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Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,741,495 3,904,000 
Consolidation12,553,882 13,187,047 
Total16,295,377 17,091,047 
Private education loans278,537 299,442 
Consumer loans44,713 51,301 
Non-Nelnet Bank loans16,618,627 17,441,790 
Nelnet Bank:
Federally insured student loans82,789 88,011 
Private education loans285,468 169,890 
Nelnet Bank loans368,257 257,901 
 
Accrued interest receivable774,774 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,257)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(95,995)(103,381)
Private education loans(14,622)(16,143)
Consumer loans(5,710)(6,481)
Non-Nelnet Bank allowance for loan losses(116,327)(126,005)
Nelnet Bank:
Federally insured loans(247)(268)
Private education loans(1,251)(840)
Nelnet Bank allowance for loan losses(1,498)(1,108)
 $17,621,576 18,335,197 
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.
As ofAs of
March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.59 %0.60 %
Private education loans5.25 %5.39 %
Consumer loans12.77 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.30 %0.30 %
Private education loans0.44 %0.49 %
(a) As of March 31, 2022 and December 31, 2021, 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 21.6% and 22.2%, respectively, and for Nelnet Bank was 11.8% and 12.1%, respectively.
Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended March 31, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 (2,748)(4,761)— 123 — 95,995 
Private education loans16,143 (400)(1,299)176 — 14,622 
Consumer loans6,481 2,284 (937)166 — (2,284)5,710 
Nelnet Bank:
Federally insured loans268 (21)— — — — 247 
Private education loans840 426 (13)— — (2)1,251 
$127,113 (459)(7,010)342 123 (2,284)117,825 
Three months ended March 31, 2021
Non-Nelnet Bank:
Federally insured loans$128,590 (7,483)(61)— 800 — 121,846 
Private education loans19,529 1,431 (493)202 — 20,670 
Consumer loans27,256 (11,418)(1,950)246 — — 14,134 
Nelnet Bank:
Private education loans323 422 — — — (1)744 
$175,698 (17,048)(2,504)448 800 — 157,394 
(a)    During the three months ended March 31, 2022 and 2021, the Company acquired $9.2 million (par value) and $54.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
Loan Status and Delinquencies The table below shows the Company’s loan status and delinquency amounts.
As of March 31, 2022As of December 31, 2021As of March 31, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $839,566 5.2 % $829,624 4.9 % $1,006,605 5.4 %
Loans in forbearance 1,160,048 7.1  1,118,667 6.5  1,936,553 10.4 
Loans in repayment status:  
Loans current12,352,543 86.4 %12,847,685 84.9 %13,787,038 88.0 %
Loans delinquent 31-60 days462,750 3.2 895,656 5.9 425,599 2.7 
Loans delinquent 61-90 days282,810 2.0 352,449 2.3 234,871 1.5 
Loans delinquent 91-120 days202,371 1.4 251,075 1.7 125,471 0.8 
Loans delinquent 121-270 days712,753 5.0 592,449 3.9 1,026,050 6.6 
Loans delinquent 271 days or greater282,536 2.0 203,442 1.3 63,196 0.4 
Total loans in repayment14,295,763 87.7 100.0 %15,142,756 88.6 100.0 %15,662,225 84.2 100.0 %
Total federally insured loans16,295,377 100.0 % 17,091,047 100.0 % 18,605,383 100.0 %
Accrued interest receivable770,853 784,716 791,199 
Loan discount, net of unamortized premiums and deferred origination costs(27,317)(28,309)(14,608)
Allowance for loan losses(95,995)(103,381)(121,846)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$16,942,918 $17,744,073 $19,260,128 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $10,226 3.7 %$9,661 3.2 %$10,405 3.3 %
Loans in forbearance 2,838 1.0 3,601 1.2 7,567 2.4 
Loans in repayment status:
Loans current260,911 98.3 %280,457 98.0 %292,840 98.9 %
Loans delinquent 31-60 days1,699 0.6 2,403 0.8 1,343 0.5 
Loans delinquent 61-90 days1,040 0.4 976 0.3 843 0.3 
Loans delinquent 91 days or greater1,823 0.7 2,344 0.9 1,050 0.3 
Total loans in repayment265,473 95.3 100.0 %286,180 95.6 100.0 %296,076 94.3 100.0 %
Total private education loans278,537 100.0 % 299,442 100.0 % 314,048 100.0 %
Accrued interest receivable1,898 1,960 2,303 
Loan discount, net of unamortized premiums(598)(1,123)2,673 
Allowance for loan losses(14,622)(16,143)(20,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$265,215 $284,136 $298,354 
As of March 31, 2022As of December 31, 2021As of March 31, 2021
Consumer loans - Non-Nelnet Bank:
Loans in deferment$72 0.2 %$43 0.1 %$306 0.3 %
Loans in repayment status:
Loans current43,424 97.3 %49,697 97.0 %108,126 97.9 %
Loans delinquent 31-60 days255 0.5 414 0.8 760 0.7 
Loans delinquent 61-90 days304 0.7 322 0.6 577 0.5 
Loans delinquent 91 days or greater658 1.5 825 1.6 1,023 0.9 
Total loans in repayment44,641 99.8 100.0 %51,258 99.9 100.0 %110,486 99.7 %100.0 %
Total consumer loans44,713 100.0 %51,301 100.0 %110,792 100.0 %
Accrued interest receivable374 396 934 
Loan premium1,040 913 1,845 
Allowance for loan losses(5,710)(6,481)(14,134)
Total consumer loans and accrued interest receivable, net of allowance for loan losses$40,417 $46,129 $99,437 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$286 0.3 %$330 0.4 %
Loans in forbearance948 1.2 1,057 1.2 
Loans in repayment status:
Loans current80,421 98.6 %85,599 98.8 %
Loans delinquent 30-59 days402 0.5 816 1.0 
Loans delinquent 60-89 days427 0.5 — — 
Loans delinquent 90-119 days90 0.1 — — 
Loans delinquent 120-270 days157 0.2 209 0.2 
Loans delinquent 271 days or greater58 0.1 — — 
Total loans in repayment81,555 98.5 100.0 %86,624 98.4 100.0 %
Total federally insured loans82,789 100.0 %88,011 100.0 %
Accrued interest receivable1,231 1,216 
Loan premium25 26 
Allowance for loan losses(247)(268)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$83,798 $88,985 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$497 0.2 %$150 0.1 %$82 0.1 %
Loans in forbearance317 0.1 460 0.3 29 — 
Loans in repayment status:
Loans current284,081 99.8 %169,157 99.9 %79,120 100.0 %
Loans delinquent 30-59 days422 0.2 51 — — — 
Loans delinquent 60-89 days78 — — — — — 
Loans delinquent 90 days or greater73 — 72 0.1 — — 
Total loans in repayment284,654 99.7 100.0 %169,280 99.6 100.0 %79,120 99.9 100.0 %
Total private education loans285,468 100.0 %169,890 100.0 %79,231 100.0 %
Accrued interest receivable418 264 125 
Deferred origination costs4,593 2,560 999 
Allowance for loan losses(1,251)(840)(744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$289,228 $171,874 $79,611 
(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.
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.
Loan balance as of March 31, 2022
Three months ended March 31, 202220212020Total
FICO at origination:
Less than 705$2,097 5,841 99 8,037 
705 - 73410,935 11,391 272 22,598 
735 - 76417,278 17,906 1,049 36,233 
765 - 79434,510 34,100 1,389 69,999 
Greater than 79462,116 79,633 6,852 148,601 
$126,936 148,871 9,661 285,468 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2022 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.
Three months ended March 31, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$121 3,030 1,899 3,318 — 1,858 10,226 
Loans in forbearance— 10 372 858 181 1,417 2,838 
Loans in repayment status:
Loans current1,452 2,796 60,651 46,107 284 149,621 260,911 
Loans delinquent 31-60 days— 10 239 — 1,448 1,699 
Loans delinquent 61-90 days— 13 102 — — 925 1,040 
Loans delinquent 91 days or greater— — 87 — — 1,736 1,823 
Total loans in repayment1,452 2,811 60,850 46,346 284 153,730 265,473 
Total private education loans$1,573 5,851 63,121 50,522 465 157,005 278,537 
Accrued interest receivable1,898 
Loan discount, net of unamortized premiums(598)
Allowance for loan losses(14,622)
Total private education loans and accrued interest receivable, net of allowance for loan losses$265,215 
Consumer loans - Non-Nelnet Bank:
Loans in deferment$— 34 — 32 — 72 
Loans in repayment status:
Loans current17,335 17,475 574 3,738 4,243 59 43,424 
Loans delinquent 31-60 days32 74 15 99 31 255 
Loans delinquent 61-90 days— 181 50 12 57 304 
Loans delinquent 91 days or greater— 54 39 208 357 — 658 
Total loans in repayment17,367 17,784 678 4,057 4,688 67 44,641 
Total consumer loans$17,367 17,818 678 4,089 4,694 67 44,713 
Accrued interest receivable374 
Loan premium1,040 
Allowance for loan losses(5,710)
Total consumer loans and accrued interest receivable, net of allowance for loan losses$40,417 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$133 364 — — — — 497 
Loans in forbearance139 178 — — — — 317 
Loans in repayment status:
Loans current126,380 148,040 9,661 — — — 284,081 
Loans delinquent 30-59 days284 138 — — — — 422 
Loans delinquent 60-89 days— 78 — — — — 78 
Loans delinquent 90 days or greater— 73 — — — — 73 
Total loans in repayment126,664 148,329 9,661 — — — 284,654 
Total private education loans$126,936 148,871 9,661 — — — 285,468 
Accrued interest receivable418 
Deferred origination costs4,593 
Allowance for loan losses(1,251)
Total private education loans and accrued interest receivable, net of allowance for loan losses$289,228 
(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.