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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 March 31, 2021
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 April 30, 2021: 530,391,043 shares


Table of Contents

INDEX
 Page
Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2021 and 2020
 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



Table of Contents

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,” “looking forward,” “will,” “would,” “believes,” “expects,” “hope,” “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 adverse impact of COVID-19 on our business, financial condition, liquidity and results of operations;
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, actions related to COVID-19, as well as the impact of changes in and interpretations of GAAP, including adoption of the FASB's CECL credit reserving framework, 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;
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;
acts of God, including pandemics and other significant public health emergencies, and other natural or man-made disasters and SHUSA’s ability to deal with disruptions caused by such acts, emergencies and disasters;
inflation, interest rate, market and monetary fluctuations, including effects from the pending 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 pursuit of protectionist trade or other related policies, including tariffs by the U.S., its global trading partners, and/or other countries, and/or trade disputes generally;
the ability of certain European member countries to continue to service their debt and the risk that a weakened European economy could negatively affect U.S.-based financial institutions, counterparties with which SHUSA does business, as well as the stability of global financial markets, including economic instability and recessionary conditions in Europe and negative economic effects related to the exit of the United Kingdom from the European Union;
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 N.V. may not result in currently anticipated levels of growth and is subject to certain conditions that could result in termination of the agreement;
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 laws and regulations 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; and
the other factors that are described in Part I, Item IA - Risk Factors of our Annual Report on Form 10-K.

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 securities
CRE: Commercial Real Estate
ACL: Allowance for credit losses
CRE & VF: Commercial Real Estate and Vehicle Finance
AFS: Available-for-sale
DCF: Discounted cash flow
ALLL: Allowance for loan and lease losses
DFA: Dodd-Frank Wall Street Reform and Consumer Protection Act
AOCI: Accumulated other comprehensive income
DOJ: Department of Justice
ARRC: Alternative Reference Rate Committee
DPD: Days past due
ASC: Accounting Standards Codification
DRIVE: Drive Auto Receivables Trust, a securitization platform
ASU: Accounting Standards Update
DTI: Debt-to-income
ATM: Automated teller machine
EAD: Exposure at default
BHC: Bank holding company
Economic Growth Act: The Economic Growth, Regulatory Relief, and Consumer Protection Act
BHCA: Bank Holding Company Act of 1956, as amended
BOLI: Bank-owned life insurance
EIP: Economic impact payments
BSI: Banco Santander International
EIR: Effective interest rate
BSPR: Banco Santander Puerto Rico
EPS: Enhanced Prudential Standards
C&I: Commercial & industrial
ETR: Effective tax rate
CARES Act: Coronavirus Aid, Relief, and Economic Security Act
Evaluation Date: March 31, 2021
CBB: Consumer and Business Banking
Exchange Act: Securities Exchange Act of 1934, as amended
CBP: Citizens Bank of Pennsylvania
FASB: Financial Accounting Standards Board
CCAR: Comprehensive Capital Analysis and Review
FBO: Foreign banking organization
CD: Certificate of deposit
FDIC: Federal Deposit Insurance Corporation
CECL: Current expected credit losses as defined by ASU 2016-13, ASU 2019-04, and ASU 2019-11, Financial Instruments - Credit Losses
Federal Reserve: Board of Governors of the Federal Reserve System
FHLB: Federal Home Loan Bank
CEF: Closed-end fund
FHLMC: Federal Home Loan Mortgage Corporation
CEO: Chief Executive Officer
FICO®: Fair Isaac Corporation credit scoring model
CET1: Common Equity Tier 1
FINRA: Financial Industrial Regulatory Authority
CEVF: Commercial equipment vehicle financing
FNMA: Federal National Mortgage Association
CFPB: Consumer Financial Protection Bureau
FRB: Federal Reserve Bank
CFO: Chief Financial Officer
FVO: Fair value option
CCAP: Chrysler Capital; trade name used in providing services under the MPLFA
GAAP: Accounting principles generally accepted in the United States of America
CIB: Corporate and Investment Banking
GBP: British pound sterling
CID: Civil investigative demand
GDP: Gross domestic product
CLTV: Combined loan-to-value
GNMA: Government National Mortgage Association
CMO: Collateralized mortgage obligation
GSIB: Global systemically important bank
CODM: Chief Operating Decision Maker
HFI: Held for investment
Company: Santander Holdings USA, Inc.
HFS: Held for sale
Covered Fund: a hedge fund or private equity fund
HPI: Housing Price Index
COVID-19: a novel strain of coronavirus, declared a pandemic by the World Health Organization in March 2020
HTM: Held to maturity
IBOR: Inter-bank offered rate
CPR: Constant prepayment rate
IDI: Insured depository institution
CRA: Community Reinvestment Act
IHC: U.S. intermediate holding company
CRA Final Rule: the final rule relating to the CRA issued by the OCC on July 20, 2020
Interim Policy: Policy issued by the Federal Reserve for the third quarter of 2020 and extended through the first quarter of 2021 prohibiting share repurchases and limiting dividends by CCAR institutions
CRA NPR: The NPR related to the CRA issued by the OCC and FDIC on December 12, 2019
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IPO: Initial public offering
RIC: Retail installment contract
IRS: Internal Revenue Service
ROU: Right-of-use
ISDA: International Swaps and Derivatives Association, Inc.
RV: Recreational vehicle
IT: Information technology
RWA: Risk-weighted asset
LCR: Liquidity coverage ratio
S&P: Standard & Poor's
LGD: Loss given default
SAF: Santander Auto Finance
LHFI: Loans held for investment
SAM: Santander Asset Management, LLC
LHFS: Loans held for sale
Santander: Banco Santander, S.A.
LIBOR: London Interbank Offered Rate
Santander UK: Santander UK plc
LIHTC: Low income housing tax credit
SBNA: Santander Bank, National Association
LTD: Long-term debt
SBC: Santander BanCorp and its subsidiaries
LTV: Loan-to-value
SC: Santander Consumer USA Holdings Inc. and its subsidiaries
MBS: Mortgage-backed securities
SCB: Stress capital buffer
MD&A: Management's Discussion and Analysis of Financial Condition and Results of Operations
SC Common Stock: Common shares of SC
SCART: Santander Consumer Auto Receivables Trust
Moody's: Moody's Investor Service, Inc.
SCF: Statement of cash flows
MPLFA: Ten-year master private-label financing agreement with Stellantis N.V. signed in May 2013
SCRA: Servicemembers' Civil Relief Act
SDART: Santander Drive Auto Receivables Trust
MSPA: Master Securities Purchase Agreement
SDGT: Specially Designated Global Terrorist
MSR: Mortgage servicing right
SEC: Securities and Exchange Commission
MVE: Market value of equity
Securities Act: Securities Act of 1933, as amended
NCI: Non-controlling interest
SFS: Santander Financial Services, Inc.
NMDs: Non-maturity deposits
SHUSA: Santander Holdings USA, Inc.
NMTC: New market tax credits
SIS: Santander Investment Securities Inc.
NPL: Non-performing loan
SOFR: Secured overnight financing rate
NPR: Notice of proposed rule-making
SPAIN: Santander Private Auto Issuing Note
NSFR: Net stable funding ratio
SPE: Special purpose entity
NYSE: New York Stock Exchange
SRT: Santander Retail Auto Lease Trust
OCC: Office of the Comptroller of the Currency
SSLLC: Santander Securities LLC
OCI: Other comprehensive income
Stellantis N.V.: Fiat Chrysler Automobiles US LLC parent Stellantis N.V. and/or any affiliates
OIS: Overnight indexed swap
Subvention: 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.
OREO: Other real estate owned
Parent Company: The parent holding company of SBNA and other consolidated subsidiaries
TALF: Term asset-backed securities loan facility
PCI: purchased credit-impaired
TDR: Troubled debt restructuring
PD: Probability of default
TLAC: Total loss-absorbing capacity
REIT: Real estate investment trust
TLAC Rule: The Federal Reserve's total loss-absorbing capacity rule
Trusts: Securitization trusts
UPB: Unpaid principal balance
USD: United States dollar
VIE: Variable interest entity
VOE: Voting rights entity
YTD: Year-to-date
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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)
March 31, 2021December 31, 2020
ASSETS  
Cash and cash equivalents$11,467,415 $12,621,281 
Investment securities:  
AFS at fair value11,465,868 11,313,489 
HTM (fair value of $5,838,987 and $5,677,929 as of March 31, 2021 and December 31, 2020, respectively)
5,781,875 5,504,685 
Other investments (includes trading securities of $37,194 and $40,435 as of March 31, 2021 and December 31, 2020, respectively)
1,778,275 1,553,862 
LHFI(1) (5)
91,059,356 92,133,182 
ALLL (5)
(7,160,155)(7,338,493)
Net LHFI83,899,201 84,794,689 
LHFS (2)
568,693 2,226,196 
Premises and equipment, net (3)
798,986 787,341 
Operating lease assets, net (5)(6)
16,499,067 16,412,929 
Goodwill2,596,161 2,596,161 
Intangible assets, net346,261 357,547 
BOLI1,916,961 1,908,806 
Restricted cash (5)
5,833,213 5,303,460 
Other assets (4) (5)
3,638,364 4,052,230 
TOTAL ASSETS$146,590,340 $149,432,676 
LIABILITIES  
Accounts payables and Accrued expenses$4,965,291 $4,700,349 
Deposits and other customer accounts 74,448,699 75,303,707 
Borrowings and other debt obligations (5)
43,446,033 46,359,467 
Advance payments by borrowers for taxes and insurance175,061 144,214 
Deferred tax liabilities, net357,827 182,353 
Other liabilities (5)
1,256,763 1,479,874 
TOTAL LIABILITIES124,649,674 128,169,964 
Commitments and contingencies (Note 15)
STOCKHOLDER'S EQUITY  
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both March 31, 2021 and December 31, 2020)
17,875,938 17,876,818 
AOCI/(loss), net of taxes(17,599)166,295 
Retained earnings2,590,812 1,843,765 
TOTAL SHUSA STOCKHOLDER'S EQUITY20,449,151 19,886,878 
NCI1,491,515 1,375,834 
TOTAL STOCKHOLDER'S EQUITY21,940,666 21,262,712 
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY$146,590,340 $149,432,676 
(1) LHFI includes $44.6 million and $50.4 million of loans recorded at fair value at March 31, 2021 and December 31, 2020, respectively.
(2) Includes $250.3 million and $265.4 million of loans recorded at the FVO at March 31, 2021 and December 31, 2020, respectively.
(3) Net of accumulated depreciation of $1.7 billion and $1.6 billion at March 31, 2021 and December 31, 2020, respectively.
(4) Includes MSRs of $86.7 million and $77.5 million at March 31, 2021 and December 31, 2020, respectively, for which the Company has elected the FVO. See Note 12 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 March 31, 2021 and December 31, 2020, LHFI included $22.3 billion and $22.6 billion, Operating leases assets, net included $16.5 billion and $16.4 billion, restricted cash included $2.0 billion and $1.7 billion, Other assets included $842.1 million and $791.3 million, Borrowings and other debt obligations included $29.7 billion and $31.7 billion, and Other liabilities included $55.7 million and $84.9 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 $4.6 billion and $4.8 billion at March 31, 2021 and December 31, 2020, respectively.
See accompanying unaudited notes to 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 March 31,
 20212020
INTEREST INCOME:
Loans$1,865,711 $1,977,748 
Interest-earning deposits5,183 32,149 
Investment securities: 
AFS26,054 70,023 
HTM25,435 23,645 
Other investments2,524 6,410 
TOTAL INTEREST INCOME1,924,907 2,109,975 
INTEREST EXPENSE:
Deposits and other customer accounts29,786 128,613 
Borrowings and other debt obligations275,789 395,386 
TOTAL INTEREST EXPENSE305,575 523,999 
NET INTEREST INCOME1,619,332 1,585,976 
Credit loss expense76,067 1,185,610 
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE1,543,265 400,366 
NON-INTEREST INCOME:
Consumer and commercial fees119,220 124,247 
Lease income772,892 771,661 
Miscellaneous income, net(1) (2)
282,510 121,972 
TOTAL FEES AND OTHER INCOME1,174,622 1,017,880 
Net gain(loss) on sale of investment securities9,874 9,279 
TOTAL NON-INTEREST INCOME1,184,496 1,027,159 
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES:
Compensation and benefits465,258 489,273 
Occupancy and equipment expenses172,076 146,911 
Technology, outside service, and marketing expense134,752 134,990 
Loan expense111,580 93,921 
Lease expense560,340 590,360 
Other expenses104,423 128,347 
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES1,548,429 1,583,802 
INCOME / (LOSS) BEFORE INCOME TAX (BENEFIT)/PROVISION1,179,332 (156,277)
Income tax (benefit)/provision286,829 (33,362)
NET INCOME / (LOSS) INCLUDING NCI892,503 (122,915)
LESS: NET INCOME ATTRIBUTABLE TO NCI145,456 3,763 
NET INCOME / (LOSS) ATTRIBUTABLE TO SHUSA$747,047 $(126,678)
(1) Netted down by impact of lower of cost or market adjustments on a portion of the Company's LHFS portfolio of zero and $62.9 million, for the three-month periods ended March 31, 2021, and 2020, respectively.
(2) Includes equity investment income/(expense), net.

See accompanying unaudited notes to 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 March 31,
20212020
NET INCOME / (LOSS) INCLUDING NCI$892,503 $(122,915)
OCI, NET OF TAX
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax (1)
(62,676)148,306 
Net unrealized (losses) / gains on AFS investment securities, net of tax(1)
(122,156)206,322 
Pension and post-retirement actuarial gains, net of tax938 560 
TOTAL OCI / (LOSS), NET OF TAX(183,894)355,188 
COMPREHENSIVE INCOME708,609 232,273 
NET INCOME ATTRIBUTABLE TO NCI145,456 3,763 
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHUSA$563,153 $228,510 

(1) Excludes $1.8 million, and $(10.1) million of OCI/(loss) attributable to NCI for the three-month periods ended March 31, 2021, and 2020, respectively.




See accompanying unaudited notes to Condensed Consolidated Financial Statements.

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

Common Shares OutstandingPreferred StockCommon Stock and Paid-in CapitalAccumulated Other Comprehensive (Loss)/IncomeRetained EarningsNoncontrolling InterestTotal Stockholder's Equity