Sallie Mae 2015 Annual Report Download - page 95

F-5
SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Years Ended December 31,
2015 2014 2013
Interest income:
Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 817,120 $ 660,792 $ 527,257
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,247 8,913 20,090
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,751 4,589 3,853
Total interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 831,118 674,294 551,200
Interest expense:
Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,386 95,774 88,019
Interest expense on short-term borrowings. . . . . . . . . . . . . . . . . . . . . 6,490 — —
Interest expense on long-term borrowings . . . . . . . . . . . . . . . . . . . . . 5,738 — —
Other interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 41 1,066
Total interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,619 95,815 89,085
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 702,499 578,479 462,115
Less: provisions for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,055 85,529 69,339
Net interest income after provisions for credit losses . . . . . . . . . . . . . . 612,444 492,950 392,776
Non-interest income:
Gains on sales of loans, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,358 121,359 196,593
Gains on sales of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 63,813
Gains (losses) on derivatives and hedging activities, net . . . . . . . . . . 5,300 (3,996) 640
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,935 39,921 37,222
Total non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,593 157,284 298,268
Expenses:
Compensation and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,975 129,709 106,799
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,120 145,172 163,675
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,095 274,881 270,474
Acquired intangible asset impairment and amortization expense. . . . 1,480 3,290 3,317
Restructuring and other reorganization expenses . . . . . . . . . . . . . . . . 5,398 38,311 726
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,973 316,482 274,517
Income before income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,064 333,752 416,527
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,780 139,967 158,934
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,284 193,785 257,593
Less: net loss attributable to noncontrolling interest . . . . . . . . . . . . . . . — (434) (1,352)
Net income attributable to SLM Corporation . . . . . . . . . . . . . . . . . . . . 274,284 194,219 258,945
Preferred stock dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,595 12,933 —
Net income attributable to SLM Corporation common stock . . . . . . . . $ 254,689 $ 181,286 $ 258,945
Basic earnings per common share attributable to SLM Corporation. . . $ 0.60 $ 0.43 $ 0.59
Average common shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . 425,574 423,970 440,108
Diluted earnings per common share attributable to SLM Corporation .$ 0.59 $ 0.42 $ 0.58
Average common and common equivalent shares outstanding. . . . . . . 432,234 432,269 448,549
See accompanying notes to consolidated financial statements.