- The document discusses forward-looking statements and disclosures related to a presentation by SLM (Sallie Mae) at the KBW Diversified Financials Conference on June 5, 2008.
- It provides an overview of Sallie Mae as the top originator, servicer, and collector of student loans with over $169 billion in managed loans, most of which are government guaranteed.
- Key trends like rising college enrollment and costs are driving increased demand for student loans.
This document provides an overview and summary of Sallie Mae's business and operations, including:
- Sallie Mae is a top originator, servicer, and collector of student loans with over 10 million customers and $169 billion in managed loans.
- It discusses strong industry trends in higher education enrollment and costs that are driving increased demand for education financing.
- Recent legislative actions and the company's various sources of funding for its student loan origination and securitization activities are also summarized.
- Key performance metrics are presented showing the historically strong credit quality of Sallie Mae's portfolio as well as the effective use of forbearance as a debt management tool for borrowers.
The document discusses the first year of compliance with new regulations requiring retirement plan administrators to disclose fee information to participants. An estimated 72 million participants received these disclosures last year. While the primary objective was to ensure participants have information to make wise decisions, there is skepticism that participants will understand or act on the often lengthy and technical disclosures. The costs of implementing the disclosures are estimated at $425 million initially but expected to be outweighed by $14.9 billion in reduced fees over 10 years due to increased fee transparency and competition. Measuring the impact of the disclosures will require collecting data on whether participants understood and acted upon the information. Early surveys suggest few plan or participant changes so far.
Sovereign Bancorp reported financial results for the first quarter of 2004. Net income was $102 million, up 35% from the prior year, though it included one-time merger charges. Excluding these charges, operating earnings were $122 million, up 28% from the previous year. Cash earnings also increased 24% year-over-year to $137 million. Loan and deposit balances grew due to acquisitions completed in the quarter. The company also announced additional upcoming acquisitions expected to be accretive to earnings.
The document summarizes HSBC Finance Corporation's investor presentation from March 12, 2008. It discusses key developments in 2007, including increased delinquencies and loan impairment allowances due to the weak housing market. It also outlines actions taken to reduce risks and costs, such as closing mortgage origination businesses and reducing the retail branch network. The financial results showed a decline in net operating income due to higher loan impairment charges, while expenses were reduced. The presentation aimed to communicate HSBC's commitment to stakeholders during difficult market conditions.
BB&T reported 2008 net income of $1.5 billion and earnings per common share of $2.71. For the fourth quarter of 2008, net income totaled $305 million and net income available to common shareholders totaled $284 million, or $.51 per diluted common share. For the full year 2008, BB&T's net income available to common shareholders was $1.50 billion compared to $1.73 billion earned in 2007, a decrease of 13.6%.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
AEP had solid financial performance for both the fourth quarter and the year. AEP benefited from favoriable weather conditions throughout most of the year, and our industrial volumes were up 4 percent in 2011.
American Electric Power will broadcast its Friday, Feb. 10, New York meeting with financial analysts and investors live over the Internet at 8 a.m. EST at http://www.aep.com/go/webcasts.
There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info: www.nafcu.org/bfb
This document provides an overview and summary of Sallie Mae's business and operations, including:
- Sallie Mae is a top originator, servicer, and collector of student loans with over 10 million customers and $169 billion in managed loans.
- It discusses strong industry trends in higher education enrollment and costs that are driving increased demand for education financing.
- Recent legislative actions and the company's various sources of funding for its student loan origination and securitization activities are also summarized.
- Key performance metrics are presented showing the historically strong credit quality of Sallie Mae's portfolio as well as the effective use of forbearance as a debt management tool for borrowers.
The document discusses the first year of compliance with new regulations requiring retirement plan administrators to disclose fee information to participants. An estimated 72 million participants received these disclosures last year. While the primary objective was to ensure participants have information to make wise decisions, there is skepticism that participants will understand or act on the often lengthy and technical disclosures. The costs of implementing the disclosures are estimated at $425 million initially but expected to be outweighed by $14.9 billion in reduced fees over 10 years due to increased fee transparency and competition. Measuring the impact of the disclosures will require collecting data on whether participants understood and acted upon the information. Early surveys suggest few plan or participant changes so far.
Sovereign Bancorp reported financial results for the first quarter of 2004. Net income was $102 million, up 35% from the prior year, though it included one-time merger charges. Excluding these charges, operating earnings were $122 million, up 28% from the previous year. Cash earnings also increased 24% year-over-year to $137 million. Loan and deposit balances grew due to acquisitions completed in the quarter. The company also announced additional upcoming acquisitions expected to be accretive to earnings.
The document summarizes HSBC Finance Corporation's investor presentation from March 12, 2008. It discusses key developments in 2007, including increased delinquencies and loan impairment allowances due to the weak housing market. It also outlines actions taken to reduce risks and costs, such as closing mortgage origination businesses and reducing the retail branch network. The financial results showed a decline in net operating income due to higher loan impairment charges, while expenses were reduced. The presentation aimed to communicate HSBC's commitment to stakeholders during difficult market conditions.
BB&T reported 2008 net income of $1.5 billion and earnings per common share of $2.71. For the fourth quarter of 2008, net income totaled $305 million and net income available to common shareholders totaled $284 million, or $.51 per diluted common share. For the full year 2008, BB&T's net income available to common shareholders was $1.50 billion compared to $1.73 billion earned in 2007, a decrease of 13.6%.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
AEP had solid financial performance for both the fourth quarter and the year. AEP benefited from favoriable weather conditions throughout most of the year, and our industrial volumes were up 4 percent in 2011.
American Electric Power will broadcast its Friday, Feb. 10, New York meeting with financial analysts and investors live over the Internet at 8 a.m. EST at http://www.aep.com/go/webcasts.
There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info: www.nafcu.org/bfb
1184151559656 State Bank Group March 2007akash_mehra
State Bank Group is an Indian financial services group with a presence in banking, insurance, and investment services. It has a large branch network of over 14,000 branches within India and several subsidiaries operating both domestically and internationally. The group has a 25% market share of deposits and loans within India's banking sector. It aims to be a premier financial services group with global standards of efficiency while retaining its position as a pioneer in development banking in India.
- We initiate coverage of Bally Total Fitness with a BUY recommendation on the 10.5% Senior Notes due to their yield of 11.1% and value support even in bankruptcy. We have a HOLD recommendation on the 9.875% Senior Subordinated Notes due to near-term downside risk and impairment risk in bankruptcy.
- Bally has been undermanaged but possesses substantial core value from its large footprint, brand, and membership base. A successful turnaround requires improving members' experience while lowering costs.
- Bally's membership declined 1.4% to 3.56 million in 3Q06. Cash flow is projected to be negative $41.4 million and $47.1 million
Ten years ago governance problems of this kind were far more common than they are today, but at “the bank that
time forgot” these dinosaur governance practices live on
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
Bandon Isolated Alpha Fixed Income (Presentation) 04 22 11bandonfunds
The document provides an overview of the Bandon Isolated Alpha Fixed Income Fund. The fund seeks attractive risk-adjusted returns through global fixed income exposures using two sub-advisers - one focused on interest rates and the other on credit. It aims to deliver returns uncorrelated to traditional investments with low volatility. The fund provides daily liquidity in a mutual fund structure to democratize alternative investments typically only available to institutions.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
Merrill Lynch Global Power and Gas Conferencefinance14
This document summarizes Merrill Lynch's presentation at the 2008 Power & Gas Leaders Conference in New York on September 23, 2008. Some key points:
- Exelon is well positioned financially, with strong operations, a robust hedging program, and ample liquidity.
- Exelon's 2009 operating EPS is expected to be flat compared to 2008, as higher earnings from ComEd offset lower earnings from Exelon Generation.
- Exelon is uniquely positioned for sustainable value through its large nuclear fleet, competitive markets, and opportunities for growth.
Comcast is creating a premier media and entertainment company through a joint venture with GE. The joint venture will combine Comcast's cable channels, regional sports networks, and digital assets with NBC Universal, bringing together strong content creation and distribution capabilities. The transaction positions the company for continued innovation and growth across cable, broadcast, film, and theme parks. It builds shareholder value through an attractive structure that maintains Comcast's balance sheet strength while providing a 51% controlling ownership. The new joint venture is expected to be financially strong and self-fund the redemption of GE's remaining 49% interest over time.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
This document provides tax information for 2009, including federal tax rates and limits, retirement contribution limits, mileage rates, minimum wage rates, and state tax rates and limits for various regions in the United States. Key details include the FICA and Medicare tax rates and wage bases, 401k and IRA contribution limits up to $16,500 and $11,500 respectively, and the federal minimum wage increasing to $7.25 per hour in July 2009. State tax rates, unemployment insurance rates, and minimum wages are provided for multiple states in different regions.
BancAnalysts Association of Boston Conference finance2
The document summarizes the financial results and credit performance of JPMorgan Chase's Retail Financial Services division for the third quarter of 2008. Key points include:
- Revenue grew 15% year-over-year to $14.6 billion driven by regional banking and mortgage production, but credit costs increased significantly to $5.5 billion.
- Net income declined to $626 million due to higher credit costs, especially in home equity and subprime mortgages.
- Significant credit actions have been taken to tighten underwriting across home lending portfolios, but deterioration continues with high delinquencies and losses expected going forward.
- New initiatives are announced to proactively help homeowners modify loans and stay
This document provides an overview of Edison International and its subsidiaries for 2006. Edison International is a power generator and distributor with $36 billion in assets as of 2006. It operates through its main subsidiaries: Southern California Edison, an electric utility serving over 13 million customers; Mission Energy Holding Company, an independent power producer with over 9,000 MW of generation capacity; and Edison Capital, which invests in energy and infrastructure projects globally. Key details are provided on the financial performance, operations, and investments of these principal subsidiaries in 2006.
The document provides a summary of Williams Partners L.P.'s first quarter 2009 earnings results. Key points include:
- Net income was $18.7 million compared to $43.6 million in first quarter 2008 due to lower NGL margins.
- Distributable cash flow was $29.4 million, down from $38.8 million in first quarter 2008. The cash distribution coverage ratio was 0.9x.
- Volumes were up at West processing facilities and the Discovery plant is fully repaired with new fee-based volumes coming online in the second quarter.
- Management remains confident in 2009 guidance and the ability to maintain distributions despite challenging commodity prices.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
The budget focuses on fiscal consolidation and boosting growth. It marginally increases tax deductions but also raises some taxes. Funding is enhanced for infrastructure through tax-free bonds and ECB changes. The power sector may benefit from coal duty exemptions and FSA commitments. However, the auto sector faces higher excise duties that could impact large carmakers. Key assumptions around GDP and oil prices make deficit targets optimistic. Overall policy measures only partially address issues around land, environment and state electricity boards.
Keys to Meeting Stimulus Program Reporting RequirementseCivis Inc
Local governments must meet new reporting requirements to receive stimulus funds. Quarterly reports are due containing details of awards, expenditures, projects, and jobs. Preparing includes tracking funds separately, communicating deadlines, and coordinating reporting across departments. Two counties presented their preparations, including committees to coordinate applications and reporting, and systems to separately account for and track stimulus awards.
The document summarizes Bank of America's operating review and financial results for 2007 and Q1 2008. It discusses factors that contributed to challenges like market dislocations and a weakening economy. While most business lines saw lower profits, consumer and wealth management saw some growth. The CFO notes strategies to refocus businesses and adjust underwriting standards. Asset quality deteriorated with higher provisions and charge-offs. However, the company maintains a strong capital position and liquidity.
This document provides financial information for SLM Corporation for the quarters ending March 31, 2008, December 31, 2007 and March 31, 2007. Some key details include:
- For the quarter ending March 31, 2008, SLM Corporation reported a net loss of $104 million compared to a net loss of $1.6 billion for the quarter ending December 31, 2007 and net income of $116 million for the quarter ending March 31, 2007.
- "Core earnings" which excludes certain items, was a net income of $188 million for the quarter ending March 31, 2008, a net loss of $139 million for the quarter ending December 31, 2007 and a net income of $251 million for the quarter ending
SAIC's employees are dedicated to delivering innovative solutions to support clients worldwide, particularly those on the front lines of homeland security and the war in Iraq. The document discusses several ways SAIC supports homeland security, including through emergency preparedness and response training, securing borders and transportation, and responding to nuclear, biological, and chemical threats. SAIC has extensive experience supporting government agencies and was chosen to integrate the new Department of Homeland Security's data network.
The Parent Plus loan is a federal unsubsidized loan for parents to help pay education costs. In October 2011, the eligibility criteria was tightened to deny loans to parents with delinquent accounts in collections. This led to increased denials and unexpected costs for many students. While an appeals process was added, the policy changes left some students unable to complete their degrees due to a lack of funding. The effects were discussed at a New America panel on improving the Plus Loan program.
- SLM Corporation is a leading originator, servicer, and collector of student loans, with over 10 million customers.
- SLM has issued 12 private credit ABS deals since 2002 totaling $18.6 billion, which have all performed well despite the current credit environment.
- SLM private credit loans have outperformed other consumer asset classes, with traditional loan net charge-off rates well below top credit card issuers.
- Recent SLM private credit ABS deals have featured higher credit enhancement and been upgraded by ratings agencies due to strong loan performance.
1184151559656 State Bank Group March 2007akash_mehra
State Bank Group is an Indian financial services group with a presence in banking, insurance, and investment services. It has a large branch network of over 14,000 branches within India and several subsidiaries operating both domestically and internationally. The group has a 25% market share of deposits and loans within India's banking sector. It aims to be a premier financial services group with global standards of efficiency while retaining its position as a pioneer in development banking in India.
- We initiate coverage of Bally Total Fitness with a BUY recommendation on the 10.5% Senior Notes due to their yield of 11.1% and value support even in bankruptcy. We have a HOLD recommendation on the 9.875% Senior Subordinated Notes due to near-term downside risk and impairment risk in bankruptcy.
- Bally has been undermanaged but possesses substantial core value from its large footprint, brand, and membership base. A successful turnaround requires improving members' experience while lowering costs.
- Bally's membership declined 1.4% to 3.56 million in 3Q06. Cash flow is projected to be negative $41.4 million and $47.1 million
Ten years ago governance problems of this kind were far more common than they are today, but at “the bank that
time forgot” these dinosaur governance practices live on
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
Bandon Isolated Alpha Fixed Income (Presentation) 04 22 11bandonfunds
The document provides an overview of the Bandon Isolated Alpha Fixed Income Fund. The fund seeks attractive risk-adjusted returns through global fixed income exposures using two sub-advisers - one focused on interest rates and the other on credit. It aims to deliver returns uncorrelated to traditional investments with low volatility. The fund provides daily liquidity in a mutual fund structure to democratize alternative investments typically only available to institutions.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
Merrill Lynch Global Power and Gas Conferencefinance14
This document summarizes Merrill Lynch's presentation at the 2008 Power & Gas Leaders Conference in New York on September 23, 2008. Some key points:
- Exelon is well positioned financially, with strong operations, a robust hedging program, and ample liquidity.
- Exelon's 2009 operating EPS is expected to be flat compared to 2008, as higher earnings from ComEd offset lower earnings from Exelon Generation.
- Exelon is uniquely positioned for sustainable value through its large nuclear fleet, competitive markets, and opportunities for growth.
Comcast is creating a premier media and entertainment company through a joint venture with GE. The joint venture will combine Comcast's cable channels, regional sports networks, and digital assets with NBC Universal, bringing together strong content creation and distribution capabilities. The transaction positions the company for continued innovation and growth across cable, broadcast, film, and theme parks. It builds shareholder value through an attractive structure that maintains Comcast's balance sheet strength while providing a 51% controlling ownership. The new joint venture is expected to be financially strong and self-fund the redemption of GE's remaining 49% interest over time.
- SunTrust reported second quarter earnings of $1.53 per share, down from $1.89 per share in the second quarter of 2007, due to higher loan loss provisions, credit-related expenses, and valuation losses. These factors were partially offset by gains from selling Coca-Cola stock and a non-strategic subsidiary.
- The company completed transactions involving its Coca-Cola stock holdings that increased its regulatory capital ratio by an estimated 68 basis points as of June 30, 2008.
- Credit metrics continued to deteriorate in the quarter, though at a slower pace, with net charge-offs increasing 8.6% and the allowance for loan losses rising to 1.46% of total loans.
This document provides tax information for 2009, including federal tax rates and limits, retirement contribution limits, mileage rates, minimum wage rates, and state tax rates and limits for various regions in the United States. Key details include the FICA and Medicare tax rates and wage bases, 401k and IRA contribution limits up to $16,500 and $11,500 respectively, and the federal minimum wage increasing to $7.25 per hour in July 2009. State tax rates, unemployment insurance rates, and minimum wages are provided for multiple states in different regions.
BancAnalysts Association of Boston Conference finance2
The document summarizes the financial results and credit performance of JPMorgan Chase's Retail Financial Services division for the third quarter of 2008. Key points include:
- Revenue grew 15% year-over-year to $14.6 billion driven by regional banking and mortgage production, but credit costs increased significantly to $5.5 billion.
- Net income declined to $626 million due to higher credit costs, especially in home equity and subprime mortgages.
- Significant credit actions have been taken to tighten underwriting across home lending portfolios, but deterioration continues with high delinquencies and losses expected going forward.
- New initiatives are announced to proactively help homeowners modify loans and stay
This document provides an overview of Edison International and its subsidiaries for 2006. Edison International is a power generator and distributor with $36 billion in assets as of 2006. It operates through its main subsidiaries: Southern California Edison, an electric utility serving over 13 million customers; Mission Energy Holding Company, an independent power producer with over 9,000 MW of generation capacity; and Edison Capital, which invests in energy and infrastructure projects globally. Key details are provided on the financial performance, operations, and investments of these principal subsidiaries in 2006.
The document provides a summary of Williams Partners L.P.'s first quarter 2009 earnings results. Key points include:
- Net income was $18.7 million compared to $43.6 million in first quarter 2008 due to lower NGL margins.
- Distributable cash flow was $29.4 million, down from $38.8 million in first quarter 2008. The cash distribution coverage ratio was 0.9x.
- Volumes were up at West processing facilities and the Discovery plant is fully repaired with new fee-based volumes coming online in the second quarter.
- Management remains confident in 2009 guidance and the ability to maintain distributions despite challenging commodity prices.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
The budget focuses on fiscal consolidation and boosting growth. It marginally increases tax deductions but also raises some taxes. Funding is enhanced for infrastructure through tax-free bonds and ECB changes. The power sector may benefit from coal duty exemptions and FSA commitments. However, the auto sector faces higher excise duties that could impact large carmakers. Key assumptions around GDP and oil prices make deficit targets optimistic. Overall policy measures only partially address issues around land, environment and state electricity boards.
Keys to Meeting Stimulus Program Reporting RequirementseCivis Inc
Local governments must meet new reporting requirements to receive stimulus funds. Quarterly reports are due containing details of awards, expenditures, projects, and jobs. Preparing includes tracking funds separately, communicating deadlines, and coordinating reporting across departments. Two counties presented their preparations, including committees to coordinate applications and reporting, and systems to separately account for and track stimulus awards.
The document summarizes Bank of America's operating review and financial results for 2007 and Q1 2008. It discusses factors that contributed to challenges like market dislocations and a weakening economy. While most business lines saw lower profits, consumer and wealth management saw some growth. The CFO notes strategies to refocus businesses and adjust underwriting standards. Asset quality deteriorated with higher provisions and charge-offs. However, the company maintains a strong capital position and liquidity.
This document provides financial information for SLM Corporation for the quarters ending March 31, 2008, December 31, 2007 and March 31, 2007. Some key details include:
- For the quarter ending March 31, 2008, SLM Corporation reported a net loss of $104 million compared to a net loss of $1.6 billion for the quarter ending December 31, 2007 and net income of $116 million for the quarter ending March 31, 2007.
- "Core earnings" which excludes certain items, was a net income of $188 million for the quarter ending March 31, 2008, a net loss of $139 million for the quarter ending December 31, 2007 and a net income of $251 million for the quarter ending
SAIC's employees are dedicated to delivering innovative solutions to support clients worldwide, particularly those on the front lines of homeland security and the war in Iraq. The document discusses several ways SAIC supports homeland security, including through emergency preparedness and response training, securing borders and transportation, and responding to nuclear, biological, and chemical threats. SAIC has extensive experience supporting government agencies and was chosen to integrate the new Department of Homeland Security's data network.
The Parent Plus loan is a federal unsubsidized loan for parents to help pay education costs. In October 2011, the eligibility criteria was tightened to deny loans to parents with delinquent accounts in collections. This led to increased denials and unexpected costs for many students. While an appeals process was added, the policy changes left some students unable to complete their degrees due to a lack of funding. The effects were discussed at a New America panel on improving the Plus Loan program.
- SLM Corporation is a leading originator, servicer, and collector of student loans, with over 10 million customers.
- SLM has issued 12 private credit ABS deals since 2002 totaling $18.6 billion, which have all performed well despite the current credit environment.
- SLM private credit loans have outperformed other consumer asset classes, with traditional loan net charge-off rates well below top credit card issuers.
- Recent SLM private credit ABS deals have featured higher credit enhancement and been upgraded by ratings agencies due to strong loan performance.
This document provides a 3-page annual report for SAIC, a technology and engineering company, for their 35th anniversary in 2004. It summarizes SAIC's history and accomplishments over 35 years, including helping analyze nuclear weapons, undertaking projects in nuclear energy and healthcare, and solving difficult problems for customers in many fields. It discusses SAIC's continued commitment to employee ownership and customer focus. The message to stockholders outlines SAIC's strategies under new CEO Ken Dahlberg to better serve customers, recommit to traditional values, and drive continued growth, including reorganizing into fewer customer-focused units and setting a goal to double the company's value in 5 years.
An Analysis of the Limitations of Utilizing the Development Method for Projec...kylemrotek
Abstract: The rise and fall of subprime mortgage securitizations contributed in part to the ensuing credit crisis
and financial crisis of 2008. Some participants in the subprime-mortgage-backed securities market relied at least
in part on analyses grounded in the loss development factor (LDF) method, and many did not conduct their own
credit analyses, relying instead on the work of others such as securities brokers and rating agencies. In some
cases, the parties providing these analyses may have lacked the independence, or at least the appearance of it, that
would have likely better served the market.
A new appreciation for the value of independent analysis is clearly a silver lining and an important lesson to be
taken from the crisis. Actuaries are well positioned to lend assistance to the endeavor.
Mortgages are long-duration assets and, similarly, mortgage credit losses are relatively long-tailed. As casualty
actuaries are aware, the LDF method has inherent limitations associated with immature development. The
authors in this paper will cite examples of parties relying on the LDF or similar methods for projecting subprime
mortgage credit losses, highlight the limitations of relying exclusively on such methods for projecting subprime
mortgage credit performance, and conclude by offering general enhancements for an improved approach that
considers the underwriting characteristics of the underlying loans as well as economic factors.
This presentation provides an overview and outlook of SLM Corporation. It summarizes key aspects of SLM's business strategy, including focusing originations on traditional schools and borrowers to improve credit quality and profitability. It also reviews portfolio performance and funding plans. SLM expects to grow market share in both private and federal student loans while lowering costs and improving funding diversification to enhance profitability across its businesses.
The document is a presentation by SLM Corporation (Sallie Mae) given on June 1-4, 2008. It provides an overview of Sallie Mae, discusses the US Department of Education's student loan liquidity plan, reviews trends in higher education, outlines Sallie Mae's business fundamentals, and addresses its liquidity and access to capital markets. The presentation also covers US government guaranteed and private education loan asset-backed securities.
SLM Corporation is a leading originator, servicer, and collector of student loans with a 35% market share. It holds an investor presentation outlining its business segments including SLM FFELP loans and SLM Private Credit Student Loan ABS. The document provides an overview of SLM's operations, competitive advantages from economies of scale and vertical integration. It also discusses the company's continued access to funding sources such as the term FFELP ABS market and reductions in its ABCP program outstandings.
The document discusses SLM Corporation's debt investor presentation from May 2008. It provides an overview of SLM, noting that it is the top originator and servicer of student loans, with over $169 billion in managed loans. It also summarizes SLM's business fundamentals and competitive advantages in the student loan market. Additionally, it covers trends in the higher education industry such as rising enrollment numbers and tuition costs, contributing to increasing demand for student loans.
SLM Corporation presented at the American Securitization Forum Conference on February 4-6, 2008. The presentation contained forward-looking statements and disclosures about non-GAAP financial measures. It provided an overview of SLM, including that it is the largest originator, servicer, and collector of student loans in the US, with a $164 billion portfolio that is mostly government guaranteed. The presentation also discussed SLM's recent events, new management, business fundamentals, competitive advantages in the student loan market, and strategies to focus on more profitable private and federal loans.
This document provides an overview of SLM Corporation and its 2009 American Securitization Forum conference presentation. Key points include:
- SLM is the largest originator and servicer of student loans in the US, with a $180 billion managed portfolio, 81% of which is government guaranteed.
- In 2008, managed student loans grew 10% to $180 billion despite a decline in private education loan originations. Core earnings were $526 million.
- Recent legislation provides the Department of Education with broad authority to support the student loan market by purchasing loans. SLM has sold $7.4 billion in loans to the DOE.
- SLM maintains diverse funding sources including 72% funded for
Global Corporate and Investment Banking President Gene Taylor presented on the division's strategy for growth between 2006-2011. The goals are to increase revenues by $10 billion and earnings by $3 billion through deepening client relationships, increasing market share internationally, and strategically deploying capital. Global Investment Banking Head Brian Brille then discussed the strategic themes of integrated delivery of Bank of America's capabilities, capturing largest fee pool opportunities including becoming a top 3 investment bank in the US, and growing the international presence including becoming a top 10 investment bank in Europe.
This document is a presentation by Sallie Mae to investors at the Lehman Brothers Global Financial Services Conference on September 10, 2008. The summary provides an overview of Sallie Mae's business, recent funding achievements, asset quality, growth strategy, and earnings outlook. Sallie Mae is the number one originator, servicer, and collector of student loans, with over 10 million student and parent customers. It has demonstrated access to funding markets in 2008 and reduced reliance on short-term funding. Both its federal and private student loan portfolios have strong asset quality and performance. The company plans to continue growing responsibly through various federal and private lending programs.
SLM Corporation is a leading provider of education financing and services. It originates and services federal student loans and offers private education loans and other financial services.
The presentation provides an overview of SLM Corporation, including its scale and leadership position in the student loan market. It also summarizes the company's financial and operating performance in 2008, the impact of new government support programs for student lending, and its diverse sources of fee income.
SLM Corporation aims to offer students and families comprehensive solutions for paying for education from savings and planning through repayment of loans.
FIS Bank of America Conference September 2008finance48
Fidelity National Information Services is a leading global provider of payment processing and core banking services. It generates $2.9 billion in annual revenue, with 86% coming from recurring sources. It has a large diverse customer base including community banks, mid-sized and large U.S. banks, and financial institutions in over 80 countries. The company has the most comprehensive product portfolio in the industry and strong positions across various market segments.
Bandon Isolated Alpha Fixed Income (Presentation) Jul 11bandonfunds
The document provides an overview of the Bandon Isolated Alpha Fixed Income Fund. The fund utilizes two sub-advisers, Dix Hills Partners and Logan Circle Partners, to actively manage global fixed income strategies without interest rate bias, seeking positive returns through all market environments. The fund aims to deliver returns with limited volatility and downside risk while having little correlation to traditional investments.
CME Group reported solid first quarter 2009 financial results, with total revenues of $647 million, total operating expenses of $252 million, and net income of $213 million. The company achieved a pre-tax operating margin of 61% and diluted earnings per share of $3.20.
Bandon Isolated Alpha Fixed Income (Presentation) - Jun 11bandonfunds
The document provides an overview of the Bandon Isolated Alpha Fixed Income Fund. The fund utilizes two sub-advisers, Dix Hills Partners and Logan Circle Partners, to actively manage global fixed income strategies in an unconstrained manner seeking positive returns through all market environments with low volatility and downside risk. The fund aims to deliver returns between 7-9% net or US T-bills + 4-6% with a standard deviation of 3-5% and low correlation to traditional markets over a full market cycle.
Defined Benefit Plans Amid Market Volatilitywelshms
For a finance executive confronting volatile market conditions, what's the right balance of risk and return in a defined benefit (DB) pension plan? If you're committed to a DB plan, what strategies can remove excessive risk? Or is it time to refresh your exit strategy?
Towers Perrin and CFO Research Services have completed a study that examines the risk management approaches that finance executives have already taken for their defined benefit pension programs in the United States and Canada. Risk management is clearly "top of mind" for corporate finance executives throughout North America, though risk management solutions may vary widely.
Learn more about the findings and implications of this survey and its relevance to your pension plan as Sylvia Pozezanac, practice leader for Towers Perrin Retirement Risk Solutions, Monica McIntosh, business leader for Towers Perrin Asset Consulting in Canada, and Sam Knox, VP of CFO Research, discuss the findings with a panel.
HSBC Finance Corporation reported financial results for Q3 2008. Key highlights included continued focus on positioning businesses for the future through initiatives like selling loan portfolios and integrating mortgage servicing, as well as managing risks through measures like credit tightening. Net income declined compared to prior periods due to higher loan impairment charges as delinquencies increased across all products from a weakening US economy. Total expenses declined through cost reduction efforts.
Financing Energy Efficiency: Overview and Lessons (Aceee presentation)HarcourtBrownEF
This document discusses financing options for energy efficiency upgrades. It provides details on several successful existing programs, including Keystone HELP which offers unsecured personal loans for energy upgrades at rates from 4.99-6.99%. It also describes Manitoba Hydro's on-bill tariff program which allows customers to finance upgrades through repayments on their energy bill at a subsidized 4% rate. The document emphasizes the importance of simple, streamlined programs delivered through contractor networks in order to scale up energy efficiency investments.
Financing Energy Efficiency: Overview and Lessons- ACEEE presentationHarcourtBrownEF
This document discusses financing options for energy efficiency upgrades. It provides details on several successful existing programs, including Keystone HELP which offers unsecured personal loans for energy upgrades at rates from 4.99-6.99%. It also describes the Manitoba Hydro Power Smart program, one of the most successful on-bill loan programs with over $200 million lent through 50,000 loans at a subsidized 4.9% rate. The document advocates for making financing programs simple and expanding successful existing models.
QTS Realty Trust presented its fourth quarter and full year 2020 earnings results. Key highlights included:
- Signed leasing activity in Q4 2020 was the highest on record for QTS and 40% higher than the prior year annual level.
- Full year 2020 revenue increased 12% year-over-year to $539 million.
- Adjusted EBITDA for 2020 was $299 million, an increase of 12% compared to 2019.
- 2021 guidance projects revenue growth of 12% and adjusted EBITDA growth also of 12% compared to 2020.
QTS' results demonstrated strong leasing momentum with record backlog entering 2021 to support continued growth.
QTS Realty Trust presented its fourth quarter and full year 2020 earnings results. Key highlights included:
- Signed leasing activity in Q4 2020 was the highest on record for QTS and 40% higher than the prior year annual level.
- Full year 2020 revenue increased 12% year-over-year to $539 million.
- Adjusted EBITDA for 2020 was $299 million, an increase of 12% compared to the previous year.
- 2021 guidance projects revenue growth of 12% and adjusted EBITDA growth also of 12% compared to 2020 results.
- QTS' development pipeline includes over 300 megawatts of new and expansion capital projects in 2021, primarily tied to signed le
SAIC delivered strong financial and technical performance in fiscal year 2005. Revenues increased 23% to $7.2 billion and operating income rose 24%. SAIC won many new contracts and saw record contract awards and backlog. Going forward, SAIC aims to capture larger systems integration contracts while maintaining an entrepreneurial culture and pursuing new opportunities in areas like digital oilfield technology. SAIC also seeks to strengthen workforce diversity and development.
The document is SAIC's annual report for fiscal year 2006. It summarizes SAIC's financial performance for the year, highlighting increased revenues of $7.8 billion, net income of $927 million, and diluted earnings per share of $5.15. It also outlines SAIC's strategic business areas of homeland security, intelligence solutions, defense transformation, logistics and transportation, systems engineering and integration, and research and development. The report discusses SAIC's response to hurricanes Katrina and Rita and its commitment to customers, employees, and shareholders.
SAIC provides technical solutions and operational support to government agencies and commercial customers in key areas such as homeland security, intelligence, defense, logistics, and IT. In fiscal year 2007, SAIC achieved revenue growth of 7% and operating income growth of 19% while making strategic acquisitions to expand capabilities. SAIC is committed to executing strategies to accelerate organic growth, expand operating margins, and make additional strategic acquisitions.
1) SAIC achieved strong financial results in FY2008, with revenues of $8.94 billion, up 11% from FY2007, and operating income of $666 million, up 16% from the previous year.
2) SAIC completed strategic acquisitions to expand in energy, infrastructure, and environment areas and appointed a new COO, Larry Prior, to lead organizational transition efforts.
3) Project Alignment is a major multi-year initiative to improve performance by integrating HR, finance, IT and other functions into a shared services model across the company.
The document provides an overview of Terex Corporation for a May 2008 investor conference. It discusses Terex's purpose, mission, and vision. It summarizes Terex's sales, operating profit, and geographic diversity for 2007. It also outlines goals to achieve $12 billion in sales and 12% operating margin by 2010. Finally, it discusses opportunities to improve margins through pricing actions, supply management, productivity initiatives, and The Terex Way values.
The document provides an overview of Terex Corporation and its business segments for an investor conference. It summarizes that Terex has a diversified portfolio across industries and geographies that provides balance through economic cycles. It also outlines opportunities to improve margins through pricing actions, supply management initiatives, and productivity improvements. The goal is to achieve $12 billion in sales and a 12% operating margin by 2010.
The document provides an overview of Terex Corporation for a Merrill Lynch conference. It discusses Terex's purpose, mission, and vision. It also summarizes Terex's diversified business segments and product lines, with aerial work platforms, construction equipment, cranes, material processing and mining equipment being the largest segments. The document outlines Terex's goals for 2010 of achieving $12 billion in sales and 12% operating margins.
The document provides an overview of Terex Corporation from its Basics Industrials Conference presentation on May 8, 2008. It discusses Terex's purpose, mission, and vision. It highlights Terex's strong and diversified revenue base, with income from operations increasing 36% in 2007 and 28% in Q1 2008. It outlines Terex's goals for 2010 of $12 billion in sales and 12% operating margin. The document also provides an overview of each of Terex's business segments.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing significantly in recent years. They are the 3rd largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
The annual shareholder meeting presentation covered the following key points in 3 sentences:
Terex aims to achieve $12 billion in sales and 12% operating margin by 2010 through executing on supply chain management, pricing discipline, and lean initiatives to improve margins. The company has a diverse portfolio of products and geographic presence to balance performance across economic cycles. Opportunities for margin improvement include coordinating supply efforts, optimizing manufacturing footprint, and pricing actions to offset rising costs.
1) The annual shareholder meeting presentation discusses Terex Corporation's financial goals for 2010, including achieving $12 billion in sales with a 12% operating margin and 15% working capital to sales ratio.
2) It provides an overview of Terex's business segments and their market positions, with approximately 75% of sales generated in markets where Terex has a leading position.
3) The presentation highlights Terex's sales and backlog figures by business segment for the last twelve months through March 2008, with aerial work platforms sales up 9% and cranes sales up 26% compared to the prior year.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers of the aerial work platform industry and Terex AWP's strategy to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain through partnerships with customers and suppliers.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing substantially in recent years. They are the third largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers for the aerial work platform industry and Terex AWP's strategies to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain and customer relationships.
Terex is a leading manufacturer of construction and mining equipment with strong market positions. It aims to grow sales to $12 billion by 2010 through executing on initiatives to improve supply chain management, pricing discipline, and productivity. Terex has a diversified business across products and geographies to balance performance through different economic cycles.
Terex is a leading manufacturer of construction and mining equipment with sales of $9.1 billion in 2007. It aims to grow sales to $12 billion by 2010 through organic growth and acquisitions while improving operating margins to 12% and reducing working capital to sales ratio to 15%. Terex has a diversified business across products and geographies that provides balance throughout the economic cycle.
Terex is the 3rd largest manufacturer of construction equipment in the world based on last twelve months of available Construction Equipment Sales. Terex has a strong and diversified revenue base with almost 70% of 2007 sales generated outside of the USA. Approximately 75% of 2007 sales were generated in markets where Terex has a larger market presence than competitors and/or a significant market share.
Sales and backlog for Terex's business segments through March 31, 2008:
- Aerial Work Platform sales increased 9% with backlog up 4% from the previous period.
- Crane segment sales rose 26% and backlog grew 70% over the same period.
- Material Processing & Mining sales were flat while backlog declined slightly.
Overall, Terex is experiencing growth across most segments though some backlogs decreased slightly from the prior period.
1) Terex is the 3rd largest manufacturer of construction equipment in the world, with sales of $10.1 billion over the last 12 months.
2) Terex aims to achieve $12 billion in sales and 12% operating margin by 2010, describing this goal as "12 by 12 in '10".
3) Terex has opportunities to improve margins through better pricing, supply chain management, and productivity initiatives. Reducing working capital, especially inventory, could free up hundreds of millions of dollars.
1) Terex is the 3rd largest manufacturer of construction equipment in the world, with sales of $10.1 billion over the last 12 months.
2) Terex aims to achieve $12 billion in sales and 12% operating margin by 2010, describing this goal as "12 by 12 in '10".
3) Terex has opportunities to improve margins through better pricing, supply chain management, and productivity initiatives. Reducing working capital, especially inventory, could free up hundreds of millions of dollars.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
South Dakota State University degree offer diploma Transcriptynfqplhm
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Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
2. Forward-Looking Statements
This presentation contains forward-looking statements and information based on management’s current expectations as of the date of this
presentation. Statements that are not historical facts, including statements about our beliefs or expectations and statements that assume or
are dependent upon future events, are forward looking statements. Forward-looking statements are subject to risks, uncertainties,
assumptions and other factors that may cause actual results to be materially different from those reflected in such forward-looking statements.
These factors include, among others, the occurrence of any event, change or other circumstances that could give rise to our ability to cost-
effectively refinance the 2008 Asset-Backed Financing Facilities, including any potential foreclosure on the student loans under those facilities
following their termination; increased financing costs; limited liquidity; any adverse outcomes in any significant litigation to which we are a
party; our derivative counterparties terminating their positions with the Company if permitted by their contracts and the Company incurring
substantial additional costs to replace any terminated positions; changes in the terms of student loans and the educational credit marketplace
(including changes resulting from new laws and regulations and from the implementation of applicable laws and regulations) which, among
other things, may reduce the volume, average term and yields on student loans under the FFELP, may result in loans being originated or
refinanced under non-FFELP programs, or may affect the terms upon which banks and others agree to sell FFELP loans to the Company. The
Company could also be affected by: changes in the demand for educational financing or in financing preferences of lenders, educational
institutions, students and their families; incorrect estimates or assumptions by management in connection with the preparation of our
consolidated financial statements; changes in the composition of our Managed loan portfolios; changes in the general interest rate
environment and in the securitization markets for education loans, which may increase the costs or limit the availability of financings necessary
to initiate, purchase or carry education loans; changes in projections of losses from loan defaults; changes in general economic conditions;
changes in prepayment rates and credit spreads; and changes in the demand for debt management services and new laws or changes in
existing laws that govern debt management services. All forward-looking statements contained in this presentation are qualified by these
cautionary statements and are made only as of the date this presentation. 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.
2
3. Disclosures
Non-GAAP Financial Measures - The following presentation includes non-GAAP performance measures. A presentation of the most comparable
GAAP financial measures and a reconciliation of the non-GAAP performance measures to the most directly comparable GAAP financial measures are
included in our most recent quarterly earnings release, quarterly earnings report on Form 10-Q and annual report on Form 10-K, which are available on
our website at (http://www.salliemae.com/about/investors/stockholderinfo/earningsinfo) and
(http://www.salliemae.com/about/investors/stockholderinfo/secfilings) and on the SEC’s website (http://www.sec.gov).
U.S. Government Guaranteed Student Loans – The following presentation contains references to U.S. Government guaranteed student loans. All
such references are to loans made in compliance with the Federal Family Education Loan Program (“FFELP”), under Title IV of the Higher Education
Act, to finance educational costs. As more fully described in our most recent quarterly earnings release, quarterly earnings report on Form 10-Q and
annual report on Form 10-K, available on our website at (http://www.salliemae.com/about/investors/stockholderinfo/earningsinfo) and
(http://www.salliemae.com/about/investors/stockholderinfo) and on the SEC’s website (http://www.sec.gov), the federal guarantee of FFELP loans is
conditioned on loans being originated, disbursed and serviced in accordance with Department of Education regulations. In addition, unless a loan
default results from the borrower’s death, disability or bankruptcy, the federal government guarantees only 97 percent of the principal balance (95
percent on loans disbursed after October 1, 2012) plus accrued interest and the holder of the loan generally must absorb the three percent (five percent
after October 1, 2012) not guaranteed as a loss on the loan (“Risk Sharing”).
Additional Information - The following presentation contains certain information about the Company that management believes is important to
investors, but should be read in conjunction with other material information about the Company, including, but not limited to, the operational, market and
interest rate, political and regulatory, liquidity, credit, and refinancing risks that the Company faces. For a discussion of the risks described above as
well as additional information about the Company you should refer to our most recent quarterly earnings release, quarterly earnings report on Form 10-
Q and annual report on Form 10-K, available on our website at (http://www.salliemae.com/about/investors/stockholderinfo/earningsinfo) and
(http://www.salliemae.com/about/investors/stockholderinfo/secfilings) and on the SEC’s website (http://www.sec.gov). For a discussion of the specific
characteristics of any specific security, you should refer to the pricing supplement, prospectus supplement and/or prospectus applicable to that
security.
3
4. SLM Overview
• Top originator, servicer and collector of student loans
2007 “Core Earnings” Sources of Income
• More than 10 million customers FFELP
Loans, 33%
Other, 11%
Collections,
• Relationships with over 6,000 schools 7%
Contingency
Fees, 9%
• Managed Loans exceed $169 billion Guarantor
Services, 4%
Private
Loans, 36%
• 82% of portfolio is US government guaranteed
For the year ended December 31, 2007, after the impact of Interim ABCP Facility Fees, before Provision for Loan Losses.
4
5. Strong Industry Trends Drive Demand
Enrollment Projections Annual Cost of Education
Degree Granting Institutions ($ thousands)
21
Public Private
20 Public CAGR: 6.8% $32.3
$30.4
Private CAGR: 5.1%
$28.7
$27.5
19 $26.1
$24.9
$23.9
in m illio n s
$21.5 $22.2
18
$13.6
$12.1 $12.8
17
$10.6 $11.4
$9.7
$9.0
$8.4
$8.1
16
15
2004 2006 2008 2010 2012 2014 2016 2000 2002 2004 2006 2008
Source: College Board
Source: National Center for Education Statistics
5 Note: Academic years, average published tuition, fees, room and board
Note: Total enrollment in all degree-granting institutions; middle alternative projections for 2006 onward
charges at four-year institutions; enrollment-weighted
6. Sources of Funding for Higher Education in the U.S.
Sources of Funding for College Attendance
Total Cost - $258 Billion
Federal Student
Parent/Student Loans
Contributions
$74
$71
$18
Private Education
$95 Loans
Scholarships,
Grants, Other
Source: Based on estimates by Octameron Associates, “Don’t Miss Out,” 32nd Edition; College Board, “2007 Trends in Student Aid”; and Sallie Mae. Includes tuition, room, board,
transportation and miscellaneous costs for two and four year college degree granting programs.
6
7. The Ensuring Continued Access to Student Loans Act of 2008
• Increased annual loan limit by $2,000 per year
• Authorized ED to purchase FFELP loans
• ED granted authority to fund lenders of last resort
For loans originated between 5/1/08 and 6/30/09:
• ED to purchase participation interests in pools of FFELP loans at the
rate of CP+50 through Sept ‘09
• FFELP loans can be “put” to ED at par plus accrued interest, lender
origination fees, and an additional $75 per loan through Sept ‘09
7
8. Increased Loan Limits Drive 08 - 09 FFELP Volume
Loan Limits For Dependent Students attending 4 Year Schools Including Sub and Unsub loans
06/07 AY 07/08 AY % Change 08/09 AY % Change
Freshman $2,625 $3,500 33% $5,500 57%
Sophmore $3,500 $4,500 29% $6,500 44%
Junior $5,500 $5,500 0% $7,500 36%
Senior $5,500 $5,500 0% $7,500 36%
Aggregate Limit $23,000 $23,000 0% $31,500 37%
Loan Limits For Independent Students Attending 4 Year Schools Including Sub and Unsub loans
06/07 AY 07/08 AY 08/09 AY
Freshman $6,625 $7,500 13% $9,500 27%
Sophmore $7,500 $8,500 13% $10,500 24%
Junior $10,500 $10,500 0% $12,500 19%
Senior $10,500 $10,500 0% $12,500 19%
Aggregate Limit $46,000 $46,000 0% $57,500 25%
Graduate $8,500 No Limit* ∞ No Limit* ∞
A student whose parents cannot borrow under the PLUS program is deemed to be an independent student
*Graduate students have limited Stafford eligibility, but can borrow up to the full cost of attendance with PLUS
8
9. Private Education Loan Market Growth
Students and parents have increasingly turned to private credit loans to fund the gap
between student aid, federal loans and the rising cost of education
Cost of College vs. FFELP Loan Limits SLM Preferred Channel
Academic Years 1997 vs. 2007
Private Education Loan Originations
AY1997 AY2007
$141,496
$10
$7.9
$7.4
$8 $7.0
$6.2
$ in billions
Federal loan
$6
$75,198
$73,428
shortfall
$4.3
$3.3
$4
Federal loan
shortfall
$28,568
$2
FFELP Limit(1)
$0
Private Public Private Public
2003 2004 2005 2006 2007 2008 Est
College College College College
Source: College Board. Cost of college includes tuition, fees, room and board,
transportation and other expenses for four year degree granting institutions for
academic years ended June 30, 1997 and 2007.
(1) FFELP loan limit for four consecutive years of college. Limits are increasing on
July 1, 2008 from $19,000 to $27,000 for dependent students.
9
10. Value of Education Creates Exceptional Consumer Asset
Unemployment Rate For College Graduates Earnings For College Graduates
3.5% $55,000
3.0% $50,000
2.5%
$45,000
2.0%
$40,000
1.5%
$35,000
1.0%
$30,000
0.5%
0.0% $25,000
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• Recessions have lower impact on employment levels of college grads
• 28% of US population holds a bachelors degree or higher
10
Source: Current Population Survey, Bureau of Labor Statistics
Annualized median weekly earnings of full-time wage and salary workers over 25 years
11. Traditional Portfolio – Strong Credit Quality
3/31/2008 12/31/2007 3/31/2007
90 Days Delinq as a % of Repay & Forb 1.5% 1.5% 1.9%
Forb as a % of Repay & Forb 15.5% 12.8% 11.8%
Annualized Net C/O's as a % of Repay 1.7% 1.5% 1.6%
• Coverage of annualized net charge-offs totaled 2.2 and 3.0 for Traditional
and Non-Traditional loans at March 31, 2008
• Delinquencies and defaults are concentrated among Non-Traditional
schools and borrowers
• Failure to graduate is major driver of defaults
11
12. SLM Traditional Net Charge-off Rates versus Credit Cards
5.9%
5.8%
5.5%
5.1%
4.9%
4.8%
4.8% 4.6%
4.4% 4.4%
3.9%
3.9%
3.9% 3.7%
3.6%
1.7%
1.6% 1.5%
SLM* Discover** JPMorgan Bank of Citibank Capital One
America***
Q1'07 Q4'07 Q1'08
*Net charge-offs as a % of average loans in repayment (annualized)
**Fiscal year ends November 30
***US Consumer & Business Card
12
13. Forbearance – Effective Debt Management Tool
• Provides borrower with sufficient time to establish a career
• Usage primarily occurs in first two years of repayment
• Majority of loans are in forbearance for less than 12 months
13
14. Forbearance – Effective Debt Management Tool
Tracking by First Forbearance Occurrence
Compared to All Loans Entering Repayment
Status distribution 36 months Status distribution 36
after ending month in months after entering
forbearance for the first time repayment (all loans)
In-School/Grace/Deferment 8.6% 7.8%
Current 61.2% 62.7%
31-60 Days Delinquent 3.0% 1.9%
61-90 Days Delinquent 1.5% 0.9%
90+ Days Delinquent 2.6% 1.7%
Forbearance 7.9% 5.3%
Charged Off 7.7% 5.2%
Paid 7.6% 14.7%
100% 100%
* Tracked 36 months after first month-end forbearance, or 36 months after repayment begin date
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15. Funding Plan
Fund new FFELP loans through the new DOE liquidity program
Continue to regularly access the FFELP ABS market
Re-establish corporate unsecured debt program
Re-establish private credit ABS program
Significantly reduce the size and cost of the existing ABCP facilities
Expand SLM Bank FDIC deposit funding base
15
16. Funding Sources
$169 Billion Managed Student Loan Portfolio
ABCP, 15%
Term Funded,
65%
Fixed Spread
Liabilities with
Average Life of
4.1 Yrs, 20%
16
17. Liquidity Position Update
At March 31, 2008, SLM maintained $18.4B of primary liquidity
March 31, 2008
Sources of Primary Liquidity:
$4.9B(1)
Unrestricted Cash & Liquid Investments
Unused Bank Lines of Credit 6.5B
2008 ABCP Facilities 6.9B
Total Sources of Primary Liquidity $18.4B
Stand-by Liquidity:
Unencumbered FFELP Loans 19.2B
Total Primary and Stand-by Liquidity(2) $37.5B
(1) Includes $2.2B of cash collateral pledged by derivatives counterparties and held by the Company in unrestricted accounts.
(2) Total unencumbered assets equal $50.8B and include $13.9B private credit loans and $17.7B other assets.
Note: Numbers may not add due to rounding.
17
18. Fee Income Streams
2007 Fee Based Revenue
• Diverse yet complimentary lines of
$1,173 Million business
Contingency
Fee, $288
• Contingency Inventory of $10.3 Billion
Other, $154
• Collecting on behalf of the Dept of
Education for close to ten years
Late Fees, $134
Collections -
Non-Mortgage,
• Upromise – largest private source of
$217
college funding contributions
Upromise, $124
Collections -
Mortgage, $52
Guarantor • Guarantor Servicing for student loans
Other APG, $48
Servicing Fees,
$156
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19. Long Term Objectives
Asset Quality
• Grow high quality credit portfolio
Productivity
• Improve position as low cost student loan servicer
Capitalization
• Maintain sufficient risk adjusted capital to improve ratings
Quality Earnings
• Minimize short term funding needs in ’09 and beyond
• Leverage servicing capabilities to generate high ROE business
19
20. GAAP to “Core Earnings” EPS Reconciliation
($ in thousands, except per share am ounts) Quarters Ended
March 31, 2008 Decem ber 31, 2007 March 31, 2007
Dollars Diluted EPS Dollars Diluted EPS Dollars Diluted EPS
GAAP net incom e (loss) $ (103,804) $ (0.28) $ (1,635,258) $ (3.98) $ 116,153 $ 0.26
Adjustm ent from GAAP to quot;Core Earningsquot;
Net im pact of securitization accounting 79,146 2,547 (421,485)
Net im pact of derivative accounting 363,368 1,396,683 331,724
Net im pact of Floor Incom e 5,577 49,844 39,021
Net im pact of acquired intangibles 15,329 53,452 23,906
Total quot;Core Earningsquot; Adjustm ents before incom e taxes
and m inority interest in net earnings of
subsidiaries 463,420 1,502,526 (26,834)
Net tax effect (171,302) (5,837) 161,889
Total quot;Core Earningsquot; Adjustm ents 292,118 1,496,689 135,055
quot;Core Earningsquot; net incom e (loss) 188,314 0.34 (138,569) (0.36) 251,208 0.57
quot;Core Earningquot; net incom e adjusted for non-recurring item s
Merger-related financing fees - 7,833 -
Merger-related professional fees and other costs - 9,286 -
Restructuring Expenses 13,110 14,178 -
Acceleration of prem ium am ortization expense on loans 52,106 - -
Total after tax non-recurring item s 65,216 0.14 31,297 0.08 - -
quot;Core Earningsquot; net incom e (loss) $ 253,530 $ 0.48 $ (107,272) $ (0.28) $ 251,208 $ 0.57
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