Parent Only Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

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, except that 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
At December 31, (dollars in thousands, except share and per share amounts)	2022		2021
Assets
Cash and cash equivalents	$	196,820	$	570,726
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,476,020		2,527,780

Tax indemnification receivable	2,816		8,047
Due from subsidiaries, net	100,543		105,667
Other assets	3,052		3,361
Total assets	$	2,779,251	$	3,215,581

Liabilities and Equity
Liabilities
Long-term borrowings	$	988,986	$	986,138
Income taxes payable, net	26,211		34,822
Payable due to Navient	—		101
Other liabilities	37,084		44,809
Total liabilities	1,052,281		1,065,870

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: 435.1 million and 432.0 million shares issued, respectively	87,025		86,403
Additional paid-in capital	1,109,072		1,074,384
Accumulated other comprehensive loss (net of tax benefit of $(30,160) and $(5,707), respectively)	(93,870)		(17,897)
Retained earnings	3,163,640		2,817,134
Total SLM Corporation stockholders’ equity before treasury stock	4,516,937		4,211,094
Less: Common stock held in treasury at cost: 194.4 million and 153.1 million shares, respectively	(2,789,967)		(2,061,383)
Total equity	1,726,970		2,149,711
Total liabilities and equity	$	2,779,251	$	3,215,581


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2022		2021		2020
Interest income	$	4,084	$	392	$	452
Interest expense	39,860		35,208		14,896
Net interest loss	(35,776)		(34,816)		(14,444)

Non-interest income (loss)	(5,117)		(13,078)		2,820
Non-interest expenses	55,466		54,352		57,945
Loss before income tax benefit and equity in net income from subsidiaries	(96,359)		(102,246)		(69,569)
Income tax expense (benefit)	(10,351)		8,477		(11,235)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	555,022		1,271,236		939,024
Net income	469,014		1,160,513		880,690
Preferred stock dividends	9,029		4,736		9,734
Net income attributable to SLM Corporation common stock	$	459,985	$	1,155,777	$	870,956


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2022		2021		2020

Cash flows from operating activities:
Net income	$	469,014	$	1,160,513	$	880,690
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(555,022)		(1,271,236)		(939,024)
Dividends received from Sallie Mae Bank	699,500		1,444,500		579,400
Reduction of tax indemnification receivable	5,231		10,445		9,066
Amortization of unsecured debt upfront fees	2,651		2,663		1,029
Amortization of discount on unsecured borrowings	571		—		—
Loss on early extinguishment of unsecured debt	—		2,784		—
Acquisition related costs	2,603		—		—
Gain on sale of Upromise subsidiary, net	—		—		(11,331)
(Increase) decrease in investment in subsidiaries, net	(9,179)		34,935		53,698

(Increase) decrease in due from subsidiaries, net	5,124		(58,310)		(4,813)
Increase in other assets	(20,533)		(16,964)		(10,504)
Increase (decrease) in income taxes payable, net	(8,713)		36,657		(13,292)
Decrease in payable due to entity that is a subsidiary of Navient	(101)		(8,430)		(533)
Increase (decrease) in other liabilities	(1,836)		2,165		12,874
Total adjustments	120,296		179,209		(323,430)
Net cash provided by operating activities	589,310		1,339,722		557,260

Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	(127,654)		—		—
Proceeds from the sale of Upromise subsidiary, net	—		—		16,922
Net cash (used in) provided by investing activities	(127,654)		—		16,922

Cash flows from financing activities:
Issuance costs for unsecured debt offering	(375)		(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	(112,961)		(60,462)		(46,351)
Preferred stock dividends paid	(9,029)		(4,736)		(9,734)
Common stock repurchased	(713,197)		(1,530,683)		(558,167)
Net cash used in financing activities	(835,562)		(1,308,070)		(188,616)
Net increase (decrease) in cash and cash equivalents	(373,906)		31,652		385,566
Cash and cash equivalents at beginning of year	570,726		539,074		153,508
Cash and cash equivalents at end of year	$	196,820	$	570,726	$	539,074