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Popular, Inc. (Holding only) (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Balance Sheet | 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 Income Statement | 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 Cash Flow Statement | 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
Popular, Inc. Holding Co. |
Condensed Balance Sheet |
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 Income Statement |
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 Cash Flow Statement |
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
Borrowings by contractual maturities |
Year |  | (In thousands)
2020 | $ | -
2021 |  | -
2022 |  | -
2023 |  | -
2024 |  | 295,307
Later years |  | 290,812
Total | $ | 586,119

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