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Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Table Text Block |
Condensed Balance Sheet | Condensed Consolidating Statement of Financial Condition
| At March 31, 2020
|  |  |  |  |  | All other |  |  |  |
|  | Popular Inc. | PNA |  | subsidiaries and |  | Elimination |  | Popular, Inc.
(In thousands) |  | Holding Co. | Holding Co. |  | eliminations |  | entries |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 76,617 | $ | - |  | $ | 445,553 |  | $ | (76,619) |  | $ | 445,551
Money market investments |  |  | 211,343 |  | 13,099 |  |  | 5,941,374 |  |  | (224,100) |  |  | 5,941,716
Trading account debt securities, at fair value |  |  | - |  | - |  |  | 42,545 |  |  | - |  |  | 42,545
Debt securities available-for-sale, at fair value |  |  | - |  | - |  |  | 15,813,301 |  |  | - |  |  | 15,813,301
Debt securities held -to maturity, at amortized cost |  |  | 8,726 |  | 2,835 |  |  | 83,702 |  |  | - |  |  | 95,263
| Less - Allowance for credit losses |  |  | - |  | - |  |  | 13,390 |  |  | - |  |  | 13,390
| Debt securities held-to-maturity, net |  |  | 8,726 |  | 2,835 |  |  | 70,312 |  |  | - |  |  | 81,873
Equity securities |  |  | 11,284 |  | 20 |  |  | 151,873 |  |  | (119) |  |  | 163,058
Investment in subsidiaries |  |  | 5,880,938 |  | 1,746,263 |  |  | - |  |  | (7,627,201) |  |  | -
Loans held-for-sale, at lower of cost or fair value |  |  | - |  | - |  |  | 87,855 |  |  | - |  |  | 87,855
Loans held-in-portfolio |  |  | 31,888 |  | - |  |  | 27,809,997 |  |  | 5,955 |  |  | 27,847,840
| Less - Unearned income |  |  | - |  | - |  |  | 185,568 |  |  | - |  |  | 185,568
| Allowance for credit losses |  |  | 374 |  | - |  |  | 919,342 |  |  | - |  |  | 919,716
| Total loans held-in-portfolio, net |  |  | 31,514 |  | - |  |  | 26,705,087 |  |  | 5,955 |  |  | 26,742,556
Premises and equipment, net |  |  | 4,371 |  | - |  |  | 547,636 |  |  | - |  |  | 552,007
Other real estate |  |  | 146 |  | - |  |  | 123,776 |  |  | - |  |  | 123,922
Accrued income receivable |  |  | 272 |  | 12 |  |  | 175,873 |  |  | (79) |  |  | 176,078
Mortgage servicing assets, at fair value |  |  | - |  | - |  |  | 147,311 |  |  | - |  |  | 147,311
Other assets |  |  | 95,083 |  | 21,614 |  |  | 1,691,922 |  |  | (20,182) |  |  | 1,788,437
Goodwill |  |  | - |  | - |  |  | 671,123 |  |  | (1) |  |  | 671,122
Other intangible assets |  |  | 6,439 |  | - |  |  | 19,868 |  |  | - |  |  | 26,307
Total assets |  | $ | 6,326,733 | $ | 1,783,843 |  | $ | 52,635,409 |  | $ | (7,942,346) |  | $ | 52,803,639
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-interest bearing |  | $ | - | $ | - |  | $ | 9,473,068 |  | $ | (76,619) |  | $ | 9,396,449
| Interest bearing |  |  | - |  | - |  |  | 35,624,827 |  |  | (224,100) |  |  | 35,400,727
|  | Total deposits |  |  | - |  | - |  |  | 45,097,895 |  |  | (300,719) |  |  | 44,797,176
Assets sold under agreements to repurchase |  |  | - |  | - |  |  | 178,766 |  |  | - |  |  | 178,766
Other short-term borrowings |  |  | - |  | - |  |  | 100,000 |  |  | - |  |  | 100,000
Notes payable |  |  | 586,435 |  | 94,097 |  |  | 377,599 |  |  | - |  |  | 1,058,131
Other liabilities |  |  | 70,844 |  | 1,651 |  |  | 948,224 |  |  | (20,758) |  |  | 999,961
Total liabilities |  |  | 657,279 |  | 95,748 |  |  | 46,702,484 |  |  | (321,477) |  |  | 47,134,034
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 22,143 |  | - |  |  | - |  |  | - |  |  | 22,143
Common stock |  |  | 1,044 |  | 2 |  |  | 56,307 |  |  | (56,309) |  |  | 1,044
Surplus |  |  | 4,357,512 |  | 4,173,039 |  |  | 5,847,100 |  |  | (10,011,351) |  |  | 4,366,300
Retained earnings (accumulated deficit) |  |  | 1,948,697 |  | (2,516,370) |  |  | (189,242) |  |  | 2,697,085 |  |  | 1,940,170
Treasury stock, at cost |  |  | (870,565) |  | - |  |  | - |  |  | (110) |  |  | (870,675)
Accumulated other comprehensive income, net of tax |  |  | 210,623 |  | 31,424 |  |  | 218,760 |  |  | (250,184) |  |  | 210,623
Total stockholders' equity |  |  | 5,669,454 |  | 1,688,095 |  |  | 5,932,925 |  |  | (7,620,869) |  |  | 5,669,605
Total liabilities and stockholders' equity |  | $ | 6,326,733 | $ | 1,783,843 |  | $ | 52,635,409 |  | $ | (7,942,346) |  | $ | 52,803,639
Condensed Consolidating Statement of Financial Condition (Unaudited) |  |  |  |  |  |  |  |
|  |  | At December 31, 2019
|  |  |  |  |  |  | All other |  |  |  |
|  |  |  | Popular, Inc. | PNA |  | subsidiaries and |  | Elimination |  | Popular, Inc.
(In thousands) |  | Holding Co. | Holding Co. |  | eliminations |  | entries |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 55,956 | $ | - |  | $ | 388,363 |  | $ | (56,008) |  | $ | 388,311
Money market investments |  |  | 221,598 |  | 16,029 |  |  | 3,261,688 |  |  | (237,029) |  |  | 3,262,286
Trading account debt securities, at fair value |  |  | - |  | - |  |  | 40,321 |  |  | - |  |  | 40,321
Debt securities available-for-sale, at fair value |  |  | - |  | - |  |  | 17,648,473 |  |  | - |  |  | 17,648,473
Debt securities held-to-maturity, at amortized cost |  |  | 8,726 |  | 2,835 |  |  | 86,101 |  |  | - |  |  | 97,662
Equity securities |  |  | 10,744 |  | 20 |  |  | 149,322 |  |  | (199) |  |  | 159,887
Investment in subsidiaries |  |  | 6,243,065 |  | 1,806,583 |  |  | - |  |  | (8,049,648) |  |  | -
Loans held-for-sale, at lower of cost or fair value |  |  | - |  | - |  |  | 59,203 |  |  | - |  |  | 59,203
Loans held-in-portfolio |  |  | 32,027 |  | - |  |  | 27,549,874 |  |  | 5,955 |  |  | 27,587,856
| Less - Unearned income |  |  | - |  | - |  |  | 180,983 |  |  | - |  |  | 180,983
| Allowance for loan losses |  |  | 410 |  | - |  |  | 477,298 |  |  | - |  |  | 477,708
| Total loans held-in-portfolio, net |  |  | 31,617 |  | - |  |  | 26,891,593 |  |  | 5,955 |  |  | 26,929,165
Premises and equipment, net |  |  | 3,893 |  | - |  |  | 552,757 |  |  | - |  |  | 556,650
Other real estate |  |  | 146 |  | - |  |  | 121,926 |  |  | - |  |  | 122,072
Accrued income receivable |  |  | 382 |  | 108 |  |  | 180,630 |  |  | (249) |  |  | 180,871
Mortgage servicing 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 Income Statement |
Condensed Consolidating Statement of Operations (Unaudited) |  |  |  |  |  |  |  |  |
|  |  |  | Quarter ended March 31, 2020
|  |  |  |  |  |  |  | All other |  |  |  |  |  |
|  |  | Popular, Inc. | PNA | subsidiaries and | Elimination | Popular, Inc.
(In thousands) |  | Holding Co. | Holding Co. | eliminations | entries | Consolidated
Interest and dividend income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Dividend income from subsidiaries |  | $ | 580,000 |  | $ | - |  | $ | - |  | $ | (580,000) |  | $ | -
| Loans |  |  | 562 |  |  | - |  |  | 449,884 |  |  | - |  |  | 450,446
| Money market investments |  |  | 1,151 |  |  | 45 |  |  | 12,001 |  |  | (1,197) |  |  | 12,000
| Investment securities |  |  | 158 |  |  | 47 |  |  | 87,707 |  |  | - |  |  | 87,912
| Total interest and dividend income |  |  | 581,871 |  |  | 92 |  |  | 549,592 |  |  | (581,197) |  |  | 550,358
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits |  |  | - |  |  | - |  |  | 63,298 |  |  | (1,197) |  |  | 62,101
| Short-term borrowings |  |  | - |  |  | - |  |  | 1,048 |  |  | - |  |  | 1,048
| Long-term debt |  |  | 9,632 |  |  | 1,557 |  |  | 2,925 |  |  | - |  |  | 14,114
| Total interest expense |  |  | 9,632 |  |  | 1,557 |  |  | 67,271 |  |  | (1,197) |  |  | 77,263
Net interest income (expense) |  |  | 572,239 |  |  | (1,465) |  |  | 482,321 |  |  | (580,000) |  |  | 473,095
Provision for credit losses - loan portfolios |  |  | 158 |  |  | - |  |  | 188,837 |  |  | - |  |  | 188,995
Provision for credit losses - investment securities |  |  | - |  |  | - |  |  | 736 |  |  | - |  |  | 736
Net interest income (expense) after provision for credit losses |  |  | 572,081 |  |  | (1,465) |  |  | 292,748 |  |  | (580,000) |  |  | 283,364
Service charges on deposit accounts |  |  | - |  |  | - |  |  | 41,659 |  |  | - |  |  | 41,659
Other service fees |  |  | - |  |  | - |  |  | 64,899 |  |  | (126) |  |  | 64,773
Mortgage banking activities |  |  | - |  |  | - |  |  | 6,420 |  |  | - |  |  | 6,420
Net loss, including impairment on equity securities |  |  | (1,543) |  |  | - |  |  | (1,266) |  |  | 81 |  |  | (2,728)
Net profit on trading account debt securities |  |  | - |  |  | - |  |  | 491 |  |  | - |  |  | 491
Net gain on sale of loans, including valuation adjustments on loans held-for-sale |  |  | - |  |  | - |  |  | 957 |  |  | - |  |  | 957
Indemnity reserves on loans sold expense |  |  | - |  |  | - |  |  | (4,793) |  |  | - |  |  | (4,793)
Other operating income (expense) |  |  | 4,169 |  |  | - |  |  | 15,701 |  |  | (6) |  |  | 19,864
| Total non-interest income |  |  | 2,626 |  |  | - |  |  | 124,068 |  |  | (51) |  |  | 126,643
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 18,273 |  |  | - |  |  | 128,558 |  |  | - |  |  | 146,831
Net occupancy expenses |  |  | 1,053 |  |  | - |  |  | 24,105 |  |  | - |  |  | 25,158
Equipment expenses |  |  | 873 |  |  | 1 |  |  | 20,731 |  |  | - |  |  | 21,605
Other taxes |  |  | 62 |  |  | 1 |  |  | 13,618 |  |  | - |  |  | 13,681
Professional fees |  |  | 6,466 |  |  | 30 |  |  | 94,701 |  |  | (126) |  |  | 101,071
Communications |  |  | 127 |  |  | - |  |  | 5,827 |  |  | - |  |  | 5,954
Business promotion |  |  | 816 |  |  | - |  |  | 13,381 |  |  | - |  |  | 14,197
FDIC deposit insurance |  |  | - |  |  | - |  |  | 5,080 |  |  | - |  |  | 5,080
Other real estate owned (OREO) expenses |  |  | - |  |  | - |  |  | 2,479 |  |  | - |  |  | 2,479
Other operating expenses |  |  | (26,583) |  |  | 13 |  |  | 61,346 |  |  | (697) |  |  | 34,079
Amortization of intangibles |  |  | 24 |  |  | - |  |  | 2,449 |  |  | - |  |  | 2,473
| Total operating expenses |  |  | 1,111 |  |  | 45 |  |  | 372,275 |  |  | (823) |  |  | 372,608
Income (loss) before income tax and equity in (losses) earnings of subsidiaries |  |  | 573,596 |  |  | (1,510) |  |  | 44,541 |  |  | (579,228) |  |  | 37,399
Income tax (benefit) expense |  |  | - |  |  | (317) |  |  | 3,145 |  |  | 269 |  |  | 3,097
Income (loss) before equity in losses of subsidiaries |  |  | 573,596 |  |  | (1,193) |  |  | 41,396 |  |  | (579,497) |  |  | 34,302
Equity in undistributed losses of subsidiaries |  |  | (539,294) |  |  | (43,452) |  |  | - |  |  | 582,746 |  |  | -
Net income (loss) |  | $ | 34,302 |  | $ | (44,645) |  | $ | 41,396 |  | $ | 3,249 |  | $ | 34,302
Comprehensive income (loss), net of tax |  | $ | 414,863 |  | $ | (15,088) |  | $ | 424,973 |  | $ | (409,885) |  | $ | 414,863
Condensed Consolidating Statement of Operations (Unaudited)
|  |  |  | Quarter ended March 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 |  | $ | 202,300 |  | $ | - |  | $ | - |  | $ | (202,300) |  | $ | -
| Loans |  |  | 588 |  |  | - |  |  | 447,125 |  |  | - |  |  | 447,713
| Money market investments |  |  | 1,122 |  |  | 51 |  |  | 29,220 |  |  | (1,173) |  |  | 29,220
| Investment securities |  |  | 154 |  |  | 46 |  |  | 80,836 |  |  | - |  |  | 81,036
| Total interest and dividend income |  |  | 204,164 |  |  | 97 |  |  | 557,181 |  |  | (203,473) |  |  | 557,969
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deposits |  |  | - |  |  | - |  |  | 71,999 |  |  | (1,173) |  |  | 70,826
| Short-term borrowings |  |  | - |  |  | - |  |  | 1,600 |  |  | - |  |  | 1,600
| Long-term debt |  |  | 9,632 |  |  | 1,557 |  |  | 3,391 |  |  | - |  |  | 14,580
| Total interest expense |  |  | 9,632 |  |  | 1,557 |  |  | 76,990 |  |  | (1,173) |  |  | 87,006
Net interest income (expense) |  |  | 194,532 |  |  | (1,460) |  |  | 480,191 |  |  | (202,300) |  |  | 470,963
Provision for credit losses - loan portfolios |  |  | 106 |  |  | - |  |  | 41,719 |  |  | - |  |  | 41,825
Net interest income (expense) after provision for credit losses |  |  | 194,426 |  |  | (1,460) |  |  | 438,472 |  |  | (202,300) |  |  | 429,138
Service charges on deposit accounts |  |  | - |  |  | - |  |  | 38,691 |  |  | - |  |  | 38,691
Other service fees |  |  | 1 |  |  | - |  |  | 64,406 |  |  | (100) |  |  | 64,307
Mortgage banking activities |  |  | - |  |  | - |  |  | 9,926 |  |  | - |  |  | 9,926
Net gain, including impairment on equity securities |  |  | 587 |  |  | - |  |  | 859 |  |  | (13) |  |  | 1,433
Net profit on trading account debt securities |  |  | - |  |  | - |  |  | 260 |  |  | - |  |  | 260
Adjustments (expense) to indemnity reserves on loans sold |  |  | - |  |  | - |  |  | (93) |  |  | - |  |  | (93)
Other operating income (expense) |  |  | 5,169 |  |  | (1,267) |  |  | 18,015 |  |  | (11) |  |  | 21,906
| Total non-interest income (expense) |  |  | 5,757 |  |  | (1,267) |  |  | 132,064 |  |  | (124) |  |  | 136,430
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel costs |  |  | 18,327 |  |  | - |  |  | 124,790 |  |  | - |  |  | 143,117
Net occupancy expenses |  |  | 1,047 |  |  | - |  |  | 22,535 |  |  | (45) |  |  | 23,537
Equipment expenses |  |  | 672 |  |  | 1 |  |  | 19,032 |  |  | - |  |  | 19,705
Other taxes |  |  | 62 |  |  | - |  |  | 11,600 |  |  | - |  |  | 11,662
Professional fees |  |  | 2,689 |  |  | 27 |  |  | 84,850 |  |  | (100) |  |  | 87,466
Communications |  |  | 114 |  |  | - |  |  | 5,735 |  |  | - |  |  | 5,849
Business promotion |  |  | 782 |  |  | - |  |  | 13,892 |  |  | - |  |  | 14,674
FDIC deposit insurance |  |  | - |  |  | - |  |  | 4,806 |  |  | - |  |  | 4,806
Other real estate owned (OREO) expenses |  |  | - |  |  | - |  |  | 2,677 |  |  | - |  |  | 2,677
Other operating expenses |  |  | (21,339) |  |  | 13 |  |  | 53,512 |  |  | (571) |  |  | 31,615
Amortization of intangibles |  |  | 24 |  |  | - |  |  | 2,288 |  |  | - |  |  | 2,312
| Total operating expenses |  |  | 2,378 |  |  | 41 |  |  | 345,717 |  |  | (716) |  |  | 347,420
Income (loss) before income tax and equity in (losses) earnings of subsidiaries |  |  | 197,805 |  |  | (2,768) |  |  | 224,819 |  |  | (201,708) |  |  | 218,148
Income tax (benefit) expense |  |  | - |  |  | (581) |  |  | 50,586 |  |  | 218 |  |  | 50,223
Income (loss) before equity in (losses) earnings of subsidiaries |  |  | 197,805 |  |  | (2,187) |  |  | 174,233 |  |  | (201,926) |  |  | 167,925
Equity in undistributed (losses) earnings of subsidiaries |  |  | (29,880) |  |  | 12,145 |  |  | - |  |  | 17,735 |  |  | -
Net income |  | $ | 167,925 |  | $ | 9,958 |  | $ | 174,233 |  | $ | (184,191) |  | $ | 167,925
Comprehensive income, net of tax |  | $ | 271,920 |  | $ | 28,018 |  | $ | 278,854 |  | $ | (306,872) |  | $ | 271,920
Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows
|  |  |  |  |  | Quarter ended March 31, 2020
|  |  |  |  |  |  |  |  |  | All other |  |  |  |
|  |  |  |  |  | Popular, Inc. |  | PNA |  | subsidiaries |  | Elimination |  | Popular, Inc.
(In thousands) |  | Holding Co. |  | Holding Co. |  | and eliminations |  | entries |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 34,302 | $ | (44,645) | $ | 41,396 | $ | 3,249 | $ | 34,302
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries, net of dividends or distributions |  | 539,294 |  | 43,452 |  | - |  | (582,746) |  | -
| Provision for credit losses |  | 158 |  | - |  | 189,573 |  | - |  | 189,731
| Amortization of intangibles |  | 24 |  | - |  | 2,449 |  | - |  | 2,473
| Depreciation and amortization of premises and equipment |  | 247 |  | - |  | 14,239 |  | - |  | 14,486
| Net accretion of discounts and amortization of premiums and deferred fees |  | 308 |  | 7 |  | (27,584) |  | - |  | (27,269)
| Share-based compensation |  | 4,200 |  | - |  | 1,131 |  | - |  | 5,331
| Fair value adjustments on mortgage servicing rights |  | - |  | - |  | 5,229 |  | - |  | 5,229
| Indemnity reserves on loans sold expense |  | - |  | - |  | 4,793 |  | - |  | 4,793
| Earnings from investments under the equity method, net of dividends or distributions |  | (3,586) |  | - |  | (6,130) |  | - |  | (9,716)
| Deferred income tax benefit |  | - |  | (317) |  | (23,104) |  | 269 |  | (23,152)
| (Gain) loss on: |  |  |  |  |  |  |  |  |  |
|  |  | Disposition of premises and equipment and other productive assets |  | - |  | - |  | (1,369) |  | - |  | (1,369)
|  |  | Proceeds from insurance claims |  | - |  | - |  | (366) |  | - |  | (366)
|  |  | Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities |  | - |  | - |  | (4,944) |  | - |  | (4,944)
|  |  | Sale of foreclosed assets, including write-downs |  | - |  | - |  | (4,850) |  | - |  | (4,850)
| Acquisitions of loans held-for-sale |  | - |  | - |  | (51,163) |  | - |  | (51,163)
| Proceeds from sale of loans held-for-sale |  | - |  | - |  | 12,135 |  | - |  | 12,135
| Net originations on loans held-for-sale |  | - |  | - |  | (58,166) |  | - |  | (58,166)
| Net decrease (increase) in: |  |  |  |  |  |  |  |  |  |
|  |  | Trading debt securities |  | - |  | - |  | 117,276 |  | - |  | 117,276
|  |  | Equity securities |  | (540) |  | - |  | 267 |  | - |  | (273)
|  |  | Accrued income receivable |  | 110 |  | 95 |  | 4,759 |  | (170) |  | 4,794
|  |  | Other assets |  | 2,437 |  | 27 |  | 51,653 |  | 1,527 |  | 55,644
| Net (decrease) increase in: |  |  |  |  |  |  |  |  |  |
|  |  | Interest payable |  | (4,594) |  | (1,550) |  | (3,514) |  | 170 |  | (9,488)
|  |  | Pension and other postretirement benefits obligations |  | - |  | - |  | 3,276 |  | - |  | 3,276
|  |  | Other liabilities |  | (5,974) |  | 1 |  | (57,543) |  | (2,219) |  | (65,735)
Total adjustments |  | 532,084 |  | 41,715 |  | 168,047 |  | (583,169) |  | 158,677
Net cash provided by (used in) operating activities |  | 566,386 |  | (2,930) |  | 209,443 |  | (579,920) |  | 192,979
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
| Net decrease (increase) in money market investments |  | 10,000 |  | 2,930 |  | (2,679,671) |  | (12,930) |  | (2,679,671)
| Purchases of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | (1,550,746) |  | - |  | (1,550,746)
|  |  | Equity |  | - |  | - |  | (15,140) |  | (79) |  | (15,219)
| Proceeds from calls, paydowns, maturities and redemptions of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | 3,838,754 |  | - |  | 3,838,754
|  |  | Held-to-maturity |  | - |  | - |  | 2,877 |  | - |  | 2,877
| Proceeds from sale of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Equity |  | - |  | - |  | 12,321 |  | - |  | 12,321
| Net repayments (disbursements) on loans |  | 147 |  | - |  | (192,986) |  | - |  | (192,839)
| Proceeds from sale of loans |  | - |  | - |  | 1,884 |  | - |  | 1,884
| Acquisition of loan portfolios |  | - |  | - |  | (96,153) |  | - |  | (96,153)
| Return of capital from equity method investments |  | - |  | - |  | 131 |  | - |  | 131
| Payments to acquire equity method investments |  | - |  | - |  | (440) |  | - |  | (440)
| Acquisition of premises and equipment |  | (901) |  | - |  | (14,232) |  | - |  | (15,133)
| Proceeds from insurance claims |  | - |  | - |  | 366 |  | - |  | 366
| Proceeds from sale of: |  |  |  |  |  |  |  |  |  |
|  |  | Premises and equipment and other productive assets |  | 12 |  | - |  | 6,647 |  | - |  | 6,659
|  |  | Foreclosed assets |  | - |  | - |  | 19,413 |  | - |  | 19,413
Net cash provided by (used in) investing activities |  | 9,258 |  | 2,930 |  | (666,975) |  | (13,009) |  | (667,796)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in: |  |  |  |  |  |  |  |  |  |
|  |  | Deposits |  | - |  | - |  | 1,055,023 |  | (7,682) |  | 1,047,341
|  |  | Assets sold under agreements to repurchase |  | - |  | - |  | (14,612) |  | - |  | (14,612)
|  |  | Other short-term borrowings |  | - |  | - |  | 100,000 |  | - |  | 100,000
| Payments of notes payable |  | - |  | - |  | (43,800) |  | - |  | (43,800)
| Principal payments of finance leases |  | - |  | - |  | (538) |  | - |  | (538)
| Proceeds from issuance of common stock |  | 3,969 |  | - |  | - |  | - |  | 3,969
| Payments for repurchase of reedemable preferred stock |  | (28,017) |  | - |  | - |  | - |  | (28,017)
| Dividends paid to parent company |  | - |  | - |  | (580,000) |  | 580,000 |  | -
| Dividends paid |  | (29,726) |  | - |  | - |  | - |  | (29,726)
| Net payments for repurchase of common stock |  | (500,183) |  | - |  | (39) |  | - |  | (500,222)
| Payments related to tax withholding for share-based compensation |  | (1,281) |  | - |  | (1,298) |  | - |  | (2,579)
Net cash (used in) provided by financing activities |  | (555,238) |  | - |  | 514,736 |  | 572,318 |  | 531,816
Net decrease in cash and due from banks, and restricted cash |  | 20,406 |  | - |  | 57,204 |  | (20,611) |  | 56,999
Cash and due from banks, and restricted cash at beginning of period |  | 56,554 |  | - |  | 393,777 |  | (56,008) |  | 394,323
Cash and due from banks, and restricted cash at end of period | $ | 76,960 | $ | - | $ | 450,981 | $ | (76,619) | $ | 451,322
Condensed Consolidating Statement of Cash Flows
|  |  |  |  |  | Quarter ended March 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 | $ | 167,925 | $ | 9,958 | $ | 174,233 | $ | (184,191) | $ | 167,925
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries, net of dividends or distributions |  | 29,880 |  | (12,145) |  | - |  | (17,735) |  | -
| Provision for loan losses |  | 106 |  | - |  | 41,719 |  | - |  | 41,825
| Amortization of intangibles |  | 24 |  | - |  | 2,288 |  | - |  | 2,312
| Depreciation and amortization of premises and equipment |  | 188 |  | - |  | 14,107 |  | - |  | 14,295
| Net accretion of discounts and amortization of premiums and deferred fees |  | 316 |  | 7 |  | (39,136) |  | - |  | (38,813)
| Share-based compensation |  | 5,369 |  | - |  | 1,561 |  | - |  | 6,930
| Fair value adjustments on mortgage servicing rights |  | - |  | - |  | 3,825 |  | - |  | 3,825
| Adjustments to indemnity reserves on loans sold |  | - |  | - |  | 93 |  | - |  | 93
| Earnings from investments under the equity method, net of dividends or distributions |  | (4,587) |  | 1,267 |  | (5,707) |  | - |  | (9,027)
| Deferred income tax (benefit) expense |  | - |  | (581) |  | 46,159 |  | 218 |  | 45,796
| Loss (gain) on: |  |  |  |  |  |  |  |  |  |
|  |  | Disposition of premises and equipment and other productive assets |  | 40 |  | - |  | (2,305) |  | - |  | (2,265)
|  |  | Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities |  | - |  | - |  | (4,058) |  | - |  | (4,058)
|  |  | Sale of foreclosed assets, including write-downs |  | - |  | - |  | (3,772) |  | - |  | (3,772)
| Acquisitions of loans held-for-sale |  | - |  | - |  | (44,748) |  | - |  | (44,748)
| Proceeds from sale of loans held-for-sale |  | - |  | - |  | 13,802 |  | - |  | 13,802
| Net originations on loans held-for-sale |  | - |  | - |  | (53,231) |  | - |  | (53,231)
| Net decrease (increase) in: |  |  |  |  |  |  |  |  |  |
|  |  | Trading debt securities |  | - |  | - |  | 105,838 |  | - |  | 105,838
|  |  | Equity securities |  | (2,374) |  | - |  | (1,988) |  | - |  | (4,362)
|  |  | Accrued income receivable |  | (99) |  | 97 |  | 3,326 |  | (100) |  | 3,224
|  |  | Other assets |  | (1,337) |  | 26 |  | 24,028 |  | 5,992 |  | 28,709
| Net (decrease) increase in: |  |  |  |  |  |  |  |  |  |
|  |  | Interest payable |  | (4,594) |  | (1,551) |  | (870) |  | 100 |  | (6,915)
|  |  | Pension and other postretirement benefits obligations |  | - |  | - |  | 5,297 |  | - |  | 5,297
|  |  | Other liabilities |  | (9,019) |  | (98) |  | (84,870) |  | (6,598) |  | (100,585)
Total adjustments |  | 13,913 |  | (12,978) |  | 21,358 |  | (18,123) |  | 4,170
Net cash provided by (used in) operating activities |  | 181,838 |  | (3,020) |  | 195,591 |  | (202,314) |  | 172,095
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
| Net decrease (increase) in money market investments |  | 45,000 |  | 3,020 |  | (643,117) |  | (48,020) |  | (643,117)
| Purchases of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | (3,123,508) |  | - |  | (3,123,508)
|  |  | Equity |  | - |  | - |  | (1,297) |  | 58 |  | (1,239)
| Proceeds from calls, paydowns, maturities and redemptions of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Available-for-sale |  | - |  | - |  | 3,006,779 |  | - |  | 3,006,779
|  |  | Held-to-maturity |  | - |  | - |  | 2,587 |  | - |  | 2,587
| Proceeds from sale of investment securities: |  |  |  |  |  |  |  |  |  |
|  |  | Equity |  | - |  | - |  | 2,679 |  | - |  | 2,679
| Net repayments (disbursements) on loans |  | 252 |  | - |  | (79,221) |  | - |  | (78,969)
| Proceeds from sale of loans |  | - |  | - |  | 7,806 |  | - |  | 7,806
| Acquisition of loan portfolios |  | - |  | - |  | (129,875) |  | - |  | (129,875)
| Return of capital from equity method investments |  | - |  | - |  | 1,371 |  | - |  | 1,371
| Acquisition of premises and equipment |  | (231) |  | - |  | (19,207) |  | - |  | (19,438)
| Proceeds from sale of: |  |  |  |  |  |  |  |  |  |
|  |  | Premises and equipment and other productive assets |  | 3 |  | - |  | 5,972 |  | - |  | 5,975
|  |  | Foreclosed assets |  | - |  | - |  | 26,119 |  | - |  | 26,119
Net cash provided by (used in) investing activities |  | 45,024 |  | 3,020 |  | (942,912) |  | (47,962) |  | (942,830)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in: |  |  |  |  |  |  |  |  |  |
|  |  | Deposits |  | - |  | - |  | 1,073,526 |  | 96,180 |  | 1,169,706
|  |  | Assets sold under agreements to repurchase |  | - |  | - |  | (80,659) |  | - |  | (80,659)
|  |  | Other short-term borrowings |  | - |  | - |  | 1 |  | - |  | 1
| Payments of notes payable |  | - |  | - |  | (59,526) |  | - |  | (59,526)
| Principal payments of finance leases |  | - |  | - |  | (439) |  | - |  | (439)
| Proceeds from issuance of common stock |  | 3,981 |  | - |  | (1,005) |  | - |  | 2,976
| Dividends paid to parent company |  | - |  | - |  | (202,300) |  | 202,300 |  | -
| Dividends paid |  | (25,713) |  | - |  | - |  | - |  | (25,713)
| Net payments for repurchase of common stock |  | (250,271) |  | - |  | 2 |  | (45) |  | (250,314)
| Payments related to tax withholding for share-based compensation |  | (2,805) |  | - |  | - |  | - |  | (2,805)
Net cash (used in) provided by financing activities |  | (274,808) |  | - |  | 729,600 |  | 298,435 |  | 753,227
Net decrease in cash and due from banks, and restricted cash |  | (47,946) |  | - |  | (17,721) |  | 48,159 |  | (17,508)
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 | $ | 20,332 | $ | - | $ | 385,274 | $ | (19,863) | $ | 385,743

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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