0001628280-23-013249 | 10-Q | XBRL Viewer

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Three Months Ended March 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Transfer from unfunded commitment liability(1)	—			148,513			—			148,513
Provisions:
Provision for current period	739			56,334			730			57,803


Total provisions(2)	739			56,334			730			57,803
Net charge-offs:
Charge-offs	(256)			(95,085)			(741)			(96,082)
Recoveries	—			11,986			11			11,997
Net charge-offs	(256)			(83,099)			(730)			(84,085)

Ending Balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,927		$	1,475,379		$	—		$	1,479,306
Loans(3):

Ending balance: collectively evaluated for impairment	$	592,318		$	21,898,003		$	—		$	22,490,321
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,150,802		$	—		$	1,150,802
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.23		%	2.11		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.66		%	6.40		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.88		%	9.00		%	—		%
Allowance coverage of net charge-offs (annualized)	3.83			4.44			—
Ending total loans, gross	$	592,318		$	21,898,003		$	—
Average loans in repayment(4)	$	451,451		$	15,764,143		$	—
Ending loans in repayment(4)	$	446,214		$	15,990,459		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,263		$	—

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.

(2) Below is a reconciliation of the provisions for credit losses reported in the consolidated statements of income. When a new loan commitment is made, we record the CECL allowance as a liability for unfunded loan commitments by recording a provision for credit losses. When the loan is funded, we transfer that liability to the allowance for credit losses.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Three Months Ended March 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	56,334
Provisions for unfunded loan commitments	56,309
Total Private Education Loan provisions for credit losses	112,643
Other impacts to the provisions for credit losses:
FFELP Loans	739
Credit Cards	730
Total	1,469
Provisions for credit losses reported in consolidated statements of income	$	114,112

(3) For the three months ended March 31, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(4) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

(5) Accrued interest to be capitalized on Private Education Loans only.

(6) Accrued interest to be capitalized on loans in repayment includes interest on loans that are in repayment but have not yet entered into full principal and interest repayment status after any applicable grace period (but, for purposes of the table, does not include the interest on those loans while they are in forbearance).


Three Months Ended March 31, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			94,686			—			94,686
Provisions:
Provision for current period	21			48,460			137			48,618
Loan sale reduction to provision	—			(5,247)			—			(5,247)

Total provisions(2)	21			43,213			137			43,371
Net charge-offs:
Charge-offs	(99)			(83,856)			(111)			(84,066)
Recoveries	—			8,033			3			8,036
Net charge-offs	(99)			(75,823)			(108)			(76,030)

Ending Balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Loans(3):

Ending balance: collectively evaluated for impairment	$	682,273		$	21,735,369		$	27,547		$	22,445,189
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	993,698		$	—		$	993,698
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.07		%	1.89		%	1.63		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.37		%	8.39		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.75		%	7.43		%	8.39		%
Allowance coverage of net charge-offs (annualized)	10.10			4.03			5.35
Ending total loans, gross	$	682,273		$	21,735,369		$	27,547
Average loans in repayment(4)	$	543,303		$	16,013,289		$	26,551
Ending loans in repayment(4)	$	535,080		$	16,095,157		$	27,547
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	331,405		$	—

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Three Months Ended March 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	43,213
Provisions for unfunded loan commitments	54,679
Total Private Education Loan provisions for credit losses	97,892
Other impacts to the provisions for credit losses:
FFELP Loans	21
Credit Cards	137
Total	158
Provisions for credit losses reported in consolidated statements of income	$	98,050

(3) For the three months ended March 31, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.

The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


	2023				2022
Three Months Ended March 31, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	52,252		1,124,816		47,454		968,830
Other provision items	4,057		—		7,226		—
Transfer - funded loans(2)	(148,513)		(2,436,271)		(94,686)		(2,184,058)
Ending Balance	$	32,720	$	684,353	$	32,707	$	561,748

(1) Net of expirations of commitments unused.

(2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.

Schedule of Amortized Cost Basis of Financing Receivables

The following tables show the amortized cost basis at the end of the respective reporting periods of the loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification. When we approve a Private Education Loan at the beginning of an academic year, we do not always disburse the full amount of the loan at the time of approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended March 31, 2023 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	12,902	0.06	%	$	81,780	0.35	%
Total	$	12,902	0.06	%	$	81,780	0.35	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended March 31, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	7,679	0.04	%	$	79,597	0.37	%
Total	$	7,679	0.04	%	$	79,597	0.37	%

The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended March 31, 2023

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 12.47% to 4.00%

Private Education Loans

Added a weighted average 10.19 years to the life of loans

Reduced average contractual rate from 12.74% to 4.00%

Three Months Ended March 31, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 10.09% to 4.00%

Private Education Loans

Added a weighted average 10.51 years to the life of loans

Reduced average contractual rate from 9.43% to 4.00%

We define payment default as 60 days past due for purposes of this disclosure.




	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)
Loan Type:
Private Education Loans	$	11,624	$	11,404	$	4,628	$	290	$	287	$	—
Total	$	11,624	$	11,404	$	4,628	$	290	$	287	$	—

(1) Represents period-end amortized cost basis of loans that have been modified and for which a payment default occurred in the relevant period presented and within 12 months of receiving a modification (or within the reporting period, for the loans shown in in the year-ago period, as the case may be).

(2) For the three months ended March 31, 2023, the modified loans include $10.4 million of interest rate reduction and term extension loan modifications and $1.2 million of interest rate reduction only loan modifications. For the three months ended March 31, 2022, the modified loans include $0.3 million of interest rate reduction and term extension loan modifications and no interest rate reduction only loan modifications.

(3) Represents the unpaid principal balance at the time of payment default.

(4) Represents the unpaid principal balance at the time of charge off.

Age Analysis of Past Due Loans Delinquencies

The following tables depict the performance of loans that have been modified during the respective reporting periods (first-quarter 2023 and full year 2022, respectively).


	Payment Status (Amortized Cost Basis)
At March 31, 2023 (dollars in thousands)	Deferment(1)		Current(2)(3)		30-59 Days Past Due(2)(3)		60-89 Days Past Due(2)(3)		90 Days or Greater Past Due(2)(3)		Total
Loan Type:
Private Education Loans	$	412	$	92,213	$	1,353	$	358	$	346	$	94,682
Total	$	412	$	92,213	$	1,353	$	358	$	346	$	94,682


	Payment Status (Amortized Cost Basis)
At December 31, 2022 (dollars in thousands)	Deferment(1)		Current(2)(3)		30-59 Days Past Due(2)(3)		60-89 Days Past Due(2)(3)		90 Days or Greater Past Due(2)(3)		Total
Loan Type:
Private Education Loans	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116
Total	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116

(1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). Deferment also includes loans that have entered a forbearance after the loan modification was granted.

(2) Loans in repayment include loans on which borrowers are making full principal and interest payments after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).

(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.

The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following tables, do not include those loans while they are in forbearance).


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of March 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	408,842		$	2,374,557		$	1,348,206		$	543,621		$	359,759		$	651,401		$	5,686,386
Loans in forbearance(2)	1,256			20,755			42,385			27,115			28,094			101,553			221,158
Loans in repayment:
Loans current	441,192			3,263,917			2,972,969			1,859,452			1,632,668			5,275,984			15,446,182
Loans delinquent 30-59 days(3)	1,115			17,902			38,446			28,762			31,442			149,333			267,000
Loans delinquent 60-89 days(3)	—			6,395			22,104			17,136			18,428			76,723			140,786
Loans 90 days or greater past due(3)	—			4,592			20,544			15,165			17,063			79,127			136,491
Total Private Education Loans in repayment	442,307			3,292,806			3,054,063			1,920,515			1,699,601			5,581,167			15,990,459
Total Private Education Loans, gross	852,405			5,688,118			4,444,654			2,491,251			2,087,454			6,334,121			21,898,003
Private Education Loans deferred origination costs and unamortized premium/(discount)	5,089			29,718			15,151			8,476			5,109			11,508			75,051
Total Private Education Loans	857,494			5,717,836			4,459,805			2,499,727			2,092,563			6,345,629			21,973,054
Private Education Loans allowance for losses	(61,767)			(372,947)			(296,851)			(170,497)			(138,625)			(434,692)			(1,475,379)
Private Education Loans, net	$	795,727		$	5,344,889		$	4,162,954		$	2,329,230		$	1,953,938		$	5,910,937		$	20,497,675

Percentage of Private Education Loans in repayment	51.9		%	57.9		%	68.7		%	77.1		%	81.4		%	88.1		%	73.0		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.3		%	0.9		%	2.7		%	3.2		%	3.9		%	5.5		%	3.4		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.3		%	0.6		%	1.4		%	1.4		%	1.6		%	1.8		%	1.4		%

(1)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).

(2)Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053
Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713

Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.

Schedule of Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.


As of March 31, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	728,950	$	4,951,808	$	3,858,219	$	2,130,947	$	1,782,069	$	5,681,899	$	19,133,892	87	%
Without cosigner	123,455		736,310		586,435		360,304		305,385		652,222		2,764,111		13
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%

FICO at Origination(2):
Less than 670	$	72,432	$	438,029	$	304,216	$	154,665	$	171,983	$	554,184	$	1,695,509	8	%
670-699	125,846		785,900		602,706		346,297		327,433		1,077,557		3,265,739		15
700-749	270,689		1,771,760		1,410,157		806,546		692,615		2,132,757		7,084,524		32
Greater than or equal to 750	383,438		2,692,429		2,127,575		1,183,743		895,423		2,569,623		9,852,231		45
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%


FICO Refreshed(2)(3):
Less than 670	$	88,378	$	659,414	$	498,641	$	256,177	$	249,547	$	969,883	$	2,722,040	12	%
670-699	128,620		792,523		571,683		277,061		235,805		706,213		2,711,905		12
700-749	267,500		1,715,364		1,324,781		710,463		591,355		1,717,774		6,327,237		30
Greater than or equal to 750	367,907		2,520,817		2,049,549		1,247,550		1,010,747		2,940,251		10,136,821		46
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%

Seasoning(4):
1-12 payments	$	443,563	$	2,988,688	$	522,305	$	327,647	$	271,788	$	507,620	$	5,061,611	23	%
13-24 payments	—		324,873		2,414,470		201,750		211,025		586,952		3,739,070		17
25-36 payments	—		—		159,673		1,299,993		158,750		570,770		2,189,186		10
37-48 payments	—		—		—		118,240		1,023,883		568,996		1,711,119		8
More than 48 payments	—		—		—		—		62,249		3,448,382		3,510,631		16
Not yet in repayment	408,842		2,374,557		1,348,206		543,621		359,759		651,401		5,686,386		26
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%

2023 Current period(5) gross charge-offs	$	—	$	(2,262)	$	(12,072)	$	(10,615)	$	(11,773)	$	(58,363)	$	(95,085)
2023 Current period(5) recoveries	—		207		1,428		1,167		1,460		7,723		11,985
2023 Current period(5) net charge-offs	$	—	$	(2,055)	$	(10,644)	$	(9,448)	$	(10,313)	$	(50,640)	$	(83,100)

Total accrued interest by origination vintage	$	13,564	$	241,786	$	351,527	$	209,889	$	177,587	$	310,373	$	1,304,726
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the first-quarter 2023. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2023 through March 31, 2023.


As of December 31, 2022 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2022(1)		2021(1)		2020(1)		2019(1)		2018(1)		2017 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	3,656,111	$	3,941,921	$	2,208,033	$	1,853,619	$	1,402,828	$	4,626,491	$	17,689,003	87	%
Without cosigner	620,422		605,238		376,589		319,041		213,014		480,381		2,614,685		13
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

FICO at Origination(2):
Less than 670	$	326,991	$	307,646	$	158,606	$	177,098	$	143,674	$	439,587	$	1,553,602	8	%
670-699	593,216		611,649		356,541		339,685		259,142		878,426		3,038,659		15
700-749	1,336,765		1,440,510		834,819		719,777		537,680		1,722,068		6,591,619		32
Greater than or equal to 750	2,019,561		2,187,354		1,234,656		936,100		675,346		2,066,791		9,119,808		45
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%


FICO Refreshed(2)(3):
Less than 670	$	443,868	$	461,589	$	242,310	$	237,105	$	204,894	$	773,324	$	2,363,090	12	%
670-699	594,118		579,784		284,244		240,999		173,754		564,344		2,437,243		12
700-749	1,322,558		1,378,910		748,368		628,060		449,701		1,388,090		5,915,687		29
Greater than or equal to 750	1,915,989		2,126,876		1,309,700		1,066,496		787,493		2,381,114		9,587,668		47
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

Seasoning(4):
1-12 payments	$	2,448,884	$	636,073	$	384,334	$	330,316	$	235,878	$	424,636	$	4,460,121	22	%
13-24 payments	—		2,477,764		255,510		195,753		166,045		455,782		3,550,854		18
25-36 payments	—		—		1,366,398		257,534		126,223		489,157		2,239,312		11
37-48 payments	—		—		127		1,008,418		224,805		451,102		1,684,452		8
More than 48 payments	—		—		—		—		643,611		2,830,285		3,473,896		17
Not yet in repayment	1,827,649		1,433,322		578,253		380,639		219,280		455,910		4,895,053		24
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

2022 Current period(5) gross charge-offs	$	(2,224)	$	(25,698)	$	(48,271)	$	(62,071)	$	(57,505)	$	(231,647)	$	(427,416)
2022 Current period(5) recoveries	124		1,841		4,170		5,556		5,407		24,639		41,737
2022 Current period(5) net charge-offs	$	(2,100)	$	(23,857)	$	(44,101)	$	(56,515)	$	(52,098)	$	(207,008)	$	(385,679)

Total accrued interest by origination vintage	$	142,915	$	315,308	$	207,858	$	184,832	$	116,211	$	210,438	$	1,177,562

(1)Balance represents gross Private Education Loans held for investment.

(2)Represents the higher credit score of the cosigner or the borrower.

(3)Represents the FICO score updated as of the fourth-quarter 2022.

(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.

(5)Current period refers to January 1, 2022 through December 31, 2022.

Schedule of Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans 90 days or greater past due as compared to our allowance for uncollectible interest on loans making full interest payments. The majority of the total accrued interest receivable represents accrued interest on deferred loans where no payments are due while the borrower is in school and fixed-pay loans where the borrower makes a $25 monthly payment that is smaller than the interest accruing on the loan in that month. The accrued interest on these loans will be capitalized to the balance of the loans when the borrower exits the grace period after separation from school, and the current expected credit losses on accrued interest that will be capitalized is included in our allowance for credit losses.


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)

March 31, 2023	$	1,304,726	$	6,638	$	6,523
December 31, 2022	$	1,177,562	$	6,609	$	8,121

(1)The allowance for uncollectible interest at March 31, 2023 and December 31, 2022 represents the expected losses related to the portion of accrued interest receivable on those loans that are in repayment (at March 31, 2023 and December 31, 2022 relates to $154 million and $240 million, respectively, of accrued interest receivable) that is not expected to be capitalized. The accrued interest receivable that is expected to be capitalized ($1.2 billion and $937 million at March 31, 2023 and December 31, 2022, respectively) is reserved in the allowance for credit losses.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	March 31, 2023								December 31, 2022
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Trading investments	$	—	$	—	$	51,342	$	51,342	$	—	$	—	$	55,903	$	55,903
Available-for-sale investments	—		2,311,062		—		2,311,062		—		2,342,089		—		2,342,089
Derivative instruments	—		—		—		—		—		972		—		972
Total	$	—	$	2,311,062	$	51,342	$	2,362,404	$	—	$	2,343,061	$	55,903	$	2,398,964

Liabilities:
Derivative instruments	$	—	$	(1,815)	$	—	$	(1,815)	$	—	$	(567)	$	—	$	(567)
Total	$	—	$	(1,815)	$	—	$	(1,815)	$	—	$	(567)	$	—	$	(567)

Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.


	March 31, 2023						December 31, 2022
(Dollars in thousands)	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	23,088,030	$	20,497,675	$	2,590,355	$	21,062,548	$	19,019,713	$	2,042,835
FFELP Loans	601,203		589,888		11,315		618,186		607,155		11,031

Loans held for sale	26,202		26,202		—		29,448		29,448		—
Cash and cash equivalents	3,716,379		3,716,379		—		4,616,117		4,616,117		—
Trading investments	51,342		51,342		—		55,903		55,903		—
Available-for-sale investments	2,311,062		2,311,062		—		2,342,089		2,342,089		—
Accrued interest receivable	1,393,556		1,331,017		62,539		1,237,074		1,202,059		35,015
Tax indemnification receivable	2,858		2,858		—		2,816		2,816		—
Derivative instruments	—		—		—		972		972		—
Total earning assets	$	31,190,632	$	28,526,423	$	2,664,209	$	29,965,153	$	27,876,272	$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts	$	11,671,878	$	11,796,120	$	124,242	$	11,854,849	$	11,959,828	$	104,979
Certificates of deposit	9,637,370		10,005,546		368,176		9,175,339		9,486,819		311,480

Long-term borrowings	5,106,299		5,513,976		407,677		4,813,233		5,235,114		421,881
Accrued interest payable	91,943		91,943		—		71,586		71,586		—
Derivative instruments	1,815		1,815		—		567		567		—
Total interest-bearing liabilities	$	26,509,305	$	27,409,400	$	900,095	$	25,915,574	$	26,753,914	$	838,340

Excess of net asset fair value over carrying value					$	3,564,304					$	2,927,221

Loans Held for Investment - Student Loan Portfolio by Program (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,479,306)	$ (1,357,075)	$ (1,227,362)	$ (1,165,335)
Loans held for investment, net	21,087,563	19,626,868
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	21,898,003	20,303,688
Deferred origination costs and unamortized premium/(discount)	75,051	69,656
Allowance for credit losses	(1,475,379)	(1,353,631)
Loans held for investment, net	20,497,675	19,019,713
Private Education Loans \| Fixed-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	12,726,875	11,108,079
Private Education Loans \| Variable-rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	9,171,128	9,195,609
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan type	592,318	609,050
Deferred origination costs and unamortized premium/(discount)	1,497	1,549
Allowance for credit losses	(3,927)	(3,444)
Loans held for investment, net	$ 589,888	$ 607,155

Loans Held for Investment - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 01, 2006	Jun. 30, 2006	Sep. 30, 1993
Receivables [Abstract]
Percent of private loans indexed to LIBOR	42.00%		45.00%
Tier 1 of government guarantee (at least)	97.00%			97.00%
Tier 2 of government guarantee					98.00%
Tier 3 of government guarantee						100.00%
Gain on sales of loans, net	$ (9,000)	$ 9,881,000
Proceeds from sale of loans receivable	$ 0	95,000,000
Net proceeds from sales of loans held for investment, principal		89,000,000
Net proceeds from sales of loans held for investment, capitalized interest		$ 6,000,000
Estimated weighted average life of student loans	5 years		5 years

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flow Hedges
Interest expense	$ 232,530	$ 90,006
Trading
Total	$ 3,934	$ 12,447
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on derivatives and hedging activities, net	Gains (losses) on derivatives and hedging activities, net
Designated as Hedging Instrument
Fair Value Hedges
Interest recognized on derivatives	$ (6,405)	$ 17,287
Hedged items recorded in interest expense	(7,035)	51,268
Derivatives recorded in interest expense	7,096	(51,319)
Trading
Total	(6,344)	17,236
Designated as Hedging Instrument \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent \| Reclassification out of Accumulated Other Comprehensive Income
Cash Flow Hedges
Interest expense	10,278	(4,541)
Trading
Trading
Change in fair value of future interest payments recorded in earnings	0	(248)
Total	$ 0	$ (248)

Cover page	3 Months Ended
Cover page	Mar. 31, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-13251
Entity Registrant Name	SLM Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2013874
Entity Address, Address Line One	300 Continental Drive
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19713
City Area Code	302
Local Phone Number	451-0200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	242,249,757
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001032033
Current Fiscal Year End Date	--12-31
Common stock, par value $.20 per share
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $.20 per share
Trading Symbol	SLM
Security Exchange Name	NASDAQ
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share
Trading Symbol	SLMBP
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Loans	$ 582,784	$ 458,044
Investments	11,331	5,479
Cash and cash equivalents	43,483	1,515
Total interest income	637,598	465,038
Interest expense:
Deposits	183,531	49,537
Interest expense on short-term borrowings	3,018	2,875
Interest expense on long-term borrowings	45,981	37,594
Total interest expense	232,530	90,006
Net interest income	405,068	375,032
Less: provisions for credit losses	114,112	98,050
Net interest income after provisions for credit losses	290,956	276,982
Non-interest income:
Gains (losses) on sales of loans, net	(9)	9,881
Gains (losses) on securities, net	1,711	(3,580)
Gains (losses) on derivatives and hedging activities, net	0	(5)
Other income	20,009	15,629
Total non-interest income	21,711	21,925
Operating expenses:
Compensation and benefits	87,649	71,981
FDIC assessment fees	11,529	5,684
Other operating expenses	55,361	54,341
Total operating expenses	154,539	132,006
Acquired intangible assets amortization expense	2,272	733
Total non-interest expenses	156,811	132,739
Income before income tax expense	155,856	166,168
Income tax expense	37,338	37,356
Net income	118,518	128,812
Preferred stock dividends	4,063	1,275
Net income attributable to SLM Corporation common stock	$ 114,455	$ 127,537
Basic earnings per common share (in dollars per share)	$ 0.47	$ 0.46
Average common shares outstanding (in shares)	241,497	276,977
Diluted earnings per common share (in dollars per share)	$ 0.47	$ 0.45
Average common and common equivalent shares outstanding (in shares)	243,549	280,654
Declared dividends per common share (in dollars per share)	$ 0.11	$ 0.11

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ (4,721)	$ 47,989
Less: amount of gain (loss) reclassified in interest expense	10,278	(4,541)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$ (14,999)	$ 52,530

Allowance for Credit Losses - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Total Interest Receivable	$ 1,304,726	$ 1,177,562
90 Days or Greater Past Due	6,638	6,609
Allowance for Uncollectible Interest	6,523	8,121
Accrued interest receivable not expected to be capitalized	154,000	240,000
Accrued interest receivable expected to be capitalized reserved	$ 1,200,000	$ 937,000

Borrowings - Financing VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Outstanding
Short-Term	$ 0	$ 0
Long-Term	5,513,976	5,235,114
Total	5,513,976	5,235,114
Carrying Amount of Assets Securing Debt Outstanding
Restricted Cash	181,764	156,719	$ 187,960
Other Assets	43,548	34,073
Total assets	29,453,901	28,811,029
Variable Interest Entity, Primary Beneficiary
Debt Outstanding
Short-Term	0	0
Long-Term	4,524,188	4,246,128
Total	4,524,188	4,246,128
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,728,010	5,433,602
Restricted Cash	181,764	156,719
Other Assets	323,075	287,159
Total assets	6,232,849	5,877,480
Variable Interest Entity, Primary Beneficiary \| Private Education Loan term securitizations
Debt Outstanding
Short-Term	0	0
Long-Term	4,524,188	4,246,128
Total	4,524,188	4,246,128
Carrying Amount of Assets Securing Debt Outstanding
Loans	5,728,010	5,433,602
Restricted Cash	181,764	156,719
Other Assets	322,715	286,093
Total assets	6,232,489	5,876,414
Variable Interest Entity, Primary Beneficiary \| Secured Borrowing Facility
Debt Outstanding
Short-Term	0	0
Long-Term	0	0
Total	0	0
Carrying Amount of Assets Securing Debt Outstanding
Loans	0	0
Restricted Cash	0	0
Other Assets	360	1,066
Total assets	$ 360	$ 1,066

Unfunded Loan Commitments (Tables)

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Credit Losses Metrics


Three Months Ended March 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Transfer from unfunded commitment liability(1)	—			148,513			—			148,513
Provisions:
Provision for current period	739			56,334			730			57,803


Total provisions(2)	739			56,334			730			57,803
Net charge-offs:
Charge-offs	(256)			(95,085)			(741)			(96,082)
Recoveries	—			11,986			11			11,997
Net charge-offs	(256)			(83,099)			(730)			(84,085)

Ending Balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,927		$	1,475,379		$	—		$	1,479,306
Loans(3):

Ending balance: collectively evaluated for impairment	$	592,318		$	21,898,003		$	—		$	22,490,321
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,150,802		$	—		$	1,150,802
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.23		%	2.11		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.66		%	6.40		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.88		%	9.00		%	—		%
Allowance coverage of net charge-offs (annualized)	3.83			4.44			—
Ending total loans, gross	$	592,318		$	21,898,003		$	—
Average loans in repayment(4)	$	451,451		$	15,764,143		$	—
Ending loans in repayment(4)	$	446,214		$	15,990,459		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,263		$	—

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Three Months Ended March 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	56,334
Provisions for unfunded loan commitments	56,309
Total Private Education Loan provisions for credit losses	112,643
Other impacts to the provisions for credit losses:
FFELP Loans	739
Credit Cards	730
Total	1,469
Provisions for credit losses reported in consolidated statements of income	$	114,112

(3) For the three months ended March 31, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Three Months Ended March 31, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			94,686			—			94,686
Provisions:
Provision for current period	21			48,460			137			48,618
Loan sale reduction to provision	—			(5,247)			—			(5,247)

Total provisions(2)	21			43,213			137			43,371
Net charge-offs:
Charge-offs	(99)			(83,856)			(111)			(84,066)
Recoveries	—			8,033			3			8,036
Net charge-offs	(99)			(75,823)			(108)			(76,030)

Ending Balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Loans(3):

Ending balance: collectively evaluated for impairment	$	682,273		$	21,735,369		$	27,547		$	22,445,189
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	993,698		$	—		$	993,698
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.07		%	1.89		%	1.63		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.37		%	8.39		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.75		%	7.43		%	8.39		%
Allowance coverage of net charge-offs (annualized)	10.10			4.03			5.35
Ending total loans, gross	$	682,273		$	21,735,369		$	27,547
Average loans in repayment(4)	$	543,303		$	16,013,289		$	26,551
Ending loans in repayment(4)	$	535,080		$	16,095,157		$	27,547
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	331,405		$	—

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Three Months Ended March 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	43,213
Provisions for unfunded loan commitments	54,679
Total Private Education Loan provisions for credit losses	97,892
Other impacts to the provisions for credit losses:
FFELP Loans	21
Credit Cards	137
Total	158
Provisions for credit losses reported in consolidated statements of income	$	98,050

(3) For the three months ended March 31, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


	2023				2022
Three Months Ended March 31, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	52,252		1,124,816		47,454		968,830
Other provision items	4,057		—		7,226		—
Transfer - funded loans(2)	(148,513)		(2,436,271)		(94,686)		(2,184,058)
Ending Balance	$	32,720	$	684,353	$	32,707	$	561,748

(1) Net of expirations of commitments unused.

Allowance for Credit Losses - Loan Portfolio Stratified by Key Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
% of Balance
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	$ 96,082	$ 84,066
Recoveries	11,997	8,036
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	84,085	$ 76,030
Consumer Portfolio Segment \| Student Loan
% of Balance
Current period gross charge-offs, Year 1	0		$ (2,224)
Current period gross charge-offs, Year 2	(2,262)		(25,698)
Current period gross charge-offs, Year 3	(12,072)		(48,271)
Current period gross charge-offs, Year 4	(10,615)		(62,071)
Current period gross charge-offs, Year 5	(11,773)		(57,505)
Current period gross charge-offs, After Year 5	(58,363)		(231,647)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	95,085		427,416
Current period recoveries, Year 1	0		124
Current period recoveries, Year 2	207		1,841
Current period recoveries, Year 3	1,428		4,170
Current period recoveries, Year 4	1,167		5,556
Current period recoveries, Year 5	1,460		5,407
Current period recoveries, After Year 5	7,723		24,639
Recoveries	11,985		41,737
Current period net charge-offs, Year 1	0		(2,100)
Current period net charge-offs, Year 2	(2,055)		(23,857)
Current period recoveries, Year 3	(10,644)		(44,101)
Current period recoveries, Year 4	(9,448)		(56,515)
Current period recoveries, Year 5	(10,313)		(52,098)
Current period recoveries, After Year 5	(50,640)		(207,008)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff	83,100		385,679
Total accrued interest by origination vintage, Year 1	13,564		142,915
Total accrued interest by origination vintage, Year 2	241,786		315,308
Total accrued interest by origination vintage, Year 3	351,527		207,858
Total accrued interest by origination vintage, Year 4	209,889		184,832
Total accrued interest by origination vintage, Year 5	177,587		116,211
Total accrued interest by origination vintage, After Year 5	310,373		210,438
Total accrued interest by origination vintage	1,304,726		1,177,562
Consumer Portfolio Segment \| Student Loan \| With and without cosigners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	852,405		4,276,533
Year 2	5,688,118		4,547,159
Year 3	4,444,654		2,584,622
Year 4	2,491,251		2,172,660
Year 5	2,087,454		1,615,842
After Year 5	6,334,121		5,106,872
Loan type	$ 21,898,003		$ 20,303,688
% of Balance
Total in percent	100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| With cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 728,950		$ 3,656,111
Year 2	4,951,808		3,941,921
Year 3	3,858,219		2,208,033
Year 4	2,130,947		1,853,619
Year 5	1,782,069		1,402,828
After Year 5	5,681,899		4,626,491
Loan type	$ 19,133,892		$ 17,689,003
% of Balance
Private education loans	87.00%		87.00%
Consumer Portfolio Segment \| Student Loan \| Without cosigner
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 123,455		$ 620,422
Year 2	736,310		605,238
Year 3	586,435		376,589
Year 4	360,304		319,041
Year 5	305,385		213,014
After Year 5	652,222		480,381
Loan type	$ 2,764,111		$ 2,614,685
% of Balance
Private education loans	13.00%		13.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 852,405		$ 4,276,533
Year 2	5,688,118		4,547,159
Year 3	4,444,654		2,584,622
Year 4	2,491,251		2,172,660
Year 5	2,087,454		1,615,842
After Year 5	6,334,121		5,106,872
Loan type	$ 21,898,003		$ 20,303,688
% of Balance
Total in percent	100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 72,432		$ 326,991
Year 2	438,029		307,646
Year 3	304,216		158,606
Year 4	154,665		177,098
Year 5	171,983		143,674
After Year 5	554,184		439,587
Loan type	$ 1,695,509		$ 1,553,602
% of Balance
Private education loans at origination	8.00%		8.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 125,846		$ 593,216
Year 2	785,900		611,649
Year 3	602,706		356,541
Year 4	346,297		339,685
Year 5	327,433		259,142
After Year 5	1,077,557		878,426
Loan type	$ 3,265,739		$ 3,038,659
% of Balance
Private education loans at origination	15.00%		15.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 270,689		$ 1,336,765
Year 2	1,771,760		1,440,510
Year 3	1,410,157		834,819
Year 4	806,546		719,777
Year 5	692,615		537,680
After Year 5	2,132,757		1,722,068
Loan type	$ 7,084,524		$ 6,591,619
% of Balance
Private education loans at origination	32.00%		32.00%
Consumer Portfolio Segment \| Student Loan \| FICO at Origination \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 383,438		$ 2,019,561
Year 2	2,692,429		2,187,354
Year 3	2,127,575		1,234,656
Year 4	1,183,743		936,100
Year 5	895,423		675,346
After Year 5	2,569,623		2,066,791
Loan type	$ 9,852,231		$ 9,119,808
% of Balance
Private education loans at origination	45.00%		45.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 852,405		$ 4,276,533
Year 2	5,688,118		4,547,159
Year 3	4,444,654		2,584,622
Year 4	2,491,251		2,172,660
Year 5	2,087,454		1,615,842
After Year 5	6,334,121		5,106,872
Loan type	$ 21,898,003		$ 20,303,688
% of Balance
Total in percent	100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Less than 670
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 88,378		$ 443,868
Year 2	659,414		461,589
Year 3	498,641		242,310
Year 4	256,177		237,105
Year 5	249,547		204,894
After Year 5	969,883		773,324
Loan type	$ 2,722,040		$ 2,363,090
% of Balance
Private education loans at origination	12.00%		12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 670-699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 128,620		$ 594,118
Year 2	792,523		579,784
Year 3	571,683		284,244
Year 4	277,061		240,999
Year 5	235,805		173,754
After Year 5	706,213		564,344
Loan type	$ 2,711,905		$ 2,437,243
% of Balance
Private education loans at origination	12.00%		12.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| 700-749
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 267,500		$ 1,322,558
Year 2	1,715,364		1,378,910
Year 3	1,324,781		748,368
Year 4	710,463		628,060
Year 5	591,355		449,701
After Year 5	1,717,774		1,388,090
Loan type	$ 6,327,237		$ 5,915,687
% of Balance
Private education loans at origination	30.00%		29.00%
Consumer Portfolio Segment \| Student Loan \| FICO Refreshed \| Greater than or equal to 750
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 367,907		$ 1,915,989
Year 2	2,520,817		2,126,876
Year 3	2,049,549		1,309,700
Year 4	1,247,550		1,066,496
Year 5	1,010,747		787,493
After Year 5	2,940,251		2,381,114
Loan type	$ 10,136,821		$ 9,587,668
% of Balance
Private education loans at origination	46.00%		47.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 852,405		$ 4,276,533
Year 2	5,688,118		4,547,159
Year 3	4,444,654		2,584,622
Year 4	2,491,251		2,172,660
Year 5	2,087,454		1,615,842
After Year 5	6,334,121		5,106,872
Loan type	$ 21,898,003		$ 20,303,688
% of Balance
Total in percent	100.00%		100.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 1-12 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 443,563		$ 2,448,884
Year 2	2,988,688		636,073
Year 3	522,305		384,334
Year 4	327,647		330,316
Year 5	271,788		235,878
After Year 5	507,620		424,636
Loan type	$ 5,061,611		$ 4,460,121
% of Balance
Seasoning based on monthly scheduled payments due from 1-12 payments	23.00%		22.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 13-24 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0
Year 2	324,873		2,477,764
Year 3	2,414,470		255,510
Year 4	201,750		195,753
Year 5	211,025		166,045
After Year 5	586,952		455,782
Loan type	$ 3,739,070		$ 3,550,854
% of Balance
Seasoning based on monthly scheduled payments due from 13 - 24 payments	17.00%		18.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 25-36 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0
Year 2	0		0
Year 3	159,673		1,366,398
Year 4	1,299,993		257,534
Year 5	158,750		126,223
After Year 5	570,770		489,157
Loan type	$ 2,189,186		$ 2,239,312
% of Balance
Seasoning based on monthly scheduled payments due from 25 - 36 payments	10.00%		11.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| 37-48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0
Year 2	0		0
Year 3	0		127
Year 4	118,240		1,008,418
Year 5	1,023,883		224,805
After Year 5	568,996		451,102
Loan type	$ 1,711,119		$ 1,684,452
% of Balance
Seasoning based on monthly scheduled payments due from 37 - 48 payments	8.00%		8.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| More than 48 payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 0		$ 0
Year 2	0		0
Year 3	0		0
Year 4	0		0
Year 5	62,249		643,611
After Year 5	3,448,382		2,830,285
Loan type	$ 3,510,631		$ 3,473,896
% of Balance
Seasoning based on monthly scheduled payments due from more than 48 payments	16.00%		17.00%
Consumer Portfolio Segment \| Student Loan \| Seasoning \| Not yet in repayment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year 1	$ 408,842		$ 1,827,649
Year 2	2,374,557		1,433,322
Year 3	1,348,206		578,253
Year 4	543,621		380,639
Year 5	359,759		219,280
After Year 5	651,401		455,910
Loan type	$ 5,686,386		$ 4,895,053
% of Balance
Seasoning based on monthly scheduled payments due from not yet in repayment	26.00%		24.00%

Investments - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,487,749	$ 2,554,332
Allowance for credit losses	0	0
Gross Unrealized Gains	396	35
Gross Unrealized Losses	(177,083)	(212,278)
Estimated Fair Value	2,311,062	2,342,089
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	387,158	389,067
Allowance for credit losses	0	0
Gross Unrealized Gains	62	2
Gross Unrealized Losses	(61,886)	(68,705)
Estimated Fair Value	325,334	320,364
Utah Housing Corporation bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,460	3,584
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(294)	(357)
Estimated Fair Value	3,166	3,227
U.S. government-sponsored enterprises and Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,758,032	1,804,726
Allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(92,548)	(115,416)
Estimated Fair Value	1,665,484	1,689,310
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	339,099	356,955
Allowance for credit losses	0	0
Gross Unrealized Gains	334	33
Gross Unrealized Losses	(22,355)	(27,800)
Estimated Fair Value	$ 317,078	$ 329,188

Borrowings - Narrative (Details) - USD ($)		3 Months Ended			12 Months Ended
Borrowings - Narrative (Details) - USD ($)	Mar. 15, 2023	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	May 17, 2022
Line of Credit Facility [Line Items]
Estimated weighted average life of student loans		5 years			5 years
Vertical risk retention interest			5.00%	5.00%
Uncommitted federal funds		$ 125,000,000	$ 125,000,000	$ 125,000,000
Lendable value of collateral		2,100,000,000	2,100,000,000	2,100,000,000	$ 2,200,000,000
ABCP borrowings \| Secured Borrowings
Line of Credit Facility [Line Items]
Secured borrowing facility maximum borrowing capacity						$ 2,000,000,000
Residual interest percentage of facility trust						100.00%
Secured borrowings outstanding		0	0	0	$ 0
2023-A
Line of Credit Facility [Line Items]
Private education loan term accounted for as a secured financing	$ 579,000,000
Loans sold to third parties	$ 579,000,000
Ownership interest percentage on asset-backed financing	100.00%
Unsecured debt issued	$ 572,000,000
Estimated weighted average life of student loans	5 years 21 days
Loans pledged as collateral		639,000,000	639,000,000	639,000,000
Principal amount of collateral		598,000,000	598,000,000	598,000,000
Capitalized interest		$ 41,000,000	$ 41,000,000	$ 41,000,000
2023-A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.53%

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 26, 2022	Oct. 31, 2021	Jan. 27, 2021
Class of Stock [Line Items]
Common stock dividend (in dollars per share)	$ 0.11	$ 0.11
Common stock repurchased (in shares)			0	9,533,392
Remaining authority under the share repurchase program	$ 581		$ 581
Common Stock
Class of Stock [Line Items]
Common stock closing price (in dollars per share)	$ 12.39		$ 12.39
Common Stock \| 2021 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)						$ 1,500	$ 1,250
Increase in amount of common stock that may be repurchased						$ 250
Common stock repurchased (in shares)				2,000,000
Common stock repurchased, amount				$ 38
Common Stock \| 2022 Share Repurchase Program
Class of Stock [Line Items]
Aggregate purchase price (not to exceed)					$ 1,250
Common stock repurchased (in shares)			0	7,500,000
Common stock repurchased, amount				$ 138
Remaining authority under the share repurchase program	$ 581		$ 581
Common Stock \| Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Common stock repurchased (in shares)			0	9,500,000
Common stock repurchased, amount				$ 176

Goodwill and Acquired Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

We recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired as part of the acquisition of the assets primarily used or held for use of Epic Research Education Services, LLC, which does business as Nitro College (“Nitro”), in the first quarter of 2022. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually in the fourth quarter of the year, or more frequently if we believe that indicators of impairment exist. At March 31, 2023 we had $51 million in total goodwill. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Business Combination” in our 2022 Form 10-K for additional details on our acquisition of Nitro.

Acquired Intangible Assets

Our intangible assets include acquired tradename and trademarks, customer relationships, and developed technology. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.

Acquired intangible assets include the following:


		March 31, 2023						December 31, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Tradename and trademarks	10	$	68,470	$	(7,418)	$	61,052	$	68,470	$	(5,706)	$	62,764
Customer relationships	5	5,670		(2,178)		3,492		5,670		(1,723)		3,947
Developed technology	3	1,260		(455)		805		1,260		(350)		910
Total acquired intangible assets		$	75,400	$	(10,051)	$	65,349	$	75,400	$	(7,779)	$	67,621

(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years.

We recorded amortization of acquired intangible assets totaling approximately $2 million and $1 million in the three months ended March 31, 2023 and 2022, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be approximately $9 million, $8 million, $8 million, $7 million, and $7 million in 2023, 2024, 2025, 2026, and 2027, respectively.

Deposits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Deposits - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]
Deposits	$ 21,803,666		$ 21,448,071
Brokered deposits	10,300,000		9,900,000
Retail and other deposits	11,500,000		11,500,000
Stable interest-bearing deposits, total	8,000,000		8,000,000
Brokered deposit placement fee	3,000	$ 3,000
Third party broker fees paid	3,000	$ 2,000
Deposits exceeding FDIC insurance limits	471,000		615,000
Accrued interest on deposits	$ 69,000		$ 59,000

Borrowings - Secured Financing (Details) - USD ($)	1 Months Ended
Borrowings - Secured Financing (Details) - USD ($)	Mar. 31, 2023	Aug. 31, 2022	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Total Issued	$ 579,000,000		$ 575,000,000
Total loans and accrued interest amount securitized at inception	644,573,000		$ 674,387,000
2022-C
Securities Financing Transaction [Line Items]
Total Issued		$ 575,000,000
Weighted Average Life (in years)		4 years 8 months 8 days
2022-C \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Securities Financing Transaction [Line Items]
Basis spread on variable rate		1.76%
2023-A
Securities Financing Transaction [Line Items]
Total Issued	$ 579,000,000
Weighted Average Life (in years)	5 years 21 days
Principal amount of collateral	$ 598,000,000
Capitalized interest	$ 41,000,000
2023-A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Securities Financing Transaction [Line Items]
Basis spread on variable rate	1.53%
Private Education Loans Securitized in 2022
Securities Financing Transaction [Line Items]
Loans	$ 610,000,000
Principal amount of collateral	572,000,000
Capitalized interest	38,000,000
Private Education Loans Securitized In 2023
Securities Financing Transaction [Line Items]
Loans	639,000,000
Principal amount of collateral	598,000,000
Capitalized interest	$ 41,000,000

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event2023 Loan SaleIn April 2023, we identified a pool of $2 billion of Private Education Loans that we intend to sell in a transaction that is expected to close in May 2023. The transaction will be recognized in the second-quarter 2023 consolidated financial statements.

Regulatory Capital - U.S. Basel III Regulatory Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Actual Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 2,979,433	$ 3,040,662
Tier 1 Capital (to Risk-Weighted Assets)	2,979,433	3,040,662
Total Capital (to Risk-Weighted Assets)	3,297,674	3,338,645
Tier 1 Capital (to Average Assets)	$ 2,979,433	$ 3,040,662
Actual Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	12.00%	12.90%
Tier 1 Capital (to Risk-Weighted Assets)	0.120	0.129
Total Capital (to Risk-Weighted Assets)	0.133	0.142
Tier 1 Capital (to Average Assets)	0.100	0.103
U.S. Basel III Regulatory Requirements, Amount
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$ 1,738,576	$ 1,645,807
Tier 1 Capital (to Risk-Weighted Assets)	2,111,128	1,998,480
Total Capital (to Risk-Weighted Assets)	2,607,863	2,468,711
Tier 1 Capital (to Average Assets)	$ 1,188,369	$ 1,185,280
U.S. Basel III Regulatory Requirements, Ratio
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	7.00%	7.00%
Tier 1 Capital (to Risk-Weighted Assets)	0.085	0.085
Total Capital (to Risk-Weighted Assets)	0.105	0.105
Tier 1 Capital (to Average Assets)	0.040	0.040

Commitments, Contingencies and Guarantees	3 Months Ended
Commitments, Contingencies and Guarantees	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. At March 31, 2023, we had $684 million of outstanding contractual loan commitments which we expect to fund during the 2022/2023 academic year. At March 31, 2023, we had a $33 million reserve recorded in “Other Liabilities” to cover expected losses that may occur during the one-year loss emergence period on these unfunded commitments. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2022 Form 10-K and Note 6, “Unfunded Loan Commitments” in this Form 10-Q for additional information. Regulatory Matters For additional information regarding our regulatory matters, see Notes to Consolidated Financial Statements, Note 21, “Commitments, Contingencies and Guarantees” in our 2022 Form 10-K. Contingencies In the ordinary course of business, we and our subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment, and other laws. In certain of these actions and proceedings, claims for substantial monetary damage may be asserted against us and our subsidiaries. It is common for the Company, our subsidiaries, and affiliates to receive information and document requests and investigative demands from state attorneys general, legislative committees, and administrative agencies. These requests may be for informational or regulatory purposes and may relate to our business practices, the industries in which we operate, or other companies with whom we conduct business. Our practice has been and continues to be to cooperate with these bodies and be responsive to any such requests. We are required to establish reserves for litigation and regulatory matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, management does not believe there are loss contingencies, if any, arising from pending investigations, litigation, or regulatory matters for which reserves should be established.

Investments - Maturity Table (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,487,749	$ 2,554,332
Estimated Fair Value	2,311,062	$ 2,342,089
2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	114,993
Estimated Fair Value	113,061
2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	698,346
Estimated Fair Value	670,601
2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	298,066
Estimated Fair Value	286,613
2026
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	548,319
Estimated Fair Value	499,306
2027
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,309
Estimated Fair Value	95,902
2038
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71
Estimated Fair Value	73
2039
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	718
Estimated Fair Value	719
2042
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,528
Estimated Fair Value	2,227
2043
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,434
Estimated Fair Value	4,055
2044
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,412
Estimated Fair Value	5,057
2045
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,443
Estimated Fair Value	4,940
2046
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,963
Estimated Fair Value	7,165
2047
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,386
Estimated Fair Value	7,586
2048
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,056
Estimated Fair Value	2,001
2049
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,374
Estimated Fair Value	14,836
2050
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	114,601
Estimated Fair Value	93,786
2051
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	161,035
Estimated Fair Value	130,855
2052
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	56,605
Estimated Fair Value	50,153
2053
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	109,892
Estimated Fair Value	100,141
2054
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	83,670
Estimated Fair Value	75,428
2055
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,051
Estimated Fair Value	94,030
2058
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,477
Estimated Fair Value	$ 52,527

Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 51,000
Acquired intangible assets amortization expense	2,272	$ 733
Expected amortization of 2023	9,000
Expected amortization of 2024	8,000
Expected amortization of 2025	8,000
Expected amortization of 2026	7,000
Expected amortization of 2027	$ 7,000

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securitization (“ABS”) program and our Private Education Loan multi-lender secured borrowing facility (the “Secured Borrowing Facility”). For additional information regarding our borrowings, see Notes to Consolidated Financial Statements, Note 12, “Borrowings” in our 2022 Form 10-K. The following table summarizes our borrowings at March 31, 2023 and December 31, 2022.


	March 31, 2023						December 31, 2022
(Dollars in thousands)	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	989,788	$	989,788	$	—	$	988,986	$	988,986
Total unsecured borrowings	—		989,788		989,788		—		988,986		988,986
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,759,190		3,759,190		—		3,462,363		3,462,363
Variable-rate	—		764,998		764,998		—		783,765		783,765
Total Private Education Loan term securitizations	—		4,524,188		4,524,188		—		4,246,128		4,246,128
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,524,188		4,524,188		—		4,246,128		4,246,128
Total	$	—	$	5,513,976	$	5,513,976	$	—	$	5,235,114	$	5,235,114

Short-term Borrowings

On May 17, 2022, we amended our Secured Borrowing Facility to extend the maturity of the facility. The amount that can be borrowed under the facility is $2 billion. We hold 100 percent of the residual interest in the Secured Borrowing Facility trust. Under the Secured Borrowing Facility, we incur financing costs on unused borrowing capacity and on outstanding advances. The amended Secured Borrowing Facility extended the revolving period, during which we may borrow, repay, and reborrow funds, until May 16, 2023. The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on May 16, 2024 (or earlier, if certain material adverse events occur). At both March 31, 2023, and December 31, 2022, there were no secured borrowings outstanding under the Secured Borrowing Facility.

Long-term Borrowings

Secured Financings

2023 Transaction

On March 15, 2023, we executed our $579 million SMB Private Education Loan Trust 2023-A term ABS transaction, which was accounted for as a secured financing. We sold $579 million of notes to third parties and retained a 100 percent interest in the residual certificates issued in the securitization, raising approximately $572 million of gross proceeds. The Class A and Class B notes had a weighted average life of 5.06 years and priced at a weighted average SOFR equivalent cost of SOFR plus 1.53 percent. On March 31, 2023, $639 million of our Private Education Loans, including $598 million of principal and $41 million in capitalized interest, were encumbered because of this transaction.

Secured Financings at Issuance

The following table summarizes our secured financings issued in the year ended December 31, 2022 and in the three months ended March 31, 2023.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:
2022-C	August 2022	$	575,000	SOFR plus 1.76%	4.69
Total notes issued in 2022		$	575,000

Total loan and accrued interest amount securitized at inception in 2022(2)		$	674,387

2023-A	March 2023	$	579,000	SOFR plus 1.53%	5.06
Total notes issued in 2023		$	579,000

Total loan and accrued interest amount securitized at inception in 2023(3)		$	644,573

(1) Represents SOFR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.

(2) At March 31, 2023, $610 million of our Private Education Loans, including $572 million of principal and $38 million in capitalized interest, were encumbered related to these transactions.

(3) At March 31, 2023, $639 million of our Private Education Loans, including $598 million of principal and $41 million in capitalized interest, were encumbered related to these transactions.

Consolidated Funding Vehicles

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.


As of March 31, 2023 (dollars in thousands)	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,524,188	$	4,524,188	$	5,728,010	$	181,764	$	322,715	$	6,232,489
Secured Borrowing Facility	—		—		—		—		—		360		360
Total	$	—	$	4,524,188	$	4,524,188	$	5,728,010	$	181,764	$	323,075	$	6,232,849


As of December 31, 2022 (dollars in thousands)	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	286,093	$	5,876,414
Secured Borrowing Facility	—		—		—		—		—		1,066		1,066
Total	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	287,159	$	5,877,480

(1) Other assets primarily represent accrued interest receivable.

Unconsolidated VIEs

Private Education Loan Securitizations

Unconsolidated VIEs include variable interests that we hold in certain securitization trusts created by the sale of our Private Education Loans to unaffiliated third parties. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts. Additionally, we own five percent of the securities issued by the trusts to meet risk retention requirements. We were not required to consolidate these entities because the fees we receive as the servicer/administrator are commensurate with our responsibility, so the fees are not considered a variable interest. Additionally, the five percent vertical interest we maintain does not absorb more than an insignificant amount of the VIE’s expected losses, nor do we receive more than an insignificant amount of the VIE’s expected residual returns.

The table below provides a summary of our exposure related to our unconsolidated VIEs.


	March 31, 2023						December 31, 2022
(Dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	317,077	$	51,342	$	368,419	$	329,188	$	50,786	$	379,974

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

Other Borrowing Sources

We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled $125 million at March 31, 2023. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a spread at the time of borrowing and is payable daily. We did not utilize these lines of credit in the three months ended March 31, 2023 or in the year ended December 31, 2022.

We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”). The Primary Credit borrowing facility is a lending program available to depository institutions that are in generally sound financial condition. All borrowings at the Window must be fully collateralized. We can pledge asset-backed and mortgage-backed securities, as well as FFELP Loans and Private Education Loans, to the FRB as collateral for borrowings at the Window. Generally, collateral value is assigned based on the estimated fair value of the pledged assets. At March 31, 2023 and December 31, 2022, the value of our pledged collateral at the FRB totaled $2.1 billion and $2.2 billion, respectively. The interest rate charged to us is the discount rate set by the FRB. We did not utilize this facility in the three months ended March 31, 2023 or in the year ended December 31, 2022.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Banking and Thrift, Other Disclosure [Abstract]

Deposits

3 Months Ended

Mar. 31, 2023

Deposits

The following table summarizes total deposits at March 31, 2023 and December 31, 2022.


	March 31,		December 31,
(Dollars in thousands)	2023		2022
Deposits - interest-bearing	$	21,801,666	$	21,446,647
Deposits - non-interest-bearing	2,000		1,424
Total deposits	$	21,803,666	$	21,448,071

Our total deposits of $21.8 billion were comprised of $10.3 billion in brokered deposits and $11.5 billion in retail and other deposits at March 31, 2023, compared to total deposits of $21.4 billion, which were comprised of $9.9 billion in brokered deposits and $11.5 billion in retail and other deposits, at December 31, 2022.

Interest-bearing deposits as of March 31, 2023 and December 31, 2022 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest-bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $8.0 billion and $8.0 billion of our deposit total as of March 31, 2023 and December 31, 2022, respectively.

Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $3 million and $3 million in the three months ended March 31, 2023 and 2022, respectively. Fees paid to third-party brokers related to brokered CDs were $3 million and $2 million for the three months ended March 31, 2023 and 2022, respectively.

Interest bearing deposits at March 31, 2023 and December 31, 2022 are summarized as follows:


	March 31, 2023				December 31, 2022
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,788,126	4.26	%	$	10,977,242	3.75	%
Savings	1,007,994		3.75		982,586		3.15
Certificates of deposit	10,005,546		2.97		9,486,819		2.57
Deposits - interest bearing	$	21,801,666			$	21,446,647

(1) Includes the effect of interest rate swaps in effective hedge relationships.

Certificates of deposit remaining maturities are summarized as follows:


(Dollars in thousands)	March 31, 2023		December 31, 2022
One year or less	$	3,257,529	$	3,224,573
After one year to two years	3,123,281		2,954,257
After two years to three years	2,199,697		1,904,919
After three years to four years	1,176,953		1,031,881
After four years to five years	207,676		324,375
After five years	40,410		46,814
Total	$	10,005,546	$	9,486,819

As of March 31, 2023 and December 31, 2022, there were $471 million and $615 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. These omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to FDIC rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms. Accrued interest on deposits was $69 million and $59 million at March 31, 2023 and December 31, 2022, respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock dividend (in dollars per share)	$ 0.11	$ 0.11
Series B Preferred Stock
Preferred stock dividend rate (in dollars per share)	$ 1.62	$ 0.51

Goodwill and Acquired Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

Acquired intangible assets include the following:


		March 31, 2023						December 31, 2022
(Dollars in thousands)	Useful Life (in years)(1)	Cost Basis		Accumulated Amortization		Net		Cost Basis		Accumulated Amortization		Net
Tradename and trademarks	10	$	68,470	$	(7,418)	$	61,052	$	68,470	$	(5,706)	$	62,764
Customer relationships	5	5,670		(2,178)		3,492		5,670		(1,723)		3,947
Developed technology	3	1,260		(455)		805		1,260		(350)		910
Total acquired intangible assets		$	75,400	$	(10,051)	$	65,349	$	75,400	$	(7,779)	$	67,621

(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 9.51 years.

Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amount
Money market	$ 10,788,126	$ 10,977,242
Savings	1,007,994	982,586
Certificates of deposit	10,005,546	9,486,819
Deposits - interest bearing	$ 21,801,666	$ 21,446,647
Qtr.-End Weighted Average Stated Rate
Money market	4.26%	3.75%
Savings	3.75%	3.15%
Certificates of deposit	2.97%	2.57%

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Impact of Derivatives on the Consolidated Balance Sheet

The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2023 and December 31, 2022, and their impact on earnings and other comprehensive income for the three months ended March 31, 2023 and March 31, 2022. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2022 Form 10-K for a full discussion of cash flow hedges, fair value hedges, and trading activities.


Impact of Derivatives on the Consolidated Balance Sheets
		Cash Flow Hedges				Fair Value Hedges				Trading				Total
		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)		2023		2022		2023		2022		2023		2022		2023		2022
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	972	$	—	$	—	$	—	$	—	$	—	$	972

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(1,714)		—		(101)		(567)		—		—		(1,815)		(567)
Total net derivatives		$	(1,714)	$	972	$	(101)	$	(567)	$	—	$	—	$	(1,815)	$	405

(1) Fair values reported include variation margin as legal settlement of the derivative contract. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.

(2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets				Other Liabilities
	March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(1,815)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(1,815)		—
Cash collateral pledged(2)	13,031		11,162		—		—
Net position	$	13,031	$	11,567	$	(1,815)	$	—

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of Offsetting Assets

The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets				Other Liabilities
	March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(1,815)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(1,815)		—
Cash collateral pledged(2)	13,031		11,162		—		—
Net position	$	13,031	$	11,567	$	(1,815)	$	—

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of Offsetting Liabilities

The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets				Other Liabilities
	March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(1,815)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(1,815)		—
Cash collateral pledged(2)	13,031		11,162		—		—
Net position	$	13,031	$	11,567	$	(1,815)	$	—

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.

Schedule of Notional Amounts of Outstanding Derivative Positions


Notional Values
	Cash Flow				Fair Value				Trading				Total
(Dollars in thousands)	March 31,		December 31,		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
Interest rate swaps	$	1,285,120	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,987,429	$	2,842,846

Net total notional	$	1,285,120	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,987,429	$	2,842,846

Schedule of Cumulative Basis Adjustments for Fair Value Hedges

As of March 31, 2023 and December 31, 2022, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


(Dollars in thousands)	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:	March 31,		December 31,		March 31,		December 31,
	2023		2022		2023		2022

Deposits	$	(677,893)	$	(1,494,087)	$	24,224	$	31,259

Schedule of Impact of Derivatives on the Consolidated Statements of Income


Impact of Derivatives on the Consolidated Statements of Income
	Three Months Ended March 31,
(Dollars in thousands)	2023		2022

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(6,405)	$	17,287
Hedged items recorded in interest expense	(7,035)		51,268
Derivatives recorded in interest expense	7,096		(51,319)
Total	$	(6,344)	$	17,236

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	10,278	$	(4,541)
Total	$	10,278	$	(4,541)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	(248)
Total	—		(248)
Total	$	3,934	$	12,447

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)


Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
	Three Months Ended
	March 31,
(Dollars in thousands)	2023		2022

Amount of gain (loss) recognized in other comprehensive income (loss)	$	(4,721)	$	47,989
Less: amount of gain (loss) reclassified in interest expense	10,278		(4,541)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(14,999)	$	52,530

Borrowings - Summary of Exposure Related To Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated Fair Value	$ 2,311,062	$ 2,342,089
Total Exposure	32,720	124,924	$ 32,707	$ 72,713
Variable Interest Entity, Not Primary Beneficiary \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Estimated Fair Value	317,077	329,188
Equity Interests	51,342	50,786
Total Exposure	$ 368,419	$ 379,974

Derivative Financial Instruments - Narrative (Details)	3 Months Ended
Derivative Financial Instruments - Narrative (Details)	Mar. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of central counterparties \| counterparty	2
Notional value	$ 1,987,429,000	$ 2,842,846,000
Derivative, fair value, amount offset against collateral, net	11,000,000	12,000,000
Estimated accumulated other comprehensive income to be reclassified in next 12 months	41,000,000
Cash collateral held relative to derivative exposure	0	0
Cash collateral pledged	13,000,000	$ 11,000,000
CME
Derivative [Line Items]
Notional value	$ 1,800,000,000
Percent of total notional derivative contracts	90.00%
Amount of variation margin included as settlement	$ (47,000,000)
LCH
Derivative [Line Items]
Notional value	$ 200,000,000
Percent of total notional derivative contracts	10.00%
Amount of variation margin included as settlement	$ (6,000,000)

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.


	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2023		2022
Numerator:
Net income	$	118,518	$	128,812
Preferred stock dividends	4,063		1,275
Net income attributable to SLM Corporation common stock	$	114,455	$	127,537
Denominator:
Weighted average shares used to compute basic EPS	241,497		276,977
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (“ESPP”) (1)(2)	2,052		3,677

Weighted average shares used to compute diluted EPS	243,549		280,654

Basic earnings per common share	$	0.47	$	0.46

Diluted earnings per common share	$	0.47	$	0.45

(1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

(2) For the three months ended March 31, 2023 and 2022, securities covering approximately 4 million shares and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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 March 31, 2023 and December 31, 2022, we had $51 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 March 31, 2023 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	387,158	$	—	$	62	$	(61,886)	$	325,334
Utah Housing Corporation bonds	3,460		—		—		(294)		3,166
U.S. government-sponsored enterprises and Treasuries	1,758,032		—		—		(92,548)		1,665,484
Other securities	339,099		—		334		(22,355)		317,078
Total	$	2,487,749	$	—	$	396	$	(177,083)	$	2,311,062

As of December 31, 2022 (dollars in thousands	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	389,067	$	—	$	2	$	(68,705)	$	320,364
Utah Housing Corporation bonds	3,584		—		—		(357)		3,227
U.S. government-sponsored enterprises and Treasuries	1,804,726		—		—		(115,416)		1,689,310
Other securities	356,955		—		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.

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 months				12 months or more				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of March 31, 2023:
Mortgage-backed securities	$	(1,138)	$	22,201	$	(60,748)	$	297,543	$	(61,886)	$	319,744
Utah Housing Corporation bonds	—		—		(294)		3,166		(294)		3,166
U.S. government-sponsored enterprises and Treasuries	(4,463)		193,623		(88,085)		1,471,861		(92,548)		1,665,484
Other securities	(8,451)		156,624		(13,904)		128,538		(22,355)		285,162
Total	$	(14,052)	$	372,448	$	(163,031)	$	1,901,108	$	(177,083)	$	2,273,556

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 March 31, 2023 and December 31, 2022, 182 of 193 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 is 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 Bank, 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. The decline in value from December 31, 2022 to March 31, 2023 was driven by the current interest rate environment and is not credit related. 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.

As of March 31, 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 March 31, 2023 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2023	$	114,993	$	113,061
2024	698,346		670,601
2025	298,066		286,613
2026	548,319		499,306
2027	98,309		95,902
2038	71		73
2039	718		719
2042	2,528		2,227
2043	4,434		4,055
2044	5,412		5,057
2045	5,443		4,940
2046	7,963		7,165
2047	8,386		7,586
2048	2,056		2,001
2049	16,374		14,836
2050	114,601		93,786
2051	161,035		130,855
2052	56,605		50,153
2053	109,892		100,141
2054	83,670		75,428
2055	98,051		94,030
2058	52,477		52,527
Total	$	2,487,749	$	2,311,062

Some of the mortgage-backed securities and a portion of the government securities have been pledged to the Federal Reserve Bank (the “FRB”) as collateral against any advances and accrued interest under the Primary Credit lending program sponsored by the FRB. We had $530 million and $547 million par value of securities pledged to this borrowing facility at March 31, 2023 and December 31, 2022, respectively, as discussed further in Notes to Consolidated Financial Statements, Note 9, “Borrowings” in this Form 10-Q.

Other Investments

Investments in Non-Marketable Securities

We hold investments in non-marketable securities and account for these investments at cost, less impairment, plus or minus observable price changes of identical or similar securities of the same issuer. Changes in market value are recorded through earnings. Because these are non-marketable securities, we use observable price changes of identical or similar securities of the same issuer, or when observable prices are not available, use market data of similar entities, in determining any changes in the value of the securities. In March 2023 our $5 million investment in a convertible debt security, classified as a trading investment, and the related accrued interest were converted into a equity securities and were reclassified to investments in non-marketable securities. As of March 31, 2023, and December 31, 2022, our total investment in these securities was $14 million and $8 million, respectively.

Low Income Housing Tax Credit Investments

We invest in affordable housing projects that qualify for the low-income housing tax credit (“LIHTC”), which is designed to promote private development of low-income housing. These investments generate a return mostly through

realization of federal tax credits and tax benefits from net operating losses on the underlying properties. Total carrying value of the LIHTC investments was $78 million at March 31, 2023 and $80 million at December 31, 2022. We are periodically required to provide additional financial support during the investment period. Our liability for these unfunded commitments was $40 million at March 31, 2023 and $46 million at December 31, 2022.

Related to these investments, we recognized tax credits and other tax benefits through tax expense of less than $1 million at March 31, 2023 and $9 million at December 31, 2022. Tax credits and other tax benefits are recognized as part of our annual effective tax rate used to determine tax expense in a given quarter. Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables that Subsequently Defaulted (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	$ 94,682		$ 326,116
60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	11,624	$ 290
Payment Default(3)	11,404	287
Charge-Offs	4,628	0
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	10,400	300
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	1,200	0
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	94,682		$ 326,116
Private Education Loans \| 60 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans	11,624	290
Payment Default(3)	11,404	287
Charge-Offs	$ 4,628	$ 0

Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Credit Loss [Abstract]
Contractual obligation	$ 684,000
Allowance
Beginning balance	124,924	$ 72,713
Provision/New commitments - net	52,252	47,454
Other provision items	4,057	7,226
Transfer - funded loans	(148,513)	(94,686)
Ending balance	32,720	32,707
Unfunded Commitments
Beginning balance	1,995,808	1,776,976
Provision/New commitments - net	1,124,816	968,830
Other provision items	0	0
Transfer - funded loans	(2,436,271)	(2,184,058)
Ending balance	$ 684,353	$ 561,748

Allowance for Credit Losses - Allowance and Recorded Investments in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Allowance for Credit Losses
Beginning Balance	$ 1,357,075	$ 1,165,335	$ 1,165,335
Transfer from unfunded commitment liability	148,513	94,686
Provision for current period	57,803	48,618
Loan sale reduction to provision		(5,247)
Total provisions	57,803	43,371
Net charge-offs:
Charge-offs	(96,082)	(84,066)
Recoveries	11,997	8,036
Net charge-offs	(84,085)	(76,030)
Ending Balance	1,479,306	1,227,362	1,357,075
Allowance
Ending balance: collectively evaluated for impairment	1,479,306	1,227,362
Loans
Ending balance: collectively evaluated for impairment	22,490,321	22,445,189
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	1,150,802	993,698
Private Education Loan provision for credit losses, other impacts	1,469	158
Provisions for credit losses reported in consolidated statements of income	114,112	98,050
FFELP Loans
Allowance for Credit Losses
Beginning Balance	3,444	4,077	4,077
Transfer from unfunded commitment liability	0	0
Provision for current period	739	21
Loan sale reduction to provision		0
Total provisions	739	21
Net charge-offs:
Charge-offs	(256)	(99)
Recoveries	0	0
Net charge-offs	(256)	(99)
Ending Balance	3,927	3,999	3,444
Allowance
Ending balance: collectively evaluated for impairment	3,927	3,999
Loans
Ending balance: collectively evaluated for impairment	592,318	682,273
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	$ 0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)	0.23%	0.07%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.66%	0.59%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	0.88%	0.75%
Allowance coverage of net charge-offs (annualized)	3.83	10.10
Ending total loans, gross	$ 592,318	$ 682,273
Average loans in repayment	451,451	543,303
Ending loans in repayment	446,214	535,080
Accrued interest to be capitalized on loans in repayment	0	0
Private Education Loan provision for credit losses, other impacts	739	21
Private Education Loans
Allowance for Credit Losses
Beginning Balance	1,353,631	1,158,977	1,158,977
Transfer from unfunded commitment liability	148,513	94,686
Provision for current period	56,334	48,460
Loan sale reduction to provision		(5,247)
Total provisions	56,334	43,213
Net charge-offs:
Charge-offs	(95,085)	(83,856)
Recoveries	11,986	8,033
Net charge-offs	(83,099)	(75,823)
Ending Balance	1,475,379	1,221,053	1,353,631
Allowance
Ending balance: collectively evaluated for impairment	1,475,379	1,221,053
Loans
Ending balance: collectively evaluated for impairment	21,898,003	21,735,369
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	$ 1,150,802	$ 993,698
Net charge-offs as a percentage of average loans in repayment (annualized)	2.11%	1.89%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	6.40%	5.37%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	9.00%	7.43%
Allowance coverage of net charge-offs (annualized)	4.44	4.03
Ending total loans, gross	$ 21,898,003	$ 21,735,369
Average loans in repayment	15,764,143	16,013,289
Ending loans in repayment	15,990,459	16,095,157
Accrued interest to be capitalized on loans in repayment	408,263	331,405
Provisions for loan losses	56,334	43,213
Provisions for unfunded loan commitments	56,309	54,679
Total Private Education Loan provisions for credit losses	112,643	97,892
Credit Cards
Allowance for Credit Losses
Beginning Balance	0	2,281	2,281
Transfer from unfunded commitment liability	0	0
Provision for current period	730	137
Loan sale reduction to provision		0
Total provisions	730	137
Net charge-offs:
Charge-offs	(741)	(111)
Recoveries	11	3
Net charge-offs	(730)	(108)
Ending Balance	0	2,310	$ 0
Allowance
Ending balance: collectively evaluated for impairment	0	2,310
Loans
Ending balance: collectively evaluated for impairment	0	27,547
Accrued Interest to be Capitalized [Abstract]
Ending balance: collectively evaluated for impairment	$ 0	$ 0
Net charge-offs as a percentage of average loans in repayment (annualized)	0.00%	1.63%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.00%	8.39%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment	0.00%	8.39%
Allowance coverage of net charge-offs (annualized)	0	5.35
Ending total loans, gross	$ 0	$ 27,547
Average loans in repayment	0	26,551
Ending loans in repayment	0	27,547
Accrued interest to be capitalized on loans in repayment	0	0
Private Education Loan provision for credit losses, other impacts	$ 730	$ 137

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 118,518	$ 128,812
Other comprehensive income (loss):
Unrealized gains (losses) on investments	35,556	(81,041)
Unrealized gains (losses) on cash flow hedges	(14,999)	52,530
Total unrealized gains (losses)	20,557	(28,511)
Income tax (expense) benefit	(5,020)	6,894
Other comprehensive income (loss), net of tax (expense) benefit	15,537	(21,617)
Total comprehensive income	$ 134,055	$ 107,195

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

We use estimates of fair value in applying various accounting standards for our consolidated financial statements.

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair value and the hierarchical framework, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Fair Value Measurement” in our 2022 Form 10-K.

During the three months ended March 31, 2023, there were no significant transfers of financial instruments between levels or changes in our methodology or assumptions used to value our financial instruments.

The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	March 31, 2023								December 31, 2022
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Trading investments	$	—	$	—	$	51,342	$	51,342	$	—	$	—	$	55,903	$	55,903
Available-for-sale investments	—		2,311,062		—		2,311,062		—		2,342,089		—		2,342,089
Derivative instruments	—		—		—		—		—		972		—		972
Total	$	—	$	2,311,062	$	51,342	$	2,362,404	$	—	$	2,343,061	$	55,903	$	2,398,964

Liabilities:
Derivative instruments	$	—	$	(1,815)	$	—	$	(1,815)	$	—	$	(567)	$	—	$	(567)
Total	$	—	$	(1,815)	$	—	$	(1,815)	$	—	$	(567)	$	—	$	(567)

The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.


	March 31, 2023						December 31, 2022
(Dollars in thousands)	Fair Value		Carrying Value		Difference		Fair Value		Carrying Value		Difference
Earning assets:
Loans held for investment, net:
Private Education Loans	$	23,088,030	$	20,497,675	$	2,590,355	$	21,062,548	$	19,019,713	$	2,042,835
FFELP Loans	601,203		589,888		11,315		618,186		607,155		11,031

Loans held for sale	26,202		26,202		—		29,448		29,448		—
Cash and cash equivalents	3,716,379		3,716,379		—		4,616,117		4,616,117		—
Trading investments	51,342		51,342		—		55,903		55,903		—
Available-for-sale investments	2,311,062		2,311,062		—		2,342,089		2,342,089		—
Accrued interest receivable	1,393,556		1,331,017		62,539		1,237,074		1,202,059		35,015
Tax indemnification receivable	2,858		2,858		—		2,816		2,816		—
Derivative instruments	—		—		—		972		972		—
Total earning assets	$	31,190,632	$	28,526,423	$	2,664,209	$	29,965,153	$	27,876,272	$	2,088,881
Interest-bearing liabilities:
Money-market and savings accounts	$	11,671,878	$	11,796,120	$	124,242	$	11,854,849	$	11,959,828	$	104,979
Certificates of deposit	9,637,370		10,005,546		368,176		9,175,339		9,486,819		311,480

Long-term borrowings	5,106,299		5,513,976		407,677		4,813,233		5,235,114		421,881
Accrued interest payable	91,943		91,943		—		71,586		71,586		—
Derivative instruments	1,815		1,815		—		567		567		—
Total interest-bearing liabilities	$	26,509,305	$	27,409,400	$	900,095	$	25,915,574	$	26,753,914	$	838,340

Excess of net asset fair value over carrying value					$	3,564,304					$	2,927,221

Please refer to Notes to Consolidated Financial Statements, Note 17, “Fair Value Measurements” in our 2022 Form 10-K for a full discussion of the methods and assumptions used to estimate the fair value of each class of financial instruments.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Allowance for Credit Losses

Allowance for Credit Losses Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolios. The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe the allowance for credit losses is appropriate to cover lifetime losses expected to be incurred in the loan portfolios. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, — Allowance for FFELP Loan Losses” in our 2022 Form 10-K for a more detailed discussion.

Allowance for Credit Losses Metrics


Three Months Ended March 31, 2023 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	3,444		$	1,353,631		$	—		$	1,357,075
Transfer from unfunded commitment liability(1)	—			148,513			—			148,513
Provisions:
Provision for current period	739			56,334			730			57,803


Total provisions(2)	739			56,334			730			57,803
Net charge-offs:
Charge-offs	(256)			(95,085)			(741)			(96,082)
Recoveries	—			11,986			11			11,997
Net charge-offs	(256)			(83,099)			(730)			(84,085)

Ending Balance	$	3,927		$	1,475,379		$	—		$	1,479,306
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,927		$	1,475,379		$	—		$	1,479,306
Loans(3):

Ending balance: collectively evaluated for impairment	$	592,318		$	21,898,003		$	—		$	22,490,321
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	1,150,802		$	—		$	1,150,802
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.23		%	2.11		%	—		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.66		%	6.40		%	—		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.88		%	9.00		%	—		%
Allowance coverage of net charge-offs (annualized)	3.83			4.44			—
Ending total loans, gross	$	592,318		$	21,898,003		$	—
Average loans in repayment(4)	$	451,451		$	15,764,143		$	—
Ending loans in repayment(4)	$	446,214		$	15,990,459		$	—
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	408,263		$	—

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Three Months Ended March 31, 2023 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	56,334
Provisions for unfunded loan commitments	56,309
Total Private Education Loan provisions for credit losses	112,643
Other impacts to the provisions for credit losses:
FFELP Loans	739
Credit Cards	730
Total	1,469
Provisions for credit losses reported in consolidated statements of income	$	114,112

(3) For the three months ended March 31, 2023, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.


Three Months Ended March 31, 2022 (dollars in thousands)	FFELP Loans			Private Education Loans			Credit Cards			Total
Allowance for Credit Losses
Beginning balance	$	4,077		$	1,158,977		$	2,281		$	1,165,335
Transfer from unfunded commitment liability(1)	—			94,686			—			94,686
Provisions:
Provision for current period	21			48,460			137			48,618
Loan sale reduction to provision	—			(5,247)			—			(5,247)

Total provisions(2)	21			43,213			137			43,371
Net charge-offs:
Charge-offs	(99)			(83,856)			(111)			(84,066)
Recoveries	—			8,033			3			8,036
Net charge-offs	(99)			(75,823)			(108)			(76,030)

Ending Balance	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Allowance(3):

Ending balance: collectively evaluated for impairment	$	3,999		$	1,221,053		$	2,310		$	1,227,362
Loans(3):

Ending balance: collectively evaluated for impairment	$	682,273		$	21,735,369		$	27,547		$	22,445,189
Accrued interest to be capitalized(3):
Ending balance: collectively evaluated for impairment	$	—		$	993,698		$	—		$	993,698
Net charge-offs as a percentage of average loans in repayment (annualized)(4)	0.07		%	1.89		%	1.63		%
Allowance as a percentage of the ending total loan balance and accrued interest to be capitalized(5)	0.59		%	5.37		%	8.39		%
Allowance as a percentage of the ending loans in repayment and accrued interest to be capitalized on loans in repayment(4)(5)	0.75		%	7.43		%	8.39		%
Allowance coverage of net charge-offs (annualized)	10.10			4.03			5.35
Ending total loans, gross	$	682,273		$	21,735,369		$	27,547
Average loans in repayment(4)	$	543,303		$	16,013,289		$	26,551
Ending loans in repayment(4)	$	535,080		$	16,095,157		$	27,547
Accrued interest to be capitalized on loans in repayment(6)	$	—		$	331,405		$	—

(1) See Note 6, “Unfunded Loan Commitments,” for a summary of the activity in the allowance for and balance of unfunded loan commitments, respectively.


Consolidated Statements of Income Provisions for Credit Losses Reconciliation
Three Months Ended March 31, 2022 (dollars in thousands)
Private Education Loan provisions for credit losses:
Provisions for loan losses	$	43,213
Provisions for unfunded loan commitments	54,679
Total Private Education Loan provisions for credit losses	97,892
Other impacts to the provisions for credit losses:
FFELP Loans	21
Credit Cards	137
Total	158
Provisions for credit losses reported in consolidated statements of income	$	98,050

(3) For the three months ended March 31, 2022, there were no allowance for credit losses, loans, or accrued interest to be capitalized balances that were individually evaluated for impairment.

(5) Accrued interest to be capitalized on Private Education Loans only.

Allowance for Credit Losses - Forecast Assumptions

In the fourth quarter of 2022, we changed our loss model to include forecasts of college graduate unemployment, home price index, and median family income in determining the adequacy of the allowance for credit losses. Prior to this change, we used forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models. We obtain forecasts for these inputs from Moody’s Analytics. Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurring. We determine which forecasts we will include in our estimation of the allowance for credit losses and the associated weightings for each of these inputs. At March 31, 2022, December 31, 2022, and March 31, 2023, we used the Base (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario with 10 percent likelihood of occurring)/S3 (downside scenario with 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent, and 30 percent, respectively. Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.

Provisions for credit losses in the three months ended March 31, 2023 increased by $16 million compared with the year-ago period. During the three months ended March 31, 2023, the increase in the provision for credit losses was primarily the result of new loan commitments, net of expired commitments, slower prepayment rates, and changes in economic outlook and recovery rates.

As part of concluding on the adequacy of the allowance for credit losses, we review key allowance and loan metrics. The most significant of these metrics considered are the allowance coverage of net charge-offs ratio; the allowance as a percentage of ending total loans and accrued interest to be capitalized and of ending loans in repayment and accrued interest to be capitalized on loans in repayment; and delinquency and forbearance percentages.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical information, which includes losses from modifications of receivables whose borrowers are experiencing financial difficulty. We use a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

The effect of most modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The forecast of expected future cash flows is updated as the loan modifications occur.

We adjust the terms of loans for certain borrowers when we believe such changes will help our customers manage their student loan obligations and achieve better student outcomes and increase the collectability of the loans. These changes generally take the form of a temporary forbearance of payments, a temporary interest rate reduction, a temporary interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment alternative.

When we give a borrower facing financial difficulty an interest rate reduction, we temporarily reduce the contractual interest rate on a loan to 4.0 percent for a two-year period and, in the vast majority of cases, permanently extend the final maturity date of the loan. The combination of these two loan term changes helps reduce the monthly payment due from the borrower and increases the likelihood the borrower will remain current during the interest rate modification period as well as when the loan returns to its original contractual interest rate.

Within the Private Education Loan portfolio, we deem loans greater than 90 days past due as nonperforming. FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we do not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continue to accrue interest on those loans through the date of claim.

For additional information, see Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies —Allowance for Credit Losses,” and Note 7, “Allowance for Credit Losses” in our 2022 Form 10-K.

Under our current forbearance practices, temporary forbearance of payments is generally granted in one-to-two month increments, for up to 12 months over the life of the loan, with 12 months of positive payment performance by a borrower required between grants (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan). See Notes to Consolidated Financial Statements, Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in our 2022 Form 10-K. If the loan has been previously restructured, we consider the cumulative effect of past restructurings made within the 12-month period before the current restructuring when determining whether a delay in payment resulting from the current restructuring is insignificant. Due to

our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold and, therefore, we do not consider the forbearances as loan modifications.

The limitations on granting of forbearances described above apply to hardship forbearances. We offer other administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are either required by law (such as by the Servicemembers Civil Relief Act) or are considered separate from our active loss mitigation programs and therefore are not considered to be loan modifications requiring disclosure. In addition, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities. For purposes of this disclosure, we do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended March 31, 2023 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	12,902	0.06	%	$	81,780	0.35	%
Total	$	12,902	0.06	%	$	81,780	0.35	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Three Months Ended March 31, 2022 (dollars in thousands)	Interest Rate Reduction				Combination - Interest Rate Reduction and Term Extension
Loan Type:	Amortized Cost Basis		% of Total Class of Financing Receivable		Amortized Cost Basis		% of Total Class of Financing Receivable
Private Education Loans	$	7,679	0.04	%	$	79,597	0.37	%
Total	$	7,679	0.04	%	$	79,597	0.37	%

The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:

Three Months Ended March 31, 2023

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 12.47% to 4.00%

Private Education Loans

Added a weighted average 10.19 years to the life of loans

Reduced average contractual rate from 12.74% to 4.00%

Three Months Ended March 31, 2022

Interest Rate Reduction

Combination - Interest Rate
Reduction and Term Extension

Loan Type

Financial Effect

Loan Type

Financial Effect

Private Education Loans

Reduced average contractual rate from 10.09% to 4.00%

Private Education Loans

Added a weighted average 10.51 years to the life of loans

Reduced average contractual rate from 9.43% to 4.00%

Private Education Loans are charged off at the end of the month in which they reach 120 days delinquent or otherwise when the loans are classified as a loss by us or our regulator. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses, and — Allowance for FFELP Loan Losses” in our 2022 Form 10-K for a more detailed discussion.

For the current period presented, the following table provides loan modifications for which a payment default occurred in the relevant period presented and within 12 months of the loan receiving a loan modification. Additionally, for the current period presented, the table summarizes charge-offs occurring in the relevant period presented and within 12 months of the loan receiving a loan modification. The charge-offs and payment defaults for the year-ago period are presented for loans receiving a loan modification during the reporting period rather than within 12 months of the loan receiving a loan modification, as the effective date of adoption for the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures, was January 1, 2022. We define payment default as 60 days past due for purposes of this disclosure.




	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(Dollars in thousands)	Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)		Modified Loans(1)(2)		Payment Default(3)		Charge-Offs(4)
Loan Type:
Private Education Loans	$	11,624	$	11,404	$	4,628	$	290	$	287	$	—
Total	$	11,624	$	11,404	$	4,628	$	290	$	287	$	—

(3) Represents the unpaid principal balance at the time of payment default.

(4) Represents the unpaid principal balance at the time of charge off.

We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts. The following tables depict the performance of loans that have been modified during the respective reporting periods (first-quarter 2023 and full year 2022, respectively).


	Payment Status (Amortized Cost Basis)
At March 31, 2023 (dollars in thousands)	Deferment(1)		Current(2)(3)		30-59 Days Past Due(2)(3)		60-89 Days Past Due(2)(3)		90 Days or Greater Past Due(2)(3)		Total
Loan Type:
Private Education Loans	$	412	$	92,213	$	1,353	$	358	$	346	$	94,682
Total	$	412	$	92,213	$	1,353	$	358	$	346	$	94,682


	Payment Status (Amortized Cost Basis)
At December 31, 2022 (dollars in thousands)	Deferment(1)		Current(2)(3)		30-59 Days Past Due(2)(3)		60-89 Days Past Due(2)(3)		90 Days or Greater Past Due(2)(3)		Total
Loan Type:
Private Education Loans	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116
Total	$	7,698	$	289,134	$	13,859	$	8,809	$	6,616	$	326,116

(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.

Private Education Loans Held for Investment - Key Credit Quality Indicators

FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest in the event of default; therefore, there are no key credit quality indicators associated with FFELP Loans.

For Private Education Loans, the key credit quality indicators are FICO scores, the existence of a cosigner, the loan status, and loan seasoning. The FICO scores are assessed at original approval and periodically refreshed/updated through the loan’s term. The following tables highlight the gross principal balance of our Private Education Loan portfolio (held for investment), by year of origination, stratified by key credit quality indicators.


As of March 31, 2023 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2023(1)		2022(1)		2021(1)		2020(1)		2019(1)		2018 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	728,950	$	4,951,808	$	3,858,219	$	2,130,947	$	1,782,069	$	5,681,899	$	19,133,892	87	%
Without cosigner	123,455		736,310		586,435		360,304		305,385		652,222		2,764,111		13
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%

FICO at Origination(2):
Less than 670	$	72,432	$	438,029	$	304,216	$	154,665	$	171,983	$	554,184	$	1,695,509	8	%
670-699	125,846		785,900		602,706		346,297		327,433		1,077,557		3,265,739		15
700-749	270,689		1,771,760		1,410,157		806,546		692,615		2,132,757		7,084,524		32
Greater than or equal to 750	383,438		2,692,429		2,127,575		1,183,743		895,423		2,569,623		9,852,231		45
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%


FICO Refreshed(2)(3):
Less than 670	$	88,378	$	659,414	$	498,641	$	256,177	$	249,547	$	969,883	$	2,722,040	12	%
670-699	128,620		792,523		571,683		277,061		235,805		706,213		2,711,905		12
700-749	267,500		1,715,364		1,324,781		710,463		591,355		1,717,774		6,327,237		30
Greater than or equal to 750	367,907		2,520,817		2,049,549		1,247,550		1,010,747		2,940,251		10,136,821		46
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%

Seasoning(4):
1-12 payments	$	443,563	$	2,988,688	$	522,305	$	327,647	$	271,788	$	507,620	$	5,061,611	23	%
13-24 payments	—		324,873		2,414,470		201,750		211,025		586,952		3,739,070		17
25-36 payments	—		—		159,673		1,299,993		158,750		570,770		2,189,186		10
37-48 payments	—		—		—		118,240		1,023,883		568,996		1,711,119		8
More than 48 payments	—		—		—		—		62,249		3,448,382		3,510,631		16
Not yet in repayment	408,842		2,374,557		1,348,206		543,621		359,759		651,401		5,686,386		26
Total	$	852,405	$	5,688,118	$	4,444,654	$	2,491,251	$	2,087,454	$	6,334,121	$	21,898,003	100	%

2023 Current period(5) gross charge-offs	$	—	$	(2,262)	$	(12,072)	$	(10,615)	$	(11,773)	$	(58,363)	$	(95,085)
2023 Current period(5) recoveries	—		207		1,428		1,167		1,460		7,723		11,985
2023 Current period(5) net charge-offs	$	—	$	(2,055)	$	(10,644)	$	(9,448)	$	(10,313)	$	(50,640)	$	(83,100)

Total accrued interest by origination vintage	$	13,564	$	241,786	$	351,527	$	209,889	$	177,587	$	310,373	$	1,304,726
(1)Balance represents gross Private Education Loans held for investment. (2)Represents the higher credit score of the cosigner or the borrower. (3)Represents the FICO score updated as of the first-quarter 2023. (4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. (5)Current period refers to period from January 1, 2023 through March 31, 2023.


As of December 31, 2022 (dollars in thousands)	Private Education Loans Held for Investment - Credit Quality Indicators
Year of Origination	2022(1)		2021(1)		2020(1)		2019(1)		2018(1)		2017 and Prior(1)		Total(1)		% of Balance
Cosigners:
With cosigner	$	3,656,111	$	3,941,921	$	2,208,033	$	1,853,619	$	1,402,828	$	4,626,491	$	17,689,003	87	%
Without cosigner	620,422		605,238		376,589		319,041		213,014		480,381		2,614,685		13
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

FICO at Origination(2):
Less than 670	$	326,991	$	307,646	$	158,606	$	177,098	$	143,674	$	439,587	$	1,553,602	8	%
670-699	593,216		611,649		356,541		339,685		259,142		878,426		3,038,659		15
700-749	1,336,765		1,440,510		834,819		719,777		537,680		1,722,068		6,591,619		32
Greater than or equal to 750	2,019,561		2,187,354		1,234,656		936,100		675,346		2,066,791		9,119,808		45
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%


FICO Refreshed(2)(3):
Less than 670	$	443,868	$	461,589	$	242,310	$	237,105	$	204,894	$	773,324	$	2,363,090	12	%
670-699	594,118		579,784		284,244		240,999		173,754		564,344		2,437,243		12
700-749	1,322,558		1,378,910		748,368		628,060		449,701		1,388,090		5,915,687		29
Greater than or equal to 750	1,915,989		2,126,876		1,309,700		1,066,496		787,493		2,381,114		9,587,668		47
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

Seasoning(4):
1-12 payments	$	2,448,884	$	636,073	$	384,334	$	330,316	$	235,878	$	424,636	$	4,460,121	22	%
13-24 payments	—		2,477,764		255,510		195,753		166,045		455,782		3,550,854		18
25-36 payments	—		—		1,366,398		257,534		126,223		489,157		2,239,312		11
37-48 payments	—		—		127		1,008,418		224,805		451,102		1,684,452		8
More than 48 payments	—		—		—		—		643,611		2,830,285		3,473,896		17
Not yet in repayment	1,827,649		1,433,322		578,253		380,639		219,280		455,910		4,895,053		24
Total	$	4,276,533	$	4,547,159	$	2,584,622	$	2,172,660	$	1,615,842	$	5,106,872	$	20,303,688	100	%

2022 Current period(5) gross charge-offs	$	(2,224)	$	(25,698)	$	(48,271)	$	(62,071)	$	(57,505)	$	(231,647)	$	(427,416)
2022 Current period(5) recoveries	124		1,841		4,170		5,556		5,407		24,639		41,737
2022 Current period(5) net charge-offs	$	(2,100)	$	(23,857)	$	(44,101)	$	(56,515)	$	(52,098)	$	(207,008)	$	(385,679)

Total accrued interest by origination vintage	$	142,915	$	315,308	$	207,858	$	184,832	$	116,211	$	210,438	$	1,177,562

(1)Balance represents gross Private Education Loans held for investment.

(2)Represents the higher credit score of the cosigner or the borrower.

(3)Represents the FICO score updated as of the fourth-quarter 2022.

(4)Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.

(5)Current period refers to January 1, 2022 through December 31, 2022.

Delinquencies - Private Education Loans Held for Investment


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of March 31, 2023 (dollars in thousands)	2023			2022			2021			2020			2019			2018 and Prior			Total

Loans in-school/grace/deferment(1)	$	408,842		$	2,374,557		$	1,348,206		$	543,621		$	359,759		$	651,401		$	5,686,386
Loans in forbearance(2)	1,256			20,755			42,385			27,115			28,094			101,553			221,158
Loans in repayment:
Loans current	441,192			3,263,917			2,972,969			1,859,452			1,632,668			5,275,984			15,446,182
Loans delinquent 30-59 days(3)	1,115			17,902			38,446			28,762			31,442			149,333			267,000
Loans delinquent 60-89 days(3)	—			6,395			22,104			17,136			18,428			76,723			140,786
Loans 90 days or greater past due(3)	—			4,592			20,544			15,165			17,063			79,127			136,491
Total Private Education Loans in repayment	442,307			3,292,806			3,054,063			1,920,515			1,699,601			5,581,167			15,990,459
Total Private Education Loans, gross	852,405			5,688,118			4,444,654			2,491,251			2,087,454			6,334,121			21,898,003
Private Education Loans deferred origination costs and unamortized premium/(discount)	5,089			29,718			15,151			8,476			5,109			11,508			75,051
Total Private Education Loans	857,494			5,717,836			4,459,805			2,499,727			2,092,563			6,345,629			21,973,054
Private Education Loans allowance for losses	(61,767)			(372,947)			(296,851)			(170,497)			(138,625)			(434,692)			(1,475,379)
Private Education Loans, net	$	795,727		$	5,344,889		$	4,162,954		$	2,329,230		$	1,953,938		$	5,910,937		$	20,497,675

Percentage of Private Education Loans in repayment	51.9		%	57.9		%	68.7		%	77.1		%	81.4		%	88.1		%	73.0		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.3		%	0.9		%	2.7		%	3.2		%	3.9		%	5.5		%	3.4		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.3		%	0.6		%	1.4		%	1.4		%	1.6		%	1.8		%	1.4		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.


	Private Education Loans Held for Investment - Delinquencies by Origination Vintage
As of December 31, 2022 (dollars in thousands)	2022			2021			2020			2019			2018			2017 and Prior			Total

Loans in-school/grace/deferment(1)	$	1,827,649		$	1,433,322		$	578,253		$	380,639		$	219,280		$	455,910		$	4,895,053
Loans in forbearance(2)	16,046			64,360			38,613			37,802			30,583			91,681			279,085
Loans in repayment:
Loans current	2,411,441			2,991,839			1,907,574			1,683,986			1,301,809			4,262,698			14,559,347
Loans delinquent 30-59 days(3)	14,164			30,740			30,877			35,213			31,366			144,948			287,308
Loans delinquent 60-89 days(3)	5,523			15,056			14,433			18,201			16,697			77,595			147,505
Loans 90 days or greater past due(3)	1,710			11,842			14,872			16,819			16,107			74,040			135,390
Total Private Education Loans in repayment	2,432,838			3,049,477			1,967,756			1,754,219			1,365,979			4,559,281			15,129,550
Total Private Education Loans, gross	4,276,533			4,547,159			2,584,622			2,172,660			1,615,842			5,106,872			20,303,688
Private Education Loans deferred origination costs and unamortized premium/(discount)	26,714			15,933			9,062			5,496			3,575			8,876			69,656
Total Private Education Loans	4,303,247			4,563,092			2,593,684			2,178,156			1,619,417			5,115,748			20,373,344
Private Education Loans allowance for losses	(304,943)			(323,506)			(181,915)			(141,424)			(101,023)			(300,820)			(1,353,631)
Private Education Loans, net	$	3,998,304		$	4,239,586		$	2,411,769		$	2,036,732		$	1,518,394		$	4,814,928		$	19,019,713

Percentage of Private Education Loans in repayment	56.9		%	67.1		%	76.1		%	80.7		%	84.5		%	89.3		%	74.5		%
Delinquent Private Education Loans in repayment as a percentage of Private Education Loans in repayment	0.9		%	1.9		%	3.1		%	4.0		%	4.7		%	6.5		%	3.8		%
Loans in forbearance as a percentage of loans in repayment and forbearance	0.7		%	2.1		%	1.9		%	2.1		%	2.2		%	2.0		%	1.8		%

(3)The period of delinquency is based on the number of days scheduled payments are contractually past due.

Accrued Interest Receivable


	Private Education Loans
	Accrued Interest Receivable
(Dollars in thousands)	Total Interest Receivable		90 Days or Greater Past Due		Allowance for Uncollectible Interest(1)

March 31, 2023	$	1,304,726	$	6,638	$	6,523
December 31, 2022	$	1,177,562	$	6,609	$	8,121

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	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 months ended March 31, 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	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

Subsequent Events (Details) $ in Billions	1 Months Ended
Subsequent Events (Details) $ in Billions	May 31, 2023 USD ($)
Private Education Loans \| Forecast
Subsequent Event [Line Items]
Sale of financing receivables	$ 2

Fair Value Measurements - Valuation of Financial Instruments That are Marked-to-Market on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Trading investments	$ 51,342	$ 55,903
Available-for-sale investments	2,311,062	2,342,089
Derivative instruments	$ 0	$ 405
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities:
Derivative instruments	$ (1,815)	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Fair Value Measurements on a Recurring Basis
Assets:
Trading investments	$ 51,342	$ 55,903
Available-for-sale investments	2,311,062	2,342,089
Derivative instruments	0	972
Total earning assets	2,362,404	2,398,964
Liabilities:
Derivative instruments	(1,815)	(567)
Fair Value Measurements on a Recurring Basis \| Level 1
Assets:
Trading investments	0	0
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	0	0
Liabilities:
Derivative instruments	0	0
Fair Value Measurements on a Recurring Basis \| Level 2
Assets:
Trading investments	0	0
Available-for-sale investments	2,311,062	2,342,089
Derivative instruments	0	972
Total earning assets	2,311,062	2,343,061
Liabilities:
Derivative instruments	(1,815)	(567)
Fair Value Measurements on a Recurring Basis \| Level 3
Assets:
Trading investments	51,342	55,903
Available-for-sale investments	0	0
Derivative instruments	0	0
Total earning assets	51,342	55,903
Liabilities:
Derivative instruments	$ 0	$ 0

Allowance for Credit Losses - Narrative (Details)	3 Months Ended
Allowance for Credit Losses - Narrative (Details)	Mar. 31, 2023 USD ($) termChange payment	Jul. 01, 2006
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable allowance period increase	$ 16,000,000
Interest rate offered to borrowers facing financial difficulty, period	2 years
Number of term changes \| termChange	2
Criteria for loans to be considered as nonperforming (greater than)	90 days
Tier 1 of government guarantee (at least)	97.00%	97.00%
Maximum amount of forbearance granted	12 months
Number of monthly payments required by a borrower between successive grants of forbearance \| payment	12
Threshold period for payment default	60 days
Period of loans past due that have accrued interest	90 days
Monthly payment that is smaller than the interest accrued on the loan in that month	$ 25
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period when delinquent loans are written off	120 days
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of FFELP loans insured and guaranteed (at least)	97.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate offered to borrowers facing financial difficulty	4.00%
Increments in which forbearance is granted	2 months
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increments in which forbearance is granted	1 month

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series B Preferred Stock	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Series B Preferred Stock
Beginning balance, shares issued (in shares) at Dec. 31, 2021			2,510,696	432,013,372
Beginning balance (in shares) at Dec. 31, 2021					(153,056,639)
Beginning Balance (in shares) at Dec. 31, 2021				278,956,733
Beginning Balance at Dec. 31, 2021	$ 2,149,711		$ 251,070	$ 86,403	$ (2,061,383)	$ 1,074,384	$ (17,897)	$ 2,817,134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,812							128,812
Other comprehensive (loss) income, net of tax	(21,617)						(21,617)
Total comprehensive income	107,195
Cash dividends declared:
Common Stock	(30,493)							(30,493)
Preferred Stock		$ (1,275)							$ (1,275)
Dividend equivalent units related to employee stock-based compensation plans	$ (16)					618		(634)
Issuance of common shares (in shares)	2,594,817			2,594,817
Issuance of common shares	$ 448			$ 519		(71)		0
Stock-based compensation expense	$ 11,921					11,921
Common stock repurchased (in shares)	(9,533,392)			(9,533,392)	(9,533,392)
Common stock repurchased	$ (175,943)				$ (175,943)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(934,602)			(934,602)	(934,602)
Shares repurchased related to employee stock-based compensation plans	$ (17,341)				$ (17,341)
Ending balance, shares issued (in shares) at Mar. 31, 2022			2,510,696	434,608,189
Ending Balance (in shares) at Mar. 31, 2022					(163,524,633)
Ending Balance (in shares) at Mar. 31, 2022				271,083,556
Ending Balance at Mar. 31, 2022	$ 2,044,207		$ 251,070	$ 86,922	$ (2,254,667)	1,086,852	(39,514)	2,913,544
Beginning balance, shares issued (in shares) at Dec. 31, 2022			2,510,696	435,121,140
Beginning balance (in shares) at Dec. 31, 2022	(194,400,000)				(194,445,696)
Beginning Balance (in shares) at Dec. 31, 2022				240,675,444
Beginning Balance at Dec. 31, 2022	$ 1,726,970		$ 251,070	$ 87,025	$ (2,789,967)	1,109,072	(93,870)	3,163,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	118,518							118,518
Other comprehensive (loss) income, net of tax	15,537						15,537
Total comprehensive income	134,055
Cash dividends declared:
Common Stock	$ (26,635)							(26,635)
Preferred Stock		$ (4,063)							$ (4,063)
Issuance of common shares (in shares)	2,523,744			2,523,744
Issuance of common shares	$ (3)			$ 505		474		(982)
Stock-based compensation expense	$ 11,536					11,536		0
Common stock repurchased (in shares)	0
Shares repurchased related to employee stock-based compensation plans (in shares)	(949,431)			(949,431)	(949,431)
Shares repurchased related to employee stock-based compensation plans	$ (14,765)				$ (14,765)
Ending balance, shares issued (in shares) at Mar. 31, 2023			2,510,696	437,644,884
Ending Balance (in shares) at Mar. 31, 2023	(195,400,000)				(195,395,127)
Ending Balance (in shares) at Mar. 31, 2023				242,249,757
Ending Balance at Mar. 31, 2023	$ 1,827,095		$ 251,070	$ 87,530	$ (2,804,732)	$ 1,121,082	$ (78,333)	$ 3,250,478

Allowance for Credit Losses - Amortized Cost Basis of Financing Receivables with Loan Modifcations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 12,902	$ 7,679
% of Total Class of Financing Receivable	0.06%	0.04%
Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 81,780	$ 79,597
% of Total Class of Financing Receivable	0.35%	0.37%
Private Education Loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 12,902	$ 7,679
% of Total Class of Financing Receivable	0.06%	0.04%
Private Education Loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	12.47%	10.09%
Private Education Loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%	4.00%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 81,780	$ 79,597
% of Total Class of Financing Receivable	0.35%	0.37%
Weighted average life of loans	10 years 2 months 8 days	10 years 6 months 3 days
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	12.74%	9.43%
Private Education Loans \| Combination - Interest Rate Reduction and Term Extension \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average contractual rate	4.00%	4.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 118,518	$ 128,812
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provisions for credit losses	114,112	98,050
Income tax expense	37,338	37,356
Amortization of brokered deposit placement fee	3,121	3,425
Amortization of Secured Borrowing Facility upfront fee	723	569
Amortization of deferred loan origination costs and loan premium/(discounts), net	3,421	4,455
Net amortization of discount on investments	(622)	965
Increase in tax indemnification receivable	(42)	(108)
Depreciation of premises and equipment	4,524	4,189
Acquired intangible assets amortization expense	2,272	733
Stock-based compensation expense	11,536	11,921
Unrealized (gains) losses on derivatives and hedging activities, net	(56)	315
(Gains) losses on sales of loans, net	9	(9,881)
(Gains) losses on securities, net	(1,711)	3,580
Acquisition transaction costs, net	0	2,511
Other adjustments to net income, net	3,063	3,655
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(257,888)	(185,294)
Increase in non-marketable securities	0	(992)
(Increase) decrease in other interest-earning assets	(1,869)	328
Increase in other assets	(26,632)	(17,529)
Increase (decrease) in income taxes payable, net	2,483	(4,243)
Increase in accrued interest payable	20,358	14,779
Decrease in other liabilities	(23,770)	(34,808)
Total adjustments	(109,630)	(66,024)
Total net cash provided by operating activities	8,888	62,788
Investing activities
Loans acquired and originated	(2,463,358)	(2,215,958)
Net proceeds from sales of loans held for investment	(9)	45,729
Proceeds from FFELP Loan claim payments	11,274	5,594
Net (Increase) Decrease In Loans Held For Investment, Excluding Loans Acquired, Originated, And Sales	912,681	1,153,297
Purchases of available-for-sale securities	(4,992)	(536,633)
Proceeds from sales and maturities of available-for-sale securities	73,352	686,806
Purchase of subsidiary, net of cash acquired	0	(127,702)
Total net cash used in investing activities	(1,471,052)	(988,867)
Financing activities
Brokered deposit placement fee	(2,634)	(2,207)
Net increase (decrease) in certificates of deposit	515,909	(127,815)
Net increase (decrease) in other deposits	(167,836)	543,767
Borrowings collateralized by loans in securitization trusts - issued	569,871	0
Borrowings collateralized by loans in securitization trusts - repaid	(293,120)	(381,005)
Issuance costs for unsecured debt offering	0	(360)
Fees paid on Secured Borrowing Facility	(16)	0
Common stock dividends paid	(26,635)	(30,493)
Preferred stock dividends paid	(4,063)	(1,275)
Common stock repurchased	(4,005)	(169,322)
Total net cash provided by (used in) financing activities	587,471	(168,710)
Net increase (decrease) in cash, cash equivalents and restricted cash	(874,693)	(1,094,789)
Cash, cash equivalents and restricted cash at beginning of period	4,772,836	4,545,344
Cash, cash equivalents and restricted cash at end of period	3,898,143	3,450,555
Cash disbursements made for:
Interest	198,874	68,458
Income taxes paid	4,700	5,066
Income taxes refunded	(7,273)	(916)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	3,716,379	3,262,595
Restricted cash	181,764	187,960
Total cash, cash equivalents and restricted cash	$ 3,898,143	$ 3,450,555

Unfunded Loan Commitments

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Unfunded Loan Commitments

When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan at the time of such approval, but instead have a commitment to fund a portion of the loan at a later date (usually at the start of the second semester or subsequent trimesters). We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. See Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies - Allowance for Credit Losses, — Off-Balance Sheet Exposure for Contractual Loan Commitments” in our 2022 Form 10-K for additional information.

At March 31, 2023, we had $684 million of outstanding contractual loan commitments that we expect to fund during the remainder of the 2022/2023 academic year. The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.


	2023				2022
Three Months Ended March 31, (dollars in thousands)	Allowance		Unfunded Commitments		Allowance		Unfunded Commitments
Beginning Balance	$	124,924	$	1,995,808	$	72,713	$	1,776,976
Provision/New commitments - net(1)	52,252		1,124,816		47,454		968,830
Other provision items	4,057		—		7,226		—
Transfer - funded loans(2)	(148,513)		(2,436,271)		(94,686)		(2,184,058)
Ending Balance	$	32,720	$	684,353	$	32,707	$	561,748

(1) Net of expirations of commitments unused.

The unfunded commitments disclosed above represent the total amount of outstanding unfunded commitments at each period end. However, historically not all of these commitments are funded prior to the expiration of the commitments. We estimate the amount of commitments expected to be funded in calculating the reserve for unfunded commitments. The amount we expect to fund and use in our calculation of the reserve for unfunded commitments will change period to period based upon the loan characteristics of the underlying commitments.

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments - Notional Values (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Notional Values	$ 1,987,429	$ 2,842,846
Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,285,120	1,314,660
Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	702,309	1,528,186
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Values	1,987,429	2,842,846
Interest rate swaps \| Trading
Derivatives, Fair Value [Line Items]
Notional Values	0	0
Interest rate swaps \| Cash Flow \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	1,285,120	1,314,660
Interest rate swaps \| Fair Value \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Values	$ 702,309	$ 1,528,186

Borrowings - Company Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-Term	$ 0	$ 0
Long-Term	5,513,976	5,235,114
Total	5,513,976	5,235,114
Unsecured borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	989,788	988,986
Total	989,788	988,986
Secured Borrowings
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,524,188	4,246,128
Total	4,524,188	4,246,128
Secured Borrowings \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	4,524,188	4,246,128
Total	4,524,188	4,246,128
Secured Borrowings \| Secured Borrowing Facility
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	0	0
Total	0	0
Secured Borrowings \| Fixed-rate \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	3,759,190	3,462,363
Total	3,759,190	3,462,363
Secured Borrowings \| Variable-rate \| Private Education Loan term securitizations
Debt Instrument [Line Items]
Short-Term	0	0
Long-Term	764,998	783,765
Total	$ 764,998	$ 783,765

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Financial Instruments

Risk Management Strategy

We maintain an overall interest rate risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate changes. Our goal is to manage interest rate sensitivity by modifying the repricing frequency and underlying index characteristics of certain balance sheet assets or liabilities so any adverse impacts related to movements in interest rates are managed within low to moderate limits. As a result of interest rate fluctuations, hedged balance sheet positions will appreciate or depreciate in market value or create variability in cash flows. Income or loss on the derivative instruments linked to the hedged item will generally offset the effect of this unrealized appreciation or depreciation or volatility in cash flows for the period the item is being hedged. We view this strategy as a prudent management of interest rate risk. Please refer to Notes to Consolidated Financial Statements, Note 13, “Derivative Financial Instruments” in our 2022 Form 10-K for a full discussion of our risk management strategy.

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties we use are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). All variation margin payments on derivatives cleared through the CME and LCH are accounted for as legal settlement. As of March 31, 2023, $1.8 billion notional of our derivative contracts were cleared on the CME and $0.2 billion were cleared on the LCH. The derivative contracts cleared through the CME and LCH represent 90.0 percent and 10.0 percent, respectively, of our total notional derivative contracts of $2.0 billion at March 31, 2023.

For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative. The amount of variation margin included as settlement as of March 31, 2023 was $(47) million and $(6) million for the CME and LCH, respectively. Changes in fair value for derivatives not designated as hedging instruments are presented as realized gains (losses).

Our exposure is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At March 31, 2023 and December 31, 2022, we had a net positive exposure (derivative gain/loss positions to us, less collateral held by us and plus collateral posted with counterparties) related to derivatives of $11 million and $12 million, respectively.

Summary of Derivative Financial Statement Impact


Impact of Derivatives on the Consolidated Balance Sheets
		Cash Flow Hedges				Fair Value Hedges				Trading				Total
		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)		2023		2022		2023		2022		2023		2022		2023		2022
Fair Values(1)	Hedged Risk Exposure

Derivative Assets:(2)
Interest rate swaps	Interest rate	$	—	$	972	$	—	$	—	$	—	$	—	$	—	$	972

Derivative Liabilities:(2)
Interest rate swaps	Interest rate	(1,714)		—		(101)		(567)		—		—		(1,815)		(567)
Total net derivatives		$	(1,714)	$	972	$	(101)	$	(567)	$	—	$	—	$	(1,815)	$	405

(2) The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets				Other Liabilities
	March 31,		December 31,		March 31,		December 31,
(Dollars in thousands)	2023		2022		2023		2022
Gross position(1)	$	—	$	972	$	(1,815)	$	(567)
Impact of master netting agreement	—		(567)		—		567
Derivative values with impact of master netting agreements (as carried on balance sheet)	—		405		(1,815)		—
Cash collateral pledged(2)	13,031		11,162		—		—
Net position	$	13,031	$	11,567	$	(1,815)	$	—

(1)Gross position amounts include accrued interest and variation margin as legal settlement of the derivative contract.

(2)Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.


Notional Values
	Cash Flow				Fair Value				Trading				Total
(Dollars in thousands)	March 31,		December 31,		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
Interest rate swaps	$	1,285,120	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,987,429	$	2,842,846

Net total notional	$	1,285,120	$	1,314,660	$	702,309	$	1,528,186	$	—	$	—	$	1,987,429	$	2,842,846

As of March 31, 2023 and December 31, 2022, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:


(Dollars in thousands)	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included:	March 31,		December 31,		March 31,		December 31,
	2023		2022		2023		2022

Deposits	$	(677,893)	$	(1,494,087)	$	24,224	$	31,259


Impact of Derivatives on the Consolidated Statements of Income
	Three Months Ended March 31,
(Dollars in thousands)	2023		2022

Fair Value Hedges
Interest rate swaps:
Interest recognized on derivatives	$	(6,405)	$	17,287
Hedged items recorded in interest expense	(7,035)		51,268
Derivatives recorded in interest expense	7,096		(51,319)
Total	$	(6,344)	$	17,236

Cash Flow Hedges
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	10,278	$	(4,541)
Total	$	10,278	$	(4,541)

Trading
Interest rate swaps:
Change in fair value of future interest payments recorded in earnings	$	—	$	(248)
Total	—		(248)
Total	$	3,934	$	12,447


Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
	Three Months Ended
	March 31,
(Dollars in thousands)	2023		2022

Amount of gain (loss) recognized in other comprehensive income (loss)	$	(4,721)	$	47,989
Less: amount of gain (loss) reclassified in interest expense	10,278		(4,541)
Total change in other comprehensive income (loss) for unrealized gains (losses) on derivatives, before income tax (expense) benefit	$	(14,999)	$	52,530

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate deposits. During the next 12 months, we estimate that $41 million will be reclassified as a decrease to interest expense.

Cash Collateral

As of March 31, 2023, cash collateral held and pledged excludes amounts that represent legal settlement of the derivative contracts held with the CME and LCH. There was no cash collateral held by us related to derivative exposure between us and our derivatives counterparties at March 31, 2023 and December 31, 2022, respectively. Collateral held is recorded in “Other Liabilities” on the consolidated balance sheets. Cash collateral pledged by us related to derivative exposure between us and our derivatives counterparties was $13 million and $11 million at March 31, 2023 and December 31, 2022, respectively. Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets
Gross position	$ 0	$ 972
Impact of master netting agreement	0	(567)
Derivative values with impact of master netting agreements (as carried on balance sheet)	0	405
Cash collateral pledged	(13,031)	(11,162)
Net position	13,031	11,567
Other Liabilities
Gross position	(1,815)	(567)
Impact of master netting agreement	0	567
Derivative values with impact of master netting agreements (as carried on balance sheet)	(1,815)	0
Cash collateral pledged	0	0
Net position	$ (1,815)	$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trading investments, cost	$ 41,282	$ 47,554
Available-for sale investments at fair value, cost	2,487,749	2,554,332
Allowance for credit losses	$ 1,479,306	$ 1,357,075
Preferred stock, par or stated value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20.0	20.0
Preferred stock, shares issued (in shares)	2.5	2.5
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	1,125.0	1,125.0
Common stock, shares issued (in shares)	437.6	435.1
Tax benefit on accumulated other comprehensive loss	$ 25,139	$ 30,160
Common stock held in treasury (in shares)	195.4	194.4

Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our borrowings at March 31, 2023 and December 31, 2022.


	March 31, 2023						December 31, 2022
(Dollars in thousands)	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
Unsecured borrowings:
Unsecured debt (fixed-rate)	$	—	$	989,788	$	989,788	$	—	$	988,986	$	988,986
Total unsecured borrowings	—		989,788		989,788		—		988,986		988,986
Secured borrowings:
Private Education Loan term securitizations:
Fixed-rate	—		3,759,190		3,759,190		—		3,462,363		3,462,363
Variable-rate	—		764,998		764,998		—		783,765		783,765
Total Private Education Loan term securitizations	—		4,524,188		4,524,188		—		4,246,128		4,246,128
Secured Borrowing Facility	—		—		—		—		—		—
Total secured borrowings	—		4,524,188		4,524,188		—		4,246,128		4,246,128
Total	$	—	$	5,513,976	$	5,513,976	$	—	$	5,235,114	$	5,235,114

Schedule of Securities Financing Transactions

The following table summarizes our secured financings issued in the year ended December 31, 2022 and in the three months ended March 31, 2023.


Issue	Date Issued	Total Issued		Weighted Average Cost of Funds(1)	Weighted Average Life (in years)
(Dollars in thousands)
Private Education Loans:
2022-C	August 2022	$	575,000	SOFR plus 1.76%	4.69
Total notes issued in 2022		$	575,000

Total loan and accrued interest amount securitized at inception in 2022(2)		$	674,387

2023-A	March 2023	$	579,000	SOFR plus 1.53%	5.06
Total notes issued in 2023		$	579,000

Total loan and accrued interest amount securitized at inception in 2023(3)		$	644,573

(1) Represents SOFR equivalent cost of funds for floating and fixed-rate bonds, excluding issuance costs.

(2) At March 31, 2023, $610 million of our Private Education Loans, including $572 million of principal and $38 million in capitalized interest, were encumbered related to these transactions.

(3) At March 31, 2023, $639 million of our Private Education Loans, including $598 million of principal and $41 million in capitalized interest, were encumbered related to these transactions.

Schedule of Variable Interest Entities

We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result, these financing VIEs are accounted for as secured borrowings.


As of March 31, 2023 (dollars in thousands)	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,524,188	$	4,524,188	$	5,728,010	$	181,764	$	322,715	$	6,232,489
Secured Borrowing Facility	—		—		—		—		—		360		360
Total	$	—	$	4,524,188	$	4,524,188	$	5,728,010	$	181,764	$	323,075	$	6,232,849


As of December 31, 2022 (dollars in thousands)	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
	Short-Term		Long-Term		Total		Loans		Restricted Cash		Other Assets(1)		Total
Secured borrowings:
Private Education Loan term securitizations	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	286,093	$	5,876,414
Secured Borrowing Facility	—		—		—		—		—		1,066		1,066
Total	$	—	$	4,246,128	$	4,246,128	$	5,433,602	$	156,719	$	287,159	$	5,877,480

(1) Other assets primarily represent accrued interest receivable.

The table below provides a summary of our exposure related to our unconsolidated VIEs.


	March 31, 2023						December 31, 2022
(Dollars in thousands)	Debt Interests(1)		Equity Interests(2)		Total Exposure		Debt Interests(1)		Equity Interests(2)		Total Exposure
Private Education Loan term securitizations	$	317,077	$	51,342	$	368,419	$	329,188	$	50,786	$	379,974

(1) Vertical risk retention interest classified as available-for-sale investment.

(2) Vertical risk retention interest classified as trading investment.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Investments, Debt and Equity Securities [Abstract]

Investments - Gross Unrealized Losses and Fair Value for Mortgage-Backed in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Less than 12 months
Gross Unrealized Losses	$ (14,052)	$ (58,293)
Estimated Fair Value	372,448	1,024,671
12 months or more
Gross Unrealized Losses	(163,031)	(153,985)
Estimated Fair Value	1,901,108	1,313,469
Total
Gross Unrealized Losses	(177,083)	(212,278)
Estimated Fair Value	2,273,556	2,338,140
Mortgage-backed securities
Less than 12 months
Gross Unrealized Losses	(1,138)	(13,956)
Estimated Fair Value	22,201	99,598
12 months or more
Gross Unrealized Losses	(60,748)	(54,749)
Estimated Fair Value	297,543	220,576
Total
Gross Unrealized Losses	(61,886)	(68,705)
Estimated Fair Value	319,744	320,174
Utah Housing Corporation bonds
Less than 12 months
Gross Unrealized Losses	0	(357)
Estimated Fair Value	0	3,227
12 months or more
Gross Unrealized Losses	(294)	0
Estimated Fair Value	3,166	0
Total
Gross Unrealized Losses	(294)	(357)
Estimated Fair Value	3,166	3,227
U.S. government-sponsored enterprises and Treasuries
Less than 12 months
Gross Unrealized Losses	(4,463)	(28,128)
Estimated Fair Value	193,623	689,300
12 months or more
Gross Unrealized Losses	(88,085)	(87,288)
Estimated Fair Value	1,471,861	1,000,010
Total
Gross Unrealized Losses	(92,548)	(115,416)
Estimated Fair Value	1,665,484	1,689,310
Other securities
Less than 12 months
Gross Unrealized Losses	(8,451)	(15,852)
Estimated Fair Value	156,624	232,546
12 months or more
Gross Unrealized Losses	(13,904)	(11,948)
Estimated Fair Value	128,538	92,883
Total
Gross Unrealized Losses	(22,355)	(27,800)
Estimated Fair Value	$ 285,162	$ 325,429

Loans Held for Investment - Student Loan Portfolio Average Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 22,357,274	$ 22,575,432
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 21,755,202	$ 21,858,270
Weighted Average Interest Rate	10.66%	8.38%
FFELP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 602,072	$ 690,540
Weighted Average Interest Rate	6.87%	3.51%
Credit Cards
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Balance	$ 0	$ 26,622
Weighted Average Interest Rate	0.00%	3.95%

Regulatory Capital - Adjusted Transition Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	$ 3,250,478	$ 3,163,640
Allowance for credit losses	1,479,306	1,357,075	$ 1,227,362	$ 1,165,335
Liability for unfunded commitments	32,720	124,924	$ 32,707	72,713
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses					$ 1,100,000
Liability for unfunded commitments					116,000
Deferred tax asset					$ 306,000
Adjusted Phase-In Amounts Remaining
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings				836,351
Allowance for credit losses				1,038,145
Liability for unfunded commitments				104,377
Deferred tax asset				$ 306,171
Adjusted Phase-In Amounts Remaining \| Accounting Standards Update 2016-13 \| Remaining Adjusted Transition Amounts to be Phased-In
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	418,175
Allowance for credit losses	519,073
Liability for unfunded commitments	52,189
Deferred tax asset	153,087
Adjustments \| Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Retained earnings	(209,088)	(209,088)
Allowance for credit losses	(259,536)	(259,536)
Liability for unfunded commitments	(26,094)	(26,094)
Deferred tax asset	$ (76,542)	$ (76,542)

Stockholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Common stock repurchased (in shares)	0	9,533,392
Average purchase price per share (in dollars per share)	$ 0	$ 18.46
Shares repurchased related to employee stock-based compensation plans (in shares)	949,431	934,602
Average purchase price per share (in dollars per share)	$ 15.55	$ 18.55
Common shares issued (in shares)	2,523,744	2,594,817
Remaining authority under the share repurchase program	$ 581

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Amortized Cost and Fair Value of Securities Available-for-Sale

The amortized cost and fair value of securities available for sale are as follows:


As of March 31, 2023 (dollars in thousands)	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	387,158	$	—	$	62	$	(61,886)	$	325,334
Utah Housing Corporation bonds	3,460		—		—		(294)		3,166
U.S. government-sponsored enterprises and Treasuries	1,758,032		—		—		(92,548)		1,665,484
Other securities	339,099		—		334		(22,355)		317,078
Total	$	2,487,749	$	—	$	396	$	(177,083)	$	2,311,062

As of December 31, 2022 (dollars in thousands	Amortized Cost		Allowance for credit losses(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Mortgage-backed securities	$	389,067	$	—	$	2	$	(68,705)	$	320,364
Utah Housing Corporation bonds	3,584		—		—		(357)		3,227
U.S. government-sponsored enterprises and Treasuries	1,804,726		—		—		(115,416)		1,689,310
Other securities	356,955		—		33		(27,800)		329,188
Total	$	2,554,332	$	—	$	35	$	(212,278)	$	2,342,089

Schedule of Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value


(Dollars in thousands)	Less than 12 months				12 months or more				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of March 31, 2023:
Mortgage-backed securities	$	(1,138)	$	22,201	$	(60,748)	$	297,543	$	(61,886)	$	319,744
Utah Housing Corporation bonds	—		—		(294)		3,166		(294)		3,166
U.S. government-sponsored enterprises and Treasuries	(4,463)		193,623		(88,085)		1,471,861		(92,548)		1,665,484
Other securities	(8,451)		156,624		(13,904)		128,538		(22,355)		285,162
Total	$	(14,052)	$	372,448	$	(163,031)	$	1,901,108	$	(177,083)	$	2,273,556

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

Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturities


As of March 31, 2023 Year of Maturity (dollars in thousands)	Amortized Cost		Estimated Fair Value
2023	$	114,993	$	113,061
2024	698,346		670,601
2025	298,066		286,613
2026	548,319		499,306
2027	98,309		95,902
2038	71		73
2039	718		719
2042	2,528		2,227
2043	4,434		4,055
2044	5,412		5,057
2045	5,443		4,940
2046	7,963		7,165
2047	8,386		7,586
2048	2,056		2,001
2049	16,374		14,836
2050	114,601		93,786
2051	161,035		130,855
2052	56,605		50,153
2053	109,892		100,141
2054	83,670		75,428
2055	98,051		94,030
2058	52,477		52,527
Total	$	2,487,749	$	2,311,062

Deposits - Summary of Total Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]
Deposits - interest-bearing	$ 21,801,666	$ 21,446,647
Deposits - non-interest-bearing	2,000	1,424
Total deposits	$ 21,803,666	$ 21,448,071

Commitments, Contingencies and Guarantees (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 684
Other liabilities reserve	$ 33
Loss emergence period	1 year

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Earning assets:
Loans held for sale	$ 0	$ 0
Trading investments	51,342	55,903
Accrued interest receivable, difference	62,539	35,015
Tax indemnification receivable	337,177	380,058
Derivative instruments	0	405
Total earning assets, difference	2,664,209	2,088,881
Interest-bearing liabilities:
Long-term borrowings, difference	407,677	421,881
Derivative instruments	1,815	0
Total interest-bearing liabilities, difference	900,095	838,340
Excess of net asset fair value over carrying value	3,564,304	2,927,221
Money-market and savings accounts
Interest-bearing liabilities:
Deposits, difference	124,242	104,979
Certificates of deposit
Interest-bearing liabilities:
Deposits, difference	368,176	311,480
Fair Value
Earning assets:
Loans held for sale	26,202	29,448
Cash and cash equivalents	3,716,379	4,616,117
Trading investments	51,342	55,903
Available-for-sale investments	2,311,062	2,342,089
Accrued interest receivable	1,393,556	1,237,074
Tax indemnification receivable	2,858	2,816
Derivative instruments	0	972
Total earning assets	31,190,632	29,965,153
Interest-bearing liabilities:
Long-term borrowings	5,106,299	4,813,233
Accrued interest payable	91,943	71,586
Derivative instruments	1,815	567
Total interest-bearing liabilities	26,509,305	25,915,574
Fair Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,671,878	11,854,849
Fair Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	9,637,370	9,175,339
Carrying Value
Earning assets:
Loans held for sale	26,202	29,448
Cash and cash equivalents	3,716,379	4,616,117
Trading investments	51,342	55,903
Available-for-sale investments	2,311,062	2,342,089
Accrued interest receivable	1,331,017	1,202,059
Tax indemnification receivable	2,858	2,816
Derivative instruments	0	972
Total earning assets	28,526,423	27,876,272
Interest-bearing liabilities:
Long-term borrowings	5,513,976	5,235,114
Accrued interest payable	91,943	71,586
Derivative instruments	1,815	567
Total interest-bearing liabilities	27,409,400	26,753,914
Carrying Value \| Money-market and savings accounts
Interest-bearing liabilities:
Deposits	11,796,120	11,959,828
Carrying Value \| Certificates of deposit
Interest-bearing liabilities:
Deposits	10,005,546	9,486,819
Private Education Loans
Earning assets:
Loans held for investment, net, difference	2,590,355	2,042,835
Private Education Loans \| Fair Value
Earning assets:
Loans held for investment, net	23,088,030	21,062,548
Private Education Loans \| Carrying Value
Earning assets:
Loans held for investment, net	20,497,675	19,019,713
FFELP Loans
Earning assets:
Loans held for investment, net, difference	11,315	11,031
FFELP Loans \| Fair Value
Earning assets:
Loans held for investment, net	601,203	618,186
FFELP Loans \| Carrying Value
Earning assets:
Loans held for investment, net	$ 589,888	$ 607,155

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.


	Three Months Ended March 31,
(Shares and per share amounts in actuals)	2023		2022
Common stock repurchased under repurchase programs(1)	—		9,533,392
Average purchase price per share(2)	$	—	$	18.46
Shares repurchased related to employee stock-based compensation plans(3)	949,431		934,602
Average purchase price per share	$	15.55	$	18.55
Common shares issued(4)	2,523,744		2,594,817

(1) Common shares purchased under our share repurchase programs. We have utilized all capacity under our 2021 Share Repurchase Program. There was $581 million of capacity remaining under the 2022 Share Repurchase Program at March 31, 2023.

(2) Average purchase price per share includes purchase commission costs.

(3) Comprised of shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(4) Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on the NASDAQ Global Select Market on March 31, 2023 was $12.39.

Common Stock Dividends

In both March 2023 and March 2022, we paid a common stock dividend of $0.11 per common share.

Share Repurchases

On January 27, 2021, we announced a share repurchase program (the “2021 Share Repurchase Program”), which was effective upon announcement and expired on January 26, 2023, and originally permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion.

In October 2021, our Board of Directors approved a $250 million increase in the amount of common stock that may be repurchased under our 2021 Share Repurchase Program. This was in addition to the original $1.25 billion of authorization announced on January 27, 2021, for a total 2021 Share Repurchase Program authorization of $1.5 billion. Under the 2021 Share Repurchase Program, we repurchased 2.0 million shares of common stock for $38 million in the three months ended March 31, 2022. We have utilized all capacity under the 2021 Share Repurchase Program.

On January 26, 2022, we announced a new share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expires on January 25, 2024, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. Under the 2022 Share Repurchase Program, we repurchased 7.5 million shares of common stock for $138 million in the three months ended March 31, 2022. We did not repurchase shares of common stock in the three months ended March 31, 2023. We had $581 million of capacity remaining under the 2022 Share Repurchase Program at March 31, 2023.

So long as there is unexpired capacity under a given repurchase program, repurchases under the programs may occur from time to time and through a variety of methods, including tender offers, open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, or other similar transactions. The timing and volume of any repurchases under the 2022 Share Repurchase Program will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the program or at all.

Share Repurchases under Rule 10b5-1 trading plans

During the three months ended March 31, 2023 we did not repurchase shares of our common stock; during the three months ended March 31, 2022 we repurchased 9.5 million shares of our common stock at a total cost of $176 million under Rule 10b5-1 trading plans authorized under our share repurchase programs.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Loans Held for Investment

3 Months Ended

Mar. 31, 2023

Loans Held for Investment

Loans held for investment consist of Private Education Loans, FFELP Loans, and Credit Cards. We use “Private Education Loans” to mean education loans to students or their families that are not made, insured, or guaranteed by any state or federal government. Private Education Loans do not include loans insured or guaranteed under the previously existing Federal Family Education Loan Program (“FFELP”). We use “Credit Cards” to refer to our suite of Credit Cards with bonus rewards. At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale because we plan to sell our Credit Card portfolio. For additional information, see Notes to Consolidated Financial Statements, Note 4, “Loans Held for Sale” in this Form 10-Q.

Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans, and customers’ resources. Private Education Loans bear the full credit risk of the customer. We manage this risk through risk-performance underwriting strategies and qualified cosigners. Private Education Loans may be fixed-rate or may carry a variable interest rate indexed to LIBOR, the London interbank offered rate, or SOFR, the Secured Overnight Financing Rate. As of March 31, 2023 and December 31, 2022, 42 percent and 45 percent, respectively, of all of our Private Education Loans were indexed to LIBOR or SOFR. We provide incentives for customers to include a cosigner on the loan, and the vast majority of Private Education Loans in our portfolio are cosigned. We also encourage customers to make payments while in school.

FFELP Loans are insured as to their principal and accrued interest in the event of default, subject to a risk-sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed on or after July 1, 2006, we receive 97 percent reimbursement on all qualifying claims. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying claims. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement on all qualifying claims.

In the first quarter of 2022, we recognized $10 million in gains from the sale of approximately $95 million of our Private Education Loans, including $89 million of principal and $6 million in capitalized interest, to an unaffiliated third party. There were VIEs created in the execution of certain of these loan sales; however, based on our consolidation analysis, we are not the primary beneficiary of these VIEs. These transactions qualified for sale treatment and removed the balance of the loans from our balance sheet on the respective settlement dates. We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales. For additional information, see Notes to Consolidated Financial Statements, Note 9, “Borrowings - Unconsolidated VIEs” in this Form 10-Q. There were no loan sales in the first quarter of 2023.

Loans held for investment are summarized as follows:


	March 31,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	12,726,875	$	11,108,079
Variable-rate	9,171,128		9,195,609
Total Private Education Loans, gross	21,898,003		20,303,688
Deferred origination costs and unamortized premium/(discount)	75,051		69,656
Allowance for credit losses	(1,475,379)		(1,353,631)
Total Private Education Loans, net	20,497,675		19,019,713

FFELP Loans	592,318		609,050
Deferred origination costs and unamortized premium/(discount)	1,497		1,549
Allowance for credit losses	(3,927)		(3,444)
Total FFELP Loans, net	589,888		607,155





Loans held for investment, net	$	21,087,563	$	19,626,868

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 5.0 years at March 31, 2023 and December 31, 2022, respectively.

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2023				2022
Three Months Ended March 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,755,202	10.66	%	$	21,858,270	8.38	%
FFELP Loans	602,072		6.87		690,540		3.51
Credit Cards(1)	—		—		26,622		3.95
Total portfolio	$	22,357,274			$	22,575,432

(1) Credit Card loans were transferred to loans held for sale at September 30, 2022.

Loans Held for SaleWe had $26 million in loans held for sale at March 31, 2023 and $29 million in loans held for sale at December 31, 2022. The balance at both March 31, 2023 and December 31, 2022 was comprised of our Credit Card loan portfolio. At September 30, 2022, we reversed $2.4 million through the provisions for credit losses for the allowance related to these loans, when the loans were transferred to held for sale. At September 30, 2022, we wrote down this loan portfolio to its estimated fair value through a charge-off to the allowance for credit losses of $1.5 million.

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost Basis	$ 75,400	$ 75,400
Accumulated Amortization	(10,051)	(7,779)
Net	$ 65,349	67,621
Nitro
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of acquired intangible assets	9 years 6 months 3 days
Tradename and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	10 years
Cost Basis	$ 68,470	68,470
Accumulated Amortization	(7,418)	(5,706)
Net	$ 61,052	62,764
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years
Cost Basis	$ 5,670	5,670
Accumulated Amortization	(2,178)	(1,723)
Net	$ 3,492	3,947
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	3 years
Cost Basis	$ 1,260	1,260
Accumulated Amortization	(455)	(350)
Net	$ 805	$ 910

Regulatory Capital

3 Months Ended

Mar. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

Regulatory Capital

Sallie Mae Bank (the “Bank”) is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on our business, results of operations, and financial position. Under the FDIC’s regulations implementing the Basel III capital framework (“U.S. Basel III”) and the regulatory framework for prompt corrective action, the Bank must meet specific capital standards that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and its classification under the prompt corrective action framework are also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors.

The Bank is subject to the following minimum capital ratios under U.S. Basel III: a Common Equity Tier 1 risk-based capital ratio of 4.5 percent, a Tier 1 risk-based capital ratio of 6.0 percent, a Total risk-based capital ratio of 8.0 percent, and a Tier 1 leverage ratio of 4.0 percent. In addition, the Bank is subject to a Common Equity Tier 1 capital conservation buffer of greater than 2.5 percent. Failure to maintain the buffer will result in restrictions on the Bank’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. Including the buffer, the Bank is required to maintain the following capital ratios under U.S. Basel III in order to avoid such restrictions: a Common Equity Tier 1 risk-based capital ratio of greater than 7.0 percent, a Tier 1 risk-based capital ratio of greater than 8.5 percent, and a Total risk-based capital ratio of greater than 10.5 percent.

To qualify as “well capitalized” under the prompt corrective action framework for insured depository institutions, the Bank must maintain a Common Equity Tier 1 risk-based capital ratio of at least 6.5 percent, a Tier 1 risk-based capital ratio of at least 8.0 percent, a Total risk-based capital ratio of at least 10.0 percent, and a Tier 1 leverage ratio of at least 5.0 percent.

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022. On January 1, 2022, 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. On January 1, 2023, an additional 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. On January 1 of 2024 and 2025, the adjusted transition amounts will continue to be phased in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year. The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

At March 31, 2023, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:


	Adjusted Transition Amounts		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Three Months Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		March 31, 2023		March 31, 2023

Retained earnings	$	836,351	$	(209,088)	$	(209,088)	$	418,175
Allowance for credit losses	1,038,145		(259,536)		(259,536)		519,073
Liability for unfunded commitments	104,377		(26,094)		(26,094)		52,189
Deferred tax asset	306,171		(76,542)		(76,542)		153,087

The Bank’s required and actual regulatory capital amounts and ratios under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank’s average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital. At March 31, 2023 and December 31, 2022, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $133 million and $160 million, respectively. The capital ratios would remain above the well capitalized thresholds if the unrealized loss became fully recognized into capital.


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of March 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,979,433	12.0	%	$	1,738,576	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,979,433	12.0	%	$	2,111,128	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,297,674	13.3	%	$	2,607,863	>	10.5	%
Tier 1 Capital (to Average Assets)	$	2,979,433	10.0	%	$	1,188,369	>	4.0	%

As of December 31, 2022(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,645,807	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,998,480	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,338,645	14.2	%	$	2,468,711	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,040,662	10.3	%	$	1,185,280	>	4.0	%

(1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2) The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

(3) For both March 31, 2023 and December 31, 2022, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2022 and 2023.

Bank Dividends

The Bank is chartered under the laws of the State of Utah and its deposits are insured by the FDIC. The Bank’s ability to pay dividends is subject to the laws of Utah and the regulations of the FDIC. Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired. The Bank declared no dividends to the Company for the three months ended March 31, 2023 and $108 million in dividends to the Company for the three months ended March 31, 2022, with the proceeds primarily used to fund the 2022 and 2021 Share

Repurchase Programs and stock dividends. In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its share repurchase programs.

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

Banking and Thrift, Other Disclosure [Abstract]

Deposits (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Deposits

The following table summarizes total deposits at March 31, 2023 and December 31, 2022.


	March 31,		December 31,
(Dollars in thousands)	2023		2022
Deposits - interest-bearing	$	21,801,666	$	21,446,647
Deposits - non-interest-bearing	2,000		1,424
Total deposits	$	21,803,666	$	21,448,071

Schedule of Interest Bearing Deposits

Interest bearing deposits at March 31, 2023 and December 31, 2022 are summarized as follows:


	March 31, 2023				December 31, 2022
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,788,126	4.26	%	$	10,977,242	3.75	%
Savings	1,007,994		3.75		982,586		3.15
Certificates of deposit	10,005,546		2.97		9,486,819		2.57
Deposits - interest bearing	$	21,801,666			$	21,446,647

(1) Includes the effect of interest rate swaps in effective hedge relationships.

Schedule of Certificates of Deposit Maturities

Certificates of deposit remaining maturities are summarized as follows:


(Dollars in thousands)	March 31, 2023		December 31, 2022
One year or less	$	3,257,529	$	3,224,573
After one year to two years	3,123,281		2,954,257
After two years to three years	2,199,697		1,904,919
After three years to four years	1,176,953		1,031,881
After four years to five years	207,676		324,375
After five years	40,410		46,814
Total	$	10,005,546	$	9,486,819

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Common Share Repurchases

The following table summarizes our common share repurchases and issuances.


	Three Months Ended March 31,
(Shares and per share amounts in actuals)	2023		2022
Common stock repurchased under repurchase programs(1)	—		9,533,392
Average purchase price per share(2)	$	—	$	18.46
Shares repurchased related to employee stock-based compensation plans(3)	949,431		934,602
Average purchase price per share	$	15.55	$	18.55
Common shares issued(4)	2,523,744		2,594,817

(2) Average purchase price per share includes purchase commission costs.

(4) Common shares issued under our various compensation and benefit plans.

Allowance for Credit Losses - Payment Status (Amortized Cost Basis) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 94,682	$ 326,116
Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	412	7,698
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	92,213	289,134
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,353	13,859
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	358	8,809
90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	346	6,616
Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	94,682	326,116
Private Education Loans \| Deferment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	412	7,698
Private Education Loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	92,213	289,134
Private Education Loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	1,353	13,859
Private Education Loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	358	8,809
Private Education Loans \| 90 Days or Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment Status (Amortized Cost Basis)	$ 346	$ 6,616

Regulatory Capital (Tables)

3 Months Ended

Mar. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

At March 31, 2023, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:


	Adjusted Transition Amounts		Phase-In Amounts for the Year Ended		Phase-In Amounts for the Three Months Ended		Remaining Adjusted Transition Amounts to be Phased-In
(Dollars in thousands)	December 31, 2021		December 31, 2022		March 31, 2023		March 31, 2023

Retained earnings	$	836,351	$	(209,088)	$	(209,088)	$	418,175
Allowance for credit losses	1,038,145		(259,536)		(259,536)		519,073
Liability for unfunded commitments	104,377		(26,094)		(26,094)		52,189
Deferred tax asset	306,171		(76,542)		(76,542)		153,087


(Dollars in thousands)	Actual				U.S. Basel III Minimum Requirements Plus Buffer(1)(2)
	Amount		Ratio		Amount			Ratio
As of March 31, 2023(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	2,979,433	12.0	%	$	1,738,576	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	2,979,433	12.0	%	$	2,111,128	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,297,674	13.3	%	$	2,607,863	>	10.5	%
Tier 1 Capital (to Average Assets)	$	2,979,433	10.0	%	$	1,188,369	>	4.0	%

As of December 31, 2022(3):
Common Equity Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,645,807	>	7.0	%
Tier 1 Capital (to Risk-Weighted Assets)	$	3,040,662	12.9	%	$	1,998,480	>	8.5	%
Total Capital (to Risk-Weighted Assets)	$	3,338,645	14.2	%	$	2,468,711	>	10.5	%
Tier 1 Capital (to Average Assets)	$	3,040,662	10.3	%	$	1,185,280	>	4.0	%

(1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer.

(2) The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.

Derivative Financial Instruments - Schedule of Hedged Items Recorded in Statement of Financial Position (Details) - Deposits - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (677,893)	$ (1,494,087)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 24,224	$ 31,259

Loans Held for Sale

3 Months Ended

Mar. 31, 2023

Transfers and Servicing [Abstract]

Loans Held for Sale

Loans Held for Investment

Loans held for investment are summarized as follows:


	March 31,		December 31,
(Dollars in thousands)	2023		2022
Private Education Loans:
Fixed-rate	$	12,726,875	$	11,108,079
Variable-rate	9,171,128		9,195,609
Total Private Education Loans, gross	21,898,003		20,303,688
Deferred origination costs and unamortized premium/(discount)	75,051		69,656
Allowance for credit losses	(1,475,379)		(1,353,631)
Total Private Education Loans, net	20,497,675		19,019,713

FFELP Loans	592,318		609,050
Deferred origination costs and unamortized premium/(discount)	1,497		1,549
Allowance for credit losses	(3,927)		(3,444)
Total FFELP Loans, net	589,888		607,155





Loans held for investment, net	$	21,087,563	$	19,626,868

The estimated weighted average life of education loans in our portfolio was approximately 5.0 years and 5.0 years at March 31, 2023 and December 31, 2022, respectively.

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2023				2022
Three Months Ended March 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,755,202	10.66	%	$	21,858,270	8.38	%
FFELP Loans	602,072		6.87		690,540		3.51
Credit Cards(1)	—		—		26,622		3.95
Total portfolio	$	22,357,274			$	22,575,432

(1) Credit Card loans were transferred to loans held for sale at September 30, 2022.

Investments - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended
Investments - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) security	Mar. 31, 2023 USD ($) security	Mar. 31, 2023 USD ($) security Rate	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Vertical risk retention interest		5.00%	5.00%
Trading investments	$ 51,342	$ 51,342	$ 51,342	$ 55,903
Number of government sponsored securities with unrealized losses \| security	182	182	182	191
Number of mortgage-backed securities \| security	193	193	193	194
Par value of mortgage-backed securities pledged to FRB	$ 530,000	$ 530,000	$ 530,000	$ 547,000
Non-marketable securities investment	14,000	14,000	14,000	8,000
Low income housing tax credit investments	78,000	78,000	78,000	80,000
Low income housing tax credit investments, liability for unfunded commitments	40,000	$ 40,000	40,000	46,000
Low income housing tax credit investments, tax credits and benefits (less than)	1,000			9,000
Low income housing tax credit investments, expected tax benefits recognized		25.00%
Convertible Debt Securities
Debt Securities, Available-for-sale [Line Items]
Trading investments				$ 5,000
Equity Securities
Debt Securities, Available-for-sale [Line Items]
Non-marketable securities investment	$ 5,000	$ 5,000	$ 5,000

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	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 months ended March 31, 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.

Regulatory Capital - Narrative (Details) - USD ($)		3 Months Ended
Regulatory Capital - Narrative (Details) - USD ($)	Jan. 01, 2020	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Allowance for credit losses		$ 1,479,306,000	$ 1,227,362,000		$ 1,357,075,000		$ 1,165,335,000
Liability for unfunded commitments		32,720,000	32,707,000		$ 124,924,000		$ 72,713,000
Dividends		0	108,000,000
Unrealized loss		$ 133,000,000	$ 160,000,000
Accounting Standards Update 2016-13
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Period of deferment	2 years
Percentage amount deferred per year	25.00%
Percentage amount phased in during year				25.00%		25.00%
Allowance for credit losses	$ 1,100,000,000
Liability for unfunded commitments	116,000,000
Deferred tax asset	306,000,000
Reduction to retained earnings	$ 953,000,000

Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2023