Quarterly core earnings improved to $63 million from a loss of $27 million in 2011, driven primarily by lower loan loss provision.Private education loan portfolio results vs. third-quarter 2011 included:
- Loan originations of $1.3 billion, up 25 percent.
- Provision for private education loan losses of $252 million, down from $384 million, primarily due to an additional $124 million of provision attributable to last year’s adoption of new accounting guidance for TDRs.
- Delinquencies of 90 days or more of 5.3 percent, up from 5.0 percent of loans in repayment.
- Loans in forbearance of 3.2 percent, down from 4.5 percent of loans in repayment and forbearance.
- Annualized charge-off rate of 3.23 percent, down from 3.74 percent of loans in repayment.
- Core net interest margin, before loan loss provision, of 4.05 percent, up from 4.03 percent.
- The portfolio balance, net of loan loss allowance, grew to $37 billion from $36 billion.