Exhibit 99.1

 

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FOR IMMEDIATE RELEASE  

SALLIE MAE REPORTS FOURTH-QUARTER AND FULL-YEAR 2013 FINANCIAL RESULTS

Full-Year Loan Originations Increase 14 Percent from the Prior Year

Full-Year Private Education Loan Charge-off Rates Decline to 2.8 Percent, Lowest since 2007

Asset Sales Contribute to Core Earnings Growth

NEWARK, Del., Jan. 16, 2014

 — Sallie Mae (NASDAQ: SLM), formally SLM Corporation, today released fourth-quarter 2013 and full-year 2013 financial results that include annual 14 percent private education loan origination growth to $3.8 billion and lower year-over-year charge-offs.

“As we begin 2014, we remain on track to separate our business into two public companies, each poised for growth and enhanced value for our customers, shareholders and other stakeholders,” said John (Jack) F. Remondi, president and CEO. “In 2013, we demonstrated the value of our FFELP cash flows, continued to return excess capital to our shareholders and ended the year with strong capital and reserve positions. Our consumer lending segment generated strong earnings and solid loan origination growth as more families turned to us to meet their responsible borrowing needs. Portfolio performance continues to improve: a higher percentage of our customers experienced payment success due to our sound underwriting and emphasis on establishing early repayment habits. In 2014, our top priority remains to provide the quality service and innovative tools our customers need to successfully manage their loans and avoid the devastating consequences of default.”

For the fourth-quarter 2013, GAAP net income was $270 million ($0.60 diluted earnings per share), compared with $348 million ($0.74 diluted earnings per share) for the year-ago quarter. For 2013, GAAP net income was $1.4 billion ($3.12 diluted earnings per share), compared with $939 million ($1.90 diluted earnings per share) for 2012.

Core earnings for the quarter were $275 million ($0.61 diluted earnings per share), compared with $257 million ($0.55 diluted earnings per share) for the year-ago quarter.

Core earnings for the year were $1.29 billion ($2.83 diluted earnings per share), compared with $1.06 billion ($2.16 diluted earnings per share) for 2012.

The increase in core earnings for fourth-quarter and full-year 2013 compared with fourth-quarter and full-year 2012 was primarily the result of lower provision for loan losses, gains on asset sales, and increases in servicing and contingency revenue:

 

     Increase/(Decrease) in Core Earnings
over year-ago periods
 

(Dollars in millions)

   Fourth-quarter
2013 vs. 2012
    Full-year
2013 vs. 2012
 

Decrease in provision for loan losses, pre-tax

   $ 124      $ 241   

Increase in gains from the sale of subsidiaries, after-tax

     62        109   

Increase in servicing and contingency revenue, pre-tax

     12        75   

Increase in gains from sale of residual interests in FFELP securitization trusts, pre-tax

            312   

Increase in restructuring and other reorganization expenses, pre-tax

     (25     (61

Decrease in net interest income before provision for loan loss, pre-tax

     (39     (106

Decrease in debt repurchase gains, pre-tax

     (43     (97

Increase in operating expenses, pre-tax

     (79     (145

 

 

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The following information was filed by Slm Corp (SLM) on Thursday, January 16, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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