XML 34 R18.htm IDEA: XBRL DOCUMENT
v3.23.1

Loans | 3 Months Ended
--- | ---
Mar. 31, 2023
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 the 2022 Form 10-K. During the quarter ended March 31, 2023, the Corporation recorded purchases (including repurchases) of mortgage loans of $ 76 million, consumer loans of $ 27 million and commercial loans of $ 45 million; compared to purchases (including repurchases) of mortgage loans of $ 82 million, which include $ 3 million in PCD loans, and consumer loans of $ 91 million during the quarter ended March 31, 2022. The Corporation performed whole-loan sales involving approximately $ 10 million of residential mortgage loans and $ 2 million of commercial and construction loans during the quarter ended March 31, 2023 (March 31, 2022 - $ 19 million of residential mortgage loans and $ 1 million of commercial loans). Also, during the quarter ended March 31, 2023, the Corporation securitized approximately $ 1 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities and $ 10 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities, compared to $ 78 million and $ 58 million, respectively, during the quarter ended March 31, 2022. 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 March 31, 2023 and December 31, 2022. March 31, 2023 BPPR 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 $ 650 $ - $ 185 $ 835 $ 291,971 $ 292,806 $ 185 $ - Commercial real estate: Non-owner occupied 2,739 1,584 22,856 27,179 2,858,304 2,885,483 22,856 - Owner occupied 21,496 - 37,779 59,275 1,438,228 1,497,503 37,779 - Commercial and industrial 17,934 793 31,847 50,574 3,883,859 3,934,433 30,132 1,715 Construction 8,081 - - 8,081 147,268 155,349 - - Mortgage 183,187 81,729 515,752 780,668 5,336,016 6,116,684 224,075 291,677 Leasing 12,301 2,605 6,103 21,009 1,593,335 1,614,344 6,103 - Consumer: Credit cards 7,162 5,823 12,061 25,046 1,021,129 1,046,175 - 12,061 Home equity lines of credit - - - - 2,865 2,865 - - Personal 14,131 8,990 17,427 40,548 1,572,370 1,612,918 17,412 15 Auto 60,324 12,684 39,516 112,524 3,405,416 3,517,940 39,516 - Other 1,264 49 1,091 2,404 127,608 130,012 921 170 Total $ 329,269 $ 114,257 $ 684,617 $ 1,128,143 $ 21,678,369 $ 22,806,512 $ 378,979 $ 305,638 March 31, 2023 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 $ - $ - $ 421 $ 421 $ 2,043,130 $ 2,043,551 $ 421 $ - Commercial real estate: Non-owner occupied 16,033 - 207 16,240 1,748,952 1,765,192 207 - Owner occupied 18,042 - 5,095 23,137 1,497,947 1,521,084 5,095 - Commercial and industrial 13,779 3 5,570 19,352 2,045,857 2,065,209 5,325 245 Construction 7,165 - - 7,165 536,482 543,647 - - Mortgage 22,041 1,499 14,719 38,259 1,250,964 1,289,223 14,719 - Consumer: Credit cards - - - - 21 21 - - Home equity lines of credit 496 70 4,618 5,184 61,838 67,022 4,618 - Personal 1,900 1,259 2,505 5,664 222,487 228,151 2,505 - Other 2 - 514 516 8,245 8,761 514 - Total $ 79,458 $ 2,831 $ 33,649 $ 115,938 $ 9,415,923 $ 9,531,861 $ 33,404 $ 245 March 31, 2023 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 $ 650 $ - $ 606 $ 1,256 $ 2,335,101 $ 2,336,357 $ 606 $ - Commercial real estate: Non-owner occupied 18,772 1,584 23,063 43,419 4,607,256 4,650,675 23,063 - Owner occupied 39,538 - 42,874 82,412 2,936,175 3,018,587 42,874 - Commercial and industrial 31,713 796 37,417 69,926 5,929,716 5,999,642 35,457 1,960 Construction 15,246 - - 15,246 683,750 698,996 - - Mortgage [1] 205,228 83,228 530,471 818,927 6,586,980 7,405,907 238,794 291,677 Leasing 12,301 2,605 6,103 21,009 1,593,335 1,614,344 6,103 - Consumer: Credit cards 7,162 5,823 12,061 25,046 1,021,150 1,046,196 - 12,061 Home equity lines of credit 496 70 4,618 5,184 64,703 69,887 4,618 - Personal 16,031 10,249 19,932 46,212 1,794,857 1,841,069 19,917 15 Auto 60,324 12,684 39,516 112,524 3,405,416 3,517,940 39,516 - Other 1,266 49 1,605 2,920 135,853 138,773 1,435 170 Total $ 408,727 $ 117,088 $ 718,266 $ 1,244,081 $ 31,094,292 $ 32,338,373 $ 412,383 $ 305,883 [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. These balances include $ 167 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2023. Furthermore, the Corporation has approximately $ 40 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 $ 307 million in unearned income and exclude $ 11 million in loans held-for-sale. [3] Includes $ 7.7 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 5.1 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $ 2.6 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. The Corporation had an available borrowing facility with the FHLB and the discount window of Federal Reserve Bank of New York of $ 2.8 billion and $ 1.5 billion, respectively, as of March 31, 2023. December 31, 2022 BPPR 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 $ 425 $ - $ 242 $ 667 $ 280,706 $ 281,373 $ 242 $ - Commercial real estate: Non-owner occupied 941 428 23,662 25,031 2,732,296 2,757,327 23,662 - Owner occupied 729 245 23,990 24,964 1,563,092 1,588,056 23,990 - Commercial and industrial 3,036 941 35,777 39,754 3,756,754 3,796,508 34,277 1,500 Construction - - - - 147,041 147,041 - - Mortgage 222,926 91,881 579,993 894,800 5,215,479 6,110,279 242,391 337,602 Leasing 11,983 3,563 5,941 21,487 1,564,252 1,585,739 5,941 - Consumer: Credit cards 7,106 5,049 11,910 24,065 1,017,766 1,041,831 - 11,910 Home equity lines of credit - - - - 2,954 2,954 - - Personal 13,232 8,752 18,082 40,066 1,545,621 1,585,687 18,082 - Auto 68,868 19,243 40,978 129,089 3,383,441 3,512,530 40,978 - Other 487 87 12,682 13,256 124,324 137,580 12,446 236 Total $ 329,733 $ 130,189 $ 753,257 $ 1,213,179 $ 21,333,726 $ 22,546,905 $ 402,009 $ 351,248 December 31, 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 $ 2,177 $ - $ - $ 2,177 $ 2,038,163 $ 2,040,340 $ - $ - Commercial real estate: Non-owner occupied 484 - 1,454 1,938 1,740,405 1,742,343 1,454 - Owner occupied - - 5,095 5,095 1,485,398 1,490,493 5,095 - Commercial and industrial 12,960 2,205 4,685 19,850 2,022,842 2,042,692 4,319 366 Construction - - - - 610,943 610,943 - - Mortgage 16,131 5,834 20,488 42,453 1,244,739 1,287,192 20,488 - Consumer: Credit cards - - - - 39 39 - - Home equity lines of credit 413 161 4,110 4,684 64,278 68,962 4,110 - Personal 1,808 1,467 1,958 5,233 232,659 237,892 1,958 - Other - - 8 8 9,960 9,968 8 - Total $ 33,973 $ 9,667 $ 37,798 $ 81,438 $ 9,449,426 $ 9,530,864 $ 37,432 $ 366 December 31, 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 $ 2,602 $ - $ 242 $ 2,844 $ 2,318,869 $ 2,321,713 $ 242 $ - Commercial real estate: Non-owner occupied 1,425 428 25,116 26,969 4,472,701 4,499,670 25,116 - Owner occupied 729 245 29,085 30,059 3,048,490 3,078,549 29,085 - Commercial and industrial 15,996 3,146 40,462 59,604 5,779,596 5,839,200 38,596 1,866 Construction - - - - 757,984 757,984 - - Mortgage [1] 239,057 97,715 600,481 937,253 6,460,218 7,397,471 262,879 337,602 Leasing 11,983 3,563 5,941 21,487 1,564,252 1,585,739 5,941 - Consumer: Credit cards 7,106 5,049 11,910 24,065 1,017,805 1,041,870 - 11,910 Home equity lines of credit 413 161 4,110 4,684 67,232 71,916 4,110 - Personal 15,040 10,219 20,040 45,299 1,778,280 1,823,579 20,040 - Auto 68,868 19,243 40,978 129,089 3,383,441 3,512,530 40,978 - Other 487 87 12,690 13,264 134,284 147,548 12,454 236 Total $ 363,706 $ 139,856 $ 791,055 $ 1,294,617 $ 30,783,152 $ 32,077,769 $ 439,441 $ 351,614 [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 balances also include $ 190 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2022. Furthermore, the Corporation has approximately $ 42 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 $ 295 million in unearned income and exclude $ 5 million in loans held-for-sale. [3] Includes $ 7.4 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 4.8 billion were pledged at the Federal Home Loan Bank (FHLB) as collateral for borrowings and $ 2.6 billion at the Federal Reserve Bank (FRB) for discount window borrowings. The Corporation had an available borrowing facility with the FHLB and the discount window of Federal Reserve Bank of New York of $ 2.1 billion and $ 1.4 billion, respectively, as of December 31, 2022. 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 March 31, 2023, mortgage loans held-in-portfolio include $ 2.0 billion (December 31, 2022 - $ 2 .0 billion) of loans insured by the FHA, or guaranteed by the VA of which $ 0.3 billion (December 31, 2022 - $ 0.3 billion) are 90 days or more past due. The portfolio of guaranteed loans includes $ 167 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of March 31, 2023 (December 31, 2022 - $ 190 million). The Corporation has approximately $ 40 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at March 31, 2023 (December 31, 2022 - $ 42 million). Loans with a delinquency status of 90 days past due as of March 31, 2023 include $ 7 million in loans previously pooled into GNMA securities (December 31, 2022 - $ 14 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 March 31, 2023 and December 31, 2022 by class of loans: March 31, 2023 BPPR 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 $ - $ 185 $ - $ 421 $ - $ 606 Commercial real estate non-owner occupied 19,324 3,532 - 207 19,324 3,739 Commercial real estate owner occupied 24,513 13,266 5,095 - 29,608 13,266 Commercial and industrial 17,551 12,581 - 5,325 17,551 17,906 Mortgage 103,316 120,759 227 14,492 103,543 135,251 Leasing 194 5,909 - - 194 5,909 Consumer: HELOCs - - - 4,618 - 4,618 Personal 5,122 12,290 - 2,505 5,122 14,795 Auto 1,117 38,399 - - 1,117 38,399 Other 263 658 - 514 263 1,172 Total $ 171,400 $ 207,579 $ 5,322 $ 28,082 $ 176,722 $ 235,661 December 31, 2022 BPPR 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 $ - $ 242 $ - $ - $ - $ 242 Commercial real estate non-owner occupied 15,639 8,023 1,454 - 17,093 8,023 Commercial real estate owner occupied 9,070 14,920 5,095 - 14,165 14,920 Commercial and industrial 20,227 14,050 - 4,319 20,227 18,369 Mortgage 119,027 123,364 71 20,417 119,098 143,781 Leasing 458 5,483 - - 458 5,483 Consumer: HELOCs - - - 4,110 - 4,110 Personal 4,623 13,459 - 1,958 4,623 15,417 Auto 1,177 39,801 - - 1,177 39,801 Other 263 12,183 - 8 263 12,191 Total $ 170,484 $ 231,525 $ 6,620 $ 30,812 $ 177,104 $ 262,337 Loans in non-accrual status with no allowance at March 31, 2023 include $ 176 million in collateral dependent loans (December 31, 2022 - $ 177 million). The Corporation recognized $ 4 million in interest income on non-accrual loans during the quarter ended March 31, 2023 (March 31, 2022 - $ 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 March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) Real Estate Auto Equipment Accounts Receivables Other Total BPPR Commercial multi-family $ 1,316 $ - $ - $ - $ - $ 1,316 Commercial real estate: Non-owner occupied 180,090 - - - - 180,090 Owner occupied 32,471 - - - - 32,471 Commercial and industrial 1,070 - 22 8,397 18,995 28,484 Mortgage 106,168 - - - - 106,168 Leasing - 844 - - - 844 Consumer: Personal 5,433 - - - - 5,433 Auto - 10,074 - - - 10,074 Other - - - - 263 263 Total BPPR $ 326,548 $ 10,918 $ 22 $ 8,397 $ 19,258 $ 365,143 Popular U.S. Commercial real estate: Owner occupied $ 5,095 $ - $ - $ - $ - $ 5,095 Commercial and industrial - - 74 - 2,000 2,074 Mortgage 775 - - - - 775 Total Popular U.S. $ 5,870 $ - $ 74 $ - $ 2,000 $ 7,944 Popular, Inc. Commercial multi-family $ 1,316 $ - $ - $ - $ - $ 1,316 Commercial real estate: Non-owner occupied 180,090 - - - - 180,090 Owner occupied 37,566 - - - - 37,566 Commercial and industrial 1,070 - 96 8,397 20,995 30,558 Mortgage 106,943 - - - - 106,943 Leasing - 844 - - - 844 Consumer: Personal 5,433 - - - - 5,433 Auto - 10,074 - - - 10,074 Other - - - - 263 263 Total Popular, Inc. $ 332,418 $ 10,918 $ 96 $ 8,397 $ 21,258 $ 373,087 December 31, 2022 (In thousands) Real Estate Auto Equipment Accounts Receivables Other Total BPPR Commercial multi-family $ 1,329 $ - $ - $ - $ - $ 1,329 Commercial real estate: Non-owner occupied 202,980 - - - - 202,980 Owner occupied 18,234 - - - - 18,234 Commercial and industrial 1,345 - 32 9,853 20,985 32,215 Mortgage 128,069 - - - - 128,069 Leasing - 1,020 - - - 1,020 Consumer: Personal 5,381 - - - - 5,381 Auto - 9,556 - - - 9,556 Other - - - - 263 263 Total BPPR $ 357,338 $ 10,576 $ 32 $ 9,853 $ 21,248 $ 399,047 Popular U.S. Commercial real estate: Non-owner occupied $ 1,454 $ - $ - $ - $ - $ 1,454 Owner occupied 5,095 - - - - 5,095 Commercial and industrial - - 136 - - 136 Mortgage 1,104 - - - - 1,104 Total Popular U.S. $ 7,653 $ - $ 136 $ - $ - $ 7,789 Popular, Inc. Commercial multi-family $ 1,329 $ - $ - $ - $ - $ 1,329 Commercial real estate: Non-owner occupied 204,434 - - - - 204,434 Owner occupied 23,329 - - - - 23,329 Commercial and industrial 1,345 - 168 9,853 20,985 32,351 Mortgage 129,173 - - - - 129,173 Leasing - 1,020 - - - 1,020 Consumer: Personal 5,381 - - - - 5,381 Auto - 9,556 - - - 9,556 Other - - - - 263 263 Total Popular, Inc. $ 364,991 $ 10,576 $ 168 $ 9,853 $ 21,248 $ 406,836 Purchased Credit Deteriorated (PCD) Loans The Corporation has purchased loans during the quarter 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) March 31, 2023 March 31, 2022 Purchase price of loans at acquisition $ 255 $ 2,002 Allowance for credit losses at acquisition 68 612 Non-credit discount / (premium) at acquisition 9 99 Par value of acquired loans at acquisition $ 332 $ 2,713

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration