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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest income:        
Loans $ 359,610 $ 268,341 $ 1,021,106 $ 765,246
Investments 1,928 2,193 6,272 7,155
Cash and cash equivalents 4,686 2,003 10,429 4,832
Total interest income 366,224 272,537 1,037,807 777,233
Interest expense:        
Deposits 61,890 38,210 157,473 107,633
Interest expense on short-term borrowings 1,804 1,604 4,234 5,827
Interest expense on long-term borrowings 20,469 9,448 56,070 17,869
Total interest expense 84,163 49,262 217,777 131,329
Net interest income 282,061 223,275 820,030 645,904
Less: provisions for credit losses 54,930 41,784 130,441 116,179
Net interest income after provisions for credit losses 227,131 181,491 689,589 529,725
Non-interest income:        
Gains (losses) on derivatives and hedging activities, net 1,661 1,368 (7,326) 3,156
Other income 4,455 21,598 26,430 56,309
Total non-interest income 6,116 22,966 19,104 59,465
Non-interest expenses:        
Compensation and benefits 51,052 43,380 157,523 138,659
FDIC assessment fees 7,626 5,095 21,477 13,548
Other operating expenses 57,464 51,234 151,070 135,164
Total operating expenses 116,142 99,709 330,070 287,371
Acquired intangible asset amortization expense 117 226 351 747
Total non-interest expenses 116,259 99,935 330,421 288,118
Income before income tax expense 116,988 104,522 378,272 301,072
Income tax expense 40,617 47,557 136,341 120,987
Net income 76,371 56,965 241,931 180,085
Preferred stock dividends 3,028 5,316 12,577 15,698
Net income attributable to SLM Corporation common stock $ 73,343 $ 51,649 $ 229,354 $ 164,387
Basic earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.17 $ 0.12 $ 0.53 $ 0.38
Average common shares outstanding (in shares) 431,718 428,077 430,958 427,711
Diluted earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.17 $ 0.12 $ 0.52 $ 0.38
Average common and common equivalent shares outstanding (in shares) 438,419 433,523 438,422 432,079