Loans (Tables)

6 Months Ended

Jun. 30, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

Purchased Financial Assets With Credit Deterioration

Purchased Credit Deteriorated (PCD) Loans

The Corporation has purchased loans during the quarter and six months ended June 30, 2024 and 2023, for which there was, at

acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is

as follows:

(In thousands)

For the quarter ended

June 30, 2024

For the six months

ended June 30, 2024

Purchase price of loans at acquisition

$

150

$

576

Allowance for credit losses at acquisition

6

23

Par value of acquired loans at acquisition

$

156

$

599

(In thousands)

For the quarter ended

June 30, 2023

For the six months

ended June 30, 2023

Purchase price of loans at acquisition

$

277

$

532

Allowance for credit losses at acquisition

10

78

Non-credit discount / (premium) at acquisition

-

9

Par value of acquired loans at acquisition

$

287

$

619

Loans Held in Portfolio

Accounts, Notes, Loans and Financing Receivable [Line Items]

Past due financing receivables

June 30, 2024

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing 

(In thousands)

days

days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

233

$

-

$

443

$

676

$

304,235

$

304,911

$

443

$

-

Commercial real estate:

Non-owner occupied

1,713

-

7,484

9,197

2,970,430

2,979,627

7,484

-

Owner occupied

1,770

232

25,285

27,287

1,389,825

1,417,112

25,285

-

Commercial and industrial

5,387

2,097

26,560

34,044

4,968,740

5,002,784

22,958

3,602

Construction

5,479

-

-

5,479

178,460

183,939

-

-

Mortgage

287,468

105,266

373,306

766,040

5,824,480

6,590,520

163,790

209,516

Leasing

20,631

5,071

7,059

32,761

1,795,287

1,828,048

7,059

-

Consumer:

Credit cards

15,032

9,436

23,931

48,399

1,114,140

1,162,539

-

23,931

Home equity lines of credit

-

-

-

-

2,216

2,216

-

-

Personal

21,535

12,755

19,650

53,940

1,690,933

1,744,873

19,650

-

Auto

103,873

24,943

39,333

168,149

3,605,143

3,773,292

39,333

-

Other

976

258

1,207

2,441

151,092

153,533

885

322

Total

$

464,097

$

160,058

$

524,258

$

1,148,413

$

23,994,981

$

25,143,394

$

286,887

$

237,371

June 30, 2024

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total 

Non-accrual

Accruing

(In thousands)

days

days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

2,962

$

-

$

8,700

$

11,662

$

2,067,907

$

2,079,569

$

8,700

$

-

Commercial real estate:

Non-owner occupied

2,494

2,783

1,025

6,302

2,018,543

2,024,845

1,025

-

Owner occupied

-

17,095

22,256

39,351

1,687,354

1,726,705

22,256

-

Commercial and industrial

5,181

304

5,992

11,477

2,181,096

2,192,573

5,782

210

Construction

-

-

-

-

921,820

921,820

-

-

Mortgage

1,309

23,479

11,554

36,342

1,256,864

1,293,206

11,554

-

Consumer:

Credit cards

-

-

-

-

18

18

-

-

Home equity lines of

credit

890

462

3,780

5,132

61,644

66,776

3,780

-

Personal

1,770

1,689

1,851

5,310

129,436

134,746

1,851

-

Other

1,204

-

-

1,204

6,764

7,968

-

-

Total

$

15,810

$

45,812

$

55,158

$

116,780

$

10,331,446

$

10,448,226

$

54,948

$

210

June 30, 2024

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

days

or more

past due

Current

Loans HIP

[2] [3]

loans

loans

Commercial multi-family

$

3,195

$

-

$

9,143

$

12,338

$

2,372,142

$

2,384,480

$

9,143

$

-

Commercial real estate:

Non-owner occupied

4,207

2,783

8,509

15,499

4,988,973

5,004,472

8,509

-

Owner occupied

1,770

17,327

47,541

66,638

3,077,179

3,143,817

47,541

-

Commercial and industrial

10,568

2,401

32,552

45,521

7,149,836

7,195,357

28,740

3,812

Construction

5,479

-

-

5,479

1,100,280

1,105,759

-

-

Mortgage

[1]

288,777

128,745

384,860

802,382

7,081,344

7,883,726

175,344

209,516

Leasing

20,631

5,071

7,059

32,761

1,795,287

1,828,048

7,059

-

Consumer:

Credit cards

15,032

9,436

23,931

48,399

1,114,158

1,162,557

-

23,931

Home equity lines of credit

890

462

3,780

5,132

63,860

68,992

3,780

-

Personal

23,305

14,444

21,501

59,250

1,820,369

1,879,619

21,501

-

Auto

103,873

24,943

39,333

168,149

3,605,143

3,773,292

39,333

-

Other

2,180

258

1,207

3,645

157,856

161,501

885

322

Total

$

479,907

$

205,870

$

579,416

$

1,265,193

$

34,326,427

$

35,591,620

$

341,835

$

237,581

[1]

It is the Corporation’s policy to report delinquent residential mortgage loans insured by Federal Housing Administration (“FHA”) or guaranteed by

the U.S. Department of Veterans Affairs (“VA”) as accruing loans past due 90 days or more as opposed to non-performing since the principal

repayment is insured. These balances include $

81

 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no

longer accruing interest as of June 30, 2024. Furthermore, as of June 30, 2024, the Corporation had approximately $

34

 million in reverse

mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the

Corporation’s policy to exclude these balances from non-performing assets.

[2]

Loans held-in-portfolio are net of $

387

 million in unearned income and exclude $

8

 million in loans held-for-sale.

[3]

Includes $

13.6

 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral,

of which $

7.2

 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $

6.4

 billion at the Federal Reserve

Bank ("FRB") for discount window borrowings. As of June 30, 2024, the Corporation had an available borrowing facility with the FHLB and the

discount window of Federal Reserve Bank of New York of $

3.9

 billion and $

4.7

 billion, respectively.

December 31, 2023

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

524

$

-

$

1,991

$

2,515

$

289,427

$

291,942

$

1,991

$

-

Commercial real estate:

Non-owner occupied

5,510

77

8,745

14,332

2,990,922

3,005,254

8,745

-

Owner occupied

2,726

249

29,430

32,405

1,365,978

1,398,383

29,430

-

Commercial and industrial

6,998

3,352

36,210

46,560

4,749,666

4,796,226

32,826

3,384

Construction

-

-

6,378

6,378

163,479

169,857

6,378

-

Mortgage

260,897

114,282

416,528

791,707

5,600,117

6,391,824

175,106

241,422

Leasing

20,140

6,719

8,632

35,491

1,696,318

1,731,809

8,632

-

Consumer:

Credit cards

13,243

9,912

23,281

46,436

1,089,292

1,135,728

-

23,281

Home equity lines of credit

230

-

26

256

2,392

2,648

-

26

Personal

19,065

14,611

19,031

52,707

1,723,603

1,776,310

19,031

-

Auto

100,061

27,443

45,615

173,119

3,487,661

3,660,780

45,615

-

Other

1,641

204

1,213

3,058

147,104

150,162

964

249

Total

$

431,035

$

176,849

$

597,080

$

1,204,964

$

23,305,959

$

24,510,923

$

328,718

$

268,362

December 31, 2023

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

9,141

$

2,001

$

-

$

11,142

$

2,112,536

$

2,123,678

$

-

$

-

Commercial real estate:

Non-owner occupied

566

1,036

1,117

2,719

2,079,448

2,082,167

1,117

-

Owner occupied

30,560

-

6,274

36,834

1,645,418

1,682,252

6,274

-

Commercial and industrial

7,815

697

3,881

12,393

2,317,502

2,329,895

3,772

109

Construction

-

-

-

-

789,423

789,423

-

-

Mortgage

48,818

7,821

11,191

67,830

1,236,263

1,304,093

11,191

-

Consumer:

Credit cards

-

-

-

-

19

19

-

-

Home equity lines of credit

1,472

4

3,733

5,209

58,096

63,305

3,733

-

Personal 

2,222

1,948

2,805

6,975

161,962

168,937

2,805

-

Other

4

-

1

5

10,274

10,279

1

-

Total

$

100,598

$

13,507

$

29,002

$

143,107

$

10,410,941

$

10,554,048

$

28,893

$

109

December 31, 2023

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

[2]

[3]

loans

loans

Commercial multi-family

$

9,665

$

2,001

$

1,991

$

13,657

$

2,401,963

$

2,415,620

$

1,991

$

-

Commercial real estate:

Non-owner occupied

6,076

1,113

9,862

17,051

5,070,370

5,087,421

9,862

-

Owner occupied

33,286

249

35,704

69,239

3,011,396

3,080,635

35,704

-

Commercial and industrial

14,813

4,049

40,091

58,953

7,067,168

7,126,121

36,598

3,493

Construction

-

-

6,378

6,378

952,902

959,280

6,378

-

Mortgage

[1]

309,715

122,103

427,719

859,537

6,836,380

7,695,917

186,297

241,422

Leasing

20,140

6,719

8,632

35,491

1,696,318

1,731,809

8,632

-

Consumer:

Credit cards

13,243

9,912

23,281

46,436

1,089,311

1,135,747

-

23,281

Home equity lines of credit

1,702

4

3,759

5,465

60,488

65,953

3,733

26

Personal

21,287

16,559

21,836

59,682

1,885,565

1,945,247

21,836

-

Auto

100,061

27,443

45,615

173,119

3,487,661

3,660,780

45,615

-

Other

1,645

204

1,214

3,063

157,378

160,441

965

249

Total

$

531,633

$

190,356

$

626,082

$

1,348,071

$

33,716,900

$

35,064,971

$

357,611

$

268,471

[1]

It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due

90 days or more as opposed to non-performing since the principal repayment is insured. These balances include $

106

 million of residential

mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2023. Furthermore, as of

December 31, 2023, the Corporation had approximately $

38

 million in reverse mortgage loans which are guaranteed by FHA, but which are

currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-

performing assets.

[2]

Loans held-in-portfolio are net of $

356

 million in unearned income and exclude $

4

 million in loans held-for-sale.

[3]

Includes $

14.2

 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral,

of which $

7.0

 billion were pledged at the Federal Home Loan Bank (FHLB) as collateral for borrowings and $

7.2

 billion at the Federal Reserve

Bank (FRB) for discount window borrowings. As of December 31, 2023, the Corporation had an available borrowing facility with the FHLB and the

discount window of Federal Reserve Bank of New York of $

3.5

 billion and $

4.4

 billion, respectively.

Financing receivable non accrual status

June 30, 2024

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

$

-

$

443

$

8,700

$

-

$

8,700

$

443

Commercial real estate non-owner occupied

3,574

3,910

-

1,025

3,574

4,935

Commercial real estate owner occupied

16,822

8,463

22,256

-

39,078

8,463

Commercial and industrial

13,512

9,446

-

5,782

13,512

15,228

Mortgage

72,290

91,500

468

11,086

72,758

102,586

Leasing

590

6,469

-

-

590

6,469

Consumer:

 HELOCs

-

-

-

3,780

-

3,780

 Personal 

3,715

15,935

-

1,851

3,715

17,786

 Auto 

1,898

37,435

-

-

1,898

37,435

 Other

-

885

-

-

-

885

Total

$

112,401

$

174,486

$

31,424

$

23,524

$

143,825

$

198,010

December 31, 2023

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

$

-

$

1,991

$

-

$

-

$

-

$

1,991

Commercial real estate non-owner occupied

3,695

5,050

-

1,117

3,695

6,167

Commercial real estate owner occupied

20,432

8,998

3,877

2,397

24,309

11,395

Commercial and industrial

6,991

25,835

-

3,772

6,991

29,607

Construction

-

6,378

-

-

-

6,378

Mortgage

84,677

90,429

120

11,071

84,797

101,500

Leasing

481

8,151

-

-

481

8,151

Consumer:

 HELOCs

-

-

-

3,733

-

3,733

 Personal 

3,589

15,442

-

2,805

3,589

18,247

 Auto 

1,833

43,782

-

-

1,833

43,782

 Other

263

701

-

1

263

702

Total

$

121,961

$

206,757

$

3,997

$

24,896

$

125,958

$

231,653

Collateral dependent financial assets

June 30, 2024

(In thousands)

Real Estate

Auto

Equipment

Other

Total

BPPR

Commercial multi-family

$

1,309

$

-

$

-

$

-

$

1,309

Commercial real estate:

Non-owner occupied

213,560

-

-

-

213,560

Owner occupied

22,581

-

-

-

22,581

Commercial and industrial

3,332

-

-

16,949

20,281

Mortgage

71,670

-

-

-

71,670

Leasing

-

1,668

1

-

1,669

Consumer:

Personal

3,791

-

-

-

3,791

Auto

-

14,577

-

-

14,577

Other

-

-

-

38

38

Total BPPR

$

316,243

$

16,245

$

1

$

16,987

$

349,476

Popular U.S.

Commercial multi-family

$

8,700

$

-

$

-

$

-

$

8,700

Commercial real estate:

Owner occupied

22,256

$

-

-

-

22,256

Commercial and industrial

-

-

53

3,072

3,125

Mortgage

1,065

-

-

-

1,065

Total Popular U.S.

$

32,021

$

-

$

53

$

3,072

$

35,146

Popular, Inc.

Commercial multi-family

$

10,009

$

-

$

-

$

-

$

10,009

Commercial real estate:

Non-owner occupied

213,560

-

-

-

213,560

Owner occupied

44,837

-

-

-

44,837

Commercial and industrial

3,332

-

53

20,021

23,406

Mortgage

72,735

-

-

-

72,735

Leasing

-

1,668

1

-

1,669

Consumer:

Personal

3,791

-

-

-

3,791

Auto

-

14,577

-

-

14,577

Other

-

-

-

38

38

Total Popular, Inc.

$

348,264

$

16,245

$

54

$

20,059

$

384,622

December 31, 2023

(In thousands)

Real Estate

Auto

Equipment

Other

Total

BPPR

Commercial multi-family

$

1,339

$

-

$

-

$

-

$

1,339

Commercial real estate:

Non-owner occupied

160,555

-

-

-

160,555

Owner occupied

25,848

-

-

-

25,848

Commercial and industrial

1,103

-

-

30,287

31,390

Construction

6,378

-

-

-

6,378

Mortgage

85,113

-

-

-

85,113

Leasing

-

1,373

-

-

1,373

Consumer:

Personal

4,338

-

-

-

4,338

Auto

-

12,965

-

-

12,965

Other

-

-

-

305

305

Total BPPR

$

284,674

$

14,338

$

-

$

30,592

$

329,604

Popular U.S.

Commercial real estate:

Owner occupied

$

3,877

$

-

$

-

$

-

$

3,877

Commercial and industrial

-

-

105

400

505

Construction

5,990

-

-

-

5,990

Mortgage

1,303

-

-

-

1,303

Total Popular U.S.

$

11,170

$

-

$

105

$

400

$

11,675

Popular, Inc.

Commercial multi-family

$

1,339

$

-

$

-

$

-

$

1,339

Commercial real estate:

Non-owner occupied

160,555

-

-

-

160,555

Owner occupied

29,725

-

-

-

29,725

Commercial and industrial

1,103

-

105

30,687

31,895

Construction

12,368

-

-

-

12,368

Mortgage

86,416

-

-

-

86,416

Leasing

-

1,373

-

-

1,373

Consumer:

Personal

4,338

-

-

-

4,338

Auto

-

12,965

-

-

12,965

Other

-

-

-

305

305

Total Popular, Inc.

$

295,844

$

14,338

$

105

$

30,992

$

341,279