$BLX

BLADEX, INC.

CIK:0000890541|SEC Filings

Consolidated statement of profit or loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income:
Deposits	$ 71,009	$ 92,549	$ 80,622
Investment securities	65,435	50,806	32,426
Interest income on loans and advances to customers	632,020	641,677	566,212
Total interest income	768,464	785,032	679,260
Interest expense:
Deposits	(289,567)	(300,890)	(217,042)
Securities sold under repurchase agreements	(8,485)	(11,675)	(9,232)
Borrowings and debt	(198,516)	(212,636)	(219,219)
Lease liabilities	(714)	(620)	(584)
Total interest expense	(497,282)	(525,821)	(446,077)
Net interest income	271,182	259,211	233,183
Other income (expense):
Fees and commissions, net	59,013	44,401	32,519
Gain (loss) on financial instruments, net	8,231	(483)	(45)
Other income	1,144	507	462
Total other income, net	68,388	44,425	32,936
Total revenues	339,570	303,636	266,119
Impairment losses on financial instruments	(22,119)	(17,299)	(27,463)
Operating expenses:
Salaries and other employee expenses	(55,420)	(51,923)	(47,232)
Depreciation and amortization of equipment, right-of-use and leasehold improvements	(2,854)	(2,499)	(2,280)
Amortization of intangible assets	(1,978)	(1,064)	(814)
Other expenses	(30,317)	(24,978)	(22,172)
Total operating expenses	(90,569)	(80,464)	(72,498)
Profit for the year	$ 226,882	$ 205,873	$ 166,158
Per share data:
Basic earnings per share (in dollars per share)	$ 6.11	$ 5.60	$ 4.55
Weighted average basic shares (in shares)	37,152	36,740	36,481

Consolidated statement of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit for the year	$ 226,882	$ 205,873	$ 166,158
Adjustments to reconcile profit for the year to net cash provided by (used in) operating activities:
Depreciation and amortization of equipment, right-of-use and leasehold improvements	2,854	2,499	2,280
Amortization of intangible assets	1,978	1,064	814
Gain on remeasurement of lease liabilities	0	0	(36)
Impairment losses on financial instruments	22,119	17,299	27,463
Realized gain on financial instruments	(4,934)	(319)	0
Loss on sale of financial instruments at amortized cost	436	0	3,858
Compensation cost - share-based payment	8,185	7,497	5,471
Net changes in hedging position and foreign currency	126,026	(33,701)	37,894
Loss on disposal of fixed assets and intangible assets	15	12	23
Interest income	(768,464)	(785,032)	(679,260)
Interest expense	497,282	525,821	446,077
Changes in operating assets and liabilities:
Restricted and pledged deposits	62,954	(83,523)	(9,734)
Loans	(1,057,639)	(1,301,627)	(406,064)
Proceeds from the sale of loans	210,023	87,319	0
Other assets	(20,245)	(3,057)	(7,376)
Due to depositors	1,191,246	1,005,136	1,217,433
Other liabilities	5,150	(9,107)	26,691
Cash flows provided by (used in) operating activities	503,868	(363,846)	831,692
Interest received	778,985	773,839	642,862
Interest paid	(502,611)	(532,652)	(412,440)
Net cash provided by (used in) operating activities	780,242	(122,659)	1,062,114
Cash flows from investing activities:
Acquisition of fixed assets and intangible assets	(2,796)	(3,935)	(2,096)
Proceeds from the sale of securities	101,935	0	59,432
Proceeds from the redemption of securities	389,963	298,655	377,029
Purchases of securities	(700,261)	(474,740)	(447,132)
Net cash used in investing activities	(211,159)	(180,020)	(12,767)
Cash flows from financing activities:
(Decrease) increase in securities sold under repurchase agreements	(83,345)	(97,323)	9,699
Net decrease in short-term borrowings and debt	(149,687)	(58,529)	(500,650)
Proceeds from long-term borrowings and debt	587,857	1,191,695	496,342
Payments of long-term borrowings and debt	(1,006,585)	(826,432)	(221,306)
Issuance of other equity instruments	197,976	0	0
Payments of lease liabilities	(1,195)	(1,091)	(1,032)
Dividends paid	(91,827)	(72,778)	(36,268)
Net cash (used in) provided by financing activities	(546,806)	135,542	(253,215)
Net increase (decrease) in cash and cash equivalents	22,277	(167,137)	796,132
Cash and cash equivalents at beginning of the year	1,819,931	1,987,068	1,190,936
Cash and cash equivalents at end of the year	$ 1,842,208	$ 1,819,931	$ 1,987,068

Consolidated statement of financial position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and due from banks	$ 1,923,731	$ 1,965,145
Investment securities	1,428,990	1,201,930
Loans	9,141,668	8,383,829
Customers' liabilities under acceptances	161,597	245,065
Trading derivative - assets	1,569	0
Hedging derivative financial instruments - assets	69,837	22,315
Equipment, right-of-use assets and leasehold improvements, net	19,673	19,676
Intangible assets	10,744	3,663
Other assets	28,584	17,050
Total assets	12,786,393	11,858,673
Liabilities:
Customer deposits	6,640,290	5,461,901
Securities sold under repurchase agreements	130,509	214,035
Borrowings and debt	4,030,389	4,388,720
Lease liabilities	18,429	19,232
Acceptances outstanding	161,597	245,065
Trading derivative - liabilities	433	0
Hedging derivative financial instruments - liabilities	62,506	141,705
Provision for losses on loan commitments and financial guarantee contracts	12,130	5,375
Other liabilities	51,363	45,431
Total liabilities	11,107,646	10,521,464
Equity:
Common stock	279,980	279,980
Treasury stock	(97,597)	(105,601)
Other equity instruments	197,976	0
Additional paid-in capital in excess of value assigned to common stock	125,151	124,970
Capital reserves	95,210	95,210
Regulatory reserves	159,093	149,666
Retained earnings	916,429	792,005
Other comprehensive income	2,505	979
Total equity	1,678,747	1,337,209
Total liabilities and equity	$ 12,786,393	$ 11,858,673