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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 September 30, 2024
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 September 30, 2024, there were 212,330,467 shares of common stock outstanding.






SLM CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS
INDEX







 
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,December 31,
(Dollars in thousands, except share and per share amounts)20242023
Assets
Cash and cash equivalents$4,489,539 $4,149,838 
Investments:
Trading investments at fair value (cost of $43,373 and $43,412, respectively)
54,840 54,481 
Available-for-sale investments at fair value (cost of $2,113,257 and $2,563,984, respectively)
2,022,605 2,411,622 
Other investments114,210 91,567 
Total investments2,191,655 2,557,670 
Loans held for investment (net of allowance for losses of $1,413,621 and $1,339,772, respectively)
20,459,933 20,306,357 
Loans held for sale485,701  
Restricted cash 170,984 149,669 
Other interest-earning assets5,820 9,229 
Accrued interest receivable1,537,594 1,379,904 
Premises and equipment, net122,972 129,501 
Goodwill and acquired intangible assets, net64,877 68,711 
Income taxes receivable, net428,778 366,247 
Other assets54,914 52,342 
Total assets$30,012,767 $29,169,468 
Liabilities
Deposits$21,445,457 $21,653,188 
Long-term borrowings6,036,527 5,227,512 
Other liabilities397,033 407,971 
Total liabilities27,879,017 27,288,671 
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: 440.5 million and 438.2 million shares issued, respectively
88,106 87,647 
Additional paid-in capital1,185,187 1,148,689 
Accumulated other comprehensive loss (net of tax benefit of ($16,210) and ($24,176), respectively)
(50,339)(75,104)
Retained earnings4,034,640 3,624,859 
Total SLM Corporation stockholders’ equity before treasury stock5,508,664 5,037,161 
Less: Common stock held in treasury at cost: 228.2 million and 217.9 million shares, respectively
(3,374,914)(3,156,364)
Total equity2,133,750 1,880,797 
Total liabilities and equity$30,012,767 $29,169,468 






See accompanying notes to consolidated financial statements.
2



 
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollars in thousands, except per share amounts)
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2024202320242023
Interest income:
Loans$565,046 $581,080 $1,726,991 $1,732,206 
Investments16,299 13,268 45,945 36,636 
Cash and cash equivalents71,294 57,902 184,737 154,911 
Total interest income652,639 652,250 1,957,673 1,923,753 
Interest expense:
Deposits225,749 209,921 657,480 584,859 
Interest expense on short-term borrowings3,467 3,576 10,339 9,893 
Interest expense on long-term borrowings64,020 54,125 171,263 152,674 
Total interest expense293,236 267,622 839,082 747,426 
Net interest income359,403 384,628 1,118,591 1,176,327 
Less: provisions for credit losses271,465 198,023 300,336 329,864 
Net interest income after provisions for credit losses87,938 186,605 818,255 846,463 
Non-interest income:
Gains (losses) on sales of loans, net(31)(5)254,937 124,740 
Gains (losses) on securities, net(3,836)1,490 385 1,988 
Other income 28,390 22,753 85,164 63,275 
Total non-interest income24,523 24,238 340,486 190,003 
Non-interest expenses:
Operating expenses:
Compensation and benefits87,566 83,577 269,303 249,459 
FDIC assessment fees12,973 12,283 38,012 33,663 
Other operating expenses70,259 71,542 181,122 192,983 
Total operating expenses170,798 167,402 488,437 476,105 
Acquired intangible assets amortization expense1,225 2,834 3,834 7,351 
Total non-interest expenses172,023 170,236 492,271 483,456 
Income (loss) before income tax expense (benefit) (59,562)40,607 666,470 553,010 
Income tax expense (benefit)(14,410)11,242 169,698 140,062 
Net income (loss)(45,152)29,365 496,772 412,948 
Preferred stock dividends4,648 4,642 13,929 12,979 
Net income (loss) attributable to SLM Corporation common stock$(49,800)$24,723 $482,843 $399,969 
Basic earnings (loss) per common share $(0.23)$0.11 $2.21 $1.71 
Average common shares outstanding214,873 226,120 218,059 234,170 
Diluted earnings (loss) per common share$(0.23)$0.11 $2.18 $1.69 
Average common and common equivalent shares outstanding214,873 228,800 221,553 236,593 
Declared dividends per common share$0.11 $0.11 $0.33 $0.33 





See accompanying notes to consolidated financial statements.
3



 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2024202320242023
Net income (loss)$(45,152)$29,365 $496,772 $412,948 
Other comprehensive income (loss):
Unrealized gains (losses) on investments53,748 (17,686)61,150 3,358 
Unrealized gains (losses) on cash flow hedges(16,110)(5,767)(28,419)(13,191)
Total unrealized gains (losses)37,638 (23,453)32,731 (9,833)
Income tax (expense) benefit(9,168)5,702 (7,966)2,388 
Other comprehensive income (loss), net of tax (expense) benefit28,470 (17,751)24,765 (7,445)
Total comprehensive income (loss)$(16,682)$11,614 $521,537 $405,503 






















See accompanying notes to consolidated financial statements.
4





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 June 30, 20232,510,696 437,993,893 (211,913,035)226,080,858 $251,070 $87,599 $1,129,537 $(83,564)$3,485,732 $(3,064,010)$1,806,364 
Net income— — — — — — — — 29,365 — 29,365 
Other comprehensive loss, net of tax— — — — — — — (17,751)— — (17,751)
Total comprehensive income— — — — — — — — — — 11,614 
Cash dividends declared:
Common stock ($0.11 per share)
— — — — — — — — (24,879)— (24,879)
Preferred Stock, Series B ($1.85 per share)
— — — — — — — — (4,642)— (4,642)
Issuance of common shares— 200,886 — 200,886 — 40 2,590 — (1)— 2,629 
Stock-based compensation expense— — — — — — 8,472 —  — 8,472 
Common stock repurchased— —   — — — — — (161)(161)
Shares repurchased related to employee stock-based compensation plans— — (10,687)(10,687)— — — — — (173)(173)
Balance at September 30, 20232,510,696 438,194,779 (211,923,722)226,271,057 $251,070 $87,639 $1,140,599 $(101,315)$3,485,575 $(3,064,344)$1,799,224 













See accompanying notes to consolidated financial statements.
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 June 30, 20242,510,696 440,279,647 (222,818,287)217,461,360 $251,070 $88,056 $1,173,735 $(78,809)$4,107,980 $(3,258,794)$2,283,238 
Net loss— — — — — — — — (45,152)— (45,152)
Other comprehensive income, net of tax— — — — — — — 28,470 — — 28,470 
Total comprehensive loss— — — — — — — — — — (16,682)
Cash dividends declared:
Common stock ($0.11 per share)
— — — — — — — — (23,529)— (23,529)
Preferred Stock, Series B ($1.85 per share)
— — — — — — — — (4,648)— (4,648)
Issuance of common shares— 249,049 — 249,049 — 50 3,078 — (11)— 3,117 
Stock-based compensation expense— — — — — — 8,374 — — — 8,374 
Common stock repurchased— — (5,345,026)(5,345,026)— — — — — (115,338)(115,338)
Shares repurchased related to employee stock-based compensation plans— — (34,916)(34,916)— — — — — (782)(782)
Balance at September 30, 20242,510,696 440,528,696 (228,198,229)212,330,467 $251,070 $88,106 $1,185,187 $(50,339)$4,034,640 $(3,374,914)$2,133,750 

















See accompanying notes to consolidated financial statements.
6


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, 20222,510,696 435,121,140 (194,445,696)240,675,444 $251,070 $87,025 $1,109,072 $(93,870)$3,163,640 $(2,789,967)$1,726,970 
Net income— — — — — — — — 412,948 — 412,948 
Other comprehensive loss, net of tax— — — — — — — (7,445)— — (7,445)
Total comprehensive income— — — — — — — — — — 405,503 
Cash dividends declared:
Common stock ($0.33 per share)
— — — — — — — — (76,817)— (76,817)
Preferred Stock, Series B ($5.17 per share)
— — — — — — — — (12,979)— (12,979)
Issuance of common shares— 3,073,639 — 3,073,639 — 614 3,227 — (1,217)— 2,624 
Stock-based compensation expense— — — — — — 28,300 — — — 28,300 
Common stock repurchased— — (16,389,696)(16,389,696)— — — — — (257,563)(257,563)
Shares repurchased related to employee stock-based compensation plans— — (1,088,330)(1,088,330)— — — — — (16,814)(16,814)
Balance at September 30, 20232,510,696 438,194,779 (211,923,722)226,271,057 $251,070 $87,639 $1,140,599 $(101,315)$3,485,575 $(3,064,344)$1,799,224 













See accompanying notes to consolidated financial statements.
7




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, 20232,510,696 438,230,416 (217,886,532)220,343,884 $251,070 $87,647 $1,148,689 $(75,104)$3,624,859 $(3,156,364)$1,880,797 
Net income— — — — — — — — 496,772 — 496,772 
Other comprehensive income, net of tax— — — — — — — 24,765 — — 24,765 
Total comprehensive income— — — — — — — — — — 521,537 
Cash dividends declared:
Common stock ($0.33 per share)
— — — — — — — — (71,834)— (71,834)
Preferred Stock, Series B ($5.55 per share)
— — — — — — — — (13,929)— (13,929)
Issuance of common shares— 2,298,280 2,298,280 — 459 4,757 — (1,228)— 3,988 
Stock-based compensation expense— — — — — — 31,741 — — — 31,741 
Common stock repurchased— — (9,585,395)(9,585,395)— — — — — (203,996)(203,996)
Shares repurchased related to employee stock-based compensation plans— — (726,302)(726,302)— — — — — (14,554)(14,554)
Balance at September 30, 20242,510,696 440,528,696 (228,198,229)212,330,467 $251,070 $88,106 $1,185,187 $(50,339)$4,034,640 $(3,374,914)$2,133,750 

















See accompanying notes to consolidated financial statements.




8



CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended 
 September 30,
(Dollars in thousands)20242023
Operating activities
Net income$496,772 $412,948 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses300,336 329,864 
Income tax expense169,698 140,062 
Amortization of brokered deposit placement fee8,101 8,818 
Amortization of Secured Borrowing Facility upfront fee1,762 2,149 
Amortization of deferred loan origination costs and loan premium/(discounts), net9,203 9,831 
Net amortization of discount on investments(1,480)(2,012)
Increase in tax indemnification receivable (129)
Depreciation of premises and equipment13,489 13,404 
Acquired intangible assets amortization expense3,834 7,351 
Stock-based compensation expense31,741 28,300 
Unrealized (gains) losses on derivatives and hedging activities, net62 (280)
Gains on sales of loans, net(254,937)(124,740)
Gains on securities, net(385)(1,988)
Acquisition transaction costs, net 997 
Other adjustments to net income, net8,856 12,279 
Changes in operating assets and liabilities:
Increase in accrued interest receivable(829,087)(777,125)
Increase in non-marketable securities(10,553)(853)
Decrease in other interest-earning assets3,409 75 
Increase in other assets(41,899)(31,211)
Decrease in income taxes payable, net(234,743)(163,077)
(Decrease) increase in accrued interest payable(6,121)27,829 
Decrease in other liabilities(1,992)(9,988)
Total adjustments(830,706)(530,444)
Total net cash used in operating activities(333,934)(117,496)
Investing activities
Loans acquired and originated(6,071,409)(5,600,123)
Net proceeds from sales of loans held for investment and loans held for sale3,761,691 2,157,024 
Proceeds from FFELP Loan claim payments27,579 39,836 
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)2,021,627 2,338,426 
Purchases of available-for-sale securities(76,963)(70,790)
Proceeds from sales and maturities of available-for-sale securities744,798 215,042 
Purchase of subsidiary, net of cash acquired (14,654)
Total net cash provided by (used in) investing activities407,323 (935,239)
Financing activities
Brokered deposit placement fee(5,906)(6,904)
Net increase in certificates of deposit508,686 886,475 
Net decrease in other deposits(727,932)(796,218)
Issuance costs for collateralized borrowings (15)
Borrowings collateralized by loans in securitization trusts - issued1,529,461 1,135,054 
Borrowings collateralized by loans in securitization trusts - repaid(727,688)(863,230)
Fees paid on Secured Borrowing Facility(2,333)(2,850)
Common stock dividends paid(71,834)(76,817)
Preferred stock dividends paid(13,929)(12,979)
Common stock repurchased(200,898)(259,331)
Total net cash provided by financing activities287,627 3,185 
Net increase (decrease) in cash, cash equivalents and restricted cash361,016 (1,049,550)
Cash, cash equivalents and restricted cash at beginning of period4,299,507 4,772,836 
9


Cash, cash equivalents and restricted cash at end of period$4,660,523 $3,723,286 
Cash disbursements made for:
Interest$824,375 $691,632 
Income taxes paid$235,675 $171,022 
Income taxes refunded$(1,251)$(8,157)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents$4,489,539 $3,548,225 
Restricted cash170,984 175,061 
Total cash, cash equivalents and restricted cash$4,660,523 $3,723,286 



















See accompanying notes to consolidated financial statements.
10





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 and nine months ended September 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 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, 2023 (the “2023 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.
Allowance for Credit Losses
We maintain an allowance for credit losses for the lifetime expected credit losses on loans in our portfolios, as well as for future loan commitments, at the reporting date (“CECL”).
In determining the lifetime expected credit losses on our Private Education Loan portfolio loan segments, we use a discounted cash flow method. This method requires us to project future principal and interest cash flows on our loans in those portfolios.
To estimate the future expected cash flows, we use statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary, to determine the adequacy of the allowance at each balance sheet date. These cash flows are discounted at the loan’s effective interest rate to calculate the present value of those cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses. Entities that measure credit losses based on the present value of expected future cash flows are permitted to report the entire change in present value as credit loss expense, but may alternatively report the change in present value due to the passage of time as interest income. We have elected to report the entire change in present value as credit loss expense.
We estimate future default rates used in our current expected credit losses at a loan level using historical loss experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages.
We estimate future prepayment speeds used in our current expected credit losses at a loan level using historical prepayment experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period. At the end of the reasonable and supportable forecast period, we immediately revert our forecasted economic factors to long-term historical averages.
The reasonable and supportable forecast period is meant to represent the period in which we believe we can estimate the impact of forecasted economic factors in our expected losses. We use a two-year reasonable and supportable forecast period, although this period is subject to change as our view evolves on our ability to reasonably forecast economic conditions to estimate future losses.
11


1.Significant Accounting Policies (Continued)

In estimating future default rates and prepayment speeds in our current expected credit losses, we use a combination of expected economic scenarios coupled with our historical experience to derive a base case adjusted for any qualitative factors (as described below). We also develop an adverse and favorable economic scenario. At each reporting date, we determine the appropriate weighting of these alternate scenarios based upon the current economic conditions and our view of the risks of alternate outcomes. This weighting of expectations is used in calculating our current expected credit losses recorded each period.
In estimating recoveries, we use both estimates of what we would receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans.
In addition to the above modeling approach, we also take certain other qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses). These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses.
The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of operations.
When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period. These include, but are not limited to, CECL model inputs and any overlays deemed necessary by management. The most impactful CECL model inputs include:
Economic forecasts;
Weighting of economic forecasts; and
Recovery rates.
Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses.
In the second quarter of 2024, we implemented a loan-level future default rate model that includes current portfolio characteristics and forecasts of real gross domestic product and college graduate unemployment. In the second quarter of 2024, we also implemented a future prepayment speeds model to include forecasts of real gross domestic product, retail sales, the Secured Overnight Financing Rate (“SOFR”), and the U.S. 10-year treasury rate. These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models. Prior to these changes, our loss models used forecasts of college graduate unemployment, retail sales, home price index, and median family income. Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses. The combined impact upon implementation of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses.
We obtain forecasts for our loss model inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence. We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs. At September 30, 2024, December 31, 2023, and September 30, 2023, we used the Baseline (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU
12


1.Significant Accounting Policies (Continued)

improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendment provides new segment disclosure requirements for entities with a single reportable segment. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We do not expect the impact of this amendment to be material to our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. Additionally, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024. We do not expect the impact of this amendment to be material to our consolidated financial statements.

2. Investments
Trading Investments
We periodically sell Private Education Loans (as hereinafter defined) 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 September 30, 2024 and December 31, 2023, we had $55 million and $54 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 September 30, 2024
(dollars in thousands)
Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$515,923 $ $1,664 $(54,875)$462,712 
Utah Housing Corporation bonds2,849   (318)2,531 
U.S. government-sponsored enterprises and Treasuries997,530   (31,323)966,207 
Other securities596,955  7,024 (12,824)591,155 
Total $2,113,257 $ $8,688 $(99,340)$2,022,605 
As of December 31, 2023
(dollars in thousands)
Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$468,204 $ $703 $(62,480)$406,427 
Utah Housing Corporation bonds3,408   (279)3,129 
U.S. government-sponsored enterprises and Treasuries1,645,609   (66,870)1,578,739 
Other securities446,763  603 (24,039)423,327 
Total $2,563,984 $ $1,306 $(153,668)$2,411,622 

(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.

13


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 September 30, 2024:
Mortgage-backed securities$(101)$34,601 $(54,774)$309,842 $(54,875)$344,443 
Utah Housing Corporation bonds  (318)2,531 (318)2,531 
U.S. government-sponsored enterprises and Treasuries  (31,323)966,207 (31,323)966,207 
Other securities(123)22,933 (12,701)206,952 (12,824)229,885 
Total$(224)$57,534 $(99,116)$1,485,532 $(99,340)$1,543,066 
As of December 31, 2023:
Mortgage-backed securities$(531)$51,391 $(61,949)$300,318 $(62,480)$351,709 
Utah Housing Corporation bonds  (279)3,129 (279)3,129 
U.S. government-sponsored enterprises and Treasuries  (66,870)1,578,739 (66,870)1,578,739 
Other securities(2,221)90,725 (21,818)241,253 (24,039)331,978 
Total$(2,752)$142,116 $(150,916)$2,123,439 $(153,668)$2,265,555 

At September 30, 2024 and December 31, 2023, 194 of 278 and 213 of 248, 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 are met, the security’s amortized cost basis is written down to fair value through net 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 Banks, 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. 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.

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2.Investments (Continued)
As of September 30, 2024, 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 September 30, 2024
Year of Maturity
(dollars in thousands)
Amortized CostEstimated Fair Value
2024$49,998 $49,922 
2025299,564 296,634 
2026549,052 522,070 
202798,916 97,582 
203866 68 
2039561 563 
20422,152 1,914 
20433,813 3,512 
20444,125 3,867 
20454,567 4,170 
20467,014 6,318 
20476,980 6,339 
20481,706 1,597 
204914,973 13,648 
2050102,417 84,272 
2051146,699 119,429