11
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(UNAUDITED)
Nine months ended September 30,
(In thousands)
2024
2023
Cash flows from operating activities:
Net income
$
436,395
$
446,748
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for credit losses
190,840
129,946
Goodwill impairment charge
-
23,000
Amortization of intangibles
2,233
2,385
Depreciation and amortization of premises and equipment
46,720
43,180
Net accretion of discounts and amortization of premiums and
deferred fees
(196,221)
(22,495)
Interest capitalized on loans subject to the temporary payment
moratorium or loss mitigation alternatives
(5,933)
(7,956)
Share-based compensation
17,853
15,079
Fair value adjustments on mortgage servicing rights
10,280
11,135
Adjustments to indemnity reserves on loans sold
(783)
31
Earnings from investments under the equity method, net
of dividends or distributions
(12,723)
(17,387)
Deferred income tax expense (benefit)
19,247
(13,539)
(Gain) loss on:
Disposition of premises and equipment and other productive
assets
(7,651)
(9,744)
Proceeds from insurance claims
-
(145)
Sale of loans, including valuation adjustments on loans
held-for-sale and mortgage banking activities
(396)
177
Sale of foreclosed assets, including write-downs
(13,590)
(18,137)
Acquisitions of loans held-for-sale
(5,810)
(6,678)
Proceeds from sale of loans held-for-sale
28,697
35,286
Net originations on loans held-for-sale
(31,284)
(60,285)
Net decrease (increase) in:
Trading debt securities
10,445
29,415
Equity securities
(7,337)
(7,481)
Accrued income receivable
6,032
(17,638)
Other assets
15,425
(981)
Net (decrease) increase in:
Interest payable
(4,785)
8,009
Pension and other postretirement benefits obligation
5,937
11,985
Other liabilities
(28,352)
(100,887)
Total adjustments
38,844
26,275
Net cash provided by operating activities
475,239
473,023
Cash flows from investing activities:
Net decrease (increase) in money market investments
469,042
(775,597)
Purchases of investment securities:
Available-for-sale
(24,469,345)
(12,665,449)
Held-to-maturity
-
(8,615)
Equity
(2,370)
(18,279)
Proceeds from calls, paydowns, maturities and redemptions
of investment securities:
Available-for-sale
24,670,995
13,138,765
Held-to-maturity
508,511
308,129
Proceeds from sale of investment securities:
Equity
5,242
30,926
Net disbursements on loans
(833,899)
(1,609,387)
Proceeds from sale of loans
18,266
133,078
Acquisition of loan portfolios
(510,556)
(556,659)
Return of capital from equity method investments
279
249
Payments to acquire equity method investments
(1,250)
(1,500)
Acquisition of premises and equipment and other productive
assets
(153,085)
(133,598)
Proceeds from insurance claims
-
145
Proceeds from sale of:
Premises and equipment and other productive assets
5,570
6,620
Foreclosed assets
82,986
84,446
Net cash used in investing activities
(209,614)
(2,066,726)