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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income:        
Loans $ 336,739 $ 251,675 $ 661,496 $ 496,905
Investments 2,201 2,371 4,344 4,962
Cash and cash equivalents 3,155 1,195 5,743 2,829
Total interest income 342,095 255,241 671,583 504,696
Interest expense:        
Deposits 50,730 35,409 95,583 69,423
Interest expense on short-term borrowings 1,194 2,060 2,430 4,223
Interest expense on long-term borrowings 20,278 5,006 35,601 8,421
Total interest expense 72,202 42,475 133,614 82,067
Net interest income 269,893 212,766 537,969 422,629
Less: provisions for credit losses 50,215 41,793 75,511 74,395
Net interest income after provisions for credit losses 219,678 170,973 462,458 348,234
Non-interest income:        
(Losses) gains on derivatives and hedging activities, net (3,609) 2,142 (8,987) 1,788
Other income 10,629 13,683 21,975 34,711
Total non-interest income 7,020 15,825 12,988 36,499
Non-interest expenses:        
Compensation and benefits 51,007 44,570 106,471 94,779
FDIC assessment fees 6,622 4,277 13,851 8,453
Other operating expenses 53,622 45,930 93,606 84,430
Total operating expenses 111,251 94,777 213,928 187,662
Acquired intangible asset amortization expense 117 261 234 521
Total non-interest expenses 111,368 95,038 214,162 188,183
Income before income tax expense 115,330 91,760 261,284 196,550
Income tax expense 44,713 34,555 95,724 73,430
Net income 70,617 57,205 165,560 123,120
Preferred stock dividends 3,974 5,243 9,549 10,382
Net income attributable to SLM Corporation common stock $ 66,643 $ 51,962 $ 156,011 $ 112,738
Basic earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.15 $ 0.12 $ 0.36 $ 0.26
Average common shares outstanding (in shares) 431,245 427,942 430,572 427,526
Diluted earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.15 $ 0.12 $ 0.35 $ 0.26
Average common and common equivalent shares outstanding (in shares) 438,115 431,796 438,424 431,349