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Popular, Inc. (Holding only) (Tables) - Popular, Inc. Holding Co. | 12 Months Ended
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Dec. 31, 2024
Condensed Balance Sheet | Condensed Statements of Condition December 31, (In thousands) 2024 2023 ASSETS Cash and due from banks (includes $ 175,715 due from bank subsidiary (2023 - $ 126,388 )) $ 175,715 $ 126,388 Money market investments 453,723 243,459 Debt securities held-to-maturity, at amortized cost (includes $ 3,125 in common securities from statutory trusts (2023 - $ 3,125 )) [1] 3,125 3,125 Equity securities, at lower of cost or realizable value 29,170 23,993 Investment in BPPR and subsidiaries, at equity 3,183,855 3,006,768 Investment in Popular North America and subsidiaries, at equity 1,908,608 1,899,546 Investment in other non-bank subsidiaries, at equity 408,639 385,033 Other loans 25,662 26,957 Less - Allowance for credit losses 281 51 Premises and equipment 6,299 7,035 Investment in equity method investees 5,279 5,266 Other assets (includes $ 3,875 due from subsidiaries and affiliate (2023 - $ 3,639 )) 48,986 36,531 Total assets $ 6,248,780 $ 5,764,050 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable $ 499,346 $ 498,085 Other liabilities (includes $ 11,418 due to subsidiaries and affiliate (2023 - $ 6,078 )) 136,249 118,899 Stockholders’ equity 5,613,185 5,147,066 Total liabilities and stockholders’ equity $ 6,248,780 $ 5,764,050 [1] Refer to Note 17 to the consolidated financial statements for information on the statutory trusts.
Condensed Income Statement | Condensed Statements of Operations Years ended December 31, (In thousands) 2024 2023 2022 Income: Dividends from subsidiaries $ 623,000 $ 208,000 $ 458,000 Interest income (includes $ 9,693 due from subsidiaries and affiliates (2023 - $ 15,401 ; 2022 - $ 680 )) 12,139 17,715 2,846 Earnings (losses) from investments in equity method investees 15 (84) 15,688 Other operating income 3 - 139,191 Net (losses) gain, including impairment, on equity securities (293) 2,012 (4,446) Total income 634,864 227,643 611,279 Expenses: Interest expense 36,640 42,691 26,021 Provision for credit losses (benefit) 230 (300) 274 Operating expenses (includes expenses for services provided by subsidiaries and affiliate of $ 13,265 (2023 - $ 13,463 ; 2022 - $ 18,414 )), net of reimbursement by subsidiaries for services provided by parent of $ 226,299 (2023 - $ 215,479 ; 2022 - $ 222,935 ) 730 924 223 Total expenses 37,600 43,315 26,518 Income before income taxes and equity in undistributed earnings of subsidiaries 597,264 184,328 584,761 Income tax expense [1] 23,410 - 8,723 Income before equity in undistributed earnings of subsidiaries 573,854 184,328 576,038 Equity in undistributed earnings of subsidiaries 40,358 357,014 526,603 Net income $ 614,212 $ 541,342 $ 1,102,641 Comprehensive income (loss), net of tax $ 848,503 $ 1,170,739 $ (1,097,218) [1] As discussed in Note 1 to the Consolidated Financial Statements, the net income for the year ended December 31, 2024, included $ 22.9 million of expenses, of which $ 16.5 million was reflected in income tax expense and $ 6.4 million was reflected in other operating expenses, related to an out-of-period adjustment associated with the Corporation’s U.S. subsidiary’s non-payment of taxes on certain intercompany distributions to the Bank Holding Company (BHC) in Puerto Rico, a foreign corporation for U.S. tax purposes.
Condensed Cash Flow Statement | Condensed Statements of Cash Flows Years ended December 31, (In thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 614,212 $ 541,342 $ 1,102,641 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries, net of dividends or distributions (40,358) (357,014) (526,603) Provision for credit losses (benefit) 230 (300) 274 Net accretion of discounts and amortization of premiums and deferred fees 1,248 1,754 1,250 Share-based compensation 10,785 9,735 9,440 (Earnings) losses from investments under the equity method, net of dividends or distributions (15) 84 (14,170) Gain on disposition of stock as part of the Evertec Transactions - - (137,813) Net increase in: Equity securities (5,176) (5,158) (339) Other assets (10,531) (62) (1,952) Net increase (decrease) in: Interest payable - 3,239 - Other liabilities 12,507 (3,377) 8,257 Total adjustments (31,310) (351,099) (661,656) Net cash provided by operating activities 582,902 190,243 440,985 Cash flows from investing activities: Net (increase) decrease in money market investments (210,000) (165,000) 129,000 Net repayments on other loans 1,307 1,252 1,267 Capital contribution to subsidiaries (1,725) (4,150) (54,188) Return of capital from wholly owned subsidiaries 67,400 64,000 72,000 Proceeds from disposition of stock as part of the Evertec Transactions - - 219,883 Acquisition of premises and equipment (961) (2,266) (2,224) Proceeds from sale of premises and equipment 135 68 1,678 Net cash (used in) provided by investing activities (143,844) (106,096) 367,416 Cash flows from financing activities: Payments of notes payable - (300,000) - Proceeds from issuances of notes payable - 393,061 - Proceeds from issuances of common stock 16,312 14,045 13,479 Dividends paid (180,461) (159,860) (161,516) Net payments for repurchase of common stock (218,619) (1,396) (631,965) Payments related to tax withholding for share-based compensation (6,699) (4,083) (5,771) Net cash used in financing activities (389,467) (58,233) (785,773) Net increase in cash and due from banks, and restricted cash 49,591 25,914 22,628 Cash and due from banks, and restricted cash at beginning of period 128,847 102,933 80,305 Cash and due from banks, and restricted cash at end of period $ 178,438 $ 128,847 $ 102,933
Borrowings by contractual maturities | Year (In thousands) 2025 $ - 2026 - 2027 - 2028 - 2029 395,198 Later years 104,148 Total $ 499,346

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