Sallie Mae 2015 Annual Report Download - page 163
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
23. Selected Quarterly Financial Information (unaudited) (Continued)
F-73
2014
First Second Third Fourth
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 139,238 $ 144,539 $ 144,026 $ 150,676
Less: provisions for credit losses . . . . . . . . . . . . . . . . . 39,159 1,014 14,898 30,458
Net interest income after provisions for credit losses .100,079 143,525 129,128 120,218
Gains on sales of loans, net . . . . . . . . . . . . . . . . . . . . . 33,888 1,928 85,147 396
(Losses) gains on derivative and hedging activities,
net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (764) (9,458) 5,401 825
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,136 15,229 5,461 11,095
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,671 60,479 72,079 78,724
Acquired intangible asset impairment and
amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . 1,767 1,156 1,150 (855)
Restructuring and other reorganization expenses . . . . 229 13,520 14,079 10,483
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,658 31,941 54,903 24,465
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,014 44,128 82,926 19,717
Less: net loss attributable to noncontrolling interest . . (434) — — —
Net income attributable to SLM Corporation . . . . . . . 47,448 44,128 82,926 19,717
Preferred stock dividends. . . . . . . . . . . . . . . . . . . . . . . — 3,228 4,850 4,855
Net income attributable to SLM Corporation
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,448 $ 40,900 $ 78,076 $ 14,862
Basic earnings per common share attributable to
SLM Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.11 $ 0.1 $ 0.18 $ 0.04
Diluted earnings per common share attributable to
SLM Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.11 $ 0.09 $ 0.18 $ 0.03