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Popular, Inc. (Holding company only) financial information | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Popular, Inc (Holding Company Only) Financial Information | Note 38 - Popular, Inc. (holding company only) financial information The following condensed financial information presents the financial position of Popular, Inc. Holding Company only at December 31, 2021 and 2020, and the results of its operations and cash flows for the years ended December 31, 2021, 2020 and 2019.
Condensed Statements of Condition |  |  |  |
|  |  | December 31,
(In thousands) |  | 2021 |  | 2020
ASSETS |  |  |  |
Cash and due from banks (includes $79,660 due from bank subsidiary (2020 - $69,299)) | $ | 79,660 | $ | 69,299
Money market investments |  | 205,646 |  | 111,596
Debt securities held-to-maturity, at amortized cost (includes $3,125 in common securities from statutory trusts (2020 - $8,726))[1] |  | 3,125 |  | 8,726
Equity securities, at lower of cost or realizable value |  | 19,711 |  | 16,049
Investment in BPPR and subsidiaries, at equity |  | 3,858,701 |  | 4,327,188
Investment in Popular North America and subsidiaries, at equity |  | 1,834,931 |  | 1,733,411
Investment in other non-bank subsidiaries, at equity |  | 288,736 |  | 271,129
Other loans |  | 29,445 |  | 31,473
| Less - Allowance for credit losses |  | 96 |  | 311
Premises and equipment |  | 5,684 |  | 5,322
Investment in equity method investees |  | 114,955 |  | 88,272
Other assets (includes $6,802 due from subsidiaries and affiliate (2020 - $5,518)) |  | 32,810 |  | 35,002
Total assets | $ | 6,473,308 | $ | 6,697,156
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
Notes payable | $ | 401,990 | $ | 587,386
Other liabilities (includes $6,591 due to subsidiaries and affiliate (2020 - $3,779)) |  | 101,923 |  | 81,148
Stockholders’ equity |  | 5,969,395 |  | 6,028,622
Total liabilities and stockholders’ equity | $ | 6,473,308 | $ | 6,697,156
[1] Refer to Note 18 to the consolidated financial statements for information on the statutory trusts.
Condensed Statements of Operations |  |  |  |  |  |
|  |  | Years ended December 31,
(In thousands) |  | 2021 |  | 2020 |  | 2019
Income: |  |  |  |  |  |
| Dividends from subsidiaries | $ | 792,000 | $ | 586,000 | $ | 408,000
| Interest income (includes $828 due from subsidiaries and affiliates (2020 - $2,290; 2019 - $4,237)) |  | 4,303 |  | 4,949 |  | 6,669
| Earnings from investments in equity method investees |  | 29,387 |  | 17,841 |  | 17,279
| Other operating income |  | - |  | 1 |  | 1
| Net (loss) gain, including impairment, on equity securities |  | (525) |  | 1,494 |  | 988
Total income |  | 825,165 |  | 610,285 |  | 432,937
Expenses: |  |  |  |  |  |
| Interest expense |  | 36,444 |  | 38,528 |  | 38,528
| Provision for credit losses (benefit) |  | (215) |  | 95 |  | 256
| Operating expense (income) (includes expenses for services provided by subsidiaries and affiliate of $13,546 (2020 - $13,140 ; 2019 - $14,400)), net of reimbursement by subsidiaries for services provided by parent of $162,019 (2020 - $138,729 ; 2019 - $106,725) |  | 5,432 |  | (921) |  | 80
Total expenses |  | 41,661 |  | 37,702 |  | 38,864
Income before income taxes and equity in undistributed earnings (losses) of subsidiaries |  | 783,504 |  | 572,583 |  | 394,073
Income tax expense |  | 352 |  | 17 |  | -
Income before equity in undistributed earnings (losses) of subsidiaries |  | 783,152 |  | 572,566 |  | 394,073
Equity in undistributed earnings (losses) of subsidiaries |  | 151,737 |  | (65,944) |  | 277,062
Net income | $ | 934,889 | $ | 506,622 | $ | 671,135
Comprehensive income, net of tax | $ | 419,829 | $ | 866,551 | $ | 929,171
Condensed Statements of Cash Flows |  |  |  |  |  |
|  |  |  | Years ended December 31,
(In thousands) |  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |  |
Net income | $ | 934,889 | $ | 506,622 | $ | 671,135
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
| Equity in (earnings) losses of subsidiaries, net of dividends or distributions |  | (151,737) |  | 65,944 |  | (277,062)
| Provision for credit losses (benefit) |  | (215) |  | 95 |  | 256
| Amortization of intangibles |  | 5,656 |  | 98 |  | 96
| Net accretion of discounts and amortization of premiums and deferred fees |  | 1,241 |  | 1,233 |  | 1,240
| Share-based compensation |  | 8,895 |  | 5,770 |  | 7,927
| Earnings from investments under the equity method, net of dividends or distributions |  | (26,360) |  | (15,510) |  | (14,948)
| Sale of foreclosed assets, including write-downs |  | 59 |  | - |  | -
| Net (increase) decrease in: |  |  |  |  |  |
|  | Equity securities |  | (3,662) |  | (5,305) |  | (4,051)
|  | Other assets |  | (1,970) |  | (8,327) |  | 1,134
| Net (decrease) increase in: |  |  |  |  |  |
|  | Interest payable |  | (1,042) |  | - |  | -
|  | Other liabilities |  | 19,095 |  | 2,470 |  | 2,508
Total adjustments |  | (150,040) |  | 46,468 |  | (282,900)
Net cash provided by operating activities |  | 784,849 |  | 553,090 |  | 388,235
Cash flows from investing activities: |  |  |  |  |  |
| Net (increase) decrease in money market investments |  | (94,000) |  | 110,000 |  | (45,000)
| Proceeds from calls, paydowns, maturities and redemptions of investment securities held-to-maturity |  | 5,601 |  | - |  | -
| Net repayments on other loans |  | 1,879 |  | 587 |  | 677
| Capital contribution to subsidiaries |  | (12,900) |  | (10,000) |  | (9,000)
| Return of capital from wholly owned subsidiaries |  | - |  | 12,500 |  | 13,000
| Return of capital from equity method investments |  | - |  | 131 |  | -
| Acquisition of premises and equipment |  | (1,788) |  | (2,667) |  | (1,289)
| Proceeds from sale of premises and equipment |  | 83 |  | 285 |  | 3
| Proceeds from sale of foreclosed assets |  | 87 |  | - |  | -
Net cash (used in) provided by investing activities |  | (101,038) |  | 110,836 |  | (41,609)
Cash flows from financing activities: |  |  |  |  |  |
| Payments of notes payable |  | (186,664) |  | - |  | -
| Proceeds from issuance of common stock |  | 10,493 |  | 15,175 |  | 13,451
| Payments for repurchase of redeemable preferred stock |  | - |  | (28,017) |  | -
| Dividends paid |  | (141,466) |  | (133,645) |  | (115,810)
| Net payments for repurchase of common stock |  | (350,656) |  | (500,705) |  | (250,571)
| Payments related to tax withholding for share-based compensation |  | (5,107) |  | (3,394) |  | (5,420)
Net cash used in financing activities |  | (673,400) |  | (650,586) |  | (358,350)
Net increase (decrease) in cash and due from banks, and restricted cash |  | 10,411 |  | 13,340 |  | (11,724)
Cash and due from banks, and restricted cash at beginning of period |  | 69,894 |  | 56,554 |  | 68,278
Cash and due from banks, and restricted cash at end of period | $ | 80,305 | $ | 69,894 | $ | 56,554
Popular, Inc. (parent company only) received distributions from its direct equity method investees amounting to $3.0 million for the year ended December 31, 2021 (2020 - $2.3 million; 2019 - $2.3 million), of which $2.3 million are related to dividend distributions (2020 - $2.3 million; 2019 - $2.3 million). There were no dividend distributions from PIBI for the year ended Dec 31, 2021 (2020 - $12.5 million; 2019 - $13.0 million). PIBI main source of income is derived from its investment in BHD. Notes payable include junior subordinated debentures issued by the Corporation that are associated to capital securities issued by the Popular Capital Trust II and medium-term notes. Refer to Note 18 for a description of significant provisions related to these junior subordinated debentures. The following table presents the aggregate amounts by contractual maturities of notes payable at December 31, 2021:
Year |  | (In thousands)
2022 | $ | -
2023 |  | 297,842
2024 |  | -
2025 |  | -
2026 |  | -
Later years |  | 104,148
Total | $ | 401,990

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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