Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities

3 Months Ended

Mar. 31, 2016

Disclosure Text Block

Condensed Consolidating Financial Information of Guarantor and Issuers of Registeres Guranteed Securities

Note 36 – Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities

The following condensed consolidating financial information presents the financial position of Popular, Inc. Holding Company (“PIHC”) (parent only), Popular North America, Inc. (“PNA”) and all other subsidiaries of the Corporation at March 31, 2016 and 2015, and the results of their operations and cash flows for periods ended March 31, 2016 and December 31, 2015.

PNA is an operating, wholly-owned subsidiary of PIHC and is the holding company of its wholly-owned subsidiaries: Equity One, Inc. and Banco Popular North America (“BPNA”), including BPNA’s wholly-owned subsidiaries Popular Equipment Finance, Inc., Popular Insurance Agency, U.S.A., and E-LOAN, Inc.

PIHC fully and unconditionally guarantees all registered debt securities issued by PNA.

Condensed Consolidating Statement of Financial Condition (Unaudited)
		At March 31, 2016
							All other
			Popular Inc.		PNA		subsidiaries and		Elimination		Popular, Inc.
(In thousands)			Holding Co.		Holding Co.		eliminations		entries		Consolidated
Assets:
Cash and due from banks			$	21,133	$	598	$	409,315	$	(21,423)	$	409,623
Money market investments				255,251		18,519		1,917,209		(273,519)		1,917,460
Trading account securities, at fair value				2,121		-		69,163		-		71,284
Investment securities available-for-sale, at
	fair value			227		-		6,649,603		-		6,649,830
Investment securities held-to-maturity, at
	amortized cost			-		-		99,216		-		99,216
Other investment securities, at lower of cost
	or realizable value			9,850		4,492		149,682		-		164,024
Investment in subsidiaries				5,679,385		1,819,384		-		(7,498,769)		-
Loans held-for-sale, at lower of cost or
	fair value			-		-		125,315		-		125,315
Loans held-in-portfolio:
	Loans not covered under loss-sharing
	agreements with the FDIC			1,167		-		22,617,321		-		22,618,488
	Loans covered under loss-sharing
	agreements with the FDIC			-		-		625,130		-		625,130
	Less - Unearned income			-		-		110,751		-		110,751
	Allowance for loan losses			2		-		538,470		-		538,472
	Total loans held-in-portfolio, net			1,165		-		22,593,230		-		22,594,395
FDIC loss-share asset				-		-		219,448		-		219,448
Premises and equipment, net				2,999		-		524,494		-		527,493
Other real estate not covered under loss-
	sharing agreements with the FDIC			566		-		165,394		-		165,960
Other real estate covered under loss-
	sharing agreements with the FDIC			-		-		36,397		-		36,397
Accrued income receivable				73		36		120,229		(30)		120,308
Mortgage servicing assets, at fair value				-		-		205,051		-		205,051
Other assets				57,670		23,453		2,091,857		(16,950)		2,156,030
Goodwill				-		-		631,095		-		631,095
Other intangible assets				553		-		53,527		-		54,080
Total assets			$	6,030,993	$	1,866,482	$	36,060,225	$	(7,810,691)	$	36,147,009
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing		$	-	$	-	$	6,405,516	$	(21,423)	$	6,384,093
	Interest bearing			-		-		21,416,019		(273,519)		21,142,500
	Total deposits			-		-		27,821,535		(294,942)		27,526,593
Federal funds purchased and assets
	sold under agreements to repurchase			-		-		760,154		-		760,154
Other short-term borrowings				-		-		6,370		-		6,370
Notes payable				734,036		148,492		700,940		-		1,583,468
Other liabilities				46,657		3,591		985,598		(17,537)		1,018,309
Liabilities from discontinued operations				-		-		1,815		-		1,815
Total liabilities				780,693		152,083		30,276,412		(312,479)		30,896,709
Stockholders' equity:
Preferred stock				50,160		-		-		-		50,160
Common stock				1,039		2		56,307		(56,309)		1,039
Surplus				4,222,706		4,111,208		5,712,604		(9,815,285)		4,231,233
Retained earnings (accumulated deficit)				1,165,003		(2,409,905)		195,181		2,206,197		1,156,476
Treasury stock, at cost				(6,858)		-		-		-		(6,858)
Accumulated other comprehensive loss,
	net of tax			(181,750)		13,094		(180,279)		167,185		(181,750)
Total stockholders' equity				5,250,300		1,714,399		5,783,813		(7,498,212)		5,250,300
Total liabilities and stockholders' equity			$	6,030,993	$	1,866,482	$	36,060,225	$	(7,810,691)	$	36,147,009

Condensed Consolidating Statement of Financial Condition (Unaudited)
		At December 31, 2015
							All other
			Popular, Inc.		PNA		subsidiaries and		Elimination		Popular, Inc.
(In thousands)			Holding Co.		Holding Co.		eliminations		entries		Consolidated
Assets:
Cash and due from banks			$	24,298	$	600	$	363,620	$	(24,844)	$	363,674
Money market investments				262,204		23,931		2,179,887		(285,930)		2,180,092
Trading account securities, at fair value				2,020		-		69,639		-		71,659
Investment securities available-for-sale, at
	fair value			216		-		6,062,776		-		6,062,992
Investment securities held-to-maturity, at
	amortized cost			-		-		100,903		-		100,903
Other investment securities, at lower of cost
	or realizable value			9,850		4,492		157,906		-		172,248
Investment in subsidiaries				5,539,325		1,789,512		-		(7,328,837)		-
Loans held-for-sale, at lower of cost or
	fair value			-		-		137,000		-		137,000
Loans held-in-portfolio:
	Loans not covered under loss-sharing
	agreements with the FDIC			1,176		-		22,452,637		-		22,453,813
	Loans covered under loss-sharing
	agreements with the FDIC			-		-		646,115		-		646,115
	Less - Unearned income			-		-		107,698		-		107,698
	Allowance for loan losses			3		-		537,108		-		537,111
	Total loans held-in-portfolio, net			1,173		-		22,453,946		-		22,455,119
FDIC loss-share asset				-		-		310,221		-		310,221
Premises and equipment, net				2,823		-		499,788		-		502,611
Other real estate not covered under loss-
	sharing agreements with the FDIC			532		-		154,699		-		155,231
Other real estate covered under loss-
	sharing agreements with the FDIC			-		-		36,685		-		36,685
Accrued income receivable				85		115		124,070		(36)		124,234
Mortgage servicing assets, at fair value				-		-		211,405		-		211,405
Other assets				54,908		23,596		2,132,616		(17,958)		2,193,162
Goodwill				-		-		626,388		-		626,388
Other intangible assets				554		-		57,555		-		58,109
Total assets			$	5,897,988	$	1,842,246	$	35,679,104	$	(7,657,605)	$	35,761,733
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing		$	-	$	-	$	6,426,359	$	(24,844)	$	6,401,515
	Interest bearing			-		-		21,094,138		(285,930)		20,808,208
	Total deposits			-		-		27,520,497		(310,774)		27,209,723
Federal funds purchased and assets sold
	under agreements to repurchase			-		-		762,145		-		762,145
Other short-term borrowings				-		-		1,200		-		1,200
Notes payable				733,516		148,483		780,509		-		1,662,508
Other liabilities				59,148		6,659		971,429		(18,218)		1,019,018
Liabilities from discontinued operations				-		-		1,815		-		1,815
Total liabilities				792,664		155,142		30,037,595		(328,992)		30,656,409
Stockholders' equity:
Preferred stock				50,160		-		-		-		50,160
Common stock				1,038		2		56,307		(56,309)		1,038
Surplus				4,220,629		4,111,208		5,712,635		(9,815,316)		4,229,156
Retained earnings (accumulated deficit)				1,096,484		(2,416,251)		128,459		2,279,265		1,087,957
Treasury stock, at cost				(6,101)		-		-		-		(6,101)
Accumulated other comprehensive
	loss, net of tax			(256,886)		(7,855)		(255,892)		263,747		(256,886)
Total stockholders' equity				5,105,324		1,687,104		5,641,509		(7,328,613)		5,105,324
Total liabilities and stockholders' equity			$	5,897,988	$	1,842,246	$	35,679,104	$	(7,657,605)	$	35,761,733

Condensed Consolidating Statement of Operations (Unaudited)
			Quarter ended March 31, 2016
							All other
		Popular, Inc.		PNA			subsidiaries and			Elimination			Popular, Inc.
(In thousands)		Holding Co.		Holding Co.			eliminations			entries			Consolidated
Interest and dividend income:
	Dividend income from subsidiaries	$	29,700		$	-		$	-		$	(29,700)		$	-
	Loans		19			-			363,178			-			363,197
	Money market investments		255			21			2,863			(276)			2,863
	Investment securities		238			80			35,953			-			36,271
	Trading account securities		-			-			1,689			-			1,689
	Total interest and dividend income		30,212			101			403,683			(29,976)			404,020
Interest expense:
	Deposits		-			-			30,150			(276)			29,874
	Short-term borrowings		-			-			1,861			-			1,861
	Long-term debt		13,117			2,693			4,063			-			19,873
	Total interest expense		13,117			2,693			36,074			(276)			51,608
Net interest income (expense)			17,095			(2,592)			367,609			(29,700)			352,412
Provision (reversal) for loan losses- non-covered loans			(34)			-			47,974			-			47,940
Provision (reversal) for loan losses- covered loans			-			-			(3,105)			-			(3,105)
Net interest income (expense)
	after provision for loan losses		17,129			(2,592)			322,740			(29,700)			307,577
Service charges on deposit accounts			-			-			39,862			-			39,862
Other service fees			-			-			53,439			(57)			53,382
Mortgage banking activities			-			-			10,551			-			10,551
Trading account profit (loss)			24			-			(186)			-			(162)
Net loss on sale of loans, including valuation
	adjustments on loans held-for-sale		-			-			(304)			-			(304)
Adjustments (expense) to indemnity reserves
	on loans sold		-			-			(4,098)			-			(4,098)
FDIC loss-share expense			-			-			(3,146)			-			(3,146)
Other operating income			3,256			(1,303)			13,599			(7)			15,545
	Total non-interest income		3,280			(1,303)			109,717			(64)			111,630
Operating expenses:
Personnel costs			15,421			-			111,670			-			127,091
Net occupancy expenses			916			-			19,514			-			20,430
Equipment expenses			445			-			14,103			-			14,548
Other taxes			47			-			10,148			-			10,195
Professional fees			2,881			30			72,605			(57)			75,459
Communications			137			-			6,183			-			6,320
Business promotion			465			-			10,645			-			11,110
FDIC deposit insurance			-			-			7,370			-			7,370
Other real estate owned (OREO) expenses			-			-			9,141			-			9,141
Other operating expenses			(20,428)			39			38,106			(552)			17,165
Amortization of intangibles			-			-			3,114			-			3,114
	Total operating expenses		(116)			69			302,599			(609)			301,943
Income (loss) before income tax and equity in
	earnings of subsidiaries		20,525			(3,964)			129,858			(29,155)			117,264
Income tax expense (benefit)			3			(1,387)			33,436			213			32,265
Income (loss) before equity in earnings of
	subsidiaries		20,522			(2,577)			96,422			(29,368)			84,999
Equity in undistributed earnings of
	subsidiaries		64,477			8,923			-			(73,400)			-
Net Income		$	84,999		$	6,346		$	96,422		$	(102,768)		$	84,999
Comprehensive income, net of tax		$	160,135		$	27,295		$	172,035		$	(199,330)		$	160,135

Condensed Consolidating Statement of Operations (Unaudited)
				Quarter ended March 31, 2015
								All other
		Popular, Inc.			PNA			subsidiaries and			Elimination			Popular, Inc.
(In thousands)		Holding Co.			Holding Co.			eliminations			entries			Consolidated
Interest income:
	Dividend income from subsidiaries		$	1,500		$	-		$	-		$	(1,500)		$	-
	Loans			140			-			355,613			(122)			355,631
	Money market investments			2			2			1,444			(2)			1,446
	Investment securities			143			81			30,077			-			30,301
	Trading account securities			-			-			2,696			-			2,696
	Total interest income			1,785			83			389,830			(1,624)			390,074
Interest expense:
	Deposits			-			-			25,866			(2)			25,864
	Short-term borrowings			-			101			1,755			(122)			1,734
	Long-term debt			13,118			2,695			3,468			-			19,281
	Total interest expense			13,118			2,796			31,089			(124)			46,879
Net interest (expense) income				(11,333)			(2,713)			358,741			(1,500)			343,195
Provision for loan losses- non-covered loans				-			-			29,711			-			29,711
Provision for loan losses- covered loans				-			-			10,324			-			10,324
Net interest (expense) income
	after provision for loan losses			(11,333)			(2,713)			318,706			(1,500)			303,160
Service charges on deposit accounts				-			-			39,017			-			39,017
Other service fees				-			-			53,714			(88)			53,626
Mortgage banking activities				-			-			12,852			-			12,852
Trading account profit				40			-			374			-			414
Net loss on sale of loans, including valuation
	adjustments on loans held-for-sale			-			-			(79)			-			(79)
Adjustments (expense) to indemnity reserves
	on loans sold			-			-			(4,526)			-			(4,526)
FDIC loss-share income				-			-			4,139			-			4,139
Other operating income				2,968			(828)			7,668			(16)			9,792
	Total non-interest income			3,008			(828)			113,159			(104)			115,235
Operating expenses:
Personnel costs				11,908			-			104,550			-			116,458
Net occupancy expenses				980			-			20,729			-			21,709
Equipment expenses				545			-			12,866			-			13,411
Other taxes				(1,458)			-			10,032			-			8,574
Professional fees				2,774			410			72,432			(88)			75,528
Communications				117			-			6,059			-			6,176
Business promotion				436			-			10,377			-			10,813
FDIC deposit insurance				-			-			6,398			-			6,398
Other real estate owned (OREO) expenses				-			-			23,069			-			23,069
Other operating expenses				(16,935)			109			34,819			(644)			17,349
Amortization of intangibles				-			-			2,104			-			2,104
Restructuring cost				-			-			10,753			-			10,753
	Total operating expenses			(1,633)			519			314,188			(732)			312,342
(Loss) income before income tax
	and equity in earnings of subsidiaries			(6,692)			(4,060)			117,677			(872)			106,053
Income tax expense				47			-			32,276			245			32,568
(Loss) income before equity in earnings of subsidiaries				(6,739)			(4,060)			85,401			(1,117)			73,485
Equity in undistributed earnings
	of subsidiaries			80,224			1,269			-			(81,493)			-
Income (loss) from continuing operations				73,485			(2,791)			85,401			(82,610)			73,485
Income from discontinued operations, net of tax				-			-			1,341			-			1,341
Equity in undistributed earnings of
	discontinued operations			1,341			1,341			-			(2,682)			-
Net Income (loss)			$	74,826		$	(1,450)		$	86,742		$	(85,292)		$	74,826
Comprehensive income, net of tax			$	110,298		$	11,841		$	122,078		$	(133,919)		$	110,298

Condensed Consolidating Statement of Cash Flows

						Quarter ended March 31,2016
										All other
						Popular, Inc.		PNA		subsidiaries		Elimination		Popular, Inc.
(In thousands)						Holding Co.		Holding Co.		and eliminations		entries		Consolidated
Cash flows from operating activities:
Net income					$	84,999	$	6,346	$	96,422	$	(102,768)	$	84,999
Adjustments to reconcile net income to net
	cash provided by (used in) operating activities:
	Equity in undistributed earnings of subsidiaries					(64,477)		(8,923)		-		73,400		-
	Provision (reversal) for loan losses					(34)		-		44,869		-		44,835
	Amortization of intangibles					-		-		3,114		-		3,114
	Depreciation and amortization of premises and
		equipment				177		-		11,530		-		11,707
	Net accretion of discounts and amortization
		of premiums and deferred fees				521		8		(11,687)		-		(11,158)
	Fair value adjustments on mortgage servicing rights					-		-		8,477		-		8,477
	FDIC loss-share income					-		-		3,146		-		3,146
	Adjustments (expense) to indemnity reserves on
		loans sold				-		-		4,098		-		4,098
	(Earnings) losses from investments under the
		equity method				(3,256)		1,303		(5,136)		-		(7,089)
	Deferred income tax expense (benefit)					3		(1,387)		24,389		213		23,218
	(Gain) loss on:
			Disposition of premises and equipment and other
				productive assets		-		-		(1,946)		-		(1,946)
			Sale of loans, including valuation adjustments on
				loans held for sale and mortgage banking activities		-		-		(7,101)		-		(7,101)
			Sale of foreclosed assets, including write-downs			-		-		2,802		-		2,802
	Acquisitions of loans held-for-sale					-		-		(66,451)		-		(66,451)
	Proceeds from sale of loans held-for-sale					-		-		22,253		-		22,253
	Net originations on loans held-for-sale					-		-		(110,528)		-		(110,528)
	Net (increase) decrease in:
			Trading securities			(101)		-		176,699		-		176,598
			Accrued income receivable			12		79		3,842		(7)		3,926
			Other assets			1		21		22,194		(1,220)		20,996
	Net (decrease) increase in:
			Interest payable			(7,875)		(2,685)		(1,708)		7		(12,261)
			Pension and other postretirement benefits
				obligations		-		-		1,536		-		1,536
			Other liabilities			(4,622)		(382)		(12,681)		675		(17,010)
Total adjustments						(79,651)		(11,966)		111,711		73,068		93,162
Net cash provided by (used in) operating activities						5,348		(5,620)		208,133		(29,700)		178,161
Cash flows from investing activities:
	Net decrease in money market investments					6,952		5,412		262,679		(12,411)		262,632
	Purchases of investment securities:
			Available-for-sale			-		-		(742,859)		-		(742,859)
			Other			-		-		(59,786)		-		(59,786)
	Proceeds from calls, paydowns, maturities and
		redemptions of investment securities:
			Available-for-sale			-		-		239,399		-		239,399
			Held-to-maturity			-		-		2,108		-		2,108
			Other			-		-		41,664		-		41,664
	Proceeds from sale of investment securities:
			Other			-		-		26,346		-		26,346
	Net repayments on loans					8		-		13,327		-		13,335
	Proceeds from sale of loans					-		-		1,128		-		1,128
	Acquisition of loan portfolios					-		-		(212,798)		-		(212,798)
	Net payments from FDIC under loss-sharing
		agreements				-		-		88,588		-		88,588
	Return of capital from equity method investments					-		206		-		-		206
	Acquisition of premises and equipment					(398)		-		(38,421)		-		(38,819)
	Proceeds from sale of:
			Premises and equipment and other productive assets			46		-		5,046		-		5,092
			Foreclosed assets			-		-		14,513		-		14,513
Net cash provided by (used in) investing activities						6,608		5,618		(359,066)		(12,411)		(359,251)
Cash flows from financing activities:
	Net increase (decrease) in:
			Deposits			-		-		302,718		15,832		318,550
			Federal funds purchased and assets sold
				under agreements to repurchase		-		-		(1,991)		-		(1,991)
			Other short-term borrowings			-		-		5,170		-		5,170
	Payments of notes payable					-		-		(108,452)		-		(108,452)
	Proceeds from issuance of notes payable					-		-		28,883		-		28,883
	Proceeds from issuance of common stock					2,109		-		-		-		2,109
	Dividends paid to parent company					-		-		(29,700)		29,700		-
	Dividends paid					(16,473)		-		-		-		(16,473)
	Net payments for repurchase of common stock					(757)		-		-		-		(757)
Net cash (used in) provided by financing activities						(15,121)		-		196,628		45,532		227,039
Net (decrease) increase in cash and due from banks						(3,165)		(2)		45,695		3,421		45,949
Cash and due from banks at beginning of period						24,298		600		363,620		(24,844)		363,674
Cash and due from banks at end of period					$	21,133	$	598	$	409,315	$	(21,423)	$	409,623
During the quarter ended March 31, 2016 there have not been any cash flows associated with discontinued operations.

Condensed Consolidating Statement of Cash Flows

						Quarter ended March 31,2015
										All other
						Popular, Inc.		PNA		subsidiaries		Elimination		Popular, Inc.
(In thousands)						Holding Co.		Holding Co.		and eliminations		entries		Consolidated
Cash flows from operating activities:
Net income (loss)					$	74,826	$	(1,450)	$	86,742	$	(85,292)	$	74,826
Adjustments to reconcile net income (loss) to net
		cash (used in) provided by operating activities:
	Equity in undistributed (earnings) losses of subsidiaries					(81,565)		(2,610)		-		84,175		-
	Provision for loan losses					-		-		40,035		-		40,035
	Amortization of intangibles					-		-		2,104		-		2,104
	Depreciation and amortization of premises and
		equipment				194		-		11,725		-		11,919
	Net accretion of discounts and amortization
		of premiums and deferred fees				-		-		(19,100)		-		(19,100)
	Fair value adjustments on mortgage servicing rights					-		-		4,929		-		4,929
	FDIC loss-share income					-		-		(4,139)		-		(4,139)
	Adjustments (expense) to indemnity reserves on
		loans sold				-		-		4,526		-		4,526
	Earnings from investments under the
		equity method				(2,968)		828		(161)		-		(2,301)
	Deferred income tax expense					-		-		23,135		245		23,380
	(Gain) loss on:
			Disposition of premises and equipment			-		-		(978)		-		(978)
			Sale of loans, including valuation adjustments on
				loans held for sale and mortgage banking activities		-		-		(7,222)		-		(7,222)
			Sale of foreclosed assets, including write-downs			-		-		14,851		-		14,851
	Acquisitions of loans held-for-sale					-		-		(121,929)		-		(121,929)
	Proceeds from sale of loans held-for-sale					-		-		27,547		-		27,547
	Net originations on loans held-for-sale					-		-		(179,604)		-		(179,604)
	Net (increase) decrease in:
			Trading securities			(126)		-		178,068		-		177,942
			Accrued income receivable			(56)		81		(94)		56		(13)
			Other assets			3,716		28		(27,900)		(3,871)		(28,027)
	Net (decrease) increase in:
			Interest payable			(7,875)		(2,629)		344		(56)		(10,216)
			Pension and other postretirement benefits
				obligations		-		-		1,019		-		1,019
			Other liabilities			(12,816)		(7)		(9,797)		3,243		(19,377)
Total adjustments						(101,496)		(4,309)		(62,641)		83,792		(84,654)
Net cash (used in) provided by operating activities						(26,670)		(5,759)		24,101		(1,500)		(9,828)
Cash flows from investing activities:
	Net (increase) decrease in money market investments					(38)		(1,457)		(484,791)		1,457		(484,829)
	Purchases of investment securities:
			Available-for-sale			-		-		(411,189)		-		(411,189)
			Held-to-maturity			-		-		(250)		-		(250)
			Other			-		-		(2,520)		-		(2,520)
	Proceeds from calls, paydowns, maturities and
		redemptions of investment securities:
			Available-for-sale			-		-		385,672		-		385,672
			Held-to-maturity			-		-		2,231		-		2,231
			Other			-		-		30,785		-		30,785
	Proceeds from sale of investment securities:
			Other			-		-		1,388		-		1,388
	Net repayments on loans					10,392		-		154,788		(10,386)		154,794
	Proceeds from sale of loans					-		-		19,127		-		19,127
	Acquisition of loan portfolios					-		-		(49,510)		-		(49,510)
	Net payments from FDIC under loss-sharing
		agreements				-		-		132,265		-		132,265
	Net cash received and acquired from business combination					-		-		711,051		-		711,051
	Mortgage servicing rights purchased					-		-		(2,400)		-		(2,400)
	Acquisition of premises and equipment					(242)		-		(9,989)		-		(10,231)
	Proceeds from sale of:
			Premises and equipment			3		-		3,090		-		3,093
			Foreclosed assets			-		-		40,161		-		40,161
Net cash provided by (used in) investing activities						10,115		(1,457)		519,909		(8,929)		519,638
Cash flows from financing activities:
	Net increase (decrease) in:
			Deposits			-		-		250,582		15,324		265,906
			Federal funds purchased and assets sold
				under agreements to repurchase		-		-		(139,013)		-		(139,013)
			Other short-term borrowings			-		7,214		(165,815)		10,386		(148,215)
	Payments of notes payable					-		-		(419,487)		-		(419,487)
	Proceeds from issuance of notes payable					-		-		46,000		-		46,000
	Proceeds from issuance of common stock					1,405		-		-		-		1,405
	Dividends paid to parent company					-		-		(1,500)		1,500		-
	Dividends paid					(620)		-		-		-		(620)
	Net payments for repurchase of common stock					(1,105)		-		-		-		(1,105)
Net cash (used in) provided by financing activities						(320)		7,214		(429,233)		27,210		(395,129)
Net (decrease) increase in cash and due from banks						(16,875)		(2)		114,777		16,781		114,681
Cash and due from banks at beginning of period						20,448		608		380,890		(20,851)		381,095
Cash and due from banks at end of period					$	3,573	$	606	$	495,667	$	(4,070)	$	495,776
The Condensed Consolidating Statements of Cash Flows include the cash flows from operating, investing and financing activities associated with discontinued operations.