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Segment reporting | 12 Months Ended
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Dec. 31, 2023
Segment reporting disclosure |
Segment Reporting | Note 37 – 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: December 31, 2023 Intersegment (In thousands) BPPR Popular U.S. Eliminations Net interest income $ 1,811,655 $ 350,645 $ 2 Provision for credit losses 194,325 14,584 - Non-interest income 586,677 24,868 (404) Amortization of intangibles 1,937 1,243 - Goodwill impairment charge - 23,000 - Depreciation expense 49,135 7,888 - Other operating expenses 1,563,571 254,253 (404) Income tax expense 117,412 18,198 - Net income $ 471,952 $ 56,347 $ 2 Segment assets $ 57,023,071 $ 13,812,158 $ (426,058) December 31, 2023 Reportable Total (In thousands) Segments Corporate Eliminations Popular, Inc. Net interest income (expense) $ 2,162,302 $ (30,778) $ - $ 2,131,524 Provision for credit losses (benefit) 208,909 (300) - 208,609 Non-interest income 611,141 44,410 (4,827) 650,724 Amortization of intangibles 3,180 - - 3,180 Goodwill impairment charge 23,000 - - 23,000 Depreciation expense 57,023 1,484 - 58,507 Other operating expenses 1,817,420 518 (4,525) 1,813,413 Income tax expense (benefit) 135,610 (1,333) (80) 134,197 Net income $ 528,301 $ 13,263 $ (222) $ 541,342 Segment assets $ 70,409,171 $ 5,607,833 $ (5,258,849) $ 70,758,155 December 31, 2022 Intersegment (In thousands) BPPR Popular U.S. Eliminations Net interest income $ 1,823,517 $ 372,988 $ 3 Provision for credit losses 70,304 12,452 - Non-interest income 680,276 31,958 (547) Amortization of intangibles 1,937 1,338 - Goodwill impairment charge - 9,000 - Depreciation expense 47,003 6,919 - Other operating expenses 1,454,187 230,136 (543) Income tax expense 148,351 (25,205) - Net income $ 782,011 $ 170,306 $ (1) Segment assets $ 56,190,260 $ 11,558,280 $ (421,781) December 31, 2022 Reportable Total (In thousands) Segments Corporate Eliminations Popular, Inc. Net interest income (expense) $ 2,196,508 $ (29,149) $ - $ 2,167,359 Provision for credit losses 82,756 274 - 83,030 Non-interest income 711,687 189,835 (4,460) 897,062 Amortization of intangibles 3,275 - - 3,275 Goodwill impairment charge 9,000 - - 9,000 Depreciation expense 53,922 1,185 - 55,107 Other operating expenses 1,683,780 80 (4,822) 1,679,038 Income tax expense 123,146 9,074 110 132,330 Net income $ 952,316 $ 150,073 $ 252 $ 1,102,641 Segment assets $ 67,326,759 $ 5,390,122 $ (5,078,964) $ 67,637,917 December 31, 2021 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 1,674,589 $ 321,154 $ 6 Provision for credit losses (benefit) (136,352) (56,897) - Non-interest income 565,310 24,518 (548) Amortization of intangibles 2,813 665 - Depreciation expense 46,539 7,415 - Other operating expenses 1,285,959 203,892 (544) Income tax expense 253,479 56,538 - Net income $ 787,461 $ 134,059 $ 2 Segment assets $ 64,336,681 $ 10,399,066 $ (31,528) December 31, 2021 Reportable Total (In thousands) Segments Corporate Eliminations Popular, Inc. Net interest income (expense) $ 1,995,749 $ (38,159) $ - $ 1,957,590 Provision for credit losses (benefit) (193,249) (215) - (193,464) Non-interest income 589,280 56,535 (3,687) 642,128 Amortization of intangibles 3,478 5,656 - 9,134 Depreciation expense 53,954 1,150 - 55,104 Other operating expenses 1,489,307 (545) (3,725) 1,485,037 Income tax expense (benefit) 310,017 (1,085) 86 309,018 Net income $ 921,522 $ 13,415 $ (48) $ 934,889 Segment assets $ 74,704,219 $ 5,458,718 $ (5,065,038) $ 75,097,899 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 mainland United States include commercial lending activities. BPPR’s commercial lending activities in the U.S., through its New York Branch, include periodic loan participations with PB. During the year ended December 31, 2023, BPPR participated in loans originated by PB totaling $ 81 million (2022 - $ 184 million, 2021 - $ 35 million). Total assets for the BPPR segment related to its operations in the United States amounted to $ 1.5 billion (2022 - $ 1.2 billion), including $ 106 million in multifamily loans (2022 - $ 103 million), $ 528 million in commercial real estate loans (2022 - $ 446 million), $ 557 million in C&I loans (2022 - $ 214 million), and $ 229 million in unsecured personal loans (2022 - $ 227 million). During the year ended December 31, 2023, the BPPR segment generated approximately $ 117.7 million (2022 - $ 67.8 million, 2021 - $ 50.6 million) in revenues from its operations in the United States, including net interest income and other service fees. In the Virgin Islands, the BPPR segment offers banking products, including loans and deposits. The BPPR segment generated $ 45.0 million in revenues during the year ended December 31, 2023 (2022 - $ 46.6 million, 2021 - $ 45.4 million) from its operations in the U.S. and British Virgin Islands. (In thousands) 2023 2022 2021 Revenues: [1] Puerto Rico $ 2,175,938 $ 2,505,988 $ 2,136,481 United States 518,805 480,545 390,201 Other 87,505 77,888 73,036 Total consolidated revenues $ 2,782,248 $ 3,064,421 $ 2,599,718 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain on sale of debt securities, net gain (loss), including impairment on equity securities, net profit (loss) on trading account debt securities, net loss on sale of loans, including valuation adjustments on loans held-for-sale, adjustments to indemnity reserves on loans sold, and other operating income. Selected Balance Sheet Information (In thousands) 2023 2022 2021 Puerto Rico Total assets $ 54,181,300 $ 53,541,427 $ 63,221,282 Loans 22,519,961 20,884,442 19,770,118 Deposits 51,282,007 51,138,790 57,211,608 United States Total assets $ 15,343,156 $ 12,718,775 $ 10,986,055 Loans 12,006,012 10,643,964 8,903,493 Deposits 10,643,602 8,182,702 7,777,232 Other Total assets $ 1,233,699 $ 1,377,715 $ 890,562 Loans 543,299 554,744 626,115 Deposits [1] 1,692,634 1,905,735 2,016,248 [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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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