XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 483,327,000 $ 442,576,000 $ 1,387,411,000 $ 1,304,479,000
Investments 10,260,000 3,366,000 24,252,000 9,262,000
Cash and cash equivalents 26,324,000 1,613,000 36,317,000 4,662,000
Total interest income 519,911,000 447,555,000 1,447,980,000 1,318,403,000
Interest expense:        
Deposits 105,468,000 51,629,000 215,473,000 175,483,000
Interest expense on short-term borrowings 3,054,000 5,458,000 8,902,000 14,360,000
Interest expense on long-term borrowings 41,879,000 32,950,000 116,255,000 101,144,000
Total interest expense 150,401,000 90,037,000 340,630,000 290,987,000
Net interest income 369,510,000 357,518,000 1,107,350,000 1,027,416,000
Less: provisions for credit losses 207,598,000 138,442,000 336,193,000 (17,648,000)
Net interest income after provisions for credit losses 161,912,000 219,076,000 771,157,000 1,045,064,000
Non-interest income:        
Gains (losses) on sales of loans, net 74,978,000 (10,000) 324,856,000 402,780,000
Gains (losses) on derivatives and hedging activities, net 0 44,000 (5,000) 161,000
Other income 20,125,000 13,879,000 50,430,000 76,747,000
Total non-interest income 95,103,000 13,913,000 375,281,000 479,688,000
Operating expenses:        
Compensation and benefits 65,003,000 66,229,000 202,995,000 200,426,000
FDIC assessment fees 4,592,000 6,521,000 11,501,000 17,634,000
Other operating expenses 80,369,000 67,899,000 199,204,000 175,098,000
Total operating expenses 149,964,000 140,649,000 413,700,000 393,158,000
Acquired intangible assets amortization expense 2,328,000 0 5,478,000 0
Restructuring expenses 0 108,000 0 1,255,000
Total non-interest expenses 152,292,000 140,757,000 419,178,000 394,413,000
Income before income tax expense 104,723,000 92,232,000 727,260,000 1,130,339,000
Income tax expense 29,551,000 19,392,000 181,203,000 276,091,000
Net income 75,172,000 72,840,000 546,057,000 854,248,000
Preferred stock dividends 2,531,000 1,166,000 5,563,000 3,559,000
Net income attributable to SLM Corporation common stock $ 72,641,000 $ 71,674,000 $ 540,494,000 $ 850,689,000
Basic earnings per common share (in dollars per share) $ 0.29 $ 0.24 $ 2.05 $ 2.62
Average common shares outstanding (in shares) 251,266 299,890 263,098 324,148
Diluted earnings per common share (in dollars per share) $ 0.29 $ 0.24 $ 2.03 $ 2.59
Average common and common equivalent shares outstanding (in shares) 253,716 304,511 266,065 329,064
Declared dividends per common share (in dollars per share) $ 0.11 $ 0.03 $ 0.33 $ 0.09