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Popular, Inc. (Holding company only) financial information | 12 Months Ended
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Dec. 31, 2019
Disclosure Text Block |
Popular, Inc (Holding Company Only) Financial Information | Note 41 - Popular, Inc. (holding company only) financial information The following condensed financial information presents the financial position of Popular, Inc. Holding Company only at December 31, 2019 and 2018, and the results of its operations and cash flows for the years ended December 31, 2019, 2018 and 2017.
Condensed Statements of Condition |  |  |  |
|  |  | December 31,
(In thousands) |  | 2019 |  | 2018
ASSETS |  |  |  |
Cash and due from banks (includes $56,008 due from bank subsidiary (2018 - $68,022)) | $ | 55,956 | $ | 68,022
Money market investments |  | 221,598 |  | 176,256
Debt securities held-to-maturity, at amortized cost (includes $8,726 in common securities from statutory trusts (2018 - $8,726)) |  | 8,726 |  | 8,726
Equity securities, at lower of cost or realizable value[1] |  | 10,744 |  | 6,693
Investment in BPPR and subsidiaries, at equity |  | 4,233,046 |  | 3,813,640
Investment in Popular North America and subsidiaries, at equity |  | 1,749,518 |  | 1,648,577
Investment in other non-bank subsidiaries, at equity |  | 260,501 |  | 241,902
Other loans |  | 32,027 |  | 32,678
| Less - Allowance for loan losses |  | 410 |  | 155
Premises and equipment |  | 3,893 |  | 3,394
Investment in equity method investees |  | 75,739 |  | 62,781
Other assets (includes $4,353 due from subsidiaries and affiliate (2018 - $1,355)) |  | 25,087 |  | 20,281
Total assets | $ | 6,676,425 | $ | 6,082,795
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
Notes payable | $ | 586,119 | $ | 584,851
Other liabilities (includes $2,109 due to subsidiaries and affiliate (2018 - $3,110)) |  | 73,596 |  | 62,799
Stockholders’ equity |  | 6,016,710 |  | 5,435,145
Total liabilities and stockholders’ equity | $ | 6,676,425 | $ | 6,082,795
[1] Refer to Note 20 to the consolidated financial statements for information on the statutory trusts.
Condensed Statements of Operations |  |  |  |  |  |
|  |  | Years ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Income: |  |  |  |  |  |
| Dividends from subsidiaries | $ | 408,000 | $ | 453,200 | $ | 211,500
| Interest income (includes $4,237 due from subsidiaries and affiliates (2018 - $6,121; 2017 - $3,183)) |  | 6,669 |  | 8,366 |  | 4,238
| Earnings from investments in equity method investees |  | 17,279 |  | 15,498 |  | 11,761
| Other operating income |  | 1 |  | 253 |  | 86
| Net gain (loss), including impairment, on equity securities |  | 988 |  | (777) |  | -
| Net gain on trading account debt securities |  | - |  | - |  | 266
Total income |  | 432,937 |  | 476,540 |  | 227,851
Expenses: |  |  |  |  |  |
| Interest expense |  | 38,528 |  | 51,218 |  | 52,470
| Provision (reversal) for loan losses |  | 256 |  | (251) |  | 403
| Loss on early extinguishment of debt |  | - |  | 12,522 |  | -
| Operating expenses (includes expenses for services provided by subsidiaries and affiliate of $14,400 (2018 - $10,511 ; 2017 - $8,225)), net of reimbursement by subsidiaries for services provided by parent of $106,725 (2018 - $90,807 ; 2017 - $76,720) |  | 80 |  | 3,656 |  | (1,773)
Total expenses |  | 38,864 |  | 67,145 |  | 51,100
Income before equity in undistributed earnings of subsidiaries |  | 394,073 |  | 409,395 |  | 176,751
Equity in undistributed earnings (losses) of subsidiaries |  | 277,062 |  | 208,763 |  | (69,070)
Net income | $ | 671,135 | $ | 618,158 | $ | 107,681
Comprehensive income, net of tax | $ | 929,171 | $ | 540,836 | $ | 77,315
Condensed Statements of Cash Flows |  |  |  |  |  |
|  |  |  | Years ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Cash flows from operating activities: |  |  |  |  |  |
Net income | $ | 671,135 | $ | 618,158 | $ | 107,681
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
| Equity in (earnings) losses of subsidiaries, net of dividends or distributions |  | (277,062) |  | (208,763) |  | 69,070
| Provision (reversal) for loan losses |  | 256 |  | (251) |  | 403
| Amortization of intangibles |  | 96 |  | 41 |  | -
| Net accretion of discounts and amortization of premiums and deferred fees |  | 1,240 |  | 2,022 |  | 2,086
| Share-based compensation |  | 7,927 |  | 7,441 |  | -
| Earnings from investments under the equity method, net of dividends or distributions |  | (14,948) |  | (14,333) |  | (7,765)
| Loss on early extinguishment of debt |  | - |  | 12,522 |  | -
| Net (increase) decrease in: |  |  |  |  |  |
|  | Equity securities |  | (4,051) |  | (1,583) |  | (1,346)
|  | Other assets |  | 1,134 |  | 344 |  | 8,696
| Net (decrease) increase in: |  |  |  |  |  |
|  | Interest payable |  | - |  | (10,288) |  | -
|  | Other liabilities |  | 2,508 |  | 8,059 |  | 3,230
Total adjustments |  | (282,900) |  | (204,789) |  | 74,374
Net cash provided by operating activities |  | 388,235 |  | 413,369 |  | 182,055
Cash flows from investing activities: |  |  |  |  |  |
| Net (increase) decrease in money market investments |  | (45,000) |  | 70,000 |  | 6,000
| Net repayments on other loans |  | 677 |  | 536 |  | 181
| Capital contribution to subsidiaries |  | (9,000) |  | (87,000) |  | (5,955)
| Return of capital from wholly owned subsidiaries |  | 13,000 |  | 13,000 |  | 22,400
| Acquisition of loans portfolio |  | - |  | - |  | (31,909)
| Acquisition of trademark |  | - |  | - |  | (5,560)
| Acquisition of premises and equipment |  | (1,289) |  | (1,099) |  | (965)
| Proceeds from sale of: |  |  |  |  |  |
|  | Premises and equipment |  | 3 |  | 293 |  | 23
|  | Foreclosed assets |  | - |  | - |  | 38
Net cash used in investing activities |  | (41,609) |  | (4,270) |  | (15,747)
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 |  | 13,451 |  | 11,653 |  | 7,016
| Dividends paid |  | (115,810) |  | (105,441) |  | (95,910)
| Net payments for repurchase of common stock |  | (250,571) |  | (125,731) |  | (75,668)
| Payments related to tax withholding for share-based compensation |  | (5,420) |  | (2,201) |  | (1,756)
Net cash used in financing activities |  | (358,350) |  | (388,941) |  | (166,318)
Net (decrease) increase in cash and due from banks, and restricted cash |  | (11,724) |  | 20,158 |  | (10)
Cash and due from banks, and restricted cash at beginning of period |  | 68,278 |  | 48,120 |  | 48,130
Cash and due from banks, and restricted cash at end of period | $ | 56,554 | $ | 68,278 | $ | 48,120
Popular, Inc. (parent company only) received dividend distributions from its direct equity method investees amounting to $2.3 million for the year ended December 31, 2019 (2018 - $1.2 million). Notes payable include junior subordinated debentures issued by the Corporation that are associated to capital securities issued by the Popular Capital Trust I and Popular Capital Trust II and medium-term notes. Refer to Note 20 for a description of significant provisions related to these junior subordinated debentures. The following table presents the aggregate amounts by contractual maturities of notes payable at December 31, 2019:
Year |  | (In thousands)
2020 | $ | -
2021 |  | -
2022 |  | -
2023 |  | -
2024 |  | 295,307
Later years |  | 290,812
Total | $ | 586,119

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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