Exhibit 99.1 News Release For Immediate Release Sallie Mae Reports Second-Quarter 2024 Financial Results NEWARK, Del., July 24, 2024 - Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released second-quarter 2024 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, 2024, ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Sallie Mae (SLM) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on July 24, 2024, might help the stock move higher if these key numbers are better than expectation ...

Sallie Mae’s (SLM) rising average loan balance has been supporting NII growth. Strategic inorganic growth moves will expand its operations and diversify revenue streams. Overdependence on brokered deposits as a funding source and rising expenses are concerning.The dominant player in every phase of the student loan life cycle, providing the continuing competitive advantage of scale. Its operations are more dependent on students’ demand for educational loans. The low unemployment rate for the over-25-year-old ...

Core Viewpoint - Sallie Mae (SLM) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks rating upgrade reflects a positive outlook on Sallie Mae's earnings, which could positively affect its stock price [2]. - The company is expected to earn $2.72 per share for the fiscal year ending December 2024, indicating a year-over-year increase of 12.9% [5]. Earnings Estimate Revisions - Over the past three months, the Zacks Consensus Estimate for Sallie Mae has increased by 2.2%, showing a trend of rising earnings estimates [5]. - The correlation between earnings estimate revisions and near-term stock movements is strong, suggesting that tracking these revisions can be beneficial for investment decisions [4]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [4]. - Sallie Mae's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for price movement in the near term [7].

Sallie Mae’s (SLM) , formally SLM Corporation, first-quarter 2024 earnings per share of $1.27 surpassed the Zacks Consensus Estimate of $1.09. The bottom line compared favorably with the prior-year quarter’s 47 cents.Lower provisions for credit losses, robust loan originations and higher non-interest income were positives. However, a decline in the net interest income (NII) and a rise in non-interest expenses impeded the results.The company’s GAAP net income was $290 million compared with $119 million in th ...

Financial Data and Key Metrics Changes - GAAP diluted EPS for Q1 2024 was $1.27, up from $0.47 in Q1 2023, driven by strong business performance and credit trend improvements [4] - Loan originations increased by 6% year-over-year to $2.6 billion, with application volume growing by 4% [5] - Net interest income for Q1 2024 was $387 million, down 4% from the prior year, with a net interest margin of 5.5%, compared to 5.7% in the year-ago quarter [9][10] Business Line Data and Key Metrics Changes - The cosigner rate for loans in Q1 2024 was 91%, up from 89% in Q1 2023, and the average FICO score increased to 748 from 746 [6] - Net private education loan charge-offs were $83 million, or 2.14% of average loans in repayment, down 29 basis points from Q4 2023 [6] - Loans delinquent 30 days or more decreased to 3.4% of loans in repayment, consistent with the year-ago quarter [12] Market Data and Key Metrics Changes - Loans in disaster or hardship forbearance remained at 1% at the end of Q1 2024, consistent with Q1 2023 [7] - The company executed a $2.1 billion loan sale in Q1 2024, generating $143 million in gains, with expectations for additional loan sales throughout the year [7][8] Company Strategy and Development Direction - The company aims for balance sheet growth of 2% to 3% for the year and continues a capital return strategy through stock repurchases [8] - Management is preparing for a condensed peak season due to potential delays from the Department of Education's reforms and is enhancing staffing and digital capabilities [15][16] - The exit of a major competitor from the market is seen as an opportunity for new business, with expectations for a slight volume increase from former customers of that competitor [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the positive trends in credit performance and the successful loan sale execution, reaffirming guidance for 2024 [17] - The company is monitoring the impact of competitor exits and believes it will lead to new business opportunities during the peak season [16] Other Important Information - The company discontinued reporting non-GAAP core earnings, now using GAAP earnings for guidance calculations, with an unchanged guidance range of $2.60 to $2.70 for 2024 [9] - Operating expenses for Q1 2024 were $160 million, a 4% increase compared to the prior year, driven by increased application and disbursement volumes [13] Q&A Session All Questions and Answers Question: How did the quarter perform relative to original expectations? - Management indicated that the quarter was largely in line with expectations, maintaining guidance despite some positive trends [18][19] Question: What are the expectations for the reserve rate as credit metrics improve? - Management suggested that while they are not ready to specify a number, improvements in credit metrics should lead to modest improvements in the overall level of reserves [20][21] Question: What more needs to happen for confidence in updating guidance for the year? - Management expressed satisfaction with current loan modification program results but indicated a need for more seasoning before updating guidance [23][25] Question: How does the company view the impact of a competitor exiting the market? - Management noted that the exit of a competitor is expected to have a modest impact initially, with more significant effects anticipated during the peak season [30][32] Question: What is the outlook for net interest margin (NIM) given the yield curve? - Management indicated that the current rate environment is mildly beneficial for NIM, with expectations that NIM compression may not occur as quickly as previously anticipated [35] Question: How aggressive is the company on the share buyback program? - Management stated that they plan to be more programmatic with the buyback program throughout the year, assessing opportunities as they arise [52]

Core Insights - Sallie Mae (SLM) reported revenue of $387.02 million for Q1 2024, a year-over-year decline of 4.5%, with an EPS of $1.27 compared to $0.47 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate by 2.81%, while the EPS surprised by 16.51% over the consensus estimate of $1.09 [1] Financial Performance Metrics - Net Interest Margin was 5.5%, slightly above the average estimate of 5.4% from three analysts [2] - Average Balances of Interest-Earning Assets were $28.37 billion, slightly below the estimated $28.40 billion [2] - Net Interest Income was reported at $387.02 million, exceeding the average estimate of $377.67 million from four analysts [2] - Gains on Sales of Loans, net, were $143.04 million, surpassing the estimated $111.11 million [2] - Other Income reached $29 million, above the average estimate of $22.39 million [2] - Total Non-Interest Income was $174.16 million, exceeding the average estimate of $133.75 million [2] Stock Performance - Shares of Sallie Mae have returned +3.7% over the past month, contrasting with a -3% change in the Zacks S&P 500 composite [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Earnings Presentation 1st Quarter 2024 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13251 SLM Corporation (Exact name of registrant as specified in its charter) | --- | --- | |--------------------|-------------- ...

[Q1 2024 Earnings Release Overview](index=1&type=section&id=Q1%202024%20Earnings%20Release%20Overview) This section provides an overview of Sallie Mae's first-quarter 2024 financial results, including the earnings conference call details and the company's mission [News Release and Company Information](index=1&type=section&id=News%20Release%20and%20Company%20Information) Sallie Mae announced its Q1 2024 financial results, detailed its earnings call, and reaffirmed its mission as a leader in private student lending - Sallie Mae (Nasdaq: SLM) released its first-quarter 2024 financial results on April 24, 2024, with complete details available on their investor relations website and SEC.gov[2](index=2&type=chunk) - Sallie Mae's mission is to support education and lifelong learning by providing financing and resources for college and beyond, positioning itself as the leader in private student lending[4](index=4&type=chunk) - An earnings conference call was hosted on April 24, 2024, at 5:30 p.m. ET, with a live audio webcast and presentation slides accessible via the company's investor website[3](index=3&type=chunk) [Q1 2024 Financial and Operational Highlights](index=2&type=section&id=Q1%202024%20Financial%20and%20Operational%20Highlights) Sallie Mae reported a strong start to 2024, executing its strategy, delivering robust financial results, and returning value to shareholders through loan sales and share repurchases, alongside positive credit performance trends [Executive Summary of Key Metrics](index=2&type=section&id=Executive%20Summary%20of%20Key%20Metrics) The company achieved a GAAP diluted EPS of **$1.27**, saw a **6% growth** in private education loan originations, and completed a significant **$2.1 billion** sale of private education loans in Q1 2024 - CEO Jonathan Witter stated that Sallie Mae is off to a solid start in 2024, executing its strategy, delivering strong results, and returning value to shareholders, with encouraging credit performance trends[6](index=6&type=chunk) Q1 2024 Key Metrics | Metric | Q1 2024 Value | | :-------------------------------- | :-------------------------------- | | GAAP Diluted Earnings Per Common Share | $1.27 | | Private Education Loan Originations Growth (YoY) | 6% | | Sale of Private Education Loans | $2.1 Billion | | Total Net Charge-Offs | $83 Million (2.1% of Average Loans in Repayment, annualized) | | Non-Interest Expenses | $162 Million | [Balance Sheet and Capital Allocation Summary](index=2&type=section&id=Balance%20Sheet%20and%20Capital%20Allocation%20Summary) Sallie Mae paid a common stock dividend of **$0.11** per share, maintained strong capital ratios, and repurchased **1.3 million shares** for **$27 million**, with **$623 million** remaining under the 2024 Share Repurchase Program Q1 2024 Balance Sheet and Capital Allocation | Metric | Q1 2024 Value | | :-------------------------------- | :-------------------------------- | | Common Stock Dividend Paid | $0.11 | | Total Risk-Based Capital Ratio | 13.5% | | CET1 Capital Ratio | 12.3% | | Shares Repurchased | 1.3 Million | | Value of Shares Repurchased | $27 Million | | Remaining Capacity (2024 Share Repurchase Program) | $623 Million (as of Mar. 31, 2024) | [Income Statement and Earnings Summary](index=2&type=section&id=Income%20Statement%20and%20Earnings%20Summary) The company reported GAAP Net Income attributable to common stock of **$285 million**, a net interest margin of **5.49%** (down **21 bps** YoY), and a significant gain of **$143 million** from loan sales Q1 2024 Income Statement Summary | Metric | Q1 2024 Value | Change from Q1 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP Net Income Attributable to Common Stock | $285 Million | N/A | | Net Interest Margin | 5.49% | Decrease of 21 basis points | | Gain on Sale of Loans | $143 Million | N/A | | Provision for Credit Losses | $12 Million | Increase related to originations and prepayment assumptions, offset by $133M release from loan sale | [Private Education Loan Portfolio Trends](index=2&type=section&id=Private%20Education%20Loan%20Portfolio%20Trends) The private education loan portfolio saw a **1% decrease** in average loans outstanding from Q1 2023, a significant reduction in provisions for credit losses, and improved delinquency rates, while hardship forbearance remained stable - Average loans outstanding, net, decreased by **1%** to **$21.4 billion** from Q1 2023[9](index=9&type=chunk) Private Education Loan Portfolio Trends | Metric | Q1 2024 | Q1 2023 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Provisions for Credit Losses | $12 Million | $113 Million | Down $101 Million | | Allowance as % of Ending Total Loan Balance | 6.1% | 6.4% | Down 0.3 percentage points | | Loans in Hardship Forbearance | 1.0% | 1.0% | Unchanged | | Delinquencies (excluding loan modification qualifying period) | 2.7% | 3.1% | Down 0.4 percentage points | | Net Charge-Offs (annualized) | 2.14% | 2.11% | Up 0.03 percentage points | [2024 Full-Year Guidance](index=2&type=section&id=2024%20Full-Year%20Guidance) For the full year 2024, Sallie Mae expects GAAP diluted earnings per common share between **$2.60 and $2.70**, private education loan originations growth of **7%-8%**, and total loan portfolio net charge-offs between **2.2%-2.4%** 2024 Full-Year Guidance | Metric | 2024 Guidance | | :-------------------------------- | :-------------------------------- | | GAAP Diluted Earnings Per Common Share | $2.60 - $2.70 | | Private Education Loan Originations Year-over-Year Growth | 7% - 8% | | Total Loan Portfolio Net Charge-Offs | $340 Million - $370 Million (or 2.2% - 2.4% of Average Loans in Repayment) | | Non-Interest Expenses | $635 Million - $655 Million | - The company has discontinued reporting non-GAAP "Core Earnings" and its related metrics, now using GAAP diluted earnings per common share for its 2024 guidance, with no changes to previously issued estimated numbers[8](index=8&type=chunk) [Q1 2024 Consolidated Financial Data Table](index=3&type=section&id=Q1%202024%20Consolidated%20Financial%20Data%20Table) This table provides a detailed comparative overview of Sallie Mae's income statement, ending balances, key performance metrics, and per common share data for Q1 2024, Q4 2023, and Q1 2023 Q1 2024 Consolidated Financial Data | Metric | 1Q 2024 | 4Q 2023 | 1Q 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | **Income Statement ($ millions)** | | | | | Total interest income | $664 | $669 | $638 | | Total interest expense | 277 | 283 | 233 | | Net interest income | 387 | 386 | 405 | | Less: provisions for credit losses | 12 | 16 | 114 | | Total non-interest income | 174 | 57 | 22 | | Total non-interest expenses | 162 | 202 | 157 | | Income tax expense | 97 | 57 | 37 | | Net income | 290 | 168 | 119 | | Preferred stock dividends | 5 | 5 | 4 | | Net income attributable to common stock | $285 | $164 | $114 | | **Ending Balances ($ millions)** | | | | | Private Education Loans held for investment, net | $19,688 | $19,772 | $20,498 | | FFELP Loans held for investment, net | 513 | 534 | 590 | | Deposits | $20,903 | $21,653 | $21,804 | | Brokered Deposits | 10,289 | 10,275 | 10,275 | | Retail and other Deposits | 10,614 | 11,378 | 11,529 | | **Key Performance Metrics** | | | | | Net interest margin | 5.49% | 5.37% | 5.70% | | Yield - Total interest-earning assets | 9.41% | 9.30% | 8.97% | | Private Education Loans Yield | 11.01% | 11.02% | 10.66% | | Cost of Funds | 4.18% | 4.17% | 3.47% | | Return on Assets ("ROA") | 4.1% | 2.3% | 1.7% | | Return on Common Equity ("ROCE") | 65.6% | 40.2% | 30.5% | | Private Education Loan sales | $2,100 | $1,100 | $— | | **Per Common Share** | | | | | GAAP diluted earnings per common share | $1.27 | $0.72 | $0.47 | | Average common and common equivalent shares outstanding (millions) | 224 | 227 | 244 | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents Sallie Mae's unaudited consolidated balance sheets and statements of income, offering a detailed view of the company's financial position and performance [Consolidated Balance Sheets (Unaudited)](index=8&type=section&id=Consolidated%20Balance%20Sheets%20%28Unaudited%29) This section presents Sallie Mae's financial position, detailing assets, liabilities, and equity as of March 31, 2024, compared to December 31, 2023, showing a decrease in total assets and liabilities Consolidated Balance Sheets (in thousands) | Balance Sheet Item | March 31, 2024 | December 31, 2023 | Change (vs. Dec 31, 2023) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | **Assets** | | | | | Cash and cash equivalents | $3,584,013 | $4,149,838 | -$565,825 | | Total investments | $2,419,039 | $2,557,670 | -$138,631 | | Loans held for investment, net | $20,200,789 | $20,306,357 | -$105,568 | | Total assets | $28,277,282 | $29,169,468 | -$892,186 | | **Liabilities** | | | | | Deposits | $20,903,456 | $21,653,188 | -$749,732 | | Long-term borrowings | $4,976,882 | $5,227,512 | -$250,630 | | Total liabilities | $26,163,543 | $27,288,671 | -$1,125,128 | | **Equity** | | | | | Total equity | $2,113,739 | $1,880,797 | +$232,942 | [Consolidated Statements of Income (Unaudited)](index=9&type=section&id=Consolidated%20Statements%20of%20Income%20%28Unaudited%29) This statement details Sallie Mae's financial performance for the three months ended March 31, 2024, showing increased net income and diluted earnings per common share compared to the prior year, driven by higher non-interest income and lower provisions for credit losses Consolidated Statements of Income (in thousands) | Income Statement Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Total interest income | $663,558 | $637,598 | +$25,960 | | Total interest expense | $276,542 | $232,530 | +$44,012 | | Net interest income | $387,016 | $405,068 | -$18,052 | | Less: provisions for credit losses | $12,041 | $114,112 | -$102,071 | | Net interest income after provisions for credit losses | $374,975 | $290,956 | +$84,019 | | Total non-interest income | $174,158 | $21,711 | +$152,447 | | Total non-interest expenses | $161,648 | $156,811 | +$4,837 | | Income before income tax expense | $387,485 | $155,856 | +$231,629 | | Income tax expense | $97,554 | $37,338 | +$60,216 | | Net income | $289,931 | $118,518 | +$171,413 | | Net income attributable to SLM Corporation common stock | $285,278 | $114,455 | +$170,823 | | Diluted earnings per common share | $1.27 | $0.47 | +$0.80 | [Notes and Disclosures](index=4&type=section&id=Notes%20and%20Disclosures) This section provides essential footnotes to the financial information and a cautionary note regarding forward-looking statements [Footnotes to Financial Information](index=4&type=section&id=Footnotes%20to%20Financial%20Information) This section provides detailed explanations for various financial metrics and accounting practices, including the rationale for discontinuing non-GAAP "Core Earnings" reporting due to its alignment with GAAP results in recent quarters - Sallie Mae discontinued reporting non-GAAP "Core Earnings" because, for the past eight quarters, there has been no difference between GAAP results of operations, net of tax, and non-GAAP "Core Earnings," making the non-GAAP metric no longer meaningful[15](index=15&type=chunk) - The percentage of loans in hardship and other forbearances is calculated as the ratio of private education loans in hardship (excluding extended grace periods) to private education loans in repayment and forbearance. Loans in hardship were approximately **$145 million** at March 31, 2024[16](index=16&type=chunk) - Delinquency metrics exclude loans in a loan modification qualifying period, which totaled approximately **$214 million** at March 31, 2024, where customers must make three consecutive monthly payments to qualify for reduced interest rates and extended terms[17](index=17&type=chunk) - Common shares were repurchased under a Rule 10b5-1 trading plan, with **$623 million** remaining under the 2024 Share Repurchase Program as of March 31, 2024[18](index=18&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This standard disclaimer highlights that the press release contains forward-looking statements based on management's current expectations, which are subject to various risks, uncertainties, and assumptions that could cause actual results to differ materially - The press release contains forward-looking statements, including strategies, goals, 2024 guidance, and projections, which are based on management's current expectations and beliefs[21](index=21&type=chunk) - Forward-looking statements are subject to numerous risks, uncertainties, and other factors, many beyond the company's control, which could cause actual results to differ materially from those projected[22](index=22&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company undertakes no obligation to update or revise them to conform to actual results or changes in expectations[23](index=23&type=chunk)