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Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities
 6 Months Ended
Jun. 30, 2018
Disclosure Text Block  
Condensed Consolidating Financial Information of Guarantor and Issuers of Registeres Guranteed Securities

Note 35 – Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities

The following condensed consolidating financial information presents the financial position of Popular, Inc. Holding Company (“PIHC”) (parent only), Popular North America, Inc. (“PNA”) and all other subsidiaries of the Corporation at June 30, 2018 and December 31, 2017, and the results of their operations and cash flows for periods ended June 30, 2018 and 2017.

PNA is an operating, wholly-owned subsidiary of PIHC and is the holding company of its wholly-owned subsidiaries: Equity One, Inc. and Popular Bank (“PB”), including PB’s wholly-owned subsidiaries Popular Equipment Finance, Inc., Popular Insurance Agency, U.S.A., and E-LOAN, Inc.

PIHC fully and unconditionally guarantees all registered debt securities issued by PNA.

Condensed Consolidating Statement of Financial Condition (Unaudited)
At June 30, 2018
All other
Popular Inc.PNAsubsidiaries andEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.eliminationsentriesConsolidated
Assets:
Cash and due from banks$62,429$-$400,576$(62,437)$400,568
Money market investments211,4941,9208,627,948(212,920)8,628,442
Trading account debt securities, at fair value--41,637-41,637
Debt securities available-for-sale, at
fair value--10,542,010-10,542,010
Debt securities held-to-maturity, at
amortized cost8,7254,47291,740-104,937
Equity securities5,84920153,281(133)159,017
Investment in subsidiaries5,385,0741,644,224-(7,029,298)-
Loans held-for-sale, at lower of cost or
fair value--73,859-73,859
Loans held-in-portfolio:
Loans not covered under loss-sharing
agreements with the FDIC37,260-24,713,7861,65424,752,700
Less - Unearned income--144,184-144,184
Allowance for loan losses225-642,793-643,018
Total loans held-in-portfolio, net37,035-23,926,8091,65423,965,498
Premises and equipment, net3,396-545,036-548,432
Other real estate not covered under loss-
sharing agreements with the FDIC--142,063-142,063
Accrued income receivable556112165,324(400)165,592
Mortgage servicing assets, at fair value--164,025-164,025
Other assets370,89535,1001,850,389(315,604)1,940,780
Goodwill--627,295(1)627,294
Other intangible assets6,114-24,909-31,023
Total assets$6,091,567$1,685,848$47,376,901$(7,619,139)$47,535,177
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Non-interest bearing$-$-$9,454,700$(62,437)$9,392,263
Interest bearing--30,198,218(212,920)29,985,298
Total deposits--39,652,918(275,357)39,377,561
Assets sold under agreements to repurchase--306,911-306,911
Other short-term borrowings-4,3011,200(4,301)1,200
Notes payable738,727148,552674,384-1,561,663
Other liabilities63,0926,3081,244,962(316,181)998,181
Total liabilities801,819159,16141,880,375(595,839)42,245,516
Stockholders' equity:
Preferred stock50,160---50,160
Common stock1,043256,307(56,309)1,043
Surplus4,294,4194,100,8935,726,578(9,818,944)4,302,946
Retained earnings (accumulated deficit)1,523,585(2,516,565)208,9062,299,1321,515,058
Treasury stock, at cost(82,667)--(87)(82,754)
Accumulated other comprehensive loss,
net of tax(496,792)(57,643)(495,265)552,908(496,792)
Total stockholders' equity5,289,7481,526,6875,496,526(7,023,300)5,289,661
Total liabilities and stockholders' equity$6,091,567$1,685,848$47,376,901$(7,619,139)$47,535,177

Condensed Consolidating Statement of Financial Condition (Unaudited)
At December 31, 2017
All other
Popular, Inc.PNAsubsidiaries andEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.eliminationsentriesConsolidated
Assets:
Cash and due from banks$47,663$462$402,910$(48,178)$402,857
Money market investments246,4572,8075,254,662(248,807)5,255,119
Trading account debt securities, at fair value--33,926-33,926
Debt securities available-for-sale, at
fair value--10,176,923-10,176,923
Debt securities held-to-maturity, at
amortized cost8,7264,47293,821-107,019
Equity securities5,10920160,075(101)165,103
Investment in subsidiaries5,494,4101,646,287-(7,140,697)-
Loans held-for-sale, at lower of cost or
fair value--132,395-132,395
Loans held-in-portfolio:
Loans not covered under loss-sharing
agreements with the FDIC33,221-24,384,2515,95524,423,427
Loans covered under loss-sharing
agreements with the FDIC--517,274-517,274
Less - Unearned income--130,633-130,633
Allowance for loan losses266-623,160-623,426
Total loans held-in-portfolio, net32,955-24,147,7325,95524,186,642
FDIC loss-share asset--45,192-45,192
Premises and equipment, net3,365-543,777-547,142
Other real estate not covered under loss-sharing
agreements with the FDIC--169,260-169,260
Other real estate covered under loss-sharing
agreements with the FDIC--19,595-19,595
Accrued income receivable369112213,574(211)213,844
Mortgage servicing assets, at fair value--168,031-168,031
Other assets61,31934,3121,912,727(17,035)1,991,323
Goodwill--627,294-627,294
Other intangible assets6,114-29,558-35,672
Total assets$5,906,487$1,688,472$44,131,452$(7,449,074)$44,277,337
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Non-interest bearing$-$-$8,539,123$(48,178)$8,490,945
Interest bearing--27,211,370(248,807)26,962,563
Total deposits--35,750,493(296,985)35,453,508
Assets sold under agreements to repurchase--390,921-390,921
Other short-term borrowings--96,208-96,208
Notes payable737,685148,539650,132-1,536,356
Other liabilities64,8135,2761,641,383(15,033)1,696,439
Total liabilities802,498153,81538,529,137(312,018)39,173,432
Stockholders' equity:
Preferred stock50,160---50,160
Common stock1,042256,307(56,309)1,042
Surplus4,289,9764,100,8485,728,978(9,821,299)4,298,503
Retained earnings (accumulated deficit)1,203,521(2,536,707)165,8782,362,3021,194,994
Treasury stock, at cost(90,058)--(84)(90,142)
Accumulated other comprehensive loss,
net of tax(350,652)(29,486)(348,848)378,334(350,652)
Total stockholders' equity5,103,9891,534,6575,602,315(7,137,056)5,103,905
Total liabilities and stockholders' equity$5,906,487$1,688,472$44,131,452$(7,449,074)$44,277,337

Condensed Consolidating Statement of Operations (Unaudited)
Quarter ended June 30, 2018
All other
Popular, Inc.PNAsubsidiaries andEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.eliminationsentriesConsolidated
Interest and dividend income:
Dividend income from subsidiaries$325,000$-$-$(325,000)$-
Loans539-385,759(21)386,277
Money market investments996136,391(996)36,392
Investment securities1508057,951-58,181
Total interest and dividend income326,68581480,101(326,017)480,850
Interest expense:
Deposits--46,224(996)45,228
Short-term borrowings-211,752(21)1,752
Long-term debt13,1172,6913,926-19,734
Total interest expense13,1172,71251,902(1,017)66,714
Net interest income (expense) 313,568(2,631)428,199(325,000)414,136
Provision (reversal) for loan losses- non-covered loans(20)-60,074-60,054
Net interest income (expense)
after provision for loan losses313,588(2,631)368,125(325,000)354,082
Service charges on deposit accounts--37,102-37,102
Other service fees--64,024(1,148)62,876
Mortgage banking activities--10,071-10,071
Net gain, including impairment on equity securities46-198(10)234
Net profit on trading account debt securities--21-21
Adjustments (expense) to indemnity reserves
on loans sold--(527)-(527)
FDIC loss-share income--102,752-102,752
Other operating income (expense)3,751(355)18,895(11)22,280
Total non-interest income (expense)3,797(355)232,536(1,169)234,809
Operating expenses:
Personnel costs12,651-111,681-124,332
Net occupancy expenses1,107-21,318-22,425
Equipment expenses1,036116,738-17,775
Other taxes56-10,820-10,876
Professional fees5,7127788,192(78)93,903
Communications124-5,258-5,382
Business promotion405-16,373-16,778
FDIC deposit insurance--7,004-7,004
Other real estate owned (OREO) expenses --6,947-6,947
Other operating expenses(22,588)4053,069(599)29,922
Amortization of intangibles--2,324-2,324
Total operating expenses(1,497)118339,724(677)337,668
Income (loss) before income tax and equity in
earnings (losses) of subsidiaries318,882(3,104)260,937(325,492)251,223
Income tax expense (benefit)-349(28,721)(188)(28,560)
Income (loss) before equity in earnings (losses) of
subsidiaries318,882(3,453)289,658(325,304)279,783
Equity in undistributed (losses) earnings of
subsidiaries(39,099)10,198-28,901-
Net Income$279,783$6,745$289,658$(296,403)$279,783
Comprehensive income, net of tax$245,829$770$256,093$(256,863)$245,829

Condensed Consolidating Statement of Operations (Unaudited)
Six months ended June 30, 2018
All other
Popular, Inc.PNAsubsidiaries andEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.eliminationsentriesConsolidated
Interest and dividend income:
Dividend income from subsidiaries$350,000$-$-$(350,000)$-
Loans1,064-758,824(27)759,861
Money market investments1,838258,676(1,839)58,677
Investment securities297161114,932-115,390
Total interest and dividend income353,199163932,432(351,866)933,928
Interest expense:
Deposits--85,755(1,839)83,916
Short-term borrowings-273,765(27)3,765
Long-term debt26,2355,3837,446-39,064
Total interest expense26,2355,41096,966(1,866)126,745
Net interest income (expense)326,964(5,247)835,466(350,000)807,183
Provision (reversal) for loan losses- non-covered loans(41)-129,428-129,387
Provision for loan losses- covered loans--1,730-1,730
Net interest income (expense)
after provision for loan losses327,005(5,247)704,308(350,000)676,066
Service charges on deposit accounts--73,557-73,557
Other service fees--124,871(1,393)123,478
Mortgage banking activities--22,139-22,139
Net gain (loss), including impairment on equity securities4-(386)(30)(412)
Net loss on trading account debt securities--(177)-(177)
Adjustments (expense) to indemnity reserves
on loans sold--(3,453)-(3,453)
FDIC loss-share income--94,725-94,725
Other operating income7,49639630,582(25)38,449
Total non-interest income7,500396341,858(1,448)348,306
Operating expenses:
Personnel costs27,562-222,622-250,184
Net occupancy expenses2,097-43,130-45,227
Equipment expenses1,544233,435-34,981
Other taxes97121,680-21,778
Professional fees9,356108167,747(323)176,888
Communications236-11,052-11,288
Business promotion803-27,984-28,787
FDIC deposit insurance--13,924-13,924
Other real estate owned (OREO) expenses --13,078-13,078
Other operating expenses(40,752)54100,789(1,205)58,886
Amortization of intangibles--4,649-4,649
Total operating expenses943165660,090(1,528)659,670
Income (loss) before income tax
and equity in earnings of subsidiaries333,562(5,016)386,076(349,920)364,702
Income tax expense (benefit) -892(7,340)43(6,405)
Income (loss) before equity in
earnings of subsidiaries333,562(5,908)393,416(349,963)371,107
Equity in undistributed earnings of
subsidiaries37,54526,050-(63,595)-
Net income$371,107$20,142$393,416$(413,558)$371,107
Comprehensive income (loss), net of tax$224,967$(8,015)$246,999$(238,984)$224,967

Condensed Consolidating Statement of Operations (Unaudited)
Quarter ended June 30, 2017
All other
Popular, Inc.PNAsubsidiaries andEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.eliminationsentriesConsolidated
Interest and dividend income:
Dividend income from subsidiaries$27,500$-$-$(27,500)$-
Loans114-367,555-367,669
Money market investments6091811,132(628)11,131
Investment securities1418149,711-49,933
Total interest and dividend income28,36499428,398(28,128)428,733
Interest expense:
Deposits--34,720(628)34,092
Short-term borrowings--1,115-1,115
Long-term debt13,1172,6913,239-19,047
Total interest expense13,1172,69139,074(628)54,254
Net interest income (expense)15,247(2,592)389,324(27,500)374,479
Provision for loan losses- non-covered loans269-55,651(5,955)49,965
Provision for loan losses- covered loans--2,514-2,514
Net interest income (expense) after provision for
loan losses14,978(2,592)331,159(21,545)322,000
Service charges on deposit accounts--41,073-41,073
Other service fees--60,473(1,305)59,168
Mortgage banking activities--10,741-10,741
Other-than-temporary impairment losses on
debt securities--(8,299)-(8,299)
Net gain, including impairment on equity securities--19-19
Net profit (loss) on trading account debt securities280-(932)(3)(655)
Adjustments (expense) to indemnity reserves
on loans sold--(2,930)-(2,930)
FDIC loss-share expense--(475)-(475)
Other operating income4,52041613,223(8)18,151
Total non-interest income4,800416112,893(1,316)116,793
Operating expenses:
Personnel costs11,974-104,974-116,948
Net occupancy expenses1,035-21,230-22,265
Equipment expenses485-15,765-16,250
Other taxes46-10,694-10,740
Professional fees3,6753369,433(207)72,934
Communications130-5,769-5,899
Business promotion540-12,826-13,366
FDIC deposit insurance--6,172-6,172
Other real estate owned (OREO) expenses --16,670-16,670
Other operating expenses(16,865)1340,662(563)23,247
Amortization of intangibles--2,344-2,344
Total operating expenses1,02046306,539(770)306,835
Income (loss) before income tax and equity in earnings
of subsidiaries18,758(2,222)137,513(22,091)131,958
Income tax expense (benefit)-(777)34,3992,11035,732
Income (loss) before equity in earnings of subsidiaries18,758(1,445)103,114(24,201)96,226
Equity in undistributed earnings of subsidiaries77,46812,995-(90,463)-
Net Income $96,226$11,550$103,114$(114,664)$96,226
Comprehensive income, net of tax$113,195$13,459$120,441$(133,900)$113,195

Condensed Consolidating Statement of Operations (Unaudited)
Six months ended June 30, 2017
All other
Popular, Inc.PNAsubsidiaries andEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.eliminationsentriesConsolidated
Interest and dividend income:
Dividend income from subsidiaries$156,500$-$-$(156,500)$-
Loans129-730,676-730,805
Money market investments1,0903917,704(1,129)17,704
Investment securities28316195,775-96,219
Total interest and dividend income158,002200844,155(157,629)844,728
Interest expense:
Deposits--68,978(1,129)67,849
Short-term borrowings--2,210-2,210
Long-term debt26,2355,3836,474-38,092
Total interest expense26,2355,38377,662(1,129)108,151
Net interest income (expense) 131,767(5,183)766,493(156,500)736,577
Provision for loan losses- non-covered loans269-97,708(5,955)92,022
Provision for loan losses- covered loans--1,155-1,155
Net interest income (expense) after provision
for loan losses131,498(5,183)667,630(150,545)643,400
Service charges on deposit accounts--80,609-80,609
Other service fees--116,731(1,388)115,343
Mortgage banking activities--22,110-22,110
Other-than-temporary impairment losses on
debt securities--(8,299)-(8,299)
Net gain, including impairment on equity securities--181-181
Net profit (loss) on trading account debt securities160-(1,101)8(933)
Adjustments (expense) to indemnity reserves
on loans sold--(4,896)-(4,896)
FDIC loss-share expense--(8,732)-(8,732)
Other operating income9,1751,22526,893(14)37,279
Total non-interest income9,3351,225223,496(1,394)232,662
Operating expenses:
Personnel costs25,788-214,900-240,688
Net occupancy expenses1,949-41,092-43,041
Equipment expenses1,067-31,153-32,220
Other taxes92-21,617-21,709
Professional fees6,188(492)136,778(290)142,184
Communications282-11,566-11,848
Business promotion959-23,983-24,942
FDIC deposit insurance--12,665-12,665
Other real estate owned (OREO) expenses --29,488-29,488
Other operating expenses(35,655)2691,417(1,109)54,679
Amortization of intangibles--4,689-4,689
Total operating expenses670(466)619,348(1,399)618,153
Income (loss) before income tax and equity in
earnings of subsidiaries140,163(3,492)271,778(150,540)257,909
Income tax expense (benefit) -(1,222)67,6392,32168,738
Income (loss) before equity in earnings of subsidiaries140,163(2,270)204,139(152,861)189,171
Equity in undistributed earnings of subsidiaries49,00821,628-(70,636)-
Net Income$189,171$19,358$204,139$(223,497)$189,171
Comprehensive income, net of tax$206,514$21,286$221,490$(242,776)$206,514

Condensed Consolidating Statement of Cash Flows (Unaudited)

Six months ended June 30, 2018
All other
Popular, Inc.PNAsubsidiariesEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.and eliminationsentriesConsolidated
Cash flows from operating activities:
Net income$371,107$20,142$393,416$(413,558)$371,107
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Equity in earnings of subsidiaries,
net of dividends or distributions(37,545)(26,050)-63,595-
Dividends receivable from subsidiaries(300,000)--300,000-
Provision for loan losses (41)-131,158-131,117
Amortization of intangibles--4,649-4,649
Depreciation and amortization of premises and
equipment360-25,215-25,575
Net accretion of discounts and amortization
of premiums and deferred fees 1,04314(16,303)-(15,246)
Share-based compensation3,711-1,734-5,445
Impairment losses on long-lived assets--272-272
Fair value adjustments on mortgage servicing rights--8,929-8,929
FDIC loss-share income--(94,725)-(94,725)
Adjustments to indemnity reserves on
loans sold--3,453-3,453
Earnings from investments under the
equity method, net of dividends or distributions(7,497)(396)2,493-(5,400)
Deferred income tax (benefit) expense-(933)(140,176)43(141,066)
(Gain) loss on:
Disposition of premises and equipment and other
productive assets(5)-(675)-(680)
Sale of loans, including valuation adjustments on
loans held for sale and mortgage banking activities--(3,602)-(3,602)
Sale of foreclosed assets, including write-downs--566-566
Acquisitions of loans held-for-sale--(112,687)-(112,687)
Proceeds from sale of loans held-for-sale--29,519-29,519
Net originations on loans held-for-sale--(112,975)-(112,975)
Net decrease (increase) in:
Trading securities--219,005(101)218,904
Equity securities(739)-(385)-(1,124)
Accrued income receivable(187)-48,25018948,252
Other assets(847)44189,494849189,540
Net increase (decrease) in:
Interest payable-25214(189)50
Pension and other postretirement benefits
obligations--2,363-2,363
Other liabilities(2,082)1,006(179,060)(958)(181,094)
Total adjustments(343,829)(26,290)6,726363,42835
Net cash provided (used in) by operating activities27,278(6,148)400,142(50,130)371,142
Cash flows from investing activities:
Net decrease (increase) in money market investments 35,000888(3,371,774)(35,888)(3,371,774)
Purchases of investment securities:
Available-for-sale--(2,767,257)-(2,767,257)
Equity--(11,309)133(11,176)
Proceeds from calls, paydowns, maturities and
redemptions of investment securities:
Available-for-sale--2,291,230-2,291,230
Held-to-maturity--3,030-3,030
Proceeds from sale of investment securities:
Equity--18,387-18,387
Net (disbursements) repayments on loans (4,040)-61,6294,30161,890
Acquisition of loan portfolios --(326,503)-(326,503)
Net payments (to) from FDIC under loss-sharing
agreements--(25,012)-(25,012)
Return of capital from equity method investments-4971,022-1,519
Capital contribution to subsidiary(10,000)--10,000-
Return of capital from wholly-owned subsidiaries13,000--(13,000)-
Acquisition of premises and equipment(405)-(31,285)-(31,690)
Proceeds from insurance claims--720-720
Proceeds from sale of:
Premises and equipment and other productive assets9-5,213-5,222
Foreclosed assets--59,497-59,497
Net cash provided by (used in) investing activities33,5641,385(4,092,412)(34,454)(4,091,917)
Cash flows from financing activities:
Net increase (decrease) in:
Deposits--3,899,40421,6293,921,033
Assets sold under agreements to repurchase--(84,010)-(84,010)
Other short-term borrowings-4,301(95,008)(4,301)(95,008)
Payments of notes payable --(115,749)-(115,749)
Proceeds from issuance of notes payable--140,000-140,000
Proceeds from issuance of common stock9,007-(189)-8,818
Dividends paid to parent company--(50,000)50,000-
Dividends paid(52,617)---(52,617)
Net payments for repurchase of common stock(267)--(3)(270)
Return of capital to parent company--(13,000)13,000-
Capital contribution from parent--10,000(10,000)-
Payments related to tax withholding for
share-based compensation(2,162)---(2,162)
Net cash (used in) provided by financing activities(46,039)4,3013,691,44870,3253,720,035
Net increase (decrease) in cash and due from banks, and restricted cash14,803(462)(822)(14,259)(740)
Cash and due from banks, and restricted cash at beginning of period48,120462412,225(48,178)412,629
Cash and due from banks, and restricted cash at end of period$62,923$-$411,403$(62,437)$411,889

Condensed Consolidating Statement of Cash Flows (Unaudited)

Six months ended June 30, 2017
All other
Popular, Inc.PNAsubsidiariesEliminationPopular, Inc.
(In thousands)Holding Co.Holding Co.and eliminationsentriesConsolidated
Cash flows from operating activities:
Net income$189,171$19,358$204,139$(223,497)$189,171
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Equity in earnings of subsidiaries,
net of dividends or distributions(49,008)(21,628)-70,636-
Provision for loan losses 269-92,908-93,177
Amortization of intangibles--4,689-4,689
Depreciation and amortization of premises and
equipment320-23,608-23,928
Net accretion of discounts and amortization
of premiums and deferred fees 1,04313(14,566)-(13,510)
Other-than-temporary impairment on debt securities--8,299-8,299
Fair value adjustments on mortgage servicing rights--14,000-14,000
FDIC loss-share expense--8,732-8,732
Adjustments (expense) to indemnity reserves on
loans sold--4,896-4,896
(Earnings) losses from investments under the
equity method, net of dividends or distributions(6,338)(1,225)820-(6,743)
Deferred income tax (benefit) expense -(1,222)53,578(2)52,354
(Gain) loss on:
Disposition of premises and equipment and
other productive assets(16)-5,533-5,517
Sale of loans, including valuation adjustments on
loans held for sale and mortgage banking activities--(12,631)-(12,631)
Sale of foreclosed assets, including write-downs--13,603-13,603
Acquisitions of loans held-for-sale--(153,085)-(153,085)
Proceeds from sale of loans held-for-sale--58,857-58,857
Net originations on loans held-for-sale--(224,278)-(224,278)
Net decrease (increase) in:
Trading debt securities--334,136-334,136
Equity securities(630)-558(8)(80)
Accrued income receivable(94)62,002251,939
Other assets(4,120)37(6,466)3,802(6,747)
Net (decrease) increase in:
Interest payable--(164)(25)(189)
Pension and other postretirement benefits
obligations--883-883
Other liabilities(201)(564)(13,777)(1,476)(16,018)
Total adjustments(58,775)(24,583)202,13572,952191,729
Net cash provided by (used in) operating activities130,396(5,225)406,274(150,545)380,900
Cash flows from investing activities:
Net decrease (increase) in money market investments 35,0015,096(1,330,648)(41,896)(1,332,447)
Purchases of investment securities:
Available-for-sale--(1,738,915)-(1,738,915)
Equity--(4,900)-(4,900)
Proceeds from calls, paydowns, maturities and
redemptions of investment securities:
Available-for-sale--541,660-541,660
Held-to-maturity--2,860-2,860
Proceeds from sale of investment securities:
Equity--2,541-2,541
Net repayments on loans 53-5,035-5,088
Proceeds from sale of loans--37,864(37,864)-
Acquisition of loan portfolios (31,909)-(267,942)37,864(261,987)
Acquisition of trademark(5,560)-5,560--
Net payments from FDIC under loss-sharing
agreements--(14,819)-(14,819)
Return of capital from equity method investments--3,362-3,362
Capital contribution to subsidiary(5,955)-5,955--
Acquisition of premises and equipment(275)-(29,717)-(29,992)
Proceeds from sale of:
Premises and equipment and other productive assets21-5,165-5,186
Foreclosed assets--60,603-60,603
Net cash (used in) provided by investing activities(8,624)5,096(2,716,336)(41,896)(2,761,760)
Cash flows from financing activities:
Net increase (decrease) in:
Deposits--2,589,25336,4782,625,731
Assets sold under agreements to repurchase--(73,040)-(73,040)
Payments of notes payable --(35,074)-(35,074)
Proceeds from issuance of notes payable--20,000-20,000
Proceeds from issuance of common stock3,831---3,831
Dividends paid to parent company--(156,500)156,500-
Dividends paid(43,045)---(43,045)
Net payments for repurchase of common stock(75,666)---(75,666)
Capital contribution from parent--5,955(5,955)-
Payments related to tax withholding for
share-based compensation(1,617)---(1,617)
Net cash (used in) provided by financing activities(116,497)-2,350,594187,0232,421,120
Net increase (decrease) in cash and due from banks5,275(129)40,532(5,418)40,260
Cash and due from banks, and restricted cash at beginning
of period48,130591373,556(48,081)374,196
Cash and due from banks, and restricted cash
at end of period$53,405$462$414,088$(53,499)$414,456