Impact of COVID-19 on
For further discussion of the impact of the coronavirus 2019 or COVID-19 (“COVID-19”) pandemic on the Company, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Impact of COVID-19 on
Selected Financial Information and Ratios
16,211 $ –
14,894 $ –
The following discussion and analysis presents a review of our business and operations as of and for the three and nine months ended
Key Financial Measures
Non-GAAP “Core Earnings”
GAAP provides a uniform, comprehensive basis of accounting. Our non-GAAP “Core Earnings” basis of presentation differs from GAAP in the way it treats derivatives as described above.
The following table shows the amount in “Gains (losses) on derivatives and hedging activities, net” that relates to the interest reclassification on the derivative contracts.
Provisions for credit losses
Total portfolio net charge-offs
The chart below depicts our current LIBOR exposure at
Private Education Loan term securitizations – no contractual fallback
See Part I, Item 1A. “Risk Factors” in the 2021 Form 10-K for additional discussion regarding the risks associated with the transition from LIBOR.
During the first nine months of 2022, we made the following progress on the above corporate strategic imperatives.
2022 Loan Sales and 2022-A and 2022-B Transactions
Secured Borrowing Facility
Disposition of Credit Card Business
Share Repurchases under our Rule 10b5-1 trading plan
Results of Operations
We present the results of operations below on a consolidated basis in accordance with GAAP.
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