SLM cuts 2026 EPS guidance to $1.95–$2.05
SLM's full-year 2026 outlook now pairs lower EPS guidance with higher projected net charge-offs, while origination-growth guidance is unchanged.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
SLM Corporation (SLM) reported a $0.19 GAAP diluted loss per common share for Q3 2026, versus $0.63 earnings a year earlier; net loss attributable to common stock was $35.9 million, compared with net income of $131.9 million. Private Education Loan originations reached $3.4 billion, up 15% year over year, including 119% growth in graduate originations. Net charge-offs were $90 million, versus $77.531 million, and delinquencies were 4.2% of loans in repayment at September 30, 2026, compared with 4.0% a year earlier.
SLM reduced its full-year 2026 diluted EPS guidance to $1.95–$2.05 from $3.10–$3.20 and raised its net charge-off guidance to $400–$420 million from $365–$385 million; originations growth guidance remained 12%–14% and non-interest expense guidance $750–$780 million. Non-interest expenses were $221 million, up 22% year over year. SLM repurchased 5.1 million common shares for $132.2 million in Q3 and entered a strategic partnership with a global investment firm that included an initial $143 million seasoned loan portfolio sale ($129 million principal and $14 million capitalized interest).
1 point · 0 major1 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointPrivate Education Loan originations rose 15% to $3.4 billion in Q3.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year diluted EPS guidance fell to $1.95–$2.05 from $3.10–$3.20.
- Moderate pointQ3 diluted EPS moved from $0.63 to a $0.19 loss.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year net charge-off guidance rose to $400–$420 million from $365–$385 million.
Filing Explained
SLM attributed third-quarter net charge-offs primarily to misaligned third-party debt-resolution practices affecting a small, high-ability-to-pay borrower segment, and said borrowers were adopting its response strategies more slowly than anticipated.
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, or exhibit attachments filed with this report.
Key Figures
Private Education Loan originations: $3.4 billion
GAAP diluted earnings (loss) per common share: ($0.19) per share
Net income (loss) attributable to SLM Corporation common stock: $35.9 million loss
+5 more
8 metrics
Private Education Loan originations
$3.4 billion
Q3 2026; 15% growth from the year-ago quarter.
GAAP diluted earnings (loss) per common share
($0.19) per share
Q3 2026; $0.63 per share in Q3 2025.
Net income (loss) attributable to SLM Corporation common stock
$35.9 million loss
Three months ended September 30, 2026; $131.9 million net income in the year-ago quarter.
Net charge-offs
$90 million
Q3 2026; $77.531 million in Q3 2025.
Delinquencies as a percentage of loans in repayment
4.2%
As of September 30, 2026; 4.0% as of September 30, 2025.
Full-year diluted EPS guidance
$1.95–$2.05 per share
Updated 2026 guidance; prior range was $3.10–$3.20.
Full-year net charge-off guidance
$400–$420 million
Updated 2026 guidance; prior range was $365–$385 million.
Common shares repurchased
5.1 million shares; $132.2 million
Q3 2026.
Key Terms
net charge-offs, Loans in Repayment, Rule 10b5-1 trading plans, capitalized interest, +1 more
5 terms
net charge-offs financial
"Third-quarter net charge-offs totaled $90 million"
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.
Loans in Repayment financial
"Delinquencies as a % of Loans in Repayment"
Rule 10b5-1 trading plans regulatory
"shares of common stock were repurchased under Rule 10b5-1 trading plans"
Rule 10b5-1 trading plans are written, pre-arranged instructions that allow company insiders (such as executives or directors) to automatically buy or sell their company's stock at specified times or under set conditions, like a standing instruction or automated thermostat for trades. They matter to investors because these plans provide a legal defense against insider‑trading accusations and create predictable insider trading patterns that can help signal whether sales are routine portfolio management or potentially meaningful to the company’s outlook.
capitalized interest financial
"$14 million of capitalized interest"
Capitalized interest is the interest that is added to the total amount of a loan or project cost instead of being paid immediately. This means the interest becomes part of the principal, growing over time, much like compounding interest in a savings account. For investors, it matters because it affects the total amount owed and the future value of the investment or project.
seasoned portfolio loan sale financial
"an initial seasoned portfolio loan sale"
Earnings Snapshot
Private Education Loan originations: $3.4 billion · Guidance included
Third quarter 2026
Private Education Loan originations
$3.4 billion
15% growth from the year-ago quarter
GAAP diluted earnings (loss) per common share
($0.19)
Compared with $0.63 in Q3 2025
Net income (loss) attributable to SLM Corporation common stock
$35.9 million loss
Compared with $131.9 million net income in Q3 2025
Net charge-offs
$90 million
Compared with $77.531 million in Q3 2025
Guidance
Updated full-year 2026 diluted EPS guidance is $1.95–$2.05, compared with prior guidance of $3.10–$3.20. Updated net charge-off guidance is $400–$420 million, compared with prior guidance of $365–$385 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SLM's Q3 2026 earnings?
SLM reported a GAAP diluted loss of $0.19 per common share and a $35.9 million net loss attributable to common stock. In Q3 2025, diluted EPS was $0.63 and net income attributable to common stock was $131.9 million.
What is SLM's updated 2026 earnings guidance?
SLM updated its full-year diluted EPS guidance to $1.95–$2.05, from $3.10–$3.20, and its net charge-off guidance to $400–$420 million, from $365–$385 million. Originations growth guidance remained 12%–14%.
How much stock did SLM repurchase in 2026?
For the nine months ended September 30, 2026, SLM repurchased 18.1 million shares for $415.6 million. As of September 30, $111 million of capacity remained under its 2026 Share Repurchase Program.
What was SLM's average winning FICO score at approval?
The average winning FICO at approval was 757, representing the higher credit score of the cosigner or borrower. The reported cosigner rate was 92%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 22, 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 October 22, 2026, SLM Corporation (the “Company”) reported its financial results for the quarter ended September 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 October 22, 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: October 22, 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 Third Quarter 2026 Financial Results
NEWARK, Del., Oct. 22, 2026 — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released third 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, Oct. 22, 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 Reports Third Quarter 2026 Results
NEWARK, Del., Oct. 22, 2026 — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its third quarter 2026 financial results.
Third Quarter Financial Results
–$3.4 billion Private Education Loan Originations(1), 15% growth from the year-ago quarter.
–GAAP net loss per common share of $0.19, primarily due to provision and expenses related to our highest ever year-over-year originations growth.
–$90 million(2) net charge-offs, an increase year-over-year primarily driven by impacts from the previously discussed misaligned third-party debt resolution practices.
–$221 million Non-Interest Expenses, year-over-year increase largely attributable to expenses associated with peak season to capture new volume and customers following PLUS reform.
“We delivered a record peak season, highlighted by the largest single quarter of originations in the Company’s history. Credit quality of originations remained strong, and we’re encouraged by the significant growth in graduate student lending following changes to federal student loan programs. We believe our growing strategic partnerships business and disciplined balance sheet management provide flexibility in a dynamic interest rate environment while supporting our ability to serve more students and families.”
–Jonathan Witter, CEO, Sallie Mae
Third Quarter Financial Results
For the three months ended Sept. 30, 2026, SLM’s GAAP net loss per common share was $0.19, a decrease from the year ago quarter, primarily due to provision and expenses related to our highest ever year-over-year originations growth. Private Education Loan originations increased 15% from the year-ago quarter, including 119% growth in Graduate Loan originations during the first academic year following PLUS reform. Origination credit quality remained strong, with the average winning FICO at approval of 757(3), up from the year-ago quarter, and cosigner rates remained strong at 92%.
| Q3 2026 | Q2 2026 | Q3 2025 | |||||||||
| Key Performance Metrics ($ in millions) | |||||||||||
| Net interest income | $ | 339 | $ | 333 | $ | 373 | |||||
| Less: provisions for credit losses | 214 | 126 | 179 | ||||||||
| Total non-interest income | 36 | 68 | 173 | ||||||||
| Total non-interest expenses | 221 | 195 | 180 | ||||||||
| Income tax (benefit) expense | (27) | 22 | 50 | ||||||||
| Net income (loss) | $ | (32) | $ | 59 | $ | 136 | |||||
| Net income (loss) attributable to common stock | $ | (36) | $ | 55 | $ | 132 | |||||
| GAAP diluted earnings (loss) per common share | $ | (0.19) | $ | 0.29 | $ | 0.63 | |||||
| Average common and common equivalent shares outstanding (millions) | 186 | 190 | 211 | ||||||||
Credit Performance within Expectations
Third-quarter net charge-offs totaled $90 million(2), an increase from the year-ago quarter, 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. We have seen our strategies for managing this population gain traction, however borrower adoption of these strategies has been slower than anticipated.
Beyond net charge-offs, credit performance remained within expectations, with delinquencies representing 4.2% of loans in repayment(4) at Sept. 30, 2026. The Company's total allowance for credit losses as a percentage of Private Education Loan exposure improved to 5.89% from 5.93% in the year-ago quarter.
| September 30, 2026 | September 30, 2025 | |||||||||||||
| Balance | % | Balance | % | |||||||||||
Loans in Repayment(4) and % of Each Status | ||||||||||||||
| Loans Current | $ | 15,369,029 | 95.8 | % | $ | 15,638,904 | 96.0 | % | ||||||
| Loans Delinquent 30-59 Days | 351,102 | 2.2 | 335,312 | 2.0 | ||||||||||
| Loans Delinquent 60-89 Days | 173,755 | 1.1 | 173,135 | 1.1 | ||||||||||
| Loans Delinquent 90+ Days | 149,555 | 0.9 | 145,119 | 0.9 | ||||||||||
| Total Private Education Loans in Repayment | 16,043,441 | 100 | % | 16,292,470 | 100.0 | % | ||||||||
| Delinquencies as a % of Loans in Repayment | 4.2 | % | 4.0 | % | ||||||||||
% of Loans in Forbearance(5) | 2.3 | % | 2.0 | % | ||||||||||
| Total Allowance % of Private Education Loan Exposure | 5.89 | % | 5.93 | % | ||||||||||
Net Charge-Offs(2) | $ | 90,386 | $ | 77,531 | ||||||||||
Strategic Balance Sheet Actions and Capital Deployment
The Company continued to return capital to shareholders by repurchasing 5.1 million(6) shares of common stock for $132.2 million during the third quarter of 2026. For the nine months ended Sept. 30, 2026, the Company has repurchased 18.1 million(6) shares of common stock for $415.6 million and as of Sept. 30, 2026, $111 million of capacity remained available under the Company’s 2026 Share Repurchase Program.
Earnings for the quarter were supported by a lower cost of funds, 4.21%, compared to 4.24% in the year-ago quarter, due in part to actions taken this year to extend the duration of our fixed-rate funding. Non-interest expenses totaled $221 million, a 22% increase from the year ago quarter, largely attributable to expenses associated with peak season to capture new volume and customers following PLUS reform.
The Company continued to execute on its strategic and capital management priorities during the quarter, entering into a new strategic partnership with a leading global investment firm that included an initial seasoned portfolio loan sale of $143 million of Private Education Loans, including $129 million of principal and $14 million of capitalized interest.
2
2026 Outlook*
As we will discuss in more detail on our earnings conference call, there have been a number of recent developments across our business and impacts due to the broader macroeconomic environment. While we do not expect these things to impact the long-term success of our strategy, they have influenced our expectations for fourth quarter and full year performance. As such, for the full year 2026, the Company expects:
| Prior Guidance | Updated Guidance | |||||||||||||
| Diluted Earnings per Common Share | $3.10 to $3.20 | $1.95 to $2.05 | ||||||||||||
| Private Education Loan Originations Growth | 12% to 14% | 12% to 14% | ||||||||||||
| Net Charge-offs | $365 to $385 million | $400 to $420 million | ||||||||||||
| Non-interest Expenses | $750 to $780 million | $750 to $780 million | ||||||||||||
*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 below for more information.
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; the Company’s ability to execute loan sales at prices acceptable to the Company as a consequence of any changes in the macroeconomic environment, including interest rates; 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.
3
Footnotes:
(1) We define Private Education Loan originations for a period by reference to the amount of loan disbursements in that period.
(2) Charge-offs exclude $19.1 million of loans previously charged off by an unconsolidated Private Education Loan Securitization that were purchased by the Company during the three months ended September 30, 2026 following the exercise of optional clean-up calls.
(3) Represents the higher credit score of the cosigner or the borrower.
(4) Loans in Repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but do not include those loans while they are in forbearance).
(5) Loans in forbearance include loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(6) For the third quarter of 2026, shares of common stock were repurchased under Rule 10b5-1 trading plans. For the nine months ended September 30, 2026, shares of common stock were repurchased under Rule 10b5-1 trading plans and an accelerated share repurchase (“ASR”). As of September 30, 2026, we had $111 million of capacity remaining under the 2026 Share Repurchase Program.
***
4
| SLM CORPORATION | ||||||||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||||||||
| September 30, | December 31, | |||||||||||||
| (Dollars in thousands, except share and per share amounts) | 2026 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 2,165,175 | $ | 4,241,265 | ||||||||||
| Investments: | ||||||||||||||
Trading investments at fair value (cost of $37,326 and $37,606, respectively) | 41,308 | 49,250 | ||||||||||||
Available-for-sale investments at fair value (cost of $2,956,353 and $1,812,408, respectively) | 2,847,109 | 1,758,070 | ||||||||||||
| Other investments | 104,119 | 115,394 | ||||||||||||
| Total investments | 2,992,536 | 1,922,714 | ||||||||||||
Loans held for investment (net of allowance for losses of $1,449,614 and $1,430,318, respectively) | 20,626,170 | 20,332,124 | ||||||||||||
| Loans held for sale | 1,442,105 | 933,256 | ||||||||||||
| Restricted cash | 273,771 | 177,263 | ||||||||||||
| Other interest-earning assets | 65 | 120 | ||||||||||||
| Accrued interest receivable | 1,680,595 | 1,562,811 | ||||||||||||
| Premises and equipment, net | 122,938 | 122,193 | ||||||||||||
| Goodwill and acquired intangible assets, net | 57,912 | 59,974 | ||||||||||||
| Income taxes receivable, net | 420,521 | 347,260 | ||||||||||||
| Other assets | 59,208 | 47,315 | ||||||||||||
| Total assets | $ | 29,840,996 | $ | 29,746,295 | ||||||||||
| Liabilities | ||||||||||||||
| Deposits | $ | 20,760,905 | $ | 21,060,151 | ||||||||||
| Short-term borrowings | 898,729 | 498,415 | ||||||||||||
| Long-term borrowings | 5,535,923 | 5,362,494 | ||||||||||||
| Other liabilities | 389,925 | 373,877 | ||||||||||||
| Total liabilities | 27,585,482 | 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 | 89,142 | 88,650 | ||||||||||||
| Additional paid-in capital | 1,272,772 | 1,240,250 | ||||||||||||
Accumulated other comprehensive loss (net of tax benefit of ($27,386) and ($13,446), respectively) | (81,757) | (40,128) | ||||||||||||
| Retained earnings | 4,981,149 | 4,734,313 | ||||||||||||
| Total SLM Corporation stockholders’ equity before treasury stock | 6,512,376 | 6,274,155 | ||||||||||||
Less: Common stock held in treasury at cost: 262.9 million and 244.0 million shares, respectively | (4,256,862) | (3,822,797) | ||||||||||||
| Total equity | 2,255,514 | 2,451,358 | ||||||||||||
| Total liabilities and equity | $ | 29,840,996 | $ | 29,746,295 | ||||||||||
5
| SLM CORPORATION | ||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| (Dollars in thousands, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||||
| Loans | $ | 559,173 | $ | 593,734 | $ | 1,701,371 | $ | 1,790,110 | ||||||||||||||||||
| Investments | 31,874 | 14,955 | 63,966 | 43,411 | ||||||||||||||||||||||
| Cash and cash equivalents | 25,435 | 48,898 | 102,509 | 136,915 | ||||||||||||||||||||||
| Total interest income | 616,482 | 657,587 | 1,867,846 | 1,970,436 | ||||||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||||
| Deposits | 199,080 | 203,577 | 590,767 | 609,194 | ||||||||||||||||||||||
| Interest expense on short-term borrowings | 570 | 717 | 8,435 | 7,731 | ||||||||||||||||||||||
| Interest expense on long-term borrowings | 77,510 | 80,316 | 221,090 | 228,744 | ||||||||||||||||||||||
| Total interest expense | 277,160 | 284,610 | 820,292 | 845,669 | ||||||||||||||||||||||
| Net interest income | 339,322 | 372,977 | 1,047,554 | 1,124,767 | ||||||||||||||||||||||
| Less: provisions for credit losses | 213,675 | 179,462 | 327,872 | 351,466 | ||||||||||||||||||||||
| Net interest income after provisions for credit losses | 125,647 | 193,515 | 719,682 | 773,301 | ||||||||||||||||||||||
| Non-interest income: | ||||||||||||||||||||||||||
| Gains on sales of loans, net | 3,650 | 135,958 | 164,902 | 323,680 | ||||||||||||||||||||||
| Gains (losses) on securities, net | (13,970) | 4,876 | (8,367) | (8,143) | ||||||||||||||||||||||
| Other income | 46,465 | 31,868 | 132,473 | 89,985 | ||||||||||||||||||||||
| Total non-interest income | 36,145 | 172,702 | 289,008 | 405,522 | ||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Compensation and benefits | 98,443 | 83,667 | 302,142 | 259,397 | ||||||||||||||||||||||
| FDIC assessment fees | 5,455 | 6,511 | 15,039 | 28,696 | ||||||||||||||||||||||
| Other operating expenses | 116,169 | 89,380 | 267,543 | 211,399 | ||||||||||||||||||||||
| Total operating expenses | 220,067 | 179,558 | 584,724 | 499,492 | ||||||||||||||||||||||
| Acquired intangible assets amortization expense | 635 | 846 | 2,062 | 2,765 | ||||||||||||||||||||||
| Total non-interest expenses | 220,702 | 180,404 | 586,786 | 502,257 | ||||||||||||||||||||||
| Income (loss) before income tax (benefit) expense | (58,910) | 185,813 | 421,904 | 676,566 | ||||||||||||||||||||||
| Income tax (benefit) expense | (26,649) | 49,963 | 87,686 | 164,904 | ||||||||||||||||||||||
| Net income (loss) | (32,261) | 135,850 | 334,218 | 511,662 | ||||||||||||||||||||||
| Preferred stock dividends | 3,643 | 3,994 | 10,779 | 11,922 | ||||||||||||||||||||||
| Net income (loss) attributable to SLM Corporation common stock | $ | (35,904) | $ | 131,856 | $ | 323,439 | $ | 499,740 | ||||||||||||||||||
| Basic earnings (loss) per common share | $ | (0.19) | $ | 0.64 | $ | 1.70 | $ | 2.39 | ||||||||||||||||||
| Average common shares outstanding | 185,566 | 207,144 | 189,831 | 209,023 | ||||||||||||||||||||||
| Diluted earnings (loss) per common share | $ | (0.19) | $ | 0.63 | $ | 1.68 | $ | 2.35 | ||||||||||||||||||
| Average common and common equivalent shares outstanding | 185,566 | 210,607 | 192,111 | 212,922 | ||||||||||||||||||||||
| Declared dividends per common share | $ | 0.13 | $ | 0.13 | $ | 0.39 | $ | 0.39 | ||||||||||||||||||
6