Popular, Inc. (Holding only) (Tables) - Popular, Inc. Holding Co.

12 Months Ended

Dec. 31, 2020

Condensed Balance Sheet

Condensed Statements of Condition
			December 31,
(In thousands)			2020		2019
ASSETS
Cash and due from banks (includes $69,299 due from bank subsidiary (2019 - $56,008))		$	69,299	$	55,956
Money market investments			111,596		221,598
Debt securities held-to-maturity, at amortized cost (includes $8,726 in common securities from statutory trusts (2019 - $8,726))[1]			8,726		8,726
Equity securities, at lower of cost or realizable value			16,049		10,744
Investment in BPPR and subsidiaries, at equity			4,327,188		4,233,046
Investment in Popular North America and subsidiaries, at equity			1,733,411		1,749,518
Investment in other non-bank subsidiaries, at equity			271,129		260,501
Other loans			31,473		32,027
	Less - Allowance for credit losses		311		410
Premises and equipment			5,322		3,893
Investment in equity method investees			88,272		75,739
Other assets (includes $5,518 due from subsidiaries and affiliate (2019 - $4,353))			35,002		25,087
Total assets		$	6,697,156	$	6,676,425
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable		$	587,386	$	586,119
Other liabilities (includes $3,779 due to subsidiaries and affiliate (2019 - $2,109))			81,148		73,596
Stockholders’ equity			6,028,622		6,016,710
Total liabilities and stockholders’ equity		$	6,697,156	$	6,676,425
[1] Refer to Note 17 to the consolidated financial statements for information on the statutory trusts.

Condensed Income Statement

Condensed Statements of Operations
			Years ended December 31,
(In thousands)			2020		2019		2018
Income:
	Dividends from subsidiaries	$	586,000	$	408,000	$	453,200
	Interest income (includes $2,290 due from subsidiaries and affiliates (2019 - $4,237; 2018 - $6,121))		4,949		6,669		8,366
	Earnings from investments in equity method investees		17,841		17,279		15,498
	Other operating income		1		1		253
	Net gain (loss), including impairment, on equity securities		1,494		988		(777)
Total income			610,285		432,937		476,540
Expenses:
	Interest expense		38,528		38,528		51,218
	Provision (reversal) for credit losses		95		256		(251)
	Loss on early extinguishment of debt		-		-		12,522
	Operating (income) expenses (includes expenses for services provided by subsidiaries and affiliate of $13,140 (2019 - $14,400 ; 2018 - $10,511)), net of reimbursement by subsidiaries for services provided by parent of $138,729 (2019 - $106,725 ; 2018 - $90,807)		(921)		80		3,656
Total expenses			37,702		38,864		67,145
Income before income taxes and equity in undistributed (losses) earnings of subsidiaries			572,583		394,073		409,395
Income tax expense			17		-		-
Income before equity in undistributed (losses) earnings of subsidiaries			572,566		394,073		409,395
Equity in undistributed (losses) earnings of subsidiaries			(65,944)		277,062		208,763
Net income		$	506,622	$	671,135	$	618,158
Comprehensive income, net of tax		$	866,551	$	929,171	$	540,836

Condensed Cash Flow Statement

Condensed Statements of Cash Flows
				Years ended December 31,
(In thousands)				2020		2019		2018
Cash flows from operating activities:
Net income			$	506,622	$	671,135	$	618,158
Adjustments to reconcile net income to net cash provided by operating activities:
	Equity in losses (earnings) of subsidiaries, net of dividends or distributions			65,944		(277,062)		(208,763)
	Provision (reversal) for credit losses			95		256		(251)
	Amortization of intangibles			98		96		41
	Net accretion of discounts and amortization of premiums and deferred fees			1,233		1,240		2,022
	Share-based compensation			5,770		7,927		7,441
	Earnings from investments under the equity method, net of dividends or distributions			(15,510)		(14,948)		(14,333)
	Loss on early extinguishment of debt			-		-		12,522
	Net (increase) decrease in:
		Equity securities		(5,305)		(4,051)		(1,583)
		Other assets		(8,327)		1,134		344
	Net (decrease) increase in:
		Interest payable		-		-		(10,288)
		Other liabilities		2,470		2,508		8,059
Total adjustments				46,468		(282,900)		(204,789)
Net cash provided by operating activities				553,090		388,235		413,369
Cash flows from investing activities:
	Net decrease (increase) in money market investments			110,000		(45,000)		70,000
	Net repayments on other loans			587		677		536
	Capital contribution to subsidiaries			(10,000)		(9,000)		(87,000)
	Return of capital from wholly owned subsidiaries			12,500		13,000		13,000
	Return of capital from equity method investments			131		-		-
	Acquisition of premises and equipment			(2,667)		(1,289)		(1,099)
	Proceeds from sale of premises and equipment			285		3		293
Net cash provided by (used in) investing activities				110,836		(41,609)		(4,270)
Cash flows from financing activities:
	Payments of notes payable			-		-		(448,518)
	Payments of debt extinguishment			-		-		(12,522)
	Proceeds from issuance of notes payable			-		-		293,819
	Proceeds from issuance of common stock			15,175		13,451		11,653
	Payments for repurchase of reedemable preferred stock			(28,017)		-		-
	Dividends paid			(133,645)		(115,810)		(105,441)
	Net payments for repurchase of common stock			(500,705)		(250,571)		(125,731)
	Payments related to tax withholding for share-based compensation			(3,394)		(5,420)		(2,201)
Net cash used in financing activities				(650,586)		(358,350)		(388,941)
Net increase (decrease) in cash and due from banks, and restricted cash				13,340		(11,724)		20,158
Cash and due from banks, and restricted cash at beginning of period				56,554		68,278		48,120
Cash and due from banks, and restricted cash at end of period			$	69,894	$	56,554	$	68,278

Borrowings by contractual maturities

Year		(In thousands)
2021	$	-
2022		-
2023		296,574
2024		-
2025		-
Later years		290,812
Total	$	587,386