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Popular, Inc. (Holding company only) financial information | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021, and the results of its operations and cash flows for the years ended December 31, 2022, 2021 and 2020. Condensed Statements of Condition December 31, (In thousands) 2022 2021 ASSETS Cash and due from banks (includes $ 101,753 due from bank subsidiary (2021 - $ 79,660 )) $ 101,753 $ 79,660 Money market investments 77,180 205,646 Debt securities held-to-maturity, at amortized cost (includes $ 3,125 in common securities from statutory trusts (2021 - $ 3,125 )) [1] 3,125 3,125 Equity securities, at lower of cost or realizable value 18,835 19,711 Investment in BPPR and subsidiaries, at equity 2,120,503 3,858,701 Investment in Popular North America and subsidiaries, at equity 1,879,123 1,834,931 Investment in other non-bank subsidiaries, at equity 335,552 288,736 Other loans 28,196 29,445 Less - Allowance for credit losses 370 96 Premises and equipment 6,411 5,684 Investment in equity method investees 5,350 114,955 Other assets (includes $ 6,115 due from subsidiaries and affiliate (2021 - $ 6,802 )) 34,841 32,810 Total assets $ 4,610,499 $ 6,473,308 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable $ 403,257 $ 401,990 Other liabilities (includes $ 2,764 due to subsidiaries and affiliate (2021 - $ 6,591 )) 113,772 101,923 Stockholders’ equity 4,093,470 5,969,395 Total liabilities and stockholders’ equity $ 4,610,499 $ 6,473,308 [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) 2022 2021 2020 Income: Dividends from subsidiaries $ 458,000 $ 792,000 $ 586,000 Interest income (includes $ 680 due from subsidiaries and affiliates (2021 - $ 828 ; 2020 - $ 2,290 )) 2,846 4,303 4,949 Earnings from investments in equity method investees 15,688 29,387 17,841 Other operating income 139,191 - 1 Net (loss) gain, including impairment, on equity securities (4,446) (525) 1,494 Total income 611,279 825,165 610,285 Expenses: Interest expense 26,021 36,444 38,528 Provision for credit losses (benefit) 274 (215) 95 Operating expense (income) (includes expenses for services provided by subsidiaries and affiliate of $ 18,414 (2021 - $ 13,546 ; 2020 - $ 13,140 )), net of reimbursement by subsidiaries for services provided by parent of $ 222,935 (2021 - $ 162,019 ; 2020 - $ 138,729 ) 223 5,432 (921) Total expenses 26,517 41,661 37,702 Income before income taxes and equity in undistributed earnings (losses) of subsidiaries 584,762 783,504 572,583 Income tax expense 8,723 352 17 Income before equity in undistributed earnings (losses) of subsidiaries 576,038 783,152 572,566 Equity in undistributed earnings (losses) of subsidiaries 526,603 151,737 (65,944) Net income $ 1,102,641 $ 934,889 $ 506,622 Comprehensive (loss) income, net of tax $ (1,097,218) $ 419,829 $ 866,551 Condensed Statements of Cash Flows Years ended December 31, (In thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 1,102,641 $ 934,889 $ 506,622 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) losses of subsidiaries, net of dividends or distributions (526,603) (151,737) 65,944 Provision for credit losses (benefit) 274 (215) 95 Amortization of intangibles - 5,656 98 Net accretion of discounts and amortization of premiums and deferred fees 1,250 1,241 1,233 Share-based compensation 9,440 8,895 5,770 Earnings from investments under the equity method, net of dividends or distributions (14,170) (26,360) (15,510) (Gain) loss on: Disposition of stock as part of the Evertec Transactions (137,813) - - Sale of foreclosed assets, including write-downs - 59 - Net increase in: Equity securities (339) (3,662) (5,305) Other assets (1,952) (1,970) (8,327) Net (decrease) increase in: Interest payable - (1,042) - Other liabilities 8,257 19,095 2,470 Total adjustments (661,656) (150,040) 46,468 Net cash provided by operating activities 440,985 784,849 553,090 Cash flows from investing activities: Net decrease (increase) in money market investments 129,000 (94,000) 110,000 Proceeds from calls, paydowns, maturities and redemptions of investment securities held-to-maturity - 5,601 - Net repayments on other loans 1,267 1,879 587 Capital contribution to subsidiaries (54,188) (12,900) (10,000) Return of capital from wholly owned subsidiaries 72,000 - 12,500 Return of capital from equity method investments - - 131 Proceeds from Evertec Stock Sale 219,883 - - Acquisition of premises and equipment (2,224) (1,788) (2,667) Proceeds from sale of premises and equipment 1,678 83 285 Proceeds from sale of foreclosed assets - 87 - Net cash provided by (used in) investing activities 367,416 (101,038) 110,836 Cash flows from financing activities: Payments of notes payable - (186,664) - Proceeds from issuance of common stock 13,479 10,493 15,175 Payments for repurchase of redeemable preferred stock - - (28,017) Dividends paid (161,516) (141,466) (133,645) Net payments for repurchase of common stock (631,965) (350,656) (500,705) Payments related to tax withholding for share-based compensation (5,771) (5,107) (3,394) Net cash used in financing activities (785,773) (673,400) (650,586) Net increase in cash and due from banks, and restricted cash 22,628 10,411 13,340 Cash and due from banks, and restricted cash at beginning of period 80,305 - 69,894 56,554 Cash and due from banks, and restricted cash at end of period $ 102,933 $ 80,305 $ 69,894 Popular, Inc. (parent company only) received distributions from its direct equity method investees amounting to $ 1.5 million for the year ended December 31, 2022 (2021 - $ 3.0 million; 2020 - $ 2.3 million), of which $ 1.5 million are related to dividend distributions (2021 - $ 2.3 million; 2020 - $ 2.3 million). Also received dividend distributions from PNA amounting to $ 53.5 million (2021 - $ 0 million; 2020 - $ 0 million) and from PIBI amounting to $ 18.5 million (2021 - $ 0 million; 2020 - $ 12.5 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, 2022: Year (In thousands) 2023 $ 299,109 2024 - 2025 - 2026 - 2027 - Later years 104,148 Total $ 403,257

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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