Sallie Mae 2014 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2014 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.

Page out of 146

  • 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

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
8.
Deposits (Continued)
Interest bearing deposits at December 31, 2014 and 2013 are summarized as follows:
December 31, 2014
December 31, 2013
Amount
Ye a r -End
Weighted
Average
Stated Rate
Amount
Ye a r -End
Weighted
Average
Stated Rate
Money market .........................................
$
4,527,448
1.15
%
$
3,212,889
0.65
%
Savings...................................................
703,687
0.81
%
743,742
0.81
%
NOW .....................................................
—
—
%
18,214
0.12
%
Certificates of deposit ..............................
5,308,818
1.00
%
4,971,669
1.39
%
Deposits - interest bearing ......................
$
10,539,953
$
8,946,514
Certificates of deposit maturities are summarized as follows:
December 31,
2014
2013
One year or less ............................................
$
1,717,891
$
2,030,190
After one year to two years ............................
1,038,778
1,303,106
After two years to three years .........................
948,490
675,405
After three years to four years ........................
846,976
538,117
After four years to five years ..........................
577,827
424,851
After five years .............................................
178,856
—
Total ............................................................
$
5,308,818
$
4,971,669
As of December 31, 2014 and 2013, there were $253,953 and $159,637 of deposits exceeding Federal Deposit Insurance
Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $16,082 and $13,097 at December 31, 2014 and 2013,
respectively.
Non Interest Bearing
Non interest bearing deposits were $602 and $55,036 as of December 31, 2014 and 2013, respectively. For both periods
these were comprised of money market accounts. The December 31, 2014 balance is related to our Employee Stock Purchase
Plan account. See Note 14, “Stock Based Compensation Plans and Arrangements” for additional details regarding this plan.
9. Asset-Backed Commercial Paper Funding Facility
On December 19, 2014, we closed a new $750 million private asset backed commercial paper (“ABCP”) education loan
funding facility. Under FDIC guidelines, we are required to retain a 5 percent or $37.5 million ownership interest in the facility
resulting in $712.5 million of funds being available for Private Education Loan originations. The new facility had not been
drawn on as of December 31, 2014 and the facility’s scheduled maturity date is December 18, 2015.
F-34