Sallie Mae 2011 Annual Report Download - page 60
Download and view the complete annual report
Please find page 60 of the 2011 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
 |
 |
Average Balance Sheets — GAAP
The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities
and reflects our net interest margin on a consolidated basis.
Years Ended December 31,
2011 2010 2009
(Dollars in millions) Balance Rate Balance Rate Balance Rate
Average Assets
FFELP Loans ................................... $143,109 2.42% $142,043 2.36% $128,538 2.41%
Private Education Loans .......................... 36,955 6.57 36,534 6.44 23,154 6.83
Other loans .................................... 233 9.16 323 9.20 561 9.98
Cash and investments ............................ 10,636 .18 12,729 .20 11,046 .24
Total interest-earning assets ....................... 190,933 3.11% 191,629 3.00% 163,299 2.91%
Non-interest-earning assets ........................ 5,308 5,931 8,693
Total assets .................................... $196,241 $197,560 $171,992
Average Liabilities and Equity
Short-term borrowings ........................... $ 31,413 .89% $ 38,634 .86% $ 44,485 1.84%
Long-term borrowings ............................ 156,151 1.36 150,768 1.29 118,699 1.87
Total interest-bearing liabilities .................... 187,564 1.28% 189,402 1.20% 163,184 1.86%
Non-interest-bearing liabilities ..................... 3,679 3,280 3,719
Equity ........................................ 4,998 4,878 5,089
Total liabilities and equity ......................... $196,241 $197,560 $171,992
Net interest margin .............................. 1.85% 1.82% 1.05%
Rate/Volume Analysis — GAAP
The following rate/volume analysis shows the relative contribution of changes in interest rates and asset
volumes.
Increase
(Decrease)
Change Due To(1)
(Dollars in millions) Rate Volume
2011 vs. 2010
Interest income ............................. $ 176 $ 197 $(21)
Interest expense ............................ 126 149 (23)
Net interest income .......................... $ 50 $ 63 $(13)
2010 vs. 2009
Interest income ............................. $ 996 $ 149 $847
Interest expense ............................ (760) (1,194) 434
Net interest income .......................... $1,756 $ 1,416 $340
(1) Changes in income and expense due to both rate and volume have been allocated in proportion to the relationship of the
absolute dollar amounts of the change in each. The changes in income and expense are calculated independently for
each line in the table. The totals for the rate and volume columns are not the sum of the individual lines.
58