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Segment reporting | 3 Months Ended
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Mar. 31, 2025
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. 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: 2025 For the quarter ended March 31, 2025 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 731,888 $ 186,392 $ (1,681) Interest expense 209,996 93,450 (1,681) Net interest income 521,892 92,942 - Provision for credit losses 53,512 10,610 - Non-interest income 137,505 6,143 - Personnel costs 151,284 25,442 - Professional fees 13,059 2,739 - Technology and software expenses 64,151 10,088 - Processing and transactional services 37,179 597 - Amortization of intangibles 342 255 - Depreciation expense 9,694 2,197 - Other operating expenses [1] 128,754 25,619 - Total operating expenses 404,463 66,937 - Income before income tax 201,422 21,538 - Income tax expense 35,443 6,722 - Net income $ 165,979 $ 14,816 $ - Segment assets $ 59,288,907 $ 14,529,602 $ (166,540) For the quarter ended March 31, 2025 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Interest income $ 916,599 $ 1,536 $ (1,137) $ 916,998 Interest expense 301,765 10,773 (1,137) 311,401 Net interest income (expense) 614,834 (9,237) - 605,597 Provision for credit losses (benefit) 64,122 (41) - 64,081 Non-interest income 143,648 9,029 (616) 152,061 Personnel costs 176,726 35,987 - 212,713 Professional fees 15,798 11,357 (330) 26,825 Technology and software expenses 74,239 9,429 - 83,668 Processing and transactional services 37,776 5 - 37,781 Amortization of intangibles 597 - - 597 Depreciation expense 11,891 389 - 12,280 Other operating expenses [1] 154,373 (56,402) (823) 97,148 Total operating expenses 471,400 765 (1,153) 471,012 Income before income tax 222,960 (932) 537 222,565 Income tax expense 42,165 2,675 223 45,063 Net income (loss) $ 180,795 $ (3,607) $ 314 $ 177,502 Segment assets $ 73,651,969 $ 5,906,249 $ (5,519,612) $ 74,038,606 [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. 2024 For the quarter ended March 31, 2024 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 713,988 $ 182,883 $ (3,287) Interest expense 241,147 98,030 (3,287) Net interest income 472,841 84,853 - Provision for credit losses 60,680 11,435 - Non-interest income 145,669 7,120 (56) Personnel costs 152,926 27,144 - Professional fees 12,368 3,479 (56) Technology and software expenses 63,184 8,900 - Processing and transactional services 33,554 633 - Amortization of intangibles 484 311 - Depreciation expense 13,009 1,943 - Other operating expenses [1] 131,773 27,632 - Total operating expenses 407,298 70,042 (56) Income before income tax 150,532 10,496 - 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. Interest income 893,584 3,799 (3,242) 894,141 Interest expense 335,890 10,749 (3,242) 343,397 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 Personnel costs 180,070 35,307 - 215,377 Professional fees 15,791 13,404 (277) 28,918 Technology and software expenses 72,084 7,378 - 79,462 Processing and transactional services 34,187 7 - 34,194 Amortization of intangibles 795 - - 795 Depreciation expense 14,952 409 - 15,361 Other operating expenses [1] 159,405 (49,485) (914) 109,006 Total operating expenses 477,284 7,020 (1,191) 483,113 Income before income tax 161,028 (2,731) 554 158,851 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 [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 first quarter of 2025, BPPR participate in loans originated by PB totaling $ 6 million (2024 - did no t participate). Total assets for the BPPR segment related to its operations in the United States amounted to $ 1.4 billion (December 31, 2024 - $ 1.6 billion), including $ 104 million in multifamily loans (December 31, 2024 - $ 104 million), $ 455 million in commercial real estate loans (December 31, 2024 - $ 588 million), $ 664 million in C&I loans (December 31, 2024 - $ 685 million), and $ 90 million in unsecured personal loans (December 31, 2024 - $ 113 million). During the quarter ended March 31, 2025, the BPPR segment generated approximately $ 26.3 million (March 31, 2024 - $ 29.8 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 (December 31, 2024 - $ 1.0 billion). The BPPR segment generated $ 11.8 million in revenues during the first quarter of 2025 (March 31, 2024 - $ 10.6 million) from its operations in the U.S. and British Virgin Islands. Geographic Information Quarter ended (In thousands) March 31, 2025 March 31, 2024 Revenues: [1] Puerto Rico $ 609,961 $ 565,744 United States 127,216 126,741 Other 20,481 22,077 Total consolidated revenues $ 757,658 $ 714,562 [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 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, 2025 December 31, 2024 Puerto Rico Total assets $ 56,870,242 $ 55,888,211 Loans 24,279,836 24,154,610 Deposits 52,675,896 52,099,309 United States Total assets $ 15,900,462 $ 15,890,339 Loans 12,452,697 12,431,859 Deposits 11,388,174 11,030,879 Other Total assets $ 1,267,902 $ 1,266,833 Loans 526,576 526,606 Deposits [1] 1,755,186 1,754,157 [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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