Fri, Jul 26, 12:47 PM (43 days ago)
Abstract: SLM Corporation's Form 10-Q/A for the quarterly period ending June 30, 2024, primarily amends typographical errors in the percentages of Private Education Loans in extended grace and hardship forbearance periods. The amendment does not alter any financial data from the original report. Key financial highlights include a net income of $247 million ($1.11 diluted EPS) for Q2 2024, compared to $261 million ($1.10 diluted EPS) in Q2 2023. The decrease in net income is attributed to a $14 million decline in net interest income due to a 16-basis point reduction in net interest margin and a decrease in average loan balances. Gains on loan sales were $112 million, down from $125 million in the previous year, reflecting lower loan sale volumes. The provision for credit losses was $17 million, slightly down from $18 million, influenced by negative provisions from loan sales and an improved economic outlook. Operating expenses rose by $3 million due to higher personnel costs and FDIC fees. The effective tax rate decreased slightly to 25.6%. The company executed a $668 million term ABS transaction and repurchased 4.2 million shares under its 2024 Share Repurchase Program.