Sallie Mae 2013 Annual Report Download - page 168

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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, 2011
(Dollars in millions) FFELP Loans
Private Education
Loans
Other
Loans Total
Allowance for Loan Losses
Beginning balance ....................... $ 189 $ 2,022 $ 72 $ 2,283
Total provision ....................... 86 1,179 30 1,295
Charge-offs(1) ......................... (78) (1,072) (33) (1,183)
Student loan sales ..................... (10) — — (10)
Reclassification of interest reserve(2) ...... — 42 — 42
Ending Balance ......................... $ 187 $ 2,171 $ 69 $ 2,427
Allowance:
Ending balance: individually evaluated for
impairment .......................... $ — $ 762 $ 51 $ 813
Ending balance: collectively evaluated for
impairment .......................... $ 187 $ 1,409 $ 18 $ 1,614
Loans:
Ending balance: individually evaluated for
impairment .......................... $ — $ 5,313 $ 93 $ 5,406
Ending balance: collectively evaluated for
impairment .......................... $136,643 $34,021 $ 170 $170,834
Charge-offs as a percentage of average loans in
repayment ........................... .08% 3.72% 11.30%
Charge-offs as a percentage of average loans in
repayment and forbearance .............. .07% 3.55% 11.30%
Allowance as a percentage of the ending total
loan balance .......................... .14% 5.52% 26.26%
Allowance as a percentage of the ending loans
in repayment ......................... .20% 7.19% 26.26%
Allowance coverage of charge-offs ......... 2.4 2.0 2.1
Ending total loans(3) ...................... $136,643 $39,334 $ 263
Average loans in repayment ............... $ 94,359 $28,790 $ 294
Ending loans in repayment ................ $ 94,181 $30,185 $ 263
(1) Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to
the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-
off loans which represents the difference between what was expected to be collected and any shortfalls in what was actually
collected in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion.
(2) 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.
(3) Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.
F-30