SLM Corp Files Q3 2024 10-Q
Ticker: SLMBP · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 1032033
| Field | Detail |
|---|---|
| Company | Slm Corp (SLMBP) |
| Form Type | 10-Q |
| Filed Date | Oct 23, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, student-loans
TL;DR
Sallie Mae dropped its Q3 10-Q. Check financials for student loan biz.
AI Summary
SLM Corp (Sallie Mae) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its common stock and preferred stock series B. Key financial data points from the report will provide insights into the company's operational results and balance sheet for the third quarter of 2024.
Why It Matters
This filing provides crucial financial data for investors and analysts to assess SLM Corp's performance and outlook in the student loan sector.
Risk Assessment
Risk Level: medium — As a financial institution focused on student loans, SLM Corp is subject to regulatory changes, interest rate fluctuations, and credit risks inherent in the lending market.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter for which financial data is reported.)
- 2023-12-31 — Previous Year End Date (Provides a point of comparison for year-over-year financial performance.)
Key Players & Entities
- SLM Corp (company) — Filer of the 10-Q
- Sallie Mae (company) — Former name of SLM Corp
- 20240930 (date) — End of the reporting period
- 20241023 (date) — Filing date
- 0001032033 (company) — Central Index Key for SLM Corp
FAQ
What were SLM Corp's total assets as of September 30, 2024?
The filing indicates financial data for the period ending September 30, 2024, but specific total asset figures are not provided in this header information.
What is the par value of SLM Corp's common stock?
The par value of SLM Corp's common stock is $0.20 per share, as indicated by the 'slm:CommonStockParValue20PerShareMember' tag.
When did SLM Corp change its name from USA Education Inc?
SLM Corp changed its name from USA Education Inc on August 1, 2000.
What is the SEC file number for SLM Corp?
The SEC file number for SLM Corp is 001-13251.
What industry does SLM Corp operate in according to its SIC code?
SLM Corp operates in the PERSONAL CREDIT INSTITUTIONS sector, with SIC code 6141.
Filing Stats: 4,720 words · 19 min read · ~16 pages · Grade level 17.7 · Accepted 2024-10-23 16:32:09
Filing Documents
- slm-20240930.htm (10-Q) — 3931KB
- slm20240930ex311.htm (EX-31.1) — 9KB
- slm20240930ex312.htm (EX-31.2) — 9KB
- slm20240930ex321.htm (EX-32.1) — 5KB
- slm20240930ex322.htm (EX-32.2) — 5KB
- 0001628280-24-043447.txt ( ) — 19392KB
- slm-20240930.xsd (EX-101.SCH) — 124KB
- slm-20240930_cal.xml (EX-101.CAL) — 175KB
- slm-20240930_def.xml (EX-101.DEF) — 523KB
- slm-20240930_lab.xml (EX-101.LAB) — 1190KB
- slm-20240930_pre.xml (EX-101.PRE) — 818KB
- slm-20240930_htm.xml (XML) — 4274KB
Financial Information
PART I. Financial Information
Financial Statements
Item 1. Financial Statements 2
Notes to the Financial Statements
Item 1. Notes to the Financial Statements 11
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 84
Controls and Procedures
Item 4. Controls and Procedures 87
Other Information
PART II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 88
Risk Factors
Item 1A. Risk Factors 88
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 88
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 89
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 89
Other Information
Item 5. Other Information 90
Exhibits
Item 6. Exhibits 90 CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, (Dollars in thousands, except share and per share amounts) 2024 2023 Assets Cash and cash equivalents $ 4,489,539 $ 4,149,838 Investments: Trading investments at fair value (cost of $ 43,373 and $ 43,412 , respectively) 54,840 54,481 Available-for-sale investments at fair value (cost of $ 2,113,257 and $ 2,563,984 , respectively) 2,022,605 2,411,622 Other investments 114,210 91,567 Total investments 2,191,655 2,557,670 Loans held for investment (net of allowance for losses of $ 1,413,621 and $ 1,339,772 , respectively) 20,459,933 20,306,357 Loans held for sale 485,701 — Restricted cash 170,984 149,669 Other interest-earning assets 5,820 9,229 Accrued interest receivable 1,537,594 1,379,904 Premises and equipment, net 122,972 129,501 Goodwill and acquired intangible assets, net 64,877 68,711 Income taxes receivable, net 428,778 366,247 Other assets 54,914 52,342 Total assets $ 30,012,767 $ 29,169,468 Liabilities Deposits $ 21,445,457 $ 21,653,188 Long-term borrowings 6,036,527 5,227,512 Other liabilities 397,033 407,971 Total liabilities 27,879,017 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: 440.5 million and 438.2 million shares issued, respectively 88,106 87,647 Additional paid-in capital 1,185,187 1,148,689 Accumulated other comprehensive loss (net of tax benefit of ($ 16,210 ) and ($ 24,176 ), respectively) ( 50,339 ) ( 75,104 ) Retained earnings 4,034,640 3,624,859 Total SLM Corporation stockholders' equity before treasury stock 5,508,664 5,037,161 Less: Common stock held in treasury at cost: 228.2 million and 217.9 million shares, respectively ( 3,374,914 ) ( 3