Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block

Condensed Balance Sheet

Condensed Consolidating Statement of Financial Condition

			At September 30, 2020
								All other
				Popular Inc.		PNA		subsidiaries and		Elimination		Popular, Inc.
(In thousands)				Holding Co.		Holding Co.		eliminations		entries		Consolidated
Assets:
Cash and due from banks				$	62,727	$	-	$	565,203	$	(62,728)	$	565,202
Money market investments					177,516		10,012		11,859,407		(187,011)		11,859,924
Trading account debt securities, at fair value					-		-		33,053		-		33,053
Debt securities available-for-sale, at fair value					-		-		21,177,839		-		21,177,839
Debt securities held -to maturity, at amortized cost					8,726		2,835		81,602		-		93,163
	Less - Allowance for credit losses				-		-		12,421		-		12,421
	Debt securities held-to-maturity, net				8,726		2,835		69,181		-		80,742
Equity securities					14,078		20		160,021		(126)		173,993
Investment in subsidiaries					6,175,196		1,779,090		-		(7,954,286)		-
Loans held-for-sale, at lower of cost or fair value					-		-		102,760		-		102,760
Loans held-in-portfolio					31,617		-		29,548,776		5,955		29,586,348
	Less - Unearned income				-		-		193,838		-		193,838
	Allowance for credit losses				433		-		925,417		-		925,850
	Total loans held-in-portfolio, net				31,184		-		28,429,521		5,955		28,466,660
Premises and equipment, net					5,074		-		505,399		-		510,473
Other real estate					146		-		100,446		-		100,592
Accrued income receivable					194		9		204,060		(30)		204,233
Mortgage servicing rights, at fair value					-		-		123,552		-		123,552
Other assets					106,702		22,307		1,711,320		(23,623)		1,816,706
Goodwill					-		-		671,123		(1)		671,122
Other intangible assets					6,390		-		17,128		-		23,518
Total assets				$	6,587,933	$	1,814,273	$	65,730,013	$	(8,221,850)	$	65,910,369
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing			$	-	$	-	$	13,609,160	$	(62,728)	$	13,546,432
	Interest bearing				-		-		42,662,562		(187,011)		42,475,551
		Total deposits			-		-		56,271,722		(249,739)		56,021,983
Assets sold under agreements to repurchase					-		-		106,028		-		106,028
Other short-term borrowings					-		-		100,000		-		100,000
Notes payable					587,069		94,111		520,216		-		1,201,396
Other liabilities					88,845		1,664		2,502,333		(23,965)		2,568,877
Total liabilities					675,914		95,775		59,500,299		(273,704)		59,998,284
Stockholders' equity:
Preferred stock					22,143		-		-		-		22,143
Common stock					1,045		2		56,307		(56,309)		1,045
Surplus					4,512,983		4,173,136		5,840,402		(10,004,832)		4,521,689
Retained earnings (accumulated deficit)					2,176,680		(2,492,461)		109,098		2,374,836		2,168,153
Treasury stock, at cost					(1,016,248)		-		-		(113)		(1,016,361)
Accumulated other comprehensive income, net of tax					215,416		37,821		223,907		(261,728)		215,416
Total stockholders' equity					5,912,019		1,718,498		6,229,714		(7,948,146)		5,912,085
Total liabilities and stockholders' equity				$	6,587,933	$	1,814,273	$	65,730,013	$	(8,221,850)	$	65,910,369

Condensed Consolidating Statement of Financial Condition (Unaudited)
			At December 31, 2019
								All other
				Popular, Inc.		PNA		subsidiaries and		Elimination		Popular, Inc.
(In thousands)				Holding Co.		Holding Co.		eliminations		entries		Consolidated
Assets:
Cash and due from banks				$	55,956	$	-	$	388,363	$	(56,008)	$	388,311
Money market investments					221,598		16,029		3,261,688		(237,029)		3,262,286
Trading account debt securities, at fair value					-		-		40,321		-		40,321
Debt securities available-for-sale, at fair value					-		-		17,648,473		-		17,648,473
Debt securities held-to-maturity, at amortized cost					8,726		2,835		86,101		-		97,662
Equity securities					10,744		20		149,322		(199)		159,887
Investment in subsidiaries					6,243,065		1,806,583		-		(8,049,648)		-
Loans held-for-sale, at lower of cost or fair value					-		-		59,203		-		59,203
Loans held-in-portfolio					32,027		-		27,549,874		5,955		27,587,856
	Less - Unearned income				-		-		180,983		-		180,983
	Allowance for loan losses				410		-		477,298		-		477,708
	Total loans held-in-portfolio, net				31,617		-		26,891,593		5,955		26,929,165
Premises and equipment, net					3,893		-		552,757		-		556,650
Other real estate					146		-		121,926		-		122,072
Accrued income receivable					382		108		180,630		(249)		180,871
Mortgage servicing rights, at fair value					-		-		150,906		-		150,906
Other assets					93,835		21,324		1,722,839		(18,383)		1,819,615
Goodwill					-		-		671,123		(1)		671,122
Other intangible assets					6,463		-		22,317		-		28,780
Total assets				$	6,676,425	$	1,846,899	$	51,947,562	$	(8,355,562)	$	52,115,324
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing			$	-	$	-	$	9,216,181	$	(56,008)	$	9,160,173
	Interest bearing				-		-		34,835,462		(237,029)		34,598,433
		Total deposits			-		-		44,051,643		(293,037)		43,758,606
Assets sold under agreements to repurchase					-		-		193,378		-		193,378
Notes payable					586,119		94,090		421,399		-		1,101,608
Other liabilities					73,596		3,200		986,865		(18,708)		1,044,953
Total liabilities					659,715		97,290		45,653,285		(311,745)		46,098,545
Stockholders' equity:
Preferred stock					50,160		-		-		-		50,160
Common stock					1,044		2		56,307		(56,309)		1,044
Surplus					4,438,706		4,173,169		5,847,389		(10,011,852)		4,447,412
Retained earnings (accumulated deficit)					2,156,442		(2,425,429)		555,398		1,861,504		2,147,915
Treasury stock, at cost					(459,704)		-		-		(110)		(459,814)
Accumulated other comprehensive (loss) income, net of tax					(169,938)		1,867		(164,817)		162,950		(169,938)
Total stockholders' equity					6,016,710		1,749,609		6,294,277		(8,043,817)		6,016,779
Total liabilities and stockholders' equity				$	6,676,425	$	1,846,899	$	51,947,562	$	(8,355,562)	$	52,115,324

Condensed Income Statement

Condensed Consolidating Statement of Operations (Unaudited)
			Quarter ended September 30, 2020
							All other
		Popular, Inc.		PNA			subsidiaries and			Elimination			Popular, Inc.
(In thousands)		Holding Co.		Holding Co.			eliminations			entries			Consolidated
Interest and dividend income:
	Dividend income from subsidiaries	$	2,000		$	-		$	-		$	(2,000)		$	-
	Loans		566			-			430,720			-			431,286
	Money market investments		97			18			2,774			(116)			2,773
	Investment securities		332			47			78,763			-			79,142
	Total interest and dividend income		2,995			65			512,257			(2,116)			513,201
Interest expense:
	Deposits		-			-			37,670			(116)			37,554
	Short-term borrowings		-			-			416			-			416
	Long-term debt		9,632			1,557			3,021			-			14,210
	Total interest expense		9,632			1,557			41,107			(116)			52,180
Net interest (expense) income			(6,637)			(1,492)			471,150			(2,000)			461,021
Provision for credit losses - loan portfolios			80			-			19,372			-			19,452
Provision (reversal) for credit losses - investment securities			-			-			(314)			-			(314)
Net interest (expense) income after provision for credit losses			(6,717)			(1,492)			452,092			(2,000)			441,883
Service charges on deposit accounts			-			-			36,849			-			36,849
Other service fees			-			-			69,967			(88)			69,879
Mortgage banking activities			-			-			(9,526)			-			(9,526)
Net gain, including impairment on equity securities			666			-			4,481			3			5,150
Net gain on sale of debt securities			-			-			41			-			41
Net profit on trading account debt securities			-			-			20			-			20
Net loss on sale of loans, including valuation adjustments on loans held-for-sale			-			-			(2,198)			-			(2,198)
Indemnity reserves on loans sold expense			-			-			4,183			-			4,183
Other operating income			6,985			-			17,387			(3)			24,369
	Total non-interest income		7,651			-			121,204			(88)			128,767
Operating expenses:
Personnel costs			15,180			-			120,761			-			135,941
Net occupancy expenses			1,031			-			24,875			1			25,907
Equipment expenses			1,969			2			22,117			-			24,088
Other taxes			65			-			13,853			-			13,918
Professional fees			17,659			29			78,875			(89)			96,474
Communications			107			-			5,587			-			5,694
Business promotion			545			-			14,119			-			14,664
FDIC deposit insurance			-			-			6,568			-			6,568
Other real estate owned (OREO) (income) expenses			-			-			(1,615)			-			(1,615)
Other operating expenses			(37,241)			13			76,341			(762)			38,351
Amortization of intangibles			24			-			1,052			-			1,076
	Total operating expenses		(661)			44			362,533			(850)			361,066
Income (loss) before income tax and equity in earnings of subsidiaries			1,595			(1,536)			210,763			(1,238)			209,584
Income tax expense (benefit)			17			(323)			41,178			296			41,168

Income (loss) before equity in earnings of subsidiaries		1,578		(1,213)		169,585		(1,534)		168,416
Equity in undistributed earnings of subsidiaries		166,838		9,339		-		(176,177)		-
Net income	$	168,416	$	8,126	$	169,585	$	(177,711)	$	168,416
Comprehensive income, net of tax	$	164,483	$	9,538	$	166,295	$	(175,833)	$	164,483

Condensed Consolidating Statement of Operations (Unaudited)

			Nine months ended September 30, 2020
							All other
		Popular, Inc.		PNA			subsidiaries and			Elimination			Popular, Inc.
(In thousands)		Holding Co.		Holding Co.			eliminations			entries			Consolidated
Interest and dividend income:
	Dividend income from subsidiaries	$	584,000		$	-		$	-		$	(584,000)		$	-
	Loans		1,686			-			1,309,716			-			1,311,402
	Money market investments		1,653			86			16,788			(1,739)			16,788
	Investment securities		651			140			243,147			-			243,938
	Total interest and dividend income		587,990			226			1,569,651			(585,739)			1,572,128
Interest expense:
	Deposits		-			-			144,174			(1,739)			142,435
	Short-term borrowings		-			-			2,109			-			2,109
	Long-term debt		28,896			4,672			9,019			-			42,587
	Total interest expense		28,896			4,672			155,302			(1,739)			187,131
Net interest income (expense)			559,094			(4,446)			1,414,349			(584,000)			1,384,997
Provision for credit losses - loan portfolios			217			-			271,334			-			271,551
Provision (reversal) for credit losses - investment securities			-			-			(233)			-			(233)
Net interest income (expense) after provision for credit losses			558,877			(4,446)			1,143,248			(584,000)			1,113,679
Service charges on deposit accounts			-			-			108,671			-			108,671
Other service fees			-			-			188,918			(2,182)			186,736
Mortgage banking activities			-			-			671			-			671
Net gain on sale of debt securities			-			-			41			-			41
Net gain, including impairment on equity securities			654			-			4,139			76			4,869
Net profit on trading account debt securities			-			-			593			-			593
Net gain on sale of loans, including valuation adjustments on loans held-for-sale			-			-			981			-			981
Indemnity reserves on loans sold expense			-			-			(1,770)			-			(1,770)
Other operating income			13,546			-			53,140			(13)			66,673
	Total non-interest income		14,200			-			355,384			(2,119)			367,465
Operating expenses:
Personnel costs			49,357			-			372,581			-			421,938
Net occupancy expenses			2,967			-			73,584			1			76,552
Equipment expenses			3,602			4			62,931			-			66,537
Other taxes			189			1			40,732			-			40,922
Professional fees			38,045			89			252,358			(400)			290,092
Communications			398			-			16,824			-			17,222
Business promotion			2,482			-			38,660			-			41,142
FDIC deposit insurance			-			-			16,988			-			16,988
Other real estate owned (OREO) expenses			-			-			520			-			520
Other operating expenses			(97,967)			39			204,758			(2,183)			104,647
Amortization of intangibles			73			-			5,272			-			5,345
	Total operating expenses		(854)			133			1,085,208			(2,582)			1,081,905
Income (loss) before income tax and equity in losses of subsidiaries			573,931			(4,579)			413,424			(583,537)			399,239
Income tax expense (benefit)			17			(962)			69,687			151			68,893

Income (loss) before equity in losses of subsidiaries		573,914		(3,617)		343,737		(583,688)		330,346
Equity in undistributed losses of subsidiaries		(243,568)		(17,119)		-		260,687		-
Net income (loss)	$	330,346	$	(20,736)	$	343,737	$	(323,001)	$	330,346
Comprehensive income, net of tax	$	715,700	$	15,218	$	732,461	$	(747,679)	$	715,700

Condensed Consolidating Statement of Operations (Unaudited)
				Quarter ended September 30, 2019
								All other
		Popular, Inc.			PNA			subsidiaries and			Elimination			Popular, Inc.
(In thousands)		Holding Co.			Holding Co.			eliminations			entries			Consolidated
Interest and dividend income:
	Dividend income from subsidiaries		$	102,000		$	-		$	-		$	(102,000)		$	-
	Loans			576			-			452,739			-			453,315
	Money market investments			758			55			19,120			(814)			19,119
	Investment securities			160			46			99,336			-			99,542
	Total interest and dividend income			103,494			101			571,195			(102,814)			571,976
Interest expense:
	Deposits			-			-			79,574			(814)			78,760
	Short-term borrowings			-			-			1,572			-			1,572
	Long-term debt			9,632			1,556			3,465			-			14,653
	Total interest expense			9,632			1,556			84,611			(814)			94,985
Net interest income (expense)				93,862			(1,455)			486,584			(102,000)			476,991
Provision (reversal) for credit losses - loan portfolios				(2)			-			36,541			-			36,539
Net interest income (expense) after provision for credit losses				93,864			(1,455)			450,043			(102,000)			440,452
Service charges on deposit accounts				-			-			40,969			-			40,969
Other service fees				-			-			71,393			(84)			71,309
Mortgage banking activities				-			-			10,492			-			10,492
Net loss on sale of debt securities				-			-			(20)			-			(20)
Net gain, including impairment on equity securities				64			-			148			1			213
Net profit on trading account debt securities				-			-			295			-			295
Indemnity reserves on loans sold expense				-			-			(3,411)			-			(3,411)
Other operating income (expense)				4,626			(350)			18,610			(21)			22,865
	Total non-interest income			4,690			(350)			138,476			(104)			142,712
Operating expenses:
Personnel costs				14,207			-			133,475			-			147,682
Net occupancy expenses				1,006			-			23,589			-			24,595
Equipment expenses				917			1			20,678			-			21,596
Other taxes				61			-			13,967			-			14,028
Professional fees				6,370			13			92,263			(85)			98,561
Communications				150			-			5,731			-			5,881
Business promotion				754			-			17,611			-			18,365
FDIC deposit insurance				-			-			2,923			-			2,923
Other real estate owned (OREO) (income) expenses				-			-			(185)			-			(185)
Other operating expenses				(24,112)			14			65,418			(690)			40,630
Amortization of intangibles				24			-			2,375			-			2,399
	Total operating expenses			(623)			28			377,845			(775)			376,475
Income (loss) before income tax and equity in earnings of subsidiaries				99,177			(1,833)			210,674			(101,329)			206,689
Income tax (benefit) expense				-			(385)			41,494			261			41,370

Income (loss) before equity in earnings of subsidiaries		99,177		(1,448)		169,180		(101,590)		165,319
Equity in undistributed earnings of subsidiaries		66,142		18,210		-		(84,352)		-
Net income	$	165,319	$	16,762	$	169,180	$	(185,942)	$	165,319
Comprehensive income, net of tax	$	217,652	$	25,872	$	222,592	$	(248,464)	$	217,652

Condensed Consolidating Statement of Operations (Unaudited)
			Nine months ended September 30, 2019
							All other
		Popular, Inc.		PNA			subsidiaries and			Elimination			Popular, Inc.
(In thousands)		Holding Co.		Holding Co.			eliminations			entries			Consolidated
Interest and dividend income:
	Dividend income from subsidiaries	$	356,300		$	-		$	-		$	(356,300)		$	-
	Loans		1,661			-			1,353,571			-			1,355,232
	Money market investments		2,498			161			70,873			(2,659)			70,873
	Investment securities		473			139			274,207			-			274,819
	Total interest and dividend income		360,932			300			1,698,651			(358,959)			1,700,924
Interest expense:
	Deposits		-			-			230,694			(2,659)			228,035
	Short-term borrowings		-			-			4,828			-			4,828
	Long-term debt		28,896			4,671			10,224			-			43,791
	Total interest expense		28,896			4,671			245,746			(2,659)			276,654
Net interest income (expense)			332,036			(4,371)			1,452,905			(356,300)			1,424,270
Provision for credit losses - loan portfolios			257			-			118,298			-			118,555
Net interest income (expense) after provision for credit losses			331,779			(4,371)			1,334,607			(356,300)			1,305,715
Service charges on deposit accounts			-			-			119,277			-			119,277
Other service fees			2			-			211,565			(1,920)			209,647
Mortgage banking activities			-			-			18,645			-			18,645
Net loss on sale of debt securities			-			-			(20)			-			(20)
Net gain, including impairment on equity securities			934			-			1,261			(21)			2,174
Net profit on trading account debt securities			-			-			977			-			977
Indemnity reserves on loans sold expense			-			-			(1,664)			-			(1,664)
Other operating income (expense)			13,431			(984)			56,026			(41)			68,432
	Total non-interest income (expense)		14,367			(984)			406,067			(1,982)			417,468
Operating expenses:
Personnel costs			46,910			-			385,388			-			432,298
Net occupancy expenses			3,231			-			68,243			(43)			71,431
Equipment expenses			2,616			3			60,005			-			62,624
Other taxes			185			1			38,081			-			38,267
Professional fees			13,780			68			267,841			(414)			281,275
Communications			483			-			17,202			-			17,685
Business promotion			2,435			-			49,723			-			52,158
FDIC deposit insurance			-			-			13,007			-			13,007
Other real estate owned (OREO) expenses			-			-			3,729			-			3,729
Other operating expenses			(69,904)			43			179,123			(1,908)			107,354
Amortization of intangibles			73			-			7,009			-			7,082
	Total operating expenses		(191)			115			1,089,351			(2,365)			1,086,910
Income (loss) before income tax and equity in earnings of subsidiaries			346,337			(5,470)			651,323			(355,917)			636,273
Income tax (benefit) expense			-			(1,149)			132,932			140			131,923

Income (loss) before equity in earnings of subsidiaries		346,337		(4,321)		518,391		(356,057)		504,350
Equity in undistributed earnings of subsidiaries		158,013		41,248		-		(199,261)		-
Net income	$	504,350	$	36,927	$	518,391	$	(555,318)	$	504,350
Comprehensive income, net of tax	$	793,444	$	85,389	$	810,359	$	(895,748)	$	793,444

Condensed Cash Flow Statement

Condensed Consolidating Statement of Cash Flows

				Nine months ended September 30, 2020
								All other
				Popular, Inc.		PNA		subsidiaries		Elimination		Popular, Inc.
(In thousands)				Holding Co.		Holding Co.		and eliminations		entries		Consolidated
Cash flows from operating activities:
Net income (loss)			$	330,346	$	(20,736)	$	343,737	$	(323,001)	$	330,346
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			243,568		17,119		-		(260,687)		-
	Provision for credit losses			217		-		271,101		-		271,318
	Amortization of intangibles			73		-		5,272		-		5,345
	Depreciation and amortization of premises and equipment			741		-		42,678		-		43,419
	Net accretion of discounts and amortization of premiums and deferred fees			926		20		(57,080)		-		(56,134)
	Share-based compensation			6,032		-		2,276		-		8,308
	Fair value adjustments on mortgage servicing rights			-		-		33,360		-		33,360
	Adjustment to indemnity reserves on loans sold			-		-		1,770		-		1,770
	Earnings from investments under the equity method, net of dividends or distributions			(11,797)		-		(7,363)		-		(19,160)
	Deferred income tax benefit			-		(962)		27,553		151		26,742
	Gain on:
		Disposition of premises and equipment and other productive assets		(1)		-		(10,285)		-		(10,286)
		Proceeds from insurance claims		-		-		(366)		-		(366)
		Sale of debt securities		-		-		(41)		-		(41)
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(21,370)		-		(21,370)
		Sale of foreclosed assets, including write-downs		-		-		(13,676)		-		(13,676)
	Acquisitions of loans held-for-sale			-		-		(151,916)		-		(151,916)
	Proceeds from sale of loans held-for-sale			-		-		51,077		-		51,077
	Net originations on loans held-for-sale			-		-		(243,954)		-		(243,954)
	Net decrease (increase) in:
		Trading debt securities		-		-		287,764		-		287,764
		Equity securities		(3,334)		-		(2,056)		-		(5,390)
		Accrued income receivable		187		98		(48,523)		(219)		(48,457)
		Other assets		(3,590)		(22)		73,767		5,088		75,243
	Net (decrease) increase in:
		Interest payable		(4,594)		(1,550)		(5,383)		219		(11,308)
		Pension and other postretirement benefits obligations		-		-		4,225		-		4,225
		Other liabilities		15,153		15		(74,962)		(5,475)		(65,269)
Total adjustments				243,581		14,718		163,868		(260,923)		161,244
Net cash provided by (used in) operating activities				573,927		(6,018)		507,605		(583,924)		491,590
Cash flows from investing activities:
	Net decrease (increase) in money market investments			44,000		6,018		(8,597,704)		(50,018)		(8,597,704)
	Purchases of investment securities:
		Available-for-sale		-		-		(15,997,778)		-		(15,997,778)
		Equity		-		-		(28,812)		(73)		(28,885)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		14,386,967		-		14,386,967
		Held-to-maturity		-		-		5,770		-		5,770
	Proceeds from sale of investment securities:
		Available for sale		-		-		5,103		-		5,103
		Equity		-		-		20,169		-		20,169
	Net repayments (disbursements) on loans			436		-		(965,901)		-		(965,465)
	Proceeds from sale of loans			-		-		64,917		-		64,917
	Acquisition of loan portfolios			-		-		(994,908)		-		(994,908)
	Payments to acquire other intangible			-		-		(83)		-		(83)
	Return of capital from equity method investments			131		-		681		-		812
	Payments to acquire equity method investments			-		-		(443)		-		(443)
	Capital contribution to subsidiary			(5,000)		-		-		5,000		-
	Return of capital from wholly-owned subsidiaries			12,500		-		-		(12,500)		-
	Acquisition of premises and equipment			(2,190)		-		(36,931)		-		(39,121)
	Proceeds from insurance claims			-		-		366		-		366

	Proceeds from sale of:
		Premises and equipment and other productive assets		283		-		20,533		-		20,816
		Foreclosed assets		-		-		53,872		-		53,872
Net cash provided by (used in) investing activities				50,160		6,018		(12,064,182)		(57,591)		(12,065,595)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		12,221,025		43,298		12,264,323
		Assets sold under agreements to repurchase		-		-		(87,350)		-		(87,350)
		Other short-term borrowings		-		-		100,000		-		100,000
	Payments of notes payable			-		-		(127,989)		-		(127,989)
	Principal payments of finance leases			-		-		(1,608)		-		(1,608)
	Proceeds from issuance of notes payable			-		-		226,807		-		226,807
	Proceeds from issuance of common stock			14,013		-		(6,082)		-		7,931
	Payments for repurchase of redeemable preferred stock			(28,017)		-		-		-		(28,017)
	Dividends paid to parent company			-		-		(584,000)		584,000		-
	Dividends paid			(99,600)		-		-		-		(99,600)
	Net payments for repurchase of common stock			(500,507)		-		185		(3)		(500,325)
	Capital contribution from parent			-		-		(7,500)		7,500		-
	Payments related to tax withholding for share-based compensation			(3,287)		-		(55)		-		(3,342)
Net cash (used in) provided by financing activities				(617,398)		-		11,733,433		634,795		11,750,830
Net increase in cash and due from banks, and restricted cash				6,689		-		176,856		(6,720)		176,825
Cash and due from banks, and restricted cash at beginning of period				56,554		-		393,777		(56,008)		394,323
Cash and due from banks, and restricted cash at end of period			$	63,243	$	-	$	570,633	$	(62,728)	$	571,148

Condensed Consolidating Statement of Cash Flows

				Nine months ended September 30, 2019
								All other
				Popular, Inc.		PNA		subsidiaries		Elimination		Popular, Inc.
(In thousands)				Holding Co.		Holding Co.		and eliminations		entries		Consolidated
Cash flows from operating activities:
Net income			$	504,350	$	36,927	$	518,391	$	(555,318)	$	504,350
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			(158,013)		(41,248)		-		199,261		-
	Provision for credit losses			257		-		118,298		-		118,555
	Amortization of intangibles			73		-		7,009		-		7,082
	Depreciation and amortization of premises and equipment			559		-		42,369		-		42,928
	Net accretion of discounts and amortization of premiums and deferred fees			933		20		(127,501)		-		(126,548)
	Share-based compensation			7,517		-		3,901		-		11,418
	Impairment losses on long-lived assets			-		-		2,591		-		2,591
	Fair value adjustments on mortgage servicing rights			-		-		25,853		-		25,853
	Indemnity reserves on loans sold expense			-		-		1,664		-		1,664
	(Earnings) losses from investments under the equity method, net of dividends or distributions			(11,683)		984		(7,762)		-		(18,461)
	Deferred income tax (benefit) expense			-		(1,149)		111,067		140		110,058
	Loss (gain) on:
		Disposition of premises and equipment and other productive assets		39		-		(5,172)		-		(5,133)
		Sale of debt securities		-		-		20		-		20
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(11,360)		-		(11,360)
		Sale of foreclosed assets, including write-downs		-		-		(15,858)		-		(15,858)
	Acquisitions of loans held-for-sale			-		-		(157,993)		-		(157,993)
	Proceeds from sale of loans held-for-sale			-		-		51,067		-		51,067
	Net originations on loans held-for-sale			-		-		(208,875)		-		(208,875)
	Net decrease (increase) in:
		Trading debt securities		-		-		333,013		-		333,013
		Equity securities		(3,225)		-		(3,257)		-		(6,482)
		Accrued income receivable		7		99		7,651		(33)		7,724
		Other assets		(1,559)		43		(14,130)		2,809		(12,837)
	Net decrease in:
		Interest payable		(4,594)		(1,551)		(788)		33		(6,900)
		Pension and other postretirement benefits obligations		-		-		(4,979)		-		(4,979)
		Other liabilities		(681)		(85)		(98,071)		(3,212)		(102,049)
Total adjustments				(170,370)		(42,887)		48,757		198,998		34,498
Net cash provided by (used in) operating activities				333,980		(5,960)		567,148		(356,320)		538,848
Cash flows from investing activities:
	Net decrease (increase) in money market investments			35,000		2,631		(1,000,840)		(37,631)		(1,000,840)
	Purchases of investment securities:
		Available-for-sale		-		-		(13,579,074)		-		(13,579,074)
		Equity		-		-		(15,515)		41		(15,474)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		10,671,630		-		10,671,630
		Held-to-maturity		-		-		5,325		-		5,325
	Proceeds from sale of investment securities:
		Available for sale		-		-		99,445		-		99,445
		Equity		-		-		17,083		-		17,083
	Net repayments (disbursements) on loans			533		-		(325,012)		-		(324,479)
	Proceeds from sale of loans			-		-		77,327		-		77,327
	Acquisition of loan portfolios			-		-		(421,482)		-		(421,482)
	Payments to acquire other intangible			-		-		(793)		-		(793)
	Return of capital from equity method investments			-		3,329		(582)		-		2,747
	Capital contribution to subsidiary			(4,000)		-		-		4,000		-
	Return of capital from wholly-owned subsidiaries			13,000		-		-		(13,000)		-

	Acquisition of premises and equipment			(791)		-		(45,170)		-		(45,961)
	Proceeds from sale of:
		Premises and equipment and other productive assets		3		-		17,183		-		17,186
		Foreclosed assets		-		-		83,848		-		83,848
Net cash provided by (used in) investing activities				43,745		5,960		(4,416,627)		(46,590)		(4,413,512)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		4,463,708		(9,242)		4,454,466
		Assets sold under agreements to repurchase		-		-		(68,433)		-		(68,433)
		Other short-term borrowings		-		-		(41)		-		(41)
	Payments of notes payable			-		-		(144,991)		-		(144,991)
	Principal payments of finance leases			-		-		(1,269)		-		(1,269)
	Proceeds from issuance of notes payable			-		-		75,000		-		75,000
	Proceeds from issuance of common stock			11,256		-		(4,733)		-		6,523
	Dividends paid to parent company			-		-		(356,300)		356,300		-
	Dividends paid			(85,863)		-		-		-		(85,863)
	Net payments for repurchase of common stock			(250,566)		-		13		(21)		(250,574)
	Return of capital to parent company			-		-		(13,000)		13,000		-
	Capital contribution from parent			-		-		4,000		(4,000)		-
	Payments related to tax withholding for share-based compensation			(5,420)		-		(12)		-		(5,432)
Net cash (used in) provided by financing activities				(330,593)		-		3,953,942		356,037		3,979,386
Net increase in cash and due from banks, and restricted cash				47,132		-		104,463		(46,873)		104,722
Cash and due from banks, and restricted cash at beginning of period				68,278		-		402,995		(68,022)		403,251
Cash and due from banks, and restricted cash at end of period			$	115,410	$	-	$	507,458	$	(114,895)	$	507,973