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LOANS HELD FOR INVESTMENT

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

LOAN HELD FOR INVESTMENT [Text Block]

NOTE 3 – LOANS HELD FOR INVESTMENT

The following provides information about the loan portfolio held for investment as of the indicated dates:

		As of March 31,			As of December 31,
		2022			2021
(In thousands)
Residential mortgage loans, mainly secured by first mortgages		$	2,891,699		$	2,978,895
Construction loans			111,908			138,999
Commercial mortgage loans			2,237,702			2,167,469
Commercial and Industrial ("C&I") loans (1) (2)			2,880,256			2,887,251
Consumer loans			2,976,140			2,888,044
Loans held for investment (3)			11,097,705			11,060,658
ACL on loans and finance leases			(245,447)			(269,030)
Loans held for investment, net		$	10,852,258		$	10,791,628
(1)	As of March 31, 2022 and December 31, 2021, includes $89.7 million and $145.0 million, respectively, of SBA PPP loans.
(2)	As of March 31, 2022 and December 31, 2021, includes $938.9 million and $952.1 million, respectively, of commercial loans that were secured by real estate but were not dependent upon the real estate for repayment.
(3)	Includes accretable fair value net purchase discounts of $33.9 million and $35.3 million as of March 31, 2022 and December 31, 2021, respectively.

The following tables present by portfolio classes the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing as of March 31, 2022 and the interest income recognized on nonaccrual loans for the quarters ended March 31, 2022 and 2021:
		As of March 31, 2022												Quarter Ended March 31, 2022			Quarter Ended March 31, 2021
Puerto Rico and Virgin Islands region		Nonaccrual Loans with No ACL			Nonaccrual Loans with ACL			Total Nonaccrual Loans (2)			Loans Past Due 90 days or more and Still Accruing (2)(3)			Interest Income Recognized on Nonaccrual Loans			Interest Income Recognized on Nonaccrual Loans
(In thousands)
Residential mortgage loans, mainly secured
by first mortgages:
	FHA\VA government-guaranteed	$	-		$	-		$	-		$	57,744		$	-		$	-
	Conventional residential mortgage loans		2,839			40,360			43,199			24,636			166			312
Construction loans			982			1,561			2,543			2,269			14			15
Commercial mortgage loans			8,672			17,904			26,576			18,983			79			50
C&I loans			10,395			6,810			17,205			9,782			31			17
Consumer Loans:
Auto loans			2,548			4,664			7,212			-			18			22
Finance leases			278			682			960			-			1			1
Personal loans			-			1,140			1,140			-			19			28
Credit cards			-			-			-			3,579			-			-
Other consumer loans			18			1,481			1,499			-			2			-
Total loans held for investment (1)		$	25,732		$	74,602		$	100,334		$	116,993		$	330		$	445
(1)	Nonaccrual loans exclude $348.3 million of TDR loans that were in compliance with modified terms and in accrual status as of March 31, 2022.
(2)	Nonaccrual loans exclude purchase with credit deterioration ("PCD") loans previously accounted for under Accounting Standard Codification ("ASC") Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("ASC Subtopic 310-30") for which the Corporation made the accounting policy election of maintaining pools of loans accounted for under ASC Subtopic 310-30 as “units of account” both at the time of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans accrete interest income based on the effective interest rate of the loan pools determined at the time of adoption of CECL and will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The amortized cost of such loans as of March 31, 2022 was $113.5 million. The portion of such loans contractually past due 90 days or more, amounting to $18.0 million as of March 31, 2022 ($16.4 million conventional residential mortgage loans and $1.6 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above.
(3)	These include rebooked loans, which were previously pooled into GNMA securities amounting to $9.5 million as of March 31, 2022. Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA’s specified delinquency criteria. For accounting purposes, the loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.

		As of March 31, 2022												Quarter Ended March 31, 2022			Quarter Ended March 31, 2021
Florida region		Nonaccrual Loans with No ACL			Nonaccrual Loans with ACL			Total Nonaccrual Loans			Loans Past Due 90 days or more and Still Accruing			Interest Income Recognized on Nonaccrual Loans			Interest Income Recognized on Nonaccrual Loans
(In thousands)
Residential mortgage loans, mainly secured
by first mortgages:
	FHA\VA government-guaranteed	$	-		$	-		$	-		$	121		$	-		$	-
	Conventional residential mortgage loans		-			5,619			5,619			-			41			64
Construction loans			-			-			-			-			-			-
Commercial mortgage loans			-			-			-			-			-			-
C&I loans			445			479			924			10			16			18
Consumer Loans:
Auto loans			-			22			22			-			-			-
Finance leases			-			-			-			-			-			-
Personal loans			-			-			-			-			-			-
Credit cards			-			-			-			-			-			-
Other consumer loans			-			131			131			-			2			5
Total loans held for investment (1)		$	445		$	6,251		$	6,696		$	131		$	59		$	87
(1)	Nonaccrual loans exclude $5.7 million of TDR loans that were in compliance with modified terms and in accrual status as of March 31, 2022.

		As of March 31, 2022												Quarter Ended March 31, 2022			Quarter Ended March 31, 2021
Total		Nonaccrual Loans with No ACL			Nonaccrual Loans with ACL			Total Nonaccrual Loans (2)			Loans Past Due 90 days or more and Still Accruing (2)(3)			Interest Income Recognized on Nonaccrual Loans			Interest Income Recognized on Nonaccrual Loans
(In thousands)
Residential mortgage loans, mainly secured
by first mortgages:
	FHA\VA government-guaranteed	$	-		$	-		$	-		$	57,865		$	-		$	-
	Conventional residential mortgage loans		2,839			45,979			48,818			24,636			207			376
Construction loans			982			1,561			2,543			2,269			14			15
Commercial mortgage loans			8,672			17,904			26,576			18,983			79			50
C&I loans			10,840			7,289			18,129			9,792			47			35
Consumer Loans:
Auto loans			2,548			4,686			7,234			-			18			22
Finance leases			278			682			960			-			1			1
Personal loans			-			1,140			1,140			-			19			28
Credit cards			-			-			-			3,579			-			-
Other consumer loans			18			1,612			1,630			-			4			5
Total loans held for investment (1)		$	26,177		$	80,853		$	107,030		$	117,124		$	389		$	532
(1)	Nonaccrual loans exclude $354.0 million of TDR loans that were in compliance with modified terms and in accrual status as of March 31, 2022.
(2)	Nonaccrual loans excludes PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans accounted for under ASC Subtopic 310-30 as “units of account” both at the time of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans accrete interest income based on the effective interest rate of the loan pools determined at the time of adoption of CECL and will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The amortized cost of such loans as of March 31, 2022 was $113.5 million. The portion of such loans contractually past due 90 days or more, amounting to $18.0 million as of March 31, 2022 ($16.4 million conventional residential mortgage loans and $1.6 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above.
(3)	These include rebooked loans, which were previously pooled into GNMA securities, amounting to $9.5 million as of March 31, 2022. Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA’s specified delinquency criteria. For accounting purposes, these loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.

The following tables present by portfolio classes the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing as of December 31, 2021:
		As of December 31, 2021
Puerto Rico and Virgin Islands region		Nonaccrual Loans with No ACL			Nonaccrual Loans with ACL			Total Nonaccrual Loans (2)			Loans Past Due 90 days or more and Still Accruing (2)(3)
(In thousands)
Residential mortgage loans, mainly secured
by first mortgages:
	FHA\VA government-guaranteed	$	-		$	-		$	-		$	65,394
	Conventional residential mortgage loans		3,689			44,286			47,975			28,433
Construction loans			1,000			1,664			2,664			-
Commercial mortgage loans			8,289			17,048			25,337			9,919
C&I loans			10,925			5,259			16,184			7,766
Consumer Loans:
Auto loans			3,146			3,538			6,684			-
Finance leases			196			670			866			-
Personal loans			-			1,208			1,208			-
Credit cards			-			-			-			2,985
Other consumer loans			20			1,543			1,563			-
Total loans held for investment (1)		$	27,265		$	75,216		$	102,481		$	114,497
(1)	Nonaccrual loans exclude $357.7 million of TDR loans that were in compliance with modified terms and in accrual status as of December 31, 2021.
(2)	Nonaccrual loans exclude PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans accounted for under ASC Subtopic 310-30 as “units of account” both at the time of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans accrete interest income based on the effective interest rate of the loan pools determined at the time of adoption of CECL and will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The amortized cost of such loans as of December 31, 2021 was $117.5 million. The portion of such loans contractually past due 90 days or more, amounting to $20.6 million as of December 31, 2021 ($19.1 million conventional residential mortgage loans and $1.5 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above.
(3)	These include rebooked loans, which were previously pooled into GNMA securities amounting to $7.2 million as of December 31, 2021. Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA’s specified delinquency criteria. For accounting purposes, the loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.

		As of December 31, 2021
Florida region		Nonaccrual Loans with No ACL			Nonaccrual Loans with ACL			Total Nonaccrual Loans			Loans Past Due 90 days or more and Still Accruing
(In thousands)
Residential mortgage loans, mainly secured
by first mortgages:
	FHA\VA government-guaranteed	$	-		$	-		$	-		$	121
	Conventional residential mortgage loans		-			7,152			7,152			-
Construction loans			-			-			-			-
Commercial mortgage loans			-			-			-			-
C&I loans			468			483			951			61
Consumer Loans:
Auto loans			-			-			-			-
Finance leases			-			-			-			-
Personal loans			-			-			-			-
Credit cards			-			-			-			-
Other consumer loans			-			133			133			-
Total loans held for investment (1)		$	468		$	7,768		$	8,236		$	182
(1)	Nonaccrual loans exclude $5.7 million of TDR loans that were in compliance with modified terms and in accrual status as of December 31, 2021.

		As of December 31, 2021
Total		Nonaccrual Loans with No ACL			Nonaccrual Loans with ACL			Total Nonaccrual Loans (2)			Loans Past Due 90 days or more and Still Accruing (2)(3)
(In thousands)
Residential mortgage loans, mainly secured
by first mortgages:
	FHA\VA government-guaranteed	$	-		$	-		$	-		$	65,515
	Conventional residential mortgage loans		3,689			51,438			55,127			28,433
Construction loans			1,000			1,664			2,664			-
Commercial mortgage loans			8,289			17,048			25,337			9,919
C&I loans			11,393			5,742			17,135			7,827
Consumer Loans:
Auto loans			3,146			3,538			6,684			-
Finance leases			196			670			866			-
Personal loans			-			1,208			1,208			-
Credit cards			-			-			-			2,985
Other consumer loans			20			1,676			1,696			-
Total loans held for investment (1)		$	27,733		$	82,984		$	110,717		$	114,679
(1)	Nonaccrual loans exclude $363.4 million of TDR loans that were in compliance with modified terms and in accrual status as of December 31, 2021.
(2)	Nonaccrual loans excludes PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans accounted for under ASC Subtopic 310-30 as “units of account” both at the time of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans accrete interest income based on the effective interest rate of the loan pools determined at the time of adoption of CECL and will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The amortized cost of such loans as of December 31, 2021 was $117.5 million. The portion of such loans contractually past due 90 days or more, amounting to $20.6 million as of December 31, 2021 ($19.1 million conventional residential mortgage loans and $1.5 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above.
(3)	These include rebooked loans, which were previously pooled into GNMA securities, amounting to $7.2 million as of December 31, 2021. Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA’s specified delinquency criteria. For accounting purposes, these loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.

When a loan is placed on nonaccrual status, any accrued but uncollected interest income is reversed and charged against interest income and amortization of any net deferred fees is suspended. The amount of accrued interest reversed against interest income totaled $0.4 million for the first quarter of 2022 ($1.0 million for the first quarter of 2021).

As of March 31, 2022, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $84.8 million, including $37.7 million of loans insured by the FHA or guaranteed by the VA, and $11.7 million of PCD loans acquired prior to the adoption on January 1, 2020 of CECL and for which the Corporation made the accounting policy election of maintaining pools of loans previously accounted for under ASC 310-30 as “units of account.” The Corporation commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent, in accordance with the requirements of the Consumer Financial Protection Bureau (“CFPB”). Foreclosure procedures and timelines vary depending on whether the property is located in a judicial or non-judicial state. Judicial states (i.e., Puerto Rico, Florida and the USVI) require the foreclosure to be processed through the state’s court while foreclosure in non-judicial states (i.e., the BVI) is processed without court intervention. Foreclosure timelines vary according to local jurisdiction law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediations, bankruptcy, court delays, and title issues.

The Corporation’s aging of the loan portfolio held for investment by portfolio classes as of March 31, 2022 is as follows:
As of March 31, 2022
Puerto Rico and Virgin Islands region		30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due (1) (2) (3)			Total Past Due			Current			Total loans held for investment
(In thousands)
Residential mortgage loans, mainly secured by first mortgages:
FHA/VA government-guaranteed loans (2) (3) (4)		$	-		$	2,254		$	57,744		$	59,998		$	60,276		$	120,274
Conventional residential mortgage loans (4)			-			29,830			67,835			97,665			2,269,154			2,366,819
Commercial loans:
Construction loans			63			-			4,812			4,875			40,545			45,420
Commercial mortgage loans (4)			6,017			5,880			45,559			57,456			1,676,401			1,733,857
C&I loans			5,704			6,675			26,987			39,366			1,887,560			1,926,926
Consumer loans:
Auto loans			21,961			3,948			7,212			33,121			1,596,528			1,629,649
Finance leases			4,870			1,254			960			7,084			599,182			606,266
Personal loans			2,633			1,510			1,140			5,283			304,364			309,647
Credit cards			3,039			1,681			3,579			8,299			280,093			288,392
Other consumer loans			1,615			751			1,499			3,865			124,180			128,045
Total loans held for investment		$	45,902		$	53,783		$	217,327		$	317,012		$	8,838,283		$	9,155,295
(1)	Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days.
(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $38.6 million of residential mortgage loans insured by the FHA that were over 15 months delinquent.
(3)	As of March 31, 2022, includes $9.5 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans.
(4)	According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, conventional residential mortgage loans, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of March 31, 2022 amounted to $5.9 million, $54.0 million, and $0.9 million, respectively.

As of March 31, 2022
Florida region		30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due (1) (2)			Total Past Due			Current			Total loans held for investment
(In thousands)
Residential mortgage loans, mainly secured by first mortgages:
FHA/VA government-guaranteed loans (2)		$	-		$	-		$	121		$	121		$	615		$	736
Conventional residential mortgage loans (3)			-			-			5,619			5,619			398,251			403,870
Commercial loans:
Construction loans			-			-			-			-			66,488			66,488
Commercial mortgage loans			-			-			-			-			503,845			503,845
C&I loans			307			-			934			1,241			952,089			953,330
Consumer loans:
Auto loans			299			95			22			416			6,650			7,066
Finance leases			-			-			-			-			-			-
Personal loans			-			-			-			-			410			410
Credit cards			-			-			-			-			-			-
Other consumer loans			13			-			131			144			6,521			6,665
Total loans held for investment		$	619		$	95		$	6,827		$	7,541		$	1,934,869		$	1,942,410
(1)	Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans).
(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $0.1 million of residential mortgage loans insured by the FHA that were over 15 months delinquent.
(3)	According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. Conventional residential mortgage loans past due 30-59 days, but less than two payments in arrears, as of March 31, 2022 amounted to $7.7 million.

As of March 31, 2022
Total		30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due (1) (2) (3)			Total Past Due			Current			Total loans held for investment
(In thousands)
Residential mortgage loans, mainly secured by first mortgages:
FHA/VA government-guaranteed loans (2) (3) (4)		$	-		$	2,254		$	57,865		$	60,119		$	60,891		$	121,010
Conventional residential mortgage loans (4)			-			29,830			73,454			103,284			2,667,405			2,770,689
Commercial loans:
Construction loans			63			-			4,812			4,875			107,033			111,908
Commercial mortgage loans (4)			6,017			5,880			45,559			57,456			2,180,246			2,237,702
C&I loans			6,011			6,675			27,921			40,607			2,839,649			2,880,256
Consumer loans:
Auto loans			22,260			4,043			7,234			33,537			1,603,178			1,636,715
Finance leases			4,870			1,254			960			7,084			599,182			606,266
Personal loans			2,633			1,510			1,140			5,283			304,774			310,057
Credit cards			3,039			1,681			3,579			8,299			280,093			288,392
Other consumer loans			1,628			751			1,630			4,009			130,701			134,710
Total loans held for investment		$	46,521		$	53,878		$	224,154		$	324,553		$	10,773,152		$	11,097,705
(1)	Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days.
(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $38.7 million of residential mortgage loans insured by the FHA that were over 15 months delinquent.
(3)	As of Mach 31, 2022, includes $9.5 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans.
(4)	According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, conventional residential mortgage loans, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of March 31, 2022 amounted to $5.9 million, $61.7 million, and $0.9 million, respectively.

The Corporation’s aging of the loan portfolio held for investment by portfolio classes as of December 31, 2021 is as follows:
As of December 31, 2021
Puerto Rico and Virgin Islands region		30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due (1) (2) (3)			Total Past Due			Current			Total loans held for investment
(In thousands)
Residential mortgage loans, mainly secured by first mortgages:
FHA/VA government-guaranteed loans (2) (3) (4)		$	-		$	2,355		$	65,394		$	67,749		$	56,903		$	124,652
Conventional residential mortgage loans (4)			-			29,724			76,408			106,132			2,318,789			2,424,921
Commercial loans:
Construction loans			18			-			2,664			2,682			40,451			43,133
Commercial mortgage loans (4)			2,402			436			35,256			38,094			1,664,137			1,702,231
C&I loans			2,007			1,782			23,950			27,739			1,918,858			1,946,597
Consumer loans:
Auto loans			26,020			4,828			6,684			37,532			1,525,249			1,562,781
Finance leases			4,820			713			866			6,399			568,606			575,005
Personal loans			3,299			1,285			1,208			5,792			310,283			316,075
Credit cards			3,158			1,904			2,985			8,047			282,179			290,226
Other consumer loans			1,985			811			1,563			4,359			123,938			128,297
Total loans held for investment		$	43,709		$	43,838		$	216,978		$	304,525		$	8,809,393		$	9,113,918
(1)	Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days.
(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $46.6 million of residential mortgage loans insured by the FHA that were over 15 months delinquent.
(3)	As of December 31, 2021, includes $7.2 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans.
(4)	According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, conventional residential mortgage loans, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of December 31, 2021 amounted to $6.1 million, $63.1 million, and $0.7 million, respectively.

As of December 31, 2021
Florida region		30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due (1) (2)			Total Past Due			Current			Total loans held for investment
(In thousands)
Residential mortgage loans, mainly secured by first mortgages:
FHA/VA government-guaranteed loans (2)		$	-		$	-		$	121		$	121		$	619		$	740
Conventional residential mortgage loans (3)			-			2,108			7,152			9,260			419,322			428,582
Commercial loans:
Construction loans			-			-			-			-			95,866			95,866
Commercial mortgage loans			-			-			-			-			465,238			465,238
C&I loans			40			63			1,012			1,115			939,539			940,654
Consumer loans:
Auto loans			442			121			-			563			8,196			8,759
Finance leases			-			-			-			-			-			-
Personal loans			-			-			-			-			107			107
Credit cards			-			-			-			-			-			-
Other consumer loans			11			-			133			144			6,650			6,794
Total loans held for investment		$	493		$	2,292		$	8,418		$	11,203		$	1,935,537		$	1,946,740
(1)	Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans).
(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. No residential mortgage loans insured by the FHA in the Florida region were over 15 months delinquent as of December 31, 2021.
(3)	According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. Conventional residential mortgage loans past due 30-59 days, but less than two payments in arrears, as of December 31, 2021 amounted to $2.9 million.

As of December 31, 2021
Total		30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due (1) (2) (3)			Total Past Due			Current			Total loans held for investment
(In thousands)
Residential mortgage loans, mainly secured by first mortgages:
FHA/VA government-guaranteed loans (2) (3) (4)		$	-		$	2,355		$	65,515		$	67,870		$	57,522		$	125,392
Conventional residential mortgage loans (4)			-			31,832			83,560			115,392			2,738,111			2,853,503
Commercial loans:
Construction loans			18			-			2,664			2,682			136,317			138,999
Commercial mortgage loans (4)			2,402			436			35,256			38,094			2,129,375			2,167,469
C&I loans			2,047			1,845			24,962			28,854			2,858,397			2,887,251
Consumer loans:
Auto loans			26,462			4,949			6,684			38,095			1,533,445			1,571,540
Finance leases			4,820			713			866			6,399			568,606			575,005
Personal loans			3,299			1,285			1,208			5,792			310,390			316,182
Credit cards			3,158			1,904			2,985			8,047			282,179			290,226
Other consumer loans			1,996			811			1,696			4,503			130,588			135,091
Total loans held for investment		$	44,202		$	46,130		$	225,396		$	315,728		$	10,744,930		$	11,060,658
(1)	Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days.
(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $46.6 million of residential mortgage loans insured by the FHA that were over 15 months delinquent.
(3)	As of December 31, 2021, includes $7.2 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans.
(4)	According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, conventional residential mortgage loans, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of December 31, 2021 amounted to $6.1 million, $66.0 million, and $0.7 million, respectively.

Credit Quality Indicators:

The Corporation categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes non-homogeneous loans, such as commercial mortgage, commercial and industrial, and construction loans individually to classify the loans’ credit risk. As mentioned above, the Corporation periodically reviews its commercial and construction loans to evaluate if they are properly classified. The frequency of these reviews will depend on the amount of the aggregate outstanding debt, and the risk rating classification of the obligor. In addition, during the renewal and annual review process of applicable credit facilities, the Corporation evaluates the corresponding loan grades. The Corporation uses the same definition for risk ratings as those described for Puerto Rico municipal bonds accounted for as held-to-maturity securities, as discussed in Note 5 – Investment Securities, in the 2021 Annual Report on Form 10-K.

For residential mortgage and consumer loans, the Corporation also evaluates credit quality based on its interest accrual status.

Based on the most recent analysis performed, the amortized cost of commercial and construction loans by portfolio classes and by origination year based on the internal credit-risk category as of March 31, 2022 and the amortized cost of commercial and construction loans by portfolio classes based on the internal credit-risk category as of December 31, 2021 was as follows:

		As of March 31, 2022
Puerto Rico and Virgin Islands region		Term Loans																								As of December 31, 2021
		Amortized Cost Basis by Origination Year (1)
(In thousands)		2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
CONSTRUCTION
Risk Ratings:
Pass		$	-		$	3,222		$	10,366		$	22,187		$	-		$	4,988		$	-		$	40,763		$	38,066
Criticized:
Special Mention			-			-			-			763			-			-			-			763			765
Substandard			-			-			-			-			560			3,334			-			3,894			4,302
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total construction loans		$	-		$	3,222		$	10,366		$	22,950		$	560		$	8,322		$	-		$	45,420		$	43,133
COMMERCIAL MORTGAGE
Risk Ratings:
Pass		$	77,512		$	157,048		$	362,643		$	212,643		$	207,859		$	412,942		$	13		$	1,430,660		$	1,395,569
Criticized:
Special Mention			-			-			10,517			86,271			19,071			139,787			-			255,646			259,263
Substandard			140			1,385			-			2,976			775			42,275			-			47,551			47,399
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total commercial mortgage loans		$	77,652		$	158,433		$	373,160		$	301,890		$	227,705		$	595,004		$	13		$	1,733,857		$	1,702,231
COMMERCIAL AND INDUSTRIAL
Risk Ratings:
Pass		$	15,449		$	270,721		$	197,640		$	341,326		$	176,703		$	326,633		$	508,459		$	1,836,931		$	1,852,552
Criticized:
Special Mention			-			9,493			1,332			415			242			11,192			6,501			29,175			32,650
Substandard			247			437			1,434			14,175			2,052			36,137			6,338			60,820			61,395
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total commercial and industrial loans		$	15,696		$	280,651		$	200,406		$	355,916		$	178,997		$	373,962		$	521,298		$	1,926,926		$	1,946,597
(1) Excludes accrued interest receivable.

								As of March 31, 2022
								Term Loans																		As of December 31, 2021
Florida region								Amortized Cost Basis by Origination Year (1)
(In thousands)		2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
CONSTRUCTION
Risk Ratings:
Pass		$	6,982		$	37,839		$	-		$	83		$	21,584		$	-		$	-		$	66,488		$	95,866
Criticized:
Special Mention			-			-			-			-			-			-			-			-			-
Substandard			-			-			-			-			-			-			-			-			-
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total construction loans		$	6,982		$	37,839		$	-		$	83		$	21,584		$	-		$	-		$	66,488		$	95,866
COMMERCIAL MORTGAGE
Risk Ratings:
Pass		$	43,530		$	92,525		$	81,498		$	86,030		$	70,448		$	60,170		$	19,965		$	454,166		$	404,304
Criticized:
Special Mention			-			-			8,270			13,527			6,734			20,834			-			49,365			60,618
Substandard			-			-			-			-			-			314			-			314			316
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total commercial mortgage loans		$	43,530		$	92,525		$	89,768		$	99,557		$	77,182		$	81,318		$	19,965		$	503,845		$	465,238
COMMERCIAL AND INDUSTRIAL
Risk Ratings:
Pass		$	38,289		$	211,235		$	93,566		$	223,963		$	115,721		$	63,524		$	80,989		$	827,287		$	826,823
Criticized:
Special Mention			-			-			-			18,878			13,076			12,556			17,973			62,483			49,946
Substandard			-			-			24,196			34,502			-			4,527			335			63,560			63,885
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total commercial and industrial loans		$	38,289		$	211,235		$	117,762		$	277,343		$	128,797		$	80,607		$	99,297		$	953,330		$	940,654
(1) Excludes accrued interest receivable.

		As of March 31, 2022
Total		Term Loans																								As of December 31, 2021
		Amortized Cost Basis by Origination Year (1)
(In thousands)		2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
CONSTRUCTION
Risk Ratings:
Pass		$	6,982		$	41,061		$	10,366		$	22,270		$	21,584		$	4,988		$	-		$	107,251		$	133,932
Criticized:
Special Mention			-			-			-			763			-			-			-			763			765
Substandard			-			-			-			-			560			3,334			-			3,894			4,302
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total construction loans		$	6,982		$	41,061		$	10,366		$	23,033		$	22,144		$	8,322		$	-		$	111,908		$	138,999
COMMERCIAL MORTGAGE
Risk Ratings:
Pass		$	121,042		$	249,573		$	444,141		$	298,673		$	278,307		$	473,112		$	19,978		$	1,884,826		$	1,799,873
Criticized:
Special Mention			-			-			18,787			99,798			25,805			160,621			-			305,011			319,881
Substandard			140			1,385			-			2,976			775			42,589			-			47,865			47,715
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total commercial mortgage loans		$	121,182		$	250,958		$	462,928		$	401,447		$	304,887		$	676,322		$	19,978		$	2,237,702		$	2,167,469
COMMERCIAL AND INDUSTRIAL
Risk Ratings:
Pass		$	53,738		$	481,956		$	291,206		$	565,289		$	292,424		$	390,157		$	589,448		$	2,664,218		$	2,679,375
Criticized:
Special Mention			-			9,493			1,332			19,293			13,318			23,748			24,474			91,658			82,596
Substandard			247			437			25,630			48,677			2,052			40,664			6,673			124,380			125,280
Doubtful			-			-			-			-			-			-			-			-			-
Loss			-			-			-			-			-			-			-			-			-
Total commercial and industrial loans		$	53,985		$	491,886		$	318,168		$	633,259		$	307,794		$	454,569		$	620,595		$	2,880,256		$	2,887,251
(1) Excludes accrued interest receivable.

The following table presents the amortized cost of residential mortgage loans by origination year based on accrual status as of March 31, 2022, and the amortized cost of residential mortgage loans by accrual status as of December 31, 2021:

					As of March 31, 2022																								As of December 31, 2021
					Term Loans
					Amortized Cost Basis by Origination Year (1)
(In thousands)					2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
Puerto Rico and Virgin Islands Region:
	FHA/VA government-guaranteed loans
		Accrual Status:
		Performing			$	-		$	183		$	567		$	959		$	2,286		$	116,279		$	-		$	120,274		$	124,652
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total FHA/VA government-guaranteed loans		$	-		$	183		$	567		$	959		$	2,286		$	116,279		$	-		$	120,274		$	124,652
	Conventional residential mortgage loans:
		Accrual Status:
		Performing			$	33,248		$	78,995		$	33,191		$	55,682		$	82,269		$	2,040,235		$	-		$	2,323,620		$	2,376,946
		Non-Performing				-			35			-			113			279			42,772			-			43,199			47,975
			Total conventional residential mortgage loans		$	33,248		$	79,030		$	33,191		$	55,795		$	82,548		$	2,083,007		$	-		$	2,366,819		$	2,424,921
	Total:
		Accrual Status:
		Performing			$	33,248		$	79,178		$	33,758		$	56,641		$	84,555		$	2,156,514		$	-		$	2,443,894		$	2,501,598
		Non-Performing				-			35			-			113			279			42,772			-			43,199			47,975
			Total residential mortgage loans in Puerto Rico and Virgin Islands Region		$	33,248		$	79,213		$	33,758		$	56,754		$	84,834		$	2,199,286		$	-		$	2,487,093		$	2,549,573
(1)	Excludes accrued interest receivable.

					As of March 31, 2022																								As of December 31, 2021
					Term Loans
					Amortized Cost Basis by Origination Year (1)
(In thousands)					2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
Florida Region:
	FHA/VA government-guaranteed loans
		Accrual Status:
		Performing			$	-		$	-		$	-		$	-		$	-		$	736		$	-		$	736		$	740
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total FHA/VA government-guaranteed loans		$	-		$	-		$	-		$	-		$	-		$	736		$	-		$	736		$	740
	Conventional residential mortgage loans:
		Accrual Status:
		Performing			$	9,299		$	52,509		$	35,178		$	35,736		$	45,770		$	219,759		$	-		$	398,251		$	421,430
		Non-Performing				-			-			-			292			-			5,327			-			5,619			7,152
			Total conventional residential mortgage loans		$	9,299		$	52,509		$	35,178		$	36,028		$	45,770		$	225,086		$	-		$	403,870		$	428,582
	Total:
		Accrual Status:
		Performing			$	9,299		$	52,509		$	35,178		$	35,736		$	45,770		$	220,495		$	-		$	398,987		$	422,170
		Non-Performing				-			-			-			292			-			5,327			-			5,619			7,152
			Total residential mortgage loans in Florida region		$	9,299		$	52,509		$	35,178		$	36,028		$	45,770		$	225,822		$	-		$	404,606		$	429,322
(1)	Excludes accrued interest receivable.

					As of March 31, 2022																								As of December 31, 2021
					Term Loans
					Amortized Cost Basis by Origination Year (1)
(In thousands)					2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
Total:
	FHA/VA government-guaranteed loans
		Accrual Status:
		Performing			$	-		$	183		$	567		$	959		$	2,286		$	117,015		$	-		$	121,010		$	125,392
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total FHA/VA government-guaranteed loans		$	-		$	183		$	567		$	959		$	2,286		$	117,015		$	-		$	121,010		$	125,392
	Conventional residential mortgage loans:
		Accrual Status:
		Performing			$	42,547		$	131,504		$	68,369		$	91,418		$	128,039		$	2,259,994		$	-		$	2,721,871		$	2,798,376
		Non-Performing				-			35			-			405			279			48,099			-			48,818			55,127
			Total conventional residential mortgage loans		$	42,547		$	131,539		$	68,369		$	91,823		$	128,318		$	2,308,093		$	-		$	2,770,689		$	2,853,503
	Total:
		Accrual Status:
		Performing			$	42,547		$	131,687		$	68,936		$	92,377		$	130,325		$	2,377,009		$	-		$	2,842,881		$	2,923,768
		Non-Performing				-			35			-			405			279			48,099			-			48,818			55,127
			Total residential mortgage loans		$	42,547		$	131,722		$	68,936		$	92,782		$	130,604		$	2,425,108		$	-		$	2,891,699		$	2,978,895
(1)	Excludes accrued interest receivable.

The following tables present the amortized cost of consumer loans by origination year based on accrual status as of March 31, 2022 and the amortized cost of consumer loans by accrual status as of December 31, 2021:

					As of March 31, 2022																								As of December 31, 2021
					Term Loans
					Amortized Cost Basis by Origination Year (1)
(In thousands)					2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
Puerto Rico and Virgin Islands Region:
	Auto loans:
		Accrual Status:
		Performing			$	189,161		$	613,735		$	324,347		$	274,903		$	141,796		$	78,495		$	-		$	1,622,437		$	1,556,097
		Non-Performing				-			1,275			926			1,820			1,423			1,768			-			7,212			6,684
			Total auto loans		$	189,161		$	615,010		$	325,273		$	276,723		$	143,219		$	80,263		$	-		$	1,629,649		$	1,562,781
	Finance leases:
		Accrual Status:
		Performing			$	72,035		$	220,610		$	108,440		$	105,971		$	68,243		$	30,007		$	-		$	605,306		$	574,139
		Non-Performing				-			16			61			411			201			271			-			960			866
			Total finance leases		$	72,035		$	220,626		$	108,501		$	106,382		$	68,444		$	30,278		$	-		$	606,266		$	575,005
	Personal loans:
		Accrual Status:
		Performing			$	31,809		$	78,715		$	46,085		$	85,006		$	38,945		$	27,947		$	-		$	308,507		$	314,867
		Non-Performing				-			127			227			392			168			226			-			1,140			1,208
			Total personal loans		$	31,809		$	78,842		$	46,312		$	85,398		$	39,113		$	28,173		$	-		$	309,647		$	316,075
	Credit cards:
		Accrual Status:
		Performing			$	-		$	-		$	-		$	-		$	-		$	-		$	288,392		$	288,392		$	290,226
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total credit cards		$	-		$	-		$	-		$	-		$	-		$	-		$	288,392		$	288,392		$	290,226
	Other consumer loans:
		Accrual Status:
		Performing			$	20,841		$	46,300		$	15,153		$	21,115		$	7,295		$	7,381		$	8,461		$	126,546		$	126,734
		Non-Performing				-			278			87			175			33			775			151			1,499			1,563
			Total other consumer loans		$	20,841		$	46,578		$	15,240		$	21,290		$	7,328		$	8,156		$	8,612		$	128,045		$	128,297
	Total:
		Performing			$	313,846		$	959,360		$	494,025		$	486,995		$	256,279		$	143,830		$	296,853		$	2,951,188		$	2,862,063
		Non-Performing				-			1,696			1,301			2,798			1,825			3,040			151			10,811			10,321
			Total consumer loans in Puerto Rico and Virgin Islands region		$	313,846		$	961,056		$	495,326		$	489,793		$	258,104		$	146,870		$	297,004		$	2,961,999		$	2,872,384
(1)	Excludes accrued interest receivable.

					As of March 31, 2022																								As of December 31, 2021
					Term Loans
					Amortized Cost Basis by Origination Year (1)
(In thousands)					2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
Florida Region:
	Auto loans:
		Accrual Status:
		Performing			$	-		$	-		$	-		$	538		$	3,924		$	2,582		$	-		$	7,044		$	8,759
		Non-Performing				-			-			-			2			15			5			-			22			-
			Total auto loans		$	-		$	-		$	-		$	540		$	3,939		$	2,587		$	-		$	7,066		$	8,759
	Finance leases:
		Accrual Status:
		Performing			$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total finance leases		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
	Personal loans:
		Accrual Status:
		Performing			$	311		$	71		$	20		$	8		$	-		$	-		$	-		$	410		$	107
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total personal loans		$	311		$	71		$	20		$	8		$	-		$	-		$	-		$	410		$	107
	Credit cards:
		Accrual Status:
		Performing			$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total credit cards		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
	Other consumer loans:
		Accrual Status:
		Performing			$	-		$	236		$	478		$	-		$	40		$	3,235		$	2,545		$	6,534		$	6,661
		Non-Performing				-			-			-			-			-			23			108			131			133
			Total other consumer loans		$	-		$	236		$	478		$	-		$	40		$	3,258		$	2,653		$	6,665		$	6,794
	Total:
		Performing			$	311		$	307		$	498		$	546		$	3,964		$	5,817		$	2,545		$	13,988		$	15,527
		Non-Performing				-			-			-			2			15			28			108			153			133
			Total consumer loans in Florida region		$	311		$	307		$	498		$	548		$	3,979		$	5,845		$	2,653		$	14,141		$	15,660
(1)	Excludes accrued interest receivable.

					As of March 31, 2022																								As of December 31, 2021
					Term Loans
					Amortized Cost Basis by Origination Year (1)
(In thousands)					2022			2021			2020			2019			2018			Prior			Revolving Loans Amortized Cost Basis			Total			Total
Total:
	Auto loans:
		Accrual Status:
		Performing			$	189,161		$	613,735		$	324,347		$	275,441		$	145,720		$	81,077		$	-		$	1,629,481		$	1,564,856
		Non-Performing				-			1,275			926			1,822			1,438			1,773			-			7,234			6,684
			Total auto loans		$	189,161		$	615,010		$	325,273		$	277,263		$	147,158		$	82,850		$	-		$	1,636,715		$	1,571,540
	Finance leases:
		Accrual Status:
		Performing			$	72,035		$	220,610		$	108,440		$	105,971		$	68,243		$	30,007		$	-		$	605,306		$	574,139
		Non-Performing				-			16			61			411			201			271			-			960			866
			Total finance leases		$	72,035		$	220,626		$	108,501		$	106,382		$	68,444		$	30,278		$	-		$	606,266		$	575,005
	Personal loans:
		Accrual Status:
		Performing			$	32,120		$	78,786		$	46,105		$	85,014		$	38,945		$	27,947		$	-		$	308,917		$	314,974
		Non-Performing				-			127			227			392			168			226			-			1,140			1,208
			Total personal loans		$	32,120		$	78,913		$	46,332		$	85,406		$	39,113		$	28,173		$	-		$	310,057		$	316,182
	Credit cards:
		Accrual Status:
		Performing			$	-		$	-		$	-		$	-		$	-		$	-		$	288,392		$	288,392		$	290,226
		Non-Performing				-			-			-			-			-			-			-			-			-
			Total credit cards		$	-		$	-		$	-		$	-		$	-		$	-		$	288,392		$	288,392		$	290,226
	Other consumer loans:
		Accrual Status:
		Performing			$	20,841		$	46,536		$	15,631		$	21,115		$	7,335		$	10,616		$	11,006		$	133,080		$	133,395
		Non-Performing				-			278			87			175			33			798			259			1,630			1,696
			Total other consumer loans		$	20,841		$	46,814		$	15,718		$	21,290		$	7,368		$	11,414		$	11,265		$	134,710		$	135,091
	Total:
		Performing			$	314,157		$	959,667		$	494,523		$	487,541		$	260,243		$	149,647		$	299,398		$	2,965,176		$	2,877,590
		Non-Performing				-			1,696			1,301			2,800			1,840			3,068			259			10,964			10,454
			Total consumer loans		$	314,157		$	961,363		$	495,824		$	490,341		$	262,083		$	152,715		$	299,657		$	2,976,140		$	2,888,044
(1)	Excludes accrued interest receivable.

Accrued interest receivable on loans totaled $44.6 million as of March 31, 2022 ($48.1 million as of December 31, 2021), and was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition, and is excluded from the estimate of credit losses.

The following tables present information about collateral dependent loans that were individually evaluated for purposes of determining the ACL as of March 31, 2022 and December 31, 2021:

March 31, 2022
		Collateral Dependent Loans - With Allowance					Collateral Dependent Loans - With No Related Allowance			Collateral Dependent Loans - Total
Puerto Rico and Virgin Islands region	Amortized Cost			Related Allowance			Amortized Cost			Amortized Cost			Related Allowance
(In thousands)
Residential mortgage loans:
FHA/VA government-guaranteed loans	$	-		$	-		$	-		$	-		$	-
Conventional residential mortgage loans		44,315			3,130			111			44,426			3,130
Commercial loans:
Construction loans		-			-			1,515			1,515			-
Commercial mortgage loans		9,394			1,019			54,137			63,531			1,019
C&I loans		21,894			3,516			17,117			39,011			3,516
Consumer loans:
Auto loans		-			-			-			-			-
Finance leases		-			-			-			-			-
Personal loans		57			1			-			57			1
Credit cards		-			-			-			-			-
Other consumer loans		780			111			-			780			111
	$	76,440		$	7,777		$	72,880		$	149,320		$	7,777

March 31, 2022
		Collateral Dependent Loans - With Allowance					Collateral Dependent Loans - With No Related Allowance			Collateral Dependent Loans - Total
Florida region	Amortized Cost			Related Allowance			Amortized Cost			Amortized Cost			Related Allowance
(In thousands)
Residential mortgage loans:
FHA/VA government-guaranteed loans	$	-		$	-		$	-		$	-		$	-
Conventional residential mortgage loans		2,862			200			-			2,862			200
Commercial loans:
Construction loans		-			-			-			-			-
Commercial mortgage loans		-			-			2,248			2,248			-
C&I loans		-			-			445			445			-
Consumer loans:
Auto loans		-			-			-			-			-
Finance leases		-			-			-			-			-
Personal loans		-			-			-			-			-
Credit cards		-			-			-			-			-
Other consumer loans		-			-			-			-			-
	$	2,862		$	200		$	2,693		$	5,555		$	200

March 31, 2022
		Collateral Dependent Loans - With Allowance					Collateral Dependent Loans - With No Related Allowance			Collateral Dependent Loans - Total
Total	Amortized Cost			Related Allowance			Amortized Cost			Amortized Cost			Related Allowance
(In thousands)
Residential mortgage loans:
FHA/VA government-guaranteed loans	$	-		$	-		$	-		$	-		$	-
Conventional residential mortgage loans		47,177			3,330			111			47,288			3,330
Commercial loans:
Construction loans		-			-			1,515			1,515			-
Commercial mortgage loans		9,394			1,019			56,385			65,779			1,019
C&I loans		21,894			3,516			17,562			39,456			3,516
Consumer loans:
Auto loans		-			-			-			-			-
Finance leases		-			-			-			-			-
Personal loans		57			1			-			57			1
Credit cards		-			-			-			-			-
Other consumer loans		780			111			-			780			111
	$	79,302		$	7,977		$	75,573		$	154,875		$	7,977

December 31, 2021
		Collateral Dependent Loans - With Allowance					Collateral Dependent Loans - With No Related Allowance			Collateral Dependent Loans - Total
Puerto Rico and Virgin Islands region	Amortized Cost			Related Allowance			Amortized Cost			Amortized Cost			Related Allowance
(In thousands)
Residential mortgage loans:
FHA/VA government-guaranteed loans	$	-		$	-		$	-		$	-		$	-
Conventional residential mortgage loans		48,398			3,731			781			49,179			3,731
Commercial loans:
Construction loans		-			-			1,797			1,797			-
Commercial mortgage loans		9,908			1,152			54,096			64,004			1,152
C&I loans		5,781			670			33,575			39,356			670
Consumer loans:
Auto loans		-			-			-			-			-
Finance leases		-			-			-			-			-
Personal loans		78			1			-			78			1
Credit cards		-			-			-			-			-
Other consumer loans		782			98			-			782			98
	$	64,947		$	5,652		$	90,249		$	155,196		$	5,652

December 31, 2021
		Collateral Dependent Loans - With Allowance					Collateral Dependent Loans - With No Related Allowance			Collateral Dependent Loans - Total
Florida region	Amortized Cost			Related Allowance			Amortized Cost			Amortized Cost			Related Allowance
(In thousands)
Residential mortgage loans:
FHA/VA government-guaranteed loans	$	-		$	-		$	-		$	-		$	-
Conventional residential mortgage loans		3,373			235			-			3,373			235
Commercial loans:
Construction loans		-			-			-			-			-
Commercial mortgage loans		-			-			2,265			2,265			-
C&I loans		-			-			468			468			-
Consumer loans:
Auto loans		-			-			-			-			-
Finance leases		-			-			-			-			-
Personal loans		-			-			-			-			-
Credit cards		-			-			-			-			-
Other consumer loans		-			-			-			-			-
	$	3,373		$	235		$	2,733		$	6,106		$	235

December 31, 2021
		Collateral Dependent Loans - With Allowance					Collateral Dependent Loans - With No Related Allowance			Collateral Dependent Loans - Total
Total	Amortized Cost			Related Allowance			Amortized Cost			Amortized Cost			Related Allowance
(In thousands)
Residential mortgage loans:
FHA/VA government-guaranteed loans	$	-		$	-		$	-		$	-		$	-
Conventional residential mortgage loans		51,771			3,966			781			52,552			3,966
Commercial loans:
Construction loans		-			-			1,797			1,797			-
Commercial mortgage loans		9,908			1,152			56,361			66,269			1,152
C&I loans		5,781			670			34,043			39,824			670
Consumer loans:
Auto loans		-			-			-			-			-
Finance leases		-			-			-			-			-
Personal loans		78			1			-			78			1
Credit cards		-			-			-			-			-
Other consumer loans		782			98			-			782			98
	$	68,320		$	5,887		$	92,982		$	161,302		$	5,887

The allowance related to collateral dependent loans reported in the tables above includes qualitative adjustments applied to the loan portfolio that consider possible changes in circumstances that could ultimately impact credit losses and might not be reflected in historical data or forecasted data incorporated in the quantitative models. The underlying collateral for residential mortgage and consumer collateral dependent loans consisted of single-family residential properties, and for commercial and construction loans consisted primarily of office buildings, multifamily residential properties, and retail establishments. The weighted-average loan-to-value coverage for collateral dependent loans as of March 31, 2022 was 75%, compared to 78% as of December 31, 2021. There were no significant changes in the extent to which collateral secured the Corporation’s collateral dependent financial assets during the first quarter of 2022.

Purchases and Sales of Loans

During the quarter ended March 31, 2022, the Corporation transferred $41.5 million in residential mortgage loans to GNMA, which packaged them into MBS for sale in the secondary market, compared to $55.3 million for the same period in 2021. Also, during the first quarter of 2022, the Corporation sold approximately $52.4 million of performing residential mortgage loans to FNMA and FHLMC, compared to sales of $95.4 million for the same period in 2021. The Corporation’s continuing involvement with the loans it sells consists primarily of servicing the loans. In addition, the Corporation agrees to repurchase loans if it breaches any of the representations and warranties included in the sale agreement. These representations and warranties are consistent with the GSEs’ selling and servicing guidelines (i.e., ensuring that the mortgage was properly underwritten according to established guidelines).

For loans pooled into GNMA MBS, the Corporation holds an option to repurchase individual delinquent loans issued on or after January 1, 2003 when the borrower fails to make any payment for three consecutive months. This option gives the Corporation the ability, but not the obligation, to repurchase the delinquent loans at par without prior authorization from GNMA.

Under ASC Topic 860, “Transfer and Servicing,” once the Corporation has the unilateral ability to repurchase the delinquent loan, it is considered to have regained effective control over the loan and is required to recognize the loan and a corresponding repurchase liability on the balance sheet regardless of the Corporation’s intent to repurchase the loan. As of March 31, 2022 and December 31, 2021, rebooked GNMA delinquent loans that were included in the residential mortgage loan portfolio amounted to $9.5 million and $7.2 million, respectively.

During the first quarter of 2022 and 2021, the Corporation repurchased, pursuant to the aforementioned repurchase option, $0.5 million and $0.3 million, respectively, of loans previously pooled into GNMA MBS. The principal balance of these loans is fully guaranteed and the risk of loss related to the repurchased loans is generally limited to the difference between the delinquent interest payment advanced to GNMA, which is computed at the loan’s interest rate, and the interest payments reimbursed by FHA, which are computed at a pre-determined debenture rate. Repurchases of GNMA loans allow the Corporation, among other things, to maintain acceptable delinquency rates on outstanding GNMA pools and remain as a seller and servicer in good standing with GNMA. On May 14, 2020, in response to the national emergency declared by the U.S. President related to the COVID-19 pandemic, GNMA announced a temporary relief that excludes any new borrower delinquencies, occurring on or after April 2020, from the calculation of delinquency and default ratios established in the GNMA MBS guide. This exclusion was extended automatically to issuers that were compliant with GNMA delinquency rate thresholds as reflected by their April 2020 investor accounting report, reflecting March 2020 servicing data. The exemptions and delinquent loan exclusions will automatically expire on July 31, 2022, unless earlier rescinded or extended by GNMA, or the end of the national emergency, whichever comes earlier. Historically, losses for violations of representations and warranties, and on optional repurchases of GNMA delinquent loans, have been immaterial and no provision has been made at the time of sale.

Loan sales to FNMA and FHLMC are without recourse in relation to the future performance of the loans. The Corporation repurchased at par loans previously sold to FNMA and FHLMC in the amount of $2 thousand and $0.3 million during the first quarter of 2022 and 2021, respectively. The Corporation’s risk of loss with respect to these loans is also minimal as these repurchased loans are generally performing loans with documentation deficiencies.

During the first quarter of 2021, a criticized commercial loan participation amounting to $14.3 million was sold.

In addition, during the first quarter of 2022 and 2021, the Corporation purchased commercial and industrial loans participations in the Florida region totaling $46.4 million and $15.1 million, respectively.

Loan Portfolio Concentration

The Corporation’s primary lending area is Puerto Rico. The Corporation’s banking subsidiary, FirstBank, also lends in the USVI and BVI markets and in the United States (principally in the state of Florida). Of the total gross loans held for investment portfolio of $11.1 billion as of March 31, 2022, credit risk concentration was approximately 79% in Puerto Rico, 18% in the United States, and 3% in the USVI and BVI.

As of March 31, 2022, the Corporation had $175.2 million outstanding in loans extended to the Puerto Rico government, its municipalities and public corporations, compared to $178.4 million as of December 31, 2021. As of March 31, 2022, approximately $100.2 million consisted of loans extended to municipalities in Puerto Rico that are general obligations supported by assigned property tax revenues, and $31.3 million consisted of municipal special obligation bonds. The vast majority of revenues of the municipalities included in the Corporation’s loan portfolio are independent of budgetary subsidies provided by the Puerto Rico central government. These municipalities are required by law to levy special property taxes in such amounts as are required to satisfy the payment of all of their respective general obligation bonds and notes. Late in 2015, the Government Development Bank for Puerto Rico (“GDB”) and the Municipal Revenue Collection Center (“CRIM”) signed and perfected a deed of trust. Through this deed, the Puerto Rico Fiscal Agency and Financial Advisory Authority, as fiduciary, is bound to keep the CRIM funds separate from any other deposits and must distribute the funds pursuant to applicable law. The CRIM funds are deposited at another commercial depository financial institution in Puerto Rico. In addition to loans extended to municipalities, the Corporation’s exposure to the Puerto Rico government as of March 31, 2022 included $12.3 million in loans granted to an affiliate of the Puerto Rico Electric Power Authority (“PREPA”) and $31.4 million in loans to an agency of the Puerto Rico central government.

In addition, as of March 31, 2022, the Corporation had $90.6 million in exposure to residential mortgage loans that are guaranteed by the PRHFA, a government instrumentality that has been designated as a covered entity under PROMESA, compared to $92.8 million as of December 31, 2021. Residential mortgage loans guaranteed by the PRHFA are secured by the underlying properties and the guarantees serve to cover shortfalls in collateral in the event of a borrower default. The Puerto Rico government guarantees up to $75 million of the principal for all loans under the mortgage loan insurance program. According to the most recently-released audited financial statements of the PRHFA, as of June 30, 2019, the PRHFA’s mortgage loans insurance program covered loans in an aggregate amount of approximately $557 million. The regulations adopted by the PRHFA, requires the establishment of adequate reserves to guarantee the solvency of the mortgage loans insurance program. As of June 30, 2019, the most recent date as of which information is available, the PRHFA had an unrestricted deficit of approximately $5.2 million with respect to required reserves for the mortgage loan insurance program.

The Corporation cannot predict at this time the ultimate effect on the Puerto Rico economy, the Corporation’s clients, and the Corporation’s financial condition and results of operations of the financial situation of the Commonwealth of Puerto Rico, the uncertainty about the ultimate effect of the Puerto Rico’s government debt adjustment plan approved by the U.S. District Court for the District of Puerto Rico, and the various legislative and other measures adopted and to be adopted by the Puerto Rico government and the PROMESA oversight board in response to such fiscal situation.

The Corporation also has credit exposure to USVI government entities. As of March 31, 2022, the Corporation had $38.0 million in loans to USVI government public corporations, compared to $39.2 million as of December 31, 2021. As of March 31, 2022, all loans were currently performing and up to date on principal and interest payments. The USVI has been experiencing a number of fiscal and economic challenges that could adversely affect the ability of its public corporations to service their outstanding debt obligations.

Troubled Debt Restructurings

The Corporation provides homeownership preservation assistance to its customers through a loss mitigation program in Puerto Rico. Depending upon the nature of a borrower’s financial condition, restructurings or loan modifications through this program, as well as other restructurings of individual C&I, commercial mortgage, construction, and residential mortgage loans, fit the definition of a TDR. A restructuring of a debt constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Modifications involve changes in one or more of the loan terms that bring a defaulted loan current and provide sustainable affordability. Changes may include, among others, the extension of the maturity of the loan and modifications of the loan rate. As of March 31, 2022, the Corporation’s total TDR loans held for investment of $404.7 million consisted of $252.3 million of residential mortgage loans, $68.5 million of C&I loans, $67.7 million of commercial mortgage loans, $2.0 million of construction loans, and $14.2 million of consumer loans. As of March 31, 2022, the Corporation has committed to lend up to additional $8 thousand on these loans.

The Corporation’s loss mitigation programs for residential mortgage and consumer loans can provide for one or a combination of the following: movement of interest past due to the end of the loan, extension of the loan term, deferral of principal payments, and reduction of interest rates either permanently or for a period of up to six years (increasing back in step-up rates). Additionally, in certain cases, the restructuring may provide for the forgiveness of contractually-due principal or interest. Uncollected interest is added to the principal at the end of the loan term at the time of the restructuring and not recognized as income until collected or when the loan is paid off. These programs are available only to those borrowers who have defaulted, or are likely to default, permanently on their loans and would lose their homes in a foreclosure action absent some lender concession. Nevertheless, if the Corporation is not reasonably assured that the borrower will comply with its contractual commitment, the property is foreclosed.

Prior to permanently modifying a loan, the Corporation may enter into trial modifications with certain borrowers. Trial modifications generally represent a six-month period during which the borrower makes monthly payments under the anticipated modified payment terms prior to a formal modification. Upon successful completion of a trial modification, the Corporation and the borrower enter into a permanent modification. TDR loans that are participating in or that have been offered a binding trial modification are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification. As of March 31, 2022, the Corporation included as TDRs $0.4 million of residential mortgage loans that were participating in or had been offered a trial modification.

For the commercial real estate, commercial and industrial, and construction loan portfolios, at the time of a restructuring, the Corporation determines, on a loan-by-loan basis, whether a concession was granted for economic or legal reasons related to the borrower’s financial difficulty. Concessions granted for loans in these portfolios could include the following: reductions in interest rates to rates that are considered below market, extension of repayment schedules and maturity dates beyond the original contractual terms; waivers of borrower covenants, forgiveness of principal or interest, or other contractual changes that are considered to be concessions. The Corporation mitigates loan defaults for these loan portfolios through its collection function. The function’s objective is to minimize both early-stage delinquencies and losses upon default of loans in these portfolios. In the case of the commercial and industrial, commercial mortgage, and construction loan portfolios, the Corporation’s Special Asset Group (“SAG”) focuses on strategies for the accelerated reduction of non-performing assets through note sales, short sales, loss mitigation programs, and sales of OREO.

In addition, the Corporation extends, renews, and restructures loans with satisfactory credit profiles. Many commercial loan facilities are structured as lines of credit, which generally have one-year terms and, therefore, require annual renewals. Other facilities may be restructured or extended from time to time based upon changes in the borrower’s business needs, use of funds, and timing of completion of projects, and other factors. If the borrower is not deemed to have financial difficulties, extensions, renewals, and restructurings are done in the normal course of business and not considered to be concessions, and the loans continue to be recorded as performing.

TDR loans are classified as either accrual or nonaccrual loans. Loans in accrual status may remain in accrual status when their contractual terms have been modified in a TDR if the loans had demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, a loan on nonaccrual status and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure, generally for a minimum of six months, and there is evidence that such payments can, and are likely to, continue as agreed. Performance prior to the restructuring, or significant events that coincide with the restructuring, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of the restructuring or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains classified as a nonaccrual loan. Loan modifications increase the Corporation’s interest income by returning a nonaccrual loan to performing status, if applicable, increase cash flows by providing for payments to be made by the borrower, and limit increases in foreclosure and OREO costs.

The following tables provide a breakdown of the TDR loans held for investment by those in accrual and nonaccrual status as of the indicated dates:
March 31, 2022		Puerto Rico and
		Virgin Islands region							Florida region							Total
		Accrual		Nonaccrual		Total TDRs			Accrual		Nonaccrual		Total TDRs			Accrual		Nonaccrual (1)		Total TDRs
(In thousands)
Conventional residential mortgage loans		$	228,058	$	19,651	$	247,709		$	3,006	$	1,593	$	4,599		$	231,064	$	21,244	$	252,308
Construction loans			1,555		431		1,986			-		-		-			1,555		431		1,986
Commercial mortgage loans			49,917		15,523		65,440			2,248		-		2,248			52,165		15,523		67,688
C&I loans			58,561		9,596		68,157			-		388		388			58,561		9,984		68,545
Consumer loans:
Auto loans			3,878		3,211		7,089			30		-		30			3,908		3,211		7,119
Finance leases			999		16		1,015			-		-		-			999		16		1,015
Personal loans			906		-		906			-		-		-			906		-		906
Credit Cards			2,480		-		2,480			-		-		-			2,480		-		2,480
Other consumer loans			1,979		330		2,309			393		-		393			2,372		330		2,702
Total TDRs		$	348,333	$	48,758	$	397,091		$	5,677	$	1,981	$	7,658		$	354,010	$	50,739	$	404,749
(1)	Included in nonaccrual loans are $14.3 million in loans that are performing under the terms of the restructuring agreement but are reported in nonaccrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible.

December 31, 2021		Puerto Rico and
		Virgin Islands region							Florida region							Total
		Accrual		Nonaccrual		Total TDRs			Accrual		Nonaccrual		Total TDRs			Accrual		Nonaccrual (1)		Total TDRs
(In thousands)
Conventional residential mortgage loans		$	234,597	$	19,919	$	254,516		$	3,030	$	1,027	$	4,057		$	237,627	$	20,946	$	258,573
Construction loans			1,845		458		2,303			-		-		-			1,845		458		2,303
Commercial mortgage loans			50,608		15,960		66,568			2,265		-		2,265			52,873		15,960		68,833
C&I loans			59,792		10,213		70,005			-		415		415			59,792		10,628		70,420
Consumer loans:
Auto loans			4,174		3,076		7,250			34		-		34			4,208		3,076		7,284
Finance leases			975		-		975			-		-		-			975		-		975
Personal loans			973		1		974			-		-		-			973		1		974
Credit Cards			2,583		-		2,583			-		-		-			2,583		-		2,583
Other consumer loans			2,111		275		2,386			407		-		407			2,518		275		2,793
Total TDRs		$	357,658	$	49,902	$	407,560		$	5,736	$	1,442	$	7,178		$	363,394	$	51,344	$	414,738
(1)	Included in nonaccrual loans are $13.5 million in loans that are performing under the terms of the restructuring agreement but are reported in nonaccrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible.

TDR loans exclude restructured residential mortgage loans that are government-guaranteed (e.g., FHA/VA loans) totaling $55.5 million as of March 31, 2022 (compared with $57.6 million as of December 31, 2021). The Corporation excludes FHA/VA guaranteed loans from TDR loan statistics given that, in the event that the borrower defaults on the loan, the principal and interest (at the specified debenture rate) are guaranteed by the U.S. government. Therefore, the risk of loss on these types of loans is very low.

The following table presents the Corporation's TDR loans held for investment activity for the indicated periods:
		Quarter Ended
		March 31, 2022			March 31, 2021
(In thousands)
Beginning balance of TDRs		$	414,738		$	479,196
New TDRs			4,670			3,019
Increases to existing TDRs			45			34
Charge-offs post-modification			(881)			(2,909)
Foreclosures			(689)			(866)
Removed from TDR classification			-			(6,023)
Paid-off, partial payments and other			(13,134)			(12,247)
Ending balance of TDRs		$	404,749		$	460,204

A TDR loan that specifies an interest rate that at the time of the restructuring is greater than or equal to the rate the Corporation is willing to accept for a new loan with comparable risk may not be reported as a TDR loan in the calendar years subsequent to the restructuring, if it is in compliance with its modified terms. During the quarter ended March 31, 2021, the Corporation removed $6.0 million in loans from the TDR classification as the borrower was no longer experiencing financial difficulties, the outstanding loans are at market terms, and did not contain any concession to the borrower. The Corporation did not remove any loans from the TDR classification during the first quarter of 2022.

Selected information on the Corporation's TDR loans held for investment based on the amortized cost by loan class and modification type is summarized in the following tables as of the indicated dates:
		As of March 31, 2022
Puerto Rico and Virgin Islands region		Interest rate below market			Maturity or term extension			Combination of reduction in interest rate and extension of maturity			Forgiveness of principal and/or interest			Forbearance Agreement				Other (1)			Total
(In thousands)
TDRs:
Conventional residential mortgage loans		$	14,404		$	10,328		$	171,065		$	-		$	219			$	51,693		$	247,709
Construction loans			15			585			1,344			-			-				42			1,986
Commercial mortgage loans			1,192			599			40,867			-			15,946				6,836			65,440
C&I loans			220			2,358			16,729			-			16,670				32,180			68,157
Consumer loans:
Auto loans			-			147			2,139			-			-				4,803			7,089
Finance leases			-			-			193			-			-				822			1,015
Personal loans			42			6			264			-			-				594			906
Credit cards			-			-			2,470			10			-				-			2,480
Other consumer loans			824			840			270			91			-				284			2,309
Total TDRs in Puerto Rico and Virgin Islands region		$	16,697		$	14,863		$	235,341		$	101		$	32,835			$	97,254		$	397,091
(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of two or more of the concessions listed in the table. Amounts included in Other that represent a combination of concessions are excluded from the amounts reported in the column for such individual concessions.

		As of March 31, 2022
Florida region		Interest rate below market			Maturity or term extension			Combination of reduction in interest rate and extension of maturity			Forgiveness of principal and/or interest			Forbearance Agreement				Other (1)			Total
(In thousands)
TDRs:
Conventional residential mortgage loans		$	596		$	1,477		$	2,526		$	-		$	-			$	-		$	4,599
Construction loans			-			-			-			-			-				-			-
Commercial mortgage loans			-			806			1,442			-			-				-			2,248
C&I loans			-			278			-			-			-				110			388
Consumer loans:
Auto loans			-			28			2			-			-				-			30
Finance leases			-			-			-			-			-				-			-
Personal loans			-			-			-			-			-				-			-
Credit cards			-			-			-			-			-				-			-
Other consumer loans			-			-			75			-			-				318			393
Total TDRs in Florida Region		$	596		$	2,589		$	4,045		$	-		$	-			$	428		$	7,658
(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of two or more of the concessions listed in the table. Amounts included in Other that represent a combination of concessions are excluded from the amounts reported in the column for such individual concessions.

		As of March 31, 2022
Total		Interest rate below market			Maturity or term extension			Combination of reduction in interest rate and extension of maturity			Forgiveness of principal and/or interest			Forbearance Agreement				Other (1)			Total
(In thousands)
TDRs:
Conventional residential mortgage loans		$	15,000		$	11,805		$	173,591		$	-		$	219			$	51,693		$	252,308
Construction loans			15			585			1,344			-			-				42			1,986
Commercial mortgage loans			1,192			1,405			42,309			-			15,946				6,836			67,688
C&I loans			220			2,636			16,729			-			16,670				32,290			68,545
Consumer loans:
Auto loans			-			175			2,141			-			-				4,803			7,119
Finance leases			-			-			193			-			-				822			1,015
Personal loans			42			6			264			-			-				594			906
Credit cards			-			-			2,470			10			-				-			2,480
Other consumer loans			824			840			345			91			-				602			2,702
Total TDRs		$	17,293		$	17,452		$	239,386		$	101		$	32,835			$	97,682		$	404,749
(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of two or more of the concessions listed in the table. Amounts included in Other that represent a combination of concessions are excluded from the amounts reported in the column for such individual concessions.

		As of December 31, 2021
Puerto Rico and Virgin Islands region		Interest rate below market			Maturity or term extension			Combination of reduction in interest rate and extension of maturity			Forgiveness of principal and/or interest			Forbearance Agreement				Other (1)			Total
(In thousands)
TDRs:
Conventional residential mortgage loans		$	15,800		$	10,265		$	176,615		$	-		$	220			$	51,616		$	254,516
Construction loans			16			869			1,374			-			-				44			2,303
Commercial mortgage loans			1,421			718			41,480			-			16,041				6,908			66,568
C&I loans			218			2,401			17,319			-			16,765				33,302			70,005
Consumer loans:
Auto loans			-			186			2,561			-			-				4,503			7,250
Finance leases			-			2			258			-			-				715			975
Personal loans			43			6			329			-			-				596			974
Credit cards			-			-			2,574			9			-				-			2,583
Other consumer loans			892			816			282			122			-				274			2,386
Total TDRs in Puerto Rico and Virgin Island region		$	18,390		$	15,263		$	242,792		$	131		$	33,026			$	97,958		$	407,560
(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of two or more of the concessions listed in the table. Amounts included in Other that represent a combination of concessions are excluded from the amounts reported in the column for such individual concessions.

		As of December 31, 2021
Florida region		Interest rate below market			Maturity or term extension			Combination of reduction in interest rate and extension of maturity			Forgiveness of principal and/or interest			Forbearance Agreement				Other (1)			Total
(In thousands)
TDRs:
Conventional residential mortgage loans		$	603		$	897		$	2,557		$	-		$	-			$	-		$	4,057
Construction loans			-			-			-			-			-				-			-
Commercial mortgage loans			-			812			1,453			-			-				-			2,265
C&I loans			-			282			-			-			-				133			415
Consumer loans:
Auto loans			-			31			3			-			-				-			34
Finance leases			-			-			-			-			-				-			-
Personal loans			-			-			-			-			-				-			-
Credit cards			-			-			-			-			-				-			-
Other consumer loans			-			-			75			-			-				332			407
Total TDRs in Florida region		$	603		$	2,022		$	4,088		$	-		$	-			$	465		$	7,178
(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of two or more of the concessions listed in the table. Amounts included in Other that represent a combination of concessions are excluded from the amounts reported in the column for such individual concessions.

		As of December 31, 2021
Total		Interest rate below market			Maturity or term extension			Combination of reduction in interest rate and extension of maturity			Forgiveness of principal and/or interest			Forbearance Agreement				Other (1)			Total
(In thousands)
TDRs:
Conventional residential mortgage loans		$	16,403		$	11,162		$	179,172		$	-		$	220			$	51,616		$	258,573
Construction loans			16			869			1,374			-			-				44			2,303
Commercial mortgage loans			1,421			1,530			42,933			-			16,041				6,908			68,833
C&I loans			218			2,683			17,319			-			16,765				33,435			70,420
Consumer loans:
Auto loans			-			217			2,564			-			-				4,503			7,284
Finance leases			-			2			258			-			-				715			975
Personal loans			43			6			329			-			-				596			974
Credit cards			-			-			2,574			9			-				-			2,583
Other consumer loans			892			816			357			122			-				606			2,793
Total TDRs		$	18,993		$	17,285		$	246,880		$	131		$	33,026			$	98,423		$	414,738
(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of two or more of the concessions listed in the table. Amounts included in Other that represent a combination of concessions are excluded from the amounts reported in the column for such individual concessions.

Loan modifications that are considered TDR loans completed during the first quarters of 2022 and 2021 were as follows:
Quarter Ended March 31, 2022
	Puerto Rico and Virgin Islands region								Florida region								Total
	Number of contracts		Pre-modification Amortized Cost			Post-modification Amortized Cost			Number of contracts		Pre-modification Amortized Cost			Post-modification Amortized Cost			Number of contracts		Pre-modification Amortized Cost			Post-modification Amortized Cost
(Dollars in thousands)
TDRs:
Conventional residential mortgage loans	21		$	2,411		$	2,408		2		$	585		$	585		23		$	2,996		$	2,993
Construction loans	-			-			-		-			-			-		-			-			-
Commercial mortgage loans	-			-			-		-			-			-		-			-			-
C&I loans	1			5			5		-			-			-		1			5			5
Consumer loans:
Auto loans	51			995			993		-			-			-		51			995			993
Finance leases	13			264			264		-			-			-		13			264			264
Personal loans	5			78			78		-			-			-		5			78			78
Credit Cards	44			189			189		-			-			-		44			189			189
Other consumer loans	27			146			148		-			-			-		27			146			148
Total TDRs	162		$	4,088		$	4,085		2		$	585		$	585		164		$	4,673		$	4,670

Quarter Ended March 31, 2021
	Puerto Rico and Virgin Islands region								Florida								Total
	Number of contracts		Pre-modification Amortized Cost			Post-modification Amortized Cost			Number of contracts		Pre-modification Amortized Cost			Post-modification Amortized Cost			Number of contracts		Pre-modification Amortized Cost			Post-modification Amortized Cost
(Dollars in thousands)
TDRs:
Conventional residential mortgage loans	10		$	1,046		$	945		1		$	321		$	321		11		$	1,367		$	1,266
Construction loans	-			-			-		-			-			-		-			-			-
Commercial mortgage loans	2			165			165		-			-			-		2			165			165
C&I loans	-			-			-		-			-			-		-			-			-
Consumer loans:
Auto loans	45			818			815		-			-			-		45			818			815
Finance leases	13			189			188		-			-			-		13			189			188
Personal loans	6			26			26		-			-			-		6			26			26
Credit Cards	65			434			434		-			-			-		65			434			434
Other consumer loans	30			125			125		-			-			-		30			125			125
Total TDRs	171		$	2,803		$	2,698		1		$	321		$	321		172		$	3,124		$	3,019

Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again becoming a nonaccrual loan. Recidivism on a modified loan occurs at a notably higher rate than defaults on new origination loans, so modified loans present a higher risk of loss than do new origination loans. The Corporation considers a loan to have defaulted if the borrower has failed to make payments of either principal, interest, or both for a period of 90 days or more.

Loan modifications considered TDR loans that defaulted during the quarters ended March 31, 2022 and 2021, and had become TDR loans during the 12-months preceding the default date, were as follows:
	Quarter ended March 31,
	2022					2021
Puerto Rico and Virgin Islands region	Number of contracts		Amortized Cost			Number of contracts		Amortized Cost
(Dollars in thousands)
Conventional residential mortgage loans	3		$	389		2		$	178
Construction loans	-			-		-			-
Commercial mortgage loans	-			-		-			-
C&I loans	-			-		-			-
Consumer loans:
Auto loans	24			522		29			557
Finance leases	1			16		-			-
Personal loans	-			-		-			-
Credit cards	11			79		1			7
Other consumer loans	2			11		7			33
Total Puerto Rico and Virgin Islands region	41		$	1,017		39		$	775

	Quarter ended March 31,
	2022					2021
Florida region	Number of contracts		Amortized Cost			Number of contracts		Amortized Cost
(Dollars in thousands)
Conventional residential mortgage loans	-		$	-		-		$	-
Construction loans	-			-		-			-
Commercial mortgage loans	-			-		-			-
C&I loans	-			-		-			-
Consumer loans:
Auto loans	-			-		-			-
Finance leases	-			-		-			-
Personal loans	-			-		-			-
Credit cards	-			-		-			-
Other consumer loans	-			-		-			-
Total in Florida region	-		$	-		-		$	-

	Quarter ended March 31,
	2022					2021
Total	Number of contracts		Amortized Cost			Number of contracts		Amortized Cost
(Dollars in thousands)
Conventional residential mortgage loans	3		$	389		2		$	178
Construction loans	-			-		-			-
Commercial mortgage loans	-			-		-			-
C&I loans	-			-		-			-
Consumer loans:
Auto loans	24			522		29			557
Finance leases	1			16		-			-
Personal loans	-			-		-			-
Credit cards	11			79		1			7
Other consumer loans	2			11		7			33
Total	41		$	1,017		39		$	775

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2196816

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