Exhibit 99.1


sma16.jpg
NEWS RELEASE
 
 
FOR IMMEDIATE RELEASE
 

SALLIE MAE REPORTS FOURTH-QUARTER AND FULL-YEAR 2018 FINANCIAL RESULTS
Fourth-Quarter GAAP Net Income Attributable to Common Stock of $143 Million ($0.33 Per Diluted Share); Full-Year GAAP Net Income Attributable to Common Stock of $472 Million ($1.07 Per Diluted Share)
Fourth-Quarter Core Earnings Attributable to Common Stock Increased 66 Percent over the Prior-Year Period (Excluding the 2017 Impact of the Tax Act)
Company Declares First-Quarter 2019 Common Stock Dividend and Announces New Share Repurchase Program

NEWARK, Del., Jan. 23, 2019
 — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released fourth-quarter and full-year 2018 financial results, announced a new policy to pay a regular, quarterly common stock dividend, beginning in the first-quarter 2019, and has approved a new share repurchase program. Fourth-quarter and full-year 2018 results included GAAP net income attributable to the company’s common stock of $143 million ($0.33 diluted earnings per share) and $472 million ($1.07 diluted earnings per share), respectively. These results were primarily driven by growth in the company’s private education loan portfolio, which totaled $20.3 billion at the end of 2018, up 18 percent from the year-ago period.
“Last year, nearly 374,000 students and families trusted Sallie Mae to help them achieve the dream of a higher education,” said Raymond J. Quinlan, Chairman and CEO, Sallie Mae. “We enter 2019 with significant momentum after another great quarter highlighted by increased net interest income, growth in our private education loan business, and terrific credit quality. It’s particularly gratifying to be in a position to return capital to stockholders through our new dividend and repurchase programs as we continue to expand the franchise.”
For the fourth-quarter 2018, GAAP net income was $148 million compared with $47 million in the year-ago quarter. GAAP net income attributable to the company’s common stock was $143 million ($0.33 diluted earnings per share) in the fourth-quarter 2018 compared with $44 million ($0.10 diluted earnings per share) in the year-ago quarter. The year-over-year increase was primarily attributable to a $74 million increase in net interest income and a $22 million decrease in income tax expense, which were offset by a $27 million increase in total non-interest expenses. The fourth-quarter 2017 included $39 million of additional expense ($24 million in other income and $15 million in additional tax expense) as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”).
For 2018, GAAP net income was $487 million compared with $289 million in 2017. GAAP net income attributable to the company’s common stock was $472 million ($1.07 diluted earnings per share) in 2018 compared with $273 million ($0.62 diluted earnings per share) in 2017. The year-over-year increase was primarily attributable to a $284 million increase in net interest income and a $131 million decrease in income tax expense, which were offset by a $59 million increase in provisions for credit losses, a $49 million decrease in total non-interest income and a $108 million increase in total non-interest expenses. Full-year 2017 included $39 million of additional expense as a result of the Tax Act.
Fourth-quarter 2018 results vs. fourth-quarter 2017 included:
Private education loan originations of $733 million, up 16 percent.
Net interest income of $383 million, up 24 percent.
Net interest margin of 6.11 percent, up 11 basis points.
Average private education loans outstanding of $20.4 billion, up 18 percent.
Average yield on the private education loan portfolio was 9.34 percent, up 73 basis points.
Private education loan provision for loan losses was $39 million, down from $49 million.
Private education loans in forbearance were 3.8 percent of private education loans in repayment and forbearance, up from 3.7 percent.

1

The following information was filed by Slm Corp (SLM) on Wednesday, January 23, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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