SLM Corp Declares $0.13 Quarterly Dividend, Maintains Payout Level
SLM Corp (NASDAQ: SLMA), a consumer banking company specializing in private education loans, declared a quarterly dividend of $0.13 per share. The payout matches the dividend from the year-ago quarter.
SLM Corp (NASDAQ: SLMA), a consumer banking company specializing in private education loans, declared a quarterly dividend of $0.13 per share for the first quarter of 2026. The dividend amount remains unchanged from the $0.13 per share paid in the same quarter a year earlier. Read more dividend announcements.
The company did not disclose the record date, ex-dividend date, or payment date in its announcement.
| Dividend Detail | Information |
|---|---|
| Amount | $0.13 per share |
| Type | Quarterly Cash |
| Record Date | Not disclosed |
| Ex-Dividend Date | Not disclosed |
| Payment Date | Not disclosed |
Strong Earnings Drive Capital Returns
The dividend was accompanied by aggressive share buyback activity during the first quarter of 2026. SLM repurchased 12.0 million shares of common stock for $259 million and initiated a $200 million accelerated share repurchase program in March 2026, receiving an initial delivery of 8.4 million shares. The company had $242 million of capacity remaining under its 2026 Share Repurchase Program as of March 31, 2026.
First quarter 2026 net income reached $307.9 million, up from $304.5 million in the year-ago quarter. Diluted earnings per common share rose to $1.54 from $1.40, reflecting both improved profitability and the impact of share repurchases that reduced the average share count to 197.9 million from 215.0 million.
Balance Sheet and Loan Performance
Net interest income totaled $375.4 million, essentially flat compared to $375.0 million in the first quarter of 2025. Net interest margin came in at 5.29% for the quarter, supported by a lower cost of funds of 4.13% compared to the prior year period. Average loans outstanding, net, totaled $23.3 billion during the quarter.
Private education loan originations increased 5% from the year-ago quarter. The company generated a $146.3 million gain on the sale of private education loans, down from $187.7 million in the first quarter of 2025.
Non-interest expenses totaled $171.1 million, up from $153.6 million in the year-ago quarter. Compensation and benefits rose to $103.4 million from $90.8 million, while FDIC assessment fees declined to $4.4 million from $12.4 million.
Credit Quality Metrics
Net charge-offs reached $89 million for the quarter, in line with company expectations and full-year guidance. Delinquencies as a percentage of loans in repayment were 3.98%, compared with 3.58% for the first quarter of 2025. Loans in hardship forbearance stood at 0.99%, up slightly from 0.92% in the prior year period.
Raised Guidance
SLM Corp raised its full-year 2026 diluted earnings per common share guidance to a range of $3.10 to $3.20. The company expects private education loan originations to grow 12% to 14% year-over-year, net charge-offs of $345 million to $385 million, and non-interest expenses of $750 million to $780 million.