Santander Holdings USA, Inc.
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $1,077,399 | $932,902 | $1,405,007 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Credit loss expense/(benefit) | 1,937,119 | 2,226,438 | 2,018,817 |
| Deferred tax (benefit) / expense | (354,342) | (430,134) | (86,291) |
| Depreciation, amortization and accretion | 2,603,657 | 2,617,812 | 2,788,088 |
| Net (gain)/loss on sale or disposal of loans, investment securities, and other assets | (64,780) | (91,808) | (35,076) |
| Originations and purchases of LHFS | (4,166,203) | (18,772) | (195,849) |
| Proceeds from sales of and collections on LHFS | 2,905,464 | 2,580 | 364,333 |
| Net change in: | |||
| Trading securities and trading liabilities, net | (2,363,396) | (2,122,482) | (850,795) |
| Other assets and BOLI | (573,420) | (358,269) | (992,254) |
| Other liabilities | 129,565 | (852,465) | 890,198 |
| Other operating activities, net | 27,259 | 1,543 | (21,037) |
| NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES | 1,158,322 | 1,907,345 | 5,285,141 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from sales of AFS investment securities | 200,344 | 311,052 | 624,353 |
| Proceeds from prepayments and maturities of AFS investment securities | 927,596 | 1,564,733 | 2,062,869 |
| Purchases of AFS investment securities | (1,086,071) | (1,884,820) | (2,256,438) |
| Proceeds from prepayments and maturities of HTM investment securities | 663,766 | 520,183 | 1,110,339 |
| Purchases of HTM investment securities | (1,473,482) | — | (1,214,305) |
| Proceeds from sales of equity method and other investments | 388,043 | 409,583 | 509,465 |
| Proceeds from maturities of other investments | — | 300,000 | 650,000 |
| Purchases of and contributions to equity method and other investments | (702,739) | (1,118,344) | (1,334,512) |
| Net change in federal funds sold and securities purchased under resale agreements | 2,106,484 | 2,185,365 | 3,561,084 |
| Proceeds from sales of LHFI | 2,675,319 | 1,641,811 | 596,717 |
| Purchases of LHFI | (137,253) | (117,192) | (1,100,954) |
| Net change in loans other than purchases and sales | (714,028) | (5,002) | (6,680,472) |
| Purchases and originations of operating leases | (4,343,559) | (6,171,296) | (5,789,527) |
| Proceeds from the sale and termination of operating leases | 4,532,699 | 4,634,147 | 5,024,206 |
| Purchases and sales of premises and equipment, net | (278,468) | (256,057) | (220,633) |
| Proceeds from sale of residual interest in VIE | 196,688 | 63,592 | — |
| Acquisition of PCH | — | — | (391,931) |
| Other investing activities, net | 131,690 | 60,399 | 45,690 |
| NET CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES | 3,087,029 | 2,138,154 | (4,804,049) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Net change in deposits and other customer accounts | 1,041,429 | (2,055,365) | (2,469,631) |
| Net change in short-term borrowings | 274,741 | 1,192,950 | 177,205 |
| Net proceeds from long-term borrowings | 33,708,183 | 31,399,685 | 42,902,767 |
| Repayments of long-term borrowings | (33,108,274) | (31,812,857) | (40,832,614) |
| Net change in federal funds purchased and securities loaned or sold under repurchase agreements | 12,162 | 907,967 | (1,923,559) |
| Dividends paid on common stock and preferred stock | (1,301,927) | (3,090,774) | (4,750,000) |
| Stock repurchase | — | — | (2,544,722) |
| Preferred stock offering | — | 1,500,000 | 500,000 |
| Other financing activities, net | 36,212 | 16,710 | 6,541 |
| NET CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES | 662,526 | (1,941,684) | (8,934,013) |
| NET (DECREASE) / INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,907,877 | 2,103,815 | (8,452,921) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 18,668,129 | 16,564,314 | 25,017,235 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (1) | $23,576,006 | $18,668,129 | $16,564,314 |
(1) The years ended December 31, 2024, 2023 and 2022 include cash and cash equivalents balances of $18.5 billion, $13.1 billion and $10.2 billion, respectively, and restricted cash balances of $5.0 billion, $5.5 billion, and $6.3 billion, respectively.
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