122
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(In thousands)
2023
2022
2021
Cash flows from operating activities:
Net income
$
541,342
$
1,102,641
$
934,889
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for credit losses (benefit)
208,609
83,030
(193,464)
Goodwill impairment losses
23,000
9,000
-
Amortization of intangibles
3,180
3,275
9,134
Depreciation and amortization of premises and equipment
58,507
55,107
55,104
Net accretion of discounts and amortization of premiums and
deferred fees
(45,249)
29,120
(21,962)
Interest capitalized on loans subject to the temporary payment
moratorium or loss mitigation
alternatives
(9,868)
(11,521)
(15,567)
Share-based compensation
16,773
16,727
17,774
Impairment losses on right-of-use and long-lived assets
-
2,233
5,320
Fair value adjustments on mortgage servicing rights
12,339
(166)
10,206
Fair value adjustment for contingent consideration
-
(9,241)
-
Adjustments to indemnity reserves on loans sold
(2,319)
(919)
(4,406)
Earnings from investments under the equity method, net
of dividends or distributions
(27,450)
(29,522)
(50,942)
Deferred income tax (benefit) expense
(43,139)
(33,129)
229,371
(Gain) loss on:
Disposition of premises and equipment and other productive
assets
(12,756)
(9,453)
(18,393)
Proceeds from insurance claims
(145)
-
-
Sale of debt securities
-
-
(23)
Sale of loans, including valuation adjustments on loans
held-for-sale and mortgage banking
activities
203
252
(21,611)
Sale of equity method investment
(152)
(8,198)
-
Disposition of stock as part of the Evertec Transactions
-
(240,412)
-
Sale of foreclosed assets, including write-downs
(22,665)
(33,008)
(30,098)
Acquisitions of loans held-for-sale
(7,639)
(122,363)
(251,336)
Proceeds from sale of loans held-for-sale
44,734
64,542
95,100
Net originations on loans held-for-sale
(68,310)
(202,913)
(527,585)
Net decrease (increase) in:
Trading debt securities
33,500
353,301
741,465
Equity securities
(11,341)
54
(2,336)
Accrued income receivable
(23,238)
(62,932)
6,193
Other assets
24,200
76,589
25,022
Net increase (decrease) in:
Interest payable
19,814
6,061
(5,395)
Pension and other postretirement benefits obligation
16,092
(2,893)
(4,104)
Other liabilities
(41,410)
(20,724)
22,802
Total adjustments
145,270
(88,103)
70,269
Net cash provided by operating activities
686,612
1,014,538
1,005,158
Cash flows from investing activities:
Net (increase) decrease in money market investments
(1,383,821)
11,922,703
(5,895,789)
Purchases of investment securities:
Available-for-sale
(16,707,264)
(22,232,278)
(14,672,856)
Held-to-maturity
(8,615)
(1,879,443)
-
Equity
(18,477)
(48,921)
(16,196)
Proceeds from calls, paydowns, maturities and redemptions
of investment securities:
Available-for-sale
18,215,910
20,143,921
9,602,430
Held-to-maturity
458,806
9,826
15,700
Proceeds from sale of investment securities:
Available-for-sale
-
-
235,992
Equity
31,946
42,990
2,904
Net (disbursements) repayments on loans
(2,475,837)
(2,237,084)
469,268
Proceeds from sale of loans
135,231
141,314
203,179
Acquisition of loan portfolios
(770,493)
(753,684)
(348,179)
Payments to acquire other intangible
-
-
(905)
Payments to acquire businesses, net of cash acquired
-
-
(155,828)
Return of capital from equity method investments
249
681
6,362
Payments to acquire equity method investments
(1,500)
(1,625)
(375)
Proceeds from sale of equity method investment Premises and equipment and other productive assets
152
8,198
-
Proceeds from disposition of stock as part of the Evertec Transactions
-
219,883
-