LINCOLN,
Neb., May 8, 2023 /PRNewswire/ -- Nelnet
(NYSE: NNI) today reported GAAP net income of $26.5 million, or $0.71 per share, for the first quarter of 2023,
compared with GAAP net income of $186.6
million, or $4.91 per share,
for the same period a year ago.
Net income, excluding derivative market value
adjustments1, was $54.9
million, or $1.47 per share,
for the first quarter of 2023, compared with $75.9 million, or $1.99 per share, for the same period in 2022.
"The results of the first quarter positions Nelnet for a bright
future," said Jeff Noordhoek, chief
executive officer of Nelnet. "We believe Nelnet has the financial
strength and liquidity to continue investing in our core businesses
and asset strategy, allowing us to benefit from turbulence in the
market as well as successfully navigate a variety of economic
conditions that might lay ahead. In addition, after the quarter, we
were excited to be awarded a new, long-term federal student loan
servicing contract that will continue our partnership with the
Department of Education. With the foundation of the company rooted
in our purpose to serve others, beginning with our dedication to
helping federal student loan borrowers, we are grateful for the
opportunity to continue this important work more than 40 years
later."
Nelnet operates four primary business segments, earning interest
income on loans in its Asset Generation and Management (AGM) and
Nelnet Bank segments, and fee-based revenue in its Loan Servicing
and Systems and Education Technology, Services, and Payment
Processing segments. Other business activities and operating
segments that are not reportable are combined and included in
corporate activities. Corporate activities also includes income
earned on the majority of the company's investments.
Asset Generation and Management
The AGM operating segment reported net interest income of
$45.5 million during the first
quarter of 2023, compared with $72.6
million for the same period a year ago. The company
maintains an overall risk management strategy that incorporates the
use of derivative instruments to reduce the economic effect of
interest rate volatility. The company recognized income from
derivative settlements of $23.3
million during the first quarter of 2023, compared with an
expense of $2.8 million for the same
period in 2022. Derivative settlements for each applicable period
should be evaluated with the company's net interest income. Net
interest income net of derivative settlements was $68.8 million in the first quarter of 2023,
compared with $69.8 million for the
same period in 2022. The decrease in 2023 was due to the expected
runoff of the loan portfolio and was partially offset by an
increase in core loan spread. The average balance of loans
outstanding decreased from $17.2
billion for the first quarter of 2022 to $14.0 billion for the same period in 2023.
Core loan spread2, which includes the impact of
derivative settlements, increased to 1.57% for the quarter ended
March 31, 2023, compared with 1.45%
for the same period in 2022. In an increasing interest rate
environment, student loan spread increases in the short term
because of the timing of interest rate resets on the company's
assets occurring daily in contrast to the timing of the interest
rate resets on the company's debt that occurs either monthly or
quarterly.
AGM recognized a net loss after tax of $0.2 million for the three months ended
March 31, 2023, compared with net
income after tax of $162.2 million
for the same period in 2022.
AGM recognized a provision for loan losses in the first quarter
of 2023 of $31.9 million
($24.2 million after tax), compared
with a negative provision of $0.9
million ($0.7 million after
tax) in the first quarter of 2022. Provision for loan losses in the
first quarter of 2023 was impacted by management's expectations of
deteriorating economic conditions and loans acquired during the
quarter. In addition, in the first quarter of 2023, AGM recognized
$37.4 million ($28.4 million after tax) in expense related to
changes in the fair value of derivative instruments that do not
qualify for hedge accounting, compared with income of $145.7 million ($110.7
million after tax) for the same period in 2022.
On March 15, 2023, to minimize the
company's exposure to market volatility, the company terminated its
portfolio of derivatives used to hedge loans earning fixed rate
floor income for total proceeds of $183.2 million, which included $19.1 million related to current period
settlements. This will significantly reduce the income statement
impact related to derivative settlements and the changes in fair
value of derivative instruments in future periods.
Subsequent to the end of the first quarter, in April 2023, the company redeemed certain
asset-backed securities (debt) funding Federal Family Education
Loan (FFEL) Program loans prior to their legal maturities. The
remaining unamortized debt discount associated with these bonds at
the time of redemption was written-off, resulting in a $25.9 million ($19.7
million or $0.53 per share
after tax) non-cash expense recognized by the company in
April 2023.
Nelnet Bank
As of March 31, 2023, Nelnet Bank
had a $439.0 million loan portfolio
and total deposits, including intercompany deposits, of
$869.8 million. Nelnet Bank
recognized a net loss after tax for the quarter ended March 31, 2023 of $0.1
million, compared with net income after tax of $0.7 million for the same period in 2022.
Loan Servicing and Systems
Revenue from the Loan Servicing and Systems segment was
$139.2 million for the first quarter
of 2023, compared with $136.4 million
for the same period in 2022.
As of March 31, 2023, the company
was servicing $578.6 billion in
government-owned, FFEL Program, private education, and consumer
loans for 17.3 million borrowers, compared with $556.7 billion in servicing volume for 16.8
million borrowers as of March 31,
2022.
The Loan Servicing and Systems segment reported net income after
tax of $19.2 million for the three
months ended March 31, 2023, compared
with $9.2 million for the same period
in 2022. Operating margin improved in 2023 compared with 2022 due
to a decrease in operating expenses, primarily salaries and
benefits. In January 2023, the
company announced a reduction in staff to manage excess staff
capacity due to delays in the government's return to repayment
program under the CARES Act.
On April 24, 2023, the company
received a contract award from the Department of Education
(Department) to provide continued servicing capabilities for the
Department. The Unified Servicing and Data Solution (USDS) contract
will replace the existing legacy Department student loan servicing
contracts that were scheduled to expire in December 2023. According to the Department, the
legacy servicer contracts will be extended through December 2024 to help facilitate a smooth
transition for borrowers. The USDS contract has a five-year base
period, with five years of possible extensions.
Education Technology, Services, and Payment
Processing
For the first quarter of 2023, revenue from the Education
Technology, Services, and Payment Processing operating segment was
$133.6 million, an increase from
$112.3 million for the same period in
2022. Revenue less direct costs to provide services for the first
quarter of 2023 was $85.9 million,
compared with $76.7 million for the
same period in 2022.
Net income after tax for the Education Technology, Services, and
Payment Processing segment was $28.7
million for the three months ended March 31, 2023, compared with $25.2 million for the same period in 2022.
Included in net income for the three months ended March 31, 2023 and 2022 was $6.0 million ($4.6
million after tax) and $0.3
million ($0.2 million after
tax) of interest income, respectively. The increase in interest
income was due to an increase in interest rates in 2023 compared
with 2022.
This segment is subject to seasonal fluctuations. Based on the
timing of when revenue is recognized and when expenses are
incurred, revenue and operating margin are higher in the first
quarter compared with the remainder of the year.
Corporate Activities
During the first quarter of 2023, the company recognized a loss
of $20.2 million ($15.4 million after tax) on its 45 percent voting
membership interests in ALLO Holdings LLC, a holding company for
ALLO Communications LLC (ALLO), compared with a loss of
$13.1 million ($10.0 million after tax) for the same period in
2022.
In addition, the company recognized net investment losses of
$3.3 million ($2.5 million after tax) for the three months
ended March 31, 2023 compared with
net investment income and gains of $8.5
million ($6.5 million after
tax) for the same period in 2022.
Board of Directors Declares Second Quarter Dividend
The Nelnet Board of Directors declared a second quarter cash
dividend on the company's outstanding shares of Class A common
stock and Class B common stock of $0.26 per share. The dividend will be paid on
June 15, 2023, to shareholders of record at the close of
business on June 1, 2023.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. The words "anticipate,"
"assume," "believe," "continue," "could," "ensure," "estimate,"
"expect," "forecast," "future," "intend," "may," "plan,"
"potential," "predict," "scheduled," "should," "will," "would," and
similar expressions, as well as statements in future tense, are
intended to identify forward-looking statements. These statements
are based on management's current expectations as of the date of
this release and are subject to known and unknown risks,
uncertainties, assumptions, and other factors that may cause the
actual results and performance to be materially different from any
future results or performance expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
but are not limited to: risks related to the ability to
successfully maintain and increase allocated volumes of student
loans serviced by the company under existing and future servicing
contracts with the Department and risks related to the company's
ability to comply with agreements with third-party customers for
the servicing of Federal Direct Loan Program, FFEL Program, private
education, and consumer loans; loan portfolio risks such as
interest rate basis and repricing risk, the risk of loss of floor
income on certain student loans originated under the FFEL Program,
risks related to the use of derivatives to manage exposure to
interest rate fluctuations, uncertainties regarding the expected
benefits from purchased securitized and unsecuritized FFEL Program,
private education, consumer, and other loans, or investment
interests therein, and initiatives to purchase additional FFEL
Program, private education, consumer, and other loans, and risks
from changes in levels of loan prepayment or default rates;
financing and liquidity risks, including risks of changes in the
interest rate environment; risks from changes in the terms of
education loans and in the educational credit and services markets
resulting from changes in applicable laws, regulations, and
government programs and budgets; risks related to a breach of or
failure in the company's operational or information systems or
infrastructure, or those of third-party vendors, including
disclosure of confidential or personal information and/or damage to
reputation resulting from cyber-breaches; uncertainties inherent in
forecasting future cash flows from student loan assets and related
asset-backed securitizations; risks and uncertainties of the
expected benefits from the November
2020 launch of Nelnet Bank operations, including the ability
to successfully conduct banking operations and achieve expected
market penetration; risks related to the expected benefits to the
company from its continuing investment in ALLO, and risks related
to investments in solar projects, including risks of not being able
to realize tax credits which remain subject to recapture by taxing
authorities; risks and uncertainties related to other initiatives
to pursue additional strategic investments (and anticipated income
therefrom), acquisitions, and other activities, including
activities that are intended to diversify the company both within
and outside of its historical core education-related businesses;
risks and uncertainties associated with climate change; risks from
changes in economic conditions and consumer behavior; our ability
to adapt to technological change; risks related to the exclusive
forum provisions in our articles of incorporation; risks related to
our executive chairman's ability to control matters related to the
company through voting rights; risks related to related party
transactions; concerns about the downgrade of the U.S. credit
rating; risks related to natural disasters, terrorist activities,
or international hostilities; and risks and uncertainties
associated with litigation matters and with maintaining compliance
with the extensive regulatory requirements applicable to the
company's businesses.
For more information, see the "Risk Factors" sections and other
cautionary discussions of risks and uncertainties included in
documents filed or furnished by the company with the Securities and
Exchange Commission. All forward-looking statements in this release
are as of the date of this release. Although the company may
voluntarily update or revise its forward-looking statements from
time to time to reflect actual results or changes in the company's
expectations, the company disclaims any commitment to do so except
as required by law.
Non-GAAP Performance Measures
The company prepares its financial statements and presents its
financial results in accordance with U.S. GAAP. However, it also
provides additional non-GAAP financial information related to
specific items management believes to be important in the
evaluation of its operating results and performance.
Reconciliations of GAAP to non-GAAP financial information, and a
discussion of why the company believes providing this additional
information is useful to investors, is provided in the "Non-GAAP
Disclosures" section below.
________________________________
|
1
|
Net income, excluding
derivative market value adjustments, is a non-GAAP measure. See
"Non-GAAP Performance Measures" at the end of this press release
and the "Non-GAAP Disclosures" section below for explanatory
information and reconciliations of GAAP to non-GAAP financial
information.
|
|
|
2
|
Core loan spread and
the related net interest income net of derivative settlements are
non-GAAP measures. See "Non-GAAP Performance Measures" at the end
of this press release and the "Non-GAAP Disclosures" section below
for explanatory information and reconciliations of GAAP to non-GAAP
financial information.
|
Consolidated
Statements of Income
(Dollars in thousands,
except share data)
(unaudited)
|
|
|
Three months
ended
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Interest
income:
|
|
|
|
|
|
Loan
interest
|
$
225,243
|
|
228,878
|
|
111,377
|
Investment
interest
|
40,725
|
|
34,012
|
|
13,819
|
Total interest
income
|
265,968
|
|
262,890
|
|
125,196
|
Interest expense on
bonds and notes payable and bank deposits
|
199,449
|
|
181,790
|
|
48,079
|
Net interest
income
|
66,519
|
|
81,100
|
|
77,117
|
Less provision
(negative provision) for loan losses
|
34,275
|
|
27,801
|
|
(435)
|
Net interest income
after provision for loan losses
|
32,244
|
|
53,299
|
|
77,552
|
Other income
(expense):
|
|
|
|
|
|
Loan servicing and
systems revenue
|
139,227
|
|
140,021
|
|
136,368
|
Education technology,
services, and payment processing revenue
|
133,603
|
|
98,332
|
|
112,286
|
Solar construction
revenue
|
8,651
|
|
15,186
|
|
—
|
Other, net
|
(14,071)
|
|
735
|
|
9,877
|
Gain (loss) on sale of
loans, net
|
11,812
|
|
(2,713)
|
|
2,989
|
Impairment
expense
|
—
|
|
(9,361)
|
|
—
|
Derivative market value
adjustments and derivative settlements, net
|
(14,074)
|
|
13,424
|
|
142,925
|
Total other income
(expense)
|
265,148
|
|
255,624
|
|
404,445
|
Cost of
services:
|
|
|
|
|
|
Cost to provide
education technology, services, and payment processing
services
|
47,704
|
|
39,330
|
|
35,545
|
Cost to provide solar
construction services
|
8,299
|
|
14,004
|
|
—
|
Total cost of
services
|
56,003
|
|
53,334
|
|
35,545
|
Operating
expenses:
|
|
|
|
|
|
Salaries and
benefits
|
152,710
|
|
151,568
|
|
149,414
|
Depreciation and
amortization
|
16,627
|
|
20,099
|
|
16,956
|
Other
expenses
|
40,785
|
|
50,481
|
|
39,499
|
Total operating
expenses
|
210,122
|
|
222,148
|
|
205,869
|
Income before income
taxes
|
31,267
|
|
33,441
|
|
240,583
|
Income tax
expense
|
(8,250)
|
|
(5,459)
|
|
(55,697)
|
Net income
|
23,017
|
|
27,982
|
|
184,886
|
Net loss attributable
to noncontrolling interests
|
3,470
|
|
2,791
|
|
1,761
|
Net income
attributable to Nelnet, Inc.
|
$
26,487
|
|
30,773
|
|
186,647
|
Earnings per common
share:
|
|
|
|
|
|
Net income
attributable to Nelnet, Inc. shareholders - basic and
diluted
|
$
0.71
|
|
0.83
|
|
4.91
|
Weighted average
common shares outstanding - basic and diluted
|
37,344,604
|
|
37,290,293
|
|
38,041,834
|
Condensed
Consolidated Balance Sheets
(Dollars in
thousands)
(unaudited)
|
|
|
As of
|
|
As of
|
|
As of
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Assets:
|
|
|
|
|
|
Loans and accrued
interest receivable, net
|
$
14,561,108
|
|
15,243,889
|
|
17,621,576
|
Cash, cash equivalents,
and investments
|
2,175,144
|
|
2,230,063
|
|
1,812,363
|
Restricted
cash
|
710,469
|
|
1,239,470
|
|
1,014,881
|
Goodwill and intangible
assets, net
|
237,690
|
|
240,403
|
|
191,636
|
Other assets
|
398,198
|
|
420,219
|
|
349,285
|
Total
assets
|
$
18,082,609
|
|
19,374,044
|
|
20,989,741
|
Liabilities:
|
|
|
|
|
|
Bonds and notes
payable
|
$
13,438,416
|
|
14,637,195
|
|
16,736,701
|
Bank
deposits
|
675,767
|
|
691,322
|
|
484,047
|
Other
liabilities
|
745,097
|
|
845,625
|
|
683,930
|
Total
liabilities
|
14,859,280
|
|
16,174,142
|
|
17,904,678
|
Equity:
|
|
|
|
|
|
Total Nelnet, Inc.
shareholders' equity
|
3,229,683
|
|
3,198,959
|
|
3,088,313
|
Noncontrolling
interests
|
(6,354)
|
|
943
|
|
(3,250)
|
Total
equity
|
3,223,329
|
|
3,199,902
|
|
3,085,063
|
Total liabilities and
equity
|
$
18,082,609
|
|
19,374,044
|
|
20,989,741
|
Non-GAAP Disclosures
(Dollars in thousands, except
share data)
(unaudited)
Non-GAAP financial measures disclosed by management are meant to
provide additional information and insight relative to business
trends to investors and, in certain cases, to present financial
information as measured by rating agencies and other users of
financial information. These measures are not in accordance with,
or a substitute for, GAAP and may be different from, or
inconsistent with, non-GAAP financial measures used by other
companies. The company reports this non-GAAP information because
the company believes that it provides additional information
regarding operational and performance indicators that are closely
assessed by management. There is no comprehensive, authoritative
guidance for the presentation of such non-GAAP information, which
is only meant to supplement GAAP results by providing additional
information that management utilizes to assess performance.
Net income,
excluding derivative market value adjustments
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
GAAP net income
attributable to Nelnet, Inc.
|
$
26,487
|
|
186,647
|
Realized and unrealized
derivative market value adjustments (a)
|
37,411
|
|
(145,734)
|
Tax effect
(b)
|
(8,979)
|
|
34,976
|
Non-GAAP net income
attributable to Nelnet, Inc., excluding derivative market value
adjustments
|
$
54,919
|
|
75,889
|
|
|
|
|
Earnings per
share:
|
|
|
|
GAAP net income
attributable to Nelnet, Inc.
|
$
0.71
|
|
4.91
|
Realized and unrealized
derivative market value adjustments (a)
|
1.00
|
|
(3.83)
|
Tax effect
(b)
|
(0.24)
|
|
0.91
|
Non-GAAP net income
attributable to Nelnet, Inc., excluding derivative market value
adjustments
|
$
1.47
|
|
1.99
|
|
|
(a)
|
"Derivative market
value adjustments" includes both the realized portion of gains and
losses (corresponding to variation margin received or paid on
derivative instruments that are settled daily at a central
clearinghouse) and the unrealized portion of gains and losses that
are caused by changes in fair values of derivatives which do not
qualify for "hedge treatment" under GAAP. "Derivative market value
adjustments" does not include "derivative settlements" that
represent the cash paid or received during the current period to
settle with derivative instrument counterparties the economic
effect of the company's derivative instruments based on their
contractual terms.
|
|
|
|
The accounting for
derivatives requires that changes in the fair value of derivative
instruments be recognized currently in earnings, with no fair value
adjustment of the hedged item, unless specific hedge accounting
criteria is met. Management has structured all of the
company's derivative transactions with the intent that each is
economically effective; however, the company's derivative
instruments do not qualify for hedge accounting. As a result,
the change in fair value of derivative instruments is reported in
current period earnings with no consideration for the corresponding
change in fair value of the hedged item. Under GAAP, the
cumulative net realized and unrealized gain or loss caused by
changes in fair values of derivatives in which the company plans to
hold to maturity will equal zero over the life of the contract.
However, the net realized and unrealized gain or loss during any
given reporting period fluctuates significantly from period to
period.
|
|
|
|
The company believes
these point-in-time estimates of asset and liability values related
to its derivative instruments that are subject to interest rate
fluctuations are subject to volatility mostly due to timing and
market factors beyond the control of management, and affect the
period-to-period comparability of the results of operations.
Accordingly, the company's management utilizes operating results
excluding these items for comparability purposes when making
decisions regarding the company's performance and in presentations
with credit rating agencies, lenders, and investors.
|
|
|
(b)
|
The tax effects are
calculated by multiplying the realized and unrealized derivative
market value adjustments by the applicable statutory income tax
rate.
|
Core loan spread
The following table analyzes the loan spread on AGM's portfolio
of loans, which represents the spread between the yield earned on
loan assets and the costs of the liabilities and derivative
instruments used to fund the assets. The spread amounts
included in the following table are calculated by using the
notional dollar values found in the "Net interest income, net of
settlements on derivatives" table on the following page, divided by
the average balance of loans or debt outstanding.
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Variable loan yield,
gross
|
7.12 %
|
|
2.75 %
|
Consolidation rebate
fees
|
(0.81)
|
|
(0.85)
|
Discount accretion, net
of premium and deferred origination costs amortization
|
0.05
|
|
0.03
|
Variable loan yield,
net
|
6.36
|
|
1.93
|
Loan cost of funds -
interest expense
|
(5.53)
|
|
(1.09)
|
Loan cost of funds -
derivative settlements (a) (b)
|
0.03
|
|
0.01
|
Variable loan
spread
|
0.86
|
|
0.85
|
Fixed rate floor
income, gross
|
0.03
|
|
0.68
|
Fixed rate floor income
- derivative settlements (a) (c)
|
0.68
|
|
(0.08)
|
Fixed rate floor
income, net of settlements on derivatives
|
0.71
|
|
0.60
|
Core loan
spread
|
1.57 %
|
|
1.45 %
|
|
|
|
|
Average balance of
AGM's loans
|
$ 13,991,241
|
|
17,208,909
|
Average balance of
AGM's debt outstanding
|
13,364,876
|
|
16,773,698
|
|
|
(a)
|
Derivative settlements
represent the cash paid or received during the current period to
settle with derivative instrument counterparties the economic
effect of the company's derivative instruments based on their
contractual terms. Derivative accounting requires that net
settlements with respect to derivatives that do not qualify for
"hedge treatment" under GAAP be recorded in a separate income
statement line item below net interest income. The company
maintains an overall risk management strategy that incorporates the
use of derivative instruments to reduce the economic effect of
interest rate volatility. As such, management believes derivative
settlements for each applicable period should be evaluated with the
company's net interest income (loan spread) as presented in this
table.
|
|
|
|
A reconciliation of
core loan spread, which includes the impact of derivative
settlements on loan spread, to loan spread without derivative
settlements follows.
|
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Core loan
spread
|
1.57 %
|
|
1.45 %
|
Derivative settlements
(1:3 basis swaps)
|
(0.03)
|
|
(0.01)
|
Derivative settlements
(fixed rate floor income)
|
(0.68)
|
|
0.08
|
Loan spread
|
0.86 %
|
|
1.52 %
|
|
|
(b)
|
Derivative settlements
consist of net settlements received related to the company's 1:3
basis swaps.
|
|
|
(c)
|
Derivative settlements
consist of net settlements received (paid) related to the company's
floor income interest rate swaps.
|
Net interest income, net of settlements on
derivatives
The following table summarizes the components of "net interest
income" and "derivative settlements, net" from the AGM segment
statements of income.
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Variable interest
income, gross
|
$
246,594
|
|
115,753
|
Consolidation rebate
fees
|
(28,399)
|
|
(36,771)
|
Discount accretion, net
of premium and deferred origination costs amortization
|
1,607
|
|
1,459
|
Variable interest
income, net
|
219,802
|
|
80,441
|
Interest on bonds and
notes payable
|
(182,063)
|
|
(45,209)
|
Derivative settlements
(basis swaps), net (a)
|
859
|
|
396
|
Variable loan interest
margin, net of settlements on derivatives (a)
|
38,598
|
|
35,628
|
Fixed rate floor
income, gross
|
1,110
|
|
28,993
|
Derivative settlements
(interest rate swaps), net (a)
|
22,478
|
|
(3,205)
|
Fixed rate floor
income, net of settlements on derivatives (a)
|
23,588
|
|
25,788
|
Core loan interest
income (a)
|
62,186
|
|
61,416
|
Investment
interest
|
13,807
|
|
9,164
|
Intercompany
interest
|
(7,135)
|
|
(794)
|
Net interest income
(net of settlements on derivatives) (a)
|
$
68,858
|
|
69,786
|
|
|
(a)
|
Core loan interest
income and net interest income (net of settlements on derivatives)
are non-GAAP financial measures. For an explanation of GAAP
accounting for derivative settlements and the reasons why the
company reports these non-GAAP measures, see footnote (a) to the
table immediately under the caption "Core loan spread"
above.
|
|
|
|
A reconciliation of net
interest income (net of settlements on derivatives) to net interest
income for the company's AGM segment follows.
|
|
|
|
Three months ended
March 31,
|
|
2023
|
|
2022
|
Net interest income
(net of settlements on derivatives)
|
$
68,858
|
|
69,786
|
Derivative settlements
(1:3 basis swaps)
|
(859)
|
|
(396)
|
Derivative settlements
(fixed rate floor income)
|
(22,478)
|
|
3,205
|
Net interest
income
|
$
45,521
|
|
72,595
|
View original
content:https://www.prnewswire.com/news-releases/nelnet-reports-first-quarter-2023-results-301818613.html
SOURCE Nelnet, Inc.