Segment reporting (Tables)

9 Months Ended

Sep. 30, 2019

Table Text Block

Results of Operations and Total Assets

2019
For the quarter ended September 30, 2019
				Banco Popular				Intersegment
(In thousands)				de Puerto Rico		Popular U.S.		Eliminations
Net interest income			$	412,182	$	74,391	$	4
Provision for loan losses				34,481		2,060		-
Non-interest income				124,868		5,953		(140)
Amortization of intangibles				2,208		167		-
Depreciation expense				11,972		2,046		-
Other operating expenses				309,815		51,616		(136)
Income tax expense				35,286		6,216		-
Net income			$	143,288	$	18,239	$	-
Segment assets			$	42,080,292	$	10,095,526	$	(14,414)
For the quarter ended September 30, 2019
		Reportable
(In thousands)		Segments		Corporate		Eliminations		Total Popular, Inc.
Net interest income (expense)	$	486,577	$	(9,586)	$	-	$	476,991
Provision for loan losses		36,541		(2)		-		36,539
Non-interest income		130,681		12,137		(106)		142,712
Amortization of intangibles		2,375		24		-		2,399
Depreciation expense		14,018		186		-		14,204
Other operating expenses		361,295		(647)		(776)		359,872
Income tax expense (benefit)		41,502		(392)		260		41,370
Net income (loss)	$	161,527	$	3,382	$	410	$	165,319
Segment assets	$	52,161,404	$	5,134,608	$	(4,815,597)	$	52,480,415

For the nine months ended September 30, 2019
				Banco Popular				Intersegment
(In thousands)				de Puerto Rico		Popular U.S.		Eliminations
Net interest income			$	1,231,088	$	221,856	$	(53)
Provision for loan losses				94,651		23,647		-
Non-interest income				369,026		17,309		(421)
Amortization of intangibles				6,510		499		-
Depreciation expense				36,154		6,215		-
Other operating expenses				887,941		151,966		(409)
Income tax expense				117,413		15,528		-
Net income			$	457,445	$	41,310	$	(65)
Segment assets			$	42,080,292	$	10,095,526	$	(14,414)
For the nine months ended September 30, 2019
		Reportable
(In thousands)		Segments		Corporate		Eliminations		Total Popular, Inc.
Net interest income (expense)	$	1,452,891	$	(28,621)	$	-	$	1,424,270
Provision for loan losses		118,298		257		-		118,555
Non-interest income		385,914		33,537		(1,983)		417,468
Amortization of intangibles		7,009		73		-		7,082
Depreciation expense		42,369		559		-		42,928
Other operating expenses		1,039,498		(233)		(2,365)		1,036,900
Income tax expense (benefit)		132,941		(1,158)		140		131,923
Net income	$	498,690	$	5,418	$	242	$	504,350
Segment assets	$	52,161,404	$	5,134,608	$	(4,815,597)	$	52,480,415

2018
For the quarter ended September 30, 2018
				Banco Popular				Intersegment
(In thousands)				de Puerto Rico		Popular U.S.		Eliminations
Net interest income			$	388,533	$	76,184	$	3
Provision for loan losses				51,911		2,510		-
Non-interest income				135,762		5,530		(141)
Amortization of intangibles				2,157		167		-
Depreciation expense				11,135		2,185		-
Other operating expenses				282,124		44,279		(136)
Income tax expense				39,421		10,439		-
Net income			$	137,547	$	22,134	$	(2)
Segment assets			$	38,338,571	$	9,388,787	$	(112,222)
For the quarter ended September 30, 2018
		Reportable
(In thousands)		Segments		Corporate		Eliminations		Total Popular, Inc.
Net interest income (expense)	$	464,720	$	(13,251)	$	-	$	451,469
Provision (reversal) for loan losses		54,421		(34)		-		54,387
Non-interest income		141,151		9,960		(90)		151,021
Amortization of intangibles		2,324		-		-		2,324
Depreciation expense		13,320		188		-		13,508
Other operating expenses		326,267		23,995		(657)		349,605
Income tax expense (benefit)		49,860		(8,070)		228		42,018
Net income (loss)	$	159,679	$	(19,370)	$	339	$	140,648
Segment assets	$	47,615,136	$	5,478,884	$	(5,174,592)	$	47,919,428

For the nine months ended September 30, 2018
				Banco Popular				Intersegment
(In thousands)				de Puerto Rico		Popular U.S.		Eliminations
Net interest income			$	1,073,522	$	226,654	$	5
Provision for loan losses				154,805		30,774		-
Non-interest income				452,577		15,010		(420)
Amortization of intangibles				6,474		499		-
Depreciation expense				32,069		6,466		-
Other operating expenses				777,574		135,305		(409)
Income tax expense				41,088		15,759		-
Net income			$	514,089	$	52,861	$	(6)
Segment assets			$	38,338,571	$	9,388,787	$	(112,222)
For the nine months ended September 30, 2018
		Reportable
(In thousands)		Segments		Corporate		Eliminations		Total Popular, Inc.
Net interest income (expense)	$	1,300,181	$	(41,529)	$	-	$	1,258,652
Provision (reversal) for loan losses		185,579		(75)		-		185,504
Non-interest income		467,167		33,698		(1,538)		499,327
Amortization of intangibles		6,973		-		-		6,973
Depreciation expense		38,535		548		-		39,083
Other operating expenses		912,470		68,766		(2,185)		979,051
Income tax expense (benefit)		56,847		(21,505)		271		35,613
Net income (loss)	$	566,944	$	(55,565)	$	376	$	511,755
Segment assets	$	47,615,136	$	5,478,884	$	(5,174,592)	$	47,919,428

2019
For the quarter ended September 30, 2019
Banco Popular de Puerto Rico
				Consumer		Other				Total Banco
		Commercial		and Retail		Financial				Popular de
(In thousands)		Banking		Banking		Services		Eliminations		Puerto Rico
Net interest income	$	160,038	$	250,944	$	1,212	$	(12)	$	412,182
Provision (reversal) for loan losses		(23,619)		58,100		-		-		34,481
Non-interest income		25,196		75,854		24,545		(727)		124,868
Amortization of intangibles		50		1,072		1,086		-		2,208
Depreciation expense		5,064		6,753		155		-		11,972
Other operating expenses		82,817		210,753		16,986		(741)		309,815
Income tax expense		29,340		2,649		3,297		-		35,286
Net income	$	91,582	$	47,471	$	4,233	$	2	$	143,288
Segment assets	$	35,590,229	$	23,714,260	$	379,126	$	(17,603,323)	$	42,080,292

For the nine months ended September 30, 2019
Banco Popular de Puerto Rico
				Consumer		Other				Total Banco
		Commercial		and Retail		Financial				Popular de
(In thousands)		Banking		Banking		Services		Eliminations		Puerto Rico
Net interest income	$	464,441	$	762,913	$	3,857	$	(123)	$	1,231,088
Provision (reversal) for loan losses		(22,756)		117,407		-		-		94,651
Non-interest income		74,481		220,064		76,733		(2,252)		369,026
Amortization of intangibles		147		3,218		3,145		-		6,510
Depreciation expense		14,615		21,071		468		-		36,154
Other operating expenses		229,767		611,348		49,076		(2,250)		887,941
Income tax expense		88,353		19,878		9,182		-		117,413
Net income	$	228,796	$	210,055	$	18,719	$	(125)	$	457,445
Segment assets	$	35,590,229	$	23,714,260	$	379,126	$	(17,603,323)	$	42,080,292

	2018
	For the quarter ended September 30, 2018
	Banco Popular de Puerto Rico
					Consumer		Other		Eliminations		Total Banco
			Commercial		and Retail		Financial		and Other		Popular de
(In thousands)			Banking		Banking		Services		Adjustments [1]		Puerto Rico
Net interest income		$	145,397	$	241,920	$	1,232	$	(16)	$	388,533
Provision for loan losses			25,580		26,331		-		-		51,911
Non-interest income			23,630		88,866		23,663		(397)		135,762
Amortization of intangibles			50		1,069		1,038		-		2,157
Depreciation expense			4,697		6,287		151		-		11,135
Other operating expenses			78,628		183,626		20,279		(409)		282,124
Income tax expense			11,068		27,436		917		-		39,421
Net income		$	49,004	$	86,037	$	2,510	$	(4)	$	137,547
Segment assets		$	28,247,478	$	22,672,941	$	336,311	$	(12,918,159)	$	38,338,571

	For the nine months ended September 30, 2018
	Banco Popular de Puerto Rico
					Consumer		Other		Eliminations		Total Banco
			Commercial		and Retail		Financial		and Other		Popular de
(In thousands)			Banking		Banking		Services		Adjustments [1]		Puerto Rico
Net interest income		$	430,341	$	639,149	$	4,066	$	(34)	$	1,073,522
Provision for loan losses			56,027		98,778		-		-		154,805
Non-interest income			60,122		220,690		69,876		101,889		452,577
Amortization of intangibles			153		3,209		3,112		-		6,474
Depreciation expense			13,327		18,284		458		-		32,069
Other operating expenses			199,528		518,147		52,679		7,220		777,574
Income tax expense			52,640		46,625		5,711		(63,888)		41,088
Net income		$	168,788	$	174,796	$	11,982	$	158,523	$	514,089
Segment assets		$	28,247,478	$	22,672,941	$	336,311	$	(12,918,159)	$	38,338,571
[1]	Includes the impact of the Termination Agreement with the FDIC and the Tax Closing Agreement entered into in connection with the FDIC transaction. These transactions resulted in a gain of $102.8 million reported in the non-interest income line, other operating expenses of $8.1 million and a net tax benefit of $63.9 million. Refer to Notes 10 and 33 to the Consolidated Financial Statements for additional information.

Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area

Geographic Information
			Quarter ended				Nine months ended
(In thousands)			September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Revenues:[1]
Puerto Rico		$	505,608	$	493,512	$	1,507,386	$	1,435,099
United States			94,510		90,659		278,330		264,232
Other			19,585		18,319		56,022		58,648
Total consolidated revenues		$	619,703	$	602,490	$	1,841,738	$	1,757,979
[1]	Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss), including impairment on equity securities, net profit (loss) on trading account debt securities, indemnity reserves on loans sold expense, FDIC loss-share income and other operating income.

Selected Balance Sheet Information:
(In thousands)			September 30, 2019		December 31, 2018
Puerto Rico
	Total assets	$	40,883,975	$	36,863,930
	Loans		18,752,442		18,837,742
	Deposits		35,110,213		31,237,529
United States
	Total assets	$	10,716,967	$	9,847,944
	Loans		7,649,658		7,034,075
	Deposits		7,676,409		6,878,599
Other
	Total assets	$	879,473	$	892,703
	Loans		662,245		687,494
	Deposits[1]		1,379,573		1,593,911
[1]	Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.