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Parent Only Statements (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Parent only Condensed Balance Sheets |
Parent Only Condensed Balance Sheets |  |  |  |
At December 31, (dollars in thousands) |  | 2021 |  | 2020
Assets |  |  |  |
Cash and cash equivalents |  | $ | 570,726 |  |  | $ | 539,074 |
Total investments in subsidiaries (primarily Sallie Mae Bank) |  | 2,527,780 |  |  | 2,689,027 |
Income taxes receivables, net |  | — |  |  | 1,835 |
Tax indemnification receivable |  | 8,047 |  |  | 18,492 |
Due from subsidiaries, net |  | 105,667 |  |  | 47,357 |
Other assets |  | 3,361 |  |  | 2,457 |
Total assets |  | $ | 3,215,581 |  |  | $ | 3,298,242 |
Liabilities and Equity |  |  |  |
Liabilities |  |  |  |
Long-term borrowings |  | $ | 986,138 |  |  | $ | 692,879 |
Income taxes payable, net |  | 34,822 |  |  | — |
Payable due to Navient |  | 101 |  |  | 8,531 |
Other liabilities |  | 44,809 |  |  | 33,997 |
Total liabilities |  | 1,065,870 |  |  | 735,407 |
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: 432.0 million and 456.7 million shares issued, respectively |  | 86,403 |  |  | 91,346 |
Additional paid-in capital |  | 1,074,384 |  |  | 1,331,247 |
Accumulated other comprehensive loss (net of tax benefit of $(5,707) and $(10,908), respectively) |  | (17,897) |  |  | (34,200) |
Retained earnings |  | 2,817,134 |  |  | 1,722,365 |
Total SLM Corporation stockholders’ equity before treasury stock |  | 4,211,094 |  |  | 3,361,828 |
Less: Common stock held in treasury at cost: 153.1 million and 81.4 million shares, respectively |  | (2,061,383) |  |  | (798,993) |
Total equity |  | 2,149,711 |  |  | 2,562,835 |
Total liabilities and equity |  | $ | 3,215,581 |  |  | $ | 3,298,242 |
Parent only Condensed Statements of Income |
Parent Only Condensed Statements of Income |  |  |  |  |  |
Years ended December 31, (dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Interest income |  | $ | 392 |  |  | $ | 452 |  |  | $ | 2,663 |
Interest expense |  | 35,208 |  |  | 14,896 |  |  | 11,060 |
Net interest loss |  | (34,816) |  |  | (14,444) |  |  | (8,397) |
Non-interest income (loss) |  | (13,078) |  |  | 2,820 |  |  | (10,856) |
Non-interest expenses |  | 54,352 |  |  | 57,945 |  |  | 39,423 |
Loss before income tax benefit and equity in net income from subsidiaries |  | (102,246) |  |  | (69,569) |  |  | (58,676) |
Income tax expense (benefit) |  | 8,477 |  |  | (11,235) |  |  | (25,260) |
Equity in net income from subsidiaries (primarily Sallie Mae Bank) |  | 1,271,236 |  |  | 939,024 |  |  | 611,692 |
Net income |  | 1,160,513 |  |  | 880,690 |  |  | 578,276 |
Preferred stock dividends |  | 4,736 |  |  | 9,734 |  |  | 16,837 |
Net income attributable to SLM Corporation common stock |  | $ | 1,155,777 |  |  | $ | 870,956 |  |  | $ | 561,439 |
Parent only Condensed Statements of Cash Flows |
Parent Only Condensed Statement of Cash Flows |  |  |  |  |  |
Years ended December 31, (dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 1,160,513 |  |  | $ | 880,690 |  |  | $ | 578,276 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |
Undistributed earnings of subsidiaries |  | (1,271,236) |  |  | (939,024) |  |  | (611,692) |
Dividends received from Sallie Mae Bank |  | 1,444,500 |  |  | 579,400 |  |  | 254,000 |
Reduction of tax indemnification receivable |  | 10,445 |  |  | 9,066 |  |  | 11,649 |
Amortization of unsecured debt upfront fees |  | 2,663 |  |  | 1,029 |  |  | 811 |
Loss on early extinguishment of unsecured debt |  | 2,784 |  |  | — |  |  | $ | — |
Gain on sale of Upromise subsidiary, net |  | — |  |  | (11,331) |  |  | — |
Decrease in investment in subsidiaries, net |  | 34,935 |  |  | 53,698 |  |  | 2,611 |
(Increase) decrease in due from subsidiaries, net |  | (58,310) |  |  | (4,813) |  |  | 6,254 |
Increase in other assets |  | (16,964) |  |  | (10,504) |  |  | (12,999) |
Increase (decrease) in income taxes payable, net |  | 36,657 |  |  | (13,292) |  |  | (25,814) |
Decrease in payable due to entity that is a subsidiary of Navient |  | (8,430) |  |  | (533) |  |  | (416) |
Increase (decrease) in other liabilities |  | 2,165 |  |  | 12,874 |  |  | (5,796) |
Total adjustments |  | 179,209 |  |  | (323,430) |  |  | (381,392) |
Net cash provided by operating activities |  | 1,339,722 |  |  | 557,260 |  |  | 196,884 |
Cash flows from investing activities: |  |  |  |  |  |
Proceeds from the sale of Upromise subsidiary, net |  | — |  |  | 16,922 |  |  | — |
Net cash provided by investing activities |  | — |  |  | 16,922 |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |
Issuance costs for unsecured debt offering |  | (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 |  | (60,462) |  |  | (46,351) |  |  | (51,114) |
Preferred stock dividends paid |  | (4,736) |  |  | (9,734) |  |  | (16,837) |
Common stock repurchased |  | (1,530,683) |  |  | (558,167) |  |  | (167,201) |
Net cash used in financing activities |  | (1,308,070) |  |  | (188,616) |  |  | (235,152) |
Net increase (decrease) in cash and cash equivalents |  | 31,652 |  |  | 385,566 |  |  | (38,268) |
Cash and cash equivalents at beginning of year |  | 539,074 |  |  | 153,508 |  |  | 191,776 |
Cash and cash equivalents at end of year |  | $ | 570,726 |  |  | $ | 539,074 |  |  | $ | 153,508 |

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