Slm Corp (SLM) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Earnings Press Release
10-K Annual Report
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Slm Corp
Ticker: SLM CIK: 1032033

Exhibit 99.1



	NEWS RELEASE

FOR IMMEDIATE RELEASE

SALLIE MAE REPORTS FOURTH-QUARTER AND FULL-YEAR 2017 FINANCIAL RESULTS

Fourth-Quarter GAAP Net Income Attributable to Common Stock of $44 Million ($0.10 Per Diluted Share); Full-Year GAAP Net Income Attributable to Common Stock of $273 Million ($0.62 Per Diluted Share)

Fourth-Quarter Core Earnings Attributable to Common Stock, Excluding the Impact of the Tax Act, of $83 Million ($0.19 Per Diluted Share, an Increase of 22 Percent Compared to Year-Ago Period); Full-Year Core Earnings Attributable to Common Stock, Excluding the Impact of the Tax Act, of $317 Million ($0.72 Per Diluted Share, an Increase of 35 Percent Compared to Year-Ago Period)

Private Education Loan Portfolio Grows to $17.2 Billion, Up 22 Percent From Dec. 31, 2016

NEWARK, Del., Jan. 17, 2018

— Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released fourth-quarter and full-year 2017 financial results reflecting GAAP net income attributable to the company’s common stock of $44 million and $273 million, respectively. After adjusting for the effects of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), the financial results included core earnings attributable to the company’s common stock of $83 million and $317 million for the fourth-quarter and full-year 2017, respectively, reflecting core earnings per diluted share increases of 22 percent and 35 percent, respectively, compared to the year-ago periods. Absent the effect of the Tax Act, core earnings growth was driven by a 22-percent increase in the private education loan portfolio, an improved net interest margin, and operating efficiency improvements. The Tax Act was signed into law on Dec. 22, 2017.

“We are pleased 2017 was another solid year as evidenced by customer experience innovations, continued improvements in our net interest margin, sound credit trends, increased operating efficiency, and an expanding market share, which all contributed to our strong earnings growth,” said Raymond J. Quinlan, chairman and CEO. “Recent tax legislation will increase our earnings, resulting in both higher profits and the opportunity to invest in service upgrades, technological efficiencies, and diversified product offerings, all of which will strengthen our franchise for the future.”

For the fourth-quarter 2017, GAAP net income was $47 million, compared with $70 million in the year-ago quarter. GAAP net income attributable to the company’s common stock was $44 million ($0.10 diluted earnings per share) in the fourth-quarter 2017, compared with $65 million ($0.15 diluted earnings per share) in the year-ago quarter. The year-over-year decrease was primarily attributable to the required accounting treatment for the effects of the Tax Act.

The Tax Act lowered federal corporate tax rates from 35 percent to 21 percent, beginning in 2018. Because the Tax Act was enacted during the fourth-quarter 2017, the company was required to reflect the application of the lower tax rate in future years to its deferred tax assets, liabilities and indemnification receivables. Therefore, at Dec. 31, 2017, the company recorded a provisional estimate which resulted in a $15 million net increase in tax expense and reduced non-interest income by $24 million to reflect the effect of the lower tax rate. Absent the impact of the Tax Act, GAAP net income would have been $86 million and GAAP net income attributable to the company’s common stock would have been $82 million ($0.19 diluted earnings per share) in the fourth-quarter 2017. For a reconciliation of the effect of the Tax Act on the GAAP Consolidated Statements of Income of the company, see page 11 of this release.

For 2017, GAAP net income was $289 million, compared with $250 million in 2016. GAAP net income attributable to the company’s common stock was $273 million ($0.62 diluted earnings per share) in 2017, compared with $229 million ($0.53 diluted earnings per share) in 2016. Absent the impact of the Tax Act, GAAP net income would have been $328 million, and GAAP net income attributable to the company’s common stock would have been $312 million ($0.71 diluted earnings per share) in 2017.

The following information was filed by Slm Corp (SLM) on Wednesday, January 17, 2018 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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