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Segment reporting (Tables) | 6 Months Ended
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Jun. 30, 2019
Table Text Block |
Results of Operations and Total Assets |
2019
For the quarter ended June 30, 2019
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 411,549 | $ | 74,637 | $ | (61)
Provision for loan losses |  |  |  | 28,821 |  | 11,216 |  | -
Non-interest income |  |  |  | 123,388 |  | 5,492 |  | (140)
Amortization of intangibles |  |  |  | 2,180 |  | 166 |  | -
Depreciation expense |  |  |  | 12,243 |  | 2,001 |  | -
Other operating expenses |  |  |  | 297,428 |  | 51,741 |  | (137)
Income tax expense |  |  |  | 36,751 |  | 4,097 |  | -
Net income |  |  | $ | 157,514 | $ | 10,908 | $ | (64)
Segment assets |  |  | $ | 40,698,293 | $ | 9,723,815 | $ | (114,605)
For the quarter ended June 30, 2019
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 486,125 | $ | (9,809) | $ | - | $ | 476,316
Provision for loan losses |  | 40,037 |  | 154 |  | - |  | 40,191
Non-interest income |  | 128,740 |  | 11,339 |  | (1,753) |  | 138,326
Amortization of intangibles |  | 2,346 |  | 25 |  | - |  | 2,371
Depreciation expense |  | 14,244 |  | 185 |  | - |  | 14,429
Other operating expenses |  | 349,032 |  | (1,944) |  | (873) |  | 346,215
Income tax expense (benefit) |  | 40,848 |  | (180) |  | (338) |  | 40,330
Net income (loss) | $ | 168,358 | $ | 3,290 | $ | (542) | $ | 171,106
Segment assets | $ | 50,307,503 | $ | 5,062,632 | $ | (4,752,914) | $ | 50,617,221
For the six months ended June 30, 2019
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 818,906 | $ | 147,465 | $ | (57)
Provision for loan losses |  |  |  | 60,170 |  | 21,587 |  | -
Non-interest income |  |  |  | 244,158 |  | 11,356 |  | (281)
Amortization of intangibles |  |  |  | 4,302 |  | 332 |  | -
Depreciation expense |  |  |  | 24,182 |  | 4,169 |  | -
Other operating expenses |  |  |  | 578,126 |  | 100,350 |  | (273)
Income tax expense |  |  |  | 82,127 |  | 9,312 |  | -
Net income |  |  | $ | 314,157 | $ | 23,071 | $ | (65)
Segment assets |  |  | $ | 40,698,293 | $ | 9,723,815 | $ | (114,605)
For the six months ended June 30, 2019
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 966,314 | $ | (19,035) | $ | - | $ | 947,279
Provision for loan losses |  | 81,757 |  | 259 |  | - |  | 82,016
Non-interest income |  | 255,233 |  | 21,400 |  | (1,877) |  | 274,756
Amortization of intangibles |  | 4,634 |  | 49 |  | - |  | 4,683
Depreciation expense |  | 28,351 |  | 373 |  | - |  | 28,724
Other operating expenses |  | 678,203 |  | 414 |  | (1,589) |  | 677,028
Income tax expense (benefit) |  | 91,439 |  | (766) |  | (120) |  | 90,553
Net income | $ | 337,163 | $ | 2,036 | $ | (168) | $ | 339,031
Segment assets | $ | 50,307,503 | $ | 5,062,632 | $ | (4,752,914) | $ | 50,617,221
2018
For the quarter ended June 30, 2018
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 352,721 | $ | 75,477 | $ | (2)
Provision for loan losses |  |  |  | 44,425 |  | 15,649 |  | -
Non-interest income |  |  |  | 220,190 |  | 5,139 |  | (140)
Amortization of intangibles |  |  |  | 2,158 |  | 166 |  | -
Depreciation expense |  |  |  | 10,406 |  | 2,163 |  | -
Other operating expenses |  |  |  | 254,921 |  | 45,806 |  | (137)
Income tax (benefit) expense |  |  |  | (24,180) |  | 4,231 |  | -
Net income |  |  | $ | 285,181 | $ | 12,601 | $ | (5)
Segment assets |  |  | $ | 37,883,250 | $ | 9,468,740 | $ | (110,936)
For the quarter ended June 30, 2018
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 428,196 | $ | (14,060) | $ | - | $ | 414,136
Provision (reversal) for loan losses |  | 60,074 |  | (20) |  | - |  | 60,054
Non-interest income |  | 225,189 |  | 10,790 |  | (1,170) |  | 234,809
Amortization of intangibles |  | 2,324 |  | - |  | - |  | 2,324
Depreciation expense |  | 12,569 |  | 173 |  | - |  | 12,742
Other operating expenses |  | 300,590 |  | 22,689 |  | (677) |  | 322,602
Income tax (benefit) expense |  | (19,949) |  | (8,423) |  | (188) |  | (28,560)
Net income (loss) | $ | 297,777 | $ | (17,689) | $ | (305) | $ | 279,783
Segment assets | $ | 47,241,054 | $ | 5,344,785 | $ | (5,050,662) | $ | 47,535,177
For the six months ended June 30, 2018
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 684,989 | $ | 150,470 | $ | 2
Provision for loan losses |  |  |  | 102,894 |  | 28,264 |  | -
Non-interest income |  |  |  | 316,815 |  | 9,480 |  | (279)
Amortization of intangibles |  |  |  | 4,317 |  | 332 |  | -
Depreciation expense |  |  |  | 20,934 |  | 4,281 |  | -
Other operating expenses |  |  |  | 495,450 |  | 91,026 |  | (273)
Income tax expense |  |  |  | 1,667 |  | 5,320 |  | -
Net income |  |  | $ | 376,542 | $ | 30,727 | $ | (4)
Segment assets |  |  | $ | 37,883,250 | $ | 9,468,740 | $ | (110,936)
For the six months ended June 30, 2018
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 835,461 | $ | (28,278) | $ | - | $ | 807,183
Provision (reversal) for loan losses |  | 131,158 |  | (41) |  | - |  | 131,117
Non-interest income |  | 326,016 |  | 23,738 |  | (1,448) |  | 348,306
Amortization of intangibles |  | 4,649 |  | - |  | - |  | 4,649
Depreciation expense |  | 25,215 |  | 360 |  | - |  | 25,575
Other operating expenses |  | 586,203 |  | 44,771 |  | (1,528) |  | 629,446
Income tax expense (benefit) |  | 6,987 |  | (13,435) |  | 43 |  | (6,405)
Net income (loss) | $ | 407,265 | $ | (36,195) | $ | 37 | $ | 371,107
Segment assets | $ | 47,241,054 | $ | 5,344,785 | $ | (5,050,662) | $ | 47,535,177
2019
For the quarter ended June 30, 2019
Banco Popular de Puerto Rico
|  |  |  | Consumer |  | Other |  |  |  | Total Banco
|  | Commercial |  | and Retail |  | Financial |  |  |  | Popular de
(In thousands) |  | Banking |  | Banking |  | Services |  | Eliminations |  | Puerto Rico
Net interest income | $ | 152,943 | $ | 257,301 | $ | 1,327 | $ | (22) | $ | 411,549
Provision for loan losses |  | 2,855 |  | 25,966 |  | - |  | - |  | 28,821
Non-interest income |  | 25,696 |  | 68,806 |  | 29,654 |  | (768) |  | 123,388
Amortization of intangibles |  | 48 |  | 1,074 |  | 1,058 |  | - |  | 2,180
Depreciation expense |  | 4,897 |  | 7,191 |  | 155 |  | - |  | 12,243
Other operating expenses |  | 74,021 |  | 207,925 |  | 16,263 |  | (781) |  | 297,428
Income tax expense |  | 27,819 |  | 5,486 |  | 3,446 |  | - |  | 36,751
Net income | $ | 68,999 | $ | 78,465 | $ | 10,059 | $ | (9) | $ | 157,514
Segment assets | $ | 32,240,745 | $ | 23,582,849 | $ | 381,020 | $ | (15,506,321) | $ | 40,698,293
For the six months ended June 30, 2019
Banco Popular de Puerto Rico
|  |  |  | Consumer |  | Other |  |  |  | Total Banco
|  | Commercial |  | and Retail |  | Financial |  |  |  | Popular de
(In thousands) |  | Banking |  | Banking |  | Services |  | Eliminations |  | Puerto Rico
Net interest income | $ | 304,403 | $ | 511,969 | $ | 2,645 | $ | (111) | $ | 818,906
Provision for loan losses |  | 863 |  | 59,307 |  | - |  | - |  | 60,170
Non-interest income |  | 49,285 |  | 144,210 |  | 52,188 |  | (1,525) |  | 244,158
Amortization of intangibles |  | 97 |  | 2,146 |  | 2,059 |  | - |  | 4,302
Depreciation expense |  | 9,551 |  | 14,318 |  | 313 |  | - |  | 24,182
Other operating expenses |  | 146,950 |  | 400,595 |  | 32,090 |  | (1,509) |  | 578,126
Income tax expense |  | 59,013 |  | 17,229 |  | 5,885 |  | - |  | 82,127
Net income | $ | 137,214 | $ | 162,584 | $ | 14,486 | $ | (127) | $ | 314,157
Segment assets | $ | 32,240,745 | $ | 23,582,849 | $ | 381,020 | $ | (15,506,321) | $ | 40,698,293
| 2018
| For the quarter ended June 30, 2018
| Banco Popular de Puerto Rico
|  |  |  |  | Consumer |  | Other |  | Eliminations |  | Total Banco
|  |  | Commercial |  | and Retail |  | Financial |  | and Other |  | Popular de
(In thousands) |  | Banking |  | Banking |  | Services |  | Adjustments [1] |  | Puerto Rico
Net interest income | $ | 145,674 | $ | 205,795 | $ | 1,258 | $ | (6) | $ | 352,721
Provision for loan losses |  | 9,754 |  | 34,671 |  | - |  | - |  | 44,425
Non-interest income |  | 23,930 |  | 69,967 |  | 23,764 |  | 102,529 |  | 220,190
Amortization of intangibles |  | 51 |  | 1,071 |  | 1,036 |  | - |  | 2,158
Depreciation expense |  | 4,341 |  | 5,912 |  | 153 |  | - |  | 10,406
Other operating expenses |  | 60,639 |  | 172,031 |  | 14,367 |  | 7,884 |  | 254,921
Income tax expense |  | 24,697 |  | 11,732 |  | 3,279 |  | (63,888) |  | (24,180)
Net income | $ | 70,122 | $ | 50,345 | $ | 6,187 | $ | 158,527 | $ | 285,181
Segment assets | $ | 26,355,657 | $ | 21,007,705 | $ | 536,164 | $ | (10,016,276) | $ | 37,883,250
[1] | Includes the impact of the Termination Agreement with the FDIC and the Tax Closing Agreement entered into in connection with the FDIC transaction. These transactions resulted in a gain of $102.8 million reported in the non-interest income line, other operating expenses of $8.1 million and a net tax benefit of $63.9 million. Refer to Notes 10 and 32 to the Consolidated Financial Statements for additional information.
| For the six months ended June 30, 2018
| Banco Popular de Puerto Rico
|  |  |  | Consumer |  | Other |  | Eliminations |  | Total Banco
|  | Commercial |  | and Retail |  | Financial |  | and Other |  | Popular de
(In thousands) |  | Banking |  | Banking |  | Services |  | Adjustments [1] |  | Puerto Rico
Net interest income | $ | 284,944 | $ | 397,229 | $ | 2,834 | $ | (18) | $ | 684,989
Provision for loan losses |  | 30,447 |  | 72,447 |  | - |  | - |  | 102,894
Non-interest income |  | 36,492 |  | 131,824 |  | 46,213 |  | 102,286 |  | 316,815
Amortization of intangibles |  | 103 |  | 2,140 |  | 2,074 |  | - |  | 4,317
Depreciation expense |  | 8,630 |  | 11,997 |  | 307 |  | - |  | 20,934
Other operating expenses |  | 120,900 |  | 334,521 |  | 32,400 |  | 7,629 |  | 495,450
Income tax expense |  | 41,572 |  | 19,189 |  | 4,794 |  | (63,888) |  | 1,667
Net income | $ | 119,784 | $ | 88,759 | $ | 9,472 | $ | 158,527 | $ | 376,542
Segment assets | $ | 26,355,657 | $ | 21,007,705 | $ | 536,164 | $ | (10,016,276) | $ | 37,883,250
[1] | Includes the impact of the Termination Agreement with the FDIC and the Tax Closing Agreement entered into in connection with the FDIC transaction. These transactions resulted in a gain of $102.8 million reported in the non-interest income line, other operating expenses of $8.1 million and a net tax benefit of $63.9 million. Refer to Notes 10 and 32 to the Consolidated Financial Statements for additional information.
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area |
Geographic Information |  |  |  |
|  |  | Quarter ended |  | Six months ended
(In thousands) |  | June 30, 2019 |  | June 30, 2018 |  | June 30, 2019 |  | June 30, 2018
Revenues:[1] |  |  |  |  |  |  |  |
Puerto Rico | $ | 501,640 | $ | 542,173 | $ | 1,001,778 | $ | 941,587
United States |  | 93,964 |  | 87,045 |  | 183,820 |  | 173,573
Other |  | 19,038 |  | 19,727 |  | 36,437 |  | 40,329
Total consolidated revenues | $ | 614,642 | $ | 648,945 | $ | 1,222,035 | $ | 1,155,489
[1] | Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss), including impairment on equity securities, net profit (loss) on trading account debt securities, adjustments (expense) to indemnity reserves on loans sold, FDIC loss share income and other operating income.
Selected Balance Sheet Information:
(In thousands) |  | June 30, 2019 |  | December 31, 2018
Puerto Rico |  |  |  |
| Total assets | $ | 39,417,569 | $ | 36,863,930
| Loans |  | 18,879,047 |  | 18,837,742
| Deposits |  | 33,574,495 |  | 31,237,529
United States |  |  |  |
| Total assets | $ | 10,324,391 | $ | 9,847,944
| Loans |  | 7,511,132 |  | 7,034,075
| Deposits |  | 6,951,081 |  | 6,878,599
Other |  |  |  |
| Total assets | $ | 875,261 | $ | 892,703
| Loans |  | 669,594 |  | 687,494
| Deposits[1] |  | 1,534,261 |  | 1,593,911
[1] | Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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