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Loans | 6 Months Ended
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Jun. 30, 2022
Receivables |
Loans | Note 7 – 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 the 2021 Form 10-K. During the quarter and six months ended June 30, 2022, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $71 million and $153 million, respectively, including $1 million and $4 million in PCD loans, respectively, and consumer loans of $123 million and $214 million, respectively. During the quarter and six months ended June 30, 2022, the Corporation recorded purchases of $23 million in commercial loans. 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. The Corporation performed whole-loan sales involving approximately $14 million and $33 million of residential mortgage loans during the quarter and six months ended June 30, 2022, respectively (June 30, 2021 - $19 million and $85 million, respectively). During the quarter and six months ended June 30, 2022, the Corporation performed sales of commercial loans, including loan participations amounting to $43 million (June 30, 2021 - $2 million and $9 million, respectively). Also, the Corporation securitized approximately $77 million and $155 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities during the quarter and six months ended June 30, 2022, respectively (June 30, 2021 - $107 million and $209 million, respectively). Furthermore, the Corporation securitized approximately $38 million and $95 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities during the quarter and six months ended June 30, 2022, respectively (June 30, 2021 - $73 million and $159 million, respectively). Also, the Corporation securitized approximately $1 million and $9 million of mortgage loans into Federal Home Loan Mortgage Corporation (“FHLMC”) mortgage-backed securities during the quarter and six months ended June 30, 2022, respectively (June 30, 2021 - $14 million for the quarter and six months ended). 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 June 30, 2022 and December 31, 2021.
June 30, 2022
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 | $ | 1,992 |  | $ | - |  | $ | 254 | $ | 2,246 |  | $ | 234,308 |  | $ | 236,554 |  |  | $ | 254 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 1,379 |  |  | 110 |  |  | 20,435 |  | 21,924 |  |  | 2,630,194 |  |  | 2,652,118 |  |  |  | 20,435 |  |  | -
| Owner occupied |  | 4,894 |  |  | 2,860 |  |  | 32,155 |  | 39,909 |  |  | 1,366,840 |  |  | 1,406,749 |  |  |  | 32,155 |  |  | -
Commercial and industrial |  | 2,534 |  |  | 1,526 |  |  | 44,176 |  | 48,236 |  |  | 3,472,447 |  |  | 3,520,683 |  |  |  | 43,649 |  |  | 527
Construction |  | 498 |  |  | - |  |  | - |  | 498 |  |  | 161,864 |  |  | 162,362 |  |  |  | - |  |  | -
Mortgage |  | 211,483 |  |  | 82,898 |  |  | 681,757 |  | 976,138 |  |  | 5,065,785 |  |  | 6,041,923 |  |  |  | 284,670 |  |  | 397,087
Leasing |  | 9,970 |  |  | 2,164 |  |  | 4,665 |  | 16,799 |  |  | 1,463,423 |  |  | 1,480,222 |  |  |  | 4,665 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 5,785 |  |  | 4,142 |  |  | 8,896 |  | 18,823 |  |  | 947,876 |  |  | 966,699 |  |  |  | - |  |  | 8,896
| Home equity lines of credit |  | - |  |  | - |  |  | - |  | - |  |  | 3,122 |  |  | 3,122 |  |  |  | - |  |  | -
| Personal |  | 11,216 |  |  | 6,043 |  |  | 19,045 |  | 36,304 |  |  | 1,351,796 |  |  | 1,388,100 |  |  |  | 19,045 |  |  | -
| Auto |  | 56,577 |  |  | 13,815 |  |  | 28,045 |  | 98,437 |  |  | 3,391,539 |  |  | 3,489,976 |  |  |  | 28,045 |  |  | -
| Other |  | 242 |  |  | 131 |  |  | 12,125 |  | 12,498 |  |  | 120,651 |  |  | 133,149 |  |  |  | 11,913 |  |  | 212
Total | $ | 306,570 |  | $ | 113,689 |  | $ | 851,553 | $ | 1,271,812 |  | $ | 20,209,845 |  | $ | 21,481,657 |  |  | $ | 444,831 |  | $ | 406,722
June 30, 2022
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 | $ | - |  | $ | 187 |  | $ | 280 |  | $ | 467 |  | $ | 1,895,352 |  | $ | 1,895,819 |  |  | $ | 280 |  | $ | -
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 288 |  |  | - |  |  | - |  |  | 288 |  |  | 1,467,935 |  |  | 1,468,223 |  |  |  | - |  |  | -
| Owner occupied |  | 144 |  |  | - |  |  | 1,416 |  |  | 1,560 |  |  | 1,465,252 |  |  | 1,466,812 |  |  |  | 1,416 |  |  | -
Commercial and industrial |  | 9,278 |  |  | 2,037 |  |  | 6,326 |  |  | 17,641 |  |  | 1,880,702 |  |  | 1,898,343 |  |  |  | 5,750 |  |  | 576
Construction |  | - |  |  | 7,000 |  |  | - |  |  | 7,000 |  |  | 621,558 |  |  | 628,558 |  |  |  | - |  |  | -
Mortgage |  | 1,561 |  |  | 3,587 |  |  | 20,192 |  |  | 25,340 |  |  | 1,194,692 |  |  | 1,220,032 |  |  |  | 20,192 |  |  | -
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | - |  |  | - |  |  | - |  |  | - |  |  | 47 |  |  | 47 |  |  |  | - |  |  | -
| Home equity lines of credit |  | 303 |  |  | 16 |  |  | 4,705 |  |  | 5,024 |  |  | 66,431 |  |  | 71,455 |  |  |  | 4,705 |  |  | -
| Personal |  | 755 |  |  | 470 |  |  | 749 |  |  | 1,974 |  |  | 232,339 |  |  | 234,313 |  |  |  | 749 |  |  | -
| Other |  | - |  |  | 13 |  |  | 1 |  |  | 14 |  |  | 5,663 |  |  | 5,677 |  |  |  | 1 |  |  | -
Total | $ | 12,329 |  | $ | 13,310 |  | $ | 33,669 |  | $ | 59,308 |  | $ | 8,829,971 |  | $ | 8,889,279 |  |  | $ | 33,093 |  | $ | 576
June 30, 2022 |
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 | $ | 1,992 |  | $ | 187 |  | $ | 534 | $ | 2,713 |  | $ | 2,129,660 |  | $ | 2,132,373 |  |  | $ | 534 |  | $ | - |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 1,667 |  |  | 110 |  |  | 20,435 |  | 22,212 |  |  | 4,098,129 |  |  | 4,120,341 |  |  |  | 20,435 |  |  | - |
| Owner occupied |  | 5,038 |  |  | 2,860 |  |  | 33,571 |  | 41,469 |  |  | 2,832,092 |  |  | 2,873,561 |  |  |  | 33,571 |  |  | - |
Commercial and industrial |  | 11,812 |  |  | 3,563 |  |  | 50,502 |  | 65,877 |  |  | 5,353,149 |  |  | 5,419,026 |  |  |  | 49,399 |  |  | 1,103 |
Construction |  | 498 |  |  | 7,000 |  |  | - |  | 7,498 |  |  | 783,422 |  |  | 790,920 |  |  |  | - |  |  | - |
Mortgage[1] |  | 213,044 |  |  | 86,485 |  |  | 701,949 |  | 1,001,478 |  |  | 6,260,477 |  |  | 7,261,955 |  |  |  | 304,862 |  |  | 397,087 |
Leasing |  | 9,970 |  |  | 2,164 |  |  | 4,665 |  | 16,799 |  |  | 1,463,423 |  |  | 1,480,222 |  |  |  | 4,665 |  |  | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit cards |  | 5,785 |  |  | 4,142 |  |  | 8,896 |  | 18,823 |  |  | 947,923 |  |  | 966,746 |  |  |  | - |  |  | 8,896 |
| Home equity lines of credit |  | 303 |  |  | 16 |  |  | 4,705 |  | 5,024 |  |  | 69,553 |  |  | 74,577 |  |  |  | 4,705 |  |  | - |
| Personal |  | 11,971 |  |  | 6,513 |  |  | 19,794 |  | 38,278 |  |  | 1,584,135 |  |  | 1,622,413 |  |  |  | 19,794 |  |  | - |
| Auto |  | 56,577 |  |  | 13,815 |  |  | 28,045 |  | 98,437 |  |  | 3,391,539 |  |  | 3,489,976 |  |  |  | 28,045 |  |  | - |
| Other |  | 242 |  |  | 144 |  |  | 12,126 |  | 12,512 |  |  | 126,314 |  |  | 138,826 |  |  |  | 11,914 |  |  | 212 |
Total | $ | 318,899 |  | $ | 126,999 |  | $ | 885,222 | $ | 1,331,120 |  | $ | 29,039,816 |  | $ | 30,370,936 |  |  | $ | 477,924 |  | $ | 407,298 |
[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 $11 million at June 30, 2022 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 $237 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of June 30, 2022. Furthermore, the Corporation has approximately $43 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 $273 million in unearned income and exclude $29 million in loans held-for-sale.
[3] | Includes $6.8 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $3.1 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $1.8 billion at the Federal Reserve Bank ("FRB") for discount window borrowings and $1.9 billion serve as collateral for public funds.
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 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 $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 FHLB as collateral for borrowings and $1.7 billion at the FRB for discount window borrowings and $1.7 billion serve as collateral for public funds.
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, 2022, mortgage loans held-in-portfolio include $1.9 billion (December 31, 2021 - $1.9 billion) of loans insured by the FHA, or guaranteed by the VA of which $0.4 billion (December 31, 2021 - $0.5 billion) are 90 days or more past due. These balances include $724 million in loans modified under a TDR (December 31, 2021 - $716 million), that are presented as accruing loans. The portfolio of guaranteed loans includes $237 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of June 30, 2022 (December 31, 2021 - $304 million). The Corporation has approximately $43 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at June 30, 2022 (December 31, 2021 - $50 million). Loans with a delinquency status of 90 days past due as of June 30, 2022 include $11 million in loans previously pooled into GNMA securities (December 31, 2021 - $13 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, 2022 and 2021 by class of loans:
June 30, 2022
| 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 | $ | - | $ | 254 |  | $ | - | $ | 280 |  | $ | - | $ | 534
Commercial real estate non-owner occupied |  | 15,463 |  | 4,972 |  |  | - |  | - |  |  | 15,463 |  | 4,972
Commercial real estate owner occupied |  | 9,528 |  | 22,627 |  |  | - |  | 1,416 |  |  | 9,528 |  | 24,043
Commercial and industrial |  | 24,748 |  | 18,901 |  |  | - |  | 5,750 |  |  | 24,748 |  | 24,651
Mortgage |  | 146,322 |  | 138,348 |  |  | 20 |  | 20,172 |  |  | 146,342 |  | 158,520
Leasing |  | 354 |  | 4,311 |  |  | - |  | - |  |  | 354 |  | 4,311
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
HELOCs |  | - |  | - |  |  | - |  | 4,705 |  |  | - |  | 4,705
Personal |  | 5,330 |  | 13,715 |  |  | - |  | 749 |  |  | 5,330 |  | 14,464
Auto |  | 1,041 |  | 27,004 |  |  | - |  | - |  |  | 1,041 |  | 27,004
Other |  | 263 |  | 11,650 |  |  | - |  | 1 |  |  | 263 |  | 11,651
Total | $ | 203,049 | $ | 241,782 |  | $ | 20 | $ | 33,073 |  | $ | 203,069 | $ | 274,855
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
Loans in non-accrual status with no allowance at June 30, 2022 include $203 million in collateral dependent loans (December 31, 2021 - $237 million). The Corporation recognized $3 million in interest income on non-accrual loans during the six months ended June 30, 2022 (June 30, 2021 - $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 June 30, 2022 and December 31, 2021:
|  | June 30, 2022
(In thousands) |  | Real Estate |  | Auto |  | Equipment |  | Accounts Receivables |  | Other |  | Total
Puerto Rico |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,355 | $ | - | $ | - | $ | - | $ | - | $ | 1,355
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 212,029 |  | - |  | - |  | - |  | - |  | 212,029
| Owner occupied |  | 24,864 |  | - |  | - |  | - |  | - |  | 24,864
Commercial and industrial |  | 1,425 |  | - |  | 549 |  | 10,164 |  | 29,486 |  | 41,624
Mortgage |  | 159,293 |  | - |  | - |  | - |  | - |  | 159,293
Leasing |  | - |  | 892 |  | 6 |  | - |  | - |  | 898
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 6,114 |  | - |  | - |  | - |  | - |  | 6,114
| Auto |  | - |  | 8,539 |  | - |  | - |  | - |  | 8,539
| Other |  | - |  | - |  | - |  | - |  | 263 |  | 263
Total Puerto Rico | $ | 405,080 | $ | 9,431 | $ | 555 | $ | 10,164 | $ | 29,749 | $ | 454,979
Popular U.S. |  |  |  |  |  |  |  |  |  |  |  |
Mortgage | $ | 921 | $ | - | $ | - | $ | - | $ | - | $ | 921
Total Popular U.S. | $ | 921 | $ | - | $ | - | $ | - | $ | - | $ | 921
Popular, Inc. |  |  |  |  |  |  |  |  |  |  |  |
Commercial multi-family | $ | 1,355 | $ | - | $ | - | $ | - | $ | - | $ | 1,355
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
| Non-owner occupied |  | 212,029 |  | - |  | - |  | - |  | - |  | 212,029
| Owner occupied |  | 24,864 |  | - |  | - |  | - |  | - |  | 24,864
Commercial and industrial |  | 1,425 |  | - |  | 549 |  | 10,164 |  | 29,486 |  | 41,624
Mortgage |  | 160,214 |  | - |  | - |  | - |  | - |  | 160,214
Leasing |  | - |  | 892 |  | 6 |  | - |  | - |  | 898
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
| Personal |  | 6,114 |  | - |  | - |  | - |  | - |  | 6,114
| Auto |  | - |  | 8,539 |  | - |  | - |  | - |  | 8,539
| Other |  | - |  | - |  | - |  | - |  | 263 |  | 263
Total Popular, Inc. | $ | 406,001 | $ | 9,431 | $ | 555 | $ | 10,164 | $ | 29,749 | $ | 455,900
|  | 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
Purchased Credit Deteriorated (PCD) Loans The Corporation has purchased loans during the quarter and six months ended June 30, 2022 and 2021, 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, 2022 |  | For the six months ended June 30, 2022
Purchase price of loans at acquisition | $ | 591 | $ | 2,593
Allowance for credit losses at acquisition |  | 170 |  | 782
Non-credit discount / (premium) at acquisition |  | 26 |  | 125
Par value of acquired loans at acquisition | $ | 787 | $ | 3,500
(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

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