Sallie Mae 2005 Annual Report Download - page 109
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99
repricing during specific future time intervals. The following gap analysis reflects rate-sensitive positions at
December 31, 2005 and is not necessarily reflective of positions that existed throughout the period.
Interest Rate Sensitivity Period
3 months
or less
3 months
to
6 months
6 months
to
1 year
1 to 2
years
2 to 5
years
Over
5 years
Assets
Student loans.......................... $ 79,230 $ 2,513 $ 784 $ 10 $ 64 $ 3
Other loans........................... 277 43 85 14 8 711
Cash and investments, including restricted . 6,151 110 142 598 672 494
Other assets........................... 1,971 93 186 314 546 4,319
Total assets ........................... 87,629 2,759 1,197 936 1,290 5,527
Liabilities and Stockholders’ Equity
Short-term borrowings .................. 3,289 5 516 — — —
Long-term notes....................... 63,250 — 271 1,326 11,233 12,039
Other liabilities........................ 1,590 — — — — 2,019
Minority interest in subsidiaries .......... — — — — — 9
Stockholders’ equity .................... — — — — — 3,791
Total liabilities and stockholders’ equity . . . 68,129 5 787 1,326 11,233 17,858
Period gap before adjustments........... 19,500 2,754 410 (390 ) (9,943 ) (12,331)
Adjustments for Derivatives and
Other Financial Instruments
Interest rateswaps..................... (16,040) (5,177) (208) (741 ) 10,240 11,926
Impact of securitized student loans ....... (2,
103) 2,103 — — — —
Total derivatives and other financial
instruments......................... (18,143) (3,074) (208) (741 ) 10,240 11,926
Period gap............................ $ 1,357 $ (320) $ 202 $ (1,131 ) $ 297 $ (405)
Cumulative gap ........................ $ 1,357 $ 1,037 $ 1,239 $ 108 $ 405 $ —
Ratio of cumulative gap to total assets..... 1.4% 1.0% 1.2% .1% .4% —%
Weighted Average Life
The following table reflects the weighted average life for our Managed earning assets and liabilities at
December 31, 2005.
(Averages in years)
On-Balance
Sheet
Off-Balance
Sheet Managed
Earning assets
Student loans................................. 9.4 5.0 9.0
Other loans .................................. 7.1 — 7.1
Cash and investments ......................... 1.0 .1 .7
Total earningassets........................... 8.6 4.5 8.3
Borrowings
Short-term borrowings......................... .4 — .4
Long-term borrowings ......................... 7.0 5.0 6.3
Total borrowings.............................. 6.8 5.0 6.2