Business description of NAVIENT-CORP from last 10-k form

     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 ) 
  

 

 

   

 

 

   

 

 

 

“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 ) 
  

 

 

   

 

 

   

 

 

 

“Core Earnings” basis FFELP Loan spread

     .99        .98        .94   

“Core Earnings” basis other interest-earning asset spread impact

     (.09 )      (.10 )      (.11 ) 
  

 

 

   

 

 

   

 

 

 

“Core Earnings” basis FFELP Loan net interest margin(1)

     .90 %      .88 %      .83 % 
  

 

 

   

 

 

   

 

 

 
                          

“Core Earnings” basis FFELP Loan net interest margin(1)

     .90 %      .88 %      .83 % 

Adjustment for GAAP accounting treatment(2)

     .40        .41        .32   
  

 

 

   

 

 

   

 

 

 

GAAP-basis FFELP Loan net interest margin

     1.30 %      1.29 %      1.15 % 
  

 

 

   

 

 

   

 

 

 
     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   
  

 

 

    

 

 

    

 

 

 

Total FFELP “Core Earnings” basis interest-earning assets

   $ 104,092       $ 116,022       $ 138,216   
  

 

 

    

 

 

    

 

 

 
NAVIENT CORPORATION
By:   /S/ JOHN F. REMONDI
 

John F. Remondi

President and Chief Executive Officer