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LOANS HELD FOR INVESTMENT | 3 Months Ended
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Mar. 31, 2024
LOANS HELD FOR INVESTMENT [Abstract] |
LOANS 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 March 31, As of December 31, 2024 2023 (In thousands) Puerto Rico and Virgin Islands region: Residential mortgage loans, mainly secured by first mortgages $ 2,327,240 $ 2,356,006 Construction loans 147,624 115,401 Commercial mortgage loans 1,769,247 1,790,637 Commercial and Industrial (“C&I loans”) 2,289,999 2,249,408 Consumer loans 3,674,220 3,651,770 Loans held for investment $ 10,208,330 $ 10,163,222 Florida region: Residential mortgage loans, mainly secured by first mortgages $ 474,347 $ 465,720 Construction loans 89,664 99,376 Commercial mortgage loans 592,484 526,446 C&I loans 940,996 924,824 Consumer loans 5,627 5,895 Loans held for investment $ 2,103,118 $ 2,022,261 Total: Residential mortgage loans, mainly secured by first mortgages $ 2,801,587 $ 2,821,726 Construction loans 237,288 214,777 Commercial mortgage loans 2,361,731 2,317,083 C&I loans (1) 3,230,995 3,174,232 Consumer loans 3,679,847 3,657,665 Loans held for investment (2) 12,311,448 12,185,483 ACL on loans and finance leases (263,592) (261,843) Loans held for investment, net $ 12,047,856 $ 11,923,640 (1) As of March 31,2024 and December 31, 2023, includes $ 774.0 million and $ 787.5 million, respectively, of commercial loans that were secured by real estate and for which the primary source of repayment at origination was not dependent upon such real estate. (2) Includes accretable fair value net purchase discounts of $ 23.7 million and $ 24.7 million as of March 31,2024 and December 31, 2023, 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 $ 0.8 million and $ 0.6 million for the quarters ended March 31, 2024 and 2023, respectively. For the quarters ended March 31, 2024 and 2023, the cash interest income recognized on nonaccrual loans amounted to $ 0.6 million and $ 0.5 million, respectively. As of March 31, 2024, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 37.7 million, including $ 14.8 million of FHA/VA government-guaranteed mortgage loans, and $ 5.3 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 March 31,2024 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) $ 69,170 $ - $ 2,220 $ 28,265 $ - $ 99,655 $ - Conventional residential mortgage loans (2) (6) 2,628,748 - 30,195 10,304 32,685 2,701,932 1,700 Commercial loans: Construction loans 233,506 - - 2,284 1,498 237,288 971 Commercial mortgage loans (2) (6) 2,347,395 708 713 939 11,976 2,361,731 6,865 C&I loans 3,194,816 3,134 149 7,829 25,067 3,230,995 1,644 Consumer loans: Auto loans 1,880,077 49,811 9,056 - 15,132 1,954,076 388 Finance leases 852,320 14,312 2,551 - 2,744 871,927 87 Personal loans 368,984 5,624 2,887 - 2,030 379,525 - Credit cards 306,767 4,760 3,641 7,894 - 323,062 - Other consumer loans 145,519 2,361 1,544 - 1,833 151,257 7 Total loans held for investment $ 12,027,302 $ 80,710 $ 52,956 $ 57,515 $ 92,965 $ 12,311,448 $ 11,662 (1) It is the Corporation’s policy to report delinquent Federal Housing Authority (“FHA”)/U.S. Department of 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 $ 13.7 million of residential mortgage loans guaranteed by the FHA that were over 15 months delinquent as of March 31,2024. (2) Includes purchased credit deteriorated (“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 $ 8.6 million as of March 31, 2024 ($ 7.7 million conventional residential mortgage loans and $ 0.9 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 Government National Mortgage Association ("GNMA") securities, amounting to $ 8.8 million as of March 31,2024. 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 $ 19.0 million as of March 31,2024, primarily nonaccrual C&I and residential mortgage loans. (5) There were no nonaccrual loans with no ACL in the Florida region as of March 31,2024. (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 March 31, 2024 amounted to $ 7.4 million, $ 72.7 million and $ 1.9 million, respectively. As of December 31, 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) $ 68,332 $ - $ 2,592 $ 29,312 $ - $ 100,236 $ - Conventional residential mortgage loans (2) (6) 2,644,344 - 33,878 11,029 32,239 2,721,490 1,742 Commercial loans: Construction loans 210,911 - - 2,297 1,569 214,777 972 Commercial mortgage loans (2) (6) 2,303,753 17 - 1,108 12,205 2,317,083 2,536 C&I loans 3,148,254 1,130 1,143 8,455 15,250 3,174,232 1,687 Consumer loans: Auto loans 1,846,652 60,283 13,753 - 15,568 1,936,256 4 Finance leases 837,881 13,786 1,861 - 3,287 856,815 12 Personal loans 370,746 5,873 2,815 - 1,841 381,275 - Credit cards 313,360 5,012 3,589 7,251 - 329,212 - Other consumer loans 147,278 3,084 1,997 - 1,748 154,107 - Total loans held for investment $ 11,891,511 $ 89,185 $ 61,628 $ 59,452 $ 83,707 $ 12,185,483 $ 6,953 (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 $ 15.4 million of residential mortgage loans guaranteed by the FHA that were over 15 months delinquent as of December 31, 2023. (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 $ 8.3 million as of December 31, 2023 ($ 7.4 million conventional residential mortgage loans and $ 0.9 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 $ 7.9 million as of December 31, 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 $ 8.0 million as of December 31, 2023, primarily nonaccrual residential mortgage loans and C&I loans. (5) There were no nonaccrual loans with no ACL in the Florida region as of December 31, 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, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of December 31, 2023 amounted to $ 8.2 million, $ 69.9 million, and $ 1.1 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 2023 Annual Report on Form 10-K. For residential mortgage and consumer loans, the Corporation evaluates credit quality based on its interest accrual status. Based on the most recent analysis performed, the amortized cost of commercial and construction loans by portfolio classes and by origination year based on the internal credit-risk category as of March 31, 2024, the gross charge -offs for the quarter ended March 31, 2024 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, 2023, were as follows: As of March 31,2024 Puerto Rico and Virgin Islands Regions Term Loans As of December 31, 2023 Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 9,399 $ 72,010 $ 40,926 $ 16,381 $ - $ 3,463 $ - $ 142,179 $ 113,170 Criticized: Special Mention - - 3,300 - - - - 3,300 - Substandard - - - - - 2,145 - 2,145 2,231 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 9,399 $ 72,010 $ 44,226 $ 16,381 $ - $ 5,608 $ - $ 147,624 $ 115,401 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 17,540 $ 175,084 $ 378,258 $ 133,512 $ 316,526 $ 573,570 $ 3,746 $ 1,598,236 $ 1,618,404 Criticized: Special Mention - - 4,344 - 30,169 111,231 - 145,744 146,626 Substandard - - 121 - - 25,146 - 25,267 25,607 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 17,540 $ 175,084 $ 382,723 $ 133,512 $ 346,695 $ 709,947 $ 3,746 $ 1,769,247 $ 1,790,637 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 64,966 $ 417,434 $ 293,367 $ 145,486 $ 153,380 $ 373,156 $ 742,557 $ 2,190,346 $ 2,173,939 Criticized: Special Mention - 538 - 10,981 - 664 52,736 64,919 40,376 Substandard 403 1 - 3,784 580 28,693 1,273 34,734 35,093 Doubtful - - - - - - - - - Loss - - - - - - - - - Total C&I loans $ 65,369 $ 417,973 $ 293,367 $ 160,251 $ 153,960 $ 402,513 $ 796,566 $ 2,289,999 $ 2,249,408 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ - $ 152 $ 152 (1) Excludes accrued interest receivable. As of March 31,2024 Term Loans As of December 31, 2023 Florida Region Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ - $ 1,592 $ 37,231 $ 39,360 $ - $ - $ 11,481 $ 89,664 $ 99,376 Criticized: Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ - $ 1,592 $ 37,231 $ 39,360 $ - $ - $ 11,481 $ 89,664 $ 99,376 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 39,429 $ 28,979 $ 189,840 $ 63,181 $ 39,557 $ 187,173 $ 24,621 $ 572,780 $ 525,453 Criticized: Special Mention - - 12,355 - - 6,356 - 18,711 - Substandard - - - - 993 - - 993 993 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 39,429 $ 28,979 $ 202,195 $ 63,181 $ 40,550 $ 193,529 $ 24,621 $ 592,484 $ 526,446 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 31,037 $ 143,301 $ 227,770 $ 184,808 $ 54,357 $ 125,159 $ 149,521 $ 915,953 $ 879,195 Criticized: Special Mention - - - - - 11,657 - 11,657 42,046 Substandard - - - - - 11,808 - 11,808 3,583 Doubtful - - - - - 1,578 - 1,578 - Loss - - - - - - - - - Total C&I loans $ 31,037 $ 143,301 $ 227,770 $ 184,808 $ 54,357 $ 150,202 $ 149,521 $ 940,996 $ 924,824 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ 48 $ 259 $ 307 (1) Excludes accrued interest receivable. As of March 31,2024 Term Loans As of December 31, 2023 Total Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 9,399 $ 73,602 $ 78,157 $ 55,741 $ - $ 3,463 $ 11,481 $ 231,843 $ 212,546 Criticized: Special Mention - - 3,300 - - - - 3,300 - Substandard - - - - - 2,145 - 2,145 2,231 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 9,399 $ 73,602 $ 81,457 $ 55,741 $ - $ 5,608 $ 11,481 $ 237,288 $ 214,777 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 56,969 $ 204,063 $ 568,098 $ 196,693 $ 356,083 $ 760,743 $ 28,367 $ 2,171,016 $ 2,143,857 Criticized: Special Mention - - 16,699 - 30,169 117,587 - 164,455 146,626 Substandard - - 121 - 993 25,146 - 26,260 26,600 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 56,969 $ 204,063 $ 584,918 $ 196,693 $ 387,245 $ 903,476 $ 28,367 $ 2,361,731 $ 2,317,083 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 96,003 $ 560,735 $ 521,137 $ 330,294 $ 207,737 $ 498,315 $ 892,078 $ 3,106,299 $ 3,053,134 Criticized: Special Mention - 538 - 10,981 - 12,321 52,736 76,576 82,422 Substandard 403 1 - 3,784 580 40,501 1,273 46,542 38,676 Doubtful - - - - - 1,578 - 1,578 - Loss - - - - - - - - - Total C&I loans $ 96,406 $ 561,274 $ 521,137 $ 345,059 $ 208,317 $ 552,715 $ 946,087 $ 3,230,995 $ 3,174,232 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ 48 $ 411 $ 459 (1) Excludes accrued interest receivable. As of March 31, 2024 and December 31, 2023, the balance of revolving loans converted to term loans was no t material. Accrued interest receivable on loans totaled $ 60.2 million as of March 31, 2024 ($ 62.3 million as of December 31,2023), was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition, and is excluded from the estimate of credit losses. The following tables present information about collateral dependent loans that were individually evaluated for purposes of determining the ACL as of March 31, 2024 and December 31, 2023 As of March 31,2024 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 $ 25,622 $ 1,888 $ 77 $ 25,699 $ 1,888 Commercial loans: Construction loans - - 956 956 - Commercial mortgage loans - - 44,751 44,751 - C&I loans 9,390 1,598 6,702 16,092 1,598 Consumer loans: Personal loans 28 1 - 28 1 Other consumer loans 123 18 - 123 18 $ 35,163 $ 3,505 $ 52,486 $ 87,649 $ 3,505 The underlying collateral for residential mortgage and consumer collateral dependent loans consisted of single-family residential properties, and for commercial and construction loans consisted primarily of office buildings, multifamily residential properties, and retail establishments. The weighted-average loan-to-value coverage for collateral dependent loans as of March 31, 2024 was 67 %, compared to 65 % as of December 31, 2023 which was not considered a significant change in the extent to which collateral secured the loans Purchases and Sales of Loans In the ordinary course of business, the Corporation enters into securitization transactions and whole loan sales with the Government National Mortgage Association (“GNMA”) and GSEs, such as the Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). During the quarters ended March 31, 2024, and 2023, loans pooled into GNMA MBS amounted to approximately $ 24.7 million and $ 29.4 million, respectively, for which the Corporation recognized a net gain on sale of $ 0.9 million during each of these quarters. Also, during the quarters ended March 31, 2024 and 2023, the Corporation sold approximately $ 6.8 million and $ 8.0 million, respectively, of performing residential mortgage loans to FNMA for which the Corporation recognized a net gain on sale of $ 0.2 million during each of these quarters. 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 March 31, 2024 and December 31, 2023, rebooked GNMA delinquent loans that were included in the residential mortgage loan portfolio amounted to $ 8.8 million and $ 7.9 million, respectively. During the quarters ended March 31, 2024 and 2023, the Corporation repurchased, pursuant to the aforementioned repurchase option, $ 0.2 million and $ 1.5 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 quarter ended March 31, 2024, the Corporation purchased commercial loan participations in the Florida region totaling $ 23.2 million, which consisted of approximately $ 13.7 million in the commercial mortgage portfolio and $ 9.5 million in the C&I portfolio. No significant purchases of loans were executed during the first quarter of 2023. During the first quarter of 2024, the Corporation recognized a $ 9.5 million recovery associated with the bulk sale of fully charged- off loans, net of a $ 0.5 million repurchase liability. There were no significant sales of loans during the quarter ended March 31, 2023, other than those sales of conforming residential mortgage loans mentioned above. Loan Portfolio Concentration The Corporation’s primary lending area is Puerto Rico. The Corporation’s banking subsidiary, FirstBank, also lends in the USVI and the BVI markets and in the United States (principally in the state of Florida). Of the total gross loans held for investment portfolio of $ 12.3 billion as of March 31, 2024, credit risk concentration was approximately 80 % in Puerto Rico, 17 % in the U.S., and 3 % in the USVI and the BVI. As of March 31, 2024, the Corporation had $ 203.5 million outstanding in loans extended to the Puerto Rico government, its municipalities and public corporations, compared to $ 187.7 million as of December 31, 2023. As of March 31, 2024, approximately $ 129.4 million consisted of loans extended to municipalities in Puerto Rico that are general obligations supported by assigned property tax revenues, and $ 25.6 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 March 31, 2024 included $ 8.9 million in loans granted to an affiliate of the Puerto Rico Electric Power Authority (“PREPA”) and $ 39.6 million in loans to agencies or public corporations of the Puerto Rico government. In addition, as of March 31, 2024, the Corporation had $ 76.5 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 $ 77.7 million as of December 31, 2023. 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 March 31, 2024, the Corporation had $ 97.4 million in loans to USVI government public corporations, compared to $ 90.5 million as of December 31, 2023. As of March 31, 2024, all loans were currently performing and up to date on principal and interest payments. Loss Mitigation Program for Borrowers Experiencing Financial Difficulty The Corporation provides 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. Many factors are considered when evaluating whether there is an other-than- insignificant payment delay, such as the significance of the restructured payment amount relative to the unpaid principal balance or collateral value of the loan or the relative significance of the delay to the original loan terms. 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 $ 1.1 million and $ 0.9 million, respectively, in restructured residential mortgage loans that are government-guaranteed (e.g., FHA/VA loans) and were modified during the quarters ended March 31, 2024 and 2023. The following tables present the amortized cost basis as of March 31, 2024 and 2023 of loans modified to borrowers experiencing financial difficulty during the quarters ended March 31, 2024 and 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: As of March 31,2024 As of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Puerto Rico and Virgin Islands Regions: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ 615 $ 676 $ 1,368 $ 638 $ 95,657 $ - $ 98,954 $ 99,293 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ 615 $ 676 $ 1,368 $ 638 $ 95,657 $ - $ 98,954 $ 99,293 Conventional residential mortgage loans Accrual Status: Performing $ 30,350 $ 170,121 $ 161,045 $ 66,738 $ 28,955 $ 1,746,863 $ - $ 2,204,072 $ 2,231,701 Non-Performing - - 68 - - 24,146 - 24,214 25,012 Total conventional residential mortgage loans $ 30,350 $ 170,121 $ 161,113 $ 66,738 $ 28,955 $ 1,771,009 $ - $ 2,228,286 $ 2,256,713 Total Accrual Status: Performing $ 30,350 $ 170,736 $ 161,721 $ 68,106 $ 29,593 $ 1,842,520 $ - $ 2,303,026 $ 2,330,994 Non-Performing - - 68 - - 24,146 - 24,214 25,012 Total residential mortgage loans $ 30,350 $ 170,736 $ 161,789 $ 68,106 $ 29,593 $ 1,866,666 $ - $ 2,327,240 $ 2,356,006 Charge-offs on residential mortgage loans $ - $ - $ - $ - $ - $ 516 $ - $ 516 (1) Excludes accrued interest receivable. As of March 31,2024 As of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Florida Region: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ - $ - $ - $ - $ 701 $ - $ 701 $ 943 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - $ 701 $ - $ 701 $ 943 Conventional residential mortgage loans Accrual Status: Performing $ 18,525 $ 88,674 $ 76,967 $ 44,602 $ 28,939 $ 207,468 $ - $ 465,175 $ 457,550 Non-Performing - - 248 - - 8,223 - 8,471 7,227 Total conventional residential mortgage loans $ 18,525 $ 88,674 $ 77,215 $ 44,602 $ 28,939 $ 215,691 $ - $ 473,646 $ 464,777 Total Accrual Status: Performing $ 18,525 $ 88,674 $ 76,967 $ 44,602 $ 28,939 $ 208,169 $ - $ 465,876 $ 458,493 Non-Performing - - 248 - - 8,223 - 8,471 7,227 Total residential mortgage loans $ 18,525 $ 88,674 $ 77,215 $ 44,602 $ 28,939 $ 216,392 $ - $ 474,347 $ 465,720 Charge-offs on residential mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - (1) Excludes accrued interest receivable. As of March 31,2024 As of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Total: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ 615 $ 676 $ 1,368 $ 638 $ 96,358 $ - $ 99,655 $ 100,236 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ 615 $ 676 $ 1,368 $ 638 $ 96,358 $ - $ 99,655 $ 100,236 Conventional residential mortgage loans Accrual Status: Performing $ 48,875 $ 258,795 $ 238,012 $ 111,340 $ 57,894 $ 1,954,331 $ - $ 2,669,247 $ 2,689,251 Non-Performing - - 316 - - 32,369 - 32,685 32,239 Total conventional residential mortgage loans $ 48,875 $ 258,795 $ 238,328 $ 111,340 $ 57,894 $ 1,986,700 $ - $ 2,701,932 $ 2,721,490 Total Accrual Status: Performing $ 48,875 $ 259,410 $ 238,688 $ 112,708 $ 58,532 $ 2,050,689 $ - $ 2,768,902 $ 2,789,487 Non-Performing - - 316 - - 32,369 - 32,685 32,239 Total residential mortgage loans $ 48,875 $ 259,410 $ 239,004 $ 112,708 $ 58,532 $ 2,083,058 $ - $ 2,801,587 $ 2,821,726 Charge-offs on residential mortgage loans $ - $ - $ - $ - $ - $ 516 $ - $ 516 (1) Excludes accrued interest receivable. As of March 31, 2024 As of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Puerto Rico and Virgin Islands Regions: Auto loans Accrual Status: Performing $ 161,277 $ 598,793 $ 498,696 $ 354,754 $ 161,557 $ 163,146 $ - $ 1,938,223 $ 1,919,583 Non-Performing - 3,437 3,664 2,810 1,374 3,842 - 15,127 15,556 Total auto loans $ 161,277 $ 602,230 $ 502,360 $ 357,564 $ 162,931 $ 166,988 $ - $ 1,953,350 $ 1,935,139 Charge-offs on auto loans $ - $ 2,724 $ 3,060 $ 1,802 $ 559 $ 1,211 $ - $ 9,356 Finance leases Accrual Status: Performing $ 67,120 $ 301,479 $ 234,744 $ 142,589 $ 59,904 $ 63,347 $ - $ 869,183 $ 853,528 Non-Performing - 391 766 410 280 897 - 2,744 3,287 Total finance leases $ 67,120 $ 301,870 $ 235,510 $ 142,999 $ 60,184 $ 64,244 $ - $ 871,927 $ 856,815 Charge-offs on finance leases $ - $ 617 $ 1,000 $ 403 $ 182 $ 394 $ - $ 2,596 Personal loans Accrual Status: Performing $ 37,408 $ 157,655 $ 106,185 $ 27,959 $ 13,945 $ 34,032 $ - $ 377,184 $ 379,161 Non-Performing - 558 855 236 93 288 - 2,030 1,841 Total personal loans $ 37,408 $ 158,213 $ 107,040 $ 28,195 $ 14,038 $ 34,320 $ - $ 379,214 $ 381,002 Charge-offs on personal loans $ - $ 1,342 $ 2,778 $ 533 $ 232 $ 573 $ - $ 5,458 Credit cards Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 323,062 $ 323,062 $ 329,212 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 323,062 $ 323,062 $ 329,212 Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ 5,995 $ 5,995 Other consumer loans Accrual Status: Performing $ 18,852 $ 69,221 $ 27,159 $ 8,387 $ 5,003 $ 7,534 $ 8,706 $ 144,862 $ 147,913 Non-Performing - 881 448 122 48 173 133 1,805 1,689 Total other consumer loans $ 18,852 $ 70,102 $ 27,607 $ 8,509 $ 5,051 $ 7,707 $ 8,839 $ 146,667 $ 149,602 Charge-offs on other consumer loans $ 2 $ 2,400 $ 1,672 $ 403 $ 99 $ 149 $ 175 $ 4,900 Total Accrual Status: Performing $ 284,657 $ 1,127,148 $ 866,784 $ 533,689 $ 240,409 $ 268,059 $ 331,768 $ 3,652,514 $ 3,629,397 Non-Performing - 5,267 5,733 3,578 1,795 5,200 133 21,706 22,373 Total consumer loans $ 284,657 $ 1,132,415 $ 872,517 $ 537,267 $ 242,204 $ 273,259 $ 331,901 $ 3,674,220 $ 3,651,770 Charge-offs on total consumer loans $ 2 $ 7,083 $ 8,510 $ 3,141 $ 1,072 $ 2,327 $ 6,170 $ 28,305 (1) Excludes accrued interest receivable. As of March 31, 2024 As of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Florida Region: Auto loans Accrual Status: Performing $ - $ - $ - $ - $ - $ 721 $ - $ 721 $ 1,105 Non-Performing - - - - - 5 - 5 12 Total auto loans $ - $ - $ - $ - $ - $ 726 $ - $ 726 $ 1,117 Charge-offs on auto loans $ - $ - $ - $ - $ - $ 59 $ - $ 59 Finance leases Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total finance leases $ - $ - $ - $ - $ - $ - $ - $ - $ - Charge-offs on finance leases $ - $ - $ - $ - $ - $ - $ - $ - Personal loans Accrual Status: Performing $ 190 $ 50 $ - $ 71 $ - $ - $ - $ 311 $ 273 Non-Performing - - - - - - - - - Total personal loans $ 190 $ 50 $ - $ 71 $ - $ - $ - $ 311 $ 273 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 $ 55 $ 54 $ 46 $ 221 $ 324 $ 2,155 $ 1,707 $ 4,562 $ 4,446 Non-Performing - - - - - 18 10 28 59 Total other consumer loans $ 55 $ 54 $ 46 $ 221 $ 324 $ 2,173 $ 1,717 $ 4,590 $ 4,505 Charge-offs on other consumer loans $ - $ - $ - $ - $ - $ - $ - $ - Total Accrual Status: Performing $ 245 $ 104 $ 46 $ 292 $ 324 $ 2,876 $ 1,707 $ 5,594 $ 5,824 Non-Performing - - - - - 23 10 33 71 Total consumer loans $ 245 $ 104 $ 46 $ 292 $ 324 $ 2,899 $ 1,717 $ 5,627 $ 5,895 Charge-offs on total consumer loans $ - $ - $ - $ - $ - $ 59 $ - $ 59 (1) Excludes accrued interest receivable. As of March 31, 2024 As of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) Total: Auto loans Accrual Status: Performing $ 161,277 $ 598,793 $ 498,696 $ 354,754 $ 161,557 $ 163,867 $ - $ 1,938,944 $ 1,920,688 Non-Performing - 3,437 3,664 2,810 1,374 3,847 - 15,132 15,568 Total auto loans $ 161,277 $ 602,230 $ 502,360 $ 357,564 $ 162,931 $ 167,714 $ - $ 1,954,076 $ 1,936,256 Charge-offs on auto loans $ - $ 2,724 $ 3,060 $ 1,802 $ 559 $ 1,270 $ - $ 9,415 Finance leases Accrual Status: Performing $ 67,120 $ 301,479 $ 234,744 $ 142,589 $ 59,904 $ 63,347 $ - $ 869,183 $ 853,528 Non-Performing - 391 766 410 280 897 - 2,744 3,287 Total finance leases $ 67,120 $ 301,870 $ 235,510 $ 142,999 $ 60,184 $ 64,244 $ - $ 871,927 $ 856,815 Charge-offs on finance leases $ - $ 617 $ 1,000 $ 403 $ 182 $ 394 $ - $ 2,596 Personal loans Accrual Status: Performing $ 37,598 $ 157,705 $ 106,185 $ 28,030 $ 13,945 $ 34,032 $ - $ 377,495 $ 379,434 Non-Performing - 558 855 236 93 288 - 2,030 1,841 Total personal loans $ 37,598 $ 158,263 $ 107,040 $ 28,266 $ 14,038 $ 34,320 $ - $ 379,525 $ 381,275 Charge-offs on personal loans $ - $ 1,342 $ 2,778 $ 533 $ 232 $ 573 $ - $ 5,458 Credit cards Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 323,062 $ 323,062 $ 329,212 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 323,062 $ 323,062 $ 329,212 Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ 5,995 $ 5,995 Other consumer loans Accrual Status: Performing $ 18,907 $ 69,275 $ 27,205 $ 8,608 $ 5,327 $ 9,689 $ 10,413 $ 149,424 $ 152,359 Non-Performing - 881 448 122 48 191 143 1,833 1,748 Total other consumer loans $ 18,907 $ 70,156 $ 27,653 $ 8,730 $ 5,375 $ 9,880 $ 10,556 $ 151,257 $ 154,107 Charge-offs on other consumer loans $ 2 $ 2,400 $ 1,672 $ 403 $ 99 $ 149 $ 175 $ 4,900 Total Accrual Status: Performing $ 284,902 $ 1,127,252 $ 866,830 $ 533,981 $ 240,733 $ 270,935 $ 333,475 $ 3,658,108 $ 3,635,221 Non-Performing - 5,267 5,733 3,578 1,795 5,223 143 21,739 22,444 Total consumer loans $ 284,902 $ 1,132,519 $ 872,563 $ 537,559 $ 242,528 $ 276,158 $ 333,618 $ 3,679,847 $ 3,657,665 Charge-offs on total consumer loans $ 2 $ 7,083 $ 8,510 $ 3,141 $ 1,072 $ 2,386 $ 6,170 $ 28,364 (1) Excludes accrued interest receivable. As of December 31, 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 $ 25,355 $ 1,732 $ - $ 25,355 $ 1,732 Commercial loans: Construction loans - - 956 956 - Commercial mortgage loans 4,454 135 40,683 45,137 135 C&I loans 9,390 1,563 6,780 16,170 1,563 Consumer loans: Personal loans 28 1 - 28 1 Other consumer loans 123 12 - 123 12 $ 39,350 $ 3,443 $ 48,419 $ 87,769 $ 3,443 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 March 31, 2024 and December 31, 2023 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 March 31, 2024 , the gross charge-offs for the quarter ended March 31, 2024 by origination year, and the amortized cost of residential mortgage loans by portfolio classes based on accrual status as of December 31, 2023: The following tables present the amortized cost of consumer loans by portfolio classes and by origination year based on accrual status as of March 31, 2024, the gross charge-offs for the quarter ended March 31, 2024 by portfolio classes and by origination year, and the amortized cost of consumer loans by portfolio classes based on accrual status as of December 31,2023: Quarter Ended March 31,2024 Payment Delay Only Forbearance Payment Plan Trial Modification Interest Rate Reduction Term Extension Combination of Interest Rate Reduction and Term Extension Other Total Percentage of Total by Portfolio Classes (In thousands) Conventional residential mortgage loans $ - $ - $ 464 $ - $ - $ - $ - $ 464 0.02% Construction loans - - - - - - - - - Commercial mortgage loans - - - - - - - - - C&I loans - - - 13 - - - 13 0.00% Consumer loans: Auto loans - - - - 174 125 1,036 (1) 1,335 0.07% Personal loans - - - 9 14 5 - 28 0.01% Credit cards - - - 548 (2) - - - 548 0.17% Other consumer loans - - - - 140 7 24 (1) 171 0.11% Total modifications $ - $ - $ 464 $ 570 $ 328 $ 137 $ 1,060 $ 2,559 The following tables present by portfolio classes the performance of loans modified during the last twelve months ended March 31, 2024 and during the quarter ended March 31, 2023 that were granted to borrowers experiencing financial difficulty: Last Twelve Months Ended March 31, 2024 30-59 60-89 90+ Total Delinquency Current Total (In thousands) Conventional residential mortgage loans $ 37 $ - $ - $ 37 $ 1,642 $ 1,679 Construction loans - - - - - - Commercial mortgage loans - - - - 32,384 32,384 C&I loans 13 - - 13 362 375 Consumer loans: Auto loans 19 3 65 87 3,184 3,271 Personal loans 11 - - 11 329 340 Credit cards 217 92 147 456 1,097 1,553 Other consumer loans 31 14 31 76 457 533 Total modifications $ 328 $ 109 $ 243 $ 680 $ 39,455 $ 40,135 Various loans were assigned as collateral for borrowings, government deposits, time deposits accounts, and related unused commitments. The carrying value of loans pledged as collateral amounted to $ 4.8 billion and $ 4.6 billion as of March 31, 2024 and December 31, 2023, respectively. As of each of March 31, 2024 and December 31, 2023, loans pledged as collateral include $ 1.8 billion that were pledged at the FHLB as collateral for borrowings and letters of credit; $ 2.7 billion that were pledged at the FED Discount Window as collateral for borrowings, compared to $ 2.5 billion as of December 31, 2023; and $ 166.2 million serve as collateral for the uninsured portion of government deposits, compared to $ 166.9 million as of December 31, 2023 Quarter Ended March 31, 2023 Payment Delay Only Forbearance Payment Plan Trial Modification Interest Rate Reduction Term Extension Combination of Interest Rate Reduction and Term Extension Other Total Percentage of Total by Portfolio Classes (In thousands) Conventional residential mortgage loans $ - $ - $ 332 $ - $ 433 $ 115 $ - $ 880 0.03% Construction loans - - - - - - - - - Commercial mortgage loans - - - - - - - - - C&I loans - - - - - - 40 (1) 40 0.00% Consumer loans: Auto loans - - - - 89 38 584 (1) 711 0.04% Personal loans - - - - 28 14 - 42 0.01% Credit cards - - - 289 (2) - - - 289 0.09% Other consumer loans - - - - 132 60 26 (1) 218 0.15% Total modifications $ - $ - $ 332 $ 289 $ 682 $ 227 $ 650 $ 2,180 (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. Quarter Ended March 31, 2023 30-59 60-89 90+ Total Delinquency Current Total (In thousands) Conventional residential mortgage loans $ - $ - $ - $ - $ 880 $ 880 Construction loans - - - - - - Commercial mortgage loans - - - - - - C&I loans - - - - 40 40 Consumer loans: Auto loans 44 138 - 182 529 711 Personal loans - - - - 42 42 Credit cards 103 89 - 192 97 289 Other consumer loans - - - - 218 218 Total modifications $ 147 $ 227 $ - $ 374 $ 1,806 $ 2,180 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 quarter ended March 31, 2023. The following table presents the amortized cost basis of classes of financing receivables that 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) and were modified to borrowers experiencing financial difficulty during the last twelve months ended March 31, 2024: Last Twelve Months Ended March 31, 2024 Interest Rate Reduction Term Extension Combination of Interest Rate Reduction and Term Extension Forgiveness of Principal and/or Interest Other Total (In thousands) Conventional residential mortgage loans $ - $ - $ - $ - $ - $ - Construction loans - - - - - - Commercial mortgage loans - - - - - - C&I loans - - - - - - Consumer loans: Auto loans - 9 - - 56 (1) 65 Personal loans - - - - - - Credit cards 147 - - - - 147 Other consumer loans - 31 - - - 31 Total modifications $ 147 $ 40 $ - $ - $ 56 $ 243 (1) Modification consists of court mandated reduction to 0% interest rate for remaining loan term to borrowers in bankruptcy proceedings unless dismissal occurs. Quarter Ended March 31, 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) (In thousands) Conventional residential mortgage loans - % 98 2.11 % 141 Construction loans - % - - % - Commercial mortgage loans - % - - % - C&I loans - % - - % - Consumer loans: Auto loans - % 22 2.88 % 28 Personal loans - % 30 3.36 % 12 Credit cards 16.04 % - - % - Other consumer loans - % 27 1.96 % 26 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 quarters ended March 31, 2024 and 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 March 31, 2024 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) (In thousands) Conventional residential mortgage loans - % - - % - Construction loans - % - - % - Commercial mortgage loans - % - - % - C&I loans 13.00 % - - % - Consumer loans: Auto loans - % 30 2.68 % 25 Personal loans 8.49 % 25 1.79 % 14 Credit cards 16.55 % - - % - Other consumer loans - % 23 2.81 % 19

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