Sallie Mae 2014 Annual Report Download - page 48

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Rate/Volume Analysis - GAAP
The following rate/volume analysis shows the relative contribution of changes in interest rates and asset volumes.
(Dollars in thousands)
Increase
(Decrease)
Change Due To
(1)
Rate
Volume
2014 vs. 2013
Interest income ............................................................
$
123,094
$
9,270
$
113,824
Interest expense ...........................................................
6,730
(8,468
)
15,198
Net interest income ......................................................
$
116,364
$
17,738
$
98,978
2013 vs. 2012
Interest income ............................................................
$
59,919
$
(49,610
)
$
109,529
Interest expense ...........................................................
6,173
(15,560
)
22,170
Net interest income ......................................................
$
53,746
$
(34,050
)
$
87,390
(1) Changes in income and expense due to both rate and volume have been allocated in proportion to the
relationship of the absolute dollar amounts of the change in each. The changes in income and expense are
calculated independently for each line in the table. The totals for the rate and volume columns are not the
sum of the individual lines.
Summary of Our Education Loan Portfolio
Ending Education Loan Balances, net
December 31, 2014
December 31, 2013
(Dollars in thousands)
Private
Education
Loans
FFELP
Loans
Total
Portfolio
Private
Education
Loans
FFELP
Loans
Total
Portfolio
Total education loan portfolio:
In-school
(1)
............................
$
2,548,721
$
1,185
$
2,549,906
$
2,191,445
$
2,477
$
2,193,922
Grace, repayment and other
(2)
..
5,762,655
1,263,622
7,026,277
4,371,897
1,424,495
5,796,392
Total, gross .................................
8,311,376
1,264,807
9,576,183
6,563,342
1,426,972
7,990,314
Deferred origination costs and
unamortized premium ..................
13,845
3,600
17,445
5,063
4,081
9,144
Allowance for loan losses ............
(78,574
)
(5,268
)
(83,842
)
(61,763
)
(6,318
)
(68,081
)
Total education loan portfolio .......
$
8,246,647
$
1,263,139
$
9,509,786
$
6,506,642
$
1,424,735
$
7,931,377
% of total ...................................
87
%
13
%
100
%
82
%
18
%
100
%
_________
(1) Loans for customers still attending school and are not yet required to make payments on the loan.
(2) Includes loans in deferment or forbearance.
46