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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Popular Inc | NASDAQ:BPOP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.73 | -0.79% | 91.84 | 19.99 | 95.77 | 93.09 | 91.66 | 93.09 | 286,205 | 01:00:00 |
Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $103.3 million for the quarter ended March 31, 2024, compared to net income of $94.6 million for the quarter ended December 31, 2023. Excluding the after-tax impact during the first quarter of 2024 and the fourth quarter of 2023 of the FDIC Special Assessment and the $22.9 million tax expense due to prior period intercompany distributions during the first quarter of 2024, adjusted net income was $135.2 million and $139.9 million for Q1 2024 and Q4 2023, respectively.
Ignacio Alvarez, President and Chief Executive Officer, said: “We are pleased to report solid earnings for the first quarter after considering the impact of an additional accrual for the FDIC special assessment and a tax related expense associated with prior period intercompany distributions. We continued to benefit from a stable deposit base, increased our net interest income by 3% and expanded our net interest margin by eight basis points. Credit remained stable, with trends similar to recent periods. The strength of our liquidity and capital ratios positions us well to continue pursuing sustainable business growth and delivering positive results. I want to thank our colleagues for their continued dedication and commitment to serve our customers and contribute to Popular's success.”
Significant Events
FDIC Special Assessment Increase in Estimate
On November 16, 2023, the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule that imposes a special assessment (the “FDIC Special Assessment”) to recover the losses to the deposit insurance fund resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the Federal Deposit Insurance Act in connection with the receiverships of several failed banks. The special assessments would be collected over eight quarters in 2024 and 2025 with the first assessment period beginning in January 1, 2024. In connection with this assessment, the Corporation recorded an expense of $71.4 million, $45.3 million net of tax, in the fourth quarter of 2023, representing the full amount of the estimated assessment at that time.
The special assessment amount and collection period may change as the estimated loss is periodically adjusted or if the total amount collected varies. The most recent loss estimate from the FDIC has increased from the $16.3 billion issued when the FDIC Special Assessment was approved. As a result, the Corporation recorded an additional expense of $14.3 million, $9.1 million net of tax, in the first quarter of 2024, based on the updated loss estimates.
Tax impact on Intercompany Distributions
The net income for the quarter ended March 31, 2024, included $22.9 million of expenses, of which $16.5 million is reflected in income tax expense, related to an out of period adjustment associated with the Corporation’s U.S. subsidiary’s failure to pay U.S. federal withholding taxes on certain distributions to the Bank Holding Company (BHC) in Puerto Rico, a foreign corporation for U.S. tax purposes, that occurred in certain years from 2014 to 2023. In addition to the $16.5 million of income tax expense, the Corporation also recognized $6.4 million, reflected in other operating expense, for interest due up to March 31, 2024 on the related late payment of the withholding tax.
Additionally, the Corporation recognized $6.5 million in income tax expense during the quarter ended March 31, 2024 to reflect the U.S. federal tax withholding liability and estimated related Puerto Rico income tax arising from a $50 million dividend paid during the quarter.
Dividends from the U.S. subsidiaries to the BHC are subject to a Federal 10% withholding tax and ordinary income tax in Puerto Rico, subject to foreign tax credits, use of available net operating losses and certain other limitations. The Corporation does not anticipate the tax treatment of U.S. sourced dividends to the BHC to impact BHC liquidity or future capital actions.
Earnings Highlights
(Unaudited)
Quarters ended
(Dollars in thousands, except per share information)
31-Mar-24
31-Dec-23
31-Mar-23
Net interest income
$
550,744
$
534,180
$
531,656
Provision for credit losses
72,598
78,663
47,637
Net interest income after provision for credit losses
478,146
455,517
484,019
Other non-interest income
163,818
168,743
161,961
Operating expenses
483,113
531,145
440,687
Income before income tax
158,851
93,115
205,293
Income tax expense (benefit)
55,568
(1,479
)
46,314
Net income
$
103,283
$
94,594
$
158,979
Net income applicable to common stock
$
102,930
$
94,241
$
158,626
Net income per common share - basic
$
1.43
$
1.31
$
2.22
Net income per common share - diluted
$
1.43
$
1.31
$
2.22
Non-GAAP Financial Measures
This press release contains financial information prepared under accounting principles generally accepted in the United States (“U.S. GAAP”) and Non-GAAP financial measures. Management uses Non-GAAP financial measures when it has determined that these measures provide more meaningful information about the underlying performance of the Corporation’s ongoing operations. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
Adjusted net income
In addition to analyzing the Corporation’s results on a reported basis, management monitors the “Adjusted net income” of the Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the “Adjusted net income” provides meaningful information about the underlying performance of the Corporation’s ongoing operations. The “Adjusted net income” is a non-GAAP financial measure. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
Net interest income on a taxable equivalent basis
Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D and E for the quarter ended March 31, 2024. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.
Adjusted Net Income for the Quarter Ended March 31, 2024 (Non-GAAP)
(Unaudited)
(In thousands)
Income before
income tax
Income tax
expense (benefit)
Total
U.S. GAAP Net income
$
158,851
$
55,568
$
103,283
Non-GAAP Adjustments:
FDIC Special Assessment [1]
14,287
(5,234
)
9,053
Adjustments related to tax withholdings on prior period distributions from U.S. subsidiaries [1]
6,400
16,483
22,883
Adjusted net income (Non-GAAP)
$
179,538
$
44,319
$
135,219
[1] Refer to the Significant Events section of this press release for a description of this item.
Adjusted Net Income for the Quarter Ended December 31, 2023 (Non-GAAP)
(Unaudited)
(In thousands)
Income before
income tax
Income tax
expense (benefit)
Total
U.S. GAAP Net income
$
93,115
$
(1,479
)
$
94,594
Non-GAAP Adjustments:
FDIC Special Assessment [1]
71,435
(26,170
)
45,265
Adjusted net income (Non-GAAP)
$
164,550
$
24,691
$
139,859
[1] Refer to the Significant Events section of this press release for a description of this item.
Net interest income and net interest income on a taxable equivalent basis – Non-GAAP financial measure
Net interest income for the quarter ended March 31, 2024, was $550.7 million, an increase of $16.5 million when compared to $534.2 million in the last quarter of 2023. Net interest income on a taxable equivalent basis for the first quarter of 2024 was $589.5 million, compared to $564.8 million in the previous quarter, an increase of $24.7 million.
Net interest margin for the first quarter of 2024 was 3.16% compared with 3.08% the prior quarter or an increase of eight basis points. On a taxable equivalent basis, net interest margin for the first quarter of 2024 was 3.38%, compared to 3.26% in the last quarter of 2023, or a 12 basis points increase. Quarter over quarter, the main variances in net interest income on a taxable equivalent basis were:
partially offset by:
Net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $472.8 million for the first quarter of 2024, an increase of $17.9 million when compared to $454.9 million in net interest income during the last quarter of 2023. Net interest margin for the BPPR segment increased 14 basis points to 3.33% compared to 3.19% in the fourth quarter of 2023. The increase in net interest margin reflects a higher volume of loans by $423.6 million largely driven by commercial loans by $227.9 million coupled with higher volume across most loan categories. Earning assets yield improved 15 basis points from 4.88% in Q4 2023 to 5.03% in Q1 2024 mostly due to the repricing of investment securities. The cost of interest-bearing deposits increased by three basis points to 2.44% from 2.41% in the fourth quarter of 2023. Notwithstanding that, the cost of P.R. public funds decreased one basis point during Q1 2024, the increase in the cost of interest-bearing deposits in the first quarter of 2024 is driven by a higher proportion of P.R. public deposits for the quarter, which carry a higher rate. Total deposit cost in the first quarter of 2024 was 1.81%, compared to 1.79% in the fourth quarter of 2023, an increase of two basis points.
Net interest income for Popular Bank (“PB”) was $84.9 million for the quarter ended March 31, 2024, a decrease of $0.7 million when compared to $85.6 million in the fourth quarter of 2023. Net interest margin decreased by 13 basis points in the quarter to 2.59%, compared to 2.72% in the fourth quarter of 2023. The decrease in net interest margin was mostly driven by a higher cost and volume of deposits, partially offset by a higher volume of money market investments and investment securities. The cost of interest-bearing deposits was 3.86%, compared to 3.66% for the fourth quarter, or an increase of 20 basis points, while total deposit cost was 3.40% compared to 3.17% in the previous quarter.
Non-interest income
Non-interest income amounted to $163.8 million for the first quarter of 2024, a decrease of $4.9 million when compared to $168.7 million for the quarter ended December 31, 2023. The variance in non-interest income was driven primarily by:
partially offset by:
Refer to Table B for further details.
Operating expenses
Operating expenses for the first quarter of 2024 totaled $483.1 million, a decrease of $48.0 million when compared to the fourth quarter of 2023. Excluding the prior period adjustment of $6.4 million for interest accrued on tax withholdings adjustment and the effect of the FDIC Special Assessment discussed in the significant events section of this earnings release, total expenses for the first quarter of 2024 were $462.4 million, compared to $459.7 million in the previous quarter. The other factors that contributed to the variance in operating expenses were:
partially offset by:
Full-time equivalent employees were 9,132 as of March 31, 2024, compared to 9,088 as of December 31, 2023.
For a breakdown of operating expenses by category refer to Table B.
Income taxes
For the quarter ended March 31, 2024, the Corporation recorded an income tax expense of $55.6 million, compared to an income tax benefit of $1.5 million for the previous quarter. As mentioned in the significant events section of this earnings release, the income tax expense for the current quarter includes a net impact of $22.9 million related to withholding tax liabilities for distributions from the U.S. subsidiaries to the Corporation in Puerto Rico, out of which $16.5 million were related to distributions between the years 2014-2023 and $6.4 million were related to an intercompany distribution completed in the first quarter of 2024. The tax benefit for the fourth quarter of 2023 reflects the impact of lower income before tax, primarily due to the FDIC Special Assessment accrual of $71.4 million, and other adjustments recorded in that quarter.
The effective tax rate (“ETR”) for the first quarter of 2024 was 35.0%, compared to (1.6%) for the previous quarter. Excluding the impact of the withholding tax liabilities and the additional expense related to the FDIC Special Assessment during this quarter, the ETR would have been 24.7%. Excluding the FDIC Special Assessment, the ETR for the fourth quarter of 2023 would have been 15.0%.
The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2024 to be within a range from 21% to 23%.
Credit Quality
During the first quarter of 2024, the Corporation reflected stable credit quality when compared to the previous quarter. Non-performing loans (“NPLs”) and net charge offs (“NCOs”) remained below historical averages and delinquencies improved in most loan categories from the prior quarter. We continue to closely monitor changes in the macroeconomic environment and on borrower performance given higher interest rates and inflationary pressures. However, management believes that the improvements over recent years in risk management practices and the risk profile of the Corporation’s loan portfolios position Popular to continue to operate successfully under the current challenging environment.
The following presents credit quality results for the first quarter of 2024:
Non-Performing Assets
(Unaudited)
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Non-performing loans held-in-portfolio
$
354,127
$
357,611
$
412,383
Other real estate owned (“OREO”)
80,542
80,416
91,721
Total non-performing assets
$
434,669
$
438,027
$
504,104
Net charge-offs (recoveries) for the quarter
$
62,200
$
56,947
$
32,813
Ratios:
Loans held-in-portfolio
$
35,118,738
$
35,064,971
$
32,338,373
Non-performing loans held-in-portfolio to loans held-in-portfolio
1.01
%
1.02
%
1.28
%
Allowance for credit losses to loans held-in-portfolio
2.11
2.08
2.13
Allowance for credit losses to non-performing loans, excluding loans held-for-sale
208.84
203.95
167.11
Refer to Table L for additional information.
Provision for Credit Losses (Benefit) - Loan Portfolios
(Unaudited)
Quarters ended
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Provision for credit losses (benefit) - loan portfolios:
BPPR
$
61,008
$
67,235
$
45,203
Popular U.S.
11,378
7,983
1,943
Total provision for credit losses (benefit) - loan portfolios
$
72,386
$
75,218
$
47,146
Credit Quality by Segment
(Unaudited)
(In thousands)
Quarters ended
BPPR
31-Mar-24
31-Dec-23
31-Mar-23
Provision for credit losses - loan portfolios
$
61,008
$
67,235
$
45,203
Net charge-offs
56,561
51,913
31,464
Total non-performing loans held-in-portfolio
298,594
328,718
378,979
Annualized net charge-offs (recoveries) to average loans held-in-portfolio
0.92
%
0.86
%
0.56
%
Allowance / loans held-in-portfolio
2.62
%
2.61
%
2.57
%
Allowance / non-performing loans held-in-portfolio
215.79
%
194.65
%
154.89
%
Quarters ended
Popular U.S.
31-Mar-24
31-Dec-23
31-Mar-23
Provision for credit losses - loan portfolios
$
11,378
$
7,983
$
1,943
Net charge-offs
5,639
5,034
1,349
Total non-performing loans held-in-portfolio
55,533
28,893
33,404
Annualized net charge-offs (recoveries) to average loans held-in-portfolio
0.21
%
0.19
%
0.06
%
Allowance / loans held-in-portfolio
0.91
%
0.85
%
1.07
%
Allowance / non-performing loans held-in-portfolio
171.47
%
309.70
%
305.69
%
Financial Condition Highlights
(Unaudited)
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Cash and money market investments
$
6,249,064
$
7,419,333
$
6,560,301
Investment securities
26,324,139
25,148,673
25,951,936
Loans
35,118,738
35,064,971
32,338,373
Total assets
70,936,939
70,758,155
67,675,759
Deposits
63,808,784
63,618,243
60,953,888
Borrowings
1,032,393
1,078,332
1,402,626
Total liabilities
65,759,625
65,611,202
63,205,034
Stockholders’ equity
5,177,314
5,146,953
4,470,725
Total assets amounted to $70.9 billion at March 31, 2024, an increase of $178.8 million from the fourth quarter of 2023, driven by:
partially offset by:
Total liabilities increased by $148.4 million from the fourth quarter of 2023, driven by:
partially offset by:
Stockholders' equity increased by $30.4 million from the fourth quarter of 2023, mainly due to net income for the quarter of $103.3 million and the amortization of unrealized losses from securities previously reclassified to HTM of $35.2 million, net of taxes, partially offset by the after-tax impact of the increase in net unrealized losses in the portfolio of AFS securities of $71.1 million and common and preferred dividends declared during the quarter.
Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.36%, $71.32 and $60.06, respectively, at March 31, 2024, compared to 16.30%, $71.03 and $59.74, respectively, at December 31, 2023. Refer to Table A for capital ratios.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, including extreme weather events, pandemics, man-made disasters or acts of violence or war, as well as actions taken by governmental authorities in response thereto, and the direct and indirect impact of such events on Popular, our customers, service providers and third parties. Other potential factors include Popular’s ability to successfully execute its transformation initiative, including, but not limited to, achieving projected earnings, efficiencies and return on tangible common equity and accurately anticipating costs and expenses associated therewith, imposition of additional or special FDIC assessments, changes to regulatory capital, liquidity and resolution-related requirements applicable to financial institutions in response to recent developments affecting the banking sector and the impact of bank failures or adverse developments at other banks and related negative media coverage of the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks. All statements contained herein that are not clearly historical in nature, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions, and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, are generally intended to identify forward-looking statements.
More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2023 and in our Form 10-Q for the quarter ended March 31, 2024 to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.
About Popular, Inc.
Popular, Inc. (NASDAQ: BPOP) is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
Conference Call
Popular will hold a conference call to discuss its financial results today, Tuesday, April 23, 2024 at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.
Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 734300.
A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Thursday, May 23, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 769181.
An electronic version of this press release can be found at the Corporation’s website: www.popular.com.
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table A - Selected Ratios and Other Information
Table B - Consolidated Statement of Operations
Table C - Consolidated Statement of Financial Condition
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and December 31,2023
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and March 31,2023
Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE [Left Blank]
Table G - Mortgage Banking Activities & Other Service Fees
Table H - Loans and Deposits
Table I - Loan Delinquency - PUERTO RICO OPERATIONS
Table J - Loan Delinquency - POPULAR U.S. OPERATIONS
Table K - Loan Delinquency - CONSOLIDATED
Table L - Non-Performing Assets
Table M - Activity in Non-Performing Loans
Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios
Table O - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED
Table P - Allowance for Credit Losses - Loan Portfolios - PUERTO RICO OPERATIONS
Table Q - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS
Table R - Reconciliation to GAAP Financial Measures
POPULAR, INC.
Financial Supplement to First Quarter 2024 Earnings Release
Table A - Selected Ratios and Other Information
(Unaudited)
Quarters ended
31-Mar-24
31-Dec-23
31-Mar-23
Basic EPS
$
1.43
$
1.31
$
2.22
Diluted EPS
$
1.43
$
1.31
$
2.22
Average common shares outstanding
71,869,735
71,810,073
71,541,778
Average common shares outstanding - assuming dilution
71,966,803
71,881,020
71,606,196
Common shares outstanding at end of period
72,284,875
72,153,621
71,965,984
Market value per common share
$
88.09
$
82.07
$
57.41
Market capitalization - (In millions)
$
6,368
$
5,922
$
4,132
Return on average assets
0.57
%
0.52
%
0.93
%
Return on average common equity
6.07
%
5.55
%
10.00
%
Net interest margin (non-taxable equivalent basis)
3.16
%
3.08
%
3.22
%
Net interest margin (taxable equivalent basis) -non-GAAP
3.38
%
3.26
%
3.46
%
Common equity per share
$
71.32
$
71.03
$
61.82
Tangible common book value per common share (non-GAAP) [1]
$
60.06
$
59.74
$
50.15
Tangible common equity to tangible assets (non-GAAP) [1]
6.19
%
6.16
%
5.40
%
Return on average tangible common equity [1]
6.90
%
6.32
%
11.51
%
Tier 1 capital
16.42
%
16.36
%
16.79
%
Total capital
18.19
%
18.13
%
18.61
%
Tier 1 leverage
8.45
%
8.51
%
8.37
%
Common Equity Tier 1 capital
16.36
%
16.30
%
16.73
%
[1] Refer to Table R for reconciliation to GAAP financial measures.
POPULAR, INC.
Financial Supplement to First Quarter 2024 Earnings Release
Table B - Consolidated Statement of Operations
(Unaudited)
Quarters ended
Variance
Quarter ended
Variance
Q1 2024
Q1 2024
(In thousands, except per share information)
31-Mar-24
31-Dec-23
vs. Q4 2023
31-Mar-23
vs. Q1 2023
Interest income:
Loans
$
638,730
$
623,438
$
15,292
$
541,210
$
97,520
Money market investments
88,516
100,840
(12,324
)
65,724
22,792
Investment securities
166,895
143,214
23,681
132,088
34,807
Total interest income
894,141
867,492
26,649
739,022
155,119
Interest expense:
Deposits
329,496
319,200
10,296
193,215
136,281
Short-term borrowings
1,192
1,342
(150
)
2,885
(1,693
)
Long-term debt
12,709
12,770
(61
)
11,266
1,443
Total interest expense
343,397
333,312
10,085
207,366
136,031
Net interest income
550,744
534,180
16,564
531,656
19,088
Provision for credit losses
72,598
78,663
(6,065
)
47,637
24,961
Net interest income after provision for credit losses
478,146
455,517
22,629
484,019
(5,873
)
Service charges on deposit accounts
37,442
37,699
(257
)
34,678
2,764
Other service fees
94,272
96,692
(2,420
)
90,076
4,196
Mortgage banking activities
4,360
6,388
(2,028
)
7,400
(3,040
)
Net gain, including impairment, on equity securities
1,103
2,317
(1,214
)
1,100
3
Net gain on trading account debt securities
361
750
(389
)
378
(17
)
Net loss on sale of loans, including valuation adjustments on loans held-for-sale
-
(71
)
71
-
-
Adjustments to indemnity reserves on loans sold
(237
)
2,350
(2,587
)
612
(849
)
Other operating income
26,517
22,618
3,899
27,717
(1,200
)
Total non-interest income
163,818
168,743
(4,925
)
161,961
1,857
Operating expenses:
Personnel costs
Salaries
129,384
127,809
1,575
125,393
3,991
Commissions, incentives and other bonuses
38,611
26,632
11,979
31,162
7,449
Pension, postretirement and medical insurance
17,385
17,598
(213
)
15,378
2,007
Other personnel costs, including payroll taxes
29,997
22,626
7,371
26,827
3,170
Total personnel costs
215,377
194,665
20,712
198,760
16,617
Net occupancy expenses
28,041
30,282
(2,241
)
26,039
2,002
Equipment expenses
9,567
10,179
(612
)
8,412
1,155
Other taxes
14,375
14,636
(261
)
16,291
(1,916
)
Professional fees
28,918
39,065
(10,147
)
33,431
(4,513
)
Technology and software expenses
79,462
76,772
2,690
68,559
10,903
Processing and transactional services
Credit and debit cards
12,144
6,682
5,462
12,550
(406
)
Other processing and transactional services
22,050
22,779
(729
)
21,359
691
Total processing and transactional services
34,194
29,461
4,733
33,909
285
Communications
4,557
4,181
376
4,088
469
Business promotion
Rewards and customer loyalty programs
14,056
14,130
(74
)
12,348
1,708
Other business promotion
6,933
13,767
(6,834
)
6,523
410
Total business promotion
20,989
27,897
(6,908
)
18,871
2,118
Deposit insurance
23,887
81,385
(57,498
)
8,865
15,022
Other real estate owned (OREO) income
(5,321
)
(5,178
)
(143
)
(1,694
)
(3,627
)
Other operating expenses
Operational losses
3,561
6,921
(3,360
)
6,800
(3,239
)
All other
24,711
20,084
4,627
17,561
7,150
Total other operating expenses
28,272
27,005
1,267
24,361
3,911
Amortization of intangibles
795
795
-
795
-
Total operating expenses
483,113
531,145
(48,032
)
440,687
42,426
Income before income tax
158,851
93,115
65,736
205,293
(46,442
)
Income tax expense (benefit)
55,568
(1,479
)
57,047
46,314
9,254
Net income
$
103,283
$
94,594
$
8,689
$
158,979
$
(55,696
)
Net income applicable to common stock
$
102,930
$
94,241
$
8,689
$
158,626
$
(55,696
)
Net income per common share - basic
$
1.43
$
1.31
$
0.12
$
2.22
$
(0.79
)
Net income per common share - diluted
$
1.43
$
1.31
$
0.12
$
2.22
$
(0.79
)
Dividends Declared per Common Share
$
0.62
$
0.62
$
-
$
0.55
$
0.07
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table C - Consolidated Statement of Financial Condition
(Unaudited)
Variance
Q1 2024 vs.
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Q4 2023
Assets:
Cash and due from banks
$
320,486
$
420,462
$
462,013
$
(99,976
)
Money market investments
5,928,578
6,998,871
6,098,288
(1,070,293
)
Trading account debt securities, at fair value
27,308
31,568
29,839
(4,260
)
Debt securities available-for-sale, at fair value
18,017,924
16,729,044
17,173,128
1,288,880
Less: Allowance for credit losses
500
-
-
500
Debt securities available-for-sale, net
18,017,424
16,729,044
17,173,128
1,288,380
Debt securities held-to-maturity, at amortized cost
8,083,160
8,194,335
8,563,052
(111,175
)
Less: Allowance for credit losses
5,731
5,780
6,792
(49
)
Debt securities held-to-maturity, net
8,077,429
8,188,555
8,556,260
(111,126
)
Equity securities
195,747
193,726
185,917
2,021
Loans held-for-sale, at lower of cost or fair value
5,352
4,301
11,181
1,051
Loans held-in-portfolio
35,486,161
35,420,879
32,645,023
65,282
Less: Unearned income
367,423
355,908
306,650
11,515
Allowance for credit losses
739,544
729,341
689,120
10,203
Total loans held-in-portfolio, net
34,379,194
34,335,630
31,649,253
43,564
Premises and equipment, net
588,708
565,284
508,007
23,424
Other real estate
80,542
80,416
91,721
126
Accrued income receivable
266,908
263,433
239,815
3,475
Mortgage servicing rights, at fair value
114,964
118,109
127,475
(3,145
)
Other assets
2,120,902
2,014,564
1,703,285
106,338
Goodwill
804,428
804,428
827,428
-
Other intangible assets
8,969
9,764
12,149
(795
)
Total assets
$
70,936,939
$
70,758,155
$
67,675,759
$
178,784
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing
$
15,492,050
$
15,419,624
$
15,940,850
$
72,426
Interest bearing
48,316,734
48,198,619
45,013,038
118,115
Total deposits
63,808,784
63,618,243
60,953,888
190,541
Assets sold under agreements to repurchase
66,090
91,384
123,499
(25,294
)
Notes payable
966,303
986,948
1,279,127
(20,645
)
Other liabilities
918,448
914,627
848,520
3,821
Total liabilities
65,759,625
65,611,202
63,205,034
148,423
Stockholders’ equity:
Preferred stock
22,143
22,143
22,143
-
Common stock
1,048
1,048
1,047
-
Surplus
4,847,466
4,843,399
4,792,619
4,067
Retained earnings
4,253,030
4,194,851
3,982,140
58,179
Treasury stock
(2,013,187
)
(2,018,957
)
(2,025,399
)
5,770
Accumulated other comprehensive loss, net of tax
(1,933,186
)
(1,895,531
)
(2,301,825
)
(37,655
)
Total stockholders’ equity
5,177,314
5,146,953
4,470,725
30,361
Total liabilities and stockholders’ equity
$
70,936,939
$
70,758,155
$
67,675,759
$
178,784
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended March 31, 2024 and December 31, 2023
(Unaudited)
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
31-Mar-24
31-Dec-23
Variance
31-Mar-24
31-Dec-23
Variance
31-Mar-24
31-Dec-23
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,484
$
7,307
$
(823
)
5.49
%
5.47
%
0.02
%
Money market investments
$
88,516
$
100,840
$
(12,324
)
$
(1,068
)
$
(11,256
)
28,308
27,099
1,209
2.71
2.28
0.43
Investment securities [1]
191,103
155,118
35,985
28,398
7,587
33
31
2
3.75
3.72
0.03
Trading securities
311
293
18
(2
)
20
Total money market,
investment and trading
34,825
34,437
388
3.23
2.96
0.27
securities
279,930
256,251
23,679
27,328
(3,649
)
Loans:
17,613
17,251
362
6.84
6.71
0.13
Commercial
299,504
291,791
7,713
1,549
6,164
992
927
65
8.96
9.04
(0.08
)
Construction
22,100
21,131
969
(486
)
1,455
1,742
1,707
35
6.74
6.60
0.14
Leasing
29,353
28,174
1,179
593
586
7,723
7,626
97
5.62
5.83
(0.21
)
Mortgage
108,543
111,215
(2,672
)
(4,081
)
1,409
3,227
3,215
12
13.90
13.43
0.47
Consumer
111,490
108,859
2,631
1,870
761
3,763
3,722
41
8.77
8.61
0.16
Auto
82,054
80,731
1,323
433
890
35,060
34,448
612
7.48
7.41
0.07
Total loans
653,044
641,901
11,143
(122
)
11,265
$
69,885
$
68,885
$
1,000
5.36
%
5.18
%
0.18
%
Total earning assets
$
932,974
$
898,152
$
34,822
$
27,206
$
7,616
Interest bearing deposits:
$
25,703
$
25,027
$
676
3.63
%
3.60
%
0.03
%
NOW and money market [2]
$
232,129
$
227,079
$
5,050
$
3,500
$
1,550
14,700
14,934
(234
)
0.93
0.85
0.08
Savings
34,171
32,073
2,098
1,819
279
8,547
8,288
259
2.97
2.87
0.10
Time deposits
63,196
60,048
3,148
1,148
2,000
48,950
48,249
701
2.71
2.62
0.09
Total interest bearing deposits
329,496
319,200
10,296
6,467
3,829
15,083
15,017
66
Non-interest bearing demand deposits
64,033
63,266
767
2.07
2.00
0.07
Total deposits
329,496
319,200
10,296
6,467
3,829
84
94
(10
)
5.70
5.64
0.06
Short-term borrowings
1,192
1,342
(150
)
(2
)
(148
)
Other medium and
998
1,018
(20
)
5.13
5.04
0.09
long-term debt
12,709
12,770
(61
)
21
(82
)
Total interest bearing
50,032
49,361
671
2.76
2.68
0.08
liabilities (excluding demand deposits)
343,397
333,312
10,085
6,486
3,599
4,770
4,507
263
Other sources of funds
$
69,885
$
68,885
$
1,000
1.98
%
1.92
%
0.06
%
Total source of funds
343,397
333,312
10,085
6,486
3,599
Net interest margin/
3.38
%
3.26
%
0.12
%
income on a taxable equivalent basis (Non-GAAP)
589,577
564,840
24,737
$
20,720
$
4,017
2.60
%
2.50
%
0.10
%
Net interest spread
Taxable equivalent adjustment
38,833
30,660
8,173
Net interest margin/ income
3.16
%
3.08
%
0.08
%
non-taxable equivalent basis (GAAP)
$
550,744
$
534,180
$
16,564
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended March 31, 2024 and March 31, 2023
(Unaudited)
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
31-Mar-24
31-Mar-23
Variance
31-Mar-24
31-Mar-23
Variance
31-Mar-24
31-Mar-23
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,484
$
5,736
$
748
5.49
%
4.65
%
0.84
%
Money market investments
$
88,516
$
65,724
$
22,792
$
13,566
$
9,226
28,308
28,862
(554
)
2.71
2.22
0.49
Investment securities [1]
191,103
158,914
32,189
35,317
(3,128
)
33
31
2
3.75
4.47
(0.72
)
Trading securities
311
338
(27
)
(55
)
28
Total money market,
investment and trading
34,825
34,629
196
3.23
2.63
0.60
securities
279,930
224,976
54,954
48,828
6,126
Loans:
17,613
15,761
1,852
6.84
6.32
0.52
Commercial
299,504
245,469
54,035
23,691
30,344
992
732
260
8.96
8.40
0.56
Construction
22,100
15,155
6,945
1,215
5,730
1,742
1,588
154
6.74
6.12
0.62
Leasing
29,353
24,282
5,071
2,595
2,476
7,723
7,388
335
5.62
5.46
0.16
Mortgage
108,543
100,773
7,770
3,113
4,657
3,227
3,020
207
13.90
12.85
1.05
Consumer
111,490
95,715
15,775
8,441
7,334
3,763
3,559
204
8.77
8.14
0.63
Auto
82,054
71,407
10,647
6,421
4,226
35,060
32,048
3,012
7.48
6.97
0.51
Total loans
653,044
552,801
100,243
45,476
54,767
$
69,885
$
66,677
$
3,208
5.36
%
4.72
%
0.64
%
Total earning assets
$
932,974
$
777,777
$
155,197
$
94,304
$
60,893
Interest bearing deposits:
$
25,703
$
23,313
$
2,390
3.63
%
2.52
%
1.11
%
NOW and money market [2]
$
232,129
$
144,970
$
87,159
$
70,094
$
17,065
14,700
15,029
(329
)
0.93
0.47
0.46
Savings
34,171
17,443
16,728
16,240
488
8,547
7,099
1,448
2.97
1.76
1.21
Time deposits
63,196
30,802
32,394
21,831
10,563
48,950
45,441
3,509
2.71
1.72
0.99
Total interest bearing deposits
329,496
193,215
136,281
108,165
28,116
15,083
15,704
(621
)
Non-interest bearing demand deposits
64,033
61,145
2,888
2.07
1.28
0.78
Total deposits
329,496
193,215
136,281
108,165
28,116
84
247
(163
)
5.70
4.74
0.96
Short-term borrowings
1,192
2,885
(1,693
)
309
(2,002
)
Other medium and
998
947
51
5.13
4.78
0.35
long-term debt
12,709
11,266
1,443
399
1,044
Total interest bearing
50,032
46,635
3,397
2.76
1.80
0.96
liabilities (excluding demand deposits)
343,397
207,366
136,031
108,873
27,158
4,770
4,338
432
Other sources of funds
$
69,885
$
66,677
$
3,208
1.98
%
1.26
%
0.72
%
Total source of funds
343,397
207,366
136,031
108,873
27,158
Net interest margin/
3.38
%
3.46
%
(0.08
)%
income on a taxable equivalent basis (Non-GAAP)
589,577
570,411
19,166
$
(14,569
)
$
33,735
2.60
%
2.92
%
(0.32
)%
Net interest spread
Taxable equivalent adjustment
38,833
38,755
78
Net interest margin/ income
3.16
%
3.22
%
(0.06
)%
non-taxable equivalent basis (GAAP)
$
550,744
$
531,656
$
19,088
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table F – Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE
[THIS PAGE INTENTIONALLY LEFT BLANK]
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table G - Mortgage Banking Activities and Other Service Fees
(Unaudited)
Mortgage Banking Activities
Quarters ended
Variance
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Q1 2024
vs.Q4 2023
Q1 2024
vs.Q1 2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
7,751
$
7,898
$
8,689
$
(147
)
$
(938
)
Mortgage servicing rights fair value adjustments
(3,439
)
(1,204
)
(1,376
)
(2,235
)
(2,063
)
Total mortgage servicing fees, net of fair value adjustments
4,312
6,694
7,313
(2,382
)
(3,001
)
Net gain on sale of loans, including valuation on loans held-for-sale
74
45
263
29
(189
)
Trading account profit (loss):
Unrealized gains (loss) on outstanding derivative positions
101
(298
)
(131
)
399
232
Realized gains (losses) on closed derivative positions
3
(47
)
56
50
(53
)
Total trading account profit (loss)
104
(345
)
(75
)
449
179
Losses on repurchased loans, including interest advances
(130
)
(6
)
(101
)
(124
)
(29
)
Total mortgage banking activities
$
4,360
$
6,388
$
7,400
$
(2,028
)
$
(3,040
)
Other Service Fees
Quarters ended
Variance
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Q1 2024
vs.Q4 2023
Q1 2024
vs.Q1 2023
Other service fees:
Debit card fees
$
14,248
$
13,944
$
13,166
$
304
$
1,082
Insurance fees
14,689
16,739
13,873
(2,050
)
816
Credit card fees
40,853
41,439
40,498
(586
)
355
Sale and administration of investment products
7,427
6,862
6,558
565
869
Trust fees
6,707
6,716
5,775
(9
)
932
Other fees
10,348
10,992
10,206
(644
)
142
Total other service fees
$
94,272
$
96,692
$
90,076
$
(2,420
)
$
4,196
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table H - Loans and Deposits
(Unaudited)
Loans - Ending Balances
Variance
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Q1 2024
vs.Q4 2023
% of Change
Q1 2024
vs.Q1 2023
% of Change
Loans held-in-portfolio:
Commercial
Commercial multi-family
$
2,384,635
$
2,415,620
$
2,336,357
(30,985
)
(1.28
%)
48,278
2.07
%
Commercial real estate non-owner occupied
5,057,059
5,087,421
4,650,675
(30,362
)
(0.60
%)
406,384
8.74
%
Commercial real estate owner occupied
3,117,844
3,080,635
3,018,587
37,209
1.21
%
99,257
3.29
%
Commercial and industrial
7,025,483
7,126,121
5,999,642
(100,638
)
(1.41
%)
1,025,841
17.10
%
Total Commercial
17,585,021
17,709,797
16,005,261
(124,776
)
(0.70
%)
1,579,760
9.87
%
Construction
1,009,303
959,280
698,996
50,023
5.21
%
310,307
44.39
%
Leasing
1,765,413
1,731,809
1,614,344
33,604
1.94
%
151,069
9.36
%
Mortgage
7,783,662
7,695,917
7,405,907
87,745
1.14
%
377,755
5.10
%
Consumer
Credit cards
1,142,153
1,135,747
1,046,196
6,406
0.56
%
95,957
9.17
%
Home equity lines of credit
66,717
65,953
69,887
764
1.16
%
(3,170
)
(4.54
%)
Personal
1,897,010
1,945,247
1,841,069
(48,237
)
(2.48
%)
55,941
3.04
%
Auto
3,706,854
3,660,780
3,517,940
46,074
1.26
%
188,914
5.37
%
Other
162,605
160,441
138,773
2,164
1.35
%
23,832
17.17
%
Total Consumer
6,975,339
6,968,168
6,613,865
7,171
0.10
%
361,474
5.47
%
Total loans held-in-portfolio
$
35,118,738
$
35,064,971
$
32,338,373
$
53,767
0.15
%
$
2,780,365
8.60
%
Loans held-for-sale:
Mortgage
$
5,352
$
4,301
$
11,181
$
1,051
24.44
%
$
(5,829
)
(52.13
%)
Total loans held-for-sale
$
5,352
$
4,301
$
11,181
$
1,051
24.44
%
$
(5,829
)
(52.13
%)
Total loans
$
35,124,090
$
35,069,272
$
32,349,554
$
54,818
0.16
%
$
2,774,536
8.58
%
Deposits - Ending Balances
Variance
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Q1 2024
vs. Q4 2023
% of Change
Q1 2024
vs.Q1 2023
% of Change
Demand deposits [1]
$
26,473,367
$
27,579,054
$
26,191,672
$
(1,105,687
)
(4.01
%)
$
281,695
1.08
%
Savings, NOW and money market deposits (non-brokered)
27,852,551
26,817,844
26,622,020
1,034,707
3.86
%
1,230,531
4.62
%
Savings, NOW and money market deposits (brokered)
727,794
719,453
734,069
8,341
1.16
%
(6,275
)
(0.85
%)
Time deposits (non-brokered)
7,850,459
7,546,138
6,891,051
304,321
4.03
%
959,408
13.92
%
Time deposits (brokered CDs)
904,613
955,754
515,076
(51,141
)
(5.35
%)
389,537
75.63
%
Total deposits
$
63,808,784
$
63,618,243
$
60,953,888
$
190,541
0.30
%
$
2,854,896
4.68
%
[1] Includes interest and non-interest bearing demand deposits.
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table I - Loan Delinquency -BPPR Operations
(Unaudited)
31-Mar-24
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
19,384
$
2,027
$
106
$
21,517
$
282,134
$
303,651
$
106
$
-
Commercial real estate:
Non-owner occupied
2,378
3,278
7,922
13,578
2,982,907
2,996,485
7,922
-
Owner occupied
6,628
432
26,124
33,184
1,392,908
1,426,092
26,124
-
Commercial and industrial
3,020
8,552
33,741
45,313
4,699,810
4,745,123
29,171
4,570
Construction
-
-
-
-
162,724
162,724
-
-
Mortgage
254,008
107,224
385,062
746,294
5,737,257
6,483,551
166,473
218,589
Leasing
19,936
4,752
7,267
31,955
1,733,458
1,765,413
7,267
-
Consumer:
Credit cards
13,034
9,528
23,858
46,420
1,095,716
1,142,136
-
23,858
Home equity lines of credit
-
226
7
233
2,336
2,569
-
7
Personal
19,822
12,169
19,092
51,083
1,695,410
1,746,493
19,092
-
Auto
82,957
18,420
41,807
143,184
3,563,670
3,706,854
41,807
-
Other
1,022
150
939
2,111
151,567
153,678
632
307
Total
$
422,189
$
166,758
$
545,925
$
1,134,872
$
23,499,897
$
24,634,769
$
298,594
$
247,331
31-Dec-23
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
524
$
-
$
1,991
$
2,515
$
289,427
$
291,942
$
1,991
$
-
Commercial real estate:
Non-owner occupied
5,510
77
8,745
14,332
2,990,922
3,005,254
8,745
-
Owner occupied
2,726
249
29,430
32,405
1,365,978
1,398,383
29,430
-
Commercial and industrial
6,998
3,352
36,210
46,560
4,749,666
4,796,226
32,826
3,384
Construction
-
-
6,378
6,378
163,479
169,857
6,378
-
Mortgage
260,897
114,282
416,528
791,707
5,600,117
6,391,824
175,106
241,422
Leasing
20,140
6,719
8,632
35,491
1,696,318
1,731,809
8,632
-
Consumer:
Credit cards
13,243
9,912
23,281
46,436
1,089,292
1,135,728
-
23,281
Home equity lines of credit
230
-
26
256
2,392
2,648
-
26
Personal
19,065
14,611
19,031
52,707
1,723,603
1,776,310
19,031
-
Auto
100,061
27,443
45,615
173,119
3,487,661
3,660,780
45,615
-
Other
1,641
204
1,213
3,058
147,104
150,162
964
249
Total
$
431,035
$
176,849
$
597,080
$
1,204,964
$
23,305,959
$
24,510,923
$
328,718
$
268,362
Variance
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
18,860
$
2,027
$
(1,885
)
$
19,002
$
(7,293
)
$
11,709
$
(1,885
)
$
-
Commercial real estate:
Non-owner occupied
(3,132
)
3,201
(823
)
(754
)
(8,015
)
(8,769
)
(823
)
-
Owner occupied
3,902
183
(3,306
)
779
26,930
27,709
(3,306
)
-
Commercial and industrial
(3,978
)
5,200
(2,469
)
(1,247
)
(49,856
)
(51,103
)
(3,655
)
1,186
Construction
-
-
(6,378
)
(6,378
)
(755
)
(7,133
)
(6,378
)
-
Mortgage
(6,889
)
(7,058
)
(31,466
)
(45,413
)
137,140
91,727
(8,633
)
(22,833
)
Leasing
(204
)
(1,967
)
(1,365
)
(3,536
)
37,140
33,604
(1,365
)
-
Consumer:
Credit cards
(209
)
(384
)
577
(16
)
6,424
6,408
-
577
Home equity lines of credit
(230
)
226
(19
)
(23
)
(56
)
(79
)
-
(19
)
Personal
757
(2,442
)
61
(1,624
)
(28,193
)
(29,817
)
61
-
Auto
(17,104
)
(9,023
)
(3,808
)
(29,935
)
76,009
46,074
(3,808
)
-
Other
(619
)
(54
)
(274
)
(947
)
4,463
3,516
(332
)
58
Total
$
(8,846
)
$
(10,091
)
$
(51,155
)
$
(70,092
)
$
193,938
$
123,846
$
(30,124
)
$
(21,031
)
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table J - Loan Delinquency - Popular U.S. Operations
(Unaudited)
31-Mar-24
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
3,434
$
-
$
8,700
$
12,134
$
2,068,850
$
2,080,984
$
8,700
$
-
Commercial real estate:
Non-owner occupied
740
1,364
2,407
4,511
2,056,063
2,060,574
2,407
-
Owner occupied
6,107
19,009
3,877
28,993
1,662,759
1,691,752
3,877
-
Commercial and industrial
9,961
628
6,634
17,223
2,263,137
2,280,360
6,423
211
Construction
8,825
-
-
8,825
837,754
846,579
-
-
Mortgage
25,558
533
28,071
54,162
1,245,949
1,300,111
28,071
-
Consumer:
Credit cards
-
-
-
-
17
17
-
-
Home equity lines of credit
846
390
3,986
5,222
58,926
64,148
3,986
-
Personal
2,142
1,695
2,068
5,905
144,612
150,517
2,068
-
Other
-
-
1
1
8,926
8,927
1
-
Total
$
57,613
$
23,619
$
55,744
$
136,976
$
10,346,993
$
10,483,969
$
55,533
$
211
31-Dec-23
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
9,141
$
2,001
$
-
$
11,142
$
2,112,536
$
2,123,678
$
-
$
-
Commercial real estate:
Non-owner occupied
566
1,036
1,117
2,719
2,079,448
2,082,167
1,117
-
Owner occupied
30,560
-
6,274
36,834
1,645,418
1,682,252
6,274
-
Commercial and industrial
7,815
697
3,881
12,393
2,317,502
2,329,895
3,772
109
Construction
-
-
-
-
789,423
789,423
-
-
Mortgage
48,818
7,821
11,191
67,830
1,236,263
1,304,093
11,191
-
Consumer:
Credit cards
-
-
-
-
19
19
-
-
Home equity lines of credit
1,472
4
3,733
5,209
58,096
63,305
3,733
-
Personal
2,222
1,948
2,805
6,975
161,962
168,937
2,805
-
Other
4
-
1
5
10,274
10,279
1
-
Total
$
100,598
$
13,507
$
29,002
$
143,107
$
10,410,941
$
10,554,048
$
28,893
$
109
Variance
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
(5,707
)
$
(2,001
)
$
8,700
$
992
$
(43,686
)
$
(42,694
)
$
8,700
$
-
Commercial real estate:
Non-owner occupied
174
328
1,290
1,792
(23,385
)
(21,593
)
1,290
-
Owner occupied
(24,453
)
19,009
(2,397
)
(7,841
)
17,341
9,500
(2,397
)
-
Commercial and industrial
2,146
(69
)
2,753
4,830
(54,365
)
(49,535
)
2,651
102
Construction
8,825
-
-
8,825
48,331
57,156
-
-
Mortgage
(23,260
)
(7,288
)
16,880
(13,668
)
9,686
(3,982
)
16,880
-
Consumer:
Credit cards
-
-
-
-
(2
)
(2
)
-
-
Home equity lines of credit
(626
)
386
253
13
830
843
253
-
Personal
(80
)
(253
)
(737
)
(1,070
)
(17,350
)
(18,420
)
(737
)
-
Other
(4
)
-
-
(4
)
(1,348
)
(1,352
)
-
-
Total
$
(42,985
)
$
10,112
$
26,742
$
(6,131
)
$
(63,948
)
$
(70,079
)
$
26,640
$
102
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table K - Loan Delinquency - Consolidated
(Unaudited)
31-Mar-24
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
22,818
$
2,027
$
8,806
$
33,651
$
2,350,984
$
2,384,635
$
8,806
$
-
Commercial real estate:
Non-owner occupied
3,118
4,642
10,329
18,089
5,038,970
5,057,059
10,329
-
Owner occupied
12,735
19,441
30,001
62,177
3,055,667
3,117,844
30,001
-
Commercial and industrial
12,981
9,180
40,375
62,536
6,962,947
7,025,483
35,594
4,781
Construction
8,825
-
-
8,825
1,000,478
1,009,303
-
-
Mortgage
279,566
107,757
413,133
800,456
6,983,206
7,783,662
194,544
218,589
Leasing
19,936
4,752
7,267
31,955
1,733,458
1,765,413
7,267
-
Consumer:
Credit cards
13,034
9,528
23,858
46,420
1,095,733
1,142,153
-
23,858
Home equity lines of credit
846
616
3,993
5,455
61,262
66,717
3,986
7
Personal
21,964
13,864
21,160
56,988
1,840,022
1,897,010
21,160
-
Auto
82,957
18,420
41,807
143,184
3,563,670
3,706,854
41,807
-
Other
1,022
150
940
2,112
160,493
162,605
633
307
Total
$
479,802
$
190,377
$
601,669
$
1,271,848
$
33,846,890
$
35,118,738
$
354,127
$
247,542
31-Dec-23
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
9,665
$
2,001
$
1,991
$
13,657
$
2,401,963
$
2,415,620
$
1,991
$
-
Commercial real estate:
Non-owner occupied
6,076
1,113
9,862
17,051
5,070,370
5,087,421
9,862
-
Owner occupied
33,286
249
35,704
69,239
3,011,396
3,080,635
35,704
-
Commercial and industrial
14,813
4,049
40,091
58,953
7,067,168
7,126,121
36,598
3,493
Construction
-
-
6,378
6,378
952,902
959,280
6,378
-
Mortgage
309,715
122,103
427,719
859,537
6,836,380
7,695,917
186,297
241,422
Leasing
20,140
6,719
8,632
35,491
1,696,318
1,731,809
8,632
-
Consumer:
Credit cards
13,243
9,912
23,281
46,436
1,089,311
1,135,747
-
23,281
Home equity lines of credit
1,702
4
3,759
5,465
60,488
65,953
3,733
26
Personal
21,287
16,559
21,836
59,682
1,885,565
1,945,247
21,836
-
Auto
100,061
27,443
45,615
173,119
3,487,661
3,660,780
45,615
-
Other
1,645
204
1,214
3,063
157,378
160,441
965
249
Total
$
531,633
$
190,356
$
626,082
$
1,348,071
$
33,716,900
$
35,064,971
$
357,611
$
268,471
Variance
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
13,153
$
26
$
6,815
$
19,994
$
(50,979
)
$
(30,985
)
$
6,815
$
-
Commercial real estate:
Non-owner occupied
(2,958
)
3,529
467
1,038
(31,400
)
(30,362
)
467
-
Owner occupied
(20,551
)
19,192
(5,703
)
(7,062
)
44,271
37,209
(5,703
)
-
Commercial and industrial
(1,832
)
5,131
284
3,583
(104,221
)
(100,638
)
(1,004
)
1,288
Construction
8,825
-
(6,378
)
2,447
47,576
50,023
(6,378
)
-
Mortgage
(30,149
)
(14,346
)
(14,586
)
(59,081
)
146,826
87,745
8,247
(22,833
)
Leasing
(204
)
(1,967
)
(1,365
)
(3,536
)
37,140
33,604
(1,365
)
-
Consumer:
Credit cards
(209
)
(384
)
577
(16
)
6,422
6,406
-
577
Home equity lines of credit
(856
)
612
234
(10
)
774
764
253
(19
)
Personal
677
(2,695
)
(676
)
(2,694
)
(45,543
)
(48,237
)
(676
)
-
Auto
(17,104
)
(9,023
)
(3,808
)
(29,935
)
76,009
46,074
(3,808
)
-
Other
(623
)
(54
)
(274
)
(951
)
3,115
2,164
(332
)
58
Total
$
(51,831
)
$
21
$
(24,413
)
$
(76,223
)
$
129,990
$
53,767
$
(3,484
)
$
(20,929
)
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table L - Non-Performing Assets
(Unaudited)
Variance
(In thousands)
31-Mar-24
As a % of
loans HIP by
category
31-Dec-23
As a % of
loans HIP by
category
31-Mar-23
As a % of
loans HIP by
category
Q1 2024
vs. Q4 2023
Q1 2024
vs. Q1 2023
Non-accrual loans:
Commercial
Commercial multi-family
$
8,806
0.4
%
$
1,991
0.1
%
$
606
-
%
$
6,815
$
8,200
Commercial real estate non-owner occupied
10,329
0.2
9,862
0.2
23,063
0.5
467
(12,734
)
Commercial real estate owner occupied
30,001
1.0
35,704
1.2
42,874
1.4
(5,703
)
(12,873
)
Commercial and industrial
35,594
0.5
36,598
0.5
35,457
0.6
(1,004
)
137
Total Commercial
84,730
0.5
84,155
0.5
102,000
0.6
575
(17,270
)
Construction
-
-
6,378
0.7
-
-
(6,378
)
-
Leasing
7,267
0.4
8,632
0.5
6,103
0.4
(1,365
)
1,164
Mortgage
194,544
2.5
186,297
2.4
238,794
3.2
8,247
(44,250
)
Consumer
Home equity lines of credit
3,986
6.0
3,733
5.7
4,618
6.6
253
(632
)
Personal
21,160
1.1
21,836
1.1
19,917
1.1
(676
)
1,243
Auto
41,807
1.1
45,615
1.2
39,516
1.1
(3,808
)
2,291
Other Consumer
633
0.4
965
0.6
1,435
1.0
(332
)
(802
)
Total Consumer
67,586
1.0
72,149
1.0
65,486
1.0
(4,563
)
2,100
Total non-performing loans held-in-portfolio
354,127
1.0
%
357,611
1.0
%
412,383
1.3
%
(3,484
)
(58,256
)
Other real estate owned (“OREO”)
80,542
80,416
91,721
126
(11,179
)
Total non-performing assets [1]
$
434,669
$
438,027
$
504,104
$
(3,358
)
$
(69,435
)
Accruing loans past due 90 days or more [2]
$
247,542
$
268,471
$
305,883
$
(20,929
)
$
(58,341
)
Ratios:
Non-performing assets to total assets
0.61
%
0.62
%
0.74
%
Non-performing loans held-in-portfolio to loans held-in-portfolio
1.01
1.02
1.28
Allowance for credit losses to loans held-in-portfolio
2.11
2.08
2.13
Allowance for credit losses to non-performing loans, excluding loans held-for-sale
208.84
203.95
167.11
[1] There were no non-performing loans held-for-sale as of March 31, 2024, December 31, 2023 and March 31, 2023.
[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $10 million at March 31, 2024, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below ( December 31, 2023 - $11 million; March 31, 2023 - $7 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $93 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2024 (December 31, 2023 - $106 million; March 31, 2023 - $167 million). Furthermore, the Corporation has approximately $37 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation's policy to exclude these balances from non-performing assets (December 31, 2023- $38 million; March 31, 2023 - $40 million).
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table M - Activity in Non-Performing Loans
(Unaudited)
Commercial loans held-in-portfolio:
Quarter ended
Quarter ended
31-Mar-24
31-Dec-23
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance NPLs
$
72,992
$
11,163
$
84,155
$
72,227
$
8,594
$
80,821
Plus:
New non-performing loans
4,343
15,039
19,382
22,009
3,859
25,868
Advances on existing non-performing loans
-
20
20
-
515
515
Less:
Non-performing loans transferred to OREO
-
-
-
(5,484
)
-
(5,484
)
Non-performing loans charged-off
(7,999
)
(950
)
(8,949
)
(5,427
)
-
(5,427
)
Loans returned to accrual status / loan collections
(6,013
)
(3,865
)
(9,878
)
(10,333
)
(1,805
)
(12,138
)
Ending balance NPLs
$
63,323
$
21,407
$
84,730
$
72,992
$
11,163
$
84,155
Construction loans held-in-portfolio:
Quarter ended
Quarter ended
31-Mar-24
31-Dec-23
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance NPLs
$
6,378
$
-
$
6,378
$
6,578
$
-
$
6,578
Less:
Loans returned to accrual status / loan collections
(6,378
)
-
(6,378
)
(200
)
-
(200
)
Ending balance NPLs
$
-
$
-
$
-
$
6,378
$
-
$
6,378
Mortgage loans held-in-portfolio:
Quarter ended
Quarter ended
31-Mar-24
31-Dec-23
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance NPLs
$
175,106
$
11,191
$
186,297
$
187,443
$
11,980
$
199,423
Plus:
New non-performing loans
29,160
20,334
49,494
30,406
4,179
34,585
Advances on existing non-performing loans
-
2
2
-
11
11
Less:
Non-performing loans transferred to OREO
(4,109
)
-
(4,109
)
(5,423
)
-
(5,423
)
Non-performing loans charged-off
(310
)
-
(310
)
153
-
153
Loans returned to accrual status / loan collections
(33,374
)
(3,456
)
(36,830
)
(37,473
)
(4,979
)
(42,452
)
Ending balance NPLs
$
166,473
$
28,071
$
194,544
$
175,106
$
11,191
$
186,297
Total non-performing loans held-in-portfolio (excluding consumer):
Quarter ended
Quarter ended
31-Mar-24
31-Dec-23
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance NPLs
$
254,476
$
22,354
$
276,830
$
266,248
$
20,574
$
286,822
Plus:
New non-performing loans
33,503
35,373
68,876
52,415
8,038
60,453
Advances on existing non-performing loans
-
22
22
-
526
526
Less:
Non-performing loans transferred to OREO
(4,109
)
-
(4,109
)
(10,907
)
-
(10,907
)
Non-performing loans charged-off
(8,309
)
(950
)
(9,259
)
(5,274
)
-
(5,274
)
Loans returned to accrual status / loan collections
(45,765
)
(7,321
)
(53,086
)
(48,006
)
(6,784
)
(54,790
)
Ending balance NPLs
$
229,796
$
49,478
$
279,274
$
254,476
$
22,354
$
276,830
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)
Quarters ended
(In thousands)
31-Mar-24
31-Dec-23
31-Mar-23
Balance at beginning of period - loans held-in-portfolio
$
729,341
$
711,068
$
720,302
Impact of adopting ASU-2022-02
-
-
(45,583
)
Provision for credit losses
72,386
75,218
47,146
Initial allowance for credit losses - PCD Loans
17
2
68
801,744
786,288
721,933
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family
(1
)
-
-
Commercial real estate non-owner occupied
(325
)
(426
)
(135
)
Commercial real estate owner occupied
2,247
2,770
(1,507
)
Commercial and industrial
5,109
1,535
442
Total Commercial
7,030
3,879
(1,200
)
Construction
-
(1
)
-
Leasing
3,685
3,677
327
Mortgage
(4,426
)
(2,720
)
(3,954
)
Consumer:
Credit cards
13,958
10,811
6,287
Home equity lines of credit
104
(64
)
(36
)
Personal
21,940
20,405
12,045
Auto
13,846
15,582
7,204
Other Consumer
424
344
10,791
Total Consumer
50,272
47,078
36,291
Total net charged-off BPPR
$
56,561
$
51,913
$
31,464
Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family
440
(1
)
(2
)
Commercial real estate non-owner occupied
(64
)
128
(1,852
)
Commercial real estate owner occupied
(24
)
(22
)
(24
)
Commercial and industrial
408
(159
)
(469
)
Total Commercial
760
(54
)
(2,347
)
Mortgage
(25
)
(25
)
(14
)
Consumer:
Credit cards
-
-
1
Home equity lines of credit
(148
)
(214
)
(126
)
Personal
5,027
5,302
3,787
Other Consumer
25
25
48
Total Consumer
4,904
5,113
3,710
Total net charged-off Popular U.S.
$
5,639
$
5,034
$
1,349
Total loans charged-off - Popular, Inc.
$
62,200
$
56,947
$
32,813
Balance at end of period - loans held-in-portfolio
$
739,544
$
729,341
$
689,120
Balance at beginning of period - unfunded commitments
$
17,006
$
13,284
$
8,805
Provision for credit losses (benefit)
(239
)
3,722
610
Balance at end of period - unfunded commitments [1]
$
16,767
$
17,006
$
9,415
POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio
0.71
%
0.66
%
0.41
%
Provision for credit losses - loan portfolios to net charge-offs
116.38
%
132.08
%
143.68
%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio
0.92
%
0.86
%
0.56
%
Provision for credit losses (benefit) - loan portfolios to net charge-offs
107.86
%
129.51
%
143.67
%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio
0.21
%
0.19
%
0.06
%
Provision for credit losses (benefit) - loan portfolios to net charge-offs
201.77
%
158.58
%
144.03
%
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - Consolidated
(Unaudited)
31-Mar-24
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
12,743
$
2,384,635
0.53
%
Commercial real estate - non-owner occupied
65,624
5,057,059
1.30
%
Commercial real estate - owner occupied
63,807
3,117,844
2.05
%
Commercial and industrial
120,418
7,025,483
1.71
%
Total commercial
$
262,592
$
17,585,021
1.49
%
Construction
11,139
1,009,303
1.10
%
Mortgage
86,438
7,783,662
1.11
%
Leasing
8,991
1,765,413
0.51
%
Consumer:
Credit cards
88,169
1,142,153
7.72
%
Home equity lines of credit
1,872
66,717
2.81
%
Personal
116,077
1,897,010
6.12
%
Auto
157,456
3,706,854
4.25
%
Other consumer
6,810
162,605
4.19
%
Total consumer
$
370,384
$
6,975,339
5.31
%
Total
$
739,544
$
35,118,738
2.11
%
31-Dec-23
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
13,740
$
2,415,620
0.57
%
Commercial real estate - non-owner occupied
65,453
5,087,421
1.29
%
Commercial real estate - owner occupied
56,864
3,080,635
1.85
%
Commercial and industrial
122,356
7,126,121
1.72
%
Total commercial
$
258,413
$
17,709,797
1.46
%
Construction
12,686
959,280
1.32
%
Mortgage
83,214
7,695,917
1.08
%
Leasing
9,708
1,731,809
0.56
%
Consumer:
Credit cards
80,487
1,135,747
7.09
%
Home equity lines of credit
1,978
65,953
3.00
%
Personal
117,790
1,945,247
6.06
%
Auto
157,931
3,660,780
4.31
%
Other consumer
7,134
160,441
4.45
%
Total consumer
$
365,320
$
6,968,168
5.24
%
Total
$
729,341
$
35,064,971
2.08
%
Variance
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
(997
)
$
(30,985
)
(0.04
)%
Commercial real estate - non-owner occupied
171
(30,362
)
0.01
%
Commercial real estate - owner occupied
6,943
37,209
0.20
%
Commercial and industrial
(1,938
)
(100,638
)
(0.01
)%
Total commercial
$
4,179
$
(124,776
)
0.03
%
Construction
(1,547
)
50,023
(0.22
)%
Mortgage
3,224
87,745
0.03
%
Leasing
(717
)
33,604
(0.05
)%
Consumer:
Credit cards
7,682
6,406
0.63
%
Home equity lines of credit
(106
)
764
(0.19
)%
Personal
(1,713
)
(48,237
)
0.06
%
Auto
(475
)
46,074
(0.06
)%
Other consumer
(324
)
2,164
(0.26
)%
Total consumer
$
5,064
$
7,171
0.07
%
Total
$
10,203
$
53,767
0.03
%
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR Operations
(Unaudited)
31-Mar-24
BPPR
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
3,567
$
303,651
1.17
%
Commercial real estate - non-owner occupied
53,666
2,996,485
1.79
%
Commercial real estate - owner occupied
43,537
1,426,092
3.05
%
Commercial and industrial
102,844
4,745,123
2.17
%
Total commercial
$
203,614
$
9,471,351
2.15
%
Construction
3,114
162,724
1.91
%
Mortgage
76,564
6,483,551
1.18
%
Leasing
8,991
1,765,413
0.51
%
Consumer:
Credit cards
88,169
1,142,136
7.72
%
Home equity lines of credit
102
2,569
3.97
%
Personal
99,504
1,746,493
5.70
%
Auto
157,456
3,706,854
4.25
%
Other consumer
6,808
153,678
4.43
%
Total consumer
$
352,039
$
6,751,730
5.21
%
Total
$
644,322
$
24,634,769
2.62
%
31-Dec-23
BPPR
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
3,614
$
291,942
1.24
%
Commercial real estate - non-owner occupied
53,754
3,005,254
1.79
%
Commercial real estate - owner occupied
40,637
1,398,383
2.91
%
Commercial and industrial
107,577
4,796,226
2.24
%
Total commercial
$
205,582
$
9,491,805
2.17
%
Construction
5,294
169,857
3.12
%
Mortgage
72,440
6,391,824
1.13
%
Leasing
9,708
1,731,809
0.56
%
Consumer:
Credit cards
80,487
1,135,728
7.09
%
Home equity lines of credit
103
2,648
3.89
%
Personal
101,181
1,776,310
5.70
%
Auto
157,931
3,660,780
4.31
%
Other consumer
7,132
150,162
4.75
%
Total consumer
$
346,834
$
6,725,628
5.16
%
Total
$
639,858
$
24,510,923
2.61
%
Variance
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
(47
)
11,709
(0.07
)%
Commercial real estate - non-owner occupied
(88
)
(8,769
)
-
%
Commercial real estate - owner occupied
2,900
27,709
0.14
%
Commercial and industrial
(4,733
)
(51,103
)
(0.07
)%
Total commercial
$
(1,968
)
$
(20,454
)
(0.02
)%
Construction
(2,180
)
(7,133
)
(1.21
)%
Mortgage
4,124
91,727
0.05
%
Leasing
(717
)
33,604
(0.05
)%
Consumer:
Credit cards
7,682
6,408
0.63
%
Home equity lines of credit
(1
)
(79
)
0.08
%
Personal
(1,677
)
(29,817
)
-
%
Auto
(475
)
46,074
(0.06
)%
Other consumer
(324
)
3,516
(0.32
)%
Total consumer
$
5,205
$
26,102
0.05
%
Total
$
4,464
$
123,846
0.01
%
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. Operations
(Unaudited)
31-Mar-24
Popular U.S.
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
9,176
$
2,080,984
0.44
%
Commercial real estate - non-owner occupied
11,958
2,060,574
0.58
%
Commercial real estate - owner occupied
20,270
1,691,752
1.20
%
Commercial and industrial
17,574
2,280,360
0.77
%
Total commercial
$
58,978
$
8,113,670
0.73
%
Construction
8,025
846,579
0.95
%
Mortgage
9,874
1,300,111
0.76
%
Consumer:
Credit cards
-
17
-
%
Home equity lines of credit
1,770
64,148
2.76
%
Personal
16,573
150,517
11.01
%
Other consumer
2
8,927
0.02
%
Total consumer
$
18,345
$
223,609
8.20
%
Total
$
95,222
$
10,483,969
0.91
%
31-Dec-23
Popular U.S.
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
10,126
$
2,123,678
0.48
%
Commercial real estate - non-owner occupied
11,699
2,082,167
0.56
%
Commercial real estate - owner occupied
16,227
1,682,252
0.96
%
Commercial and industrial
14,779
2,329,895
0.63
%
Total commercial
$
52,831
$
8,217,992
0.64
%
Construction
7,392
789,423
0.94
%
Mortgage
10,774
1,304,093
0.83
%
Consumer:
Credit cards
-
19
-
%
Home equity lines of credit
1,875
63,305
2.96
%
Personal
16,609
168,937
9.83
%
Other consumer
2
10,279
0.02
%
Total consumer
$
18,486
$
242,540
7.62
%
Total
$
89,483
$
10,554,048
0.85
%
Variance
(In thousands)
Total ACL
Total loans
held-in-portfolio
ACL to loans
held-in-portfolio
Commercial:
Commercial multi-family
$
(950
)
$
(42,694
)
(0.04
)%
Commercial real estate - non-owner occupied
259
(21,593
)
0.02
%
Commercial real estate - owner occupied
4,043
9,500
0.24
%
Commercial and industrial
2,795
(49,535
)
0.14
%
Total commercial
$
6,147
$
(104,322
)
0.09
%
Construction
633
57,156
0.01
%
Mortgage
(900
)
(3,982
)
(0.07
)%
Consumer:
Credit cards
-
(2
)
-
%
Home equity lines of credit
(105
)
843
(0.20
)%
Personal
(36
)
(18,420
)
1.18
%
Other consumer
-
(1,352
)
-
%
Total consumer
$
(141
)
$
(18,931
)
0.58
%
Total
$
5,739
$
(70,079
)
0.06
%
Popular, Inc.
Financial Supplement to First Quarter 2024 Earnings Release
Table R - Reconciliation to GAAP Financial Measures
(Unaudited)
(In thousands, except share or per share information)
31-Mar-24
31-Dec-23
31-Mar-23
Total stockholders’ equity
$
5,177,314
$
5,146,953
$
4,470,725
Less: Preferred stock
(22,143
)
(22,143
)
(22,143
)
Less: Goodwill
(804,428
)
(804,428
)
(827,428
)
Less: Other intangibles
(8,969
)
(9,764
)
(12,149
)
Total tangible common equity
$
4,341,774
$
4,310,618
$
3,609,005
Total assets
$
70,936,939
$
70,758,155
$
67,675,759
Less: Goodwill
(804,428
)
(804,428
)
(827,428
)
Less: Other intangibles
(8,969
)
(9,764
)
(12,149
)
Total tangible assets
$
70,123,542
$
69,943,963
$
66,836,182
Tangible common equity to tangible assets
6.19
%
6.16
%
5.40
%
Common shares outstanding at end of period
72,284,875
72,153,621
71,965,984
Tangible book value per common share
$
60.06
$
59.74
$
50.15
Quarterly average
Total stockholders’ equity [1]
$
6,198,740
$
6,072,871
$
5,641,308
Average unrealized (gains) losses on AFS securities transferred to HTM
639,226
683,077
811,581
Adjusted total stockholder's equity
6,837,966
6,755,948
6,452,889
Less: Preferred Stock
(22,143
)
(22,143
)
(22,143
)
Less: Goodwill
(804,427
)
(804,427
)
(827,427
)
Less: Other intangibles
(9,490
)
(10,286
)
(12,678
)
Total tangible equity
$
6,001,906
$
5,919,092
$
5,590,641
Return on average tangible common equity
6.90
%
6.32
%
11.51
%
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423005285/en/
Popular, Inc.
Investor Relations: Paul J. Cardillo, 212-417-6721 Senior Vice President and Investor Relations Officer pcardillo@popular.com
or
Media Relations: MC González Noguera, 917-804-5253 Executive Vice President and Chief Communications & Public Affairs Officer mc.gonzalez@popular.com
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