Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent only Condensed Balance Sheets

Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands)	2021		2020
Assets
Cash and cash equivalents	$	570,726	$	539,074
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,527,780		2,689,027
Income taxes receivables, net	—		1,835
Tax indemnification receivable	8,047		18,492
Due from subsidiaries, net	105,667		47,357
Other assets	3,361		2,457
Total assets	$	3,215,581	$	3,298,242
Liabilities and Equity
Liabilities
Long-term borrowings	$	986,138	$	692,879
Income taxes payable, net	34,822		—
Payable due to Navient	101		8,531
Other liabilities	44,809		33,997
Total liabilities	1,065,870		735,407
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share	251,070		251,070
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 432.0 million and 456.7 million shares issued, respectively	86,403		91,346
Additional paid-in capital	1,074,384		1,331,247
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively)	(17,897)		(34,200)
Retained earnings	2,817,134		1,722,365
Total SLM Corporation stockholders’ equity before treasury stock	4,211,094		3,361,828
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively	(2,061,383)		(798,993)
Total equity	2,149,711		2,562,835
Total liabilities and equity	$	3,215,581	$	3,298,242

Parent only Condensed Statements of Income

Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2021		2020		2019
Interest income	$	392	$	452	$	2,663
Interest expense	35,208		14,896		11,060
Net interest loss	(34,816)		(14,444)		(8,397)
Non-interest income (loss)	(13,078)		2,820		(10,856)
Non-interest expenses	54,352		57,945		39,423
Loss before income tax benefit and equity in net income from subsidiaries	(102,246)		(69,569)		(58,676)
Income tax expense (benefit)	8,477		(11,235)		(25,260)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	1,271,236		939,024		611,692
Net income	1,160,513		880,690		578,276
Preferred stock dividends	4,736		9,734		16,837
Net income attributable to SLM Corporation common stock	$	1,155,777	$	870,956	$	561,439

Parent only Condensed Statements of Cash Flows

Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2021		2020		2019
Cash flows from operating activities:
Net income	$	1,160,513	$	880,690	$	578,276
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(1,271,236)		(939,024)		(611,692)
Dividends received from Sallie Mae Bank	1,444,500		579,400		254,000
Reduction of tax indemnification receivable	10,445		9,066		11,649
Amortization of unsecured debt upfront fees	2,663		1,029		811
Loss on early extinguishment of unsecured debt	2,784		—		$	—
Gain on sale of Upromise subsidiary, net	—		(11,331)		—
Decrease in investment in subsidiaries, net	34,935		53,698		2,611
(Increase) decrease in due from subsidiaries, net	(58,310)		(4,813)		6,254
Increase in other assets	(16,964)		(10,504)		(12,999)
Increase (decrease) in income taxes payable, net	36,657		(13,292)		(25,814)
Decrease in payable due to entity that is a subsidiary of Navient	(8,430)		(533)		(416)
Increase (decrease) in other liabilities	2,165		12,874		(5,796)
Total adjustments	179,209		(323,430)		(381,392)
Net cash provided by operating activities	1,339,722		557,260		196,884
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:
Issuance costs for unsecured debt offering	(1,540)		(1,309)		—
Unsecured debt issued	492,135		495,000		—
Unsecured debt repaid	(202,784)		—		—
Repurchase of Series B Preferred Stock	—		(68,055)		—
Common stock dividends paid	(60,462)		(46,351)		(51,114)
Preferred stock dividends paid	(4,736)		(9,734)		(16,837)
Common stock repurchased	(1,530,683)		(558,167)		(167,201)
Net cash used in financing activities	(1,308,070)		(188,616)		(235,152)
Net increase (decrease) in cash and cash equivalents	31,652		385,566		(38,268)
Cash and cash equivalents at beginning of year	539,074		153,508		191,776
Cash and cash equivalents at end of year	$	570,726	$	539,074	$	153,508