Sallie Mae 2009 Annual Report Download - page 45

Lending APG
Corporate
and Other
Year Ended
December 31, 2009
Interest income:
FFELP Stafford and Other Student Loans ..................... $1,282 $ — $ —
FFELP Consolidation Loans ............................... 1,645 — —
Private Education Loans .................................. 2,254 — —
Other loans ............................................ 56 — —
Cash and investments .................................... 9 — 20
Total interest income....................................... 5,246 — 20
Total interest expense ...................................... 2,971 19 15
Net interest income (loss) ................................... 2,275 (19) 5
Less: provisions for loan losses ............................... 1,564 — —
Net interest income (loss) after provisions for loan losses............ 711 (19) 5
Contingency fee revenue .................................. — 296 —
Collections revenue ...................................... — 50 —
Guarantor serving fees.................................... — — 136
Other income .......................................... 974 — 215
Total other income ........................................ 974 346 351
Restructuring expenses ................................... 10 1 3
Operating expenses ...................................... 581 315 284
Total expenses ........................................... 591 316 287
Income from continuing operations, before income tax expense . . . .... 1,094 11 69
Income tax expense
(1)
...................................... 388 7 24
Net income from continuing operations ......................... 706 4 45
Loss from discontinued operations, net of tax .................... — (157) —
Net income (loss) ......................................... 706 (153) 45
Less: net income attributable to noncontrolling interest ............. — 1 —
“Core Earnings” net income (loss) attributable to SLM Corporation .... $ 706 $(154) $ 45
Economic Floor Income (net of tax) not included in “Core Earnings” . . . $ 205 $ — $ —
(1)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
“Core Earnings” net income (loss) attributable to SLM Corporation:
Continuing operations, net of tax ............................ $ 706 $ 3 $ 45
Discontinued operations, net of tax ........................... — (157) —
“Core Earnings” net income (loss) attributable to SLM Corporation .... $ 706 $(154) $ 45
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