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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 June 30, 2021
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 June 30, 2021, there were 305,807,223 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)
 
June 30,December 31,
20212020
Assets
Cash and cash equivalents$4,497,310 $4,455,292 
Investments:
Trading investments at fair value (cost of $29,049 and $12,551)
35,908 16,923 
Available-for-sale investments at fair value (cost of $2,070,350 and $1,986,957, respectively)
2,072,309 1,996,634 
Other investments141,400 80,794 
Total investments2,249,617 2,094,351 
Loans held for investment (net of allowance for losses of $1,160,244 and $1,361,723, respectively)
20,115,144 19,183,143 
Loans held for sale 2,885,640 
Restricted cash 163,955 154,417 
Other interest-earning assets18,115 42,874 
Accrued interest receivable1,323,448 1,387,305 
Premises and equipment, net153,969 154,670 
Income taxes receivable, net349,107 374,706 
Tax indemnification receivable12,842 18,492 
Other assets41,668 19,533 
Total assets$28,925,175 $30,770,423 
Liabilities
Deposits$21,124,376 $22,666,039 
Short-term borrowings199,379  
Long-term borrowings4,989,060 5,189,217 
Other liabilities308,982 352,332 
Total liabilities26,621,797 28,207,588 
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: 431.5 million and 456.7 million shares issued, respectively
86,302 91,346 
Additional paid-in capital1,058,698 1,331,247 
Accumulated other comprehensive loss (net of tax benefit of ($6,906) and ($10,908), respectively)
(21,640)(34,200)
Retained earnings2,480,672 1,722,365 
Total SLM Corporation stockholders’ equity before treasury stock3,855,102 3,361,828 
Less: Common stock held in treasury at cost: 125.7 million and 81.4 million shares, respectively
(1,551,724)(798,993)
Total equity2,303,378 2,562,835 
Total liabilities and equity$28,925,175 $30,770,423 

See accompanying notes to consolidated financial statements.
3


SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Interest income:
Loans$430,099 $480,170 $861,903 $1,035,447 
Investments3,168 3,096 5,896 5,759 
Cash and cash equivalents1,423 1,529 3,049 18,522 
Total interest income434,690 484,795 870,848 1,059,728 
Interest expense:
Deposits57,256 100,246 123,854 235,358 
Interest expense on short-term borrowings5,700 3,399 8,902 7,616 
Interest expense on long-term borrowings32,950 32,375 68,194 67,863 
Total interest expense95,906 136,020 200,950 310,837 
Net interest income338,784 348,775 669,898 748,891 
Less: provisions for credit losses69,677 351,887 (156,090)413,145 
Net interest income (loss) after provisions for credit losses269,107 (3,112)825,988 335,746 
Non-interest income:
Gains (losses) on sales of loans, net3,679 (369)402,790 238,566 
Gains on derivatives and hedging activities, net89 3,751 117 49,423 
Other income 48,580 25,412 62,868 32,899 
Total non-interest income52,348 28,794 465,775 320,888 
Non-interest expenses:
Operating expenses:
Compensation and benefits62,616 72,448 134,197 156,670 
FDIC assessment fees5,925 7,163 11,113 16,053 
Other operating expenses59,469 61,946 107,199 116,132 
Total operating expenses128,010 141,557 252,509 288,855 
Restructuring expenses70  1,147  
Total non-interest expenses128,080 141,557 253,656 288,855 
Income (loss) before income tax expense (benefit)193,375 (115,875)1,038,107 367,779 
Income tax expense (benefit)53,174 (30,664)256,699 90,817 
Net income (loss)140,201 (85,211)781,408 276,962 
Preferred stock dividends1,192 2,478 2,393 5,942 
Net income (loss) attributable to SLM Corporation common stock$139,009 $(87,689)$779,015 $271,020 
Basic earnings (loss) per common share attributable to SLM Corporation$0.45 $(0.23)$2.32 $0.69 
Average common shares outstanding312,183 375,009 336,478 392,397 
Diluted earnings (loss) per common share attributable to SLM Corporation$0.44 $(0.23)$2.28 $0.69 
Average common and common equivalent shares outstanding317,119 375,009 341,544 395,191 
Declared dividends per common share attributable to SLM Corporation$0.03 $0.06 $0.06 $0.09 

See accompanying notes to consolidated financial statements.
4


SLM CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Net income (loss)$140,201 $(85,211)$781,408 $276,962 
Other comprehensive income (loss):
Unrealized gains (losses) on investments2,354 1,211 (7,717)6,014 
Unrealized gains (losses) on cash flow hedges856 (2,343)24,279 (48,037)
Total unrealized gains (losses)3,210 (1,132)16,562 (42,023)
Income tax (expense) benefit(773)335 (4,002)10,319 
Other comprehensive income (loss), net of tax (expense) benefit2,437 (797)12,560 (31,704)
Total comprehensive income (loss)$142,638 $(86,008)$793,968 $245,258 

















See accompanying notes to consolidated financial statements.
5



SLM CORPORATION
CONSOLIDATED STATEMENT S 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 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 
Net loss— — — — — — — — (85,211)— (85,211)
Other comprehensive loss, net of tax— — — — — — — (797)— — (797)
Total comprehensive loss— — — — — — — — — — (86,008)
Cash dividends declared:
Common stock ($0.06 per share)
— — — — — — — — (22,749)— (22,749)
Preferred Stock, Series B ($0.62 per share)
— — — — — — — — (2,478)— (2,478)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 15 — (15)—  
Issuance of common shares— 147,735 — 147,735 — 29 (30)— — — (1)
Stock-based compensation expense— — — — — — 7,579 — — — 7,579 
Shares repurchased related to employee stock-based compensation plans— — (908)(908)— — — — — (7)(7)
Balance at June 30, 20204,000,000 456,585,223 (81,349,436)375,235,787 $400,000 $91,317 $1,234,450 $(44,071)$1,133,269 $(798,046)$2,016,919 










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
Income (Loss)
Retained EarningsTreasury StockTotal Equity
Balance at March 31, 20212,510,696 431,053,178 (102,701,602)328,351,576 $251,070 $86,211 $1,052,904 $(24,077)$2,350,986 $(1,108,630)$2,608,464 
Net income— — — — — — — — 140,201 — 140,201 
Other comprehensive income, net of tax— — — — — — — 2,437 — — 2,437 
Total comprehensive income— — — — — — — — — — 142,638 
Cash dividends declared:
Common stock ($0.03 per share)
— — — — — — — — (9,264)— (9,264)
Preferred Stock, Series B ($0.47 per share)
— — — — — — — — (1,192)— (1,192)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 59 — (59)—  
Issuance of common shares— 454,920 — 454,920 — 91 (131)— — — (40)
Stock-based compensation expense— — — — — — 6,444 — — — 6,444 
Fees related to first-quarter 2021 common stock tender offer— — — — — — (578)— — — (578)
Common stock repurchased— — (22,806,841)(22,806,841)— — — — — (439,477)(439,477)
Shares repurchased related to employee stock-based compensation plans— — (192,432)(192,432)— — — — — (3,617)(3,617)
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 




See accompanying notes to consolidated financial statements.



7


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 
Cumulative adjustment for the adoption of ASU No. 2016-13 (CECL)— — — — — — — — (952,639)— (952,639)
Balance at January 1, 20204,000,000 453,599,926 (32,506,562)421,093,364 400,000 90,720 1,307,630 (12,367)897,873 (324,659)2,359,197 
Net income— — — — — — — — 276,962 — 276,962 
Other comprehensive loss, net of tax— — — — — — — (31,704)— — (31,704)
Total comprehensive income— — — — — — — — — — 245,258 
Cash dividends declared:
Common stock ($0.09 per share)
— — — — — — — — (35,344)— (35,344)
Preferred Stock, Series B ($1.49 per share)
— — — — — — — — (5,942)— (5,942)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 270 — (280)— (10)
Issuance of common shares— 2,985,297 2,985,297 — 597 2,284 — — — 2,881 
Stock-based compensation expense— — — — — — 21,189 — — — 21,189 
Common stock repurchased— — (47,736,847)(47,736,847)— — (96,923)— — (461,244)(558,167)
Shares repurchased related to employee stock-based compensation plans— — (1,106,027)(1,106,027)— — — — — (12,143)(12,143)
Balance at June 30, 20204,000,000 456,585,223 (81,349,436)375,235,787 $400,000 $91,317 $1,234,450 $(44,071)$1,133,269 $(798,046)$2,016,919 








See accompanying notes to consolidated financial statements.

8



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, 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— — — — — — — — 781,408 — 781,408 
Other comprehensive income, net of tax— — — — — — — 12,560 — — 12,560 
Total comprehensive income— — — — — — — — — — 793,968 
Cash dividends declared:
Common stock ($0.06 per share)
— — — — — — — — (20,170)— (20,170)
Preferred Stock, Series B ($0.95 per share)
— — — — — — — — (2,393)— (2,393)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 522 — (538)— (16)
Issuance of common shares— 3,281,307 3,281,307 — 656 1,365 — — — 2,021 
Stock-based compensation expense— — — — — — 17,568 — — — 17,568 
Common stock repurchased and cancelled— (28,502,460)— (28,502,460)— (5,700)(466,688)— — — (472,388)
Common stock repurchased— — (43,007,211)(43,007,211)— — 174,684 — — (734,801)(560,117)
Shares repurchased related to employee stock-based compensation plans— — (1,252,412)(1,252,412)— — — — — (17,930)(17,930)
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 











See accompanying notes to consolidated financial statements.

9


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

 Six Months Ended
June 30,
 20212020
Operating activities
Net income$781,408 $276,962