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LOANS HELD FOR INVESTMENT	12 Months Ended
LOANS HELD FOR INVESTMENT	Dec. 31, 2024
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, 2024 2023 (In thousands) Puerto Rico and Virgin Islands region: Residential mortgage loans, mainly secured by first mortgages $ 2,323,205 $ 2,356,006 Construction loans 184,427 115,401 Commercial mortgage loans 1,867,894 1,790,637 C&I loans 2,325,875 2,249,408 Consumer loans 3,750,205 3,651,770 Loans held for investment $ 10,451,606 $ 10,163,222 Florida region: Residential mortgage loans, mainly secured by first mortgages $ 505,226 $ 465,720 Construction loans 43,969 99,376 Commercial mortgage loans 698,090 526,446 C&I loans 1,040,163 924,824 Consumer loans 7,502 5,895 Loans held for investment $ 2,294,950 $ 2,022,261 Total: Residential mortgage loans, mainly secured by first mortgages $ 2,828,431 $ 2,821,726 Construction loans 228,396 214,777 Commercial mortgage loans 2,565,984 2,317,083 C&I loans (1) 3,366,038 3,174,232 Consumer loans 3,757,707 3,657,665 Loans held for investment (2) 12,746,556 12,185,483 ACL on loans and finance leases (243,942) (261,843) Loans held for investment, net $ 12,502,614 $ 11,923,640 (1) As of December 31, 2024 and 2023, includes $ 780.9 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 $ 23.6 million and $ 24.7 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the Corporation had net deferred origination costs on its loan portfolio amounting to $ 1.8 million and $ 6.1 million, respectively. The total loan portfolio is net of unearned income of $ 130.4 million and $ 132.6 million as of December 31, 2024 and 2023, respectively, of which $ 126.0 million and $ 128.0 million are related to finance leases as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the Corporation was servicing residential mortgage loans owned by others in an aggregate amount of $ 3.7 billion (2023 — $ 3.8 billion), and commercial loan participations owned by others in an aggregate amount of $ 262.9 million as of December 31, 2024 (2023 — $ 230.5 million). 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 $ 5.4 billion and $ 4.6 billion as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, loans pledged as collateral include $ 1.7 billion and $ 1.8 billion respectively, that were pledged at the FHLB as collateral for borrowings and letters of credit; $ 3.4 billion pledged as collateral to secure borrowing capacity at the FED Discount Window, compared to $ 2.5 billion as of December 31, 2023; $ 163.5 million pledged to secure as collateral for the uninsured portion of government deposits, compared to $ 166.9 million as of December 31, 2023; and $ 123.0 million pledged to secure time deposits accounts, compared to $ 121.1 million as of December 31, 2023 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, 2024 and 2023 are as follows: As of December 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) $ 70,529 $ - $ 2,907 $ 18,816 $ - $ 92,252 $ - Conventional residential mortgage loans (2) (6) 2,666,959 - 29,867 7,404 31,949 2,736,179 1,773 Commercial loans: Construction loans 227,031 - - - 1,365 228,396 968 Commercial mortgage loans (2) (6) 2,554,226 - - 907 10,851 2,565,984 6,732 C&I loans 3,336,465 1,589 575 6,895 20,514 3,366,038 1,189 Consumer loans: Auto loans 1,935,995 61,524 13,354 - 15,305 2,026,178 1,032 Finance leases 875,663 15,879 4,092 - 3,812 899,446 275 Personal loans 349,588 6,591 3,593 - 2,136 361,908 3 Credit cards 303,311 5,366 3,969 8,368 - 321,014 - Other consumer loans 143,957 2,222 1,447 - 1,535 149,161 - Total loans held for investment $ 12,463,724 $ 93,171 $ 59,804 $ 42,390 $ 87,467 $ 12,746,556 $ 11,972 (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-month delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $ 8.0 million of residential mortgage loans guaranteed by the FHA that were over 15 months delinquent as of December 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 methodology 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 $ 6.2 million as of December 31, 2024 ($ 5.3 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 $ 5.7 million as of December 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 $ 8.6 million as of December 31, 2024, of which $ 8.5 million were residential mortgage loans. (5) There were no nonaccrual loans with no ACL in the Florida region as of December 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 December 31, 2024 amounted to $ 8.8 million, $ 65.6 million, and $ 1.0 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-month 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, of which $ 7.2 million were residential mortgage loans and $ 0.7 million were 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. 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 $ 3.1 million, $ 2.7 million, and $ 1.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. For each of the years ended December 31, 2024 and 2023, interest income recognized on nonaccrual loans amounted to $ 1.8 million, and $ 1.5 million for the year ended December 31, 2022. As of December 31, 2024, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 30.0 million, including $ 10.4 million of FHA/VA government-guaranteed mortgage loans, and $ 4.4 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. 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. 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, 2024 and 2023, and the gross charge-offs for the years ended December 31, 2024 and 2023 by portfolio classes and by origination year were as follows: As of December 31,2024 Puerto Rico and Virgin Islands Regions Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 55,802 $ 101,104 $ 9,771 $ 9,877 $ - $ 3,201 $ - $ 179,755 Criticized: Special Mention - - - - - - - - Substandard - 3,307 - - - 1,365 - 4,672 Doubtful - - - - - - - - Loss - - - - - - - - Total construction loans $ 55,802 $ 104,411 $ 9,771 $ 9,877 $ - $ 4,566 $ - $ 184,427 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 325,359 $ 169,370 $ 424,613 $ 139,839 $ 313,431 $ 426,946 $ 5,318 $ 1,804,876 Criticized: Special Mention - 3,710 3,158 - 30,167 - - 37,035 Substandard - - - - - 25,983 - 25,983 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial mortgage loans $ 325,359 $ 173,080 $ 427,771 $ 139,839 $ 343,598 $ 452,929 $ 5,318 $ 1,867,894 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 238,283 $ 375,698 $ 277,074 $ 125,063 $ 136,222 $ 297,364 $ 799,976 $ 2,249,680 Criticized: Special Mention - 2,308 - 10,005 - 399 32,188 44,900 Substandard 148 - 3,139 14,119 230 6,445 7,214 31,295 Doubtful - - - - - - - - Loss - - - - - - - - Total C&I loans $ 238,431 $ 378,006 $ 280,213 $ 149,187 $ 136,452 $ 304,208 $ 839,378 $ 2,325,875 Charge-offs on C&I loans $ - $ 606 $ 304 $ - $ - $ 1,261 $ 264 $ 2,435 (1) Excludes accrued interest receivable. As of December 31,2024 Term Loans Florida Region Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 13,112 $ 15,331 $ - $ - $ - $ - $ 15,526 $ 43,969 Criticized: Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total construction loans $ 13,112 $ 15,331 $ - $ - $ - $ - $ 15,526 $ 43,969 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 80,981 $ 28,684 $ 227,896 $ 104,931 $ 38,570 $ 159,595 $ 32,079 $ 672,736 Criticized: Special Mention - - - - - - - - Substandard - - 12,183 - 993 12,178 - 25,354 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial mortgage loans $ 80,981 $ 28,684 $ 240,079 $ 104,931 $ 39,563 $ 171,773 $ 32,079 $ 698,090 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 247,268 $ 170,620 $ 188,162 $ 136,625 $ 23,563 $ 116,814 $ 146,048 $ 1,029,100 Criticized: Special Mention - - - - - 11,063 - 11,063 Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total C&I loans $ 247,268 $ 170,620 $ 188,162 $ 136,625 $ 23,563 $ 127,877 $ 146,048 $ 1,040,163 Charge-offs on C&I loans $ - $ - $ - $ - $ - $ 48 $ 259 $ 307 (1) Excludes accrued interest receivable. As of December 31,2024 Term Loans Total Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 68,914 $ 116,435 $ 9,771 $ 9,877 $ - $ 3,201 $ 15,526 $ 223,724 Criticized: Special Mention - - - - - - - - Substandard - 3,307 - - - 1,365 - 4,672 Doubtful - - - - - - - - Loss - - - - - - - - Total construction loans $ 68,914 $ 119,742 $ 9,771 $ 9,877 $ - $ 4,566 $ 15,526 $ 228,396 Charge-offs on construction loans $ - $ - $ - $ - $ - $ - $ - $ - COMMERCIAL MORTGAGE Risk Ratings: Pass $ 406,340 $ 198,054 $ 652,509 $ 244,770 $ 352,001 $ 586,541 $ 37,397 $ 2,477,612 Criticized: Special Mention - 3,710 3,158 - 30,167 - - 37,035 Substandard - - 12,183 - 993 38,161 - 51,337 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial mortgage loans $ 406,340 $ 201,764 $ 667,850 $ 244,770 $ 383,161 $ 624,702 $ 37,397 $ 2,565,984 Charge-offs on commercial mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - C&I Risk Ratings: Pass $ 485,551 $ 546,318 $ 465,236 $ 261,688 $ 159,785 $ 414,178 $ 946,024 $ 3,278,780 Criticized: Special Mention - 2,308 - 10,005 - 11,462 32,188 55,963 Substandard 148 - 3,139 14,119 230 6,445 7,214 31,295 Doubtful - - - - - - - - Loss - - - - - - - - Total C&I loans $ 485,699 $ 548,626 $ 468,375 $ 285,812 $ 160,015 $ 432,085 $ 985,426 $ 3,366,038 Charge-offs on C&I loans $ - $ 606 $ 304 $ - $ - $ 1,309 $ 523 $ 2,742 (1) Excludes accrued interest receivable. 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. 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, 2024 and 2023, and the gross charge-offs for the years ended December 31, 2024 and 2023 by origination year: As of December 31,2024 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Puerto Rico and Virgin Islands Regions: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ 1,146 $ 1,143 $ 927 $ 640 $ 87,268 $ - $ 91,124 Non-Performing - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ 1,146 $ 1,143 $ 927 $ 640 $ 87,268 $ - $ 91,124 Conventional residential mortgage loans Accrual Status: Performing $ 188,865 $ 165,191 $ 151,553 $ 62,795 $ 27,078 $ 1,613,190 $ - $ 2,208,672 Non-Performing - - 68 - - 23,341 - 23,409 Total conventional residential mortgage loans $ 188,865 $ 165,191 $ 151,621 $ 62,795 $ 27,078 $ 1,636,531 $ - $ 2,232,081 Total Accrual Status: Performing $ 188,865 $ 166,337 $ 152,696 $ 63,722 $ 27,718 $ 1,700,458 $ - $ 2,299,796 Non-Performing - - 68 - - 23,341 - 23,409 Total residential mortgage loans $ 188,865 $ 166,337 $ 152,764 $ 63,722 $ 27,718 $ 1,723,799 $ - $ 2,323,205 Charge-offs on residential mortgage loans $ - $ 4 $ - $ - $ 9 $ 1,958 $ - $ 1,971 (1) Excludes accrued interest receivable. As of December 31,2024 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Florida Region: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ - $ - $ - $ - $ 1,128 $ - $ 1,128 Non-Performing - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - $ 1,128 $ - $ 1,128 Conventional residential mortgage loans Accrual Status: Performing $ 89,474 $ 86,241 $ 69,077 $ 41,583 $ 27,147 $ 182,036 $ - $ 495,558 Non-Performing - - 1,233 - - 7,307 - 8,540 Total conventional residential mortgage loans $ 89,474 $ 86,241 $ 70,310 $ 41,583 $ 27,147 $ 189,343 $ - $ 504,098 Total Accrual Status: Performing $ 89,474 $ 86,241 $ 69,077 $ 41,583 $ 27,147 $ 183,164 $ - $ 496,686 Non-Performing - - 1,233 - - 7,307 - 8,540 Total residential mortgage loans $ 89,474 $ 86,241 $ 70,310 $ 41,583 $ 27,147 $ 190,471 $ - $ 505,226 Charge-offs on residential mortgage loans $ - $ - $ - $ - $ - $ - $ - $ - (1) Excludes accrued interest receivable. As of December 31,2024 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Total: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ 1,146 $ 1,143 $ 927 $ 640 $ 88,396 $ - $ 92,252 Non-Performing - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ 1,146 $ 1,143 $ 927 $ 640 $ 88,396 $ - $ 92,252 Conventional residential mortgage loans Accrual Status: Performing $ 278,339 $ 251,432 $ 220,630 $ 104,378 $ 54,225 $ 1,795,226 $ - $ 2,704,230 Non-Performing - - 1,301 - - 30,648 - 31,949 Total conventional residential mortgage loans $ 278,339 $ 251,432 $ 221,931 $ 104,378 $ 54,225 $ 1,825,874 $ - $ 2,736,179 Total Accrual Status: Performing $ 278,339 $ 252,578 $ 221,773 $ 105,305 $ 54,865 $ 1,883,622 $ - $ 2,796,482 Non-Performing - - 1,301 - - 30,648 - 31,949 Total residential mortgage loans $ 278,339 $ 252,578 $ 223,074 $ 105,305 $ 54,865 $ 1,914,270 $ - $ 2,828,431 Charge-offs on residential mortgage loans $ - $ 4 $ - $ - $ 9 $ 1,958 $ - $ 1,971 (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: 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. 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, 2024 and 2023, and the gross charge-offs for the years ended December 31, 2024 and 2023 by portfolio classes and by origination year: As of December 31, 2024 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Puerto Rico and Virgin Islands Regions: Auto loans Accrual Status: Performing $ 630,491 $ 505,173 $ 399,840 $ 271,258 $ 115,246 $ 88,682 $ - $ 2,010,690 Non-Performing 1,412 3,794 3,182 2,810 1,227 2,870 - 15,295 Total auto loans $ 631,903 $ 508,967 $ 403,022 $ 274,068 $ 116,473 $ 91,552 $ - $ 2,025,985 Charge-offs on auto loans $ 1,711 $ 10,903 $ 10,338 $ 5,571 $ 1,872 $ 3,409 $ - $ 33,804 Finance leases Accrual Status: Performing $ 252,402 $ 266,188 $ 194,334 $ 112,417 $ 44,157 $ 26,136 $ - $ 895,634 Non-Performing 260 834 1,155 525 289 749 - 3,812 Total finance leases $ 252,662 $ 267,022 $ 195,489 $ 112,942 $ 44,446 $ 26,885 $ - $ 899,446 Charge-offs on finance leases $ 171 $ 2,628 $ 3,278 $ 1,420 $ 488 $ 1,147 $ - $ 9,132 Personal loans Accrual Status: Performing $ 127,284 $ 115,428 $ 73,254 $ 17,562 $ 8,359 $ 16,146 $ - $ 358,033 Non-Performing 173 924 593 193 40 213 - 2,136 Total personal loans $ 127,457 $ 116,352 $ 73,847 $ 17,755 $ 8,399 $ 16,359 $ - $ 360,169 Charge-offs on personal loans $ 729 $ 8,217 $ 9,503 $ 2,114 $ 667 $ 1,876 $ - $ 23,106 Credit cards Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 321,014 $ 321,014 Non-Performing - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 321,014 $ 321,014 Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ 24,531 $ 24,531 Other consumer loans Accrual Status: Performing $ 67,473 $ 36,941 $ 16,902 $ 4,940 $ 3,627 $ 3,587 $ 8,621 $ 142,091 Non-Performing 518 370 214 58 11 166 163 1,500 Total other consumer loans $ 67,991 $ 37,311 $ 17,116 $ 4,998 $ 3,638 $ 3,753 $ 8,784 $ 143,591 Charge-offs on other consumer loans $ 1,754 $ 9,473 $ 4,648 $ 1,120 $ 278 $ 569 $ 623 $ 18,465 Total Accrual Status: Performing $ 1,077,650 $ 923,730 $ 684,330 $ 406,177 $ 171,389 $ 134,551 $ 329,635 $ 3,727,462 Non-Performing 2,363 5,922 5,144 3,586 1,567 3,998 163 22,743 Total consumer loans $ 1,080,013 $ 929,652 $ 689,474 $ 409,763 $ 172,956 $ 138,549 $ 329,798 $ 3,750,205 Charge-offs on total consumer loans $ 4,365 $ 31,221 $ 27,767 $ 10,225 $ 3,305 $ 7,001 $ 25,154 $ 109,038 (1) Excludes accrued interest receivable. As of December 31, 2024 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Florida Region: Auto loans Accrual Status: Performing $ - $ - $ - $ - $ - $ 183 $ - $ 183 Non-Performing - - - - - 10 - 10 Total auto loans $ - $ - $ - $ - $ - $ 193 $ - $ 193 Charge-offs on auto loans $ - $ - $ - $ - $ - $ 77 $ - $ 77 Finance leases Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - Total finance leases $ - $ - $ - $ - $ - $ - $ - $ - Charge-offs on finance leases $ - $ - $ - $ - $ - $ - $ - $ - Personal loans Accrual Status: Performing $ 1,693 $ 46 $ - $ - $ - $ - $ - $ 1,739 Non-Performing - - - - - - - - Total personal loans $ 1,693 $ 46 $ - $ - $ - $ - $ - $ 1,739 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 $ 1,186 $ 52 $ - $ 215 $ 314 $ 1,891 $ 1,877 $ 5,535 Non-Performing - - - - - 16 19 35 Total other consumer loans $ 1,186 $ 52 $ - $ 215 $ 314 $ 1,907 $ 1,896 $ 5,570 Charge-offs on other consumer loans $ - $ - $ - $ - $ - $ - $ - $ - Total Accrual Status: Performing $ 2,879 $ 98 $ - $ 215 $ 314 $ 2,074 $ 1,877 $ 7,457 Non-Performing - - - - - 26 19 45 Total consumer loans $ 2,879 $ 98 $ - $ 215 $ 314 $ 2,100 $ 1,896 $ 7,502 Charge-offs on total consumer loans $ - $ - $ - $ - $ - $ 77 $ - $ 77 (1) Excludes accrued interest receivable. As of December 31, 2024 Term Loans Amortized Cost Basis by Origination Year (1) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Total: Auto loans Accrual Status: Performing $ 630,491 $ 505,173 $ 399,840 $ 271,258 $ 115,246 $ 88,865 $ - $ 2,010,873 Non-Performing 1,412 3,794 3,182 2,810 1,227 2,880 - 15,305 Total auto loans $ 631,903 $ 508,967 $ 403,022 $ 274,068 $ 116,473 $ 91,745 $ - $ 2,026,178 Charge-offs on auto loans $ 1,711 $ 10,903 $ 10,338 $ 5,571 $ 1,872 $ 3,486 $ - $ 33,881 Finance leases Accrual Status: Performing $ 252,402 $ 266,188 $ 194,334 $ 112,417 $ 44,157 $ 26,136 $ - $ 895,634 Non-Performing 260 834 1,155 525 289 749 - 3,812 Total finance leases $ 252,662 $ 267,022 $ 195,489 $ 112,942 $ 44,446 $ 26,885 $ - $ 899,446 Charge-offs on finance leases $ 171 $ 2,628 $ 3,278 $ 1,420 $ 488 $ 1,147 $ - $ 9,132 Personal loans Accrual Status: Performing $ 128,977 $ 115,474 $ 73,254 $ 17,562 $ 8,359 $ 16,146 $ - $ 359,772 Non-Performing 173 924 593 193 40 213 - 2,136 Total personal loans $ 129,150 $ 116,398 $ 73,847 $ 17,755 $ 8,399 $ 16,359 $ - $ 361,908 Charge-offs on personal loans $ 729 $ 8,217 $ 9,503 $ 2,114 $ 667 $ 1,876 $ - $ 23,106 Credit cards Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 321,014 $ 321,014 Non-Performing - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 321,014 $ 321,014 Charge-offs on credit cards $ - $ - $ - $ - $ - $ - $ 24,531 $ 24,531 Other consumer loans Accrual Status: Performing $ 68,659 $ 36,993 $ 16,902 $ 5,155 $ 3,941 $ 5,478 $ 10,498 $ 147,626 Non-Performing 518 370 214 58 11 182 182 1,535 Total other consumer loans $ 69,177 $ 37,363 $ 17,116 $ 5,213 $ 3,952 $ 5,660 $ 10,680 $ 149,161 Charge-offs on other consumer loans $ 1,754 $ 9,473 $ 4,648 $ 1,120 $ 278 $ 569 $ 623 $ 18,465 Total Accrual Status: Performing $ 1,080,529 $ 923,828 $ 684,330 $ 406,392 $ 171,703 $ 136,625 $ 331,512 $ 3,734,919 Non-Performing 2,363 5,922 5,144 3,586 1,567 4,024 182 22,788 Total consumer loans $ 1,082,892 $ 929,750 $ 689,474 $ 409,978 $ 173,270 $ 140,649 $ 331,694 $ 3,757,707 Charge-offs on total consumer loans $ 4,365 $ 31,221 $ 27,767 $ 10,225 $ 3,305 $ 7,078 $ 25,154 $ 109,115 (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, 2024 and 2023, the balance of revolving loans converted to term loans was no t material. Accrued interest receivable on loans totaled $ 58.2 million as of December 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 December 31, 2024 and 2023 As of December 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 $ 24,163 $ 1,285 $ 80 $ 24,243 $ 1,285 Commercial loans: Construction loans - - 956 956 - Commercial mortgage loans 4,981 44 41,784 46,765 44 C&I loans 15,684 552 6,120 21,804 552 Consumer loans: Personal loans 28 1 - 28 1 Other consumer loans 123 10 - 123 10 $ 44,979 $ 1,892 $ 48,940 $ 93,919 $ 1,892 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, 2024 was 68 %, compared to 65 % as of December 31, 2023, mainly related to the inflow to nonaccrual status of a $ 16.5 million commercial relationship in the Puerto Rico region in the food retail industry, with a high loan-to-value, classified as collateral dependent, partially offset by the sale of an $ 8.2 million nonaccrual C&I loan in the Puerto Rico region, which resulted in a $ 1.2 million charge-off that had been previously reserved. 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, 2024, 2023, and 2022, loans pooled into GNMA MBS amounted to approximately $ 127.9 million, $ 125.4 million, and $ 144.5 million, respectively, for which the Corporation recognized a net gain on sale of $ 4.6 million, $ 2.6 million, and $ 4.2 million, respectively. Also, during the years ended December 31, 2024, 2023, and 2022, the Corporation sold approximately $ 32.1 million, $ 29.8 million, and $ 93.8 million, respectively, of performing residential mortgage loans to GSEs, for which the Corporation recognized a net gain on sale of $ 0.8 million, $ 0.7 million, and $ 4.2 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, 2024 and 2023, rebooked GNMA delinquent loans that were included in the residential mortgage loan portfolio amounted to $ 5.7 million and $ 7.9 million, respectively. During the years ended December 31, 2024, 2023, and 2022, the Corporation repurchased, pursuant to the aforementioned repurchase option, $ 2.2 million, $ 2.9 million, and $ 8.2 million, respectively, of loans previously pooled into GNMA MBS. The principal balance of these loans is fully guaranteed, and the risk of loss related to the repurchased loans is generally limited to the difference between the delinquent interest payment advanced to GNMA, which is computed at the loan’s interest rate, and the interest payments reimbursed by FHA, which are computed at a pre-determined debenture rate. Repurchases of GNMA loans allow the Corporation, among other things, to maintain acceptable delinquency rates on outstanding GNMA pools and remain as a seller and servicer in good standing with GNMA. Historically, losses on these repurchases of GNMA delinquent loans have been immaterial and no provision has been made at the time of sale. Loan sales to FNMA and FHLMC are without recourse in relation to the future performance of the loans. The Corporation’s risk of loss with respect to these loans is also minimal as these repurchased loans are generally performing loans with documentation deficiencies. During the year ended December 31, 2024, the Corporation purchased commercial loan participations in the Florida region totaling $ 223.9 million, which consisted of approximately $ 210.2 million in the C&I portfolio and $ 13.7 million in the commercial mortgage portfolio, compared to C&I loan participations purchased in the Florida region totaling $ 61.3 million and $ 135.4 million during the years ended December 31, 2023 and 2022, respectively. In addition, during the year ended December 31, 2024, the Corporation purchased commercial mortgage loan participations in the Puerto Rico region totaling $ 38.9 million. During the year ended December 31, 2024, the Corporation recognized a $ 10.0 million recovery associated with the bulk sale of fully charged-off consumer loans and sold the aforementioned $ 8.2 million nonaccrual C&I loan in the Puerto Rico region, net of a $ 1.2 million charge-off. 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. There were no significant sales of loans during the year ended December 31, 2023, other than the 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 $ 12.7 billion as of December 31, 2024, credit risk concentration was approximately 79 % in Puerto Rico, 18 % in the U.S., and 3 % in the USVI and the BVI. As of December 31, 2024, the Corporation had $ 193.3 million outstanding in loans extended to the Puerto Rico government, its municipalities and public corporations, compared to $ 174.9 million as of December 31, 2023. As of December 31, 2024, approximately $ 132.2 million consisted of loans extended to municipalities in Puerto Rico that are general obligations supported by assigned property tax revenues, and $ 22.2 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, 2024 included $ 8.8 million in a loan granted to an affiliate of the Puerto Rico Electric Power Authority (“PREPA”) and $ 30.1 million in loans to a public corporation of the Puerto Rico government. Moreover, as of December 31, 2024, the outstanding balance of construction loans funded through conduit financing structures to support the federal programs of Low-Income Housing Tax Credit (“LIHTC”) combined with Community Development Block Grant- Disaster Recovery (“CDBG-DR”) funding amounted to $ 59.2 million, compared to $ 12.8 million as of December 31, 2023. The main objective of these programs is to spur development in new or rehabilitated and affordable rental housing. PRHFA, as program subrecipient and conduit issuer, issues tax-exempt obligations which are acquired by private financial institutions and are required to co-underwrite with PRHFA a mirror construction loan agreement for the specific project loan to which the Corporation will serve as ultimate lender but where the PRHFA will be the lender of record. In addition, as of December 31, 2024, the Corporation had $ 72.5 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 December 31, 2024, the Corporation had $ 100.4 million in loans to USVI government public corporations, compared to $ 90.5 million as of December 31, 2023. As of December 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 $ 4.5 million in restructured residential mortgage loans that are government-guaranteed (e.g., FHA/VA loans) and were modified during the year ended December 31, 2024, compared to $ 3.9 million for the comparable period in 2023. The following tables present the amortized cost basis as of December 31, 2024 and 2023 of loans modified to borrowers experiencing financial difficulty during the years ended December 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: Year Ended December 31, 2024 Payment Delay Only Trial Modification Change in Amortization Term 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 $ 305 $ - $ - $ 598 $ 57 $ - $ 960 0.04% Construction loans - - - 120 - - 120 0.05% Commercial mortgage loans - - - 127,161 374 - 127,535 4.97% C&I loans - 3,273 79 2,864 4,019 - (1) 10,235 0.30% Consumer loans: Auto loans - - - 442 220 3,199 (1) 3,861 0.19% Personal loans - - - 12 178 - 190 0.05% Credit cards - - 2,905 (2) - - - 2,905 0.90% Other consumer loans - - - 352 216 29 (1) 597 0.40% Total modifications $ 305 $ 3,273 $ 2,984 $ 131,549 $ 5,064 $ 3,228 $ 146,403 Year Ended December 31, 2023 Payment Delay Only Trial Modification Change in Amortization Term 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 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. 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 years ended December 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: Year Ended December 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) Change in Amortization Term (In thousands) Conventional residential mortgage loans - % 103 1.80 % 106 - Construction loans - % 83 - % - - Commercial mortgage loans - % 36 0.50 % 88 - C&I loans 15.25 % 18 3.00 % 9 38 Consumer loans: Auto loans - % 27 2.74 % 27 - Personal loans - % 25 4.01 % 16 - Credit cards 16.77 % - - % - - Other consumer loans - % 26 3.00 % 20 - 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) Change in Amortization Term (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 - The following tables present by portfolio classes the performance of loans modified during the years ended December 31, 2024 and 2023 that were granted to borrowers experiencing financial difficulty: Year Ended December 31, 2024 30-59 60-89 90+ Total Delinquency Current Total (In thousands) Conventional residential mortgage loans $ - $ - $ - $ - $ 960 $ 960 Construction loans - - - - 120 120 Commercial mortgage loans - - - - 127,535 127,535 C&I loans - - 22 22 10,213 10,235 Consumer loans: Auto loans 15 - 10 25 3,836 3,861 Personal loans - - - - 190 190 Credit cards 382 110 52 544 2,361 2,905 Other consumer loans 32 18 7 57 540 597 Total modifications $ 429 $ 128 $ 91 $ 648 $ 145,755 $ 146,403 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 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 year ended December 31, 2022. 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” included in the Annual Report on Form 10-K for the year ended December 31, 2022, as amended on October 13, 2023, for additional discussion of TDRs. The following tables present TDR loans completed during the year ended December 31, 2022: Year Ended December 21, 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 Number of contracts Pre-modification Amortized Cost Post-modification Amortized Cost (Dollars in thousands) TDRs: Conventional residential mortgage loans 68 $ 7,165 $ 7,100 Construction loans - - - Commercial mortgage loans 3 5,897 5,890 C&I loans 17 5,156 4,928 Consumer loans: Auto loans 168 3,404 3,454 Finance leases 33 592 591 Personal loans 26 366 394 Credit Cards 170 815 816 Other consumer loans 115 434 443 Total TDRs 600 $ 23,829 $ 23,616 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 year ended December 31, 2022, and had become TDR loans during the 12-months preceding the default date, were as follows: Year Ended December 31, 2022 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 Finance leases 1 16 Personal loans - - Credit cards 28 156 Other consumer loans 8 30 Total 135 $ 2,375