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Segment reporting (Tables) | 6 Months Ended
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Jun. 30, 2021
Table Text Block |
Results of Operations and Total Assets |
2021
For the quarter ended June 30, 2021
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 419,200 | $ | 78,743 | $ | 1
Provision for credit losses (benefit) |  |  |  | (22,042) |  | 4,856 |  | -
Non-interest income |  |  |  | 136,052 |  | 5,267 |  | (137)
Amortization of intangibles |  |  |  | 860 |  | 167 |  | -
Depreciation expense |  |  |  | 11,808 |  | 1,597 |  | -
Other operating expenses |  |  |  | 307,663 |  | 48,533 |  | (136)
Income tax expense |  |  |  | 63,614 |  | 10,163 |  | -
Net income |  |  | $ | 193,349 | $ | 18,694 | $ | -
Segment assets |  |  | $ | 62,104,522 | $ | 10,197,371 | $ | (23,954)
For the quarter ended June 30, 2021
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 497,944 | $ | (10,142) | $ | - | $ | 487,802
Provision for credit losses (benefit) |  | (17,186) |  | 171 |  | - |  | (17,015)
Non-interest income |  | 141,182 |  | 15,274 |  | (1,916) |  | 154,540
Amortization of intangibles |  | 1,027 |  | 228 |  | - |  | 1,255
Depreciation expense |  | 13,405 |  | 265 |  | - |  | 13,670
Other operating expenses |  | 356,060 |  | (1,852) |  | (948) |  | 353,260
Income tax expense (benefit) |  | 73,777 |  | (313) |  | (371) |  | 73,093
Net income | $ | 212,043 | $ | 6,633 | $ | (597) | $ | 218,079
Segment assets | $ | 72,277,939 | $ | 5,407,659 | $ | (5,028,305) | $ | 72,657,293
For the six months ended June 30, 2021
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 829,523 | $ | 157,912 | $ | 3
Provision for credit losses (benefit) |  |  |  | (67,403) |  | (31,864) |  | -
Non-interest income |  |  |  | 271,260 |  | 10,933 |  | (275)
Amortization of intangibles |  |  |  | 1,721 |  | 333 |  | -
Depreciation expense |  |  |  | 23,951 |  | 3,925 |  | -
Other operating expenses |  |  |  | 614,583 |  | 101,727 |  | (272)
Income tax expense |  |  |  | 122,427 |  | 28,198 |  | -
Net income |  |  | $ | 405,504 | $ | 66,526 | $ | -
Segment assets |  |  | $ | 62,104,522 | $ | 10,197,371 | $ | (23,954)
For the six months ended June 30, 2021
|  | Reportable |  |  |  |  |  | Total
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Popular, Inc.
Net interest income (expense) | $ | 987,438 | $ | (20,524) | $ | - | $ | 966,914
Provision for credit losses (benefit) |  | (99,267) |  | 26 |  | - |  | (99,241)
Non-interest income |  | 281,918 |  | 28,424 |  | (2,149) |  | 308,193
Amortization of intangibles |  | 2,054 |  | 252 |  | - |  | 2,306
Depreciation expense |  | 27,876 |  | 532 |  | - |  | 28,408
Other operating expenses |  | 716,038 |  | (1,182) |  | (1,857) |  | 712,999
Income tax expense (benefit) |  | 150,625 |  | (646) |  | (55) |  | 149,924
Net income | $ | 472,030 | $ | 8,918 | $ | (237) | $ | 480,711
Segment assets | $ | 72,277,939 | $ | 5,407,659 | $ | (5,028,305) | $ | 72,657,293
2020
For the quarter ended June 30, 2020
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 387,164 | $ | 73,704 | $ | 4
Provision for credit losses |  |  |  | 59,789 |  | 2,681 |  | -
Non-interest income |  |  |  | 95,803 |  | 6,413 |  | (136)
Amortization of intangibles |  |  |  | 1,605 |  | 166 |  | -
Depreciation expense |  |  |  | 12,074 |  | 2,105 |  | -
Other operating expenses |  |  |  | 283,533 |  | 50,876 |  | (135)
Income tax expense |  |  |  | 18,105 |  | 7,267 |  | -
Net income |  |  | $ | 107,861 | $ | 17,022 | $ | 3
Segment assets |  |  | $ | 51,967,412 | $ | 10,594,628 | $ | (35,439)
For the quarter ended June 30, 2020
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 460,872 | $ | (9,991) | $ | - | $ | 450,881
Provision for credit losses (benefit) |  | 62,470 |  | (21) |  | - |  | 62,449
Non-interest income |  | 102,080 |  | 11,954 |  | (1,979) |  | 112,055
Amortization of intangibles |  | 1,771 |  | 25 |  | - |  | 1,796
Depreciation expense |  | 14,179 |  | 236 |  | - |  | 14,415
Other operating expenses |  | 334,274 |  | (1,345) |  | (909) |  | 332,020
Income tax expense (benefit) |  | 25,372 |  | (330) |  | (414) |  | 24,628
Net income | $ | 124,886 | $ | 3,398 | $ | (656) | $ | 127,628
Segment assets | $ | 62,526,601 | $ | 5,219,408 | $ | (4,900,657) | $ | 62,845,352
For the six months ended June 30, 2020
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 796,790 | $ | 146,393 | $ | 7
Provision for credit losses |  |  |  | 173,371 |  | 78,672 |  | -
Non-interest income |  |  |  | 207,945 |  | 11,645 |  | (276)
Amortization of intangibles |  |  |  | 3,887 |  | 333 |  | -
Depreciation expense |  |  |  | 24,361 |  | 4,058 |  | -
Other operating expenses |  |  |  | 583,910 |  | 106,070 |  | (272)
Income tax expense (benefit) |  |  |  | 33,206 |  | (4,684) |  | -
Net income (loss) |  |  | $ | 186,000 | $ | (26,411) | $ | 3
Segment assets |  |  | $ | 51,967,412 | $ | 10,594,628 | $ | (35,439)
For the six months ended June 30, 2020
|  | Reportable |  |  |  |  |  | Total
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Popular, Inc.
Net interest income (expense) | $ | 943,190 | $ | (19,214) | $ | - | $ | 923,976
Provision for credit losses |  | 252,043 |  | 137 |  | - |  | 252,180
Non-interest income |  | 219,314 |  | 21,415 |  | (2,031) |  | 238,698
Amortization of intangibles |  | 4,220 |  | 49 |  | - |  | 4,269
Depreciation expense |  | 28,419 |  | 482 |  | - |  | 28,901
Other operating expenses |  | 689,708 |  | (308) |  | (1,731) |  | 687,669
Income tax expense (benefit) |  | 28,522 |  | (652) |  | (145) |  | 27,725
Net income | $ | 159,592 | $ | 2,493 | $ | (155) | $ | 161,930
Segment assets | $ | 62,526,601 | $ | 5,219,408 | $ | (4,900,657) | $ | 62,845,352
2021
For the quarter ended June 30, 2021
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 | $ | 180,840 | $ | 237,155 | $ | 1,205 | $ | - | $ | 419,200
Provision for credit losses (benefit) |  | (17,751) |  | (4,291) |  | - |  | - |  | (22,042)
Non-interest income |  | 28,832 |  | 81,294 |  | 26,329 |  | (403) |  | 136,052
Amortization of intangibles |  | 53 |  | 694 |  | 113 |  | - |  | 860
Depreciation expense |  | 5,231 |  | 6,413 |  | 164 |  | - |  | 11,808
Other operating expenses |  | 90,132 |  | 193,716 |  | 24,238 |  | (423) |  | 307,663
Income tax expense |  | 44,341 |  | 18,113 |  | 1,160 |  | - |  | 63,614
Net income | $ | 87,666 | $ | 103,804 | $ | 1,859 | $ | 20 | $ | 193,349
Segment assets | $ | 61,313,631 | $ | 30,633,318 | $ | 2,313,470 | $ | (32,155,897) | $ | 62,104,522
For the six months ended June 30, 2021
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 | $ | 360,351 | $ | 466,541 | $ | 2,631 | $ | - | $ | 829,523
Provision for credit losses (benefit) |  | (45,357) |  | (22,046) |  | - |  | - |  | (67,403)
Non-interest income |  | 54,573 |  | 167,491 |  | 49,987 |  | (791) |  | 271,260
Amortization of intangibles |  | 107 |  | 1,388 |  | 226 |  | - |  | 1,721
Depreciation expense |  | 10,520 |  | 13,098 |  | 333 |  | - |  | 23,951
Other operating expenses |  | 176,960 |  | 393,032 |  | 45,506 |  | (915) |  | 614,583
Income tax expense |  | 86,449 |  | 33,695 |  | 2,283 |  | - |  | 122,427
Net income | $ | 186,245 | $ | 214,865 | $ | 4,270 | $ | 124 | $ | 405,504
Segment assets | $ | 61,313,631 | $ | 30,633,318 | $ | 2,313,470 | $ | (32,155,897) | $ | 62,104,522
| 2020
| For the quarter ended June 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 | $ | 159,725 | $ | 223,634 | $ | 3,805 | $ | - | $ | 387,164
Provision for credit losses |  | 8,870 |  | 50,919 |  | - |  | - |  | 59,789
Non-interest income |  | 25,255 |  | 47,266 |  | 23,525 |  | (243) |  | 95,803
Amortization of intangibles |  | 50 |  | 902 |  | 653 |  | - |  | 1,605
Depreciation expense |  | 5,077 |  | 6,836 |  | 161 |  | - |  | 12,074
Other operating expenses |  | 73,451 |  | 189,631 |  | 20,705 |  | (254) |  | 283,533
Income tax expense (benefit) |  | 24,324 |  | (8,235) |  | 2,016 |  | - |  | 18,105
Net income | $ | 73,208 | $ | 30,847 | $ | 3,795 | $ | 11 | $ | 107,861
Segment assets | $ | 44,866,934 | $ | 27,443,801 | $ | 2,524,764 | $ | (22,868,087) | $ | 51,967,412
| For the six months ended June 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 | $ | 321,259 | $ | 466,690 | $ | 8,841 | $ | - | $ | 796,790
Provision for credit losses |  | 19,183 |  | 154,188 |  | - |  | - |  | 173,371
Non-interest income |  | 49,967 |  | 111,250 |  | 47,265 |  | (537) |  | 207,945
Amortization of intangibles |  | 98 |  | 2,212 |  | 1,577 |  | - |  | 3,887
Depreciation expense |  | 10,227 |  | 13,814 |  | 320 |  | - |  | 24,361
Other operating expenses |  | 148,326 |  | 391,673 |  | 44,474 |  | (563) |  | 583,910
Income tax expense (benefit) |  | 49,940 |  | (21,187) |  | 4,453 |  | - |  | 33,206
Net income | $ | 143,452 | $ | 37,240 | $ | 5,282 | $ | 26 | $ | 186,000
Segment assets | $ | 44,866,934 | $ | 27,443,801 | $ | 2,524,764 | $ | (22,868,087) | $ | 51,967,412
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area |
Geographic Information |  |  |  |
|  |  | Quarter ended |  | Six months ended
(In thousands) |  | June 30, 2021 |  | June 30, 2020 |  | June 30, 2021 |  | June 30, 2020
Revenues:[1] |  |  |  |  |  |  |  |
Puerto Rico | $ | 529,143 | $ | 451,744 | $ | 1,047,852 | $ | 941,380
United States |  | 95,276 |  | 92,422 |  | 191,288 |  | 184,101
Other |  | 17,923 |  | 18,770 |  | 35,967 |  | 37,193
Total consolidated revenues | $ | 642,342 | $ | 562,936 | $ | 1,275,107 | $ | 1,162,674
[1] | Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss), including impairment on equity securities, net (loss) 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) |  | June 30, 2021 |  | December 31, 2020
Puerto Rico |  |  |  |
| Total assets | $ | 60,973,387 | $ | 54,143,954
| Loans |  | 20,030,055 |  | 20,413,112
| Deposits |  | 55,220,372 |  | 47,586,880
United States |  |  |  |
| Total assets | $ | 10,788,871 | $ | 10,878,030
| Loans |  | 8,466,962 |  | 8,396,983
| Deposits |  | 7,651,800 |  | 7,672,549
Other |  |  |  |
| Total assets | $ | 895,035 | $ | 904,016
| Loans |  | 650,915 |  | 674,556
| Deposits[1] |  | 1,769,604 |  | 1,606,911
[1] | Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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