Sallie Mae 2014 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 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
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
December 31,
2014
2013
Assets
Cash and cash equivalents ..................................................................
$
2,359,780
$
2,182,865
Available-for-sale investments at fair value (cost of $167,740 and
$106,977, respectively) ......................................................................
168,934
102,105
Loans held for investment (net of allowance for losses of $83,842 and
$68,081, respectively) ........................................................................
9,509,786
7,931,377
Other interest-earning assets ...............................................................
77,283
4,355
Accrued interest receivable ................................................................
469,697
356,283
Premises and equipment, net ..............................................................
78,470
74,188
Acquired intangible assets, net ............................................................
3,225
6,515
Tax indemnification receivable ...........................................................
240,311
—
Other assets ......................................................................................
64,757
48,976
Total assets .......................................................................................
$
12,972,243
$
10,706,664
Liabilities
Deposits ...........................................................................................
$
10,540,555
$
9,001,550
Income taxes payable, net ..................................................................
191,499
162,205
Upromise related liabilities .................................................................
293,004
307,518
Other liabilities .................................................................................
117,227
69,248
Total liabilities ..................................................................................
11,142,285
9,540,521
Commitments and contingencies
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized
Series A: 3.3 million and 0 shares issued, respectively, at stated value
of $50 per share ..............................................................................
165,000
—
Series B: 4 million and 0 shares issued, respectively, at stated value
of $100 per share ............................................................................
400,000
—
Common stock, par value $0.20 per share, 1.125 billion shares
authorized: 425 million and 0 shares, issued, respectively ......................
84,961
—
Additional paid-in capital ...................................................................
1,090,511
—
Navient's subsidiary investment ..........................................................
—
1,164,495
Accumulated other comprehensive loss (net of tax benefit $(7,186) and
$(1,849), respectively) .......................................................................
(11,393
)
(3,024
)
Retained earnings ..............................................................................
113,066
—
Total SLM Corporation's stockholders' equity before treasury stock........
1,842,145
1,161,471
Less: Common stock held in treasury at cost: 1 million and 0 shares,
respectively ......................................................................................
(12,187
)
—
Total SLM Corporation stockholders' equity ........................................
1,829,958
1,161,471
Noncontrolling interest ......................................................................
—
4,672
Total equity ......................................................................................
1,829,958
1,166,143
Total liabilities and equity ..................................................................
$
12,972,243
$
10,706,664
See accompanying notes to consolidated financial statements.
F-4