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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
 
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-13251
 
SLM Corporation
(Exact name of registrant as specified in its charter)
 
Delaware52-2013874
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Continental DriveNewark,Delaware19713
(Address of principal executive offices)(Zip Code)
(302) 451-0200
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $.20 per shareSLMThe NASDAQ Global Select Market
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per shareSLMBPThe NASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer Accelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No  
As of March 31, 2022, there were 271,083,556 shares of common stock outstanding.





SLM CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS
INDEX



2 SLM CORPORATION




 
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,December 31,
(Dollars in thousands, except share and per share amounts)20222021
Assets
Cash and cash equivalents$3,262,595 $4,334,603 
Investments:
Trading investments at fair value (cost of $33,985 and $29,049, respectively)
38,820 37,465 
Available-for-sale investments at fair value (cost of $2,440,204 and $2,535,568, respectively)
2,341,551 2,517,956 
Other investments139,108 140,037 
Total investments2,519,479 2,695,458 
Loans held for investment (net of allowance for losses of $1,227,362 and $1,165,335, respectively)
21,291,675 20,341,283 
Restricted cash 187,960 210,741 
Other interest-earning assets9,327 9,655 
Accrued interest receivable1,259,145 1,205,667 
Premises and equipment, net148,154 150,516 
Goodwill and acquired intangible assets, net125,267  
Income taxes receivable, net215,217 239,578 
Tax indemnification receivable8,155 8,047 
Other assets24,855 26,351 
Total assets$29,051,829 $29,221,899 
Liabilities
Deposits$21,194,026 $20,828,124 
Long-term borrowings5,552,497 5,930,990 
Other liabilities261,099 313,074 
Total liabilities27,007,622 27,072,188 
Commitments and contingencies
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: 434.6 million and 432.0 million shares issued, respectively
86,922 86,403 
Additional paid-in capital1,086,852 1,074,384 
Accumulated other comprehensive loss (net of tax benefit of ($12,601) and ($5,707), respectively)
(39,514)(17,897)
Retained earnings2,913,544 2,817,134 
Total SLM Corporation stockholders’ equity before treasury stock4,298,874 4,211,094 
Less: Common stock held in treasury at cost: 163.5 million and 153.1 million shares, respectively
(2,254,667)(2,061,383)
Total equity2,044,207 2,149,711 
Total liabilities and equity$29,051,829 $29,221,899 






See accompanying notes to consolidated financial statements.
SLM CORPORATION 3




 
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
20222021
Interest income:
Loans$458,044 $431,804 
Investments5,479 2,728 
Cash and cash equivalents1,515 1,626 
Total interest income465,038 436,158 
Interest expense:
Deposits49,537 66,598 
Interest expense on short-term borrowings2,875 3,202 
Interest expense on long-term borrowings37,594 35,244 
Total interest expense90,006 105,044 
Net interest income375,032 331,114 
Less: provisions for credit losses98,050 (225,767)
Net interest income after provisions for credit losses276,982 556,881 
Non-interest income:
Gains on sales of loans, net9,881 399,111 
Gains (losses) on derivatives and hedging activities, net(5)28 
Other income 12,049 14,288 
Total non-interest income21,925 413,427 
Non-interest expenses:
Operating expenses:
Compensation and benefits71,981 71,581 
FDIC assessment fees5,684 5,188 
Other operating expenses54,341 47,730 
Total operating expenses132,006 124,499 
Acquired intangible assets amortization expense733  
Restructuring expenses 1,077 
Total non-interest expenses132,739 125,576 
Income before income tax expense 166,168 844,732 
Income tax expense37,356 203,525 
Net income 128,812 641,207 
Preferred stock dividends1,275 1,201 
Net income attributable to SLM Corporation common stock$127,537 $640,006 
Basic earnings per common share $0.46 $1.77 
Average common shares outstanding276,977 361,042 
Diluted earnings per common share$0.45 $1.75 
Average common and common equivalent shares outstanding280,654 366,240 
Declared dividends per common share$0.11 $0.03 





See accompanying notes to consolidated financial statements.
4 SLM CORPORATION




 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)
Three Months Ended
March 31,
20222021
Net income$128,812 $641,207 
Other comprehensive income (loss):
Unrealized losses on investments(81,041)(10,071)
Unrealized gains on cash flow hedges52,530 23,423 
Total unrealized gains (losses)(28,511)13,352 
Income tax (expense) benefit6,894 (3,229)
Other comprehensive income (loss), net of tax (expense) benefit(21,617)10,123 
Total comprehensive income$107,195 $651,330 






















See accompanying notes to consolidated financial statements.
SLM CORPORATION 5





CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
Common Stock Shares
(In thousands, except share and per share amounts)Preferred Stock SharesIssuedTreasuryOutstandingPreferred StockCommon StockAdditional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained EarningsTreasury StockTotal Equity
Balance at December 31, 20202,510,696 456,729,251 (81,441,252)375,287,999 $251,070 $91,346 $1,331,247 $(34,200)$1,722,365 $(798,993)$2,562,835 
Net income— — — — — — — — 641,207 — 641,207 
Other comprehensive income, net of tax— — — — — — — 10,123 — — 10,123 
Total comprehensive income— — — — — — — — — — 651,330 
Cash dividends declared:
Common stock ($0.03 per share)
— — — — — — — — (10,906)— (10,906)
Preferred Stock, Series B ($0.48 per share)
— — — — — — — — (1,201)— (1,201)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 463 — (479)— (16)
Issuance of common shares— 2,826,387 — 2,826,387 — 565 1,496 — — — 2,061 
Stock-based compensation expense— — — — — — 11,124 — — — 11,124 
Common stock repurchased and cancelled— (28,502,460)— (28,502,460)— (5,700)(466,110)— — — (471,810)
Common stock repurchased— — (20,200,370)(20,200,370)— — 174,684 — — (295,324)(120,640)
Shares repurchased related to employee stock-based compensation plans— — (1,059,980)(1,059,980)— — — — — (14,313)(14,313)
Balance at March 31, 20212,510,696 431,053,178 (102,701,602)328,351,576 $251,070 $86,211 $1,052,904 $(24,077)$2,350,986 $(1,108,630)$2,608,464 













See accompanying notes to consolidated financial statements.
6 SLM CORPORATION




CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
Common Stock Shares
(In thousands, except share and per share amounts)Preferred Stock SharesIssuedTreasuryOutstandingPreferred StockCommon StockAdditional Paid-In CapitalAccumulated
Other
Comprehensive
Loss
Retained EarningsTreasury StockTotal Equity
Balance at December 31, 20212,510,696 432,013,372 (153,056,639)278,956,733 $251,070 $86,403 $1,074,384 $(17,897)$2,817,134 $(2,061,383)$2,149,711 
Net income— — — — — — — — 128,812 — 128,812 
Other comprehensive loss, net of tax— — — — — — — (21,617)— — (21,617)
Total comprehensive income— — — — — — — — — — 107,195 
Cash dividends declared:
Common stock ($0.11 per share)
— — — — — — — — (30,493)— (30,493)
Preferred Stock, Series B ($0.51 per share)
— — — — — — — — (1,275)— (1,275)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 618 — (634)— (16)
Issuance of common shares— 2,594,817 — 2,594,817 — 519 (71)— — — 448 
Stock-based compensation expense— — — — — — 11,921 — — — 11,921 
Common stock repurchased— — (9,533,392)(9,533,392)— — — — — (175,943)(175,943)
Shares repurchased related to employee stock-based compensation plans— — (934,602)(934,602)— — — — — (17,341)(17,341)
Balance at March 31, 20222,510,696 434,608,189 (163,524,633)271,083,556 $251,070 $86,922 $1,086,852 $(39,514)$2,913,544 $(2,254,667)$2,044,207 
















See accompanying notes to consolidated financial statements.


SLM CORPORATION 7



CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
(Dollars in thousands)20222021
Operating activities
Net income$128,812 $641,207 
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses98,050 (225,767)
Income tax expense37,356 203,525 
Amortization of brokered deposit placement fee3,425 4,307 
Amortization of Secured Borrowing Facility upfront fee569 773 
Amortization of deferred loan origination costs and loan premium/(discounts), net4,455 4,016 
Net amortization of discount on investments965 2,161 
Reduction (increase) in tax indemnification receivable(108)2,814 
Depreciation of premises and equipment4,189 3,715 
Acquired intangible assets amortization expense733  
Stock-based compensation expense11,921 11,124 
Unrealized (gains) losses on derivatives and hedging activities, net315 10,872 
Gains on sales of loans, net(9,881)(399,111)
Acquisition transaction costs, net2,511  
Other adjustments to net income, net7,235 2,578 
Changes in operating assets and liabilities:
Increase in accrued interest receivable(185,294)(183,168)
Increase in non-marketable securities(992)(317)
Decrease in other interest-earning assets328 19,282 
Increase in other assets(17,529)(51,667)
Decrease in income taxes payable, net(4,243)(270)
Increase (decrease) in accrued interest payable14,779 (9,081)
Increase (decrease) in other liabilities(34,808)8,759 
Total adjustments(66,024)(595,455)
Total net cash provided by operating activities62,788 45,752 
Investing activities
Loans acquired and originated(2,215,958)(2,076,635)
Net proceeds from sales of loans held for investment45,729 3,436,391 
Proceeds from FFELP Loan claim payments5,594 4,602 
Net decrease in loans held for investment (other than loan sales)1,153,297 1,021,353 
Purchases of available-for-sale securities(536,633)(200,716)
Proceeds from sales and maturities of available-for-sale securities686,806 205,367 
Purchase of subsidiary, net of cash acquired(127,702) 
Total net cash (used in) provided by investing activities(988,867)2,390,362 
Financing activities
Brokered deposit placement fee(2,207) 
Net decrease in certificates of deposit(127,815)(686,344)
Net increase in other deposits543,767 850,408 
Borrowings collateralized by loans in securitization trusts - repaid(381,005)(272,123)
Issuance costs for unsecured debt offering(360)(325)
Fees paid on Secured Borrowing Facility (2,833)
Common stock dividends paid(30,493)(10,906)
Preferred stock dividends paid(1,275)(1,201)
Common stock repurchased(169,322)(550,790)
Total net cash used in financing activities(168,710)(674,114)
Net increase (decrease) in cash, cash equivalents and restricted cash(1,094,789)1,762,000 
Cash, cash equivalents and restricted cash at beginning of period4,545,344 4,609,709 
Cash, cash equivalents and restricted cash at end of period$3,450,555 $6,371,709 
8 SLM CORPORATION


Cash disbursements made for:
Interest$68,458 $76,491 
Income taxes paid$5,066 $887 
Income taxes refunded$(916)$(1,049)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents$3,262,595 $6,207,001 
Restricted cash187,960 164,708 
Total cash, cash equivalents and restricted cash$3,450,555 $6,371,709 




















See accompanying notes to consolidated financial statements.
SLM CORPORATION 9





1. Significant Accounting Policies
Basis of Presentation
The accompanying unaudited, consolidated financial statements of SLM Corporation (“Sallie Mae,” “SLM,” the “Company,” “we,” or “us”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”).
Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions.
We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
Business Combination
On March 4, 2022, we completed the previously announced acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”). Nitro provides resources that help students and families evaluate how to responsibly pay for college and manage their financial responsibilities after graduation. The addition of Nitro will support our mission of providing students with the confidence needed to successfully navigate the higher education journey. Strategically, we expect the acquisition of the Nitro assets, including its employees and intellectual property, to immediately expand our digital marketing capabilities, reduce the cost to acquire customer accounts, and accelerate our progress to become a broader education solutions provider for students before, during, and immediately after college.
The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB’s”) Accounting Standard Codification 805, “Business Combinations,” whereby as of the acquisition date, the acquired tangible assets and liabilities were recorded at their estimated fair values. The identifiable intangible assets were recorded at fair values as determined by an independent appraiser. The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $51 million. Certain amounts are provisional and are subject to change, including final working capital adjustments and goodwill.
The results of operations of Nitro have been included in our consolidated financial statements since the acquisition date. We have not disclosed the pro forma impact of this acquisition to the results of operations for the three months ended March 31, 2022, as the pro forma impact was deemed immaterial. Transaction costs associated with the Nitro acquisition were approximately $3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income.
Identifiable intangible assets at the acquisition date included definite life intangible assets with an aggregate fair value of approximately $75 million, including tradename and trademarks, customer relationships, and developed technology. The intangible assets will be amortized over a period of three to 10 years based on the estimated economic benefit derived from each of the underlying assets.
See Note 6, “Goodwill and Acquired Intangible Assets,” for additional details.

10 SLM CORPORATION


1.Significant Accounting Policies (Continued)


Recently Issued and Adopted Accounting Pronouncements
On March 31, 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU No. 2022-02”), which eliminates the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The enhanced disclosures are required to be provided for modifications made starting in the period of adoption. Information about modifications in periods before adoption is not required to be provided.
ASU No. 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination. For entities that have adopted the amendments in ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
Early adoption of the amendments in ASU No. 2022-02 is permitted if an entity has adopted CECL. The amendments should be applied prospectively. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method. We have elected to early adopt in all aspects ASU No. 2022-02 prospectively for the period beginning January 1, 2022. The adoption did not affect our consolidated financial statements. For additional information, see Note 4, "Allowance for Credit Losses".


SLM CORPORATION 11


2. Investments
Trading Investments
We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest (i.e., five percent of each class issued in the securitizations). We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings. At March 31, 2022 and December 31, 2021, we had $39 million and $37 million, respectively, classified as trading investments.
Available-for-Sale Investments
The amortized cost and fair value of securities available for sale are as follows:

As of March 31, 2022
(dollars in thousands)
Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$400,647 $ $74 $(29,641)$371,080 
Utah Housing Corporation bonds4,926   (77)4,849 
U.S. government-sponsored enterprises and Treasuries1,799,080   (63,830)1,735,250 
Other securities235,551   (5,179)230,372 
Total $2,440,204 $ $74 $(98,727)$2,341,551 
As of December 31, 2021
(dollars in thousands)
Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$376,313 $ $1,857 $(7,073)$371,097 
Utah Housing Corporation bonds6,943  18  6,961 
U.S. government-sponsored enterprises and Treasuries1,958,943  603 (11,893)1,947,653 
Other securities193,369  439 (1,563)192,245 
Total $2,535,568 $ $2,917 $(20,529)$2,517,956 


(1) Represents the amount of impairment that has resulted from credit-related factors and that was recognized in the consolidated balance sheets (as a credit loss expense on available-for-sale securities). The amount excludes unrealized losses related to non-credit factors.

12 SLM CORPORATION


2.Investments (Continued)
The following table summarizes the amount of gross unrealized losses for our available-for-sale securities and the estimated fair value for securities having gross unrealized loss positions, categorized by length of time the securities have been in an unrealized loss position:

(Dollars in thousands)
Less than 12 months12 months or moreTotal
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
As of March 31, 2022:
Mortgage-backed securities$(12,056)$188,447 $(17,585)$176,659 $(29,641)$365,106 
Utah Housing Corporation bonds(77)4,849   (77)4,849 
U.S. government-sponsored enterprises and Treasuries(61,996)1,647,055 (1,834)63,176 (63,830)1,710,231 
Other securities(3,266)137,845 (1,913)36,752 (5,179)174,597 
Total$(77,395)$1,978,196 $(21,332)$276,587 $(98,727)$2,254,783 
As of December 31, 2021:
Mortgage-backed securities$(5,534)$261,404 $(1,540)$36,587 $(7,074)$297,991 
Utah Housing Corporation bonds      
U.S. government-sponsored enterprises and Treasuries(11,892)1,199,367   (11,892)1,199,367 
Other securities(1,563)132,884   (1,563)132,884 
Total$(18,989)$1,593,655 $(1,540)$36,587 $(20,529)$1,630,242 

At March 31, 2022 and December 31, 2021, 158 of 186 and 60 of 180, respectively, of our available-for-sale securities were in an unrealized loss position.
Impairment
For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, as well as any guarantees (e.g., guarantees by the U.S. Government) that may be applicable to the security. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security.
Our investment portfolio contains mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, as well as Utah Housing Corporation bonds. We own these securities to meet our requirements under the Community Reinvestment Act (“CRA”). We also invest in other U.S. government-sponsored enterprise securities issued by the Federal Home Loan Bank, Freddie Mac, and the Federal Farm Credit Bank. Our mortgage-backed securities that were issued under Ginnie Mae programs carry a full faith and credit guarantee from the U.S. Government. The remaining mortgage-backed securities in a net loss position carry a principal and interest guarantee by Fannie Mae or Freddie Mac, respectively. Our Treasury and other U.S. government-sponsored enterprise bonds are rated Aaa by Moody’s Investors Service or AA+ by Standard and Poor’s. The decline in value from December 31, 2021 to March 31, 2022 was driven by the current interest rate environment and is not credit related. We have the intent and ability to hold these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. Based on this qualitative analysis, we have determined that no credit impairment exists.
We periodically sell Private Education Loans through securitization transactions where we are required to retain a five percent vertical risk retention interest. We classify the non-residual vertical risk retention interests as available-for-sale investments. We have the intent and ability to hold each of these bonds for a period of time sufficient for the market price to recover to at least the adjusted amortized cost of the security. We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist.
SLM CORPORATION 13


2.Investments (Continued)
As of March 31, 2022, the amortized cost and fair value of securities, by contractual maturities, are summarized below. Contractual maturities versus actual maturities may differ due to the effect of prepayments.
As of March 31, 2022
Year of Maturity
(dollars in thousands)
Amortized CostEstimated Fair Value
2022$194,309 $193,447 
2023162,595 159,383 
2024597,268 577,077 
2025297,077 293,021 
2026547,832 512,323 
203873 76 
2039873 916 
20422,912 2,768 
20435,415 5,336 
20447,015 6,959 
20456,158 6,018 
20469,374 9,085 
20479,957 9,751 
20482,427 2,437 
204918,261 17,902 
2050127,490 116,445 
2051174,646 159,542 
205240,972 38,693 
2053132,336 128,621 
2054103,214 101,751 
Total$2,440,204 $2,341,551 

Some of our securities have been pledged to the Federal Reserve Bank (the “FRB”) as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $720 million and $888 million par value of securities pledged to this borrowing facility at March 31, 2022 and December 31, 2021, respectively, as discussed further in Notes to Consolidated Financial Statements, Note 8, “Borrowings.”
Other Investments</