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Loans | 12 Months Ended
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Dec. 31, 2024
Receivables, Loans |
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 to the Consolidated Financial Statements. The following table presents the Corporation's loan purchases (including repurchases) for the years ended December 31, 2024 and 2023 by class of loans: For the years ended December 31, (In thousands) 2024 2023 Commercial $ 296,201 $ 265,613 Mortgage 378,573 384,851 Consumer - 127,077 Ending balance $ 674,774 $ 777,541 The following table presents the Corporation’s whole-loan sales for the years ended December 31, 2024 and 2023 by class of loans: For the years ended December 31, (In thousands) 2024 2023 Commercial $ 25,155 $ 82,651 Construction 16,656 - Mortgage 44,680 49,739 Consumer - 45,119 Ending balance $ 86,491 $ 177,509 During the year ended December 31, 2024, the Corporation securitized approximately $ 7 million of mortgage loans into GNMA mortgage-backed securities and $ 8 million of mortgage loans into FNMA mortgage-backed securities, compared to $ 2 million and $ 35 million, respectively, during the year ended December 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 December 31, 2024 and December 31, 2023. December 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 $ 1,491 $ 113 $ 79 $ 1,683 $ 306,318 $ 308,001 $ 79 $ - Commercial real estate: Non-owner occupied 3,103 586 6,429 10,118 3,236,385 3,246,503 6,429 - Owner occupied 11,054 808 25,258 37,120 1,338,791 1,375,911 25,258 - Commercial and industrial 5,738 2,712 23,895 32,345 5,314,549 5,346,894 19,335 4,560 Construction 1,039 - - 1,039 211,251 212,290 - - Mortgage 262,222 116,694 365,759 744,675 6,065,206 6,809,881 158,442 207,317 Leasing 23,991 6,062 9,588 39,641 1,885,764 1,925,405 9,588 - Consumer: Credit cards 17,399 11,719 29,960 59,078 1,158,975 1,218,053 - 29,960 Home equity lines of credit 16 129 - 145 1,895 2,040 - - Personal 19,503 13,005 20,269 52,777 1,697,600 1,750,377 20,269 - Auto 111,358 27,858 51,792 191,008 3,632,429 3,823,437 51,792 - Other 1,816 277 1,312 3,405 156,824 160,229 899 413 Total $ 458,730 $ 179,963 $ 534,341 $ 1,173,034 $ 25,005,987 $ 26,179,021 $ 292,091 $ 242,250 December 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 $ - $ 5,443 $ 8,700 $ 14,143 $ 2,077,476 $ 2,091,619 $ 8,700 $ - Commercial real estate: Non-owner occupied 6,792 - 8,015 14,807 2,101,925 2,116,732 8,015 - Owner occupied - - 5,191 5,191 1,776,644 1,781,835 5,191 - Commercial and industrial 10,336 5,323 1,938 17,597 2,377,071 2,394,668 1,748 190 Construction - - - - 1,051,502 1,051,502 - - Mortgage 18,148 5,417 29,890 53,455 1,250,847 1,304,302 29,890 - Consumer: Credit cards - - - - 26 26 - - Home equity lines of credit 530 986 3,393 4,909 66,622 71,531 3,393 - Personal 1,808 1,509 1,741 5,058 99,809 104,867 1,741 - Other 514 - 11 525 11,024 11,549 11 - Total $ 38,128 $ 18,678 $ 58,879 $ 115,685 $ 10,812,946 $ 10,928,631 $ 58,689 $ 190 December 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 $ 1,491 $ 5,556 $ 8,779 $ 15,826 $ 2,383,794 $ 2,399,620 $ 8,779 $ - Commercial real estate: Non-owner occupied 9,895 586 14,444 24,925 5,338,310 5,363,235 14,444 - Owner occupied 11,054 808 30,449 42,311 3,115,435 3,157,746 30,449 - Commercial and industrial 16,074 8,035 25,833 49,942 7,691,620 7,741,562 21,083 4,750 Construction 1,039 - - 1,039 1,262,753 1,263,792 - - Mortgage [1] 280,370 122,111 395,649 798,130 7,316,053 8,114,183 188,332 207,317 Leasing 23,991 6,062 9,588 39,641 1,885,764 1,925,405 9,588 - Consumer: Credit cards 17,399 11,719 29,960 59,078 1,159,001 1,218,079 - 29,960 Home equity lines of credit 546 1,115 3,393 5,054 68,517 73,571 3,393 - Personal 21,311 14,514 22,010 57,835 1,797,409 1,855,244 22,010 - Auto 111,358 27,858 51,792 191,008 3,632,429 3,823,437 51,792 - Other 2,330 277 1,323 3,930 167,848 171,778 910 413 Total $ 496,858 $ 198,641 $ 593,220 $ 1,288,719 $ 35,818,933 $ 37,107,652 $ 350,780 $ 242,440 [1] At December 31, 2024, mortgage loans held-in-portfolio include $ 2.6 billion of loans that carry certain guarantees from the FHA or the VA, for which the Corporation’s policy is to exclude them from non-performing status, of which $ 207 million are 90 days or more past due. The portfolio of guaranteed loans includes $ 65 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2024. The Corporation has approximately $ 31 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at December 31, 2024. [2] Loans held-in-portfolio are net of $ 415 million in unearned income and exclude $ 5 million in loans held-for-sale. [3] Includes $ 16.8 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 7.3 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $ 9.5 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. As of December 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 $ 7 .0 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] At December 31, 2023, mortgage loans held-in-portfolio include $ 2.2 billion of loans that carry certain guarantees from the FHA or the VA, for which the Corporation’s policy is to exclude them from non-performing status, of which $ 242 million are 90 days or more past due. The portfolio of guaranteed loans includes $ 106 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2023. The Corporation has approximately $ 38 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at December 31, 2023. [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 FHLB as collateral for borrowings and $ 7.2 billion at the 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 FRB 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. Loans with a delinquency status of 90 days past due as of December 31, 2024 include $ 9 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 components of the net financing leases, including finance leases within the C&I category, receivable at December 31, 2024 and 2023 were as follows: (In thousands) 2024 2023 Total minimum lease payments $ 1,676,763 $ 1,499,230 Estimated residual value of leased property 774,752 685,757 Deferred origination costs, net of fees 29,398 25,634 Less - Unearned financing income 403,273 351,026 Net minimum lease payments 2,077,640 1,859,595 Less - Allowance for credit losses 17,691 10,920 Net minimum lease payments, net of allowance for credit losses $ 2,059,949 $ 1,848,675 At December 31, 2024, future minimum lease payments are expected to be received as follows: (In thousands) 2025 $ 139,158 2026 207,752 2027 295,401 2028 375,569 2029 449,839 2030 and thereafter 209,044 Total $ 1,676,763 The following tables present the amortized cost basis of non-accrual loans as of December 31, 2024 and December 31, 2023 by class of loans: December 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 $ - $ 79 $ 8,700 $ - $ 8,700 $ 79 Commercial real estate non-owner occupied 3,450 2,979 7,115 900 10,565 3,879 Commercial real estate owner occupied 17,767 7,491 4,957 234 22,724 7,725 Commercial and industrial 9,020 10,315 - 1,748 9,020 12,063 Mortgage 66,176 92,266 1,069 28,821 67,245 121,087 Leasing 500 9,088 - - 500 9,088 Consumer: HELOCs - - - 3,393 - 3,393 Personal 2,960 17,309 - 1,741 2,960 19,050 Auto 1,992 49,800 - - 1,992 49,800 Other - 899 - 11 - 910 Total $ 101,865 $ 190,226 $ 21,841 $ 36,848 $ 123,706 $ 227,074 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, 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 December 31, 2024 include $ 124 million in collateral dependent loans (December 31, 2023 - $ 126 million). The Corporation recognized $ 4 million in interest income on non-accrual loans in each of the years ended December 31, 2024 and December 31, 2023. 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 December 31, 2024 and December 31, 2023: December 31, 2024 (In thousands) Real Estate Auto Equipment Other Total BPPR Commercial multi-family $ 1,278 $ - $ - $ - $ 1,278 Commercial real estate: Non-owner occupied 145,974 - - - 145,974 Owner occupied 23,361 - - - 23,361 Commercial and industrial 2,754 - - 11,593 14,347 Construction 576 - - - 576 Mortgage 77,910 - - - 77,910 Leasing - 1,437 1 - 1,438 Consumer: Personal 3,347 - - - 3,347 Auto - 15,782 - - 15,782 Other - - - 16 16 Total BPPR $ 255,200 $ 17,219 $ 1 $ 11,609 $ 284,029 Popular U.S. Commercial multi-family $ 14,517 $ - $ - $ - $ 14,517 Commercial real estate: Non-owner occupied 7,116 - - - 7,116 Owner occupied 4,956 - - - 4,956 Commercial and industrial - - 18 1,154 1,172 Mortgage 1,430 - - - 1,430 Total Popular U.S. $ 28,019 $ - $ 18 $ 1,154 $ 29,191 Popular, Inc. Commercial multi-family $ 15,795 $ - $ - $ - $ 15,795 Commercial real estate: Non-owner occupied 153,090 - - - 153,090 Owner occupied 28,317 - - - 28,317 Commercial and industrial 2,754 - 18 12,747 15,519 Construction 576 - - - 576 Mortgage 79,340 - - - 79,340 Leasing - 1,437 1 - 1,438 Consumer: Personal 3,347 - - - 3,347 Auto - 15,782 - - 15,782 Other - - - 16 16 Total Popular, Inc. $ 283,219 $ 17,219 $ 19 $ 12,763 $ 313,220 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 year 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) December 31, 2024 December 31, 2023 Purchase price of loans at acquisition $ 919 $ 819 Allowance for credit losses at acquisition 34 89 Non-credit discount / (premium) at acquisition - 9 Par value of acquired loans at acquisition $ 953 $ 917

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- Definition The entire disclosure for claims held for amounts due to 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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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