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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Loans $ 596,607 $ 582,784
Investments 14,507 11,331
Cash and cash equivalents 52,444 43,483
Total interest income 663,558 637,598
Interest expense:    
Deposits 220,445 183,531
Interest expense on short-term borrowings 3,562 3,018
Interest expense on long-term borrowings 52,535 45,981
Total interest expense 276,542 232,530
Net interest income 387,016 405,068
Less: provisions for credit losses 12,041 114,112
Net interest income after provisions for credit losses 374,975 290,956
Non-interest income:    
Gains (losses) on sales of loans, net 143,039 (9)
Gains on securities, net 2,118 1,711
Other income 29,001 20,009
Total non-interest income 174,158 21,711
Operating expenses:    
Compensation and benefits 96,476 87,649
FDIC assessment fees 13,312 11,529
Other operating expenses 50,645 55,361
Total operating expenses 160,433 154,539
Acquired intangible assets amortization expense 1,215 2,272
Total non-interest expenses 161,648 156,811
Income before income tax expense 387,485 155,856
Income tax expense 97,554 37,338
Net income 289,931 118,518
Preferred stock dividends 4,653 4,063
Net income attributable to SLM Corporation common stock $ 285,278 $ 114,455
Basic earnings per common share (in dollars per share) $ 1.29 $ 0.47
Average common shares outstanding (in shares) 220,416 241,497
Diluted earnings per common share (in dollars per share) $ 1.27 $ 0.47
Average common and common equivalent shares outstanding (in shares) 223,845 243,549
Declared dividends per common share (in dollars per share) $ 0.11 $ 0.11