Navient (NASDAQ: NAVI) reported Q4 EPS of $0.43, $0.01 worse than the analyst estimate of $0.44.

“We are proud of our strong track record of supporting customer success, and 2016 was no exception,” said Jack Remondi, president and CEO, Navient. “Our federal loan customers are 31 percent less likely to default, and federal loans we service are more likely to be enrolled in income-driven repayment plans than comparable servicers. More than 500,000 student loan customers successfully paid off their loans in 2016. Private education loan performance in 2016 was exceptional, and, when combined with the improving jobs market, creates a favorable outlook for credit in 2017. For the coming year, we remain focused on creating value through our legacy businesses, generating new assets, and growing business services revenue. We also continue to advocate for student loan reforms that make it easier for borrowers to achieve success.”

For the fourth-quarter 2016, GAAP net income was $145 million ($0.48 diluted earnings per share), compared with $283 million ($0.78 diluted earnings per share) for the year-ago quarter. For 2016, GAAP net income was $681 million ($2.12 diluted earnings per share), compared with $984 million ($2.58 diluted earnings per share) for 2015. Core earnings for the quarter were $129 million ($0.43 diluted core earnings per share), compared with $169 million ($0.47 diluted core earnings per share) for the year-ago quarter. The decrease in diluted core earnings per share was primarily the result of a $72 million reduction in net interest income primarily due to the amortization of the portfolio and an $11 million increase in operating expenses, partially offset by an $18 million reduction in provisions for loan losses and fewer shares outstanding due to common share repurchases.

Fourthquarter 2016 and 2015 diluted core earnings per share were $0.43 and $0.48, respectively, excluding regulatoryrelated costs of $3 million and $7 million, respectively. Fourth-quarter 2016 core earnings also included a reserve for legal contingencies of $17 million ($0.04 diluted core earnings per share).

For earnings history and earnings-related data on Navient (NAVI) click here.