Sallie Mae 2009 Annual Report Download - page 55

The following table summarizes the “Core Earnings” results of operations for our Lending business
segment.
2009 2008 2007 2009 vs. 2008 2008 vs. 2007
Years Ended December 31, % Increase (Decrease)
“Core Earnings” interest income:
FFELP Stafford and Other Student
Loans ...................... $1,282 $2,216 $ 2,848 (42)% (22)%
FFELP Consolidation Loans ....... 1,645 3,748 5,522 (56) (32)
Private Education Loans .......... 2,254 2,752 2,835 (18) (3)
Other loans .................... 56 83 106 (33) (22)
Cash and investments ............ 9 304 868 (97) (65)
Total “Core Earnings” interest income . . 5,246 9,103 12,179 (42) (25)
Total “Core Earnings” interest
expense ...................... 2,971 6,665 9,597 (55) (31)
Net “Core Earnings” interest income . . . 2,275 2,438 2,582 (7) (6)
Less: provisions for loan losses ....... 1,564 1,029 1,394 (52) (26)
Net “Core Earnings” interest income
after provisions for loan losses ..... 711 1,409 1,188 (50) 19
Other income .................... 974 180 194 441 (7)
Restructuring expenses ........... 10 49 19 (80) 158
Operating expenses .............. 581 583 690 — (15)
Total expenses ................... 591 632 709 (6) (10)
Income from continuing operations,
before income tax expense ........ 1,094 957 673 14 41
Income tax expense ............... 388 338 249 15 35
Net income...................... 706 619 424 14 45
Less: net income attributable to
noncontrolling interest ............ — — — — —
“Core Earnings” net income attributable
to SLM Corporation ............. $ 706 $ 619 $ 424 14% 45%
Economic Floor Income (net of tax) not
included in “Core Earnings” ....... $ 205 $ 55 $ 8 273% 45%
“Core Earnings” net income attributable
to SLM Corporation:
Continuing operations, net of tax .... $ 706 $ 619 $ 424 14% 45%
Discontinued operations, net of tax . . — — — — —
“Core Earnings” net income attributable
to SLM Corporation ............. $ 706 $ 619 $ 424 14% 45%
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