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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest income:        
Loans $ 454,045 $ 336,739 $ 884,093 $ 661,496
Investments 1,694 2,201 3,641 4,344
Cash and cash equivalents 6,572 3,155 11,808 5,743
Total interest income 462,311 342,095 899,542 671,583
Interest expense:        
Deposits 90,605 50,730 168,061 95,583
Interest expense on short-term borrowings 1,128 1,194 3,521 2,430
Interest expense on long-term borrowings 29,628 20,278 54,396 35,601
Total interest expense 121,361 72,202 225,978 133,614
Net interest income 340,950 269,893 673,564 537,969
Less: provisions for credit losses 63,267 50,215 117,198 75,511
Net interest income after provisions for credit losses 277,683 219,678 556,366 462,458
Non-interest income:        
Gains on sales of loans, net 2,060 0 2,060 0
Losses on sales of securities, net (1,549) 0 (1,549) 0
Losses on derivatives and hedging activities, net (5,268) (3,609) (1,376) (8,987)
Other income 12,295 10,629 21,937 21,975
Total non-interest income 7,538 7,020 21,072 12,988
Non-interest expenses:        
Compensation and benefits 60,245 51,007 128,562 106,471
FDIC assessment fees 8,001 6,622 16,797 13,851
Other operating expenses 66,977 53,622 114,738 93,606
Total operating expenses 135,223 111,251 260,097 213,928
Acquired intangible asset amortization expense 92 117 184 234
Total non-interest expenses 135,315 111,368 260,281 214,162
Income before income tax expense 149,906 115,330 317,157 261,284
Income tax expense 40,074 44,713 81,071 95,724
Net income 109,832 70,617 236,086 165,560
Preferred stock dividends 3,920 3,974 7,317 9,549
Net income attributable to SLM Corporation common stock $ 105,912 $ 66,643 $ 228,769 $ 156,011
Basic earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.24 $ 0.15 $ 0.53 $ 0.36
Average common shares outstanding (in shares) 435,187 431,245 434,573 430,572
Diluted earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.24 $ 0.15 $ 0.52 $ 0.35
Average common and common equivalent shares outstanding (in shares) 439,445 438,115 439,212 438,424