Sallie Mae (NASDAQ: SLM) Q2 2026 EPS $0.29 with 4.5% loan growth
Rhea-AI Filing Summary
SLM Corporation, commonly known as Sallie Mae, reported second quarter 2026 results with GAAP diluted EPS of $0.29, down from $0.32 a year earlier, and net income of $59 million. Private Education Loan originations grew 4.5% year over year, with average loans outstanding of $21.1 billion.
Results reflected net interest income of $333 million, provisions for credit losses of $126 million, total non-interest income of $68 million, and non-interest expenses of $195 million. The net interest margin was 4.75%, while the cost of funds declined to 4.13% from 4.22% in the prior-year quarter.
The company sold $420 million of Private Education Loans and in May 2026 issued $500 million of unsecured senior notes, using the proceeds to retire senior notes of the same amount due November 2026. Credit metrics included net charge-offs of $113 million and delinquencies of 3.72% of loans in repayment, compared with 3.51% a year ago.
Capital actions featured completion of a $200 million accelerated share repurchase totaling 9.3 million shares, leaving $242 million under the 2026 repurchase program, and a quarterly dividend of $0.13 per common share. For full-year 2026, the company expects EPS of $3.10–$3.20, Private Education Loan originations growth of 12%–14%, net charge-offs of $365–$385 million, and non-interest expenses of $750–$780 million.
Positive
- None.
Negative
- None.
Filing Explained
At June 30, SLM reported cash of $4,588,129 thousand against deposits of $19,894,501 thousand.
This Form 8-K reports SLM Corporation’s quarter ended
Form 8-K is the company’s report of a specified material event; here, the Item 2.02 results release was furnished and is not deemed filed for Section 18 purposes. The balance-sheet disclosure records ending asset and funding balances rather than a new holder transaction.
Total equity at quarter-end was
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
GAAP diluted EPS: $0.29
Net income: $59 million
Private Education Loan originations growth: 4.5%
+5 more
8 metrics
GAAP diluted EPS
$0.29
Second quarter 2026 GAAP diluted earnings per common share
Net income
$59 million
Net income for the quarter ended June 30, 2026
Private Education Loan originations growth
4.5%
Year-over-year growth in Private Education Loan originations in Q2 2026
Net charge-offs
$113 million
Net charge-offs in the second quarter of 2026
Non-interest expenses
$195 million
Total non-interest expenses in Q2 2026
Average loans outstanding
$21.1 billion
Average loans outstanding, net, during Q2 2026
2026 EPS guidance
$3.10–$3.20
Full-year 2026 diluted earnings per common share guidance range
2026 originations growth guidance
12%–14%
Expected 2026 year-over-year Private Education Loan originations growth
Key Terms
Net interest margin, Efficiency Ratio, Accelerated share repurchase, Net charge-offs, +1 more
5 terms
Net interest margin financial
"Key Performance Metrics ($ in millions) | | | Net interest margin | 4.75%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Efficiency Ratio financial
"Efficiency Ratio (1) | 48.6% | 30.6% | 41.4%"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Net charge-offs financial
"Net charge-offs were $113 million , an increase from the year-ago quarter"
Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.
Allowance for credit losses financial
"Loans held for investment (net of allowance for losses of $1,354,014"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Earnings Snapshot
GAAP diluted EPS: $0.29 · Guidance included
Quarter ended June 30, 2026
GAAP diluted EPS
$0.29
Down from $0.32 in the quarter ended June 30, 2025
Net income
$59 million
Down from $71 million in the quarter ended June 30, 2025
Total interest income
$602 million
Down from $657 million in the quarter ended June 30, 2025
Net interest margin
4.75%
Down from 5.31% in the quarter ended June 30, 2025
Net charge-offs
$113 million
Increased compared with the quarter ended June 30, 2025
Guidance
For full-year 2026, the company expects diluted EPS of $3.10–$3.20, Private Education Loan originations growth of 12%–14%, net charge-offs of $365–$385 million, and non-interest expenses of $750–$780 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were SLM (SLM) earnings and EPS for the second quarter of 2026?
SLM reported net income of $59 million for Q2 2026 and GAAP diluted EPS of $0.29, down from $0.32 in Q2 2025. Results reflected $333 million of net interest income and $195 million of non-interest expenses.
How did SLM (SLM) private education loan originations perform in Q2 2026?
Private Education Loan originations increased 4.5% from the year-ago quarter in Q2 2026. Average loans outstanding, net, totaled $21.1 billion, and the company sold $420 million of Private Education Loans through its strategic partnerships business.
What credit performance metrics did SLM (SLM) report for Q2 2026?
SLM reported net charge-offs of $113 million in Q2 2026. Delinquencies as a percentage of loans in repayment were 3.72%, compared with 3.51% in Q2 2025, with management attributing changes partly to third-party debt resolution practices and recovery strategy shifts.
What capital and funding actions did SLM (SLM) take in Q2 2026?
The company completed a $200 million accelerated share repurchase totaling 9.3 million shares and had $242 million remaining under its 2026 repurchase program. It also issued $500 million of unsecured senior notes to retire $500 million of notes due November 2026.
What full-year 2026 guidance did SLM (SLM) provide?
For 2026, SLM expects diluted EPS of $3.10–$3.20, Private Education Loan originations growth of 12%–14%, net charge-offs of $365–$385 million, and non-interest expenses of $750–$780 million, characterizing these as forward-looking estimates subject to risks and uncertainties.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 23, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant's telephone number, including area code: (302 ) 451-4911
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 23, 2026, SLM Corporation (the “Company”) reported its financial results for the quarter ended June 30, 2026. A copy of the Company’s press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.
The information furnished in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated by reference herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, such information, including such Exhibit, shall not be deemed incorporated by reference into any of the Company’s registration statements, reports or other filings with the Securities and Exchange Commission, except as expressly set forth by specific reference in such registration statement, report or other filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number | Description | |||||||
| 99.1* | Press Release, dated July 23, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
| * | Furnished herewith. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SLM CORPORATION | ||||||||
Date: July 23, 2026 | By: | /s/ PETER M. GRAHAM | ||||||
| Peter M. Graham | ||||||||
Co-President and Chief Financial Officer | ||||||||
Exhibit 99.1
 | ||
| News Release | ||
| For Immediate Release | ||
Sallie Mae Reports Second Quarter 2026 Financial Results
NEWARK, Del., July 23, 2026 — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released second quarter 2026 financial results. Complete financial results and related materials are available at www.SallieMae.com/investors. The materials will also be available on the Securities and Exchange Commission’s website at www.sec.gov.
Sallie Mae will host an earnings conference call today, July 23, 2026, at 5:30 p.m. ET. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors and the hosting website.
A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion.
###
Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Contacts:
Media
Media, media@salliemae.com
Investors
Investor Relations, IR@salliemae.com
Sallie Mae Second Quarter 2026 Financial Results | ||||||||
NEWARK, Del., July 23, 2026 — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its second quarter 2026 financial results.
$0.29 GAAP Diluted Earnings Per Common Share | 4.5% Private Education Loan Originations Growth from Year-Ago Quarter | ||||
$113M Net Charge-Offs | $195M Non-Interest Expenses | ||||
“We delivered a strong second quarter and first half of the year and are encouraged by our momentum as we enter peak season. The product enhancements and investments we’ve made to serve more students and families, combined with the strength of our portfolio and growing customer demand, reinforce our confidence in the outlook for the remainder of 2026 and beyond.” Jonathan Witter, CEO, Sallie Mae | ||||||||
Second Quarter Results Reflect Stable Earnings Performance and Continued Originations Growth | •GAAP diluted earnings per common share were $0.29, a decrease from $0.32 in the year-ago quarter but consistent with expectations and representing continued demand for Private Education Loans and disciplined decisions across funding, expenses, and capital management. •Private Education Loan originations increased 4.5% from the year-ago quarter. •Average loans outstanding, net, totaled $21.1 billion during the quarter. | ||||
Earnings Supported by Strategic Balance Sheet Actions | •Sold $420 million of Private Education Loans, including $399 million of principal and $21 million of capitalized interest through our strategic partnerships business. • The Company issued $500 million of unsecured Senior Notes in May 2026, using the proceeds to complete a cash tender offer and satisfaction and discharge of the $500 million outstanding unsecured Senior Notes due in November 2026. •Non-interest expenses totaled $195 million, as the Company launched new and enhanced loan products in preparation for peak season expansion due to PLUS reform. Full year non-interest expenses are anticipated to remain consistent with the Company’s expectations and full year guidance. •Earnings for the quarter were supported by a lower cost of funds, 4.13%, compared to 4.22% in the year-ago quarter. | ||||
Capital Deployment Demonstrates Balanced Growth and Earnings Performance | •The Company’s $200 million accelerated share repurchase (“ASR”) concluded in June 2026, including the final delivery of 0.9 million shares in the second quarter, resulting in a total of 9.3 million shares repurchased under the ASR. •At June 30, 2026, $242 million of capacity remained available under the Company’s 2026 Share Repurchase Program. •On June 15, 2026, the Company paid a quarterly common stock dividend of $0.13 per share. | ||||
Credit Performance within Expectations | •Net charge-offs were $113 million, an increase from the year-ago quarter, which we believe is primarily driven by misaligned third-party debt resolution practices affecting a small, high-ability-to-pay segment of borrowers progressing straight through delinquency to default, and related shifts to our recovery strategies. •Delinquencies as a percentage of loans in repayment were 3.72% for the second quarter of 2026, compared with 3.51% for the second quarter of 2025. | ||||
2026 Guidance*
For the full-year 2026, the Company expects:
$3.10 - $3.20 Diluted Earnings Per Common Share | 12% - 14% Private Education Loan Originations Year-Over-Year Growth | ||||
$365 - $385 million Net Charge-Offs | $750 - $780 million Non-Interest Expenses | ||||
*The 2026 Guidance and related comments constitute forward-looking statements and are based on management’s current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on pg. 4 for more information.
Investor Contact: Investor Relations, IR@salliemae.com Media Contact: Media, media@salliemae.com
2
| Quarterly Financial Highlights | ||
| Q2 2026 | Q1 2026 | Q2 2025 | |||||||||
| Income Statement ($ millions) | |||||||||||
| Total interest income | $602 | $649 | $657 | ||||||||
| Total interest expense | 269 | 274 | 280 | ||||||||
| Net interest income | 333 | 375 | 377 | ||||||||
| Less: provisions for credit losses | 126 | (11) | 149 | ||||||||
| Total non-interest income | 68 | 185 | 27 | ||||||||
| Total non-interest expenses | 195 | 171 | 167 | ||||||||
| Income tax expense | 22 | 92 | 16 | ||||||||
| Net income | 59 | 308 | 71 | ||||||||
| Preferred stock dividends | 4 | 4 | 4 | ||||||||
| Net income attributable to common stock | $55 | $304 | $67 | ||||||||
| Ending Balances ($ millions) | |||||||||||
| Private Education Loans held for investment, net | $19,531 | $19,887 | $21,160 | ||||||||
| Private Education Loans held for sale, net | 172 | 236 | — | ||||||||
| Deposits | 19,895 | 20,525 | 20,482 | ||||||||
| Brokered | 8,246 | 8,676 | 8,592 | ||||||||
| Retail and other | 11,649 | 11,849 | 11,890 | ||||||||
| Key Performance Metrics ($ in millions) | |||||||||||
| Net interest margin | 4.75% | 5.29% | 5.31% | ||||||||
| Yield - Total interest-earning assets | 8.59% | 9.14% | 9.25% | ||||||||
| Private Education Loans | 10.25% | 10.46% | 10.62% | ||||||||
| Cost of Funds | 4.13% | 4.13% | 4.22% | ||||||||
Efficiency Ratio(1) | 48.6% | 30.6% | 41.4% | ||||||||
Return on Assets (“ROA”)(2) | 0.8% | 4.2% | 1.0% | ||||||||
Return on Common Equity (“ROCE”)(3) | 9.9% | 56.4% | 12.6% | ||||||||
| Private Education Loan sales | $420 | $3,332 | $— | ||||||||
| Per Common Share | |||||||||||
| GAAP diluted earnings per common share | $0.29 | $1.54 | $0.32 | ||||||||
| Average common and common equivalent shares outstanding (millions) | 190 | 198 | 213 | ||||||||
3
Footnotes:
(1) We calculate and report our Efficiency Ratio as the ratio of (a) total non-interest expenses numerator to (b) the net denominator, which consists of net interest income plus total non-interest income.
(2) We calculate and report our Return on Assets (“ROA”) as the ratio of (a) GAAP net income numerator (annualized) to (b) the GAAP total average assets denominator.
(3) We calculate and report our Return on Common Equity (“ROCE”) as the ratio of (a) GAAP net income attributable to common stock numerator (annualized) to (b) the net denominator, which consists of GAAP total average equity less total average preferred stock.
***
4
CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” and information based on management’s current expectations as of the date of this press release. See SLM Corporation’s most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC Filings”) for definitions and descriptions of terms used in this presentation. Statements that are not historical facts, including statements about SLM Corporation’s beliefs, opinions, expectations, and/or statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to, the strategies, goals, and assumptions of SLM Corporation and its subsidiaries, collectively or individually as the context requires (the “Company,” “we,” “our,” or “us”); the Company’s expectation and ability to execute loan sales (including sales under the Company’s strategic partnership) and share repurchases; the Company’s expectation and ability to pay a quarterly cash dividend on the Company’s common stock in the future, subject to approval of the Board of Directors; the Company’s 2026 guidance; the Company’s three-year horizon outlook; the Company’s credit outlook; the impact of acquisitions the Company has made or may make in the future; the Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of changes in credit administration practices, including the results of simulations or other behavioral observations.
Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the Company’s control, which may cause actual results to differ materially from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be as anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied by, or projected in such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A., “Risk Factors,” and elsewhere in SLM Corporation’s SEC Filings; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; changes in laws, regulations, and supervisory expectations, especially in light of the goals of the current federal administration; the ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and related changes in significant accounting estimates, including those regarding the measurement of the Company’s allowance for credit losses and the related provision expense; any adverse outcomes in significant litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties to the Company’s derivative transactions; the effectiveness of the Company’s risk management framework and quantitative models; changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws); and changes in the demand for the Company’s deposit products, including changes caused by new or emerging market entrants or technologies. The Company could also be affected by, among other things, changes in funding costs and availability; reductions to credit ratings; cybersecurity incidents, cyberattacks, risks related to artificial intelligence (“AI”), and other failures or breaches of operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impacts of pandemics, other public health crises, severe weather events, and/or natural disasters; damage to reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on the business; changes in the demand for higher education, educational financing, or financing preferences of lenders, educational institutions, students, and their families, including changes to the amount or availability of funding that educational institutions, students, or their families receive from government sources; changes in laws and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; changes in customer creditworthiness; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of earning assets versus funding arrangements; rates of prepayments on loans owned by the Company; and changes in general economic or macroeconomic conditions, including, but not limited to, changes due to inflation, stagflation, recession, shifts in the labor market, and changes to government policies or initiatives, such as tariffs, trade wars, wars, immigration, and student visa policies, which could negatively impact consumer or business sentiment, demand for higher education, demand for student loans, financial and business results and/or modeling, and the ability to successfully effectuate any acquisitions, strategic partnerships, or initiatives. The preparation of the Company’s consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect.
All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this press release or, where the statement is oral, as of the date stated. The Company’s past performance is not indicative of future results, and actual results may differ materially from any projections and/or estimates herein. The Company does not undertake any obligation to update, supplement, or revise any forward-looking statements or estimates to conform to actual results or changes in the Company’s expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on any forward-looking statements or estimates discussed herein.
5
| SLM CORPORATION | ||||||||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||||||||
| June 30, | December 31, | |||||||||||||
| (Dollars in thousands, except share and per share amounts) | 2026 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 4,588,129 | $ | 4,241,265 | ||||||||||
| Investments: | ||||||||||||||
Trading investments at fair value (cost of $37,986 and $37,606, respectively) | 55,938 | 49,250 | ||||||||||||
Available-for-sale investments at fair value (cost of $1,775,289 and $1,812,408, respectively) | 1,716,712 | 1,758,070 | ||||||||||||
| Other investments | 107,088 | 115,394 | ||||||||||||
| Total investments | 1,879,738 | 1,922,714 | ||||||||||||
Loans held for investment (net of allowance for losses of $1,354,014 and $1,430,318, respectively) | 19,531,493 | 20,332,124 | ||||||||||||
| Loans held for sale | 172,466 | 933,256 | ||||||||||||
| Restricted cash | 206,858 | 177,263 | ||||||||||||
| Other interest-earning assets | 77 | 120 | ||||||||||||
| Accrued interest receivable | 1,602,311 | 1,562,811 | ||||||||||||
| Premises and equipment, net | 123,433 | 122,193 | ||||||||||||
| Goodwill and acquired intangible assets, net | 58,546 | 59,974 | ||||||||||||
| Income taxes receivable, net | 373,056 | 347,260 | ||||||||||||
| Other assets | 43,304 | 47,315 | ||||||||||||
| Total assets | $ | 28,579,411 | $ | 29,746,295 | ||||||||||
| Liabilities | ||||||||||||||
| Deposits | $ | 19,894,501 | $ | 21,060,151 | ||||||||||
| Short-term borrowings | — | 498,415 | ||||||||||||
| Long-term borrowings | 5,844,116 | 5,362,494 | ||||||||||||
| Other liabilities | 366,125 | 373,877 | ||||||||||||
| Total liabilities | 26,104,742 | 27,294,937 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Equity | ||||||||||||||
Preferred stock, par value $0.20 per share, 20 million shares authorized: | ||||||||||||||
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share | 251,070 | 251,070 | ||||||||||||
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 445.7 million and 443.2 million shares issued, respectively | 89,136 | 88,650 | ||||||||||||
| Additional paid-in capital | 1,261,748 | 1,240,250 | ||||||||||||
Accumulated other comprehensive loss (net of tax benefit of ($14,669) and ($13,446), respectively) | (43,790) | (40,128) | ||||||||||||
| Retained earnings | 5,041,088 | 4,734,313 | ||||||||||||
| Total SLM Corporation stockholders’ equity before treasury stock | 6,599,252 | 6,274,155 | ||||||||||||
Less: Common stock held in treasury at cost: 257.7 million and 244.0 million shares, respectively | (4,124,583) | (3,822,797) | ||||||||||||
| Total equity | 2,474,669 | 2,451,358 | ||||||||||||
| Total liabilities and equity | $ | 28,579,411 | $ | 29,746,295 | ||||||||||
6
| SLM CORPORATION | ||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| (Dollars in thousands, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||||
| Loans | $ | 539,936 | $ | 597,609 | $ | 1,142,198 | $ | 1,196,376 | ||||||||||||||||||
| Investments | 17,124 | 13,710 | 32,092 | 28,456 | ||||||||||||||||||||||
| Cash and cash equivalents | 44,995 | 45,440 | 77,074 | 88,017 | ||||||||||||||||||||||
| Total interest income | 602,055 | 656,759 | 1,251,364 | 1,312,849 | ||||||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||||
| Deposits | 191,078 | 201,478 | 391,687 | 405,617 | ||||||||||||||||||||||
| Interest expense on short-term borrowings | 2,737 | 3,613 | 7,865 | 7,014 | ||||||||||||||||||||||
| Interest expense on long-term borrowings | 75,419 | 74,848 | 143,580 | 148,428 | ||||||||||||||||||||||
| Total interest expense | 269,234 | 279,939 | 543,132 | 561,059 | ||||||||||||||||||||||
| Net interest income | 332,821 | 376,820 | 708,232 | 751,790 | ||||||||||||||||||||||
| Less: provisions for credit losses | 125,663 | 148,718 | 114,197 | 172,004 | ||||||||||||||||||||||
| Net interest income after provisions for credit losses | 207,158 | 228,102 | 594,035 | 579,786 | ||||||||||||||||||||||
| Non-interest income: | ||||||||||||||||||||||||||
| Gains (losses) on sales of loans, net | 14,939 | (13) | 161,252 | 187,722 | ||||||||||||||||||||||
| Gains (losses) on securities, net | 8,001 | (2,641) | 5,603 | (13,019) | ||||||||||||||||||||||
| Other income | 45,346 | 29,430 | 86,008 | 58,117 | ||||||||||||||||||||||
| Total non-interest income | 68,286 | 26,776 | 252,863 | 232,820 | ||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Compensation and benefits | 100,253 | 84,900 | 203,699 | 175,730 | ||||||||||||||||||||||
| FDIC assessment fees | 5,143 | 9,782 | 9,584 | 22,185 | ||||||||||||||||||||||
| Other operating expenses | 88,900 | 71,664 | 151,374 | 122,019 | ||||||||||||||||||||||
| Total operating expenses | 194,296 | 166,346 | 364,657 | 319,934 | ||||||||||||||||||||||
| Acquired intangible assets amortization expense | 687 | 898 | 1,427 | 1,919 | ||||||||||||||||||||||
| Total non-interest expenses | 194,983 | 167,244 | 366,084 | 321,853 | ||||||||||||||||||||||
| Income before income tax expense | 80,461 | 87,634 | 480,814 | 490,753 | ||||||||||||||||||||||
| Income tax expense | 21,936 | 16,362 | 114,335 | 114,941 | ||||||||||||||||||||||
| Net income | 58,525 | 71,272 | 366,479 | 375,812 | ||||||||||||||||||||||
| Preferred stock dividends | 3,581 | 3,972 | 7,136 | 7,928 | ||||||||||||||||||||||
| Net income attributable to SLM Corporation common stock | $ | 54,944 | $ | 67,300 | $ | 359,343 | $ | 367,884 | ||||||||||||||||||
| Basic earnings per common share | $ | 0.29 | $ | 0.32 | $ | 1.87 | $ | 1.75 | ||||||||||||||||||
| Average common shares outstanding | 188,576 | 209,282 | 191,999 | 209,978 | ||||||||||||||||||||||
| Diluted earnings per common share | $ | 0.29 | $ | 0.32 | $ | 1.85 | $ | 1.72 | ||||||||||||||||||
| Average common and common equivalent shares outstanding | 190,384 | 213,220 | 194,109 | 214,098 | ||||||||||||||||||||||
| Declared dividends per common share | $ | 0.13 | $ | 0.13 | $ | 0.26 | $ | 0.26 | ||||||||||||||||||
7