Sallie Mae Reports First-Quarter 2022 Financial Results

Rhea-AI Summary

First-Quarter Results Highlights:

SLM reported a $128 million GAAP net income for Q1 2022, translating to $0.45 per diluted share. Private education loan originations rose by 6%, reaching $2.2 billion. Additionally, SLM repurchased $176 million of its common stock during the same quarter and successfully completed a $2.0 billion private education loan sale on April 27, 2022.

Positive

• First-quarter net income of $128 million ($0.45 per diluted share).
• Private education loan originations increased by 6% to $2.2 billion.
• Repurchased $176 million of common stock.

Negative

• None.

First-Quarter GAAP Net Income Attributable to Common Stock of $128 Million, or $0.45 Per Diluted Share

Private Education Loan Originations Increase 6 Percent from Year-Ago Quarter to $2.2 Billion

Repurchased $176 Million of Common Stock in the First Quarter of 2022

Completed $2.0 Billion Private Education Loan Sale on April 27, 2022

NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released first-quarter 2022 financial results. Highlights of those results are included in the attached supplement. Complete financial results are available at www.SallieMae.com/investors.

Sallie Mae will host an earnings conference call tomorrow, April 28, 2022, at 8 a.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 at https://edge.media-server.com/mmc/p/6xv7uzt2.

Participants may also register for the earnings conference call at: http://www.directeventreg.com/registration/event/9352285. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

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.

Category: Corporate and Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20220427006027/en/

Media

Rick Castellano, 302-451-2541, rick.castellano@salliemae.com



Investors

Brian Cronin, 302-451-0304, brian.cronin@salliemae.com

Source: Sallie Mae

FAQ

What are Sallie Mae's Q1 2022 earnings results?

Sallie Mae reported a GAAP net income of $128 million, or $0.45 per diluted share for Q1 2022.

How much did Sallie Mae repurchase in common stock during Q1 2022?

Sallie Mae repurchased $176 million worth of common stock in the first quarter of 2022.

What was the increase in private education loan originations for Sallie Mae in Q1 2022?

Private education loan originations increased by 6% year-over-year, totaling $2.2 billion.

When did Sallie Mae complete its private education loan sale?

Sallie Mae completed a $2.0 billion private education loan sale on April 27, 2022.