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1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
[X]
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
 
June 30, 2024
or
[ ]
 
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number:
 
001-34084
POPULAR, INC.
(Exact name of registrant as specified in its charter)
Puerto Rico
66-0667416
(State or other jurisdiction of Incorporation or
(IRS Employer Identification Number)
organization)
Popular Center Building
209 Muñoz Rivera Avenue
Hato Rey
,
Puerto Rico
00918
(Address of principal executive offices)
(Zip code)
(
787
)
765-9800
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.01 par value)
BPOP
The
NASDAQ Stock Market
6.125% Cumulative Monthly Income Trust
Preferred Securities
BPOPM
The
NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports
 
required to be filed by Section 13 or 15(d) of the
Securities Exchange
 
Act of
 
1934 during
 
the preceding
 
12 months
 
(or for
 
such shorter
 
period that
 
the registrant
 
was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X]
 
Yes
[
 
]
 
No
Indicate by
 
check mark
 
whether the registrant
 
has submitted electronically
 
every Interactive
 
Data File
 
required to
 
be
submitted pursuant to
 
Rule 405 of
 
Regulation S-T (§
 
232.405 of this
 
chapter) during the
 
preceding 12 months
 
(or for
such shorter period that the registrant was required to submit such files).
[X]
 
Yes
[
 
]
 
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company.
 
See definitions of “large accelerated filer”, “accelerated
filer,” “smaller reporting company,”
 
and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
[X]
Accelerated filer [
 
]
Non-accelerated filer [
 
]
Smaller reporting company
[ ]
Emerging growth company
[ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act.
 
[
 
]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[
 
]
 
Yes
[X]
 
No
Indicate
 
the
 
number
 
of
 
shares
 
outstanding
 
of
 
each
 
of
 
the
 
issuer’s
 
classes
 
of
 
common
 
stock,
 
as
 
of
 
the
 
latest
practicable date:
 
Common Stock, $0.01 par value,
72,335,174
 
shares outstanding as of August 7, 2024.
 
 
 
2
POPULAR INC
INDEX
Part I – Financial Information
Page
Item 1. Financial Statements
Unaudited Consolidated Statements of Financial Condition
 
at June 30, 2024
and December 31, 2023
6
Unaudited Consolidated Statements of Operations for
 
the quarters
 
and six months ended June 30, 2024 and 2023
7
Unaudited Consolidated Statements of Comprehensive
 
Income (Loss) for the
quarters and six months ended June 30, 2024 and
 
2023
8
Unaudited Consolidated Statements of Changes in
 
Stockholders’ Equity for the
quarters and six months ended June 30, 2024 and
 
2023
9
Unaudited Consolidated Statements of Cash Flows for
 
the six months
 
ended June 30, 2024 and 2023
11
Notes to Unaudited Consolidated Financial Statements
13
Item 2. Management’s Discussion and Analysis of Financial
 
Condition and
 
 
Results of Operations
129
Item 3. Quantitative and Qualitative Disclosures about
 
Market Risk
 
178
Item 4. Controls and Procedures
178
Part II – Other Information
Item 1. Legal Proceedings
178
Item 1A. Risk Factors
178
Item 2. Unregistered Sales of Equity Securities and
 
Use of Proceeds
178
Item 3. Defaults Upon Senior Securities
179
Item 4. Mine Safety Disclosures
179
Item 5. Other Information
179
Item 6. Exhibits
179
Signatures
181
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
Forward-Looking Statements
This
 
Form 10-Q
 
contains “forward-looking
 
statements” within
 
the meaning
 
of the
 
U.S. Private
 
Securities Litigation
 
Reform Act
 
of
1995,
 
including,
 
without
 
limitation,
 
statements
 
about
 
Popular,
 
Inc.’s
 
(the
 
“Corporation,”
 
“Popular,”
 
“we,”
 
“us,”
 
“our”)
 
business,
financial condition, results
 
of operations, plans,
 
objectives and future
 
performance. These statements
 
are not
 
guarantees of future
performance,
 
are
 
based
 
on
 
management’s
 
current
 
expectations
 
and,
 
by
 
their
 
nature,
 
involve
 
risks,
 
uncertainties,
 
estimates
 
and
assumptions. Potential
 
factors, some
 
of which
 
are beyond
 
the Corporation’s
 
control, could
 
cause actual
 
results to
 
differ materially
from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include without limitation the effect
of competitive and
 
economic factors, and our
 
reaction to those factors,
 
the adequacy of
 
the allowance for loan
 
losses, delinquency
trends, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity,
 
and the effect
of legal and regulatory proceedings and new accounting
 
standards on the Corporation’s financial condition and
 
results of operations.
All statements
 
contained herein
 
that are
 
not clearly
 
historical in
 
nature are
 
forward-looking, and
 
the words
 
“anticipate,” “believe,”
“continues,” “expect,”
 
“estimate,” “intend,”
 
“project” and
 
similar expressions
 
and future
 
or conditional
 
verbs such
 
as “will,”
 
“would,”
“should,” “could,” “might,” “can,” “may” or similar
 
expressions are generally intended to identify
 
forward-looking statements.
 
Various factors, some of which
 
are beyond Popular’s control, could cause actual results to differ materially from those expressed in,
or implied by, such forward-looking statements. Factors that might cause such a
 
difference include, but are not limited to:
 
 
the
 
rate
 
of
 
growth
 
or
 
decline
 
in
 
the
 
economy
 
and
 
employment
 
levels,
 
as
 
well
 
as
 
general
 
business
 
and
 
economic
conditions
 
in
 
the
 
geographic
 
areas
 
we
 
serve
 
and,
 
in
 
particular,
 
in
 
the
 
Commonwealth
 
of
 
Puerto
 
Rico
 
(the
“Commonwealth” or “Puerto Rico”), where a significant
 
portion of our business is concentrated;
 
adverse
 
economic conditions,
 
including high
 
levels
 
of
 
inflation, that
 
adversely affect
 
housing
 
prices, the
 
job
 
market,
consumer confidence
 
and spending
 
habits which
 
may affect
 
in turn,
 
among other
 
things, our
 
level of
 
non-performing
assets, charge-offs and provision expense;
 
changes in interest rates and market liquidity,
 
which may reduce interest margins, impact funding sources, reduce loan
originations, affect
 
our ability
 
to originate
 
and distribute
 
financial products
 
in the
 
primary and
 
secondary markets
 
and
impact the value of our investment portfolio and
 
our ability to return capital to our shareholders;
 
the
 
impact
 
of
 
bank
 
failures
 
or
 
adverse
 
developments
 
at
 
other
 
banks
 
and
 
related
 
negative
 
media
 
coverage
 
of
 
the
banking industry in general on investor and depositor
 
sentiment regarding the stability and liquidity of
 
banks;
 
the impact of the current fiscal and economic challenges of Puerto Rico and the measures
 
taken and to be taken by the
Puerto
 
Rico
 
Government
 
and
 
the
 
Federally-appointed
 
oversight
 
board
 
on
 
the
 
economy,
 
our
 
customers
 
and
 
our
business;
 
the impact of the pending debt
 
restructuring proceedings under Title III of the
 
Puerto Rico Oversight, Management and
Economic
 
Stability
 
Act
 
(“PROMESA”)
 
and
 
of
 
other
 
actions
 
taken
 
or
 
to
 
be
 
taken
 
to
 
address
 
Puerto
 
Rico’s
 
fiscal
challenges on the value of our portfolio of Puerto Rico government securities and
 
loans to governmental entities and of
our
 
commercial,
 
mortgage
 
and
 
consumer
 
loan
 
portfolios
 
where
 
private
 
borrowers
 
could
 
be
 
directly
 
affected
 
by
governmental action;
 
the
 
amount of
 
Puerto Rico
 
public sector
 
deposits held
 
at
 
the Corporation,
 
whose future
 
balances are
 
uncertain and
difficult
 
to
 
predict
 
and
 
may
 
be
 
impacted
 
by
 
factors
 
such
 
as
 
the
 
amount
 
of
 
Federal
 
funds
 
received
 
by
 
the
 
P.R.
Government
 
and
 
the
 
rate
 
of
 
expenditure
 
of
 
such
 
funds,
 
as
 
well
 
as
 
the
 
financial
 
condition,
 
liquidity
 
and
 
cash
management practices of the Puerto Rico Government
 
and its instrumentalities;
 
unforeseen
 
or
 
catastrophic
 
events,
 
including
 
extreme
 
weather
 
events,
 
including
 
hurricanes,
 
other
 
natural
 
disasters,
man-made disasters, acts of violence or war or
 
pandemics, epidemics and other health-related
 
crises, or the fear of any
such event
 
occurring, any of
 
which could cause
 
adverse consequences for
 
our business, including,
 
but not
 
limited to,
disruptions in our operations;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
 
our ability to
 
achieve the expected
 
benefits from our
 
transformation initiative, including
 
our ability to
 
achieve projected
earnings, efficiencies and our targeted sustainable return on
 
tangible common equity of 14% by the end
 
of 2025;
 
risks related to Popular’s acquisition of certain information technology and related assets formerly used by Evertec, Inc.
to
 
service certain
 
of Banco
 
Popular de
 
Puerto Rico’s
 
key channels,
 
as well
 
as the
 
entry into
 
amended and
 
restated
commercial agreements (the “Evertec Business Acquisition
 
Transaction”);
 
the fiscal and monetary policies of the federal government
 
and its agencies;
 
changes in
 
federal
 
bank regulatory
 
and supervisory
 
policies, including
 
required levels
 
of
 
capital, liquidity,
 
resolution-
related requirements and the impact of other proposed
 
capital standards on our capital ratios;
 
additional Federal Deposit Insurance Corporation (“FDIC”) assessments,
 
such as the special assessment implemented
by the FDIC to recover the losses to the deposit insurance fund (“DIF”)
 
resulting from the receiverships of Silicon Valley
Bank and Signature Bank;
 
regulatory approvals
 
that may
 
be necessary
 
to undertake
 
certain actions
 
or consummate
 
strategic transactions,
 
such
as acquisitions and dispositions;
 
the
 
relative strength
 
or
 
weakness
 
of
 
the
 
consumer and
 
commercial credit
 
sectors
 
and
 
of
 
the
 
real
 
estate markets
 
in
Puerto Rico and the other markets in which
 
our borrowers are located;
 
a deterioration in the credit quality of our
 
clients, customers and counterparties;
 
the performance of the stock and bond markets;
 
competition in the financial services industry;
 
possible legislative, tax or regulatory changes;
 
a failure
 
in or
 
breach of
 
our operational
 
or security
 
systems or
 
infrastructure or
 
those of
 
Evertec, Inc.,
 
our provider
 
of
core financial
 
transaction processing and
 
information technology services,
 
or of
 
third parties
 
providing services
 
to us,
including
 
as
 
a
 
result
 
of
 
cyberattacks,
 
e-fraud,
 
denial-of-services
 
and
 
computer
 
intrusion,
 
resulting
 
in,
 
among
 
other
things, loss or breach of customer data, disruption
 
of services, reputational damage or additional
 
costs to Popular;
 
changes in market rates and prices which may
 
adversely impact the value of financial assets
 
and liabilities;
 
potential judgments,
 
claims, damages,
 
penalties, fines,
 
enforcement actions
 
and
 
reputational damage
 
resulting from
pending or future litigation and regulatory or government
 
investigations or actions;
 
changes in accounting standards, rules and interpretations;
 
our ability to grow our core businesses;
 
decisions to downsize, sell or close branches or business
 
units or otherwise change our business mix;
 
and
 
management’s ability to identify and manage these and
 
other risks.
Moreover,
 
the
 
outcome
 
of
 
legal
 
and
 
regulatory
 
proceedings,
 
as
 
discussed
 
in
 
“Part
 
II,
 
Item
 
1.
 
Legal
 
Proceedings,”
 
is
 
inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
the Corporation’s Annual
 
Report on Form
 
10-K for the
 
year ended December 31,
 
2023 (the “2023
 
Form 10-K”), as
 
well as “Part
 
II,
Item 1A”
 
of our
 
Quarterly Reports
 
on Form
 
10-Q for
 
a discussion
 
of such
 
factors and
 
certain risks
 
and uncertainties
 
to which
 
the
Corporation is subject.
5
All forward-looking
 
statements included
 
in this
 
Form 10-Q
 
are based
 
upon information
 
available to
 
Popular as
 
of the
 
date of
 
this
Form 10-Q, and other than as
 
required by law, including the
 
requirements of applicable securities laws, we assume no
 
obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
(UNAUDITED)
[UNAUDITED]
June 30,
December 31,
(In thousands, except share information)
2024
2023
Assets:
Cash and due from banks
$
359,973
$
420,462
Money market investments:
 
Time deposits with other banks
 
6,851,394
6,998,871
Total money market investments
6,851,394
6,998,871
Trading account debt securities, at fair value:
 
Other trading account debt securities
28,045
31,568
Debt securities available-for-sale, at fair
 
value:
Pledged securities with creditors’ right to repledge
 
82,233
72,827
Other debt securities available-for-sale
18,461,046
16,656,217
Debt securities available-for-sale
18,543,279
16,729,044
Less – Allowance for credit losses
500
-
Debt securities available-for-sale, net
18,542,779
16,729,044
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge
 
26,742
27,083
Other debt securities held-to-maturity
7,948,782
8,167,252
Debt securities held-to-maturity (fair
 
value 2024 - $
7,833,216
; 2023 - $
8,159,385
)
7,975,524
8,194,335
Less – Allowance for credit losses
6,251
5,780
Debt securities held-to-maturity, net
7,969,273
8,188,555
Equity securities (realizable value 2024 -
 
$
196,482
; 2023 - $
194,641
)
195,791
193,726
Loans held-for-sale, at fair value
8,225
4,301
Loans held-in-portfolio
35,978,602
35,420,879
Less – Unearned income
386,982
355,908
 
Allowance for credit losses
730,077
729,341
Total loans held-in-portfolio, net
34,861,543
34,335,630
Premises and equipment, net
599,058
565,284
Other real estate
70,225
80,416
Accrued income receivable
260,162
263,433
Mortgage servicing rights, at fair value
113,386
118,109
Other assets
2,172,555
2,014,564
Goodwill
804,428
804,428
Other intangible assets
8,235
9,764
Total assets
$
72,845,072
$
70,758,155
Liabilities and Stockholders’ Equity
Liabilities:
 
Deposits:
Non-interest bearing
$
15,470,082
$
15,419,624
Interest bearing
50,060,780
48,198,619
Total deposits
65,530,862
63,618,243
Assets sold under agreements to repurchase
105,684
91,384
Notes payable
941,580
986,948
Other liabilities
894,268
914,627
Total liabilities
67,472,394
65,611,202
Commitments and contingencies (Refer
 
to Note 20)
 
 
Stockholders’ equity:
 
Preferred stock,
30,000,000
 
shares authorized;
885,726
 
shares issued and outstanding (2023
-
885,726
)
22,143
22,143
Common stock, $
0.01
 
par value;
170,000,000
 
shares authorized;
104,811,971
 
shares issued (2023 -
104,767,348
) and
72,365,926
 
shares outstanding (2023 -
72,153,621
)
1,048
1,048
Surplus
4,852,747
4,843,399
Retained earnings
4,385,522
4,194,851
Treasury stock - at cost,
32,446,045
 
shares (2023 -
32,613,727
)
 
(2,010,500)
(2,018,957)
Accumulated other comprehensive loss, net
 
of tax
 
(1,878,282)
(1,895,531)
Total stockholders’ equity
 
5,372,678
5,146,953
Total liabilities and stockholders’ equity
$
72,845,072
$
70,758,155
The accompanying notes are an integral part of
 
these Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF OPERATIONS
(UNAUDITED)
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2024
2023
2024
2023
Interest income:
Loans
$
648,739
$
570,120
$
1,287,469
$
1,111,330
Money market investments
88,316
100,775
176,832
166,499
Investment securities
184,852
123,112
351,747
255,200
Total interest income
921,907
794,007
1,816,048
1,533,029
Interest expense:
 
Deposits
339,939
243,488
669,435
436,703
Short-term borrowings
1,126
1,624
2,318
4,509
Long-term debt
12,530
17,227
25,239
28,493
Total interest expense
353,595
262,339
696,992
469,705
Net interest income
568,312
531,668
1,119,056
1,063,324
Provision for credit losses
 
46,794
37,192
119,392
84,829
Net interest income after provision for credit losses
 
521,518
494,476
999,664
978,495
Non-interest income:
 
Service charges on deposit accounts
37,526
37,781
74,968
72,459
Other service fees
96,863
94,265
191,135
184,341
Mortgage banking activities (Refer to Note 9)
5,723
2,316
10,083
9,716
Net gain, including impairment on equity securities
319
1,384
1,422
2,484
Net gain
 
on trading account debt securities
277
35
638
413
Adjustments to indemnity reserves on loans sold
212
(456)
(25)
156
Other operating income
25,386
25,146
51,903
52,863
Total non-interest income
166,306
160,471
330,124
322,432
Operating expenses:
 
Personnel costs
197,424
191,468
412,801
390,228
Net occupancy expenses
27,692
27,165
55,733
53,204
Equipment expenses
9,662
9,561
19,229
17,973
Other taxes
15,333
16,409
29,708
32,700
Professional fees
37,744
50,132
66,662
83,563
Technology and software expenses
 
79,752
72,354
159,214
140,913
Processing and transactional services
39,096
36,801
73,290
70,710
Communications
4,357
4,175
8,914
8,263
Business promotion
25,449
25,083
46,438
43,954
Deposit insurance
10,581
6,803
34,468
15,668
Other real estate owned (OREO) income
(5,750)
(3,314)
(11,071)
(5,008)
Other operating expenses
27,502
22,852
55,774
47,213
Amortization of intangibles
734
795
1,529
1,590
Total operating expenses
469,576
460,284
952,689
900,971
Income before income tax
218,248
194,663
377,099
399,956
Income tax expense
40,459
43,503
96,027
89,817
Net Income
$
177,789
$
151,160
$
281,072
$
310,139
Net Income Applicable to Common Stock
 
$
177,436
$
150,807
$
280,366
$
309,433
Net Income per Common Share – Basic
$
2.47
$
2.10
$
3.90
$
4.32
Net Income per Common Share – Diluted
$
2.46
$
2.10
$
3.90
$
4.32
The accompanying notes are an integral part of
 
these Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Quarters ended,
 
Six months ended,
June 30,
June 30,
(In thousands)
2024
2023
2024
2023
Net income
$
177,789
$
151,160
$
281,072
$
310,139
Other comprehensive income (loss) before
 
tax:
Foreign currency translation adjustment
165
6,001
(3,855)
756
Amortization of net losses of pension and
 
postretirement benefit plans
3,618
4,813
7,236
9,626
Unrealized holding gains (losses) on debt securities
 
arising during the period
 
22,422
(77,851)
(50,608)
135,467
Amortization of unrealized losses of debt
 
securities transfer from available-for-
sale to held-to-maturity
44,421
42,903
88,430
84,943
Unrealized net gains (losses) on cash flow
 
hedges
-
-
-
(30)
Reclassification adjustment for net gains( losses)
 
included in net income
-
-
-
(41)
Other comprehensive income (loss) before
 
tax
70,626
(24,134)
41,203
230,721
Income tax expense
(15,722)
(2,476)
(23,954)
(34,228)
Total other comprehensive income (loss), net of tax
54,904
(26,610)
17,249
196,493
Comprehensive income, net of tax
$
232,693
$
124,550
$
298,321
$
506,632
Tax effect allocated to each component of other comprehensive
 
income (loss):
Quarters ended
Six months ended,
June 30,
June 30,
(In thousands)
2024
2023
2024
2023
Adjustment of pension and postretirement
 
benefit plans
$
-
$
-
$
-
$
-
Amortization of net losses of pension and
 
postretirement benefit plans
(1,357)
(1,805)
(2,714)
(3,610)
Unrealized holding losses on debt securities
 
arising during the period
 
(5,481)
7,910
(3,555)
(13,656)
Amortization of unrealized losses of debt
 
securities transfer from available-for-
sale to held-to-maturity
(8,884)
(8,581)
(17,685)
(16,988)
Unrealized net (losses) gains on cash flow
 
hedges
-
-
-
11
Reclassification adjustment for net (gains)
 
losses included in net income
-
-
-
15
Income tax expense
$
(15,722)
$
(2,476)
$
(23,954)
$
(34,228)
The accompanying notes are an integral
 
part of the Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Accumulated
 
other
Common
Preferred
 
Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
(loss) income
Total
Balance at March 31, 2023
$
1,047
$
22,143
$
4,792,619
$
3,982,140
$
(2,025,399)
$
(2,301,825)
$
4,470,725
Net income
151,160
151,160
Issuance of stock
1,550
1,550
Dividends declared:
Common stock
[1]
(39,663)
(39,663)
Preferred stock
(353)
(353)
Common stock purchases
(1,271)
(1,271)
Stock based compensation
1,412
8,059
9,471
Other comprehensive loss, net of tax
(26,610)
(26,610)
Balance at June 30, 2023
 
$
1,047
$
22,143
$
4,795,581
$
4,093,284
$
(2,018,611)
$
(2,328,435)
$
4,565,009
Balance at March 31, 2024
$
1,048
$
22,143
$
4,847,466
$
4,253,030
$
(2,013,187)
$
(1,933,186)
$
5,177,314
Net income
177,789
177,789
Issuance of stock
1,768
1,768
Dividends declared:
Common stock
[1]
(44,944)
(44,944)
Preferred stock
(353)
(353)
Common stock purchases
(3,200)
(3,200)
Stock based compensation
3,513
5,887
9,400
Other comprehensive income, net of tax
54,904
54,904
Balance at June 30, 2024
$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
(2,010,500)
$
(1,878,282)
$
5,372,678
[1]
Dividends declared per common share during the quarter
 
ended June 30, 2024 - $
0.62
 
(2023 - $
0.55
).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Accumulated
 
other
Common
Preferred
 
Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
(loss) income
Total
Balance at December 31, 2022
$
1,047
$
22,143
$
4,790,993
$
3,834,348
$
(2,030,178)
$
(2,524,928)
$
4,093,425
Cumulative effect of accounting change
28,752
28,752
Net income
310,139
310,139
Issuance of stock
3,117
3,117
Dividends declared:
Common stock
[1]
(79,249)
(79,249)
Preferred stock
(706)
(706)
Common stock purchases
(4,241)
(4,241)
Stock based compensation
1,471
15,808
17,279
Other comprehensive income, net of tax
196,493
196,493
Balance at June 30, 2023
 
$
1,047
$
22,143
$
4,795,581
$
4,093,284
$
(2,018,611)
$
(2,328,435)
$
4,565,009
Balance at December 31, 2023
$
1,048
$
22,143
$
4,843,399
$
4,194,851
$
(2,018,957)
$
(1,895,531)
$
5,146,953
Net income
281,072
281,072
Issuance of stock
3,567
3,567
Dividends declared:
Common stock
[1]
(89,695)
(89,695)
Preferred stock
(706)
(706)
Common stock purchases
(6,776)
(6,776)
Stock based compensation
5,781
15,233
21,014
Other comprehensive income, net of tax
17,249
17,249
Balance at June 30, 2024
$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
(2,010,500)
$
(1,878,282)
$
5,372,678
[1]
Dividends declared per common share during the six months
 
ended June 30, 2024 - $
1.24
 
(2023 - $
1.10
).
For the period ended
June 30,
June 30,
Disclosure of changes in number of shares:
2024
2023
Preferred Stock:
Balance at beginning and end of period
885,726
885,726
Common Stock – Issued:
Balance at beginning of period
104,767,348
104,657,522
Issuance of stock
44,623
54,908
Balance at end of period
104,811,971
104,712,430
Treasury stock
(32,446,045)
(32,608,461)
Common Stock – Outstanding
72,365,926
72,103,969
The accompanying notes are an integral part of these Consolidated
 
Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
(UNAUDITED)
Six months ended June 30,
(In thousands)
2024
2023
Cash flows from operating activities:
Net income
$
281,072
$
310,139
Adjustments to reconcile net income to net cash provided
 
by operating activities:
Provision for credit losses
119,392
84,829
Amortization of intangibles
1,529
1,590
Depreciation and amortization of premises and equipment
31,249
27,957
Net accretion of discounts and amortization of premiums and
 
deferred fees
 
(127,770)
1,568
Interest capitalized on loans subject to the temporary payment
 
moratorium or loss mitigation alternatives
(4,047)
(5,275)
Share-based compensation
16,391
13,331
Fair value adjustments on mortgage servicing rights
5,384
8,342
Adjustments to indemnity reserves on loans sold
25
(156)
Earnings from investments under the equity method, net
 
of dividends or distributions
(2,871)
(6,540)
Deferred income tax expense (benefit)
 
19,702
(1,007)
Gain on:
Disposition of premises and equipment and other productive
 
assets
(6,295)
(5,643)
Sale of loans, including valuation adjustments on loans
 
held-for-sale and mortgage banking activities
(76)
(202)
Sale of foreclosed assets, including write-downs
(10,575)
(11,674)
Acquisitions of loans held-for-sale
(1,767)
(6,153)
Proceeds from sale of loans held-for-sale
19,358
24,808
Net originations on loans held-for-sale
(22,580)
(45,005)
Net decrease (increase) in:
Trading debt securities
6,735
17,484
Equity securities
(4,445)
(7,962)
Accrued income receivable
 
(17,340)
138
Other assets
(8,463)
17,306
Net increase (decrease) in:
Interest payable
3,145
16,815
Pension and other postretirement benefits obligation
3,732
7,983
Other liabilities
(59,481)
(91,321)
Total adjustments
(39,068)
41,213
Net cash provided by operating activities
242,004
351,352
Cash flows from investing activities:
 
Net decrease (increase) in money market investments
147,650
(2,979,482)
Purchases of investment securities:
Available-for-sale
(17,231,900)
(7,257,079)
Held-to-maturity
-
(6,037)
Equity
(1,667)
(15,999)
Proceeds from calls, paydowns, maturities and redemptions
 
of investment securities:
Available-for-sale
15,375,714
8,067,613
Held-to-maturity
304,653
204,587
Proceeds from sale of investment securities:
 
 
Equity
4,046
27,442
Net disbursements on loans
(287,684)
(776,383)
Proceeds from sale of loans
17,640
40,759
Acquisition of loan portfolios
(384,479)
(322,512)
Return of capital from equity method investments
279
249
Acquisition of premises and equipment and other productive
 
assets
(95,412)
(85,341)
Proceeds from sale of:
Premises and equipment and other productive assets
4,409
3,200
Foreclosed assets
58,979
57,226
Net cash used in investing activities
(2,087,772)
(3,041,757)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
Cash flows from financing activities:
 
Net increase (decrease) in:
Deposits
1,912,286
2,754,305
Assets sold under agreements to repurchase
 
14,300
(25,405)
Other short-term borrowings
-
(365,000)
Payments of notes payable
(46,000)
(21,000)
Principal payments of finance leases
(1,774)
(2,645)
Proceeds from issuance of notes payable
-
437,631
Proceeds from issuance of common stock
3,567
3,117
Dividends paid
(90,151)
(79,816)
Net payments for repurchase of common stock
(452)
(364)
Payments related to tax withholding for share-based compensation
(6,324)
(3,877)
Net cash provided by financing activities
1,785,452
2,696,946
Net (decrease) increase in cash and due from banks, and
 
restricted cash
(60,316)
6,541
Cash and due from banks, and restricted cash at beginning
 
of period
427,575
476,159
Cash and due from banks, and restricted cash at the end of
 
the period
$
367,259
$
482,700
The accompanying notes are an integral part of these Consolidated
 
Financial Statements.
13
Notes to Consolidated Financial
 
Statements
 
(Unaudited)
Note 1 -
Nature of operations
14
Note 2 -
Basis of presentation
15
Note 3 -
New accounting pronouncements
16
Note 4 -
Restrictions on cash and due from banks and
certain securities
19
Note 5 -
Debt securities available-for-sale
20
Note 6 -
Debt securities held-to-maturity
23
Note 7 -
Loans
27
Note 8 -
Allowance for credit losses – loans held-in-
portfolio
36
Note 9 -
Mortgage banking activities
76
Note 10 -
Transfers of financial assets and mortgage
servicing assets
77
Note 11 -
Other real estate owned
81
Note 12 -
Other assets
82
Note 13 -
Goodwill and other intangible assets
 
83
Note 14 -
Deposits
85
Note 15 -
Borrowings
86
Note 16 -
Other liabilities
88
Note 17 -
Stockholders’ equity
89
Note 18 -
Other comprehensive income (loss)
 
90
Note 19 -
Guarantees
92
Note 20 -
Commitments and contingencies
94
Note 21-
Non-consolidated variable interest entities
98
Note 22 -
Related party transactions
100
Note 23 -
Fair value measurement
101
Note 24 -
Fair value of financial instruments
108
Note 25 -
Net income per common share
111
Note 26 -
Revenue from contracts with customers
112
Note 27 -
Leases
114
Note 28 -
Pension and postretirement benefits
116
Note 29 -
Stock-based compensation
117
Note 30 -
Income taxes
120
Note 31 -
Supplemental disclosure on the consolidated
statements of cash flows
124
Note 32 -
Segment reporting
125
14
Note 1 – Nature of Operations
Popular,
 
Inc. (the
 
“Corporation” or
 
“Popular”) is
 
a diversified,
 
publicly-owned financial
 
holding company
 
subject to
 
the supervision
and
 
regulation
 
of
 
the
 
Board
 
of
 
Governors
 
of
 
the
 
Federal
 
Reserve
 
System.
 
The
 
Corporation
 
has
 
operations
 
in
 
Puerto
 
Rico,
 
the
mainland United
 
States (“U.S.”)
 
and the
 
U.S. and
 
British Virgin
 
Islands. In
 
Puerto Rico,
 
the Corporation
 
provides retail,
 
mortgage,
and
 
commercial
 
banking
 
services,
 
through
 
its
 
principal
 
banking
 
subsidiary,
 
Banco
 
Popular
 
de
 
Puerto
 
Rico
 
(“BPPR”),
 
as
 
well
 
as
investment
 
banking,
 
broker-dealer,
 
auto
 
and
 
equipment
 
leasing
 
and
 
financing,
 
and
 
insurance
 
services
 
through
 
specialized
subsidiaries. In
 
the U.S.
 
mainland, the
 
Corporation provides
 
retail, mortgage,
 
commercial banking
 
services, as
 
well as
 
equipment
leasing
 
and
 
financing,
 
through
 
its
 
New
 
York-chartered
 
banking
 
subsidiary,
 
Popular
 
Bank
 
(“PB”
 
or
 
“Popular
 
U.S.”),
 
which
 
has
branches located in New York, New Jersey, and Florida.
 
15
Note 2 – Basis of Presentation
 
Basis of Presentation
The (unaudited) interim Consolidated Financial Statements are, in the opinion of management, a fair statement of the results
 
for the
periods reported
 
and include
 
all necessary
 
adjustments, all
 
of a
 
normal recurring
 
nature, for
 
a fair
 
statement of
 
such results.
 
The
consolidated statement of financial
 
condition presented as of
 
December 31, 2023 was
 
derived from audited Consolidated Financial
Statements of the Corporation for the year ended
 
December 31, 2023.
Certain
 
information
 
and
 
notes
 
to
 
the
 
financial
 
statements
 
disclosures
 
which
 
would
 
normally
 
be
 
included
 
in
 
financial
 
statements
prepared in
 
accordance
 
with Accounting
 
Principles
 
Generally Accepted
 
in
 
the
 
United
 
States
 
of
 
America
 
(US
 
GAAP), have
 
been
condensed or omitted from the unaudited financial statements pursuant
 
to the rules and regulations of the
 
Securities and Exchange
Commission.
 
Accordingly,
 
these
 
financial
 
statements
 
should
 
be
 
read
 
in
 
conjunction
 
with
 
the
 
audited
 
Consolidated
 
Financial
Statements of
 
the Corporation
 
for the
 
year ended
 
December 31,
 
2023,
 
included in
 
the 2023
 
Form 10-K.
 
Operating results
 
for the
interim periods disclosed herein are not necessarily
 
indicative of the results that may be expected
 
for a full year or any future period
 
Tax impact on Intercompany Distributions
 
The net income for the six months
 
ended June 30, 2024, included $
22.9
 
million of expenses, of which $
16.5
 
million was reflected in
income tax
 
expense and $
6.4
 
million was
 
reflected in
 
other operating expenses,
 
related to an
 
out-of-period adjustment associated
with the
 
Corporation’s U.S. subsidiary’s
 
non-payment of taxes
 
on certain intercompany
 
distributions to the
 
Bank Holding Company
(BHC) in
 
Puerto Rico,
 
a foreign
 
corporation for
 
U.S. tax
 
purposes. The
 
adjustment corrected
 
errors for
 
income tax
 
expense that
should have
 
been recognized
 
of $
5.5
 
million and
 
$
5.4
 
million in
 
the years
 
2023 and
 
2022, respectively,
 
and an
 
aggregate of
 
$
5.6
million, in the years prior to 2022. The $
6.4
 
million recognized as other operating expense corresponded to interest due up to March
31, 2024 on
 
the related late
 
payment of the
 
withholding tax, of which
 
approximately $
3.0
 
million correspond to years
 
prior to 2022.
As a result of this adjustment, the deferred
 
tax asset related to NOL of the BHC
 
and its related valuation allowance was reduced by
$
53.7
 
million.
 
The
 
Corporation
 
evaluated
 
the
 
impact
 
of
 
the
 
out-of-period
 
adjustment
 
and
 
concluded
 
it
 
was
 
not
 
material
 
to
 
any
previously issued interim or
 
annual consolidated financial statements and
 
the adjustment is
 
not expected to be
 
material to the
 
year
ending December 31, 2024.
 
Use of Estimates in the Preparation of Financial Statements
The preparation of financial
 
statements in conformity with
 
accounting principles generally accepted in
 
the United States
 
of America
requires management to make
 
estimates and assumptions that
 
affect the reported
 
amounts of assets and
 
liabilities and contingent
assets
 
and
 
liabilities
 
at
 
the
 
date
 
of
 
the
 
financial
 
statements,
 
and
 
the
 
reported
 
amounts
 
of
 
revenues
 
and
 
expenses
 
during
 
the
reporting period. Actual results could differ from those estimates.
16
Note 3 - New accounting pronouncements
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-02,
Investments—Equity
Method and Joint
Ventures (Topic 323) -
Accounting for
Investments in Tax Credit
Structures Using the
Proportional Amortization
Method
The
 
Financial Accounting
 
Standards Board
("FASB")
 
issued
 
Accounting
 
Standard
Update
 
("ASU")
 
2023-02
 
in
 
March
 
2023,
which
 
amends
 
Accounting
 
Standards
Codification
 
("ASC")
 
Topic
 
323
 
by
permitting the election to apply the
proportional amortization method to account
for
 
tax
 
equity
 
investments
 
that
 
generate
income
 
tax
 
credits
 
through
 
investment
 
in
low-income-housing
 
tax
 
credit
 
(LIHTC)
structures
 
and
 
other
 
tax
 
credit
 
programs
 
if
certain
 
conditions
 
are
 
met.
 
The
 
ASU
 
also
eliminates
 
the
 
application
 
of
 
the
 
ASC
Subtopic 323-740 to LIHTC investments not
accounted
 
for
 
using
 
the
 
proportional
amortization
 
method
 
and
 
instead
 
requires
the use of other guidance.
January 1, 2024
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not
 
hold
 
investments
 
in
 
tax
 
equity
investments.
FASB ASU 2023-01,
Leases (Topic 842) -
Common Control
Arrangements
The FASB issued ASU 2023-01 in March
2023, which amends ASC Topic 842 and
requires the amortization leasehold
improvements associated with common
control leases over the useful life of the
leasehold improvements to the common
control group as long as the lessee controls
the use of the underlying assets through a
lease. In addition, the ASU requires
companies to account for leasehold
improvements associated with common
control leases as a transfer between entities
under common control through an
adjustments to equity if, and when, the
lessee no longer controls the use of the
underlying asset.
January 1, 2024
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not
 
hold
 
common
 
control
 
leasehold
improvements, however, it
 
will consider
this
 
guidance
 
to
 
determine
 
the
amortization
 
period for
 
and
 
accounting
treatment
 
of
 
leasehold
 
improvements
associated with common control
 
leases
acquired on or after the effective date.
FASB ASU 2022-03, Fair
Value Measurement
(Topic 820) - Fair Value
Measurement of Equity
Securities Subject to
Contractual Sale
Restriction
The FASB issued ASU 2022-03 in June
2022, which clarifies that a contractual
restriction that prohibits the sale of an equity
security is not considered part of the unit of
account of the equity security, therefore, is
not considered in measuring its fair value.
The ASU also provides enhanced
disclosures for equity securities subject to a
contractual sale restriction.
January 1, 2024
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
accounting
pronouncement
 
since
 
it
 
does
 
not
 
hold
equity securities measured at
 
fair value
with sale restrictions.
17
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2024-02,
Codification
Improvements—
Amendments to Remove
References to the
Concepts Statements
 
The
 
FASB
 
issued
 
ASU
 
2024-02
 
in
 
March
2024, which
 
removes various
 
references to
concept
 
statements
 
from
 
the
 
FASB
Accounting
 
Standards
 
Codification.
 
The
ASU
 
intends
 
to
 
simplify
 
the
 
Codification
and
 
distinguish
 
between
 
nonauthoritative
and authoritative guidance.
January 1, 2025
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2024-01,
Compensation - Stock
Compensation (Topic 718)
- Scope Application of
Profits Interest and Similar
Awards
The FASB issued ASU 2024-01 in March
2024, which amends ASC Topic 718 by
including an illustrative example to
demonstrate how an entity would apply the
scope guidance in paragraph 718-10-15-3
to determine whether profits interest awards
should be accounted for in accordance with
ASC
 
Topic
 
718.
 
The
 
ASU
 
is
 
intended
 
to
reduce complexity and diversity in practice.
January 1, 2025
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2023-09,
Income Tax (Topic
 
740) -
Improvements to Income
Tax Disclosures
The
 
FASB
 
issued
 
ASU
 
2023-09
 
in
December 2023,
 
which amends
 
ASC Topic
 
740
 
by
 
enhancing
 
disclosures
 
regarding
rate
 
reconciliation
 
and
 
requiring
 
the
disclosure of
 
income taxes paid, income (or
loss)
 
from
 
continuing
 
operations
 
before
income
 
tax
 
expense
 
and
 
income
 
tax
expense
 
disaggregated
 
by
 
national,
 
state
and foreign level. Disclosures that no longer
were considered
 
cost
 
beneficial or
 
relevant
were removed from ASC Topic 740.
January 1, 2025
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2023-08,
Intangibles - Goodwill and
Other - Crypto Assets
(Subtopic 350-60) -
Accounting for and
Disclosure of Crypto
Assets
 
The
 
FASB
 
issued
 
ASU
 
2023-08
 
in
December
 
2023,
 
which
 
amends
 
ASC
Subtopic
 
350-60
 
by
 
requiring
 
that
 
crypto
assets
 
are
 
measured
 
at
 
fair
 
value
 
in
 
the
statement
 
of
 
financial
 
position
 
each
reporting
 
period
 
with
 
changes
 
from
remeasurement
 
being
 
recognized
 
in
 
net
income.
 
The
 
ASU
 
also
 
requires
 
enhanced
disclosures
 
for
 
both
 
annual
 
and
 
interim
 
reporting
 
periods
 
to
 
provide
 
investors
 
with
relevant information
 
to
 
analyze and
 
assess
the
 
exposure
 
and
 
risk
 
of
 
significant
individual crypto asset holdings.
January 1, 2025
The Corporation does not expect to be
impacted by the adoption of this ASU
since it does not hold crypto-assets.
FASB ASU 2023-07,
Segment Reporting (Topic
280) - Improvements to
Reportable Segment
Disclosures
The
 
FASB
 
issued
 
ASU
 
2023-07
 
in
November 2023,
 
which amends
 
ASC Topic
 
280
 
by
 
requiring
 
additional
 
disclosures
about significant segment expenses.
For fiscal years
beginning on
January 1, 2024
For interim periods
within fiscal years
beginning after
January 1, 2025
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
18
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-06,
Disclosure Improvements -
Codification Amendments
in Response to the SEC’s
 
Disclosure Update and
Simplification Initiative
The FASB
 
issued ASU
 
2023-06 in
 
October
2023
 
which
 
modifies
 
the
 
disclosure
 
or
presentation
 
requirements
 
of
 
various
subtopics
 
in
 
the
 
Codification
 
with
 
the
purpose
 
of
 
aligning
 
U.S.
 
GAAP
requirements
 
with
 
those
 
of
 
the
 
SEC
 
under
Regulation S-X and S-K.
 
The date on which
the SEC removes
related disclosure
requirements from
Regulation S-X or
Regulation S-K. If by
June 30, 2027, the
SEC has not
removed the
applicable
requirements from
Regulation S-X or
Regulation S-K, the
pending content of
the related
amendment will be
removed from the
Codification and will
not become
 
effective for any
entity.
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
is
 
currently
 
subject
 
to
 
SEC's
current
 
disclosure
 
and
 
presentation
requirements under Regulation S-X and
S-K.
FASB ASU 2023-05,
Business Combinations -
Joint Venture Formations
(Subtopic 805-60) -
Recognition and initial
measurement
The
 
FASB
 
issued
 
ASU
 
2023-05
 
in
 
August
2023, which
 
amends ASC
 
Subtopic 805-60
to include specific
 
guidance about how
 
joint
ventures
 
should
 
recognize
 
and
 
initially
measure
 
assets
 
contributed
 
and
 
liabilities
assumed.
 
The
 
amendments
 
require
 
that
 
a
joint venture, upon formation, recognize and
initially
 
measure
 
its
 
assets
 
and
 
liabilities at
fair value.
January 1, 2025
Upon
 
adoption
 
of
 
this
 
ASU,
 
the
Corporation will
 
consider this
 
guidance
for
 
the
 
initial
 
measure
 
of
 
assets
 
and
liabilities
 
of
 
newly
 
created
 
joint
ventures.
19
Note 4 - Restrictions on cash and due from
 
banks and certain securities
BPPR is
 
required by
 
regulatory agencies
 
to maintain
 
average reserve
 
balances with
 
the Federal
 
Reserve Bank
 
of New
 
York
 
(the
“Fed”) or
 
other banks.
 
Average reserve
 
balances in
 
BPPR amounted
 
to $
2.7
 
billion at
 
June 30,
 
2024 (December
 
31, 2023
 
- $
2.7
billion).
 
Cash
 
and
 
due
 
from
 
banks,
 
as
 
well
 
as
 
other
 
highly
 
liquid
 
securities,
 
are
 
used
 
to
 
cover
 
these
 
required
 
average
 
reserve
balances.
 
At June
 
30, 2024,
 
the Corporation
 
held $
59
 
million in
 
restricted assets
 
in the
 
form of
 
funds deposited
 
in money
 
market accounts,
debt
 
securities
 
available
 
for
 
sale
 
and
 
equity
 
securities
 
(December
 
31,
 
2023
 
-
 
$
78
 
million).
 
The
 
restricted
 
assets
 
held
 
in
 
debt
securities available for sale and equity securities consist primarily of assets
 
held for the Corporation’s non-qualified retirement plans
and fund deposits guaranteeing possible liens or encumbrances
 
over the title of insured properties.
20
Note 5 – Debt securities available-for-sale
The following tables present
 
the amortized cost, gross
 
unrealized gains and losses,
 
approximate fair value, weighted average
 
yield
and contractual maturities of debt securities available-for-sale
 
at June 30, 2024 and December 31, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2024
Allowance
Gross
Gross
Weighted
Amortized
for credit
unrealized
unrealized
Fair
 
average
(In thousands)
cost
losses
gains
 
losses
value
yield
U.S. Treasury securities
Within 1 year
$
10,828,370
$
-
$
34
$
61,019
$
10,767,385
4.00
%
After 1 to 5 years
2,275,875
-
51
123,554
2,152,372
1.33
After 5 to 10 years
99,526
-
-
11,897
87,629
1.72
Total U.S. Treasury
 
securities
13,203,771
-
85
196,470
13,007,386
3.52
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
14,014
-
-
669
13,345
1.54
After 5 to 10 years
17,931
-
-
1,214
16,717
2.30
After 10 years
111,701
-
91
10,001
101,791
2.76
Total collateralized
 
mortgage obligations - federal agencies
143,646
-
91
11,884
131,853
2.59
Mortgage-backed securities - federal agencies
Within 1 year
1,323
-
-
21
1,302
1.75
After 1 to 5 years
73,250
-
5
3,403
69,852
2.40
After 5 to 10 years
828,760
-
140
57,755
771,145
2.35
After 10 years
5,712,046
-
223
1,153,028
4,559,241
1.64
Total mortgage-backed
 
securities - federal agencies
6,615,379
-
368
1,214,207
5,401,540
1.74
Other
Within 1 year
1,000
500
-
-
500
5.00
After 1 to 5 years
1,500
-
-
-
1,500
8.50
Total other
 
2,500
500
-
-
2,000
7.10
Total debt securities
 
available-for-sale
[1]
$
19,965,296
$
500
$
544
$
1,422,561
$
18,542,779
2.92
%
[1]
 
Includes $
13.8
 
billion pledged to secure government and trust deposits, assets
 
sold under agreements to repurchase, credit facilities
 
and loan servicing
agreements that the secured parties are not permitted
 
to sell or repledge the collateral, of which $
12.8
 
billion serve as collateral for public funds.
 
The
Corporation had unpledged Available for Sale securities
 
with a fair value of
 
$
4.7
 
billion that could be used to increase its borrowing
 
facilities.
 
21
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2023
Gross
 
Gross
 
Weighted
 
Amortized
 
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
7,103,518
$
526
$
59,415
$
7,044,629
3.51
%
After 1 to 5 years
3,598,209
84
170,209
3,428,084
1.35
After 5 to 10 years
307,512
-
33,164
274,348
1.63
Total U.S. Treasury
 
securities
11,009,239
610
262,788
10,747,061
2.75
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
17,899
-
838
17,061
1.55
After 5 to 10 years
20,503
2
1,321
19,184
2.28
After 10 years
108,280
29
9,868
98,441
2.54
Total collateralized
 
mortgage obligations - federal agencies
146,682
31
12,027
134,686
2.38
Mortgage-backed securities - federal agencies
Within 1 year
637
-
3
634
3.72
After 1 to 5 years
82,310
11
3,536
78,785
2.34
After 5 to 10 years
792,431
75
48,250
744,256
2.28
After 10 years
6,067,353
667
1,046,909
5,021,111
1.64
Total mortgage-backed
 
securities - federal agencies
6,942,731
753
1,098,698
5,844,786
1.72
Other
Within 1 year
1,011
-
-
1,011
4.00
After 1 to 5 years
1,500
-
-
1,500
8.50
Total other
 
2,511
-
-
2,511
6.69
Total debt securities
 
available-for-sale
[1]
$
18,101,163
$
1,394
$
1,373,513
$
16,729,044
2.35
%
[1]
Includes $
12
 
billion pledged to secure government and trust deposits,
 
assets sold under agreements to repurchase, credit facilities
 
and loan
servicing agreements that the secured parties are not permitted
 
to sell or repledge the collateral, of which $
11.1
 
billion serve as collateral for
public funds. The Corporation had unpledged Available
 
for Sale securities with a fair value of
 
$
4.6
 
billion that could be used to increase its
borrowing facilities.
The weighted
 
average yield
 
on debt
 
securities available-for-sale
 
is based
 
on amortized
 
cost; therefore,
 
it
 
does not
 
give
 
effect to
changes in fair value.
Securities
 
not
 
due
 
on
 
a
 
single
 
contractual
 
maturity
 
date,
 
such
 
as
 
mortgage-backed
 
securities
 
and
 
collateralized
 
mortgage
obligations,
 
are
 
classified
 
based
 
on
 
the
 
period
 
of
 
final
 
contractual
 
maturity.
 
The
 
expected
 
maturities
 
of
 
collateralized
 
mortgage
obligations, mortgage-backed securities
 
and certain
 
other securities
 
may differ
 
from their
 
contractual maturities
 
because they
 
may
be subject to prepayments or may be called
 
by the issuer.
At June 30,
 
2024, the Corporation did not
 
intend to sell or
 
believed it was more
 
likely than not that
 
it would be required
 
to sell debt
securities classified
 
as available-for-sale.
 
There were
no
 
debt securities
 
available-for-sale sold
 
during the
 
six months
 
ended June
30, 2024 and 2023.
 
 
 
22
The
 
following
 
tables
 
present
 
the
 
Corporation’s
 
fair
 
value
 
and
 
gross
 
unrealized
 
losses
 
of
 
debt
 
securities
 
available-for-sale,
aggregated by investment category and length of
 
time that individual securities have been in a continuous
 
unrealized loss position at
June 30, 2024 and December 31, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2024
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
6,003,623
$
4,122
$
5,111,232
$
192,348
$
11,114,855
$
196,470
Collateralized mortgage obligations - federal agencies
 
6,982
26
116,418
11,858
123,400
11,884
Mortgage-backed securities
43,617
662
5,337,896
1,213,545
5,381,513
1,214,207
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
6,054,222
$
4,810
$
10,565,546
$
1,417,751
$
16,619,768
$
1,422,561
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2023
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
244,925
$
5,126
$
6,550,941
$
257,662
$
6,795,866
$
262,788
Collateralized mortgage obligations - federal agencies
 
5,234
35
124,930
11,992
130,164
12,027
Mortgage-backed securities
37,118
405
5,779,260
1,098,293
5,816,378
1,098,698
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
287,277
$
5,566
$
12,455,131
$
1,367,947
$
12,742,408
$
1,373,513
As of
 
June 30, 2024,
 
the portfolio of
 
available-for-sale debt securities
 
reflects gross unrealized
 
losses of $
1.4
 
billion, driven mainly
by
 
mortgage-backed
 
securities,
 
which
 
have
 
been
 
impacted
 
by
 
a
 
decline
 
in
 
fair
 
value
 
as
 
a
 
result
 
of
 
the
 
rising
 
interest
 
rate
environment.
 
The portfolio of
 
available-for-sale debt securities is comprised
 
mainly of U.S Treasuries
 
and obligations from the
 
U.S.
Government, its
 
agencies or
 
government sponsored
 
entities, including
 
Federal National
 
Mortgage Association
 
(“FNMA”), Federal
Home Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association (“GNMA”). As discussed in Note 2 of
the 2023
 
Form 10-K,
 
these securities
 
carry an
 
explicit or
 
implicit guarantee
 
from the
 
U.S. Government,
 
are highly
 
rated by
 
major
rating agencies, and have a long history of
 
no credit losses. Accordingly, the Corporation applies a zero-credit loss assumption.
 
 
23
Note 6 –Debt securities held-to-maturity
The following
 
tables present
 
the amortized
 
cost, allowance
 
for credit
 
losses, gross
 
unrealized gains
 
and losses,
 
approximate fair
value,
 
weighted average
 
yield
 
and contractual
 
maturities of
 
debt securities
 
held-to-maturity at
 
June 30,
 
2024
 
and
 
December 31,
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2024
Allowance
Carrying
Value
 
Gross
 
Gross
 
Weighted
Amortized
 
Book
[1]
for Credit
Net of
 
unrealized
unrealized
Fair
 
average
(In thousands)
cost
Value
Losses
Allowance
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
598,695
$
598,695
$
-
$
598,695
$
-
$
7,917
$
590,778
2.66
%
After 1 to 5 years
7,878,042
7,307,981
-
7,307,981
-
128,694
7,179,287
1.34
Total U.S. Treasury
 
securities
8,476,737
7,906,676
-
7,906,676
-
136,611
7,770,065
1.43
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
3,055
3,055
6
3,049
2
-
3,051
6.23
After 1 to 5 years
18,595
18,595
112
18,483
52
148
18,387
3.60
After 5 to 10 years
845
845
28
817
20
-
837
5.80
After 10 years
38,866
38,866
6,105
32,761
2,781
1,967
33,575
1.42
Total obligations of
 
Puerto Rico, States and
political subdivisions
61,361
61,361
6,251
55,110
2,855
2,115
55,850
2.38
Collateralized mortgage obligations - federal
agencies
After 10 years
1,527
1,527
-
1,527
-
186
1,341
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,527
1,527
-
1,527
-
186
1,341
2.87
Securities in wholly owned statutory business
trusts
After 10 years
5,960
5,960
-
5,960
-
-
5,960
6.33
Total securities
 
in wholly owned statutory
business trusts
5,960
5,960
-
5,960
-
-
5,960
6.33
Total debt securities
 
held-to-maturity [2]
$
8,545,585
$
7,975,524
$
6,251
$
7,969,273
$
2,855
$
138,912
$
7,833,216
1.44
%
[1]
Book value includes $
570
 
million of net unrealized loss which remains in
 
Accumulated other comprehensive (loss) income
 
(AOCI) related to
certain securities previously transferred from available-for-sale
 
securities portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.9
 
billion pledged to secure public and trust deposits that
 
the secured parties are not permitted to sell or repledge
 
the collateral.
 
The
Corporation had unpledged held-to-maturities securities with
 
a fair value of $
69.7
 
million that could be used to increase its borrowing facilities.
 
24
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2023
Allowance
 
Carrying
Value
 
Gross
 
Gross
 
Weighted
 
Amortized
 
Book
[1]
for Credit
Net of
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
Value
Losses
Allowance
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
597,768
$
597,768
$
-
$
597,768
$
-
$
7,526
$
590,242
2.58
%
After 1 to 5 years
7,971,072
7,335,159
-
7,335,159
637
21,996
7,313,800
1.39
After 5 to 10 years
211,061
188,484
-
188,484
-
187
188,297
1.50
Total U.S. Treasury
 
securities
8,779,901
8,121,411
-
8,121,411
637
29,709
8,092,339
1.47
Obligations of Puerto Rico, States and
political subdivisions
`
Within 1 year
4,820
4,820
9
4,811
3
-
4,814
6.17
After 1 to 5 years
20,171
20,171
147
20,024
96
125
19,995
3.80
After 5 to 10 years
845
845
28
817
28
-
845
5.80
After 10 years
39,572
39,572
5,596
33,976
2,814
2,766
34,024
1.41
Total obligations of
 
Puerto Rico, States and
political subdivisions
65,408
65,408
5,780
59,628
2,941
2,891
59,678
2.55
Collateralized mortgage obligations - federal
agencies
Within 1 year
13
13
-
13
-
-
13
6.44
After 10 years
1,543
1,543
-
1,543
-
148
1,395
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,556
1,556
-
1,556
-
148
1,408
2.90
Securities in wholly owned statutory business
trusts
After 10 years
5,960
5,960
-
5,960
-
-
5,960
6.33
Total securities
 
in wholly owned statutory
business trusts
5,960
5,960
-
5,960
-
-
5,960
6.33
Total debt securities
 
held-to-maturity [2]
$
8,852,825
$
8,194,335
$
5,780
$
8,188,555
$
3,578
$
32,748
$
8,159,385
1.48
%
[1]
Book value includes $
658
 
million of net unrealized loss which remains in Accumulated
 
other comprehensive (loss) income (AOCI)
 
related to certain
securities transferred from available-for-sale securities
 
portfolio to the held-to-maturity securities portfolio as
 
discussed in Note 6 of the 2023 Form
10-K.
[2]
Includes $
8.1
 
billion pledged to secure public and trust deposits that
 
the secured parties are not permitted to sell or repledge
 
the collateral. The
Corporation had unpledged held-to-maturities securities with
 
a fair value of
 
$
67.3
 
million that could be used to increase its borrowing
 
facilities.
Debt securities not due on a single contractual maturity date,
 
such as collateralized mortgage obligations, are classified in the period
of final
 
contractual maturity.
 
The expected
 
maturities of
 
collateralized mortgage
 
obligations and
 
certain other
 
securities may
 
differ
from their contractual maturities because they may be
 
subject to prepayments or may be called
 
by the issuer.
Credit Quality Indicators
The following describes the credit quality indicators by major security
 
type that the Corporation considers to develop the
 
estimate of
the allowance for credit losses for investment securities
 
held-to-maturity.
As
 
discussed in
 
Note
 
2
 
of
 
2023 Form
 
10-K,
 
U.S. Treasury
 
securities
 
carry
 
an
 
explicit
 
guarantee from
 
the
 
U.S. Government
 
are
highly rated by major rating
 
agencies and have a long
 
history of no credit losses. Accordingly,
 
the Corporation applies a zero-credit
loss assumption and no allowance for credit losses
 
(“ACL”) for these securities has been established.
At June
 
30, 2024
 
and December 31,
 
2023, the “Obligations
 
of Puerto
 
Rico, States and
 
political subdivisions” classified
 
as held-to-
maturity,
 
includes
 
securities
 
issued by
 
municipalities
 
of
 
Puerto
 
Rico
 
that
 
are
 
generally
 
not
 
rated
 
by
 
a
 
credit
 
rating
 
agency.
 
This
includes $
16
 
million of general and special obligation bonds issued by three municipalities of Puerto Rico, that
 
are payable primarily
from
 
certain
 
property
 
taxes
 
imposed
 
by
 
the
 
issuing
 
municipality
 
(December
 
31,
 
2023
 
-
 
$
19
 
million).
 
In
 
the
 
case
 
of
 
general
obligations, they
 
also benefit
 
from a
 
pledge of
 
the full
 
faith, credit
 
and unlimited
 
taxing power
 
of the
 
issuing municipality,
 
which is
required by law to levy property taxes in an amount sufficient for the payment of
 
debt service on such general obligation bonds. The
Corporation performs periodic credit quality
 
reviews of these securities and internally
 
assigns standardized credit risk ratings based
on its evaluation. The
 
Corporation considers these ratings in
 
its estimate to develop the
 
allowance for credit losses
 
associated with
these
 
securities.
 
For
 
the
 
definitions
 
of
 
the
 
obligor
 
risk
 
ratings,
 
refer
 
to
 
the
 
Credit
 
Quality
 
section
 
of
 
Note
 
8
 
to
 
the
 
Consolidated
Financial Statements.
 
 
25
The
 
following
 
presents
 
the
 
amortized
 
cost
 
basis
 
of
 
securities
 
held
 
by
 
the
 
Corporation
 
issued
 
by
 
municipalities
 
of
 
Puerto
 
Rico
aggregated by the internally assigned standardized
 
credit risk rating:
 
 
 
 
 
 
 
 
At June 30, 2024
At December 31, 2023
(In thousands)
Securities issued by Puerto Rico municipalities
Watch
$
2,255
$
2,255
Pass
13,265
16,565
Total
$
15,520
$
18,820
At June 30, 2024, the portfolio of “Obligations of Puerto Rico, States
 
and political subdivisions” also includes $
39
 
million in securities
issued
 
by
 
the
 
Puerto
 
Rico
 
Housing Finance
 
Authority
 
(“HFA”),
 
a
 
government
 
instrumentality,
 
for
 
which the
 
underlying source
 
of
payment
 
is
 
second
 
mortgage
 
loans
 
in
 
Puerto
 
Rico
 
residential
 
properties
 
(not
 
the
 
government),
 
but
 
for
 
which
 
HFA,
 
provides
 
a
guarantee in
 
the event
 
of default
 
and upon
 
the satisfaction
 
of certain
 
other conditions
 
(December 31,
 
2023 -
 
$
40
 
million). These
securities are not rated by a credit rating agency.
 
The
 
Corporation
 
assesses
 
the
 
credit
 
risk
 
associated
 
with
 
these
 
securities
 
by
 
evaluating
 
the
 
refreshed
 
FICO
 
scores
 
of
 
a
representative
 
sample
 
of
 
the
 
underlying
 
borrowers.
 
As
 
of
 
June
 
30,
 
2024,
 
the
 
average
 
refreshed
 
FICO
 
score
 
for
 
the
 
sample,
comprised
 
of
69
%
 
of
 
the
 
nominal
 
value
 
of
 
the
 
securities,
 
used
 
for
 
the
 
loss
 
estimate
 
was
 
of
672
 
(compared
 
to
67
%
 
and
708
,
respectively, at
 
December 31, 2023).
 
The loss estimates
 
for this portfolio
 
was based on
 
the methodology established
 
under CECL
for
 
similar
 
loan
 
obligations.
 
The
 
Corporation
 
does
 
not
 
consider
 
the
 
government
 
guarantee
 
when
 
estimating
 
the
 
credit
 
losses
associated with this portfolio.
A
deterioration of
 
the Puerto
 
Rico economy
 
or
 
of
 
the fiscal
 
health of
 
the
 
Government of
 
Puerto Rico
 
and/or
 
its
 
instrumentalities
(including if any
 
of the issuing municipalities
 
become subject to a
 
debt restructuring proceeding under
 
PROMESA) could adversely
affect the value of these securities, resulting in losses to
 
the Corporation.
 
Refer to
 
Note 20
to the
 
Consolidated Financial
 
Statements
for additional
 
information on
 
the Corporation’s
 
exposure to
 
the Puerto
Rico Government.
At
 
June
 
30,
 
2024
 
and
 
December
 
31,
 
2023,
 
the
 
portfolio
 
of
 
“Obligations
 
of
 
Puerto
 
Rico,
 
States
 
and
 
political
 
subdivisions”
 
also
includes
 
$
7
 
million
 
in securities
 
issued
 
by the
 
HFA
 
for
 
which the
 
underlying source
 
of
 
payment
 
is U.S.
 
Treasury
 
securities.
 
The
Corporation applies a
zero
-credit loss assumption for
 
these securities, and no
 
ACL has been
 
established for these securities
 
given
that U.S. Treasury
 
securities carry an
 
explicit guarantee from the
 
U.S. Government, are
 
highly rated by
 
major rating agencies,
 
and
have a long history of no credit losses. Refer
 
to Note 2 of 2023 Form 10-K for further details.
Delinquency status
At June 30, 2024 and December 31, 2023, there were
no
 
securities held-to-maturity in past due or non-performing
 
status.
Allowance for credit losses on debt securities held-to-maturity
The following table provides the
 
activity in the allowance for
 
credit losses related to debt securities
 
held-to-maturity by security type
for the quarters and six months ended June 30,
 
2024 and June 30, 2023:
 
 
26
 
 
 
 
 
 
 
 
 
 
 
For the quarters ended June 30,
 
2024
2023
(In thousands)
Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance
$
5,731
$
6,792
Provision for credit losses (benefit)
520
(647)
Securities charged-off
-
-
Recoveries
-
-
Ending balance
$
6,251
$
6,145
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30,
 
2024
2023
(In thousands)
Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance
$
5,780
$
6,911
Provision for credit losses (benefit)
471
(766)
Securities charged-off
-
-
Recoveries
-
-
Ending balance
$
6,251
$
6,145
The
 
allowance
 
for
 
credit
 
losses
 
for
 
the
 
Obligations
 
of
 
Puerto
 
Rico,
 
States
 
and
 
political
 
subdivisions
 
includes
 
$
0.2
 
million
 
for
securities issued by municipalities of
 
Puerto Rico, and $
6.1
 
million for bonds issued by
 
the Puerto Rico HFA,
 
which are secured by
second mortgage loans on
 
Puerto Rico residential properties (compared to
 
$
0.2
 
million and $
5.6
 
million, respectively, at
 
December
31, 2023).
27
Note 7 – Loans
For
 
a summary
 
of
 
the accounting
 
policies related
 
to
 
loans, interest
 
recognition and
 
allowance for
 
credit
 
losses
 
refer to
 
Note
 
2
 
Summary of Significant Accounting Policies of the 2023
 
Form 10-K.
During the quarter
 
and six months ended
 
June 30, 2024, the
 
Corporation recorded purchases (including repurchases)
 
of mortgage
loans
 
amounting
 
to
 
$
85
 
million
 
and
 
$
171
 
million,
 
respectively
 
(June 30,
 
2023
 
-
 
$
96
 
million
 
and
 
$
172
 
million,
 
respectively). The
Corporation did
no
t purchase
 
consumer loans
 
during the
 
period ended
 
June 30,
 
2024 (during
 
the quarter
 
and six
 
months ended
June 30, 2023 - $
45
 
million and $
72
 
million, respectively). During the quarter and six months ended June
 
30, 2024, the Corporation
recorded purchases
 
of $
159
 
million and
 
$
215
 
million,
 
respectively (June
 
30, 2023
 
- $
38
 
million
 
and $
83
 
million,
 
respectively), in
commercial loans.
The
 
Corporation
 
performed
 
whole-loan
 
sales
 
involving
 
approximately
 
$
13
 
million
 
and
 
$
24
 
million
 
of
 
residential
 
mortgage
 
loans
during the
 
quarter and
 
six months
 
ended June
 
30, 2024,
 
respectively (June
 
30, 2023
 
- $
17
 
million and
 
$
27
 
million, respectively).
During the
 
six
 
months
 
ended June
 
30, 2024,
 
the
 
Corporation performed
 
sales of
 
commercial loans,
 
including loan
 
participations
amounting
 
to
 
$
12
 
million.
 
The
 
Corporation did
no
t
 
perform
 
sales
 
of
 
commercial
 
loans
 
during
 
the
 
quarter
 
ended
 
June
 
30,
 
2024
(during the
 
quarter and
 
six months
 
ended June
 
30, 2023
 
- $
34
 
million and
 
$
36
 
million, respectively).
 
Also, during
 
the six
 
months
ended
 
June
 
30,
 
2024,
 
the
 
Corporation
 
securitized
 
approximately
 
$
1
 
million
 
of
 
mortgage
 
loans
 
into
 
GNMA
 
mortgage-backed
securities
 
and
 
$
4
 
million
 
of
 
mortgage
 
loans
 
into
 
FNMA
 
mortgage-backed
 
securities,
 
compared
 
to
 
$
1
 
million
 
and
 
$
23
 
million,
respectively, during the six months ended June 30, 2023.
Delinquency status
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
June 30, 2024 and December 31, 2023.
 
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
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
$
233
$
-
$
443
$
676
$
304,235
$
304,911
$
443
$
-
Commercial real estate:
Non-owner occupied
1,713
-
7,484
9,197
2,970,430
2,979,627
7,484
-
Owner occupied
1,770
232
25,285
27,287
1,389,825
1,417,112
25,285
-
Commercial and industrial
5,387
2,097
26,560
34,044
4,968,740
5,002,784
22,958
3,602
Construction
5,479
-
-
5,479
178,460
183,939
-
-
Mortgage
287,468
105,266
373,306
766,040
5,824,480
6,590,520
163,790
209,516
Leasing
20,631
5,071
7,059
32,761
1,795,287
1,828,048
7,059
-
Consumer:
Credit cards
15,032
9,436
23,931
48,399
1,114,140
1,162,539
-
23,931
Home equity lines of credit
-
-
-
-
2,216
2,216
-
-
Personal
21,535
12,755
19,650
53,940
1,690,933
1,744,873
19,650
-
Auto
103,873
24,943
39,333
168,149
3,605,143
3,773,292
39,333
-
Other
976
258
1,207
2,441
151,092
153,533
885
322
Total
$
464,097
$
160,058
$
524,258
$
1,148,413
$
23,994,981
$
25,143,394
$
286,887
$
237,371
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
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
$
2,962
$
-
$
8,700
$
11,662
$
2,067,907
$
2,079,569
$
8,700
$
-
Commercial real estate:
Non-owner occupied
2,494
2,783
1,025
6,302
2,018,543
2,024,845
1,025
-
Owner occupied
-
17,095
22,256
39,351
1,687,354
1,726,705
22,256
-
Commercial and industrial
5,181
304
5,992
11,477
2,181,096
2,192,573
5,782
210
Construction
-
-
-
-
921,820
921,820
-
-
Mortgage
1,309
23,479
11,554
36,342
1,256,864
1,293,206
11,554
-
Consumer:
Credit cards
-
-
-
-
18
18
-
-
Home equity lines of
credit
890
462
3,780
5,132
61,644
66,776
3,780
-
Personal
1,770
1,689
1,851
5,310
129,436
134,746
1,851
-
Other
1,204
-
-
1,204
6,764
7,968
-
-
Total
$
15,810
$
45,812
$
55,158
$
116,780
$
10,331,446
$
10,448,226
$
54,948
$
210
 
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
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
$
3,195
$
-
$
9,143
$
12,338
$
2,372,142
$
2,384,480
$
9,143
$
-
Commercial real estate:
Non-owner occupied
4,207
2,783
8,509
15,499
4,988,973
5,004,472
8,509
-
Owner occupied
1,770
17,327
47,541
66,638
3,077,179
3,143,817
47,541
-
Commercial and industrial
10,568
2,401
32,552
45,521
7,149,836
7,195,357
28,740
3,812
Construction
5,479
-
-
5,479
1,100,280
1,105,759
-
-
Mortgage
[1]
288,777
128,745
384,860
802,382
7,081,344
7,883,726
175,344
209,516
Leasing
20,631
5,071
7,059
32,761
1,795,287
1,828,048
7,059
-
Consumer:
Credit cards
15,032
9,436
23,931
48,399
1,114,158
1,162,557
-
23,931
Home equity lines of credit
890
462
3,780
5,132
63,860
68,992
3,780
-
Personal
23,305
14,444
21,501
59,250
1,820,369
1,879,619
21,501
-
Auto
103,873
24,943
39,333
168,149
3,605,143
3,773,292
39,333
-
Other
2,180
258
1,207
3,645
157,856
161,501
885
322
Total
$
479,907
$
205,870
$
579,416
$
1,265,193
$
34,326,427
$
35,591,620
$
341,835
$
237,581
[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 $
81
 
million of residential mortgage loans insured by FHA
 
or guaranteed by the VA
 
that are no
longer accruing interest as of June 30, 2024. Furthermore,
 
as of June 30, 2024, the Corporation had approximately
 
$
34
 
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 $
387
 
million in unearned income and exclude $
8
 
million in loans held-for-sale.
[3]
Includes $
13.6
 
billion pledged to secure credit facilities and public funds
 
that the secured parties are not permitted to sell or repledge
 
the collateral,
of which $
7.2
 
billion were pledged at the Federal Home Loan Bank
 
("FHLB") as collateral for borrowings and $
6.4
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of June
 
30, 2024, the Corporation had an available borrowing
 
facility with the FHLB and the
discount window of Federal Reserve Bank of New York
 
of $
3.9
 
billion and $
4.7
 
billion, respectively.
 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 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
$
524
$
-
$
1,991
$
2,515
$
289,427
$
291,942
$
1,991
$
-
Commercial real estate:
Non-owner occupied
5,510
77
8,745
14,332
2,990,922
3,005,254
8,745
-
Owner occupied
2,726
249
29,430
32,405
1,365,978
1,398,383
29,430
-
Commercial and industrial
6,998
3,352
36,210
46,560
4,749,666
4,796,226
32,826
3,384
Construction
-
-
6,378
6,378
163,479
169,857
6,378
-
Mortgage
260,897
114,282
416,528
791,707
5,600,117
6,391,824
175,106
241,422
Leasing
20,140
6,719
8,632
35,491
1,696,318
1,731,809
8,632
-
Consumer:
Credit cards
13,243
9,912
23,281
46,436
1,089,292
1,135,728
-
23,281
Home equity lines of credit
230
-
26
256
2,392
2,648
-
26
Personal
19,065
14,611
19,031
52,707
1,723,603
1,776,310
19,031
-
Auto
100,061
27,443
45,615
173,119
3,487,661
3,660,780
45,615
-
Other
1,641
204
1,213
3,058
147,104
150,162
964
249
Total
$
431,035
$
176,849
$
597,080
$
1,204,964
$
23,305,959
$
24,510,923
$
328,718
$
268,362
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 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
$
9,141
$
2,001
$
-
$
11,142
$
2,112,536
$
2,123,678
$
-
$
-
Commercial real estate:
Non-owner occupied
566
1,036
1,117
2,719
2,079,448
2,082,167
1,117
-
Owner occupied
30,560
-
6,274
36,834
1,645,418
1,682,252
6,274
-
Commercial and industrial
7,815
697
3,881
12,393
2,317,502
2,329,895
3,772
109
Construction
-
-
-
-
789,423
789,423
-
-
Mortgage
48,818
7,821
11,191
67,830
1,236,263
1,304,093
11,191
-
Consumer:
Credit cards
-
-
-
-
19
19
-
-
Home equity lines of credit
1,472
4
3,733
5,209
58,096
63,305
3,733
-
Personal
 
2,222
1,948
2,805
6,975
161,962
168,937
2,805
-
Other
4
-
1
5
10,274
10,279
1
-
Total
$
100,598
$
13,507
$
29,002
$
143,107
$
10,410,941
$
10,554,048
$
28,893
$
109
 
 
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 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
$
9,665
$
2,001
$
1,991
$
13,657
$
2,401,963
$
2,415,620
$
1,991
$
-
Commercial real estate:
Non-owner occupied
6,076
1,113
9,862
17,051
5,070,370
5,087,421
9,862
-
Owner occupied
33,286
249
35,704
69,239
3,011,396
3,080,635
35,704
-
Commercial and industrial
14,813
4,049
40,091
58,953
7,067,168
7,126,121
36,598
3,493
Construction
-
-
6,378
6,378
952,902
959,280
6,378
-
Mortgage
[1]
309,715
122,103
427,719
859,537
6,836,380
7,695,917
186,297
241,422
Leasing
20,140
6,719
8,632
35,491
1,696,318
1,731,809
8,632
-
Consumer:
Credit cards
13,243
9,912
23,281
46,436
1,089,311
1,135,747
-
23,281
Home equity lines of credit
1,702
4
3,759
5,465
60,488
65,953
3,733
26
Personal
21,287
16,559
21,836
59,682
1,885,565
1,945,247
21,836
-
Auto
100,061
27,443
45,615
173,119
3,487,661
3,660,780
45,615
-
Other
1,645
204
1,214
3,063
157,378
160,441
965
249
Total
$
531,633
$
190,356
$
626,082
$
1,348,071
$
33,716,900
$
35,064,971
$
357,611
$
268,471
[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 include $
106
 
million of residential
mortgage loans insured by FHA or guaranteed by the VA
 
that are no longer accruing interest as of December
 
31, 2023. Furthermore, as of
December 31, 2023, the Corporation had approximately
 
$
38
 
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 $
356
 
million in unearned income and exclude $
4
 
million in loans held-for-sale.
[3]
Includes $
14.2
 
billion pledged to secure credit facilities and public funds
 
that the secured parties are not permitted to sell or repledge
 
the collateral,
of which $
7.0
 
billion were pledged at the Federal Home Loan Bank
 
(FHLB) as collateral for borrowings and $
7.2
 
billion at the Federal Reserve
Bank (FRB) for discount window borrowings. As of December
 
31, 2023, the Corporation had an available borrowing
 
facility with the FHLB and the
discount window of Federal Reserve Bank of New York
 
of $
3.5
 
billion and $
4.4
 
billion, respectively.
Recognition of interest income on mortgage loans is generally discontinued when loans are 90 days or more in arrears on payments
of principal or interest. The Corporation discontinues the recognition of interest income on residential mortgage loans insured by the
FHA or guaranteed by the VA when 15 months
 
delinquent as to principal or interest, since the principal repayment on these loans is
insured.
At June 30,
 
2024, mortgage loans held-in-portfolio include
 
$
2.4
 
billion (December 31, 2023 -
 
$
2.2
 
billion) of loans that
 
carry certain
guarantees from the FHA or the VA of which $
209.7
 
million (December 31, 2023 - $
241.6
 
million) are 90 days or more past due. The
portfolio of guaranteed loans includes $
81
 
million of residential mortgage loans in Puerto Rico
 
that are no longer accruing interest as
of June 30,
 
2024 (December 31, 2023 -
 
$
106
 
million). The Corporation has
 
approximately $
34
 
million in reverse mortgage
 
loans in
Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at June 30, 2024 (December 31, 2023 - $
38
million).
Loans with a delinquency status of
 
90 days past due as
 
of June 30, 2024 include
 
$
10
 
million in loans previously pooled into GNMA
securities
 
(December
 
31,
 
2023
 
-
 
$
11
 
million).
 
Under
 
the
 
GNMA
 
program,
 
issuers
 
such
 
as
 
BPPR
 
have
 
the
 
option
 
but
 
not
 
the
obligation to repurchase loans
 
that are 90
 
days or more
 
past due. For
 
accounting purposes, these loans
 
subject to the
 
repurchase
option
 
are
 
required to
 
be
 
reflected on
 
the
 
financial statements
 
of BPPR
 
with
 
an
 
offsetting
 
liability.
 
Loans
 
in
 
our
 
serviced
 
GNMA
portfolio benefit
 
from payment
 
forbearance programs
 
but continue
 
to reflect
 
the contractual
 
delinquency until
 
the borrower
 
repays
deferred payments or completes a payment deferral
 
modification or other borrower assistance alternative.
 
The following tables present the amortized cost basis
 
of non-accrual loans as of June 30, 2024 and
 
December 31, 2023 by class of
loans:
 
 
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
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
$
-
$
443
$
8,700
$
-
$
8,700
$
443
Commercial real estate non-owner occupied
3,574
3,910
-
1,025
3,574
4,935
Commercial real estate owner occupied
16,822
8,463
22,256
-
39,078
8,463
Commercial and industrial
13,512
9,446
-
5,782
13,512
15,228
Mortgage
72,290
91,500
468
11,086
72,758
102,586
Leasing
590
6,469
-
-
590
6,469
Consumer:
 
HELOCs
-
-
-
3,780
-
3,780
 
Personal
 
3,715
15,935
-
1,851
3,715
17,786
 
Auto
 
1,898
37,435
-
-
1,898
37,435
 
Other
-
885
-
-
-
885
Total
$
112,401
$
174,486
$
31,424
$
23,524
$
143,825
$
198,010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 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
$
-
$
1,991
$
-
$
-
$
-
$
1,991
Commercial real estate non-owner occupied
3,695
5,050
-
1,117
3,695
6,167
Commercial real estate owner occupied
20,432
8,998
3,877
2,397
24,309
11,395
Commercial and industrial
6,991
25,835
-
3,772
6,991
29,607
Construction
-
6,378
-
-
-
6,378
Mortgage
84,677
90,429
120
11,071
84,797
101,500
Leasing
481
8,151
-
-
481
8,151
Consumer:
 
HELOCs
-
-
-
3,733
-
3,733
 
Personal
 
3,589
15,442
-
2,805
3,589
18,247
 
Auto
 
1,833
43,782
-
-
1,833
43,782
 
Other
263
701
-
1
263
702
Total
$
121,961
$
206,757
$
3,997
$
24,896
$
125,958
$
231,653
The Corporation has
 
designated loans classified as
 
collateral dependent for
 
which the ACL
 
is measured based
 
on the fair
 
value of
the collateral less
 
cost to sell,
 
when foreclosure is
 
probable or when
 
the repayment is
 
expected to be
 
provided substantially by the
sale or
 
operation of
 
the collateral
 
and the
 
borrower is
 
experiencing financial
 
difficulty.
 
The fair
 
value of
 
the collateral
 
is based
 
on
appraisals, which may be
 
adjusted due to their
 
age, and the
 
type, location, and condition
 
of the property
 
or area or general
 
market
conditions to reflect the expected change in value between the effective date
 
of the appraisal and the measurement date. Appraisals
are updated every one to two years depending on
 
the type of loan and the total exposure of
 
the borrower.
Loans in
 
non-accrual status with
 
no allowance
 
at June
 
30, 2024 include
 
$
144
 
million in
 
collateral dependent loans
 
(December 31,
2023 -
 
$
126
 
million). The
 
Corporation recognized $
2
 
million in
 
interest income
 
on non-accrual
 
loans during
 
the six
 
months ended
June 30, 2024 (June 30, 2023 - $
4
 
million).
The following tables present the amortized cost basis
 
of collateral-dependent loans, for which the ACL was measured
 
based on the
fair value of the collateral less cost to sell, by class
 
of loans and type of collateral as of June 30,
 
2024 and December 31, 2023:
 
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,309
$
-
$
-
$
-
$
1,309
Commercial real estate:
Non-owner occupied
213,560
-
-
-
213,560
Owner occupied
22,581
-
-
-
22,581
Commercial and industrial
3,332
-
-
16,949
20,281
Mortgage
71,670
-
-
-
71,670
Leasing
-
1,668
1
-
1,669
Consumer:
Personal
3,791
-
-
-
3,791
Auto
-
14,577
-
-
14,577
Other
-
-
-
38
38
Total BPPR
$
316,243
$
16,245
$
1
$
16,987
$
349,476
Popular U.S.
Commercial multi-family
$
8,700
$
-
$
-
$
-
$
8,700
Commercial real estate:
Owner occupied
22,256
$
-
-
-
22,256
Commercial and industrial
-
-
53
3,072
3,125
Mortgage
1,065
-
-
-
1,065
Total Popular U.S.
$
32,021
$
-
$
53
$
3,072
$
35,146
Popular, Inc.
Commercial multi-family
$
10,009
$
-
$
-
$
-
$
10,009
Commercial real estate:
Non-owner occupied
213,560
-
-
-
213,560
Owner occupied
44,837
-
-
-
44,837
Commercial and industrial
3,332
-
53
20,021
23,406
Mortgage
72,735
-
-
-
72,735
Leasing
-
1,668
1
-
1,669
Consumer:
Personal
3,791
-
-
-
3,791
Auto
-
14,577
-
-
14,577
Other
-
-
-
38
38
Total Popular,
 
Inc.
$
348,264
$
16,245
$
54
$
20,059
$
384,622
 
34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,339
$
-
$
-
$
-
$
1,339
Commercial real estate:
Non-owner occupied
160,555
-
-
-
160,555
Owner occupied
25,848
-
-
-
25,848
Commercial and industrial
1,103
-
-
30,287
31,390
Construction
6,378
-
-
-
6,378
Mortgage
85,113
-
-
-
85,113
Leasing
-
1,373
-
-
1,373
Consumer:
Personal
4,338
-
-
-
4,338
Auto
-
12,965
-
-
12,965
Other
-
-
-
305
305
Total BPPR
$
284,674
$
14,338
$
-
$
30,592
$
329,604
Popular U.S.
Commercial real estate:
Owner occupied
$
3,877
$
-
$
-
$
-
$
3,877
Commercial and industrial
-
-
105
400
505
Construction
5,990
-
-
-
5,990
Mortgage
1,303
-
-
-
1,303
Total Popular U.S.
$
11,170
$
-
$
105
$
400
$
11,675
Popular, Inc.
Commercial multi-family
$
1,339
$
-
$
-
$
-
$
1,339
Commercial real estate:
Non-owner occupied
160,555
-
-
-
160,555
Owner occupied
29,725
-
-
-
29,725
Commercial and industrial
1,103
-
105
30,687
31,895
Construction
12,368
-
-
-
12,368
Mortgage
86,416
-
-
-
86,416
Leasing
-
1,373
-
-
1,373
Consumer:
Personal
4,338
-
-
-
4,338
Auto
-
12,965
-
-
12,965
Other
-
-
-
305
305
Total Popular,
 
Inc.
$
295,844
$
14,338
$
105
$
30,992
$
341,279
 
 
35
Purchased Credit Deteriorated (PCD) Loans
The Corporation has purchased loans during
 
the quarter and six months ended June 30, 2024 and
 
2023, 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, 2024
For the six months
ended June 30, 2024
Purchase price of loans at acquisition
$
150
$
576
Allowance for credit losses at acquisition
6
23
Par value of acquired loans at acquisition
$
156
$
599
 
 
 
 
 
 
 
 
(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
36
Note 8 – Allowance for credit losses – loans
 
held-in-portfolio
The
Corporation follows
 
the current
 
expected credit
 
loss (“CECL”)
 
model, to
 
establish and
 
evaluate the
 
adequacy of
 
the ACL
 
to
provide for
 
expected losses
 
in the
 
loan portfolio.
 
This model
 
establishes a forward-looking
 
methodology that
 
reflects the
 
expected
credit losses over the lives of financial assets, starting when such
 
assets are first acquired or originated. In addition, CECL provides
that
 
the
 
initial ACL
 
on PCD
 
financial
 
assets be
 
recorded as
 
an
 
increase to
 
the
 
purchase price,
 
with subsequent
 
changes to
 
the
allowance
 
recorded
 
as
 
a
 
credit
 
loss
 
expense.
 
The
 
provision
 
for
 
credit
 
losses
 
recorded
 
in
 
current
 
operations
 
is
 
based
 
on
 
this
methodology.
 
Loan losses
 
are charged,
 
and recoveries
 
are credited
 
to the
 
ACL. The
 
Corporation’s modeling
 
framework includes
competing risk
 
models that
 
generate lifetime
 
default and
 
prepayment estimates as
 
well as
 
other loan
 
level techniques
 
to estimate
loss
 
severity.
 
These
 
models
 
combine
 
credit
 
risk
 
factors,
 
which
 
include
 
the
 
impact
 
of
 
loan
 
modifications,
 
with
 
macroeconomic
expectations to derive the lifetime expected loss.
 
At June
 
30, 2024,
 
the Corporation
 
estimated the
 
ACL by
 
weighting the
 
outputs of
 
optimistic, baseline,
 
and pessimistic
 
scenarios.
Among the
 
three scenarios used
 
to estimate
 
the ACL, the
 
baseline is
 
assigned the highest
 
probability,
 
followed by the
 
pessimistic
scenario given the
 
uncertainties in the
 
economic outlook and
 
downside risk. The
 
weightings applied are
 
subject to
 
evaluation on a
quarterly basis as
 
part of the
 
ACL’s governance
 
process. The Corporation evaluates,
 
at least on
 
an annual basis, the
 
assumptions
tied to the CECL accounting framework. These
 
include the reasonable and supportable period
 
as well as the reversion window.
The following
 
tables present
 
the changes
 
in the
 
ACL of
 
loans held-in-portfolio
 
and unfunded
 
commitments for
 
the quarter
 
and six
months ended June 30, 2024 and 2023.
 
37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balances
Allowance for credit losses - loans:
Commercial
 
Commercial multi-family
$
3,567
$
(264)
$
-
$
-
$
-
$
3,303
 
Commercial real estate non-owner occupied
53,666
(324)
-
-
44
53,386
 
Commercial real estate owner occupied
43,537
(5,296)
-
-
1,134
39,375
 
Commercial and industrial
102,844
14,440
-
(8,072)
2,051
111,263
 
Total Commercial
203,614
8,556
-
(8,072)
3,229
207,327
Construction
3,114
524
-
-
-
3,638
Mortgage
76,564
(6,419)
6
(26)
3,775
73,900
Leasing
8,991
8,094
-
(3,841)
1,141
14,385
Consumer
 
Credit cards
88,169
11,856
-
(16,419)
2,707
86,313
 
Home equity lines of credit
102
22
-
(94)
53
83
 
Personal
99,504
15,492
-
(23,293)
2,318
94,021
 
Auto
157,456
10,250
-
(16,609)
6,352
157,449
 
Other
6,808
210
-
(680)
151
6,489
 
Total Consumer
352,039
37,830
-
(57,095)
11,581
344,355
Total - Loans
$
644,322
$
48,585
$
6
$
(69,034)
$
19,726
$
643,605
Allowance for credit losses - unfunded commitments:
Commercial
$
4,942
$
598
$
-
$
-
$
-
$
5,540
Construction
1,441
654
-
-
-
2,095
Ending balance - unfunded commitments [1]
$
6,383
$
1,252
$
-
$
-
$
-
$
7,635
[1] Allowance for credit losses of unfunded commitments
 
is presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
Popular U.S.
Provision for
 
Beginning
credit losses -
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
9,176
$
(1,303)
$
-
$
4
$
7,877
Commercial real estate non-owner occupied
11,958
(1,151)
-
42
10,849
Commercial real estate owner occupied
20,270
(1,514)
-
59
18,815
Commercial and industrial
17,574
(1,367)
(1,195)
207
15,219
Total Commercial
58,978
(5,335)
(1,195)
312
52,760
Construction
8,025
1,126
-
100
9,251
Mortgage
9,874
(502)
(18)
35
9,389
Consumer
Home equity lines of credit
1,770
(510)
(14)
397
1,643
Personal
16,573
795
(4,596)
655
13,427
Other
2
(2)
(18)
20
2
Total Consumer
18,345
283
(4,628)
1,072
15,072
Total - Loans
$
95,222
$
(4,428)
$
(5,841)
$
1,519
$
86,472
Allowance for credit losses - unfunded commitments:
Commercial
$
2,542
$
308
$
-
$
-
$
2,850
Construction
7,837
562
-
-
8,399
Consumer
5
(5)
-
-
-
Ending balance - unfunded commitments [1]
$
10,384
$
865
$
-
$
-
$
11,249
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
12,743
$
(1,567)
$
-
$
-
$
4
$
11,180
Commercial real estate non-owner occupied
65,624
(1,475)
-
-
86
64,235
Commercial real estate owner occupied
63,807
(6,810)
-
-
1,193
58,190
Commercial and industrial
120,418
13,073
-
(9,267)
2,258
126,482
Total Commercial
262,592
3,221
-
(9,267)
3,541
260,087
Construction
11,139
1,650
-
-
100
12,889
Mortgage
86,438
(6,921)
6
(44)
3,810
83,289
Leasing
8,991
8,094
-
(3,841)
1,141
14,385
Consumer
Credit cards
88,169
11,856
-
(16,419)
2,707
86,313
Home equity lines of credit
1,872
(488)
-
(108)
450
1,726
Personal
116,077
16,287
-
(27,889)
2,973
107,448
Auto
157,456
10,250
-
(16,609)
6,352
157,449
Other
6,810
208
-
(698)
171
6,491
Total Consumer
370,384
38,113
-
(61,723)
12,653
359,427
Total - Loans
$
739,544
$
44,157
$
6
$
(74,875)
$
21,245
$
730,077
Allowance for credit losses - unfunded commitments:
Commercial
$
7,484
$
906
$
-
$
-
$
-
$
8,390
Construction
9,278
1,216
-
-
-
10,494
Consumer
5
(5)
-
-
-
-
Ending balance - unfunded commitments [1]
$
16,767
$
2,117
$
-
$
-
$
-
$
18,884
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-off
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
3,614
$
(312)
$
-
$
-
$
1
$
3,303
Commercial real estate non-owner occupied
53,754
(737)
-
-
369
53,386
Commercial real estate owner occupied
40,637
(149)
-
(2,785)
1,672
39,375
Commercial and industrial
107,577
14,816
-
(14,741)
3,611
111,263
Total Commercial
205,582
13,618
-
(17,526)
5,653
207,327
Construction
5,294
(1,656)
-
-
-
3,638
Mortgage
72,440
(6,738)
23
(791)
8,966
73,900
Leasing
9,708
11,062
-
(8,691)
2,306
14,385
Consumer
Credit cards
80,487
33,496
-
(32,815)
5,145
86,313
Home equity lines of credit
103
125
-
(291)
146
83
Personal
101,181
35,755
-
(47,642)
4,727
94,021
Auto
157,931
23,621
-
(36,776)
12,673
157,449
Other
7,132
310
-
(1,344)
391
6,489
Total Consumer
346,834
93,307
-
(118,868)
23,082
344,355
Total - Loans
$
639,858
$
109,593
$
23
$
(145,876)
$
40,007
$
643,605
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
478
$
-
$
-
$
-
$
5,540
Construction
1,618
477
-
-
-
2,095
Ending balance - unfunded commitments [1]
$
6,680
$
955
$
-
$
-
$
-
$
7,635
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
41
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
Popular U.S.
Provision for
 
Beginning
credit losses -
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
10,126
$
(1,813)
$
(441)
$
5
$
7,877
Commercial real estate non-owner occupied
11,699
(956)
-
106
10,849
Commercial real estate owner occupied
16,227
2,505
-
83
18,815
Commercial and industrial
14,779
1,836
(1,759)
363
15,219
Total Commercial
52,831
1,572
(2,200)
557
52,760
Construction
7,392
1,759
-
100
9,251
Mortgage
10,774
(1,427)
(18)
60
9,389
Consumer
Home equity lines of credit
1,875
(763)
(21)
552
1,643
Personal
16,609
5,786
(10,308)
1,340
13,427
Other
2
23
(49)
26
2
Total Consumer
18,486
5,046
(10,378)
1,918
15,072
Total - Loans
$
89,483
$
6,950
$
(12,596)
$
2,635
$
86,472
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
999
$
-
$
-
$
2,850
Construction
8,446
(47)
-
-
8,399
Consumer
29
(29)
-
-
-
Ending balance - unfunded commitments [1]
$
10,326
$
923
$
-
$
-
$
11,249
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
42
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,740
$
(2,125)
$
-
$
(441)
$
6
$
11,180
Commercial real estate non-owner occupied
65,453
(1,693)
-
-
475
64,235
Commercial real estate owner occupied
56,864
2,356
-
(2,785)
1,755
58,190
Commercial and industrial
122,356
16,652
-
(16,500)
3,974
126,482
Total Commercial
258,413
15,190
-
(19,726)
6,210
260,087
Construction
12,686
103
-
-
100
12,889
Mortgage
83,214
(8,165)
23
(809)
9,026
83,289
Leasing
9,708
11,062
-
(8,691)
2,306
14,385
Consumer
Credit cards
80,487
33,496
-
(32,815)
5,145
86,313
Home equity lines of credit
1,978
(638)
-
(312)
698
1,726
Personal
117,790
41,541
-
(57,950)
6,067
107,448
Auto
157,931
23,621
-
(36,776)
12,673
157,449
Other
7,134
333
-
(1,393)
417
6,491
Total Consumer
365,320
98,353
-
(129,246)
25,000
359,427
Total - Loans
$
729,341
$
116,543
$
23
$
(158,472)
$
42,642
$
730,077
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,477
$
-
$
-
$
-
$
8,390
Construction
10,064
430
-
-
-
10,494
Consumer
29
(29)
-
-
-
-
Ending balance - unfunded commitments [1]
$
17,006
$
1,878
$
-
$
-
$
-
$
18,884
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
43
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2023
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Net Write
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
down
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
4,756
$
30
$
-
$
-
$
1
$
-
$
4,787
Commercial real estate non-owner occupied
53,894
(98)
-
(609)
179
-
53,366
Commercial real estate owner occupied
46,009
(4,437)
-
(76)
405
-
41,901
Commercial and industrial
77,042
3,164
-
(1,061)
2,492
-
81,637
Total Commercial
181,701
(1,341)
-
(1,746)
3,077
-
181,691
Construction
3,072
6,482
-
-
-
-
9,554
Mortgage
89,077
(9,572)
10
(297)
3,681
-
82,899
Leasing
20,990
(5,470)
-
(2,540)
947
-
13,927
Consumer
Credit cards
67,953
10,558
-
(8,457)
1,955
(601)
71,408
Home equity lines of credit
100
(29)
-
(35)
60
-
96
Personal
88,408
20,279
-
(16,601)
3,960
-
96,046
Auto
130,829
5,909
-
(8,099)
5,608
-
134,247
Other
4,877
1,563
-
(354)
154
-
6,240
Total Consumer
292,167
38,280
-
(33,546)
11,737
(601)
308,037
Total - Loans
$
587,007
$
28,379
$
10
$
(38,129)
$
19,442
$
(601)
$
596,108
Allowance for credit losses - unfunded commitments:
Commercial
$
4,900
$
388
$
-
$
-
$
-
$
-
$
5,288
Construction
1,946
1,164
-
-
-
-
3,110
Ending balance - unfunded commitments [1]
$
6,846
$
1,552
$
-
$
-
$
-
$
-
$
8,398
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2023
Popular U.S.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
20,610
$
781
$
-
$
1
$
21,392
Commercial real estate non-owner occupied
17,956
328
-
66
18,350
Commercial real estate owner occupied
8,488
1,174
(177)
21
9,506
Commercial and industrial
15,224
4,524
(2,081)
347
18,014
Total Commercial
62,278
6,807
(2,258)
435
67,262
Construction
1,258
520
-
-
1,778
Mortgage
15,400
(2,315)
-
109
13,194
Consumer
Home equity lines of credit
1,853
55
(52)
218
2,074
Personal
21,321
2,169
(4,287)
579
19,782
Other
3
46
(47)
-
2
Total Consumer
23,177
2,270
(4,386)
797
21,858
Total - Loans
$
102,113
$
7,282
$
(6,644)
$
1,341
$
104,092
Allowance for credit losses - unfunded commitments:
Commercial
$
1,229
$
119
$
-
$
-
$
1,348
Construction
1,278
519
-
-
1,797
Consumer
62
(12)
-
-
50
Ending balance - unfunded commitments [1]
$
2,569
$
626
$
-
$
-
$
3,195
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2023
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Net write
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
down
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
25,366
$
811
$
-
$
-
$
2
$
-
$
26,179
Commercial real estate non-owner occupied
71,850
230
-
(609)
245
-
71,716
Commercial real estate owner occupied
54,497
(3,263)
-
(253)
426
-
51,407
Commercial and industrial
92,266
7,688
-
(3,142)
2,839
-
99,651
Total Commercial
243,979
5,466
-
(4,004)
3,512
-
248,953
Construction
4,330
7,002
-
-
-
-
11,332
Mortgage
104,477
(11,887)
10
(297)
3,790
-
96,093
Leasing
20,990
(5,470)
-
(2,540)
947
-
13,927
Consumer
Credit cards
67,953
10,558
-
(8,457)
1,955
(601)
71,408
Home equity lines of credit
1,953
26
-
(87)
278
-
2,170
Personal
109,729
22,448
-
(20,888)
4,539
-
115,828
Auto
130,829
5,909
-
(8,099)
5,608
-
134,247
Other
4,880
1,609
-
(401)
154
-
6,242
Total Consumer
315,344
40,550
-
(37,932)
12,534
(601)
329,895
Total - Loans
$
689,120
$
35,661
$
10
$
(44,773)
$
20,783
$
(601)
$
700,200
Allowance for credit losses - unfunded commitments:
Commercial
$
6,129
$
507
$
-
$
-
$
-
$
-
$
6,636
Construction
3,224
1,683
-
-
-
-
4,907
Consumer
62
(12)
-
-
-
-
50
Ending balance - unfunded commitments [1]
$
9,415
$
2,178
$
-
$
-
$
-
$
-
$
11,593
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2023
BPPR
Impact of
Provision for
Allowance for
Beginning
Adopting
credit losses
credit losses -
Net write
Ending
(In thousands)
Balance
ASU 2022-02
(benefit)
PCD Loans
Charge-offs
Recoveries
down
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
5,210
$
-
$
(424)
$
-
$
-
$
1
$
-
$
4,787
Commercial real estate non-owner occupied
52,475
-
1,186
-
(609)
314
-
53,366
Commercial real estate owner occupied
48,393
(1,161)
(7,167)
-
(79)
1,915
-
41,901
Commercial and industrial
68,217
(552)
12,983
-
(2,668)
3,657
-
81,637
Total Commercial
174,295
(1,713)
6,578
-
(3,356)
5,887
-
181,691
Construction
2,978
-
6,576
-
-
-
-
9,554
Mortgage
117,344
(33,556)
(8,305)
78
(1,143)
8,481
-
82,899
Leasing
20,618
(35)
(4,736)
-
(3,957)
2,037
-
13,927
Consumer
Credit cards
58,670
-
26,128
-
(17,133)
4,344
(601)
71,408
Home equity lines of credit
103
-
(68)
-
(68)
129
-
96
Personal
96,369
(7,020)
31,383
-
(30,181)
5,495
-
96,046
Auto
129,735
(21)
14,228
-
(20,217)
10,522
-
134,247
Other
15,433
-
1,798
-
(11,361)
370
-
6,240
Total Consumer
300,310
(7,041)
73,469
-
(78,960)
20,860
(601)
308,037
Total - Loans
$
615,545
$
(42,345)
$
73,582
$
78
$
(87,416)
$
37,265
$
(601)
$
596,108
Allowance for credit losses - unfunded commitments:
Commercial
$
4,336
$
-
$
952
$
-
$
-
$
-
$
-
$
5,288
Construction
2,022
-
1,088
-
-
-
-
3,110
Ending balance - unfunded commitments [1]
$
6,358
$
-
$
2,040
$
-
$
-
$
-
$
-
$
8,398
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2023
Popular U.S.
Impact of
Provision for
Beginning
Adopting
credit losses
Ending
(In thousands)
Balance
ASU 2022-02
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
21,101
$
-
$
288
$
-
$
3
$
21,392
Commercial real estate non-owner occupied
19,065
-
(2,633)
-
1,918
18,350
Commercial real estate owner occupied
8,688
-
950
(177)
45
9,506
Commercial and industrial
12,227
-
7,052
(2,580)
1,315
18,014
Total Commercial
61,081
-
5,657
(2,757)
3,281
67,262
Construction
1,268
-
510
-
-
1,778
Mortgage
17,910
(2,098)
(2,741)
-
123
13,194
Consumer
Credit cards
-
-
1
(1)
-
-
Home equity lines of credit
2,439
-
(657)
(195)
487
2,074
Personal
22,057
(1,140)
6,360
(8,457)
962
19,782
Other
2
-
95
(100)
5
2
Total Consumer
24,498
(1,140)
5,799
(8,753)
1,454
21,858
Total - Loans
$
104,757
$
(3,238)
$
9,225
$
(11,510)
$
4,858
$
104,092
Allowance for credit losses - unfunded commitments:
Commercial
$
1,175
$
-
$
173
$
-
$
-
$
1,348
Construction
1,184
-
613
-
-
1,797
Consumer
88
-
(38)
-
-
50
Ending balance - unfunded commitments [1]
$
2,447
$
-
$
748
$
-
$
-
$
3,195
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2023
Popular Inc.
Impact
Provision for
Allowance
for
Beginning
of adopting
credit losses
credit losses
-
Net write
Ending
(In thousands)
Balance
ASU 2022-02
(benefit)
PCD Loans
Charge-
offs
Recoverie
s
down
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
26,311
$
-
$
(136)
$
-
$
-
$
4
$
-
$
26,179
Commercial real estate non-owner occupied
71,540
-
(1,447)
-
(609)
2,232
-
71,716
Commercial real estate owner occupied
57,081
(1,161)
(6,217)
-
(256)
1,960
-
51,407
Commercial and industrial
80,444
(552)
20,035
-
(5,248)
4,972
-
99,651
Total Commercial
235,376
(1,713)
12,235
-
(6,113)
9,168
-
248,953
Construction
4,246
-
7,086
-
-
-
-
11,332
Mortgage
135,254
(35,654)
(11,046)
78
(1,143)
8,604
-
96,093
Leasing
20,618
(35)
(4,736)
-
(3,957)
2,037
-
13,927
Consumer
Credit cards
58,670
-
26,129
-
(17,134)
4,344
(601)
71,408
Home equity lines of credit
2,542
-
(725)
-
(263)
616
-
2,170
Personal
118,426
(8,160)
37,743
-
(38,638)
6,457
-
115,828
Auto
129,735
(21)
14,228
-
(20,217)
10,522
-
134,247
Other
15,435
-
1,893
-
(11,461)
375
-
6,242
Total Consumer
324,808
(8,181)
79,268
-
(87,713)
22,314
(601)
329,895
Total - Loans
$
720,302
$
(45,583)
$
82,807
$
78
$
(98,926)
$
42,123
$
(601)
$
700,200
Allowance for credit losses - unfunded commitments:
Commercial
$
5,511
$
-
$
1,125
$
-
$
-
$
-
$
-
$
6,636
Construction
3,206
-
1,701
-
-
-
-
4,907
Consumer
88
-
(38)
-
-
-
-
50
Ending balance - unfunded commitments [1]
$
8,805
$
-
$
2,788
$
-
$
-
$
-
$
-
$
11,593
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
Modifications
A
 
modification
 
constitutes
 
a
 
change
 
in
 
loan
 
terms
 
in
 
the
 
form
 
of
 
principal
 
forgiveness,
 
an
 
interest
 
rate
 
reduction,
 
other
 
than-
insignificant payment delay, term extension or combination of the above made
 
to a borrower experiencing financial difficulty.
The amount of outstanding commitments to lend additional funds to debtors with financial difficulties owing receivables whose terms
have
 
been
 
modified
 
during
 
the
 
quarters
 
ended
 
June
 
30,
 
2024
 
and
 
June
 
30,
 
2023
 
amounted
 
to
 
$
70.2
 
million
 
and
 
$
5.0
 
million,
respectively, related to the commercial loan portfolios.
The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of
the reporting period disaggregated by
 
class of financing receivable and
 
type of concession granted
 
for the quarters and
 
six months
ended June 30, 2024 and June 30, 2023. Loans modified to borrowers under
 
financial difficulties that were fully paid down, charged-
off or foreclosed upon by period end are not reported.
 
 
49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the quarter ended June 30, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
CRE owner occupied
$
33
-
%
$
-
-
%
$
33
-
%
Commercial and industrial
1,747
0.03
%
-
-
%
1,747
0.02
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
422
0.04
%
-
-
%
422
0.04
%
 
Personal
848
0.05
%
-
-
%
848
0.05
%
 
Other
25
0.02
%
-
-
%
25
0.02
%
Total
$
3,117
0.01
%
$
-
-
%
$
3,117
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
3,084
0.10
%
$
-
-
%
$
3,084
0.06
%
CRE owner occupied
1,134
0.08
%
6,071
0.35
%
7,205
0.23
%
Commercial and industrial
23,059
0.46
%
-
-
%
23,059
0.32
%
Mortgage
16,933
0.26
%
642
0.05
%
17,575
0.22
%
Consumer:
 
Personal
238
0.01
%
136
0.10
%
374
0.02
%
 
Auto
56
-
%
-
-
%
56
-
%
Total
$
44,504
0.18
%
$
6,849
0.07
%
$
51,353
0.14
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
57,071
1.92
%
$
-
-
%
$
57,071
1.14
%
CRE owner occupied
6,230
0.44
%
-
-
%
6,230
0.20
%
Commercial and industrial
52,124
1.04
%
-
-
%
52,124
0.72
%
Mortgage
127
-
%
-
-
%
127
-
%
Total
$
115,552
0.46
%
$
-
-
%
$
115,552
0.32
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Commercial and industrial
$
490
0.01
%
$
-
-
%
$
490
0.01
%
Mortgage
5,246
0.08
%
31
-
%
5,277
0.07
%
Consumer:
 
Personal
2,190
0.13
%
-
-
%
2,190
0.12
%
Total
$
7,926
0.03
%
$
31
-
%
$
7,957
0.02
%
Combination -
 
Other-Than-Insignificant Payment Delays and Interest Rate
 
Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2024
% of total class of
Financing
Receivable
Commercial and industrial
$
89
-
%
$
-
-
%
$
89
-
%
Consumer:
 
Credit cards
243
0.02
%
-
-
%
243
0.02
%
Total
$
332
-
%
$
-
-
%
$
332
-
%
 
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the six months ended June 30,
 
2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
33
-
%
$
-
-
%
$
33
-
%
Commercial and industrial
2,122
0.04
%
-
-
%
2,122
0.03
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
549
0.05
%
-
-
%
549
0.05
%
 
Personal
1,085
0.06
%
-
-
%
1,085
0.06
%
 
Other
25
0.02
%
-
-
%
25
0.02
%
Total
$
3,856
0.02
%
$
-
-
%
$
3,856
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
39,484
1.33
%
$
-
-
%
$
39,484
0.79
%
CRE owner occupied
11,718
0.83
%
6,071
0.35
%
17,789
0.57
%
Commercial and industrial
23,767
0.48
%
-
-
%
23,767
0.33
%
Mortgage
29,868
0.45
%
642
0.05
%
30,510
0.39
%
Consumer:
 
Personal
436
0.02
%
141
0.10
%
577
0.03
%
 
Auto
56
-
%
-
-
%
56
-
%
Total
$
105,329
0.42
%
$
6,854
0.07
%
$
112,183
0.32
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
57,071
1.92
%
$
-
-
%
$
57,071
1.14
%
CRE owner occupied
16,207
1.14
%
-
-
%
16,207
0.52
%
Commercial and industrial
56,477
1.13
%
-
-
%
56,477
0.78
%
Mortgage
127
-
%
-
-
%
127
-
%
Total
$
129,882
0.52
%
$
-
-
%
$
129,882
0.36
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
890
0.03
%
$
-
-
%
$
890
0.02
%
Commercial and industrial
586
0.01
%
-
-
%
586
0.01
%
Mortgage
8,655
0.13
%
68
0.01
%
8,723
0.11
%
Consumer:
 
Personal
3,234
0.19
%
144
0.11
%
3,378
0.18
%
Total
$
13,365
0.05
%
$
212
-
%
$
13,577
0.04
%
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
89
-
%
$
-
-
%
$
89
-
%
Consumer:
 
Credit cards
539
0.05
%
-
-
%
539
0.05
%
Total
$
628
-
%
$
-
-
%
$
628
-
%
 
51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the quarter ended June 30, 2023
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollar in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Consumer:
 
Credit cards
$
222
0.02
%
$
-
-
%
$
222
0.02
%
 
Personal
196
0.01
%
3
-
%
199
0.01
%
Total
$
418
-
%
$
3
-
%
$
421
-
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollar in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
24,978
0.86
%
$
-
-
%
$
24,978
0.53
%
CRE owner occupied
1,434
0.10
%
15,715
0.97
%
17,149
0.56
%
Commercial and industrial
21,610
0.54
%
-
-
%
21,610
0.35
%
Construction
5,422
3.12
%
-
-
%
5,422
0.66
%
Mortgage
10,694
0.17
%
2,676
0.21
%
13,370
0.18
%
Consumer:
 
Personal
48
-
%
113
0.05
%
161
0.01
%
 
Auto
38
-
%
-
-
%
38
-
%
Total
$
64,224
0.28
%
$
18,504
0.19
%
$
82,728
0.25
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollar in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
CRE owner occupied
$
748
0.05
%
$
-
-
%
$
748
0.02
%
Mortgage
137
-
%
-
-
%
137
-
%
Total
$
885
-
%
$
-
-
%
$
885
-
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollar in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Commercial and industrial
$
58
-
%
$
-
-
%
$
58
-
%
Mortgage
11,372
0.18
%
81
0.01
%
11,453
0.15
%
Consumer:
 
Personal
489
0.03
%
-
-
%
489
0.03
%
Total
$
11,919
0.05
%
$
81
-
%
$
12,000
0.04
%
Combination -
 
Other-Than-Insignificant Payment Delays and Interest Rate
 
Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollar in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Commercial and industrial
$
78
-
%
$
-
-
%
$
78
-
%
Consumer:
 
Credit cards
190
0.02
%
-
-
%
190
0.02
%
Total
$
268
-
%
$
-
-
%
$
268
-
%
 
52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the six months ended June 30,
 
2023
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Mortgage
$
226
-
%
$
-
-
%
$
226
-
%
Consumer:
 
Credit cards
427
0.04
%
-
-
%
427
0.04
%
 
Personal
313
0.02
%
3
-
%
316
0.02
%
 
Other
3
-
%
-
-
%
3
-
%
Total
$
969
-
%
$
3
-
%
$
972
-
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
24,978
0.86
%
$
-
-
%
$
24,978
0.53
%
CRE owner occupied
3,159
0.22
%
15,715
0.97
%
18,874
0.62
%
Commercial and industrial
25,069
0.62
%
-
-
%
25,069
0.40
%
Construction
5,422
3.12
%
4,700
0.73
%
10,122
1.23
%
Mortgage
25,100
0.41
%
4,515
0.35
%
29,615
0.40
%
Consumer:
 
Personal
74
-
%
165
0.08
%
239
0.01
%
 
Auto
38
-
%
-
-
%
38
-
%
Total
$
83,840
0.36
%
$
25,095
0.25
%
$
108,935
0.33
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,743
0.06
%
$
-
-
%
$
1,743
0.04
%
CRE owner occupied
13,812
0.97
%
13,650
0.85
%
27,462
0.90
%
Commercial and industrial
1,395
0.03
%
822
0.04
%
2,217
0.04
%
Mortgage
137
-
%
-
-
%
137
-
%
Total
$
17,087
0.07
%
$
14,472
0.15
%
$
31,559
0.10
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
CRE owner occupied
$
101
0.01
%
$
-
-
%
$
101
0.01
%
Commercial and industrial
58
-
%
-
-
%
58
-
%
Mortgage
21,805
0.35
%
408
0.03
%
22,213
0.30
%
Consumer:
 
Personal
907
0.05
%
-
-
%
907
0.05
%
 
Auto
28
-
%
-
-
%
28
-
%
Total
$
22,899
0.10
%
$
408
-
%
$
23,307
0.07
%
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2023
% of total class of
Financing
Receivable
Commercial and industrial
$
78
0.00%
$
-
-
$
78
0.00%
Consumer:
 
Credit cards
445
0.04%
-
-
445
0.04%
Total
$
523
0.00%
$
-
-
$
523
0.00%
53
The following tables describe the financial effect of the
 
modifications made to borrowers experiencing
 
financial difficulties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
12.0
% to
5
.0%
Commercial and industrial
Reduced weighted-average contractual interest rate from
18
.0% to
9.3
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.35
% to
4.44
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
19.73
% to
4.16
%.
Personal
Reduced weighted-average contractual interest rate from
19.2
% to
10.1
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
2
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
10
 
years to the life of loans.
Auto
Added a weighted-average of
4
 
years to the life of loans.
Other than insignificant payment delays
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
30
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
24
 
months to the life of loans.
54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
10.1
% to
8.3
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
12.0
% to
5
.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
19.2
% to
9.4
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.2
% to
4.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.2
% to
5
.0%.
Personal
Reduced weighted-average contractual interest rate from
18.8
% to
10
.0%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
11
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
10
 
years to the life of loans.
Auto
Added a weighted-average of
4
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
11
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
30
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
23
 
months to the life of loans.
 
55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2023
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
21.7
% to
8
.0%.
Mortgage
Reduced weighted-average contractual interest rate from
5.6
% to
4.1
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
17.6
% to
4.7
%.
Personal
Reduced weighted-average contractual interest rate from
20.3
% to
10.7
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
10
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
1
 
year to the life of loans.
Commercial and industrial
Added a weighted-average of
1
 
month to the life of loans.
Construction
Added a weighted-average of
6
 
months to the life of loans.
Mortgage
Added a weighted-average of
12
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
6
 
years to the life of loans.
Auto
Added a weighted-average of
3
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Owner occupied
Added a weighted-average of
24
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
24
 
months to the life of loans.
Mortgage
Added a weighted-average of
40
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
24
 
months to the life of loans.
56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2023
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
6
.0% to
5.3
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
21.7
% to
8
.0%.
Mortgage
Reduced weighted-average contractual interest rate from
5.7
% to
4.2
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
17.6
% to
4.6
%.
Personal
Reduced weighted-average contractual interest rate from
18.9
% to
10.3
%.
Auto
Reduced weighted-average contractual interest rate from
12.64
% to
12.62
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
10
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
1
 
year to the life of loans.
Commercial and industrial
Added a weighted-average of
1
 
year to the life of loans.
Construction
Added a weighted-average of
6
 
months to the life of loans.
Mortgage
Added a weighted-average of
11
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
6
 
years to the life of loans.
Auto
Added a weighted-average of
3
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
9
 
months to the life of loans.
Mortgage
Added a weighted-average of
40
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
24
 
months to the life of loans.
57
The following tables present, by
 
class, the performance of loans
 
that have been modified
 
during the twelve months
 
preceding June
30,
 
2024.
 
The
 
past
 
due
 
90
 
days
 
or
 
more
 
categories
 
includes
 
all
 
loans
 
modified
 
classified
 
as
 
non-accruing
 
at
 
the
 
time
 
of
 
the
modification. These
 
loans will
 
continue in
 
non-accrual status,
 
and presented
 
as past
 
due 90
 
days or
 
more, until
 
the borrower
 
has
demonstrated a willingness and
 
ability to make
 
the restructured loan payments
 
(at least six
 
months of sustained
 
performance after
the modification
 
or one
 
year for
 
loans providing
 
for quarterly
 
or semi-annual
 
payments) and
 
management has
 
concluded that
 
it is
probable that the borrower would not be in payment
 
default in the foreseeable future.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
June 30, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
64
$
64
$
-
$
64
$
-
$
64
CRE non-owner occupied
176
-
2,847
3,023
123,280
126,303
-
2,847
CRE owner occupied
335
-
1,976
2,311
187,369
189,680
-
1,976
Commercial and industrial
379
27
16,325
16,731
81,051
97,782
11,994
4,331
Mortgage
8,969
3,596
23,535
36,100
46,337
82,437
4,833
18,702
Consumer:
 
Credit cards
81
174
113
368
1,269
1,637
79
34
 
Personal
78
172
1,461
1,711
5,085
6,796
232
1,229
 
Auto
-
-
48
48
59
107
-
48
 
Other
-
-
25
25
4
29
-
25
Total
$
10,018
$
3,969
$
46,394
$
60,381
$
444,454
$
504,835
$
17,138
$
29,256
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
June 30, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE owner occupied
$
-
$
-
$
-
$
-
$
48,948
$
48,948
$
-
$
-
Mortgage
-
-
772
772
919
1,691
-
772
Consumer:
 
Personal
19
24
110
153
164
317
3
107
Total
$
19
$
24
$
882
$
925
$
50,031
$
50,956
$
3
$
879
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
58
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Popular Inc.
 
June 30, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
64
$
64
$
-
$
64
$
-
$
64
CRE non-owner occupied
176
-
2,847
3,023
123,280
126,303
-
2,847
CRE owner occupied
335
-
1,976
2,311
236,317
238,628
-
1,976
Commercial and industrial
379
27
16,325
16,731
81,051
97,782
11,994
4,331
Mortgage
8,969
3,596
24,307
36,872
47,256
84,128
4,833
19,474
Consumer:
 
Credit cards
81
174
113
368
1,269
1,637
79
34
 
Personal
97
196
1,571
1,864
5,249
7,113
235
1,336
 
Auto
-
-
48
48
59
107
-
48
 
Other
-
-
25
25
4
29
-
25
Total
$
10,037
$
3,993
$
47,276
$
61,306
$
494,485
$
555,791
$
17,141
$
30,135
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
59
The following
 
tables present,
 
by class,
 
the performance
 
of loans
 
that have
 
been modified
 
during the
 
six months
 
ended June
 
30,
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
June 30, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
428
$
428
$
26,293
$
26,721
$
-
$
428
CRE owner occupied
-
-
2,338
2,338
14,752
17,090
-
2,338
Commercial and industrial
-
-
872
872
25,728
26,600
114
758
Construction
-
-
-
-
5,422
5,422
-
-
Mortgage
3,158
1,611
16,213
20,982
26,286
47,268
1,047
15,166
Consumer:
 
Credit cards
36
50
91
177
695
872
51
40
 
Personal
30
-
331
361
933
1,294
8
323
 
Auto
-
-
12
12
54
66
-
12
 
Other
-
-
-
-
3
3
-
-
Total
$
3,224
$
1,661
$
20,285
$
25,170
$
100,166
$
125,336
$
1,220
$
19,065
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
June 30, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE owner occupied
$
-
$
-
$
-
$
-
$
29,365
$
29,365
$
-
$
-
Commercial and industrial
-
-
-
-
822
822
-
-
Construction
-
-
-
-
4,700
4,700
-
-
Mortgage
-
-
340
340
4,583
4,923
104
236
Consumer:
 
Personal
-
-
132
132
36
168
-
132
Total
$
-
$
-
$
472
$
472
$
39,506
$
39,978
$
104
$
368
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
60
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Popular Inc.
 
June 30, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
428
$
428
$
26,293
$
26,721
$
-
$
428
CRE owner occupied
-
-
2,338
2,338
44,117
46,455
-
2,338
Commercial and industrial
-
-
872
872
26,550
27,422
114
758
Construction
-
-
-
-
10,122
10,122
-
-
Mortgage
3,158
1,611
16,553
21,322
30,869
52,191
1,151
15,402
Consumer:
 
Credit cards
36
50
91
177
695
872
51
40
 
Personal
30
-
463
493
969
1,462
8
455
 
Auto
-
-
12
12
54
66
-
12
 
Other
-
-
-
-
3
3
-
-
Total
$
3,224
$
1,661
$
20,757
$
25,642
$
139,672
$
165,314
$
1,324
$
19,433
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Payment
 
default
 
is
 
defined
 
as
 
a
 
restructured
 
loan
 
becoming
 
90
 
days
 
past
 
due
 
after
 
being
 
modified,
 
foreclosed
 
or
 
charged-off,
whichever
 
occurs
 
first.
 
During
 
the
 
quarter
 
and
 
six
 
months
 
ended
 
June
 
30,
 
2024,
 
the
 
outstanding balance
 
of
 
loans
 
modified
 
for
borrowers under
 
financial
 
difficulties
 
that
 
were subject
 
to
 
payment default
 
and that
 
had
 
been modified
 
during the
 
twelve months
preceding the default date was $
7
 
million and $
22
 
million, respectively. The amount was not considered material for the quarter and
six months ended June 30, 2023.
For the quarter ended June 30,
 
2024, extension of maturity and the combination of
 
interest rate reduction and extension of maturity
amounted
 
to
 
$
5
 
million
 
and
 
$
1
 
million,
 
respectively,
 
of
 
the
 
outstanding
 
balance
 
of
 
loans
 
modified
 
for
 
borrowers
 
under
 
financial
difficulties that were subject to payment default during the year preceding the default date. For the six months ended June 30, 2024,
extension
 
of
 
maturity
 
and
 
the
 
combination
 
of
 
interest
 
rate
 
reduction
 
and
 
extension
 
of
 
maturity
 
amounted
 
to
 
$
19
 
million
 
and
 
$
2
million,
 
respectively
 
of
 
the
 
outstanding
 
balance
 
of
 
loans
 
modified
 
for
 
borrowers
 
under
 
financial
 
difficulties
 
that
 
were
 
subject
 
to
payment default during the year preceding the default
 
date
 
Credit Quality
The risk
 
rating system
 
provides for
 
the assignment
 
of ratings
 
at the
 
obligor level
 
based on
 
the financial
 
condition of
 
the borrower.
The
 
risk rating
 
analysis process
 
is
 
performed at
 
least
 
once a
 
year
 
or more
 
frequently if
 
events or
 
conditions change
 
which may
deteriorate the credit quality.
 
In the case of
 
consumer and mortgage loans, these
 
loans are classified considering their
 
delinquency
status at the end of the reporting period.
The following tables present the amortized cost basis, net of unearned income, of
 
loans held-in-portfolio based on the Corporation’s
assignment of obligor risk ratings as defined at June 30,
 
2024 and December 31, 2023 and the gross write-offs
 
recorded by vintage
year.
 
For
 
the
 
definitions
 
of
 
the
 
obligor
 
risk
 
ratings,
 
refer
 
to
 
the
 
Credit
 
Quality
 
section
 
of
 
Note
 
9
 
to
 
the
 
Consolidated
 
Financial
Statements included in the 2023 Form 10-K:
 
 
 
 
61
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
44,388
$
37,606
$
137,410
$
21,152
$
20,313
$
27,850
$
-
$
-
$
288,719
Watch
-
-
-
-
-
5,892
-
-
5,892
Special Mention
-
-
550
-
-
4,704
-
-
5,254
Substandard
-
-
-
-
-
5,046
-
-
5,046
Total commercial
multi-family
$
44,388
$
37,606
$
137,960
$
21,152
$
20,313
$
43,492
$
-
$
-
$
304,911
Commercial real estate non-owner occupied
Pass
$
36,743
$
309,981
$
849,864
$
555,370
$
344,017
$
571,249
$
6,770
$
-
$
2,673,994
Watch
-
2,013
702
4,978
30,125
44,203
-
-
82,021
Special Mention
-
41,841
7,046
24,527
-
70,888
-
-
144,302
Substandard
-
1,009
1,256
176
2,094
69,960
4,815
-
79,310
Total commercial
real estate non-
owner occupied
$
36,743
$
354,844
$
858,868
$
585,051
$
376,236
$
756,300
$
11,585
$
-
$
2,979,627
Commercial real estate owner occupied
Pass
$
75,302
$
95,573
$
151,548
$
220,420
$
48,868
$
347,176
$
10,003
$
-
$
948,890
Watch
848
1,943
40,641
8,979
4,477
86,911
3
-
143,802
Special Mention
-
924
19,723
20,479
897
21,180
1,324
-
64,527
Substandard
161
1,177
20,834
4,844
142,327
77,726
12,730
-
259,799
Doubtful
-
-
-
-
-
94
-
-
94
Total commercial
real estate owner
occupied
$
76,311
$
99,617
$
232,746
$
254,722
$
196,569
$
533,087
$
24,060
$
-
$
1,417,112
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,785
$
-
$
-
$
2,785
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
477,695
$
940,843
$
626,694
$
324,125
$
230,338
$
359,336
$
1,169,333
$
-
$
4,128,364
Watch
18,325
55,880
48,329
158,512
3,602
75,664
221,013
-
581,325
Special Mention
4,889
13,700
5,188
3,697
2,779
41,292
36,044
-
107,589
Substandard
3,610
995
34,030
6,261
15,544
24,855
100,141
-
185,436
Doubtful
-
-
-
-
52
18
-
-
70
Total commercial
and industrial
$
504,519
$
1,011,418
$
714,241
$
492,595
$
252,315
$
501,165
$
1,526,531
$
-
$
5,002,784
Year-to-Date gross
write-offs
$
345
$
158
$
305
$
122
$
24
$
10,495
$
3,292
$
-
$
14,741
Construction
Pass
$
25,686
$
40,086
$
25,319
$
20,051
$
10,634
$
1,011
$
34,577
$
-
$
157,364
Watch
-
-
13,485
5,752
-
-
$
124
-
19,361
Special Mention
-
-
-
7,214
-
-
-
-
7,214
Total construction
$
25,686
$
40,086
$
38,804
$
33,017
$
10,634
$
1,011
$
34,701
$
-
$
183,939
Mortgage
Pass
$
413,438
$
743,023
$
425,050
$
420,488
$
246,273
$
4,265,755
$
-
$
-
$
6,514,027
Substandard
-
1,309
629
254
349
73,952
-
-
76,493
Total mortgage
$
413,438
$
744,332
$
425,679
$
420,742
$
246,622
$
4,339,707
$
-
$
-
$
6,590,520
Year-to-Date gross
write-offs
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
791
$
-
$
-
$
791
 
62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
 
Years
Total
BPPR
Leasing
Pass
$
400,436
$
538,440
$
425,174
$
263,168
$
132,626
$
61,146
$
-
$
-
$
1,820,990
Substandard
-
1,349
2,301
1,630
680
1,062
-
-
7,022
Loss
-
36
-
-
-
-
-
-
36
Total leasing
$
400,436
$
539,825
$
427,475
$
264,798
$
133,306
$
62,208
$
-
$
-
$
1,828,048
Year-to-Date gross
write-offs
$
178
$
2,200
$
3,012
$
2,340
$
306
$
655
$
-
$
-
$
8,691
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,138,608
$
-
$
1,138,608
Substandard
-
-
-
-
-
-
23,891
-
23,891
Loss
-
-
-
-
-
-
40
-
40
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,162,539
$
-
$
1,162,539
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
32,815
$
-
$
32,815
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,216
$
-
$
2,216
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,216
$
-
$
2,216
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
291
$
-
$
291
Personal
Pass
$
380,718
$
666,660
$
359,821
$
137,380
$
40,992
$
117,620
$
-
$
21,471
$
1,724,662
Substandard
138
4,026
3,828
1,311
421
9,115
-
1,108
19,947
Loss
-
102
106
43
10
3
-
-
264
Total Personal
$
380,856
$
670,788
$
363,755
$
138,734
$
41,423
$
126,738
$
-
$
22,579
$
1,744,873
Year-to-Date gross
write-offs
$
18
$
15,510
$
21,112
$
6,114
$
1,782
$
2,304
$
-
$
802
$
47,642
Auto
Pass
$
690,115
$
1,078,214
$
783,574
$
602,107
$
329,200
$
243,514
$
-
$
-
$
3,726,724
Substandard
901
11,772
11,837
8,971
6,415
6,553
-
-
46,449
Loss
-
25
60
23
7
4
-
-
119
Total Auto
$
691,016
$
1,090,011
$
795,471
$
611,101
$
335,622
$
250,071
$
-
$
-
$
3,773,292
Year-to-Date gross
write-offs
$
791
$
17,837
$
9,631
$
5,185
$
2,480
$
852
$
-
$
-
$
36,776
Other consumer
Pass
$
16,622
$
31,077
$
21,348
$
12,152
$
5,106
$
4,482
$
61,517
$
-
$
152,304
Substandard
-
238
23
550
34
62
322
-
1,229
Total Other
consumer
$
16,622
$
31,315
$
21,371
$
12,702
$
5,140
$
4,544
$
61,839
$
-
$
153,533
Year-to-Date gross
write-offs
$
7
$
119
$
79
$
48
$
109
$
982
$
-
$
-
$
1,344
Total BPPR
$
2,590,015
$
4,619,842
$
4,016,370
$
2,834,614
$
1,618,180
$
6,618,323
$
2,823,471
$
22,579
$
25,143,394
 
 
 
 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
32,785
$
154,256
$
468,630
$
347,730
$
191,155
$
629,870
$
5,427
$
-
$
1,829,853
Watch
-
-
67,643
10,238
37,761
110,305
-
-
225,947
Special Mention
-
-
-
-
-
2,172
-
-
2,172
Substandard
-
-
-
-
-
21,597
-
-
21,597
Total commercial
multi-family
$
32,785
$
154,256
$
536,273
$
357,968
$
228,916
$
763,944
$
5,427
$
-
$
2,079,569
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
24,268
$
395,880
$
493,349
$
150,889
$
223,208
$
477,685
$
11,171
$
-
$
1,776,450
Watch
-
-
14,673
31,660
18,644
73,443
-
-
138,420
Special Mention
-
-
-
2,390
-
63,324
-
-
65,714
Substandard
-
-
2,693
2,783
7,937
30,848
-
-
44,261
Total commercial
real estate non-
owner occupied
$
24,268
$
395,880
$
510,715
$
187,722
$
249,789
$
645,300
$
11,171
$
-
$
2,024,845
Commercial real estate owner occupied
Pass
$
97,509
$
289,013
$
204,162
$
217,184
$
57,293
$
262,894
$
5,390
$
-
$
1,133,445
Watch
-
13,859
34,236
37,529
50,930
96,991
1,905
-
235,450
Special Mention
-
-
79,973
114,080
4,890
10,970
-
-
209,913
Substandard
-
-
31,245
2,396
-
114,256
-
-
147,897
Total commercial
real estate owner
occupied
$
97,509
$
302,872
$
349,616
$
371,189
$
113,113
$
485,111
$
7,295
$
-
$
1,726,705
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
62,829
$
253,424
$
314,793
$
336,229
$
261,171
$
508,963
$
202,861
$
-
$
1,940,270
Watch
24
172
38,455
35,454
33,688
91,116
21,509
-
220,418
Special Mention
75
857
5,844
827
13
317
12,501
-
20,434
Substandard
1,891
760
284
112
2,644
2,082
3,678
-
11,451
Total commercial
and industrial
$
64,819
$
255,213
$
359,376
$
372,622
$
297,516
$
602,478
$
240,549
$
-
$
2,192,573
Year-to-Date gross
write-offs
$
1,103
$
80
$
190
$
272
$
5
$
44
$
65
$
-
$
1,759
Construction
Pass
$
90,270
$
401,442
$
223,884
$
53,149
$
-
$
25,027
$
4,791
$
-
$
798,563
Watch
-
-
41,923
14,210
-
7,286
-
-
63,419
Special Mention
-
2,567
6,076
-
-
-
-
-
8,643
Substandard
-
-
7,713
9,133
-
34,349
-
-
51,195
Total construction
$
90,270
$
404,009
$
279,596
$
76,492
$
-
$
66,662
$
4,791
$
-
$
921,820
Mortgage
Pass
$
42,953
$
93,273
$
219,949
$
279,757
$
223,253
$
422,468
$
-
$
-
$
1,281,653
Substandard
-
-
-
352
642
10,559
-
-
11,553
Total mortgage
$
42,953
$
93,273
$
219,949
$
280,109
$
223,895
$
433,027
$
-
$
-
$
1,293,206
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
18
$
-
$
-
$
18
 
64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
18
$
-
$
18
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
18
$
-
$
18
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
6,437
$
43,896
$
12,663
$
62,996
Substandard
-
-
-
-
-
1,885
17
855
2,757
Loss
-
-
-
-
-
99
-
924
1,023
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
8,421
$
43,913
$
14,442
$
66,776
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
21
$
-
$
-
$
21
Personal
Pass
$
17,596
$
31,715
$
64,685
$
14,788
$
1,596
$
2,514
$
-
$
-
$
132,894
Substandard
-
460
869
167
17
326
-
-
1,839
Loss
-
9
-
-
4
-
-
-
13
Total Personal
$
17,596
$
32,184
$
65,554
$
14,955
$
1,617
$
2,840
$
-
$
-
$
134,746
Year-to-Date gross
write-offs
$
50
$
1,779
$
6,523
$
1,578
$
139
$
239
$
-
$
-
$
10,308
Other consumer
Pass
$
17
$
-
$
-
$
-
$
-
$
-
$
7,951
$
-
$
7,968
Total Other
consumer
$
17
$
-
$
-
$
-
$
-
$
-
$
7,951
$
-
$
7,968
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
49
$
-
$
49
Total Popular U.S.
$
370,217
$
1,637,687
$
2,321,079
$
1,661,057
$
1,114,846
$
3,007,783
$
321,115
$
14,442
$
10,448,226
 
65
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
77,173
$
191,862
$
606,040
$
368,882
$
211,468
$
657,720
$
5,427
$
-
$
2,118,572
Watch
-
-
67,643
10,238
37,761
116,197
-
-
231,839
Special Mention
-
-
550
-
-
6,876
-
-
7,426
Substandard
-
-
-
-
-
26,643
-
-
26,643
Total commercial
multi-family
$
77,173
$
191,862
$
674,233
$
379,120
$
249,229
$
807,436
$
5,427
$
-
$
2,384,480
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
61,011
$
705,861
$
1,343,213
$
706,259
$
567,225
$
1,048,934
$
17,941
$
-
$
4,450,444
Watch
-
2,013
15,375
36,638
48,769
117,646
-
-
220,441
Special Mention
-
41,841
7,046
26,917
-
134,212
-
-
210,016
Substandard
-
1,009
3,949
2,959
10,031
100,808
4,815
-
123,571
Total commercial
real estate non-
owner occupied
$
61,011
$
750,724
$
1,369,583
$
772,773
$
626,025
$
1,401,600
$
22,756
$
-
$
5,004,472
Commercial real estate owner occupied
Pass
$
172,811
$
384,586
$
355,710
$
437,604
$
106,161
$
610,070
$
15,393
$
-
$
2,082,335
Watch
848
15,802
74,877
46,508
55,407
183,902
1,908
-
379,252
Special Mention
-
924
99,696
134,559
5,787
32,150
1,324
-
274,440
Substandard
161
1,177
52,079
7,240
142,327
191,982
12,730
-
407,696
Doubtful
-
-
-
-
-
94
-
-
94
Total commercial
real estate owner
occupied
$
173,820
$
402,489
$
582,362
$
625,911
$
309,682
$
1,018,198
$
31,355
$
-
$
3,143,817
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,785
$
-
$
-
$
2,785
Commercial and industrial
Pass
$
540,524
$
1,194,267
$
941,487
$
660,354
$
491,509
$
868,299
$
1,372,194
$
-
$
6,068,634
Watch
18,349
56,052
86,784
$
193,966
$
37,290
$
166,780
$
242,522
$
-
$
801,743
Special Mention
4,964
14,557
11,032
4,524
2,792
41,609
48,545
-
128,023
Substandard
5,501
1,755
34,314
6,373
18,188
26,937
103,819
-
196,887
Doubtful
-
-
-
-
52
18
-
-
70
Total commercial
and industrial
$
569,338
$
1,266,631
$
1,073,617
$
865,217
$
549,831
$
1,103,643
$
1,767,080
$
-
$
7,195,357
Year-to-Date gross
write-offs
$
1,448
$
238
$
495
$
394
$
29
$
10,539
$
3,357
$
-
$
16,500
 
66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
115,956
$
441,528
$
249,203
$
73,200
$
10,634
$
26,038
$
39,368
$
-
$
955,927
Watch
-
-
55,408
19,962
-
7,286
124
-
82,780
Special Mention
-
2,567
6,076
7,214
-
-
-
-
15,857
Substandard
-
-
7,713
9,133
-
34,349
-
-
51,195
Total construction
$
115,956
$
444,095
$
318,400
$
109,509
$
10,634
$
67,673
$
39,492
$
-
$
1,105,759
Mortgage
Pass
$
456,391
$
836,296
$
644,999
$
700,245
$
469,526
$
4,688,223
$
-
$
-
$
7,795,680
Substandard
-
1,309
629
606
991
84,511
-
-
88,046
Total mortgage
$
456,391
$
837,605
$
645,628
$
700,851
$
470,517
$
4,772,734
$
-
$
-
$
7,883,726
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
809
$
-
$
-
$
809
Leasing
Pass
$
400,436
$
538,440
$
425,174
$
263,168
$
132,626
$
61,146
$
-
$
-
$
1,820,990
Substandard
-
1,349
2,301
1,630
680
1,062
-
-
7,022
Loss
-
36
-
-
-
-
-
-
36
Total leasing
$
400,436
$
539,825
$
427,475
$
264,798
$
133,306
$
62,208
$
-
$
-
$
1,828,048
Year-to-Date gross
write-offs
$
178
$
2,200
$
3,012
$
2,340
$
306
$
655
$
-
$
-
$
8,691
 
67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,138,626
$
-
$
1,138,626
Substandard
-
-
-
-
-
-
23,891
-
23,891
Loss
-
-
-
-
-
-
40
-
40
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,162,557
$
-
$
1,162,557
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
32,815
$
-
$
32,815
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
6,437
$
46,112
$
12,663
$
65,212
Substandard
-
-
-
-
-
1,885
17
855
2,757
Loss
-
-
-
-
-
99
-
924
1,023
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
8,421
$
46,129
$
14,442
$
68,992
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
21
$
291
$
-
$
312
Personal
Pass
$
398,314
$
698,375
$
424,506
$
152,168
$
42,588
$
120,134
$
-
$
21,471
$
1,857,556
Substandard
138
4,486
4,697
1,478
438
9,441
-
1,108
21,786
Loss
-
111
106
43
14
3
-
-
277
Total Personal
$
398,452
$
702,972
$
429,309
$
153,689
$
43,040
$
129,578
$
-
$
22,579
$
1,879,619
Year-to-Date gross
write-offs
$
68
$
17,289
$
27,635
$
7,692
$
1,921
$
2,543
$
-
$
802
$
57,950
Auto
Pass
$
690,115
$
1,078,214
$
783,574
$
602,107
$
329,200
$
243,514
$
-
$
-
$
3,726,724
Substandard
901
11,772
11,837
8,971
6,415
6,553
-
-
46,449
Loss
-
25
60
23
7
4
-
-
119
Total Auto
$
691,016
$
1,090,011
$
795,471
$
611,101
$
335,622
$
250,071
$
-
$
-
$
3,773,292
Year-to-Date gross
write-offs
$
791
$
17,837
$
9,631
$
5,185
$
2,480
$
852
$
-
$
-
$
36,776
Other consumer
Pass
$
16,639
$
31,077
$
21,348
$
12,152
$
5,106
$
4,482
$
69,468
$
-
$
160,272
Substandard
-
238
23
550
34
62
322
-
1,229
Total Other
consumer
$
16,639
$
31,315
$
21,371
$
12,702
$
5,140
$
4,544
$
69,790
$
-
$
161,501
Year-to-Date gross
write-offs
$
7
$
119
$
79
$
48
$
109
$
982
$
49
$
-
$
1,393
Total Popular Inc.
$
2,960,232
$
6,257,529
$
6,337,449
$
4,495,671
$
2,733,026
$
9,626,106
$
3,144,586
$
37,021
$
35,591,620
 
 
 
 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
37,976
$
138,619
$
21,334
$
20,487
$
32,554
$
24,248
$
306
$
-
$
275,524
Watch
-
-
-
-
1,068
5,179
-
-
6,247
Special Mention
-
559
-
-
-
4,780
-
-
5,339
Substandard
-
-
-
-
-
4,832
-
-
4,832
Total commercial
multi-family
$
37,976
$
139,178
$
21,334
$
20,487
$
33,622
$
39,039
$
306
$
-
$
291,942
Commercial real estate non-owner occupied
Pass
$
305,243
$
871,191
$
560,785
$
359,853
$
41,262
$
563,794
$
7,042
$
-
$
2,709,170
Watch
1,959
882
5,205
22,211
5,938
27,015
-
-
63,210
Special Mention
43,020
5,413
24,730
-
15,843
68,368
-
-
157,374
Substandard
1,016
1,307
180
2,231
53,729
12,968
4,069
-
75,500
Total commercial
real estate non-
owner occupied
$
351,238
$
878,793
$
590,900
$
384,295
$
116,772
$
672,145
$
11,111
$
-
$
3,005,254
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
609
$
-
$
521
$
-
$
-
$
1,130
Commercial real estate owner occupied
Pass
$
92,234
$
155,819
$
227,246
$
51,038
$
24,184
$
357,429
$
9,146
$
-
$
917,096
Watch
2,947
45,106
9,913
4,285
5,017
62,217
1,000
-
130,485
Special Mention
-
16,860
20,741
1,462
887
44,069
-
-
84,019
Substandard
1,316
15,710
5,080
143,696
845
87,383
12,617
-
266,647
Doubtful
-
-
-
-
-
136
-
-
136
Total commercial
real estate owner
occupied
$
96,497
$
233,495
$
262,980
$
200,481
$
30,933
$
551,234
$
22,763
$
-
$
1,398,383
Year-to-Date gross
write-offs
$
-
$
4
$
-
$
-
$
1
$
4,432
$
-
$
-
$
4,437
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
1,109,898
$
634,401
$
511,912
$
241,452
$
123,458
$
258,872
$
1,343,885
$
-
$
4,223,878
Watch
28,841
95,785
6,111
4,043
15,560
65,360
182,756
-
398,456
Special Mention
6,401
3,269
276
3,200
2,088
41,289
9,410
-
65,933
Substandard
731
1,760
8,644
22,065
1,922
32,087
40,670
-
107,879
Doubtful
-
-
-
54
-
26
-
-
80
Total commercial
and industrial
$
1,145,871
$
735,215
$
526,943
$
270,814
$
143,028
$
397,634
$
1,576,721
$
-
$
4,796,226
Year-to-Date gross
write-offs
$
896
$
184
$
215
$
335
$
555
$
1,086
$
4,468
$
-
$
7,739
Construction
Pass
$
26,662
$
24,462
$
27,364
$
10,758
$
1,944
$
1,049
$
38,720
$
-
$
130,959
Watch
-
16,546
5,458
-
-
-
9,506
-
31,510
Special Mention
-
-
1,009
-
-
-
1
-
1,010
Substandard
-
6,378
-
-
-
-
-
-
6,378
Total construction
$
26,662
$
47,386
$
33,831
$
10,758
$
1,944
$
1,049
$
48,227
$
-
$
169,857
Year-to-Date gross
write-offs
$
-
 
$
2,611
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
2,611
Mortgage
Pass
$
751,532
$
439,373
$
421,297
$
259,412
$
164,438
$
4,280,509
$
-
$
-
$
6,316,561
Substandard
96
161
162
345
2,606
71,893
-
-
75,263
Total mortgage
$
751,628
$
439,534
$
421,459
$
259,757
$
167,044
$
4,352,402
$
-
$
-
$
6,391,824
Year-to-Date gross
write-offs
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
1,638
$
-
$
-
$
1,638
 
69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
 
Years
Total
BPPR
Leasing
Pass
$
647,659
$
488,506
$
313,133
$
163,189
$
88,983
$
21,706
$
-
$
-
$
1,723,176
Substandard
806
2,516
3,053
906
818
517
-
-
8,616
Loss
-
-
-
-
-
17
-
-
17
Total leasing
$
648,465
$
491,022
$
316,186
$
164,095
$
89,801
$
22,240
$
-
$
-
$
1,731,809
Year-to-Date gross
write-offs
$
1,065
$
4,424
$
2,878
$
849
$
976
$
687
$
-
$
-
$
10,879
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,112,447
$
-
$
1,112,447
Substandard
-
-
-
-
-
-
23,259
-
23,259
Loss
-
-
-
-
-
-
22
-
22
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,135,728
$
-
$
1,135,728
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
41,007
$
-
$
41,007
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,622
$
-
$
2,622
Substandard
-
-
-
-
-
-
26
-
26
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,648
$
-
$
2,648
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
213
$
-
$
213
Personal
Pass
$
859,434
$
480,771
$
181,483
$
57,227
$
58,849
$
96,956
$
-
$
22,034
$
1,756,754
Substandard
1,815
4,985
1,939
493
933
8,322
-
1,006
19,493
Loss
-
-
14
-
12
37
-
-
63
Total Personal
$
861,249
$
485,756
$
183,436
$
57,720
$
59,794
$
105,315
$
-
$
23,040
$
1,776,310
Year-to-Date gross
write-offs
$
4,458
$
35,915
$
18,076
$
4,210
$
4,891
$
2,952
$
-
$
1,475
$
71,977
Auto
Pass
$
1,210,622
$
899,797
$
711,439
$
405,768
$
260,355
$
120,318
$
-
$
-
$
3,608,299
Substandard
6,980
14,049
11,916
9,157
7,051
3,199
-
-
52,352
Loss
9
44
45
16
9
6
-
-
129
Total Auto
$
1,217,611
$
913,890
$
723,400
$
414,941
$
267,415
$
123,523
$
-
$
-
$
3,660,780
Year-to-Date gross
write-offs
$
10,170
$
23,849
$
11,820
$
5,914
$
3,553
$
-
$
-
$
-
$
55,306
Other consumer
Pass
$
36,144
$
24,238
$
14,942
$
5,618
$
3,433
$
2,753
$
61,796
$
-
$
148,924
Substandard
244
25
-
73
16
131
249
-
738
Loss
-
-
137
-
-
363
-
-
500
Total Other
consumer
$
36,388
$
24,263
$
15,079
$
5,691
$
3,449
$
3,247
$
62,045
$
-
$
150,162
Year-to-Date gross
write-offs
$
47
$
154
$
125
$
164
$
88
$
11,876
$
-
$
-
$
12,454
Total BPPR
$
5,173,585
$
4,388,532
$
3,095,548
$
1,789,039
$
913,802
$
6,267,828
$
2,859,549
$
23,040
$
24,510,923
 
70
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
166,410
$
417,169
$
326,047
$
164,887
$
182,528
$
410,836
$
5,112
$
-
$
1,672,989
Watch
-
116,794
39,319
71,237
93,239
98,365
-
-
418,954
Special Mention
-
-
862
1,171
-
3,377
-
-
5,410
Substandard
-
-
-
-
5,545
20,780
-
-
26,325
Total commercial
multi-family
$
166,410
$
533,963
$
366,228
$
237,295
$
281,312
$
533,358
$
5,112
$
-
$
2,123,678
Commercial real estate non-owner occupied
Pass
$
396,712
$
490,316
$
170,074
$
201,225
$
86,595
$
394,455
$
6,086
$
-
$
1,745,463
Watch
-
39,721
38,713
43,705
39,908
91,922
4,557
-
258,526
Special Mention
-
-
-
-
1,327
63,365
-
-
64,692
Substandard
-
-
-
8,054
1,702
3,730
-
-
13,486
Total commercial
real estate non-
owner occupied
$
396,712
$
530,037
$
208,787
$
252,984
$
129,532
$
553,472
$
10,643
$
-
$
2,082,167
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
193
$
-
$
-
$
193
Commercial real estate owner occupied
Pass
$
303,202
$
278,380
$
226,289
$
58,505
$
47,083
$
204,888
$
9,753
$
-
$
1,128,100
Watch
-
69,894
84,218
53,066
14,057
98,502
1,905
-
321,642
Special Mention
-
-
77,912
4,955
6,074
11,224
-
-
100,165
Substandard
-
477
2,430
-
21,763
107,675
-
-
132,345
Total commercial
real estate owner
occupied
$
303,202
$
348,751
$
390,849
$
116,526
$
88,977
$
422,289
$
11,658
$
-
$
1,682,252
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
1,395
$
-
$
-
$
1,395
 
71
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular U.S.
Commercial and industrial
Pass
$
196,959
$
278,238
$
346,428
$
268,835
$
148,502
$
379,635
$
414,883
$
-
$
2,033,480
Watch
198
37,022
47,299
44,939
23,493
93,299
32,497
-
278,747
Special Mention
208
889
1,021
30
151
39
8,674
-
11,012
Substandard
636
628
152
1,152
730
1,841
1,517
-
6,656
Total commercial
and industrial
$
198,001
$
316,777
$
394,900
$
314,956
$
172,876
$
474,814
$
457,571
$
-
$
2,329,895
Year-to-Date gross
write-offs
$
247
$
221
$
1,994
$
44
$
1,320
$
-
$
49
$
-
$
3,875
Construction
Pass
$
280,188
$
251,627
$
89,450
$
14,733
$
25,254
$
-
$
-
$
-
$
661,252
Watch
-
22,867
12,869
-
21,896
782
-
-
58,414
Special Mention
2,120
13,151
-
-
-
-
-
-
15,271
Substandard
-
1
13,997
3,895
-
36,593
-
-
54,486
Total construction
$
282,308
$
287,646
$
116,316
$
18,628
$
47,150
$
37,375
$
-
$
-
$
789,423
Mortgage
Pass
$
99,296
$
229,720
$
288,767
$
233,805
$
177,245
$
264,069
$
-
$
-
$
1,292,902
Substandard
-
235
-
646
2,102
8,208
-
-
11,191
Total mortgage
$
99,296
$
229,955
$
288,767
$
234,451
$
179,347
$
272,277
$
-
$
-
$
1,304,093
 
72
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
19
$
-
$
19
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
19
$
-
$
19
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
1
$
-
$
1
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
7,394
$
39,925
$
12,253
$
59,572
Substandard
-
-
-
-
-
1,849
-
966
2,815
Loss
-
-
-
-
-
99
-
819
918
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
9,342
$
39,925
$
14,038
$
63,305
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
471
$
-
$
-
$
471
Personal
Pass
$
41,016
$
93,759
$
23,325
$
2,993
$
3,597
$
1,441
$
-
$
-
$
166,131
Substandard
333
1,630
325
50
126
211
-
-
2,675
Loss
-
-
-
-
1
130
-
-
131
Total Personal
$
41,349
$
95,389
$
23,650
$
3,043
$
3,724
$
1,782
$
-
$
-
$
168,937
Year-to-Date gross
write-offs
$
735
$
13,136
$
4,450
$
618
$
872
$
160
$
-
$
-
$
19,971
Other consumer
Pass
$
19
$
-
$
-
$
-
$
-
$
-
$
10,259
$
-
$
10,278
Substandard
-
-
-
-
-
-
1
-
1
Total Other
consumer
$
19
$
-
$
-
$
-
$
-
$
-
$
10,260
$
-
$
10,279
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
171
$
-
$
171
Total Popular U.S.
$
1,487,297
$
2,342,518
$
1,789,497
$
1,177,883
$
902,918
$
2,304,709
$
535,188
$
14,038
$
10,554,048
 
73
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
204,386
$
555,788
$
347,381
$
185,374
$
215,082
$
435,084
$
5,418
$
-
$
1,948,513
Watch
-
116,794
39,319
71,237
94,307
103,544
-
-
425,201
Special Mention
-
559
862
1,171
-
8,157
-
-
10,749
Substandard
-
-
-
-
5,545
25,612
-
-
31,157
Total commercial
multi-family
$
204,386
$
673,141
$
387,562
$
257,782
$
314,934
$
572,397
$
5,418
$
-
$
2,415,620
Commercial real estate non-owner occupied
Pass
$
701,955
$
1,361,507
$
730,859
$
561,078
$
127,857
$
958,249
$
13,128
$
-
$
4,454,633
Watch
1,959
40,603
43,918
65,916
45,846
118,937
4,557
-
321,736
Special Mention
43,020
5,413
24,730
-
17,170
131,733
-
-
222,066
Substandard
1,016
1,307
180
10,285
55,431
16,698
4,069
-
88,986
Total commercial
real estate non-
owner occupied
$
747,950
$
1,408,830
$
799,687
$
637,279
$
246,304
$
1,225,617
$
21,754
$
-
$
5,087,421
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
609
$
-
$
714
$
-
$
-
$
1,323
Commercial real estate owner occupied
Pass
$
395,436
$
434,199
$
453,535
$
109,543
$
71,267
$
562,317
$
18,899
$
-
$
2,045,196
Watch
2,947
115,000
94,131
57,351
19,074
160,719
2,905
-
452,127
Special Mention
-
16,860
98,653
6,417
6,961
55,293
-
-
184,184
Substandard
1,316
16,187
7,510
143,696
22,608
195,058
12,617
-
398,992
Doubtful
-
-
-
-
-
136
-
-
136
Total commercial
real estate owner
occupied
$
399,699
$
582,246
$
653,829
$
317,007
$
119,910
$
973,523
$
34,421
$
-
$
3,080,635
Year-to-Date gross
write-offs
$
-
$
4
$
-
$
-
$
1
$
5,827
$
-
$
-
$
5,832
Commercial and industrial
Pass
$
1,306,857
$
912,639
$
858,340
$
510,287
$
271,960
$
638,507
$
1,758,768
$
-
$
6,257,358
Watch
29,039
132,807
53,410
48,982
39,053
158,659
215,253
-
677,203
Special Mention
6,609
4,158
1,297
3,230
2,239
41,328
18,084
-
76,945
Substandard
1,367
2,388
8,796
23,217
2,652
33,928
42,187
-
114,535
Doubtful
-
-
-
54
-
26
-
-
80
Total commercial
and industrial
$
1,343,872
$
1,051,992
$
921,843
$
585,770
$
315,904
$
872,448
$
2,034,292
$
-
$
7,126,121
Year-to-Date gross
write-offs
$
1,143
$
405
$
2,209
$
379
$
1,875
$
1,086
$
4,517
$
-
$
11,614
 
74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
306,850
$
276,089
$
116,814
$
25,491
$
27,198
$
1,049
$
38,720
$
-
$
792,211
Watch
-
39,413
18,327
-
21,896
782
9,506
-
89,924
Special Mention
2,120
13,151
1,009
-
-
-
1
-
16,281
Substandard
-
6,379
13,997
3,895
-
36,593
-
-
60,864
Total construction
$
308,970
$
335,032
$
150,147
$
29,386
$
49,094
$
38,424
$
48,227
$
-
$
959,280
Year-to-Date gross
write-offs
$
-
$
2,611
$
-
$
-
$
-
$
-
$
-
$
-
$
2,611
Mortgage
Pass
$
850,828
$
669,093
$
710,064
$
493,217
$
341,683
$
4,544,578
$
-
$
-
$
7,609,463
Substandard
96
396
162
991
4,708
80,101
-
-
86,454
Total mortgage
$
850,924
$
669,489
$
710,226
$
494,208
$
346,391
$
4,624,679
$
-
$
-
$
7,695,917
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
1,638
$
-
$
-
$
1,638
Leasing
Pass
$
647,659
$
488,506
$
313,133
$
163,189
$
88,983
$
21,706
$
-
$
-
$
1,723,176
Substandard
806
2,516
3,053
906
818
517
-
-
8,616
Loss
-
-
-
-
-
17
-
-
17
Total leasing
$
648,465
$
491,022
$
316,186
$
164,095
$
89,801
$
22,240
$
-
$
-
$
1,731,809
Year-to-Date gross
write-offs
$
1,065
$
4,424
$
2,878
$
849
$
976
$
687
$
-
$
-
$
10,879
 
75
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,112,466
$
-
$
1,112,466
Substandard
-
-
-
-
-
-
23,259
-
23,259
Loss
-
-
-
-
-
-
22
-
22
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,135,747
$
-
$
1,135,747
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
41,008
$
-
$
41,008
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
7,394
$
42,547
$
12,253
$
62,194
Substandard
-
-
-
-
-
1,849
26
966
2,841
Loss
-
-
-
-
-
99
-
819
918
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
9,342
$
42,573
$
14,038
$
65,953
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
471
$
213
$
-
$
684
Personal
Pass
$
900,450
$
574,530
$
204,808
$
60,220
$
62,446
$
98,397
$
-
$
22,034
$
1,922,885
Substandard
2,148
6,615
2,264
543
1,059
8,533
-
1,006
22,168
Loss
$
-
$
-
$
14
$
-
$
13
$
167
$
-
$
-
$
194
Total Personal
$
902,598
$
581,145
$
207,086
$
60,763
$
63,518
$
107,097
$
-
$
23,040
$
1,945,247
Year-to-Date gross
write-offs
$
5,193
$
49,051
$
22,526
$
4,828
$
5,763
$
3,112
$
-
$
1,475
$
91,948
Auto
Pass
$
1,210,622
$
899,797
$
711,439
$
405,768
$
260,355
$
120,318
$
-
$
-
$
3,608,299
Substandard
6,980
14,049
11,916
9,157
7,051
3,199
-
-
52,352
Loss
9
44
45
16
9
6
-
-
129
Total Auto
$
1,217,611
$
913,890
$
723,400
$
414,941
$
267,415
$
123,523
$
-
$
-
$
3,660,780
Year-to-Date gross
write-offs
$
10,170
$
23,849
$
11,820
$
5,914
$
3,553
$
-
$
-
$
-
$
55,306
Other consumer
Pass
$
36,163
$
24,238
$
14,942
$
5,618
$
3,433
$
2,753
$
72,055
$
-
$
159,202
Substandard
244
25
-
73
16
131
250
-
739
Loss
-
-
137
-
-
363
-
-
500
Total Other
consumer
$
36,407
$
24,263
$
15,079
$
5,691
$
3,449
$
3,247
$
72,305
$
-
$
160,441
Year-to-Date gross
write-offs
$
47
$
154
$
125
$
164
$
88
$
11,876
$
171
$
-
$
12,625
Total Popular Inc.
$
6,660,882
$
6,731,050
$
4,885,045
$
2,966,922
$
1,816,720
$
8,572,537
$
3,394,737
$
37,078
$
35,064,971
76
Note 9 – Mortgage banking activities
Income
 
from
 
mortgage
 
banking
 
activities
 
includes
 
mortgage
 
servicing
 
fees
 
earned
 
in
 
connection
 
with
 
administering
 
residential
mortgage
 
loans
 
and
 
valuation
 
adjustments
 
on
 
mortgage
 
servicing
 
rights.
 
It
 
also
 
includes
 
gain
 
on
 
sales
 
and
 
securitizations
 
of
residential mortgage
 
loans, losses
 
on repurchased
 
loans, including
 
interest advances,
 
and trading
 
gains and
 
losses on
 
derivative
contracts
 
used
 
to
 
hedge
 
the
 
Corporation’s
 
securitization
 
activities.
 
In
 
addition,
 
fair
 
value
 
valuation
 
adjustments
 
to
 
residential
mortgage loans held for sale, if any, are recorded as part of the mortgage
 
banking activities.
The following table presents the components of mortgage
 
banking activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2024
2023
2024
2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
7,602
$
8,369
$
15,353
$
17,058
Mortgage servicing rights fair value adjustments
(1,945)
(6,216)
(5,384)
(7,592)
Total mortgage
 
servicing fees, net of fair value adjustments
5,657
2,153
9,969
9,466
Net gain (loss) on sale of loans, including valuation on loans
 
held-for-sale
2
(61)
76
202
Trading account profit:
Unrealized gains on outstanding derivative positions
56
246
157
115
Realized gains on closed derivative positions
9
111
12
167
Total trading account
 
profit
65
357
169
282
Losses on repurchased loans, including interest advances
(1)
(133)
(131)
(234)
Total mortgage
 
banking activities
$
5,723
$
2,316
$
10,083
$
9,716
[1]
 
Effective on January 1, 2023, loans held-for-sale
 
are stated at fair value. Prior to such date, loans held-for-sale
 
were stated at lower-of-cost-or-
market.
 
 
 
77
Note 10 – Transfers of financial assets and mortgage servicing assets
The
 
Corporation
 
typically
 
transfers
 
conforming
 
residential
 
mortgage
 
loans
 
in
 
conjunction
 
with
 
GNMA,
 
FNMA
 
and
 
FHLMC
securitization transactions
 
whereby the
 
loans are
 
exchanged for
 
cash or
 
securities and
 
servicing rights.
 
As seller,
 
the Corporation
has made
 
certain representations
 
and warranties
 
with respect
 
to the
 
originally transferred
 
loans and,
 
in the
 
past,
 
has sold
 
certain
loans
 
with
 
credit
 
recourse
 
to
 
a
 
government-sponsored
 
entity,
 
namely
 
FNMA.
 
Refer
 
to
 
Note
 
19
 
to
 
the
 
Consolidated
 
Financial
Statements for a description of such arrangements.
 
No
 
liabilities were
 
incurred as
 
a result
 
of these
 
securitizations during the
 
quarters and
 
six months
 
ended June 30,
 
2024 and
 
2023
because
 
they
 
did
 
not
 
contain
 
any
 
credit
 
recourse
 
arrangements.
 
The
 
securitizations
 
completed
 
by
 
the
 
Corporation
 
during
 
the
quarters and six months ended June 30, 2024 and
 
2023 were completed without credit recourse.
The
 
following tables
 
present the
 
initial fair
 
value of
 
the
 
assets obtained
 
as
 
proceeds from
 
residential mortgage
 
loans securitized
during the quarters and six months ended June 30,
 
2024 and 2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - FNMA
$
-
$
2,601
$
-
$
2,601
Total trading account
 
debt securities
$
-
$
2,601
$
-
$
2,601
Mortgage servicing rights
$
-
$
-
$
72
$
72
Total
 
$
-
$
2,601
$
72
$
2,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June
 
30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
1,100
$
-
$
1,100
Mortgage-backed securities - FNMA
-
3,706
-
3,706
Total trading account
 
debt securities
$
-
$
4,806
$
-
$
4,806
Mortgage servicing rights
$
-
$
-
$
117
$
117
Total
 
$
-
$
4,806
$
117
$
4,923
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2023
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - FNMA
$
-
$
13,393
$
-
$
13,393
Total trading account
 
debt securities
$
-
$
13,393
$
-
$
13,393
Mortgage servicing rights
$
-
$
-
$
366
$
366
Total
 
$
-
$
13,393
$
366
$
13,759
 
78
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June
 
30, 2023
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
1,067
$
-
$
1,067
Mortgage-backed securities - FNMA
-
23,292
-
23,292
Total trading account
 
debt securities
$
-
$
24,359
$
-
$
24,359
Mortgage servicing rights
$
-
$
-
$
644
$
644
Total
 
$
-
$
24,359
$
644
$
25,003
During the six
 
months ended June
 
30, 2024, the
 
Corporation retained servicing
 
rights on whole
 
loan sales involving
 
approximately
$
23
 
million in principal balance outstanding (June 30, 2023 - $
27
 
million), with net realized gains of approximately $
0.5
 
million (June
30, 2023 - gains of
 
$
0.5
 
million). All loan sales performed during the six
 
months ended June 30, 2024 and 2023
 
were without credit
recourse agreements.
 
The Corporation recognizes as assets the rights to service loans for others,
 
whether these rights are purchased or result from asset
transfers such as sales and securitizations. These mortgage
 
servicing rights (“MSRs”) are measured at
 
fair value.
The
 
Corporation
 
uses
 
a
 
discounted
 
cash
 
flow
 
model
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs.
 
The
 
discounted
 
cash
 
flow
 
model
incorporates
 
assumptions
 
that
 
market
 
participants
 
would
 
use
 
in
 
estimating
 
future
 
net
 
servicing
 
income,
 
including
 
estimates
 
of
prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late
fees, among other considerations. Prepayment speeds are
 
adjusted for the loans’ characteristics and portfolio behavior.
 
The following table
 
presents the changes
 
in MSRs measured
 
using the fair
 
value method for
 
the six months
 
ended June 30,
 
2024
and 2023.
 
 
79
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential MSRs
(In thousands)
June 30, 2024
June 30, 2023
Fair value at beginning of period
$
118,109
$
128,350
Additions
661
1,240
Changes due to payments on loans
 
[1]
(4,435)
(5,288)
Reduction due to loan repurchases
(247)
(338)
Changes in fair value due to changes in valuation model inputs
 
or assumptions
(702)
(1,446)
Other
-
(1,269)
Fair value at end of period
 
[2]
$
113,386
$
121,249
[1] Represents changes due to collection / realization
 
of expected cash flows over time.
[2] At June 30, 2024, PB had MSRs amounting to $
1.9
 
million (June 30, 2023 - $
1.9
 
million).
During the quarter
 
ended June 30,
 
2023, the Corporation terminated
 
a servicing agreement,
 
in which it
 
acted as sub-servicer
 
for a
third
 
party,
 
for
 
a
 
portfolio
 
with
 
an
 
unpaid
 
principal
 
balance
 
of
 
approximately
 
$
260
 
million
 
and
 
a
 
related
 
MSR
 
fair
 
value
 
of
approximately $
2
 
million.
 
Residential mortgage loans serviced for others were $
9.4
 
billion at June 30, 2024 (December 31, 2023
 
-$
9.9
 
billion).
Net mortgage servicing fees, a component of mortgage banking activities in the Consolidated Statements of Operations, include the
changes from period to period in the fair value of the MSRs, including changes due to collection / realization of expected cash flows.
The banking
 
subsidiaries receive servicing
 
fees based
 
on a
 
percentage of the
 
outstanding loan balance.
 
These servicing fees
 
are
credited to income
 
when they are collected.
 
At June 30,
 
2024, those weighted average
 
mortgage servicing fees were
0.32
% (June
30, 2023 -
0.31
%). Under these servicing agreements, the banking
 
subsidiaries do not generally earn significant prepayment
 
penalty
fees on the underlying loans serviced.
The section
 
below includes
 
information on
 
assumptions used
 
in the
 
valuation model
 
of the
 
MSRs, originated
 
and purchased.
 
Key
economic assumptions used
 
in measuring the
 
servicing rights derived
 
from loans securitized
 
or sold by
 
the Corporation during
 
the
quarters and six months ended June 30, 2024 and
 
2023 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
Six months ended
 
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
BPPR
PB
BPPR
PB
BPPR
PB
BPPR
PB
Prepayment speed
6.9
%
6.3
%
7.4
%
7.1
%
6.4
%
6.2
%
7.0
%
7.2
%
Weighted average life (in years)
9.2
8.6
9.7
8.1
9.4
8.7
9.1
8.0
Discount rate (annual rate)
9.8
%
12.9
%
9.5
%
10.5
%
9.6
%
12.7
%
9.5
%
10.5
%
Key
 
economic
 
assumptions
 
used
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs
 
derived
 
from
 
sales
 
and
 
securitizations
 
of
 
mortgage
 
loans
performed
 
by
 
the
 
banking
 
subsidiaries
 
and
 
servicing
 
rights
 
purchased
 
from
 
other
 
financial
 
institutions,
 
and
 
the
 
sensitivity
 
to
immediate changes in those assumptions, were as follows
 
as of the end of the periods reported:
80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated MSRs
Purchased MSRs
June 30,
December 31,
June 30,
December 31,
 
(In thousands)
2024
2023
2024
2023
Fair value of servicing rights
$
37,997
$
39,757
$
75,389
$
78,352
Weighted average life (in years)
6.4
6.6
6.6
6.8
Weighted average prepayment speed (annual
 
rate)
5.8
%
5.9
%
6.9
%
7.0
%
Impact on fair value of 10% adverse change
$
(725)
$
(696)
$
(1,425)
$
(1,440)
Impact on fair value of 20% adverse change
$
(1,422)
$
(1,365)
$
(2,794)
$
(2,827)
Weighted average discount rate (annual rate)
11.3
%
11.3
%
10.9
%
10.9
%
Impact on fair value of 10% adverse change
$
(1,408)
$
(1,387)
$
(2,735)
$
(2,871)
Impact on fair value of 20% adverse change
$
(2,725)
$
(2,686)
$
(5,300)
$
(5,562)
The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the
figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated
because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the sensitivity tables
included herein, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without
changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market
interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities.
At
 
June
 
30,
 
2024,
 
the
 
Corporation
 
serviced
 
$
527
 
million
 
in
 
residential
 
mortgage
 
loans
 
with
 
credit
 
recourse
 
to
 
the
 
Corporation
(December 31, 2023
 
- $
561
 
million). Also refer
 
to Note
 
19 to
 
the Consolidated Financial
 
Statements for information
 
on changes in
the Corporation’s liability of estimated losses related
 
to loans serviced with credit recourse.
Under the GNMA
 
securitizations, the Corporation, as
 
servicer, has
 
the right to
 
repurchase (but not the
 
obligation), at its
 
option and
without
 
GNMA’s
 
prior
 
authorization,
 
any
 
loan
 
that
 
is
 
collateral
 
for
 
a
 
GNMA
 
guaranteed
 
mortgage-backed
 
security
 
when
 
certain
delinquency
 
criteria
 
are
 
met.
 
At
 
the
 
time
 
that
 
individual
 
loans
 
meet
 
GNMA’s
 
specified
 
delinquency
 
criteria
 
and
 
are
 
eligible
 
for
repurchase, the Corporation is deemed to have regained effective control over these loans if the Corporation was the pool issuer. At
June 30,
 
2024, the Corporation
 
had recorded $
10
 
million in
 
mortgage loans on
 
its Consolidated Statements
 
of Financial Condition
related
 
to
 
this
 
buy-back
 
option
 
program
 
(December
 
31,
 
2023
 
-
 
$
11
 
million).
 
Loans
 
in
 
our
 
serviced
 
GNMA
 
portfolio
 
benefit from
payment forbearance programs
 
but continue to
 
reflect the contractual
 
delinquency until the
 
borrower repays deferred
 
payments or
completes a payment deferral modification or other borrower assistance alternative. As long as the Corporation continues to service
the
 
loans
 
that
 
continue
 
to
 
be
 
collateral
 
in
 
a
 
GNMA
 
guaranteed
 
mortgage-backed
 
security,
 
the
 
MSR
 
is
 
recognized
 
by
 
the
Corporation.
 
During the six months ended June 30, 2024, the Corporation repurchased approximately $
18
 
million (June 30, 2023 - $
24
 
million) of
mortgage
 
loans
 
from
 
its
 
GNMA
 
servicing
 
portfolio.
 
The
 
determination
 
to
 
repurchase
 
these
 
loans
 
was
 
based
 
on
 
the
 
economic
benefits of the
 
transaction, which results in
 
a reduction of
 
the servicing costs
 
for these severely
 
delinquent loans, mainly
 
related to
principal and interest advances. The risk associated with
 
the loans is reduced due to their
 
guaranteed nature. The Corporation may
place these loans under modification programs offered by FHA, VA or United States Department of Agriculture (USDA)
 
or other loss
mitigation programs offered by the Corporation, and once brought back to current status, these may be either retained in portfolio or
re-sold in the secondary market.
 
 
 
 
 
81
Note 11 – Other real estate owned
The following tables present the activity related to Other
 
Real Estate Owned (“OREO”),
 
for the quarters
 
and six months ended June
30, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
15,962
$
64,580
$
80,542
Write-downs in value
(1,039)
(427)
(1,466)
Additions
516
12,146
12,662
Sales
(6,011)
(15,502)
(21,513)
Ending balance
$
9,428
$
60,797
$
70,225
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2023
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
12,388
$
79,333
$
91,721
Write-downs in value
(45)
(269)
(314)
Additions
244
21,155
21,399
Sales
(785)
(25,822)
(26,607)
Other adjustments
17
-
17
Ending balance
$
11,819
$
74,397
$
86,216
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
11,189
$
69,227
$
80,416
Write-downs in value
(1,064)
(711)
(1,775)
Additions
5,860
24,782
30,642
Sales
(6,557)
(32,436)
(38,993)
Other adjustments
-
(65)
(65)
Ending balance
$
9,428
$
60,797
$
70,225
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2023
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
12,500
$
76,626
$
89,126
Write-downs in value
(239)
(1,020)
(1,259)
Additions
1,267
39,830
41,097
Sales
(1,726)
(40,921)
(42,647)
Other adjustments
17
(118)
(101)
Ending balance
$
11,819
$
74,397
$
86,216
 
 
82
Note 12 − Other assets
The caption of other assets in the consolidated
 
statements of financial condition consists of the following
 
major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
December 31, 2023
Net deferred tax assets (net of valuation allowance)
$
979,304
$
1,009,068
Investments under the equity method
234,512
236,485
Prepaid taxes
61,760
39,052
Other prepaid expenses
32,486
29,338
Capitalized software costs
107,671
93,404
Derivative assets
25,195
24,419
Trades receivable from brokers and counterparties
47,171
23,102
Receivables from investments maturities
300,000
176,000
Principal, interest and escrow servicing advances
43,058
48,557
Guaranteed mortgage loan claims receivable
20,698
29,648
Operating ROU assets (Note 27)
104,797
116,106
Finance ROU assets (Note 27)
19,596
21,093
Assets for pension benefit
25,407
23,404
Others
170,900
144,888
Total other assets
$
2,172,555
$
2,014,564
The Corporation regularly incurs in
 
capitalizable costs associated with software development or
 
licensing which are recorded within
the Other Assets line item in the accompanying Consolidated Statements of Financial Condition.
 
In addition, the Corporation incurs
costs
 
associated
 
with
 
hosting
 
arrangements
 
that
 
are
 
service
 
contracts
 
that
 
are
 
also
 
recorded
 
within
 
Other
 
Assets.
 
The
 
hosting
arrangements can
 
include capitalizable
 
implementation costs
 
that are
 
amortized during
 
the term
 
of the
 
hosting arrangement.
The
following
 
table
 
summarizes
 
the
 
composition
 
of
 
acquired
 
or
 
developed
 
software
 
costs
 
as
 
well
 
as
 
costs
 
related
 
to
 
hosting
arrangements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net
Carrying
(In thousands)
Amount
Amortization
Value
June 30, 2024
Software development costs
$
80,578
$
26,782
$
53,796
Software license costs
46,146
24,669
21,477
Cloud computing arrangements
39,142
6,744
32,398
Total Capitalized
 
software costs [1] [2]
$
165,866
$
58,195
$
107,671
December 31, 2023
Software development costs
$
76,497
$
22,086
$
54,411
Software license costs
42,868
18,048
24,820
Cloud computing arrangements
23,623
9,450
14,173
Total Capitalized
 
software costs [1] [2]
$
142,988
$
49,584
$
93,404
[1]
Software intangible assets are presented as part of Other
 
Assets in the Consolidated Statements of Financial Condition.
[2]
The tables above excludes assets that have been fully
 
amortized.
Total
 
amortization expense for
 
all capitalized software
 
and hosting arrangement
 
cost, reflected as
 
part of
 
technology and software
expenses in the consolidated statement of operations,
 
is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six
 
months ended June 30,
(In thousands)
2024
2023
2024
2023
Software development and license costs
$
18,612
$
16,151
$
36,313
$
31,142
Cloud computing arrangements
666
778
1,538
1,762
Total amortization
 
expense
$
19,278
$
16,929
$
37,851
$
32,904
 
 
 
83
Note 13 – Goodwill and other intangible assets
 
Goodwill
There were
no
 
changes in the carrying amount of goodwill for
 
the quarters and six months ended June 30, 2024 and
 
2023.
The following tables present the gross amount of
 
goodwill and accumulated impairment losses by
 
reportable segments:
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Balance at
Balance at
June 30,
Accumulated
June 30,
2024
impairment
 
2024
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
440,184
$
3,801
$
436,383
Popular U.S.
564,456
196,411
368,045
Total Popular,
 
Inc.
 
$
1,004,640
$
200,212
$
804,428
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
 
Balance at
 
 
Balance at
 
December 31,
Accumulated
December 31,
2023
impairment
 
2023
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
440,184
$
3,801
$
436,383
Popular U.S.
564,456
196,411
368,045
Total Popular,
 
Inc.
 
$
1,004,640
$
200,212
$
804,428
 
Other Intangible Assets
The following table reflects the components of
 
other intangible assets subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net
Carrying
(In thousands)
Amount
Amortization
Value
June 30, 2024
Core deposits
$
12,810
$
11,956
$
854
Other customer relationships
14,286
7,665
6,621
Total other intangible
 
assets
$
27,096
$
19,621
$
7,475
December 31, 2023
Core deposits
$
12,810
$
11,315
$
1,495
Other customer relationships
14,286
6,777
7,509
Total other intangible
 
assets
$
27,096
$
18,092
$
9,004
During the quarter ended June 30, 2024, the Corporation recognized
 
$
0.7
 
million in amortization expense related to other intangible
assets
 
with
 
definite
 
useful
 
lives
 
(June
 
30,
 
2023
 
-
 
$
0.8
 
million).
 
During
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2024,
 
the
 
Corporation
recognized $
1.5
 
million in amortization related to other intangible
 
assets with definite useful lives (June
 
30, 2023 - $
1.6
 
million).
 
The following
 
table presents
 
the estimated
 
amortization of
 
the intangible
 
assets with
 
definite useful
 
lives for
 
each of
 
the following
periods:
84
 
 
 
 
 
 
 
 
(In thousands)
Remaining 2024
$
1,409
Year 2025
1,750
Year 2026
1,440
Year 2027
959
Year 2028
959
Later years
958
 
85
Note 14 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
December 31, 2023
Savings accounts
$
14,518,299
$
14,602,411
NOW, money market and other interest
 
bearing demand deposits
26,344,824
25,094,316
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
40,863,123
39,696,727
Certificates of deposit:
Under $250,000
5,521,194
5,443,062
$250,000 and over
3,676,463
3,058,830
 
Total certificates
 
of deposit
9,197,657
8,501,892
Total interest bearing
 
deposits
$
50,060,780
$
48,198,619
Non- interest bearing deposits
$
15,470,082
$
15,419,624
Total deposits
$
65,530,862
$
63,618,243
A summary of certificates of deposits by maturity at
 
June 30, 2024 follows:
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2024
$
4,240,872
2025
2,494,654
2026
866,715
2027
604,989
2028
609,143
2029 and thereafter
381,284
Total certificates of
 
deposit
$
9,197,657
At June 30, 2024, the Corporation had brokered
 
deposits amounting to $
1.7
 
billion (December 31, 2023 - $
1.7
 
billion).
The aggregate amount of overdrafts in
 
demand deposit accounts that were reclassified to
 
loans was $
11.7
 
million at June 30, 2024
(December 31, 2023 - $
9.1
 
million).
At
 
June
 
30,
 
2024,
 
Puerto
 
Rico
 
public sector
 
deposits
 
amounted to
 
$
19.7
 
billion.
 
Puerto
 
Rico
 
public sector
 
deposits
 
are
 
interest
bearing accounts. These
 
public sector deposits
 
are indexed to
 
short-term market rates
 
and fluctuate in
 
cost with changes
 
in those
rates, in
 
accordance with contractual
 
terms. Public
 
deposit balances are
 
difficult to
 
predict. For example,
 
the receipt
 
by the Puerto
Rico
 
Government
 
of
 
hurricane
 
recovery
 
related
 
Federal
 
assistance
 
and
 
seasonal
 
tax
 
collections
 
could
 
increase
 
public
 
deposit
balances at BPPR.
 
On the other hand,
 
the amount and
 
timing of reductions
 
in balances are
 
likely to be
 
impacted by,
 
for example,
the speed at
 
which federal assistance
 
is distributed,
 
the financial condition,
 
liquidity and cash
 
management practices of the
 
Puerto
Rico
 
Government
 
and
 
its
 
instrumentalities
 
and
 
the
 
implementation
 
of
 
fiscal
 
and
 
debt
 
adjustment
 
plans
 
approved
 
pursuant
 
to
PROMESA or
 
other
 
actions
 
mandated by
 
the
 
Fiscal
 
Oversight and
 
Management Board
 
for Puerto
 
Rico
 
(the
 
“Oversight Board”).
Generally, these deposits require that
 
the bank pledge high credit quality securities as collateral, therefore,
 
liquidity risk arising from
public sector deposit outflows are lower.
 
86
Note 15 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted
 
to $
106
 
million at June 30, 2024 and $
91
 
million at December 31, 2023.
The Corporation’s
 
repurchase transactions are
 
overcollateralized with the
 
securities detailed in
 
the table
 
below.
 
The Corporation’s
repurchase
 
agreements
 
have
 
a
 
right
 
of
 
set-off
 
with
 
the
 
respective
 
counterparty
 
under
 
the
 
supplemental
 
terms
 
of
 
the
 
master
repurchase agreements.
 
In an
 
event of
 
default,
 
each party
 
has a
 
right of
 
set-off
 
against the
 
other party
 
for amounts
 
owed in
 
the
related
 
agreement
 
and
 
any
 
other
 
amount
 
or
 
obligation
 
owed
 
in
 
respect
 
of
 
any
 
other
 
agreement
 
or
 
transaction
 
between
 
them.
Pursuant to the
 
Corporation’s accounting policy,
 
the repurchase agreements
 
are not offset
 
with other repurchase
 
agreements held
with the same counterparty.
The following table
 
presents information related to
 
the Corporation’s repurchase
 
transactions accounted for as
 
secured borrowings
that are collateralized with
 
debt securities available-for-sale, debt securities
 
held-to-maturity, other assets
 
held-for-trading purposes
or which have been obtained under agreements to resell.
 
It is the Corporation’s policy to maintain effective control over assets sold
under agreements
 
to repurchase;
 
accordingly,
 
such securities
 
continue to
 
be carried
 
on the
 
Consolidated Statements
 
of Financial
Condition.
Repurchase agreements accounted for as secured borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
December 31, 2023
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
49,922
$
16,931
After 30 to 90 days
4,251
18,369
After 90 days
8,523
8,292
Total U.S. Treasury
 
securities
62,696
43,592
Mortgage-backed securities
 
Within 30 days
38,171
27,171
 
After 30 to 90 days
4,817
20,394
Total mortgage-backed
 
securities
42,988
47,565
Collateralized mortgage obligations
 
Within 30 days
-
227
Total collateralized
 
mortgage obligations
-
227
Total
$
105,684
$
91,384
Repurchase agreements in this portfolio
 
are generally short-term, often overnight.
 
As such our risk
 
is very limited.
 
We manage the
liquidity risks arising from secured
 
funding by sourcing funding globally from
 
a diverse group of counterparties, providing
 
a range of
securities collateral and pursuing longer durations,
 
when appropriate.
Other short-term borrowings
There were
no
 
other short-term borrowings outstanding at June 30,
 
2024 and December 31, 2023.
 
 
87
Notes Payable
The following table presents the composition of notes
 
payable at June 30, 2024 and December
 
31, 2023.
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
December 31, 2023
Advances with the FHLB with maturities ranging from
2024
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.44
% to
5.26
%
$
348,665
$
394,665
Unsecured senior debt securities maturing on
2028
 
paying interest
semiannually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
5,444
[1]
394,556
393,937
Junior subordinated deferrable interest debentures (related to
 
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
%, net of debt issuance costs of $
275
198,359
198,346
Total notes payable
$
941,580
$
986,948
Note: Refer to the 2023 Form 10-K for rates information
 
at December 31, 2023.
[1] On March 13, 2023, the Corporation issued $
400
 
million aggregate principal amount of
7.25
% Senior Notes due
2028
 
(the “2028 Notes”) in an
underwritten public offering. The Corporation used a
 
portion of the net proceeds of the 2028 Notes offering
 
to redeem, on August 14, 2023, the
outstanding $
300
 
million aggregate principal amount of its
6.125
% Senior Notes which were due on September
2023
. The redemption price was
equal to
100
% of the principal amount plus accrued and unpaid
 
interest through the redemption date.
A breakdown of borrowings by contractual maturities
 
at June 30, 2024 is included in the
 
table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
(In thousands)
agreements to
repurchase
Notes payable
Total
2024
$
105,684
$
45,943
$
151,627
2025
-
144,214
144,214
2026
-
74,500
74,500
2028
-
438,906
438,906
Later years
-
238,017
238,017
Total borrowings
$
105,684
$
941,580
$
1,047,264
At June 30, 2024 and December 31,
 
2023, the Corporation had FHLB borrowing facilities whereby the Corporation could
 
borrow up
to $
4.5
 
billion and $
4.2
 
billion, respectively,
 
of which $
0.3
 
and $
0.4
 
billion, respectively,
 
were used. In addition,
 
at each of June
 
30,
2024 and December 31, 2023, the Corporation had placed $
0.3
 
billion of the available FHLB credit facility as collateral for municipal
letters of credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio, and do
not have restrictive covenants or callable features.
 
Also, at
 
June 30,
 
2024, the Corporation
 
had borrowing facilities
 
at the
 
discount window of
 
the Federal
 
Reserve Bank of
 
New York
amounting to
 
$
4.7
 
billion (December
 
31, 2023
 
- $
4.4
 
billion), which
 
remained unused
 
at June
 
30, 2024
 
and December
 
31, 2023.
 
The facilities are a collateralized source of credit
 
that is highly reliable even under difficult market
 
conditions.
 
88
Note 16 − Other liabilities
The caption of other liabilities in the consolidated
 
statements of financial condition consists of the following
 
major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
December 31, 2023
Accrued expenses
$
288,806
$
337,695
Accrued interest payable
62,247
59,102
Accounts payable
97,479
89,339
Dividends payable
44,991
44,741
Trades payable
24,603
31
Liability for GNMA loans sold with an option to repurchase
9,848
10,960
Reserves for loan indemnifications
4,239
4,408
Reserve for operational losses
29,171
27,994
Operating lease liabilities (Note 27)
115,184
126,946
Finance lease liabilities (Note 27)
24,004
25,778
Pension benefit obligation
6,619
6,772
Postretirement benefit obligation
115,698
117,045
Others
71,379
63,816
Total other liabilities
$
894,268
$
914,627
89
Note 17 – Stockholders’ equity
 
As of June 30, 2024, stockholders’ equity totaled $
5.4
 
billion. During the six months ended June 30, 2024, the Corporation declared
cash dividends of $
1.24
 
(2023 - $
1.10
) per common share amounting to
 
$
89.7
 
million (2023 - $
79.2
 
million). The quarterly dividend
declared to stockholders of record as of the close
 
of business on
May 30, 2024
 
was paid on
July 1, 2024
.
On July 24, 2024, the Corporation announced the following actions as
 
part of its capital plan: (i) up to $
500
 
million in common stock
repurchases, and (ii)
 
an increase in its
 
quarterly common stock dividend
 
from $
0.62
 
per share to
 
$
0.70
 
per share, beginning in
 
the
first quarter of 2025, subject to approval by
 
its Board of Directors.
90
Note 18 – Other comprehensive income (loss)
 
The following table presents changes in accumulated other
 
comprehensive income (loss) by component for the quarters
 
ended June
30, 2024 and, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Loss
 
by Component [1]
Quarters ended
Six
 
months ended
June 30,
June 30,
(In thousands)
2024
2023
2024
2023
Foreign currency translation
Beginning Balance
$
(68,548)
$
(61,980)
$
(64,528)
$
(56,735)
Other comprehensive income (loss)
165
6,001
(3,855)
756
Net change
165
6,001
(3,855)
756
Ending balance
$
(68,383)
$
(55,979)
$
(68,383)
$
(55,979)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(115,632)
$
(141,327)
$
(117,894)
$
(144,335)
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
2,261
3,008
4,522
6,016
Net change
2,261
3,008
4,522
6,016
Ending balance
$
(113,371)
$
(138,319)
$
(113,372)
$
(138,319)
Unrealized net holding losses
on debt securities
Beginning Balance
$
(1,749,006)
$
(2,098,518)
$
(1,713,109)
$
(2,323,903)
Other comprehensive income (loss)
16,941
(69,941)
(54,163)
121,811
Amounts reclassified from accumulated other
comprehensive loss for amortization of net unrealized
losses of debt securities transferred from available-for-
sale to held-to-maturity
35,537
34,322
70,745
67,955
Net change
52,478
(35,619)
16,582
189,766
Ending balance
$
(1,696,528)
$
(2,134,137)
$
(1,696,527)
$
(2,134,137)
Unrealized net (losses) gains
on cash flow hedges
Beginning Balance
$
-
$
-
$
-
$
45
Other comprehensive (loss) income before
reclassifications
-
-
-
(19)
Amounts reclassified from accumulated other
comprehensive income (loss)
-
-
-
(26)
Net change
-
-
-
(45)
Total
 
$
(1,878,282)
$
(2,328,435)
$
(1,878,282)
$
(2,328,435)
[1]
 
All amounts presented are net of tax.
 
91
The following table
 
presents the amounts
 
reclassified out of
 
each component of
 
accumulated other comprehensive loss
 
during the
quarters and six months ended June 30, 2024 and
 
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive
 
Loss
Quarters ended
 
Six
 
months ended
Affected Line Item in the
 
June 30,
June 30,
(In thousands)
Consolidated Statements of Operations
2024
2023
2024
2023
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(3,618)
$
(4,813)
$
(7,236)
$
(9,626)
Total before tax
(3,618)
(4,813)
(7,236)
(9,626)
Income tax benefit
1,357
1,805
2,714
3,610
Total net of tax
$
(2,261)
$
(3,008)
$
(4,522)
$
(6,016)
Unrealized net holding losses on debt securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Interest income from investment securities
$
(44,421)
$
(42,903)
$
(88,430)
$
(84,943)
Total before tax
(44,421)
(42,903)
(88,430)
(84,943)
Income tax expense
8,884
8,581
17,685
16,988
Total net of tax
$
(35,537)
$
(34,322)
$
(70,745)
$
(67,955)
Unrealized net (losses) gains on cash flow hedges
Forward contracts
Mortgage banking activities
$
-
$
-
$
-
$
41
Total before tax
-
-
-
41
Income tax benefit
-
-
-
(15)
Total net of tax
$
-
$
-
$
-
$
26
Total reclassification
 
adjustments, net of tax
$
(37,798)
$
(37,330)
$
(75,267)
$
(73,945)
 
92
Note 19 – Guarantees
At
 
June
 
30,
 
2024,
 
the
 
Corporation
 
recorded
 
a
 
liability
 
of
 
$
1
 
million
 
(December
 
31,
 
2023
 
-
 
$
1
 
million),
 
which
 
represents
 
the
unamortized balance of the obligations
 
undertaken in issuing the
 
guarantees under the standby letters of
 
credit. Management does
not anticipate any material losses related to these
 
instruments.
From time to time, the Corporation securitized mortgage loans into guaranteed mortgage-backed securities subject to limited, and in
certain instances, lifetime credit
 
recourse on the loans
 
that serve as
 
collateral for the
 
mortgage-backed securities. The Corporation
has
 
not sold
 
any mortgage
 
loans subject
 
to credit
 
recourse since
 
2009. At
 
June 30,
 
2024, the
 
Corporation serviced
 
$
527
 
million
(December 31, 2023 -
 
$
561
 
million) in residential mortgage
 
loans subject to credit
 
recourse provisions, principally loans associated
with FNMA
 
and FHLMC
 
residential mortgage
 
loan securitization
 
programs. In
 
the event
 
of any
 
customer default,
 
pursuant to
 
the
credit recourse
 
provided, the
 
Corporation is
 
required to
 
repurchase the
 
loan or
 
reimburse the
 
third party
 
investor for
 
the incurred
loss.
 
The
 
maximum
 
potential
 
amount
 
of
 
future
 
payments
 
that
 
the
 
Corporation
 
would
 
be
 
required
 
to
 
make
 
under
 
the
 
recourse
arrangements
 
in
 
the
 
event
 
of
 
nonperformance by
 
the
 
borrowers
 
is
 
equivalent
 
to
 
the
 
total
 
outstanding
 
balance
 
of
 
the
 
residential
mortgage
 
loans serviced
 
with
 
recourse
 
and
 
interest, if
 
applicable. During
 
the
 
quarter and
 
six
 
months
 
ended June
 
30,
 
2024,
 
the
Corporation repurchased
 
approximately $
0.5
 
million and
 
$
1.1
 
million, respectively,
 
of unpaid
 
principal balance
 
in mortgage
 
loans
subject
 
to
 
the
 
credit
 
recourse
 
provisions
 
(June
 
30,
 
2023
-
$
0.6
 
million
 
and
 
$
1.4
 
million,
 
respectively).
 
In
 
the
 
event
 
of
nonperformance
 
by
 
the
 
borrower,
 
the
 
Corporation
 
has
 
rights
 
to
 
the
 
underlying
 
collateral
 
securing
 
the
 
mortgage
 
loan.
 
The
Corporation suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted
mortgage loan are
 
less than the
 
outstanding principal balance
 
of the
 
loan plus any
 
uncollected interest advanced
 
and the costs
 
of
holding and
 
disposing the
 
related property.
 
At June
 
30, 2024,
 
the Corporation’s
 
liability established
 
to cover
 
the estimated
 
credit
loss exposure related to loans sold or serviced
 
with credit recourse amounted to $
4
 
million (December 31, 2023 - $
4
 
million).
The following table shows the changes in the Corporation’s liability of estimated losses related to loans serviced with credit recourse
provisions during the quarters and six months ended
 
June 30, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2024
2023
2024
2023
Balance as of beginning of period
$
4,353
$
5,864
$
4,211
$
6,897
Provision (benefit) for recourse liability
(204)
478
40
(176)
Net charge-offs
(91)
(119)
(193)
(498)
Balance as of end of period
$
4,058
$
6,223
$
4,058
$
6,223
From time
 
to
 
time, the
 
Corporation sells
 
loans and
 
agrees to
 
indemnify the
 
purchaser for
 
credit
 
losses or
 
any
 
breach of
 
certain
representations and warranties made in connection
 
with the sale.
Servicing agreements
 
relating to
 
the mortgage-backed
 
securities programs
 
of FNMA,
 
FHLMC and
 
GNMA, and
 
to mortgage
 
loans
sold or serviced to certain other investors, including FHLMC,
 
require the Corporation to advance funds to
 
make scheduled payments
of
 
principal, interest,
 
taxes
 
and
 
insurance, if
 
such
 
payments have
 
not
 
been
 
received from
 
the
 
borrowers. At
 
June
 
30,
 
2024, the
Corporation serviced $
9.4
 
billion in mortgage loans for third-parties, including the loans serviced with credit recourse (December 31,
2023 - $
9.9
 
billion). The Corporation generally recovers funds advanced pursuant to these arrangements from
 
the mortgage owner,
from liquidation proceeds when the mortgage
 
loan is foreclosed or,
 
in the case of FHA/VA
 
loans, under the applicable FHA
 
and
VA
insurance
 
and guarantees
 
programs. However,
 
in the
 
meantime, the
 
Corporation must
 
absorb the
 
cost
 
of the
 
funds
 
it
 
advances
during the
 
time the
 
advance is
 
outstanding. The
 
Corporation must
 
also bear
 
the costs
 
of attempting
 
to collect
 
on delinquent
 
and
defaulted
 
mortgage
 
loans.
 
In
 
addition,
 
if
 
a
 
defaulted
 
loan
 
is
 
not
 
cured,
 
the
 
mortgage
 
loan
 
would
 
be
 
canceled
 
as
 
part
 
of
 
the
foreclosure proceedings
 
and the
 
Corporation would
 
not receive
 
any future
 
servicing income
 
with respect
 
to that
 
loan. At
 
June 30,
2024,
 
the
 
outstanding
 
balance
 
of
 
funds
 
advanced
 
by
 
the
 
Corporation
 
under
 
such
 
mortgage
 
loan
 
servicing
 
agreements
 
was
approximately
 
$
43
 
million
 
(December
 
31,
 
2023
 
-
 
$
49
 
million).
 
To
 
the
 
extent
 
the
 
mortgage
 
loans
 
underlying
 
the
 
Corporation’s
servicing portfolio experience
 
increased delinquencies, the Corporation
 
would be required
 
to dedicate additional
 
cash resources to
comply with its obligation to advance funds as well
 
as incur additional administrative costs related
 
to increases in collection efforts.
Popular,
 
Inc. Holding
 
Company (“PIHC”) fully
 
and unconditionally guarantees
 
certain borrowing
 
obligations issued by
 
certain of
 
its
100
% owned consolidated subsidiaries amounting to $
94
 
million at June 30, 2024 and December 31, 2023, respectively. In addition,
at both June
 
30, 2024 and December
 
31, 2023, PIHC fully
 
and unconditionally guaranteed on a
 
subordinated basis $
193
 
million of
capital securities
 
(trust preferred
 
securities) issued
 
by wholly-owned
 
issuing trust
 
entities to
 
the extent
 
set forth
 
in the
 
applicable
93
guarantee agreement. Refer to
 
Note 18 to
 
the Consolidated Financial Statements
 
in the 2023
 
Form 10-K for
 
further information on
the trust preferred securities.
94
Note 20 – Commitments and contingencies
Off-balance sheet risk
The Corporation
 
is a
 
party to
 
financial instruments
 
with off-balance
 
sheet credit
 
risk in
 
the normal
 
course of
 
business to
 
meet the
financial needs of its customers. These financial instruments
 
include loan commitments, letters of credit and standby
 
letters of credit.
These instruments involve,
 
to varying
 
degrees, elements of
 
credit and
 
interest rate
 
risk in
 
excess of
 
the amount
 
recognized in
 
the
consolidated statements of financial condition.
The
 
Corporation’s
 
exposure
 
to
 
credit
 
loss
 
in
 
the
 
event
 
of
 
nonperformance
 
by
 
the
 
other
 
party
 
to
 
the
 
financial
 
instrument
 
for
commitments to extend credit, standby
 
letters of credit and financial
 
guarantees is represented by the
 
contractual notional amounts
of those instruments. The
 
Corporation uses the same
 
credit policies in
 
making these commitments and conditional
 
obligations as it
does for those reflected on the consolidated statements
 
of financial condition.
Financial instruments with
 
off-balance sheet credit
 
risk, whose contract
 
amounts represent potential credit
 
risk as of
 
the end of
 
the
periods presented were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
December 31, 2023
Commitments to extend credit:
Credit card lines
$
5,520,771
$
6,108,939
Commercial lines of credit
3,894,891
3,626,269
Construction lines of credit
1,285,440
1,287,679
Other consumer unused credit commitments
 
259,296
256,610
Commercial letters of credit
1,564
1,404
Standby letters of credit
109,613
80,889
Commitments to originate or fund mortgage loans
22,352
32,968
At June
 
30, 2024
 
and December
 
31, 2023,
 
the Corporation
 
maintained a
 
reserve of
 
approximately $
18.9
 
million and
 
$
17
 
million,
respectively, for potential losses associated with unfunded loan commitments
 
related to commercial and construction lines
 
of credit.
Other commitments
At June
 
30, 2024
 
and December 31,
 
2023, the
 
Corporation also
 
maintained other
 
non-credit commitments for
 
approximately $
3.2
million and $
3.3
 
million, respectively, primarily for the acquisition of other investments.
 
Business concentration
Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition
are dependent
 
upon the
 
general trends
 
of the
 
Puerto Rico
 
economy and,
 
in particular,
 
the residential
 
and commercial
 
real estate
markets. The concentration
 
of the Corporation’s
 
operations in Puerto Rico
 
exposes it to
 
greater risk than other
 
banking companies
with a wider geographic base. Its
 
asset and revenue composition by geographical area
 
is presented in Note 32
 
to the Consolidated
Financial Statements.
 
Puerto
 
Rico
 
has
 
faced
 
significant
 
fiscal
 
and
 
economic
 
challenges
 
for
 
over
 
a
 
decade.
 
In
 
response
 
to
 
such
 
challenges,
 
the
 
U.S.
Congress enacted the
 
Puerto Rico Oversight
 
Management and Economic Stability
 
Act (“PROMESA”) in
 
2016, which, among
 
other
things,
 
established
 
the
 
Oversight
 
Board
 
and
 
a
 
framework
 
for
 
the
 
restructuring
 
of
 
the
 
debts
 
of
 
the
 
Commonwealth,
 
its
instrumentalities and
 
municipalities.
 
The
 
Commonwealth and
 
several
 
of
 
its
 
instrumentalities have
 
commenced
 
debt
 
restructuring
proceedings under
 
PROMESA. As
 
of the
 
date of
 
this report,
 
while municipalities
 
have been
 
designated as
 
covered entities
 
under
PROMESA,
 
no
 
municipality
 
has
 
commenced,
 
or
 
has
 
been
 
authorized
 
by
 
the
 
Oversight
 
Board
 
to
 
commence,
 
any
 
such
 
debt
restructuring proceeding under PROMESA.
At
 
June
 
30,
 
2024,
 
the
 
Corporation’s
 
direct
 
exposure
 
to
 
the
 
Puerto
 
Rico
 
government
 
and
 
its
 
instrumentalities and
 
municipalities
totaled $
376
 
million, of which
 
$
376
 
million were outstanding
 
($
362
 
million and $
333
 
million at December
 
31, 2023). Of
 
the amount
outstanding,
 
$
360
 
million
 
consists
 
of
 
loans
 
and
 
$
16
 
million
 
are
 
securities
 
($
314
 
million
 
and
 
$
19
 
million
 
at
 
December 31,
 
2023).
Substantially all
 
of the
 
amount outstanding
 
at June
 
30, 2024
 
and December
 
31, 2023
 
were obligations
 
from various
 
Puerto Rico
municipalities. In most cases, these were “general obligations” of a municipality, to which
 
the applicable municipality has pledged its
good
 
faith,
 
credit
 
and
 
unlimited taxing
 
power,
 
or
 
“special
 
obligations”
 
of
 
a
 
municipality,
 
to
 
which
 
the
 
applicable
 
municipality
 
has
pledged other revenues. At June 30, 2024,
79
% of the Corporation’s exposure to municipal loans and
 
securities was concentrated in
 
 
95
the
 
municipalities
 
of
 
San
 
Juan,
 
Guaynabo,
 
Carolina
 
and
 
Caguas.
In
 
July
 
2024,
 
the
 
Corporation
 
received
 
scheduled
 
principal
payments amounting to $
40
 
million from various obligations from Puerto
 
Rico municipalities.
The following table details the loans and investments representing the Corporation’s direct exposure to
 
the Puerto Rico government
according to their maturities as of June 30, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
After 1 to 5 years
$
3
$
-
$
3
$
3
After 5 to 10 years
1
-
1
1
After 10 years
42
-
42
42
Total Central
 
Government
46
-
46
46
Municipalities
Within 1 year
3,055
13,218
16,273
16,273
After 1 to 5 years
11,620
141,519
153,139
153,139
After 5 to 10 years
845
158,988
159,833
159,833
After 10 years
-
46,823
46,823
46,823
Total Municipalities
15,520
360,548
376,068
376,068
Total Direct Government
 
Exposure
$
15,566
$
360,548
$
376,114
$
376,114
In addition,
 
at June
 
30, 2024,
 
the Corporation had
 
$
229
 
million in
 
loans insured
 
or securities issued
 
by Puerto
 
Rico governmental
entities but for
 
which the principal
 
source of
 
repayment is non-governmental
 
($
238
 
million at December
 
31, 2023). These
 
included
$
183
 
million
 
in
 
residential
 
mortgage
 
loans
 
insured
 
by
 
the
 
Puerto
 
Rico
 
Housing
 
Finance
 
Authority
 
(“HFA”),
 
a
 
governmental
instrumentality
 
that
 
has
 
been
 
designated
 
as
 
a
 
covered
 
entity
 
under
 
PROMESA
 
(December
 
31,
 
2023
 
-
 
$
191
 
million).
 
These
mortgage loans
 
are secured
 
by first
 
mortgages on
 
Puerto Rico
 
residential properties
 
and the
 
HFA
 
insurance covers
 
losses in
 
the
event of
 
a borrower default
 
and upon
 
the satisfaction
 
of certain
 
other conditions. The
 
Corporation also had
 
at June
 
30, 2024,
 
$
39
million in
 
bonds issued by
 
HFA which
 
are secured by
 
second mortgage loans
 
on Puerto Rico
 
residential properties, and
 
for which
HFA also provides
 
insurance to cover losses in the
 
event of a borrower default and
 
upon the satisfaction of certain other
 
conditions
(December 31,
 
2023 -
 
$
40
 
million). In
 
the event
 
that the
 
mortgage loans
 
insured by
 
HFA
 
and held
 
by the
 
Corporation directly
 
or
those serving
 
as collateral
 
for the
 
HFA
 
bonds default
 
and the
 
collateral is
 
insufficient to
 
satisfy the
 
outstanding balance
 
of these
loans,
 
HFA’s
 
ability
 
to
 
honor
 
its
 
insurance
 
will
 
depend, among
 
other factors,
 
on
 
the
 
financial
 
condition
 
of
 
HFA
 
at
 
the
 
time
 
such
obligations
 
become
 
due
 
and
 
payable. The
 
Corporation does
 
not consider
 
the
 
government guarantee
 
when
 
estimating the
 
credit
losses
 
associated
 
with
 
this
 
portfolio.
 
Although
 
the
 
Governor
 
is
 
currently
 
authorized
 
by
 
local
 
legislation
 
to
 
impose
 
a
 
temporary
moratorium on the financial obligations of the HFA, a moratorium on
 
such obligations has not been imposed as of
 
the date hereof.
 
BPPR’s
 
commercial loan
 
portfolio also
 
includes loans
 
to
 
private borrowers
 
who
 
are service
 
providers, lessors,
 
suppliers or
 
have
other relationships with the government. These
 
borrowers could be negatively affected by
 
the Commonwealth’s fiscal crisis and
 
the
ongoing
 
Title
 
III
 
proceedings
 
under
 
PROMESA.
 
Similarly,
 
BPPR’s
 
mortgage
 
and
 
consumer
 
loan
 
portfolios
 
include
 
loans
 
to
government
 
employees
 
and
 
retirees,
 
which
 
could
 
also
 
be
 
negatively
 
affected
 
by
 
fiscal
 
measures
 
such
 
as
 
employee
 
layoffs
 
or
furloughs or reductions in pension benefits.
 
In
 
addition,
 
$
2.0
 
billion
 
of
 
residential
 
mortgages
 
and
 
$
90.9
 
million
 
commercial
 
loans
 
were
 
insured
 
or
 
guaranteed
 
by
 
the
 
U.S.
Government or its agencies at June 30,
 
2024 (compared to $
1.9
 
billion and $
89.2
 
million, respectively, at December 31,
 
2023). The
Corporation also had U.S. Treasury and obligations from the U.S.
 
Government, its agencies or government sponsored
 
entities within
the
 
portfolio
 
of
 
available-for-sale
 
and
 
held-to-maturity
 
securities
 
as
 
described
 
in
 
Note
 
5
 
and
 
6
 
to
 
the
 
Consolidated
 
Financial
Statements.
At June 30, 2024, the Corporation had operations in the United States Virgin Islands (the “USVI”) and has approximately $
28
 
million
in direct
 
exposure to
 
USVI government entities
 
(December 31, 2023
 
- $
28
 
million). The
 
USVI has
 
been experiencing a
 
number of
fiscal and economic challenges
 
that could adversely
 
affect the ability
 
of its public
 
corporations and instrumentalities to
 
service their
outstanding debt obligations.
 
96
At June 30, 2024, the
 
Corporation had operations in the British
 
Virgin Islands (“BVI”), which islands
 
were negatively affected by the
COVID-19 pandemic, particularly due to a reduction in
 
the tourism activity which accounts for a significant
 
portion of their economy.
Although
 
the
 
Corporation has
 
no
 
significant
 
exposure to
 
a
 
single
 
borrower
 
in
 
the
 
BVI,
 
at
 
June
 
30,
 
2024,
 
it
 
had
 
a
 
loan
 
portfolio
amounting to
 
approximately $
201
 
million comprised
 
of various
 
retail and
 
commercial clients,
 
compared to
 
a loan
 
portfolio of
 
$
205
million at December 31, 2023.
FDIC Special Assessment
 
On
 
November
 
16,
 
2023,
 
the
 
Federal
 
Deposit
 
Insurance
 
Corporation
 
(“FDIC”)
 
approved
 
a
 
final
 
rule
 
that
 
imposes
 
a
 
special
assessment (the “FDIC
 
Special Assessment”) to recover
 
the losses to
 
the deposit insurance
 
fund resulting from
 
the FDIC’s use,
 
in
March 2023,
 
of the systemic
 
risk exception to
 
the least-cost resolution
 
test under the
 
Federal Deposit Insurance
 
Act in
 
connection
with the
 
receiverships of
 
several failed
 
banks. In
 
connection with
 
this assessment,
 
the Corporation
 
recorded an
 
expense of
 
$
71.4
million, $
45.3
 
million net of tax, in the fourth quarter
 
of 2023, representing the full amount of the
 
assessment.
During the first quarter of 2024, the Corporation recorded an additional expense of $
14.3
 
million, $
9.1
 
million net of tax, to reflect the
FDIC's
 
higher
 
loss
 
estimate
 
which increased
 
from
 
$
16.3
 
billion,
 
when
 
approved,
 
to
 
$
20.4
 
billion
 
during the
 
quarter.
 
The
 
special
assessment amount and collection period may
 
change as the estimated loss
 
is periodically adjusted or if
 
the total amount collected
varies.
Legal Proceedings
The nature
 
of Popular’s business
 
ordinarily generates
 
claims, litigation,
 
regulatory and
 
governmental investigations, and
 
legal and
administrative cases
 
and proceedings (collectively,
 
“Legal Proceedings”). When
 
the Corporation
 
determines that it
 
has meritorious
defenses to the claims
 
asserted, it vigorously defends
 
itself. The Corporation will
 
consider the settlement of
 
cases (including cases
where it has meritorious defenses) when, in management’s judgment,
 
it is in the best interest of the Corporation and
 
its stockholders
to do so.
 
On at least
 
a quarterly basis,
 
Popular assesses its
 
liabilities and contingencies
 
relating to outstanding Legal
 
Proceedings
utilizing the most current information available. For
 
matters where it is probable that the Corporation will
 
incur a material loss and the
amount can be reasonably estimated, the Corporation establishes an accrual for
 
the loss. Once established, the accrual is
 
adjusted
on at least a quarterly basis to reflect any relevant
 
developments, as appropriate. For matters where a material loss is not probable,
or the amount of the loss cannot be reasonably
 
estimated, no accrual is established.
 
In certain cases,
 
exposure to loss
 
exists in
 
excess of any
 
accrual to the
 
extent such loss
 
is reasonably possible,
 
but not
 
probable.
Management believes and
 
estimates that the
 
range of reasonably
 
possible losses (with
 
respect to those
 
matters where such
 
limits
may be determined in
 
excess of amounts accrued) for
 
current Legal Proceedings ranged from
 
$
0
 
to approximately $
6.48
 
million as
of June
 
30, 2024.
 
In certain
 
cases, management cannot
 
reasonably estimate the
 
possible loss
 
at this
 
time. Any
 
estimate involves
significant
 
judgment,
 
given
 
the
 
varying
 
stages
 
of
 
the
 
Legal
 
Proceedings
 
(including
 
the
 
fact
 
that
 
many
 
of
 
them
 
are
 
currently
 
in
preliminary stages), the existence of multiple defendants in several of the current Legal Proceedings whose share of liability has yet
to be
 
determined, the
 
numerous unresolved issues
 
in many
 
of the
 
Legal Proceedings,
 
and the
 
inherent uncertainty
 
of the
 
various
potential
 
outcomes
 
of
 
such
 
Legal
 
Proceedings.
 
Accordingly,
 
management’s
 
estimate
 
will
 
change
 
from
 
time-to-time,
 
and
 
actual
losses may be more or less than the current estimate.
 
While the
 
outcome of
 
Legal Proceedings
 
is inherently
 
uncertain, based
 
on information
 
currently available,
 
advice of
 
counsel, and
available
 
insurance
 
coverage,
 
management
 
believes
 
that
 
the
 
amount
 
it
 
has
 
already
 
accrued
 
is
 
adequate
 
and
 
any
 
incremental
liability arising from
 
the Legal Proceedings
 
in matters in
 
which a loss
 
amount can be
 
reasonably estimated will not
 
have a material
adverse effect
 
on the Corporation’s
 
consolidated financial position.
 
However, in
 
the event
 
of unexpected future
 
developments, it is
possible that
 
the ultimate
 
resolution of
 
these matters
 
in a
 
reporting period, if
 
unfavorable, could have
 
a material
 
adverse effect
 
on
the Corporation’s consolidated financial position for that period.
 
Set forth below is a description of the Corporation’s
 
significant Legal Proceedings.
Insufficient Funds and Overdraft Fees Class Actions
97
Popular, Inc. was
 
named as a defendant on a
 
putative class action complaint captioned Golden v.
 
Popular, Inc. filed
 
in March 2020
before
 
the
 
U.S.
 
District
 
Court
 
for
 
the
 
Southern
 
District
 
of
 
New
 
York,
 
seeking
 
damages,
 
restitution
 
and
 
injunctive
 
relief.
 
Plaintiff
alleged breach
 
of contract,
 
violation
 
of
 
the covenant
 
of
 
good faith
 
and
 
fair
 
dealing, unjust
 
enrichment and
 
violation
 
of
 
New York
consumer
 
protection law
 
due
 
to
 
Popular’s purported
 
practice of
 
charging
 
overdraft fees
 
(“OD
 
Fees”) on
 
transactions that,
 
under
plaintiffs’ theory,
 
do not
 
overdraw the
 
account. Plaintiff
 
described Popular’s purported
 
practice of
 
charging OD
 
Fees as
 
“Authorize
Positive,
 
Purportedly
 
Settle
 
Negative”
 
(“APPSN”)
 
transactions
 
and
 
alleged
 
that
 
Popular
 
assesses
 
OD
 
Fees
 
over
 
authorized
transactions
 
for
 
which
 
sufficient
 
funds
 
are
 
held
 
for
 
settlement.
 
In
 
August
 
2020,
 
Popular
 
filed
 
a
 
Motion
 
to
 
Dismiss
 
on
 
several
grounds,
 
including
 
failure
 
to
 
state
 
a
 
claim
 
against
 
Popular,
 
Inc.
 
and
 
improper
 
venue.
 
In
 
October
 
2020,
 
Plaintiff
 
filed
 
a
 
Notice
 
of
Voluntary
 
Dismissal
 
before
 
the
 
U.S.
 
District
 
Court
 
for
 
the
 
Southern
 
District
 
of
 
New
 
York
 
and,
 
simultaneously,
 
filed
 
an
 
identical
complaint in
 
the U.S.
 
District Court for
 
the District
 
of the
 
Virgin Islands
 
against Popular,
 
Inc., Popular Bank
 
and Banco Popular
 
de
Puerto
 
Rico
 
(“BPPR”). In
 
November 2020,
 
Plaintiff
 
filed
 
a
 
Notice of
 
Voluntary
 
Dismissal against
 
Popular,
 
Inc.
 
and Popular
 
Bank
following a Motion to
 
Dismiss filed on behalf
 
of such entities, which argued
 
failure to state
 
a claim and lack
 
of minimum contacts of
such parties with the U.S.V.I.
 
district court jurisdiction. BPPR, the only defendant remaining in
 
the case, was served with process in
November 2020 and filed a Motion to Dismiss
 
in January 2021.
In October 2022, the parties reached a settlement in principle on a class-wide basis subject to final court approval. In January 2023,
the parties filed
 
before the Court a
 
motion for preliminary approval
 
of the settlement
 
agreement and, on March
 
31, 2023, the
 
Court
issued an order granting preliminary approval
 
of the settlement agreement.
 
On
 
September
 
8,
 
2023,
 
the
 
Court
 
held
 
a
 
hearing
 
to
 
consider
 
the
 
final
 
approval
 
of
 
the
 
class
 
settlement
 
agreement,
 
and,
 
on
September 29, 2023, the Court issued an Opinion and Order granting
 
final approval to the settlement agreement.
 
On December 19,
2023, the Court
 
issued an Order staying
 
all deadlines in the
 
settlement agreement regarding payment
 
of benefit until further
 
notice
after
 
the
 
parties
 
informed
 
the
 
Court
 
that
 
the
 
settlement
 
administrator
 
had
 
mistakenly
 
failed
 
to
 
send
 
the
 
settlement
 
notice
 
to
approximately
 
3,000
 
class
 
members.
 
On
 
February
 
20,
 
2024,
 
the
 
parties
 
filed
 
a
 
Joint
 
Motion
 
for
 
Supplemental
 
Notice
 
that
 
was
approved by the Court on February 20, 2024.
 
On July
 
8, 2024, the
 
Court held the
 
Supplemental Fairness Hearing,
 
and, on
 
July 9,
 
2024, the
 
Court issued an
 
Amended Opinion
and Order
 
granting final
 
approval to
 
the settlement
 
agreement. On July
 
22, 2024,
 
the Court
 
entered final
 
judgment dismissing the
complaint with prejudice and retaining jurisdiction
 
to enforce the terms of the settlement agreement.
 
This matter is now closed.
On January
 
31, 2022,
 
Popular was
 
also named
 
as a
 
defendant on a
 
putative class
 
action complaint captioned
 
Lipsett v.
 
Popular,
Inc. d/b/a Banco Popular, filed before the U.S. District Court for the Southern District
 
of New York, seeking damages, restitution and
injunctive relief. Similar to the claims set forth in the
 
aforementioned Golden complaint, Plaintiff alleges breach of contract, including
violations of the covenant of good faith and
 
fair dealing, as a result of Popular’s purported practice of
 
charging OD Fees for APPSN
transactions. The complaint
 
further alleged that
 
Popular assesses OD
 
Fees over
 
authorized transactions for
 
which sufficient funds
are held for settlement. Popular waived service of process
 
and filed a Motion to Compel Arbitration. In response to Popular’s
 
motion,
Plaintiff filed a Notice of Voluntary Dismissal in April 2022.
 
On May
 
13, 2022,
 
Plaintiff in
 
the Lipsett
 
complaint filed
 
a new
 
complaint captioned
 
Lipsett v.
 
Banco Popular
 
North America
 
d/b/a
Popular Community
 
Bank with
 
the same
 
allegations of
 
his previous
 
complaint against
 
Popular.
 
In September
 
2022, after
 
serving
Plaintiff
 
with a
 
written notice
 
of
 
election to
 
arbitrate the
 
claims
 
asserted in
 
the complaint
 
which went
 
unanswered, Popular
 
Bank
(“PB”) filed a new Motion to Compel Arbitration.
On December 9, 2022, the
 
Court issued a Decision and
 
Order denying PB’s Motion to
 
Compel Arbitration. On December 20, 2022,
PB filed a Notice of Appeal with the United
 
States Court of Appeals for the Second Circuit.
 
On January
 
10, 2024,
 
the Court
 
of
 
Appeals entered
 
judgment affirming
 
the trial
 
court’s
 
decision denying
 
PB’s
 
Motion to
 
Compel
Arbitration.
 
After remand to
 
the U.S. District
 
Court, on March
 
19, 2024, the
 
court issued an
 
Order adjourning all
 
dates and deadlines
 
including
the initial
 
pretrial conference
 
after the
 
parties informed
 
that they
 
have agreed
 
to mediate
 
the matter.
 
During a
 
mediation hearing
held on May
 
2, 2024, the parties
 
reached a settlement in
 
principle on a class-wide basis.
On July 25, 2024,
 
the parties filed before
the Court a motion
 
for preliminary approval of
 
the settlement agreement, and, on
 
July 26, 2024, the
 
Court issued an order
 
granting
preliminary approval of the settlement agreement. The
 
Court scheduled the final approval hearing for January
 
27, 2025.
 
98
Note 21 – Non-consolidated variable interest
 
entities
 
 
 
The Corporation is
 
involved with
three
 
statutory trusts which
 
it created to
 
issue trust preferred
 
securities to the
 
public. These trusts
are deemed to be variable interest entities (“VIEs”) since the equity investors at risk have no substantial decision-making rights. The
Corporation does not
 
hold any variable
 
interest in the
 
trusts, and therefore,
 
cannot be the
 
trusts’ primary beneficiary.
 
Furthermore,
the
 
Corporation concluded
 
that
 
it did
 
not
 
hold
 
a
 
controlling financial
 
interest
 
in
 
these
 
trusts
 
since the
 
decisions
 
of
 
the
 
trusts
 
are
predetermined through
 
the trust
 
documents and the
 
guarantee of
 
the trust
 
preferred securities is
 
irrelevant since
 
in substance
 
the
sponsor is guaranteeing its own debt.
Also, the
 
Corporation is
 
involved with
 
various special
 
purpose entities
 
mainly in
 
guaranteed mortgage
 
securitization transactions,
including
 
GNMA
 
and
 
FNMA.
The
 
Corporation
 
has
 
also
 
engaged
 
in
 
securitization
 
transactions
 
with
 
FHLMC,
 
but
 
considers
 
its
exposure in the form of servicing fees and servicing advances not to be significant
at June 30, 2024
.
These special purpose entities
are deemed
 
to be
 
VIEs since
 
they lack
 
equity investments
 
at risk.
 
The Corporation’s
 
continuing involvement in
 
these guaranteed
loan securitizations includes owning certain beneficial interests
 
in the form of securities as
 
well as the servicing rights
 
retained. The
Corporation is
 
not required to
 
provide additional financial
 
support to
 
any of
 
the variable
 
interest entities
 
to which
 
it has
 
transferred
the
 
financial
 
assets.
 
The
 
mortgage-backed
 
securities,
 
to
 
the
 
extent
 
retained,
 
are
 
classified
 
in
 
the
 
Corporation’s
 
Consolidated
Statements
 
of
 
Financial
 
Condition
 
as
 
available-for-sale
 
or
 
trading
 
securities.
 
The
 
Corporation
 
concluded
 
that,
 
essentially,
 
these
entities (FNMA
 
and GNMA)
 
control the
 
design of
 
their respective
 
VIEs, dictate
 
the quality
 
and nature
 
of the
 
collateral, require
 
the
underlying insurance, set
 
the servicing standards
 
via the servicing
 
guides and can
 
change them at
 
will, and can
 
remove a primary
servicer with cause,
 
and without cause
 
in the
 
case of
 
FNMA. Moreover,
 
through their guarantee
 
obligations, agencies (FNMA
 
and
GNMA) have the obligation to absorb losses that
 
could be potentially significant to the VIE.
The
 
Corporation
 
holds
 
variable
 
interests
 
in
 
these
 
VIEs
 
in
 
the
 
form
 
of
 
agency
 
mortgage-backed
 
securities
 
and
 
collateralized
mortgage obligations, including those securities originated by the Corporation and those acquired from
 
third parties. Additionally, the
Corporation holds agency mortgage-backed securities
 
and agency collateralized mortgage obligations
 
issued by third party
 
VIEs in
which
 
it
 
has
 
no
 
other
 
form
 
of
 
continuing
 
involvement. Refer
 
to
 
Note
 
23
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
information on the
 
debt securities outstanding at
 
June 30, 2024
 
and December 31,
 
2023, which are
 
classified as available-for-sale
and
 
trading
 
securities
 
in
 
the
 
Corporation’s
 
Consolidated
 
Statements
 
of
 
Financial
 
Condition.
 
In
 
addition,
 
the
 
Corporation
 
holds
variable
 
interests
 
in
 
the
 
form
 
of
 
servicing
 
fees,
 
since
 
it
 
retains
 
the
 
right
 
to
 
service
 
the
 
transferred
 
loans
 
in
 
those
 
government-
sponsored special purpose entities (“SPEs”) and may also purchase the right to service loans in other government-sponsored SPEs
that were transferred to those SPEs by a third-party.
 
The following
 
table presents
 
the carrying
 
amount and
 
classification of
 
the assets
 
related to
 
the Corporation’s
 
variable interests
 
in
non-consolidated VIEs
 
and the
 
maximum exposure
 
to loss
 
as a
 
result of
 
the Corporation’s
 
involvement as
 
servicer of
 
GNMA and
FNMA loans at June 30, 2024 and December 31,
 
2023.
 
99
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
December 31, 2023
Assets
Servicing assets:
Mortgage servicing rights
$
88,782
$
92,999
Total servicing
 
assets
 
$
88,782
$
92,999
Other assets:
Servicing advances
$
6,900
$
6,291
Total other assets
$
6,900
$
6,291
Total assets
$
95,682
$
99,290
Maximum exposure to loss
$
95,682
$
99,290
The size of
 
the non-consolidated VIEs,
 
in which the
 
Corporation has a
 
variable interest in
 
the form
 
of servicing fees,
 
measured as
the total unpaid principal balance of the loans,
 
amounted to $
6.9
 
billion at June 30, 2024 (December 31, 2023 -
 
$
7.2
 
billion).
The Corporation
 
determined that
 
the maximum
 
exposure to
 
loss includes
 
the fair
 
value of
 
the MSRs
 
and the
 
assumption that
 
the
servicing advances at June 30, 2024 and December 31, 2023, will not be recovered. The agency debt securities are not included as
part of the maximum exposure to loss since they
 
are guaranteed by the related agencies.
ASU 2009-17 requires that an ongoing primary beneficiary assessment should be made to determine whether the Corporation is the
primary beneficiary of any of the VIEs it is
 
involved with. The conclusion on the assessment of these non-consolidated VIEs has not
changed
 
since
 
their
 
initial
 
evaluation.
 
The
 
Corporation
 
concluded
 
that
 
it
 
is
 
still
 
not
 
the
 
primary
 
beneficiary
 
of
 
these
 
VIEs,
 
and
therefore, these VIEs are not required to be consolidated
 
in the Corporation’s financial statements at June 30, 2024.
100
Note 22 – Related party transactions
 
 
Centro Financiero BHD, S.A.
At June 30, 2024, the Corporation had
 
a
15.84
% equity interest in Centro Financiero BHD,
 
S.A. (“BHD”), one of the largest banking
and financial
 
services groups
 
in the
 
Dominican Republic.
 
During the
 
six months
 
ended June
 
30, 2024,
 
the Corporation
 
recorded
$
17.4
 
million
 
in
 
equity
 
pickup,
 
including
 
the
 
impact
 
of
 
changes
 
in
 
the
 
fair
 
value
 
of
 
available
 
for
 
sale
 
securities
 
included
 
as
 
a
component
 
of
 
Other
 
Comprehensive Income,
 
from
 
its
 
investment
 
in
 
BHD
 
(June
 
30,
 
2023
 
-
 
$
32.3
 
million),
 
which
 
had
 
a
 
carrying
amount of
 
$
223.9
 
million at
 
June 30,
 
2024 (December
 
31, 2023
 
- $
225.9
 
million). The
 
Corporation received
 
$
19.4
 
million in
 
cash
dividend distributions and $
2.9
 
in stock dividends during the six months ended June 30, 2024 (June 30, 2023 - $
14.1
 
million in cash
dividends and $
2.1
 
million in stock dividends).
 
Investment Companies
The Corporation,
 
through its subsidiary Popular
 
Asset Management LLC (“PAM”),
 
provides advisory services to
 
several investment
companies registered
 
under the
 
Investment Company
 
Act of
 
1940 in
 
exchange for
 
a fee.
 
The Corporation,
 
through its
 
subsidiary
BPPR, also
 
provides transfer
 
agency services to
 
these investment companies.
 
These fees
 
are calculated
 
at an
 
annual rate
 
of the
average net
 
assets of the
 
investment company,
 
as defined in
 
each agreement. Due
 
to its
 
advisory role, the
 
Corporation considers
these investment companies as related parties.
For
 
the six
 
months
 
ended June
 
30,
 
2024,
 
administrative fees
 
charged
 
to
 
these
 
investment companies
 
amounted
 
to
 
$
1.1
 
million
(June 30, 2023
 
- $
1.1
 
million) and waived fees
 
amounted to $
0.4
 
million (June 30,
 
2023 - $
0.4
 
million), for a net
 
fee of $
0.7
 
million
(June 30, 2023 - $
0.7
 
million).
101
Note 23 – Fair value measurement
 
ASC Subtopic
 
820-10 “Fair
 
Value
 
Measurements and
 
Disclosures” establishes
 
a fair
 
value hierarchy
 
that prioritizes
 
the inputs
 
to
valuation techniques
 
used to
 
measure fair
 
value into
 
three levels
 
in order
 
to increase
 
consistency and
 
comparability in
 
fair value
measurements and disclosures. The hierarchy is broken
 
down into three levels based on the reliability
 
of inputs as follows:
Level
 
1
- Unadjusted
 
quoted prices
 
in
 
active markets
 
for identical
 
assets
 
or liabilities
 
that
 
the Corporation
 
has the
 
ability to
access at the
 
measurement date. Valuation
 
on these instruments
 
does not necessitate a
 
significant degree of judgment
 
since
valuations are based on quoted prices that are
 
readily available in an active market.
Level 2
- Quoted
 
prices other
 
than those
 
included in
 
Level 1
 
that are
 
observable either
 
directly or
 
indirectly.
 
Level 2
 
inputs
include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in
markets
 
that
 
are
 
not
 
active,
 
or
 
other inputs
 
that
 
are
 
observable
 
or that
 
can
 
be
 
corroborated by
 
observable market
 
data
 
for
substantially the full term of the financial instrument.
Level 3
- Inputs are unobservable and significant
 
to the fair value measurement.
 
Unobservable inputs reflect the Corporation’s
own judgements about assumptions that market participants
 
would use in pricing the asset or liability.
The
 
Corporation
 
maximizes
 
the
 
use
 
of
 
observable
 
inputs
 
and
 
minimizes
 
the
 
use
 
of
 
unobservable
 
inputs
 
by
 
requiring
 
that
 
the
observable inputs be used when
 
available. Fair value is
 
based upon quoted market prices
 
when available. If listed prices
 
or quotes
are
 
not
 
available,
 
the
 
Corporation
 
employs
 
internally-developed
 
models
 
that
 
primarily
 
use
 
market-based
 
inputs
 
including
 
yield
curves, interest rates,
 
volatilities, and credit
 
curves, among others.
 
Valuation
 
adjustments are limited
 
to those necessary
 
to ensure
that the financial instrument’s
 
fair value is adequately representative of
 
the price that would
 
be received or paid
 
in the marketplace.
These adjustments include amounts that reflect counterparty credit quality,
 
the Corporation’s credit standing, constraints on liquidity
and unobservable parameters that are applied consistently.
 
There have been no changes in the
 
Corporation’s methodologies used
to estimate the fair value of assets and liabilities from
 
those disclosed in the 2023 Form 10-K.
The estimated fair
 
value may
 
be subjective in
 
nature and may
 
involve uncertainties and
 
matters of
 
significant judgment for
 
certain
financial instruments. Changes in the underlying assumptions
 
used in calculating fair value could significantly
 
affect the results.
Fair Value on a Recurring and Nonrecurring Basis
The following fair value hierarchy tables
 
present information about the Corporation’s assets
 
and liabilities measured at fair value
 
on
a recurring basis at June 30, 2024 and December
 
31, 2023:
 
102
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
 
Debt securities available-for-sale:
U.S. Treasury securities
$
7,751,165
$
5,256,221
$
-
$
-
$
13,007,386
Collateralized mortgage obligations - federal
agencies
-
131,853
-
-
131,853
Mortgage-backed securities
-
5,400,959
581
-
5,401,540
Other
-
-
2,000
-
2,000
Total debt securities
 
available-for-sale
$
7,751,165
$
10,789,033
$
2,581
$
-
$
18,542,779
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
7,064
$
-
$
-
$
-
$
7,064
Obligations of Puerto Rico, States and political
subdivisions
-
59
-
-
59
Collateralized mortgage obligations
-
87
-
-
87
Mortgage-backed securities
-
20,560
84
-
20,644
Other
-
-
158
-
158
Total trading account
 
debt securities, excluding
derivatives
$
7,064
$
20,706
$
242
$
-
$
28,012
Equity securities
$
-
$
43,081
$
-
$
388
$
43,469
Mortgage servicing rights
-
-
113,386
-
113,386
Loans held-for-sale
-
5,197
-
-
5,197
Derivatives
 
-
25,228
-
-
25,228
Total assets measured
 
at fair value on a
recurring basis
$
7,758,229
$
10,883,245
$
116,209
$
388
$
18,758,071
Liabilities
Derivatives
$
-
$
(23,198)
$
-
$
-
$
(23,198)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(23,198)
$
-
$
-
$
(23,198)
 
 
 
103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2023
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Debt securities available-for-sale:
U.S. Treasury securities
$
3,936,036
$
6,811,025
$
-
$
-
$
10,747,061
Collateralized mortgage obligations - federal
agencies
-
134,686
-
-
134,686
Mortgage-backed securities
-
5,844,180
606
-
5,844,786
Other
-
11
2,500
-
2,511
Total debt securities
 
available-for-sale
$
3,936,036
$
12,789,902
$
3,106
$
-
$
16,729,044
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
16,859
$
-
$
-
$
-
$
16,859
Obligations of Puerto Rico, States and political
subdivisions
-
71
-
-
71
Collateralized mortgage obligations
-
93
5
-
98
Mortgage-backed securities
-
14,261
112
-
14,373
Other
-
-
167
-
167
Total trading account
 
debt securities, excluding
derivatives
$
16,859
$
14,425
$
284
$
-
$
31,568
Equity securities
$
-
$
37,965
$
-
$
310
$
38,275
Mortgage servicing rights
-
-
118,109
-
118,109
Loans held-for-sale
-
3,239
-
-
3,239
Derivatives
 
-
24,419
-
-
24,419
Total assets measured
 
at fair value on a
recurring basis
$
3,952,895
$
12,869,950
$
121,499
$
310
$
16,944,654
Liabilities
 
 
 
Derivatives
$
-
$
(21,103)
$
-
$
-
$
(21,103)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(21,103)
$
-
$
-
$
(21,103)
Beginning in the first quarter of 2023, the Corporation has elected the fair value option for
 
newly originated mortgage loans held-for-
sale. This election better aligns with the management
 
of the portfolio from a business perspective.
 
Loans held-for-sale measured at fair value
 
Loans held-for-sale measured at fair value were priced
 
based on secondary market prices. These loans
 
are classified as Level 2.
The
 
following
 
tables summarize
 
the difference
 
between the
 
aggregate fair
 
value
 
and the
 
aggregate unpaid
 
principal
 
balance
 
for
mortgage loans originated as held-for-sale measured
 
at fair value as of June 30, 2024 and December
 
31, 2023.
 
 
 
 
 
 
(In thousands)
June 30, 2024
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
5,197
$
5,139
$
58
 
 
 
 
 
 
(In thousands)
December 31, 2023
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
3,239
$
3,202
$
37
No
 
loans held-for-sale were 90 or more days past
 
due or on nonaccrual status as of June 30,
 
2024 and December 31, 2023.
 
 
104
For the six months ended June 30, 2024, changes in the fair value of
 
mortgage loans held-for-sale for which the Corporation elected
the fair value option, were not considered material.
The fair value information included in the following tables is
 
not as of period end, but as of
 
the date that the fair value measurement
was
 
recorded
 
during
 
the
 
quarters
 
and
 
six
 
months
 
ended
 
June
 
30,
 
2024
 
and
 
2023
 
and
 
excludes
 
nonrecurring
 
fair
 
value
measurements of assets no longer outstanding as of
 
the reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
2,039
$
2,039
$
(329)
Loans held-for-sale
[2]
-
3,028
-
3,028
(38)
Other real estate owned
[3]
-
-
4,426
4,426
(1,602)
Other foreclosed assets
[3]
-
-
211
211
(46)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
3,028
$
6,676
$
9,704
$
(2,015)
[1] Relates mainly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which is
derived from appraisals that take into consideration prices
 
in observed transactions involving similar assets in similar
 
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Relates to a quarterly valuation on loans held-for-sale.
 
Costs to sell are excluded from the reported fair value amount.
 
[3] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2023
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
18,923
$
18,923
$
(7,092)
Other real estate owned
[2]
-
-
2,815
2,815
(656)
Other foreclosed assets
[2]
-
-
41
41
(9)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
21,779
$
21,779
$
(7,757)
[1] Relates mainly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which is
derived from appraisals that take into consideration prices
 
in observed transactions involving similar assets in similar
 
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
 
105
The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters
 
and six months ended June 30, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2024
MBS
Other
MBS
Other
classified
securities
classified
securities
as debt
classified as
 
as trading
classified
securities
 
debt securities
account
as trading
Mortgage
available-
available-
 
debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at March 31, 2024
$
607
$
2,000
$
84
$
166
$
114,964
$
117,821
Gains (losses) included in earnings
-
-
-
(8)
(1,945)
(1,953)
Gains (losses) included in OCI
(1)
-
-
-
-
(1)
Additions
-
-
-
-
367
367
Settlements
(25)
-
-
-
-
(25)
Balance at June 30, 2024
$
581
$
2,000
$
84
$
158
$
113,386
$
116,209
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2024
$
-
$
-
$
-
$
10
$
500
$
510
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2024
MBS
Other
MBS
Other
classified
securities
CMOs
classified
securities
as debt
classified as
 
classified
as trading
classified
securities
 
debt securities
as trading
account
as trading
Mortgage
available-
available-
account debt
 
debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1, 2024
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Gains (losses) included in earnings
-
(500)
-
-
(9)
(5,384)
(5,893)
Additions
-
-
-
-
-
661
661
Settlements
(25)
-
(5)
(28)
-
-
(58)
Balance at June 30, 2024
$
581
$
2,000
$
-
$
84
$
158
$
113,386
$
116,209
Changes in unrealized gains (losses) included
in earnings relating to assets still held at June
30, 2024
$
-
$
(500)
$
-
$
-
$
12
$
(702)
$
(1,190)
 
106
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2023
MBS
Other
Other
classified
securities
CMOs
MBS
securities
as debt
classified as
classified
classified
classified
securities
debt securities
as trading
as trading
as trading
Mortgage
available-
available-
account debt
account debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at March 31, 2023
$
655
$
1,000
$
88
$
188
$
199
$
127,475
$
129,605
Gains (losses) included in earnings
-
-
-
-
(8)
(6,217)
(6,225)
Additions
-
-
4
-
-
739
743
Sales
-
-
-
-
-
(1,269)
(1,269)
Settlements
-
-
(36)
(25)
-
521
460
Balance at June 30, 2023
$
655
$
1,000
$
56
$
163
$
191
$
121,249
$
123,314
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at June 30, 2023
$
-
$
-
$
-
$
-
$
9
$
(2,732)
$
(2,723)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2023
MBS
Other
Other
classified
securities
CMOs
securities
as debt
classified as
classified
MBS
 
classified
securities
debt securities
as trading
classified as
as trading
Mortgage
available-
available-
account debt
trading account
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1,
 
2023
$
711
$
1,000
$
113
$
215
$
207
$
128,350
$
130,596
Gains (losses) included in earnings
-
-
-
(2)
(16)
(7,593)
(7,611)
Gains (losses) included in OCI
(6)
-
-
-
-
-
(6)
Additions
-
-
4
-
-
1,240
1,244
Sales
-
-
-
-
-
(1,269)
(1,269)
Settlements
(50)
-
(61)
(50)
-
521
360
Balance at June 30, 2023
$
655
$
1,000
$
56
$
163
$
191
$
121,249
$
123,314
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at June 30, 2023
$
-
$
-
$
-
$
(1)
$
18
$
(1,447)
$
(1,430)
 
 
 
 
 
107
Gains and losses (realized and
 
unrealized) included in earnings for the quarters
 
and six months ended June 30,
 
2024 and 2023 for
Level 3 assets and liabilities included in the
 
previous tables are reported in the consolidated
 
statement of operations as follows:
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2024
Six months ended June 30, 2024
Changes in unrealized
Changes in unrealized
Total gains
gains (losses) relating to
Total gains
gains (losses) relating to
(losses) included
assets still held at
(losses) included
assets still held at
(In thousands)
in earnings
reporting date
in earnings
reporting date
Mortgage banking activities
$
(1,945)
$
500
$
(5,384)
$
(702)
Trading account profit (loss)
(8)
10
(9)
12
Provision for credit losses
-
-
(500)
(500)
Total
 
$
(1,953)
$
510
$
(5,893)
$
(1,190)
 
 
 
 
 
 
 
Quarter ended June 30, 2023
Six months ended June 30, 2023
Changes in unrealized
Changes in unrealized
Total gains
gains (losses) relating to
Total gains
gains (losses) relating to
(losses) included
assets still held at
(losses) included
assets still held at
(In thousands)
in earnings
reporting date
in earnings
reporting date
Mortgage banking activities
$
(6,217)
$
(2,732)
$
(7,593)
$
(1,447)
Trading account profit (loss)
(8)
9
(18)
17
Total
 
$
(6,225)
$
(2,723)
$
(7,611)
$
(1,430)
The following
 
tables include
 
quantitative information
 
about significant
 
unobservable inputs
 
used to
 
derive the
 
fair value
 
of Level
 
3
instruments, excluding those instruments
 
for which the
 
unobservable inputs were not
 
developed by the
 
Corporation such as
 
prices
of prior transactions and/or unadjusted third-party pricing
 
sources at June 30, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
Fair value at
 
June 30,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
158
Discounted cash flow model
Weighted average life
2.3
 
years
Yield
12.0%
Prepayment speed
10.8%
Loans held-in-portfolio
$
2,039
[2]
External appraisal
Haircut applied on
external appraisals
10.0%
[1]
 
Weighted average of significant unobservable inputs
 
used to develop Level 3 fair value measurements
 
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
June 30,
(In thousands)
2023
Valuation technique
Unobservable inputs
Weighted average (range) [1]
CMO's - trading
$
56
Discounted cash flow model
Weighted average life
0.2
 
years (
0.2
 
-
0.4
 
years)
Yield
4.9
% (
4.9
% -
5.4
%)
Prepayment speed
7.9
% (
7.7
% -
25
%)
Other - trading
$
191
Discounted cash flow model
Weighted average life
2.5
 
years
Yield
12.0%
Prepayment speed
10.8%
Loans held-in-portfolio
$
18,854
[2]
External appraisal
Haircut applied on
external appraisals
12
.0% (
5
.0% -
20
.0%)
[1]
 
Weighted average of significant unobservable inputs
 
used to develop Level 3 fair value measurements
 
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
108
Note 24 – Fair value of financial instruments
The fair
 
value of
 
financial instruments
 
is the
 
amount at
 
which an
 
asset or
 
obligation could
 
be exchanged
 
in a
 
current transaction
between
 
willing
 
parties,
 
other
 
than
 
in
 
a
 
forced
 
or
 
liquidation
 
sale.
 
For
 
those
 
financial
 
instruments
 
with
 
no
 
quoted
 
market
 
prices
available, fair values have been estimated using present
 
value calculations or other valuation techniques, as well
 
as management’s
best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment
assumptions. Many of these
 
estimates involve various assumptions and
 
may vary significantly from
 
amounts that could be
 
realized
in actual transactions.
The fair
 
values reflected
 
herein have
 
been determined
 
based on
 
the prevailing
 
rate environment at
 
June 30,
 
2024 and
 
December
31, 2023, as applicable. In different interest rate environments,
 
fair value estimates can differ significantly, especially for certain fixed
rate
 
financial
 
instruments.
 
In
 
addition,
 
the
 
fair
 
values
 
presented
 
do
 
not
 
attempt
 
to
 
estimate
 
the
 
value
 
of
 
the
 
Corporation’s
 
fee
generating businesses
 
and anticipated
 
future business
 
activities, that
 
is, they
 
do not
 
represent the
 
Corporation’s value
 
as a
 
going
concern. There have been
 
no changes in the
 
Corporation’s valuation methodologies and inputs
 
used to estimate the
 
fair values for
each class of financial assets and liabilities not measured
 
at fair value.
The following tables present the
 
carrying amount and estimated fair
 
values of financial instruments with their
 
corresponding level in
the fair
 
value hierarchy.
 
The aggregate
 
fair value
 
amounts of
 
the financial
 
instruments disclosed
 
do not
 
represent management’s
estimate of the underlying value of the Corporation.
 
109
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
359,973
$
359,973
$
-
$
-
$
-
$
359,973
Money market investments
6,851,394
6,844,108
7,286
-
-
6,851,394
Trading account debt securities, excluding
 
derivatives
[1]
28,012
7,064
20,706
242
-
28,012
Debt securities available-for-sale
[1]
18,542,779
7,751,165
10,789,033
2,581
-
18,542,779
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,906,676
$
-
$
7,770,065
$
-
$
-
$
7,770,065
Obligations of Puerto Rico, States and political
subdivisions
55,110
-
6,881
48,969
-
55,850
Collateralized mortgage obligation-federal agency
1,527
-
1,341
-
-
1,341
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities
 
held-to-maturity
$
7,969,273
$
-
$
7,784,247
$
48,969
$
-
$
7,833,216
Equity securities:
FHLB stock
$
47,729
$
-
$
47,729
$
-
$
-
$
47,729
FRB stock
98,389
-
98,389
-
-
98,389
Other investments
49,673
-
43,081
6,895
388
50,364
Total equity securities
$
195,791
$
-
$
189,199
$
6,895
$
388
$
196,482
Loans held-for-sale
$
8,225
$
-
$
8,225
$
-
$
-
$
8,225
Loans held-in-portfolio
34,861,543
-
-
33,644,881
-
33,644,881
Mortgage servicing rights
113,386
-
-
113,386
-
113,386
Derivatives
25,228
-
25,228
-
-
25,228
June 30, 2024
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
56,333,205
$
-
$
56,333,205
$
-
$
-
$
56,333,205
Time deposits
9,197,657
-
8,877,178
-
-
8,877,178
Total deposits
$
65,530,862
$
-
$
65,210,383
$
-
$
-
$
65,210,383
Assets sold under agreements to repurchase
$
105,684
$
-
$
105,681
$
-
$
-
$
105,681
Notes payable:
FHLB advances
$
348,665
$
-
$
335,115
$
-
$
-
$
335,115
Unsecured senior debt securities
394,556
-
407,608
-
-
407,608
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,359
-
187,842
-
-
187,842
Total notes payable
$
941,580
$
-
$
930,565
$
-
$
-
$
930,565
Derivatives
$
23,198
$
-
$
23,198
$
-
$
-
$
23,198
[1]
Refer to Note 23 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
 
110
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
420,462
$
420,462
$
-
$
-
$
-
$
420,462
Money market investments
6,998,871
6,991,758
7,113
-
-
6,998,871
Trading account debt securities, excluding
 
derivatives
[1]
31,568
16,859
14,425
284
-
31,568
Debt securities available-for-sale
[1]
16,729,044
3,936,036
12,789,902
3,106
-
16,729,044
Debt securities held-to-maturity:
U.S. Treasury securities
$
8,121,411
$
-
$
8,092,339
$
-
$
-
$
8,092,339
Obligations of Puerto Rico, States and political
subdivisions
59,628
-
7,007
52,671
-
59,678
Collateralized mortgage obligation-federal agency
1,556
-
1,395
13
-
1,408
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities
 
held-to-maturity
$
8,188,555
$
-
$
8,106,701
$
52,684
$
-
$
8,159,385
Equity securities:
FHLB stock
$
49,549
$
-
$
49,549
$
-
$
-
$
49,549
FRB stock
98,948
-
98,948
-
-
98,948
Other investments
45,229
-
37,965
7,869
310
46,144
Total equity securities
$
193,726
$
-
$
186,462
$
7,869
$
310
$
194,641
Loans held-for-sale
$
4,301
$
-
$
4,328
$
-
$
-
$
4,328
Loans held-in-portfolio
34,335,630
-
 
-
33,376,255
-
33,376,255
Mortgage servicing rights
118,109
-
 
-
118,109
-
118,109
Derivatives
24,419
-
24,419
-
-
24,419
December 31, 2023
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
55,116,351
$
-
$
55,116,351
$
-
$
-
$
55,116,351
Time deposits
8,501,892
-
8,154,823
-
-
8,154,823
Total deposits
$
63,618,243
$
-
$
63,271,174
$
-
$
-
$
63,271,174
Assets sold under agreements to repurchase
$
91,384
$
-
$
91,386
$
-
$
-
$
91,386
Notes payable:
FHLB advances
$
394,665
$
-
$
377,851
$
-
$
-
$
377,851
Unsecured senior debt securities
393,937
-
400,848
-
-
400,848
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,346
-
180,076
-
-
180,076
Total notes payable
$
986,948
$
-
$
958,775
$
-
$
-
$
958,775
Derivatives
$
21,103
$
-
$
21,103
$
-
$
-
$
21,103
[1]
Refer to Note 23 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
 
The notional
 
amount of
 
commitments to
 
extend credit
 
at June
 
30, 2024
 
and December
 
31, 2023
 
was $
11
 
billion and
 
$
10
 
billion,
respectively, and
 
represented the unused portion of credit
 
facilities granted to customers. The
 
notional amount of letters of
 
credit at
June 30, 2024 and December 31, 2023 was $
111
 
million and $
82
 
million, respectively, and represented the contractual amount that
is required to be paid in the event of nonperformance. The fair value of commitments to extend credit and letters of credit, which are
based on the fees charged to enter into those
 
agreements, are not material to Popular’s
 
financial statements.
 
 
111
Note 25 – Net income per common share
The following table sets
 
forth the computation of
 
net income per common
 
share (“EPS”), basic and
 
diluted, for the quarters
 
and six
months ended June 30, 2024 and 2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six
 
months ended June 30,
(In thousands, except per share information)
2024
2023
2024
2023
Net income
$
177,789
$
151,160
$
281,072
$
310,139
Preferred stock dividends
(353)
(353)
(706)
(706)
Net income applicable to common stock
$
177,436
$
150,807
$
280,366
$
309,433
Average common shares outstanding
71,970,773
71,690,396
71,920,254
71,616,498
Average potential dilutive common shares
 
21,138
18,807
17,180
47,805
Average common shares outstanding - assuming dilution
71,991,911
71,709,203
71,937,434
71,664,303
Basic EPS
$
2.47
$
2.10
$
3.90
$
4.32
Diluted EPS
$
2.46
$
2.10
$
3.90
$
4.32
For the quarters
 
and six months ended June 30, 2024 and 2023, the
 
Corporation calculated the impact of potential dilutive common
shares under the treasury stock method, consistent with the method used for the preparation of the financial statements for the year
ended December 31, 2023. For a discussion of the
 
calculation under the treasury stock method, refer
 
to Note 31 of the Consolidated
Financial Statements included in the 2023 Form 10-K.
 
112
Note 26 – Revenue from contracts with customers
The
 
following
 
table
 
presents
 
the
 
Corporation’s
 
revenue
 
streams
 
from
 
contracts
 
with
 
customers
 
by
 
reportable
 
segment
 
for
 
the
quarters and six months ended June 30, 2024 and
 
2023
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30,
Six
 
months ended June 30,
(In thousands)
2024
2024
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
35,055
$
2,471
$
70,071
$
4,897
Other service fees:
Debit card fees
16,098
200
30,147
399
Insurance fees, excluding reinsurance
11,708
1,600
22,264
3,446
Credit card fees, excluding late fees and membership
 
fees
37,003
368
72,803
826
Sale and administration of investment products
7,850
-
15,277
-
Trust fees
6,923
-
13,908
-
Total revenue from
 
contracts with customers [1]
$
114,637
$
4,639
$
224,470
$
9,568
[1]
The amounts include intersegment transactions of $
2.7
 
million and $
3.3
 
million, respectively, for the
 
quarter and six months ended June 30, 2024.
Quarter ended June 30,
Six
 
months ended June 30,
(In thousands)
2023
2023
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
35,253
$
2,528
$
67,405
$
5,054
Other service fees:
Debit card fees
13,377
223
26,325
441
Insurance fees, excluding reinsurance
12,152
1,288
22,950
2,595
Credit card fees, excluding late fees and membership
 
fees
38,392
336
74,566
915
Sale and administration of investment products
6,076
-
12,634
-
Trust fees
6,868
-
12,764
-
Total revenue from
 
contracts with customers [1]
$
112,118
$
4,375
$
216,644
$
9,005
[1]
The amounts include intersegment transactions of $
2.2
 
million and $
3.8
 
million, respectively, for the
 
quarter and six months ended June 30, 2023.
Revenue from contracts with
 
customers is recognized when,
 
or as, the performance
 
obligations are satisfied by
 
the Corporation by
transferring the
 
promised services
 
to
 
the customers.
 
A
 
service is
 
transferred to
 
the customer
 
when, or
 
as, the
 
customer obtains
control
 
of
 
that
 
service.
 
A
 
performance obligation
 
may
 
be
 
satisfied over
 
time
 
or
 
at
 
a
 
point
 
in
 
time.
 
Revenue from
 
a
 
performance
obligation satisfied
 
over time
 
is recognized
 
based on
 
the services
 
that have
 
been rendered
 
to date.
 
Revenue from
 
a performance
obligation satisfied at a point in time
 
is recognized when the customer obtains control over the
 
service. The transaction price, or the
amount of revenue
 
recognized, reflects the
 
consideration the Corporation expects
 
to be entitled
 
to in exchange
 
for those promised
services. In determining the transaction price, the Corporation considers the effects of variable consideration. Variable consideration
is included
 
in the
 
transaction price
 
only to
 
the extent
 
it is
 
probable that a
 
significant reversal
 
in the
 
amount of
 
cumulative revenue
recognized will
 
not occur.
 
The Corporation
 
is the
 
principal in
 
a transaction
 
if it
 
obtains control
 
of the
 
specified goods
 
or services
before they
 
are transferred
 
to
 
the customer.
 
If the
 
Corporation acts
 
as principal,
 
revenues are
 
presented in
 
the gross
 
amount of
consideration to which it expects to
 
be entitled and are not
 
netted with any related expenses. On the
 
other hand, the Corporation is
an agent if it does not control
 
the specified goods or services before they are transferred
 
to the customer. If
 
the Corporation acts as
an agent, revenues are presented in the amount
 
of consideration to which it expects to be entitled,
 
net of related expenses.
Following is a description of the nature and timing
 
of revenue streams from contracts with customers:
Service charges on deposit accounts
Service
 
charges
 
on
 
deposit
 
accounts
 
are
 
earned
 
on
 
retail
 
and
 
commercial
 
deposit
 
activities
 
and
 
include,
 
but
 
are
 
not
 
limited
 
to,
nonsufficient fund
 
fees, overdraft
 
fees and
 
checks stop
 
payment fees.
 
These transaction-based
 
fees are
 
recognized at
 
a point
 
in
time,
 
upon
 
occurrence
 
of
 
an
 
activity
 
or
 
event
 
or
 
upon
 
the
 
occurrence
 
of
 
a
 
condition
 
which
 
triggers
 
the
 
fee
 
assessment.
 
The
Corporation is acting as principal in these transactions.
113
Debit card fees
Debit card fees include, but are not limited to, interchange
 
fees, surcharging income and foreign transaction
 
fees.
 
These transaction-
based fees
 
are recognized at
 
a point in
 
time, upon
 
occurrence of an
 
activity or
 
event or upon
 
the occurrence of
 
a condition which
triggers
 
the
 
fee
 
assessment.
 
Interchange
 
fees
 
are
 
recognized
 
upon
 
settlement
 
of
 
the
 
debit
 
card
 
payment
 
transactions.
 
The
Corporation is acting as principal in these transactions.
Insurance fees
Insurance fees
 
include, but
 
are
 
not limited
 
to, commissions
 
and contingent
 
commissions.
 
Commissions and
 
fees
 
are
 
recognized
when related
 
policies are effective
 
since the Corporation
 
does not
 
have an enforceable
 
right to
 
payment for services
 
completed to
date.
 
An
 
allowance
 
is
 
created
 
for
 
expected
 
adjustments
 
to
 
commissions
 
earned
 
related
 
to
 
policy
 
cancellations.
 
Contingent
commissions
 
are
 
recorded
 
on
 
an
 
accrual
 
basis
 
when
 
the
 
amount
 
to
 
be
 
received
 
is
 
notified
 
by
 
the
 
insurance
 
company.
 
The
Corporation is acting
 
as an
 
agent since it
 
arranges for the
 
sale of
 
the policies and
 
receives commissions if,
 
and when, it
 
achieves
the sale.
 
Credit card fees
Credit card
 
fees include,
 
but are
 
not limited
 
to, interchange
 
fees, additional
 
card fees,
 
cash advance
 
fees, balance
 
transfer fees,
foreign transaction fees, and returned payments
 
fees. Credit card fees are
 
recognized at a point in
 
time, upon the occurrence of an
activity or
 
an event.
 
Interchange fees
 
are recognized
 
upon settlement
 
of the
 
credit card
 
payment transactions. The
 
Corporation is
acting as principal in these transactions.
Sale and administration of investment products
Fees from
 
the sale
 
and administration
 
of investment
 
products include,
 
but are
 
not limited
 
to, commission
 
income from
 
the sale
 
of
investment products, asset management fees, underwriting
 
fees, and mutual fund fees.
 
Commission income from investment products is recognized on the trade date since clearing, trade execution, and custody services
are satisfied when
 
the customer acquires
 
or disposes of
 
the rights to
 
obtain the economic
 
benefits of the
 
investment products and
brokerage contracts have no fixed duration and
 
are terminable at will by
 
either party. The
 
Corporation is acting as principal in these
transactions since it
 
performs the service
 
of providing the
 
customer with the
 
ability to acquire
 
or dispose of
 
the rights to
 
obtain the
economic benefits of investment products.
 
Asset
 
management
 
fees
 
are
 
satisfied
 
over
 
time
 
and
 
are
 
recognized
 
in
 
arrears.
 
At
 
contract
 
inception,
 
the
 
estimate
 
of
 
the
 
asset
management fee
 
is constrained
 
from the
 
inclusion in
 
the transaction
 
price since
 
the promised
 
consideration is
 
dependent on
 
the
market and thus
 
is highly susceptible
 
to factors
 
outside the manager’s
 
influence. As advisor,
 
the broker-dealer subsidiary
 
is acting
as principal.
Underwriting fees are
 
recognized at a point
 
in time, when
 
the investment products
 
are sold in
 
the open market at
 
a markup. When
the broker-dealer subsidiary is lead
 
underwriter, it is
 
acting as an agent. In
 
turn, when it is
 
a participating underwriter, it
 
is acting as
principal.
Mutual fund fees,
 
such as distribution fees,
 
are considered variable consideration
 
and are recognized over
 
time, as the
 
uncertainty
of the fees to be
 
received is resolved as NAV
 
is determined and investor activity occurs. The
 
promise to provide distribution-related
services
 
is
 
considered
 
a
 
single
 
performance
 
obligation
 
as
 
it
 
requires
 
the
 
provision
 
of
 
a
 
series
 
of
 
distinct
 
services
 
that
 
are
substantially the same and have the same pattern of
 
transfer. When the broker-dealer subsidiary is acting as a distributor, it is acting
as principal. In turn, when it acts as third-party dealer, it is acting
 
as an agent.
Trust fees
Trust fees
 
are recognized from
 
retirement plan, mutual fund
 
administration, investment management, trustee, escrow,
 
and custody
and
 
safekeeping services.
 
These
 
asset
 
management services
 
are
 
considered
 
a
 
single
 
performance obligation
 
as
 
it
 
requires the
provision of
 
a series
 
of distinct
 
services that
 
are substantially
 
the same
 
and have
 
the same
 
pattern of
 
transfer.
 
The performance
obligation
 
is
 
satisfied
 
over
 
time,
 
except
 
for
 
optional
 
services
 
and
 
certain
 
other
 
services
 
that
 
are
 
satisfied
 
at
 
a
 
point
 
in
 
time.
 
Revenues are recognized in
 
arrears,
 
when, or as,
 
the services are rendered.
 
The Corporation is
 
acting as principal since,
 
as asset
manager, it has the obligation to provide the specified service to the customer and
 
has the ultimate discretion in establishing the fee
paid by the customer for the specified services.
 
 
114
Note 27 – Leases
The
 
Corporation enters
 
in
 
the
 
ordinary course
 
of
 
business
 
into
 
operating and
 
finance
 
leases
 
for
 
land,
 
buildings
 
and
 
equipment.
These contracts generally do
 
not include purchase options
 
or residual value guarantees.
 
The remaining lease terms
 
of
0.2
 
to
30.5
years
 
considers options
 
to
 
extend the
 
leases for
 
up
 
to
20
 
years. The
 
Corporation identifies
 
leases when
 
it
 
has
 
both the
 
right to
obtain substantially all of the economic benefits from
 
the use of the asset and the right to direct
 
the use of the asset.
The Corporation
 
recognizes right-of-use
 
assets (“ROU
 
assets”) and
 
lease liabilities
 
related to
 
operating and
 
finance leases
 
in its
Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 12
and
 
Note
 
16
 
to
 
the
 
Consolidated Financial
 
Statements,
 
respectively,
 
for
 
information
 
on
 
the
 
balances of
 
these
 
lease
 
assets
 
and
liabilities.
The Corporation uses the
 
incremental borrowing rate for
 
purposes of discounting lease payments
 
for operating and finance leases,
since it
 
does not have
 
enough information to
 
determine the rates
 
implicit in the
 
leases. The discount
 
rates are based
 
on fixed-rate
and
 
fully
 
amortizing
 
borrowing
 
facilities
 
of
 
its
 
banking
 
subsidiaries
 
that
 
are
 
collateralized.
 
For
 
leases
 
held
 
by
 
non-banking
subsidiaries, a credit spread is added to this rate
 
based on financing transactions with a
 
similar credit risk profile.
The following table presents the undiscounted
 
cash flows of operating and finance leases for
 
each of the following periods:
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
(In thousands)
Remaining
 
2024
2025
2026
2027
2028
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
15,604
$
28,445
$
20,048
$
14,640
$
12,181
40,793
$
131,711
$
(16,527)
$
115,184
Finance Leases
2,262
4,605
4,374
3,017
2,344
10,433
27,035
(3,031)
24,004
The following table presents the lease cost recognized
 
by the Corporation in the Consolidated
 
Statements of Operations as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six
 
months ended June 30,
(In thousands)
2024
2023
2024
2023
Finance lease cost:
Amortization of ROU assets
$
749
$
1,071
$
1,497
$
1,895
Interest on lease liabilities
226
234
463
530
Operating lease cost
7,650
7,800
15,338
15,654
Short-term lease cost
120
148
236
221
Variable lease cost
70
45
139
101
Sublease income
(21)
(17)
(41)
(26)
Total lease cost
[1]
$
8,794
$
9,281
$
17,632
$
18,375
[1]
Total lease cost
 
is recognized as part of net occupancy expense, except
 
for the net gain recognized from sale and leaseback
 
transactions which
was included as part of other operating income.
 
115
The
 
following
 
table
 
presents
 
supplemental
 
cash
 
flow
 
information
 
and
 
other
 
related
 
information
 
related
 
to
 
operating
 
and
 
finance
leases.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
(Dollars in thousands)
2024
2023
Cash paid for amounts included in the measurement of
 
lease liabilities:
Operating cash flows from operating leases
$
15,689
$
15,480
Operating cash flows from finance leases
463
530
Financing cash flows from finance leases
1,774
2,645
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
1,463
$
1,623
Finance leases
-
1,796
Weighted-average remaining lease term:
Operating leases
7.2
years
7.4
years
Finance leases
8.0
years
8.0
years
Weighted-average discount rate:
Operating leases
3.3
%
3.1
%
Finance leases
3.8
%
3.9
%
As of June 30, 2024,
 
the Corporation had additional operating leases contracts that
 
have not yet commenced with an
 
undiscounted
contract amount of $
3.9
 
million, which will have lease terms ranging
 
from
10
 
to
20
 
years.
 
 
116
Note 28 – Pension and postretirement benefits
The
 
Corporation
 
has
 
a
 
non-contributory
 
defined
 
benefit
 
pension
 
plan
 
and
 
supplementary
 
pension
 
benefit
 
restoration
 
plans
 
for
regular employees of
 
certain of its
 
subsidiaries (the “Pension
 
Plans”). The accrual
 
of benefits under
 
the Pension Plans
 
is frozen to
all
 
participants.
 
The
 
Corporation
 
also
 
provides
 
certain
 
postretirement
 
health
 
care
 
benefits
 
for
 
retired
 
employees
 
of
 
certain
subsidiaries (the “OPEB Plan”).
 
The components of net periodic cost for the
 
Pension Plans and the OPEB Plan for the periods presented
 
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Quarter ended June 30,
Quarter ended June 30,
(In thousands)
2024
2023
2024
2023
Personnel Cost:
 
Service cost
$
-
$
-
$
32
$
48
Other operating expenses:
 
Interest cost
7,558
7,887
1,421
1,520
 
Expected return on plan assets
(8,594)
(8,591)
-
-
 
Amortization of prior service cost/(credit)
-
-
-
-
 
Amortization of net loss
4,166
5,366
(548)
(553)
Total net periodic
 
pension cost
 
$
3,130
$
4,662
$
905
$
1,015
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Six months ended June 30,
Six months ended June 30,
(In thousands)
2024
2023
2024
2023
Personnel Cost:
 
Service cost
$
-
$
-
$
63
$
95
Other operating expenses:
 
Interest cost
15,117
15,774
2,843
3,041
 
Expected return on plan assets
(17,188)
(17,183)
-
-
 
Amortization prior service cost/(credit)
-
-
-
-
 
Amortization of net loss
8,332
10,732
(1,096)
(1,106)
Total net periodic
 
pension cost
$
6,261
$
9,323
$
1,810
$
2,030
The
 
Corporation
 
paid
 
the
 
following
 
contributions
 
to
 
the
 
plans
 
for
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2024
 
and
 
expects
 
to
 
pay
 
the
following contributions for the year ending December
 
31, 2024.
 
 
 
 
 
For the six months ended
For the year ending
(In thousands)
June 30, 2024
December 31, 2024
Pension Plans
$
114
$
228
OPEB Plan
$
3,217
$
5,744
117
Note 29 - Stock-based compensation
Incentive Plan
On May 12, 2020,
 
the shareholders of the
 
Corporation approved the Popular,
 
Inc. 2020 Omnibus Incentive Plan,
 
which permits the
Corporation to
 
issue several
 
types of
 
stock-based compensation
 
to employees
 
and directors
 
of the
 
Corporation and/or
 
any of
 
its
subsidiaries (the
 
“2020 Incentive
 
Plan”). The
 
2020 Incentive
 
Plan replaced
 
the Popular,
 
Inc. 2004
 
Omnibus Incentive
 
Plan, which
was in effect
 
prior to the adoption of
 
the 2020 Incentive Plan (the
 
“2004 Incentive Plan” and, together
 
with the 2020 Incentive
 
Plan,
the “Incentive Plan”). Participants under the Incentive Plan are designated by the Talent and Compensation Committee of the Board
of Directors (or its delegate, as determined by the Board). Under the Incentive Plan, the Corporation has issued restricted stock and
performance shares to its employees and restricted
 
stock and restricted stock units (“RSUs”)
 
to its directors.
The restricted
 
stock granted
 
under the
 
Incentive Plan
 
to employees
 
becomes vested
 
based on
 
the employees’
 
continued service
with
 
Popular.
Unless otherwise stated in an agreement, the compensation cost associated with the shares of restricted stock
granted prior to 2021 was determined based on a two-prong vesting schedule. The first part is vested ratably over five or four years
commencing at the date of grant (“the graduated vesting portion”) and the second part is vested at termination of employment after
attainment of 55 years of age and 10 years of service or 60 years of age and 5 years of service (“the retirement vesting portion”).
The graduated vesting portion is accelerated at termination of employment after attaining the earlier of 55 years of age and 10 years
of service or 60 years of age and 5 years of service. Restricted stock granted on or after 2021 will vest ratably in equal annual
installments over a period of 4 years or 3 years, depending on the classification of the employee. The vesting schedule is
accelerated at termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age
and 5 years of service.
The
 
performance share
 
awards
 
granted
 
under
 
the
 
Incentive
 
Plan
 
consist
 
of
 
the
 
opportunity
 
to
 
receive
 
shares
 
of
 
Popular,
 
Inc.’s
common stock provided that the Corporation achieves certain goals during a three-year performance cycle.
 
The goals will be based
on
 
two
 
metrics
 
weighted
 
equally:
 
the
 
Relative
 
Total
 
Shareholder
 
Return
 
(“TSR”)
 
and
 
the
 
Absolute
 
Return
 
on
 
Average
 
Tangible
Common Equity
 
(“ROATCE”). The
 
TSR metric
 
is considered
 
to be
 
a market
 
condition under
 
ASC 718.
 
For equity
 
settled awards
based
 
on a
 
market condition,
 
the
 
fair value
 
is
 
determined as
 
of the
 
grant date
 
and
 
is not
 
subsequently revised
 
based on
 
actual
performance.
 
The
 
ROATCE
 
metric
 
is
 
considered
 
to
 
be
 
a
 
performance condition
 
under ASC
 
718.
 
The
 
fair value
 
is
 
determined
based on
 
the probability
 
of achieving
 
the ROATCE
 
goal as
 
of each
 
reporting period.
 
The TSR
 
and ROATCE
 
metrics are
 
equally
weighted and
 
work independently.
 
The number of shares that will ultimately vest ranges from 50% to a 150% of target based on
both market (TSR) and performance (ROATCE) conditions. The performance shares vest at the end of the three-year performance
cycle. If a participant terminates employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age
and 5 years of service, the performance shares shall continue outstanding and vest at the end of the performance cycle.
The
 
following
 
table
 
summarizes
 
the
 
restricted
 
stock
 
and
 
performance
 
shares
 
activity
 
under
 
the
 
Incentive
 
Plan
 
for
 
members
 
of
management.
 
 
118
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Shares
Weighted-Average
Grant Date Fair
Value
Non-vested at December 31, 2022
281,963
$
56.50
Granted
257,757
66.01
Performance Shares Quantity Adjustment
19,753
75.32
Vested
 
(243,133)
66.31
Forfeited
(16,444)
55.82
Non-vested at December 31, 2023
299,896
$
58.20
Granted
240,816
86.53
Performance Shares Quantity Adjustment
17,551
86.44
Vested
 
(284,249)
75.59
Forfeited
(2,553)
63.21
Non-vested at June 30, 2024
271,461
$
67.53
During
 
the
 
quarter
 
ended
 
June
 
30,
 
2024,
97,732
 
shares
 
of
 
restricted
 
stock
 
(June
 
30,
 
2023
 
130,815
)
 
were
 
awarded
 
to
management under the Incentive
 
Plan. During the
 
quarters ended June 30,
 
2024 and 2023,
no
 
performance shares were awarded
to management
 
under the
 
Incentive Plan.
 
For the
 
six months
 
ended June
 
30, 2024,
175,591
 
shares of
 
restricted stock
 
(June 30,
2023 –
200,303
) and
65,225
 
performance shares (June 30, 2023 -
57,715
) were awarded to management under the
 
Incentive Plan.
 
During the quarter ended June 30, 2024, the Corporation recognized
 
$
4.1
 
million of restricted stock expense related to management
incentive awards, with a tax benefit of $
1.0
 
million (June 30, 2023 - $
3.3
 
million, with a tax benefit of $
0.8
 
million). For the six months
ended
 
June
 
30,
 
2024,
 
the
 
Corporation
 
recognized
 
$
10.5
 
million
 
of
 
restricted
 
stock
 
expense
 
related
 
to
 
management
 
incentive
awards, with a tax
 
benefit of $
1.7
 
million (June 30,
 
2023 - $
7.7
 
million, with a tax
 
benefit of $
1.1
 
million). For the six
 
months ended
June 30,
 
2024, the
 
fair market
 
value of
 
the
 
restricted stock
 
and performance
 
shares vested
 
was
 
$
16.2
 
million at
 
grant date
 
and
$
22.3
 
million
 
at
 
vesting date.
 
This
 
differential
 
triggers
 
a
 
windfall of
 
$
2.2
 
million
 
that
 
was recorded
 
as
 
a
 
reduction on
 
income
 
tax
expense. During the
 
quarter ended June
 
30, 2024, the
 
Corporation recognized $
(0.9)
 
million of performance shares
 
benefit, with a
tax benefit of $
(55)
 
thousand due to performance shares target
 
adjustment (June 30, 2023 - $
(0.1)
 
million, with a tax benefit
 
of $
(4)
thousand).
 
For the six months ended June
 
30, 2024, the Corporation recognized $
4.1
 
million of performance shares expense, with
a tax benefit
 
of $
0.3
 
million (June 30,
 
2023 - $
3.5
 
million, with a
 
tax benefit of
 
$
0.1
 
million).
 
The total unrecognized compensation
cost related to non-vested restricted stock awards
 
and performance shares to members of management
 
at June 30, 2024 was $
15.7
million and is expected to be recognized over a
 
weighted-average period of
1.7
 
years.
The following table summarizes the restricted stock
 
activity under the Incentive Plan for members of
 
the Board of Directors:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
RSUs / Unrestricted stock
Weighted-Average
 
Grant
Date Fair Value per Unit
Non-vested at December 31, 2022
-
$
-
Granted
39,104
55.30
Vested
 
(39,104)
55.30
Forfeited
-
-
Non-vested at December 31, 2023
-
$
-
Granted
22,998
89.28
Vested
 
(22,998)
89.28
Forfeited
-
-
Non-vested at June 30, 2024
-
$
-
The
 
equity
 
awards
 
granted
 
to
 
members
 
of
 
the
 
Board
 
of
 
Directors
 
of
 
Popular,
 
Inc.
 
(the
 
“Directors”)
 
will
 
vest
 
and
 
become
 
non-
forfeitable on the
 
grant date of
 
such award. Effective
 
in May 2019,
 
all equity awards
 
granted to the
 
Directors may be
 
paid in either
119
unrestricted stock
 
or RSUs
 
at each
 
Directors election.
 
If RSUs
 
are elected,
 
the Directors
 
may defer
 
the delivery
 
of the
 
shares of
common stock
 
underlying the
 
RSUs award
 
until their
 
retirement. To
 
the extent
 
that cash
 
dividends are
 
paid on
 
the Corporation’s
outstanding common stock, the Directors
 
will receive an additional number of RSUs
 
that reflect a reinvested dividend equivalent.
 
For 2024
 
and 2023,
 
Directors elected
 
RSUs and
 
unrestricted stock.
 
During the
 
quarter ended
 
June 30,
 
2024,
20,411
 
RSUs and
1,392
 
shares of
 
unrestricted stock
 
were granted
 
to the
 
Directors (June
 
30, 2023
 
-
32,999
 
RSUs and
2,300
 
shares of
 
unrestricted
stock) and
 
the Corporation
 
recognized expense
 
related to
 
these shares
 
of $
1.9
 
million with
 
a tax
 
benefit of
 
$
0.4
 
million (June
 
30,
2023
 
-
 
$
1.9
 
million
 
with a
 
tax
 
benefit of
 
$
0.4
 
million). For
 
the six
 
months
 
ended June
 
30, 2024,
 
the Corporation
granted
21,606
RSUs and
1,392
 
shares of unrestricted stock to the Directors (June 30, 2023 -
34,028
 
RSUs and
2,300
 
shares of unrestricted stock)
and the Corporation
 
recognized $
2.1
 
million of expense
 
related to these shares,
 
with a tax
 
benefit of $
0.4
 
million, (June 30,
 
2023 -
$
2.0
 
million, with a tax benefit of $
0.4
 
million). The fair value at vesting date of the
 
shares vested during the six months ended June
30, 2024 for the Directors was $
2.1
 
million.
 
 
 
120
Note 30 – Income taxes
 
The reason for the difference between the income
 
tax expense applicable to income before provision
 
for income taxes and the
amount computed by applying the statutory tax rate
 
in Puerto Rico, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
June 30, 2024
June 30, 2023
(In thousands)
Amount
 
% of pre-tax
income
 
Amount
% of pre-tax
income
Computed income tax expense at statutory rates
 
$
81,843
38
%
$
72,998
38
%
Net benefit of tax exempt interest income
(33,220)
(15)
(27,316)
(14)
Effect of income subject to preferential tax rate
1,272
-
278
-
Deferred tax asset valuation allowance
(235)
-
994
1
Difference in tax rates due to multiple jurisdictions
(4,456)
(2)
(3,869)
(2)
Other tax benefits
(4,500)
(2)
-
-
U.S., States, and local taxes
2,204
1
3,037
2
Others
(2,449)
(1)
(2,619)
(2)
Income tax expense
$
40,459
19
%
$
43,503
22
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended
June 30, 2024
June 30, 2023
(In thousands)
Amount
 
% of pre-tax
income
 
Amount
% of pre-tax
income
 
Computed income tax expense at statutory rates
 
$
141,412
38
%
$
149,983
38
%
Net benefit of tax exempt interest income
(61,979)
(16)
(49,218)
(12)
Effect of income subject to preferential tax rate
(148)
-
(576)
-
Deferred tax asset valuation allowance
2,328
-
(3,572)
(1)
Difference in tax rates due to multiple jurisdictions
(5,129)
(1)
(9,039)
(2)
Other tax benefits
(4,500)
(1)
-
-
Tax on intercompany
 
distributions
[1]
24,325
6
-
-
U.S., States, and local taxes
3,240
1
6,392
2
Others
(3,522)
(1)
(4,153)
(1)
Income tax expense
$
96,027
26
%
$
89,817
24
%
[1]
Includes $
16.5
 
million of out-of-period adjustment.
For the quarter
 
and six months
 
ended June 30,
 
2024, the Corporation
 
recorded an income
 
tax expense of
 
$
40.5
 
million and $
96.0
million respectively, compared to
 
$
43.5
 
million and $
89.8
 
million for the respective periods
 
of 2023. During the first
 
quarter of 2024,
the Corporation recorded a tax expense related to tax
 
withholding on certain intercompany distributions, amounting to $
22.9
 
million,
out
 
of
 
which $
16.5
 
million
 
corresponded to
 
years
 
2014-2023 and
 
$
6.5
 
million
 
was
 
related to
 
a distribution
 
completed during
 
the
period ended March 31, 2024, as previously disclosed.
 
As a result of this adjustment, the
 
deferred tax assets related to NOL of the
Bank Holding Company (BHC) and its related
 
valuation allowance was reduced by $
53.7
 
million.
 
The following table presents a breakdown of the
 
significant components of the Corporation’s deferred tax assets
 
and liabilities.
 
121
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
263
$
14,204
$
14,467
Net operating loss and other carryforward available
 
53,942
616,080
670,022
Postretirement and pension benefits
37,219
-
37,219
Allowance for credit losses
242,722
27,591
270,313
Depreciation
6,774
6,746
13,520
FDIC-assisted transaction
152,665
-
152,665
Lease liability
27,196
18,099
45,295
Unrealized net loss on investment securities
294,942
20,304
315,246
Difference in outside basis from pass-through entities
45,207
-
45,207
Mortgage Servicing Rights
14,063
-
14,063
Other temporary differences
47,615
9,882
57,497
Total gross deferred
 
tax assets
922,608
712,906
1,635,514
Deferred tax liabilities:
Intangibles
86,493
53,485
139,978
Right of use assets
24,764
15,911
40,675
Deferred loan origination fees/cost
(749)
2,069
1,320
Loans acquired
18,229
-
18,229
Other temporary differences
6,931
422
7,353
 
Total gross deferred
 
tax liabilities
135,668
71,887
207,555
Valuation allowance
71,145
378,912
450,057
Net deferred tax asset
$
715,795
$
262,107
$
977,902
 
December 31, 2023
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
263
$
10,281
$
10,544
Net operating loss and other carryforward available
 
122,634
620,982
743,616
Postretirement and pension benefits
38,121
-
38,121
Allowance for credit losses
244,956
28,222
273,178
Depreciation
6,774
6,578
13,352
FDIC-assisted transaction
152,665
-
152,665
Lease liability
29,070
20,492
49,562
Unrealized net loss on investment securities
312,583
19,037
331,620
Difference in outside basis from pass-through entities
46,056
-
46,056
Mortgage Servicing Rights
14,085
-
14,085
Other temporary differences
47,679
9,625
57,304
Total gross deferred
 
tax assets
1,014,886
715,217
1,730,103
Deferred tax liabilities:
Intangibles
84,635
51,944
136,579
Right of use assets
26,648
18,030
44,678
Deferred loan origination fees/cost
(1,056)
1,486
430
Loans acquired
20,430
-
20,430
Other temporary differences
6,402
422
6,824
 
Total gross deferred
 
tax liabilities
137,059
71,882
208,941
Valuation allowance
139,347
374,035
513,382
Net deferred tax asset
$
738,480
$
269,300
$
1,007,780
122
The
 
net
 
deferred tax
 
assets shown
 
in
 
the
 
table
 
above
 
at
 
June
 
30,
 
2024, is
 
reflected
 
in the
 
consolidated statements
 
of
 
financial
condition as $
1.0
 
billion in net deferred tax assets in the
 
“Other assets” caption (December 31, 2023 - $
1.0
 
billion) and $
1.4
 
million in
deferred
 
tax
 
liabilities
 
in
 
the
 
“Other
 
liabilities”
 
caption
 
(December 31,
 
2023
 
-
 
$
1.3
 
million),
 
reflecting
 
the
 
aggregate
 
deferred
 
tax
assets
 
or
 
liabilities
 
of
 
individual
 
tax-paying subsidiaries
 
of
 
the
 
Corporation
 
in
 
their
 
respective tax
 
jurisdiction, Puerto
 
Rico
 
or
 
the
United States.
 
At
 
June
 
30,
 
2024,
 
the
 
net
 
deferred
 
tax
 
assets
 
of
 
the
 
U.S.
 
operations
 
amounted
 
to
 
$
641
 
million
 
with
 
a
 
valuation
 
allowance
 
of
approximately $
379
 
million, for
 
net deferred
 
tax
 
assets after
 
valuation allowance
 
of
 
approximately $
262
 
million.
 
The
 
Corporation
evaluates the
 
realization of
 
the deferred
 
tax
 
assets on
 
a quarterly
 
basis by
 
taxing
 
jurisdiction. The
 
U.S.
 
operation has
 
sustained
profitability for the last three calendar years and for the period ended June 30, 2024. These historical financial results are objectively
verifiable positive evidence, evaluated together
 
with the positive evidence
 
of stable credit metrics,
 
in combination with the
 
length of
the
 
expiration
 
of
 
the
 
NOLs.
 
On
 
the
 
other
 
hand,
 
the
 
Corporation
 
evaluated
 
the
 
negative
 
evidence
 
accumulated
 
over
 
the
 
years,
including
 
financial
 
results
 
lower
 
than
 
expectations
 
and
 
challenges
 
to
 
the
 
economy
 
due
 
to
 
inflationary
 
pressures
 
and
 
global
geopolitical uncertainty that
 
have resulted in
 
a trend of
 
reduction of pre-tax
 
income over the
 
last three years.
 
As of June
 
30, 2024,
after weighting all positive
 
and negative evidence, the
 
Corporation concluded that it is
 
more likely than not
 
that approximately $
262
million
 
of
 
the
 
deferred
 
tax
 
assets
 
from
 
the
 
U.S.
 
operations,
 
comprised
 
mainly
 
of
 
net
 
operating
 
losses,
 
will
 
be
 
realized.
 
The
Corporation
 
based
 
this
 
determination
 
on
 
its
 
estimated
 
earnings
 
available
 
to
 
realize
 
the
 
deferred
 
tax
 
assets
 
for
 
the
 
remaining
carryforward period, together with the historical level
 
of book income adjusted by permanent
 
differences. Management will continue
to
 
monitor
 
and
 
review
 
the
 
U.S.
 
operation’s
 
results,
 
including
 
recent
 
earnings
 
trends,
 
the
 
pre-tax
 
earnings
 
forecast,
 
any
 
new
 
tax
initiative,
 
and
 
other
 
factors,
 
including
 
net
 
income
 
versus
 
forecast,
 
targeted
 
loan
 
growth,
 
net
 
interest
 
income
 
margin,
 
changes
 
in
deposit
 
costs,
 
allowance
 
for
 
credit
 
losses,
 
charge
 
offs,
 
NPLs
 
inflows
 
and
 
NPA
 
balances.
 
Significant
 
adverse
 
changes
 
or
 
a
combination of changes in these factors could impact
 
the future realization of the deferred tax assets.
At June
 
30, 2024,
 
the Corporation’s
 
net deferred
 
tax assets
 
related to
 
its Puerto
 
Rico operations
 
amounted to
 
$
716
 
million.
 
The
Corporation’s Puerto Rico
 
Banking operation has
 
a historical record
 
of profitability.
 
This is considered
 
a strong piece
 
of objectively
verifiable positive evidence that outweighs any
 
negative evidence considered by Management in
 
the evaluation of the realization
 
of
the
 
deferred
 
tax
 
assets.
 
Based
 
on
 
this
 
evidence
 
and
 
management’s
 
estimate
 
of
 
future
 
taxable
 
income,
 
the
 
Corporation
 
has
concluded that it is more likely than not that such net
 
deferred tax assets of the Puerto Rico Banking
 
operations will be realized.
The Holding Company operation has been in a cumulative
 
loss position in recent years.
 
Management expects these losses will be a
trend
 
in
 
future
 
years.
 
This
 
objectively
 
verifiable
 
negative
 
evidence is
 
considered
 
by
 
Management strong
 
negative
 
evidence that
suggests that
 
income in
 
future years
 
will be
 
insufficient to
 
support the
 
realization of
 
all deferred
 
tax assets.
 
After weighting
 
of all
positive
 
and
 
negative evidence
 
Management concluded,
 
as
 
of
 
the reporting
 
date,
 
that
 
it
 
is
 
more
 
likely
 
than
 
not that
 
the
 
Holding
Company will not be
 
able to realize any
 
portion of the deferred tax
 
assets. Accordingly, the
 
Corporation has maintained a valuation
allowance on the deferred tax assets of $
71
 
million as of June 30, 2024.
The reconciliation of unrecognized tax benefits, excluding
 
interest, was as follows:
123
 
 
 
 
 
 
 
 
 
(In millions)
2024
2023
Balance at
 
January 1
$
1.5
$
2.5
Balance at
 
March 31
$
1.5
$
2.5
Balance at
 
June 30
$
1.5
$
2.5
At June
 
30, 2024,
 
the total
 
amount of
 
accrued interest
 
recognized in the
 
statement of
 
financial condition
 
amounted to
 
$
2.4
 
million
(December 31, 2023 - $
2.3
 
million). The total interest expense recognized at
 
June 30, 2024 was $
60
 
thousand, (June 30, 2023– $
53
thousand). Management determined that at June 30, 2024 and December 31, 2023, there was
no
 
need to accrue for the payment of
penalties.
 
The
 
Corporation’s
 
policy
 
is
 
to
 
report
 
interest
 
related
 
to
 
unrecognized
 
tax
 
benefits
 
in
 
income
 
tax
 
expense,
 
while
 
the
penalties, if any, are reported in other operating expenses in the consolidated
 
statements of operations.
 
After consideration
 
of the
 
effect on
 
U.S. federal
 
tax of
 
unrecognized U.S.
 
state tax
 
benefits, the
 
total amount
 
of unrecognized
 
tax
benefits, including U.S. and Puerto Rico, that if recognized, would affect the Corporation’s effective tax rate, was approximately $
3.0
million at June 30, 2024 (December 31, 2023 - $
2.9
 
million).
The amount of
 
unrecognized tax benefits
 
may increase or
 
decrease in the
 
future for various
 
reasons including adding amounts
 
for
current
 
tax
 
year
 
positions,
 
expiration
 
of
 
open
 
income
 
tax
 
returns
 
due
 
to
 
the
 
statutes
 
of
 
limitation,
 
changes
 
in
 
Management’s
judgment about
 
the level
 
of uncertainty,
 
status of
 
examinations, litigation
 
and legislative
 
activity and
 
the addition
 
or elimination
 
of
uncertain tax positions.
 
The Corporation does not
 
anticipate a reduction
 
in the total
 
amount of unrecognized tax
 
benefits within the
next 12 months.
 
The
 
Corporation and
 
its subsidiaries
 
file
 
income tax
 
returns in
 
Puerto
 
Rico, the
 
U.S. federal
 
jurisdiction, various
 
U.S. states
 
and
political
 
subdivisions,
 
and
 
foreign
 
jurisdictions.
 
At
 
June
 
30,
 
2024,
 
the
 
following
 
years
 
remain
 
subject
 
to
 
examination
 
in
 
the
 
U.S.
Federal jurisdiction: 2020 and thereafter; and in
 
the Puerto Rico jurisdiction, 2018 and thereafter.
 
 
 
124
Note 31 – Supplemental disclosure on the consolidated
 
statements of cash flows
Additional disclosures on cash flow information and
 
non-cash activities for the six months ended June
 
30, 2024 and June 30, 2023
are listed in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
June 30, 2023
Non-cash activities:
 
Loans transferred to other real estate
$
25,922
$
35,133
 
Loans transferred to other property
38,867
34,497
 
Total loans transferred
 
to foreclosed assets
64,789
69,630
 
Loans transferred to other assets
25,427
6,363
 
Financed sales of other real estate assets
6,220
5,075
 
Financed sales of other foreclosed assets
26,894
25,409
 
Total financed sales
 
of foreclosed assets
33,114
30,484
 
Financed sale of premises and equipment
38,715
35,492
 
Transfers from loans held-in-portfolio to
 
loans held-for-sale
7,505
49,361
 
Transfers from loans held-for-sale to loans
 
held-in-portfolio
2,896
2,150
 
Loans securitized into investment securities
[1]
4,806
24,359
 
Trades receivable from brokers and counterparties
26,198
6,460
 
Trades payable to brokers and counterparties
24,603
1,022
 
Net change in receivables from investments maturities
124,000
124,708
 
Recognition of mortgage servicing rights on securitizations
 
or asset transfers
661
1,240
 
Loans booked under the GNMA buy-back option
3,437
1,165
 
Capitalization of lease right of use asset
1,946
10,006
[1]
Includes loans securitized into trading securities and subsequently
 
sold before quarter end.
The following table provides a reconciliation of
 
cash and due from banks, and restricted cash
 
reported within the Consolidated
Statement of Financial Condition that sum to the total of
 
the same such amounts shown in the Consolidated
 
Statement of Cash
Flows.
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2024
June 30, 2023
Cash and due from banks
$
348,170
$
450,125
Restricted cash and due from banks
11,803
26,517
Restricted cash in money market investments
7,286
6,058
Total cash and due
 
from banks, and restricted cash
[2]
$
367,259
$
482,700
[2]
 
Refer to Note 4 - Restrictions on cash and due from banks
 
and certain securities for nature of restrictions.
125
Note 32 – Segment reporting
The
 
Corporation’s
 
corporate
 
structure
 
consists
 
of
two
 
reportable
 
segments
 
Banco Popular de Puerto Rico and Popular U.S.
Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess
where to allocate resources.
 
The segments were
 
determined based on the
 
organizational structure, which focuses
 
primarily on the
markets the segments serve, as well as on the products
 
and services offered by the segments.
Banco Popular de Puerto Rico:
 
The Banco Popular de
 
Puerto Rico reportable segment
 
includes commercial, consumer and retail
 
banking operations conducted at
BPPR, including
 
U.S. based
 
activities conducted
 
through its
 
New York
 
Branch. It
 
also includes
 
the lending
 
operations of
 
Popular
Auto
 
and
 
Popular
 
Mortgage.
 
Other
 
financial
 
services
 
within
 
the
 
BPPR
 
segment
 
include
 
the
 
trust
 
service
 
units
 
of
 
BPPR,
 
asset
management services of Popular Asset
 
Management, the brokerage and investment
 
banking operations of Popular Securities,
 
and
the insurance agency and reinsurance businesses
 
of Popular Insurance, Popular Risk Services, Popular
 
Life Re, and Popular Re.
Popular U.S.:
 
Popular U.S. reportable segment
 
consists of the
 
banking operations of Popular
 
Bank (PB), Popular Insurance
 
Agency, U.S.A.,
 
and
PEF.
 
PB
 
operates through
 
a retail
 
branch network
 
in the
 
U.S. mainland
 
under the
 
name of
 
Popular,
 
and equipment
 
leasing and
financing services through PEF.
 
Popular Insurance Agency,
 
U.S.A. offers investment and insurance
 
services across the PB
 
branch
network.
 
The Corporate group
 
consists primarily of
 
the holding companies
 
Popular, Inc.,
 
Popular North America,
 
Popular International Bank
and certain of the Corporation’s investments accounted for under
 
the equity method, including BHD.
 
The
 
accounting
 
policies
 
of
 
the
 
individual
 
operating
 
segments
 
are
 
the
 
same
 
as
 
those
 
of
 
the
 
Corporation.
 
Transactions
 
between
reportable segments are primarily conducted at market rates, resulting
 
in profits that are eliminated for reporting consolidated results
of operations.
The tables that follow present the results of operations
 
and total assets by reportable segments:
 
 
 
126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
For the quarter ended June 30, 2024
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Net interest income
$
488,745
$
85,851
$
-
Provision for credit losses (benefit)
50,382
(3,563)
-
Non-interest income
 
152,354
6,000
-
Amortization of intangibles
424
310
-
Depreciation expense
13,317
2,204
-
Other operating expenses
386,231
67,163
-
Income tax expense
33,540
7,989
-
Net income
$
157,205
$
17,748
$
-
Segment assets
$
58,464,408
$
14,287,739
$
(264,040)
For the quarter ended June 30, 2024
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Net interest income (expense)
$
574,596
$
(6,284)
$
-
$
568,312
Provision for credit losses (benefit)
46,819
(25)
-
46,794
Non-interest income
158,354
10,716
(2,764)
166,306
Amortization of intangibles
734
-
-
734
Depreciation expense
15,521
367
-
15,888
Other operating expenses
453,394
784
(1,224)
452,954
Income tax expense (benefit)
41,529
(476)
(594)
40,459
Net income
$
174,953
$
3,782
$
(946)
$
177,789
Segment assets
$
72,488,107
$
5,828,667
$
(5,471,702)
$
72,845,072
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Net interest income
$
961,586
$
170,704
$
-
Provision for credit losses
111,062
7,872
-
Non-interest income
 
298,023
13,120
(56)
Amortization of intangibles
908
621
-
Depreciation expense
26,326
4,147
-
Other operating expenses
780,036
134,951
(56)
Income tax expense
62,746
11,445
-
Net income
$
278,531
$
24,788
$
-
Segment assets
$
58,464,408
$
14,287,739
$
(264,040)
For the six months ended June 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Net interest income (expense)
$
1,132,290
$
(13,234)
$
-
$
1,119,056
Provision for credit losses
118,934
458
-
119,392
Non-interest income
311,087
22,438
(3,401)
330,124
Amortization of intangibles
1,529
-
-
1,529
Depreciation expense
30,473
776
-
31,249
Other operating expenses
914,931
7,395
(2,415)
919,911
Income tax expense
74,191
22,200
(364)
96,027
Net income (loss)
$
303,319
$
(21,625)
$
(622)
$
281,072
Segment assets
$
72,488,107
$
5,828,667
$
(5,471,702)
$
72,845,072
 
 
 
127
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023
For the quarter ended June 30, 2023
Intersegment
 
(In thousands)
BPPR
 
Popular U.S.
Eliminations
Net interest income
$
453,075
$
87,502
$
-
Provision for credit losses
29,345
7,907
-
Non-interest income
 
143,804
5,887
(134)
Amortization of intangibles
485
310
-
Depreciation expense
11,875
1,885
-
Other operating expenses
386,069
61,151
(134)
Income tax expense
37,303
6,850
-
Net income
$
131,802
$
15,286
$
-
Segment assets
$
58,392,177
$
12,549,742
$
(442,125)
For the quarter ended June 30, 2023
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Net interest income (expense)
$
540,577
$
(8,909)
$
-
$
531,668
Provision for credit losses (benefit)
37,252
(60)
-
37,192
Non-interest income
149,557
13,012
(2,098)
160,471
Amortization of intangibles
795
-
-
795
Depreciation expense
13,760
355
-
14,115
Other operating expenses
447,086
(556)
(1,156)
445,374
Income tax expense (benefit)
44,153
(289)
(361)
43,503
Net income
$
147,088
$
4,653
$
(581)
$
151,160
Segment assets
$
70,499,794
$
5,844,554
$
(5,506,082)
$
70,838,266
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2023
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Net interest income
$
902,895
$
177,588
$
1
Provision for credit losses
75,053
9,972
-
Non-interest income
 
291,275
12,271
(270)
Amortization of intangibles
969
621
-
Depreciation expense
23,544
3,699
-
Other operating expenses
749,784
124,468
(270)
Income tax expense
80,135
10,826
-
Net income
$
264,685
$
40,273
$
1
Segment assets
$
58,392,177
$
12,549,742
$
(442,125)
For the six months ended June 30, 2023
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Net interest income (expense)
$
1,080,484
$
(17,160)
$
-
$
1,063,324
Provision for credit losses (benefit)
85,025
(196)
-
84,829
Non-interest income
303,276
22,726
(3,570)
322,432
Amortization of intangibles
1,590
-
-
1,590
Depreciation expense
27,243
714
-
27,957
Other operating expenses
873,982
(326)
(2,232)
871,424
Income tax expense (benefit)
90,961
(610)
(534)
89,817
Net income
$
304,959
$
5,984
$
(804)
$
310,139
Segment assets
$
70,499,794
$
5,844,554
$
(5,506,082)
$
70,838,266
 
128
Geographic Information
The following information presents selected
 
financial information based on the
 
geographic location where the Corporation conducts
its business. The
 
banking operations of BPPR
 
are primarily based in
 
Puerto Rico, where it
 
has the largest retail
 
banking franchise.
BPPR
 
also
 
conducts
 
banking
 
operations
 
in
 
the
 
U.S.
 
Virgin
 
Islands,
 
the
 
British
 
Virgin
 
Islands
 
and
 
New
 
York.
 
BPPR’s
 
banking
operations in
 
the mainland
 
United States
 
include commercial
 
lending activities.
 
BPPR’s commercial
 
lending activities
 
in the
 
U.S.,
through its New York
 
Branch, include periodic loan participations with PB.
 
During the quarter and six months
 
ended June 30, 2024,
BPPR did
no
t participate in
 
loans originated by PB
 
(2023 – $
3
 
million and $
23
 
million, respectively). At June
 
30, 2024, total
 
assets
for the
 
BPPR segment
 
related to
 
its
 
operations in
 
the United
 
States amounted
 
to $
1.6
 
billion (December
 
31, 2023
 
- $
1.5
 
billion),
including
 
$
105
 
million
 
in
 
multifamily
 
loans
 
(December
 
31,
 
2023
 
-
 
$
106
 
million),
 
$
524
 
million
 
in
 
commercial
 
real
 
estate
 
loans
(December 31, 2023
 
- $
528
 
million), $
718
 
million in
 
C&I loans (December
 
31, 2023
 
- $
557
 
million), and $
168
 
million in
 
unsecured
personal loans
 
(December 31,
 
2023 -
 
$
229
 
million). During
 
the six
 
months ended
 
June 30,
 
2024, the
 
BPPR segment
 
generated
approximately $
60.1
 
million (2023 - $
55.5
 
million) in revenues from its operations in the United States, including net interest income,
service
 
charge
 
on
 
deposit
 
accounts
 
and
 
other
 
service
 
fees.
 
In
 
the
 
Virgin
 
Islands,
 
the
 
BPPR
 
segment
 
offers
 
banking
 
products,
including loans and
 
deposits. At June
 
30, 2024, total
 
assets for the
 
BPPR segment related
 
to its operations
 
in the U.S.
 
and British
Virgin Islands amounted to $
1.0
 
billion (December 31, 2023 - $
1.0
 
billion). The BPPR segment generated $
21.3
 
million in revenues
during the six months ended June 30, 2024 (2023
 
- $
22.7
 
million) from its operations in the U.S. and British
 
Virgin Islands.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information
Quarter ended
Six months ended
(In thousands)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Revenues:
[1]
 
Puerto Rico
 
$
586,338
$
536,075
$
1,152,082
$
1,083,978
 
United States
127,011
132,720
253,752
257,765
 
Other
21,269
23,344
43,346
44,013
Total consolidated
 
revenues
 
$
734,618
$
692,139
$
1,449,180
$
1,385,756
[1]
Total revenues include
 
net interest income, service charges on deposit accounts,
 
other service fees, mortgage banking activities, net
 
gain,
including impairment losses, on equity securities, net
 
gain on trading account debt securities, adjustments to indemnity
 
reserves on loans sold,
and other operating income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information:
(In thousands)
June 30, 2024
December 31, 2023
Puerto Rico
 
Total assets
$
55,739,609
$
54,181,300
 
Loans
23,081,402
22,519,961
 
Deposits
52,684,734
51,282,007
United States
 
Total assets
$
15,883,084
$
15,343,156
 
Loans
11,983,492
12,006,012
 
Deposits
11,097,236
10,643,602
Other
 
Total assets
$
1,222,379
$
1,233,699
 
Loans
[1]
534,951
543,299
 
Deposits
[2]
1,748,892
1,692,634
[1]
Represents loans from BPPR operations located in the U.S.
 
and British Virgin Islands.
[2]
Represents deposits from BPPR operations located in the
 
U.S. and British Virgin Islands.
 
 
129
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
 
AND RESULTS OF OPERATIONS
This
 
report
 
includes
 
management’s
 
discussion
 
and
 
analysis
 
(“MD&A”)
 
of
 
the
 
consolidated
 
financial
 
position
 
and
 
financial
performance
 
of
 
Popular,
 
Inc.
 
(the
 
“Corporation”
 
or
 
“Popular”). All
 
accompanying
 
tables,
 
financial
 
statements
 
and
 
notes
 
included
elsewhere in this report should be considered an
 
integral part of this analysis.
 
The Corporation is a
 
diversified, publicly-owned financial holding company subject to the
 
supervision and regulation of the Board
 
of
Governors of the Federal Reserve System. The Corporation has
 
operations in Puerto Rico, the United States (“U.S.”) mainland and
the
 
U.S.
 
and
 
British
 
Virgin
 
Islands.
 
In
 
Puerto
 
Rico,
 
the
 
Corporation
 
provides
 
retail,
 
mortgage
 
and
 
commercial
 
banking
 
services
through its principal banking subsidiary, Banco Popular de Puerto Rico (“BPPR”), as well as investment
 
banking, broker-dealer, auto
and
 
equipment
 
leasing
 
and
 
financing,
 
and
 
insurance
 
services
 
through
 
specialized
 
subsidiaries.
 
In
 
the
 
U.S.
 
mainland,
 
the
Corporation provides
 
retail, mortgage
 
and
 
commercial banking
 
services, as
 
well as
 
equipment leasing
 
and
 
financing, through
 
its
New
 
York-chartered
 
banking
 
subsidiary,
 
Popular
 
Bank
 
(“PB”
 
or
 
“Popular U.S.”),
 
which
 
has
 
branches
 
located
 
in
 
New
 
York,
 
New
Jersey
 
and
 
Florida.
 
Note
 
32
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
presents
 
information
 
about
 
the
 
Corporation’s
 
business
segments.
SIGNIFICANT EVENTS
Capital Actions
On July 24, 2024, the Corporation announced
 
the following capital actions:
common stock repurchases of up to $500 million;
 
and
an increase
 
in the
 
Corporation’s quarterly
 
common stock
 
dividend from
 
$0.62 to
 
$0.70 per
 
share, commencing
 
with the
dividend payable in the first quarter of 2025, subject
 
to the approval by the Corporation’s Board of Directors.
The
 
Corporation’s
 
planned
 
common
 
stock
 
repurchases
 
may
 
be
 
executed
 
in
 
open
 
market
 
transactions,
 
privately
 
negotiated
transactions, block trades
 
or any other
 
manner determined by
 
the Corporation. The
 
timing, quantity and
 
price of such
 
repurchases
will
 
be
 
subject
 
to
 
various
 
factors,
 
including
 
market
 
conditions,
 
the
 
Corporation’s
 
capital
 
position
 
and
 
financial
 
performance,
 
the
capital impact of strategic initiatives and regulatory and tax considerations.
 
The common stock repurchase program does not require
the Corporation to acquire a specific dollar amount or
 
number of shares and may be modified, suspended or terminated
 
at any time
without prior notice.
OVERVIEW
Table 1 provides selected financial data and performance indicators for the quarters ended
 
June 30, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
130
Table 1 - Financial Highlights
Financial Condition Highlights
Ending balances at
 
Average for the six months ended
(In thousands)
June 30,
2024
December 31,
2023
Variance
June 30,
2024
June 30,
2023
Variance
Money market investments
$
6,851,394
$
6,998,871
$
(147,477)
$
6,477,180
$
6,799,452
$
(322,272)
Investment securities
26,742,639
25,148,673
1,593,966
28,034,347
27,343,940
690,407
Loans
35,599,845
35,069,272
530,573
35,226,488
32,367,113
2,859,375
Earning assets
69,193,878
67,216,816
1,977,062
69,738,015
66,510,505
3,227,510
Total assets
72,845,072
70,758,155
2,086,917
72,800,664
69,519,264
3,281,400
Deposits
65,530,862
63,618,243
1,912,619
64,529,716
61,669,930
2,859,786
Borrowings
1,047,264
1,078,332
(31,068)
1,045,181
1,284,454
(239,273)
Total liabilities
67,472,394
65,611,202
1,861,192
66,549,458
63,806,260
2,743,198
Stockholders’ equity
5,372,678
5,146,953
225,725
6,251,206
5,713,004
538,202
Note: Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-
for-sale to held-to-maturity.
 
Operating Highlights
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2024
2023
Variance
2024
2023
Variance
Net interest income
 
$
568,312
$
531,668
$
36,644
$
1,119,056
$
1,063,324
$
55,732
Provision for credit losses
 
(benefit)
46,794
37,192
9,602
119,392
84,829
34,563
Non-interest income
166,306
160,471
5,835
330,124
322,432
7,692
Operating expenses
469,576
460,284
9,292
952,689
900,971
51,718
Income before income tax
218,248
194,663
23,585
377,099
399,956
(22,857)
Income tax expense
40,459
43,503
(3,044)
96,027
89,817
6,210
Net income
$
177,789
$
151,160
$
26,629
$
281,072
$
310,139
$
(29,067)
Net income applicable to common stock
$
177,436
$
150,807
$
26,629
$
280,366
$
309,433
$
(29,067)
Net income per common share – basic
$
2.47
$
2.10
$
0.37
$
3.90
$
4.32
$
(0.42)
Net income per common share – diluted
$
2.46
$
2.10
$
0.36
$
3.90
$
4.32
$
(0.42)
Dividends declared per common share
$
0.62
$
0.55
$
0.07
$
1.24
$
1.10
$
0.14
Quarters ended June 30,
Six months ended June 30,
Selected Statistical Information
2024
2023
2024
2023
Common Stock Data
 
End market price
$
88.43
60.52
$
88.43
60.52
 
Book value per common share at period end
73.94
63.00
73.94
63.00
Profitability Ratios
 
Return on assets
0.97
%
0.85
%
0.77
%
0.89
%
 
Return on common equity
10.38
9.26
8.24
9.63
 
Net interest spread
2.44
2.50
2.41
2.59
 
Net interest spread (taxable equivalent) - Non-GAAP
2.70
2.65
2.65
2.78
 
Net interest margin
3.22
3.14
3.20
3.18
 
Net interest margin (taxable equivalent) - Non-GAAP
3.48
3.29
3.44
3.37
Capitalization Ratios
 
Average equity to average assets
8.60
%
8.24
%
8.59
%
8.22
%
 
Common equity Tier 1 capital
16.48
16.87
16.48
16.87
 
Tier I capital
 
16.54
16.93
16.54
16.93
 
Total capital
18.30
18.74
18.30
18.74
 
Tier 1 leverage
8.53
8.40
8.53
8.40
 
 
 
 
 
 
 
 
 
 
 
131
Non-GAAP Financial Measures
This Form 10-Q
 
contains financial information
 
prepared under accounting
 
principles generally accepted in
 
the United States
 
(“U.S.
GAAP”) and
 
non-GAAP financial
 
measures. Management
 
uses non-GAAP
 
financial measures
 
when it
 
has determined
 
that these
measures provide
 
meaningful information
 
about the
 
underlying performance
 
of the
 
Corporation’s ongoing
 
operations. Non-GAAP
financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by
 
other
companies.
Adjusted net income - Non-GAAP Financial Measure
In
 
addition
 
to
 
analyzing
 
the
 
Corporation’s
 
results
 
on
 
a
 
reported
 
basis,
 
management
 
monitors
 
the
 
“adjusted
 
net
 
income”
 
of
 
the
Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the “adjusted
net
 
income”
 
provides
 
meaningful
 
information
 
about
 
the
 
underlying
 
performance
 
of
 
the
 
Corporation’s
 
ongoing
 
operations.
 
The
“adjusted net income” is a non-GAAP financial measure.
The
 
following
 
table
 
presents
 
the
 
adjusted
 
net
 
income
 
for
 
the
 
six
 
months
 
ended
 
of
 
June
 
30,
 
2024.
 
There
 
were
 
no
 
non-GAAP
adjustments for the six months ended June 30, 2023.
Table 2 - Adjusted Net Income
 
for the Six Months Ended June 30, 2024 (Non-GAAP)
(Unaudited)
(In thousands)
Income before
 
income tax
Income tax
expense
(benefit)
Total
U.S. GAAP Net income
$377,099
$96,027
$281,072
Non-GAAP Adjustments:
FDIC Special Assessment [1]
14,287
(5,234)
9,053
Adjustments related to intercompany distributions [2]
6,400
16,483
22,883
Adjusted net income (Non-GAAP)
$397,786
$84,778
$313,008
[1] Expense related to the November 16, 2023 FDIC Special
 
Assessment to recover the losses to the deposit insurance
 
fund used by the FDIC in
connection with the receiverships of several failed banks. The
 
special assessment amount and collection period
 
may change as the estimated loss is
periodically adjusted or if the total amount collected
 
varies.
[2] Income tax expense and other related expenses from
 
prior periods related to withholding taxes on certain
 
distributions from U.S. subsidiaries.
 
132
Net interest income on a taxable equivalent basis
 
– Non-GAAP Financial Measure
Net interest
 
income on
 
a taxable
 
equivalent basis
 
is a
 
non-GAAP financial
 
measure. Management
 
believes that
 
this presentation
provides meaningful information since it facilitates the comparison
 
of revenues arising from taxable and tax-exempt sources.
The Corporation’s
 
interest earning
 
assets include
 
investment securities
 
and loans
 
that are
 
exempt from
 
income tax,
 
principally in
Puerto
 
Rico. The
 
main sources
 
of tax-exempt
 
interest income
 
are certain
 
investments in
 
obligations of
 
the
 
U.S. Government,
 
its
agencies and
 
sponsored entities,
 
certain obligations
 
of the
 
Commonwealth of
 
Puerto Rico
 
and/or its
 
agencies and
 
municipalities,
and assets
 
held by the
 
Corporation’s international banking
 
entities. To
 
facilitate the comparison
 
of interest related
 
to these
 
assets,
the
 
interest
 
has
 
been
 
converted
 
to
 
a
 
taxable
 
equivalent
 
basis,
 
using
 
the
 
applicable
 
statutory
 
income
 
tax
 
rates
 
for
 
each
 
period.
 
According to the
 
Puerto Rico tax
 
law, a
 
portion of interest
 
cost, based on
 
an equal proportion
 
of tax-exempt assets to
 
total assets,
and an
 
allocation of
 
general and
 
administrative expenses
 
should be
 
attributed to
 
exempt income,
 
reducing the
 
benefit of
 
the tax
exempt income, and as such
 
the disallowance of such
 
deduction is considered in the
 
taxable equivalent computation. The effective
yield, on
 
a taxable
 
equivalent basis, will
 
vary depending on
 
the level
 
of these expenses
 
that are
 
attributed to the
 
available exempt
income.
Net interest income on
 
a taxable equivalent basis,
 
with its different components,
 
along with the reconciliation to
 
net interest income
(GAAP), for the quarter ended June 30, 2024 as compared with the same period in 2023, segregated by major categories of interest
earning assets and interest-bearing liabilities are
 
included in Table 3 of the Operating Results Analysis section below.
Tangible Common Equity and Tangible Assets
Tangible
 
common equity,
 
tangible common equity ratio, tangible
 
assets and tangible book value
 
per common share are
 
non-GAAP
financial measures.
 
Tangible
 
common equity
 
ratio and
 
tangible book
 
value per
 
common share
 
in conjunction
 
with more
 
traditional
bank
 
capital
 
ratios
 
are
 
commonly
 
used
 
by
 
banks
 
and
 
analysts
 
to
 
compare
 
the
 
capital
 
adequacy
 
of
 
banking
 
organizations
 
with
significant amounts
 
of goodwill
 
or other
 
intangible assets,
 
typically stemming
 
from the
 
use of
 
the purchase
 
accounting method
 
for
mergers and acquisitions.
 
Tangible
 
common equity,
 
tangible assets and
 
other related measures
 
should not be
 
used in
 
isolation or
as
 
a
 
substitute
 
for
 
stockholders'
 
equity,
 
total
 
assets
 
or
 
any
 
other
 
measure
 
calculated
 
in
 
accordance
 
with
 
GAAP.
 
Moreover,
 
the
manner in which the Corporation calculates its tangible common
 
equity, tangible assets and
 
other related measures may differ from
that of other companies reporting measures with
 
similar names.
Table
 
10 provides
 
a reconciliation of
 
total stockholders’ equity
 
to tangible common
 
equity and total
 
assets to tangible
 
assets
 
as of
June 30, 2024, and December 31, 2023.
Financial highlights for the quarter ended June 30, 2024
 
For the
 
quarter ended
 
June 30,
 
2024,
 
the Corporation
 
recorded net
 
income of
 
$ 177.8
 
million, compared
 
to net
 
income of
 
$
151.2
 
million for
 
the same
 
quarter of
 
the
 
previous year.
 
Net interest
 
margin for
 
the second
 
quarter of
 
2024
 
was 3.22%,
 
an
increase of 8 basis points when compared to 3.14% for the same quarter of the previous year.
 
The increase was mainly due to
the reinvestment of maturities in higher yielding
 
U.S. Treasury bills and due
 
to higher average loan balances and
 
higher yields
in all
 
loans portfolios,
 
which was partially
 
offset by
 
higher deposit
 
costs, principally
 
due to
 
higher average volume
 
and higher
cost
 
of
 
interest-bearing
 
deposits
 
and
 
time
 
deposits.
 
On
 
a
 
taxable
 
equivalent
 
basis,
 
the
 
net
 
interest
 
margin
 
was
 
3.48%,
compared to 3.29% for the same quarter of
 
the previous year.
 
 
For
 
the
 
quarter
 
ended June
 
30, 2024,
 
the
 
Corporation recorded
 
a
 
provision for
 
credit
 
losses
 
of
 
$46.8 million,
 
compared
 
to
$37.2 million for the same quarter of the previous year.
 
The increase in provision for credit losses was driven by loan growth in
BPPR and
 
higher reserves
 
in the
 
auto leasing
 
portfolio resulting
 
from recent
 
loss history,
 
partially offset
 
by lower
 
reserves in
the PB commercial portfolio mainly due to improvements
 
in credit ratings.
 
Non-interest income was $166.3
 
million for the
 
quarter,
 
an increase of $5.8
 
million when compared to
 
the quarter ended June
30, 2023, mainly
 
due to higher
 
income from mortgage banking
 
activities resulting from the
 
fair value adjustments
 
of mortgage
servicing rights and higher other service fees.
 
 
Operating expenses of $469.6 million for the quarter were higher by $9.3 million when compared to the quarter ended June 30,
133
2023
.
 
Higher
 
operating
 
expenses
 
were
 
driven
 
mainly
 
by
 
higher
 
technology
 
and
 
software
 
expenses,
 
personnel
 
costs,
 
other
operating expenses,
 
FDIC deposit insurance expense and processing
 
and transactional services expenses.
 
Income tax expense during the quarter was lower
 
by $3.0 million mainly due to higher exempt
 
income and other tax credits.
 
Total
 
assets at June
 
30, 2024 amounted to
 
$72.8 billion, compared to
 
$70.8 billion, at
 
December 31, 2023.
 
The increase was
driven by
 
an increase
 
in available-for-sale
 
(“AFS”) investment
 
securities, mainly
 
due to
 
purchases of
 
U.S. Treasury
 
bills and
loan growth, mainly in
 
the commercial portfolio,
 
partially offset by a
 
decrease in held-to-maturity (“HTM”) investment
 
securities
driven by maturities of U.S. Treasury securities.
Total
 
deposits at June 30, 2024 increased by
 
$1.9 billion when compared to deposits at
 
December 31, 2023, mainly due to
 
an
increase in Puerto Rico public sector deposits and higher
 
deposits in PB, mainly those captured via the online channel.
 
Stockholders’ equity as
 
of June 30,
 
2024 increased by
 
$225.7 million from
 
the December 31,
 
2023, mainly due
 
to net income
for the six
 
months ended June
 
30, 2023 of
 
$281.1 million and
 
the amortization of unrealized
 
losses from securities
 
previously
reclassified to
 
held-to-maturity (“HTM”) of
 
$70.7 million,
 
net of
 
taxes, partially
 
offset by
 
the after-tax
 
impact of
 
the increase
 
in
net unrealized
 
losses in
 
the portfolio
 
of AFS
 
securities of
 
$54.2 million and
 
common and
 
preferred dividends declared
 
during
the
 
period of
 
$90.4 million.
 
As
 
of
 
June 30,
 
2024, the
 
Corporation’s tangible
 
book value
 
per common
 
share was
 
$62.71, an
increase of $2.97 from December 31, 2023.
 
Regulatory capital ratios remain strong. At June 30, 2024, the Corporation’s common equity tier 1 capital ratio was 16.48%, the
tier 1 leverage ratio was 8.53%, and the
 
total capital ratio was 18.30%. Refer to Table 9 for capital ratios.
Refer to
 
the Operating
 
Results Analysis
 
and Financial
 
Condition Analysis
 
within this
 
MD&A for
 
additional discussion
 
of significant
quarterly variances and items impacting the financial performance
 
of the Corporation.
As a financial services company,
 
the Corporation’s earnings are significantly affected
 
by general business and economic conditions
in the
 
markets which
 
we serve.
 
Lending and
 
deposit activities
 
and fee
 
income generation
 
are influenced
 
by the
 
level of
 
business
spending and
 
investment, consumer
 
income, spending
 
and savings,
 
capital market
 
activities, competition,
 
customer preferences,
interest rate conditions and prevailing market rates
 
on competing products.
The Corporation
 
operates in
 
a highly
 
regulated environment
 
and may
 
be adversely
 
affected by
 
changes in
 
federal and
 
local laws
and
 
regulations.
 
Also,
 
competition
 
with
 
other
 
financial
 
institutions,
 
as
 
well
 
as
 
with
 
non-traditional financial
 
service
 
providers
 
and
technology
 
companies
 
that
 
provide
 
electronic
 
and
 
internet-based
 
financial
 
solutions
 
and
 
services,
 
could
 
adversely
 
affect
 
its
profitability.
The
 
Corporation
 
continuously
 
monitors
 
general
 
business
 
and
 
economic
 
conditions,
 
industry-related
 
indicators
 
and
 
trends,
competition, interest rate volatility, credit
 
quality indicators, loan and deposit demand, operational and systems efficiencies,
 
revenue
enhancements and changes in the regulation of financial
 
services companies.
 
The description of the Corporation’s business contained in
 
Item 1 of the 2023 Form 10-K, while not all inclusive,
 
discusses additional
information about the business of the Corporation. Readers should also refer to “Part I - Item 1A” of the 2023 Form 10-K and “Part II
- Item 1A” of this Form 10-Q for a discussion of certain risks and uncertainties to which the Corporation is subject, many
 
beyond the
Corporation’s control that, in addition to the other information in
 
this Form 10-Q, readers should consider.
The Corporation’s common stock is traded on the NASDAQ
 
Global Select Market under the symbol BPOP.
 
 
 
 
 
134
CRITICAL ACCOUNTING POLICIES / ESTIMATES
 
The accounting
 
and reporting
 
policies followed
 
by the
 
Corporation and
 
its subsidiaries
 
conform to
 
generally accepted
 
accounting
principles
 
in
 
the
 
United
 
States
 
of
 
America
 
and
 
general
 
practices
 
within
 
the
 
financial
 
services
 
industry.
 
Various
 
elements
 
of
 
the
Corporation’s accounting policies, by
 
their nature, are
 
inherently subject to
 
estimation techniques, valuation assumptions and
 
other
subjective assessments.
 
These estimates
 
are made
 
under facts
 
and circumstances
 
at a
 
point in
 
time and
 
changes in
 
those facts
and circumstances could produce actual results that
 
differ from those estimates.
 
Management has discussed
 
the development and
 
selection of the
 
critical accounting policies
 
and estimates with
 
the Corporation’s
Audit
 
Committee.
 
The
 
Corporation
 
has
 
identified
 
as
 
critical
 
accounting
 
policies
 
those
 
related
 
to:
 
(i)
 
Fair
 
Value
 
Measurement
 
of
Financial Instruments; (ii) Loans
 
and Allowance for Credit
 
Losses; (iii) Loans Acquired
 
with Deteriorated Credit Quality;
 
(iv) Income
Taxes;
 
(v) Goodwill and
 
Other Intangible Assets; and
 
(vi) Pension and Postretirement
 
Benefit Obligations. For a
 
summary of these
critical accounting policies and estimates, refer to that particular section in
 
the MD&A included in the 2023 Form
 
10-K. Also, refer to
Note 2
 
to
 
the Consolidated
 
Financial Statements
 
included in
 
the 2023
 
Form 10-K
 
for a
 
summary of
 
the Corporation’s
 
significant
accounting policies and
 
to Note
 
3 to
 
the Consolidated Financial
 
Statements included in
 
this Form
 
10-Q for information
 
on recently
adopted accounting standard updates.
OPERATING RESULTS ANALYSIS
NET INTEREST INCOME
Net interest
 
income for
 
the quarter
 
ended June
 
30, 2024
 
was $568.3
 
million, compared
 
to
 
$531.7 million
 
in the
 
same quarter
 
of
2023, an
 
increase of
 
$36.6 million.
 
Net interest
 
income on
 
a taxable
 
equivalent basis
 
for the
 
second quarter
 
of 2024
 
was $614.8
million compared to $558.4 million in the second quarter
 
of 2023, an increase of $56.4 million.
 
Net interest margin for the quarter was 3.22% compared to 3.14%
 
in the second quarter of 2023 or an increase of eight basis
 
points.
On a
 
taxable
 
equivalent basis,
 
net interest
 
margin for
 
the second
 
quarter of
 
2024 was
 
3.48%, compared
 
to
 
3.29% for
 
the same
quarter the prior year. The main variances in net interest income on
 
a taxable equivalent basis were:
 
higher interest income from investment securities by $80.5 million mainly driven by higher volume by $1.6 billion driven by
the deployment of liquidity to invest in short-term treasury bills, whose interest is tax exempt in Puerto Rico. Also, a higher
yield by 101 basis points,
 
driven by a higher interest rate environment and reinvestment of investment maturities in higher
yielding U.S. Treasury bills;
higher interest
 
income from
 
loans by
 
$79.6 million
 
resulting from
 
an increase
 
in average
 
loans by
 
$2.7 billion
 
reflecting
loan
 
increases
 
in
 
both
 
PB
 
and
 
BPPR
 
and
 
across
 
most
 
portfolios
 
and
 
higher
 
yield
 
on
 
loans
 
by
 
37
 
basis
 
points
 
when
compared to the same quarter of 2023 due to origination of loans in
 
a higher interest rate environment and the repricing of
adjustable-rate loans. The portfolio with the highest variances included commercial loans with an increase of $38.1 million
in interest income, or 34 basis points. Mortgage loans, auto loans and consumer loans increased approximately $9 million
each in
 
interest income,
 
while construction
 
loans increased
 
$7.8 million.
 
All loan
 
portfolios showed
 
increases in
 
volume
and yield
Partially offset by:
higher interest
 
expense on
 
deposits by
 
$96.5 million
 
driven by
 
higher cost
 
of deposits
 
by 65
 
basis points
 
due to
 
higher
average volume and higher cost of market linked interest-bearing
 
P.R.
 
public deposits by $2.1 billion and higher volume of
U.S. deposits, mainly those captured via the online
 
channel.
Net interest income for the BPPR segment amounted to $488.7
 
million for the second quarter of 2024, compared to $453.1
 
million in
the second quarter of 2023. Net interest margin increased to 3.40%
 
compared to 3.21% in the second quarter of 2023. The increase
in net interest income of $35.6 million was
 
driven by higher yield and volume of earning assets
 
partially offset by the increase in the
cost of deposits,
 
mainly from the
 
P.R.
 
public sector.
 
The cost of
 
interest-bearing deposits increased 52
 
basis points to
 
2.47% from
1.95%
 
in the
 
same
 
quarter of
 
2023. Total
 
deposit costs
 
for
 
the quarter
 
increased by
 
39 basis
 
points, from
 
1.44% in
 
the second
quarter of 2023 to 1.83%.
 
135
Net interest
 
income for
 
PB was
 
$85.9 million
 
for the
 
quarter ended
 
June 30,
 
2024, compared
 
to $87.5
 
million during
 
the second
quarter
 
of
 
2023,
 
a
 
decrease
 
of
 
$1.6
 
million.
 
Net
 
interest margin
 
decreased
 
41
 
basis
 
points
 
to
 
2.60%
 
when compared
 
to
 
3.01%
during the second quarter of 2023. The decrease in net interest margin was mostly driven by a higher cost of deposits in all interest-
bearing categories, partially offset by the increase in loan volume and the repricing of adjustable-rate loans driven by the changes in
interest rates. The cost of interest-bearing deposits was 3.89% compared to
 
3.02% in the second quarter of 2023, or
 
an increase of
87 basis points, while total deposit cost was
 
3.43% compared to 2.55% in the second quarter
 
of 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
136
Table 3 - Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
(Non-GAAP)
Quarter ended June 30,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2024
2023
Variance
2024
2023
 
Variance
2024
2023
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,471
$
7,851
$
(1,380)
5.49
%
5.15
%
0.34
%
Money market investments
$
88,316
$
100,776
$
(12,460)
$
6,081
$
(18,541)
28,943
27,362
1,581
3.01
2.00
1.01
Investment securities [1]
216,922
136,408
80,514
72,325
8,189
26
32
(6)
5.69
4.65
1.04
Trading securities
 
367
370
(3)
73
(76)
Total money market,
 
investment and trading
35,440
35,245
195
3.47
2.70
0.77
securities
305,605
237,554
68,051
78,479
(10,428)
Loans:
17,707
16,237
1,470
6.86
6.52
0.34
Commercial
302,003
263,934
38,069
13,404
24,665
1,070
737
333
9.11
8.95
0.16
Construction
24,224
16,442
7,782
242
7,540
1,789
1,632
157
6.86
6.30
0.56
Leasing
30,697
25,711
4,986
2,394
2,592
7,817
7,409
408
5.66
5.47
0.19
Mortgage
110,673
101,304
9,369
3,666
5,703
3,192
3,075
117
13.97
13.21
0.76
Consumer
110,906
101,295
9,611
5,103
4,508
3,819
3,593
226
8.88
8.31
0.57
Auto
84,268
74,467
9,801
4,970
4,831
35,394
32,683
2,711
7.52
7.15
0.37
Total loans
662,771
583,153
79,618
29,779
49,839
$
70,834
$
67,928
$
2,906
5.49
%
4.84
%
0.65
%
Total earning assets
$
968,376
$
820,707
$
147,669
$
108,258
$
39,411
Interest bearing deposits:
$
26,105
$
24,230
$
1,875
3.60
%
2.91
%
0.69
%
NOW and money market [2]
$
233,345
$
175,640
$
57,705
$
43,783
$
13,922
14,732
14,763
(31)
0.92
0.66
0.26
Savings
 
33,795
24,446
9,349
7,966
1,383
9,014
7,715
1,299
3.25
2.26
0.99
Time deposits
72,799
43,402
29,397
18,707
10,690
49,851
46,708
3,143
2.74
2.09
0.65
Total interest bearing
 
deposits
339,939
243,488
96,451
70,456
25,995
15,176
15,480
(304)
Non-interest bearing demand
deposits
65,027
62,188
2,839
2.10
1.57
0.53
Total deposits
339,939
243,488
96,451
70,456
25,995
80
125
(45)
5.64
5.19
0.45
Short-term borrowings
1,126
1,624
(498)
129
(627)
Other medium and
 
978
1,299
(321)
5.16
5.33
(0.17)
long-term debt
12,530
17,227
(4,697)
1,007
(5,704)
Total interest bearing
50,909
48,132
2,777
2.79
2.19
0.60
liabilities (excluding demand
deposits)
353,595
262,339
91,256
71,592
19,664
4,749
4,316
433
Other sources of funds
$
70,834
$
67,928
$
2,906
2.01
%
1.55
%
0.46
%
Total source of funds
353,595
262,339
91,256
71,592
19,664
Net interest margin/
 
3.48
%
3.29
%
0.19
%
income on a taxable
equivalent basis (Non-
GAAP)
614,781
558,368
56,413
$
36,666
$
19,747
2.70
%
2.65
%
0.05
%
 
Net interest spread
 
Net interest spread
46,469
26,700
19,769
Net interest margin/ income
3.22
%
3.14
%
0.08
%
non-taxable equivalent basis
(GAAP)
$
568,312
$
531,668
$
36,644
Note: The changes that are not due solely to volume or
 
rate are allocated to volume and rate based on the
 
proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses
 
on debt securities available-for-sale and the unrealized
 
loss related to certain securities transferred from
available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding
 
to certain government entities in Puerto Rico.
137
Net interest income for
 
the six-month period ended
 
June 30, 2024
 
was $1.1 billion,
 
or $55.7 million higher
 
than the same
 
period in
2023. Taxable
 
equivalent net
 
interest income
 
was $1.2
 
billion, an
 
increase of
 
$75.6 million
 
when compared
 
to the
 
same period
 
in
2023. Net interest margin
 
was 3.20%, an increase
 
of 2 basis
 
points when compared to
 
3.18% in 2023. The
 
increase in net interest
margin
 
was
 
mainly
 
driven
 
by
 
a
 
higher
 
yield
 
on
 
earning
 
assets
 
due
 
to
 
the
 
reinvestment
 
of
 
investment
 
securities
 
maturities,
adjustable-rate loans
 
and higher volume
 
of earning
 
assets in
 
a higher interest
 
rate environment. Net
 
interest margin,
 
on a
 
taxable
equivalent basis, for
 
the six months
 
ended June 30,
 
2024, was 3.44%,
 
an increase of
 
7 basis points when
 
compared to the
 
3.37%
for the same period of 2023. The drivers of
 
the variances in net interest income for the
 
six-month period are:
 
Positive variances:
 
Higher interest
 
income from
 
investment securities
 
by
 
$112.7
 
million resulting
 
from
 
higher yield
 
of the
 
portfolio by
 
75 basis
points
 
driven by
 
the re-investment
 
of
 
maturities and
 
deployment of
 
liquidity to
 
higher yield
 
short-term treasury
 
bills,
 
whose
interest is tax exempt in Puerto Rico;
 
Higher interest income from commercial loans by $92.1 million due to higher yield by 43 basis points related to higher rates in
adjustable rate loans and higher volume of $1.7
 
billion, increasing in BPPR and PB; and
 
Higher interest income from consumer loans
 
by $25.4 million and auto
 
loans by $20.4 million mostly due
 
to a higher average
yield and volume of
 
personal loans and credit cards
 
driven by the increase in
 
market rates of approximately 150
 
basis points
throughout 2023.
Partially offset by:
 
Higher interest expense from deposits by
 
$232.7 million mainly due to the
 
increase in interest rates that has
 
resulted in a
higher cost in
 
most deposit categories
 
in both BPPR
 
and PB; but
 
particularly from Puerto
 
Rico government deposits
 
that
are market-linked and PB online deposits.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
138
Table 4 – Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
from Continuing Operations (Non-GAAP)
Period ended June 30,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2024
2023
Variance
2024
2023
 
Variance
2024
2023
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,477
$
6,800
$
(323)
5.49
%
4.94
%
0.55
%
Money market investments
$
176,832
$
166,500
$
10,332
$
18,468
$
(8,136)
28,626
28,108
518
2.86
2.11
0.75
Investment securities [1]
408,024
295,322
112,702
107,442
5,260
30
31
(1)
4.60
4.56
0.04
Trading securities
 
678
708
(30)
7
(37)
Total money market,
 
investment and trading
35,133
34,939
194
3.35
2.67
0.68
securities
585,534
462,530
123,004
125,917
(2,913)
Loans:
17,660
16,000
1,660
6.85
6.42
0.43
Commercial
 
601,507
509,403
92,104
37,134
54,970
1,031
734
297
9.04
8.68
0.36
Construction
46,324
31,598
14,726
1,454
13,272
1,766
1,610
156
6.80
6.21
0.59
Leasing
60,051
49,993
10,058
4,994
5,064
7,770
7,398
372
5.64
5.46
0.18
Mortgage
219,216
202,076
17,140
6,783
10,357
3,208
3,049
159
13.94
13.03
0.91
Consumer
222,396
197,010
25,386
13,546
11,840
3,791
3,576
215
8.82
8.23
0.59
Auto
166,322
145,874
20,448
11,419
9,029
35,226
32,367
2,859
7.50
7.06
0.44
Total loans
1,315,816
1,135,954
179,862
75,330
104,532
$
70,359
$
67,306
$
3,053
5.43
%
4.78
%
0.65
%
Total earning assets
$
1,901,350
$
1,598,484
$
302,866
$
201,247
$
101,619
Interest bearing deposits:
$
25,904
$
23,774
$
2,130
3.61
%
2.72
%
0.89
%
NOW and money market [2]
$
465,474
$
320,610
$
144,864
$
113,900
$
30,964
14,716
14,895
(179)
0.93
0.57
0.36
Savings
 
67,966
41,889
26,077
24,160
1,917
8,780
7,409
1,371
3.11
2.02
1.09
Time deposits
135,995
74,204
61,791
40,371
21,420
49,400
46,078
3,322
2.73
1.91
0.82
Total interest bearing
 
deposits
669,435
436,703
232,732
178,431
54,301
15,129
15,592
(463)
Non-interest bearing demand
deposits
64,529
61,670
2,859
2.09
1.43
0.66
Total deposits
669,435
436,703
232,732
178,431
54,301
82
186
(104)
5.67
4.89
0.78
Short-term borrowings
2,318
4,509
(2,191)
1,603
(3,794)
Other medium and
 
988
1,124
(136)
5.13
5.10
0.03
long-term debt
25,239
28,493
(3,254)
14
(3,268)
Total interest bearing
50,470
47,388
3,082
2.78
2.00
0.78
liabilities (excluding demand
deposits)
696,992
469,705
227,287
180,048
47,239
4,760
4,326
434
Other sources of funds
$
70,359
$
67,306
$
3,053
1.99
%
1.41
%
0.58
%
Total source of funds
696,992
469,705
227,287
180,048
47,239
3.44
%
3.37
%
0.07
%
Net interest margin/ income
on a taxable equivalent basis
(Non-GAAP)
1,204,358
1,128,779
75,579
$
21,199
$
54,380
2.65
%
2.78
%
(0.13)
%
Net interest spread
Taxable equivalent
adjustment
85,302
65,455
19,847
3.20
%
3.18
%
0.02
%
Net interest margin/ income
non-taxable equivalent basis
(GAAP)
$
1,119,056
$
1,063,324
$
55,732
Note: The changes that are not due solely to volume or
 
rate are allocated to volume and rate based on the
 
proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses
 
on debt securities available-for-sale and the unrealized
 
loss related to certain securities transferred from
available-for-sale to held-to-maturity.
139
Provision for Credit Losses - Loans Held-in-Portfolio
 
and Unfunded Commitments
For
 
the quarter
 
ended June
 
30, 2024,
 
the Corporation
 
recorded a
 
provision expense
 
of
 
$46.3 million
 
for credit
 
losses related
 
to
loans held-in-portfolio
 
and unfunded
 
commitments. The
 
provision for
 
loan losses
 
for the
 
quarter ended
 
June 30,
 
2024 was
 
$44.2
million, compared
 
to
 
a provision
 
expense of
 
$35.7 million
 
for the
 
quarter ended
 
June 30,
 
2023. The
 
reserve related
 
to unfunded
commitments for the second quarter
 
of 2024 was $2.1 million,
 
compared to a provision
 
expense of $2.2 million for
 
the same period
of 2023. The drivers of the variance
 
in the provision for loan losses by
 
business segments when comparing the quarter ended June
30, 2024, to the same quarter in 2023 were as
 
follows:
 
In the
 
BPPR segment,
 
a higher
 
provision expense
 
was recorded
 
for the
 
quarter ended
 
June 30,
 
2024 of
 
$48.6 million,
compared to
 
a provision
 
expense of
 
$28.4 million
 
for the
 
quarter ended
 
June 30,
 
2023, driven
 
by loan
 
growth in
 
BPPR
and higher reserves in our auto leasing portfolio
 
resulting from recent loss history.
 
 
In the Popular U.S. segment,
 
a release of $4.4 million
 
was recorded for the quarter
 
ended June 30, 2024, compared to
 
a
provision expense of $7.3 million for the same quarter
 
in 2023, driven by improvements in commercial credit ratings
 
in PB.
For the
 
six months
 
ended June
 
30, 2024,
 
the Corporation
 
recorded a
 
provision for
 
credit loss
 
of $118.4
 
million for
 
its reserve
 
for
credit losses related to loans held-in-portfolio and unfunded commitments. The
 
provision for loan losses expense for the six
 
months
ended June
 
30, 2024
 
was $116.5
 
million, compared
 
to an
 
expense of
 
$82.8 million
 
for the
 
six months
 
ended June
 
30, 2023.
 
The
provision for
 
unfunded commitments for
 
the six
 
months ended June
 
30, 2024
 
reflected an
 
expense of
 
$1.9 million,
 
compared to
 
a
provision expense of $2.8 million for the same period
 
of 2023.
 
 
In the BPPR
 
segment, the provision for
 
loan losses was an
 
expense of $109.6 million
 
for the six
 
months ended June 30,
2024, compared to an expense of $73.6 million for
 
the six months ended June 30, 2023, attributable to higher reserves
 
in
our auto
 
leasing portfolio
 
mostly due
 
to the
 
recent loss
 
history and
 
changes in
 
the credit
 
quality of
 
the BPPR
 
consumer
portfolio.
 
In the Popular U.S. segment,
 
the provision for loan losses
 
was an expense of $7.0
 
million for the six months
 
ended June
30, 2024,
 
compared to
 
an expense
 
of
 
$9.2 million
 
for the
 
same
 
period in
 
2023. The
 
lower provision
 
was driven
 
by an
improvement in commercial credit ratings in PB.
At June
 
30, 2024,
 
the total
 
allowance for
 
credit losses
 
for loans
 
held-in-portfolio amounted to
 
$730.1 million,
 
compared to
 
$729.3
million as of December 31, 2023.
 
The ratio of the allowance for
 
credit losses to loans held-in-portfolio was
 
2.05% at June 30, 2024,
compared
 
to
 
2.08%
 
at
 
December 31,
 
2023.
 
As
 
discussed
 
in
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial Statements,
 
the
 
Corporation
applies probability weightings to the outcomes of simulations using Moody’s Analytics’ Baseline, S3 (pessimistic) and S1 (optimistic)
scenarios to
 
estimate the
 
ACL. The
 
baseline scenario
 
is assigned
 
the highest
 
probability,
 
followed by
 
the pessimistic
 
scenario to
account for
 
uncertainties in
 
the macro-economic
 
outlook and
 
any downside
 
risk. The
 
weight assigned
 
to the
 
pessimistic scenario
decreased during
 
the first
 
quarter of
 
2024 in
 
response to
 
the positive
 
momentum in
 
the economy
 
as expectations
 
for the
 
Federal
Reserve
 
achieving
 
a
 
soft
 
landing
 
have
 
improved.
 
Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial
 
Statements,
 
for
 
additional
information
 
on
 
the
 
Corporation’s methodology
 
to
 
estimate its
 
ACL.
 
Refer
 
to
 
the
 
Credit
 
Risk
 
section
 
of
 
this
 
MD&A
 
for
 
a
 
detailed
analysis of net charge-offs, non-performing assets, the allowance
 
for credit losses and selected loan losses statistics.
Provision for Credit Losses – Investment Securities
The
 
Corporation’s
 
provision
 
for
 
credit
 
losses
 
related
 
to
 
its
 
investment
 
securities
 
held-to-maturity
 
is
 
related
 
to
 
the
 
portfolio
 
of
obligations from
 
the Government
 
of Puerto
 
Rico, states
 
and political
 
subdivisions. At
 
June 30,
 
2024, the
 
total allowance
 
for credit
losses
 
for
 
this
 
portfolio
 
amounted
 
to
 
$6.3
 
million,
 
compared
 
to
 
$5.8
 
million
 
as
 
of
 
December
 
31,
 
2023.
 
Refer
 
to
 
Note
 
6
to
Consolidated Financial Statements
for additional information on the ACL for this portfolio.
Non-Interest Income
Non-interest
 
income
 
amounted to
 
$166.3
 
million
 
for the
 
quarter ended
 
June
 
30,
 
2024, compared
 
to
 
$160.5
 
million
 
for the
 
same
quarter of the previous year. The main factors that contributed to the variance
 
in non-interest income were:
140
 
higher
 
income
 
from
 
mortgage
 
banking
 
activities
 
by
 
$3.4
 
million
 
mainly
 
due
 
to
 
fair
 
value
 
adjustments of
 
mortgage
 
servicing
rights (“MSRs”); and
 
 
higher other service fees
 
by $2.6 million mainly
 
due to higher debit
 
card service fees as
 
a result of higher volume
 
of costumer
transactions.
Non-interest income amounted to
 
$330.1 million for
 
the six months ended
 
June 30, 2024,
 
compared to $322.4 million
 
for the same
period of the previous year. The main factors that contributed to the
 
variance in non-interest income were:
 
 
higher other service fees
 
by $6.8 million mainly due
 
to an increase in
 
debit cards transactional volume related fee
 
income and
higher credit card fees as a result of higher interchange
 
transactional volumes;
 
and
 
higher
 
service
 
charges
 
on
 
deposit
 
accounts
 
by
 
$2.5
 
million
 
mainly
 
due
 
to
 
higher
 
fees
 
resulting
 
mainly
 
from
 
non-balance
compensation in commercial deposits.
141
Operating Expenses
Operating expenses amounted to
 
$469.6 million for
 
the quarter ended
 
June 30, 2024,
 
an increase of
 
$9.3 million, when
 
compared
with the same quarter of 2023. The variance
 
in operating expenses was driven primarily by:
 
higher technology
 
and software
 
expenses
 
by
 
$7.4 million
 
mainly
 
due to
 
higher IT
 
professional and
 
consulting
 
fees
 
by
 
$3.4
million and higher software amortization expense by
 
$2.5 million;
 
higher personnel costs by $6.0 million mainly due to higher
 
salaries by $3.7 million as a result of annual salary
 
revisions and an
increase in headcount, and higher commissions and
 
incentive compensation by $3.4 million;
 
higher other
 
operating expenses
 
by $4.7
 
million mainly
 
due to
 
build up
 
on reserves
 
for operational
 
losses,
 
partially offset
 
by
lower pension plan costs as a result of annual
 
changes in actuarial assumptions;
 
higher FDIC deposit insurance expense by $3.8
 
million mainly due to higher average total assets;
 
and
 
higher processing and transactional services expenses by $2.3 million mainly due to
 
higher credit card processing related fees
as a result of higher volume of transactions;
partially offset by:
 
lower professional
 
fees by
 
$12.4 million
 
mainly due
 
to lower
 
advisory expenses
 
arising from
 
corporate initiatives
 
focused on
regulatory, compliance and cyber security efforts, as well as those related to the Corporation's
 
transformation initiative; and
 
higher other real estate owned (OREO) benefit
 
by $2.4 million mainly due to higher gain
 
on sale of commercial properties.
Operating
 
expenses
 
amounted
 
to
 
$952.7
 
million
 
for
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2024,
 
an
 
increase
 
of
 
$51.7
 
million
 
when
compared with the
 
same period of
 
2023. Excluding the
 
$6.4 million of
 
interest accrued related
 
to prior period
 
tax withholdings and
the $14.3 million impact of the
 
FDIC Special Assessment, total expenses for six
 
months ended June 30, 2024, were
 
$932.0 million,
an increase of $31.0 million, when compared
 
with the same period of 2023. The main drivers
 
of the $31.0 million variance were:
 
higher
 
personnel
 
costs
 
by
 
$22.6
 
million
 
mainly
 
due
 
to
 
higher salaries
 
expense by
 
$7.7
 
million
 
as
 
a
 
result
 
of
 
annual salary
revisions
 
and
 
an
 
increase
 
in
 
headcount,
 
higher
 
commissions
 
and
 
incentive
 
compensation
 
by
 
$7.3
 
million,
 
an
 
increase
 
in
restricted stock expense by $2.8 million, and higher payroll
 
taxes by $2.1 million;
 
higher technology and software expenses by $18.3 million mainly
 
due to higher software amortization expense by $5.7 million,
higher IT professional fees
 
by $5.3 million,
 
an increase of $4.8
 
million from network management
 
services and an increase
 
of
$1.9 million in application processing and hosting
 
services;
 
higher other
 
operating expenses
 
by $8.6
 
million mainly
 
due to
 
build up
 
on reserves
 
for operational
 
losses; partially
 
offset by
lower pension plan costs as a result of annual
 
changes in actuarial assumptions;
 
higher processing and transactional services expenses by $2.6 million mainly due higher credit card processing related fees as
a result of higher volume of transactions; and
 
higher business
 
promotion expenses
 
by $2.5
 
million mainly
 
due to
 
higher customer
 
rewards programs
 
expense in
 
our credit
card business;
partially offset by:
 
lower professional
 
fees by
 
$16.9 million
 
mainly due
 
to lower
 
advisory expenses
 
arising from
 
corporate initiatives
 
focused on
regulatory, compliance and cyber security efforts, as well as those related to the Corporation's
 
transformation initiative;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
142
 
lower other
 
taxes expense
 
by $3.0
 
million mainly
 
due to
 
expenses related
 
to regulatory
 
examination fees
 
in BPPR
 
recorded
during the six months ended June 30, 2023; and
 
higher other real estate
 
owned (OREO) benefit by
 
$6.1 million mainly due
 
to higher gain on
 
sale of mortgage and
 
commercial
properties and a reduction in corporate advances
 
on mortgage loans.
Table 5 - Operating Expenses
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2024
2023
Variance
2024
2023
Variance
Personnel costs:
Salaries
$
128,634
$
124,901
$
3,733
$
258,018
$
250,294
$
7,724
Commissions, incentives and other bonuses
30,626
27,193
3,433
69,237
58,355
10,882
Pension, postretirement and medical insurance
16,619
17,508
(889)
34,004
32,886
1,118
Other personnel costs, including payroll taxes
21,545
21,866
(321)
51,542
48,693
2,849
Total personnel
 
costs
197,424
191,468
5,956
412,801
390,228
22,573
Net occupancy expenses
27,692
27,165
527
55,733
53,204
2,529
Equipment expenses
9,662
9,561
101
19,229
17,973
1,256
Other taxes
15,333
16,409
(1,076)
29,708
32,700
(2,992)
Professional fees
37,744
50,132
(12,388)
66,662
83,563
(16,901)
Technology and
 
software expenses
79,752
72,354
7,398
159,214
140,913
18,301
Processing and transactional services:
Credit and debit cards
13,739
11,584
2,155
25,883
24,134
1,749
Other processing and transactional services
25,357
25,217
140
47,407
46,576
831
Total processing
 
and transactional services
39,096
36,801
2,295
73,290
70,710
2,580
Communications
4,357
4,175
182
8,914
8,263
651
Business promotion:
Rewards and customer loyalty programs
16,406
16,626
(220)
30,462
28,974
1,488
Other business promotion
9,043
8,457
586
15,976
14,980
996
Total business
 
promotion
25,449
25,083
366
46,438
43,954
2,484
Deposit insurance
10,581
6,803
3,778
34,468
15,668
18,800
Other real estate owned (OREO) income
(5,750)
(3,314)
(2,436)
(11,071)
(5,008)
(6,063)
Other operating expenses:
Operational losses
11,823
4,280
7,543
15,384
11,080
4,304
All other
15,679
18,572
(2,893)
40,390
36,133
4,257
Total other operating
 
expenses
27,502
22,852
4,650
55,774
47,213
8,561
Amortization of intangibles
734
795
(61)
1,529
1,590
(61)
Total operating
 
expenses
$
469,576
$
460,284
$
9,292
$
952,689
$
900,971
$
51,718
Income Taxes
For the quarter
 
and six months
 
ended June 30,
 
2024, the Corporation recorded
 
an income tax
 
expense of $40.5
 
million and $96.0
million with
 
an effective tax
 
rate (ETR) of
 
19% and 26%,
 
respectively, compared
 
to $43.5 million
 
and $89.8 million
 
with an ETR
 
of
22% and 24% for the respective periods of 2023.
 
The variance in income tax expense for the quarter ended June 30, 2024, reflects
the
 
impact of
 
higher exempt
 
income and
 
other tax
 
credits when
 
compared to
 
the same
 
quarter of
 
year
 
2023. For
 
the six-month
period ended June 30,
 
2024, the higher income
 
tax reflects the tax withholding
 
expense recorded during the first
 
quarter on certain
intercompany distributions, amounting to $22.9 million, out of which $16.5 million corresponded to years 2014-2023 and $6.5 million
was related
 
to a
 
distribution completed during
 
the period
 
ended March
 
31, 2024;
 
this negative variance
 
was partially
 
offset by
 
the
higher exempt income and other tax credits recorded this
 
year, compared with the same period of year 2023. Based on the Adjusted
Net Income, as
 
defined in the
 
non-GAAP Financial Measures
 
section of
 
this MD&A, the
 
ETR for
 
the six-month period
 
ended June
30, 2024, would have
 
been 21.3%. Refer to the
 
Non- GAAP Financial Measures section in
 
this MD&A for more
 
details on Adjusted
Net Income.
At June 30, 2024, the Corporation had a net deferred tax asset amounting to $1.0 billion, net of a valuation allowance of $0.5 billion.
The net deferred tax asset related to the U.S.
 
operations was $0.3 billion, net of
 
a valuation allowance of $0.4 billion.
Refer to
 
Note 30
 
to the
 
Consolidated Financial
 
Statements for
 
a reconciliation
 
of the
 
statutory income
 
tax rate
 
to the
 
effective tax
rate and additional information on the income
 
tax expense and deferred tax asset balances.
 
 
 
 
 
 
143
REPORTABLE SEGMENT RESULTS
The Corporation’s
 
reportable segments
 
for managerial
 
reporting purposes
 
consist of
 
Banco Popular
 
de Puerto
 
Rico and
 
Popular
U.S. A Corporate group
 
has also been defined to support the reportable
 
segments.
 
 
For
 
a
 
description
 
of
 
the
 
Corporation’s
 
reportable
 
segments,
 
including
 
additional
 
financial
 
information
 
and
 
the
 
underlying
management accounting process, refer to Note 32
 
to the Consolidated Financial Statements.
 
The Corporate group reported a net income of $3.8 million for the quarter
 
ended June 30, 2024, compared with a net income of $4.7
million for the same quarter of the previous year.
 
For the six months ended June 30, 2024, the Corporate group reported net
 
loss of
$21.6 million, compared to a net
 
income of $6.0 million for the
 
same period of the previous year.
 
The negative variance was mainly
attributed to the $22.9 million adjustment to recognize the tax impact associated with prior period intercompany distributions and the
additional $6.5 million recognized for the tax
 
impact related to intercompany distributions paid
 
during the first quarter of 2024.
 
Highlights on the earnings results for the reportable
 
segments are discussed below:
Banco Popular de Puerto Rico
 
The Banco
 
Popular de
 
Puerto Rico
 
reportable segment’s
 
net income
 
amounted to
 
$157.2 million
 
for the
 
quarter ended
 
June 30,
2024, compared
 
with net
 
income of
 
$131.8 million
 
for the
 
same quarter
 
of
 
the previous
 
year.
 
The factors
 
that contributed
 
to the
variance in the financial results included the following:
 
 
Higher net interest income by $35.7 million mainly
 
due to:
 
higher interest income from money market and investment
 
securities by $33.8 million due to higher yields driven
by
 
the
 
increase
 
in
 
interest
 
rates
 
by
 
the
 
Federal
 
Reserve
 
and
 
higher
 
average
 
balances
 
of
 
U.S.
 
Treasury
securities; and
 
higher interest income from loans by $58.2 million mainly
 
due to higher average balances from commercial and
consumer loans, reflected in auto loans, credit cards
 
and personal loans;
partially offset by
 
higher interest
 
expense on
 
deposits by
 
$56.2 million
 
mainly due
 
to higher
 
costs
 
on the
 
market-linked Puerto
Rico
 
government
 
deposits,
 
and
 
the
 
higher
 
interest
 
rate
 
environment’s
 
impact
 
on
 
the
 
cost
 
of
 
interest-bearing
demand accounts and time deposits.
The
 
net
 
interest
 
margin
 
for
 
the
 
quarter
 
ended
 
June
 
30,
 
2024
 
was
 
3.40%
 
compared
 
to
 
3.21%
 
for
 
the
 
same
 
quarter
 
in
 
the
previous year.
 
The increase in
 
net interest margin
 
is driven by
 
the earnings assets
 
mix and the
 
higher yields from
 
investment
securities and loans, particularly commercial and consumer loans, due to the increase in rates; partially offset by
 
higher cost of
deposits.
 
A provision
 
for loan
 
losses expense of
 
$50.4 million, compared
 
to a
 
provision expense of
 
$29.3 million in
 
quarter ended
June
 
30,
 
2023,
 
or
 
an
 
unfavorable
 
variance
 
of
 
$21.0
 
million
 
mainly
 
driven
 
by
 
higher
 
reserves
 
in
 
auto
 
leasing
 
portfolio
mostly due to the recent loss history and loan
 
growth;
 
 
Non-interest income was higher by $8.5 million mainly
 
due to:
 
higher
 
income
 
from
 
mortgage
 
banking
 
activities
 
by
 
$3.4
 
million
 
mainly
 
due
 
to
 
a
 
favorable
 
variance
 
of
 
$4.3
million in the fair value adjustment of mortgage service
 
rights;
 
higher other
 
service fees
 
by $2.5
 
million
 
mainly due
 
to
 
higher debit
 
card
 
fees as
 
result of
 
higher volumes
 
of
customer transactions;
 
and
144
 
higher other
 
operating income
 
by $2.0
 
million mostly
 
due to
 
a realized gain
 
resulting from
 
previously acquired
mortgage portfolios;
 
Higher operating expenses by $1.6 million mostly
 
due to:
 
higher other operating expense
 
by $5.4 million mostly
 
due to reserves for
 
operational losses; partially offset
 
by
lower pension plan expense as a result of
 
annual changes in actuarial assumptions;
 
higher
 
processing
 
and
 
transactional
 
services
 
by
 
$2.3
 
million
 
mainly
 
due
 
to
 
higher
 
credit
 
card
 
processing
expense as result of higher customer transactional
 
volumes;
 
higher personnel costs by $3.8 million driven by
 
higher annual salary revisions,
 
and increase in headcount;
 
higher FDIC deposit insurance expense by $2.2
 
million due to higher average total assets; and
 
higher technology
 
and software
 
expenses by
 
$1.5 million
 
mainly due
 
to higher
 
IT professional
 
and consulting
fees, higher amortization of software costs and higher
 
network management fees;
partially offset by
 
lower professional fees of $11.2 million mainly related to corporate initiatives focused on regulatory,
 
compliance
and cyber security efforts as well the Corporations
 
transformation initiatives;
 
higher
 
net
 
recoveries
 
from
 
OREO
 
by
 
$2.5
 
million
 
mainly
 
due
 
to
 
an
 
increase
 
in
 
gain
 
on
 
sale
 
of
 
commercial
properties;
 
Lower income tax expense by $3.8 million is
 
mainly due to higher net exempt income.
 
For the
 
six months
 
ended June 30,
 
2024, the BPPR
 
segment recorded net
 
income of $278.5
 
million compared to
 
a net
 
income of
$264.7 million for the
 
same period of the
 
previous year. The
 
factors that contributed to the
 
variance in the financial
 
results included
the following:
 
Higher net interest income by $58.7 million
 
mainly due to:
 
higher interest income from money market and investment
 
securities by $72.5 million due to higher yields driven
by the
 
re-investments of
 
maturities and
 
deployment of
 
liquidity to
 
higher yield
 
short-term treasury
 
bills, whose
interest is tax exempt in Puerto Rico.
 
higher interest
 
income from
 
loans by
 
$129.4 million
 
mainly due
 
to higher
 
average balances
 
from commercial
and consumer loans,
partially offset by
 
higher interest
 
expense on
 
deposits by
 
$143.0 million
 
mainly due
 
to higher
 
costs on
 
the market-linked
 
Puerto
Rico
 
government
 
deposits,
 
and
 
the
 
higher
 
interest
 
rate
 
environment’s
 
impact
 
on
 
the
 
cost
 
of
 
interest-bearing
demand accounts, time deposits, and savings deposits.
The net interest margin for the six months ended June 30, 2024 was 3.36% compared to 3.26% for the same quarter in the previous
year. The
 
increase in net
 
interest margin is driven
 
by the earnings assets
 
mix and the
 
higher yields from
 
investment securities and
loans, particularly commercial and consumer loans,
 
due to the increase in rates; partially offset by
 
higher cost of deposits.
145
 
A unfavorable variance of
 
$36.0 million on the
 
provision for loan losses
 
mainly attributable to
 
higher reserves in our
 
auto
leasing portfolio and changes in credit quality
 
mostly due to consumer portfolios;
 
 
Non-interest income was higher by $6.7 million
 
mainly due to:
 
higher other service fees
 
by $5.1 million mainly due
 
to higher debit card
 
fees by $3.8 million
 
as result of higher
volume of customer transactions;
 
higher service charges on deposit accounts by
 
$2.7 million mainly due to higher no balance
 
compensation.
 
Higher operating expenses by $33.0 million mostly due
 
to:
 
higher personnel costs by $15.3 million driven by
 
higher annual salary revisions and increase in
 
headcount;
 
higher
 
FDIC
 
deposit
 
insurance
 
expense
 
by
 
$14.3
 
million
 
mostly
 
due
 
to
 
$12.7
 
million
 
on
 
FDIC
 
Special
Assessment recorded in the first quarter of 2024,
 
and higher average total assets;
 
higher
 
business
 
promotions
 
by
 
$2.4
 
million
 
due
 
to
 
higher
 
customer
 
rewards
 
expense
 
related
 
to
 
higher
transactional volumes and higher donations expenses;
 
higher other operating expense by $6.2 million mostly due to higher charges from the Corporate segment group
by
 
$5.4
 
million,
 
mainly
 
from
 
higher
 
personnel
 
costs
 
and
 
advisory
 
services,
 
higher
 
reserves
 
for
 
operational
losses by
 
$3.4 million;
 
partially offset
 
by $3.0
 
million due
 
to lower
 
pension plan
 
expense as
 
a result
 
of annual
charges in actuarial assumptions;
 
higher
 
processing
 
and
 
transactional
 
services
 
by
 
$2.7
 
million
 
mainly
 
due
 
to
 
higher
 
credit
 
card
 
processing
expense as result of higher customer transactional
 
volumes;
 
higher
 
technology
 
and
 
software
 
expenses
 
by
 
$9.2
 
million
 
mainly
 
due
 
to
 
higher
 
network
 
management
 
fees,
higher amortization of software costs and higher IT
 
consulting fees;
partially offset by
 
lower professional fees of $11.5
 
million mainly due to lower
 
costs associated with several initiatives focused on
regulatory, compliance and cyber security efforts as well as the transformation initiative;
 
higher net
 
recoveries from
 
OREO by
 
$6.1 million
 
mainly due
 
to an
 
increase in
 
gain on
 
sale of
 
mortgage and
commercial properties;
 
Lower income
 
tax
 
expense of
 
$17.4 million
 
is mainly
 
due to
 
higher net
 
exempt income
 
and
 
higher tax
 
credit
 
recorded
during this period.
Popular U.S.
For the quarter ended June 30, 2024, the reportable segment of Popular U.S. reported a net income of $17.7 million, compared with
a net income
 
of $15.3 million for
 
the same quarter of
 
the previous year.
 
The factors that contributed
 
to the variance
 
in the financial
results included the following:
 
Lower
 
net interest income by $1.7 million due to:
146
 
higher interest
 
expense on
 
deposits by
 
$36.0 million
 
mainly
 
due
 
to
 
higher interest
 
rates
 
and
 
higher average
balance;
partially offset by:
 
higher interest
 
income from
 
loans by
 
$20.4 million,
 
mainly from
 
growth in
 
the commercial
 
portfolio as
 
well as
higher yields due to increase in rates;
 
and
 
higher interest income from money market and investment
 
securities by $13.5 million due to higher yields.
The net
 
interest margin for
 
the quarter
 
ended June
 
30, 2024
 
was 2.60%
 
compared to
 
3.01% for
 
the same
 
quarter in
 
the previous
year driven by the higher cost of deposits.
 
An favorable variance of
 
$11.5 million
 
on the provision for
 
loan losses and unfunded commitments
 
reflecting a release of
the reserve
 
for credit
 
losses of
 
$3.6 million
 
for the
 
second quarter
 
of
 
2024 mostly
 
due to
 
improvements in
 
commercial
credit ratings,
 
compared to a provision expense of $7.9 million
 
recorded in the quarter ended June 30, 2023;
 
Higher operating expenses by $6.3 million mostly
 
due to:
 
 
higher other
 
operating expense
 
by
 
$3.3 million
 
due to
 
higher charges
 
allocated from
 
the
 
Corporate segment
group by $1.6 million mainly from higher personnel costs
 
and higher consulting fees.
 
Higher income tax expense by $1.1 million is
 
related to higher income before tax.
For the six months ended June 30, 2024, the reportable segment of Popular
 
U.S. recorded a net income of $24.8 million, compared
with
 
a
 
net
 
income
 
of
 
$40.3
 
million
 
for
 
the
 
same
 
period
 
of
 
the
 
previous
 
year.
 
The
 
factors
 
that
 
contributed
 
to
 
the
 
variance
 
in
 
the
financial results included the following:
 
Lower net interest income by $6.9 million due
 
to:
 
higher interest
 
expense on
 
deposits by
 
$87.3 million
 
mainly
 
due
 
to
 
higher interest
 
rates
 
and
 
higher average
balance;
partially offset by:
 
higher interest
 
income from
 
loans by
 
$46.8 million,
 
mainly from
 
growth in
 
the commercial
 
portfolio as
 
well as
higher yields due to increase in rates; and
 
higher interest income
 
from money market
 
and investment securities
 
by $31.7 million
 
due to higher
 
yields and
higher average balance.
The net interest margin for the six months ended June 30, 2024 was 2.60% compared to 3.17% for the same quarter in the previous
year.
 
An
 
favorable
 
variance
 
of
 
$2.1
 
million
 
on
 
the
 
provision
 
for
 
loan
 
losses
 
and
 
unfunded
 
commitments
 
mainly
 
due
 
to
 
an
improvement in credit quality;
 
Higher operating expenses by $10.9 million mostly due
 
to:
 
 
higher other
 
operating expense
 
by
 
$4.9 million
 
due to
 
higher charges
 
allocated from
 
the
 
Corporate segment
group by $3.4 million, mainly from higher
 
personnel costs.
 
Higher income
 
tax expense
 
by $0.6
 
million due
 
to a
 
higher tax
 
credits;
 
partially offset
 
by a
 
lower income
 
before income
tax.
 
147
FINANCIAL CONDITION ANALYSIS
 
Assets
The Corporation’s
 
total assets
 
were $72.8
 
billion at
 
June 30,
 
2024, compared to
 
$70.8 billion
 
at December
 
31, 2023.
 
Refer to
 
the
Consolidated Statements of Financial Condition included
 
in this report for additional information.
 
Money market investments and debt securities available-for-sale
Money market
 
investments decreased
 
by
 
$147.5 million
 
as
 
of
 
June 30,
 
2024, when
 
compared to
 
December 31,
 
2023,
 
as these
funds were
 
used in
 
part for
 
the purchase of
 
debt securities and
 
loan originations. Debt
 
securities available-for-sale increased
 
$1.8
billion, mainly due to
 
purchases of U.S. Treasury
 
Securities.
 
Debt securities held-to-maturity decreased by
 
$218.8 million driven by
maturities
 
of
 
U.S.
 
Treasury
 
securities,
 
partially
 
offset
 
by
 
the
 
accretion
 
of
 
$88.4
 
million
 
of
 
the
 
discount
 
related
 
to
 
U.S.
 
Treasury
securities previously reclassified from the
 
AFS to HTM. Refer
 
to Note 5 and
 
to Note 6 to
 
the Consolidated Financial Statements for
additional information with respect to the Corporation’s debt
 
securities available-for-sale and held-to-maturity.
 
148
Loans
Refer to Table
 
6 for a
 
breakdown of the Corporation’s
 
loan portfolio. Also, refer
 
to Note 7 in
 
the Consolidated Financial Statements
for detailed information about the Corporation’s loan portfolio
 
composition and loan purchases and sales.
 
Loans held-in-portfolio
 
increased by
 
$526.6 million
 
to $35.6
 
billion as
 
of June
 
30, 2024,
 
compared to
 
loans held-in-portfolio
 
as of
December 31,
 
2023. The
 
BPPR portfolio
 
increased by
 
$632.5 million,
 
driven by
 
the growth
 
in the
 
commercial, mortgage
 
and auto
loans portfolio,
 
and the PB
 
loan portfolio decreased by
 
$105.8 million, due in
 
part by commercial
 
loans payoffs, offset
 
by growth in
the construction loans portfolio.
The Corporation’s
 
$5.0 billion
 
non-owner occupied
 
commercial real
 
estate portfolio
 
is comprised
 
of $3.0
 
billion in
 
BPPR and
 
$2.0
billion in Popular U.S. and
 
is well diversified across a number
 
of tenants in different industries
 
and segments with exposure to retail
(35%
 
of
 
non-owner
 
occupied
 
CRE),
 
hotels
 
(20%)
 
and
 
office
 
space
 
(13%)
 
accounting
 
for
 
two
 
thirds
 
of
 
the
 
total
 
exposure.
 
The
approximate $624 million office space
 
exposure represents only 1.8% of
 
the total loan portfolio
 
and is comprised mainly of
 
mid-rise
properties with diversified tenants with average loan
 
size of $2 million across both BPPR and Popular
 
U.S.
Popular’s $2.4 billion commercial multi-family
 
portfolio represents approximately 7% of
 
total loans and is
 
concentrated in New York
Metro ($1.4 billion),
 
South Florida ($739 million) and
 
Puerto Rico ($191 million). In
 
the New York
 
Metro region, the Corporation has
no
 
exposure
 
to
 
rent
 
controlled
 
buildings.
 
The
 
majority
 
of
 
our
 
multi-family
 
loans
 
in
 
that
 
region
 
are
 
collateralized
 
by
 
underlying
buildings that count on a mix
 
of units subject to rent stabilized (subject
 
to annual capped rent increases) and market-rate
 
units. The
rent stabilized units represent less than 40% of the
 
total units in the loan portfolio with the
 
majority originated after 2019. The mix of
units within
 
a building
 
is common
 
across the
 
New York
 
Metro region
 
due to
 
tax incentives
 
awarded to
 
developers based
 
on rent
stabilized
 
units.
 
In
 
2024,
 
there
 
are
 
approximately $191
 
million
 
in multi-family
 
loans
 
in
 
our
 
New
 
York
 
Metro
 
portfolio expected
 
to
reprice.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
149
Table 6 - Loans Ending Balances
(In thousands)
June 30, 2024
December 31, 2023
Variance
 
Loans held-in-portfolio:
Commercial
 
 
Commercial multi-family
$
2,384,480
$
2,415,620
$
(31,140)
 
Commercial real estate non-owner occupied
5,004,472
5,087,421
(82,949)
 
Commercial real estate owner occupied
3,143,817
3,080,635
63,182
 
Commercial and industrial
7,195,357
7,126,121
69,236
Total Commercial
17,728,126
17,709,797
18,329
Construction
1,105,759
959,280
146,479
Leasing
1,828,048
1,731,809
96,239
Mortgage
7,883,726
7,695,917
187,809
Consumer
 
Credit cards
 
1,162,557
1,135,747
26,810
 
Home equity lines of credit
68,992
65,953
3,039
 
Personal
 
1,879,619
1,945,247
(65,628)
 
Auto
3,773,292
3,660,780
112,512
 
Other
161,501
160,441
1,060
Total Consumer
 
7,045,961
6,968,168
77,793
Total loans held-in
 
-portfolio
$
35,591,620
$
35,064,971
$
526,649
Loans held-for-sale:
 
Mortgage
$
8,225
$
4,301
$
3,924
Total loans held-for-sale
$
8,225
$
4,301
$
3,924
Total loans
$
35,599,845
$
35,069,272
$
530,573
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150
Other assets
Other
 
assets
 
amounted to
 
$2.2 billion
 
at
 
June
 
30, 2024,
 
compared to
 
$2.0
 
billion at
 
December 31,
 
2023.
 
The
 
increase in
 
other
assets was driven by U.S. Treasury
 
bills maturities and the accrual of interest
 
payments that were received after quarter end. Refer
to Note 12 to the Consolidated Financial Statements for
 
a breakdown of the principal categories that comprise the caption
 
of “Other
Assets” in the Consolidated Statements of Financial
 
Condition at June 30, 2024 and December
 
31, 2023.
 
Liabilities
The Corporation’s total
 
liabilities were $67.5
 
billion at June
 
30, 2024, an
 
increase of $1.9
 
billion, when compared
 
to December 31,
2023, mainly due to an increase in deposits as
 
discussed below.
 
Deposits and Borrowings
The composition of the Corporation’s financing to total assets
 
at June 30, 2024 and December 31, 2023
 
is included in Table 7.
Table 7 - Financing to Total
 
Assets
June 30,
December 31,
 
% increase (decrease)
 
% of total assets
(In millions)
2024
2023
from 2023 to 2024
2024
2023
Non-interest bearing core deposits
$
15,470
$
15,420
0.3
%
21.2
%
21.8
%
Interest-bearing core deposits
44,803
43,571
2.8
61.5
61.6
Interest-bearing other deposits
5,258
4,627
13.6
7.2
6.5
Repurchase agreements
106
91
16.5
0.2
0.1
Notes payable
941
987
(4.7)
1.3
1.4
Other liabilities
894
915
(2.3)
1.2
1.3
Stockholders’ equity
5,373
5,147
4.4
7.4
7.3
Total Deposits
The Corporation’s deposits totaled $65.5 billion as of
 
June 30, 2024, compared to $63.6 billion as of December
 
31, 2023. An
increase in the P.R. public sector, as well as increases in retail demand deposits and time deposits in PB, were the
 
main drivers of
the $1.9 billion increase during the period.
 
P.R.
 
Public Sector Deposits
As of June 30, 2024, the Puerto Rico public sector deposits amounted
 
to $19.7 billion, compared to $18.1 billion as of December
 
31,
2023.
Approximately
 
30%
 
of
 
the
 
Corporation’s
 
deposits
 
as
 
of
 
June
 
30,
 
2024
 
are
 
funds
 
deposited
 
by
 
the
 
Government
 
of
 
Puerto
 
Rico,
municipalities and government
 
instrumentalities and corporations. P.R
 
public sector deposit
 
costs are indexed
 
to changes in
 
short-
term market
 
rates with
 
a one-quarter
 
lag, in
 
accordance with contractual
 
terms. As
 
a result,
 
these costs
 
may lag
 
in variable
 
asset
repricing. These deposits require that the bank pledge high credit quality securities as collateral; therefore, liquidity
 
risks arising from
deposit
 
outflows
 
are
 
lower.
 
Refer
 
to
 
the
 
Liquidity
 
section
 
in
 
this
 
MD&A
 
for
 
additional
 
information
 
on
 
the
 
Corporation’s
 
funding
sources.
 
Fluctuations
 
of
 
public
 
sector
 
deposit
 
balances
 
are
 
uncertain
 
and
 
difficult
 
to
 
predict.
 
Factors
 
that
 
could
 
impact
 
these
balances include, but are not limited to, the receipt of funds by the Puerto
 
Rico Government from federal disaster funding assistance
(i.e. hurricane or pandemic related funds) and other
 
events such as seasonal tax collections which may result
 
in increases of public
sector deposit balances at BPPR in the near term. The amount and timing of reductions in
 
deposit balances depend on government
actions
 
such
 
as
 
the
 
speed
 
at
 
which
 
federal
 
assistance
 
is
 
distributed,
 
the
 
financial
 
condition,
 
liquidity
 
and
 
cash
 
management
practices of
 
the Puerto
 
Rico Government
 
and its
 
instrumentalities, and/or
 
the implementation
 
of fiscal
 
and debt
 
adjustment plans
approved pursuant
 
to PROMESA or
 
other actions
 
mandated by
 
the Fiscal
 
Oversight and Management
 
Board for
 
Puerto Rico
 
(the
“Oversight Board”).
Refer to Table 8 for a breakdown of the Corporation’s deposits at June 30, 2024 and December
 
31, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
151
Table 8 - Deposits Ending Balances
(In thousands)
June 30, 2024
December 31, 2023
Variance
Demand deposits
 
[1]
$
25,879,406
$
27,579,054
$
(1,699,648)
Savings, NOW and money market deposits (non-brokered)
29,724,473
26,817,844
2,906,629
Savings, NOW and money market deposits (brokered)
729,326
719,453
9,873
Time deposits (non-brokered)
8,225,750
7,546,138
679,612
Time deposits (brokered CDs)
971,907
955,754
16,153
Total deposits
$
65,530,862
$
63,618,243
$
1,912,619
[1] Includes interest and non-interest bearing demand deposits.
 
Borrowings
The Corporation’s borrowings totaled $1.0 billion at June 30, 2024 compared to $1.1 billion at December 31, 2023. Refer to Note 15
to the Consolidated Financial Statements for detailed information
 
on the Corporation’s borrowings. Also, refer to the Liquidity section
in this MD&A for additional information on the Corporation’s
 
funding sources.
Stockholders’ Equity
Stockholders’ equity
 
totaled $5.4
 
billion at
 
June 30,
 
2024, an
 
increase of
 
$225.7 million
 
when compared
 
to
 
December 31,
 
2023,
principally due
 
to net
 
income for
 
the six
 
months ended
 
June 30,
 
2024 of
 
$281.1 million
 
and the
 
change in
 
the accumulated
 
other
comprehensive loss driven
 
by the amortization
 
of unrealized losses
 
from securities previously
 
reclassified to HTM
 
of $70.7 million,
net of taxes, partially offset by the
 
after-tax impact of the increase in net unrealized losses in the
 
portfolio of AFS securities of $54.2
million
 
and
 
common
 
and
 
preferred
 
dividends
 
declared
 
during
 
the
 
six-month
 
period
 
of
 
$90.4
 
million.
 
Refer
 
to
 
the
 
Consolidated
Statements
 
of
 
Financial
 
Condition,
 
Comprehensive
 
Income
 
and
 
of
 
Changes
 
in
 
Stockholders’
 
Equity
 
for
 
information
 
on
 
the
composition of stockholders’ equity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
152
REGULATORY CAPITAL
The Corporation, BPPR and PB
 
are subject to regulatory capital
 
requirements established by the Federal Reserve Board.
 
The risk-
based
 
capital
 
standards
 
applicable
 
to
 
the
 
Corporation,
 
BPPR
 
and
 
PB
 
(“Basel
 
III
 
capital
 
rules”)
 
are
 
based
 
on
 
the
 
final
 
capital
framework for strengthening international capital standards, known
 
as Basel III, of the Basel Committee on Banking Supervision.
 
As
of June 30,
 
2024, the Corporation’s, BPPR’s
 
and PB’s capital
 
ratios continue to
 
exceed the minimum requirements
 
for being “well-
capitalized” under the Basel III capital rules.
 
The risk-based
 
capital ratios
 
presented in
 
Table
 
9,
 
which include
 
common equity
 
tier 1,
 
Tier
 
1 capital,
 
total capital
 
and leverage
capital as of June 30, 2024 and December
 
31, 2023.
Table 9 - Capital Adequacy
 
Data
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
June 30, 2024
 
 
December 31, 2023
 
Common equity tier 1 capital:
 
 
 
 
 
 
Common stockholders equity - GAAP basis
$
5,350,535
$
5,124,810
CECL transitional amount
 
[1]
42,376
84,751
AOCI related adjustments due to opt-out election
1,809,899
1,831,003
Goodwill, net of associated deferred tax liability (DTL)
(663,058)
(666,538)
Intangible assets, net of associated DTLs
(8,235)
(9,764)
Deferred tax assets and other deductions
 
(303,259)
(310,947)
Common equity tier 1 capital
$
6,228,258
$
6,053,315
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
 
$
22,143
Tier 1 capital
$
6,250,401
 
$
6,075,458
 
Tier 2 capital:
Trust preferred securities subject to phase in as
 
tier 2
192,674
192,674
Other inclusions (deductions), net
474,675
465,833
Tier 2 capital
$
667,349
$
658,507
Total risk-based capital
 
$
6,917,750
 
$
6,733,965
 
Minimum total capital requirement to be well capitalized
$
3,779,409
 
$
3,714,633
 
Excess total capital over minimum well capitalized
$
3,138,341
 
$
3,019,332
 
Total risk-weighted
 
assets
$
37,794,091
 
$
37,146,330
 
Total assets for leverage
 
ratio
$
73,240,055
 
$
71,353,184
 
Risk-based capital ratios:
 
 
 
 
 
 
Common equity tier 1 capital
16.48
%
16.30
%
 
Tier 1 capital
 
 
16.54
 
16.36
 
Total capital
 
18.30
 
 
18.13
 
 
Tier 1 leverage
 
8.53
 
 
8.51
 
[1] The CECL transitional amount includes the impact
 
of Popular's adoption of the new CECL accounting standard
 
on January 1, 2020.
153
The Basel
 
III capital rules
 
provide that a
 
depository institution is
 
deemed to be
 
well capitalized if
 
it maintains a
 
leverage ratio of
 
at
least 5%,
 
a common equity
 
Tier 1
 
ratio of
 
at least 6.5%,
 
a Tier
 
1 capital ratio
 
of at least
 
8% and a
 
total risk-based
 
ratio of at
 
least
10%. The Corporation, BPPR and PB leverage ratio, common equity
 
Tier 1 ratio and Tier
 
1 capital ratio, respectively as of June 30,
2024, continue to exceed the minimum requirements
 
for being “well-capitalized” under the Basel III
 
capital rules.
 
Pursuant
 
to
 
the
 
adoption
 
of
 
the
 
CECL
 
accounting
 
standard
 
on
 
January
 
1,
 
2020,
 
the
 
Corporation
 
elected
 
to
 
use
 
the
 
five-year
transition
 
period option
 
as
 
provided in
 
the
 
final
 
interim
 
regulatory capital
 
rules effective
 
March 31,
 
2020.
 
The
 
five-year
 
transition
period provision delayed for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period
to
 
phase
 
out
 
the
 
aggregate
 
amount
 
of
 
the
 
capital
 
benefit
 
provided
 
during
 
the
 
initial
 
two-year
 
delay.
 
As
 
of
 
June
 
30,
 
2024,
 
the
Corporation had phased-in 75% of
 
the cumulative CECL deferral with
 
the remaining impact to
 
be recognized over the
 
remainder of
the three-year transition period.
The increase in the common equity Tier
 
I capital ratio, Tier I
 
capital ratio, and total capital ratio as
 
of June 30, 2024 as compared to
December 31, 2023 was mainly due to
 
the six months period earnings. The increase in
 
leverage capital ratio was mainly due to
 
the
period
 
earnings,
 
partially
 
offset
 
by
 
higher
 
average
 
assets
 
which
 
are
 
impacted
 
by
 
zero-risk
 
weighted
 
assets
 
that
 
do
 
not
 
have
 
a
significant impact on the risk-weighted assets.
Reconciliation to Tangible Common Equity and Tangible Assets
Table
 
10 provides
 
a reconciliation of
 
total stockholders’ equity
 
to tangible common
 
equity and total
 
assets to tangible
 
assets
 
as of
June 30, 2024, and December 31, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
154
Table 10 - Reconciliation
 
of Tangible Common Equity
 
and Tangible Assets
(In thousands, except share or per share information)
June 30, 2024
December 31, 2023
Total stockholders’
 
equity
$
5,372,678
$
5,146,953
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(804,428)
(804,428)
Less: Other intangibles
(8,235)
(9,764)
Total tangible common
 
equity
$
4,537,872
$
4,310,618
Total assets
 
$
72,845,072
$
70,758,155
Less: Goodwill
(804,428)
(804,428)
Less: Other intangibles
(8,235)
(9,764)
Total tangible assets
$
72,032,409
$
69,943,963
Tangible common
 
equity to tangible assets
6.30
%
6.16
%
Common shares outstanding at end of period
72,365,926
72,153,621
Tangible book value
 
per common share
$
62.71
$
59.74
Quarterly average
Total stockholders’
 
equity [1]
$
6,303,672
$
6,072,871
Average unrealized (gains) losses on AFS securities
 
transferred to HTM
 
595,362
683,077
Adjusted total stockholder's equity
6,899,034
6,755,948
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(804,427)
(804,427)
Less: Other intangibles
(8,706)
(10,286)
Total tangible common
 
equity
$
6,063,758
$
5,919,092
Return on average tangible common equity
11.77
%
6.32
%
 
[1] Average balances exclude unrealized gains or
 
losses on debt securities available-for-sale.
 
155
RISK MANAGEMENT
Market / Interest Rate Risk
The financial results and capital levels of the
 
Corporation are constantly exposed to market, interest
 
rate and liquidity risks.
Market risk
 
refers to the
 
risk of a
 
reduction in the
 
Corporation’s capital due
 
to changes in
 
the market valuation
 
of its assets
 
and/or
liabilities.
 
Most of the assets
 
subject to market valuation risk
 
are debt securities classified as
 
available-for-sale. Refer to Notes 5
 
and 6 to the
Consolidated Financial
 
Statements for
 
further information
 
on the
 
debt
 
securities available-for-sale
 
and
 
held-to-maturity portfolios.
Debt securities
 
classified as
 
available-for-sale amounted
 
to $18.5
 
billion as
 
of June
 
30, 2024.
 
Other assets
 
subject to
 
market risk
include loans held-for-sale, which amounted
 
to $8 million, mortgage
 
servicing rights (“MSRs”) which
 
amounted to $113
 
million, and
securities classified as “trading”, which amounted to $28
 
million, as of June 30, 2024.
 
Interest Rate Risk (“IRR”)
The Corporation’s net interest income is subject
 
to various categories of interest rate risk,
 
including repricing, basis, yield curve and
option risks.
 
In managing
 
interest rate
 
risk, management may
 
alter the
 
mix of
 
floating and
 
fixed rate
 
assets and
 
liabilities, change
pricing
 
schedules,
 
adjust
 
maturities
 
through
 
sales
 
and
 
purchases
 
of
 
investment
 
securities,
 
and
 
enter
 
into
 
derivative
 
contracts,
among other alternatives.
 
Interest
 
rate
 
risk
 
management
 
is
 
an
 
active
 
process
 
that
 
encompasses
 
monitoring
 
loan
 
and
 
deposit
 
flows
 
complemented
 
by
investment and funding
 
activities. Effective management of
 
interest rate risk begins
 
with understanding the dynamic
 
characteristics
of assets and
 
liabilities and determining the
 
appropriate rate risk position
 
given line of
 
business forecasts, management objectives,
market expectations and policy constraints.
Management utilizes various tools to assess IRR, including Net Interest
 
Income (“NII”) simulation modeling, static gap analysis, and
Economic Value
 
of Equity
 
(“EVE”). The
 
three methodologies
 
complement each
 
other and
 
are used
 
jointly in
 
the evaluation
 
of the
Corporation’s IRR. NII
 
simulation modeling is
 
prepared for a
 
five-year period, which
 
in conjunction with
 
the EVE analysis,
 
provides
management a better view of long-term IRR.
Net interest
 
income simulation analysis
 
performed by legal
 
entity and on
 
a consolidated basis
 
is a
 
tool used
 
by the
 
Corporation in
estimating the
 
potential change
 
in net
 
interest income
 
resulting from
 
hypothetical changes
 
in interest
 
rates. Sensitivity
 
analysis is
calculated using a simulation model which incorporates
 
actual balance sheet figures detailed by maturity
 
and interest yields or costs.
 
Management assesses
 
interest rate
 
risk by
 
comparing various
 
NII simulations
 
under different
 
interest rate
 
scenarios that
 
differ in
direction of interest
 
rate changes, the
 
degree of change
 
and the projected
 
shape of the
 
yield curve. For
 
example, the types
 
of rate
scenarios processed during the
 
quarter include flat rates,
 
implied forwards, and parallel
 
and non-parallel rate shocks.
 
Management
also performs analyses to isolate and measure basis
 
and prepayment risk exposures.
 
The asset
 
and liability
 
management group
 
performs validation
 
procedures on
 
various assumptions
 
used as
 
part of
 
the simulation
analyses as well as validations
 
of results on a
 
monthly basis. In addition, the
 
model and processes used to
 
assess IRR are subject
to independent validations according to the guidelines
 
established in the Model Governance and
 
Validation policy.
The Corporation processes NII
 
simulations under interest rate
 
scenarios in which the
 
yield curve is assumed
 
to rise and
 
decline by
the same magnitude
 
(parallel shifts). The
 
rate scenarios considered in
 
these market risk
 
simulations include instantaneous parallel
changes of -100, -200,
 
+100, and +200 basis points
 
during the succeeding twelve-month period. Simulation analyses
 
are based on
many assumptions,
 
including that
 
the balance
 
sheet remains
 
flat, the
 
relative levels
 
of market
 
interest rates
 
across all
 
yield curve
points
 
and
 
indexes,
 
interest
 
rate
 
spreads,
 
loan
 
prepayments
 
and
 
deposit
 
elasticity.
 
Thus,
 
they
 
should
 
not
 
be
 
relied
 
upon
 
as
indicative of actual results. Further, the estimates do not
 
contemplate actions that management could take to respond to changes in
interest rates. Additionally, the Corporation is also subject to basis risk in the repricing of its assets and liabilities, including the basis
related to
 
using different
 
rate indexes
 
for the
 
repricing of
 
assets and
 
liabilities, as
 
well as
 
the effect
 
of pricing
 
lags which
 
may be
contractual
 
or
 
due to
 
historical differences
 
in the
 
timing
 
of
 
management responses
 
to
 
changes in
 
the rate
 
environment. By
 
their
nature, these forward-looking computations are only estimates and may be different from
 
what may actually occur in the future. The
following table
 
presents the
 
results of
 
the simulations
 
at June
 
30, 2024
 
and December
 
31, 2023,
 
assuming a
 
static balance sheet
and parallel changes over flat spot rates over
 
a one-year time horizon:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
156
Table 11
 
- Net Interest Income Sensitivity (One Year
 
Projection)
June 30, 2024
December 31, 2023
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
54,953
2.32
20,822
0.92
+100 basis points
29,332
1.24
11,496
0.51
-100 basis points
1,442
0.06
19,589
0.87
-200 basis points
(17,583)
(0.74)
16,971
0.75
As of June 30, 2024, NII simulations show the Corporation maintains an asset sensitive position that slightly increased as compared
to
 
the
 
results
 
as
 
of
 
December
 
31,
 
2023.
 
The
 
primary
 
reasons
 
for
 
the
 
variation
 
in
 
sensitivity
 
are
 
changes
 
in
 
balance
 
sheet
composition driven by an increase in short-term U.S Treasury Bills (“T-
 
Bills”) partly offset by a reduction in overnight Fed Funds and
U.S Treasury
 
Notes (“T-
 
Notes”) coupled
 
with a
 
larger loan
 
portfolio on
 
the asset
 
side, combined
 
with an
 
increase in
 
Puerto Rico
public
 
sector
 
deposits
 
which
 
are
 
indexed
 
to
 
market
 
rates
 
and
 
higher
 
time
 
deposits.
 
These
 
results
 
suggest
 
that
 
changes
 
in
 
the
Corporation’s net
 
interest income sensitivity
 
are driven by
 
changes in the
 
composition of the
 
investment portfolio as
 
the term
 
bond
portfolio
 
continues
 
to
 
run
 
off
 
and
 
get
 
reinvested,
 
together
 
with
 
excess
 
reserves,
 
in
 
short-term
 
investments
 
such
 
as
 
T-Bills.
Additionally, variations in liability cost, primarily driven by Puerto Rico public sector deposits that represented $19.7 billion or 30% of
deposits as
 
of June 30,
 
2024, as well
 
as changes in
 
the composition and
 
mix of
 
deposits, also impact
 
the sensitivity profile.
 
In the
more extreme declining rate scenarios,
 
net interest income would be affected as the repricing of
 
short-term assets and variable rate
loans slightly exceeds
 
the benefit in
 
cost reduction of
 
these deposits. In
 
rising rate scenarios, Popular’s
 
net interest income
 
is also
impacted by its large proportion
 
of Puerto Rico public sector
 
deposit, however the repricing of assets
 
as they either reset
 
or mature
lead to an increase in net interest income.
The Corporation’s
 
loan and
 
investment portfolios
 
are subject
 
to
 
prepayment risk,
 
which results
 
from the
 
ability of
 
a third-party
 
to
repay debt
 
obligations prior
 
to maturity.
 
Prepayment risk
 
also could
 
have a
 
significant impact
 
on the
 
duration of
 
mortgage-backed
securities
 
and
 
collateralized
 
mortgage
 
obligations
 
since
 
prepayments
 
could
 
shorten
 
(or
 
lower
 
prepayments
 
could
 
extend)
 
the
weighted average life of these portfolios.
Trading
 
The Corporation
 
engages in
 
trading activities
 
in the
 
ordinary course
 
of business
 
at its
 
subsidiaries, BPPR
 
and Popular
 
Securities.
Popular Securities’
 
trading activities
 
consist primarily
 
of market-making
 
activities to
 
meet expected
 
customers’ needs
 
related to
 
its
retail brokerage business,
 
and purchases and sales of U.S. Government and
 
government sponsored securities with the objective of
realizing gains
 
from expected
 
short-term price
 
movements. BPPR’s
 
trading activities consist
 
primarily of
 
holding U.S.
 
Government
sponsored
 
mortgage-backed securities
 
classified
 
as
 
“trading” and
 
hedging
 
the
 
related
 
market
 
risk
 
with
 
“TBA”
 
(to-be-announced)
market
 
transactions.
 
The
 
objective
 
is
 
to
 
derive
 
spread
 
income
 
from
 
the
 
portfolio
 
and
 
not
 
to
 
benefit
 
from
 
short-term
 
market
movements. In
 
addition, BPPR
 
uses forward
 
contracts or
 
TBAs to
 
hedge its
 
securitization pipeline.
 
Risks related
 
to variations
 
in
interest rates
 
and market volatility
 
are hedged
 
with TBAs
 
that have
 
characteristics similar to
 
that of
 
the forecasted security
 
and its
conversion timeline.
At June
 
30, 2024,
 
the Corporation held
 
trading securities
 
with a
 
fair value
 
of $28
 
million, representing approximately
 
0.04% of the
Corporation’s total
 
assets, compared
 
with $32
 
million and
 
0.05%, respectively,
 
at December
 
31, 2023.
 
As shown
 
in Table
 
12, the
trading portfolio
 
consists principally
 
of mortgage-backed
 
securities and
 
U.S. Treasuries,
 
which at
 
June 30,
 
2024 were
 
investment
grade securities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
157
Table 12 - Trading
 
Portfolio
June 30, 2024
December 31, 2023
(Dollars in thousands)
Amount
 
Weighted
Average Yield
[1]
Amount
Weighted
Average Yield
[1]
Mortgage-backed securities
 
$
20,644
5.59
%
$
14,373
5.69
%
U.S. Treasury securities
7,064
4.15
16,859
4.29
Collateralized mortgage obligations
87
5.12
98
5.21
Puerto Rico government obligations
59
0.59
71
0.91
Interest-only strips
 
158
12.00
167
12.00
Other (includes related trading derivatives)
33
5.94
-
-
Total
 
$
28,045
5.25
%
$
31,568
4.96
%
[1] Not on a taxable equivalent basis.
The Corporation’s trading activities are
 
limited by internal policies. For each
 
of the two subsidiaries, the
 
market risk assumed under
trading
 
activities
 
is
 
measured
 
by
 
the
 
5-day
 
net
 
value-at-risk
 
(“VAR”),
 
with
 
a
 
confidence
 
level
 
of
 
99%.
 
The
 
VAR
 
measures
 
the
maximum estimated loss that may occur over a
 
5-day holding period, given a 99% probability.
 
The
 
Corporation’s trading
 
portfolio
 
had
 
a
 
5-day VAR
 
of
 
approximately $0.4
 
million
 
for
 
the
 
last
 
week in
 
June
 
2024. VAR
 
models
include
 
assumptions and
 
estimates thus
 
actual
 
results could
 
differ
 
from
 
the
 
outputs from
 
these
 
models
 
and
 
assumptions. Back-
testing is performed on model
 
results to compare actual results
 
against maximum estimated losses, in order
 
to evaluate model and
assumptions accuracy.
 
In the opinion of management, the size and composition
 
of the trading portfolio does not represent
 
a significant source of market risk
for the Corporation.
Liquidity
 
The objective
 
of effective
 
liquidity management
 
is to
 
ensure that
 
the Corporation
 
has sufficient
 
liquidity to
 
meet all
 
of its
 
financial
obligations, finance
 
expected future
 
growth,
 
fund
 
planned capital
 
distributions and
 
maintain a
 
reasonable safety
 
margin for
 
cash
needs under
 
both normal
 
and stressed market
 
conditions. The Board
 
of Directors
 
is responsible
 
for establishing the
 
Corporation’s
tolerance for liquidity risk,
 
including approving relevant risk limits and
 
policies. The Board of
 
Directors has delegated the monitoring
of
 
these risks
 
to
 
the Board’s
 
Risk Management
 
Committee and
 
the Asset/Liability
 
Management Committee.
 
The management
 
of
liquidity
 
risk,
 
on
 
a
 
long-term
 
and
 
day-to-day
 
basis,
 
is
 
the
 
responsibility
 
of
 
the
 
Corporate
 
Treasury
 
Division.
 
The
 
Corporation’s
Corporate
 
Treasurer
 
is
 
responsible
 
for
 
implementing
 
the
 
policies
 
and
 
procedures
 
approved
 
by
 
the
 
Board
 
of
 
Directors
 
and
 
for
monitoring
 
the
 
Corporation’s
 
liquidity
 
position
 
on
 
an
 
ongoing
 
basis.
 
Also,
 
the
 
Corporate
 
Treasury
 
Division coordinates
 
corporate
wide
 
liquidity
 
management
 
strategies
 
and
 
activities
 
with
 
the
 
reportable
 
segments,
 
oversees
 
policy
 
breaches
 
and
 
manages
 
the
escalation process.
 
The
 
Financial and
 
Operational Risk
 
Management Division
 
is
 
responsible for
 
the independent
 
monitoring and
reporting of adherence with established policies.
An
 
institution’s liquidity
 
may be
 
pressured if,
 
for example,
 
it experiences
 
a sudden
 
and unexpected
 
substantial cash
 
outflow due
deposit
 
outflows,
 
whether due
 
to
 
a
 
loss
 
of confidence
 
by
 
depositors, or
 
other
 
reasons, including
 
exogenous events
 
such
 
as
 
the
COVID-19 pandemic,
 
a downgrading
 
of its
 
credit rating,
 
or some
 
other event
 
that causes
 
counterparties to
 
avoid exposure
 
to the
institution. Factors
 
that the
 
Corporation does
 
not control,
 
such
 
as the
 
economic outlook,
 
adverse ratings
 
of its
 
principal markets,
perceptions of the financial services industry and regulatory
 
changes, could also affect its ability to obtain
 
funding.
 
The Corporation
 
has adopted
 
policies and
 
limits to
 
monitor the
 
Corporation’s liquidity
 
position and
 
that of
 
its banking
 
subsidiaries.
Additionally, contingency funding
 
plans are used to
 
model various stress events
 
of different magnitudes and
 
affecting different time
horizons that assist
 
management in evaluating
 
the size of
 
the liquidity buffers
 
needed if those
 
stress events
 
occur. However,
 
such
models
 
may
 
not
 
predict
 
accurately
 
how
 
the
 
market
 
and
 
customers
 
might
 
react
 
to
 
every
 
event,
 
and
 
are
 
dependent
 
on
 
many
assumptions.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
Deposits, including
 
customer deposits,
 
brokered deposits
 
and public
 
funds deposits,
 
continue to
 
be the
 
most significant
 
source of
funds for the Corporation, funding 90% of the Corporation’s total assets at June 30, 2024 and December 31, 2023.
 
The ratio of total
ending
 
loans
 
to
 
deposits
 
was
 
54%
 
at
 
June
 
30,
 
2024
 
and
 
55%
 
at
 
December
 
31,
 
2023.
 
In
 
addition
 
to
 
traditional
 
deposits,
 
the
Corporation maintains borrowing
 
arrangements, which amounted
 
to approximately $1.0
 
billion in outstanding
 
balances at June
 
30,
2024 (December 31, 2023 -
 
$1.1 billion). A detailed description of
 
the Corporation’s borrowings, including their
 
terms, is included in
Note
 
15
 
to
 
the
 
Consolidated
 
Financial
 
Statements.
 
Also,
 
the
 
Consolidated
 
Statements
 
of
 
Cash
 
Flows
 
in
 
the
 
accompanying
Consolidated Financial Statements provide information
 
on the Corporation’s cash inflows and outflows.
 
The
 
following
 
sections
 
provide
 
further
 
information
 
on
 
the
 
Corporation’s
 
major
 
funding
 
activities
 
and
 
needs,
 
as
 
well
 
as
 
the
 
risks
involved in these activities.
Banking Subsidiaries
Primary
 
sources of
 
funding
 
for the
 
Corporation’s
 
banking subsidiaries
 
(BPPR and
 
PB
 
or,
 
collectively,
 
“the banking
 
subsidiaries”)
include
 
retail,
 
commercial
 
and
 
public
 
sector
 
deposits,
 
brokered
 
deposits,
 
unpledged
 
investment
 
securities,
 
mortgage
 
loan
securitization and, to a lesser extent, loan sales.
 
Refer to Table 8 in this MD&A section for a breakdown of deposits by major types. Core deposits are generated
 
from a large base of
consumer, corporate and
 
public sector customers. Core deposits
 
include certificates of deposit
 
under $250,000, all interest-bearing
transactional deposit accounts,
 
non-interest bearing deposits,
 
and savings deposits.
 
Core deposits exclude
 
brokered deposits and
certificates
 
of
 
deposit
 
over
 
$250,000.
 
Core
 
deposits,
 
excluding
 
P.R.
 
public
 
funds
 
that
 
are
 
fully
 
collateralized,
 
have
 
historically
provided
 
the
 
Corporation with
 
a sizable
 
source
 
of
 
relatively stable
 
and
 
low-cost
 
funds.
 
P.R.
 
public funds,
 
while
 
linked to
 
market
interest rates,
 
provide a stable
 
source of
 
funding with an
 
attractive earnings spread.
 
Core deposits totaled
 
$60.3 billion,
 
or 92% of
total
 
deposits,
 
at
 
June
 
30,
 
2024,
 
compared
 
with
 
$59.0
 
billion,
 
or
 
93%
 
of
 
total
 
deposits,
 
at
 
December
 
31,
 
2023.
 
Core
 
deposits
financed 87% of the Corporation’s earning assets at June
 
30, 2024, compared with 88% at December 31,
 
2023.
In addition, the Corporation maintains borrowing facilities with the FHLB and at the discount window of the Federal Reserve Bank of
New York (the “FRB”) and has a considerable amount of collateral pledged
 
that can be used to raise funds under these
 
facilities.
 
During the
 
second quarter
 
of 2024
 
the Corporation
 
had no
 
material incremental
 
use of
 
its available
 
liquidity sources.
 
At June
 
30,
2024, the Corporation’s available liquidity increased to
 
$ 20.1 billion from $19.5 billion
 
on December 31, 2023. The liquidity sources
of the Corporation at June 30, 2024 are presented
 
in Table 13 below:
Table 13 - Liquidity Sources
June 30, 2024
December 31, 2023
(In thousands)
BPPR
Popular U.S.
Total
BPPR
Popular U.S.
Total
Unpledged securities and unused funding
sources:
Money market (excess funds at the
Federal Reserve Bank)
$
4,761,986
$
2,082,135
$
6,844,121
$
5,516,636
$
1,475,143
$
6,991,779
Unpledged securities
4,238,735
375,069
4,613,804
4,212,480
347,791
4,560,271
FHLB borrowing capacity
2,567,107
1,311,033
3,878,140
2,157,685
1,341,329
3,499,014
Discount window of the Federal Reserve
Bank borrowing capacity
3,237,668
1,491,137
4,728,805
2,605,674
1,818,946
4,424,620
Total available liquidity
$
14,805,496
$
5,259,374
$
20,064,870
$
14,492,475
$
4,983,209
$
19,475,684
Refer
 
to
 
Note
 
15
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
of
 
the
 
Corporation’s
 
borrowing
 
facilities
available through its banking subsidiaries.
 
The principal
 
uses of
 
funds for
 
the banking
 
subsidiaries include
 
loan originations,
 
investment portfolio
 
purchases, loan
 
purchases
and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational
expenses. Also, the
 
banking subsidiaries assume liquidity
 
risk related to collateral
 
posting requirements for certain
 
activities mainly
in
 
connection
 
with
 
contractual
 
commitments,
 
recourse
 
provisions,
 
servicing
 
advances,
 
derivatives
 
and
 
credit
 
card
 
licensing
agreements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
159
The banking
 
subsidiaries maintain
 
sufficient funding
 
capacity to
 
address large
 
increases in
 
funding requirements
 
such as
 
deposit
outflows.
 
The
 
Corporation has
 
established
 
liquidity
 
guidelines
 
that
 
require
 
the
 
banking
 
subsidiaries
 
to
 
have
 
sufficient
 
liquidity
 
to
cover all short-term borrowings and a portion of deposits.
 
The Corporation’s ability to compete
 
successfully in the marketplace for
 
deposits, excluding brokered deposits, depends on various
factors, including pricing, service, convenience
 
and financial stability as
 
reflected by operating results and
 
financial condition, credit
ratings (by
 
nationally recognized credit
 
rating agencies), customer
 
confidence, and
 
importantly,
 
FDIC deposit
 
insurance coverage.
Deposits at all of the Corporation’s banking subsidiaries are federally insured
 
(subject to FDIC limits) and this is expected to mitigate
the potential effect of the aforementioned risks.
The distribution by maturity
 
of certificates of deposit
 
with denominations of $250,000 and
 
over at June 30,
 
2024 is presented in
 
the
table that follows:
Table 14 - Distribution by
 
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,291,275
Over 3 to 12 months
993,898
Over 1 year to 3 years
212,210
Over 3 years
179,080
Total
$
3,676,463
The
 
Corporation
 
had
 
$1.7
 
billion
 
in
 
brokered
 
deposits
 
at
 
June
 
30,
 
2024,
 
which
 
financed
 
approximately
 
2%
 
of
 
its
 
total
 
assets
(December 31, 2023 -
 
$1.7 billion and 2%,
 
respectively).
 
In the event that
 
any of the Corporation’s
 
banking subsidiaries’ regulatory
capital
 
ratios fall
 
below those
 
required by
 
a
 
well-capitalized institution
 
or
 
are
 
subject
 
to
 
capital
 
restrictions by
 
the
 
regulators, the
Corporation would be
 
at risk that
 
such banking subsidiary
 
would not be
 
able to raise
 
or maintain brokered deposits
 
and could also
face limitations
 
on the
 
rate paid
 
on deposits,
 
which may
 
hinder the
 
Corporation’s ability
 
to effectively
 
compete in
 
its retail
 
markets
and could affect its deposit raising efforts.
 
Deposits from the
 
public sector represent
 
an important source
 
of funds for
 
the Corporation.
 
As of June
 
30, 2024, total
 
Puerto Rico
public sector
 
deposits were
 
$19.7 billion,
 
compared to
 
$18.1 billion
 
at December
 
31, 2023.
 
These deposits
 
require that
 
the bank
pledges
 
high credit quality securities as collateral; therefore, liquidity risks arising from public
 
sector deposit outflows are lower given
that the bank
 
receives its collateral
 
in return. This,
 
now unpledged, collateral
 
can either be
 
financed via repurchase
 
agreements or
sold
 
for
 
cash.
 
However,
 
timing
 
differences
 
between
 
the
 
time
 
the
 
deposit
 
outflow
 
and
 
when
 
the
 
bank
 
receives
 
its
 
collateral
 
may
occur.
 
Additionally,
 
the Corporation
 
uses fixed-rate
 
U.S. Treasury
 
debt securities
 
as collateral
 
that have
 
limited credit
 
risk, but
 
are
nonetheless subject to market value risk based on
 
changes in the interest rate environment.
 
When interest rates increase, the value
of this
 
collateral decreases and
 
could result in
 
the Corporation having
 
to provide additional
 
collateral to cover
 
the same amount
 
of
deposit
 
liabilities.
 
This
 
additional
 
collateral
 
could
 
reduce
 
unpledged
 
securities
 
otherwise
 
available
 
as
 
liquidity
 
sources
 
to
 
the
Corporation.
 
As of
 
June 30,
 
2024, management
 
believes that
 
the banking
 
subsidiaries had
 
sufficient current
 
and projected
 
liquidity sources
 
to
meet their anticipated cash flow obligations,
 
as well as special needs
 
and off-balance sheet commitments, in the
 
ordinary course of
business.
 
Management also believes that as of June 30,
 
2024 its banking subsidiaries have sufficient liquidity current and projected
resources to address a stress event. Although the banking subsidiaries have historically been able to replace maturing deposits and
advances,
 
no assurance
 
can
 
be given
 
that
 
they
 
would be
 
able to
 
replace
 
those funds
 
in
 
the future
 
if
 
the
 
Corporation’s financial
condition or
 
general market
 
conditions were
 
to deteriorate.
 
The Corporation’s
 
financial flexibility
 
will be
 
severely constrained
 
if the
banking
 
subsidiaries
 
are
 
unable
 
to
 
maintain
 
access
 
to
 
funding
 
or
 
if
 
adequate
 
financing
 
is
 
not
 
available
 
to
 
accommodate
 
future
financing
 
needs
 
at
 
acceptable
 
interest
 
rates.
 
The
 
Corporation’s
 
banking
 
subsidiaries
 
have
 
to
 
meet
 
margin
 
requirements
 
on
repurchase
 
agreements
 
and
 
other
 
collateralized
 
borrowing
 
facilities
 
that
 
include
 
certain
 
required
 
levels
 
of
 
cash
 
deposits
 
and
qualifying
 
securities.
 
To
 
the
 
extent
 
that
 
the
 
value
 
of
 
securities
 
previously
 
pledged
 
as
 
collateral
 
declines
 
below
 
such
 
required
amounts
 
because
 
of
 
market
 
changes,
 
the
 
Corporation
 
is
 
required
 
to
 
deposit
 
additional
 
cash
 
or
 
securities
 
to
 
meet
 
its
 
margin
requirements, thereby adversely
 
affecting its
 
liquidity.
 
Finally,
 
to the
 
extent the
 
Corporation relies more
 
heavily on
 
more expensive
funding sources in order to meet its future growth, revenues
 
may not increase in a manner that is proportionate to cover these
 
costs.
In this case, the Corporation’s profitability would be adversely
 
effected.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
160
The Corporation
 
monitors uninsured
 
deposits under
 
applicable FDIC
 
regulations.
 
Additionally,
 
the Corporation
 
monitors accounts
with balances over $250,000.
 
While the Corporation has a
 
diverse deposit base from retail, commercial,
 
corporate and government
clients,
 
as
 
well
 
as
 
wholesale funding
 
sources such
 
as
 
brokered deposits,
 
it
 
considers
 
balance
 
in
 
excess
 
of
 
$250,000 to
 
have a
higher
 
potential
 
liquidity
 
risk.
 
Table
 
15
 
reflects
 
the
 
aggregate
 
balance
 
in
 
deposit
 
accounts
 
in
 
excess
 
of
 
$250,000,
 
including
collateralized public funds and deposits outside of the
 
U.S. and its territories.
 
Collateralized public funds, as presented in Table
 
15,
represent public
 
deposit balances
 
from governmental
 
entities in
 
the U.S.
 
and its
 
territories, including
 
Puerto Rico
 
and the
 
United
States Virgin Islands, collateralized based on such jurisdictions’
 
applicable collateral requirements.
 
On June
 
30, 2024,
 
deposits with
 
balances in
 
excess of
 
$250,000, excluding
 
foreign deposits
 
(mainly deposits
 
in the
 
British Virgin
Islands) intercompany
 
deposits and
 
collateralized public
 
funds, were
 
$ 10.2
 
billion or
 
19% at
 
BPPR and
 
$ 2.7
 
billion or
 
24% at
Popular U.S., compared to available liquidity sources
 
of $ 14.8 billion at BPPR and $ 5.3 billion
 
at Popular U.S.
Table 15 - Deposits
30-Jun-24
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,784,175
43
%
$
8,074,913
68
%
$
31,859,088
49
%
Transactional deposits balances over
$250,000
7,999,569
15
%
2,096,387
18
%
10,095,956
15
%
Time deposits balances over $250,000
2,201,823
4
%
650,324
6
%
2,852,146
4
%
Uninsured foreign deposits
451,363
1
%
-
-
%
451,363
1
%
Collateralized public funds
19,995,906
37
%
276,403
2
%
20,272,309
31
%
Intercompany deposits
115,385
-
%
762,811
6
%
-
-
%
Total deposits
$
54,548,221
100
%
$
11,860,838
100
%
$
65,530,862
100
%
[1] Includes the first $250,000 in balances of transactional
 
and time deposit accounts with balances in excess
 
of $250,000.
31-Dec-23
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$
23,683,475
45
%
$
7,760,363
69
%
$
31,443,838
49
%
Transactional deposits balances over
$250,000
8,632,491
16
%
2,230,978
20
%
10,863,469
17
%
Time deposits balances over $250,000
1,926,005
4
%
361,315
3
%
2,287,320
4
%
Uninsured foreign deposits
418,334
1
%
-
-
%
418,334
1
%
Collateralized public funds
18,313,612
34
%
291,670
3
%
18,605,282
29
%
Intercompany deposits
159,163
-
%
626,312
6
%
-
-
%
Total deposits
$
53,133,080
100
%
$
11,270,638
100
%
$
63,618,243
100
%
[1] Includes the first $250,000 in balances of transactional
 
and time deposit accounts with balances in excess
 
of $250,000.
Bank Holding Companies
The principal
 
sources of
 
funding for
 
the BHCs,
 
which are
 
Popular,
 
Inc.
 
(holding company
 
only) and
 
PNA, include
 
cash on
 
hand,
investment
 
securities,
 
dividends
 
received from
 
banking
 
and
 
non-banking subsidiaries,
 
asset sales,
 
credit
 
facilities
 
available from
affiliate banking subsidiaries and proceeds from potential securities offerings.
 
Dividends from banking and non-banking subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
161
are subject to various regulatory limits
 
and authorization requirements that are further described
 
below and that may limit the
 
ability
of those subsidiaries to act as a source of
 
funding to the BHCs.
The
 
principal
 
uses
 
of
 
these
 
funds
 
include
 
the
 
repayment
 
of
 
debt,
 
and
 
interest
 
payments
 
to
 
holders
 
of
 
senior
 
debt
 
and
 
junior
subordinated
 
deferrable
 
interest
 
(related
 
to
 
trust
 
preferred
 
securities),
 
the
 
payment
 
of
 
dividends
 
to
 
common
 
stockholders,
repurchases of the Corporation’s securities and capitalizing its
 
banking subsidiaries.
 
The outstanding balance
 
of notes payable
 
at the
 
BHCs amounted to
 
$593 million at
 
June 30,
 
2024 and $592
 
million at December
31, 2023.
The contractual maturities of the BHCs notes payable
 
at June 30, 2024 are presented in Table 16.
Table 16
 
- Distribution of BHC's Notes Payable by Contractual
 
Maturity
Year
(In thousands)
2028
$
394,556
Later years
198,359
Total
$
592,915
As of
 
June 30,
 
2024, the
 
BHCs had
 
cash and
 
money markets
 
investments totaling
 
$622 million
 
and borrowing
 
potential of
 
$165
million
 
from
 
its
 
secured
 
facility
 
with
 
BPPR.
 
The
 
BHCs’
 
liquidity
 
position
 
continues
 
to
 
be
 
adequate
 
with
 
sufficient
 
cash
 
on
 
hand,
investments and
 
other sources of
 
liquidity that are
 
expected to be
 
sufficient to
 
meet all
 
interest payments and
 
dividend obligations
for the
 
foreseeable future.
 
As indicated
 
in Table
 
16 above, the
 
BHC outstanding notes
 
payable relate to
 
$400 million in
 
aggregate
principal
 
amount of
 
7.25% Senior
 
Notes
 
due
 
2028
 
(the “Notes”)
 
issued in
 
an
 
underwritten public
 
offering during
 
March
 
of
 
2023.
Additionally, the Corporation’s latest quarterly dividend was $0.62 per share or approximately
 
$45 million per quarter.
The BHCs have in
 
the past borrowed in the
 
corporate debt market primarily to finance
 
their non-banking subsidiaries and refinance
debt obligations. The issuance of corporate debt as
 
a source of funding is likely more
 
costly due to the fact that
 
two out of the three
principal credit
 
rating agencies
 
rate the
 
Corporation below
 
“investment grade”,
 
which affects
 
the Corporation’s
 
cost
 
and ability
 
to
raise
 
funds
 
in
 
the
 
capital
 
markets.
 
Factors
 
that
 
the
 
Corporation
 
does
 
not
 
control,
 
such
 
as
 
the
 
economic
 
outlook,
 
interest
 
rate
volatility,
 
inflation, disruptions in
 
the debt market,
 
among others, could
 
also affect
 
its ability to
 
obtain funding. The
 
Corporation has
an
 
automatic
 
shelf
 
registration
 
statement
 
filed
 
and
 
effective
 
with
 
the
 
Securities
 
and
 
Exchange
 
Commission,
 
which
 
permits
 
the
Corporation to issue an unspecified amount of debt
 
or equity securities.
Non-Banking Subsidiaries
The
 
principal
 
sources
 
of
 
funding
 
for
 
the
 
non-banking
 
subsidiaries
 
include
 
internally
 
generated
 
cash
 
flows
 
from
 
operations,
 
loan
sales, repurchase agreements, capital
 
injections and borrowed funds
 
from their direct
 
parent companies or the
 
holding companies.
The principal uses of funds for the non-banking
 
subsidiaries include repayment of maturing debt,
 
operational expenses and payment
of dividends to the
 
BHCs. The liquidity needs
 
of the non-banking subsidiaries
 
are minimal since most
 
of them are
 
funded internally
from
 
operating cash
 
flows
 
or from
 
intercompany borrowings
 
or capital
 
contributions from
 
their holding
 
companies. During
 
the six
months
 
ended June
 
30, 2024,
 
Popular,
 
Inc.
 
made capital
 
contributions of
 
$0.3 million
 
to
 
Popular Impact
 
Fund,
 
its
 
wholly owned
subsidiary.
Dividends
During
 
the
 
six
 
months
 
ended June
 
30,
 
2024,
 
the
 
Corporation declared
 
cash
 
dividends of
 
$1.24
 
per
 
common
 
share
 
outstanding
($89.7 million in the
 
aggregate). The dividends for the
 
Corporation’s Series A preferred stock
 
amounted to $0.7 million. On
 
July 24,
2024, the corporation announced an
 
increase in the Corporation’s
 
quarterly common stock dividend from
 
$0.62 to $0.70 per
 
share,
commencing with the dividend payable in the first
 
quarter of 2025, subject to the approval by
 
the Corporation’s Board of Directors.
During the six
 
months ended June 30,
 
2024, the BHCs
 
received dividends and distributions
 
amounting to $300 million
 
from BPPR,
$50
 
million
 
from
 
PNA,
 
$6 million
 
from
 
Popular Securities
 
and
 
$7 million
 
from
 
its
 
other non-banking
 
subsidiaries. Dividends
 
from
BPPR
 
constitute
 
Popular,
 
Inc.’s
 
primary
 
source
 
of
 
liquidity.
 
In
 
addition,
 
during
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2024,
 
Popular
International Bank Inc.,
 
wholly owned subsidiary of
 
Popular, Inc.,
 
received $19.4 million in
 
cash dividends and
 
$2.9 million in
 
stock
dividends from its investment in BHD.
 
 
 
 
162
Other Funding Sources and Capital
In
 
addition to
 
cash reserves
 
held at
 
the
 
FRB that
 
totaled $
 
6.8 billion
 
at June
 
30, 2024,
 
the debt
 
securities portfolio
 
provides an
additional
 
source
 
of
 
liquidity,
 
which
 
may
 
be
 
realized
 
through
 
either
 
securities
 
sales,
 
collateralized
 
borrowings
 
or
 
repurchase
agreements.
 
The
 
Corporation’s
 
debt
 
securities
 
portfolio
 
consists
 
primarily
 
of
 
liquid
 
U.S.
 
government
 
debt
 
securities,
 
U.S.
government
 
sponsored
 
agency
 
debt
 
securities,
 
U.S.
 
government
 
sponsored
 
agency
 
mortgage-backed
 
securities,
 
and
 
U.S.
government
 
sponsored
 
agency
 
collateralized
 
mortgage
 
obligations
 
that
 
can
 
be
 
used
 
to
 
raise
 
funds
 
in
 
the
 
repo
 
markets.
 
The
availability
 
of
 
the
 
repurchase
 
agreement
 
would
 
be
 
subject
 
to
 
having
 
sufficient
 
unpledged
 
collateral
 
available
 
at
 
the
 
time
 
the
transactions are consummated, in addition to overall liquidity and risk appetite of the various counterparties. In 2023, BPPR became
an
 
approved counterparty
 
in the
 
Federal Reserve’s
 
Standing Repo
 
Facility.
 
This
 
allows approved
 
counterparties to
 
participate in
daily auctions
 
with the
 
Standing Repo
 
Facility for
 
up to
 
$500 billion
 
in aggregate
 
of overnight financing
 
using U.S.
 
Treasuries and
Agency MBS as
 
collateral. The Corporation’s
 
unpledged debt securities
 
amounted to $
 
4.6 billion at
 
June 30, 2024
 
and December
31, 2023. A substantial portion of
 
these debt securities could be used to
 
raise financing in the U.S. money
 
markets or from secured
lending sources,
 
subject to changes in their fair market value and customary adjustments
 
(haircuts).
 
Additional liquidity may
 
be provided through
 
loan maturities, prepayments
 
and sales. The
 
loan portfolio can
 
also be used
 
to obtain
funding in the capital markets. In particular,
 
mortgage loans and some types of consumer loans, have
 
secondary markets which the
Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments
In the ordinary course
 
of business, the Corporation
 
engages in financial transactions
 
that are not recorded
 
on the balance sheet
 
or
may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a
provider of
 
financial services,
 
the Corporation
 
routinely enters
 
into commitments
 
with off-balance
 
sheet risk
 
to meet
 
the financial
needs of
 
its customers. These
 
commitments may include
 
loan commitments and
 
standby letters of
 
credit. These commitments
 
are
subject
 
to
 
the
 
same
 
credit
 
policies
 
and
 
approval
 
process
 
used
 
for
 
on-balance
 
sheet
 
instruments.
 
These
 
instruments
 
involve,
 
to
varying degrees, elements
 
of credit and
 
interest rate risk
 
in excess of
 
the amount recognized
 
in the statement
 
of financial position.
Refer to
 
Note 20
 
to the
 
Consolidated Financial
 
Statements for
 
information on
 
the Corporation’s
 
commitments to
 
extent credit
 
and
other non-credit commitments.
 
Other types
 
of off-balance
 
sheet arrangements
 
that the
 
Corporation enters
 
in the
 
ordinary course
 
of business
 
include derivatives,
operating
 
leases
 
and
 
provision
 
of
 
guarantees,
 
indemnifications,
 
and
 
representation
 
and
 
warranties.
 
Refer
 
to
 
Note
 
27
 
to
 
the
Consolidated Financial Statements for information on operating leases and
 
to Note 19 to the
 
Consolidated Financial Statements for
a
 
detailed
 
discussion
 
related
 
to
 
the
 
Corporation’s
 
obligations
 
under
 
credit
 
recourse
 
and
 
representation
 
and
 
warranties
arrangements.
 
The Corporation monitors its cash requirements, including
 
its contractual obligations and debt commitments.
 
FDIC Special Assessments
 
On
 
November
 
16,
 
2023,
 
the
 
Federal
 
Deposit
 
Insurance
 
Corporation
 
(“FDIC”)
 
approved
 
a
 
final
 
rule
 
that
 
imposes
 
a
 
special
assessment (the “FDIC
 
Special Assessment”) to recover
 
the losses to
 
the deposit insurance
 
fund resulting from
 
the FDIC’s use,
 
in
March
 
2023,
 
of
 
the
 
systemic
 
risk
 
exception. In
 
connection with
 
this assessment,
 
the
 
Corporation recorded
 
an
 
expense of
 
$71.4
million, $45.3 million net of tax,
 
in the fourth quarter of 2023,
 
representing the full amount of the
 
estimated assessment at that time.
The
 
special
 
assessment
 
amount
 
and
 
collection
 
period
 
may
 
change
 
as
 
the
 
estimated
 
loss
 
is
 
periodically
 
adjusted
 
or
 
if
 
the
 
total
amount collected varies. As
 
a result, the Corporation
 
recorded an additional expense
 
of $14.3 million, $9.1
 
million net of tax,
 
in the
first quarter of 2024, based on the updated
 
loss estimates.
Financial Information of Guarantor and Issuers of Registered
 
Guaranteed Securities
The Corporation (not
 
including any of
 
its subsidiaries, “PIHC”)
 
is the parent
 
holding company of
 
Popular North America
 
“PNA” and
has other subsidiaries through which it
 
conducts its financial services operations. PNA is
 
an operating, 100% subsidiary of Popular,
Inc.
 
Holding Company
 
(“PIHC”) and
 
is the
 
holding company
 
of its
 
wholly-owned subsidiaries:
 
Equity One,
 
Inc.
 
and PB,
 
including
PB’s wholly-owned subsidiaries Popular Equipment Finance,
 
LLC, Popular Insurance Agency, U.S.A., and E-LOAN, Inc.
PNA
 
has
 
issued
 
junior
 
subordinated
 
debentures
 
guaranteed
 
by
 
PIHC
 
(together
 
with
 
PNA,
 
the
 
“obligor
 
group”)
 
purchased
 
by
statutory trusts
 
established by
 
the Corporation.
 
These debentures
 
were purchased
 
by the
 
statutory trust
 
using the
 
proceeds from
163
trust preferred securities issued to the public (referred to as
 
“capital securities”), together with the proceeds of the related issuances
of common securities of the trusts.
PIHC
 
fully
 
and
 
unconditionally
 
guarantees
 
the
 
junior
 
subordinated
 
debentures
 
issued
 
by
 
PNA.
 
PIHC’s
 
obligation
 
to
 
make
 
a
guarantee payment may be satisfied by direct
 
payment of the required amounts to the
 
holders of the applicable capital securities or
by causing the applicable trust to pay such amounts to such holders. Each guarantee does not apply to any payment of distributions
by
 
the
 
applicable
 
trust
 
except
 
to
 
the
 
extent
 
such
 
trust
 
has
 
funds
 
available
 
for
 
such
 
payments.
 
If
 
PIHC
 
does
 
not
 
make
 
interest
payments on the
 
debentures held by such
 
trust, such trust
 
will not pay
 
distributions on the applicable
 
capital securities and
 
will not
have
 
funds
 
available
 
for
 
such
 
payments.
 
PIHC’s
 
guarantee
 
of
 
PNA’s
 
junior
 
subordinated
 
debentures
 
is
 
unsecured
 
and
 
ranks
subordinate and junior in
 
right of payment to
 
all the PIHC’s other
 
liabilities in the same manner
 
as the applicable debentures as
 
set
forth in the applicable indentures; and equally with all other guarantees
 
that the PIHC issues. The guarantee constitutes a guarantee
of
 
payment
 
and
 
not
 
of
 
collection,
 
which means
 
that
 
the
 
guaranteed party
 
may
 
sue
 
the
 
guarantor to
 
enforce its
 
rights
 
under the
respective guarantee without suing any other person
 
or entity.
The
 
principal
 
sources
 
of
 
funding
 
for
 
PIHC
 
and
 
PNA
 
have
 
included
 
dividends
 
received
 
from
 
their
 
banking
 
and
 
non-banking
subsidiaries, asset
 
sales and
 
proceeds from
 
the issuance
 
of debt
 
and equity.
 
As further
 
described below,
 
in the
 
Risk to
 
Liquidity
section, various statutory
 
provisions limit the
 
amount of dividends
 
an insured depository
 
institution may pay
 
to its holding
 
company
without regulatory approval.
 
The following summarized financial information presents the financial position of the obligor group, on a combined basis at
 
June 30,
2024 and December 31, 2023, and the results of
 
their operations for the six-month period ended June 30,
 
2024 and June 30, 2023.
Investments in and
 
equity in the
 
earnings from the
 
other subsidiaries and
 
affiliates that are
 
not members of
 
the obligor group
 
have
been excluded.
The
 
summarized
 
financial
 
information
 
of
 
the
 
obligor
 
group
 
is
 
presented
 
on
 
a
 
combined
 
basis
 
with
 
intercompany
 
balances
 
and
transactions
 
between
 
entities
 
in
 
the
 
obligor
 
group
 
eliminated.
 
The
 
obligor
 
group's
 
amounts
 
due
 
from,
 
amounts
 
due
 
to
 
and
transactions
 
with subsidiaries
 
and
 
affiliates
 
have
 
been
 
presented in
 
separate
 
line
 
items,
 
if
 
they
 
are
 
material.
 
In
 
addition,
 
related
parties transactions are presented separately.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
164
Table 17 - Summarized Statement
 
of Condition
(In thousands)
June 30, 2024
December 31, 2023
Assets
Cash and money market investments
$
621,924
$
388,025
Investment securities
33,412
29,973
Accounts receivables from non-obligor subsidiaries
22,699
14,469
Other loans (net of allowance for credit losses of $9 (2023
 
- $51))
26,309
26,906
Investment in equity method investees
5,255
5,265
Other assets
77,731
51,315
Total assets
$
787,330
$
515,953
Liabilities and Stockholders' equity (deficit)
Accounts payable to non-obligor subsidiaries
$
7,210
$
7,023
Notes payable
592,915
592,283
Other liabilities
120,300
114,660
Stockholders' equity (deficit)
66,905
(198,013)
Total liabilities and
 
stockholders' equity (deficit)
$
787,330
$
515,953
Table 18 - Summarized Statement
 
of Operations
For the period ended
(In thousands)
June 30, 2024
June 30, 2023
Income:
Dividends from non-obligor subsidiaries
$
313,000
$
104,000
Interest income from non-obligor subsidiaries and affiliates
7,106
6,950
Losses from investments in equity method investees
(10)
(78)
Other operating income
2,439
2,585
Total income
$
322,535
$
113,457
Expenses:
Services provided by non-obligor subsidiaries and affiliates
 
(net of
reimbursement by subsidiaries for services provided by parent
 
of
$120,987 (2023 - $112,210))
$
6,447
$
10,898
Other expenses
44,893
13,358
Total expenses
$
51,340
$
24,256
Net income
$
271,195
$
89,201
In addition to the dividend income reflected in
 
the Statement of Operations table above, during
 
the six months ended June
30, 2024, the obligor group recorded a $67.4
 
million of capital distributions from non-obligor
 
subsidiaries which were in an
accumulated loss position and accordingly were
 
recorded as a reduction to the investments.
Risks to Liquidity
 
Total lines of credit outstanding, or available borrowing capacity under lines of credit are not necessarily
 
a measure of the total credit
available
 
on
 
a
 
continuing
 
basis.
 
These
 
lines
 
may
 
be
 
subject
 
to
 
collateral
 
requirements,
 
changes
 
to
 
the
 
value
 
of
 
the
 
collateral,
standards of
 
creditworthiness, leverage ratios
 
and other
 
regulatory requirements, among
 
other factors.
 
Derivatives, such
 
as those
embedded
 
in
 
long-term
 
repurchase
 
transactions
 
or
 
interest
 
rate
 
swaps,
 
and
 
off-balance
 
sheet
 
exposures,
 
such
 
as
 
recourse,
 
165
performance bonds or
 
credit card
 
arrangements, are subject
 
to collateral requirements.
 
As their
 
fair value
 
increases, the collateral
requirements may increase, thereby reducing the
 
balance of unpledged securities.
The importance of
 
the Puerto Rico
 
market for the
 
Corporation is an
 
additional risk factor
 
that could affect
 
its financing activities.
 
In
the case
 
of a
 
deterioration in
 
the outlook
 
and/or credit
 
ratings of
 
its principal
 
markets and/or
 
due to
 
regulatory changes
 
and fiscal
conditions in
 
Puerto Rico
 
that are
 
outside the
 
control of
 
the Corporation,
 
the credit
 
quality of
 
the Corporation
 
could be
 
adversely
affected and result in higher credit costs. These adverse events
 
could also affect the Corporation’s ability to obtain funding.
To
 
plan for the possibility of
 
such a scenario, management adopted contingency
 
plans to address events that could
 
limit or partially
limit important
 
sources of
 
funds that
 
are usually
 
fully available
 
for use.
 
These plans
 
call for
 
using alternate
 
funding mechanisms,
such as the
 
pledging of certain
 
asset classes and accessing
 
secured credit lines
 
and loan facilities
 
put in place
 
with the FHLB
 
and
the
 
FRB.
 
The Corporation
 
is subject
 
to
 
positive tangible
 
capital
 
requirements to
 
utilize secured
 
loan facilities
 
with the
 
FHLB that
could
 
result
 
in
 
a
 
limitation
 
of
 
borrowing
 
amounts
 
or
 
maturity
 
terms,
 
even
 
if
 
the
 
Corporation
 
exceeds
 
well-capitalized
 
regulatory
capital levels.
 
The credit
 
ratings of
 
Popular’s debt
 
obligations are
 
a relevant
 
factor for
 
liquidity because
 
they impact
 
the Corporation’s
 
ability to
borrow
 
in
 
the
 
capital
 
markets,
 
its
 
cost
 
and
 
access
 
to
 
funding
 
sources.
 
Credit
 
ratings
 
are
 
based
 
on
 
the
 
financial
 
strength,
 
credit
quality and
 
concentrations in
 
the loan
 
portfolio, the
 
level and
 
volatility of
 
earnings, capital
 
adequacy,
 
the quality
 
of management,
geographic concentration
 
in Puerto
 
Rico, the
 
liquidity of
 
the balance
 
sheet, the
 
availability of
 
a significant
 
base of
 
core retail
 
and
commercial deposits, and the Corporation’s ability to access
 
a broad array of wholesale funding sources,
 
among other factors.
 
Furthermore,
 
various
 
statutory
 
provisions
 
limit
 
the
 
amount
 
of
 
dividends
 
an
 
insured
 
depository
 
institution
 
may
 
pay
 
to
 
its
 
holding
company without
 
regulatory approval. A
 
member bank must
 
obtain the
 
approval of
 
the Federal
 
Reserve Board
 
for any
 
dividend, if
the total of all dividends declared by the member
 
bank during the calendar year would exceed
 
the combined net income for that year
and the retained net income for
 
the preceding two years, net of
 
those years’ dividend activity,
 
less any required transfers to surplus
or to a
 
fund for the
 
retirement of any
 
preferred stock. In
 
addition, a member
 
bank may not
 
declare or pay
 
a dividend in
 
an amount
greater
 
than
 
its
 
undivided
 
profits
 
as
 
reported
 
in
 
its
 
Report
 
of
 
Condition and
 
Income,
 
unless
 
the
 
member
 
bank
 
has
 
received
 
the
approval of
 
the Federal
 
Reserve Board. A
 
member bank also
 
may not permit
 
any portion of
 
its permanent capital
 
to be
 
withdrawn
unless the withdrawal has been approved by
 
the Federal Reserve Board. The ability of
 
a bank subsidiary to up-stream dividends to
its BHC
 
could thus
 
be impacted
 
by its
 
financial performance
 
and capital,
 
including tangible
 
and regulatory
 
capital, thus
 
potentially
limiting the
 
amount of
 
cash moving
 
up to
 
the BHCs
 
from
 
the banking
 
subsidiaries. This
 
could,
 
in turn,
 
affect
 
the BHCs
 
ability to
declare
 
dividends
 
on
 
its
 
outstanding
 
common
 
and
 
preferred
 
stock,
 
repurchase
 
its
 
securities
 
or
 
meet
 
its
 
debt
 
obligations,
 
for
example.
During the six
 
months ended June
 
30, 2024, BPPR
 
declared cash dividends
 
of $300
 
million to PIHC.
 
As of
 
June 30,
 
2024, BPPR
can declare a dividend of approximately $409 million
 
without prior approval of the Federal Reserve
 
Board due to its retained income,
declared
 
dividend
 
activity
 
and
 
transfers
 
to
 
statutory
 
reserves
 
over the
 
measurement
 
period.
 
Pursuant
 
to
 
the
 
requirements
 
listed
above, PB
 
may
 
not declare
 
or
 
pay
 
a dividend
 
without the
 
prior approval
 
of the
 
Federal Reserve
 
Board and
 
the
 
New York
 
State
Department of Financial Services.
The Corporation’s banking subsidiaries have historically not
 
used unsecured capital market borrowings to finance
 
its operations, and
therefore are less sensitive to the level and
 
changes in the Corporation’s overall credit ratings.
Refer to the
 
Geographic and Government Risk section
 
of this MD&A for
 
some highlights on the
 
status of the Puerto
 
Rico economy
and the ongoing fiscal crisis.
Obligations Subject to Rating Triggers or Collateral Requirements
The
 
Corporation’s
 
banking
 
subsidiaries
 
currently
 
do
 
not
 
issue
 
unsecured
 
senior
 
debt,
 
as
 
these
 
banking
 
subsidiaries
 
are
 
funded
primarily with
 
deposits and
 
secured borrowings.
 
The banking
 
subsidiaries had
 
$7.8 million
 
in deposits
 
at June
 
30, 2024
 
that are
subject to rating triggers.
 
In addition,
 
certain mortgage servicing
 
and custodial agreements
 
that BPPR
 
has with
 
third parties
 
include rating covenants.
 
In the
event of a credit rating downgrade, the third parties have the right to require the institution to engage a substitute cash custodian for
escrow deposits and/or increase collateral levels
 
securing the recourse obligations.
 
As discussed
 
in Note
 
19 to
 
the Consolidated Financial
 
Statements, the Corporation
 
services residential mortgage
 
loans subject
 
to
credit
 
recourse
 
provisions.
 
Certain
 
contractual
 
agreements
 
require
 
the
 
Corporation
 
to
 
post
 
collateral
 
to
 
secure
 
such
 
recourse
obligations if
 
the institution’s
 
required credit
 
ratings are
 
not maintained.
 
Collateral pledged
 
by the
 
Corporation to
 
secure recourse
 
 
 
 
166
obligations
 
amounted
 
to
 
approximately
 
$26.4
 
million
 
at
 
June
 
30,
 
2024.
 
The
 
Corporation
 
could
 
be
 
required
 
to
 
post
 
additional
collateral under the
 
agreements. Management expects that
 
it would be
 
able to meet
 
additional collateral requirements if
 
and when
needed. The requirements to post collateral under certain agreements or the loss of escrow deposits could reduce the Corporation’s
liquidity resources and impact its operating results.
Credit Risk
Geographic and Government Risk
 
The Corporation is exposed to geographic and government risk.
 
The Corporation’s assets and revenue composition by geographical
area and by business segment reporting are presented
 
in Note 32 to the Consolidated Financial Statements.
Commonwealth of Puerto Rico
A
 
significant portion
 
of
 
our financial
 
activities and
 
credit
 
exposure is
 
concentrated in
 
the
 
Commonwealth of
 
Puerto Rico
 
(“Puerto
Rico”), which has faced severe economic and fiscal
 
challenges in the past and may face additional
 
challenges in the future.
 
Economic Performance.
 
Puerto
 
Rico’s
 
economy suffered
 
a
 
severe and
 
prolonged recession
 
from
 
2007
 
to
 
2017,
 
with real
 
gross national
 
product (“GNP”)
contracting approximately 15%
 
during this period.
 
In 2017, Hurricane
 
María caused significant
 
damage and destruction
 
across the
island, resulting in further economic contraction. Puerto Rico’s
 
economy has been gradually recovering since 2018, in
 
part aided by
the large amount
 
of federal disaster
 
relief and recovery
 
assistance funds injected
 
into the Puerto
 
Rico economy in
 
connection with
Hurricane María
 
and other
 
recent natural
 
disasters. This
 
growth was
 
interrupted by
 
the economic
 
shock caused
 
by the
 
COVID-19
pandemic in 2020, but has since resumed, in part
 
aided by additional federal assistance from
 
pandemic-related stimulus measures.
The
 
latest
 
Puerto
 
Rico
 
Economic Activity
 
Index,
 
published
 
by
 
the
 
Economic
 
Development Bank
 
for
 
Puerto
 
Rico
 
(the
 
“Economic
Activity Index”), reflected a 2.0% year-over-year decline and a
 
0.6% month-over-month decline in April 2024. The Economic Activity
Index is
 
a coincident
 
indicator of
 
ongoing economic
 
activity but
 
not a
 
direct measurement
 
of real
 
GNP.
 
The Puerto
 
Rico Planning
Board estimates that Puerto Rico’s real GNP grew 2.8%
 
during fiscal year 2024 (July 2023-June 2024) and projects 1.4% real GNP
growth for fiscal year 2025 (July 2024-June 2025).
While the
 
Puerto Rico
 
economy has
 
not directly
 
tracked the
 
United States
 
economy in
 
recent years,
 
many of
 
the external
 
factors
that impact
 
the Puerto
 
Rico economy
 
are affected
 
by the
 
policies and performance
 
of the
 
United States
 
economy.
 
These external
factors include
 
the level
 
of interest
 
rates and
 
the rate
 
of inflation.
 
Inflation in
 
the United
 
States, as
 
measured by the
 
United States
Consumer Price Index
 
(published by the
 
U.S. Bureau of
 
Labor Statistics), increased
 
3.0% during the
 
12-month period ended
 
June
2024.
 
Inflation in Puerto Rico,
 
as measured by the
 
Puerto Rico Consumer Price
 
Index (published by the
 
Department of Labor and
Human Resources
 
of Puerto
 
Rico), increased
 
2.5%
 
during the
 
12-month period
 
ended April
 
2024. The
 
rate of
 
inflation gradually
decreased from a mid-2022 peak, as the Federal Reserve
 
implemented a series of benchmark interest
 
rate increases.
 
Fiscal Challenges.
 
As the
 
Puerto Rico
 
economy contracted, the
 
government’s public
 
debt rose
 
rapidly,
 
in part
 
from borrowing to
 
cover deficits
 
to pay
debt service,
 
pension benefits and
 
other government expenditures.
 
By 2016,
 
the Puerto
 
Rico government had
 
over $120
 
billion in
combined debt and unfunded pension liabilities, had
 
lost access to the capital markets, and was in
 
the midst of a fiscal crisis.
Puerto
 
Rico’s
 
escalating fiscal
 
and economic
 
challenges
 
and imminent
 
widespread defaults
 
in
 
its
 
public debt
 
prompted the
 
U.S.
Congress to
 
enact the
 
Puerto Rico
 
Oversight, Management,
 
and Economic
 
Stability Act
 
(“PROMESA”) in
 
June 2016.
 
PROMESA
created the “Oversight Board” with ample powers over Puerto Rico’s fiscal and economic affairs and those of its public corporations,
instrumentalities and municipalities (collectively,
 
“PR Government Entities”). Pursuant
 
to PROMESA, the
 
Oversight Board will be
 
in
place
 
until
 
market
 
access
 
is
 
restored
 
and
 
balanced
 
budgets
 
are
 
produced
 
for
 
at
 
least
 
four
 
consecutive
 
years.
 
PROMESA
 
also
established two
 
mechanisms for
 
the restructuring
 
of the
 
obligations of
 
PR Government
 
Entities: (a)
 
Title III,
 
which provides
 
an in-
court process that incorporates many of the
 
powers and provisions of the U.S. Bankruptcy Code
 
and permits adjustment of a broad
 
 
 
167
range of obligations, and
 
(b) Title VI,
 
which provides for a
 
largely out-of-court process through which
 
modifications to financial debt
can be accepted by a supermajority of creditors
 
and bind holdouts.
Since 2017, Puerto Rico and several
 
of its instrumentalities have availed themselves
 
of the debt restructuring mechanisms of Titles
III and VI of PROMESA. The Puerto Rico government emerged from Title III of PROMESA in March 2022. Several instrumentalities,
including
 
Government
 
Development
 
Bank
 
for
 
Puerto
 
Rico,
 
the
 
Puerto
 
Rico
 
Sales
 
Tax
 
Financing
 
Corporation,
 
the
 
Puerto
 
Rico
Highways
 
and
 
Transportation
 
Authority,
 
and
 
the
 
Puerto
 
Rico
 
Industrial
 
Development
 
Company,
 
have
 
also
 
completed
 
debt
restructurings
 
under
 
Titles
 
III
 
or
 
VI
 
of
 
PROMESA.
 
While
 
the
 
majority
 
of
 
the
 
debt
 
has
 
already
 
been
 
restructured,
 
some
 
PR
Government
 
Entities
 
still
 
face
 
significant
 
fiscal
 
challenges.
 
For
 
example,
 
the
 
Puerto
 
Rico
 
Electric
 
Power
 
Authority
 
is
 
still
 
in
 
the
process of restructuring its debts under Title III of PROMESA.
Municipalities.
 
Puerto Rico’s
 
fiscal and
 
economic challenges
 
have also
 
adversely impacted its
 
municipalities. Historically,
 
the central
 
government
provided
 
significant
 
annual
 
subsidies
 
to
 
municipalities
 
based
 
on
 
a
 
statutory
 
formula.
 
However,
 
as
 
part
 
of
 
the
 
fiscal
 
measures
required
 
by
 
the
 
Oversight
 
Board,
 
municipal
 
subsidies
 
have
 
decreased
 
significantly
 
over
 
several
 
years
 
and
 
are
 
now
 
approved
through specific, non-recurring
 
appropriations. This decrease
 
has been partially
 
offset by
 
substantial non-recurring federal
 
disaster
and
 
COVID-relief funding
 
received by
 
municipalities in
 
recent years.
 
The latest
 
Puerto Rico
 
fiscal plan
 
certified by
 
the Oversight
Board provides for
 
the implementation of
 
a restructured grant
 
and transfer system
 
through which the
 
Commonwealth would award
specific
 
service
 
grants to
 
municipalities to
 
augment
 
existing municipal
 
service
 
delivery,
 
while also
 
incentivizing performance
 
and
enhanced accountability through the monitoring of outcome
 
metrics.
 
Municipalities are subject to PROMESA, and the Oversight Board
 
has the authority to require them to submit fiscal plans and annual
budgets for
 
review and
 
approval. The
 
Oversight Board
 
has imposed
 
this requirement
 
for certain
 
municipalities. Municipalities
 
are
also
 
required
 
to
 
seek
 
Oversight
 
Board
 
approval
 
to
 
issue,
 
guarantee
 
or
 
modify
 
their
 
debts
 
and
 
to
 
enter
 
into
 
contracts
 
with
 
an
aggregate value of
 
$10 million or
 
more. With the
 
Oversight Board’s approval,
 
municipalities are also
 
eligible to avail
 
themselves of
the
 
debt
 
restructuring processes
 
provided
 
by
 
PROMESA. To
 
date,
 
however,
 
no municipality
 
has
 
been
 
subject to
 
any
 
such
 
debt
restructuring process.
Exposure of the Corporation
 
The credit
 
quality of BPPR’s
 
loan portfolio
 
reflects, among other
 
things, the
 
general economic conditions
 
in Puerto
 
Rico and
 
other
adverse conditions affecting Puerto
 
Rico consumers and businesses.
 
Deterioration in the Puerto
 
Rico economy has resulted
 
in the
past, and could
 
result in the future,
 
in higher delinquencies, greater
 
charge-offs and increased losses,
 
which could materially affect
our financial condition and results of operations.
 
At June
 
30, 2024,
 
the Corporation’s
 
direct exposure
 
to
 
PR
 
Government Entities
 
totaled $376
 
million, of
 
which $376
 
million were
outstanding, compared
 
to
 
$362 million
 
at
 
December 31,
 
2023, of
 
which $333
 
million
 
were outstanding.
 
A
 
deterioration in
 
Puerto
Rico’s fiscal and
 
economic situation could adversely
 
affect the value
 
of our Puerto
 
Rico government obligations, resulting
 
in losses
to
 
us.
 
Of
 
the
 
amount
 
outstanding,
 
$360
 
million
 
consists
 
of
 
loans
 
and
 
$16
 
million
 
are
 
securities
 
($314
 
million
 
and
 
$19
 
million,
respectively,
 
at
 
December
 
31,
 
2023).
 
Substantially
 
all
 
of
 
the
 
Corporation’s
 
direct
 
exposure
 
outstanding
 
at
 
June
 
30,
 
2024
 
were
obligations from various
 
Puerto Rico municipalities.
 
In most
 
cases, these were
 
“general obligations” of
 
a municipality,
 
to which
 
the
applicable municipality
 
has
 
pledged its
 
good faith,
 
credit
 
and unlimited
 
taxing
 
power,
 
or “special
 
obligations” of
 
a municipality,
 
to
which the applicable municipality has pledged basic property tax or sales tax
 
revenues.
At June 30, 2024, 79% of the
 
Corporation’s
exposure to municipal loans and securities was concentrated in the municipalities of San Juan,
 
Guaynabo, Carolina and Caguas.
 
In
July 2024,
 
the Corporation
 
received scheduled
 
principal payments
 
amounting to
 
$40 million
 
from various
 
obligations from
 
Puerto
Rico
 
municipalities.
 
For
 
additional
 
discussion
 
of
 
the
 
Corporation’s
 
direct
 
exposure
 
to
 
the
 
Puerto
 
Rico
 
government
 
and
 
its
instrumentalities and municipalities, refer to Note
 
20 – Commitments and Contingencies to the
 
Consolidated Financial Statements.
 
In addition,
 
at June
 
30, 2024,
 
the Corporation had
 
$229 million
 
in loans
 
insured or
 
securities issued by
 
Puerto Rico
 
governmental
entities, but for
 
which the principal source
 
of repayment is
 
non-governmental ($238 million at December 31, 2023).
 
These included
$183 million in
 
residential mortgage loans insured
 
by the Puerto
 
Rico Housing Finance Authority
 
(“HFA”), a
 
PR Government Entity
(December 31, 2023 - $191 million). These mortgage loans are secured
 
by first mortgages on Puerto Rico residential properties and
the
 
HFA
 
insurance
 
covers
 
losses
 
in
 
the
 
event
 
of
 
a
 
borrower
 
default
 
and
 
upon
 
the
 
satisfaction
 
of
 
certain
 
other
 
conditions.
 
The
Corporation also had at June 30, 2024, $39 million in bonds issued by HFA which are secured by second mortgage loans on Puerto
Rico residential properties, and for which
 
HFA also provides insurance
 
to cover losses in the
 
event of a borrower default,
 
and upon
 
 
 
168
the satisfaction of certain
 
other conditions (December 31, 2023
 
- $40 million). In
 
the event that the
 
mortgage loans insured by
 
HFA
and
 
held
 
by
 
the
 
Corporation directly
 
or
 
those
 
serving
 
as
 
collateral for
 
the
 
HFA
 
bonds
 
default and
 
the
 
collateral is
 
insufficient
 
to
satisfy the outstanding balance of these loans, HFA’s
 
ability to honor its insurance will depend, among other factors, on the financial
condition
 
of
 
HFA
 
at
 
the
 
time
 
such
 
obligations
 
become
 
due
 
and
 
payable.
 
The
 
Corporation
 
does
 
not
 
consider
 
the
 
government
guarantee when estimating the credit losses associated
 
with this portfolio.
 
BPPR’s
 
commercial loan
 
portfolio also
 
includes loans
 
to
 
private borrowers
 
who
 
are service
 
providers, lessors,
 
suppliers or
 
have
other relationships with the government. These borrowers could be negatively
 
affected by a deterioration in the fiscal and
 
economic
situation
 
of
 
PR
 
Government
 
Entities.
 
Similarly,
 
BPPR’s
 
mortgage
 
and
 
consumer
 
loan
 
portfolios
 
include
 
loans
 
to
 
government
employees
 
and
 
retirees,
 
which
 
could
 
also
 
be
 
negatively
 
affected
 
by
 
fiscal
 
measures,
 
such
 
as
 
employee
 
layoffs
 
or
 
furloughs
 
or
reductions in pension benefits, if the fiscal and economic
 
situation deteriorates.
As of June
 
30, 2024, BPPR had
 
$19.7 billion in deposits from
 
the Puerto Rico government, its
 
instrumentalities, and municipalities.
The
 
rate
 
at
 
which
 
public
 
deposit
 
balances
 
may
 
decline is
 
uncertain and
 
difficult
 
to
 
predict.
 
The
 
amount
 
and
 
timing
 
of
 
any
 
such
reduction is
 
likely to
 
be impacted
 
by,
 
for example,
 
the speed
 
at which
 
federal assistance
 
is distributed
 
and the
 
financial condition,
liquidity and cash management practices of such entities,
 
as well as on the ability of BPPR to
 
maintain these customer relationships.
United States Virgin Islands
The
 
Corporation
 
has
 
operations
 
in
 
the
 
United
 
States
 
Virgin
 
Islands
 
(the
 
“USVI”)
 
and
 
has
 
credit
 
exposure
 
to
 
USVI
 
government
entities.
The USVI has
 
been experiencing a
 
number of fiscal
 
and economic challenges,
 
which could adversely
 
affect the
 
ability of its
 
public
corporations and instrumentalities to service their outstanding
 
debt obligations. PROMESA does not apply to the USVI
 
and, as such,
there
 
is
 
currently
 
no
 
federal
 
legislation
 
permitting
 
the
 
restructuring
 
of
 
the
 
debts
 
of
 
the
 
USVI
 
and
 
its
 
public
 
corporations
 
and
instrumentalities.
To
 
the extent that
 
the fiscal condition
 
of the USVI
 
continues to deteriorate, the
 
U.S. Congress or the
 
Government of the
 
USVI may
enact legislation allowing for the restructuring of the
 
financial obligations of USVI government entities or imposing a
 
stay on creditor
remedies, including by making PROMESA applicable
 
to the USVI.
At June
 
30, 2024,
 
the Corporation
 
had approximately
 
$28 million
 
in direct
 
exposure to
 
USVI government
 
entities (December
 
31,
2023 - $28 million).
 
British Virgin Islands
The
 
Corporation has
 
operations
 
in
 
the
 
British Virgin
 
Islands
 
(“BVI”),
 
which
 
was
 
negatively
 
affected by
 
the
 
COVID-19
 
pandemic,
particularly as
 
a reduction
 
in the
 
tourism activity
 
which accounts
 
for a
 
significant portion
 
of its
 
economy.
 
Although the
 
Corporation
has no
 
significant exposure
 
to a
 
single borrower
 
in the
 
BVI, at
 
June 30,
 
2024, it
 
has a
 
loan portfolio
 
amounting to
 
approximately
$201 million comprised of various retail and commercial
 
clients, compared to a loan portfolio of $205 million
 
at December 31, 2023.
U.S. Government
As further detailed in Notes
 
5 and 6 to the
 
Consolidated Financial Statements, a substantial portion of the
 
Corporation’s investment
securities
 
represented exposure
 
to
 
the
 
U.S.
 
Government in
 
the
 
form
 
of
 
U.S. Government
 
sponsored entities,
 
as
 
well
 
as
 
agency
mortgage-backed and U.S. Treasury securities. In addition, $2.0 billion of residential mortgages, and $90.9 million commercial loans
were insured
 
or guaranteed by
 
the U.S. Government
 
or its agencies
 
at June 30,
 
2024 (compared to
 
$1.9 billion
 
and $89.2 million,
respectively, at December 31, 2023).
Non-Performing Assets
Non-performing assets (“NPAs”)
 
include primarily past-due
 
loans that
 
are no
 
longer accruing interest,
 
renegotiated loans, and
 
real
estate property acquired through foreclosure. A summary, including certain credit
 
quality metrics, is presented in Table 19.
Credit
 
quality
 
metrics
 
in
 
the
 
second
 
quarter
 
of
 
2024
 
improved
 
when
 
compared
 
to
 
the
 
previous
 
quarter.
 
We
 
continue
 
to
 
closely
monitor
 
changes
 
in
 
the
 
macroeconomic
 
environment
 
and
 
on
 
borrower
 
performance
 
given
 
higher
 
interest
 
rates
 
and
 
inflationary
pressures.
 
However,
 
management believes
 
that
 
the
 
improvements over
 
recent years
 
in
 
risk management
 
practices and
 
the
 
risk
profile of the Corporation’s loan portfolios position Popular
 
to continue to operate successfully under the
 
current environment.
169
Total
 
NPAs
 
as of
 
June 30,
 
2024 decreased
 
by $26
 
million when
 
compared with
 
December 31,
 
2023. Total
 
non-performing loans
held-in-portfolio
 
(“NPLs”)
 
decreased
 
by
 
$16
 
million
 
from
 
December
 
31,
 
2023.
 
BPPR’s
 
NPLs
 
decreased
 
by
 
$42
 
million,
 
broadly
reflected
 
across
 
most
 
loan
 
categories.
 
Popular
 
U.S.
 
NPLs
 
increased
 
by
 
$26
 
million,
 
driven
 
by
 
higher
 
commercial
 
NPLs
 
by
 
$27
million, mostly impacted by a single $17 million loan.
 
On June 30, 2024, the ratio of NPLs to total loans held-in-portfolio was 1.0%, flat when compared to December 31, 2023. Other real
estate owned loans (“OREOs”)
 
decreased by $10 million
 
from December 31, 2023.
 
The decrease in OREO
 
was driven by
 
the sale
of a
 
commercial property
 
in BPPR.
 
On June
 
30, 2024,
 
NPLs secured
 
by real
 
estate amounted
 
to $207
 
million in
 
the Puerto
 
Rico
operations and $49 million in Popular U.S,
 
compared with $231 million and $24 million, respectively, on December 31,
 
2023.
The Corporation’s
 
commercial loan
 
portfolio secured
 
by real
 
estate (“CRE”)
 
amounted to
 
$10.5 billion
 
on June
 
30, 2024,
 
of which
$3.1 billion was secured with owner occupied properties,
 
compared with $10.6 billion and $3.1 billion, respectively, on December 31,
2023. Office space
 
leasing exposure in
 
our non-owner occupied
 
CRE portfolio is
 
limited, representing only
 
1.8% or $624
 
million of
our total loan portfolio. The exposure is mainly comprised of low- to mid- rise properties with average loan size of
 
$2.0 million and is
well diversified across tenant type.
CRE NPLs amounted to
 
$65 million on June
 
30, 2024, compared with
 
$48 million on December
 
31, 2023, driven by
 
the single $17
million loan mentioned above. The CRE NPL
 
ratios for the BPPR and Popular U.S.
 
segments were 0.71% and 0.55%, respectively,
on June 30, 2024, compared with 0.86% and
 
0.13%, respectively, on December 31, 2023.
In addition
 
to the
 
NPLs included
 
in Table
 
19, on
 
June 30,
 
2024, there
 
were $624
 
million of
 
performing loans,
 
mostly commercial
loans, which in management’s opinion, are currently subject to potential future classification as non-performing (December 31, 2023
- $510 million).
For the
 
quarter ended
 
June 30,
 
2024, total
 
inflows of
 
NPLs held-in-portfolio,
 
excluding consumer
 
loans, increased
 
by $18
 
million,
when compared
 
to the
 
inflows for
 
the same
 
period in
 
2023. Inflows
 
of NPLs
 
held-in-portfolio at
 
the BPPR
 
segment remained
 
flat,
compared to the
 
same period in
 
2023. Inflows of
 
NPLs held-in-portfolio at the
 
Popular U.S. segment
 
increased by $17 million
 
from
the same period in 2023, mainly driven by higher
 
commercial inflows by $18 million driven by abovementioned
 
$17 million loan.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
170
Table 19 - Non-Performing
 
Assets
June 30, 2024
December 31, 2023
(Dollars in thousands)
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
Commercial
Commercial multi-family
$
443
$
8,700
$
9,143
0.4
%
$
1,991
$
-
$
1,991
0.1
%
Commercial real estate non-owner
occupied
7,484
1,025
8,509
0.2
8,745
1,117
9,862
0.2
Commercial real estate owner
occupied
25,285
22,256
47,541
1.5
29,430
6,274
35,704
1.2
Commercial and industrial
 
22,958
5,782
28,740
0.4
32,826
3,772
36,598
0.5
Total Commercial
 
56,170
37,763
93,933
0.5
72,992
11,163
84,155
0.5
Construction
-
-
-
-
6,378
-
6,378
0.7
Leasing
7,059
-
7,059
0.4
8,632
-
8,632
0.5
Mortgage
163,790
11,554
175,344
2.2
175,106
11,191
186,297
2.4
Consumer
 
 
Home equity lines of credit
-
3,780
3,780
5.5
-
3,733
3,733
5.7
 
Personal
 
19,650
1,851
21,501
1.1
19,031
2,805
21,836
1.1
 
Auto
39,333
-
39,333
1.0
45,615
-
45,615
1.2
 
Other Consumer
 
885
-
885
0.5
964
1
965
0.6
Total Consumer
 
59,868
5,631
65,499
0.9
65,610
6,539
72,149
1.0
Total non-performing
 
loans held-in-
portfolio
286,887
54,948
341,835
1.0
%
328,718
28,893
357,611
1.0
%
Other real estate owned (“OREO”)
69,769
456
70,225
80,176
240
80,416
Total non-performing
 
assets
[1]
$
356,656
$
55,404
$
412,060
$
408,894
$
29,133
$
438,027
Accruing loans past due 90 days or
more
[2]
$
237,371
$
210
$
237,581
$
268,362
$
109
$
268,471
Ratios:
Non-performing assets to total assets
0.63
%
0.35
%
0.57
%
0.74
%
0.19
%
0.62
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio
 
1.14
0.53
0.96
1.34
0.27
1.02
Allowance for credit losses to loans
held-in-portfolio
2.56
0.83
2.05
2.61
0.85
2.08
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
224.34
157.37
213.58
194.65
309.70
203.95
[1] There were no non-performing loans held-for-sale
 
as of June 30, 2024 and December 31, 2023.
[2] 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
 
include $81
 
million of
 
residential
 
mortgage
loans
 
insured
 
by
 
FHA
 
or
 
guaranteed
 
by
 
the
 
VA
 
that
 
are
 
no
 
longer
 
accruing
 
interest
 
as
 
of
 
June
 
30,
 
2024
 
(December
 
31,
 
2023
 
-
 
$106
 
million).
Furthermore,
 
the Corporation
 
has approximately
 
$34 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
(December 31, 2023 - $38 million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
Table 20 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
229,796
$
49,478
$
279,274
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
41,040
25,907
66,947
74,543
61,280
135,823
Advances on existing non-performing loans
-
298
298
-
320
320
Less:
Non-performing loans transferred to OREO
(4,540)
(24)
(4,564)
(8,649)
(24)
(8,673)
Non-performing loans charged-off
(5,590)
(18)
(5,608)
(13,899)
(968)
(14,867)
Loans returned to accrual status / loan collections
(40,746)
(26,324)
(67,070)
(86,511)
(33,645)
(120,156)
Ending balance NPLs
$
219,960
$
49,317
$
269,277
$
219,960
$
49,317
$
269,277
Table 21 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the quarter ended June 30, 2023
For the six months ended June 30, 2023
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
315,027
$
25,767
$
340,794
$
324,562
$
31,356
$
355,918
Plus:
New non-performing loans
40,005
9,088
49,093
90,618
17,619
108,237
Advances on existing non-performing loans
-
78
78
-
143
143
Less:
Non-performing loans transferred to OREO
(9,247)
-
(9,247)
(20,120)
(58)
(20,178)
Non-performing loans charged-off
(324)
(2,175)
(2,499)
(1,500)
(2,391)
(3,891)
Loans returned to accrual status / loan collections
(53,242)
(6,571)
(59,813)
(101,341)
(20,482)
(121,823)
Ending balance NPLs
$
292,219
$
26,187
$
318,406
$
292,219
$
26,187
$
318,406
Table 22 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
63,323
$
21,407
$
84,730
$
72,992
$
11,163
$
84,155
Plus:
New non-performing loans
4,031
21,940
25,971
8,374
36,979
45,353
Advances on existing non-performing loans
-
282
282
-
302
302
Less:
Non-performing loans transferred to OREO
(280)
-
(280)
(280)
-
(280)
Non-performing loans charged-off
(5,700)
-
(5,700)
(13,699)
(950)
(14,649)
Loans returned to accrual status / loan
collections
(5,204)
(5,866)
(11,070)
(11,217)
(9,731)
(20,948)
Ending balance NPLs
$
56,170
$
37,763
$
93,933
$
56,170
$
37,763
$
93,933
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172
Table 23 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2023
For the six months ended June 30, 2023
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
90,952
$
11,048
$
102,000
$
82,171
$
10,868
$
93,039
Plus:
New non-performing loans
3,203
4,631
7,834
19,797
10,350
30,147
Advances on existing non-performing loans
-
2
2
-
28
28
Less:
Non-performing loans transferred to OREO
(21)
-
(21)
(308)
-
(308)
Non-performing loans charged-off
(595)
(2,175)
(2,770)
(1,268)
(2,391)
(3,659)
Loans returned to accrual status / loan collections
(4,823)
(1,896)
(6,719)
(11,676)
(7,245)
(18,921)
Ending balance NPLs
$
88,716
$
11,610
$
100,326
$
88,716
$
11,610
$
100,326
Table 24 - Activity in Non
 
-Performing Construction Loans Held-in-Portfolio
 
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
-
$
-
$
-
$
6,378
$
-
$
6,378
Less:
Loans returned to accrual status / loan collections
-
-
-
(6,378)
-
(6,378)
Ending balance NPLs
$
-
$
-
$
-
$
-
$
-
$
-
Table 25 - Activity in Non
 
-Performing Construction Loans Held-in-Portfolio
For the quarter ended June 30, 2023
For the six months ended June 30, 2023
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
-
$
-
$
-
$
-
$
-
$
-
Plus:
New non-performing loans
9,284
-
9,284
9,284
-
9,284
Ending balance NPLs
$
9,284
$
-
$
9,284
$
9,284
$
-
$
9,284
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
173
Table 26 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended
 
June 30, 2024
(Dollars in thousands)
BPPR
Popular
U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
166,473
$
28,071
$
194,544
$
175,106
$
11,191
$
186,297
Plus:
New non-performing loans
37,009
3,967
40,976
66,169
24,301
90,470
Advances on existing non-performing loans
-
16
16
-
18
18
Less:
Non-performing loans transferred to OREO
(4,260)
(24)
(4,284)
(8,369)
(24)
(8,393)
Non-performing loans charged-off
110
(18)
92
(200)
(18)
(218)
Loans returned to accrual status / loan
collections
(35,542)
(20,458)
(56,000)
(68,916)
(23,914)
(92,830)
Ending balance NPLs
$
163,790
$
11,554
$
175,344
$
163,790
$
11,554
$
175,344
Table 27 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2023
For the six months ended June 30, 2023
(Dollars in thousands)
BPPR
Popular
U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
224,075
$
14,719
$
238,794
$
242,391
$
20,488
$
262,879
Plus:
New non-performing loans
27,518
4,457
31,975
61,537
7,269
68,806
Advances on existing non-performing loans
-
76
76
-
115
115
Less:
Non-performing loans transferred to OREO
(9,226)
-
(9,226)
(19,812)
(58)
(19,870)
Non-performing loans charged-off
271
-
271
(232)
-
(232)
Loans returned to accrual status / loan collections
(48,419)
(4,675)
(53,094)
(89,665)
(13,237)
(102,902)
Ending balance NPLs
$
194,219
$
14,577
$
208,796
$
194,219
$
14,577
$
208,796
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
174
Loan Delinquencies
Another key measure used to evaluate and
 
monitor the Corporation’s asset quality is loan
 
delinquencies. Loans delinquent 30 days
or more, as a percentage of their related portfolio
 
category on June 30, 2024 and December 31, 2023,
 
are presented below.
Table 28 - Loan Delinquencies
(Dollars in thousands)
June 30, 2024
December 31, 2023
Loans delinquent
30 days or more
Total loans
Total delinquencies
 
as a percentage
 
of total loans
Loans delinquent
30 days or more
Total loans
Total delinquencies
 
as a percentage
 
of total loans
Commercial
 
Commercial multi-family
$
12,338
$
2,384,480
0.52
%
$
13,657
$
2,415,620
0.57
%
Commercial real estate
non-owner occupied
15,499
5,004,472
0.31
17,051
5,087,421
0.34
Commercial real estate
owner occupied
66,638
3,143,817
2.12
69,239
3,080,635
2.25
Commercial and industrial
45,521
7,195,357
0.63
58,953
7,126,121
0.83
Total Commercial
 
139,996
17,728,126
0.79
158,900
17,709,797
0.90
Construction
 
5,479
1,105,759
0.50
6,378
959,280
0.66
Leasing
32,761
1,828,048
1.79
35,491
1,731,809
2.05
Mortgage
[1]
802,382
7,883,726
10.18
859,537
7,695,917
11.17
Consumer
 
Credit cards
 
48,399
1,162,557
4.16
46,436
1,135,747
4.09
Home equity lines of credit
5,132
68,992
7.44
5,465
65,953
8.29
Personal
 
59,250
1,879,619
3.15
59,682
1,945,247
3.07
Auto
 
168,149
3,773,292
4.46
173,119
3,660,780
4.73
Other
3,645
161,501
2.26
3,063
160,441
1.91
Total Consumer
 
284,575
7,045,961
4.04
287,765
6,968,168
4.13
Loans held-for-sale
-
8,225
-
-
4,301
-
Total
 
$
1,265,193
$
35,599,845
3.55
%
$
1,348,071
$
35,069,272
3.84
%
[1]
 
Loans delinquent 30 days or more includes $0.4 billion
 
of residential mortgage loans insured by FHA or guaranteed
 
by the VA as of June
 
30,
2024 (December 31, 2023 - $0.5 billion). Refer to Note
 
7 to the Consolidated Financial Statements for additional
 
information of guaranteed loans.
Allowance for Credit Losses Loans Held-in-Portfolio
The ACL,
 
represents management’s
 
estimate of
 
expected credit
 
losses through
 
the remaining
 
contractual life
 
of the
 
different loan
segments, impacted by expected prepayments. The ACL
 
is maintained at a sufficient
 
level to provide for estimated credit
 
losses on
collateral dependent loans as well as loans modified
 
for borrowers with financial difficulties separately from the remainder
 
of the loan
portfolio. The Corporation’s
 
management evaluates the adequacy
 
of the ACL
 
on a quarterly
 
basis. In this
 
evaluation, management
considers current
 
conditions, macroeconomic
 
economic expectations through
 
a reasonable
 
and supportable
 
period, historical
 
loss
experience,
 
portfolio composition
 
by
 
loan
 
type
 
and
 
risk
 
characteristics,
 
results
 
of
 
periodic credit
 
reviews
 
of
 
individual loans,
 
and
regulatory requirements, amongst other factors.
The Corporation must rely on
 
estimates and exercise judgment regarding matters where
 
the ultimate outcome is unknown, such
 
as
economic developments affecting specific
 
customers, industries, or markets.
 
Other factors that can
 
affect management’s estimates
are
 
recalibration
 
of
 
statistical
 
models
 
used
 
to
 
calculate
 
lifetime
 
expected
 
losses,
 
changes
 
in
 
underwriting
 
standards,
 
financial
accounting standards and loan impairment measurements,
 
among others. Changes in the financial condition
 
of individual borrowers,
in economic
 
conditions, and
 
in the
 
condition of
 
the various
 
markets in
 
which collateral
 
may be
 
sold, may
 
also affect
 
the required
level of
 
the allowance
 
for credit
 
losses. Consequently,
 
the business
 
financial condition,
 
liquidity,
 
capital, and
 
results of
 
operations
could also be affected.
175
On June 30, 2024, the ACL was flat from December 31, 2023, at $730 million. The ACL for BPPR increased by $4 million, driven by
higher
 
commercial
 
and
 
auto
 
loan
 
volume,
 
higher
 
qualitative reserves
 
and
 
changes
 
in credit
 
quality,
 
in
 
part
 
offset
 
by
 
changes
 
in
macroeconomic scenarios and lower NCOs. In PB, the
 
ACL decreased by $3 million, when compared to
 
December 31, 2023, mainly
driven
 
by
 
lower consumer
 
loan volumes.
 
The Corporation’s
 
ratio of
 
the allowance
 
for credit
 
losses to
 
loans held-in-portfolio
 
was
2.05% on June
 
30, 2024, compared to
 
2.08% on December
 
31, 2023. The
 
ratio of the
 
allowance for credit losses
 
to NPLs held-in-
portfolio stood at 213.6%, compared to 204.0% on
 
December 31, 2023.
Given that any one
 
economic outlook is inherently uncertain, the
 
Corporation leverages multiple scenarios to estimate
 
its ACL. The
baseline scenario continues to be assigned the highest probability,
 
followed by the pessimistic scenario. The weight assigned to the
pessimistic
 
scenario
 
decreased
 
during
 
the
 
first
 
quarter
 
of
 
2024
 
in
 
response
 
to
 
the
 
positive
 
momentum
 
in
 
the
 
economy
 
as
expectations for
 
the Federal
 
Reserve achieving
 
a soft
 
landing have
 
improved. The
 
Corporation evaluates,
 
at least
 
on an
 
annual
basis, the assumptions tied to the CECL accounting framework. These include
 
the reasonable and supportable period as well as the
reversion window.
The provision for
 
credit losses for the
 
period ended June 30,
 
2024, was $44.2 million,
 
compared to an expense
 
of $35.7 million
 
for
the period
 
ended June
 
30, 2023, mostly
 
related to
 
higher NCOs
 
due to
 
credit normalization.
 
The provision
 
expense related to
 
the
loans-held-in-portfolio for
 
the
 
six-month
 
period
 
ended
 
June
 
30,
 
2024
 
was
 
$116.5
 
million,
 
compared
 
to
 
the
 
provision
 
expense
 
of
$82.8 million for
 
the six-month period
 
ended June
 
30, 2023. Refer
 
to Note
 
8 to
 
the Consolidated Financial
 
Statements, and to
 
the
Provision for Credit Losses section of this MD&A
 
for additional information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
176
Table 29 - Allowance for Credit
 
Losses - Loan Portfolios
June 30, 2024
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
 
Commercial multi-family
$
11,180
$
2,384,480
0.47
%
$
9,143
122.28
%
 
Commercial real estate non-owner occupied
64,235
5,004,472
1.28
%
8,509
754.91
%
 
Commercial real estate owner occupied
58,190
3,143,817
1.85
%
47,541
122.40
%
 
Commercial and industrial
 
126,482
7,195,357
1.76
%
28,740
440.09
%
Total Commercial
 
$
260,087
$
17,728,126
1.47
%
$
93,933
276.89
%
Construction
12,889
1,105,759
1.17
%
-
N.M.
Leasing
14,385
1,828,048
0.79
%
7,059
203.78
%
Mortgage
83,289
7,883,726
1.06
%
175,344
47.50
%
Consumer
 
 
Credit cards
86,313
1,162,557
7.42
%
-
N.M.
 
Home equity lines of credit
1,726
68,992
2.50
%
3,780
45.66
%
 
Personal
 
107,448
1,879,619
5.72
%
21,501
499.73
%
 
Auto
157,449
3,773,292
4.17
%
39,333
400.30
%
 
Other Consumer
 
6,491
161,501
4.02
%
885
733.45
%
Total Consumer
 
$
359,427
$
7,045,961
5.10
%
$
65,499
548.75
%
Total
$
730,077
$
35,591,620
2.05
%
$
341,835
213.58
%
N.M - Not meaningful.
Table 30 - Allowance for Credit
 
Losses - Loan Portfolios
December 31, 2023
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
 
Commercial multi-family
$
13,740
$
2,415,620
0.57
%
$
1,991
690.11
%
 
Commercial real estate non-owner occupied
65,453
5,087,421
1.29
%
9,862
663.69
%
 
Commercial real estate owner occupied
56,864
3,080,635
1.85
%
35,704
159.27
%
 
Commercial and industrial
 
122,356
7,126,121
1.72
%
36,598
334.32
%
Total Commercial
 
$
258,413
$
17,709,797
1.46
%
$
84,155
307.07
%
Construction
12,686
959,280
1.32
%
6,378
198.90
%
Leasing
9,708
1,731,809
0.56
%
8,632
112.47
%
Mortgage
83,214
7,695,917
1.08
%
186,297
44.67
%
Consumer
 
 
Credit cards
80,487
1,135,747
7.09
%
-
N.M.
 
Home equity lines of credit
1,978
65,953
3.00
%
3,733
52.99
%
 
Personal
 
117,790
1,945,247
6.06
%
21,836
539.43
%
 
Auto
157,931
3,660,780
4.31
%
45,615
346.23
%
 
Other Consumer
 
7,134
160,441
4.45
%
965
739.27
%
Total Consumer
 
$
365,320
$
6,968,168
5.24
%
$
72,149
506.34
%
Total
$
729,341
$
35,064,971
2.08
%
$
357,611
203.95
%
N.M - Not meaningful.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
177
Annualized net charge-offs (recoveries)
The following
 
tables present
 
annualized net charge-offs
 
(recoveries) to average
 
loans held-in-portfolio (“HIP”)
 
by loan
 
category for
the quarters and six months ended June 30, 2024 and
 
2023.
Table 31 - Annualized Net Charge
 
-offs (Recoveries) to Average Loans
 
Held-in-Portfolio
Quarters ended
June 30, 2024
June 30, 2023
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
0.20
%
0.04
%
0.13
%
(0.06)
%
0.10
%
0.01
%
Construction
(0.04)
(0.04)
Mortgage
(0.23)
(0.01)
(0.19)
(0.22)
(0.03)
(0.19)
Leasing
0.60
0.60
0.39
0.39
Consumer
2.68
6.58
2.80
1.37
4.87
1.52
Total annualized
 
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.79
%
0.16
%
0.61
%
0.33
%
0.22
%
0.29
%
Six months ended
June 30, 2024
June 30, 2023
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
0.25
%
0.04
%
0.15
%
(0.06)
%
(0.01)
%
(0.04)
%
Construction
(0.02)
(0.02)
Mortgage
(0.25)
(0.01)
(0.21)
(0.24)
(0.02)
(0.20)
Leasing
0.72
0.72
0.24
0.24
Consumer
2.83
7.54
2.98
1.84
4.84
1.97
Total annualized
 
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.86
%
0.19
%
0.66
%
0.44
%
0.14
%
0.35
%
NCOs for
 
the quarter
 
ended June
 
30, 2024,
 
amounted to
 
$53.6 million,
 
increasing by
 
$29.6 million
 
when compared
 
to the
 
same
period in 2023.
 
The BPPR segment
 
increased by $30.6
 
million mainly driven
 
by higher consumer
 
and commercial NCOs
 
by $23.7
million
 
and $6.2
 
million, respectively.
 
The consumer
 
NCOs increase
 
is
 
reflective of
 
credit normalization.
 
The PB
 
segment
 
NCOs
decreased by $1 million, mainly driven by lower
 
commercial NCOs.
NCOs for the six months ended June 30, 2024, amounted to $115.8 million, increasing by $59.0 million
 
when compared to the same
period in 2023.
 
The BPPR segment
 
increased by $55.7
 
million mainly driven
 
by higher consumer
 
and commercial NCOs
 
by $37.7
million and
 
$14.4 million,
 
respectively.
 
The consumer
 
NCOs increase
 
is reflective
 
of credit
 
normalization.
 
The PB
 
segment NCOs
increased by $3.3 million, mainly driven by higher
 
commercial NCOs by $2.2 million.
Loan Modifications
For the quarter
 
ended June 30,
 
2024, modified loans
 
to borrowers with
 
financial difficulty amounted
 
to $178 million,
 
of which $164
million were
 
in accruing
 
status. The
 
BPPR segment’s
 
modifications to
 
borrowers with
 
financial difficulty
 
amounted to
 
$171 million,
mainly
 
comprised
 
of
 
commercial and
 
mortgage
 
loans
 
of
 
$145
 
million
 
and
 
$22
 
million,
 
respectively.
 
A
 
total
 
of
 
$14
 
million
 
of
 
the
mortgage modifications were related to
 
government guaranteed loans. The Popular
 
U.S. segment’s modifications to borrowers
 
with
financial difficulty amounted to $7 million, mostly comprised
 
of commercial loans.
Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
on
 
modifications
 
made
 
to
 
borrowers
experiencing financial difficulties.
 
 
 
 
 
178
ADOPTION OF NEW ACCOUNTING STANDARDS AND ISSUED BUT NOT
 
YET EFFECTIVE ACCOUNTING STANDARDS
Refer to Note 3, “New Accounting Pronouncements”
 
to the Consolidated Financial Statements.
Item 3. Quantitative and Qualitative Disclosures About
 
Market Risk
Quantitative and qualitative disclosures for the current
 
period can be found in the Market Risk
 
section of this report, which includes
changes in market risk exposures from disclosures presented
 
in the 2023 Form 10-K.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
The Corporation’s management,
 
with the
 
participation of the
 
Corporation’s Chief Executive
 
Officer and Chief
 
Financial Officer,
 
has
evaluated the effectiveness of the Corporation’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this report. Based
on such evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer have concluded that,
 
as of the end of such
period, the Corporation’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a
timely basis,
 
information required to
 
be disclosed
 
by the
 
Corporation in
 
the reports
 
that it
 
files or
 
submits under
 
the Exchange Act
and
 
such
 
information
 
is
 
accumulated
 
and
 
communicated
 
to
 
management,
 
as
 
appropriate,
 
to
 
allow
 
timely
 
decisions
 
regarding
required disclosures.
Internal Control Over Financial Reporting
 
There have been no changes in the Corporation’s internal control over financial reporting (as such term is defined in Rules 13a-15(f)
and 15d-15(f) under
 
the Exchange Act)
 
that occurred during
 
the quarter ended
 
June 30,
 
2024 that have
 
materially affected, or
 
are
reasonably likely to materially affect, the Corporation’s internal control
 
over financial reporting.
Part II - Other Information
Item 1. Legal Proceedings
 
For a discussion of Legal Proceedings, see Note 20
 
to the Consolidated Financial Statements.
Item 1A. Risk Factors
In addition to the other information set forth in
 
this report, you should carefully consider the risk
 
factors discussed under “Part I - Item
1A - Risk Factors” in our 2023 Form
 
10-K. These factors could materially adversely affect our business, financial condition, liquidity,
results of
 
operations and
 
capital position,
 
and could
 
cause our
 
actual results
 
to
 
differ
 
materially from
 
our historical
 
results or
 
the
results contemplated
 
by the
 
forward-looking statements
 
contained in
 
this report.
 
Also refer
 
to the
 
discussion in
 
“Part I
 
- Item
 
2 –
Management’s Discussion
 
and Analysis
 
of Financial
 
Condition and
 
Results of
 
Operations” in
 
this report
 
for additional
 
information
that may supplement or update the discussion
 
of risk factors below and in our 2023 Form 10-K.
There have been no material changes to the risk
 
factors previously disclosed under Item 1A of the
 
Corporation’s 2023 Form 10-K.
The risks described
 
in our 2023 Form
 
10-K and in
 
this report are not
 
the only risks
 
facing us. Additional risks
 
and uncertainties not
currently
 
known
 
to
 
us
 
or
 
that
 
we
 
currently
 
deem
 
to
 
be
 
immaterial
 
also
 
may
 
materially
 
adversely
 
affect
 
our
 
business,
 
financial
condition, liquidity, results of operations and capital position.
Item 2.
 
Unregistered Sales of Equity Securities and
 
Use of Proceeds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
179
The Corporation did not have any unregistered
 
sales of equity securities during the quarter ended
 
June 30, 2024.
Issuer Purchases of Equity Securities
The following table sets forth the details of
 
purchases of Common Stock by the Corporation
 
during the quarter ended June 30, 2024:
Issuer Purchases of Equity Securities
Not in thousands
Period
Total Number of
Shares Purchased [1]
Average Price Paid per
Share
Total Number of
 
Shares
Purchased as Part of Publicly
Announced Plans or Programs
Approximate Dollar Value of
Shares that May Yet be
Purchased Under the Plans or
Programs
April
 
1 - April 30
5,770
$
88.09
-
$-
May 1 - May 31
30,908
86.80
-
-
June 1 - June 30
-
-
-
-
Total
 
36,678
$
87.00
-
$-
[1] Includes 5,770 and
 
30,908 shares of
 
the Corporation’s common
 
stock acquired by
 
the Corporation during
 
April 2024 and
 
May 2024, respectively,
 
in
connection
 
with the
 
satisfaction
 
of tax
 
withholding
 
obligations
 
on vested
 
awards of
 
restricted
 
stock
 
or restricted
 
stock
 
units
 
granted to
 
directors
 
and
certain employees under the Corporation’s Omnibus Incentive
 
Plan. The acquired shares of common stock were added
 
back to treasury stock.
 
Item 3.
 
Defaults Upon Senior Securities
None.
 
Item 4.
 
Mine Safety Disclosures
Not applicable.
 
Item 5. Other Information
Rule 10b5-1 Trading Plans or Other Preplanned Trading Arrangements
Certain of our
 
officers or directors have
 
made, and may from
 
time to time make,
 
elections to
participate in
, and are
 
participating in,
our dividend reinvestment and purchase plan, the
 
Company stock fund associated with our 401(k)
 
plans and/or the Company stock
fund associated with
 
our non-qualified deferred compensation
 
plans and have shares
 
withheld to cover
 
withholding taxes upon the
vesting of
 
equity awards, which
 
may be
 
designed to satisfy
 
the affirmative defense
 
conditions of Rule
 
10b5-1 under the
 
Exchange
Act or may constitute non-Rule 10b5–1
trading arrangements
 
(as defined in Item 408(c) of Regulation
 
S-K).
 
 
 
180
Item 6.
 
Exhibits
 
Exhibit Index
Exhibit No
Exhibit Description
3.1
22.1
31.1
31.2
32.1
32.2
101. INS
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104
The cover page of Popular, Inc. Quarterly Report on Form 10-Q for the
 
quarter ended June 30, 2024,
formatted in Inline XBRL (included within the Exhibit
 
101 attachments)
(1)
(1)
 
Included herewith
Popular, Inc. has not filed as exhibits certain instruments defining
 
the rights of holders of debt of Popular, Inc. not
exceeding 10% of the total assets of Popular, Inc. and its consolidated
 
subsidiaries. Popular, Inc. hereby agrees to
furnish upon request to the Commission a copy of
 
each instrument defining the rights of holders
 
of senior and
subordinated debt of Popular, Inc., or of any of its consolidated
 
subsidiaries.
 
 
 
181
SIGNATURES
Pursuant to the
 
requirements of the Securities Exchange
 
Act of 1934, the
 
registrant has duly caused this
 
report to be signed
 
on its
behalf by the undersigned thereunto duly authorized.
POPULAR, INC.
(Registrant)
Date: August 9, 2024
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: August 9, 2024
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller