The discussion that follows is primarily focused on 2020 versus 2019 results. We refer to this different basis of presentation as Core Earnings. For a description and reconciliation, see "Non-GAAP Financial Measures." We expect 2021 originations to be higher than 2020 if the economy continues to improve. Throughout the crisis we have maintained a strong liquidity position. There were no loan sales in the current period. &# 8226; Provision for loan losses decreased $17 million. o Charge-offs were $49 million, compared with $42 million. o Forbearances were $7.7 billion, up $0.3 billion from $7.4 billion in pre-COVID-19 2019. This change is prospective in nature as prior balances are not restated under CECL. 2) Charge-offs are reported net of expected recoveries. For FFELP Loans, the recovery is received at the time of charge-off. We had $600 million of remaining share repurchase authority as of December 31, 2020. Actual results may differ from these estimates under varying assumptions or conditions. There can be significant judgment involved in assessing these qualitative factors. Chief Risk and Compliance Officer. 47 Consumer Protection and Privacy. Earnest is now one of the leading providers of education refinance loans. We cannot predict if or when or in what form any of these future actions may occur. In these circumstances, our earnings could be materially adversely affected. This work carries various risks inherent in the government contracting process. Such activities could interfere with our ability to execute our strategic plan. The CFPB has authority with respect to our loan servicing business. In recent years, we have entered into consent orders and other settlements. 2) Funding includes loan repurchase facilities. ( Funding includes other liabilities and stockholders' equity. The original lease term was March 31, 2023.
