BPOP Popular Inc

• Net income of $103.3 million in Q1 2024, compared to net income of $94.6 million in Q4 2023.
• Q1 2024 results include an after-tax impact of $9.1 million related to the FDIC Special Assessment compared to $45.3 million in Q4 2023, as well as a $22.9 million expense related to taxes due from prior period distributions from the Corporation’s U.S. based subsidiary, as explained further below.
• Excluding the after-tax impact of the FDIC Special Assessment and the tax expense related to prior period intercompany distributions, adjusted net income was $135.2 million and $139.9 million for Q1 2024 and Q4 2023, respectively.
• Net interest income amounted to $550.7 million, an increase of $16.6 million compared to Q4 2023.
• Net interest margin of 3.16% in Q1 2024, compared to 3.08% in Q4 2023; net interest margin on a taxable equivalent basis of 3.38% in Q1 2024, compared to 3.26% in Q4 2023.
• Non-interest income of $163.8 million, compared to $168.7 million in Q4 2023.
• Operating expenses amounted to $483.1 million, a decrease of $48.0 million compared to Q4 2023. Excluding the impact of the FDIC Special Assessment in Q1 2024 and Q4 2023, and expenses associated with the prior period intercompany distributions, operating expenses increased by $2.7 million.

• Credit Quality:
  • Non-performing loans held-in-portfolio (“NPLs”) decreased by $3.5 million from Q4 2023; NPLs to loans ratio flat at 1.0%;
  • Net charge-offs (“NCOs”) increased by $5.3 million from Q4 2023; annualized NCOs at 0.71% of average loans held-in-portfolio vs. 0.66% in Q4 2023;
  • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.11% vs. 2.08% in Q4 2023; and
  • ACL to NPLs at 208.8% vs. 204.0% in Q4 2023.
• Loans ending balances, excluding loans held-for-sale, increased by $53.8 million and by $615.5 million in average quarterly balances, from Q4 2023.
• Ending deposit balances increased by $190.5 million while average quarterly balances increased by $767.2 million, from Q4 2023.
• Common Equity Tier 1 ratio of 16.36%, Common Equity per Share of $71.32 and Tangible Book Value per Share of $60.06 at March 31, 2024.

Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $103.3 million for the quarter ended March 31, 2024, compared to net income of $94.6 million for the quarter ended December 31, 2023. Excluding the after-tax impact during the first quarter of 2024 and the fourth quarter of 2023 of the FDIC Special Assessment and the $22.9 million tax expense due to prior period intercompany distributions during the first quarter of 2024, adjusted net income was $135.2 million and $139.9 million for Q1 2024 and Q4 2023, respectively.

Ignacio Alvarez, President and Chief Executive Officer, said: “We are pleased to report solid earnings for the first quarter after considering the impact of an additional accrual for the FDIC special assessment and a tax related expense associated with prior period intercompany distributions. We continued to benefit from a stable deposit base, increased our net interest income by 3% and expanded our net interest margin by eight basis points. Credit remained stable, with trends similar to recent periods. The strength of our liquidity and capital ratios positions us well to continue pursuing sustainable business growth and delivering positive results. I want to thank our colleagues for their continued dedication and commitment to serve our customers and contribute to Popular's success.”

Significant Events

FDIC Special Assessment Increase in Estimate

On November 16, 2023, the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule that imposes a special assessment (the “FDIC Special Assessment”) to recover the losses to the deposit insurance fund resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the Federal Deposit Insurance Act in connection with the receiverships of several failed banks. The special assessments would be collected over eight quarters in 2024 and 2025 with the first assessment period beginning in January 1, 2024. In connection with this assessment, the Corporation recorded an expense of $71.4 million, $45.3 million net of tax, in the fourth quarter of 2023, representing the full amount of the estimated assessment at that time.

The special assessment amount and collection period may change as the estimated loss is periodically adjusted or if the total amount collected varies. The most recent loss estimate from the FDIC has increased from the $16.3 billion issued when the FDIC Special Assessment was approved. As a result, the Corporation recorded an additional expense of $14.3 million, $9.1 million net of tax, in the first quarter of 2024, based on the updated loss estimates.

Tax impact on Intercompany Distributions

The net income for the quarter ended March 31, 2024, included $22.9 million of expenses, of which $16.5 million is reflected in income tax expense, related to an out of period adjustment associated with the Corporation’s U.S. subsidiary’s failure to pay U.S. federal withholding taxes on certain distributions to the Bank Holding Company (BHC) in Puerto Rico, a foreign corporation for U.S. tax purposes, that occurred in certain years from 2014 to 2023. In addition to the $16.5 million of income tax expense, the Corporation also recognized $6.4 million, reflected in other operating expense, for interest due up to March 31, 2024 on the related late payment of the withholding tax.

Additionally, the Corporation recognized $6.5 million in income tax expense during the quarter ended March 31, 2024 to reflect the U.S. federal tax withholding liability and estimated related Puerto Rico income tax arising from a $50 million dividend paid during the quarter.

Dividends from the U.S. subsidiaries to the BHC are subject to a Federal 10% withholding tax and ordinary income tax in Puerto Rico, subject to foreign tax credits, use of available net operating losses and certain other limitations. The Corporation does not anticipate the tax treatment of U.S. sourced dividends to the BHC to impact BHC liquidity or future capital actions.

Earnings Highlights

 

 

 

 

 

 

(Unaudited)

Quarters ended

(Dollars in thousands, except per share information)

31-Mar-24

 

31-Dec-23

 

31-Mar-23

Net interest income

$

550,744

 

$

534,180

 

 

$

531,656

Provision for credit losses

 

72,598

 

 

78,663

 

 

 

47,637

Net interest income after provision for credit losses

 

478,146

 

 

455,517

 

 

 

484,019

Other non-interest income

 

163,818

 

 

168,743

 

 

 

161,961

Operating expenses

 

483,113

 

 

531,145

 

 

 

440,687

Income before income tax

 

158,851

 

 

93,115

 

 

 

205,293

Income tax expense (benefit)

 

55,568

 

 

(1,479

)

 

 

46,314

Net income

$

103,283

 

$

94,594

 

 

$

158,979

Net income applicable to common stock

$

102,930

 

$

94,241

 

 

$

158,626

Net income per common share - basic

$

1.43

 

$

1.31

 

 

$

2.22

Net income per common share - diluted

$

1.43

 

$

1.31

 

 

$

2.22

 

 

 

 

 

 

Non-GAAP Financial Measures

This press release contains financial information prepared under accounting principles generally accepted in the United States (“U.S. GAAP”) and Non-GAAP financial measures. Management uses Non-GAAP financial measures when it has determined that these measures provide more meaningful information about the underlying performance of the Corporation’s ongoing operations. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

Adjusted net income

In addition to analyzing the Corporation’s results on a reported basis, management monitors the “Adjusted net income” of the Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the “Adjusted net income” provides meaningful information about the underlying performance of the Corporation’s ongoing operations. The “Adjusted net income” is a non-GAAP financial measure. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

Net interest income on a taxable equivalent basis

Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D and E for the quarter ended March 31, 2024. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

Adjusted Net Income for the Quarter Ended March 31, 2024 (Non-GAAP)

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

Income before

income tax

 

Income tax

expense (benefit)

 

Total

U.S. GAAP Net income

$

158,851

 

$

55,568

 

 

$

103,283

Non-GAAP Adjustments:

 

 

 

 

FDIC Special Assessment [1]

 

14,287

 

(5,234

)

 

 

9,053

Adjustments related to tax withholdings on prior period distributions from U.S. subsidiaries [1]

 

6,400

 

16,483

 

 

 

22,883

Adjusted net income (Non-GAAP)

$

179,538

 

$

44,319

 

 

$

135,219

[1] Refer to the Significant Events section of this press release for a description of this item.

 

Adjusted Net Income for the Quarter Ended December 31, 2023 (Non-GAAP)

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

Income before

income tax

 

Income tax

expense (benefit)

 

Total

U.S. GAAP Net income

$

93,115

 

$

(1,479

)

 

$

94,594

Non-GAAP Adjustments:

 

 

 

 

 

FDIC Special Assessment [1]

 

71,435

 

 

(26,170

)

 

 

45,265

Adjusted net income (Non-GAAP)

$

164,550

 

$

24,691

 

 

$

139,859

[1] Refer to the Significant Events section of this press release for a description of this item.

Net interest income and net interest income on a taxable equivalent basis – Non-GAAP financial measure

Net interest income for the quarter ended March 31, 2024, was $550.7 million, an increase of $16.5 million when compared to $534.2 million in the last quarter of 2023. Net interest income on a taxable equivalent basis for the first quarter of 2024 was $589.5 million, compared to $564.8 million in the previous quarter, an increase of $24.7 million.

Net interest margin for the first quarter of 2024 was 3.16% compared with 3.08% the prior quarter or an increase of eight basis points. On a taxable equivalent basis, net interest margin for the first quarter of 2024 was 3.38%, compared to 3.26% in the last quarter of 2023, or a 12 basis points increase. Quarter over quarter, the main variances in net interest income on a taxable equivalent basis were:

• Higher interest income from investment securities, trading, and money market investments by $23.7 million driven mainly due to reinvestment of maturities in higher yielding U.S. Treasury bills, and higher volume from the increase in deposits; and
• higher interest income from loans by $11.1 million due to higher average volume by $612 million and higher yield by seven basis points. The increase in average loans was led by commercial loans but was reflected in all loan categories. The increase in loan yield results from new loan origination activity and the continued repricing of adjustable-rate loans in a higher interest rate environment;

partially offset by:

• higher interest expense on deposits by $10.3 million, mainly due to higher cost of interest-bearing deposits by nine basis points, mainly at Popular Bank. In Puerto Rico, the cost of government deposits decreased one basis point quarter over quarter, while average balances increased by $498 million.

Net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $472.8 million for the first quarter of 2024, an increase of $17.9 million when compared to $454.9 million in net interest income during the last quarter of 2023. Net interest margin for the BPPR segment increased 14 basis points to 3.33% compared to 3.19% in the fourth quarter of 2023. The increase in net interest margin reflects a higher volume of loans by $423.6 million largely driven by commercial loans by $227.9 million coupled with higher volume across most loan categories. Earning assets yield improved 15 basis points from 4.88% in Q4 2023 to 5.03% in Q1 2024 mostly due to the repricing of investment securities. The cost of interest-bearing deposits increased by three basis points to 2.44% from 2.41% in the fourth quarter of 2023. Notwithstanding that, the cost of P.R. public funds decreased one basis point during Q1 2024, the increase in the cost of interest-bearing deposits in the first quarter of 2024 is driven by a higher proportion of P.R. public deposits for the quarter, which carry a higher rate. Total deposit cost in the first quarter of 2024 was 1.81%, compared to 1.79% in the fourth quarter of 2023, an increase of two basis points.

Net interest income for Popular Bank (“PB”) was $84.9 million for the quarter ended March 31, 2024, a decrease of $0.7 million when compared to $85.6 million in the fourth quarter of 2023. Net interest margin decreased by 13 basis points in the quarter to 2.59%, compared to 2.72% in the fourth quarter of 2023. The decrease in net interest margin was mostly driven by a higher cost and volume of deposits, partially offset by a higher volume of money market investments and investment securities. The cost of interest-bearing deposits was 3.86%, compared to 3.66% for the fourth quarter, or an increase of 20 basis points, while total deposit cost was 3.40% compared to 3.17% in the previous quarter.

Non-interest income

Non-interest income amounted to $163.8 million for the first quarter of 2024, a decrease of $4.9 million when compared to $168.7 million for the quarter ended December 31, 2023. The variance in non-interest income was driven primarily by:

• an unfavorable variance in the adjustment for indemnity reserve on loans previously sold of $2.6 million;
• lower other service fees by $2.4 million due mainly to contingent payments on insurance commissions that are typically received during the fourth quarter; and
• lower income from mortgage banking activities by $2.0 million mainly due to fair value adjustments of mortgage servicing rights (“MSRs”);

partially offset by:

• an increase of $3.9 million in other operating income mainly due to a higher income recognized for investments accounted under the “equity investment method” of $1.7 million and a gain on mortgage servicing claims of $1.3 million.

Refer to Table B for further details.

Operating expenses

Operating expenses for the first quarter of 2024 totaled $483.1 million, a decrease of $48.0 million when compared to the fourth quarter of 2023. Excluding the prior period adjustment of $6.4 million for interest accrued on tax withholdings adjustment and the effect of the FDIC Special Assessment discussed in the significant events section of this earnings release, total expenses for the first quarter of 2024 were $462.4 million, compared to $459.7 million in the previous quarter. The other factors that contributed to the variance in operating expenses were:

• higher personnel cost by $20.7 million mainly due to higher annual incentive awards of performance shares and restricted stock expenses by $9.7 million; higher incentive compensation by $1.7 million; higher payroll taxes by $4.4 million and higher other compensation expenses by $3.5 million that traditionally are higher during the first quarter of the year;
• higher credit card processing expenses by $5.5 million mainly due to lower credits in the first quarter of the year for volume incentives from our issuing partners; and
• higher technology and software expenses by $2.7 million mainly from network management services.

partially offset by:

• lower professional fees by $10.1 million mainly due to lower regulatory related consulting fees and lower advisory expenses related to corporate initiatives;
• lower business promotion expense by $6.9 million mainly due to lower seasonal donations, advertising, strategic communications, and sponsorship expenses, which are typically higher in the fourth quarter;
• lower operational losses by $3.4 million mainly related to legal settlements reserves and mortgage servicing operational losses; and
• lower net occupancy expenses by $2.2 million mainly due to a decrease in buildings’ repair and maintenance costs;

Full-time equivalent employees were 9,132 as of March 31, 2024, compared to 9,088 as of December 31, 2023.

For a breakdown of operating expenses by category refer to Table B.

Income taxes

For the quarter ended March 31, 2024, the Corporation recorded an income tax expense of $55.6 million, compared to an income tax benefit of $1.5 million for the previous quarter. As mentioned in the significant events section of this earnings release, the income tax expense for the current quarter includes a net impact of $22.9 million related to withholding tax liabilities for distributions from the U.S. subsidiaries to the Corporation in Puerto Rico, out of which $16.5 million were related to distributions between the years 2014-2023 and $6.4 million were related to an intercompany distribution completed in the first quarter of 2024. The tax benefit for the fourth quarter of 2023 reflects the impact of lower income before tax, primarily due to the FDIC Special Assessment accrual of $71.4 million, and other adjustments recorded in that quarter.

The effective tax rate (“ETR”) for the first quarter of 2024 was 35.0%, compared to (1.6%) for the previous quarter. Excluding the impact of the withholding tax liabilities and the additional expense related to the FDIC Special Assessment during this quarter, the ETR would have been 24.7%. Excluding the FDIC Special Assessment, the ETR for the fourth quarter of 2023 would have been 15.0%.

The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2024 to be within a range from 21% to 23%.

Credit Quality

During the first quarter of 2024, the Corporation reflected stable credit quality when compared to the previous quarter. Non-performing loans (“NPLs”) and net charge offs (“NCOs”) remained below historical averages and delinquencies improved in most loan categories from the prior quarter. We continue to closely monitor changes in the macroeconomic environment and on borrower performance given higher interest rates and inflationary pressures. However, management believes that the improvements over recent years in risk management practices and the risk profile of the Corporation’s loan portfolios position Popular to continue to operate successfully under the current challenging environment.

The following presents credit quality results for the first quarter of 2024:

• At March 31, 2024, total NPLs held-in-portfolio decreased by $3.5 million from December 31, 2023. BPPR’s NPLs decreased by $30.1 million, broadly reflected across most loan categories. The commercial NPLs decrease includes a $5.1 million charge-off related to a previously reserved $17.9 million relationship. PB’s NPLs increased by $26.6 million, related to higher mortgage NPLs by $16.9 million, impacted by a single $17.2 million loan, and higher commercial NPLs by $10.2 million. At March 31, 2024, the ratio of NPLs to total loans held-in-portfolio was 1.0%, flat when compared to the fourth quarter of 2023.
• Inflows of NPLs held-in-portfolio, excluding consumer loans, increased by $7.9 million quarter-over-quarter. In BPPR, total inflows decreased by $18.9 million driven by the abovementioned $17.9 million inflow in the fourth quarter of 2023. PB inflows increased by $26.8 million, driven by a $16.1 million mortgage inflow and higher commercial inflows by $10.7 million, as explained above,
• NCOs amounted to $62.2 million, increasing by $5.3 million when compared to the fourth quarter of 2023. The increase in NCOs was driven by the abovementioned $5.1 million charge-off related to a previously reserved loan. Excluding this, NCOs were flat quarter-over-quarter. BPPR’s NCOs increased by $4.6 million quarter-over-quarter, mainly driven by higher commercial and consumer NCOs by $3.2 million each. Consumer NCOs increase was mostly related to higher credit cards and personal loans charge-offs by $3.1 million and $1.5 million, respectively, offset in part by lower auto NCOs by $1.7 million. PB’s NCOs remained flat quarter-over-quarter. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.71%, compared to 0.66% in the fourth quarter of 2023. Refer to Table N for further information on NCOs and related ratios.
• At March 31, 2024, the allowance for credit losses (“ACL”) increased by $10.2 million from the fourth quarter of 2023 to $739.5 million. In BPPR, the ACL increased by $4.5 million, primarily driven by higher reserves for the consumer portfolios attributable to changes in credit quality. In PB, the ACL increased by $5.7 million from the previous quarter, mainly driven by higher reserves for the commercial portfolio due to changes in credit risk ratings.
• The ACL incorporated updated macroeconomic scenarios for Puerto Rico and the United States. Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario, and then the optimistic scenario. The weight assigned to the pessimistic scenario decreased this quarter in response to the positive momentum in the economy as expectations for the Federal Reserve achieving a soft landing have improved.
• The 2024 annualized GDP growth in the baseline scenario improved to 2.0% and 2.3% for Puerto Rico and the United States, respectively, compared to 1.2% and 1.7% in the previous quarter. The 2024 forecasted average unemployment rate for Puerto Rico and the United States remained stable at 6.5% and 3.9%, respectively, compared to 6.8% and 4.0% in previous forecast.
• The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.11% in the first quarter of 2024, compared to 2.08% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 208.8%, compared to 204.0% in the previous quarter.
• The provision for credit losses for the loan portfolios for the first quarter of 2024 was $72.4 million, compared to $75.2 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was $61.0 million, compared to $67.2 million in the previous quarter, while the provision for PB was $11.4 million, compared to $8.0 million in the previous quarter.
• The provision for credit losses on our loan and lease portfolios, as well as the provision (release) for credit losses related to unfunded loan commitments of $(0.2) million and our investment portfolio of $0.4 million for the first quarter of 2024 are aggregated and presented in the provision for credit losses caption in our Consolidated Statement of Operations. For the first quarter, these combined concepts resulted in a provision expense of $72.6 million, compared to $78.7 million in the previous quarter.

 

Non-Performing Assets

(Unaudited)

 

 

 

 

 

(In thousands)

31-Mar-24

 

31-Dec-23

 

31-Mar-23

Non-performing loans held-in-portfolio

$

354,127

 

 

$

357,611

 

 

$

412,383

 

Other real estate owned (“OREO”)

 

80,542

 

 

 

80,416

 

 

 

91,721

 

Total non-performing assets

$

434,669

 

 

$

438,027

 

 

$

504,104

 

Net charge-offs (recoveries) for the quarter

$

62,200

 

 

$

56,947

 

 

$

32,813

 

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

Loans held-in-portfolio

$

35,118,738

 

 

$

35,064,971

 

 

$

32,338,373

 

Non-performing loans held-in-portfolio to loans held-in-portfolio

 

1.01

%

 

 

1.02

%

 

 

1.28

%

Allowance for credit losses to loans held-in-portfolio

 

2.11

 

 

 

2.08

 

 

 

2.13

 

Allowance for credit losses to non-performing loans, excluding loans held-for-sale

 

208.84

 

 

 

203.95

 

 

 

167.11

 

Refer to Table L for additional information.

 

Provision for Credit Losses (Benefit) - Loan Portfolios

 

 

 

 

 

 

 

(Unaudited)

 

Quarters ended

(In thousands)

 

31-Mar-24

 

31-Dec-23

 

31-Mar-23

Provision for credit losses (benefit) - loan portfolios:

 

 

 

 

 

 

BPPR

 

$

61,008

 

$

67,235

 

$

45,203

Popular U.S.

 

 

11,378

 

 

7,983

 

 

1,943

Total provision for credit losses (benefit) - loan portfolios

 

$

72,386

 

$

75,218

 

$

47,146

 

Credit Quality by Segment

(Unaudited)

 

 

 

 

 

 

(In thousands)

Quarters ended

BPPR

 

31-Mar-24

 

31-Dec-23

 

31-Mar-23

Provision for credit losses - loan portfolios

 

$

61,008

 

 

$

67,235

 

 

$

45,203

 

Net charge-offs

 

 

56,561

 

 

 

51,913

 

 

 

31,464

 

Total non-performing loans held-in-portfolio

 

298,594

 

 

 

328,718

 

 

 

378,979

 

Annualized net charge-offs (recoveries) to average loans held-in-portfolio

 

 

0.92

%

 

 

0.86

%

 

 

0.56

%

Allowance / loans held-in-portfolio

 

2.62

%

 

 

2.61

%

 

 

2.57

%

Allowance / non-performing loans held-in-portfolio

 

215.79

%

 

 

194.65

%

 

 

154.89

%

 

 

 

 

 

 

 

 

 

Quarters ended

Popular U.S.

 

31-Mar-24

 

31-Dec-23

 

31-Mar-23

Provision for credit losses - loan portfolios

 

$

11,378

 

 

$

7,983

 

 

$

1,943

 

Net charge-offs

 

 

5,639

 

 

 

5,034

 

 

 

1,349

 

Total non-performing loans held-in-portfolio

 

 

55,533

 

 

 

28,893

 

 

 

33,404

 

Annualized net charge-offs (recoveries) to average loans held-in-portfolio

 

 

0.21

%

 

 

0.19

%

 

 

0.06

%

Allowance / loans held-in-portfolio

 

0.91

%

 

 

0.85

%

 

 

1.07

%

Allowance / non-performing loans held-in-portfolio

 

171.47

%

 

 

309.70

%

 

 

305.69

%

 

Financial Condition Highlights

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

31-Mar-24

 

31-Dec-23

 

31-Mar-23

Cash and money market investments

$

6,249,064

 

$

7,419,333

 

$

6,560,301

Investment securities

 

26,324,139

 

 

25,148,673

 

 

25,951,936

Loans

 

35,118,738

 

 

35,064,971

 

 

32,338,373

Total assets

 

70,936,939

 

 

70,758,155

 

 

67,675,759

Deposits

 

63,808,784

 

 

63,618,243

 

 

60,953,888

Borrowings

 

1,032,393

 

 

1,078,332

 

 

1,402,626

Total liabilities

 

65,759,625

 

 

65,611,202

 

 

63,205,034

Stockholders’ equity

 

5,177,314

 

 

5,146,953

 

 

4,470,725

Total assets amounted to $70.9 billion at March 31, 2024, an increase of $178.8 million from the fourth quarter of 2023, driven by:

• an increase in securities available-for-sale (“AFS”) of $1.3 billion, mainly due to purchases of U.S. Treasury Securities, partially offset by repayments and maturities and higher unrealized losses on mortgage-backed securities;
• an increase in other assets of $106.3 million mainly due to unsettled trade receivable from the maturity of U.S. Treasury Notes during the first quarter for which the proceeds were received during the second quarter; and
• an increase in loans held-in-portfolio of $53.8 million driven by an increase of $123.8 million at BPPR, mainly in the mortgage portfolio as well as in auto loans, partially offset by a decrease of $70.1 million at PB mainly from commercial loans;

partially offset by:

• a net decrease in cash and money market investments of $1.2 billion due to the investments in the debt securities portfolio and loan originations; and
• a decrease in securities held-to-maturity (“HTM”) of $111.1 million driven by maturities of U.S. Treasury securities, partially offset by the amortization of $44.0 million of the discount related to U.S. Treasury securities previously reclassified from the AFS to HTM.

Total liabilities increased by $148.4 million from the fourth quarter of 2023, driven by:

• an increase of $190.5 million in deposits, mainly in retail deposits, time deposits and deposits in trust, partially offset by a decrease in P.R. public sector accounts at BPPR;

partially offset by:

• a decrease of $25.3 million in assets sold under agreements to repurchase mainly due to maturities at PB; and
• a decrease of $20.6 million in notes payable due to $20.0 million in repayment of Federal Home Loan Bank Advances mainly in PB.

Stockholders' equity increased by $30.4 million from the fourth quarter of 2023, mainly due to net income for the quarter of $103.3 million and the amortization of unrealized losses from securities previously reclassified to HTM of $35.2 million, net of taxes, partially offset by the after-tax impact of the increase in net unrealized losses in the portfolio of AFS securities of $71.1 million and common and preferred dividends declared during the quarter.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.36%, $71.32 and $60.06, respectively, at March 31, 2024, compared to 16.30%, $71.03 and $59.74, respectively, at December 31, 2023. Refer to Table A for capital ratios.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, including extreme weather events, pandemics, man-made disasters or acts of violence or war, as well as actions taken by governmental authorities in response thereto, and the direct and indirect impact of such events on Popular, our customers, service providers and third parties. Other potential factors include Popular’s ability to successfully execute its transformation initiative, including, but not limited to, achieving projected earnings, efficiencies and return on tangible common equity and accurately anticipating costs and expenses associated therewith, imposition of additional or special FDIC assessments, changes to regulatory capital, liquidity and resolution-related requirements applicable to financial institutions in response to recent developments affecting the banking sector and the impact of bank failures or adverse developments at other banks and related negative media coverage of the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks. All statements contained herein that are not clearly historical in nature, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions, and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, are generally intended to identify forward-looking statements.

More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2023 and in our Form 10-Q for the quarter ended March 31, 2024 to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.

About Popular, Inc.

Popular, Inc. (NASDAQ: BPOP) is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.

Conference Call

Popular will hold a conference call to discuss its financial results today, Tuesday, April 23, 2024 at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 734300.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Thursday, May 23, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 769181.

An electronic version of this press release can be found at the Corporation’s website: www.popular.com.

 

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

 

Table A - Selected Ratios and Other Information

 

Table B - Consolidated Statement of Operations

 

Table C - Consolidated Statement of Financial Condition

 

Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and December 31,2023

 

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and March 31,2023

 

Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE [Left Blank]

 

Table G - Mortgage Banking Activities & Other Service Fees

 

Table H - Loans and Deposits

 

Table I - Loan Delinquency - PUERTO RICO OPERATIONS

 

Table J - Loan Delinquency - POPULAR U.S. OPERATIONS

 

Table K - Loan Delinquency - CONSOLIDATED

 

Table L - Non-Performing Assets

 

Table M - Activity in Non-Performing Loans

 

Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios

 

Table O - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED

 

Table P - Allowance for Credit Losses - Loan Portfolios - PUERTO RICO OPERATIONS

 

Table Q - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS

 

Table R - Reconciliation to GAAP Financial Measures

 

POPULAR, INC.

Financial Supplement to First Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

 

 

 

Quarters ended

 

31-Mar-24

31-Dec-23

31-Mar-23

Basic EPS

$

1.43

 

$

1.31

 

$

2.22

 

Diluted EPS

$

1.43

 

$

1.31

 

$

2.22

 

Average common shares outstanding

 

71,869,735

 

 

71,810,073

 

 

71,541,778

 

Average common shares outstanding - assuming dilution

 

71,966,803

 

 

71,881,020

 

 

71,606,196

 

Common shares outstanding at end of period

 

72,284,875

 

 

72,153,621

 

 

71,965,984

 

Market value per common share

$

88.09

 

$

82.07

 

$

57.41

 

Market capitalization - (In millions)

$

6,368

 

$

5,922

 

$

4,132

 

Return on average assets

 

0.57

%

 

0.52

%

 

0.93

%

Return on average common equity

 

6.07

%

 

5.55

%

 

10.00

%

Net interest margin (non-taxable equivalent basis)

 

3.16

%

 

3.08

%

 

3.22

%

Net interest margin (taxable equivalent basis) -non-GAAP

 

3.38

%

 

3.26

%

 

3.46

%

Common equity per share

$

71.32

 

$

71.03

 

$

61.82

 

Tangible common book value per common share (non-GAAP) [1]

$

60.06

 

$

59.74

 

$

50.15

 

Tangible common equity to tangible assets (non-GAAP) [1]

 

6.19

%

 

6.16

%

 

5.40

%

Return on average tangible common equity [1]

 

6.90

%

 

6.32

%

 

11.51

%

Tier 1 capital

 

16.42

%

 

16.36

%

 

16.79

%

Total capital

 

18.19

%

 

18.13

%

 

18.61

%

Tier 1 leverage

 

8.45

%

 

8.51

%

 

8.37

%

Common Equity Tier 1 capital

 

16.36

%

 

16.30

%

 

16.73

%

[1] Refer to Table R for reconciliation to GAAP financial measures.

   

POPULAR, INC.

Financial Supplement to First Quarter 2024 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

 

Quarters ended

Variance

Quarter ended

Variance

 

 

 

Q1 2024

 

Q1 2024

(In thousands, except per share information)

31-Mar-24

31-Dec-23

vs. Q4 2023

31-Mar-23

vs. Q1 2023

Interest income:

 

 

 

 

 

Loans

$

638,730

 

$

623,438

 

$

15,292

 

$

541,210

 

$

97,520

 

Money market investments

 

88,516

 

 

100,840

 

 

(12,324

)

 

65,724

 

 

22,792

 

Investment securities

 

166,895

 

 

143,214

 

 

23,681

 

 

132,088

 

 

34,807

 

Total interest income

 

894,141

 

 

867,492

 

 

26,649

 

 

739,022

 

 

155,119

 

Interest expense:

 

 

 

 

 

Deposits

 

329,496

 

 

319,200

 

 

10,296

 

 

193,215

 

 

136,281

 

Short-term borrowings

 

1,192

 

 

1,342

 

 

(150

)

 

2,885

 

 

(1,693

)

Long-term debt

 

12,709

 

 

12,770

 

 

(61

)

 

11,266

 

 

1,443

 

Total interest expense

 

343,397

 

 

333,312

 

 

10,085

 

 

207,366

 

 

136,031

 

Net interest income

 

550,744

 

 

534,180

 

 

16,564

 

 

531,656

 

 

19,088

 

Provision for credit losses

 

72,598

 

 

78,663

 

 

(6,065

)

 

47,637

 

 

24,961

 

Net interest income after provision for credit losses

 

478,146

 

 

455,517

 

 

22,629

 

 

484,019

 

 

(5,873

)

Service charges on deposit accounts

 

37,442

 

 

37,699

 

 

(257

)

 

34,678

 

 

2,764

 

Other service fees

 

94,272

 

 

96,692

 

 

(2,420

)

 

90,076

 

 

4,196

 

Mortgage banking activities

 

4,360

 

 

6,388

 

 

(2,028

)

 

7,400

 

 

(3,040

)

Net gain, including impairment, on equity securities

 

1,103

 

 

2,317

 

 

(1,214

)

 

1,100

 

 

3

 

Net gain on trading account debt securities

 

361

 

 

750

 

 

(389

)

 

378

 

 

(17

)

Net loss on sale of loans, including valuation adjustments on loans held-for-sale

 

-

 

 

(71

)

 

71

 

 

-

 

 

-

 

Adjustments to indemnity reserves on loans sold

 

(237

)

 

2,350

 

 

(2,587

)

 

612

 

 

(849

)

Other operating income

 

26,517

 

 

22,618

 

 

3,899

 

 

27,717

 

 

(1,200

)

Total non-interest income

 

163,818

 

 

168,743

 

 

(4,925

)

 

161,961

 

 

1,857

 

Operating expenses:

 

 

 

 

 

Personnel costs

 

 

 

 

 

Salaries

 

129,384

 

 

127,809

 

 

1,575

 

 

125,393

 

 

3,991

 

Commissions, incentives and other bonuses

 

38,611

 

 

26,632

 

 

11,979

 

 

31,162

 

 

7,449

 

Pension, postretirement and medical insurance

 

17,385

 

 

17,598

 

 

(213

)

 

15,378

 

 

2,007

 

Other personnel costs, including payroll taxes

 

29,997

 

 

22,626

 

 

7,371

 

 

26,827

 

 

3,170

 

Total personnel costs

 

215,377

 

 

194,665

 

 

20,712

 

 

198,760

 

 

16,617

 

Net occupancy expenses

 

28,041

 

 

30,282

 

 

(2,241

)

 

26,039

 

 

2,002

 

Equipment expenses

 

9,567

 

 

10,179

 

 

(612

)

 

8,412

 

 

1,155

 

Other taxes

 

14,375

 

 

14,636

 

 

(261

)

 

16,291

 

 

(1,916

)

Professional fees

 

28,918

 

 

39,065

 

 

(10,147

)

 

33,431

 

 

(4,513

)

Technology and software expenses

 

79,462

 

 

76,772

 

 

2,690

 

 

68,559

 

 

10,903

 

Processing and transactional services

 

 

 

 

 

Credit and debit cards

 

12,144

 

 

6,682

 

 

5,462

 

 

12,550

 

 

(406

)

Other processing and transactional services

 

22,050

 

 

22,779

 

 

(729

)

 

21,359

 

 

691

 

Total processing and transactional services

 

34,194

 

 

29,461

 

 

4,733

 

 

33,909

 

 

285

 

Communications

 

4,557

 

 

4,181

 

 

376

 

 

4,088

 

 

469

 

Business promotion

 

 

 

 

 

Rewards and customer loyalty programs

 

14,056

 

 

14,130

 

 

(74

)

 

12,348

 

 

1,708

 

Other business promotion

 

6,933

 

 

13,767

 

 

(6,834

)

 

6,523

 

 

410

 

Total business promotion

 

20,989

 

 

27,897

 

 

(6,908

)

 

18,871

 

 

2,118

 

Deposit insurance

 

23,887

 

 

81,385

 

 

(57,498

)

 

8,865

 

 

15,022

 

Other real estate owned (OREO) income

 

(5,321

)

 

(5,178

)

 

(143

)

 

(1,694

)

 

(3,627

)

Other operating expenses

 

 

 

 

 

Operational losses

 

3,561

 

 

6,921

 

 

(3,360

)

 

6,800

 

 

(3,239

)

All other

 

24,711

 

 

20,084

 

 

4,627

 

 

17,561

 

 

7,150

 

Total other operating expenses

 

28,272

 

 

27,005

 

 

1,267

 

 

24,361

 

 

3,911

 

Amortization of intangibles

 

795

 

 

795

 

 

-

 

 

795

 

 

-

 

Total operating expenses

 

483,113

 

 

531,145

 

 

(48,032

)

 

440,687

 

 

42,426

 

Income before income tax

 

158,851

 

 

93,115

 

 

65,736

 

 

205,293

 

 

(46,442

)

Income tax expense (benefit)

 

55,568

 

 

(1,479

)

 

57,047

 

 

46,314

 

 

9,254

 

Net income

$

103,283

 

$

94,594

 

$

8,689

 

$

158,979

 

$

(55,696

)

Net income applicable to common stock

$

102,930

 

$

94,241

 

$

8,689

 

$

158,626

 

$

(55,696

)

Net income per common share - basic

$

1.43

 

$

1.31

 

$

0.12

 

$

2.22

 

$

(0.79

)

Net income per common share - diluted

$

1.43

 

$

1.31

 

$

0.12

 

$

2.22

 

$

(0.79

)

Dividends Declared per Common Share

$

0.62

 

$

0.62

 

$

-

 

$

0.55

 

$

0.07

 

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

 

 

 

 

Variance

 

 

 

 

Q1 2024 vs.

(In thousands)

31-Mar-24

31-Dec-23

31-Mar-23

Q4 2023

Assets:

 

 

 

 

Cash and due from banks

$

320,486

 

$

420,462

 

$

462,013

 

$

(99,976

)

Money market investments

 

5,928,578

 

 

6,998,871

 

 

6,098,288

 

 

(1,070,293

)

Trading account debt securities, at fair value

 

27,308

 

 

31,568

 

 

29,839

 

 

(4,260

)

Debt securities available-for-sale, at fair value

 

18,017,924

 

 

16,729,044

 

 

17,173,128

 

 

1,288,880

 

Less: Allowance for credit losses

 

500

 

 

-

 

 

-

 

 

500

 

Debt securities available-for-sale, net

 

18,017,424

 

 

16,729,044

 

 

17,173,128

 

 

1,288,380

 

Debt securities held-to-maturity, at amortized cost

 

8,083,160

 

 

8,194,335

 

 

8,563,052

 

 

(111,175

)

Less: Allowance for credit losses

 

5,731

 

 

5,780

 

 

6,792

 

 

(49

)

Debt securities held-to-maturity, net

 

8,077,429

 

 

8,188,555

 

 

8,556,260

 

 

(111,126

)

Equity securities

 

195,747

 

 

193,726

 

 

185,917

 

 

2,021

 

Loans held-for-sale, at lower of cost or fair value

 

5,352

 

 

4,301

 

 

11,181

 

 

1,051

 

Loans held-in-portfolio

 

35,486,161

 

 

35,420,879

 

 

32,645,023

 

 

65,282

 

Less: Unearned income

 

367,423

 

 

355,908

 

 

306,650

 

 

11,515

 

Allowance for credit losses

 

739,544

 

 

729,341

 

 

689,120

 

 

10,203

 

Total loans held-in-portfolio, net

 

34,379,194

 

 

34,335,630

 

 

31,649,253

 

 

43,564

 

Premises and equipment, net

 

588,708

 

 

565,284

 

 

508,007

 

 

23,424

 

Other real estate

 

80,542

 

 

80,416

 

 

91,721

 

 

126

 

Accrued income receivable

 

266,908

 

 

263,433

 

 

239,815

 

 

3,475

 

Mortgage servicing rights, at fair value

 

114,964

 

 

118,109

 

 

127,475

 

 

(3,145

)

Other assets

 

2,120,902

 

 

2,014,564

 

 

1,703,285

 

 

106,338

 

Goodwill

 

804,428

 

 

804,428

 

 

827,428

 

 

-

 

Other intangible assets

 

8,969

 

 

9,764

 

 

12,149

 

 

(795

)

Total assets

$

70,936,939

 

$

70,758,155

 

$

67,675,759

 

$

178,784

 

Liabilities and Stockholders’ Equity:

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Non-interest bearing

$

15,492,050

 

$

15,419,624

 

$

15,940,850

 

$

72,426

 

Interest bearing

 

48,316,734

 

 

48,198,619

 

 

45,013,038

 

 

118,115

 

Total deposits

 

63,808,784

 

 

63,618,243

 

 

60,953,888

 

 

190,541

 

Assets sold under agreements to repurchase

 

66,090

 

 

91,384

 

 

123,499

 

 

(25,294

)

Notes payable

 

966,303

 

 

986,948

 

 

1,279,127

 

 

(20,645

)

Other liabilities

 

918,448

 

 

914,627

 

 

848,520

 

 

3,821

 

Total liabilities

 

65,759,625

 

 

65,611,202

 

 

63,205,034

 

 

148,423

 

Stockholders’ equity:

 

 

 

 

Preferred stock

 

22,143

 

 

22,143

 

 

22,143

 

 

-

 

Common stock

 

1,048

 

 

1,048

 

 

1,047

 

 

-

 

Surplus

 

4,847,466

 

 

4,843,399

 

 

4,792,619

 

 

4,067

 

Retained earnings

 

4,253,030

 

 

4,194,851

 

 

3,982,140

 

 

58,179

 

Treasury stock

 

(2,013,187

)

 

(2,018,957

)

 

(2,025,399

)

 

5,770

 

Accumulated other comprehensive loss, net of tax

 

(1,933,186

)

 

(1,895,531

)

 

(2,301,825

)

 

(37,655

)

Total stockholders’ equity

 

5,177,314

 

 

5,146,953

 

 

4,470,725

 

 

30,361

 

Total liabilities and stockholders’ equity

$

70,936,939

 

$

70,758,155

 

$

67,675,759

 

$

178,784

 

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)

For the quarters ended March 31, 2024 and December 31, 2023

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

Average Volume

 

Average Yields / Costs

 

 

 

Interest

Attributable to

31-Mar-24

31-Dec-23

Variance

 

31-Mar-24

31-Dec-23

Variance

 

 

 

31-Mar-24

31-Dec-23

Variance

Rate

Volume

(In millions)

 

 

 

 

 

 

(In thousands)

$

6,484

$

7,307

$

(823

)

 

5.49

%

5.47

%

0.02

%

 

Money market investments

$

88,516

$

100,840

$

(12,324

)

$

(1,068

)

$

(11,256

)

 

28,308

 

27,099

 

1,209

 

 

2.71

 

2.28

 

0.43

 

 

Investment securities [1]

 

191,103

 

155,118

 

35,985

 

 

28,398

 

 

7,587

 

 

33

 

31

 

2

 

 

3.75

 

3.72

 

0.03

 

 

Trading securities

 

311

 

293

 

18

 

 

(2

)

 

20

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

34,825

 

34,437

 

388

 

 

3.23

 

2.96

 

0.27

 

 

securities

 

279,930

 

256,251

 

23,679

 

 

27,328

 

 

(3,649

)

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

17,613

 

17,251

 

362

 

 

6.84

 

6.71

 

0.13

 

 

Commercial

 

299,504

 

291,791

 

7,713

 

 

1,549

 

 

6,164

 

 

992

 

927

 

65

 

 

8.96

 

9.04

 

(0.08

)

 

Construction

 

22,100

 

21,131

 

969

 

 

(486

)

 

1,455

 

 

1,742

 

1,707

 

35

 

 

6.74

 

6.60

 

0.14

 

 

Leasing

 

29,353

 

28,174

 

1,179

 

 

593

 

 

586

 

 

7,723

 

7,626

 

97

 

 

5.62

 

5.83

 

(0.21

)

 

Mortgage

 

108,543

 

111,215

 

(2,672

)

 

(4,081

)

 

1,409

 

 

3,227

 

3,215

 

12

 

 

13.90

 

13.43

 

0.47

 

 

Consumer

 

111,490

 

108,859

 

2,631

 

 

1,870

 

 

761

 

 

3,763

 

3,722

 

41

 

 

8.77

 

8.61

 

0.16

 

 

Auto

 

82,054

 

80,731

 

1,323

 

 

433

 

 

890

 

 

35,060

 

34,448

 

612

 

 

7.48

 

7.41

 

0.07

 

 

Total loans

 

653,044

 

641,901

 

11,143

 

 

(122

)

 

11,265

 

$

69,885

$

68,885

$

1,000

 

 

5.36

%

5.18

%

0.18

%

 

Total earning assets

$

932,974

$

898,152

$

34,822

 

$

27,206

 

$

7,616

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

$

25,703

$

25,027

$

676

 

 

3.63

%

3.60

%

0.03

%

 

NOW and money market [2]

$

232,129

$

227,079

$

5,050

 

$

3,500

 

$

1,550

 

 

14,700

 

14,934

 

(234

)

 

0.93

 

0.85

 

0.08

 

 

Savings

 

34,171

 

32,073

 

2,098

 

 

1,819

 

 

279

 

 

8,547

 

8,288

 

259

 

 

2.97

 

2.87

 

0.10

 

 

Time deposits

 

63,196

 

60,048

 

3,148

 

 

1,148

 

 

2,000

 

 

48,950

 

48,249

 

701

 

 

2.71

 

2.62

 

0.09

 

 

Total interest bearing deposits

 

329,496

 

319,200

 

10,296

 

 

6,467

 

 

3,829

 

 

15,083

 

15,017

 

66

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

64,033

 

63,266

 

767

 

 

2.07

 

2.00

 

0.07

 

 

Total deposits

 

329,496

 

319,200

 

10,296

 

 

6,467

 

 

3,829

 

 

84

 

94

 

(10

)

 

5.70

 

5.64

 

0.06

 

 

Short-term borrowings

 

1,192

 

1,342

 

(150

)

 

(2

)

 

(148

)

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

998

 

1,018

 

(20

)

 

5.13

 

5.04

 

0.09

 

 

long-term debt

 

12,709

 

12,770

 

(61

)

 

21

 

 

(82

)

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

50,032

 

49,361

 

671

 

 

2.76

 

2.68

 

0.08

 

 

liabilities (excluding demand deposits)

 

343,397

 

333,312

 

10,085

 

 

6,486

 

 

3,599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,770

 

4,507

 

263

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

$

69,885

$

68,885

$

1,000

 

 

1.98

%

1.92

%

0.06

%

 

Total source of funds

 

343,397

 

333,312

 

10,085

 

 

6,486

 

 

3,599

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

3.38

%

3.26

%

0.12

%

 

income on a taxable equivalent basis (Non-GAAP)

 

589,577

 

564,840

 

24,737

 

$

20,720

 

$

4,017

 

 

 

 

 

2.60

%

2.50

%

0.10

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

38,833

 

30,660

 

8,173

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

3.16

%

3.08

%

0.08

%

 

non-taxable equivalent basis (GAAP)

$

550,744

$

534,180

$

16,564

 

 

 

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)

For the quarters ended March 31, 2024 and March 31, 2023

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

Average Volume

 

Average Yields / Costs

 

 

Interest

 

Attributable to

31-Mar-24

31-Mar-23

Variance

 

31-Mar-24

31-Mar-23

Variance

 

 

31-Mar-24

31-Mar-23

Variance

 

Rate

Volume

(In millions)

 

 

 

 

 

 

(In thousands)

$

6,484

$

5,736

$

748

 

 

5.49

%

4.65

%

0.84

%

 

Money market investments

$

88,516

$

65,724

$

22,792

 

$

13,566

 

$

9,226

 

 

28,308

 

28,862

 

(554

)

 

2.71

 

2.22

 

0.49

 

 

Investment securities [1]

 

191,103

 

158,914

 

32,189

 

 

35,317

 

 

(3,128

)

 

33

 

31

 

2

 

 

3.75

 

4.47

 

(0.72

)

 

Trading securities

 

311

 

338

 

(27

)

 

(55

)

 

28

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

34,825

 

34,629

 

196

 

 

3.23

 

2.63

 

0.60

 

 

securities

 

279,930

 

224,976

 

54,954

 

 

48,828

 

 

6,126

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

17,613

 

15,761

 

1,852

 

 

6.84

 

6.32

 

0.52

 

 

Commercial

 

299,504

 

245,469

 

54,035

 

 

23,691

 

 

30,344

 

 

992

 

732

 

260

 

 

8.96

 

8.40

 

0.56

 

 

Construction

 

22,100

 

15,155

 

6,945

 

 

1,215

 

 

5,730

 

 

1,742

 

1,588

 

154

 

 

6.74

 

6.12

 

0.62

 

 

Leasing

 

29,353

 

24,282

 

5,071

 

 

2,595

 

 

2,476

 

 

7,723

 

7,388

 

335

 

 

5.62

 

5.46

 

0.16

 

 

Mortgage

 

108,543

 

100,773

 

7,770

 

 

3,113

 

 

4,657

 

 

3,227

 

3,020

 

207

 

 

13.90

 

12.85

 

1.05

 

 

Consumer

 

111,490

 

95,715

 

15,775

 

 

8,441

 

 

7,334

 

 

3,763

 

3,559

 

204

 

 

8.77

 

8.14

 

0.63

 

 

Auto

 

82,054

 

71,407

 

10,647

 

 

6,421

 

 

4,226

 

 

35,060

 

32,048

 

3,012

 

 

7.48

 

6.97

 

0.51

 

 

Total loans

 

653,044

 

552,801

 

100,243

 

 

45,476

 

 

54,767

 

$

69,885

$

66,677

$

3,208

 

 

5.36

%

4.72

%

0.64

%

 

Total earning assets

$

932,974

$

777,777

$

155,197

 

$

94,304

 

$

60,893

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

$

25,703

$

23,313

$

2,390

 

 

3.63

%

2.52

%

1.11

%

 

NOW and money market [2]

$

232,129

$

144,970

$

87,159

 

$

70,094

 

$

17,065

 

 

14,700

 

15,029

 

(329

)

 

0.93

 

0.47

 

0.46

 

 

Savings

 

34,171

 

17,443

 

16,728

 

 

16,240

 

 

488

 

 

8,547

 

7,099

 

1,448

 

 

2.97

 

1.76

 

1.21

 

 

Time deposits

 

63,196

 

30,802

 

32,394

 

 

21,831

 

 

10,563

 

 

48,950

 

45,441

 

3,509

 

 

2.71

 

1.72

 

0.99

 

 

Total interest bearing deposits

 

329,496

 

193,215

 

136,281

 

 

108,165

 

 

28,116

 

 

15,083

 

15,704

 

(621

)

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

64,033

 

61,145

 

2,888

 

 

2.07

 

1.28

 

0.78

 

 

Total deposits

 

329,496

 

193,215

 

136,281

 

 

108,165

 

 

28,116

 

 

84

 

247

 

(163

)

 

5.70

 

4.74

 

0.96

 

 

Short-term borrowings

 

1,192

 

2,885

 

(1,693

)

 

309

 

 

(2,002

)

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

998

 

947

 

51

 

 

5.13

 

4.78

 

0.35

 

 

long-term debt

 

12,709

 

11,266

 

1,443

 

 

399

 

 

1,044

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

50,032

 

46,635

 

3,397

 

 

2.76

 

1.80

 

0.96

 

 

liabilities (excluding demand deposits)

 

343,397

 

207,366

 

136,031

 

 

108,873

 

 

27,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,770

 

4,338

 

432

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

$

69,885

$

66,677

$

3,208

 

 

1.98

%

1.26

%

0.72

%

 

Total source of funds

 

343,397

 

207,366

 

136,031

 

 

108,873

 

 

27,158

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

3.38

%

3.46

%

(0.08

)%

 

income on a taxable equivalent basis (Non-GAAP)

 

589,577

 

570,411

 

19,166

 

$

(14,569

)

$

33,735

 

 

 

 

 

2.60

%

2.92

%

(0.32

)%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

38,833

 

38,755

 

78

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

3.16

%

3.22

%

(0.06

)%

 

non-taxable equivalent basis (GAAP)

$

550,744

$

531,656

$

19,088

 

 

 

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table F – Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE

   

[THIS PAGE INTENTIONALLY LEFT BLANK]

     

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table G - Mortgage Banking Activities and Other Service Fees

(Unaudited)

 

 

 

 

 

 

Mortgage Banking Activities

 

 

 

 

 

 

Quarters ended

Variance

(In thousands)

31-Mar-24

31-Dec-23

31-Mar-23

Q1 2024

vs.Q4 2023

Q1 2024

vs.Q1 2023

Mortgage servicing fees, net of fair value adjustments:

 

 

 

 

 

Mortgage servicing fees

$

7,751

 

$

7,898

 

$

8,689

 

$

(147

)

$

(938

)

Mortgage servicing rights fair value adjustments

 

(3,439

)

 

(1,204

)

 

(1,376

)

 

(2,235

)

 

(2,063

)

Total mortgage servicing fees, net of fair value adjustments

 

4,312

 

 

6,694

 

 

7,313

 

 

(2,382

)

 

(3,001

)

Net gain on sale of loans, including valuation on loans held-for-sale

 

74

 

 

45

 

 

263

 

 

29

 

 

(189

)

Trading account profit (loss):

 

 

 

 

 

Unrealized gains (loss) on outstanding derivative positions

 

101

 

 

(298

)

 

(131

)

 

399

 

 

232

 

Realized gains (losses) on closed derivative positions

 

3

 

 

(47

)

 

56

 

 

50

 

 

(53

)

Total trading account profit (loss)

 

104

 

 

(345

)

 

(75

)

 

449

 

 

179

 

Losses on repurchased loans, including interest advances

 

(130

)

 

(6

)

 

(101

)

 

(124

)

 

(29

)

Total mortgage banking activities

$

4,360

 

$

6,388

 

$

7,400

 

$

(2,028

)

$

(3,040

)

 

 

 

 

 

 

 

Other Service Fees

 

 

 

 

 

 

 

Quarters ended

Variance

(In thousands)

 

31-Mar-24

31-Dec-23

31-Mar-23

Q1 2024

vs.Q4 2023

Q1 2024

vs.Q1 2023

Other service fees:

 

 

 

 

 

 

Debit card fees

 

$

14,248

$

13,944

$

13,166

$

304

 

$

1,082

Insurance fees

 

 

14,689

 

16,739

 

13,873

 

(2,050

)

 

816

Credit card fees

 

 

40,853

 

41,439

 

40,498

 

(586

)

 

355

Sale and administration of investment products

 

 

7,427

 

6,862

 

6,558

 

565

 

 

869

Trust fees

 

 

6,707

 

6,716

 

5,775

 

(9

)

 

932

Other fees

 

 

10,348

 

10,992

 

10,206

 

(644

)

 

142

Total other service fees

 

$

94,272

$

96,692

$

90,076

$

(2,420

)

$

4,196

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table H - Loans and Deposits

(Unaudited)

 

 

 

 

 

 

 

 

Loans - Ending Balances

 

 

 

 

Variance

(In thousands)

31-Mar-24

31-Dec-23

31-Mar-23

Q1 2024

vs.Q4 2023

% of Change

Q1 2024

vs.Q1 2023

% of Change

Loans held-in-portfolio:

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Commercial multi-family

$

2,384,635

$

2,415,620

$

2,336,357

 

(30,985

)

(1.28

%)

 

48,278

 

2.07

%

Commercial real estate non-owner occupied

 

5,057,059

 

5,087,421

 

4,650,675

 

(30,362

)

(0.60

%)

 

406,384

 

8.74

%

Commercial real estate owner occupied

 

3,117,844

 

3,080,635

 

3,018,587

 

37,209

 

1.21

%

 

99,257

 

3.29

%

Commercial and industrial

 

7,025,483

 

7,126,121

 

5,999,642

 

(100,638

)

(1.41

%)

 

1,025,841

 

17.10

%

Total Commercial

 

17,585,021

 

17,709,797

 

16,005,261

 

(124,776

)

(0.70

%)

 

1,579,760

 

9.87

%

Construction

 

1,009,303

 

959,280

 

698,996

 

50,023

 

5.21

%

 

310,307

 

44.39

%

Leasing

 

1,765,413

 

1,731,809

 

1,614,344

 

33,604

 

1.94

%

 

151,069

 

9.36

%

Mortgage

 

7,783,662

 

7,695,917

 

7,405,907

 

87,745

 

1.14

%

 

377,755

 

5.10

%

Consumer

 

 

 

 

 

 

 

Credit cards

 

1,142,153

 

1,135,747

 

1,046,196

 

6,406

 

0.56

%

 

95,957

 

9.17

%

Home equity lines of credit

 

66,717

 

65,953

 

69,887

 

764

 

1.16

%

 

(3,170

)

(4.54

%)

Personal

 

1,897,010

 

1,945,247

 

1,841,069

 

(48,237

)

(2.48

%)

 

55,941

 

3.04

%

Auto

 

3,706,854

 

3,660,780

 

3,517,940

 

46,074

 

1.26

%

 

188,914

 

5.37

%

Other

 

162,605

 

160,441

 

138,773

 

2,164

 

1.35

%

 

23,832

 

17.17

%

Total Consumer

 

6,975,339

 

6,968,168

 

6,613,865

 

7,171

 

0.10

%

 

361,474

 

5.47

%

Total loans held-in-portfolio

$

35,118,738

$

35,064,971

$

32,338,373

$

53,767

 

0.15

%

$

2,780,365

 

8.60

%

Loans held-for-sale:

 

 

 

 

 

 

 

Mortgage

$

5,352

$

4,301

$

11,181

$

1,051

 

24.44

%

$

(5,829

)

(52.13

%)

Total loans held-for-sale

$

5,352

$

4,301

$

11,181

$

1,051

 

24.44

%

$

(5,829

)

(52.13

%)

Total loans

$

35,124,090

$

35,069,272

$

32,349,554

$

54,818

 

0.16

%

$

2,774,536

 

8.58

%

 

 

 

 

 

 

 

 

Deposits - Ending Balances

 

 

 

 

Variance

 

(In thousands)

31-Mar-24

31-Dec-23

31-Mar-23

Q1 2024

vs. Q4 2023

% of Change

Q1 2024

vs.Q1 2023

% of Change

Demand deposits [1]

$

26,473,367

$

27,579,054

$

26,191,672

$

(1,105,687

)

(4.01

%)

$

281,695

 

1.08

%

Savings, NOW and money market deposits (non-brokered)

 

27,852,551

 

26,817,844

 

26,622,020

 

1,034,707

 

3.86

%

 

1,230,531

 

4.62

%

Savings, NOW and money market deposits (brokered)

 

727,794

 

719,453

 

734,069

 

8,341

 

1.16

%

 

(6,275

)

(0.85

%)

Time deposits (non-brokered)

 

7,850,459

 

7,546,138

 

6,891,051

 

304,321

 

4.03

%

 

959,408

 

13.92

%

Time deposits (brokered CDs)

 

904,613

 

955,754

 

515,076

 

(51,141

)

(5.35

%)

 

389,537

 

75.63

%

Total deposits

$

63,808,784

$

63,618,243

$

60,953,888

$

190,541

 

0.30

%

$

2,854,896

 

4.68

%

[1] Includes interest and non-interest bearing demand deposits.

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table I - Loan Delinquency -BPPR Operations

(Unaudited)

31-Mar-24

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

 

$

19,384

 

 

$

2,027

 

 

$

106

 

 

$

21,517

 

 

$

282,134

 

 

$

303,651

 

 

 

$

106

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

2,378

 

 

 

3,278

 

 

 

7,922

 

 

 

13,578

 

 

 

2,982,907

 

 

 

2,996,485

 

 

 

 

7,922

 

 

 

-

 

Owner occupied

 

 

6,628

 

 

 

432

 

 

 

26,124

 

 

 

33,184

 

 

 

1,392,908

 

 

 

1,426,092

 

 

 

 

26,124

 

 

 

-

 

Commercial and industrial

 

 

3,020

 

 

 

8,552

 

 

 

33,741

 

 

 

45,313

 

 

 

4,699,810

 

 

 

4,745,123

 

 

 

 

29,171

 

 

 

4,570

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

162,724

 

 

 

162,724

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

254,008

 

 

 

107,224

 

 

 

385,062

 

 

 

746,294

 

 

 

5,737,257

 

 

 

6,483,551

 

 

 

 

166,473

 

 

 

218,589

 

Leasing

 

 

19,936

 

 

 

4,752

 

 

 

7,267

 

 

 

31,955

 

 

 

1,733,458

 

 

 

1,765,413

 

 

 

 

7,267

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

13,034

 

 

 

9,528

 

 

 

23,858

 

 

 

46,420

 

 

 

1,095,716

 

 

 

1,142,136

 

 

 

 

-

 

 

 

23,858

 

Home equity lines of credit

 

 

-

 

 

 

226

 

 

 

7

 

 

 

233

 

 

 

2,336

 

 

 

2,569

 

 

 

 

-

 

 

 

7

 

Personal

 

 

19,822

 

 

 

12,169

 

 

 

19,092

 

 

 

51,083

 

 

 

1,695,410

 

 

 

1,746,493

 

 

 

 

19,092

 

 

 

-

 

Auto

 

 

82,957

 

 

 

18,420

 

 

 

41,807

 

 

 

143,184

 

 

 

3,563,670

 

 

 

3,706,854

 

 

 

 

41,807

 

 

 

-

 

Other

 

 

1,022

 

 

 

150

 

 

 

939

 

 

 

2,111

 

 

 

151,567

 

 

 

153,678

 

 

 

 

632

 

 

 

307

 

Total

 

$

422,189

 

 

$

166,758

 

 

$

545,925

 

 

$

1,134,872

 

 

$

23,499,897

 

 

$

24,634,769

 

 

 

$

298,594

 

 

$

247,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-23

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

 

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

 

$

18,860

 

 

$

2,027

 

 

$

(1,885

)

 

$

19,002

 

 

$

(7,293

)

 

$

11,709

 

 

 

$

(1,885

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

(3,132

)

 

 

3,201

 

 

 

(823

)

 

 

(754

)

 

 

(8,015

)

 

 

(8,769

)

 

 

 

(823

)

 

 

-

 

Owner occupied

 

 

3,902

 

 

 

183

 

 

 

(3,306

)

 

 

779

 

 

 

26,930

 

 

 

27,709

 

 

 

 

(3,306

)

 

 

-

 

Commercial and industrial

 

 

(3,978

)

 

 

5,200

 

 

 

(2,469

)

 

 

(1,247

)

 

 

(49,856

)

 

 

(51,103

)

 

 

 

(3,655

)

 

 

1,186

 

Construction

 

 

-

 

 

 

-

 

 

 

(6,378

)

 

 

(6,378

)

 

 

(755

)

 

 

(7,133

)

 

 

 

(6,378

)

 

 

-

 

Mortgage

 

 

(6,889

)

 

 

(7,058

)

 

 

(31,466

)

 

 

(45,413

)

 

 

137,140

 

 

 

91,727

 

 

 

 

(8,633

)

 

 

(22,833

)

Leasing

 

 

(204

)

 

 

(1,967

)

 

 

(1,365

)

 

 

(3,536

)

 

 

37,140

 

 

 

33,604

 

 

 

 

(1,365

)

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

(209

)

 

 

(384

)

 

 

577

 

 

 

(16

)

 

 

6,424

 

 

 

6,408

 

 

 

 

-

 

 

 

577

 

Home equity lines of credit

 

 

(230

)

 

 

226

 

 

 

(19

)

 

 

(23

)

 

 

(56

)

 

 

(79

)

 

 

 

-

 

 

 

(19

)

Personal

 

 

757

 

 

 

(2,442

)

 

 

61

 

 

 

(1,624

)

 

 

(28,193

)

 

 

(29,817

)

 

 

 

61

 

 

 

-

 

Auto

 

 

(17,104

)

 

 

(9,023

)

 

 

(3,808

)

 

 

(29,935

)

 

 

76,009

 

 

 

46,074

 

 

 

 

(3,808

)

 

 

-

 

Other

 

 

(619

)

 

 

(54

)

 

 

(274

)

 

 

(947

)

 

 

4,463

 

 

 

3,516

 

 

 

 

(332

)

 

 

58

 

Total

 

$

(8,846

)

 

$

(10,091

)

 

$

(51,155

)

 

$

(70,092

)

 

$

193,938

 

 

$

123,846

 

 

 

$

(30,124

)

 

$

(21,031

)

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table J - Loan Delinquency - Popular U.S. Operations

(Unaudited)

31-Mar-24

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

 

$

3,434

 

 

$

-

 

 

$

8,700

 

 

$

12,134

 

 

$

2,068,850

 

 

$

2,080,984

 

 

 

$

8,700

 

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

740

 

 

 

1,364

 

 

 

2,407

 

 

 

4,511

 

 

 

2,056,063

 

 

 

2,060,574

 

 

 

 

2,407

 

 

 

-

Owner occupied

 

 

6,107

 

 

 

19,009

 

 

 

3,877

 

 

 

28,993

 

 

 

1,662,759

 

 

 

1,691,752

 

 

 

 

3,877

 

 

 

-

Commercial and industrial

 

 

9,961

 

 

 

628

 

 

 

6,634

 

 

 

17,223

 

 

 

2,263,137

 

 

 

2,280,360

 

 

 

 

6,423

 

 

 

211

Construction

 

 

8,825

 

 

 

-

 

 

 

-

 

 

 

8,825

 

 

 

837,754

 

 

 

846,579

 

 

 

 

-

 

 

 

-

Mortgage

 

 

25,558

 

 

 

533

 

 

 

28,071

 

 

 

54,162

 

 

 

1,245,949

 

 

 

1,300,111

 

 

 

 

28,071

 

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17

 

 

 

17

 

 

 

 

-

 

 

 

-

Home equity lines of credit

 

 

846

 

 

 

390

 

 

 

3,986

 

 

 

5,222

 

 

 

58,926

 

 

 

64,148

 

 

 

 

3,986

 

 

 

-

Personal

 

 

2,142

 

 

 

1,695

 

 

 

2,068

 

 

 

5,905

 

 

 

144,612

 

 

 

150,517

 

 

 

 

2,068

 

 

 

-

Other

 

 

-

 

 

 

-

 

 

 

1

 

 

 

1

 

 

 

8,926

 

 

 

8,927

 

 

 

 

1

 

 

 

-

Total

 

$

57,613

 

 

$

23,619

 

 

$

55,744

 

 

$

136,976

 

 

$

10,346,993

 

 

$

10,483,969

 

 

 

$

55,533

 

 

$

211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-23

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

 

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

 

$

(5,707

)

 

$

(2,001

)

 

$

8,700

 

 

$

992

 

 

$

(43,686

)

 

$

(42,694

)

 

 

$

8,700

 

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

174

 

 

 

328

 

 

 

1,290

 

 

 

1,792

 

 

 

(23,385

)

 

 

(21,593

)

 

 

 

1,290

 

 

 

-

Owner occupied

 

 

(24,453

)

 

 

19,009

 

 

 

(2,397

)

 

 

(7,841

)

 

 

17,341

 

 

 

9,500

 

 

 

 

(2,397

)

 

 

-

Commercial and industrial

 

 

2,146

 

 

 

(69

)

 

 

2,753

 

 

 

4,830

 

 

 

(54,365

)

 

 

(49,535

)

 

 

 

2,651

 

 

 

102

Construction

 

 

8,825

 

 

 

-

 

 

 

-

 

 

 

8,825

 

 

 

48,331

 

 

 

57,156

 

 

 

 

-

 

 

 

-

Mortgage

 

 

(23,260

)

 

 

(7,288

)

 

 

16,880

 

 

 

(13,668

)

 

 

9,686

 

 

 

(3,982

)

 

 

 

16,880

 

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

(2

)

 

 

 

-

 

 

 

-

Home equity lines of credit

 

 

(626

)

 

 

386

 

 

 

253

 

 

 

13

 

 

 

830

 

 

 

843

 

 

 

 

253

 

 

 

-

Personal

 

 

(80

)

 

 

(253

)

 

 

(737

)

 

 

(1,070

)

 

 

(17,350

)

 

 

(18,420

)

 

 

 

(737

)

 

 

-

Other

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

(1,348

)

 

 

(1,352

)

 

 

 

-

 

 

 

-

Total

 

$

(42,985

)

 

$

10,112

 

 

$

26,742

 

 

$

(6,131

)

 

$

(63,948

)

 

$

(70,079

)

 

 

$

26,640

 

 

$

102

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

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

 

 

loans

 

loans

Commercial multi-family

$

22,818

 

 

$

2,027

 

 

$

8,806

 

 

$

33,651

 

 

$

2,350,984

 

 

$

2,384,635

 

 

 

$

8,806

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

3,118

 

 

 

4,642

 

 

 

10,329

 

 

 

18,089

 

 

 

5,038,970

 

 

 

5,057,059

 

 

 

 

10,329

 

 

 

-

 

Owner occupied

 

12,735

 

 

 

19,441

 

 

 

30,001

 

 

 

62,177

 

 

 

3,055,667

 

 

 

3,117,844

 

 

 

 

30,001

 

 

 

-

 

Commercial and industrial

 

12,981

 

 

 

9,180

 

 

 

40,375

 

 

 

62,536

 

 

 

6,962,947

 

 

 

7,025,483

 

 

 

 

35,594

 

 

 

4,781

 

Construction

 

8,825

 

 

 

-

 

 

 

-

 

 

 

8,825

 

 

 

1,000,478

 

 

 

1,009,303

 

 

 

 

-

 

 

 

-

 

Mortgage

 

279,566

 

 

 

107,757

 

 

 

413,133

 

 

 

800,456

 

 

 

6,983,206

 

 

 

7,783,662

 

 

 

 

194,544

 

 

 

218,589

 

Leasing

 

19,936

 

 

 

4,752

 

 

 

7,267

 

 

 

31,955

 

 

 

1,733,458

 

 

 

1,765,413

 

 

 

 

7,267

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

13,034

 

 

 

9,528

 

 

 

23,858

 

 

 

46,420

 

 

 

1,095,733

 

 

 

1,142,153

 

 

 

 

-

 

 

 

23,858

 

Home equity lines of credit

 

846

 

 

 

616

 

 

 

3,993

 

 

 

5,455

 

 

 

61,262

 

 

 

66,717

 

 

 

 

3,986

 

 

 

7

 

Personal

 

21,964

 

 

 

13,864

 

 

 

21,160

 

 

 

56,988

 

 

 

1,840,022

 

 

 

1,897,010

 

 

 

 

21,160

 

 

 

-

 

Auto

 

82,957

 

 

 

18,420

 

 

 

41,807

 

 

 

143,184

 

 

 

3,563,670

 

 

 

3,706,854

 

 

 

 

41,807

 

 

 

-

 

Other

 

1,022

 

 

 

150

 

 

 

940

 

 

 

2,112

 

 

 

160,493

 

 

 

162,605

 

 

 

 

633

 

 

 

307

 

Total

$

479,802

 

 

$

190,377

 

 

$

601,669

 

 

$

1,271,848

 

 

$

33,846,890

 

 

$

35,118,738

 

 

 

$

354,127

 

 

$

247,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-23

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

 

 

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

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

 

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

$

13,153

 

 

$

26

 

 

$

6,815

 

 

$

19,994

 

 

$

(50,979

)

 

$

(30,985

)

 

 

$

6,815

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

(2,958

)

 

 

3,529

 

 

 

467

 

 

 

1,038

 

 

 

(31,400

)

 

 

(30,362

)

 

 

 

467

 

 

 

-

 

Owner occupied

 

(20,551

)

 

 

19,192

 

 

 

(5,703

)

 

 

(7,062

)

 

 

44,271

 

 

 

37,209

 

 

 

 

(5,703

)

 

 

-

 

Commercial and industrial

 

(1,832

)

 

 

5,131

 

 

 

284

 

 

 

3,583

 

 

 

(104,221

)

 

 

(100,638

)

 

 

 

(1,004

)

 

 

1,288

 

Construction

 

8,825

 

 

 

-

 

 

 

(6,378

)

 

 

2,447

 

 

 

47,576

 

 

 

50,023

 

 

 

 

(6,378

)

 

 

-

 

Mortgage

 

(30,149

)

 

 

(14,346

)

 

 

(14,586

)

 

 

(59,081

)

 

 

146,826

 

 

 

87,745

 

 

 

 

8,247

 

 

 

(22,833

)

Leasing

 

(204

)

 

 

(1,967

)

 

 

(1,365

)

 

 

(3,536

)

 

 

37,140

 

 

 

33,604

 

 

 

 

(1,365

)

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

(209

)

 

 

(384

)

 

 

577

 

 

 

(16

)

 

 

6,422

 

 

 

6,406

 

 

 

 

-

 

 

 

577

 

Home equity lines of credit

 

(856

)

 

 

612

 

 

 

234

 

 

 

(10

)

 

 

774

 

 

 

764

 

 

 

 

253

 

 

 

(19

)

Personal

 

677

 

 

 

(2,695

)

 

 

(676

)

 

 

(2,694

)

 

 

(45,543

)

 

 

(48,237

)

 

 

 

(676

)

 

 

-

 

Auto

 

(17,104

)

 

 

(9,023

)

 

 

(3,808

)

 

 

(29,935

)

 

 

76,009

 

 

 

46,074

 

 

 

 

(3,808

)

 

 

-

 

Other

 

(623

)

 

 

(54

)

 

 

(274

)

 

 

(951

)

 

 

3,115

 

 

 

2,164

 

 

 

 

(332

)

 

 

58

 

Total

$

(51,831

)

 

$

21

 

 

$

(24,413

)

 

$

(76,223

)

 

$

129,990

 

 

$

53,767

 

 

 

$

(3,484

)

 

$

(20,929

)

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

31-Mar-24

As a % of

loans HIP by

category

31-Dec-23

As a % of

loans HIP by

category

31-Mar-23

As a % of

loans HIP by

category

Q1 2024

vs. Q4 2023

Q1 2024

vs. Q1 2023

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

Commercial multi-family

$

8,806

0.4

%

$

1,991

0.1

%

$

606

-

%

$

6,815

 

$

8,200

 

Commercial real estate non-owner occupied

 

10,329

0.2

 

 

9,862

0.2

 

 

23,063

0.5

 

 

467

 

 

(12,734

)

Commercial real estate owner occupied

 

30,001

1.0

 

 

35,704

1.2

 

 

42,874

1.4

 

 

(5,703

)

 

(12,873

)

Commercial and industrial

 

35,594

0.5

 

 

36,598

0.5

 

 

35,457

0.6

 

 

(1,004

)

 

137

 

Total Commercial

 

84,730

0.5

 

 

84,155

0.5

 

 

102,000

0.6

 

 

575

 

 

(17,270

)

Construction

 

-

-

 

 

6,378

0.7

 

 

-

-

 

 

(6,378

)

 

-

 

Leasing

 

7,267

0.4

 

 

8,632

0.5

 

 

6,103

0.4

 

 

(1,365

)

 

1,164

 

Mortgage

 

194,544

2.5

 

 

186,297

2.4

 

 

238,794

3.2

 

 

8,247

 

 

(44,250

)

Consumer

 

 

 

 

 

 

 

 

 

 

 

Home equity lines of credit

 

3,986

6.0

 

 

3,733

5.7

 

 

4,618

6.6

 

 

253

 

 

(632

)

Personal

 

21,160

1.1

 

 

21,836

1.1

 

 

19,917

1.1

 

 

(676

)

 

1,243

 

Auto

 

41,807

1.1

 

 

45,615

1.2

 

 

39,516

1.1

 

 

(3,808

)

 

2,291

 

Other Consumer

 

633

0.4

 

 

965

0.6

 

 

1,435

1.0

 

 

(332

)

 

(802

)

Total Consumer

 

67,586

1.0

 

 

72,149

1.0

 

 

65,486

1.0

 

 

(4,563

)

 

2,100

 

Total non-performing loans held-in-portfolio

 

354,127

1.0

%

 

357,611

1.0

%

 

412,383

1.3

%

 

(3,484

)

 

(58,256

)

Other real estate owned (“OREO”)

 

80,542

 

 

 

80,416

 

 

 

91,721

 

 

 

126

 

 

(11,179

)

Total non-performing assets [1]

$

434,669

 

 

$

438,027

 

 

$

504,104

 

 

$

(3,358

)

$

(69,435

)

Accruing loans past due 90 days or more [2]

$

247,542

 

 

$

268,471

 

 

$

305,883

 

 

$

(20,929

)

$

(58,341

)

Ratios:

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets to total assets

 

0.61

%

 

 

0.62

%

 

 

0.74

%

 

 

 

Non-performing loans held-in-portfolio to loans held-in-portfolio

 

1.01

 

 

 

1.02

 

 

 

1.28

 

 

 

 

Allowance for credit losses to loans held-in-portfolio

 

2.11

 

 

 

2.08

 

 

 

2.13

 

 

 

 

Allowance for credit losses to non-performing loans, excluding loans held-for-sale

 

208.84

 

 

 

203.95

 

 

 

167.11

 

 

 

 

[1] There were no non-performing loans held-for-sale as of March 31, 2024, December 31, 2023 and March 31, 2023.

[2] 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. The balance of these loans includes $10 million at March 31, 2024, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below ( December 31, 2023 - $11 million; March 31, 2023 - $7 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 (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $93 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2024 (December 31, 2023 - $106 million; March 31, 2023 - $167 million). Furthermore, the Corporation has approximately $37 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 (December 31, 2023- $38 million; March 31, 2023 - $40 million).

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

 

 

 

 

 

 

 

Commercial loans held-in-portfolio:

 

Quarter ended

Quarter ended

 

31-Mar-24

31-Dec-23

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$

72,992

 

$

11,163

 

$

84,155

 

$

72,227

 

$

8,594

 

$

80,821

 

Plus:

 

 

 

 

 

 

New non-performing loans

 

4,343

 

 

15,039

 

 

19,382

 

 

22,009

 

 

3,859

 

 

25,868

 

Advances on existing non-performing loans

 

-

 

 

20

 

 

20

 

 

-

 

 

515

 

 

515

 

Less:

 

 

 

 

 

 

Non-performing loans transferred to OREO

 

-

 

 

-

 

 

-

 

 

(5,484

)

 

-

 

 

(5,484

)

Non-performing loans charged-off

 

(7,999

)

 

(950

)

 

(8,949

)

 

(5,427

)

 

-

 

 

(5,427

)

Loans returned to accrual status / loan collections

 

(6,013

)

 

(3,865

)

 

(9,878

)

 

(10,333

)

 

(1,805

)

 

(12,138

)

Ending balance NPLs

$

63,323

 

$

21,407

 

$

84,730

 

$

72,992

 

$

11,163

 

$

84,155

 

 

 

 

 

 

 

 

Construction loans held-in-portfolio:

 

Quarter ended

Quarter ended

 

31-Mar-24

31-Dec-23

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$

6,378

 

$

-

 

$

6,378

 

$

6,578

 

$

-

 

$

6,578

 

Less:

 

 

 

 

 

 

Loans returned to accrual status / loan collections

 

(6,378

)

 

-

 

 

(6,378

)

 

(200

)

 

-

 

 

(200

)

Ending balance NPLs

$

-

 

$

-

 

$

-

 

$

6,378

 

$

-

 

$

6,378

 

 

 

 

 

 

 

 

Mortgage loans held-in-portfolio:

 

Quarter ended

Quarter ended

 

31-Mar-24

31-Dec-23

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$

175,106

 

$

11,191

 

$

186,297

 

$

187,443

 

$

11,980

 

$

199,423

 

Plus:

 

 

 

 

 

 

New non-performing loans

 

29,160

 

 

20,334

 

 

49,494

 

 

30,406

 

 

4,179

 

 

34,585

 

Advances on existing non-performing loans

 

-

 

 

2

 

 

2

 

 

-

 

 

11

 

 

11

 

Less:

 

 

 

 

 

 

Non-performing loans transferred to OREO

 

(4,109

)

 

-

 

 

(4,109

)

 

(5,423

)

 

-

 

 

(5,423

)

Non-performing loans charged-off

 

(310

)

 

-

 

 

(310

)

 

153

 

 

-

 

 

153

 

Loans returned to accrual status / loan collections

 

(33,374

)

 

(3,456

)

 

(36,830

)

 

(37,473

)

 

(4,979

)

 

(42,452

)

Ending balance NPLs

$

166,473

 

$

28,071

 

$

194,544

 

$

175,106

 

$

11,191

 

$

186,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans held-in-portfolio (excluding consumer):

 

Quarter ended

Quarter ended

 

31-Mar-24

31-Dec-23

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$

254,476

 

$

22,354

 

$

276,830

 

$

266,248

 

$

20,574

 

$

286,822

 

Plus:

 

 

 

 

 

 

New non-performing loans

 

33,503

 

 

35,373

 

 

68,876

 

 

52,415

 

 

8,038

 

 

60,453

 

Advances on existing non-performing loans

 

-

 

 

22

 

 

22

 

 

-

 

 

526

 

 

526

 

Less:

 

 

 

 

 

 

Non-performing loans transferred to OREO

 

(4,109

)

 

-

 

 

(4,109

)

 

(10,907

)

 

-

 

 

(10,907

)

Non-performing loans charged-off

 

(8,309

)

 

(950

)

 

(9,259

)

 

(5,274

)

 

-

 

 

(5,274

)

Loans returned to accrual status / loan collections

 

(45,765

)

 

(7,321

)

 

(53,086

)

 

(48,006

)

 

(6,784

)

 

(54,790

)

Ending balance NPLs

$

229,796

 

$

49,478

 

$

279,274

 

$

254,476

 

$

22,354

 

$

276,830

 

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios

(Unaudited)

 

 

 

 

 

Quarters ended

(In thousands)

31-Mar-24

31-Dec-23

31-Mar-23

Balance at beginning of period - loans held-in-portfolio

$

729,341

 

$

711,068

 

$

720,302

 

Impact of adopting ASU-2022-02

 

-

 

 

-

 

 

(45,583

)

Provision for credit losses

 

72,386

 

 

75,218

 

 

47,146

 

Initial allowance for credit losses - PCD Loans

 

17

 

 

2

 

 

68

 

 

 

801,744

 

 

786,288

 

 

721,933

 

Net loans charge-off (recovered)- BPPR

 

 

 

Commercial:

 

 

 

Commercial multi-family

 

(1

)

 

-

 

 

-

 

Commercial real estate non-owner occupied

 

(325

)

 

(426

)

 

(135

)

Commercial real estate owner occupied

 

2,247

 

 

2,770

 

 

(1,507

)

Commercial and industrial

 

5,109

 

 

1,535

 

 

442

 

Total Commercial

 

7,030

 

 

3,879

 

 

(1,200

)

Construction

 

-

 

 

(1

)

 

-

 

Leasing

 

3,685

 

 

3,677

 

 

327

 

Mortgage

 

(4,426

)

 

(2,720

)

 

(3,954

)

Consumer:

 

 

 

Credit cards

 

13,958

 

 

10,811

 

 

6,287

 

Home equity lines of credit

 

104

 

 

(64

)

 

(36

)

Personal

 

21,940

 

 

20,405

 

 

12,045

 

Auto

 

13,846

 

 

15,582

 

 

7,204

 

Other Consumer

 

424

 

 

344

 

 

10,791

 

Total Consumer

 

50,272

 

 

47,078

 

 

36,291

 

Total net charged-off BPPR

$

56,561

 

$

51,913

 

$

31,464

 

 

 

 

 

Net loans charge-off (recovered) - Popular U.S.

 

 

 

Commercial:

 

 

 

Commercial multi-family

 

440

 

 

(1

)

 

(2

)

Commercial real estate non-owner occupied

 

(64

)

 

128

 

 

(1,852

)

Commercial real estate owner occupied

 

(24

)

 

(22

)

 

(24

)

Commercial and industrial

 

408

 

 

(159

)

 

(469

)

Total Commercial

 

760

 

 

(54

)

 

(2,347

)

Mortgage

 

(25

)

 

(25

)

 

(14

)

Consumer:

 

 

 

Credit cards

 

-

 

 

-

 

 

1

 

Home equity lines of credit

 

(148

)

 

(214

)

 

(126

)

Personal

 

5,027

 

 

5,302

 

 

3,787

 

Other Consumer

 

25

 

 

25

 

 

48

 

Total Consumer

 

4,904

 

 

5,113

 

 

3,710

 

Total net charged-off Popular U.S.

$

5,639

 

$

5,034

 

$

1,349

 

Total loans charged-off - Popular, Inc.

$

62,200

 

$

56,947

 

$

32,813

 

Balance at end of period - loans held-in-portfolio

$

739,544

 

$

729,341

 

$

689,120

 

 

 

 

 

Balance at beginning of period - unfunded commitments

$

17,006

 

$

13,284

 

$

8,805

 

Provision for credit losses (benefit)

 

(239

)

 

3,722

 

 

610

 

Balance at end of period - unfunded commitments [1]

$

16,767

 

$

17,006

 

$

9,415

 

 

 

 

 

POPULAR, INC.

 

 

 

Annualized net charge-offs (recoveries) to average loans held-in-portfolio

 

0.71

%

 

0.66

%

 

0.41

%

Provision for credit losses - loan portfolios to net charge-offs

 

116.38

%

 

132.08

%

 

143.68

%

BPPR

 

 

 

Annualized net charge-offs (recoveries) to average loans held-in-portfolio

 

0.92

%

 

0.86

%

 

0.56

%

Provision for credit losses (benefit) - loan portfolios to net charge-offs

 

107.86

%

 

129.51

%

 

143.67

%

Popular U.S.

 

 

 

Annualized net charge-offs (recoveries) to average loans held-in-portfolio

 

0.21

%

 

0.19

%

 

0.06

%

Provision for credit losses (benefit) - loan portfolios to net charge-offs

 

201.77

%

 

158.58

%

 

144.03

%

[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - Consolidated

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

(In thousands)

 

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

$

12,743

 

 

$

2,384,635

 

 

0.53

%

Commercial real estate - non-owner occupied

 

 

65,624

 

 

 

5,057,059

 

 

1.30

%

Commercial real estate - owner occupied

 

 

63,807

 

 

 

3,117,844

 

 

2.05

%

Commercial and industrial

 

 

120,418

 

 

 

7,025,483

 

 

1.71

%

Total commercial

 

$

262,592

 

 

$

17,585,021

 

 

1.49

%

Construction

 

 

11,139

 

 

 

1,009,303

 

 

1.10

%

Mortgage

 

 

86,438

 

 

 

7,783,662

 

 

1.11

%

Leasing

 

 

8,991

 

 

 

1,765,413

 

 

0.51

%

Consumer:

 

 

 

 

 

 

Credit cards

 

 

88,169

 

 

 

1,142,153

 

 

7.72

%

Home equity lines of credit

 

 

1,872

 

 

 

66,717

 

 

2.81

%

Personal

 

 

116,077

 

 

 

1,897,010

 

 

6.12

%

Auto

 

 

157,456

 

 

 

3,706,854

 

 

4.25

%

Other consumer

 

 

6,810

 

 

 

162,605

 

 

4.19

%

Total consumer

 

$

370,384

 

 

$

6,975,339

 

 

5.31

%

Total

 

$

739,544

 

 

$

35,118,738

 

 

2.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-23

(In thousands)

 

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

$

13,740

 

 

$

2,415,620

 

 

0.57

%

Commercial real estate - non-owner occupied

 

 

65,453

 

 

 

5,087,421

 

 

1.29

%

Commercial real estate - owner occupied

 

 

56,864

 

 

 

3,080,635

 

 

1.85

%

Commercial and industrial

 

 

122,356

 

 

 

7,126,121

 

 

1.72

%

Total commercial

 

$

258,413

 

 

$

17,709,797

 

 

1.46

%

Construction

 

 

12,686

 

 

 

959,280

 

 

1.32

%

Mortgage

 

 

83,214

 

 

 

7,695,917

 

 

1.08

%

Leasing

 

 

9,708

 

 

 

1,731,809

 

 

0.56

%

Consumer:

 

 

 

 

 

 

Credit cards

 

 

80,487

 

 

 

1,135,747

 

 

7.09

%

Home equity lines of credit

 

 

1,978

 

 

 

65,953

 

 

3.00

%

Personal

 

 

117,790

 

 

 

1,945,247

 

 

6.06

%

Auto

 

 

157,931

 

 

 

3,660,780

 

 

4.31

%

Other consumer

 

 

7,134

 

 

 

160,441

 

 

4.45

%

Total consumer

 

$

365,320

 

 

$

6,968,168

 

 

5.24

%

Total

 

$

729,341

 

 

$

35,064,971

 

 

2.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

 

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

$

(997

)

 

$

(30,985

)

 

(0.04

)%

Commercial real estate - non-owner occupied

 

 

171

 

 

 

(30,362

)

 

0.01

%

Commercial real estate - owner occupied

 

 

6,943

 

 

 

37,209

 

 

0.20

%

Commercial and industrial

 

 

(1,938

)

 

 

(100,638

)

 

(0.01

)%

Total commercial

 

$

4,179

 

 

$

(124,776

)

 

0.03

%

Construction

 

 

(1,547

)

 

 

50,023

 

 

(0.22

)%

Mortgage

 

 

3,224

 

 

 

87,745

 

 

0.03

%

Leasing

 

 

(717

)

 

 

33,604

 

 

(0.05

)%

Consumer:

 

 

 

 

 

 

Credit cards

 

 

7,682

 

 

 

6,406

 

 

0.63

%

Home equity lines of credit

 

 

(106

)

 

 

764

 

 

(0.19

)%

Personal

 

 

(1,713

)

 

 

(48,237

)

 

0.06

%

Auto

 

 

(475

)

 

 

46,074

 

 

(0.06

)%

Other consumer

 

 

(324

)

 

 

2,164

 

 

(0.26

)%

Total consumer

 

$

5,064

 

 

$

7,171

 

 

0.07

%

Total

 

$

10,203

 

 

$

53,767

 

 

0.03

%

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR Operations

(Unaudited)

 

 

 

 

 

 

 

31-Mar-24

BPPR

(In thousands)

 

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

$

3,567

 

 

$

303,651

 

 

1.17

%

Commercial real estate - non-owner occupied

 

 

53,666

 

 

 

2,996,485

 

 

1.79

%

Commercial real estate - owner occupied

 

 

43,537

 

 

 

1,426,092

 

 

3.05

%

Commercial and industrial

 

 

102,844

 

 

 

4,745,123

 

 

2.17

%

Total commercial

 

$

203,614

 

 

$

9,471,351

 

 

2.15

%

Construction

 

 

3,114

 

 

 

162,724

 

 

1.91

%

Mortgage

 

 

76,564

 

 

 

6,483,551

 

 

1.18

%

Leasing

 

 

8,991

 

 

 

1,765,413

 

 

0.51

%

Consumer:

 

 

 

 

 

 

Credit cards

 

 

88,169

 

 

 

1,142,136

 

 

7.72

%

Home equity lines of credit

 

 

102

 

 

 

2,569

 

 

3.97

%

Personal

 

 

99,504

 

 

 

1,746,493

 

 

5.70

%

Auto

 

 

157,456

 

 

 

3,706,854

 

 

4.25

%

Other consumer

 

 

6,808

 

 

 

153,678

 

 

4.43

%

Total consumer

 

$

352,039

 

 

$

6,751,730

 

 

5.21

%

Total

 

$

644,322

 

 

$

24,634,769

 

 

2.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-23

BPPR

(In thousands)

 

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

$

3,614

 

 

$

291,942

 

 

1.24

%

Commercial real estate - non-owner occupied

 

 

53,754

 

 

 

3,005,254

 

 

1.79

%

Commercial real estate - owner occupied

 

 

40,637

 

 

 

1,398,383

 

 

2.91

%

Commercial and industrial

 

 

107,577

 

 

 

4,796,226

 

 

2.24

%

Total commercial

 

$

205,582

 

 

$

9,491,805

 

 

2.17

%

Construction

 

 

5,294

 

 

 

169,857

 

 

3.12

%

Mortgage

 

 

72,440

 

 

 

6,391,824

 

 

1.13

%

Leasing

 

 

9,708

 

 

 

1,731,809

 

 

0.56

%

Consumer:

 

 

 

 

 

 

Credit cards

 

 

80,487

 

 

 

1,135,728

 

 

7.09

%

Home equity lines of credit

 

 

103

 

 

 

2,648

 

 

3.89

%

Personal

 

 

101,181

 

 

 

1,776,310

 

 

5.70

%

Auto

 

 

157,931

 

 

 

3,660,780

 

 

4.31

%

Other consumer

 

 

7,132

 

 

 

150,162

 

 

4.75

%

Total consumer

 

$

346,834

 

 

$

6,725,628

 

 

5.16

%

Total

 

$

639,858

 

 

$

24,510,923

 

 

2.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

 

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

 

(47

)

 

 

11,709

 

 

(0.07

)%

Commercial real estate - non-owner occupied

 

 

(88

)

 

 

(8,769

)

 

-

%

Commercial real estate - owner occupied

 

 

2,900

 

 

 

27,709

 

 

0.14

%

Commercial and industrial

 

 

(4,733

)

 

 

(51,103

)

 

(0.07

)%

Total commercial

 

$

(1,968

)

 

$

(20,454

)

 

(0.02

)%

Construction

 

 

(2,180

)

 

 

(7,133

)

 

(1.21

)%

Mortgage

 

 

4,124

 

 

 

91,727

 

 

0.05

%

Leasing

 

 

(717

)

 

 

33,604

 

 

(0.05

)%

Consumer:

 

 

 

 

 

 

Credit cards

 

 

7,682

 

 

 

6,408

 

 

0.63

%

Home equity lines of credit

 

 

(1

)

 

 

(79

)

 

0.08

%

Personal

 

 

(1,677

)

 

 

(29,817

)

 

-

%

Auto

 

 

(475

)

 

 

46,074

 

 

(0.06

)%

Other consumer

 

 

(324

)

 

 

3,516

 

 

(0.32

)%

Total consumer

 

$

5,205

 

 

$

26,102

 

 

0.05

%

Total

 

$

4,464

 

 

$

123,846

 

 

0.01

%

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. Operations

(Unaudited)

 

 

 

 

 

 

31-Mar-24

Popular U.S.

(In thousands)

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

Commercial multi-family

$

9,176

 

 

$

2,080,984

 

 

0.44

%

Commercial real estate - non-owner occupied

 

11,958

 

 

 

2,060,574

 

 

0.58

%

Commercial real estate - owner occupied

 

20,270

 

 

 

1,691,752

 

 

1.20

%

Commercial and industrial

 

17,574

 

 

 

2,280,360

 

 

0.77

%

Total commercial

$

58,978

 

 

$

8,113,670

 

 

0.73

%

Construction

 

8,025

 

 

 

846,579

 

 

0.95

%

Mortgage

 

9,874

 

 

 

1,300,111

 

 

0.76

%

Consumer:

 

 

 

 

 

Credit cards

 

-

 

 

 

17

 

 

-

%

Home equity lines of credit

 

1,770

 

 

 

64,148

 

 

2.76

%

Personal

 

16,573

 

 

 

150,517

 

 

11.01

%

Other consumer

 

2

 

 

 

8,927

 

 

0.02

%

Total consumer

$

18,345

 

 

$

223,609

 

 

8.20

%

Total

$

95,222

 

 

$

10,483,969

 

 

0.91

%

 

 

 

 

 

 

31-Dec-23

Popular U.S.

(In thousands)

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

Commercial multi-family

$

10,126

 

 

$

2,123,678

 

 

0.48

%

Commercial real estate - non-owner occupied

 

11,699

 

 

 

2,082,167

 

 

0.56

%

Commercial real estate - owner occupied

 

16,227

 

 

 

1,682,252

 

 

0.96

%

Commercial and industrial

 

14,779

 

 

 

2,329,895

 

 

0.63

%

Total commercial

$

52,831

 

 

$

8,217,992

 

 

0.64

%

Construction

 

7,392

 

 

 

789,423

 

 

0.94

%

Mortgage

 

10,774

 

 

 

1,304,093

 

 

0.83

%

Consumer:

 

 

 

 

 

Credit cards

 

-

 

 

 

19

 

 

-

%

Home equity lines of credit

 

1,875

 

 

 

63,305

 

 

2.96

%

Personal

 

16,609

 

 

 

168,937

 

 

9.83

%

Other consumer

 

2

 

 

 

10,279

 

 

0.02

%

Total consumer

$

18,486

 

 

$

242,540

 

 

7.62

%

Total

$

89,483

 

 

$

10,554,048

 

 

0.85

%

 

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

Total ACL

 

Total loans

held-in-portfolio

 

ACL to loans

held-in-portfolio

Commercial:

 

 

 

 

 

Commercial multi-family

$

(950

)

 

$

(42,694

)

 

(0.04

)%

Commercial real estate - non-owner occupied

 

259

 

 

 

(21,593

)

 

0.02

%

Commercial real estate - owner occupied

 

4,043

 

 

 

9,500

 

 

0.24

%

Commercial and industrial

 

2,795

 

 

 

(49,535

)

 

0.14

%

Total commercial

$

6,147

 

 

$

(104,322

)

 

0.09

%

Construction

 

633

 

 

 

57,156

 

 

0.01

%

Mortgage

 

(900

)

 

 

(3,982

)

 

(0.07

)%

Consumer:

 

 

 

 

 

Credit cards

 

-

 

 

 

(2

)

 

-

%

Home equity lines of credit

 

(105

)

 

 

843

 

 

(0.20

)%

Personal

 

(36

)

 

 

(18,420

)

 

1.18

%

Other consumer

 

-

 

 

 

(1,352

)

 

-

%

Total consumer

$

(141

)

 

$

(18,931

)

 

0.58

%

Total

$

5,739

 

 

$

(70,079

)

 

0.06

%

   

Popular, Inc.

Financial Supplement to First Quarter 2024 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

 

 

 

 

 

 

 

(In thousands, except share or per share information)

31-Mar-24

31-Dec-23

31-Mar-23

Total stockholders’ equity

$

5,177,314

 

$

5,146,953

 

$

4,470,725

 

Less: Preferred stock

 

(22,143

)

 

(22,143

)

 

(22,143

)

Less: Goodwill

 

(804,428

)

 

(804,428

)

 

(827,428

)

Less: Other intangibles

 

(8,969

)

 

(9,764

)

 

(12,149

)

Total tangible common equity

$

4,341,774

 

$

4,310,618

 

$

3,609,005

 

Total assets

$

70,936,939

 

$

70,758,155

 

$

67,675,759

 

Less: Goodwill

 

(804,428

)

 

(804,428

)

 

(827,428

)

Less: Other intangibles

 

(8,969

)

 

(9,764

)

 

(12,149

)

Total tangible assets

$

70,123,542

 

$

69,943,963

 

$

66,836,182

 

Tangible common equity to tangible assets

 

6.19

%

 

6.16

%

 

5.40

%

Common shares outstanding at end of period

 

72,284,875

 

 

72,153,621

 

 

71,965,984

 

Tangible book value per common share

$

60.06

 

$

59.74

 

$

50.15

 

 

 

 

 

 

Quarterly average

Total stockholders’ equity [1]

$

6,198,740

 

$

6,072,871

 

$

5,641,308

 

Average unrealized (gains) losses on AFS securities transferred to HTM

 

639,226

 

 

683,077

 

 

811,581

 

Adjusted total stockholder's equity

 

6,837,966

 

 

6,755,948

 

 

6,452,889

 

Less: Preferred Stock

 

(22,143

)

 

(22,143

)

 

(22,143

)

Less: Goodwill

 

(804,427

)

 

(804,427

)

 

(827,427

)

Less: Other intangibles

 

(9,490

)

 

(10,286

)

 

(12,678

)

Total tangible equity

$

6,001,906

 

$

5,919,092

 

$

5,590,641

 

Return on average tangible common equity

 

6.90

%

 

6.32

%

 

11.51

%

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

 

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240423005285/en/

Popular, Inc.

Investor Relations: Paul J. Cardillo, 212-417-6721 Senior Vice President and Investor Relations Officer pcardillo@popular.com

or

Media Relations: MC González Noguera, 917-804-5253 Executive Vice President and Chief Communications & Public Affairs Officer mc.gonzalez@popular.com