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Popular, Inc. (Holding company only) financial information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Popular, Inc (Holding Company Only) Financial Information
Note 37 - Popular, Inc. (holding company only) financial information
The following
 
condensed financial
 
information presents
 
the financial
 
position of
 
Popular,
 
Inc. Holding
 
Company only
 
at December
31, 2024 and 2023, and the results of its
 
operations and cash flows for the years ended
 
December 31, 2024, 2023 and 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 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 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
During
 
the
 
year
 
ended
 
December
 
31,
 
2024,
 
Popular,
 
Inc.
 
(parent
 
company
 
only)
 
received
 
dividend
 
distributions
 
from
 
PNA
amounting to
 
$
50.0
 
million
 
(2023 -
 
$
50.0
 
million; 2022
 
- $
53.5
 
million) and
 
from PIBI’s
 
amounting to
 
$
17.4
 
million (2023
 
- $
14.0
million; 2022
 
- $
18.5
 
million). PIBI’s
 
main source
 
of income
 
is its
 
investment in
 
BHD. Also,
 
during the
 
year ended
 
December 31,
2022, Popular,
 
Inc. received
 
distributions from
 
its direct
 
equity method
 
investees amounting
 
to
 
$
1.5
 
million, of
 
which $
1.5
 
million
were related to dividend distributions.
Notes payable include junior
 
subordinated debentures issued by
 
the Corporation that are
 
associated to capital securities
 
issued by
the
 
Popular Capital
 
Trust
 
II
 
and medium-term
 
notes. Refer
 
to
 
Note 17
 
for
 
a description
 
of
 
significant provisions
 
related to
 
these
junior subordinated
 
debentures. The following
 
table presents
 
the aggregate amounts
 
by contractual maturities
 
of notes
 
payable at
December 31, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
(In thousands)
2025
$
-
2026
-
2027
-
2028
-
2029
395,198
Later years
104,148
Total
 
$
499,346