SoFi Technologies Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
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Noninterest Income and Net Revenue
The following table presents the components of our total noninterest income, as well as total net revenue:
| Three Months EndedMarch 31, · 2024 vs 2023 | ||||
|---|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | $ Change | % Change |
| Loan origination, sales, and securitizations | $57,000 | $123,334 | $(66,334) | (54)% |
| Servicing | 6,974 | 12,742 | (5,768) | (45)% |
| Technology products and solutions | 85,672 | 72,801 | 12,871 | 18% |
| Other | 92,631 | 27,271 | 65,360 | 240% |
| Total noninterest income | $242,277 | $236,148 | $6,129 | 3% |
| Total net revenue | $644,995 | $472,158 | $172,837 | 37% |
Total noninterest income increased by $6.1 million, or 3%, for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. The increase was primarily attributable to: (i) gain on extinguishment of debt of $59.2 million during the 2024 period, (ii) higher origination fees primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, and (iii) growth in technology services fees driven by account growth, as well as increased processing and service arrangement activity among our integrated technology solutions clients.
These increases were partially offset by: (i) higher loan write-offs in the 2024 period, primarily driven by longer loan holding periods and elevated charge off rates, and (ii) the net effect of gains in the 2024 period compared to losses in the 2023 period on student loan, personal loan and risk retention interest rate swap positions primarily driven by increases in interest rates during the 2024 period compared to decreases in interest rates during the 2023 period, and fair value losses on personal loans in the 2024 period compared to gains during the 2023 period, which were primarily impacted by higher prepayment rate, discount rate and default rate assumptions, and lower fair value gains on student loans in the 2024 period, which were primarily impacted by higher unpaid principal balance.
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