Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (unaudited)


	2020
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	400,116	$	348,775	$	364,567	$	366,537
Less: provisions for credit losses	61,258		351,887		(3,640)		(316,372)
Net interest income (loss) after provisions for credit losses	338,858		(3,112)		368,207		682,909
Gains (losses) on sales of loans, net	238,935		(369)		(4)		(247)

Gains (losses) on derivative and hedging activities, net	45,672		3,751		(15)		136
Other income	7,487		25,412		9,646		1,043
Total operating expenses	147,298		141,557		127,490		121,743
Total restructuring expenses	—		—		24,127		2,088
Income tax expense (benefit)	121,481		(30,664)		55,189		127,310
Net income (loss)	362,173		(85,211)		171,028		432,700
Preferred stock dividends	3,464		2,478		2,058		1,734
Net income (loss) attributable to SLM Corporation common stock	$	358,709	$	(87,689)	$	168,970	$	430,966
Basic earnings (loss) per common share attributable to SLM Corporation(1)	$	0.88	$	(0.23)	$	0.45	$	1.15
Diluted earnings (loss) per common share attributable to SLM Corporation(1)	$	0.87	$	(0.23)	$	0.45	$	1.13
Declared dividends per common share attributable to SLM Corporation	$	0.03	$	0.06	$	—	$	0.03

______

(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.


	2019
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	402,281	$	396,868	$	405,065	$	419,101
Less: provisions for credit losses	63,790		93,375		99,526		97,558
Net interest income after provisions for credit losses	338,491		303,493		305,539		321,543


Gains (losses) on derivative and hedging activities, net	2,763		16,736		1,961		(3,635)
Other income (loss)	13,378		2,655		15,280		(211)
Total non-interest expenses	140,147		138,806		153,621		141,679
Income tax expense	56,296		33,801		40,701		34,666
Net income	158,189		150,277		128,458		141,352
Preferred stock dividends	4,468		4,331		4,153		3,885
Net income attributable to SLM Corporation common stock	$	153,721	$	145,946	$	124,305	$	137,467
Basic earnings per common share attributable to SLM Corporation(1)	$	0.35	$	0.34	$	0.29	$	0.33
Diluted earnings per common share attributable to SLM Corporation(1)	$	0.35	$	0.34	$	0.29	$	0.32
Declared dividends per common share attributable to SLM Corporation	$	0.03	$	0.06	$	—	$	0.03

_____