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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income:        
Loans $ 485,997 $ 359,610 $ 1,370,090 $ 1,021,106
Investments 1,340 1,928 4,981 6,272
Cash and cash equivalents 10,260 4,686 22,068 10,429
Total interest income 497,597 366,224 1,397,139 1,037,807
Interest expense:        
Deposits 105,093 61,890 273,154 157,473
Interest expense on short-term borrowings 1,156 1,804 4,677 4,234
Interest expense on long-term borrowings 34,715 20,469 89,111 56,070
Total interest expense 140,964 84,163 366,942 217,777
Net interest income 356,633 282,061 1,030,197 820,030
Less: provisions for credit losses 70,047 54,930 187,245 130,441
Net interest income after provisions for credit losses 286,586 227,131 842,952 689,589
Non-interest (loss) income:        
Gains on sales of loans, net 0 0 2,060 0
Losses on sales of securities, net 0 0 (1,549) 0
(Losses) gains on derivatives and hedging activities, net (4,949) 1,661 (6,325) (7,326)
Other (loss) income (80,702) 4,455 (58,765) 26,430
Total non-interest (loss) income (85,651) 6,116 (64,579) 19,104
Non-interest expenses:        
Compensation and benefits 62,260 51,052 190,822 157,523
FDIC assessment fees 9,136 7,626 25,933 21,477
Other operating expenses 79,236 57,464 193,974 151,070
Total operating expenses 150,632 116,142 410,729 330,070
Acquired intangible asset amortization expense 92 117 276 351
Total non-interest expenses 150,724 116,259 411,005 330,421
Income before income tax (benefit) expense 50,211 116,988 367,368 378,272
Income tax (benefit) expense (53,667) 40,617 27,404 136,341
Net income 103,878 76,371 339,964 241,931
Preferred stock dividends 4,124 3,028 11,441 12,577
Net income attributable to SLM Corporation common stock $ 99,754 $ 73,343 $ 328,523 $ 229,354
Basic earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.23 $ 0.17 $ 0.76 $ 0.53
Average common shares outstanding (in shares) 435,468 431,718 434,875 430,958
Diluted earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.23 $ 0.17 $ 0.75 $ 0.52
Average common and common equivalent shares outstanding (in shares) 440,019 438,419 439,484 438,422