Sallie Mae 2009 Annual Report Download - page 47

Lending APG
Corporate
and Other
Year Ended
December 31, 2007
Interest income:
FFELP Stafford and Other Student Loans .................... $ 2,848 $ — $ —
FFELP Consolidation Loans .............................. 5,522 — —
Private Education Loans . ................................ 2,835 — —
Other loans ........................................... 106 — —
Cash and investments . . . ................................ 868 — 21
Total interest income ..................................... 12,179 — 21
Total interest expense ..................................... 9,597 27 21
Net interest income (loss) . . ................................ 2,582 (27) —
Less: provisions for loan losses .............................. 1,394 — 1
Net interest income (loss) after provisions for loan losses........... 1,188 (27) (1)
Contingency fee revenue . ................................ — 336 —
Collections revenue ..................................... — 217 —
Guarantor serving fees . . ................................ — — 156
Other income ......................................... 194 — 218
Total other income ....................................... 194 553 374
Restructuring expenses . . ................................ 19 2 2
Operating expenses ..................................... 690 361 339
Total expenses .......................................... 709 363 341
Income from continuing operations, before income tax expense ...... 673 163 32
Income tax expense
(1)
..................................... 249 60 12
Net income from continuing operations ........................ 424 103 20
Income from discontinued operations, net of tax ................. — 15 —
Net income............................................. 424 118 20
Less: net income attributable to noncontrolling interest ............ — 2 —
“Core Earnings” net income attributable to SLM Corporation........ $ 424 $116 $ 20
Economic Floor Income (net of tax) not included in “Core Earnings” . . $ 8 $ — $ —
(1)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
“Core Earnings” net income attributable to SLM Corporation:
Continuing operations, net of tax .......................... $ 424 $ 101 $ 20
Discontinued operations, net of tax ......................... — 15 —
“Core Earnings” net income attributable to SLM Corporation ....... $ 424 $ 116 $ 20
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