Parent Only Statements

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Assets
Cash and cash equivalents	$	391,481	$	237,857
Total investments in subsidiaries (primarily Sallie Mae Bank)	2,773,211		2,628,838


Due from subsidiaries, net	43,556		63,679
Other assets	2,165		2,270
Total assets	$	3,210,413	$	2,932,644

Liabilities and Equity
Liabilities

Long-term borrowings	$	995,420	$	992,200
Income taxes payable, net	22,440		26,701

Other liabilities	32,633		32,946
Total liabilities	1,050,493		1,051,847

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: 440.6 million and 438.2 million shares issued, respectively	88,121		87,647
Additional paid-in capital	1,193,753		1,148,689
Accumulated other comprehensive loss (net of tax benefit of $(21,209) and $(24,176), respectively)	(65,861)		(75,104)
Retained earnings	4,114,446		3,624,859
Total SLM Corporation stockholders’ equity before treasury stock	5,581,529		5,037,161
Less: Common stock held in treasury at cost: 230.2 million and 217.9 million shares, respectively	(3,421,609)		(3,156,364)
Total equity	2,159,920		1,880,797
Total liabilities and equity	$	3,210,413	$	2,932,644


Parent Only Condensed Statements of Income
Years ended December 31, (dollars in thousands)	2024		2023		2022
Interest income	$	11,660	$	9,334	$	4,084
Interest expense	39,855		39,850		39,860
Net interest loss	(28,195)		(30,516)		(35,776)

Non-interest income (loss)	114		(2,701)		(5,117)
Non-interest expenses	62,696		61,958		55,466
Loss before income tax benefit and equity in net income from subsidiaries	(90,777)		(95,175)		(96,359)
Income tax benefit	(7,117)		(6,942)		(10,351)
Equity in net income from subsidiaries (primarily Sallie Mae Bank)	691,985		669,624		555,022
Net income	608,325		581,391		469,014
Preferred stock dividends	18,296		17,705		9,029
Net income attributable to SLM Corporation common stock	$	590,029	$	563,686	$	459,985


Parent Only Condensed Statement of Cash Flows
Years ended December 31, (dollars in thousands)	2024		2023		2022

Cash flows from operating activities:
Net income	$	608,325	$	581,391	$	469,014
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries	(691,985)		(669,624)		(555,022)
Dividends received from Sallie Mae Bank	569,500		550,000		699,500
Reduction of tax indemnification receivable	—		2,816		5,231
Amortization of unsecured debt upfront fees	2,647		2,643		2,651
Amortization of discount on unsecured borrowings	573		571		571

Acquisition related costs	—		952		2,603

(Increase) decrease in investment in subsidiaries, net	27,350		35,654		(9,179)

Decrease in due from subsidiaries, net	20,123		36,864		5,124
Increase in other assets	(14,265)		(13,422)		(20,533)
Increase (decrease) in income taxes payable, net	(4,261)		490		(8,713)
Decrease in payable due to entity that is a subsidiary of Navient	—		—		(101)
Increase (decrease) in other liabilities	1,053		(3,442)		(1,836)
Total adjustments	(89,265)		(56,498)		120,296
Net cash provided by operating activities	519,060		524,893		589,310

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)



Common stock dividends paid	(99,172)		(101,233)		(112,961)
Preferred stock dividends paid	(18,296)		(17,705)		(9,029)
Common stock repurchased	(247,968)		(350,264)		(713,197)
Net cash used in financing activities	(365,436)		(469,202)		(835,562)
Net increase (decrease) in cash and cash equivalents	153,624		41,037		(373,906)
Cash and cash equivalents at beginning of year	237,857		196,820		570,726
Cash and cash equivalents at end of year	$	391,481	$	237,857	$	196,820