Selected Quarterly Financial Information (unaudited)



	2017
	First			Second			Third		Fourth
(Dollars in thousands, except per share data)	Quarter			Quarter			Quarter		Quarter
Net interest income	$	268,076		$	269,893		$	282,061	$	309,191
Less: provisions for credit losses	25,296			50,215			54,930		55,324
Net interest income after provisions for credit losses	242,780			219,678			227,131		253,867
(Losses) gains on derivative and hedging activities, net	(5,378		)	(3,609		)	1,661		(940		)
Other income (loss)	11,346			10,629			4,455		(21,066		)
Total operating expenses	102,677			111,251			116,142		118,550
Acquired intangible asset amortization expense	117			117			117		118
Income tax expense	51,011			44,713			40,617		66,190
Net income	94,943			70,617			76,371		47,003
Preferred stock dividends	5,575			3,974			3,028		3,137
Net income attributable to SLM Corporation common stock	$	89,368		$	66,643		$	73,343	$	43,866
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.21		$	0.15		$	0.17	$	0.10
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.20		$	0.15		$	0.17	$	0.10

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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.



	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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