Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Only Condensed Balance Sheets


	December 31,
	2020		2019
Assets
Cash and cash equivalents	$	539,074	$	153,508
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,689,027		3,326,578
Income taxes receivables, net	1,835		—
Tax indemnification receivable	18,492		27,558
Due from subsidiaries, net	47,357		42,544
Other assets	2,457		2,579
Total assets	$	3,298,242	$	3,552,767

Liabilities and Equity
Liabilities
Long-term borrowings	$	692,879	$	198,159
Income taxes payable, net	—		11,457
Payable due to Navient	8,531		9,064
Other liabilities	33,997		22,251
Total liabilities	735,407		240,931

Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 4 million shares issued, respectively, at stated value of $100 per share	251,070		400,000
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 456.7 million and 453.6 million shares issued, respectively	91,346		90,720
Additional paid-in capital	1,331,247		1,307,630
Accumulated other comprehensive loss (net of tax benefit of $(10,908) and $(3,995), respectively)	(34,200)		(12,367)
Retained earnings	1,722,365		1,850,512
Total SLM Corporation stockholders’ equity before treasury stock	3,361,828		3,636,495
Less: Common stock held in treasury at cost: 81.4 million and 32.5 million shares, respectively	(798,993)		(324,659)
Total equity	2,562,835		3,311,836
Total liabilities and equity	$	3,298,242	$	3,552,767

Parent only Condensed Statements of Income

Parent Only Condensed Statements of Income


	Years Ended December 31,
	2020		2019		2018

Interest income	$	452	$	2,663	$	4,693
Interest expense	14,896		11,060		11,059
Net interest loss	(14,444)		(8,397)		(6,366)

Non-interest income (loss)	2,820		(10,856)		(93,176)
Non-interest expenses	57,945		39,423		41,893

Loss before income tax benefit and equity in net income from subsidiaries	(69,569)		(58,676)		(141,435)
Income tax benefit	(11,235)		(25,260)		(96,170)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	939,024		611,692		532,741
Net income	880,690		578,276		487,476
Preferred stock dividends	9,734		16,837		15,640
Net income attributable to SLM Corporation common stock	$	870,956	$	561,439	$	471,836

Parent only Condensed Statements of Cash Flows

Parent Only Condensed Statements of Cash Flows


	Years Ended December 31,
	2020		2019		2018

Cash flows from operating activities:
Net income	$	880,690	$	578,276	$	487,476
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(939,024)		(611,692)		(532,741)
Dividends received from Sallie Mae Bank	579,400		254,000		—
Reduction of tax indemnification receivable	9,066		11,649		92,815
Amortization of unsecured debt upfront fees	1,029		811		809
Gain on sale of Upromise subsidiary, net	(11,331)		—		—
Decrease in investment in subsidiaries, net	53,698		2,611		9,495
Decrease in tax indemnification receivable	—		—		35,989
(Increase) decrease in due from subsidiaries, net	(4,813)		6,254		(11,277)
Increase in other assets	(10,504)		(12,999)		(18,040)
Decrease in income taxes payable, net	(13,292)		(25,814)		(123,083)
Decrease in payable due to entity that is a subsidiary of Navient	(533)		(416)		(1,089)
Increase (decrease) in other liabilities	12,874		(5,796)		6,807
Total adjustments	(323,430)		(381,392)		(540,315)
Net cash provided by (used in) operating activities	557,260		196,884		(52,839)

Cash flows from investing activities:
Proceeds from the sale of Upromise subsidiary, net	16,922		—		—
Net cash provided by investing activities	16,922		—		—

Cash flows from financing activities:
Unsecured debt issued	495,000		—		—
Issuance costs for unsecured debt offering	(1,309)		—		—

Repurchase of Series B Preferred Stock	(68,055)		—		—
Common stock dividends paid	(46,351)		(51,114)		—
Preferred stock dividends paid	(9,734)		(16,837)		(15,640)
Common stock repurchased	(558,167)		(167,201)		—
Net cash used in financing activities	(188,616)		(235,152)		(15,640)
Net increase (decrease) in cash and cash equivalents	385,566		(38,268)		(68,479)
Cash and cash equivalents at beginning of year	153,508		191,776		260,255
Cash and cash equivalents at end of year	$	539,074	$	153,508	$	191,776