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Loans | 6 Months Ended
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Jun. 30, 2021
Receivables |
Loans | Note 7 – 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 the 2020 Form 10-K. During the quarter and six months ended June 30, 2021, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $94 million and $220 million, respectively; including $5 million and $12 million in PCD loans, respectively, and commercial loans of $28 million and $49 million, respectively. During the quarter and six months ended June 30, 2020, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $57 million and $142 million, respectively; including $2 million and $6 million in PCD loans, respectively; commercial loans of $2 million and $3 million, respectively, and consumer loans of $10 thousand and $56 million, respectively. The Corporation performed whole-loan sales involving approximately $19 million and $85 million of residential mortgage loans during the quarter and six months ended June 30, 2021, respectively (June 30, 2020 - $29 million and $39 million, respectively). During the quarter and six months ended June 30, 2021, the Corporation performed sales of commercial loans, including loan participations amounting to $2 million and $9 million, respectively (June 30, 2020 - $4 million and $6 million, respectively). Also, the Corporation securitized approximately $107 million and $209 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities during the quarter and six months ended June 30, 2021, respectively (June 30, 2020 - $63 million and $114 million, respectively). Furthermore, the Corporation securitized approximately $73 million and $159 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities during the quarter and six months ended June 30, 2021, respectively (June 30, 2020 - $6 million and $40 million, respectively). Also, the Corporation securitized approximately $14 million of mortgage loans into Federal Home Loan Mortgage Corporation (“FHLMC”) mortgage-backed securities during the quarter and six months ended June 30, 2021. Delinquency status The following tables present 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 June 30, 2021 and December 31, 2020.
June 30, 2021 |
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 |
Commercial multi-family | $ | 128 |  | $ | - |  | $ | 397 | $ | 525 |  | $ | 151,258 |  | $ | 151,783 |  |  | $ | 397 |  | $ | - |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 32,749 |  |  | - |  |  | 72,378 |  | 105,127 |  |  | 1,888,302 |  |  | 1,993,429 |  |  |  | 72,378 |  |  | - |
| Owner occupied |  | 3,995 |  |  | 604 |  |  | 79,808 |  | 84,407 |  |  | 1,380,022 |  |  | 1,464,429 |  |  |  | 79,808 |  |  | - |
Commercial and industrial |  | 2,314 |  |  | 682 |  |  | 65,727 |  | 68,723 |  |  | 3,952,675 |  |  | 4,021,398 |  |  |  | 65,120 |  |  | 607 |
Construction |  | - |  |  | 3,080 |  |  | 14,877 |  | 17,957 |  |  | 124,990 |  |  | 142,947 |  |  |  | 14,877 |  |  | - |
Mortgage[1] |  | 164,779 |  |  | 73,492 |  |  | 995,175 |  | 1,233,446 |  |  | 5,281,711 |  |  | 6,515,157 |  |  |  | 370,653 |  |  | 624,522 |
Leasing |  | 6,054 |  |  | 2,103 |  |  | 2,286 |  | 10,443 |  |  | 1,287,485 |  |  | 1,297,928 |  |  |  | 2,286 |  |  | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 4,371 |  |  | 2,826 |  |  | 8,021 |  | 15,218 |  |  | 864,912 |  |  | 880,130 |  |  |  | - |  |  | 8,021 |
| Home equity lines of credit |  | - |  |  | - |  |  | - |  | - |  |  | 3,489 |  |  | 3,489 |  |  |  | - |  |  | - |
| Personal |  | 9,405 |  |  | 4,444 |  |  | 23,861 |  | 37,710 |  |  | 1,227,582 |  |  | 1,265,292 |  |  |  | 23,861 |  |  | - |
| Auto |  | 39,032 |  |  | 7,405 |  |  | 13,286 |  | 59,723 |  |  | 3,229,304 |  |  | 3,289,027 |  |  |  | 13,286 |  |  | - |
| Other |  | 214 |  |  | 97 |  |  | 14,288 |  | 14,599 |  |  | 108,427 |  |  | 123,026 |  |  |  | 14,123 |  |  | 165 |
Total | $ | 263,041 |  | $ | 94,733 |  | $ | 1,290,104 | $ | 1,647,878 |  | $ | 19,500,157 |  | $ | 21,148,035 |  |  | $ | 656,789 |  | $ | 633,315 |
June 30, 2021
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 |  | $ | - |  | $ | - |  | $ | 5,949 |  | $ | 5,949 |  | $ | 1,733,104 |  | $ | 1,739,053 |  |  | $ | 5,949 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | - |  |  | - |  |  | 374 |  |  | 374 |  |  | 2,131,860 |  |  | 2,132,234 |  |  |  | 374 |  |  | -
| Owner occupied |  |  | 907 |  |  | 639 |  |  | 193 |  |  | 1,739 |  |  | 338,445 |  |  | 340,184 |  |  |  | 193 |  |  | -
Commercial and industrial |  |  | 3,070 |  |  | 509 |  |  | 1,346 |  |  | 4,925 |  |  | 1,590,497 |  |  | 1,595,422 |  |  |  | 1,346 |  |  | -
Construction |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 722,166 |  |  | 722,166 |  |  |  | - |  |  | -
Mortgage |  |  | 2,498 |  |  | 5,005 |  |  | 13,323 |  |  | 20,826 |  |  | 1,142,495 |  |  | 1,163,321 |  |  |  | 13,323 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 31 |  |  | 31 |  |  |  | - |  |  | -
| Home equity lines of credit |  |  | 501 |  |  | 210 |  |  | 6,377 |  |  | 7,088 |  |  | 74,850 |  |  | 81,938 |  |  |  | 6,377 |  |  | -
| Personal |  |  | 572 |  |  | 579 |  |  | 832 |  |  | 1,983 |  |  | 135,014 |  |  | 136,997 |  |  |  | 832 |  |  | -
| Other |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3,236 |  |  | 3,236 |  |  |  | - |  |  | -
Total |  | $ | 7,548 |  | $ | 6,942 |  | $ | 28,394 |  | $ | 42,884 |  | $ | 7,871,698 |  | $ | 7,914,582 |  |  | $ | 28,394 |  | $ | -
June 30, 2021 |
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[2] [3] |  |  | loans |  | loans |
Commercial multi-family | $ | 128 |  | $ | - |  | $ | 6,346 | $ | 6,474 |  | $ | 1,884,362 |  | $ | 1,890,836 |  |  | $ | 6,346 |  | $ | - |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 32,749 |  |  | - |  |  | 72,752 |  | 105,501 |  |  | 4,020,162 |  |  | 4,125,663 |  |  |  | 72,752 |  |  | - |
| Owner occupied |  | 4,902 |  |  | 1,243 |  |  | 80,001 |  | 86,146 |  |  | 1,718,467 |  |  | 1,804,613 |  |  |  | 80,001 |  |  | - |
Commercial and industrial |  | 5,384 |  |  | 1,191 |  |  | 67,073 |  | 73,648 |  |  | 5,543,172 |  |  | 5,616,820 |  |  |  | 66,466 |  |  | 607 |
Construction |  | - |  |  | 3,080 |  |  | 14,877 |  | 17,957 |  |  | 847,156 |  |  | 865,113 |  |  |  | 14,877 |  |  | - |
Mortgage[1] |  | 167,277 |  |  | 78,497 |  |  | 1,008,498 |  | 1,254,272 |  |  | 6,424,206 |  |  | 7,678,478 |  |  |  | 383,976 |  |  | 624,522 |
Leasing |  | 6,054 |  |  | 2,103 |  |  | 2,286 |  | 10,443 |  |  | 1,287,485 |  |  | 1,297,928 |  |  |  | 2,286 |  |  | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 4,371 |  |  | 2,826 |  |  | 8,021 |  | 15,218 |  |  | 864,943 |  |  | 880,161 |  |  |  | - |  |  | 8,021 |
| Home equity lines of credit |  | 501 |  |  | 210 |  |  | 6,377 |  | 7,088 |  |  | 78,339 |  |  | 85,427 |  |  |  | 6,377 |  |  | - |
| Personal |  | 9,977 |  |  | 5,023 |  |  | 24,693 |  | 39,693 |  |  | 1,362,596 |  |  | 1,402,289 |  |  |  | 24,693 |  |  | - |
| Auto |  | 39,032 |  |  | 7,405 |  |  | 13,286 |  | 59,723 |  |  | 3,229,304 |  |  | 3,289,027 |  |  |  | 13,286 |  |  | - |
| Other |  | 214 |  |  | 97 |  |  | 14,288 |  | 14,599 |  |  | 111,663 |  |  | 126,262 |  |  |  | 14,123 |  |  | 165 |
Total | $ | 270,589 |  | $ | 101,675 |  | $ | 1,318,498 | $ | 1,690,762 |  | $ | 27,371,855 |  | $ | 29,062,617 |  |  | $ | 685,183 |  | $ | 633,315 |
[1] | It is the Corporation’s policy to report delinquent residential mortgage loans insured by Federal Housing Administration (“FHA”) or guaranteed by the U.S. Department of Veterans Affairs (“VA”) as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $15 million at June 30, 2021 related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below. 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 repurchases option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. While the borrowers for our serviced GNMA portfolio benefited from the moratorium, the delinquency status of these loans continued to be reported to GNMA without considering the moratorium. These balances include $363 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of June 30, 2021. Furthermore, the Corporation has approximately $56 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets.
[2] | Loans held-in-portfolio are net of $224 million in unearned income and exclude $85 million in loans held-for-sale.
[3] | Includes $6.2 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $3.9 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $2.3 billion at the Federal Reserve Bank ("FRB") for discount window borrowings.
December 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 |  | past due[1] | Current |  | Loans HIP |  |  | loans |  | loans |
Commercial multi-family | $ | 796 |  | $ | - |  | $ | 505 |  | $ | 1,301 | $ | 150,979 |  | $ | 152,280 |  |  | $ | 505 |  | $ | - |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 2,189 |  |  | 3,503 |  |  | 77,137 |  |  | 82,829 |  | 1,924,504 |  |  | 2,007,333 |  |  |  | 77,137 |  |  | - |
| Owner occupied |  | 8,270 |  |  | 1,218 |  |  | 92,001 |  |  | 101,489 |  | 1,497,406 |  |  | 1,598,895 |  |  |  | 92,001 |  |  | - |
Commercial and industrial |  | 10,223 |  |  | 775 |  |  | 35,012 |  |  | 46,010 |  | 4,183,098 |  |  | 4,229,108 |  |  |  | 34,449 |  |  | 563 |
Construction |  | - |  |  | - |  |  | 21,497 |  |  | 21,497 |  | 135,609 |  |  | 157,106 |  |  |  | 21,497 |  |  | - |
Mortgage[2] |  | 195,602 |  |  | 87,726 |  |  | 1,428,824 |  |  | 1,712,152 |  | 5,057,991 |  |  | 6,770,143 |  |  |  | 414,343 |  |  | 1,014,481 |
Leasing |  | 9,141 |  |  | 1,427 |  |  | 3,441 |  |  | 14,009 |  | 1,183,652 |  |  | 1,197,661 |  |  |  | 3,441 |  |  | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 6,550 |  |  | 4,619 |  |  | 12,798 |  |  | 23,967 |  | 895,968 |  |  | 919,935 |  |  |  | - |  |  | 12,798 |
| Home equity lines of credit |  | 184 |  |  | - |  |  | 48 |  |  | 232 |  | 3,947 |  |  | 4,179 |  |  |  | - |  |  | 48 |
| Personal |  | 11,255 |  |  | 8,097 |  |  | 26,387 |  |  | 45,739 |  | 1,232,008 |  |  | 1,277,747 |  |  |  | 26,387 |  |  | - |
| Auto |  | 53,186 |  |  | 12,696 |  |  | 15,736 |  |  | 81,618 |  | 3,050,610 |  |  | 3,132,228 |  |  |  | 15,736 |  |  | - |
| Other |  | 304 |  |  | 483 |  |  | 15,052 |  |  | 15,839 |  | 110,826 |  |  | 126,665 |  |  |  | 14,881 |  |  | 171 |
Total | $ | 297,700 |  | $ | 120,544 |  | $ | 1,728,438 |  | $ | 2,146,682 | $ | 19,426,598 |  | $ | 21,573,280 |  |  | $ | 700,377 |  | $ | 1,028,061 |
[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 nonperforming 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 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 excluded from non-performing status are now included as non-performing.
[2] | 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. These include $57 million in loans rebooked under the GNMA program at December 31, 2020, in which issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due.
December 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 |  | $ | 5,273 |  | $ | - |  | $ | 1,894 |  | $ | 7,167 |  | $ | 1,736,544 |  | $ | 1,743,711 |  |  | $ | 1,894 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 924 |  |  | 3,640 |  |  | 669 |  |  | 5,233 |  |  | 1,988,577 |  |  | 1,993,810 |  |  |  | 669 |  |  | -
| Owner occupied |  |  | 191 |  |  | 650 |  |  | 334 |  |  | 1,175 |  |  | 343,205 |  |  | 344,380 |  |  |  | 334 |  |  | -
Commercial and industrial |  |  | 1,117 |  |  | 72 |  |  | 3,091 |  |  | 4,280 |  |  | 1,540,513 |  |  | 1,544,793 |  |  |  | 3,091 |  |  | -
Construction |  |  | 21,312 |  |  | - |  |  | 7,560 |  |  | 28,872 |  |  | 740,230 |  |  | 769,102 |  |  |  | 7,560 |  |  | -
Mortgage |  |  | 33,422 |  |  | 15,464 |  |  | 14,864 |  |  | 63,750 |  |  | 1,056,787 |  |  | 1,120,537 |  |  |  | 14,864 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | - |  |  | - |  |  | 3 |  |  | 3 |  |  | 28 |  |  | 31 |  |  |  | - |  |  | 3
| Home equity lines of credit |  |  | 236 |  |  | 342 |  |  | 7,491 |  |  | 8,069 |  |  | 86,502 |  |  | 94,571 |  |  |  | 7,491 |  |  | -
| Personal |  |  | 1,486 |  |  | 1,342 |  |  | 1,474 |  |  | 4,302 |  |  | 194,936 |  |  | 199,238 |  |  |  | 1,474 |  |  | -
| Other |  |  | - |  |  | - |  |  | 20 |  |  | 20 |  |  | 1,723 |  |  | 1,743 |  |  |  | 20 |  |  | -
Total |  | $ | 63,961 |  | $ | 21,510 |  | $ | 37,400 |  | $ | 122,871 |  | $ | 7,689,045 |  | $ | 7,811,916 |  |  | $ | 37,397 |  | $ | 3
December 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[2] |  | past due |  | Current |  | Loans HIP[3] [4] |  |  | loans |  | loans
Commercial multi-family | $ | 6,069 |  | $ | - |  | $ | 2,399 | $ | 8,468 |  | $ | 1,887,523 |  | $ | 1,895,991 |  |  | $ | 2,399 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 3,113 |  |  | 7,143 |  |  | 77,806 |  | 88,062 |  |  | 3,913,081 |  |  | 4,001,143 |  |  |  | 77,806 |  |  | -
| Owner occupied |  | 8,461 |  |  | 1,868 |  |  | 92,335 |  | 102,664 |  |  | 1,840,611 |  |  | 1,943,275 |  |  |  | 92,335 |  |  | -
Commercial and industrial |  | 11,340 |  |  | 847 |  |  | 38,103 |  | 50,290 |  |  | 5,723,611 |  |  | 5,773,901 |  |  |  | 37,540 |  |  | 563
Construction |  | 21,312 |  |  | - |  |  | 29,057 |  | 50,369 |  |  | 875,839 |  |  | 926,208 |  |  |  | 29,057 |  |  | -
Mortgage[1] |  | 229,024 |  |  | 103,190 |  |  | 1,443,688 |  | 1,775,902 |  |  | 6,114,778 |  |  | 7,890,680 |  |  |  | 429,207 |  |  | 1,014,481
Leasing |  | 9,141 |  |  | 1,427 |  |  | 3,441 |  | 14,009 |  |  | 1,183,652 |  |  | 1,197,661 |  |  |  | 3,441 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 6,550 |  |  | 4,619 |  |  | 12,801 |  | 23,970 |  |  | 895,996 |  |  | 919,966 |  |  |  | - |  |  | 12,801
| Home equity lines of credit |  | 420 |  |  | 342 |  |  | 7,539 |  | 8,301 |  |  | 90,449 |  |  | 98,750 |  |  |  | 7,491 |  |  | 48
| Personal |  | 12,741 |  |  | 9,439 |  |  | 27,861 |  | 50,041 |  |  | 1,426,944 |  |  | 1,476,985 |  |  |  | 27,861 |  |  | -
| Auto |  | 53,186 |  |  | 12,696 |  |  | 15,736 |  | 81,618 |  |  | 3,050,610 |  |  | 3,132,228 |  |  |  | 15,736 |  |  | -
| Other |  | 304 |  |  | 483 |  |  | 15,072 |  | 15,859 |  |  | 112,549 |  |  | 128,408 |  |  |  | 14,901 |  |  | 171
Total | $ | 361,661 |  | $ | 142,054 |  | $ | 1,765,838 | $ | 2,269,553 |  | $ | 27,115,643 |  | $ | 29,385,196 |  |  | $ | 737,774 |  | $ | 1,028,064
[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. The balance of these loans includes $57 million at December 31, 2020 related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below. 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 repurchases option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. While the borrowers for our serviced GNMA portfolio benefited from the moratorium, the delinquency status of these loans continued to be reported to GNMA without considering the moratorium. These balances include $329 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2020. Furthermore, the Corporation has approximately $60 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets.
[2] | 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 nonperforming 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 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 excluded from non-performing status are now included as non-performing.
[3] | Loans held-in-portfolio are net of $203 million in unearned income and exclude $99 million in loans held-for-sale.
[4] | Includes $6.5 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.1 billion were pledged at the FHLB as collateral for borrowings and $2.4 billion at the FRB for discount window borrowings.
Recognition of interest income on mortgage loans is generally discontinued when loans are 90 days or more in arrears on payments of principal or interest. The Corporation discontinues the recognition of interest income on residential mortgage loans insured by the FHA or guaranteed by VA when 15 months delinquent as to principal or interest, since the principal repayment on these loans is insured. At June 30, 2021, mortgage loans held-in-portfolio include $2.0 billion (December 31, 2020 - $2.1 billion) of loans insured by the FHA, or guaranteed VA of which $0.6 billion (December 31, 2020 - $1.0 billion) are 90 days or more past due. These balances include $691 million in loans modified under a TDR (December 31, 2020 - $655 million), that are presented as accruing loans. The portfolio of U.S. guaranteed loans includes $363 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of June 30, 2021 (December 31, 2020 - $329 million). The Corporation has approximately $56 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at June 30, 2021 (December 31, 2020 - $60 million). Loans with a delinquency status of 90 days past due as of June 30, 2021 include $15 million in loans previously pooled into GNMA securities (December 31, 2020 - $57 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. Loans in our serviced GNMA portfolio benefit from payment forbearance programs but continue to reflect the contractual delinquency until the borrower repays deferred payments or completes a payment deferral modification or other borrower assistance alternative. The following tables present the amortized cost basis of non-accrual loans as of June 30, 2021 and December 31, 2020 by class of loans:
June 30, 2021
| Puerto Rico |  | Popular U.S. |  | Popular, Inc.
(In thousands) | Non-accrual with no allowance | Non-accrual with allowance |  | Non-accrual with no allowance | Non-accrual with allowance |  | Non-accrual with no allowance | Non-accrual with allowance
Commercial multi-family | $ | - | $ | 397 |  | $ | 5,949 | $ | - |  | $ | 5,949 | $ | 397
Commercial real estate non-owner occupied |  | 30,253 |  | 42,125 |  |  | - |  | 374 |  |  | 30,253 |  | 42,499
Commercial real estate owner occupied |  | 18,338 |  | 61,470 |  |  | - |  | 193 |  |  | 18,338 |  | 61,663
Commercial and industrial |  | 19,082 |  | 46,038 |  |  | - |  | 1,346 |  |  | 19,082 |  | 47,384
Construction |  | 14,877 |  | - |  |  | - |  | - |  |  | 14,877 |  | -
Mortgage |  | 184,038 |  | 186,615 |  |  | 350 |  | 12,973 |  |  | 184,388 |  | 199,588
Leasing |  | 123 |  | 2,163 |  |  | - |  | - |  |  | 123 |  | 2,163
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  | - |  | - |  |  | - |  | 6,377 |  |  | - |  | 6,377
Personal |  | 6,928 |  | 16,933 |  |  | - |  | 832 |  |  | 6,928 |  | 17,765
Auto |  | 533 |  | 12,753 |  |  | - |  | - |  |  | 533 |  | 12,753
Other |  | - |  | 14,123 |  |  | - |  | - |  |  | - |  | 14,123
Total | $ | 274,172 | $ | 382,617 |  | $ | 6,299 | $ | 22,095 |  | $ | 280,471 | $ | 404,712
December 31, 2020
| Puerto Rico |  | Popular U.S. |  | Popular, Inc.
(In thousands) | Non-accrual with no allowance | Non-accrual with allowance |  | Non-accrual with no allowance | Non-accrual with allowance |  | Non-accrual with no allowance | Non-accrual with allowance
Commercial multi-family | $ | - | $ | 505 |  | $ | - | $ | 1,894 |  | $ | - | $ | 2,399
Commercial real estate non-owner occupied |  | 35,968 |  | 41,169 |  |  | - |  | 669 |  |  | 35,968 |  | 41,838
Commercial real estate owner occupied |  | 14,825 |  | 77,176 |  |  | - |  | 334 |  |  | 14,825 |  | 77,510
Commercial and industrial |  | 1,148 |  | 33,301 |  |  | - |  | 3,091 |  |  | 1,148 |  | 36,392
Construction |  | - |  | 21,497 |  |  | - |  | 7,560 |  |  | - |  | 29,057
Mortgage |  | 141,737 |  | 272,606 |  |  | 517 |  | 14,347 |  |  | 142,254 |  | 286,953
Leasing |  | - |  | 3,441 |  |  | - |  | - |  |  | - |  | 3,441
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  | - |  | - |  |  | - |  | 7,491 |  |  | - |  | 7,491
Personal |  | 9,265 |  | 17,122 |  |  | - |  | 1,474 |  |  | 9,265 |  | 18,596
Auto |  | - |  | 15,736 |  |  | - |  | - |  |  | - |  | 15,736
Other |  | - |  | 14,881 |  |  | - |  | 20 |  |  | - |  | 14,901
Total | $ | 202,943 | $ | 497,434 |  | $ | 517 | $ | 36,880 |  | $ | 203,460 | $ | 534,314
Loans in non-accrual status with no allowance at June 30, 2021 include $280 million in collateral dependent loans (December 31, 2020 - $203 million). The Corporation recognized $4 million in interest income on non-accrual loans during the six months ended June 30, 2021 (June 30, 2020 - $3 million). 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 tables present the amortized cost basis of collateral-dependent loans by class of loans and type of collateral as of June 30, 2021 and December 31, 2020:
|  | June 30, 2021
(In thousands) |  | Real Estate |  | Auto |  | Equipment |  | Taxi Medallions |  | Accounts Receivables |  | Other |  | Total
Puerto Rico |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,487 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,487
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 264,062 |  | - |  | - |  | - |  | - |  | - |  | 264,062
| Owner occupied |  | 70,099 |  | - |  | - |  | - |  | - |  | - |  | 70,099
Commercial and industrial |  | 6,808 |  | - |  | 982 |  | - |  | 11,117 |  | 43,895 |  | 62,802
Construction |  | 14,877 |  | - |  | - |  | - |  | - |  | - |  | 14,877
Mortgage |  | 200,356 |  | - |  | - |  | - |  | - |  | - |  | 200,356
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 7,097 |  | - |  | - |  | - |  | - |  | - |  | 7,097
| Auto |  | - |  | 655 |  | - |  | - |  | - |  | - |  | 655
Total Puerto Rico | $ | 564,786 | $ | 655 | $ | 982 | $ | - | $ | 11,117 | $ | 43,895 | $ | 621,435
Popular U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 5,949 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 5,949
Commercial and industrial |  | - |  | - |  | - |  | 115 |  | - |  | - |  | 115
Mortgage |  | 447 |  | - |  | - |  | - |  | - |  | - |  | 447
Total Popular U.S. | $ | 6,396 | $ | - | $ | - | $ | 115 | $ | - | $ | - | $ | 6,511
Popular, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 7,436 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 7,436
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 264,062 |  | - |  | - |  | - |  | - |  | - |  | 264,062
| Owner occupied |  | 70,099 |  | - |  | - |  | - |  | - |  | - |  | 70,099
Commercial and industrial |  | 6,808 |  | - |  | 982 |  | 115 |  | 11,117 |  | 43,895 |  | 62,917
Construction |  | 14,877 |  | - |  | - |  | - |  | - |  | - |  | 14,877
Mortgage |  | 200,803 |  | - |  | - |  | - |  | - |  | - |  | 200,803
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 7,097 |  | - |  | - |  | - |  | - |  | - |  | 7,097
| Auto |  | - |  | 655 |  | - |  | - |  | - |  | - |  | 655
Total Popular, Inc. | $ | 571,182 | $ | 655 | $ | 982 | $ | 115 | $ | 11,117 | $ | 43,895 | $ | 627,946
|  | December 31, 2020
(In thousands) |  | Real Estate |  | Auto |  | Equipment |  | Taxi Medallions |  | Accounts Receivables |  | Other |  | Total
Puerto Rico |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,301 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,301
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 299,223 |  | - |  | - |  | - |  | - |  | - |  | 299,223
| Owner occupied |  | 79,769 |  | - |  | - |  | - |  | - |  | - |  | 79,769
Commercial and industrial |  | 7,577 |  | - |  | 1,438 |  | - |  | 10,989 |  | 12,046 |  | 32,050
Construction |  | 21,497 |  | - |  | - |  | - |  | - |  | - |  | 21,497
Mortgage |  | 181,648 |  | - |  | - |  | - |  | - |  | - |  | 181,648
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 7,414 |  | - |  | - |  | - |  | - |  | - |  | 7,414
| Auto |  | - |  | 4 |  | - |  | - |  | - |  | - |  | 4
Total Puerto Rico | $ | 598,429 | $ | 4 | $ | 1,438 | $ | - | $ | 10,989 | $ | 12,046 | $ | 622,906
Popular U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,755 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,755
Commercial and industrial |  | - |  | - |  | - |  | 1,545 |  | - |  | - |  | 1,545
Construction |  | 7,560 |  | - |  | - |  | - |  | - |  | - |  | 7,560
Mortgage |  | 855 |  | - |  | - |  | - |  | - |  | - |  | 855
Total Popular U.S. | $ | 10,170 | $ | - | $ | - | $ | 1,545 | $ | - | $ | - | $ | 11,715
Popular, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 3,056 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,056
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 299,223 |  | - |  | - |  | - |  | - |  | - |  | 299,223
| Owner occupied |  | 79,769 |  | - |  | - |  | - |  | - |  | - |  | 79,769
Commercial and industrial |  | 7,577 |  | - |  | 1,438 |  | 1,545 |  | 10,989 |  | 12,046 |  | 33,595
Construction |  | 29,057 |  | - |  | - |  | - |  | - |  | - |  | 29,057
Mortgage |  | 182,503 |  | - |  | - |  | - |  | - |  | - |  | 182,503
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 7,414 |  | - |  | - |  | - |  | - |  | - |  | 7,414
| Auto |  | - |  | 4 |  | - |  | - |  | - |  | - |  | 4
Total Popular, Inc. | $ | 608,599 | $ | 4 | $ | 1,438 | $ | 1,545 | $ | 10,989 | $ | 12,046 | $ | 634,621
Purchased Credit Deteriorated (PCD) Loans The Corporation has purchased loans during the quarter and six months ended, 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) |  | For the quarter ended June 30, 2021 |  | For the six months ended June 30, 2021
Purchase price of loans at acquisition | $ | 4,049 | $ | 8,984
Allowance for credit losses at acquisition |  | 1,202 |  | 2,558
Non-credit discount / (premium) at acquisition |  | 214 |  | 335
Par value of acquired loans at acquisition | $ | 5,465 | $ | 11,877
(In thousands) |  | For the quarter ended June 30, 2020 |  | For the six months ended June 30, 2020
Purchase price of loans at acquisition | $ | 1,627 | $ | 4,739
Allowance for credit losses at acquisition |  | 567 |  | 996
Non-credit discount / (premium) at acquisition |  | 74 |  | 212
Par value of acquired loans at acquisition | $ | 2,268 | $ | 5,947

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