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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans $ 446,040,000 $ 430,099,000 $ 904,084,000 $ 861,903,000
Investments 8,513,000 3,168,000 13,992,000 5,896,000
Cash and cash equivalents 8,478,000 1,423,000 9,993,000 3,049,000
Total interest income 463,031,000 434,690,000 928,069,000 870,848,000
Interest expense:        
Deposits 60,468,000 57,256,000 110,005,000 123,854,000
Interest expense on short-term borrowings 2,973,000 5,700,000 5,848,000 8,902,000
Interest expense on long-term borrowings 36,782,000 32,950,000 74,376,000 68,194,000
Total interest expense 100,223,000 95,906,000 190,229,000 200,950,000
Net interest income 362,808,000 338,784,000 737,840,000 669,898,000
Less: provisions for credit losses 30,545,000 69,677,000 128,595,000 (156,090,000)
Net interest income after provisions for credit losses 332,263,000 269,107,000 609,245,000 825,988,000
Non-interest income:        
Gains on sales of loans, net 239,997,000 3,679,000 249,878,000 402,790,000
Gains (losses) on derivatives and hedging activities, net 0 89,000 (5,000) 117,000
Other income 18,256,000 48,580,000 30,305,000 62,868,000
Total non-interest income 258,253,000 52,348,000 280,178,000 465,775,000
Operating expenses:        
Compensation and benefits 66,011,000 62,616,000 137,992,000 134,197,000
FDIC assessment fees 1,225,000 5,925,000 6,909,000 11,113,000
Other operating expenses 64,494,000 59,469,000 118,835,000 107,199,000
Total operating expenses 131,730,000 128,010,000 263,736,000 252,509,000
Acquired intangible assets amortization expense 2,417,000 0 3,150,000 0
Restructuring expenses 0 70,000 0 1,147,000
Total non-interest expenses 134,147,000 128,080,000 266,886,000 253,656,000
Income before income tax expense 456,369,000 193,375,000 622,537,000 1,038,107,000
Income tax expense 114,296,000 53,174,000 151,652,000 256,699,000
Net income 342,073,000 140,201,000 470,885,000 781,408,000
Preferred stock dividends 1,757,000 1,192,000 3,032,000 2,393,000
Net income attributable to SLM Corporation common stock $ 340,316,000 $ 139,009,000 $ 467,853,000 $ 779,015,000
Basic earnings per common share (in dollars per share) $ 1.30 $ 0.45 $ 1.74 $ 2.32
Average common shares outstanding (in shares) 261,333 312,183 269,112 336,478
Diluted earnings per common share (in dollars per share) $ 1.29 $ 0.44 $ 1.72 $ 2.28
Average common and common equivalent shares outstanding (in shares) 264,122 317,119 272,343 341,544
Declared dividends per common share (in dollars per share) $ 0.11 $ 0.03 $ 0.22 $ 0.06