Selected Quarterly Financial Information (unaudited)



	2018
	First		Second			Third			Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter			Quarter			Quarter
Net interest income	$	332,614	$	340,950		$	356,633		$	382,867
Less: provisions for credit losses	53,931		63,267			70,047			57,619
Net interest income after provisions for credit losses	278,683		277,683			286,586			325,248
Gains on sales of loans, net	—		2,060			—			—
Losses on sales of securities, net	—		(1,549		)	—			—
Gains (losses) on derivative and hedging activities, net	3,892		(5,268		)	(4,949		)	6,238
Other income (loss)	9,642		12,295			(80,702		)	6,446
Total non-interest expenses	124,966		135,315			150,724			145,971
Income tax expense (benefit)	40,997		40,074			(53,667		)	44,449
Net income	126,254		109,832			103,878			147,512
Preferred stock dividends	3,397		3,920			4,124			4,199
Net income attributable to SLM Corporation common stock	$	122,857	$	105,912		$	99,754		$	143,313
Basic earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.28	$	0.24		$	0.23		$	0.33
Diluted earnings per common share attributable to SLM Corporation⁽¹⁾	$	0.28	$	0.24		$	0.23		$	0.33

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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.



	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 non-interest expenses	102,794			111,368			116,259		118,668
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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