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Popular, Inc. (Holding only) (Tables) - Popular, Inc. Holding Co. | 12 Months Ended
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Dec. 31, 2021
Condensed Balance Sheet |
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 Income Statement |
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 Cash Flow Statement |
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
Borrowings by contractual maturities |
Year |  | (In thousands)
2022 | $ | -
2023 |  | 297,842
2024 |  | -
2025 |  | -
2026 |  | -
Later years |  | 104,148
Total | $ | 401,990

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