10
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(UNAUDITED)
Quarters ended March 31,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$
177,502
$
103,283
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
64,081
72,598
Amortization of intangibles
597
795
Depreciation and amortization of premises and equipment
12,280
15,361
Net accretion of discounts and amortization of premiums and deferred fees
(68,861)
(51,360)
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives
(1,357)
(1,641)
Share-based compensation
11,028
11,479
Fair value adjustments on mortgage servicing rights
3,570
3,439
Adjustments to indemnity reserves on loans sold
(173)
237
Earnings from investments under the equity method, net of dividends or distributions
(8,621)
(11,792)
Deferred income tax expense
8,109
9,513
Gain on:
Disposition of premises and equipment and other productive assets
(42)
(3,412)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking
activities
(194)
(74)
Sale of foreclosed assets, including write-downs
(1,033)
(4,447)
Acquisitions of loans held-for-sale
(810)
(324)
Proceeds from sale of loans held-for-sale
7,098
8,283
Net originations on loans held-for-sale
(6,741)
(11,056)
Net decrease (increase) in:
Trading debt securities
6,071
6,465
Equity securities
508
(1,995)
Accrued income receivable
725
(22,719)
Other assets
12,864
38,702
Net increase (decrease) in:
Interest payable
(7,370)
(10,799)
Pension and other postretirement benefits obligation
1,079
916
Other liabilities
(38,252)
10,111
Total adjustments
(5,444)
58,280
Net cash provided by operating activities
172,058
161,563
Cash flows from investing activities:
Net decrease in money market investments
186,609
1,070,973
Purchases of investment securities:
Available-for-sale
(9,425,086)
(8,161,525)
Equity
(9,224)
(971)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:
Available-for-sale
8,429,813
6,728,665
Held-to-maturity
152,441
154,009
Proceeds from sale of investment securities:
Equity
13,361
945
Net (disbursements) repayments on loans
(118,418)
2,354
Proceeds from sale of loans
39,055
15,356
Acquisition of loan portfolios
(127,291)
(141,730)
Acquisition of premises and equipment and other productive assets
(51,526)
(53,889)
Proceeds from sale of:
Premises and equipment and other productive assets
197
1,632
Foreclosed assets
23,155
26,773
Net cash used in investing activities
(886,914)
(357,408)