Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (unaudited)


2022
(Dollars in thousands, except per share data)	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net interest income	$	375,032	$	362,808	$	369,510	$	381,431
Less: provisions for credit losses	98,050		30,545		207,598		297,260
Net interest income after provisions for credit losses	276,982		332,263		161,912		84,171
Gains on sales of loans, net	9,881		239,997		74,978		2,894
Gains (losses) on securities, net	(3,580)		667		891		(58,245)
Losses on derivative and hedging activities, net	(5)		—		—		—
Other income	15,629		17,589		19,234		14,708
Total operating expenses	132,006		131,730		149,964		137,762
Acquired intangible assets amortization expense	733		2,417		2,328		2,301
Income tax expense (benefit)	37,356		114,296		29,551		(19,492)
Net income (loss)	128,812		342,073		75,172		(77,043)
Preferred stock dividends	1,275		1,757		2,531		3,466
Net income (loss) attributable to SLM Corporation common stock	$	127,537	$	340,316	$	72,641	$	(80,509)
Basic earnings (loss) per common share(1)	$	0.46	$	1.30	$	0.29	$	(0.33)
Diluted earnings (loss) per common share(1)	$	0.45	$	1.29	$	0.29	$	(0.33)
Declared dividends per common share	$	0.11	$	0.11	$	0.11	$	0.11

(1) Basic and diluted earnings (loss) 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 (loss) per common share information may not equal annual basic and diluted earnings (loss) per common share.


2021
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	331,114	$	338,784	$	357,518	$	367,350
Less: provisions for credit losses	(225,767)		69,677		138,442		(15,309)
Net interest income after provisions for credit losses	556,881		269,107		219,076		382,659
Gains (losses) on sales of loans, net	399,111		3,679		(10)		145,535
Gains on securities, net	3		37,534		893		666
Gains (losses) on derivative and hedging activities, net	28		89		44		(17)
Other income	14,285		11,046		12,986		6,577
Total operating expenses	124,499		128,010		140,649		125,495
Total restructuring expenses	1,077		70		108		—
Income tax expense	203,525		53,174		19,392		103,660
Net income	641,207		140,201		72,840		306,265
Preferred stock dividends	1,201		1,192		1,166		1,177
Net income attributable to SLM Corporation common stock	$	640,006	$	139,009	$	71,674	$	305,088
Basic earnings per common share(1)	$	1.77	$	0.45	$	0.24	$	1.06
Diluted earnings per common share(1)	$	1.75	$	0.44	$	0.24	$	1.04
Declared dividends per common share	$	0.03	$	0.03	$	0.03	$	0.11

(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.