1 unchanged sentence
Interest Rate Sensitivity Analysis
−Removed: Our interest rate risk management program seeks to manage and control interest rate risk, thereby reducing our exposure to fluctuations in interest rates and achieving consistent and acceptable levels of profit in any rate environment and sustainable growth in net interest income over the long term.
+Added: Our interest rate risk management program seeks to manage interest rate risk, thereby reducing our exposure to fluctuations in interest rates, and achieving less volatile levels of profit in varying interest rate environments.
We evaluate and monitor interest rate risk through two primary methods:
−Removed: • Earnings at Risk (“EAR”), which measures the impact of hypothetical changes in interest rates on net interest income;
−Removed: • Economic Value of Equity (“EVE”), which measures the sensitivity or change in the economic value of equity to changes in interest rates.
−Removed: A number of potential interest rate scenarios are simulated using our asset liability management system.
+Added: • Earnings at Risk (“EAR”), which measures the estimated impact of hypothetical changes in interest rates on net interest income;
+Added: • Economic Value of Equity (“EVE”), which measures the estimated sensitivity or change in the economic value of equity to changes in interest rates.
+Added: We simulate several potential interest rate scenarios using our asset liability management system.
The Bank is the primary source of interest rate risk within the Company.
11 unchanged sentences
Planned loan sales, which are not included in the static EVE modeling, significantly reduce our EVE exposure.
−Removed: Management is evaluating this trend to determine if, and when, further actions are necessary to manage EVE sensitivity.
As of December 31, 2025 2024
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EVE -24.2 % -8.1 % +7.4 % +22.3 % -24.2 % -7.9 % +7.0 % +20.9 %
−Removed: In the preceding tables, the interest rate sensitivity analysis reflects the balance sheet mix of fully variable SOFR and Prime-based loans, and fully variable funding, including brokered CDs that have been converted to SOFR through derivative transactions.
+Added: In the preceding tables, the interest rate sensitivity analysis reflects the balance sheet mix of fully variable SOFR and fixed rate loans, fully variable funding, and fixed rate funding.
The analysis assumes that retail MMDAs and retail savings balances, while relatively sensitive to interest rate changes, will not correlate 100 percent to the full interest rate shocks or ramps.
Although we believe that these measurements provide an estimate of our interest rate sensitivity, they do not account for potential changes in credit quality, balance sheet mix, and size of our balance sheet.
−Removed: They also do not
−Removed: 2024 Form 10-K — SLM CORPORATION 86
−Removed: account for other business developments that could affect net income, or for management actions that could affect net income or could be taken to change our risk profile.
+Added: They also do not account for other business developments that could affect net income, or management actions that could affect net income or could be taken to change our risk profile.
Accordingly, we can give no assurance that actual results would not differ materially from the estimated outcomes of our simulations.
Further, such simulations do not represent our current view of expected future interest rate movements.
+Added: 2025 Form 10-K — SLM CORPORATION 87
Asset and Liability Funding Gap
24 unchanged sentences
Changes in the Fed Funds Effective Rate, the Non-Discrete Reset, and the daily, weekly, and monthly SOFR, and 3-month SOFR categories are generally quite highly correlated, and should offset each other effectively.
−Removed: The funding in the fixed-rate bucket includes $1.9 billion and $0.4 billion of non-interest-bearing liabilities.
+Added: The funding in the fixed-rate bucket includes $2.2 billion of stockholders’ equity and $0.4 billion of non-interest-bearing liabilities.
We consider the overall repricing risk to be low.
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While we believe this risk is low, as all of these indices are short-term with rate movements that are highly correlated over a long period of time, market disruptions (which have occurred in recent years) can lead to a temporary divergence between indices, resulting in a negative impact to our earnings.
−Removed: 2024 Form 10-K — SLM CORPORATION 87
+Added: 88 SLM CORPORATION — 2025 Form 10-K
Weighted Average Life
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As of December 31, 2025
−Removed: (averages in years) Weighted Average Life
+Added: (averages in years)
+Added: Weighted Average Life
Earning assets
−Removed: Education loans 5.57
+Added: Private Education Loans 5.66
Cash and investments 1.25
3 unchanged sentences
Total deposits 0.97
+Added: Short-term borrowings 0.84
Long-term borrowings 3.95
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.