| Years Ended December 31, | ||||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| “Core Earnings” basis FFELP Loan yield |
2.56 | % | 2.60 | % | 2.64 | % | ||||||
| Hedged Floor Income |
.25 | .27 | .27 | |||||||||
| Unhedged Floor Income |
.15 | .07 | .10 | |||||||||
| Consolidation Loan Rebate Fees |
(.65 | ) | (.65 | ) | (.66 | ) | ||||||
| Repayment Borrower Benefits |
(.11 | ) | (.11 | ) | (.13 | ) | ||||||
| Premium amortization |
(.11 | ) | (.13 | ) | (.15 | ) | ||||||
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| “Core Earnings” basis FFELP Loan net yield |
2.09 | 2.05 | 2.07 | |||||||||
| “Core Earnings” basis FFELP Loan cost of funds |
(1.10 | ) | (1.07 | ) | (1.13 | ) | ||||||
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| “Core Earnings” basis FFELP Loan spread |
.99 | .98 | .94 | |||||||||
| “Core Earnings” basis other interest-earning asset spread impact |
(.09 | ) | (.10 | ) | (.11 | ) | ||||||
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| “Core Earnings” basis FFELP Loan net interest margin(1) |
.90 | % | .88 | % | .83 | % | ||||||
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| “Core Earnings” basis FFELP Loan net interest margin(1) |
.90 | % | .88 | % | .83 | % | ||||||
| Adjustment for GAAP accounting treatment(2) |
.40 | .41 | .32 | |||||||||
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| GAAP-basis FFELP Loan net interest margin |
1.30 | % | 1.29 | % | 1.15 | % | ||||||
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| Years Ended December 31, | ||||||||||||
| (Dollars in millions) |
2014 | 2013 | 2012 | |||||||||
| FFELP Loans |
$ | 100,202 | $ | 111,008 | $ | 131,597 | ||||||
| Other interest-earning assets |
3,890 | 5,014 | 6,619 | |||||||||
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| Total FFELP “Core Earnings” basis interest-earning assets |
$ | 104,092 | $ | 116,022 | $ | 138,216 | ||||||
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| NAVIENT CORPORATION | ||
| By: | /S/ JOHN F. REMONDI | |
| John F. Remondi President and Chief Executive Officer | ||