Sallie Mae 2014 Annual Report Download - page 143

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
22.
Parent Only Statements (Continued)
Parent Only Condensed Statements of Income
Years Ended December 31,
2014
2013
2012
Interest income ..................................
$
4,980
$
—
$
—
Interest expense .................................
—
—
—
Net interest income ............................
4,980
—
—
Other income ....................................
1,097
—
—
Operating expenses ............................
36,967
3,556
4,871
Loss before income tax expense and
equity in net income from
subsidiaries .......................................
(30,890
)
(3,556
)
(4,871
)
Income tax (benefit) expense ..............
(13,196
)
133,121
102,842
Equity in net income from
subsidiaries (primarily Sallie Mae
Bank) ...............................................
211,479
394,270
323,439
Net income .......................................
193,785
257,593
215,726
Preferred stock dividends ...................
12,933
—
—
Net income attributable to common
stock ................................................
$
180,852
$
257,593
$
215,726
F-59