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Stockholders' equity
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note  
Stockholders' Equity Note 17 – Stockholders’ equity

As of June 30, 2022, stockholder’s equity totaled $4.3 billion. During the six months ended June 30, 2022, the Corporation declared cash dividends of $1.10 (2021 - $0.85) per common share amounting to $84.2 million (2021 - $70.0 million). The quarterly dividend declared to stockholders of record as of the close of business on June 2, 2022 was paid on July 1, 2022.

 

Accelerated share repurchase transaction (“ASR”)

 

On July 12, 2022, the Corporation completed its previously announced accelerated share repurchase program for the repurchase of an aggregate of $400 million of Popular’s common stock. Under the terms of the accelerated repurchase agreement (the “ASR Agreement”), on March 2, 2022 the Corporation made an initial payment of $400 million and received an initial delivery of 3,483,942 shares of the Corporation’s Common Stock (the “Initial Shares”). The transaction was accounted for as a treasury stock transaction. As a result of the receipt of the Initial Shares, the Corporation recognized in stockholders’ equity approximately $320 million in treasury stock and $80 million as a reduction of capital surplus. Upon the final settlement of the ASR Agreement, the Corporation received an additional 1,582,922 shares of Popular’s common stock and recognized approximately $120 million as treasury stock with a corresponding increase in its capital surplus account. The Corporation repurchased a total of 5,066,864 shares at an average purchased price of $78.9443 under the ASR Agreement.

 

On May 3, 2021, the Corporation entered into a $350 million accelerated share repurchase (“ASR”) transaction with respect to its common stock, which was accounted for as a treasury stock transaction. As a result of the receipt of the initial 3,785,831 shares, the Corporation recognized in stockholders’ equity approximately $280 million in treasury stock and $70 million as a reduction in capital surplus. The Corporation completed the transaction on September 9, 2021 and received 828,965 additional shares of Popular’s common stock and recognized $61 million in treasury stock with a corresponding increase in its capital surplus account. In total, the Corporation repurchased a total of 4,614,796 shares at an average price of $75.8430 under the 2021 ASR transaction.