Salliemae(SLM)2025-04-24 20:33Financial Performance - Sallie Mae reported GAAP diluted earnings per common share of $1.40 for Q1 2025, a 10.2% increase from $1.27 in Q1 2024[13]. - Net income for the three months ended March 31, 2025, was $304,540 thousand, an increase of 5.1% compared to $289,931 thousand for the same period in 2024[24]. - Basic earnings per common share increased to $1.43 for the first quarter of 2025, compared to $1.29 for the same period in 2024, representing an increase of 10.8%[24]. - The company expects full-year 2025 GAAP diluted earnings per common share to be in the range of $3.00 to $3.10[9]. Loan Performance - Private education loan originations grew by 7% year-over-year, totaling $655 million to $675 million for the full year 2025 guidance[9]. - The average loans outstanding in the private education loan portfolio increased to $22.9 billion, up 7% from Q1 2024[11]. - Delinquencies as a percentage of loans in repayment increased to 3.58% in Q1 2025, compared to 3.41% in Q1 2024[11]. - The total net charge-offs as a percentage of average loans in repayment decreased to 1.88% in Q1 2025, down from 2.14% in Q1 2024[11]. Income and Expenses - Total interest income for the first quarter of 2025 was $656,090 thousand, slightly down from $663,558 thousand in the same quarter of 2024, a decrease of 1.1%[24]. - Net interest income after provisions for credit losses was $351,684 thousand, down from $374,975 thousand, reflecting a decrease of 6.2% year-over-year[24]. - Total non-interest income rose to $206,044 thousand for the three months ended March 31, 2025, up from $174,158 thousand, an increase of 18.3% year-over-year[24]. - Non-interest expenses for Q1 2025 were reported at $155 million, an increase from $162 million in Q1 2024[13]. Provisions and Credit Losses - Provisions for credit losses increased to $23 million in Q1 2025, compared to $12 million in Q1 2024[11]. - The company reported provisions for credit losses of $23,286 thousand for the first quarter of 2025, compared to $12,041 thousand in the same period of 2024, indicating an increase of 93.5%[24]. Shareholder Returns - The company repurchased 1.0 million shares for $31 million in Q1 2025, with $372 million capacity remaining under the 2024 Share Repurchase Program[7][14]. - Declared dividends per common share increased to $0.13 for the first quarter of 2025, compared to $0.11 in the same period of 2024, reflecting an increase of 18.2%[24]. Balance Sheet - Total assets decreased to $28,899,184 thousand as of March 31, 2025, down from $30,072,110 thousand at December 31, 2024, representing a decline of approximately 3.9%[23]. - Total liabilities decreased to $26,498,328 thousand as of March 31, 2025, from $27,912,190 thousand at December 31, 2024, a reduction of approximately 5.1%[23]. - Deposits decreased to $20,073,168 thousand as of March 31, 2025, down from $21,068,568 thousand at December 31, 2024, a decline of approximately 4.7%[23]. Interest Margin - The net interest margin for Q1 2025 was reported at 5.27%, a decrease of 22 basis points from Q1 2024[13].