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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income:        
Loans $ 553,905 $ 454,045 $ 1,107,384 $ 884,093
Investments 1,706 1,694 3,127 3,641
Cash and cash equivalents 18,111 6,572 29,664 11,808
Total interest income 573,722 462,311 1,140,175 899,542
Interest expense:        
Deposits 136,597 90,605 262,584 168,061
Interest expense on short-term borrowings 1,135 1,128 2,300 3,521
Interest expense on long-term borrowings 39,122 29,628 76,142 54,396
Total interest expense 176,854 121,361 341,026 225,978
Net interest income 396,868 340,950 799,149 673,564
Less: provisions for credit losses 93,375 63,267 157,165 117,198
Net interest income after provisions for credit losses 303,493 277,683 641,984 556,366
Non-interest income:        
Gains on sales of loans, net 0 2,060 0 2,060
Losses on sales of securities, net 0 (1,549) 0 (1,549)
Gains (losses) on derivatives and hedging activities, net 16,736 (5,268) 19,499 (1,376)
Other income 2,655 12,295 16,033 21,937
Total non-interest income 19,391 7,538 35,532 21,072
Non-interest expenses:        
Compensation and benefits 66,495 60,245 145,233 128,562
FDIC assessment fees 7,356 8,001 14,974 16,797
Other operating expenses 64,955 67,069 118,746 114,922
Total non-interest expenses 138,806 135,315 278,953 260,281
Income before income tax expense 184,078 149,906 398,563 317,157
Income tax expense 33,801 40,074 90,097 81,071
Net income 150,277 109,832 308,466 236,086
Preferred stock dividends 4,331 3,920 8,799 7,317
Net income attributable to SLM Corporation common stock $ 145,946 $ 105,912 $ 299,667 $ 228,769
Basic earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.34 $ 0.24 $ 0.69 $ 0.53
Average common shares outstanding (in shares) 429,278,000 435,187,000 431,911,000 434,573,000
Diluted earnings per common share attributable to SLM Corporation (in dollars per share) $ 0.34 $ 0.24 $ 0.69 $ 0.52
Average common and common equivalent shares outstanding (in shares) 432,253,000 439,445,000 435,233,000 439,212,000
Dividends per common share attributable to SLM Corporation (in dollars per share) $ 0.06 $ 0 $ 0.09 $ 0