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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, 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 September 30, 2022, there were 250,196,830 shares of common stock outstanding.





SLM CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS
INDEX



2 SLM CORPORATION




 
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,December 31,
(Dollars in thousands, except share and per share amounts)20222021
Assets
Cash and cash equivalents$4,846,754 $4,334,603 
Investments:
Trading investments at fair value (cost of $46,051 and $29,049, respectively)
52,450 37,465 
Available-for-sale investments at fair value (cost of $2,643,540 and $2,535,568, respectively)
2,427,540 2,517,956 
Other investments136,803 140,037 
Total investments2,616,793 2,695,458 
Loans held for investment (net of allowance for losses of $1,194,238 and $1,165,335, respectively)
19,622,302 20,341,283 
Loans held for sale28,880  
Restricted cash 177,917 210,741 
Other interest-earning assets11,025 9,655 
Accrued interest receivable1,223,647 1,205,667 
Premises and equipment, net144,031 150,516 
Goodwill and acquired intangible assets, net120,570  
Income taxes receivable, net305,836 239,578 
Tax indemnification receivable8,392 8,047 
Other assets32,941 26,351 
Total assets$29,139,088 $29,221,899 
Liabilities
Deposits$21,276,748 $20,828,124 
Long-term borrowings5,522,311 5,930,990 
Other liabilities357,801 313,074 
Total liabilities27,156,860 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: 435.1 million and 432.0 million shares issued, respectively
87,022 86,403 
Additional paid-in capital1,101,761 1,074,384 
Accumulated other comprehensive loss (net of tax benefit of ($29,809) and ($5,707), respectively)
(93,477)(17,897)
Retained earnings3,270,896 2,817,134 
Total SLM Corporation stockholders’ equity before treasury stock4,617,272 4,211,094 
Less: Common stock held in treasury at cost: 184.9 million and 153.1 million shares, respectively
(2,635,044)(2,061,383)
Total equity1,982,228 2,149,711 
Total liabilities and equity$29,139,088 $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 
 September 30,
Nine Months Ended 
 September 30,
2022202120222021
Interest income:
Loans$483,327 $442,576 $1,387,411 $1,304,479 
Investments10,260 3,366 24,252 9,262 
Cash and cash equivalents26,324 1,613 36,317 4,662 
Total interest income519,911 447,555 1,447,980 1,318,403 
Interest expense:
Deposits105,468 51,629 215,473 175,483 
Interest expense on short-term borrowings3,054 5,458 8,902 14,360 
Interest expense on long-term borrowings41,879 32,950 116,255 101,144 
Total interest expense150,401 90,037 340,630 290,987 
Net interest income369,510 357,518 1,107,350 1,027,416 
Less: provisions for credit losses207,598 138,442 336,193 (17,648)
Net interest income after provisions for credit losses161,912 219,076 771,157 1,045,064 
Non-interest income:
Gains (losses) on sales of loans, net74,978 (10)324,856 402,780 
Gains (losses) on derivatives and hedging activities, net 44 (5)161 
Other income 20,125 13,879 50,430 76,747 
Total non-interest income95,103 13,913 375,281 479,688 
Non-interest expenses:
Operating expenses:
Compensation and benefits65,003 66,229 202,995 200,426 
FDIC assessment fees4,592 6,521 11,501 17,634 
Other operating expenses80,369 67,899 199,204 175,098 
Total operating expenses149,964 140,649 413,700 393,158 
Acquired intangible assets amortization expense2,328  5,478  
Restructuring expenses 108  1,255 
Total non-interest expenses152,292 140,757 419,178 394,413 
Income before income tax expense 104,723 92,232 727,260 1,130,339 
Income tax expense29,551 19,392 181,203 276,091 
Net income 75,172 72,840 546,057 854,248 
Preferred stock dividends2,531 1,166 5,563 3,559 
Net income attributable to SLM Corporation common stock$72,641 $71,674 $540,494 $850,689 
Basic earnings per common share $0.29 $0.24 $2.05 $2.62 
Average common shares outstanding251,266 299,890 263,098 324,148 
Diluted earnings per common share$0.29 $0.24 $2.03 $2.59 
Average common and common equivalent shares outstanding253,716 304,511 266,065 329,064 
Declared dividends per common share$0.11 $0.03 $0.33 $0.09 





See accompanying notes to consolidated financial statements.
4 SLM CORPORATION




 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2022202120222021
Net income$75,172 $72,840 $546,057 $854,248 
Other comprehensive income (loss):
Unrealized losses on investments(68,701)(2,539)(197,930)(10,256)
Unrealized gains on cash flow hedges29,823 5,095 98,248 29,374 
Total unrealized gains (losses)(38,878)2,556 (99,682)19,118 
Income tax (expense) benefit9,400 (619)24,102 (4,621)
Other comprehensive income (loss), net of tax (expense) benefit(29,478)1,937 (75,580)14,497 
Total comprehensive income$45,694 $74,777 $470,477 $868,745 






















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 June 30, 20212,510,696 431,508,098 (125,700,875)305,807,223 $251,070 $86,302 $1,058,698 $(21,640)$2,480,672 $(1,551,724)$2,303,378 
Net income— — — — — — — — 72,840 — 72,840 
Other comprehensive income, net of tax— — — — — — — 1,937 — — 1,937 
Total comprehensive income— — — — — — — — — — 74,777 
Cash dividends declared:
Common stock ($0.03 per share)
— — — — — — — — (8,934)— (8,934)
Preferred Stock, Series B ($0.46 per share)
— — — — — — — — (1,166)— (1,166)
Dividend equivalent units related to employee stock-based compensation plans— — — — — —  — (1)— (1)
Issuance of common shares— 504,183 — 504,183 — 101 2,769 — — — 2,870 
Stock-based compensation expense— — — — — — 6,686 — — — 6,686 
Fees related to first-quarter 2021 common stock tender offer— — — — — — (94)— — — (94)
Common stock repurchased— — (13,018,585)(13,018,585)— —  — — (244,082)(244,082)
Shares repurchased related to employee stock-based compensation plans— — (115,414)(115,414)— — — — — (2,173)(2,173)
Balance at September 30, 20212,510,696 432,012,281 (138,834,874)293,177,407 $251,070 $86,403 $1,068,059 $(19,703)$2,543,411 $(1,797,979)$2,131,261 













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 June 30, 20222,510,696 435,102,082 (183,717,942)251,384,140 $251,070 $87,021 $1,095,296 $(63,999)$3,225,610 $(2,618,188)$1,976,810 
Net income— — — — — — — — 75,172 — 75,172 
Other comprehensive loss, net of tax— — — — — — — (29,478)— — (29,478)
Total comprehensive income— — — — — — — — — — 45,694 
Cash dividends declared:
Common stock ($0.11 per share)
— — — — — — — — (27,643)— (27,643)
Preferred Stock, Series B ($1.01 per share)
— — — — — — — — (2,531)— (2,531)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — (539)— (1)— (540)
Issuance of common shares— 4,682 — 4,682 — 1 539 — — — 540 
Stock-based compensation expense— — — — — — 6,465 — 289 — 6,754 
Common stock repurchased— — (1,191,544)(1,191,544)— — — — — (16,849)(16,849)
Shares repurchased related to employee stock-based compensation plans— — (448)(448)— — — — — (7)(7)
Balance at September 30, 20222,510,696 435,106,764 (184,909,934)250,196,830 $251,070 $87,022 $1,101,761 $(93,477)$3,270,896 $(2,635,044)$1,982,228 

















See accompanying notes to consolidated financial statements.

SLM CORPORATION 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, 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— — — — — — — — 854,248 — 854,248 
Other comprehensive income, net of tax— — — — — — — 14,497 — — 14,497 
Total comprehensive income— — — — — — — — — — 868,745 
Cash dividends declared:
Common stock ($0.09 per share)
— — — — — — — — (29,104)— (29,104)
Preferred Stock, Series B ($1.42 per share)
— — — — — — — — (3,559)— (3,559)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 522 — (539)— (17)
Issuance of common shares— 3,785,490 — 3,785,490 — 757 4,134 — — — 4,891 
Stock-based compensation expense— — — — — — 24,254 — — — 24,254 
Common stock repurchased and cancelled— (28,502,460)— (28,502,460)— (5,700)(466,782)— — — (472,482)
Common stock repurchased— — (56,025,796)(56,025,796)— — 174,684 — — (978,883)(804,199)
Shares repurchased related to employee stock-based compensation plans— — (1,367,826)(1,367,826)— — — — — (20,103)(20,103)
Balance at September 30, 20212,510,696 432,012,281 (138,834,874)293,177,407 $251,070 $86,403 $1,068,059 $(19,703)$2,543,411 $(1,797,979)$2,131,261 















See accompanying notes to consolidated financial statements.

8 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— — — — — — — — 546,057 — 546,057 
Other comprehensive loss, net of tax— — — — — — — (75,580)— — (75,580)
Total comprehensive income— — — — — — — — — — 470,477 
Cash dividends declared:
Common stock ($0.33 per share)
— — — — — — — — (86,219)— (86,219)
Preferred Stock, Series B ($2.22 per share)
— — — — — — — — (5,563)— (5,563)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 245 — (802)— (557)
Issuance of common shares— 3,093,392 3,093,392 — 619 371 — — — 990 
Stock-based compensation expense— — — — — — 26,761 — 289 — 27,050 
Common stock repurchased— — (30,721,944)(30,721,944)— — — — — (552,887)(552,887)
Shares repurchased related to employee stock-based compensation plans— — (1,131,351)(1,131,351)— — — — — (20,774)(20,774)
Balance at September 30, 20222,510,696 435,106,764 (184,909,934)250,196,830 $251,070 $87,022 $1,101,761 $(93,477)$3,270,896 $(2,635,044)$1,982,228 

















See accompanying notes to consolidated financial statements.
SLM CORPORATION 9



CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended 
 September 30,
(Dollars in thousands)20222021
Operating activities
Net income$546,057 $854,248 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses336,193 (17,648)
Income tax expense181,203 276,091 
Amortization of brokered deposit placement fee9,757 11,932 
Amortization of Secured Borrowing Facility upfront fee1,930 1,845 
Amortization of deferred loan origination costs and loan premium/(discounts), net11,619 11,851 
Net amortization of discount on investments802 5,902 
(Increase) reduction in tax indemnification receivable(345)6,006