false 0000763901 0000763901 2024-07-24 2024-07-24 0000763901 us-gaap:CommonStockMember 2024-07-24 2024-07-24 0000763901 us-gaap:CumulativePreferredStockMember 2024-07-24 2024-07-24
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2024
POPULAR, INC.
(Exact name of registrant as specified in its charter)
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| Puerto Rico |
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001-34084 |
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66-0667416 |
| (State or other jurisdiction of incorporation or organization) |
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(Commission File Number) |
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(IRS Employer
Identification Number) |
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| 209 Muñoz Rivera Avenue |
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| Hato Rey, Puerto Rico |
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00918 |
| (Address of principal executive offices) |
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(Zip code) |
(787) 765-9800
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
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Trading
Symbol(s) |
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Name of each exchange on which registered |
| Common Stock ($0.01 par value) |
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BPOP |
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The NASDAQ Stock Market |
| 6.125% Cumulative Monthly Income Trust Preferred Securities |
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BPOPM |
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The NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. |
Results of Operations and Financial Condition. |
On July 24, 2024, Popular, Inc. (the “Corporation”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2024, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.
| Item 7.01. |
Regulation FD Disclosure. |
The Corporation is furnishing information regarding its conference call to discuss its financial results for the quarter ended June 30, 2024. A copy of the presentation to be used by the Corporation on the conference call is attached hereto as Exhibit 99.2.
The information furnished pursuant to this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.
On July 24, 2024, the Corporation issued a press release announcing plans to (i) repurchase up to $500 million of the Corporation’s common stock and (ii) increase the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors.
A copy of the press release is attached hereto as Exhibit 99.3 and incorporated herein by reference.
| Item 9.01. |
Financial Statements and Exhibits. |
Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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POPULAR, INC. (Registrant) |
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| Date: July 24, 2024 |
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By: |
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/s/ Denissa M. Rodríguez |
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Denissa M. Rodríguez |
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Senior Vice President and Corporate Comptroller |
Exhibit 99.1
Popular, Inc. Announces Second Quarter 2024 Financial Results
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Net income of $177.8 million in Q2 2024, compared to net income of $103.3 million in Q1 2024.
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Excluding the impact of certain transactions from the results of operations for the first quarter of 2024
(FDIC Special Assessment and prior period tax withholdings), net income in Q2 2024 increased by $42.6 million when compared to adjusted net income of $135.2 million in Q1 2024. |
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Net interest income amounted to $568.3 million, an increase of $17.6 million compared to Q1 2024.
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Net interest margin of 3.22% in Q2 2024, compared to 3.16% in Q1 2024; net interest margin on a taxable
equivalent basis of 3.48% in Q2 2024, compared to 3.38% in Q1 2024. |
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Non-interest income of $166.3 million, compared to
$163.8 million in Q1 2024. |
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Operating expenses amounted to $469.6 million, down by $13.5 million compared to Q1 2024. Excluding
the impact of the transactions mentioned above from the first quarter of 2024, operating expenses increased by $7.2 million or 1.5%. |
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Credit quality remains stable with improved credit metrics: |
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Non-performing loans held-in-portfolio (“NPLs”) decreased by $12.3 million from Q1 2024; NPLs to loans ratio remained flat at 1.0%; |
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Net charge-offs (“NCOs”) decreased by $8.6 million from Q1 2024; annualized NCOs at 0.61% of
average loans held-in-portfolio vs. 0.71% in Q1 2024; |
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Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.05% vs. 2.11% in Q1 2024; and |
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ACL to NPLs at 213.6% vs. 208.8% in Q1 2024. |
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Loans ending balances, excluding loans
held-for-sale, amounted to $35.6 billion, an increase of $472.9 million from Q1 2024. |
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Average quarterly loan balances increased by $332.2 million. |
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Ending deposit balances amounted to $65.5 billion, an increase of $1.7 billion from Q1 2024.
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Average quarterly deposit balances increased by $993.5 million. |
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Common Equity Tier 1 ratio of 16.48%, Common Equity per share of $73.94 and Tangible Book Value per share of
$62.71 at June 30, 2024. |
SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,”
“Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended June 30, 2024, compared to net income of $103.3 million for the quarter ended
March 31, 2024. Net income in the first quarter of 2024 included a $9.1 million after tax expenses arising from the impact of the FDIC special assessment (the “FDIC Special Assessment”) and a $22.9 million tax expense
related to prior period intercompany distributions from the Corporation’s U.S subsidiaries. Excluding the impact of these items from the results of the first quarter of 2024, net income increased by $42.6 million during the quarter ended
June 30, 2024.
Ignacio Alvarez, President and Chief Executive Officer, said: “We are very pleased with our financial performance for the
quarter. Our strong earnings were driven by higher net interest income and lower provision for credit losses. We also expanded our net interest margin by six basis points. Credit quality trends remained positive, with lower net
charge-offs as well as lower levels and inflows of non-performing loans.
Our solid capital position allows us to
continue to serve the needs of our customers, while prudently increasing our dividend and returning capital to our shareholders. Reflecting this strength, we announced a 13% increase in our quarterly common stock dividend and a
$500 million common stock repurchase authorization.
1
We continue to successfully execute on our Transformation to better serve our customers and drive returns
over time. This includes investing in talent and technology to deepen our relationships with customers and maximize the opportunities inherent in our franchise. I am proud of the enthusiasm and commitment demonstrated by our colleagues and
optimistic about the future.”
2
Significant Events
Capital actions
On July 24, 2024, the
Corporation announced the following capital actions:
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common stock repurchases of up to $500 million; and |
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an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing
with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors. |
The
Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions, block trades or any other manner determined by the Corporation. The timing, quantity and price of such repurchases
will be subject to various factors, including market conditions, the Corporation’s capital position and financial performance, the capital impact of strategic initiatives and regulatory and tax considerations. The common stock repurchase
program does not require the Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior notice.
Earnings Highlights
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| (Unaudited) |
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Quarters ended |
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Six months ended |
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| (Dollars in thousands, except per share information) |
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30-Jun-24 |
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31-Mar-24 |
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30-Jun-23 |
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30-Jun-24 |
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30-Jun-23 |
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| Net interest income |
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$ |
568,312 |
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$ |
550,744 |
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$ |
531,668 |
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$ |
1,119,056 |
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$ |
1,063,324 |
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| Provision for credit losses |
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46,794 |
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72,598 |
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37,192 |
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119,392 |
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84,829 |
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| Net interest income after provision for credit losses |
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521,518 |
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478,146 |
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494,476 |
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999,664 |
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978,495 |
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| Other non-interest income |
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166,306 |
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163,818 |
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160,471 |
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330,124 |
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322,432 |
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| Operating expenses |
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469,576 |
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483,113 |
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460,284 |
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952,689 |
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900,971 |
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| Income before income tax |
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218,248 |
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158,851 |
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194,663 |
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377,099 |
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399,956 |
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| Income tax expense |
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40,459 |
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55,568 |
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43,503 |
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96,027 |
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89,817 |
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| Net income |
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$ |
177,789 |
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$ |
103,283 |
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$ |
151,160 |
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$ |
281,072 |
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$ |
310,139 |
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| Net income applicable to common stock |
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$ |
177,436 |
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$ |
102,930 |
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$ |
150,807 |
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$ |
280,366 |
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$ |
309,433 |
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| Net income per common share-basic |
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$ |
2.47 |
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$ |
1.43 |
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$ |
2.10 |
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$ |
3.90 |
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$ |
4.32 |
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| Net income per common share-diluted |
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$ |
2.46 |
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$ |
1.43 |
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$ |
2.10 |
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$ |
3.90 |
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$ |
4.32 |
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3
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.
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, E and F. 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.
Tangible Common Equity
The tangible common equity, tangible common equity ratio, tangible assets and tangible book value per common share are
non-GAAP financial measures. Tangible common equity ratio and tangible book value per common share in conjunction with more traditional bank capital ratios are commonly used by banks and analysts to compare
the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method for mergers and acquisitions. Neither tangible common equity nor
tangible assets or related measures, should be used in isolation or as a substitute for stockholders’ equity, total assets or any other measure calculated in accordance with GAAP.
Refer to Table R for a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets.
The following table presents the reconciliation of the net income to the adjusted net income (non-GAAP) for the
quarter ended March 31, 2024. There were no adjustments to net income for the quarter ended June 30, 2024.
Adjusted Net Income for the
Quarter Ended March 31, 2024 (non-GAAP)
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| (Unaudited) |
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| (In thousands) |
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Income before
income tax |
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Income tax expense
(benefit) |
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Total |
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| U.S. GAAP Net income |
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$ |
158,851 |
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$ |
55,568 |
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$ |
103,283 |
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| Non-GAAP Adjustments: |
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| FDIC Special Assessment [1] |
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14,287 |
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(5,234 |
) |
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9,053 |
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| Adjustments related to tax withholdings on prior period distributions from U.S. subsidiaries
[2] |
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6,400 |
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16,483 |
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22,883 |
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| Adjusted net income (non-GAAP) |
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$ |
179,538 |
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$ |
44,319 |
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$ |
135,219 |
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[1] Expense related to the November 16, 2023 FDIC Special Assessment to recover the losses to the deposit insurance fund
used by the FDIC in connection with the receiverships of several failed banks. The special assessment amount and collection period may change as the estimated loss is periodically adjusted or if the total amount collected varies.
[2] Income tax expense and other related expenses from prior periods related to withholding taxes on certain distributions from U.S. subsidiaries.
4
Net interest income and net interest income on a taxable equivalent basis (non GAAP)
Net interest income for the quarter ended June 30, 2024, was $568.3 million, an increase of $17.6 million when compared to $550.7 million
for the previous quarter. Net interest margin for the second quarter of 2024 was 3.22% compared to 3.16% in the prior quarter or an increase of six basis points.
Net interest income on a taxable equivalent basis for the second quarter of 2024 was $614.8 million, compared to $589.6 million in the previous
quarter, an increase of $25.2 million. Net interest margin on a taxable equivalent basis for the second quarter of 2024 was 3.48%, compared to 3.38% in the first quarter of 2024, or a 10 basis points increase.
The main variances in net interest income and net interest margin on a taxable equivalent basis were:
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interest income from investment securities increased by $25.8 million due to the reinvestment of maturities
in higher yielding U.S. Treasury bills, resulting in $28.2 million of additional interest income for the period which was offset in part by lower interest income from mortgage backed securities by $2.1 million due to lower volume and
yields in the portfolio; and |
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higher interest income from loans by $9.7 million due to higher average loan balances and higher yields in
all portfolios; |
partially offset by:
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higher interest expense on deposits by $10.4 million, due to higher average volume and higher cost of
interest-bearing deposits by $901 million and three basis points, respectively. In Puerto Rico, the cost of government interest-bearing demand deposits, decreased eight basis point quarter over quarter, while average balances increased by
$647 million. This positive variance was in part offset by an increase in the total cost of time deposits of 28 basis points including the cost of time deposits of the P.R government. Total cost of deposits for the second quarter was 2.10% or a
three basis points increase from the previous quarter. |
Net Interest Income and Net Interest Margin (Banco Popular de Puerto Rico
Segment)
Net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $488.7 million for the second
quarter of 2024, an increase of $15.9 million when compared to $472.8 million in the previous quarter. Net interest margin in the BPPR segment increased from the first quarter of 2024 by seven basis points to 3.40%. The most significant
variances quarter over quarter in net interest income and net interest margin for BPPR were:
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higher interest income from investment securities which increased in total by $17.7 million due to a 27
basis points increase in the yield from U.S. Treasury securities offset in part by lower interest income on mortgage back securities of $1.6 million due to lower volume and yields; and |
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higher interest income on loans by $9.1 million. This uplift in interest income was associated with an
increase of $4.2 million in interest income from the commercial loans portfolio, which average balances and yields increased by $165 million and five basis points, respectively. The remaining increase in interest income of
$4.9 million is due to the net growth across all other BPPR loan portfolios. |
Partially offset by:
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higher interest expense from deposits by $7.4 million. The cost of time deposits increased by
$4.8 million resulting from higher cost by 32 basis points driven by the repricing and higher average balances of certain time deposit accounts of the P.R government for which BPPR’s fiduciary division acts as escrow agent. Interest
expense on interest-bearing demand deposits accounts increased by $2.8 million, mainly driven by an increase in average balances, partially offset by a decrease in cost of five basis points. Total deposit cost for the BPPR segment in the second
quarter of 2024 was 1.83%, compared to 1.81% in the previous quarter, an increase of two basis points; and |
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lower interest income in money market investments by $3.5 million due to lower volume that corresponds to
the deployment of liquidity for loan origination activity and investment in treasury bills as described above. |
Net Interest
Income and Net Interest Margin (Popular Bank Segment)
Net interest income and net interest margin for the Popular Bank (“PB”, or
“Popular U.S.”) segment increased to $85.9 million and 2.60%, respectively, for the quarter ended June 30, 2024, compared to $84.9 million and 2.59%, respectively, during the quarter ended March 31, 2024. Interest
income from money market investments increased by $2.6 million during the quarter mainly due to higher volume resulting from an increase in deposits. Total cost of funds in PB increased by $2.7 million due to higher average balance in time
deposits of $443.8 million which drove the cost up by $4.7 million but that were partially offset by lower interest expense on interest-bearing demand deposits by $1.6 million. Total cost of deposits for the quarter was 3.43%, a three
basis points increase from the previous quarter.
5
Non-interest income
Non-interest income amounted to $166.3 million for the quarter ended June 30, 2024, an increase of
$2.5 million when compared to $163.8 million for the quarter ended March 31, 2024. The variance in non-interest income was driven primarily by higher other service fees by $2.6 million due
mainly to higher credit and debit card fees as a result of higher volume of customer transactions.
Refer to Table B for further details.
Operating expenses
Operating expenses for the
second quarter of 2024 totaled $469.6 million, a decrease of $13.5 million when compared to the first quarter of 2024. Excluding the $6.4 million of interest accrued related to prior period tax withholdings and the $14.3 million
impact of the FDIC Special Assessment, total expenses for the first quarter of 2024 were $462.4 million. The second quarter’s expenses increased by $7.2 million when compared to this adjusted expense. The main drivers of the
$7.2 million variance were:
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higher professional fees by $8.8 million mainly due to higher consulting and assurance professional services
expenses by $6.8 million related to corporate initiatives focused on regulatory, cyber security and other advisory efforts; |
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higher operational losses by $8.3 million due to build up on reserves for operational losses;
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higher processing and transactional services expenses by $4.9 million mainly due to higher retail
customers’ debit card issuance costs by $1.8 million, higher merchant processing expenses by $1.3 million and higher credit card processing fees by $1.6 million; and |
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higher business promotion expenses by $4.5 million mainly due to higher customer reward program expenses in
our credit card business by $2.4 million and higher advertising and strategic communications expense and donations granted during the quarter by $1.7 million. |
partially offset by:
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lower personnel cost by $18.0 million mainly due to a decrease in performance shares and restricted stock
expenses by $8.2 million, lower other compensation expenses by $8.5 million due to lower payroll taxes and vacations accrual that are typically higher in the first quarter of the year; |
Full-time equivalent employees were 9,241 as of June 30, 2024, compared to 9,132 as of March 31, 2024.
For a breakdown of operating expenses by category refer to Table B.
Income taxes
For the quarter ended June 30,
2024, the Corporation recorded an income tax expense of $40.5 million, compared to an income tax expense of $55.6 million for the previous quarter. Excluding the $11.2 million net impact related to a tax withholding on intercompany
distributions from prior periods and the tax effect of the FDIC Special Assessment that was recognized during the first quarter of 2024, income tax expense for the quarter ended March 31, 2024, would have been $44.3 million.
The effective tax rate (“ETR”) for the second quarter of 2024 was 18.5%, compared to 35.0% for the previous quarter. Excluding the impact of the tax
withholding and the additional expense related to the FDIC Special Assessment during the first quarter of 2024, the ETR would have been 24.7%.
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%.
6
Credit Quality
Credit quality metrics in the second quarter of 2024 improved when compared to the previous 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 environment.
The following presents credit
quality results for the second quarter of 2024:
Non-Performing Loans (“NPLs”) and Net Charge Offs
(“NCOs”)
Total NPLs as of June 30, 2024, decreased by $12.3 million from March 31, 2024. Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $1.7 million quarter-over-quarter. At June 30, 2024, the ratio of NPLs to total loans held-in-portfolio was 1.0%, flat when compared to the first quarter of 2024. The drivers of these changes are mainly related to the following:
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In the BPPR segment, NPLs decreased by $11.7 million across most loan categories, but mainly in the
commercial loans portfolio with a $7.2 million decrease. Inflows to NPLs, excluding consumer loans, increased by $7.5 million driven by higher inflows in the mortgage loans portfolio. |
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|
In PB, NPLs remained flat driven by the return to accrual of a $17.2 million mortgage loan, offset by a
$17.3 million commercial NPL inflow. PB inflows to NPLs, excluding consumer loans, decreased by $9.2 million, driven by the inflow in the prior quarter of the previously mentioned $17.2 million mortgage relationship, offset in part by
higher commercial inflows this quarter by $7.2 million. |
NCOs amounted to $53.6 million, decreasing by $8.6 million when
compared to the first quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.61%, compared to 0.71% in the first
quarter of 2024. The drivers of these changes are mainly related to the following:
| |
• |
|
In the BPPR segment, NCOs decreased by $7.3 million quarter-over-quarter, mainly driven by lower consumer
and commercial NCOs by $4.8 million and $2.2 million, respectively. Lower NCOs in the consumer portfolio were mostly related to lower auto and personal loans by $3.6 million and $1.0 million, respectively. |
| |
• |
|
PB’s NCOs decreased by $1.3 million quarter-over-quarter, mostly related to lower consumer NCOs.
|
Refer to Table N for further information on NCOs and related ratios.
Other Real Estate Owned Properties (“OREO”)
As of June 30, 2024, the Corporation’s OREO portfolio amounted to $70.2 million, a decrease of $10.3 million, compared to the first quarter
of 2024. The decrease in OREO was driven by the sale of a commercial property in BPPR.
Refer to Table L for additional information and related ratios.
Allowance for Credit Losses (“ACL”) and Provision for Credit Losses (“PCL”)
The ACL as of June 30, 2024 amounted to $730.1 million, a decrease of $9.5 million, compared to the first quarter of 2024. In BPPR, the ACL
remained flat as changes in macroeconomic scenarios and lower NCOs were offset by higher commercial loan volume, higher qualitative reserves and changes in credit quality. In PB, the ACL decreased by $8.7 million from the previous quarter,
mainly driven by lower reserves for the commercial portfolio. The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.05% in the second quarter of 2024,
compared to 2.11% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 213.6%, compared to 208.8% in the previous quarter.
The ACL incorporates management’s estimate of current 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. Based on the information available and the scenarios analyzed by management, the “baseline” scenario continues as the highest probability weight
scenario, followed by the “pessimistic” scenario, and then the “optimistic” scenario consistent with the weights assigned in the previous quarter.
7
The provision for credit losses for the loan and lease portfolios for the second quarter of 2024 was
$44.2 million, compared to $72.4 million in the previous quarter. The provision for the BPPR segment was $48.6 million, compared to $61.0 million in the previous quarter, while the PB segment had a release of $4.4 million,
compared to a provision of $11.4 million in the previous quarter driven by improvements in credit quality and the pay-off of a significant relationship.
The provision for credit losses on our loan and lease portfolios, as well as the provision for credit losses related to unfunded loan commitments of
$2.1 million and our investment portfolio of $0.5 million for the second quarter of 2024 are aggregated and presented in the provision for credit losses caption in our Consolidated Statement of Operations. For the second quarter, the
provision for credit losses was $46.8 million, compared to $72.6 million in the previous quarter.
Non-Performing Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
| Non-performing loans held-in-portfolio |
|
$ |
341,835 |
|
|
$ |
354,127 |
|
|
$ |
385,504 |
|
| Other real estate owned |
|
|
70,225 |
|
|
|
80,542 |
|
|
|
86,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-performing assets |
|
$ |
412,060 |
|
|
$ |
434,669 |
|
|
$ |
471,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net charge-offs for the quarter |
|
$ |
53,630 |
|
|
$ |
62,200 |
|
|
$ |
23,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios: |
|
|
|
|
|
|
|
|
|
| Loans
held-in-portfolio |
|
$ |
35,591,620 |
|
|
$ |
35,118,738 |
|
|
$ |
33,030,922 |
|
| Non-performing loans held-in-portfolio to loans held-in-portfolio |
|
|
0.96 |
% |
|
|
1.01 |
% |
|
|
1.17 |
% |
| Allowance for credit losses to loans held-in-portfolio |
|
|
2.05 |
|
|
|
2.11 |
|
|
|
2.12 |
|
| Allowance for credit losses to non-performing loans,
excluding loans held-for-sale |
|
|
213.58 |
|
|
|
208.84 |
|
|
|
181.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Refer to Table L for additional information. |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses (Benefit) - Loan
Portfolios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
Quarters ended |
|
|
Six months ended |
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
| Provision for credit losses (benefit) - loan portfolios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BPPR |
|
$ |
48,585 |
|
|
$ |
61,008 |
|
|
$ |
28,379 |
|
|
$ |
109,593 |
|
|
$ |
73,582 |
|
| Popular U.S. |
|
|
(4,428 |
) |
|
|
11,378 |
|
|
|
7,282 |
|
|
|
6,950 |
|
|
|
9,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total provision for credit losses (benefit) - loan portfolios |
|
$ |
44,157 |
|
|
$ |
72,386 |
|
|
$ |
35,661 |
|
|
$ |
116,543 |
|
|
$ |
82,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
Credit Quality by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Quarters ended |
|
| BPPR |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
| Provision for credit losses - loan portfolios |
|
$ |
48,585 |
|
|
$ |
61,008 |
|
|
$ |
28,379 |
|
| Net charge-offs |
|
|
49,308 |
|
|
|
56,561 |
|
|
|
18,687 |
|
| Total non-performing loans
held-in-portfolio |
|
|
286,887 |
|
|
|
298,594 |
|
|
|
352,339 |
|
| Annualized net charge-offs to average loans held-in-portfolio |
|
|
0.79 |
% |
|
|
0.92 |
% |
|
|
0.33 |
% |
| Allowance / loans
held-in-portfolio |
|
|
2.56 |
% |
|
|
2.62 |
% |
|
|
2.58 |
% |
| Allowance / non-performing loans held-in-portfolio |
|
|
224.34 |
% |
|
|
215.79 |
% |
|
|
169.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarters ended |
|
| Popular U.S. |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
| Provision for credit losses (benefit) - loan portfolios |
|
$ |
(4,428 |
) |
|
$ |
11,378 |
|
|
$ |
7,282 |
|
| Net charge-offs |
|
|
4,322 |
|
|
|
5,639 |
|
|
|
5,303 |
|
| Total non-performing loans
held-in-portfolio |
|
|
54,948 |
|
|
|
55,533 |
|
|
|
33,165 |
|
| Annualized net charge-offs to average loans held-in-portfolio |
|
|
0.16 |
% |
|
|
0.21 |
% |
|
|
0.22 |
% |
| Allowance / loans
held-in-portfolio |
|
|
0.83 |
% |
|
|
0.91 |
% |
|
|
1.05 |
% |
| Allowance / non-performing loans held-in-portfolio |
|
|
157.37 |
% |
|
|
171.47 |
% |
|
|
313.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
| Cash and money market investments |
|
$ |
7,211,367 |
|
|
$ |
6,249,064 |
|
|
$ |
9,070,118 |
|
| Investment securities |
|
|
26,742,639 |
|
|
|
26,324,139 |
|
|
|
25,874,316 |
|
| Loans |
|
|
35,591,620 |
|
|
|
35,118,738 |
|
|
|
33,030,922 |
|
| Total assets |
|
|
72,845,072 |
|
|
|
70,936,939 |
|
|
|
70,838,266 |
|
| Deposits |
|
|
65,530,862 |
|
|
|
63,808,784 |
|
|
|
64,004,818 |
|
| Borrowings |
|
|
1,047,264 |
|
|
|
1,032,393 |
|
|
|
1,427,254 |
|
| Total liabilities |
|
|
67,472,394 |
|
|
|
65,759,625 |
|
|
|
66,273,257 |
|
| Stockholders’ equity |
|
|
5,372,678 |
|
|
|
5,177,314 |
|
|
|
4,565,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
Total assets amounted to $72.8 billion at June 30, 2024, an increase of $1.9 billion from the
first quarter of 2024, driven by:
| |
• |
|
an increase in cash and money market investments of $962.3 million, mainly due to higher deposits, driven by
Puerto Rico public funds, partially offset by higher loan originations and investments in securities available-for-sale (“AFS”); |
| |
• |
|
an increase in securities AFS of $525.4 million, mainly due to purchases of U.S. Treasury bills partially
offset by repayments and maturities; and |
| |
• |
|
an increase in loans
held-in-portfolio of $472.9 million, driven by an increase of $508.6 million at BPPR, reflected across nearly all portfolios, partially offset by a decrease of
$35.7 million at PB; |
partially offset by:
| |
• |
|
a decrease in securities
held-to-maturity (“HTM”) of $107.6 million driven by maturities, partially offset by the accretion of $44.4 million of the discount related to U.S.
Treasury securities previously reclassified from the AFS to HTM. |
Total liabilities increased by $1.7 billion from the first
quarter of 2024, driven by:
| |
• |
|
an increase of $1.7 billion in deposits, mainly in the P.R. public sector, as increases in time deposit
balances at Popular Bank were offset by outflows of demand deposits at BPPR. |
Stockholders’ equity increased by $195.4 million
from the first quarter of 2024 mainly due to the change in retained earnings resulting from the quarter’s net income of $177.8 million, coupled with the change in the accumulated other comprehensive loss driven by the amortization of
unrealized losses from securities previously reclassified to HTM of $35.5 million, net of taxes, and the decrease in net unrealized losses in the portfolio of AFS securities of $16.9 million, partially offset by common and preferred
dividends declared during the quarter of $45.3 million.
Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book
value per share were 16.48%, $73.94 and $62.71, respectively, at June 30, 2024, compared to 16.36%, $71.32 and $60.06, respectively, at March 31, 2024. Refer to Table A for capital ratios.
10
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, our Form
10-Q for the quarter ended March 31, 2024, and the Form 10-Q for the quarter ended June 30, 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, Wednesday, July 24, 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 838904.
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
Friday, August 23, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 748297.
An electronic version of
this press release can be found at the Corporation’s website: www.popular.com.
11
Popular, Inc.
Financial Supplement to Second 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) - QUARTER |
|
| Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER |
|
| Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE |
|
| Table G - Mortgage Banking Activities and Other Service Fees |
|
| Table H - Loans and Deposits |
|
| Table I - Loan Delinquency - BPPR 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 ‘‘ACL’’ - Loan Portfolios -
Consolidated |
|
| Table P - Allowance for Credit Losses ‘‘ACL’’ - Loan Portfolios - BPPR
Operations |
|
| Table Q - Allowance for Credit Losses ‘‘ACL’’ - Loan Portfolios - Popular U.S.
Operations |
|
| Table R - Reconciliation to GAAP Financial Measures |
12
POPULAR, INC.
Financial Supplement to Second Quarter 2024 Earnings Release
Table A - Selected Ratios and Other Information
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarters ended |
|
|
Six months ended |
|
| |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
| Basic EPS |
|
$ |
2.47 |
|
|
$ |
1.43 |
|
|
$ |
2.10 |
|
|
$ |
3.90 |
|
|
$ |
4.32 |
|
| Diluted EPS |
|
$ |
2.46 |
|
|
$ |
1.43 |
|
|
$ |
2.10 |
|
|
$ |
3.90 |
|
|
$ |
4.32 |
|
| Average common shares outstanding |
|
|
71,970,773 |
|
|
|
71,869,735 |
|
|
|
71,690,396 |
|
|
|
71,920,254 |
|
|
|
71,616,498 |
|
| Average common shares outstanding - assuming dilution |
|
|
71,991,911 |
|
|
|
71,966,803 |
|
|
|
71,709,203 |
|
|
|
71,937,434 |
|
|
|
71,664,303 |
|
| Common shares outstanding at end of period |
|
|
72,365,926 |
|
|
|
72,284,875 |
|
|
|
72,103,969 |
|
|
|
72,365,926 |
|
|
|
72,103,969 |
|
| Market value per common share |
|
$ |
88.43 |
|
|
$ |
88.09 |
|
|
$ |
60.52 |
|
|
$ |
88.43 |
|
|
$ |
60.52 |
|
| Market capitalization - (In millions) |
|
$ |
6,399 |
|
|
$ |
6,368 |
|
|
$ |
4,364 |
|
|
$ |
6,399 |
|
|
$ |
4,364 |
|
| Return on average assets |
|
|
0.97 |
% |
|
|
0.57 |
% |
|
|
0.85 |
% |
|
|
0.77 |
% |
|
|
0.89 |
% |
| Return on average common equity |
|
|
10.38 |
% |
|
|
6.07 |
% |
|
|
9.26 |
% |
|
|
8.24 |
% |
|
|
9.63 |
% |
| Net interest margin (non-taxable equivalent
basis) |
|
|
3.22 |
% |
|
|
3.16 |
% |
|
|
3.14 |
% |
|
|
3.20 |
% |
|
|
3.18 |
% |
| Net interest margin (taxable equivalent basis) -non-GAAP |
|
|
3.48 |
% |
|
|
3.38 |
% |
|
|
3.29 |
% |
|
|
3.44 |
% |
|
|
3.37 |
% |
| Common equity per share |
|
$ |
73.94 |
|
|
$ |
71.32 |
|
|
$ |
63.00 |
|
|
$ |
73.94 |
|
|
$ |
63.00 |
|
| Tangible common book value per common share (non-GAAP)
[1] |
|
$ |
62.71 |
|
|
$ |
60.06 |
|
|
$ |
51.37 |
|
|
$ |
62.71 |
|
|
$ |
51.37 |
|
| Tangible common equity to tangible assets
(non-GAAP) [1] |
|
|
6.30 |
% |
|
|
6.19 |
% |
|
|
5.29 |
% |
|
|
6.30 |
% |
|
|
5.29 |
% |
| Return on average tangible common equity [1] |
|
|
11.77 |
% |
|
|
6.90 |
% |
|
|
10.63 |
% |
|
|
9.35 |
% |
|
|
11.06 |
% |
| Tier 1 capital |
|
|
16.54 |
% |
|
|
16.42 |
% |
|
|
16.93 |
% |
|
|
16.54 |
% |
|
|
16.93 |
% |
| Total capital |
|
|
18.30 |
% |
|
|
18.19 |
% |
|
|
18.74 |
% |
|
|
18.30 |
% |
|
|
18.74 |
% |
| Tier 1 leverage |
|
|
8.53 |
% |
|
|
8.45 |
% |
|
|
8.40 |
% |
|
|
8.53 |
% |
|
|
8.40 |
% |
| Common Equity Tier 1 capital |
|
|
16.48 |
% |
|
|
16.36 |
% |
|
|
16.87 |
% |
|
|
16.48 |
% |
|
|
16.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| [1] |
Refer to Table R for reconciliation to GAAP financial measures. |
13
POPULAR, INC.
Financial Supplement to Second Quarter 2024 Earnings Release
Table B - Consolidated Statement of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarters ended |
|
|
Variance
Q2 2024
vs. Q1 2024 |
|
|
Quarter ended |
|
|
Variance
Q2 2024
vs. Q2 2023 |
|
|
Six months ended |
|
| (In thousands, except per share information) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
| Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans |
|
$ |
648,739 |
|
|
$ |
638,730 |
|
|
$ |
10,009 |
|
|
$ |
570,120 |
|
|
$ |
78,619 |
|
|
$ |
1,287,469 |
|
|
$ |
1,111,330 |
|
| Money market investments |
|
|
88,316 |
|
|
|
88,516 |
|
|
|
(200 |
) |
|
|
100,775 |
|
|
|
(12,459 |
) |
|
|
176,832 |
|
|
|
166,499 |
|
| Investment securities |
|
|
184,852 |
|
|
|
166,895 |
|
|
|
17,957 |
|
|
|
123,112 |
|
|
|
61,740 |
|
|
|
351,747 |
|
|
|
255,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest income |
|
|
921,907 |
|
|
|
894,141 |
|
|
|
27,766 |
|
|
|
794,007 |
|
|
|
127,900 |
|
|
|
1,816,048 |
|
|
|
1,533,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
339,939 |
|
|
|
329,496 |
|
|
|
10,443 |
|
|
|
243,488 |
|
|
|
96,451 |
|
|
|
669,435 |
|
|
|
436,703 |
|
| Short-term borrowings |
|
|
1,126 |
|
|
|
1,192 |
|
|
|
(66 |
) |
|
|
1,624 |
|
|
|
(498 |
) |
|
|
2,318 |
|
|
|
4,509 |
|
| Long-term debt |
|
|
12,530 |
|
|
|
12,709 |
|
|
|
(179 |
) |
|
|
17,227 |
|
|
|
(4,697 |
) |
|
|
25,239 |
|
|
|
28,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest expense |
|
|
353,595 |
|
|
|
343,397 |
|
|
|
10,198 |
|
|
|
262,339 |
|
|
|
91,256 |
|
|
|
696,992 |
|
|
|
469,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
568,312 |
|
|
|
550,744 |
|
|
|
17,568 |
|
|
|
531,668 |
|
|
|
36,644 |
|
|
|
1,119,056 |
|
|
|
1,063,324 |
|
| Provision for credit losses |
|
|
46,794 |
|
|
|
72,598 |
|
|
|
(25,804 |
) |
|
|
37,192 |
|
|
|
9,602 |
|
|
|
119,392 |
|
|
|
84,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income after provision for credit losses |
|
|
521,518 |
|
|
|
478,146 |
|
|
|
43,372 |
|
|
|
494,476 |
|
|
|
27,042 |
|
|
|
999,664 |
|
|
|
978,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
37,526 |
|
|
|
37,442 |
|
|
|
84 |
|
|
|
37,781 |
|
|
|
(255 |
) |
|
|
74,968 |
|
|
|
72,459 |
|
| Other service fees |
|
|
96,863 |
|
|
|
94,272 |
|
|
|
2,591 |
|
|
|
94,265 |
|
|
|
2,598 |
|
|
|
191,135 |
|
|
|
184,341 |
|
| Mortgage banking activities |
|
|
5,723 |
|
|
|
4,360 |
|
|
|
1,363 |
|
|
|
2,316 |
|
|
|
3,407 |
|
|
|
10,083 |
|
|
|
9,716 |
|
| Net gain, including impairment, on equity securities |
|
|
319 |
|
|
|
1,103 |
|
|
|
(784 |
) |
|
|
1,384 |
|
|
|
(1,065 |
) |
|
|
1,422 |
|
|
|
2,484 |
|
| Net gain on trading account debt securities |
|
|
277 |
|
|
|
361 |
|
|
|
(84 |
) |
|
|
35 |
|
|
|
242 |
|
|
|
638 |
|
|
|
413 |
|
| Adjustments to indemnity reserves on loans sold |
|
|
212 |
|
|
|
(237 |
) |
|
|
449 |
|
|
|
(456 |
) |
|
|
668 |
|
|
|
(25 |
) |
|
|
156 |
|
| Other operating income |
|
|
25,386 |
|
|
|
26,517 |
|
|
|
(1,131 |
) |
|
|
25,146 |
|
|
|
240 |
|
|
|
51,903 |
|
|
|
52,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-interest income |
|
|
166,306 |
|
|
|
163,818 |
|
|
|
2,488 |
|
|
|
160,471 |
|
|
|
5,835 |
|
|
|
330,124 |
|
|
|
322,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries |
|
|
128,634 |
|
|
|
129,384 |
|
|
|
(750 |
) |
|
|
124,901 |
|
|
|
3,733 |
|
|
|
258,018 |
|
|
|
250,294 |
|
| Commissions, incentives and other bonuses |
|
|
30,626 |
|
|
|
38,611 |
|
|
|
(7,985 |
) |
|
|
27,193 |
|
|
|
3,433 |
|
|
|
69,237 |
|
|
|
58,355 |
|
| Pension, postretirement and medical insurance |
|
|
16,619 |
|
|
|
17,385 |
|
|
|
(766 |
) |
|
|
17,508 |
|
|
|
(889 |
) |
|
|
34,004 |
|
|
|
32,886 |
|
| Other personnel costs, including payroll taxes |
|
|
21,545 |
|
|
|
29,997 |
|
|
|
(8,452 |
) |
|
|
21,866 |
|
|
|
(321 |
) |
|
|
51,542 |
|
|
|
48,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total personnel costs |
|
|
197,424 |
|
|
|
215,377 |
|
|
|
(17,953 |
) |
|
|
191,468 |
|
|
|
5,956 |
|
|
|
412,801 |
|
|
|
390,228 |
|
| Net occupancy expenses |
|
|
27,692 |
|
|
|
28,041 |
|
|
|
(349 |
) |
|
|
27,165 |
|
|
|
527 |
|
|
|
55,733 |
|
|
|
53,204 |
|
| Equipment expenses |
|
|
9,662 |
|
|
|
9,567 |
|
|
|
95 |
|
|
|
9,561 |
|
|
|
101 |
|
|
|
19,229 |
|
|
|
17,973 |
|
| Other taxes |
|
|
15,333 |
|
|
|
14,375 |
|
|
|
958 |
|
|
|
16,409 |
|
|
|
(1,076 |
) |
|
|
29,708 |
|
|
|
32,700 |
|
| Professional fees |
|
|
37,744 |
|
|
|
28,918 |
|
|
|
8,826 |
|
|
|
50,132 |
|
|
|
(12,388 |
) |
|
|
66,662 |
|
|
|
83,563 |
|
| Technology and software expenses |
|
|
79,752 |
|
|
|
79,462 |
|
|
|
290 |
|
|
|
72,354 |
|
|
|
7,398 |
|
|
|
159,214 |
|
|
|
140,913 |
|
| Processing and transactional services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit and debit cards |
|
|
13,739 |
|
|
|
12,144 |
|
|
|
1,595 |
|
|
|
11,584 |
|
|
|
2,155 |
|
|
|
25,883 |
|
|
|
24,134 |
|
| Other processing and transactional services |
|
|
25,357 |
|
|
|
22,050 |
|
|
|
3,307 |
|
|
|
25,217 |
|
|
|
140 |
|
|
|
47,407 |
|
|
|
46,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total processing and transactional services |
|
|
39,096 |
|
|
|
34,194 |
|
|
|
4,902 |
|
|
|
36,801 |
|
|
|
2,295 |
|
|
|
73,290 |
|
|
|
70,710 |
|
| Communications |
|
|
4,357 |
|
|
|
4,557 |
|
|
|
(200 |
) |
|
|
4,175 |
|
|
|
182 |
|
|
|
8,914 |
|
|
|
8,263 |
|
| Business promotion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rewards and customer loyalty programs |
|
|
16,406 |
|
|
|
14,056 |
|
|
|
2,350 |
|
|
|
16,626 |
|
|
|
(220 |
) |
|
|
30,462 |
|
|
|
28,974 |
|
| Other business promotion |
|
|
9,043 |
|
|
|
6,933 |
|
|
|
2,110 |
|
|
|
8,457 |
|
|
|
586 |
|
|
|
15,976 |
|
|
|
14,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total business promotion |
|
|
25,449 |
|
|
|
20,989 |
|
|
|
4,460 |
|
|
|
25,083 |
|
|
|
366 |
|
|
|
46,438 |
|
|
|
43,954 |
|
| Deposit insurance |
|
|
10,581 |
|
|
|
23,887 |
|
|
|
(13,306 |
) |
|
|
6,803 |
|
|
|
3,778 |
|
|
|
34,468 |
|
|
|
15,668 |
|
| Other real estate owned (OREO) income |
|
|
(5,750 |
) |
|
|
(5,321 |
) |
|
|
(429 |
) |
|
|
(3,314 |
) |
|
|
(2,436 |
) |
|
|
(11,071 |
) |
|
|
(5,008 |
) |
| Other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operational losses |
|
|
11,823 |
|
|
|
3,561 |
|
|
|
8,262 |
|
|
|
4,280 |
|
|
|
7,543 |
|
|
|
15,384 |
|
|
|
11,080 |
|
| All other |
|
|
15,679 |
|
|
|
24,711 |
|
|
|
(9,032 |
) |
|
|
18,572 |
|
|
|
(2,893 |
) |
|
|
40,390 |
|
|
|
36,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other operating expenses |
|
|
27,502 |
|
|
|
28,272 |
|
|
|
(770 |
) |
|
|
22,852 |
|
|
|
4,650 |
|
|
|
55,774 |
|
|
|
47,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of intangibles |
|
|
734 |
|
|
|
795 |
|
|
|
(61 |
) |
|
|
795 |
|
|
|
(61 |
) |
|
|
1,529 |
|
|
|
1,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
469,576 |
|
|
|
483,113 |
|
|
|
(13,537 |
) |
|
|
460,284 |
|
|
|
9,292 |
|
|
|
952,689 |
|
|
|
900,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income tax |
|
|
218,248 |
|
|
|
158,851 |
|
|
|
59,397 |
|
|
|
194,663 |
|
|
|
23,585 |
|
|
|
377,099 |
|
|
|
399,956 |
|
| Income tax expense |
|
|
40,459 |
|
|
|
55,568 |
|
|
|
(15,109 |
) |
|
|
43,503 |
|
|
|
(3,044 |
) |
|
|
96,027 |
|
|
|
89,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
177,789 |
|
|
$ |
103,283 |
|
|
$ |
74,506 |
|
|
$ |
151,160 |
|
|
$ |
26,629 |
|
|
$ |
281,072 |
|
|
$ |
310,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income applicable to common stock |
|
$ |
177,436 |
|
|
$ |
102,930 |
|
|
$ |
74,506 |
|
|
$ |
150,807 |
|
|
$ |
26,629 |
|
|
$ |
280,366 |
|
|
$ |
309,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per common share - basic |
|
$ |
2.47 |
|
|
$ |
1.43 |
|
|
$ |
1.04 |
|
|
$ |
2.10 |
|
|
$ |
0.37 |
|
|
$ |
3.90 |
|
|
$ |
4.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per common share - diluted |
|
$ |
2.46 |
|
|
$ |
1.43 |
|
|
$ |
1.03 |
|
|
$ |
2.10 |
|
|
$ |
0.36 |
|
|
$ |
3.90 |
|
|
$ |
4.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends Declared per Common Share |
|
$ |
0.62 |
|
|
$ |
0.62 |
|
|
$ |
— |
|
|
$ |
0.55 |
|
|
$ |
0.07 |
|
|
$ |
1.24 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table C - Consolidated Statement of Financial Condition
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
Variance
Q2 2024 vs.
Q1 2024 |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
359,973 |
|
|
$ |
320,486 |
|
|
$ |
476,642 |
|
|
$ |
39,487 |
|
| Money market investments |
|
|
6,851,394 |
|
|
|
5,928,578 |
|
|
|
8,593,476 |
|
|
|
922,816 |
|
| Trading account debt securities, at fair value |
|
|
28,045 |
|
|
|
27,308 |
|
|
|
29,160 |
|
|
|
737 |
|
| Debt securities
available-for-sale, at fair value |
|
|
18,543,279 |
|
|
|
18,017,924 |
|
|
|
17,242,217 |
|
|
|
525,355 |
|
| Less: Allowance for credit losses |
|
|
500 |
|
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt securities
available-for-sale, net |
|
|
18,542,779 |
|
|
|
18,017,424 |
|
|
|
17,242,217 |
|
|
|
525,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt securities
held-to-maturity, at amortized cost |
|
|
7,975,524 |
|
|
|
8,083,160 |
|
|
|
8,410,566 |
|
|
|
(107,636 |
) |
| Less: Allowance for credit losses |
|
|
6,251 |
|
|
|
5,731 |
|
|
|
6,145 |
|
|
|
520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt securities
held-to-maturity, net |
|
|
7,969,273 |
|
|
|
8,077,429 |
|
|
|
8,404,421 |
|
|
|
(108,156 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities |
|
|
195,791 |
|
|
|
195,747 |
|
|
|
192,373 |
|
|
|
44 |
|
| Loans
held-for-sale, at lower of cost or fair value |
|
|
8,225 |
|
|
|
5,352 |
|
|
|
55,421 |
|
|
|
2,873 |
|
| Loans
held-in-portfolio |
|
|
35,978,602 |
|
|
|
35,486,161 |
|
|
|
33,354,999 |
|
|
|
492,441 |
|
| Less: Unearned income |
|
|
386,982 |
|
|
|
367,423 |
|
|
|
324,077 |
|
|
|
19,559 |
|
| Allowance for credit losses |
|
|
730,077 |
|
|
|
739,544 |
|
|
|
700,200 |
|
|
|
(9,467 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans
held-in-portfolio, net |
|
|
34,861,543 |
|
|
|
34,379,194 |
|
|
|
32,330,722 |
|
|
|
482,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premises and equipment, net |
|
|
599,058 |
|
|
|
588,708 |
|
|
|
523,927 |
|
|
|
10,350 |
|
| Other real estate |
|
|
70,225 |
|
|
|
80,542 |
|
|
|
86,216 |
|
|
|
(10,317 |
) |
| Accrued income receivable |
|
|
260,162 |
|
|
|
266,908 |
|
|
|
239,998 |
|
|
|
(6,746 |
) |
| Mortgage servicing rights, at fair value |
|
|
113,386 |
|
|
|
114,964 |
|
|
|
121,249 |
|
|
|
(1,578 |
) |
| Other assets |
|
|
2,172,555 |
|
|
|
2,120,902 |
|
|
|
1,703,662 |
|
|
|
51,653 |
|
| Goodwill |
|
|
804,428 |
|
|
|
804,428 |
|
|
|
827,428 |
|
|
|
— |
|
| Other intangible assets |
|
|
8,235 |
|
|
|
8,969 |
|
|
|
11,354 |
|
|
|
(734 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
72,845,072 |
|
|
$ |
70,936,939 |
|
|
$ |
70,838,266 |
|
|
$ |
1,908,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest bearing |
|
$ |
15,470,082 |
|
|
$ |
15,492,050 |
|
|
$ |
15,316,552 |
|
|
$ |
(21,968 |
) |
| Interest bearing |
|
|
50,060,780 |
|
|
|
48,316,734 |
|
|
|
48,688,266 |
|
|
|
1,744,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits |
|
|
65,530,862 |
|
|
|
63,808,784 |
|
|
|
64,004,818 |
|
|
|
1,722,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets sold under agreements to repurchase |
|
|
105,684 |
|
|
|
66,090 |
|
|
|
123,205 |
|
|
|
39,594 |
|
| Notes payable |
|
|
941,580 |
|
|
|
966,303 |
|
|
|
1,304,049 |
|
|
|
(24,723 |
) |
| Other liabilities |
|
|
894,268 |
|
|
|
918,448 |
|
|
|
841,185 |
|
|
|
(24,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
67,472,394 |
|
|
|
65,759,625 |
|
|
|
66,273,257 |
|
|
|
1,712,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock |
|
|
22,143 |
|
|
|
22,143 |
|
|
|
22,143 |
|
|
|
— |
|
| Common stock |
|
|
1,048 |
|
|
|
1,048 |
|
|
|
1,047 |
|
|
|
— |
|
| Surplus |
|
|
4,852,747 |
|
|
|
4,847,466 |
|
|
|
4,795,581 |
|
|
|
5,281 |
|
| Retained earnings |
|
|
4,385,522 |
|
|
|
4,253,030 |
|
|
|
4,093,284 |
|
|
|
132,492 |
|
| Treasury stock |
|
|
(2,010,500 |
) |
|
|
(2,013,187 |
) |
|
|
(2,018,611 |
) |
|
|
2,687 |
|
| Accumulated other comprehensive loss, net of tax |
|
|
(1,878,282 |
) |
|
|
(1,933,186 |
) |
|
|
(2,328,435 |
) |
|
|
54,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total stockholders’ equity |
|
|
5,372,678 |
|
|
|
5,177,314 |
|
|
|
4,565,009 |
|
|
|
195,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and stockholders’ equity |
|
$ |
72,845,072 |
|
|
$ |
70,936,939 |
|
|
$ |
70,838,266 |
|
|
$ |
1,908,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended June 30, 2024 and March 31, 2024
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Volume |
|
|
Average Yields / Costs |
|
|
|
|
Interest |
|
|
Variance
Attributable to |
|
| 30-Jun-24 |
|
|
31-Mar-24 |
|
|
Variance |
|
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
Variance |
|
|
|
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
Variance |
|
|
Rate |
|
|
Volume |
|
| (In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
| $ |
6,471 |
|
|
$ |
6,484 |
|
|
$ |
(13 |
) |
|
|
5.49 |
% |
|
|
5.49 |
% |
|
|
— |
% |
|
Money market investments |
|
$ |
88,316 |
|
|
$ |
88,516 |
|
|
$ |
(200 |
) |
|
$ |
(24 |
) |
|
$ |
(176 |
) |
| |
28,943 |
|
|
|
28,308 |
|
|
|
635 |
|
|
|
3.01 |
|
|
|
2.71 |
|
|
|
0.30 |
|
|
Investment securities [1] |
|
|
216,922 |
|
|
|
191,103 |
|
|
|
25,819 |
|
|
|
20,755 |
|
|
|
5,064 |
|
| |
26 |
|
|
|
33 |
|
|
|
(7 |
) |
|
|
5.69 |
|
|
|
3.75 |
|
|
|
1.94 |
|
|
Trading securities |
|
|
367 |
|
|
|
311 |
|
|
|
56 |
|
|
|
137 |
|
|
|
(81 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,440 |
|
|
|
34,825 |
|
|
|
615 |
|
|
|
3.47 |
|
|
|
3.23 |
|
|
|
0.24 |
|
|
Total money market, investment and trading securities |
|
|
305,605 |
|
|
|
279,930 |
|
|
|
25,675 |
|
|
|
20,868 |
|
|
|
4,807 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
17,707 |
|
|
|
17,613 |
|
|
|
94 |
|
|
|
6.86 |
|
|
|
6.84 |
|
|
|
0.02 |
|
|
Commercial |
|
|
302,003 |
|
|
|
299,504 |
|
|
|
2,499 |
|
|
|
899 |
|
|
|
1,600 |
|
| |
1,070 |
|
|
|
992 |
|
|
|
78 |
|
|
|
9.11 |
|
|
|
8.96 |
|
|
|
0.15 |
|
|
Construction |
|
|
24,224 |
|
|
|
22,100 |
|
|
|
2,124 |
|
|
|
375 |
|
|
|
1,749 |
|
| |
1,789 |
|
|
|
1,742 |
|
|
|
47 |
|
|
|
6.86 |
|
|
|
6.74 |
|
|
|
0.12 |
|
|
Leasing |
|
|
30,697 |
|
|
|
29,353 |
|
|
|
1,344 |
|
|
|
554 |
|
|
|
790 |
|
| |
7,817 |
|
|
|
7,723 |
|
|
|
94 |
|
|
|
5.66 |
|
|
|
5.62 |
|
|
|
0.04 |
|
|
Mortgage |
|
|
110,673 |
|
|
|
108,543 |
|
|
|
2,130 |
|
|
|
803 |
|
|
|
1,327 |
|
| |
3,192 |
|
|
|
3,227 |
|
|
|
(35 |
) |
|
|
13.97 |
|
|
|
13.90 |
|
|
|
0.07 |
|
|
Consumer |
|
|
110,906 |
|
|
|
111,490 |
|
|
|
(584 |
) |
|
|
453 |
|
|
|
(1,037 |
) |
| |
3,819 |
|
|
|
3,763 |
|
|
|
56 |
|
|
|
8.88 |
|
|
|
8.77 |
|
|
|
0.11 |
|
|
Auto |
|
|
84,268 |
|
|
|
82,054 |
|
|
|
2,214 |
|
|
|
985 |
|
|
|
1,229 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,394 |
|
|
|
35,060 |
|
|
|
334 |
|
|
|
7.52 |
|
|
|
7.48 |
|
|
|
0.04 |
|
|
Total loans |
|
|
662,771 |
|
|
|
653,044 |
|
|
|
9,727 |
|
|
|
4,069 |
|
|
|
5,658 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
70,834 |
|
|
$ |
69,885 |
|
|
$ |
949 |
|
|
|
5.49 |
% |
|
|
5.36 |
% |
|
|
0.13 |
% |
|
Total earning assets |
|
$ |
968,376 |
|
|
$ |
932,974 |
|
|
$ |
35,402 |
|
|
$ |
24,937 |
|
|
$ |
10,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
26,105 |
|
|
$ |
25,703 |
|
|
$ |
402 |
|
|
|
3.60 |
% |
|
|
3.63 |
% |
|
|
(0.03 |
)% |
|
NOW and money market [2] |
|
$ |
233,345 |
|
|
$ |
232,129 |
|
|
$ |
1,216 |
|
|
$ |
(3,124 |
) |
|
$ |
4,340 |
|
| |
14,732 |
|
|
|
14,700 |
|
|
|
32 |
|
|
|
0.92 |
|
|
|
0.93 |
|
|
|
(0.01 |
) |
|
Savings |
|
|
33,795 |
|
|
|
34,171 |
|
|
|
(376 |
) |
|
|
(424 |
) |
|
|
48 |
|
| |
9,014 |
|
|
|
8,547 |
|
|
|
467 |
|
|
|
3.25 |
|
|
|
2.97 |
|
|
|
0.28 |
|
|
Time deposits |
|
|
72,799 |
|
|
|
63,196 |
|
|
|
9,603 |
|
|
|
5,497 |
|
|
|
4,106 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
49,851 |
|
|
|
48,950 |
|
|
|
901 |
|
|
|
2.74 |
|
|
|
2.71 |
|
|
|
0.03 |
|
|
Total interest bearing deposits |
|
|
339,939 |
|
|
|
329,496 |
|
|
|
10,443 |
|
|
|
1,949 |
|
|
|
8,494 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
15,176 |
|
|
|
15,083 |
|
|
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
65,027 |
|
|
|
64,033 |
|
|
|
994 |
|
|
|
2.10 |
|
|
|
2.07 |
|
|
|
0.03 |
|
|
Total deposits |
|
|
339,939 |
|
|
|
329,496 |
|
|
|
10,443 |
|
|
|
1,949 |
|
|
|
8,494 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
80 |
|
|
|
84 |
|
|
|
(4 |
) |
|
|
5.64 |
|
|
|
5.70 |
|
|
|
(0.06 |
) |
|
Short-term borrowings |
|
|
1,126 |
|
|
|
1,192 |
|
|
|
(66 |
) |
|
|
(11 |
) |
|
|
(55 |
) |
| |
978 |
|
|
|
998 |
|
|
|
(20 |
) |
|
|
5.16 |
|
|
|
5.13 |
|
|
|
0.03 |
|
|
Other medium and long-term debt |
|
|
12,530 |
|
|
|
12,709 |
|
|
|
(179 |
) |
|
|
(108 |
) |
|
|
(71 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
50,909 |
|
|
|
50,032 |
|
|
|
877 |
|
|
|
2.79 |
|
|
|
2.76 |
|
|
|
0.03 |
|
|
Total interest bearing liabilities (excluding demand deposits) |
|
|
353,595 |
|
|
|
343,397 |
|
|
|
10,198 |
|
|
|
1,830 |
|
|
|
8,368 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
4,749 |
|
|
|
4,770 |
|
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other sources of funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
70,834 |
|
|
$ |
69,885 |
|
|
$ |
949 |
|
|
|
2.01 |
% |
|
|
1.98 |
% |
|
|
0.03 |
% |
|
Total source of funds |
|
|
353,595 |
|
|
|
343,397 |
|
|
|
10,198 |
|
|
|
1,830 |
|
|
|
8,368 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.48 |
% |
|
|
3.38 |
% |
|
|
0.10 |
% |
|
Net interest margin/ income on a taxable equivalent basis
(Non-GAAP) |
|
|
614,781 |
|
|
|
589,577 |
|
|
|
25,204 |
|
|
$ |
23,107 |
|
|
$ |
2,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.70 |
% |
|
|
2.60 |
% |
|
|
0.10 |
% |
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment |
|
|
46,469 |
|
|
|
38,833 |
|
|
|
7,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.22 |
% |
|
|
3.16 |
% |
|
|
0.06 |
% |
|
Net interest margin/ income non-taxable equivalent
basis (GAAP) |
|
$ |
568,312 |
|
|
$ |
550,744 |
|
|
$ |
17,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
17
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended June 30, 2024 and June 30, 2023
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Volume |
|
|
Average Yields / Costs |
|
|
|
|
Interest |
|
|
Variance
Attributable to |
|
| 30-Jun-24 |
|
|
30-Jun-23 |
|
|
Variance |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
|
Variance |
|
|
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
|
Variance |
|
|
Rate |
|
|
Volume |
|
| (In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
| $ |
6,471 |
|
|
$ |
7,851 |
|
|
$ |
(1,380 |
) |
|
|
5.49 |
% |
|
|
5.15 |
% |
|
|
0.34 |
% |
|
Money market investments |
|
$ |
88,316 |
|
|
$ |
100,776 |
|
|
$ |
(12,460 |
) |
|
$ |
6,081 |
|
|
$ |
(18,541 |
) |
| |
28,943 |
|
|
|
27,362 |
|
|
|
1,581 |
|
|
|
3.01 |
|
|
|
2.00 |
|
|
|
1.01 |
|
|
Investment securities [1] |
|
|
216,922 |
|
|
|
136,408 |
|
|
|
80,514 |
|
|
|
72,325 |
|
|
|
8,189 |
|
| |
26 |
|
|
|
32 |
|
|
|
(6 |
) |
|
|
5.69 |
|
|
|
4.65 |
|
|
|
1.04 |
|
|
Trading securities |
|
|
367 |
|
|
|
370 |
|
|
|
(3 |
) |
|
|
73 |
|
|
|
(76 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,440 |
|
|
|
35,245 |
|
|
|
195 |
|
|
|
3.47 |
|
|
|
2.70 |
|
|
|
0.77 |
|
|
Total money market, investment and trading securities |
|
|
305,605 |
|
|
|
237,554 |
|
|
|
68,051 |
|
|
|
78,479 |
|
|
|
(10,428 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
17,707 |
|
|
|
16,237 |
|
|
|
1,470 |
|
|
|
6.86 |
|
|
|
6.52 |
|
|
|
0.34 |
|
|
Commercial |
|
|
302,003 |
|
|
|
263,934 |
|
|
|
38,069 |
|
|
|
13,404 |
|
|
|
24,665 |
|
| |
1,070 |
|
|
|
737 |
|
|
|
333 |
|
|
|
9.11 |
|
|
|
8.95 |
|
|
|
0.16 |
|
|
Construction |
|
|
24,224 |
|
|
|
16,442 |
|
|
|
7,782 |
|
|
|
242 |
|
|
|
7,540 |
|
| |
1,789 |
|
|
|
1,632 |
|
|
|
157 |
|
|
|
6.86 |
|
|
|
6.30 |
|
|
|
0.56 |
|
|
Leasing |
|
|
30,697 |
|
|
|
25,711 |
|
|
|
4,986 |
|
|
|
2,394 |
|
|
|
2,592 |
|
| |
7,817 |
|
|
|
7,409 |
|
|
|
408 |
|
|
|
5.66 |
|
|
|
5.47 |
|
|
|
0.19 |
|
|
Mortgage |
|
|
110,673 |
|
|
|
101,304 |
|
|
|
9,369 |
|
|
|
3,666 |
|
|
|
5,703 |
|
| |
3,192 |
|
|
|
3,075 |
|
|
|
117 |
|
|
|
13.97 |
|
|
|
13.21 |
|
|
|
0.76 |
|
|
Consumer |
|
|
110,906 |
|
|
|
101,295 |
|
|
|
9,611 |
|
|
|
5,103 |
|
|
|
4,508 |
|
| |
3,819 |
|
|
|
3,593 |
|
|
|
226 |
|
|
|
8.88 |
|
|
|
8.31 |
|
|
|
0.57 |
|
|
Auto |
|
|
84,268 |
|
|
|
74,467 |
|
|
|
9,801 |
|
|
|
4,970 |
|
|
|
4,831 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,394 |
|
|
|
32,683 |
|
|
|
2,711 |
|
|
|
7.52 |
|
|
|
7.15 |
|
|
|
0.37 |
|
|
Total loans |
|
|
662,771 |
|
|
|
583,153 |
|
|
|
79,618 |
|
|
|
29,779 |
|
|
|
49,839 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
70,834 |
|
|
$ |
67,928 |
|
|
$ |
2,906 |
|
|
|
5.49 |
% |
|
|
4.84 |
% |
|
|
0.65 |
% |
|
Total earning assets |
|
$ |
968,376 |
|
|
$ |
820,707 |
|
|
$ |
147,669 |
|
|
$ |
108,258 |
|
|
$ |
39,411 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
26,105 |
|
|
$ |
24,230 |
|
|
$ |
1,875 |
|
|
|
3.60 |
% |
|
|
2.91 |
% |
|
|
0.69 |
% |
|
NOW and money market [2] |
|
$ |
233,345 |
|
|
$ |
175,640 |
|
|
$ |
57,705 |
|
|
$ |
43,783 |
|
|
$ |
13,922 |
|
| |
14,732 |
|
|
|
14,763 |
|
|
|
(31 |
) |
|
|
0.92 |
|
|
|
0.66 |
|
|
|
0.26 |
|
|
Savings |
|
|
33,795 |
|
|
|
24,446 |
|
|
|
9,349 |
|
|
|
7,966 |
|
|
|
1,383 |
|
| |
9,014 |
|
|
|
7,715 |
|
|
|
1,299 |
|
|
|
3.25 |
|
|
|
2.26 |
|
|
|
0.99 |
|
|
Time deposits |
|
|
72,799 |
|
|
|
43,402 |
|
|
|
29,397 |
|
|
|
18,707 |
|
|
|
10,690 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
49,851 |
|
|
|
46,708 |
|
|
|
3,143 |
|
|
|
2.74 |
|
|
|
2.09 |
|
|
|
0.65 |
|
|
Total interest bearing deposits |
|
|
339,939 |
|
|
|
243,488 |
|
|
|
96,451 |
|
|
|
70,456 |
|
|
|
25,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
15,176 |
|
|
|
15,480 |
|
|
|
(304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
65,027 |
|
|
|
62,188 |
|
|
|
2,839 |
|
|
|
2.10 |
|
|
|
1.57 |
|
|
|
0.53 |
|
|
Total deposits |
|
|
339,939 |
|
|
|
243,488 |
|
|
|
96,451 |
|
|
|
70,456 |
|
|
|
25,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
80 |
|
|
|
125 |
|
|
|
(45 |
) |
|
|
5.64 |
|
|
|
5.19 |
|
|
|
0.45 |
|
|
Short-term borrowings |
|
|
1,126 |
|
|
|
1,624 |
|
|
|
(498 |
) |
|
|
129 |
|
|
|
(627 |
) |
| |
978 |
|
|
|
1,299 |
|
|
|
(321 |
) |
|
|
5.16 |
|
|
|
5.33 |
|
|
|
(0.17 |
) |
|
Other medium and long-term debt |
|
|
12,530 |
|
|
|
17,227 |
|
|
|
(4,697 |
) |
|
|
1,007 |
|
|
|
(5,704 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
50,909 |
|
|
|
48,132 |
|
|
|
2,777 |
|
|
|
2.79 |
|
|
|
2.19 |
|
|
|
0.60 |
|
|
Total interest bearing liabilities (excluding demand deposits) |
|
|
353,595 |
|
|
|
262,339 |
|
|
|
91,256 |
|
|
|
71,592 |
|
|
|
19,664 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
4,749 |
|
|
|
4,316 |
|
|
|
433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other sources of funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
70,834 |
|
|
$ |
67,928 |
|
|
$ |
2,906 |
|
|
|
2.01 |
% |
|
|
1.55 |
% |
|
|
0.46 |
% |
|
Total source of funds |
|
|
353,595 |
|
|
|
262,339 |
|
|
|
91,256 |
|
|
|
71,592 |
|
|
|
19,664 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.48 |
% |
|
|
3.29 |
% |
|
|
0.19 |
% |
|
Net interest margin/ income on a taxable equivalent basis
(Non-GAAP) |
|
|
614,781 |
|
|
|
558,368 |
|
|
|
56,413 |
|
|
$ |
36,666 |
|
|
$ |
19,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.70 |
% |
|
|
2.65 |
% |
|
|
0.05 |
% |
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment |
|
|
46,469 |
|
|
|
26,700 |
|
|
|
19,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.22 |
% |
|
|
3.14 |
% |
|
|
0.08 |
% |
|
Net interest margin/ income non-taxable equivalent
basis (GAAP) |
|
$ |
568,312 |
|
|
$ |
531,668 |
|
|
$ |
36,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
18
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Volume |
|
|
Average Yields / Costs |
|
|
|
|
Interest |
|
|
Variance
Attributable to |
|
| 30-Jun-24 |
|
|
30-Jun-23 |
|
|
Variance |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
|
Variance |
|
|
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
|
Variance |
|
|
Rate |
|
|
Volume |
|
| (In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
| $ |
6,477 |
|
|
$ |
6,800 |
|
|
$ |
(323 |
) |
|
|
5.49 |
% |
|
|
4.94 |
% |
|
|
0.55 |
% |
|
Money market investments |
|
$ |
176,832 |
|
|
$ |
166,500 |
|
|
$ |
10,332 |
|
|
$ |
18,468 |
|
|
$ |
(8,136 |
) |
| |
28,626 |
|
|
|
28,108 |
|
|
|
518 |
|
|
|
2.86 |
|
|
|
2.11 |
|
|
|
0.75 |
|
|
Investment securities [1] |
|
|
408,024 |
|
|
|
295,322 |
|
|
|
112,702 |
|
|
|
107,442 |
|
|
|
5,260 |
|
| |
30 |
|
|
|
31 |
|
|
|
(1 |
) |
|
|
4.60 |
|
|
|
4.56 |
|
|
|
0.04 |
|
|
Trading securities |
|
|
678 |
|
|
|
708 |
|
|
|
(30 |
) |
|
|
7 |
|
|
|
(37 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,133 |
|
|
|
34,939 |
|
|
|
194 |
|
|
|
3.35 |
|
|
|
2.67 |
|
|
|
0.68 |
|
|
Total money market, investment and trading securities |
|
|
585,534 |
|
|
|
462,530 |
|
|
|
123,004 |
|
|
|
125,917 |
|
|
|
(2,913 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
17,660 |
|
|
|
16,000 |
|
|
|
1,660 |
|
|
|
6.85 |
|
|
|
6.42 |
|
|
|
0.43 |
|
|
Commercial |
|
|
601,507 |
|
|
|
509,403 |
|
|
|
92,104 |
|
|
|
37,134 |
|
|
|
54,970 |
|
| |
1,031 |
|
|
|
734 |
|
|
|
297 |
|
|
|
9.04 |
|
|
|
8.68 |
|
|
|
0.36 |
|
|
Construction |
|
|
46,324 |
|
|
|
31,598 |
|
|
|
14,726 |
|
|
|
1,454 |
|
|
|
13,272 |
|
| |
1,766 |
|
|
|
1,610 |
|
|
|
156 |
|
|
|
6.80 |
|
|
|
6.21 |
|
|
|
0.59 |
|
|
Leasing |
|
|
60,051 |
|
|
|
49,993 |
|
|
|
10,058 |
|
|
|
4,994 |
|
|
|
5,064 |
|
| |
7,770 |
|
|
|
7,398 |
|
|
|
372 |
|
|
|
5.64 |
|
|
|
5.46 |
|
|
|
0.18 |
|
|
Mortgage |
|
|
219,216 |
|
|
|
202,076 |
|
|
|
17,140 |
|
|
|
6,783 |
|
|
|
10,357 |
|
| |
3,208 |
|
|
|
3,049 |
|
|
|
159 |
|
|
|
13.94 |
|
|
|
13.03 |
|
|
|
0.91 |
|
|
Consumer |
|
|
222,396 |
|
|
|
197,010 |
|
|
|
25,386 |
|
|
|
13,546 |
|
|
|
11,840 |
|
| |
3,791 |
|
|
|
3,576 |
|
|
|
215 |
|
|
|
8.82 |
|
|
|
8.23 |
|
|
|
0.59 |
|
|
Auto |
|
|
166,322 |
|
|
|
145,874 |
|
|
|
20,448 |
|
|
|
11,419 |
|
|
|
9,029 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,226 |
|
|
|
32,367 |
|
|
|
2,859 |
|
|
|
7.50 |
|
|
|
7.06 |
|
|
|
0.44 |
|
|
Total loans |
|
|
1,315,816 |
|
|
|
1,135,954 |
|
|
|
179,862 |
|
|
|
75,330 |
|
|
|
104,532 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
70,359 |
|
|
$ |
67,306 |
|
|
$ |
3,053 |
|
|
|
5.43 |
% |
|
|
4.78 |
% |
|
|
0.65 |
% |
|
Total earning assets |
|
$ |
1,901,350 |
|
|
$ |
1,598,484 |
|
|
$ |
302,866 |
|
|
$ |
201,247 |
|
|
$ |
101,619 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
25,904 |
|
|
$ |
23,774 |
|
|
$ |
2,130 |
|
|
|
3.61 |
% |
|
|
2.72 |
% |
|
|
0.89 |
% |
|
NOW and money market [2] |
|
$ |
465,474 |
|
|
$ |
320,610 |
|
|
$ |
144,864 |
|
|
$ |
113,900 |
|
|
$ |
30,964 |
|
| |
14,716 |
|
|
|
14,895 |
|
|
|
(179 |
) |
|
|
0.93 |
|
|
|
0.57 |
|
|
|
0.36 |
|
|
Savings |
|
|
67,966 |
|
|
|
41,889 |
|
|
|
26,077 |
|
|
|
24,160 |
|
|
|
1,917 |
|
| |
8,780 |
|
|
|
7,409 |
|
|
|
1,371 |
|
|
|
3.11 |
|
|
|
2.02 |
|
|
|
1.09 |
|
|
Time deposits |
|
|
135,995 |
|
|
|
74,204 |
|
|
|
61,791 |
|
|
|
40,371 |
|
|
|
21,420 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
49,400 |
|
|
|
46,078 |
|
|
|
3,322 |
|
|
|
2.73 |
|
|
|
1.91 |
|
|
|
0.82 |
|
|
Total interest bearing deposits |
|
|
669,435 |
|
|
|
436,703 |
|
|
|
232,732 |
|
|
|
178,431 |
|
|
|
54,301 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
15,129 |
|
|
|
15,592 |
|
|
|
(463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
64,529 |
|
|
|
61,670 |
|
|
|
2,859 |
|
|
|
2.09 |
|
|
|
1.43 |
|
|
|
0.66 |
|
|
Total deposits |
|
|
669,435 |
|
|
|
436,703 |
|
|
|
232,732 |
|
|
|
178,431 |
|
|
|
54,301 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
82 |
|
|
|
186 |
|
|
|
(104 |
) |
|
|
5.67 |
|
|
|
4.89 |
|
|
|
0.78 |
|
|
Short-term borrowings |
|
|
2,318 |
|
|
|
4,509 |
|
|
|
(2,191 |
) |
|
|
1,603 |
|
|
|
(3,794 |
) |
| |
988 |
|
|
|
1,124 |
|
|
|
(136 |
) |
|
|
5.13 |
|
|
|
5.10 |
|
|
|
0.03 |
|
|
Other medium and long-term debt |
|
|
25,239 |
|
|
|
28,493 |
|
|
|
(3,254 |
) |
|
|
14 |
|
|
|
(3,268 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
50,470 |
|
|
|
47,388 |
|
|
|
3,082 |
|
|
|
2.78 |
|
|
|
2.00 |
|
|
|
0.78 |
|
|
Total interest bearing liabilities (excluding demand deposits) |
|
|
696,992 |
|
|
|
469,705 |
|
|
|
227,287 |
|
|
|
180,048 |
|
|
|
47,239 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
4,760 |
|
|
|
4,326 |
|
|
|
434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other sources of funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
70,359 |
|
|
$ |
67,306 |
|
|
$ |
3,053 |
|
|
|
1.99 |
% |
|
|
1.41 |
% |
|
|
0.58 |
% |
|
Total source of funds |
|
|
696,992 |
|
|
|
469,705 |
|
|
|
227,287 |
|
|
|
180,048 |
|
|
|
47,239 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.44 |
% |
|
|
3.37 |
% |
|
|
0.07 |
% |
|
Net interest margin/ income on a taxable equivalent basis
(Non-GAAP) |
|
|
1,204,358 |
|
|
|
1,128,779 |
|
|
|
75,579 |
|
|
$ |
21,199 |
|
|
$ |
54,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.65 |
% |
|
|
2.78 |
% |
|
|
(0.13 |
)% |
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment |
|
|
85,302 |
|
|
|
65,455 |
|
|
|
19,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.20 |
% |
|
|
3.18 |
% |
|
|
0.02 |
% |
|
Net interest margin/ income non-taxable equivalent
basis (GAAP) |
|
$ |
1,119,056 |
|
|
$ |
1,063,324 |
|
|
$ |
55,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
19
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table G - Mortgage Banking Activities and Other Service Fees
(Unaudited)
Mortgage Banking Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarters ended |
|
|
Variance |
|
|
Six months ended |
|
|
Variance |
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
Q2 2024
vs.Q1 2024 |
|
|
Q2 2024
vs.Q2 2023 |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
|
2024 vs.
2023 |
|
| Mortgage servicing fees, net of fair value adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage servicing fees |
|
$ |
7,602 |
|
|
$ |
7,751 |
|
|
$ |
8,369 |
|
|
$ |
(149 |
) |
|
$ |
(767 |
) |
|
$ |
15,353 |
|
|
$ |
17,058 |
|
|
$ |
(1,705 |
) |
| Mortgage servicing rights fair value adjustments |
|
|
(1,945 |
) |
|
|
(3,439 |
) |
|
|
(6,216 |
) |
|
|
1,494 |
|
|
|
4,271 |
|
|
|
(5,384 |
) |
|
|
(7,592 |
) |
|
|
2,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total mortgage servicing fees, net of fair value adjustments |
|
|
5,657 |
|
|
|
4,312 |
|
|
|
2,153 |
|
|
|
1,345 |
|
|
|
3,504 |
|
|
|
9,969 |
|
|
|
9,466 |
|
|
|
503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) gain on sale of loans, including valuation on loans held-for-sale |
|
|
2 |
|
|
|
74 |
|
|
|
(61 |
) |
|
|
(72 |
) |
|
|
63 |
|
|
|
76 |
|
|
|
202 |
|
|
|
(126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading account profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gains on outstanding derivative positions |
|
|
56 |
|
|
|
101 |
|
|
|
246 |
|
|
|
(45 |
) |
|
|
(190 |
) |
|
|
157 |
|
|
|
115 |
|
|
|
42 |
|
| Realized gains on closed derivative positions |
|
|
9 |
|
|
|
3 |
|
|
|
111 |
|
|
|
6 |
|
|
|
(102 |
) |
|
|
12 |
|
|
|
167 |
|
|
|
(155 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total trading account profit |
|
|
65 |
|
|
|
104 |
|
|
|
357 |
|
|
|
(39 |
) |
|
|
(292 |
) |
|
|
169 |
|
|
|
282 |
|
|
|
(113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Losses on repurchased loans, including interest advances |
|
|
(1 |
) |
|
|
(130 |
) |
|
|
(133 |
) |
|
|
129 |
|
|
|
132 |
|
|
|
(131 |
) |
|
|
(234 |
) |
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total mortgage banking activities |
|
$ |
5,723 |
|
|
$ |
4,360 |
|
|
$ |
2,316 |
|
|
$ |
1,363 |
|
|
$ |
3,407 |
|
|
$ |
10,083 |
|
|
$ |
9,716 |
|
|
$ |
367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Service Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarters ended |
|
|
Variance |
|
|
Six months ended |
|
|
Variance |
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
Q2 2024
vs.Q1 2024 |
|
|
Q2 2024
vs.Q2 2023 |
|
|
30-Jun-24 |
|
|
30-Jun-23 |
|
|
2024 vs.
2023 |
|
| Other service fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debit card fees |
|
$ |
16,298 |
|
|
$ |
14,248 |
|
|
$ |
13,600 |
|
|
$ |
2,050 |
|
|
$ |
2,698 |
|
|
$ |
30,546 |
|
|
$ |
26,766 |
|
|
$ |
3,780 |
|
| Insurance fees |
|
|
13,368 |
|
|
|
14,689 |
|
|
|
14,625 |
|
|
|
(1,321 |
) |
|
|
(1,257 |
) |
|
|
28,057 |
|
|
|
28,498 |
|
|
|
(441 |
) |
| Credit card fees |
|
|
41,626 |
|
|
|
40,853 |
|
|
|
42,644 |
|
|
|
773 |
|
|
|
(1,018 |
) |
|
|
82,479 |
|
|
|
83,142 |
|
|
|
(663 |
) |
| Sale and administration of investment products |
|
|
7,850 |
|
|
|
7,427 |
|
|
|
6,076 |
|
|
|
423 |
|
|
|
1,774 |
|
|
|
15,277 |
|
|
|
12,634 |
|
|
|
2,643 |
|
| Trust fees |
|
|
6,622 |
|
|
|
6,707 |
|
|
|
6,600 |
|
|
|
(85 |
) |
|
|
22 |
|
|
|
13,329 |
|
|
|
12,375 |
|
|
|
954 |
|
| Other fees |
|
|
11,099 |
|
|
|
10,348 |
|
|
|
10,720 |
|
|
|
751 |
|
|
|
379 |
|
|
|
21,447 |
|
|
|
20,926 |
|
|
|
521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other service fees |
|
$ |
96,863 |
|
|
$ |
94,272 |
|
|
$ |
94,265 |
|
|
$ |
2,591 |
|
|
$ |
2,598 |
|
|
$ |
191,135 |
|
|
$ |
184,341 |
|
|
$ |
6,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table H - Loans and Deposits
(Unaudited)
Loans - Ending Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Variance |
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
Q2 2024 vs.Q1
2024 |
|
|
% of Change |
|
|
Q2 2024 vs.Q2
2023 |
|
|
% of Change |
|
| Loans
held-in-portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
2,384,480 |
|
|
$ |
2,384,635 |
|
|
$ |
2,331,499 |
|
|
$ |
(155 |
) |
|
|
(0.01 |
%) |
|
$ |
52,981 |
|
|
|
2.27 |
% |
| Commercial real estate non-owner occupied |
|
|
5,004,472 |
|
|
|
5,057,059 |
|
|
|
4,744,256 |
|
|
|
(52,587 |
) |
|
|
(1.04 |
%) |
|
|
260,216 |
|
|
|
5.48 |
% |
| Commercial real estate owner occupied |
|
|
3,143,817 |
|
|
|
3,117,844 |
|
|
|
3,041,398 |
|
|
|
25,973 |
|
|
|
0.83 |
% |
|
|
102,419 |
|
|
|
3.37 |
% |
| Commercial and industrial |
|
|
7,195,357 |
|
|
|
7,025,483 |
|
|
|
6,251,147 |
|
|
|
169,874 |
|
|
|
2.42 |
% |
|
|
944,210 |
|
|
|
15.10 |
% |
| Total Commercial |
|
|
17,728,126 |
|
|
|
17,585,021 |
|
|
|
16,368,300 |
|
|
|
143,105 |
|
|
|
0.81 |
% |
|
|
1,359,826 |
|
|
|
8.31 |
% |
| Construction |
|
|
1,105,759 |
|
|
|
1,009,303 |
|
|
|
819,903 |
|
|
|
96,456 |
|
|
|
9.56 |
% |
|
|
285,856 |
|
|
|
34.86 |
% |
| Leasing |
|
|
1,828,048 |
|
|
|
1,765,413 |
|
|
|
1,661,523 |
|
|
|
62,635 |
|
|
|
3.55 |
% |
|
|
166,525 |
|
|
|
10.02 |
% |
| Mortgage |
|
|
7,883,726 |
|
|
|
7,783,662 |
|
|
|
7,449,078 |
|
|
|
100,064 |
|
|
|
1.29 |
% |
|
|
434,648 |
|
|
|
5.83 |
% |
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
1,162,557 |
|
|
|
1,142,153 |
|
|
|
1,057,389 |
|
|
|
20,404 |
|
|
|
1.79 |
% |
|
|
105,168 |
|
|
|
9.95 |
% |
| Home equity lines of credit |
|
|
68,992 |
|
|
|
66,717 |
|
|
|
68,440 |
|
|
|
2,275 |
|
|
|
3.41 |
% |
|
|
552 |
|
|
|
0.81 |
% |
| Personal |
|
|
1,879,619 |
|
|
|
1,897,010 |
|
|
|
1,896,594 |
|
|
|
(17,391 |
) |
|
|
(0.92 |
%) |
|
|
(16,975 |
) |
|
|
(0.90 |
%) |
| Auto |
|
|
3,773,292 |
|
|
|
3,706,854 |
|
|
|
3,565,533 |
|
|
|
66,438 |
|
|
|
1.79 |
% |
|
|
207,759 |
|
|
|
5.83 |
% |
| Other |
|
|
161,501 |
|
|
|
162,605 |
|
|
|
144,162 |
|
|
|
(1,104 |
) |
|
|
(0.68 |
%) |
|
|
17,339 |
|
|
|
12.03 |
% |
| Total Consumer |
|
|
7,045,961 |
|
|
|
6,975,339 |
|
|
|
6,732,118 |
|
|
|
70,622 |
|
|
|
1.01 |
% |
|
|
313,843 |
|
|
|
4.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans
held-in-portfolio |
|
$ |
35,591,620 |
|
|
$ |
35,118,738 |
|
|
$ |
33,030,922 |
|
|
$ |
472,882 |
|
|
|
1.35 |
% |
|
$ |
2,560,698 |
|
|
|
7.75 |
% |
| Loans
held-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage |
|
$ |
8,225 |
|
|
$ |
5,352 |
|
|
$ |
9,509 |
|
|
$ |
2,873 |
|
|
|
53.68 |
% |
|
$ |
(1,284 |
) |
|
|
(13.50 |
%) |
| Credit cards |
|
|
— |
|
|
|
— |
|
|
|
45,912 |
|
|
|
— |
|
|
|
N.M. |
|
|
|
(45,912 |
) |
|
|
(100.00 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans
held-for-sale |
|
$ |
8,225 |
|
|
$ |
5,352 |
|
|
$ |
55,421 |
|
|
$ |
2,873 |
|
|
|
53.68 |
% |
|
$ |
(47,196 |
) |
|
|
(85.16 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans |
|
$ |
35,599,845 |
|
|
$ |
35,124,090 |
|
|
$ |
33,086,343 |
|
|
$ |
475,755 |
|
|
|
1.35 |
% |
|
$ |
2,513,502 |
|
|
|
7.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.M. - Not meaningful.
Deposits - Ending Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Variance |
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
|
Q2 2024 vs. Q1
2024 |
|
|
% of Change |
|
|
Q2 2024 vs.Q2
2023 |
|
|
% of Change |
|
| Demand deposits [1] |
|
$ |
25,879,406 |
|
|
$ |
26,473,367 |
|
|
$ |
27,690,840 |
|
|
$ |
(593,961 |
) |
|
|
(2.24 |
%) |
|
$ |
(1,811,434 |
) |
|
|
(6.54 |
%) |
| Savings, NOW and money market deposits
(non-brokered) |
|
|
29,724,473 |
|
|
|
27,852,551 |
|
|
|
27,539,343 |
|
|
|
1,871,922 |
|
|
|
6.72 |
% |
|
|
2,185,130 |
|
|
|
7.93 |
% |
| Savings, NOW and money market deposits (brokered) |
|
|
729,326 |
|
|
|
727,794 |
|
|
|
772,783 |
|
|
|
1,532 |
|
|
|
0.21 |
% |
|
|
(43,457 |
) |
|
|
(5.62 |
%) |
| Time deposits (non-brokered) |
|
|
8,225,750 |
|
|
|
7,850,459 |
|
|
|
7,231,840 |
|
|
|
375,291 |
|
|
|
4.78 |
% |
|
|
993,910 |
|
|
|
13.74 |
% |
| Time deposits (brokered CDs) |
|
|
971,907 |
|
|
|
904,613 |
|
|
|
770,012 |
|
|
|
67,294 |
|
|
|
7.44 |
% |
|
|
201,895 |
|
|
|
26.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits |
|
$ |
65,530,862 |
|
|
$ |
63,808,784 |
|
|
$ |
64,004,818 |
|
|
$ |
1,722,078 |
|
|
|
2.70 |
% |
|
$ |
1,526,044 |
|
|
|
2.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| [1] |
Includes interest and non-interest bearing demand deposits.
|
21
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table I - Loan Delinquency -BPPR Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 30-Jun-24 |
|
| BPPR |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
loans |
|
| Commercial multi-family |
|
$ |
233 |
|
|
$ |
— |
|
|
$ |
443 |
|
|
$ |
676 |
|
|
$ |
304,235 |
|
|
$ |
304,911 |
|
|
$ |
443 |
|
|
$ |
— |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-owner occupied |
|
|
1,713 |
|
|
|
— |
|
|
|
7,484 |
|
|
|
9,197 |
|
|
|
2,970,430 |
|
|
|
2,979,627 |
|
|
|
7,484 |
|
|
|
— |
|
| Owner occupied |
|
|
1,770 |
|
|
|
232 |
|
|
|
25,285 |
|
|
|
27,287 |
|
|
|
1,389,825 |
|
|
|
1,417,112 |
|
|
|
25,285 |
|
|
|
— |
|
| Commercial and industrial |
|
|
5,387 |
|
|
|
2,097 |
|
|
|
26,560 |
|
|
|
34,044 |
|
|
|
4,968,740 |
|
|
|
5,002,784 |
|
|
|
22,958 |
|
|
|
3,602 |
|
| Construction |
|
|
5,479 |
|
|
|
— |
|
|
|
— |
|
|
|
5,479 |
|
|
|
178,460 |
|
|
|
183,939 |
|
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
287,468 |
|
|
|
105,266 |
|
|
|
373,306 |
|
|
|
766,040 |
|
|
|
5,824,480 |
|
|
|
6,590,520 |
|
|
|
163,790 |
|
|
|
209,516 |
|
| Leasing |
|
|
20,631 |
|
|
|
5,071 |
|
|
|
7,059 |
|
|
|
32,761 |
|
|
|
1,795,287 |
|
|
|
1,828,048 |
|
|
|
7,059 |
|
|
|
— |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
15,032 |
|
|
|
9,436 |
|
|
|
23,931 |
|
|
|
48,399 |
|
|
|
1,114,140 |
|
|
|
1,162,539 |
|
|
|
— |
|
|
|
23,931 |
|
| Home equity lines of credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,216 |
|
|
|
2,216 |
|
|
|
— |
|
|
|
— |
|
| Personal |
|
|
21,535 |
|
|
|
12,755 |
|
|
|
19,650 |
|
|
|
53,940 |
|
|
|
1,690,933 |
|
|
|
1,744,873 |
|
|
|
19,650 |
|
|
|
— |
|
| Auto |
|
|
103,873 |
|
|
|
24,943 |
|
|
|
39,333 |
|
|
|
168,149 |
|
|
|
3,605,143 |
|
|
|
3,773,292 |
|
|
|
39,333 |
|
|
|
— |
|
| Other |
|
|
976 |
|
|
|
258 |
|
|
|
1,207 |
|
|
|
2,441 |
|
|
|
151,092 |
|
|
|
153,533 |
|
|
|
885 |
|
|
|
322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
464,097 |
|
|
$ |
160,058 |
|
|
$ |
524,258 |
|
|
$ |
1,148,413 |
|
|
$ |
23,994,981 |
|
|
$ |
25,143,394 |
|
|
$ |
286,887 |
|
|
$ |
237,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31-Mar-24 |
|
| BPPR |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Variance |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
loans |
|
| Commercial multi-family |
|
$ |
(19,151 |
) |
|
$ |
(2,027 |
) |
|
$ |
337 |
|
|
$ |
(20,841 |
) |
|
$ |
22,101 |
|
|
$ |
1,260 |
|
|
$ |
337 |
|
|
$ |
— |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-owner occupied |
|
|
(665 |
) |
|
|
(3,278 |
) |
|
|
(438 |
) |
|
|
(4,381 |
) |
|
|
(12,477 |
) |
|
|
(16,858 |
) |
|
|
(438 |
) |
|
|
— |
|
| Owner occupied |
|
|
(4,858 |
) |
|
|
(200 |
) |
|
|
(839 |
) |
|
|
(5,897 |
) |
|
|
(3,083 |
) |
|
|
(8,980 |
) |
|
|
(839 |
) |
|
|
— |
|
| Commercial and industrial |
|
|
2,367 |
|
|
|
(6,455 |
) |
|
|
(7,181 |
) |
|
|
(11,269 |
) |
|
|
268,930 |
|
|
|
257,661 |
|
|
|
(6,213 |
) |
|
|
(968 |
) |
| Construction |
|
|
5,479 |
|
|
|
— |
|
|
|
— |
|
|
|
5,479 |
|
|
|
15,736 |
|
|
|
21,215 |
|
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
33,460 |
|
|
|
(1,958 |
) |
|
|
(11,756 |
) |
|
|
19,746 |
|
|
|
87,223 |
|
|
|
106,969 |
|
|
|
(2,683 |
) |
|
|
(9,073 |
) |
| Leasing |
|
|
695 |
|
|
|
319 |
|
|
|
(208 |
) |
|
|
806 |
|
|
|
61,829 |
|
|
|
62,635 |
|
|
|
(208 |
) |
|
|
— |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
1,998 |
|
|
|
(92 |
) |
|
|
73 |
|
|
|
1,979 |
|
|
|
18,424 |
|
|
|
20,403 |
|
|
|
— |
|
|
|
73 |
|
| Home equity lines of credit |
|
|
— |
|
|
|
(226 |
) |
|
|
(7 |
) |
|
|
(233 |
) |
|
|
(120 |
) |
|
|
(353 |
) |
|
|
— |
|
|
|
(7 |
) |
| Personal |
|
|
1,713 |
|
|
|
586 |
|
|
|
558 |
|
|
|
2,857 |
|
|
|
(4,477 |
) |
|
|
(1,620 |
) |
|
|
558 |
|
|
|
— |
|
| Auto |
|
|
20,916 |
|
|
|
6,523 |
|
|
|
(2,474 |
) |
|
|
24,965 |
|
|
|
41,473 |
|
|
|
66,438 |
|
|
|
(2,474 |
) |
|
|
— |
|
| Other |
|
|
(46 |
) |
|
|
108 |
|
|
|
268 |
|
|
|
330 |
|
|
|
(475 |
) |
|
|
(145 |
) |
|
|
253 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
41,908 |
|
|
$ |
(6,700 |
) |
|
$ |
(21,667 |
) |
|
$ |
13,541 |
|
|
$ |
495,084 |
|
|
$ |
508,625 |
|
|
$ |
(11,707 |
) |
|
$ |
(9,960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table J - Loan Delinquency - Popular U.S. Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 30-Jun-24 |
|
| Popular U.S. |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
loans |
|
| Commercial multi-family |
|
$ |
2,962 |
|
|
$ |
— |
|
|
$ |
8,700 |
|
|
$ |
11,662 |
|
|
$ |
2,067,907 |
|
|
$ |
2,079,569 |
|
|
$ |
8,700 |
|
|
$ |
— |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-owner occupied |
|
|
2,494 |
|
|
|
2,783 |
|
|
|
1,025 |
|
|
|
6,302 |
|
|
|
2,018,543 |
|
|
|
2,024,845 |
|
|
|
1,025 |
|
|
|
— |
|
| Owner occupied |
|
|
— |
|
|
|
17,095 |
|
|
|
22,256 |
|
|
|
39,351 |
|
|
|
1,687,354 |
|
|
|
1,726,705 |
|
|
|
22,256 |
|
|
|
— |
|
| Commercial and industrial |
|
|
5,181 |
|
|
|
304 |
|
|
|
5,992 |
|
|
|
11,477 |
|
|
|
2,181,096 |
|
|
|
2,192,573 |
|
|
|
5,782 |
|
|
|
210 |
|
| Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
921,820 |
|
|
|
921,820 |
|
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
1,309 |
|
|
|
23,479 |
|
|
|
11,554 |
|
|
|
36,342 |
|
|
|
1,256,864 |
|
|
|
1,293,206 |
|
|
|
11,554 |
|
|
|
— |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
| Home equity lines of credit |
|
|
890 |
|
|
|
462 |
|
|
|
3,780 |
|
|
|
5,132 |
|
|
|
61,644 |
|
|
|
66,776 |
|
|
|
3,780 |
|
|
|
— |
|
| Personal |
|
|
1,770 |
|
|
|
1,689 |
|
|
|
1,851 |
|
|
|
5,310 |
|
|
|
129,436 |
|
|
|
134,746 |
|
|
|
1,851 |
|
|
|
— |
|
| Other |
|
|
1,204 |
|
|
|
— |
|
|
|
— |
|
|
|
1,204 |
|
|
|
6,764 |
|
|
|
7,968 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
15,810 |
|
|
$ |
45,812 |
|
|
$ |
55,158 |
|
|
$ |
116,780 |
|
|
$ |
10,331,446 |
|
|
$ |
10,448,226 |
|
|
$ |
54,948 |
|
|
$ |
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31-Mar-24 |
|
| Popular U.S. |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total past
due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Variance |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
loans |
|
| Commercial multi-family |
|
$ |
(472 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(472 |
) |
|
$ |
(943 |
) |
|
$ |
(1,415 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-owner occupied |
|
|
1,754 |
|
|
|
1,419 |
|
|
|
(1,382 |
) |
|
|
1,791 |
|
|
|
(37,520 |
) |
|
|
(35,729 |
) |
|
|
(1,382 |
) |
|
|
— |
|
| Owner occupied |
|
|
(6,107 |
) |
|
|
(1,914 |
) |
|
|
18,379 |
|
|
|
10,358 |
|
|
|
24,595 |
|
|
|
34,953 |
|
|
|
18,379 |
|
|
|
— |
|
| Commercial and industrial |
|
|
(4,780 |
) |
|
|
(324 |
) |
|
|
(642 |
) |
|
|
(5,746 |
) |
|
|
(82,041 |
) |
|
|
(87,787 |
) |
|
|
(641 |
) |
|
|
(1 |
) |
| Construction |
|
|
(8,825 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,825 |
) |
|
|
84,066 |
|
|
|
75,241 |
|
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
(24,249 |
) |
|
|
22,946 |
|
|
|
(16,517 |
) |
|
|
(17,820 |
) |
|
|
10,915 |
|
|
|
(6,905 |
) |
|
|
(16,517 |
) |
|
|
— |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
| Home equity lines of credit |
|
|
44 |
|
|
|
72 |
|
|
|
(206 |
) |
|
|
(90 |
) |
|
|
2,718 |
|
|
|
2,628 |
|
|
|
(206 |
) |
|
|
— |
|
| Personal |
|
|
(372 |
) |
|
|
(6 |
) |
|
|
(217 |
) |
|
|
(595 |
) |
|
|
(15,176 |
) |
|
|
(15,771 |
) |
|
|
(217 |
) |
|
|
— |
|
| Other |
|
|
1,204 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
1,203 |
|
|
|
(2,162 |
) |
|
|
(959 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(41,803 |
) |
|
$ |
22,193 |
|
|
$ |
(586 |
) |
|
$ |
(20,196 |
) |
|
$ |
(15,547 |
) |
|
$ |
(35,743 |
) |
|
$ |
(585 |
) |
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table K - Loan Delinquency - Consolidated
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 30-Jun-24 |
|
| Popular, Inc. |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
loans |
|
| Commercial multi-family |
|
$ |
3,195 |
|
|
$ |
— |
|
|
$ |
9,143 |
|
|
$ |
12,338 |
|
|
$ |
2,372,142 |
|
|
$ |
2,384,480 |
|
|
$ |
9,143 |
|
|
$ |
— |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-owner occupied |
|
|
4,207 |
|
|
|
2,783 |
|
|
|
8,509 |
|
|
|
15,499 |
|
|
|
4,988,973 |
|
|
|
5,004,472 |
|
|
|
8,509 |
|
|
|
— |
|
| Owner occupied |
|
|
1,770 |
|
|
|
17,327 |
|
|
|
47,541 |
|
|
|
66,638 |
|
|
|
3,077,179 |
|
|
|
3,143,817 |
|
|
|
47,541 |
|
|
|
— |
|
| Commercial and industrial |
|
|
10,568 |
|
|
|
2,401 |
|
|
|
32,552 |
|
|
|
45,521 |
|
|
|
7,149,836 |
|
|
|
7,195,357 |
|
|
|
28,740 |
|
|
|
3,812 |
|
| Construction |
|
|
5,479 |
|
|
|
— |
|
|
|
— |
|
|
|
5,479 |
|
|
|
1,100,280 |
|
|
|
1,105,759 |
|
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
288,777 |
|
|
|
128,745 |
|
|
|
384,860 |
|
|
|
802,382 |
|
|
|
7,081,344 |
|
|
|
7,883,726 |
|
|
|
175,344 |
|
|
|
209,516 |
|
| Leasing |
|
|
20,631 |
|
|
|
5,071 |
|
|
|
7,059 |
|
|
|
32,761 |
|
|
|
1,795,287 |
|
|
|
1,828,048 |
|
|
|
7,059 |
|
|
|
— |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
15,032 |
|
|
|
9,436 |
|
|
|
23,931 |
|
|
|
48,399 |
|
|
|
1,114,158 |
|
|
|
1,162,557 |
|
|
|
— |
|
|
|
23,931 |
|
| Home equity lines of credit |
|
|
890 |
|
|
|
462 |
|
|
|
3,780 |
|
|
|
5,132 |
|
|
|
63,860 |
|
|
|
68,992 |
|
|
|
3,780 |
|
|
|
— |
|
| Personal |
|
|
23,305 |
|
|
|
14,444 |
|
|
|
21,501 |
|
|
|
59,250 |
|
|
|
1,820,369 |
|
|
|
1,879,619 |
|
|
|
21,501 |
|
|
|
— |
|
| Auto |
|
|
103,873 |
|
|
|
24,943 |
|
|
|
39,333 |
|
|
|
168,149 |
|
|
|
3,605,143 |
|
|
|
3,773,292 |
|
|
|
39,333 |
|
|
|
— |
|
| Other |
|
|
2,180 |
|
|
|
258 |
|
|
|
1,207 |
|
|
|
3,645 |
|
|
|
157,856 |
|
|
|
161,501 |
|
|
|
885 |
|
|
|
322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
479,907 |
|
|
$ |
205,870 |
|
|
$ |
579,416 |
|
|
$ |
1,265,193 |
|
|
$ |
34,326,427 |
|
|
$ |
35,591,620 |
|
|
$ |
341,835 |
|
|
$ |
237,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31-Mar-24 |
|
| Popular, Inc. |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Variance |
|
| |
|
Past due |
|
|
|
|
|
|
|
|
Past due 90 days or more |
|
| (In thousands) |
|
30-59
days |
|
|
60-89
days |
|
|
90 days
or more |
|
|
Total
past due |
|
|
Current |
|
|
Loans HIP |
|
|
Non-accrual
loans |
|
|
Accruing
loans |
|
| Commercial multi-family |
|
$ |
(19,623 |
) |
|
$ |
(2,027 |
) |
|
$ |
337 |
|
|
$ |
(21,313 |
) |
|
$ |
21,158 |
|
|
$ |
(155 |
) |
|
$ |
337 |
|
|
$ |
— |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-owner occupied |
|
|
1,089 |
|
|
|
(1,859 |
) |
|
|
(1,820 |
) |
|
|
(2,590 |
) |
|
|
(49,997 |
) |
|
|
(52,587 |
) |
|
|
(1,820 |
) |
|
|
— |
|
| Owner occupied |
|
|
(10,965 |
) |
|
|
(2,114 |
) |
|
|
17,540 |
|
|
|
4,461 |
|
|
|
21,512 |
|
|
|
25,973 |
|
|
|
17,540 |
|
|
|
— |
|
| Commercial and industrial |
|
|
(2,413 |
) |
|
|
(6,779 |
) |
|
|
(7,823 |
) |
|
|
(17,015 |
) |
|
|
186,889 |
|
|
|
169,874 |
|
|
|
(6,854 |
) |
|
|
(969 |
) |
| Construction |
|
|
(3,346 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,346 |
) |
|
|
99,802 |
|
|
|
96,456 |
|
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
9,211 |
|
|
|
20,988 |
|
|
|
(28,273 |
) |
|
|
1,926 |
|
|
|
98,138 |
|
|
|
100,064 |
|
|
|
(19,200 |
) |
|
|
(9,073 |
) |
| Leasing |
|
|
695 |
|
|
|
319 |
|
|
|
(208 |
) |
|
|
806 |
|
|
|
61,829 |
|
|
|
62,635 |
|
|
|
(208 |
) |
|
|
— |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
1,998 |
|
|
|
(92 |
) |
|
|
73 |
|
|
|
1,979 |
|
|
|
18,425 |
|
|
|
20,404 |
|
|
|
— |
|
|
|
73 |
|
| Home equity lines of credit |
|
|
44 |
|
|
|
(154 |
) |
|
|
(213 |
) |
|
|
(323 |
) |
|
|
2,598 |
|
|
|
2,275 |
|
|
|
(206 |
) |
|
|
(7 |
) |
| Personal |
|
|
1,341 |
|
|
|
580 |
|
|
|
341 |
|
|
|
2,262 |
|
|
|
(19,653 |
) |
|
|
(17,391 |
) |
|
|
341 |
|
|
|
— |
|
| Auto |
|
|
20,916 |
|
|
|
6,523 |
|
|
|
(2,474 |
) |
|
|
24,965 |
|
|
|
41,473 |
|
|
|
66,438 |
|
|
|
(2,474 |
) |
|
|
— |
|
| Other |
|
|
1,158 |
|
|
|
108 |
|
|
|
267 |
|
|
|
1,533 |
|
|
|
(2,637 |
) |
|
|
(1,104 |
) |
|
|
252 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
105 |
|
|
$ |
15,493 |
|
|
$ |
(22,253 |
) |
|
$ |
(6,655 |
) |
|
$ |
479,537 |
|
|
$ |
472,882 |
|
|
$ |
(12,292 |
) |
|
$ |
(9,961 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table L - Non-Performing Assets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance |
|
| (In thousands) |
|
30-Jun-24 |
|
|
As a % of
loans HIP by
category |
|
|
31-Mar-24 |
|
|
As a % of
loans HIP by
category |
|
|
30-Jun-23 |
|
|
As a % of
loans HIP by
category |
|
|
Q2 2024 vs.
Q1 2024 |
|
|
Q2 2024 vs.
Q2 2023 |
|
| Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
9,143 |
|
|
|
0.4 |
% |
|
$ |
8,806 |
|
|
|
0.4 |
% |
|
$ |
602 |
|
|
|
— |
% |
|
$ |
337 |
|
|
$ |
8,541 |
|
| Commercial real estate non-owner occupied |
|
|
8,509 |
|
|
|
0.2 |
|
|
|
10,329 |
|
|
|
0.2 |
|
|
|
23,061 |
|
|
|
0.5 |
|
|
|
(1,820 |
) |
|
|
(14,552 |
) |
| Commercial real estate owner occupied |
|
|
47,541 |
|
|
|
1.5 |
|
|
|
30,001 |
|
|
|
1.0 |
|
|
|
40,927 |
|
|
|
1.3 |
|
|
|
17,540 |
|
|
|
6,614 |
|
| Commercial and industrial |
|
|
28,740 |
|
|
|
0.4 |
|
|
|
35,594 |
|
|
|
0.5 |
|
|
|
35,736 |
|
|
|
0.6 |
|
|
|
(6,854 |
) |
|
|
(6,996 |
) |
| Total Commercial |
|
|
93,933 |
|
|
|
0.5 |
|
|
|
84,730 |
|
|
|
0.5 |
|
|
|
100,326 |
|
|
|
0.6 |
|
|
|
9,203 |
|
|
|
(6,393 |
) |
| Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,284 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
(9,284 |
) |
| Leasing |
|
|
7,059 |
|
|
|
0.4 |
|
|
|
7,267 |
|
|
|
0.4 |
|
|
|
4,743 |
|
|
|
0.3 |
|
|
|
(208 |
) |
|
|
2,316 |
|
| Mortgage |
|
|
175,344 |
|
|
|
2.2 |
|
|
|
194,544 |
|
|
|
2.5 |
|
|
|
208,796 |
|
|
|
2.8 |
|
|
|
(19,200 |
) |
|
|
(33,452 |
) |
| Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
3,780 |
|
|
|
5.5 |
|
|
|
3,986 |
|
|
|
6.0 |
|
|
|
4,252 |
|
|
|
6.2 |
|
|
|
(206 |
) |
|
|
(472 |
) |
| Personal |
|
|
21,501 |
|
|
|
1.1 |
|
|
|
21,160 |
|
|
|
1.1 |
|
|
|
20,164 |
|
|
|
1.1 |
|
|
|
341 |
|
|
|
1,337 |
|
| Auto |
|
|
39,333 |
|
|
|
1.0 |
|
|
|
41,807 |
|
|
|
1.1 |
|
|
|
36,204 |
|
|
|
1.0 |
|
|
|
(2,474 |
) |
|
|
3,129 |
|
| Other Consumer |
|
|
885 |
|
|
|
0.5 |
|
|
|
633 |
|
|
|
0.4 |
|
|
|
1,735 |
|
|
|
1.2 |
|
|
|
252 |
|
|
|
(850 |
) |
| Total Consumer |
|
|
65,499 |
|
|
|
0.9 |
|
|
|
67,586 |
|
|
|
1.0 |
|
|
|
62,355 |
|
|
|
0.9 |
|
|
|
(2,087 |
) |
|
|
3,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-performing loans
held-in-portfolio |
|
|
341,835 |
|
|
|
1.0 |
% |
|
|
354,127 |
|
|
|
1.0 |
% |
|
|
385,504 |
|
|
|
1.2 |
% |
|
|
(12,292 |
) |
|
|
(43,669 |
) |
| Other real estate owned (“OREO”) |
|
|
70,225 |
|
|
|
|
|
|
|
80,542 |
|
|
|
|
|
|
|
86,216 |
|
|
|
|
|
|
|
(10,317 |
) |
|
|
(15,991 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-performing assets [1] |
|
$ |
412,060 |
|
|
|
|
|
|
$ |
434,669 |
|
|
|
|
|
|
$ |
471,720 |
|
|
|
|
|
|
$ |
(22,609 |
) |
|
$ |
(59,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accruing loans past due 90 days or more [2] |
|
$ |
237,581 |
|
|
|
|
|
|
$ |
247,542 |
|
|
|
|
|
|
$ |
273,327 |
|
|
|
|
|
|
$ |
(9,961 |
) |
|
$ |
(35,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing assets to total assets |
|
|
0.57 |
% |
|
|
|
|
|
|
0.61 |
% |
|
|
|
|
|
|
0.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans held-in-portfolio to loans held-in-portfolio |
|
|
0.96 |
|
|
|
|
|
|
|
1.01 |
|
|
|
|
|
|
|
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to loans held-in-portfolio |
|
|
2.05 |
|
|
|
|
|
|
|
2.11 |
|
|
|
|
|
|
|
2.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to non-performing loans,
excluding loans held-for-sale |
|
|
213.58 |
|
|
|
|
|
|
|
208.84 |
|
|
|
|
|
|
|
181.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| [1] |
There were no non-performing loans held-for-sale as of June 30, 2024, March 31, 2024 and June 30, 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 June 30,
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 ( March 31, 2024 - $10 million; June 30,
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 $81 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of
June 30, 2024 (March 31, 2024 - $93 million; June 30, 2023 - $133 million). Furthermore, the Corporation has approximately $34 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing
interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (March 31, 2024- $37 million; June 30, 2023 - $39
million). |
28
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table M - Activity in Non-Performing Loans
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial loans held-in-portfolio: |
|
| |
|
Quarter ended
30-Jun-24 |
|
|
Quarter ended
31-Mar-24 |
|
| (In thousands) |
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
| Beginning balance NPLs |
|
$ |
63,323 |
|
|
$ |
21,407 |
|
|
$ |
84,730 |
|
|
$ |
72,992 |
|
|
$ |
11,163 |
|
|
$ |
84,155 |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New non-performing loans |
|
|
4,031 |
|
|
|
21,940 |
|
|
|
25,971 |
|
|
|
4,343 |
|
|
|
15,039 |
|
|
|
19,382 |
|
| Advances on existing non-performing loans |
|
|
— |
|
|
|
282 |
|
|
|
282 |
|
|
|
— |
|
|
|
20 |
|
|
|
20 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans transferred to OREO |
|
|
(280 |
) |
|
|
— |
|
|
|
(280 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Non-performing loans
charged-off |
|
|
(5,700 |
) |
|
|
— |
|
|
|
(5,700 |
) |
|
|
(7,999 |
) |
|
|
(950 |
) |
|
|
(8,949 |
) |
| Loans returned to accrual status / loan collections |
|
|
(5,204 |
) |
|
|
(5,866 |
) |
|
|
(11,070 |
) |
|
|
(6,013 |
) |
|
|
(3,865 |
) |
|
|
(9,878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance NPLs |
|
$ |
56,170 |
|
|
$ |
37,763 |
|
|
$ |
93,933 |
|
|
$ |
63,323 |
|
|
$ |
21,407 |
|
|
$ |
84,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction loans held-in-portfolio: |
|
| |
|
Quarter ended
30-Jun-24 |
|
|
Quarter ended
31-Mar-24 |
|
| (In thousands) |
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
| Beginning balance NPLs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,378 |
|
|
$ |
— |
|
|
$ |
6,378 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans returned to accrual status / loan collections |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,378 |
) |
|
|
— |
|
|
|
(6,378 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance NPLs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans held-in-portfolio: |
|
| |
|
Quarter ended
30-Jun-24 |
|
|
Quarter ended
31-Mar-24 |
|
| (In thousands) |
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
| Beginning balance NPLs |
|
$ |
166,473 |
|
|
$ |
28,071 |
|
|
$ |
194,544 |
|
|
$ |
175,106 |
|
|
$ |
11,191 |
|
|
$ |
186,297 |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New non-performing loans |
|
|
37,009 |
|
|
|
3,967 |
|
|
|
40,976 |
|
|
|
29,160 |
|
|
|
20,334 |
|
|
|
49,494 |
|
| Advances on existing non-performing loans |
|
|
— |
|
|
|
16 |
|
|
|
16 |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans transferred to OREO |
|
|
(4,260 |
) |
|
|
(24 |
) |
|
|
(4,284 |
) |
|
|
(4,109 |
) |
|
|
— |
|
|
|
(4,109 |
) |
| Non-performing loans
charged-off |
|
|
110 |
|
|
|
(18 |
) |
|
|
92 |
|
|
|
(310 |
) |
|
|
— |
|
|
|
(310 |
) |
| Loans returned to accrual status / loan collections |
|
|
(35,542 |
) |
|
|
(20,458 |
) |
|
|
(56,000 |
) |
|
|
(33,374 |
) |
|
|
(3,456 |
) |
|
|
(36,830 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance NPLs |
|
$ |
163,790 |
|
|
$ |
11,554 |
|
|
$ |
175,344 |
|
|
$ |
166,473 |
|
|
$ |
28,071 |
|
|
$ |
194,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-performing loans held-in-portfolio (excluding consumer): |
|
| |
|
Quarter ended
30-Jun-24 |
|
|
Quarter ended
31-Mar-24 |
|
| (In thousands) |
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
|
BPPR |
|
|
Popular U.S. |
|
|
Popular, Inc. |
|
| Beginning balance NPLs |
|
$ |
229,796 |
|
|
$ |
49,478 |
|
|
$ |
279,274 |
|
|
$ |
254,476 |
|
|
$ |
22,354 |
|
|
$ |
276,830 |
|
| Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New non-performing loans |
|
|
41,040 |
|
|
|
25,907 |
|
|
|
66,947 |
|
|
|
33,503 |
|
|
|
35,373 |
|
|
|
68,876 |
|
| Advances on existing non-performing loans |
|
|
— |
|
|
|
298 |
|
|
|
298 |
|
|
|
— |
|
|
|
22 |
|
|
|
22 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans transferred to OREO |
|
|
(4,540 |
) |
|
|
(24 |
) |
|
|
(4,564 |
) |
|
|
(4,109 |
) |
|
|
— |
|
|
|
(4,109 |
) |
| Non-performing loans
charged-off |
|
|
(5,590 |
) |
|
|
(18 |
) |
|
|
(5,608 |
) |
|
|
(8,309 |
) |
|
|
(950 |
) |
|
|
(9,259 |
) |
| Loans returned to accrual status / loan collections |
|
|
(40,746 |
) |
|
|
(26,324 |
) |
|
|
(67,070 |
) |
|
|
(45,765 |
) |
|
|
(7,321 |
) |
|
|
(53,086 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance NPLs |
|
$ |
219,960 |
|
|
$ |
49,317 |
|
|
$ |
269,277 |
|
|
$ |
229,796 |
|
|
$ |
49,478 |
|
|
$ |
279,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarters ended |
|
| (In thousands) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
| Balance at beginning of period - loans held-in-portfolio |
|
$ |
739,544 |
|
|
$ |
729,341 |
|
|
$ |
689,120 |
|
| Provision for credit losses |
|
|
44,157 |
|
|
|
72,386 |
|
|
|
35,661 |
|
| Initial allowance for credit losses - PCD Loans |
|
|
6 |
|
|
|
17 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
783,707 |
|
|
|
801,744 |
|
|
|
724,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loans charge-off (recovered)- BPPR |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
| Commercial real estate non-owner occupied |
|
|
(44 |
) |
|
|
(325 |
) |
|
|
430 |
|
| Commercial real estate owner occupied |
|
|
(1,134 |
) |
|
|
2,247 |
|
|
|
(329 |
) |
| Commercial and industrial |
|
|
6,021 |
|
|
|
5,109 |
|
|
|
(1,431 |
) |
| Total Commercial |
|
|
4,843 |
|
|
|
7,030 |
|
|
|
(1,331 |
) |
| Leasing |
|
|
2,700 |
|
|
|
3,685 |
|
|
|
1,593 |
|
| Mortgage |
|
|
(3,749 |
) |
|
|
(4,426 |
) |
|
|
(3,384 |
) |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
13,712 |
|
|
|
13,958 |
|
|
|
6,502 |
|
| Home equity lines of credit |
|
|
41 |
|
|
|
104 |
|
|
|
(25 |
) |
| Personal |
|
|
20,975 |
|
|
|
21,940 |
|
|
|
12,641 |
|
| Auto |
|
|
10,257 |
|
|
|
13,846 |
|
|
|
2,491 |
|
| Other Consumer |
|
|
529 |
|
|
|
424 |
|
|
|
200 |
|
| Total Consumer |
|
|
45,514 |
|
|
|
50,272 |
|
|
|
21,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net charged-off BPPR |
|
$ |
49,308 |
|
|
$ |
56,561 |
|
|
$ |
18,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loans charge-off (recovered) - Popular
U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
|
(4 |
) |
|
|
440 |
|
|
|
(1 |
) |
| Commercial real estate non-owner occupied |
|
|
(42 |
) |
|
|
(64 |
) |
|
|
(66 |
) |
| Commercial real estate owner occupied |
|
|
(59 |
) |
|
|
(24 |
) |
|
|
156 |
|
| Commercial and industrial |
|
|
988 |
|
|
|
408 |
|
|
|
1,734 |
|
| Total Commercial |
|
|
883 |
|
|
|
760 |
|
|
|
1,823 |
|
| Construction |
|
|
(100 |
) |
|
|
— |
|
|
|
— |
|
| Mortgage |
|
|
(17 |
) |
|
|
(25 |
) |
|
|
(109 |
) |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Home equity lines of credit |
|
|
(383 |
) |
|
|
(148 |
) |
|
|
(166 |
) |
| Personal |
|
|
3,941 |
|
|
|
5,027 |
|
|
|
3,708 |
|
| Other Consumer |
|
|
(2 |
) |
|
|
25 |
|
|
|
47 |
|
| Total Consumer |
|
|
3,556 |
|
|
|
4,904 |
|
|
|
3,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net charged-off Popular U.S. |
|
$ |
4,322 |
|
|
$ |
5,639 |
|
|
$ |
5,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans charged-off - Popular, Inc. |
|
$ |
53,630 |
|
|
$ |
62,200 |
|
|
$ |
23,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net write- downs [1] |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at end of period - loans
held-in-portfolio |
|
$ |
730,077 |
|
|
$ |
739,544 |
|
|
$ |
700,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at beginning of period - unfunded commitments |
|
$ |
16,767 |
|
|
$ |
17,006 |
|
|
$ |
9,415 |
|
| Provision for credit losses (benefit) |
|
|
2,118 |
|
|
|
(239 |
) |
|
|
2,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at end of period - unfunded commitments [2] |
|
$ |
18,885 |
|
|
$ |
16,767 |
|
|
$ |
11,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| POPULAR, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
|
|
0.61 |
% |
|
|
0.71 |
% |
|
|
0.29 |
% |
| Provision for credit losses - loan portfolios to net charge-offs |
|
|
82.34 |
% |
|
|
116.38 |
% |
|
|
148.65 |
% |
| BPPR |
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
|
|
0.79 |
% |
|
|
0.92 |
% |
|
|
0.33 |
% |
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for credit losses (benefit) - loan portfolios to net charge-offs |
|
|
98.53 |
% |
|
|
|
|
|
|
107.86 |
% |
|
|
151.86 |
% |
| Popular U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
|
|
0.16 |
% |
|
|
|
|
|
|
0.21 |
% |
|
|
0.22 |
% |
| Provision for credit losses (benefit) - loan portfolios to net charge-offs |
|
|
(102.45 |
) |
|
|
% |
|
|
|
201.77 |
% |
|
|
137.32 |
% |
| [1] |
Net write-downs for the quarter ended June 30, 2023 are related to credit cards loans reclassified to held-for-sale. |
| [2] |
Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the
Consolidated Statements of Financial Condition. |
32
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table O - Allowance for Credit Losses “ACL”- Loan Portfolios - Consolidated
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
30-Jun-24 |
|
| (In thousands) |
|
Total ACL |
|
|
Total loans held-in-portfolio |
|
|
ACL to loans held-in-portfolio |
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
11,180 |
|
|
$ |
2,384,480 |
|
|
|
0.47 |
% |
| Commercial real estate - non-owner occupied |
|
|
64,235 |
|
|
|
5,004,472 |
|
|
|
1.28 |
% |
| Commercial real estate - owner occupied |
|
|
58,190 |
|
|
|
3,143,817 |
|
|
|
1.85 |
% |
| Commercial and industrial |
|
|
126,482 |
|
|
|
7,195,357 |
|
|
|
1.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
$ |
260,087 |
|
|
$ |
17,728,126 |
|
|
|
1.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
12,889 |
|
|
|
1,105,759 |
|
|
|
1.17 |
% |
| Mortgage |
|
|
83,289 |
|
|
|
7,883,726 |
|
|
|
1.06 |
% |
| Leasing |
|
|
14,385 |
|
|
|
1,828,048 |
|
|
|
0.79 |
% |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
86,313 |
|
|
|
1,162,557 |
|
|
|
7.42 |
% |
| Home equity lines of credit |
|
|
1,726 |
|
|
|
68,992 |
|
|
|
2.50 |
% |
| Personal |
|
|
107,448 |
|
|
|
1,879,619 |
|
|
|
5.72 |
% |
| Auto |
|
|
157,449 |
|
|
|
3,773,292 |
|
|
|
4.17 |
% |
| Other consumer |
|
|
6,491 |
|
|
|
161,501 |
|
|
|
4.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
$ |
359,427 |
|
|
$ |
7,045,961 |
|
|
|
5.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
730,077 |
|
|
$ |
35,591,620 |
|
|
|
2.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Variance |
|
| (In thousands) |
|
Total ACL |
|
|
Total loans held-in-portfolio |
|
|
ACL to loans held-in-portfolio |
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
(1,563 |
) |
|
$ |
(155 |
) |
|
|
(0.06 |
)% |
| Commercial real estate - non-owner occupied |
|
|
(1,389 |
) |
|
|
(52,587 |
) |
|
|
(0.02 |
)% |
| Commercial real estate - owner occupied |
|
|
(5,617 |
) |
|
|
25,973 |
|
|
|
(0.20 |
)% |
| Commercial and industrial |
|
|
6,064 |
|
|
|
169,874 |
|
|
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
$ |
(2,505 |
) |
|
$ |
143,105 |
|
|
|
(0.02 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
1,750 |
|
|
|
96,456 |
|
|
|
0.07 |
% |
| Mortgage |
|
|
(3,149 |
) |
|
|
100,064 |
|
|
|
(0.05 |
)% |
| Leasing |
|
|
5,394 |
|
|
|
62,635 |
|
|
|
0.28 |
% |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
(1,856 |
) |
|
|
20,404 |
|
|
|
(0.30 |
)% |
| Home equity lines of credit |
|
|
(146 |
) |
|
|
2,275 |
|
|
|
(0.31 |
)% |
| Personal |
|
|
(8,629 |
) |
|
|
(17,391 |
) |
|
|
(0.40 |
)% |
| Auto |
|
|
(7 |
) |
|
|
66,438 |
|
|
|
(0.08 |
)% |
| Other consumer |
|
|
(319 |
) |
|
|
(1,104 |
) |
|
|
(0.17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
$ |
(10,957 |
) |
|
$ |
70,622 |
|
|
|
(0.21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(9,467 |
) |
|
$ |
472,882 |
|
|
|
(0.06 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
34
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table P - Allowance for Credit Losses “ACL”- Loan Portfolios - BPPR Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
30-Jun-24 |
|
| |
|
BPPR |
|
| (In thousands) |
|
Total ACL |
|
|
Total loans held-in-portfolio |
|
|
ACL to loans held-in-portfolio |
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
3,303 |
|
|
$ |
304,911 |
|
|
|
1.08 |
% |
| Commercial real estate - non-owner occupied |
|
|
53,386 |
|
|
|
2,979,627 |
|
|
|
1.79 |
% |
| Commercial real estate - owner occupied |
|
|
39,375 |
|
|
|
1,417,112 |
|
|
|
2.78 |
% |
| Commercial and industrial |
|
|
111,263 |
|
|
|
5,002,784 |
|
|
|
2.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
$ |
207,327 |
|
|
$ |
9,704,434 |
|
|
|
2.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
3,638 |
|
|
|
183,939 |
|
|
|
1.98 |
% |
| Mortgage |
|
|
73,900 |
|
|
|
6,590,520 |
|
|
|
1.12 |
% |
| Leasing |
|
|
14,385 |
|
|
|
1,828,048 |
|
|
|
0.79 |
% |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
86,313 |
|
|
|
1,162,539 |
|
|
|
7.42 |
% |
| Home equity lines of credit |
|
|
83 |
|
|
|
2,216 |
|
|
|
3.75 |
% |
| Personal |
|
|
94,021 |
|
|
|
1,744,873 |
|
|
|
5.39 |
% |
| Auto |
|
|
157,449 |
|
|
|
3,773,292 |
|
|
|
4.17 |
% |
| Other consumer |
|
|
6,489 |
|
|
|
153,533 |
|
|
|
4.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
$ |
344,355 |
|
|
$ |
6,836,453 |
|
|
|
5.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
643,605 |
|
|
$ |
25,143,394 |
|
|
|
2.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Variance |
|
| (In thousands) |
|
Total ACL |
|
|
Total loans held-in-portfolio |
|
|
ACL to loans held-in-portfolio |
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
(264 |
) |
|
$ |
1,260 |
|
|
|
(0.09 |
)% |
| Commercial real estate - non-owner occupied |
|
|
(280 |
) |
|
|
(16,858 |
) |
|
|
— |
% |
| Commercial real estate - owner occupied |
|
|
(4,162 |
) |
|
|
(8,980 |
) |
|
|
(0.27 |
)% |
| Commercial and industrial |
|
|
8,419 |
|
|
|
257,661 |
|
|
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
$ |
3,713 |
|
|
$ |
233,083 |
|
|
|
(0.01 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
524 |
|
|
|
21,215 |
|
|
|
0.07 |
% |
| Mortgage |
|
|
(2,664 |
) |
|
|
106,969 |
|
|
|
(0.06 |
)% |
| Leasing |
|
|
5,394 |
|
|
|
62,635 |
|
|
|
0.28 |
% |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
(1,856 |
) |
|
|
20,403 |
|
|
|
(0.30 |
)% |
| Home equity lines of credit |
|
|
(19 |
) |
|
|
(353 |
) |
|
|
(0.22 |
)% |
| Personal |
|
|
(5,483 |
) |
|
|
(1,620 |
) |
|
|
(0.31 |
)% |
| Auto |
|
|
(7 |
) |
|
|
66,438 |
|
|
|
(0.08 |
)% |
| Other consumer |
|
|
(319 |
) |
|
|
(145 |
) |
|
|
(0.20 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
$ |
(7,684 |
) |
|
$ |
84,723 |
|
|
|
(0.17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(717 |
) |
|
$ |
508,625 |
|
|
|
(0.06 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
36
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table Q - Allowance for Credit Losses “ACL”- Loan Portfolios - POPULAR U.S. Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
30-Jun-24 |
|
| |
|
Popular U.S. |
|
| (In thousands) |
|
Total ACL |
|
|
Total loans held-in-portfolio |
|
|
ACL to loans held-in-portfolio |
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
7,877 |
|
|
$ |
2,079,569 |
|
|
|
0.38 |
% |
| Commercial real estate - non-owner occupied |
|
|
10,849 |
|
|
|
2,024,845 |
|
|
|
0.54 |
% |
| Commercial real estate - owner occupied |
|
|
18,815 |
|
|
|
1,726,705 |
|
|
|
1.09 |
% |
| Commercial and industrial |
|
|
15,219 |
|
|
|
2,192,573 |
|
|
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
$ |
52,760 |
|
|
$ |
8,023,692 |
|
|
|
0.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
9,251 |
|
|
|
921,820 |
|
|
|
1.00 |
% |
| Mortgage |
|
|
9,389 |
|
|
|
1,293,206 |
|
|
|
0.73 |
% |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
— |
|
|
|
18 |
|
|
|
— |
% |
| Home equity lines of credit |
|
|
1,643 |
|
|
|
66,776 |
|
|
|
2.46 |
% |
| Personal |
|
|
13,427 |
|
|
|
134,746 |
|
|
|
9.96 |
% |
| Other consumer |
|
|
2 |
|
|
|
7,968 |
|
|
|
0.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
$ |
15,072 |
|
|
$ |
209,508 |
|
|
|
7.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
86,472 |
|
|
$ |
10,448,226 |
|
|
|
0.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Variance |
|
| (In thousands) |
|
Total ACL |
|
|
Total loans held-in-portfolio |
|
|
ACL to loans held-in-portfolio |
|
| Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial multi-family |
|
$ |
(1,299 |
) |
|
$ |
(1,415 |
) |
|
|
(0.06 |
)% |
| Commercial real estate - non-owner occupied |
|
|
(1,109 |
) |
|
|
(35,729 |
) |
|
|
(0.04 |
)% |
| Commercial real estate - owner occupied |
|
|
(1,455 |
) |
|
|
34,953 |
|
|
|
(0.11 |
)% |
| Commercial and industrial |
|
|
(2,355 |
) |
|
|
(87,787 |
) |
|
|
(0.08 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
$ |
(6,218 |
) |
|
$ |
(89,978 |
) |
|
|
(0.07 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction |
|
|
1,226 |
|
|
|
75,241 |
|
|
|
0.05 |
% |
| Mortgage |
|
|
(485 |
) |
|
|
(6,905 |
) |
|
|
(0.03 |
)% |
| Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit cards |
|
|
— |
|
|
|
1 |
|
|
|
— |
% |
| Home equity lines of credit |
|
|
(127 |
) |
|
|
2,628 |
|
|
|
(0.30 |
)% |
| Personal |
|
|
(3,146 |
) |
|
|
(15,771 |
) |
|
|
(1.05 |
)% |
| Other consumer |
|
|
— |
|
|
|
(959 |
) |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
$ |
(3,273 |
) |
|
$ |
(14,101 |
) |
|
|
(1.01 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
(8,750 |
) |
|
$ |
(35,743 |
) |
|
|
(0.08 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
38
Popular, Inc.
Financial Supplement to Second Quarter 2024 Earnings Release
Table R - Reconciliation to GAAP Financial Measures
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands, except share or per share information) |
|
30-Jun-24 |
|
|
31-Mar-24 |
|
|
30-Jun-23 |
|
| Total stockholders’ equity |
|
$ |
5,372,678 |
|
|
$ |
5,177,314 |
|
|
$ |
4,565,009 |
|
| Less: Preferred stock |
|
|
(22,143 |
) |
|
|
(22,143 |
) |
|
|
(22,143 |
) |
| Less: Goodwill |
|
|
(804,428 |
) |
|
|
(804,428 |
) |
|
|
(827,428 |
) |
| Less: Other intangibles |
|
|
(8,235 |
) |
|
|
(8,969 |
) |
|
|
(11,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total tangible common equity |
|
$ |
4,537,872 |
|
|
$ |
4,341,774 |
|
|
$ |
3,704,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
72,845,072 |
|
|
$ |
70,936,939 |
|
|
$ |
70,838,266 |
|
| Less: Goodwill |
|
|
(804,428 |
) |
|
|
(804,428 |
) |
|
|
(827,428 |
) |
| Less: Other intangibles |
|
|
(8,235 |
) |
|
|
(8,969 |
) |
|
|
(11,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total tangible assets |
|
$ |
72,032,409 |
|
|
$ |
70,123,542 |
|
|
$ |
69,999,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity to tangible assets |
|
|
6.30 |
% |
|
|
6.19 |
% |
|
|
5.29 |
% |
| Common shares outstanding at end of period |
|
|
72,365,926 |
|
|
|
72,284,875 |
|
|
|
72,103,969 |
|
| Tangible book value per common share |
|
$ |
62.71 |
|
|
$ |
60.06 |
|
|
$ |
51.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarterly average |
|
| Total stockholders’ equity [1] |
|
$ |
6,303,672 |
|
|
$ |
6,198,740 |
|
|
$ |
5,783,912 |
|
| Average unrealized (gains) losses on AFS securities transferred to HTM |
|
|
595,362 |
|
|
|
639,226 |
|
|
|
769,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted total stockholder’s equity |
|
|
6,899,034 |
|
|
|
6,837,966 |
|
|
|
6,553,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less: Preferred Stock |
|
|
(22,143 |
) |
|
|
(22,143 |
) |
|
|
(22,143 |
) |
| Less: Goodwill |
|
|
(804,427 |
) |
|
|
(804,427 |
) |
|
|
(827,427 |
) |
| Less: Other intangibles |
|
|
(8,706 |
) |
|
|
(9,490 |
) |
|
|
(11,875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total tangible equity |
|
$ |
6,063,758 |
|
|
$ |
6,001,906 |
|
|
$ |
5,692,043 |
|
| Return on average tangible common equity |
|
|
11.77 |
% |
|
|
6.90 |
% |
|
|
10.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| [1] |
Average balances exclude unrealized gains or losses on debt securities available-for-sale. |
CONTACTS:
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
39
Investor Presentation Second Quarter
2024 Exhibit 99.2
Cautionary Note Regarding
Forward-Looking Statements This presentation 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 and future plans, objectives, performance, earnings and expenses. These statements are not guarantees of future performance, are based on the current expectations of Popular, Inc.’s (the
“Corporation”) management 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. 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, our Form 10-Q for the quarter ended March 31, 2024 and the Form 10-Q for the quarter ended June 30, 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 which speak as of their respective dates.
Q2 2024 Highlights See Slide 13 for
footnotes Differences due to rounding 3 Net income of $178 million, an increase of $43 million compared to adjusted net income of $135 million in Q1 Net interest income increased $18 million to $568 million Continued NIM expansion; increased 6 bps
to 3.22% Credit quality stable with improved metrics: NPLs decreased $12 million to $342 million and NPL ratio at 0.96%, down 5 bps NCO ratio decreased 10 bps to 0.61% Loans increased $473 million, driven by BPPR Deposits increased $1.7 billion,
mainly in BPPR Common Equity Tier 1 capital ratio increased 12 bps to 16.48% Tangible book value per share increased $2.65 to $62.71 On July 24, 2024, we announced the following capital actions: common stock repurchase authorization of $500 million;
and an increase in the Corporation’s quarterly common stock dividend from $0.62 per share to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to approval of the Corporation’s Board of Directors
Business Highlights Differences due to
rounding Loans decreased $36 million QoQ: Construction loans increased $75 million Commercial loans decreased $90 million Consumer loans decreased $14 million Mortgage loans decreased $7 million Total deposits increased $588 million driven by time
deposits NIM increased 1 bp to 2.60% Total deposit costs increased 3 bps to 3.43% driven by higher proportion of time deposits Loans increased $509 million QoQ: Commercial and construction loans increased $254 million Auto loans and leases increased
$129 million Mortgage loans increased $107 million Credit card balances increased $20 million Personal loans decreased $2 million Total deposits increased $1.1 billion driven by P.R. government deposits NIM increased 7 bps to 3.40% driven by the
repricing of the investment portfolio and higher loan volume Total deposit costs increased 2 bps to 1.83% driven by P.R. government deposits ($ in millions) Q2 2024 Q1 2024 Change Q2 2023 ($ in millions) Q2 2024 Q1 2024 Change Q2 2023 Loans Held in
Portfolio 25,111 $ 24,602 $ 509 $ 23,087 $ Loans Held in Portfolio 10,448 $ 10,484 $ (36) $ 9,911 $ P.R. Government Deposits 19,722 18,020 1,702 18,464 Total Deposits 11,861 11,273 588 10,018 Total Deposits 54,548 53,404 1,144 55,077 Borrowings 327
331 (4) 428 Borrowings 127 109 18 108 Net Interest Margin 2.60% 2.59% 0.01% 3.01% Net Interest Margin 3.40% 3.33% 0.07% 3.21% Total Deposit Cost 3.43% 3.40% 0.03% 2.55% Total Deposit Cost 1.83% 1.81% 0.02% 1.44% Highlights: Highlights: BPPR Popular
U.S.
Financial Summary Unaudited ($ in
thousands, except EPS) Q2 2024 Q1 2024 Variance Net interest income 568,312 $ 550,744 $ 17,568 $ Provision for credit losses 46,794 72,598 (25,804) Net interest income after provision for credit losses 521,518 $ 478,146 $ 43,372 $ Service charges on
deposits 37,526 37,442 84 Other service fees 96,863 94,272 2,591 Mortgage banking activities 5,723 4,360 1,363 Other non-interest income 26,194 27,744 (1,550) Total non-interest income 166,306 $ 163,818 $ 2,488 $ Personnel costs 197,424 215,377
(17,953) Net occupancy expenses 27,692 28,041 (349) Equipment expenses 9,662 9,567 95 Professional fees 37,744 28,918 8,826 Technology and software expenses 79,752 79,462 290 Processing and transactional services 39,096 34,194 4,902 Business
promotion 25,449 20,989 4,460 FDIC deposit insurance 10,581 23,887 (13,306) Other real estate owned (OREO) income (5,750) (5,321) (429) Other operating expenses 47,926 47,999 (73) Total operating expenses 469,576 $ 483,113 $ (13,537) $ Income before
income tax 218,248 158,851 59,397 Income tax expense 40,459 55,568 (15,109) Net income 177,789 $ 103,283 $ 74,506 $ EPS 2.47 $ 1.43 $ 1.04 $ ROTCE 11.77% 6.90% 4.87%
Net Interest Margin Dynamics Net
interest margin up 6 bps to 3.22% FTE2 net interest margin of 3.48%, an increase of 10 bps Money market and investment securities represent 49% of earning assets Money market and investment securities FTE yield up 24 bps to 3.47% FTE loan yield
increased 4 bps to 7.52% Total deposit costs increased 3 bps to 2.10% Money Market and Investment Securities ($ in billions)1 6 See footnotes on slide 13 51% 48% 48% 48% 49% Loan Yields, Deposit Cost and NIM (FTE) Total Loans and Deposits ($ in
billions)1 52% 54% 55% 55% 54% Highlights:
On July 24, 2024, we announced the
following capital actions: common stock repurchase authorization of $500 million; and an increase in the Corporation’s quarterly common stock dividend from $0.62 per share to $0.70 per share, commencing with the dividend payable in the first
quarter of 2025, subject to approval of the Corporation’s Board of Directors Leverage ratio increased 8 bps to 8.53%; ratio impacted by a high proportion of zero-risk weighted assets on the balance sheet, which represented 40% of total assets
Common Equity Tier 1 of 16.48%, up 12 bps TCE ratio1 at 6.30% compared to 6.19% in Q1 2024; Tangible book value per share at $62.71 compared to $60.06 in Q1 2024 Return on average tangible common equity of 11.77% Note: Current period ratios are
estimated See footnotes on slide 13 Highlights: Capital
NPAs and NPLs decreased $23 million
and $12 million, respectively: NPL inflows decreased $2 million BPPR NPLs at $287 million, or 1.1% of loans, down $12 million Popular U.S. NPLs at $55 million, or 0.5% of loans, flat from the prior quarter OREO assets decreased $10 million, driven
by the sale of a commercial property in BPPR Non-Performing Assets Differences due to rounding ($ in millions) ($ in millions) ($ in millions) Q2 2024 vs Q1 2024
NCO ratio down 10 bps at 0.61% NCOs
down $9 million to $54 million BPPR NCOs down $7 million to $49 million: Consumer down $5 million Commercial down $2 million Popular U.S. NCOs down $1 million to $4 million ACL at $730 million, down $9 million ACL-to-Loans ratio at 2.05% vs. 2.11%
ACL-to-NPLs at 214% vs. 209% NCOs and Allowance for Credit Losses Differences due to rounding Q2 2024 vs Q1 2024
Allowance for Credit Losses –
Q2 2024 Movement ACL Movement: Moody's updated the formulas for certain P.R. economic variables, resulting in: Unemployment forecast now more optimistic driven by recent performance GDP forecast more conservative in the short term but more
optimistic in the long run Economic scenario variance in the ACL mainly driven by changes in the P.R. unemployment rate, P.R. income variables and the P.R. home price index Consumer portfolio changes reflect the impact of recent loss history
Economic Scenarios: Baseline scenario is assigned the highest probability, followed by the S3 (pessimistic) scenario 2024 annualized GDP growth (baseline): P.R.: decreased to 0.6% from 2.0% U.S.: remained consistent with previous forecast at 2.5%
2024 forecasted average unemployment rate (baseline): P.R.: improved to 5.8% from 6.5% U.S.: increased slightly to 4.0% from 3.9%
Driving Value Market leader in
Puerto Rico Substantial liquidity with diversified deposit base Well-positioned to take advantage of ongoing economic growth Focus on customer service supported by broad branch network Differentiated omnichannel experience Diversified fee income
Strong risk-adjusted loan margins driven by a well-diversified portfolio Mainland U.S. banking operation provides geographic diversification Commercial led strategy directed at small and medium sized businesses National niche banking focused on
homeowners’ associations, healthcare and non-profit organizations Branch footprint in South Florida and New York Metro 11 Broad-based multi-year, digital, technological and business process transformation Implement more agile and efficient
business processes across the entire company Unlock opportunity for growth in our primary market and within our existing customer base Capital Actions: On July 24, 2024, we announced the following capital actions: common stock repurchase
authorization of $500 million; and an increase in the Corporation’s quarterly common stock dividend from $0.62 per share to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to approval of the
Corporation’s Board of Directors Corporate Sustainability: In June, we released our 2023 annual corporate sustainability report We continue to focus on providing opportunity for progress, protecting the environment, and promoting
trust
2024 Guidance
Footnotes Slide 3: (1) Refer to
Non-GAAP Reconciliation in slide 16 on the Appendix section FTE stands for fully taxable-equivalent basis; FTE net interest margin represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed
with the U.S. Securities and Exchange Commission for the applicable periods for a GAAP to non-GAAP reconciliation. Slide 6: Balances are as of end of period FTE net interest margin represents a non-GAAP financial measure. See the Corporation's
earnings press release, Form 10-Q and Form 10-K filed with the U.S. Securities and Exchange Commission for the applicable periods for a GAAP to non-GAAP reconciliation. FTE stands for fully taxable-equivalent basis Slide 7: (1) TCE ratio is defined
as the ratio of tangible common equity to tangible assets
Investor Presentation Second
Quarter 2024 Appendix
Corporate Structure Earnings
Summary Corporate Structure Franchise Earnings Assets = $59 billion Assets = $14 billion Puerto Rico Operations Selected equity investments: Banco BHD León under Corporate segment Dominican Republic bank 15.84% stake 2023 net income of $227
million Industry Financial Services Headquarters San Juan, Puerto Rico Assets $73 billion (among top 50 BHCs in the U.S.) Loans $36 billion Deposits $66 billion Banking branches 153 in Puerto Rico, 40 in the U.S. (28 in New York and New Jersey and
12 in Florida) and 9 in the U.S. and British Virgin Islands NASDAQ ticker symbol BPOP Market Cap $6.4 billion Assets = $73 billion United States Operations Information as of June 30, 2024 ¹ Doing business as Popular
Non-GAAP Reconciliation The
following table presents the reconciliation of the net income to the Adjusted net income (Non-GAAP) for the quarter ended March 31, 2024. There were no adjustments to net income for the quarter ended June 30, 2024.
Q2 2024 vs. Q1 2024 Business
Segments Differences due to rounding
Deposit Mix and Historical Betas
Total deposit cumulative beta of 39% at period end; total deposit beta at BPPR and PB of 35% and 57%, respectively Excluding public sector, BPPR’s cumulative beta at 7% PB cumulative betas higher due to market environment and deposit mix High
beta public sector deposits account for 30% of total deposits. P.R. public sector deposit betas are 100% with a quarter lag
Investment Portfolio 2 The Book
value includes $570 million of net unrealized loss in AOCI related to the securities transferred from available-for-sale securities portfolio to the held-to-maturity with an unrealized loss of $873 million at the time of transfer, which will be
amortized (back into capital) throughout their remaining life at a rate of approximately 5% per quarter through 2026. Differences due to rounding 1 Maturity expressed in years; In the case of mortgage-backed securities and CMO’s, it represents
the weighted average life of the bonds assuming market consensus prepayment speeds 1 Highlights: Conservative investment portfolio, with the majority invested in short to intermediate U.S. Treasuries, which are tax exempt for P.R. corporations
Investment portfolio duration 2.3 years, including cash, 1.8 years Unrealized loss in the AFS portfolio decreased by $23 million Market value of the HTM portfolio stood at $7.8 billion, $140 million lower than the book value
P.R. Public Sector Exposure The
Corporation does not own any loans issued by the P.R. central government or its public corporations. As of June 30, 2024, our direct exposure to P.R. municipalities was $376 million, up by $13 million QoQ Obligations of municipalities are backed by
real and personal property taxes, municipal excise taxes, and/or a percentage of the sales and use tax Indirect exposure includes loans or securities that are payable by non-governmental entities, but which carry a government guarantee to cover any
shortfall in collateral in the event of borrower default. Majority are single-family mortgage related Municipalities Indirect Exposure Differences due to rounding Activity Since June 30, 2024 On July 1, 2024, we received $40 million in principal
payments
Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE ($ in millions) Differences due to rounding Highlights: Non-Owner Occupied CRE (CRE NOO) mainly in retail, hotels and office space Office exposure limited to 1.8% of total loan portfolio and 13% of CRE NOO; Office space mainly
in mid-rise properties with diversified tenants across both regions; Average loan size at $2.0 million Favorable credit risk profile with low level of NCOs, NPLs, criticized and classified loans Non-performing loans down $2 million to $8.5 million,
or 0.2% of loans Allowance for credit losses to loans held-in-portfolio at 1.28% ACL to NPLs 755%
Multifamily Loans Portfolio
Multifamily Loans ($ in millions) Multifamily Loans Balance by state Differences due to rounding Highlights: 87% of the portfolio concentrated in Popular U.S. Strong credit risk profile with low levels of delinquency, criticized and classified
loans: 30-89 DPD/Loans at 0.13% Classified loans at 1.12% NCO ratio 0.0% Allowance for credit losses (“ACL”) to loans held-in-portfolio at 0.47% New York portfolio: $1.4 billion or 4.1% of our total loan portfolio Underwritten based on
current rental income at origination No exposure to rent controlled buildings Rent stabilized units represent less than 40% of the total units in the loan portfolio with the majority originated after 2019 In 2024, approximately $191 million is
expected to reprice, of which only $16 million are for buildings where more than 50% of the units are rent stabilized
Auto Portfolio NCOs and NCO-to-Loan
Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Differences due to rounding Auto balances increased during the pandemic; growth has moderated during recent quarters Delinquency and NCOs gradually
increased during 2023 but remain below pre-pandemic Improvements have been observed since Q4 2023 FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 737 YTD originations were approximately 68%/32% split
between new/used auto loans Highlights:
Differences due to rounding Auto
Leases Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Auto lease balances have continued to increase since the pandemic Delinquency gradually increased during 2023,
but improvements have been observed since Q4 2023 NCOs decreased when compared to the prior quarter, standing at levels comparable to the pre-pandemic period FICO mix of originations have remained robust, with weighted-average FICO scores of
approximately 744 Highlights:
Differences due to rounding Credit
Cards Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) Delinquency ($ in millions) FICO Mix of Originations (% of Approved Amount) Improvements in credit quality of originations Balances have been gradually increasing due to higher originations
and increased usage post pandemic Delinquency and NCOs have been gradually increasing, surpassing Q4 2019 level, but showing signs of stabilization FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 768
Highlights:
Differences due to rounding P.R.
Personal Loans Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Improvements in credit quality of originations Portfolio balances showed a slight decrease QoQ
Delinquency trends show gradual increase, but remain below pre-pandemic performance NCO rate trending up, surpassing Q4 2019 level, but showing signs of stabilization FICO mix of originations robust, with weighted-average FICO scores of 749 in
recent vintages, approximating pre-pandemic levels Highlights:
Popular, Inc. Credit Ratings Senior
Unsecured Ratings Fitch BBB- Stable Outlook S&P BB+ Stable Outlook Moody’s Ba1 Stable Outlook 2018 May Fitch revised outlook to Positive 2019 April Moody's upgrades to B1 from B2 S&P revised outlook to Positive May Fitch upgrades to BB
from BB- 2020 2021 March Moody’s revised outlook to Positive April Moody’s upgrades to Ba3 from B1 Fitch and S&P revised outlook to Positive June Fitch upgrades to BBB- from BB, revised outlook to Stable 2022 April S&P upgrades
to BB+ from BB-, revised outlook to Stable September Moody’s upgrades to Ba1 from Ba3, revised outlook to Stable Senior Unsecured Ratings March S&P lowers outlook to Stable
Investor Presentation Second
Quarter 2024
Exhibit 99.3
Popular Announces Capital Actions
SAN JUAN, Puerto Rico – (BUSINESS WIRE) – July 24, 2024 – Popular, Inc. (the “Corporation”) (NASDAQ: BPOP) announced today the
following capital actions:
| |
• |
|
common stock repurchases of up to $500 million; and |
| |
• |
|
an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing
with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors. |
The
Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions, block trades or any other manner determined by the Corporation. The timing, quantity and price of such repurchases
will be subject to various factors, including market conditions, the Corporation’s capital position and financial performance, the capital impact of strategic initiatives and regulatory and tax considerations. The common stock repurchase
program does not require the Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior notice.
“The announced capital actions reflect the strength of our capital position, which allows us to continue to serve the needs of our customers, while
prudently increasing our dividend and returning capital to our shareholders,” said Ignacio Alvarez, Chief Executive Officer of the Corporation.
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.
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 about the Corporation’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 Annual Report on Form 10-K for the year ended December 31, 2023 and the
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. 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.
Contacts
Popular, Inc.
Investor Relations:
Paul J. Cardillo, 212-417-6721
Senior Vice President and Investor Relations Officer
pcardillo@popular.com
or
Media Relations:
María Cristina González Noguera,
917-804-5253
Executive Vice President and Chief Communications &
Public Affairs Officer
mc.gonzalez@popular.com
Financial
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- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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| X |
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-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
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dei_SolicitingMaterial |
| Namespace Prefix: |
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- DefinitionTrading symbol of an instrument as listed on an exchange.
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dei_ |
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duration |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
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| Namespace Prefix: |
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