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Loans | 12 Months Ended
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Dec. 31, 2019
Receivables |
Loans | Note 8 – Loans For a summary of the accounting policies related to loans, interest recognition and allowance for loan losses refer to Note 2 - Summary of Significant Accounting Policies of this Form 10-K. As previously disclosed in Note 4, as a result of the Reliable Transaction completed on August 1, 2018, Popular Auto, LLC, acquired approximately $1.6 billion in retail auto loans and $341 million in primarily auto-related commercial loans. These loans are included in the information presented in this note. During the year ended December 31, 2019, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $423 million, consumer loans of $359 million including the acquisition of a credit card portfolio with an unpaid principal balance of $74 million, and commercial loans of $141 million, compared to purchases (including repurchases) of mortgage loans of $624 million and consumer loans of $205 million, during the year ended December 31, 2018. The Corporation performed whole-loan sales involving approximately $64 million of residential mortgage loans and $114 million of commercial and construction loans during the year ended December 31, 2019 (December 31, 2018 - $59 million of residential mortgage and $30 million of commercial loans). Also, during the year ended December 31, 2019, the Corporation securitized approximately $347 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities and $ 111 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities, compared to $ 413 million and $ 94 million, respectively, during the year ended December 31, 2018. Delinquency status The following table presents the composition 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 December 31, 2019 and December 31, 2018.
December 31, 2019
Puerto Rico
|  |  |  | 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[1]
Commercial multi-family |  | $ | 2,941 |  | $ | 129 |  | $ | 1,512 |  | $ | 4,582 |  | $ | 143,267 |  | $ | 147,849 |  |  | $ | 1,473 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 10,439 |  |  | 5,244 |  |  | 43,664 |  |  | 59,347 |  |  | 2,048,871 |  |  | 2,108,218 |  |  |  | 39,968 |  |  | -
| Owner occupied |  |  | 5,704 |  |  | 3,978 |  |  | 84,537 |  |  | 94,219 |  |  | 1,492,110 |  |  | 1,586,329 |  |  |  | 69,276 |  |  | -
Commercial and industrial |  |  | 8,780 |  |  | 1,646 |  |  | 37,156 |  |  | 47,582 |  |  | 3,371,152 |  |  | 3,418,734 |  |  |  | 36,538 |  |  | 544
Construction |  |  | 1,555 |  |  | - |  |  | 119 |  |  | 1,674 |  |  | 135,796 |  |  | 137,470 |  |  |  | 119 |  |  | -
Mortgage |  |  | 285,006 |  |  | 146,197 |  |  | 837,651 |  |  | 1,268,854 |  |  | 4,897,894 |  |  | 6,166,748 |  |  |  | 283,708 |  |  | 439,662
Leasing |  |  | 12,014 |  |  | 3,053 |  |  | 3,657 |  |  | 18,724 |  |  | 1,040,783 |  |  | 1,059,507 |  |  |  | 3,657 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | 11,358 |  |  | 7,928 |  |  | 19,461 |  |  | 38,747 |  |  | 1,085,053 |  |  | 1,123,800 |  |  |  | - |  |  | 19,461
| Home equity lines of credit |  |  | - |  |  | 85 |  |  | - |  |  | 85 |  |  | 4,953 |  |  | 5,038 |  |  |  | - |  |  | -
| Personal |  |  | 13,481 |  |  | 9,352 |  |  | 20,296 |  |  | 43,129 |  |  | 1,325,021 |  |  | 1,368,150 |  |  |  | 19,529 |  |  | 61
| Auto |  |  | 81,169 |  |  | 23,182 |  |  | 31,148 |  |  | 135,499 |  |  | 2,782,023 |  |  | 2,917,522 |  |  |  | 31,148 |  |  | -
| Other |  |  | 358 |  |  | 1,418 |  |  | 14,189 |  |  | 15,965 |  |  | 124,902 |  |  | 140,867 |  |  |  | 13,784 |  |  | 405
Total |  | $ | 432,805 |  | $ | 202,212 |  | $ | 1,093,390 |  | $ | 1,728,407 |  | $ | 18,451,825 |  | $ | 20,180,232 |  |  | $ | 499,200 |  | $ | 460,133
[1] | Loans HIP of $ 134 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. Refer to Note 3, New Accounting Pronouncements, for a description of the impact of CECL on the classification of non-performing loans.
December 31, 2019
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[1]
Commercial multi-family |  | $ | 9 |  | $ | - |  | $ | 2,097 |  | $ | 2,106 |  | $ | 1,645,204 |  | $ | 1,647,310 |  |  | $ | 2,097 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 1,047 |  |  | - |  |  | 281 |  |  | 1,328 |  |  | 1,868,968 |  |  | 1,870,296 |  |  |  | 281 |  |  | -
| Owner occupied |  |  | 1,750 |  |  | - |  |  | 251 |  |  | 2,001 |  |  | 337,134 |  |  | 339,135 |  |  |  | 251 |  |  | -
Commercial and industrial |  |  | 454 |  |  | 128 |  |  | 19,945 |  |  | 20,527 |  |  | 1,174,353 |  |  | 1,194,880 |  |  |  | 876 |  |  | -
Construction |  |  | - |  |  | - |  |  | 26 |  |  | 26 |  |  | 693,596 |  |  | 693,622 |  |  |  | 26 |  |  | -
Mortgage |  |  | 15,474 |  |  | 4,024 |  |  | 11,091 |  |  | 30,589 |  |  | 986,195 |  |  | 1,016,784 |  |  |  | 11,091 |  |  | -
Legacy |  |  | 49 |  |  | 8 |  |  | 1,999 |  |  | 2,056 |  |  | 20,049 |  |  | 22,105 |  |  |  | 1,999 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 36 |  |  | 36 |  |  |  | - |  |  | -
| Home equity lines of credit |  |  | 404 |  |  | 267 |  |  | 9,954 |  |  | 10,625 |  |  | 106,718 |  |  | 117,343 |  |  |  | 9,954 |  |  | -
| Personal |  |  | 2,286 |  |  | 1,582 |  |  | 2,066 |  |  | 5,934 |  |  | 318,506 |  |  | 324,440 |  |  |  | 2,066 |  |  | -
| Other |  |  | 3 |  |  | - |  |  | - |  |  | 3 |  |  | 687 |  |  | 690 |  |  |  | - |  |  | -
Total |  | $ | 21,476 |  | $ | 6,009 |  | $ | 47,710 |  | $ | 75,195 |  | $ | 7,151,446 |  | $ | 7,226,641 |  |  | $ | 28,641 |  | $ | -
[1] | Loans HIP of $ 19 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. Refer to Note 3, New Accounting Pronouncements, for a description of the impact of CECL on the classification of non-performing loans.
December 31, 2019
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[3] [4] |  |  | loans |  | loans[5]
Commercial multi-family | $ | 2,950 |  | $ | 129 |  | $ | 3,609 |  | $ | 6,688 |  | $ | 1,788,471 |  | $ | 1,795,159 |  |  | $ | 3,570 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 11,486 |  |  | 5,244 |  |  | 43,945 |  |  | 60,675 |  |  | 3,917,839 |  |  | 3,978,514 |  |  |  | 40,249 |  |  | -
| Owner occupied |  | 7,454 |  |  | 3,978 |  |  | 84,788 |  |  | 96,220 |  |  | 1,829,244 |  |  | 1,925,464 |  |  |  | 69,527 |  |  | -
Commercial and industrial |  | 9,234 |  |  | 1,774 |  |  | 57,101 |  |  | 68,109 |  |  | 4,545,505 |  |  | 4,613,614 |  |  |  | 37,414 |  |  | 544
Construction |  | 1,555 |  |  | - |  |  | 145 |  |  | 1,700 |  |  | 829,392 |  |  | 831,092 |  |  |  | 145 |  |  | -
Mortgage[1] |  | 300,480 |  |  | 150,221 |  |  | 848,742 |  |  | 1,299,443 |  |  | 5,884,089 |  |  | 7,183,532 |  |  |  | 294,799 |  |  | 439,662
Leasing |  | 12,014 |  |  | 3,053 |  |  | 3,657 |  |  | 18,724 |  |  | 1,040,783 |  |  | 1,059,507 |  |  |  | 3,657 |  |  | -
Legacy[2] |  | 49 |  |  | 8 |  |  | 1,999 |  |  | 2,056 |  |  | 20,049 |  |  | 22,105 |  |  |  | 1,999 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 11,358 |  |  | 7,928 |  |  | 19,461 |  |  | 38,747 |  |  | 1,085,089 |  |  | 1,123,836 |  |  |  | - |  |  | 19,461
| Home equity lines of credit |  | 404 |  |  | 352 |  |  | 9,954 |  |  | 10,710 |  |  | 111,671 |  |  | 122,381 |  |  |  | 9,954 |  |  | -
| Personal |  | 15,767 |  |  | 10,934 |  |  | 22,362 |  |  | 49,063 |  |  | 1,643,527 |  |  | 1,692,590 |  |  |  | 21,595 |  |  | 61
| Auto |  | 81,169 |  |  | 23,182 |  |  | 31,148 |  |  | 135,499 |  |  | 2,782,023 |  |  | 2,917,522 |  |  |  | 31,148 |  |  | -
| Other |  | 361 |  |  | 1,418 |  |  | 14,189 |  |  | 15,968 |  |  | 125,589 |  |  | 141,557 |  |  |  | 13,784 |  |  | 405
Total | $ | 454,281 |  | $ | 208,221 |  | $ | 1,141,100 |  | $ | 1,803,602 |  | $ | 25,603,271 |  | $ | 27,406,873 |  |  | $ | 527,841 |  | $ | 460,133
[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.
[2] | The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment.
[3] | Loans held-in-portfolio are net of $ 181 million in unearned income and exclude $ 59 million in loans held-for-sale.
[4] | Includes $6.7 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.6 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $2.1 billion at the Federal Reserve Bank ("FRB") for discount window borrowings.
[5] | Loans HIP of $153 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. Refer to Note 3, New Accounting Pronouncements, for a description of the impact of CECL on the classification of non-performing loans.
December 31, 2018
Puerto Rico
|  |  |  | 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[1]
Commercial multi-family |  | $ | 1,441 |  | $ | 112 |  | $ | 598 |  | $ | 2,151 |  | $ | 143,477 |  | $ | 145,628 |  |  | $ | 546 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 92,075 |  |  | 839 |  |  | 45,691 |  |  | 138,605 |  |  | 2,183,996 |  |  | 2,322,601 |  |  |  | 39,257 |  |  | -
| Owner occupied |  |  | 6,681 |  |  | 10,839 |  |  | 99,235 |  |  | 116,755 |  |  | 1,605,498 |  |  | 1,722,253 |  |  |  | 88,069 |  |  | -
Commercial and industrial |  |  | 4,137 |  |  | 641 |  |  | 55,321 |  |  | 60,099 |  |  | 3,122,062 |  |  | 3,182,161 |  |  |  | 55,078 |  |  | 243
Construction |  |  | - |  |  | - |  |  | 1,788 |  |  | 1,788 |  |  | 84,167 |  |  | 85,955 |  |  |  | 1,788 |  |  | -
Mortgage |  |  | 275,367 |  |  | 128,104 |  |  | 1,043,607 |  |  | 1,447,078 |  |  | 4,986,245 |  |  | 6,433,323 |  |  |  | 323,565 |  |  | 595,525
Leasing |  |  | 7,663 |  |  | 1,827 |  |  | 3,313 |  |  | 12,803 |  |  | 921,970 |  |  | 934,773 |  |  |  | 3,313 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | 9,504 |  |  | 7,391 |  |  | 16,035 |  |  | 32,930 |  |  | 1,014,343 |  |  | 1,047,273 |  |  |  | - |  |  | 16,035
| Home equity lines of credit |  |  | - |  |  | 97 |  |  | 165 |  |  | 262 |  |  | 5,089 |  |  | 5,351 |  |  |  | 11 |  |  | 154
| Personal |  |  | 13,069 |  |  | 7,907 |  |  | 18,515 |  |  | 39,491 |  |  | 1,211,134 |  |  | 1,250,625 |  |  |  | 17,887 |  |  | 35
| Auto |  |  | 52,204 |  |  | 9,862 |  |  | 24,177 |  |  | 86,243 |  |  | 2,522,542 |  |  | 2,608,785 |  |  |  | 24,050 |  |  | 127
| Other |  |  | 566 |  |  | 288 |  |  | 14,958 |  |  | 15,812 |  |  | 128,932 |  |  | 144,744 |  |  |  | 14,534 |  |  | 424
Total |  | $ | 462,707 |  | $ | 167,907 |  | $ | 1,323,403 |  | $ | 1,954,017 |  | $ | 17,929,455 |  | $ | 19,883,472 |  |  | $ | 568,098 |  | $ | 612,543
[1] | Non-covered loans HIP of $143 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis.
December 31, 2018
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[1]
Commercial multi-family |  | $ | 3,163 |  | $ | - |  | $ | - |  | $ | 3,163 |  | $ | 1,398,377 |  | $ | 1,401,540 |  |  | $ | - |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 707 |  |  | 288 |  |  | 365 |  |  | 1,360 |  |  | 1,880,384 |  |  | 1,881,744 |  |  |  | 365 |  |  | -
| Owner occupied |  |  | 5,125 |  |  | 1,728 |  |  | 381 |  |  | 7,234 |  |  | 291,705 |  |  | 298,939 |  |  |  | 381 |  |  | -
Commercial and industrial |  |  | 2,354 |  |  | 995 |  |  | 73,726 |  |  | 77,075 |  |  | 1,011,078 |  |  | 1,088,153 |  |  |  | 330 |  |  | -
Construction |  |  | - |  |  | - |  |  | 12,060 |  |  | 12,060 |  |  | 681,434 |  |  | 693,494 |  |  |  | 12,060 |  |  | -
Mortgage |  |  | 13,615 |  |  | 3,197 |  |  | 11,033 |  |  | 27,845 |  |  | 774,090 |  |  | 801,935 |  |  |  | 11,033 |  |  | -
Legacy |  |  | 195 |  |  | 445 |  |  | 2,627 |  |  | 3,267 |  |  | 22,682 |  |  | 25,949 |  |  |  | 2,627 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | 2 |  |  | - |  |  | - |  |  | 2 |  |  | 36 |  |  | 38 |  |  |  | - |  |  | -
| Home equity lines of credit |  |  | 886 |  |  | 464 |  |  | 13,579 |  |  | 14,929 |  |  | 128,123 |  |  | 143,052 |  |  |  | 13,579 |  |  | -
| Personal |  |  | 2,319 |  |  | 1,723 |  |  | 2,610 |  |  | 6,652 |  |  | 282,697 |  |  | 289,349 |  |  |  | 2,610 |  |  | -
| Other |  |  | - |  |  | - |  |  | 4 |  |  | 4 |  |  | 220 |  |  | 224 |  |  |  | 4 |  |  | -
Total |  | $ | 28,366 |  | $ | 8,840 |  | $ | 116,385 |  | $ | 153,591 |  | $ | 6,470,826 |  | $ | 6,624,417 |  |  | $ | 42,989 |  | $ | -
[1] | Non-covered loans HIP of $ 73 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis.
December 31, 2018
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[3] [4] |  |  | loans |  | loans[5]
Commercial multi-family | $ | 4,604 |  | $ | 112 |  | $ | 598 |  | $ | 5,314 |  | $ | 1,541,854 |  | $ | 1,547,168 |  |  | $ | 546 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 92,782 |  |  | 1,127 |  |  | 46,056 |  |  | 139,965 |  |  | 4,064,380 |  |  | 4,204,345 |  |  |  | 39,622 |  |  | -
| Owner occupied |  | 11,806 |  |  | 12,567 |  |  | 99,616 |  |  | 123,989 |  |  | 1,897,203 |  |  | 2,021,192 |  |  |  | 88,450 |  |  | -
Commercial and industrial |  | 6,491 |  |  | 1,636 |  |  | 129,047 |  |  | 137,174 |  |  | 4,133,140 |  |  | 4,270,314 |  |  |  | 55,408 |  |  | 243
Construction |  | - |  |  | - |  |  | 13,848 |  |  | 13,848 |  |  | 765,601 |  |  | 779,449 |  |  |  | 13,848 |  |  | -
Mortgage[1] |  | 288,982 |  |  | 131,301 |  |  | 1,054,640 |  |  | 1,474,923 |  |  | 5,760,335 |  |  | 7,235,258 |  |  |  | 334,598 |  |  | 595,525
Leasing |  | 7,663 |  |  | 1,827 |  |  | 3,313 |  |  | 12,803 |  |  | 921,970 |  |  | 934,773 |  |  |  | 3,313 |  |  | -
Legacy[2] |  | 195 |  |  | 445 |  |  | 2,627 |  |  | 3,267 |  |  | 22,682 |  |  | 25,949 |  |  |  | 2,627 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 9,506 |  |  | 7,391 |  |  | 16,035 |  |  | 32,932 |  |  | 1,014,379 |  |  | 1,047,311 |  |  |  | - |  |  | 16,035
| Home equity lines of credit |  | 886 |  |  | 561 |  |  | 13,744 |  |  | 15,191 |  |  | 133,212 |  |  | 148,403 |  |  |  | 13,590 |  |  | 154
| Personal |  | 15,388 |  |  | 9,630 |  |  | 21,125 |  |  | 46,143 |  |  | 1,493,831 |  |  | 1,539,974 |  |  |  | 20,497 |  |  | 35
| Auto |  | 52,204 |  |  | 9,862 |  |  | 24,177 |  |  | 86,243 |  |  | 2,522,542 |  |  | 2,608,785 |  |  |  | 24,050 |  |  | 127
| Other |  | 566 |  |  | 288 |  |  | 14,962 |  |  | 15,816 |  |  | 129,152 |  |  | 144,968 |  |  |  | 14,538 |  |  | 424
Total | $ | 491,073 |  | $ | 176,747 |  | $ | 1,439,788 |  | $ | 2,107,608 |  | $ | 24,400,281 |  | $ | 26,507,889 |  |  | $ | 611,087 |  | $ | 612,543
[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.
[2] | The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment.
[3] | Loans held-in-portfolio are net of $ 156 million in unearned income and exclude $ 51 million in loans held-for-sale.
[4] | Includes $6.9 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.8 billion were pledged at the FHLB as collateral for borrowings and $2.1 billion at the FRB for discount window borrowings.
[5] | Non-covered loans HIP of $216 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis.
At December 31, 2019, mortgage loans held-in-portfolio include $1.4 billion of loans insured by the Federal Housing Administration (“FHA”), or guaranteed by the U.S. Department of Veterans Affairs (“VA”) of which $441 million are 90 days or more past due, including $103 million of loans rebooked under the GNMA buyback option, discussed below (December 31, 2018 - $1.4 billion, $598 million and $134 million, respectively). Within this portfolio, loans in a delinquency status of 90 days or more are reported as accruing loans as opposed to non-performing since the principal repayment is insured. These balances include $213 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2019 (December 31, 2018 - $283 million). Additionally, the Corporation has approximately $65 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at December 31, 2019 (December 31, 2018 - $69 million). Loans with a delinquency status of 90 days past due as of December 31, 2019 include $103 million in loans previously pooled into GNMA securities (December 31, 2018 - $134 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. The components of the net financing leases receivable at December 31, 2019 and 2018 were as follows:
(In thousands) |  | 2019 |  | 2018
Total minimum lease payments | $ | 863,755 | $ | 781,060
Estimated residual value of leased property (unguaranteed) |  | 356,560 |  | 293,495
Deferred origination costs, net of fees |  | 15,422 |  | 12,261
| Less - Unearned financing income |  | 176,121 |  | 151,881
Net minimum lease payments |  | 1,059,616 |  | 934,935
| Less - Allowance for loan losses |  | 10,768 |  | 11,487
Net minimum lease payments, net of allowance for loan losses | $ | 1,048,848 | $ | 923,448
At December 31, 2019, future minimum lease payments are expected to be received as follows:
(In thousands) |  |
2020 | $ | 48,511
2021 |  | 90,049
2022 |  | 147,742
2023 |  | 205,834
2024 and thereafter |  | 371,619
Total | $ | 863,755
Loans acquired with deteriorated credit quality accounted for under ASC 310-30 The following provides information of loans acquired with evidence of credit deterioration as of the acquisition date, accounted for under the guidance of ASC 310-30. The outstanding principal balance of acquired loans accounted pursuant to ASC Subtopic 310-30, amounted to $1.9 billion at December 31, 2019 (December 31, 2018 - $2.2 billion). The carrying amount of these loans consisted of loans determined to be impaired at the time of acquisition, which are accounted for in accordance with ASC Subtopic 310-30 (“credit impaired loans”), and loans that were considered to be performing at the acquisition date, accounted for by analogy to ASC Subtopic 310-30 (“non-credit impaired loans”). The following table provides the carrying amount of acquired loans accounted for under ASC 310-30 by portfolio at December 31, 2019 and 2018.
Carrying amount
(In thousands) |  | December 31, 2019 |  | December 31, 2018
Commercial real estate | $ | 670,566 | $ | 801,774
Commercial and industrial |  | 104,756 |  | 84,465
Mortgage |  | 856,618 |  | 982,821
Consumer |  | 11,778 |  | 14,496
Carrying amount |  | 1,643,718 |  | 1,883,556
Allowance for loan losses |  | (74,039) |  | (122,135)
Carrying amount, net of allowance | $ | 1,569,679 | $ | 1,761,421
At December 31, 2019, none of the acquired loans accounted for under ASC Subtopic 310-30 were considered non-performing loans. Therefore, interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, was recognized on all acquired loans. Changes in the carrying amount and the accretable yield for the loans accounted pursuant to the ASC Subtopic 310-30, for the years ended December 31, 2019 and 2018, were as follows:
Carrying amount of acquired loans accounted for pursuant to ASC 310-30
|  |  | For the years ended
(In thousands) |  |  |  |  |  |  | December 31, 2019 |  | December 31, 2018
Beginning balance |  |  |  |  |  | $ | 1,883,556 | $ | 2,108,993
Additions |  |  |  |  |  |  | 39,492 |  | 16,645
Accretion |  |  |  |  |  |  | 144,976 |  | 166,272
Collections / loan sales / charge-offs |  |  |  |  |  |  | (424,306) |  | (408,354)
Ending balance[1] |  |  |  |  |  | $ | 1,643,718 | $ | 1,883,556
Allowance for loan losses |  |  |  |  |  |  | (74,039) |  | (122,135)
Ending balance, net of ALLL |  |  |  |  |  | $ | 1,569,679 | $ | 1,761,421
[1] | At December 31, 2019, includes $1.2 billion of loans considered non-credit impaired at the acquisition date (December 31, 2018 - $1.4 billion).
Activity in the accretable yield of acquired loans accounted for pursuant to ASC 310-30
|  |  | For the years ended
(In thousands) |  |  |  |  |  | December 31, 2019 |  | December 31, 2018
Beginning balance |  |  |  |  | $ | 1,092,504 | $ | 1,214,488
Additions |  |  |  |  |  | 23,556 |  | 6,535
Accretion |  |  |  |  |  | (144,976) |  | (166,272)
Change in expected cash flows |  |  |  |  |  | 30,258 |  | 37,753
Ending balance[1] |  |  |  |  | $ | 1,001,342 | $ | 1,092,504
[1] | At December 31, 2019, includes $ 0.7 billion for loans considered non-credit impaired at the acquisition date (December 31, 2018 - $0.8 billion).

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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