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Segment reporting | 3 Months Ended
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Mar. 31, 2023
Segment reporting disclosure |
Segment Reporting | Note 33 – Segment reporting The Corporation’s corporate structure consists of two reportable segments – Banco Popular de Puerto Rico and Popular U.S. Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. The segments were determined based on the organizational structure, which focuses primarily on the markets the segments serve, as well as on the products and services offered by the segments. Banco Popular de Puerto Rico: The Banco Popular de Puerto Rico reportable segment includes commercial, consumer and retail banking operations conducted at BPPR, including U.S. based activities conducted through its New York Branch. It also includes the lending operations of Popular Auto and Popular Mortgage. Other financial services within the BPPR segment include the trust service units of BPPR, asset management services of Popular Asset Management, the brokerage and investment banking operations of Popular Securities, and the insurance agency and reinsurance businesses of Popular Insurance, Popular Risk Services, Popular Life Re, and Popular Re. Popular U.S.: Popular U.S. reportable segment consists of the banking operations of Popular Bank (PB), Popular Insurance Agency, U.S.A., and PEF. PB operates through a retail branch network in the U.S. mainland under the name of Popular, and equipment leasing and financing services through PEF. Popular Insurance Agency, U.S.A. offers investment and insurance services across the PB branch network. The Corporate group consists primarily of the holding companies Popular, Inc., Popular North America, Popular International Bank and certain of the Corporation’s investments accounted for under the equity method, including Evertec, until August 15, 2022, and Centro Financiero BHD, León. The accounting policies of the individual operating segments are the same as those of the Corporation. Transactions between reportable segments are primarily conducted at market rates, resulting in profits that are eliminated for reporting consolidated results of operations. The tables that follow present the results of operations and total assets by reportable segments: 2023 For the quarter ended March 31, 2023 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 449,820 $ 90,086 $ 1 Provision for credit losses 45,708 2,065 - Non-interest income 147,471 6,384 (136) Amortization of intangibles 484 311 - Depreciation expense 11,669 1,814 - Other operating expenses 363,715 63,317 (136) Income tax expense 42,832 3,976 - Net income $ 132,883 $ 24,987 $ 1 Segment assets $ 55,770,442 $ 12,147,556 $ (541,534) For the quarter ended March 31, 2023 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 539,907 $ (8,251) $ - $ 531,656 Provision for credit losses (benefit) 47,773 (136) - 47,637 Non-interest income 153,719 9,714 (1,472) 161,961 Amortization of intangibles 795 - - 795 Depreciation expense 13,483 359 - 13,842 Other operating expenses 426,896 230 (1,076) 426,050 Income tax expense (benefit) 46,808 (321) (173) 46,314 Net income $ 157,871 $ 1,331 $ (223) $ 158,979 Segment assets $ 67,376,464 $ 5,803,751 $ (5,504,456) $ 67,675,759 2022 For the quarter ended March 31, 2022 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 415,169 $ 86,520 $ 1 Provision for credit losses (benefit) (13,690) (2,019) - Non-interest income 135,862 5,954 (137) Amortization of intangibles 484 407 - Depreciation expense 11,517 1,824 - Other operating expenses 334,878 53,639 (136) Income tax expense 39,316 11,592 - Net income $ 178,526 $ 27,031 $ - Segment assets $ 58,708,519 $ 10,579,410 $ (167,754) For the quarter ended March 31, 2022 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 501,690 $ (7,378) $ - $ 494,312 Provision for credit losses (benefit) (15,709) 209 - (15,500) Non-interest income 141,679 14,265 (1,252) 154,692 Amortization of intangibles 891 - - 891 Depreciation expense 13,341 289 - 13,630 Other operating expenses 388,381 444 (1,007) 387,818 Income tax expense (benefit) 50,908 (332) (97) 50,479 Net income $ 205,557 $ 6,277 $ (148) $ 211,686 Segment assets $ 69,120,175 $ 5,490,318 $ (5,085,411) $ 69,525,082 Geographic Information The following information presents selected financial information based on the geographic location where the Corporation conducts its business. The banking operations of BPPR are primarily based in Puerto Rico, where it has the largest retail banking franchise. BPPR also conducts banking operations in the U.S. Virgin Islands, the British Virgin Islands and New York. BPPR’s banking operations in the United States include co-branded credit cards offerings and commercial lending activities. BPPR’s commercial lending activities in the U.S., through its New York Branch, include periodic loan participations with PB. As of March 31, 2023, BPPR participated in loans originated by PB totaling $ 316 million (December 31, 2022 - $ 294 million). At March 31, 2023, total assets for the BPPR segment related to its operations in the United States amounted to $ 1.4 billion (December 31, 2022 - $ 1.2 billion). During the quarter ended March 31, 2023, the BPPR segment generated approximately $ 25.4 million (2022 - $ 12.0 million) in revenues from its operations in the United States, including net interest income, service charges on deposit accounts and other service fees. In the Virgin Islands, the BPPR segment offers banking products, including loans and deposits. The BPPR segment generated $ 11.6 million in revenues during the first quarter of 2023 (2022 - $ 10.8 million) from its operations in the U.S. and British Virgin Islands. Geographic Information Quarter ended (In thousands) March 31, 2023 March 31, 2022 Revenues: [1] Puerto Rico $ 547,903 $ 527,673 United States 125,045 103,174 Other 20,669 18,157 Total consolidated revenues $ 693,617 $ 649,004 [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 gain (loss) on trading account debt securities, adjustments to indemnity reserves on loans sold and other operating income. Selected Balance Sheet Information: (In thousands) March 31, 2023 December 31, 2022 Puerto Rico Total assets $ 52,973,724 $ 53,541,427 Loans 20,970,708 20,884,442 Deposits 50,589,328 51,138,790 United States Total assets $ 13,506,272 $ 12,718,775 Loans 10,825,221 10,643,964 Deposits 8,630,394 8,182,702 Other Total assets $ 1,195,763 $ 1,377,715 Loans 553,625 554,744 Deposits [1] 1,734,166 1,905,735 [1] Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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