Sallie Mae 2015 Annual Report Download - page 128
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
F-38
7. Premises and equipment, net
The following is a summary of our premises and equipment.
December 31,
2015 2014
Land and land improvements . . . . . . . . $ 12,574 $ 10,927
Buildings and leasehold improvements.56,446 56,772
Furniture, fixtures and equipment . . . . . 12,275 10,898
Software. . . . . . . . . . . . . . . . . . . . . . . . . 39,530 31,988
Premises and equipment, gross . . . . . . . 120,825 110,585
Accumulated depreciation. . . . . . . . . . . (39,552) (32,115)
Premises and equipment, net. . . . . . . . . $ 81,273 $ 78,470
Depreciation expense for premises and equipment was $7.4 million, $6.1 million and $5.1 million for the years ended
December 31, 2015, 2014 and 2013, respectively.
8. Deposits
The following table summarizes total deposits at December 31, 2015 and 2014.
December 31, December 31,
2015 2014
Deposits - interest bearing . . . . . . . . . . . . . . . . . . . . $ 11,487,006 $ 10,539,953
Deposits - non-interest bearing . . . . . . . . . . . . . . . . 701 602
Total deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,487,707 $ 10,540,555
Interest Bearing
Interest bearing deposits as of December 31, 2015 and 2014 consisted of non-maturity savings and money market
deposits, brokered and retail CDs, as discussed further below, and brokered MMDAs. In addition, we gather what we consider
to be core deposits from various sources. These deposit products are serviced by third-party providers. Placement fees
associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized
placement fee expense of $10.5 million, $10.3 million, and $9.8 million in the years ended December 31, 2015, 2014 and 2013,
respectively. Fees paid to third-party brokers related to these CDs were $4.1 million, $15.2 million, and $12.1 million during
the years ended December 31, 2015, 2014 and 2013, respectively.