Sallie Mae 2013 Annual Report Download - page 144

SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
Years Ended December 31,
2013 2012 2011
Interest income:
FFELP Loans ................................................................. $2,822 $3,251 $3,461
Private Education Loans ........................................................ 2,527 2,481 2,429
Other loans .................................................................. 11 16 21
Cash and investments .......................................................... 17 21 19
Total interest income ............................................................. 5,377 5,769 5,930
Total interest expense ............................................................ 2,210 2,561 2,401
Net interest income .............................................................. 3,167 3,208 3,529
Less: provisions for loan losses ..................................................... 839 1,080 1,295
Net interest income after provisions for loan losses ..................................... 2,328 2,128 2,234
Other income (loss):
Gains (losses) on sales of loans and investments ..................................... 302 — (35)
Losses on derivative and hedging activities, net ...................................... (268) (628) (959)
Servicing revenue ............................................................. 290 279 283
Contingency revenue ........................................................... 420 356 333
Gains on debt repurchases ....................................................... 42 145 38
Other ....................................................................... 100 92 69
Total other income (loss) .......................................................... 886 244 (271)
Expenses:
Salaries and benefits ........................................................... 504 457 493
Other operating expenses ....................................................... 538 440 512
Total operating expenses ........................................................ 1,042 897 1,005
Goodwill and acquired intangible asset impairment and amortization expense .............. 13 27 21
Restructuring and other reorganization expenses ..................................... 72 11 12
Total expenses .................................................................. 1,127 935 1,038
Income from continuing operations, before income tax expense ........................... 2,087 1,437 925
Income tax expense .............................................................. 776 498 328
Net income from continuing operations .............................................. 1,311 939 597
Income (loss) from discontinued operations, net of tax expense (benefit) .................... 106 (2) 35
Net income .................................................................... 1,417 937 632
Less: net loss attributable to noncontrolling interest ..................................... (1) (2) (1)
Net income attributable to SLM Corporation .......................................... 1,418 939 633
Preferred stock dividends ......................................................... 20 20 18
Net income attributable to SLM Corporation common stock .............................. $1,398 $ 919 $ 615
Basic earnings per common share attributable to SLM Corporation:
Continuing operations ............................................................ $ 2.94 $ 1.93 $ 1.12
Discontinued operations .......................................................... .24 — .07
Total ......................................................................... $ 3.18 $ 1.93 $ 1.19
Average common shares outstanding ................................................ 440 476 517
Diluted earnings per common share attributable to SLM Corporation:
Continuing operations ............................................................ $ 2.89 $ 1.90 $ 1.11
Discontinued operations .......................................................... .23 — .07
Total ......................................................................... $ 3.12 $ 1.90 $ 1.18
Average common and common equivalent shares outstanding ............................ 449 483 523
Dividends per common share attributable to SLM Corporation ............................ $ .60 $ .50 $ .30
See accompanying notes to consolidated financial statements.
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