Selected Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

2021
(Dollars in thousands, except per share data)	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net interest income	$	331,114	$	338,784	$	357,518	$	367,350
Less: provisions for credit losses	(225,767)		69,677		138,442		(15,309)
Net interest income after provisions for credit losses	556,881		269,107		219,076		382,659
Gains (losses) on sales of loans, net	399,111		3,679		(10)		145,535
Gains (losses) on derivative and hedging activities, net	28		89		44		(17)
Other income	14,288		48,580		13,879		7,243
Total operating expenses	124,499		128,010		140,649		125,495
Total restructuring expenses	1,077		70		108		—
Income tax expense	203,525		53,174		19,392		103,660
Net income	641,207		140,201		72,840		306,265
Preferred stock dividends	1,201		1,192		1,166		1,177
Net income attributable to SLM Corporation common stock	$	640,006	$	139,009	$	71,674	$	305,088
Basic earnings per common share(1)	$	1.77	$	0.45	$	0.24	$	1.06
Diluted earnings per common share(1)	$	1.75	$	0.44	$	0.24	$	1.04
Declared dividends per common share	$	0.03	$	0.03	$	0.03	$	0.11

(1) Basic and diluted earnings per common share attributable to SLM Corporation are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted earnings per common share information may not equal annual basic and diluted earnings per common share.

2020
	First		Second		Third		Fourth
(Dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter
Net interest income	$	400,116	$	348,775	$	364,567	$	366,537
Less: provisions for credit losses	61,258		351,887		(3,640)		(316,372)
Net interest income (loss) after provisions for credit losses	338,858		(3,112)		368,207		682,909
Gains (losses) on sales of loans, net	238,935		(369)		(4)		(247)
Gains (losses) on derivative and hedging activities, net	45,672		3,751		(15)		136
Other income	7,487		25,412		9,646		1,043
Total operating expenses	147,298		141,557		127,490		121,743
Total restructuring expenses	—		—		24,127		2,088
Income tax expense (benefit)	121,481		(30,664)		55,189		127,310
Net income (loss)	362,173		(85,211)		171,028		432,700
Preferred stock dividends	3,464		2,478		2,058		1,734
Net income (loss) attributable to SLM Corporation common stock	$	358,709	$	(87,689)	$	168,970	$	430,966
Basic earnings (loss) per common share(1)	$	0.88	$	(0.23)	$	0.45	$	1.15
Diluted earnings (loss) per common share(1)	$	0.87	$	(0.23)	$	0.45	$	1.13
Declared dividends per common share	$	0.03	$	0.06	$	—	$	0.03

(1) Basic and diluted earnings per common share attributable to SLM Corporation are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted earnings per common share information may not equal annual basic and diluted earnings per common share.