Form 8-K

8-K — SLM Corp

Accession: 0001032033-26-000024

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001032033

SIC: 6141 (PERSONAL CREDIT INSTITUTIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — slm-20260423.htm (Primary)

EX-99.1 (slm042326ex991.htm)

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8-K

8-K (Primary)

Filename: slm-20260423.htm · Sequence: 1

slm-20260423

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 23, 2026

SLM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-13251

52-2013874

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

300 Continental Drive

Newark,

Delaware

19713

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (302) 451-0200

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $.20 per share SLM The NASDAQ Global Select Market

Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share SLMBP The NASDAQ Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 23, 2026, SLM Corporation (the “Company”) reported its financial results for the quarter ended March 31, 2026. A copy of the Company’s press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information furnished in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated by reference herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, such information, including such Exhibit, shall not be deemed incorporated by reference into any of the Company’s registration statements, reports or other filings with the Securities and Exchange Commission, except as expressly set forth by specific reference in such registration statement, report or other filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit

Number

Description

99.1*

Press Release, dated April 23, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL)

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SLM CORPORATION

Date: April 23, 2026

By: /s/ PETER M. GRAHAM

Peter M. Graham

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: slm042326ex991.htm · Sequence: 2

Document

Exhibit 99.1

News Release

For Immediate Release

Sallie Mae Reports First Quarter 2026 Financial Results

and Raises Full-Year 2026 Diluted Earnings per Common Share Guidance

NEWARK, Del., April 23, 2026 — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released first quarter 2026 financial results and raised full-year 2026 diluted earnings per common share guidance. Complete financial results and related materials are available at www.SallieMae.com/investors. The materials will also be available on the Securities and Exchange Commission’s website at www.sec.gov.

Sallie Mae will host an earnings conference call today, April 23, 2026, at 5:30 p.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.

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.

Contacts:

Media

Media, media@salliemae.com

Investors

Investor Relations, IR@salliemae.com

Sallie Mae First Quarter 2026 Financial Results

NEWARK, Del., April 23, 2026 — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its first quarter 2026 financial results and raised full-year 2026 diluted earnings per common share guidance.

$1.54

GAAP Diluted Earnings

Per Common Share

Private Education Loan Originations Growth from Year-Ago Quarter

$89M

Net Charge-Offs

$171M

Non-Interest Expenses

“Our first quarter results underscore the strength and durability of our strategy and franchise. We’re delivering strong performance today while positioning the organization well to capitalize on significant long-term growth opportunities in private education lending now and in the future.”

Jonathan Witter, CEO, Sallie Mae

First Quarter Performance Reflects Continued Earnings and Originations Growth

•GAAP diluted earnings per common share were $1.54, up from $1.40 in the year-ago quarter, due to strong loan sales representing continued demand for Private Education Loans and disciplined decisions across funding, expenses, and capital management.

•Private Education Loan originations increased 5% from the year-ago quarter.

•Average loans outstanding, net, totaled $23.3 billion during the quarter.

Earnings Supported by Strategic Balance Sheet Actions

•Earnings for the quarter were supported by net interest margin of 5.29%, reflecting effective balance sheet management and continued funding discipline, including a lower cost of funds, 4.13%, compared with the year-ago quarter.

•Non-interest expenses totaled $171 million, increasing compared to the year-ago quarter and remaining consistent with the Company’s expectations and full-year guidance.

• First quarter 2026 results also benefited from strategic balance sheet actions, including Private Education Loan sales that generated $146 million gain on sale, supporting earnings while enhancing capital flexibility.

•The Company continued to actively manage our funding profile, including through securitization activity, further reinforcing balance sheet efficiency and supporting ongoing capital deployment priorities.

Capital Deployment Reflects Strong Earnings Performance

•The Company returned capital to stockholders by repurchasing 12.0 million shares of common stock for $259 million(1) during the first quarter of 2026 and paying a quarterly dividend of $0.13 per share.

•The Company entered into a $200 million accelerated share repurchase (“ASR”) in March 2026, including an initial delivery of 8.4 million shares.

•At March 31, 2026, $242 million of capacity remained available under the Company’s 2026 Share Repurchase Program.

Credit Performance Remains Within Expectations

•Net charge-offs of $89 million were consistent with our expectations and full-year guidance.

•Delinquencies as a percentage of loans in repayment were 3.98% for the first quarter of 2026, compared with 3.58% for the first quarter of 2025.

•Loans in a hardship forbearance were 0.99% for the first quarter of 2026, compared with 0.92% for the first quarter of 2025(2).

2026 Guidance*

The Company raised full-year 2026 diluted earnings per common share guidance. For the full-year 2026, the Company expects:

$3.10 - $3.20

Diluted Earnings

Per Common Share

12% - 14%

Private Education Loan Originations Year-Over-Year Growth

$345 - $385

million

Net Charge-Offs

$750 - $780

million

Non-Interest Expenses

*The 2026 Guidance and related comments constitute forward-looking statements and are based on management’s current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on pg. 4 for more information.

Investor Contact: Investor Relations, IR@salliemae.com Media Contact: Media, media@salliemae.com

Quarterly Financial Highlights

Q1 2026 Q4 2025 Q1 2025

Income Statement ($ millions)

Total interest income $649 $657 $656

Total interest expense 274 280 281

Net interest income 375 377 375

Less: provisions for credit losses (11) (19) 23

Total non-interest income 185 77 206

Total non-interest expenses 171 157 155

Income tax expense 92 83 99

Net income 308 233 305

Preferred stock dividends 4 4 4

Net income attributable to common stock $304 $229 $301

Ending Balances ($ millions)

Private Education Loans held for investment, net $19,887 $20,332 $21,091

Private Education Loans held for sale, net 236 $933 —

Deposits 20,525 21,060 20,073

Brokered 8,676 8,784 8,689

Retail and other 11,849 12,276 11,384

Key Performance Metrics ($ in millions)

Net interest margin 5.29% 5.21% 5.27%

Yield - Total interest-earning assets 9.14% 9.07% 9.22%

Private Education Loans 10.46% 10.44% 10.59%

Cost of Funds 4.13% 4.14% 4.23%

Efficiency Ratio(3)

30.6% 34.6% 26.6%

Return on Assets (“ROA”)(4)

4.2% 3.1% 4.2%

Return on Common Equity (“ROCE”)(5)

56.4% 42.2% 60.1%

Private Education Loan sales $3,332 $1,014 $2,003

Per Common Share

GAAP diluted earnings per common share $1.54 $1.12 $1.40

Average common and common equivalent shares outstanding (millions) 198 205 215

Footnotes:

(1) Shares of common stock were repurchased under Rule 10b5-1 trading plans and the ASR. As of March 31, 2026, we had $242 million of capacity remaining under the 2026 Share Repurchase Program.

(2) We calculate the percentage of loans in hardship and other forbearances as the ratio of (a) Private Education Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) numerator to (b) Private Education Loans in repayment and forbearance denominator. If the customer is in financial hardship, we work with the customer and/or cosigner and identify any available alternative arrangements designed to reduce monthly payment obligations, which may include a short-term hardship forbearance. Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) were approximately $157 million and $151 million at March 31, 2026 and 2025, respectively.

(3) We calculate and report our Efficiency Ratio as the ratio of (a) total non-interest expenses numerator to (b) the net denominator, which consists of net interest income plus total non-interest income.

(4) We calculate and report our Return on Assets (“ROA”) as the ratio of (a) GAAP net income numerator (annualized) to (b) the GAAP total average assets denominator.

(5) We calculate and report our Return on Common Equity (“ROCE”) as the ratio of (a) GAAP net income attributable to common stock numerator (annualized) to (b) the net denominator, which consists of GAAP total average equity less total average preferred stock.

***

CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” and information based on management’s current expectations as of the date of this press release. See SLM Corporation’s most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC Filings”) for definitions and descriptions of terms used in this presentation. Statements that are not historical facts, including statements about SLM Corporation’s beliefs, opinions, expectations, and/or statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to, the strategies, goals, and assumptions of SLM Corporation and its subsidiaries, collectively or individually as the context requires (the “Company,” “we,” “our,” or “us”); the Company’s expectation and ability to execute loan sales (including sales under the Company’s strategic partnership) and share repurchases; the Company’s expectation and ability to pay a quarterly cash dividend on the Company’s common stock in the future, subject to approval of the Board of Directors; the Company’s 2026 guidance; the Company’s three-year horizon outlook; the Company’s credit outlook; the impact of acquisitions the Company has made or may make in the future; the Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of changes in credit administration practices, including the results of simulations or other behavioral observations.

Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the Company’s control, which may cause actual results to differ materially from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be as anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied by, or projected in such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A., “Risk Factors,” and elsewhere in SLM Corporation’s SEC Filings; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; changes in laws, regulations, and supervisory expectations, especially in light of the goals of the current federal administration; the ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and related changes in significant accounting estimates, including those regarding the measurement of the Company’s allowance for credit losses and the related provision expense; any adverse outcomes in significant litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties to the Company’s derivative transactions; the effectiveness of the Company’s risk management framework and quantitative models; changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws); and changes in the demand for the Company’s deposit products, including changes caused by new or emerging market entrants or technologies. The Company could also be affected by, among other things, changes in funding costs and availability; reductions to credit ratings; cybersecurity incidents, cyberattacks, risks related to artificial intelligence (“AI”), and other failures or breaches of operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impacts of pandemics, other public health crises, severe weather events, and/or natural disasters; damage to reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on the business; changes in the demand for higher education, educational financing, or financing preferences of lenders, educational institutions, students, and their families, including changes to the amount or availability of funding that educational institutions, students, or their families receive from government sources; changes in laws and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; changes in customer creditworthiness; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of earning assets versus funding arrangements; rates of prepayments on loans owned by the Company; and changes in general economic or macroeconomic conditions, including, but not limited to, changes due to inflation, stagflation, recession, shifts in the labor market, and changes to government policies or initiatives, such as tariffs, trade wars, wars, immigration, and student visa policies, which could negatively impact consumer or business sentiment, demand for higher education, demand for student loans, financial and business results and/or modeling, and the ability to successfully effectuate any acquisitions, strategic partnerships, or initiatives. The preparation of the Company’s consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect.

All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this press release or, where the statement is oral, as of the date stated. The Company’s past performance is not indicative of future results, and actual results may differ materially from any projections and/or estimates herein. The Company does not undertake any obligation to update, supplement, or revise any forward-looking statements or estimates to conform to actual results or changes in the Company’s expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on any forward-looking statements or estimates discussed herein.

SLM CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31, December 31,

(Dollars in thousands, except share and per share amounts) 2026 2025

Assets

Cash and cash equivalents $ 5,157,453 $ 4,241,265

Investments:

Trading investments at fair value (cost of $36,571 and $37,606, respectively)

45,817 49,250

Available-for-sale investments at fair value (cost of $1,795,093 and $1,812,408, respectively)

1,744,224 1,758,070

Other investments 112,442 115,394

Total investments 1,902,483 1,922,714

Loans held for investment (net of allowance for losses of $1,383,166 and $1,430,318, respectively)

19,886,735 20,332,124

Loans held for sale 236,049 933,256

Restricted cash 223,923 177,263

Other interest-earning assets 101 120

Accrued interest receivable 1,532,051 1,562,811

Premises and equipment, net 121,546 122,193

Goodwill and acquired intangible assets, net 59,234 59,974

Income taxes receivable, net 261,310 347,260

Other assets 28,706 47,315

Total assets $ 29,409,591 $ 29,746,295

Liabilities

Deposits $ 20,525,486 $ 21,060,151

Short-term borrowings 498,889 498,415

Long-term borrowings 5,670,293 5,362,494

Other liabilities 277,291 373,877

Total liabilities 26,971,959 27,294,937

Commitments and contingencies

Equity

Preferred stock, par value $0.20 per share, 20 million shares authorized:

Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share

251,070 251,070

Common stock, par value $0.20 per share, 1.125 billion shares authorized: 445.4 million and 443.2 million shares issued, respectively

89,086 88,650

Additional paid-in capital 1,224,442 1,240,250

Accumulated other comprehensive loss (net of tax benefit of ($12,745) and ($13,446), respectively)

(38,049) (40,128)

Retained earnings 5,010,721 4,734,313

Total SLM Corporation stockholders’ equity before treasury stock 6,537,270 6,274,155

Less: Common stock held in treasury at cost: 256.8 million and 244.0 million shares, respectively

(4,099,638) (3,822,797)

Total equity 2,437,632 2,451,358

Total liabilities and equity $ 29,409,591 $ 29,746,295

SLM CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

March 31,

(Dollars in thousands, except share and per share amounts) 2026 2025

Interest income:

Loans $ 602,262 $ 598,767

Investments 14,968 14,746

Cash and cash equivalents 32,079 42,577

Total interest income 649,309 656,090

Interest expense:

Deposits 200,609 204,139

Interest expense on short-term borrowings 5,128 3,401

Interest expense on long-term borrowings 68,161 73,580

Total interest expense 273,898 281,120

Net interest income 375,411 374,970

Less: provisions for credit losses (11,466) 23,286

Net interest income after provisions for credit losses 386,877 351,684

Non-interest income:

Gains on sales of loans, net 146,313 187,735

Losses on securities, net (2,398) (10,378)

Other income 40,662 28,687

Total non-interest income 184,577 206,044

Non-interest expenses:

Operating expenses:

Compensation and benefits 103,446 90,830

FDIC assessment fees 4,441 12,403

Other operating expenses 62,474 50,355

Total operating expenses 170,361 153,588

Acquired intangible assets amortization expense 740 1,021

Total non-interest expenses 171,101 154,609

Income before income tax expense 400,353 403,119

Income tax expense 92,399 98,579

Net income 307,954 304,540

Preferred stock dividends 3,555 3,956

Net income attributable to SLM Corporation common stock $ 304,399 $ 300,584

Basic earnings per common share $ 1.56 $ 1.43

Average common shares outstanding 195,460 210,682

Diluted earnings per common share $ 1.54 $ 1.40

Average common and common equivalent shares outstanding 197,875 214,986

Declared dividends per common share $ 0.13 $ 0.13

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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