Popular, Inc. Announces Third Quarter 2024 Financial Results

• Net income of $155.3 million in Q3 2024, compared to net income of $177.8 million in Q2 2024.
• Net interest income of $572.5 million, an increase of $4.2 million compared to Q2 2024.
• Net interest margin of 3.24% in Q3 2024, compared to 3.22% in Q2 2024; net interest margin on a taxable equivalent basis of 3.47% in Q3 2024, compared to 3.48% in Q2 2024.
• Non-interest income of $164.1 million, compared to $166.3 million in Q2 2024.
• Operating expenses amounted to $467.3 million, down by $2.3 million when compared to Q2 2024.
• Credit quality metrics remained stable:
  • Non-performing loans held-in-portfolio (“NPLs”) increased by $19.6 million from Q2 2024; NPLs to loans ratio remained flat at 1.0%;
  • Net charge-offs (“NCOs”) increased by $4.9 million from Q2 2024; annualized NCOs to average loans held-in-portfolio at 0.65% vs. 0.61% in Q2 2024;
  • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.06% vs. 2.05% in Q2 2024; and
  • ACL to NPLs at 206.0% vs. 213.6% in Q2 2024.
• Money market and investment securities ending balances decreased by $1.8 billion from Q2 2024
  • Average quarterly balances decreased by $808.2 million.
• Loans ending balances, excluding loans held-for-sale, amounted to $36.2 billion, an increase of $603.3 million from Q2 2024.
  • Average quarterly loan balances increased by $384.8 million.
• Ending deposit balances amounted to $63.7 billion, a decrease of $1.9 billion from Q2 2024.
  • Average quarterly deposit balances decreased by $519.9 million.
• Completed the repurchase of 599,096 shares of common stock for $58.8 million at an average price of $98.11 per share, under the previously announced share repurchase authorization.
• Common Equity Tier 1 ratio of 16.42%, Common Equity per share of $80.35 and Tangible Book Value per share of $69.04 at September 30, 2024, an increase of $6.33 per share from Q2 2024.

Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $155.3 million for the quarter ended September 30, 2024, compared to net income of $177.8 million for the quarter ended June 30, 2024.

Ignacio Alvarez, Chief Executive Officer, said: “Our results for the third quarter reflected an increase in net interest income, which was offset by a higher provision for credit losses. The increase in the provision was related in part to loan growth of nearly 2% during the quarter. Credit quality trends remained stable. While consumer portfolios reflected increased delinquencies, they remain slightly below pre-pandemic levels.

Capital continues to be a source of strength, evidenced by the increase in our dividend and stock repurchases. We also experienced healthy increases in our tangible book value per share and TCE ratio.

We continued to advance our business transformation, making meaningful progress in modernizing our customer channels and improving the customer experience. We are optimistic about the future, as we continue to leverage the opportunities stemming from our robust balance sheet, our dedicated team and extensive customer base.”

Earnings Highlights

 

 

 

 

 

 

 

 

(Unaudited)

Quarters ended

 

Nine months ended

(Dollars in thousands, except per share information)

30-Sep-24

30-Jun-24

30-Sep-23

 

30-Sep-24

30-Sep-23

Net interest income

$572,473

$568,312

$534,020

 

$1,691,529

$1,597,344

Provision for credit losses

71,448

46,794

45,117

 

190,840

129,946

Net interest income after provision for credit losses

501,025

521,518

488,903

 

1,500,689

1,467,398

Other non-interest income

164,082

166,306

159,549

 

494,206

481,981

Operating expenses

467,321

469,576

465,984

 

1,420,010

1,366,955

Income before income tax

197,786

218,248

182,468

 

574,885

582,424

Income tax expense

42,463

40,459

45,859

 

138,490

135,676

Net income

$155,323

$177,789

$136,609

 

$436,395

$446,748

Net income applicable to common stock

$154,970

$177,436

$136,256

 

$435,336

$445,689

Net income per common share-basic

$2.16

$2.47

$1.90

 

$6.06

$6.22

Net income per common share-diluted

$2.16

$2.46

$1.90

 

$6.05

$6.21

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.

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.

Net interest income and net interest income on a taxable equivalent basis (non-GAAP )

Net interest income for the quarter ended September 30, 2024, was $572.5 million, an increase of $4.2 million when compared to $568.3 million for the previous quarter. Net interest margin for the third quarter of 2024 was 3.24% compared to 3.22% in the prior quarter.

Net Interest Income and Net Interest Margin Taxable Equivalent

Net interest income on a taxable equivalent basis for the third quarter of 2024 was $612.9 million, compared to $614.8 million in the previous quarter, a decrease of $1.8 million. Net interest margin on a taxable equivalent basis for the third quarter of 2024 was 3.47%, compared to 3.48% in the second quarter of 2024 driven by lower exempt income from U.S. Treasury Securities.

The main variances in net interest income and net interest margin on a taxable equivalent basis were:

• lower interest income from investment securities by $14.6 million due to lower volume of U.S. Treasury Bills by $1.2 billion due to the slow down in the reinvestment activity of matured investments, in part due to a reduction in average deposit balances during the quarter of $519.9 million, mainly P.R. low cost deposits, and funding loan growth; and
• higher interest expense from deposits by $11.0 million, due to higher cost of interest-bearing deposits by eight basis points. In Puerto Rico, government interest-bearing deposits increased by two basis points, and their average balances increased by $176.1 million quarter-over-quarter. This cost of deposits during the quarter was further impacted by a 21 basis points increase in the overall cost of time deposits, including the full quarter effect of the repricing of certain P.R. government deposits managed by the Corporation’s fiduciary services division, which were repriced late in the second quarter;

partially offset by:

• higher income from money market investments by $7.7 million due to higher volumes by $562.7 million compared to the previous quarter; and
• higher interest income from loans by $16.3 million due to a higher average loan balance and higher yields, mainly in the commercial, mortgage and auto loans portfolio.

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 $488.0 million for the third quarter of 2024, a decrease of $0.7 million when compared to $488.7 million in the previous quarter. Net interest margin in the BPPR segment increased from the second quarter of 2024 by one basis points to 3.41%. The most significant variances quarter-over-quarter were:

• interest income from investment securities decreased by $9.9 million, primarily due to a $1.3 billion reduction in the volume of U.S. Treasury bills. This decline was mainly caused by maturities and a slowdown in reinvestment, partly due to support loan growth and a lower deposit balance; and
• interest expense on deposits increased by $6.9 million, mainly driven by P.R. government deposits that increased two basis points or $4.7 million quarter-over-quarter. Time deposit costs went up by $2.1 million or a 24-basis point increase, driven by the full quarter effect of the repricing of certain P.R. government deposits managed by the Corporation’s fiduciary services division. The total deposit cost for the quarter was 1.89%, a six-basis point increase from the prior quarter;

partially offset by:

• an increase of $12.8 million in interest income from loans, primarily driven by a higher average loan balance across all portfolios. The most significant contributions to the quarter-over-quarter variance came from commercial loans, auto loans, and mortgage loans, which increased by $4.1 million, $2.9 million, and $2.2 million, respectively; and
• higher income from money market investments by $3.6 million due to higher volumes by $239.9 million.

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 compared to the previous quarter by $7.3 million and 13 basis points and totaled $93.1 million and 2.73%, respectively. The most significant variances quarter-over-quarter contributing to net interest income and net interest margin for PB were:

• interest income from money markets and investment securities increased by $5.3 million, mainly due to higher volume of money market investments by $284.0 million resulting from higher average deposit balances; and
• interest income from loans increased by $3.2 million mainly due to a higher yield in the commercial loan portfolio by 12 basis points;

partially offset by:

• total interest expense on deposits in PB increased by $1.4 million primarily due to an increase in the average balance of time deposits of $307.0 million partially offset by a decrease in time deposit costs of 23 basis points, driven by changes in the cost of intercompany deposits. When compared to the previous period, the overall cost of deposits fell by eight basis points.

Non-interest income

Non-interest income amounted to $164.1 million for the quarter ended September 30, 2024, a decrease of $2.2 million when compared to $166.3 million for the quarter ended June 30, 2024. The variance in non-interest income was primarily due to lower income from mortgage banking activities by $3.1 million, mainly due to a decrease in the fair value of Mortgage Servicing Rights (“MSRs”) driven by portfolio runoff, a slight increase in prepayment speeds and lower estimated escrow float earnings.

Refer to Table B for further details.

Operating expenses

Operating expenses for the third quarter of 2024 totaled $467.3 million, a decrease of $2.3 million when compared to the second quarter of 2024. The variance in operating expenses was driven primarily by:

• lower professional fees by $11.0 million mainly due to a decrease of $6.1 million in consulting fees related to corporate initiatives. The remaining decrease in professional fees is mainly attributed to lower legal service fees and equity compensation granted to directors during the second quarter of 2024;
• lower operational losses by $6.1 million due to a buildup of reserves for operational losses during the second quarter of 2024; and
• lower processing and transactional services expenses by $4.8 million mainly due to lower debit card issuance costs and point of service (POS) processing fees;

partially offset by:

• higher technology and software expenses by $8.7 million mainly driven by an increase of $3.0 million in IT project consulting fees, higher consulting fees for cybersecurity and fraud prevention initiatives, and higher software amortization expenses;
• higher personnel costs by $4.4 million mainly due to higher salary expense and contributions to employee savings plans resulting from annual salary revisions and merit increases effective in July 2024; partially offset by a decrease in restricted shares and incentive compensation expenses;
• higher other taxes expense by $2.4 million mainly due to an increase in municipal license tax and expenses related to regulatory examination fees in BPPR; and
• lower other real estate owned (OREO) benefit by $3.1 million mainly due to lower gains on sale of mortgage and commercial properties.

Full-time equivalent employees were 9,246 as of September 30, 2024, compared to 9,241 as of June 30, 2024.

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

Income taxes

For the quarter ended September 30, 2024, the Corporation recorded an income tax expense of $42.5 million, compared to an income tax expense of $40.5 million for the previous quarter.

The effective tax rate (“ETR”) for the third quarter of 2024 was 21.5%, compared to 18.5% for the previous quarter.

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

The Corporation continued to reflect favorable credit quality metrics in the third quarter of 2024 when compared to the previous quarter. While non-performing loans (“NPLs”), net charge offs (“NCOs”) and inflows to NPLs remained below historical averages, consumer portfolios reflected increased delinquencies and NCOs for the quarter primarily driven by auto loans. The mortgage and commercial portfolios continue to operate with low level of delinquencies and NCOs. The Corporation continues to closely monitor changes in the macroeconomic environment and borrower performance given higher interest rates and inflationary pressures. Management believes that the improvements over recent years in risk management practices and the overall 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 third quarter of 2024:

Non-Performing Loans and Net Charge Offs

Total NPLs increased by $19.6 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-the-portfolio saw a decrease of $7.7 million in the third quarter of 2024. The ratio of NPLs to total loans held in the portfolio remained steady at 1.0%, consistent with the prior quarter’s ratio. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NPLs increased by $1.9 million, mainly driven by auto loans NPLs with a $8.5 million increase, offset in part by lower mortgage loans NPLs by $5.9 million. Excluding consumer loans, inflows to NPLs in the BPPR segment decreased by $4.5 million compared to the previous quarter.
• In the PB segment, NPLs increased by $17.6 million driven by a single $17.1 million mortgage loan. Inflows to NPLs, excluding consumer loans, decreased by $3.2 million, driven by lower inflows in the commercial portfolio by $19.6 million, offset in part by a single mortgage relationship.

Total NCOs of $58.5 million, increased by $4.9 million when compared to the second quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.65%, compared to 0.61% in the second quarter of 2024. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NCOs increased by $5.3 million quarter-over-quarter, mainly driven by higher consumer NCOs by $8.6 million. NCOs increase in the consumer portfolio was mostly related to auto loans by $6.6 million.
• In the PB segment, NCOs remained flat quarter-over-quarter.

Refer to Table N for further information on NCOs and related ratios.

Other Real Estate Owned Properties (“OREO”)

As of September 30, 2024, the Corporation’s OREO portfolio amounted to $63.0 million, a decrease of $7.2 million when compared to the second quarter of 2024. The decrease in OREO assets was driven by sales of residential properties in the BPPR segment.

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 September 30, 2024 amounted to $744.3 million, an increase of $14.2 million when compared to the second quarter of 2024.

In the BPPR segment, the ACL increased by $22.6 million driven by an increase of $13.9 million in reserves for commercial loans and an $8.4 million increase in reserves for consumer portfolios. These increases were mainly due to a combination of growth in the commercial portfolio and changes in credit quality trends for the auto and credit cards portfolio. In the PB segment, the ACL decreased by $8.3 million from the previous quarter, mainly driven by lower reserves for the commercial and construction portfolios due to improvements in credit quality and lower balances.

The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.06% in the third quarter of 2024, compared to 2.05% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio was 206.0%, down from 213.6% in the previous quarter.

The provision for loan losses for the loan and lease portfolios for the third quarter of 2024 was $72.8 million, compared to $44.2 million in the previous quarter. The provision loan losses for the BPPR segment amounted to $77.2 million, compared to $48.6 million in the previous quarter, an increase of $28.6 million largely driven by the commercial loan growth and changes in credit quality trends for the auto loans portfolios. The PB segment had a release of $4.4 million, consistent with the previous quarter and driven by improvements in credit quality.

The provision for loan losses for the loan and lease portfolios, along with the $0.5 million reserve release related to unfunded loan commitments and the $0.9 million reserve release in the Corporation’s investment portfolio for the third quarter of 2024, are consolidated and shown together under the provision for credit losses in our Consolidated Statement of Operations. For the third quarter, the provision for credit losses amounted to $71.4 million, up from $46.8 million in the previous quarter.

Non-Performing Assets

 

 

 

 

 

(Unaudited)

 

 

 

 

 

(In thousands)

30-Sep-24

 

30-Jun-24

 

30-Sep-23

Non-performing loans held-in-portfolio

$361,398

 

 

$341,835

 

 

$361,523

 

Other real estate owned

63,028

 

 

70,225

 

 

82,322

 

Total non-performing assets

$424,426

 

 

$412,060

 

 

$443,845

 

Net charge-offs for the quarter

$58,529

 

 

$53,630

 

 

$32,655

 

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

Loans held-in-portfolio

$36,194,967

 

 

$35,591,620

 

 

$34,029,313

 

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

1.00

%

 

0.96

%

 

1.06

%

Allowance for credit losses to loans held-in-portfolio

2.06

 

 

2.05

 

 

2.09

 

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

205.96

 

 

213.58

 

 

196.69

 

Refer to Table L for additional information.

 

 

 

 

 

Provision for Credit Losses (Benefit) - Loan Portfolios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Quarters ended

 

Nine months ended

(In thousands)

 

30-Sep-24

 

30-Jun-24

 

30-Sep-23

 

30-Sep-24

 

30-Sep-23

Provision for credit losses (benefit) - loan portfolios:

 

 

 

 

 

 

 

 

 

 

BPPR

 

$77,147

 

 

$48,585

 

 

$54,017

 

 

$186,740

 

$127,599

 

Popular U.S.

 

(4,378

)

 

(4,428

)

 

(10,503

)

 

2,572

 

(1,278

)

Total provision for credit losses (benefit) - loan portfolios

 

$72,769

 

 

$44,157

 

 

$43,514

 

 

$189,312

 

$126,321

 

Credit Quality by Segment

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands)

Quarters ended

 

BPPR

 

30-Sep-24

 

30-Jun-24

 

30-Sep-23

 

Provision for credit losses - loan portfolios

 

$77,147

 

 

$48,585

 

 

$54,017

 

 

Net charge-offs

 

54,581

 

 

49,308

 

 

25,600

 

 

Total non-performing loans held-in-portfolio

288,815

 

 

286,887

 

 

333,825

 

 

Annualized net charge-offs to average loans held-in-portfolio

 

0.86

%

 

0.79

%

 

0.44

%

 

Allowance / loans held-in-portfolio

2.59

%

 

2.56

%

 

2.63

%

 

Allowance / non-performing loans held-in-portfolio

230.66

%

 

224.34

%

 

187.08

%

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

Popular U.S.

 

30-Sep-24

 

30-Jun-24

 

30-Sep-23

 

Provision for credit losses (benefit) - loan portfolios

 

$(4,378

)

 

$(4,428

)

 

$(10,503

)

 

Net charge-offs

 

3,948

 

 

4,322

 

 

7,055

 

 

Total non-performing loans held-in-portfolio

 

72,583

 

 

54,948

 

 

27,698

 

 

Annualized net charge-offs to average loans held-in-portfolio

 

0.15

%

 

0.16

%

 

0.28

%

 

Allowance / loans held-in-portfolio

0.75

%

 

0.83

%

 

0.84

%

 

Allowance / non-performing loans held-in-portfolio

107.66

%

 

157.37

%

 

312.42

%

 

Financial Condition Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands)

30-Sep-24

 

30-Jun-24

 

30-Sep-23

Cash and money market investments

$6,958,382

 

$7,211,367

 

$6,924,772

Investment securities

25,280,451

 

26,742,639

 

25,653,616

Loans

36,194,967

 

35,591,620

 

34,029,313

Total assets

71,323,074

 

72,845,072

 

69,736,936

Deposits

63,668,501

 

65,530,862

 

63,337,600

Borrowings

973,736

 

1,047,264

 

1,097,720

Total liabilities

65,532,560

 

67,472,394

 

65,279,328

Stockholders’ equity

5,790,514

 

5,372,678

 

4,457,608

Total assets amounted to $71.3 billion at September 30, 2024, a decrease of $1.5 billion from the second quarter of 2024, driven by:

• a decrease in securities available-for-sale (“AFS”) of $1.4 billion, mainly due to repayments and maturities, partially offset by a decrease in the unrealized losses of AFS securities of $378.9 million;
• a decrease in other assets of $404.6 million, driven by unsettled trade receivables related to proceeds from maturities of U.S. Treasury Notes and interest payments from the second quarter of 2024 which were received in the third quarter; and
• a decrease in money market investments of $320.6 million, mainly driven by lower deposits and deployment of funds to support loan growth;

partially offset by:

• an increase in loans held-in-portfolio by $603.3 million, primarily in BPPR with an increase of $582.1 million across most portfolios, particularly commercial loans, while PB’s increased by $21.2 million.

Total liabilities decreased by $1.9 billion from the second quarter of 2024, driven by:

• a decrease of $1.9 billion in deposits, mainly driven by interest bearing deposit accounts in BPPR, including the P.R. government demand accounts, offset by an increase in time deposits at PB.

Stockholders' equity increased by $417.8 million from the second quarter of 2024 mainly due to the change in the accumulated other comprehensive loss driven by the decrease in net unrealized losses in the portfolio of AFS securities of $326.1 million and the amortization of unrealized losses from securities previously reclassified to HTM of $36.3 million, net of tax effect, coupled with retained earnings resulting from the quarter’s net income of $155.3 million, partially offset by common and preferred dividends declared during the quarter of $45.0 million and by an increase in Treasury Stock due to the repurchases of 599,096 shares of common stock for $58.8 million during the quarter as part of the previously announced authorization.

The Corporation is in the process of completing its annual goodwill impairment test, using July 31, 2024 as the evaluation date. The Corporation expects to finalize its evaluation prior to the filing of its Form 10-Q for the quarter ended September 30, 2024 with the Securities and Exchange Commission. Any impairment of goodwill would result in a non-cash expense, net of tax impact. A charge to earnings related to goodwill impairment would not materially impact regulatory capital and tangible capital calculations.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.42%, $80.35 and $69.04, respectively, at September 30, 2024, compared to 16.48%, $73.94 and $62.71, respectively, at June 30, 2024. 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, our Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and the Form 10-Q for the quarter ended September 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, October 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 177500.

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, November 22, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 473434.

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

Popular, Inc.

Financial Supplement to Third 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 - BPPR Operations

 

Table P - Allowance for Credit Losses ''ACL'' - Loan Portfolios - Popular U.S. Operations

 

Table Q - Allowance for Credit Losses ''ACL'' - Loan Portfolios - Consolidated

 

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Third Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

 

 

 

 

 

Quarters ended

Nine months ended

 

30-Sep-24

30-Jun-24

30-Sep-23

30-Sep-24

30-Sep-23

Basic EPS

$2.16

 

$2.47

 

$1.90

 

$6.06

 

$6.22

 

Diluted EPS

$2.16

 

$2.46

 

$1.90

 

$6.05

 

$6.21

 

Average common shares outstanding

71,807,136

 

71,970,773

 

71,794,934

 

71,882,273

 

71,676,630

 

Average common shares outstanding - assuming dilution

71,828,402

 

71,991,911

 

71,818,102

 

71,912,153

 

71,736,514

 

Common shares outstanding at end of period

71,787,349

 

72,365,926

 

72,127,595

 

71,787,349

 

72,127,595

 

Market value per common share

$100.27

 

$88.43

 

$63.01

 

$100.27

 

$63.01

 

Market capitalization - (In millions)

$7,198

 

$6,399

 

$4,545

 

$7,198

 

$4,545

 

Return on average assets

0.84

%

0.97

%

0.75

%

0.79

%

0.84

%

Return on average common equity

8.82

%

10.38

%

8.17

%

8.43

%

9.13

%

Net interest margin (non-taxable equivalent basis)

3.24

%

3.22

%

3.07

%

3.20

%

3.14

%

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

3.47

%

3.48

%

3.24

%

3.44

%

3.32

%

Common equity per share

$80.35

 

$73.94

 

$61.49

 

$80.35

 

$61.49

 

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

$69.04

 

$62.71

 

$50.20

 

$69.04

 

$50.20

 

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

7.03

%

6.30

%

5.25

%

7.03

%

5.25

%

Return on average tangible common equity [1]

9.98

%

11.77

%

9.36

%

9.56

%

10.48

%

Tier 1 capital

16.48

%

16.54

%

16.87

%

16.48

%

16.87

%

Total capital

18.24

%

18.30

%

18.67

%

18.24

%

18.67

%

Tier 1 leverage

8.67

%

8.53

%

8.41

%

8.67

%

8.41

%

Common Equity Tier 1 capital

16.42

%

16.48

%

16.81

%

16.42

%

16.81

%

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

POPULAR, INC.

Financial Supplement to Third Quarter 2024 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

 

Quarters ended

Variance

Quarter ended

Variance

Nine months ended

 

 

 

Q3 2024

 

Q3 2024

 

 

(In thousands, except per share information)

30-Sep-24

30-Jun-24

vs. Q2 2024

30-Sep-23

vs. Q3 2023

30-Sep-24

30-Sep-23

Interest income:

 

 

 

 

 

 

 

Loans

$664,731

 

$648,739

 

$15,992

 

$596,886

 

$67,845

 

$1,952,200

 

$1,708,216

 

Money market investments

96,061

 

88,316

 

7,745

 

99,286

 

(3,225

)

272,893

 

265,785

 

Investment securities

176,656

 

184,852

 

(8,196

)

148,614

 

28,042

 

528,403

 

403,814

 

Total interest income

937,448

 

921,907

 

15,541

 

844,786

 

92,662

 

2,753,496

 

2,377,815

 

Interest expense:

 

 

 

 

 

 

 

Deposits

350,985

 

339,939

 

11,046

 

294,121

 

56,864

 

1,020,420

 

730,824

 

Short-term borrowings

1,430

 

1,126

 

304

 

1,478

 

(48

)

3,748

 

5,987

 

Long-term debt

12,560

 

12,530

 

30

 

15,167

 

(2,607

)

37,799

 

43,660

 

Total interest expense

364,975

 

353,595

 

11,380

 

310,766

 

54,209

 

1,061,967

 

780,471

 

Net interest income

572,473

 

568,312

 

4,161

 

534,020

 

38,453

 

1,691,529

 

1,597,344

 

Provision for credit losses

71,448

 

46,794

 

24,654

 

45,117

 

26,331

 

190,840

 

129,946

 

Net interest income after provision for credit losses

501,025

 

521,518

 

(20,493

)

488,903

 

12,122

 

1,500,689

 

1,467,398

 

Service charges on deposit accounts

38,315

 

37,526

 

789

 

37,318

 

997

 

113,283

 

109,777

 

Other service fees

98,748

 

96,863

 

1,885

 

93,407

 

5,341

 

289,883

 

277,748

 

Mortgage banking activities

2,670

 

5,723

 

(3,053

)

5,393

 

(2,723

)

12,753

 

15,109

 

Net (loss) gain, including impairment, on equity securities

(546

)

319

 

(865

)

(1,319

)

773

 

876

 

1,165

 

Net gain on trading account debt securities

817

 

277

 

540

 

219

 

598

 

1,455

 

632

 

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

-

 

-

 

-

 

(44

)

44

 

-

 

(44

)

Adjustments to indemnity reserves on loans sold

808

 

212

 

596

 

(187

)

995

 

783

 

(31

)

Other operating income

23,270

 

25,386

 

(2,116

)

24,762

 

(1,492

)

75,173

 

77,625

 

Total non-interest income

164,082

 

166,306

 

(2,224

)

159,549

 

4,533

 

494,206

 

481,981

 

Operating expenses:

 

 

 

 

 

 

 

Personnel costs

 

 

 

 

 

 

 

Salaries

135,983

 

128,634

 

7,349

 

127,832

 

8,151

 

394,001

 

378,126

 

Commissions, incentives and other bonuses

26,350

 

30,626

 

(4,276

)

27,670

 

(1,320

)

95,587

 

86,025

 

Pension, postretirement and medical insurance

16,387

 

16,619

 

(232

)

16,985

 

(598

)

50,391

 

49,871

 

Other personnel costs, including payroll taxes

23,136

 

21,545

 

1,591

 

20,665

 

2,471

 

74,678

 

69,358

 

Total personnel costs

201,856

 

197,424

 

4,432

 

193,152

 

8,704

 

614,657

 

583,380

 

Net occupancy expenses

28,031

 

27,692

 

339

 

28,100

 

(69

)

83,764

 

81,304

 

Equipment expenses

9,349

 

9,662

 

(313

)

8,905

 

444

 

28,578

 

26,878

 

Other taxes

17,757

 

15,333

 

2,424

 

8,590

 

9,167

 

47,465

 

41,290

 

Professional fees

26,708

 

37,744

 

(11,036

)

38,514

 

(11,806

)

93,370

 

122,077

 

Technology and software expenses

88,452

 

79,752

 

8,700

 

72,930

 

15,522

 

247,666

 

213,843

 

Processing and transactional services

 

 

 

 

 

 

 

Credit and debit cards

11,761

 

13,739

 

(1,978

)

13,762

 

(2,001

)

37,644

 

37,896

 

Other processing and transactional services

22,559

 

25,357

 

(2,798

)

24,137

 

(1,578

)

69,966

 

70,713

 

Total processing and transactional services

34,320

 

39,096

 

(4,776

)

37,899

 

(3,579

)

107,610

 

108,609

 

Communications

5,229

 

4,357

 

872

 

4,220

 

1,009

 

14,143

 

12,483

 

Business promotion

 

 

 

 

 

 

 

Rewards and customer loyalty programs

16,533

 

16,406

 

127

 

15,988

 

545

 

46,995

 

44,962

 

Other business promotion

9,104

 

9,043

 

61

 

7,087

 

2,017

 

25,080

 

22,067

 

Total business promotion

25,637

 

25,449

 

188

 

23,075

 

2,562

 

72,075

 

67,029

 

Deposit insurance

10,433

 

10,581

 

(148

)

8,932

 

1,501

 

44,901

 

24,600

 

Other real estate owned (OREO) income

(2,674

)

(5,750

)

3,076

 

(5,189

)

2,515

 

(13,745

)

(10,197

)

Other operating expenses

 

 

 

 

 

 

 

Operational losses

5,769

 

11,823

 

(6,054

)

5,504

 

265

 

21,153

 

16,584

 

All other

15,750

 

15,679

 

71

 

17,557

 

(1,807

)

56,140

 

53,690

 

Total other operating expenses

21,519

 

27,502

 

(5,983

)

23,061

 

(1,542

)

77,293

 

70,274

 

Amortization of intangibles

704

 

734

 

(30

)

795

 

(91

)

2,233

 

2,385

 

Goodwill impairment charge

-

 

-

 

-

 

23,000

 

(23,000

)

-

 

23,000

 

Total operating expenses

467,321

 

469,576

 

(2,255

)

465,984

 

1,337

 

1,420,010

 

1,366,955

 

Income before income tax

197,786

 

218,248

 

(20,462

)

182,468

 

15,318

 

574,885

 

582,424

 

Income tax expense

42,463

 

40,459

 

2,004

 

45,859

 

(3,396

)

138,490

 

135,676

 

Net income

$155,323

 

$177,789

 

$(22,466

)

$136,609

 

$18,714

 

$436,395

 

$446,748

 

Net income applicable to common stock

$154,970

 

$177,436

 

$(22,466

)

$136,256

 

$18,714

 

$435,336

 

$445,689

 

Net income per common share - basic

$2.16

 

$2.47

 

$(0.31

)

$1.90

 

$0.26

 

$6.06

 

$6.22

 

Net income per common share - diluted

$2.16

 

$2.46

 

$(0.30

)

$1.90

 

$0.26

 

$6.05

 

$6.21

 

Dividends Declared per Common Share

$0.62

 

$0.62

 

$-

 

$0.55

 

$0.07

 

$1.86

 

$1.65

 

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

 

 

 

 

Variance

 

 

 

 

Q3 2024 vs.

(In thousands)

30-Sep-24

30-Jun-24

30-Sep-23

Q2 2024

Assets:

 

 

 

 

Cash and due from banks

$427,594

 

$359,973

 

$535,335

 

$67,621

 

Money market investments

6,530,788

 

6,851,394

 

6,389,437

 

(320,606

)

Trading account debt securities, at fair value

30,843

 

28,045

 

30,988

 

2,798

 

Debt securities available-for-sale, at fair value

17,186,123

 

18,543,279

 

17,129,858

 

(1,357,156

)

Less: Allowance for credit losses

-

 

500

 

-

 

(500

)

Debt securities available-for-sale, net

17,186,123

 

18,542,779

 

17,129,858

 

(1,356,656

)

Debt securities held-to-maturity, at amortized cost

7,865,294

 

7,975,524

 

8,302,082

 

(110,230

)

Less: Allowance for credit losses

5,430

 

6,251

 

6,057

 

(821

)

Debt securities held-to-maturity, net

7,859,864

 

7,969,273

 

8,296,025

 

(109,409

)

Equity securities

198,191

 

195,791

 

190,688

 

2,400

 

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

5,509

 

8,225

 

5,239

 

(2,716

)

Loans held-in-portfolio

36,599,612

 

35,978,602

 

34,369,775

 

621,010

 

Less: Unearned income

404,645

 

386,982

 

340,462

 

17,663

 

Allowance for credit losses

744,320

 

730,077

 

711,068

 

14,243

 

Total loans held-in-portfolio, net

35,450,647

 

34,861,543

 

33,318,245

 

589,104

 

Premises and equipment, net

624,376

 

599,058

 

534,384

 

25,318

 

Other real estate

63,028

 

70,225

 

82,322

 

(7,197

)

Accrued income receivable

257,406

 

260,162

 

257,833

 

(2,756

)

Mortgage servicing rights, at fair value

108,827

 

113,386

 

119,030

 

(4,559

)

Other assets

1,767,919

 

2,172,555

 

2,032,565

 

(404,636

)

Goodwill

804,428

 

804,428

 

804,428

 

-

 

Other intangible assets

7,531

 

8,235

 

10,559

 

(704

)

Total assets

$71,323,074

 

$72,845,072

 

$69,736,936

 

$(1,521,998

)

Liabilities and Stockholders’ Equity:

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Non-interest bearing

$15,276,071

 

$15,470,082

 

$15,201,374

 

$(194,011

)

Interest bearing

48,392,430

 

50,060,780

 

48,136,226

 

(1,668,350

)

Total deposits

63,668,501

 

65,530,862

 

63,337,600

 

(1,862,361

)

Assets sold under agreements to repurchase

55,360

 

105,684

 

93,071

 

(50,324

)

Notes payable

918,376

 

941,580

 

1,004,649

 

(23,204

)

Other liabilities

890,323

 

894,268

 

844,008

 

(3,945

)

Total liabilities

65,532,560

 

67,472,394

 

65,279,328

 

(1,939,834

)

Stockholders’ equity:

 

 

 

 

Preferred stock

22,143

 

22,143

 

22,143

 

-

 

Common stock

1,048

 

1,048

 

1,048

 

-

 

Surplus

4,853,869

 

4,852,747

 

4,797,364

 

1,122

 

Retained earnings

4,495,878

 

4,385,522

 

4,189,865

 

110,356

 

Treasury stock

(2,069,430

)

(2,010,500

)

(2,018,870

)

(58,930

)

Accumulated other comprehensive loss, net of tax

(1,512,994

)

(1,878,282

)

(2,533,942

)

365,288

 

Total stockholders’ equity

5,790,514

 

5,372,678

 

4,457,608

 

417,836

 

Total liabilities and stockholders’ equity

$71,323,074

 

$72,845,072

 

$69,736,936

 

$(1,521,998

)

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

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

For the quarters ended September 30, 2024 and June 30, 2024

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

Interest

 

Attributable to

 

30-Sep-24

 

30-Jun-24

Variance

 

30-Sep-24

 

30-Jun-24

 

Variance

 

 

 

 

30-Sep-24

 

30-Jun-24

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

(In thousands)

$

7,033

$

6,471

$

562

 

 

5.43

%

5.49

%

(0.06

)

%

 

Money market investments

$

96,061

$

88,316

$

7,745

 

$

59

 

$

7,686

 

 

27,569

 

28,943

 

(1,374

)

 

2.92

 

3.01

 

(0.09

)

 

 

Investment securities [1]

 

202,317

 

216,922

 

(14,605

)

 

(4,017

)

 

(10,588

)

 

30

 

26

 

4

 

 

5.87

 

5.69

 

0.18

 

 

 

Trading securities

 

436

 

367

 

69

 

 

16

 

 

53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

34,632

 

35,440

 

(808

)

 

3.43

 

3.47

 

(0.04

)

 

 

securities

 

298,814

 

305,605

 

(6,791

)

 

(3,942

)

 

(2,849

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,798

 

17,707

 

91

 

 

6.90

 

6.86

 

0.04

 

 

 

Commercial

 

308,734

 

302,003

 

6,731

 

 

5,175

 

 

1,556

 

 

1,129

 

1,070

 

59

 

 

8.85

 

9.11

 

(0.26

)

 

 

Construction

 

25,102

 

24,224

 

878

 

 

(446

)

 

1,324

 

 

1,851

 

1,789

 

62

 

 

6.97

 

6.86

 

0.11

 

 

 

Leasing

 

32,241

 

30,697

 

1,544

 

 

472

 

 

1,072

 

 

7,911

 

7,817

 

94

 

 

5.73

 

5.66

 

0.07

 

 

 

Mortgage

 

113,409

 

110,673

 

2,736

 

 

1,399

 

 

1,337

 

 

3,211

 

3,192

 

19

 

 

14.08

 

13.97

 

0.11

 

 

 

Consumer

 

112,423

 

110,906

 

1,517

 

 

675

 

 

842

 

 

3,879

 

3,819

 

60

 

 

8.94

 

8.88

 

0.06

 

 

 

Auto

 

87,189

 

84,268

 

2,921

 

 

1,575

 

 

1,346

 

 

35,779

 

35,394

 

385

 

 

7.56

 

7.52

 

0.04

 

 

 

Total loans

 

679,098

 

662,771

 

16,327

 

 

8,850

 

 

7,477

 

$

70,411

$

70,834

$

(423

)

 

5.53

%

5.49

%

0.04

 

%

 

Total earning assets

$

977,912

$

968,376

$

9,536

 

$

4,908

 

$

4,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

26,148

$

26,105

$

43

 

 

3.64

%

3.60

%

0.04

 

%

 

NOW and money market [2]

$

238,923

$

233,345

$

5,578

 

$

7,861

 

$

(2,283

)

 

14,322

 

14,732

 

(410

)

 

0.92

 

0.92

 

-

 

 

 

Savings

 

33,169

 

33,795

 

(626

)

 

858

 

 

(1,484

)

 

9,069

 

9,014

 

55

 

 

3.46

 

3.25

 

0.21

 

 

 

Time deposits

 

78,893

 

72,799

 

6,094

 

 

5,459

 

 

635

 

 

49,539

 

49,851

 

(312

)

 

2.82

 

2.74

 

0.08

 

 

 

Total interest bearing deposits

 

350,985

 

339,939

 

11,046

 

 

14,178

 

 

(3,132

)

 

14,968

 

15,176

 

(208

)

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,507

 

65,027

 

(520

)

 

2.16

 

2.10

 

0.06

 

 

 

Total deposits

 

350,985

 

339,939

 

11,046

 

 

14,178

 

 

(3,132

)

 

101

 

80

 

21

 

 

5.62

 

5.64

 

(0.02

)

 

 

Short-term borrowings

 

1,431

 

1,126

 

305

 

 

8

 

 

297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

950

 

978

 

(28

)

 

5.32

 

5.16

 

0.16

 

 

 

long-term debt

 

12,560

 

12,530

 

30

 

 

131

 

 

(101

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,590

 

50,909

 

(319

)

 

2.87

 

2.79

 

0.08

 

 

 

liabilities (excluding demand deposits)

 

364,976

 

353,595

 

11,381

 

 

14,317

 

 

(2,936

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,853

 

4,749

 

104

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,411

$

70,834

$

(423

)

 

2.06

%

2.01

%

0.05

 

%

 

Total source of funds

 

364,976

 

353,595

 

11,381

 

 

14,317

 

 

(2,936

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.47

%

3.48

%

(0.01

)

%

 

income on a taxable equivalent basis (Non-GAAP)

 

612,936

 

614,781

 

(1,845

)

$

(9,409

)

$

7,564

 

 

 

 

 

 

 

 

2.66

%

2.70

%

(0.04

)

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

40,464

 

46,469

 

(6,005

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.24

%

3.22

%

0.02

 

%

 

non-taxable equivalent basis (GAAP)

$

572,472

$

568,312

$

4,160

 

 

 

 

 

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 Third Quarter 2024 Earnings Release

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

For the quarters ended September 30, 2024 and September 30, 2023

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

Interest

 

Attributable to

 

30-Sep-24

 

30-Sep-23

Variance

 

30-Sep-24

 

30-Sep-23

 

Variance

 

 

 

 

30-Sep-24

 

30-Sep-23

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

(In thousands)

$

7,033

$

7,292

$

(259

)

 

5.43

%

5.40

%

0.03

 

%

 

Money market investments

$

96,061

$

99,285

$

(3,224

)

$

312

 

$

(3,536

)

 

27,569

 

28,396

 

(827

)

 

2.92

 

2.31

 

0.61

 

 

 

Investment securities [1]

 

202,317

 

165,319

 

36,998

 

 

41,381

 

 

(4,383

)

 

30

 

34

 

(4

)

 

5.87

 

4.43

 

1.44

 

 

 

Trading securities

 

436

 

375

 

61

 

 

110

 

 

(49

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

34,632

 

35,722

 

(1,090

)

 

3.43

 

2.95

 

0.48

 

 

 

securities

 

298,814

 

264,979

 

33,835

 

 

41,803

 

 

(7,968

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,798

 

16,611

 

1,187

 

 

6.90

 

6.64

 

0.26

 

 

 

Commercial

 

308,734

 

277,977

 

30,757

 

 

10,336

 

 

20,421

 

 

1,129

 

865

 

264

 

 

8.85

 

8.99

 

(0.14

)

 

 

Construction

 

25,102

 

19,580

 

5,522

 

 

(364

)

 

5,886

 

 

1,851

 

1,669

 

182

 

 

6.97

 

6.50

 

0.47

 

 

 

Leasing

 

32,241

 

27,142

 

5,099

 

 

2,022

 

 

3,077

 

 

7,911

 

7,504

 

407

 

 

5.73

 

5.42

 

0.31

 

 

 

Mortgage

 

113,409

 

101,700

 

11,709

 

 

6,038

 

 

5,671

 

 

3,211

 

3,147

 

64

 

 

14.08

 

13.39

 

0.69

 

 

 

Consumer

 

112,423

 

105,042

 

7,381

 

 

4,260

 

 

3,121

 

 

3,879

 

3,657

 

222

 

 

8.94

 

8.47

 

0.47

 

 

 

Auto

 

87,189

 

78,055

 

9,134

 

 

4,248

 

 

4,886

 

 

35,779

 

33,453

 

2,326

 

 

7.56

 

7.24

 

0.32

 

 

 

Total loans

 

679,098

 

609,496

 

69,602

 

 

26,540

 

 

43,062

 

$

70,411

$

69,175

$

1,236

 

 

5.53

%

5.02

%

0.51

 

%

 

Total earning assets

$

977,912

$

874,475

$

103,437

 

$

68,343

 

$

35,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

26,148

$

25,652

$

496

 

 

3.64

%

3.31

%

0.33

 

%

 

NOW and money market [2]

$

238,923

$

213,957

$

24,966

 

$

26,317

 

$

(1,351

)

 

14,322

 

14,875

 

(553

)

 

0.92

 

0.73

 

0.19

 

 

 

Savings

 

33,169

 

27,373

 

5,796

 

 

6,429

 

 

(633

)

 

9,069

 

7,986

 

1,083

 

 

3.46

 

2.62

 

0.84

 

 

 

Time deposits

 

78,893

 

52,791

 

26,102

 

 

16,893

 

 

9,209

 

 

49,539

 

48,513

 

1,026

 

 

2.82

 

2.41

 

0.41

 

 

 

Total interest bearing deposits

 

350,985

 

294,121

 

56,864

 

 

49,639

 

 

7,225

 

 

14,968

 

15,038

 

(70

)

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,507

 

63,551

 

956

 

 

2.16

 

1.84

 

0.32

 

 

 

Total deposits

 

350,985

 

294,121

 

56,864

 

 

49,639

 

 

7,225

 

 

101

 

108

 

(7

)

 

5.62

 

5.45

 

0.17

 

 

 

Short-term borrowings

 

1,431

 

1,478

 

(47

)

 

44

 

 

(91

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

950

 

1,172

 

(222

)

 

5.32

 

5.20

 

0.12

 

 

 

long-term debt

 

12,560

 

15,167

 

(2,607

)

 

415

 

 

(3,022

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,590

 

49,793

 

797

 

 

2.87

 

2.48

 

0.39

 

 

 

liabilities (excluding demand deposits)

 

364,976

 

310,766

 

54,210

 

 

50,098

 

 

4,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,853

 

4,344

 

509

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,411

$

69,175

$

1,236

 

 

2.06

%

1.78

%

0.28

 

%

 

Total source of funds

 

364,976

 

310,766

 

54,210

 

 

50,098

 

 

4,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.47

%

3.24

%

0.23

 

%

 

income on a taxable equivalent basis (Non-GAAP)

 

612,936

 

563,709

 

49,227

 

$

18,245

 

$

30,982

 

 

 

 

 

 

 

 

2.66

%

2.54

%

0.12

 

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

40,464

 

29,689

 

10,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.24

%

3.07

%

0.17

 

%

 

non-taxable equivalent basis (GAAP)

$

572,472

$

534,020

$

38,452

 

 

 

 

 

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 Third Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

Interest

 

Attributable to

 

30-Sep-24

 

30-Sep-23

Variance

 

30-Sep-24

 

30-Sep-23

 

Variance

 

 

 

 

30-Sep-24

 

30-Sep-23

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,664

$

6,966

$

(302

)

 

5.47

%

5.10

%

0.37

 

%

 

Money market investments

$

272,893

$

265,785

$

7,108

 

$

18,902

$

(11,794

)

 

28,271

 

28,205

 

66

 

 

2.88

 

2.18

 

0.70

 

 

 

Investment securities [1]

 

610,342

 

460,641

 

149,701

 

 

148,137

 

1,564

 

 

30

 

32

 

(2

)

 

5.02

 

4.52

 

0.50

 

 

 

Trading securities

 

1,114

 

1,084

 

30

 

 

117

 

(87

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

34,965

 

35,203

 

(238

)

 

3.38

 

2.76

 

0.62

 

 

 

securities

 

884,349

 

727,510

 

156,839

 

 

167,156

 

(10,317

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,707

 

16,206

 

1,501

 

 

6.87

 

6.50

 

0.37

 

 

 

Commercial

 

910,241

 

787,381

 

122,860

 

 

47,469

 

75,391

 

 

1,064

 

778

 

286

 

 

8.97

 

8.79

 

0.18

 

 

 

Construction

 

71,426

 

51,178

 

20,248

 

 

1,090

 

19,158

 

 

1,794

 

1,630

 

164

 

 

6.86

 

6.31

 

0.55

 

 

 

Leasing

 

92,292

 

77,135

 

15,157

 

 

7,024

 

8,133

 

 

7,818

 

7,434

 

384

 

 

5.67

 

5.45

 

0.22

 

 

 

Mortgage

 

332,626

 

303,777

 

28,849

 

 

12,819

 

16,030

 

 

3,209

 

3,082

 

127

 

 

13.94

 

13.10

 

0.83

 

 

 

Consumer

 

334,818

 

302,050

 

32,768

 

 

17,783

 

14,985

 

 

3,820

 

3,603

 

217

 

 

8.86

 

8.31

 

0.55

 

 

 

Auto

 

253,511

 

223,929

 

29,582

 

 

15,682

 

13,900

 

 

35,412

 

32,733

 

2,679

 

 

7.52

 

7.13

 

0.39

 

 

 

Total loans

 

1,994,914

 

1,745,450

 

249,464

 

 

101,867

 

147,597

 

$

70,377

$

67,936

$

2,441

 

 

5.46

%

4.86

%

0.60

 

%

 

Total earning assets

$

2,879,263

$

2,472,960

$

406,303

 

$

269,023

$

137,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

25,986

$

24,407

$

1,579

 

 

3.62

%

2.93

%

0.69

 

%

 

NOW and money market [2]

$

704,396

$

534,567

$

169,829

 

$

137,718

$

32,111

 

 

14,584

 

14,889

 

(305

)

 

0.93

 

0.62

 

0.31

 

 

 

Savings

 

101,136

 

69,262

 

31,874

 

 

30,343

 

1,531

 

 

8,877

 

7,603

 

1,274

 

 

3.23

 

2.23

 

1.00

 

 

 

Time deposits

 

214,888

 

126,995

 

87,893

 

 

56,973

 

30,920

 

 

49,447

 

46,899

 

2,548

 

 

2.76

 

2.08

 

0.68

 

 

 

Total interest bearing deposits

 

1,020,420

 

730,824

 

289,596

 

 

225,034

 

64,562

 

 

15,075

 

15,405

 

(330

)

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,522

 

62,304

 

2,218

 

 

2.11

 

1.57

 

0.54

 

 

 

Total deposits

 

1,020,420

 

730,824

 

289,596

 

 

225,034

 

64,562

 

 

89

 

160

 

(71

)

 

5.65

 

5.02

 

0.63

 

 

 

Short-term borrowings

 

3,749

 

5,987

 

(2,238

)

 

681

 

(2,919

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

975

 

1,140

 

(165

)

 

5.18

 

5.12

 

0.06

 

 

 

long-term debt

 

37,799

 

43,660

 

(5,861

)

 

152

 

(6,013

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,511

 

48,199

 

2,312

 

 

2.81

 

2.16

 

0.65

 

 

 

liabilities (excluding demand deposits)

 

1,061,968

 

780,471

 

281,497

 

 

225,867

 

55,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,791

 

4,332

 

459

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,377

$

67,936

$

2,441

 

 

2.02

%

1.54

%

0.48

 

%

 

Total source of funds

 

1,061,968

 

780,471

 

281,497

 

 

225,867

 

55,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.44

%

3.32

%

0.12

 

%

 

income on a taxable equivalent basis (Non-GAAP)

 

1,817,295

 

1,692,489

 

124,806

 

$

43,156

$

81,650

 

 

 

 

 

 

 

 

2.65

%

2.70

%

(0.05

)

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

125,766

 

95,145

 

30,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.20

%

3.14

%

0.06

 

%

 

non-taxable equivalent basis (GAAP)

$

1,691,529

$

1,597,344

$

94,185

 

 

 

 

 

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 Third Quarter 2024 Earnings Release

 

 

 

 

Table G - Mortgage Banking Activities and Other Service Fees

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Activities

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Nine months ended

Variance

(In thousands)

30-Sep-24

30-Jun-24

30-Sep-23

Q3 2024 vs.Q2 2024

Q3 2024 vs.Q3 2023

30-Sep-24

30-Sep-23

2024 vs. 2023

Mortgage servicing fees, net of fair value adjustments:

 

 

 

 

 

 

 

 

Mortgage servicing fees

$7,559

 

$7,602

 

$8,025

 

$(43

)

$(466

)

$22,912

 

$25,083

 

$(2,171

)

Mortgage servicing rights fair value adjustments

(4,896

)

(1,945

)

(2,793

)

(2,951

)

(2,103

)

(10,280

)

(10,385

)

105

 

Total mortgage servicing fees, net of fair value adjustments

2,663

 

5,657

 

5,232

 

(2,994

)

(2,569

)

12,632

 

14,698

 

(2,066

)

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

320

 

2

 

(335

)

318

 

655

 

396

 

(133

)

529

 

Trading account (loss) profit:

 

 

 

 

 

 

 

 

Unrealized (loss) gains on outstanding derivative positions

(44

)

56

 

45

 

(100

)

(89

)

113

 

160

 

(47

)

Realized (loss) gains on closed derivative positions

(261

)

9

 

494

 

(270

)

(755

)

(249

)

661

 

(910

)

Total trading account (loss) profit

(305

)

65

 

539

 

(370

)

(844

)

(136

)

821

 

(957

)

Losses on repurchased loans, including interest advances

(8

)

(1

)

(43

)

(7

)

35

 

(139

)

(277

)

138

 

Total mortgage banking activities

$2,670

 

$5,723

 

$5,393

 

$(3,053

)

$(2,723

)

$12,753

 

$15,109

 

$(2,356

)

 

 

 

 

 

 

 

 

 

 

Other Service Fees

 

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Nine months ended

Variance

(In thousands)

 

30-Sep-24

30-Jun-24

30-Sep-23

Q3 2024 vs.Q2 2024

Q3 2024 vs.Q3 2023

30-Sep-24

30-Sep-23

2024 vs. 2023

Other service fees:

 

 

 

 

 

 

 

 

 

Debit card fees [1]

 

$26,197

$27,176

$24,603

$(979

)

$1,594

 

$78,907

$74,143

$4,764

 

Insurance fees

 

15,422

13,368

14,983

2,054

 

439

 

43,479

43,481

(2

)

Credit card fees [1]

 

31,262

30,748

29,778

514

 

1,484

 

91,577

90,146

1,431

 

Sale and administration of investment products

 

8,387

7,850

6,820

537

 

1,567

 

23,664

19,454

4,210

 

Trust fees

 

6,715

6,622

6,381

93

 

334

 

20,044

18,756

1,288

 

Other fees

 

10,765

11,099

10,842

(334

)

(77

)

32,212

31,768

444

 

Total other service fees

 

$98,748

$96,863

$93,407

$1,885

 

$5,341

 

$289,883

$277,748

$12,135

 

[1] Effective in the third quarter of 2024, the Corporation is reclassifying certain interchange fees, which were previously included jointly with credit card fees from common network activity, as debit card fees. Interchange fees amounting to $11.3 million and $10.9 million, were reclassified for the first and second quarters of 2024, respectively. For the quarter and nine-month period ended September 30, 2023, interchange fees of approximately $11.0 million and $33.8 million were reclassified.

Popular, Inc.

 

 

 

 

 

 

 

Financial Supplement to Third Quarter 2024 Earnings Release

 

Table H - Loans and Deposits

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans - Ending Balances

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Sep-24

30-Jun-24

30-Sep-23

Q3 2024 vs.Q2 2024

% of Change

Q3 2024 vs.Q3 2023

% of Change

Loans held-in-portfolio:

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Commercial multi-family

$2,405,302

$2,384,480

$2,328,433

$20,822

 

0.87

%

$76,869

 

3.30

%

Commercial real estate non-owner occupied

5,185,381

5,004,472

5,035,130

180,909

 

3.61

%

150,251

 

2.98

%

Commercial real estate owner occupied

3,092,393

3,143,817

3,044,905

(51,424

)

(1.64

%)

47,488

 

1.56

%

Commercial and industrial

7,400,553

7,195,357

6,527,082

205,196

 

2.85

%

873,471

 

13.38

%

Total Commercial

18,083,629

17,728,126

16,935,550

355,503

 

2.01

%

1,148,079

 

6.78

%

Construction

1,113,307

1,105,759

922,112

7,548

 

0.68

%

191,195

 

20.73

%

Leasing

1,887,052

1,828,048

1,698,114

59,004

 

3.23

%

188,938

 

11.13

%

Mortgage

7,993,348

7,883,726

7,585,111

109,622

 

1.39

%

408,237

 

5.38

%

Consumer

 

 

 

 

 

 

 

Credit cards

1,186,893

1,162,557

1,077,428

24,336

 

2.09

%

109,465

 

10.16

%

Home equity lines of credit

69,691

68,992

67,499

699

 

1.01

%

2,192

 

3.25

%

Personal

1,873,175

1,879,619

1,952,168

(6,444

)

(0.34

%)

(78,993

)

(4.05

%)

Auto

3,818,607

3,773,292

3,633,196

45,315

 

1.20

%

185,411

 

5.10

%

Other

169,265

161,501

158,135

7,764

 

4.81

%

11,130

 

7.04

%

Total Consumer

7,117,631

7,045,961

6,888,426

71,670

 

1.02

%

229,205

 

3.33

%

Total loans held-in-portfolio

$36,194,967

$35,591,620

$34,029,313

$603,347

 

1.70

%

$2,165,654

 

6.36

%

Loans held-for-sale:

 

 

 

 

 

 

 

Mortgage

$5,509

$8,225

$5,239

$(2,716

)

(33.02

%)

$270

 

5.15

%

Total loans held-for-sale

$5,509

$8,225

$5,239

$(2,716

)

(33.02

%)

$270

 

5.15

%

Total loans

$36,200,476

$35,599,845

$34,034,552

$600,631

 

1.69

%

$2,165,924

 

6.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits - Ending Balances

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

30-Sep-24

30-Jun-24

30-Sep-23

Q3 2024 vs. Q2 2024

% of Change

Q3 2024 vs.Q3 2023

% of Change

Non-P.R. government deposits:

 

 

 

 

 

 

 

Demand deposits [1]

$15,276,071

$15,470,083

$15,201,374

$(194,012

)

(1.25

%)

$74,697

 

0.49

%

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

20,584,328

21,210,000

22,172,344

(625,672

)

(2.95

%)

(1,588,016

)

(7.16

%)

Savings, NOW and money market deposits (brokered)

735,231

729,326

734,479

5,905

 

0.81

%

752

 

0.10

%

Time deposits (non-brokered)

7,363,477

7,427,612

6,535,481

(64,135

)

(0.86

%)

827,996

 

12.67

%

Time deposits (brokered CDs)

993,522

971,907

943,801

21,615

 

2.22

%

49,721

 

5.27

%

Sub-total non-P.R. government deposits

44,952,629

45,808,928

45,587,479

(856,299

)

(1.87

%)

(634,850

)

(1.39

%)

P.R. government deposits:

 

 

 

 

 

 

 

Demand deposits

11,088,511

10,409,323

12,741,408

679,188

 

6.52

%

(1,652,897

)

(12.97

%)

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

6,903,370

8,514,473

4,280,038

(1,611,103

)

(18.92

%)

2,623,332

 

61.29

%

Time deposits (non-brokered)

723,991

798,138

728,675

(74,147

)

(9.29

%)

(4,684

)

(0.64

%)

Sub-total P.R. government deposits

18,715,872

19,721,934

17,750,121

(1,006,062

)

(5.10

%)

965,751

 

5.44

%

Total deposits

$63,668,501

$65,530,862

$63,337,600

$(1,862,361

)

(2.84

%)

$330,901

 

0.52

%

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

 

 

 

 

 

 

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

Table I - Loan Delinquency -BPPR Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-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

 

$

1,866

 

 

$

-

 

 

$

87

 

 

$

1,953

 

 

$

303,581

 

 

$

305,534

 

 

 

$

87

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

170

 

 

 

174

 

 

 

7,493

 

 

 

7,837

 

 

 

3,140,418

 

 

 

3,148,255

 

 

 

 

7,493

 

 

 

-

 

Owner occupied

 

 

1,544

 

 

 

1,681

 

 

 

26,600

 

 

 

29,825

 

 

 

1,374,025

 

 

 

1,403,850

 

 

 

 

26,600

 

 

 

-

 

Commercial and industrial

 

 

19,074

 

 

 

6,694

 

 

 

23,819

 

 

 

49,587

 

 

 

5,126,538

 

 

 

5,176,125

 

 

 

 

19,639

 

 

 

4,180

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

190,343

 

 

 

190,343

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

246,220

 

 

 

122,592

 

 

 

359,986

 

 

 

728,798

 

 

 

5,966,619

 

 

 

6,695,417

 

 

 

 

157,920

 

 

 

202,066

 

Leasing

 

 

19,840

 

 

 

4,661

 

 

 

7,367

 

 

 

31,868

 

 

 

1,855,184

 

 

 

1,887,052

 

 

 

 

7,367

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

16,210

 

 

 

11,415

 

 

 

27,214

 

 

 

54,839

 

 

 

1,132,050

 

 

 

1,186,889

 

 

 

 

-

 

 

 

27,214

 

Home equity lines of credit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,131

 

 

 

2,131

 

 

 

 

-

 

 

 

-

 

Personal

 

 

21,726

 

 

 

13,153

 

 

 

21,007

 

 

 

55,886

 

 

 

1,698,195

 

 

 

1,754,081

 

 

 

 

20,992

 

 

 

15

 

Auto

 

 

104,363

 

 

 

26,090

 

 

 

47,828

 

 

 

178,281

 

 

 

3,640,326

 

 

 

3,818,607

 

 

 

 

47,828

 

 

 

-

 

Other

 

 

727

 

 

 

500

 

 

 

1,188

 

 

 

2,415

 

 

 

154,775

 

 

 

157,190

 

 

 

 

889

 

 

 

299

 

Total

 

$

431,740

 

 

$

186,960

 

 

$

522,589

 

 

$

1,141,289

 

 

$

24,584,185

 

 

$

25,725,474

 

 

 

$

288,815

 

 

$

233,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-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

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1,633

 

 

$

-

 

 

$

(356

)

 

$

1,277

 

 

$

(654

)

 

$

623

 

 

 

$

(356

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

(1,543

)

 

 

174

 

 

 

9

 

 

 

(1,360

)

 

 

169,988

 

 

 

168,628

 

 

 

 

9

 

 

 

-

 

Owner occupied

 

 

(226

)

 

 

1,449

 

 

 

1,315

 

 

 

2,538

 

 

 

(15,800

)

 

 

(13,262

)

 

 

 

1,315

 

 

 

-

 

Commercial and industrial

 

 

13,687

 

 

 

4,597

 

 

 

(2,741

)

 

 

15,543

 

 

 

157,798

 

 

 

173,341

 

 

 

 

(3,319

)

 

 

578

 

Construction

 

 

(5,479

)

 

 

-

 

 

 

-

 

 

 

(5,479

)

 

 

11,883

 

 

 

6,404

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

(41,248

)

 

 

17,326

 

 

 

(13,320

)

 

 

(37,242

)

 

 

142,139

 

 

 

104,897

 

 

 

 

(5,870

)

 

 

(7,450

)

Leasing

 

 

(791

)

 

 

(410

)

 

 

308

 

 

 

(893

)

 

 

59,897

 

 

 

59,004

 

 

 

 

308

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

1,178

 

 

 

1,979

 

 

 

3,283

 

 

 

6,440

 

 

 

17,910

 

 

 

24,350

 

 

 

 

-

 

 

 

3,283

 

Home equity lines of credit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(85

)

 

 

(85

)

 

 

 

-

 

 

 

-

 

Personal

 

 

191

 

 

 

398

 

 

 

1,357

 

 

 

1,946

 

 

 

7,262

 

 

 

9,208

 

 

 

 

1,342

 

 

 

15

 

Auto

 

 

490

 

 

 

1,147

 

 

 

8,495

 

 

 

10,132

 

 

 

35,183

 

 

 

45,315

 

 

 

 

8,495

 

 

 

-

 

Other

 

 

(249

)

 

 

242

 

 

 

(19

)

 

 

(26

)

 

 

3,683

 

 

 

3,657

 

 

 

 

4

 

 

 

(23

)

Total

 

$

(32,357

)

 

$

26,902

 

 

$

(1,669

)

 

$

(7,124

)

 

$

589,204

 

 

$

582,080

 

 

 

$

1,928

 

 

$

(3,597

)

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-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

 

$

1,060

 

 

$

-

 

 

$

8,700

 

 

$

9,760

 

 

$

2,090,008

 

 

$

2,099,768

 

 

 

$

8,700

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

10,330

 

 

 

3,013

 

 

 

2,282

 

 

 

15,625

 

 

 

2,021,501

 

 

 

2,037,126

 

 

 

 

2,282

 

 

 

-

 

Owner occupied

 

 

250

 

 

 

1,825

 

 

 

22,248

 

 

 

24,323

 

 

 

1,664,220

 

 

 

1,688,543

 

 

 

 

22,248

 

 

 

-

 

Commercial and industrial

 

 

11,478

 

 

 

2,312

 

 

 

5,443

 

 

 

19,233

 

 

 

2,205,195

 

 

 

2,224,428

 

 

 

 

5,246

 

 

 

197

 

Construction

 

 

-

 

 

 

34,349

 

 

 

-

 

 

 

34,349

 

 

 

888,615

 

 

 

922,964

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

899

 

 

 

3,640

 

 

 

28,434

 

 

 

32,973

 

 

 

1,264,958

 

 

 

1,297,931

 

 

 

 

28,434

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

4

 

 

 

 

-

 

 

 

-

 

Home equity lines of credit

 

 

74

 

 

 

984

 

 

 

3,834

 

 

 

4,892

 

 

 

62,668

 

 

 

67,560

 

 

 

 

3,834

 

 

 

-

 

Personal

 

 

1,696

 

 

 

2,015

 

 

 

1,837

 

 

 

5,548

 

 

 

113,546

 

 

 

119,094

 

 

 

 

1,837

 

 

 

-

 

Other

 

 

10

 

 

 

508

 

 

 

2

 

 

 

520

 

 

 

11,555

 

 

 

12,075

 

 

 

 

2

 

 

 

-

 

Total

 

$

25,797

 

 

$

48,646

 

 

$

72,780

 

 

$

147,223

 

 

$

10,322,270

 

 

$

10,469,493

 

 

 

$

72,583

 

 

$

197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-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

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(1,902

)

 

$

-

 

 

$

-

 

 

$

(1,902

)

 

$

22,101

 

 

$

20,199

 

 

 

$

-

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

7,836

 

 

 

230

 

 

 

1,257

 

 

 

9,323

 

 

 

2,958

 

 

 

12,281

 

 

 

 

1,257

 

 

 

-

 

Owner occupied

 

 

250

 

 

 

(15,270

)

 

 

(8

)

 

 

(15,028

)

 

 

(23,134

)

 

 

(38,162

)

 

 

 

(8

)

 

 

-

 

Commercial and industrial

 

 

6,297

 

 

 

2,008

 

 

 

(549

)

 

 

7,756

 

 

 

24,099

 

 

 

31,855

 

 

 

 

(536

)

 

 

(13

)

Construction

 

 

-

 

 

 

34,349

 

 

 

-

 

 

 

34,349

 

 

 

(33,205

)

 

 

1,144

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

(410

)

 

 

(19,839

)

 

 

16,880

 

 

 

(3,369

)

 

 

8,094

 

 

 

4,725

 

 

 

 

16,880

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14

)

 

 

(14

)

 

 

 

-

 

 

 

-

 

Home equity lines of credit

 

 

(816

)

 

 

522

 

 

 

54

 

 

 

(240

)

 

 

1,024

 

 

 

784

 

 

 

 

54

 

 

 

-

 

Personal

 

 

(74

)

 

 

326

 

 

 

(14

)

 

 

238

 

 

 

(15,890

)

 

 

(15,652

)

 

 

 

(14

)

 

 

-

 

Other

 

 

(1,194

)

 

 

508

 

 

 

2

 

 

 

(684

)

 

 

4,791

 

 

 

4,107

 

 

 

 

2

 

 

 

-

 

Total

 

$

9,987

 

 

$

2,834

 

 

$

17,622

 

 

$

30,443

 

 

$

(9,176

)

 

$

21,267

 

 

 

$

17,635

 

 

$

(13

)

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-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

$

2,926

 

 

$

-

 

 

$

8,787

 

 

$

11,713

 

 

$

2,393,589

 

 

$

2,405,302

 

 

 

$

8,787

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

10,500

 

 

 

3,187

 

 

 

9,775

 

 

 

23,462

 

 

 

5,161,919

 

 

 

5,185,381

 

 

 

 

9,775

 

 

 

-

 

Owner occupied

 

1,794

 

 

 

3,506

 

 

 

48,848

 

 

 

54,148

 

 

 

3,038,245

 

 

 

3,092,393

 

 

 

 

48,848

 

 

 

-

 

Commercial and industrial

 

30,552

 

 

 

9,006

 

 

 

29,262

 

 

 

68,820

 

 

 

7,331,733

 

 

 

7,400,553

 

 

 

 

24,885

 

 

 

4,377

 

Construction

 

-

 

 

 

34,349

 

 

 

-

 

 

 

34,349

 

 

 

1,078,958

 

 

 

1,113,307

 

 

 

 

-

 

 

 

-

 

Mortgage

 

247,119

 

 

 

126,232

 

 

 

388,420

 

 

 

761,771

 

 

 

7,231,577

 

 

 

7,993,348

 

 

 

 

186,354

 

 

 

202,066

 

Leasing

 

19,840

 

 

 

4,661

 

 

 

7,367

 

 

 

31,868

 

 

 

1,855,184

 

 

 

1,887,052

 

 

 

 

7,367

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

16,210

 

 

 

11,415

 

 

 

27,214

 

 

 

54,839

 

 

 

1,132,054

 

 

 

1,186,893

 

 

 

 

-

 

 

 

27,214

 

Home equity lines of credit

 

74

 

 

 

984

 

 

 

3,834

 

 

 

4,892

 

 

 

64,799

 

 

 

69,691

 

 

 

 

3,834

 

 

 

-

 

Personal

 

23,422

 

 

 

15,168

 

 

 

22,844

 

 

 

61,434

 

 

 

1,811,741

 

 

 

1,873,175

 

 

 

 

22,829

 

 

 

15

 

Auto

 

104,363

 

 

 

26,090

 

 

 

47,828

 

 

 

178,281

 

 

 

3,640,326

 

 

 

3,818,607

 

 

 

 

47,828

 

 

 

-

 

Other

 

737

 

 

 

1,008

 

 

 

1,190

 

 

 

2,935

 

 

 

166,330

 

 

 

169,265

 

 

 

 

891

 

 

 

299

 

Total

$

457,537

 

 

$

235,606

 

 

$

595,369

 

 

$

1,288,512

 

 

$

34,906,455

 

 

$

36,194,967

 

 

 

$

361,398

 

 

$

233,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-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

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

(269

)

 

$

-

 

 

$

(356

)

 

$

(625

)

 

$

21,447

 

 

$

20,822

 

 

 

$

(356

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

6,293

 

 

 

404

 

 

 

1,266

 

 

 

7,963

 

 

 

172,946

 

 

 

180,909

 

 

 

 

1,266

 

 

 

-

 

Owner occupied

 

24

 

 

 

(13,821

)

 

 

1,307

 

 

 

(12,490

)

 

 

(38,934

)

 

 

(51,424

)

 

 

 

1,307

 

 

 

-

 

Commercial and industrial

 

19,984

 

 

 

6,605

 

 

 

(3,290

)

 

 

23,299

 

 

 

181,897

 

 

 

205,196

 

 

 

 

(3,855

)

 

 

565

 

Construction

 

(5,479

)

 

 

34,349

 

 

 

-

 

 

 

28,870

 

 

 

(21,322

)

 

 

7,548

 

 

 

 

-

 

 

 

-

 

Mortgage

 

(41,658

)

 

 

(2,513

)

 

 

3,560

 

 

 

(40,611

)

 

 

150,233

 

 

 

109,622

 

 

 

 

11,010

 

 

 

(7,450

)

Leasing

 

(791

)

 

 

(410

)

 

 

308

 

 

 

(893

)

 

 

59,897

 

 

 

59,004

 

 

 

 

308

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

1,178

 

 

 

1,979

 

 

 

3,283

 

 

 

6,440

 

 

 

17,896

 

 

 

24,336

 

 

 

 

-

 

 

 

3,283

 

Home equity lines of credit

 

(816

)

 

 

522

 

 

 

54

 

 

 

(240

)

 

 

939

 

 

 

699

 

 

 

 

54

 

 

 

-

 

Personal

 

117

 

 

 

724

 

 

 

1,343

 

 

 

2,184

 

 

 

(8,628

)

 

 

(6,444

)

 

 

 

1,328

 

 

 

15

 

Auto

 

490

 

 

 

1,147

 

 

 

8,495

 

 

 

10,132

 

 

 

35,183

 

 

 

45,315

 

 

 

 

8,495

 

 

 

-

 

Other

 

(1,443

)

 

 

750

 

 

 

(17

)

 

 

(710

)

 

 

8,474

 

 

 

7,764

 

 

 

 

6

 

 

 

(23

)

Total

$

(22,370

)

 

$

29,736

 

 

$

15,953

 

 

$

23,319

 

 

$

580,028

 

 

$

603,347

 

 

 

$

19,563

 

 

$

(3,610

)

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Sep-24

As a % of loans HIP by category

 

30-Jun-24

As a % of loans HIP by category

 

30-Sep-23

As a % of loans HIP by category

 

Q3 2024 vs. Q2 2024

Q3 2024 vs. Q3 2023

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

Commercial multi-family

$8,787

0.4

%

$9,143

0.4

%

$588

-

%

$(356

)

$8,199

 

Commercial real estate non-owner occupied

9,775

0.2

 

8,509

0.2

 

16,064

0.3

 

1,266

 

(6,289

)

Commercial real estate owner occupied

48,848

1.6

 

47,541

1.5

 

38,966

1.3

 

1,307

 

9,882

 

Commercial and industrial

24,885

0.3

 

28,740

0.4

 

25,203

0.4

 

(3,855

)

(318

)

Total Commercial

92,295

0.5

 

93,933

0.5

 

80,821

0.5

 

(1,638

)

11,474

 

Construction

-

-

 

-

-

 

6,578

0.7

 

-

 

(6,578

)

Leasing

7,367

0.4

 

7,059

0.4

 

6,842

0.4

 

308

 

525

 

Mortgage

186,354

2.3

 

175,344

2.2

 

199,423

2.6

 

11,010

 

(13,069

)

Consumer

 

 

 

 

 

 

 

 

 

 

 

Home equity lines of credit

3,834

5.5

 

3,780

5.5

 

4,085

6.1

 

54

 

(251

)

Personal

22,829

1.2

 

21,501

1.1

 

21,219

1.1

 

1,328

 

1,610

 

Auto

47,828

1.3

 

39,333

1.0

 

40,268

1.1

 

8,495

 

7,560

 

Other Consumer

891

0.5

 

885

0.5

 

2,287

1.4

 

6

 

(1,396

)

Total Consumer

75,382

1.1

 

65,499

0.9

 

67,859

1.0

 

9,883

 

7,523

 

Total non-performing loans held-in-portfolio

361,398

1.0

%

341,835

1.0

%

361,523

1.1

%

19,563

 

(125

)

Other real estate owned (“OREO”)

63,028

 

 

70,225

 

 

82,322

 

 

(7,197

)

(19,294

)

Total non-performing assets [1]

$424,426

 

 

$412,060

 

 

$443,845

 

 

$12,366

 

$(19,419

)

Accruing loans past due 90 days or more [2]

$233,971

 

 

$237,581

 

 

$264,212

 

 

$(3,610

)

$(30,241

)

Ratios:

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets to total assets

0.60

%

 

0.57

%

 

0.64

%

 

 

 

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

1.00

 

 

0.96

 

 

1.06

 

 

 

 

Allowance for credit losses to loans held-in-portfolio

2.06

 

 

2.05

 

 

2.09

 

 

 

 

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

205.96

 

 

213.58

 

 

196.69

 

 

 

 

[1] There were no non-performing loans held-for-sale as of September 30, 2024, June 30, 2024 and September 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 $9 million at September 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 (June 30, 2024 - $10 million; September 30, 2023 - $8 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 $70 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of September 30, 2024 (June 30, 2024 - $81 million; September 30, 2023 - $115 million). Furthermore, the Corporation has approximately $32 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 (June 30, 2024- $34 million; September 30, 2023 - $39 million).

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

 

 

 

 

 

 

 

Commercial loans held-in-portfolio:

 

Quarter ended

Quarter ended

 

30-Sep-24

30-Jun-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$56,170

 

$37,763

 

$93,933

 

$63,323

 

$21,407

 

$84,730

 

Plus:

 

 

 

 

 

 

New non-performing loans

4,460

 

2,582

 

7,042

 

4,031

 

21,940

 

25,971

 

Advances on existing non-performing loans

-

 

3

 

3

 

-

 

282

 

282

 

Less:

 

 

 

 

 

 

Non-performing loans transferred to OREO

-

 

-

 

-

 

(280

)

-

 

(280

)

Non-performing loans charged-off

(4,085

)

(82

)

(4,167

)

(5,700

)

-

 

(5,700

)

Loans returned to accrual status / loan collections

(2,726

)

(1,790

)

(4,516

)

(5,204

)

(5,866

)

(11,070

)

Ending balance NPLs

$53,819

 

$38,476

 

$92,295

 

$56,170

 

$37,763

 

$93,933

 

 

 

 

 

 

 

 

Mortgage loans held-in-portfolio:

 

Quarter ended

Quarter ended

 

30-Sep-24

30-Jun-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$163,790

 

$11,554

 

$175,344

 

$166,473

 

$28,071

 

$194,544

 

Plus:

 

 

 

 

 

 

New non-performing loans

32,125

 

20,386

 

52,511

 

37,009

 

3,967

 

40,976

 

Advances on existing non-performing loans

-

 

29

 

29

 

-

 

16

 

16

 

Less:

 

 

 

 

 

 

Non-performing loans transferred to OREO

(4,016

)

-

 

(4,016

)

(4,260

)

(24

)

(4,284

)

Non-performing loans charged-off

54

 

-

 

54

 

110

 

(18

)

92

 

Loans returned to accrual status / loan collections

(34,033

)

(3,535

)

(37,568

)

(35,542

)

(20,458

)

(56,000

)

Ending balance NPLs

$157,920

 

$28,434

 

$186,354

 

$163,790

 

$11,554

 

$175,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Quarter ended

Quarter ended

 

30-Sep-24

30-Jun-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$219,960

 

$49,317

 

$269,277

 

$229,796

 

$49,478

 

$279,274

 

Plus:

 

 

 

 

 

 

New non-performing loans

36,585

 

22,968

 

59,553

 

41,040

 

25,907

 

66,947

 

Advances on existing non-performing loans

-

 

32

 

32

 

-

 

298

 

298

 

Less:

 

 

 

 

 

 

Non-performing loans transferred to OREO

(4,016

)

-

 

(4,016

)

(4,540

)

(24

)

(4,564

)

Non-performing loans charged-off

(4,031

)

(82

)

(4,113

)

(5,590

)

(18

)

(5,608

)

Loans returned to accrual status / loan collections

(36,759

)

(5,325

)

(42,084

)

(40,746

)

(26,324

)

(67,070

)

Ending balance NPLs

$211,739

 

$66,910

 

$278,649

 

$219,960

 

$49,317

 

$269,277

 

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

(In thousands)

30-Sep-24

 

30-Jun-24

 

30-Sep-23

 

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

$730,077

 

 

$739,544

 

 

$700,200

 

 

Provision for credit losses

72,769

 

 

44,157

 

 

43,514

 

 

Initial allowance for credit losses - PCD Loans

3

 

 

6

 

 

9

 

 

 

802,849

 

 

783,707

 

 

743,723

 

 

Net loans charge-off (recovered)- BPPR

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial real estate non-owner occupied

10

 

 

(44

)

 

(168

)

 

Commercial real estate owner occupied

(1,554

)

 

(1,134

)

 

166

 

 

Commercial and industrial

4,729

 

 

6,021

 

 

(10,547

)

 

Total Commercial

3,185

 

 

4,843

 

 

(10,549

)

 

Construction

(1,036

)

 

-

 

 

2,611

 

 

Leasing

2,256

 

 

2,700

 

 

1,442

 

 

Mortgage

(3,894

)

 

(3,749

)

 

(3,800

)

 

Consumer:

 

 

 

 

 

 

Credit cards

14,857

 

 

13,712

 

 

8,631

 

 

Home equity lines of credit

(76

)

 

41

 

 

(30

)

 

Personal

22,186

 

 

20,975

 

 

17,303

 

 

Auto

16,901

 

 

10,257

 

 

9,691

 

 

Other Consumer

202

 

 

529

 

 

301

 

 

Total Consumer

54,070

 

 

45,514

 

 

35,896

 

 

Total net charged-off BPPR

$54,581

 

 

$49,308

 

 

$25,600

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

(5

)

 

(4

)

 

(1

)

 

Commercial real estate non-owner occupied

(8

)

 

(42

)

 

(66

)

 

Commercial real estate owner occupied

(19

)

 

(59

)

 

1,202

 

 

Commercial and industrial

372

 

 

988

 

 

899

 

 

Total Commercial

340

 

 

883

 

 

2,034

 

 

Construction

-

 

 

(100

)

 

-

 

 

Mortgage

(46

)

 

(17

)

 

(62

)

 

Consumer:

 

 

 

 

 

 

Home equity lines of credit

(120

)

 

(383

)

 

12

 

 

Personal

3,751

 

 

3,941

 

 

5,032

 

 

Other Consumer

23

 

 

(2

)

 

39

 

 

Total Consumer

3,654

 

 

3,556

 

 

5,083

 

 

Total net charged-off Popular U.S.

$3,948

 

 

$4,322

 

 

$7,055

 

 

Total loans charged-off - Popular, Inc.

$58,529

 

 

$53,630

 

 

$32,655

 

 

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

$744,320

 

 

$730,077

 

 

$711,068

 

 

 

 

 

 

 

 

 

Balance at beginning of period - unfunded commitments

$18,884

 

 

$16,767

 

 

$11,593

 

 

Provision for credit losses (benefit)

(500

)

 

2,117

 

 

1,691

 

 

Balance at end of period - unfunded commitments [2]

$18,384

 

 

$18,884

 

 

$13,284

 

 

 

 

 

 

 

 

 

POPULAR, INC.

 

 

 

 

 

 

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

0.65

 

%

0.61

 

%

0.39

 

%

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

124.33

 

%

82.34

 

%

133.25

 

%

BPPR

 

 

 

 

 

 

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

0.86

 

%

0.79

 

%

0.44

 

%

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

141.34

 

%

98.53

 

%

211.00

 

%

Popular U.S.

 

 

 

 

 

 

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

0.15

 

%

0.16

 

%

0.28

 

%

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

(110.89

)

%

(102.45

)

%

(148.87

)

%

[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 Third Quarter 2024 Earnings Release

 

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

 

(Unaudited)

 

 

 

 

 

 

 

 

 

30-Sep-24

 

BPPR

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$2,886

 

 

$305,534

 

 

0.94

 

%

Commercial real estate - non-owner occupied

 

56,720

 

 

3,148,255

 

 

1.80

 

%

Commercial real estate - owner occupied

 

38,511

 

 

1,403,850

 

 

2.74

 

%

Commercial and industrial

 

123,131

 

 

5,176,125

 

 

2.38

 

%

Total commercial

 

$221,248

 

 

$10,033,764

 

 

2.21

 

%

Construction

 

3,704

 

 

190,343

 

 

1.95

 

%

Mortgage

 

72,576

 

 

6,695,417

 

 

1.08

 

%

Leasing

 

15,854

 

 

1,887,052

 

 

0.84

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

92,694

 

 

1,186,889

 

 

7.81

 

%

Home equity lines of credit

 

69

 

 

2,131

 

 

3.24

 

%

Personal

 

92,067

 

 

1,754,081

 

 

5.25

 

%

Auto

 

161,313

 

 

3,818,607

 

 

4.22

 

%

Other consumer

 

6,649

 

 

157,190

 

 

4.23

 

%

Total consumer

 

$352,792

 

 

$6,918,898

 

 

5.10

 

%

Total

 

$666,174

 

 

$25,725,474

 

 

2.59

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$(417

)

 

$623

 

 

(0.14

)

%

Commercial real estate - non-owner occupied

 

3,334

 

 

168,628

 

 

0.01

 

%

Commercial real estate - owner occupied

 

(864

)

 

(13,262

)

 

(0.04

)

%

Commercial and industrial

 

11,868

 

 

173,341

 

 

0.16

 

%

Total commercial

 

$13,921

 

 

$329,330

 

 

0.07

 

%

Construction

 

66

 

 

6,404

 

 

(0.03

)

%

Mortgage

 

(1,324

)

 

104,897

 

 

(0.04

)

%

Leasing

 

1,469

 

 

59,004

 

 

0.05

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

6,381

 

 

24,350

 

 

0.39

 

%

Home equity lines of credit

 

(14

)

 

(85

)

 

(0.51

)

%

Personal

 

(1,954

)

 

9,208

 

 

(0.14

)

%

Auto

 

3,864

 

 

45,315

 

 

0.05

 

%

Other consumer

 

160

 

 

3,657

 

 

-

 

%

Total consumer

 

$8,437

 

 

$82,445

 

 

0.06

 

%

Total

 

$22,569

 

 

$582,080

 

 

0.03

 

%

 

 

 

 

 

 

 

 

Popular, Inc.

 

Financial Supplement to Third Quarter 2024 Earnings Release

 

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

 

(Unaudited)

 

 

 

 

 

 

 

 

30-Sep-24

 

Popular U.S.

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

$6,756

 

 

$2,099,768

 

 

0.32

 

%

Commercial real estate - non-owner occupied

10,910

 

 

2,037,126

 

 

0.54

 

%

Commercial real estate - owner occupied

14,404

 

 

1,688,543

 

 

0.85

 

%

Commercial and industrial

13,230

 

 

2,224,428

 

 

0.59

 

%

Total commercial

$45,300

 

 

$8,049,865

 

 

0.56

 

%

Construction

9,510

 

 

922,964

 

 

1.03

 

%

Mortgage

9,074

 

 

1,297,931

 

 

0.70

 

%

Consumer:

 

 

 

 

 

 

Credit cards

-

 

 

4

 

 

-

 

%

Home equity lines of credit

1,785

 

 

67,560

 

 

2.64

 

%

Personal

12,475

 

 

119,094

 

 

10.47

 

%

Other consumer

2

 

 

12,075

 

 

0.02

 

%

Total consumer

$14,262

 

 

$198,733

 

 

7.18

 

%

Total

$78,146

 

 

$10,469,493

 

 

0.75

 

%

 

 

 

 

 

 

 

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

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

$(1,121

)

 

$20,199

 

 

(0.06

)

%

Commercial real estate - non-owner occupied

61

 

 

12,281

 

 

-

 

%

Commercial real estate - owner occupied

(4,411

)

 

(38,162

)

 

(0.24

)

%

Commercial and industrial

(1,989

)

 

31,855

 

 

(0.10

)

%

Total commercial

$(7,460

)

 

$26,173

 

 

(0.10

)

%

Construction

259

 

 

1,144

 

 

0.03

 

%

Mortgage

(315

)

 

4,725

 

 

(0.03

)

%

Consumer:

 

 

 

 

 

 

Credit cards

-

 

 

(14

)

 

-

 

%

Home equity lines of credit

142

 

 

784

 

 

0.18

 

%

Personal

(952

)

 

(15,652

)

 

0.51

 

%

Other consumer

-

 

 

4,107

 

 

(0.01

)

%

Total consumer

$(810

)

 

$(10,775

)

 

(0.01

)

%

Total

$(8,326

)

 

$21,267

 

 

(0.08

)

%

Popular, Inc.

Financial Supplement to Third Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-24

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$9,642

 

 

$2,405,302

 

 

0.40

 

%

Commercial real estate - non-owner occupied

 

67,630

 

 

5,185,381

 

 

1.30

 

%

Commercial real estate - owner occupied

 

52,915

 

 

3,092,393

 

 

1.71

 

%

Commercial and industrial

 

136,361

 

 

7,400,553

 

 

1.84

 

%

Total commercial

 

$266,548

 

 

$18,083,629

 

 

1.47

 

%

Construction

 

13,214

 

 

1,113,307

 

 

1.19

 

%

Mortgage

 

81,650

 

 

7,993,348

 

 

1.02

 

%

Leasing

 

15,854

 

 

1,887,052

 

 

0.84

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

92,694

 

 

1,186,893

 

 

7.81

 

%

Home equity lines of credit

 

1,854

 

 

69,691

 

 

2.66

 

%

Personal

 

104,542

 

 

1,873,175

 

 

5.58

 

%

Auto

 

161,313

 

 

3,818,607

 

 

4.22

 

%

Other consumer

 

6,651

 

 

169,265

 

 

3.93

 

%

Total consumer

 

$367,054

 

 

$7,117,631

 

 

5.16

 

%

Total

 

$744,320

 

 

$36,194,967

 

 

2.06

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$(1,538

)

 

$20,822

 

 

(0.07

)

%

Commercial real estate - non-owner occupied

 

3,395

 

 

180,909

 

 

0.02

 

%

Commercial real estate - owner occupied

 

(5,275

)

 

(51,424

)

 

(0.14

)

%

Commercial and industrial

 

9,879

 

 

205,196

 

 

0.08

 

%

Total commercial

 

$6,461

 

 

$355,503

 

 

-

 

%

Construction

 

325

 

 

7,548

 

 

0.02

 

%

Mortgage

 

(1,639

)

 

109,622

 

 

(0.04

)

%

Leasing

 

1,469

 

 

59,004

 

 

0.05

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

6,381

 

 

24,336

 

 

0.39

 

%

Home equity lines of credit

 

128

 

 

699

 

 

0.16

 

%

Personal

 

(2,906

)

 

(6,444

)

 

(0.14

)

%

Auto

 

3,864

 

 

45,315

 

 

0.05

 

%

Other consumer

 

160

 

 

7,764

 

 

(0.09

)

%

Total consumer

 

$7,627

 

 

$71,670

 

 

0.06

 

%

Total

 

$14,243

 

 

$603,347

 

 

0.01

 

%

Popular, Inc.

 

 

 

 

 

 

Financial Supplement to Third Quarter 2024 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share or per share information)

30-Sep-24

 

30-Jun-24

 

30-Sep-23

Total stockholders’ equity

$5,790,514

 

 

$5,372,678

 

 

$4,457,608

 

 

Less: Preferred stock

(22,143

)

 

(22,143

)

 

(22,143

)

 

Less: Goodwill

(804,428

)

 

(804,428

)

 

(804,428

)

 

Less: Other intangibles

(7,531

)

 

(8,235

)

 

(10,559

)

 

Total tangible common equity

$4,956,412

 

 

$4,537,872

 

 

$3,620,478

 

 

Total assets

$71,323,074

 

 

$72,845,072

 

 

$69,736,936

 

 

Less: Goodwill

(804,428

)

 

(804,428

)

 

(804,428

)

 

Less: Other intangibles

(7,531

)

 

(8,235

)

 

(10,559

)

 

Total tangible assets

$70,511,115

 

 

$72,032,409

 

 

$68,921,949

 

 

Tangible common equity to tangible assets

7.03

 

%

6.30

 

%

5.25

 

%

Common shares outstanding at end of period

71,787,349

 

 

72,365,926

 

 

72,127,595

 

 

Tangible book value per common share

$69.04

 

 

$62.71

 

 

$50.20

 

 

 

 

 

 

 

 

 

 

Quarterly average

 

Total stockholders’ equity [1]

$6,460,517

 

 

$6,303,672

 

 

$5,909,649

 

 

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

550,971

 

 

595,362

 

 

726,715

 

 

Adjusted total stockholder's equity

7,011,488

 

 

6,899,034

 

 

6,636,364

 

 

Less: Preferred Stock

(22,143

)

 

(22,143

)

 

(22,143

)

 

Less: Goodwill

(804,427

)

 

(804,427

)

 

(827,177

)

 

Less: Other intangibles

(7,995

)

 

(8,706

)

 

(11,083

)

 

Total tangible equity

$6,176,923

 

 

$6,063,758

 

 

$5,775,961

 

 

Return on average tangible common equity

9.98

 

%

11.77

 

%

9.36

 

%

[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/20241023874480/en/

Popular, Inc.

Investor Relations: Paul J. Cardillo, 212-417-6721 Senior Vice President and Investor Relations Officer [e-mail]

or

Media Relations: MC González Noguera, 917-804-5253 Executive Vice President and Chief Communications & Public Affairs Officer [e-mail]