impairment and other expense, net | 0 | 0 | 0 | 0 | |
Derivative settlements, net | 0 | 0 | 0 | 0 | |
Derivative market value adjustments, net | 0 | 0 | 0 | 0 | |
Total other income (expense), net | (7,021) | (8,289) | (22,178) | (25,158) | |
Total cost of services | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Salaries and benefits | (663) | 0 | (808) | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Other expenses | 0 | 0 | 0 | 0 | |
Intersegment expenses, net | (6,358) | (8,289) | (21,370) | (25,158) | |
Total operating expenses | (7,021) | (8,289) | (22,178) | (25,158) | |
Income before income taxes | 0 | 0 | 0 | 0 | |
Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
Net income | 0 | 0 | 0 | 0 | |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Nelnet, Inc. | 0 | 0 | 0 | 0 | |
Total assets | (719,228) | (732,648) | (719,228) | (732,648) | |
Loan servicing and systems revenue | |||||
Other income (expense): | |||||
Revenue | 127,892 | 134,197 | 389,138 | 395,438 | |
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems | |||||
Other income (expense): | |||||
Revenue | 127,892 | 134,197 | 389,138 | 395,438 | |
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Loan servicing and systems revenue | Operating Segments | Nelnet Bank | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Loan servicing and systems revenue | Corporate and Other Activities | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Loan servicing and systems revenue | Eliminations | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Education technology, services, and payment processing revenue | |||||
Other income (expense): | |||||
Revenue | 113,796 | 106,894 | 357,258 | 310,211 | |
Total cost of services | 43,694 | 42,676 | 131,804 | 109,073 | |
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing | |||||
Other income (expense): | |||||
Revenue | 113,796 | 106,894 | 357,258 | 310,211 | |
Total cost of services | 43,694 | 42,676 | 131,804 | 109,073 | |
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Education technology, services, and payment processing revenue | Corporate and Other Activities | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Education technology, services, and payment processing revenue | Eliminations | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Solar construction revenue | |||||
Other income (expense): | |||||
Revenue | 6,301 | 9,358 | 19,687 | 9,358 | |
Total cost of services | 7,783 | 5,968 | 25,204 | 5,968 | |
Solar construction revenue | Operating Segments | Loan Servicing and Systems | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Solar construction revenue | Operating Segments | Asset Generation and Management | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Solar construction revenue | Operating Segments | Nelnet Bank | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | 0 | 0 | 0 | 0 | |
Solar construction revenue | Corporate and Other Activities | |||||
Other income (expense): | |||||
Revenue | 6,301 | 9,358 | 19,687 | 9,358 | |
Total cost of services | 7,783 | 5,968 | 25,204 | 5,968 | |
Solar construction revenue | Eliminations | |||||
Other income (expense): | |||||
Revenue | 0 | 0 | 0 | 0 | |
Total cost of services | $ 0 | $ 0 | $ 0 | $ 0 |
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Solar construction revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,301 | $ 9,358 | $ 19,687 | $ 9,358 |
Commercial revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,101 | 7,856 | 12,339 | 7,856 |
Residential revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,085 | 1,398 | 7,266 | 1,398 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 115 | 104 | 82 | 104 |
Loan servicing and systems revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 127,892 | 134,197 | 389,138 | 395,438 |
Government loan servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 100,154 | 104,428 | 304,769 | 312,368 |
Private education and consumer loan servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,330 | 12,198 | 36,556 | 37,194 |
FFELP loan servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,304 | 4,127 | 10,226 | 12,386 |
Software services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,416 | 8,229 | 25,076 | 23,536 |
Outsourced services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,688 | 5,215 | 12,511 | 9,954 |
Education technology, services, and payment processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 113,796 | 106,894 | 357,258 | 310,211 |
Tuition payment plan services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,223 | 25,779 | 95,235 | 84,131 |
Payment processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50,848 | 47,957 | 126,716 | 113,996 |
Education technology and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 31,793 | 32,548 | 132,796 | 110,755 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 932 | $ 610 | $ 2,511 | $ 1,329 |
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
ALLO preferred return | $ 2,299 | $ 2,164 | $ 6,822 | $ 6,420 |
Borrower late fee income | 2,220 | 2,824 | $ 6,635 | 7,693 |
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other, net | |||
Administration/sponsor fee income | 1,712 | 1,920 | $ 5,180 | 6,055 |
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other, net | |||
Investment activity, net | (1,016) | 10,701 | $ (8,169) | 40,626 |
Other | 13,839 | 4,782 | 26,512 | 14,314 |
Other, net | (211) | 2,225 | (21,293) | 24,750 |
ALLO Voting Membership Interests Investment | ||||
Disaggregation of Revenue [Line Items] | ||||
Gain (loss) on investments | (17,293) | (17,562) | (49,676) | (47,633) |
Solar | ||||
Disaggregation of Revenue [Line Items] | ||||
Gain (loss) on investments | (3,605) | (4,216) | (13,481) | (7,100) |
Investment advisory services | ||||
Disaggregation of Revenue [Line Items] | ||||
Investment advisory services | $ 1,633 | $ 1,612 | $ 4,884 | $ 4,375 |
Major Customer (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 24, 2023
borrower
extension
|
Sep. 30, 2023
USD ($)
borrower
$ / borrowers
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
borrower
$ / borrowers
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
borrower
|
Mar. 31, 2023
borrower
|
Feb. 28, 2023
borrower
|
Dec. 31, 2022
borrower
|
|
Concentration Risk [Line Items] | |||||||||
Number borrowers serviced by other provider using entity platform | 579,000 | 3,500,000 | 4,500,000 | ||||||
Number of borrowers serviced by remote hosted servicing customer using entity platform | 0 | 0 | 1,400,000 | ||||||
Government Loan Servicing | |||||||||
Concentration Risk [Line Items] | |||||||||
Revenue | $ | $ 100.2 | $ 104.4 | $ 304.8 | $ 312.4 | |||||
Reduction in fee earned (in dollars per borrower) | $ / borrowers | 0.19 | 0.19 | |||||||
Contract with customer, contract term | 5 years | ||||||||
Contract with customer, option to extend, option one, number of extensions | extension | 2 | ||||||||
Contract with customer, option to extend, option one, extension period | 2 years | ||||||||
Contract with customer, option to extend, option two, number of extensions | extension | 1 | ||||||||
Contract with customer, option to extend, option two, extension period | 1 year | ||||||||
Number of borrowers to be transferred to other provider, maximum | 1,000,000,000,000 | ||||||||
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark | |||||||||
Concentration Risk [Line Items] | |||||||||
Number of borrowers, including those serviced by other providers | 37,000,000 |
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 1,105,931 | $ 1,428,119 |
Derivative instruments | 3,056 | 0 |
Total assets | 1,108,987 | 1,428,119 |
Asset-backed debt securities - available-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,059,297 | 1,389,037 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 80 | 6,719 |
Equity securities measured at net asset value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 46,554 | 32,363 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 179 | 6,819 |
Derivative instruments | 0 | 0 |
Total assets | 179 | 6,819 |
Level 1 | Asset-backed debt securities - available-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 99 | 100 |
Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 80 | 6,719 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,059,198 | 1,388,937 |
Derivative instruments | 3,056 | 0 |
Total assets | 1,062,254 | 1,388,937 |
Level 2 | Asset-backed debt securities - available-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,059,198 | 1,388,937 |
Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 0 | $ 0 |
Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Financial assets: | ||||
Loans receivable | $ 13,867,557 | $ 15,243,889 | ||
Accrued loan interest receivable | 806,854 | 816,864 | ||
Cash and cash equivalents | 187,690 | 118,146 | $ 63,198 | $ 125,563 |
Investments - held to maturity | 164,368 | |||
Restricted cash - due to customers | 158,872 | 294,311 | $ 180,919 | $ 326,645 |
Financial liabilities: | ||||
Accrued interest payable | 36,391 | 36,049 | ||
Bank deposits | 718,053 | 691,322 | ||
Due to customers | 341,822 | 348,317 | ||
Fair value | ||||
Financial assets: | ||||
Loans receivable | 13,462,084 | 14,586,794 | ||
Accrued loan interest receivable | 806,854 | 816,864 | ||
Cash and cash equivalents | 187,690 | 118,146 | ||
Investments (at fair value) | 1,105,931 | 1,428,119 | ||
Investments - held to maturity | 164,368 | 18,996 | ||
Notes receivable | 54,129 | 31,106 | ||
Beneficial interest in loan securitizations | 239,890 | 162,360 | ||
Restricted cash | 445,983 | 945,159 | ||
Restricted cash - due to customers | 158,872 | 294,311 | ||
Fair value of derivative instruments | 3,056 | |||
Financial liabilities: | ||||
Bonds and notes payable | 12,215,581 | 14,088,666 | ||
Accrued interest payable | 36,391 | 36,049 | ||
Bank deposits | 690,313 | 664,573 | ||
Due to customers | 341,822 | 348,317 | ||
Fair value | Level 1 | ||||
Financial assets: | ||||
Loans receivable | 0 | 0 | ||
Accrued loan interest receivable | 0 | 0 | ||
Cash and cash equivalents | 187,690 | 118,146 | ||
Investments (at fair value) | 179 | 6,819 | ||
Investments - held to maturity | 0 | 0 | ||
Notes receivable | 0 | 0 | ||
Beneficial interest in loan securitizations | 0 | 0 | ||
Restricted cash | 445,983 | 945,159 | ||
Restricted cash - due to customers | 158,872 | 294,311 | ||
Fair value of derivative instruments | 0 | |||
Financial liabilities: | ||||
Bonds and notes payable | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Bank deposits | 440,062 | 355,282 | ||
Due to customers | 341,822 | 348,317 | ||
Fair value | Level 2 | ||||
Financial assets: | ||||
Loans receivable | 0 | 0 | ||
Accrued loan interest receivable | 806,854 | 816,864 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments (at fair value) | 1,059,198 | 1,388,937 | ||
Investments - held to maturity | 164,368 | 18,996 | ||
Notes receivable | 54,129 | 31,106 | ||
Beneficial interest in loan securitizations | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Restricted cash - due to customers | 0 | 0 | ||
Fair value of derivative instruments | 3,056 | |||
Financial liabilities: | ||||
Bonds and notes payable | 12,215,581 | 14,088,666 | ||
Accrued interest payable | 36,391 | 36,049 | ||
Bank deposits | 250,251 | 309,291 | ||
Due to customers | 0 | 0 | ||
Fair value | Level 3 | ||||
Financial assets: | ||||
Loans receivable | 13,462,084 | 14,586,794 | ||
Accrued loan interest receivable | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments (at fair value) | 0 | 0 | ||
Investments - held to maturity | 0 | 0 | ||
Notes receivable | 0 | 0 | ||
Beneficial interest in loan securitizations | 239,890 | 162,360 | ||
Restricted cash | 0 | 0 | ||
Restricted cash - due to customers | 0 | 0 | ||
Fair value of derivative instruments | 0 | |||
Financial liabilities: | ||||
Bonds and notes payable | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Bank deposits | 0 | 0 | ||
Due to customers | 0 | 0 | ||
Carrying value | ||||
Financial assets: | ||||
Loans receivable | 13,060,703 | 14,427,025 | ||
Accrued loan interest receivable | 806,854 | 816,864 | ||
Cash and cash equivalents | 187,690 | 118,146 | ||
Investments (at fair value) | 1,105,931 | 1,428,119 | ||
Investments - held to maturity | 163,066 | 18,774 | ||
Notes receivable | 54,129 | 31,106 | ||
Beneficial interest in loan securitizations | 191,152 | 138,738 | ||
Restricted cash | 445,983 | 945,159 | ||
Restricted cash - due to customers | 158,872 | 294,311 | ||
Fair value of derivative instruments | 3,056 | |||
Financial liabilities: | ||||
Bonds and notes payable | 12,448,109 | 14,637,195 | ||
Accrued interest payable | 36,391 | 36,049 | ||
Bank deposits | 718,053 | 691,322 | ||
Due to customers | $ 341,822 | $ 348,317 |