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Parent Only Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 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 |
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 Statements of Cash Flows |
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 |

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