SLM - Sallie Mae rallies on significant surge in net income

Sallie Mae ([[SLM]] +15.9%) reported Q4 net income of $433M vs. $141M in year ago quarter; strong credit and reserve performance led to GAAP earnings of $1.13/diluted share in Q4 and $2.25 for 2020.The company originated $627M (-13% Y/Y) in private education loans during the quarter; FY originations were down 5%.Non-interest expenses dropped to $124M from $142M in year ago quarter while FY20 operating expenses were 6% lower Y/Y.The bank remains well capitalized with 15% total risk-based capital ratio and CET1 ratio of 14%.The company is authorized to repurchase up to $1.25B in common stock in 2021, under a new share repurchase program, effective immediately with expiry on Jan. 26, 2023.Outlook:Previously: Sallie Mae EPS beats by $0.78, misses on revenue (Jan.27)

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Sallie Mae rallies on significant surge in net income