SLM Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $187,846,000 compared to $150,676,000 a year ago. Income before income tax expense was $144,760,000 against $44,182,000 a year ago. Net income attributable to the company common stock was $84,856,000 against $14,862,000 a year ago. Diluted earnings per share were $0.20 against $0.03 a year ago. The year-over-year increase was primarily attributable to a $37-million increase in net interest income, a $58-million increase in gains on sales of loans, and a $4-million decrease in total expenses, which were offset by a $30-million increase in income tax expense. Core earnings attributable to the company common stock were $84,632,000 or $0.20 per diluted share against $14,900,000 or $0.03 per diluted share a year ago. Return on assets was 2.49% against 0.62% a year ago. Return on equity in the quarter was 22.5%, compared with 11.7% in third quarter 2015 and 4.7% in the year-ago quarter.

For the full year, the company reported net interest income of $702,499,000 compared to $578,479,000 a year ago. Income before income tax expense was $439,064,000 against $333,752,000 a year ago. Net income attributable to the company common stock was $254,689,000 against $181,286,000 a year ago. Diluted earnings per share were $0.59 against $0.42 a year ago. Core earnings attributable to the company common stock were $253,551,000 or $0.59 per diluted share against $182,373,000 or $0.42 per diluted share a year ago. Return on assets was 2.04% against 1.68% a year ago. Full year return on common equity was 18.3% compared to 15.2% in 2014.

The company provided earnings guidance for the full year 2016. For the period, the company expected diluted core earnings per share between $0.49 and $0.51, $4.6 billion in originations and an improvement in the operating efficiency ratio of 8% to 10%. The tax rate will continue to be around 39%.

For the quarter, the company's net charge-offs was $18,380,000 against $9,847,000 a year ago.