Loans	6 Months Ended
Loans	Jun. 30, 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 and six months ended June 30, 2024, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $ 85 million and $ 171 million, respectively (June 30, 2023 - $ 96 million and $ 172 million, respectively). The Corporation did no t purchase consumer loans during the period ended June 30, 2024 (during the quarter and six months ended June 30, 2023 - $ 45 million and $ 72 million, respectively). During the quarter and six months ended June 30, 2024, the Corporation recorded purchases of $ 159 million and $ 215 million, respectively (June 30, 2023 - $ 38 million and $ 83 million, respectively), in commercial loans. The Corporation performed whole-loan sales involving approximately $ 13 million and $ 24 million of residential mortgage loans during the quarter and six months ended June 30, 2024, respectively (June 30, 2023 - $ 17 million and $ 27 million, respectively). During the six months ended June 30, 2024, the Corporation performed sales of commercial loans, including loan participations amounting to $ 12 million. The Corporation did no t perform sales of commercial loans during the quarter ended June 30, 2024 (during the quarter and six months ended June 30, 2023 - $ 34 million and $ 36 million, respectively). Also, during the six months ended June 30, 2024, the Corporation securitized approximately $ 1 million of mortgage loans into GNMA mortgage-backed securities and $ 4 million of mortgage loans into FNMA mortgage-backed securities, compared to $ 1 million and $ 23 million, respectively, during the six months ended June 30, 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 June 30, 2024 and December 31, 2023. June 30, 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 $ 233 $ - $ 443 $ 676 $ 304,235 $ 304,911 $ 443 $ - Commercial real estate: Non-owner occupied 1,713 - 7,484 9,197 2,970,430 2,979,627 7,484 - Owner occupied 1,770 232 25,285 27,287 1,389,825 1,417,112 25,285 - Commercial and industrial 5,387 2,097 26,560 34,044 4,968,740 5,002,784 22,958 3,602 Construction 5,479 - - 5,479 178,460 183,939 - - Mortgage 287,468 105,266 373,306 766,040 5,824,480 6,590,520 163,790 209,516 Leasing 20,631 5,071 7,059 32,761 1,795,287 1,828,048 7,059 - Consumer: Credit cards 15,032 9,436 23,931 48,399 1,114,140 1,162,539 - 23,931 Home equity lines of credit - - - - 2,216 2,216 - - Personal 21,535 12,755 19,650 53,940 1,690,933 1,744,873 19,650 - Auto 103,873 24,943 39,333 168,149 3,605,143 3,773,292 39,333 - Other 976 258 1,207 2,441 151,092 153,533 885 322 Total $ 464,097 $ 160,058 $ 524,258 $ 1,148,413 $ 23,994,981 $ 25,143,394 $ 286,887 $ 237,371 June 30, 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 $ 2,962 $ - $ 8,700 $ 11,662 $ 2,067,907 $ 2,079,569 $ 8,700 $ - Commercial real estate: Non-owner occupied 2,494 2,783 1,025 6,302 2,018,543 2,024,845 1,025 - Owner occupied - 17,095 22,256 39,351 1,687,354 1,726,705 22,256 - Commercial and industrial 5,181 304 5,992 11,477 2,181,096 2,192,573 5,782 210 Construction - - - - 921,820 921,820 - - Mortgage 1,309 23,479 11,554 36,342 1,256,864 1,293,206 11,554 - Consumer: Credit cards - - - - 18 18 - - Home equity lines of credit 890 462 3,780 5,132 61,644 66,776 3,780 - Personal 1,770 1,689 1,851 5,310 129,436 134,746 1,851 - Other 1,204 - - 1,204 6,764 7,968 - - Total $ 15,810 $ 45,812 $ 55,158 $ 116,780 $ 10,331,446 $ 10,448,226 $ 54,948 $ 210 June 30, 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 $ 3,195 $ - $ 9,143 $ 12,338 $ 2,372,142 $ 2,384,480 $ 9,143 $ - Commercial real estate: Non-owner occupied 4,207 2,783 8,509 15,499 4,988,973 5,004,472 8,509 - Owner occupied 1,770 17,327 47,541 66,638 3,077,179 3,143,817 47,541 - Commercial and industrial 10,568 2,401 32,552 45,521 7,149,836 7,195,357 28,740 3,812 Construction 5,479 - - 5,479 1,100,280 1,105,759 - - Mortgage [1] 288,777 128,745 384,860 802,382 7,081,344 7,883,726 175,344 209,516 Leasing 20,631 5,071 7,059 32,761 1,795,287 1,828,048 7,059 - Consumer: Credit cards 15,032 9,436 23,931 48,399 1,114,158 1,162,557 - 23,931 Home equity lines of credit 890 462 3,780 5,132 63,860 68,992 3,780 - Personal 23,305 14,444 21,501 59,250 1,820,369 1,879,619 21,501 - Auto 103,873 24,943 39,333 168,149 3,605,143 3,773,292 39,333 - Other 2,180 258 1,207 3,645 157,856 161,501 885 322 Total $ 479,907 $ 205,870 $ 579,416 $ 1,265,193 $ 34,326,427 $ 35,591,620 $ 341,835 $ 237,581 [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 $ 81 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of June 30, 2024. Furthermore, as of June 30, 2024, the Corporation had approximately $ 34 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 $ 387 million in unearned income and exclude $ 8 million in loans held-for-sale. [3] Includes $ 13.6 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 7.2 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $ 6.4 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. As of June 30, 2024, the Corporation had an available borrowing facility with the FHLB and the discount window of Federal Reserve Bank of New York of $ 3.9 billion and $ 4.7 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 June 30, 2024, mortgage loans held-in-portfolio include $ 2.4 billion (December 31, 2023 - $ 2.2 billion) of loans that carry certain guarantees from the FHA or the VA of which $ 209.7 million (December 31, 2023 - $ 241.6 million) are 90 days or more past due. The portfolio of guaranteed loans includes $ 81 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of June 30, 2024 (December 31, 2023 - $ 106 million). The Corporation has approximately $ 34 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at June 30, 2024 (December 31, 2023 - $ 38 million). Loans with a delinquency status of 90 days past due as of June 30, 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 June 30, 2024 and December 31, 2023 by class of loans: June 30, 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 $ - $ 443 $ 8,700 $ - $ 8,700 $ 443 Commercial real estate non-owner occupied 3,574 3,910 - 1,025 3,574 4,935 Commercial real estate owner occupied 16,822 8,463 22,256 - 39,078 8,463 Commercial and industrial 13,512 9,446 - 5,782 13,512 15,228 Mortgage 72,290 91,500 468 11,086 72,758 102,586 Leasing 590 6,469 - - 590 6,469 Consumer: HELOCs - - - 3,780 - 3,780 Personal 3,715 15,935 - 1,851 3,715 17,786 Auto 1,898 37,435 - - 1,898 37,435 Other - 885 - - - 885 Total $ 112,401 $ 174,486 $ 31,424 $ 23,524 $ 143,825 $ 198,010 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 June 30, 2024 include $ 144 million in collateral dependent loans (December 31, 2023 - $ 126 million). The Corporation recognized $ 2 million in interest income on non-accrual loans during the six months ended June 30, 2024 (June 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 (In thousands) Real Estate Auto Equipment Other Total BPPR Commercial multi-family $ 1,309 $ - $ - $ - $ 1,309 Commercial real estate: Non-owner occupied 213,560 - - - 213,560 Owner occupied 22,581 - - - 22,581 Commercial and industrial 3,332 - - 16,949 20,281 Mortgage 71,670 - - - 71,670 Leasing - 1,668 1 - 1,669 Consumer: Personal 3,791 - - - 3,791 Auto - 14,577 - - 14,577 Other - - - 38 38 Total BPPR $ 316,243 $ 16,245 $ 1 $ 16,987 $ 349,476 Popular U.S. Commercial multi-family $ 8,700 $ - $ - $ - $ 8,700 Commercial real estate: Owner occupied 22,256 $ - - - 22,256 Commercial and industrial - - 53 3,072 3,125 Mortgage 1,065 - - - 1,065 Total Popular U.S. $ 32,021 $ - $ 53 $ 3,072 $ 35,146 Popular, Inc. Commercial multi-family $ 10,009 $ - $ - $ - $ 10,009 Commercial real estate: Non-owner occupied 213,560 - - - 213,560 Owner occupied 44,837 - - - 44,837 Commercial and industrial 3,332 - 53 20,021 23,406 Mortgage 72,735 - - - 72,735 Leasing - 1,668 1 - 1,669 Consumer: Personal 3,791 - - - 3,791 Auto - 14,577 - - 14,577 Other - - - 38 38 Total Popular, Inc. $ 348,264 $ 16,245 $ 54 $ 20,059 $ 384,622 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 and six months ended June 30, 2024 and 2023, 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) For the quarter ended June 30, 2024 For the six months ended June 30, 2024 Purchase price of loans at acquisition $ 150 $ 576 Allowance for credit losses at acquisition 6 23 Par value of acquired loans at acquisition $ 156 $ 599 (In thousands) For the quarter ended June 30, 2023 For the six months ended June 30, 2023 Purchase price of loans at acquisition $ 277 $ 532 Allowance for credit losses at acquisition 10 78 Non-credit discount / (premium) at acquisition - 9 Par value of acquired loans at acquisition $ 287 $ 619