Loans (Tables)

9 Months Ended

Sep. 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 nine months ended September 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

September 30, 2023

For the nine months

ended September 30,

2023

Purchase price of loans at acquisition

$

227

$

759

Allowance for credit losses at acquisition

9

87

Non-credit discount / (premium) at acquisition

-

9

Par value of acquired loans at acquisition

$

236

$

855

(In thousands)

For the quarter ended

September 30, 2022

For the nine months

ended September 30,

2022

Purchase price of loans at acquisition

$

247

$

2,840

Allowance for credit losses at acquisition

59

841

Non-credit discount / (premium) at acquisition

6

131

Par value of acquired loans at acquisition

$

312

$

3,812

Loans Held in Portfolio

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

Past due financing receivables

September 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

$

4,407

$

176

$

184

$

4,767

$

290,047

$

294,814

$

184

$

-

Commercial real estate:

Non-owner occupied

1,274

-

15,330

16,604

2,932,277

2,948,881

15,330

-

Owner occupied

817

827

35,089

36,733

1,370,820

1,407,553

35,089

-

Commercial and industrial

4,022

1,728

24,733

30,483

4,299,335

4,329,818

21,624

3,109

Construction

-

-

6,578

6,578

163,929

170,507

6,578

-

Mortgage

241,962

100,679

430,430

773,071

5,516,197

6,289,268

187,443

242,987

Leasing

17,915

4,574

6,842

29,331

1,668,783

1,698,114

6,842

-

Consumer:

Credit cards

11,218

8,133

17,719

37,070

1,040,341

1,077,411

-

17,719

Home equity lines of credit

26

-

-

26

2,448

2,474

-

-

Personal

19,586

12,476

18,582

50,644

1,712,358

1,763,002

18,582

-

Auto

89,453

23,019

40,268

152,740

3,480,456

3,633,196

40,268

-

Other

567

388

2,152

3,107

144,425

147,532

1,885

267

Total

$

391,247

$

152,000

$

597,907

$

1,141,154

$

22,621,416

$

23,762,570

$

333,825

$

264,082

September 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

$

1,332

$

-

$

404

$

1,736

$

2,031,883

$

2,033,619

$

404

$

-

Commercial real estate:

Non-owner occupied

2,628

-

734

3,362

2,082,887

2,086,249

734

-

Owner occupied

1,110

923

3,877

5,910

1,631,442

1,637,352

3,877

-

Commercial and industrial

3,000

464

3,709

7,173

2,190,091

2,197,264

3,579

130

Construction

-

-

-

-

751,605

751,605

-

-

Mortgage

946

22,313

11,980

35,239

1,260,604

1,295,843

11,980

-

Consumer:

Credit cards

-

-

-

-

17

17

-

-

Home equity lines of

credit

1,045

335

4,085

5,465

59,560

65,025

4,085

-

Personal

2,581

1,716

2,637

6,934

182,232

189,166

2,637

-

Other

113

-

402

515

10,088

10,603

402

-

Total

$

12,755

$

25,751

$

27,828

$

66,334

$

10,200,409

$

10,266,743

$

27,698

$

130

September 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

$

5,739

$

176

$

588

$

6,503

$

2,321,930

$

2,328,433

$

588

$

-

Commercial real estate:

Non-owner occupied

3,902

-

16,064

19,966

5,015,164

5,035,130

16,064

-

Owner occupied

1,927

1,750

38,966

42,643

3,002,262

3,044,905

38,966

-

Commercial and industrial

7,022

2,192

28,442

37,656

6,489,426

6,527,082

25,203

3,239

Construction

-

-

6,578

6,578

915,534

922,112

6,578

-

Mortgage

[1]

242,908

122,992

442,410

808,310

6,776,801

7,585,111

199,423

242,987

Leasing

17,915

4,574

6,842

29,331

1,668,783

1,698,114

6,842

-

Consumer:

Credit cards

11,218

8,133

17,719

37,070

1,040,358

1,077,428

-

17,719

Home equity lines of credit

1,071

335

4,085

5,491

62,008

67,499

4,085

-

Personal

22,167

14,192

21,219

57,578

1,894,590

1,952,168

21,219

-

Auto

89,453

23,019

40,268

152,740

3,480,456

3,633,196

40,268

-

Other

680

388

2,554

3,622

154,513

158,135

2,287

267

Total

$

404,002

$

177,751

$

625,735

$

1,207,488

$

32,821,825

$

34,029,313

$

361,523

$

264,212

[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 $

115

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

longer accruing interest as of September 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 $

340

 million in unearned income and exclude $

5

 million in loans held-for-sale.

[3]

Includes $

13.7

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

of which $

6.6

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

7.1

 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 $

3.7

 billion and $

4.6

 billion, respectively, as of September 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

September 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

$

-

$

404

$

-

$

588

Commercial real estate non-owner occupied

9,577

5,753

-

734

9,577

6,487

Commercial real estate owner occupied

24,463

10,626

3,877

-

28,340

10,626

Commercial and industrial

8,504

13,120

-

3,579

8,504

16,699

Construction

-

6,578

-

-

-

6,578

Mortgage

90,611

96,832

508

11,472

91,119

108,304

Leasing

294

6,548

-

-

294

6,548

Consumer:

 HELOCs

-

-

-

4,085

-

4,085

 Personal 

4,562

14,020

-

2,637

4,562

16,657

 Auto 

1,662

38,606

-

-

1,662

38,606

 Other

263

1,622

-

402

263

2,024

Total

$

139,936

$

193,889

$

4,385

$

23,313

$

144,321

$

217,202

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

September 30, 2023

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

$

1,289

$

-

$

-

$

-

$

-

$

1,289

Commercial real estate:

Non-owner occupied

169,357

-

-

-

-

169,357

Owner occupied

30,507

-

-

-

-

30,507

Commercial and industrial

1,086

-

-

-

19,025

20,111

Construction

8,747

-

-

-

-

8,747

Mortgage

100,127

-

-

-

-

100,127

Leasing

-

1,103

-

-

-

1,103

Consumer:

Personal

4,741

-

-

-

-

4,741

Auto

-

11,941

-

-

-

11,941

Other

-

-

-

-

310

310

Total BPPR

$

315,854

$

13,044

$

-

$

-

$

19,335

$

348,233

Popular U.S.

Commercial real estate:

Owner occupied

$

3,877

$

-

$

-

$

-

$

-

$

3,877

Commercial and industrial

-

-

160

-

1,400

1,560

Construction

5,309

-

-

-

-

5,309

Mortgage

1,073

-

-

-

-

1,073

Total Popular U.S.

$

10,259

$

-

$

160

$

-

$

1,400

$

11,819

Popular, Inc.

Commercial multi-family

$

1,289

$

-

$

-

$

-

$

-

$

1,289

Commercial real estate:

Non-owner occupied

169,357

-

-

-

-

169,357

Owner occupied

34,384

-

-

-

-

34,384

Commercial and industrial

1,086

-

160

-

20,425

21,671

Construction

14,056

-

-

-

-

14,056

Mortgage

101,200

-

-

-

-

101,200

Leasing

-

1,103

-

-

-

1,103

Consumer:

Personal

4,741

-

-

-

-

4,741

Auto

-

11,941

-

-

-

11,941

Other

-

-

-

-

310

310

Total Popular, Inc.

$

326,113

$

13,044

$

160

$

-

$

20,735

$

360,052

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