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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2022
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-16581
SANTANDER HOLDINGS USA, INC.
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction of
incorporation or organization)
23-2453088
(I.R.S. Employer
Identification No.)
75 State Street, Boston, Massachusetts
(Address of principal executive offices)
02109
(Zip Code)
Registrant’s telephone number including area code (617346-7200
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Not ApplicableNot ApplicableNot Applicable
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes . No .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation ST (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes . No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
        
Large accelerated filer
 
Accelerated filer
Emerging growth company
Non-accelerated Filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes . No .
Number of shares of common stock outstanding at July 31, 2022: 530,391,043 shares


Table of Contents

INDEX
 Page
Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2022 and 2021
Condensed Consolidated Statements of Stockholder's Equity for the three-month and six-month periods ended June 30, 2022 and 2021
 Ex-31.1 Certification
 Ex-31.2 Certification
 Ex-32.1 Certification
 Ex-32.2 Certification
 EX-101 INSTANCE DOCUMENT
 EX-101 SCHEMA DOCUMENT
 EX-101 CALCULATION LINKBASE DOCUMENT
 EX-101 LABELS LINKBASE DOCUMENT
 EX-101 PRESENTATION LINKBASE DOCUMENT
 EX-101 DEFINITION LINKBASE DOCUMENT



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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
SANTANDER HOLDINGS USA, INC., AND SUBSIDIARIES

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about the Company’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words and phrases such as “may,” “could,” “should,” “will,” “would,” “believes,” “expects,” “anticipates,” “estimate,” “intends,” “plans,” “assume," "goal," "seek," "can," "predicts," "potential," "projects," "continuing," "ongoing," and similar expressions.

Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date on which the statements are made, these statements are not guarantees of future performance and involve risks and uncertainties which are subject to change based on various important factors and assumptions, some of which are beyond the Company's control. Among the factors that could cause the Company’s financial performance to differ materially from that suggested by forward-looking statements are:

the effects of regulation, actions and/or policies of the Federal Reserve, the FDIC, the OCC and the CFPB, and other changes in monetary and fiscal policies and regulations, including policies that affect market interest rates and money supply, as well as the impact of changes in and interpretations of GAAP, the failure to adhere to which could subject SHUSA and/or its subsidiaries to formal or informal regulatory compliance and enforcement actions and result in fines, penalties, restitution and other costs and expenses, changes in our business practice, and reputational harm;
SHUSA’s ability to manage credit risk may increase to the extent our loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and changes in the credit quality of SHUSA's customers and counterparties;
adverse economic conditions in the United States and worldwide, including the extent of recessionary conditions in the U.S. related to COVID-19 and the strength of the U.S. economy in general and regional and local economies in which SHUSA conducts operations in particular, which may affect, among other things, the level of non-performing assets, charge-offs, and credit loss expense;
inflation, interest rate, market and monetary fluctuations, including effects from the discontinuation of LIBOR as an interest rate benchmark, may, among other things, reduce net interest margins and impact funding sources, revenue and expenses, the value of assets and obligations, and the ability to originate and distribute financial products in the primary and secondary markets;
the adverse impact of COVID-19 on our business, financial condition, liquidity, reputation and results of operations;
natural or man-made disasters including pandemics and other significant public health emergencies, outbreaks of hostilities or effects of climate change, and SHUSA's ability to deal with disruptions caused by such disasters and emergencies;
the pursuit of protectionist trade or other related policies, including tariffs and sanctions by the U.S., its global trading partners, and/or other countries, and/or trade disputes generally;
adverse movements and volatility in debt and equity capital markets and adverse changes in the securities markets, including those related to the financial condition of significant issuers in SHUSA’s investment portfolio;
risks SHUSA faces implementing its growth strategy, including SHUSA's ability to grow revenue, manage expenses, attract and retain highly-skilled people and raise capital necessary to achieve its business goals and comply with regulatory requirements;
SHUSA’s ability to effectively manage its capital and liquidity, including approval of its capital plans by its regulators and its subsidiaries' ability to continue to pay dividends to it;
Reduction in SHUSA's access to funding or increases in the cost of its funding, such as in connection with changes in credit ratings assigned to SHUSA or its subsidiaries, or a significant reduction in customer deposits;
the ability to manage risks inherent in our businesses, including through effective use of systems and controls, insurance, derivatives and capital management;
SHUSA’s ability to timely develop competitive new products and services in a changing environment that are responsive to the needs of SHUSA's customers and are profitable to SHUSA, the success of our marketing efforts to customers, and the potential for new products and services to impose additional unexpected costs, losses, or other liabilities not anticipated at their initiation, and expose SHUSA to increased operational risk;
competitors of SHUSA may have greater financial resources or lower costs, or be subject to different regulatory requirements than SHUSA, may innovate more effectively, or may develop products and technology that enable those competitors to compete more successfully than SHUSA and cause SHUSA to lose business or market share and impact our net income adversely;
SC's agreement with Stellantis may not result in currently anticipated levels of growth;
changes in customer spending, investment or savings behavior;
the ability of SHUSA and its third-party vendors to convert, maintain and upgrade, as necessary, SHUSA’s data processing and other IT infrastructure on a timely and acceptable basis, within projected cost estimates and without significant disruption to our business;
SHUSA's ability to control operational risks, data security breach risks and outsourcing risks, and the possibility of errors in quantitative models and software SHUSA uses in its business, including as a result of cyberattacks, technological failure, human error, fraud or malice by internal or external parties, and the possibility that SHUSA's controls will prove insufficient, fail or be circumvented;
changing federal, state, and local tax laws and regulations, which may include tax rates changes, that could materially adversely affect our business, including changes to tax laws and regulations and the outcome of ongoing tax audits by federal, state and local income tax authorities that may require SHUSA to pay additional taxes or recover fewer overpayments compared to what has been accrued or paid as of period-end;
the costs and effects of regulatory or judicial actions or proceedings, including possible business restrictions resulting from such actions or proceedings;
adverse publicity, and negative public opinion, whether specific to SHUSA or regarding other industry participants or industry-wide factors, or other reputational harm;
acts of terrorism or domestic or foreign military conflicts. In this regard, during the first quarter SHUSA assessed its exposure to clients in Russia and Belarus and does not believe it has any significant risk with respect to these clients; and
the other factors that are described in Part I, Item IA - Risk Factors of the Company's Annual Report on Form 10-K for 2021.

If one or more of the factors affecting the Company’s forward-looking information and statements renders forward-looking information or statements incorrect, the Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information and statements. Therefore, the Company cautions the reader not to place undue reliance on any forward-looking information or statements herein. The effect of these factors is difficult to predict. Factors other than these also could adversely affect the Company’s results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties as new factors emerge from time to time. Management cannot assess the impact of any such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements reflect the current beliefs and expectations of the Company's management and only speak as of the date of this document, and the Company undertakes no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to the Company are expressly qualified by these cautionary statements.
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SHUSA provides the following list of abbreviations and acronyms as a tool for the readers that are used in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements.
ABS: Asset-backed securitiesDOJ: Department of Justice
ACL: Allowance for credit lossesDPD: Days past due
AFS: Available-for-saleDTI: Debt-to-income
ALLL: Allowance for loan and lease lossesEarly stage delinquency: loans that are greater than 30 DPD, but less than 90 DPD
AOCI: Accumulated other comprehensive incomeEIR: Effective interest rate
APS: Amherst Pierpont Securities LLC ETR: Effective tax rate
ASC: Accounting Standards CodificationEvaluation Date: June 30, 2022
ASU: Accounting Standards UpdateExchange Act: Securities Exchange Act of 1934, as amended
ATM: Automated teller machineFASB: Financial Accounting Standards Board
BHC: Bank holding companyFBO: Foreign banking organization
BHCA: Bank Holding Company Act of 1956, as amendedFDIC: Federal Deposit Insurance Corporation
BOLI: Bank-owned life insuranceFederal Reserve: Board of Governors of the Federal Reserve System
BSI: Banco Santander InternationalFHLB: Federal Home Loan Bank
C&I: Commercial & industrialFHLMC: Federal Home Loan Mortgage Corporation
CARES Act: Coronavirus Aid, Relief, and Economic Security ActFICO®: Fair Isaac Corporation credit scoring model
CBB: Consumer and Business BankingFNMA: Federal National Mortgage Association
CBP: Citizens Bank of PennsylvaniaFRB: Federal Reserve Bank
CCAP: Chrysler Capital; trade name used in providing services under the MPLFAFVO: Fair value option
CD: Certificate of depositGAAP: Accounting principles generally accepted in the United States of America
CECL: Current expected credit losses as defined by ASU 2016-13, ASU 2019-04, and ASU 2019-11, Financial Instruments - Credit LossesGDP: Gross domestic product
CEO: Chief Executive OfficerGNMA: Government National Mortgage Association
CET1: Common equity Tier 1GSIB: Global systemically important bank
CEVF: Commercial equipment vehicle financingHFI: Held for investment
CFPB: Consumer Financial Protection BureauHFS: Held for sale
CFO: Chief Financial OfficerHPI: Housing Price Index
CIB: Corporate and Investment BankingHTM: Held to maturity
CID: Civil investigative demandIBOR: Inter-bank offered rate
CLTV: Combined loan-to-valueIDI: Insured depository institution
Company: Santander Holdings USA, Inc.IHC: U.S. intermediate holding company
Covered Fund: a hedge fund or private equity fundIRS: Internal Revenue Service
COVID-19: a novel strain of coronavirus, declared a pandemic by the World Health Organization in March 2020ISDA: International Swaps and Derivatives Association, Inc.
CPR: Constant prepayment rateIT: Information technology
CRA: Community Reinvestment ActLCR: Liquidity coverage ratio
CRE: Commercial Real EstateLGD: Loss given default
DCF: Discounted cash flowLHFI: Loans held for investment
DFA: Dodd-Frank Wall Street Reform and Consumer Protection Act
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LIBOR: London Interbank Offered RateSCB: Stress capital buffer
LIHTC: Low income housing tax creditSC Common Stock: Common shares of SC
LTD: Long-term debt
SCART: Santander Consumer Auto Receivables Trust
LTV: Loan-to-valueSCF: Statement of cash flows
MBS: Mortgage-backed securitiesSDART: Santander Drive Auto Receivables Trust
MD&A: Management's Discussion and Analysis of Financial Condition and Results of OperationsSDGT: Specially Designated Global Terrorist
Moody's: Moody's Investor Service, Inc.SEC: Securities and Exchange Commission
MMNA: Mitsubishi Motors North America, Inc.
Securities Act: Securities Act of 1933, as amended
MPLFA: Ten-year master private-label financing agreement with Stellantis signed in May 2013Securities Financing Activities: Resale, repurchase securities borrowed and securities lending agreements
MSR: Mortgage servicing rightSFS: Santander Financial Services, Inc.
MVE: Market value of equitySHUSA: Santander Holdings USA, Inc.
NCI: Non-controlling interestSIS: Santander Investment Securities Inc.
NMDs: Non-maturity depositsSOFR: Secured overnight financing rate
NMTC: New market tax creditsSPAIN: Santander Private Auto Issuing Note
NPL: Non-performing loanSPE: Special purpose entity
OCC: Office of the Comptroller of the CurrencySRT: Santander Retail Auto Lease Trust
OCI: Other comprehensive incomeSSLLC: Santander Securities LLC
OIS: Overnight indexed swapStellantis: Fiat Chrysler Automobiles US LLC parent Stellantis N.V. and/or any affiliates
OREO: Other real estate ownedSubvention: Reimbursement of the finance provider by a manufacturer for the difference between a market loan or lease rate and the below-market rate given to a customer.
Parent Company: The parent holding company of SBNA and other consolidated subsidiariesTDR: Troubled debt restructuring
PCH: Pierpont Capital Holdings LLC
TLAC Rule: The Federal Reserve's total loss-absorbing capacity rule
PD: Probability of defaultTLAC: Total loss-absorbing capacity
RIC: Retail installment contractTrusts: Securitization trusts
ROU: Right-of-useUPB: Unpaid principal balance
RV: Recreational vehicleVIE: Variable interest entity
RWA: Risk-weighted assetVOE: Voting rights entity
S&P: Standard & Poor's
SAF: Santander Auto Finance
Santander: Banco Santander, S.A.
Santander UK: Santander UK plc
SBNA: Santander Bank, National Association
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PART I. FINANCIAL INFORMATION

ITEM 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
unaudited (In thousands)
June 30, 2022December 31, 2021
ASSETS  
Cash and cash equivalents$10,468,011 $19,305,530 
Federal funds sold and securities purchased under resale agreements or similar arrangements13,747,936 5,346,468 
Investment securities:  
AFS at fair value (amortized cost of $8,616,108 and $11,409,953 as of June 30, 2022 and December 31, 2021, respectively)
8,024,675 11,313,937 
Trading securities4,978,817 35,791 
HTM (fair value of $8,662,504 and $6,629,206 as of June 30, 2022 and December 31, 2021, respectively)
9,437,767 6,702,471 
Other investments 1,375,545 1,060,347 
LHFI(1) (5)
92,762,061 92,075,812 
ALLL (5)
(6,555,249)(6,461,410)
Net LHFI86,206,812 85,614,402 
LHFS (2)(5)
256,898 255,023 
Premises and equipment, net (3)
841,727 856,393 
Operating lease assets, net (5)(6)
14,991,051 15,406,402 
Goodwill2,767,732 2,596,161 
Intangible assets, net354,887 339,079 
BOLI1,955,106 1,942,099 
Restricted cash (5)
5,317,599 5,711,705 
Other assets (4) (5)
4,599,269 3,335,423 
TOTAL ASSETS$165,323,832 $159,821,231 
LIABILITIES  
Accounts payables and accrued expenses$5,716,544 $5,329,755 
Deposits and other customer accounts 74,474,111 81,598,172 
Federal funds purchased and securities loaned or sold under repurchase agreements16,004,022 5,258,875 
Trading liabilities 2,167,354 62 
Borrowings and other debt obligations (5)
43,160,191 41,133,187 
Advance payments by borrowers for taxes and insurance158,116 142,592 
Deferred tax liabilities, net709,677 771,341 
Other liabilities (5)
2,052,094 1,119,897 
TOTAL LIABILITIES144,442,109 135,353,881 
Commitments and contingencies (Note 16)
STOCKHOLDER'S EQUITY  
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both June 30, 2022 and December 31, 2021)
17,293,611 17,875,938 
AOCI/(loss), net of taxes(1,042,655)(188,110)
Retained earnings4,630,767 4,826,127 
TOTAL SHUSA STOCKHOLDER'S EQUITY20,881,723 22,513,955 
NCI 1,953,395 
TOTAL STOCKHOLDER'S EQUITY20,881,723 24,467,350 
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY$165,323,832 $159,821,231 
(1) LHFI includes $26.2 million and $33.5 million of loans recorded at fair value at June 30, 2022 and December 31, 2021, respectively.
(2) Includes $0.6 million and $166.8 million of loans recorded at the FVO at June 30, 2022 and December 31, 2021, respectively.
(3) Net of accumulated depreciation of $1.9 billion and $1.8 billion at June 30, 2022 and December 31, 2021, respectively.
(4) Includes MSRs of $104.4 million and $79.1 million at June 30, 2022 and December 31, 2021, respectively, for which the Company has elected the FVO. See Note 13 to these Condensed Consolidated Financial Statements for additional information.
(5) The Company has interests in certain Trusts that are considered VIEs for accounting purposes. At June 30, 2022 and December 31, 2021, LHFI included $23.6 billion and $20.6 billion, LHFS included zero and zero , Operating leases assets, net included $12.2 billion and $14.7 billion, restricted cash included $1.1 billion and $1.6 billion, Other assets included $687.5 million and $629.4 million, Borrowings and other debt obligations included $30.2 billion and $29.2 billion, and Other liabilities included $121.9 million and $81.1 million of assets or liabilities that were included within VIEs, respectively. See Note 7 to these Condensed Consolidated Financial Statements for additional information.
(6) Net of accumulated depreciation of $3.6 billion and $3.8 billion at June 30, 2022 and December 31, 2021, respectively.
See accompanying notes to unaudited Condensed Consolidated Financial Statements
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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
unaudited (In thousands)
Three-Month Period Ended June 30,Six-Month Period Ended June 30
 2022202120222021
INTEREST INCOME:  
Loans$1,684,265 $1,756,852 $3,329,349 $3,622,563 
Interest-earning deposits30,670 6,381 38,744 11,564 
Interest and fees on federal funds sold and securities purchased under resale agreements or similar arrangements81,780 97 83,732 97 
Investment securities:   
AFS31,647 24,568 65,331 50,622 
HTM39,734 24,829 70,891 50,264 
Trading securities34,327  34,327  
Other investments5,291 2,201 7,528 4,725 
TOTAL INTEREST INCOME1,907,714 1,814,928 3,629,902 3,739,835 
INTEREST EXPENSE:  
Deposits and other customer accounts29,864 21,986 46,810 51,772 
Interest expense on federal funds purchased and securities loaned or sold under repurchase agreements84,682 22 85,525 20 
Interest expense on trading liabilities16,029 335 16,290 476 
Borrowings and other debt obligations243,727 260,750 467,860 536,400 
TOTAL INTEREST EXPENSE374,302 283,093 616,485 588,668 
NET INTEREST INCOME1,533,412 1,531,835 3,013,417 3,151,167 
Credit loss expense / (benefit)404,200 (317,282)621,009 (241,216)
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE / (BENEFIT)1,129,212 1,849,117 2,392,408 3,392,383 
NON-INTEREST INCOME:  
Consumer and commercial fees100,334 106,926 197,824 226,145 
Capital market revenue44,316 60,146 109,075 141,935 
Lease income678,655 732,892 1,349,859 1,505,784 
Miscellaneous income, net(1)
115,334 276,953 249,183 477,675 
TOTAL FEES AND OTHER INCOME938,639 1,176,917 1,905,941 2,351,539 
Net gain on sale of investment securities10,759 5,370 24,714 15,243 
TOTAL NON-INTEREST INCOME949,398 1,182,287 1,930,655 2,366,782 
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES:  
Compensation and benefits497,606 488,201 992,932 953,459 
Occupancy and equipment expenses150,589 168,415 302,138 340,491 
Technology, outside service, and marketing expense176,639 139,618 314,323 274,370 
Loan expense65,009 70,505 130,601 182,086 
Lease expense515,614 517,646 996,916 1,077,985 
Other expenses127,615 108,497 262,852 212,919 
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES1,533,072 1,492,882 2,999,762 3,041,310 
INCOME BEFORE INCOME TAX PROVISION545,538 1,538,522 1,323,301 2,717,855 
Income tax provision106,993 371,644 268,661 658,473 
NET INCOME INCLUDING NCI438,545 1,166,878 1,054,640 2,059,382 
LESS: NET INCOME ATTRIBUTABLE TO NCI 208,256  353,713 
NET INCOME ATTRIBUTABLE TO SHUSA$438,545 $958,622 $1,054,640 $1,705,669 
(1) Includes equity investment income/(expense), net.

See accompanying notes to unaudited Condensed Consolidated Financial Statements
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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
unaudited (In thousands)
Three-Month Period Ended June 30,Six-Month Period Ended June 30
2022202120222021
NET INCOME INCLUDING NCI$438,545 $1,166,878 $1,054,640 $2,059,382 
OCI, NET OF TAX
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax (1)
(81,693)(3,482)(328,109)(66,157)
Net unrealized (losses) / gains on AFS investment securities, net of tax(1)
(172,250)9,000 (527,575)(113,156)
Pension and post-retirement actuarial gains, net of tax579 561 1,139 1,498 
TOTAL OCI/LOSS, NET OF TAX(253,364)6,079 (854,545)(177,815)
COMPREHENSIVE INCOME185,181 1,172,957 200,095 1,881,567 
NET INCOME INCLUDING NCI 208,256  353,713 
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHUSA$185,181 $964,701 $200,095 $1,527,854 

(1) Excludes zero of OCI/(loss) attributable to NCI for the three-month and six-month periods ended June 30, 2022, respectively, compared to $1.1 million and $2.8 million for the corresponding periods in 2021, respectively.


See accompanying notes to unaudited Condensed Consolidated Financial Statements

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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATMENTS OF STOCKHOLDER'S EQUITY
unaudited (In thousands)