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Popular, Inc. (Holding company only) financial information | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022, and the results of its operations and cash flows for the years ended December 31, 2023, 2022 and 2021. Condensed Statements of Condition December 31, (In thousands) 2023 2022 ASSETS Cash and due from banks (includes $ 126,388 due from bank subsidiary (2022 - $ 101,753 )) $ 126,388 $ 101,753 Money market investments 243,459 77,180 Debt securities held-to-maturity, at amortized cost (includes $ 3,125 in common securities from statutory trusts (2022 - $ 3,125 )) [1] 3,125 3,125 Equity securities, at lower of cost or realizable value 23,993 18,835 Investment in BPPR and subsidiaries, at equity 3,006,768 2,120,503 Investment in Popular North America and subsidiaries, at equity 1,899,546 1,879,123 Investment in other non-bank subsidiaries, at equity 385,033 335,552 Other loans 26,957 28,196 Less - Allowance for credit losses 51 370 Premises and equipment 7,035 6,411 Investment in equity method investees 5,266 5,350 Other assets (includes $ 3,639 due from subsidiaries and affiliate (2022 - $ 6,115 )) 36,531 34,841 Total assets $ 5,764,050 $ 4,610,499 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable $ 498,085 $ 403,257 Other liabilities (includes $ 6,078 due to subsidiaries and affiliate (2022 - $ 2,764 )) 118,899 113,772 Stockholders’ equity 5,147,066 4,093,470 Total liabilities and stockholders’ equity $ 5,764,050 $ 4,610,499 [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) 2023 2022 2021 Income: Dividends from subsidiaries $ 208,000 $ 458,000 $ 792,000 Interest income (includes $ 15,401 due from subsidiaries and affiliates (2022 - $ 680 ; 2021 - $ 828 )) 17,715 2,846 4,303 Losses (earnings) from investments in equity method investees (84) 15,688 29,387 Other operating income - 139,191 - Net gains (losses), including impairment, on equity securities 2,012 (4,446) (525) Total income 227,643 611,279 825,165 Expenses: Interest expense 42,691 26,021 36,444 Provision for credit losses (benefit) (300) 274 (215) Operating expense (includes expenses for services provided by subsidiaries and affiliate of $ 13,463 (2022 - $ 18,414 ; 2021 - $ 13,546 )), net of reimbursement by subsidiaries for services provided by parent of $ 215,479 (2022 - $ 222,935 ; 2021 - $ 162,019 ) 924 223 5,432 Total expenses 43,315 26,518 41,661 Income before income taxes and equity in undistributed earnings of subsidiaries 184,328 584,761 783,504 Income tax expense - 8,723 352 Income before equity in undistributed earnings of subsidiaries 184,328 576,038 783,152 Equity in undistributed earnings of subsidiaries 357,014 526,603 151,737 Net income $ 541,342 $ 1,102,641 $ 934,889 Comprehensive income (loss), net of tax $ 1,170,739 $ (1,097,218) $ 419,829 Condensed Statements of Cash Flows Years ended December 31, (In thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 541,342 $ 1,102,641 $ 934,889 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries, net of dividends or distributions (357,014) (526,603) (151,737) Provision for credit (benefit) losses (300) 274 (215) Amortization of intangibles - - 5,656 Net accretion of discounts and amortization of premiums and deferred fees 1,754 1,250 1,241 Share-based compensation 9,735 9,440 8,895 Losses (earnings) from investments under the equity method, net of dividends or distributions 84 (14,170) (26,360) (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 (5,158) (339) (3,662) Other assets (62) (1,952) (1,970) Net increase (decrease) in: Interest payable 3,239 - (1,042) Other liabilities (3,377) 8,257 19,095 Total adjustments (351,099) (661,656) (150,040) Net cash provided by operating activities 190,243 440,985 784,849 Cash flows from investing activities: Net (increase) decrease in money market investments (165,000) 129,000 (94,000) Proceeds from calls, paydowns, maturities and redemptions of investment securities held-to-maturity - - 5,601 Net repayments on other loans 1,252 1,267 1,879 Capital contribution to subsidiaries (4,150) (54,188) (12,900) Return of capital from wholly owned subsidiaries 64,000 72,000 - Proceeds from disposition of stock as part of the Evertec Transactions - 219,883 - Acquisition of premises and equipment (2,266) (2,224) (1,788) Proceeds from sale of premises and equipment 68 1,678 83 Proceeds from sale of foreclosed assets - - 87 Net cash (used in) provided by investing activities (106,096) 367,416 (101,038) Cash flows from financing activities: Payments of notes payable (300,000) - (186,664) Proceeds from issuance of notes payable 393,061 - - Proceeds from issuance of common stock 14,045 13,479 10,493 Dividends paid (159,860) (161,516) (141,466) Net payments for repurchase of common stock (1,396) (631,965) (350,656) Payments related to tax withholding for share-based compensation (4,083) (5,771) (5,107) Net cash used in financing activities (58,233) (785,773) (673,400) Net increase in cash and due from banks, and restricted cash 25,914 22,628 10,411 Cash and due from banks, and restricted cash at beginning of period 102,933 80,305 69,894 Cash and due from banks, and restricted cash at end of period $ 128,847 $ 102,933 $ 80,305 During the year ended December 31, 2023, Popular, Inc. (parent company only) received dividend distributions from PNA amounting to $ 50.0 million (2022 - $ 53.5 million; 2021 - $ 0 million) and from PIBI’s amounting to $ 14.0 million (2022 - $ 18.5 million; 2021 - $ 0 million). PIBI’s main source of income is its investment in BHD. Also, during the year ended December 31, 2022, Popular, Inc. received distributions from its direct equity method investees amounting to $ 1.5 million (2021 - $ 3.0 million), of which $ 1.5 million were related to dividend distributions (2021 - $ 2.3 million). 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, 2023: Year (In thousands) 2024 $ - 2025 - 2026 - 2027 - 2028 393,937 Later years 104,148 Total $ 498,085

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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