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Segment reporting (Tables) | 9 Months Ended
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Sep. 30, 2020
Table Text Block |
Results of Operations and Total Assets |
2020
For the quarter ended September 30, 2020
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 394,662 | $ | 76,481 | $ | 2
Provision for credit losses |  |  |  | 7,288 |  | 11,770 |  | -
Non-interest income |  |  |  | 107,577 |  | 7,186 |  | (138)
Amortization of intangibles |  |  |  | 886 |  | 166 |  | -
Depreciation expense |  |  |  | 11,921 |  | 2,338 |  | -
Other operating expenses |  |  |  | 292,528 |  | 54,679 |  | (136)
Income tax expense |  |  |  | 35,834 |  | 5,350 |  | -
Net income |  |  | $ | 153,782 | $ | 9,364 | $ | -
Segment assets |  |  | $ | 55,388,782 | $ | 10,220,824 | $ | (28,177)
For the quarter ended September 30, 2020
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 471,145 | $ | (10,124) | $ | - | $ | 461,021
Provision for credit losses |  | 19,058 |  | 80 |  | - |  | 19,138
Non-interest income |  | 114,625 |  | 14,230 |  | (88) |  | 128,767
Amortization of intangibles |  | 1,052 |  | 24 |  | - |  | 1,076
Depreciation expense |  | 14,259 |  | 259 |  | - |  | 14,518
Other operating expenses |  | 347,071 |  | (748) |  | (851) |  | 345,472
Income tax expense (benefit) |  | 41,184 |  | (312) |  | 296 |  | 41,168
Net income | $ | 163,146 | $ | 4,803 | $ | 467 | $ | 168,416
Segment assets | $ | 65,581,429 | $ | 5,201,316 | $ | (4,872,376) | $ | 65,910,369
For the nine months ended September 30, 2020
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 1,191,452 | $ | 222,874 | $ | 9
Provision for credit losses |  |  |  | 180,659 |  | 90,442 |  | -
Non-interest income |  |  |  | 315,522 |  | 18,831 |  | (414)
Amortization of intangibles |  |  |  | 4,773 |  | 499 |  | -
Depreciation expense |  |  |  | 36,282 |  | 6,396 |  | -
Other operating expenses |  |  |  | 876,438 |  | 160,749 |  | (408)
Income tax expense |  |  |  | 69,040 |  | 666 |  | -
Net income (loss) |  |  | $ | 339,782 | $ | (17,047) | $ | 3
Segment assets |  |  | $ | 55,388,782 | $ | 10,220,824 | $ | (28,177)
For the nine months ended September 30, 2020
|  | Reportable |  |  |  |  |  | Total
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Popular, Inc.
Net interest income (expense) | $ | 1,414,335 | $ | (29,338) | $ | - | $ | 1,384,997
Provision for credit losses |  | 271,101 |  | 217 |  | - |  | 271,318
Non-interest income |  | 333,939 |  | 35,645 |  | (2,119) |  | 367,465
Amortization of intangibles |  | 5,272 |  | 73 |  | - |  | 5,345
Depreciation expense |  | 42,678 |  | 741 |  | - |  | 43,419
Other operating expenses |  | 1,036,779 |  | (1,056) |  | (2,582) |  | 1,033,141
Income tax expense (benefit) |  | 69,706 |  | (964) |  | 151 |  | 68,893
Net income | $ | 322,738 | $ | 7,296 | $ | 312 | $ | 330,346
Segment assets | $ | 65,581,429 | $ | 5,201,316 | $ | (4,872,376) | $ | 65,910,369
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 credit 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 (reversal) for credit 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 | $ | 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 credit 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 |  |  |  |  |  | Total
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Popular, Inc.
Net interest income (expense) | $ | 1,452,891 | $ | (28,621) | $ | - | $ | 1,424,270
Provision for credit 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
2020
For the quarter ended September 30, 2020
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 | $ | 164,791 | $ | 228,293 | $ | 1,578 | $ | - | $ | 394,662
Provision for credit losses |  | 4,061 |  | 3,227 |  | - |  | - |  | 7,288
Non-interest income |  | 24,804 |  | 58,955 |  | 24,194 |  | (376) |  | 107,577
Amortization of intangibles |  | 50 |  | 699 |  | 137 |  | - |  | 886
Depreciation expense |  | 5,179 |  | 6,569 |  | 173 |  | - |  | 11,921
Other operating expenses |  | 77,906 |  | 195,624 |  | 19,389 |  | (391) |  | 292,528
Income tax expense |  | 32,331 |  | 2,275 |  | 1,228 |  | - |  | 35,834
Net income | $ | 70,068 | $ | 78,854 | $ | 4,845 | $ | 15 | $ | 153,782
Segment assets | $ | 47,920,631 | $ | 29,358,230 | $ | 2,408,998 | $ | (24,299,077) | $ | 55,388,782
For the nine months ended September 30, 2020
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 | $ | 486,050 | $ | 694,983 | $ | 10,419 | $ | - | $ | 1,191,452
Provision for credit losses |  | 23,244 |  | 157,415 |  | - |  | - |  | 180,659
Non-interest income |  | 74,771 |  | 170,205 |  | 71,459 |  | (913) |  | 315,522
Amortization of intangibles |  | 148 |  | 2,911 |  | 1,714 |  | - |  | 4,773
Depreciation expense |  | 15,406 |  | 20,383 |  | 493 |  | - |  | 36,282
Other operating expenses |  | 226,232 |  | 587,297 |  | 63,863 |  | (954) |  | 876,438
Income tax expense (benefit) |  | 82,271 |  | (18,912) |  | 5,681 |  | - |  | 69,040
Net income | $ | 213,520 | $ | 116,094 | $ | 10,127 | $ | 41 | $ | 339,782
Segment assets | $ | 47,920,631 | $ | 29,358,230 | $ | 2,408,998 | $ | (24,299,077) | $ | 55,388,782
| 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 credit 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 credit 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
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area |
Geographic Information |  |  |  |
|  |  | Quarter ended |  | Nine months ended
(In thousands) |  | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
Revenues:[1] |  |  |  |  |  |  |  |
Puerto Rico | $ | 476,863 | $ | 505,608 | $ | 1,418,243 | $ | 1,507,386
United States |  | 95,145 |  | 94,510 |  | 279,246 |  | 278,330
Other |  | 17,780 |  | 19,585 |  | 54,973 |  | 56,022
Total consolidated revenues | $ | 589,788 | $ | 619,703 | $ | 1,752,462 | $ | 1,841,738
[1] | Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss) on sale of debt securities, net gain, including impairment on equity securities, net profit on trading account debt securities, net (loss) gain on sale of loans, including valuation adjustment on loans held-for-sale, adjustments (expense) to indemnity reserves on loans sold, and other operating income.
Selected Balance Sheet Information:
(In thousands) |  | September 30, 2020 |  | December 31, 2019
Puerto Rico |  |  |  |
| Total assets | $ | 54,218,254 | $ | 40,544,255
| Loans |  | 20,548,257 |  | 18,989,286
| Deposits |  | 46,831,116 |  | 34,664,243
United States |  |  |  |
| Total assets | $ | 10,797,883 | $ | 10,693,536
| Loans |  | 8,276,731 |  | 7,819,187
| Deposits |  | 7,662,877 |  | 7,664,792
Other |  |  |  |
| Total assets | $ | 894,232 | $ | 877,533
| Loans |  | 670,282 |  | 657,603
| Deposits[1] |  | 1,527,990 |  | 1,429,571
[1] | Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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