Sallie Mae 2013 Annual Report Download - page 222
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
18. Quarterly Financial Information (unaudited)
2013
(Dollars in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net interest income ........................................... $795 $ 784 $ 799 $ 789
Less: provisions for loan losses .................................. 241 201 207 190
Net interest income after provisions for loan losses .................. 554 583 592 599
Gains (losses) on derivative and hedging activities, net ............... (31) 18 (127) (128)
Other income ................................................ 281 472 196 203
Operating expenses ........................................... 235 244 257 305
Goodwill and acquired intangible asset impairment and amortization
expense .................................................. 3 3 4 3
Restructuring and other reorganization expenses .................... 10 23 12 26
Income tax expense ........................................... 211 299 136 129
Net income from continuing operations ........................... 345 504 252 211
Income (loss) from discontinued operations, net of taxes .............. 1 38 8 59
Net income ................................................. 346 542 260 270
Less: net loss attributable to noncontrolling interest .................. — (1) — —
Net income attributable to SLM Corporation ....................... 346 543 260 270
Preferred stock dividends ...................................... 5 5 5 5
Net income attributable to SLM Corporation common stock ........... $341 $ 538 $ 255 $ 265
Basic earnings per common share attributable to SLM Corporation:
Continuing operations ......................................... $.76 $1.14 $ .56 $ .47
Discontinued operations ....................................... — .08 .02 .14
Total ....................................................... $.76 $1.22 $ .58 $ .61
Diluted earnings per common share attributable to SLM
Corporation:
Continuing operations ......................................... $.74 $1.12 $ .55 $ .47
Discontinued operations ....................................... — .08 .02 .13
Total ....................................................... $.74 $1.20 $ .57 $ .60
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