Sallie Mae Reports Third-Quarter 2020 Financial Results

Third-Quarter GAAP Net Income Attributable to Common Stock of $169 Million, or $0.45 Per Diluted Share; Third-Quarter “Core Earnings” Attributable to Common Stock of $179 Million, or $0.47 Per Diluted Share

Initiated Restructuring Program Focused on Improving Operational Efficiencies; Recorded a $24 Million Restructuring Charge; Significant Efficiencies Expected to be Realized in 2021 and Beyond

$1.9 Billion in Private Education Loans Originated During Quarter

Sold the Personal Loan Portfolio as a Part of Continued Focus on the Core Business and Rigorous Capital Allocation

NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released third-quarter 2020 financial results. Highlights of those results are included in the attached supplement. Complete financial results are available at www.SallieMae.com/investors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005977/en/

Sallie Mae will host an earnings conference call tomorrow, Oct. 22, 2020, at 8 a.m. EDT. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. To participate, dial 877-356-5689 (USA and Canada) or 706-679-0623 (international) and use access code 1662597 starting at 7:45 a.m. EDT. A replay of the conference call will be available approximately two hours after the call’s conclusion and will remain available through Nov. 5, 2020, by dialing 855-859-2056 (USA and Canada) or 404-537-3406 (international) with access code 1662597.

A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors.

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.

Category: Corporate and Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005977/en/

Media Rick Castellano, 302-451-2541, rick.castellano@salliemae.com

Investors Brian Cronin, 302-451-0304, brian.cronin@salliemae.com

Source: Sallie Mae