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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, 2023
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, 2023, there were 226,271,057 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)20232022
Assets
Cash and cash equivalents$3,548,225 $4,616,117 
Investments:
Trading investments at fair value (cost of $42,196 and $47,554, respectively)
52,561 55,903 
Available-for-sale investments at fair value (cost of $2,524,634 and $2,554,332, respectively)
2,315,978 2,342,089 
Other investments94,068 94,716 
Total investments2,462,607 2,492,708 
Loans held for investment (net of allowance for losses of $1,416,048 and $1,357,075, respectively)
20,899,181 19,626,868 
Loans held for sale 29,448 
Restricted cash 175,061 156,719 
Other interest-earning assets11,087 11,162 
Accrued interest receivable1,457,323 1,202,059 
Premises and equipment, net132,622 140,728 
Goodwill and acquired intangible assets, net127,723 118,273 
Income taxes receivable, net409,658 380,058 
Tax indemnification receivable2,945 2,816 
Other assets46,787 34,073 
Total assets$29,273,219 $28,811,029 
Liabilities
Deposits$21,550,745 $21,448,071 
Long-term borrowings5,515,532 5,235,114 
Other liabilities407,718 400,874 
Total liabilities27,473,995 27,084,059 
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: 438.2 million and 435.1 million shares issued, respectively
87,639 87,025 
Additional paid-in capital1,140,599 1,109,072 
Accumulated other comprehensive loss (net of tax benefit of ($32,548) and ($30,160), respectively)
(101,315)(93,870)
Retained earnings3,485,575 3,163,640 
Total SLM Corporation stockholders’ equity before treasury stock4,863,568 4,516,937 
Less: Common stock held in treasury at cost: 211.9 million and 194.4 million shares, respectively
(3,064,344)(2,789,967)
Total equity1,799,224 1,726,970 
Total liabilities and equity$29,273,219 $28,811,029 






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,
2023202220232022
Interest income:
Loans$581,080 $483,327 $1,732,206 $1,387,411 
Investments13,268 10,260 36,636 24,252 
Cash and cash equivalents57,902 26,324 154,911 36,317 
Total interest income652,250 519,911 1,923,753 1,447,980 
Interest expense:
Deposits209,921 105,468 584,859 215,473 
Interest expense on short-term borrowings3,576 3,054 9,893 8,902 
Interest expense on long-term borrowings54,125 41,879 152,674 116,255 
Total interest expense267,622 150,401 747,426 340,630 
Net interest income384,628 369,510 1,176,327 1,107,350 
Less: provisions for credit losses198,023 207,598 329,864 336,193 
Net interest income after provisions for credit losses186,605 161,912 846,463 771,157 
Non-interest income:
Gains (losses) on sales of loans, net(5)74,978 124,740 324,856 
Gains (losses) on securities, net1,490 891 1,988 (2,021)
Gains (losses) on derivatives and hedging activities, net   (5)
Other income 22,753 19,234 63,275 52,451 
Total non-interest income24,238 95,103 190,003 375,281 
Non-interest expenses:
Operating expenses:
Compensation and benefits83,577 65,003 249,459 202,995 
FDIC assessment fees12,283 4,592 33,663 11,501 
Other operating expenses71,542 80,369 192,983 199,204 
Total operating expenses167,402 149,964 476,105 413,700 
Acquired intangible assets amortization expense2,834 2,328 7,351 5,478 
Total non-interest expenses170,236 152,292 483,456 419,178 
Income before income tax expense 40,607 104,723 553,010 727,260 
Income tax expense11,242 29,551 140,062 181,203 
Net income 29,365 75,172 412,948 546,057 
Preferred stock dividends4,642 2,531 12,979 5,563 
Net income attributable to SLM Corporation common stock$24,723 $72,641 $399,969 $540,494 
Basic earnings per common share $0.11 $0.29 $1.71 $2.05 
Average common shares outstanding226,120 251,266 234,170 263,098 
Diluted earnings per common share$0.11 $0.29 $1.69 $2.03 
Average common and common equivalent shares outstanding228,800 253,716 236,593 266,065 
Declared dividends per common share$0.11 $0.11 $0.33 $0.33 





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,
2023202220232022
Net income$29,365 $75,172 $412,948 $546,057 
Other comprehensive income (loss):
Unrealized gains (losses) on investments(17,686)(68,701)3,358 (197,930)
Unrealized gains (losses) on cash flow hedges(5,767)29,823 (13,191)98,248 
Total unrealized gains (losses)(23,453)(38,878)(9,833)(99,682)
Income tax (expense) benefit5,702 9,400 2,388 24,102 
Other comprehensive income (loss), net of tax (expense) benefit(17,751)(29,478)(7,445)(75,580)
Total comprehensive income$11,614 $45,694 $405,503 $470,477 






















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
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.
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, 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.




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
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.






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, 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 income, 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.
SLM CORPORATION 9



CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended 
 September 30,
(Dollars in thousands)20232022
Operating activities
Net income$412,948 $546,057 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses329,864 336,193 
Income tax expense140,062 181,203 
Amortization of brokered deposit placement fee8,818 9,757 
Amortization of Secured Borrowing Facility upfront fee2,149 1,930 
Amortization of deferred loan origination costs and loan premium/(discounts), net9,831 11,619 
Net amortization of discount on investments(2,012)802 
Increase in tax indemnification receivable(129)(345)
Depreciation of premises and equipment13,404 12,840 
Acquired intangible assets amortization expense7,351 5,478 
Stock-based compensation expense28,300 27,152 
Unrealized (gains) losses on derivatives and hedging activities, net(280)247 
Gains on sales of loans, net(124,740)(324,856)
(Gains) losses on securities, net(1,988)2,021 
Acquisition transaction costs, net997 2,602 
Other adjustments to net income, net12,279 11,153 
Changes in operating assets and liabilities:
Increase in accrued interest receivable(777,125)(580,704)
Increase in trading investments (5,064)
Increase in non-marketable securities(853)(2,050)
Decrease (increase) in other interest-earning assets75 (1,370)
Increase in other assets(31,211)(20,725)
Decrease in income taxes payable, net(163,077)(217,909)
Increase in accrued interest payable27,829 25,307 
Decrease in other liabilities(9,988)(15,471)
Total adjustments(530,444)(540,190)
Total net cash (used in) provided by operating activities(117,496)5,867 
Investing activities
Loans acquired and originated(5,600,123)(5,234,895)
Net proceeds from sales of loans held for investment and loans held for sale2,157,024 3,460,758 
Proceeds from FFELP Loan claim payments39,836 22,587 
Net decrease in loans held for investment and loans held for sale (other than loans acquired and originated, and loan sales)2,338,426 2,833,822 
Purchases of available-for-sale securities(70,790)(753,129)
Proceeds from sales and maturities of available-for-sale securities215,042 812,712 
Purchase of subsidiary, net of cash acquired(14,654)(127,654)
Total net cash (used in) provided by investing activities(935,239)1,014,201 
Financing activities
Brokered deposit placement fee(6,904)(8,147)
Net increase (decrease) in certificates of deposit886,475 (77,938)
Net increase (decrease) in other deposits(796,218)611,851 
Issuance costs for collateralized borrowings(15)(40)
Borrowings collateralized by loans in securitization trusts - issued1,135,054 572,640 
Borrowings collateralized by loans in securitization trusts - repaid(863,230)(988,505)
Issuance costs for unsecured debt offering (375)
Fees paid on Secured Borrowing Facility(2,850)(2,838)
Common stock dividends paid(76,817)(86,219)
Preferred stock dividends paid(12,979)(5,563)
Common stock repurchased(259,331)(555,607)
Total net cash provided by (used in) financing activities3,185 (540,741)
10 SLM CORPORATION


Net increase (decrease) in cash, cash equivalents and restricted cash(1,049,550)479,327 
Cash, cash equivalents and restricted cash at beginning of period4,772,836 4,545,344 
Cash, cash equivalents and restricted cash at end of period$3,723,286 $5,024,671 
Cash disbursements made for:
Interest$691,632 $285,626 
Income taxes paid$171,022 $219,975 
Income taxes refunded$(8,157)$(2,023)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents$3,548,225 $4,846,754 
Restricted cash175,061 177,917 
Total cash, cash equivalents and restricted cash$3,723,286 $5,024,671 



















See accompanying notes to consolidated financial statements.
SLM CORPORATION 11





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, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 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, 2022 (the “2022 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 July 21, 2023, we completed the acquisition of several key assets of Scholly, Inc. (“Scholly”). Scholly is engaged in the business of operating as a scholarship publishing and servicing platform, comprised of websites and mobile application search products which offer custom recommendations for post-secondary scholarships for students, their families, and others as well as related services for scholarship providers. The addition of Scholly assets will support our mission of providing students with the confidence needed to successfully navigate the higher education journey.
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 purchase price allocation for Scholly resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $5 million. Certain amounts are provisional and are subject to change, including final working capital adjustments and goodwill.
The results of operations of Scholly 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 and nine months ended September 30, 2023, as the pro forma impact was deemed immaterial. Transaction costs associated with the Scholly acquisition were approximately $1 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 $11 million, including tradename and trademarks, developed technology, customer relationships, and partner relationships. The intangible assets will be amortized over a period of two to four years based on the estimated economic benefit derived from each of the underlying assets.
See Note 7, “Goodwill and Acquired Intangible Assets,” for additional details.

12 SLM CORPORATION


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 December 31, 2022 we had a $5 million investment in a convertible debt security classified as a trading investment. In March 2023, this security, and the related accrued interest, was converted into equity securities classified as investments in non-marketable securities.
At September 30, 2023 and December 31, 2022, we had $53 million and $56 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, 2023
(dollars in thousands)
Amortized Cost
Allowance for credit losses(1)
Gross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-sale:
Mortgage-backed securities$438,527 $ $ $(87,399)$351,128 
Utah Housing Corporation bonds3,408   (555)2,853 
U.S. government-sponsored enterprises and Treasuries1,669,748   (96,757)1,572,991 
Other securities412,951  595 (24,540)389,006 
Total $2,524,634 $ $595 $(209,251)$2,315,978 
As of December 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$389,067 $ $2 $(68,705)$320,364 
Utah Housing Corporation bonds3,584   (357)3,227 
U.S. government-sponsored enterprises and Treasuries1,804,726   (115,416)1,689,310 
Other securities356,955  33 (27,800)329,188 
Total $2,554,332 $ $35 $(212,278)$2,342,089 


(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.

SLM CORPORATION 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, 2023:
Mortgage-backed securities$(3,342)$67,737 $(84,057)$283,391 $(87,399)$351,128 
Utah Housing Corporation bonds  (555)2,853 (555)2,853 
U.S. government-sponsored enterprises and Treasuries  (96,757)1,572,991 (96,757)1,572,991 
Other securities(2,051)81,109 (22,489)236,226 (24,540)317,335 
Total$(5,393)$148,846 $(203,858)$2,095,461 $(209,251)$2,244,307 
As of December 31, 2022:
Mortgage-backed securities$(13,956)$99,598 $(54,749)$220,576 $(68,705)$320,174 
Utah Housing Corporation bonds(357)3,227   (357)3,227 
U.S. government-sponsored enterprises and Treasuries(28,128)689,300 (87,288)1,000,010 (115,416)1,689,310 
Other securities(15,852)232,546 (11,948)92,883 (27,800)325,429 
Total$(58,293)$1,024,671 $(153,985)$1,313,469 $(212,278)$2,338,140 

At September 30, 2023 and December 31, 2022, 226 of 230 and 191 of 194, 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.
14 SLM CORPORATION


2.Investments (Continued)
As of September 30, 2023, 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, 2023
Year of Maturity
(dollars in thousands)
Amortized CostEstimated Fair Value
2023$25,000 $24,767 
2024699,111 677,812 
2025298,564 285,252 
2026548,563 492,182 
202798,511 92,979 
203869 68 
2039663 622 
20422,439 2,008 
20434,209 3,573 
20444,945 4,302