Sallie Mae 2006 Annual Report Download - page 43

Average Balance Sheets
The following table reflects the rates earned on interest earning assets and paid on interest bearing
liabilities for the years ended December 31, 2006, 2005 and 2004. This table reflects the net interest margin
for the entire Company on a consolidated basis. It is included in the Lending segment discussion because that
segment includes substantially all interest earning assets and interest bearing liabilities.
Balance Rate Balance Rate Balance Rate
2006 2005 2004
Years Ended December 31,
Average Assets
FFELP Stafford and Other Student
Loans . . ....................... $ 21,152 6.66% $20,720 4.90% $19,317 3.76%
FFELP Consolidation Loans .......... 55,119 6.43 47,082 5.31 31,773 4.30
Private Education Loans ............. 8,585 11.90 6,922 9.16 4,795 7.00
Other loans ...................... 1,155 8.53 1,072 8.04 1,004 7.72
Cash and investments ............... 8,824 5.74 6,662 4.22 11,322 2.11
Total interest earning assets .......... 94,835 6.94% 82,458 5.48% 68,211 4.02%
Non-interest earning assets ........... 8,550 6,990 6,497
Total assets ...................... $103,385 $89,448 $74,708
Average Liabilities and Stockholders’
Equity
Short-term borrowings .............. $ 3,902 5.33% $ 4,517 3.93% $10,596 1.95%
Long-term borrowings .............. 91,461 5.37 77,958 3.70 58,134 2.11
Total interest bearing liabilities ........ 95,363 5.37% 82,475 3.71% 68,730 2.09%
Non-interest bearing liabilities ........ 3,912 3,555 3,195
Stockholders’ equity ................ 4,110 3,418 2,783
Total liabilities and stockholders’
equity . ........................ $103,385 $89,448 $74,708
Net interest margin ................. 1.54% 1.77% 1.92%
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