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LOANS HELD FOR INVESTMENT
 12 Months Ended
Dec. 31, 2023
LOANS HELD FOR INVESTMENT [Abstract]  
LOANS HELD FOR INVESTMENT
NOTE 4 – 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 December 31,
 
As of December 31,
2023
2022
(In thousands)
Puerto Rico and Virgin Islands region:
Residential mortgage loans, mainly secured by first mortgages
$
2,356,006
$
2,417,900
Construction loans
115,401
34,772
Commercial mortgage loans
 
1,790,637
1,834,204
C&I loans
2,249,408
1,860,109
Consumer loans
3,651,770
3,317,489
Loans held for investment
$
10,163,222
$
9,464,474
Florida region:
Residential mortgage loans, mainly secured by first mortgages
$
465,720
$
429,390
Construction loans
99,376
98,181
Commercial mortgage loans
 
526,446
524,647
C&I loans
924,824
1,026,154
Consumer loans
5,895
9,979
Loans held for investment
$
2,022,261
$
2,088,351
Total:
Residential mortgage loans, mainly secured by first mortgages
$
2,821,726
$
2,847,290
Construction loans
214,777
132,953
Commercial mortgage loans
 
2,317,083
2,358,851
C&I loans
(1)
3,174,232
2,886,263
Consumer loans
3,657,665
3,327,468
Loans held for investment
(2)
12,185,483
11,552,825
ACL on loans and finance leases
(261,843)
(260,464)
 
Loans held for investment, net
$
11,923,640
$
11,292,361
(1)
As of December 31, 2023 and 2022, includes $
787.5
 
million and $
838.5
 
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 $
24.7
 
million and $
29.3
 
million as of December 31, 2023 and 2022, respectively.
As
 
of
 
December 31,
 
2023,
 
and
 
2022,
 
the
 
Corporation
 
had
 
net
 
deferred
 
origination
 
costs
 
on
 
its
 
loan
 
portfolio
 
amounting
 
to
 
$
6.1
million and
 
$
11.2
 
million, respectively.
 
The total loan
 
portfolio is
 
net of unearned
 
income of $
132.6
 
million and
 
$
103.4
 
million as
 
of
December 31, 2023 and 2022, respectively,
 
of which $
128.0
 
million and $
99.2
 
million are related to finance leases as of December 31,
2023 and 2022, respectively.
As of
 
December 31,
 
2023,
 
the Corporation
 
was servicing
 
residential
 
mortgage
 
loans owned
 
by others
 
in an
 
aggregate
 
amount
 
of
$
3.8
 
billion (2022
 
— $
3.9
 
billion), and
 
commercial loan
 
participations owned
 
by others
 
in an
 
aggregate amount
 
of $
230.5
 
million as
of December 31, 2023 (2022 — $
305.1
 
million).
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
 
$
2.7
 
million,
 
$
1.7
 
million,
 
and
 
$
2.0
 
million
 
for
 
the
 
years
 
ended
 
December
 
31,
 
2023,
 
2022,
 
and
 
2021,
 
respectively.
 
For
 
the
years ended
 
December 31,
 
2023, 2022,
 
and 2021, the
 
cash interest income
 
recognized on
 
nonaccrual loans
 
amounted to
 
$
1.8
 
million,
$
1.5
 
million, and $
2.3
 
million, respectively.
As of
 
December 31,
 
2023, the
 
recorded investment
 
on residential
 
mortgage loans
 
collateralized by
 
residential real
 
estate property
that
 
were
 
in
 
the
 
process
 
of
 
foreclosure
 
amounted
 
to
 
$
39.4
 
million,
 
including
 
$
17.1
 
million
 
of
 
FHA/VA
 
government-guaranteed
mortgage
 
loans,
 
and
 
$
5.2
 
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 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 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 $
8.3
 
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
 
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, $
1.1
 
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.”
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
 
December 31,
 
2023 and
 
2022,
 
and the
 
gross charge
 
-offs for
 
the year
ended December 31, 2023 by portfolio classes and by origination year,
 
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023
Puerto Rico and Virgin Islands Regions
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
CONSTRUCTION
 
Risk Ratings:
 
Pass
$
52,675
$
40,825
$
15,936
$
-
$
-
$
3,734
$
-
$
113,170
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
-
-
2,231
-
2,231
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total construction loans
$
52,675
$
40,825
$
15,936
$
-
$
-
$
5,965
$
-
$
115,401
 
Charge-offs on construction loans
$
-
$
-
$
-
$
-
$
-
$
62
$
-
$
62
COMMERCIAL MORTGAGE
 
Risk Ratings:
 
Pass
$
176,519
$
381,695
$
135,163
$
319,111
$
276,078
$
326,420
$
3,418
$
1,618,404
 
Criticized:
 
Special Mention
-
4,394
-
30,169
-
112,063
-
146,626
 
Substandard
-
124
-
-
-
25,483
-
25,607
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total commercial mortgage loans
$
176,519
$
386,213
$
135,163
$
349,280
$
276,078
$
463,966
$
3,418
$
1,790,637
 
Charge-offs on commercial mortgage loans
$
-
$
-
$
-
$
-
$
-
$
1,133
$
-
$
1,133
C&I
 
Risk Ratings:
 
Pass
$
410,721
$
298,285
$
158,636
$
155,984
$
249,481
$
171,586
$
729,246
$
2,173,939
 
Criticized:
 
Special Mention
542
-
578
-
476
2,447
36,333
40,376
 
Substandard
1
-
3,848
599
12,844
16,477
1,324
35,093
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total C&I loans
$
411,264
$
298,285
$
163,062
$
156,583
$
262,801
$
190,510
$
766,903
$
2,249,408
 
Charge-offs on C&I loans
$
-
$
-
$
-
$
-
$
-
$
218
$
140
$
358
(1) Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023
Term Loans
Florida Region
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
CONSTRUCTION
 
Risk Ratings:
 
Pass
$
995
$
57,712
$
38,289
$
-
$
-
$
-
$
2,380
$
99,376
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
-
-
-
-
-
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total construction loans
$
995
$
57,712
$
38,289
$
-
$
-
$
-
$
2,380
$
99,376
 
Charge-offs on construction loans
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
COMMERCIAL MORTGAGE
 
Risk Ratings:
 
Pass
$
28,814
$
186,098
$
63,561
$
39,844
$
63,332
$
119,460
$
24,344
$
525,453
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
993
-
-
-
993
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total commercial mortgage loans
$
28,814
$
186,098
$
63,561
$
40,837
$
63,332
$
119,460
$
24,344
$
526,446
 
Charge-offs on commercial mortgage loans
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
C&I
 
Risk Ratings:
 
Pass
$
139,800
$
237,189
$
166,998
$
47,394
$
109,123
$
48,106
$
130,585
$
879,195
 
Criticized:
 
Special Mention
-
-
19,485
-
11,725
10,836
-
42,046
 
Substandard
-
-
-
252
191
3,140
-
3,583
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total C&I loans
$
139,800
$
237,189
$
186,483
$
47,646
$
121,039
$
62,082
$
130,585
$
924,824
 
Charge-offs on C&I loans
$
-
$
-
$
-
$
376
$
-
$
6,202
$
-
$
6,578
(1) Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023
Term Loans
Total
Amortized Cost Basis by Origination Year (1)
2023
2022
2021
2020
2019
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
CONSTRUCTION
 
Risk Ratings:
 
Pass
$
53,670
$
98,537
$
54,225
$
-
$
-
$
3,734
$
2,380
$
212,546
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
-
-
2,231
-
2,231
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total construction loans
$
53,670
$
98,537
$
54,225
$
-
$
-
$
5,965
$
2,380
$
214,777
 
Charge-offs on construction loans
$
-
$
-
$
-
$
-
$
-
$
62
$
-
$
62
COMMERCIAL MORTGAGE
 
Risk Ratings:
 
Pass
$
205,333
$
567,793
$
198,724
$
358,955
$
339,410
$
445,880
$
27,762
$
2,143,857
 
Criticized:
 
Special Mention
-
4,394
-
30,169
-
112,063
-
146,626
 
Substandard
-
124
-
993
-
25,483
-
26,600
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total commercial mortgage loans
$
205,333
$
572,311
$
198,724
$
390,117
$
339,410
$
583,426
$
27,762
$
2,317,083
 
Charge-offs on commercial mortgage loans
$
-
$
-
$
-
$
-
$
-
$
1,133
$
-
$
1,133
C&I
 
Risk Ratings:
 
Pass
$
550,521
$
535,474
$
325,634
$
203,378
$
358,604
$
219,692
$
859,831
$
3,053,134
 
Criticized:
 
Special Mention
542
-
20,063
-
12,201
13,283
36,333
82,422
 
Substandard
1
-
3,848
851
13,035
19,617
1,324
38,676
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total C&I loans
$
551,064
$
535,474
$
349,545
$
204,229
$
383,840
$
252,592
$
897,488
$
3,174,232
 
Charge-offs on C&I loans
$
-
$
-
$
-
$
376
$
-
$
6,420
$
140
$
6,936
(1) Excludes accrued interest receivable.
As of December 31, 2023 and 2022, the balance of revolving loans converted to term
 
loans was
no
t material.
Accrued interest
 
receivable on loans
 
totaled $
62.3
 
million as of
 
December 31, 2023
 
(2022 - $
53.1
 
million), 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 December 31, 2023 and 2022
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
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
 
December 31, 2023
 
was
65
%,
compared
 
to
70
%
 
as
 
of
 
December
 
31,
 
2022,
 
mainly
 
related
 
to
 
a
 
nonaccrual
 
commercial
 
mortgage
 
loan,
 
with
 
a
 
loan-to-value
 
over
100
%, transferred to OREO during 2023.
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
 
years
 
ended
 
December
 
31,
 
2023,
 
2022,
 
and
 
2021,
 
loans
 
pooled
 
into GNMA
 
MBS
amounted to
 
approximately $
125.4
 
million, $
144.5
 
million, and
 
$
190.8
 
million, respectively,
 
for which
 
the Corporation
 
recognized a
net gain
 
on sale of
 
$
2.6
 
million, $
4.2
 
million, and
 
$
8.8
 
million, respectively.
 
Also, during the
 
years ended
 
December 31,
 
2023, 2022,
and 2021, the Corporation sold
 
approximately $
29.8
 
million, $
93.8
 
million, and $
328.2
 
million, respectively,
 
of performing residential
mortgage
 
loans to
 
FNMA
 
and
 
FHLMC,
 
for
 
which
 
the Corporation
 
recognized
 
a net
 
gain
 
on
 
sale of
 
$
0.7
 
million,
 
$
4.2
 
million,
 
and
$
11.4
 
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
 
December
 
31,
 
2023
 
and
 
2022,
 
rebooked
 
GNMA
 
delinquent
 
loans
 
that
 
were
included in the residential mortgage loan portfolio amounted to $
7.9
 
million and $
10.4
 
million, respectively.
 
During
 
the
 
years
 
ended
 
December
 
31,
 
2023,
 
2022,
 
and
 
2021,
 
the
 
Corporation
 
repurchased,
 
pursuant
 
to
 
the
 
aforementioned
repurchase
 
option,
 
$
2.9
 
million,
 
$
8.2
 
million,
 
and
 
$
1.1
 
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
 
years
 
ended
 
December
 
31,
 
2023,
 
2022,
 
and
 
2021,
 
the
 
Corporation
 
purchased
 
C&I
 
loan
 
participations
 
in
 
the
 
Florida
region totaling $
61.3
 
million, $
135.4
 
million, and $
174.7
 
million, respectively.
 
There were
no
 
significant sales
 
of commercial
 
loans during the
 
year ended
 
December 31, 2023.
 
Meanwhile, during
 
the year
 
ended
December
 
31,
 
2022,
 
the
 
Corporation
 
sold
 
a
 
$
35.2
 
million
 
C&I
 
loan
 
participation
 
in
 
the
 
Puerto
 
Rico
 
region
 
and
 
a
 
$
23.9
 
million
criticized C&I loan
 
participation in the Florida
 
region. During the
 
year ended December
 
31, 2021, the
 
Corporation sold a $
3.1
 
million
construction
 
loan
 
in
 
the
 
Puerto
 
Rico
 
region
 
and
 
four
 
criticized
 
commercial
 
loan
 
participations
 
in
 
the
 
Florida
 
region
 
totaling
 
$
43.1
million.
Further,
 
during
 
the
 
third
 
quarter
 
of
 
2021,
 
the
 
Corporation
 
sold
 
$
52.5
 
million
 
of
 
non-performing
 
residential
 
mortgage
 
loans
 
and
related
 
servicing
 
advances
 
of
 
$
2.0
 
million.
 
The
 
Corporation
 
received
 
$
31.5
 
million,
 
or
58
%
 
of
 
book
 
value
 
before
 
reserves,
 
for
 
the
$
54.5
 
million of non-performing
 
loans and related
 
servicing advances.
 
Approximately $
20.9
 
million of reserves
 
had been allocated
 
to
the loans
 
sold. The
 
transaction resulted
 
in total
 
net charge-offs
 
of $
23.1
 
million and
 
an additional
 
loss of
 
approximately $
2.1
 
million
recorded as charge to the provision for credit losses in the third
 
quarter of 2021.
 
 
 
 
Loan Portfolio Concentration
The Corporation’s
 
primary
 
lending area
 
is Puerto
 
Rico. The
 
Corporation’s
 
banking subsidiary,
 
FirstBank, also
 
lends in
 
the USVI
and the BVI markets and
 
in the United States (principally
 
in the state of Florida).
 
Of the total gross loans held
 
for investment portfolio
of $
12.2
 
billion as
 
of December
 
31, 2023,
 
credit risk
 
concentration was
 
approximately
80
% in
 
Puerto Rico,
17
% in
 
the U.S.,
 
and
3
%
in the USVI and the BVI.
As of
 
December
 
31,
 
2023,
 
the Corporation
 
had
 
$
187.7
 
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
 
December
 
31,
 
2023,
approximately
 
$
115.8
 
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
 
December 31,
 
2023 included
 
$
8.9
million in
 
loans granted to
 
an affiliate of
 
the Puerto Rico
 
Electric Power Authority
 
(“PREPA”)
 
and $
37.4
 
million in loans
 
to agencies
or public corporations of the Puerto Rico government.
 
In
 
addition,
 
as
 
of
 
December
 
31,
 
2023,
 
the
 
Corporation
 
had
 
$
77.7
 
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
 
December
 
31,
 
2023,
 
the
 
Corporation
 
had
$
90.5
million in
 
loans to
 
USVI government
 
public corporations,
 
compared to
 
$
38.0
 
million as
 
of December
 
31, 2022.
 
As of
 
December 31,
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 – “Nature
of Business and Summary of Significant Accounting Policies.”
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
 
$
3.9
 
million
 
in
restructured
 
residential
 
mortgage
 
loans
 
that
 
are
 
government-guaranteed
 
(e.g.,
 
FHA/VA
 
loans)
 
and
 
were
 
modified
 
during
 
the
 
year
ended December 31, 2023.
The
 
following
 
table
 
presents
 
the
 
amortized
 
cost
 
basis
 
as
 
of
 
December
 
31,
 
2023
 
of
 
loans
 
modified
 
to
 
borrowers
 
experiencing
financial
 
difficulty
 
during
 
the
 
year
 
ended
 
December
 
31,
 
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 December 31, 2023
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving
Loans
Amortized Cost
Basis
Total
(In thousands)
Puerto Rico and Virgin Islands Regions:
FHA/VA government-guaranteed loans
Accrual Status:
Performing
$
378
$
681
$
942
$
525
$
1,468
$
95,299
$
-
$
99,293
Non-Performing
-
-
-
-
-
-
-
-
Total FHA/VA
 
government-guaranteed loans
$
378
$
681
$
942
$
525
$
1,468
$
95,299
$
-
$
99,293
Conventional residential mortgage loans
Accrual Status:
Performing
$
173,086
$
164,895
$
69,253
$
29,558
$
44,289
$
1,750,620
$
-
$
2,231,701
Non-Performing
-
69
35
-
173
24,735
-
25,012
Total conventional residential mortgage loans
$
173,086
$
164,964
$
69,288
$
29,558
$
44,462
$
1,775,355
$
-
$
2,256,713
Total
Accrual Status:
Performing
$
173,464
$
165,576
$
70,195
$
30,083
$
45,757
$
1,845,919
$
-
$
2,330,994
Non-Performing
-
69
35
-
173
24,735
-
25,012
Total residential mortgage loans
 
$
173,464
$
165,645
$
70,230
$
30,083
$
45,930
$
1,870,654
$
-
$
2,356,006
Charge-offs on residential mortgage loans
$
-
$
2
$
-
$
3
$
12
$
3,222
$
-
$
3,239
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
Florida Region:
FHA/VA government-guaranteed loans
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
943
$
-
$
943
Non-Performing
-
-
-
-
-
-
-
-
Total FHA/VA
 
government-guaranteed loans
$
-
$
-
$
-
$
-
$
-
$
943
$
-
$
943
Conventional residential mortgage loans
Accrual Status:
Performing
$
90,018
$
77,960
$
45,781
$
29,166
$
26,903
$
187,722
$
-
$
457,550
Non-Performing
-
16
-
-
257
6,954
-
7,227
Total conventional residential mortgage loans
$
90,018
$
77,976
$
45,781
$
29,166
$
27,160
$
194,676
$
-
$
464,777
Total
Accrual Status:
Performing
$
90,018
$
77,960
$
45,781
$
29,166
$
26,903
$
188,665
$
-
$
458,493
Non-Performing
-
16
-
-
257
6,954
-
7,227
Total residential mortgage loans
$
90,018
$
77,976
$
45,781
$
29,166
$
27,160
$
195,619
$
-
$
465,720
Charge-offs on residential mortgage loans
$
-
$
-
$
-
$
-
$
-
$
6
$
-
$
6
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
Total:
FHA/VA government-guaranteed loans
Accrual Status:
Performing
$
378
$
681
$
942
$
525
$
1,468
$
96,242
$
-
$
100,236
Non-Performing
-
-
-
-
-
-
-
-
Total FHA/VA
 
government-guaranteed loans
$
378
$
681
$
942
$
525
$
1,468
$
96,242
$
-
$
100,236
Conventional residential mortgage loans
Accrual Status:
Performing
$
263,104
$
242,855
$
115,034
$
58,724
$
71,192
$
1,938,342
$
-
$
2,689,251
Non-Performing
-
85
35
-
430
31,689
-
32,239
Total conventional residential mortgage loans
$
263,104
$
242,940
$
115,069
$
58,724
$
71,622
$
1,970,031
$
-
$
2,721,490
Total
Accrual Status:
Performing
$
263,482
$
243,536
$
115,976
$
59,249
$
72,660
$
2,034,584
$
-
$
2,789,487
Non-Performing
-
85
35
-
430
31,689
-
32,239
Total residential mortgage loans
$
263,482
$
243,621
$
116,011
$
59,249
$
73,090
$
2,066,273
$
-
$
2,821,726
Charge-offs on residential mortgage loans
$
-
$
2
$
-
$
3
$
12
$
3,228
$
-
$
3,245
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2023
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving
Loans
Amortized
Cost Basis
Total
(In thousands)
Puerto Rico and Virgin Islands Regions:
Auto loans
Accrual Status:
Performing
$
630,507
$
532,854
$
384,103
$
178,566
$
131,913
$
61,640
$
-
$
1,919,583
Non-Performing
2,474
4,031
3,103
1,426
2,610
1,912
-
15,556
Total auto loans
$
632,981
$
536,885
$
387,206
$
179,992
$
134,523
$
63,552
$
-
$
1,935,139
Charge-offs on auto loans
$
1,969
$
8,029
$
4,688
$
1,854
$
2,413
$
1,665
$
-
$
20,618
Finance leases
Accrual Status:
Performing
$
311,620
$
246,085
$
152,028
$
64,930
$
54,207
$
24,658
$
-
$
853,528
Non-Performing
309
1,188
663
351
191
585
-
3,287
Total finance leases
$
311,929
$
247,273
$
152,691
$
65,281
$
54,398
$
25,243
$
-
$
856,815
Charge-offs on finance leases
$
473
$
1,889
$
1,162
$
557
$
593
$
725
$
-
$
5,399
Personal loans
Accrual Status:
Performing
$
169,905
$
118,433
$
32,104
$
16,282
$
28,224
$
14,213
$
-
$
379,161
Non-Performing
190
1,078
207
106
145
115
-
1,841
Total personal loans
$
170,095
$
119,511
$
32,311
$
16,388
$
28,369
$
14,328
$
-
$
381,002
Charge-offs on personal loans
$
1,118
$
9,028
$
2,881
$
1,191
$
2,317
$
1,284
$
-
$
17,819
Credit cards
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
329,212
$
329,212
Non-Performing
-
-
-
-
-
-
-
-
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
329,212
$
329,212
Charge-offs on credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
18,276
$
18,276
Other consumer loans
Accrual Status:
Performing
$
82,245
$
32,594
$
9,897
$
5,612
$
4,915
$
3,731
$
8,919
$
147,913
Non-Performing
634
537
113
61
72
135
137
1,689
Total other consumer loans
$
82,879
$
33,131
$
10,010
$
5,673
$
4,987
$
3,866
$
9,056
$
149,602
Charge-offs on other consumer loans
$
2,151
$
7,397
$
2,308
$
577
$
1,043
$
361
$
453
$
14,290
Total
Accrual Status:
Performing
$
1,194,277
$
929,966
$
578,132
$
265,390
$
219,259
$
104,242
$
338,131
$
3,629,397
Non-Performing
3,607
6,834
4,086
1,944
3,018
2,747
137
22,373
Total consumer loans
 
$
1,197,884
$
936,800
$
582,218
$
267,334
$
222,277
$
106,989
$
338,268
$
3,651,770
Charge-offs on total consumer loans
$
5,711
$
26,343
$
11,039
$
4,179
$
6,366
$
4,035
$
18,729
$
76,402
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2023
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving
Loans
Amortized
Cost Basis
Total
(In thousands)
Florida Region:
Auto loans
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
135
$
970
$
-
$
1,105
Non-Performing
-
-
-
-
-
12
-
12
Total auto loans
$
-
$
-
$
-
$
-
$
135
$
982
$
-
$
1,117
Charge-offs on auto loans
$
-
$
-
$
-
$
-
$
24
$
300
$
-
$
324
Finance leases
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Non-Performing
-
-
-
-
-
-
-
-
Total finance leases
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Charge-offs on finance leases
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Personal loans
Accrual Status:
Performing
$
202
$
-
$
71
$
-
$
-
$
-
$
-
$
273
Non-Performing
-
-
-
-
-
-
-
-
Total personal loans
$
202
$
-
$
71
$
-
$
-
$
-
$
-
$
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
$
54
$
47
$
223
$
328
$
-
$
2,246
$
1,548
$
4,446
Non-Performing
-
-
-
-
-
19
40
59
Total other consumer loans
$
54
$
47
$
223
$
328
$
-
$
2,265
$
1,588
$
4,505
Charge-offs on other consumer loans
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Total
Accrual Status:
Performing
$
256
$
47
$
294
$
328
$
135
$
3,216
$
1,548
$
5,824
Non-Performing
-
-
-
-
-
31
40
71
Total consumer loans
$
256
$
47
$
294
$
328
$
135
$
3,247
$
1,588
$
5,895
Charge-offs on total consumer loans
$
-
$
-
$
-
$
-
$
24
$
300
$
-
$
324
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2023
Term Loans
Amortized Cost Basis by Origination Year
(1)
2023
2022
2021
2020
2019
Prior
Revolving
Loans
Amortized
Cost Basis
Total
(In thousands)
Total:
Auto loans
Accrual Status:
Performing
$
630,507
$
532,854
$
384,103
$
178,566
$
132,048
$
62,610
$
-
$
1,920,688
Non-Performing
2,474
4,031
3,103
1,426
2,610
1,924
-
15,568
Total auto loans
$
632,981
$
536,885
$
387,206
$
179,992
$
134,658
$
64,534
$
-
$
1,936,256
Charge-offs on auto loans
$
1,969
$
8,029
$
4,688
$
1,854
$
2,437
$
1,965
$
-
$
20,942
Finance leases
Accrual Status:
Performing
$
311,620
$
246,085
$
152,028
$
64,930
$
54,207
$
24,658
$
-
$
853,528
Non-Performing
309
1,188
663
351
191
585
-
3,287
Total finance leases
$
311,929
$
247,273
$
152,691
$
65,281
$
54,398
$
25,243
$
-
$
856,815
Charge-offs on finance leases
$
473
$
1,889
$
1,162
$
557
$
593
$
725
$
-
$
5,399
Personal loans
Accrual Status:
Performing
$
170,107
$
118,433
$
32,175
$
16,282
$
28,224
$
14,213
$
-
$
379,434
Non-Performing
190
1,078
207
106
145
115
-
1,841
Total personal loans
$
170,297
$
119,511
$
32,382
$
16,388
$
28,369
$
14,328
$
-
$
381,275
Charge-offs on personal loans
$
1,118
$
9,028
$
2,881
$
1,191
$
2,317
$
1,284
$
-
$
17,819
Credit cards
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
329,212
$
329,212
Non-Performing
-
-
-
-
-
-
-
-
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
329,212
$
329,212
Charge-offs on credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
18,276
$
18,276
Other consumer loans
Accrual Status:
Performing
$
82,299
$
32,641
$
10,120
$
5,940
$
4,915
$
5,977
$
10,467
$
152,359
Non-Performing
634
537
113
61
72
154
177
1,748
Total other consumer loans
$
82,933
$
33,178
$
10,233
$
6,001
$
4,987
$
6,131
$
10,644
$
154,107
Charge-offs on other consumer loans
$
2,151
$
7,397
$
2,308
$
577
$
1,043
$
361
$
453
$
14,290
Total
Accrual Status:
Performing
$
1,194,533
$
930,013
$
578,426
$
265,718
$
219,394
$
107,458
$
339,679
$
3,635,221
Non-Performing
3,607
6,834
4,086
1,944
3,018
2,778
177
22,444
Total consumer loans
$
1,198,140
$
936,847
$
582,512
$
267,662
$
222,412
$
110,236
$
339,856
$
3,657,665
Charge-offs on total consumer loans
$
5,711
$
26,343
$
11,039
$
4,179
$
6,390
$
4,335
$
18,729
$
76,726
(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 December 31, 2023 and 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 December 31, 2023 and 2022, and the gross charge-offs
 
for the year ended December 31, 2023 by origination year:
The
 
following
 
tables present
 
the
 
amortized
 
cost
 
of
 
consumer
 
loans
 
by
 
portfolio
 
classes
 
and
 
by origination
 
year
 
based on
 
accrual
status as of December 31,
 
2023 and 2022, and
 
the gross charge-offs
 
for the year ended
 
December 31, 2023 by portfolio
 
classes and by
origination year:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents by portfolio classes the performance of loans modified
 
during the year ended December 31,
 
2023
that were granted to borrowers experiencing financial difficulty:
Year Ended December 31,
 
2023
30-59
60-89
90+
Total
Delinquency
Current
Total
(In thousands)
Conventional residential mortgage loans
$
14
$
-
$
-
$
14
$
1,724
$
1,738
Construction loans
-
-
-
-
-
-
Commercial mortgage loans
-
-
-
-
32,392
32,392
C&I loans
-
-
-
-
371
371
Consumer loans:
Auto loans
27
18
18
63
2,710
2,773
Personal loans
52
-
15
67
273
340
Credit cards
43
16
2
61
1,363
1,424
Other consumer loans
46
11
20
77
454
531
 
Total modifications
$
182
$
45
$
55
$
282
$
39,287
$
39,569
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 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
$
-
$
-
$
501
$
-
$
999
$
238
$
-
$
1,738
0.06%
Construction loans
-
-
-
-
-
-
-
-
-
Commercial mortgage loans
-
-
-
-
2,222
30,170
-
32,392
1.40%
C&I loans
-
-
-
186
185
-
-
371
0.01%
Consumer loans:
Auto loans
-
-
-
-
474
215
2,084
(1)
2,773
0.14%
Personal loans
-
-
-
-
138
202
-
340
0.09%
Credit cards
-
-
-
1,424
(2)
-
-
-
1,424
0.43%
Other consumer loans
-
-
-
-
424
78
29
(1)
531
0.34%
 
Total modifications
$
-
$
-
$
501
$
1,610
$
4,442
$
30,903
$
2,113
$
39,569
(1)
Modification consists of reduction to 0% interest rate for remaining loan term to borrowers in bankruptcy proceedings or consumer credit counseling programs unless dismissal occurs.
(2)
Modification consists of reduction in interest rate and revocation of revolving line privileges.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
 
following
 
table
 
presents
 
by
 
portfolio
 
classes
 
the
 
financial
 
effects
 
of
 
the
 
modifications
 
granted
 
to
 
borrowers
 
experiencing
financial difficulty,
 
other than those
 
associated to payment
 
delay,
 
during the year
 
ended December 31,
 
2023. The financial
 
effects of
the modifications associated to payment delay were discussed above and, as such,
 
were excluded from the table below:
Year Ended December 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
-
%
93
2.95
%
105
Construction loans
-
%
-
-
%
-
Commercial mortgage loans
-
%
13
0.25
%
64
C&I loans
0.45
%
72
-
%
-
Consumer loans:
Auto loans
-
%
23
2.95
%
24
Personal loans
-
%
36
4.57
%
29
Credit cards
16.09
%
-
-
%
-
Other consumer loans
-
%
26
1.60
%
22
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 $
4.6
 
billion and
 
$
4.3
 
billion
 
as of
 
December 31,
 
2023
and 2022, respectively.
 
As of each of
 
December 31, 2023
 
and 2022, loans
 
pledged as collateral
 
include $
1.8
 
billion that were pledged
at the FHLB as collateral for borrowings and letters of credit; $
2.5
 
billion that were pledged at the FED Discount Window
 
as collateral
for borrowings, compared
 
to $
2.2
 
billion as of
 
December 31, 2022;
 
and $
166.9
 
million serve as
 
collateral for the
 
uninsured portion of
government deposits,
 
compared to
 
$
123.7
 
million as
 
of December
 
31, 2022.
 
See Note
 
13 –
 
“Advances from
 
the Federal
 
Home Loan
Bank
 
(“FHLB”)”
 
and
 
Note
 
14
 
–
 
“Other
 
Borrowings”
 
for
 
information
 
related
 
to
 
the
 
unused
 
portion
 
of
 
FHLB
 
advances
 
and
 
FED
programs, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Troubled Debt
 
Restructuring ("TDR") Disclosures Prior to
 
Adoption of ASU 2022-02
 
The
 
following
 
provides
 
additional
 
disclosures
 
previously
 
required
 
by
 
ASC
 
Subtopic
 
310-40,
 
Receivables
 
-
 
Troubled
 
Debt
Restructurings
 
by
 
Creditors,
 
related
 
to
 
the
 
years
 
ended
 
December
 
31,
 
2022
 
and
 
2021.
 
Prior
 
to
 
the
 
adoption
 
of
 
ASU
 
2022-02,
 
a
restructuring of
 
a loan
 
constituted a
 
TDR if
 
the creditor,
 
for economic
 
or legal
 
reasons related
 
to the
 
borrower's financial
 
difficulties,
granted
 
a
 
concession
 
to
 
the
 
borrower
 
that
 
it
 
would
 
not
 
otherwise
 
consider.
 
See
 
Note
 
1
 
-
 
"Nature
 
of
 
Business
 
and
 
Summary
 
of
Significant Accounting
 
Policies" and Note
 
4 - "Loans
 
Held For
 
Investment" to
 
the audited
 
consolidated financial
 
statements included
in the
 
Annual Report
 
on Form
 
10-K
 
for the year
 
ended December 31,
 
2022, filed
 
with the
 
SEC on February
 
28, 2023, for
 
additional
discussion of TDRs. The following tables present TDR loans completed during
 
the years ended December 31, 2022 and 2021:
Year Ended December 31,
 
2022
Total
Interest rate
below market
Maturity or
term extension
Combination
of reduction in
interest rate
and extension
of maturity
Forgiveness of
principal
and/or interest
Other
(1)
Total
(In thousands)
TDRs:
Conventional residential mortgage loans
$
433
$
1,551
$
242
$
-
$
4,874
$
7,100
Construction loans
-
-
-
-
-
-
Commercial mortgage loans
-
245
5,178
-
467
5,890
C&I loans
2,402
-
618
825
1,083
4,928
Consumer loans:
Auto loans
2,877
232
345
-
-
3,454
Finance leases
-
573
-
-
18
591
Personal loans
99
171
105
-
19
394
Credit cards
816
(2)
-
-
-
-
816
Other consumer loans
112
272
16
43
-
443
Total TDRs
 
$
6,739
$
3,044
$
6,504
$
868
$
6,461
$
23,616
(1)
Other concessions granted by the Corporation include payment
 
plans under judicial stipulation or loss mitigation programs, or
 
a combination of two or more of the concessions listed
 
in
the table. Amounts included in Other that represent a combination of
 
concessions are excluded from the amounts reported in the
 
column for such individual concessions.
(2)
Concession consists of reduction in interest rate and revocation
 
of revolving line privileges.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December
 
31,
 
2022
Year Ended December
 
31,
 
2021
Number of
contracts
Pre-modification
Amortized Cost
Post-modification
Amortized Cost
Number of
contracts
Pre-modification
Amortized Cost
Post-modification
Amortized Cost
(Dollars in thousands)
TDRs:
Conventional residential mortgage loans
68
$
7,165
$
7,100
66
$
7,687
$
7,594
Construction loans
-
-
-
-
-
-
Commercial mortgage loans
3
5,897
5,890
7
11,285
11,223
C&I loans
17
5,156
4,928
6
10,031
9,908
Consumer loans:
 
Auto loans
168
3,404
3,454
134
2,601
2,598
 
Finance leases
33
592
591
42
692
697
 
Personal loans
26
366
394
46
497
504
 
Credit Cards
170
815
816
246
1,426
1,426
 
Other consumer loans
115
434
443
65
266
266
 
Total TDRs
600
$
23,829
$
23,616
612
$
34,485
$
34,216
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan modifications considered
 
TDR loans that defaulted
 
(failure by the
 
borrower to make
 
payments of either
 
principal, interest, or
both for a period of 90
 
days or more) during the years
 
ended December 31, 2022 and 2021,
 
and had become TDR loans during
 
the 12-
months preceding the default date, were as follows:
Year Ended December 31,
 
2022
Year Ended December 31,
 
2021
Number of contracts
Amortized Cost
Number of contracts
Amortized Cost
(Dollars in thousands)
Conventional residential mortgage loans
2
$
124
-
$
-
Construction loans
-
-
-
-
Commercial mortgage loans
-
-
-
-
C&I loans
-
-
-
-
Consumer loans:
Auto loans
96
2,049
92
1,625
Finance leases
1
16
-
-
Personal loans
-
-
1
1
Credit cards
28
156
24
126
Other consumer loans
8
30
11
45
Total
135
$
2,375
128
$
1,797
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Puerto Rico and Virgin Islands Regions
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
CONSTRUCTION
 
Risk Ratings:
 
Pass
$
9,463
$
18,385
$
-
$
-
$
-
$
4,031
$
-
$
31,879
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
-
-
2,893
-
2,893
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total construction loans
$
9,463
$
18,385
$
-
$
-
$
-
$
6,924
$
-
$
34,772
COMMERCIAL MORTGAGE
 
Risk Ratings:
 
Pass
$
391,589
$
141,456
$
363,115
$
296,954
$
193,795
$
267,793
$
1,026
$
1,655,728
 
Criticized:
 
Special Mention
1,198
-
3,583
6,919
12,042
121,673
-
145,415
 
Substandard
135
-
-
2,819
-
30,107
-
33,061
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total commercial mortgage loans
$
392,922
$
141,456
$
366,698
$
306,692
$
205,837
$
419,573
$
1,026
$
1,834,204
C&I
 
Risk Ratings:
 
Pass
$
297,932
$
195,460
$
184,856
$
315,987
$
88,484
$
179,201
$
527,652
$
1,789,572
 
Criticized:
 
Special Mention
138
912
-
500
9,867
2,631
29,176
43,224
 
Substandard
203
351
1,324
14,119
725
10,238
353
27,313
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total C&I loans
$
298,273
$
196,723
$
186,180
$
330,606
$
99,076
$
192,070
$
557,181
$
1,860,109
(1) Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Florida Region
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
CONSTRUCTION
 
Risk Ratings:
 
Pass
$
48,536
$
42,841
$
-
$
14
$
-
$
-
$
6,790
$
98,181
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
-
-
-
-
-
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total construction loans
$
48,536
$
42,841
$
-
$
14
$
-
$
-
$
6,790
$
98,181
COMMERCIAL MORTGAGE
 
Risk Ratings:
 
Pass
$
176,131
$
70,525
$
41,413
$
54,839
$
71,404
$
70,316
$
18,556
$
503,184
 
Criticized:
 
Special Mention
-
-
6,986
13,309
-
-
-
20,295
 
Substandard
-
-
1,168
-
-
-
-
1,168
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total commercial mortgage loans
$
176,131
$
70,525
$
49,567
$
68,148
$
71,404
$
70,316
$
18,556
$
524,647
C&I
 
Risk Ratings:
 
Pass
$
277,637
$
163,210
$
77,027
$
223,504
$
66,484
$
35,028
$
136,261
$
979,151
 
Criticized:
 
Special Mention
-
-
-
5,974
-
11,931
-
17,905
 
Substandard
-
-
267
24,852
-
3,678
301
29,098
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total C&I loans
$
277,637
$
163,210
$
77,294
$
254,330
$
66,484
$
50,637
$
136,562
$
1,026,154
(1) Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Total
Amortized Cost Basis by Origination Year (1)
2022
2021
2020
2019
2018
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
CONSTRUCTION
 
Risk Ratings:
 
Pass
$
57,999
$
61,226
$
-
$
14
$
-
$
4,031
$
6,790
$
130,060
 
Criticized:
 
Special Mention
-
-
-
-
-
-
-
-
 
Substandard
-
-
-
-
-
2,893
-
2,893
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total construction loans
$
57,999
$
61,226
$
-
$
14
$
-
$
6,924
$
6,790
$
132,953
COMMERCIAL MORTGAGE
 
Risk Ratings:
 
Pass
$
567,720
$
211,981
$
404,528
$
351,793
$
265,199
$
338,109
$
19,582
$
2,158,912
 
Criticized:
 
Special Mention
1,198
-
10,569
20,228
12,042
121,673
-
165,710
 
Substandard
135
-
1,168
2,819
-
30,107
-
34,229
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total commercial mortgage loans
$
569,053
$
211,981
$
416,265
$
374,840
$
277,241
$
489,889
$
19,582
$
2,358,851
C&I
 
Risk Ratings:
 
Pass
$
575,569
$
358,670
$
261,883
$
539,491
$
154,968
$
214,229
$
663,913
$
2,768,723
 
Criticized:
 
Special Mention
138
912
-
6,474
9,867
14,562
29,176
61,129
 
Substandard
203
351
1,591
38,971
725
13,916
654
56,411
 
Doubtful
-
-
-
-
-
-
-
-
 
Loss
-
-
-
-
-
-
-
-
 
Total C&I loans
$
575,910
$
359,933
$
263,474
$
584,936
$
165,560
$
242,707
$
693,743
$
2,886,263
(1) Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2021
Total
Interest rate
below market
Maturity or
term extension
Combination
of reduction in
interest rate
and extension
of maturity
Forgiveness of
principal
and/or interest
Other
(1)
Total
(In thousands)
TDRs:
Conventional residential mortgage loans
$
365
$
859
$
2,647
$
-
$
3,723
$
7,594
Construction loans
-
-
-
-
-
-
Commercial mortgage loans
-
-
10,586
-
637
11,223
C&I loans
-
300
9,100
-
508
9,908
Consumer loans:
Auto loans
1,888
433
277
-
-
2,598
Finance leases
-
645
26
-
26
697
Personal loans
13
60
387
-
44
504
Credit cards
1,426
(2)
-
-
-
-
1,426
Other consumer loans
110
79
-
77
-
266
Total TDRs
 
$
3,802
$
2,376
$
23,023
$
77
$
4,938
$
34,216
(1)
Other concessions granted by the Corporation include payment
 
plans under judicial stipulation or loss mitigation programs, or
 
a combination of two or more of the concessions listed
 
in
the table. Amounts included in Other that represent a combination of
 
concessions are excluded from the amounts reported in the
 
column for such individual concessions.
(2)
Concession consists of reduction in interest rate and revocation
 
of revolving line privileges.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 year ended
 
December 31, 2023:
Year ended
 
December 31,
 
2023
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
-
-
-
-
18
18
Personal loans
-
-
15
-
-
15
Credit cards
2
-
-
-
-
2
Other consumer loans
-
20
-
-
-
20
 
Total modifications
$
2
$
20
$
15
$
-
$
18
$
55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
Puerto Rico and Virgin Islands Regions:
FHA/VA government-guaranteed loans
Accrual Status:
Performing
$
700
$
693
$
802
$
1,407
$
3,784
$
110,030
$
-
$
117,416
Non-Performing
-
-
-
-
-
-
-
-
Total FHA/VA
 
government-guaranteed loans
$
700
$
693
$
802
$
1,407
$
3,784
$
110,030
$
-
$
117,416
Conventional residential mortgage loans
Accrual Status:
Performing
$
172,628
$
75,397
$
31,885
$
47,911
$
72,285
$
1,864,907
$
-
$
2,265,013
Non-Performing
-
35
-
219
279
34,938
-
35,471
Total conventional residential mortgage loans
$
172,628
$
75,432
$
31,885
$
48,130
$
72,564
$
1,899,845
$
-
$
2,300,484
Total
Accrual Status:
Performing
$
173,328
$
76,090
$
32,687
$
49,318
$
76,069
$
1,974,937
$
-
$
2,382,429
Non-Performing
-
35
-
219
279
34,938
-
35,471
Total residential mortgage loans
 
$
173,328
$
76,125
$
32,687
$
49,537
$
76,348
$
2,009,875
$
-
$
2,417,900
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
Florida Region:
FHA/VA government-guaranteed loans
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
742
$
-
$
742
Non-Performing
-
-
-
-
-
-
-
-
Total FHA/VA
 
government-guaranteed loans
$
-
$
-
$
-
$
-
$
-
$
742
$
-
$
742
Conventional residential mortgage loans
Accrual Status:
Performing
$
82,968
$
49,479
$
31,405
$
31,144
$
37,268
$
189,083
$
-
$
421,347
Non-Performing
-
-
-
272
477
6,552
-
7,301
Total conventional residential mortgage loans
$
82,968
$
49,479
$
31,405
$
31,416
$
37,745
$
195,635
$
-
$
428,648
Total
Accrual Status:
Performing
$
82,968
$
49,479
$
31,405
$
31,144
$
37,268
$
189,825
$
-
$
422,089
Non-Performing
-
-
-
272
477
6,552
-
7,301
Total residential mortgage loans
$
82,968
$
49,479
$
31,405
$
31,416
$
37,745
$
196,377
$
-
$
429,390
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving Loans
Amortized Cost
Basis
Total
(In thousands)
Total:
FHA/VA government-guaranteed loans
Accrual Status:
Performing
$
700
$
693
$
802
$
1,407
$
3,784
$
110,772
$
-
$
118,158
Non-Performing
-
-
-
-
-
-
-
-
Total FHA/VA
 
government-guaranteed loans
$
700
$
693
$
802
$
1,407
$
3,784
$
110,772
$
-
$
118,158
Conventional residential mortgage loans
Accrual Status:
Performing
$
255,596
$
124,876
$
63,290
$
79,055
$
109,553
$
2,053,990
$
-
$
2,686,360
Non-Performing
-
35
-
491
756
41,490
-
42,772
Total conventional residential mortgage loans
$
255,596
$
124,911
$
63,290
$
79,546
$
110,309
$
2,095,480
$
-
$
2,729,132
Total
Accrual Status:
Performing
$
256,296
$
125,569
$
64,092
$
80,462
$
113,337
$
2,164,762
$
-
$
2,804,518
Non-Performing
-
35
-
491
756
41,490
-
42,772
Total residential mortgage loans
$
256,296
$
125,604
$
64,092
$
80,953
$
114,093
$
2,206,252
$
-
$
2,847,290
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving
Loans
Amortized
Cost Basis
Total
(In thousands)
Puerto Rico and Virgin Islands Regions:
Auto loans
Accrual Status:
Performing
$
674,145
$
510,950
$
254,196
$
206,345
$
99,008
$
39,138
$
-
$
1,783,782
Non-Performing
1,666
2,140
1,596
2,508
1,385
1,301
-
10,596
Total auto loans
$
675,811
$
513,090
$
255,792
$
208,853
$
100,393
$
40,439
$
-
$
1,794,378
Finance leases
Accrual Status:
Performing
$
292,995
$
192,435
$
88,196
$
81,186
$
48,332
$
13,441
$
-
$
716,585
Non-Performing
176
253
305
219
384
308
-
1,645
Total finance leases
$
293,171
$
192,688
$
88,501
$
81,405
$
48,716
$
13,749
$
-
$
718,230
Personal loans
Accrual Status:
Performing
$
175,875
$
55,993
$
29,320
$
53,911
$
22,838
$
13,727
$
-
$
351,664
Non-Performing
348
249
135
289
112
115
-
1,248
Total personal loans
$
176,223
$
56,242
$
29,455
$
54,200
$
22,950
$
13,842
$
-
$
352,912
Credit cards
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
311,731
$
311,731
Non-Performing
-
-
-
-
-
-
-
-
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
311,731
$
311,731
Other consumer loans
Accrual Status:
Performing
$
79,630
$
21,488
$
9,345
$
11,941
$
4,030
$
3,761
$
8,921
$
139,116
Non-Performing
409
201
61
119
20
241
71
1,122
Total other consumer loans
$
80,039
$
21,689
$
9,406
$
12,060
$
4,050
$
4,002
$
8,992
$
140,238
Total
Accrual Status:
Performing
$
1,222,645
$
780,866
$
381,057
$
353,383
$
174,208
$
70,067
$
320,652
$
3,302,878
Non-Performing
2,599
2,843
2,097
3,135
1,901
1,965
71
14,611
Total consumer loans
 
$
1,225,244
$
783,709
$
383,154
$
356,518
$
176,109
$
72,032
$
320,723
$
3,317,489
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving
Loans
Amortized
Cost Basis
Total
(In thousands)
Florida Region:
Auto loans
Accrual Status:
Performing
$
-
$
-
$
-
$
305
$
2,333
$
979
$
-
$
3,617
Non-Performing
-
-
-
-
36
40
-
76
Total auto loans
$
-
$
-
$
-
$
305
$
2,369
$
1,019
$
-
$
3,693
Finance leases
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Non-Performing
-
-
-
-
-
-
-
-
Total finance leases
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Personal loans
Accrual Status:
Performing
$
254
$
71
$
9
$
-
$
-
$
-
$
-
$
334
Non-Performing
-
-
-
-
-
-
-
-
Total personal loans
$
254
$
71
$
9
$
-
$
-
$
-
$
-
$
334
Credit cards
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Non-Performing
-
-
-
-
-
-
-
-
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Other consumer loans
Accrual Status:
Performing
$
49
$
231
$
464
$
-
$
39
$
2,588
$
2,462
$
5,833
Non-Performing
-
-
-
-
-
21
98
119
Total other consumer loans
$
49
$
231
$
464
$
-
$
39
$
2,609
$
2,560
$
5,952
Total
Accrual Status:
Performing
$
303
$
302
$
473
$
305
$
2,372
$
3,567
$
2,462
$
9,784
Non-Performing
-
-
-
-
36
61
98
195
Total consumer loans
$
303
$
302
$
473
$
305
$
2,408
$
3,628
$
2,560
$
9,979
(1)
Excludes accrued interest receivable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2022
Term Loans
Amortized Cost Basis by Origination Year
(1)
2022
2021
2020
2019
2018
Prior
Revolving
Loans
Amortized
Cost Basis
Total
(In thousands)
Total:
Auto loans
Accrual Status:
Performing
$
674,145
$
510,950
$
254,196
$
206,650
$
101,341
$
40,117
$
-
$
1,787,399
Non-Performing
1,666
2,140
1,596
2,508
1,421
1,341
-
10,672
Total auto loans
$
675,811
$
513,090
$
255,792
$
209,158
$
102,762
$
41,458
$
-
$
1,798,071
Finance leases
Accrual Status:
Performing
$
292,995
$
192,435
$
88,196
$
81,186
$
48,332
$
13,441
$
-
$
716,585
Non-Performing
176
253
305
219
384
308
-
1,645
Total finance leases
$
293,171
$
192,688
$
88,501
$
81,405
$
48,716
$
13,749
$
-
$
718,230
Personal loans
Accrual Status:
Performing
$
176,129
$
56,064
$
29,329
$
53,911
$
22,838
$
13,727
$
-
$
351,998
Non-Performing
348
249
135
289
112
115
-
1,248
Total personal loans
$
176,477
$
56,313
$
29,464
$
54,200
$
22,950
$
13,842
$
-
$
353,246
Credit cards
Accrual Status:
Performing
$
-
$
-
$
-
$
-
$
-
$
-
$
311,731
$
311,731
Non-Performing
-
-
-
-
-
-
-
-
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
311,731
$
311,731
Other consumer loans
Accrual Status:
Performing
$
79,679
$
21,719
$
9,809
$
11,941
$
4,069
$
6,349
$
11,383
$
144,949
Non-Performing
409
201
61
119
20
262
169
1,241
Total other consumer loans
$
80,088
$
21,920
$
9,870
$
12,060
$
4,089
$
6,611
$
11,552
$
146,190
Total
Accrual Status:
Performing
$
1,222,948
$
781,168
$
381,530
$
353,688
$
176,580
$
73,634
$
323,114
$
3,312,662
Non-Performing
2,599
2,843
2,097
3,135
1,937
2,026
169
14,806
Total consumer loans
$
1,225,547
$
784,011
$
383,627
$
356,823
$
178,517
$
75,660
$
323,283
$
3,327,468
(1)
Excludes accrued interest receivable.