Loans (Tables)

3 Months Ended

Mar. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

Purchased Financial Assets With Credit Deterioration

Purchased Credit Deteriorated (PCD) Loans

The Corporation has purchased loans during the quarter for which there was, at acquisition, evidence of more than insignificant

deterioration of credit quality since origination. The carrying amount of those loans is as follows:

(In thousands)

March 31, 2023

March 31, 2022

Purchase price of loans at acquisition

$

255

$

2,002

Allowance for credit losses at acquisition

68

612

Non-credit discount / (premium) at acquisition

9

99

Par value of acquired loans at acquisition

$

332

$

2,713

Loans Held in Portfolio

Accounts, Notes, Loans and Financing Receivable [Line Items]

Past due financing receivables

The following tables present the amortized cost basis of loans held-in-portfolio (“HIP”), net of unearned income, by past due status,

and by loan class including those that are in non-performing status or that are accruing interest but are past due 90 days or more at

March 31, 2023 and December 31, 2022.

March 31, 2023

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing 

(In thousands)

days

days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

650

$

-

$

185

$

835

$

291,971

$

292,806

$

185

$

-

Commercial real estate:

Non-owner occupied

2,739

1,584

22,856

27,179

2,858,304

2,885,483

22,856

-

Owner occupied

21,496

-

37,779

59,275

1,438,228

1,497,503

37,779

-

Commercial and industrial

17,934

793

31,847

50,574

3,883,859

3,934,433

30,132

1,715

Construction

8,081

-

-

8,081

147,268

155,349

-

-

Mortgage

183,187

81,729

515,752

780,668

5,336,016

6,116,684

224,075

291,677

Leasing

12,301

2,605

6,103

21,009

1,593,335

1,614,344

6,103

-

Consumer:

Credit cards

7,162

5,823

12,061

25,046

1,021,129

1,046,175

-

12,061

Home equity lines of credit

-

-

-

-

2,865

2,865

-

-

Personal

14,131

8,990

17,427

40,548

1,572,370

1,612,918

17,412

15

Auto

60,324

12,684

39,516

112,524

3,405,416

3,517,940

39,516

-

Other

1,264

49

1,091

2,404

127,608

130,012

921

170

Total

$

329,269

$

114,257

$

684,617

$

1,128,143

$

21,678,369

$

22,806,512

$

378,979

$

305,638

March 31, 2023

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total 

Non-accrual

Accruing

(In thousands)

days

days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

-

$

-

$

421

$

421

$

2,043,130

$

2,043,551

$

421

$

-

Commercial real estate:

Non-owner occupied

16,033

-

207

16,240

1,748,952

1,765,192

207

-

Owner occupied

18,042

-

5,095

23,137

1,497,947

1,521,084

5,095

-

Commercial and industrial

13,779

3

5,570

19,352

2,045,857

2,065,209

5,325

245

Construction

7,165

-

-

7,165

536,482

543,647

-

-

Mortgage

22,041

1,499

14,719

38,259

1,250,964

1,289,223

14,719

-

Consumer:

Credit cards

-

-

-

-

21

21

-

-

Home equity lines of

credit

496

70

4,618

5,184

61,838

67,022

4,618

-

Personal

1,900

1,259

2,505

5,664

222,487

228,151

2,505

-

Other

2

-

514

516

8,245

8,761

514

-

Total

$

79,458

$

2,831

$

33,649

$

115,938

$

9,415,923

$

9,531,861

$

33,404

$

245

March 31, 2023

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

days

or more

past due

Current

Loans HIP

[2] [3]

loans

loans

Commercial multi-family

$

650

$

-

$

606

$

1,256

$

2,335,101

$

2,336,357

$

606

$

-

Commercial real estate:

Non-owner occupied

18,772

1,584

23,063

43,419

4,607,256

4,650,675

23,063

-

Owner occupied

39,538

-

42,874

82,412

2,936,175

3,018,587

42,874

-

Commercial and industrial

31,713

796

37,417

69,926

5,929,716

5,999,642

35,457

1,960

Construction

15,246

-

-

15,246

683,750

698,996

-

-

Mortgage

[1]

205,228

83,228

530,471

818,927

6,586,980

7,405,907

238,794

291,677

Leasing

12,301

2,605

6,103

21,009

1,593,335

1,614,344

6,103

-

Consumer:

Credit cards

7,162

5,823

12,061

25,046

1,021,150

1,046,196

-

12,061

Home equity lines of credit

496

70

4,618

5,184

64,703

69,887

4,618

-

Personal

16,031

10,249

19,932

46,212

1,794,857

1,841,069

19,917

15

Auto

60,324

12,684

39,516

112,524

3,405,416

3,517,940

39,516

-

Other

1,266

49

1,605

2,920

135,853

138,773

1,435

170

Total

$

408,727

$

117,088

$

718,266

$

1,244,081

$

31,094,292

$

32,338,373

$

412,383

$

305,883

[1]

It is the Corporation’s policy to report delinquent residential mortgage loans insured by Federal Housing Administration (“FHA”) or guaranteed by

the U.S. Department of Veterans Affairs (“VA”) as accruing loans past due 90 days or more as opposed to non-performing since the principal

repayment is insured. These balances include $

167

 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no

longer accruing interest as of March 31, 2023. Furthermore, the Corporation has approximately $

40

 million in reverse mortgage loans which are

guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to

exclude these balances from non-performing assets.

[2]

Loans held-in-portfolio are net of $

307

 million in unearned income and exclude $

11

 million in loans held-for-sale.

[3]

Includes $

7.7

 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral,

of which $

5.1

 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $

2.6

 billion at the Federal Reserve

Bank ("FRB") for discount window borrowings. The Corporation had an available borrowing facility with the FHLB and the discount window of

Federal Reserve Bank of New York of $

2.8

 billion and $

1.5

 billion, respectively, as of March 31, 2023.

December 31, 2022

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

425

$

-

$

242

$

667

$

280,706

$

281,373

$

242

$

-

Commercial real estate:

Non-owner occupied

941

428

23,662

25,031

2,732,296

2,757,327

23,662

-

Owner occupied

729

245

23,990

24,964

1,563,092

1,588,056

23,990

-

Commercial and industrial

3,036

941

35,777

39,754

3,756,754

3,796,508

34,277

1,500

Construction

-

-

-

-

147,041

147,041

-

-

Mortgage

222,926

91,881

579,993

894,800

5,215,479

6,110,279

242,391

337,602

Leasing

11,983

3,563

5,941

21,487

1,564,252

1,585,739

5,941

-

Consumer:

Credit cards

7,106

5,049

11,910

24,065

1,017,766

1,041,831

-

11,910

Home equity lines of credit

-

-

-

-

2,954

2,954

-

-

Personal

13,232

8,752

18,082

40,066

1,545,621

1,585,687

18,082

-

Auto

68,868

19,243

40,978

129,089

3,383,441

3,512,530

40,978

-

Other

487

87

12,682

13,256

124,324

137,580

12,446

236

Total

$

329,733

$

130,189

$

753,257

$

1,213,179

$

21,333,726

$

22,546,905

$

402,009

$

351,248

December 31, 2022

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

2,177

$

-

$

-

$

2,177

$

2,038,163

$

2,040,340

$

-

$

-

Commercial real estate:

Non-owner occupied

484

-

1,454

1,938

1,740,405

1,742,343

1,454

-

Owner occupied

-

-

5,095

5,095

1,485,398

1,490,493

5,095

-

Commercial and industrial

12,960

2,205

4,685

19,850

2,022,842

2,042,692

4,319

366

Construction

-

-

-

-

610,943

610,943

-

-

Mortgage

16,131

5,834

20,488

42,453

1,244,739

1,287,192

20,488

-

Consumer:

Credit cards

-

-

-

-

39

39

-

-

Home equity lines of credit

413

161

4,110

4,684

64,278

68,962

4,110

-

Personal 

1,808

1,467

1,958

5,233

232,659

237,892

1,958

-

Other

-

-

8

8

9,960

9,968

8

-

Total

$

33,973

$

9,667

$

37,798

$

81,438

$

9,449,426

$

9,530,864

$

37,432

$

366

December 31, 2022

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

[2]

[3]

loans

loans

Commercial multi-family

$

2,602

$

-

$

242

$

2,844

$

2,318,869

$

2,321,713

$

242

$

-

Commercial real estate:

Non-owner occupied

1,425

428

25,116

26,969

4,472,701

4,499,670

25,116

-

Owner occupied

729

245

29,085

30,059

3,048,490

3,078,549

29,085

-

Commercial and industrial

15,996

3,146

40,462

59,604

5,779,596

5,839,200

38,596

1,866

Construction

-

-

-

-

757,984

757,984

-

-

Mortgage

[1]

239,057

97,715

600,481

937,253

6,460,218

7,397,471

262,879

337,602

Leasing

11,983

3,563

5,941

21,487

1,564,252

1,585,739

5,941

-

Consumer:

Credit cards

7,106

5,049

11,910

24,065

1,017,805

1,041,870

-

11,910

Home equity lines of credit

413

161

4,110

4,684

67,232

71,916

4,110

-

Personal

15,040

10,219

20,040

45,299

1,778,280

1,823,579

20,040

-

Auto

68,868

19,243

40,978

129,089

3,383,441

3,512,530

40,978

-

Other

487

87

12,690

13,264

134,284

147,548

12,454

236

Total

$

363,706

$

139,856

$

791,055

$

1,294,617

$

30,783,152

$

32,077,769

$

439,441

$

351,614

[1]

It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due

90 days or more as opposed to non-performing since the principal repayment is insured. These balances also include $

190

 million of residential

mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2022. Furthermore, the

Corporation has approximately $

42

 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest.

Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets.

[2]

Loans held-in-portfolio are net of $

295

 million in unearned income and exclude $

5

 million in loans held-for-sale.

[3]

Includes $

7.4

 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral,

of which $

4.8

 billion were pledged at the Federal Home Loan Bank (FHLB) as collateral for borrowings and $

2.6

 billion at the Federal Reserve

Bank (FRB) for discount window borrowings. The Corporation had an available borrowing facility with the FHLB and the discount window of

Federal Reserve Bank of New York of $

2.1

 billion and $

1.4

 billion, respectively, as of December 31, 2022.

Financing receivable non accrual status

March 31, 2023

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

$

-

$

185

$

-

$

421

$

-

$

606

Commercial real estate non-owner occupied

19,324

3,532

-

207

19,324

3,739

Commercial real estate owner occupied

24,513

13,266

5,095

-

29,608

13,266

Commercial and industrial

17,551

12,581

-

5,325

17,551

17,906

Mortgage

103,316

120,759

227

14,492

103,543

135,251

Leasing

194

5,909

-

-

194

5,909

Consumer:

 HELOCs

-

-

-

4,618

-

4,618

 Personal 

5,122

12,290

-

2,505

5,122

14,795

 Auto 

1,117

38,399

-

-

1,117

38,399

 Other

263

658

-

514

263

1,172

Total

$

171,400

$

207,579

$

5,322

$

28,082

$

176,722

$

235,661

December 31, 2022

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

$

-

$

242

$

-

$

-

$

-

$

242

Commercial real estate non-owner occupied

15,639

8,023

1,454

-

17,093

8,023

Commercial real estate owner occupied

9,070

14,920

5,095

-

14,165

14,920

Commercial and industrial

20,227

14,050

-

4,319

20,227

18,369

Mortgage

119,027

123,364

71

20,417

119,098

143,781

Leasing

458

5,483

-

-

458

5,483

Consumer:

 HELOCs

-

-

-

4,110

-

4,110

 Personal 

4,623

13,459

-

1,958

4,623

15,417

 Auto 

1,177

39,801

-

-

1,177

39,801

 Other

263

12,183

-

8

263

12,191

Total

$

170,484

$

231,525

$

6,620

$

30,812

$

177,104

$

262,337

Collateral dependent financial assets

March 31, 2023

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

$

1,316

$

-

$

-

$

-

$

-

$

1,316

Commercial real estate:

Non-owner occupied

180,090

-

-

-

-

180,090

Owner occupied

32,471

-

-

-

-

32,471

Commercial and industrial

1,070

-

22

8,397

18,995

28,484

Mortgage

106,168

-

-

-

-

106,168

Leasing

-

844

-

-

-

844

Consumer:

Personal

5,433

-

-

-

-

5,433

Auto

-

10,074

-

-

-

10,074

Other

-

-

-

-

263

263

Total BPPR

$

326,548

$

10,918

$

22

$

8,397

$

19,258

$

365,143

Popular U.S.

Commercial real estate:

Owner occupied

$

5,095

$

-

$

-

$

-

$

-

$

5,095

Commercial and industrial

-

-

74

-

2,000

2,074

Mortgage

775

-

-

-

-

775

Total Popular U.S.

$

5,870

$

-

$

74

$

-

$

2,000

$

7,944

Popular, Inc.

Commercial multi-family

$

1,316

$

-

$

-

$

-

$

-

$

1,316

Commercial real estate:

Non-owner occupied

180,090

-

-

-

-

180,090

Owner occupied

37,566

-

-

-

-

37,566

Commercial and industrial

1,070

-

96

8,397

20,995

30,558

Mortgage

106,943

-

-

-

-

106,943

Leasing

-

844

-

-

-

844

Consumer:

Personal

5,433

-

-

-

-

5,433

Auto

-

10,074

-

-

-

10,074

Other

-

-

-

-

263

263

Total Popular, Inc.

$

332,418

$

10,918

$

96

$

8,397

$

21,258

$

373,087

December 31, 2022

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

$

1,329

$

-

$

-

$

-

$

-

$

1,329

Commercial real estate:

Non-owner occupied

202,980

-

-

-

-

202,980

Owner occupied

18,234

-

-

-

-

18,234

Commercial and industrial

1,345

-

32

9,853

20,985

32,215

Mortgage

128,069

-

-

-

-

128,069

Leasing

-

1,020

-

-

-

1,020

Consumer:

Personal

5,381

-

-

-

-

5,381

Auto

-

9,556

-

-

-

9,556

Other

-

-

-

-

263

263

Total BPPR

$

357,338

$

10,576

$

32

$

9,853

$

21,248

$

399,047

Popular U.S.

Commercial real estate:

Non-owner occupied

$

1,454

$

-

$

-

$

-

$

-

$

1,454

Owner occupied

5,095

-

-

-

-

5,095

Commercial and industrial

-

-

136

-

-

136

Mortgage

1,104

-

-

-

-

1,104

Total Popular U.S.

$

7,653

$

-

$

136

$

-

$

-

$

7,789

Popular, Inc.

Commercial multi-family

$

1,329

$

-

$

-

$

-

$

-

$

1,329

Commercial real estate:

Non-owner occupied

204,434

-

-

-

-

204,434

Owner occupied

23,329

-

-

-

-

23,329

Commercial and industrial

1,345

-

168

9,853

20,985

32,351

Mortgage

129,173

-

-

-

-

129,173

Leasing

-

1,020

-

-

-

1,020

Consumer:

Personal

5,381

-

-

-

-

5,381

Auto

-

9,556

-

-

-

9,556

Other

-

-

-

-

263

263

Total Popular, Inc.

$

364,991

$

10,576

$

168

$

9,853

$

21,248

$

406,836