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v3.23.1

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022
Allowance for Credit Losses |  |  |
Beginning Balance | $ 1,357,075 | $ 1,165,335 | $ 1,165,335
Transfer from unfunded commitment liability | 148,513 | 94,686 |
Provision for current period | 57,803 | 48,618 |
Loan sale reduction to provision |  | (5,247) |
Total provisions | 57,803 | 43,371 |
Net charge-offs: |  |  |
Charge-offs | (96,082) | (84,066) |
Recoveries | 11,997 | 8,036 |
Net charge-offs | (84,085) | (76,030) |
Ending Balance | 1,479,306 | 1,227,362 | 1,357,075
Allowance |  |  |
Ending balance: collectively evaluated for impairment | 1,479,306 | 1,227,362 |
Loans |  |  |
Ending balance: collectively evaluated for impairment | 22,490,321 | 22,445,189 |
Accrued Interest to be Capitalized [Abstract] |  |  |
Ending balance: collectively evaluated for impairment | 1,150,802 | 993,698 |
Private Education Loan provision for credit losses, other impacts | 1,469 | 158 |
Provisions for credit losses reported in consolidated statements of income | 114,112 | 98,050 |
FFELP Loans |  |  |
Allowance for Credit Losses |  |  |
Beginning Balance | 3,444 | 4,077 | 4,077
Transfer from unfunded commitment liability | 0 | 0 |
Provision for current period | 739 | 21 |
Loan sale reduction to provision |  | 0 |
Total provisions | 739 | 21 |
Net charge-offs: |  |  |
Charge-offs | (256) | (99) |
Recoveries | 0 | 0 |
Net charge-offs | (256) | (99) |
Ending Balance | 3,927 | 3,999 | 3,444
Allowance |  |  |
Ending balance: collectively evaluated for impairment | 3,927 | 3,999 |
Loans |  |  |
Ending balance: collectively evaluated for impairment | 592,318 | 682,273 |
Accrued Interest to be Capitalized [Abstract] |  |  |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 0.23% | 0.07% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5) | 0.66% | 0.59% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 0.88% | 0.75% |
Allowance coverage of net charge-offs (annualized) | 3.83 | 10.10 |
Ending total loans, gross | $ 592,318 | $ 682,273 |
Average loans in repayment | 451,451 | 543,303 |
Ending loans in repayment | 446,214 | 535,080 |
Accrued interest to be capitalized on loans in repayment | 0 | 0 |
Private Education Loan provision for credit losses, other impacts | 739 | 21 |
Private Education Loans |  |  |
Allowance for Credit Losses |  |  |
Beginning Balance | 1,353,631 | 1,158,977 | 1,158,977
Transfer from unfunded commitment liability | 148,513 | 94,686 |
Provision for current period | 56,334 | 48,460 |
Loan sale reduction to provision |  | (5,247) |
Total provisions | 56,334 | 43,213 |
Net charge-offs: |  |  |
Charge-offs | (95,085) | (83,856) |
Recoveries | 11,986 | 8,033 |
Net charge-offs | (83,099) | (75,823) |
Ending Balance | 1,475,379 | 1,221,053 | 1,353,631
Allowance |  |  |
Ending balance: collectively evaluated for impairment | 1,475,379 | 1,221,053 |
Loans |  |  |
Ending balance: collectively evaluated for impairment | 21,898,003 | 21,735,369 |
Accrued Interest to be Capitalized [Abstract] |  |  |
Ending balance: collectively evaluated for impairment | $ 1,150,802 | $ 993,698 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 2.11% | 1.89% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5) | 6.40% | 5.37% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 9.00% | 7.43% |
Allowance coverage of net charge-offs (annualized) | 4.44 | 4.03 |
Ending total loans, gross | $ 21,898,003 | $ 21,735,369 |
Average loans in repayment | 15,764,143 | 16,013,289 |
Ending loans in repayment | 15,990,459 | 16,095,157 |
Accrued interest to be capitalized on loans in repayment | 408,263 | 331,405 |
Provisions for loan losses | 56,334 | 43,213 |
Provisions for unfunded loan commitments | 56,309 | 54,679 |
Total Private Education Loan provisions for credit losses | 112,643 | 97,892 |
Credit Cards |  |  |
Allowance for Credit Losses |  |  |
Beginning Balance | 0 | 2,281 | 2,281
Transfer from unfunded commitment liability | 0 | 0 |
Provision for current period | 730 | 137 |
Loan sale reduction to provision |  | 0 |
Total provisions | 730 | 137 |
Net charge-offs: |  |  |
Charge-offs | (741) | (111) |
Recoveries | 11 | 3 |
Net charge-offs | (730) | (108) |
Ending Balance | 0 | 2,310 | $ 0
Allowance |  |  |
Ending balance: collectively evaluated for impairment | 0 | 2,310 |
Loans |  |  |
Ending balance: collectively evaluated for impairment | 0 | 27,547 |
Accrued Interest to be Capitalized [Abstract] |  |  |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 |
Net charge-offs as a percentage of average loans in repayment (annualized) | 0.00% | 1.63% |
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5) | 0.00% | 8.39% |
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment | 0.00% | 8.39% |
Allowance coverage of net charge-offs (annualized) | 0 | 5.35 |
Ending total loans, gross | $ 0 | $ 27,547 |
Average loans in repayment | 0 | 26,551 |
Ending loans in repayment | 0 | 27,547 |
Accrued interest to be capitalized on loans in repayment | 0 | 0 |
Private Education Loan provision for credit losses, other impacts | $ 730 | $ 137 |

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