Santander Holdings USA, Inc.
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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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, 2024 · Filed Aug 1, 2024
SNUS-PH$25.16+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows for the
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited (in thousands)
| Six months ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $757,821 | $870,918 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Credit loss expense/(benefit) | 886,229 | 751,251 |
| Deferred tax (benefit) / expense | (198,979) | (406,565) |
| Depreciation, amortization and accretion | 1,316,199 | 1,276,824 |
| Net (gain)/loss on sale or disposal of loans, investment securities, and other assets | (87,430) | (73,738) |
| Originations and purchases of LHFS | (1,344,351) | — |
| Proceeds from sales of and collections on LHFS | 982,651 | 1,656 |
| Net change in: | ||
| Trading securities and trading liabilities, net | (2,500,503) | (2,409,768) |
| Other assets and BOLI | (534,097) | 4,531 |
| Other liabilities | (291,732) | (106,725) |
| Other operating activities, net | (7,347) | (10,249) |
| NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES | (1,021,539) | (101,865) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Proceeds from sales of AFS investment securities | — | 211,171 |
| Proceeds from prepayments and maturities of AFS investment securities | 348,136 | 793,105 |
| Purchases of AFS investment securities | (285,372) | (472,947) |
| Proceeds from prepayments and maturities of HTM investment securities | 252,866 | 258,160 |
| Purchases of HTM investment securities | (386,291) | — |
| Proceeds from sales of equity method and other investments | 273,410 | 277,120 |
| Purchases of and contributions to equity method and other investments | (325,921) | (876,107) |
| Distributions from equity method investments | 1,540 | 3,014 |
| Net change in federal funds sold and securities purchased under resale agreements | (580,556) | 1,923,743 |
| Proceeds from sales of LHFI | 899,537 | 135,133 |
| Purchases of LHFI | (112,334) | (117,192) |
| Proceeds from settlements of BOLI policies | 17,875 | 17,248 |
| Net change in loans other than purchases and sales | (1,189,384) | (1,486,799) |
| Purchases and originations of operating leases | (3,174,893) | (3,063,575) |
| Proceeds from the sale and termination of operating leases | 2,757,220 | 2,287,561 |
| Purchases and sales of premises and equipment, net | (112,421) | (67,060) |
| Proceeds from the sale of subsidiary | 71,018 | — |
| NET CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES | (1,545,570) | (177,425) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net change in deposits and other customer accounts | (271,991) | 355,306 |
| Net change in short-term borrowings | (961,448) | (153,788) |
| Net proceeds from long-term borrowings | 18,192,016 | 17,308,786 |
| Repayments of long-term borrowings | (17,856,056) | (15,173,392) |
| Net change in federal funds purchased and securities loaned or sold under repurchase agreements | 3,179,860 | 644,952 |
| Dividends paid on common stock | (250,000) | (1,250,000) |
| Dividends paid on preferred stock | (88,577) | (21,025) |
| Preferred stock offering | — | 1,000,000 |
| Proceeds from the sale of subsidiary, net of tax | 51,278 | — |
| Other financing activities, net | 19,589 | 38,886 |
| NET CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES | 2,014,671 | 2,749,725 |
| NET (DECREASE) / INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (552,438) | 2,470,435 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 18,668,129 | 16,564,314 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (1) | $18,115,691 | $19,034,749 |
| NON-CASH TRANSACTIONS | ||
| Loans transferred to/(from) OREO and other repossessed assets | 14,887 | 38,227 |
| Loans transferred from/(to) LHFI (from)/to LHFS, net | (9,147) | 232,340 |
| Unsettled purchases of investment securities | 77,813 | 21,411 |
| Non-cash transfer of financial assets in an off-balance sheet securitization transaction | 53,050 | — |
(1) The six months ended June 30, 2024 and 2023 include cash and cash equivalents balances of $12.8 billion and $12.9 billion, respectively, and restricted cash balances of $5.3 billion and $6.2 billion, respectively.
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