Popular, Inc. Announces First Quarter 2023 Financial Results
Popular, Inc. (NASDAQ:BPOP) reported a net income of $159.0 million for Q1 2023, down from $257.1 million in Q4 2022, which included a $68.2 million tax benefit. The net interest margin decreased to 3.22% from 3.28% in the previous quarter. Non-performing loans (NPLs) decreased by $27.1 million, resulting in an NPLs to loans ratio of 1.3%. Total loans increased by $260.6 million, while deposit balances fell by $273.3 million. The company issued $400 million in senior notes to redeem existing debt. Notable metrics include a Common Equity Tier 1 (CET1) ratio of 16.73% and a tangible book value per share of $50.15.
- Net income of $159.0 million in Q1 2023, despite a decline from the previous quarter.
- Total loans increased by $260.6 million, highlighting growth in the loan portfolio.
- Decrease in non-performing loans (NPLs) by $27.1 million, and an improved NPLs to loans ratio at 1.3%.
- Common Equity Tier 1 (CET1) ratio improved to 16.73%, indicating strong capital position.
- Net income dropped significantly from $257.1 million in Q4 2022 due to tax benefits not recurring.
- Net interest margin decreased to 3.22% from 3.28%, indicating declining profitability on interest-earning assets.
- Deposit balances declined by $273.3 million, which could affect liquidity and funding.
-
Net income of
in Q1 2023, compared to net income of$159.0 million in Q4 2022; the results of Q4 2022 included a tax benefit of$257.1 million related to the partial release of the deferred tax valuation allowance in the$68.2 million U.S. -
Net interest margin of
3.22% in Q1 2023, compared to3.28% in Q4 2022; net interest margin on a taxable equivalent basis of3.46% in Q1 2023, compared to3.64% in Q4 2022. -
Credit Quality:
-
Non-performing loans held-in-portfolio (“NPLs”) decreased by
from Q4 2022; NPLs to loans ratio at$27.1 million 1.3% vs.1.4% in Q4 2022; -
Net charge-offs (“NCOs”) increased by
from Q4 2022; annualized NCOs at$1.6 million 0.41% of average loans held-in-portfolio vs.0.39% in Q4 2022; -
Allowance for credit losses (“ACL”) to loans held-in-portfolio at
2.13% vs.2.25% in Q4 2022; and -
ACL to NPLs at
167.1% vs.163.9% in Q4 2022.
-
Non-performing loans held-in-portfolio (“NPLs”) decreased by
-
Loans increased by
,$260.6 million in average quarterly balances, from Q4 2022.$334.5 million -
Deposit balances decreased by
,$273.3 million in average quarterly balances, from Q4 2022.$1.3 billion -
Total borrowings at Q1 2023 were
, flat compared to Q4 2022.$1.4 billion -
Common Equity Tier 1 ratio of
16.73% , Common Equity per Share of and Tangible Book Value per Share of$61.82 at$50.15 March 31, 2023 .
Significant Events
Issuance of Senior Notes
On
Refer to Table I for further details of liquidity sources.
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) |
47,637 |
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49,531 |
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(15,500 |
) |
Net interest income after provision for credit losses (benefit) |
484,019 |
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510,035 |
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509,812 |
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Other non-interest income |
161,961 |
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158,465 |
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154,692 |
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Operating expenses |
440,687 |
|
461,708 |
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|
402,339 |
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Income before income tax |
205,293 |
|
206,792 |
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262,165 |
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Income tax expense (benefit) |
46,314 |
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(50,347 |
) |
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50,479 |
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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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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 Tables D and E 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.
For the quarter ended
Net interest margin for the quarter was
-
Lower interest income from money market, investment and trading securities by
driven by lower average volume by$15.4 million ;$1.5 billion -
higher interest expense on deposits by
due to the increase in rates, mainly from$53.9 million Puerto Rico government, commercial deposits andPopular Bank (“PB”) deposits;
Partially offset by:
-
higher interest income from loans by
resulting from an increase in average loans by$18.1 million reflecting increases in both PB and Banco Popular de$336 million Puerto Rico (“BPPR”) and across most major lending segments except construction loans in PB. Loan origination in a higher interest rate environment and the repricing of adjustable-rate loans resulted in a higher yield on loans by 27 basis points. The categories with the highest impact were commercial loans with an increase of in interest income, or 31 basis points, and consumer loans which increased$10.8 million in interest income, or 59 basis points. The yield on the construction portfolio increased by 86 basis points but was offset by lower average balances.$4.2 million
Net interest income for the BPPR segment amounted to
Net interest income for PB was
Non-interest income
Non-interest income amounted to
-
higher other service fees by
mainly due to higher credit card fees, mainly from commercial clients, and higher investment management and trust fees, partially offset by lower insurance fees, including contingent payments typically received during the fourth quarter;$1.1 million -
The first quarter of 2023’s results included
in income from the successful insurance claim reimbursements related to prior period legal matters while the fourth quarter of 2022’s results included a gain of$7.0 million related to a recovery on the sale of a previously charged-off investment.$8.2 million
Refer to Table B for further details.
Operating expenses
Operating expenses for the first quarter of 2023 totaled
-
lower professional fees by
mainly due to lower advisory expenses arising from the Corporation’s Transformation initiative designed to expand its digital capabilities, modernize its technology platform, incurred in the fourth quarter of 2022; though this initiative is ongoing, its initial planning stages required certain up front expenditures in 2022;$15.7 million -
lower technology and software expenses by
mainly due to a decrease in IT professional and consulting fees by$9.7 million , driven by the incurrence during the fourth quarter of 2022 of higher Transformation initiative expenses, and lower network management, application processing and hosting expenses by$7.6 million ;$1.9 million -
lower other business promotion expenses by
mainly due to lower seasonal donations, advertising and sponsorship expenses, which are typically higher in the fourth quarter; and$9.3 million -
lower other operating expenses by
mainly due to a reserve of$3.3 million in legal matters recorded during the fourth quarter of 2022 and lower mortgage servicing related losses;$2.0 million
partially offset by:
-
higher personnel costs by
, mainly due to higher salaries by$8.6 million as a result of an increase in minimum salary at BPPR effective in$8.9 million January 2023 and higher headcount, an increase in health insurance costs by , and higher payroll taxes, fringe benefits and other compensation expenses by$2.8 million that traditionally are higher during the first quarter of the year; partially offset by a decrease in profit-sharing accrual of$5.2 million ;$8.0 million -
higher credit and debit card processing and transactional expenses by
mainly due to higher volume of transactions;$2.3 million -
higher
FDIC deposit insurance expense by due to amendments to the$2.5 million Deposit Insurance Fund restoration plan implemented by theFDIC that increased the base deposit assessment rate by 2 basis points, annually, beginning with the first quarterly assessment period of 2023; and -
lower other real estate owned (OREO) benefit by
mainly due to lower gain on sale of mortgage and commercial properties by$7.5 million and lower expense claim reimbursement from federal government agency programs by$5.1 million .$1.2 million
Management believes that the level of expenditures related to the Corporation’s Transformation initiative incurred during the first quarter of 2023 reflects the current maturity of the project: as the initiative matures, expenses are expected to shift from being primarily advisory-related to expenses related to the development and execution of implementation plans, which have a slower pace of expenditure but are expected to accelerate as the year progresses.
Full-time equivalent employees were 8,975 as of
For a breakdown of operating expenses by category refer to Table B.
Income taxes
For the quarter ended
The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2023 to be within a range from
Credit Quality
During the first quarter of 2023, the Corporation continued to reflect strong credit quality metrics with low levels of NCOs and decreasing NPLs. We continue to closely monitor changes in the macroeconomic environment and on borrower performance, given inflationary pressures and geopolitical risks. However, management believes that the improvement over recent years in the risk profile of the Corporation’s loan portfolios positions Popular to continue to operate successfully under the current environment.
The following presents credit quality results for the first quarter of 2023:
-
At
March 31, 2023 , total non-performing loans held-in-portfolio decreased by from$27.1 million December 31, 2022 . BPPR’s NPLs decreased by , mostly driven by lower mortgage and consumer NPLs by$23.0 million and$18.3 million , respectively, in part offset by higher commercial loans NPLs by$13.7 million . The consumer NPLs decrease was mostly driven by a$8.8 million line of credit charge-off on a single relationship, while the commercial NPLs increase was driven by a$10.5 million loan relationship. PB’s NPLs decreased by$14.3 million quarter-over-quarter, mostly due to lower mortgage NPLs by$4.0 million . At$5.8 million March 31, 2023 , the ratio of NPLs to total loans held-in-portfolio was at1.3% , compared to1.4% in the fourth quarter of 2022. -
Inflows of NPLs held-in-portfolio, excluding consumer loans, increased by
quarter-over-quarter. In BPPR, total inflows increased by$6.8 million , mainly driven by the abovementioned commercial relationship, while PB inflows decrease by$10.4 million quarter-over-quarter, mainly driven by lower commercial inflows by$3.5 million .$2.8 million -
NCOs amounted to
, increasing by$32.8 million when compared to the fourth quarter of 2022. BPPR’s NCOs increased by$1.6 million quarter-over-quarter, mainly driven by higher consumer NCOs by$11.6 million , mostly due to the previously mentioned$10.4 million line of credit charge-off. PB’s NCOs decreased by$10.5 million quarter-over-quarter, as the prior quarter included an$10.0 million charge-off on a healthcare loan. During the first quarter of 2023, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was$8.7 million 0.41% , compared to0.39% in the fourth quarter of 2022. Excluding the impact of the abovementioned line of credit charge-off, the annualized net charge-off ratio was$10.5 0.28% . Refer to Table O for further information on net charge-offs and related ratios. -
At
March 31, 2023 , the ACL decreased by from the fourth quarter of 2022 to$31.2 million . The$689.1 million Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02 inMarch 2022 , which eliminates the accounting guidance for troubled debt restructures (“TDRs”) and the requirement to measure the effect of the concession from a loan modification, for which the Corporation used a discounted cash flow (“DCF”) method. This impact resulted in a release in the ACL of approximately , mostly as a result of our mortgage TDR portfolio, presented as an adjustment to the beginning balance of retained earnings, net of tax effect. Excluding the impact of ASU 2022-02, the ACL increased by$45.6 million mainly within the$14.4 million Puerto Rico region. The ACL incorporated updated macroeconomic scenarios forPuerto 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 2023 annualized GDP growth in the baseline scenario stands at
2.1% and1.3% forPuerto Rico andthe United States , respectively, increasing from1.3% and0.7% in the previous quarter. The 2023 forecasted average unemployment rate continues strong, improving quarter-over-quarter to6.9% and3.5% forPuerto Rico andUnited States , respectively, from7.8% and4.0% respectively, in the previous forecast. -
Excluding ASU 2022-02 impact, in BPPR the ACL increased by
, mostly driven by reductions in the P.R. Home Pricing Index (“HPI”) forecast, higher loan volumes and migration of consumer credit scores. In the PB segment the ACL remained essentially flat quarter-over-quarter. The Corporation’s ratio of the allowance for credit losses to loans held-in-portfolio was$13.8 million 2.13% in the first quarter of 2023, compared to2.25% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at167.1% , compared to163.9% in the previous quarter. -
The provision for credit losses for the loan portfolios for the first quarter of 2023 was an expense of
, compared to an expense of$47.1 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was an expense of$48.3 million , compared to an expense of$45.2 million in the previous quarter, while the provision for PB was an expense of$44.4 million , compared to an expense of$1.9 million in the previous quarter.$3.9 million - 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.
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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Other real estate owned (“OREO”) |
91,721 |
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89,126 |
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90,567 |
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Total non-performing assets |
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Net charge-offs (recoveries) for the quarter |
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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 |
1.28 |
% |
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1.37 |
% |
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1.76 |
% |
Allowance for credit losses to loans held-in-portfolio |
2.13 |
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2.25 |
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2.29 |
|
Allowance for credit losses to non-performing loans, excluding loans held-for-sale |
167.11 |
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163.91 |
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130.36 |
|
Refer to Table M 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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Popular |
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1,943 |
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3,949 |
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(1,744 |
) |
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Total provision for credit losses (benefit) - loan portfolios |
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) |
Credit Quality by Segment |
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(Unaudited) |
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(In thousands) |
Quarters ended |
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BPPR |
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Provision for credit losses (benefit) - loan portfolios |
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) |
Net charge-offs (recoveries) |
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31,464 |
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19,846 |
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5,502 |
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Total non-performing loans held-in-portfolio |
378,979 |
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402,009 |
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486,816 |
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Allowance / loans held-in-portfolio |
2.57 |
% |
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2.73 |
% |
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2.74 |
% |
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Allowance / non-performing loans held-in-portfolio |
154.89 |
% |
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153.12 |
% |
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118.45 |
% |
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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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) |
Net charge-offs (recoveries) |
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1,349 |
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11,354 |
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(1,721 |
) |
Total non-performing loans held-in-portfolio |
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33,404 |
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37,432 |
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33,105 |
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Allowance / loans held-in-portfolio |
1.07 |
% |
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1.10 |
% |
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1.18 |
% |
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Allowance / non-performing loans held-in-portfolio |
305.69 |
% |
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279.86 |
% |
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305.64 |
% |
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 |
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25,951,936 |
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26,553,317 |
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26,658,289 |
Loans |
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32,338,373 |
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32,077,769 |
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29,588,190 |
Total assets |
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67,675,759 |
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67,637,917 |
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69,525,082 |
Deposits |
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60,953,888 |
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61,227,227 |
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62,862,295 |
Borrowings |
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1,402,626 |
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1,400,319 |
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1,060,706 |
Total liabilities |
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63,205,034 |
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63,544,492 |
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64,853,836 |
Stockholders’ equity |
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4,470,725 |
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4,093,425 |
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4,671,246 |
Total assets amounted to
-
an increase in overnight FED fund balances of
, reflecting net funding activities and the issuance of the$483.1 million senior notes due in 2028, offset by loan originations, the repayment of short-term borrowings and the reduction in deposits discussed below;$400 million -
an increase in securities held to maturity of
, mainly due to the amortization of$37.8 million of the discount related to securities previously reclassified from the available-for-sale to held-to-maturity (“HTM”), which has an offsetting unrealized loss included within other comprehensive income that is also being accreted, resulting in a neutral effect to earnings; and$42.0 million -
an increase in loans held-in-portfolio of
, reflected across all portfolios in BPPR, and an increase in commercial loans at PB, offset by a decrease in its construction and consumer loans portfolio.$260.6 million
partially offset by:
-
a decrease in other assets of
due to a positive variance of$144.5 million in securities trade receivable; and$125.3 million -
a decrease in securities available for sale of
reflecting repayment and maturities, offset by a reduction of$631.2 million in unrealized losses mainly from$215.5 million U.S. Treasury and mortgage-backed securities at BPPR.
Total liabilities decreased by
-
a decrease of
in deposits, mainly in public sector accounts as well as interest bearing retail deposits at BPPR, partially offset by an increase at PB, mainly from time and savings deposits gathered through its direct channel; and$273.3 million -
a decrease in short term borrowings of
due to the repayment of advances with the FHLB at$365.0 million Popular Bank
partially offset by:
-
an increase in notes payable of
due to the issuance of$392.4 million in senior notes due on 2028.$400 million
Stockholders' equity increased by
Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were
During the first quarter of 2023 the Corporation had no material incremental use of its available liquidity sources. At
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 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 a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 980053.
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 2023 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) - For the quarter ended |
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Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended |
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Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE [Left Blank] |
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Table G - Mortgage Banking Activities & Other Service Fees |
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Table H - Loans and Deposits |
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Table I - Liquidity Sources, Deposits and Borrowings |
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Table J - Loan Delinquency - |
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Table K - Loan Delinquency - POPULAR |
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Table L - Loan Delinquency - CONSOLIDATED |
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Table M - Non-Performing Assets |
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Table N - Activity in Non-Performing Loans |
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Table O - Allowance for Credit Losses, Net Charge-offs and Related Ratios |
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Table P - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED |
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Table Q - Allowance for Credit Losses - Loan Portfolios - |
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Table R - Allowance for Credit Losses - Loan Portfolios - POPULAR |
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Table S - Reconciliation to GAAP Financial Measures |
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Financial Supplement to First Quarter 2023 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 |
71,541,778 |
|
72,101,177 |
|
78,443,706 |
|
Average common shares outstanding - assuming dilution |
71,606,196 |
|
72,192,680 |
|
78,595,463 |
|
Common shares outstanding at end of period |
71,965,984 |
|
71,853,720 |
|
76,487,523 |
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Market value per common share |
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Market capitalization - (In millions) |
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Return on average assets |
0.93 |
% |
1.44 |
% |
1.14 |
% |
Return on average common equity |
10.00 |
% |
16.59 |
% |
14.38 |
% |
Net interest margin (non-taxable equivalent basis) |
3.22 |
% |
3.28 |
% |
2.75 |
% |
Net interest margin (taxable equivalent basis) -non-GAAP |
3.46 |
% |
3.64 |
% |
3.05 |
% |
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] |
5.40 |
% |
4.84 |
% |
5.69 |
% |
Return on average tangible common equity [1] |
11.51 |
% |
19.23 |
% |
16.40 |
% |
Tier 1 capital |
16.79 |
% |
16.45 |
% |
16.33 |
% |
Total capital |
18.61 |
% |
18.26 |
% |
18.19 |
% |
Tier 1 leverage |
8.47 |
% |
8.06 |
% |
6.98 |
% |
Common Equity Tier 1 capital |
16.73 |
% |
16.39 |
% |
16.26 |
% |
[1] Refer to Table S for reconciliation to GAAP financial measures. |
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Financial Supplement to First Quarter 2023 Earnings Release |
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Table B - Consolidated Statement of Operations |
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(Unaudited) |
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Quarters ended |
Variance |
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Quarter ended |
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Variance |
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Q1 2023 |
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Q1 2023 |
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(In thousands, except per share information) |
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vs. Q4 2022 |
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vs. Q1 2022 |
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Interest income: |
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Loans |
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Money market investments |
65,724 |
|
50,908 |
|
14,816 |
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6,464 |
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59,260 |
|
Investment securities |
132,088 |
|
140,244 |
|
(8,156 |
) |
96,466 |
|
35,622 |
|
Total interest income |
739,022 |
|
713,194 |
|
25,828 |
|
529,721 |
|
209,301 |
|
Interest expense: |
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Deposits |
193,215 |
|
139,338 |
|
53,877 |
|
24,783 |
|
168,432 |
|
Short-term borrowings |
2,885 |
|
4,488 |
|
(1,603 |
) |
80 |
|
2,805 |
|
Long-term debt |
11,266 |
|
9,802 |
|
1,464 |
|
10,546 |
|
720 |
|
Total interest expense |
207,366 |
|
153,628 |
|
53,738 |
|
35,409 |
|
171,957 |
|
Net interest income |
531,656 |
|
559,566 |
|
(27,910 |
) |
494,312 |
|
37,344 |
|
Provision for credit losses (benefit) |
47,637 |
|
49,531 |
|
(1,894 |
) |
(15,500 |
) |
63,137 |
|
Net interest income after provision for credit losses (benefit) |
484,019 |
|
510,035 |
|
(26,016 |
) |
509,812 |
|
(25,793 |
) |
Service charges on deposit accounts |
34,678 |
|
34,682 |
|
(4 |
) |
40,713 |
|
(6,035 |
) |
Other service fees |
90,076 |
|
89,022 |
|
1,054 |
|
77,134 |
|
12,942 |
|
Mortgage banking activities |
7,400 |
|
6,562 |
|
838 |
|
12,865 |
|
(5,465 |
) |
Net gain (loss), including impairment, on equity securities |
1,100 |
|
317 |
|
783 |
|
(2,094 |
) |
3,194 |
|
Net gain (loss) on trading account debt securities |
378 |
|
162 |
|
216 |
|
(723 |
) |
1,101 |
|
Adjustments to indemnity reserves on loans sold |
612 |
|
(221 |
) |
833 |
|
(745 |
) |
1,357 |
|
Other operating income |
27,717 |
|
27,941 |
|
(224 |
) |
27,542 |
|
175 |
|
Total non-interest income |
161,961 |
|
158,465 |
|
3,496 |
|
154,692 |
|
7,269 |
|
Operating expenses: |
|
|
|
|
|
|||||
Personnel costs |
|
|
|
|
|
|||||
Salaries |
125,393 |
|
116,503 |
|
8,890 |
|
98,673 |
|
26,720 |
|
Commissions, incentives and other bonuses |
31,162 |
|
39,570 |
|
(8,408 |
) |
35,521 |
|
(4,359 |
) |
Pension, postretirement and medical insurance |
15,378 |
|
12,452 |
|
2,926 |
|
12,783 |
|
2,595 |
|
Other personnel costs, including payroll taxes |
26,827 |
|
21,612 |
|
5,215 |
|
20,019 |
|
6,808 |
|
Total personnel costs |
198,760 |
|
190,137 |
|
8,623 |
|
166,996 |
|
31,764 |
|
Net occupancy expenses |
26,039 |
|
27,812 |
|
(1,773 |
) |
24,723 |
|
1,316 |
|
Equipment expenses |
8,412 |
|
9,828 |
|
(1,416 |
) |
8,389 |
|
23 |
|
Other taxes |
16,291 |
|
16,142 |
|
149 |
|
15,715 |
|
576 |
|
Professional fees |
33,431 |
|
49,159 |
|
(15,728 |
) |
36,792 |
|
(3,361 |
) |
Technology and software expenses |
68,559 |
|
78,264 |
|
(9,705 |
) |
70,535 |
|
(1,976 |
) |
Processing and transactional services |
|
|
|
|
|
|||||
Credit and debit cards |
12,550 |
|
10,278 |
|
2,272 |
|
11,472 |
|
1,078 |
|
Other processing and transactional services |
21,359 |
|
22,509 |
|
(1,150 |
) |
19,481 |
|
1,878 |
|
Total processing and transactional services |
33,909 |
|
32,787 |
|
1,122 |
|
30,953 |
|
2,956 |
|
Communications |
4,088 |
|
3,857 |
|
231 |
|
3,673 |
|
415 |
|
Business promotion |
|
|
|
|
|
|||||
Rewards and customer loyalty programs |
12,348 |
|
13,538 |
|
(1,190 |
) |
10,021 |
|
2,327 |
|
Other business promotion |
6,523 |
|
14,596 |
|
(8,073 |
) |
5,062 |
|
1,461 |
|
Total business promotion |
18,871 |
|
28,134 |
|
(9,263 |
) |
15,083 |
|
3,788 |
|
|
8,865 |
|
6,342 |
|
2,523 |
|
7,372 |
|
1,493 |
|
Other real estate owned (OREO) income |
(1,694 |
) |
(9,180 |
) |
7,486 |
|
(2,713 |
) |
1,019 |
|
Other operating expenses |
|
|
|
|
|
|||||
Operational losses |
6,800 |
|
9,018 |
|
(2,218 |
) |
11,825 |
|
(5,025 |
) |
All other |
17,561 |
|
18,614 |
|
(1,053 |
) |
12,105 |
|
5,456 |
|
Total other operating expenses |
24,361 |
|
27,632 |
|
(3,271 |
) |
23,930 |
|
431 |
|
Amortization of intangibles |
795 |
|
794 |
|
1 |
|
891 |
|
(96 |
) |
Total operating expenses |
440,687 |
|
461,708 |
|
(21,021 |
) |
402,339 |
|
38,348 |
|
Income before income tax |
205,293 |
|
206,792 |
|
(1,499 |
) |
262,165 |
|
(56,872 |
) |
Income tax (benefit) expense |
46,314 |
|
(50,347 |
) |
96,661 |
|
50,479 |
|
(4,165 |
) |
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 2023 Earnings Release |
||||||||
Table C - Consolidated Statement of Financial Condition |
||||||||
(Unaudited) |
||||||||
|
|
|
|
Variance |
||||
|
|
|
|
Q1 2023 vs. |
||||
(In thousands) |
|
|
|
|
|
|
Q4 2022 |
|
Assets: |
|
|
|
|
||||
Cash and due from banks |
|
|
|
|
|
|
|
) |
Money market investments |
6,098,288 |
|
5,614,595 |
|
10,069,692 |
|
483,693 |
|
Trading account debt securities, at fair value |
29,839 |
|
27,723 |
|
36,042 |
|
2,116 |
|
Debt securities available-for-sale, at fair value |
17,173,128 |
|
17,804,374 |
|
26,359,915 |
|
(631,246 |
) |
Debt securities held-to-maturity, at amortized cost |
8,563,052 |
|
8,525,366 |
|
75,984 |
|
37,686 |
|
Less: Allowance for credit losses |
6,792 |
|
6,911 |
|
7,844 |
|
(119 |
) |
Total debt securities held-to-maturity, net |
8,556,260 |
|
8,518,455 |
|
68,140 |
|
37,805 |
|
Equity securities |
185,917 |
|
195,854 |
|
186,348 |
|
(9,937 |
) |
Loans held-for-sale, at lower of cost or fair value |
11,181 |
|
5,381 |
|
55,150 |
|
5,800 |
|
Loans held-in-portfolio |
32,645,023 |
|
32,372,925 |
|
29,856,356 |
|
272,098 |
|
Less: Unearned income |
306,650 |
|
295,156 |
|
268,166 |
|
11,494 |
|
Allowance for credit losses |
689,120 |
|
720,302 |
|
677,792 |
|
(31,182 |
) |
Total loans held-in-portfolio, net |
31,649,253 |
|
31,357,467 |
|
28,910,398 |
|
291,786 |
|
Premises and equipment, net |
508,007 |
|
498,711 |
|
488,390 |
|
9,296 |
|
Other real estate |
91,721 |
|
89,126 |
|
90,567 |
|
2,595 |
|
Accrued income receivable |
239,815 |
|
240,195 |
|
204,466 |
|
(380 |
) |
Mortgage servicing rights, at fair value |
127,475 |
|
128,350 |
|
125,358 |
|
(875 |
) |
Other assets |
1,703,285 |
|
1,847,813 |
|
1,755,847 |
|
(144,528 |
) |
|
827,428 |
|
827,428 |
|
720,293 |
|
- |
|
Other intangible assets |
12,149 |
|
12,944 |
|
15,328 |
|
(795 |
) |
Total assets |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Non-interest bearing |
|
|
|
|
|
|
|
) |
Interest bearing |
45,013,038 |
|
45,266,670 |
|
46,765,629 |
|
(253,632 |
) |
Total deposits |
60,953,888 |
|
61,227,227 |
|
62,862,295 |
|
(273,339 |
) |
Assets sold under agreements to repurchase |
123,499 |
|
148,609 |
|
72,819 |
|
(25,110 |
) |
Other short-term borrowings |
- |
|
365,000 |
|
- |
|
(365,000 |
) |
Notes payable |
1,279,127 |
|
886,710 |
|
987,887 |
|
392,417 |
|
Other liabilities |
848,520 |
|
916,946 |
|
930,835 |
|
(68,426 |
) |
Total liabilities |
63,205,034 |
|
63,544,492 |
|
64,853,836 |
|
(339,458 |
) |
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock |
22,143 |
|
22,143 |
|
22,143 |
|
- |
|
Common stock |
1,047 |
|
1,047 |
|
1,046 |
|
- |
|
Surplus |
4,792,619 |
|
4,790,993 |
|
4,571,111 |
|
1,626 |
|
Retained earnings |
3,982,140 |
|
3,834,348 |
|
3,143,004 |
|
147,792 |
|
|
(2,025,399 |
) |
(2,030,178 |
) |
(1,668,820 |
) |
4,779 |
|
Accumulated other comprehensive loss, net of tax |
(2,301,825 |
) |
(2,524,928 |
) |
(1,397,238 |
) |
223,103 |
|
Total stockholders’ equity |
4,470,725 |
|
4,093,425 |
|
4,671,246 |
|
377,300 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|||||||||||||||||||||||||||||
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) |
|||||||||||||||||||||||||||||
For the quarters ended |
|||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Variance |
||||||||||||||||||
Average Volume |
|
Average Yields / Costs |
|
|
Interest |
Attributable to |
|||||||||||||||||||||||
|
|
Variance |
|
|
|
|
|
Variance |
|
|
|
|
Variance |
Rate |
|
Volume |
|||||||||||||
(In millions) |
|
|
|
|
|
|
|
(In thousands) |
|||||||||||||||||||||
$ |
5,736 |
$ |
5,262 |
$ |
474 |
|
|
4.65 |
% |
3.84 |
% |
0.81 |
% |
|
Money market investments |
$ |
65,724 |
$ |
50,907 |
$ |
14,817 |
|
$ |
9,946 |
|
$ |
4,871 |
|
|
|
28,862 |
|
30,843 |
|
(1,981 |
) |
|
2.22 |
|
2.44 |
|
(0.22 |
) |
|
Investment securities [1] |
|
158,914 |
|
189,189 |
|
(30,275 |
) |
|
(19,127 |
) |
|
(11,148 |
) |
|
|
31 |
|
30 |
|
1 |
|
|
4.47 |
|
4.28 |
|
0.19 |
|
|
Trading securities |
|
338 |
|
325 |
|
13 |
|
|
7 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Total money market, |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
investment and trading |
|
|
|
|
|
|
|||||||||||||
|
34,629 |
|
36,135 |
|
(1,506 |
) |
|
2.63 |
|
2.65 |
|
(0.02 |
) |
|
securities |
|
224,976 |
|
240,421 |
|
(15,445 |
) |
|
(9,174 |
) |
|
(6,271 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|||||||||||||
|
15,761 |
|
15,503 |
|
258 |
|
|
6.32 |
|
6.01 |
|
0.31 |
|
|
Commercial |
|
245,469 |
|
234,707 |
|
10,762 |
|
|
6,824 |
|
|
3,938 |
|
|
|
732 |
|
769 |
|
(37 |
) |
|
8.40 |
|
7.54 |
|
0.86 |
|
|
Construction |
|
15,155 |
|
14,615 |
|
540 |
|
|
1,263 |
|
|
(723 |
) |
|
|
1,588 |
|
1,557 |
|
31 |
|
|
6.12 |
|
5.92 |
|
0.20 |
|
|
Leasing |
|
24,282 |
|
23,049 |
|
1,233 |
|
|
760 |
|
|
473 |
|
|
|
7,388 |
|
7,346 |
|
42 |
|
|
5.46 |
|
5.38 |
|
0.08 |
|
|
Mortgage |
|
100,773 |
|
98,880 |
|
1,893 |
|
|
1,330 |
|
|
563 |
|
|
|
3,020 |
|
2,961 |
|
59 |
|
|
12.85 |
|
12.26 |
|
0.59 |
|
|
Consumer |
|
95,715 |
|
91,519 |
|
4,196 |
|
|
2,078 |
|
|
2,118 |
|
|
|
3,559 |
|
3,576 |
|
(17 |
) |
|
8.14 |
|
7.98 |
|
0.16 |
|
|
Auto |
|
71,407 |
|
71,910 |
|
(503 |
) |
|
(173 |
) |
|
(330 |
) |
|
|
32,048 |
|
31,712 |
|
336 |
|
|
6.97 |
|
6.70 |
|
0.27 |
|
|
Total loans |
|
552,801 |
|
534,680 |
|
18,121 |
|
|
12,082 |
|
|
6,039 |
|
|
$ |
66,677 |
$ |
67,847 |
$ |
(1,170 |
) |
|
4.72 |
% |
4.54 |
% |
0.18 |
% |
|
Total earning assets |
$ |
777,777 |
$ |
775,101 |
$ |
2,676 |
|
$ |
2,908 |
|
$ |
(232 |
) |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|||||||||||||
$ |
23,313 |
$ |
24,399 |
$ |
(1,086 |
) |
|
2.52 |
% |
1.73 |
% |
0.79 |
% |
|
NOW and money market [2] |
$ |
144,970 |
$ |
106,591 |
$ |
38,379 |
|
$ |
42,884 |
|
$ |
(4,505 |
) |
|
|
15,029 |
|
15,248 |
|
(219 |
) |
|
0.47 |
|
0.29 |
|
0.18 |
|
|
Savings |
|
17,443 |
|
10,971 |
|
6,472 |
|
|
6,771 |
|
|
(299 |
) |
|
|
7,099 |
|
6,675 |
|
424 |
|
|
1.76 |
|
1.29 |
|
0.47 |
|
|
Time deposits |
|
30,802 |
|
21,776 |
|
9,026 |
|
|
7,264 |
|
|
1,762 |
|
|
|
45,441 |
|
46,322 |
|
(881 |
) |
|
1.72 |
|
1.19 |
|
0.53 |
|
|
Total interest bearing deposits |
|
193,215 |
|
139,338 |
|
53,877 |
|
|
56,919 |
|
|
(3,042 |
) |
|
|
15,704 |
|
16,110 |
|
(406 |
) |
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
|
|
|
|
|
|||||||||
|
61,145 |
|
62,432 |
|
(1,287 |
) |
|
1.28 |
|
0.89 |
|
0.39 |
|
|
Total deposits |
|
193,215 |
|
139,338 |
|
53,877 |
|
|
56,919 |
|
|
(3,042 |
) |
|
|
247 |
|
450 |
|
(203 |
) |
|
4.74 |
|
3.96 |
|
0.78 |
|
|
Short-term borrowings |
|
2,885 |
|
4,488 |
|
(1,603 |
) |
|
710 |
|
|
(2,313 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other medium and |
|
|
|
|
|
|
|||||||||||||
|
947 |
|
913 |
|
34 |
|
|
4.78 |
|
4.30 |
|
0.48 |
|
|
long-term debt |
|
11,266 |
|
9,802 |
|
1,464 |
|
|
855 |
|
|
609 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing |
|
|
|
|
|
|
|||||||||||||
|
46,635 |
|
47,685 |
|
(1,050 |
) |
|
1.80 |
|
1.28 |
|
0.52 |
|
|
liabilities (excluding demand deposits) |
|
207,366 |
|
153,628 |
|
53,738 |
|
|
58,484 |
|
|
(4,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
4,338 |
|
4,052 |
|
286 |
|
|
|
|
|
|
|
|
Other sources of funds |
|
|
|
|
|
|
|||||||||
$ |
66,677 |
$ |
67,847 |
$ |
(1,170 |
) |
|
1.26 |
% |
0.90 |
% |
0.36 |
% |
|
Total source of funds |
|
207,366 |
|
153,628 |
|
53,738 |
|
|
58,484 |
|
|
(4,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin/ |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
3.46 |
% |
3.64 |
% |
(0.18 |
)% |
|
income on a taxable equivalent basis (Non-GAAP) |
|
570,411 |
|
621,473 |
|
(51,062 |
) |
$ |
(55,576 |
) |
$ |
4,514 |
|
|||||
|
|
|
|
2.92 |
% |
3.26 |
% |
(0.34 |
)% |
|
Net interest spread |
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment |
|
38,755 |
|
61,907 |
|
(23,152 |
) |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
Net interest margin/ income |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
3.22 |
% |
3.28 |
% |
(0.06 |
)% |
|
non-taxable equivalent basis (GAAP) |
$ |
531,656 |
$ |
559,566 |
$ |
(27,910 |
) |
|
|
|
||||||||
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 |
|
|||||||||||||||||||||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|||||||||||||||||||||||||||||
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) |
|||||||||||||||||||||||||||||
For the quarters ended |
|||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Variance |
|||||||||||||||||||
Average Volume |
|
Average Yields / Costs |
|
|
Interest |
Attributable to |
|||||||||||||||||||||||
|
|
Variance |
|
|
|
Variance |
|
|
|
|
Variance |
Rate |
Volume |
||||||||||||||||
(In millions) |
|
|
|
|
|
|
(In thousands) |
||||||||||||||||||||||
$ |
5,736 |
$ |
14,763 |
$ |
(9,027 |
) |
|
4.65 |
% |
0.18 |
% |
4.47 |
% |
|
Money market investments |
$ |
65,724 |
$ |
6,464 |
$ |
59,260 |
|
$ |
65,572 |
|
$ |
(6,312 |
) |
|
|
28,862 |
|
28,471 |
|
391 |
|
|
2.22 |
|
1.95 |
|
0.27 |
|
|
Investment securities [1] |
|
158,914 |
|
137,350 |
|
21,564 |
|
|
21,280 |
|
|
284 |
|
|
|
31 |
|
70 |
|
(39 |
) |
|
4.47 |
|
5.90 |
|
(1.43 |
) |
|
Trading securities |
|
338 |
|
1,019 |
|
(681 |
) |
|
(206 |
) |
|
(475 |
) |
|
|
|
|
|
|
|
|
|
Total money market, |
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
investment and trading |
|
|
|
|
|
||||||||||||||||
|
34,629 |
|
43,304 |
|
(8,675 |
) |
|
2.63 |
|
1.35 |
|
1.28 |
|
|
securities |
|
224,976 |
|
144,833 |
|
80,143 |
|
|
86,646 |
|
|
(6,503 |
) |
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
||||||||||||||||
|
15,761 |
|
13,741 |
|
2,020 |
|
|
6.32 |
|
5.08 |
|
1.24 |
|
|
Commercial |
|
245,469 |
|
172,128 |
|
73,341 |
|
|
45,728 |
|
|
27,613 |
|
|
|
732 |
|
727 |
|
5 |
|
|
8.40 |
|
5.45 |
|
2.95 |
|
|
Construction |
|
15,155 |
|
9,758 |
|
5,397 |
|
|
5,320 |
|
|
77 |
|
|
|
1,588 |
|
1,393 |
|
195 |
|
|
6.12 |
|
5.95 |
|
0.17 |
|
|
Leasing |
|
24,282 |
|
20,720 |
|
3,562 |
|
|
586 |
|
|
2,976 |
|
|
|
7,388 |
|
7,388 |
|
- |
|
|
5.46 |
|
5.24 |
|
0.22 |
|
|
Mortgage |
|
100,773 |
|
96,768 |
|
4,005 |
|
|
4,005 |
|
|
- |
|
|
|
3,020 |
|
2,537 |
|
483 |
|
|
12.85 |
|
11.20 |
|
1.65 |
|
|
Consumer |
|
95,715 |
|
70,062 |
|
25,653 |
|
|
11,118 |
|
|
14,535 |
|
|
|
3,559 |
|
3,460 |
|
99 |
|
|
8.14 |
|
8.12 |
|
0.02 |
|
|
Auto |
|
71,407 |
|
69,252 |
|
2,155 |
|
|
169 |
|
|
1,986 |
|
|
|
32,048 |
|
29,246 |
|
2,802 |
|
|
6.97 |
|
6.06 |
|
0.91 |
|
|
Total loans |
|
552,801 |
|
438,688 |
|
114,113 |
|
|
66,926 |
|
|
47,187 |
|
|
$ |
66,677 |
$ |
72,550 |
$ |
(5,873 |
) |
|
4.72 |
% |
3.25 |
% |
1.47 |
% |
|
Total earning assets |
$ |
777,777 |
$ |
583,521 |
$ |
194,256 |
|
$ |
153,572 |
|
$ |
40,684 |
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
||||||||||||||||
$ |
23,313 |
$ |
28,288 |
$ |
(4,975 |
) |
|
2.52 |
% |
0.10 |
% |
2.42 |
% |
|
NOW and money market [2] |
$ |
144,970 |
$ |
7,323 |
$ |
137,647 |
|
$ |
139,459 |
|
$ |
(1,812 |
) |
|
|
15,029 |
|
16,434 |
|
(1,405 |
) |
|
0.47 |
|
0.16 |
|
0.31 |
|
|
Savings |
|
17,443 |
|
6,564 |
|
10,879 |
|
|
12,314 |
|
|
(1,435 |
) |
|
|
7,099 |
|
6,737 |
|
362 |
|
|
1.76 |
|
0.66 |
|
1.10 |
|
|
Time deposits |
|
30,802 |
|
10,896 |
|
19,906 |
|
|
16,703 |
|
|
3,203 |
|
|
|
45,441 |
|
51,459 |
|
(6,018 |
) |
|
1.72 |
|
0.20 |
|
1.52 |
|
|
Total interest bearing deposits |
|
193,215 |
|
24,783 |
|
168,432 |
|
|
168,476 |
|
|
(44 |
) |
|
|
15,704 |
|
16,143 |
|
(439 |
) |
|
|
|
|
|
Non-interest bearing demand deposits |
|
|
|
|
|
||||||||||||
|
61,145 |
|
67,602 |
|
(6,457 |
) |
|
1.28 |
|
0.15 |
|
1.13 |
|
|
Total deposits |
|
193,215 |
|
24,783 |
|
168,432 |
|
|
168,476 |
|
|
(44 |
) |
|
|
247 |
|
91 |
|
156 |
|
|
4.74 |
|
0.36 |
|
4.38 |
|
|
Short-term borrowings |
|
2,885 |
|
80 |
|
2,805 |
|
|
2,081 |
|
|
724 |
|
|
|
|
|
|
|
|
|
|
Other medium and |
|
|
|
|
|
||||||||||||||||
|
947 |
|
1,013 |
|
(66 |
) |
|
4.78 |
|
4.18 |
|
0.60 |
|
|
long-term debt |
|
11,266 |
|
10,546 |
|
720 |
|
|
426 |
|
|
294 |
|
|
|
|
|
|
|
|
|
|
Total interest bearing |
|
|
|
|
|
||||||||||||||||
|
46,635 |
|
52,563 |
|
(5,928 |
) |
|
1.80 |
|
0.27 |
|
1.53 |
|
|
liabilities (excluding demand deposits) |
|
207,366 |
|
35,409 |
|
171,957 |
|
|
170,983 |
|
|
974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
4,338 |
|
3,844 |
|
494 |
|
|
|
|
|
|
Other sources of funds |
|
|
|
|
|
||||||||||||
$ |
66,677 |
$ |
72,550 |
$ |
(5,873 |
) |
|
1.26 |
% |
0.20 |
% |
1.06 |
% |
|
Total source of funds |
|
207,366 |
|
35,409 |
|
171,957 |
|
|
170,983 |
|
|
974 |
|
|
|
|
|
|
|
|
|
|
Net interest margin/ |
|
|
|
|
|
||||||||||||||||
|
|
|
|
3.46 |
% |
3.05 |
% |
0.41 |
% |
|
income on a taxable equivalent basis (Non-GAAP) |
|
570,411 |
|
548,112 |
|
22,299 |
|
$ |
(17,411 |
) |
$ |
39,710 |
|
|||||
|
|
|
|
2.92 |
% |
2.98 |
% |
(0.06 |
)% |
|
Net interest spread |
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
Taxable equivalent adjustment |
|
38,755 |
|
53,800 |
|
(15,045 |
) |
|
|
||||||||||||
|
|
|
|
|
|
|
|
Net interest margin/ income |
|
|
|
|
|
||||||||||||||||
|
|
|
|
3.22 |
% |
2.75 |
% |
0.47 |
% |
|
non-taxable equivalent basis (GAAP) |
$ |
531,656 |
$ |
494,312 |
$ |
37,344 |
|
|
|
|||||||||
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 |
|
Financial Supplement to First Quarter 2023 Earnings Release |
Table F – 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 2023 Earnings Release |
|
|||||||||
Table G - Mortgage Banking Activities and Other Service Fees |
|
|||||||||
(Unaudited) |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Mortgage Banking Activities |
|
|
|
|
|
|||||
|
Quarters ended |
Variance |
||||||||
(In thousands) |
|
|
|
|
|
|
Q1 2023
|
|
Q1 2023
|
|
Mortgage servicing fees, net of fair value adjustments: |
|
|
|
|
|
|||||
Mortgage servicing fees |
|
|
|
|
|
|
|
) |
|
) |
Mortgage servicing rights fair value adjustments |
(1,376 |
) |
(2,610 |
) |
1,088 |
|
1,234 |
|
(2,464 |
) |
Total mortgage servicing fees, net of fair value adjustments |
7,313 |
|
6,242 |
|
10,411 |
|
1,071 |
|
(3,098 |
) |
Net gain (loss) on sale of loans, including valuation on loans held-for-sale |
263 |
|
123 |
|
(1,534 |
) |
140 |
|
1,797 |
|
Trading account (loss) profit: |
|
|
|
|
|
|||||
Unrealized (loss) gains on outstanding derivative positions |
(131 |
) |
- |
|
2 |
|
(131 |
) |
(133 |
) |
Realized gains on closed derivative positions |
56 |
|
310 |
|
4,135 |
|
(254 |
) |
(4,079 |
) |
Total trading account (loss) profit |
(75 |
) |
310 |
|
4,137 |
|
(385 |
) |
(4,212 |
) |
Losses on repurchased loans, including interest advances |
(101 |
) |
(113 |
) |
(149 |
) |
12 |
|
48 |
|
Total mortgage banking activities |
|
|
|
|
|
|
|
|
|
) |
|
|
|
|
|
|
|
|||||
Other Service Fees |
|
|
|
|
|
||||||
|
|
Quarters ended |
Variance |
||||||||
(In thousands) |
|
|
|
|
Q1 2023
|
|
Q1 2023
|
|
|||
Other service fees: |
|
|
|
|
|
|
|||||
Debit card fees |
|
|
|
|
|
) |
|
|
|||
Insurance fees |
|
13,873 |
14,587 |
14,156 |
(714 |
) |
(283 |
) |
|||
Credit card fees |
|
40,498 |
39,777 |
33,642 |
721 |
|
6,856 |
|
|||
Sale and administration of investment products |
|
6,558 |
5,793 |
5,791 |
765 |
|
767 |
|
|||
Trust fees |
|
5,775 |
5,223 |
5,927 |
552 |
|
(152 |
) |
|||
Other fees |
|
10,206 |
10,263 |
5,839 |
(57 |
) |
4,367 |
|
|||
Total other service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial Supplement to First Quarter 2023 Earnings Release |
||||||||||
Table H - Loans and Deposits |
|
|
|
|
|
|||||
(Unaudited) |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Loans - Ending Balances |
|
|
|
|
|
|||||
|
|
|
|
Variance |
||||||
(In thousands) |
|
|
|
Q1 2023
|
|
Q1 2023
|
|
|||
Loans held-in-portfolio: |
|
|
|
|
||||||
Commercial |
|
|
|
|
|
|
|
|||
Construction |
698,996 |
757,984 |
744,783 |
(58,988 |
) |
(45,787 |
) |
|||
Leasing |
1,614,344 |
1,585,739 |
1,426,122 |
28,605 |
|
188,222 |
|
|||
Mortgage |
7,405,907 |
7,397,471 |
7,326,346 |
8,436 |
|
79,561 |
|
|||
Auto |
3,517,940 |
3,512,530 |
3,430,162 |
5,410 |
|
87,778 |
|
|||
Consumer |
3,095,925 |
3,084,913 |
2,632,531 |
11,012 |
|
463,394 |
|
|||
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|||
Loans held-for-sale: |
|
|
|
|
|
|||||
Mortgage |
|
|
|
|
|
|
) |
|||
Total loans held-for-sale |
|
|
|
|
|
|
) |
|||
Total loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits - Ending Balances |
|
|
|
|
||||||
|
|
|
|
Variance |
||||||
(In thousands) |
|
|
|
Q1 2023
|
|
Q1 2023
|
|
|||
Demand deposits [1] |
|
|
|
|
) |
|
|
|||
Savings, NOW and money market deposits (non-brokered) |
26,622,020 |
27,265,156 |
29,318,333 |
(643,136 |
) |
(2,696,313 |
) |
|||
Savings, NOW and money market deposits (brokered) |
734,069 |
798,064 |
768,558 |
(63,995 |
) |
(34,489 |
) |
|||
Time deposits (non-brokered) |
6,891,051 |
6,442,886 |
6,964,848 |
448,165 |
|
(73,797 |
) |
|||
Time deposits (brokered CDs) |
515,076 |
338,516 |
125,841 |
176,560 |
|
389,235 |
|
|||
Total deposits |
|
|
|
|
) |
|
) |
|||
[1] Includes interest and non-interest bearing demand deposits. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
||||||||||
Table I - Liquidity Sources, Deposits and Borrowings |
|
|
|
|
|
|
|
|
|
|
||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity Sources |
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(In thousands) |
BPPR |
Popular |
|
Total |
BPPR |
|
Popular |
Total |
||||||||||||
Unpledged securities and unused funding sources: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market (excess funds at the |
$ |
5,181,531 |
|
$ |
909,613 |
|
|
$ |
6,091,144 |
|
$ |
5,240,100 |
|
|
$ |
367,966 |
|
$ |
5,608,066 |
|
Unpledged securities |
|
7,690,887 |
|
|
273,980 |
|
|
|
7,694,867 |
|
|
7,494,189 |
|
|
|
326,599 |
|
|
7,820,788 |
|
FHLB borrowing capacity |
|
1,623,246 |
|
|
1,127,316 |
|
|
|
2,750,562 |
|
|
1,389,579 |
|
|
|
722,005 |
|
|
2,111,584 |
|
Discount window of the |
|
1,132,411 |
|
|
331,753 |
|
|
|
1,464,164 |
|
|
1,090,308 |
|
|
|
329,385 |
|
|
1,419,693 |
|
Total available liquidity |
$ |
15,628,075 |
|
$ |
2,642,662 |
|
|
$ |
18,270,737 |
|
$ |
15,214,176 |
|
|
$ |
1,745,955 |
|
$ |
16,960,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(In thousands) |
BPPR |
% of Total |
|
Popular |
% of Total |
|
(Consolidated) |
% of Total |
||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits balances under |
$ |
24,823,608 |
|
|
47 |
% |
|
$ |
5,979,010 |
|
|
62 |
% |
|
$ |
30,802,618 |
|
|
51 |
% |
Transactional deposits balances over |
|
9,503,850 |
|
|
18 |
% |
|
|
2,151,732 |
|
|
22 |
% |
|
|
11,655,582 |
|
|
19 |
% |
Time deposits balances over |
|
1,869,792 |
|
|
4 |
% |
|
|
255,322 |
|
|
3 |
% |
|
|
2,125,114 |
|
|
3 |
% |
Foreign deposits |
|
412,444 |
|
|
1 |
% |
|
|
|
|
|
- |
% |
|
|
412,444 |
|
|
1 |
|
Collateralized public funds |
|
15,712,622 |
|
|
30 |
% |
|
|
245,508 |
|
|
3 |
% |
|
|
15,958,130 |
|
|
26 |
% |
Intercompany deposits |
|
134,110 |
|
|
- |
% |
|
|
986,943 |
|
|
10 |
% |
|
|
- |
|
|
- |
% |
Total deposits |
$ |
52,456,426 |
|
|
100 |
% |
|
$ |
9,618,515 |
|
|
100 |
% |
|
$ |
60,953,888 |
|
|
100 |
% |
[1] Includes the first |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(In thousands) |
BPPR |
% of Total |
|
Popular |
% of Total |
|
(Consolidated) |
% of Total |
||||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits balances under |
$ |
24,505,697 |
|
|
46 |
% |
|
$ |
5,231,417 |
|
|
60 |
% |
|
$ |
29,737,114 |
|
|
49 |
% |
Transactional deposits balances over |
|
9,957,877 |
|
|
19 |
% |
|
|
2,674,841 |
|
|
31 |
% |
|
|
12,632,718 |
|
|
21 |
% |
Time deposits balances over |
|
1,920,455 |
|
|
4 |
% |
|
|
167,067 |
|
|
2 |
% |
|
|
2,087,522 |
|
|
3 |
% |
Foreign deposits |
|
425,855 |
|
|
1 |
% |
|
|
- |
|
|
- |
% |
|
|
425,855 |
|
|
1 |
% |
Collateralized public funds |
|
16,233,342 |
|
|
31 |
% |
|
110,676 |
|
|
1 |
% |
|
16,344,018 |
|
|
27 |
% |
||
Intercompany deposits |
|
135,172 |
|
|
- |
% |
|
|
482,167 |
|
|
6 |
% |
|
|
- |
|
|
- |
% |
Total deposits |
$ |
53,178,398 |
|
|
100 |
% |
|
$ |
8,666,168 |
|
|
100 |
% |
|
$ |
61,227,227 |
|
|
100 |
% |
[1] Includes the first |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other |
|
|
|
|
|
|
|
|
All other |
|
|
|
|||||||
(In thousands) |
BPPR |
|
Popular |
|
entities |
|
Total |
|
BPPR |
|
Popular |
|
|
entities |
|
Total |
||||||||
Assets sold under agreements to repurchase |
$ |
25,158 |
|
$ |
98,341 |
|
$ |
- |
|
$ |
123,499 |
|
$ |
25,496 |
|
$ |
123,113 |
|
|
$ |
- |
|
$ |
148,609 |
FHLB borrowings |
|
82,292 |
|
|
305,990 |
|
|
- |
|
|
388,282 |
|
|
83,292 |
|
|
670,990 |
|
|
|
- |
|
|
754,282 |
Federal discount window / bank term funding program (BTFP) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
Notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured senior debt securities maturing on |
|
- |
|
|
- |
|
|
299,426 |
|
|
299,426 |
|
|
- |
|
|
- |
|
|
|
299,109 |
|
|
299,109 |
Unsecured senior debt securities maturing on |
|
- |
|
|
- |
|
|
393,093 |
|
|
393,093 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
Junior subordinated deferrable interest debentures |
|
- |
|
|
- |
|
|
198,326 |
|
|
198,326 |
|
|
- |
|
|
- |
|
|
|
198,319 |
|
|
198,319 |
Total borrowings |
$ |
107,450 |
|
$ |
404,331 |
|
$ |
890,845 |
|
$ |
1,402,626 |
|
$ |
108,788 |
|
$ |
794,103 |
|
|
$ |
497,428 |
|
$ |
1,400,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Table J - Loan Delinquency -BPPR Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
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 |
|
$ |
650 |
|
|
$ |
- |
|
|
$ |
185 |
|
|
$ |
835 |
|
|
$ |
291,971 |
|
|
$ |
292,806 |
|
|
|
$ |
185 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
2,739 |
|
|
|
1,584 |
|
|
|
22,856 |
|
|
|
27,179 |
|
|
|
2,858,304 |
|
|
|
2,885,483 |
|
|
|
|
22,856 |
|
|
|
- |
|
Owner occupied |
|
|
21,496 |
|
|
|
- |
|
|
|
37,779 |
|
|
|
59,275 |
|
|
|
1,438,228 |
|
|
|
1,497,503 |
|
|
|
|
37,779 |
|
|
|
- |
|
Commercial and industrial |
|
|
17,934 |
|
|
|
793 |
|
|
|
31,847 |
|
|
|
50,574 |
|
|
|
3,883,859 |
|
|
|
3,934,433 |
|
|
|
|
30,132 |
|
|
|
1,715 |
|
Construction |
|
|
8,081 |
|
|
|
- |
|
|
|
- |
|
|
|
8,081 |
|
|
|
147,268 |
|
|
|
155,349 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
183,187 |
|
|
|
81,729 |
|
|
|
515,752 |
|
|
|
780,668 |
|
|
|
5,336,016 |
|
|
|
6,116,684 |
|
|
|
|
224,075 |
|
|
|
291,677 |
|
Leasing |
|
|
12,301 |
|
|
|
2,605 |
|
|
|
6,103 |
|
|
|
21,009 |
|
|
|
1,593,335 |
|
|
|
1,614,344 |
|
|
|
|
6,103 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
7,162 |
|
|
|
5,823 |
|
|
|
12,061 |
|
|
|
25,046 |
|
|
|
1,021,129 |
|
|
|
1,046,175 |
|
|
|
|
- |
|
|
|
12,061 |
|
Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,865 |
|
|
|
2,865 |
|
|
|
|
- |
|
|
|
- |
|
Personal |
|
|
14,131 |
|
|
|
8,990 |
|
|
|
17,427 |
|
|
|
40,548 |
|
|
|
1,572,370 |
|
|
|
1,612,918 |
|
|
|
|
17,412 |
|
|
|
15 |
|
Auto |
|
|
60,324 |
|
|
|
12,684 |
|
|
|
39,516 |
|
|
|
112,524 |
|
|
|
3,405,416 |
|
|
|
3,517,940 |
|
|
|
|
39,516 |
|
|
|
- |
|
Other |
|
|
1,264 |
|
|
|
49 |
|
|
|
1,091 |
|
|
|
2,404 |
|
|
|
127,608 |
|
|
|
130,012 |
|
|
|
|
921 |
|
|
|
170 |
|
Total |
|
$ |
329,269 |
|
|
$ |
114,257 |
|
|
$ |
684,617 |
|
|
$ |
1,128,143 |
|
|
$ |
21,678,369 |
|
|
$ |
22,806,512 |
|
|
|
$ |
378,979 |
|
|
$ |
305,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|||||||||||||||||||||||||||||||||
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 |
|
$ |
425 |
|
|
$ |
- |
|
|
$ |
242 |
|
|
$ |
667 |
|
|
$ |
280,706 |
|
|
$ |
281,373 |
|
|
|
$ |
242 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
941 |
|
|
|
428 |
|
|
|
23,662 |
|
|
|
25,031 |
|
|
|
2,732,296 |
|
|
|
2,757,327 |
|
|
|
|
23,662 |
|
|
|
- |
|
Owner occupied |
|
|
729 |
|
|
|
245 |
|
|
|
23,990 |
|
|
|
24,964 |
|
|
|
1,563,092 |
|
|
|
1,588,056 |
|
|
|
|
23,990 |
|
|
|
- |
|
Commercial and industrial |
|
|
3,036 |
|
|
|
941 |
|
|
|
35,777 |
|
|
|
39,754 |
|
|
|
3,756,754 |
|
|
|
3,796,508 |
|
|
|
|
34,277 |
|
|
|
1,500 |
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
147,041 |
|
|
|
147,041 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
222,926 |
|
|
|
91,881 |
|
|
|
579,993 |
|
|
|
894,800 |
|
|
|
5,215,479 |
|
|
|
6,110,279 |
|
|
|
|
242,391 |
|
|
|
337,602 |
|
Leasing |
|
|
11,983 |
|
|
|
3,563 |
|
|
|
5,941 |
|
|
|
21,487 |
|
|
|
1,564,252 |
|
|
|
1,585,739 |
|
|
|
|
5,941 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
7,106 |
|
|
|
5,049 |
|
|
|
11,910 |
|
|
|
24,065 |
|
|
|
1,017,766 |
|
|
|
1,041,831 |
|
|
|
|
- |
|
|
|
11,910 |
|
Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,954 |
|
|
|
2,954 |
|
|
|
|
- |
|
|
|
- |
|
Personal |
|
|
13,232 |
|
|
|
8,752 |
|
|
|
18,082 |
|
|
|
40,066 |
|
|
|
1,545,621 |
|
|
|
1,585,687 |
|
|
|
|
18,082 |
|
|
|
- |
|
Auto |
|
|
68,868 |
|
|
|
19,243 |
|
|
|
40,978 |
|
|
|
129,089 |
|
|
|
3,383,441 |
|
|
|
3,512,530 |
|
|
|
|
40,978 |
|
|
|
- |
|
Other |
|
|
487 |
|
|
|
87 |
|
|
|
12,682 |
|
|
|
13,256 |
|
|
|
124,324 |
|
|
|
137,580 |
|
|
|
|
12,446 |
|
|
|
236 |
|
Total |
|
$ |
329,733 |
|
|
$ |
130,189 |
|
|
$ |
753,257 |
|
|
$ |
1,213,179 |
|
|
$ |
21,333,726 |
|
|
$ |
22,546,905 |
|
|
|
$ |
402,009 |
|
|
$ |
351,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
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 |
|
$ |
225 |
|
|
$ |
- |
|
|
$ |
(57 |
) |
|
$ |
168 |
|
|
$ |
11,265 |
|
|
$ |
11,433 |
|
|
|
$ |
(57 |
) |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
1,798 |
|
|
|
1,156 |
|
|
|
(806 |
) |
|
|
2,148 |
|
|
|
126,008 |
|
|
|
128,156 |
|
|
|
|
(806 |
) |
|
|
- |
|
Owner occupied |
|
|
20,767 |
|
|
|
(245 |
) |
|
|
13,789 |
|
|
|
34,311 |
|
|
|
(124,864 |
) |
|
|
(90,553 |
) |
|
|
|
13,789 |
|
|
|
- |
|
Commercial and industrial |
|
|
14,898 |
|
|
|
(148 |
) |
|
|
(3,930 |
) |
|
|
10,820 |
|
|
|
127,105 |
|
|
|
137,925 |
|
|
|
|
(4,145 |
) |
|
|
215 |
|
Construction |
|
|
8,081 |
|
|
|
- |
|
|
|
- |
|
|
|
8,081 |
|
|
|
227 |
|
|
|
8,308 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
(39,739 |
) |
|
|
(10,152 |
) |
|
|
(64,241 |
) |
|
|
(114,132 |
) |
|
|
120,537 |
|
|
|
6,405 |
|
|
|
|
(18,316 |
) |
|
|
(45,925 |
) |
Leasing |
|
|
318 |
|
|
|
(958 |
) |
|
|
162 |
|
|
|
(478 |
) |
|
|
29,083 |
|
|
|
28,605 |
|
|
|
|
162 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
56 |
|
|
|
774 |
|
|
|
151 |
|
|
|
981 |
|
|
|
3,363 |
|
|
|
4,344 |
|
|
|
|
- |
|
|
|
151 |
|
Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(89 |
) |
|
|
(89 |
) |
|
|
|
- |
|
|
|
- |
|
Personal |
|
|
899 |
|
|
|
238 |
|
|
|
(655 |
) |
|
|
482 |
|
|
|
26,749 |
|
|
|
27,231 |
|
|
|
|
(670 |
) |
|
|
15 |
|
Auto |
|
|
(8,544 |
) |
|
|
(6,559 |
) |
|
|
(1,462 |
) |
|
|
(16,565 |
) |
|
|
21,975 |
|
|
|
5,410 |
|
|
|
|
(1,462 |
) |
|
|
- |
|
Other |
|
|
777 |
|
|
|
(38 |
) |
|
|
(11,591 |
) |
|
|
(10,852 |
) |
|
|
3,284 |
|
|
|
(7,568 |
) |
|
|
|
(11,525 |
) |
|
|
(66 |
) |
Total |
|
$ |
(464 |
) |
|
$ |
(15,932 |
) |
|
$ |
(68,640 |
) |
|
$ |
(85,036 |
) |
|
$ |
344,643 |
|
|
$ |
259,607 |
|
|
|
$ |
(23,030 |
) |
|
$ |
(45,610 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Table K - 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 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
421 |
|
|
$ |
421 |
|
|
$ |
2,043,130 |
|
|
$ |
2,043,551 |
|
|
|
$ |
421 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
16,033 |
|
|
|
- |
|
|
|
207 |
|
|
|
16,240 |
|
|
|
1,748,952 |
|
|
|
1,765,192 |
|
|
|
|
207 |
|
|
|
- |
|
Owner occupied |
|
|
18,042 |
|
|
|
- |
|
|
|
5,095 |
|
|
|
23,137 |
|
|
|
1,497,947 |
|
|
|
1,521,084 |
|
|
|
|
5,095 |
|
|
|
- |
|
Commercial and industrial |
|
|
13,779 |
|
|
|
3 |
|
|
|
5,570 |
|
|
|
19,352 |
|
|
|
2,045,857 |
|
|
|
2,065,209 |
|
|
|
|
5,325 |
|
|
|
245 |
|
Construction |
|
|
7,165 |
|
|
|
- |
|
|
|
- |
|
|
|
7,165 |
|
|
|
536,482 |
|
|
|
543,647 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
22,041 |
|
|
|
1,499 |
|
|
|
14,719 |
|
|
|
38,259 |
|
|
|
1,250,964 |
|
|
|
1,289,223 |
|
|
|
|
14,719 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21 |
|
|
|
21 |
|
|
|
|
- |
|
|
|
- |
|
Home equity lines of credit |
|
|
496 |
|
|
|
70 |
|
|
|
4,618 |
|
|
|
5,184 |
|
|
|
61,838 |
|
|
|
67,022 |
|
|
|
|
4,618 |
|
|
|
- |
|
Personal |
|
|
1,900 |
|
|
|
1,259 |
|
|
|
2,505 |
|
|
|
5,664 |
|
|
|
222,487 |
|
|
|
228,151 |
|
|
|
|
2,505 |
|
|
|
- |
|
Other |
|
|
2 |
|
|
|
- |
|
|
|
514 |
|
|
|
516 |
|
|
|
8,245 |
|
|
|
8,761 |
|
|
|
|
514 |
|
|
|
- |
|
Total |
|
$ |
79,458 |
|
|
$ |
2,831 |
|
|
$ |
33,649 |
|
|
$ |
115,938 |
|
|
$ |
9,415,923 |
|
|
$ |
9,531,861 |
|
|
|
$ |
33,404 |
|
|
$ |
245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|||||||||||||||||||||||||||||||||
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 |
|
$ |
2,177 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,177 |
|
|
$ |
2,038,163 |
|
|
$ |
2,040,340 |
|
|
|
$ |
- |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
484 |
|
|
|
- |
|
|
|
1,454 |
|
|
|
1,938 |
|
|
|
1,740,405 |
|
|
|
1,742,343 |
|
|
|
|
1,454 |
|
|
|
- |
|
Owner occupied |
|
|
- |
|
|
|
- |
|
|
|
5,095 |
|
|
|
5,095 |
|
|
|
1,485,398 |
|
|
|
1,490,493 |
|
|
|
|
5,095 |
|
|
|
- |
|
Commercial and industrial |
|
|
12,960 |
|
|
|
2,205 |
|
|
|
4,685 |
|
|
|
19,850 |
|
|
|
2,022,842 |
|
|
|
2,042,692 |
|
|
|
|
4,319 |
|
|
|
366 |
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
610,943 |
|
|
|
610,943 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
16,131 |
|
|
|
5,834 |
|
|
|
20,488 |
|
|
|
42,453 |
|
|
|
1,244,739 |
|
|
|
1,287,192 |
|
|
|
|
20,488 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
39 |
|
|
|
39 |
|
|
|
|
- |
|
|
|
- |
|
Home equity lines of credit |
|
|
413 |
|
|
|
161 |
|
|
|
4,110 |
|
|
|
4,684 |
|
|
|
64,278 |
|
|
|
68,962 |
|
|
|
|
4,110 |
|
|
|
- |
|
Personal |
|
|
1,808 |
|
|
|
1,467 |
|
|
|
1,958 |
|
|
|
5,233 |
|
|
|
232,659 |
|
|
|
237,892 |
|
|
|
|
1,958 |
|
|
|
- |
|
Other |
|
|
- |
|
|
|
- |
|
|
|
8 |
|
|
|
8 |
|
|
|
9,960 |
|
|
|
9,968 |
|
|
|
|
8 |
|
|
|
- |
|
Total |
|
$ |
33,973 |
|
|
$ |
9,667 |
|
|
$ |
37,798 |
|
|
$ |
81,438 |
|
|
$ |
9,449,426 |
|
|
$ |
9,530,864 |
|
|
|
$ |
37,432 |
|
|
$ |
366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
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 |
|
$ |
(2,177 |
) |
|
$ |
- |
|
|
$ |
421 |
|
|
$ |
(1,756 |
) |
|
$ |
4,967 |
|
|
$ |
3,211 |
|
|
|
$ |
421 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
|
15,549 |
|
|
|
- |
|
|
|
(1,247 |
) |
|
|
14,302 |
|
|
|
8,547 |
|
|
|
22,849 |
|
|
|
|
(1,247 |
) |
|
|
- |
|
Owner occupied |
|
|
18,042 |
|
|
|
- |
|
|
|
- |
|
|
|
18,042 |
|
|
|
12,549 |
|
|
|
30,591 |
|
|
|
|
- |
|
|
|
- |
|
Commercial and industrial |
|
|
819 |
|
|
|
(2,202 |
) |
|
|
885 |
|
|
|
(498 |
) |
|
|
23,015 |
|
|
|
22,517 |
|
|
|
|
1,006 |
|
|
|
(121 |
) |
Construction |
|
|
7,165 |
|
|
|
- |
|
|
|
- |
|
|
|
7,165 |
|
|
|
(74,461 |
) |
|
|
(67,296 |
) |
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
5,910 |
|
|
|
(4,335 |
) |
|
|
(5,769 |
) |
|
|
(4,194 |
) |
|
|
6,225 |
|
|
|
2,031 |
|
|
|
|
(5,769 |
) |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(18 |
) |
|
|
(18 |
) |
|
|
|
- |
|
|
|
- |
|
Home equity lines of credit |
|
|
83 |
|
|
|
(91 |
) |
|
|
508 |
|
|
|
500 |
|
|
|
(2,440 |
) |
|
|
(1,940 |
) |
|
|
|
508 |
|
|
|
- |
|
Personal |
|
|
92 |
|
|
|
(208 |
) |
|
|
547 |
|
|
|
431 |
|
|
|
(10,172 |
) |
|
|
(9,741 |
) |
|
|
|
547 |
|
|
|
- |
|
Other |
|
|
2 |
|
|
|
- |
|
|
|
506 |
|
|
|
508 |
|
|
|
(1,715 |
) |
|
|
(1,207 |
) |
|
|
|
506 |
|
|
|
- |
|
Total |
|
$ |
45,485 |
|
|
$ |
(6,836 |
) |
|
$ |
(4,149 |
) |
|
$ |
34,500 |
|
|
$ |
(33,503 |
) |
|
$ |
997 |
|
|
|
$ |
(4,028 |
) |
|
$ |
(121 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Table L - 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 |
$ |
650 |
|
|
$ |
- |
|
|
$ |
606 |
|
|
$ |
1,256 |
|
|
$ |
2,335,101 |
|
|
$ |
2,336,357 |
|
|
|
$ |
606 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
18,772 |
|
|
|
1,584 |
|
|
|
23,063 |
|
|
|
43,419 |
|
|
|
4,607,256 |
|
|
|
4,650,675 |
|
|
|
|
23,063 |
|
|
|
- |
|
Owner occupied |
|
39,538 |
|
|
|
- |
|
|
|
42,874 |
|
|
|
82,412 |
|
|
|
2,936,175 |
|
|
|
3,018,587 |
|
|
|
|
42,874 |
|
|
|
- |
|
Commercial and industrial |
|
31,713 |
|
|
|
796 |
|
|
|
37,417 |
|
|
|
69,926 |
|
|
|
5,929,716 |
|
|
|
5,999,642 |
|
|
|
|
35,457 |
|
|
|
1,960 |
|
Construction |
|
15,246 |
|
|
|
- |
|
|
|
- |
|
|
|
15,246 |
|
|
|
683,750 |
|
|
|
698,996 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
205,228 |
|
|
|
83,228 |
|
|
|
530,471 |
|
|
|
818,927 |
|
|
|
6,586,980 |
|
|
|
7,405,907 |
|
|
|
|
238,794 |
|
|
|
291,677 |
|
Leasing |
|
12,301 |
|
|
|
2,605 |
|
|
|
6,103 |
|
|
|
21,009 |
|
|
|
1,593,335 |
|
|
|
1,614,344 |
|
|
|
|
6,103 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
7,162 |
|
|
|
5,823 |
|
|
|
12,061 |
|
|
|
25,046 |
|
|
|
1,021,150 |
|
|
|
1,046,196 |
|
|
|
|
- |
|
|
|
12,061 |
|
Home equity lines of credit |
|
496 |
|
|
|
70 |
|
|
|
4,618 |
|
|
|
5,184 |
|
|
|
64,703 |
|
|
|
69,887 |
|
|
|
|
4,618 |
|
|
|
- |
|
Personal |
|
16,031 |
|
|
|
10,249 |
|
|
|
19,932 |
|
|
|
46,212 |
|
|
|
1,794,857 |
|
|
|
1,841,069 |
|
|
|
|
19,917 |
|
|
|
15 |
|
Auto |
|
60,324 |
|
|
|
12,684 |
|
|
|
39,516 |
|
|
|
112,524 |
|
|
|
3,405,416 |
|
|
|
3,517,940 |
|
|
|
|
39,516 |
|
|
|
- |
|
Other |
|
1,266 |
|
|
|
49 |
|
|
|
1,605 |
|
|
|
2,920 |
|
|
|
135,853 |
|
|
|
138,773 |
|
|
|
|
1,435 |
|
|
|
170 |
|
Total |
$ |
408,727 |
|
|
$ |
117,088 |
|
|
$ |
718,266 |
|
|
$ |
1,244,081 |
|
|
$ |
31,094,292 |
|
|
$ |
32,338,373 |
|
|
|
$ |
412,383 |
|
|
$ |
305,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
31-Dec-22 |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
|
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 |
$ |
2,602 |
|
|
$ |
- |
|
|
$ |
242 |
|
|
$ |
2,844 |
|
|
$ |
2,318,869 |
|
|
$ |
2,321,713 |
|
|
|
$ |
242 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
1,425 |
|
|
|
428 |
|
|
|
25,116 |
|
|
|
26,969 |
|
|
|
4,472,701 |
|
|
|
4,499,670 |
|
|
|
|
25,116 |
|
|
|
- |
|
Owner occupied |
|
729 |
|
|
|
245 |
|
|
|
29,085 |
|
|
|
30,059 |
|
|
|
3,048,490 |
|
|
|
3,078,549 |
|
|
|
|
29,085 |
|
|
|
- |
|
Commercial and industrial |
|
15,996 |
|
|
|
3,146 |
|
|
|
40,462 |
|
|
|
59,604 |
|
|
|
5,779,596 |
|
|
|
5,839,200 |
|
|
|
|
38,596 |
|
|
|
1,866 |
|
Construction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
757,984 |
|
|
|
757,984 |
|
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
239,057 |
|
|
|
97,715 |
|
|
|
600,481 |
|
|
|
937,253 |
|
|
|
6,460,218 |
|
|
|
7,397,471 |
|
|
|
|
262,879 |
|
|
|
337,602 |
|
Leasing |
|
11,983 |
|
|
|
3,563 |
|
|
|
5,941 |
|
|
|
21,487 |
|
|
|
1,564,252 |
|
|
|
1,585,739 |
|
|
|
|
5,941 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
7,106 |
|
|
|
5,049 |
|
|
|
11,910 |
|
|
|
24,065 |
|
|
|
1,017,805 |
|
|
|
1,041,870 |
|
|
|
|
- |
|
|
|
11,910 |
|
Home equity lines of credit |
|
413 |
|
|
|
161 |
|
|
|
4,110 |
|
|
|
4,684 |
|
|
|
67,232 |
|
|
|
71,916 |
|
|
|
|
4,110 |
|
|
|
- |
|
Personal |
|
15,040 |
|
|
|
10,219 |
|
|
|
20,040 |
|
|
|
45,299 |
|
|
|
1,778,280 |
|
|
|
1,823,579 |
|
|
|
|
20,040 |
|
|
|
- |
|
Auto |
|
68,868 |
|
|
|
19,243 |
|
|
|
40,978 |
|
|
|
129,089 |
|
|
|
3,383,441 |
|
|
|
3,512,530 |
|
|
|
|
40,978 |
|
|
|
- |
|
Other |
|
487 |
|
|
|
87 |
|
|
|
12,690 |
|
|
|
13,264 |
|
|
|
134,284 |
|
|
|
147,548 |
|
|
|
|
12,454 |
|
|
|
236 |
|
Total |
$ |
363,706 |
|
|
$ |
139,856 |
|
|
$ |
791,055 |
|
|
$ |
1,294,617 |
|
|
$ |
30,783,152 |
|
|
$ |
32,077,769 |
|
|
|
$ |
439,441 |
|
|
$ |
351,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
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 |
$ |
(1,952 |
) |
|
$ |
- |
|
|
$ |
364 |
|
|
$ |
(1,588 |
) |
|
$ |
16,232 |
|
|
$ |
14,644 |
|
|
|
$ |
364 |
|
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-owner occupied |
|
17,347 |
|
|
|
1,156 |
|
|
|
(2,053 |
) |
|
|
16,450 |
|
|
|
134,555 |
|
|
|
151,005 |
|
|
|
|
(2,053 |
) |
|
|
- |
|
Owner occupied |
|
38,809 |
|
|
|
(245 |
) |
|
|
13,789 |
|
|
|
52,353 |
|
|
|
(112,315 |
) |
|
|
(59,962 |
) |
|
|
|
13,789 |
|
|
|
- |
|
Commercial and industrial |
|
15,717 |
|
|
|
(2,350 |
) |
|
|
(3,045 |
) |
|
|
10,322 |
|
|
|
150,120 |
|
|
|
160,442 |
|
|
|
|
(3,139 |
) |
|
|
94 |
|
Construction |
|
15,246 |
|
|
|
- |
|
|
|
- |
|
|
|
15,246 |
|
|
|
(74,234 |
) |
|
|
(58,988 |
) |
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
(33,829 |
) |
|
|
(14,487 |
) |
|
|
(70,010 |
) |
|
|
(118,326 |
) |
|
|
126,762 |
|
|
|
8,436 |
|
|
|
|
(24,085 |
) |
|
|
(45,925 |
) |
Leasing |
|
318 |
|
|
|
(958 |
) |
|
|
162 |
|
|
|
(478 |
) |
|
|
29,083 |
|
|
|
28,605 |
|
|
|
|
162 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit cards |
|
56 |
|
|
|
774 |
|
|
|
151 |
|
|
|
981 |
|
|
|
3,345 |
|
|
|
4,326 |
|
|
|
|
- |
|
|
|
151 |
|
Home equity lines of credit |
|
83 |
|
|
|
(91 |
) |
|
|
508 |
|
|
|
500 |
|
|
|
(2,529 |
) |
|
|
(2,029 |
) |
|
|
|
508 |
|
|
|
- |
|
Personal |
|
991 |
|
|
|
30 |
|
|
|
(108 |
) |
|
|
913 |
|
|
|
16,577 |
|
|
|
17,490 |
|
|
|
|
(123 |
) |
|
|
15 |
|
Auto |
|
(8,544 |
) |
|
|
(6,559 |
) |
|
|
(1,462 |
) |
|
|
(16,565 |
) |
|
|
21,975 |
|
|
|
5,410 |
|
|
|
|
(1,462 |
) |
|
|
- |
|
Other |
|
779 |
|
|
|
(38 |
) |
|
|
(11,085 |
) |
|
|
(10,344 |
) |
|
|
1,569 |
|
|
|
(8,775 |
) |
|
|
|
(11,019 |
) |
|
|
(66 |
) |
Total |
$ |
45,021 |
|
|
$ |
(22,768 |
) |
|
$ |
(72,789 |
) |
|
$ |
(50,536 |
) |
|
$ |
311,140 |
|
|
$ |
260,604 |
|
|
|
$ |
(27,058 |
) |
|
$ |
(45,731 |
) |
|
||||||||||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
||||||||||||||||
Table M - Non-Performing Assets |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
Variance |
|||||||||
(In thousands) |
31-Mar-23 |
|
As a % of
|
|
31-Dec-22 |
|
As a % of
|
|
31-Mar-22 |
|
As a % of
|
|
Q1 2023 vs.
|
|
Q1 2023 vs.
|
|
Non-accrual loans: |
|
|
|
|
|
|
|
|
||||||||
Commercial |
|
|
0.6 |
% |
|
|
0.6 |
% |
|
|
0.9 |
% |
|
|
|
) |
Leasing |
6,103 |
|
0.4 |
|
5,941 |
|
0.4 |
|
3,766 |
|
0.3 |
|
162 |
|
2,337 |
|
Mortgage |
238,794 |
|
3.2 |
|
262,879 |
|
3.6 |
|
328,386 |
|
4.5 |
|
(24,085 |
) |
(89,592 |
) |
Auto |
39,516 |
|
1.1 |
|
40,978 |
|
1.2 |
|
27,514 |
|
0.8 |
|
(1,462 |
) |
12,002 |
|
Consumer |
25,970 |
|
0.8 |
|
36,604 |
|
1.2 |
|
37,070 |
|
1.4 |
|
(10,634 |
) |
(11,100 |
) |
Total non-performing loans held-in-portfolio |
412,383 |
|
1.3 |
% |
439,441 |
|
1.4 |
% |
519,921 |
|
1.8 |
% |
(27,058 |
) |
(107,538 |
) |
Other real estate owned (“OREO”) |
91,721 |
|
|
89,126 |
|
|
90,567 |
|
|
2,595 |
|
1,154 |
|
|||
Total non-performing assets [1] |
|
|
|
|
|
|
|
|
|
|
) |
|
) |
|||
Accruing loans past due 90 days or more [2] |
|
|
|
|
|
|
|
|
|
|
) |
|
) |
|||
Ratios: |
|
|
|
|
|
|
|
|
||||||||
Non-performing assets to total assets |
0.74 |
% |
0.78 |
% |
0.88 |
% |
|
|
||||||||
Non-performing loans held-in-portfolio to loans held-in-portfolio |
1.28 |
|
|
1.37 |
|
|
1.76 |
|
|
|
|
|||||
Allowance for credit losses to loans held-in-portfolio |
2.13 |
|
|
2.25 |
|
|
2.29 |
|
|
|
|
|||||
Allowance for credit losses to non-performing loans, excluding loans held-for-sale |
167.11 |
|
|
163.91 |
|
|
130.36 |
|
|
|
|
|||||
[1] There were no non-performing loans held-for-sale as of March 31, 2023, December 31, 2022 and March 31, 2022. |
||||||||||||||||
[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 2023 Earnings Release |
||||||||||||
Table N - Activity in Non-Performing Loans |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
Commercial loans held-in-portfolio: |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
31-Mar-23 |
31-Dec-22 |
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
16,594 |
|
5,719 |
|
22,313 |
|
5,770 |
|
8,572 |
|
14,342 |
|
Advances on existing non-performing loans |
- |
|
26 |
|
26 |
|
- |
|
7 |
|
7 |
|
Less: |
|
|
|
|
|
|
||||||
Non-performing loans transferred to OREO |
(287 |
) |
- |
|
(287 |
) |
(445 |
) |
- |
|
(445 |
) |
Non-performing loans charged-off |
(673 |
) |
(216 |
) |
(889 |
) |
(131 |
) |
(8,725 |
) |
(8,856 |
) |
Loans returned to accrual status / loan collections |
(6,853 |
) |
(5,349 |
) |
(12,202 |
) |
(10,471 |
) |
(5,414 |
) |
(15,885 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage loans held-in-portfolio: |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
31-Mar-23 |
31-Dec-22 |
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
34,019 |
|
2,812 |
|
36,831 |
|
34,449 |
|
3,561 |
|
38,010 |
|
Advances on existing non-performing loans |
- |
|
39 |
|
39 |
|
- |
|
1 |
|
1 |
|
Less: |
|
|
|
|
|
|
||||||
Non-performing loans transferred to OREO |
(10,586 |
) |
(58 |
) |
(10,644 |
) |
(7,242 |
) |
- |
|
(7,242 |
) |
Non-performing loans charged-off |
(503 |
) |
- |
|
(503 |
) |
(90 |
) |
- |
|
(90 |
) |
Loans returned to accrual status / loan collections |
(41,246 |
) |
(8,562 |
) |
(49,808 |
) |
(37,499 |
) |
(4,607 |
) |
(42,106 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total non-performing loans held-in-portfolio (excluding consumer): |
||||||||||||
|
Quarter ended |
Quarter ended |
||||||||||
|
31-Mar-23 |
31-Dec-22 |
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
||||||
New non-performing loans |
50,613 |
|
8,531 |
|
59,144 |
|
40,219 |
|
12,133 |
|
52,352 |
|
Advances on existing non-performing loans |
- |
|
65 |
|
65 |
|
- |
|
8 |
|
8 |
|
Less: |
|
|
|
|
|
|
||||||
Non-performing loans transferred to OREO |
(10,873 |
) |
(58 |
) |
(10,931 |
) |
(7,687 |
) |
- |
|
(7,687 |
) |
Non-performing loans charged-off |
(1,176 |
) |
(216 |
) |
(1,392 |
) |
(221 |
) |
(8,725 |
) |
(8,946 |
) |
Loans returned to accrual status / loan collections |
(48,099 |
) |
(13,911 |
) |
(62,010 |
) |
(47,970 |
) |
(10,021 |
) |
(57,991 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial Supplement to First Quarter 2023 Earnings Release |
|
|
|
|
|
|
|||
Table O - Allowance for Credit Losses, Net Charge-offs and Related Ratios |
|
|
|
|
|
|
|||
(Unaudited) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
Quarters ended |
|
|||||||
( In thousands) |
31-Mar-23 |
|
31-Dec-22 |
|
31-Mar-22 |
|
|||
Balance at beginning of period - loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
Impact of adopting ASU-2022-02 |
(45,583 |
) |
|
- |
|
|
- |
|
|
Provision for credit losses (benefit) |
47,146 |
|
|
48,332 |
|
|
(14,405 |
) |
|
Initial allowance for credit losses - PCD Loans |
68 |
|
|
74 |
|
|
612 |
|
|
|
721,933 |
|
|
751,502 |
|
|
681,573 |
|
|
Net loans charge-off (recovered)- BPPR |
|
|
|
|
|
|
|||
Commercial: |
|
|
|
|
|
|
|||
Commercial multi-family |
- |
|
|
|
|
- |
|
|
|
Commercial real estate non-owner occupied |
(135 |
) |
|
(305 |
) |
|
(184 |
) |
|
Commercial real estate owner occupied |
(1,507 |
) |
|
(462 |
) |
|
(2,942 |
) |
|
Commercial and industrial |
442 |
|
|
(1,333 |
) |
|
(1,104 |
) |
|
Total Commercial |
(1,200 |
) |
|
(2,100 |
) |
|
(4,230 |
) |
|
Construction |
|
|
- |
|
|
(416 |
) |
|
|
Leasing |
327 |
|
|
2,221 |
|
|
(434 |
) |
|
Mortgage |
(3,954 |
) |
|
(6,135 |
) |
|
(2,992 |
) |
|
Consumer: |
|
|
|
|
|
|
|||
Credit Cards |
6,287 |
|
|
5,433 |
|
|
3,418 |
|
|
HELOCs |
(36 |
) |
|
(72 |
) |
|
(4 |
) |
|
Personal |
12,045 |
|
|
9,268 |
|
|
5,081 |
|
|
Auto |
7,204 |
|
|
10,978 |
|
|
4,861 |
|
|
Other Consumer |
10,791 |
|
|
253 |
|
|
218 |
|
|
Total Consumer |
36,291 |
|
|
25,860 |
|
|
13,574 |
|
|
Total net charged-off (recovered) BPPR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net loans charge-off (recovered) - Popular |
|
|
|
|
|
|
|||
Commercial: |
|
|
|
|
|
|
|||
Commercial multi-family |
(2 |
) |
|
(1 |
) |
|
(7 |
) |
|
Commercial real estate non-owner occupied |
(1,852 |
) |
|
8,668 |
|
|
(3 |
) |
|
Commercial real estate owner occupied |
(24 |
) |
|
(111 |
) |
|
(112 |
) |
|
Commercial and industrial |
(469 |
) |
|
(162 |
) |
|
(505 |
) |
|
Total Commercial |
(2,347 |
) |
|
8,394 |
|
|
(627 |
) |
|
Construction |
- |
|
|
- |
|
|
(1,128 |
) |
|
Mortgage |
(14 |
) |
|
(32 |
) |
|
(20 |
) |
|
Consumer: |
|
|
|
|
|
|
|||
Credit Cards |
1 |
|
|
(3 |
) |
|
(9 |
) |
|
HELOCs |
(126 |
) |
|
(156 |
) |
|
(909 |
) |
|
Personal |
3,787 |
|
|
3,142 |
|
|
905 |
|
|
Other Consumer |
48 |
|
|
9 |
|
|
67 |
|
|
Total Consumer |
3,710 |
|
|
2,992 |
|
|
54 |
|
|
Total net charged-off (recovered) Popular |
|
|
|
|
|
|
|
) |
|
Total loans charged-off (recovered) - |
|
|
|
|
|
|
|
|
|
Balance at end of period - loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period - unfunded commitments |
|
|
|
|
|
|
|
|
|
Provision for credit losses (benefit) |
610 |
|
|
1,498 |
|
|
(843 |
) |
|
Balance at end of period - unfunded commitments [1] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.41 |
|
% |
0.39 |
|
% |
0.05 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
143.68 |
|
% |
154.91 |
|
% |
(380.98 |
) |
% |
BPPR |
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.56 |
|
% |
0.35 |
|
% |
0.11 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
143.67 |
|
% |
223.64 |
|
% |
(230.12 |
) |
% |
Popular |
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.06 |
|
% |
0.49 |
|
% |
(0.08 |
) |
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
144.03 |
|
% |
34.78 |
|
% |
101.34 |
|
% |
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 2023 Earnings Release |
||||||||||
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - CONSOLIDATED |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
31-Mar-23 |
||||||||||
(In thousands) |
|
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|
|||
Commercial multi-family |
|
|
|
|
|
|
|
1.09 |
|
% |
Commercial real estate - non-owner occupied |
|
71,850 |
|
|
4,650,675 |
|
|
1.54 |
|
% |
Commercial real estate - owner occupied |
|
54,497 |
|
|
3,018,587 |
|
|
1.81 |
|
% |
Commercial and industrial |
|
92,266 |
|
|
5,999,642 |
|
|
1.54 |
|
% |
Total commercial |
|
|
|
|
|
|
|
1.52 |
|
% |
Construction |
|
4,330 |
|
|
698,996 |
|
|
0.62 |
|
% |
Mortgage |
|
104,477 |
|
|
7,405,907 |
|
|
1.41 |
|
% |
Leasing |
|
20,990 |
|
|
1,614,344 |
|
|
1.30 |
|
% |
Consumer: |
|
|
|
|
|
|
|
|||
Credit cards |
|
67,953 |
|
|
1,046,196 |
|
|
6.50 |
|
% |
Home equity lines of credit |
|
1,953 |
|
|
69,887 |
|
|
2.79 |
|
% |
Personal |
|
109,729 |
|
|
1,841,069 |
|
|
5.96 |
|
% |
Auto |
|
130,829 |
|
|
3,517,940 |
|
|
3.72 |
|
% |
Other consumer |
|
4,880 |
|
|
138,773 |
|
|
3.52 |
|
% |
Total consumer |
|
|
|
|
|
|
|
4.77 |
|
% |
Total |
|
|
|
|
|
|
|
2.13 |
|
% |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
31-Dec-22 |
||||||||||
(In thousands) |
|
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|
|||
Commercial multi-family |
|
|
|
|
|
|
|
1.13 |
|
% |
Commercial real estate - non-owner occupied |
|
71,540 |
|
|
4,499,670 |
|
|
1.59 |
|
% |
Commercial real estate - owner occupied |
|
57,081 |
|
|
3,078,549 |
|
|
1.85 |
|
% |
Commercial and industrial |
|
80,444 |
|
|
5,839,200 |
|
|
1.38 |
|
% |
Total commercial |
|
|
|
|
|
|
|
1.50 |
|
% |
Construction |
|
4,246 |
|
|
757,984 |
|
|
0.56 |
|
% |
Mortgage |
|
135,254 |
|
|
7,397,471 |
|
|
1.83 |
|
% |
Leasing |
|
20,618 |
|
|
1,585,739 |
|
|
1.30 |
|
% |
Consumer: |
|
|
|
|
|
|
|
|||
Credit cards |
|
58,670 |
|
|
1,041,870 |
|
|
5.63 |
|
% |
Home equity lines of credit |
|
2,542 |
|
|
71,916 |
|
|
3.53 |
|
% |
Personal |
|
118,426 |
|
|
1,823,579 |
|
|
6.49 |
|
% |
Auto |
|
129,735 |
|
|
3,512,530 |
|
|
3.69 |
|
% |
Other consumer |
|
15,435 |
|
|
147,548 |
|
|
10.46 |
|
% |
Total consumer |
|
|
|
|
|
|
|
4.92 |
|
% |
Total |
|
|
|
|
|
|
|
2.25 |
|
% |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
Variance |
||||||||||
(In thousands) |
|
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|
|||
Commercial multi-family |
|
|
) |
|
|
|
|
(0.04 |
) |
% |
Commercial real estate - non-owner occupied |
|
310 |
|
|
151,005 |
|
|
(0.05 |
) |
% |
Commercial real estate - owner occupied |
|
(2,584 |
) |
|
(59,962 |
) |
|
(0.04 |
) |
% |
Commercial and industrial |
|
11,822 |
|
|
160,442 |
|
|
0.16 |
|
% |
Total commercial |
|
|
|
|
|
|
|
0.02 |
|
% |
Construction |
|
84 |
|
|
(58,988 |
) |
|
0.06 |
|
% |
Mortgage [1] |
|
(30,777 |
) |
|
8,436 |
|
|
(0.42 |
) |
% |
Leasing |
|
372 |
|
|
28,605 |
|
|
- |
|
% |
Consumer: |
|
|
|
|
|
|
|
|||
Credit cards |
|
9,283 |
|
|
4,326 |
|
|
0.87 |
|
% |
Home equity lines of credit |
|
(589 |
) |
|
(2,029 |
) |
|
(0.74 |
) |
% |
Personal |
|
(8,697 |
) |
|
17,490 |
|
|
(0.53 |
) |
% |
Auto |
|
1,094 |
|
|
5,410 |
|
|
0.03 |
|
% |
Other consumer |
|
(10,555 |
) |
|
(8,775 |
) |
|
(6.94 |
) |
% |
Total consumer |
|
|
) |
|
|
|
|
(0.15 |
) |
% |
Total |
|
|
) |
|
|
|
|
(0.12 |
) |
% |
[1] Variance is mainly due to impact of ASU 2022-02 adoption. Refer to Credit Quality section for further details. |
|
|
|||||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|
|||||||||
Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR OPERATIONS |
|
|||||||||
(Unaudited) |
|
|||||||||
|
|
|
|
|
|
|
|
|||
31-Mar-23 |
|
|||||||||
BPPR |
|
|||||||||
(In thousands) |
|
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|
|||
Commercial multi-family |
|
|
|
|
|
|
|
1.62 |
|
% |
Commercial real estate - non-owner occupied |
|
53,894 |
|
|
2,885,483 |
|
|
1.87 |
|
% |
Commercial real estate - owner occupied |
|
46,009 |
|
|
1,497,503 |
|
|
3.07 |
|
% |
Commercial and industrial |
|
77,042 |
|
|
3,934,433 |
|
|
1.96 |
|
% |
Total commercial |
|
|
|
|
|
|
|
2.11 |
|
% |
Construction |
|
3,072 |
|
|
155,349 |
|
|
1.98 |
|
% |
Mortgage |
|
89,077 |
|
|
6,116,684 |
|
|
1.46 |
|
% |
Leasing |
|
20,990 |
|
|
1,614,344 |
|
|
1.30 |
|
% |
Consumer: |
|
|
|
|
|
|
|
|||
Credit cards |
|
67,953 |
|
|
1,046,175 |
|
|
6.50 |
|
% |
Home equity lines of credit |
|
100 |
|
|
2,865 |
|
|
3.49 |
|
% |
Personal |
|
88,408 |
|
|
1,612,918 |
|
|
5.48 |
|
% |
Auto |
|
130,829 |
|
|
3,517,940 |
|
|
3.72 |
|
% |
Other consumer |
|
4,877 |
|
|
130,012 |
|
|
3.75 |
|
% |
Total consumer |
|
|
|
|
|
|
|
4.63 |
|
% |
Total |
|
|
|
|
|
|
|
2.57 |
|
% |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
31-Dec-22 |
|
|||||||||
BPPR |
|
|||||||||
(In thousands) |
|
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|
|||
Commercial multi-family |
|
|
|
|
|
|
|
1.85 |
|
% |
Commercial real estate - non-owner occupied |
|
52,475 |
|
|
2,757,327 |
|
|
1.90 |
|
% |
Commercial real estate - owner occupied |
|
48,393 |
|
|
1,588,056 |
|
|
3.05 |
|
% |
Commercial and industrial |
|
68,217 |
|
|
3,796,508 |
|
|
1.80 |
|
% |
Total commercial |
|
|
|
|
|
|
|
2.07 |
|
% |
Construction |
|
2,978 |
|
|
147,041 |
|
|
2.03 |
|
% |
Mortgage |
|
117,344 |
|
|
6,110,279 |
|
|
1.92 |
|
% |
Leasing |
|
20,618 |
|
|
1,585,739 |
|
|
1.30 |
|
% |
Consumer: |
|
|
|
|
|
|
|
|||
Credit cards |
|
58,670 |
|
|
1,041,831 |
|
|
5.63 |
|
% |
Home equity lines of credit |
|
103 |
|
|
2,954 |
|
|
3.49 |
|
% |
Personal |
|
96,369 |
|
|
1,585,687 |
|
|
6.08 |
|
% |
Auto |
|
129,735 |
|
|
3,512,530 |
|
|
3.69 |
|
% |
Other consumer |
|
15,433 |
|
|
137,580 |
|
|
11.22 |
|
% |
Total consumer |
|
|
|
|
|
|
|
4.78 |
|
% |
Total |
|
|
|
|
|
|
|
2.73 |
|
% |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
Variance |
|
|||||||||
(In thousands) |
|
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|
|||
Commercial multi-family |
|
(454 |
) |
|
11,433 |
|
|
(0.23 |
) |
% |
Commercial real estate - non-owner occupied |
|
1,419 |
|
|
128,156 |
|
|
(0.03 |
) |
% |
Commercial real estate - owner occupied |
|
(2,384 |
) |
|
(90,553 |
) |
|
0.02 |
|
% |
Commercial and industrial |
|
8,825 |
|
|
137,925 |
|
|
0.16 |
|
% |
Total commercial |
|
|
|
|
|
|
|
0.04 |
|
% |
Construction |
|
94 |
|
|
8,308 |
|
|
(0.05 |
) |
% |
Mortgage |
|
(28,267 |
) |
|
6,405 |
|
|
(0.46 |
) |
% |
Leasing |
|
372 |
|
|
28,605 |
|
|
- |
|
% |
Consumer: |
|
|
|
|
|
|
|
|||
Credit cards |
|
9,283 |
|
|
4,344 |
|
|
0.87 |
|
% |
Home equity lines of credit |
|
(3 |
) |
|
(89 |
) |
|
- |
|
% |
Personal |
|
(7,961 |
) |
|
27,231 |
|
|
(0.60 |
) |
% |
Auto |
|
1,094 |
|
|
5,410 |
|
|
0.03 |
|
% |
Other consumer |
|
(10,556 |
) |
|
(7,568 |
) |
|
(7.47 |
) |
% |
Total consumer |
|
|
) |
|
|
|
|
(0.15 |
) |
% |
Total |
|
|
) |
|
|
|
|
(0.16 |
) |
% |
|
|
|
|
|
|
|
|
|
|
||||||
Financial Supplement to First Quarter 2023 Earnings Release |
|
||||||
Table R - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR |
|
||||||
(Unaudited) |
|
||||||
|
|
|
|
|
|
|
|
31-Mar-23 |
|
||||||
Popular |
|
||||||
(In thousands) |
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|
Commercial: |
|
|
|
|
|
|
|
Commercial multi-family |
|
|
|
|
1.01 |
% |
|
Commercial real estate - non-owner occupied |
17,956 |
|
1,765,192 |
|
1.02 |
% |
|
Commercial real estate - owner occupied |
8,488 |
|
1,521,084 |
|
0.56 |
% |
|
Commercial and industrial |
15,224 |
|
2,065,209 |
|
0.74 |
% |
|
Total commercial |
|
|
|
|
0.84 |
% |
|
Construction |
1,258 |
|
543,647 |
|
0.23 |
% |
|
Mortgage |
15,400 |
|
1,289,223 |
|
1.19 |
% |
|
Leasing |
- |
|
- |
|
- |
% |
|
Consumer: |
|
|
|
|
|
|
|
Credit cards |
- |
|
21 |
|
- |
% |
|
Home equity lines of credit |
1,853 |
|
67,022 |
|
2.76 |
% |
|
Personal |
21,321 |
|
228,151 |
|
9.35 |
% |
|
Auto |
- |
|
- |
|
- |
% |
|
Other consumer |
3 |
|
8,761 |
|
0.03 |
% |
|
Total consumer |
|
|
|
|
7.63 |
% |
|
Total |
|
|
|
|
1.07 |
% |
|
|
|
|
|
|
|
|||
31-Dec-22 |
|
||||||||
Popular |
|
||||||||
(In thousands) |
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|||
Commercial multi-family |
|
|
|
|
|
|
1.03 |
|
% |
Commercial real estate - non-owner occupied |
19,065 |
|
|
1,742,343 |
|
|
1.09 |
|
% |
Commercial real estate - owner occupied |
8,688 |
|
|
1,490,493 |
|
|
0.58 |
|
% |
Commercial and industrial |
12,227 |
|
|
2,042,692 |
|
|
0.60 |
|
% |
Total commercial |
|
|
|
|
|
|
0.83 |
|
% |
Construction |
1,268 |
|
|
610,943 |
|
|
0.21 |
|
% |
Mortgage |
17,910 |
|
|
1,287,192 |
|
|
1.39 |
|
% |
Leasing |
- |
|
|
- |
|
|
- |
|
% |
Consumer: |
|
|
|
|
|
|
|||
Credit cards |
- |
|
|
39 |
|
|
- |
|
% |
Home equity lines of credit |
2,439 |
|
|
68,962 |
|
|
3.54 |
|
% |
Personal |
22,057 |
|
|
237,892 |
|
|
9.27 |
|
% |
Auto |
- |
|
|
- |
|
|
- |
|
% |
Other consumer |
2 |
|
|
9,968 |
|
|
0.02 |
|
% |
Total consumer |
|
|
|
|
|
|
7.73 |
|
% |
Total |
|
|
|
|
|
|
1.10 |
|
% |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
Variance |
|
||||||||
(In thousands) |
Total ACL |
|
Total loans held-in-portfolio |
|
ACL to loans held-in-portfolio |
|
|||
Commercial: |
|
|
|
|
|
|
|||
Commercial multi-family |
|
) |
|
|
|
|
(0.02 |
) |
% |
Commercial real estate - non-owner occupied |
(1,109 |
) |
|
22,849 |
|
|
(0.07 |
) |
% |
Commercial real estate - owner occupied |
(200 |
) |
|
30,591 |
|
|
(0.02 |
) |
% |
Commercial and industrial |
2,997 |
|
|
22,517 |
|
|
0.14 |
|
% |
Total commercial |
|
|
|
|
|
|
0.01 |
|
% |
Construction |
(10 |
) |
|
(67,296 |
) |
|
0.02 |
|
% |
Mortgage |
(2,510 |
) |
|
2,031 |
|
|
(0.20 |
) |
% |
Leasing |
- |
|
|
- |
|
|
- |
|
% |
Consumer: |
|
|
|
|
|
|
|||
Credit cards |
- |
|
|
(18 |
) |
|
- |
|
% |
Home equity lines of credit |
(586 |
) |
|
(1,940 |
) |
|
(0.78 |
) |
% |
Personal |
(736 |
) |
|
(9,741 |
) |
|
0.08 |
|
% |
Auto |
- |
|
|
- |
|
|
- |
|
% |
Other consumer |
1 |
|
|
(1,207 |
) |
|
0.01 |
|
% |
Total consumer |
|
) |
|
|
) |
|
(0.10 |
) |
% |
Total |
|
) |
|
|
|
|
(0.03 |
) |
% |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial Supplement to First Quarter 2023 Earnings Release |
|||||||||
Table S - Reconciliation to GAAP Financial Measures |
|||||||||
(Unaudited) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
(In thousands, except share or per share information) |
31-Mar-23 |
|
31-Dec-22 |
|
31-Mar-22 |
||||
Total stockholders’ equity |
|
|
|
|
|
|
|
|
|
Less: Preferred stock |
(22,143 |
) |
|
(22,143 |
) |
|
(22,143 |
) |
|
Less: |
(827,428 |
) |
|
(827,428 |
) |
|
(720,293 |
) |
|
Less: Other intangibles |
(12,149 |
) |
|
(12,944 |
) |
|
(15,328 |
) |
|
Total tangible common equity |
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
Less: |
(827,428 |
) |
|
(827,428 |
) |
|
(720,293 |
) |
|
Less: Other intangibles |
(12,149 |
) |
|
(12,944 |
) |
|
(15,328 |
) |
|
Total tangible assets |
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets |
5.40 |
|
% |
4.84 |
|
% |
5.69 |
|
% |
Common shares outstanding at end of period |
71,965,984 |
|
|
71,853,720 |
|
|
76,487,523 |
|
|
Tangible book value per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Quarterly average |
|
|||||||
Total stockholders’ equity [1] |
|
|
|
|
|
|
|
|
|
Less: Preferred Stock |
(22,143 |
) |
|
(22,143 |
) |
|
(22,143 |
) |
|
Less: |
(827,427 |
) |
|
(827,427 |
) |
|
(720,292 |
) |
|
Less: Other intangibles |
(12,678 |
) |
|
(13,440 |
) |
|
(15,881 |
) |
|
Total tangible equity |
|
|
|
|
|
|
|
|
|
Return on average tangible common equity |
11.51 |
|
% |
19.23 |
|
% |
16.40 |
|
% |
[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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005069/en/
Investor Relations:
Senior Vice President and Investor Relations Officer
pcardillo@popular.com
or
Media Relations:
MC González Noguera, 917-804-5253
Executive Vice President and Chief Communications & Public Affairs Officer
mc.gonzalez@popular.com
Source:
FAQ
What were Popular, Inc.'s net income results for Q1 2023?
How did the net interest margin change for Popular, Inc. in Q1 2023?
What is the current NPLs to loans ratio for Popular, Inc.?
What was the total loans increase reported by Popular, Inc. in Q1 2023?