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Segment reporting (Tables) | 9 Months Ended
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Sep. 30, 2022
Table Text Block |
Results of Operations and Total Assets |
2022
For the quarter ended September 30, 2022
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 488,123 | $ | 98,874 | $ | 1
Provision for credit losses |  |  |  | 29,813 |  | 10,011 |  | -
Non-interest income |  |  |  | 262,587 |  | 15,203 |  | (137)
Amortization of intangibles |  |  |  | 484 |  | 311 |  | -
Goodwill impairment charge |  |  |  | - |  | 9,000 |  | -
Depreciation expense |  |  |  | 11,862 |  | 1,693 |  | -
Other operating expenses |  |  |  | 396,655 |  | 57,127 |  | (135)
Income tax expense |  |  |  | 48,209 |  | 10,628 |  | -
Net income |  |  | $ | 263,687 | $ | 25,307 | $ | (1)
Segment assets |  |  | $ | 59,640,784 | $ | 11,106,409 | $ | (319,999)
For the quarter ended September 30, 2022
|  | Reportable |  |  |  |  |  |
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Total Popular, Inc.
Net interest income (expense) | $ | 586,998 | $ | (7,379) | $ | - | $ | 579,619
Provision for credit losses (benefit) |  | 39,824 |  | (187) |  | - |  | 39,637
Non-interest income |  | 277,653 |  | 148,228 |  | 613 |  | 426,494
Amortization of intangibles |  | 795 |  | - |  | - |  | 795
Goodwill impairment charge |  | 9,000 |  | - |  | - |  | 9,000
Depreciation expense |  | 13,555 |  | 298 |  | - |  | 13,853
Other operating expenses |  | 453,647 |  | (46) |  | (1,154) |  | 452,447
Income tax expense |  | 58,837 |  | 8,469 |  | 680 |  | 67,986
Net income | $ | 288,993 | $ | 132,315 | $ | 1,087 | $ | 422,395
Segment assets | $ | 70,427,194 | $ | 5,341,051 | $ | (5,038,570) | $ | 70,729,675
For the nine months ended September 30, 2022
|  |  |  | Banco Popular |  |  |  | Intersegment
(In thousands) |  |  |  | de Puerto Rico |  | Popular U.S. |  | Eliminations
Net interest income |  |  | $ | 1,351,086 | $ | 278,825 | $ | 3
Provision for credit losses |  |  |  | 24,941 |  | 8,580 |  | -
Non-interest income |  |  |  | 542,826 |  | 26,076 |  | (410)
Amortization of intangibles |  |  |  | 1,453 |  | 1,028 |  | -
Goodwill impairment charge |  |  |  | - |  | 9,000 |  | -
Depreciation expense |  |  |  | 35,054 |  | 5,272 |  | -
Other operating expenses |  |  |  | 1,069,512 |  | 166,677 |  | (407)
Income tax expense |  |  |  | 141,113 |  | 33,917 |  | -
Net income |  |  | $ | 621,839 | $ | 80,427 | $ | -
Segment assets |  |  | $ | 59,640,784 | $ | 11,106,409 | $ | (319,999)
For the nine months ended September 30, 2022
|  | Reportable |  |  |  |  |  | Total
(In thousands) |  | Segments |  | Corporate |  | Eliminations |  | Popular, Inc.
Net interest income (expense) | $ | 1,629,914 | $ | (22,121) | $ | - | $ | 1,607,793
Provision for credit losses (benefit) |  | 33,521 |  | (22) |  | - |  | 33,499
Non-interest income |  | 568,492 |  | 174,060 |  | (3,955) |  | 738,597
Amortization of intangibles |  | 2,481 |  | - |  | - |  | 2,481
Goodwill impairment charge |  | 9,000 |  | - |  | - |  | 9,000
Depreciation expense |  | 40,326 |  | 881 |  | - |  | 41,207
Other operating expenses |  | 1,235,782 |  | (149) |  | (3,609) |  | 1,232,024
Income tax expense |  | 175,030 |  | 7,802 |  | (155) |  | 182,677
Net income | $ | 702,266 | $ | 143,427 | $ | (191) | $ | 845,502
Segment assets | $ | 70,427,194 | $ | 5,341,051 | $ | (5,038,570) | $ | 70,729,675
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
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area |
Geographic Information |  |  |  |
|  |  | Quarter ended |  | Nine months ended
(In thousands) |  | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Revenues:[1] |  |  |  |  |  |  |  |
Puerto Rico | $ | 852,149 | $ | 542,178 | $ | 1,940,457 | $ | 1,590,030
United States |  | 133,071 |  | 97,331 |  | 347,614 |  | 288,619
Other |  | 20,893 |  | 19,142 |  | 58,319 |  | 55,109
Total consolidated revenues | $ | 1,006,113 | $ | 658,651 | $ | 2,346,390 | $ | 1,933,758
[1] | Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net (loss) gain, including impairment on equity securities, net (loss) gain on trading account debt securities, net loss on sale of loans, including valuation adjustment on loans held-for-sale, adjustments to indemnity reserves on loans sold, and other operating income.
Selected Balance Sheet Information:
(In thousands) |  | September 30, 2022 |  | December 31, 2021
Puerto Rico |  |  |  |
| Total assets | $ | 57,192,527 | $ | 63,221,282
| Loans |  | 20,760,831 |  | 19,770,118
| Deposits |  | 54,769,845 |  | 57,211,608
United States |  |  |  |
| Total assets | $ | 12,153,357 | $ | 10,986,055
| Loans |  | 10,204,303 |  | 8,903,493
| Deposits |  | 8,016,775 |  | 7,777,232
Other |  |  |  |
| Total assets | $ | 1,383,791 | $ | 890,562
| Loans |  | 566,119 |  | 626,115
| Deposits[1] |  | 2,032,707 |  | 2,016,248
[1] | Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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