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Segment reporting | 3 Months Ended
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Mar. 31, 2024
Segment reporting disclosure |
Segment Reporting | Note 32 – 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 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: 2024 For the quarter ended March 31, 2024 Intersegment (In thousands) BPPR Popular U.S. Eliminations Net interest income $ 472,841 $ 84,853 $ - Provision for credit losses (benefit) 60,680 11,435 - Non-interest income 145,669 7,120 (56) Amortization of intangibles 484 311 - Depreciation expense 13,009 1,943 - Other operating expenses 393,805 67,788 (56) Income tax expense 29,206 3,456 - Net income $ 121,326 $ 7,040 $ - Segment assets $ 57,250,662 $ 13,686,037 $ (359,383) For the quarter ended March 31, 2024 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 557,694 $ (6,950) $ - $ 550,744 Provision for credit losses 72,115 483 - 72,598 Non-interest income 152,733 11,722 (637) 163,818 Amortization of intangibles 795 - - 795 Depreciation expense 14,952 409 - 15,361 Other operating expenses 461,537 6,611 (1,191) 466,957 Income tax expense 32,662 22,676 230 55,568 Net income (loss) $ 128,366 $ (25,407) $ 324 $ 103,283 Segment assets $ 70,577,316 $ 5,723,198 $ (5,363,575) $ 70,936,939 2023 For the quarter ended March 31, 2023 Intersegment (In thousands) BPPR 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 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 quarter ended March 31, 2024, BPPR did no t participate in loans originated by PB (March 31, 2023 - $ 23 million). Total assets for the BPPR segment related to its operations in the United States amounted to $ 1.5 billion (December 31, 2023 - $ 1.5 billion), including $ 106 million in multifamily loans (December 31, 2023 - $ 106 million), $ 526 million in commercial real estate loans (December 31, 2023 - $ 528 million), $ 592 million in C&I loans (December 31, 2023 - $ 557 million), and $ 198 million in unsecured personal loans (December 31, 2023 - $ 229 million). During the quarter ended March 31, 2024, the BPPR segment generated approximately $ 29.8 million (March 31, 2023 - $ 25.4 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 $ 10.6 million in revenues during the first quarter of 2024 (March 31, 2023 - $ 11.6 million) from its operations in the U.S. and British Virgin Islands. Geographic Information Quarter ended (In thousands) March 31, 2024 March 31, 2023 Revenues: [1] Puerto Rico $ 565,744 $ 547,903 United States 126,741 125,045 Other 22,077 20,669 Total consolidated revenues $ 714,562 $ 693,617 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain, including impairment on equity securities, net gain on trading account debt securities, adjustments to indemnity reserves on loans sold and other operating income. Selected Balance Sheet Information: (In thousands) March 31, 2024 December 31, 2023 Puerto Rico Total assets $ 54,507,722 $ 54,181,300 Loans 22,649,624 22,519,961 Deposits 51,350,879 51,282,007 United States Total assets $ 15,186,839 $ 15,343,156 Loans 11,931,955 12,006,012 Deposits 10,716,008 10,643,602 Other Total assets $ 1,242,378 $ 1,233,699 Loans 542,511 543,299 Deposits [1] 1,741,897 1,692,634 [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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