Sallie Mae 2014 Annual Report Download - page 44
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Results of Operations
We present the results of operations below first on a consolidated basis in accordance with GAAP.
GAAP Statements of Income
Increase (Decrease)
Years Ended December 31,
2014 vs. 2013
2013 vs. 2012
(Dollars in millions, except per share data)
2014
2013
2012
$
%
$
%
Interest income:
Loans ...........................................
$
661
$
527
$
463
$
134
25
%
$
64
14
%
Investments ....................................
9
20
26
(11
)
(55
)
(6
)
(23
)
Cash and cash equivalents .....................
4
4
2
—
—
2
100
Total interest income .............................
674
551
491
123
22
60
12
Total interest expense ............................
96
89
83
7
8
6
7
Net interest income ..............................
578
462
408
116
25
54
13
Less: provisions for loan losses .................
85
69
66
16
23
3
5
Net interest income after provisions for loan
losses ..............................................
493
393
342
100
25
51
15
Noninterest income:
Gains on sales of loans, net ...................
121
197
235
(76
)
(39
)
(38
)
(16
)
Gains on sales of securities ....................
—
64
—
(64
)
(100
)
64
—
Gains (losses) on derivatives and hedging
activities, net ...................................
(4
)
1
(5
)
(5
)
(500
)
6
(120
)
Other income ...................................
40
36
37
4
11
(1
)
(3
)
Total noninterest income ........................
157
298
267
(141
)
(47
)
31
12
Expenses:
Operating expenses ............................
275
270
254
5
2
16
6
Acquired intangible asset impairment and
amortization expense ..........................
3
3
13
—
—
(10
)
(77
)
Restructuring and other reorganization
expenses ........................................
38
1
—
37
3,700
1
—
Total expenses ....................................
316
274
267
42
15
7
3
Income before income tax expense .............
334
417
342
(83
)
(20
)
75
22
Income tax expense ..............................
140
159
126
(19
)
(12
)
33
26
Net income .......................................
194
258
216
(64
)
(25
)
42
19
Less: net loss attributable to noncontrolling
interest ............................................
—
(1
)
(2
)
1
(100
)
1
(50
)
Net income attributable to SLM
Corporation .....................................
194
259
218
(65
)
(25
)
41
19
Preferred stock dividends ........................
13
—
—
13
—
—
—
Net income attributable to SLM Corporation
common stock ....................................
$
181
$
259
$
218
$
(78
)
(30
)%
$
41
19
%
Basic earnings per common share
attributable to SLM Corporation .............
$
0.43
$
0.59
$
0.46
$
(0.16
)
(27
)%
$
0.13
28
%
Diluted earnings per common share
attributable to SLM Corporation .............
$
0.42
$
0.58
$
0.45
$
(0.16
)
(28
)%
$
0.13
29
%
42