Segment Reporting

3 Months Ended

Mar. 31, 2025

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 stockholders 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.

	Three Months Ended March 31,
(Dollars in thousands)	2025		2024
Non-interest expenses:
Compensation and benefits	$	90,830	$	96,476
Professional fees	20,314		24,193
Technology expenses	18,341		14,299
FDIC assessment fees	12,403		13,312
Other operating expenses	11,700		12,153
Total operating expenses	153,588		160,433
Acquired intangible assets impairment and amortization expense	1,021		1,215
Total non-interest expenses	$	154,609	$	161,648