XML 69 R52.htm IDEA: XBRL DOCUMENT
v3.22.4

Parent Only Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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) |  | 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 |
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 Statements of Cash Flows |
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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration