Popular, Inc. (Holding only) (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Balance Sheet

Condensed Consolidating Statement of Financial Condition

			At December 31, 2019
								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				$	55,956	$	-	$	388,363	$	(56,008)	$	388,311
Money market investments					221,598		16,029		3,261,688		(237,029)		3,262,286
Trading account debt securities, at fair value					-		-		40,321		-		40,321
Debt securities available-for-sale, at fair value					-		-		17,648,473		-		17,648,473
Debt securities held-to-maturity, at amortized cost					8,726		2,835		86,101		-		97,662
Equity securities					10,744		20		149,322		(199)		159,887
Investment in subsidiaries					6,243,065		1,806,583		-		(8,049,648)		-
Loans held-for-sale, at lower of cost or fair value					-		-		59,203		-		59,203
Loans held-in-portfolio					32,027		-		27,549,874		5,955		27,587,856
	Less - Unearned income				-		-		180,983		-		180,983
		Allowance for loan losses			410		-		477,298		-		477,708
	Total loans held-in-portfolio, net				31,617		-		26,891,593		5,955		26,929,165
Premises and equipment, net					3,893		-		552,757		-		556,650
Other real estate					146		-		121,926		-		122,072
Accrued income receivable					382		108		180,630		(249)		180,871
Mortgage servicing assets, at fair value					-		-		150,906		-		150,906
Other assets					93,835		21,324		1,722,839		(18,383)		1,819,615
Goodwill					-		-		671,123		(1)		671,122
Other intangible assets					6,463		-		22,317		-		28,780
Total assets				$	6,676,425	$	1,846,899	$	51,947,562	$	(8,355,562)	$	52,115,324
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing			$	-	$	-	$	9,216,181	$	(56,008)	$	9,160,173
	Interest bearing				-		-		34,835,462		(237,029)		34,598,433
		Total deposits			-		-		44,051,643		(293,037)		43,758,606
Assets sold under agreements to repurchase					-		-		193,378		-		193,378
Notes payable					586,119		94,090		421,399		-		1,101,608
Other liabilities					73,596		3,200		986,865		(18,708)		1,044,953
Total liabilities					659,715		97,290		45,653,285		(311,745)		46,098,545
Stockholders' equity:
Preferred stock					50,160		-		-		-		50,160
Common stock					1,044		2		56,307		(56,309)		1,044
Surplus					4,438,706		4,173,169		5,847,389		(10,011,852)		4,447,412
Retained earnings (accumulated deficit)					2,156,442		(2,425,429)		555,398		1,861,504		2,147,915
Treasury stock, at cost					(459,704)		-		-		(110)		(459,814)
Accumulated other comprehensive (loss) income, net of tax					(169,938)		1,867		(164,817)		162,950		(169,938)
Total stockholders' equity					6,016,710		1,749,609		6,294,277		(8,043,817)		6,016,779
Total liabilities and stockholders' equity				$	6,676,425	$	1,846,899	$	51,947,562	$	(8,355,562)	$	52,115,324

Condensed Consolidating Statement of Financial Condition
			At December 31, 2018
								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				$	68,022	$	-	$	394,035	$	(68,022)	$	394,035
Money market investments					176,256		15,288		4,170,792		(191,288)		4,171,048
Trading account debt securities, at fair value					-		-		37,787		-		37,787
Debt securities available-for-sale, at fair value					-		-		13,300,184		-		13,300,184
Debt securities held-to-maturity, at amortized cost					8,726		2,835		90,014		-		101,575
Equity securities					6,693		20		149,012		(141)		155,584
Investment in subsidiaries					5,704,119		1,700,082		-		(7,404,201)		-
Loans held-for-sale, at lower of cost or fair value					-		-		51,422		-		51,422
Loans held-in-portfolio					32,678		-		26,625,080		5,955		26,663,713
	Less - Unearned income				-		-		155,824		-		155,824
		Allowance for loan losses			155		-		569,193		-		569,348
	Total loans held-in-portfolio, net				32,523		-		25,900,063		5,955		25,938,541
Premises and equipment, net					3,394		-		566,414		-		569,808
Other real estate					146		-		136,559		-		136,705
Accrued income receivable					284		116		165,767		(145)		166,022
Mortgage servicing assets, at fair value					-		-		169,777		-		169,777
Other assets					76,073		27,639		1,626,119		(15,697)		1,714,134
Goodwill					-		-		671,123		(1)		671,122
Other intangible assets					6,559		-		20,274		-		26,833
Total assets				$	6,082,795	$	1,745,980	$	47,449,342	$	(7,673,540)	$	47,604,577
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing			$	-	$	-	$	9,217,058	$	(68,022)	$	9,149,036
	Interest bearing				-		-		30,752,291		(191,288)		30,561,003
		Total deposits			-		-		39,969,349		(259,310)		39,710,039
Assets sold under agreements to repurchase					-		-		281,529		-		281,529
Other short-term borrowings					-		-		42		-		42
Notes payable					584,851		94,063		577,188		-		1,256,102
Other liabilities					62,799		3,287		871,733		(16,011)		921,808
Total liabilities					647,650		97,350		41,699,841		(275,321)		42,169,520
Stockholders' equity:
Preferred stock					50,160		-		-		-		50,160
Common stock					1,043		2		56,307		(56,309)		1,043
Surplus					4,357,079		4,172,983		5,790,324		(9,954,780)		4,365,606
Retained earnings (accumulated deficit)					1,660,258		(2,479,503)		327,713		2,143,263		1,651,731
Treasury stock, at cost					(205,421)		-		-		(88)		(205,509)
Accumulated other comprehensive loss, net of tax					(427,974)		(44,852)		(424,843)		469,695		(427,974)
Total stockholders' equity					5,435,145		1,648,630		5,749,501		(7,398,219)		5,435,057
Total liabilities and stockholders' equity				$	6,082,795	$	1,745,980	$	47,449,342	$	(7,673,540)	$	47,604,577

Condensed Income Statement

Condensed Consolidating Statement of Operations

			Year ended December 31, 2019
							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	$	408,000		$	-		$	-		$	(408,000)		$	-
	Loans		2,231			-			1,800,737			-			1,802,968
	Money market investments		3,670			211			89,824			(3,882)			89,823
	Investment securities		768			186			367,048			-			368,002
	Total interest and dividend income		414,669			397			2,257,609			(411,882)			2,260,793
Interest expense:
	Deposits		-			-			308,740			(3,882)			304,858
	Short-term borrowings		-			-			6,100			-			6,100
	Long-term debt		38,528			6,229			13,384			-			58,141
	Total interest expense		38,528			6,229			328,224			(3,882)			369,099
Net interest income (expense)			376,141			(5,832)			1,929,385			(408,000)			1,891,694
Provision for loan losses			256			-			165,523			-			165,779
Net interest income (expense) after provision for loan losses			375,885			(5,832)			1,763,862			(408,000)			1,725,915
Service charges on deposit accounts			-			-			160,933			-			160,933
Other service fees			1			-			288,471			(3,266)			285,206
Mortgage banking activities			-			-			32,093			-			32,093
Net loss on sale of debt securities			-			-			(20)			-			(20)
Net gain, including impairment on equity securities			988			-			1,555			(37)			2,506
Net gain on trading account debt securities			-			-			994			-			994
Indemnity reserves on loans sold expense			-			-			(343)			-			(343)
Other operating income (expense)			17,279			(984)			72,272			(53)			88,514
	Total non-interest income (expense)		18,268			(984)			555,955			(3,356)			569,883
Operating expenses:
Personnel costs			63,258			-			527,367			-			590,625
Net occupancy expenses			4,297			-			92,084			(42)			96,339
Equipment expenses			3,525			4			80,686			-			84,215
Other taxes			248			1			51,404			-			51,653
Professional fees			21,323			113			363,479			(504)			384,411
Communications			616			-			22,834			-			23,450
Business promotion			3,918			-			71,454			-			75,372
FDIC deposit insurance			-			-			18,179			-			18,179
Other real estate owned (OREO) expenses			-			-			4,298			-			4,298
Other operating expenses			(97,201)			56			239,309			(2,594)			139,570
Amortization of intangibles			96			-			9,274			-			9,370
	Total operating expenses		80			174			1,480,368			(3,140)			1,477,482
Income (loss) before income tax and equity in earnings of subsidiaries			394,073			(6,990)			839,449			(408,216)			818,316
Income tax (benefit) expense			-			(1,468)			148,735			(86)			147,181

Income (loss) before equity in earnings of subsidiaries		394,073		(5,522)		690,714		(408,130)		671,135
Equity in undistributed earnings of subsidiaries		277,062		54,773		-		(331,835)		-
Net income	$	671,135	$	49,251	$	690,714	$	(739,965)	$	671,135
Comprehensive income, net of tax	$	929,171	$	95,970	$	950,740	$	(1,046,710)	$	929,171

Condensed Consolidating Statement of Operations
			Year ended December 31, 2018
							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	$	453,200		$	-		$	-		$	(453,200)		$	-
	Loans		2,115			-			1,643,670			(49)			1,645,736
	Money market investments		5,555			69			111,287			(5,623)			111,288
	Investment securities		696			279			263,849			-			264,824
	Total interest and dividend income		461,566			348			2,018,806			(458,872)			2,021,848
Interest expense:
	Deposits		-			-			209,888			(5,623)			204,265
	Short-term borrowings		-			49			7,210			(49)			7,210
	Long-term debt		51,218			9,330			14,948			-			75,496
	Total interest expense		51,218			9,379			232,046			(5,672)			286,971
Net interest income (expense)			410,348			(9,031)			1,786,760			(453,200)			1,734,877
Provision (reversal) for loan losses- non-covered loans			(251)			-			226,593			-			226,342
Provision for loan losses- covered loans			-			-			1,730			-			1,730
Net interest income (expense) after provision (reversal) for loan losses			410,599			(9,031)			1,558,437			(453,200)			1,506,805
Service charges on deposit accounts			-			-			150,677			-			150,677
Other service fees			-			-			260,730			(2,710)			258,020
Mortgage banking activities			-			-			52,802			-			52,802
Net loss, including impairment on equity securities			(777)			-			(1,268)			(36)			(2,081)
Net loss on trading account debt securities			-			-			(208)			-			(208)
Net gain on sale of loans, including valuation adjustments on loans held-for-sale			-			-			33			-			33
Indemnity reserves on loans sold expense			-			-			(12,959)			-			(12,959)
FDIC loss-share income			-			-			94,725			-			94,725
Other operating income			15,751			737			95,037			(40)			111,485
	Total non-interest income		14,974			737			639,569			(2,786)			652,494
Operating expenses:
Personnel costs			59,821			-			503,167			-			562,988
Net occupancy expenses			4,055			-			84,274			-			88,329
Equipment expenses			3,433			3			68,352			-			71,788
Other taxes			233			1			46,050			-			46,284
Professional fees			18,159			178			331,978			(471)			349,844
Communications			485			-			22,622			-			23,107
Business promotion			2,236			-			63,682			-			65,918
FDIC deposit insurance			-			-			27,757			-			27,757
Loss on early extinguishment of debt			12,522			-			-			-			12,522
Other real estate owned (OREO) expenses			-			-			23,338			-			23,338
Other operating expenses			(84,807)			80			227,463			(2,375)			140,361
Amortization of intangibles			41			-			9,285			-			9,326
	Total operating expenses		16,178			262			1,407,968			(2,846)			1,421,562
Income (loss) before income tax and equity in earnings of subsidiaries			409,395			(8,556)			790,038			(453,140)			737,737
Income tax expense			-			3,267			116,275			37			119,579

Income (loss) before equity in earnings of subsidiaries		409,395		(11,823)		673,763		(453,177)		618,158
Equity in undistributed earnings of subsidiaries		208,763		69,027		-		(277,790)		-
Net income	$	618,158	$	57,204	$	673,763	$	(730,967)	$	618,158
Comprehensive income, net of tax	$	540,836	$	41,838	$	597,768	$	(639,606)	$	540,836

Condensed Consolidating Statement of Operations
			Year ended December 31, 2017
							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	$	211,500		$	-		$	-		$	(211,500)		$	-
	Loans		1,056			-			1,477,713			(4)			1,478,765
	Money market investments		2,616			54			51,495			(2,670)			51,495
	Investment securities		566			322			194,796			-			195,684
	Total interest and dividend income		215,738			376			1,724,004			(214,174)			1,725,944
Interest Expense:
	Deposits		-			-			144,534			(2,670)			141,864
	Short-term borrowings		-			-			5,728			(4)			5,724
	Long-term debt		52,470			10,767			13,155			-			76,392
	Total interest expense		52,470			10,767			163,417			(2,674)			223,980
Net interest income (expense)			163,268			(10,391)			1,560,587			(211,500)			1,501,964
Provision for loan losses- non-covered loans			403			-			325,234			(5,955)			319,682
Provision for loan losses- covered loans			-			-			5,742			-			5,742
Net interest income (expense) after provision for loan losses			162,865			(10,391)			1,229,611			(205,545)			1,176,540
Service charges on deposit accounts			-			-			153,709			-			153,709
Other service fees			-			-			220,073			(2,806)			217,267
Mortgage banking activities			-			-			25,496			-			25,496
Net gain on sale of debt securities			-			-			83			-			83
Other-than-temporary impairment losses on debt securities			-			-			(8,299)			-			(8,299)
Net gain on equity securities			-			-			251			-			251
Net profit (loss) on trading account debt securities			266			-			(1,110)			27			(817)
Net loss on sale of loans, including valuation adjustments on loans held-for-sale			-			-			(420)			-			(420)
Indemnity reserves on loans sold expense			-			-			(22,377)			-			(22,377)
FDIC loss-share expense			-			-			(10,066)			-			(10,066)
Other operating income			11,847			921			51,598			(26)			64,340
	Total non-interest income		12,113			921			408,938			(2,805)			419,167
Operating expenses:
Personnel costs			47,561			-			429,201			-			476,762
Net occupancy expenses			3,876			-			85,318			-			89,194
Equipment expenses			2,925			2			62,215			-			65,142
Other taxes			217			-			43,165			-			43,382
Professional fees			11,766			(427)			281,585			(436)			292,488
Communications			549			-			21,917			-			22,466
Business promotion			2,014			-			56,431			-			58,445
FDIC deposit insurance			-			-			26,392			-			26,392
Other real estate owned (OREO) expenses			42			-			48,498			-			48,540
Other operating expenses			(70,723)			51			197,935			(2,256)			125,007
Amortization of intangibles			-			-			9,378			-			9,378
	Total operating expenses		(1,773)			(374)			1,262,035			(2,692)			1,257,196
Income (loss) before income tax and equity in earnings of subsidiaries			176,751			(9,096)			376,514			(205,658)			338,511
Income tax (benefit) expense			-			(8,382)			236,944			2,268			230,830

Income (loss) before equity in earnings of subsidiaries		176,751			(714)		139,570		(207,926)		107,681
Equity in undistributed earnings of subsidiaries		(69,070)			(153,944)		-		223,014		-
Net Income (loss)	$	107,681		$	(154,658)	$	139,570	$	15,088	$	107,681
Comprehensive income (loss), net of tax	$	77,315	$		(162,195)	$	108,663	$	53,532	$	77,315

Condensed Cash Flow Statement

Condensed Consolidating Statement of Cash Flows

				Year ended December 31, 2019
								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			$	671,135	$	49,251	$	690,714	$	(739,965)	$	671,135
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			(277,062)		(54,773)		-		331,835		-
	Provision for loan losses			256		-		165,523		-		165,779
	Amortization of intangibles			96		-		9,274		-		9,370
	Depreciation and amortization of premises and equipment			746		-		57,321		-		58,067
	Net accretion of discounts and amortization of premiums and deferred fees			1,240		27		(159,337)		-		(158,070)
	Share-based compensation			7,927		-		4,376		-		12,303
	Impairment losses on long-lived assets			-		-		2,591		-		2,591
	Fair value adjustments on mortgage servicing rights			-		-		27,771		-		27,771
	Indemnity reserves on loans sold expense			-		-		343		-		343
	(Earnings) losses from investments under the equity method, net of dividends or distributions			(14,948)		984		(14,047)		-		(28,011)
	Deferred income tax (benefit) expense			-		(1,468)		142,886		(86)		141,332
	Loss (gain) on:
		Disposition of premises and equipment and other productive assets		41		-		(6,707)		-		(6,666)
		Proceeds from insurance claims		-		-		(1,205)		-		(1,205)
		Sale of debt securities		-		-		20		-		20
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(15,888)		-		(15,888)
		Sale of foreclosed assets, including write-downs		-		-		(21,982)		-		(21,982)
	Acquisitions of loans held-for-sale			-		-		(223,939)		-		(223,939)
	Proceeds from sale of loans held-for-sale			-		-		71,075		-		71,075
	Net originations on loans held-for-sale			-		-		(289,430)		-		(289,430)
	Net decrease (increase) in:
		Trading debt securities		-		-		460,969		-		460,969
		Equity securities		(4,051)		-		(3,981)		-		(8,032)
		Accrued income receivable		(98)		8		(8,383)		104		(8,369)
		Other assets		445		2,571		(43,636)		2,773		(37,847)
	Net (decrease) increase in:
		Interest payable		-		-		(180)		(104)		(284)
		Pension and other postretirement benefits obligations		-		-		778		-		778
		Other liabilities		2,508		(87)		(116,270)		(2,594)		(116,443)
Total adjustments				(282,900)		(52,738)		37,942		331,928		34,232
Net cash provided by (used in) operating activities				388,235		(3,487)		728,656		(408,037)		705,367
Cash flows from investing activities:
	Net (increase) decrease in money market investments			(45,000)		(741)		905,558		45,741		905,558
	Purchases of investment securities:
		Available-for-sale		-		-		(18,733,295)		-		(18,733,295)
		Equity		-		-		(16,359)		59		(16,300)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		14,650,440		-		14,650,440
		Held-to-maturity		-		-		5,913		-		5,913
	Proceeds from sale of investment securities:
		Available for sale		-		-		99,445		-		99,445
		Equity		-		-		20,030		-		20,030
	Net repayments (disbursements) on loans			677		-		(641,706)		-		(641,029)
	Proceeds from sale of loans			-		-		110,534		-		110,534
	Acquisition of loan portfolios			-		-		(619,737)		-		(619,737)
	Payments to acquire other intangible			-		-		(10,382)		-		(10,382)
	Return of capital from equity method investments			-		4,228		2,714		-		6,942
	Capital contribution to subsidiary			(9,000)		-		-		9,000		-
	Return of capital from wholly-owned subsidiaries			13,000		-		-		(13,000)		-
	Acquisition of premises and equipment			(1,289)		-		(74,376)		-		(75,665)
	Proceeds from insurance claims			-		-		1,205		-		1,205

	Proceeds from sale of:
		Premises and equipment and other productive assets		3		-		18,605		-		18,608
		Foreclosed assets		-		-		107,881		-		107,881
Net cash (used in) provided by investing activities				(41,609)		3,487		(4,173,530)		41,800		(4,169,852)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		4,077,682		(33,727)		4,043,955
		Assets sold under agreements to repurchase		-		-		(88,151)		-		(88,151)
		Other short-term borrowings		-		-		(41)		-		(41)
	Payments of notes payable			-		-		(210,377)		-		(210,377)
	Principal payments of finance leases			-		-		(1,726)		-		(1,726)
	Proceeds from issuance of notes payable			-		-		75,000		-		75,000
	Proceeds from issuance of common stock			13,451		-		(4,732)		-		8,719
	Dividends paid to parent company			-		-		(408,000)		408,000		-
	Dividends paid			(115,810)		-		-		-		(115,810)
	Net payments for repurchase of common stock			(250,571)		-		12		(22)		(250,581)
	Return of capital to parent company			-		-		(13,000)		13,000		-
	Capital contribution from parent			-		-		9,000		(9,000)		-
	Payments related to tax withholding for share-based compensation			(5,420)		-		(11)		-		(5,431)
Net cash (used in) provided by financing activities				(358,350)		-		3,435,656		378,251		3,455,557
Net decrease in cash and due from banks, and restricted cash				(11,724)		-		(9,218)		12,014		(8,928)
Cash and due from banks, and restricted cash at beginning of period				68,278		-		402,995		(68,022)		403,251
Cash and due from banks, and restricted cash at end of period			$	56,554	$	-	$	393,777	$	(56,008)	$	394,323

Condensed Consolidating Statement of Cash Flows

				Year ended December 31, 2018
								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			$	618,158	$	57,204	$	673,763	$	(730,967)	$	618,158
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			(208,763)		(69,027)		-		277,790		-
	Provision (reversal) for loan losses			(251)		-		228,323		-		228,072
	Amortization of intangibles			41		-		9,285		-		9,326
	Depreciation and amortization of premises and equipment			743		-		52,557		-		53,300
	Net accretion of discounts and amortization of premiums and deferred fees			2,022		27		(89,203)		-		(87,154)
	Share-based compensation			7,441		-		3,080		-		10,521
	Impairment losses on long-lived assets			-		-		272		-		272
	Fair value adjustments on mortgage servicing rights			-		-		8,477		-		8,477
	FDIC loss-share income			-		-		(94,725)		-		(94,725)
	Adjustments to indemnity reserves on loans sold			-		-		12,959		-		12,959
	Earnings from investments under the equity method, net of dividends or distributions			(14,333)		(737)		(9,147)		-		(24,217)
	Deferred income tax expense (benefit)			-		1,531		(13,888)		37		(12,320)
	Loss (gain) on:
		Disposition of premises and equipment and other productive assets		22		-		15,962		-		15,984
		Proceeds from insurance claims		-		-		(20,147)		-		(20,147)
		Early extinguishment of debt		12,522		-		-		-		12,522
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(9,681)		-		(9,681)
		Sale of foreclosed assets, including write-downs		-		-		6,833		-		6,833
	Acquisitions of loans held-for-sale			-		-		(232,264)		-		(232,264)
	Proceeds from sale of loans held-for-sale			-		-		66,687		-		66,687
	Net originations on loans held-for-sale			-		-		(254,582)		-		(254,582)
	Net decrease (increase) in:
		Trading debt securities		-		-		458,548		(101)		458,447
		Equity securities		(1,583)		-		(39)		-		(1,622)
		Accrued income receivable		85		(4)		49,273		(66)		49,288
		Other assets		(506)		(83)		264,482		948		264,841
	Net (decrease) increase in:
		Interest payable		(10,288)		(1,891)		2,327		66		(9,786)
		Pension and other postretirement benefits obligations		-		-		4,558		-		4,558
		Other liabilities		8,059		(99)		(233,160)		(1,044)		(226,244)
Total adjustments				(204,789)		(70,283)		226,787		277,630		229,345
Net cash provided by (used in) operating activities				413,369		(13,079)		900,550		(453,337)		847,503
Cash flows from investing activities:
	Net decrease (increase) in money market investments			70,000		(12,481)		1,083,515		(57,519)		1,083,515
	Purchases of investment securities:
		Available-for-sale		-		-		(10,050,165)		-		(10,050,165)
		Equity		-		-		(13,208)		140		(13,068)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		6,946,209		-		6,946,209
		Held-to-maturity		-		1,637		5,643		-		7,280
	Proceeds from sale of investment securities:
		Equity		-		-		24,209		-		24,209
	Net repayments (disbursements) on loans			536		-		(7,201)		-		(6,665)
	Proceeds from sale of loans			-		-		29,669		-		29,669
	Acquisition of loan portfolios			-		-		(601,550)		-		(601,550)
	Net payments (to) from FDIC under loss-sharing agreements			-		-		(25,012)		-		(25,012)
	Payments to acquire businesses, net of cash acquired			-		-		(1,843,333)		-		(1,843,333)
	Return of capital from equity method investments			-		5,963		(1,873)		-		4,090
	Capital contribution to subsidiary			(87,000)		-		-		87,000		-
	Return of capital from wholly-owned subsidiaries			13,000		-		-		(13,000)		-

	Acquisition of premises and equipment			(1,099)		-		(79,450)		-		(80,549)
	Proceeds from insurance claims			-		-		20,147		-		20,147
	Proceeds from sale of:
		Premises and equipment and other productive assets		293		-		8,892		-		9,185
		Foreclosed assets		-		-		105,371		-		105,371
Net cash used in investing activities				(4,270)		(4,881)		(4,398,137)		16,621		(4,390,667)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		4,221,975		37,676		4,259,651
		Assets sold under agreements to repurchase		-		-		(109,391)		-		(109,391)
		Other short-term borrowings		-		-		(96,167)		-		(96,167)
	Payments of notes payable			(448,518)		(54,502)		(252,946)		-		(755,966)
	Payments of debt extinguishment			(12,522)		-		-		-		(12,522)
	Proceeds from issuance of notes payable			293,819		-		180,000		-		473,819
	Proceeds from issuance of common stock			11,653		-		(4,385)		-		7,268
	Dividends paid to parent company			-		-		(453,200)		453,200		-
	Dividends paid			(105,441)		-		-		-		(105,441)
	Net payments for repurchase of common stock			(125,731)		-		471		(4)		(125,264)
	Return of capital to parent company			-		-		(13,000)		13,000		-
	Capital contribution from parent			-		72,000		15,000		(87,000)		-
	Payments related to tax withholding for share-based compensation			(2,201)		-		-		-		(2,201)
Net cash (used in) provided by financing activities				(388,941)		17,498		3,488,357		416,872		3,533,786
Net increase (decrease) in cash and due from banks, and restricted cash				20,158		(462)		(9,230)		(19,844)		(9,378)
Cash and due from banks, and restricted cash at beginning of period				48,120		462		412,225		(48,178)		412,629
Cash and due from banks, and restricted cash at end of period			$	68,278	$	-	$	402,995	$	(68,022)	$	403,251

Condensed Consolidating Statement of Cash Flows

				Year ended December 31, 2017
								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)			$	107,681	$	(154,658)	$	139,570	$	15,088	$	107,681
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			69,070		153,944		-		(223,014)		-
	Provision for loan losses			403		-		325,021		-		325,424
	Amortization of intangibles			-		-		9,378		-		9,378
	Depreciation and amortization of premises and equipment			649		-		47,715		-		48,364
	Net accretion of discounts and amortization of premiums and deferred fees			2,086		27		(24,423)		-		(22,310)
	Impairment losses on long-lived assets			-		-		4,784		-		4,784
	Other-than-temporary impairment on debt securities			-		-		8,299		-		8,299
	Fair value adjustments on mortgage servicing rights			-		-		36,519		-		36,519
	FDIC loss-share expense			-		-		10,066		-		10,066
	Adjustments to indemnity reserves on loans sold			-		-		22,377		-		22,377
	Earnings from investments under the equity method, net of dividends or distributions			(7,765)		(921)		(9,561)		-		(18,247)
	Deferred income tax (benefit) expense			-		(8,382)		215,864		(54)		207,428
	(Gain) loss on:
		Disposition of premises and equipment and other productive assets		(8)		-		4,289		-		4,281
		Sale and valuation adjustments of debt securities		-		-		(83)		-		(83)
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(16,670)		-		(16,670)
		Sale of foreclosed assets, including write-downs		42		-		21,673		-		21,715
	Acquisitions of loans held-for-sale			-		-		(244,385)		-		(244,385)
	Proceeds from sale of loans held-for-sale			-		-		69,464		-		69,464
	Net originations on loans held-for-sale			-		-		(315,522)		-		(315,522)
	Net decrease (increase) in:
		Trading debt securities		-		-		503,108		-		503,108
		Equity securities		(1,346)		-		108		(31)		(1,269)
		Accrued income receivable		(748)		26		(75,201)		121		(75,802)
		Other assets		8,761		-		(76,727)		2,122		(65,844)
	Net increase (decrease) in:
		Interest payable		-		-		2,670		(121)		2,549
		Pension and other postretirement benefits obligations		-		-		(13,100)		-		(13,100)
		Other liabilities		3,230		(758)		25,466		341		28,279
Total adjustments				74,374		143,936		531,129		(220,636)		528,803
Net cash provided by (used in) operating activities				182,055		(10,722)		670,699		(205,548)		636,484
Cash flows from investing activities:
	Net decrease (increase) in money market investments			6,000		10,455		(2,365,132)		(18,255)		(2,366,932)
	Purchases of investment securities:
		Available-for-sale		-		-		(4,139,650)		-		(4,139,650)
		Equity		-		-		(29,672)		-		(29,672)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		2,023,295		-		2,023,295
		Held-to-maturity		-		-		6,232		-		6,232
	Proceeds from sale of investment securities:
		Available-for-sale		-		-		14,423		-		14,423
		Equity		-		-		30,250		-		30,250
	Net repayments (disbursements) on loans			181		-		(398,857)		-		(398,676)
	Proceeds from sale of loans			-		-		38,279		(37,864)		415
	Acquisition of loan portfolios			(31,909)		-		(541,489)		37,864		(535,534)
	Acquisition of trademark			(5,560)		-		5,560		-		-
	Net payments (to) from FDIC under loss-sharing agreements			-		-		(7,679)		-		(7,679)
	Return of capital from equity method investments			-		138		8,056		-		8,194
	Capital contribution to subsidiary			(5,955)		-		5,955		-		-
	Return of capital from wholly-owned subsidiaries			22,400		10,400		-		(32,800)		-

	Acquisition of premises and equipment			(965)		-		(61,732)		-		(62,697)
	Proceeds from sale of:
		Premises and equipment and other productive assets		23		-		9,730		-		9,753
		Foreclosed assets		38		-		96,502		-		96,540
Net cash (used in) provided by investing activities				(15,747)		20,993		(5,305,929)		(51,055)		(5,351,738)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		4,935,948		18,157		4,954,105
		Assets sold under agreements to repurchase		-		-		(88,505)		-		(88,505)
		Other short-term borrowings		-		-		95,008		-		95,008
	Payments of notes payable			-		-		(95,607)		-		(95,607)
	Proceeds from issuance of notes payable			-		-		55,000		-		55,000
	Proceeds from issuance of common stock			7,016		-		-		-		7,016
	Dividends paid to parent company			-		-		(211,500)		211,500		-
	Dividends paid			(95,910)		-		-		-		(95,910)
	Net payments for repurchase of common stock			(75,668)		-		-		4		(75,664)
	Return of capital to parent company			-		(10,400)		(22,400)		32,800		-
	Capital contribution from parent			-		-		5,955		(5,955)		-
	Payments related to tax withholding for share-based compensation			(1,756)		-		-		-		(1,756)
Net cash (used in) provided by financing activities				(166,318)		(10,400)		4,673,899		256,506		4,753,687
Net (decrease) increase in cash and due from banks, and restricted cash				(10)		(129)		38,669		(97)		38,433
Cash and due from banks, and restricted cash at beginning of period				48,130		591		373,556		(48,081)		374,196
Cash and due from banks, and restricted cash at end of period			$	48,120	$	462	$	412,225	$	(48,178)	$	412,629

Popular, Inc. Holding Co.

Condensed Balance Sheet

Condensed Statements of Condition
			December 31,
(In thousands)			2019		2018
ASSETS
Cash and due from banks (includes $56,008 due from bank subsidiary (2018 - $68,022))		$	55,956	$	68,022
Money market investments			221,598		176,256
Debt securities held-to-maturity, at amortized cost (includes $8,726 in common securities from statutory trusts (2018 - $8,726))			8,726		8,726
Equity securities, at lower of cost or realizable value[1]			10,744		6,693
Investment in BPPR and subsidiaries, at equity			4,233,046		3,813,640
Investment in Popular North America and subsidiaries, at equity			1,749,518		1,648,577
Investment in other non-bank subsidiaries, at equity			260,501		241,902
Other loans			32,027		32,678
	Less - Allowance for loan losses		410		155
Premises and equipment			3,893		3,394
Investment in equity method investees			75,739		62,781
Other assets (includes $4,353 due from subsidiaries and affiliate (2018 - $1,355))			25,087		20,281
Total assets		$	6,676,425	$	6,082,795
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable		$	586,119	$	584,851
Other liabilities (includes $2,109 due to subsidiaries and affiliate (2018 - $3,110))			73,596		62,799
Stockholders’ equity			6,016,710		5,435,145
Total liabilities and stockholders’ equity		$	6,676,425	$	6,082,795
[1] Refer to Note 20 to the consolidated financial statements for information on the statutory trusts.

Condensed Income Statement

Condensed Statements of Operations
			Years ended December 31,
(In thousands)			2019		2018		2017
Income:
	Dividends from subsidiaries	$	408,000	$	453,200	$	211,500
	Interest income (includes $4,237 due from subsidiaries and affiliates (2018 - $6,121; 2017 - $3,183))		6,669		8,366		4,238
	Earnings from investments in equity method investees		17,279		15,498		11,761
	Other operating income		1		253		86
	Net gain (loss), including impairment, on equity securities		988		(777)		-
	Net gain on trading account debt securities		-		-		266
Total income			432,937		476,540		227,851
Expenses:
	Interest expense		38,528		51,218		52,470
	Provision (reversal) for loan losses		256		(251)		403
	Loss on early extinguishment of debt		-		12,522		-
	Operating expenses (includes expenses for services provided by subsidiaries and affiliate of $14,400 (2018 - $10,511 ; 2017 - $8,225)), net of reimbursement by subsidiaries for services provided by parent of $106,725 (2018 - $90,807 ; 2017 - $76,720)		80		3,656		(1,773)
Total expenses			38,864		67,145		51,100
Income before equity in undistributed earnings of subsidiaries			394,073		409,395		176,751
Equity in undistributed earnings (losses) of subsidiaries			277,062		208,763		(69,070)
Net income		$	671,135	$	618,158	$	107,681
Comprehensive income, net of tax		$	929,171	$	540,836	$	77,315

Condensed Cash Flow Statement

Condensed Statements of Cash Flows
				Years ended December 31,
(In thousands)				2019		2018		2017
Cash flows from operating activities:
Net income			$	671,135	$	618,158	$	107,681
Adjustments to reconcile net income to net cash provided by operating activities:
	Equity in (earnings) losses of subsidiaries, net of dividends or distributions			(277,062)		(208,763)		69,070
	Provision (reversal) for loan losses			256		(251)		403
	Amortization of intangibles			96		41		-
	Net accretion of discounts and amortization of premiums and deferred fees			1,240		2,022		2,086
	Share-based compensation			7,927		7,441		-
	Earnings from investments under the equity method, net of dividends or distributions			(14,948)		(14,333)		(7,765)
	Loss on early extinguishment of debt			-		12,522		-
	Net (increase) decrease in:
		Equity securities		(4,051)		(1,583)		(1,346)
		Other assets		1,134		344		8,696
	Net (decrease) increase in:
		Interest payable		-		(10,288)		-
		Other liabilities		2,508		8,059		3,230
Total adjustments				(282,900)		(204,789)		74,374
Net cash provided by operating activities				388,235		413,369		182,055
Cash flows from investing activities:
	Net (increase) decrease in money market investments			(45,000)		70,000		6,000
	Net repayments on other loans			677		536		181
	Capital contribution to subsidiaries			(9,000)		(87,000)		(5,955)
	Return of capital from wholly owned subsidiaries			13,000		13,000		22,400
	Acquisition of loans portfolio			-		-		(31,909)
	Acquisition of trademark			-		-		(5,560)
	Acquisition of premises and equipment			(1,289)		(1,099)		(965)
	Proceeds from sale of:
		Premises and equipment		3		293		23
		Foreclosed assets		-		-		38
Net cash used in investing activities				(41,609)		(4,270)		(15,747)
Cash flows from financing activities:
	Payments of notes payable			-		(448,518)		-
	Payments of debt extinguishment			-		(12,522)		-
	Proceeds from issuance of notes payable			-		293,819		-
	Proceeds from issuance of common stock			13,451		11,653		7,016
	Dividends paid			(115,810)		(105,441)		(95,910)
	Net payments for repurchase of common stock			(250,571)		(125,731)		(75,668)
	Payments related to tax withholding for share-based compensation			(5,420)		(2,201)		(1,756)
Net cash used in financing activities				(358,350)		(388,941)		(166,318)
Net (decrease) increase in cash and due from banks, and restricted cash				(11,724)		20,158		(10)
Cash and due from banks, and restricted cash at beginning of period				68,278		48,120		48,130
Cash and due from banks, and restricted cash at end of period			$	56,554	$	68,278	$	48,120

Borrowings by contractual maturities

Year		(In thousands)
2020	$	-
2021		-
2022		-
2023		-
2024		295,307
Later years		290,812
Total	$	586,119