Parent Only Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent only Condensed Balance Sheets

Parent Only Condensed Balance Sheets
At December 31, (dollars in thousands, except share and per share amounts)	2023		2022
Assets
Cash and cash equivalents	$	237,857	$	196,820
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,628,838		2,476,020
Tax indemnification receivable	—		2,816
Due from subsidiaries, net	63,679		100,543
Other assets	2,270		3,052
Total assets	$	2,932,644	$	2,779,251
Liabilities and Equity
Liabilities
Long-term borrowings	$	992,200	$	988,986
Income taxes payable, net	26,701		26,211
Other liabilities	32,946		37,084
Total liabilities	1,051,847		1,052,281
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: 438.2 million and 435.1 million shares issued, respectively	87,647		87,025
Additional paid-in capital	1,148,689		1,109,072
Accumulated other comprehensive loss (net of tax benefit of $(24,176) and $(30,160), respectively)	(75,104)		(93,870)
Retained earnings	3,624,859		3,163,640
Total SLM Corporation stockholders’ equity before treasury stock	5,037,161		4,516,937
Less: Common stock held in treasury at cost: 217.9 million and 194.4 million shares, respectively	(3,156,364)		(2,789,967)
Total equity	1,880,797		1,726,970
Total liabilities and equity	$	2,932,644	$	2,779,251

Parent only Condensed Statements of Income

Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2023		2022		2021
Interest income	$	9,334	$	4,084	$	392
Interest expense	39,850		39,860		35,208
Net interest loss	(30,516)		(35,776)		(34,816)
Non-interest loss	(2,701)		(5,117)		(13,078)
Non-interest expenses	61,958		55,466		54,352
Loss before income tax benefit and equity in net income from subsidiaries	(95,175)		(96,359)		(102,246)
Income tax expense (benefit)	(6,942)		(10,351)		8,477
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	669,624		555,022		1,271,236
Net income	581,391		469,014		1,160,513
Preferred stock dividends	17,705		9,029		4,736
Net income attributable to SLM Corporation common stock	$	563,686	$	459,985	$	1,155,777

Parent only Condensed Statements of Cash Flows

Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	581,391	$	469,014	$	1,160,513
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Undistributed earnings of subsidiaries	(669,624)		(555,022)		(1,271,236)
Dividends received from Sallie Mae Bank	550,000		699,500		1,444,500
Reduction of tax indemnification receivable	2,816		5,231		10,445
Amortization of unsecured debt upfront fees	2,643		2,651		2,663
Amortization of discount on unsecured borrowings	571		571		—
Loss on early extinguishment of unsecured debt	—		—		2,784
Acquisition related costs	952		2,603		—
(Increase) decrease in investment in subsidiaries, net	35,654		(9,179)		34,935
(Increase) decrease in due from subsidiaries, net	36,864		5,124		(58,310)
Increase in other assets	(13,422)		(20,533)		(16,964)
Increase (decrease) in income taxes payable, net	490		(8,713)		36,657
Decrease in payable due to entity that is a subsidiary of Navient	—		(101)		(8,430)
Increase (decrease) in other liabilities	(3,442)		(1,836)		2,165
Total adjustments	(56,498)		120,296		179,209
Net cash provided by operating activities	524,893		589,310		1,339,722
Cash flows from investing activities:
Purchase of subsidiary, net of cash acquired	(14,654)		(127,654)		—
Net cash used in investing activities	(14,654)		(127,654)		—
Cash flows from financing activities:
Issuance costs for unsecured debt offering	—		(375)		(1,540)
Unsecured debt issued	—		—		492,135
Unsecured debt repaid	—		—		(202,784)
Common stock dividends paid	(101,233)		(112,961)		(60,462)
Preferred stock dividends paid	(17,705)		(9,029)		(4,736)
Common stock repurchased	(350,264)		(713,197)		(1,530,683)
Net cash used in financing activities	(469,202)		(835,562)		(1,308,070)
Net increase (decrease) in cash and cash equivalents	41,037		(373,906)		31,652
Cash and cash equivalents at beginning of year	196,820		570,726		539,074
Cash and cash equivalents at end of year	$	237,857	$	196,820	$	570,726