XML 57 R33.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Parent Only Statements | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Parent Only Statements | Parent Only Statements 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) |  | 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 |  |  |  |  |  |
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 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 |

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

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration