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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, 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 September 30, 2021, there were 293,177,407 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)
 
September 30,December 31,
20212020
Assets
Cash and cash equivalents$2,717,752 $4,455,292 
Investments:
Trading investments at fair value (cost of $29,049 and $12,551)
36,792 16,923 
Available-for-sale investments at fair value (cost of $2,506,087 and $1,986,957, respectively)
2,505,372 1,996,634 
Other investments140,725 80,794 
Total investments2,682,889 2,094,351 
Loans held for investment (net of allowance for losses of $1,215,407 and $1,361,723, respectively)
21,281,527 19,183,143 
Loans held for sale 2,885,640 
Restricted cash 175,473 154,417 
Other interest-earning assets11,890 42,874 
Accrued interest receivable1,403,146 1,387,305 
Premises and equipment, net153,334 154,670 
Income taxes receivable, net320,136 374,706 
Tax indemnification receivable12,486 18,492 
Other assets32,506 19,533 
Total assets$28,791,139 $30,770,423 
Liabilities
Deposits$20,890,860 $22,666,039 
Short-term borrowings199,583  
Long-term borrowings5,219,748 5,189,217 
Other liabilities349,687 352,332 
Total liabilities26,659,878 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: 432.0 million and 456.7 million shares issued, respectively
86,403 91,346 
Additional paid-in capital1,068,059 1,331,247 
Accumulated other comprehensive loss (net of tax benefit of ($6,288) and ($10,908), respectively)
(19,703)(34,200)
Retained earnings2,543,411 1,722,365 
Total SLM Corporation stockholders’ equity before treasury stock3,929,240 3,361,828 
Less: Common stock held in treasury at cost: 138.8 million and 81.4 million shares, respectively
(1,797,979)(798,993)
Total equity2,131,261 2,562,835 
Total liabilities and equity$28,791,139 $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 EndedNine Months Ended
 September 30,September 30,
 2021202020212020
Interest income:
Loans$442,576 $477,833 $1,304,479 $1,513,279 
Investments3,366 3,327 9,262 9,086 
Cash and cash equivalents1,613 1,218 4,662 19,740 
Total interest income447,555 482,378 1,318,403 1,542,105 
Interest expense:
Deposits51,629 83,500 175,483 318,858 
Interest expense on short-term borrowings5,458 3,424 14,360 11,041 
Interest expense on long-term borrowings32,950 30,887 101,144 98,750 
Total interest expense90,037 117,811 290,987 428,649 
Net interest income357,518 364,567 1,027,416 1,113,456 
Less: provisions for credit losses138,442 (3,640)(17,648)409,505 
Net interest income after provisions for credit losses219,076 368,207 1,045,064 703,951 
Non-interest income:
Gains (losses) on sales of loans, net(10)(4)402,780 238,562 
Gains (losses) on derivatives and hedging activities, net44 (15)161 49,408 
Other income 13,879 9,646 76,747 42,547 
Total non-interest income13,913 9,627 479,688 330,517 
Non-interest expenses:
Operating expenses:
Compensation and benefits66,229 62,743 200,426 219,413 
FDIC assessment fees6,521 1,455 17,634 17,508 
Other operating expenses67,899 63,292 175,098 179,424 
Total operating expenses140,649 127,490 393,158 416,345 
Restructuring expenses108 24,127 1,255 24,127 
Total non-interest expenses140,757 151,617 394,413 440,472 
Income before income tax expense 92,232 226,217 1,130,339 593,996 
Income tax expense19,392 55,189 276,091 146,006 
Net income 72,840 171,028 854,248 447,990 
Preferred stock dividends1,166 2,058 3,559 8,000 
Net income attributable to SLM Corporation common stock$71,674 $168,970 $850,689 $439,990 
Basic earnings per common share attributable to SLM Corporation$0.24 $0.45 $2.62 $1.14 
Average common shares outstanding299,890 375,094 324,148 386,587 
Diluted earnings per common share attributable to SLM Corporation$0.24 $0.45 $2.59 $1.13 
Average common and common equivalent shares outstanding304,511 377,918 329,064 389,391 
Declared dividends per common share attributable to SLM Corporation$0.03 $ $0.09 $0.09 

See accompanying notes to consolidated financial statements.
4


SLM CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2021202020212020
Net income$72,840 $171,028 $854,248 $447,990 
Other comprehensive income:
Unrealized gains (losses) on investments(2,539)1,545 (10,256)7,559 
Unrealized gains (losses) on cash flow hedges5,095 5,252 29,374 (42,785)
Total unrealized gains (losses)2,556 6,797 19,118 (35,226)
Income tax (expense) benefit(619)(1,667)(4,621)8,652 
Other comprehensive income (loss), net of tax (expense) benefit1,937 5,130 14,497 (26,574)
Total comprehensive income$74,777 $176,158 $868,745 $421,416 

















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
Income (Loss)
Retained EarningsTreasury StockTotal Equity
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 
Net income— — — — — — — — 171,028 — 171,028 
Other comprehensive income, net of tax— — — — — — — 5,130 — — 5,130 
Total comprehensive income— — — — — — — — — — 176,158 
Cash dividends declared:
Preferred Stock, Series B ($0.51 per share)
— — — — — — — — (2,058)— (2,058)
Common stock dividend accrual adjustment— — — — — — — — 247 — 247 
Issuance of common shares— 5,150 — 5,150 — 2 14 — — — 16 
Stock-based compensation expense— — — — — — 9,018 — 168 — 9,186 
Shares repurchased related to employee stock-based compensation plans— — (3,122)(3,122)— — — — — (22)(22)
Balance at September 30, 20204,000,000 456,590,373 (81,352,558)375,237,815 $400,000 $91,319 $1,243,482 $(38,941)$1,302,654 $(798,068)$2,200,446 










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 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.



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— — — — — — — — 447,990 — 447,990 
Other comprehensive loss, net of tax— — — — — — — (26,574)— — (26,574)
Total comprehensive income— — — — — — — — — — 421,416 
Cash dividends declared:
Common stock ($0.09 per share)
— — — — — — — — (35,097)— (35,097)
Preferred Stock, Series B ($2.00 per share)
— — — — — — — — (8,000)— (8,000)
Dividend equivalent units related to employee stock-based compensation plans— — — — — — 270 — (280)— (10)
Issuance of common shares— 2,990,447 — 2,990,447 — 599 2,298 — — — 2,897 
Stock-based compensation expense— — — — — — 30,207 — 168 — 30,375 
Common stock repurchased— — (47,736,847)(47,736,847)— — (96,923)— — (461,244)(558,167)
Shares repurchased related to employee stock-based compensation plans— — (1,109,149)(1,109,149)— — — — — (12,165)(12,165)
Balance at September 30, 20204,000,000 456,590,373 (81,352,558)375,237,815 $400,000 $91,319 $1,243,482 $(38,941)$1,302,654 $(798,068)$2,200,446 








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— — — — — — — — 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