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ailInstallmentContractsAndAutoLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000811830sov:PersonalUnsecuredLoanMemberus-gaap:ConsumerPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2026-09-300000811830sov:PersonalUnsecuredLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000811830sov:PersonalUnsecuredLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000811830sov:PersonalUnsecuredLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000811830sov:PersonalUnsecuredLoanMemberus-gaap:ConsumerPortfolioSegmentMember2026-09-300000811830sov:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2026-09-300000811830sov:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000811830sov:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2026-09-300000811830sov:OtherConsumerLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-09-300000811830sov:FinancialAsset30To89DaysPastDueMember2026-09-300000811830us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-09-300000811830us-gaap:FinancialAssetPastDueMember2026-09-300000811830us-gaap:FinancialAssetNotPastDueMember2026-09-300000811830sov:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830sov:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000811830sov:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000811830sov:CommercialRealEstateLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000811830sov:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830sov:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000811830sov:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000811830sov:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000811830sov:MultiFamilyCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830sov:MultiFamilyCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000811830sov:MultiFamilyCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000811830sov:MultiFamilyCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000811830sov:OtherCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830sov:OtherCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000811830sov:OtherCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000811830sov:OtherCommercialLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000811830us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000811830us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000811830us-gaap:ResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000811830us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310000811830us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-12-310000811830us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000811830sov:RetailInstallmentContractsAndAutoLoansMemberus-gaap:ConsumerPortfolioSegmentMembersov:FinancialAsset30To89DaysPastDueMember2025-12-310000811830sov:RetailInstallmentContrac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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 September 30, 2026

☐						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 (800) 493-8219

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 class

Trading Symbols

Name of each exchange on which registered

Depositary Shares, Each Representing a 1/1,000th Interest in a Share of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series H

SNUS PF H

New York Stock Exchange

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 October 31, 2026: 530,391,043 shares.

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Table of Contents

INDEX

			Page
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets at September 30, 2026 and December 31, 2025			4
Condensed Consolidated Statements of Operations for the three months and nine months ended September 30, 2026 and 2025			5
Condensed Consolidated Statements of Comprehensive Income / (Loss) for the three months and nine months ended September 30, 2026 and 2025			6
Condensed Consolidated Statements of Stockholder's Equity for the three months and nine months ended September 30, 2026 and 2025			7
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025			8
Notes to Condensed Consolidated Financial Statements			9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			79
Item 3. Quantitative and Qualitative Disclosures About Market Risk			110
Item 4. Controls and Procedures			110
PART II. OTHER INFORMATION			110
Item 1. Legal Proceedings			110
Item 1A. Risk Factors			110
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			111
Item 3. Defaults upon Senior Securities			112
Item 4. Mine Safety Disclosures			112
Item 5. Other Information			112
Item 6. Exhibits			113
SIGNATURES			114
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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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,” “will,” “would,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “assumes," "goal," "seeks," "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, (particularly those concerning banking, taxes, dividends, securities, insurance, cybersecurity, and healthcare administration), 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;

•increased credit risk exposure 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. 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 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 trade related policies, including reciprocal tariffs and sanctions among global trade partners and/or other countries, and/or trade disputes generally;

•risks SHUSA faces implementing its growth strategy, including SHUSA’s ability to grow revenue, manage expenses, attract and retain highly skilled people, successfully complete and integrate mergers and acquisitions, and raise capital necessary to achieve its business goals and comply with regulatory requirements; including, without limitation, the acquisition of Webster by Santander and merger of Webster Bank into SBNA and subsequent integration of the respective businesses.

•bank failures and actual or perceived adverse developments at other banks, including financial or operational failures and concerns about creditworthiness or the ability of other banks to fulfill their obligations, may lead to decreased customer and investor sentiment regarding the stability and liquidity of banks in general, reduced interest by customers and investors to use banking services and enter into transactions with banks, disruption in the financial markets, increased expenses for banks such as higher FDIC insurance premiums, and increased regulation of banks by supervisory authorities as they seek to manage or mitigate such adverse developments;

•SHUSA’s ability to effectively manage its capital and liquidity, including non-objection to 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;

•adverse movements and volatility in debt and equity capital markets and adverse changes in securities markets, including those related to the financial condition of significant issuers in SHUSA’s investment portfolio;

•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 who 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;

•Investments SHUSA makes in non-publicly traded securities of startup and small companies that we may not be able to reduce or exit quickly and that may as a result reduce compensation we receive for such investments in such an event;

•changes in customer spending, investment or savings behavior;

•changing demographic preferences for vehicle type, ownership and use that could affect markets for new and used vehicles

•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;

•SHUSA's ability to assess and monitor the effects of using artificial intelligence in its business and operations;

•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 or negative public opinion, whether specific to SHUSA or regarding other industry participants or industry-wide factors, or other reputational harm;

•SHUSA’s ability to address social, environmental and sustainability matters that may arise from its activities;

•natural or man-made disasters including pandemics and other significant public health emergencies, effects of climate change, and SHUSA's ability to deal with disruptions caused by such disasters and emergencies;

•local, regional or global geopolitical tensions and hostilities, including acts of terrorism or domestic or foreign military conflicts and escalations of hostilities;

•the impact of any of the foregoing on the business or credit quality of SHUSA's customers; 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 2025.

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.

1

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Table of Contents

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 the Condensed Consolidated Financial Statements.

ABS: Asset-backed securities						FDIC: Federal Deposit Insurance Corporation
ACL: Allowance for credit losses						Federal Reserve: Board of Governors of the Federal Reserve System
AFS: Available-for-sale						FHLB: Federal Home Loan Bank
ALLL: Allowance for loan and lease losses						FHLMC: Federal Home Loan Mortgage Corporation
Ametros: Ametros Financial Corporation						FICO®: Fair Isaac Corporation credit scoring model
AOCI: Accumulated other comprehensive income						FNMA: Federal National Mortgage Association
ASC: Accounting Standards Codification						FRB: Federal Reserve Bank
ASU: Accounting Standards Update						FVO: Fair value option
BHC: Bank holding company						GAAP: Accounting principles generally accepted in the United States of America
BOLI: Bank-owned life insurance						GDP: Gross domestic product
BSI: Banco Santander International						GNMA: Government National Mortgage Association
C&I: Commercial and Industrial Banking						HFI: Held-for-investment
CBB: Consumer and Business Banking						HFS: Held-for-sale
CD: Certificate of deposit						HPI: Housing Price Index
CDI: Core deposit intangibles						HSA: Health savings account
CECL: Current expected credit losses as defined by FASB ASC Topic 326						HSA Bank: HSA Bank, a division of SBNA
CEO: Chief Executive Officer						HTM: Held-to-maturity
CET1: Common equity Tier 1						IHC Merger: The merger of Webster Virginia into SHUSA
CEVF: Commercial equipment vehicle financing						ISDA: International Swaps and Derivatives Association, Inc.
CFPB: Consumer Financial Protection Bureau						IT: Information technology
CFO: Chief Financial Officer						LGD: Loss given default
CFTC: Commodity Futures Trading Commission						LHFI: Loans held for investment
CIB: Corporate and Investment Banking						LHFS: Loans held for sale
CLN: Credit-linked note						LIHTC: Low income housing tax credit
CLTV: Combined loan-to-value						LTV: Loan-to-value
CODM: Chief Operating Decision Maker						MBS: Mortgage-backed securities
Company: Santander Holdings USA, Inc.						MD&A: Management's Discussion and Analysis of Financial Condition and Results of Operations
CPR: Constant prepayment rate						Moody’s: Moody's Investors Service, Inc.
CRA: Community Reinvestment Act						MSR: Mortgage servicing right
CRE: Commercial real estate						MVE: Market value of equity
DCF: Discounted cash flow						NCO: Net charge-off
DOJ: Department of Justice						NMDs: Non-maturity deposits
DPD: Days past due						NPL: Non-performing loan
DTI: Debt-to-income						OBBBA: One Big Beautiful Bill Act
EAD: Exposure at default						OCC: Office of the Comptroller of the Currency
Early stage delinquency: loans that are greater than 30 DPD, but less than 90 DPD						OCI: Other comprehensive income
EFG: Enterprise Financial Group						OIS: Overnight indexed swap
EIR: Effective interest rate						OREO: Other real estate owned
ETR: Effective tax rate						Parent Company: the parent holding company of SBNA and other consolidated subsidiaries
Evaluation Date: September 30, 2026						PCD: Purchased credit deteriorated; purchased loans that as of the acquisition date have experienced a more-than-insignificant credit deterioration in credit quality since origination
Exchange Act: Securities Exchange Act of 1934, as amended						PD: Probability of default
FASB: Financial Accounting Standards Board						PSL: Purchased seasoned loans: loans either purchased or initially recognized through the consolidation of a variable interest entity which were obtained more than 90 days after origination and where the Company was not involved in the origination
FDIA: Federal Deposit Insurance Corporation Improvement Act						RIC: Retail installment contract
						ROU: Right-of-use

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RV: Recreational vehicle						SSLLC: Santander Securities LLC
S&P: Standard & Poor's						Structured LLC: Structured limited liability company established by the FDIC to hold and service a portfolio primarily consisting of New York-based rent-controlled and rent-stabilized multifamily loans retained by the FDIC following a recent bank failure
SanCap: Santander US Capital Markets LLC						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
Santander or Parent: Banco Santander, S.A.						TLAC: Total loss-absorbing capacity
SBALT: SBNA Auto Lease Trust						Transaction Agreement: Transaction Agreement dated as of February 3, 2026 among Webster, Santander and Webster Virginia
SBNA or the Bank: Santander Bank, National Association						Trusts: Securitization trusts
SC: Santander Consumer USA Holdings Inc. and its subsidiaries						UK Limited Partnership: SHUSA's investment in a United Kingdom limited partnership formed to invest in early-stage financial technology companies
SCF: Statement of cash flows						UPB: Unpaid principal balance
SDART: Santander Drive Auto Receivables Trust						VIE: Variable interest entity
SDGT: Specially Designated Global Terrorist						VOE: Voting interest entity
SEC: Securities and Exchange Commission						Webster: Webster Financial Corporation, former parent of Webster Bank prior to merging with Webster Virginia
Securities Act: Securities Act of 1933, as amended						Webster Bank: A retail and commercial bank that merged with SBNA on August 20, 2026
Securities Financing Activities: Resale, repurchase securities borrowed and securities lending agreements						Webster Virginia: Webster Virginia Corporation, a former subsidiary of Webster that merged with SHUSA pursuant to the IHC Merger
SHUSA: Santander Holdings USA, Inc.						YTD: Year-to-date
SOFR: Secured overnight financing rate
SPE: Special purpose entity

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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 millions)

			September 30, 2026						December 31, 2025
ASSETS
Cash, cash equivalents, and restricted cash			$	30,230					$	19,696
Federal funds sold and securities purchased under resale agreements or similar arrangements			9,592						8,640
Investment securities:
AFS at fair value (amortized cost of $10,506 and $7,956 as of September 30, 2026 and December 31, 2025, respectively)			9,663						7,328
Trading securities			17,833						15,609
HTM (fair value of $20,732 and $11,871 as of September 30, 2026 and December 31, 2025, respectively)			22,584						13,212
Other investments			3,992						2,567
LHFI (1)			141,755						82,891
ALLL			(6,697)						(6,000)
Net LHFI			135,058						76,891
LHFS (2)			1,973						1,586
Premises and equipment, net			1,303						936
Operating lease assets, net			5,834						8,357
Goodwill			9,245						2,767
Intangible assets, net			2,411						214
Other assets (3)			12,798						6,769
TOTAL ASSETS (4)			$	262,516					$	164,572
LIABILITIES
Deposits and other customer accounts			149,273						78,978
Federal funds purchased and securities loaned or sold under repurchase agreements			22,790						19,460
Trading liabilities			4,025						4,002
Borrowings and other debt obligations			42,816						37,102
Advance payments by borrowers for taxes and insurance			312						147
Accounts payable, accrued expenses and other liabilities			11,711						6,938
TOTAL LIABILITIES (4)			230,927						146,627
Commitments and contingencies (Note 17)
MEZZANINE EQUITY
Preferred stock (no par value; 7,500,000 shares authorized; 2,500,000 and 2,000,000 shares outstanding at September 30, 2026 and December 31, 2025, respectively)			2,500						2,000
STOCKHOLDER'S EQUITY
Preferred stock (no par value; 7,500,000 shares authorized; 141,000 and zero shares outstanding at September 30, 2026 and December 31, 2025, respectively)			252						—
Common stock and paid-in capital (no par value; 800,000,000 shares authorized; 530,391,043 shares outstanding at both September 30, 2026 and December 31, 2025, respectively)			29,772						17,307
Accumulated other comprehensive loss, net of tax			(965)						(533)
Retained earnings (accumulated deficit)			30						(829)
TOTAL STOCKHOLDER'S EQUITY			29,089						15,945
TOTAL LIABILITIES, MEZZANINE AND STOCKHOLDER'S EQUITY			$	262,516					$	164,572

(1) Includes $3 million and $5 million of loans recorded at fair value at September 30, 2026 and December 31, 2025, respectively.

(2) Includes $1.7 billion and $1.5 billion of loans recorded at the FVO at September 30, 2026 and December 31, 2025, respectively.

(3) Includes MSRs of $83 million and $80 million at September 30, 2026 and December 31, 2025, respectively, for which the Company has elected the FVO.

(4) Includes assets of $21.7 billion and $31.3 billion and liabilities of $14.3 billion and $23.7 billion at September 30, 2026 and December 31, 2025, respectively, which are attributable to consolidated VIEs. See Note 7 to these Condensed Consolidated Financial Statements for additional information.

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements

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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited (In millions)

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
INTEREST INCOME:
Loans			$	2,429					$	2,093					$	6,413					$	6,310
Interest-earning deposits			168						231						485						746
Interest and fees on federal funds sold and securities purchased under resale agreements or similar arrangements			328						414						931						1,313
Interest and dividends on investment securities			532						395						1,401						1,083
TOTAL INTEREST INCOME			3,457						3,133						9,230						9,452
INTEREST EXPENSE:
Deposits and other customer accounts			596						461						1,479						1,438
Interest expense on federal funds purchased and securities loaned or sold under repurchase agreements			460						568						1,312						1,719
Interest expense on trading liabilities			42						36						131						109
Borrowings and other debt obligations			451						549						1,383						1,727
TOTAL INTEREST EXPENSE			1,549						1,614						4,305						4,993
NET INTEREST INCOME			1,908						1,519						4,925						4,459
Credit loss expense			601						368						1,280						1,167
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE			1,307						1,151						3,645						3,292
NON-INTEREST INCOME:
Consumer and commercial fees			146						128						379						364
Capital markets and foreign exchange income			344						154						767						382
Lease income			260						395						866						1,279
Miscellaneous income, net (1)			107						144						408						483
TOTAL FEES AND OTHER INCOME			857						821						2,420						2,508
Securities (losses) / gains, net			(176)						53						(129)						115
TOTAL NON-INTEREST INCOME			681						874						2,291						2,623
GENERAL, ADMINISTRATIVE AND OTHER EXPENSES:
Compensation and benefits			809						534						1,895						1,607
Occupancy and equipment expenses			179						168						502						525
Technology, outside service, and marketing expense			222						203						628						620
Lease expense			205						336						708						1,031
Other expenses			266						238						654						667
TOTAL GENERAL, ADMINISTRATIVE AND OTHER EXPENSES			1,681						1,479						4,387						4,450
INCOME BEFORE INCOME TAX			307						546						1,549						1,465
Income tax provision			62						90						305						145
NET INCOME			$	245					$	456					$	1,244					$	1,320

(1) Includes equity investment income/(expense), net.

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements

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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)

Unaudited (In millions)

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
NET INCOME			$	245					$	456					$	1,244					$	1,320
OTHER COMPREHENSIVE INCOME / (LOSS), NET OF TAX
Net unrealized changes in cash flow hedge derivative financial instruments, net of tax			(157)						20						(235)						89
Net unrealized (losses) / gains on investment in debt securities, net of tax			(200)						42						(197)						16
Other			—						—						—						16
TOTAL OTHER COMPREHENSIVE (LOSS) / INCOME, NET OF TAX			(357)						62						(432)						121
COMPREHENSIVE (LOSS) / INCOME			$	(112)					$	518					$	812					$	1,441

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements

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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY

Unaudited (In millions)

			Common Shares Outstanding						Preferred Stock						Common Stock and Paid-in Capital						Accumulated Other Comprehensive Loss, Net of Tax						(Accumulated Deficit) / Retained Earnings												Total Stockholder's Equity						Preferred Stock Mezzanine
Balance, July 1, 2026			530						—						$	17,277					$	(608)					$	(169)											$	16,500					$	2,000
Comprehensive (loss) / income			—						—						—						(357)						245												(112)						—
Contribution from parent (Note 1)			—						—						12,510						—						—												12,510						—
Dividends paid on preferred stock			—						—						—						—						(46)												(46)						—
Preferred stock activities (Note 11)			—						252						—						—						—												252						500
Stock compensation			—												(15)						—						—												(15)						—
Balance, September 30, 2026			530						$	252					$	29,772					$	(965)					$	30											$	29,089					$	2,500
			Common Shares Outstanding						Preferred Stock						Common Stock and Paid-in Capital						Accumulated Other Comprehensive Loss, Net of Tax						(Accumulated Deficit) / Retained Earnings												Total Stockholder's Equity						Preferred Stock Mezzanine
Balance, July 1, 2025			530						—						$	17,314					$	(659)					$	(167)											$	16,488					$	2,000
Comprehensive (loss) / income			—						—						—						62						456												518						—
Dividends declared and payable on preferred stock			—												—						—						(44)												(44)						—
Balance, September 30, 2025			530						$	—					$	17,314					$	(597)					$	245											$	16,962					$	2,000

SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY

Unaudited (In millions)

			Common Shares Outstanding						Preferred Stock						Common Stock and Paid-in Capital						Accumulated Other Comprehensive Loss, Net of Tax						(Accumulated Deficit) / Retained Earnings												Total Stockholder's Equity						Preferred Stock Mezzanine
Balance, January 1, 2026			530						$	—					$	17,307					$	(533)					$	(829)											$	15,945					$	2,000
Comprehensive (loss) / income			—						—						—						(432)						1,244												812						—
Contribution from parent (Note 1)			—						—						12,510						—						—												12,510						—
Dividends paid on common stock			—						—						—						—						(250)												(250)						—
Dividends paid on preferred stock			—						—						—						—						(135)												(135)						—
Preferred stock activities (Note 11)			—						252						—						—						—												252						500
Stock compensation			—												(45)						—						—												(45)						—
Balance, September 30, 2026			530						252						$	29,772					$	(965)					$	30											$	29,089					$	2,500
			Common Shares Outstanding						Preferred Stock						Common Stock and Paid-in Capital						Accumulated Other Comprehensive Loss, Net of Tax						(Accumulated Deficit) / Retained Earnings												Total Stockholder's Equity						Preferred Stock Mezzanine
Balance, January 1, 2025			530						$	—					$	17,336					$	(718)					$	(942)											$	15,676					$	2,000
Comprehensive income			—						—						—						121						1,320												1,441						—
Dividends paid on preferred stock			—						—						—						—						(89)												(89)						—
Dividends declared and payable on preferred stock			—						—						—						—						(44)												(44)
Stock compensation			—						—						(22)						—						—												(22)						—
Balance, September 30, 2025			530						$	—					$	17,314					$	(597)					$	245											$	16,962					$	2,000

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements

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SANTANDER HOLDINGS USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited (In millions)

			Nine months ended September 30,
			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			$	1,244					$	1,320
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense			1,280						1,167
Deferred tax expense / (benefit)			3						(142)
Depreciation, amortization and accretion			1,603						1,891
Net gain on sale or disposal of loans, investment securities, and other assets			165						(133)
Originations and purchases of LHFS			(7,160)						(4,721)
Proceeds from sales of and collections on LHFS			6,768						4,138
Net change in:
Trading securities and trading liabilities, net			(2,216)						(5,322)
Other assets			(1,535)						1
Other liabilities			1,314						714
Other operating activities, net			(1)						(7)
NET CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES			1,465						(1,094)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS investment securities			8,774						300
Proceeds from prepayments and maturities of AFS investment securities			732						606
Purchases of AFS investment securities			(1,960)						(1,171)
Proceeds from prepayments and maturities of HTM investment securities			1,424						887
Purchases of HTM investment securities			(3,711)						(1,523)
Proceeds from sales and maturities of equity method and other investments			563						221
Purchases of and contributions to equity method and other investments			(1,181)						(525)
Net change in federal funds sold and securities purchased under resale agreements			(952)						(384)
Proceeds from sales of LHFI			561						223
Purchases of LHFI			(272)						(282)
Net change in loans other than purchases and sales			(4,177)						83
Purchases and originations of operating leases			(815)						(2,014)
Proceeds from the sale and termination of operating leases			2,494						2,827
Purchases and sales of premises, equipment, and real estate owned, net			(133)						(137)
Proceeds from sale of residual interest in VIE			—						96
Acquisition of interest in limited partnership			—						(802)
Other investing activities, net			114						24
NET CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES			1,461						(1,571)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits and other customer accounts			(423)						(1,754)
Net change in short-term borrowings			(1,029)						831
Net proceeds from long-term borrowings			18,713						21,845
Repayments of long-term borrowings			(16,191)						(25,708)
Net change in federal funds purchased and securities loaned or sold under repurchase agreements			3,236						4,994
Dividends paid on common stock and preferred stock			(385)						(88)
Preferred stock offering			500						—
Contribution of cash from Parent			3,193						—
Other financing activities, net			(6)						16
NET CASH (USED IN) / PROVIDED BY FINANCING ACTIVITIES			7,608						136
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			10,534						(2,529)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD			19,696						23,576
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD			$	30,230					$	21,047

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements

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NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES

SHUSA is the parent holding company of SBNA, a national banking association; SC, a consumer finance company headquartered in Dallas, Texas; BSI, a wholly-owned subsidiary of SBNA, a financial services company headquartered in Miami, Florida that offers a full range of banking services to foreign individuals and corporations based primarily in Latin America; SanCap, an institutional broker-dealer headquartered in New York which has significant capabilities in market-making via an experienced fixed-income sales and trading team and a focus on structuring and advisory services for asset originators in the real estate and specialty finance markets; SSLLC, a broker-dealer headquartered in Boston, Massachusetts; and several other subsidiaries. SHUSA is headquartered in Boston and SBNA's home office is in Wilmington, Delaware. SSLLC is a registered investment adviser with the SEC. SHUSA's two largest subsidiaries by asset size and revenue are SBNA and SC. SHUSA is a wholly-owned subsidiary of Santander. On December 30, 2025, SBNA filed applications with the FDIC and OCC for approval to merge Santander Consumer USA Holdings Inc., a consumer finance company headquartered in Dallas, Texas and a wholly-owned subsidiary of SHUSA, into SBNA, with SBNA to be the surviving entity.

The Company specializes in banking and consumer finance. Its consumer financing is focused on vehicle finance, servicing of third-party vehicle financing, and delivering service to dealers and customers across the full credit spectrum. This includes indirect origination and servicing of vehicle loans and leases, principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers, origination of vehicle loans through a web-based direct lending program, purchases of vehicle loans from other lenders, and servicing of automobile and recreational and marine vehicle portfolios for other lenders. The Company sells consumer vehicle loans and leases through flow agreements and, when market conditions are favorable, it accesses the ABS market through securitizations of consumer vehicle loans and leases.

In addition to specialized consumer finance, the Company also attracts deposits and provides other retail banking services through its network of retail branches with locations in Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island and originates small business, middle market, large and global commercial loans, multifamily loans, construction loans, residential mortgage loans and other consumer loans and leases throughout the United States, with a focus on the Mid-Atlantic and Northeastern regions. The Company also acquires deposits nationally through SBNA's online Openbank platform and offers healthcare financial services products through HSA Bank and Ametros. For large institutional investors, the Company provides structured products, emerging markets credit and U.S. investment grade credit, U.S. rates, short-term fixed-income, debt and equity capital markets, investment banking, exchange-traded derivatives, and cash equities, benefiting from a combination of Santander’s global reach and access to financial hubs together with extensive local market knowledge and regional expertise.

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NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued)

Acquisition of Webster Financial Corporation

On August 20, 2026, Santander completed the previously announced acquisition of Webster. Pursuant to the Transaction Agreement, Webster merged with and into Webster Virginia, with Webster Virginia continuing as the surviving corporation in such merger transaction, and, immediately afterwards, Santander acquired all outstanding shares of Webster Virginia common stock through a statutory share exchange.

Immediately after completing the acquisition of Webster, Santander contributed all outstanding shares of Webster Virginia common stock to SHUSA and Webster Virginia merged with and into SHUSA with SHUSA surviving the merger. Webster Bank also merged with and into SBNA, with SBNA surviving the merger.

In connection with the IHC Merger, the outstanding Webster Virginia Series F and Series G preferred shares were converted into preferred shares issued by SHUSA. Accordingly, following the IHC Merger, such preferred shares represent preferred equity issued directly by SHUSA.

As described above, Santander was the acquirer of Webster for accounting purposes. Immediately following the acquisition, Santander contributed its investment in Webster to SHUSA, a transaction between entities under common control. Accordingly, SHUSA recognized the assets and liabilities of Webster based on Santander’s carrying amounts immediately prior to the contribution, which reflect the acquisition date basis established by Santander under ASC Topic 805 Business Combinations. The fair value concepts applied are consistent with ASC Topic 820, Fair Value Measurement. Santander's acquisition date measurements remain preliminary and are subject to adjustment during the measurement period under ASC Topic 805, Business Combinations. Any measurement period adjustments recorded by Santander that affect the carrying basis of the assets and liabilities contributed to SHUSA will be reflected by SHUSA as appropriate.

Santander Acquisition Accounting and Basis Contributed to SHUSA

The following table presents Santander's acquisition date accounting that established the carrying basis of assets and liabilities subsequently contributed to SHUSA. The excess of Santander’s purchase price and noncontrolling interest obtained over the estimated fair value of net assets acquired and contributed to the Company has been recorded as goodwill.

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NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued)

(in millions)
Consideration:
Common stock issued (329,846,439 shares)												$	4,674
Common stock awards converted												10
Cash paid												7,826
Fair value of Santander's consideration												$	12,510
Fair value of assets:
Cash and cash equivalents						$	3,193
Investment securities						17,842
Loans held for investment, net						55,731
Other intangible assets						2,264
All other assets (includes $158 of deferred taxes on purchase accounting fair value adjustments)						3,471
Total assets acquired						$	82,501
Fair value of liabilities:
Deposits and other customer accounts						$	70,718
Federal funds purchased and securities loaned or sold under repurchase agreements						94
Borrowings and other debt obligations						4,285
Accounts payable, accrued expenses, and other liabilities						1,120
Total liabilities acquired						$	76,217
Less: Fair value of net assets acquired												$	6,284
Plus: Preferred stock acquired (1)												$	252
Goodwill resulting from Santander's acquisition												$	6,478
(1) Represents fair value of non-controlling interest preferred stock for Santander recorded as equity for SHUSA.

As part of the common control contribution, SHUSA recognized Santander's $6.5 billion preliminary carrying amount of goodwill, none of which is anticipated to be deductible for tax purposes. The goodwill recognized is primarily attributable to expanded market presence, expected synergies, operational efficiencies, revenue opportunities, and other strategic benefits, none of which qualify for separate recognition as identifiable intangible assets. Refer to Note 5 to this Quarterly Report on Form 10-Q for information regarding the allocation of goodwill to the Company’s reportable segments as a result of the acquisition, as well as the carrying amounts and amortization of core deposit and other intangible assets.

The following is a description of the methods used to determine the estimated fair values of significant assets and liabilities:

•Cash and cash equivalents – Based on the short-term nature of these assets, carrying amounts were used as a reasonable estimate of fair value.

•Investment securities – The fair value of investment securities was estimated based on quoted market prices, where available. If quoted market prices were not available, fair value estimates were based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value was estimated based on pricing models and/or DCF methodologies utilizing a current market rate of interest for similar types of securities.

•Loans held for investment, net – Fair values for acquired loans and leases were estimated using DCF methodologies that considered factors including the type of loan or lease and related collateral, classification status, fixed or variable interest rate characteristics, remaining contractual term, amortization status, credit quality indicators, and current market discount rates. Loans and leases with similar risk and cash flow characteristics were grouped into pools when determining certain assumptions and applying valuation techniques.

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NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued)

Expected cash flows were developed using assumptions that reflected the contractual terms of the instruments and management's estimates of prepayments, default rates, loss severity, and other factors a market participant would consider in estimating future cash flows. Discount rates were based on current market rates for comparable loan and lease originations and a market participant's required rate of return for similar assets, including adjustments for liquidity and other market factors. Credit-related assumptions were reflected in the estimated cash flows as a separate component of the discount rate.

The initial amortized cost basis of acquired loans and leases also included the initial ACL amount for instruments designated as PCD or PSL, as further discussed in “Updates to Accounting Policies” below.

▪Other intangible assets- Intangible assets primarily consist of CDI which represents the value of relationships with deposit customers and the low cost of funding that acquired deposits provide relative to the Company’s marginal cost of funds. The fair value was estimated based on a DCF methodology that considered customer attrition rates, net maintenance cost of the deposit base, the alternative cost of funds and the interest costs associated with customer deposits. The core deposit intangible and other intangible assets are being amortized on an accelerated basis over its estimated useful life as follows:

(dollars in millions)			Amount						Selected Useful Life
Identified intangible assets:
Core deposit intangibles - consumer and commercial			$	1,441					7-11 years
Core deposit intangibles - health savings accounts			517						8 years
Core deposit intangibles - workers comp administration funds			234						16 years
Customer relationships and other intangibles(1)			72						10 years
			$	2,264
(1) Includes $10 million of trade names which are indefinite-lived.

•Deposits - The fair values for time deposits were estimated using a DCF methodology whereby the contractual remaining cash flows were discounted using market rates currently being offered for time deposits of similar maturities. For all other deposits, carrying amounts approximate fair value.

•Borrowings and other debt obligations - The fair values of long-term debt instruments were estimated based on quoted market prices for identical or similar instruments, if available, or by using DCF analyses based on current incremental borrowing rates for similar types of instruments.

•Preferred stock - The fair value of preferred stock on the acquisition date was recorded using the quoted price of Webster's publicly traded preferred shares as of the acquisition date.

Transaction costs associated with the Webster transaction were expensed as incurred by Santander and not charged to the Company.

Unaudited Pro Forma Information

The following unaudited pro forma information presents combined results of operations as if the contribution had occurred on January 1, 2025:

(in millions)			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Net interest income			$	2,266					$	2,215					$	6,660					$	6,518
Non-interest income			740						975						2,559						2,911
Net income			248						705						1,721						2,033

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NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued)

The pro forma condensed combined financial information includes adjustments primarily due to loan accretion and amortization of CDI directly attributable to the contribution of Webster to SHUSA, is presented for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have been achieved had the transaction been completed on the dates indicated, nor is it indicative of future results or financial position of the Company following the transaction.

Due to the ongoing integration and streamlining of Webster's operations into those of the Company since August 20, 2026, historical reporting for revenue and earnings attributable to Webster after August 20, 2026, is impracticable, and thus disclosures of Webster's revenue and earnings that are included in the accompanying Condensed Consolidated Income Statements for the three months and nine months ended September 30, 2026 are impracticable.

Basis of Presentation

These Condensed Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, including certain Trusts that are considered VIEs. The Company generally consolidates VIEs for which it is deemed to be the primary beneficiary and VOEs in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation.

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and pursuant to SEC regulations. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal and recurring nature necessary for a fair statement of the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholder's Equity and Statements of Cash Flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading.

Certain prior-period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on the Company's consolidated financial condition or results of operations. In the third quarter of 2026, the Company changed its presentation of dollar amounts to the nearest whole number in millions, except as otherwise designated. The change has been applied to all prior-period amounts presented. Certain previously reported amounts were adjusted due to rounding differences which were not significant to the overall presentation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. The most significant estimates include the ACL, expected end-of-term lease residual values, and goodwill. These estimates, although based on actual historical trends and modeling, may potentially show significant variances over time.

Updates to Accounting Policies

In conjunction with the December 31, 2025 adoption of ASU 2025-08 Financial Instruments – Credit Losses (Topic 326): Purchased Loans, and the acquisition of Webster on August 20, 2026, the Company has updated its accounting policy for loans and leases as described below. Refer to Note 1 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for discussion of the accounting and reporting policies related to purchased loans for periods prior to January 1, 2026.

LHFI

Loans and leases acquired through a business combination or purchase are initially evaluated for classification as PCDs. Acquired loans and leases are classified as PCDs when there is evidence of more than insignificant deterioration in credit quality since origination. Purchased loans that do not meet the criteria to be classified as PCDs are evaluated to determine whether they qualify as PSLs. Loans are considered PSLs if they are acquired at least 90 days after origination and the Company was not involved in the origination of the loan. Loans acquired in a business combination are automatically deemed PSLs. Excluded from the scope of PSLs are credit cards, debt securities, contract assets, trade receivables and leases.

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NOTE 1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND ACCOUNTING POLICIES (continued)

At acquisition, PCDs and PSLs are accounted for under the gross-up approach, which includes recognizing an allowance and an offsetting entry as an addition to the fair value of loans, resulting in an initial amortized cost basis in an amount equal to the sum of the purchase price plus the ACL. The difference, if any, between the amortized cost basis (as adjusted for expected credit losses) and the unpaid principal balance is recognized as a noncredit discount or premium and accreted or amortized into interest income over the life of the loan as an adjustment to yield.

For acquired loans and finance leases that do not qualify as PCDs or PSLs, the Company will record an ACL and provision for credit losses at acquisition reflective of credit losses expected to be incurred over the remaining contractual life of the acquired loans.

Recently Issued Accounting Standards Not Yet Adopted

On November 26, 2024, the FASB issued ASU 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires a breakout of expenses in specific areas including employee compensation, depreciation, and intangible asset amortization. The new disclosure requirements are effective for annual reporting periods beginning in 2027 and interim periods thereafter, with early adoption permitted. The new guidance can be applied either prospectively to reporting periods after the effective date, or retrospectively to any or all prior periods presented. The Company continues to evaluate the disclosure-only impact of this guidance.

On September 18, 2025, the FASB issued ASU 2025-06 Targeted Improvements to the Accounting for Internal-Use Software. This update is intended to modernize the accounting for internal-use software development costs. This update is effective beginning January 1, 2028, with early adoption permitted. The adoption of this ASU will not materially impact the Company’s financial position or results of operations.

On November 25, 2025, the FASB issued ASU 2025-09 Derivatives and Hedging (Topic 815): Hedge Accounting Improvements to enable entities to further align hedge accounting with their risk management strategies by applying hedge accounting to a greater number of highly effective economic hedges. The new guidance is effective for annual reporting periods beginning in 2027 and interim periods thereafter, with early adoption permitted. The amendments are applied prospectively with certain optional transition provisions for existing hedging relationships. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

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NOTE 2. INVESTMENT SECURITIES

Summary of Investments in Debt Securities - AFS and HTM

The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities AFS at the dates indicated:

						September 30, 2026																								December 31, 2025
(in millions)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Loss						Fair Value						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Loss						Fair Value
U.S. Treasury securities						$	227					$	—					$	(1)					$	226					$	700					$	6					$	—					$	706
Corporate debt securities						9						—						—						9						—						—						—						—
ABS						2,040						1						(4)						2,037						948						—						(3)						945
Beneficial interest in Structured LLC (1)						1,043						—						(30)						1,013						1,070						27						—						1,097
MBS:
GNMA - Residential						4,251						—						(381)						3,870						2,636						—						(254)						2,382
GNMA - Commercial						600						—						(163)						437						622						—						(143)						479
FHLMC and FNMA - Residential						2,354						—						(358)						1,996						1,925						—						(288)						1,637
FHLMC and FNMA - Commercial						77						—						(2)						75						82						—						—						82
Unallocated fair value hedge basis adjustment (2)						(95)						—						95						—						(27)						—						27						—
Total investments in debt securities AFS						$	10,506					$	1					$	(844)					$	9,663					$	7,956					$	33					$	(661)					$	7,328

(1) Represents a 20 percent interest in the Structured LLC to hold and service a pool of multi-family loans.

(2) The Company has entered into fair value hedges of portions of a closed portfolio of AFS debt securities, using the portfolio layer method. Refer to Note 13 for additional information.

The following table presents the amortized cost, gross unrealized gains and losses and approximate fair values of investments in debt securities HTM at the dates indicated:

						September 30, 2026																								December 31, 2025
(in millions)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Loss						Fair Value						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Loss						Fair Value
U.S. Treasury securities						$	1,788					$	—					$	(17)					$	1,771					$	2,080					$	8					$	—					$	2,088
ABS and other interests in structured securities						1,942						2						(15)						1,929						2,020						13						(2)						2,031
MBS:
GNMA - Residential						4,544						—						(531)						4,013						3,106						4						(402)						2,708
GNMA - Commercial						9,551						135						(1,181)						8,505						4,525						—						(888)						3,637
FHLMC and FNMA - Residential						3,882						1						(215)						3,668						1,434						3						(77)						1,360
FHLMC and FNMA - Commercial debt securities						877						—						(31)						846						47						—						—						47
Total investments in debt securities HTM						$	22,584					$	138					$	(1,990)					$	20,732					$	13,212					$	28					$	(1,369)					$	11,871

    

Upon consummation of the Transaction Agreement, the Company evaluated the acquired investment securities and classified them in accordance with the Company's accounting policies and based on the Company's intent and ability to hold the securities.

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NOTE 2. INVESTMENT SECURITIES (continued)

The following table presents the carrying value of the Company's investment securities pledged as collateral:

(in millions)						September 30, 2026						December 31, 2025
Pledged against public fund deposits						$	6,387					$	2,267
Pledged against borrowing capacity with the FRB						3,611						4,270
Pledged against repurchase agreements and supported hedging relationships, recourse on loans, and other agreements						551						336
Pledged against borrowing capacity with the FHLB						4,556						4,428
Total collateral pledged						$	15,105					$	11,301

At September 30, 2026 and December 31, 2025, the Company had $246 million and $158 million, respectively, of accrued interest related to investment securities which is included in the Other assets line of the Company's Condensed Consolidated Balance Sheets. No accrued interest related to investment securities was written off during the periods ended September 30, 2026 or December 31, 2025.

Contractual Maturity of Investments in Debt Securities

Contractual maturities of the Company’s investments in debt securities AFS at September 30, 2026 were as follows:

(in millions)						Amortized Cost(1)						Fair Value
Due within one year						$	32					$	32
Due after 1 year but within 5 years						316						310
Due after 5 years but within 10 years						791						780
Due after 10 years						9,462						8,541
Total						$	10,601					$	9,663
(1) Does not include unallocated fair value hedge basis adjustment.

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NOTE 2. INVESTMENT SECURITIES (continued)

Contractual maturities(1) of the Company’s investments in debt securities HTM at September 30, 2026 were as follows:

(in millions)						Amortized Cost						Fair Value
Due within one year						$	916					$	915
Due after 1 year but within 5 years						1,292						1,270
Due after 5 years but within 10 years						1,147						1,123
Due after 10 years						19,229						17,424
Total						$	22,584					$	20,732

(1) Actual maturities may differ from contractual maturities when there is a right to call or prepay obligations with or without call or prepayment penalties.

Gross Unrealized Loss and Fair Value of Investments in Debt Securities AFS and HTM

The following table presents the aggregate amount of unrealized losses on debt securities in the Company’s AFS investment portfolios classified according to the amount of time those securities have been in a continuous loss position as of the dates indicated:

						September 30, 2026																								December 31, 2025
						Less than 12 months												12 months or longer												Less than 12 months												12 months or longer
(in millions)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. Treasury securities						$	226					$	(1)					$	—					$	—					$	—					$	—					$	—					$	—
Corporate debt securities						9						—						—						—						—						—						—						—
ABS						946						(2)						369						(2)						434						(1)						190						(2)
Beneficial Interest in Structured LLC (1)						977						(30)						—						—						—						—						—						—
MBS:
GNMA - Residential						1,262						(29)						2,035						(352)						25						—						2,346						(254)
GNMA - Commercial						—						—						437						(163)						—						—						479						(143)
FHLMC and FNMA - Residential						245						(6)						1,426						(352)						—						—						1,623						(288)
FHLMC and FNMA - Commercial						—						—						76						(2)						—						—						81						—
Total investments in debt securities AFS (2)						$	3,665					$	(68)					$	4,343					$	(871)					$	459					$	(1)					$	4,719					$	(687)

(1) Represents a 20 percent interest in the Structured LLC to hold and service a pool of multi-family loans.

(2) Does not include unallocated fair value hedge basis adjustment.

The following table presents the aggregate amount of unrealized losses on debt securities in the Company’s HTM investment portfolios classified according to the amount of time those securities have been in a continuous loss position as of the dates indicated:

						September 30, 2026																					December 31, 2025
						Less than 12 months												12 months or longer									Less than 12 months												12 months or longer
(in millions)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. Treasury securities						$	1,771					$	(17)					$	—					$	—					$	305					$	—					$	—					$	—
ABS and other interests in structured securities						911						(14)						35						(1)						262						(2)						5						—
MBS:
GNMA - Residential						2,043						(41)						1,637						(490)						74						—						1,858						(402)
GNMA - Commercial						2,658						(128)						3,256						(1,053)						21						(1)						3,588						(887)
FHLMC and FNMA - Residential						2,442						(90)						907						(125)						22						—						1,043						(77)
FHLMC and FNMA - Commercial						846						(31)						—						—						47						—						—						—
Total investments in debt securities HTM						$	10,671					$	(321)					$	5,835					$	(1,669)					$	731					$	(3)					$	6,494					$	(1,366)

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NOTE 2. INVESTMENT SECURITIES (continued)

Allowance for credit-related losses on AFS and HTM securities

As discussed in Note 1 to the Company's Annual Report on Form 10-K for 2025, securities for which management expects risk of nonpayment of the amortized cost basis is zero do not have a reserve. Management has performed a review of securities that do not qualify for the zero credit loss expectation exception and concluded that the unrealized losses are not credit-related. As a result, the Company did not record an allowance for credit-related losses on AFS or HTM securities at September 30, 2026 or December 31, 2025.

Gains (Losses) on Investment and Trading Securities

The realized gains and losses from investment and trading securities were as follows for the periods indicated:

						Three months ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
AFS debt and other securities:
Gross realized gains						$	3					$	—					$	5					$	—
Gross realized losses						(150)						—						(150)						—
Net realized losses on AFS and other securities						$	(147)					$	—					$	(145)					$	—
Total trading securities gains / (losses)						(17)						53						—						115
Total equity securities gains / (losses)						(12)						—						16						—
Securities gains / (losses), net						$	(176)					$	53					$	(129)					$	115

The Company uses the specific identification method to determine the cost of the securities sold and the gain or loss recognized.

Trading Securities

At September 30, 2026 and December 31, 2025, the Company held $17.8 billion and $15.6 billion, respectively, of trading securities. Gains and losses on trading securities are recorded within Securities gains / (losses), net on the Company's Condensed Consolidated Statements of Operations. For the three months and nine months ended September 30, 2026, the Company recognized $249 million and $721 million, respectively, of interest income on trading accounts. For the three months and nine months ended September 30, 2025, the Company recognized $210 million and $567 million, respectively, of interest income on trading accounts. At September 30, 2026 and December 31, 2025, the Company had $17.0 billion and $15.3 billion, respectively, of assets classified as trading securities pledged as collateral to counterparties that have the right to repledge these securities.

Other Investments

Other investments consisted of the following as of the dates indicated:

(in millions)						September 30, 2026						December 31, 2025
FHLB and FRB stock						$	1,067					$	508
LIHTC investments						1,886						1,034
Equity securities (1)						1,034						1,020
Interest-bearing deposits with an affiliate bank (2)						5						5
Total						$	3,992					$	2,567

(1)    Includes $6 million and $4 million of retained interests in structured entities related to off-balance sheet securitizations and $97 million and $23 million of equity securities accounted for at cost less impairment as of September 30, 2026 and December 31, 2025, respectively.

(2)     Interest-bearing deposits include deposits maturing in more than 90 days with Santander affiliates that are not consolidated.

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NOTE 2. INVESTMENT SECURITIES (continued)

The Company's FHLB and FRB stock purchases and redemptions were as follows for the period indicated below. There were no gains or losses associated with these redemptions.

(in millions)						Three months ended September 30, 2026												Nine months ended September 30, 2026
FHLB stock purchased at par						$	392											$	424
FHLB stock redeemed at par						182												264
FRB stock purchased at par						238												254
FRB stock redeemed at par						—												5

The Company's LIHTC investments are accounted for using the proportional amortization method. Equity securities and retained interests in structured entities are generally measured at fair value with changes in fair value recognized in net income. Certain privately held equity investments without a readily determinable fair value are accounted for at cost less impairment under the measurement alternative in ASC 321.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loan and Lease Portfolio Composition

The Company's LHFI are generally reported at their outstanding principal balances net of any cumulative charge-offs, unamortized deferred fees and costs and unamortized premiums or discounts. Certain LHFI are accounted for at fair value under the FVO. Certain loans are pledged as collateral for borrowings, securitizations, or SPEs. These pledged loans totaled $70.1 billion at September 30, 2026 and $50.1 billion at December 31, 2025.

LHFS includes loans the Company has the intent to sell or securitize in an off-balance sheet securitization and loans that the Company no longer intends to hold to maturity or for the foreseeable future. For a discussion on the composition and valuation of LHFS at fair value, see Note 14 to these Condensed Consolidated Financial Statements.

At September 30, 2026 and December 31, 2025, accrued interest receivable on the Company's loans was $833 million and $588 million, respectively.

The following presents the composition of loans and leases HFI by portfolio and by rate type as of the dates indicated:

						September 30, 2026						December 31, 2025
(dollars in millions)						Amount												Amount
Commercial LHFI:
CRE loans						$	22,957											$	8,136
C&I loans						32,173												7,821
Multifamily loans						16,936												9,602
Other commercial						9,908												8,249
Total commercial LHFI						$	81,974											$	33,808
Consumer loans secured by real estate:
Residential mortgages						12,387												4,039
Home equity loans and lines of credit						2,810												1,797
Total consumer loans secured by real estate						$	15,197											$	5,836
Consumer loans not secured by real estate:
RICs and auto loans						44,034												42,736
Personal unsecured loans						506												493
Other consumer						44												18
Total consumer loans						$	59,781											$	49,083
Total LHFI (1)						$	141,755											$	82,891
Fixed rate						$	83,794											$	59,079
Variable rate						57,961												23,812
Total LHFI (1)						$	141,755											$	82,891

(1)     Total LHFI includes unamortized deferred loan fees and origination costs and unamortized purchase premiums, and discounts. These items resulted in a net negative adjustment to the loan balances of $865 million and a positive adjustment of $607 million as of September 30, 2026 and December 31, 2025, respectively. Total LHFI is also shown net of cumulative partial charge offs.

On July 20, 2026, the Company sold approximately $124 million of non-performing auto loans classified as HFS at June 30, 2026 to an unaffiliated third party, resulting in a reduction to the ACL of approximately $31 million ACL release, offset by a loss on sale of loans of approximately $24 million in the second quarter of 2026. On September 24, 2026, the Company sold approximately $294 million of personal unsecured loans to an unaffiliated third party, resulting in a loss on sale of loans of approximately $21 million, offset by a reduction to the ACL of approximately $19 million in the third quarter of 2026.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Portfolio segments and classes

The Company discloses information about the credit quality of its loans and leases at disaggregated levels, specifically defined as “portfolio segments” and “classes,” based on management’s systematic methodology for determining the ACL. The Company utilizes similar categorization compared to the financial statement categorization of loans to model and calculate the ACL and track the credit quality, delinquency and impairment status of the underlying loan populations. In disaggregating its financing receivables portfolio, the Company’s methodology begins with the commercial and consumer portfolio segments.

The commercial portfolio segmentation reflects line of business distinctions. The CRE line of business includes C&I owner-occupied real estate and specialized lending for investment real estate. C&I includes non-real estate-related commercial loans. "Multifamily" represents loans for multifamily residential housing units. “Other commercial” includes loans to global customer relationships in Latin America which are not defined as commercial or consumer for regulatory purposes as well as the Company's CEVF portfolio.

The Company's portfolio classes are substantially the same as its financial statement categorization of loans for consumer loan populations. “Residential mortgages” includes mortgages on residential property, including single family and 1-4 family units. "Home equity loans and lines of credit" include all organic home equity contracts and purchased home equity portfolios. "RICs and auto loans" includes the Company's direct automobile loan portfolios but excludes RV and marine RICs. "Personal unsecured loans" includes personal revolving loans and credit cards. “Other consumer” includes an acquired portfolio of marine RICs and RV contracts.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

ACL Rollforward by Portfolio Segment

The ACL is comprised of the ALLL and the reserve for unfunded lending commitments. The activity in the ACL by portfolio segment was as follows for the periods indicated:

						Three months ended September 30, 2026																		Three months ended September 30, 2025
(in millions)						Commercial						Consumer												Total						Commercial						Consumer						Total
ALLL, beginning of period						$	461					$	5,358											$	5,819					$	523					$	5,834					$	6,357
Day 1 allowance on purchased loans at acquisition (1)						770						86												856						—						—						—
Credit loss expense/(benefit)						70						500												570						(7)						379						372
Charge-offs						(62)						(1,136)												(1,198)						(37)						(1,163)						(1,200)
Recoveries						9						641												650						11						609						620
Charge-offs, net of recoveries						$	(53)					$	(495)											$	(548)					$	(26)					$	(554)					$	(580)
ALLL, end of period						$	1,248					$	5,449											$	6,697					$	490					$	5,659					$	6,149
Reserve for unfunded lending commitments, beginning of period						$	25					$	9											$	34					$	43					$	11					$	54
Credit loss (benefit) on unfunded lending commitments						31						—												31						(3)						(1)						(4)
Reserve for unfunded lending commitments, end of period						$	56					$	9											$	65					$	40					$	10					$	50
Total ACL, end of period						$	1,304					$	5,458											$	6,762					$	530					$	5,669					$	6,199

						Nine months ended September 30, 2026																		Nine months ended September 30, 2025
(in millions)						Commercial						Consumer						Total						Commercial						Consumer						Total
ALLL, beginning of period						$	472					$	5,528					$	6,000					$	566					$	5,996					$	6,562
Day 1 allowance on purchased loans at acquisition (1) (2)						770						125						895						—						—						—
Credit loss expense / (benefit)						93						1,175						1,268						3						1,162						1,165
Charge-offs						(112)						(3,323)						(3,435)						(118)						(3,359)						(3,477)
Recoveries						25						1,944						1,969						39						1,860						1,899
Charge-offs, net of recoveries						$	(87)					$	(1,379)					$	(1,466)					$	(79)					$	(1,499)					$	(1,578)
ALLL, end of period						$	1,248					$	5,449					$	6,697					$	490					$	5,659					$	6,149
Reserve for unfunded lending commitments, beginning of period						$	43					$	10					$	53					$	46					$	2					$	48
Credit loss expense/ (benefit) on unfunded lending commitments						13						(1)						12						(6)						8						2
Reserve for unfunded lending commitments, end of period						$	56					$	9					$	65					$	40					$	10					$	50
Total ACL, end of period						$	1,304					$	5,458					$	6,762					$	530					$	5,669					$	6,199
(1) Purchased loans comprise PSL and PCD loans. (2) Includes Day 1 allowance repurchase of previously securitized loans during the first quarter of 2026.

PCD and PSL Loans

During the nine-month period ended September 30, 2026, the Company completed a clean-up call of an existing off-balance sheet securitization, which resulted in the repurchase of approximately $205 million of gross RICs for which a total reserve of $39 million was recorded at the acquisition date. The clean-up call included the purchase of approximately $23 million in PCD loans for which a reserve of $10 million was recorded at the acquisition date.

In addition, the following table presents the carrying value of PCD and PSL loans resulting from the Webster transaction at acquisition date:

(in millions)						PCD						PSL						Total
UPB (1)						$	2,371					$	55,663					$	58,034
Noncredit discount (premium)						112						1,335						1,447
Amortized cost basis, excluding allowance						2,259						54,328						56,587
ACL at acquisition(1)						323						533						856
Amortized cost basis, net of allowance						1,936						53,795						55,731
(1) UPB and ACL at acquisition do not include amounts charged off by Webster prior to the acquisition of $229 million.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

The credit risk in the Company’s loan portfolios is driven by credit and collateral quality and is affected by borrower-specific and economy-wide factors. In general, there is an inverse relationship between the credit quality of loans and projections of impairment losses, so that loans with better credit quality require a lower expected loss reserve. The Company manages this risk through its underwriting, pricing strategies, credit policy standards, and servicing guidelines and practices, as well as the application of geographic and other concentration limits.

The Company estimates CECL based on prospective information as well as account-level models based on historical data. Unemployment, HPI, CRE price index and used vehicle index growth rates, along with loan level characteristics, are the key inputs used in the models for prediction of the likelihood that the borrower will default in the forecasted period (the PD) and the loss in the event of default (the LGD). GDP is also a key input used in the models for the prediction of the likelihood that a borrower will default. The Company has determined the reasonable and supportable period to be three years, at which time the economic forecasts generally tend to revert to historical averages. The Company also utilizes qualitative adjustments to capture any additional risks that may not be captured in either the economic forecasts or in the historical data, including consideration of several factors such as the interpretation of economic trends and uncertainties, changes in the nature and volume of loan portfolios, trends in delinquency and collateral values, and concentration risk.

The Company generally uses a third-party vendor's consensus baseline macroeconomic scenario for the quantitative estimate and additional positive and negative macroeconomic scenarios to make qualitative adjustments for macroeconomic uncertainty and considers adjustments to macroeconomic inputs and outputs based on market volatility. The baseline scenario was based on the latest consensus forecasts available, which assume an increasing unemployment rate (which is a key driver of losses) and other macroeconomic uncertainties due to tariffs and other trade policies of the U.S. and its global trading partners. Additional downward risks continue to exist due to uncertainties related to increasing consumer indebtedness, restricted job growth undermining consumer spending and growth, broader global trade dynamics, ongoing geopolitical tensions and conflicts that may affect economic activity, consumer confidence, financial markets and energy prices and inflationary challenges. The Company's scenario framework incorporates a range of economic outcomes, including downside scenarios, to capture uncertainty associated with evolving macroeconomic and geopolitical conditions. Using the weighted average of a range of economic forecast scenarios, we estimated at September 30, 2026 that the unemployment rate is expected to be approximately 4.6% at the end of 2026. In comparison, at December 31, 2025, management estimated the unemployment rate to be 5.5% at the end of 2026. Additionally, the weighted used vehicle index, where a higher number corresponds to a higher used car price at auction, was estimated at September 30, 2026 to be approximately 211 at the end of 2026, compared to our estimate at December 31, 2025 to be approximately 215 at the end of 2026. The scenarios used by the Company are periodically reassessed over a reasonable and supportable time horizon, with weightings assigned by management and approved through the established governance process.

The Company's ACL was $6.8 billion at September 30, 2026, a net increase of $709 million from December 31, 2025. The increase in the ACL was primarily attributable to the acquisition of Webster as disclosed in Note 1. The ACL for the consumer portfolio segment decreased by $80 million primarily attributable to changes in portfolio composition in RIC and auto loans and lower exposure in the personal unsecured portfolio. The ACL for the commercial portfolio segment increased by $789 million at September 30, 2026, compared to December 31, 2025 mainly due to acquisition of Webster.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Non-accrual loans by Class of Financing Receivable

The amortized cost basis of financing receivables that are non-accrual and other non-performing assets disaggregated by class of financing receivables (as well as the amount of non-accrual loans for which no related allowance is recorded) are as follows at the dates indicated:

						Non-accrual loans and other non-performing assets as of:(1)												Non-accrual loans with no related allowance
(in millions)						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
Non-accrual loans:
Commercial:
CRE						$	330					$	188					$	144					$	79
C&I						517						48						87						26
Multifamily						507						310						245						89
Other commercial						6						4						—						—
Total commercial loans						$	1,360					$	550					$	476					$	194
Consumer:
Residential mortgages						65						59						10						1
Home equity loans and lines of credit						57						57						18						11
RICs and auto loans						2,364						2,683						170						168
Other consumer						8						19						—						—
Total consumer loans						$	2,494					$	2,818					$	198					$	180
Total non-accrual loans						$	3,854					$	3,368					$	674					$	374
OREO						22						42						—						—
Repossessed vehicles						241						250						—						—
Foreclosed and other repossessed assets						2						1						—						—
Total OREO and other repossessed assets						$	265					$	293					$	—					$	—
Total non-performing assets						$	4,119					$	3,661					$	674					$	374
(1) Interest income recognized on a cash basis on nonaccrual loans was $81 million and $248 million for the three months and nine months ended September 30, 2026, respectively, and $77 million and $212 million for the three months and nine months ended September 30, 2025, respectively.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Age Analysis of Past Due Loans

The Company generally considers an account delinquent when an obligor fails to pay substantially all (defined as 90%) of the scheduled payment by the due date. When an account is deferred, the loan is returned to accrual status during the deferral period and accrued interest related to the loan is evaluated for collectability.

The amortized cost of past due loans and accruing loans 90 days or greater past due disaggregated by class of financing receivables is summarized as follows at the dates indicated:

As of:						September 30, 2026
(in millions)						30-89 Days Past Due						90 Days or Greater						Total Past Due						Current						Total Financing Receivables						Amortized Cost > 90 Days and Accruing
Commercial:
CRE (1)						$	182					$	185					$	367					$	22,915					$	23,282					$	—
C&I (2)						62						155						217						32,103						32,320						—
Multifamily(4)						80						252						332						16,619						16,951						—
Other commercial						40						7						47						9,861						9,908						3
Consumer:
Residential mortgages (3)						105						61						166						13,707						13,873						—
Home equity loans and lines of credit						31						45						76						2,734						2,810						—
RICs and auto loans						5,780						528						6,308						37,726						44,034						—
Personal unsecured loans						10						9						19						487						506						8
Other consumer						3						—						3						41						44						—
Total						$	6,293					$	1,242					$	7,535					$	136,193					$	143,728					$	11

(1) CRE loans include $325 million of LHFS at September 30, 2026.

(2) C&I loans include $147 million of LHFS at September 30, 2026.

(3) Residential mortgages include $1.5 billion of LHFS at September 30, 2026.

(4) Multifamily loans include $15 million of LHFS at September 30, 2026.

As of:						December 31, 2025
(in millions)						30-89 Days Past Due						90 Days or Greater						Total Past Due						Current						Total Financing Receivables						Recorded Investment > 90 Days and Accruing
Commercial:
CRE(1)						$	53					$	107					$	160					$	8,208					$	8,368					$	—
C&I (2)						64						13						77						7,885						7,962						—
Multifamily						74						159						233						9,369						9,602						—
Other commercial						66						3						69						8,180						8,249						—
Consumer:
Residential mortgages (3)						78						59						137						5,115						5,252						—
Home equity loans and lines of credit						28						46						74						1,723						1,797						—
RICs and auto loans						6,072						673						6,745						35,991						42,736						—
Personal unsecured loans						22						18						40						452						492						9
Other consumer						1						—						1						18						19						—
Total						$	6,458					$	1,078					$	7,536					$	76,941					$	84,477					$	9

(1)CRE loans include $232 million of LHFS at December 31, 2025.

(2)C&I loans included $141 million of LHFS at December 31, 2025.

(3) Residential mortgages included $1.2 billion of LHFS at December 31, 2025.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Commercial Lending Asset Quality Indicators

The Company's Risk Department performs a credit analysis and classifies certain loans over an internal threshold based on the commercial lending classifications described below:

PASS. Asset is well-protected by the current net worth and paying capacity of the obligor or guarantors, if any, or by the fair value less costs to acquire and sell any underlying collateral in a timely manner.

SPECIAL MENTION. Asset has potential weaknesses that deserve management’s close attention, which, if left uncorrected, may result in deterioration of the repayment prospects for an asset at some future date. Special mention assets are not adversely classified.

SUBSTANDARD. Asset is inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. A well-defined weakness or weaknesses exist that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected.

DOUBTFUL. Exhibits the inherent weaknesses of a substandard credit. Additional characteristics exist that make collection or liquidation in full highly questionable and improbable, on the basis of currently known facts, conditions and values. Possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the credit, an estimated loss cannot yet be determined.

LOSS. Credit is considered uncollectible and of such little value that it does not warrant consideration as an active asset. There may be some recovery or salvage value, but there is doubt as to whether, how much or when the recovery would occur.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Each commercial loan is evaluated to determine its risk rating at least annually. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. Amortized cost basis of loans in the commercial portfolio segment by credit quality indicator, class of financing receivable, and year of origination are summarized as follows:

September 30, 2026						Commercial Loan Portfolio (2)
(dollars in millions)						Amortized Cost by Origination Year
Regulatory Rating:						2026(1)						2025						2024						2023						2022						Prior						Total
CRE
Pass						$	3,485					$	4,003					$	3,118					$	2,506					$	3,032					$	4,763					$	20,907
Special mention						76						22						64						176						494						37						869
Substandard						1						12						55						190						509						739						1,506
Total CRE						$	3,562					$	4,037					$	3,237					$	2,872					$	4,035					$	5,539					$	23,282
Current period gross write-offs - CRE						$	—					$	—					$	—					$	2					$	—					$	3					$	5
C&I
Pass						$	9,490					$	5,640					$	3,863					$	2,183					$	2,416					$	5,532					$	29,124
Special mention						6						46						46						61						189						220						568
Substandard						33						124						127						254						651						673						1,862
N/A(3)						165						273						189						78						48						13						766
Total C&I						$	9,694					$	6,083					$	4,225					$	2,576					$	3,304					$	6,438					$	32,320
Current period gross write-offs - C&I						$	1					$	8					$	12					$	7					$	8					$	20					$	56
Multifamily
Pass						$	1,892					$	1,549					$	663					$	1,598					$	3,756					$	5,438					$	14,896
Special mention						—						54						33						77						114						114						392
Substandard						—						14						2						261						617						769						1,663
Total multifamily						$	1,892					$	1,617					$	698					$	1,936					$	4,487					$	6,321					$	16,951
Current period gross write-offs - Multifamily						$	—					$	—					$	—					$	8					$	—					$	37					$	45
Remaining commercial
Pass						$	4,263					$	2,144					$	1,293					$	603					$	582					$	949					$	9,834
Special mention						—						6						11						6						2						1						26
Substandard						3						8						3						10						18						6						48
Total remaining commercial						$	4,266					$	2,158					$	1,307					$	619					$	602					$	956					$	9,908
Current period gross write-offs - Remaining commercial						$	—					$	—					$	—					$	—					$	—					$	6					$	6
Total commercial loans
Pass						$	19,130					$	13,336					$	8,937					$	6,890					$	9,786					$	16,682					$	74,761
Special mention						82						128						154						320						799						372						1,855
Substandard						37						158						187						715						1,795						2,187						5,079
N/A(3)						165						273						189						78						48						13						766
Total commercial loans						$	19,414					$	13,895					$	9,467					$	8,003					$	12,428					$	19,254					$	82,461
Current period gross write-offs - Total commercial						$	1					$	8					$	12					$	17					$	8					$	66					$	112

(1)Loans originated during the nine months ended September 30, 2026.

(2)Includes $487 million of LHFS at September 30, 2026.

(3)Not subject to internal risk rating process.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

December 31, 2025						Commercial Loan Portfolio (2)
(dollars in millions)						Amortized Cost by Origination Year
Regulatory Rating:						2025(1)						2024						2023						2022						2021						Prior						Total
CRE
Pass						$	593					$	1,033					$	1,292					$	1,602					$	513					$	1,168					$	6,201
Special mention						10						—						157						770						193						199						1,329
Substandard						—						—						28						387						102						289						806
Doubtful						—						—						—						—						—						32						32
Total CRE						$	603					$	1,033					$	1,477					$	2,759					$	808					$	1,688					$	8,368
Current period gross write-offs - CRE						$	—					$	—					$	—					$	—					$	9					$	49					$	58
C&I
Pass						$	777					$	903					$	465					$	1,031					$	556					$	2,335					$	6,067
Special mention						64						20						90						42						99						168						483
Substandard						—						45						68						109						77						255						554
N/A(3)						352						262						119						90						30						5						858
Total C&I						$	1,193					$	1,230					$	742					$	1,272					$	762					$	2,763					$	7,962
Current period gross write-offs - C&I						$	3					$	14					$	13					$	14					$	5					$	15					$	64
Multifamily
Pass						$	832					$	63					$	488					$	2,944					$	1,385					$	2,299					$	8,011
Special mention						—						—						139						126						61						127						453
Substandard						—						—						120						411						223						384						1,138
Total multifamily						$	832					$	63					$	747					$	3,481					$	1,669					$	2,810					$	9,602
Current period gross write-offs - Multifamily						$	—					$	—					$	—					$	3					$	1					$	11					$	15
Remaining commercial
Pass						$	4,278					$	1,341					$	788					$	625					$	341					$	872					$	8,245
Substandard						—						1						—						1						1						1						4
Total remaining commercial						$	4,278					$	1,342					$	788					$	626					$	342					$	873					$	8,249
Current period gross write-offs - Remaining commercial						$	—					$	—					$	—					$	—					$	—					$	7					$	7
Total commercial loans
Pass						$	6,480					$	3,340					$	3,033					$	6,202					$	2,795					$	6,674					$	28,524
Special mention						74						20						386						938						353						494						2,265
Substandard						—						46						216						908						403						929						2,502
Doubtful						—						—						—						—						—						32						32
N/A(3)						352						262						119						90						30						5						858
Total commercial loans						$	6,906					$	3,668					$	3,754					$	8,138					$	3,581					$	8,134					$	34,181
Current period gross write-offs - Total commercial						$	3					$	14					$	13					$	17					$	15					$	82					$	144

(1)Loans originated during the year ended December 31, 2025.

(2)Includes $373 million of LHFS at December 31, 2025.

(3)Not subject to internal risk rating process.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Consumer Lending Asset Quality Indicators-Credit Score

Consumer financing receivables for which either an internal or external credit score is a core component of the allowance model are summarized by credit score determined at origination as follows:

RICs and Auto Loans

As of September 30, 2026						RICs and auto loans
(dollars in millions)						Amortized Cost by Origination Year (3)
Credit Score Range						2026(1)						2025						2024						2023						2022						Prior						Total			Percent
No FICO (2)						$	1,187					$	846					$	500					$	215					$	137					$	52					$	2,937		6.7		%
<600						5,854						4,947						2,991						1,578						892						424						16,686			37.8		%
600-639						2,452						2,380						1,684						903						536						194						8,149			18.5		%
640-679						1,369						1,370						1,193						570						340						114						4,956			11.3		%
680-719						940						822						802						425						233						119						3,341			7.6		%
720-759						580						458						524						277						169						109						2,117			4.8		%
>=760						2,514						1,073						1,249						430						333						249						5,848			13.3		%
Total						$	14,896					$	11,896					$	8,943					$	4,398					$	2,640					$	1,261					$	44,034		100.0		%
Current period gross write-offs - RICs and auto loans						$	156					$	1,095					$	951					$	573					$	325					$	162					$	3,262

(1)    Loans originated during the nine months ended September 30, 2026.

(2)     Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model.

(3)    Excludes LHFS.

As of December 31, 2025						RICs and auto loans
(dollars in millions)						Amortized Cost by Origination Year (3)
Credit Score Range						2025(1)						2024						2023						2022						2021						Prior						Total			Percent
No FICO (2)						$	1,295					$	787					$	338					$	238					$	88					$	44					$	2,790		6.5		%
<600						6,495						4,231						2,372						1,493						614						348						15,553			36.4		%
600-639						3,189						2,411						1,374						900						303						126						8,303			19.4		%
640-679						1,867						1,711						864						571						176						70						5,259			12.3		%
680-719						1,130						1,148						645						395						172						85						3,575			8.4		%
720-759						616						739						418						293						166						75						2,307			5.4		%
>=760						1,364						1,707						666						616						436						160						4,949			11.6		%
Total						$	15,956					$	12,734					$	6,677					$	4,506					$	1,955					$	908					$	42,736		100.0		%
Current period gross write-offs - RICs and auto loans						$	436					$	1,606					$	1,143					$	776					$	271					$	164					$	4,396

(1)    Loans originated during the year ended December 31, 2025.

(2)     Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model.

(3)    Excludes LHFS.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Personal Unsecured Loans

As of September 30, 2026						Personal Unsecured loans
(dollars in millions)						Amortized Cost by Origination Year(3)
Credit Score Range						2026(1)						2025						2024						2023						2022						Prior						Total			Percent
No FICO (2)						$	24					$	3					$	4					$	1					$	—					$	2					$	34		6.7		%
<600						—						—						—						—						—						4						4			0.8		%
600-639						1						1						1						1						1						4						9			1.8		%
640-679						3						4						4						5						5						28						49			9.7		%
680-719						6						11						11						14						12						59						113			22.3		%
720-759						10						15						13						15						16						60						129			25.5		%
>=760						18						22						17						16						16						79						168			33.2		%
Total						$	62					$	56					$	50					$	52					$	50					$	236					$	506		100.0		%
Current period gross write-offs - personal unsecured loans						$	—					$	7					$	13					$	13					$	7					$	10					$	50

(1)    Loans originated during the nine months ended September 30, 2026.

(2)     Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model.

(3)    Excludes LHFS.

As of December 31, 2025						Personal Unsecured loans
(dollars in millions)						Amortized Cost by Origination Year(3)
Credit Score Range						2025(1)						2024						2023						2022						2021						Prior						Total			Percent
No FICO (2)						$	13					$	—					$	—					$	—					$	—					$	—					$	13		2.6		%
<600						—						—						—						—						—						3						3			0.6		%
600-639						1						1						1						1						—						5						9			1.8		%
640-679						3						5						7						7						2						27						51			10.4		%
680-719						11						16						20						16						5						57						125			25.4		%
720-759						16						17						21						22						7						57						140			28.5		%
>=760						26						20						17						19						7						62						151			30.6		%
Total						$	70					$	59					$	66					$	65					$	21					$	211					$	492		100.0		%
Current period gross write-offs - personal unsecured loans						$	7					$	38					$	68					$	31					$	6					$	15					$	165

(1)    Loans originated during the year ended December 31, 2025.

(2)     Consists primarily of loans for which credit scores are not available or are not considered in the ALLL model.

(3)    Excludes LHFS.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Consumer Lending Asset Quality Indicators-FICO and LTV Ratio

For both residential and home equity loans, loss severity assumptions are incorporated in the loan and lease loss reserve models to estimate loan balances that will ultimately charge off. These assumptions are based on recent loss experience within various current LTV bands within these portfolios. LTVs are refreshed quarterly by applying Federal Housing Finance Agency Home price index changes at a state-by-state level to the last known appraised value of the property to estimate the current LTV. The Company's CECL loss calculation incorporates the refreshed LTV information to update the distribution of defaulted loans by LTV as well as the associated LGD for each LTV band. Reappraisals on a recurring basis at the individual property level are not considered cost-effective or necessary; however, reappraisals are performed on certain higher risk accounts to support line management activities, default servicing decisions, or when other situations arise for which, the Company believes the additional expense is warranted.

FICO scores are refreshed quarterly, where possible. The indicators disclosed represent the credit scores for loans as of the date presented based on the most recent assessment performed.

Residential mortgage and home equity financing receivables by LTV and FICO range are summarized as follows:

As of September 30, 2026						Amortized Cost by Origination Year (3)
(in millions)
Residential mortgages						2026			2025			2024			2023			2022			Prior						Grand Total						Revolving Loans
LTV ratios (2)
No LTV available (1)						$	—		$	—		$	—		$	5		$	74		$	252					$	331					$	—
<= 70%						176			362			199			85			500			4,729						6,051						—
70.01% - 110%						587			1,024			719			420			1,097			2,157						6,004						—
Greater than 110%						—			—			—			—			—			1						1						—
Total residential mortgages						$	763		$	1,386		$	918		$	510		$	1,671		$	7,139					$	12,387					$	—
FICO scores
No FICO score available						$	—		$	—		$	—		$	5		$	74		$	251					$	330					$	—
<600						—			—			—			—			12			174						186						—
600-679						2			4			2			4			28			384						424						—
680-759						201			331			248			157			521			2,075						3,533						—
>=760						560			1,051			668			344			1,036			4,255						7,914						—
Total residential mortgages						$	763		$	1,386		$	918		$	510		$	1,671		$	7,139					$	12,387					$	—
Current period gross write-offs - residential mortgages						$	—		$	—		$	—		$	—		$	—		$	2					$	2
Home equity
LTV ratios
No LTV available (1)						$	1		$	3		$	2		$	3		$	3		$	89					$	101					$	69
<= 70%						62			92			75			81			127			1,762						2,199						1,933
70.01% - 110%						19			40			34			43			87			284						507						408
Greater than 110%						—			—			—			—			—			3						3						3
Total home equity						$	82		$	135		$	111		$	127		$	217		$	2,138					$	2,810					$	2,413
FICO scores
No FICO score available						$	—		$	1		$	—		$	—		$	1		$	41					$	43					$	25
<600						—			—			—			—			1			109						110						98
600-679						3			5			6			6			7			220						247						218
680-759						29			48			46			49			75			694						941						797
>=760						50			81			59			72			133			1,074						1,469						1,275
Total home equity						$	82		$	135		$	111		$	127		$	217		$	2,138					$	2,810					$	2,413
Current period gross write-offs - home equity						$	—		$	—		$	—		$	—		$	—		$	6					$	6

(1) Balances in the "No LTV available" or "No FICO score available" ranges primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable.

(2) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company.

(3) Excludes LHFS.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

As of December 31, 2025						Amortized Cost by Origination Year (4)
(in millions)
Residential mortgages						2025(1)			2024(1)			2023(1)			2022			2021			Prior						Grand Total						Revolving Loans
LTV ratios (2)
No LTV available (1)						$	—		$	—		$	—		$	—		$	—		$	2					$	2					$	—
<= 70%						—			—			—			214			970			2,824						4,008						—
70.01% - 110%						—			—			—			27			—			2						29						—
Greater than 110%						—			—			—			—			—			—						—						—
Total residential mortgages						$	—		$	—		$	—		$	241		$	970		$	2,828					$	4,039					$	—
No FICO score available						$	—		$	—		$	—		$	—		$	—		$	2					$	2					$	—
<600						—			—			—			12			23			153						188						—
600-679						—			—			—			22			48			217						287						—
680-759						—			—			—			58			198			689						945						—
>=760						—			—			—			149			701			1,767						2,617						—
Total residential mortgages						$	—		$	—		$	—		$	241		$	970		$	2,828					$	4,039					$	—
Current period gross write-offs - residential mortgages						$	—		$	—		$	—		$	—		$	—		$	—					$	—
Home equity
LTV ratios
No LTV available (1)						$	—		$	—		$	—		$	1		$	3		$	44					$	48					$	30
<= 70%						—			—			—			37			144			1,561						1,742						1,681
70.01% - 110%						—			—			—			3			1			2						6						5
Greater than 110%						—			—			—			—			—			1						1						1
Total home equity						$	—		$	—		$	—		$	41		$	148		$	1,608					$	1,797					$	1,717
FICO scores
No FICO score available						$	—		$	—		$	—		$	—		$	2		$	42					$	44					$	26
<600						—			—			—			1			7			123						131						114
600-679						—			—			—			3			12			188						203						189
680-759						—			—			—			13			47			492						552						539
>=760						—			—			—			24			80			763						867						849
Total home equity						$	—		$	—		$	—		$	41		$	148		$	1,608					$	1,797					$	1,717
Current period gross write-offs - home equity						$	—		$	—		$	—		$	—		$	—		$	2					$	2

(1) Prior to the acquisition of Webster, the Company ceased origination of new residential mortgage and home equity loans in 2022.

(2) Balances in the "No LTV available" or "No FICO score available" ranges primarily represent loans serviced by others, in run-off portfolios or for which a current LTV or FICO score is unavailable.

(3) The ALLL model considers LTV for financing receivables in first lien position and CLTV for financing receivables in second lien position for the Company.

(4) Excludes LHFS.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Loan Modifications

Occasionally the Company modifies loans to customers in financial difficulty by providing term extensions, payment deferrals, and interest rate reductions. When a loan is modified, the related unamortized net fees and costs and any prepayment penalties are carried forward and any fees received, and direct loan origination costs associated with the refinancing or restructuring, are deferred. Additionally, the EIR is recalculated based upon the amortized cost basis of the modified loan and its revised contractual cash flows.

All of the Company’s commercial loan modifications are based on the circumstances of the individual customer, including specific customers' complete relationship with the Company. Loan terms are modified to meet each borrower’s specific circumstances at a point in time and may allow for modifications such as term extensions, covenant waivers, payment holidays and interest rate reductions. Commercial loan modifications are generally restructured to allow for an upgraded risk rating and return to accrual status after a sustained period of payment performance has been achieved (typically 12 months for monthly payment schedules). The financial effect of modifications made to commercial loan borrowers through our deferral program is the addition of deferred amounts to the end of the original loan term.

The primary modification program for the Company’s residential mortgage and home equity portfolios is a proprietary program designed to keep customers in their homes and, when appropriate, prevent them from entering into foreclosure. The program is available to all customers facing a financial hardship regardless of their delinquency status. The main goal of the modification program is to review the customer’s entire financial condition to ensure that the proposed modified payment solution is affordable according to a specific DTI ratio range. The main modification benefits of the program allow for term extensions, interest rate reductions, and/or deferment of principal. The Company reviews each customer on a case-by-case basis to determine which benefit or combination of benefits will be offered to achieve the target DTI range.

For RICs and auto loans, the Company at times offers deferrals under which the consumer is allowed to defer a maximum of three payments per event to the end of the loan. We limit the frequency of each new deferral that may be granted to one deferral after completion of at least eight payments from origination and eight payments between each extension. The maximum number of months extended for the life of the loan for all automobile RICs is eight for non-natural disaster extensions and twelve for natural disaster extensions. Some marine and RV contracts also have a maximum of twelve months' extension to reflect their longer terms. Additionally, we generally limit the granting of deferrals on new accounts until a requisite number of payments has been received. During the deferral period, we continue to accrue and collect interest on the loan in accordance with the terms of the deferral agreement. Some auto loan modifications include a reduction of the interest rate and may include an extension of term to eligible borrowers at risk of default and repossession of the financed vehicle. The financial effect of RIC and auto loan modifications made through our deferral program is that it allows customers to defer payments for up to eight months over the life of the loan and the deferred payments are added to the end of the original loan term. All other modification types, which may include interest rate reductions and maturity date extensions of up to 36 months beyond the current maturity date, result in a reduction of the monthly payment.

When estimating the ACL, the Company uses a statistical methodology based on an expected credit loss approach that focuses on forecasting the expected credit loss components (i.e., PD, payoff, LGD and EAD) on a loan level basis to estimate the expected future lifetime losses. This methodology generally does not change when loans are modified. However, the Company monitors credit quality indicators and delinquency, and adjusts the allowance as those factors change. The Company generally uses a DCF approach for large impaired commercial loans. For all collateral-dependent loans, the Company measures the ACL as the difference between the asset’s amortized cost basis and the fair value of the underlying collateral as of the reporting date, adjusted for expected costs to sell. Refer to Note 1 to the Company's Annual Report on Form 10-K for 2025 for more information on the ACL.

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

The following table shows the amortized cost basis at the end of the reporting period for loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification granted.

			Amortized Cost
			Three months ended																								Three months ended
			September 30, 2026																								September 30, 2025
(dollars in millions):			Payment Deferral Only						All Other Modifications						Total						% of Total Class of Financing Receivable						Payment Deferral Only						All Other Modifications						Total						% of Total Class of Financing Receivable
Commercial:
CRE			$	420					$	—					$	420					1.80		%				$	278					$	54					$	332					3.80		%
C&I			111						316						427						1.32		%				16						11						27						0.35		%
Multifamily			65						17						82						0.48		%				117						68						185						1.86		%
Consumer:
Residential mortgages			—						1						1						0.01		%				—						2						2						0.02		%
Home equity loans and lines of credit			—						—						—						—		%				—						1						1						0.05		%
RICs and auto loans			410						38						448						1.02		%				406						42						448						1.04		%
Total			$	1,006					$	372					$	1,378					0.96		%				$	817					$	178					$	995					1.15		%
			Amortized Cost
			Nine months ended																								Nine months ended
			September 30, 2026																								September 30, 2025
(dollars in millions):			Payment Deferral Only						All Other Modifications						Total						% of Total Class of Financing Receivable						Payment Deferral Only						All Other Modifications						Total						% of Total Class of Financing Receivable
Commercial:
CRE			$	974					$	189					$	1,163					5.00		%				$	671					$	160					$	831					9.51		%
C&I			112						356						468						1.45		%				24						29						53						0.67		%
Multifamily			244						55						299						1.76		%				142						74						216						2.17		%
Consumer:
Residential mortgages			—						7						7						0.05		%				—						2						2						0.03		%
Home equity loans and lines of credit			—						3						3						0.11		%				—						2						2						0.12		%
RICs and auto loans			1,040						86						1,126						2.56		%				913						86						999						2.33		%
Total			$	2,370					$	696					$	3,066					2.13		%				$	1,750					$	353					$	2,103					2.44		%

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NOTE 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES (continued)

Performance of Modified Loans

The Company monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the 12- month period prior to period-end:

			Amortized Cost																		Amortized Cost
			As of September 30, 2026																		As of September 30, 2025
(in millions)			Current						30-89 DPD						90+ DPD						Current						30-89 DPD						90+ DPD
Commercial:
CRE			$	1,252					$	—					$	34					$	880					$	—					$	83
C&I			442						7						20						142						2						14
Multifamily			314						45						18						216						12						—
Consumer:
Residential mortgages			7						2						1						1						—						—
Home equity loans and lines of credit			2						—						1						2						—						1
RICs and auto loans			917						502						48						880						434						43
Total			$	2,934					$	556					$	122					$	2,121					$	448					$	141

Payment Defaults Which Have Had a Prior Modification

A modified loan is generally considered to have subsequently defaulted if, after modification, the loan becomes 90 DPD. For RICs, a modified loan is considered to have subsequently defaulted after modification at the earlier of the date of repossession or 120 DPD. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. See Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for 2025 for more information on the Company's charge-off policy. The following table provides the amortized cost basis of financing receivables that had a payment default during the period and were modified in the 12-month period prior to default due to the borrower's financial difficulty:

			Amortized Cost																								Amortized Cost
			Three months ended																								Nine months ended
			September 30, 2026												September 30, 2025												September 30, 2026												September 30, 2025
			Payment deferral						All other modification types						Payment deferral						All other modification types						Payment deferral						All other modification types						Payment deferral						All other modification types
(in millions)
Commercial:
CRE			$	—					$	11					$	46					$	—					$	—					$	11					$	46					$	—
C&I			—						—						—						13						1						—						8						14
Multi-family			3						—						—						—						24						—						—						—
Consumer:
Residential mortgages			—						2						—						—						—						4						—						—
Home equity loans and lines of credit			—						—						—						—						—						1						—						—
RICs and auto loans			82						1						63						1						223						3						185						3
Total			$	85					$	14					$	109					$	14					$	248					$	19					$	239					$	17

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NOTE 4. OPERATING LEASE ASSETS, NET

The Company's Operating lease assets, net consisted of the following as of the periods indicated:

(in millions)						September 30, 2026						December 31, 2025
Basis in leased vehicles (1)						$	8,046					$	11,155
Less: accumulated depreciation						(2,212)						(2,798)
Leased vehicles, net						$	5,834					$	8,357
(1) Represents the basis in leased vehicles where the Company is the lessor. Unaccreted manufacturers subvention payments and unamortized origination and other costs are treated as a reduction to this basis.

The following table summarizes the future minimum rental payments due to the Company as lessor under operating leases as of September 30, 2026:

						(in millions)
2026						$	267
2027						582
2028						197
2029						46
2030						—
Total						$	1,092

NOTE 5. GOODWILL AND OTHER INTANGIBLES

Goodwill

Goodwill is assigned to reporting units, which are operating segments or one level below an operating segment, as of the acquisition date. The Company implemented changes to its organizational structure and internal reporting framework, as further discussed in Note 19 to these Condensed Consolidated Financial Statements.

As discussed further in Note 1 and Note 19 to these Condensed Consolidated Financial Statements, during the third quarter of 2026, Santander completed the acquisition of Webster. The Company recognized preliminary goodwill of approximately $6.5 billion in the transaction. The goodwill recognized is primarily attributable to expanded market presence, expected synergies, operational efficiencies, revenue opportunities, and other strategic benefits, none of which qualify for separate recognition as identifiable intangible assets. The goodwill has been assigned to the Company's reportable segments based upon a preliminary valuation. The estimates and assumptions are subject to change within the measurement period as additional information is obtained.

The following table presents the balance and activity of the Company's goodwill by its reportable segments, except as noted below, for the periods indicated:

(in millions)						Auto						CBB																																				Commercial Banking (1)						CIB																														Total
Goodwill at December 31, 2025						$	1,239					$	159																																			$	1,067					$	302																													$	2,767
Additions during the period (2)						—						1,500																																				4,978						—																														6,478
Goodwill at September 30, 2026						$	1,239					$	1,659																																			$	6,045					$	302																													$	9,245
(1) Includes $52 million assigned to C&I and $1.0 billion assigned to CRE at December 31, 2025.
(2) Reflects the allocation of the excess of Santander's purchase price over the estimated fair value of net assets acquired from Webster and contributed to SHUSA based on preliminary valuation. Refer to Note 1 to these Condensed Consolidated Financial Statements for additional information.

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NOTE 5. GOODWILL AND OTHER INTANGIBLES (continued)

The Company evaluates goodwill for impairment at the reporting unit level. The Company completes its annual goodwill impairment test as of October 1, using generally accepted valuation methods. The 2026 annual impairment assessment is currently in process and had not been completed as of the filing date of this Form 10-Q.

Other Intangible Assets

The following table details amounts related to the Company's intangible assets for the dates indicated:

						September 30, 2026												December 31, 2025
(in millions)						Net Carrying Amount						Accumulated Amortization						Net Carrying Amount						Accumulated Amortization
Intangible assets subject to amortization:
CDI						$	2,150					$	(42)					$	—					$	—
Dealer networks						172						(298)						190						(280)
Stellantis relationship NV						—						—						—						(139)
Customer relationships and other intangibles						79						(67)						24						(60)
Total intangible assets subject to amortization						$	2,401					$	(407)					$	214					$	(479)
Indefinite-lived intangible assets:
Trade names						10						—						—						—
Total Other intangible assets						$	2,411					$	(407)					$	214					$	(479)

Information regarding the intangible assets acquired in connection with the contribution of Webster to SHUSA, (primarily CDI, customer relationships and trade names) including their preliminary fair values and estimated useful lives, is included in Note 1 to these Condensed Consolidated Financial Statements.

At September 30, 2026 and December 31, 2025, the Company's goodwill and trade names were not subject to amortization.

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NOTE 6. OTHER ASSETS

The following is a detail of items that comprised Other assets at the periods indicated:

(in millions)						September 30, 2026						December 31, 2025
BOLI						$	3,376					$	2,056
Derivative assets at fair value						1,741						672
Accrued interest receivable						1,191						824
Capital markets receivables						808						276
Deferred tax assets						801						380
Equity method investments						793						437
Operating lease ROU assets						574						415
Income tax receivables						487						395
Other real estate owned and other repossessed assets						265						293
Prepaid expense						257						126
MSRs						83						80
Miscellaneous assets and receivables						2,422						815
Total Other assets						$	12,798					$	6,769

Other assets is comprised of:

•BOLI - Represents the cash surrender value of life insurance policies owned by the Company on certain current and former employees.

•Derivative assets at fair value - Refer to the "Offsetting of Financial Assets" table in Note 13 to these Condensed Consolidated Financial Statements for the detail of these amounts.

•Accrued interest receivable - Includes accrued interest receivable on the Company's investments, loans, and other interest-earning portfolios.

•Capital markets receivables includes receivables from broker dealers, financial institutions, clearing organizations, customers and other receivables associated with capital markets activities.

•Deferred tax asset - Refer to Note 16 of these Condensed Consolidated Financial Statements for more information on tax-related activities.

•Equity method investments - The Company makes certain equity investments in various limited partnerships, some of which are considered VIEs, that invest in and lend to renewable energy projects and qualified community development entities, such as CRA programs, and other investments that are not renewables or CRAs. The Company acts only in a limited partner capacity in connection with these partnerships, so the Company has determined that it is not the primary beneficiary of the partnerships because it does not have the power to direct the activities of the partnerships that most significantly impact the partnerships' economic performance. This also includes the Company's investment in partnerships that are measured at their net asset value.

•Income tax receivables - Refer to Note 16 of these Condensed Consolidated Financial Statements for more information on tax-related activities.

•OREO and other repossessed assets includes property and vehicles recovered through foreclosure and repossession.

•Prepaid expense includes advanced payments for cloud-based hosting, prepaid taxes, and outside services.

•MSRs - See further discussion on the valuation of the MSRs in Note 14.

•Miscellaneous assets and receivables includes investment receivables, Subvention receivables, derivatives trading receivables, and unapplied payments.

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NOTE 7. VIEs

The Company transfers RICs and vehicle leases into newly-formed Trusts that then issue one or more classes of notes payable backed by the collateral. The Company’s continuing involvement with these Trusts is in the form of servicing the assets and, generally, through holding residual interests in the Trusts. The Trusts are considered VIEs under GAAP, and the Company may or may not consolidate these VIEs on its Condensed Consolidated Balance Sheets.

The collateral and borrowings under credit facilities and securitization notes payable of the Company’s consolidated VIEs remain on the Condensed Consolidated Balance Sheets. The Company recognizes finance charges, fee income, and provisions for credit losses on the RICs, and leased vehicles and interest expense on the debt. Revolving credit facilities generally also utilize entities that are considered VIEs which are included on the Condensed Consolidated Balance Sheets.

The Company also uses a titling trust to originate and hold its leased vehicles and the associated leases, for administrative efficiency and also to facilitate the pledging of leases to financing facilities or the sale of leases to other parties without incurring the costs and administrative burden of retitling the leased vehicles. In this process, the leases may be transferred to separate legal units within the titling trust to segregate them for ownership purposes, including for securitizations. This does not result in any changes to the accounting for the leases. This titling trust is considered a VIE. Refer to Note 4 to these Condensed Consolidated Financial Statements for further information on the Company's leased vehicles.

On-balance sheet VIEs

The assets and liabilities of consolidated VIEs are presented below. Certain of these assets can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit.

The assets and liabilities of consolidated VIEs included the following at the dates indicated:

(in millions)						September 30, 2026						December 31, 2025
Assets
Restricted cash						$	1,427					$	668
Net LHFI						13,887						21,608
Operating lease assets, net (1)						5,834						8,357
Various other assets						526						711
Total Assets						$	21,674					$	31,344
Liabilities
Notes payable						$	14,215					$	23,597
Various other liabilities						125						97
Total Liabilities						$	14,340					$	23,694

(1) As noted above, all leased vehicles are originated through a titling trust. At September 30, 2026 and December 31, 2025, $4.0 billion and $3.7 billion, respectively, of leased vehicle assets included in this amount were in a titling trust, but not in a securitization trust.

The Company services receivables transferred to the Trusts and receives a monthly servicing fee on the outstanding principal balance. Supplemental fees, such as late charges, for servicing the receivables are reflected in Miscellaneous income, net.

As of September 30, 2026 and December 31, 2025, the Company was servicing $15.9 billion and $25.1 billion, respectively, of gross RICs that have been transferred to consolidated Trusts. Certain amounts shown above are greater than the amounts shown in the corresponding line items in the accompanying Condensed Consolidated Balance Sheets due to intercompany eliminations between the VIEs and other entities consolidated by the Company. For example, for most of its securitizations, the Company retains one or more of the lowest tranches of bonds. Rather than showing investment in bonds as an asset and the associated debt as a liability, these amounts are eliminated in consolidation as required by GAAP.

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NOTE 7. VIEs (continued)

A summary of the cash flows received from the consolidated Trusts for the respective periods is as follows for the periods indicated:

						Three months ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
Assets securitized						$	—					$	3,955					$	1,903					$	11,345
Net proceeds from new securitizations (1)						$	—					$	3,133					$	1,585					$	9,202
Net proceeds on retained bonds from new securitizations						—						519						308						1,365
Cash received for servicing fees (2)						168						255						653						718
Net distributions from Trusts (2)						1,326						1,431						3,997						4,609
Total cash received from Trusts						$	1,494					$	5,338					$	6,543					$	15,894

(1) Includes additional advances on existing securitizations.

(2) These amounts are not reflected in the SCF because the cash flows are between the VIEs and other entities included in the consolidation.

Off-balance sheet VIEs

At September 30, 2026 and December 31, 2025, the Company was servicing RICs of $1.2 billion and $2.0 billion, respectively, that have been sold in off-balance sheet securitizations and were subject to an optional clean-up call.

A summary of cash flows received from Trusts for the respective periods is as follows for the periods indicated:

						Three months ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
Receivables securitized (1)(2)						—						—						$	—					$	1,307
Net proceeds from new securitizations						—						—						$	—					$	175
Cash received for servicing fees						$	4					$	23					21						48
Total cash received from Trusts						$	4					$	23					$	21					$	223
(1) Represents the UPB at the time of original securitization. (2) Table excludes impacts of non-cash deconsolidation transaction referred to above.

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NOTE 7. VIEs (continued)

Other than repurchases of sold assets due to claims against standard representations and warranties, the Company's exposure to loss as a result of its involvement with these VIEs is limited to its retained interests in the VIE. The carrying value of this exposure at September 30, 2026 was $708 million and $3 million of debt and equity investments, respectively, compared to $1.0 billion and $4 million at December 31, 2025. These amounts are reported in debt securities HTM and other investments, respectively, in Note 2 to these Condensed Consolidated Financial Statements.

During the nine months ended September 30, 2026, the Company securitized $3.8 billion of mortgage LHFS in off-balance transactions. The Company has retained $143 million of variable interests in the new securitizations for risk retention purposes.

As of September 30, 2026, SBNA serviced approximately $7.5 billion in multi-family loans for the Structured LLC in which the Company has a beneficial interest and received a market rate servicing fee. For the three months and nine months ended September 30, 2026 and September 30, 2025, SBNA recognized $13 million and $39 million, and $14 million and $42 million, respectively, in servicing fee income from the servicing of these assets which is recorded in Miscellaneous income, net, in the accompanying Condensed Consolidated Statements of Operations.

NOTE 8. DEPOSITS AND OTHER CUSTOMER ACCOUNTS

Deposits and other customer accounts are summarized as follows at the dates indicated:

						September 30, 2026												December 31, 2025
(dollars in millions)						Balance						Percent of total deposits						Balance						Percent of total deposits
Interest-bearing demand deposits						$	24,302					16.3		%				$	11,816					15.0		%
Non-interest-bearing demand deposits						23,584						15.8		%				13,789						17.5		%
Savings						30,054						20.1		%				11,289						14.3		%
Customer repurchase accounts						—						—		%				235						0.3		%
Money market						50,301						33.7		%				26,772						33.8		%
CDs						21,032						14.1		%				15,077						19.1		%
Total deposits (1)						$	149,273					100.0		%				$	78,978					100.0		%

(1) Includes foreign deposits, as defined by the FRB, of $5.1 billion and $5.6 billion at September 30, 2026 and December 31, 2025, respectively.

Demand deposit overdrafts that have been reclassified as loan balances were $292 million and $395 million at September 30, 2026 and December 31, 2025, respectively.

At September 30, 2026 and December 31, 2025, the Company had $7.2 billion and $6.4 billion, respectively, of CDs greater than $250 thousand.

The Company's subsidiaries had outstanding irrevocable letters of credit totaling $714 million and $100 million from the FHLB at September 30, 2026 and December 31, 2025, respectively, used to secure uninsured deposits placed with the Bank by state and local governments and their political subdivisions.

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NOTE 9. BORROWINGS

Total borrowings and other debt obligations at September 30, 2026 were $42.8 billion, compared to $37.1 billion at December 31, 2025. The Company's debt agreements impose certain limitations on dividend payments and other transactions. The Company is currently in compliance with these limitations.

During the nine months ended September 30, 2026, the Company issued the following debt:

•$325 million of variable rate CLNs due January 2039. These notes contain a financial guarantee on a reference pool of $1.5 billion in commercial loans owned by the Company. These notes bear interest at a rate equal to the SOFR index plus 5.25% and re-sets monthly.

•$280 million of fixed-rate CLNs due July 2034. These notes contain a financial guarantee on a reference pool of $2.6 billion in auto loans owned by the Company. These notes bear a weighted average interest rate of 6.09%.

•$694 million of fixed-rate CLNs due November 2035. These notes contain a financial guarantee on a reference pool of $3.6 billion in auto loans owned by the Company. These notes bear a weighted average interest rate of 6.84%.

•$1.9 billion of secured structured financings in its SDART platform, of which it retained approximately $308 million in interests in the VIE.

•$1.0 billion in aggregate principal amount of its floating rate senior notes due August 2029 issued to Santander. These notes bear interest at a rate equal to the SOFR index plus 105 basis points.

•$1.0 billion in aggregate principal amount of its floating rate senior notes due August 2030 issued to Santander. These notes bear interest at a rate equal to the SOFR index plus 119 basis points.

•$1.0 billion in aggregate principal amount of its 5.04% fixed-to-floating rate senior notes due June 2030.

•$750 million in aggregate principal amount of its 5.22% fixed-to-floating rate senior notes due June 2032.

•$750 million in aggregate principal amount of its 5.70% fixed-to-floating rate senior notes due June 2037.

The Company continues to consolidate these VIEs on its Condensed Consolidated Balance Sheets.

In October 2026, the Company issued $1.2 billion of secured structured financings in its SDART platform, of which it retained approximately $86 million in interest in the VIE.

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NOTE 9. BORROWINGS (continued)

Parent Company and other Subsidiary Borrowings and Debt Obligations

The following table presents the Parent Company and its subsidiaries' borrowings and other debt obligations at the dates indicated:

						September 30, 2026												December 31, 2025
(dollars in millions)						Balance						Effective Rate						Balance						Effective Rate
Parent Company Borrowings
Senior notes, due various dates through June 2037 (1) (2)						14,420						2.57% - 7.73%						11,823						2.57% - 7.73%
Subordinated notes, due various dates through September 2035 (3)						1,430						2.88% - 7.18%						1,000						2.88% - 7.18%
CLNs, due various dates through November 2035						690						6.84		%				—						—		%
Subsidiary Borrowings
Short-term borrowing due within one year, maturing through December 2026						475						3.36		%				691						3.61		%
FHLB advances, maturing through September 2039						11,609						4.15		%				708						4.16		%
CLNs, due various dates through February 2052						1,203						6.09% - 19.36%						914						6.37% - 16.29%
Warehouse lines with third parties, maturing through April 2028						—						—%						215						4.67		%
Warehouse lines with Santander, maturing through October 2027						—						—		%				2,000						4.44		%
Secured structured financings, maturing through May 2034						12,989						0.59% -6.73%						19,751						0.58% - 7.69%
Total Parent Company and subsidiaries' borrowings and other debt obligations						$	42,816											$	37,102

(1) The Company has entered into fair value hedges for various senior notes. Refer to Note 13 for additional information.

(2) Includes $2.0 billion payable to Santander

(3) Includes $1.0 billion payable to Santander

The Company assumed $4.3 billion in debt resulting from the contribution of Webster, primarily consisting of FHLB advances.

Warehouse Lines

The following tables present information regarding the Company's warehouse lines at the dates indicated:

						September 30, 2026
(dollars in millions)						Balance						Committed Amount						Effective Rate						Assets Pledged						Restricted Cash Pledged
Warehouse line with Santander due October 2027						$	—					$	2,000					—		%				$	—					$	36

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NOTE 9. BORROWINGS (continued)

The warehouse lines and repurchase facilities are fully collateralized by a designated portion of the Company's RICs, leased vehicles, securitization notes payable, and residuals retained by the Company.

Secured Structured Financings

The following tables present information regarding the Company's secured structured financings at the dates indicated:

						September 30, 2026
(dollars in millions)						Balance						Initial Note Amounts Issued (3)						Initial Weighted Average Interest Rate Range						Collateral (2)						Restricted Cash
Public securitizations maturing on various dates through May 2034(1)						$	12,608					$	42,139					0.59% - 6.45%						$	16,997					$	1,337
Privately issued amortizing notes maturing on various dates through August 2030 (3)						381						7,233						3.13% - 6.73%						870						53
Total secured structured financings						$	12,989					$	49,372					0.59% - 6.73%						$	17,867					$	1,390

(1) Securitizations executed under Rule 144A of the Securities Act are included within this balance.

(2) Secured structured financings may be collateralized by collateral overages of other issuances.

(3) Excludes securitizations which no longer have outstanding debt and excludes any incremental borrowings.

Most of the Company's secured structured financings are in the form of public, SEC-registered securitizations. The Company also executes private securitizations under Rule 144A of the Securities Act, and periodically issues private term amortizing notes, which are structured similarly to securitizations but are acquired by banks and conduits. The Company's securitizations and private issuances are collateralized by vehicle RICs and loans or leases.

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NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS)

The following table presents the components of AOCI / (loss), net of related tax, for the periods indicated.

									Total Other Comprehensive Income/(Loss)																		Total Accumulated Other Comprehensive Loss
									Three months ended September 30, 2026																		June 30, 2026												September 30, 2026
(in millions)						Pre-tax Activity						Tax Effect						Net Activity						Beginning Balance						Net Activity						Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments									$	(126)					$	(29)					$	(155)
Reclassification adjustment for net losses/(gains) on cash flow hedge derivative financial instruments (1)									(2)						—						(2)
Net unrealized (losses)/gains on cash flow hedge derivative financial instruments									(128)						(29)						(157)						$	(42)					$	(157)					$	(199)
Change in unrealized (losses)/gains on investments in debt securities									(357)						43						(314)
Reclassification adjustment for net (gains)/losses included in net income/(expense) on debt securities AFS (2)									147						(33)						114
Net unrealized (losses)/gains on investments in debt securities									(210)						10						(200)						(566)						(200)						(766)
As of September 30, 2026									$	(338)					$	(19)					$	(357)					$	(608)					$	(357)					$	(965)

(1)    Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges.

(2) Net (gains)/losses reclassified into Securities (losses) / gains, net in the Condensed Consolidated Statements of Operations for the sale of debt securities.

						Total Other Comprehensive Income/(Loss)																		Total Accumulated Other Comprehensive Loss
						Three months ended September 30, 2025																		June 30, 2025												September 30, 2025
(in millions)						Pre-tax Activity						Tax Effect						Net Activity						Beginning Balance						Net Activity						Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments						$	31					$	(8)					$	23
Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments (1)						(4)						1						(3)
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments						27						(7)						20						$	(3)					$	20					$	17
Net unrealized gains/(losses) on investments in debt securities (2)						56						(14)						42						(656)						42						(614)
As of September 30, 2025						$	83					$	(21)					$	62					$	(659)					$	62					$	(597)

(1)    Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges.

(2)    Net (gains)/losses reclassified into Securities (losses) / gains, net in the Condensed Consolidated Statements of Operations for the sale of debt securities.

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NOTE 10. ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) (continued)

									Total Other Comprehensive Income/(Loss)																		Total Accumulated Other Comprehensive Income/(Loss)
									Nine months ended September 30, 2026																		December 31, 2025												September 30, 2026
(in millions)						Pre-tax Activity						Tax Effect						Net Activity						Beginning Balance						Net Activity						Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments									$	(228)					$	(1)					$	(229)
Reclassification adjustment for net losses/(gains) on cash flow hedge derivative financial instruments (1)									(8)						2						(6)
Net unrealized (losses)/gains on cash flow hedge derivative financial instruments									(236)						1						(235)						$	36					$	(235)					$	(199)
Change in unrealized (losses)/gains on investments in debt securities									(350)						41						(309)
Reclassification adjustment for net losses/(gains) included in net income/(expense) on debt securities AFS (2)									145						(33)						112
Net unrealized (losses)/gains on investments in debt securities									(205)						8						(197)						(569)						(197)						(766)
As of September 30, 2026									$	(441)					$	9					$	(432)					$	(533)					$	(432)					$	(965)

(1)    Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges.

(2)    Net (gains)/losses reclassified into Securities (losses) / gains, net in the Condensed Consolidated Statements of Operations for the sale of debt securities.

						Total Other Comprehensive Income/(Loss)																		Total Accumulated Other Comprehensive Income/(Loss)
						Nine months ended September 30, 2025																		December 31, 2024												September 30, 2025
(in millions)						Pre-tax Activity						Tax Effect						Net Activity						Beginning Balance						Net Activity						Ending Balance
Change in AOCI on cash flow hedge derivative financial instruments						$	128					$	(31)					$	97
Reclassification adjustment for net (gains)/losses on cash flow hedge derivative financial instruments (1)						(11)						3						(8)
Net unrealized gains/(losses) on cash flow hedge derivative financial instruments						117						(28)						89						$	(72)					$	89					$	17
Net unrealized gains/(losses) on investments in debt securities (2)						25						(9)						16						(630)						16						(614)
Other(3)						21						(5)						16						(16)						16						—
As of September 30, 2025						$	163					$	(42)					$	121					$	(718)					$	121					$	(597)

(1)    Net gains/(losses) reclassified into Interest on borrowings and other debt obligations in the Condensed Consolidated Statements of Operations for settlements of interest rate swap contracts designated as cash flow hedges.

(2)    Net (gains)/losses reclassified into Securities (losses) / gains, net in the Condensed Consolidated Statements of Operations for the sale of debt securities.

(3) Including the computation of net periodic pension costs.

NOTE 11. MEZZANINE AND STOCKHOLDER'S EQUITY

At September 30, 2026, the Company had 530,391,043 shares of common stock outstanding to its parent, Santander. Except as discussed in Note 1 to these Condensed Consolidated Financial Statements related to the contribution of Webster, the Company did not have any contributions of cash from Santander for the years to date ended September 30, 2026 or 2025. Refer to Note 1 to these Condensed Consolidated Financial Statements for discussion of the contribution of Webster. During the year to date ended September 30, 2026, the Company paid total dividends, including dividends on common and preferred stock, to Santander in the amount of $385 million.

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NOTE 11. MEZZANINE AND STOCKHOLDER'S EQUITY (continued)

Preferred Stock Activities

The following reflects the activities in Preferred stock for the nine-months ended September 30, 2026:

						Effect on Preferred stock
						(in millions)
Webster preferred shares, Series F and G, acquired						$	252
Webster preferred shares, Series F and G, redeemed						(252)
SHUSA Preferred shares, Series H and I issued						252
Net impact of activities on Preferred stock						$	252

In connection with the completion of the Webster transaction, the Company acquired Webster’s outstanding Series F and Series G preferred stock having aggregate liquidation preferences of $150 million and $135 million, respectively. At the closing of the transaction, the Webster Series F and Series G preferred stock were replaced by Series H and Series I preferred stock, respectively, as discussed further below, issued to holders of the Webster Series F and G preferred shares. The Series H and Series I preferred stock represented replacement securities for the corresponding Webster Series F and Series G preferred stock and maintained substantially the same economic terms, including dividend rates and liquidation preferences. Following these transactions, no shares of Webster Series F or Series G preferred stock are outstanding.

On August 20, 2026, the Company issued 6,000,000 depositary shares, representing 6,000 shares of Series H preferred stock. Dividends on the Series H preferred stock are payable when, as and if authorized by the Company's Board of Directors or a duly authorized committee thereof. Dividends will accrue on a non-cumulative basis a rate of 5.25% per annum, payable quarterly in arrears. The shares of Series H preferred stock are redeemable in whole or in part for cash, at the Company's option, at a redemption price of $25,000 per share (equivalent to $25 per depository share), subject to the prior approval of the Federal Reserve.

On November 6, 2026, the Company announced that it will redeem all of the Series H preferred stock. The redemption will occur on December 15, 2026. The Depositary Shares will be redeemed at a redemption price of $25 per Depositary Share. The redemption price does not include the regular quarterly dividend that was previously declared and that will be paid separately on December 15, 2026 to holders of record as of the close of business on November 30, 2026.

On August 20, 2026, the Company issued 5,400,000 depositary shares, representing 135,000 shares of Series I preferred stock. Dividends on the Series I preferred stock are payable when, as and if authorized by the Company's Board of Directors or a duly authorized committee thereof. Dividends will accrue on a non-cumulative basis at a rate of 6.5% per annum, payable quarterly in arrears. The shares of Series I preferred stock are redeemable in whole or in part for cash, at the Company's option, at a redemption price of $1,000 per share (equivalent to $25 per depository share), subject to the prior approval of the Federal Reserve.

On October 15, 2026 the Company completed the previously announced redemption of all outstanding Series I preferred stock for $135 million, plus accrued and unpaid dividends through the redemption date. The Series I preferred stock had a carrying value of $128 million at the time of redemption. Following this redemption, no shares of Series I preferred stock remain outstanding, and the Series I preferred stock was delisted.

Mezzanine Equity

On August 27, 2026, the Company issued 500,000 shares of Series J preferred stock. Dividends on the Series J preferred stock are payable when, as and if authorized by the Company's Board of Directors or a duly authorized committee thereof. From and including August 27, 2026 to but excluding December 21, 2031, dividends will accrue on a non-cumulative basis at a rate of 7.27% per annum, payable quarterly in arrears. From and including December 21, 2031, dividends on the Series J preferred stock will accrue on a non-cumulative basis at the five-year U.S. Treasury rate as of the most recent re-set dividend determination date plus 2.98% for each dividend re-set period, payable quarterly in arrears. The Company may redeem the Series J preferred stock on, among others, any dividend payment date on or after December 31, 2031. As of September 30, 2026, Santander was the sole holder of the Series J preferred stock.

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NOTE 12. SECURITIES FINANCING ACTIVITIES

The Company may enter into Securities Financing Activities primarily to deploy the Company’s excess cash and investment positions. Securities Financing Activities are treated as collateralized financings and are included in "Federal funds sold and securities purchased under resale agreements or similar arrangements" and "Federal funds purchased and securities loaned or sold under repurchase agreements" on the Company’s Condensed Consolidated Balance Sheets. Refer to Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for 2025 for further discussion of accounting for and the offsetting of securities financing assets and liabilities.

Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following at the dates indicated:

(in millions)			September 30, 2026						December 31, 2025
Securities purchased under agreements to resell			$	8,585					$	7,233
Securities borrowed			1,007						1,407
Total			$	9,592					$	8,640

Securities loaned or sold under agreements to repurchase, at their respective carrying values, consisted of the following at the dates indicated:

(in millions)			September 30, 2026						December 31, 2025
Securities sold under agreements to repurchase			$	22,779					$	19,459
Securities lending			11						1
Total			$	22,790					$	19,460

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NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

Securities Financing Activities are generally executed under standard industry agreements, including master agreements that create a single contract under which all transactions between two counterparties are executed, allowing for trade aggregation of receivables and payables into a single net payment or settlement. The amounts of securities financing assets or liabilities qualified for offset in the Condensed Consolidated Balance Sheets were as follows for the dates indicated.

						September 30, 2026
																								Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)						Gross amounts of recognized assets						Gross amounts offset on the Condensed Consolidated Balance Sheets (1)						Net amounts of assets included on the Condensed Consolidated Balance Sheets						Financial instruments						Cash collateral received						Net amounts
Securities purchased under agreements to resell						$	32,246					$	(23,661)					$	8,585					$	(8,470)					$	(80)					$	35
Securities borrowed						1,007						—						1,007						(982)						—						$	25
Total						$	33,253					$	(23,661)					$	9,592					$	(9,452)					$	(80)					$	60
						September 30, 2026
																								Gross amounts not offset on the Consolidated Balance Sheets (2)
(in millions)						Gross amounts of recognized liabilities						Gross amounts offset on the Condensed Consolidated Balance Sheets (1)						Net amounts of liabilities included on the Condensed Consolidated Balance Sheets						Financial instruments						Cash collateral pledged						Net amounts
Securities sold under agreements to repurchase						$	46,123					$	(23,661)					$	22,462					$	(22,234)					$	(108)					$	120
Securities lending						11						—						11						(10)						—						$	1
Total securities loaned or sold under agreements to repurchase subject to master netting						$	46,134					$	(23,661)					$	22,473					$	(22,244)					$	(108)					$	121
Securities loaned or sold under agreements to repurchase not subject to master netting						$	317					$	—					$	317					$	(317)					$	—					$	—
Total						$	46,451					$	(23,661)					$	22,790					$	(22,561)					$	(108)					$	121
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) In some instances, collateral exceeds the related financial asset/liability, and such excess collateral amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets since the Company does not control or have the ability to re-hypothecate these instruments.

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NOTE 12. SECURITIES FINANCING ACTIVITIES (continued)

						December 31, 2025
(in millions)						Gross amounts of recognized assets						Gross amounts offset on the Consolidated Balance Sheets (1)						Net amounts of assets included on the Consolidated Balance Sheets
Securities purchased under agreements to resell						$	27,629					$	(20,396)					$	7,233
Securities borrowed						1,407						—						1,407
Total						$	29,036					$	(20,396)					$	8,640
						December 31, 2025
(in millions)						Gross amounts of recognized liabilities						Gross amounts offset on the Consolidated Balance Sheets (1)						Net amounts of liabilities included on the Consolidated Balance Sheets
Securities sold under agreements to repurchase						$	39,855					$	(20,396)					$	19,459
Securities lending						1						—						1
Total						$	39,856					$	(20,396)					$	19,460
(1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.

The following table presents the gross amounts of liabilities associated with Securities Financing Activities by remaining contractual maturity as of the date indicated:

						September 30, 2026
(in millions)						Open and overnight						Up to 30 days						31-90 days						Greater than 90 days						Total
Securities sold under agreements to repurchase						$	28,410					$	6,894					$	3,628					$	7,508					$	46,440
Securities lending						11						—						—						—						11
Total						$	28,421					$	6,894					$	3,628					$	7,508					$	46,451

The following table presents the gross amounts of liabilities associated with Securities Financing Activities by class of underlying collateral as of the dates indicated:

						September 30, 2026															December 31, 2025
(in millions)						Repurchase agreements						Securities lending						Total			Repurchase agreements						Securities lending						Total
U.S. Treasury						$	25,280					$	—					$	25,280		$	20,707					$	—					$	20,707
Agency MBS						19,559						—						19,559			17,671						—						17,671
Corporate and other securities						1,601						11						1,612			1,477						1						1,478
Total						$	46,440					$	11					$	46,451		$	39,855					$	1					$	39,856

The Company enters into securities lending transactions in which it borrows securities from clients and lends those securities to third parties in exchange for collateral and a lending fee. These transactions are accounted for as secured borrowings under ASC 860. Collateral received in these transactions consists primarily of securities and is associated to the nominee account related to client securities held. In certain arrangements, the Company is not permitted to sell or repledge the collateral received. Accordingly, such collateral is not recognized on the balance sheet. Collateral is recognized only when received in the form of cash or securities that the Company is permitted to sell or repledge. As of September 30, 2026, the Company had securities borrowed and lent of $750 million and received collateral of $784 million under these arrangements. These amounts are not reflected on the consolidated balance sheet. The Company retains exposure to counterparty credit risk in the event that a borrower fails to return the securities. This risk is mitigated through the receipt of collateral and ongoing monitoring of collateral values. Fees earned from borrowers are recorded in non-interest income, while amounts paid to clients are recorded as expense.

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NOTE 13. DERIVATIVES

General

Derivatives represent contracts between parties that usually require little or no initial net investment and result in one or both parties delivering cash or another type of asset to the other party based on a notional amount and an underlying asset, index, interest rate or future purchase commitment or option as specified in the contract. Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged, is not recorded on the balance sheet and does not represent the Company`s exposure to credit loss. The notional amount is the basis on which the financial obligation of each party to the derivative contract is calculated to determine required payments under the contract. The Company controls the credit risk of its derivative contracts through credit approvals, limits and monitoring procedures. The underlying variable is typically a referenced interest rate (commonly the OIS rate or a SOFR-based rate), security, credit spread or index.

The Company’s capital markets and mortgage banking activities are subject to price risk. The Company employs various tools to measure and manage price risk in its portfolios. In addition, the Board of Directors has established certain limits relative to positions and activities. The level of price risk exposure at any given time depends on the market environment and expectations of future price and market movements and will vary from period to period.

See Note 14 to these Condensed Consolidated Financial Statements for discussion of the valuation methodology for derivative instruments.

Credit Risk Contingent Features

The Company has entered into certain derivative contracts that require the posting of collateral to counterparties when those contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to the Company's long-term senior unsecured credit ratings. In a limited number of instances, counterparties also have the right to terminate their ISDA Master Agreements if the Company's ratings fall below a specified level, typically investment grade. As of September 30, 2026, derivatives in this category had a fair value of zero. The credit ratings of the Company and SBNA are currently considered investment grade. As of September 30, 2026, no additional collateral would be required if there were a further 1- or 2- notch downgrade by either S&P or Moody's.

As of September 30, 2026 and December 31, 2025, the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting or termination provisions based on the Company's ratings) that were in a net liability position totaled $6 million and $7 million, respectively. The Company had $6 million and $7 million in cash and securities collateral posted to cover those positions as of September 30, 2026 and December 31, 2025, respectively.

Hedge Accounting

Management uses derivative instruments designated as hedges to mitigate the impact of interest rate and foreign exchange rate movements on the fair value of certain assets and liabilities and on highly probable forecasted cash flows. These instruments primarily include interest rate swaps that have underlying interest rates based on key benchmark indices. The nature and volume of the derivative instruments used to manage interest rate risk depend on the level and type of assets and liabilities on the balance sheet and the risk management strategies for the current and anticipated interest rate environment.

Interest rate swaps are generally used to convert fixed-rate assets and liabilities to variable rate assets and liabilities and vice versa. The Company utilizes interest rate swaps that have a high degree of correlation to the related financial instrument.

Fair Value Hedges

The Company enters into derivatives to hedge the risk of changes in fair value of a portion of its AFS debt securities portfolio and borrowings. These derivatives are designated as fair value hedges at inception. The gains/(losses) from changes in the fair value of the hedging derivative and the offsetting gains/(losses) from changes in the fair value of the related underlying hedged items due to the hedged risk are reported in the same line item in the Condensed Consolidated Statements of Operations as earnings from the hedged items. The cumulative fair value hedge basis adjustments included in the carrying amount of hedged assets is reversed through earnings in future periods as an adjustment to yield. The Company includes gains/(losses) on the hedging derivatives and the related hedged items in the assessment of hedge effectiveness. All of these swaps have been deemed highly effective fair value hedges. The last of the hedges is scheduled to expire in June 2036. The Company has entered into fair value hedges of portions of a closed portfolio of approximately $2.3 billion of AFS debt securities, using the portfolio layer method.

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NOTE 13. DERIVATIVES (continued)

The carrying amount and fair value hedge adjustment of hedged assets at the dates indicated was:

			Carrying Amount of Hedged Item												Amount of Fair Value Hedge Adjustment Included in the Carrying Amount
(in millions)			September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
Debt securities AFS (Note 2)			$	1,155					$	1,473					$	95					$	27
Borrowings (Note 7)			$	2,392					$	—					$	(99)					$	—

Cash Flow Hedges

The Company has outstanding interest rate swap agreements designed to hedge a portion of the Company’s floating-rate assets and liabilities and forecasted issuances of borrowed funds. The Company also has foreign exchange contracts designed to hedge certain contractual payments in foreign currencies.

Except as noted below, all of these derivatives have been deemed highly effective cash flow hedges. The gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same Condensed Consolidated Statements of Operations line item as the earnings effect of the hedged item.

The last of the hedges is scheduled to expire in August 2029. The Company includes all components of each derivative's gain or loss in the assessment of hedge effectiveness. As of September 30, 2026, the Company estimated that approximately $16 million of unrealized gains included in AOCI would be reclassified to earnings during the subsequent twelve months as the future cash flows occur.

Derivatives Designated in Hedge Relationships – Notional and Fair Values

Derivatives designated as accounting hedges included the following as of the dates indicated:

(in millions)						Notional Amount						Asset						Liability						Weighted Average Receive Rate						Weighted Average Pay Rate						Weighted Average Life (Years)
September 30, 2026
Fair value hedges:
Interest rate swaps						$	6,250					$	81					$	99					2.83		%				1.94		%				3.40
Cash flow hedges:
Pay fixed - receive variable interest rate swaps						55						—						—						3.47		%				3.86		%				3.77
Pay variable - receive fixed interest rate swaps						21,500						1						197						3.75		%				1.22		%				1.33
Total						$	27,805					$	82					$	296					3.54		%				1.38		%				1.80
December 31, 2025
Fair value hedges:
Interest rate swaps						$	3,750					$	17					$	4					1.60		%				3.01		%				2.36
Cash flow hedges:
Pay fixed — receive variable interest rate swaps						618						—						—						3.87		%				3.49		%				3.30
Pay variable - receive fixed interest rate swaps						14,300						63						23						3.41		%				0.90		%				1.22
Total						$	18,668					$	80					$	27					3.06		%				1.41		%				1.52

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NOTE 13. DERIVATIVES (continued)

Other Derivative Activities

The Company also enters into derivatives that are not designated as accounting hedges under GAAP. Although these derivatives are used to hedge risk and are considered economic hedges, they are not designated as accounting hedges because the contracts they are hedging are often carried at fair value on the balance sheet, resulting in generally symmetrical accounting treatment for the hedging instrument and the hedged item.

Customer-related derivatives

The Company offers derivatives to its customers in connection with their risk management requirements related to foreign exchange and lending arrangements. These derivatives primarily consist of interest rate swaps, caps, floors, and foreign exchange contracts. Risk exposure from customer positions is managed through offsetting transactions with other dealers, including Santander. Refer to Note 21 in the Company's Annual Report on Form 10-K for 2025 for related party transactions.

Broker dealer activities

The Company uses exchange-traded options and futures, credit default swaps, and forward-settling securities trades as part of its trading business, as well as to actively manage risk exposures that arise from its trading in cash instruments.

Structured financing activities

In certain circumstances, the Company is required to hedge its interest rate risk on revolving credit and term borrowings related to its secured structured financings. The Company uses interest rate caps to satisfy these requirements and enters into offsetting option contracts.

Foreign exchange activities

The Company uses foreign exchange contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. Foreign exchange contracts, which include spot and forward contracts as well as cross-currency swaps, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date and may or may not be physically settled depending on the Company’s needs. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate.

Mortgage Banking Derivatives

The Company retains the servicing rights related to certain residential mortgage loans that have been sold. Most of the Company`s residential MSRs are accounted for at fair value. As deemed appropriate, the Company economically hedges MSRs using interest rate swaps and forward contracts to purchase MBS.

Other derivative activities

Other derivative instruments primarily include forward contracts related to certain investment securities sales, loan sales, an OIS, and a total return swap on Visa, Inc. Class B common shares.

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NOTE 13. DERIVATIVES (continued)

Derivatives Not Designated in Hedge Relationships – Notional and Fair Values

Other derivative activities included the following as of the dates indicated:

						Notional												Asset derivatives Fair value												Liability derivatives Fair value
(in millions)						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025						September 30, 2026						December 31, 2025
Mortgage banking derivatives:
Total mortgage banking risk management						$	650					$	626					$	1					$	5					$	16					$	14
Customer-related derivatives:
Swaps receive fixed						19,323						12,310						9						42						878						336
Swaps pay fixed						21,388						12,491						918						341						2						42
Other						12,911						10,006						133						136						133						133
Total customer-related derivatives						53,622						34,807						1,060						519						1,013						511
Other derivative activities:
Foreign exchange contracts						11,209						8,107						133						50						86						49
Interest rate cap agreements						308						741						—						—						—						—
Options for interest rate cap agreements						308						741						—						—						—						—
TBA MBS forwards						30,082						23,256						431						18						46						2
Other						27,265						32,307						34						—						73						46
Total						$	123,444					$	100,585					$	1,659					$	592					$	1,234					$	622

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NOTE 13. DERIVATIVES (continued)

Gains (Losses) on all Derivatives

The following Condensed Consolidated Statements of Operations line items were impacted by the Company’s derivative activities for the periods indicated:

(in millions)												Three months ended September 30,												Nine months ended September 30,
						Line Item						2026						2025						2026						2025
Fair value hedges:
Cross-currency swaps						Net interest income						$	—					$	—					$	—					$	(1)
Interest rate swaps						Net interest income						(97)						7						(90)						18
Derivative Activity (1)
Cash flow hedges:
Pay fixed-receive variable interest rate swaps						Interest expense on borrowings						2						6						8						18
Pay variable receive-fixed interest rate swap						Interest income on loans						(3)						(38)						(17)						(110)
Other derivative activities:
Mortgage banking derivatives						Non interest income						(6)						—						(9)						3
Customer-related derivatives						Non interest income						165						(3)						172						80
Foreign exchange						Non interest income						51						33						103						(57)
Interest rate swaps, caps, and options						Net interest income						—						—						—						(1)
Other						Non interest income						765						(90)						837						(287)

(1)    Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected.

The net amount of change recognized in OCI for cash flow hedge derivatives were losses of $155 million and $229 million, and gains of $23 million and $97 million, net of tax, for the three months and nine months ended September 30, 2026 and 2025, respectively.

The net amount of changes reclassified from OCI into earnings for cash flow hedge derivatives were gains of $2 million and $6 million, and $3 million and $8 million, net of tax, for the three months and nine months ended September 30, 2026 and 2025, respectively.

Disclosures about Offsetting Assets and Liabilities

The Company enters into legally enforceable master netting agreements which reduce risk by permitting netting of transactions with the same counterparty on the occurrence of certain events. A master netting agreement allows two counterparties the ability to net-settle amounts under all contracts, including any related collateral posted, through a single payment and in a single currency. The right to offset and certain terms regarding the collateral process, such as valuation, credit events and settlement, are contained in the applicable master agreement. The Company's financial instruments, including resell and repurchase agreements, securities lending arrangements, derivatives, and cash collateral, may be eligible for offset on its Condensed Consolidated Balance Sheets.

The Company has elected to present derivative balances on a gross basis even if the derivative is subject to a legally enforceable nettable ISDA Master Agreement for all trades executed after April 1, 2013. Collateral that is received or pledged for these transactions is disclosed within the “Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets” section of the tables below.

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NOTE 13. DERIVATIVES (continued)

Information about financial assets and liabilities that are eligible for offset on the Condensed Consolidated Balance Sheets was as follows for the dates indicated:

						Offsetting of Financial Assets
																								Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in millions)						Gross Amounts of Recognized Assets						Gross Amounts Offset in the Condensed Consolidated Balance Sheets						Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets						Financial Instruments (2)									Cash Collateral Received (2)						Net Amount
September 30, 2026
Fair value hedges						$	81					$	—					$	81					$	—								$	—					$	81
Cash flow hedges						1						—						1						$	—								$	—					1
Other derivative activities (1)						1,649						—						1,649						(12)									(1,145)						492
Total derivatives subject to a master netting arrangement or similar arrangement						1,731						—						1,731						(12)									(1,145)						574
Total derivatives not subject to a master netting arrangement or similar arrangement						10						—						10						—									—						10
Total Derivative Assets						$	1,741					$	—					$	1,741					$	(12)								$	(1,145)					$	584
December 31, 2025
Fair value hedges						$	17					$	—					$	17					$	—								$	(7)					$	10
Cash flow hedges						63						—						63						$	—								$	(31)					32
Other derivative activities (1)						592						—						592						—									(41)						551
Total Derivative Assets						$	672					$	—					$	672					$	—								$	(79)					$	593

(1)Includes customer-related and other derivatives.

(2)When the Company receives cash collateral, it is reported in Other Liabilities and Deposits, and the cash received is classified as restricted in the Condensed Consolidated Balance Sheets. In some instances, collateral exceeds the related financial asset, and such excess amounts are excluded from this table. Financial instruments that are pledged to the Company are not reflected in the accompanying Condensed Consolidated Balance Sheets.

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NOTE 13. DERIVATIVES (continued)

						Offsetting of Financial Liabilities
																								Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
(in millions)						Gross Amounts of Recognized Liabilities						Gross Amounts Offset in the Condensed Consolidated Balance Sheets						Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets						Financial Instruments (2)									Cash Collateral Pledged (2)						Net Amount
September 30, 2026
Fair value hedges						$	99					$	—					$	99					$	—								$	(7)					$	92
Cash flow hedges						197						—						197						$	—								$	(2)					195
Other derivative activities (1)						853						—						853						(12)									(446)						395
Total derivatives subject to a master netting arrangement or similar arrangement						1,149						—						1,149						(12)									(455)						682
Total derivatives not subject to a master netting arrangement or similar arrangement						381						—						381						—									—						381
Total Derivative Liabilities						$	1,530					$	—					$	1,530					$	(12)								$	(455)					$	1,063
December 31, 2025
Fair value hedges						$	4					$	—					$	4					$	—								$	—					$	4
Cash flow hedges						23						—						23						$	—								$	(11)					12
Other derivative activities (1)						622						—						622						—									(18)						604
Total Derivative Liabilities						$	649					$	—					$	649					$	—								$	(29)					$	620

(1)Includes customer-related and other derivatives.

(2)Cash collateral pledged is reported in Other Assets and Cash, cash equivalents, and restricted cash in the Condensed Consolidated Balance Sheets. In some instances, collateral exceeds the related financial liability, and such excess amounts are excluded from this table.

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NOTE 14. FAIR VALUE

The Company estimates the fair value of certain assets and liabilities for both measurement and disclosure purposes. The fair value hierarchy categorizes the underlying assumptions and inputs to valuation techniques that are used to measure fair value into three levels as follows:

•Level 1 inputs are quoted prices in active markets for identical assets or liabilities that can be accessed as of the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2 inputs are those other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3 inputs are those that are unobservable or not readily observable for the asset or liability and are used to measure fair value to the extent relevant observable inputs are not available.

Assets and liabilities measured at fair value, by their nature, result in a higher degree of financial statement volatility. See Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for 2025 for a broad discussion of fair value measurement techniques. When available, the Company uses quoted market prices or matrix pricing in active markets to determine fair value and classifies such items as Level 1 or Level 2 assets or liabilities. If quoted market prices in active markets are not available, fair value is determined using third-party broker quotes and/or DCF models incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using broker quotes and/or DCF models are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation.

The Company values assets and liabilities based on the principal market in which each would be sold (in the case of assets) or transferred (in the case of liabilities). The principal market is the forum with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market. In the absence of observable market transactions, the Company considers liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.

The fair value of a financial asset is measured on a stand-alone basis and cannot be measured as a group, with the exception of certain financial instruments held and managed on a net portfolio basis. In measuring the fair value of a nonfinancial asset, the Company assumes the highest and best use of the asset by a market participant, not just the intended use, to maximize the value of the asset. The Company also considers whether any credit valuation adjustments are necessary based on the counterparty's credit quality. Any models used to determine fair values or validate dealer quotes based on the descriptions below are subject to review and testing as part of the Company's model validation and internal control testing processes.

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NOTE 14. FAIR VALUE (continued)

The Company's Market Risk Department approves the methodologies used in the estimations of fair value, including the Company's Level 3 assets and liabilities. Price validation procedures are performed, and the results are reviewed for Level 3 assets and liabilities by the Market Risk Department. Price validation procedures performed for these assets and liabilities can include comparing current prices to historical pricing trends by collateral type and vintage, comparing prices by product type to indicative pricing grids published by market makers, and obtaining corroborating dealer prices for significant securities.

The Company reviews the assumptions utilized to determine fair value on a quarterly basis. Any changes in methodologies or significant inputs used in determining fair values are further reviewed to determine if a change in fair value level hierarchy has occurred. During the third quarter of 2026 the Company had an equity interest in a company that completed an initial public offering and is now publicly traded with quoted prices in an active market. As a result, the Company transferred $41 million of equity securities from Level 3 to Level 1.

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis

The following tables present the assets and liabilities that are measured at fair value on a recurring and nonrecurring basis by major product category and fair value hierarchy as of the dates indicated:

(in millions)						Level 1						Level 2						Level 3						Balance at September 30, 2026						Level 1						Level 2						Level 3						Balance at December 31, 2025
Recurring:
Financial assets:
U.S. Treasury securities						$	226					$	—					$	—					$	226					$	706					$	—					$	—					$	706
Corporate debt						—						9						—						9						—						—						—						—
ABS						—						2,037						—						2,037						—						945						—						945
Beneficial interest in Structured LLC						—						—						1,013						1,013						—						—						1,097						1,097
MBS						—						6,378						—						6,378						—						4,580						—						4,580
Investment in debt securities AFS (2)						$	226					$	8,424					$	1,013					$	9,663					$	706					$	5,525					$	1,097					$	7,328
Trading securities						2,851						14,870						112						17,833						3,539						11,897						173						15,609
Equity securities						41						—						890						931						—						—						992						992
RICs HFI (3)						—						—						3						3						—						—						5						5
LHFS (1)(4)						—						1,685						—						1,685						—						1,531						—						1,531
MSRs						—						—						83						83						—						—						80						80
Other assets - derivatives (2)						1						1,740						—						1,741						1						671						—						672
Total financial assets (5)						$	3,119					$	26,719					$	2,101					$	31,939					$	4,246					$	19,624					$	2,347					$	26,217
Financial liabilities:
Trading liabilities						3,848						177						—						4,025						3,728						274						—						4,002
Other liabilities - derivatives (2)						—						1,529						1						1,530						—						648						1						649
Total financial liabilities						$	3,848					$	1,706					$	1					$	5,555					$	3,728					$	922					$	1					$	4,651
Nonrecurring:
Financial assets:
Impaired commercial LHFI						$	—					$	361					$	454					$	815					$	—					$	213					$	3					$	216
Foreclosed assets						—						28						—						28						—						32						—						32
Vehicle inventory						—						371						—						371						—						379						—						379
LHFS						—						—						288						288						—						—						55						55
Auto loans impaired due to bankruptcy						—						171						—						171						—						168						—						168
Total financial assets valued at fair value on a non-recurring basis						$	—					$	931					$	742					$	1,673					$	—					$	792					$	58					$	850

(1)    LHFS disclosed on the Condensed Consolidated Balance Sheets also includes LHFS that are held at the lower of cost or fair value and are presented within the nonrecurring section of this table.

(2)    Refer to Note 2 for the fair value of investment securities and to Note 13 for the fair values of derivative assets and liabilities on a further disaggregated basis.

(3) Certain RICs collateralized by vehicle titles and RV/marine loans.

(4) Residential mortgage loans and commercial mortgage loans.

(5) Approximately $2.1 billion of these financial assets were measured using model-based techniques, or Level 3 inputs, and represented approximately 6.6% of total assets measured at fair value on a recurring basis and approximately 0.8% of total consolidated assets.

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NOTE 14. FAIR VALUE (continued)

Valuation Processes and Techniques - Recurring Fair Value Assets and Liabilities

The following is a description of the valuation techniques used for instruments measured at fair value on a recurring basis:

Investments in debt securities AFS

Investments in debt securities AFS are accounted for at fair value. The Company utilizes a third-party pricing service to value its investment securities portfolios on a global basis. Its primary pricing service has consistently proved to be a high quality third-party pricing provider. For those investments not valued by pricing vendors, other trusted market sources are utilized. The Company monitors and validates the reliability of vendor pricing on an ongoing basis, which can include pricing methodology reviews, performing detailed reviews of the assumptions and inputs used by the vendor to price individual securities, and price validation testing. Price validation testing is performed independently of the risk-taking function and can include corroborating the prices received from third-party vendors with prices from another third-party source, reviewing valuations of comparable instruments, comparison to internal valuations, or by reference to recent sales of similar securities.

The classification of securities within the fair value hierarchy is based upon the activity level in the market for the security type and the observability of the inputs used to determine their fair values. Actively traded quoted market prices for debt securities AFS, such as government agency securities, corporate debt, state and municipal securities, and MBS, are not readily available. The Company's principal markets for its investment securities are the secondary institutional markets with an exit price that is predominantly reflective of bid-level pricing in these markets. These investment securities are priced by third-party pricing vendors. The third-party vendors use a variety of methods when pricing these securities that incorporate relevant observable market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. These investment securities are, therefore, considered Level 2.

Certain ABS are valued using DCF models. The DCF models are obtained from a third-party pricing vendor which uses observable market data and therefore are classified as Level 2.

The Company's beneficial interest in the Structured LLC was acquired in December 2023, and is valued using an internally-developed DCF model and is classified as Level 3 at September 30, 2026. Significant assumptions used in evaluation include, discount spread, loss estimates, and extension of loans. Significant changes in any of these inputs could result in a higher or lower fair value measurement.

LHFI

For certain RICs reported in LHFI, net, the Company has elected the FVO. The estimated fair value of all RICs HFI is estimated using a DCF model and is classified as Level 3.

LHFS

For certain LHFS portfolios, the Company has elected the FVO and the portfolios are measured at fair value on a recurring basis. These loans consisted primarily of loans attributed to CIB whole loan aggregation and bridge lending programs. The fair value of these loans was based on estimated market rates for similar loans and certain forward sale agreements and the loans are considered Level 2. See further discussion below in the section captioned "FVO for Financial Assets and Financial Liabilities."

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NOTE 14. FAIR VALUE (continued)

MSRs

The Company maintains an MSR asset related to residential real estate loans serviced for others. At September 30, 2026 and December 31, 2025, the balance of these loans serviced for others was $6.3 billion and $6.6 billion, respectively. The Company has elected to measure its residential MSRs at fair value to align with its risk management strategy to hedge changes in the fair value of these assets using interest rate swaps and forward contracts. See Note 14 to these Condensed Consolidated Statements of Operations for additional information regarding these derivative instruments. Changes in fair value of the MSR are recorded through Miscellaneous income, net on the Condensed Consolidated Statements of Operations.

Residential MSRs are classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs in the valuation process.

The fair value of MSRs is determined using a DCF model that estimates the present value of expected future net servicing cash flows. Significant unobservable inputs used in the valuation include mortgage loan CPRs and discount rates. The assumptions utilized represent management’s best estimates of the assumptions that a market participant would use in valuing the MSRs at the measurement date. In general, increases in prepayment speeds and discount rates, in isolation, would result in a decrease in the fair value of MSRs. Prepayment speeds generally increase when market interest rates decline and decrease when market interest rates rise. Discount rates typically increase when market interest rates increase or when credit and liquidity risks increase, and decrease when market interest rates decline or credit and liquidity conditions improve.

The significant unobservable inputs used in the valuation of MSRs are inherently uncertain, and changes in these inputs may result in materially different fair value estimates. In addition, certain inputs used in the valuation model may be interrelated. Changes in one assumption may result in changes in another assumption, which may either magnify or mitigate the overall impact on the fair value measurement.

The following sensitivity analysis summarizes the estimated impact on the fair value of the residential MSR asset resulting from adverse changes in certain key assumptions as of September 30, 2026:

•A 10% and 20% increase in the CPR speed would decrease the fair value of the residential servicing asset by $2 million and $4 million, respectively.

•A 10% and 20% increase in the discount rate would decrease the fair value of the residential servicing asset by $3 million and $6 million.

These sensitivity calculations are hypothetical and should not be considered to be predictive of future performance.

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NOTE 14. FAIR VALUE (continued)

Derivatives

The valuation of these instruments is determined using commonly accepted valuation techniques, including DCF analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable and unobservable market-based inputs. The fair value represents the estimated amount the Company would receive or pay to terminate the contract or agreement, taking into account current interest rates, foreign exchange rates, equity prices and, when appropriate, the current creditworthiness of the counterparties.

The Company incorporates credit valuation adjustments in the fair value measurement of its derivatives to reflect the counterparty's nonperformance risk, except for those derivative contracts with associated credit support annexes which provide credit enhancements, such as collateral postings and guarantees. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. Certain of the Company's derivatives utilize Level 3 inputs, which are primarily related to total return settlement derivative contracts.

The DCF model is utilized to determine the fair value of the total return settlement derivative contracts. The significant unobservable inputs for total return settlement derivative contracts used in the fair value measurement of the Company's liabilities are discount percentages, which are based on comparable financial instruments. See Note 13 to these Condensed Consolidated Financial Statements for a discussion of derivatives activity.

Trading securities and trading liabilities

Trading securities consist of various debt securities, including U.S. treasuries, agency and non-agency MBS, and corporate debt securities. Trading securities are recognized on the trade date and measured at fair value. Trading liabilities consist of securities sold, not yet purchased, and are measured at fair value.

The fair value of Trading securities and trading liabilities is estimated using techniques that are consistent with AFS debt securities discussed above. Debt securities whose fair value measurements incorporate significant unobservable inputs are classified as Level 3.

Equity securities

The Company holds interests in nonmarketable equity investments through the U.K. Limited Partnership formed to invest in early-stage financial technology companies. The valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such investments. In accordance with ASC 820, Fair Value Measurement, management uses all available information in making fair value estimates of these investments. Various valuation techniques are used for direct investments as appropriate for the nature of the security, including multiples of revenues of the entity, independent appraisals, and recent and anticipated financing and sale transactions with third parties. A multiple of revenue calculation is the valuation technique utilized most frequently and is the most significant unobservable input used in such calculation. In addition, the Company applies a liquidity discount factor to adjust for the inherent inability to convert the underlying investments in early-stage financial technology companies to cash quickly and at a minimal cost.

Management evaluates the reasonableness of these assumptions each reporting period in light of current market conditions, the investee’s financial performance, and other factors that could affect the estimated fair value. The use of different assumptions or methodologies could result in materially different fair value estimates. Significant decreases (increases) in the multiple of earnings could result in a significantly lower (higher) fair value measurement. Generally, direct equity investments are classified as Level 3.

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NOTE 14. FAIR VALUE (continued)

Valuation Processes and Techniques - Nonrecurring Fair Value Assets and Liabilities

The Company may be required to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP from time to time. These adjustments to fair value usually result from application of lower-of-cost-or-fair value accounting or certain impairment measures.

Impaired commercial LHFI

Impaired commercial LHFI in the table above represents the recorded investment of impaired commercial loans for which the Company measures impairment during the period based on the fair value of the underlying collateral supporting the loan. Written offers to purchase a specific impaired loan are considered observable market inputs, which are considered Level 1 inputs. Appraisals are obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and are considered Level 2 inputs. Loans for which the value of the underlying collateral is determined using a combination of real estate appraisals, field examinations and internal calculations are classified as Level 3. The inputs in the internal calculations may include the loan balance, estimation of the collectability of the underlying receivables held by the customer used as collateral, sale and liquidation value of the inventory held by the customer used as collateral and historical loss-given-default parameters. In cases in which the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized.

Foreclosed assets and vehicle inventory

Foreclosed assets represent the recorded investment in assets taken during the period presented in foreclosure of defaulted loans and are primarily comprised of commercial and residential real properties and generally measured at fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of market value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace.

The Company estimates the fair value of its vehicles, which are obtained either through repossession or lease termination, using historical auction rates and current market values of used cars.

LHFS

The Company has LHFS portfolios that are measured at fair value on a nonrecurring basis primarily consisting of commercial loans. The estimated fair value of these LHFS is calculated based on a combination of estimated market rates for similar loans with similar credit risks and a DCF analysis in which the Company uses significant unobservable inputs on key assumptions, including historical default rates and adjustments to reflect voluntary prepayments, prepayment rates, discount rates reflective of the cost of funding, and credit loss expectations. These are classified Level 3.

Auto loans impaired due to bankruptcy

For loans that are considered collateral-dependent, such as certain bankruptcy loans, impairment is measured based on the fair value of the collateral less its estimated cost to sell. For the underlying collateral, the estimated fair value is obtained using historical auction rates and current market levels of the collateral securing the loans.

Goodwill

The estimated fair value of goodwill is calculated using unobservable inputs and is classified as Level 3. Goodwill is written down to fair value when, as a result of an annual or interim goodwill impairment test, an impairment is identified and recognized. Fair value is calculated using widely-accepted valuation techniques, such as the guideline public company market approach (earnings and price-to-tangible book value multiples of comparable public companies) and the income approach (the DCF method). The Company uses a combination of these accepted methodologies to determine the fair valuation of reporting units. Several factors are taken into account, including actual operating results, future business plans, economic projections, and market data. On a quarterly basis, the Company assesses whether or not impairment indicators are present. For information on the Company's goodwill impairment test and the results of the most recent goodwill impairment test, see Note 5 for a further description of the Company's goodwill valuation methodology.

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NOTE 14. FAIR VALUE (continued)

Level 3 Rollforward for Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the changes in Level 3 balances for those assets and liabilities measured at fair value on a recurring basis for the periods indicated.

						Three months ended September 30, 2026																																										Three months ended September 30, 2025
(in millions)						Beneficial Interest in Structured LLC						RICs HFI						MSRs						Derivatives, net						Equity Securities						Trading Securities						Total						Beneficial interest in Structured LLC						RICs HFI						MSRs						Derivatives, net						Equity Securities						Trading Securities						Total
Balances, beginning of period						$	1,056					$	3					$	79					$	(1)					$	928					$	111					$	2,176					$	1,118					$	7					$	82					$	—					$	—					$	156					$	1,363
Gains / (losses) in OCI						(43)						—						—						—						—						—						(43)						(10)						—						—						—						—						—						(10)
Gains/(losses) in earnings						—						—						6						—						(3)						4						7						—						—						2						(1)						—						(6)						(5)
Additions/Issuances						—						—						1						—						—						1						2						—						—						—						—						832						10						842
Transfers from Level 2						—						—						—						—						—						6						6						—						—						—						—						—						68						68
Transfers from Level 3						—						—						—						—						(41)						—						(41)						—						—						—						—						—						—						—
Settlements(1)						—						—						(3)						—						6						(10)						(7)						(10)						(1)						(3)						—						—						(22)						(36)
Balances, end of period						$	1,013					$	3					$	83					$	(1)					$	890					$	112					$	2,100					$	1,098					$	6					$	81					$	(1)					$	832					$	206					$	2,222
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period						$	—					$	—					$	6					$	—					$	(23)					$	4					$	(13)					$	—					$	—					$	2					$	(1)					$	—					$	(6)					$	(5)
						Nine months ended September 30, 2026																																										Nine months ended September 30, 2025
(in millions)						Beneficial Interest in Structured, LLC						RICs HFI						MSRs						Derivatives, net						Equity Securities						Trading Securities						Total						Beneficial interest in Structured, LLC						RICs HFI						MSRs						Derivatives, net						Equity Securities						Trading Securities						Total
Balances, beginning of period						$	1,097					$	5					$	80					$	(1)					$	992					$	173					$	2,346					$	1,199					$	9					$	91					$	—					$	—					$	6					$	1,305
Gain / (losses) in OCI						(56)						—						—						—						—						—						(56)						(81)						—						—						—						—						—						(81)
Gains/(losses) in earnings						—						—						10						—						(20)						2						(8)						—						—						(3)						(1)						—						(6)						(10)
Additions/Issuances						—						—						1						—						—						6						7						—						—						—						—						832						10						842
Transfers from Level 2						—						—						—						—						—						6						6						—						—						—						—						—						220						220
Transfers from Level 3						—						—						—						—						(41)						—						(41)						—						—						—						—						—						—						—
Settlements (1)						(28)						(2)						(8)						—						(41)						(75)						(154)						(20)						(3)						(7)						—						—						(24)						(54)
Balances, end of period						$	1,013					$	3					$	83					$	(1)					$	890					$	112					$	2,100					$	1,098					$	6					$	81					$	(1)					$	832					$	206					$	2,222
Changes in unrealized gains (losses) included in earnings related to balances still held at end of period						$	—					$	—					$	10					$	—					$	(58)					$	2					$	(46)					$	—					$	—					$	(3)					$	(1)					$	—					$	(6)					$	(10)

(1)Settlements include charge-offs, prepayments, paydowns, sales, and maturities.

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NOTE 14. FAIR VALUE (continued)

Fair Value Adjustments

The following table presents the increases and decreases in value of certain assets that are measured at fair value on a nonrecurring basis for which a fair value adjustment has been included in the Condensed Consolidated Statements of Operations relating to assets held at period-end:

									Three months ended September 30,												Nine months ended September 30,
(in millions)			Statement of Operations Location						2026						2025						2026						2025
Impaired LHFI			Credit loss expense / (benefit)						$	23					$	(8)					$	38					$	(9)
Foreclosed assets			Miscellaneous income, net (1)						—						—						4						(11)
LHFS			Credit loss expense / (benefit)						(2)						—						(2)						9
LHFS			Miscellaneous income, net (1)						—						—						(4)						—
Auto loans impaired due to bankruptcy			Credit loss expense / (benefit)						(8)						—						(7)						4

(1)    Gains are disclosed as positive numbers while losses are shown as a negative number regardless of the line item being affected.

Level 3 Inputs - Significant Recurring and Nonrecurring Fair Value Assets and Liabilities

The following table presents quantitative information about the significant unobservable inputs within significant Level 3 recurring and nonrecurring assets and liabilities at the dates indicated:

(dollars in millions)

Fair Value at September 30, 2026 (4)

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Financial Assets:

Beneficial interest in Structured LLC

$

1,013

DCF

Discount spread

2.75% - 25.00% (14.35%)

Loss estimate

0.00% - 42.64% (6.55%)

Extension of loan(1)

48 months or 60 months

Equity securities

890

Market comparable pricing

Liquidity discount

0.00% - 25.00% (24.00%)

Multiples of revenue

0.8x - 17.9x (6.8x)

MSRs

83

DCF

CPR (2)

6.53% - 37.07% (6.94%)

Discount rate (3)

9.22

%

(1)    Includes extensions related to workouts and contractual extensions.

(2)     Average CPR projected from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative UPB.

(3)    Average discount rate from collateral stratified by loan type and note rate. Weighted average amount was developed by weighting the associated relative UPB.

(4) Excluded insignificant Level 3 assets and liabilities.

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NOTE 14. FAIR VALUE (continued)

(dollars in millions)

Fair Value at December 31, 2025 (4)

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Financial Assets:

Beneficial interest in Structured LLC

$

1,097

DCF

Discount spread

2.75% - 25.00% (13.78%)

Loss estimate

0.00% - 81.33% (6.85%)

Extension of loan (1)

48 or 60 months

Equity securities

$

992

Market comparable pricing

Liquidity discount

0.00% - 25.00% (24.00%)

Multiples of revenue

0.8x - 17.9x (3.8x)

MSRs

$

80

DCF

CPR (2)

6.48% - 39.82% (7.07%)

Discount rate (3)

9.22

%

(1), (2), (3), (4) - See corresponding footnotes to the September 30, 2026 Level 3 significant inputs table above.

Fair Value of Financial Instruments

The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments which have not previously been disclosed above are as follows as of the dates indicated:

						September 30, 2026																														December 31, 2025
(dollars in millions)						Carrying Value						Fair Value						Level 1						Level 2						Level 3						Carrying Value						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash, cash equivalents, and restricted cash						$	30,230					$	30,230					$	30,230					$	—					$	—					$	19,696					$	19,696					$	19,696					$	—					$	—
Federal funds sold and securities purchased under resale agreements or similar arrangements						9,592						9,572						—						9,572						—						8,640						8,641						—						8,641						—
Investments in debt securities HTM						22,584						20,732						1,771						18,961						—						13,212						11,871						2,087						9,784						—
Equity and other investments (2)						936						936						41						5						890						997						997						—						5						992
LHFI, net (3)						135,058						137,215						—						532						136,683						76,891						77,028						—						382						76,646
Financial liabilities:
Deposits (1)						21,032						21,002						—						21,002						—						15,077						15,095						—						15,095						—
Federal funds purchased and securities loaned or sold under repurchase agreements						22,790						22,772						—						22,772						—						19,460						19,463						—						19,463						—
Borrowings and other debt obligations						42,816						42,790						—						42,408						382						37,102						37,747						—						34,364						3,383

(1) This line item excludes deposit liabilities with no defined or contractual maturities.

(2) This line item includes CDs with a maturity greater than 90 days and equity securities.

(3) This line item includes nonrecurring LHFI.

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NOTE 14. FAIR VALUE (continued)

Valuation Processes and Techniques - Financial Instruments

The preceding tables present disclosures about the fair value of the Company's financial instruments. Those fair values for certain instruments are presented based upon subjective estimates of relevant market conditions at a specific point in time and information about each financial instrument. In cases in which quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties resulting in variability in estimates affected by changes in assumptions and risks of the financial instruments at a certain point in time. Therefore, the derived fair value estimates presented above for certain instruments cannot be substantiated by comparison to independent markets. In addition, the fair values do not reflect any premium or discount that could result from offering for sale at one time an entity’s entire holding of a particular financial instrument, nor do they reflect potential taxes and the expenses that would be incurred in an actual sale or settlement. Accordingly, the aggregate fair value amounts presented above do not represent the underlying value of the Company.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments not measured at fair value on the Condensed Consolidated Balance Sheets:

Cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cash include cash and due from depository institutions, interest-bearing deposits in other banks, and cash subject to restrictions on withdrawal or use. The related fair value measurements have been classified as Level 1, since their carrying value approximates fair value due to the short-term nature of the asset.

Restricted cash is related to cash restricted for investment purposes, cash posted for collateral purposes, cash advanced for loan purchases, and lockbox collections. Cash and cash equivalents, including restricted cash, have maturities of three months or less and, accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value.

Securities Financing Activities

No quoted prices exist for Securities Financing Activities, so fair value is determined using a DCF technique. Cash flows are estimated based on the terms of the contract. These cash flows are discounted using interest rates appropriate to the maturity of the instrument as well as the nature of the underlying collateral. Securities Financing Activities are classified as Level 2. At September 30, 2026, the fair value of the underlying collateral was $45.9 billion before netting of $23.7 billion, all of which was sold or re-pledged.

Investments in debt securities HTM

Investments in debt securities HTM are recorded at amortized cost and are priced by third-party pricing vendors. The third-party vendors use a variety of methods when pricing these securities that incorporate relevant observable market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. These investment securities are, therefore, considered Level 2.

LHFI, net

The fair values of loans are estimated based on groupings of similar loans, including but not limited to stratification by type, interest rate, maturity, and borrower creditworthiness. Discounted future cash flow analyses are performed for these loans incorporating assumptions of current and projected voluntary prepayment speeds. Discount rates are determined using the Company's current origination rates on similar loans, adjusted for changes in current liquidity and credit spreads (if necessary). Because the current liquidity spreads are generally not observable in the market and the expected loss assumptions are based on the Company's experience, these are Level 3 valuations. Impaired loans are valued at fair value on a nonrecurring basis. See further discussion under the section captioned "Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis" above.

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NOTE 14. FAIR VALUE (continued)

Deposits

For deposits with no stated maturity, such as non-interest-bearing and interest-bearing demand deposit accounts, savings accounts, and certain money market accounts, the carrying value approximates fair values. The fair value of fixed-maturity deposits is estimated by discounting cash flows using currently offered rates for deposits of similar remaining maturities and have been classified as Level 2.

Borrowings and other debt obligations

Fair value is estimated by discounting cash flows using rates currently available to the Company for other borrowings with similar terms and remaining maturities. Certain other debt obligation instruments are valued using available market quotes for similar instruments, which contemplates issuer default risk. The related fair value measurements have generally been classified as Level 2. A certain portion of debt relating to revolving credit facilities is classified as Level 3. Management believes that the terms of these credit agreements approximate market terms for similar credit agreements and, therefore, they are considered to be Level 3.

FVO for Financial Assets and Financial Liabilities

RICs HFI

To reduce accounting and operational complexity, the Company elected the FVO for certain of its RICs HFI. These loans consisted primarily of NPLs acquired by the Company under optional clean-up calls from its non-consolidated Trusts.

LHFS

At September 30, 2026 and December 31, 2025, the Company had LHFS for which the FVO has been elected, primarily related to loans that are attributed to CIB whole loan aggregation and bridge lending programs. Electing the FVO allows the Company to record loans in these programs at fair value. The Company may enter into hedges on these LHFS portfolios, These hedges are reported at fair value; as a result, the loans and associated hedges are carried at fair value, reducing earnings volatility.

The following table summarizes the differences between the fair value and the principal balance of financial instruments measured at fair value on a recurring basis as of the dates indicated:

						September 30, 2026																		December 31, 2025
(in millions)						Fair Value						Principal Balance						Difference						Fair Value						Principal Balance						Difference
LHFS(1)						$	1,685					$	1,668					$	17					$	1,531					$	1,484					$	47
RICs HFI						3						3						—						5						5						—

(1) LHFS disclosed on the Condensed Consolidated Balance Sheets also includes $288 million and $55 million of LHFS valued on a non-recurring basis at September 30, 2026 and December 31, 2025, respectively, that are held at the lower of cost or fair value that are not presented within this table. There were no nonaccrual loans related to the LHFS measured using the FVO.

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NOTE 15. NON-INTEREST INCOME

The following table presents the details of the Company's non-interest income for the following periods:

						Three months ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
Non-interest income:
Consumer and commercial fees						$	146					$	128					$	379					$	364
Lease income						260						395						866						1,279
Capital markets and foreign exchange income						344						154						767						382
Miscellaneous income, net
Mortgage banking income and multifamily servicing fees, net						(20)						15						2						54
BOLI						30						17						57						48
Net (loss) / gain on operating leases						1						10						26						21
Asset and wealth management fees						82						77						282						248
Gain / (Loss) on non-mortgage loans, net						(29)						1						(55)						6
Other miscellaneous income /(loss), net						43						24						96						106
Securities (losses) / gains, net						(176)						53						(129)						115
Total non-interest income						$	681					$	874					$	2,291					$	2,623

Disaggregation of Revenue from Contracts with Customers

The following table presents the Company's non-interest income disaggregated by revenue source:

						Three months ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
Non-interest income:
In-scope of revenue from contracts with customers:
Depository services (1)						$	45					$	33					$	109					$	96
Commission and trailer fees (2)						77						80						268						249
Interchange income, net (2)						26						22						65						61
Underwriting service fees (2)						167						76						397						220
Asset and wealth management fees (2)						23						100						276						274
Other revenue from contracts with customers (2)						9						—						10						6
Total in-scope of revenue from contracts with customers						347						311						1,125						906
Out-of-scope of revenue from contracts with customers:
Consumer and commercial fees (3)						79						70						203						204
Lease income						260						395						866						1,279
Other miscellaneous income/(loss), net (3)						171						45						226						119
Securities (losses) / gains, net						(176)						53						(129)						115
Total out-of-scope of revenue from contracts with customers						334						563						1,166						1,717
Total non-interest income						$	681					$	874					$	2,291					$	2,623

(1) Primarily recorded in the Company's Condensed Consolidated Statements of Operations within Consumer and commercial fees.

(2) Primarily recorded in the Company's Condensed Consolidated Statements of Operations within Miscellaneous income, net.

(3) The balance presented excludes certain revenue streams that are considered in-scope and presented above.

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NOTE 16. INCOME TAXES

An income tax provision of $62 million and $305 million was recorded for the three months and nine months ended September 30, 2026, compared to an income tax provision of $90 million and $145 million for the corresponding periods in 2025. This resulted in an ETR of 20.2% and 19.7% for the three months and nine months ended September 30, 2026, compared to 16.4% and 9.9% for the corresponding periods in 2025. The increase in ETR for the three months and nine months ended September 30, 2026, when compared to the same periods in 2025, was directly impacted by (i) an increase in forecasted pre-tax income in 2026 and (ii) no electric vehicle tax credits in 2026, offset by $44 million of tax benefit resulted from closed audit years recorded in the first quarter of 2026.

The Company is subject to the income tax laws of the U.S., its states and municipalities and certain foreign countries. These tax laws are complex and are potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws.

Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations, and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. The Company reviews its tax balances quarterly and, as new information becomes available, the balances are adjusted as appropriate. The Company is subject to ongoing tax examinations and assessments in various jurisdictions.

With few exceptions, the Company is no longer subject to federal and non-U.S. income tax examinations by tax authorities for years prior to 2015 and state income tax examinations for years prior to 2010.

The Company applies an aggregate portfolio approach whereby income tax effects from AOCI are released only when an entire portfolio (i.e., all related units of account) of a particular type is liquidated, sold or extinguished. 

The Company had a net deferred tax asset balance of $801 million at September 30, 2026 (consisting of a federal deferred tax asset balance of $600 million and a state deferred tax asset balance of $201 million with respect to jurisdictional netting), compared to a net deferred tax asset balance of $380 million at December 31, 2025 (consisting of a federal deferred tax asset balance of $285 million and a state deferred tax asset balance of $95 million). The $421 million change in the net deferred tax asset for the period ended September 30, 2026 was primarily due to the inclusion of the deferred tax asset of $419 million related to the Webster acquisition.

On July 4, 2025, the OBBBA was enacted into law, which the Company has fully incorporated effective for the fiscal year ending 2025. The Company is monitoring the impact of the OBBBA to state and local income tax legislative proposals.

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NOTE 17. COMMITMENTS, CONTINGENCIES, AND GUARANTEES

Off-Balance Sheet Risk - Financial Instruments

In the normal course of business, the Company utilizes a variety of financial instruments with off-balance sheet risk to meet the financing needs of its customers and manage its exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, letters of credit, loans sold with recourse, forward contracts, and interest rate and cross currency swaps, caps, and floors. These financial instruments may involve, to varying degrees, elements of credit, liquidity, and interest rate risk in excess of the amount recognized on the Condensed Consolidated Balance Sheets. The contractual or notional amounts of these financial instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit, letters of credit and loans sold with recourse is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and meeting conditional obligations as it does for on-balance sheet instruments. For forward contracts and interest rate swaps, caps and floors, the contract or notional amounts do not represent exposure to credit loss. The Company controls the credit risk of its forward contracts and interest rate swaps, caps and floors through credit approvals, limits, and monitoring procedures. See Note 13 to these Condensed Consolidated Financial Statements for discussion of all derivative contract commitments.

The following table details the amount of commitments at the dates indicated:

Other Commitments						September 30, 2026						December 31, 2025
(in millions)
Commitments to extend credit						$	33,790					$	21,829
Letters of credit						1,948						1,376
Recourse exposure on sold loans						4						4
Total commitments						$	35,742					$	23,209

Commitments to Extend Credit

Commitments to extend credit generally have fixed expiration dates, are variable rate, and contain provisions that permit the Company to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.

Included within the reported balances for commitments to extend credit at September 30, 2026 and December 31, 2025 were $5.7 billion and $3.7 billion, respectively, of commitments that can be canceled by the Company without notice.

Commitments to extend credit also include amounts committed by the Company to fund its investments in CRA, LIHTC, and other equity method investments in which it is a limited partner.

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NOTE 17. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued)

Letters of Credit

The Company’s letters of credit meet the definition of a guaranty. Letters of credit commit the Company to make payments on behalf of its customers if specified future events occur. The guarantees are primarily issued to support public and private borrowing arrangements. Of these commitments, $1.4 billion had maturities within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In the event of a requested draw by the beneficiary that complies with the terms of the letter of credit, the Company would be required to honor the commitment. The Company has various forms of collateral for these letters of credit, including real estate assets and other customer business assets. The maximum undiscounted exposure related to these commitments at September 30, 2026 was $1.9 billion. The fees related to letters of credit are deferred and amortized over the lives of the respective commitments and were immaterial to the Company’s financial statements at September 30, 2026. Management believes that the utilization rate of these letters of credit will continue to be substantially less than the amount of the commitments, as has been the Company’s experience to date. The credit risk associated with letters of credit is monitored using the same risk rating system utilized within the loan and financing lease portfolio. As of September 30, 2026 and December 31, 2025, the liability related to unfunded lending commitments was $65 million and $53 million, respectively.

Unsecured Revolving Lines of Credit

Such commitments arise primarily from agreements with customers for unused lines of credit on unsecured revolving accounts and credit cards, provided there is no violation of conditions in the underlying agreement. These commitments, substantially all of which the Company can terminate at any time, and which do not necessarily represent future cash requirements, are reviewed periodically based on account usage, customer creditworthiness and loan qualifications.

Loans Sold with Recourse

The Company has loans sold with recourse that meet the definition of a guaranty. For loans sold with recourse under the terms of its multifamily sales program with the FNMA, the Company retained a portion of the associated credit risk.

Agreements

The Company sells production and investment tax credits to third parties. The Company may be obligated to indemnify the purchasers for losses incurred as a result of recapture or reductions of the tax credits. The indemnification expires at the later of the end of the recapture periods or when the purchaser's tax returns are no longer subject to audit. At September 30, 2026, these amounts were not material to the overall financial position or results of operations of the Company.

In connection with the sale of RICs through securitizations and other sales, SC and SBNA have made standard representations and warranties customary in the consumer finance industry. Violations of these representations and warranties may require SC or SBNA to repurchase loans previously sold to on or off-balance sheet Trusts or other third parties. As of September 30, 2026, there were no loans that were the subject of a demand to repurchase or replace for breach of representations and warranties for SC's or SBNA's ABS or other sales. In the opinion of management, the potential exposure of other recourse obligations related to RIC sale agreements is not expected to have a material adverse effect on the Company's business, consolidated financial position, results of operations, or cash flows.

Santander has provided guarantees on the covenants, agreements, and obligations of SC under the governing documents of its warehouse facilities and privately issued amortizing notes. These guarantees are limited to the obligations of SC as servicer.

Other Off-Balance Sheet Risk

Other off-balance sheet risk stems from financial instruments that do not meet the definition of guarantees under applicable accounting guidance and from other relationships that include items such as indemnifications provided in the ordinary course of business and intercompany guarantees.

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NOTE 17. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued)

Legal and Regulatory Proceedings

The Company, including its subsidiaries, are and in the future periodically expects to be party to, or otherwise involved in, various claims, disputes, lawsuits, investigations, regulatory matters and other legal matters and proceedings that arise in the ordinary course of business. In view of the inherent difficulty of predicting the outcome of any such claim, dispute, lawsuit, investigation, regulatory matter and/or legal proceeding, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Company generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of the matters, or the eventual loss, fines or penalties related to the matters, if any. Accordingly, except as provided below, the Company is unable to reasonably estimate a range of its potential exposure, if any, to these claims, disputes, lawsuits, investigations, regulatory matters and other legal proceedings at this time. It is reasonably possible that actual outcomes or losses may differ materially from the Company's current assessments and estimates, and any adverse resolution of any of these matters against it could materially and adversely affect the Company's business, financial position, liquidity, and results of operations.

The Company establishes an accrued liability for legal and regulatory proceedings when those matters present material loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued that are reasonably possible.

As of September 30, 2026 and December 31, 2025, the Company accrued aggregate legal and regulatory liabilities of approximately $18 million and $16 million, respectively. Further, the Company estimates the aggregate range of reasonably possible losses for legal and regulatory proceedings in excess of reserves established of up to approximately $28 million and $38 million as of September 30, 2026 and December 31, 2025, respectively. Set forth below are descriptions of the significant lawsuits, regulatory matters, and other legal proceedings to which the Company is subject.

Consumer Lending Cases

The Company and its subsidiaries are party to various lawsuits pending in federal and state courts alleging violations of state and federal consumer lending laws, including, without limitation, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Section 5 of the Federal Trade Commission Act, the Telephone Consumer Protection Act, the Truth in Lending Act, wrongful repossession laws, usury laws and laws related to unfair and deceptive acts or practices. In general, these cases seek damages and equitable and/or other relief.

Enterprise Financial Group v. SC. EFG, a former service provider to SC that provided a guaranteed asset protection debt insurance program, sued SC for breach of contract, alleging that SC placed non-conforming loans in the program, resulting in EFG losses. The case is pending in Texas District Court, Dallas County, and is captioned Enterprise Financial Group v. SC, Case No. 18-08119. SC asserted a counterclaim against EFG seeking approximately $11 million in connection with EFG’s refusal to pay claims. A jury trial concluded on November 2, 2022 and the jury awarded EFG $5 million and SC $4 million. On May 9, 2023, the court issued a final judgment awarding EFG approximately $11 million, and eliminating the jury award of $4 million in favor of SC. On July 17, 2023, the court heard arguments on SC’s motion for judgment notwithstanding the verdict, a new trial and remittitur. The court denied SC's motions for judgment notwithstanding the verdict, new trial, or remittitur. On December 31, 2024, the Court of Appeals for the Fifth District of Texas at Dallas denied SC's appeal of the trial court judgment. SC filed a petition for rehearing with the appellate court on January 14, 2025. On January 31, 2025, the court denied rehearing before the panel that heard the appeal; SC's petition for rehearing en banc remains pending. On June 18, 2025, the court responded by issuing an opinion affirming the trial court's judgment, finding that SC's trial counsel did not properly preserve its objections to jury charges for appeal. SC filed an appeal with the Texas Supreme Court, which appeal is fully briefed and pending with the Court.

This matter is ongoing and could in the future result in the imposition of damages, fines, or other penalties. No assurance can be given that the ultimate outcome of this matter or any resulting proceedings would not materially and adversely affect the Company's business, financial condition, and results of operations.

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NOTE 17. COMMITMENTS, CONTINGENCIES, AND GUARANTEES (continued)

Regulatory Investigations and Proceedings

The Company is party to, or is periodically otherwise involved in, reviews, investigations, examinations, and proceedings (both formal and informal), and information-gathering requests, by government and self-regulatory agencies, including the FRB of Boston, the CFPB, the DOJ, the SEC, the CFTC, the Federal Trade Commission and various state regulatory and enforcement agencies.

NOTE 18. RELATED PARTY TRANSACTIONS

In the normal course of business, the Company conducts business with Santander and its subsidiaries. Santander policy requires that these transactions occur at prevailing market rates and terms, and, where applicable, these transactions are compliant with United States banking regulations. All extensions of credit by (and certain credit exposures of) the Bank to other Santander affiliates are legally required to be secured by eligible collateral. The following disclosures below are the more significant related party transactions entered into:

On February 3, 2026, Santander and Webster entered into the Transaction Agreement, pursuant to which Santander acquired Webster on August 20, 2026. In connection with the acquisition, Santander contributed Webster Virginia as successor to Webster, to SHUSA and merged Webster Bank with SBNA. Refer to Note 1 to these Condensed Consolidated Financial Statements.

Debt and derivative activities

The Company and its affiliates have various debt and derivative agreements with Santander. For further details of these agreements, see Note 9 and Note 13 to these Condensed Consolidated Financial Statements and Note 21 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for 2025. During the second quarter of 2026, the Company entered into a new fair value hedge with Santander to hedge the Company’s debt issuances.

Mezzanine and Stockholder's Equity

The Company has preferred stock outstanding as discussed in Note 12 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for 2025 and Note 11 to these Condensed Consolidated Financial Statements. As of September 30, 2026, Santander was the sole holder of the Company's Series E, F, G and J preferred stock.

During the nine months ended September 30, 2026, the Company declared and paid dividends to its common stock shareholder, Santander, in the amount of $250 million. In addition, during the nine months ended September 30, 2026, the Company declared and paid dividends to its preferred stock shareholders, primarily Santander, in the amount of $135 million.

During the nine months ended September 30, 2026, the Company acquired shares of common stock from Santander to satisfy vested stock awards granted to SHUSA employees. The share price paid to Santander was in excess of the price at the grant date by approximately $45 million. The excess is recorded as a return of capital to Santander.

Deposit and checking accounts

The Company holds deposits for affiliates that are not consolidated by SHUSA. Refer to Note 9 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for 2025.

Repurchase Agreements

The Company also enters into intercompany Securities Financing Activities with Santander and its affiliates as discussed in Note 13 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for 2025.

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NOTE 19. BUSINESS SEGMENT INFORMATION

Business Segment Products and Services

During the third quarter of 2026, in connection with the acquisition of Webster, the Company revised its reportable segment structure to reflect changes in the manner in which its businesses are organized and managed and financial information is evaluated by the Company's CODM, primarily the combination of the C&I and CRE reportable segments into Commercial Banking. The CODM is the Company's CEO. Accordingly, prior-period business segment Information has been recast to conform to the current period presentation. The recast had no impact on the Company's previously reported consolidated financial position or results of operations.

The Company's reportable segments reflect the manner in which its businesses are organized and managed and how financial information is evaluated by the CODM for purposes of assessing performance and allocating resources. The Company has identified the following reportable segments: Auto, CBB, Commercial Banking, CIB, and Wealth Management.

•The Auto segment includes the Company's consumer and commercial auto loans and leases and commercial loans to dealers and dealer floorplan financing products. This includes the Company's specialized consumer finance business focused on vehicle finance and third-party servicing. The primary activity of the Company's specialized consumer finance business is the indirect origination of RICs, principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. The Company offers a full spectrum of auto financing products and services to captive financing companies. These products and services include consumer RICs and leases, as well as dealer loans for inventory, construction, real estate, working capital and revolving lines of credit. The Company also originates vehicle loans through a web-based direct lending program, purchases vehicle RICs from other lenders, and services automobile, recreational and marine vehicle portfolios for other lenders.

•The CBB segment includes the products and services provided to consumer and small business banking customers, including consumer deposit, small business banking, unsecured lending, and investment services. This segment offers a wide range of products and services to consumers and business banking customers, including demand and interest-bearing demand deposit accounts, money market and savings accounts, CDs, and retirement savings products. It also offers lending products such as home loans, credit cards and small business loans such as business lines of credit. In addition, the Company makes investment services available to its retail customers, including products such as annuities, mutual funds, managed accounts, and insurance products through a networking agreement with a consolidated affiliate.

•The Commercial Banking segment provides banking products and financial services to commercial customers, including middle-market and large corporate customers, CRE investors and developers, government and non-profit entities, and other institutional clients. The segment's products and services include commercial loans, CRE loans, lines of credit, letters of credit, asset-based lending, specialty and sponsor finance, receivables and other supply chain financing, commercial vehicle and equipment finance, commercial deposit products, treasury and cash management services, and other commercial banking products and services. The segment also provides financing for multifamily and other commercial real estate properties and includes community development finance activities, including the origination of CRA-eligible loans and investments.

•The CIB segment serves the needs of global corporate and institutional customers by leveraging the international footprint of Santander to provide financing and banking services to corporations with over $500 million in annual revenues. CIB's offerings and strategy are based on Santander's local and global capabilities in wholesale banking. CIB also includes the Company's institutional broker-dealer that provides services in investment banking, sales, trading, and equity research reports.

•The Wealth Management segment provides private banking, wealth management, investment and financial advisory, financial operations, and portfolio management services to individuals, families, businesses, and institutions. The segment's product and services include wealth management solutions, private banking and tailored lending solutions, and other financial advisory services. The segment also includes the Company's international private banking, financial operations services, and portfolio management businesses, which provide banking and asset management services to foreign individuals and corporations based primarily in Latin America, as well as the Company's investment in the U.K. Limited Partnership.

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NOTE 19. BUSINESS SEGMENT INFORMATION (continued)

The Company also offers customer-related derivatives across segments to hedge interest rate risk. In the Commercial Banking and CIB segments and the dealer commercial lending division of the Auto segment, the Company offers derivatives relating to foreign exchange and lending arrangements. See Note 13 to these Condensed Consolidated Financial Statements for additional details.

The Other category includes certain treasury, corporate and functional activities that are not allocated to the Company's reportable segments, certain immaterial subsidiaries, unallocated interest income and expense associated with the Company's borrowings and other debt obligations, certain unallocated corporate income and indirect expenses, and other amounts not directly attributable to the Company's reportable segments. Following the acquisition of Webster, the Other category also includes the Company's Healthcare Financial Services business, which provides healthcare-focused financial products and administrative services to employers, individuals and institutional partners which does not meet the requirements to be separately reported. The Other category includes certain amounts required to reconcile the results of the Company's reportable segments to the Company's consolidated results.

The Company's segment results are derived from the Company's internal profitability reporting system by specifically attributing managed balance sheet assets, deposits and other liabilities and their related interest income or expense to each of the reportable segments. Funds transfer pricing methodologies are utilized to allocate a cost for funds used or a credit for funds provided to reportable segment deposits, loans and selected other assets using a matched funding concept. The methodology includes a liquidity premium adjustment, which considers an appropriate market participant spread for commercial loans and deposits based on the mix of borrowings available to the Company with comparable maturity periods.

Other income and expenses directly attributable to a reportable segment, including fees, service charges, salaries and benefits, and other direct expenses, are reflected within each segment's financial results. Certain corporate, shared-service and other indirect expenses are allocated to the reportable segments using management-established allocation methodologies. Accounting policies for the reportable segments are the same as those used in preparation of these Condensed Consolidated Financial Statements with respect to activities specifically attributable to each reportable segment. The preparation of segment results requires management to establish methodologies to allocate funding costs and benefits, expenses, and other financial elements to the reportable segments. Where practical, the results are adjusted to present consistent methodologies for the reportable segments.

The Company's management reporting methodologies are subject to periodic review and enhancements. Changes to these methodologies may affect the results reported for individual segments but do not impact the Company's consolidated results. When significant changes to management reporting methodologies occur, prior-period segment information is reclassified, wherever practical, to conform to the current-period presentation.

Results of Segments

The following tables outline the discrete financial information regularly provided to the CODM.

(in millions)			SHUSA Reportable Segments
Three months ended			Consumer Activities
September 30, 2026			Auto			CBB									Commercial Banking			CIB			Wealth Management			Other(1)						Total
			(in millions)
Interest income			$	1,594		$	1,022								$	916		$	671		$	85		$	(831)					$	3,457
Interest expense			608			552									582			567			45			(805)						1,549
Fees and other income			26			60									50			129			95			61						421
Lease income			260			—									—			—			—			—						260
Credit loss expense / (benefit)			506			17									66			19			(1)			(6)						601
Lease expense			205			—									—			—			—			—						205
General, administrative and other expenses			289			450									160			263			89			225						1,476
Income/(loss) before income taxes			272			63									158			(49)			47			(184)						307
(1) Other includes certain treasury and corporate activities, the Healthcare Financial Services business acquired in the Webster acquisition, other immaterial entities, non-strategic assets, the investment portfolio, unallocated interest expense, intangible asset amortization, and other unallocated corporate and reconciling items.

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NOTE 19. BUSINESS SEGMENT INFORMATION (continued)

(in millions)			SHUSA Reportable Segments
Three months ended			Consumer Activities
September 30, 2025			Auto			CBB									Commercial Banking			CIB			Wealth Management			Other(1)						Total
Interest income			$	1,633		$	752								$	586		$	734		$	86		$	(658)					$	3,133
Interest expense			683			374									384			667			39			(533)						1,614
Fees and other income			50			76									38			211			93			11						479
Lease income			395			—									—			—			—			—						395
Credit loss expense / (benefit)			382			3									(16)			(1)			—			—						368
Lease expense			336			—									—			—			—			—						336
General, administrative and other expenses			351			392									94			233			80			(7)						1,143
Income/(loss) before income taxes			326			59									162			46			60			(107)						546
(1) Refer to corresponding notes above.

(in millions)			SHUSA Reportable Segments
Nine months ended			Consumer Activities
September 30, 2026			Auto			CBB									Commercial Banking			CIB			Wealth Management			Other (1)						Total
Interest income			$	4,754		$	2,492								$	1,962		$	1,922		$	240		$	(2,140)					$	9,230
Interest expense			1,847			1,325									1,252			1,629			121			(1,869)						4,305
Fees and other income			86			205									133			612			310			79						1,425
Lease income			866			—									—			—			—			—						866
Credit loss expense / (benefit)			1,204			19									43			22			(1)			(7)						1,280
Lease expense			708			—									—			—			—			—						708
General, administrative and other expenses			898			1,203									343			743			249			243						3,679
Income/(loss) before income taxes			1,049			150									457			140			181			(428)						1,549
Total assets			55,266			22,074									71,001			38,927			9,553			65,695						262,516
(1) Other includes certain treasury and corporate activities, the Healthcare Financial Services business acquired in the Webster acquisition, other immaterial entities, non-strategic assets, the investment portfolio, unallocated interest expense, intangible asset amortization, and other unallocated corporate and reconciling items.

(in millions)			SHUSA Reportable Segments
Nine months ended			Consumer Activities
September 30, 2025			Auto			CBB									Commercial Banking			CIB			Wealth Management			Other (1)																		Total
Interest income			$	4,874		$	2,217								$	1,751		$	2,213		$	258		$	(1,861)																	$	9,452
Interest expense			2,062			1,115									1,147			2,021			112			(1,464)																		4,993
Fees and other income			140			209									107			563			287			38																		1,344
Lease income			1,279			—									—			—			—			—																		1,279
Credit loss expense / (benefit)			1,121			67									(13)			(7)			—			(1)																		1,167
Lease expense			1,031			—									—			—			—			—																		1,031
General, administrative and other expenses			1,036			1,170									285			696			226			6																		3,419
Income/(loss) before income taxes			1,043			74									439			66			207			(364)																		1,465
Total assets			56,864			9,197									26,834			32,687			9,087			33,447																		168,116
(1) Refer to corresponding notes above.

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NOTE 20. SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental cash flow information for the nine months ended September 30, 2026 and 2025 was as follows:

						Nine months ended September 30,
						2026						2025
						(in millions)
NON-CASH TRANSACTIONS
Loans transferred to/(from) OREO and other repossessed assets						$	24					$	21
Loans transferred from/(to) LHFI (from)/to LHFS, net						550						41
Transfer of financial interest in a VIE - Loans						—						245
Transfer of financial interest in a VIE - Borrowings						—						154
Unsettled purchases of investment securities						2,329						109
Unsettled sales of investment securities						1,469						—
Non-cash transfer of financial assets in an off-balance sheet securitization transaction						—						1,149
Dividends declared and payable to shareholder						—						44
Exchange of Webster Series F and G preferred stock for SHUSA Series H and I preferred stock						252						—
Contribution from Parent Company (1)						9,317						—

(1) Net of cash contributed of $3.2 billion. Includes Webster Series F and G preferred stock acquired for no consideration in the amount of $252 million.

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ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

EXECUTIVE SUMMARY

Acquisition of Webster

On August 20, 2026, Santander completed the previously announced acquisition of Webster. Immediately after completing the acquisition of Webster, Santander contributed all outstanding shares of Webster Virginia common stock to SHUSA and Webster Virginia merged with and into SHUSA with SHUSA surviving the merger. Webster Bank also merged with and into SBNA, with SBNA surviving the merger.

Historical periods reflect results of legacy SHUSA operations. Subsequent to the closing of this acquisition, results reflect combined post-acquisition activity. For further information on the acquisition of Webster, refer to Note 1 of these Condensed Consolidated Financial Statements.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

ECONOMIC AND BUSINESS ENVIRONMENT

Changing market conditions are considered a significant risk factor to the Company. The interest rate environment can present challenges in the growth of net interest income for the banking industry, which continues to rely on non-interest activities to support revenue growth. Changing market conditions and political uncertainty could have an overall impact on the Company's results of operations and financial condition. Such conditions could also impact the Company's credit risk and the associated credit loss expense and legal expense.

Credit Rating Actions

The following table presents Moody’s, S&P and Fitch credit ratings for SBNA, SHUSA, and Santander senior debt / long-term issuer:

SANTANDER (1)

SHUSA

SBNA (2)

Overall Outlook

Fitch

A+ / A

A-

A

Stable

Moody's

A1 / Baa1

Baa2

Baa1

Stable

S&P

A+ / A-

BBB+

A-

Stable

(1) Senior preferred debt / senior non-preferred debt rating.

(2) Moody's rating represents SBNA's long-term issuer rating.

SHUSA funds its operations independently of the other entities owned by Santander, and believes its business is not necessarily closely related to the business or outlook of other entities owned by Santander. Future changes in the credit ratings of its parent, Santander, or the Kingdom of Spain, however, could impact SHUSA's or its subsidiaries' credit ratings, and any other change in the condition of Santander could affect SHUSA.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

REGULATORY MATTERS

The activities of the Company and its subsidiaries are subject to regulation under various U.S. federal laws and regulatory agencies which impose regulations, supervise and conduct examinations, and may affect the operations and management of the Company and its ability to take certain actions, including making distributions to our parent, Santander. The Company is regulated on a consolidated basis by the Federal Reserve, including the FRB of Boston. The Company's subsidiaries are further supervised by the OCC, the FRB of Atlanta, and the CFPB. Refer to the Company’s Annual Report on Form 10-K as of December 31, 2025 for more information on regulatory and supervisory matters affecting the Company and its subsidiaries.

The Federal Reserve tailors its supervisory programs and regulatory requirements by category based on firm-specific characteristics such as total assets, cross-jurisdictional activity, and nonbank asset or off-balance sheet exposure. As of September 30, 2026, SHUSA was designated a Category IV institution under the Federal Reserve's tailoring rule. Institutions that change to a higher category would become subject to the requirements of the new category, as prescribed by the Federal Reserve, generally within two quarters of the change in category. As a result of the acquisition of Webster, SHUSA is expected to become subject to Category III requirements during 2027.

Regulatory Capital Requirements

U.S. Basel III regulatory capital rules are applicable to both SHUSA and SBNA.

These rules include prompt corrective action thresholds that require banking organizations, including SHUSA and SBNA, to maintain a minimum CET1 capital ratio of 4.5%, a minimum Tier 1 capital ratio of 6.0%, a minimum total capital ratio of 8.0% and a minimum leverage ratio of 4.0%, with each ratio calculated as defined in applicable regulations. A further capital conservation buffer of 2.5% above these minimum ratios is required for banking institutions to make capital distributions, including paying dividends.

See the "Bank Regulatory Capital" section of this MD&A for the Company's capital ratios under Basel III standards. The implementation of certain regulations and standards relating to regulatory capital could disproportionately affect the Company's regulatory capital position relative to that of its competitors, including those that may not be subject to the same regulatory requirements as the Company. On March 19, 2026, the federal bank regulatory agencies re-proposed capital rules which would have implemented the Basel III endgame reform package. The comment period was open until June 18, 2026. The re-proposal includes, but is not limited to, revisions to the current standardized approach to risk-based capital. SBNA is currently reviewing the proposal and assessing its impact. No effective date has been proposed while the agencies seek comment from the public on timing/transition.

Material restrictions can be imposed on SBNA, including restrictions on interest payable on accounts, dismissal of management and, in critically undercapitalized situations, appointment of a receiver or conservator. Critically undercapitalized banks generally may not make any payment of principal or interest on their subordinated debt, and all but well-capitalized banks are prohibited from accepting brokered deposits without prior regulatory approval. Pursuant to the FDIA and OCC regulations, institutions which are not categorized as well-capitalized or adequately-capitalized are restricted from making capital distributions, which include cash dividends, stock redemptions or repurchases, cash-out mergers, interest payments on certain convertible debt and other transactions charged to the capital account of the institution. At September 30, 2026, SBNA met the criteria to be classified as “well-capitalized.”

CRA

During the third quarter of 2026, the FDIC and OCC announced changes related to the implementation and administration of the CRA. Management is evaluating the impact of these developments on the Company's CRA compliance framework, reporting processes, and community development activities. Based on information currently available, the Company does not expect the announced changes to have a material impact on its consolidated financial condition, results of operations, or liquidity. The Company will continue to monitor regulatory developments and assess any effects on its business practices, compliance obligations, and strategic initiatives.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

RESULTS OF OPERATIONS

CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS

CONSOLIDATED AVERAGE BALANCE SHEET / NET INTEREST MARGIN ANALYSIS
			Three months ended September 30, 2026 and 2025
			2026 (1)																		2025 (1)																		Interest			Change due to
(dollars in millions)			Average Balance						Interest						Yield/  Rate(2)						Average Balance						Interest						Yield/ Rate(2)						Increase/(Decrease)			Volume			Rate
Interest-earning deposits			$	12,998					$	168					5.17		%				$	16,099					$	231					5.74		%				$	(63)		$	(42)		$	(21)
Federal funds sold and securities purchased under resale or similar agreements, gross (3)			35,932						328						3.65		%				38,591						414						4.30		%				(86)			(27)			(59)
Federal funds sold and securities purchased under resale or similar agreements, netting			(25,559)																		(28,064)
Federal funds sold and securities purchased under resale or similar agreements, net			10,373																		10,527
AFS			10,968						142						5.18		%				7,436						98						5.27		%				44			46			(2)
HTM			15,458						128						3.31		%				11,211						78						2.77		%				50			33			17
Trading securities			18,861						249						5.28		%				17,154						210						4.89		%				39			22			17
Other investments			3,198						13						1.63		%				1,579						9						2.36		%				4			6			(2)
TOTAL SECURITIES FINANCING ACTIVITIES, INVESTMENTS AND INTEREST-EARNING DEPOSITS			$	71,856					$	1,028					5.72		%				$	64,006					$	1,040					6.50		%				$	(12)		$	38		$	(50)
LOANS (4):
C&I			17,961						263						5.86		%				8,656						96						4.43		%				167			128			39
CRE			15,246						245						6.43		%				8,891						158						7.13		%				87			101			(14)
Other commercial loans			9,390						114						4.86		%				8,082						99						4.89		%				15			16			(1)
Multifamily			12,520						150						4.79		%				9,633						112						4.66		%				38			35			3
Total commercial loans			55,117						772						5.60		%				35,262						465						5.27		%				307			280			27
Consumer loans:
Residential mortgages			9,479						127						5.36		%				5,517						56						4.09		%				71			50			21
Home equity loans and lines of credit			2,192						37						6.75		%				1,910						34						7.15		%				3			5			(2)
Total consumer loans secured by real estate			11,671						164						5.62		%				7,427						90						4.85		%				74			55			19
RICs and auto loans			43,884						1,475						13.44		%				42,956						1,484						13.82		%				(9)			33			(42)
Personal unsecured			610						18						11.80		%				1,509						50						13.30		%				(32)			(27)			(5)
Other consumer			19						—						—		%				24						4						59.65		%				(4)			(1)			(3)
Total consumer			56,184						1,657						11.80		%				51,916						1,628						12.54		%				29			60			(31)
Total loans			111,301						2,429						8.73		%				87,178						2,093						9.60		%				336			340			(4)
TOTAL EARNING ASSETS			183,157						3,457						7.55		%				151,184						3,133						8.29		%				324			378			(54)
Non-interest bearing assets (5)			26,790																		21,656
TOTAL ASSETS			$	209,947																	$	172,840
INTEREST BEARING FUNDING LIABILITIES
Deposits and other customer related accounts:
Interest-bearing demand deposits			$	17,458					$	57					1.31		%				$	12,155					$	41					1.34		%				$	16		$	17		$	(1)
Savings			21,833						123						2.25		%				9,180						61						2.67		%				62			70			(8)
Money market			37,137						263						2.83		%				26,042						196						3.00		%				67			77			(10)
CDs			17,179						153						3.56		%				16,465						163						3.97		%				(10)			7			(17)
TOTAL INTEREST-BEARING DEPOSITS			93,607						596						2.55		%				63,842						461						2.89		%				135			171			(36)
Federal funds purchased and securities sold under agreements to repurchase, gross (3)			49,971						460						3.68		%				52,345						568						4.34		%				(108)			(25)			(83)
Federal funds purchased and securities sold under agreements to repurchase, netting			(25,559)																		(28,064)
Federal funds purchased and securities sold under agreements to repurchase, net			24,412																		24,281
Trading liabilities			3,750						42						4.48		%				3,343						36						4.34		%				6			5			1
FHLB advances			3,723						38						4.08		%				1,968						22						4.40		%				16			17			(1)
Other borrowings			30,949						413						5.34		%				39,330						527						5.36		%				(114)			(112)			(2)
TOTAL SECURITIES FINANCING ACTIVITIES AND BORROWED FUNDS			62,834						953						6.07		%				68,922						1,153						6.69		%				(200)			(115)			(85)
TOTAL INTEREST-BEARING FUNDING LIABILITIES			156,441						1,549						3.96		%				132,764						1,614						4.86		%				(65)			56			(121)
Non-interest bearing liabilities (6)			28,406																		20,995
TOTAL LIABILITIES			184,847																		153,759
Mezzanine equity			2,190																		2,000
STOCKHOLDER’S EQUITY			22,910																		17,081
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY			$	209,947																	$	172,840
NET INTEREST SPREAD (7)															3.59		%																3.43		%
NET INTEREST MARGIN (8)															4.17		%																4.02		%
NET INTEREST INCOME									$	1,908																	$	1,519

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

			Nine months ended September 30, 2026 and 2025
			2026 (1)																		2025 (1)																		Interest			Change due to
(dollars in millions)			Average Balance						Interest						Yield/ Rate(2)						Average Balance						Interest						Yield/ Rate(2)						Increase/(Decrease)			Volume			Rate
Interest-earning deposits			$	13,121					$	485					4.93		%				$	18,066					$	746					5.50		%				$	(261)		$	(189)		$	(72)
Federal funds sold and securities purchased under resale or similar agreements, gross (3)			34,351						931						3.61		%				40,149						1,313						4.36		%				(382)			(174)			(208)
Federal funds sold and securities purchased under resale or similar agreements, netting			(23,283)																		(29,548)
Federal funds sold and securities purchased under resale or similar agreements, net			11,068																		10,601
AFS			8,281						323						5.20		%				7,284						289						5.29		%				34			39			(5)
HTM			13,909						324						3.11		%				10,291						197						2.55		%				127			78			49
Trading securities			18,737						721						5.13		%				15,545						567						4.86		%				154			121			33
Other investments			2,770						33						1.59		%				1,533						30						2.62		%				3			6			(3)
TOTAL SECURITIES FINANCING ACTIVITIES, INVESTMENTS AND INTEREST-EARNING DEPOSITS			$	67,886					$	2,817					5.53		%				$	63,320					$	3,142					6.62		%				$	(325)		$	(119)		$	(206)
LOANS (4):
C&I			11,470						474						5.51		%				8,513						288						4.51		%				186			114			72
CRE			10,535						510						6.45		%				8,907						462						6.92		%				48			76			(28)
Other commercial loans			8,798						312						4.73		%				8,067						306						5.05		%				6			20			(14)
Multifamily			10,525						361						4.57		%				9,692						333						4.59		%				28			29			(1)
Total commercial loans			41,328						1,657						5.35		%				35,179						1,389						5.26		%				268			239			29
Consumer loans:
Residential mortgages			6,626						227						4.57		%				5,461						167						4.07		%				60			38			22
Home equity loans and lines of credit			1,885						93						6.58		%				1,981						105						7.09		%				(12)			(5)			(7)
Total consumer loans secured by real estate			8,511						320						5.01		%				7,442						272						4.87		%				48			33			15
RICs and auto loans			43,592						4,388						13.42		%				44,079						4,491						13.58		%				(103)			(50)			(53)
Personal unsecured			513						47						12.22		%				1,616						157						12.98		%				(110)			(101)			(9)
Other consumer			17						1						7.84		%				29						1						5.53		%				—			—			—
Total consumer			52,633						4,756						12.05		%				53,166						4,921						12.34		%				(165)			(118)			(47)
Total loans			93,961						6,413						9.10		%				88,345						6,310						9.52		%				103			121			(18)
TOTAL EARNING ASSETS			161,847						9,230						7.60		%				151,665						9,452						8.31		%				(222)			2			(224)
Non-interest bearing assets (5)			22,778																		22,173
TOTAL ASSETS			$	184,625																	$	173,838
INTEREST BEARING FUNDING LIABILITIES
Deposits and other customer related accounts:
Interest-bearing demand deposits			$	13,779					$	119					1.15		%				$	12,202					$	120					1.31		%				$	(1)		$	5		$	(6)
Savings			16,686						337						2.69		%				7,838						142						2.41		%				195			177			18
Money market			29,863						616						2.75		%				26,025						598						3.06		%				18			57			(39)
CDs			15,240						407						3.56		%				18,536						578						4.16		%				(171)			(94)			(77)
TOTAL INTEREST-BEARING DEPOSITS			75,568						1,479						2.61		%				64,601						1,438						2.97		%				41			145			(104)
Federal funds purchased and securities sold under agreements to repurchase, gross (3)			48,208						1,312						3.63		%				52,510						1,719						4.37		%				(407)			(133)			(274)
Federal funds purchased and securities sold under agreements to repurchase, netting			(23,283)																		(29,548)
Federal funds purchased and securities sold under agreements to repurchase, net			24,925																		22,962
Trading liabilities			3,987						131						4.38		%				3,329						109						4.38		%				22			22			—
FHLB advances			1,692						51						4.02		%				2,841						100						4.69		%				(49)			(36)			(13)
Other borrowings			33,223						1,332						5.35		%				40,139						1,627						5.40		%				(295)			(280)			(15)
TOTAL SECURITIES FINANCING ACTIVITIES AND BORROWED FUNDS			63,827						2,826						5.90		%				69,271						3,555						6.84		%				(729)			(427)			(302)
TOTAL INTEREST-BEARING FUNDING LIABILITIES			139,395						4,305						4.12		%				133,872						4,993						4.97		%				(688)			(282)			(406)
Non-interest-bearing liabilities (6)			24,352																		21,347
TOTAL LIABILITIES			163,747																		155,219
Mezzanine equity			2,064																		2,000
STOCKHOLDER’S EQUITY			18,814																		16,619
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY			$	184,625																	$	173,838
NET INTEREST SPREAD (7)															3.48		%																3.34		%
NET INTEREST MARGIN (8)															4.06		%																3.92		%
NET INTEREST INCOME									$	4,925																	$	4,459

(1)Average balances are based on daily averages when available. When daily averages are unavailable, mid-month averages are substituted.

(2)Yields calculated using taxable equivalent net interest income.

(3)Represents the average gross Securities Financing Activities balance, including activity that qualifies for balance sheet netting, as discussed further in Note 12 to these Condensed Consolidated Financial Statements.

(4)Interest on loans includes amortization of premiums and discounts on purchased loan portfolios and amortization of deferred loan fees, net of origination costs. Average loan balances include non-accrual loans and LHFS.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

(5)Includes allowance for loan losses and Other assets including leases, goodwill and intangibles, premises and equipment, net deferred tax assets, equity method investments, BOLI, accrued interest receivable, derivative assets, miscellaneous receivables, prepaid expenses and MSRs. Refer to Note 6 for further discussion.

(6)Includes Non-interest-bearing deposits and Other liabilities, primarily including accounts payable and accrued expenses, derivative liabilities, net deferred tax liabilities and the unfunded lending commitments liability.

(7)Represents the difference between the yield on total earning assets and the cost of total funding liabilities on a managed basis.

(8)Represents annualized, taxable equivalent net interest income divided by average interest-earning assets.

NET INTEREST INCOME

Overall, the increase in net interest for the three months and nine months ended September 30, 2026, compared to the same period in 2025 was primarily driven by higher loan and investment securities volumes, coupled with reduced funding costs on securities financing activities and borrowings and other debt obligations. These positive impacts were partially offset by lower deposit-related income. The net result reflects the combined effect of balance sheet repositioning and higher market interest rates during the period.

Net interest income increased $389 million and $466 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. The primary drivers of these changes are summarized below:

Comparison to prior year quarter to date

•Loans – Interest income increased 16.05% for the three months ended September 30, 2026, compared to the same period in 2025. The three-month change was primarily attributable to a 66.02% increase in interest on total commercial loans, driven by higher average volumes from loans acquired in connection with the Webster acquisition.

•Investment securities – Interest income increased 34.68% for the three months ended September 30, 2026, compared to the corresponding period in 2025, driven by higher average securities volumes, primarily related to securities acquired in connection with the Webster acquisition, as well as higher ABS and U.S. Treasury volumes.

•Deposits and related customer accounts – Interest expense increased 29.28% for the three months ended September 30, 2026, compared to the corresponding period in 2025, driven by higher average volumes from deposits acquired in connection with the Webster acquisition.

•Securities Financing Activities and borrowed funds – Interest expense decreased 17.35% for the three months ended September 30, 2026, compared to the same period in 2025, driven by lower average borrowing volumes and lower rates paid on securities financing activities.

Comparison to prior year to date

•Interest-earning deposits – Interest income decreased 34.99% for the nine months ended September 30, 2026, compared to the corresponding period in 2025. This change was driven by lower balances held at the Federal Reserve.

•Federal funds sold and securities purchased under resale agreements – Interest income decreased 29.09% for the nine months ended September 30, 2026, compared to the same period in 2025. This change was attributable to lower average volumes and lower average yields.

•Investment securities – Interest income increased 29.36% for the nine months ended September 30, 2026, compared to the corresponding period in 2025, driven by higher average securities volumes, primarily related to securities acquired in connection with the Webster acquisition, as well as higher ABS and U.S. Treasury volumes.

•Securities Financing Activities and borrowed funds – Interest expense decreased 20.51% for the nine months ended September 30, 2026, compared to the same period in 2025, driven by lower average borrowing volumes and lower rates paid on securities financing activities.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

CREDIT LOSS EXPENSE (BENEFIT)

The Company had credit loss expense of $601 million and $1.3 billion for the three months and nine months ended September 30, 2026, compared to credit loss expense of $368 million and $1.2 billion for the corresponding periods in 2025. The higher credit loss expense during the three months and nine months ended September 30, 2026 was primarily due to the acquisition of Webster this quarter and a higher reserve release in RICs and auto loans during the prior periods.

Credit loss expense on commercial loans increased $77 million and increased $90 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025 primarily due to the acquisition of Webster.

Credit loss expense on consumer loans increased $121 million and increased $13 million for the three months and nine months ended September 30, 2026, compared to the corresponding periods in 2025. This was primarily due to the acquisition of Webster this quarter and a higher reserve release in RICs and auto loans during the prior periods.

The credit loss expense on unfunded credit losses for the three months and nine months ended September 30, 2026 increased $35 million and increased $10 million compared to the corresponding periods in 2025 primarily due to the acquisition of Webster.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

NON-INTEREST INCOME

						Three months Ended September 30,												Nine months ended September 30,												QTD Change												YTD Change
(dollars in millions)						2026						2025						2026						2025						Dollar increase/(decrease)						Percentage						Dollar increase/(decrease)						Percentage
Consumer fees (1)						$	108					$	104					$	283					$	282					$	4					3.8		%				$	1					0.4		%
Commercial fees (2)						38						24						96						82						14						58.3		%				14						17.1		%
Lease income						260						395						866						1,279						(135)						(34.2)		%				(413)						(32.3)		%
Capital markets and foreign exchange income						344						154						767						382						190						123.4		%				385						100.8		%
Miscellaneous income, net						107						144						408						483						(37)						(25.7)		%				(75)						(15.5)		%
Securities (losses) / gains, net						(176)						53						(129)						115						(229)						(432.1)		%				(244)						(212.2)		%
Total non-interest income						$	681					$	874					$	2,291					$	2,623					$	(193)					(22.1)		%				$	(332)					(12.7)		%

(1) Consumer fees primarily include consumer deposit fees, consumer loan fees, (including origination, servicing, and late fees), and insurance and investment fees.

(2) Commercial fees primarily include commercial deposit fees and commercial loan fees.

Total non-interest income decreased $193 million and decreased $332 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily comprised of:

•Commercial fees increased $14 million and $14 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, primarily due to an increase in commercial deposit fees and commercial loan fees.

•Lease income decreased $135 million and $413 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, primarily driven by a lower number of active leased vehicle units due to lower lease originations along with portfolio runoff.

•Capital markets and foreign exchange income increased $190 million and $385 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, primarily driven by higher investment banking income and derivative gains.

•Miscellaneous income, net decreased $37 million and $75 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, primarily due to the decrease in mortgage banking income, loss on sale of non-mortgage loans, partially offset by an increase in BOLI and an increase in asset and wealth management fees.

•Securities (losses) / gains, net decreased $229 million and $244 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, primarily due to trading securities losses in the current period compared to gains in the corresponding periods.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

GENERAL, ADMINISTRATIVE AND OTHER EXPENSES

			Three months Ended September 30,												Nine months Ended September 30,												QTD Change												YTD Change
(dollars in millions)			2026						2025						2026						2025						Dollar increase/(decrease)						Percentage						Dollar increase/(decrease)						Percentage
Compensation and benefits			$	809					$	534					$	1,895					$	1,607					$	275					51.5		%				$	288					17.9		%
Occupancy and equipment expenses			179						168						502						525						11						6.5		%				(23)						(4.4)		%
Technology, outside services, and marketing expense			222						203						628						620						19						9.4		%				8						1.3		%
Lease expense			205						336						708						1,031						(131)						(39.0)		%				(323)						(31.3)		%
Other expenses			266						238						654						667						28						11.8		%				(13)						(1.9)		%
Total general, administrative and other expenses			$	1,681					$	1,479					$	4,387					$	4,450					$	202					13.7		%				$	(63)					(1.4)		%

Total general, administrative and other expenses increased $202 million and decreased $63 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. The most significant factors contributing to these changes were as follows:

•Compensation and benefits increased $275 million and $288 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, primarily driven by the Webster acquisition.

•Lease expense decreased $131 million and $323 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025, due to lower auto lease volumes resulting in lower depreciation expense.

INCOME TAX PROVISION

An income tax provision of $62 million and $305 million was recorded for the three months and nine months ended September 30, 2026, respectively, compared to a provision of $90 million and $145 million for the corresponding periods in 2025. This resulted in an ETR of 20.2% and 19.7% for the three months and nine months ended September 30, 2026, respectively, compared to 16.4% and 9.9% for the corresponding periods in 2025.

The increase in ETR for the three months and nine months ended September 30, 2026, when compared to the same periods in 2025, was directly impacted by (i) an increase in forecasted pre-tax income in 2026 and (ii) no electric vehicle tax credits in 2026, offset by $44 million of tax benefit resulted from closed audit years recorded in the first quarter of 2026.

The Company's ETR in future periods will be affected by the results of operations allocated to the various tax jurisdictions in which the Company operates, any change in income tax laws or regulations within those jurisdictions, and interpretations of income tax regulations that differ from the Company's interpretations by tax authorities that examine tax returns filed by the Company or any of its subsidiaries.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

LINE OF BUSINESS RESULTS

During the third quarter of 2026, the Company revised its reportable segment structure to reflect changes in the manner in which its businesses are organized and managed and financial information is evaluated by the Company's CODM. Accordingly, prior-period business segment information has been recast to conform to the current period presentation. The recast had no impact on the Company's previously reported consolidated financial position or results of operations.

The Company manages its business activities by its five reportable segments, Auto, CBB, Commercial Banking, CIB, and Wealth Management. The tables below reflect certain information by reportable segment and include additional supplementary information related to consumer activities and commercial activities. The supplementary information is deemed to be useful as it represents a view in how we manage the business and also aligns with how our parent, Santander, manages its business from a global perspective.

Consumer Activities

Consumer activities consist of the Company's Auto and CBB reportable segments.

Three months ended			September 30, 2026												September 30, 2025									Total Consumer Activities
(dollars in millions)			Auto			CBB			Total Consumer activities						Auto			CBB			Total Consumer Activities			Dollar increase/(decrease)			Percentage
Interest income			1,594			1,022			2,616						1,633			752			2,385			231			9.7		%
Interest expense			608			552			1,160						683			374			1,057			103			9.7		%
Fees and other income			26			60			86						50			76			126			(40)			(31.7)		%
Lease income			260			—			260						395			—			395			(135)			(34.2)		%
Credit loss expense			506			17			523						382			3			385			138			35.8		%
Lease expense			205			—			205						336			—			336			(131)			(39.0)		%
General, administrative and other expenses			289			450			739						351			392			743			(4)			(0.5)		%
Income before income taxes			272			63			335						326			59			385			(50)			(13.0)		%
Nine months ended			September 30, 2026												September 30, 2025									Total Consumer Activities
(dollars in millions)			Auto			CBB			Total Consumer activities						Auto			CBB			Total Consumer Activities			Dollar increase/(decrease)			Percentage
Interest income			4,754			2,492			7,246						4,874			2,217			7,091			155			2.2		%
Interest expense			1,847			1,325			3,172						2,062			1,115			3,177			(5)			(0.2)		%
Fees and other income			86			205			291						140			209			349			(58)			(16.6)		%
Lease income			866			—			866						1,279			—			1,279			(413)			(32.3)		%
Credit loss expense			1,204			19			1,223						1,121			67			1,188			35			2.9		%
Lease expense			708			—			708						1,031			—			1,031			(323)			(31.3)		%
General, administrative and other expenses			898			1,203			2,101						1,036			1,170			2,206			(105)			(4.8)		%
Income before income taxes			1,049			150			1,199						1,043			74			1,117			82			7.3		%
Total assets			55,266			22,074			77,340						56,864			9,197			66,061			11,279			17.1		%

The Company reported total income before income taxes related to its Consumer activities of $335 million and $1.2 billion for the three months and nine months ended September 30, 2026, respectively, compared to income before income taxes of $385 million and $1.1 billion for the corresponding periods in 2025. The most significant drivers of these changes were:

•Interest income for CBB increased $270 million and $275 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by higher internal funding credits earned on deposits gathered by CBB and used to fund lending in other business segments.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

•Interest expense for CBB increased $178 million and $210 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by increased volumes in high yield savings deposits and Webster consumer deposits.

•Interest expense for Auto decreased $75 million and $215 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower funding costs due to increased deposit funding compared to external borrowings in corresponding periods in 2025.

•Fees and other income for Auto decreased $24 million and $54 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower auto servicing fees and lower gains on securitization of loan portfolios.

•Lease income decreased $135 million and $413 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower average auto lease volumes.

•Credit loss expense in Auto increased $124 million and $83 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to higher loan balances.

•Credit loss expense in CBB increased $14 million and decreased $48 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were driven by the impact of the Webster integration in the quarter and sale of loan portfolios on a year-over-year basis.

•Lease expense decreased $131 million and $323 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by lower average auto lease balances and improved lease residuals.

•General, administrative, and other expenses decreased $4 million and $105 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These changes were primarily driven by the realization of prior year efficiencies in Auto on a year-over-year basis offset by the integration of Webster CBB in the quarter.

•Total CBB assets increased $12.9 billion compared to the corresponding date in 2025 due to the integration of Webster's CBB loan portfolio during the quarter partially offset by reduction in consumer unsecured loan portfolios.

Commercial Banking

			Three months ended September 30												Nine months ended September 30												QTD Change												YTD Change
(dollars in millions)			2026						2025						2026						2025						Dollar increase/(decrease)						Percentage						Dollar increase/(decrease)						Percentage
Interest income			$	916					$	586					$	1,962					$	1,751					$	330					56.3		%				$	211					12.1		%
Interest expense			582						384						1,252						1,147						198						51.6		%				105						9.2		%
Fees and other income			50						38						133						107						12						31.6		%				26						24.3		%
Credit loss expense / (benefit)			66						(16)						43						(13)						82						512.5		%				56						430.8		%
General, administrative and other expenses			160						94						343						285						66						70.2		%				58						20.4		%
Income before income taxes			158						162						457						439						(4)						(2.5)		%				18						4.1		%
Total assets															71,001						26,834																		44,167						164.6		%

The Company reported total income before income taxes related to its Commercial Banking of $158 million and $457 million for the three months and nine months ended September 30, 2026, respectively, compared to income before income taxes of $162 million and $439 million for the corresponding periods in 2025. The most significant drivers of these changes were:

•Interest income increased $330 million and $211 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were due to the integration of Webster’s Commercial loan portfolio in the quarter.

•Interest expense increased $198 million and $105 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were due to the integration of Webster’s Commercial loan and deposit portfolio in the quarter, partially offset by lower deposit rates in the legacy Commercial business.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

•Credit loss expense increased $82 million and $56 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to specific builds related to the integration of Webster in the quarter and CRE.

•General, administrative and other expenses increased $66 million and $58 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to the integration of Webster in the quarter.

•Total assets increased $44.2 billion compared to the corresponding date in 2025 due to the integration of Webster's commercial loan portfolio during the quarter.

CIB

			Three months ended September 30												Nine months ended September 30												QTD Change												YTD Change
(dollars in millions)			2026						2025						2026						2025						Dollar increase/(decrease)						Percentage						Dollar increase/(decrease)						Percentage
Interest income			$	671					$	734					$	1,922					$	2,213					$	(63)					(8.6)		%				$	(291)					(13.1)		%
Interest expense			567						667						1,629						2,021						(100)						(15.0)		%				(392)						(19.4)		%
Fees and other income			129						211						612						563						(82)						(38.9)		%				49						8.7		%
Credit loss expense / (benefit)			19						(1)						22						(7)						20						2,000.0		%				29						414.3		%
General, administrative and other expenses			263						233						743						696						30						12.9		%				47						6.8		%
Income before income taxes			(49)						46						140						66						(95)						(206.5)		%				74						112.1		%
Total assets															38,927						32,687																		6,240						19.1		%

CIB reported a loss before income taxes of $49 million and income before income taxes of $140 million for the three months and nine months ended September 30, 2026, respectively, compared to income before income taxes of $46 million and $66 million for the corresponding periods in 2025. Factors contributing to these changes were:

•Interest income decreased $63 million and $291 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These decreases were due to Securities Financing activities driven by lower prevailing interest rates.

•Interest expense decreased $100 million and $392 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These decreases were primarily due to interest expense associated with Securities Financing Activities driven by lower prevailing interest rates.

•Fees and other income decreased $82 million and increased $49 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. The QTD decrease and YTD increase were primarily due to changes in Global Banking fees.

•Credit loss expense / (benefit) increased $20 million and $29 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to provision builds associated with Global Banking lending activity.

•General, administrative and other expenses increased $30 million and $47 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to headcount growth and associated expenses.

•Total assets at September 30, 2026 increased $6.2 billion compared to the corresponding date in 2025. This increase was primarily due to an increase in trading inventory.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Wealth Management

			Three months ended September 30												Nine months ended September 30												QTD Change												YTD Change
(dollars in millions)			2026						2025						2026						2025						Dollar increase/(decrease)						Percentage						Dollar increase/(decrease)						Percentage
Interest income			$	85					$	86					$	240					$	258					$	(1)					(1.2)		%				$	(18)					(7.0)		%
Interest expense			45						39						121						112						6						15.4		%				9						8.0		%
Fees and other income			95						93						310						287						2						2.2		%				23						8.0		%
Credit loss expense / (benefit)			(1)						—						(1)						—						(1)						(100%)						(1)						(100%)
General, administrative and other expenses			89						80						249						226						9						11.3		%				23						10.2		%
Income before income taxes			47						60						181						207						(13)						(21.7)		%				(26)						(12.6)		%
Total assets															9,553						9,087																		466						5.1		%

Wealth Management reported income before income taxes of $47 million and $181 million for the three months and nine months ended September 30, 2026, respectively, compared to income before income taxes of $60 million and $207 million for the corresponding periods in 2025. The primary factors contributing to these changes were:

•Fees and other income increased $2 million and $23 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to increased securities transaction activity.

•General, administrative and other expenses increased $9 million and $23 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to platform investments.

Other

			Three months ended September 30												Nine months ended September 30												QTD Change												YTD Change
(dollars in millions)			2026						2025						2026						2025						Dollar increase/(decrease)						Percentage						Dollar increase/(decrease)						Percentage
Interest income			$	(831)					$	(658)					$	(2,140)					$	(1,861)					$	(173)					(26.3)		%				$	(279)					(15.0)		%
Interest expense			(805)						(533)						(1,869)						(1,464)						(272)						(51.0)		%				(405)						(27.7)		%
Fees and other income			61						11						79						38						50						454.5		%				41						107.9		%
Credit loss expense / (benefit)			(6)						—						(7)						(1)						(6)						(100%)						(6)						(600.0)		%
General, administrative and other expenses			225						(7)						243						6						232						3,314.3		%				237						3,950.0		%
Loss before income taxes			(184)						(107)						(428)						(364)						(77)						(72.0)		%				(64)						(17.6)		%
Total assets															65,695						33,447																		32,248						96.4		%

Following the Webster acquisition, the Other category includes the Healthcare Financial Services business. The Other category reported losses before income taxes of $184 million and $428 million for the three months and nine months ended September 30, 2026, respectively, compared to losses before income taxes of $107 million and $364 million for the corresponding periods in 2025. The primary factors contributing to these changes were:

•Interest income decreased $173 million and $279 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These decreases were primarily due to changes in deposit mix, borrowings, and internal funding.

•Interest expense decreased $272 million and $405 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These decreases were primarily due to changes in deposit mix, borrowings, and internal funding.

•Fees and other income increased $50 million and $41 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily due to gains on investments sold net of hedges and Healthcare Financial Services card and deposit fees.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

•General, administrative and other expenses increased $232 million and $237 million for the three months and nine months ended September 30, 2026, respectively, compared to the corresponding periods in 2025. These increases were primarily the result of timing in strategic investment, integration, and restructuring charges.

•Total assets at September 30, 2026 increased $32.2 billion compared to the corresponding date in 2025. This increase was primarily due to investments and deposits at the Federal Reserve.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL CONDITION

LOAN PORTFOLIO

The Company's LHFI portfolio consisted of the following at the dates indicated:

    

						September 30, 2026												December 31, 2025												Dollar Increase / (Decrease)			Percent Increase (Decrease)
(dollars in millions)						Amount						Percent						Amount						Percent
Commercial LHFI:
CRE						$	22,957					16.2		%				$	8,136					9.8		%				$	14,821		182.2		%
C&I						32,173						22.7		%				7,821						9.4		%				24,352			311.4		%
Multifamily						16,936						11.9		%				9,602						11.6		%				7,334			76.4		%
Other commercial						9,908						7.0		%				8,249						10.0		%				1,659			20.1		%
Total commercial loans (1)						81,974						57.8		%				33,808						40.8		%				48,166			142.5		%
Consumer loans secured by real estate:
Residential mortgages						12,387						8.7		%				4,039						4.9		%				8,348			206.7		%
Home equity loans and lines of credit						2,810						2.0		%				1,797						2.2		%				1,013			56.4		%
Total consumer loans secured by real estate						15,197						10.7		%				5,836						7.1		%				9,361			160.4		%
Consumer loans not secured by real estate:
RICs and auto loans						44,034						31.0		%				42,736						51.4		%				1,298			3.0		%
Personal unsecured loans						506						0.4		%				493						0.6		%				13			2.6		%
Other consumer						44						0.1		%				18						0.1		%				26			144.4		%
Total consumer loans						59,781						42.2		%				49,083						59.2		%				10,698			21.8		%
Total LHFI						$	141,755					100.0		%				$	82,891					100.0		%				$	58,864		71.0		%
Total LHFI with:
Fixed						$	83,794					59.1		%				$	59,079					71.3		%				$	24,715		41.8		%
Variable						57,961						40.9		%				23,812						28.7		%				34,149			143.4		%
Total LHFI						$	141,755					100.0		%				$	82,891					100.0		%				$	58,864		71.0		%

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Loans by Maturity and Interest Rate Sensitivity

						At September 30, 2026, Maturing
(in millions)						In One Year Or Less						One to Five Years						Five to 15 Years						After 15 Years						Total
Fixed Rates:
CRE loans						$	865					$	2,109					$	610					$	267					$	3,851
C&I						327						2,242						5,002						1,779						9,350
Multifamily loans						2,239						7,825						1,842						160						12,066
Other commercial						1,940						2,433						1,414						—						5,787
Total Commercial						$	5,371					$	14,609					$	8,868					$	2,206					$	31,054
Residential mortgages						3						71						817						8,989						9,880
Home equity loans and lines of credit						18						27						147						202						394
RICs and auto loans						662						25,116						18,256						—						44,034
Personal unsecured loans						15						13						39						—						67
Other consumer						2						5						1						4						12
Total Fixed Rates						$	6,071					$	39,841					$	28,128					$	11,401					$	85,441
Variable Rates:
CRE loans						$	5,621					$	10,817					$	2,494					$	499					$	19,431
C&I						6,117						14,254						2,517						82						22,970
Multifamily loans						1,141						3,075						664						5						4,885
Other commercial						3,843						278						—						—						4,121
Total Commercial						$	16,722					$	28,424					$	5,675					$	586					$	51,407
Residential mortgages						—						9						286						3,698						3,993
Home equity loans and lines of credit						4						5						345						2,062						2,416
Personal unsecured loans						14						102						321						2						439
Other consumer						—						—						—						32						32
Total Variable Rates						$	16,740					$	28,540					$	6,627					$	6,380					$	58,287
Total						$	22,811					$	68,381					$	34,755					$	17,781					$	143,728

Commercial

Commercial loans increased approximately $48.2 billion, or 142.5%, from December 31, 2025 to September 30, 2026. This increase was comprised of an increase in C&I loans of $24.4 billion, an increase in CRE loans of $14.8 billion, and an increase in Multifamily loans of $7.3 billion primarily due to the acquisition of Webster.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

At September 30, 2026, the CRE and multifamily portfolios included the following:

						As of September 30, 2026
(in millions)						Balance						Percentage of Total CRE and Multifamily
CRE loans						$	22,957					57.5		%
Multifamily loans (1)						16,936						42.5		%
Total CRE and multifamily loans						$	39,893					100.0		%
CRE loans by type
Multifamily construction						$	5,148					12.9		%
Office						1,886						4.7		%
Retail						3,152						7.9		%
Industrial						5,462						13.7		%
Other						7,309						18.3		%
Total						$	22,957
(1) Occupied properties

Multifamily lending (occupied and construction) continues to be our focus. Overall, occupancy across the multifamily loan portfolio and our primary markets, such as New York City, continues to be stable. Our construction originations are concentrated to well-established and proven builders and sponsors. The Company's office exposure primarily consists of investment grade, single tenants with long leases.

The Company's CRE and Multifamily portfolios by state at the date indicated was:

						As of September 30, 2026
(dollars in millions)						Balance						Percentage of Total CRE and Multifamily
State
New York						$	14,935					37.4		%
New Jersey						3,888						9.7		%
Florida						2,609						6.5		%
Connecticut						2,335						5.9		%
All other states						16,126						40.5		%
Total						$	39,893					100.0		%

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Consumer Loans Secured By Real Estate

Consumer loans secured by real estate increased $9.4 billion from December 31, 2025 to September 30, 2026, primarily due to the acquisition of Webster.

Consumer Loans Not Secured By Real Estate

RICs and auto loans

RICs and auto loans HFI increased $1.3 billion from December 31, 2025 to September 30, 2026. This increase primarily represents new origination activity. A significant portion of the Company's RICs HFI are pledged against warehouse lines or securitization bonds. Refer to further discussion of these in Note 9 to the Condensed Consolidated Financial Statements.

As of September 30, 2026, 63% of the Company's RIC and auto loan portfolio balance was comprised of nonprime loans (defined by the Company as customers with a FICO score of below 640) with customers who did not qualify for conventional consumer finance products as a result of, among other things, a lack of or adverse credit history, low income levels and/or the inability to provide adequate down payments. This also includes 6.7% of loans for which no FICO score was available. While underwriting guidelines are designed to establish that the customer would be a reasonable credit risk, nonprime loans will nonetheless experience higher default rates than a portfolio of obligations of prime customers. Additionally, higher unemployment rates, higher gasoline prices, unstable real estate values, re-sets of adjustable rate mortgages to higher interest rates, the general availability of consumer credit, and other factors that impact consumer confidence or disposable income could lead to an increase in delinquencies, defaults, and repossessions, as well as decreased consumer demand for used automobiles and other consumer products, weaken collateral values and increase losses in the event of default. Because the historical focus for such credit has been predominantly on nonprime consumers, the actual rates of delinquencies, defaults, repossessions, and losses on these loans could be more dramatically affected by a general economic downturn.

The Company's automated originations process for these credits reflects a disciplined approach to credit risk management to mitigate the risks of nonprime customers. The Company's robust historical data on both organically originated and acquired loans provides it with the ability to perform advanced loss forecasting. Each applicant is automatically assigned a proprietary custom score using information such as FICO scores, DTI ratios, LTV ratios, and over 30 other predictive factors, placing the applicant in one of 100 pricing tiers. The pricing in each tier is continuously monitored and adjusted to reflect market and risk trends. In addition to the Company's automated process, it maintains a team of underwriters for manual review, consideration of exceptions, and review of deal structures with dealers.

Personal unsecured and other consumer loans

Personal unsecured and other consumer loans HFI increased $39 million from December 31, 2025 to September 30, 2026. This increase was primarily due to the acquisition of Webster.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

NON-PERFORMING ASSETS

The following table presents the composition of non-performing assets at the dates indicated:    

						Period Ended												Change
(dollars in millions)						September 30, 2026						December 31, 2025						Dollar						Percentage
Non-accrual loans:
Commercial:
CRE						$	330					$	188					$	142					75.5		%
C&I						517						48						469						977.1		%
Multifamily						507						310						197						63.5		%
Other commercial						6						4						2						50.0		%
Total commercial loans						1,360						550						810						147.3		%
Consumer loans secured by real estate:
Residential mortgages						65						59						6						10.2		%
Home equity loans and lines of credit						57						57						—						—		%
Consumer loans not secured by real estate:
RICs and auto loans						2,364						2,683						(319)						(11.9)		%
Other consumer						8						19						(11)						(57.9)		%
Total consumer loans						2,494						2,818						(324)						(11.5)		%
Total non-accrual loans						3,854						3,368						486						14.4		%
OREO						22						42						(20)						(47.6)		%
Repossessed vehicles						241						250						(9)						(3.6)		%
Foreclosed and other repossessed assets						2						1						1						100.0		%
Total OREO and other repossessed assets						265						293						(28)						(9.6)		%
Total non-performing assets						$	4,119					$	3,661					$	458					12.5		%
Past due 90 days or more as to interest or principal and accruing interest						$	11					$	9					$	2					22.2%
Non-performing assets as a percentage of total assets						1.6		%				2.2		%				n/a						n/a

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

CREDIT RATIOS

						As of and for the year ended
(dollars in millions)						September 30, 2026						December 31, 2025						September 30, 2025
ACL to total loan outstanding						4.7%						7.2%						7.2%
ACL						$6,762						$6,052						$6,199
Total loans outstanding						143,728						84,478						86,118
NPL to total loans outstanding						2.7%						4.0%						3.8%
NPL						$3,854						$3,368						$3,249
Total loans outstanding						143,728						84,478						86,118
ACL to NPL						175.5%						179.7%						190.8%
ACL						$6,762						$6,052						$6,199
NPL						3,854						3,368						3,249
Net charge-offs during the period to average loans outstanding:
Commercial						0.2%						0.3%						0.2%
NCOs during the period						$87						$95						$79
Average amount outstanding						41,328						35,160						35,179
Consumer						2.6%						4.0%						2.8%
NCOs during the period						$1,379						$2,118						$1,499
Average amount outstanding						52,633						52,696						53,165

Commercial NCOs during the period to average loans increased from September 30, 2025 to September 30, 2026. The increase in NCOs was primarily due to the acquisition of Webster. Consumer NCOs during the period to average loans decreased from September 30, 2025 to September 30, 2026. This decrease was primarily due to the sale of loans in the Personal unsecured portfolio in 2025 and an increase in recoveries.

Commercial

Commercial NPLs increased $810 million from December 31, 2025 to September 30, 2026. Commercial NPLs accounted for 1.7% of commercial LHFI at September 30, 2026. The change in commercial NPLs was primarily comprised of an increase of $197 million in the Multifamily portfolio, an increase of $469 million in the C&I portfolio and an increase of $142 million in the CRE portfolio.

Consumer Loans Secured by Real Estate

NPLs in the consumer loans secured by real estate portfolio increased year-over-year primarily resulting from the continued run-off of the portfolio. Non-performing consumer loans secured by real estate in process of foreclosure were $45 million, or 36.9%, of non-performing consumer loans secured by real estate at September 30, 2026, compared to $44 million, or 38.2%, at December 31, 2025.

Consumer Loans Not Secured by Real Estate

RICs

RICs are classified as non-performing when they are more than 60 DPD (i.e., 61 or more DPD) with respect to principal or interest. Except for loans accounted for using the FVO, at the time a loan is placed on non-performing status, previously accrued and uncollected interest is reversed against interest income. When an account is 60 days or less past due, it is returned to performing status and the Company returns to accruing interest on the loan. NPLs in the RIC and auto loan portfolio decreased by $319 million from December 31, 2025 to September 30, 2026. Non-performing RICs and auto loans accounted for 5.4% and 6.3% of total RICs and auto loans at September 30, 2026 and December 31, 2025, respectively.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Personal unsecured loans

The accrual of interest on revolving personal loans continues until the loan is charged off. Credit cards are charged off when they are 180 days delinquent or within 60 days after the receipt of notification of the cardholder’s death or bankruptcy.

Delinquencies

Early stage delinquency in commercial loans totaled approximately $364 million and $258 million at September 30, 2026 and December 31, 2025, respectively. Early stage delinquency consumer loans amounted to $5.9 billion and $6.2 billion at September 30, 2026 and December 31, 2025, respectively. Management has included these loans in its evaluation of the Company's ACL and reserved for them during the respective periods.

The Company generally considers an account delinquent when an obligor fails to pay substantially all (defined as 90%) of the scheduled payment by the due date.    Overall, total delinquencies decreased by $1 million from December 31, 2025 to September 30, 2026. The main driver of this was the decrease in past due loans in the RIC and auto loan portfolio.

Loan Modifications

During the three months and nine months ended September 30, 2026, the Company provided loan modifications to customers with an amortized cost basis at September 30, 2026 of $1.4 billion and $3.1 billion, respectively, compared to $995 million and $2.1 billion for the corresponding periods in 2025. Loan modifications primarily consist of payment deferrals in the CRE, Multifamily and the RIC and auto loan portfolio. The increase in payment deferrals in the CRE, Multifamily and the RIC and auto loan portfolio during the three months and nine months ended September 30, 2026, compared to the corresponding periods in 2025 was primarily driven by increased demand for payment deferrals, higher loan balances and the use of payment deferrals in place of other loan modification programs.

ACL

The Company's ACL is principally based on various models subject to the Company's Model Risk Management Framework. New models are approved by the Company's Model Risk Management Committee. Models, inputs and documentation are further reviewed and validated at least annually, and the Company completes a detailed variance analysis of historical model projections against actual observed results on a quarterly basis. Required actions resulting from the Company's analysis, if necessary, are governed by its ACL Committee.

Management uses the qualitative framework to exercise judgment about matters that are inherently uncertain and that are not considered by the quantitative framework. These adjustments are documented and reviewed through the Company’s risk management processes. Furthermore, management reviews, updates, and validates its process and loss assumptions on a periodic basis. This process involves an analysis of data integrity, review of loss and credit trends, a retrospective evaluation of actual loss information to loss forecasts, and other analyses.

ACL levels are collectively reviewed for adequacy and approved quarterly. Required actions resulting from the Company's analysis, if necessary, are governed by its ACL Committee. The ACL levels are approved by the Board-level committees quarterly.

The Company's ACL was $6.8 billion at September 30, 2026, a net increase of $709 million from December 31, 2025. The increase in the ACL was primarily attributable to the acquisition of Webster as disclosed in Note 1. The ACL for the consumer portfolio segment decreased by $80 million primarily attributable to changes in portfolio composition in RICs and auto loans and lower exposure in the personal unsecured portfolio. The ACL for the commercial segment increased $789 million for the period ended September 30, 2026, compared to the period ended December 31, 2025, mainly due to the acquisition of Webster. Refer to the rollforward of the ACL in Note 3 to the Condensed Consolidated Financial Statements.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

INVESTMENT SECURITIES

The Company’s AFS investment strategy is to purchase liquid fixed-rate and floating-rate investments to manage the Company's liquidity position and interest rate risk adequately. The $2.3 billion increase in AFS investment securities and $9.4 billion increase in HTM investment securities compared to December 31, 2025, were primarily driven by AFS and HTM investment securities, respectively, acquired in the Webster acquisition, as well as investment security purchases, partially offset by $9.9 billion of AFS investment securities sales as a result of the reorganization of the Webster debt security portfolio.

The average life of the AFS investment portfolio (excluding certain ABS) at September 30, 2026 was approximately 5.99 years. The average effective duration of the Company's AFS investment portfolio (excluding certain ABS) at September 30, 2026 was approximately 3.07 years. The actual maturities of MBS AFS will differ from contractual maturities because borrowers have the right to prepay obligations without prepayment penalties.

HTM securities are reported at cost and adjusted for amortization of premium and accretion of discount. The Company had 1,316 investment securities classified as HTM as of September 30, 2026. The following table presents the securities of single issuers (other than obligations of the United States and its political subdivisions, agencies, and corporations) having an aggregate book value in excess of 10% of the Company's stockholder's equity that were held by the Company at September 30, 2026:

						September 30, 2026
(in millions)						Amortized Cost						Fair Value
FNMA						$	4,012					$	3,729
FHLMC						3,178						2,856
GNMA (1)						18,946						16,825
Total						$	26,136					$	23,410

(1) Includes U.S. government agency MBS.

GOODWILL

At September 30, 2026, goodwill totaled $9.2 billion and represented 3.5% of total assets and 31.8% of total stockholder's equity. The Company conducted its most recent annual goodwill impairment tests as of October 1, 2025 using generally accepted valuation methods and noted no impairment.

The acquisition of Webster resulted in the recognition of additional goodwill of $6.5 billion. The Webster acquisition did not change our conclusion with respect to goodwill impairment and no triggering event occurred through the end of the third quarter of 2026 that required a reassessment of goodwill. The goodwill has been assigned to the Company's reportable segments based upon a preliminary valuation. The estimates and assumptions are subject to change within the measurement period as additional information is obtained. For more information, see Note 5 to this Quarterly Report on Form 10-Q.

In addition, during the third quarter of 2026, the Company recast its business segments, resulting in the combination of goodwill attributed to C&I and CRE into Commercial Banking.

The Company completes a quarterly review for impairment indicators over each of its reporting units, which includes consideration of economic and organizational factors that could impact the fair value of the Company's reporting units. As of the most recent review completed at the end of the third quarter of 2026, the Company did not identify any indicators which resulted in the Company's conclusion that an interim impairment test would be required to be completed.

DEPOSITS

The Company reported deposits of $149.3 billion and $79.0 billion at September 30, 2026 and December 31, 2025, respectively. At September 30, 2026, SBNA had $151.9 billion of U.S.-based deposits, including $7.8 billion of deposits from SHUSA affiliates that eliminate in consolidation. Uninsured U.S.-based deposits were $53.7 billion and $27.3 billion at September 30, 2026 and December 31, 2025, respectively, and represented approximately 35% and 36% of all U.S. deposits at September 30, 2026 and December 31, 2025, respectively.

The following shows the Company's deposits by business segment as of September 30, 2026:

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

(in millions)						Consumer Activities (1)						Commercial Banking			CIB			Wealth Management			Other and eliminations (2)			Total
Interest-bearing demand deposits						$	84,286					$	22,413		$	1,499		$	3,064		$	14,427		$	125,689
Non-interest-bearing demand deposits						12,223						8,645			105			2,186			425			23,584
Total deposits (1)						$	96,509					$	31,058		$	1,604		$	5,250		$	14,852		$	149,273

(1) Consumer activities consists of deposits related to the Company's Auto and CBB reportable segments.

(2) Other consists of deposits related to the Healthcare Financial Services business acquired in the Webster acquisition, and certain of the Company's immaterial subsidiaries and corporate treasury deposits.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

BANK REGULATORY CAPITAL

The Company’s capital priorities are to support client growth and business investment while maintaining appropriate capital for a range of macroeconomic outcomes.

The Company is subject to the regulations of certain federal, state, and foreign agencies and undergoes periodic examinations by those regulatory authorities. At September 30, 2026 and 2025, based on SBNA’s capital calculations, SBNA was considered well-capitalized under the applicable capital framework. In addition, the Company's capital levels as of September 30, 2026 and 2025, based on the Company’s capital calculations, exceeded the required capital ratios for BHCs.

Federal banking laws, regulations and policies also limit SBNA’s ability to pay dividends and make other distributions to the Company. SBNA must obtain prior OCC approval to declare a dividend or make any other capital distribution if, after such dividend or distribution: (1) the Bank's total distributions to SHUSA within that calendar year would exceed 100% of its net income during the year plus retained net income for the prior two years, (2) the Bank would not meet capital levels imposed by the OCC in connection with any order, (3) the Bank has negative retained earnings, or (4) the Bank is not adequately capitalized at the time. The OCC's prior approval would also be required if SBNA were notified by the OCC that it is a problem institution or in troubled condition. Any paid dividend or return of capital has the effect of reducing capital ratios. Refer to the section captioned "Liquidity and Capital Resources" in this MD&A for discussion of the Company's dividends.

The following schedule summarizes the actual capital ratios of SHUSA and SBNA at September 30, 2026:

						SHUSA
						September 30, 2026						Well-capitalized Requirement						Minimum Requirement
CET1 capital ratio						11.23		%				6.50		%				4.50		%
Tier 1 capital ratio						12.91		%				8.00		%				6.00		%
Total capital ratio						14.93		%				10.00		%				8.00		%
Leverage ratio						10.64		%				5.00		%				4.00		%

						SBNA
						September 30, 2026						Well-capitalized Requirement						Minimum Requirement
CET1 capital ratio						13.99		%				6.50		%				4.50		%
Tier 1 capital ratio						13.99		%				8.00		%				6.00		%
Total capital ratio						15.26		%				10.00		%				8.00		%
Leverage ratio						12.80		%				5.00		%				4.00		%

The Company utilizes fair value hedging strategies to mitigate the risk of unrealized losses in its investments in debt securities AFS and borrowings. As of September 30, 2026, the Company had $6.3 billion of notional in fair value hedges, which increased from $3.8 billion at December 31, 2025. Refer to Note 13 to the Consolidated Financial Statements for information about the notional and fair value of these hedging instruments.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

LIQUIDITY AND CAPITAL RESOURCES

Overall

The Company continues to maintain strong liquidity. Liquidity represents the ability of the Company to obtain cost-effective funding to meet the needs of customers as well as the Company's financial obligations. Factors that impact the liquidity position of the Company include loan origination volumes, loan prepayment rates, the maturity structure of existing loans, core deposit growth levels, CD maturity structure and retention, the Company's credit ratings, investment portfolio cash flows, the maturity structure of the Company's wholesale funding, and other factors. These risks are monitored and managed centrally. The Company's Asset/Liability Committee reviews and approves the Company's liquidity policy and guidelines on a regular basis. This process includes reviewing all available wholesale liquidity sources. The Company also forecasts future liquidity needs and develops strategies to ensure adequate liquidity is available at all times. SHUSA conducts monthly liquidity stress test analyses to manage its liquidity under a variety of scenarios, all of which demonstrate that the Company has ample liquidity to meet its short-term and long-term cash requirements.

Enhanced Monitoring of Liquidity

In addition to its normal monitoring of liquidity, SBNA enhanced monitoring of its liquidity position since the financial system market disruption that began in March 2023 and the ensuing market volatility. Additionally, SBNA continues to optimize contingent sources of liquidity. Some of these actions include the pledge of additional loans to the FRB discount window, and the transfer of loans from the discount window to the FHLB in order to receive more favorable discounts. Overall, the available capacity from the FRB and FHLB remained stable throughout and since 2023.

Impact of Changes to Credit Rating on Liquidity and Capital Resources

Changes to the credit ratings of SHUSA, Santander and its affiliates or the Kingdom of Spain could have a material adverse effect on SHUSA's business, including its liquidity and capital resources. The credit ratings of SHUSA have changed in the past and may change in the future, which could impact its cost of and access to sources of financing and liquidity. Any reductions in the long-term or short-term credit ratings of SHUSA would increase its borrowing costs and require it to replace funding lost due to the downgrade, which may include the loss of customer deposits, limit its access to capital and money markets and trigger additional collateral requirements in derivatives contracts and other secured funding arrangements. See further discussion on the impacts of credit ratings actions in the "Economic and Business Environment" section of this MD&A.

Sources of Liquidity

The Company has several sources of funding to meet liquidity requirements, including the core deposit base, liquid investment securities portfolio, ability to acquire large deposits, FHLB borrowings, wholesale deposit purchases, and federal funds purchased, as well as through securitizations in the ABS market and committed credit lines from third-party banks and Santander. In addition, the Company has other sources of funding to meet its liquidity requirements such as dividends and returns of investments from its subsidiaries, short-term investments held by non-bank affiliates, and access to the capital markets.

During the nine months ended September 30, 2026, the Company's subsidiaries completed on-balance and off-balance sheet funding transactions of:

•securitizations on the SDART platform for approximately $1.9 billion

•issuance of CLNs for approximately $1.3 billion

Santander provides a liquidity line to SHUSA for the purpose of supporting additional liquidity for SHUSA's and its subsidiaries' CIB business activities. At September 30, 2026, SHUSA had $4.0 billion in uncommitted available liquidity on the line, of which it had drawn zero.

Intercompany Borrowings with SHUSA Affiliates

SHUSA provides notes payable and revolving loans and lines to its subsidiaries as needed for the purpose of providing additional liquidity to support business operations at the subsidiary level.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Available Liquidity

As of the periods indicated, the Company and its subsidiaries had the following available liquidity:

(in millions)						September 30, 2026																		June 30, 2026
						Total Capacity						Used						Available						Total Capacity						Used						Available
Cash on deposit at FRB																		$	20,540																	$	9,233
Liquidity from released government deposit collateral (1)						6,387						—						6,387						2,002						—						2,002
Liquidity from unencumbered securities						8,274						—						8,274						4,775						—						4,775
FHLB						26,343						12,686						13,657						14,049						1,208						12,841
FRB:
Discount window						17,147						—						17,147						11,174						—						11,174
Total available liquidity																		$	66,005																	$	40,025

(1) Includes high quality liquid assets that are encumbered as collateral for uninsured government deposits.

At September 30, 2026, unencumbered highly liquid assets (cash and cash equivalents, investments in Level 1 through Level 2 qualifying debt securities AFS, and other liquid assets exclusive of securities encumbered pledged as collateral) totaled approximately $40.6 billion. This amount represented 27.2% of total deposits at September 30, 2026.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cash, cash equivalents, and restricted cash

						Nine months ended September 30,												YTD Change
(in millions)						2026						2025												Increase/(Decrease)
Net cash flows from operating activities						$	1,465					$	(1,094)											$	2,559
Net cash flows from investing activities						1,461						(1,571)												3,032
Net cash flows from financing activities						7,608						136												7,472

Cash flows from operating activities

Net cash flow from operating activities increased by $2.6 billion from the nine months ended September 30, 2025 to the nine months ended September 30, 2026, primarily due to the change in net trading activity and an increase in proceeds from the sales of and collections on LHFS, offset by an increase in originations and purchases of LHFS during the nine months ended September 30, 2026.

Cash flows from investing activities

Net cash flow from investing activities increased by $3.0 billion from the nine months ended September 30, 2025 to the nine months ended September 30, 2026, primarily driven by the proceeds from sales of AFS investment securities and purchases, sales, and originations of operating leases, offset by purchases of HTM investment securities and the net change in loans other than purchases.

Cash flows from financing activities

Net cash flow from financing activities increased by $7.5 billion from the nine months ended September 30, 2025 to the nine months ended September 30, 2026, primarily driven by repayments of long term borrowings and the contribution of cash from Santander, offset by the net change in securities financing activities.

See the SCF for further details on the Company's sources and uses of cash.

Credit Facilities

Third-Party Revolving Credit Facilities

Warehouse Lines

The Company's subsidiaries have credit facilities with several banks providing an aggregate commitment of $2.0 billion for the exclusive use of providing short-term liquidity to support core and preferred auto lender financing. As of September 30, 2026, there was an outstanding balance of zero on these facilities in the aggregate. These facilities reduce advance rates in the event of delinquency or credit loss, as well as various other metrics exceeding specific thresholds.

Securities Financing Activities

The Company may enter into Securities Financing Activities primarily to deploy the Company’s excess cash and investment positions. Securities Financing Activities are treated as collateralized financings and are included in "Federal funds sold and securities purchased under resale agreements or similar arrangements" and "Federal funds purchased and securities loaned or sold under repurchase agreements" on the Company’s Condensed Consolidated Balance Sheets. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information about the Company's Securities Financing Activities.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Secured Structured Financings

The Company's subsidiaries' secured structured financings primarily consist of public, SEC-registered securitizations, as well as private securitizations under Rule 144A of the Securities Act, and privately issued amortizing notes. As of September 30, 2026, there were on-balance sheet securitizations outstanding in the market with a cumulative balance of approximately $13.0 billion.

Deficiency and Debt Forward Flow Agreement

In addition to SC's credit facilities and secured structured financings, SC has a flow agreement in place with a third party for charged-off assets. Loans and leases sold under these flow agreements are not on SC's balance sheet.

Uses of Liquidity

The Company uses liquidity for debt service and repayment of borrowings. In addition, our subsidiaries use liquidity for funding loan commitments, satisfying deposit withdrawal requests, supporting underwriting transactions and meeting customer liquidity requirements.

At September 30, 2026, the Company's liquidity to meet debt payments, debt service and debt maturities was in excess of 12 months.

Contractual Obligations and Other Commitments

The Company enters into contractual obligations in the normal course of business as a source of funds for its asset growth and asset/liability management and to meet required capital needs. These obligations require the Company to make cash payments over time.

As of September 30, 2026, the Company had total contractual cash obligations of $93.3 billion, which included FHLB advances, notes payable, other debt obligations, CDs, repurchase agreements, non-qualified pension and post-retirement benefits, and operating leases. The Company’s near-term cash obligations largely stem from maturing short-term liabilities (CDs, repurchase agreements, and short-term borrowings) and long-term debt. Our primary funding sources to meet these obligations include retail, commercial and brokered deposits of $149.3 billion, secured and other financing of $26.3 billion, short-term repurchase agreements of $22.8 billion and long-term unsecured debt of $16.5 billion, as well as cash flows from continuing operations. Additionally, on September 30, 2026, the Company had $66.0 billion of readily available liquidity to support near-term requirements and ensure it maintains the sufficiency of the liquidity portfolio over stressed horizons ranging from 30 days to 12 months. In addition, the Company had other commitments of $35.7 billion, which consisted of commitments to extend credit and letters of credit. Of this amount, approximately $7.8 billion of the other commitments have maturity dates within one year.

The Company is a party to financial instruments and other arrangements with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and manage its exposure to fluctuations in interest rates. See further discussion on these risks in Note 17 to these Condensed Consolidated Financial Statements.

Dividends, Contributions and Stock Issuances

As of September 30, 2026, the Company had 530,391,043 shares of common stock outstanding.

On August 27, 2026, the Company issued 500,000 shares of Series J Preferred Stock. Dividends on the Series J Preferred Stock are payable when, as and if authorized by the Company's Board of Directors or a duly authorized committee thereof. From and including August 27, 2026 to but excluding December 21, 2031, dividends will accrue on a non-cumulative basis at a rate of 7.27% per annum, payable quarterly in arrears. From and including December 21, 2031, dividends on the Series J Preferred Stock will accrue on a non-cumulative basis at the five-year U.S. Treasury rate as of the most recent re-set dividend determination date plus 2.98% for each dividend re-set period, payable quarterly in arrears. The Company may redeem the Series J Preferred Stock on, among others, any dividend payment date on or after December 31, 2031. As of September 30, 2026, Santander was the sole holder of the Series J Preferred Stock.

During the nine months ended September 30, 2026, the Company paid dividends of $250 million on its common stock and paid $135 million of dividends on its preferred stock.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

ASSET AND LIABILITY MANAGEMENT

Interest Rate Risk

Interest rate risk arises primarily through the Company’s traditional business activities of extending loans and accepting deposits. Many factors, including economic and financial conditions, movements in market interest rates, and consumer preferences, affect the spread between interest earned on assets and interest paid on liabilities. Interest rate risk is managed by the Company's Treasury group and measured by its Market Risk Department, with oversight by the Asset/Liability Committee. In managing interest rate risk, the Company seeks to minimize the variability of net interest income across various likely scenarios, while at the same time maximizing net interest income and the net interest margin. To achieve these objectives, the Treasury group works closely with each business line in the Company. The Treasury group also uses various other tools to manage interest rate risk, including wholesale funding maturity targeting, investment portfolio purchase strategies, asset securitizations/sales, and financial derivatives.

Interest rate risk focuses on managing four elements of risk associated with interest rates: basis risk, repricing risk, yield curve risk and option risk. Basis risk stems from rate index timing differences with rate changes, such as differences in the extent of changes in Federal funds rates compared with the three-month term SOFR. Repricing risk stems from the different timing of contractual repricing, such as one-month versus three-month reset dates, as well as the related maturities. Yield curve risk stems from the impact on earnings and market value resulting from different shapes and levels of yield curves. Option risk stems from prepayment or early withdrawal risk embedded in various products. These four elements of risk are analyzed through a combination of net interest income and balance sheet valuation simulations, shocks to those simulations, and scenario and market value analyses, and the subsequent results are reviewed by management. Several assumptions and models are used to produce these analyses, including assumptions about new business volumes, loan and investment prepayment rates, deposit flows, interest rate curves, economic conditions, and competitor pricing. Certain models use historical data analyses to estimate future customer behavior, such as deposit re-pricing and attrition. Estimates from these models can differ from actual behavior, depending on various factors such as macroeconomic conditions or competitor response.

Net Interest Income Simulation Analysis

The Company utilizes a variety of measurement techniques to evaluate the impact of interest rate risk, including simulating the impact of changing interest rates on expected future interest income and interest expense, to estimate the Company's net interest income sensitivity. This simulation is run monthly and includes various scenarios that help management understand the potential risks in the Company's net interest income sensitivity. These various scenarios include parallel, non-parallel, gradual parallel and gradual non-parallel rate shocks applied relative to the implied market-based forward curve, as well as other scenarios that are consistent with quantifying the four measures of risk described above. The shocks below are extended using the parallel scenario and are applied instantaneously to the implied forward curve as of the stated month-end. The 200 basis point-down shock has been added as market rates have increased. This set of shocks represents a range of plausible rate shocks, as an instantaneous shock 200 basis points down can be analogous to a gradual ramp-down of 400 basis points over one year. This information is used to develop proactive strategies to ensure that the Company’s risk position remains within SHUSA Board of Directors-approved limits so that future earnings are not significantly adversely affected by future interest rates.

The table below reflects the estimated sensitivity to the Company’s net interest income based on interest rate changes at September 30, 2026 and December 31, 2025:

						The following estimated percentage increase/(decrease) to net interest income would result
If interest rates changed in parallel by the amounts below						September 30, 2026						December 31, 2025
Down 200 basis points						(1.14)		%				(2.25)		%
Down 100 basis points						(0.52)		%				(0.88)		%
Up 100 basis points						0.32		%				0.65		%
Up 200 basis points						0.42		%				1.15		%

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

MVE Analysis

The Company also evaluates the impact of interest rate risk by utilizing MVE modeling. This analysis measures the present value of all estimated future cash flows of the Company over the estimated remaining life of the balance sheet. MVE is calculated as the difference between the market value of assets and liabilities. The MVE calculation utilizes only the current balance sheet and therefore does not factor in any future changes in balance sheet size, balance sheet mix, yield curve relationships or product spreads, which may mitigate the impact of any interest rate changes.

Management examines the effect of interest rate changes on MVE. The sensitivity of MVE to changes in interest rates is a measure of longer-term interest rate risk and highlights the potential capital at risk due to adverse changes in market interest rates. The following table discloses the estimated sensitivity to the Company’s MVE at September 30, 2026 and December 31, 2025.

						The following estimated percentage increase/(decrease) to MVE would result
If interest rates changed in parallel by the amounts below						September 30, 2026						December 31, 2025
Down 200 basis points						8.59		%				1.55		%
Down 100 basis points						5.96		%				2.46		%
Up 100 basis points						(7.02)		%				(4.44)		%
Up 200 basis points						(14.06)		%				(9.68)		%

As of September 30, 2026, the Company’s profile reflected an increase of MVE of 5.96% for downward parallel interest rate shocks of 100 basis points and a decrease of 7.02% for upward parallel interest rate shocks of 100 basis points. The asymmetrical sensitivity between a 100 basis point increase and a 100 basis point decrease reflects the combined effects of the Company's investment and loan portfolios, embedded prepayment optionality in mortgage-related products, and the repricing and behavioral characteristics of NMDs. Overall MVE sensitivity increased primarily due to the incorporation of Webster’s balance sheet, with additional investments and loans increasing exposure to interest rates, partially offset by deposits and funding liabilities.

In downward parallel interest rate shocks, mortgage-related product prepayments increase, their duration decreases, and their market value appreciation is therefore limited. At the same time, deposit rates remain constrained by pricing floors, limiting the ability to fully reprice NMDs as market rates decline. In upward parallel interest rate shocks, extension risk affects a sizable portion of the Company’s mortgage-related products, increasing effective duration and reducing market value. NMD repricing and attrition assumptions also influence liability valuations and the extent to which changes in deposit liability values offset changes in asset values. Together, these factors contribute to the Company's asymmetric MVE profile, with greater sensitivity to rising-rate scenarios.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Limitations of Interest Rate Risk Analyses

Since the assumptions used are inherently uncertain, the Company cannot predict precisely the effect of higher or lower interest rates on net interest income or MVE. Actual results will differ from simulated results due to the timing, magnitude and frequency of interest rate changes, the difference between actual experience and the assumed volume, characteristics of new business, behavior of existing positions, and changes in market conditions and management strategies, among other factors.

Uses of Derivatives to Manage Interest Rate and Other Risks

To mitigate interest rate risk and, to a lesser extent, foreign exchange, equity and credit risks, the Company uses derivative financial instruments to reduce the effects that changes in interest rates may have on net income, the fair value of assets and liabilities, and cash flows.

The Company is subject to price risk through its capital markets and mortgage banking activities. The Company employs various tools to measure and manage price risk in its portfolios. In addition, SHUSA's Board of Directors has established certain limits relative to positions and activities. The level of price risk exposure at any point in time depends on the market environment and expectations of future price and market movements and will vary from period to period.

Management uses derivative instruments to mitigate the impact of interest rate movements on the fair value of certain liabilities, assets and highly probable forecasted cash flows. These instruments primarily include interest rate swaps that have underlying interest rates based on key benchmark indices and forward sale or purchase commitments. The nature and volume of the derivative instruments used to manage interest rate risk depend on the level and type of assets and liabilities on the balance sheet and the risk management strategies for the current and anticipated interest rate environments.

The Company typically retains the servicing rights related to residential mortgage loans that are sold. The majority of the Company's residential MSRs are accounted for at fair value. As deemed appropriate, the Company economically hedges MSRs, using interest rate swaps and forward contracts to purchase MBS. For additional information on MSRs, see Note 14 to the Condensed Consolidated Financial Statements.

The Company uses foreign exchange contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. Foreign exchange contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. The Company also utilizes forward contracts to manage market risk associated with certain expected investment securities sales.

For additional information on foreign exchange contracts, derivatives and hedging activities, see Note 13 to the Condensed Consolidated Financial Statements.

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ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Incorporated by reference from Part I, Item 2, MD&A — "Asset and Liability Management" above.

ITEM 4 - CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the Evaluation Date, management of the Company, with the participation of our CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on this evaluation, our CEO and CFO have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Based upon SEC staff guidance regarding recently acquired businesses, management plans to exclude certain elements of Webster’s internal control over financial reporting from its assessment of the Company’s internal control over financial reporting. In light of the overlap between disclosure controls and procedures and internal control over financial reporting, the evaluation of disclosure controls and procedures may also exclude an assessment of the disclosure controls and procedures of the acquired entity that are subsumed by internal control over financial reporting. In consideration of the SEC staff guidance, we excluded Webster from our assessment of the effectiveness of our disclosure controls and procedures as of September 30, 2026. The excluded elements represent controls over approximately 29% of consolidated total assets and approximately 31% of consolidated liabilities, as of September 30, 2026, and approximately 12% of consolidated total interest income, for the quarter ended September 30, 2026.

Changes in Internal Control over Financial Reporting

On August 20, 2026, Santander completed its acquisition of Webster, which was subsequently contributed to the Company, as described in Note 1 to the Condensed Consolidated Financial Statements. The Company is in the process of evaluating and integrating Webster's business processes and related internal controls into its existing control environment. Except for the acquisition related activities described above, there were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended September 30, 2026 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

Refer to Note 17 to the Condensed Consolidated Financial Statements for SHUSA’s litigation disclosures, which are incorporated herein by reference.

ITEM 1A - RISK FACTORS

We are subject to a number of risks potentially impacting our business, financial condition, results of operations, and cash flow that are set forth under Part I, Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to the risk factors disclosed in our Form 10-K, we are subject to risks related to the transaction with Webster, discussed further below.

Risks Relating to the Transaction with Webster

We Expect to Incur Significant Non-Recurring Costs Related to the Transaction with Webster and the Subsequent Integration of our Respective Businesses.

We have incurred and expect to incur a number of non-recurring costs associated with the transaction with Webster. These costs include legal, accounting and financial advisory costs and severance/employee-benefit related costs in connection with the transaction.

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We also expect to incur significant costs in connection with the subsequent integration of our and Webster’s respective businesses. There are a number of processes, policies, procedures, operations, technologies and systems that may need to be integrated, including procurement, accounting and finance, legal, payroll, compliance, treasury management, branch operations, vendor management, risk management, lines of business, pricing and benefits. Additionally, we will need to dedicate resources toward meeting the higher regulatory and supervisory standards applicable to Category III BHC, a classification that was not applicable to SHUSA prior to the completion of the Webster acquisition. Many of such integration costs are, by their nature, difficult to estimate, and the timing of such costs is uncertain at present.

We May Fail to Realize All of the Anticipated Benefits of the Transaction with Webster, and Consolidating our Businesses May be More Difficult, Costly or Time Consuming Than Expected.

We may fail to realize the anticipated benefits from consolidating our business and Webster’s. To realize these anticipated benefits, we must successfully integrate our businesses. If we take longer to, or are not able to, achieve these objectives, the anticipated benefits of the transaction, including the cost synergies expected to be realized, may not be realized fully or at all, or may take longer to realize than expected.

It is possible that the integration process could take longer or be more costly than anticipated, or could result in the loss of key employees, the disruption of each company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect our ability to maintain relationships with clients, customers, depositors and employees or achieve the anticipated benefits of the transaction. Integration efforts between the two companies will also divert management attention and resources. These integration matters could have an adverse effect on our business following closing of the transaction.

Certain Change-of-Control Rights Under Agreements to Which Webster Is a Party Will or May Be Triggered, Which May Result in Third Parties Terminating or Altering Existing Contracts or Relationships with Us.

Webster has contracts with third parties which will or may require Webster to obtain consents from such third parties in connection with the transaction. If these consents are not obtained, the counterparties to these contracts may have the ability to terminate, reduce the scope of or otherwise seek to vary the terms of their relationships or the terms of such contracts with us following closing of the transaction. The pursuit of such rights may result in us suffering a loss of potential future revenue, incurring liabilities in connection with breaches of agreements or losing rights that are material to Webster’s business and ours. Any such disruptions could limit our ability to achieve the anticipated benefits of the transaction.

In Connection with the Closing of the Transaction, We Assumed Webster’s Outstanding Debt Obligations and Each Outstanding Share of Webster’s Preferred Stock Converted Into the Right to Receive One Share of Newly Created Series of Our Preferred Stock, which May Adversely Affect Our Financial Position and Operating Flexibility.

In connection with the transaction, we assumed Webster’s outstanding indebtedness. Additionally, each outstanding share of Webster’s Series F and Series G preferred stock converted into the right to receive one share of newly created series of our preferred stock, which have substantially the same terms as Webster’s Series F and Series G preferred stock, respectively. Our assumption of Webster’s existing debt, together with any future incurrence of additional indebtedness, and our issuance of newly created series of our preferred stock, could have important consequences. For example, they may have the effect of, among other things, reducing our flexibility to respond to changing business and economic conditions, increasing borrowing costs, making it difficult for us to satisfy our financial obligations, including making applicable scheduled principal and interest payments on our indebtedness, limiting our ability to obtain additional financing and require a substantial portion of cash flow to be dedicated to the payment of principal and interest on our indebtedness and dividends on the preferred stock, thereby reducing our ability to use cash flows to fund our operations, capital expenditures and future business opportunities. Any of these factors could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Additionally, unless each new such series of SHUSA's preferred stock is redeemed in full, we will become subject to certain reporting and corporate governance requirements not previously applicable to us, including the rules and regulations of the applicable listing standards of the New York Stock Exchange. We expect that compliance with these requirements would increase our legal, accounting, and financial compliance costs, make some activities more difficult, time consuming, and costly, and place increased burdens on our personnel, systems, and resources.

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

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ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4 - MINE SAFETY DISCLOSURES

None.

ITEM 5 - OTHER INFORMATION

Disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable law.

The following activities are disclosed in response to Section 13(r) with respect to Santander and its affiliates. During the period covered by this report:

•Frozen accounts and transactions: A limited number of accounts for certain customers subsequently designated over time by the U.S. under the SDGT sanctions programme, were or are maintained with certain non-U.S. affiliates of Santander. All such accounts have been frozen or cancelled to comply with applicable legal requirements.

•Legacy contractual obligations related to guarantees: Santander also has certain legacy performance guarantees for the benefit of an Iranian bank that is currently designated by the U.S. under the SDGT sanctions programme (stand-by letters of credit to guarantee the obligations - either under tender documents or under contractual agreements - of contractors who participated in public bids in Iran) that were in place prior to April 27, 2007. Santander is not contractually permitted to cancel these arrangements without paying the guaranteed amount. As such, Santander intends to continue to provide the guarantees in accordance with company policy and applicable laws.

In the aggregate, all the transactions described above resulted in gross revenues and net profits in the nine months ended September 30, 2026 which were negligible relative to the overall revenues and profits of Santander. Santander has undertaken significant steps to withdraw from the Iranian market such as closing its representative office in Iran and ceasing all banking activities therein, including correspondent relationships, deposit-taking from Iranian entities and issuing export letters of credit, except for the legacy transactions described above.

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ITEM 6 - EXHIBITS

(2.1)

Agreement and Plan of Merger, dated as of March 30, 2026, by and among Santander Holdings USA, Inc., Santander Bank, National Association and Webster Bank, National Association (incorporated by reference to Exhibit 2.1 to Santander Holdings USA, Inc.’s Current Report on Form 8-K filed March 31, 2026) (Commission File Number 001-16581)

(2.2)

Share Contribution Agreement dated as of August 19, 2026, by and among Banco Santander, S.A. and Santander Holdings USA, Inc. (incorporated by reference to Exhibit 2.2 to Santander Holdings USA, Inc.’s Current Report on Form 8-K filed August 20, 2026) (Commission File Number 001-16581)

(2.3)

Agreement and Plan of Merger dated as of August 19, 2026, by and among Santander Holdings USA, Inc. and Webster Virginia Corporation (incorporated by reference to Exhibit 2.3 to Santander Holdings USA, Inc.’s Current Report on Form 8-K filed August 20, 2026) (Commission File Number 001-16581)

(3.1)

Amended and Restated Articles of Incorporation of Santander Holdings USA, Inc. (incorporated by reference to Exhibit 3.1 to Santander Holdings USA, Inc.’s Current Report on Form 8-K filed December 21, 2022) (Commission File Number 001-16581)

(3.2)

Articles of Amendment to the Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of Santander Holdings USA, Inc.’s Current Report on Form 8-K filed June 15, 2023) (Commission File Number 001-16581)

(3.3)

Articles of Amendment to the Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to Santander Holdings USA, Inc.’s S-3ASR filed December 15, 2023) (Commission File Number 333-276089)

(3.4)

Articles of Amendment to the Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 4.4 of Santander Holdings USA, Inc.’s Form 8-A filed August 19, 2026) (Commission File Number 001-16581)

(3.5)

Articles of Amendment to the Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to Santander Holdings USA, Inc.’s Form 8-K filed August 27, 2026) (Commission File Number 001-16581)

(3.6)

Bylaws of Santander Holdings USA, Inc. (incorporated by reference to Exhibit 3.4 of Santander Holdings USA, Inc.’s Quarterly Report on Form 10-Q filed July 30, 2025) (Commission File Number 001-16581)

(4.1)

Santander Holdings USA, Inc. has certain debt obligations outstanding. None of the instruments evidencing such debt authorizes an amount of securities in excess of 10% of the total assets of Santander Holdings USA, Inc. and its subsidiaries on a consolidated basis; therefore, copies of such instruments are not included as exhibits to this Quarterly Report on Form 10-Q. Santander Holdings USA, Inc. agrees to furnish copies to the SEC on request.

(31.1)

Chief Executive Officer certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

(31.2)

Chief Financial Officer certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

(32.1)

Chief Executive Officer certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

(32.2)

Chief Financial Officer certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

(101.INS)

Inline XBRL Instance Document (Filed herewith)

(101.SCH)

Inline XBRL Taxonomy Extension Schema (Filed herewith)

(101.CAL)

Inline XBRL Taxonomy Extension Calculation Linkbase (Filed herewith)

(101.DEF)

Inline XBRL Taxonomy Extension Definition Linkbase (Filed herewith)

(101.LAB)

Inline XBRL Taxonomy Extension Label Linkbase (Filed herewith)

(101.PRE)

Inline XBRL Taxonomy Extension Presentation Linkbase (Filed herewith)

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SIGNATURES

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 thereunto duly authorized.

									SANTANDER HOLDINGS USA, INC. (Registrant)
Date:			November 13, 2026						/s/ Juan Carlos Alvarez de Soto
									Juan Carlos Alvarez de Soto
									Chief Financial Officer and Senior Executive Vice President
Date:			November 13, 2026						/s/ David L. Cornish
									David L. Cornish
									Chief Accounting Officer, Corporate Controller and Executive Vice President

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EX-31.1

EX-31.2

EX-32.1

EX-32.2

XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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