Salliemae(US:SLM)2024-04-24 22:23Financial Performance - GAAP Net Income attributable to common stock in Q1 2024 was $285 million[7] - Q1 2024 GAAP diluted earnings per common share was $1.27[7] - Net interest margin for Q1 2024 was 5.49%, down from 5.70% in Q1 2023[8] - Gain on sale of loans in Q1 2024 was $143 million, coupled with related allowance release of $133 million, resulting in $0.92 of diluted earnings per common share[8] - Return on Common Equity was 66% for the quarter ended March 31, 2024[5] Loan Portfolio and Sales - Private Education Loan originations in Q1 2024 were $2.6 billion, a 6% increase year-over-year compared to $2.4 billion in the year-ago quarter[3, 20] - $2.1 billion of Private Education Loans were sold to an unaffiliated third party in Q1 2024[10, 25] - The company expects Private Education Loan Originations Year-over-Year Growth of 7%-8% for the full year 2024[28] Credit Quality - Private Education Loan allowance was 6.1% of the ending total loan balance, down from 6.4% in the year-ago quarter[4] - Net charge-offs for Q1 2024 were $83 million, representing 2.1% of average loans in repayment (annualized)[17] Capital Allocation - 1.3 million shares were repurchased in Q1 2024 at an average price of $20.32 per share, with $623 million remaining under the repurchase program authorization as of March 31, 2024[6] - A common stock dividend of $0.11 was paid in Q1 2024[4]