Sallie Mae 2014 Annual Report Download - page 110

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
6.
Allowance for Loan Losses (Continued)
Allowance for Loan Losses
Year Ended December 31, 2013
FFELP Loans
Private Education
Loans
Total
Allowance for Loan Losses
Beginning balance...................................................................
$
3,971
$
65,218
$
69,189
Total provision .....................................................................
4,384
64,955
69,339
Charge-offs
(1)
.......................................................................
(2,037
)
—
(2,037
)
Student loan sales
(2)
..............................................................
—
(68,410
)
(68,410
)
Ending Balance ......................................................................
$
6,318
$
61,763
$
68,081
Allowance:
Ending balance: individually evaluated for impairment ...............
$
—
$
—
$
—
Ending balance: collectively evaluated for impairment................
$
6,318
$
61,763
$
68,081
Loans:
Ending balance: individually evaluated for impairment ...............
$
—
$
—
$
—
Ending balance: collectively evaluated for impairment................
$
1,426,972
$
6,563,342
$
7,990,314
Charge-offs as a percentage of average loans in repayment ..........
0.23
%
—
%
Allowance as a percentage of the ending total loan balance .........
0.44
%
0.94
%
Allowance as a percentage of the ending loans in repayment .......
0.62
%
1.55
%
Allowance coverage of charge-offs ...........................................
3.10
—
Ending total loans ...................................................................
$
1,426,972
$
6,563,342
Average loans in repayment .....................................................
$
870,460
$
3,509,502
Ending loans in repayment .......................................................
$
1,023,471
$
3,972,317
(1) Prior to the Spin-Off, Private Education Loans were sold to an entity that is now a subsidiary of Navient prior to being charged off.
(2) Represents fair value write-downs on loans sold.
F-26