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v3.20.2

Unfunded Loan Commitments (Tables) | 6 Months Ended
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Jun. 30, 2020
Credit Loss [Abstract] |
Allowance for credit losses and recorded investments in loans |
|  | Allowance for Loan Losses |  |  |  |  |  |  |  |
|  | Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Credit Cards |  | Total
Allowance for Loan Losses |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,633 |  |  | $ | 374,300 |  |  | $ | 65,877 |  |  | $ | 102 |  |  | $ | 441,912 |
Day 1 adjustment for the adoption of CECL |  | 2,852 |  |  | 1,060,830 |  |  | 79,183 |  |  | 188 |  |  | 1,143,053 |
Transfer from unfunded commitment liability(1) |  | — |  |  | 179,085 |  |  | — |  |  | — |  |  | 179,085 |
Provisions: |  |  |  |  |  |  |  |  |  |
Provision for current period |  | 210 |  |  | 377,877 |  |  | 49,247 |  |  | 800 |  |  | 428,134 |
Loan sale reduction to provision |  | — |  |  | (161,793) |  |  | — |  |  | — |  |  | (161,793) |
Total provision(2) |  | 210 |  |  | 216,084 |  |  | 49,247 |  |  | 800 |  |  | 266,341 |
Net charge-offs: |  |  |  |  |  |  |  |  |  |
Charge-offs |  | (310) |  |  | (83,248) |  |  | (33,848) |  |  | (48) |  |  | (117,454) |
Recoveries |  | — |  |  | 13,508 |  |  | 2,878 |  |  | — |  |  | 16,386 |
Net charge-offs |  | (310) |  |  | (69,740) |  |  | (30,970) |  |  | (48) |  |  | (101,068) |
Ending Balance |  | $ | 4,385 |  |  | $ | 1,760,559 |  |  | $ | 163,337 |  |  | $ | 1,042 |  |  | $ | 1,929,323 |
Allowance: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 160,234 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,234 |
Ending balance: collectively evaluated for impairment |  | $ | 4,385 |  |  | $ | 1,600,325 |  |  | $ | 163,337 |  |  | $ | 1,042 |  |  | $ | 1,769,089 |
Loans: |  |  |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,520,240 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,520,240 |
Ending balance: collectively evaluated for impairment |  | $ | 754,340 |  |  | $ | 19,965,225 |  |  | $ | 772,086 |  |  | $ | 10,706 |  |  | $ | 21,502,357 |
Net charge-offs as a percentage of average loans in repayment (annualized)(3) |  | 0.11 | % |  | 0.91 | % |  | 7.13 | % |  | 1.31 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.58 | % |  | 8.19 | % |  | 21.16 | % |  | 9.73 | % |  |
Allowance as a percentage of the ending loans in repayment(3) |  | 0.97 | % |  | 12.13 | % |  | 22.46 | % |  | 9.73 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 7.07 |  |  | 12.62 |  |  | 2.64 |  |  | 10.85 |  |  |
Ending total loans, gross |  | $ | 754,340 |  |  | $ | 21,485,465 |  |  | $ | 772,086 |  |  | $ | 10,706 |  |  |
Average loans in repayment(3) |  | $ | 553,402 |  |  | $ | 15,306,349 |  |  | $ | 869,133 |  |  | $ | 7,326 |  |  |
Ending loans in repayment(3) |  | $ | 452,617 |  |  | $ | 14,512,723 |  |  | $ | 727,214 |  |  | $ | 10,706 |  |  |
____________ (1) See Note 5, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively. (2) Below is a reconciliation of the provision for credit losses reported in the consolidated statements of operations. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for loan losses.
Consolidated Statements of Operations Provisions for Credit Losses Reconciliation |  |
|  | Six Months Ended June 30, 2020
Provisions for credit losses for new loan commitments made during the period |  | $ | 146,804 |
Total provision for allowance for loan losses |  | 266,341 |
Provisions for credit losses reported in consolidated statements of operations |  | $ | 413,145 |
(3) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.
| Three Months Ended June 30, 2020 |  |  |  | Three Months Ended June 30, 2019 |  |
| Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 29,707 |  |  | $ | 449,807 |  |  | $ | 295 |  |  | $ | 518,248 |
Provision/New commitments | 98,741 |  |  | 1,165,224 |  |  | 768 |  |  | 1,348,938 |
Transfer - funded loans(1) | (42,490) |  |  | (495,989) |  |  | (308) |  |  | (531,431) |
Ending Balance | $ | 85,958 |  |  | $ | 1,119,042 |  |  | $ | 755 |  |  | $ | 1,335,755 |
| Six Months Ended June 30, 2020 |  |  |  | Six Months Ended June 30, 2019 |  |
| Allowance |  | Unfunded Commitments |  | Allowance |  | Unfunded Commitments
Beginning Balance | $ | 2,481 |  |  | $ | 1,910,603 |  |  | $ | 2,165 |  |  | $ | 2,010,744 |
Day 1 adjustment for the adoption of CECL | 115,758 |  |  | — |  |  | — |  |  | — |
Provision/New commitments | 146,804 |  |  | 2,000,170 |  |  | 2,134 |  |  | 1,982,240 |
Transfer - funded loans(1) | (179,085) |  |  | (2,791,731) |  |  | (3,544) |  |  | (2,657,229) |
Ending Balance | $ | 85,958 |  |  | $ | 1,119,042 |  |  | $ | 755 |  |  | $ | 1,335,755 |
________________ (1) When a loan commitment is funded, its related allowance for credit losses is transferred to the allowance for loan losses

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