Sallie Mae 2012 Annual Report Download - page 38
Download and view the complete annual report
Please find page 38 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
 |
 |
Maintain Our Financial Strength
In January 2013, we announced an increase in our quarterly common stock dividend to $0.15 per share and
a new $400 million common share repurchase program. It is management’s objective for 2013 to provide these
shareholder distributions while ending 2013 with capital and reserve positions as strong as those with which we
ended 2012. We also plan to continue to issue FFELP ABS primarily to refinance our remaining FFELP loans in
ED’s Conduit Program prior to the Conduit Program’s January 19, 2014 maturity date.
Expand Bank Capabilities
The Bank will fund our Private Education Loan originations in 2013. We will continue to evolve the
operational and enterprise risk oversight program at the Bank in preparation for expected growth and designation
as a “large bank,” which will entail enhanced regulatory scrutiny. In addition, we plan to voluntarily make
similar changes at SLM Corporation. See Item 1 “Business — Supervision and Regulation — Regulatory
Outlook — Evolving Regulation of the Bank” for additional information about the Bank’s regulatory
environment once it becomes a “large bank.”
Results of Operations
We present the results of operations first on a consolidated basis in accordance with GAAP. As discussed
earlier, we have four business segments, Consumer Lending, Business Services, FFELP Loans and Other. Since
these segments operate in distinct business environments, the discussion following the Consolidated Earnings
Summary is presented on a segment basis and is shown on a “Core Earnings” basis. See Item 1 “Business —
Business Segments” for further discussion on the components of each segment.
36