Sallie Mae 2008 Annual Report Download - page 217

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21. Quarterly Financial Information (unaudited)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2008
Net interest income ............................. $276,369 $402,543 $ 474,749 $ 210,559
Less: provisions for loan losses .................... 137,311 143,015 186,909 252,415
Net interest income (loss) after provisions for loan
losses ..................................... 139,058 259,528 287,840 (41,856)
Gains (losses) on derivative and hedging activities, net . . . (272,796) 362,043 (241,757) (292,903)
Other income ................................. 343,707 200,593 69,761 251,144
Restructuring expenses........................... 20,678 46,740 10,508 5,849
Operating expenses ............................. 355,648 353,688 367,152 280,367
Income tax expense (benefit) . . .................... (62,488) 153,074 (103,819) (154,341)
Minority interest in net earnings of subsidiaries ........ (65) 2,926 544 527
Net income (loss) .............................. (103,804) 265,736 (158,541) (216,017)
Preferred stock dividends ......................... 29,025 27,391 27,474 27,316
Net income (loss) attributable to common stock ........ $(132,829) $238,345 $(186,015) $(243,333)
Basic earnings (loss) per common share .............. $ (.28) $ .51 $ (.40) $ (.52)
Diluted earnings (loss) per common share ............ $ (.28) $ .50 $ (.40) $ (.52)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2007
Net interest income ............................ $413,816 $398,653 $ 441,310 $ 334,471
Less: provisions for loan losses ................... 150,330 148,200 142,600 574,178
Net interest income (loss) after provisions for loan
losses .................................... 263,486 250,453 298,710 (239,707)
Gains (losses) on derivative and hedging activities, net . . (356,969) 821,566 (487,478) (1,337,703)
Other income ................................ 876,829 398,672 285,433 296,759
Restructuring expenses ......................... — — — 22,505
Operating expenses ............................ 356,174 398,800 355,899 418,469
Income tax expense (benefit) ..................... 310,014 104,724 84,449 (86,904)
Minority interest in net earnings of subsidiaries . . ..... 1,005 696 77 537
Net income (loss) ............................. 116,153 966,471 (343,760) (1,635,258)
Preferred stock dividends ....................... 9,093 9,156 9,274 9,622
Net income (loss) attributable to common stock . . ..... $107,060 $957,315 $(353,034) $(1,644,880)
Basic earnings (loss) per common share ............ $ .26 $ 2.32 $ (.85) $ (3.98)
Diluted earnings (loss) per common share ........... $ .26 $ 1.03 $ (.85) $ (3.98)
The following table summarizes the Private Education Loan allowance for loan loss balance at the end of
each quarter in 2008 and 2007 and the Private Education Loan charge-off amounts for each quarter in 2008
F-97
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)