Parent Only Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Only Statements

Parent Only Statements

The following parent company-only financial information should be read in conjunction with the other notes to the consolidated financial statements. The accounting policies for the parent company-only financial statements are the same as those used in the presentation of the consolidated financial statements other than the parent company-only financial statements account for the parent company’s investments in its subsidiaries under the equity method.

Parent Only Condensed Balance Sheets

	December 31,
	2016			2015
Assets
Cash and cash equivalents	$	292,277		$	282,036
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,042,015			1,810,567
Tax indemnification receivable	259,532			186,076
Due from subsidiaries, net	31,834			21,396
Other assets	1,561			1,352
Total assets	$	2,627,219		$	2,301,427
Liabilities and Equity
Liabilities
Income taxes payable, net	$	256,556		$	189,215
Payable due to Navient	2,823			1,990
Other liabilities	20,782			13,899
Total liabilities	280,161			205,104
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series A: 3.3 million and 3.3 million shares issued, respectively, at stated value of $50 per share	165,000			165,000
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share	400,000			400,000
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 436.6 million and 430.7 million shares issued, respectively	87,327			86,136
Additional paid-in capital	1,175,564			1,135,860
Accumulated other comprehensive loss (net of tax benefit of $5,364 and $9,949, respectively)	(8,671		)	(16,059		)
Retained earnings	595,322			366,609
Total SLM Corporation stockholders’ equity before treasury stock	2,414,542			2,137,546
Less: Common stock held in treasury at cost: 7.7 million and 4.4 million shares, respectively	(67,484		)	(41,223		)
Total equity	2,347,058			2,096,323
Total liabilities and equity	$	2,627,219		$	2,301,427

Parent Only Condensed Statements of Income

	Years Ended December 31,
	2016			2015			2014
Interest income	$	5,367		$	6,414		$	4,980
Interest expense	—			—			—
Net interest income	5,367			6,414			4,980
Other income (loss)	9,396			(239		)	1,097
Operating expenses	32,553			36,141			36,967
Loss before income tax benefit and equity in net income from subsidiaries	(17,790		)	(29,966		)	(30,890		)
Income tax benefit	(2,839		)	(8,612		)	(13,196		)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	265,278			295,638			211,479
Net income	250,327			274,284			193,785
Preferred stock dividends	21,204			19,595			12,933
Net income attributable to common stock	$	229,123		$	254,689		$	180,852

Parent Only Condensed Statements of Cash Flows

	Years Ended December 31,
	2016			2015			2014
Cash flows from operating activities:
Net income	$	250,327		$	274,284		$	193,785
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Undistributed earnings of subsidiaries	(265,278		)	(295,638		)	(211,479		)
Interest income on tax indemnification receivable	(12,283		)	(5,398		)	(5,904		)
Decrease (increase) in investment in subsidiaries, net	63,222			(103,602		)	278,365
Decrease in tax indemnification receivable	59,633			59,633			44,724
(Increase) decrease in due from subsidiaries, net	(10,438		)	11,012			(32,408		)
Increase in other assets	(8,972		)	(14,366		)	(5,447		)
Decrease in income taxes payable, net	(53,465		)	(54,907		)	(312,770		)
Increase (decrease) in payable due to entity that is a subsidiary of Navient	553			(6,774		)	8,764
Increase in other liabilities	8,856			1,402			14,398
Total adjustments	(218,172		)	(408,638		)	(221,757		)
Net cash provided by (used in) operating activities	32,155			(134,354		)	(27,972		)
Cash flows from investing activities:
Net cash provided by (used in) investing activities	—			—			—
Cash flows from financing activities:
Special cash contribution from Navient	—			—			472,718
Excess tax (expense) benefit from exercise of stock-based awards	(710		)	1,740			2,432
Preferred stock dividends paid	(21,204		)	(19,595		)	(12,933		)
Net cash (used in) provided by financing activities	(21,914		)	(17,855		)	462,217
Net increase (decrease) in cash and cash equivalents	10,241			(152,209		)	434,245
Cash and cash equivalents at beginning of year	282,036			434,245			—
Cash and cash equivalents at end of year	$	292,277		$	282,036		$	434,245