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Sallie Mae 2005 Annual Report Download - page 58

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48

Year ended December 31, 2005

Lending DMO

Corporate

and Other

Managed interest income:

Managed FFELP Stafford and Other Student Loans................. $2,298 $ — $ —

Managed Consolidation Loans.................................... 3,014 — —

Managed Private Education Loans................................ 1,160 — —

Other loans..................................................... 85 — —

Cash and investments............................................ 401 — —

Total Managed interest income..................................... 6,958 — —

Managed interest expense.......................................... 4,823 — —

Net interest income................................................ 2,135 — —

Less: provisionsfor losses .......................................... 138 — —

Net interest income after provisions for losses ........................ 1,997 — —

Fee income....................................................... — 360 115

Collections revenue ............................................... — 167 —

Other income..................................................... 110 — 126

Operating expenses................................................ 479 283 308

Income tax expense (benefit)(1) ...................................... 602 91 (25)

Minority interest innet earningsofsubsidiaries ....................... 2 4 —

Managed net income (loss)......................................... $1,024 $149 $ (42)

Year ended December 31, 2004

Lending DMO

Corporate

and Other

Managed interest income:

Managed FFELP Stafford and Other Student Loans.................. $1,715 $ — $ —

Managed Consolidation Loans..................................... 1,473 — —

Managed Private Education Loans................................. 613 — —

Other loans...................................................... 74 — —

Cash and investments............................................. 267 — —

Total Managed interest income...................................... 4,142 — —

Managed interest expense........................................... 2,320 — —

Net interest income................................................. 1,822 — —

Less: provisionsfor losses ........................................... 114 — —

Net interest income after provisions for losses ......................... 1,708 — —

Fee income........................................................ — 300 120

Collections revenue ................................................ — 39 —

Other income...................................................... 131 — 130

Loss on GSEdebt and extinguishment................................ 221 — —

Operating expenses................................................. 409 159 291

Income tax expense (benefit)(1) ....................................... 430 65 (15)

Minority interest innet earningsofsubsidiaries ........................ — 1 —

Managed net income (loss).......................................... $ 779 $114 $ (26)

(1) Income taxes are based on a percentage of net income before tax for the individual reportable segment.