Sallie Mae 2012 Annual Report Download - page 198
Download and view the complete annual report
Please find page 198 of the 2012 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
 |
 |
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
19. Quarterly Financial Information (unaudited) (Continued)
2011
(Dollars in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net interest income ........................................... $898 $868 $885 $879
Less: provisions for loan losses .................................. 303 291 409 292
Net interest income after provisions for loan losses .................. 595 577 476 587
Gains (losses) on derivative and hedging activities, net ............... (242) (510) (480) 272
Other income ................................................ 236 182 180 187
Operating expenses ........................................... 303 268 285 243
Goodwill and acquired intangible assets amortization expense ......... 6 6 6 5
Restructuring expenses ........................................ 4 2 1 3
Income tax expense (benefit) ................................... 99 (10) (46) 285
Net income (loss) from continuing operations ...................... 177 (17) (70) 510
Income (loss) from discontinued operations, net of taxes .............. (2) 11 23 1
Net income (loss) ............................................ 175 (6) (47) 511
Preferred stock dividends ...................................... 4 4 5 5
Net income (loss) attributable to SLM Corporation common stock ...... $171 $ (10) $ (52) $ 506
Basic earnings (loss) per common share attributable to SLM
Corporation:
Continuing operations ......................................... $ .32 $(.04) $ (.14) $1.00
Discontinued operations ....................................... — .02 .04 —
Total ....................................................... $ .32 $(.02) $ (.10) $1.00
Diluted earnings (loss) per common share attributable to SLM
Corporation:
Continuing operations ......................................... $ .32 $(.04) $ (.14) $ .99
Discontinued operations ....................................... — .02 .04 —
Total ....................................................... $ .32 $(.02) $ (.10) $ .99
20. Subsequent Event
On February 13, 2013, we sold the Residual Interest in a FFELP Consolidation Loan securitization trust to a
third party while retaining the servicing rights. Prior to the sale we consolidated the trust as we were the primary
beneficiary of the trust. As a result of this sale, we are no longer the primary beneficiary and as a result we
deconsolidated the Trust by removing from our balance sheet $3.8 billion and $3.7 billion of trust assets and
liabilities, respectively.
F-88