Loans (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022, 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)

For the quarter ended

June 30, 2023

For the six months

ended June 30, 2023

Purchase price of loans at acquisition

$

277

$

532

Allowance for credit losses at acquisition

10

78

Non-credit discount / (premium) at acquisition

-

9

Par value of acquired loans at acquisition

$

287

$

619

(In thousands)

For the quarter ended

June 30, 2022

For the six months

ended June 30, 2022

Purchase price of loans at acquisition

$

591

$

2,593

Allowance for credit losses at acquisition

170

782

Non-credit discount / (premium) at acquisition

26

125

Par value of acquired loans at acquisition

$

787

$

3,500

Loans Held in Portfolio

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

Past due financing receivables

June 30, 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

$

3,778

$

179

$

184

$

4,141

$

292,736

$

296,877

$

184

$

-

Commercial real estate:

Non-owner occupied

177

512

22,942

23,631

2,882,616

2,906,247

22,942

-

Owner occupied

1,241

700

35,832

37,773

1,390,285

1,428,058

35,832

-

Commercial and industrial

2,597

728

32,846

36,171

4,002,652

4,038,823

29,758

3,088

Construction

-

970

9,284

10,254

163,481

173,735

9,284

-

Mortgage

221,187

88,955

449,930

760,072

5,408,216

6,168,288

194,219

255,711

Leasing

13,160

3,811

4,743

21,714

1,639,809

1,661,523

4,743

-

Consumer:

Credit cards

9,506

6,311

14,185

30,002

1,027,370

1,057,372

-

14,185

Home equity lines of credit

-

-

-

-

2,570

2,570

-

-

Personal

14,865

11,660

17,438

43,963

1,642,003

1,685,966

17,438

-

Auto

75,879

18,422

36,204

130,505

3,435,028

3,565,533

36,204

-

Other

512

274

1,901

2,687

132,605

135,292

1,735

166

Total

$

342,902

$

132,522

$

625,489

$

1,100,913

$

22,019,371

$

23,120,284

$

352,339

$

273,150

June 30, 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

$

3,137

$

-

$

418

$

3,555

$

2,031,067

$

2,034,622

$

418

$

-

Commercial real estate:

Non-owner occupied

632

-

119

751

1,837,258

1,838,009

119

-

Owner occupied

1,806

-

5,095

6,901

1,606,439

1,613,340

5,095

-

Commercial and industrial

2,464

1,738

6,155

10,357

2,201,967

2,212,324

5,978

177

Construction

-

-

-

-

646,168

646,168

-

-

Mortgage

1,101

5,435

14,577

21,113

1,259,677

1,280,790

14,577

-

Consumer:

Credit cards

-

-

-

-

17

17

-

-

Home equity lines of

credit

464

49

4,252

4,765

61,105

65,870

4,252

-

Personal

2,766

1,725

2,726

7,217

203,411

210,628

2,726

-

Other

-

154

-

154

8,716

8,870

-

-

Total

$

12,370

$

9,101

$

33,342

$

54,813

$

9,855,825

$

9,910,638

$

33,165

$

177

June 30, 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

$

6,915

$

179

$

602

$

7,696

$

2,323,803

$

2,331,499

$

602

$

-

Commercial real estate:

Non-owner occupied

809

512

23,061

24,382

4,719,874

4,744,256

23,061

-

Owner occupied

3,047

700

40,927

44,674

2,996,724

3,041,398

40,927

-

Commercial and industrial

5,061

2,466

39,001

46,528

6,204,619

6,251,147

35,736

3,265

Construction

-

970

9,284

10,254

809,649

819,903

9,284

-

Mortgage

[1]

222,288

94,390

464,507

781,185

6,667,893

7,449,078

208,796

255,711

Leasing

13,160

3,811

4,743

21,714

1,639,809

1,661,523

4,743

-

Consumer:

Credit cards

9,506

6,311

14,185

30,002

1,027,387

1,057,389

-

14,185

Home equity lines of credit

464

49

4,252

4,765

63,675

68,440

4,252

-

Personal

17,631

13,385

20,164

51,180

1,845,414

1,896,594

20,164

-

Auto

75,879

18,422

36,204

130,505

3,435,028

3,565,533

36,204

-

Other

512

428

1,901

2,841

141,321

144,162

1,735

166

Total

$

355,272

$

141,623

$

658,831

$

1,155,726

$

31,875,196

$

33,030,922

$

385,504

$

273,327

[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 $

133

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

longer accruing interest as of June 30, 2023. Furthermore, the Corporation has approximately $

39

 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 $

324

 million in unearned income and exclude $

55

 million in loans held-for-sale.

[3]

Includes $

11

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

of which $

6.1

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

4.9

 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 $

3.4

 billion and $

3.1

 billion, respectively, as of June 30, 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

June 30, 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

$

-

$

184

$

-

$

418

$

-

$

602

Commercial real estate non-owner occupied

18,924

4,018

-

119

18,924

4,137

Commercial real estate owner occupied

24,420

11,412

5,095

-

29,515

11,412

Commercial and industrial

16,304

13,454

-

5,978

16,304

19,432

Construction

-

9,284

-

-

-

9,284

Mortgage

103,821

90,398

503

14,074

104,324

104,472

Leasing

221

4,522

-

-

221

4,522

Consumer:

 HELOCs

-

-

-

4,252

-

4,252

 Personal 

4,768

12,670

-

2,726

4,768

15,396

 Auto 

1,293

34,911

-

-

1,293

34,911

 Other

263

1,472

-

-

263

1,472

Total

$

170,014

$

182,325

$

5,598

$

27,567

$

175,612

$

209,892

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

June 30, 2023

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

$

1,303

$

-

$

-

$

-

$

-

$

1,303

Commercial real estate:

Non-owner occupied

178,349

-

-

-

-

178,349

Owner occupied

31,318

-

-

-

-

31,318

Commercial and industrial

1,094

-

20

7,524

18,792

27,430

Construction

14,706

-

-

-

-

14,706

Mortgage

109,215

-

-

-

-

109,215

Leasing

-

1,028

-

-

-

1,028

Consumer:

Personal

5,043

-

-

-

-

5,043

Auto

-

10,672

-

-

-

10,672

Other

-

-

-

-

312

312

Total BPPR

$

341,028

$

11,700

$

20

$

7,524

$

19,104

$

379,376

Popular U.S.

Commercial real estate:

Owner occupied

$

5,095

$

-

$

-

$

-

$

-

$

5,095

Commercial and industrial

-

-

-

-

3,628

3,628

Construction

4,700

-

-

-

-

4,700

Mortgage

913

-

-

-

-

913

Total Popular U.S.

$

10,708

$

-

$

-

$

-

$

3,628

$

14,336

Popular, Inc.

Commercial multi-family

$

1,303

$

-

$

-

$

-

$

-

$

1,303

Commercial real estate:

Non-owner occupied

178,349

-

-

-

-

178,349

Owner occupied

36,413

-

-

-

-

36,413

Commercial and industrial

1,094

-

20

7,524

22,420

31,058

Construction

19,406

-

-

-

-

19,406

Mortgage

110,128

-

-

-

-

110,128

Leasing

-

1,028

-

-

-

1,028

Consumer:

Personal

5,043

-

-

-

-

5,043

Auto

-

10,672

-

-

-

10,672

Other

-

-

-

-

312

312

Total Popular, Inc.

$

351,736

$

11,700

$

20

$

7,524

$

22,732

$

393,712

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