SLM Q2 net income falls 18% to $55M as NIM compresses 56bp; $3.75B loan sales YTD

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read

Key Changes

• high

  Net interest income fell $44M YoY as a $1.4B decline in average loans (from the March 2026 seasoned sale) and 56-bp NIM compression offset volume growth. Asset yields fell faster than funding costs as the portfolio shifted toward cash and away from high-yielding loans.

  MD&A: Net Interest Income verify on EDGAR →
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  YTD loan sales totaled $3.75B (vs. $2.00B prior year), generating $161M in gains. Despite higher volume, gains were lower because January and April sales to the strategic partner included not-fully-disbursed loans (low-single-digit gain percentages) and Q1 seasoned sale pricing weakened on market conditions.

  MD&A: Loan Sales verify on EDGAR →
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  Bank-to-parent dividends more than doubled to $400M YTD (from $194M prior year), funding $293.8M in share repurchases under the buyback program. The acceleration reflects higher capital generation and aggressive capital return.

  MD&A: Capital Management verify on EDGAR →