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Loans | 12 Months Ended
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Dec. 31, 2021
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 this Form 10-K. During the year ended December 31, 2021, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $393 million including $14 million in Purchased Credit Deteriorated (“PCD”) loans, consumer loans of $61 million and commercial loans of $139 million; compared to purchases (including repurchases) of mortgage loans of $1.3 billion including $160 million in PCD loans, consumer loans of $56 million and commercial loans of $26 million, during the year ended December 31, 2020. During 2020, these mortgage loan repurchases included a bulk repurchase transaction of $688 million in GNMA loans, of which $684 million were 90 days past due at that time, including $324 million which were already included in the Corporation’s ending portfolio balance at June 30, 2020, since due to the delinquency status of the loans the Corporation had the right but not the obligation to repurchase the assets and is required to recognize (rebook) these loans in accordance with U.S. GAAP. The bulk repurchase also included $120 million in loans from the FNMA and FHMLC servicing portfolio, subject to credit recourse which were considered PCD loans. The Corporation performed whole-loan sales involving approximately $145 million of residential mortgage loans and $131 million of commercial and construction loans during the year ended December 31, 2021 (December 31, 2020 - $150 million of residential mortgage loans and $32 million of commercial loans). Also, during the year ended December 31, 2021, the Corporation securitized approximately $380 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities $330 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities, compared to $332 million and $176 million, respectively, during the year ended December 31, 2020. Also, the Corporation securitized approximately $23 million of mortgage loans into Federal Home Loan Mortgage Corporation (“FHLMC”) mortgage-backed securities during the year ended December 31, 2021. As previously disclosed in Note 4, on October 15, 2021 Popular Equipment Finance LLC acquired $105 million in commercial finance leases and $14 million in working capital lines as a result of the acquisition of certain assets and the assumption of certain liabilities from the K2 Capital Group LLC. The portfolio of leases and loans from the acquired business is included in the information presented in this note. Delinquency status The following tables present 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 December 31, 2021 and 2020.
December 31, 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 | $ | 314 |  | $ | - |  | $ | 272 | $ | 586 |  | $ | 154,183 |  | $ | 154,769 |  |  | $ | 272 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 2,399 |  |  | 136 |  |  | 20,716 |  | 23,251 |  |  | 2,266,672 |  |  | 2,289,923 |  |  |  | 20,716 |  |  | -
| Owner occupied |  | 3,329 |  |  | 278 |  |  | 54,335 |  | 57,942 |  |  | 1,365,787 |  |  | 1,423,729 |  |  |  | 54,335 |  |  | -
Commercial and industrial |  | 3,438 |  |  | 1,727 |  |  | 45,242 |  | 50,407 |  |  | 3,478,041 |  |  | 3,528,448 |  |  |  | 44,724 |  |  | 518
Construction |  | - |  |  | - |  |  | 485 |  | 485 |  |  | 86,626 |  |  | 87,111 |  |  |  | 485 |  |  | -
Mortgage |  | 217,830 |  |  | 81,754 |  |  | 805,245 |  | 1,104,829 |  |  | 5,147,037 |  |  | 6,251,866 |  |  |  | 333,887 |  |  | 471,358
Leasing |  | 9,240 |  |  | 2,037 |  |  | 3,102 |  | 14,379 |  |  | 1,366,940 |  |  | 1,381,319 |  |  |  | 3,102 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 5,768 |  |  | 3,520 |  |  | 8,577 |  | 17,865 |  |  | 901,986 |  |  | 919,851 |  |  |  | - |  |  | 8,577
| Home equity lines of credit |  | 46 |  |  | - |  |  | 23 |  | 69 |  |  | 3,502 |  |  | 3,571 |  |  |  | - |  |  | 23
| Personal |  | 10,027 |  |  | 6,072 |  |  | 21,235 |  | 37,334 |  |  | 1,250,726 |  |  | 1,288,060 |  |  |  | 21,235 |  |  | -
| Auto |  | 59,128 |  |  | 15,019 |  |  | 23,085 |  | 97,232 |  |  | 3,314,955 |  |  | 3,412,187 |  |  |  | 23,085 |  |  | -
| Other |  | 432 |  |  | 714 |  |  | 12,621 |  | 13,767 |  |  | 110,781 |  |  | 124,548 |  |  |  | 12,448 |  |  | 173
Total | $ | 311,951 |  | $ | 111,257 |  | $ | 994,938 | $ | 1,418,146 |  | $ | 19,447,236 |  | $ | 20,865,382 |  |  | $ | 514,289 |  | $ | 480,649
December 31, 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 |  | $ | 3,826 |  | $ | - |  | $ | - |  | $ | 3,826 |  | $ | 1,804,035 |  | $ | 1,807,861 |  |  | $ | - |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  |  | 5,721 |  |  | 683 |  |  | 622 |  |  | 7,026 |  |  | 2,316,441 |  |  | 2,323,467 |  |  |  | 622 |  |  | -
| Owner occupied |  |  | 1,095 |  |  | - |  |  | 1,013 |  |  | 2,108 |  |  | 392,265 |  |  | 394,373 |  |  |  | 1,013 |  |  | -
Commercial and industrial |  |  | 9,410 |  |  | 2,680 |  |  | 4,015 |  |  | 16,105 |  |  | 1,794,026 |  |  | 1,810,131 |  |  |  | 3,897 |  |  | 118
Construction |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 629,109 |  |  | 629,109 |  |  |  | - |  |  | -
Mortgage |  |  | 11,711 |  |  | 2,573 |  |  | 21,969 |  |  | 36,253 |  |  | 1,139,077 |  |  | 1,175,330 |  |  |  | 21,969 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 10 |  |  | 10 |  |  |  | - |  |  | -
| Home equity lines of credit |  |  | 71 |  |  | 34 |  |  | 5,406 |  |  | 5,511 |  |  | 69,780 |  |  | 75,291 |  |  |  | 5,406 |  |  | -
| Personal |  |  | 863 |  |  | 574 |  |  | 681 |  |  | 2,118 |  |  | 152,827 |  |  | 154,945 |  |  |  | 681 |  |  | -
| Other |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4,658 |  |  | 4,658 |  |  |  | - |  |  | -
Total |  | $ | 32,697 |  | $ | 6,544 |  | $ | 33,706 |  | $ | 72,947 |  | $ | 8,302,228 |  | $ | 8,375,175 |  |  | $ | 33,588 |  | $ | 118
December 31, 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 | $ | 4,140 |  | $ | - |  | $ | 272 | $ | 4,412 |  | $ | 1,958,218 |  | $ | 1,962,630 |  |  | $ | 272 |  | $ | - |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 8,120 |  |  | 819 |  |  | 21,338 |  | 30,277 |  |  | 4,583,113 |  |  | 4,613,390 |  |  |  | 21,338 |  |  | - |
| Owner occupied |  | 4,424 |  |  | 278 |  |  | 55,348 |  | 60,050 |  |  | 1,758,052 |  |  | 1,818,102 |  |  |  | 55,348 |  |  | - |
Commercial and industrial |  | 12,848 |  |  | 4,407 |  |  | 49,257 |  | 66,512 |  |  | 5,272,067 |  |  | 5,338,579 |  |  |  | 48,621 |  |  | 636 |
Construction |  | - |  |  | - |  |  | 485 |  | 485 |  |  | 715,735 |  |  | 716,220 |  |  |  | 485 |  |  | - |
Mortgage[1] |  | 229,541 |  |  | 84,327 |  |  | 827,214 |  | 1,141,082 |  |  | 6,286,114 |  |  | 7,427,196 |  |  |  | 355,856 |  |  | 471,358 |
Leasing |  | 9,240 |  |  | 2,037 |  |  | 3,102 |  | 14,379 |  |  | 1,366,940 |  |  | 1,381,319 |  |  |  | 3,102 |  |  | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 5,768 |  |  | 3,520 |  |  | 8,577 |  | 17,865 |  |  | 901,996 |  |  | 919,861 |  |  |  | - |  |  | 8,577 |
| Home equity lines of credit |  | 117 |  |  | 34 |  |  | 5,429 |  | 5,580 |  |  | 73,282 |  |  | 78,862 |  |  |  | 5,406 |  |  | 23 |
| Personal |  | 10,890 |  |  | 6,646 |  |  | 21,916 |  | 39,452 |  |  | 1,403,553 |  |  | 1,443,005 |  |  |  | 21,916 |  |  | - |
| Auto |  | 59,128 |  |  | 15,019 |  |  | 23,085 |  | 97,232 |  |  | 3,314,955 |  |  | 3,412,187 |  |  |  | 23,085 |  |  | - |
| Other |  | 432 |  |  | 714 |  |  | 12,621 |  | 13,767 |  |  | 115,439 |  |  | 129,206 |  |  |  | 12,448 |  |  | 173 |
Total | $ | 344,648 |  | $ | 117,801 |  | $ | 1,028,644 | $ | 1,491,093 |  | $ | 27,749,464 |  | $ | 29,240,557 |  |  | $ | 547,877 |  | $ | 480,767 |
[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 $13 million at December 31, 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. These balances include $304 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2021. Furthermore, the Corporation has approximately $50 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 $266 million in unearned income and exclude $59 million in loans held-for-sale.
[3] | Includes $6.6 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $3.2 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $1.7 billion at the Federal Reserve Bank ("FRB") for discount window borrowings and $1.7 billion serve as collateral for public funds.
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 | 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[1] |  | 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] | 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 |  | past due |  | Current |  | Loans HIP[2] [3] |  |  | 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. 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 held-in-portfolio are net of $203 million in unearned income and exclude $99 million in loans held-for-sale.
[3] | 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 December 31, 2021, mortgage loans held-in-portfolio include $1.9 billion (December 31, 2020 - $2.1 billion) of loans insured by the FHA, or guaranteed VA of which $0.5 billion (December 31, 2020 - $1.0 billion) are 90 days or more past due. These balances include $716 million in loans modified under a TDR (December 31, 2020 - $655 million), that are presented as accruing loans. The portfolio of guaranteed loans includes $304 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2021 (December 31, 2020 - $329 million). The Corporation has approximately $50 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at December 31, 2021 (December 31, 2020 - $60 million). Loans with a delinquency status of 90 days past due as of December 31, 2021 include $13 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 components of the net financing leases, including finance leases within the C&I category, receivable at December 31, 2021 and 2020 were as follows:
(In thousands) |  | 2021 |  | 2020
Total minimum lease payments | $ | 1,190,545 | $ | 957,367
Estimated residual value of leased property |  | 518,670 |  | 419,024
Deferred origination costs, net of fees |  | 21,474 |  | 18,141
| Less - Unearned financing income |  | 257,738 |  | 196,788
Net minimum lease payments |  | 1,472,951 |  | 1,197,744
| Less - Allowance for credit losses |  | 18,581 |  | 16,863
Net minimum lease payments, net of allowance for credit losses | $ | 1,454,370 | $ | 1,180,881
At December 31, 2021, future minimum lease payments are expected to be received as follows:
(In thousands) |  |
2022 | $ | 106,927
2023 |  | 123,654
2024 |  | 181,405
2025 |  | 216,577
2026 |  | 369,592
2027 and thereafter |  | 192,390
Total | $ | 1,190,545
The following tables present the amortized cost basis of non-accrual loans as of December 31, 2021 and 2020 by class of loans:
December 31, 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 | $ | - | $ | 272 |  | $ | - | $ | - |  | $ | - | $ | 272
Commercial real estate non-owner occupied |  | 15,819 |  | 4,897 |  |  | - |  | 622 |  |  | 15,819 |  | 5,519
Commercial real estate owner occupied |  | 13,491 |  | 40,844 |  |  | - |  | 1,013 |  |  | 13,491 |  | 41,857
Commercial and industrial |  | 30,177 |  | 14,547 |  |  | - |  | 3,897 |  |  | 30,177 |  | 18,444
Construction |  | - |  | 485 |  |  | - |  | - |  |  | - |  | 485
Mortgage |  | 169,827 |  | 164,060 |  |  | 29 |  | 21,940 |  |  | 169,856 |  | 186,000
Leasing |  | 276 |  | 2,826 |  |  | - |  | - |  |  | 276 |  | 2,826
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  | - |  | - |  |  | - |  | 5,406 |  |  | - |  | 5,406
Personal |  | 6,279 |  | 14,956 |  |  | 81 |  | 600 |  |  | 6,360 |  | 15,556
Auto |  | 879 |  | 22,206 |  |  | - |  | - |  |  | 879 |  | 22,206
Other |  | - |  | 12,448 |  |  | - |  | - |  |  | - |  | 12,448
Total | $ | 236,748 | $ | 277,541 |  | $ | 110 | $ | 33,478 |  | $ | 236,858 | $ | 311,019
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 December 31, 2021 include $237 million in collateral dependent loans (December 31, 2020 - $203 million). The Corporation recognized $3 million in interest income on non-accrual loans during the year ended December 31, 2021 (December 31, 2020 - $4 million). The Corporation has designated loans classified as collateral dependent for which the ACL is measured based on the fair value of the collateral less cost to sell, when foreclosure is probable or 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, for which the ACL was measured based on the fair value of the collateral less cost to sell, by class of loans and type of collateral as of December 31, 2021 and 2020:
|  | December 31, 2021
(In thousands) |  | Real Estate |  | Auto |  | Equipment |  | Accounts Receivables |  | Other |  | Total
Puerto Rico |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,374 | $ | - | $ | - | $ | - | $ | - | $ | 1,374
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 211,026 |  | - |  | - |  | - |  | - |  | 211,026
| Owner occupied |  | 47,268 |  | - |  | - |  | - |  | - |  | 47,268
Commercial and industrial |  | 2,650 |  | - |  | 680 |  | 10,675 |  | 27,893 |  | 41,898
Mortgage |  | 179,774 |  | - |  | - |  | - |  | - |  | 179,774
Leasing |  | - |  | 574 |  | - |  | - |  | - |  | 574
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 6,165 |  | - |  | - |  | - |  | - |  | 6,165
| Auto |  | - |  | 8,983 |  | - |  | - |  | - |  | 8,983
Total Puerto Rico | $ | 448,257 | $ | 9,557 | $ | 680 | $ | 10,675 | $ | 27,893 | $ | 497,062
Popular U.S. |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  | 926 |  | - |  | - |  | - |  | - |  | 926
Total Popular U.S. | $ | 926 | $ | - | $ | - | $ | - | $ | - | $ | 926
Popular, Inc. |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,374 | $ | - | $ | - | $ | - | $ | - | $ | 1,374
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 211,026 |  | - |  | - |  | - |  | - |  | 211,026
| Owner occupied |  | 47,268 |  | - |  | - |  | - |  | - |  | 47,268
Commercial and industrial |  | 2,650 |  | - |  | 680 |  | 10,675 |  | 27,893 |  | 41,898
Mortgage |  | 180,700 |  | - |  | - |  | - |  | - |  | 180,700
Leasing |  | - |  | 574 |  | - |  | - |  | - |  | 574
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 6,165 |  | - |  | - |  | - |  | - |  | 6,165
| Auto |  | - |  | 8,983 |  | - |  | - |  | - |  | 8,983
Total Popular, Inc. | $ | 449,183 | $ | 9,557 | $ | 680 | $ | 10,675 | $ | 27,893 | $ | 497,988
|  | 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 year 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) |  | December 31, 2021 |  | December 31, 2020
Purchase price of loans at acquisition | $ | 10,995 | $ | 152,667
Allowance for credit losses at acquisition |  | 3,142 |  | 7,512
Non-credit discount / (premium) at acquisition |  | 446 |  | (6,542)
Par value of acquired loans at acquisition | $ | 14,583 | $ | 153,637

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