Sallie Mae 2011 Annual Report Download - page 140
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. Allowance for Loan Losses (Continued)
Allowance for Loan Losses
Year Ended December 31, 2010
(Dollars in millions) FFELP Loans
Private Education
Loans
Other
Loans Total
Allowance for Loan Losses
Beginning balance ...................... $ 161 $ 1,443 $ 76 $ 1,680
Total provision ...................... 98 1,298 23 1,419
Charge-offs ......................... (87) (1,291) (27) (1,405)
Student loan sales .................... (8) — — (8)
Reclassification of interest reserve(1) ..... — 48 — 48
Consolidation of securitization trusts(2) .... 25 524 — 549
Ending Balance ........................ $ 189 $ 2,022 $ 72 $ 2,283
Allowance:
Ending balance: individually evaluated for
impairment ......................... $ — $ 114 $ 59 $ 173
Ending balance: collectively evaluated for
impairment ......................... $ 189 $ 1,908 $ 13 $ 2,110
Ending balance: loans acquired with
deteriorated credit quality .............. $ — $ — $ — $ —
Loans:
Ending balance: individually evaluated for
impairment ......................... $ — $ 444 $114 $ 558
Ending balance: collectively evaluated for
impairment ......................... $146,938 $38,128 $ 228 $185,294
Ending balance: loans acquired with
deteriorated credit quality .............. $ — $ — $ — $ —
Charge-offs as a percentage of average loans
in repayment and forbearance ........... .09% 4.8% 6.9%
Charge-offs as a percentage of average loans
in repayment ........................ .11% 5.0% 6.9%
Allowance as a percentage of the ending total
loan balance ......................... .13% 5.2% 21.2%
Allowance as a percentage of the ending
loans in repayment ................... .20% 7.3% 21.2%
Allowance coverage of charge-offs ........ 2.2 1.6 2.7
Ending total loans(3) ..................... $146,938 $38,572 $ 342
Average loans in repayment .............. $ 82,255 $25,596 $ 383
Ending loans in repayment ............... $ 96,696 $27,852 $ 342
(1) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is
transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.
(2) Upon the adoption of the new consolidation accounting guidance on January 1, 2010, we consolidated all of our previously
off-balance sheet securitization trusts. (See “Note 2 — Significant Accounting Policies — Consolidation.”)
(3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.
F-31