Sallie Mae 2015 Annual Report Download - page 51
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49
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,
2015 2014 2013
(Dollars in thousands) Balance
Rate
Balance
Rate
Balance
Rate
Average Assets
Private Education Loans . . . . $ 9,819,053 7.93% $ 7,563,356 8.16% $ 5,996,651 8.16%
FFELP Loans . . . . . . . . . . . . 1,179,723 3.26 1,353,497 3.24 1,142,979 3.32
Taxable securities . . . . . . . . . 395,720 2.59 331,479 2.68 523,883 3.75
Cash and other short-term
investments . . . . . . . . . . . . . . 1,423,090 0.26 1,746,839 0.26 1,473,392 0.30
Total interest-earning assets . 12,817,586 6.48% 10,995,171 6.13% 9,136,905 6.03%
Non-interest-earning assets. . 660,621 549,237 463,584
Total assets . . . . . . . . . . . . . . $ 13,478,207 $ 11,544,408 $ 9,600,489
Average Liabilities and
Equity
Brokered deposits . . . . . . . . . $ 6,640,078 1.19% $ 5,588,569 1.12% $ 5,015,201 1.24%
Retail and other deposits. . . . 3,862,879 0.95 3,593,817 0.92 2,675,879 0.96
Other interest-bearing
liabilities(1). . . . . . . . . . . . . . . 399,907 3.27 26,794 0.91 120,546 0.92
Total interest-bearing
liabilities . . . . . . . . . . . . . . . . 10,902,864 1.18% 9,209,180 1.04% 7,811,626 1.14%
Non-interest-bearing
liabilities . . . . . . . . . . . . . . . . 622,983 727,806 588,586
Equity . . . . . . . . . . . . . . . . . . 1,952,360 1,607,422 1,200,277
Total liabilities and equity. . . $ 13,478,207 $ 11,544,408 $ 9,600,489
Net interest margin . . . . . . . . 5.48% 5.26% 5.06%
_________________
(1) For the year ended December 31, 2015, includes the average balance of our secured borrowings and
amortization expense of transaction costs related to our ABCP Facility.