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LOANS HELD FOR INVESTMENT | 6 Months Ended
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Jun. 30, 2023
LOANS HELD FOR INVESTMENT [Abstract] |
LOAN HELD FOR INVESTMENT | 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 locations as of the indicated dates: As of June 30, As of December 31, 2023 2022 (In thousands) Puerto Rico and Virgin Islands region: Residential mortgage loans, mainly secured by first mortgages $ 2,352,310 $ 2,417,900 Construction loans 69,219 34,772 Commercial mortgage loans 1,800,289 1,834,204 Commercial and Industrial ("C&I") loans 2,011,774 1,860,109 Consumer loans 3,487,454 3,317,489 Loans held for investment $ 9,721,046 $ 9,464,474 Florida region: Residential mortgage loans, mainly secured by first mortgages $ 441,480 $ 429,390 Construction loans 94,779 98,181 Commercial mortgage loans 519,780 524,647 C&I loans 934,427 1,026,154 Consumer loans 7,803 9,979 Loans held for investment $ 1,998,269 $ 2,088,351 Total: Residential mortgage loans, mainly secured by first mortgages $ 2,793,790 $ 2,847,290 Construction loans 163,998 132,953 Commercial mortgage loans 2,320,069 2,358,851 C&I loans (1) 2,946,201 2,886,263 Consumer loans 3,495,257 3,327,468 Loans held for investment (2) 11,719,315 11,552,825 ACL on loans and finance leases (267,058) (260,464) Loans held for investment, net $ 11,452,257 $ 11,292,361 (1) As of June 30, 2023 and December 31, 2022, includes $ 821.4 million and $ 838.5 million, respectively, of commercial loans that were secured by real estate and the primary source of repayment at origination was not dependent upon the real estate. (2) Includes accretable fair value net purchase discounts of $ 27.1 million and $ 29.3 million as of June 30, 2023 and December 31, 2022, respectively. When a loan is placed in 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 $ 1.1 million for the quarter and six-month period ended June 30, 2023, respectively, compared with $ 0.3 million and $ 0.7 million for the quarter and six-month period ended June 30, 2022, respectively. For the quarter and six-month period ended June 30, 2023, the cash interest income recognized on nonaccrual loans amounted to $ 0.5 million and $ 1.0 million, respectively, compared to $ 0.3 million and $ 0.7 million for the quarter and six-month period ended June 30, 2022, respectively. As of June 30, 2023, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 50.9 million, including $ 21.5 million of FHA/VA government-guaranteed mortgage loans, and $ 7.2 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. 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. As of June 30, 2023 Days Past Due and Accruing Current 30-59 60-89 90+ (1) (2) (3) Nonaccrual (4) Total loans held for investment Nonaccrual Loans with no ACL (5) (In thousands) Residential mortgage loans, mainly secured by first mortgages: FHA/VA government-guaranteed loans (1) (3) (6) $ 69,242 $ - $ 1,605 $ 34,038 $ - $ 104,885 $ - Conventional residential mortgage loans (2) (6) 2,613,464 - 29,274 12,915 33,252 2,688,905 1,861 Commercial loans: Construction loans (6) 161,248 1,062 11 - 1,677 163,998 973 Commercial mortgage loans (2) (6) 2,287,864 4,551 565 5,553 21,536 2,320,069 11,834 C&I loans 2,928,957 1,827 1,186 5,037 9,194 2,946,201 1,816 Consumer loans: Auto loans 1,803,442 44,425 8,281 - 11,311 1,867,459 3,464 Finance leases 778,649 8,015 1,564 - 2,483 790,711 496 Personal loans 359,898 4,363 1,985 - 1,353 367,599 - Credit cards 305,434 3,734 2,620 5,668 - 317,456 - Other consumer loans 147,419 2,191 1,207 - 1,215 152,032 35 Total loans held for investment $ 11,455,617 $ 70,168 $ 48,298 $ 63,211 $ 82,021 $ 11,719,315 $ 20,479 (1) It is the Corporation's policy to report delinquent Federal Housing Authority (“FHA”)/Veterans Affairs (“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 $ 19.9 million of residential mortgage loans guaranteed by the FHA that were over 15 months delinquent as of June 30, 2023. (2) Includes purchased credit deteriorated ("PCD") loans previously accounted for under 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 $ 9.5 million as of June 30, 2023 ($ 8.5 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 $ 6.5 million as of June 30, 2023. 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 $ 9.8 million as of June 30, 2023, primarily nonaccrual residential mortgage loans and C&I loans. (5) Includes $ 0.3 million of nonaccrual C&I loans with no ACL in the Florida region as of June 30, 2023. (6) 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, commercial mortgage loans, and construction loans past due 30-59 days, but less than two payments in arrears, as of June 30, 2023 amounted to $ 6.6 million, $ 62.9 million, $ 1.9 million, and $ 0.2 million, respectively. As of December 31, 2022 Days Past Due and Accruing Current 30-59 60-89 90+ (1)(2)(3) Nonaccrual (4) Total loans held for investment Nonaccrual Loans with no ACL (5) (In thousands) Residential mortgage loans, mainly secured by first mortgages: FHA/VA government-guaranteed loans (1) (3) (6) $ 67,116 $ - $ 2,586 $ 48,456 $ - $ 118,158 $ - Conventional residential mortgage loans (2) (6) 2,643,909 - 25,630 16,821 42,772 2,729,132 2,292 Commercial loans: Construction loans 130,617 - - 128 2,208 132,953 977 Commercial mortgage loans (2) (6) 2,330,094 300 2,367 3,771 22,319 2,358,851 15,991 C&I loans 2,868,989 1,984 1,128 6,332 7,830 2,886,263 3,300 Consumer loans: Auto loans 1,740,271 40,039 7,089 - 10,672 1,798,071 2,136 Finance leases 707,646 7,148 1,791 - 1,645 718,230 330 Personal loans 346,366 3,738 1,894 - 1,248 353,246 - Credit cards 301,013 3,705 2,238 4,775 - 311,731 - Other consumer loans 141,687 1,804 1,458 - 1,241 146,190 - Total loans held for investment $ 11,277,708 $ 58,718 $ 46,181 $ 80,283 $ 89,935 $ 11,552,825 $ 25,026 (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 $ 28.2 million of residential mortgage loans guaranteed by the FHA that were over 15 months delinquent as of December 31, 2022. (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 $ 12.0 million as of December 31, 2022 ($ 11.0 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 $ 10.3 million as of December 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. (4) Nonaccrual loans in the Florida region amounted to $ 8.3 million as of December 31, 2022, primarily nonaccrual residential mortgage loans. (5) Includes $ 0.3 million of nonaccrual C&I loans with no ACL in the Florida region as of December 31, 2022. (6) 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, 2022 amounted to $ 6.1 million, $ 65.2 million, and $ 1.6 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, C&I, 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 3 – Debt Securities, to the audited consolidated financial statements included in the 2022 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 June 30, 2023, the gross charge -offs for the six-month period ended June 30, 2023 by portfolio classes and by origination year, and the amortized cost of commercial and construction loans by portfolio classes based on the internal credit-risk category as of December 31, 2022, were as follows: As of June 30, 2023 Puerto Rico and Virgin Islands region Term Loans As of December 31, 2022 Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 29,645 $ 22,238 $ 11,093 $ - $ - $ 3,887 $ - $ 66,863 $ 31,879 Criticized: Special Mention - - - - - - - - - Substandard - 7 - - - 2,349 - 2,356 2,893 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 29,645 $ 22,245 $ 11,093 $ - $ - $ 6,236 $ - $ 69,219 $ 34,772 Charge-offs on construction loans $ - $ - $ - $ - $ - $ 38 $ - $ 38 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 94,161 $ 385,980 $ 139,699 $ 322,212 $ 283,938 $ 381,556 $ 427 $ 1,607,973 $ 1,655,728 Criticized: Special Mention - 4,487 - 33,698 - 118,636 - 156,821 145,415 Substandard - 129 - - 2,847 32,519 - 35,495 33,061 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 94,161 $ 390,596 $ 139,699 $ 355,910 $ 286,785 $ 532,711 $ 427 $ 1,800,289 $ 1,834,204 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ 106 $ - $ 106 C&I Risk Ratings: Pass $ 113,567 $ 297,329 $ 193,851 $ 178,144 $ 299,435 $ 222,553 $ 649,354 $ 1,954,233 $ 1,789,572 Criticized: Special Mention - - - - 508 12,709 22,537 35,754 43,224 Substandard - - 389 634 13,797 6,682 285 21,787 27,313 Doubtful - - - - - - - - - Loss - - - - - - - - - Total C&I loans $ 113,567 $ 297,329 $ 194,240 $ 178,778 $ 313,740 $ 241,944 $ 672,176 $ 2,011,774 $ 1,860,109 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ 211 $ 55 $ 266 (1) Excludes accrued interest receivable. As of June 30, 2023 Term Loans As of December 31, 2022 Florida region Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 32 $ 47,557 $ 47,190 $ - $ - $ - $ - $ 94,779 $ 98,181 Criticized: Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 32 $ 47,557 $ 47,190 $ - $ - $ - $ - $ 94,779 $ 98,181 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 6,258 $ 184,611 $ 69,659 $ 40,608 $ 51,005 $ 122,449 $ 19,642 $ 494,232 $ 503,184 Criticized: Special Mention - - - - 13,156 11,224 - 24,380 20,295 Substandard - - - 1,168 - - - 1,168 1,168 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 6,258 $ 184,611 $ 69,659 $ 41,776 $ 64,161 $ 133,673 $ 19,642 $ 519,780 $ 524,647 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 45,172 $ 272,282 $ 153,401 $ 74,535 $ 173,170 $ 56,918 $ 117,134 $ 892,612 $ 979,151 Criticized: Special Mention - - 19,580 - 5,976 11,403 - 36,959 17,905 Substandard - - - 652 193 2,825 300 3,970 29,098 Doubtful - - - - - 886 - 886 - Loss - - - - - - - - - Total C&I loans $ 45,172 $ 272,282 $ 172,981 $ 75,187 $ 179,339 $ 72,032 $ 117,434 $ 934,427 $ 1,026,154 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ 6,202 $ - $ 6,202 (1) Excludes accrued interest receivable. As of June 30, 2023 Total Term Loans As of December 31, 2022 Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 29,677 $ 69,795 $ 58,283 $ - $ - $ 3,887 $ - $ 161,642 $ 130,060 Criticized: Special Mention - - - - - - - - - Substandard - 7 - - - 2,349 - 2,356 2,893 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 29,677 $ 69,802 $ 58,283 $ - $ - $ 6,236 $ - $ 163,998 $ 132,953 Charge-offs on construction loans $ - $ - $ - $ - $ - $ 38 $ - $ 38 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 100,419 $ 570,591 $ 209,358 $ 362,820 $ 334,943 $ 504,005 $ 20,069 $ 2,102,205 $ 2,158,912 Criticized: Special Mention - 4,487 - 33,698 13,156 129,860 - 181,201 165,710 Substandard - 129 - 1,168 2,847 32,519 - 36,663 34,229 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 100,419 $ 575,207 $ 209,358 $ 397,686 $ 350,946 $ 666,384 $ 20,069 $ 2,320,069 $ 2,358,851 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ 106 $ - $ 106 C&I Risk Ratings: Pass $ 158,739 $ 569,611 $ 347,252 $ 252,679 $ 472,605 $ 279,471 $ 766,488 $ 2,846,845 $ 2,768,723 Criticized: Special Mention - - 19,580 - 6,484 24,112 22,537 72,713 61,129 Substandard - - 389 1,286 13,990 9,507 585 25,757 56,411 Doubtful - - - - - 886 - 886 - Loss - - - - - - - - - Total C&I loans $ 158,739 $ 569,611 $ 367,221 $ 253,965 $ 493,079 $ 313,976 $ 789,610 $ 2,946,201 $ 2,886,263 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ 6,413 $ 55 $ 6,468 (1) Excludes accrued interest receivable. As of June 30, 2023 and December 31, 2022, the balance of revolving loans converted to term loans was no t material. Accrued interest receivable on loans totaled $ 52.8 million as of June 30, 2023 ($ 53.1 million as of December 31, 2022), 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 June 30, 2023 and December 31, 2022 As of June 30, 2023 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: Conventional residential mortgage loans $ 31,199 $ 2,026 $ - $ 31,199 $ 2,026 Commercial loans: Construction loans - - 956 956 - Commercial mortgage loans 6,590 1,016 52,447 59,037 1,016 C&I loans 2,563 418 10,601 13,164 418 Consumer loans: Personal loans - - - - - Other consumer loans 173 17 - 173 17 $ 40,525 $ 3,477 $ 64,004 $ 104,529 $ 3,477 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 June 30, 2023 was 68 %, compared to 70 % as of December 31, 2022, which was not considered a significant change in the extent to which collateral secured these loans. Purchases and Sales of Loans In the ordinary course of business, the Corporation enters into securitization transactions and whole loan sales with GNMA and GSEs, such as FNMA and FHLMC. During the first six months of 2023, loans pooled into GNMA MBS amounted to approximately $ 66.4 million, compared to $ 79.7 million during the first six months of 2022, for which the Corporation recognized a net gain on sale of $ 1.4 million and $ 2.3 million, respectively. Also, during the first six months of 2023, the Corporation sold approximately $ 22.8 million of performing residential mortgage loans to FNMA, for which the Corporation recognized a net gain on sale of $ 0.6 million. In addition, during the first six months of 2022, the Corporation sold approximately $ 75.2 million and $ 3.2 million of performing residential mortgage loans to FNMA and FHLMC, respectively, for which the Corporation recognized a net gain on sale of $ 3.3 million and $ 0.1 million, respectively. 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 June 30, 2023 and December 31, 2022, rebooked GNMA delinquent loans that were included in the residential mortgage loan portfolio amounted to $ 6.5 million and $ 10.4 million, respectively. During the first six months of 2023 and 2022, the Corporation repurchased, pursuant to the aforementioned repurchase option, $ 1.9 million and $ 6.2 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. Historically, losses on these 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’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 six months of 2023 and 2022, the Corporation purchased C&I loan participations in the Florida region totaling $ 28.0 million and $ 76.4 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 $ 11.7 billion as of June 30, 2023, credit risk concentration was approximately 79 % in Puerto Rico, 17 % in the U.S., and 4 % in the USVI and BVI. As of June 30, 2023, the Corporation had $ 174.9 million outstanding in loans extended to the Puerto Rico government, its municipalities and public corporations, compared to $ 169.8 million as of December 31, 2022. As of June 30, 2023, approximately $ 105.2 million consisted of loans extended to municipalities in Puerto Rico that are general obligations supported by assigned property tax revenues, and $ 28.1 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 June 30, 2023 included $ 9.5 million in loans granted to an affiliate of the Puerto Rico Electric Power Authority (“PREPA”) and $ 32.1 million in loans to agencies or public corporations of the Puerto Rico government. In addition, as of June 30, 2023, the Corporation had $ 81.1 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 $ 84.7 million as of December 31, 2022. 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 June 30, 2023, the Corporation had $ 78.9 million in loans to USVI government public corporations, compared to $ 38.0 million as of December 31, 2022. As of June 30, 2023, all loans were currently performing and up to date on principal and interest payments. Loss Mitigation Program for Borrowers Experiencing Financial Difficulty Effective January 1, 2023, the Corporation adopted ASU 2022-02. For additional information on the adoption, see Note 1 – Basis of Presentation and Significant Accounting Policies. 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 are provided, as well as other restructurings of individual C&I, commercial mortgage, construction, and residential mortgage loans. The Corporation may also modify contractual terms to comply with regulations regarding the treatment of certain bankruptcy filings and discharge situations. The loan modifications granted to borrowers experiencing financial difficulty that are associated with payment delays typically include the following: - Forbearance plans – Payments of either interest and/or principal are deferred for a pre-established period of time, generally not exceeding six months in any given year. The deferred interest and/or principal is repaid as either a lump sum payment at maturity date or by extending the loan’s maturity date by the number of forbearance months granted. - Payment plans – Borrowers are allowed to pay the regular monthly payment plus the pre-established delinquent amounts during a period generally not exceeding six months. At the end of the payment plan, the borrower is required to resume making its regularly scheduled loan payments. - Trial modifications – These types of loan modifications are granted for residential mortgage loans. Borrower s continue making reduced monthly payments during the trial period, which is generally of up to six months. The reduced payments that are made by the borrower during the trial period will result in a payment delay with respect to the original contractual terms of the loan since the loan has not yet been contractually modified. After successful completion of the trial period, the mortgage loan is contractually modified. Modifications in the form of a reduction in interest rate, term extension, an other-than-insignificant payment delay, or any combination of these types of loan modifications that have occurred in the current reporting period for a borrower experiencing financial difficulty are disclosed in the tables below. The below disclosures relate to loan modifications granted to borrowers experiencing financial difficulty in which there was a change in the timing and/or amount of contractual cash flows in the form of any of the aforementioned types of modifications, including restructurings that resulted in a more-than-insignificant payment delay. These disclosures exclude $ 1.6 million and $ 2.5 million in restructured residential mortgage loans that are government-guaranteed (e.g., FHA/VA loans) and were modified during the quarter and six-month period ended June 30, 2023, respectively. As of June 30, 2023 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Puerto Rico and Virgin Islands Region: FHA/VA government-guaranteed loans Accrual Status: Performing $ 118 $ 691 $ 689 $ 782 $ 1,117 $ 100,760 $ - $ 104,157 $ 117,416 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ 118 $ 691 $ 689 $ 782 $ 1,117 $ 100,760 $ - $ 104,157 $ 117,416 Conventional residential mortgage loans: Accrual Status: Performing $ 61,153 $ 170,239 $ 73,033 $ 30,819 $ 45,799 $ 1,841,296 $ - $ 2,222,339 $ 2,265,013 Non-Performing - - 35 - 171 25,608 - 25,814 35,471 Total conventional residential mortgage loans $ 61,153 $ 170,239 $ 73,068 $ 30,819 $ 45,970 $ 1,866,904 $ - $ 2,248,153 $ 2,300,484 Total: Accrual Status: Performing $ 61,271 $ 170,930 $ 73,722 $ 31,601 $ 46,916 $ 1,942,056 $ - $ 2,326,496 $ 2,382,429 Non-Performing - - 35 - 171 25,608 - 25,814 35,471 Total residential mortgage loans in Puerto Rico and Virgin Islands Region $ 61,271 $ 170,930 $ 73,757 $ 31,601 $ 47,087 $ 1,967,664 $ - $ 2,352,310 $ 2,417,900 Charge-offs on residential mortgage loans $ - $ - $ - $ 3 $ - $ 2,126 $ - $ 2,129 (1) Excludes accrued interest receivable. As of June 30, 2023 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Florida Region: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ - $ - $ - $ - $ 728 $ - $ 728 $ 742 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - $ 728 $ - $ 728 $ 742 Conventional residential mortgage loans: Accrual Status: Performing $ 37,150 $ 80,115 $ 48,955 $ 30,517 $ 28,459 $ 208,118 $ - $ 433,314 $ 421,347 Non-Performing - - - - 259 7,179 - 7,438 7,301 Total conventional residential mortgage loans $ 37,150 $ 80,115 $ 48,955 $ 30,517 $ 28,718 $ 215,297 $ - $ 440,752 $ 428,648 Total: Accrual Status: Performing $ 37,150 $ 80,115 $ 48,955 $ 30,517 $ 28,459 $ 208,846 $ - $ 434,042 $ 422,089 Non-Performing - - - - 259 7,179 - 7,438 7,301 Total residential mortgage loans in Florida region $ 37,150 $ 80,115 $ 48,955 $ 30,517 $ 28,718 $ 216,025 $ - $ 441,480 $ 429,390 Charge-offs on residential mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - (1) Excludes accrued interest receivable. As of June 30, 2023 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Total: FHA/VA government-guaranteed loans Accrual Status: Performing $ 118 $ 691 $ 689 $ 782 $ 1,117 $ 101,488 $ - $ 104,885 $ 118,158 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ 118 $ 691 $ 689 $ 782 $ 1,117 $ 101,488 $ - $ 104,885 $ 118,158 Conventional residential mortgage loans: Accrual Status: Performing $ 98,303 $ 250,354 $ 121,988 $ 61,336 $ 74,258 $ 2,049,414 $ - $ 2,655,653 $ 2,686,360 Non-Performing - - 35 - 430 32,787 - 33,252 42,772 Total conventional residential mortgage loans $ 98,303 $ 250,354 $ 122,023 $ 61,336 $ 74,688 $ 2,082,201 $ - $ 2,688,905 $ 2,729,132 Total: Accrual Status: Performing $ 98,421 $ 251,045 $ 122,677 $ 62,118 $ 75,375 $ 2,150,902 $ - $ 2,760,538 $ 2,804,518 Non-Performing - - 35 - 430 32,787 - 33,252 42,772 Total residential mortgage loans $ 98,421 $ 251,045 $ 122,712 $ 62,118 $ 75,805 $ 2,183,689 $ - $ 2,793,790 $ 2,847,290 Charge-offs on residential mortgage loans $ - $ - $ - $ 3 $ - $ 2,126 $ - $ 2,129 (1) Excludes accrued interest receivable. As of June 30, 2023 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Puerto Rico and Virgin Islands Region: Auto loans: Accrual Status: Performing $ 326,746 $ 604,040 $ 445,754 $ 214,692 $ 167,480 $ 95,343 $ - $ 1,854,055 $ 1,783,782 Non-Performing 199 2,234 2,530 1,341 2,702 2,255 - 11,261 10,596 Total auto loans $ 326,945 $ 606,274 $ 448,284 $ 216,033 $ 170,182 $ 97,598 $ - $ 1,865,316 $ 1,794,378 Charge-offs on auto loans $ 174 $ 3,355 $ 2,287 $ 886 $ 1,205 $ 745 $ - $ 8,652 Finance leases: Accrual Status: Performing $ 159,308 $ 270,541 $ 172,697 $ 76,249 $ 66,859 $ 42,574 $ - $ 788,228 $ 716,585 Non-Performing - 619 490 525 380 469 - 2,483 1,645 Total finance leases $ 159,308 $ 271,160 $ 173,187 $ 76,774 $ 67,239 $ 43,043 $ - $ 790,711 $ 718,230 Charge-offs on finance leases $ 11 $ 656 $ 485 $ 228 $ 341 $ 428 $ - $ 2,149 Personal loans: Accrual Status: Performing $ 88,877 $ 148,554 $ 43,113 $ 22,164 $ 39,809 $ 23,410 $ - $ 365,927 $ 351,664 Non-Performing 8 713 222 68 220 122 - 1,353 1,248 Total personal loans $ 88,885 $ 149,267 $ 43,335 $ 22,232 $ 40,029 $ 23,532 $ - $ 367,280 $ 352,912 Charge-offs on personal loans $ 24 $ 3,414 $ 1,435 $ 662 $ 1,180 $ 834 $ - $ 7,549 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 317,456 $ 317,456 $ 311,731 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 317,456 $ 317,456 $ 311,731 Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ 8,447 $ 8,447 Other consumer loans: Accrual Status: Performing $ 49,470 $ 52,078 $ 14,386 $ 7,261 $ 8,060 $ 5,348 $ 8,932 $ 145,535 $ 139,116 Non-Performing 40 527 192 50 65 201 81 1,156 1,122 Total other consumer loans $ 49,510 $ 52,605 $ 14,578 $ 7,311 $ 8,125 $ 5,549 $ 9,013 $ 146,691 $ 140,238 Charge-offs on other consumer loans $ 89 $ 3,530 $ 1,262 $ 305 $ 600 $ 235 $ 221 $ 6,242 Total: Performing $ 624,401 $ 1,075,213 $ 675,950 $ 320,366 $ 282,208 $ 166,675 $ 326,388 $ 3,471,201 $ 3,302,878 Non-Performing 247 4,093 3,434 1,984 3,367 3,047 81 16,253 14,611 Total consumer loans in Puerto Rico and Virgin Islands region $ 624,648 $ 1,079,306 $ 679,384 $ 322,350 $ 285,575 $ 169,722 $ 326,469 $ 3,487,454 $ 3,317,489 Charge-offs on total consumer loans $ 298 $ 10,955 $ 5,469 $ 2,081 $ 3,326 $ 2,242 $ 8,668 $ 33,039 (1) Excludes accrued interest receivable. As of June 30, 2023 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Florida Region: Auto loans: Accrual Status: Performing $ - $ - $ - $ - $ 220 $ 1,873 $ - $ 2,093 $ 3,617 Non-Performing - - - - - 50 - 50 76 Total auto loans $ - $ - $ - $ - $ 220 $ 1,923 $ - $ 2,143 $ 3,693 Charge-offs on auto loans $ - $ - $ - $ - $ 23 $ 198 $ - $ 221 Finance leases: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total finance leases $ - $ - $ - $ - $ - $ - $ - $ - $ - Charge-offs on finance leases $ - $ - $ - $ - $ - $ - $ - $ - Personal loans: Accrual Status: Performing $ 244 $ - $ 71 $ 4 $ - $ - $ - $ 319 $ 334 Non-Performing - - - - - - - - - Total personal loans $ 244 $ - $ 71 $ 4 $ - $ - $ - $ 319 $ 334 Charge-offs on personal loans $ - $ - $ - $ - $ - $ - $ - $ - Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ - $ - $ - Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ - $ - Other consumer loans: Accrual Status: Performing $ - $ 48 $ 227 $ 455 $ - $ 2,389 $ 2,163 $ 5,282 $ 5,833 Non-Performing - - - - - 21 38 59 119 Total other consumer loans $ - $ 48 $ 227 $ 455 $ - $ 2,410 $ 2,201 $ 5,341 $ 5,952 Charge-offs on other consumer loans $ - $ - $ - $ - $ - $ - $ - $ - Total: Performing $ 244 $ 48 $ 298 $ 459 $ 220 $ 4,262 $ 2,163 $ 7,694 $ 9,784 Non-Performing - - - - - 71 38 109 195 Total consumer loans in Florida region $ 244 $ 48 $ 298 $ 459 $ 220 $ 4,333 $ 2,201 $ 7,803 $ 9,979 Charge-offs on total consumer loans $ - $ - $ - $ - $ 23 $ 198 $ - $ 221 (1) Excludes accrued interest receivable. As of June 30, 2023 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (1) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Total: Auto loans: Accrual Status: Performing $ 326,746 $ 604,040 $ 445,754 $ 214,692 $ 167,700 $ 97,216 $ - $ 1,856,148 $ 1,787,399 Non-Performing 199 2,234 2,530 1,341 2,702 2,305 - 11,311 10,672 Total auto loans $ 326,945 $ 606,274 $ 448,284 $ 216,033 $ 170,402 $ 99,521 $ - $ 1,867,459 $ 1,798,071 Charge-offs on auto loans $ 174 $ 3,355 $ 2,287 $ 886 $ 1,228 $ 943 $ - $ 8,873 Finance leases: Accrual Status: Performing $ 159,308 $ 270,541 $ 172,697 $ 76,249 $ 66,859 $ 42,574 $ - $ 788,228 $ 716,585 Non-Performing - 619 490 525 380 469 - 2,483 1,645 Total finance leases $ 159,308 $ 271,160 $ 173,187 $ 76,774 $ 67,239 $ 43,043 $ - $ 790,711 $ 718,230 Charge-offs on finance leases $ 11 $ 656 $ 485 $ 228 $ 341 $ 428 $ - $ 2,149 Personal loans: Accrual Status: Performing $ 89,121 $ 148,554 $ 43,184 $ 22,168 $ 39,809 $ 23,410 $ - $ 366,246 $ 351,998 Non-Performing 8 713 222 68 220 122 - 1,353 1,248 Total personal loans $ 89,129 $ 149,267 $ 43,406 $ 22,236 $ 40,029 $ 23,532 $ - $ 367,599 $ 353,246 Charge-offs on personal loans $ 24 $ 3,414 $ 1,435 $ 662 $ 1,180 $ 834 $ - $ 7,549 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 317,456 $ 317,456 $ 311,731 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 317,456 $ 317,456 $ 311,731 Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ 8,447 $ 8,447 Other consumer loans: Accrual Status: Performing $ 49,470 $ 52,126 $ 14,613 $ 7,716 $ 8,060 $ 7,737 $ 11,095 $ 150,817 $ 144,949 Non-Performing 40 527 192 50 65 222 119 1,215 1,241 Total other consumer loans $ 49,510 $ 52,653 $ 14,805 $ 7,766 $ 8,125 $ 7,959 $ 11,214 $ 152,032 $ 146,190 Charge-offs on other consumer loans $ 89 $ 3,530 $ 1,262 $ 305 $ 600 $ 235 $ 221 $ 6,242 Total: Performing $ 624,645 $ 1,075,261 $ 676,248 $ 320,825 $ 282,428 $ 170,937 $ 328,551 $ 3,478,895 $ 3,312,662 Non-Performing 247 4,093 3,434 1,984 3,367 3,118 119 16,362 14,806 Total consumer loans $ 624,892 $ 1,079,354 $ 679,682 $ 322,809 $ 285,795 $ 174,055 $ 328,670 $ 3,495,257 $ 3,327,468 Charge-offs on total consumer loans $ 298 $ 10,955 $ 5,469 $ 2,081 $ 3,349 $ 2,440 $ 8,668 $ 33,260 (1) Excludes accrued interest receivable. As of December 31, 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: Conventional residential mortgage loans $ 36,206 $ 2,571 $ - $ 36,206 $ 2,571 Commercial loans: Construction loans - - 956 956 - Commercial mortgage loans 2,466 897 62,453 64,919 897 C&I loans 1,513 322 17,590 19,103 322 Consumer loans: Personal loans 56 1 64 120 1 Other consumer loans 207 29 - 207 29 $ 40,448 $ 3,820 $ 81,063 $ 121,511 $ 3,820 The Corporation’s aging of the loan portfolio held for investment, as well as information about nonaccrual loans with no ACL, by portfolio classes as of June 30, 2023 and December 31, 2022 are as follows: The following tables present the amortized cost of residential mortgage loans by portfolio classes and by origination year based on accrual status as of June 30, 2023, the gross charge-offs for the six-month period ended June 30, 2023 by portfolio classes and by origination year, and the amortized cost of residential mortgage loans by portfolio classes based on accrual status as of December 31, 2022: The following tables present the amortized cost of consumer loans by portfolio classes and by origination year based on accrual status as of June 30, 2023, the gross charge -offs for the six-month period ended June 30, 2023 by portfolio classes and by origination year, and the amortized cost of consumer loans by portfolio classes based on accrual status as of December 31, 2022: The following tables present the amortized cost basis as of June 30, 2023 of loans modified to borrowers experiencing financial difficulty during the quarter and six-month period ended June 30, 2023, by portfolio classes and type of modification granted, and the percentage of these modified loans relative to the total period-end amortized cost basis of receivables in the portfolio class: Quarter Ended June 30, 2023 Payment Delay Only Forbearance Payment Plan Trial Modification Interest Rate Reduction Term Extension Combination of Interest Rate Reduction and Term Extension Forgiveness of principal and/or interest Other Total Percentage of Total by Portfolio Classes (In thousands) Conventional residential mortgage loans $ - $ - $ 210 $ - $ 73 $ - $ - $ - $ 283 0.01% Construction loans - - - - - - - - - - Commercial mortgage loans - - - - - 30,170 - - 30,170 1.30% C&I loans - - - - 187 - - - 187 0.01% Consumer loans: Auto loans - - - - 82 69 - 678 (1) 829 0.04% Personal loans - - - - 41 71 - - 112 0.03% Credit cards - - - 486 (2) - - - - 486 0.15% Other consumer loans - - - - 146 40 - 10 (1) 196 0.13% Total modifications $ - $ - $ 210 $ 486 $ 529 $ 30,350 $ - $ 688 $ 32,263 The following tables present by portfolio classes the financial effects of the modifications granted to borrowers experiencing financial difficulty, other than those associated to payment delay, during the quarter and six-month period ended June 30, 2023. The financial effects of the modifications associated to payment delay were discussed above, and as such, were excluded from the tables below: Quarter Ended June 30, 2023 Combination of Interest Rate Reduction and Term Extension Weighted-Average Interest Rate Reduction (%) Weighted-Average Term Extension (in months) Weighted-Average Interest Rate Reduction (%) Weighted-Average Term Extension (in months) Forgiveness of Principal and/or Interest Amount (In thousands) Conventional residential mortgage loans - % 239 - % - $ - Construction loans - % - - % - - Commercial mortgage loans - % - 0.25 % 64 - C&I loans - % 72 - % - - Consumer loans: Auto loans - % 27 3.96 % 30 - Personal loans - % 37 5.41 % 26 - Credit cards 16.26 % - - % - - Other consumer loans - % 28 1.87 % 22 - The following table presents by portfolio classes the performance of loans modified during the six-month period ended June 30, 2023 that were granted to borrowers experiencing financial difficulty: Six-Month Period Ended June 30, 2023 30-59 60-89 90+ Total Delinquency Current Total (In thousands) Conventional residential mortgage loans $ - $ - $ - $ - $ 1,139 $ 1,139 Construction loans - - - - - - Commercial mortgage loans - - - - 30,170 30,170 C&I loans - - - - 187 187 Consumer loans: Auto loans 10 - - 10 1,415 1,425 Personal loans - - - - 151 151 Credit cards 40 40 - 80 652 732 Other consumer loans 22 - - 22 382 404 Total modifications $ 72 $ 40 $ - $ 112 $ 34,096 $ 34,208 Six-Month Period Ended June 30, 2023 Payment Delay Only Forbearance Payment Plan Trial Modification Interest Rate Reduction Term Extension Combination of Interest Rate Reduction and Term Extension Forgiveness of principal and/or interest Other Total Percentage of Total by Portfolio Classes (In thousands) Conventional residential mortgage loans $ - $ - $ 542 $ - $ 503 $ 94 $ - $ - $ 1,139 0.04% Construction loans - - - - - - - - - - Commercial mortgage loans - - - - - 30,170 - - 30,170 1.30% C&I loans - - - - 187 - - - 187 0.01% Consumer loans: Auto loans - - - - 167 103 - 1,155 (1) 1,425 0.08% Personal loans - - - - 68 83 - - 151 0.04% Credit cards - - - 732 (2) - - - - 732 0.23% Other consumer loans - - - - 273 99 - 32 (1) 404 0.27% Total modifications $ - $ - $ 542 $ 732 $ 1,198 $ 30,549 $ - $ 1,187 $ 34,208 (1) Modification consists of court mandated reduction to 0% interest rate for remaining loan term to borrowers in bankruptcy proceedings unless dismissal occurs. (2) Modification consists of reduction in interest rate and revocation of revolving line privileges. Six-Month Period Ended June 30, 2023 Combination of Interest Rate Reduction and Term Extension Weighted-Average Interest Rate Reduction (%) Weighted-Average Term Extension (in months) Weighted-Average Interest Rate Reduction (%) Weighted-Average Term Extension (in months) Forgiveness of Principal and/or Interest Amount (In thousands) Conventional residential mortgage loans - % 118 2.40 % 157 $ - Construction loans - % - - % - - Commercial mortgage loans - % - 0.25 % 64 - C&I loans - % 72 - % - - Consumer loans: Auto loans - % 25 3.64 % 30 - Personal loans - % 34 5.11 % 24 - Credit cards 16.15 % - - % - - Other consumer loans - % 27 1.92 % 24 - There were no loans modified to borrowers experiencing financial difficulty on or after January 1, 2023, which had a payment default (failure by the borrower to make payments of either principal, interest, or both for a period of 90 days or more) during the six- month period ended June 30, 2023.

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