NEW YORK (TheStreet) -- SLM Corp.(SLM) - Get Report shares are down 7.12% to $9 in after-hours trading Wednesday following the release of the college loan services company's fourth quarter financial results after the closing bell today.

The company, formerly know as Sallie Mae, reported a $64-million decrease in gains on sales of securities and a $12-million increase in operating expenses. That decline resulted in the company's GAAP net income decreasing to $20 million, or 3 cents per share, from $60 million, or 14 cents per diluted share.

For the year, GAAP net income fell to $194 million, or 42 cents per diluted share in 2014 from $259 million, or 58 cents per share, the previous year.

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