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Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities | 12 Months Ended
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Dec. 31, 2019
Disclosure Text Block |
Condensed Consolidating Financial Information of Guarantor and Issuers of Registeres Guranteed Securities | Note 42 – 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 December 31, 2019 and 2018, and the results of their operations and cash flows for the periods ended December 31, 2019, 2018 and 2017. PNA is an operating, 100% subsidiary of PIHC and is the holding company of its wholly-owned subsidiaries: Equity One, Inc. and Popular Bank, including Popular Bank’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
| 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 assets, 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 Consolidating Statement of Financial Condition |  |  |  |  |  |  |  |
|  |  | At December 31, 2018
|  |  |  |  |  |  | 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 |  | $ | 68,022 | $ | - |  | $ | 394,035 |  | $ | (68,022) |  | $ | 394,035
Money market investments |  |  | 176,256 |  | 15,288 |  |  | 4,170,792 |  |  | (191,288) |  |  | 4,171,048
Trading account debt securities, at fair value |  |  | - |  | - |  |  | 37,787 |  |  | - |  |  | 37,787
Debt securities available-for-sale, at fair value |  |  | - |  | - |  |  | 13,300,184 |  |  | - |  |  | 13,300,184
Debt securities held-to-maturity, at amortized cost |  |  | 8,726 |  | 2,835 |  |  | 90,014 |  |  | - |  |  | 101,575
Equity securities |  |  | 6,693 |  | 20 |  |  | 149,012 |  |  | (141) |  |  | 155,584
Investment in subsidiaries |  |  | 5,704,119 |  | 1,700,082 |  |  | - |  |  | (7,404,201) |  |  | -
Loans held-for-sale, at lower of cost or fair value |  |  | - |  | - |  |  | 51,422 |  |  | - |  |  | 51,422
Loans held-in-portfolio |  |  | 32,678 |  | - |  |  | 26,625,080 |  |  | 5,955 |  |  | 26,663,713
| Less - Unearned income |  |  | - |  | - |  |  | 155,824 |  |  | - |  |  | 155,824
|  | Allowance for loan losses |  |  | 155 |  | - |  |  | 569,193 |  |  | - |  |  | 569,348
| Total loans held-in-portfolio, net |  |  | 32,523 |  | - |  |  | 25,900,063 |  |  | 5,955 |  |  | 25,938,541
Premises and equipment, net |  |  | 3,394 |  | - |  |  | 566,414 |  |  | - |  |  | 569,808
Other real estate |  |  | 146 |  | - |  |  | 136,559 |  |  | - |  |  | 136,705
Accrued income receivable |  |  | 284 |  | 116 |  |  | 165,767 |  |  | (145) |  |  | 166,022
Mortgage servicing assets, at fair value |  |  | - |  | - |  |  | 169,777 |  |  | - |  |  | 169,777
Other assets |  |  | 76,073 |  | 27,639 |  |  | 1,626,119 |  |  | (15,697) |  |  | 1,714,134
Goodwill |  |  | - |  | - |  |  | 671,123 |  |  | (1) |  |  | 671,122
Other intangible assets |  |  | 6,559 |  | - |  |  | 20,274 |  |  | - |  |  | 26,833
Total assets |  | $ | 6,082,795 | $ | 1,745,980 |  | $ | 47,449,342 |  | $ | (7,673,540) |  | $ | 47,604,577
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-interest bearing |  | $ | - | $ | - |  | $ | 9,217,058 |  | $ | (68,022) |  | $ | 9,149,036
| Interest bearing |  |  | - |  | - |  |  | 30,752,291 |  |  | (191,288) |  |  | 30,561,003
|  | Total deposits |  |  | - |  | - |  |  | 39,969,349 |  |  | (259,310) |  |  | 39,710,039
Assets sold under agreements to repurchase |  |  | - |  | - |  |  | 281,529 |  |  | - |  |  | 281,529
Other short-term borrowings |  |  | - |  | - |  |  | 42 |  |  | - |  |  | 42
Notes payable |  |  | 584,851 |  | 94,063 |  |  | 577,188 |  |  | - |  |  | 1,256,102
Other liabilities |  |  | 62,799 |  | 3,287 |  |  | 871,733 |  |  | (16,011) |  |  | 921,808
Total liabilities |  |  | 647,650 |  | 97,350 |  |  | 41,699,841 |  |  | (275,321) |  |  | 42,169,520
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 50,160 |  | - |  |  | - |  |  | - |  |  | 50,160
Common stock |  |  | 1,043 |  | 2 |  |  | 56,307 |  |  | (56,309) |  |  | 1,043
Surplus |  |  | 4,357,079 |  | 4,172,983 |  |  | 5,790,324 |  |  | (9,954,780) |  |  | 4,365,606
Retained earnings (accumulated deficit) |  |  | 1,660,258 |  | (2,479,503) |  |  | 327,713 |  |  | 2,143,263 |  |  | 1,651,731
Treasury stock, at cost |  |  | (205,421) |  | - |  |  | - |  |  | (88) |  |  | (205,509)
Accumulated other comprehensive loss, net of tax |  |  | (427,974) |  | (44,852) |  |  | (424,843) |  |  | 469,695 |  |  | (427,974)
Total stockholders' equity |  |  | 5,435,145 |  | 1,648,630 |  |  | 5,749,501 |  |  | (7,398,219) |  |  | 5,435,057
Total liabilities and stockholders' equity |  | $ | 6,082,795 | $ | 1,745,980 |  | $ | 47,449,342 |  | $ | (7,673,540) |  | $ | 47,604,577
Condensed Consolidating Statement of Operations
|  |  |  | Year ended December 31, 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 |  | $ | 408,000 |  | $ | - |  | $ | - |  | $ | (408,000) |  | $ | -
| Loans |  |  | 2,231 |  |  | - |  |  | 1,800,737 |  |  | - |  |  | 1,802,968
| Money market investments |  |  | 3,670 |  |  | 211 |  |  | 89,824 |  |  | (3,882) |  |  | 89,823
| Investment securities |  |  | 768 |  |  | 186 |  |  | 367,048 |  |  | - |  |  | 368,002
| Total interest and dividend income |  |  | 414,669 |  |  | 397 |  |  | 2,257,609 |  |  | (411,882) |  |  | 2,260,793
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits |  |  | - |  |  | - |  |  | 308,740 |  |  | (3,882) |  |  | 304,858
| Short-term borrowings |  |  | - |  |  | - |  |  | 6,100 |  |  | - |  |  | 6,100
| Long-term debt |  |  | 38,528 |  |  | 6,229 |  |  | 13,384 |  |  | - |  |  | 58,141
| Total interest expense |  |  | 38,528 |  |  | 6,229 |  |  | 328,224 |  |  | (3,882) |  |  | 369,099
Net interest income (expense) |  |  | 376,141 |  |  | (5,832) |  |  | 1,929,385 |  |  | (408,000) |  |  | 1,891,694
Provision for loan losses |  |  | 256 |  |  | - |  |  | 165,523 |  |  | - |  |  | 165,779
Net interest income (expense) after provision for loan losses |  |  | 375,885 |  |  | (5,832) |  |  | 1,763,862 |  |  | (408,000) |  |  | 1,725,915
Service charges on deposit accounts |  |  | - |  |  | - |  |  | 160,933 |  |  | - |  |  | 160,933
Other service fees |  |  | 1 |  |  | - |  |  | 288,471 |  |  | (3,266) |  |  | 285,206
Mortgage banking activities |  |  | - |  |  | - |  |  | 32,093 |  |  | - |  |  | 32,093
Net loss on sale of debt securities |  |  | - |  |  | - |  |  | (20) |  |  | - |  |  | (20)
Net gain, including impairment on equity securities |  |  | 988 |  |  | - |  |  | 1,555 |  |  | (37) |  |  | 2,506
Net gain on trading account debt securities |  |  | - |  |  | - |  |  | 994 |  |  | - |  |  | 994
Indemnity reserves on loans sold expense |  |  | - |  |  | - |  |  | (343) |  |  | - |  |  | (343)
Other operating income (expense) |  |  | 17,279 |  |  | (984) |  |  | 72,272 |  |  | (53) |  |  | 88,514
| Total non-interest income (expense) |  |  | 18,268 |  |  | (984) |  |  | 555,955 |  |  | (3,356) |  |  | 569,883
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 63,258 |  |  | - |  |  | 527,367 |  |  | - |  |  | 590,625
Net occupancy expenses |  |  | 4,297 |  |  | - |  |  | 92,084 |  |  | (42) |  |  | 96,339
Equipment expenses |  |  | 3,525 |  |  | 4 |  |  | 80,686 |  |  | - |  |  | 84,215
Other taxes |  |  | 248 |  |  | 1 |  |  | 51,404 |  |  | - |  |  | 51,653
Professional fees |  |  | 21,323 |  |  | 113 |  |  | 363,479 |  |  | (504) |  |  | 384,411
Communications |  |  | 616 |  |  | - |  |  | 22,834 |  |  | - |  |  | 23,450
Business promotion |  |  | 3,918 |  |  | - |  |  | 71,454 |  |  | - |  |  | 75,372
FDIC deposit insurance |  |  | - |  |  | - |  |  | 18,179 |  |  | - |  |  | 18,179
Other real estate owned (OREO) expenses |  |  | - |  |  | - |  |  | 4,298 |  |  | - |  |  | 4,298
Other operating expenses |  |  | (97,201) |  |  | 56 |  |  | 239,309 |  |  | (2,594) |  |  | 139,570
Amortization of intangibles |  |  | 96 |  |  | - |  |  | 9,274 |  |  | - |  |  | 9,370
| Total operating expenses |  |  | 80 |  |  | 174 |  |  | 1,480,368 |  |  | (3,140) |  |  | 1,477,482
Income (loss) before income tax and equity in earnings of subsidiaries |  |  | 394,073 |  |  | (6,990) |  |  | 839,449 |  |  | (408,216) |  |  | 818,316
Income tax (benefit) expense |  |  | - |  |  | (1,468) |  |  | 148,735 |  |  | (86) |  |  | 147,181
Income (loss) before equity in earnings of subsidiaries |  |  | 394,073 |  |  | (5,522) |  |  | 690,714 |  |  | (408,130) |  |  | 671,135
Equity in undistributed earnings of subsidiaries |  |  | 277,062 |  |  | 54,773 |  |  | - |  |  | (331,835) |  |  | -
Net income |  | $ | 671,135 |  | $ | 49,251 |  | $ | 690,714 |  | $ | (739,965) |  | $ | 671,135
Comprehensive income, net of tax |  | $ | 929,171 |  | $ | 95,970 |  | $ | 950,740 |  | $ | (1,046,710) |  | $ | 929,171
Condensed Consolidating Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Year ended December 31, 2018
|  |  |  |  |  |  |  | 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 |  | $ | 453,200 |  | $ | - |  | $ | - |  | $ | (453,200) |  | $ | -
| Loans |  |  | 2,115 |  |  | - |  |  | 1,643,670 |  |  | (49) |  |  | 1,645,736
| Money market investments |  |  | 5,555 |  |  | 69 |  |  | 111,287 |  |  | (5,623) |  |  | 111,288
| Investment securities |  |  | 696 |  |  | 279 |  |  | 263,849 |  |  | - |  |  | 264,824
| Total interest and dividend income |  |  | 461,566 |  |  | 348 |  |  | 2,018,806 |  |  | (458,872) |  |  | 2,021,848
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits |  |  | - |  |  | - |  |  | 209,888 |  |  | (5,623) |  |  | 204,265
| Short-term borrowings |  |  | - |  |  | 49 |  |  | 7,210 |  |  | (49) |  |  | 7,210
| Long-term debt |  |  | 51,218 |  |  | 9,330 |  |  | 14,948 |  |  | - |  |  | 75,496
| Total interest expense |  |  | 51,218 |  |  | 9,379 |  |  | 232,046 |  |  | (5,672) |  |  | 286,971
Net interest income (expense) |  |  | 410,348 |  |  | (9,031) |  |  | 1,786,760 |  |  | (453,200) |  |  | 1,734,877
Provision (reversal) for loan losses- non-covered loans |  |  | (251) |  |  | - |  |  | 226,593 |  |  | - |  |  | 226,342
Provision for loan losses- covered loans |  |  | - |  |  | - |  |  | 1,730 |  |  | - |  |  | 1,730
Net interest income (expense) after provision (reversal) for loan losses |  |  | 410,599 |  |  | (9,031) |  |  | 1,558,437 |  |  | (453,200) |  |  | 1,506,805
Service charges on deposit accounts |  |  | - |  |  | - |  |  | 150,677 |  |  | - |  |  | 150,677
Other service fees |  |  | - |  |  | - |  |  | 260,730 |  |  | (2,710) |  |  | 258,020
Mortgage banking activities |  |  | - |  |  | - |  |  | 52,802 |  |  | - |  |  | 52,802
Net loss, including impairment on equity securities |  |  | (777) |  |  | - |  |  | (1,268) |  |  | (36) |  |  | (2,081)
Net loss on trading account debt securities |  |  | - |  |  | - |  |  | (208) |  |  | - |  |  | (208)
Net gain on sale of loans, including valuation adjustments on loans held-for-sale |  |  | - |  |  | - |  |  | 33 |  |  | - |  |  | 33
Indemnity reserves on loans sold expense |  |  | - |  |  | - |  |  | (12,959) |  |  | - |  |  | (12,959)
FDIC loss-share income |  |  | - |  |  | - |  |  | 94,725 |  |  | - |  |  | 94,725
Other operating income |  |  | 15,751 |  |  | 737 |  |  | 95,037 |  |  | (40) |  |  | 111,485
| Total non-interest income |  |  | 14,974 |  |  | 737 |  |  | 639,569 |  |  | (2,786) |  |  | 652,494
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 59,821 |  |  | - |  |  | 503,167 |  |  | - |  |  | 562,988
Net occupancy expenses |  |  | 4,055 |  |  | - |  |  | 84,274 |  |  | - |  |  | 88,329
Equipment expenses |  |  | 3,433 |  |  | 3 |  |  | 68,352 |  |  | - |  |  | 71,788
Other taxes |  |  | 233 |  |  | 1 |  |  | 46,050 |  |  | - |  |  | 46,284
Professional fees |  |  | 18,159 |  |  | 178 |  |  | 331,978 |  |  | (471) |  |  | 349,844
Communications |  |  | 485 |  |  | - |  |  | 22,622 |  |  | - |  |  | 23,107
Business promotion |  |  | 2,236 |  |  | - |  |  | 63,682 |  |  | - |  |  | 65,918
FDIC deposit insurance |  |  | - |  |  | - |  |  | 27,757 |  |  | - |  |  | 27,757
Loss on early extinguishment of debt |  |  | 12,522 |  |  | - |  |  | - |  |  | - |  |  | 12,522
Other real estate owned (OREO) expenses |  |  | - |  |  | - |  |  | 23,338 |  |  | - |  |  | 23,338
Other operating expenses |  |  | (84,807) |  |  | 80 |  |  | 227,463 |  |  | (2,375) |  |  | 140,361
Amortization of intangibles |  |  | 41 |  |  | - |  |  | 9,285 |  |  | - |  |  | 9,326
| Total operating expenses |  |  | 16,178 |  |  | 262 |  |  | 1,407,968 |  |  | (2,846) |  |  | 1,421,562
Income (loss) before income tax and equity in earnings of subsidiaries |  |  | 409,395 |  |  | (8,556) |  |  | 790,038 |  |  | (453,140) |  |  | 737,737
Income tax expense |  |  | - |  |  | 3,267 |  |  | 116,275 |  |  | 37 |  |  | 119,579
Income (loss) before equity in earnings of subsidiaries |  |  | 409,395 |  |  | (11,823) |  |  | 673,763 |  |  | (453,177) |  |  | 618,158
Equity in undistributed earnings of subsidiaries |  |  | 208,763 |  |  | 69,027 |  |  | - |  |  | (277,790) |  |  | -
Net income |  | $ | 618,158 |  | $ | 57,204 |  | $ | 673,763 |  | $ | (730,967) |  | $ | 618,158
Comprehensive income, net of tax |  | $ | 540,836 |  | $ | 41,838 |  | $ | 597,768 |  | $ | (639,606) |  | $ | 540,836
Condensed Consolidating Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Year ended December 31, 2017
|  |  |  |  |  |  |  | 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 |  | $ | 211,500 |  | $ | - |  | $ | - |  | $ | (211,500) |  | $ | -
| Loans |  |  | 1,056 |  |  | - |  |  | 1,477,713 |  |  | (4) |  |  | 1,478,765
| Money market investments |  |  | 2,616 |  |  | 54 |  |  | 51,495 |  |  | (2,670) |  |  | 51,495
| Investment securities |  |  | 566 |  |  | 322 |  |  | 194,796 |  |  | - |  |  | 195,684
| Total interest and dividend income |  |  | 215,738 |  |  | 376 |  |  | 1,724,004 |  |  | (214,174) |  |  | 1,725,944
Interest Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits |  |  | - |  |  | - |  |  | 144,534 |  |  | (2,670) |  |  | 141,864
| Short-term borrowings |  |  | - |  |  | - |  |  | 5,728 |  |  | (4) |  |  | 5,724
| Long-term debt |  |  | 52,470 |  |  | 10,767 |  |  | 13,155 |  |  | - |  |  | 76,392
| Total interest expense |  |  | 52,470 |  |  | 10,767 |  |  | 163,417 |  |  | (2,674) |  |  | 223,980
Net interest income (expense) |  |  | 163,268 |  |  | (10,391) |  |  | 1,560,587 |  |  | (211,500) |  |  | 1,501,964
Provision for loan losses- non-covered loans |  |  | 403 |  |  | - |  |  | 325,234 |  |  | (5,955) |  |  | 319,682
Provision for loan losses- covered loans |  |  | - |  |  | - |  |  | 5,742 |  |  | - |  |  | 5,742
Net interest income (expense) after provision for loan losses |  |  | 162,865 |  |  | (10,391) |  |  | 1,229,611 |  |  | (205,545) |  |  | 1,176,540
Service charges on deposit accounts |  |  | - |  |  | - |  |  | 153,709 |  |  | - |  |  | 153,709
Other service fees |  |  | - |  |  | - |  |  | 220,073 |  |  | (2,806) |  |  | 217,267
Mortgage banking activities |  |  | - |  |  | - |  |  | 25,496 |  |  | - |  |  | 25,496
Net gain on sale of debt securities |  |  | - |  |  | - |  |  | 83 |  |  | - |  |  | 83
Other-than-temporary impairment losses on debt securities |  |  | - |  |  | - |  |  | (8,299) |  |  | - |  |  | (8,299)
Net gain on equity securities |  |  | - |  |  | - |  |  | 251 |  |  | - |  |  | 251
Net profit (loss) on trading account debt securities |  |  | 266 |  |  | - |  |  | (1,110) |  |  | 27 |  |  | (817)
Net loss on sale of loans, including valuation adjustments on loans held-for-sale |  |  | - |  |  | - |  |  | (420) |  |  | - |  |  | (420)
Indemnity reserves on loans sold expense |  |  | - |  |  | - |  |  | (22,377) |  |  | - |  |  | (22,377)
FDIC loss-share expense |  |  | - |  |  | - |  |  | (10,066) |  |  | - |  |  | (10,066)
Other operating income |  |  | 11,847 |  |  | 921 |  |  | 51,598 |  |  | (26) |  |  | 64,340
| Total non-interest income |  |  | 12,113 |  |  | 921 |  |  | 408,938 |  |  | (2,805) |  |  | 419,167
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 47,561 |  |  | - |  |  | 429,201 |  |  | - |  |  | 476,762
Net occupancy expenses |  |  | 3,876 |  |  | - |  |  | 85,318 |  |  | - |  |  | 89,194
Equipment expenses |  |  | 2,925 |  |  | 2 |  |  | 62,215 |  |  | - |  |  | 65,142
Other taxes |  |  | 217 |  |  | - |  |  | 43,165 |  |  | - |  |  | 43,382
Professional fees |  |  | 11,766 |  |  | (427) |  |  | 281,585 |  |  | (436) |  |  | 292,488
Communications |  |  | 549 |  |  | - |  |  | 21,917 |  |  | - |  |  | 22,466
Business promotion |  |  | 2,014 |  |  | - |  |  | 56,431 |  |  | - |  |  | 58,445
FDIC deposit insurance |  |  | - |  |  | - |  |  | 26,392 |  |  | - |  |  | 26,392
Other real estate owned (OREO) expenses |  |  | 42 |  |  | - |  |  | 48,498 |  |  | - |  |  | 48,540
Other operating expenses |  |  | (70,723) |  |  | 51 |  |  | 197,935 |  |  | (2,256) |  |  | 125,007
Amortization of intangibles |  |  | - |  |  | - |  |  | 9,378 |  |  | - |  |  | 9,378
| Total operating expenses |  |  | (1,773) |  |  | (374) |  |  | 1,262,035 |  |  | (2,692) |  |  | 1,257,196
Income (loss) before income tax and equity in earnings of subsidiaries |  |  | 176,751 |  |  | (9,096) |  |  | 376,514 |  |  | (205,658) |  |  | 338,511
Income tax (benefit) expense |  |  | - |  |  | (8,382) |  |  | 236,944 |  |  | 2,268 |  |  | 230,830
Income (loss) before equity in earnings of subsidiaries |  |  | 176,751 |  |  | (714) |  |  | 139,570 |  |  | (207,926) |  |  | 107,681
Equity in undistributed earnings of subsidiaries |  |  | (69,070) |  |  | (153,944) |  |  | - |  |  | 223,014 |  |  | -
Net Income (loss) |  | $ | 107,681 |  | $ | (154,658) |  | $ | 139,570 |  | $ | 15,088 |  | $ | 107,681
Comprehensive income (loss), net of tax |  | $ | 77,315 | $ |  | (162,195) |  | $ | 108,663 |  | $ | 53,532 |  | $ | 77,315
Condensed Consolidating Statement of Cash Flows
|  |  |  |  |  | Year ended December 31, 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 | $ | 671,135 | $ | 49,251 | $ | 690,714 | $ | (739,965) | $ | 671,135
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries, net of dividends or distributions |  | (277,062) |  | (54,773) |  | - |  | 331,835 |  | -
| Provision for loan losses |  | 256 |  | - |  | 165,523 |  | - |  | 165,779
| Amortization of intangibles |  | 96 |  | - |  | 9,274 |  | - |  | 9,370
| Depreciation and amortization of premises and equipment |  | 746 |  | - |  | 57,321 |  | - |  | 58,067
| Net accretion of discounts and amortization of premiums and deferred fees |  | 1,240 |  | 27 |  | (159,337) |  | - |  | (158,070)
| Share-based compensation |  | 7,927 |  | - |  | 4,376 |  | - |  | 12,303
| Impairment losses on long-lived assets |  | - |  | - |  | 2,591 |  | - |  | 2,591
| Fair value adjustments on mortgage servicing rights |  | - |  | - |  | 27,771 |  | - |  | 27,771
| Indemnity reserves on loans sold expense |  | - |  | - |  | 343 |  | - |  | 343
| (Earnings) losses from investments under the equity method, net of dividends or distributions |  | (14,948) |  | 984 |  | (14,047) |  | - |  | (28,011)
| Deferred income tax (benefit) expense |  | - |  | (1,468) |  | 142,886 |  | (86) |  | 141,332
| Loss (gain) on: |  |  |  |  |  |  |  |  |  |
|  |  | Disposition of premises and equipment and other productive assets |  | 41 |  | - |  | (6,707) |  | - |  | (6,666)
|  |  | Proceeds from insurance claims |  | - |  | - |  | (1,205) |  | - |  | (1,205)
|  |  | Sale of debt securities |  | - |  | - |  | 20 |  | - |  | 20
|  |  | Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities |  | - |  | - |  | (15,888) |  | - |  | (15,888)
|  |  | Sale of foreclosed assets, including write-downs |  | - |  | - |  | (21,982) |  | - |  | (21,982)
| Acquisitions of loans held-for-sale |  | - |  | - |  | (223,939) |  | - |  | (223,939)
| Proceeds from sale of loans held-for-sale |  | - |  | - |  | 71,075 |  | - |  | 71,075
| Net originations on loans held-for-sale |  | - |  | - |  | (289,430) |  | - |  | (289,430)
| Net decrease (increase) in: |  |  |  |  |  |  |  |  |  |
|  |  | Trading debt securities |  | - |  | - |  | 460,969 |  | - |  | 460,969
|  |  | Equity securities |  | (4,051) |  | - |  | (3,981) |  | - |  | (8,032)
|  |  | Accrued income receivable |  | (98) |  | 8 |  | (8,383) |  | 104 |  | (8,369)
|  |  | Other assets |  | 445 |  | 2,571 |  | (43,636) |  | 2,773 |  | (37,847)
| Net (decrease) increase in: |  |  |  |  |  |  |  |  |  |
|  |  | Interest payable |  | - |  | - |  | (180) |  | (104) |  | (284)
|  |  | Pension and other postretirement benefits obligations |  | - |  | - |  | 778 |  | - |  | 778
|  |  | Other liabilities |  | 2,508 |  | (87) |  | (116,270) |  | (2,594) |  | (116,443)
Total adjustments |  | (282,900) |  | (52,738) |  | 37,942 |  | 331,928 |  | 34,232
Net cash provided by (used in) operating activities |  | 388,235 |  | (3,487) |  | 728,656 |  | (408,037) |  | 705,367
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
| Net (increase) decrease in money market investments |  | (45,000) |  | (741) |  | 905,558 |  | 45,741 |  | 905,558
| Purchases of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | (18,733,295) |  | - |  | (18,733,295)
|  |  | Equity |  | - |  | - |  | (16,359) |  | 59 |  | (16,300)
| Proceeds from calls, paydowns, maturities and redemptions of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | 14,650,440 |  | - |  | 14,650,440
|  |  | Held-to-maturity |  | - |  | - |  | 5,913 |  | - |  | 5,913
| Proceeds from sale of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available for sale |  | - |  | - |  | 99,445 |  | - |  | 99,445
|  |  | Equity |  | - |  | - |  | 20,030 |  | - |  | 20,030
| Net repayments (disbursements) on loans |  | 677 |  | - |  | (641,706) |  | - |  | (641,029)
| Proceeds from sale of loans |  | - |  | - |  | 110,534 |  | - |  | 110,534
| Acquisition of loan portfolios |  | - |  | - |  | (619,737) |  | - |  | (619,737)
| Payments to acquire other intangible |  | - |  | - |  | (10,382) |  | - |  | (10,382)
| Return of capital from equity method investments |  | - |  | 4,228 |  | 2,714 |  | - |  | 6,942
| Capital contribution to subsidiary |  | (9,000) |  | - |  | - |  | 9,000 |  | -
| Return of capital from wholly-owned subsidiaries |  | 13,000 |  | - |  | - |  | (13,000) |  | -
| Acquisition of premises and equipment |  | (1,289) |  | - |  | (74,376) |  | - |  | (75,665)
| Proceeds from insurance claims |  | - |  | - |  | 1,205 |  | - |  | 1,205
| Proceeds from sale of: |  |  |  |  |  |  |  |  |  |
|  |  | Premises and equipment and other productive assets |  | 3 |  | - |  | 18,605 |  | - |  | 18,608
|  |  | Foreclosed assets |  | - |  | - |  | 107,881 |  | - |  | 107,881
Net cash (used in) provided by investing activities |  | (41,609) |  | 3,487 |  | (4,173,530) |  | 41,800 |  | (4,169,852)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in: |  |  |  |  |  |  |  |  |  |
|  |  | Deposits |  | - |  | - |  | 4,077,682 |  | (33,727) |  | 4,043,955
|  |  | Assets sold under agreements to repurchase |  | - |  | - |  | (88,151) |  | - |  | (88,151)
|  |  | Other short-term borrowings |  | - |  | - |  | (41) |  | - |  | (41)
| Payments of notes payable |  | - |  | - |  | (210,377) |  | - |  | (210,377)
| Principal payments of finance leases |  | - |  | - |  | (1,726) |  | - |  | (1,726)
| Proceeds from issuance of notes payable |  | - |  | - |  | 75,000 |  | - |  | 75,000
| Proceeds from issuance of common stock |  | 13,451 |  | - |  | (4,732) |  | - |  | 8,719
| Dividends paid to parent company |  | - |  | - |  | (408,000) |  | 408,000 |  | -
| Dividends paid |  | (115,810) |  | - |  | - |  | - |  | (115,810)
| Net payments for repurchase of common stock |  | (250,571) |  | - |  | 12 |  | (22) |  | (250,581)
| Return of capital to parent company |  | - |  | - |  | (13,000) |  | 13,000 |  | -
| Capital contribution from parent |  | - |  | - |  | 9,000 |  | (9,000) |  | -
| Payments related to tax withholding for share-based compensation |  | (5,420) |  | - |  | (11) |  | - |  | (5,431)
Net cash (used in) provided by financing activities |  | (358,350) |  | - |  | 3,435,656 |  | 378,251 |  | 3,455,557
Net decrease in cash and due from banks, and restricted cash |  | (11,724) |  | - |  | (9,218) |  | 12,014 |  | (8,928)
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 | $ | 56,554 | $ | - | $ | 393,777 | $ | (56,008) | $ | 394,323
Condensed Consolidating Statement of Cash Flows
|  |  |  |  |  | Year ended December 31, 2018
|  |  |  |  |  |  |  |  |  | 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 | $ | 618,158 | $ | 57,204 | $ | 673,763 | $ | (730,967) | $ | 618,158
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries, net of dividends or distributions |  | (208,763) |  | (69,027) |  | - |  | 277,790 |  | -
| Provision (reversal) for loan losses |  | (251) |  | - |  | 228,323 |  | - |  | 228,072
| Amortization of intangibles |  | 41 |  | - |  | 9,285 |  | - |  | 9,326
| Depreciation and amortization of premises and equipment |  | 743 |  | - |  | 52,557 |  | - |  | 53,300
| Net accretion of discounts and amortization of premiums and deferred fees |  | 2,022 |  | 27 |  | (89,203) |  | - |  | (87,154)
| Share-based compensation |  | 7,441 |  | - |  | 3,080 |  | - |  | 10,521
| Impairment losses on long-lived assets |  | - |  | - |  | 272 |  | - |  | 272
| Fair value adjustments on mortgage servicing rights |  | - |  | - |  | 8,477 |  | - |  | 8,477
| FDIC loss-share income |  | - |  | - |  | (94,725) |  | - |  | (94,725)
| Adjustments to indemnity reserves on loans sold |  | - |  | - |  | 12,959 |  | - |  | 12,959
| Earnings from investments under the equity method, net of dividends or distributions |  | (14,333) |  | (737) |  | (9,147) |  | - |  | (24,217)
| Deferred income tax expense (benefit) |  | - |  | 1,531 |  | (13,888) |  | 37 |  | (12,320)
| Loss (gain) on: |  |  |  |  |  |  |  |  |  |
|  |  | Disposition of premises and equipment and other productive assets |  | 22 |  | - |  | 15,962 |  | - |  | 15,984
|  |  | Proceeds from insurance claims |  | - |  | - |  | (20,147) |  | - |  | (20,147)
|  |  | Early extinguishment of debt |  | 12,522 |  | - |  | - |  | - |  | 12,522
|  |  | Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities |  | - |  | - |  | (9,681) |  | - |  | (9,681)
|  |  | Sale of foreclosed assets, including write-downs |  | - |  | - |  | 6,833 |  | - |  | 6,833
| Acquisitions of loans held-for-sale |  | - |  | - |  | (232,264) |  | - |  | (232,264)
| Proceeds from sale of loans held-for-sale |  | - |  | - |  | 66,687 |  | - |  | 66,687
| Net originations on loans held-for-sale |  | - |  | - |  | (254,582) |  | - |  | (254,582)
| Net decrease (increase) in: |  |  |  |  |  |  |  |  |  |
|  |  | Trading debt securities |  | - |  | - |  | 458,548 |  | (101) |  | 458,447
|  |  | Equity securities |  | (1,583) |  | - |  | (39) |  | - |  | (1,622)
|  |  | Accrued income receivable |  | 85 |  | (4) |  | 49,273 |  | (66) |  | 49,288
|  |  | Other assets |  | (506) |  | (83) |  | 264,482 |  | 948 |  | 264,841
| Net (decrease) increase in: |  |  |  |  |  |  |  |  |  |
|  |  | Interest payable |  | (10,288) |  | (1,891) |  | 2,327 |  | 66 |  | (9,786)
|  |  | Pension and other postretirement benefits obligations |  | - |  | - |  | 4,558 |  | - |  | 4,558
|  |  | Other liabilities |  | 8,059 |  | (99) |  | (233,160) |  | (1,044) |  | (226,244)
Total adjustments |  | (204,789) |  | (70,283) |  | 226,787 |  | 277,630 |  | 229,345
Net cash provided by (used in) operating activities |  | 413,369 |  | (13,079) |  | 900,550 |  | (453,337) |  | 847,503
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
| Net decrease (increase) in money market investments |  | 70,000 |  | (12,481) |  | 1,083,515 |  | (57,519) |  | 1,083,515
| Purchases of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | (10,050,165) |  | - |  | (10,050,165)
|  |  | Equity |  | - |  | - |  | (13,208) |  | 140 |  | (13,068)
| Proceeds from calls, paydowns, maturities and redemptions of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | 6,946,209 |  | - |  | 6,946,209
|  |  | Held-to-maturity |  | - |  | 1,637 |  | 5,643 |  | - |  | 7,280
| Proceeds from sale of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Equity |  | - |  | - |  | 24,209 |  | - |  | 24,209
| Net repayments (disbursements) on loans |  | 536 |  | - |  | (7,201) |  | - |  | (6,665)
| Proceeds from sale of loans |  | - |  | - |  | 29,669 |  | - |  | 29,669
| Acquisition of loan portfolios |  | - |  | - |  | (601,550) |  | - |  | (601,550)
| Net payments (to) from FDIC under loss-sharing agreements |  | - |  | - |  | (25,012) |  | - |  | (25,012)
| Payments to acquire businesses, net of cash acquired |  | - |  | - |  | (1,843,333) |  | - |  | (1,843,333)
| Return of capital from equity method investments |  | - |  | 5,963 |  | (1,873) |  | - |  | 4,090
| Capital contribution to subsidiary |  | (87,000) |  | - |  | - |  | 87,000 |  | -
| Return of capital from wholly-owned subsidiaries |  | 13,000 |  | - |  | - |  | (13,000) |  | -
| Acquisition of premises and equipment |  | (1,099) |  | - |  | (79,450) |  | - |  | (80,549)
| Proceeds from insurance claims |  | - |  | - |  | 20,147 |  | - |  | 20,147
| Proceeds from sale of: |  |  |  |  |  |  |  |  |  |
|  |  | Premises and equipment and other productive assets |  | 293 |  | - |  | 8,892 |  | - |  | 9,185
|  |  | Foreclosed assets |  | - |  | - |  | 105,371 |  | - |  | 105,371
Net cash used in investing activities |  | (4,270) |  | (4,881) |  | (4,398,137) |  | 16,621 |  | (4,390,667)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in: |  |  |  |  |  |  |  |  |  |
|  |  | Deposits |  | - |  | - |  | 4,221,975 |  | 37,676 |  | 4,259,651
|  |  | Assets sold under agreements to repurchase |  | - |  | - |  | (109,391) |  | - |  | (109,391)
|  |  | Other short-term borrowings |  | - |  | - |  | (96,167) |  | - |  | (96,167)
| Payments of notes payable |  | (448,518) |  | (54,502) |  | (252,946) |  | - |  | (755,966)
| Payments of debt extinguishment |  | (12,522) |  | - |  | - |  | - |  | (12,522)
| Proceeds from issuance of notes payable |  | 293,819 |  | - |  | 180,000 |  | - |  | 473,819
| Proceeds from issuance of common stock |  | 11,653 |  | - |  | (4,385) |  | - |  | 7,268
| Dividends paid to parent company |  | - |  | - |  | (453,200) |  | 453,200 |  | -
| Dividends paid |  | (105,441) |  | - |  | - |  | - |  | (105,441)
| Net payments for repurchase of common stock |  | (125,731) |  | - |  | 471 |  | (4) |  | (125,264)
| Return of capital to parent company |  | - |  | - |  | (13,000) |  | 13,000 |  | -
| Capital contribution from parent |  | - |  | 72,000 |  | 15,000 |  | (87,000) |  | -
| Payments related to tax withholding for share-based compensation |  | (2,201) |  | - |  | - |  | - |  | (2,201)
Net cash (used in) provided by financing activities |  | (388,941) |  | 17,498 |  | 3,488,357 |  | 416,872 |  | 3,533,786
Net increase (decrease) in cash and due from banks, and restricted cash |  | 20,158 |  | (462) |  | (9,230) |  | (19,844) |  | (9,378)
Cash and due from banks, and restricted cash at beginning of period |  | 48,120 |  | 462 |  | 412,225 |  | (48,178) |  | 412,629
Cash and due from banks, and restricted cash at end of period | $ | 68,278 | $ | - | $ | 402,995 | $ | (68,022) | $ | 403,251
Condensed Consolidating Statement of Cash Flows
|  |  |  |  |  | Year ended December 31, 2017
|  |  |  |  |  |  |  |  |  | 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) | $ | 107,681 | $ | (154,658) | $ | 139,570 | $ | 15,088 | $ | 107,681
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries, net of dividends or distributions |  | 69,070 |  | 153,944 |  | - |  | (223,014) |  | -
| Provision for loan losses |  | 403 |  | - |  | 325,021 |  | - |  | 325,424
| Amortization of intangibles |  | - |  | - |  | 9,378 |  | - |  | 9,378
| Depreciation and amortization of premises and equipment |  | 649 |  | - |  | 47,715 |  | - |  | 48,364
| Net accretion of discounts and amortization of premiums and deferred fees |  | 2,086 |  | 27 |  | (24,423) |  | - |  | (22,310)
| Impairment losses on long-lived assets |  | - |  | - |  | 4,784 |  | - |  | 4,784
| Other-than-temporary impairment on debt securities |  | - |  | - |  | 8,299 |  | - |  | 8,299
| Fair value adjustments on mortgage servicing rights |  | - |  | - |  | 36,519 |  | - |  | 36,519
| FDIC loss-share expense |  | - |  | - |  | 10,066 |  | - |  | 10,066
| Adjustments to indemnity reserves on loans sold |  | - |  | - |  | 22,377 |  | - |  | 22,377
| Earnings from investments under the equity method, net of dividends or distributions |  | (7,765) |  | (921) |  | (9,561) |  | - |  | (18,247)
| Deferred income tax (benefit) expense |  | - |  | (8,382) |  | 215,864 |  | (54) |  | 207,428
| (Gain) loss on: |  |  |  |  |  |  |  |  |  |
|  |  | Disposition of premises and equipment and other productive assets |  | (8) |  | - |  | 4,289 |  | - |  | 4,281
|  |  | Sale and valuation adjustments of debt securities |  | - |  | - |  | (83) |  | - |  | (83)
|  |  | Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities |  | - |  | - |  | (16,670) |  | - |  | (16,670)
|  |  | Sale of foreclosed assets, including write-downs |  | 42 |  | - |  | 21,673 |  | - |  | 21,715
| Acquisitions of loans held-for-sale |  | - |  | - |  | (244,385) |  | - |  | (244,385)
| Proceeds from sale of loans held-for-sale |  | - |  | - |  | 69,464 |  | - |  | 69,464
| Net originations on loans held-for-sale |  | - |  | - |  | (315,522) |  | - |  | (315,522)
| Net decrease (increase) in: |  |  |  |  |  |  |  |  |  |
|  |  | Trading debt securities |  | - |  | - |  | 503,108 |  | - |  | 503,108
|  |  | Equity securities |  | (1,346) |  | - |  | 108 |  | (31) |  | (1,269)
|  |  | Accrued income receivable |  | (748) |  | 26 |  | (75,201) |  | 121 |  | (75,802)
|  |  | Other assets |  | 8,761 |  | - |  | (76,727) |  | 2,122 |  | (65,844)
| Net increase (decrease) in: |  |  |  |  |  |  |  |  |  |
|  |  | Interest payable |  | - |  | - |  | 2,670 |  | (121) |  | 2,549
|  |  | Pension and other postretirement benefits obligations |  | - |  | - |  | (13,100) |  | - |  | (13,100)
|  |  | Other liabilities |  | 3,230 |  | (758) |  | 25,466 |  | 341 |  | 28,279
Total adjustments |  | 74,374 |  | 143,936 |  | 531,129 |  | (220,636) |  | 528,803
Net cash provided by (used in) operating activities |  | 182,055 |  | (10,722) |  | 670,699 |  | (205,548) |  | 636,484
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
| Net decrease (increase) in money market investments |  | 6,000 |  | 10,455 |  | (2,365,132) |  | (18,255) |  | (2,366,932)
| Purchases of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | (4,139,650) |  | - |  | (4,139,650)
|  |  | Equity |  | - |  | - |  | (29,672) |  | - |  | (29,672)
| Proceeds from calls, paydowns, maturities and redemptions of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | 2,023,295 |  | - |  | 2,023,295
|  |  | Held-to-maturity |  | - |  | - |  | 6,232 |  | - |  | 6,232
| Proceeds from sale of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | 14,423 |  | - |  | 14,423
|  |  | Equity |  | - |  | - |  | 30,250 |  | - |  | 30,250
| Net repayments (disbursements) on loans |  | 181 |  | - |  | (398,857) |  | - |  | (398,676)
| Proceeds from sale of loans |  | - |  | - |  | 38,279 |  | (37,864) |  | 415
| Acquisition of loan portfolios |  | (31,909) |  | - |  | (541,489) |  | 37,864 |  | (535,534)
| Acquisition of trademark |  | (5,560) |  | - |  | 5,560 |  | - |  | -
| Net payments (to) from FDIC under loss-sharing agreements |  | - |  | - |  | (7,679) |  | - |  | (7,679)
| Return of capital from equity method investments |  | - |  | 138 |  | 8,056 |  | - |  | 8,194
| Capital contribution to subsidiary |  | (5,955) |  | - |  | 5,955 |  | - |  | -
| Return of capital from wholly-owned subsidiaries |  | 22,400 |  | 10,400 |  | - |  | (32,800) |  | -
| Acquisition of premises and equipment |  | (965) |  | - |  | (61,732) |  | - |  | (62,697)
| Proceeds from sale of: |  |  |  |  |  |  |  |  |  |
|  |  | Premises and equipment and other productive assets |  | 23 |  | - |  | 9,730 |  | - |  | 9,753
|  |  | Foreclosed assets |  | 38 |  | - |  | 96,502 |  | - |  | 96,540
Net cash (used in) provided by investing activities |  | (15,747) |  | 20,993 |  | (5,305,929) |  | (51,055) |  | (5,351,738)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in: |  |  |  |  |  |  |  |  |  |
|  |  | Deposits |  | - |  | - |  | 4,935,948 |  | 18,157 |  | 4,954,105
|  |  | Assets sold under agreements to repurchase |  | - |  | - |  | (88,505) |  | - |  | (88,505)
|  |  | Other short-term borrowings |  | - |  | - |  | 95,008 |  | - |  | 95,008
| Payments of notes payable |  | - |  | - |  | (95,607) |  | - |  | (95,607)
| Proceeds from issuance of notes payable |  | - |  | - |  | 55,000 |  | - |  | 55,000
| Proceeds from issuance of common stock |  | 7,016 |  | - |  | - |  | - |  | 7,016
| Dividends paid to parent company |  | - |  | - |  | (211,500) |  | 211,500 |  | -
| Dividends paid |  | (95,910) |  | - |  | - |  | - |  | (95,910)
| Net payments for repurchase of common stock |  | (75,668) |  | - |  | - |  | 4 |  | (75,664)
| Return of capital to parent company |  | - |  | (10,400) |  | (22,400) |  | 32,800 |  | -
| Capital contribution from parent |  | - |  | - |  | 5,955 |  | (5,955) |  | -
| Payments related to tax withholding for share-based compensation |  | (1,756) |  | - |  | - |  | - |  | (1,756)
Net cash (used in) provided by financing activities |  | (166,318) |  | (10,400) |  | 4,673,899 |  | 256,506 |  | 4,753,687
Net (decrease) increase in cash and due from banks, and restricted cash |  | (10) |  | (129) |  | 38,669 |  | (97) |  | 38,433
Cash and due from banks, and restricted cash at beginning of period |  | 48,130 |  | 591 |  | 373,556 |  | (48,081) |  | 374,196
Cash and due from banks, and restricted cash at end of period | $ | 48,120 | $ | 462 | $ | 412,225 | $ | (48,178) | $ | 412,629

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