Earnings release
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Exhibit 99.1 News Release For Immediate Release Sallie Mae Reports Second Quarter 2025 Financial Results NEWARK, Del., July 24, 2025 — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released second quarter 2025 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 24, 2025, 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 Rick Castellano, 302-451-2541, rick.castellano@salliemae.com Investors Kate deLacy, 571-438-9574, kate.delacy@salliemae.com
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NEWARK, Del., July 24, 2025 — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its second quarter 2025 financial results. $0.32 GAAP Diluted EarningsPer Common Share $686M Private EducationLoan Originations 2.4M Shares repurchased in Q22025 for $70M 2.36% Total Net Charge-Offs as aPercentage of AverageLoans in Repayment(annualized) $167M Non-Interest Expenses “Our solid performance in the second quarter and firsthalf of the year reflects the strength of our corebusiness, resilience of our customers, and continuedexecution of our strategy. We are optimistic about thelong-term outlook for private student lending givenrecently passed federal student loan reforms and believewe are well-positioned to support more students andfamilies, grow our business, and return capital toshareholders going forward.” Jonathan Witter, CEO, Sallie Mae Private Education Loan Portfolio Trends ▪ $22.6B of average loans outstanding, net, up 10% from Q2 2024 ▪ $149M in provisions for credit losses in Q2 2025, compared with $17M in Q2 2024 ▪ 0.91% loans in a hardship forbearance, down from 1.00% in Q2 2024 ▪ 3.51% delinquencies as a percentage of loans in repayment, compared with 3.34% in Q2 2024 ▪ 2.36% net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.19% in Q2 2024 Balance Sheet & Capital Allocation $0.13Common stock dividendper share paid in Q2 2025 12.8%Total risk-based capital ratio andCET1 capital ratio of 11.5% $302MCapacity remaining under the 2024 Share Repurchase Program as ofJune 30, 2025 Income Statement & Earnings Summary 2025 Guidance*For the full year 2025, the Company expects: $67MGAAP Net Income attributableto common stock in Q2 2025 5.31%Net interest margin for Q2 2025, adecrease of 5 basis points from Q22024 $3.00 - $3.10GAAP Diluted Earnings Per CommonShare 6% - 8%Private Education Loan OriginationsYear-over-Year Growth $149MProvision for credit losses, an increase from Q2 2024 largely due torelease of provision from loan sale in Q2 2024, an increase in loancommitments, net of expired commitments, and changes in economicoutlook 2.0% - 2.2%Total Loan Portfolio Net Charge-Offs asa Percentage of Average Loans inRepayment $655 million - $675 millionNon-Interest Expenses Investor Contact: Kate deLacy, 571-438-9574 Media Contact: Rick Castellano, 302-451-2541 * The 2025 Guidance and related comments constitute forward-looking statements and are based on management’s current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on pg. 4 for more information. (1) (2)
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Quarterly Financial Highlights Q2 2025 Q1 2025 Q2 2024 Income Statement ($ millions) Total interest income $657 $656 $641 Total interest expense 280 281 269 Net interest income 377 375 372 Less: provisions for credit losses 149 23 17 Total non-interest income 27 206 142 Total non-interest expenses 167 155 159 Income tax expense 16 99 87 Net income 71 305 252 Preferred stock dividends 4 4 5 Net income attributable to common stock $67 $301 $247 Ending Balances ($ millions) Private Education Loans held for investment, net $21,160 $21,091 $18,433 FFELP Loans held for investment, net — — 483 Deposits 20,482 20,073 20,744 Brokered 8,592 8,689 10,033 Retail and other 11,890 11,384 10,711 Key Performance Metrics ($ in millions) Net interest margin 5.31% 5.27% 5.36% Yield - Total interest-earning assets 9.25% 9.22% 9.25% Private Education Loans 10.62% 10.59% 10.91% Cost of Funds 4.22% 4.23% 4.16% Return on Assets (“ROA”) 1.0% 4.2% 3.6% Return on Common Equity (“ROCE”) 12.6% 60.1% 50.6% Private Education Loan sales $— $2,003 $1,589 Per Common Share GAAP diluted earnings per common share $0.32 $1.40 $1.11 Average common and common equivalent sharesoutstanding (millions) 213 215 222 2 (3) (4)
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Footnotes: (1) Shares of common stock were repurchased under Rule 10b5-1 trading plans authorized under the Company’s 2024 Share Repurchase Program. As of June 30, 2025, we had $302 million of capacity remaining under the 2024 Share Repurchase Program. (2) We calculate the percentage of loans in hardship and other forbearances as the ratio of (a) Private Education Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) numerator to (b) Private Education Loans in repayment and forbearance denominator. If the customer is in financial hardship, we work with the customer and/or cosigner and identify any available alternative arrangements designed to reduce monthly payment obligations, which may include a short-term hardship forbearance. Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) were approximately $150 million and $145 million at June 30, 2025 and 2024, respectively. (3) 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. (4) 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. ***
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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 pressrelease. Statements that are not historical facts, including statements about the Company’s beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions of SLM Corporation and its subsidiaries, collectively or individually as the context requires (the “Company”); the Company’sexpectation and ability to execute loan sales and share repurchases; the Company’s expectation and ability to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Directors; the Company’s 2025 guidance; the Company’s three-year horizon outlook; the impact of acquisitions we have 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 credit administration practices changes, 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 generallybeyond the control of the Company, which may cause actual results to be materially different from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. “Risk Factors”and elsewhere in the Company’s most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission; 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 inlight of the goals of the Trump administration; our 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 the impact of related changes in significant accounting estimates, including any regarding the measurement of our allowance for credit losses and the related provision expense; any adverse outcomes inany 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 our risk management framework and quantitative models; and changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation ofexisting laws). We could also be affected by, among other things: changes in our funding costs and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, and other failures or breaches of our 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 our reputation; risks associated with restructuring initiatives, including failures to successfully implement cost- cutting programs and the adverse effects of such initiatives on our business; changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students, and their families, including changes as a result of new limits on, or reductions in, funding that certain educational institutions receive from the Federal government; changes in law and regulations with respect to the student lendingbusiness and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; the creditworthiness of our customers, or any change related thereto; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of our earning assets versus ourfunding arrangements; rates of prepayments on the loans owned by us; changes in general economic conditions, including as a result of the impact of tariffs or trade wars or other current initiatives of the Federal government, that may impact the demand for student loans and the risk of default of outstanding loans; our ability to successfully effectuate any acquisitions; and other strategic initiatives. The preparation of our consolidated financialstatements 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, anduncertainties 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. We do not undertake any obligation to update or revise any forward-looking statements to conform to actual results or changes in our expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of theserisks, uncertainties, and assumptions, you should not put undue reliance on any forward-looking statements discussed.
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SLM CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, (Dollars in thousands, except share and per share amounts) 2025 2024 Assets Cash and cash equivalents $ 4,092,465 $ 4,700,366 Investments: Trading investments at fair value (cost of $39,571 and $41,715, respectively)49,600 53,262 Available-for-sale investments at fair value (cost of $1,742,863 and$2,042,473, respectively) 1,650,656 1,933,226 Other investments 95,060 112,377 Total investments 1,795,316 2,098,865 Loans held for investment (net of allowance for losses of $1,469,509 and$1,435,920, respectively) 21,160,332 20,902,158 Restricted cash 163,761 173,894 Other interest-earning assets 2,102 4,880 Accrued interest receivable 1,695,698 1,546,590 Premises and equipment, net 117,821 119,354 Goodwill and acquired intangible assets, net 61,612 63,532 Income taxes receivable, net 454,837 425,625 Other assets 58,973 36,846 Total assets $ 29,602,917 $ 30,072,110 Liabilities Deposits $ 20,481,952 $ 21,068,568 Long-term borrowings 6,410,978 6,440,345 Other liabilities 335,000 403,277 Total liabilities 27,227,930 27,912,190 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 valueof $100 per share 251,070 251,070 Common stock, par value $0.20 per share, 1.125 billion shares authorized:442.9 million and 440.6 million shares issued, respectively 88,592 88,121 Additional paid-in capital 1,218,580 1,193,753 Accumulated other comprehensive loss (net of tax benefit of ($20,370) and($21,209), respectively) (60,833) (65,861) Retained earnings 4,426,222 4,114,446 Total SLM Corporation stockholders’ equity before treasury stock 5,923,631 5,581,529 Less: Common stock held in treasury at cost: 234.5 million and 230.2 millionshares, respectively (3,548,644) (3,421,609) Total equity 2,374,987 2,159,920 Total liabilities and equity $ 29,602,917 $ 30,072,110 5
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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) 2025 2024 2025 2024 Interest income: Loans $ 597,609 $ 565,338 $ 1,196,376 $ 1,161,945 Investments 13,710 15,139 28,456 29,646 Cash and cash equivalents 45,440 60,999 88,017 113,443 Total interest income 656,759 641,476 1,312,849 1,305,034 Interest expense: Deposits 201,478 211,286 405,617 431,731 Interest expense on short-term borrowings 3,613 3,310 7,014 6,872 Interest expense on long-term borrowings 74,848 54,708 148,428 107,243 Total interest expense 279,939 269,304 561,059 545,846 Net interest income 376,820 372,172 751,790 759,188 Less: provisions for credit losses 148,718 16,830 172,004 28,871 Net interest income after provisions for credit losses 228,102 355,342 579,786 730,317 Non-interest income: Gains (losses) on sales of loans, net (13) 111,929 187,722 254,968 Gains (losses) on securities, net (2,641) 2,103 (13,019) 4,221 Other income 29,430 27,773 58,117 56,774 Total non-interest income 26,776 141,805 232,820 315,963 Non-interest expenses: Operating expenses: Compensation and benefits 84,900 85,261 175,730 181,737 FDIC assessment fees 9,782 11,727 22,185 25,039 Other operating expenses 71,664 60,218 122,019 110,863 Total operating expenses 166,346 157,206 319,934 317,639 Acquired intangible assets amortization expense 898 1,394 1,919 2,609 Total non-interest expenses 167,244 158,600 321,853 320,248 Income before income tax expense 87,634 338,547 490,753 726,032 Income tax expense 16,362 86,554 114,941 184,108 Net income 71,272 251,993 375,812 541,924 Preferred stock dividends 3,972 4,628 7,928 9,281 Net income attributable to SLM Corporation common stock$ 67,300 $ 247,365 $ 367,884 $ 532,643 Basic earnings per common share $ 0.32 $ 1.13 $ 1.75 $ 2.42 Average common shares outstanding 209,282 218,924 209,978 219,670 Diluted earnings per common share $ 0.32 $ 1.11 $ 1.72 $ 2.39 Average common and common equivalent shares outstanding213,220 222,467 214,098 223,156 Declared dividends per common share $ 0.13 $ 0.11 $ 0.26 $ 0.22 6