SLM Corp Files Amended 10-Q for Q2 2024

TL;DR

SLM Corp dropped an amended Q2 10-Q. Check the numbers.

AI Summary

SLM Corp filed an amended 10-Q for the period ending June 30, 2024. The filing includes financial data for the second quarter of 2024, comparing it to the same period in 2023. Key financial figures and disclosures are updated in this amendment.

Why It Matters

This amended filing provides updated financial information for SLM Corp, which is crucial for investors and analysts to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: low — This is a routine amendment to a quarterly filing, not indicating new material adverse events.

Key Players & Entities

• SLM Corp (company) — Filer of the 10-Q/A
• 0001628280-24-033081 (filing_id) — Accession Number for the filing
• 20240630 (date) — Period of report for the 10-Q/A
• 20240726 (date) — Filing date of the 10-Q/A

FAQ

Filing Documents

• slm-20240630.htm (10-Q/A) — 3942KB
• slm20240630ex101.htm (EX-10.1) — 11KB
• slm20240630ex102.htm (EX-10.2) — 182KB
• slm20240630ex103.htm (EX-10.3) — 153KB
• slm20240630ex311.htm (EX-31.1) — 9KB
• slm20240630ex312.htm (EX-31.2) — 9KB
• slm20240630ex321.htm (EX-32.1) — 5KB
• slm20240630ex322.htm (EX-32.2) — 5KB
• 0001628280-24-033081.txt ( ) — 19655KB
• slm-20240630.xsd (EX-101.SCH) — 123KB
• slm-20240630_cal.xml (EX-101.CAL) — 173KB
• slm-20240630_def.xml (EX-101.DEF) — 510KB
• slm-20240630_lab.xml (EX-101.LAB) — 1174KB
• slm-20240630_pre.xml (EX-101.PRE) — 799KB
• slm-20240630_htm.xml (XML) — 4283KB

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements 3

Notes to the Financial Statements

Item 1. Notes to the Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 86

Controls and Procedures

Item 4. Controls and Procedures 89

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 90

Risk Factors

Item 1A. Risk Factors 90

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 90

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 90

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 90

Other Information

Item 5. Other Information 91

Exhibits

Item 6. Exhibits 91 2 SLM CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, (Dollars in thousands, except share and per share amounts) 2024 2023 Assets Cash and cash equivalents $ 5,262,448 $ 4,149,838 Investments: Trading investments at fair value (cost of $ 45,171 and $ 43,412 , respectively) 60,473 54,481 Available-for-sale investments at fair value (cost of $ 2,428,037 and $ 2,563,984 , respectively) 2,283,262 2,411,622 Other investments 107,064 91,567 Total investments 2,450,799 2,557,670 Loans held for investment (net of allowance for losses of $ 1,269,652 and $ 1,339,772 , respectively) 18,915,333 20,306,357 Restricted cash 142,230 149,669 Other interest-earning assets 6,362 9,229 Accrued interest receivable 1,391,081 1,379,904 Premises and equipment, net 126,440 129,501 Goodwill and acquired intangible assets, net 66,102 68,711 Income taxes receivable, net 351,126 366,247 Other assets 56,923 52,342 Total assets $ 28,768,844 $ 29,169,468 Liabilities Deposits $ 20,744,030 $ 21,653,188 Long-term borrowings 5,403,012 5,227,512 Other liabilities 338,564 407,971 Total liabilities 26,485,606 27,288,671 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: 440.3 million and 438.2 million shares issued, respectively 88,056 87,647 Additional paid-in capital 1,173,735 1,148,689 Accumulated other comprehensive loss (net of tax benefit of ($ 25,378 ) and ($ 24,176 ), respectively) ( 78,809 ) ( 75,104 ) Retained earnings 4,107,980 3,624,859 Total SLM Corporation stockholders' equity before treasury stock 5,542,032 5,037,161 Less: Common stock held in treasury at cost: 222.8 million and 217.9 million shares, respectively ( 3,258,794 ) ( 3,156,364 ) Tot

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View this 10-Q/A filing on SEC EDGAR