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Segment reporting | 12 Months Ended
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Dec. 31, 2024
Segment reporting disclosure |
Segment Reporting | Note 36 – 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. The chief operating decision maker (“CODM”) of the Corporation is the Chief Executive Officer (“CEO”) who utilizes net income as one of the segment profitability measures, to evaluate the performance of each reportable segment and assess where to allocate resources effectively. The CEO receives profitability reports that include net income per segment, net interest income and other income and expense categories. The CODM uses the segment’s net income and components of net income, including segment revenues and expenses to assess performance and to manage important aspects by each reportable segments such as human capital, investment in technology, making budget allocations as well as other strategic decisions. 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 and the brokerage 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 BHD. 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. Assets representing transactions between reportable segments or the Corporate group are also eliminated in the tables presented below. The tables that follow present the results of operations and total assets by reportable segments: December 31, 2024 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 2,926,996 $ 753,912 $ (10,600) Interest expense 970,430 397,910 (10,600) Net interest income 1,956,566 356,002 - Provision for credit losses 254,843 1,369 - Non-interest income 596,262 26,247 (56) Personnel costs 601,652 104,948 - Professional fees 58,687 12,562 (56) Technology and software expenses 254,584 37,884 - Processing and transactional services 140,293 2,362 - Amortization of intangibles 1,696 1,242 - Depreciation expense 47,019 8,499 - Other operating expenses [1] 510,108 102,207 - Total operating expenses 1,614,039 269,704 (56) Income before income tax 683,946 111,176 - Income tax expense 128,207 33,549 - Net income $ 555,739 $ 77,627 $ - Segment assets $ 58,601,802 $ 14,333,292 $ (264,885) December 31, 2024 Reportable Total (In thousands) Segments Corporate Eliminations Popular, Inc. Interest income $ 3,670,308 $ 12,589 $ (9,634) $ 3,673,263 Interest expense 1,357,740 42,869 (9,634) 1,390,975 Net interest income (expense) 2,312,568 (30,280) - 2,282,288 Provision for credit losses 256,212 730 - 256,942 Non-interest income 622,453 41,046 (4,590) 658,909 Personnel costs 706,600 113,851 - 820,451 Professional fees 71,193 55,608 (979) 125,822 Technology and software expenses 292,468 36,593 - 329,061 Processing and transactional services 142,655 22 - 142,677 Amortization of intangibles 2,938 - - 2,938 Depreciation expense 55,518 1,560 - 57,078 Other operating expenses [1] 612,315 (199,165) (3,540) 409,610 Total operating expenses 1,883,687 8,469 (4,519) 1,887,637 Income before income tax 795,122 1,567 (71) 796,618 Income tax expense 161,756 20,609 41 182,406 Net income (loss) $ 633,366 $ (19,042) $ (112) $ 614,212 Segment assets $ 72,670,209 $ 5,895,389 $ (5,520,215) $ 73,045,383 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. December 31, 2023 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 2,631,407 $ 627,600 $ (16,432) Interest expense 819,752 276,955 (16,434) 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) Personnel costs 571,516 102,994 - Professional fees 79,108 17,410 (401) Technology and software expenses 232,652 31,890 - Processing and transactional services 135,528 2,521 - Amortization of intangibles 1,937 1,243 - Goodwill impairment charge - 23,000 - Depreciation expense 49,135 7,888 - Other operating expenses [1] 544,767 99,438 (3) Total operating expenses 1,614,643 286,384 (404) Income before income tax 589,364 74,545 2 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. Interest income $ 3,242,575 $ 18,141 $ (15,409) $ 3,245,307 Interest expense 1,080,273 48,919 (15,409) 1,113,783 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 Personnel costs 674,510 103,535 - 778,045 Professional fees 96,117 65,713 (688) 161,142 Technology and software expenses 264,542 26,073 - 290,615 Processing and transactional services 138,049 21 - 138,070 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] 644,202 (194,824) (3,837) 445,541 Total operating expenses 1,900,623 2,002 (4,525) 1,898,100 Income before income tax 663,911 11,930 (302) 675,539 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 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. December 31, 2022 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 2,026,539 $ 442,053 $ (5,244) Interest expense 203,022 69,065 (5,247) Net interest income 1,823,517 372,988 3 Provision for credit losses (benefit) 70,304 12,452 - Non-interest income 680,276 31,958 (547) Personnel costs 534,539 97,053 - Professional fees 61,299 20,006 (535) Technology and software expenses 237,187 28,586 - Processing and transactional services 124,751 2,361 - Amortization of intangibles 1,937 1,338 - Goodwill impairment charge - 9,000 - Depreciation expense 47,003 6,919 - Other operating expenses [1] 496,411 82,130 (8) Total operating expenses 1,503,127 247,393 (543) Income before income tax 930,362 145,101 (1) Income tax expense (benefit) 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. Interest income $ 2,463,348 $ 3,102 $ (539) $ 2,465,911 Interest expense 266,840 32,251 (539) 298,552 Net interest income (expense) 2,196,508 (29,149) - 2,167,359 Provision for credit losses (benefit) 82,756 274 - 83,030 Non-interest income 711,687 189,835 (4,460) 897,062 Personnel costs 631,592 88,172 - 719,764 Professional fees 80,770 92,088 (815) 172,043 Technology and software expenses 265,773 26,129 - 291,902 Processing and transactional services 127,112 33 - 127,145 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 (benefit) [1] 578,533 (206,342) (4,007) 368,184 Total operating expenses 1,749,977 1,265 (4,822) 1,746,420 Income before income tax 1,075,462 159,147 362 1,234,971 Income tax expense (benefit) 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 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. 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 in addition to periodic loan participations with PB. During the year ended December 31, 2024, BPPR did no t participate in loans originated by PB (2023 – $ 81 million, 2022 - $ 184 million). Total assets for the BPPR segment related to its operations in the United States amounted to $ 1.6 billion (2023 - $ 1.5 billion), including $ 104 million in multifamily loans (2023 - $ 106 million), $ 588 million in commercial real estate loans (2023 - $ 528 million), $ 685 million in C&I loans (2023 - $ 557 million), and $ 113 million in unsecured personal loans (2023 - $ 229 million). During the year ended December 31, 2024, the BPPR segment generated approximately $ 124.2 million (2023 - $ 117.7 million, 2022 - $ 67.8 million) in revenues from its operations in the United States, mainly from net interest income. In the Virgin Islands, the BPPR segment offers banking products, including loans and deposits. Total assets for the BPPR segment related to its operations in the U.S. and British Virgin Islands amounted to $ 1.0 billion (2023 - $ 1.0 billion). The BPPR segment generated $ 43.4 million in revenues during the year ended December 31, 2024 (2023 - $ 45.0 million, 2022 - $ 46.6 million) from its operations in the U.S. and British Virgin Islands. (In thousands) 2024 2023 2022 Revenues: [1] Puerto Rico $ 2,334,721 $ 2,175,938 $ 2,505,988 United States 520,534 518,805 480,545 Other 85,942 87,505 77,888 Total consolidated revenues $ 2,941,197 $ 2,782,248 $ 3,064,421 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net (loss) gain, including impairment on equity securities, net (loss) gain on trading account debt securities, net gain (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) 2024 2023 2022 Puerto Rico Total assets $ 55,888,211 $ 54,181,300 $ 53,541,427 Loans 24,154,610 22,519,961 20,884,442 Deposits 52,099,309 51,282,007 51,138,790 United States Total assets $ 15,890,339 $ 15,343,156 $ 12,718,775 Loans 12,431,859 12,006,012 10,643,964 Deposits 11,030,879 10,643,602 8,182,702 Other Total assets $ 1,266,833 $ 1,233,699 $ 1,377,715 Loans 526,606 543,299 554,744 Deposits [1] 1,754,157 1,692,634 1,905,735 [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. 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