Popular, Inc. Announces First Quarter 2022 Financial Results
Popular reported a net income of $211.7 million for Q1 2022, up from $206.1 million in Q4 2021. The net interest margin was 2.75%, slightly down from 2.78% in the previous quarter. Non-performing loans decreased by $28 million, resulting in a 1.8% NPL to loans ratio. Net charge-offs rose to $3.8 million, compared to a recovery of $7.9 million in Q4 2021. Capital ratios remained strong with a Common Equity Tier 1 ratio of 16.26%. The company also announced an accelerated stock repurchase of $400 million and increased its dividend to $0.55 per share.
- Net income rose to $211.7 million from $206.1 million quarter-over-quarter.
- NPLs decreased by $28 million, improving the NPL to loans ratio to 1.8%.
- Strong capital ratios with CET1 at 16.26%, allowing for capital returns to shareholders.
- Increased common stock dividend from $0.45 to $0.55 per share.
- Initiated a $400 million accelerated share repurchase agreement.
- Net interest margin slightly decreased to 2.75% from 2.78%.
- Net charge-offs increased to $3.8 million from a recovery of $7.9 million in the prior quarter.
- Total assets decreased by $5.6 billion from the previous quarter.
-
Net income of
in Q1 2022, compared to net income of$211.7 million in Q4 2021.$206.1 million -
Net interest margin of
2.75% in Q1 2022, compared to2.78% in Q4 2021; net interest margin on a taxable equivalent basis of3.05% in Q1 2022, compared to3.02% in Q4 2021. -
Credit Quality:
-
Non-performing loans held-in-portfolio (“NPLs”) decreased by
from Q4 2021; NPLs to loans ratio at$28.0 million 1.8% vs.1.9% in Q4 2021; -
Net charge-offs (“NCOs”) were
, compared to a net recovery of$3.8 million in Q4 2021; NCOs at$7.9 million 0.05% of average loans held-in-portfolio vs. (0.11% ) in Q4 2021; -
Allowance for credit losses (“ACL”) to loans held-in-portfolio at
2.29% vs.2.38% in Q4 2021; and -
ACL to NPLs at
130.4% vs.126.9% in Q4 2021.
-
Non-performing loans held-in-portfolio (“NPLs”) decreased by
-
Common Equity Tier 1 ratio of
16.26% , Common Equity per Share of and Tangible Book Value per Share of$60.78 at$51.16 March 31, 2022 .
I am thankful to our team who have continued to perform at a high level and deliver results under a myriad of changing conditions. Finally, our thoughts and prayers are with the people of
Earnings Highlights |
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(Unaudited) |
Quarters ended |
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(Dollars in thousands, except per share information) |
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Net interest income |
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Provision for credit losses (benefit) |
(15,500 |
) |
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(33,050 |
) |
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(82,226 |
) |
Net interest income after provision for credit losses (benefit) |
509,812 |
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|
534,333 |
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|
561,338 |
|
Other non-interest income |
154,692 |
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|
164,677 |
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|
153,653 |
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Operating expenses |
402,339 |
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|
417,394 |
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|
375,528 |
|
Income before income tax |
262,165 |
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|
281,616 |
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|
339,463 |
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Income tax expense |
50,479 |
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|
75,552 |
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76,831 |
|
Net income |
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Net income applicable to common stock |
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Net income per common share - Basic |
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Net income per common share - Diluted |
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Significant Events
Entry into Asset Purchase Agreement with Evertec; Renegotiation and Extension of Commercial Agreements
On
In connection with the consummation of the Transaction (the “Closing”), the Corporation will transfer to
Additionally, as part of the Closing, the Corporation and BPPR will also enter with EVERTEC into, among other commercial agreements, a Second Amended and Restated Master Services Agreement (the “Second A&R MSA”), pursuant to which
Capital Actions
On
Under the terms of the ASR Agreement, on
The transaction was accounted for as a treasury stock transaction. Furthermore, as a result of the receipt of the Initial Shares, the Corporation recognized in shareholders’ equity approximately
Popular expects to execute during the remainder of the year, in the open market or in privately negotiated transactions, the remaining
On
Net interest income on a taxable equivalent basis – Non-GAAP financial measure
Net interest income, on a taxable equivalent basis, is presented with its different components in Table D for the quarter ended
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 for the quarter ended
Net interest margin for the quarter was
-
higher interest income from money markets, trading and investment securities by
resulting from a higher volume by$18.4 million , in turn driven by an increase in the average$540 million U.S. Treasury portfolio by , partially offset by lower volume of money market investments by$4.2 billion and higher yields by 17 basis points driven by higher market rates and the composition of the portfolio; and$3.1 billion -
higher interest income from consumer loans mainly driven by a higher average volume in both P.R. and the
U.S.
partially offset by:
-
lower interest income from commercial loans by
resulting from lower income form loans under the$16.5 million Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) by , lower interest income from the repayment of purchased credit deteriorated (“PCD”) loans and the impact of 2 fewer days in the quarter or approximately$12.6 million . This negative effect was offset in part by an increase of$4.1 million in the average volume of commercial loans, at both P.R. and the$346 million U.S segments, for a benefit;$4.4 million -
a decrease in auto and lease financing income of
mainly driven by two fewer days in the quarter when compared to the prior quarter, partially offset by higher loan volume by$1.6 million .$62 million
The Corporation recognized income of
Net interest income for the BPPR segment amounted to
Net interest income for PB was
Non-interest income
Non-interest income decreased by
-
lower other service fees by
, mainly due to lower insurance fees by$6.7 million principally resulting from contingent insurance commissions that are typically recognized during the fourth quarter and lower credit card fees by$3.7 million mainly in interchange income due to seasonal purchasing activity in the previous quarter; and$2.0 million -
lower income from mortgage banking activities by
mainly due to a loss on sale of loans and securitization activities of$4.2 million , compared to a gain of$1.5 million in the previous quarter due to a lower volume of transactions and lower market rates, partially offset by higher realized gains on closed derivative positions by$5.4 ;$3.4 million
partially offset by:
-
higher other operating income by
mainly due to higher earnings from the portfolio of equity method investments and higher income from the sale of auto rental units.$4.9 million
Refer to Table B for further details.
Operating expenses
Operating expenses for the first quarter of 2022 totaled
-
lower net occupancy expenses by
due to lower rent and electricity expenses;$2.0 million -
lower business promotion expenses by
mainly due to lower advertising and promotion expenses by$10.8 million a result of seasonal activities during the fourth quarter of 2021, lower donations by$5.7 million and lower credit cards rewards expense as a result of transactional volumes by$2.8 million ;$1.7 million -
lower other operating expenses by
due to the effect during the previous quarter of an impairment charge on undeveloped properties by$11.4 million and lower sundry losses by$5.0 million mainly related to the termination of a white label credit card contract during prior quarter; and$5.0 million -
lower amortization of intangibles by
due to an impairment write-down of a trademark during the fourth quarter of 2021.$5.2 million
partially offset by:
-
higher personnel cost by
mainly due to higher performance shares and restricted stock expenses by$6.5 million ; higher payroll taxes by$6.3 million ; partially offset by$5.1 million in lower incentives related to the profit-sharing plan which is tied to the Corporation’s financial performance;$3.1 million -
higher professional fees by
mainly due to higher advisory expenses related to corporate initiatives; and$3.4 million -
higher credit and debit card processing and other expenses by
due in part to lower volume incentives.$3.8 million
Full-time equivalent employees were 8,492 as of
For a breakdown of operating expenses by category refer to Table B.
Income taxes
For the quarter ended
Credit Quality
During the first quarter of 2022, the Corporation continued to exhibit strong credit quality trends and low credit costs with low level of NCOs and decreasing NPLs. We continue to closely monitor changes on borrower performance and in the pace of economic recovery, given the rising interest rate environment and geopolitical uncertainty. However, management believes that the improvement over the last few years in the risk profile of the Corporation’s loan portfolios positions Popular to operate successfully under the current environment.
The following presents credit quality results for the first quarter of 2022:
-
At
March 31, 2022 , total non-performing loans held-in-portfolio decreased by from$28.0 million December 31, 2021 . BPPR’s NPLs decreased by , mostly driven by lower mortgage NPLs by$27.5 million . The mortgage NPLs decrease was mainly due to the combined effects of collection efforts, increased foreclosure activity and the sustained low levels of early delinquency compared with pre-pandemic trends. PB’s NPLs remained flat quarter-over-quarter. At$27.3 million March 31, 2022 , the ratio of NPLs to total loans held-in-portfolio was1.8% , compared to1.9% in the fourth quarter of 2021. -
Inflows of NPLs held-in-portfolio, excluding consumer loans, remained flat quarter-over-quarter. In BPPR, total inflows increased by
, mostly driven by higher commercial and mortgage inflows of$5.3 million and$3.8 million , respectively. Mortgage inflows continued trending lower than pre-pandemic levels. NPL inflows at PB decreased by$2.0 million during the quarter, mostly driven by a decrease of$4.9 million in mortgage inflows, as the prior quarter included the impact of loans that did not resume payment after the end of COVID-19-related payment deferral periods.$7.2 million -
NCOs amounted to
, an unfavorable variance of$3.8 million when compared to the fourth quarter. BPPR‘s NCOs increased by$11.7 million , as the prior quarter included recoveries from the resolution of certain commercial non-performing loans. During the first quarter of 2022, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was$13.1 million 0.05% , compared to (0.11% ) in the fourth quarter of 2021. Refer to Table M for further information on net charge-offs and related ratios. -
At
March 31, 2022 , the ACL decreased by , or$17.6 million 2.5% , from the fourth quarter of 2021 to . The ACL incorporated updated macroeconomic scenarios for$677.8 million Puerto Rico andthe United States . Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario. -
The current baseline forecast continues to show a favorable economic scenario. 2022 annualized GDP growth of
3.5% and3.7% is expected forPuerto Rico andUnited States , respectively. This represents a reduction for bothPuerto Rico andUnited States since last quarter’s GDP growth forecast was4.0% and4.6% , respectively. Changes in assumptions related to fiscal stimulus and higher energy prices contributed to the reduction. The 2022 average unemployment rate is forecasted at7.3% and3.6% forPuerto Rico andUnited States , respectively. This is consistent with previous expectations for both regions. Puerto Rico’s unemployment rate forecast benefits from theBureau of Labor Statistics (“BLS”) revisions that show a stronger than expected labor market. -
In BPPR, the ACL decreased by
, mainly driven by reductions in qualitative reserves due to substantial improvements in employment levels in$17.6 million Puerto Rico . Recent updates by the BLS show that employment levels inPuerto Rico have already surpassed pre-pandemic levels. This contributed to a lower commercial, mortgage and consumer loans ACL. The decrease in qualitative reserves was partially offset by the impact of higher loan volumes and changes in the macroeconomic scenario. The ACL for the PB segment remained flat quarter-over-quarter as higher loan volumes in both the commercial real estate and consumer portfolios offset reductions in qualitative reserves. The ratio of the allowance for credit losses to loans held-in-portfolio was2.29% in the first quarter of 2022, compared to2.38% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at130.4% , compared to126.9% in the previous quarter. -
The provision for credit losses for the loan portfolios for the first quarter of 2022 reflected a benefit of
, compared to a benefit of$14.4 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was a benefit of$31.4 million , compared to a benefit of$12.7 million in the previous quarter, while the provision for the PB segment was a benefit of$30.6 million , compared to a benefit of$1.7 million in the previous quarter.$0.9 million -
The provision for unfunded commitments for the first quarter of 2022 reflected a benefit of
, compared to a benefit of$0.8 million in the previous quarter. The provision for credit losses in our investment portfolio was a benefit of$0.5 million , compared to a benefit of$0.3 million in the fourth quarter of 2021. The provision for unfunded loan commitments, provision for credit losses on our loan and lease portfolios and provision for credit losses on our investment portfolio are aggregated and presented in the provision for credit losses caption in our Statement of Operations.$1.1 million
Non-Performing Assets |
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(Unaudited) |
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(In thousands) |
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Non-performing loans held-in-portfolio |
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Non-performing loans held-for-sale |
- |
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- |
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3,549 |
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Other real estate owned (“OREO”) |
90,567 |
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85,077 |
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72,060 |
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Total non-performing assets |
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Net charge-offs (recoveries) for the quarter |
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) |
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Ratios: |
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Loans held-in-portfolio |
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Non-performing loans held-in-portfolio to loans held-in-portfolio |
1.76 |
% |
|
1.87 |
% |
|
2.40 |
% |
|
Allowance for credit losses to loans held-in-portfolio |
2.29 |
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|
2.38 |
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|
2.75 |
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Allowance for credit losses to non-performing loans, excluding loans held-for-sale |
130.36 |
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126.92 |
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114.70 |
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Refer to Table K for additional information. |
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Provision for Credit Losses (Benefit) - Loan Portfolios |
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(Unaudited) |
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Quarters ended |
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(In thousands) |
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Provision for credit losses (benefit) - loan portfolios: |
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BPPR |
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) |
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) |
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) |
Popular |
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(1,744 |
) |
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(859 |
) |
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(35,803 |
) |
Total provision for credit losses (benefit) - loan portfolios |
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) |
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) |
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) |
Credit Quality by Segment |
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(Unaudited) |
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(In thousands) |
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Quarters ended |
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BPPR |
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Provision for credit losses (benefit) - loan portfolios |
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) |
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) |
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) |
Net charge-offs (recoveries) |
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5,502 |
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(7,615 |
) |
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19,474 |
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Total non-performing loans held-in-portfolio |
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486,816 |
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514,289 |
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665,978 |
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Allowance / loans held-in-portfolio |
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2.74 |
% |
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2.85 |
% |
|
3.20 |
% |
Allowance / non-performing loans held-in-portfolio |
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118.45 |
% |
|
115.53 |
% |
|
102.35 |
% |
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Quarters ended |
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Popular |
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Provision for credit losses (benefit) - loan portfolios |
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) |
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) |
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) |
Net charge-offs (recoveries) |
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(1,721 |
) |
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(266 |
) |
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1,556 |
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Total non-performing loans held-in-portfolio |
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33,105 |
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33,588 |
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32,164 |
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Allowance / loans held-in-portfolio |
|
1.18 |
% |
|
1.21 |
% |
|
1.53 |
% |
Allowance / non-performing loans held-in-portfolio |
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305.64 |
% |
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301.31 |
% |
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370.42 |
% |
Financial Condition Highlights |
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(Unaudited) |
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(In thousands) |
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Cash and money market investments |
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Investment securities |
26,658,289 |
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25,267,418 |
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23,076,488 |
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Loans |
29,588,190 |
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29,240,557 |
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29,131,628 |
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Total assets |
69,525,082 |
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75,097,899 |
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66,870,268 |
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Deposits |
62,862,295 |
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67,005,088 |
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58,742,801 |
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Borrowings |
1,060,706 |
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1,155,166 |
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1,311,064 |
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Total liabilities |
64,853,836 |
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69,128,502 |
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60,972,709 |
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Stockholders’ equity |
4,671,246 |
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5,969,397 |
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5,897,559 |
Total assets decreased by
-
a decrease of
in money market investments, mainly due to lower$7.5 billion Puerto Rico public sector deposits and purchases ofU.S. Treasury securities;
partially offset by:
-
an increase of
in debt securities available-for-sale, mainly due to purchases of$1.4 billion U.S. Treasury securities, offset in part by maturities and paydowns ofU.S. Treasury and agency mortgage-backed securities; and -
an increase in loans held-in-portfolio by
, mainly due to loan growth in the commercial portfolios in both$0.4 billion Puerto Rico and theU.S. (mainly in the health care sector at PB) and construction portfolios, and purchases of third-party lending consumer loans, partially offset by a decrease in the mortgage portfolio, mainly due to loan payoffs and amortizations.
Total liabilities decreased by
-
a decrease of
in deposits, mainly due to lower$4.1 billion Puerto Rico public sector deposits by at BPPR as a result of the payments made by$5.5 billion Puerto Rico pursuant to the Plan of Adjustment forPuerto Rico under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”); and -
a decrease in borrowings of
, mainly due to the maturity during this quarter of$94 million in short-term borrowings.$75 million
Stockholders' equity decreased by
Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the
More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Annual Report on Form 10-K for the year ended
About
Conference Call
Popular will hold a conference call to discuss its financial results today
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 the dial-in telephone number 1-844-200-6205 (Toll Free) or 1-646-904-5544 (Local). The dial-in access code is 659646.
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
An electronic version of this press release can be found at the Corporation’s website: www.popular.com.
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Financial Supplement to First Quarter 2022 Earnings Release |
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Table A - Selected Ratios and Other Information |
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Table B - Consolidated Statement of Operations |
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Table C - Consolidated Statement of Financial Condition |
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Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER |
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Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE [Left Blank] |
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Table F - Mortgage Banking Activities & Other Service Fees |
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Table G - Loans and Deposits |
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Table H - Loan Delinquency - |
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Table I - Loan Delinquency - POPULAR |
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Table J - Loan Delinquency - CONSOLIDATED |
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Table K - Non-Performing Assets |
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Table L - Activity in Non-Performing Loans |
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Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios |
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Table N - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED |
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Table O - Allowance for Credit Losses - Loan Portfolios - |
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Table P - Allowance for Credit Losses - Loan Portfolios - POPULAR |
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Table Q - Reconciliation to GAAP Financial Measures |
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Financial Supplement to First Quarter 2022 Earnings Release |
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Table A - Selected Ratios and Other Information |
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(Unaudited) |
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Quarters ended |
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Basic EPS |
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Diluted EPS |
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Average common shares outstanding |
78,443,706 |
79,477,823 |
83,899,769 |
Average common shares outstanding - assuming dilution |
78,595,463 |
79,652,836 |
84,051,935 |
Common shares outstanding at end of period |
76,487,523 |
79,851,169 |
84,379,180 |
Market value per common share |
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Market capitalization - (In millions) |
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Return on average assets |
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Return on average common equity |
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Net interest margin (non-taxable equivalent basis) |
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Net interest margin (taxable equivalent basis) -non-GAAP |
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Common equity per share |
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Tangible common book value per common share (non-GAAP) [1] |
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Tangible common equity to tangible assets (non-GAAP) [1] |
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Return on average tangible common equity [1] |
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Tier 1 capital |
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Total capital |
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Tier 1 leverage |
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Common Equity Tier 1 capital |
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[1] Refer to Table Q for reconciliation to GAAP financial measures. |
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Financial Supplement to First Quarter 2022 Earnings Release |
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Table B - Consolidated Statement of Operations |
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(Unaudited) |
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Quarters ended |
Variance |
Quarter ended |
Variance |
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Q1 2022 |
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Q1 2022 |
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(In thousands, except per share information) |
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vs. Q4 2021 |
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vs. Q1 2021 |
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Interest income: |
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Loans |
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) |
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) |
Money market investments |
6,464 |
|
6,847 |
|
(383 |
) |
3,112 |
|
3,352 |
|
Investment securities |
96,466 |
|
88,315 |
|
8,151 |
|
85,690 |
|
10,776 |
|
Total interest income |
529,721 |
|
539,263 |
|
(9,542 |
) |
523,451 |
|
6,270 |
|
Interest expense: |
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Deposits |
24,783 |
|
26,331 |
|
(1,548 |
) |
30,201 |
|
(5,418 |
) |
Short-term borrowings |
80 |
|
60 |
|
20 |
|
143 |
|
(63 |
) |
Long-term debt |
10,546 |
|
11,589 |
|
(1,043 |
) |
13,995 |
|
(3,449 |
) |
Total interest expense |
35,409 |
|
37,980 |
|
(2,571 |
) |
44,339 |
|
(8,930 |
) |
Net interest income |
494,312 |
|
501,283 |
|
(6,971 |
) |
479,112 |
|
15,200 |
|
Provision for credit losses (benefit) |
(15,500 |
) |
(33,050 |
) |
17,550 |
|
(82,226 |
) |
66,726 |
|
Net interest income after provision for credit losses (benefit) |
509,812 |
|
534,333 |
|
(24,521 |
) |
561,338 |
|
(51,526 |
) |
Service charges on deposit accounts |
40,713 |
|
41,613 |
|
(900 |
) |
39,620 |
|
1,093 |
|
Other service fees |
77,134 |
|
83,793 |
|
(6,659 |
) |
70,628 |
|
6,506 |
|
Mortgage banking activities |
12,865 |
|
17,035 |
|
(4,170 |
) |
17,343 |
|
(4,478 |
) |
Net (loss) gain, including impairment, on equity securities |
(2,094 |
) |
(1,454 |
) |
(640 |
) |
421 |
|
(2,515 |
) |
Net loss on trading account debt securities |
(723 |
) |
(355 |
) |
(368 |
) |
(45 |
) |
(678 |
) |
Adjustments (expense) to indemnity reserves on loans sold |
(745 |
) |
1,398 |
|
(2,143 |
) |
(698 |
) |
(47 |
) |
Other operating income |
27,542 |
|
22,647 |
|
4,895 |
|
26,384 |
|
1,158 |
|
Total non-interest income |
154,692 |
|
164,677 |
|
(9,985 |
) |
153,653 |
|
1,039 |
|
Operating expenses: |
|
|
|
|
|
|||||
Personnel costs |
|
|
|
|
|
|||||
Salaries |
98,673 |
|
96,830 |
|
1,843 |
|
89,335 |
|
9,338 |
|
Commissions, incentives and other bonuses |
31,339 |
|
27,611 |
|
3,728 |
|
33,218 |
|
(1,879 |
) |
Pension, postretirement and medical insurance |
12,783 |
|
13,971 |
|
(1,188 |
) |
10,924 |
|
1,859 |
|
Other personnel costs, including payroll taxes |
24,201 |
|
22,060 |
|
2,141 |
|
26,002 |
|
(1,801 |
) |
Total personnel costs |
166,996 |
|
160,472 |
|
6,524 |
|
159,479 |
|
7,517 |
|
Net occupancy expenses |
24,723 |
|
26,755 |
|
(2,032 |
) |
26,013 |
|
(1,290 |
) |
Equipment expenses |
23,479 |
|
25,180 |
|
(1,701 |
) |
21,575 |
|
1,904 |
|
Other taxes |
15,715 |
|
15,160 |
|
555 |
|
13,959 |
|
1,756 |
|
Professional fees |
|
|
|
|
|
|||||
Collections, appraisals and other credit related fees |
2,226 |
|
3,227 |
|
(1,001 |
) |
3,320 |
|
(1,094 |
) |
Programming, processing and other technology services |
69,374 |
|
69,647 |
|
(273 |
) |
66,366 |
|
3,008 |
|
Legal fees, excluding collections |
3,954 |
|
3,445 |
|
509 |
|
2,365 |
|
1,589 |
|
Other professional fees |
32,943 |
|
28,736 |
|
4,207 |
|
27,897 |
|
5,046 |
|
Total professional fees |
108,497 |
|
105,055 |
|
3,442 |
|
99,948 |
|
8,549 |
|
Communications |
6,147 |
|
6,263 |
|
(116 |
) |
6,833 |
|
(686 |
) |
Business promotion |
15,083 |
|
25,833 |
|
(10,750 |
) |
12,521 |
|
2,562 |
|
|
7,372 |
|
6,688 |
|
684 |
|
5,968 |
|
1,404 |
|
Other real estate owned (OREO) income |
(2,713 |
) |
(3,860 |
) |
1,147 |
|
(4,533 |
) |
1,820 |
|
Credit and debit card processing, volume, interchange and other expenses |
12,509 |
|
8,757 |
|
3,752 |
|
12,454 |
|
55 |
|
Other operating expenses |
|
|
|
|
|
|||||
Operational losses |
11,825 |
|
16,820 |
|
(4,995 |
) |
7,896 |
|
3,929 |
|
All other |
11,815 |
|
18,226 |
|
(6,411 |
) |
12,364 |
|
(549 |
) |
Total other operating expenses |
23,640 |
|
35,046 |
|
(11,406 |
) |
20,260 |
|
3,380 |
|
Amortization of intangibles |
891 |
|
6,045 |
|
(5,154 |
) |
1,051 |
|
(160 |
) |
Total operating expenses |
402,339 |
|
417,394 |
|
(15,055 |
) |
375,528 |
|
26,811 |
|
Income before income tax |
262,165 |
|
281,616 |
|
(19,451 |
) |
339,463 |
|
(77,298 |
) |
Income tax expense |
50,479 |
|
75,552 |
|
(25,073 |
) |
76,831 |
|
(26,352 |
) |
Net income |
|
|
|
|
|
|
|
|
|
) |
Net income applicable to common stock |
|
|
|
|
|
|
|
|
|
) |
Net income per common share - basic |
|
|
|
|
|
|
|
|
|
) |
Net income per common share - diluted |
|
|
|
|
|
|
|
|
|
) |
Dividends Declared per Common Share |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
||||||||
Table C - Consolidated Statement of Financial Condition |
||||||||
(Unaudited) |
||||||||
|
|
|
|
Variance |
||||
|
|
|
|
Q1 2022 vs. |
||||
(In thousands) |
|
|
|
Q4 2021 |
||||
Assets: |
|
|
|
|
||||
Cash and due from banks |
|
|
|
|
|
|
|
|
Money market investments |
10,069,692 |
|
17,536,719 |
|
11,568,677 |
|
(7,467,027 |
) |
Trading account debt securities, at fair value |
36,042 |
|
29,711 |
|
36,504 |
|
6,331 |
|
Debt securities available-for-sale, at fair value |
26,359,915 |
|
24,968,269 |
|
22,771,609 |
|
1,391,646 |
|
Debt securities held-to-maturity, at amortized cost |
75,984 |
|
79,461 |
|
89,725 |
|
(3,477 |
) |
Less: Allowance for credit losses |
7,844 |
|
8,096 |
|
10,096 |
|
(252 |
) |
Total debt securities held-to-maturity, net |
68,140 |
|
71,365 |
|
79,629 |
|
(3,225 |
) |
Equity securities |
186,348 |
|
189,977 |
|
178,650 |
|
(3,629 |
) |
Loans held-for-sale, at lower of cost or fair value |
55,150 |
|
59,168 |
|
84,214 |
|
(4,018 |
) |
Loans held-in-portfolio |
29,856,356 |
|
29,506,225 |
|
29,344,620 |
|
350,131 |
|
Less: Unearned income |
268,166 |
|
265,668 |
|
212,992 |
|
2,498 |
|
Allowance for credit losses |
677,792 |
|
695,366 |
|
800,797 |
|
(17,574 |
) |
Total loans held-in-portfolio, net |
28,910,398 |
|
28,545,191 |
|
28,330,831 |
|
365,207 |
|
Premises and equipment, net |
488,390 |
|
494,240 |
|
508,023 |
|
(5,850 |
) |
Other real estate |
90,567 |
|
85,077 |
|
72,060 |
|
5,490 |
|
Accrued income receivable |
204,466 |
|
203,096 |
|
215,993 |
|
1,370 |
|
Mortgage servicing rights, at fair value |
125,358 |
|
121,570 |
|
122,543 |
|
3,788 |
|
Other assets |
1,755,847 |
|
1,628,571 |
|
1,713,083 |
|
127,276 |
|
|
720,293 |
|
720,293 |
|
671,122 |
|
- |
|
Other intangible assets |
15,328 |
|
16,219 |
|
21,415 |
|
(891 |
) |
Total assets |
|
|
|
|
|
|
|
) |
Liabilities and Stockholders’ Equity: |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Non-interest bearing |
|
|
|
|
|
|
|
|
Interest bearing |
46,765,629 |
|
51,320,606 |
|
44,479,253 |
|
(4,554,977 |
) |
Total deposits |
62,862,295 |
|
67,005,088 |
|
58,742,801 |
|
(4,142,793 |
) |
Assets sold under agreements to repurchase |
72,819 |
|
91,603 |
|
86,834 |
|
(18,784 |
) |
Other short-term borrowings |
- |
|
75,000 |
|
- |
|
(75,000 |
) |
Notes payable |
987,887 |
|
988,563 |
|
1,224,230 |
|
(676 |
) |
Other liabilities |
930,835 |
|
968,248 |
|
918,844 |
|
(37,413 |
) |
Total liabilities |
64,853,836 |
|
69,128,502 |
|
60,972,709 |
|
(4,274,666 |
) |
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock |
22,143 |
|
22,143 |
|
22,143 |
|
- |
|
Common stock |
1,046 |
|
1,046 |
|
1,045 |
|
- |
|
Surplus |
4,571,111 |
|
4,650,182 |
|
4,571,919 |
|
(79,071 |
) |
Retained earnings |
3,143,004 |
|
2,973,745 |
|
2,489,453 |
|
169,259 |
|
|
(1,668,820 |
) |
(1,352,650 |
) |
(1,012,263 |
) |
(316,170 |
) |
Accumulated other comprehensive loss, net of tax |
(1,397,238 |
) |
(325,069 |
) |
(174,738 |
) |
(1,072,169 |
) |
Total stockholders’ equity |
4,671,246 |
|
5,969,397 |
|
5,897,559 |
|
(1,298,151 |
) |
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
|
) |
|
|||||||||||||||||||||||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||||||||||||||||||||||||||
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER |
|||||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Quarters ended |
|
Variance |
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Q1 2022 vs. Q4 2021 |
|
Q1 2022 vs. Q1 2021 |
|
|||||||||||||||||||||||
($ amounts in millions) |
Average
|
Income /
|
Yield /
|
|
Average
|
Income /
|
Yield /
|
|
Average
|
Income /
|
Yield /
|
|
Average
|
Income /
|
Yield /
|
|
Average
|
Income /
|
Yield /
|
|
|||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Money market, trading and investment securities |
|
|
|
1.35 |
% |
|
|
|
1.18 |
% |
|
|
|
1.52 |
% |
|
|
|
|
0.17 |
|
% |
|
|
|
|
(0.17 |
) |
% |
||||
Loans: |
|||||||||||||||||||||||||||||||||
Commercial |
13,741 |
|
172.1 |
5.08 |
|
13,395 |
|
188.6 |
5.59 |
|
13,624 |
|
179.0 |
5.33 |
|
346 |
|
(16.5 |
) |
(0.51 |
) |
|
117 |
|
(6.9 |
) |
(0.25 |
) |
|
||||
Construction |
726 |
|
9.8 |
5.45 |
|
777 |
|
10.7 |
5.46 |
|
911 |
|
11.9 |
5.30 |
|
(51 |
) |
(0.9 |
) |
(0.01 |
) |
|
(185 |
) |
(2.1 |
) |
0.15 |
|
|
||||
Mortgage |
7,388 |
|
96.8 |
5.24 |
|
7,504 |
|
96.4 |
5.14 |
|
7,869 |
|
98.4 |
5.00 |
|
(116 |
) |
0.4 |
|
0.10 |
|
|
(481 |
) |
(1.6 |
) |
0.24 |
|
|
||||
Consumer |
2,538 |
|
70.0 |
11.19 |
|
2,471 |
|
68.1 |
10.93 |
|
2,513 |
|
70.4 |
11.36 |
|
67 |
|
1.9 |
|
0.26 |
|
|
25 |
|
(0.4 |
) |
(0.17 |
) |
|
||||
Auto |
3,460 |
|
69.3 |
8.12 |
|
3,432 |
|
71.3 |
8.24 |
|
3,203 |
|
68.2 |
8.63 |
|
28 |
|
(2.0 |
) |
(0.12 |
) |
|
257 |
|
1.1 |
|
(0.51 |
) |
|
||||
Lease financing |
1,393 |
|
20.7 |
5.95 |
|
1,359 |
|
20.3 |
5.97 |
|
1,215 |
|
18.4 |
6.04 |
|
34 |
|
0.4 |
|
(0.02 |
) |
|
178 |
|
2.3 |
|
(0.09 |
) |
|
||||
Total loans |
29,246 |
|
438.7 |
6.06 |
|
28,938 |
|
455.4 |
6.26 |
|
29,335 |
|
446.3 |
6.15 |
|
308 |
|
(16.7 |
) |
(0.20 |
) |
|
(89 |
) |
(7.6 |
) |
(0.09 |
) |
|
||||
Total interest earning assets |
|
|
|
3.25 |
% |
|
|
|
3.23 |
% |
|
|
|
3.67 |
% |
|
|
|
|
0.02 |
|
% |
|
|
|
|
(0.42 |
) |
% |
||||
Allowance for credit losses - loan portfolio |
(695 |
) |
|
|
|
(719 |
) |
|
|
|
(890 |
) |
|
|
|
24 |
|
|
|
|
195 |
|
|
|
|
||||||||
Allowance for credit losses - investment securities |
(8 |
) |
|
|
|
(9 |
) |
|
|
|
(10 |
) |
|
|
|
1 |
|
|
|
|
2 |
|
|
|
|
||||||||
Other non-interest earning assets |
3,782 |
|
|
|
|
3,844 |
|
|
|
|
3,895 |
|
|
|
|
(62 |
) |
|
|
|
(113 |
) |
|
|
|
||||||||
Total average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities and Stockholders' Equity: |
|||||||||||||||||||||||||||||||||
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
NOW and money market |
|
|
|
0.10 |
% |
|
|
|
0.11 |
% |
|
|
|
0.15 |
% |
|
|
|
) |
(0.01 |
) |
% |
|
|
|
) |
(0.05 |
) |
% |
||||
Savings |
16,434 |
|
6.6 |
0.16 |
|
16,324 |
|
6.8 |
0.17 |
|
14,364 |
|
7.0 |
0.20 |
|
110 |
|
(0.2 |
) |
(0.01 |
) |
|
2,070 |
|
(0.4 |
) |
(0.04 |
) |
|
||||
Time deposits |
6,737 |
|
10.9 |
0.66 |
|
6,793 |
|
11.8 |
0.69 |
|
7,265 |
|
14.9 |
0.83 |
|
(56 |
) |
(0.9 |
) |
(0.03 |
) |
|
(528 |
) |
(4.0 |
) |
(0.17 |
) |
|
||||
Total interest-bearing deposits |
51,460 |
|
24.8 |
0.20 |
|
51,322 |
|
26.3 |
0.20 |
|
44,303 |
|
30.2 |
0.31 |
|
138 |
|
(1.5 |
) |
- |
|
|
7,157 |
|
(5.4 |
) |
(0.11 |
) |
|
||||
Borrowings |
1,105 |
|
10.6 |
3.87 |
|
1,163 |
|
11.6 |
4.01 |
|
1,344 |
|
14.1 |
4.23 |
|
(58 |
) |
(1.0 |
) |
(0.14 |
) |
|
(239 |
) |
(3.5 |
) |
(0.36 |
) |
|
||||
Total interest-bearing liabilities |
52,565 |
|
35.4 |
0.27 |
|
52,485 |
|
37.9 |
0.29 |
|
45,647 |
|
44.3 |
0.39 |
|
80 |
|
(2.5 |
) |
(0.02 |
) |
|
6,918 |
|
(8.9 |
) |
(0.12 |
) |
|
||||
Net interest spread |
|
|
2.98 |
% |
|
|
2.94 |
% |
|
|
3.28 |
% |
|
|
0.04 |
|
% |
|
|
(0.30 |
) |
% |
|||||||||||
Non-interest bearing deposits |
16,142 |
|
|
|
|
15,455 |
|
|
|
|
13,394 |
|
|
|
|
687 |
|
|
|
|
2,748 |
|
|
|
|
||||||||
Other liabilities |
939 |
|
|
|
|
917 |
|
|
|
|
1,351 |
|
|
|
|
22 |
|
|
|
|
(412 |
) |
|
|
|
||||||||
Stockholders' equity |
5,983 |
|
|
|
|
5,961 |
|
|
|
|
5,694 |
|
|
|
|
22 |
|
|
|
|
289 |
|
|
|
|
||||||||
Total average liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income / margin on a taxable equivalent basis (Non-GAAP) |
|
3.05 |
% |
|
|
3.02 |
% |
|
|
3.39 |
% |
|
|
|
0.03 |
|
% |
|
|
|
(0.34 |
) |
% |
||||||||||
Taxable equivalent adjustment |
53.8 |
|
|
|
42.6 |
|
|
|
50.7 |
|
|
|
11.2 |
|
|
|
|
3.1 |
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net interest income / margin non-taxable equivalent basis (GAAP) |
|
2.75 |
% |
|
|
2.78 |
% |
|
|
3.07 |
% |
|
( |
) |
(0.03 |
) |
% |
|
|
|
(0.32 |
) |
% |
|
Financial Supplement to First Quarter 2022 Earnings Release |
Table E – Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE |
[THIS PAGE INTENTIONALLY LEFT BLANK] |
|
|
|
|
|
|
|||||
Financial Supplement to First Quarter 2022 Earnings Release |
|
|||||||||
Table F - Mortgage Banking Activities and Other Service Fees |
|
|||||||||
(Unaudited) |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Mortgage Banking Activities |
|
|
|
|
|
|||||
|
Quarters ended |
Variance |
||||||||
(In thousands) |
|
|
|
Q1 2022
|
Q1 2022
|
|||||
Mortgage servicing fees, net of fair value adjustments: |
|
|
|
|
|
|||||
Mortgage servicing fees |
|
|
|
|
|
|
|
) |
|
) |
Mortgage servicing rights fair value adjustments |
1,088 |
|
1,500 |
|
512 |
|
(412 |
) |
576 |
|
Total mortgage servicing fees, net of fair value adjustments |
10,411 |
|
10,992 |
|
10,227 |
|
(581 |
) |
184 |
|
Net (loss) gain on sale of loans, including valuation on loans held-for-sale |
(1,534 |
) |
5,428 |
|
4,975 |
|
(6,962 |
) |
(6,509 |
) |
Trading account profit: |
|
|
|
|
|
|||||
Unrealized gains on outstanding derivative positions |
2 |
|
- |
|
- |
|
2 |
|
2 |
|
Realized gains on closed derivative positions |
4,135 |
|
691 |
|
2,502 |
|
3,444 |
|
1,633 |
|
Total trading account profit |
4,137 |
|
691 |
|
2,502 |
|
3,446 |
|
1,635 |
|
Losses on repurchased loans, including interest advances |
(149 |
) |
(76 |
) |
(361 |
) |
(73 |
) |
212 |
|
Total mortgage banking activities |
|
|
|
|
|
|
|
) |
|
) |
|
|
|
|
|
|
|||||
Other Service Fees |
|
|
|
|
|
|||||
|
Quarters ended |
Variance |
||||||||
(In thousands) |
|
|
|
Q1 2022
|
Q1 2022
|
|||||
Other service fees: |
|
|
|
|
|
|||||
Debit card fees |
|
|
|
|
) |
|
|
|||
Insurance fees |
14,156 |
17,848 |
12,828 |
(3,692 |
) |
1,328 |
|
|||
Credit card fees |
33,642 |
35,649 |
28,691 |
(2,007 |
) |
4,951 |
|
|||
Sale and administration of investment products |
5,791 |
5,908 |
5,540 |
(117 |
) |
251 |
|
|||
Trust fees |
5,927 |
5,858 |
5,842 |
69 |
|
85 |
|
|||
Other fees |
5,839 |
6,138 |
6,150 |
(299 |
) |
(311 |
) |
|||
Total other service fees |
|
|
|
|
) |
|
|
|
||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
||||||||||
Table G - Loans and Deposits |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
|||||
Loans - Ending Balances |
|
|
|
|
|
|||||
|
|
|
|
Variance |
||||||
(In thousands) |
|
|
|
Q1 2022
|
Q1 2022
|
|||||
Loans held-in-portfolio: |
|
|
|
|
||||||
Commercial |
|
|
|
|
|
|
|
|||
Construction |
744,783 |
716,220 |
907,736 |
28,563 |
|
(162,953 |
) |
|||
Leasing |
1,426,122 |
1,381,319 |
1,244,956 |
44,803 |
|
181,166 |
|
|||
Mortgage |
7,326,346 |
7,427,196 |
7,808,852 |
(100,850 |
) |
(482,506 |
) |
|||
Auto |
3,430,162 |
3,412,187 |
3,203,137 |
17,975 |
|
227,025 |
|
|||
Consumer |
2,632,531 |
2,570,934 |
2,524,461 |
61,597 |
|
108,070 |
|
|||
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|||
Loans held-for-sale: |
|
|
|
|
|
|||||
Commercial |
$- |
$- |
|
$- |
|
|
) |
|||
Mortgage |
55,150 |
59,168 |
80,665 |
(4,018 |
) |
(25,515 |
) |
|||
Total loans held-for-sale |
|
|
|
|
) |
|
) |
|||
Total loans |
|
|
|
|
|
|
|
Deposits - Ending Balances |
|
|
|
|
||||||
|
|
|
|
Variance |
||||||
(In thousands) |
|
|
|
Q1 2022
|
Q1 2022 vs.
|
|||||
Demand deposits [1] |
|
|
|
|
) |
|
|
|||
Savings, NOW and money market deposits (non-brokered) |
29,318,333 |
33,674,134 |
27,356,136 |
(4,355,801 |
) |
1,962,197 |
|
|||
Savings, NOW and money market deposits (brokered) |
768,558 |
729,073 |
679,832 |
39,485 |
|
88,726 |
|
|||
Time deposits (non-brokered) |
6,964,848 |
6,685,938 |
7,143,221 |
278,910 |
|
(178,373 |
) |
|||
Time deposits (brokered CDs) |
125,841 |
26,211 |
113,300 |
99,630 |
|
12,541 |
|
|||
Total deposits |
|
|
|
|
) |
|
|
|||
[1] Includes interest and non-interest bearing demand deposits. |
|
|
|
|
|
|||||||||||||||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||||||||||||||||||
Table H - Loan Delinquency - Puerto Rico Operations |
|||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|
|
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 |
|
$ |
2,130 |
|
$ |
189 |
|
$ |
274 |
|
$ |
2,593 |
|
$ |
160,648 |
|
$ |
163,241 |
|
|
$ |
274 |
|
$ |
- |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
3,646 |
|
|
93 |
|
|
20,627 |
|
|
24,366 |
|
|
2,536,174 |
|
|
2,560,540 |
|
|
|
20,627 |
|
|
- |
Owner occupied |
|
|
4,024 |
|
|
50 |
|
|
49,732 |
|
|
53,806 |
|
|
1,396,696 |
|
|
1,450,502 |
|
|
|
49,732 |
|
|
- |
Commercial and industrial |
|
|
1,218 |
|
|
169 |
|
|
48,167 |
|
|
49,554 |
|
|
3,333,918 |
|
|
3,383,472 |
|
|
|
47,149 |
|
|
1,018 |
Construction |
|
|
715 |
|
|
- |
|
|
- |
|
|
715 |
|
|
126,610 |
|
|
127,325 |
|
|
|
- |
|
|
- |
Mortgage |
|
|
182,397 |
|
|
79,374 |
|
|
736,338 |
|
|
998,109 |
|
|
5,125,554 |
|
|
6,123,663 |
|
|
|
306,560 |
|
|
429,778 |
Leasing |
|
|
9,819 |
|
|
2,446 |
|
|
3,766 |
|
|
16,031 |
|
|
1,410,091 |
|
|
1,426,122 |
|
|
|
3,766 |
|
|
- |
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
5,817 |
|
|
3,728 |
|
|
9,049 |
|
|
18,594 |
|
|
896,966 |
|
|
915,560 |
|
|
|
- |
|
|
9,049 |
Home equity lines of credit |
|
|
- |
|
|
- |
|
|
23 |
|
|
23 |
|
|
3,093 |
|
|
3,116 |
|
|
|
- |
|
|
23 |
Personal |
|
|
10,215 |
|
|
6,184 |
|
|
19,157 |
|
|
35,556 |
|
|
1,267,920 |
|
|
1,303,476 |
|
|
|
19,157 |
|
|
- |
Auto |
|
|
51,497 |
|
|
11,353 |
|
|
27,514 |
|
|
90,364 |
|
|
3,339,798 |
|
|
3,430,162 |
|
|
|
27,514 |
|
|
- |
Other |
|
|
537 |
|
|
37 |
|
|
12,184 |
|
|
12,758 |
|
|
112,322 |
|
|
125,080 |
|
|
|
12,037 |
|
|
147 |
Total |
|
$ |
272,015 |
|
$ |
103,623 |
|
$ |
926,831 |
|
$ |
1,302,469 |
|
$ |
19,709,790 |
|
$ |
21,012,259 |
|
|
$ |
486,816 |
|
$ |
440,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|
|
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 |
|
$ |
314 |
|
$ |
- |
|
$ |
272 |
|
$ |
586 |
|
$ |
154,183 |
|
$ |
154,769 |
|
|
$ |
272 |
|
$ |
- |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
2,399 |
|
|
136 |
|
|
20,716 |
|
|
23,251 |
|
|
2,266,672 |
|
|
2,289,923 |
|
|
|
20,716 |
|
|
- |
Owner occupied |
|
|
3,329 |
|
|
278 |
|
|
54,335 |
|
|
57,942 |
|
|
1,365,787 |
|
|
1,423,729 |
|
|
|
54,335 |
|
|
- |
Commercial and industrial |
|
|
3,438 |
|
|
1,727 |
|
|
45,242 |
|
|
50,407 |
|
|
3,478,041 |
|
|
3,528,448 |
|
|
|
44,724 |
|
|
518 |
Construction |
|
|
- |
|
|
- |
|
|
485 |
|
|
485 |
|
|
86,626 |
|
|
87,111 |
|
|
|
485 |
|
|
- |
Mortgage |
|
|
217,830 |
|
|
81,754 |
|
|
805,245 |
|
|
1,104,829 |
|
|
5,147,037 |
|
|
6,251,866 |
|
|
|
333,887 |
|
|
471,358 |
Leasing |
|
|
9,240 |
|
|
2,037 |
|
|
3,102 |
|
|
14,379 |
|
|
1,366,940 |
|
|
1,381,319 |
|
|
|
3,102 |
|
|
- |
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
5,768 |
|
|
3,520 |
|
|
8,577 |
|
|
17,865 |
|
|
901,986 |
|
|
919,851 |
|
|
|
- |
|
|
8,577 |
Home equity lines of credit |
|
|
46 |
|
|
- |
|
|
23 |
|
|
69 |
|
|
3,502 |
|
|
3,571 |
|
|
|
- |
|
|
23 |
Personal |
|
|
10,027 |
|
|
6,072 |
|
|
21,235 |
|
|
37,334 |
|
|
1,250,726 |
|
|
1,288,060 |
|
|
|
21,235 |
|
|
- |
Auto |
|
|
59,128 |
|
|
15,019 |
|
|
23,085 |
|
|
97,232 |
|
|
3,314,955 |
|
|
3,412,187 |
|
|
|
23,085 |
|
|
- |
Other |
|
|
432 |
|
|
714 |
|
|
12,621 |
|
|
13,767 |
|
|
110,781 |
|
|
124,548 |
|
|
|
12,448 |
|
|
173 |
Total |
|
$ |
311,951 |
|
$ |
111,257 |
|
$ |
994,938 |
|
$ |
1,418,146 |
|
$ |
19,447,236 |
|
$ |
20,865,382 |
|
|
$ |
514,289 |
|
$ |
480,649 |
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 |
|
$ |
1,816 |
|
|
$ |
189 |
|
|
$ |
2 |
|
|
$ |
2,007 |
|
|
$ |
6,465 |
|
|
$ |
8,472 |
|
|
|
$ |
2 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
1,247 |
|
|
|
(43 |
) |
|
|
(89 |
) |
|
|
1,115 |
|
|
|
269,502 |
|
|
|
270,617 |
|
|
|
|
(89 |
) |
|
|
- |
|
Owner occupied |
|
|
695 |
|
|
|
(228 |
) |
|
|
(4,603 |
) |
|
|
(4,136 |
) |
|
|
30,909 |
|
|
|
26,773 |
|
|
|
|
(4,603 |
) |
|
|
- |
|
Commercial and industrial |
|
|
(2,220 |
) |
|
|
(1,558 |
) |
|
|
2,925 |
|
|
|
(853 |
) |
|
|
(144,123 |
) |
|
|
(144,976 |
) |
|
|
|
2,425 |
|
|
|
500 |
|
Construction |
|
|
715 |
|
|
|
- |
|
|
|
(485 |
) |
|
|
230 |
|
|
|
39,984 |
|
|
|
40,214 |
|
|
|
|
(485 |
) |
|
|
- |
|
Mortgage |
|
|
(35,433 |
) |
|
|
(2,380 |
) |
|
|
(68,907 |
) |
|
|
(106,720 |
) |
|
|
(21,483 |
) |
|
|
(128,203 |
) |
|
|
|
(27,327 |
) |
|
|
(41,580 |
) |
Leasing |
|
|
579 |
|
|
|
409 |
|
|
|
664 |
|
|
|
1,652 |
|
|
|
43,151 |
|
|
|
44,803 |
|
|
|
|
664 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
49 |
|
|
|
208 |
|
|
|
472 |
|
|
|
729 |
|
|
|
(5,020 |
) |
|
|
(4,291 |
) |
|
|
|
- |
|
|
|
472 |
|
Home equity lines of credit |
|
|
(46 |
) |
|
|
- |
|
|
|
- |
|
|
|
(46 |
) |
|
|
(409 |
) |
|
|
(455 |
) |
|
|
|
- |
|
|
|
- |
|
Personal |
|
|
188 |
|
|
|
112 |
|
|
|
(2,078 |
) |
|
|
(1,778 |
) |
|
|
17,194 |
|
|
|
15,416 |
|
|
|
|
(2,078 |
) |
|
|
- |
|
Auto |
|
|
(7,631 |
) |
|
|
(3,666 |
) |
|
|
4,429 |
|
|
|
(6,868 |
) |
|
|
24,843 |
|
|
|
17,975 |
|
|
|
|
4,429 |
|
|
|
- |
|
Other |
|
|
105 |
|
|
|
(677 |
) |
|
|
(437 |
) |
|
|
(1,009 |
) |
|
|
1,541 |
|
|
|
532 |
|
|
|
|
(411 |
) |
|
|
(26 |
) |
Total |
|
$ |
(39,936 |
) |
|
$ |
(7,634 |
) |
|
$ |
(68,107 |
) |
|
$ |
(115,677 |
) |
|
$ |
262,554 |
|
|
$ |
146,877 |
|
|
|
$ |
(27,473 |
) |
|
$ |
(40,634 |
) |
|
|||||||||||||||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||||||||||||||||||
Table I - Loan Delinquency - Popular |
|||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Popular |
|||||||||||||||||||||||||
|
|
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 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
1,865,623 |
|
$ |
1,865,623 |
|
|
$ |
- |
|
$ |
- |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
902 |
|
|
740 |
|
|
374 |
|
|
2,016 |
|
|
1,391,874 |
|
|
1,393,890 |
|
|
|
374 |
|
|
- |
Owner occupied |
|
|
6,385 |
|
|
- |
|
|
677 |
|
|
7,062 |
|
|
1,398,580 |
|
|
1,405,642 |
|
|
|
677 |
|
|
- |
Commercial and industrial |
|
|
10,925 |
|
|
602 |
|
|
4,891 |
|
|
16,418 |
|
|
1,788,918 |
|
|
1,805,336 |
|
|
|
4,352 |
|
|
539 |
Construction |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
617,458 |
|
|
617,458 |
|
|
|
- |
|
|
- |
Mortgage |
|
|
13,006 |
|
|
1,069 |
|
|
21,826 |
|
|
35,901 |
|
|
1,166,782 |
|
|
1,202,683 |
|
|
|
21,826 |
|
|
- |
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
26 |
|
|
26 |
|
|
|
- |
|
|
- |
Home equity lines of credit |
|
|
259 |
|
|
15 |
|
|
5,248 |
|
|
5,522 |
|
|
68,437 |
|
|
73,959 |
|
|
|
5,248 |
|
|
- |
Personal |
|
|
739 |
|
|
558 |
|
|
627 |
|
|
1,924 |
|
|
203,381 |
|
|
205,305 |
|
|
|
627 |
|
|
- |
Other |
|
|
- |
|
|
1 |
|
|
1 |
|
|
2 |
|
|
6,007 |
|
|
6,009 |
|
|
|
1 |
|
|
- |
Total |
|
$ |
32,216 |
|
$ |
2,985 |
|
$ |
33,644 |
|
$ |
68,845 |
|
$ |
8,507,086 |
|
$ |
8,575,931 |
|
|
$ |
33,105 |
|
$ |
539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Popular |
|||||||||||||||||||||||||
|
|
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 |
|
$ |
3,826 |
|
$ |
- |
|
$ |
- |
|
$ |
3,826 |
|
$ |
1,804,035 |
|
$ |
1,807,861 |
|
|
$ |
- |
|
$ |
- |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
5,721 |
|
|
683 |
|
|
622 |
|
|
7,026 |
|
|
2,316,441 |
|
|
2,323,467 |
|
|
|
622 |
|
|
- |
Owner occupied |
|
|
1,095 |
|
|
- |
|
|
1,013 |
|
|
2,108 |
|
|
392,265 |
|
|
394,373 |
|
|
|
1,013 |
|
|
- |
Commercial and industrial |
|
|
9,410 |
|
|
2,680 |
|
|
4,015 |
|
|
16,105 |
|
|
1,794,026 |
|
|
1,810,131 |
|
|
|
3,897 |
|
|
118 |
Construction |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
629,109 |
|
|
629,109 |
|
|
|
- |
|
|
- |
Mortgage |
|
|
11,711 |
|
|
2,573 |
|
|
21,969 |
|
|
36,253 |
|
|
1,139,077 |
|
|
1,175,330 |
|
|
|
21,969 |
|
|
- |
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
10 |
|
|
10 |
|
|
|
- |
|
|
- |
Home equity lines of credit |
|
|
71 |
|
|
34 |
|
|
5,406 |
|
|
5,511 |
|
|
69,780 |
|
|
75,291 |
|
|
|
5,406 |
|
|
- |
Personal |
|
|
863 |
|
|
574 |
|
|
681 |
|
|
2,118 |
|
|
152,827 |
|
|
154,945 |
|
|
|
681 |
|
|
- |
Other |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4,658 |
|
|
4,658 |
|
|
|
- |
|
|
- |
Total |
|
$ |
32,697 |
|
$ |
6,544 |
|
$ |
33,706 |
|
$ |
72,947 |
|
$ |
8,302,228 |
|
$ |
8,375,175 |
|
|
$ |
33,588 |
|
$ |
118 |
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 |
|
$ |
(3,826 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(3,826 |
) |
|
$ |
61,588 |
|
|
$ |
57,762 |
|
|
|
$ |
- |
|
|
$ |
- |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-owner occupied |
|
|
(4,819 |
) |
|
|
57 |
|
|
|
(248 |
) |
|
|
(5,010 |
) |
|
|
(924,567 |
) |
|
|
(929,577 |
) |
|
|
|
(248 |
) |
|
|
- |
Owner occupied |
|
|
5,290 |
|
|
|
- |
|
|
|
(336 |
) |
|
|
4,954 |
|
|
|
1,006,315 |
|
|
|
1,011,269 |
|
|
|
|
(336 |
) |
|
|
- |
Commercial and industrial |
|
|
1,515 |
|
|
|
(2,078 |
) |
|
|
876 |
|
|
|
313 |
|
|
|
(5,108 |
) |
|
|
(4,795 |
) |
|
|
|
455 |
|
|
|
421 |
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11,651 |
) |
|
|
(11,651 |
) |
|
|
|
- |
|
|
|
- |
Mortgage |
|
|
1,295 |
|
|
|
(1,504 |
) |
|
|
(143 |
) |
|
|
(352 |
) |
|
|
27,705 |
|
|
|
27,353 |
|
|
|
|
(143 |
) |
|
|
- |
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit cards |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16 |
|
|
|
16 |
|
|
|
|
- |
|
|
|
- |
Home equity lines of credit |
|
|
188 |
|
|
|
(19 |
) |
|
|
(158 |
) |
|
|
11 |
|
|
|
(1,343 |
) |
|
|
(1,332 |
) |
|
|
|
(158 |
) |
|
|
- |
Personal |
|
|
(124 |
) |
|
|
(16 |
) |
|
|
(54 |
) |
|
|
(194 |
) |
|
|
50,554 |
|
|
|
50,360 |
|
|
|
|
(54 |
) |
|
|
- |
Other |
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1,349 |
|
|
|
1,351 |
|
|
|
|
1 |
|
|
|
- |
Total |
|
$ |
(481 |
) |
|
$ |
(3,559 |
) |
|
$ |
(62 |
) |
|
$ |
(4,102 |
) |
|
$ |
204,858 |
|
|
$ |
200,756 |
|
|
|
$ |
(483 |
) |
|
$ |
421 |
|
||||||||||||||||||||||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
||||||||||||||||||||||||||||||||
Table J - Loan Delinquency - Consolidated |
||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
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 |
$ |
2,130 |
|
|
$ |
189 |
|
|
$ |
274 |
|
|
$ |
2,593 |
|
|
$ |
2,026,271 |
|
|
$ |
2,028,864 |
|
|
|
$ |
274 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
4,548 |
|
|
|
833 |
|
|
|
21,001 |
|
|
|
26,382 |
|
|
|
3,928,048 |
|
|
|
3,954,430 |
|
|
|
|
21,001 |
|
|
|
- |
|
Owner occupied |
|
10,409 |
|
|
|
50 |
|
|
|
50,409 |
|
|
|
60,868 |
|
|
|
2,795,276 |
|
|
|
2,856,144 |
|
|
|
|
50,409 |
|
|
|
- |
|
Commercial and industrial |
|
12,143 |
|
|
|
771 |
|
|
|
53,058 |
|
|
|
65,972 |
|
|
|
5,122,836 |
|
|
|
5,188,808 |
|
|
|
|
51,501 |
|
|
|
1,557 |
|
Construction |
|
715 |
|
|
|
- |
|
|
|
- |
|
|
|
715 |
|
|
|
744,068 |
|
|
|
744,783 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
195,403 |
|
|
|
80,443 |
|
|
|
758,164 |
|
|
|
1,034,010 |
|
|
|
6,292,336 |
|
|
|
7,326,346 |
|
|
|
|
328,386 |
|
|
|
429,778 |
|
Leasing |
|
9,819 |
|
|
|
2,446 |
|
|
|
3,766 |
|
|
|
16,031 |
|
|
|
1,410,091 |
|
|
|
1,426,122 |
|
|
|
|
3,766 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
5,817 |
|
|
|
3,728 |
|
|
|
9,049 |
|
|
|
18,594 |
|
|
|
896,992 |
|
|
|
915,586 |
|
|
|
|
- |
|
|
|
9,049 |
|
Home equity lines of credit |
|
259 |
|
|
|
15 |
|
|
|
5,271 |
|
|
|
5,545 |
|
|
|
71,530 |
|
|
|
77,075 |
|
|
|
|
5,248 |
|
|
|
23 |
|
Personal |
|
10,954 |
|
|
|
6,742 |
|
|
|
19,784 |
|
|
|
37,480 |
|
|
|
1,471,301 |
|
|
|
1,508,781 |
|
|
|
|
19,784 |
|
|
|
- |
|
Auto |
|
51,497 |
|
|
|
11,353 |
|
|
|
27,514 |
|
|
|
90,364 |
|
|
|
3,339,798 |
|
|
|
3,430,162 |
|
|
|
|
27,514 |
|
|
|
- |
|
Other |
|
537 |
|
|
|
38 |
|
|
|
12,185 |
|
|
|
12,760 |
|
|
|
118,329 |
|
|
|
131,089 |
|
|
|
|
12,038 |
|
|
|
147 |
|
Total |
$ |
304,231 |
|
|
$ |
106,608 |
|
|
$ |
960,475 |
|
|
$ |
1,371,314 |
|
|
$ |
28,216,876 |
|
|
$ |
29,588,190 |
|
|
|
$ |
519,921 |
|
|
$ |
440,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
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 |
$ |
4,140 |
|
|
$ |
- |
|
|
$ |
272 |
|
|
$ |
4,412 |
|
|
$ |
1,958,218 |
|
|
$ |
1,962,630 |
|
|
|
$ |
272 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
8,120 |
|
|
|
819 |
|
|
|
21,338 |
|
|
|
30,277 |
|
|
|
4,583,113 |
|
|
|
4,613,390 |
|
|
|
|
21,338 |
|
|
|
- |
|
Owner occupied |
|
4,424 |
|
|
|
278 |
|
|
|
55,348 |
|
|
|
60,050 |
|
|
|
1,758,052 |
|
|
|
1,818,102 |
|
|
|
|
55,348 |
|
|
|
- |
|
Commercial and industrial |
|
12,848 |
|
|
|
4,407 |
|
|
|
49,257 |
|
|
|
66,512 |
|
|
|
5,272,067 |
|
|
|
5,338,579 |
|
|
|
|
48,621 |
|
|
|
636 |
|
Construction |
|
- |
|
|
|
- |
|
|
|
485 |
|
|
|
485 |
|
|
|
715,735 |
|
|
|
716,220 |
|
|
|
|
485 |
|
|
|
- |
|
Mortgage |
|
229,541 |
|
|
|
84,327 |
|
|
|
827,214 |
|
|
|
1,141,082 |
|
|
|
6,286,114 |
|
|
|
7,427,196 |
|
|
|
|
355,856 |
|
|
|
471,358 |
|
Leasing |
|
9,240 |
|
|
|
2,037 |
|
|
|
3,102 |
|
|
|
14,379 |
|
|
|
1,366,940 |
|
|
|
1,381,319 |
|
|
|
|
3,102 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
5,768 |
|
|
|
3,520 |
|
|
|
8,577 |
|
|
|
17,865 |
|
|
|
901,996 |
|
|
|
919,861 |
|
|
|
|
- |
|
|
|
8,577 |
|
Home equity lines of credit |
|
117 |
|
|
|
34 |
|
|
|
5,429 |
|
|
|
5,580 |
|
|
|
73,282 |
|
|
|
78,862 |
|
|
|
|
5,406 |
|
|
|
23 |
|
Personal |
|
10,890 |
|
|
|
6,646 |
|
|
|
21,916 |
|
|
|
39,452 |
|
|
|
1,403,553 |
|
|
|
1,443,005 |
|
|
|
|
21,916 |
|
|
|
- |
|
Auto |
|
59,128 |
|
|
|
15,019 |
|
|
|
23,085 |
|
|
|
97,232 |
|
|
|
3,314,955 |
|
|
|
3,412,187 |
|
|
|
|
23,085 |
|
|
|
- |
|
Other |
|
432 |
|
|
|
714 |
|
|
|
12,621 |
|
|
|
13,767 |
|
|
|
115,439 |
|
|
|
129,206 |
|
|
|
|
12,448 |
|
|
|
173 |
|
Total |
$ |
344,648 |
|
|
$ |
117,801 |
|
|
$ |
1,028,644 |
|
|
$ |
1,491,093 |
|
|
$ |
27,749,464 |
|
|
$ |
29,240,557 |
|
|
|
$ |
547,877 |
|
|
$ |
480,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
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 |
$ |
(2,010 |
) |
|
$ |
189 |
|
|
$ |
2 |
|
|
$ |
(1,819 |
) |
|
$ |
68,053 |
|
|
$ |
66,234 |
|
|
|
$ |
2 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
(3,572 |
) |
|
|
14 |
|
|
|
(337 |
) |
|
|
(3,895 |
) |
|
|
(655,065 |
) |
|
|
(658,960 |
) |
|
|
|
(337 |
) |
|
|
- |
|
Owner occupied |
|
5,985 |
|
|
|
(228 |
) |
|
|
(4,939 |
) |
|
|
818 |
|
|
|
1,037,224 |
|
|
|
1,038,042 |
|
|
|
|
(4,939 |
) |
|
|
- |
|
Commercial and industrial |
|
(705 |
) |
|
|
(3,636 |
) |
|
|
3,801 |
|
|
|
(540 |
) |
|
|
(149,231 |
) |
|
|
(149,771 |
) |
|
|
|
2,880 |
|
|
|
921 |
|
Construction |
|
715 |
|
|
|
- |
|
|
|
(485 |
) |
|
|
230 |
|
|
|
28,333 |
|
|
|
28,563 |
|
|
|
|
(485 |
) |
|
|
- |
|
Mortgage |
|
(34,138 |
) |
|
|
(3,884 |
) |
|
|
(69,050 |
) |
|
|
(107,072 |
) |
|
|
6,222 |
|
|
|
(100,850 |
) |
|
|
|
(27,470 |
) |
|
|
(41,580 |
) |
Leasing |
|
579 |
|
|
|
409 |
|
|
|
664 |
|
|
|
1,652 |
|
|
|
43,151 |
|
|
|
44,803 |
|
|
|
|
664 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
49 |
|
|
|
208 |
|
|
|
472 |
|
|
|
729 |
|
|
|
(5,004 |
) |
|
|
(4,275 |
) |
|
|
|
- |
|
|
|
472 |
|
Home equity lines of credit |
|
142 |
|
|
|
(19 |
) |
|
|
(158 |
) |
|
|
(35 |
) |
|
|
(1,752 |
) |
|
|
(1,787 |
) |
|
|
|
(158 |
) |
|
|
- |
|
Personal |
|
64 |
|
|
|
96 |
|
|
|
(2,132 |
) |
|
|
(1,972 |
) |
|
|
67,748 |
|
|
|
65,776 |
|
|
|
|
(2,132 |
) |
|
|
- |
|
Auto |
|
(7,631 |
) |
|
|
(3,666 |
) |
|
|
4,429 |
|
|
|
(6,868 |
) |
|
|
24,843 |
|
|
|
17,975 |
|
|
|
|
4,429 |
|
|
|
- |
|
Other |
|
105 |
|
|
|
(676 |
) |
|
|
(436 |
) |
|
|
(1,007 |
) |
|
|
2,890 |
|
|
|
1,883 |
|
|
|
|
(410 |
) |
|
|
(26 |
) |
Total |
$ |
(40,417 |
) |
|
$ |
(11,193 |
) |
|
$ |
(68,169 |
) |
|
$ |
(119,779 |
) |
|
$ |
467,412 |
|
|
$ |
347,633 |
|
|
|
$ |
(27,956 |
) |
|
$ |
(40,213 |
) |
|
|||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||||||
Table K - Non-Performing Assets |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
Variance |
|||
(Dollars in thousands) |
|
As a % of
|
|
|
As a % of
|
|
|
As a % of
|
|
Q1 2022 vs.
|
Q1 2022 vs.
|
||
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
||
Commercial |
|
0.9 |
% |
|
0.9 |
% |
|
1.5 |
% |
|
) |
|
) |
Construction |
- |
- |
|
485 |
0.1 |
|
22,400 |
2.5 |
|
(485 |
) |
(22,400 |
) |
Leasing |
3,766 |
0.3 |
|
3,102 |
0.2 |
|
3,040 |
0.2 |
|
664 |
|
726 |
|
Mortgage |
328,386 |
4.5 |
|
355,856 |
4.8 |
|
405,574 |
5.2 |
|
(27,470 |
) |
(77,188 |
) |
Auto |
27,514 |
0.8 |
|
23,085 |
0.7 |
|
15,405 |
0.5 |
|
4,429 |
|
12,109 |
|
Consumer |
37,070 |
1.4 |
|
39,770 |
1.5 |
|
48,953 |
1.9 |
|
(2,700 |
) |
(11,883 |
) |
Total non-performing loans held-in-portfolio |
519,921 |
1.8 |
% |
547,877 |
1.9 |
% |
698,142 |
2.4 |
% |
(27,956 |
) |
(178,221 |
) |
Non-performing loans held-for-sale [1] |
- |
|
|
- |
|
|
3,549 |
|
|
- |
|
(3,549 |
) |
Other real estate owned (“OREO”) |
90,567 |
|
|
85,077 |
|
|
72,060 |
|
|
5,490 |
|
18,507 |
|
Total non-performing assets |
|
|
|
|
|
|
|
|
|
|
) |
|
) |
Accruing loans past due 90 days or more [2] |
|
|
|
|
|
|
|
|
|
|
) |
|
) |
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
||
Non-performing assets to total assets |
0.88 |
% |
|
0.84 |
% |
|
1.16 |
% |
|
|
|
||
Non-performing loans held-in-portfolio to loans held-in-portfolio |
1.76 |
|
|
1.87 |
|
|
2.40 |
|
|
|
|
||
Allowance for credit losses to loans held-in-portfolio |
2.29 |
|
|
2.38 |
|
|
2.75 |
|
|
|
|
||
Allowance for credit losses to non-performing loans, excluding loans held-for-sale |
130.36 |
|
|
126.92 |
|
|
114.70 |
|
|
|
|
||
[1] There were no non-performing loans held-for-sale as of |
|||||||||||||
[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the |
|
||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
||||||||||||
Table L - Activity in Non-Performing Loans |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
Commercial loans held-in-portfolio: |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
6,127 |
|
2,999 |
|
9,126 |
|
2,297 |
|
3,208 |
|
5,505 |
|
Advances on existing non-performing loans |
- |
|
2,505 |
|
2,505 |
|
- |
|
35 |
|
35 |
|
Less: |
|
|
|
|
|
|
||||||
Non-performing loans transferred to OREO |
(3,052 |
) |
- |
|
(3,052 |
) |
(996 |
) |
- |
|
(996 |
) |
Non-performing loans charged-off |
(256 |
) |
(73 |
) |
(329 |
) |
(2,412 |
) |
(66 |
) |
(2,478 |
) |
Loans returned to accrual status / loan collections |
(5,084 |
) |
(5,560 |
) |
(10,644 |
) |
(62,236 |
) |
(432 |
) |
(62,668 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction loans held-in-portfolio: |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
$- |
|
|
|
|
|
$- |
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
- |
|
- |
|
- |
|
481 |
|
- |
|
481 |
|
Less: |
|
|
|
|
|
|
||||||
Loans returned to accrual status / loan collections |
(485 |
) |
- |
|
(485 |
) |
(14,873 |
) |
- |
|
(14,873 |
) |
Ending balance NPLs |
$- |
|
$- |
|
$- |
|
|
|
$- |
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage loans held-in-portfolio: |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
38,193 |
|
4,800 |
|
42,993 |
|
36,210 |
|
12,084 |
|
48,294 |
|
Advances on existing non-performing loans |
- |
|
134 |
|
134 |
|
- |
|
14 |
|
14 |
|
Less: |
|
|
|
|
|
|
||||||
Non-performing loans transferred to OREO |
(10,344 |
) |
(85 |
) |
(10,429 |
) |
(7,116 |
) |
- |
|
(7,116 |
) |
Non-performing loans charged-off |
(467 |
) |
- |
|
(467 |
) |
(366 |
) |
(26 |
) |
(392 |
) |
Loans returned to accrual status / loan collections |
(54,709 |
) |
(4,992 |
) |
(59,701 |
) |
(49,396 |
) |
(4,591 |
) |
(53,987 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total non-performing loans held-in-portfolio (excluding consumer): |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
44,320 |
|
7,799 |
|
52,119 |
|
38,988 |
|
15,292 |
|
54,280 |
|
Advances on existing non-performing loans |
- |
|
2,639 |
|
2,639 |
|
- |
|
49 |
|
49 |
|
Less: |
|
|
|
|
|
|
||||||
Non-performing loans transferred to OREO |
(13,396 |
) |
(85 |
) |
(13,481 |
) |
(8,112 |
) |
- |
|
(8,112 |
) |
Non-performing loans charged-off |
(723 |
) |
(73 |
) |
(796 |
) |
(2,778 |
) |
(92 |
) |
(2,870 |
) |
Loans returned to accrual status / loan collections |
(60,278 |
) |
(10,552 |
) |
(70,830 |
) |
(126,505 |
) |
(5,023 |
) |
(131,528 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||
Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
Quarters ended |
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
|
|||
Balance at beginning of period - loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
Provision for credit losses (benefit) |
(14,405 |
) |
|
(31,421 |
) |
|
(75,779 |
) |
|
Initial allowance for credit losses - PCD Loans |
612 |
|
|
331 |
|
|
1,356 |
|
|
|
681,573 |
|
|
687,485 |
|
|
821,827 |
|
|
Net loans charged-off (recovered): |
|
|
|
|
|
|
|||
BPPR |
|
|
|
|
|
|
|||
Commercial |
(4,230 |
) |
|
(11,346 |
) |
|
(1,434 |
) |
|
Construction |
(416 |
) |
|
(1,518 |
) |
|
5,917 |
|
|
Lease financing |
(434 |
) |
|
564 |
|
|
118 |
|
|
Mortgage |
(2,992 |
) |
|
(4,398 |
) |
|
8,303 |
|
|
Consumer |
13,574 |
|
|
9,083 |
|
|
6,570 |
|
|
Total BPPR |
5,502 |
|
|
(7,615 |
) |
|
19,474 |
|
|
Popular |
|
|
|
|
|
|
|||
Commercial |
(627 |
) |
|
(387 |
) |
|
16 |
|
|
Construction |
(1,128 |
) |
|
(213 |
) |
|
- |
|
|
Mortgage |
(20 |
) |
|
569 |
|
|
(80 |
) |
|
Consumer |
54 |
|
|
(235 |
) |
|
1,620 |
|
|
Total Popular |
(1,721 |
) |
|
(266 |
) |
|
1,556 |
|
|
Total loans charged-off (recovered) - |
3,781 |
|
|
(7,881 |
) |
|
21,030 |
|
|
Balance at end of period - loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period - unfunded commitments |
|
|
|
|
|
|
|
|
|
Provision for credit losses (benefit) |
(843 |
) |
|
(503 |
) |
|
(6,282 |
) |
|
Balance at end of period - unfunded commitments [1] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.05 |
|
% |
(0.11 |
) |
% |
0.29 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
(380.98 |
) |
% |
N.M. |
|
(360.34 |
) |
% |
|
BPPR |
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.11 |
|
% |
(0.15 |
) |
% |
0.36 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
(230.12 |
) |
% |
N.M. |
|
(205.28 |
) |
% |
|
Popular |
|
|
|
|
|
|
|||
Annualized net charge-offs to average loans held-in-portfolio |
(0.08 |
) |
% |
(0.01 |
) |
% |
0.08 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
101.34 |
|
% |
N.M. |
|
N.M. |
|
||
N.M. - Not meaningful. |
|||||||||
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition. |
|
|||||||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||||||||||
Table N - Allowance for Credit Losses "ACL"- Loan Portfolios - CONSOLIDATED |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|||||||||||||||||
(Dollars in thousands) |
|
Commercial |
|
Construction |
|
Mortgage |
|
Lease
|
|
Consumer |
|
Total |
|
||||
Total ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
|
1.46 |
|
% |
0.88 |
% |
2.04 |
|
% |
1.29 |
% |
4.93 |
|
% |
2.29 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|||||||||||||||||
(Dollars in thousands) |
|
Commercial |
|
Construction |
|
Mortgage |
|
Lease
|
|
Consumer |
|
Total |
|
||||
Total ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
|
1.57 |
|
% |
0.89 |
% |
2.08 |
|
% |
1.27 |
% |
5.03 |
|
% |
2.38 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Variance |
|||||||||||||||||
(Dollars in thousands) |
|
Commercial |
|
Construction |
|
Mortgage |
|
Lease
|
|
Consumer |
|
Total |
|
||||
Total ACL |
|
|
) |
|
|
|
|
) |
|
|
|
|
) |
|
|
) |
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|
|||||||||||||||
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - |
|
|||||||||||||||
(Unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|||||||||||||||
|
|
|||||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Lease
|
|
Consumer |
|
Total |
|
||||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
1.92 |
|
% |
1.90 |
% |
2.15 |
|
% |
1.29 |
% |
4.83 |
|
% |
2.74 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|||||||||||||||
|
|
|||||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Lease
|
|
Consumer |
|
Total |
|
||||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
2.05 |
|
% |
1.88 |
% |
2.21 |
|
% |
1.27 |
% |
4.95 |
|
% |
2.85 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Variance |
|
|||||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Lease
|
|
Consumer |
|
Total |
|
||||
ACL |
|
) |
|
|
|
|
) |
|
|
|
|
) |
|
|
) |
|
Loans held-in-portfolio |
|
|
|
|
|
|
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Supplement to First Quarter 2022 Earnings Release |
|
||||||||||||
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR |
|
||||||||||||
(Unaudited) |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
||||||||||||
Popular |
|
||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Consumer |
|
Total |
|
|||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
0.91 |
|
% |
0.67 |
|
% |
1.48 |
% |
7.02 |
% |
1.18 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
||||||||||||
Popular |
|
||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Consumer |
|
Total |
|
|||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
1.01 |
|
% |
0.75 |
|
% |
1.38 |
% |
6.99 |
% |
1.21 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
Variance |
|
||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Consumer |
|
Total |
|
|||
ACL |
|
) |
|
|
) |
|
|
|
|
|
|
) |
|
Loans held-in-portfolio |
|
|
|
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial Supplement to First Quarter 2022 Earnings Release |
|||||||||
Table Q - Reconciliation to GAAP Financial Measures |
|||||||||
(Unaudited) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
(In thousands, except share or per share information) |
|
|
|
|
|
|
|||
Total stockholders’ equity |
|
|
|
|
|
|
|
|
|
Less: Preferred stock |
(22,143 |
) |
|
(22,143 |
) |
|
(22,143 |
) |
|
Less: |
(720,293 |
) |
|
(720,293 |
) |
|
(671,122 |
) |
|
Less: Other intangibles |
(15,328 |
) |
|
(16,219 |
) |
|
(21,415 |
) |
|
Total tangible common equity |
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
Less: |
(720,293 |
) |
|
(720,293 |
) |
|
(671,122 |
) |
|
Less: Other intangibles |
(15,328 |
) |
|
(16,219 |
) |
|
(21,415 |
) |
|
Total tangible assets |
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets |
5.69 |
|
% |
7.01 |
|
% |
7.83 |
|
% |
Common shares outstanding at end of period |
76,487,523 |
|
|
79,851,169 |
|
|
84,379,180 |
|
|
Tangible book value per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Quarterly average |
|
|||||||
Total stockholders’ equity [1] |
|
|
|
|
|
|
|
|
|
Less: Preferred Stock |
(22,143 |
) |
|
(22,143 |
) |
|
(22,143 |
) |
|
Less: |
(720,292 |
) |
|
(706,184 |
) |
|
(671,121 |
) |
|
Less: Other intangibles |
(15,881 |
) |
|
(19,889 |
) |
|
(22,104 |
) |
|
Total tangible equity |
|
|
|
|
|
|
|
|
|
Return on average tangible common equity |
16.40 |
|
% |
15.66 |
|
% |
21.37 |
|
% |
[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/20220426005090/en/
Investor Relations:
Investor Relations Officer
pcardillo@popular.com
or
Media Relations:
MC González Noguera, 917-804-5253
Executive Vice President and Chief Communications & Public Affairs Officer
mc.gonzalez@popular.com
Source:
FAQ
What was Popular's net income for Q1 2022?
How did Popular's net interest margin change in Q1 2022?
What is the NPL to loans ratio reported by Popular?
What was the dividend declared by Popular in Q1 2022?