XML 130 R84.htm IDEA: XBRL DOCUMENT
v3.20.4

Popular, Inc. (Holding only) (Tables) - Popular, Inc. Holding Co. | 12 Months Ended
--- | ---
Dec. 31, 2020
Condensed Balance Sheet |
Condensed Statements of Condition |  |  |  |
|  |  | December 31,
(In thousands) |  | 2020 |  | 2019
ASSETS |  |  |  |
Cash and due from banks (includes $69,299 due from bank subsidiary (2019 - $56,008)) | $ | 69,299 | $ | 55,956
Money market investments |  | 111,596 |  | 221,598
Debt securities held-to-maturity, at amortized cost (includes $8,726 in common securities from statutory trusts (2019 - $8,726))[1] |  | 8,726 |  | 8,726
Equity securities, at lower of cost or realizable value |  | 16,049 |  | 10,744
Investment in BPPR and subsidiaries, at equity |  | 4,327,188 |  | 4,233,046
Investment in Popular North America and subsidiaries, at equity |  | 1,733,411 |  | 1,749,518
Investment in other non-bank subsidiaries, at equity |  | 271,129 |  | 260,501
Other loans |  | 31,473 |  | 32,027
| Less - Allowance for credit losses |  | 311 |  | 410
Premises and equipment |  | 5,322 |  | 3,893
Investment in equity method investees |  | 88,272 |  | 75,739
Other assets (includes $5,518 due from subsidiaries and affiliate (2019 - $4,353)) |  | 35,002 |  | 25,087
Total assets | $ | 6,697,156 | $ | 6,676,425
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
Notes payable | $ | 587,386 | $ | 586,119
Other liabilities (includes $3,779 due to subsidiaries and affiliate (2019 - $2,109)) |  | 81,148 |  | 73,596
Stockholders’ equity |  | 6,028,622 |  | 6,016,710
Total liabilities and stockholders’ equity | $ | 6,697,156 | $ | 6,676,425
[1] Refer to Note 17 to the consolidated financial statements for information on the statutory trusts.
Condensed Income Statement |
Condensed Statements of Operations |  |  |  |  |  |
|  |  | Years ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Income: |  |  |  |  |  |
| Dividends from subsidiaries | $ | 586,000 | $ | 408,000 | $ | 453,200
| Interest income (includes $2,290 due from subsidiaries and affiliates (2019 - $4,237; 2018 - $6,121)) |  | 4,949 |  | 6,669 |  | 8,366
| Earnings from investments in equity method investees |  | 17,841 |  | 17,279 |  | 15,498
| Other operating income |  | 1 |  | 1 |  | 253
| Net gain (loss), including impairment, on equity securities |  | 1,494 |  | 988 |  | (777)
Total income |  | 610,285 |  | 432,937 |  | 476,540
Expenses: |  |  |  |  |  |
| Interest expense |  | 38,528 |  | 38,528 |  | 51,218
| Provision (reversal) for credit losses |  | 95 |  | 256 |  | (251)
| Loss on early extinguishment of debt |  | - |  | - |  | 12,522
| Operating (income) expenses (includes expenses for services provided by subsidiaries and affiliate of $13,140 (2019 - $14,400 ; 2018 - $10,511)), net of reimbursement by subsidiaries for services provided by parent of $138,729 (2019 - $106,725 ; 2018 - $90,807) |  | (921) |  | 80 |  | 3,656
Total expenses |  | 37,702 |  | 38,864 |  | 67,145
Income before income taxes and equity in undistributed (losses) earnings of subsidiaries |  | 572,583 |  | 394,073 |  | 409,395
Income tax expense |  | 17 |  | - |  | -
Income before equity in undistributed (losses) earnings of subsidiaries |  | 572,566 |  | 394,073 |  | 409,395
Equity in undistributed (losses) earnings of subsidiaries |  | (65,944) |  | 277,062 |  | 208,763
Net income | $ | 506,622 | $ | 671,135 | $ | 618,158
Comprehensive income, net of tax | $ | 866,551 | $ | 929,171 | $ | 540,836
Condensed Cash Flow Statement |
Condensed Statements of Cash Flows |  |  |  |  |  |
|  |  |  | Years ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |  |
Net income | $ | 506,622 | $ | 671,135 | $ | 618,158
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
| Equity in losses (earnings) of subsidiaries, net of dividends or distributions |  | 65,944 |  | (277,062) |  | (208,763)
| Provision (reversal) for credit losses |  | 95 |  | 256 |  | (251)
| Amortization of intangibles |  | 98 |  | 96 |  | 41
| Net accretion of discounts and amortization of premiums and deferred fees |  | 1,233 |  | 1,240 |  | 2,022
| Share-based compensation |  | 5,770 |  | 7,927 |  | 7,441
| Earnings from investments under the equity method, net of dividends or distributions |  | (15,510) |  | (14,948) |  | (14,333)
| Loss on early extinguishment of debt |  | - |  | - |  | 12,522
| Net (increase) decrease in: |  |  |  |  |  |
|  | Equity securities |  | (5,305) |  | (4,051) |  | (1,583)
|  | Other assets |  | (8,327) |  | 1,134 |  | 344
| Net (decrease) increase in: |  |  |  |  |  |
|  | Interest payable |  | - |  | - |  | (10,288)
|  | Other liabilities |  | 2,470 |  | 2,508 |  | 8,059
Total adjustments |  | 46,468 |  | (282,900) |  | (204,789)
Net cash provided by operating activities |  | 553,090 |  | 388,235 |  | 413,369
Cash flows from investing activities: |  |  |  |  |  |
| Net decrease (increase) in money market investments |  | 110,000 |  | (45,000) |  | 70,000
| Net repayments on other loans |  | 587 |  | 677 |  | 536
| Capital contribution to subsidiaries |  | (10,000) |  | (9,000) |  | (87,000)
| Return of capital from wholly owned subsidiaries |  | 12,500 |  | 13,000 |  | 13,000
| Return of capital from equity method investments |  | 131 |  | - |  | -
| Acquisition of premises and equipment |  | (2,667) |  | (1,289) |  | (1,099)
| Proceeds from sale of premises and equipment |  | 285 |  | 3 |  | 293
Net cash provided by (used in) investing activities |  | 110,836 |  | (41,609) |  | (4,270)
Cash flows from financing activities: |  |  |  |  |  |
| Payments of notes payable |  | - |  | - |  | (448,518)
| Payments of debt extinguishment |  | - |  | - |  | (12,522)
| Proceeds from issuance of notes payable |  | - |  | - |  | 293,819
| Proceeds from issuance of common stock |  | 15,175 |  | 13,451 |  | 11,653
| Payments for repurchase of reedemable preferred stock |  | (28,017) |  | - |  | -
| Dividends paid |  | (133,645) |  | (115,810) |  | (105,441)
| Net payments for repurchase of common stock |  | (500,705) |  | (250,571) |  | (125,731)
| Payments related to tax withholding for share-based compensation |  | (3,394) |  | (5,420) |  | (2,201)
Net cash used in financing activities |  | (650,586) |  | (358,350) |  | (388,941)
Net increase (decrease) in cash and due from banks, and restricted cash |  | 13,340 |  | (11,724) |  | 20,158
Cash and due from banks, and restricted cash at beginning of period |  | 56,554 |  | 68,278 |  | 48,120
Cash and due from banks, and restricted cash at end of period | $ | 69,894 | $ | 56,554 | $ | 68,278
Borrowings by contractual maturities |
Year |  | (In thousands)
2021 | $ | -
2022 |  | -
2023 |  | 296,574
2024 |  | -
2025 |  | -
Later years |  | 290,812
Total | $ | 587,386

X
- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
Name: | srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |