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Segment reporting (Tables) | 9 Months Ended
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Sep. 30, 2021
Table Text Block |
Results of Operations and Total Assets |
2021
For the quarter ended September 30, 2021
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 419,166 | $ | 80,038 | $ | 2
Provision for credit losses (benefit) |  |  |  | (37,022) |  | (23,937) |  | -
Non-interest income |  |  |  | 146,139 |  | 6,150 |  | (136)
Amortization of intangibles |  |  |  | 617 |  | 166 |  | -
Depreciation expense |  |  |  | 11,164 |  | 1,516 |  | -
Other operating expenses |  |  |  | 324,171 |  | 50,694 |  | (136)
Income tax expense |  |  |  | 65,357 |  | 18,139 |  | -
Net income |  |  | $ | 201,018 | $ | 39,610 | $ | 2
Segment assets |  |  | $ | 63,476,269 | $ | 10,338,333 | $ | (23,074)
For the quarter ended September 30, 2021
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 499,206 | $ | (9,813) | $ | - | $ | 489,393
Provision for credit losses (benefit) |  | (60,959) |  | (214) |  | - |  | (61,173)
Non-interest income |  | 152,153 |  | 17,251 |  | (146) |  | 169,258
Amortization of intangibles |  | 783 |  | - |  | - |  | 783
Depreciation expense |  | 12,680 |  | 328 |  | - |  | 13,008
Other operating expenses |  | 374,729 |  | 615 |  | (967) |  | 374,377
Income tax expense (benefit) |  | 83,496 |  | (279) |  | 325 |  | 83,542
Net income | $ | 240,630 | $ | 6,988 | $ | 496 | $ | 248,114
Segment assets | $ | 73,791,528 | $ | 5,378,819 | $ | (4,981,184) | $ | 74,189,163
For the nine months ended September 30, 2021
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 1,248,689 | $ | 237,950 | $ | 5
Provision for credit losses (benefit) |  |  |  | (104,425) |  | (55,801) |  | -
Non-interest income |  |  |  | 417,399 |  | 17,083 |  | (411)
Amortization of intangibles |  |  |  | 2,338 |  | 499 |  | -
Depreciation expense |  |  |  | 35,115 |  | 5,441 |  | -
Other operating expenses |  |  |  | 938,754 |  | 152,421 |  | (408)
Income tax expense |  |  |  | 187,784 |  | 46,337 |  | -
Net income |  |  | $ | 606,522 | $ | 106,136 | $ | 2
Segment assets |  |  | $ | 63,476,269 | $ | 10,338,333 | $ | (23,074)
For the nine months ended September 30, 2021
|  | Reportable |  |  |  |  |  | Total
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Popular, Inc.
Net interest income (expense) | $ | 1,486,644 | $ | (30,337) | $ | - | $ | 1,456,307
Provision for credit losses (benefit) |  | (160,226) |  | (188) |  | - |  | (160,414)
Non-interest income |  | 434,071 |  | 45,675 |  | (2,295) |  | 477,451
Amortization of intangibles |  | 2,837 |  | 252 |  | - |  | 3,089
Depreciation expense |  | 40,556 |  | 860 |  | - |  | 41,416
Other operating expenses |  | 1,090,767 |  | (567) |  | (2,824) |  | 1,087,376
Income tax expense (benefit) |  | 234,121 |  | (925) |  | 270 |  | 233,466
Net income | $ | 712,660 | $ | 15,906 | $ | 259 | $ | 728,825
Segment assets | $ | 73,791,528 | $ | 5,378,819 | $ | (4,981,184) | $ | 74,189,163
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
2021
For the quarter ended September 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 | $ | 183,456 | $ | 234,477 | $ | 1,233 | $ | - | $ | 419,166
Provision for credit losses (benefit) |  | (11,948) |  | (25,074) |  | - |  | - |  | (37,022)
Non-interest income |  | 36,662 |  | 83,531 |  | 26,335 |  | (389) |  | 146,139
Amortization of intangibles |  | 54 |  | 457 |  | 106 |  | - |  | 617
Depreciation expense |  | 4,881 |  | 6,124 |  | 159 |  | - |  | 11,164
Other operating expenses |  | 96,414 |  | 206,257 |  | 21,911 |  | (411) |  | 324,171
Income tax expense |  | 46,183 |  | 17,836 |  | 1,338 |  | - |  | 65,357
Net income | $ | 84,534 | $ | 112,408 | $ | 4,054 | $ | 22 | $ | 201,018
Segment assets | $ | 63,743,047 | $ | 30,902,005 | $ | 2,020,629 | $ | (33,189,412) | $ | 63,476,269
For the nine months ended September 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 | $ | 543,807 | $ | 701,018 | $ | 3,864 | $ | - | $ | 1,248,689
Provision for credit losses (benefit) |  | (57,305) |  | (47,120) |  | - |  | - |  | (104,425)
Non-interest income |  | 91,235 |  | 251,022 |  | 76,322 |  | (1,180) |  | 417,399
Amortization of intangibles |  | 161 |  | 1,845 |  | 332 |  | - |  | 2,338
Depreciation expense |  | 15,401 |  | 19,222 |  | 492 |  | - |  | 35,115
Other operating expenses |  | 273,374 |  | 599,289 |  | 67,417 |  | (1,326) |  | 938,754
Income tax expense |  | 132,632 |  | 51,531 |  | 3,621 |  | - |  | 187,784
Net income | $ | 270,779 | $ | 327,273 | $ | 8,324 | $ | 146 | $ | 606,522
Segment assets | $ | 63,743,047 | $ | 30,902,005 | $ | 2,020,629 | $ | (33,189,412) | $ | 63,476,269
| 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
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area |
Geographic Information |  |  |  |
|  |  | Quarter ended |  | Nine months ended
(In thousands) |  | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
Revenues:[1] |  |  |  |  |  |  |  |
Puerto Rico | $ | 542,178 | $ | 476,863 | $ | 1,590,030 | $ | 1,418,243
United States |  | 97,331 |  | 95,145 |  | 288,619 |  | 279,246
Other |  | 19,142 |  | 17,780 |  | 55,109 |  | 54,973
Total consolidated revenues | $ | 658,651 | $ | 589,788 | $ | 1,933,758 | $ | 1,752,462
[1] | Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain on sale of debt securities, net (loss) gain, including impairment on equity securities, net profit (loss) 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, 2021 |  | December 31, 2020
Puerto Rico |  |  |  |
| Total assets | $ | 62,401,086 | $ | 54,143,954
| Loans |  | 20,097,055 |  | 20,413,112
| Deposits |  | 56,247,551 |  | 47,586,880
United States |  |  |  |
| Total assets | $ | 10,900,069 | $ | 10,878,030
| Loans |  | 8,211,160 |  | 8,396,983
| Deposits |  | 7,836,138 |  | 7,672,549
Other |  |  |  |
| Total assets | $ | 888,008 | $ | 904,016
| Loans |  | 638,470 |  | 674,556
| Deposits[1] |  | 1,929,872 |  | 1,606,911
[1] | Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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