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Segment reporting (Tables)
9 Months Ended
Sep. 30, 2024
Table Text Block  
Results of Operations and Total Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
For the quarter ended September 30, 2024
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Net interest income
$
488,008
$
93,128
$
-
Provision for credit losses (benefit)
77,514
(6,066)
-
Non-interest income
 
149,050
6,789
-
Amortization of intangibles
394
310
-
Depreciation expense
13,023
2,063
-
Other operating expenses
390,227
62,356
-
Income tax expense
30,064
12,472
-
Net income
$
125,836
$
28,782
$
-
Segment assets
$
56,906,693
$
14,306,045
$
(260,464)
For the quarter ended September 30, 2024
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Net interest income (expense)
$
581,136
$
(8,663)
$
-
$
572,473
Provision for credit losses
71,448
-
-
71,448
Non-interest income
155,839
8,876
(633)
164,082
Amortization of intangibles
704
-
-
704
Depreciation expense
15,086
385
-
15,471
Other operating expenses
452,583
(391)
(1,046)
451,146
Income tax expense (benefit)
42,536
(279)
206
42,463
Net income
$
154,618
$
498
$
207
$
155,323
Segment assets
$
70,952,274
$
5,887,340
$
(5,516,540)
$
71,323,074
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Net interest income
$
1,449,594
$
263,832
$
-
Provision for credit losses
188,576
1,806
-
Non-interest income
 
447,073
19,909
(56)
Amortization of intangibles
1,302
931
-
Depreciation expense
39,349
6,210
-
Other operating expenses
1,170,263
197,307
(56)
Income tax expense
92,810
23,917
-
Net income
$
404,367
$
53,570
$
-
Segment assets
$
56,906,693
$
14,306,045
$
(260,464)
For the nine months ended September 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Net interest income (expense)
$
1,713,426
$
(21,897)
$
-
$
1,691,529
Provision for credit losses
190,382
458
-
190,840
Non-interest income
466,926
31,314
(4,034)
494,206
Amortization of intangibles
2,233
-
-
2,233
Depreciation expense
45,559
1,161
-
46,720
Other operating expenses
1,367,514
7,004
(3,461)
1,371,057
Income tax expense
116,727
21,921
(158)
138,490
Net income (loss)
$
457,937
$
(21,127)
$
(415)
$
436,395
Segment assets
$
70,952,274
$
5,887,340
$
(5,516,540)
$
71,323,074
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023
For the quarter ended September 30, 2023
Intersegment
 
(In thousands)
BPPR
 
Popular U.S.
Eliminations
Net interest income
$
453,879
$
87,445
$
1
Provision for credit losses (benefit)
51,899
(6,644)
-
Non-interest income
 
144,691
5,894
(134)
Amortization of intangibles
484
311
-
Goodwill impairment charge
-
23,000
-
Depreciation expense
12,880
1,962
-
Other operating expenses
369,738
58,341
(134)
Income tax expense
40,861
5,358
-
Net income
$
122,708
$
11,011
$
1
Segment assets
$
57,039,000
$
12,806,630
$
(448,100)
For the quarter ended September 30, 2023
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Net interest income (expense)
$
541,325
$
(7,305)
$
-
$
534,020
Provision for credit losses (benefit)
45,255
(138)
-
45,117
Non-interest income
150,451
10,179
(1,081)
159,549
Amortization of intangibles
795
-
-
795
Goodwill impairment charge
23,000
-
-
23,000
Depreciation expense
14,842
381
-
15,223
Other operating expenses
427,945
180
(1,159)
426,966
Income tax expense (benefit)
46,219
(396)
36
45,859
Net income
$
133,720
$
2,847
$
42
$
136,609
Segment assets
$
69,397,530
$
5,554,370
$
(5,214,964)
$
69,736,936
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2023
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Net interest income
$
1,356,774
$
265,033
$
2
Provision for credit losses
126,952
3,328
-
Non-interest income
 
435,966
18,165
(404)
Amortization of intangibles
1,453
932
-
Goodwill impairment charge
-
23,000
-
Depreciation expense
36,424
5,661
-
Other operating expenses
1,119,522
182,809
(404)
Income tax expense
120,996
16,184
-
Net income
$
387,393
$
51,284
$
2
Segment assets
$
57,039,000
$
12,806,630
$
(448,100)
For the nine months ended September 30, 2023
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Net interest income (expense)
$
1,621,809
$
(24,465)
$
-
$
1,597,344
Provision for credit losses (benefit)
130,280
(334)
-
129,946
Non-interest income
453,727
32,905
(4,651)
481,981
Amortization of intangibles
2,385
-
-
2,385
Goodwill impairment charge
23,000
-
-
23,000
Depreciation expense
42,085
1,095
-
43,180
Other operating expenses
1,301,927
(146)
(3,391)
1,298,390
Income tax expense (benefit)
137,180
(1,006)
(498)
135,676
Net income
$
438,679
$
8,831
$
(762)
$
446,748
Segment assets
$
69,397,530
$
5,554,370
$
(5,214,964)
$
69,736,936
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information
Quarter ended
Nine months ended
(In thousands)
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Revenues:
[1]
 
Puerto Rico
 
$
582,953
$
539,985
$
1,735,035
$
1,623,963
 
United States
133,067
131,698
386,819
389,463
 
Other
20,535
21,886
63,881
65,899
Total consolidated
 
revenues
 
$
736,555
$
693,569
$
2,185,735
$
2,079,325
[1]
Total revenues include
 
net interest income, service charges on deposit accounts,
 
other service fees, mortgage banking activities, net
 
(loss) gain,
including impairment, on equity securities, net gain on trading
 
account debt securities, net loss on sale of loans, including
 
valuation adjustments
on loans held-for-sale, adjustments to indemnity reserves
 
on loans sold, and other operating income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information:
(In thousands)
September 30, 2024
December 31, 2023
Puerto Rico
 
Total assets
$
54,200,914
$
54,181,300
 
Loans
23,672,112
22,519,961
 
Deposits
50,759,657
51,282,007
United States
 
Total assets
$
15,883,947
$
15,343,156
 
Loans
11,998,043
12,006,012
 
Deposits
11,203,741
10,643,602
Other
 
Total assets
$
1,238,213
$
1,233,699
 
Loans
[1]
530,321
543,299
 
Deposits
[2]
1,705,103
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.