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Segment reporting (Tables) | 9 Months Ended
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Sep. 30, 2019
Table Text Block |
Results of Operations and Total Assets |
2019
For the quarter ended September 30, 2019
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 412,182 | $ | 74,391 | $ | 4
Provision for loan losses |  |  |  | 34,481 |  | 2,060 |  | -
Non-interest income |  |  |  | 124,868 |  | 5,953 |  | (140)
Amortization of intangibles |  |  |  | 2,208 |  | 167 |  | -
Depreciation expense |  |  |  | 11,972 |  | 2,046 |  | -
Other operating expenses |  |  |  | 309,815 |  | 51,616 |  | (136)
Income tax expense |  |  |  | 35,286 |  | 6,216 |  | -
Net income |  |  | $ | 143,288 | $ | 18,239 | $ | -
Segment assets |  |  | $ | 42,080,292 | $ | 10,095,526 | $ | (14,414)
For the quarter ended September 30, 2019
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 486,577 | $ | (9,586) | $ | - | $ | 476,991
Provision for loan losses |  | 36,541 |  | (2) |  | - |  | 36,539
Non-interest income |  | 130,681 |  | 12,137 |  | (106) |  | 142,712
Amortization of intangibles |  | 2,375 |  | 24 |  | - |  | 2,399
Depreciation expense |  | 14,018 |  | 186 |  | - |  | 14,204
Other operating expenses |  | 361,295 |  | (647) |  | (776) |  | 359,872
Income tax expense (benefit) |  | 41,502 |  | (392) |  | 260 |  | 41,370
Net income (loss) | $ | 161,527 | $ | 3,382 | $ | 410 | $ | 165,319
Segment assets | $ | 52,161,404 | $ | 5,134,608 | $ | (4,815,597) | $ | 52,480,415
For the nine months ended September 30, 2019
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 1,231,088 | $ | 221,856 | $ | (53)
Provision for loan losses |  |  |  | 94,651 |  | 23,647 |  | -
Non-interest income |  |  |  | 369,026 |  | 17,309 |  | (421)
Amortization of intangibles |  |  |  | 6,510 |  | 499 |  | -
Depreciation expense |  |  |  | 36,154 |  | 6,215 |  | -
Other operating expenses |  |  |  | 887,941 |  | 151,966 |  | (409)
Income tax expense |  |  |  | 117,413 |  | 15,528 |  | -
Net income |  |  | $ | 457,445 | $ | 41,310 | $ | (65)
Segment assets |  |  | $ | 42,080,292 | $ | 10,095,526 | $ | (14,414)
For the nine months ended September 30, 2019
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 1,452,891 | $ | (28,621) | $ | - | $ | 1,424,270
Provision for loan losses |  | 118,298 |  | 257 |  | - |  | 118,555
Non-interest income |  | 385,914 |  | 33,537 |  | (1,983) |  | 417,468
Amortization of intangibles |  | 7,009 |  | 73 |  | - |  | 7,082
Depreciation expense |  | 42,369 |  | 559 |  | - |  | 42,928
Other operating expenses |  | 1,039,498 |  | (233) |  | (2,365) |  | 1,036,900
Income tax expense (benefit) |  | 132,941 |  | (1,158) |  | 140 |  | 131,923
Net income | $ | 498,690 | $ | 5,418 | $ | 242 | $ | 504,350
Segment assets | $ | 52,161,404 | $ | 5,134,608 | $ | (4,815,597) | $ | 52,480,415
2018
For the quarter ended September 30, 2018
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 388,533 | $ | 76,184 | $ | 3
Provision for loan losses |  |  |  | 51,911 |  | 2,510 |  | -
Non-interest income |  |  |  | 135,762 |  | 5,530 |  | (141)
Amortization of intangibles |  |  |  | 2,157 |  | 167 |  | -
Depreciation expense |  |  |  | 11,135 |  | 2,185 |  | -
Other operating expenses |  |  |  | 282,124 |  | 44,279 |  | (136)
Income tax expense |  |  |  | 39,421 |  | 10,439 |  | -
Net income |  |  | $ | 137,547 | $ | 22,134 | $ | (2)
Segment assets |  |  | $ | 38,338,571 | $ | 9,388,787 | $ | (112,222)
For the quarter ended September 30, 2018
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 464,720 | $ | (13,251) | $ | - | $ | 451,469
Provision (reversal) for loan losses |  | 54,421 |  | (34) |  | - |  | 54,387
Non-interest income |  | 141,151 |  | 9,960 |  | (90) |  | 151,021
Amortization of intangibles |  | 2,324 |  | - |  | - |  | 2,324
Depreciation expense |  | 13,320 |  | 188 |  | - |  | 13,508
Other operating expenses |  | 326,267 |  | 23,995 |  | (657) |  | 349,605
Income tax expense (benefit) |  | 49,860 |  | (8,070) |  | 228 |  | 42,018
Net income (loss) | $ | 159,679 | $ | (19,370) | $ | 339 | $ | 140,648
Segment assets | $ | 47,615,136 | $ | 5,478,884 | $ | (5,174,592) | $ | 47,919,428
For the nine months ended September 30, 2018
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 1,073,522 | $ | 226,654 | $ | 5
Provision for loan losses |  |  |  | 154,805 |  | 30,774 |  | -
Non-interest income |  |  |  | 452,577 |  | 15,010 |  | (420)
Amortization of intangibles |  |  |  | 6,474 |  | 499 |  | -
Depreciation expense |  |  |  | 32,069 |  | 6,466 |  | -
Other operating expenses |  |  |  | 777,574 |  | 135,305 |  | (409)
Income tax expense |  |  |  | 41,088 |  | 15,759 |  | -
Net income |  |  | $ | 514,089 | $ | 52,861 | $ | (6)
Segment assets |  |  | $ | 38,338,571 | $ | 9,388,787 | $ | (112,222)
For the nine months ended September 30, 2018
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 1,300,181 | $ | (41,529) | $ | - | $ | 1,258,652
Provision (reversal) for loan losses |  | 185,579 |  | (75) |  | - |  | 185,504
Non-interest income |  | 467,167 |  | 33,698 |  | (1,538) |  | 499,327
Amortization of intangibles |  | 6,973 |  | - |  | - |  | 6,973
Depreciation expense |  | 38,535 |  | 548 |  | - |  | 39,083
Other operating expenses |  | 912,470 |  | 68,766 |  | (2,185) |  | 979,051
Income tax expense (benefit) |  | 56,847 |  | (21,505) |  | 271 |  | 35,613
Net income (loss) | $ | 566,944 | $ | (55,565) | $ | 376 | $ | 511,755
Segment assets | $ | 47,615,136 | $ | 5,478,884 | $ | (5,174,592) | $ | 47,919,428
2019
For the quarter ended September 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 | $ | 160,038 | $ | 250,944 | $ | 1,212 | $ | (12) | $ | 412,182
Provision (reversal) for loan losses |  | (23,619) |  | 58,100 |  | - |  | - |  | 34,481
Non-interest income |  | 25,196 |  | 75,854 |  | 24,545 |  | (727) |  | 124,868
Amortization of intangibles |  | 50 |  | 1,072 |  | 1,086 |  | - |  | 2,208
Depreciation expense |  | 5,064 |  | 6,753 |  | 155 |  | - |  | 11,972
Other operating expenses |  | 82,817 |  | 210,753 |  | 16,986 |  | (741) |  | 309,815
Income tax expense |  | 29,340 |  | 2,649 |  | 3,297 |  | - |  | 35,286
Net income | $ | 91,582 | $ | 47,471 | $ | 4,233 | $ | 2 | $ | 143,288
Segment assets | $ | 35,590,229 | $ | 23,714,260 | $ | 379,126 | $ | (17,603,323) | $ | 42,080,292
For the nine months ended September 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 | $ | 464,441 | $ | 762,913 | $ | 3,857 | $ | (123) | $ | 1,231,088
Provision (reversal) for loan losses |  | (22,756) |  | 117,407 |  | - |  | - |  | 94,651
Non-interest income |  | 74,481 |  | 220,064 |  | 76,733 |  | (2,252) |  | 369,026
Amortization of intangibles |  | 147 |  | 3,218 |  | 3,145 |  | - |  | 6,510
Depreciation expense |  | 14,615 |  | 21,071 |  | 468 |  | - |  | 36,154
Other operating expenses |  | 229,767 |  | 611,348 |  | 49,076 |  | (2,250) |  | 887,941
Income tax expense |  | 88,353 |  | 19,878 |  | 9,182 |  | - |  | 117,413
Net income | $ | 228,796 | $ | 210,055 | $ | 18,719 | $ | (125) | $ | 457,445
Segment assets | $ | 35,590,229 | $ | 23,714,260 | $ | 379,126 | $ | (17,603,323) | $ | 42,080,292
| 2018
| For the quarter ended September 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 | $ | 145,397 | $ | 241,920 | $ | 1,232 | $ | (16) | $ | 388,533
Provision for loan losses |  | 25,580 |  | 26,331 |  | - |  | - |  | 51,911
Non-interest income |  | 23,630 |  | 88,866 |  | 23,663 |  | (397) |  | 135,762
Amortization of intangibles |  | 50 |  | 1,069 |  | 1,038 |  | - |  | 2,157
Depreciation expense |  | 4,697 |  | 6,287 |  | 151 |  | - |  | 11,135
Other operating expenses |  | 78,628 |  | 183,626 |  | 20,279 |  | (409) |  | 282,124
Income tax expense |  | 11,068 |  | 27,436 |  | 917 |  | - |  | 39,421
Net income | $ | 49,004 | $ | 86,037 | $ | 2,510 | $ | (4) | $ | 137,547
Segment assets | $ | 28,247,478 | $ | 22,672,941 | $ | 336,311 | $ | (12,918,159) | $ | 38,338,571
| For the nine months ended September 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 | $ | 430,341 | $ | 639,149 | $ | 4,066 | $ | (34) | $ | 1,073,522
Provision for loan losses |  | 56,027 |  | 98,778 |  | - |  | - |  | 154,805
Non-interest income |  | 60,122 |  | 220,690 |  | 69,876 |  | 101,889 |  | 452,577
Amortization of intangibles |  | 153 |  | 3,209 |  | 3,112 |  | - |  | 6,474
Depreciation expense |  | 13,327 |  | 18,284 |  | 458 |  | - |  | 32,069
Other operating expenses |  | 199,528 |  | 518,147 |  | 52,679 |  | 7,220 |  | 777,574
Income tax expense |  | 52,640 |  | 46,625 |  | 5,711 |  | (63,888) |  | 41,088
Net income | $ | 168,788 | $ | 174,796 | $ | 11,982 | $ | 158,523 | $ | 514,089
Segment assets | $ | 28,247,478 | $ | 22,672,941 | $ | 336,311 | $ | (12,918,159) | $ | 38,338,571
[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 33 to the Consolidated Financial Statements for additional information.
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area |
Geographic Information |  |  |  |
|  |  | Quarter ended |  | Nine months ended
(In thousands) |  | September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Revenues:[1] |  |  |  |  |  |  |  |
Puerto Rico | $ | 505,608 | $ | 493,512 | $ | 1,507,386 | $ | 1,435,099
United States |  | 94,510 |  | 90,659 |  | 278,330 |  | 264,232
Other |  | 19,585 |  | 18,319 |  | 56,022 |  | 58,648
Total consolidated revenues | $ | 619,703 | $ | 602,490 | $ | 1,841,738 | $ | 1,757,979
[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, indemnity reserves on loans sold expense, FDIC loss-share income and other operating income.
Selected Balance Sheet Information:
(In thousands) |  | September 30, 2019 |  | December 31, 2018
Puerto Rico |  |  |  |
| Total assets | $ | 40,883,975 | $ | 36,863,930
| Loans |  | 18,752,442 |  | 18,837,742
| Deposits |  | 35,110,213 |  | 31,237,529
United States |  |  |  |
| Total assets | $ | 10,716,967 | $ | 9,847,944
| Loans |  | 7,649,658 |  | 7,034,075
| Deposits |  | 7,676,409 |  | 6,878,599
Other |  |  |  |
| Total assets | $ | 879,473 | $ | 892,703
| Loans |  | 662,245 |  | 687,494
| Deposits[1] |  | 1,379,573 |  | 1,593,911
[1] | Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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