Sallie Mae 2014 Annual Report Download - page 47

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Financial Condition
Average Balance Sheets - GAAP
The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities and reflects
our net interest margin on a consolidated basis.
Years Ended December 31,
2014
2013
2012
(Dollars in thousands)
Balance
Rate
Balance
Rate
Balance
Rate
Average Assets
Private Education Loans ........
$
7,563,356
8.16
%
$
5,996,651
8.16
%
$
5,347,239
8.34
%
FFELP Loans .......................
1,353,497
3.24
1,142,979
3.32
527,935
2.85
Taxable securities .................
331,479
2.68
523,883
3.75
569,018
4.50
Cash and other short-term
investments ..........................
1,746,839
0.26
1,473,392
0.3
929,284
0.48
Total interest-earning assets ...
10,995,171
6.13
%
9,136,905
6.03
%
7,373,476
6.66
%
Non-interest-earning assets ....
549,237
463,584
298,317
Total assets ..........................
$
11,544,408
$
9,600,489
$
7,671,793
Average Liabilities and
Equity
Brokered deposits .................
$
5,588,569
1.12
%
$
5,015,201
1.24
%
$
4,009,807
1.61
%
Retail and other deposits .......
3,593,817
0.92
2,675,879
0.96
1,741,304
1.02
Other interest-bearing
liabilities ..............................
26,794
0.91
120,546
0.92
253,512
0.29
Total interest-bearing
liabilities ..............................
9,209,180
1.04
%
7,811,626
1.14
%
6,004,623
1.38
%
Non-interest-bearing
liabilities ..............................
727,806
588,586
478,856
Equity .................................
1,607,422
1,200,277
1,188,314
Total liabilities and equity......
$
11,544,408
$
9,600,489
$
7,671,793
Net interest margin ...............
5.26
%
5.06
%
5.54
%
45