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Almost describes 1969 world series all of david wright gathers theFFEL Program Stafford and PLUS Loan originations during the quarter were fundedthrough the Participation Program. The Company also made new CitiAssist® Loancommitments of $0.1 billion, which was 30% lower than the same quarter of 2008.This decrease is a direct result of initiatives the Company has introduced toimprove the profitability of its private education loan product and changes toits underwriting standards. Net interest income of $70.9 million for the second quarter of 2009 was $48.5million (41%) lower than the same quarter of 2008 as the Company continues toexperience net interest margin compression. This compression is largely due tothe continued dislocation between the commercial paper rate (CP), the rate atwhich a significant amount of the Company`s student loans earn income, andLIBOR, which is the basis of a majority of the Company`s funding. Since thefirst quarter of the year, the Company has experienced some narrowing in thespread between CP and LIBOR, however, the spread between CP and LIBOR is stillsignificantly higher than the historical average. This dislocation reduced theCompany`s second quarter net interest margin by 40 basis points and net interestincome by $18.5 million as compared to the same quarter in 2008.

Net interestmargin is being further compressed by increases in credit spreads as the Companyreplaces maturing long-term debt with new borrowings baseball managers . These increased creditspreads decreased second quarter net interest income by $21.6 million comparedto the same quarter in 2008 david wright jerseys . The Company`s other income of $48.7 million for the second quarter of 2009 was$7.6 million (18%) higher than the same quarter of 2008 johan santana jerseys . This reflects anincrease of $17.0 million in the Company`s gain on sale related to the sale ofloans to the Department of Education under the Purchase Program keith hernandez . This increasein the Company`s other income was partially offset by a reduction in netmark-to-market gains of $17.5 million on the Company`s derivatives and retainedinterests from securitizations.

This net decrease reflects reduced net interestmargins on trust portfolios largely due to the dislocation between CP and LIBOR.Total operating expenses of $35.2 million for the second quarter ended June 30,2009 were $16.6 million lower than same quarter of 2008 baseball season tickets . Operating expensesinclude $0.3 million and $8.7 million of restructuring charges associated withthe Company`s strategic repositioning efforts for the quarters ended June 30,2009 and 2008, respectively nationals baseball tickets . The Company`s operating expense ratio excludingrestructuring and related charges (total operating expenses less restructuringand related charges as a percentage of average managed student loans) for thesecond quarter was 0.32%, 12 basis points lower than the same quarter of 2008,reflecting the benefits of the Company`s repositioning efforts nationals tickets . The Company`s allowance for loan losses at June 30, 2009 was $128.7 million, anincrease of $18.4 million compared to $110.3 million at December 31, 2008 david wright .

Thisincrease is largely due to continued deterioration in the economic environmentresulting in increases in loss rates for both the FFEL Program and privateeducation loan portfolios baseball tickets . The Company`s effective tax rate during the second quarter of 2009 increased to36.9% from 33.1% in the same quarter of 2008 david wright jerseys . The increase reflects a one-timecredit to income taxes of $3.3 million in the second quarter of 2008 to adjustcurrent and deferred income taxes payable johan santana jerseys . The Company`s second quarter 2009 return on average equity decreased to 6.4%from 10.5% during the same quarter of 2008, driven by lower earnings . On July 15, 2009, the Company`s Board of Directors declared a regular quarterlydividend on the Company`s common stock of $0.35 per share. The dividend will bepaid September 1, 2009 to shareholders of record on August 14, 2009.