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Home > Fortune 500 Companies > Slm Corp
Slm Corp
Slm Corp is a fortune 500 stock listed company trading under the symbol SLM. The company has a good stock performance record on the NYSE.
SLM Corporation is commonly known as Sallie Mae and is the nation's leading provider of education funding, managing nearly 123 billion dollars in student loans for 9 million borrowers. Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE) and terminated its ties to the federal government in 2004. The company remains the country's largest originator of federally insured student loans. Through its specialized subsidiaries and divisions, Sallie Mae also provides debt management services as well as business and technical products to a range of business clients, including colleges, universities and loan guarantors.
Sallie Mae reported fourth-quarter 2005 GAAP net income of 431 million dollars, or 0.96 dollar per diluted share, compared to 650 million dollars, or 1.40 dollar per diluted share, in the year-ago period. For the year ended Dec. 31, 2005, GAAP net income was 1.4 billion dollars, or 3.05 dollar per diluted share, compared to 1.9 billion dollars, or 4.04 dollar per diluted share, in 2004. Included in the year-ago, fourth-quarter figures is a 76 million dollars after-tax charge, or 0.17 dollar per diluted share.
The net income for the 2005 fourth quarter was 284 million dollars, or 0.63 dollar per diluted share, compared to the year-ago quarter's 180 million dollars, or 0.39 per diluted share. For the full year 2005, core earnings net income was 1.1 billion dollars, or 2.51 dollars per diluted share, compared to 867 million dollars, or 1.84 dollars per diluted share, in 2004. Current quarter core earnings results included an after-tax charge of 12 million, or 0.03 per diluted share, to establish a new loan loss reserve for guaranteed loan claim filings in anticipation of passage of related legislation. Year-ago quarter results included an after-tax charge of 76 million dollars or 0.17 per diluted share, to defease the company’s GSE debt. Exclusive of these items, fourth-quarter 2005 core earnings would have been 296 million dollars, or 0.66 per diluted share, compared to fourth-quarter 2004 core earnings of 256 million dollars, or 0.56 per diluted share.
Total equity for the company at Dec. 31, 2005, was 3.8 billion dollars which was up from the year-ago total of 3.1 billion dollars. The tangible capital was 1.9 percent of managed assets at Dec. 31, 2005, compared to 1.6 percent as of Dec. 31, 2004.
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