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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, 2020
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  þ    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  þ    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 þ 
As of March 31, 2020, there were 375,088,960 shares of common stock outstanding.




SLM CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS
INDEX


Part I. Financial Information  
Item 1.
Item 1.
Item 2.
Item 3.
Item 4.
PART II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


2


SLM CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
 
March 31,December 31,
20202019
Assets
Cash and cash equivalents$7,292,929  $5,563,877  
Investments:
Trading investments at fair value (cost of $12,551)
11,360    
Available-for-sale investments at fair value (cost of $607,867 and $485,756, respectively)
614,582  487,669  
Other investments82,853  84,420  
Total investments708,795  572,089  
Loans held for investment (net of allowance for losses of $1,673,324 and $441,912, respectively)
21,695,851  24,667,792  
Restricted cash 189,439  156,883  
Other interest-earning assets92,968  52,564  
Accrued interest receivable1,281,746  1,392,725  
Premises and equipment, net143,622  134,749  
Income taxes receivable, net286,006  88,844  
Tax indemnification receivable27,727  27,558  
Other assets41,812  29,398  
Total assets$31,760,895  $32,686,479  
Liabilities
Deposits$24,445,614  $24,283,983  
Short-term borrowings  289,230  
Long-term borrowings4,708,036  4,354,037  
Upromise member accounts187,103  192,662  
Other liabilities299,559  254,731  
Total liabilities29,640,312  29,374,643  
Commitments and contingencies
Equity
Preferred stock, par value $0.20 per share, 20 million shares authorized:
Series B: 4 million and 4 million shares issued, respectively, at stated value of $100 per share
400,000  400,000  
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 456.4 million and 453.6 million shares issued, respectively
91,288  90,720  
Additional paid-in capital1,226,886  1,307,630  
Accumulated other comprehensive income (loss) (net of tax expense (benefit) of ($13,979) and ($3,995), respectively)
(43,274) (12,367) 
Retained earnings1,243,722  1,850,512  
Total SLM Corporation stockholders’ equity before treasury stock2,918,622  3,636,495  
Less: Common stock held in treasury at cost: 81.3 million and 32.5 million shares, respectively
(798,039) (324,659) 
Total equity2,120,583  3,311,836  
Total liabilities and equity$31,760,895  $32,686,479  

See accompanying notes to consolidated financial statements.
3


SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
 
Three Months Ended
 March 31,
 20202019
Interest income:
Loans$555,277  $553,479  
Investments2,517  1,421  
Cash and cash equivalents17,139  11,553  
Total interest income574,933  566,453  
Interest expense:
Deposits135,112  125,987  
Interest expense on short-term borrowings4,217  1,165  
Interest expense on long-term borrowings35,488  37,020  
Total interest expense174,817  164,172  
Net interest income400,116  402,281  
Less: provisions for credit losses61,258  63,790  
Net interest income after provisions for credit losses338,858  338,491  
Non-interest income:
Gains on sales of loans, net238,935    
Gains on derivatives and hedging activities, net45,672  2,763  
Other income 7,487  13,378  
Total non-interest income292,094  16,141  
Non-interest expenses:
Compensation and benefits84,222  78,738  
FDIC assessment fees8,890  7,618  
Other operating expenses54,186  53,791  
Total non-interest expenses147,298  140,147  
Income before income tax expense483,654  214,485  
Income tax expense121,481  56,296  
Net income 362,173  158,189  
Preferred stock dividends3,464  4,468  
Net income attributable to SLM Corporation common stock$358,709  $153,721  
Basic earnings per common share attributable to SLM Corporation$0.88  $0.35  
Average common shares outstanding409,786  434,574  
Diluted earnings per common share attributable to SLM Corporation$0.87  $0.35  
Average common and common equivalent shares outstanding412,755  438,248  
Declared dividends per common share attributable to SLM Corporation$0.03  $0.03  




See accompanying notes to consolidated financial statements.
4


SLM CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
Three Months Ended
 March 31,
 20202019
Net income $362,173  $158,189  
Other comprehensive income (loss):
Unrealized gains (losses) on investments4,803  2,938  
Unrealized gains (losses) on cash flow hedges(45,694) (14,117) 
Total unrealized gains (losses)(40,891) (11,179) 
Income tax benefit (expense)9,984  2,733  
Other comprehensive income (loss), net of tax benefit (expense)(30,907) (8,446) 
Total comprehensive income$331,266  $149,743  

















See accompanying notes to consolidated financial statements.

5


SLM CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share and per share amounts)
(Unaudited)


Common Stock Shares
Preferred Stock SharesIssuedTreasuryOutstandingPreferred StockCommon StockAdditional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained EarningsTreasury StockTotal Equity
Balance at December 31, 20184,000,000  449,856,221  (14,174,733) 435,681,488  $400,000  $89,972  $1,274,635  $10,623  $1,340,017  $(142,591) $2,972,656  
Net income—  —  —  —  —  —  —  —  158,189  —  158,189  
Other comprehensive loss, net of tax—  —  —  —  —  —  —  (8,446) —  —  (8,446) 
Total comprehensive income—  —  —  —  —  —  —  —  —  —  149,743  
Cash dividends:
Common stock ($0.03 per share)
—  —  —  —  —  —  —  —  (13,020) —  (13,020) 
Preferred Stock, Series B ($1.12 per share)
—  —  —  —  —  —  —  —  (4,468) —  (4,468) 
Issuance of common shares—  3,470,664  —  3,470,664  —  694  2,157  —  —  —  2,851  
Stock-based compensation expense—  —  —  —  —  —  13,891  —  —  —  13,891  
Common stock repurchased—  —  (5,435,476) (5,435,476) —  —  —  —  —  (60,000) (60,000) 
Shares repurchased related to employee stock-based compensation plans—  —  (1,289,391) (1,289,391) —  —  —  —  —  (14,119) (14,119) 
Balance at March 31, 20194,000,000  453,326,885  (20,899,600) 432,427,285  $400,000  $90,666  $1,290,683  $2,177  $1,480,718  $(216,710) $3,047,534  











See accompanying notes to consolidated financial statements.

6


SLM CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share and per share amounts)
(Unaudited)


 
Common Stock Shares
Preferred Stock SharesIssuedTreasuryOutstandingPreferred StockCommon StockAdditional Paid-In CapitalAccumulated
Other
Comprehensive
Loss
Retained EarningsTreasury StockTotal Equity
Balance at December 31, 20194,000,000  453,599,926  (32,506,562) 421,093,364  $400,000  $90,720  $1,307,630  $(12,367) $1,850,512  $(324,659) $3,311,836  
Net income—  —  —  —  —  —  —  —  362,173  —  362,173  
Other comprehensive loss, net of tax—  —  —  —  —  —  —  (30,907) —  —  (30,907) 
Total comprehensive income—  —  —  —  —  —  —  —  —  —  331,266  
Cumulative adjustment for the adoption of ASU No. 2016-13 (CECL)—  —  —  —  —  —  —  —  (952,639) —  (952,639) 
Cash dividends:
Common Stock ($0.03 per share)
—  —  —  —  —  —  —  —  (12,595) —  (12,595) 
Preferred Stock, Series B ($0.87 per share)
—  —  —  —  —  —  —  —  (3,464) —  (3,464) 
Dividend equivalent units related to employee stock-based compensation plans—  —  —  —  —  —  265  —  (265) —    
Issuance of common shares—  2,837,562  2,837,562  —  568  2,304  —  —  —  2,872  
Stock-based compensation expense—  —  —  —  —  —  13,610  —  —  —  13,610  
Common stock repurchased—  —  (47,736,847) (47,736,847) —  —  (96,923) —  —  (461,244) (558,167) 
Shares repurchased related to employee stock-based compensation plans—  —  (1,105,119) (1,105,119) —  —  —  —  —  (12,136) (12,136) 
Balance at March 31, 20204,000,000  456,437,488  (81,348,528) 375,088,960  $400,000  $91,288  $1,226,886  $(43,274) $1,243,722  $(798,039) $2,120,583  








See accompanying notes to consolidated financial statements.

7


SLM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)


 Three Months Ended
March 31,
 20202019
Operating activities
Net income$362,173  $158,189  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses61,258  63,790  
Income tax expense121,481  56,296  
Amortization of brokered deposit placement fee5,193  3,555  
Amortization of Secured Borrowing Facility upfront fee526  277  
Amortization of deferred loan origination costs and loan premium/(discounts), net12,241  3,184  
Net amortization of discount on investments610  189  
Unrealized loss on investments1,191    
Increase in tax indemnification receivable(169) (3,917) 
Depreciation of premises and equipment3,855  3,586  
Stock-based compensation expense13,610  13,891  
Unrealized gains on derivatives and hedging activities, net(43,195) (4,027) 
Gains on sales of loans, net(238,935)   
Other adjustments to net income, net1,574  1,918  
Changes in operating assets and liabilities:
Increase in accrued interest receivable(236,282) (239,180) 
Increase in other interest-earning assets(40,404) (4,764) 
Increase in other assets(32,874) (681) 
Decrease in income taxes payable, net(710) (3,947) 
Increase in accrued interest payable18,610  7,405  
Increase (decrease) in other liabilities134,661  (39,049) 
Total adjustments(217,759) (141,474) 
Total net cash provided by operating activities144,414  16,715  
Investing activities
Loans acquired and originated(2,310,173) (2,253,624) 
Net proceeds from sales of loans held for investment3,283,408    
Proceeds from claim payments11,314  11,587  
Net decrease in loans held for investment1,177,589  1,077,273  
Purchases of available-for-sale securities(62,752) (33,483) 
Proceeds from sales and maturities of available-for-sale securities18,836  4,570  
Total net cash provided by (used in) investing activities2,118,222  (1,193,677) 
Financing activities
Brokered deposit placement fee(1,762) (1,498) 
Net increase in certificates of deposit69,971  404,121  
Net increase (decrease) in other deposits(55,044) 290,631  
Borrowings collateralized by loans in securitization trusts - issued633,532  451,128  
Borrowings collateralized by loans in securitization trusts - repaid(281,086) (260,953) 
Repayment of borrowings under Secured Borrowing Facility(289,230)   
Fees paid on Secured Borrowing Facility(3,183) (1,065) 
Common stock dividends paid(12,595) (13,020) 
Preferred stock dividends paid(3,464) (4,468) 
Common stock repurchased(558,167) (60,000) 
Net cash provided by (used in) financing activities(501,028) 804,876  
Net increase (decrease) in cash, cash equivalents and restricted cash1,761,608  (372,086) 
Cash, cash equivalents and restricted cash at beginning of period5,720,760  2,681,895  
Cash, cash equivalents and restricted cash at end of period$7,482,368  $2,309,809  
8


Cash disbursements made for:
Interest$151,017  $147,235  
Income taxes paid$3,630  $3,700  
Income taxes refunded$(2,890) $(41) 
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents$7,292,929  $2,156,257  
Restricted cash189,439  153,552  
Total cash, cash equivalents and restricted cash$7,482,368  $2,309,809  
See accompanying notes to consolidated financial statements.

9





SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, unless otherwise noted)