Sallie Mae Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full-Year 2018
January 17, 2018 at 04:43 pm EST
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Sallie Mae reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $399,496,000 against $300,013,000 a year ago. Net interest income was $309,191,000 against $245,434,000 a year ago. Income before income tax expense was $113,193,000 against $113,364,000 a year ago. Net income attributable to company's common stock was $43,866,000 against $64,736,000 a year ago. Diluted earnings per common share attributable to the company were $0.10 against $0.15 a year ago. Core Earnings attributable to company's stock were $44,302,000 against $67,440,000 a year ago. Core Earnings diluted earnings per common share were $0.10 against $0.15 a year ago.
For the full year, the company reported total interest income of $1,437,303,000 against $1,077,246,000 a year ago. Net interest income was $1,129,221,000 against $891,338,000 a year ago. Income before income tax expense was $491,465,000 against $414,436,000 a year ago. Net income attributable to company's common stock was $273,220,000 against $229,123,000 a year ago. Diluted earnings per common share attributable to the company were $0.62 against $0.53 a year ago. Core Earnings attributable to company's stock were $278,286,000 against $231,051,000 a year ago. Core Earnings diluted earnings per common share were $0.63 against $0.53 a year ago.
The company expects its effective income tax rate to be approximately 26% in 2018 as a result of the Tax Act. The company expects full-year 2018 diluted core earnings per share of $0.97 to $1.01.
SLM Corporation is a holding company, which operates through various subsidiaries and is a financial brand for higher education. The Companyâs primary business is to originate and service loans it makes to students and their families to finance the cost of their education. It also offers a range of deposit products insured by the Federal Deposit Insurance Corporation. Its primary private education loan product is the Smart Option Student Loan, which emphasizes in-school payment features that can produce shorter terms and reduce customersâ total finance charges. Smart Option Student Loan generally runs for six months after the borrower separates from school but can run for up to 36 months for a small subset of graduate loans. It also offers six loan products for specific graduate programs of study. These include the Sallie Mae Law School Loan, the Sallie Mae MBA Loan, the Sallie Mae Graduate School Loan for Health Professions, the Sallie Mae Medical School Loan, and others.
Sallie Mae Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full-Year 2018