

	2016
	First			Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter			Quarter		Quarter		Quarter
Net interest income	$	209,863		$	212,766	$	223,275	$	245,434
Less: provisions for credit losses	32,602			41,793		41,784		43,226
Net interest income after provisions for credit losses	177,261			170,973		181,491		202,208
Gains on sales of loans, net	—			—		—		230
(Losses) gains on derivative and hedging activities, net	(354		)	2,142		1,368		(4,114		)
Other income	21,028			13,683		21,598		13,235
Total operating expenses	92,885			94,777		99,709		98,036
Acquired intangible asset amortization expense	260			261		226		159
Income tax expense	38,875			34,555		47,557		43,122
Net income	65,915			57,205		56,965		70,242
Preferred stock dividends	5,139			5,243		5,316		5,506
Net income attributable to SLM Corporation common stock	$	60,776		$	51,962	$	51,649	$	64,736
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.14		$	0.12	$	0.12	$	0.15
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.14		$	0.12	$	0.12	$	0.15

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⁽¹⁾Basic and diluted earnings per common share attributable to SLM Corporation are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted earnings per common share information may not equal annual basic and diluted earnings per common share.



	2015
	First		Second		Third			Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter			Quarter
Net interest income	$	170,954	$	168,257	$	175,442		$	187,846
Less: provisions for credit losses	16,618		15,558		27,497			30,382
Net interest income after provisions for credit losses	154,336		152,699		147,945			157,464
Gains on sales of loans, net	—		76,874		—			58,484
Gains (losses) on derivative and hedging activities, net	3,292		1,602		(547		)	953
Other income	8,007		10,912		10,455			12,561
Total operating expenses	81,187		89,799		92,864			85,245
Acquired intangible asset amortization expense	370		370		370			370
Restructuring and other reorganization expenses	4,657		744		910			(913		)
Income tax expense	31,722		60,158		17,985			54,915
Net income	47,699		91,016		45,724			89,845
Preferred stock dividends	4,823		4,870		4,913			4,989
Net income attributable to SLM Corporation common stock	$	42,876	$	86,146	$	40,811		$	84,856
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.10	$	0.20	$	0.10		$	0.20
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.10	$	0.20	$	0.09		$	0.20

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