8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2023

Santander Holdings USA, Inc.

(Exact name of registrant as specified in its charter)

Virginia	1-16581		23-2453088
(State or other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
75 State Street, Boston, Massachusetts		02109
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code: (800) 493-8219

N/A

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Not Applicable	Not Applicable	Not applicable

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth 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 ☐

Item 2.02     Results of Operations and Financial Condition

Item 7.01     Regulation FD Disclosure

Santander Holdings USA, Inc. (the “Company”) is furnishing copies of slides which will be used in connection with presentations on one or more occasions. The presentation materials are attached hereto as Exhibit 99.1 and incorporated herein solely for purposes of Items 2.02 and 7.01.

The information contained in the attached presentation materials is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission filings and other public announcements. The Company undertakes no duty or obligation to publicly update or revise this information, although it may do so from time to time.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that Section. Further, the information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933. Item 7.01 of this Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Presentation materials of Santander Holdings USA, Inc, dated May 8, 2023
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 8, 2023 SANTANDER HOLDINGS USA, INC.

By:/s/ Gerard A. Chamberlain              Name: Gerard A. Chamberlain Title: Senior Deputy General Counsel and Executive Vice President

EX-99.1

1

SBNA – Retail Bank ~$105B Assets SC – Auto Finance ~$40B Assets BSI – Private Banking ~$8B Assets SANCAP3– Broker Dealer ~$24B Assets • • • • • • • • • • SHUSA 2 Santander SC operates in all 50 states Company locations SC BSI SBNA SANCAP

0% 0% 0% 1% 1% 1% 1% 1% 2% 2% 2% SBNA SBNA Beta 35 32 31 30 27 22 20 20 18 18 3 2 6 13 16 13 14 14 13 13 6 6 5 5 5 $79 $74 $76 $79 $79 1Q22 2Q22 3Q22 4Q22 1Q23 Money Market NIB Deposits CD IB Deposits Savings As of March 31, 2023, balances in $MM Deposits Total Deposits 78,000 (a) Total Uninsured deposits 27,051 (b) Total Collateralized deposits 2,878 (c) Available liquidity sources Cash at Fed 9,476 (d) Unused borrowing capacity at FHLB 7,120 (e) Available capacity at Discount window 6,040 (f) Available capacity at Bank Term Funding Program 2,052 (g) Available capacity for Repo (assuming haircut of 5%) 1,701 (h) Repo from collateral used in (c) assuming 5% haircut 2,732 (i) Uninsured Deposit coverage ratio (d+e+f+g+h+i)/b 108% Uninsured Deposit Coverage Ratio Cash at Fed ral Reserve Capacity at Federal H me Loan Bank (FHLB) Federal Reserve Discount window Bank Term Funding Program (BTFP) Liquidity from unencumbered securities (5% haircut) Liquidity from released Govt deposit collateral3 2.7 1.7 2.1 6.0 7.1 9.5 $29.2B 24.2 Collateralized Deposits 2.9 $27.1B

• • • • •

$616 $439 $228 $123 $297 1Q22 2Q22 3Q22 4Q22 1Q23 NII ($M) PRE-TAX INCOME ($M) NET INCOME1 ($M) Pre-Provision Net Revenue (“PPNR”) ($M) • $1,480 $1,533 $1,599 $1,562 $1,510 1Q22 2Q22 3Q22 4Q22 1Q23 $995 $950 $940 $882 $867 1Q22 2Q22 3Q22 4Q22 1Q23 $778 $546 $304 $121 $325 1Q22 2Q22 3Q22 4Q22 1Q23

12

13

▪ ▪ ▪ 92 93 97 98 99 19 24 23 24 2614 23 23 22 2615 15 15 14 14 14 10 9 10 13$154 $165 $167 $168 $178 1Q22 2Q22 3Q22 4Q22 1Q23 Gross Loans Investments Other Assets¹ Leases Short-Term Funds 43 44 45 45 44 22 21 23 23 23 15 16 17 18 19 15 15 15 14 14 9 9 8 8 83 4 4 4 5 $107 $109 $112 $112 $113 1Q22 2Q22 3Q22 4Q22 1Q23 Auto C&I CRE Leases Res. Mtg Other

57 54 56 61 61 40 43 45 44 46 13 27 27 27 3522 20 20 18 18 22 21 19 18 18$154 $165 $167 $168 $178 1Q22 2Q22 3Q22 4Q22 1Q23 IB Deposits Borrowed Funds Other Liabilities¹ NIB Deposits Equity 35 32 31 30 27 22 20 20 18 18 3 2 6 13 16 13 14 14 13 13 6 6 5 5 5 $79 $74 $76 $79 $79 1Q22 2Q22 3Q22 4Q22 1Q23 Money Market NIB Deposits CDs IB Deposits Savings ▪ ▪ ▪ ▪ 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96 10 1 10 6 11 1 11 6 12 1 12 6 13 1 13 6 14 1 14 6 15 1 15 6 16 1 16 6 17 1 17 6 18 1 18 6 19 1 19 6 20 1 20 6 21 1 21 6 22 1 22 6 23 1 23 6 24 1 24 6 25 1 25 6 26 1 26 6 27 1 27 6 28 1 28 6 29 1 29 6 30 1 30 6 31 1 31 6 32 1 32 6 33 1 33 6 34 1 34 6 35 1 35 6 36 1 36 6 37 1 37 6 38 1 38 6 39 1 39 6 40 1 40 6 41 1 41 6 42 1 42 6 43 1 43 6 44 1 44 6 45 1 45 6 46 1 46 6 47 1 47 6 48 1 48 6 49 1 49 6 50 1 50 6 51 1 51 6 52 1 52 6 53 1 53 6 54 1 54 6 55 1 55 6 56 1 56 6 57 1 57 6 58 1 58 6 59 1 59 6 60 1 60 6 61 1 61 6 62 1 62 6 63 1 63 6 64 1 64 6 65 1 65 6 66 1 66 6 67 1 67 6 68 1 68 6 69 1 69 6 70 1 70 6 71 1 71 6 72 1 72 6 73 1 73 6 74 1 74 6 75 1 75 6 76 1 76 6 77 1 77 6 78 1 78 6 79 1 79 6 80 1 80 6 81 1 81 6 82 1 82 6 83 1 83 6 84 1 84 6 85 1 85 6 86 1 86 6 87 1 87 6 88 1 88 6 89 1 89 6 90 1 90 6 91 1 91 6 92 1 92 6 93 1 93 6 94 1 94 6 95 1 95 6 96 1 96 6 97 1 97 6 98 1 98 6 99 1 99 6 10 0 1 10 0 6 10 1 1 10 1 6 10 2 1 10 2 6 10 3 1 10 3 6 10 4 1 10 4 6 10 5 1 10 5 6 10 6 1 10 6 6 10 7 1 10 7 6 10 8 1 10 8 6 10 9 1 10 9 6 11 0 1 11 0 6 11 1 1 11 1 6 11 2 1 11 2 6 11 3 1 11 3 6 11 4 1 11 4 6 11 5 1 11 5 6 11 6 1 11 6 6 11 7 1 11 7 6 11 8 1 11 8 6 11 9 1 11 9 6 12 0 1 12 0 6 12 1 1 12 1 6 12 2 1 12 2 6 12 3 1 12 3 6 12 4 1 12 4 6 12 5 1 12 5 6 12 6 1 12 6 6 12 7 1 12 7 6 12 8 1 12 8 6 12 9 1 12 9 6 13 0 1 13 0 6 13 1 1 13 1 6 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023

• SHUSA NIM INTEREST RATE RISK SENSITIVITY (Change in annual net interest income for parallel rate movements)

▪ ▪ ▪ 17 1 Approximate FICO scores 2 Includes nominal capital lease originations 3 Includes SBNA loan originations of $1.3 billion and lease originations of $1.4 billion for Q1 2023 4 SBNA originations remain off SC’s balance sheet in the service-for-others portfolio Three Months Ended Originations ($ in Millions) Q1 2023 Q4 2022 Q1 2022 QoQ YoY Total Core Retail Auto $3,105 $3,063 $3,193 1% (3%) Chrysler Capital Loans (<640)1 $933 $966 $1,212 (4%) (23%) Chrysler Capital Loans (≥640)1 $694 $1,052 $1,365 (34%) (49%) Total Chrysler Capital Retail $1,627 $2,018 $2,577 (19%) (37%) Total Leases2 $1,478 $1,159 $1,744 28% (15%) Total Auto Originations3 $6,210 $6,240 $7,514 (0%) (17%) SBNA Originations4 $2,634 $2,490 $2,085 6% 26% % Variance

▪ ▪ ▪ 16% 17% 11% 9% 9% 7% 7% 6%

0.00% 0.50% 1.00% 1.50% 2.00% 2.50% Commercial: 30-89 Days Past Due1 CRE C&I Multifamily Other Commercial ³ 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% Commercial: 90+ Days Past Due1 CRE C&I Multifamily Other Commercial ³ 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Consumer: 30-89 Days Past Due1 Residential Mortgage Home Equity RICs & Auto Loans Personal Unsecured Other Consumer ² 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Consumer: 90+ Days Past Due1 Residential Mortgage Home Equity RICs & Auto Loans Personal Unsecured Other Consumer ²

▪ ▪ 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00% Recoveries3 Consumer Commercial 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% C o m m er ci al C o n su m er Net Charge-Offs (“NCOs”) Consumer Commercial 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% C o m m er ci al C o n su m er Charge-Offs1,2 Consumer Auto Loans Personal Unsecured Commercial C&I and CRE Multifamily

▪ ▪ ▪ 1 Includes ACL for unfunded commitments 2 Projected minimum CET1 ratio (minimum and ending) under the severely adverse scenario over the nine-quarter projection horizon, 2022:Q1–2024:Q1 3 Projected PPNR under the severely adverse scenario through the nine-quarter projection horizon, 2022:Q1–2024:Q1 Allowance Ratios March 31, 2023 December 31, 2022 March 31, 2022 (Dollars in Millions) (Unaudited) (Audited) (Unaudited) Total loans held for investment (“LHFI”) $98,759 $97,338 $91,776 Total ACL 1 $7,001 $6,866 $6,497 Total Allowance Ratio 7.1% 7.1% 7.1%

▪ ▪ ▪ 1Q23 4Q22 1Q22 QoQ (%) YoY (%) Senior Unsecured Debt 10.33 9.48 9.90 9.0% 4.4% FHLB 7.53 4.00 0.25 88.1% 2910.0% Credit-Linked Notes 1.25 1.30 0.26 -3.6% 386.1% Third-Party Secured Funding 4.72 3.95 0.00 19.4% 0.0% Amortizing Notes 3.92 4.65 2.60 -15.6% 50.8% Securitizations 18.17 20.24 23.20 -10.2% -21.7% Intragroup 0.00 0.00 4.00 0.0% -100.0% Total SHUSA Funding 45.92 43.62 40.21 5.3% 14.2% Preferred Equity Issuance to Santander 0.00 0.50 0.00 -100.0% 0.0%

1 2 ▪ ▪

CET1 TIER 1 RISK-BASED CAPITAL RATIO TOTAL RISK-BASED CAPITAL RATIO TIER 1 LEVERAGE RATIO ▪ ▪ 18.5% 16.9% 15.2% 13.2% 12.7% 1Q22 2Q22 3Q22 4Q22 1Q23 13.6% 11.8% 11.1% 10.2% 9.7% 1Q22 2Q22 3Q22 4Q22 1Q23 18.8% 17.2% 15.5% 13.9% 13.2% 1Q22 2Q22 3Q22 4Q22 1Q23 20.6% 18.9% 17.2% 15.9% 15.3% 1Q22 2Q22 3Q22 4Q22 1Q23 1 During the three months ended March 31, 2023, SHUSA declared a dividend to its common shareholder, Santander, in the amount of $250.0 million, which was paid on April 21, 2023

▪ 12.66% 10.00% 6% 8% 10% 12% 14% 16% 18% 20% Peer Group Median = 13.24% 11.30% 6% 8% 10% 12% 14% 16% 18% 20% 22% Peer Group Median = 15.25% 13.53% 10% 12% 14% 16% 18% 20% 22% 24% Peer Group Median = 9.67% 9.23% 6% 8% 10% 12% 14% 16% Peer Group Median =

Santander1 A2/Baa1 SHUSA Baa3 SBNA2 Baa1 Santander1 A+/A- SHUSA BBB+ SBNA A- Stable outlook (June 14, 2022) SR. DEBT RATINGS BY SANTANDER ENTITY Santander1 A/A- SHUSA BBB+ SBNA BBB+ Stable outlook (June 25, 2021) Stable outlook (July 22, 2022)

* Other includes the results of immaterial entities, earnings from non-strategic assets, the investment portfolio, interest expense on SBNA’s and SHUSA's borrowings and other debt obligations, amortization of intangible .assets and certain unallocated corporate income and indirect expenses.

($ in Millions) 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 SHUSA pre-tax pre-provision income Pre-tax income, as reported 1,539$ 1,084$ 903$ 778$ 546$ 304$ 121$ 325$ (Release of)/provision for credit losses (317) 20 14 217 404 636 761 542 Pre-tax pre-provision Income 1,222 1,104 917 995 950 940 882 867 CET1 to risk-weighted assets CET1 capital 19,895$ 20,573$ 21,068$ 20,576$ 19,565$ 18,025$ 16,256$ 15,916$ Risk-weighted assets 113,295 112,068 111,820 111,181 115,655 118,818 123,031 125,707 Ratio 17.6% 18.4% 18.8% 18.5% 16.9% 15.2% 13.2% 12.7% Tier 1 leverage Tier 1 capital 21,868$ 22,631$ 23,175$ 20,921$ 19,910$ 18,370$ 17,101$ 16,646$ Avg total assets, leverage capital purposes 148,072 152,058 154,429 154,305 168,042 165,054 167,686 172,191 Ratio 14.8% 14.9% 15.0% 13.6% 11.8% 11.1% 10.2% 9.7% Tier 1 risk-based Tier 1 capital 21,868$ 22,631$ 23,175$ 20,921$ 19,910$ 18,370$ 17,101$ 16,646$ Risk-weighted assets 113,295 112,068 111,820 111,181 115,655 118,818 123,031 125,707 Ratio 19.3% 20.2% 20.7% 18.8% 17.2% 15.5% 13.9% 13.2% Total risk-based Risk-based capital 23,446$ 24,192$ 25,333$ 22,848$ 21,896$ 20,396$ 19,607$ 19,171$ Risk-weighted assets 113,295 112,068 111,820 111,181 115,655 118,818 123,031 125,707 Ratio 20.7% 21.6% 22.7% 20.6% 18.9% 17.2% 15.9% 15.3%

1 Recovery rate – Includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts 2 Net charge-off rates on RICs, HFI Q4 2018 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 4Q 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023

XML

Cover Page	May 08, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 08, 2023
Entity Registrant Name	Santander Holdings USA, Inc.
Entity Incorporation, State or Country Code	VA
Entity File Number	1-16581
Entity Tax Identification Number	23-2453088
Entity Address, Address Line One	75 State Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	800
Local Phone Number	493-8219
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Not Applicable
Trading Symbol	Not Applicable
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000811830