Sallie Mae 2009 Annual Report Download - page 132

SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
2009 2008 2007
Years Ended December 31,
Interest income:
FFELP Stafford and Other Student Loans .............................. $1,211,587 $1,994,394 $ 2,060,993
FFELP Consolidation Loans . . . .................................... 1,882,195 3,178,692 4,343,138
Private Education Loans .......................................... 1,582,514 1,737,554 1,456,471
Other loans . . . . . .............................................. 56,005 82,734 105,843
Cash and investments . . .......................................... 26,064 276,264 707,577
Total interest income .............................................. 4,758,365 7,269,638 8,674,022
Total interest expense.............................................. 3,035,639 5,905,418 7,085,772
Net interest income . .............................................. 1,722,726 1,364,220 1,588,250
Less: provisions for loan losses . . . .................................... 1,118,960 719,650 1,015,308
Net interest income after provisions for loan losses. . . ....................... 603,766 644,570 572,942
Other income (loss):
Gains on student loan securitizations .................................. — — 367,300
Servicing and securitization revenue .................................. 295,297 261,819 437,097
Gains (losses) on sales of loans and securities, net . ....................... 283,836 (186,155) (95,492)
Gains (losses) on derivative and hedging activities, net . . . . . ................ (604,535) (445,413) (1,360,584)
Contingency fee revenue .......................................... 295,883 340,140 335,737
Collections revenue . . . .......................................... 51,152 127,823 219,683
Guarantor servicing fees .......................................... 135,562 121,363 156,429
Other ....................................................... 929,151 392,076 385,303
Total other income. . .............................................. 1,386,346 611,653 445,473
Expenses:
Salaries and benefits . . . .......................................... 549,137 602,868 728,095
Other operating expenses.......................................... 706,169 712,083 759,895
Restructuring expenses . .......................................... 13,767 83,516 22,505
Total expenses . . . . .............................................. 1,269,073 1,398,467 1,510,495
Income (loss) from continuing operations, before income tax expense (benefit) . . . .... 721,039 (142,244) (492,080)
Income tax expense (benefit) ......................................... 238,364 (76,769) 408,275
Net income (loss) from continuing operations ............................. 482,675 (65,475) (900,355)
Income (loss) from discontinued operations, net of tax benefit . . ................ (157,690) (143,219) 6,276
Net income (loss) . . .............................................. 324,985 (208,694) (894,079)
Less: net income attributable to noncontrolling interest ....................... 847 3,932 2,315
Net income (loss) attributable to SLM Corporation ....................... 324,138 (212,626) (896,394)
Preferred stock dividends . .......................................... 145,836 111,206 37,145
Net income (loss) attributable to SLM Corporation common stock ............... $ 178,302 $ (323,832) $ (933,539)
Net income (loss) attributable to SLM Corporation:
Continuing operations, net of tax . . .................................... $ 481,828 $ (69,407) $ (902,670)
Discontinued operations, net of tax .................................... (157,690) (143,219) 6,276
Net income (loss) attributable to SLM Corporation . . . ....................... $ 324,138 $ (212,626) $ (896,394)
Basic earnings (loss) per common share attributable to SLM Corporation common
shareholders:
Continuing operations . . . .......................................... $ .71 $ (.39) $ (2.28)
Discontinued operations . . .......................................... $ (.33) $ (.30) $ .02
Total . . ....................................................... $ .38 $ (.69) $ (2.26)
Average common shares outstanding ................................... 470,858 466,642 412,233
Diluted earnings (loss) per common share attributable to SLM Corporation
common shareholders:
Continuing operations . . . .......................................... $ .71 $ (.39) $ (2.28)
Discontinued operations . . .......................................... $ (.33) $ (.30) $ .02
Total . . ....................................................... $ .38 $ (.69) $ (2.26)
Average common and common equivalent shares outstanding . . . ................ 471,584 466,642 412,233
Dividends per common share attributable to SLM Corporation common shareholders . . $ — $ — $ .25
See accompanying notes to consolidated financial statements.
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