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Popular, Inc. (Holding only) (Tables) - Popular, Inc. Holding Co.

12 Months Ended

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

X

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