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LOANS HELD FOR INVESTMENT | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
LOAN HELD FOR INVESTMENT [Text Block] | NOTE 3 – LOANS HELD FOR INVESTMENT The following table provides information about the loan portfolio held for investment by portfolio segment and disaggregated by geographic location as of the indicated dates: As of September 30, 2022 As of December 31, 2021 (In thousands) Puerto Rico and Virgin Island region: Residential mortgage loans, mainly secured by first mortgages $ 2,415,232 $ 2,549,573 Construction loans 27,716 43,133 Commercial mortgage loans 1,754,447 1,702,231 Commercial and Industrial ("C&I") loans 1,842,166 1,946,597 Consumer loans 3,208,437 2,872,384 Loans held for investment 9,247,998 9,113,918 Florida region: Residential mortgage loans, mainly secured by first mortgages $ 415,742 $ 429,322 Construction loans 96,278 95,866 Commercial mortgage loans 511,167 465,238 C&I loans 1,016,120 940,654 Consumer loans 11,313 15,660 Loans held for investment 2,050,620 1,946,740 Total: Residential mortgage loans, mainly secured by first mortgages $ 2,830,974 $ 2,978,895 Construction loans 123,994 138,999 Commercial mortgage loans 2,265,614 2,167,469 C&I loans (1) 2,858,286 2,887,251 Consumer loans 3,219,750 2,888,044 Loans held for investment (2) $ 11,298,618 $ 11,060,658 (1) As of September 30, 2022 and December 31, 2021, includes $ 870.3 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. (2) Includes accretable fair value net purchase discounts of $ 30.7 million and $ 35.3 million as of September 30, 2022 and December 31, 2021, respectively. The Corporation’s aging of the loan portfolio held for investment by portfolio classes and nonaccrual loans with no ACL as of September 30, 2022 and December 31, 2021 are as follows: As of September 30, 2022 Days Past Due and Accruing Current 30-59 60-89 90 + (1) (2) (3) Nonaccrual (4) (5) Total loans held for investment Nonaccrual Loans with no ACL (6) (In thousands) Residential mortgage loans, mainly secured by first mortgages: FHA/VA government-guaranteed loans (1) (3) (7) $ 67,095 $ - $ 2,824 $ 49,044 $ - $ 118,963 $ - Conventional residential mortgage loans (2) (7) 2,621,897 - 29,012 18,066 43,036 2,712,011 3,412 Commercial loans: Construction loans 121,757 - - - 2,237 123,994 976 Commercial mortgage loans (2) (7) 2,238,580 1,415 417 1,461 23,741 2,265,614 15,699 C&I loans 2,827,076 4,463 1,943 9,089 15,715 2,858,286 10,854 Consumer loans: Auto loans 1,695,594 41,935 8,068 - 8,703 1,754,300 2,054 Finance leases 659,097 7,033 1,554 - 1,430 669,114 216 Personal loans 341,220 3,852 1,884 - 1,146 348,102 - Credit cards 293,555 4,212 2,320 3,985 - 304,072 - Other consumer loans 139,621 1,779 1,254 - 1,508 144,162 - Total loans held for investment $ 11,005,492 $ 64,689 $ 49,276 $ 81,645 $ 97,516 $ 11,298,618 $ 33,211 (1) It is the Corporation's policy to report delinquent FHA/VA government-guaranteed residential mortgage loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans. 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 $ 31.0 million of residential mortgage loans guaranteed by the FHA that were over 15 months delinquent. (2) Includes purchased credit deteriorated ("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 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 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 portion of such loans contractually past due 90 days or more, amounting to $ 12.8 million as of September 30, 2022 ($ 11.8 million conventional residential mortgage loans and $ 1.0 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above. (3) Include rebooked loans, which were previously pooled into GNMA securities, amounting to $ 8.0 million as of September 30, 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. (4) Nonaccrual loans in the Florida region amounted to $ 6.5 million as of September 30, 2022, primarily nonaccrual residential mortgage loans. (5) Nonaccrual loans exclude $ 340.1 million of TDR loans that were in compliance with modified terms and in accrual status as of September 30, 2022. (6) Includes $ 0.6 million of nonaccrual C&I loans with no ACL in the Florida region as of September 30, 2022. (7) 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 September 30, 2022 amounted to $ 6.0 million, $ 71.7 million, and $ 1.9 million, respectively. As of December 31, 2021 Days Past Due and Accruing Current 30-59 60-89 90+ (1) (2) (3) Nonaccrual (4) (5) Total loans held for investment Nonaccrual Loans with no ACL (6) (In thousands) Residential mortgage loans, mainly secured by first mortgages: FHA/VA government-guaranteed loans (1) (3) (7) $ 57,522 $ - $ 2,355 $ 65,515 $ - $ 125,392 $ - Conventional residential mortgage loans (2) (7) 2,738,111 - 31,832 28,433 55,127 2,853,503 3,689 Commercial loans: Construction loans 136,317 18 - - 2,664 138,999 1,000 Commercial mortgage loans (2) (7) 2,129,375 2,402 436 9,919 25,337 2,167,469 8,289 C&I loans 2,858,397 2,047 1,845 7,827 17,135 2,887,251 11,393 Consumer loans: Auto loans 1,533,445 26,462 4,949 - 6,684 1,571,540 3,146 Finance leases 568,606 4,820 713 - 866 575,005 196 Personal loans 310,390 3,299 1,285 - 1,208 316,182 - Credit cards 282,179 3,158 1,904 2,985 - 290,226 - Other consumer loans 130,588 1,996 811 - 1,696 135,091 20 Total loans held for investment $ 10,744,930 $ 44,202 $ 46,130 $ 114,679 $ 110,717 $ 11,060,658 $ 27,733 (1) It is the Corporation's policy to report delinquent FHA/VA government-guaranteed residential mortgage loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans. 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 guaranteed by the FHA that were over 15 months delinquent. (2) Includes PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans 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 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 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) 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. (4) Nonaccrual loans in the Florida region amounted to $ 8.2 million as of December 31, 2021, primarily nonaccrual residential mortgage loans. (5) 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. (6) Includes $ 0.5 million of nonaccrual C&I loans with no ACL in the Florida region as of December 31, 2021. (7) 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. When a loan is placed on nonaccrual status, any accrued but uncollected interest income is reversed and charged against interest income and the amortization of any net deferred fees is suspended. The amount of accrued interest reversed against interest income totaled $ 0.5 million and $ 1.2 million for the quarter and nine-month period ended September 30, 2022, respectively ($ 0.4 million and $ 1.7 million for the quarter and nine-month period ended September 30, 2021, respectively). For the quarter and nine-month period ended September 30, 2022, the cash interest recognized on nonaccrual loans amounted to $ 0.3 million and $ 1.0 million, respectively, compared with $ 0.4 million and $ 1.7 million for the quarter and nine-month period ended September 30, 2021, respectively. As of September 30, 2022, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 76.1 million, including $ 32.6 million of FHA/VA government-guaranteed mortgage loans, and $ 10.0 million of PCD loans acquired prior to the adoption, on January 1, 2020, of CECL. 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. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediations, bankruptcy, court delays and title issues. 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 debt 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 September 30, 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 September 30, 2022 Puerto Rico and Virgin Islands region Term Loans As of December 31, 2021 Amortized Cost Basis by Origination Year (1) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 8,853 $ 11,978 $ - $ - $ - $ 3,958 $ - $ 24,789 $ 38,066 Criticized: Special Mention - - - - - - - - 765 Substandard - - - - - 2,927 - 2,927 4,302 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 8,853 $ 11,978 $ - $ - $ - $ 6,885 $ - $ 27,716 $ 43,133 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 241,870 $ 150,940 $ 365,144 $ 222,211 $ 179,280 $ 308,966 $ 232 $ 1,468,643 $ 1,395,569 Criticized: Special Mention 1,218 - 3,611 83,664 30,832 130,324 - 249,649 259,263 Substandard 138 - - 2,927 761 32,329 - 36,155 47,399 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 243,226 $ 150,940 $ 368,755 $ 308,802 $ 210,873 $ 471,619 $ 232 $ 1,754,447 $ 1,702,231 COMMERCIAL AND INDUSTRIAL Risk Ratings: Pass $ 116,025 $ 200,628 $ 189,639 $ 324,443 $ 126,946 $ 258,087 $ 541,962 $ 1,757,730 $ 1,852,552 Criticized: Special Mention 145 - - - 236 2,652 24,830 27,863 32,650 Substandard 65 4,093 1,360 14,113 1,958 33,310 1,674 56,573 61,395 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial and industrial loans $ 116,235 $ 204,721 $ 190,999 $ 338,556 $ 129,140 $ 294,049 $ 568,466 $ 1,842,166 $ 1,946,597 (1) Excludes accrued interest receivable. As of September 30, 2022 Term Loans As of December 31, 2021 Florida region Amortized Cost Basis by Origination Year (1) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 46,944 $ 45,284 $ - $ 14 $ - $ - $ 4,036 $ 96,278 $ 95,866 Criticized: Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 46,944 $ 45,284 $ - $ 14 $ - $ - $ 4,036 $ 96,278 $ 95,866 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 157,109 $ 70,922 $ 42,997 $ 55,184 $ 72,273 $ 71,565 $ 19,232 $ 489,282 $ 404,304 Criticized: Special Mention - - 7,024 13,384 - - - 20,408 60,618 Substandard - - 1,168 - - 309 - 1,477 316 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 157,109 $ 70,922 $ 51,189 $ 68,568 $ 72,273 $ 71,874 $ 19,232 $ 511,167 $ 465,238 COMMERCIAL AND INDUSTRIAL Risk Ratings: Pass $ 255,508 $ 169,329 $ 82,074 $ 224,772 $ 67,508 $ 45,828 $ 96,639 $ 941,658 $ 826,823 Criticized: Special Mention - - - 5,972 - 12,185 - 18,157 49,946 Substandard - - 24,193 27,456 - 4,356 300 56,305 63,885 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial and industrial loans $ 255,508 $ 169,329 $ 106,267 $ 258,200 $ 67,508 $ 62,369 $ 96,939 $ 1,016,120 $ 940,654 (1) Excludes accrued interest receivable. As of September 30, 2022 Total Term Loans As of December 31, 2021 Amortized Cost Basis by Origination Year (1) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 55,797 $ 57,262 $ - $ 14 $ - $ 3,958 $ 4,036 $ 121,067 $ 133,932 Criticized: Special Mention - - - - - - - - 765 Substandard - - - - - 2,927 - 2,927 4,302 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 55,797 $ 57,262 $ - $ 14 $ - $ 6,885 $ 4,036 $ 123,994 $ 138,999 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 398,979 $ 221,862 $ 408,141 $ 277,395 $ 251,553 $ 380,531 $ 19,464 $ 1,957,925 $ 1,799,873 Criticized: Special Mention 1,218 - 10,635 97,048 30,832 130,324 - 270,057 319,881 Substandard 138 - 1,168 2,927 761 32,638 - 37,632 47,715 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 400,335 $ 221,862 $ 419,944 $ 377,370 $ 283,146 $ 543,493 $ 19,464 $ 2,265,614 $ 2,167,469 COMMERCIAL AND INDUSTRIAL Risk Ratings: Pass $ 371,533 $ 369,957 $ 271,713 $ 549,215 $ 194,454 $ 303,915 $ 638,601 $ 2,699,388 $ 2,679,375 Criticized: Special Mention 145 - - 5,972 236 14,837 24,830 46,020 82,596 Substandard 65 4,093 25,553 41,569 1,958 37,666 1,974 112,878 125,280 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial and industrial loans $ 371,743 $ 374,050 $ 297,266 $ 596,756 $ 196,648 $ 356,418 $ 665,405 $ 2,858,286 $ 2,887,251 (1) Excludes accrued interest receivable. The following tables present the amortized cost of residential mortgage loans by origination year based on accrual status as of September 30, 2022, and the amortized cost of residential mortgage loans by accrual status as of December 31, 2021: As of September 30, 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 $ 705 $ 323 $ 828 $ 1,291 $ 3,871 $ 111,199 $ - $ 118,217 $ 124,652 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ 705 $ 323 $ 828 $ 1,291 $ 3,871 $ 111,199 $ - $ 118,217 $ 124,652 Conventional residential mortgage loans: Accrual Status: Performing $ 113,963 $ 77,357 $ 32,059 $ 49,797 $ 73,631 $ 1,912,690 $ - $ 2,259,497 $ 2,376,946 Non-Performing - 35 - 113 279 37,091 - 37,518 47,975 Total conventional residential mortgage loans $ 113,963 $ 77,392 $ 32,059 $ 49,910 $ 73,910 $ 1,949,781 $ - $ 2,297,015 $ 2,424,921 Total: Accrual Status: Performing $ 114,668 $ 77,680 $ 32,887 $ 51,088 $ 77,502 $ 2,023,889 $ - $ 2,377,714 $ 2,501,598 Non-Performing - 35 - 113 279 37,091 - 37,518 47,975 Total residential mortgage loans in Puerto Rico and Virgin Islands Region $ 114,668 $ 77,715 $ 32,887 $ 51,201 $ 77,781 $ 2,060,980 $ - $ 2,415,232 $ 2,549,573 (1) Excludes accrued interest receivable. As of September 30, 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 $ - $ - $ - $ - $ - $ 746 $ - $ 746 $ 740 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - $ 746 $ - $ 746 $ 740 Conventional residential mortgage loans: Accrual Status: Performing $ 58,261 $ 50,307 $ 32,160 $ 33,150 $ 38,744 $ 196,856 $ - $ 409,478 $ 421,430 Non-Performing - - - 274 - 5,244 - 5,518 7,152 Total conventional residential mortgage loans $ 58,261 $ 50,307 $ 32,160 $ 33,424 $ 38,744 $ 202,100 $ - $ 414,996 $ 428,582 Total: Accrual Status: Performing $ 58,261 $ 50,307 $ 32,160 $ 33,150 $ 38,744 $ 197,602 $ - $ 410,224 $ 422,170 Non-Performing - - - 274 - 5,244 - 5,518 7,152 Total residential mortgage loans in Florida region $ 58,261 $ 50,307 $ 32,160 $ 33,424 $ 38,744 $ 202,846 $ - $ 415,742 $ 429,322 (1) Excludes accrued interest receivable. As of September 30, 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 $ 705 $ 323 $ 828 $ 1,291 $ 3,871 $ 111,945 $ - $ 118,963 $ 125,392 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ 705 $ 323 $ 828 $ 1,291 $ 3,871 $ 111,945 $ - $ 118,963 $ 125,392 Conventional residential mortgage loans: Accrual Status: Performing $ 172,224 $ 127,664 $ 64,219 $ 82,947 $ 112,375 $ 2,109,546 $ - $ 2,668,975 $ 2,798,376 Non-Performing - 35 - 387 279 42,335 - 43,036 55,127 Total conventional residential mortgage loans $ 172,224 $ 127,699 $ 64,219 $ 83,334 $ 112,654 $ 2,151,881 $ - $ 2,712,011 $ 2,853,503 Total: Accrual Status: Performing $ 172,929 $ 127,987 $ 65,047 $ 84,238 $ 116,246 $ 2,221,491 $ - $ 2,787,938 $ 2,923,768 Non-Performing - 35 - 387 279 42,335 - 43,036 55,127 Total residential mortgage loans $ 172,929 $ 128,022 $ 65,047 $ 84,625 $ 116,525 $ 2,263,826 $ - $ 2,830,974 $ 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 September 30, 2022 and the amortized cost of consumer loans by accrual status as of December 31, 2021: As of September 30, 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 $ 530,902 $ 544,149 $ 275,432 $ 227,501 $ 112,215 $ 50,723 $ - $ 1,740,922 $ 1,556,097 Non-Performing 552 1,656 1,353 2,408 1,414 1,308 - 8,691 6,684 Total auto loans $ 531,454 $ 545,805 $ 276,785 $ 229,909 $ 113,629 $ 52,031 $ - $ 1,749,613 $ 1,562,781 Finance leases: Accrual Status: Performing $ 212,139 $ 200,819 $ 94,148 $ 88,244 $ 54,392 $ 17,942 $ - $ 667,684 $ 574,139 Non-Performing 39 298 321 248 204 320 - 1,430 866 Total finance leases $ 212,178 $ 201,117 $ 94,469 $ 88,492 $ 54,596 $ 18,262 $ - $ 669,114 $ 575,005 Personal loans: Accrual Status: Performing $ 141,759 $ 63,308 $ 33,960 $ 62,696 $ 27,401 $ 17,474 $ - $ 346,598 $ 314,867 Non-Performing 87 281 192 381 81 124 - 1,146 1,208 Total personal loans $ 141,846 $ 63,589 $ 34,152 $ 63,077 $ 27,482 $ 17,598 $ - $ 347,744 $ 316,075 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 304,072 $ 304,072 $ 290,226 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 304,072 $ 304,072 $ 290,226 Other consumer loans: Accrual Status: Performing $ 65,494 $ 27,107 $ 10,670 $ 14,597 $ 4,983 $ 4,672 $ 8,985 $ 136,508 $ 126,734 Non-Performing 218 364 88 184 61 335 136 1,386 1,563 Total other consumer loans $ 65,712 $ 27,471 $ 10,758 $ 14,781 $ 5,044 $ 5,007 $ 9,121 $ 137,894 $ 128,297 Total: Performing $ 950,294 $ 835,383 $ 414,210 $ 393,038 $ 198,991 $ 90,811 $ 313,057 $ 3,195,784 $ 2,862,063 Non-Performing 896 2,599 1,954 3,221 1,760 2,087 136 12,653 10,321 Total consumer loans in Puerto Rico and Virgin Islands region $ 951,190 $ 837,982 $ 416,164 $ 396,259 $ 200,751 $ 92,898 $ 313,193 $ 3,208,437 $ 2,872,384 (1) Excludes accrued interest receivable. As of September 30, 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 $ - $ - $ - $ 377 $ 2,830 $ 1,468 $ - $ 4,675 $ 8,759 Non-Performing - - - - - 12 - 12 - Total auto loans $ - $ - $ - $ 377 $ 2,830 $ 1,480 $ - $ 4,687 $ 8,759 Finance leases: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total finance leases $ - $ - $ - $ - $ - $ - $ - $ - $ - Personal loans: Accrual Status: Performing $ 274 $ 71 $ 13 $ - $ - $ - $ - $ 358 $ 107 Non-Performing - - - - - - - - - Total personal loans $ 274 $ 71 $ 13 $ - $ - $ - $ - $ 358 $ 107 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ - $ - $ - Other consumer loans: Accrual Status: Performing $ 50 $ 233 $ 469 $ - $ 39 $ 2,929 $ 2,426 $ 6,146 $ 6,661 Non-Performing - - - - - 22 100 122 133 Total other consumer loans $ 50 $ 233 $ 469 $ - $ 39 $ 2,951 $ 2,526 $ 6,268 $ 6,794 Total: Performing $ 324 $ 304 $ 482 $ 377 $ 2,869 $ 4,397 $ 2,426 $ 11,179 $ 15,527 Non-Performing - - - - - 34 100 134 133 Total consumer loans in Florida region $ 324 $ 304 $ 482 $ 377 $ 2,869 $ 4,431 $ 2,526 $ 11,313 $ 15,660 (1) Excludes accrued interest receivable. As of September 30, 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 $ 530,902 $ 544,149 $ 275,432 $ 227,878 $ 115,045 $ 52,191 $ - $ 1,745,597 $ 1,564,856 Non-Performing 552 1,656 1,353 2,408 1,414 1,320 - 8,703 6,684 Total auto loans $ 531,454 $ 545,805 $ 276,785 $ 230,286 $ 116,459 $ 53,511 $ - $ 1,754,300 $ 1,571,540 Finance leases: Accrual Status: Performing $ 212,139 $ 200,819 $ 94,148 $ 88,244 $ 54,392 $ 17,942 $ - $ 667,684 $ 574,139 Non-Performing 39 298 321 248 204 320 - 1,430 866 Total finance leases $ 212,178 $ 201,117 $ 94,469 $ 88,492 $ 54,596 $ 18,262 $ - $ 669,114 $ 575,005 Personal loans: Accrual Status: Performing $ 142,033 $ 63,379 $ 33,973 $ 62,696 $ 27,401 $ 17,474 $ - $ 346,956 $ 314,974 Non-Performing 87 281 192 381 81 124 - 1,146 1,208 Total personal loans $ 142,120 $ 63,660 $ 34,165 $ 63,077 $ 27,482 $ 17,598 $ - $ 348,102 $ 316,182 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 304,072 $ 304,072 $ 290,226 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 304,072 $ 304,072 $ 290,226 Other consumer loans: Accrual Status: Performing $ 65,544 $ 27,340 $ 11,139 $ 14,597 $ 5,022 $ 7,601 $ 11,411 $ 142,654 $ 133,395 Non-Performing 218 364 88 184 61 357 236 1,508 1,696 Total other consumer loans $ 65,762 $ 27,704 $ 11,227 $ 14,781 $ 5,083 $ 7,958 $ 11,647 $ 144,162 $ 135,091 Total: Performing $ 950,618 $ 835,687 $ 414,692 $ 393,415 $ 201,860 $ 95,208 $ 315,483 $ 3,206,963 $ 2,877,590 Non-Performing 896 2,599 1,954 3,221 1,760 2,121 236 12,787 10,454 Total consumer loans $ 951,514 $ 838,286 $ 416,646 $ 396,636 $ 203,620 $ 97,329 $ 315,719 $ 3,219,750 $ 2,888,044 (1) Excludes accrued interest receivable. Accrued interest receivable on loans totaled $ 47.4 million as of September 30, 2022 ($ 48.1 million as of December 31, 2021), 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 September 30, 2022 and December 31, 2021: September 30, 2022 Collateral Dependent Loans - With Allowance Collateral Dependent Loans - With No Related Allowance Collateral Dependent Loans - 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 38,898 2,706 592 39,490 2,706 Commercial loans: Construction loans - - 956 956 - Commercial mortgage loans 3,070 933 62,366 65,436 933 C&I loans 17,695 2,788 19,940 37,635 2,788 Consumer loans: Auto loans - - - - - Finance leases - - - - - Personal loans 57 1 - 57 1 Credit cards - - - - - Other consumer loans 280 34 - 280 34 $ 60,000 $ 6,462 $ 83,854 $ 143,854 $ 6,462 December 31, 2021 Collateral Dependent Loans - With Allowance Collateral Dependent Loans - With No Related Allowance Collateral Dependent Loans - 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 September 30, 2022 was 76 %, compared to 78 % as of December 31, 2021, which was not considered a significant change in the extent to which collateral secured these loans. Purchases and Sales of Loans During the first nine months of 2022, loans pooled into GNMA MBS amounted to approximately $ 115.7 million, compared to $ 147.4 million for the same period in 2021. Also, during the first nine months of 2022, the Corporation sold approximately $ 90.8 million of performing residential mortgage loans to FNMA and FHLMC, compared to sales of $ 259.6 million during the first nine months of 2021. The Corporation’s continuing involvement with the loans that 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, as servicer, holds an option to repurchase individual delinquent loans issued on or after January 1, 2003 when certain delinquency criteria are met. This option gives the Corporation the unilateral ability, but not the obligation, to repurchase the delinquent loans at par without prior authorization from GNMA. Since the Corporation is considered to have regained effective control over the loans, it is required to recognize the loans and a corresponding repurchase liability regardless of its intent to repurchase the loans. As of September 30, 2022 and December 31, 2021, rebooked GNMA delinquent loans that were included in the residential mortgage loan portfolio amounted to $ 8.1 million and $ 7.2 million, respectively. In addition, on September 29, 2022, GNMA expanded the criteria to permit issuers to repurchase loans of borrowers affected by Hurricane Fiona that meet the following eligibility requirements: (i) the property securing the loans has been damaged and is located within a designated disaster area; and (ii) the borrower is experiencing economic hardship related to the designated disaster, as established by the underlying insuring or guaranteeing agency. Issuers must request and obtain prior written approval from GNMA to repurchase eligible loans. During the first nine months of 2022 and 2021, the Corporation repurchased, pursuant to the aforementioned repurchase option, $ 8.2 million and $ 0.4 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. 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 $ 0.3 million during the first nine months of 2022 and 2021. 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 nine months of 2022, the Corporations sold a $ 35.2 million commercial and industrial loan participation in the Puerto Rico region. Also, during the first nine months of 2021, three criticized commercial loan participations in the Florida region totaling $ 28.0 million were sold. In addition, during the first nine months of 2022 and 2021, the Corporation purchased commercial and industrial loans participations in the Florida region totaling $ 135.4 million and $ 78.1 million, respectively. During the third quarter of 2021, the Corporation sold $ 52.5 million of non-performing residential mortgage loans and related servicing advances of $ 2.0 million. The Corporation received $ 31.5 million, or 58 % of book value before reserves, for the $ 54.5 million of non-performing loans and related servicing advances. Approximately $ 20.9 million of reserves had been allocated to the loans sold. The transaction resulted in total net charge-offs of $ 23.1 million and an additional loss of approximately $ 2.1 million recorded as a charge to the provision for credit losses in the third quarter of 2021. 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 $ 11.3 billion as of September 30, 2022, credit risk concentration was approximately 79 % in Puerto Rico, 18 % in the United States, and 3 % in the USVI and BVI. As of September 30, 2022, the Corporation had $ 158.4 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 September 30, 2022, approximately $ 89.9 million consisted of loans extended to municipalities in Puerto Rico that are general obligations supported by assigned property tax revenues, and $ 29.0 million of loans which are supported by one or more specific sources of municipal revenues. 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. In addition to loans extended to municipalities, the Corporation’s exposure to the Puerto Rico government as of September 30, 2022 included $ 11.5 million in loans granted to an affiliate of the Puerto Rico Electric Power Authority (“PREPA”) and $ 28.0 million in loans to an agency of the Puerto Rico central government. In addition, as of September 30, 2022, the Corporation had $ 86.7 million in exposure to residential mortgage loans that are guaranteed by the PRHFA, a governmental 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 Corporation also has credit exposure to USVI government entities. As of September 30, 2022, the Corporation had $ 37.6 million in loans to USVI government public corporations, compared to $ 39.2 million as of December 31, 2021. As of September 30, 2022, all loans were currently performing and up to date on principal and interest payments. Troubled Debt Restructurings The Corporation provides homeownership preservation assistance to its customers through a loss mitigation program. 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. As of September 30, 2022, the Corporation’s total TDR loans held for investment amounted to $ 387.7 million, of which $ 340.1 million were in accruing status. See Note 8 – Loans Held for Investment to the consolidated financial statements included in the 2021 Annual Report on Form 10-K, for information on when the Corporation classifies TDR loans as either accrual or nonaccrual loans. The total TDR loans held for investment consisted of $ 242.4 million of residential mortgage loans, $ 67.2 million of C&I loans, $ 64.2 million of commercial mortgage loans, $ 1.3 million of construction loans, and $ 12.6 million of consumer loans. As of September 30, 2022, the Corporation included as TDRs $ 1.6 million of residential mortgage loans that were participating in or had been offered a trial modification, which generally represents a six-month period during which the borrower makes monthly payments under the anticipated modified payment terms prior to a formal modification. TDR loans exclude restructured residential mortgage loans that are government-guaranteed ( e.g ., FHA/VA loans) totaling $ 54.8 million as of September 30, 2022, compared with $ 57.6 million as of December 31, 2021. As of September 30, 2022, the Corporation has committed to lend up to additional $ 16 thousand on TDR consumer loans. To assist borrowers affected by the passing of Hurricane Fiona through Puerto Rico on September 17, 2022, the Corporation established a Natural Disaster Deferral or Extension Program, with a term not to extend beyond December 31, 2022, for residents of Puerto Rico that were directly impacted by the passing of the hurricane. This program provides payment deferral or term extension on a one payment basis, not to exceed three payments, to retail borrowers ( i.e., borrowers with personal loans, auto loans, finance leases, credit cards and residential mortgage loans) that contacted the Corporation by October 31, 2022 to request the payment extension and opted-in based on conditions below. Loans will continue to accrue interest during the deferral or extension period. For credit cards, borrowers who were 30 days past due or less as of September 16, 2022 are eligible for this program. For residential mortgage loans and consumer loans, borrowers who were 60 days past due or less as of September 16, 2022 are eligible for this program. For both consumer and residential mortgage loans subject to the deferral programs, each borrower is required to opt in on a monthly basis to the program and must resume making their regularly scheduled loan payments at the end of the deferral period. For consumer loans, deferred amounts will extend the maturity date by the number of deferred periods. For residential mortgage loans, deferred amounts will be moved to the end of the loan term. Borrowers that make a payment during any given month are not eligible for the program during that month. Furthermore, for customers that opted into the program, the delinquency status of loans subject to the deferral or extension program will be frozen to the status that existed in the month previous to the month in which the relief is granted. Loans subject to the above-described program are not considered TDRs since the deferral or extension is not considered more than insignificant. Borrowers were eligible to payment deferral or extension of three payments only if cumulative payment extensions granted during the last 12 months did not exceed six payments, including the extensions granted through this program. As of October 31, 2022, the Corporation has entered into deferral or extension payment agreements on 3,366 retail loans totaling $ 63.6 million. The following tables present TDR loans completed during the quarters and nine-month periods ended September 30, 2022 and 2021: Quarter Ended September 30, 2022 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Other (1) Total (In thousands) TDRs: Conventional residential mortgage loans $ - $ 132 $ - $ - $ 1,022 $ 1,154 Construction loans - - - - - - Commercial mortgage loans - - - - - - C&I loans 495 - - - - 495 Consumer loans: Auto loans 661 42 84 - - 787 Finance leases - 82 - - - 82 Personal loans - 75 58 - - 133 Credit cards - - - - 252 252 Other consumer loans 10 56 - 19 - 85 Total TDRs $ 1,166 $ 387 $ 142 $ 19 $ 1,274 $ 2,988 (1) Other concessions granted by the Corporation include payment plans under judicial stipulation or loss mitigation programs, 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. Nine-Month Period Ended September 30, 2022 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Other (1) Total (In thousands) TDRs: Conventional residential mortgage loans $ 215 $ 1,484 $ 190 $ - $ 3,709 $ 5,598 Construction loans - - - - - - Commercial mortgage loans - 245 5,178 - 467 5,890 C&I loans 895 - - 825 1,083 2,803 Consumer loans: Auto loans 2,120 126 264 - - 2,510 Finance leases - 451 - - 18 469 Personal loans 99 135 84 - - 318 Credit cards - - - - 647 647 Other consumer loans 93 188 - 37 - 318 Total TDRs $ 3,422 $ 2,629 $ 5,716 $ 862 $ 5,924 $ 18,553 (1) Other concessions granted by the Corporation include payment plans under judicial stipulation or loss mitigation programs, 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. Quarter Ended September 30, 2021 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Other (1) Total (In thousands) TDRs: Conventional residential mortgage loans $ 345 $ 759 $ 92 $ - $ 1,454 $ 2,650 Construction loans - - - - - - Commercial mortgage loans - - 10,331 - - 10,331 C&I loans - - 9,100 - - 9,100 Consumer loans: Auto loans 364 14 58 - - 436 Finance leases - 165 26 - - 191 Personal loans 13 23 67 - - 103 Credit cards - - - - 207 207 Other consumer loans 17 28 - 15 - 60 Total TDRs $ 739 $ 989 $ 19,674 $ 15 $ 1,661 $ 23,078 (1) Other concessions granted by the Corporation include payment plans under judicial stipulation or loss mitigation programs, 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. Nine-Month Period Ended September 30, 2021 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Other (1) Total (In thousands) TDRs: Conventional residential mortgage loans $ 365 $ 759 $ 1,605 $ - $ 2,718 $ 5,447 Construction loans - - - - - - Commercial mortgage loans - - 10,586 - 442 11,028 C&I loans - 300 9,100 - 171 9,571 Consumer loans: Auto loans 1,372 309 196 - - 1,877 Finance leases - 526 26 - - 552 Personal loans 13 52 263 - 8 336 Credit cards - - - - 1,171 1,171 Other consumer loans 105 68 - 61 - 234 Total TDRs $ 1,855 $ 2,014 $ 21,776 $ 61 $ 4,510 $ 30,216 (1) Other concessions granted by the Corporation include payment plans under judicial stipulation or loss mitigation programs, 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. Quarter Ended September 30, 2022 Quarter Ended September 30, 2021 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 12 $ 1,220 $ 1,154 23 $ 2,654 $ 2,650 Construction loans - - - - - - Commercial mortgage loans - - - 2 10,433 10,331 C&I loans 3 495 495 3 9,100 9,100 Consumer loans: Auto loans 35 790 787 22 435 436 Finance leases 5 82 82 10 190 191 Personal loans 7 116 133 9 103 103 Credit Cards 50 251 252 40 207 207 Other consumer loans 29 83 85 14 59 60 Total TDRs 141 $ 3,037 $ 2,988 123 $ 23,181 $ 23,078 Nine-Month Period Ended September 30, 2022 Nine-Month Period Ended September 30, 2021 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 49 $ 5,668 $ 5,598 48 $ 5,552 $ 5,447 Construction loans - - - - - - Commercial mortgage loans 3 5,897 5,890 6 11,091 11,028 C&I loans 15 3,031 2,803 5 9,694 9,571 Consumer loans: Auto loans 123 2,512 2,510 101 1,875 1,877 Finance leases 26 469 469 33 550 552 Personal loans 19 301 318 32 330 336 Credit Cards 139 646 647 203 1,171 1,171 Other consumer loans 77 311 318 55 233 234 Total TDRs 451 $ 18,835 $ 18,553 483 $ 30,496 $ 30,216 Loan modifications considered TDR loans that defaulted (failure by the borrower to make payments of either principal, interest, or both for a period of 90 days or more) during the quarters and nine-month periods ended September 30, 2022 and 2021, and had become TDR loans during the 12-months preceding the default date, were as follows: Quarter Ended September 30, 2022 Quarter Ended September 30, 2021 Number of contracts Amortized Cost Number of contracts Amortized Cost (Dollars in thousands) Conventional residential mortgage loans 1 $ 50 2 $ 126 Construction loans - - - - Commercial mortgage loans - - - - C&I loans - - - - Consumer loans: Auto loans 31 776 23 433 Finance leases - - - - Personal loans - - 1 1 Credit cards 14 60 13 68 Other consumer loans 1 2 - - Total 47 $ 888 39 $ 628 Nine-Month Period Ended September 30, 2022 Nine-Month Period Ended September 30, 2021 Number of contracts Amortized Cost Number of contracts Amortized Cost (Dollars in thousands) Conventional residential mortgage loans 5 $ 534 4 $ 304 Construction loans - - - - Commercial mortgage loans - - - - C&I loans - - - - Consumer loans: Auto loans 75 1,674 69 1,164 Finance leases 1 16 - - Personal loans - - 1 1 Credit cards 39 201 25 161 Other consumer loans 5 19 9 36 Total 125 $ 2,444 108 $ 1,666 For certain TDR loans, the Corporation splits the loans into two new notes (the “Note A” and the “Note B”). The A Note is restructured to comply with the Corporation’s lending standards at current market rates and is tailored to suit the customer’s ability to make timely interest and principal payments. The B Note includes the granting of the concession to the borrower and varies by situation. The B Note is fully charged-off, unless it is collateral-dependent and the source of repayment is independent of the A Note in which case a partial charge -off may be recorded. At the time of the restructuring, the A Note is identified and classified as a TDR loan. During the nine months ended September 30, 2022 and 2021, there were no new Note A and B restructurings.

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