Santander Holdings USA, Inc.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets at and
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $15,708,891 | $18,546,918 |
| Federal funds sold and securities purchased under resale agreements or similar arrangements | 8,515,777 | 8,132,230 |
| Investment securities: | ||
| AFS at fair value (amortized cost of $8,146,642 and $7,833,617 as of September 30, 2025 and December 31, 2024, respectively) | 7,461,372 | 7,132,632 |
| Trading securities | 16,553,573 | 10,322,823 |
| HTM (fair value of $10,404,901 and $8,306,417 as of September 30, 2025 and December 31, 2024, respectively) | 11,797,677 | 9,914,288 |
| Other investments | 2,376,186 | 1,549,634 |
| LHFI (1) | 84,550,188 | 87,304,499 |
| ALLL | (6,148,617) | (6,562,012) |
| Net LHFI(5) | 78,401,571 | 80,742,487 |
| LHFS (2) | 1,567,815 | 1,333,953 |
| Premises and equipment, net (3) | 963,047 | 986,953 |
| Operating lease assets, net (5)(6) | 9,543,028 | 11,667,951 |
| Goodwill | 2,766,665 | 2,766,665 |
| Intangible assets, net | 222,149 | 248,920 |
| BOLI | 2,046,290 | 2,013,692 |
| Restricted cash (5) | 5,338,444 | 5,029,088 |
| Other assets (4) (5) | 4,852,479 | 4,860,516 |
| TOTAL ASSETS | $168,114,964 | $165,248,750 |
| LIABILITIES | ||
| Accounts payables and accrued expenses | $6,039,643 | $5,244,272 |
| Deposits and other customer accounts (includes $580,460 and zero of deposits held for sale as of September 30, 2025 and December 31, 2024, respectively) | 76,360,591 | 78,114,605 |
| Federal funds purchased and securities loaned or sold under repurchase agreements | 21,297,036 | 16,302,948 |
| Trading liabilities | 3,269,470 | 2,460,613 |
| Borrowings and other debt obligations (5) | 40,886,853 | 44,010,910 |
| Advance payments by borrowers for taxes and insurance | 188,448 | 150,777 |
| Other liabilities (5) | 1,110,587 | 1,289,098 |
| TOTAL LIABILITIES | 149,152,628 | 147,573,223 |
| Commitments and contingencies (Note 16) | ||
| MEZZANINE EQUITY | ||
| Preferred stock (no par value; 7,500,000 shares authorized; 2,000,000 shares outstanding at September 30, 2025 and December 31, 2024, respectively) | 2,000,000 | 2,000,000 |
| STOCKHOLDER'S EQUITY | ||
| Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both September 30, 2025 and December 31, 2024, respectively) | 17,314,362 | 17,335,889 |
| Accumulated other comprehensive loss, net of tax | (596,828) | (717,700) |
| Retained earnings / (accumulated deficit) | 244,802 | (942,662) |
| TOTAL STOCKHOLDER'S EQUITY | 16,962,336 | 15,675,527 |
| TOTAL LIABILITIES, MEZZANINE AND STOCKHOLDER'S EQUITY | $168,114,964 | $165,248,750 |
(1)Includes $5.8 million and $9.0 million of loans recorded at fair value at September 30, 2025 and December 31, 2024, respectively.
(2)Includes $1.5 billion and $1.3 billion of loans recorded at the FVO at September 30, 2025 and December 31, 2024, respectively.
(3)Net of accumulated depreciation of $2.7 billion and $2.5 billion at September 30, 2025 and December 31, 2024, respectively.
(4)Includes MSRs of $81.0 million and $91.0 million at September 30, 2025 and December 31, 2024, respectively, for which the Company has elected the FVO.
(5)The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At September 30, 2025 and December 31, 2024, net LHFI included $24.1 billion and $24.6 billion, Operating leases assets, net included $9.5 billion and $11.7 billion, restricted cash included $759.6 million and $706.6 million, Other assets included $636.3 million and $693.1 million, Borrowings and other debt obligations included $25.6 billion and $26.2 billion, and Other liabilities included $81.7 million and $99.6 million of assets or liabilities, respectively, that were included within VIEs. See Note 7 to these Condensed Consolidated Financial Statements for additional information.
(6) Net of accumulated depreciation of $2.8 billion and $3.1 billion at September 30, 2025 and December 31, 2024, respectively.
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