Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities (Tables)

6 Months Ended

Jun. 30, 2020

Table Text Block

Condensed Balance Sheet

Condensed Consolidating Statement of Financial Condition

			At June 30, 2020
								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				$	67,604	$	-	$	435,080	$	(67,604)	$	435,080
Money market investments					177,618		13,079		9,624,660		(190,079)		9,625,278
Trading account debt securities, at fair value					-		-		33,560		-		33,560
Debt securities available-for-sale, at fair value					-		-		20,763,453		-		20,763,453
Debt securities held -to maturity, at amortized cost					8,726		2,835		83,868		-		95,429
	Less - Allowance for credit losses				-		-		12,735		-		12,735
	Debt securities held-to-maturity, net				8,726		2,835		71,133		-		82,694
Equity securities					12,913		20		153,671		(128)		166,476
Investment in subsidiaries					6,024,065		1,768,290		-		(7,792,355)		-
Loans held-for-sale, at lower of cost or fair value					-		-		68,725		-		68,725
Loans held-in-portfolio					31,753		-		29,212,368		5,955		29,250,076
	Less - Unearned income				-		-		179,523		-		179,523
	Allowance for credit losses				353		-		918,081		-		918,434
	Total loans held-in-portfolio, net				31,400		-		28,114,764		5,955		28,152,119
Premises and equipment, net					5,073		-		508,607		-		513,680
Other real estate					146		-		113,794		-		113,940
Accrued income receivable					170		76		219,909		(29)		220,126
Mortgage servicing rights, at fair value					-		-		141,144		-		141,144
Other assets					110,536		21,919		1,732,389		(31,400)		1,833,444
Goodwill					-		-		671,123		(1)		671,122
Other intangible assets					6,414		-		18,097		-		24,511
Total assets				$	6,444,665	$	1,806,219	$	62,670,109	$	(8,075,641)	$	62,845,352
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Non-interest bearing			$	-	$	-	$	12,588,114	$	(67,604)	$	12,520,510
	Interest bearing				-		-		41,513,869		(190,079)		41,323,790
		Total deposits			-		-		54,101,983		(257,683)		53,844,300
Assets sold under agreements to repurchase					-		-		153,065		-		153,065
Notes payable					586,752		94,104		505,418		-		1,186,274
Other liabilities					77,816		3,203		1,831,806		(31,277)		1,881,548
Total liabilities					664,568		97,307		56,592,272		(288,960)		57,065,187
Stockholders' equity:
Preferred stock					22,143		-		-		-		22,143
Common stock					1,044		2		56,307		(56,309)		1,044
Surplus					4,511,627		4,173,087		5,852,819		(10,017,200)		4,520,333
Retained earnings (accumulated deficit)					2,042,309		(2,500,586)		(58,486)		2,550,545		2,033,782
Treasury stock, at cost					(1,016,375)		-		-		(111)		(1,016,486)
Accumulated other comprehensive income, net of tax					219,349		36,409		227,197		(263,606)		219,349
Total stockholders' equity					5,780,097		1,708,912		6,077,837		(7,786,681)		5,780,165
Total liabilities and stockholders' equity				$	6,444,665	$	1,806,219	$	62,670,109	$	(8,075,641)	$	62,845,352

Condensed Consolidating Statement of Financial Condition (Unaudited)
			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 rights, 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 Income Statement

Condensed Consolidating Statement of Operations (Unaudited)
			Quarter ended June 30, 2020
							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	$	2,000		$	-		$	-		$	(2,000)		$	-
	Loans		558			-			429,112			-			429,670
	Money market investments		405			23			2,013			(426)			2,015
	Investment securities		161			46			76,677			-			76,884
	Total interest and dividend income		3,124			69			507,802			(2,426)			508,569
Interest expense:
	Deposits		-			-			43,206			(426)			42,780
	Short-term borrowings		-			-			645			-			645
	Long-term debt		9,632			1,558			3,073			-			14,263
	Total interest expense		9,632			1,558			46,924			(426)			57,688
Net interest (expense) income			(6,508)			(1,489)			460,878			(2,000)			450,881
Provision for credit losses - loan portfolios			(21)			-			63,125			-			63,104
Provision for credit losses - investment securities			-			-			(655)			-			(655)
Net interest (expense) income after provision for credit losses			(6,487)			(1,489)			398,408			(2,000)			388,432
Service charges on deposit accounts			-			-			30,163			-			30,163
Other service fees			-			-			54,052			(1,968)			52,084
Mortgage banking activities			-			-			3,777			-			3,777
Net gain, including impairment on equity securities			1,531			-			924			(8)			2,447
Net profit on trading account debt securities			-			-			82			-			82
Net gain on sale of loans, including valuation adjustments on loans held-for-sale			-			-			2,222			-			2,222
Indemnity reserves on loans sold expense			-			-			(1,160)			-			(1,160)
Other operating income			2,392			-			20,052			(4)			22,440
	Total non-interest income		3,923			-			110,112			(1,980)			112,055
Operating expenses:
Personnel costs			15,904			-			123,262			-			139,166
Net occupancy expenses			883			-			24,604			-			25,487
Equipment expenses			760			1			20,083			-			20,844
Other taxes			62			-			13,261			-			13,323
Professional fees			13,920			30			78,782			(185)			92,547
Communications			164			-			5,410			-			5,574
Business promotion			1,121			-			11,160			-			12,281
FDIC deposit insurance			-			-			5,340			-			5,340
Other real estate owned (OREO) expenses			-			-			(344)			-			(344)
Other operating expenses			(34,143)			13			67,071			(724)			32,217
Amortization of intangibles			25			-			1,771			-			1,796
	Total operating expenses		(1,304)			44			350,400			(909)			348,231
(Loss) income before income tax and equity in earnings of subsidiaries			(1,260)			(1,533)			158,120			(3,071)			152,256
Income tax (benefit) expense			-			(322)			25,364			(414)			24,628

(Loss) income before equity in earnings of subsidiaries		(1,260)		(1,211)		132,756		(2,657)		127,628
Equity in undistributed earnings of subsidiaries		128,888		16,994		-		(145,882)		-
Net income	$	127,628	$	15,783	$	132,756	$	(148,539)	$	127,628
Comprehensive income, net of tax	$	136,354	$	20,768	$	141,193	$	(161,961)	$	136,354

Condensed Consolidating Statement of Operations (Unaudited)

			Six months ended June 30, 2020
							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	$	582,000		$	-		$	-		$	(582,000)		$	-
	Loans		1,120			-			878,996			-			880,116
	Money market investments		1,556			68			14,014			(1,623)			14,015
	Investment securities		319			93			164,384			-			164,796
	Total interest and dividend income		584,995			161			1,057,394			(583,623)			1,058,927
Interest expense:
	Deposits		-			-			106,504			(1,623)			104,881
	Short-term borrowings		-			-			1,693			-			1,693
	Long-term debt		19,264			3,115			5,998			-			28,377
	Total interest expense		19,264			3,115			114,195			(1,623)			134,951
Net interest income (expense)			565,731			(2,954)			943,199			(582,000)			923,976
Provision for credit losses - loan portfolios			137			-			251,962			-			252,099
Provision for credit losses - investment securities			-			-			81			-			81
Net interest income (expense) after provision for credit losses			565,594			(2,954)			691,156			(582,000)			671,796
Service charges on deposit accounts			-			-			71,822			-			71,822
Other service fees			-			-			118,951			(2,094)			116,857
Mortgage banking activities			-			-			10,197			-			10,197
Net loss, including impairment on equity securities			(12)			-			(342)			73			(281)
Net profit on trading account debt securities			-			-			573			-			573
Net gain on sale of loans, including valuation adjustments on loans held-for-sale			-			-			3,179			-			3,179
Indemnity reserves on loans sold expense			-			-			(5,953)			-			(5,953)
Other operating income			6,561			-			35,753			(10)			42,304
	Total non-interest income		6,549			-			234,180			(2,031)			238,698
Operating expenses:
Personnel costs			34,177			-			251,820			-			285,997
Net occupancy expenses			1,936			-			48,709			-			50,645
Equipment expenses			1,633			2			40,814			-			42,449
Other taxes			124			1			26,879			-			27,004
Professional fees			20,386			60			173,483			(311)			193,618
Communications			291			-			11,237			-			11,528
Business promotion			1,937			-			24,541			-			26,478
FDIC deposit insurance			-			-			10,420			-			10,420
Other real estate owned (OREO) expenses			-			-			2,135			-			2,135
Other operating expenses			(60,726)			26			128,417			(1,421)			66,296
Amortization of intangibles			49			-			4,220			-			4,269
	Total operating expenses		(193)			89			722,675			(1,732)			720,839
Income (loss) before income tax and equity in losses of subsidiaries			572,336			(3,043)			202,661			(582,299)			189,655
Income tax (benefit) expense			-			(639)			28,509			(145)			27,725

Income (loss) before equity in losses of subsidiaries		572,336		(2,404)		174,152		(582,154)		161,930
Equity in undistributed losses of subsidiaries		(410,406)		(26,458)		-		436,864		-
Net income (loss)	$	161,930	$	(28,862)	$	174,152	$	(145,290)	$	161,930
Comprehensive income, net of tax	$	551,217	$	5,680	$	566,166	$	(571,846)	$	551,217

Condensed Consolidating Statement of Operations (Unaudited)
				Quarter ended June 30, 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		$	52,000		$	-		$	-		$	(52,000)		$	-
	Loans			497			-			453,707			-			454,204
	Money market investments			618			55			22,533			(672)			22,534
	Investment securities			159			47			94,035			-			94,241
	Total interest and dividend income			53,274			102			570,275			(52,672)			570,979
Interest expense:
	Deposits			-			-			79,121			(672)			78,449
	Short-term borrowings			-			-			1,656			-			1,656
	Long-term debt			9,632			1,558			3,368			-			14,558
	Total interest expense			9,632			1,558			84,145			(672)			94,663
Net interest income (expense)				43,642			(1,456)			486,130			(52,000)			476,316
Provision for credit losses - loan portfolios				153			-			40,038			-			40,191
Net interest income (expense) after provision for credit losses				43,489			(1,456)			446,092			(52,000)			436,125
Service charges on deposit accounts				-			-			39,617			-			39,617
Other service fees				1			-			75,766			(1,736)			74,031
Mortgage banking activities				-			-			(1,773)			-			(1,773)
Net gain, including impairment on equity securities				283			-			254			(9)			528
Net profit on trading account debt securities				-			-			422			-			422
Adjustments to indemnity reserves on loans sold				-			-			1,840			-			1,840
Other operating income				3,636			633			19,401			(9)			23,661
	Total non-interest income			3,920			633			135,527			(1,754)			138,326
Operating expenses:
Personnel costs				14,376			-			127,123			-			141,499
Net occupancy expenses				1,178			-			22,119			2			23,299
Equipment expenses				1,027			1			20,295			-			21,323
Other taxes				62			1			12,514			-			12,577
Professional fees				4,721			28			90,728			(229)			95,248
Communications				219			-			5,736			-			5,955
Business promotion				899			-			18,220			-			19,119
FDIC deposit insurance				-			-			5,278			-			5,278
Other real estate owned (OREO) expenses				-			-			1,237			-			1,237
Other operating expenses				(24,453)			16			60,193			(647)			35,109
Amortization of intangibles				25			-			2,346			-			2,371
	Total operating expenses			(1,946)			46			365,789			(874)			363,015
Income (loss) before income tax and equity in earnings of subsidiaries				49,355			(869)			215,830			(52,880)			211,436
Income tax (benefit) expense				-			(183)			40,852			(339)			40,330

Income (loss) before equity in earnings of subsidiaries		49,355		(686)		174,978		(52,541)		171,106
Equity in undistributed earnings of subsidiaries		121,751		10,893		-		(132,644)		-
Net income	$	171,106	$	10,207	$	174,978	$	(185,185)	$	171,106
Comprehensive income, net of tax	$	303,872	$	31,499	$	308,913	$	(340,412)	$	303,872

Condensed Consolidating Statement of Operations (Unaudited)
			Six months ended June 30, 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	$	254,300		$	-		$	-		$	(254,300)		$	-
	Loans		1,085			-			900,832			-			901,917
	Money market investments		1,740			106			51,753			(1,845)			51,754
	Investment securities		313			93			174,871			-			175,277
	Total interest and dividend income		257,438			199			1,127,456			(256,145)			1,128,948
Interest expense:
	Deposits		-			-			151,120			(1,845)			149,275
	Short-term borrowings		-			-			3,256			-			3,256
	Long-term debt		19,264			3,115			6,759			-			29,138
	Total interest expense		19,264			3,115			161,135			(1,845)			181,669
Net interest income (expense)			238,174			(2,916)			966,321			(254,300)			947,279
Provision for credit lossses - loan portfolios			259			-			81,757			-			82,016
Net interest income (expense) after provision for credit losses			237,915			(2,916)			884,564			(254,300)			865,263
Service charges on deposit accounts			-			-			78,308			-			78,308
Other service fees			2			-			140,172			(1,836)			138,338
Mortgage banking activities			-			-			8,153			-			8,153
Net gain, including impairment on equity securities			870			-			1,113			(22)			1,961
Net profit on trading account debt securities			-			-			682			-			682
Adjustment to indemnity reserves on loans sold			-			-			1,747			-			1,747
Other operating income (expense)			8,805			(634)			37,416			(20)			45,567
	Total non-interest income (expense)		9,677			(634)			267,591			(1,878)			274,756
Operating expenses:
Personnel costs			32,703			-			251,913			-			284,616
Net occupancy expenses			2,225			-			44,654			(43)			46,836
Equipment expenses			1,699			2			39,327			-			41,028
Other taxes			124			1			24,114			-			24,239
Professional fees			7,410			55			175,578			(329)			182,714
Communications			333			-			11,471			-			11,804
Business promotion			1,681			-			32,112			-			33,793
FDIC deposit insurance			-			-			10,084			-			10,084
Other real estate owned (OREO) expenses			-			-			3,914			-			3,914
Other operating expenses			(45,792)			29			113,705			(1,218)			66,724
Amortization of intangibles			49			-			4,634			-			4,683
	Total operating expenses		432			87			711,506			(1,590)			710,435
Income (loss) before income tax and equity in earnings of subsidiaries			247,160			(3,637)			440,649			(254,588)			429,584
Income tax (benefit) expense			-			(764)			91,438			(121)			90,553

Income (loss) before equity in earnings of subsidiaries		247,160		(2,873)		349,211		(254,467)		339,031
Equity in undistributed earnings of subsidiaries		91,871		23,038		-		(114,909)		-
Net income	$	339,031	$	20,165	$	349,211	$	(369,376)	$	339,031
Comprehensive income, net of tax	$	575,792	$	59,517	$	587,767	$	(647,284)	$	575,792

Condensed Cash Flow Statement

Condensed Consolidating Statement of Cash Flows

				Six months ended June 30, 2020
								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)			$	161,930	$	(28,862)	$	174,152	$	(145,290)	$	161,930
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			410,406		26,458		-		(436,864)		-
	Provision for credit losses			137		-		252,043		-		252,180
	Amortization of intangibles			49		-		4,220		-		4,269
	Depreciation and amortization of premises and equipment			483		-		28,418		-		28,901
	Net accretion of discounts and amortization of premiums and deferred fees			617		13		(42,717)		-		(42,087)
	Share-based compensation			5,514		-		1,650		-		7,164
	Fair value adjustments on mortgage servicing rights			-		-		12,869		-		12,869
	Adjustment to indemnity reserves on loans sold			-		-		5,953		-		5,953
	Earnings from investments under the equity method, net of dividends or distributions			(5,396)		-		(1,029)		-		(6,425)
	Deferred income tax benefit			-		(639)		(7,040)		(145)		(7,824)
	Gain on:
		Disposition of premises and equipment and other productive assets		-		-		(7,939)		-		(7,939)
		Proceeds from insurance claims		-		-		(366)		-		(366)
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(12,652)		-		(12,652)
		Sale of foreclosed assets, including write-downs		-		-		(5,754)		-		(5,754)
	Acquisitions of loans held-for-sale			-		-		(82,812)		-		(82,812)
	Proceeds from sale of loans held-for-sale			-		-		24,897		-		24,897
	Net originations on loans held-for-sale			-		-		(100,408)		-		(100,408)
	Net decrease (increase) in:
		Trading debt securities		-		-		176,054		-		176,054
		Equity securities		(2,169)		-		(1,562)		-		(3,731)
		Accrued income receivable		212		32		(54,896)		(221)		(54,873)
		Other assets		(12,109)		44		29,417		13,161		30,513
	Net (decrease) increase in:
		Interest payable		-		-		(3,643)		221		(3,422)
		Pension and other postretirement benefits obligations		-		-		2,771		-		2,771
		Other liabilities		(417)		4		(58,482)		(12,789)		(71,684)
Total adjustments				397,327		25,912		158,992		(436,637)		145,594
Net cash provided by (used in) operating activities				559,257		(2,950)		333,144		(581,927)		307,524
Cash flows from investing activities:
	Net decrease (increase) in money market investments			44,000		2,950		(6,362,958)		(46,950)		(6,362,958)
	Purchases of investment securities:
		Available-for-sale		-		-		(10,313,044)		-		(10,313,044)
		Equity		-		-		(20,211)		(71)		(20,282)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		8,106,422		-		8,106,422
		Held-to-maturity		-		-		3,102		-		3,102
	Proceeds from sale of investment securities:
		Equity		-		-		17,424		-		17,424
	Net repayments (disbursements) on loans			290		-		(1,160,022)		-		(1,159,732)
	Proceeds from sale of loans			-		-		26,070		-		26,070
	Acquisition of loan portfolios			-		-		(123,738)		-		(123,738)
	Return of capital from equity method investments			131		-		-		-		131
	Payments to acquire equity method investments			-		-		(440)		-		(440)
	Capital contribution to subsidiary			(5,000)		-		-		5,000		-
	Acquisition of premises and equipment			(1,949)		-		(22,108)		-		(24,057)
	Proceeds from insurance claims			-		-		366		-		366

	Proceeds from sale of:
		Premises and equipment and other productive assets		172		-		14,542		-		14,714
		Foreclosed assets		-		-		32,805		-		32,805
Net cash provided by (used in) investing activities				37,644		2,950		(9,801,790)		(42,021)		(9,803,217)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		10,054,979		35,354		10,090,333
		Assets sold under agreements to repurchase		-		-		(40,313)		-		(40,313)
	Payments of notes payable			-		-		(66,989)		-		(66,989)
	Principal payments of finance leases			-		-		(1,047)		-		(1,047)
	Proceeds from issuance of notes payable			-		-		151,009		-		151,009
	Proceeds from issuance of common stock			11,978		-		(5,393)		-		6,585
	Payments for repurchase of reedemable preferred stock			(28,017)		-		-		-		(28,017)
	Dividends paid to parent company			-		-		(582,000)		582,000		-
	Dividends paid			(65,584)		-		-		-		(65,584)
	Net payments for repurchase of common stock			(500,466)		-		186		(2)		(500,282)
	Capital contribution from parent			-		-		5,000		(5,000)		-
	Payments related to tax withholding for share-based compensation			(3,144)		-		(56)		-		(3,200)
Net cash (used in) provided by financing activities				(585,233)		-		9,515,376		612,352		9,542,495
Net increase in cash and due from banks, and restricted cash				11,668		-		46,730		(11,596)		46,802
Cash and due from banks, and restricted cash at beginning of period				56,554		-		393,777		(56,008)		394,323
Cash and due from banks, and restricted cash at end of period			$	68,222	$	-	$	440,507	$	(67,604)	$	441,125

Condensed Consolidating Statement of Cash Flows

				Six months ended June 30, 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			$	339,031	$	20,165	$	349,211	$	(369,376)	$	339,031
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Equity in earnings of subsidiaries, net of dividends or distributions			(91,871)		(23,038)		-		114,909		-
	Provision for credit losses			259		-		81,757		-		82,016
	Amortization of intangibles			49		-		4,634		-		4,683
	Depreciation and amortization of premises and equipment			373		-		28,351		-		28,724
	Net accretion of discounts and amortization of premiums and deferred fees			624		13		(82,690)		-		(82,053)
	Share-based compensation			6,925		-		3,483		-		10,408
	Fair value adjustments on mortgage servicing rights			-		-		21,011		-		21,011
	Adjustments to indemnity reserves on loans sold			-		-		(1,747)		-		(1,747)
	Earnings from investments under the equity method, net of dividends or distributions			(7,640)		634		(251)		-		(7,257)
	Deferred income tax (benefit) expense			-		(764)		75,968		(121)		75,083
	Loss (gain) on:
		Disposition of premises and equipment and other productive assets		39		-		(4,180)		-		(4,141)
		Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities		-		-		(5,939)		-		(5,939)
		Sale of foreclosed assets, including write-downs		-		-		(9,826)		-		(9,826)
	Acquisitions of loans held-for-sale			-		-		(103,233)		-		(103,233)
	Proceeds from sale of loans held-for-sale			-		-		31,063		-		31,063
	Net originations on loans held-for-sale			-		-		(125,707)		-		(125,707)
	Net decrease (increase) in:
		Trading debt securities		-		-		215,569		-		215,569
		Equity securities		(2,960)		-		(2,951)		-		(5,911)
		Accrued income receivable		(45)		-		(4,764)		(55)		(4,864)
		Other assets		81		42		(11,425)		7,739		(3,563)
	Net increase (decrease) in:
		Interest payable		-		-		858		55		913
		Pension and other postretirement benefits obligations		-		-		10,399		-		10,399
		Other liabilities		(4,883)		(95)		(112,867)		(7,472)		(125,317)
Total adjustments				(99,049)		(23,208)		7,513		115,055		311
Net cash provided by (used in) operating activities				239,982		(3,043)		356,724		(254,321)		339,342
Cash flows from investing activities:
	Net decrease in money market investments			75,000		3,043		997,694		(78,043)		997,694
	Purchases of investment securities:
		Available-for-sale		-		-		(9,684,912)		-		(9,684,912)
		Equity		-		-		(12,747)		41		(12,706)
	Proceeds from calls, paydowns, maturities and redemptions of investment securities:
		Available-for-sale		-		-		6,789,265		-		6,789,265
		Held-to-maturity		-		-		2,980		-		2,980
	Proceeds from sale of investment securities:
		Equity		-		-		6,047		-		6,047
	Net repayments (disbursements) on loans			394		-		(324,461)		-		(324,067)
	Proceeds from sale of loans			-		-		29,943		-		29,943
	Acquisition of loan portfolios			-		-		(312,752)		-		(312,752)
	Payments to acquire other intangible			-		-		(793)		-		(793)
	Return of capital from equity method investments			-		-		1,397		-		1,397

	Acquisition of premises and equipment			(671)		-		(37,255)		-		(37,926)
	Proceeds from sale of:
		Premises and equipment and other productive assets		3		-		14,812		-		14,815
		Foreclosed assets		-		-		59,304		-		59,304
Net cash provided by (used in) investing activities				74,726		3,043		(2,471,478)		(78,002)		(2,471,711)
Cash flows from financing activities:
	Net increase (decrease) in:
		Deposits		-		-		2,281,355		67,140		2,348,495
		Assets sold under agreements to repurchase		-		-		(48,439)		-		(48,439)
		Other short-term borrowings		-		-		159,959		-		159,959
	Payments of notes payable			-		-		(99,758)		-		(99,758)
	Principal payments of finance leases			-		-		(837)		-		(837)
	Proceeds from issuance of notes payable			-		-		75,000		-		75,000
	Proceeds from issuance of common stock			6,121		-		(1,471)		-		4,650
	Dividends paid to parent company			-		-		(254,300)		254,300		-
	Dividends paid			(55,631)		-		-		-		(55,631)
	Net payments for repurchase of common stock			(250,393)		-		3		(20)		(250,410)
	Payments related to tax withholding for share-based compensation			(4,077)		-		(152)		-		(4,229)
Net cash (used in) provided by financing activities				(303,980)		-		2,111,360		321,420		2,128,800
Net decrease in cash and due from banks, and restricted cash				10,728		-		(3,394)		(10,903)		(3,569)
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			$	79,006	$	-	$	399,601	$	(78,925)	$	399,682