Sallie Mae 2014 Annual Report Download - page 89

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SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Years Ended December 31,
2014
2013
2012
Interest income:
Loans ....................................................................................
$
660,792
$
527,257
$
462,642
Investments ............................................................................
8,913
20,090
26,340
Cash and cash equivalents ........................................................
4,589
3,853
2,299
Total interest income .................................................................
674,294
551,200
491,281
Interest expense:
Deposits .................................................................................
95,774
88,019
82,173
Other interest expense .............................................................
41
1,066
739
Total interest expense ................................................................
95,815
89,085
82,912
Net interest income ....................................................................
578,479
462,115
408,369
Less: provisions for loan losses ...................................................
85,529
69,339
66,116
Net interest income after provisions for loan losses .......................
492,950
392,776
342,253
Noninterest income:
Gains on sales of loans, net ......................................................
121,359
196,593
235,202
Gains on sales of securities ......................................................
—
63,813
129
(Losses) gains on derivatives and hedging activities, net .............
(3,996
)
640
(5,461
)
Other .....................................................................................
39,921
37,222
36,641
Total noninterest income ............................................................
157,284
298,268
266,511
Expenses:
Compensation and benefits ......................................................
129,709
106,799
109,575
Other operating expenses .........................................................
145,172
163,675
144,195
Total operating expenses ..........................................................
274,881
270,474
253,770
Acquired intangible asset impairment and amortization expense ..
3,290
3,317
13,125
Restructuring and other reorganization expenses ........................
38,311
726
—
Total expenses ..........................................................................
316,482
274,517
266,895
Income before income tax expense ..............................................
333,752
416,527
341,869
Income tax expense ...................................................................
139,967
158,934
126,143
Net income ..............................................................................
193,785
257,593
215,726
Less: net loss attributable to noncontrolling interest ......................
(434
)
(1,352
)
(1,894
)
Net income attributable to SLM Corporation ................................
194,219
258,945
217,620
Preferred stock dividends ...........................................................
12,933
—
—
Net income attributable to SLM Corporation common stock ..........
$
181,286
$
258,945
$
217,620
Basic earnings per common share attributable to SLM
Corporation ..............................................................................
$
0.43
$
0.59
$
0.46
Average common shares outstanding ...........................................
423,970
440,108
476,118
Diluted earnings per common share attributable to SLM
Corporation ..............................................................................
$
0.42
$
0.58
$
0.45
Average common and common equivalent shares outstanding ........
432,269
448,549
482,892
See accompanying notes to consolidated financial statements.
F-5