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v3.19.3.a.u2

Parent Only Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Parent only Condensed Balance Sheets | Parent Only Condensed Balance Sheets
|  | December 31,
|  | 2019 |  | 2018
Assets |  |  |  |
Cash and cash equivalents |  | $ | 153,508 |  |  | $ | 191,776 |
Total investments in subsidiaries (primarily Sallie Mae Bank) |  | 3,326,578 |  |  | 2,963,949 |
Tax indemnification receivable |  | 27,558 |  |  | 39,207 |
Due from subsidiaries, net |  | 42,544 |  |  | 48,798 |
Other assets |  | 2,579 |  |  | 2,246 |
Total assets |  | $ | 3,552,767 |  |  | $ | 3,245,976 |
Liabilities and Equity |  |  |  |
Liabilities |  |  |  |
Long-term borrowings |  | $ | 198,159 |  |  | $ | 197,348 |
Income taxes payable, net |  | 11,457 |  |  | 37,271 |
Payable due to Navient |  | 9,064 |  |  | 9,480 |
Other liabilities |  | 22,251 |  |  | 29,221 |
Total liabilities |  | 240,931 |  |  | 273,320 |
Equity |  |  |  |
Preferred stock, par value $0.20 per share, 20 million shares authorized: |  |  |  |
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share |  | 400,000 |  |  | 400,000 |
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 453.6 million and 449.9 million shares issued, respectively |  | 90,720 |  |  | 89,972 |
Additional paid-in capital |  | 1,307,630 |  |  | 1,274,635 |
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($3,995) and $3,436, respectively) |  | (12,367 | ) |  | 10,623 |
Retained earnings |  | 1,850,512 |  |  | 1,340,017 |
Total SLM Corporation stockholders’ equity before treasury stock |  | 3,636,495 |  |  | 3,115,247 |
Less: Common stock held in treasury at cost: 32.5 million and 14.2 million shares, respectively |  | (324,659 | ) |  | (142,591 | )
Total equity |  | 3,311,836 |  |  | 2,972,656 |
Total liabilities and equity |  | $ | 3,552,767 |  |  | $ | 3,245,976 |
Parent only Condensed Statements of Income | Parent Only Condensed Statements of Income
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Interest income |  | $ | 2,663 |  |  | $ | 4,693 |  |  | $ | 5,497 |
Interest expense |  | 11,060 |  |  | 11,059 |  |  | 8,170 |
Net interest loss |  | (8,397 | ) |  | (6,366 | ) |  | (2,673 | )
Non-interest loss |  | (10,856 | ) |  | (93,176 | ) |  | (33,956 | )
Non-interest expenses |  | 39,423 |  |  | 41,893 |  |  | 35,810 |
Loss before income tax benefit and equity in net income from subsidiaries |  | (58,676 | ) |  | (141,435 | ) |  | (72,439 | )
Income tax benefit |  | (25,260 | ) |  | (96,170 | ) |  | (40,598 | )
Equity in net income from subsidiaries (primarily Sallie Mae Bank) |  | 611,692 |  |  | 532,741 |  |  | 320,775 |
Net income |  | 578,276 |  |  | 487,476 |  |  | 288,934 |
Preferred stock dividends |  | 16,837 |  |  | 15,640 |  |  | 15,714 |
Net income attributable to SLM Corporation common stock |  | $ | 561,439 |  |  | $ | 471,836 |  |  | $ | 273,220 |
Parent only Condensed Statements of Cash Flows | Parent Only Condensed Statements of Cash Flows
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 578,276 |  |  | $ | 487,476 |  |  | $ | 288,934 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |
Undistributed earnings of subsidiaries |  | (611,692 | ) |  | (532,741 | ) |  | (320,775 | )
Dividends received from Sallie Mae Bank |  | 254,000 |  |  | — |  |  | — |
Reduction of tax indemnification receivable |  | 11,649 |  |  | 92,815 |  |  | 31,888 |
Amortization of unsecured debt upfront fees |  | 811 |  |  | 809 |  |  | 596 |
Decrease in investment in subsidiaries, net |  | 2,611 |  |  | 9,495 |  |  | 1,158 |
Decrease in tax indemnification receivable |  | — |  |  | 35,989 |  |  | 59,633 |
Decrease (increase) in due from subsidiaries, net |  | 6,254 |  |  | (11,277 | ) |  | (5,687 | )
Increase in other assets |  | (12,999 | ) |  | (18,040 | ) |  | (24,627 | )
Decrease in income taxes payable, net |  | (25,814 | ) |  | (123,083 | ) |  | (87,983 | )
Decrease in payable due to entity that is a subsidiary of Navient |  | (416 | ) |  | (1,089 | ) |  | (593 | )
(Decrease) increase in other liabilities |  | (5,796 | ) |  | 6,807 |  |  | 10,205 |
Total adjustments |  | (381,392 | ) |  | (540,315 | ) |  | (336,185 | )
Net cash used in operating activities |  | 196,884 |  |  | (52,839 | ) |  | (47,251 | )
Cash flows from investing activities: |  |  |  |  |  |
Net cash provided by investing activities |  | — |  |  | — |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |
Unsecured debt issued |  | — |  |  | — |  |  | 197,000 |
Issuance costs for unsecured debt offering |  | — |  |  | — |  |  | (1,057 | )
Redemption of Series A Preferred Stock |  | — |  |  | — |  |  | (165,000 | )
Common stock dividends paid |  | (51,114 | ) |  | — |  |  | — |
Preferred stock dividends paid |  | (16,837 | ) |  | (15,640 | ) |  | (15,714 | )
Common stock repurchased |  | (167,201 | ) |  | — |  |  | — |
Net cash used in financing activities |  | (235,152 | ) |  | (15,640 | ) |  | 15,229 |
Net decrease in cash and cash equivalents |  | (38,268 | ) |  | (68,479 | ) |  | (32,022 | )
Cash and cash equivalents at beginning of year |  | 191,776 |  |  | 260,255 |  |  | 292,277 |
Cash and cash equivalents at end of year |  | $ | 153,508 |  |  | $ | 191,776 |  |  | $ | 260,255 |

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