SLM Corp - FORM 8-K - EX-99.1

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Exhibit 99.1

FOR IMMEDIATE RELEASE

SALLIE MAE ACHIEVES HIGHER EARNINGS
FOR FOURTH-QUARTER AND FULL-YEAR 2010 OVER A YEAR AGO

RESTON, Va., Jan. 19, 2011—Sallie Mae (NYSE: SLM), the nation’s No. 1 financial services company specializing in education, today announced its fourth-quarter and full-year operating results, achieving higher earnings and substantially enhancing its liquidity and capital position from one year ago.

Sallie Mae’s core earnings were $401 million ($.75 diluted earnings per share) for the fourth-quarter 2010, compared to $268 million ($.44 diluted earnings per share) for the year-ago quarter. These results include the following after-tax items: $74 million of debt repurchase gains, $27 million of restructuring costs, and $52 million of losses from the discontinuation of the purchased paper business. The change from the year-ago quarter is driven by decreases in loan loss provisions and discontinued operations losses, and increases in loan margins, loan sale gains, debt repurchase gains, and restructuring costs.

For the full-year 2010, core earnings rose to $1.03 billion ($1.92 per diluted share), compared to $807 million ($1.40 per diluted share) in 2009. The increase from the prior year was primarily driven by improved federal student loan margins and decreased provisions for loan losses.

On a GAAP basis, fourth-quarter 2010 net income was $447 million ($.84 diluted earnings per share), vs. $309 million ($.52 diluted earnings per share) in the same quarter last year. For the full-year 2010, GAAP net income was $530 million ($.94 per diluted share), compared to $324 million ($.38 per diluted share) in 2009.

“We entered 2011 financially strong, and ready to serve our customers and bring value to our shareholders,” said Albert L. Lord, vice chairman and CEO.

Funding and Liquidity

During the quarter, the company repurchased $1.3 billion of debt with gains of $118 million realized. Debt repurchased in 2010 totaled $4.9 billion and generated gains of $317 million.

Subsequent to year end, the company raised $2 billion in senior unsecured debt.

New Reporting Segments

With the elimination of the federally guaranteed student loan origination business last July, the company updated its reporting to reflect the primary operating segments described below. Management believes investors value the federally guaranteed loan segment on the cash it generates, and therefore the

company modified its calculation of core earnings to include unhedged floor income. Past core earnings were restated.

Consumer Lending

Core earnings from the consumer lending segment were $24 million in the 2010 fourth-quarter, compared to $20 million in the year-ago quarter.

In 2010, consumer lending segment core earnings were $13 million, compared to core earnings net losses of $33 million in 2009. These figures include the effect of $1.3 billion of provisions for loan losses in 2010 and $1.4 billion in 2009.

Originations of private education loans were $413 million, up from $381 million in the year-ago quarter.

During 2010, the company originated $2.3 billion of private education loans, compared to $3.2 billion in 2009.

Private education loans are originated and funded at Sallie Mae Bank. With the successful launch of its direct banking business in 2010, including online consumer savings accounts and CDs, the bank extended the mission to help families save for college while expanding and diversifying its deposit-gathering capabilities.

At Dec. 31, 2010, the company had $3.5 billion more private education loans in repayment compared to one year earlier. Private loan delinquencies declined to 10.6 percent in the 2010 fourth quarter from 12.1 percent in the year-ago quarter. Charge-offs declined to 4.8 percent in the fourth-quarter 2010, from 5.1 percent in the same quarter last year.

Business Services

Core earnings from Sallie Mae’s business services segment, which includes fees from servicing, collections and college savings businesses, were $118 million in the fourth-quarter 2010, compared to $136 million in the year-ago quarter.

In 2010, core earnings from the segment were $515 million, vs. $570 million in 2009.

The company now services 3.3 million accounts under the servicing contract with the U.S. Department of Education (ED). During 2010, the company began to provide administrative services to five new states and now administers $34.5 billion in 529 college savings plans on behalf of 16 states.

Federally Guaranteed Loans

The Federal Family Education Loan Program (FFELP) business segment produced 2010 fourth-quarter core earnings of $289 million, compared to $246 million in the year-ago quarter.

For 2010, the segment earned core earnings of $557 million, up from $340 million in 2009, the difference primarily driven by an unstable CP-LIBOR spread in the prior year.

The company successfully completed the acquisition of $26 billion in securitized federal student loan assets from The Student Loan Corporation (SLC) on Dec. 31. Also during the quarter, the company sold $20.4 billion of federal loans originated under the ED loan participation program recognizing a $321 million gain.

Other Business

In the fourth-quarter 2010, the company began marketing for sale its non-mortgage purchased paper business resulting in a $52 million core earnings, after-tax loss, due to adjusting the value of that business to its estimated fair value.

Operating Expenses

Core earnings operating expenses excluding restructuring, related asset impairments and fees connected to the recent SLC federal student loan acquisition were $289 million in the fourth-quarter 2010, compared to $302 million in the previous quarter and $264 million in the year-ago quarter. The increase from the year-ago quarter reflects investments made in the consumer lending and loan servicing businesses.

For the full-year, core earnings operating expenses excluding restructuring and related asset impairments were $1.2 billion, compared to $1.0 billion in 2009.

GAAP expenses, but not core earnings total expenses, also include the amortization and impairment of goodwill and intangible expenses, which was $10 million and $46 million in the 2010 and 2009 fourth quarters, respectively, $699 million in 2010, and $76 million in 2009.

GAAP

Sallie Mae reports financial results on a GAAP basis and also presents certain core earnings performance measures. The company’s management, equity investors, credit rating agencies and debt capital providers use these core earnings measures to monitor the company’s business performance. Both a description of the core earnings treatment and a full reconciliation to the GAAP income statement can be found at www.SallieMae.com/investors by clicking on Earnings.

The company adopted Financial Accounting Standards Board updates as of Jan. 1, 2010, and as a result, the company’s GAAP and core earnings presentations for securitization accounting are the same, and managed and on-balance sheet (GAAP) student loan portfolios are now the same size.

In the fourth-quarter, the primary difference between the company core earnings and GAAP results is the impact of a $74 million unrealized, mark-to-market, pre-tax gain on certain derivative contracts, which is recognized in GAAP but not in core earnings results.

For 2010, the primary difference between the company’s core earnings and GAAP results is the impact of $699 million of goodwill and acquired intangible asset pre-tax impairment and amortization recognized in GAAP but not in core earnings. Of this, $660 million was an impairment recognized in the third quarter as a result of new market data and the business impact of recent legislation.

Presentation slides for the conference call discussed below, as well as additional information about the company’s loan portfolios, new operating segments, and other details, may be accessed at www.SallieMae.com/investors under the webcasts tab.

***

The company will host an earnings conference call tomorrow, Jan. 20, at 8 a.m. EST. Sallie Mae executives will be on hand to discuss various highlights of the quarter and to answer questions related to the company’s performance. Individuals interested in participating in the call should dial (877) 356-5689 (USA and Canada) or dial (706) 679-0623 (international) and use access code 35277584 starting at 7:45 a.m. EST. A live audio webcast of the conference call may be accessed at www.SallieMae.com/investors. Investors may access a replay of the conference call via the company’s website within one hour after the call’s conclusion. A telephone replay may be accessed two hours after the call’s conclusion through Feb. 3 by dialing (800) 642-1687 (USA and Canada) or (706) 645-9291 (international) with access code 35277584.

This press release contains “forward-looking statements” based on management’s current expectations

as of the date of this release. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks include, among others, changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations, and from changes in such laws and regulations, adverse results in legal disputes, changes in the demand for educational financing or in financing preferences of educational institutions, students and their families, limited liquidity, increased financing costs and changes in the general interest rate environment. For more information, see the company’s filings with the Securities and Exchange Commission, including the forward-looking statements contained in the company’s Supplemental Financial Information Fourth Quarter 2010. All information in this release is as of Jan. 19, 2011. The company does not undertake any obligation to update or revise these forward-looking statements to conform the statement to actual results or changes in the company’s expectations.

***

Sallie Mae (NYSE: SLM) is the nation’s No. 1 financial services company specializing in education. Serving 23 million customers, Sallie Mae offers innovative savings tools, tuition payment plans and education loans that promote responsible financial habits and reward success. The company manages or services $235 billion in education loans and administers $35 billion in 529 college savings plans. Members of its Upromise college savings rewards program have earned $600 million to help pay for college. Sallie Mae is also one of the leading financial service providers for universities and governments at all levels. More information is available at www.SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

***


CONTACTS:
Media		Martha Holler, (703) 984-5178, martha.holler@SallieMae.com Patricia Nash Christel, (703) 984-5382, patricia.christel@SallieMae.com
Investors		Steve McGarry, (703) 984-6746, steven.mcgarry@SallieMae.com Joe Fisher, (703) 984-5755, joe.fisher@SallieMae.com

# # #

SLM CORPORATION

Supplemental Earnings Disclosure

December 31, 2010
(In millions, except per share amounts)
(Unaudited)


	Quarters ended									Years ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2010			2010			2009			2010			2009

SELECTED FINANCIAL INFORMATION AND RATIOS
GAAP Basis
Net income (loss)	$	447		$	(495	)	$	309		$	530		$	324
Diluted earnings (loss) per common share	$	.84		$	(1.06	)	$	.52		$	.94		$	.38
Return on assets		1.01	%		(1.00	)%		.77	%		.28	%		.20	%
“Core Earnings” Basis⁽¹⁾
“Core Earnings” net income	$	401		$	202		$	268		$	1,028		$	807
“Core Earnings” diluted earnings per common share	$	.75		$	.37		$	.44		$	1.92		$	1.40
“Core Earnings” return on assets		.90	%		.41	%		.55	%		.54	%		.41	%
OTHER OPERATING STATISTICS
Average on-balance sheet student loans	$	164,196		$	184,139		$	145,964		$	178,577		$	151,692
Average off-balance sheet student loans		—			—			33,277			—			34,413

Average Managed student loans	$	164,196		$	184,139		$	179,241		$	178,577		$	186,105

Ending on-balance sheet student loans, net	$	184,305		$	182,135		$	143,807
Ending off-balance sheet student loans, net		—			—			32,638

Ending Managed student loans, net	$	184,305		$	182,135		$	176,445

Ending Managed FFELP Loans, net	$	148,649		$	146,593		$	141,350
Ending Managed Private Education Loans, net		35,656			35,542			35,095

Ending Managed student loans, net	$	184,305		$	182,135		$	176,445


⁽¹⁾		“Core Earnings” are non-GAAP measures and do not represent a comprehensive basis of accounting. For a greater explanation of “Core Earnings,” see the section titled “Reconciliation of “Core Earnings’ Net Income to GAAP Net Income” and subsequent sections.

Change in Reportable Operating Segments

Effective July 1, 2010, legislation eliminated the authority to originate new loans under FFELP. Consequently, we no longer originate FFELP loans. Net interest income from our FFELP loan portfolio and fees associated with servicing FFELP loans and collecting on delinquent and defaulted FFELP loans on behalf of Guarantors has been our largest source of income. In response, we conducted a broad-based assessment of the effect the legislation would have on our business. As a result, we changed the way we regularly monitor and assess our ongoing operations and results during the fourth quarter of 2010 by realigning our operating segments into four reportable segments: (1) FFELP Loans, (2) Consumer Lending, (3) Business Services and (4) Other. Prior to this change we had three reportable segments — (1) Lending (2) APG and (3) Other.

The following table shows the realignment of our business lines from the old reportable segments to the new reportable segments:


Business Lines/Activities	New Reportable Segment	Prior Reportable Segment

FFELP Loan business	FFELP Loans	Lending
Private Education Loan business	Consumer Lending	Lending
Intercompany servicing of FFELP loans	Business Services	Lending
FFELP loan default aversion services	Business Services	APG
FFELP defaulted loan portfolio management services	Business Services	APG
FFELP guarantor servicing	Business Services	Other
Contingency collections	Business Services	APG
Third-party loan servicing	Business Services	Other
ED loan servicing	Business Services	Other
Upromise	Business Services	Other
Campus-based processing business	Business Services	Other
Purchased Paper — Non-Mortgage	Other	APG
Purchased Paper — Mortgage/Properties	Other	APG
Mortgage and other loans	Other	Lending
Debt repurchase gains	Other	Lending
Corporate liquidity portfolio	Other	Lending
Overhead expenses	Other	Lending, APG and Other

Management views the Company as consisting of three primary segments comprised of one amortizing business and two ongoing businesses that have the potential to grow in the future. As a result of the legislation discussed above, our FFELP Loan business is now viewed as an amortizing business. Consumer Lending (primarily our Private Education Loan business) and Business Services (primarily our fee-for-services businesses) are viewed by management as ongoing businesses with growth opportunities. The Other reportable segment represents the financial performance of our other smaller wind-down business activities as well as debt repurchase gains, the net interest margin from our corporate liquidity portfolio and all overhead expenses. This change in reporting allows us to separately evaluate our four operating segments.

We have three primary operating segments — the FFELP Loan operating segment, Consumer Lending operating segment and the Business Services operating segment. These three operating segments meet the quantitative thresholds for reportable segments. Accordingly, the results of operations of our FFELP Loans, Consumer Lending and Business Services segments are presented separately. We have smaller operating segments that consist of business operations that have either been discontinued or are winding down. These operating segments do not meet the quantitative thresholds to be considered reportable segments. As a result, the results of operations for these operating segments (Purchased Paper business and mortgage and other loan business) are combined with gains/losses from the repurchase of debt, the financial results of our corporate liquidity portfolio and all overhead expenses within the Other reportable segment. The management reporting process measures the performance of our operating segments based on our management structure, as well as the methodology we used to evaluate performance and allocate resources. Management, including our chief operating decision makers, evaluates the performance of our operating segments based on their profitability. As discussed further below, we measure the profitability of our operating segments based on “Core Earnings” net income. Accordingly, information regarding our reportable segments is provided based on a “Core Earnings” basis.

As a result of the change in segment reporting that occurred in the fourth quarter 2010, past periods have been recast for comparison purposes. In connection with changing the reportable segments the following lists other significant changes we made related to the new segment presentation:


	•	The operating expenses reported for each segment are those that are directly attributable to the generation of revenues by that segment. We have included corporate overhead expenses and unallocated information technology costs (together referred to as “Overhead expenses”) in our Other Business segment rather than allocate those expenses by segment as management believes these expenses reflect matters related to the operation and maintenance of our corporate entity. We will continue to manage and monitor all of our expenses and, to the extent we can more directly attribute those expenses to particular segments, we will consider revisions to this approach. For a more detailed explanation of what constitutes “Overhead expenses,” see our “SUPPLEMENTAL FINANCIAL INFORMATION RELEASE — FOURTH QUARTER 2010 — BUSINESS SEGMENTS — OTHER BUSINESS SEGMENT.”

	•	The creation of the FFELP Loans and Business Services segments has resulted in us accounting for servicing revenue on FFELP Loans we own in the Business Services segment. As a result, there is an intercompany servicing fee paid from the FFELP Loans segment to the Business Services segment that performs the required servicing functions for these loans. The intercompany amounts are the contractual rates for encumbered loans within a financing facility or a similar market rate if the loan is not in a financing facility.

	•	In accordance with the accounting guidance for goodwill, we allocated existing goodwill to the new business units within the reportable segments based upon relative fair value. We also evaluated our goodwill for impairment using both the old reporting and new reportable segment framework and there was no impairment under either analysis.

As part of the change in the reportable segments in the fourth quarter of 2010, we also changed our calculation of “Core Earnings.” When our FFELP loan portfolio was growing, management and investors in the Company valued it based on recurring income streams. Given the uncertain and volatile nature of unhedged Floor Income, little value was attributed to it by the financial markets; therefore we excluded unhedged Floor Income from “Core Earnings.” Now that our FFELP loan portfolio is winding down, management and investors are focused on the total amount of cash the FFELP portfolio generates including unhedged Floor Income. As a result, we now include unhedged Floor Income in “Core Earnings” net income and have recast past “Core Earnings” financial results to reflect this change.

The following table shows the effect of including unhedged Floor Income, net of tax, in our “Core Earnings” and recasting our “Core Earnings” on past periods:


	Quarters Ended						Years Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2010		2010		2009		2010		2009

“Core Earnings” net income, excluding unhedged Floor Income, net of tax	$	396,435	$	189,436	$	248,783	$	1,007,017	$	597,053
Unhedged Floor Income, net of tax		4,910		12,211		19,027		21,240		209,952

“Core Earnings” net income, including unhedged Floor Income, net of tax	$	401,345	$	201,647	$	267,810	$	1,028,257	$	807,005

“Core Earnings” diluted earnings per common share, excluding unhedged Floor Income, net of tax	$	.74	$	.35	$	.41	$	1.88	$	.96
Effect of unhedged Floor Income on “Core Earnings” diluted earnings per common share		.01		.02		.03		.04		.44

“Core Earnings” diluted earnings per common share, including unhedged Floor Income	$	.75	$	.37	$	.44	$	1.92	$	1.40

SLM CORPORATION

Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)


	December 31,			September 30,			December 31,
	2010			2010			2009

Assets
FFELP Loans (net of allowance for losses of $188,858; $189,266 and $161,168, respectively)	$	148,649,400		$	125,937,737		$	111,357,434
FFELP Stafford Loans Held-For-Sale		—			20,655,561			9,695,714
Private Education Loans (net of allowance for losses of $2,021,580; $2,035,034; and $1,443,440, respectively)		35,655,724			35,541,640			22,753,462
Cash and investments		5,298,751			6,992,621			8,083,841
Restricted cash and investments		6,254,493			5,837,546			5,168,871
Retained Interest in off-balance sheet securitized loans		—			—			1,828,075
Goodwill and acquired intangible assets, net		478,409			488,220			1,177,310
Other assets		8,970,272			10,653,449			9,920,591

Total assets	$	205,307,049		$	206,106,774		$	169,985,298

Liabilities
Short-term borrowings	$	33,615,856		$	45,388,432		$	30,896,811
Long-term borrowings		163,543,504			153,003,935			130,546,272
Other liabilities		3,136,111			3,140,330			3,263,593

Total liabilities		200,295,471			201,532,697			164,706,676

Commitments and contingencies
Equity
Preferred stock, par value $.20 per share, 20,000 shares authorized:
Series A: 3,300; 3,300; and 3,300 shares, respectively, issued at stated value of $50 per share		165,000			165,000			165,000
Series B: 4,000; 4,000; and 4,000 shares, respectively, issued at stated value of $100 per share		400,000			400,000			400,000
Series C: 7.25% mandatory convertible preferred stock: 0; 810; and 810 shares, respectively, issued at liquidation preference of $1,000 per share		—			810,370			810,370
Common stock, par value $.20 per share, 1,125,000 shares authorized:
595,263; 553,787; and 552,220 shares, respectively, issued		119,053			110,758			110,444
Additional paid-in capital		5,939,838			5,127,313			5,090,891
Accumulated other comprehensive loss, net of tax benefit		(44,664	)		(44,159	)		(40,825	)
Retained earnings (loss)		308,839			(122,565	)		604,467

Total SLM Corporation stockholders’ equity before treasury stock		6,888,066			6,446,717			7,140,347
Common stock held in treasury: 68,320; 68,011 and 67,222 shares, respectively		1,876,488			1,872,640			1,861,738

Total SLM Corporation stockholders’ equity		5,011,578			4,574,077			5,278,609
Noncontrolling interest		—			—			13

Total equity		5,011,578			4,574,077			5,278,622

Total liabilities and equity	$	205,307,049		$	206,106,774		$	169,985,298

Supplemental information — assets and liabilities of consolidated variable interest entities:


	December 31,		September 30,		December 31,
	2010		2010		2009

FFELP Loans	$	145,750,016	$	143,953,840	$	118,731,699
Private Education Loans		24,355,683		24,511,699		10,107,298
Restricted cash and investments		5,983,080		5,522,584		4,596,147
Other assets		3,705,716		4,373,606		3,639,918
Short-term borrowings		24,484,353		36,806,456		23,384,051
Long-term borrowings		142,243,771		128,473,542		101,012,628

Net assets of consolidated variable interest entities	$	13,066,371	$	13,081,731	$	12,678,383

SLM CORPORATION

Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)


	Quarters ended									Years ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2010			2010			2009			2010			2009

Interest income:
FFELP Loans	$	777,631		$	884,820		$	692,191		$	3,345,175		$	3,093,782
Private Education Loans		601,747			610,893			406,115			2,353,134			1,582,514
Other loans		6,267			7,190			10,075			29,707			56,005
Cash and investments		7,021			7,630			6,168			25,899			26,064

Total interest income		1,392,666			1,510,533			1,114,549			5,753,915			4,758,365
Total interest expense		535,855			638,599			515,763			2,274,771			3,035,639

Net interest income		856,811			871,934			598,786			3,479,144			1,722,726
Less: provisions for loan losses		319,944			358,110			269,442			1,419,413			1,118,960

Net interest income after provisions for loan losses		536,867			513,824			329,344			2,059,731			603,766

Other income (loss):
Securitization servicing and Residual Interest revenue		—			—			148,049			—			295,297
Gains on sales of loans and securities, net		318,035			1,607			271,084			324,780			283,836
Gains (losses) on derivative and hedging activities, net		(29,447	)		(344,458	)		(35,209	)		(360,999	)		(604,535	)
Servicing revenue		91,197			92,718			112,924			404,927			440,098
Contingency revenue		78,159			83,746			65,562			330,390			294,177
Gains on debt repurchases		117,785			18,025			72,774			316,941			536,190
Other		(1,207	)		(3,775	)		30,539			6,369			88,016

Total other income (loss)		574,522			(152,137	)		665,723			1,022,408			1,333,079

Expenses:
Operating expenses		308,576			301,762			263,829			1,207,702			1,042,436
Goodwill and acquired intangible assets impairment and amortization expense		9,812			669,668			46,471			698,902			75,960
Restructuring expenses		32,644			9,980			1,189			85,236			10,571

Total expenses		351,032			981,410			311,489			1,991,840			1,128,967

Income (loss) from continuing operations, before income tax expense (benefit)		760,357			(619,723	)		683,578			1,090,299			807,878
Income tax expense (benefit)		260,687			(126,055	)		225,720			492,769			263,868

Net income (loss) from continuing operations		499,670			(493,668	)		457,858			597,530			544,010
Loss from discontinued operations, net of tax		(52,299	)		(1,279	)		(148,724	)		(67,148	)		(219,872	)

Net income (loss)		447,371			(494,947	)		309,134			530,382			324,138
Preferred stock dividends		15,967			18,787			51,014			72,143			145,836

Net income (loss) attributable to common stock	$	431,404		$	(513,734	)	$	258,120		$	458,239		$	178,302

Basic earnings (loss) per common share:
Continuing operations	$	.99		$	(1.06	)	$	.85		$	1.08		$	.85
Discontinued operations		(.11	)		—			(.31	)		(.14	)		(.47	)

Total	$	.88		$	(1.06	)	$	.54		$	.94		$	.38

Average common shares outstanding		492,592			484,936			479,459			486,673			470,858

Diluted earnings (loss) per common share:
Continuing operations	$	.94		$	(1.06	)	$	.81		$	1.08		$	.85
Discontinued operations		(.10	)		—			(.29	)		(.14	)		(.47	)

Total	$	.84		$	(1.06	)	$	.52		$	.94		$	.38

Average common and common equivalent shares outstanding		528,862			484,936			521,740			488,485			471,584

Dividends per common share	$	—		$	—		$	—		$	—		$	—

SLM CORPORATION

Segment and “Core Earnings”

Consolidated Statements of Income
(In thousands)
(Unaudited)


	Quarter ended December 31, 2010
	FFELP		Consumer		Business								Total “Core						Total
	Loans		Lending		Services		Other			Eliminations⁽¹⁾			Earnings”⁽²⁾			Adjustments			GAAP

Interest income:
Student loans	$	631,219	$	601,747	$	—	$	—		$	—		$	1,232,966		$	146,412		$	1,379,378
Other loans		—		—		—		6,267			—			6,267			—			6,267
Cash and investments		2,349		3,245		4,450		1,427			(4,450	)		7,021			—			7,021

Total interest income		633,568		604,992		4,450		7,694			(4,450	)		1,246,254			146,412			1,392,666
Total interest expense		303,115		195,959		14		12,516			(4,450	)		507,154			28,701			535,855

Net interest income		330,453		409,033		4,436		(4,822	)		—			739,100			117,711			856,811
Less: provisions for loan losses		22,316		293,804		—		3,824			—			319,944			—			319,944

Net interest income after provisions for loan losses		308,137		115,229		4,436		(8,646	)		—			419,156			117,711			536,867
Other income:
Servicing revenue		15,175		14,775		215,841		153			(154,747	)		91,197			—			91,197
Contingency revenue		—		—		78,159		—			—			78,159			—			78,159
Gains on debt repurchases		—		—		—		117,785			—			117,785			—			117,785
Other income (loss)		318,744		2		14,025		(2,482	)		—			330,289			(42,908	)		287,381

Total other income (loss)		333,919		14,777		308,025		115,456			(154,747	)		617,430			(42,908	)		574,522

Expenses:
Direct operating expenses		179,588		85,138		127,350		4,633			(154,747	)		241,962			—			241,962
Overhead expenses		—		—		—		66,614			—			66,614			—			66,614

Operating expenses		179,588		85,138		127,350		71,247			(154,747	)		308,576			—			308,576
Goodwill and acquired intangible assets impairment and amortization expense		—		—		—		—			—			—			9,812			9,812
Restructuring expenses		12,136		7,074		1,759		11,675			—			32,644			—			32,644

Total expenses		191,724		92,212		129,109		82,922			(154,747	)		341,220			9,812			351,032

Income from continuing operations, before income tax expense		450,332		37,794		183,352		23,888			—			695,366			64,991			760,357
Income tax expense⁽³⁾		161,292		13,537		65,670		1,579			—			242,078			18,609			260,687

Net income from continuing operations		289,040		24,257		117,682		22,309			—			453,288			46,382			499,670
Loss from discontinued operations, net of tax		—		—		—		(51,943	)		—			(51,943	)		(356	)		(52,299	)

Net income (loss)	$	289,040	$	24,257	$	117,682	$	(29,634	)	$	—		$	401,345		$	46,026		$	447,371


⁽¹⁾		The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾		“Core Earnings” are non-GAAP measures and do not represent a comprehensive system of accounting. For a greater explanation of “Core Earnings,” see the section titled “Reconciliation of ‘Core Earnings’ Net Income to GAAP Net Income” and subsequent sections.

⁽³⁾		Income taxes are based on a percentage of net income before tax for the individual reportable segment.

SLM CORPORATION

Segment and “Core Earnings”

Consolidated Statements of Income
(In thousands)
(Unaudited)


	Quarter ended September 30, 2010
	FFELP		Consumer			Business									Total “Core						Total
	Loans		Lending			Services			Other			Eliminations⁽¹⁾			Earnings”⁽²⁾			Adjustments			GAAP

Interest income:
Student loans	$	748,404	$	610,893		$	—		$	—		$	—		$	1,359,297		$	136,416		$	1,495,713
Other loans		—		—			—			7,190			—			7,190			—			7,190
Cash and investments		2,563		3,875			4,416			1,192			(4,416	)		7,630			—			7,630

Total interest income		750,967		614,768			4,416			8,382			(4,416	)		1,374,117			136,416			1,510,533
Total interest expense		385,998		206,189			24			11,095			(4,416	)		598,890			39,709			638,599

Net interest income		364,969		408,579			4,392			(2,713	)		—			775,227			96,707			871,934
Less: provisions for loan losses		24,582		329,981			—			3,547			—			358,110			—			358,110

Net interest income after provisions for loan losses		340,387		78,598			4,392			(6,260	)		—			417,117			96,707			513,824
Other income:
Servicing revenue		16,607		16,794			223,205			142			(164,030	)		92,718			—			92,718
Contingency revenue		—		—			83,746			—			—			83,746			—			83,746
Gains on debt repurchases		—		—			—			18,025			—			18,025			—			18,025
Other income (loss)		1,554		2			13,247			4,717			—			19,520			(366,146	)		(346,626	)

Total other income (loss)		18,161		16,796			320,198			22,884			(164,030	)		214,009			(366,146	)		(152,137	)

Expenses:
Direct operating expenses		181,798		98,661			121,241			2,065			(164,030	)		239,735			—			239,735
Overhead expenses		—		—			—			62,027			—			62,027			—			62,027

Operating expenses		181,798		98,661			121,241			64,092			(164,030	)		301,762			—			301,762
Goodwill and acquired intangible assets impairment and amortization expense		—		—			—			—			—			—			669,668			669,668
Restructuring expenses		8,167		1,961			(336	)		188			—			9,980						9,980

Total expenses		189,965		100,622			120,905			64,280			(164,030	)		311,742			669,668			981,410

Income (loss) from continuing operations, before income tax expense (benefit)		168,583		(5,228	)		203,685			(47,656	)		—			319,384			(939,107	)		(619,723	)
Income tax expense (benefit)⁽³⁾		60,380		(1,872	)		72,953			(15,003	)		—			116,458			(242,513	)		(126,055	)

Net income (loss) from continuing operations		108,203		(3,356	)		130,732			(32,653	)		—			202,926			(696,594	)		(493,668	)
Loss from discontinued operations, net of tax		—		—			—			(1,279	)		—			(1,279	)		—			(1,279	)

Net income (loss)	$	108,203	$	(3,356	)	$	130,732		$	(33,932	)	$	—		$	201,647		$	(696,594	)	$	(494,947	)


⁽¹⁾		The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾		“Core Earnings” are non-GAAP measures and do not represent a comprehensive system of accounting. For a greater explanation of “Core Earnings,” see the section titled “Reconciliation of ‘Core Earnings’ Net Income to GAAP Net Income” and subsequent sections.

⁽³⁾		Income taxes are based on a percentage of net income before tax for the individual reportable segment.

SLM CORPORATION

Segment and “Core Earnings”

Consolidated Statements of Income
(In thousands)
(Unaudited)


	Quarter ended December 31, 2009
	FFELP		Consumer		Business								Total “Core						Total
	Loans		Lending		Services		Other			Eliminations⁽¹⁾			Earnings”⁽²⁾			Adjustments			GAAP

Interest income:
Student loans	$	674,377	$	571,423	$	—	$	—		$	—		$	1,245,800		$	(147,494	)	$	1,098,306
Other loans		—		—		—		10,075			—			10,075			—			10,075
Cash and investments		3,234		3,513		5,477		(218	)		(5,477	)		6,529			(361	)		6,168

Total interest income		677,611		574,936		5,477		9,857			(5,477	)		1,262,404			(147,855	)		1,114,549
Total interest expense		372,504		176,745		—		10,689			(5,477	)		554,461			(38,698	)		515,763

Net interest income		305,107		398,191		5,477		(832	)		—			707,943			(109,157	)		598,786
Less: provisions for loan losses		28,321		326,730		—		10,160			—			365,211			(95,769	)		269,442

Net interest income after provisions for loan losses		276,786		71,461		5,477		(10,992	)		—			342,732			(13,388	)		329,344
Other income:
Servicing revenue		20,738		17,355		240,810		153			(166,132	)		112,924			—			112,924
Contingency revenue		—		—		65,562		—			—			65,562			—			65,562
Gains on debt repurchases		—		—		—		72,774			—			72,774			—			72,774
Other income (loss)		272,016		1		17,018		56			—			289,091			125,372			414,463

Total other income (loss)		292,754		17,356		323,390		72,983			(166,132	)		540,351			125,372			665,723

Expenses:
Direct operating expenses		187,136		57,452		117,915		2,230			(166,132	)		198,601			—			198,601
Overhead expenses		—		—		—		65,228			—			65,228			—			65,228

Operating expenses		187,136		57,452		117,915		67,458			(166,132	)		263,829			—			263,829
Goodwill and acquired intangible assets impairment and amortization expense		—		—		—		—			—			—			46,471			46,471
Restructuring expenses		2,833		776		444		(2,864	)		—			1,189			—			1,189

Total expenses		189,969		58,228		118,359		64,594			(166,132	)		265,018			46,471			311,489

Income (loss) from continuing operations, before income tax expense (benefit)		379,571		30,589		210,508		(2,603	)		—			618,065			65,513			683,578
Income tax expense (benefit)⁽³⁾		134,043		10,802		74,339		(17,576	)		—			201,608			24,112			225,720

Net income from continuing operations		245,528		19,787		136,169		14,973			—			416,457			41,401			457,858
Loss from discontinued operations, net of tax		—		—		—		(148,647	)		—			(148,647	)		(77	)		(148,724	)

Net income (loss)	$	245,528	$	19,787	$	136,169	$	(133,674	)	$	—		$	267,810		$	41,324		$	309,134


⁽¹⁾		The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾		“Core Earnings” are non-GAAP measures and do not represent a comprehensive system of accounting. For a greater explanation of “Core Earnings,” see the section titled “Reconciliation of ‘Core Earnings’ Net Income to GAAP Net Income” and subsequent sections.

⁽³⁾		Income taxes are based on a percentage of net income before tax for the individual reportable segment.

SLM CORPORATION

Segment and “Core Earnings”

Consolidated Statements of Income
(In thousands)


	Year ended December 31, 2010
	FFELP		Consumer		Business								Total “Core						Total
	Loans		Lending		Services		Other			Eliminations⁽¹⁾			Earnings”⁽²⁾			Adjustments			GAAP

Interest income:
Student loans	$	2,766,311	$	2,353,134	$	—	$	—		$	—		$	5,119,445		$	578,864		$	5,698,309
Other loans		—		—		—		29,707			—			29,707			—			29,707
Cash and investments		8,887		13,588		17,115		3,424			(17,115	)		25,899			—			25,899

Total interest income		2,775,198		2,366,722		17,115		33,131			(17,115	)		5,175,051			578,864			5,753,915
Total interest expense		1,407,221		757,758		38		45,224			(17,115	)		2,193,126			81,645			2,274,771

Net interest income		1,367,977		1,608,964		17,077		(12,093	)		—			2,981,925			497,219			3,479,144
Less: provisions for loan losses		98,507		1,298,018		—		22,888			—			1,419,413			—			1,419,413

Net interest income after provisions for loan losses		1,269,470		310,946		17,077		(34,981	)		—			1,562,512			497,219			2,059,731
Other income:
Servicing revenue		67,773		72,081		911,985		603			(647,515	)		404,927			—			404,927
Contingency revenue		—		—		330,390		—			—			330,390			—			330,390
Gains on debt repurchases		—		—		—		316,941			—			316,941			—			316,941
Other income (loss)		320,290		5		50,784		13,207			—			384,286			(414,136	)		(29,850	)

Total other income (loss)		388,063		72,086		1,293,159		330,751			(647,515	)		1,436,544			(414,136	)		1,022,408

Expenses:
Direct operating expenses		736,383		349,938		500,194		10,929			(647,515	)		949,929			—			949,929
Overhead expenses		—		—		—		257,773			—			257,773			—			257,773

Operating expenses		736,383		349,938		500,194		268,702			(647,515	)		1,207,702			—			1,207,702
Goodwill and acquired intangible assets impairment and amortization expense		—		—		—		—			—			—			698,902			698,902
Restructuring expenses		54,053		12,460		6,829		11,894			—			85,236			—			85,236

Total expenses		790,436		362,398		507,023		280,596			(647,515	)		1,292,938			698,902			1,991,840

Income (loss) from continuing operations, before income tax expense (benefit)		867,097		20,634		803,213		15,174			—			1,706,118			(615,819	)		1,090,299
Income tax expense (benefit)⁽³⁾		310,562		7,390		287,681		5,436			—			611,069			(118,300	)		492,769

Net income (loss) from continuing operations		556,535		13,244		515,532		9,738			—			1,095,049			(497,519	)		597,530
Income from discontinued operations, net of tax		—		—		—		(66,792	)		—			(66,792	)		(356	)		(67,148	)

Net income (loss)	$	556,535	$	13,244	$	515,532	$	(57,054	)	$	—		$	1,028,257		$	(497,875	)	$	530,382


⁽¹⁾		The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾		“Core Earnings” are non-GAAP measures and do not represent a comprehensive system of accounting. For a greater explanation of “Core Earnings,” see the section titled “Reconciliation of ‘Core Earnings’ Net Income to GAAP Net Income” and subsequent sections.

⁽³⁾		Income taxes are based on a percentage of net income before tax for the individual reportable segment.

SLM CORPORATION

Segment and “Core Earnings”

Consolidated Statements of Income
(In thousands)
(Unaudited)


	Year ended December 31, 2009
	FFELP		Consumer			Business								Total “Core						Total
	Loans		Lending			Services		Other			Eliminations⁽¹⁾			Earnings”⁽²⁾			Adjustments			GAAP

Interest income:
Student loans	$	3,252,308	$	2,254,163		$	—	$	—		$	—		$	5,506,471		$	(830,175	)	$	4,676,296
Other loans		—		—			—		56,005			—			56,005			—			56,005
Cash and investments		26,186		12,595			20,080		(9,450	)		(20,080	)		29,331			(3,267	)		26,064

Total interest income		3,278,494		2,266,758			20,080		46,555			(20,080	)		5,591,807			(833,442	)		4,758,365
Total interest expense		2,237,676		720,506			—		67,239			(20,080	)		3,005,341			30,298			3,035,639

Net interest income		1,040,818		1,546,252			20,080		(20,684	)		—			2,586,466			(863,740	)		1,722,726
Less: provisions for loan losses		118,947		1,398,955			—		46,148			—			1,564,050			(445,090	)		1,118,960

Net interest income after provisions for loan losses		921,871		147,297			20,080		(66,832	)		—			1,022,416			(418,650	)		603,766
Other income:
Servicing revenue		75,180		69,874			953,804		651			(659,411	)		440,098			—			440,098
Contingency revenue		—		—			294,177		—			—			294,177			—			294,177
Gains on debt repurchases		—		—			—		536,190			—			536,190			—			536,190
Other income (loss)		291,523		72			55,327		620			—			347,542			(284,928	)		62,614

Total other income (loss)		366,703		69,946			1,303,308		537,461			(659,411	)		1,618,007			(284,928	)		1,333,079

Expenses:
Direct operating expenses		754,214		265,262			439,522		6,013			(659,411	)		805,600			(352	)		805,248
Overhead expenses		—		—			—		237,188			—			237,188			—			237,188

Operating expenses		754,214		265,262			439,522		243,201			(659,411	)		1,042,788			(352	)		1,042,436
Goodwill and acquired intangible assets impairment and amortization expense		—		—			—		—			—			—			75,960			75,960
Restructuring expenses		8,167		2,237			2,302		(2,135	)		—			10,571			—			10,571

Total expenses		762,381		267,499			441,824		241,066			(659,411	)		1,053,359			75,608			1,128,967

Income (loss) from continuing operations, before income tax expense (benefit)		526,193		(50,256	)		881,564		229,563						1,587,064			(779,186	)		807,878
Income tax expense (benefit)⁽³⁾		185,821		(17,747	)		311,317		81,067			—			560,458			(296,590	)		263,868

Net income (loss) from continuing operations		340,372		(32,509	)		570,247		148,496			—			1,026,606			(482,596	)		544,010
Loss from discontinued operations, net of tax		—		—			—		(219,601	)		—			(219,601	)		(271	)		(219,872	)

Net income (loss)	$	340,372	$	(32,509	)	$	570,247	$	(71,105	)	$	—		$	807,005		$	(482,867	)	$	324,138


⁽¹⁾		The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾		“Core Earnings” are non-GAAP measures and do not represent a comprehensive system of accounting. For a greater explanation of “Core Earnings,” see the section titled “Reconciliation of ‘Core Earnings’ Net Income to GAAP Net Income” and subsequent sections.

⁽³⁾		Income taxes are based on a percentage of net income before tax for the individual reportable segment.

SLM CORPORATION

Reconciliation of “Core Earnings” Net Income to GAAP Net Income
(In thousands, except per share amounts)
(Unaudited)


	Quarters ended									Years ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2010			2010			2009			2010			2009

“Core Earnings” net income⁽¹⁾	$	401,345		$	201,647		$	267,810		$	1,028,257		$	807,005
“Core Earnings” adjustments:
Net impact of securitization accounting		—			—			(4,094	)		—			(200,660	)
Net impact of derivative accounting		74,234			(269,439	)		116,447			82,515			(502,703	)
Net impact of goodwill and acquired intangibles		(9,812	)		(669,668	)		(46,471	)		(698,902	)		(75,960	)

Total “Core Earnings” adjustments before income tax effect		64,422			(939,107	)		65,882			(616,387	)		(779,323	)
Net income tax effect		(18,396	)		242,513			(24,558	)		118,512			296,456

Total “Core Earnings” adjustments		46,026			(696,594	)		41,324			(497,875	)		(482,867	)

GAAP net income (loss)	$	447,371		$	(494,947	)	$	309,134		$	530,382		$	324,138

GAAP diluted earnings (loss) per common share	$	.84		$	(1.06	)	$	.52		$	.94		$	.38



⁽¹⁾ Core Earnings” diluted earnings per common share	$	.75		$	.37		$	.44		$	1.92		$	1.40

“Core Earnings”

In accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), we prepare financial statements in accordance with GAAP. In addition to evaluating our GAAP-based financial information, management evaluates our business segments on a basis that, as allowed under the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” differs from GAAP. We refer to management’s basis of evaluating our segment results as “Core Earnings” presentations for each business segment and we refer to this information in our presentations with credit rating agencies, lenders and investors. While “Core Earnings” are not a substitute for reported results under GAAP, we rely on “Core Earnings” to manage each operating segment because we believe these measures provide additional information regarding the operational and performance indicators that are most closely assessed by management.

Our “Core Earnings” are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. “Core Earnings” net income reflects only current period adjustments to GAAP net income as described below. Unlike financial accounting, there is no comprehensive, authoritative guidance for management reporting and as a result, our management reporting is not necessarily comparable with similar information for any other financial institution. Our operating segments are defined by products and services or by types of customers, and reflect the manner in which financial information is currently evaluated by management. Intersegment revenues and expenses are netted within the appropriate financial statement line items consistent with the income statement presentation provided to management. Changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial information.

Limitations of “Core Earnings”

While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, management believes that “Core Earnings” are an important additional tool for providing a more complete

understanding of our results of operations. Nevertheless, “Core Earnings” are subject to certain general and specific limitations that investors should carefully consider. For example, as stated above, unlike financial accounting, there is no comprehensive, authoritative guidance for management reporting. Our “Core Earnings” are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Unlike GAAP, “Core Earnings” reflect only current period adjustments to GAAP. Accordingly, our “Core Earnings” presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon “Core Earnings.” “Core Earnings” results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, rating agencies, lenders and investors to assess performance.

Other limitations arise from the specific adjustments that management makes to GAAP results to derive “Core Earnings” results. For example, in reversing the unrealized gains and losses that result from ASC 815, “Derivatives and Hedging,” on derivatives that do not qualify for hedge accounting treatment, as well as on derivatives that do qualify but are in part ineffective because they are not perfect hedges, we focus on the long-term economic effectiveness of those instruments relative to the underlying hedged item and isolate the effects of interest rate volatility and changing credit spreads on the fair value of such instruments during the period. Under GAAP, the effects of these factors on the fair value of the derivative instruments (but often not on the underlying hedged item) tend to show more volatility in the short term. While presentation of our results on a “Core Earnings” basis provides important information regarding the performance of our Managed portfolio, a limitation of this presentation is that we are presenting the ongoing spread income on loans that have been sold off-balance sheet for GAAP purposes to a trust managed by us. While we believe that our “Core Earnings” presentation presents the economic substance of our Managed loan portfolio, it understates earnings volatility from securitization gains, securitization servicing income and Residual Interest Income. As a result of adopting ASC 810, “Consolidation,” on January 1, 2010, this difference between our GAAP earnings and “Core Earnings” related to securitization accounting no longer exists.

Pre-Tax Differences between “Core Earnings” and GAAP

Our “Core Earnings” are the primary financial performance measures used by management to evaluate performance and to allocate resources. Accordingly, financial information is reported to management on a “Core Earnings” basis by reportable segment, as these are the measures used regularly by our chief operating decision makers. Our “Core Earnings” are used in developing our financial plans and tracking results, and also in establishing corporate performance targets and incentive compensation. Management believes this information provides additional insight into the financial performance of our core business activities.

“Core Earnings” net income reflects only current period adjustments to GAAP net income, as described in the more detailed discussion of the differences between “Core Earnings” and GAAP that follows, which includes further detail on each specific adjustment required to reconcile our “Core Earnings” segment presentation to our GAAP earnings.


	1)	Securitization Accounting: Under GAAP, prior to the adoption of topic updates to ASC 810, “Consolidation,” certain securitization transactions in our FFELP Loans and Consumer Lending operating segments were accounted for as sales of assets. Under “Core Earnings” for the FFELP Loans and Consumer Lending operating segments, we presented all securitization transactions on a “Core Earnings” basis as long-term non-recourse financings. The upfront “gains” on sale from securitization transactions, as well as ongoing “securitization servicing and Residual Interest revenue (loss)” presented in accordance with GAAP, were excluded from “Core Earnings” and were replaced by interest income, provisions for loan losses, and interest expense as earned or incurred on the securitization loans. We also excluded transactions with our off-balance sheet trusts from “Core Earnings” as they were considered intercompany transactions on a “Core Earnings” basis. On January 1, 2010, we prospectively adopted the topic updates to ASC 810, which resulted in the consolidation of these off-balance sheet securitization trusts at their historical cost basis. As of January 1, 2010, there are no longer differences between our GAAP and “Core Earnings” presentation


		for securitization accounting. As a result, effective January 1, 2010, our Managed and on-balance sheet (GAAP) portfolios are the same.

Upon the adoption of topic updates to ASC 810, we removed the $1.8 billion of Residual Interests (associated with our off-balance sheet securitization trusts as of December 31, 2009) from the consolidated balance sheet and we consolidated $35.0 billion of assets ($32.6 billion of which are student loans, net of a $550 million allowance for loan losses) and $34.4 billion of liabilities (primarily trust debt), which resulted in an approximate $750 million after-tax reduction of stockholders’ equity (recorded as a cumulative effect adjustment to retained earnings). After the adoption of topic updates to ASC 810, our results of operations no longer reflect securitization servicing and Residual Interest revenue (loss) related to these securitization trusts, but instead report interest income, provisions for loan losses associated with the securitized assets and interest expense associated with the debt issued from the securitization trusts to third parties, consistent with our accounting treatment of prior on-balance securitization trusts.


	2)	Derivative Accounting: “Core Earnings” exclude periodic unrealized gains and losses that are caused primarily by the mark-to-market derivative valuations on derivatives that do not qualify for hedge accounting treatment under GAAP. These unrealized gains and losses occur in our FFELP Loans, Consumer Lending and Other operating segments. In our “Core Earnings” presentation, we recognize the economic effect of these hedges, which generally results in any cash paid or received being recognized ratably as an expense or revenue over the hedged item’s life.

	3)	Goodwill and Acquired Intangibles: Our “Core Earnings” exclude goodwill and intangible impairment and the amortization of acquired intangibles.

SLM Corp - FORM 8-K - EX-99.1 - January 19, 2011

Attached files

SLM Corp Reports