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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 3,539,341 $ 4,700,366
Investments:    
Trading investments at fair value (cost of $38,668 and $41,715, respectively) 51,963 53,262
Available-for-sale investments at fair value (cost of $1,841,143 and $2,042,473, respectively) 1,775,784 1,933,226
Other investments 117,211 112,377
Total investments 1,944,958 2,098,865
Loans held for investment (net of allowance for losses of $1,526,104 and $1,435,920, respectively) 21,615,067 20,902,158
Restricted cash 193,143 173,894
Other interest-earning assets 838 4,880
Accrued interest receivable 1,690,102 1,546,590
Premises and equipment, net 119,286 119,354
Goodwill and acquired intangible assets, net 60,767 63,532
Income taxes receivable, net 405,082 425,625
Other assets 36,838 36,846
Total assets 29,605,422 30,072,110
Liabilities    
Deposits 20,012,108 21,068,568
Long-term borrowings 6,838,995 6,440,345
Other liabilities 413,021 403,277
Total liabilities 27,264,124 27,912,190
Commitments and contingencies
Equity    
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: 443.2 million and 440.6 million shares issued, respectively 88,637 88,121
Additional paid-in capital 1,231,189 1,193,753
Accumulated other comprehensive loss (net of tax benefit of ($15,124) and ($21,209), respectively) (45,167) (65,861)
Retained earnings 4,531,160 4,114,446
Total SLM Corporation stockholders’ equity before treasury stock 6,056,889 5,581,529
Less: Common stock held in treasury at cost: 240.1 million and 230.2 million shares, respectively (3,715,591) (3,421,609)
Total equity 2,341,298 2,159,920
Total liabilities and equity $ 29,605,422 $ 30,072,110