Santander Holdings USA, Inc.
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
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.
Jun 30, 2026 · Filed Jul 31, 2026
SNUS-PH$20.44+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0000811830-26-000015
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0000811830-26-000029
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 220 previous paragraphs and 226 current paragraphs.
141 unchanged; 66 reworded; 19 added; 13 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 23 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
(3) In May 2026, Fitch upgraded SBNA's senior unsecured debt ratings from 'A-' to 'A'.
Current report
•Securities Financing Activities and borrowed funds – Interest expense on Securities Financing Activities and borrowed funds decreased $293.4 million and decreased $529.7 million for the three months and six months ended June 30, 2026, compared to the same periods in 2025. The three-month change was attributable to lower volumes of $191.9 million and lower rates of $101.4 million. The six-month change was attributable to lower volumes of $315.0 million and lower rates of $214.7 million.
Current report
Credit loss expense on consumer loans decreased $105.7 million and decreased $105.6 million for the three months and six months ended June 30, 2026 compared to the corresponding periods in 2025 due to lower net charge-offs of RICs and auto loans and decrease in the ACL for RICs and auto loans.
Current report
•Consumer fees decreased $22.1 million and $2.9 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025, primarily due to a decrease in consumer loan fees.
Current report
•Lease income decreased $134.2 million and $278.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025, primarily driven by a lower number of active leased vehicle units and lower purchase option fees.
Current report
•Miscellaneous income, net decreased $30.7 million and $36.8 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025, primarily due to the loss on loan sale, lower unrealized gains on equity securities, lower gains on hedging activities, partially offset by an increase in net gain on sale of operating leases and an increase in asset and wealth management fees,
Current report
•Securities gains, net increased $0.5 million and decreased $13.3 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025, primarily due to a decrease in trading securities gains.
Current report
Total general, administrative and other expenses decreased $122.9 million and $265.3 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The most significant factors contributing to these changes were as follows:
Current report
•Other expenses increased $13.8 million and decreased $36.8 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The increase is due to higher expense accruals and the decrease is due to lower FDIC insurance premiums
Current report
•Fees and other income for Auto decreased $50.3 million and $29.8 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower auto servicing fees and lower gains on securitization of loan portfolios.
Current report
•Credit loss expense in Auto decreased $64.8 million and $41.0 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. These decreases were driven by lower loan volume and improved net charge-off rates.
Current report
•Interest income for C&I decreased $34.0 million and $71.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These decreases were due to lower prevailing interest rates reducing loan yields.
Current report
•Interest income for CRE decreased $27.4 million and $47.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These decreases were due to lower loan volumes and yields.
Current report
•Interest expense for C&I decreased $18.5 million and $42.4 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These decreases were due to lower deposit volumes and rates.
Current report
•Credit loss expense in CRE decreased $24.8 million and $12.2 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These decreases were due to improved portfolio performance and lower volume.
Current report
•Credit loss expense in C&I decreased $13.7 million and $13.6 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These decreases were primarily due to improved portfolio performance and lower volumes.
Current report
CIB reported income before income taxes of $117.8 million and $190.9 million for the three months and six months ended June 30, 2026, respectively, compared to income before income taxes of $3.0 million and $21.6 million for the corresponding periods in 2025. Factors contributing to these changes were:
Current report
•Interest income decreased $150.1 million and $228.2 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The decreases were due to Securities Financing activities driven by lower prevailing interest rates.
Current report
•Total assets decreased $7.3 billion compared to the corresponding date in 2025. This decrease was primarily due to deposits at the Federal Reserve.
Removed paragraphs (13)
Previous report
•Securities Financing Activities and borrowed funds- Interest expense on Securities Financing Activities and borrowed funds decreased $236.3 million for the three months ended March 31, 2026, compared to the same period in 2025. This decrease was attributable to a lower average Securities Financing Activities and borrowed funds volume of $123.9 million and lower average rates of $112.4 million. Decreases were primarily due to a decline in Securities Financing Activities.
Previous report
(1) Consumer fees primarily include consumer deposit fees, consumer loan fees, (including origination, servicing, and late fees),and insurance and investment fees.
Previous report
(2) Commercial fees primarily include commercial deposit fees and commercial loan fees.
Previous report
•Lease income decreased $144.5 million for the three months ended March 31, 2026 compared to the corresponding period in 2025, due to a reduction in leased vehicle units driven by lower new lease originations.
Previous report
Total general, administrative and other expenses decreased $142.4 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. This change was primarily comprised of:
Previous report
•Other expenses decreased $50.6 million for the three months ended March 31, 2026 compared to the corresponding period in 2025, due to lower deposit insurance premiums.
Previous report
•Fees and other income increased $30.2 million for the three months ended March 31, 2026 compared to the corresponding period of 2025, primarily due to servicing and origination fees related to RICs and auto loans.
Previous report
•Interest income decreased $58.0 million for the three months ended March 31, 2026 compared to the corresponding period of 2025. This decrease was primarily due to lower loan balances and lower yields.
Previous report
•Interest expense decreased $45.4 million for the three months ended March 31, 2026 compared to the corresponding period of 2025. This decrease was primarily due to lower deposit rates.
Previous report
CIB reported income before income taxes of $73.1 million for the three months ended March 31, 2026 compared to income before income taxes of $18.6 million for the corresponding period of 2025. This increase was primarily attributable to strong performance in Global Markets and Banking, supported by the continued benefits of the multi-year investment in the investment banking platform. Factors contributing to this change were:
Previous report
•Interest income decreased $78.1 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. This decrease was due to interest income associated with Securities Financing Activities.
Previous report
•Interest income decreased $59.1 million for the three months ended March 31, 2026 compared to the corresponding period of 2025. This decrease was due to interest income associated with deposits held at the Federal Reserve.
Previous report
The Company's subsidiaries have a credit facility with several banks providing an aggregate commitment of $1.0 billion for the exclusive use of providing short-term liquidity needs to support preferred auto lessor financing. As of March 31, 2026, there was an outstanding balance of zero on this facility. The facility requires reduced advance rates in the event of delinquency, credit loss, or residual loss ratios, as well as other metrics exceeding specified thresholds.
Reworded paragraphs (66)
Previous wording
On February 3, 2026, Santander and Webster entered into the Transaction Agreement. Among other things, the Transaction Agreement provides for the merger of Webster with and into Webster Virginia, with Webster Virginia continuing as the surviving corporation in such merger transactions, and, immediately afterwards, the acquisition by Santander of all outstanding shares of Webster Virginia common stock through a statutory share exchange, all subject to the terms and conditions of the Transaction Agreement. The Transaction Agreement is subject to standard governance procedures, including obtaining the approval of Santander's and Webster's shareholders. Following completion of these transactions, Santander and Webster intend for the following transactions to occur:
Current wording
On February 3, 2026, Santander and Webster entered into the Transaction Agreement. Among other things, the Transaction Agreement provides for the merger of Webster with and into Webster Virginia, with Webster Virginia continuing as the surviving corporation in such merger transaction, and, immediately afterwards, the acquisition by Santander of all outstanding shares of Webster Virginia common stock through a statutory share exchange, all subject to the terms and conditions of the Transaction Agreement. The Transaction Agreement is subject to standard governance procedures, including obtaining the approval of Santander's and Webster's shareholders. Following completion of these transactions, Santander and Webster intend for the following transactions to occur:
Previous wording
On March 30, 2026, SHUSA SBNA and Webster Bank entered into an Agreement and Plan of Merger to provide for the Webster Bank contribution to SBNA and subsequent merger into SBNA. Also on March 30, 2026, SBNA submitted a Bank Merger Act application to request approval from the OCC for the bank merger. Regulatory applications have also been submitted to the Federal Reserve and the European Central Bank in connection with the transaction, approval of Santander's shareholders has been obtained and proxy materials soliciting approval of Webster's shareholders have been mailed.
Current wording
On March 30, 2026, SHUSA SBNA and Webster Bank entered into an Agreement and Plan of Merger to provide for the Webster Bank contribution to SBNA and subsequent merger into SBNA. Also on March 30, 2026, SBNA submitted a Bank Merger Act application to request approval from the OCC for the bank merger and has received that approval. Regulatory applications have also been submitted to the Federal Reserve and the European Central Bank in connection with the transaction, and approval of Santander's and Webster's shareholders and the European Central Bank has been obtained.
Previous wording
Completion of the merger of Webster Bank into SBNA remains contingent upon the fulfillment of certain conditions at or prior to the event, including that all prior transactions related to the acquisition of Webster by Santander and subsequent contribution of Webster Bank to SBNA have closed and become effective.
Current wording
Completion of the merger of Webster Bank into SBNA remains contingent upon the fulfillment of certain conditions at or prior to the event, including that all prior transactions related to the acquisition of Webster by Santander and subsequent contribution of Webster Bank to SBNA have closed and become effective. The transaction is expected to close in the second half of 2026.
Previous wording
See the "Bank Regulatory Capital" section of this MD&A for the Company's capital ratios under Basel III standards. The implementation of certain regulations and standards relating to regulatory capital could disproportionately affect the Company's regulatory capital position relative to that of its competitors, including those that may not be subject to the same regulatory requirements as the Company. On March 19, 2026, the Federal bank regulatory agencies re-proposed capital rules which would have implemented the Basel III endgame reform package. The comment period is open until June 18, 2026. The re-proposal includes, but is not limited to, revisions to the current standardized approach to risk-based capital. SBNA is currently reviewing the proposal and assessing its impact. No effective date has been proposed while the agencies seek comment from the public on timing/transition.
Current wording
See the "Bank Regulatory Capital" section of this MD&A for the Company's capital ratios under Basel III standards. The implementation of certain regulations and standards relating to regulatory capital could disproportionately affect the Company's regulatory capital position relative to that of its competitors, including those that may not be subject to the same regulatory requirements as the Company. On March 19, 2026, the federal bank regulatory agencies re-proposed capital rules which would have implemented the Basel III endgame reform package. The comment period was open until June 18, 2026. The re-proposal includes, but is not limited to, revisions to the current standardized approach to risk-based capital. SBNA is currently reviewing the proposal and assessing its impact. No effective date has been proposed while the agencies seek comment from the public on timing/transition.
Previous wording
Overall, the increase in net interest income for the three months ended March 31, 2026 compared to the same period in 2025, was primarily driven by higher yields on investment securities and coupled with reduced funding costs on deposits and Securities Financing Activities. These positive impacts were partially offset by lower loan-related income and declines in resale agreement activity. The net result reflects the combined effect of balance sheet repositioning and higher market interest rates during the period.
Current wording
Overall, the increase in net interest for the three months and six months ended June 30, 2026 compared to the same period in 2025 was primarily driven by higher yields on investment securities, coupled with reduced funding costs on Securities Financing Activities and Borrowings and Other Debt Obligations. These positive impacts were partially offset by lower loan and deposit-related income and declines in federal funds and resale agreement activity. The net result reflects the combined effect of balance sheet repositioning and higher market interest rates during the period
Previous wording
Net interest income increased $37.2 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The primary drivers of these changes are summarized below:
Current wording
Net interest income increased $39.4 million and $76.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. The primary drivers of these changes are summarized below:
Previous wording
•Loans – Interest income on loans decreased $126.4 million for the three months ended March 31, 2026, compared to the same period in 2025. This change was primarily attributable to a $110.4 million decrease in average loan volume, most notably in the RICs and auto loan and personal unsecured loan portfolios combined with a lower average loan rate of $16.0 million. Refer to the “Loan Portfolio” section of this MD&A for further discussion of loan balances.
Current wording
•Loans – Interest income on loans decreased $106.2 million and decreased $232.6 million for three months and six months ended June 30, 2026 , compared to the same periods in 2025. The three-month change was primarily attributable to lower average loan volumes of $84.7 million and lower average loan rates of $21.4 million. The six month period change was similarly driven by lower volumes of $196.4 million and lower rates of $36.2 million. Refer to the “Loan Portfolio” section of this MD&A for further discussion of loan balances.
Previous wording
•Interest-earning deposits – Interest income on interest-earning deposits decreased $82.0 million for the three months ended March 31, 2026, compared to the corresponding period in 2025. This decrease reflected lower average volumes of $55.9 million and lower average rates of $26.2 million. This change was primarily driven by the changing interest rate environment.
Current wording
•Interest-earning deposits – Interest income on interest-earning deposits decreased $115.9 million and decreased $197.9 million for the three months and six months ended June 30, 2026, compared to the corresponding periods in 2025. The three-month change reflected lower average deposit volumes of $90.1 million and lower average rates of $25.8 million. The six month period change reflected lower volumes of $145.5 million and lower rates of $52.4 million.
Previous wording
•Securities purchased under resale agreements – Interest and fees on federal funds sold and securities purchased under resale agreements decreased $130.8 million for the three months ended March 31, 2026, compared to the same period in 2025. This decrease is attributable to lower average volumes $58.3 million and lower average rates of $72.5 million.
Current wording
•Federal funds sold and securities purchased under resale agreements – Interest and fees on federal funds sold and securities purchased under resale agreements decreased $165.0 million and decreased $295.8 million for the three months and six months ended June 30, 2026 , compared to the same periods in 2025. The three-month change was attributable to lower average volumes of $88.8 million and lower average rates of $76.2 million. The six-month change was attributable to lower volumes of $148.2 million and lower rates of $147.7 million. These declines primarily reflect reduced Securities Financing Activities.
Previous wording
•Investment securities – Interest income on investment securities increased $93.0 million compared to the corresponding period in 2025.This increase was attributable to higher average securities volumes of $66.8 million and higher average rates $26.1 million. Both increases were primarily driven by higher market interest rates.
Current wording
•Investment securities – Interest income on investment securities increased $87.3 million and increased $180.3 million for the three months and six months ended June 30, 2026, compared to the corresponding periods in 2025. The three-month change was attributable to higher average securities volumes of $69.2 million and higher average rates of $18.1 million. The six-month change was attributable to higher volumes of $138.4 million and higher rates of $41.9 million. Both increases were primarily driven by higher market interest rates for HTM and trading securities.
Previous wording
•Deposits and related customer accounts – Interest expense on deposits and related customer accounts decreased $47.3 million for the three months ended March 31, 2026, compared to the corresponding period in 2025. This decrease was attributable to a lower average volume of $4.1 million combined with lower average deposit rates of $43.2 million. The rate declines were primarily related to lower money market and CD product rates, and partially offset by increased saving rates.
Current wording
•Deposits and related customer accounts – Interest expense on deposits and related customer accounts decreased $45.8 million and decreased $93.1 million for the three months and six months ended June 30, 2026, compared to the corresponding periods in 2025. The three-month change reflected higher average volumes of $1.8 million, partially offset by lower average deposit rates of $47.6 million. The six-month change reflected lower volumes of $2.0 million and lower deposit rates of $91.1 million. The rate declines were primarily related to money market and CD products.
Previous wording
The Company had credit loss expense of $431.3 million for the three months ended March 31, 2026, compared to a credit loss expense of $425.9 million for the corresponding period in 2025. The credit loss expense during the three months ended March 31, 2026 was mainly due to charge-offs, net of recoveries in RICs and auto loans, partially offset by a release in the ACL reserves primarily attributable to seasonality and changes in portfolio composition in RIC and auto loan and lower exposure in personal unsecured loans portfolio.
Current wording
The Company had credit loss expense of $247.6 million and $679.0 million for the three months and six months ended June 30, 2026, compared to credit loss expense of $372.9 million and $798.8 million for the corresponding periods in 2025. The lower credit loss expense during the three months and six months ended June 30, 2026 was mainly due to lower net charge-offs and decrease in the ACL for RICs and auto loans.
Previous wording
Credit loss expense on commercial loans increased $18.1 million for the three months ended March 31, 2026 compared to the corresponding period in 2025.
Current wording
Credit loss expense on commercial loans decreased $7.8 million and increased $10.3 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025.
Previous wording
The credit loss expense on unfunded credit losses for the three months ended March 31, 2026 decreased $12.7 million compared to the corresponding period in 2025.
Current wording
The credit loss expense on unfunded credit losses for the three months and six months ended June 30, 2026 decreased $11.8 million and decreased $24.5 million compared to the corresponding periods in 2025.
Previous wording
Total non-interest income decreased $74.3 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. These changes were primarily comprised of:
Current wording
Total non-interest income decreased $64.3 million and decreased $138.6 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily comprised of:
Previous wording
•Capital market revenue increased $74.9 million for the three months ended March 31, 2026 compared to the corresponding period in 2025, driven by higher investment banking income and increased derivative gains.
Current wording
•Capital market revenue increased $117.9 million and $192.8 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025, primarily driven by higher investment banking income and derivative gains.
Previous wording
•Lease expense decreased $67.9 million for the three months ended March 31, 2026 compared to the corresponding period in 2025, due to lower auto lease volumes resulting in lower depreciation expense.
Current wording
•Lease expense decreased $123.8 million and $191.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025, due to lower auto lease volumes resulting in lower depreciation expense.
Previous wording
An income tax provision of $68.6 million was recorded for the three months ended March 31, 2026 compared to an income tax provision of $16.9 million for the corresponding period in 2025. This resulted in an ETR of 14.2% for the three months ended March 31, 2026 compared to 4.4% for the corresponding period in 2025.
Current wording
An income tax provision of $174.3 million and $242.9 million was recorded for the three months and six months ended June 30, 2026, respectively, compared to a provision of $38.0 million and $54.9 million for the corresponding periods in 2025. This resulted in an ETR of 23.0% and 19.6% for the three months and six months ended June 30, 2026, respectively, compared to 7.1% and 6.0% for the corresponding periods in 2025.
Previous wording
The increase in ETR for the three months ended March 31, 2026, when compared to the same period in 2025, was directly impacted by (i) an increase in forecasted pre-tax income in 2026 and (ii) no electric vehicle tax credits in 2026, offset by $44 million of tax benefit resulted from closed audit years recorded in the first quarter of 2026.
Current wording
The increase in ETR for the three months and six months ended June 30, 2026, when compared to the same periods in 2025, was directly impacted by (i) an increase in forecasted pre-tax income in 2026 and (ii) no electric vehicle tax credits in 2026, offset by $44 million of tax benefit resulted from closed audit years recorded in the first quarter of 2026.
Previous wording
The Company manages its business activities by its six reportable segments, Auto, CBB, C&I, CRE, CIB, and Wealth Management. The tables below reflect certain information by reportable segment and includes additional supplementary information related to consumer activities and commercial activities. The supplementary information is deemed to be useful as it represents a view in how we manage the business and also aligns with how our parent, Santander, manages its business from a global perspective. Information reported in this Form 10-Q in respect of the CIB segment includes only information within the Company’s Condensed Consolidated Financial Statements, and does not include information in respect of Santander’s New York branch, which is reported within Santander’s consolidated financial statements.
Current wording
The Company manages its business activities by its six reportable segments, Auto, CBB, C&I, CRE, CIB, and Wealth Management. The tables below reflect certain information by reportable segment and include additional supplementary information related to consumer activities and commercial activities. The supplementary information is deemed to be useful as it represents a view in how we manage the business and also aligns with how our parent, Santander, manages its business from a global perspective.
Previous wording
The Company reported total income before income taxes related to its Consumer activities of $349.0 million for the three months ended March 31, 2026 compared to income before income taxes of $321.8 million for the corresponding period in 2025. The most significant drivers of this change were:
Current wording
The Company reported total income before income taxes related to its Consumer activities of $528.6 million and $877.6 million for the three months and six months ended June 30, 2026, respectively, compared to income before income taxes of $430.4 million and $752.2 million for the corresponding periods in 2025. The most significant drivers of these changes were:
Previous wording
•Lease income decreased $144.5 million for the three months ended March 31, 2026 compared to the corresponding period of 2025, driven by lower average Auto lease balances.
Current wording
•Lease income decreased $134.2 million and $278.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower average auto lease volumes.
Previous wording
•Lease expense decreased $67.9 million for the three months ended March 31, 2026 compared to the corresponding period of 2025, driven by lower average auto lease balances leading to lower depreciation expense.
Current wording
•Lease expense decreased $123.7 million and $191.6 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower average auto lease balances which resulted in lower depreciation expense.
Previous wording
Commercial activities consist of the Company's C&I and CRE reportable segments.
Current wording
Commercial activities consist of the Company's C&I reportable segment and CRE reportable segment.
Previous wording
The Company reported total income before income taxes related to its Commercial activities of $124.9 million for the three months ended March 31, 2026 compared to income before income taxes of $146.0 million for the corresponding period in 2025. The most significant drivers of this change were:
Current wording
The Company reported total income before income taxes related to its Commercial activities of $181.2 million and $306.1 million for the three months and six months ended June 30, 2026, respectively, compared to income before income taxes of $142.0 million and $288.1 million for the corresponding periods in 2025. The most significant drivers of these changes were:
Previous wording
•Interest expense decreased $128.9 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. This decrease was due to interest expense associated with Securities Financing Activities.
Current wording
•Interest expense decreased $162.8 million and $291.7 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods in 2025. These decreases were primarily due to interest expense associated with Securities Financing Activities driven by lower prevailing interest rates.
Previous wording
•Fees and other income increased $25.6 million for the three months ended March 31, 2026 compared to the corresponding period in 2025. This increase was primarily due to fees on increased securities transaction activity.
Current wording
•Fees and other income increased $113.1 million and $130.7 million for the three months and six months ended June 30, 2026, respectively compared to the corresponding periods in 2025. These increases were primarily due to increased Global Banking fees.
Previous wording
•Total assets at March 31, 2026 increased $4.5 billion compared to the corresponding period in 2025. This increase was primarily due to trading inventory.
Current wording
•Total assets at June 30, 2026 increased $3.6 billion compared to the corresponding date in 2025. This increase was primarily due to an increase in trading inventory.
Previous wording
Wealth Management reported income before income taxes of $77.6 million for the three months ended March 31, 2026, compared to income before income taxes of $69.0 million for the corresponding period in 2025. The primary factors contributing to this change were:
Current wording
Wealth Management reported income before income taxes of $56.4 million and $134.0 million for the three months and six months ended June 30, 2026, respectively, compared to income before income taxes of $78.1 million and $147.1 million for the corresponding periods in 2025. The components of net income remained relatively consistent over the corresponding periods in 2025.
Previous wording
•Total assets at March 31, 2026 increased $1.0 billion compared to the corresponding period in 2025. This increase was primarily due to the purchase of the interest in the U.K. Limited Partnership.
Current wording
•Total assets at June 30, 2026 increased $705.6 million compared to the corresponding date in 2025. This increase was primarily due to the acquisition of an interest in the U.K. Limited Partnership.
Previous wording
The Other category reported a loss before income taxes of $141.8 million for the three months ended March 31, 2026, compared to a loss before income taxes of $172.7 million for the corresponding period in 2025. The primary factors contributing to this change were:
Current wording
The Other category reported losses before income taxes of $125.0 million and $266.8 million for the three months and six months ended June 30, 2026, respectively, compared to losses before income taxes of $117.8 million and $290.5 million for the corresponding periods in 2025. The primary factors contributing to these changes were:
Previous wording
•Interest expense decreased $66.8 million for the three months ended March 31, 2026 compared to the corresponding period of 2025. This decrease was due to interest expense associated deposits, brokered deposits, reduced borrowings, and internal funding.
Current wording
•Interest expense decreased $75.8 million and $142.6 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These decreases were primarily due to changes in deposit mix, borrowings, and internal funding.
Previous wording
•General, administrative and other expenses decreased $26.3 million for the three months ended March 31, 2026 compared to the corresponding period of 2025. This increase was primarily a result of prior year strategic investment and restructuring charges.
Current wording
•General, administrative and other expenses increased $31.8 million and $5.5 million for the three months and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. These changes were primarily the result of timing in strategic investment and restructuring charges.
Previous wording
(1) As of March 31, 2026, the Company had $325.3 million of commercial loans that were denominated in a currency other than the U.S. dollar.
Current wording
(1) As of June 30, 2026, the Company had $235.9 million of commercial loans that were denominated in a currency other than the U.S. dollar.
Previous wording
Commercial loans decreased approximately $221.6 million, or 0.7%, from December 31, 2025 to March 31, 2026. This decrease was primarily attributable to a decrease in C&I loans of $109.4 million and a decrease in CRE loans of $140.5 million, partially offset by an increase in Other commercial loans of $118.2 million.
Current wording
Commercial loans decreased approximately $614.0 million, or 1.8%, from December 31, 2025 to June 30, 2026. This decrease was primarily attributable to a decrease in CRE loans of $431.3 million and a decrease in Multifamily of $226.9 million , partially offset by an increase in Other commercial loans of $252.2 million.
Previous wording
Consumer loans secured by real estate decreased $153.6 million from December 31, 2025 to March 31, 2026 due to continued run-off in these portfolios.
Current wording
Consumer loans secured by real estate decreased $307.9 million from December 31, 2025 to June 30, 2026 due to continued run-off in these portfolios.
Previous wording
RICs and auto loans HFI increased $804.2 million from December 31, 2025 to March 31, 2026. This increase represents primarily new origination activity A significant portion of the Company's RICs HFI are pledged against warehouse lines or securitization bonds. Refer to further discussion of these in Note 7 to the Condensed Consolidated Financial Statements.
Current wording
RICs and auto loans HFI increased $777.3 million from December 31, 2025 to June 30, 2026. This increase represents primarily new origination activity A significant portion of the Company's RICs HFI are pledged against warehouse lines or securitization bonds. Refer to further discussion of these in Note 7 to the Condensed Consolidated Financial Statements.
Previous wording
As of March 31, 2026, 62.1% of the Company's RIC and auto loan portfolio balance was comprised of nonprime loans (defined by the Company as customers with a FICO score of below 640) with customers who did not qualify for conventional consumer finance products as a result of, among other things, a lack of or adverse credit history, low income levels and/or the inability to provide adequate down payments. This also includes 6.4% of loans for which no FICO score was available. While underwriting guidelines are designed to establish that the customer would be a reasonable credit risk, nonprime loans will nonetheless experience higher default rates than a portfolio of obligations of prime customers. Additionally, higher unemployment rates, higher gasoline prices, unstable real estate values, re-sets of adjustable rate mortgages to higher interest rates, the general availability of consumer credit, and other factors that impact consumer confidence or disposable income could lead to an increase in delinquencies, defaults, and repossessions, as well as decreased consumer demand for used automobiles and other consumer products, weaken collateral values and increase losses in the event of default. Because the historical focus for such credit has been predominantly on nonprime consumers, the actual rates of delinquencies, defaults, repossessions, and losses on these loans could be more dramatically affected by a general economic downturn.
Current wording
As of June 30, 2026, 62.1% of the Company's RIC and auto loan portfolio balance was comprised of nonprime loans (defined by the Company as customers with a FICO score of below 640) with customers who did not qualify for conventional consumer finance products as a result of, among other things, a lack of or adverse credit history, low income levels and/or the inability to provide adequate down payments. This also includes 6.2% of loans for which no FICO score was available. While underwriting guidelines are designed to establish that the customer would be a reasonable credit risk, nonprime loans will nonetheless experience higher default rates than a portfolio of obligations of prime customers. Additionally, higher unemployment rates, higher gasoline prices, unstable real estate values, re-sets of adjustable rate mortgages to higher interest rates, the general availability of consumer credit, and other factors that impact consumer confidence or disposable income could lead to an increase in delinquencies, defaults, and repossessions, as well as decreased consumer demand for used automobiles and other consumer products, weaken collateral values and increase losses in the event of default. Because the historical focus for such credit has been predominantly on nonprime consumers, the actual rates of delinquencies, defaults, repossessions, and losses on these loans could be more dramatically affected by a general economic downturn.
Previous wording
Personal unsecured and other consumer loans HFI decreased $39.1 million from December 31, 2025 to March 31, 2026. This decrease was primarily due to run-off in the portfolio.
Current wording
Personal unsecured and other consumer loans HFI decreased $36.7 million from December 31, 2025 to June 30, 2026. This decrease was primarily due to run-off in the portfolio.
Previous wording
Commercial NPLs increased $126.2 million from December 31, 2025 to March 31, 2026. Commercial NPLs accounted for 2.0% of commercial LHFI at March 31, 2026. The change in commercial NPLs was primarily comprised of an increase of $85.2 million in the Multifamily portfolio, an increase of $1.5 million in the CRE portfolio, and an increase of $39.3 million in the C&I portfolio.
Current wording
Commercial NPLs increased $113.4 million from December 31, 2025 to June 30, 2026. Commercial NPLs accounted for 2.0% of commercial LHFI at June 30, 2026. The change in commercial NPLs was primarily comprised of an increase of $82.3 million in the Multifamily portfolio and an increase of $61.5 million in the C&I portfolio, partially offset by a decrease of $30.4 million in the CRE portfolio.
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