SLM Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SLM Corp filed its Q1 2024 10-Q report detailing financial performance and equity changes.</b>

AI Summary

SLM Corp (SLMBP) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. SLM Corp filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 300 Continental Drive, Newark, DE 19713. SLM Corp was formerly known as SLM Corp, SALLIE MAE, and USA EDUCATION INC. The filing includes detailed financial information related to common stock, preferred stock, retained earnings, and other equity accounts.

Why It Matters

For investors and stakeholders tracking SLM Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for SLM Corp, crucial for assessing the company's performance and financial health. Understanding the changes in equity, such as retained earnings and additional paid-in capital, offers insight into the company's profitability and capital management strategies.

Risk Assessment

Risk Level: low — SLM Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess SLM Corp's ongoing financial performance.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-04-24 — Filing Date (FILED AS OF DATE)
• 0001032033 — Central Index Key (CENTRAL INDEX KEY)
• 6141 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• SLM Corp (company) — FILER
• Nicolas Jafarieh (person) — EVP & Chief Legal, Government Affairs and Communications Officer
• Robert Strong (person) — Director
• SALLIE MAE (company) — FORMER COMPANY
• USA EDUCATION INC (company) — FORMER COMPANY

FAQ

Industry Context

SLM Corp operates in the personal credit institutions sector, primarily focused on student loans and related financial services.

Regulatory Implications

The company is subject to various financial regulations governing lending institutions, including those related to consumer protection and capital requirements.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for specific revenue, expense, and profit figures.
2. Analyze the changes in equity accounts (e.g., retained earnings, additional paid-in capital) compared to previous periods.
3. Note any disclosures regarding debt, liquidity, or significant financial commitments.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update on the company's financial position and performance since the end of the previous fiscal year.

Filing Documents

• slm-20240331.htm (10-Q) — 3079KB
• slm20240331ex101.htm (EX-10.1) — 50KB
• slm20240331ex102.htm (EX-10.2) — 67KB
• slm20240331ex311.htm (EX-31.1) — 9KB
• slm20240331ex312.htm (EX-31.2) — 9KB
• slm20240331ex321.htm (EX-32.1) — 5KB
• slm20240331ex322.htm (EX-32.2) — 5KB
• 0001628280-24-017666.txt (&nbsp;) — 16509KB
• slm-20240331.xsd (EX-101.SCH) — 120KB
• slm-20240331_cal.xml (EX-101.CAL) — 173KB
• slm-20240331_def.xml (EX-101.DEF) — 526KB
• slm-20240331_lab.xml (EX-101.LAB) — 1112KB
• slm-20240331_pre.xml (EX-101.PRE) — 770KB
• slm-20240331_htm.xml (XML) — 3471KB

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 10

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 47

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 74

Controls and Procedures

Item 4. Controls and Procedures 77

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 78

Risk Factors

Item 1A. Risk Factors 78

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 78

Exhibits

Item 6. Exhibits 79 2 SLM CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, (Dollars in thousands, except share and per share amounts) 2024 2023 Assets Cash and cash equivalents $ 3,584,013 $ 4,149,838 Investments: Trading investments at fair value (cost of $ 44,978 and $ 43,412 , respectively) 58,166 54,481 Available-for-sale investments at fair value (cost of $ 2,423,183 and $ 2,563,984 , respectively) 2,271,108 2,411,622 Other investments 89,765 91,567 Total investments 2,419,039 2,557,670 Loans held for investment (net of allowance for losses of $ 1,350,058 and $ 1,339,772 , respectively) 20,200,789 20,306,357 Restricted cash 147,809 149,669 Other interest-earning assets 7,572 9,229 Accrued interest receivable 1,386,487 1,379,904 Premises and equipment, net 127,414 129,501 Goodwill and acquired intangible assets, net 67,496 68,711 Income taxes receivable, net 277,733 366,247 Other assets 58,930 52,342 Total assets $ 28,277,282 $ 29,169,468 Liabilities Deposits $ 20,903,456 $ 21,653,188 Long-term borrowings 4,976,882 5,227,512 Other liabilities 283,205 407,971 Total liabilities 26,163,543 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: 440.2 million and 438.2 million shares issued, respectively 88,032 87,647 Additional paid-in capital 1,163,838 1,148,689 Accumulated other comprehensive loss (net of tax benefit of ($ 24,752 ) and ($ 24,176 ), respectively) ( 77,291 ) ( 75,104 ) Retained earnings 3,884,694 3,624,859 Total SLM Corporation stockholders' equity before treasury stock 5,310,343 5,037,161 Less: Common stock held in treasury at cost: 219.9 million and 217.9 million shares, respectively ( 3,196,604 ) ( 3,156,364 ) Tot

View Full Filing

View this 10-Q filing on SEC EDGAR