Loans	9 Months Ended
Loans	Sep. 30, 2024
Receivables
Loans	Note 7 – Loans For a summary of the accounting policies related to loans, interest recognition and allowance for credit losses refer to Note 2 – Summary of Significant Accounting Policies of the 2023 Form 10-K. During the quarter and nine months ended September 30, 2024, the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $ 97 million and $ 268 million, respectively (September 30, 2023 - $ 102 million and $ 274 million, respectively). The Corporation did no t purchase consumer loans during the quarter and nine months ended September 30, 2024 (during the quarter and nine months ended September 30, 2023 - $ 55 million and $ 127 million, respectively). During the quarter and nine months ended September 30, 2024, the Corporation purchased $ 33 million and $ 248 million commercial loans, respectively (September 30, 2023 - $ 79 million and $ 162 million, respectively). The Corporation performed whole-loan sales involving approximately $ 9 million and $ 33 million of residential mortgage loans during the quarter and nine months ended September 30, 2024, respectively (September 30, 2023 - $ 12 million and $ 39 million, respectively). During the nine months ended September 30, 2024, the Corporation performed sales of commercial loans, including loan participations amounting to $ 12 million. The Corporation did no t perform sales of commercial loans during the quarter ended September 30, 2024 (during the quarter and nine months ended September 30, 2023 - $ 45 million and $ 81 million, respectively). During the quarter and nine months ended September 30, 2024, the Corporation securitized approximately $ 3 million and $ 4 million, respectively, of mortgage loans into GNMA mortgage-backed securities (September 30, 2023 - $ 1 million and $ 2 million, respectively), and $ 3 million and $ 7 million, respectively, of mortgage loans into FNMA mortgage-backed securities (September 30, 2023 - $ 10 million and $ 33 million, respectively). Delinquency status The following tables present the amortized cost basis of loans held-in-portfolio (“HIP”), net of unearned income, by past due status, and by loan class including those that are in non-performing status or that are accruing interest but are past due 90 days or more at September 30, 2024 and December 31, 2023. September 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 $ 1,866 $ - $ 87 $ 1,953 $ 303,581 $ 305,534 $ 87 $ - Commercial real estate: Non-owner occupied 170 174 7,493 7,837 3,140,418 3,148,255 7,493 - Owner occupied 1,544 1,681 26,600 29,825 1,374,025 1,403,850 26,600 - Commercial and industrial 19,074 6,694 23,819 49,587 5,126,538 5,176,125 19,639 4,180 Construction - - - - 190,343 190,343 - - Mortgage 246,220 122,592 359,986 728,798 5,966,619 6,695,417 157,920 202,066 Leasing 19,840 4,661 7,367 31,868 1,855,184 1,887,052 7,367 - Consumer: Credit cards 16,210 11,415 27,214 54,839 1,132,050 1,186,889 - 27,214 Home equity lines of credit - - - - 2,131 2,131 - - Personal 21,726 13,153 21,007 55,886 1,698,195 1,754,081 20,992 15 Auto 104,363 26,090 47,828 178,281 3,640,326 3,818,607 47,828 - Other 727 500 1,188 2,415 154,775 157,190 889 299 Total $ 431,740 $ 186,960 $ 522,589 $ 1,141,289 $ 24,584,185 $ 25,725,474 $ 288,815 $ 233,774 September 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 $ 1,060 $ - $ 8,700 $ 9,760 $ 2,090,008 $ 2,099,768 $ 8,700 $ - Commercial real estate: Non-owner occupied 10,330 3,013 2,282 15,625 2,021,501 2,037,126 2,282 - Owner occupied 250 1,825 22,248 24,323 1,664,220 1,688,543 22,248 - Commercial and industrial 11,478 2,312 5,443 19,233 2,205,195 2,224,428 5,246 197 Construction - 34,349 - 34,349 888,615 922,964 - - Mortgage 899 3,640 28,434 32,973 1,264,958 1,297,931 28,434 - Consumer: Credit cards - - - - 4 4 - - Home equity lines of credit 74 984 3,834 4,892 62,668 67,560 3,834 - Personal 1,696 2,015 1,837 5,548 113,546 119,094 1,837 - Other 10 508 2 520 11,555 12,075 2 - Total $ 25,797 $ 48,646 $ 72,780 $ 147,223 $ 10,322,270 $ 10,469,493 $ 72,583 $ 197 September 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 $ 2,926 $ - $ 8,787 $ 11,713 $ 2,393,589 $ 2,405,302 $ 8,787 $ - Commercial real estate: Non-owner occupied 10,500 3,187 9,775 23,462 5,161,919 5,185,381 9,775 - Owner occupied 1,794 3,506 48,848 54,148 3,038,245 3,092,393 48,848 - Commercial and industrial 30,552 9,006 29,262 68,820 7,331,733 7,400,553 24,885 4,377 Construction - 34,349 - 34,349 1,078,958 1,113,307 - - Mortgage [1] 247,119 126,232 388,420 761,771 7,231,577 7,993,348 186,354 202,066 Leasing 19,840 4,661 7,367 31,868 1,855,184 1,887,052 7,367 - Consumer: Credit cards 16,210 11,415 27,214 54,839 1,132,054 1,186,893 - 27,214 Home equity lines of credit 74 984 3,834 4,892 64,799 69,691 3,834 - Personal 23,422 15,168 22,844 61,434 1,811,741 1,873,175 22,829 15 Auto 104,363 26,090 47,828 178,281 3,640,326 3,818,607 47,828 - Other 737 1,008 1,190 2,935 166,330 169,265 891 299 Total $ 457,537 $ 235,606 $ 595,369 $ 1,288,512 $ 34,906,455 $ 36,194,967 $ 361,398 $ 233,971 [1] At September 30, 2024, mortgage loans held-in-portfolio include $ 2.5 billion of loans that carry certain guarantees from the FHA or the VA, for which the Corporation’s policy is to exclude them from non-performing status, of which $ 202.2 million are 90 days or more past due. The portfolio of guaranteed loans includes $ 70 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of September 30, 2024. The Corporation has approximately $ 32 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at September 30, 2024. [2] Loans held-in-portfolio are net of $ 405 million in unearned income and exclude $ 6 million in loans held-for-sale. [3] Includes $ 14.7 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $ 7.3 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $ 7.4 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. As of September 30, 2024, the Corporation had an available borrowing facility with the FHLB and the discount window of Federal Reserve Bank of New York of $ 4 .0 billion and $ 5.8 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] At December 31, 2023, mortgage loans held-in-portfolio include $ 2.2 billion of loans that carry certain guarantees from the FHA or the VA, for which the Corporation’s policy is to exclude them from non-performing status, of which $ 241.6 million are 90 days or more past due. The portfolio of guaranteed loans includes $ 106 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2023. The Corporation has approximately $ 38 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at December 31, 2023. [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 FHLB as collateral for borrowings and $ 7.2 billion at the 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 FRB of $ 3.5 billion and $ 4.4 billion, respectively. Recognition of interest income on mortgage loans is generally discontinued when loans are 90 days or more in arrears on payments of principal or interest. The Corporation discontinues the recognition of interest income on residential mortgage loans insured by the FHA or guaranteed by the VA when 15 months delinquent as to principal or interest, since the principal repayment on these loans is insured. Loans with a delinquency status of 90 days past due as of September 30, 2024 include $ 8 million in loans previously pooled into GNMA securities (December 31, 2023 - $ 11 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected on the financial statements of BPPR with an offsetting liability. Loans in our serviced GNMA portfolio benefit from payment forbearance programs but continue to reflect the contractual delinquency until the borrower repays deferred payments or completes a payment deferral modification or other borrower assistance alternative. The following tables present the amortized cost basis of non-accrual loans as of September 30, 2024 and December 31, 2023 by class of loans: September 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 $ - $ 87 $ 8,700 $ - $ 8,700 $ 87 Commercial real estate non-owner occupied 3,514 3,979 1,332 950 4,846 4,929 Commercial real estate owner occupied 17,870 8,730 22,248 - 40,118 8,730 Commercial and industrial 9,020 10,619 - 5,246 9,020 15,865 Mortgage 68,248 89,672 206 28,228 68,454 117,900 Leasing 445 6,922 - - 445 6,922 Consumer: HELOCs - - - 3,834 - 3,834 Personal 3,649 17,343 - 1,837 3,649 19,180 Auto 2,077 45,751 - - 2,077 45,751 Other - 889 - 2 - 891 Total $ 104,823 $ 183,992 $ 32,486 $ 40,097 $ 137,309 $ 224,089 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 The Corporation has designated loans classified as collateral dependent for which the ACL is measured based on the fair value of the collateral less cost to sell, when foreclosure is probable or when the repayment is expected to be provided substantially by the sale or operation of the collateral and the borrower is experiencing financial difficulty. The fair value of the collateral is based on appraisals, which may be adjusted due to their age, and the type, location, and condition of the property or area or general market conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date. Appraisals are updated every one to two years depending on the type of loan and the total exposure of the borrower. Loans in non-accrual status with no allowance at September 30, 2024 include $ 137 million in collateral dependent loans (December 31, 2023 - $ 126 million). The Corporation recognized $ 3 million in interest income on non-accrual loans during the nine months ended September 30, 2024 (September 30, 2023 - $ 3 million). The following tables present the amortized cost basis of collateral-dependent loans, for which the ACL was measured based on the fair value of the collateral less cost to sell, by class of loans and type of collateral as of September 30, 2024 and December 31, 2023: September 30, 2024 (In thousands) Real Estate Auto Equipment Other Total BPPR Commercial multi-family $ 1,293 $ - $ - $ - $ 1,293 Commercial real estate: Non-owner occupied 168,887 - - - 168,887 Owner occupied 23,683 - - - 23,683 Commercial and industrial 3,304 - - 12,177 15,481 Construction 768 - - - 768 Mortgage 75,374 - - - 75,374 Leasing - 1,367 1 - 1,368 Consumer: Personal 3,961 - - - 3,961 Auto - 15,173 - - 15,173 Other - - - 36 36 Total BPPR $ 277,270 $ 16,540 $ 1 $ 12,213 $ 306,024 Popular U.S. Commercial multi-family $ 19,270 $ - $ - $ - $ 19,270 Commercial real estate: Non-owner occupied 1,332 - - - 1,332 Owner occupied 22,248 - - - 22,248 Commercial and industrial - - 35 - 35 Mortgage 1,529 - - - 1,529 Total Popular U.S. $ 44,379 $ - $ 35 $ - $ 44,414 Popular, Inc. Commercial multi-family $ 20,563 $ - $ - $ - $ 20,563 Commercial real estate: Non-owner occupied 170,219 - - - 170,219 Owner occupied 45,931 - - - 45,931 Commercial and industrial 3,304 - 35 12,177 15,516 Construction 768 - - - 768 Mortgage 76,903 - - - 76,903 Leasing - 1,367 1 - 1,368 Consumer: Personal 3,961 - - - 3,961 Auto - 15,173 - - 15,173 Other - - - 36 36 Total Popular, Inc. $ 321,649 $ 16,540 $ 36 $ 12,213 $ 350,438 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 Purchased Credit Deteriorated (PCD) Loans The Corporation has purchased loans during the quarter and nine months ended September 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 September 30, 2024 For the nine months ended September 30, 2024 Purchase price of loans at acquisition $ 105 $ 681 Allowance for credit losses at acquisition 3 26 Par value of acquired loans at acquisition $ 108 $ 707 (In thousands) For the quarter ended September 30, 2023 For the nine months ended September 30, 2023 Purchase price of loans at acquisition $ 227 $ 759 Allowance for credit losses at acquisition 9 87 Non-credit discount / (premium) at acquisition - 9 Par value of acquired loans at acquisition $ 236 $ 855