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Loans | 3 Months Ended
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Mar. 31, 2024
Receivables |
Loans | Note 7 – 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 2023 Form 10-K. During the quarter ended March 31, 2024, the Corporation recorded purchases (including repurchases) of mortgage loans of $ 86 million, and commercial loans of $ 56 million; compared to purchases (including repurchases) of mortgage loans of $ 76 million, consumer loans of $ 27 million, and commercial loans of $ 45 million during the quarter ended March 31, 2023. The Corporation performed whole-loan sales involving approximately $ 11 million of residential mortgage loans, and $ 12 million of commercial and construction loans during the quarter ended March 31, 2024 (March 31, 2023 - $ 10 million of residential mortgage loans and $ 2 million of commercial and construction loans). Also, during the quarter ended March 31, 2024, the Corporation securitized approximately $ 1 million of mortgage loans into GNMA mortgage-backed securities and $ 1 million of mortgage loans into FNMA mortgage-backed securities, compared to $ 1 million and $ 10 million, respectively, during the quarter ended March 31, 2023. 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, 2024 and December 31, 2023. March 31, 2024 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 $ 19,384 $ 2,027 $ 106 $ 21,517 $ 282,134 $ 303,651 $ 106 $ - Commercial real estate: Non-owner occupied 2,378 3,278 7,922 13,578 2,982,907 2,996,485 7,922 - Owner occupied 6,628 432 26,124 33,184 1,392,908 1,426,092 26,124 - Commercial and industrial 3,020 8,552 33,741 45,313 4,699,810 4,745,123 29,171 4,570 Construction - - - - 162,724 162,724 - - Mortgage 254,008 107,224 385,062 746,294 5,737,257 6,483,551 166,473 218,589 Leasing 19,936 4,752 7,267 31,955 1,733,458 1,765,413 7,267 - Consumer: Credit cards 13,034 9,528 23,858 46,420 1,095,716 1,142,136 - 23,858 Home equity lines of credit - 226 7 233 2,336 2,569 - 7 Personal 19,822 12,169 19,092 51,083 1,695,410 1,746,493 19,092 - Auto 82,957 18,420 41,807 143,184 3,563,670 3,706,854 41,807 - Other 1,022 150 939 2,111 151,567 153,678 632 307 Total $ 422,189 $ 166,758 $ 545,925 $ 1,134,872 $ 23,499,897 $ 24,634,769 $ 298,594 $ 247,331 March 31, 2024 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 $ 3,434 $ - $ 8,700 $ 12,134 $ 2,068,850 $ 2,080,984 $ 8,700 $ - Commercial real estate: Non-owner occupied 740 1,364 2,407 4,511 2,056,063 2,060,574 2,407 - Owner occupied 6,107 19,009 3,877 28,993 1,662,759 1,691,752 3,877 - Commercial and industrial 9,961 628 6,634 17,223 2,263,137 2,280,360 6,423 211 Construction 8,825 - - 8,825 837,754 846,579 - - Mortgage 25,558 533 28,071 54,162 1,245,949 1,300,111 28,071 - Consumer: Credit cards - - - - 17 17 - - Home equity lines of credit 846 390 3,986 5,222 58,926 64,148 3,986 - Personal 2,142 1,695 2,068 5,905 144,612 150,517 2,068 - Other - - 1 1 8,926 8,927 1 - Total $ 57,613 $ 23,619 $ 55,744 $ 136,976 $ 10,346,993 $ 10,483,969 $ 55,533 $ 211 March 31, 2024 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 $ 22,818 $ 2,027 $ 8,806 $ 33,651 $ 2,350,984 $ 2,384,635 $ 8,806 $ - Commercial real estate: Non-owner occupied 3,118 4,642 10,329 18,089 5,038,970 5,057,059 10,329 - Owner occupied 12,735 19,441 30,001 62,177 3,055,667 3,117,844 30,001 - Commercial and industrial 12,981 9,180 40,375 62,536 6,962,947 7,025,483 35,594 4,781 Construction 8,825 - - 8,825 1,000,478 1,009,303 - - Mortgage [1] 279,566 107,757 413,133 800,456 6,983,206 7,783,662 194,544 218,589 Leasing 19,936 4,752 7,267 31,955 1,733,458 1,765,413 7,267 - Consumer: Credit cards 13,034 9,528 23,858 46,420 1,095,733 1,142,153 - 23,858 Home equity lines of credit 846 616 3,993 5,455 61,262 66,717 3,986 7 Personal 21,964 13,864 21,160 56,988 1,840,022 1,897,010 21,160 - Auto 82,957 18,420 41,807 143,184 3,563,670 3,706,854 41,807 - Other 1,022 150 940 2,112 160,493 162,605 633 307 Total $ 479,802 $ 190,377 $ 601,669 $ 1,271,848 $ 33,846,890 $ 35,118,738 $ 354,127 $ 247,542 [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 $ 93 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2024. Furthermore, as of March 31, 2024, the Corporation had approximately $ 37 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 $ 367 million in unearned income and exclude $ 5 million in loans held-for-sale. [3] Includes $ 14 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 7.0 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $ 7 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. As of March 31, 2024, the Corporation had an available borrowing facility with the FHLB and the discount window of Federal Reserve Bank of New York of $ 3.8 billion and $ 4.6 billion, respectively. December 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 $ 524 $ - $ 1,991 $ 2,515 $ 289,427 $ 291,942 $ 1,991 $ - Commercial real estate: Non-owner occupied 5,510 77 8,745 14,332 2,990,922 3,005,254 8,745 - Owner occupied 2,726 249 29,430 32,405 1,365,978 1,398,383 29,430 - Commercial and industrial 6,998 3,352 36,210 46,560 4,749,666 4,796,226 32,826 3,384 Construction - - 6,378 6,378 163,479 169,857 6,378 - Mortgage 260,897 114,282 416,528 791,707 5,600,117 6,391,824 175,106 241,422 Leasing 20,140 6,719 8,632 35,491 1,696,318 1,731,809 8,632 - Consumer: Credit cards 13,243 9,912 23,281 46,436 1,089,292 1,135,728 - 23,281 Home equity lines of credit 230 - 26 256 2,392 2,648 - 26 Personal 19,065 14,611 19,031 52,707 1,723,603 1,776,310 19,031 - Auto 100,061 27,443 45,615 173,119 3,487,661 3,660,780 45,615 - Other 1,641 204 1,213 3,058 147,104 150,162 964 249 Total $ 431,035 $ 176,849 $ 597,080 $ 1,204,964 $ 23,305,959 $ 24,510,923 $ 328,718 $ 268,362 December 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 $ 9,141 $ 2,001 $ - $ 11,142 $ 2,112,536 $ 2,123,678 $ - $ - Commercial real estate: Non-owner occupied 566 1,036 1,117 2,719 2,079,448 2,082,167 1,117 - Owner occupied 30,560 - 6,274 36,834 1,645,418 1,682,252 6,274 - Commercial and industrial 7,815 697 3,881 12,393 2,317,502 2,329,895 3,772 109 Construction - - - - 789,423 789,423 - - Mortgage 48,818 7,821 11,191 67,830 1,236,263 1,304,093 11,191 - Consumer: Credit cards - - - - 19 19 - - Home equity lines of credit 1,472 4 3,733 5,209 58,096 63,305 3,733 - Personal 2,222 1,948 2,805 6,975 161,962 168,937 2,805 - Other 4 - 1 5 10,274 10,279 1 - Total $ 100,598 $ 13,507 $ 29,002 $ 143,107 $ 10,410,941 $ 10,554,048 $ 28,893 $ 109 December 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 $ 9,665 $ 2,001 $ 1,991 $ 13,657 $ 2,401,963 $ 2,415,620 $ 1,991 $ - Commercial real estate: Non-owner occupied 6,076 1,113 9,862 17,051 5,070,370 5,087,421 9,862 - Owner occupied 33,286 249 35,704 69,239 3,011,396 3,080,635 35,704 - Commercial and industrial 14,813 4,049 40,091 58,953 7,067,168 7,126,121 36,598 3,493 Construction - - 6,378 6,378 952,902 959,280 6,378 - Mortgage [1] 309,715 122,103 427,719 859,537 6,836,380 7,695,917 186,297 241,422 Leasing 20,140 6,719 8,632 35,491 1,696,318 1,731,809 8,632 - Consumer: Credit cards 13,243 9,912 23,281 46,436 1,089,311 1,135,747 - 23,281 Home equity lines of credit 1,702 4 3,759 5,465 60,488 65,953 3,733 26 Personal 21,287 16,559 21,836 59,682 1,885,565 1,945,247 21,836 - Auto 100,061 27,443 45,615 173,119 3,487,661 3,660,780 45,615 - Other 1,645 204 1,214 3,063 157,378 160,441 965 249 Total $ 531,633 $ 190,356 $ 626,082 $ 1,348,071 $ 33,716,900 $ 35,064,971 $ 357,611 $ 268,471 [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 include $ 106 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2023. Furthermore, as of December 31, 2023, the Corporation had approximately $ 38 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 $ 356 million in unearned income and exclude $ 4 million in loans held-for-sale. [3] Includes $ 14.2 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 7.0 billion were pledged at the Federal Home Loan Bank (FHLB) as collateral for borrowings and $ 7.2 billion at the Federal Reserve Bank (FRB) for discount window borrowings. As of December 31, 2023, the Corporation had an available borrowing facility with the FHLB and the discount window of Federal Reserve Bank of New York of $ 3.5 billion and $ 4.4 billion, respectively. 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 the VA when 15 months delinquent as to principal or interest, since the principal repayment on these loans is insured. At March 31, 2024, mortgage loans held-in-portfolio include $ 2.3 billion (December 31, 2023 - $ 2.2 billion) of loans insured by the FHA, or guaranteed by the VA of which $ 218.7 million (December 31, 2023 - $ 241.6 million) are 90 days or more past due. The portfolio of guaranteed loans includes $ 93 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of March 31, 2024 (December 31, 2023 - $ 106 million). The Corporation has approximately $ 37 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at March 31, 2024 (December 31, 2023 - $ 38 million). Loans with a delinquency status of 90 days past due as of March 31, 2024 include $ 10 million in loans previously pooled into GNMA securities (December 31, 2023 - $ 11 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, 2024 and December 31, 2023 by class of loans: March 31, 2024 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 $ - $ 106 $ 8,700 $ - $ 8,700 $ 106 Commercial real estate non-owner occupied 3,635 4,287 1,344 1,063 4,979 5,350 Commercial real estate owner occupied 17,541 8,583 3,877 - 21,418 8,583 Commercial and industrial 18,914 10,257 - 6,423 18,914 16,680 Mortgage 82,843 83,630 190 27,881 83,033 111,511 Leasing 453 6,814 - - 453 6,814 Consumer: HELOCs - - - 3,986 - 3,986 Personal 3,458 15,634 - 2,068 3,458 17,702 Auto 1,809 39,998 - - 1,809 39,998 Other 263 369 - 1 263 370 Total $ 128,916 $ 169,678 $ 14,111 $ 41,422 $ 143,027 $ 211,100 December 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 $ - $ 1,991 $ - $ - $ - $ 1,991 Commercial real estate non-owner occupied 3,695 5,050 - 1,117 3,695 6,167 Commercial real estate owner occupied 20,432 8,998 3,877 2,397 24,309 11,395 Commercial and industrial 6,991 25,835 - 3,772 6,991 29,607 Construction - 6,378 - - - 6,378 Mortgage 84,677 90,429 120 11,071 84,797 101,500 Leasing 481 8,151 - - 481 8,151 Consumer: HELOCs - - - 3,733 - 3,733 Personal 3,589 15,442 - 2,805 3,589 18,247 Auto 1,833 43,782 - - 1,833 43,782 Other 263 701 - 1 263 702 Total $ 121,961 $ 206,757 $ 3,997 $ 24,896 $ 125,958 $ 231,653 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. Loans in non-accrual status with no allowance at March 31, 2024 include $ 143 million in collateral dependent loans (December 31, 2023 - $ 126 million). The Corporation recognized $ 3 million in interest income on non-accrual loans during the quarter ended March 31, 2024 (March 31, 2023 - $ 4 million). 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, 2024 and December 31, 2023: March 31, 2024 (In thousands) Real Estate Auto Equipment Accounts Receivables Other Total BPPR Commercial multi-family $ 1,325 $ - $ - $ - - $ 1,325 Commercial real estate: Non-owner occupied 159,712 - - - - 159,712 Owner occupied 22,840 - - - - 22,840 Commercial and industrial 1,130 - - 2,172 23,693 26,995 Mortgage 80,487 - - - - 80,487 Leasing - 1,257 - - - 1,257 Consumer: Personal 3,708 - - - - 3,708 Auto - 13,910 - - - 13,910 Other - - - - 303 303 Total BPPR $ 269,202 $ 15,167 $ - $ 2,172 23,996 $ 310,537 Popular U.S. Commercial multi-family $ 8,700 $ - $ - $ - - $ 8,700 Commercial real estate: Non-owner occupied 1,344 $ - - - - 1,344 Owner occupied 3,877 $ - - - - 3,877 Commercial and industrial - - 70 - 2,297 2,367 Mortgage 1,040 - - - - 1,040 Total Popular U.S. $ 14,961 $ - $ 70 $ - 2,297 $ 17,328 Popular, Inc. Commercial multi-family $ 10,025 $ - $ - $ - - $ 10,025 Commercial real estate: Non-owner occupied 161,056 - - - - 161,056 Owner occupied 26,717 - - - - 26,717 Commercial and industrial 1,130 - 70 2,172 25,990 29,362 Mortgage 81,527 - - - - 81,527 Leasing - 1,257 - - - 1,257 Consumer: Personal 3,708 - - - - 3,708 Auto - 13,910 - - - 13,910 Other - - - - 303 303 Total Popular, Inc. $ 284,163 $ 15,167 $ 70 $ 2,172 26,293 $ 327,865 December 31, 2023 (In thousands) Real Estate Auto Equipment Other Total BPPR Commercial multi-family $ 1,339 $ - $ - $ - $ 1,339 Commercial real estate: Non-owner occupied 160,555 - - - 160,555 Owner occupied 25,848 - - - 25,848 Commercial and industrial 1,103 - - 30,287 31,390 Construction 6,378 - - - 6,378 Mortgage 85,113 - - - 85,113 Leasing - 1,373 - - 1,373 Consumer: Personal 4,338 - - - 4,338 Auto - 12,965 - - 12,965 Other - - - 305 305 Total BPPR $ 284,674 $ 14,338 $ - $ 30,592 $ 329,604 Popular U.S. Commercial real estate: Owner occupied 3,877 - - - 3,877 Commercial and industrial - - 105 400 505 Construction 5,990 - - - 5,990 Mortgage 1,303 - - - 1,303 Total Popular U.S. $ 11,170 $ - $ 105 $ 400 $ 11,675 Popular, Inc. Commercial multi-family $ 1,339 $ - $ - $ - $ 1,339 Commercial real estate: Non-owner occupied 160,555 - - - 160,555 Owner occupied 29,725 - - - 29,725 Commercial and industrial 1,103 - 105 30,687 31,895 Construction 12,368 - - - 12,368 Mortgage 86,416 - - - 86,416 Leasing - 1,373 - - 1,373 Consumer: Personal 4,338 - - - 4,338 Auto - 12,965 - - 12,965 Other - - - 305 305 Total Popular, Inc. $ 295,844 $ 14,338 $ 105 $ 30,992 $ 341,279 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, 2024 March 31, 2023 Purchase price of loans at acquisition $ 426 $ 255 Allowance for credit losses at acquisition 17 68 Non-credit discount / (premium) at acquisition - 9 Par value of acquired loans at acquisition $ 443 $ 332

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