Santander Holdings USA, Inc.
For the period ended Dec 31, 2023. Filed Mar 4, 2024.
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FY2023 · Filed Mar 4, 2024
SNUS-PH$25.16+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $932,902 | $1,405,007 | $3,621,307 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Credit loss expense/(benefit) | 2,226,438 | 2,018,817 | (207,349) |
| Deferred tax (benefit) / expense | (430,134) | (86,291) | 635,635 |
| Depreciation, amortization and accretion | 2,617,812 | 2,788,088 | 2,354,705 |
| Net (gain)/loss on sale or disposal of loans, investment securities, and other assets | (91,808) | (35,076) | (50,030) |
| Originations of LHFS | — | (195,849) | (1,395,180) |
| Purchases of LHFS | (18,772) | — | — |
| Proceeds from sales of and collections on LHFS | 2,580 | 364,333 | 2,853,517 |
| Net change in: | |||
| Trading securities and trading liabilities, net | (2,122,482) | (850,795) | — |
| Other assets and BOLI | (358,269) | (992,254) | 651,562 |
| Other liabilities | (852,465) | 890,198 | 28,070 |
| Other operating activities, net | 1,543 | (21,037) | 47,031 |
| NET CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES | 1,907,345 | 5,285,141 | 8,539,268 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from sales of AFS investment securities | 311,052 | 624,353 | 1,326,299 |
| Proceeds from prepayments and maturities of AFS investment securities | 1,564,733 | 2,062,869 | 4,458,454 |
| Purchases of AFS investment securities | (1,884,820) | (2,256,438) | (6,148,828) |
| Proceeds from prepayments and maturities of HTM investment securities | 520,183 | 1,110,339 | 1,924,402 |
| Purchases of HTM investment securities | — | (1,214,305) | (3,166,142) |
| Proceeds from sales of equity method and other investments | 409,583 | 509,465 | 72,390 |
| Proceeds from maturities of other investments | 300,000 | 650,000 | 750,000 |
| Purchases of and contributions to equity method and other investments | (1,118,344) | (1,334,512) | (508,845) |
| Distributions from equity method investments | 5,300 | 12,158 | 9,279 |
| Net change in federal funds sold and securities purchased under resale agreements | 2,185,365 | 3,561,084 | (5,346,468) |
| Proceeds from sales of LHFI | 1,641,811 | 596,717 | 3,332,062 |
| Purchases of LHFI | (117,192) | (1,100,954) | (1,486,001) |
| Proceeds from settlements of BOLI policies | 55,099 | 33,532 | 26,799 |
| Net change in loans other than purchases and sales | (5,002) | (6,680,472) | (2,258,571) |
| Purchases and originations of operating leases | (6,171,296) | (5,789,527) | (7,370,218) |
| Proceeds from the sale and termination of operating leases | 4,634,147 | 5,024,206 | 6,944,112 |
| Purchases and sales of premises and equipment, net | (256,057) | (220,633) | (200,735) |
| Proceeds from sale of residual interest in VIE | 63,592 | — | — |
| Acquisition of PCH | — | (391,931) | — |
| NET CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES | 2,138,154 | (4,804,049) | (7,642,011) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Net change in deposits and other customer accounts | (2,055,365) | (2,469,631) | 6,294,465 |
| Net change in short-term borrowings | 1,192,950 | 177,205 | (158,385) |
| Net proceeds from long-term borrowings | 31,399,685 | 42,902,767 | 28,056,693 |
| Repayments of long-term borrowings | (31,812,857) | (40,832,614) | (33,180,005) |
| Net change in federal funds purchased and securities loaned or sold under repurchase agreements | 907,967 | (1,923,559) | 5,258,875 |
| Dividends paid on common stock | (3,000,000) | (4,750,000) | — |
| Dividends paid on preferred stock | (90,774) | — | — |
| Dividends paid to NCI | — | — | (66,525) |
| Stock repurchase | — | (2,544,722) | (9,474) |
| Preferred stock offering | 1,500,000 | 500,000 | — |
| Other financing activities, net | 16,710 | 6,541 | (407) |
| NET CASH (USED IN) / PROVIDED BY FINANCING ACTIVITIES | (1,941,684) | (8,934,013) | 6,195,237 |
| NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,103,815 | (8,452,921) | 7,092,494 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 16,564,314 | 25,017,235 | 17,924,741 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (1) | $18,668,129 | $16,564,314 | $25,017,235 |
| SUPPLEMENTAL DISCLOSURES | |||
| Income taxes paid/(received), net | $329,836 | $(554,758) | $240,413 |
| Interest paid | 6,178,880 | 2,035,904 | 1,129,445 |
| NON-CASH TRANSACTIONS | |||
| Loans transferred to/(from) OREO and other repossessed assets | 54,416 | 11,901 | (31,121) |
| Loans transferred from/(to) LHFI (from)/to LHFS, net | 768,655 | 464,460 | 183,601 |
| Transfer of financial interest in a VIE - Loans | 347,443 | — | — |
| Transfer of financial interest in a VIE - Borrowings | 293,044 | — | — |
| Unsettled purchases of investment securities | 17,744 | 21,242 | 37,589 |
| AFS investment securities transferred to HTM investment securities | — | 2,982,195 | — |
(1) The years ended December 31, 2023, 2022, and 2021 include cash and cash equivalents balances of $13.1 billion, $10.2 billion, and $19.3 billion, respectively, and restricted cash balances of $5.5 billion, $6.3 billion, and $5.7 billion, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.