Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company is managed as a single line of business with a single reportable segment originating and servicing high-quality Private Education Loans and providing other education-related services to customers. Our consolidated financial results are regularly reviewed by the Company’s Chief Executive Officer (the “CEO”) to allocate resources and evaluate financial performance.

The CEO evaluates the performance of the Company and decides how to allocate resources based on net income and total consolidated assets. The CEO uses net income to assess financial performance and to decide whether to re-invest profits into the Company or to return capital to shareholders in the form of dividends or the repurchase of common stock. Net income is also used to compare budget versus actual results, and the budget versus actual analysis is part of the segment financial performance review.

The following table illustrates the significant expense categories and amounts regularly provided to the CEO.

Years Ended December 31, (dollars in thousands)	2024		2023		2022
Non-interest expenses:
Compensation and benefits	$	349,387	$	326,554	$	270,354
Professional fees	129,472		145,062		164,226
Technology expenses	57,431		54,942		48,561
FDIC assessment fees	51,606		45,766		20,939
Other operating expenses	48,674		46,882		47,382
Total operating expenses	636,570		619,206		551,462
Acquired intangible assets impairment and amortization expense	5,329		66,364		7,779
Total non-interest expenses	$	641,899	$	685,570	$	559,241