Loans

12 Months Ended

Dec. 31, 2024

Receivables, Loans

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 to the

Consolidated Financial Statements.

The following table presents the Corporation's loan purchases (including repurchases) for the years ended December 31, 2024 and

2023 by class of loans:

For the years ended December 31, 

(In thousands)

2024

2023

Commercial

$

296,201

$

265,613

Mortgage

378,573

384,851

Consumer

-

127,077

Ending balance

$

674,774

$

777,541

The following table presents the Corporation’s whole-loan sales for the years ended December 31, 2024 and 2023 by class of loans:

For the years ended December 31, 

(In thousands)

2024

2023

Commercial

$

25,155

$

82,651

Construction

16,656

-

Mortgage

44,680

49,739

Consumer

-

45,119

Ending balance

$

86,491

$

177,509

During the year ended December 31, 2024, the Corporation securitized approximately $

7

 million of mortgage loans into GNMA

mortgage-backed securities and $

8

 million of mortgage loans into FNMA mortgage-backed securities, compared to $

2

 million and

$

35

 million, respectively, during the year ended December 31, 2023. 

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

December 31, 2024 and December 31, 2023.

December 31, 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

$

1,491

$

113

$

79

$

1,683

$

306,318

$

308,001

$

79

$

-

Commercial real estate:

Non-owner occupied

3,103

586

6,429

10,118

3,236,385

3,246,503

6,429

-

Owner occupied

11,054

808

25,258

37,120

1,338,791

1,375,911

25,258

-

Commercial and industrial

5,738

2,712

23,895

32,345

5,314,549

5,346,894

19,335

4,560

Construction

1,039

-

-

1,039

211,251

212,290

-

-

Mortgage

262,222

116,694

365,759

744,675

6,065,206

6,809,881

158,442

207,317

Leasing

23,991

6,062

9,588

39,641

1,885,764

1,925,405

9,588

-

Consumer:

Credit cards

17,399

11,719

29,960

59,078

1,158,975

1,218,053

-

29,960

Home equity lines of credit

16

129

-

145

1,895

2,040

-

-

Personal

19,503

13,005

20,269

52,777

1,697,600

1,750,377

20,269

-

Auto

111,358

27,858

51,792

191,008

3,632,429

3,823,437

51,792

-

Other

1,816

277

1,312

3,405

156,824

160,229

899

413

Total

$

458,730

$

179,963

$

534,341

$

1,173,034

$

25,005,987

$

26,179,021

$

292,091

$

242,250

December 31, 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

$

-

$

5,443

$

8,700

$

14,143

$

2,077,476

$

2,091,619

$

8,700

$

-

Commercial real estate:

Non-owner occupied

6,792

-

8,015

14,807

2,101,925

2,116,732

8,015

-

Owner occupied

-

-

5,191

5,191

1,776,644

1,781,835

5,191

-

Commercial and industrial

10,336

5,323

1,938

17,597

2,377,071

2,394,668

1,748

190

Construction

-

-

-

-

1,051,502

1,051,502

-

-

Mortgage

18,148

5,417

29,890

53,455

1,250,847

1,304,302

29,890

-

Consumer:

Credit cards

-

-

-

-

26

26

-

-

Home equity lines of

credit

530

986

3,393

4,909

66,622

71,531

3,393

-

Personal

1,808

1,509

1,741

5,058

99,809

104,867

1,741

-

Other

514

-

11

525

11,024

11,549

11

-

Total

$

38,128

$

18,678

$

58,879

$

115,685

$

10,812,946

$

10,928,631

$

58,689

$

190

December 31, 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

$

1,491

$

5,556

$

8,779

$

15,826

$

2,383,794

$

2,399,620

$

8,779

$

-

Commercial real estate:

Non-owner occupied

9,895

586

14,444

24,925

5,338,310

5,363,235

14,444

-

Owner occupied

11,054

808

30,449

42,311

3,115,435

3,157,746

30,449

-

Commercial and industrial

16,074

8,035

25,833

49,942

7,691,620

7,741,562

21,083

4,750

Construction

1,039

-

-

1,039

1,262,753

1,263,792

-

-

Mortgage

[1]

280,370

122,111

395,649

798,130

7,316,053

8,114,183

188,332

207,317

Leasing

23,991

6,062

9,588

39,641

1,885,764

1,925,405

9,588

-

Consumer:

Credit cards

17,399

11,719

29,960

59,078

1,159,001

1,218,079

-

29,960

Home equity lines of credit

546

1,115

3,393

5,054

68,517

73,571

3,393

-

Personal

21,311

14,514

22,010

57,835

1,797,409

1,855,244

22,010

-

Auto

111,358

27,858

51,792

191,008

3,632,429

3,823,437

51,792

-

Other

2,330

277

1,323

3,930

167,848

171,778

910

413

Total

$

496,858

$

198,641

$

593,220

$

1,288,719

$

35,818,933

$

37,107,652

$

350,780

$

242,440

[1]

At December 31, 2024, mortgage loans held-in-portfolio include $

2.6

 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 $

207

 million are 90 days or more past due. The portfolio of

guaranteed loans includes $

65

 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2024.

The Corporation has approximately $

31

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

not accruing interest at December 31, 2024.

[2]

Loans held-in-portfolio are net of $

415

 million in unearned income and exclude $

5

 million in loans held-for-sale.

[3]

Includes $

16.8

 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 $

9.5

 billion at the Federal Reserve

Bank ("FRB") for discount window borrowings. As of December 31, 2024, the Corporation had an available borrowing facility with the FHLB and

the discount window of Federal Reserve Bank of New York of $

3.8

 billion and $

7

.0 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 $

242

 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 December 31, 2024 include $

9

 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 components of the net financing leases, including finance leases within the C&I category, receivable at December 31, 2024 and

2023 were as follows:

(In thousands)

2024

2023

Total minimum lease payments

$

1,676,763

$

1,499,230

Estimated residual value of leased property

774,752

685,757

Deferred origination costs, net of fees

29,398

25,634

Less - Unearned financing income

403,273

351,026

Net minimum lease payments

2,077,640

1,859,595

Less - Allowance for credit losses

17,691

10,920

Net minimum lease payments, net of allowance for credit losses

$

2,059,949

$

1,848,675

At December 31, 2024, future minimum lease payments are expected to be received as follows:

(In thousands)

2025

$

139,158

2026

207,752

2027

295,401

2028

375,569

2029

449,839

2030 and thereafter

209,044

Total

$

1,676,763

The following tables present the amortized cost basis of non-accrual loans as of December 31, 2024 and December 31, 2023 by

class of loans:

December 31, 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

$

-

$

79

$

8,700

$

-

$

8,700

$

79

Commercial real estate non-owner occupied

3,450

2,979

7,115

900

10,565

3,879

Commercial real estate owner occupied

17,767

7,491

4,957

234

22,724

7,725

Commercial and industrial

9,020

10,315

-

1,748

9,020

12,063

Mortgage

66,176

92,266

1,069

28,821

67,245

121,087

Leasing

500

9,088

-

-

500

9,088

Consumer:

 HELOCs

-

-

-

3,393

-

3,393

 Personal 

2,960

17,309

-

1,741

2,960

19,050

 Auto 

1,992

49,800

-

-

1,992

49,800

 Other

-

899

-

11

-

910

Total

$

101,865

$

190,226

$

21,841

$

36,848

$

123,706

$

227,074

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, 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 December 31, 2024 include $

124

 million in collateral dependent loans (December

31, 2023 - $

126

 million). The Corporation recognized $

4

 million in interest income on non-accrual loans in each of the years ended

December 31, 2024 and December 31, 2023.

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 December 31, 2024 and December 31, 2023:

December 31, 2024

(In thousands)

Real Estate

Auto

Equipment

Other

Total

BPPR

Commercial multi-family

$

1,278

$

-

$

-

$

-

$

1,278

Commercial real estate:

Non-owner occupied

145,974

-

-

-

145,974

Owner occupied

23,361

-

-

-

23,361

Commercial and industrial

2,754

-

-

11,593

14,347

Construction

576

-

-

-

576

Mortgage

77,910

-

-

-

77,910

Leasing

-

1,437

1

-

1,438

Consumer:

Personal

3,347

-

-

-

3,347

Auto

-

15,782

-

-

15,782

Other

-

-

-

16

16

Total BPPR

$

255,200

$

17,219

$

1

$

11,609

$

284,029

Popular U.S.

Commercial multi-family

$

14,517

$

-

$

-

$

-

$

14,517

Commercial real estate:

Non-owner occupied

7,116

-

-

-

7,116

Owner occupied

4,956

-

-

-

4,956

Commercial and industrial

-

-

18

1,154

1,172

Mortgage

1,430

-

-

-

1,430

Total Popular U.S.

$

28,019

$

-

$

18

$

1,154

$

29,191

Popular, Inc.

Commercial multi-family

$

15,795

$

-

$

-

$

-

$

15,795

Commercial real estate:

Non-owner occupied

153,090

-

-

-

153,090

Owner occupied

28,317

-

-

-

28,317

Commercial and industrial

2,754

-

18

12,747

15,519

Construction

576

-

-

-

576

Mortgage

79,340

-

-

-

79,340

Leasing

-

1,437

1

-

1,438

Consumer:

Personal

3,347

-

-

-

3,347

Auto

-

15,782

-

-

15,782

Other

-

-

-

16

16

Total Popular, Inc.

$

283,219

$

17,219

$

19

$

12,763

$

313,220

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 year 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)

December 31, 2024

December 31, 2023

Purchase price of loans at acquisition

$

919

$

819

Allowance for credit losses at acquisition

34

89

Non-credit discount / (premium) at acquisition

-

9

Par value of acquired loans at acquisition

$

953

$

917