First-Quarter GAAP Net Income Attributable to Common Stock of $114 Million, or $0.47 Per Diluted Share

Private Education Loan Originations Increase 12% from Year-Ago Quarter to $2.4 Billion

Improved Credit Performance Compared with Fourth-Quarter 2022; Private Education Loan Net Charge-offs of 2.1% for the First-Quarter

Sallie Mae Bank First-Quarter Liquidity Ratio of 19.7%, up from 17.2% in the Year-Ago Quarter

The Company Expects to Close $2 Billion Loan Sale in Early May

Sallie Mae (NASDAQ:SLM), formally SLM Corporation, today released first-quarter 2023 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/20230426005919/en/

Sallie Mae will host an earnings conference call tomorrow, April 27, 2023, at 8 a.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.

Participants may also register for the earnings conference call. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

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.

Category: Corporate and Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005919/en/

Sallie Mae Reports First-Quarter 2023 Financial Results