Sallie Mae 2015 Annual Report Download - page 160
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
22. Parent Only Statements (Continued)
F-70
Parent Only Condensed Statements of Income
Years Ended December 31,
2015 2014 2013
Interest income . . . . . . . . . . . . . . . . . . $ 6,414 $ 4,980 $ —
Interest expense. . . . . . . . . . . . . . . . . . — — —
Net interest income . . . . . . . . . . . . . . . 6,414 4,980 —
Other (loss) income. . . . . . . . . . . . . . . (239) 1,097 —
Operating expenses . . . . . . . . . . . . . . . 36,141 36,967 3,556
Loss before income tax expense
(benefit) and equity in net income
from subsidiaries . . . . . . . . . . . . . . . . . (29,966) (30,890) (3,556)
Income tax (benefit) expense . . . . . . . (8,612) (13,196) 133,121
Equity in net income from
subsidiaries (primarily Sallie Mae
Bank). . . . . . . . . . . . . . . . . . . . . . . . . . 295,638 211,479 394,270
Net income . . . . . . . . . . . . . . . . . . . . . 274,284 193,785 257,593
Preferred stock dividends . . . . . . . . . . 19,595 12,933 —
Net income attributable to common
stock . . . . . . . . . . . . . . . . . . . . . . . . . . $ 254,689 $ 180,852 $ 257,593