0001193125-14-386125.txt : 201410290001193125-14-386125.hdr.sgml
: 2014102920141029083103ACCESSION
NUMBER:0001193125-14-386125CONFORMED SUBMISSION TYPE:8-KPUBLIC
DOCUMENT COUNT:22CONFORMED PERIOD OF REPORT:20141029ITEM
INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial
Statements and ExhibitsFILED AS OF DATE:20141029DATE AS OF
CHANGE:20141029
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:SLM CORPCENTRAL INDEX
KEY:0001032033STANDARD INDUSTRIAL CLASSIFICATION:PERSONAL CREDIT
INSTITUTIONS [6141]IRS NUMBER:522013874STATE OF
INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE
NUMBER:001-13251FILM NUMBER:141178638
BUSINESS ADDRESS:STREET 1:300 CONTINENTAL
DRIVECITY:NEWARKSTATE:DEZIP:19713BUSINESS PHONE:(302) 283-8000
MAIL ADDRESS:STREET 1:300 CONTINENTAL
DRIVECITY:NEWARKSTATE:DEZIP:19713
FORMER COMPANY:FORMER CONFORMED NAME:SALLIE MAEDATE OF NAME
CHANGE:20020517
FORMER COMPANY:FORMER CONFORMED NAME:USA EDUCATION INCDATE OF
NAME CHANGE:20000801
FORMER COMPANY:FORMER CONFORMED NAME:SLM HOLDING CORPDATE OF
NAME CHANGE:19970203
8-K1d810788d8k.htmFORM 8-K
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuantto Section13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October29,
2014
SLM CORPORATION
(Exactname of registrant as specified in its charter)
Delaware001-1325152-2013874
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
300 Continental Drive, Newark, Delaware19713
(Address of principal executive offices)(Zip
Code)
Registrants telephone number, including area code:
(302)451-0200
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of thefollowing provisions:
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
ITEM7.01REGULATION FD DISCLOSURE.
SLM Corporation (the Company) frequently providesrelevant
information to its investors via posting to its corporate website.
On October29, 2014, a presentation entitled Sallie Mae Investor
Presentation was made available on the Companys web site
athttps://www.salliemae.com/about/investors/webcasts/default.htm.
In addition, the document is being furnished herewith as
Exhibit99.1.
ITEM9.01FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
Exhibit
Number
Description
99.1*Sallie Mae Investor Presentation
*Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf bythe undersigned hereunto duly authorized.
SLM CORPORATION
Date: October29, 2014
By:
/s/ Steven J. McGarry
Steven J. McGarry
Executive Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number
Description
99.1*Sallie Mae Investor Presentation
*Furnished herewith.
EX-99.12d810788dex991.htmEX-99.1
EX-99.1
FOURTH QUARTER 2014SALLIE MAEInvestor PresentationExhibit
99.1
2Cautionary Note Regarding Forward-Looking StatementsThe
following information is current as of October 22, 2014 (unless
otherwise noted) and should be readin connection with SLM
Corporations Quarterly Report on Form 10-Q for the quarter ended
September 30, 2014 (the 2014 Form 10-Q), and the audited carve out
financial statementsfiled on Form 8-K on May 6, 2014, and
subsequent reports filed with the Securities and Exchange
Commission (the SEC). Definitions for capitalized terms in this
presentation not defined herein can befound in the 2013 Form 10-K
(filed with the SEC on February 19, 2014). This Presentation
contains forward-looking statements and information based on
managementscurrent expectations as of the date of this
presentation. Statements that are not historical facts, including
statements about the Companys beliefs or expectations and
statements that assume or are dependentupon future events, are
forward-looking statements. Forward-looking statements are subject
to risks, uncertainties, assumptions and other factors that may
cause actual results to be materially differentfrom those reflected
in such forward-looking statements. These factors include, among
others, the risks and uncertainties set forth in Item 1A Risk
Factors and elsewhere in the CompanysAnnual Report on Form 10-K for
the year ended Dec. 31, 2013 (filed with the SEC on Feb. 19, 2014)
and the Companys Quarterly Report on Form 10-Q for the quarter
ended June 30, 2014, and in the companysQuarterly Report on Form
10-Q for the quarter ended Sept. 30, 2014; increases in financing
costs; limits on liquidity; increases in costs associated with
compliance with laws and regulations; changes in
accountingstandards and the impact of related changes in
significant accounting estimates; any adverse outcomes in any
significant litigation to which the Company is a party; credit risk
associated with theCompanys exposure to third parties, including
counterparties to the Companys derivative transactions; and changes
in the terms of student loans and the educational credit
marketplace (including changes resulting fromnew laws and the
implementation of existing laws). The Company could also be
affected by, among other things: changes in its funding costs and
availability; failures of its operating systems orinfrastructure,
including those of third-party vendors; failure to implement the
recently executed separation of the Company into two separate
publicly traded companies, including failure to transition its
originationand servicing operations as planned, increased costs in
connection with being a stand-alone company, and failure to achieve
the expected benefits of the separation; damage to its reputation;
changes in thedemand for educational financing or in financing
preferences of lenders, educational institutions, students and
their families; changes in law and regulations with respect to the
student lending business andfinancial institutions generally;
changes in banking rules and regulations, including increased
capital requirements; increased competition from banks and other
consumer lenders; the creditworthiness of itscustomers; changes in
the general interest rate environment, including the rate
relationships among relevant money-market instruments and those of
its earning assets vs. its funding arrangements; andchanges in
general economic conditions. The preparation of the Companys
consolidated financial statements also requires management to make
certain estimates and assumptions including estimates
andassumptions about future events. These estimates or assumptions
may prove to be incorrect. All forward-looking statements contained
in this release are qualified by these cautionary statementsand are
made only as of the date of this release. The Company does not
undertake any obligation to update or revise these forward-looking
statements to conform the statement to actual results or changes
inits expectations. In connection with the Navient spin-off, the
Company conformed its policy with that of Sallie MaeBank to charge
off loans after 120 days of delinquency. The Company also changed
its loss confirmation period from two years to one year to reflect
both the shorter charge-off policy and its relatedservicing
practices. Prior to the spin-off, Sallie Mae Bank sold all loans
past 90 days delinquent to an affiliate of what is now Navient
Corporation. Post-spin-off, sales of delinquent loans to
NavientCorporation have been significantly curtailed. Consequently,
many of the pre-spin-off, historical credit indicators and period
over-period trends are not comparable and may not be indicative of
future performance. The Company reports financial results on a GAAP
basis and also provides certain core earningsperformance measures.
The difference between the Companys Core Earnings and GAAP results
for the periods presented were the unrealized, mark-to-market
gains/losses on derivative contracts.These are recognized in GAAP
but not in Core Earnings results. The Company provides Core
Earnings measures because this is what management uses when making
management decisions regarding theCompanys performance and the
allocation of corporate resources. The Companys Core Earnings are
not defined terms within GAAP and may not be comparable to
similarly titled measures reported by othercompanies. For
additional information, see Key Financial Measures-Core Earnings in
theCompanys Form 10-Q for the quarter ended September 30, 2014 for
a further discussion and a complete reconciliation between GAAP net
income and core earnings.
3#1 saving, planning and paying for education company with
40-years of leadership in the education lending market Top ranked
brand: 6 out of 10 consumers of education finance recognize the
Sallie Mae brandIndustry leading market share in private education
lending; 52% market shareOver 2,400 actively managed university
relationships across the U.S.Complementary consumer product
offeringsOver one million long-term engaged customers across the
Sallie Mae brandsThe Sallie Mae Brand
4Completed legal separation from Navient on April 30,
2014GeneratedCoreEarningsthroughQ3of$176millionHigh quality loan
originations on track to reach $4 billion in 2014Loan performance
continues to be in line with expectations as the portfolioseasons
Completed loan sales in excess of $1.6 billion at favorablerates
Received commitments for $750 million secured funding
facilityWonthe529programfromtheUtahEducationalSavingsPlan~$700millionindepositsRegulatory
Cease and Desist orders in place since 2008 were lifted2014 Year to
Date Highlights
5Sallie Mae SummaryStrategic FocusConsumer banking including
leading private education loan franchiseKey BusinessesLargest
Private Education Loan OriginatorPrivate Education Loan
ServicingDepositsUpromise RewardsInsurance ServicesCredit CardKey
Financial StatisticsAs of 9/30/2014 (billions)AssetsFFELP
LoansPrivate LoansDepositsSecured DebtPreferred EquityTangible
Common Equity$11.7$1.3 $7.8$9.2$ $0.6$1.2
6Sallie Mae Investment HighlightsExperienced management team
with deep industry knowledgeAverage of 30+years of banking and
financial services experienceLeading brand in the education lending
market40+ years serving the education lending market52% private
education lending market shareSimple low cost delivery
systemMulti-channel delivery system (on-campus, direct)40% customer
serialization rate and improvingAttractive customer baseHigher
employment rates for college graduates90% of portfolio has
cosigners; 749 average FICODisciplined approach to creditRobust
proprietary scorecardStrong Smart Option performance; 0.4% Q3
charge-offsStrong capital position and funding capabilities16.5%
Total Risk Based Capital Ratio; all capital ratios significantly in
excess of well capitalizedRetail direct deposits; future
securitizationsTargeting high growth and high return
businessLong-term earnings growth target of 20%+Long-term ROE
target of 15%+2345671
Favorable Student LoanMarket Trends Cost of College (Based on a
Four-Year Term)4(billions)(thousands)12.1 12.9 13.3 13.5 13.5 13.7
200820092010201120122013Federal Loans$107Family
Contributions$149Grants$119Private Education Loans$8Ed. Tax Benefit
/ Work Study$22Total EstimatedCost:
$405bn$12$13$14$14$15$16$17$18$18$29$30$32$34$35$36$38$39$41200520062007200820092010201120122013PublicPrivate$
17.1$ 17.1$ 27.0$ 27.0 $ 82.3$ 21.6$ 130.8 $ 44.3 $ 99.5 $ 38.7 $
157.8 $ 71.3 Full-Time Private SchoolFull-Time Public
SchoolFull-Time Private SchoolFull-Time Public SchoolED Lending
LimitCost of Attendance GapAY2002 -2003AY2012 -20137Annual Cost of
EducationEnrollment at Four-Year Degree Granting
Institutions213Estimated Total Cost of Education 2014 / 2015
AY(millions)(thousands)
8Higher Education Value PropositionWidening Earnings Gap of
Young Adults by Educational Attainment6Most Graduates Say College
Has Paid
Off618to24yearoldswithacollegedegreehavea50%lowerunemploymentratethanthosewithoutadegree~60%ofstudentsgraduatewithstudentloans70%ofstudentloanborrowershavedebtbalanceslessthan$25,000and4%havebalancesabove$100,000
(average borrowings of
$26,500)0%2%4%6%8%10%12%14%010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000Less
than H.S.High schoolSome
collegeAssociateBachelor'sMaster'sDoctorateProfessionalUnemploymentAverage
annual income$ 7,499 $ 9,690 $ 14,245 $ 15,780 $ 17,500 Silents in
1965Early Boomers in 1979Late Boomers in 1986Gen Xers in Millenials
in 19952013Paid Off83 %Will Pay Off8 %Has Not / Will Not PayOff 6
%Relationship Between Higher Education, Income and Employment5Key
Statistics7
9Product Features
Offers three repayment options while in school which includes
Interest Only, $25Fixed Payment and Deferred Repayment
Variable and Fixed Interest Rate Options
All loans are certified by the schools financial aid office to
ensure allproceeds are for educational expenses Distribution
Channels
Nationally recognized brand
Largest national sales force in industry actively manages over
2,400 collegerelationships Represented on vast majority of college
directed preferred lender lists
Significant marketing experience to prospective customers
through paid search,affiliates, display, direct mail and email
Leveragelowcostcustomerchannelstocontributetosignificantserializationinfollowingyears
Marketing and distribution through partnerships with banks,
credit unions,resellers and membership organizationsSmart Option
Overview
10High Quality Private Student Loan Originations Growth
11Analytical Approach to CreditStudentStudentInitial ScreenAsset
expertise and rigorous underwriting driven by large volume of
historical data160 employees~1.3mm annual applications~35% approval
rateCustom ScorecardManual Review~ 8% of applicationsPass risk
scores, but require further review due to credit concernsThorough
review of bankruptcies, collection accounts, etc.Higher levels of
existing student debtHigh credit utilizationMulti-scenario approach
that predicts percentage of borrowers likely to reach 90+ days past
dueBuilt in coordination with ExperianDecision AnalyticsApplies 15
18 application and credit bureau attributes$1,000 minimum
loanMinimum FICO of 640No existing SLM 30+ day past duesNo student
loans 90+ day past duesNo recent bankruptcy3+ trades for cosigners
and 4+ trades for non-cosigner
High Quality PrivateEducation Portfolio Portfolio by
ProductCustomer FICO at OriginationPortfolio by VintageAs of
September 30, 201412Smart Option Payment Type201111%201221%
13Smart Option Credit OutperformingSmart Option Outperforms
Legacy Signature10Smart Option products outperform prior private
education loan products due to morestringent underwriting standards
and tailored product optionsPerformance of newer vintage loans
driven by focused marketing on high qualityborrowers, better data
and product management and an improving macroeconomicenvironment
Smart Option Performance Trends8201120122013Smart Option
Loans$4,769$7,501$10,514Smart Option Loans in
Repayment4,1955,7747,728% Charge-Offs90.3%0.5%0.6%%
Delinquencies92.8%2.9%3.0%% 90+ Day Delinquencies90.8%1.0%1.1%% in
Forbearance90.3%2.1%2.5%% with Co-Signer994%93%92%Average FICO at
Origination9746746746Note: Information provided above is for all
Smart Option loans originated by SallieMae Bank. These loans are
currently owned by Sallie Mae, Navient and otherthird parties.
14Conservative Funding Approach3Q 2014TargetRetail
depositsBrokered depositsSecured debt
90% of retail deposits are savings accounts
Brokered deposits used as alternative funding source
Retaining experienced capital markets team
Capacitytosecuritize$2
$3bnofprivateeducationloans
Provides seasonal loan funding and backup liquidity
$750mm conduit with 2-year term provided by consortium of
banks
Targeting$1
$2bnofloansalesannually
$2 bn of on-balance sheet cash provides seasonal loan funding
and liquidityLow cost deposit base with no branch overheadTerm
funding / securitizations will augment deposit funding for future
growthMulti-year revolving conduit facilityWhole loan sales used to
manage balance sheetgrowthSubstantial liquidity
portfolio40%60%60%40%
15Third Quarter Financial Review
Private Education Loan balance increased 26% from the prior
year
Highly liquid balance sheet
Strong Capital Base. Risk Based Capital ratio = 16.5% at the
bank
Loan loss allowance = 0.77 % of portfolio
Net interest income increased 23%
Net interest margin of 5.25%
Core Earnings= $0.17 per shareQ3 2014Q3 2013PSL7,839$ 6,216$
1,624$ PSL Reserve(60)(54)(6)FFELP1,3221,220102FFELP Reserve /
Other(6)(5)(0)Total Loans9,0957,3761,719Cash1,5701,148423Other
Assets1,0501,120(70)Total Assets11,7159,6442,071Brokered
Deposits5,2904,732558Retail Deposits3,1112,872239Other
Liabilities1,496867629Equity1,8181,173645Total Liabilities &
Equity11,715$ 9,644$ 2,071$ PSL Reserve % of
Balance0.77%0.87%(0.11)%Interest Income168$ 138$ 30$ Interest
Expense(24)$ (21)$ (3)$ Net Interest Income before Provision144$
117$ 27$ Provision(15)$ (21)$ 6$ NIM After Provision129$ 96$ 33$
Gain On Sale85$ 43$ 42$ Fee Income6$ 10$ (4)$ Gain/(Loss) on
Hedging Activities5$ 0$ 5$ Opex(87)$ (70)$ (17)$ GAAP Pre-Tax
Income138$ 79$ 59$ GAAP Net Income83$ 49$ 34$ Core Earnings
Adjustments(4)$ 0$ (4)$ Core Earnings Net income79$ 49$ 29$
Preferred Dividends(5)$ -$ (5)$ GAAP Earnings Available78$ 49$ 29$
Core Earnings Available74$ 49$ 24$ ROA (Core)2.71%2.09%0.62%ROCE
(Core)24.13%16.31%7.81%Total Risk Based Capital Ratio (Bank
Only)16.5%16.3%0.2%CSEs432445(13)Core EPS$0.17$0.11$0.06SLM
Corporation Form 10-Q period ending September 30, 2014 Variance
16Target2014 Originations$4 BillionOperating Expenses $280
MillionAdditional Restructuring Expense$32 MillionLoan Sales in Q4
of 2014$0Provision for Loan Losses In Q4 of 2014$35 MillionCore
Earningsdiluted EPS$0.42-$0.432014 Guidance
17Market share leader in private student loan industryHigh
quality assets and conservatively funded balance sheetPredictable
balance sheet growth for the next several yearsStrong capital
position and funding capabilities A financial services company with
high growth trajectory and excellent return onequity Sallie Mae
Bank
APPENDIX18Confidential and proprietary information 2012 Sallie
Mae, Inc. All rights reserved.
19Core Earningsto GAAP Reconciliation______(2) Core Earnings tax
rate is based on the effective tax rate at the Bank where
thederivative instruments are held. (1) Derivative Accounting: Core
Earnings excludeperiodic unrealized gains and losses caused by the
mark-to-market valuations on derivatives that do not qualify for
hedge accounting treatment under GAAP, as well as the periodic
unrealized gains and losses that are aresult of ineffectiveness
recognized related to effective hedges under GAAP. Under GAAP,for
our derivatives held to maturity, the cumulative net unrealized
gain or loss over the life of the contract will equal $0.
2014201320142013(Dollars in thousands)Hedge ineffectiveness gains
(losses)6,571$ (49)$ (1,684)$ (118)$ Interest
reclassification(1,170)346(3,137)973Gains (losses) on derivatives
and hedging activities, net5,401$ 297$ (4,821)$ 855$ (Dollars in
thousands, except per share amounts)2014201320142013Core
Earningsadjustments to GAAP:GAAP net income attributable to SLM
Corporation82,926$ 49,390$ 174,502$ 198,743$ Preferred stock
dividends4,850-8,078-GAAP net income attributable to SLM
Corporation common stock78,076$ 49,390$ 166,424$ 198,743$ GAAP net
income attributable to SLM Corporation82,926$ 49,390$ 174,502$
198,743$ Adjustments:Net impact of derivative
accounting(1)(6,571)491,684118Net tax
effect(2)2,623(19)(672)(45)Total Core Earningsadjustments to
GAAP(3,948)301,01273Core Earnings78,978$ 49,420$ 175,514$ 198,816$
GAAP diluted earnings per common share0.18$ 0.11$ 0.38$ 0.44$
Derivative adjustments, net of tax(0.01)-0.01-Core Earningsdiluted
earnings per common share0.17$ 0.11$ 0.39$ 0.44$ Three Months Ended
September 30,Nine Months Ended September 30,Three Months Ended
September 30,Nine Months Ended September 30,
1 Source: U.S. Department of Education, National Center for
EducationStatistics, Projections of Education Statistics to 2022
2Source: Trends in College Pricing.2013 The College Board,.
www.collegeboard.org, Note: Academic years, average
published tuition, fees, room and board charges atfour-year
institutions; enrollment-weighted 3Total post-secondary education
spendis estimated by Sallie Mae by determining the full-time
equivalents for bothgraduates and undergraduates and multiplying by
estimated total perperson cost of attendance for each school type.
In doing so, we utilize information from the US Department of
Education, College Board, MeasureOne, National Student
Clearinghouse and Company Analysis. Other sources for thesedata
points also exist publicly and may vary from our computed
estimates4Source: Trends in College Pricing.2013 The College
Board,. www.collegeboard.org,5Source: U.S. Bureau of Labor
Statistics, Current Population Survey6Source: PEW Research
Center7Source: College Board, Trends in Student Aid, 2013,
FRBNYConsumer Credit Panel. Equifax
(www.newyorkfed.org/regional/Brown_presentation_GWU_2013Q2.pdf)8
The performance trends and defaults rates below include Sallie Mae
and Navientowned Smart Option loans, and are based in part on loan
data obtained from Navient pursuant to the Data Sharing Agreement
between Navient and SallieMae. As Navient and Sallie Mae use
different charge-off and delinquency policies, future performance
may not be comparable.9Percentage of loans in repayment.10
Signature loans represent traditional Signature loans in full
P&I repaymentthat were originated during the 2006-2008
origination years; Smart Option loans represent Smart Option loans
in full P&I repayment that were originated during the2009-2012
origination years. Life-to-Date Default Rate comparison is based in
part on loan data obtained from Navient pursuant to the Data
Sharing Agreement between Navient andSallie Mae.
Footnotes20U.S.DepartmentofEducation2013
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