Nelnet Bank
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Data as of · sourced from FFIEC call reports. How we update
Nelnet Bank is an FDIC-insured commercial bank headquartered in Draper, UT, established in 2020 (FDIC certificate 59205), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $3.00B, the 20th largest of 44 banks headquartered in Utah. It reports no CET1 ratio; its Tier 1 leverage ratio was 15.94% at Q2 2026, above the 9% community bank leverage ratio requirement for being considered well capitalized.
- Charter
- Commercial bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 59205
- Headquarters
- Draper, UT
- Established
- 2020
- Total assets, Q2 2026
- $3.00B
- Tier 1 leverage ratio, Q2 2026
- 15.94%
- Domestic offices
- 1 FDIC institution directory, current count
- Routing number
- 124385355
- Holding company
- NELNET, INC.
- Asset rank in state
- 20th of 44 in Utah
Nelnet Bank runs leaner than most banks of its size. The Draper, Utah bank had $3.0 billion in assets at June 30, 2026, against $1.8 billion a year earlier. It spends about 40 cents to bring in each dollar of revenue, lower than about 9 in 10 of the 895 banks with $1 billion to $10 billion in assets (median 58 cents). On the other hand, it keeps 2.74 cents of net interest income on every dollar of earning assets, lower than about 9 in 10 banks its size (median 3.71 cents).
Problem loans roughly halved over the year: loans on nonaccrual or 90 or more days past due, net of government guarantees are down to 0.23% of loans from 0.45%. Funding is the softer spot: it pays an average of 3.83% on its deposits and borrowings, about double the median of 2.01% for banks its size.
As of June 30, 2026, Nelnet Bank reported a return on assets of 1.27%, a nonperforming-loan ratio of 2.17% and a Texas ratio of 0.77%. The figures come from its call report filed with the FFIEC.
Of the 44 banks headquartered in Utah, Nelnet Bank is the 20th largest by total assets at Q2 2026. Between Q1 2026 and Q2 2026, its total assets rose 19.2% to $3.00B, loans rose 30.0% and deposits rose 28.0%. Its loan book on June 30, 2026 was led by other consumer loans, at 97.0% of total loans, followed by construction and land development loans at 2.2%. Its one office in the FDIC Summary of Deposits is in Draper, UT. Judged on its Q2 2026 call report, Nelnet Bank meets the community bank leverage ratio test for well capitalized.
Headquarters Profile
- Address
- 13907 S Minuteman Dr, Draper, UT 84020
- County
- Salt Lake
- Metro Area
- Salt Lake City-Murray, UT
- Charter
- Commercial bank, state charter, Fed non-member, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- San Francisco (Region 14)
- Federal Reserve member
- No
- Federal Reserve district
- District 12, San Francisco
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- November 2, 2020
- Domestic offices
- 1 FDIC institution directory, current count
- Employees (FTE)
- 65
- Domestic deposits
- $2.51B
- Allowance for credit losses
- $28.3M
- Net charge-offs (YTD)
- $4.8M
- Average total assets
- $2.89B
- Average total loans
- $1.51B
- Average interest-bearing deposits
- $2.28B
- Tax status
- C corporation
- Ownership
- Stock
- Community bank
- No
- FDIC-insured since
- November 2, 2020
- FDIC Cert
- 59205
- Fed RSSD
- 5514409
- SEC CIK
- 1258602 → filed by NELNET, INC.
- Website
- www.nelnetbank.com →
- Parent Holding Company
- NELNET, INC. (RSSD 2901101) · NNI
Management
Senior officers at parent holding company, from SEC Form 3/4/5 disclosures
| Name | Role | Title |
|---|---|---|
| Jeffrey R Noordhoek | CEO | Chief Executive Officer |
| Michael S Dunlap | CHR | Executive Chairman of Board |
| Matthew W Dunlap | PRES | President, NFS |
| James D Kruger | CFO | Chief Financial Officer |
| Terry J Heimes | COO | Chief Operating Officer |
| William J Munn | GC | Secy/Chief Legal Off/Gen Coun |
Profitability
Q2 annualizedBalance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. As a community bank leverage ratio filer, Nelnet Bank reports no risk-based capital ratios; its Tier 1 leverage ratio applies. How we compute these figures
Quarterly trends
Nelnet Bank's total assets moved between a low of $991.3M (Q4 2023) and a high of $3.00B (Q2 2026) from Q3 2023 to Q2 2026, and it earned a profit in 8 of the 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$3.00B total assets against $1.77B; $2.53B total liabilities against $1.54B.
$1.62B net loans and leases against $800.4M; $2.51B total deposits against $1.53B.
$1.27B securities against $911.3M; $18.0M cash and balances due against $18.0M.
$43.1M total interest income against $28.8M; $23.6M total interest expense against $14.5M.
$19.5M net interest income against $14.3M.
-$25K total noninterest income against $214K; $8.1M total noninterest expense against $6.6M.
-$249K provision for credit losses against $6.8M.
$9.2M net income against $927K.
1.27% return on assets against 0.21%; 2.74% net interest margin against 3.30%.
15.94% tier 1 leverage ratio against 12.83%.
Inside the full Nelnet Bank terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeNelnet Bank rankings
Its closest position to the top of a national ranking is 197 of 3,606, for efficiency ratio; its furthest is 973 of 980, for uninsured deposits.
Metric pages for Nelnet Bank: Efficiency ratio.
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from -0.50% (Q3 2024) to 1.27% (Q2 2026) and its net interest margin ran from 2.74% (Q2 2026) to 3.81% (Q4 2024).
| Quarter | Leverage | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 15.94% | 1.27% | 2.17% | 0.77% | 2.74% |
| Q1 2026 | 15.02% | 1.12% | 1.95% | 0.78% | 3.19% |
| Q4 2025 | 14.45% | 0.93% | 1.12% | 1.03% | 3.52% |
| Q3 2025 | 12.71% | 1.04% | 1.36% | 1.45% | 3.36% |
| Q2 2025 | 12.83% | 0.21% | 1.06% | 1.50% | 3.30% |
| Q1 2025 | 12.63% | 0.93% | 0.88% | 1.09% | 3.42% |
| Q4 2024 | 12.37% | 0.00% | 0.38% | 1.28% | 3.81% |
| Q3 2024 | 12.43% | -0.50% | 0.49% | 1.68% | 3.32% |
Swipe the table sideways to see every column.
Branch Network
View the branch → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Nelnet Bank (main office) | Draper , UT | 84020 | $2.51B |
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 0.2% of deposits in UT, rank 25 of 63 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Consumer complaints
- 6,813 complaints in the last 4 full quarters. Raw counts, not adjusted for size
- Period: 2025-Q4 to 2026-Q3. Source: CFPB consumer complaint database.
- Not on file
- Enforcement actions, Mortgage lending (HMDA), SBA 7(a) lending, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about Nelnet Bank
What are Nelnet Bank's total assets?
As of the Q2 2026 filing, Nelnet Bank reported total assets of $3.00 billion in its FFIEC call report.
Where is Nelnet Bank headquartered?
It is headquartered in Draper, UT, United States.
When was Nelnet Bank founded?
It was established in 2020, per the FDIC institution directory.
Is Nelnet Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #59205). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates Nelnet Bank?
Nelnet Bank's primary federal regulator is the FDIC.
How many branches does Nelnet Bank operate?
It operates 1 domestic office, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is Nelnet Bank's Texas Ratio?
Its Texas Ratio is 0.77% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
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