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v3.20.1

Loans | 3 Months Ended
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Mar. 31, 2020
Receivables |
Loans | Note 8 – 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 2019 Form 10-K and updated in this Form 10Q in Note 4 to the Consolidated Financial Statements.. During the quarter ended March 31, 2020, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $85 million including $4 million in PCD loans, consumer loans of $18 million, construction loans of $37 million and commercial loans of $1 million; compared to purchases (including repurchases) of mortgage loans of $81 million and consumer loans of $69 million, during the quarter ended March 31, 2019. The Corporation performed whole-loan sales involving approximately $10 million of residential mortgage loans and $2 million of commercial and construction loans during the quarter ended March 31, 2020 (March 31, 2019 - $12 million of residential mortgage and $8 million of commercial loans). Also, during the quarter ended March 31, 2020, the Corporation securitized approximately $ 51 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities and $ 34 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities, compared to $71 million and $ 21 million, respectively, during the quarter ended March 31, 2019. Delinquency status The following table presents 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 March 31, 2020 and December 31, 2019.
March 31, 2020
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[1] | past due |  | Current |  | Loans HIP |  |  | loans |  | loans
Commercial multi-family |  | $ | 8,382 |  | $ | 359 |  | $ | 1,379 | $ | 10,120 |  | $ | 137,145 |  | $ | 147,265 |  |  | $ | 1,379 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 4,632 |  |  | 4,382 |  |  | 109,054 |  | 118,068 |  |  | 1,968,831 |  |  | 2,086,899 |  |  |  | 109,054 |  |  | -
| Owner occupied |  |  | 11,649 |  |  | 4,276 |  |  | 101,887 |  | 117,812 |  |  | 1,460,599 |  |  | 1,578,411 |  |  |  | 101,887 |  |  | -
Commercial and industrial |  |  | 17,112 |  |  | 3,608 |  |  | 39,280 |  | 60,000 |  |  | 3,458,407 |  |  | 3,518,407 |  |  |  | 38,784 |  |  | 496
Construction |  |  | 4,411 |  |  | - |  |  | - |  | 4,411 |  |  | 159,979 |  |  | 164,390 |  |  |  | - |  |  | -
Mortgage |  |  | 339,648 |  |  | 141,841 |  |  | 854,105 |  | 1,335,594 |  |  | 4,680,414 |  |  | 6,016,008 |  |  |  | 404,465 |  |  | 449,640
Leasing |  |  | 18,301 |  |  | 5,938 |  |  | 4,076 |  | 28,315 |  |  | 1,060,227 |  |  | 1,088,542 |  |  |  | 4,076 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | 14,062 |  |  | 9,297 |  |  | 20,588 |  | 43,947 |  |  | 1,020,740 |  |  | 1,064,687 |  |  |  | - |  |  | 20,588
| Home equity lines of credit |  |  | 49 |  |  | 51 |  |  | 93 |  | 193 |  |  | 4,736 |  |  | 4,929 |  |  |  | - |  |  | 93
| Personal |  |  | 23,697 |  |  | 13,078 |  |  | 36,125 |  | 72,900 |  |  | 1,390,326 |  |  | 1,463,226 |  |  |  | 36,064 |  |  | 61
| Auto |  |  | 110,408 |  |  | 38,018 |  |  | 26,431 |  | 174,857 |  |  | 2,779,293 |  |  | 2,954,150 |  |  |  | 26,431 |  |  | -
| Other |  |  | 622 |  |  | 293 |  |  | 13,966 |  | 14,881 |  |  | 122,086 |  |  | 136,967 |  |  |  | 13,543 |  |  | 423
Total |  | $ | 552,973 |  | $ | 221,141 |  | $ | 1,206,984 | $ | 1,981,098 |  | $ | 18,242,783 |  | $ | 20,223,881 |  |  | $ | 735,683 |  | $ | 471,301
[1] | Loans included as 90 days or more past due include loans that that are not delinquent in their payment terms but that are reported as non-performing due to other credit quality considerations. As part of the adoption of CECL, at January 1, 2020, the Corporation reclassified to this category $134 million of acquired loans with credit deterioration that were previously accounted for under ASC 310-30 and were excluded from non-performing status. In addition, as part of the CECL transition, an additional $125 million of loans that were 90 days or more past due previously accounted for under ASC 310-30 and excluded from non-performing status are now included as non-performing.
March 31, 2020
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 |  | $ | 974 |  | $ | - |  | $ | 2,097 |  | $ | 3,071 |  | $ | 1,627,274 |  | $ | 1,630,345 |  |  | $ | 2,097 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 25,944 |  |  | - |  |  | 269 |  |  | 26,213 |  |  | 1,950,611 |  |  | 1,976,824 |  |  |  | 269 |  |  | -
| Owner occupied |  |  | 3,910 |  |  | - |  |  | 245 |  |  | 4,155 |  |  | 338,805 |  |  | 342,960 |  |  |  | 245 |  |  | -
Commercial and industrial |  |  | 1,067 |  |  | 3,546 |  |  | 4,793 |  |  | 9,406 |  |  | 1,208,452 |  |  | 1,217,858 |  |  |  | 4,793 |  |  | -
Construction |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 737,990 |  |  | 737,990 |  |  |  | - |  |  | -
Mortgage |  |  | 25,639 |  |  | 391 |  |  | 12,176 |  |  | 38,206 |  |  | 1,040,543 |  |  | 1,078,749 |  |  |  | 12,176 |  |  | -
Legacy |  |  | 37 |  |  | 41 |  |  | 1,980 |  |  | 2,058 |  |  | 18,377 |  |  | 20,435 |  |  |  | 1,980 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 36 |  |  | 36 |  |  |  | - |  |  | -
| Home equity lines of credit |  |  | 1,438 |  |  | 72 |  |  | 9,322 |  |  | 10,832 |  |  | 106,579 |  |  | 117,411 |  |  |  | 9,322 |  |  | -
| Personal |  |  | 2,687 |  |  | 1,632 |  |  | 2,110 |  |  | 6,429 |  |  | 308,559 |  |  | 314,988 |  |  |  | 2,110 |  |  | -
| Other |  |  | 21 |  |  | - |  |  | - |  |  | 21 |  |  | 774 |  |  | 795 |  |  |  | - |  |  | -
Total |  | $ | 61,717 |  | $ | 5,682 |  | $ | 32,992 |  | $ | 100,391 |  | $ | 7,338,000 |  | $ | 7,438,391 |  |  | $ | 32,992 |  | $ | -
March 31, 2020
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[3] | past due |  | Current |  | Loans HIP[4] [5] |  |  | loans |  | loans
Commercial multi-family | $ | 9,356 |  | $ | 359 |  | $ | 3,476 | $ | 13,191 |  | $ | 1,764,419 |  | $ | 1,777,610 |  |  | $ | 3,476 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 30,576 |  |  | 4,382 |  |  | 109,323 |  | 144,281 |  |  | 3,919,442 |  |  | 4,063,723 |  |  |  | 109,323 |  |  | -
| Owner occupied |  | 15,559 |  |  | 4,276 |  |  | 102,132 |  | 121,967 |  |  | 1,799,404 |  |  | 1,921,371 |  |  |  | 102,132 |  |  | -
Commercial and industrial |  | 18,179 |  |  | 7,154 |  |  | 44,073 |  | 69,406 |  |  | 4,666,859 |  |  | 4,736,265 |  |  |  | 43,577 |  |  | 496
Construction |  | 4,411 |  |  | - |  |  | - |  | 4,411 |  |  | 897,969 |  |  | 902,380 |  |  |  | - |  |  | -
Mortgage[1] |  | 365,287 |  |  | 142,232 |  |  | 866,281 |  | 1,373,800 |  |  | 5,720,957 |  |  | 7,094,757 |  |  |  | 416,641 |  |  | 449,640
Leasing |  | 18,301 |  |  | 5,938 |  |  | 4,076 |  | 28,315 |  |  | 1,060,227 |  |  | 1,088,542 |  |  |  | 4,076 |  |  | -
Legacy[2] |  | 37 |  |  | 41 |  |  | 1,980 |  | 2,058 |  |  | 18,377 |  |  | 20,435 |  |  |  | 1,980 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 14,062 |  |  | 9,297 |  |  | 20,588 |  | 43,947 |  |  | 1,020,776 |  |  | 1,064,723 |  |  |  | - |  |  | 20,588
| Home equity lines of credit |  | 1,487 |  |  | 123 |  |  | 9,415 |  | 11,025 |  |  | 111,315 |  |  | 122,340 |  |  |  | 9,322 |  |  | 93
| Personal |  | 26,384 |  |  | 14,710 |  |  | 38,235 |  | 79,329 |  |  | 1,698,885 |  |  | 1,778,214 |  |  |  | 38,174 |  |  | 61
| Auto |  | 110,408 |  |  | 38,018 |  |  | 26,431 |  | 174,857 |  |  | 2,779,293 |  |  | 2,954,150 |  |  |  | 26,431 |  |  | -
| Other |  | 643 |  |  | 293 |  |  | 13,966 |  | 14,902 |  |  | 122,860 |  |  | 137,762 |  |  |  | 13,543 |  |  | 423
Total | $ | 614,690 |  | $ | 226,823 |  | $ | 1,239,976 | $ | 2,081,489 |  | $ | 25,580,783 |  | $ | 27,662,272 |  |  | $ | 768,675 |  | $ | 471,301
[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 included as 90 days or more past due include loans that that are not delinquent in their payment terms but that are reported as non-performing due to other credit quality considerations. As part of the adoption of CECL, at January 1, 2020, the Corporation reclassified to this category $134 million of acquired loans with credit deterioration that were previously accounted for under ASC 310-30 and were excluded from non-performing status. In addition, as part of the CECL transition, an additional $144 million of loans that were 90 days or more past due previously accounted for under ASC 310-30 and excluded from non-performing status are now included as non-performing.
[4] | Loans held-in-portfolio are net of $ 186 million in unearned income and exclude $ 88 million in loans held-for-sale.
[5] | Includes $7.3 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 $2.7 billion at the Federal Reserve Bank ("FRB") for discount window borrowings.
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 would accrete interest income over the remaining life of the loans using estimated cash flow analysis.
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 would accrete interest income over the remaining life of the loans using estimated cash flow analysis.
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 FHLB as collateral for borrowings and $2.1 billion at the 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 would accrete interest income over the remaining life of the loans using estimated cash flow analysis.
At March 31, 2020, 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 $450 million are 90 days or more past due, including $111 million of loans rebooked under the GNMA buyback option, discussed below (December 31, 2019 - $1.4 billion, $441 million and $103 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 $222 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of March 31, 2020 (December 31, 2019 - $213 million). Additionally, the Corporation has approximately $62 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at March 31, 2020 (December 31, 2019 - $65 million). Loans with a delinquency status of 90 days past due as of March 31, 2020 include $111 million in loans previously pooled into GNMA securities (December 31, 2019 - $103 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 following table presents the amortized cost basis of non-accrual loans as of March 31, 2020 by class of loans and the related interest income recognized on these loans for the quarter-ended:
March 31, 2020
| Puerto Rico |  | Popular U.S. |  | Popular, Inc.
(In thousands) | Non-accrual with no allowance | Non-accrual with allowance | Interest income recognized |  | Non-accrual with no allowance | Non-accrual with allowance | Interest income recognized |  | Non-accrual with no allowance | Non-accrual with allowance | Interest income recognized
Commercial multi-family | $ | - | $ | 1,379 | $ | 1 |  | $ | 2,097 | $ | - | $ | - |  | $ | 2,097 | $ | 1,379 | $ | 1
Commercial real estate non-owner occupied |  | 41,150 |  | 67,904 |  | 193 |  |  | - |  | 269 |  | - |  |  | 41,150 |  | 68,173 |  | 193
Commercial real estate owner occupied |  | 31,003 |  | 70,884 |  | 519 |  |  | - |  | 245 |  | - |  |  | 31,003 |  | 71,129 |  | 519
Commercial and industrial |  | 24,922 |  | 13,862 |  | 209 |  |  | 4,431 |  | 362 |  | - |  |  | 29,353 |  | 14,224 |  | 209
Construction |  | - |  | - |  | - |  |  | - |  | - |  | - |  |  | - |  | - |  | -
Mortgage |  | 138,066 |  | 266,399 |  | 1,115 |  |  | - |  | 12,176 |  | 37 |  |  | 138,066 |  | 278,575 |  | 1,152
Leasing |  | 242 |  | 3,834 |  | (35) |  |  | - |  | - |  | - |  |  | 242 |  | 3,834 |  | (35)
Legacy |  | - |  | - |  | - |  |  | - |  | 1,980 |  | - |  |  | - |  | 1,980 |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  | - |  | - |  | - |  |  | - |  | 9,322 |  | 8 |  |  | - |  | 9,322 |  | 8
Personal |  | 7,346 |  | 28,718 |  | 524 |  |  | - |  | 2,110 |  | 161 |  |  | 7,346 |  | 30,828 |  | 685
Auto |  | 1,549 |  | 24,882 |  | 407 |  |  | - |  | - |  | - |  |  | 1,549 |  | 24,882 |  | 407
Other |  | - |  | 13,543 |  | 128 |  |  | - |  | - |  | - |  |  | - |  | 13,543 |  | 128
Total | $ | 244,278 | $ | 491,405 | $ | 3,061 |  | $ | 6,528 | $ | 26,464 | $ | 206 |  | $ | 250,806 | $ | 517,869 | $ | 3,267
Loans in non-accrual status with no allowance include $242 million in collateral dependent loans. The Corporation has designated loans classified as collateral dependent for which it applies the practical expedient to measure the ACL based on the fair value of the collateral less cost to sell, 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. The following table present the amortized cost basis of collateral-dependent loans by class of loans and type of collateral as of March 31, 2020:
|  | March 31, 2020
(In thousands) |  | Real Estate |  | Auto |  | Equipment |  | Taxi Medallions |  | Accounts Receivables |  | Other |  | Total
Puerto Rico |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied | $ | 291,083 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 291,083
| Owner occupied |  | 62,330 |  | - |  | - |  | - |  | - |  | - |  | 62,330
Commercial and industrial |  | 3,965 |  | - |  | - |  | - |  | 13,612 |  | 9,565 |  | 27,142
Mortgage |  | 195,783 |  | - |  | - |  | - |  | - |  | - |  | 195,783
Leases |  | - |  | 187 |  | 4 |  | - |  | - |  | - |  | 191
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Auto |  | - |  | 1,549 |  | - |  | - |  | - |  | - |  | 1,549
Total Puerto Rico | $ | 553,161 | $ | 1,736 | $ | 4 | $ | - | $ | 13,612 | $ | 9,565 | $ | 578,078
Popular U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 2,097 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 2,097
Commercial and industrial |  | - |  | - |  | - |  | 4,430 |  | - |  | - |  | 4,430
Mortgage |  | 717 |  | - |  | - |  | - |  | - |  | - |  | 717
Total Popular U.S. | $ | 2,814 | $ | - | $ | - | $ | 4,430 | $ | - | $ | - | $ | 7,244
Popular, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 2,097 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 2,097
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 291,083 |  | - |  | - |  | - |  | - |  | - |  | 291,083
| Owner occupied |  | 62,330 |  | - |  | - |  | - |  | - |  | - |  | 62,330
Commercial and industrial |  | 3,965 |  | - |  | - |  | 4,430 |  | 13,612 |  | 9,565 |  | 31,572
Mortgage |  | 196,500 |  | - |  | - |  | - |  | - |  | - |  | 196,500
Leases |  | - |  | 187 |  | 4 |  | - |  | - |  | - |  | 191
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Auto |  | - |  | 1,549 |  | - |  | - |  | - |  | - |  | 1,549
Total Popular, Inc. | $ | 555,975 | $ | 1,736 | $ | 4 | $ | 4,430 | $ | 13,612 | $ | 9,565 | $ | 585,322
Purchased Credit Deteriorated Loans (PCD) The Corporation has purchased loans during the quarter, 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) |  | March 31, 2020
Purchase price of loans at acquisition | $ | 3,112
Allowance for credit losses at acquisition |  | 429
Non-credit discount/premium at acquisition |  | 138
Par value of acquired loans at acquisition | $ | 3,679
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 $2.1 billion at March 31, 2019. 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.
Carrying amount
(In thousands) |  | December 31, 2019
Commercial real estate | $ | 670,566
Commercial and industrial |  | 104,756
Mortgage |  | 856,618
Consumer |  | 11,778
Carrying amount |  | 1,643,718
Allowance for loan losses |  | (74,039)
Carrying amount, net of allowance | $ | 1,569,679
At March 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 quarter ended March 31, 2019, were as follows:
Carrying amount of acquired loans accounted for pursuant to ASC 310-30
(In thousands) |  | For the quarter ended March 31, 2019
Beginning balance |  |  |  |  |  | $ | 1,883,556
Additions |  |  |  |  |  |  | 5,220
Accretion |  |  |  |  |  |  | 37,404
Collections / loan sales / charge-offs |  |  |  |  |  |  | (94,923)
Ending balance[1] |  |  |  |  |  | $ | 1,831,257
Allowance for loan losses |  |  |  |  |  |  | (124,147)
Ending balance, net of ALLL |  |  |  |  |  | $ | 1,707,110
[1] | At March 31, 2019, includes $1.3 billion of loans considered non-credit impaired at the acquisition date.
Activity in the accretable yield of acquired loans accounted for pursuant to ASC 310-30
(In thousands) |  |  | For the quarter ended March 31, 2019
Beginning balance |  |  |  |  | $ | 1,092,504
Additions |  |  |  |  |  | 2,890
Accretion |  |  |  |  |  | (37,404)
Change in expected cash flows |  |  |  |  |  | 10,177
Ending balance[1] |  |  |  |  | $ | 1,068,167
[1] | At March 31, 2019, includes $0.7 billion for loans considered non-credit impaired at the acquisition date.

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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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