Popular, Inc(NASDAQ:BPOP) 
Popular, Inc., through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico and the United States. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certif...
Website: http://www.popular.com
Founded: 1893
Full Time Employees: 8,514
Sector: Financial Services
Industry: Banks-Regional
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-03-31 | 2019-09-30 | 2009-03-31 |
|---|---|---|---|---|---|---|---|---|---|
interest income: | |||||||||
loans | 481,088,000 | 446,245,000 | 426,791,000 | 435,296,000 | 433,781,000 | 434,649,000 | 450,446,000 | 453,315,000 | 401,768,000 |
investment securities | 133,181,000 | 101,774,000 | 96,466,000 | 87,952,000 | 91,706,000 | 85,690,000 | 87,912,000 | 99,542,000 | 73,483,000 |
interest expense: | |||||||||
deposits | 60,897,000 | 27,827,000 | 24,783,000 | 27,029,000 | 28,060,000 | 30,201,000 | 62,101,000 | 78,760,000 | 148,039,000 |
short-term borrowings | 921,000 | 248,000 | 80,000 | 54,000 | 62,000 | 143,000 | 1,048,000 | 1,572,000 | 20,703,000 |
long-term debt | 9,798,000 | 9,824,000 | 10,546,000 | 13,686,000 | 13,837,000 | 13,995,000 | 14,114,000 | 14,653,000 | 47,964,000 |
net interest income | 579,619,000 | 533,862,000 | 494,312,000 | 489,393,000 | 487,802,000 | 479,112,000 | 473,095,000 | 476,991,000 | 272,486,000 |
provision for credit losses | 39,637,000 | 9,362,000 | -15,500,000 | ||||||
net interest income after provision for credit losses | 539,982,000 | 524,500,000 | 509,812,000 | 283,364,000 | |||||
non-interest income: | |||||||||
service charges on deposit accounts | 40,006,000 | 41,809,000 | 40,713,000 | 41,312,000 | 40,153,000 | 39,620,000 | 41,659,000 | 40,969,000 | 53,741,000 |
other service fees | 86,402,000 | 81,451,000 | 77,134,000 | 80,445,000 | 76,382,000 | 70,628,000 | 64,773,000 | 71,309,000 | 98,533,000 |
mortgage banking activities | 9,448,000 | 13,575,000 | 12,865,000 | 8,307,000 | 7,448,000 | 17,343,000 | 6,420,000 | 10,492,000 | |
net gain on sale of debt securities | 23,000 | ||||||||
net gain, including impairment on equity securities | -1,448,000 | -4,109,000 | -401,000 | 1,565,000 | 213,000 | ||||
net gain on trading account debt securities | -274,000 | 51,000 | |||||||
net loss on sale of loans, including valuation adjustments on loans held-for-sale | |||||||||
adjustments to indemnity reserves on loans sold | 1,715,000 | ||||||||
other operating income | 290,645,000 | 24,464,000 | 27,542,000 | 37,476,000 | 27,444,000 | 26,384,000 | 19,864,000 | 22,865,000 | 13,301,000 |
operating expenses: | |||||||||
personnel costs | 193,843,000 | 168,788,000 | 166,996,000 | 157,647,000 | 154,204,000 | 159,479,000 | 146,831,000 | 147,682,000 | |
net occupancy expenses | 27,420,000 | 26,214,000 | 24,723,000 | 24,896,000 | 24,562,000 | 26,013,000 | 25,158,000 | 24,595,000 | 26,441,000 |
equipment expenses | 26,626,000 | 25,088,000 | 23,479,000 | 22,537,000 | 22,805,000 | 21,575,000 | 21,605,000 | 21,596,000 | 26,104,000 |
other taxes | 15,966,000 | 15,780,000 | 15,715,000 | 14,459,000 | 13,205,000 | 13,959,000 | 13,681,000 | 14,028,000 | 13,176,000 |
professional fees | 112,221,000 | 114,872,000 | 108,497,000 | 104,709,000 | 101,153,000 | 99,948,000 | 101,071,000 | 98,561,000 | 24,901,000 |
communications | 6,224,000 | 5,993,000 | 6,147,000 | 6,133,000 | 6,005,000 | 6,833,000 | 5,954,000 | 5,881,000 | 11,827,000 |
business promotion | 24,348,000 | 21,353,000 | 15,083,000 | 18,116,000 | 16,511,000 | 12,521,000 | 14,197,000 | 18,365,000 | 7,910,000 |
fdic deposit insurance | 6,610,000 | 6,463,000 | 7,372,000 | 7,181,000 | 5,742,000 | 5,968,000 | 5,080,000 | 2,923,000 | |
other real estate owned (oreo) income | -2,444,000 | -7,806,000 | -2,713,000 | ||||||
other operating expenses | 55,486,000 | 28,738,000 | 36,149,000 | 33,429,000 | 27,042,000 | 32,714,000 | 34,079,000 | 40,630,000 | 43,351,000 |
amortization of intangibles | 795,000 | 795,000 | 891,000 | 783,000 | 1,255,000 | 1,051,000 | 2,473,000 | 2,399,000 | 2,406,000 |
goodwill impairment charge | 9,000,000 | ||||||||
income before income tax | 490,381,000 | 275,633,000 | 262,165,000 | 331,656,000 | 291,172,000 | 339,463,000 | 37,399,000 | 206,689,000 | |
income tax expense | 67,986,000 | 64,212,000 | 50,479,000 | 83,542,000 | 73,093,000 | 76,831,000 | 3,097,000 | 41,370,000 | -26,933,000 |
net income | 422,395,000 | 211,421,000 | 211,686,000 | 248,114,000 | 218,079,000 | 262,632,000 | 34,302,000 | 165,319,000 | -52,522,000 |
yoy | 93.69% | -19.50% | 517.12% | 50.08% | -515.21% | ||||
qoq | 99.79% | -0.13% | -14.68% | 13.77% | -16.96% | 665.65% | -79.25% | -414.76% | |
net income applicable to common stock | 422,042,000 | 211,068,000 | 211,333,000 | 247,761,000 | 217,726,000 | 262,279,000 | 33,632,000 | 164,389,000 | -77,200,000 |
net income per common share – basic | 5,710 | 2,770 | 3,090 | 2,670 | 1,710 | ||||
net income per common share – diluted | 5,700 | 2,770 | 3,090 | 2,660 | 1,700 | ||||
the accompanying notes are an integral part of these consolidated financial statements. | |||||||||
adjustments (expense) to indemnity reserves on loans sold | 170,000 | 2,038,000 | 1,668,000 | ||||||
net gain, including impairment, on equity securities | -2,094,000 | 421,000 | -2,728,000 | ||||||
net loss on trading account debt securities | -723,000 | ||||||||
indemnity reserves on loans sold expense | -745,000 | -698,000 | -4,793,000 | -3,411,000 | |||||
net income per common share - basic | 2,690 | 3,130 | 370 | ||||||
net income per common share - diluted | 2,690 | 3,120 | 370 | ||||||
benefit from credit losses | -61,173,000 | -17,015,000 | |||||||
net interest income after benefit from credit losses | 550,566,000 | 504,817,000 | |||||||
net profit on trading account debt securities | 58,000 | -47,000 | -45,000 | 491,000 | 295,000 | ||||
net gain on sale of loans, including valuation adjustments on loans held-for-sale | -73,000 | 957,000 | |||||||
other real estate owned (oreo) incomes | -1,722,000 | -4,299,000 | -4,533,000 | ||||||
provision (reversal) for credit losses | -82,226,000 | ||||||||
net interest income after provision (reversal) for credit losses | 561,338,000 | ||||||||
provision for credit losses - loan portfolios | 188,995,000 | ||||||||
provision for credit losses - investment securities | 736,000 | ||||||||
other real estate owned (oreo) expenses | 2,479,000 | -185,000 | |||||||
benefit from loan losses - non-covered loans | 36,539,000 | ||||||||
benefit from loan losses - covered loans | |||||||||
net interest income after benefit from loan losses | 440,452,000 | ||||||||
net income on sale of debt securities | -20,000 | ||||||||
fdic loss-share income | |||||||||
money market investments | 3,133,000 | ||||||||
trading account securities | 10,808,000 | ||||||||
interest income: - sum | 489,192,000 | ||||||||
interest expense: - sum | 216,706,000 | ||||||||
provision for loan losses | 372,529,000 | ||||||||
net interest income after provision for loan losses | -100,043,000 | ||||||||
net gain on sale and valuation adjustments of investment securities | 176,146,000 | ||||||||
trading account profit | 6,823,000 | ||||||||
gain on sale of loans and valuation adjustments on loans held-for-sale | -13,813,000 | ||||||||
personnel costs: | |||||||||
salaries | 105,323,000 | ||||||||
pension and other benefits | 39,968,000 | ||||||||
personnel costs: - sum | 145,291,000 | ||||||||
printing and supplies | 2,790,000 | ||||||||
income from continuing operations before income tax | -69,509,000 | ||||||||
income from continuing operations | -42,576,000 | ||||||||
income from discontinued operations, net of tax | -9,946,000 | ||||||||
earnings per common share — basic and diluted: | |||||||||
earnings from continuing operations | -240 | ||||||||
earnings from discontinued operations | -30 | ||||||||
net earnings per common share | -270 | ||||||||
dividends declared per common share | 20 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-03-31 | 2019-09-30 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2011-03-31 | 2010-09-30 | 2010-06-30 | 2010-03-31 | 2009-12-31 | 2009-09-30 | 2009-06-30 | 2009-03-31 | 2008-09-30 | 2008-06-30 | 2008-03-31 | 2007-09-30 | 2007-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets: | ||||||||||||||||||||||||
cash and due from banks | 2,017,312,000 | 528,590,000 | 439,148,000 | 538,973,000 | 530,849,000 | 495,915,000 | 445,551,000 | 502,060,000 | 376,558,000 | 400,949,000 | 400,568,000 | 464,555,000 | 580,811,000 | 744,769,000 | 606,861,000 | 661,852,000 | 703,483,000 | 1,183,997,000 | 887,619,000 | 782,498,000 | 709,056,000 | 762,085,000 | ||
money market investments: | ||||||||||||||||||||||||
trading account debt securities, at fair value: | ||||||||||||||||||||||||
debt securities available-for-sale, at fair value: | ||||||||||||||||||||||||
debt securities held-to-maturity, at amortized cost | 1,953,710,000 | 1,664,015,000 | 75,984,000 | 85,655,000 | 88,801,000 | 89,725,000 | 95,263,000 | 97,707,000 | 99,455,000 | 101,238,000 | 104,937,000 | |||||||||||||
equity securities | 185,923,000 | 175,870,000 | 186,348,000 | 184,931,000 | 187,502,000 | 178,650,000 | 163,058,000 | 160,458,000 | 158,507,000 | 157,962,000 | 159,017,000 | |||||||||||||
loans held-for-sale, at lower of cost or fair value | 8,065,000 | 28,546,000 | 55,150,000 | 91,313,000 | 85,315,000 | 84,214,000 | 87,855,000 | 56,370,000 | 43,985,000 | 51,742,000 | 73,859,000 | 569,678,000 | ||||||||||||
loans held-in-portfolio | 31,805,921,000 | 30,643,443,000 | 29,856,356,000 | 29,089,241,000 | 29,286,225,000 | 29,344,620,000 | 27,847,840,000 | 27,181,241,000 | 26,808,287,000 | 24,512,966,000 | 24,717,321,000 | 25,355,753,000 | ||||||||||||
premises and equipment | 492,685,000 | 490,152,000 | 488,390,000 | 487,526,000 | 486,443,000 | 508,023,000 | 552,007,000 | 547,063,000 | 557,517,000 | 557,104,000 | 548,432,000 | 543,577,000 | 531,849,000 | 573,941,000 | 589,592,000 | 614,366,000 | 624,212,000 | 620,469,000 | 633,450,000 | 639,840,000 | 580,768,000 | 587,505,000 | ||
other real estate | 93,239,000 | 92,137,000 | 90,567,000 | 76,828,000 | 73,272,000 | 72,060,000 | 123,922,000 | 117,928,000 | 125,478,000 | 129,485,000 | 105,553,000 | 95,773,000 | 72,605,000 | 102,809,000 | 85,277,000 | 133,508,000 | 112,858,000 | |||||||
accrued income receivable | 224,307,000 | 216,780,000 | 204,466,000 | 200,649,000 | 203,419,000 | 215,993,000 | 176,078,000 | 164,778,000 | 162,797,000 | 163,443,000 | 165,592,000 | 147,670,000 | 160,167,000 | 151,245,000 | 131,745,000 | 135,978,000 | 142,114,000 | 197,549,000 | 163,274,000 | 215,454,000 | 290,916,000 | 249,746,000 | ||
mortgage servicing rights, at fair value | 130,541,000 | 129,877,000 | 125,358,000 | 116,567,000 | 119,467,000 | 122,543,000 | ||||||||||||||||||
other assets | 1,700,378,000 | 1,773,523,000 | 1,755,847,000 | 1,634,839,000 | 1,750,151,000 | 1,713,083,000 | 1,788,437,000 | 1,811,190,000 | 1,799,728,000 | 1,900,850,000 | 1,940,780,000 | 1,321,900,000 | 1,459,985,000 | 1,402,072,000 | 1,153,680,000 | 1,214,849,000 | 1,177,078,000 | 1,412,219,000 | 2,455,842,000 | 2,110,675,000 | 1,441,681,000 | 1,499,461,000 | ||
goodwill | 827,428,000 | 720,293,000 | 720,293,000 | 671,122,000 | 671,122,000 | 671,122,000 | 671,122,000 | 671,122,000 | 671,122,000 | 687,536,000 | 627,294,000 | 647,387,000 | 665,333,000 | 710,579,000 | 606,508,000 | 607,164,000 | 606,440,000 | 608,172,000 | 628,826,000 | 630,764,000 | 668,807,000 | 668,469,000 | ||
other intangible assets | 13,738,000 | 14,533,000 | 15,328,000 | 19,657,000 | 20,440,000 | 21,415,000 | 26,307,000 | 21,479,000 | 24,521,000 | 29,186,000 | 31,023,000 | 56,441,000 | 60,438,000 | 63,720,000 | 46,067,000 | 48,447,000 | 50,867,000 | 67,662,000 | 64,223,000 | 67,032,000 | 100,471,000 | 102,299,000 | ||
total assets | 70,729,675,000 | 71,501,931,000 | 69,525,082,000 | 74,189,163,000 | 72,657,293,000 | 66,870,268,000 | 52,803,639,000 | 52,480,415,000 | 48,680,607,000 | 47,919,428,000 | 47,535,177,000 | 38,736,267,000 | 40,820,716,000 | 42,443,652,000 | 36,569,370,000 | |||||||||
liabilities and stockholders’ equity | ||||||||||||||||||||||||
liabilities: | ||||||||||||||||||||||||
deposits: | ||||||||||||||||||||||||
assets sold under agreements to repurchase | 162,450,000 | 70,925,000 | 72,819,000 | 86,470,000 | 90,925,000 | 86,834,000 | 178,766,000 | 213,097,000 | 200,871,000 | 300,116,000 | 306,911,000 | |||||||||||||
other short-term borrowings | 250,000,000 | 100,000,000 | 42,000 | 1,200,000 | 1,200,000 | 290,302,000 | 191,342,000 | 1,263,000 | 3,077,000 | 1,825,000 | 29,453,000 | 507,011,000 | 1,337,210,000 | 1,525,310,000 | 1,414,897,000 | 3,384,105,000 | ||||||||
notes payable | 888,534,000 | 888,210,000 | 987,887,000 | 1,176,943,000 | 1,176,620,000 | 1,224,230,000 | 1,058,131,000 | 1,166,670,000 | 1,176,488,000 | 1,744,687,000 | 1,561,663,000 | 3,794,655,000 | 5,143,388,000 | 8,237,401,000 | 2,945,169,000 | 2,649,821,000 | 4,242,487,000 | 8,314,791,000 | 8,068,638,000 | |||||
other liabilities | 934,526,000 | 921,783,000 | 930,835,000 | 929,218,000 | 933,358,000 | 918,844,000 | 999,961,000 | 1,026,005,000 | 983,308,000 | 980,249,000 | 998,181,000 | 1,006,930,000 | 1,278,603,000 | 1,180,773,000 | 1,051,661,000 | 1,084,455,000 | 1,104,813,000 | 811,253,000 | 856,504,000 | 990,713,000 | 857,795,000 | 793,500,000 | ||
commitments and contingencies | ||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||
preferred stock, 30,000,000 shares authorized; 885,726 shares issued and outstanding | 22,143,000 | 22,143,000 | 22,143,000 | 22,143,000 | 22,143,000 | 22,143,000 | 22,143,000 | |||||||||||||||||
common stock, 0.01 par value... | 1,046,000 | 1,046,000 | 1,046,000 | 1,046,000 | 1,045,000 | 1,045,000 | 1,044,000 | 1,044,000 | 1,043,000 | 1,043,000 | 1,043,000 | 10,236,000 | 10,229,000 | 10,229,000 | ||||||||||
surplus | 4,652,508,000 | 4,576,478,000 | 4,571,111,000 | 4,569,641,000 | 4,506,659,000 | 4,571,919,000 | 4,366,300,000 | 4,317,556,000 | 4,313,040,000 | 4,281,515,000 | 4,302,946,000 | 4,096,245,000 | 4,094,302,000 | 4,094,429,000 | 2,794,660,000 | 2,185,757,000 | 496,455,000 | 564,021,000 | 563,100,000 | 570,548,000 | 536,129,000 | 533,152,000 | ||
retained earnings | 3,694,020,000 | 3,311,951,000 | 3,143,004,000 | 2,882,340,000 | 2,670,885,000 | 2,489,453,000 | 1,940,170,000 | 2,071,198,000 | 1,794,644,000 | 1,629,692,000 | 1,515,058,000 | 384,062,000 | 1,086,373,000 | 1,113,089,000 | 1,689,384,000 | 1,701,100,000 | ||||||||
treasury stock | -1,970,548,000 | -1,665,253,000 | -1,668,820,000 | -1,352,104,000 | -1,290,427,000 | -1,012,263,000 | -870,675,000 | -392,630,000 | -394,848,000 | -183,872,000 | -82,754,000 | -607,000 | -545,000 | -518,000 | -1,000 | -11,000 | -11,000 | -207,512,000 | -207,627,000 | -207,608,000 | -205,567,000 | -205,567,000 | ||
accumulated other comprehensive loss, net of tax | -2,724,331,000 | -1,953,016,000 | -1,397,238,000 | -138,880,000 | -323,979,000 | -534,189,000 | -496,792,000 | |||||||||||||||||
total liabilities and stockholders’ equity | 70,729,675,000 | 71,501,931,000 | 69,525,082,000 | 74,189,163,000 | 72,657,293,000 | 66,870,268,000 | 52,803,639,000 | 52,480,415,000 | 48,680,607,000 | 47,919,428,000 | 47,535,177,000 | 38,736,267,000 | 40,820,716,000 | 42,443,652,000 | 36,569,370,000 | |||||||||
the accompanying notes are an integral part of these consolidated financial statements. | ||||||||||||||||||||||||
accumulated other comprehensive income, net of tax | -140,095,000 | -95,691,000 | -174,738,000 | 210,623,000 | ||||||||||||||||||||
mortgage servicing assets, at fair value | 147,311,000 | 150,652,000 | 167,813,000 | 162,779,000 | 164,025,000 | 167,416,000 | 165,947,000 | |||||||||||||||||
preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding | 50,160,000 | 50,160,000 | 50,160,000 | 50,160,000 | ||||||||||||||||||||
time deposits with other banks | 4,814,134,000 | 4,609,061,000 | 8,628,442,000 | 761,380,000 | 1,733,493,000 | 2,132,748,000 | 633,010,000 | 538,581,000 | 930,366,000 | 14,554,000 | 17,299,000 | 14,331,000 | 24,703,000 | 17,449,000 | ||||||||||
total money market investments | 4,814,134,000 | 4,609,061,000 | 8,628,442,000 | 961,565,000 | 2,023,949,000 | 2,444,209,000 | ||||||||||||||||||
pledged securities with creditors’ right to repledge | 598,000 | 600,000 | 610,000 | 587,218,000 | 434,637,000 | 371,619,000 | 2,432,720,000 | 2,599,558,000 | 2,455,629,000 | 3,256,348,000 | 3,418,708,000 | 3,146,549,000 | 4,742,127,000 | 3,421,716,000 | ||||||||||
other trading account debt securities | 38,619,000 | |||||||||||||||||||||||
other debt securities available-for-sale | 13,336,386,000 | |||||||||||||||||||||||
less – unearned income | 160,579,000 | 149,783,000 | 144,184,000 | 330,723,000 | 323,864,000 | |||||||||||||||||||
allowance for loan losses | 550,628,000 | 633,718,000 | 643,018,000 | 736,505,000 | 1,243,994,000 | 1,277,016,000 | 1,207,401,000 | 1,146,239,000 | 1,057,125,000 | 726,480,000 | 652,730,000 | 579,379,000 | 600,273,000 | 564,847,000 | ||||||||||
total loans held-in-portfolio | 26,097,080,000 | 25,878,450,000 | 23,965,498,000 | 24,669,834,000 | 24,904,715,000 | 25,268,389,000 | ||||||||||||||||||
non-interest bearing | 9,046,104,000 | 8,803,752,000 | 9,392,263,000 | 4,913,009,000 | 5,371,439,000 | 4,793,338,000 | 4,281,817,000 | 4,408,865,000 | 4,372,366,000 | 4,065,720,000 | 4,482,287,000 | 4,253,885,000 | 3,975,383,000 | 4,280,195,000 | ||||||||||
interest bearing | 31,833,734,000 | 30,845,075,000 | 29,985,298,000 | 22,283,665,000 | 22,368,605,000 | 22,320,235,000 | 22,101,081,000 | 22,504,620,000 | 22,777,401,000 | 23,845,677,000 | 22,633,441,000 | 22,712,829,000 | 22,626,132,000 | 21,105,800,000 | ||||||||||
total deposits | 40,879,838,000 | 39,648,827,000 | 39,377,561,000 | 27,196,674,000 | 27,740,044,000 | 27,113,573,000 | ||||||||||||||||||
total liabilities | 43,240,547,000 | 42,675,079,000 | 42,245,516,000 | 34,931,361,000 | 36,711,516,000 | 38,840,204,000 | 33,717,305,000 | |||||||||||||||||
total stockholders’ equity | 5,440,060,000 | 5,244,349,000 | 5,289,661,000 | 3,804,906,000 | 4,109,200,000 | 3,603,448,000 | ||||||||||||||||||
other trading securities | 37,131,000 | 41,027,000 | 47,581,000 | 48,555,000 | 29,924,000 | 59,890,000 | 87,054,000 | 162,982,000 | 54,217,000 | 82,051,000 | 67,018,000 | 92,801,000 | 321,374,000 | |||||||||||
other investment securities available-for-sale | 12,752,180,000 | 10,236,076,000 | 3,580,558,000 | 3,693,225,000 | 4,499,256,000 | 4,560,571,000 | 4,646,901,000 | 4,508,609,000 | 4,312,394,000 | 4,283,619,000 | 4,512,959,000 | 4,136,368,000 | 5,552,752,000 | |||||||||||
loans held-in-portfolio: | ||||||||||||||||||||||||
loans not covered under loss-sharing agreements with the fdic | 26,661,951,000 | 24,752,700,000 | ||||||||||||||||||||||
loans covered under loss-sharing agreements with the fdic | ||||||||||||||||||||||||
fdic loss-share asset | ||||||||||||||||||||||||
other real estate not covered under loss-sharing agreements with the fdic | 133,780,000 | 142,063,000 | ||||||||||||||||||||||
other real estate covered under loss-sharing agreements with the fdic | ||||||||||||||||||||||||
assets | ||||||||||||||||||||||||
federal funds sold | 11,540,000 | 140,635,000 | 106,092,000 | 175,403,000 | 173,330,000 | 710,000,000 | 494,940,000 | 430,000,000 | 345,400,000 | |||||||||||||||
securities purchased under agreements to resell | 200,185,000 | 290,456,000 | 299,921,000 | 325,178,000 | 306,974,000 | 319,702,000 | 121,613,000 | 170,497,000 | 391,958,000 | 180,394,000 | 212,138,000 | |||||||||||||
trading account securities, at fair value: | ||||||||||||||||||||||||
investment securities available-for-sale, at fair value: | ||||||||||||||||||||||||
investment securities held-to-maturity, at amortized cost | 142,106,000 | 214,152,000 | 209,416,000 | 212,950,000 | 320,061,000 | 318,894,000 | 719,832,000 | 232,483,000 | 374,903,000 | 279,267,000 | 429,479,000 | |||||||||||||
other investment securities, at lower of cost or realizable value | 174,930,000 | 158,309,000 | 152,562,000 | 174,943,000 | 214,923,000 | 222,013,000 | 229,158,000 | 240,731,000 | 252,157,000 | 179,376,000 | 160,150,000 | |||||||||||||
loans not covered under loss sharing agreements with the fdic | 20,781,549,000 | 22,249,167,000 | 22,576,299,000 | |||||||||||||||||||||
loans covered under loss sharing agreements with the fdic | 4,729,550,000 | 4,006,227,000 | 4,079,017,000 | |||||||||||||||||||||
less — unearned income | 104,760,000 | 106,685,000 | 109,911,000 | 116,897,000 | 111,259,000 | 117,767,000 | 183,770,000 | 186,770,000 | 184,815,000 | |||||||||||||||
fdic loss share indemnification asset | 2,325,618,000 | 3,308,959,000 | 3,345,896,000 | |||||||||||||||||||||
other real estate not covered under loss sharing agreements with the fdic | 156,888,000 | 168,823,000 | 142,372,000 | |||||||||||||||||||||
other real estate covered under loss sharing agreements with the fdic | 65,562,000 | 77,516,000 | 76,331,000 | |||||||||||||||||||||
federal funds purchased and assets sold under agreements to repurchase | 2,642,800,000 | 2,358,139,000 | 2,307,194,000 | 2,807,891,000 | 2,941,678,000 | 2,881,997,000 | 3,730,039,000 | 4,738,677,000 | 4,490,693,000 | 6,287,303,000 | 5,655,936,000 | |||||||||||||
preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding in all periods presented | 50,160,000 | |||||||||||||||||||||||
accumulated deficit | -338,126,000 | -130,808,000 | -625,302,000 | |||||||||||||||||||||
accumulated other comprehensive income net of tax of | -13,002,000 | |||||||||||||||||||||||
loans held-for-sale measured at lower of cost or fair value | 115,088,000 | 101,251,000 | 75,447,000 | 242,847,000 | 308,206,000 | |||||||||||||||||||
preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding at september 30, 2010, december 31, 2009 and september 30, 2009 | 50,160,000 | |||||||||||||||||||||||
accumulated other comprehensive income, net of tax expense of 16,856 | 85,862,000 | |||||||||||||||||||||||
servicing assets | 174,170,000 | 183,376,000 | 184,189,000 | 181,095,000 | 132,484,000 | 190,778,000 | 188,558,000 | |||||||||||||||||
assets from discontinued operations | 3,452,000 | 12,036,000 | 968,669,000 | |||||||||||||||||||||
liabilities from discontinued operations | 13,926,000 | 12,421,000 | 180,373,000 | |||||||||||||||||||||
preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding at june 30, 2010 and december 31, 2009 | 50,160,000 | |||||||||||||||||||||||
accumulated other comprehensive income, net of tax expense of 17,744 | 74,450,000 | |||||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||||||
net income | -85,055,000 | -124,988,000 | -183,182,000 | -52,522,000 | -668,543,000 | 24,250,000 | 103,290,000 | 36,003,000 | 74,950,000 | |||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||
depreciation and amortization of premises and equipment | 15,391,000 | |||||||||||||||||||||||
benefit from loan losses | 240,200,000 | 331,063,000 | 349,444,000 | 372,529,000 | 252,160,000 | 190,640,000 | 168,222,000 | 148,093,000 | 115,167,000 | |||||||||||||||
amortization of intangibles | 2,049,000 | 2,379,000 | 2,433,000 | 2,406,000 | 3,966,000 | 2,490,000 | 2,492,000 | 2,234,000 | 2,813,000 | |||||||||||||||
amortization and fair value adjustments of servicing assets | 470,000 | |||||||||||||||||||||||
amortization of discount on junior subordinated debentures | 5,084,000 | |||||||||||||||||||||||
net gain on sale and valuation adjustments of investment securities | -81,000 | -9,059,000 | 53,705,000 | 176,146,000 | -9,132,000 | 27,763,000 | 47,940,000 | -3,089,000 | 1,175,000 | |||||||||||||||
gains from changes in fair value related to instruments measured at fair value pursuant to the fair value option | ||||||||||||||||||||||||
net gain on disposition of premises and equipment | -1,645,000 | |||||||||||||||||||||||
net income on sale of loan, including adjustments to indemnity reserves and valuation adjustments on loans held-for-sale | 12,222,000 | |||||||||||||||||||||||
net amortization of premiums and accretion of discounts on investments | 6,099,000 | |||||||||||||||||||||||
net amortization of premiums and deferred loan origination fees and costs | 1,783,000 | |||||||||||||||||||||||
earnings from investments under the equity method | -7,716,000 | |||||||||||||||||||||||
stock options expense | ||||||||||||||||||||||||
deferred income taxes, net of valuation | -20,168,000 | |||||||||||||||||||||||
net disbursements on loans held-for-sale | -166,868,000 | |||||||||||||||||||||||
acquisitions of loans held-for-sale | -59,436,000 | |||||||||||||||||||||||
proceeds from sale of loans held-for-sale | 21,654,000 | |||||||||||||||||||||||
net decrease in trading securities | 221,975,000 | |||||||||||||||||||||||
net increase in accrued income receivable | -5,163,000 | |||||||||||||||||||||||
net decrease in other assets | 5,592,000 | |||||||||||||||||||||||
net decrease in interest payable | -16,357,000 | |||||||||||||||||||||||
net increase in postretirement benefit obligation | 1,097,000 | |||||||||||||||||||||||
net increase in other liabilities | -5,983,000 | |||||||||||||||||||||||
total adjustments | 250,199,000 | |||||||||||||||||||||||
net cash from operating activities | 165,144,000 | |||||||||||||||||||||||
cash flows from investing activities: | ||||||||||||||||||||||||
net increase in money market investments | -1,979,000 | |||||||||||||||||||||||
purchases of investment securities: | ||||||||||||||||||||||||
available-for-sale | -208,004,000 | |||||||||||||||||||||||
held-to-maturity | -31,844,000 | |||||||||||||||||||||||
other | -8,191,000 | 301,649,000 | ||||||||||||||||||||||
proceeds from calls, paydowns, maturities and redemptions of investment securities: | ||||||||||||||||||||||||
proceeds from sale of investment securities available-for-sale | ||||||||||||||||||||||||
net repayments on loans | 398,734,000 | |||||||||||||||||||||||
proceeds from sale of loans | 6,398,000 | |||||||||||||||||||||||
acquisition of loan portfolios | -39,611,000 | |||||||||||||||||||||||
mortgage servicing rights purchased | -182,000 | |||||||||||||||||||||||
acquisition of premises and equipment | -15,049,000 | |||||||||||||||||||||||
proceeds from sale of premises and equipment | 6,707,000 | |||||||||||||||||||||||
proceeds from sale of foreclosed assets | 32,905,000 | |||||||||||||||||||||||
net cash from investing activities | 564,265,000 | |||||||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||||
net decrease in deposits | -564,592,000 | |||||||||||||||||||||||
net decrease in assets sold under agreements to repurchase | -141,284,000 | |||||||||||||||||||||||
net increase in other short-term borrowings | 15,937,000 | |||||||||||||||||||||||
payments of notes payable | -124,624,000 | |||||||||||||||||||||||
proceeds from issuance of notes payable | ||||||||||||||||||||||||
dividends paid | ||||||||||||||||||||||||
net cash from financing activities | -814,564,000 | |||||||||||||||||||||||
net decrease in cash and due from banks | -85,155,000 | |||||||||||||||||||||||
cash and due from banks at beginning of period | 677,330,000 | |||||||||||||||||||||||
cash and due from banks at end of period | 592,175,000 | |||||||||||||||||||||||
note 1 — nature of operations and basis of presentation | ||||||||||||||||||||||||
note 2 — adoption of new accounting standards and issued but not yet effective accounting standards | ||||||||||||||||||||||||
note 3 — discontinued operations | ||||||||||||||||||||||||
note 4 — restrictions on cash and due from banks and certain securities | ||||||||||||||||||||||||
note 5 — pledged assets | ||||||||||||||||||||||||
note 6 — investment securities available-for-sale | ||||||||||||||||||||||||
note 7 — investment securities held-to-maturity | ||||||||||||||||||||||||
note 8 — transfers of financial assets and mortgage servicing rights | ||||||||||||||||||||||||
note 9 — other assets | ||||||||||||||||||||||||
note 10 — goodwill and other intangible assets | ||||||||||||||||||||||||
note 11 — derivative instruments and hedging activities | ||||||||||||||||||||||||
note 12 — borrowings | ||||||||||||||||||||||||
note 13 — trust preferred securities | ||||||||||||||||||||||||
note 14 — stockholders’ equity | ||||||||||||||||||||||||
note 15 — commitments, contingencies and guarantees | ||||||||||||||||||||||||
note 16 — non-consolidated variable interest entities | ||||||||||||||||||||||||
note 17 — fair value measurement | ||||||||||||||||||||||||
note 18 — fair value of financial instruments | ||||||||||||||||||||||||
note 19 — net income per common share | ||||||||||||||||||||||||
note 20 — other service fees | ||||||||||||||||||||||||
note 21 — pension and postretirement benefits | ||||||||||||||||||||||||
note 22 — stock-based compensation | ||||||||||||||||||||||||
note 23 — income taxes | ||||||||||||||||||||||||
note 24 — supplemental disclosure on the consolidated statements of cash flows | ||||||||||||||||||||||||
note 25 — segment reporting | ||||||||||||||||||||||||
note 26 — subsequent events | ||||||||||||||||||||||||
note 27 — condensed consolidating financial information of guarantor and issuers of registered guaranteed securities | ||||||||||||||||||||||||
interest earning assets: | ||||||||||||||||||||||||
money market investments | 1,183,209,000 | 1,510,000 | 2,381,000 | 3,133,000 | 3,447,000 | 3,476,000 | 6,728,000 | 6,807,000 | 5,752,000 | |||||||||||||||
u.s. treasury securities | 70,308,000 | |||||||||||||||||||||||
obligations of u.s. government sponsored entities | 1,977,460,000 | |||||||||||||||||||||||
obligations of puerto rico, states and political subdivisions | 342,479,000 | |||||||||||||||||||||||
collateralized mortgage obligations and mortgage-backed securities | 4,757,407,000 | |||||||||||||||||||||||
total investment securities | 7,449,303,000 | |||||||||||||||||||||||
trading account securities | 614,827,000 | 7,227,000 | 10,603,000 | 10,808,000 | 9,339,000 | 16,133,000 | 18,693,000 | 10,653,000 | 9,611,000 | |||||||||||||||
loans | 24,836,067,000 | 371,366,000 | 382,244,000 | 401,768,000 | 457,905,000 | 497,418,000 | 561,117,000 | 662,973,000 | 656,485,000 | |||||||||||||||
total interest earning assets/interest income | 34,083,406,000 | |||||||||||||||||||||||
total non-interest earning assets | 2,478,103,000 | |||||||||||||||||||||||
total assets from continuing operations | 36,561,509,000 | |||||||||||||||||||||||
total assets from discontinued operations | 7,861,000 | |||||||||||||||||||||||
interest bearing liabilities: | ||||||||||||||||||||||||
savings, now, money market and other interest bearing demand accounts | 10,342,100,000 | |||||||||||||||||||||||
time deposits | 12,192,824,000 | |||||||||||||||||||||||
short-term borrowings | 2,887,727,000 | 16,142,000 | 16,631,000 | 20,703,000 | 37,233,000 | 42,502,000 | 65,145,000 | 113,832,000 | 119,466,000 | |||||||||||||||
subordinated notes | ||||||||||||||||||||||||
total interest bearing liabilities/interest expense | 28,367,820,000 | |||||||||||||||||||||||
total non-interest bearing liabilities | 5,338,848,000 | |||||||||||||||||||||||
total liabilities from continuing operations | 33,706,668,000 | |||||||||||||||||||||||
total liabilities from discontinued operations | 10,637,000 | |||||||||||||||||||||||
stockholders’ equity | 2,852,065,000 | |||||||||||||||||||||||
net interest income on a taxable equivalent basis | 1,180,983,000 | |||||||||||||||||||||||
cost of funding earning assets | 2,210 | |||||||||||||||||||||||
net interest margin | 3,470 | |||||||||||||||||||||||
effect of the taxable equivalent adjustment | 79,730,000 | |||||||||||||||||||||||
net interest income per books | 1,101,253,000 | |||||||||||||||||||||||
preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding as of september 30, 2009 | 50,160,000 | |||||||||||||||||||||||
common stock | 6,395,000 | 2,820,000 | 1,692,209,000 | 1,772,010,000 | 1,767,721,000 | 1,765,097,000 | 1,757,961,000 | 1,756,337,000 | ||||||||||||||||
(accumulated deficit) retained earnings | -69,525,000 | -659,165,000 | -451,355,000 | |||||||||||||||||||||
accumulated other comprehensive loss, net of tax of | -39,223,000 | -116,700,000 | -91,983,000 | -90,448,000 | -161,061,000 | -274,817,000 | ||||||||||||||||||
interest income: | ||||||||||||||||||||||||
investment securities | 74,360,000 | 75,818,000 | 73,483,000 | 84,790,000 | 83,128,000 | 94,405,000 | 109,793,000 | 113,063,000 | ||||||||||||||||
interest expense: | ||||||||||||||||||||||||
deposits | 118,941,000 | 128,452,000 | 148,039,000 | 165,611,000 | 168,045,000 | 194,940,000 | 196,825,000 | 182,730,000 | ||||||||||||||||
long-term debt | 42,991,000 | 42,903,000 | 47,964,000 | 28,355,000 | 51,723,000 | 63,669,000 | 119,453,000 | 111,298,000 | ||||||||||||||||
net interest income | 276,389,000 | 283,060,000 | 272,486,000 | 324,282,000 | 337,885,000 | 357,189,000 | 360,116,000 | 371,417,000 | ||||||||||||||||
net interest income after benefit from loan losses | -54,674,000 | -66,384,000 | -100,043,000 | 72,122,000 | 147,245,000 | 188,967,000 | 212,023,000 | 256,250,000 | ||||||||||||||||
service charges on deposit accounts | 54,208,000 | 53,463,000 | 53,741,000 | 52,433,000 | 51,799,000 | 51,087,000 | 49,704,000 | 48,392,000 | ||||||||||||||||
other service fees | 97,614,000 | 102,437,000 | 98,533,000 | 95,302,000 | 110,079,000 | 105,467,000 | 93,364,000 | 89,590,000 | ||||||||||||||||
trading account profit | 7,579,000 | 16,839,000 | 6,823,000 | 6,669,000 | 16,711,000 | 4,464,000 | -2,867,000 | 10,377,000 | ||||||||||||||||
gain on sale of loans and valuation adjustments on loans held-for-sale | -8,728,000 | -13,453,000 | -13,813,000 | 6,522,000 | 68,745,000 | 5,991,000 | 28,294,000 | |||||||||||||||||
other operating income | 18,430,000 | 12,848,000 | 13,301,000 | 36,134,000 | 24,595,000 | 33,292,000 | 23,902,000 | 25,547,000 | ||||||||||||||||
operating expenses: | ||||||||||||||||||||||||
personnel costs: | ||||||||||||||||||||||||
salaries | 102,822,000 | 107,079,000 | 105,323,000 | 118,948,000 | 125,423,000 | 136,709,000 | 120,810,000 | 126,950,000 | ||||||||||||||||
pension and other benefits | 27,725,000 | 29,127,000 | 39,968,000 | |||||||||||||||||||||
net occupancy expenses | 28,269,000 | 26,024,000 | 26,441,000 | 26,510,000 | 26,362,000 | 34,992,000 | 29,436,000 | 26,501,000 | ||||||||||||||||
equipment expenses | 24,983,000 | 25,202,000 | 26,104,000 | 26,305,000 | 30,724,000 | 31,998,000 | 30,688,000 | 32,245,000 | ||||||||||||||||
other taxes | 13,109,000 | 13,084,000 | 13,176,000 | 13,301,000 | 13,879,000 | 13,143,000 | 13,227,000 | 11,835,000 | ||||||||||||||||
professional fees | 28,694,000 | 27,048,000 | 24,901,000 | 31,780,000 | 31,627,000 | 36,625,000 | 37,103,000 | 38,642,000 | ||||||||||||||||
communications | 11,902,000 | 12,386,000 | 11,827,000 | 12,574,000 | 13,145,000 | 15,303,000 | 16,846,000 | 16,973,000 | ||||||||||||||||
business promotion | 8,905,000 | 9,946,000 | 7,910,000 | 16,216,000 | 18,251,000 | 17,216,000 | 28,560,000 | 30,369,000 | ||||||||||||||||
printing and supplies | 2,857,000 | 3,017,000 | 2,790,000 | 3,269,000 | 3,899,000 | 4,275,000 | 4,131,000 | 4,549,000 | ||||||||||||||||
fdic deposit insurance | 16,506,000 | 36,331,000 | ||||||||||||||||||||||
gain on early extinguishment of debt | -79,304,000 | |||||||||||||||||||||||
other operating expenses | 31,753,000 | 38,968,000 | 43,351,000 | 40,764,000 | 45,471,000 | 41,292,000 | 32,508,000 | 32,838,000 | ||||||||||||||||
income from continuing operations before income tax | -115,230,000 | -171,190,000 | -69,509,000 | -62,865,000 | ||||||||||||||||||||
income tax benefit | 6,331,000 | 5,393,000 | ||||||||||||||||||||||
income from continuing operations | -121,561,000 | -176,583,000 | -42,576,000 | -211,173,000 | ||||||||||||||||||||
income from discontinued operations, net of income tax | -3,427,000 | -6,599,000 | ||||||||||||||||||||||
net income applicable to common stock | 595,614,000 | -207,810,000 | -77,200,000 | -679,772,000 | 18,247,000 | 100,312,000 | 33,024,000 | 71,972,000 | ||||||||||||||||
earnings | ||||||||||||||||||||||||
earnings (losses) from continuing operations | 1,410 | |||||||||||||||||||||||
losses from discontinued operations | -10 | -30 | -1,630 | |||||||||||||||||||||
net earnings (losses) per common share | 1,400 | |||||||||||||||||||||||
dividends declared per common share | 20 | 80 | 160 | 160 | 160 | 160 | ||||||||||||||||||
loans measured at fair value pursuant to sfas no. 159: | ||||||||||||||||||||||||
loans measured at fair value with creditors’ right to repledge | ||||||||||||||||||||||||
other loans measured at fair value | 799,134,000 | 870,297,000 | ||||||||||||||||||||||
notes payable at cost | 2,643,722,000 | 3,399,063,000 | 3,750,647,000 | 4,190,169,000 | ||||||||||||||||||||
notes payable at fair value pursuant to sfas no. 159 | 173,725,000 | 186,171,000 | ||||||||||||||||||||||
preferred stock, 30,000,000 shares authorized; 24,410,000 issued and outstanding as of june 30, 2009 and december 31, 2008 | 1,487,000,000 | |||||||||||||||||||||||
(losses) earnings per common share — basic and diluted: | ||||||||||||||||||||||||
(losses) earnings from continuing operations | -710 | -240 | ||||||||||||||||||||||
net (losses) earnings per common share | -740 | -270 | ||||||||||||||||||||||
preferred stock, 30,000,000 shares authorized; 24,410,000 issued and outstanding as of march 31, 2009 and december 31, 2008 | 1,485,287,000 | |||||||||||||||||||||||
accumulated other comprehensive | -90,682,000 | |||||||||||||||||||||||
income tax (benefit) expense | -26,933,000 | -31,166,000 | ||||||||||||||||||||||
income from discontinued operations, net of tax | -9,946,000 | -457,370,000 | ||||||||||||||||||||||
(losses) earnings from discontinued operations | -30 | |||||||||||||||||||||||
loans held-for-sale measured at lower of cost or market value | 245,134,000 | 337,552,000 | 447,097,000 | |||||||||||||||||||||
loans held-in-portfolio pledged with creditors’ right to repledge | 160,923,000 | 195,661,000 | ||||||||||||||||||||||
other loans | 26,519,805,000 | 26,636,004,000 | 26,742,124,000 | |||||||||||||||||||||
minority interest in consolidated subsidiaries | 109,000 | 109,000 | 109,000 | 109,000 | 109,000 | |||||||||||||||||||
preferred stock, 25 liquidation value; 30,000,000 shares authorized; 7,475,000 class a shares issued and outstanding in all periods presented; 16,000,000 class b shares issued and outstanding at september 30, 2008 | 586,875,000 | |||||||||||||||||||||||
pension, profit sharing and other benefits | 29,282,000 | 36,462,000 | 38,470,000 | 31,430,000 | 37,338,000 | |||||||||||||||||||
income tax expense | 148,308,000 | 21,137,000 | ||||||||||||||||||||||
(losses) income from continuing operations | -790 | |||||||||||||||||||||||
loans measured at fair value pledged with creditors’ right to repledge | 45,758,000 | 56,523,000 | ||||||||||||||||||||||
preferred stock, 25 liquidation value; 30,000,000 shares authorized; 7,475,000 class a shares issued and outstanding in all periods presented; 16,000,000 class b shares issued and outstanding at june 30, 2008 | 586,875,000 | |||||||||||||||||||||||
losses from changes in fair value related to instruments measured at fair value pursuant to sfas no. 159 | -35,922,000 | -3,020,000 | ||||||||||||||||||||||
gain on sale of loans and valuation adjustments on loans held-for- sale | -1,453,000 | |||||||||||||||||||||||
income before income tax | -6,916,000 | 124,427,000 | 32,055,000 | 98,572,000 | ||||||||||||||||||||
basic earnings per common share | 60 | 360 | 120 | 260 | ||||||||||||||||||||
diluted eps | 60 | 360 | 120 | 260 | ||||||||||||||||||||
preferred stock, 25 liquidation value; 30,000,000 shares authorized; 7,475,000 shares issued and outstanding in all periods presented | 186,875,000 | 186,875,000 | 186,875,000 | |||||||||||||||||||||
accumulated other comprehensive income, net of tax of 19,446 | 43,719,000 | |||||||||||||||||||||||
loans held-for-sale, at lower of cost or market value | 423,303,000 | 605,990,000 | ||||||||||||||||||||||
other loans held-in-portfolio | 33,067,301,000 | 32,274,058,000 | ||||||||||||||||||||||
impact of change in fiscal period of certain subsidiaries | ||||||||||||||||||||||||
income tax | -3,948,000 | 23,622,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2011-03-31 | 2010-09-30 | 2010-06-30 | 2010-03-31 | 2009-09-30 | 2009-06-30 | 2009-03-31 | 2008-09-30 | 2008-06-30 | 2008-03-31 | 2007-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net income | 422,395,000 | 211,421,000 | 211,686,000 | 167,925,000 | 140,648,000 | 360,975,000 | 10,132,000 | 494,494,000 | -55,828,000 | -85,055,000 | -124,988,000 | -183,182,000 | -52,522,000 | -668,543,000 | 24,250,000 | 103,290,000 | 36,003,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
benefit from credit losses | 39,637,000 | ||||||||||||||||
goodwill impairment losses | |||||||||||||||||
amortization of intangibles | 795,000 | 795,000 | 891,000 | 2,312,000 | 2,324,000 | 2,394,000 | 2,255,000 | 2,411,000 | 2,455,000 | 2,049,000 | 2,379,000 | 2,433,000 | 2,406,000 | 3,966,000 | 2,490,000 | 2,492,000 | 2,234,000 |
depreciation and amortization of premises and equipment | 13,853,000 | 13,724,000 | 13,630,000 | 14,295,000 | 13,508,000 | 13,515,000 | 12,060,000 | 16,325,000 | 15,368,000 | 15,391,000 | 15,430,000 | 16,554,000 | 17,049,000 | 17,915,000 | 18,607,000 | 18,711,000 | 19,585,000 |
net accretion of discounts and amortization of premiums and deferred fees | -472,000 | 23,771,000 | 15,843,000 | -38,813,000 | -28,287,000 | ||||||||||||
interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives | -3,039,000 | -2,794,000 | -3,416,000 | ||||||||||||||
share-based compensation | 1,647,000 | 4,899,000 | 8,276,000 | 6,930,000 | 517,000 | ||||||||||||
impairment losses on right-of-use and long-lived assets | |||||||||||||||||
fair value adjustments on mortgage servicing rights | 499,000 | -2,258,000 | -1,017,000 | 3,825,000 | 4,194,000 | ||||||||||||
fair value adjustment for contingent consideration | |||||||||||||||||
adjustments to indemnity reserves on loans sold | -1,715,000 | -170,000 | 745,000 | ||||||||||||||
earnings from investments under the equity method, net of dividends or distributions | -9,395,000 | 2,483,000 | -15,099,000 | -9,027,000 | -9,372,000 | ||||||||||||
deferred income tax expense | 13,138,000 | 15,193,000 | 22,129,000 | 45,796,000 | |||||||||||||
(gain) loss on: | |||||||||||||||||
acquisitions of loans held-for-sale | -15,176,000 | -48,058,000 | -55,134,000 | -44,748,000 | -60,957,000 | -21,907,000 | -90,780,000 | -80,099,000 | -74,362,000 | -59,436,000 | -70,429,000 | -96,454,000 | -113,360,000 | -83,665,000 | -108,579,000 | -76,474,000 | -70,557,000 |
proceeds from sale of loans held-for-sale | 15,395,000 | 16,334,000 | 19,739,000 | 13,802,000 | 21,612,000 | -15,929,000 | 45,448,000 | 21,964,000 | 14,213,000 | 21,654,000 | 21,383,000 | 16,974,000 | 26,901,000 | 283,530,000 | 479,674,000 | 526,534,000 | 642,787,000 |
net originations on loans held-for-sale | -32,879,000 | -60,335,000 | -98,356,000 | -53,231,000 | -73,088,000 | ||||||||||||
total adjustments | -100,319,000 | 82,725,000 | -14,500,000 | 4,170,000 | 121,064,000 | 60,423,000 | -60,388,000 | -475,172,000 | 183,577,000 | 250,199,000 | 384,954,000 | 571,075,000 | 102,587,000 | 1,402,557,000 | 158,219,000 | -143,800,000 | 262,142,000 |
net cash from operating activities | 322,076,000 | 294,146,000 | 197,186,000 | 172,095,000 | 261,712,000 | 421,398,000 | -50,256,000 | 19,322,000 | 127,749,000 | 165,144,000 | 259,966,000 | 387,893,000 | 50,065,000 | 734,014,000 | 182,469,000 | -40,510,000 | 298,145,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 322,076,000 | 294,146,000 | 197,186,000 | 172,095,000 | 261,712,000 | 421,398,000 | -50,256,000 | 19,322,000 | 127,749,000 | 165,144,000 | 259,966,000 | 387,893,000 | 50,065,000 | 734,014,000 | 182,469,000 | -40,510,000 | 298,145,000 |
cash flows from investing activities: | |||||||||||||||||
purchases of investment securities: | |||||||||||||||||
proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||||||||||||||||
proceeds from sale of investment securities: | |||||||||||||||||
net (disbursements) repayments on loans | -869,702,000 | -656,761,000 | -236,365,000 | -78,969,000 | -253,856,000 | ||||||||||||
proceeds from sale of loans | 13,258,000 | 42,601,000 | 752,000 | 7,806,000 | 200,387,000 | 5,030,000 | 4,480,000 | 6,398,000 | 20,946,000 | 25,987,000 | 278,481,000 | 269,530,000 | 129,955,000 | 1,585,375,000 | 12,818,000 | ||
acquisition of loan portfolios | -292,036,000 | -169,110,000 | -119,479,000 | -129,875,000 | -134,614,000 | 21,723,000 | -348,226,000 | -43,017,000 | -47,860,000 | -39,611,000 | -19,705,000 | -13,377,000 | -4,883,000 | 2,164,000 | -5,275,000 | -1,394,000 | -21,528,000 |
payments to acquire other intangible assets | |||||||||||||||||
return of capital from equity method investments | 1,371,000 | 982,000 | |||||||||||||||
payments to acquire equity method investments | |||||||||||||||||
proceeds from evertec stock sale | |||||||||||||||||
acquisition of premises and equipment | -28,192,000 | -24,490,000 | -15,205,000 | -19,438,000 | -21,454,000 | -13,091,000 | -18,599,000 | -13,175,000 | -12,112,000 | -15,049,000 | -17,884,000 | -14,555,000 | -23,186,000 | -14,168,000 | -16,917,000 | -81,111,000 | -19,955,000 |
proceeds from sale of: | |||||||||||||||||
net cash from investing activities | 1,607,091,000 | -2,531,916,000 | 4,490,445,000 | -942,830,000 | -561,365,000 | -3,943,804,000 | -148,113,000 | 2,065,514,000 | -279,017,000 | 564,265,000 | 378,443,000 | 559,325,000 | 940,835,000 | 171,376,000 | -173,562,000 | 2,474,627,000 | -429,922,000 |
cash flows from financing activities: | |||||||||||||||||
net increase in: | |||||||||||||||||
payments of notes payable | 0 | -100,000,000 | -1,000,000 | -59,526,000 | -111,227,000 | 506,819,000 | -622,568,000 | -3,091,669,000 | -65,156,000 | -124,624,000 | -2,930,000 | -756,134,000 | -47,938,000 | -69,264,000 | -550,394,000 | -693,280,000 | -471,601,000 |
principal payments of finance leases | -771,000 | -759,000 | -833,000 | -439,000 | |||||||||||||
proceeds from issuance of common stock | 1,550,000 | 1,536,000 | 1,199,000 | 2,976,000 | 2,034,000 | 6,571,000 | 2,247,000 | 5,054,000 | 4,851,000 | 5,269,000 | 4,169,000 | ||||||
dividends paid | -42,472,000 | -42,429,000 | -36,289,000 | -25,713,000 | -26,498,000 | -51,687,000 | -930,000 | 0 | -28,557,000 | -42,881,000 | -56,192,000 | -50,897,000 | -47,788,000 | -47,675,000 | |||
payments for repurchase of common stock | -231,045,000 | ||||||||||||||||
payments related to tax withholding for share-based compensation | -180,000 | -1,275,000 | -4,316,000 | -2,805,000 | -43,000 | ||||||||||||
net cash from financing activities | -440,033,000 | 2,327,699,000 | -4,676,695,000 | 753,227,000 | 299,947,000 | 3,509,484,000 | 210,551,000 | -2,248,794,000 | 303,862,000 | -814,564,000 | -693,400,000 | -988,849,000 | -1,072,404,000 | -609,012,000 | 96,214,000 | -2,470,444,000 | 78,748,000 |
net increase in cash and due from banks, and restricted cash | 1,489,134,000 | 89,929,000 | 10,936,000 | 294,000 | |||||||||||||
cash and due from banks, and restricted cash at beginning of period | 0 | 0 | 434,512,000 | 403,251,000 | 0 | ||||||||||||
cash and due from banks, and restricted cash at the end of the period | 1,489,134,000 | 89,929,000 | 445,448,000 | 385,743,000 | 294,000 | ||||||||||||
the accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
provision for credit losses | -15,500,000 | ||||||||||||||||
gain on: | |||||||||||||||||
net payments for repurchase of common stock | -400,604,000 | -250,314,000 | -125,056,000 | ||||||||||||||
benefit from loan losses | 41,825,000 | 54,387,000 | 55,798,000 | 75,319,000 | 215,013,000 | 202,258,000 | 240,200,000 | 331,063,000 | 262,690,000 | 190,640,000 | 168,222,000 | 148,093,000 | |||||
impairment losses on long-lived assets | 0 | ||||||||||||||||
fdic loss share income | 0 | -81,104,000 | -13,621,000 | ||||||||||||||
indemnity reserves on loans sold expense | |||||||||||||||||
payments to acquire other intangible | |||||||||||||||||
net payments (to) from fdic under loss sharing agreements | 0 | ||||||||||||||||
payments to acquire businesses, net of cash acquired | |||||||||||||||||
proceeds from insurance claims | -15,131,000 | ||||||||||||||||
proceeds from issuance of notes payable | 294,706,000 | -102,000,000 | 242,000,000 | 0 | 69,000 | 793,000 | 60,238,000 | 552,731,000 | 94,292,000 | 535,894,000 | 717,838,000 | ||||||
fdic loss share expense | |||||||||||||||||
adjustments (expense) to indemnity reserves on loans sold | 93,000 | 3,029,000 | |||||||||||||||
disposition of premises and equipment and other productive assets | -2,265,000 | 18,374,000 | |||||||||||||||
sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | -4,058,000 | -3,132,000 | |||||||||||||||
sale of foreclosed assets, including write-downs | -3,772,000 | -1,204,000 | |||||||||||||||
net decrease (increase) in: | |||||||||||||||||
trading debt securities | 105,838,000 | 127,551,000 | |||||||||||||||
equity securities | -4,362,000 | -1,356,000 | |||||||||||||||
accrued income receivable | 3,224,000 | 3,616,000 | |||||||||||||||
other assets | 28,709,000 | 45,296,000 | |||||||||||||||
interest payable | -6,915,000 | -9,983,000 | |||||||||||||||
pension and other postretirement benefits obligation | 5,297,000 | 1,029,000 | |||||||||||||||
other liabilities | -100,585,000 | -15,941,000 | |||||||||||||||
net increase in money market investments | -643,117,000 | 4,019,293,000 | 419,701,000 | -1,342,635,000 | -1,979,000 | -147,176,000 | -60,111,000 | ||||||||||
available-for-sale | -3,123,508,000 | -4,201,663,000 | -2,014,778,000 | -752,479,000 | -146,172,000 | -334,502,000 | -208,004,000 | -142,937,000 | -1,023,844,000 | -2,939,134,000 | -447,730,000 | -3,306,728,000 | -120,932,000 | -2,535,000 | |||
equity | -1,239,000 | -128,000 | |||||||||||||||
held-to-maturity | 2,587,000 | 4,154,000 | 55,028,000 | -51,998,000 | -15,067,000 | -5,287,000 | -31,844,000 | -26,234,000 | -2,558,000 | -25,770,000 | -1,327,145,000 | -882,986,000 | -2,748,155,000 | -4,733,220,000 | |||
premises and equipment and other productive assets | 5,975,000 | 1,769,000 | |||||||||||||||
foreclosed assets | 26,119,000 | 26,125,000 | |||||||||||||||
deposits | 1,169,706,000 | 272,826,000 | |||||||||||||||
assets sold under agreements to repurchase | -80,659,000 | -6,795,000 | |||||||||||||||
other short-term borrowings | 1,000 | 0 | |||||||||||||||
net decrease in cash and due from banks, and restricted cash | -17,508,000 | ||||||||||||||||
note 1 - nature of operations | 11,000 | ||||||||||||||||
note 2 - basis of presentation and summary of significant accounting policies | 12,000 | ||||||||||||||||
note 3 - new accounting pronouncements | 13,000 | ||||||||||||||||
note 4 - business combination | 15,000 | ||||||||||||||||
note 5 - restrictions on cash and due from banks and certain securities | 16,000 | ||||||||||||||||
note 6 - debt securities available-for-sale | 17,000 | ||||||||||||||||
note 7 - debt securities held-to-maturity | 20,000 | ||||||||||||||||
note 8 - loans | 22,000 | ||||||||||||||||
note 9 - allowance for loan losses | 27,000 | ||||||||||||||||
note 10 - fdic loss share asset and true-up payment obligation | 39,000 | ||||||||||||||||
note 11 - mortgage banking activities | 41,000 | ||||||||||||||||
note 12 - transfers of financial assets and mortgage servicing assets | 42,000 | ||||||||||||||||
note 13 - other real estate owned | 45,000 | ||||||||||||||||
note 14 - other assets | 46,000 | ||||||||||||||||
note 15 - goodwill and other intangible assets | 47,000 | ||||||||||||||||
note 16 - deposits | 49,000 | ||||||||||||||||
note 17 - borrowings | 50,000 | ||||||||||||||||
note 18 - stockholders’ equity | 52,000 | ||||||||||||||||
note 19 - other comprehensive loss | 53,000 | ||||||||||||||||
note 20 - guarantees | 55,000 | ||||||||||||||||
note 21 - commitments and contingencies | 57,000 | ||||||||||||||||
note 22 - non-consolidated variable interest entities | 63,000 | ||||||||||||||||
note 23 - related party transactions | 65,000 | ||||||||||||||||
note 24 - fair value measurement | 68,000 | ||||||||||||||||
note 25 - fair value of financial instruments | 72,000 | ||||||||||||||||
note 26 - net income per common share | 75,000 | ||||||||||||||||
note 27 - revenue from contracts with customers | 76,000 | ||||||||||||||||
note 28 - leases | 78,000 | ||||||||||||||||
note 29 - fdic loss share expense | 80,000 | ||||||||||||||||
note 30 - pension and postretirement benefits | 81,000 | ||||||||||||||||
note 31 - stock-based compensation | 82,000 | ||||||||||||||||
note 32 - income taxes | 84,000 | ||||||||||||||||
note 33 - supplemental disclosure on the consolidated statements of cash flows | 87,000 | ||||||||||||||||
note 34 - segment reporting | 88,000 | ||||||||||||||||
note 35 - condensed consolidating financial information of guarantor and issuers of registered guaranteed securities | 91,000 | ||||||||||||||||
other-than-temporary impairment on debt securities | |||||||||||||||||
deferred income tax (benefit) expense | 43,358,000 | ||||||||||||||||
sale and valuation adjustments of debt securities | |||||||||||||||||
net disbursements on loans | -379,561,000 | -775,413,000 | |||||||||||||||
note 18 - trust preferred securities | |||||||||||||||||
note 19 - stockholders’ equity | |||||||||||||||||
note 20 - other comprehensive loss | |||||||||||||||||
note 21 - guarantees | |||||||||||||||||
note 22 - commitments and contingencies | |||||||||||||||||
note 23 - non-consolidated variable interest entities | |||||||||||||||||
note 24 - related party transactions | |||||||||||||||||
note 25 - fair value measurement | |||||||||||||||||
note 26 - fair value of financial instruments | |||||||||||||||||
note 27 - net income per common share | |||||||||||||||||
note 28 - revenue from contracts with customers | |||||||||||||||||
net repayments on loans | -365,732,000 | 427,622,000 | 268,089,000 | 626,112,000 | 398,734,000 | ||||||||||||
impairment losses on net assets to be disposed of | 8,564,000 | ||||||||||||||||
fair value adjustments of mortgage servicing rights | 6,171,000 | 10,382,000 | |||||||||||||||
net (accretion of discounts) amortization of premiums and deferred fees | -88,327,000 | ||||||||||||||||
net gain on sale and valuation adjustments of investment securities | -3,732,000 | -397,000 | -81,000 | 9,059,000 | -53,705,000 | -176,146,000 | 11,693,000 | -27,763,000 | -47,940,000 | ||||||||
fair value change in equity appreciation instrument | -7,745,000 | -10,641,000 | |||||||||||||||
fdic deposit insurance expense | 17,673,000 | ||||||||||||||||
net gain on disposition of premises and equipment | -1,412,000 | -1,645,000 | -75,000 | 1,847,000 | -76,000 | -20,532,000 | -1,788,000 | -1,323,000 | -442,000 | ||||||||
net income on sale of loans, including adjustments to indemnity reserves, and valuation adjustments on loans held-for-sale | 2,604,000 | ||||||||||||||||
earnings from investments under the equity method | -6,826,000 | -1,631,000 | -6,797,000 | -7,716,000 | -7,927,000 | -2,887,000 | -3,493,000 | 0 | -2,705,000 | -4,194,000 | -2,924,000 | ||||||
gain on sale of equity method investment | -16,666,000 | ||||||||||||||||
net disbursements on loans held-for-sale | -184,641,000 | -181,823,000 | -145,621,000 | -166,868,000 | -234,219,000 | -368,162,000 | -317,338,000 | -490,630,000 | -792,971,000 | -716,848,000 | -920,198,000 | ||||||
net decrease in trading securities | 206,222,000 | 168,671,000 | 174,965,000 | 221,975,000 | 391,027,000 | 698,699,000 | 212,367,000 | 872,278,000 | 597,630,000 | 134,437,000 | 357,398,000 | ||||||
net decrease (increase) in accrued income receivable | 2,988,000 | -34,107,000 | |||||||||||||||
net increase in other assets | -4,019,000 | 18,180,000 | -179,697,000 | -84,473,000 | |||||||||||||
net decrease in interest payable | -4,410,000 | -16,993,000 | -1,209,000 | -16,357,000 | -27,630,000 | -16,197,000 | -13,936,000 | -32,365,000 | -21,075,000 | ||||||||
deferred income taxes | 140,915,000 | -49,021,000 | -34,815,000 | -46,469,000 | |||||||||||||
net increase in pension and other postretirement benefit obligation | -123,957,000 | ||||||||||||||||
net decrease in other liabilities | -38,203,000 | ||||||||||||||||
net decrease (increase) in money market investments | 17,730,000 | 588,299,000 | 3,433,000 | 105,483,000 | |||||||||||||
other | -38,305,000 | -30,945,000 | -4,885,000 | -8,191,000 | -14,358,000 | -4,542,000 | -17,701,000 | -29,866,000 | -48,055,000 | -88,720,000 | -30,851,000 | ||||||
net proceeds from sale of equity method investment | 31,068,000 | ||||||||||||||||
mortgage servicing rights purchased | -383,000 | -234,000 | -182,000 | -182,000 | -302,000 | -400,000 | -327,000 | -642,000 | -771,000 | -2,215,000 | -1,608,000 | ||||||
proceeds from sale of premises and equipment | 7,763,000 | 3,877,000 | 2,919,000 | 6,707,000 | 27,305,000 | 5,993,000 | 2,807,000 | 29,623,000 | 6,488,000 | 13,255,000 | 7,550,000 | ||||||
proceeds from sale of foreclosed assets | 44,648,000 | 51,354,000 | 36,153,000 | 32,905,000 | 31,386,000 | 41,419,000 | 34,915,000 | 35,596,000 | 22,598,000 | 29,086,000 | 33,498,000 | ||||||
net increase in deposits | 433,505,000 | 797,611,000 | 148,447,000 | -1,346,959,000 | 1,213,858,000 | ||||||||||||
net increase in federal funds purchased and assets sold under agreements to repurchase | 230,250,000 | -946,572,000 | |||||||||||||||
net increase in other short-term borrowings | -73,920,000 | 15,937,000 | 24,519,000 | 23,331,000 | |||||||||||||
treasury stock acquired | -33,000 | -27,000 | -502,000 | -1,000 | 0 | -12,000 | -1,000 | 0 | -19,000 | -339,000 | 0 | ||||||
net increase in cash and due from banks | 12,182,000 | -54,991,000 | 296,378,000 | ||||||||||||||
cash and due from banks at beginning of period | 452,373,000 | 0 | 0 | 677,330,000 | 0 | 0 | 784,987,000 | 0 | 0 | 818,825,000 | 0 | ||||||
cash and due from banks at end of period | 464,555,000 | -163,958,000 | 152,594,000 | 592,175,000 | -54,991,000 | -41,631,000 | 703,483,000 | 296,378,000 | 105,121,000 | 782,498,000 | -53,029,000 | ||||||
gains from changes in fair value related to instruments measured at fair value pursuant to the fair value option | |||||||||||||||||
net (gain) loss on disposition of premises and equipment | 78,000 | ||||||||||||||||
gain on early extinguishment of debt | |||||||||||||||||
gain on sale of processing and technology business, net of transaction costs | |||||||||||||||||
stock options expense | 117,000 | -87,000 | 132,000 | 271,000 | 275,000 | 284,000 | 432,000 | ||||||||||
deferred income taxes, net of valuation | 18,210,000 | 4,416,000 | -20,168,000 | -2,461,000 | -23,486,000 | -50,497,000 | |||||||||||
net decrease in accrued income receivable | -8,923,000 | 5,382,000 | 5,514,000 | 14,039,000 | |||||||||||||
net decrease in other assets | -17,414,000 | 17,343,000 | 5,592,000 | 52,769,000 | |||||||||||||
net increase in postretirement benefit obligation | 198,000 | 530,000 | 1,097,000 | 1,248,000 | 1,536,000 | 868,000 | 1,607,000 | 565,000 | -362,000 | 583,000 | |||||||
net increase in other liabilities | 86,590,000 | 15,295,000 | -5,983,000 | 4,376,000 | 14,505,000 | 46,550,000 | 34,975,000 | ||||||||||
proceeds from sale of investment securities available-for-sale | 377,192,000 | 77,935,000 | 200,623,000 | 3,546,944,000 | 38,005,000 | 2,398,027,000 | 8,477,000 | 8,371,000 | |||||||||
proceeds from sale of other investment securities | 7,869,000 | 11,000 | 78,000 | 49,252,000 | 0 | ||||||||||||
cash received from acquisitions | 0 | ||||||||||||||||
net proceeds from sale of processing and technology businesses | |||||||||||||||||
net decrease in deposits | 627,480,000 | -637,627,000 | -564,592,000 | -533,386,000 | -236,992,000 | -396,730,000 | |||||||||||
net decrease in assets sold under agreements to repurchase | 50,945,000 | -184,312,000 | -141,284,000 | ||||||||||||||
prepayment penalties paid on cancellation of debt | |||||||||||||||||
net proceeds from issuance of depositary shares | -127,000 | ||||||||||||||||
issuance costs and fees paid on exchange of preferred stock and trust preferred securities | |||||||||||||||||
net decrease in cash and due from banks | -85,155,000 | -81,504,000 | -36,327,000 | -53,029,000 | |||||||||||||
the accompanying notes are an integral part of these unaudited consolidated financial statements. | |||||||||||||||||
net (accretion of discounts) amortization of premiums | |||||||||||||||||
net income on sale of loan, including adjustments to indemnity reserves and valuation adjustments on loans held-for-sale | 9,311,000 | 12,222,000 | |||||||||||||||
net amortization of deferred loan origination fees and costs | |||||||||||||||||
net income on sale and subsequent write-downs of foreclosed assets | |||||||||||||||||
net decrease in other short-term borrowings | 1,252,000 | -830,200,000 | -1,969,208,000 | ||||||||||||||
note 2 - business combination | |||||||||||||||||
note 3 - basis of presentation and summary of significant accounting policies | |||||||||||||||||
note 4 - adoption of new accounting standards and issued but not yet effective accounting standards | |||||||||||||||||
note 5 - discontinued operations | |||||||||||||||||
note 6 - restrictions on cash and due from banks and certain securities | |||||||||||||||||
note 7 - pledged assets | |||||||||||||||||
note 8 - investment securities available-for-sale | |||||||||||||||||
note 9 - investment securities held-to-maturity | |||||||||||||||||
note 10 - loans held-in-portfolio and allowance for loan losses | |||||||||||||||||
note 11 - transfers of financial assets and mortgage servicing rights | |||||||||||||||||
note 12 - other assets | |||||||||||||||||
note 13 - goodwill and other intangible assets | |||||||||||||||||
note 14 - derivative instruments and hedging activities | |||||||||||||||||
note 15 - deposits | |||||||||||||||||
note 16 - borrowings | |||||||||||||||||
note 17 - trust preferred securities | |||||||||||||||||
note 19 - commitments, contingencies and guarantees | |||||||||||||||||
note 20 - non-consolidated variable interest entities | |||||||||||||||||
note 21 - fair value measurement | |||||||||||||||||
note 22 - fair value of financial instruments | |||||||||||||||||
note 23 - net income per common share | |||||||||||||||||
note 24 - other service fees | |||||||||||||||||
note 25 - pension and postretirement benefits | |||||||||||||||||
note 26 - stock-based compensation | |||||||||||||||||
note 27 - income taxes | |||||||||||||||||
note 28 - supplemental disclosure on the consolidated statements of cash flows | |||||||||||||||||
note 29 - segment reporting | |||||||||||||||||
note 30 - subsequent events | |||||||||||||||||
note 31 - condensed consolidating financial information of guarantor and issuers of registered guaranteed securities | |||||||||||||||||
amortization and fair value adjustments of servicing assets | 470,000 | 7,093,000 | 5,248,000 | 5,257,000 | 28,557,000 | 9,718,000 | 15,404,000 | ||||||||||
amortization of discount on junior subordinated debentures | 5,084,000 | ||||||||||||||||
net amortization of premiums and accretion of discounts on investments | 6,099,000 | 5,681,000 | 3,200,000 | 4,288,000 | 3,378,000 | 6,570,000 | 6,086,000 | 4,566,000 | |||||||||
net amortization of premiums and deferred loan origination fees and costs | 1,783,000 | 12,665,000 | 12,810,000 | 10,021,000 | 11,699,000 | 15,761,000 | 13,190,000 | 22,707,000 | |||||||||
net increase in accrued income receivable | -5,163,000 | -10,906,000 | -41,169,000 | ||||||||||||||
note 1 — nature of operations and basis of presentation | |||||||||||||||||
note 2 — adoption of new accounting standards and issued but not yet effective accounting standards | |||||||||||||||||
note 3 — discontinued operations | |||||||||||||||||
note 4 — restrictions on cash and due from banks and certain securities | |||||||||||||||||
note 5 — pledged assets | |||||||||||||||||
note 6 — investment securities available-for-sale | |||||||||||||||||
note 7 — investment securities held-to-maturity | |||||||||||||||||
note 8 — transfers of financial assets and mortgage servicing rights | |||||||||||||||||
note 9 — other assets | |||||||||||||||||
note 10 — goodwill and other intangible assets | |||||||||||||||||
note 11 — derivative instruments and hedging activities | |||||||||||||||||
note 12 — borrowings | |||||||||||||||||
note 13 — trust preferred securities | |||||||||||||||||
note 14 — stockholders’ equity | |||||||||||||||||
note 15 — commitments, contingencies and guarantees | |||||||||||||||||
note 16 — non-consolidated variable interest entities | |||||||||||||||||
note 17 — fair value measurement | |||||||||||||||||
note 18 — fair value of financial instruments | |||||||||||||||||
note 19 — net income per common share | |||||||||||||||||
note 20 — other service fees | |||||||||||||||||
note 21 — pension and postretirement benefits | |||||||||||||||||
note 22 — stock-based compensation | |||||||||||||||||
note 23 — income taxes | |||||||||||||||||
note 24 — supplemental disclosure on the consolidated statements of cash flows | |||||||||||||||||
note 25 — segment reporting | |||||||||||||||||
note 26 — subsequent events | |||||||||||||||||
note 27 — condensed consolidating financial information of guarantor and issuers of registered guaranteed securities | |||||||||||||||||
(gains) losses from changes in fair value related to instruments measured at fair value pursuant to the fair value option | |||||||||||||||||
net income on sale of loans and valuation adjustments on loans held-for-sale | |||||||||||||||||
fair value adjustment of other assets held-for-sale | |||||||||||||||||
net decrease (increase) in other assets | -10,049,000 | ||||||||||||||||
net repayments (disbursements) on loans | -4,153,000 | 330,152,000 | 340,619,000 | ||||||||||||||
net decrease in federal funds purchased and assets sold under agreements to repurchase | -133,787,000 | 59,681,000 | -669,611,000 | ||||||||||||||
proceeds from issuance of preferred stock | -115,000 | ||||||||||||||||
(gains) losses from changes in fair value related to instruments measured at fair value pursuant to sfas no. 159 | |||||||||||||||||
net gain on sale of loans and valuation adjustments on loans held-for-sale | 121,819,000 | 1,453,000 | -68,745,000 | -5,991,000 | |||||||||||||
net interest income | |||||||||||||||||
non-interest income | |||||||||||||||||
operating expenses | |||||||||||||||||
pre-tax income from discontinued operations | |||||||||||||||||
income tax expense | |||||||||||||||||
income from discontinued operations, net of tax | |||||||||||||||||
provision for loan losses | 372,529,000 | ||||||||||||||||
losses from changes in fair value related to instruments measured at fair value pursuant to sfas no. 159 | -816,000 | 140,540,000 | 35,922,000 | 3,020,000 | |||||||||||||
net loss on sale of loans and valuation adjustments on loans held-for-sale | 13,073,000 | ||||||||||||||||
net decrease in money market investments | -630,817,000 | ||||||||||||||||
net increase in interest payable | 18,599,000 | ||||||||||||||||
assets acquired, net of cash | -745,000 | ||||||||||||||||
note: | |||||||||||||||||
investment securities available-for-sale, at fair value | -92,085,000 | 2,808,803,000 | |||||||||||||||
investment securities held-to-maturity, at amortized cost | |||||||||||||||||
loans held-for-sale measured at lower of cost or market value | -1,940,000 | 38,553,000 | |||||||||||||||
loans measured at fair value pursuant to sfas no. 159 | -26,135,000 | 193,781,000 | |||||||||||||||
loans held-in-portfolio | 141,691,000 | 7,586,260,000 | |||||||||||||||
less: impact of change in fiscal period of certain subsidiaries, net of tax | |||||||||||||||||
net income before change in fiscal period | 36,003,000 | ||||||||||||||||
cash effect of change in fiscal period of certain subsidiaries | |||||||||||||||||
severance | |||||||||||||||||
stay and retention bonuses | |||||||||||||||||
lease terminations | |||||||||||||||||
total restructuring charges | |||||||||||||||||
impairment of long-lived assets | |||||||||||||||||
impairment charges on definite-life intangible assets | |||||||||||||||||
total estimated charges | |||||||||||||||||
amortization and fair value adjustment of servicing assets | |||||||||||||||||
net (gain) loss on sale and valuation adjustment of investment securities | |||||||||||||||||
investment securities available-for-sale | |||||||||||||||||
investment securities held-to-maturity | |||||||||||||||||
loans held-for-sale |