Loans (Tables)

9 Months Ended

Sep. 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 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

Loans Held in Portfolio

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

Past due financing receivables

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.

Financing receivable non accrual status

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

Collateral dependent financial assets

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