Popular, Inc. Announces Third Quarter 2022 Financial Results
Popular, Inc. (NASDAQ:BPOP) reported a net income of $422.4 million for Q3 2022, up from $211.4 million in Q2 2022. Excluding the Evertec transactions, net income was $195.8 million. The net interest margin improved to 3.32% from 3.09%. Non-performing loans (NPLs) decreased by $24.5 million, with a ratio of 1.4%. However, net charge-offs rose by $12.2 million to 0.24% of average loans. The company also completed a $400 million accelerated share repurchase program and is resilient after Hurricane Fiona.
- Net income increased to $422.4 million from $211.4 million in Q2 2022.
- Net interest margin improved to 3.32%, up from 3.09% in the previous quarter.
- Decreased non-performing loans by $24.5 million, improving the NPL ratio to 1.4%.
- Successful completion of $400 million accelerated share repurchase program.
- Net charge-offs increased by $12.2 million, rising to 0.24% of average loans.
- -
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Net income of
in Q3 2022, compared to net income of$422.4 million in Q2 2022; excluding the impact of the Evertec Transactions (as defined below) and related accounting adjustments during the third quarter, net income was$211.4 million .$195.8 million -
Net interest margin of
3.32% in Q3 2022, compared to3.09% in Q2 2022; net interest margin on a taxable equivalent basis of3.71% in Q3 2022, compared to3.45% in Q2 2022. -
Credit Quality:
-
Non-performing loans held-in-portfolio (“NPLs”) decreased by
from Q2 2022; NPLs to loans ratio at$24.5 million 1.4% vs.1.6% in Q2 2022; -
Net charge-offs (“NCOs”) increased by
from Q2 2022; annualized NCOs at$12.2 million 0.24% of average loans held-in-portfolio vs.0.08% in Q2 2022; -
Allowance for credit losses (“ACL”) to loans held-in-portfolio at
2.23% vs.2.24% in Q2 2022; and -
ACL to NPLs at
155.1% vs.142.7% in Q2 2022.
-
Non-performing loans held-in-portfolio (“NPLs”) decreased by
-
Common Equity Tier 1 ratio of
16.04% , Common Equity per Share of and Tangible Book Value per Share of$50.26 at$38.69 September 30, 2022 .
In addition to our financial results, I am extremely proud of our team’s response in the wake of Hurricane Fiona, which impacted
Significant Events
Acquisition of Key Customer Channels and Amendments to Commercial Contracts with Evertec and Subsequent Sale of Remaining Ownership Stake in Evertec
On
As a result of the closing of the Business Acquisition Transaction, BPPR acquired from
Under the amended service agreements,
As consideration for the Business Acquisitions Transaction, BPPR delivered to
On
Capital Actions
On
On
Hurricanes Fiona and Ian
On
As part of hurricane relief efforts on the island, the Corporation has waived late-payment fees on individual lending products from
Separately, on
For clients impacted by the hurricane that reside in counties in
The Corporation is still evaluating the impact of Hurricanes Fiona and Ian. However, given the hurricanes’ limited impact in the markets in which Popular does business and low level of assistance requests received by the Corporation to date, the effect on credit risk should not be significant.
Transfer of Securities from Available-for Sale to Held-To-Maturity
In
The securities were reclassified at fair value at the time of the transfer. At the date of the transfer, these securities had pre-tax unrealized losses of
While changes in the amount of unrealized gains and losses in AOCI have an impact on the Corporation’s and its wholly-owned banking subsidiaries’ tangible capital ratios, they do not impact regulatory capital ratios, in accordance with the regulatory framework.
Earnings Highlights |
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(Unaudited) |
Quarters ended |
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Nine months 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) |
39,637 |
9,362 |
(61,173 |
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33,499 |
(160,414 |
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Net interest income after provision for credit losses (benefit) |
539,982 |
524,500 |
550,566 |
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1,574,294 |
1,616,721 |
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Other non-interest income |
426,494 |
157,411 |
169,258 |
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738,597 |
477,451 |
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Operating expenses |
476,095 |
406,278 |
388,168 |
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1,284,712 |
1,131,881 |
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Income before income tax |
490,381 |
275,633 |
331,656 |
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1,028,179 |
962,291 |
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Income tax expense |
67,986 |
64,212 |
83,542 |
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182,677 |
233,466 |
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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 Table D and E for the quarter and year ended
Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
Net interest income for the quarter ended
Net interest margin for the quarter increased 23 basis points to
-
higher interest income from money market, trading and investment securities by
, resulting from higher yield of the portfolio by 52 basis points driven mainly by the increase in the interest on excess funds at the$48.7 million Federal Reserve of 135 basis points and investment ofU.S. Treasury securities in a higher interest rate environment. Interest income on these securities is exempt for income tax purposes under the Puerto Rico’s Internal Revenue Code; -
quarter-over-quarter, the Corporation’s loan portfolio increased by
, in average, reflecting increases across all major loan segments except mortgages. Furthermore, one more day in the quarter resulted in approximately$832 million increase in interest income from loans;$3.7 million -
higher interest income from commercial loans by
due to higher average volume of loans by$22.2 million and higher yield by 36 basis points due to the higher rate environment. Both BPPR and PB experienced growth in commercial loans; and$523 million -
higher interest income from consumer loans, mainly driven by higher average volume by
mainly at BPPR, and increase in the yield of the portfolio by 16 basis points;$227 million
partially offset by:
-
higher interest expense on deposits by
due to the increase in rates, mainly from$33.1 million Puerto Rico government deposits and commercial deposits
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
due to higher merchant acquiring fees by$5.0 million related to the revenue sharing agreement entered into in connection with the Evertec Transactions and higher insurance commission fees, including contingent payments of approximately$3.3 million received during the quarter;$500 thousand -
lower unrealized losses by
on the portfolio of equity securities related to benefit plans, which have an offsetting effect as higher personnel costs;$2.7 million -
a favorable adjustment of
in the fair value of the contingent consideration related to purchase price adjustments for the acquisition of the$9.2 million K2 Capital Group LLC business in 2021 (‘’K2 Acquisition’’), as the Corporation updated its estimates related to the realizability of the earnings targets for the contingent payment; and -
higher earnings from the portfolio of equity method investments by
, excluding Evertec;$2.5 million
partially offset by:
-
lower service charges on deposit accounts by
due to lower returned ACH fees and the Corporation’s initiative of eliminating insufficient funds fees and modifying overdraft fees during the quarter; and$1.8 million -
lower mortgage banking activities by
due to a negative variance in the valuation of mortgage servicing rights by$4.1 million and a negative variance of$2.8 million in realized losses in closed derivative positions.$2.7 million
Refer to Table B for further details.
Operating expenses
Operating expenses for the third quarter of 2022 totaled
-
higher personnel cost by
mainly due to higher salaries as a result of market adjustments and annual salary revisions effective in$25.1 million July 2022 . The remaining increase in personnel costs is mainly related to an increase in medical insurance premiums, and higher incentives related to the profit-sharing and other incentive plans that are tied to the Corporation’s financial performance; -
higher other professional fees by
mainly due to higher advisory expense related to corporate initiatives;$11.8 -
higher business promotion expenses by
mainly due to donations, including hurricane related donations, and promotional events during the quarter;$3.0 million -
lower other real estate owned (OREO) income by
mainly due to lower gain on sale of mortgage and commercial properties;$5.4 million -
higher credit and debit card processing, volume, interchange and other expenses by
mainly due to lower volume incentives;$3.4 million -
higher other operating expenses by
, mainly due to higher legal reserves and the$23.4 million expense related to the Evertec Transactions, net of the$17.3 million in credits received in connection with this transaction; and$6.9 million -
a goodwill impairment charge of
due to a decrease in Popular Equipment Finance’s (PEF) projected earnings considered as part of the Corporation’s annual goodwill impairment analysis.$9.0 million
partially offset by:
-
lower programming, processing, and other technology services by
due to lower application hosting, IT consulting and related expenses and lower merchant processing fees reflecting savings as a result of the Evertec Transactions.$13.9 million
The Corporation is in the process of completing its annual goodwill impairment test, using
Full-time equivalent employees were 8,747 as of
For a breakdown of operating expenses by category refer to Table B.
Income taxes
For the quarter ended
Credit Quality
During the third quarter of 2022, the Corporation showed stable credit quality trends 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 uncertainty. However, management continues to believe that the improvement over recent years in the risk profile of the Corporation’s loan portfolios positions Popular to operate successfully under the current environment. The impact of Hurricanes Fiona and Ian is still being evaluated but given Fiona’s limited impact in the markets that Popular does business and low levels of assistance requests received to date, the effect on credit risk should not be significant.
The following presents credit quality results for the third quarter of 2022:
-
At
September 30, 2022 , total non-performing loans held-in-portfolio decreased by from$24.5 million June 30, 2022 . BPPR’s NPLs decreased by , mostly driven by lower mortgage and commercial NPLs by$34.6 million and$31.9 million , respectively, in part offset by higher auto loans NPLs by$9.0 million . The mortgage NPLs decrease was mainly due to the combined effects of collection efforts, increased foreclosure activity and sustained low levels of early delinquency compared with pre-pandemic trends. PB’s NPLs increased by$6.4 million quarter-over-quarter, solely due to a$10.1 million commercial borrower within the healthcare industry that was placed in non-accrual status during the quarter due to financial distress. At$10.6 million September 30, 2022 , the ratio of NPLs to total loans held-in-portfolio was1.4% , compared to1.6% in the second quarter of 2022. -
Inflows of NPLs held-in-portfolio, excluding consumer loans, increased by
quarter-over-quarter. In BPPR, total inflows decreased by$5.5 million , mostly driven by lower mortgage inflows of$3.1 million , in part offset by higher commercial inflows by$7.3 million . Mortgage inflows continued trending lower than pre-pandemic levels. NPL inflows at PB increased by$4.2 million quarter-over-quarter, mainly driven the abovementioned commercial healthcare NPL.$8.5 million -
NCOs amounted to
, an unfavorable variance of$18.2 million when compared to the second quarter of 2022. BPPR’s NCOs reflected an unfavorable variance of$12.2 million , mainly related to higher consumer, commercial and mortgage NCOs by$13.1 million ,$7.5 million , and$2.3 million , respectively. The commercial NCOs was mainly driven by a$2.3 million previously reserved relationship charged-off in September partially offset by higher recoveries. PB’s NCOs remained essentially flat quarter-over-quarter. During the third quarter of 2022, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was$4.5 million 0.24% , compared to0.08% in the second quarter of 2022. Refer to Table M for further information on net charge-offs and related ratios. -
At
September 30, 2022 , the ACL increased by , or$21.3 million 3.1% , from the second quarter of 2022 to . The ACL incorporated updated macroeconomic scenarios for$703.1 million Puerto Rico andthe United States . Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario. The Corporation evaluates, at least on an annual basis, the assumptions tied to the CECL accounting framework. These include the reasonable and supportable period as well as the reversion window. This quarter, as part of its evaluation procedures, the Corporation decided to extend the reversion window from 1 year to 3 years. This change in assumptions contributed to a reduction of in the ACL. The reasonable and supportable period assumptions remained unchanged.$11 million -
The baseline scenario assumes an annualized 2022 GDP growth of
3.1% and1.6% forPuerto Rico andUnited States , respectively, compared to2.8% for both regions in the previous quarter. The improvement in P.R.’s GDP was mainly due to updated fiscal assumptions, which include the potential impact of the Inflation Reduction Act. As for theU.S. , the reduction in GDP growth was driven by updated data for the second quarter of 2022, which reflected two consecutive quarters of GDP decline. 2023 annualized GDP growth for P.R. andU.S. of2.2% and1.5% , respectively, compared to2.7% for both regions in the previous quarter. The reduction in 2023 is in part due to tight monetary policy, weaker job growth and persistent inflation. -
The 2022 average unemployment rate remained largely consistent QoQ forecasted at
6.6% and3.6% forPuerto Rico andUnited States , respectively, compared to6.9% and3.5% , respectively, in the previous forecast. For 2023 the forecasted average unemployment rate for P.R. andU.S. is7.8% and3.9% , slightly higher than previous quarter’s7.6% and3.4% for P.R. andU.S. , respectively. -
In BPPR, the ACL increased by
, mostly driven by higher loan volumes and changes in credit quality. The ACL for the PB segment increased by$10.4 million quarter-over-quarter, mainly driven by an$11.0 million reserve recorded for the abovementioned commercial healthcare NPL. The Corporation’s ratio of the allowance for credit losses to loans held-in-portfolio was$8.4 million 2.23% in the third quarter of 2022, compared to2.24% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at155.1% , compared to142.7% in the previous quarter. -
The provision for credit losses for the loan portfolios for the third quarter of 2022 was an expense of
, compared to an expense of$39.5 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$9.9 million , compared to an expense of$28.7 million in the previous quarter, while the provision for the PB segment was an expense of$9.1 million , compared to an expense of$10.8 million in the previous quarter.$0.7 million -
The provision for unfunded commitments for the third quarter of 2022 was an expense of
, compared to a benefit of$0.4 million in the previous quarter. The provision for credit losses in our investment portfolio was a benefit of$0.2 million , flat quarter-over-quarter. 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.$0.3 million
Non-Performing Assets |
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(Unaudited) |
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(In thousands) |
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Non-performing loans held-in-portfolio |
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Other real estate owned (“OREO”) |
93,239 |
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92,137 |
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76,828 |
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 |
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Allowance for credit losses to loans held-in-portfolio |
2.23 |
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2.24 |
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2.49 |
Allowance for credit losses to non-performing loans, excluding loans held-for-sale |
155.07 |
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142.65 |
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113.55 |
Refer to Table K for additional information. |
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Provision for Credit Losses (Benefit) - Loan Portfolios |
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(Unaudited) |
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Quarters ended |
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Nine months 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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10,825 |
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733 |
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(22,653 |
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9,814 |
(53,468 |
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Total provision for credit losses (benefit) - loan portfolios |
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) |
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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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) |
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Net charge-offs (recoveries) |
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18,396 |
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5,332 |
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9,336 |
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Total non-performing loans held-in-portfolio |
410,215 |
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444,831 |
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608,871 |
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Allowance / loans held-in-portfolio |
2.65 |
% |
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2.70 |
% |
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2.92 |
% |
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Allowance / non-performing loans held-in-portfolio |
144.05 |
% |
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130.52 |
% |
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101.30 |
% |
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Quarters ended |
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Popular |
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Provision for credit losses (benefit) - loan portfolios |
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) |
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Net charge-offs (recoveries) |
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(164 |
) |
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741 |
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(513 |
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Total non-performing loans held-in-portfolio |
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43,204 |
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33,093 |
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23,964 |
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Allowance / loans held-in-portfolio |
1.21 |
% |
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1.14 |
% |
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1.32 |
% |
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Allowance / non-performing loans held-in-portfolio |
259.61 |
% |
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305.72 |
% |
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424.79 |
% |
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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 |
30,434,052 |
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28,138,453 |
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24,697,876 |
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Loans |
31,523,188 |
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30,370,936 |
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28,855,372 |
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Total assets |
70,729,675 |
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71,501,931 |
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74,189,163 |
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Deposits |
64,819,327 |
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65,327,664 |
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66,013,561 |
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Borrowings |
1,300,984 |
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959,135 |
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1,263,413 |
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Total liabilities |
67,054,837 |
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67,208,582 |
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68,206,192 |
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Stockholders’ equity |
3,674,838 |
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4,293,349 |
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5,982,971 |
Total assets amounted to
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A decrease in aggregated cash and money market investments of
due in part to a decrease in deposit balances and the purchase of investment securities and growth in loan portfolios;$4.2 billion
partially offset by:
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an increase in debt securities available-for-sale of
. The increase is driven by purchases of 3-month maturity$2.0 billion U.S. Treasury securities that currently provide a higher tax-effected yield than overnight fed funds, offset by maturities and paydowns; -
an increase in debt securities held-to-maturity of
due to the purchase of$290.0 million U.S. Treasury securities offset by maturities and paydowns; and -
an increase in loans held-in-portfolio of
across all loan categories. The increase was mainly due to commercial loans growth at both BPPR and PB and an increase in consumer loans, mainly at BPPR, including auto loans, credit cards and other consumer loans. BPPR’s commercial loan growth included$1.2 billion U.S. region loans of participated between BPPR and PB;$53.7 million -
an increase of
in goodwill due to the$107.1 million recorded in connection with the Evertec Business Acquisition Transaction, offset by the impairment of$116.1 million related to the K2 Acquisition.$9.0 million
Total liabilities decreased by
-
a decrease of
in deposits, mainly in$0.5 billion Puerto Rico related to time deposits managed through the Corporation’sFiduciary Services Division , offset by an increase in public sector accounts;
partially offset by:
-
an increase in borrowings of
, mainly due to advances from the FHLB at PB.$341.5 million
Stockholders' equity decreased by
Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the
More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Annual Report on Form 10-K for the year ended
About
Conference Call
Popular will hold a conference call to discuss its financial results today
Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-844-200-6205 (Toll Free) or 1-646-904-5544 (Local). The dial-in access code is 775117.
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 Third Quarter 2022 Earnings Release |
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Table A - Selected Ratios and Other Information |
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Table B - Consolidated Statement of Operations |
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Table C - Consolidated Statement of Financial Condition |
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Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER |
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Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE |
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Table F - Mortgage Banking Activities and Other Service Fees |
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Table G - Loans and Deposits |
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Table H - Loan Delinquency - |
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Table I - Loan Delinquency - POPULAR |
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Table J - Loan Delinquency - CONSOLIDATED |
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Table K - Non-Performing Assets |
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Table L - Activity in Non-Performing Loans |
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Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios |
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Table N - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED |
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Table O - Allowance for Credit Losses - Loan Portfolios - |
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Table P - Allowance for Credit Losses - Loan Portfolios - POPULAR |
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Table Q - Reconciliation to GAAP Financial Measures |
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Financial Supplement to Third Quarter 2022 Earnings Release |
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Table A - Selected Ratios and Other Information |
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(Unaudited) |
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Quarters ended |
Nine months ended |
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Basic EPS |
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Diluted EPS |
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Average common shares outstanding |
73,955,184 |
76,171,784 |
80,126,166 |
76,173,783 |
81,864,634 |
Average common shares outstanding - assuming dilution |
74,057,332 |
76,286,883 |
80,274,942 |
76,304,219 |
82,014,113 |
Common shares outstanding at end of period |
72,673,344 |
76,576,397 |
79,841,564 |
72,673,344 |
79,841,564 |
Market value per common share |
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Market capitalization - (In millions) |
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Return on average assets |
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Return on average common equity |
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Net interest margin (non-taxable equivalent basis) |
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Net interest margin (taxable equivalent basis) -non-GAAP |
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Common equity per share |
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Tangible common book value per common share (non-GAAP) [1] |
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Tangible common equity to tangible assets (non-GAAP) [1] |
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Return on average tangible common equity [1] |
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Tier 1 capital |
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Total capital |
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Tier 1 leverage |
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Common Equity Tier 1 capital |
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[1] Refer to Table Q for reconciliation to GAAP financial measures. |
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Financial Supplement to Third Quarter 2022 Earnings Release |
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Table B - Consolidated Statement of Operations |
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(Unaudited) |
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Quarters ended |
Variance |
Quarter ended |
Variance |
Nine months ended |
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Q3 2022 |
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Q3 2022 |
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(In thousands, except per share information) |
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vs. Q2 2022 |
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vs. Q3 2021 |
|
|
||||||||
Interest income: |
|
|
|
|
|
|
|
||||||||
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market investments |
36,966 |
|
23,742 |
|
13,224 |
|
6,914 |
|
30,052 |
|
67,172 |
|
14,300 |
|
|
Investment securities |
133,181 |
|
101,774 |
|
31,407 |
|
87,952 |
|
45,229 |
|
331,421 |
|
265,348 |
|
|
Total interest income |
651,235 |
|
571,761 |
|
79,474 |
|
530,162 |
|
121,073 |
|
1,752,717 |
|
1,583,374 |
|
Interest expense: |
|
|
|
|
|
|
|
||||||||
|
Deposits |
60,897 |
|
27,827 |
|
33,070 |
|
27,029 |
|
33,868 |
|
113,507 |
|
85,290 |
|
|
Short-term borrowings |
921 |
|
248 |
|
673 |
|
54 |
|
867 |
|
1,249 |
|
259 |
|
|
Long-term debt |
9,798 |
|
9,824 |
|
(26 |
) |
13,686 |
|
(3,888 |
) |
30,168 |
|
41,518 |
|
|
Total interest expense |
71,616 |
|
37,899 |
|
33,717 |
|
40,769 |
|
30,847 |
|
144,924 |
|
127,067 |
|
Net interest income |
579,619 |
|
533,862 |
|
45,757 |
|
489,393 |
|
90,226 |
|
1,607,793 |
|
1,456,307 |
|
|
Provision for credit losses (benefit) |
39,637 |
|
9,362 |
|
30,275 |
|
(61,173 |
) |
100,810 |
|
33,499 |
|
(160,414 |
) |
|
Net interest income after provision for credit losses (benefit) |
539,982 |
|
524,500 |
|
15,482 |
|
550,566 |
|
(10,584 |
) |
1,574,294 |
|
1,616,721 |
|
|
Service charges on deposit accounts |
40,006 |
|
41,809 |
|
(1,803 |
) |
41,312 |
|
(1,306 |
) |
122,528 |
|
121,085 |
|
|
Other service fees |
86,402 |
|
81,451 |
|
4,951 |
|
80,445 |
|
5,957 |
|
244,987 |
|
227,455 |
|
|
Mortgage banking activities |
9,448 |
|
13,575 |
|
(4,127 |
) |
8,307 |
|
1,141 |
|
35,888 |
|
33,098 |
|
|
Net gain on sale of debt securities |
- |
|
- |
|
- |
|
23 |
|
(23 |
) |
- |
|
23 |
|
|
Net (loss) gain, including impairment, on equity securities |
(1,448 |
) |
(4,109 |
) |
2,661 |
|
(401 |
) |
(1,047 |
) |
(7,651 |
) |
1,585 |
|
|
Net (loss) gain on trading account debt securities |
(274 |
) |
51 |
|
(325 |
) |
58 |
|
(332 |
) |
(946 |
) |
(34 |
) |
|
Net loss on sale of loans, including valuation adjustments on loans held-for-sale |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(73 |
) |
|
Adjustments to indemnity reserves on loans sold |
1,715 |
|
170 |
|
1,545 |
|
2,038 |
|
(323 |
) |
1,140 |
|
3,008 |
|
|
Other operating income |
290,645 |
|
24,464 |
|
266,181 |
|
37,476 |
|
253,169 |
|
342,651 |
|
91,304 |
|
|
|
Total non-interest income |
426,494 |
|
157,411 |
|
269,083 |
|
169,258 |
|
257,236 |
|
738,597 |
|
477,451 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Personnel costs |
|
|
|
|
|
|
|
||||||||
|
Salaries |
115,887 |
|
101,847 |
|
14,040 |
|
95,185 |
|
20,702 |
|
316,407 |
|
274,814 |
|
|
Commissions, incentives and other bonuses |
32,003 |
|
29,787 |
|
2,216 |
|
25,892 |
|
6,111 |
|
93,129 |
|
85,484 |
|
|
Pension, postretirement and medical insurance |
17,120 |
|
13,730 |
|
3,390 |
|
13,893 |
|
3,227 |
|
43,633 |
|
38,106 |
|
|
Other personnel costs, including payroll taxes |
28,833 |
|
23,424 |
|
5,409 |
|
22,677 |
|
6,156 |
|
76,458 |
|
72,926 |
|
|
Total personnel costs |
193,843 |
|
168,788 |
|
25,055 |
|
157,647 |
|
36,196 |
|
529,627 |
|
471,330 |
|
Net occupancy expenses |
27,420 |
|
26,214 |
|
1,206 |
|
24,896 |
|
2,524 |
|
78,357 |
|
75,471 |
|
|
Equipment expenses |
26,626 |
|
25,088 |
|
1,538 |
|
22,537 |
|
4,089 |
|
75,193 |
|
66,917 |
|
|
Other taxes |
15,966 |
|
15,780 |
|
186 |
|
14,459 |
|
1,507 |
|
47,461 |
|
41,623 |
|
|
Professional fees |
|
|
|
|
|
|
|
||||||||
|
Collections, appraisals and other credit related fees |
2,527 |
|
2,802 |
|
(275 |
) |
3,166 |
|
(639 |
) |
7,555 |
|
9,972 |
|
|
Programming, processing and other technology services |
59,431 |
|
73,305 |
|
(13,874 |
) |
69,221 |
|
(9,790 |
) |
202,110 |
|
202,739 |
|
|
Legal fees, excluding collections |
2,830 |
|
3,091 |
|
(261 |
) |
2,535 |
|
295 |
|
9,875 |
|
7,267 |
|
|
Other professional fees |
47,433 |
|
35,674 |
|
11,759 |
|
29,787 |
|
17,646 |
|
116,050 |
|
85,832 |
|
|
Total professional fees |
112,221 |
|
114,872 |
|
(2,651 |
) |
104,709 |
|
7,512 |
|
335,590 |
|
305,810 |
|
Communications |
6,224 |
|
5,993 |
|
231 |
|
6,133 |
|
91 |
|
18,364 |
|
18,971 |
|
|
Business promotion |
24,348 |
|
21,353 |
|
2,995 |
|
18,116 |
|
6,232 |
|
60,784 |
|
47,148 |
|
|
|
6,610 |
|
6,463 |
|
147 |
|
7,181 |
|
(571 |
) |
20,445 |
|
18,891 |
|
|
Other real estate owned (OREO) income |
(2,444 |
) |
(7,806 |
) |
5,362 |
|
(1,722 |
) |
(722 |
) |
(12,963 |
) |
(10,554 |
) |
|
Credit and debit card processing, volume, interchange and other expenses |
14,762 |
|
11,375 |
|
3,387 |
|
12,960 |
|
1,802 |
|
38,646 |
|
36,331 |
|
|
Other operating expenses |
|
|
|
|
|
|
|
||||||||
|
Operational losses |
7,145 |
|
4,061 |
|
3,084 |
|
7,147 |
|
(2 |
) |
23,031 |
|
21,571 |
|
|
All other |
33,579 |
|
13,302 |
|
20,277 |
|
13,322 |
|
20,257 |
|
58,696 |
|
35,283 |
|
|
Total other operating expenses |
40,724 |
|
17,363 |
|
23,361 |
|
20,469 |
|
20,255 |
|
81,727 |
|
56,854 |
|
Amortization of intangibles |
795 |
|
795 |
|
- |
|
783 |
|
12 |
|
2,481 |
|
3,089 |
|
|
|
9,000 |
|
- |
|
9,000 |
|
- |
|
9,000 |
|
9,000 |
|
- |
|
|
|
Total operating expenses |
476,095 |
|
406,278 |
|
69,817 |
|
388,168 |
|
87,927 |
|
1,284,712 |
|
1,131,881 |
|
Income before income tax |
490,381 |
|
275,633 |
|
214,748 |
|
331,656 |
|
158,725 |
|
1,028,179 |
|
962,291 |
|
|
Income tax expense |
67,986 |
|
64,212 |
|
3,774 |
|
83,542 |
|
(15,556 |
) |
182,677 |
|
233,466 |
|
|
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 Third Quarter 2022 Earnings Release |
||||||||||
Table C - Consolidated Statement of Financial Condition |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
Variance |
||||
|
|
|
|
|
|
Q3 2022 vs. |
||||
(In thousands) |
|
|
|
Q2 2022 |
||||||
Assets: |
|
|
|
|
||||||
Cash and due from banks |
|
|
|
|
|
|
|
|
||
Money market investments |
3,975,048 |
|
9,687,356 |
|
17,526,238 |
|
(5,712,308 |
) |
||
Trading account debt securities, at fair value |
30,271 |
|
32,317 |
|
36,064 |
|
(2,046 |
) |
||
Debt securities available-for-sale, at fair value |
28,264,148 |
|
26,266,251 |
|
24,391,226 |
|
1,997,897 |
|
||
Debt securities held-to-maturity, at amortized cost |
1,953,710 |
|
1,664,015 |
|
85,655 |
|
289,695 |
|
||
|
|
Less: Allowance for credit losses |
7,210 |
|
7,495 |
|
9,222 |
|
(285 |
) |
|
|
Total debt securities held-to-maturity, net |
1,946,500 |
|
1,656,520 |
|
76,433 |
|
289,980 |
|
Equity securities |
185,923 |
|
175,870 |
|
184,931 |
|
10,053 |
|
||
Loans held-for-sale, at lower of cost or fair value |
8,065 |
|
28,546 |
|
91,313 |
|
(20,481 |
) |
||
Loans held-in-portfolio |
31,805,921 |
|
30,643,443 |
|
29,089,241 |
|
1,162,478 |
|
||
|
|
Less: Unearned income |
282,733 |
|
272,507 |
|
233,869 |
|
10,226 |
|
|
|
Allowance for credit losses |
703,096 |
|
681,750 |
|
718,575 |
|
21,346 |
|
|
|
Total loans held-in-portfolio, net |
30,820,092 |
|
29,689,186 |
|
28,136,797 |
|
1,130,906 |
|
Premises and equipment, net |
492,685 |
|
490,152 |
|
487,526 |
|
2,533 |
|
||
Other real estate |
93,239 |
|
92,137 |
|
76,828 |
|
1,102 |
|
||
Accrued income receivable |
224,307 |
|
216,780 |
|
200,649 |
|
7,527 |
|
||
Mortgage servicing rights, at fair value |
130,541 |
|
129,877 |
|
116,567 |
|
664 |
|
||
Other assets |
1,700,378 |
|
1,773,523 |
|
1,634,839 |
|
(73,145 |
) |
||
|
827,428 |
|
720,293 |
|
671,122 |
|
107,135 |
|
||
Other intangible assets |
13,738 |
|
14,533 |
|
19,657 |
|
(795 |
) |
||
Total assets |
|
|
|
|
|
|
|
) |
||
Liabilities and Stockholders’ Equity: |
|
|
|
|
||||||
Liabilities: |
|
|
|
|
||||||
|
Deposits: |
|
|
|
|
|||||
|
|
Non-interest bearing |
|
|
|
|
|
|
|
|
|
|
Interest bearing |
47,213,988 |
|
48,664,405 |
|
50,865,994 |
|
(1,450,417 |
) |
|
|
Total deposits |
64,819,327 |
|
65,327,664 |
|
66,013,561 |
|
(508,337 |
) |
Assets sold under agreements to repurchase |
162,450 |
|
70,925 |
|
86,470 |
|
91,525 |
|
||
Other short-term borrowings |
250,000 |
|
- |
|
- |
|
250,000 |
|
||
Notes payable |
888,534 |
|
888,210 |
|
1,176,943 |
|
324 |
|
||
Other liabilities |
934,526 |
|
921,783 |
|
929,218 |
|
12,743 |
|
||
Total liabilities |
67,054,837 |
|
67,208,582 |
|
68,206,192 |
|
(153,745 |
) |
||
Stockholders’ equity: |
|
|
|
|
||||||
Preferred stock |
22,143 |
|
22,143 |
|
22,143 |
|
- |
|
||
Common stock |
1,046 |
|
1,046 |
|
1,046 |
|
- |
|
||
Surplus |
4,652,508 |
|
4,576,478 |
|
4,569,641 |
|
76,030 |
|
||
Retained earnings |
3,694,020 |
|
3,311,951 |
|
2,882,340 |
|
382,069 |
|
||
|
(1,970,548 |
) |
(1,665,253 |
) |
(1,352,104 |
) |
(305,295 |
) |
||
Accumulated other comprehensive loss, net of tax |
(2,724,331 |
) |
(1,953,016 |
) |
(140,095 |
) |
(771,315 |
) |
||
|
|
Total stockholders’ equity |
3,674,838 |
|
4,293,349 |
|
5,982,971 |
|
(618,511 |
) |
Total liabilities and stockholders’ equity |
|
|
|
|
|
|
|
) |
|
|||||||||||||||||||||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||||||||||||||||||||||||
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER |
|||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Quarters ended |
|
Variance |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Q3 2022 vs. Q2 2022 |
|
Q3 2022 vs. Q3 2021 |
|
|||||||||||||||||||
($ amounts in millions) |
Average balance |
Income / Expense |
Yield / Rate |
|
Average balance |
Income / Expense |
Yield / Rate |
|
Average balance |
Income / Expense |
Yield / Rate |
|
Average balance |
Income / Expense |
Yield / Rate |
|
Average balance |
Income / Expense |
Yield / Rate |
|
|||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Money market investments |
6,721 |
|
37.0 |
2.18 |
% |
11,513 |
|
23.7 |
0.83 |
% |
18,041 |
|
6.9 |
0.15 |
% |
(4,792 |
) |
13.3 |
|
1.35 |
|
% |
(11,320 |
) |
30.1 |
|
2.03 |
|
% |
|
|
Investment securities |
31,859 |
|
186.8 |
2.33 |
% |
27,748 |
|
150.9 |
2.18 |
% |
23,154 |
|
121.9 |
2.10 |
% |
4,111 |
|
35.9 |
|
0.15 |
|
% |
8,705 |
|
64.9 |
|
0.23 |
|
% |
|
|
Trading securities |
40 |
|
0.6 |
6.09 |
% |
65 |
|
1.1 |
6.66 |
% |
84 |
|
1.0 |
4.97 |
% |
(25 |
) |
(0.5 |
) |
(0.57 |
) |
% |
(44 |
) |
(0.4 |
) |
1.12 |
|
% |
|
Total money market, investment and trading securities |
|
|
|
2.31 |
% |
|
|
|
1.79 |
% |
|
|
|
1.25 |
% |
( |
) |
|
|
0.52 |
|
% |
( |
) |
|
|
1.06 |
|
% |
|
|
Loans: |
||||||||||||||||||||||||||||||
|
|
Commercial |
14,750 |
|
205.2 |
5.52 |
|
14,227 |
|
183.0 |
5.16 |
|
13,265 |
|
179.2 |
5.36 |
|
523 |
|
22.2 |
|
0.36 |
|
|
1,485 |
|
26.0 |
|
0.16 |
|
|
|
|
Construction |
835 |
|
13.4 |
6.38 |
|
781 |
|
11.1 |
5.71 |
|
854 |
|
11.6 |
5.40 |
|
54 |
|
2.3 |
|
0.67 |
|
|
(19 |
) |
1.8 |
|
0.98 |
|
|
|
|
Mortgage |
7,264 |
|
98.4 |
5.42 |
|
7,294 |
|
97.1 |
5.33 |
|
7,652 |
|
97.8 |
5.11 |
|
(30 |
) |
1.3 |
|
0.09 |
|
|
(388 |
) |
0.6 |
|
0.31 |
|
|
|
|
Consumer |
2,818 |
|
83.4 |
11.74 |
|
2,654 |
|
75.0 |
11.33 |
|
2,435 |
|
67.7 |
11.03 |
|
164 |
|
8.4 |
|
0.41 |
|
|
383 |
|
15.7 |
|
0.71 |
|
|
|
|
Auto |
3,562 |
|
71.2 |
7.93 |
|
3,499 |
|
70.1 |
8.04 |
|
3,372 |
|
71.2 |
8.37 |
|
63 |
|
1.1 |
|
(0.11 |
) |
|
190 |
|
- |
|
(0.44 |
) |
|
|
|
Lease financing |
1,503 |
|
22.2 |
5.90 |
|
1,445 |
|
21.4 |
5.91 |
|
1,317 |
|
19.7 |
5.99 |
|
58 |
|
0.8 |
|
(0.01 |
) |
|
186 |
|
2.5 |
|
(0.09 |
) |
|
|
Total loans |
30,732 |
|
493.8 |
6.39 |
|
29,900 |
|
457.7 |
6.14 |
|
28,895 |
|
447.2 |
6.15 |
|
832 |
|
36.1 |
|
0.25 |
|
|
1,837 |
|
46.6 |
|
0.24 |
|
|
|
|
Total interest earning assets |
|
|
|
4.12 |
% |
|
|
|
3.67 |
% |
|
|
|
3.27 |
% |
|
|
|
|
0.45 |
|
% |
|
) |
|
|
0.85 |
|
% |
|
|
|
Allowance for credit losses - loan portfolio |
(691 |
) |
|
|
|
(682 |
) |
|
|
|
(778 |
) |
|
|
|
(9 |
) |
|
|
|
87 |
|
|
|
|
||||
|
|
Allowance for credit losses - investment securities |
(7 |
) |
|
|
|
(8 |
) |
|
|
|
(10 |
) |
|
|
|
1 |
|
|
|
|
3 |
|
|
|
|
||||
|
|
Other non-interest earning assets |
3,822 |
|
|
|
|
3,787 |
|
|
|
|
3,901 |
|
|
|
|
35 |
|
|
|
|
(79 |
) |
|
|
|
||||
|
Total average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
) |
|
|
|
|||||
Liabilities and Stockholders' Equity: |
|||||||||||||||||||||||||||||||
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
NOW and money market |
|
|
|
0.56 |
% |
|
|
|
0.13 |
% |
|
|
|
0.11 |
% |
|
|
|
|
0.43 |
|
% |
|
) |
|
|
0.45 |
|
% |
|
|
Savings |
15,514 |
|
8.0 |
0.20 |
|
16,363 |
|
6.9 |
0.17 |
|
15,621 |
|
6.4 |
0.16 |
|
(849 |
) |
1.1 |
|
0.03 |
|
|
(107 |
) |
1.6 |
|
0.04 |
|
|
|
|
Time deposits |
6,957 |
|
16.5 |
0.94 |
|
7,044 |
|
12.6 |
0.72 |
|
6,957 |
|
12.7 |
0.73 |
|
(87 |
) |
3.9 |
|
0.22 |
|
|
- |
|
3.8 |
|
0.21 |
|
|
|
|
Total interest-bearing deposits |
48,464 |
|
60.9 |
0.50 |
|
48,304 |
|
27.8 |
0.23 |
|
50,351 |
|
27.0 |
0.21 |
|
160 |
|
33.1 |
|
0.27 |
|
|
(1,887 |
) |
33.9 |
|
0.29 |
|
|
|
Borrowings |
1,068 |
|
10.7 |
4.01 |
|
1,043 |
|
10.1 |
3.87 |
|
1,284 |
|
13.7 |
4.28 |
|
25 |
|
0.6 |
|
0.14 |
|
|
(216 |
) |
(3.0 |
) |
(0.27 |
) |
|
|
|
|
Total interest-bearing liabilities |
49,532 |
|
71.6 |
0.57 |
|
49,347 |
|
37.9 |
0.31 |
|
51,635 |
|
40.7 |
0.31 |
|
185 |
|
33.7 |
|
0.26 |
|
|
(2,103 |
) |
30.9 |
|
0.26 |
|
|
|
|
Net interest spread |
|
|
3.55 |
% |
|
|
3.36 |
% |
|
|
2.96 |
% |
|
|
0.19 |
|
% |
|
|
0.59 |
|
% |
|||||||
|
Non-interest bearing deposits |
15,872 |
|
|
|
|
16,254 |
|
|
|
|
14,955 |
|
|
|
|
(382 |
) |
|
|
|
917 |
|
|
|
|
|||||
|
Other liabilities |
1,010 |
|
|
|
|
894 |
|
|
|
|
927 |
|
|
|
|
116 |
|
|
|
|
83 |
|
|
|
|
|||||
|
Stockholders' equity |
6,062 |
|
|
|
|
5,828 |
|
|
|
|
5,770 |
|
|
|
|
234 |
|
|
|
|
292 |
|
|
|
|
|||||
|
|
Total average liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
) |
|
|
|
||||
Net interest income / margin on a taxable equivalent basis (Non-GAAP) |
|
3.71 |
% |
|
|
3.45 |
% |
|
|
3.04 |
% |
|
|
|
0.26 |
|
% |
|
|
|
0.67 |
|
% |
||||||||
Taxable equivalent adjustment |
67.0 |
|
|
|
61.6 |
|
|
|
46.9 |
|
|
|
5.4 |
|
|
|
|
20.1 |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income / margin non-taxable equivalent basis (GAAP) |
|
3.32 |
% |
|
|
3.09 |
% |
|
|
2.77 |
% |
|
|
|
0.23 |
|
% |
|
|
|
0.55 |
|
% |
|
|||||||||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||||||||||||
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|
Nine months ended |
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Variance |
|
|||||||||||
|
|
|
Average |
Income / |
Yield / |
|
Average |
Income / |
Yield / |
|
Average |
Income / |
Yield / |
|
|||||
($ amounts in millions) |
balance |
Expense |
Rate |
|
balance |
Expense |
Rate |
|
balance |
Expense |
Rate |
|
|||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Money market investments |
10,969 |
|
67.2 |
0.82 |
% |
15,364 |
|
14.3 |
0.12 |
% |
(4,395 |
) |
52.9 |
|
0.70 |
|
% |
|
|
Investment securities |
29,371 |
|
475.1 |
2.16 |
% |
22,302 |
|
382.3 |
2.29 |
% |
7,069 |
|
92.8 |
|
(0.13 |
) |
% |
|
|
Trading securities |
59 |
|
2.7 |
6.23 |
% |
85 |
|
3.2 |
5.06 |
% |
(26 |
) |
(0.5 |
) |
1.17 |
|
% |
|
Total money market, investment and trading securities |
|
|
|
1.80 |
% |
|
|
|
1.42 |
% |
|
|
|
|
0.38 |
|
% |
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Commercial |
14,245 |
|
560.4 |
5.26 |
|
13,475 |
|
535.1 |
5.32 |
|
770 |
|
25.3 |
|
(0.06 |
) |
|
|
|
Construction |
782 |
|
34.3 |
5.87 |
|
874 |
|
35.1 |
5.39 |
|
(92 |
) |
(0.8 |
) |
0.48 |
|
|
|
|
Mortgage |
7,315 |
|
292.3 |
5.33 |
|
7,761 |
|
295.6 |
5.08 |
|
(446 |
) |
(3.3 |
) |
0.25 |
|
|
|
|
Consumer |
2,670 |
|
228.4 |
11.44 |
|
2,460 |
|
206.9 |
11.24 |
|
210 |
|
21.5 |
|
0.20 |
|
|
|
|
Auto |
3,507 |
|
210.6 |
8.03 |
|
3,285 |
|
209.5 |
8.55 |
|
222 |
|
1.1 |
|
(0.52 |
) |
|
|
|
Lease financing |
1,447 |
|
64.2 |
5.92 |
|
1,265 |
|
57.1 |
6.01 |
|
182 |
|
7.1 |
|
(0.09 |
) |
|
|
Total loans |
29,966 |
|
1,390.2 |
6.20 |
|
29,120 |
|
1,339.3 |
6.16 |
|
846 |
|
50.9 |
|
0.04 |
|
|
|
|
Total interest earning assets |
|
|
|
3.67 |
% |
|
|
|
3.48 |
% |
|
|
|
|
0.19 |
|
% |
|
|
|
Allowance for credit losses - loan portfolio |
(689 |
) |
|
|
|
(822 |
) |
|
|
|
133 |
|
|
|
|
||
|
|
Allowance for credit losses - investment securities |
(8 |
) |
|
|
|
(10 |
) |
|
|
|
2 |
|
|
|
|
||
|
|
Other non-interest earning assets |
3,789 |
|
|
|
|
3,900 |
|
|
|
|
(111 |
) |
|
|
|
||
|
Total average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
NOW and money market |
|
|
|
0.26 |
% |
|
|
|
0.13 |
% |
|
|
|
|
0.13 |
|
% |
|
|
Savings |
16,101 |
|
21.4 |
0.18 |
|
15,127 |
|
20.3 |
0.18 |
|
974 |
|
1.1 |
|
- |
|
|
|
|
Time deposits |
6,913 |
|
40.0 |
0.77 |
|
7,108 |
|
40.8 |
0.77 |
|
(195 |
) |
(0.8 |
) |
- |
|
|
|
|
Total interest-bearing deposits |
49,399 |
|
113.5 |
0.31 |
|
47,436 |
|
85.3 |
0.24 |
|
1,963 |
|
28.2 |
|
0.07 |
|
|
|
Borrowings |
1,072 |
|
31.4 |
3.92 |
|
1,315 |
|
41.8 |
4.25 |
|
(243 |
) |
(10.4 |
) |
(0.33 |
) |
|
|
|
|
Total interest-bearing liabilities |
50,471 |
|
144.9 |
0.38 |
|
48,751 |
|
127.1 |
0.35 |
|
1,720 |
|
17.8 |
|
0.03 |
|
|
|
|
Net interest spread |
|
|
3.29 |
% |
|
|
3.13 |
% |
|
|
0.16 |
|
% |
||||
|
Non-interest bearing deposits |
16,088 |
|
|
|
|
14,428 |
|
|
|
|
1,660 |
|
|
|
|
|||
|
Other liabilities |
940 |
|
|
|
|
1,044 |
|
|
|
|
(104 |
) |
|
|
|
|||
|
Stockholders' equity |
5,958 |
|
|
|
|
5,716 |
|
|
|
|
242 |
|
|
|
|
|||
|
|
Total average liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net interest income / margin on a taxable equivalent basis (Non-GAAP) |
|
3.39 |
% |
|
|
3.23 |
% |
|
|
|
0.16 |
|
% |
||||||
Taxable equivalent adjustment |
182.5 |
|
|
|
155.7 |
|
|
|
26.8 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income / margin non-taxable equivalent basis (GAAP) |
|
3.05 |
% |
|
|
2.92 |
% |
|
|
|
0.13 |
|
% |
|
|
|
|
|
|
|
|
|
|||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|
|
|
|
|||||||||||||
Table F - Mortgage Banking Activities and Other Service Fees |
|
|
|
|
|||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage Banking Activities |
|
|
|
|
|
|
|
|
|||||||||
|
Quarters ended |
Variance |
Nine months ended |
Variance |
|||||||||||||
(In thousands) |
|
|
|
Q3 2022 vs.Q2 2022 |
Q3 2022 vs.Q3 2021 |
|
|
2022 vs. 2021 |
|||||||||
Mortgage servicing fees, net of fair value adjustments: |
|
|
|
|
|
|
|
|
|||||||||
|
Mortgage servicing fees |
|
|
|
|
|
|
|
) |
|
) |
|
|
|
|
|
) |
|
Mortgage servicing rights fair value adjustments |
(499 |
) |
2,257 |
|
(5,979 |
) |
(2,756 |
) |
5,480 |
|
2,846 |
|
(11,706 |
) |
14,552 |
|
Total mortgage servicing fees, net of fair value adjustments |
8,627 |
|
11,443 |
|
3,397 |
|
(2,816 |
) |
5,230 |
|
30,481 |
|
16,907 |
|
13,574 |
|
|
Net gain (loss) on sale of loans, including valuation on loans held-for-sale |
1,124 |
|
36 |
|
6,084 |
|
1,088 |
|
(4,960 |
) |
(374 |
) |
16,256 |
|
(16,630 |
) |
|
Trading account (loss) profit: |
|
|
|
|
|
|
|
|
|||||||||
|
Unrealized losses on outstanding derivative positions |
- |
|
(2 |
) |
- |
|
2 |
|
- |
|
- |
|
- |
|
- |
|
|
Realized (losses) gains on closed derivative positions |
(240 |
) |
2,430 |
|
(1,004 |
) |
(2,670 |
) |
764 |
|
6,325 |
|
632 |
|
5,693 |
|
Total trading account (loss) profit |
(240 |
) |
2,428 |
|
(1,004 |
) |
(2,668 |
) |
764 |
|
6,325 |
|
632 |
|
5,693 |
|
|
Losses on repurchased loans, including interest advances |
(63 |
) |
(332 |
) |
(170 |
) |
269 |
|
107 |
|
(544 |
) |
(697 |
) |
153 |
|
|
Total mortgage banking activities |
|
|
|
|
|
|
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other Service Fees |
|
|
|
|
|
|
|
|
|||||
|
|
Quarters ended |
Variance |
Nine months ended |
Variance |
||||||||
(In thousands) |
|
|
|
|
Q3 2022 vs.Q2 2022 |
Q3 2022 vs.Q3 2021 |
|
|
2022 vs. 2021 |
||||
Other service fees: |
|
|
|
|
|
|
|
|
|
||||
|
Debit card fees |
|
|
|
|
|
) |
|
) |
|
|
|
|
|
Insurance fees |
|
15,697 |
12,017 |
14,385 |
3,680 |
|
1,312 |
|
41,870 |
39,986 |
1,884 |
|
|
Credit card fees |
|
37,829 |
38,155 |
33,409 |
(326 |
) |
4,420 |
|
109,626 |
94,826 |
14,800 |
|
|
Sale and administration of investment products |
|
5,952 |
6,017 |
6,216 |
(65 |
) |
(264 |
) |
17,760 |
17,726 |
34 |
|
|
Trust fees |
|
5,506 |
6,143 |
6,453 |
(637 |
) |
(947 |
) |
17,576 |
18,460 |
(884 |
) |
|
Other fees |
|
9,285 |
6,237 |
7,772 |
3,048 |
|
1,513 |
|
21,361 |
20,212 |
1,149 |
|
Total other service fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||
Table G - Loans and Deposits |
|
|
|
|
|
||
(Unaudited) |
|
|
|
|
|
||
|
|
|
|
|
|
||
Loans - Ending Balances |
|
|
|
|
|
||
|
|
|
|
Variance |
|||
(In thousands) |
|
|
|
Q3 2022 vs.Q2 2022 |
Q3 2022 vs.Q3 2021 |
||
Loans held-in-portfolio: |
|
|
|
|
|||
Commercial |
|
|
|
|
|
|
|
Construction |
816,290 |
790,920 |
801,040 |
25,370 |
|
15,250 |
|
Leasing |
1,538,504 |
1,480,222 |
1,348,679 |
58,282 |
|
189,825 |
|
Mortgage |
7,311,713 |
7,261,955 |
7,539,152 |
49,758 |
|
(227,439 |
) |
Auto |
3,528,904 |
3,489,976 |
3,376,694 |
38,928 |
|
152,210 |
|
Consumer |
2,960,918 |
2,802,562 |
2,486,136 |
158,356 |
|
474,782 |
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
Loans held-for-sale: |
|
|
|
|
|
||
Mortgage |
8,065 |
28,546 |
91,313 |
(20,481 |
) |
(83,248 |
) |
Total loans held-for-sale |
|
|
|
|
) |
|
) |
Total loans |
|
|
|
|
|
|
|
Deposits - Ending Balances |
|
|
|
|
|||
|
Variance |
||||||
(In thousands) |
|
|
|
Q3 2022 vs. Q2 2022 |
Q3 2022 vs.Q3 2021 |
||
Demand deposits [1] |
|
|
|
|
|
|
|
Savings, NOW and money market deposits (non-brokered) |
28,388,057 |
29,672,655 |
32,867,805 |
(1,284,598 |
) |
(4,479,748 |
) |
Savings, NOW and money market deposits (brokered) |
728,651 |
761,244 |
718,155 |
(32,593 |
) |
10,496 |
|
Time deposits (non-brokered) |
6,731,588 |
6,896,786 |
6,906,509 |
(165,198 |
) |
(174,921 |
) |
Time deposits (brokered CDs) |
197,703 |
198,736 |
25,611 |
(1,033 |
) |
172,092 |
|
Total deposits |
|
|
|
|
) |
|
) |
[1] Includes interest and non-interest bearing demand deposits. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Table H - Loan Delinquency - Puerto Rico Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
Past due |
|
|
|
|
|
|
|
Past due 90 days or more |
||||||||||||||
|
|
|
30-59 |
|
60-89 |
|
90 days |
|
Total |
|
|
|
|
|
|
Non-accrual |
|
|
Accruing |
|||||||
(In thousands) |
|
days |
|
days |
|
or more |
|
past due |
|
Current |
|
Loans HIP |
|
|
loans |
|
loans |
|||||||||
Commercial multi-family |
|
$ |
546 |
|
$ |
- |
|
$ |
251 |
|
$ |
797 |
|
$ |
276,521 |
|
$ |
277,318 |
|
|
$ |
251 |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
3,005 |
|
|
789 |
|
|
21,443 |
|
|
25,237 |
|
|
2,820,803 |
|
|
2,846,040 |
|
|
|
21,443 |
|
|
- |
|
Owner occupied |
|
|
10,992 |
|
|
7,834 |
|
|
28,379 |
|
|
47,205 |
|
|
1,540,932 |
|
|
1,588,137 |
|
|
|
28,379 |
|
|
- |
Commercial and industrial |
|
|
7,105 |
|
|
1,139 |
|
|
38,003 |
|
|
46,247 |
|
|
3,547,841 |
|
|
3,594,088 |
|
|
|
37,375 |
|
|
628 |
|
Construction |
|
|
- |
|
|
1,087 |
|
|
- |
|
|
1,087 |
|
|
210,480 |
|
|
211,567 |
|
|
|
- |
|
|
- |
|
Mortgage |
|
|
237,316 |
|
|
89,802 |
|
|
581,378 |
|
|
908,496 |
|
|
5,147,347 |
|
|
6,055,843 |
|
|
|
252,773 |
|
|
328,605 |
|
Leasing |
|
|
14,487 |
|
|
2,740 |
|
|
5,697 |
|
|
22,924 |
|
|
1,515,580 |
|
|
1,538,504 |
|
|
|
5,697 |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
7,268 |
|
|
4,481 |
|
|
10,361 |
|
|
22,110 |
|
|
966,406 |
|
|
988,516 |
|
|
|
- |
|
|
10,361 |
|
Home equity lines of credit |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,957 |
|
|
2,957 |
|
|
|
- |
|
|
- |
|
Personal |
|
|
13,725 |
|
|
7,348 |
|
|
18,137 |
|
|
39,210 |
|
|
1,478,746 |
|
|
1,517,956 |
|
|
|
18,117 |
|
|
20 |
|
Auto |
|
|
71,230 |
|
|
21,852 |
|
|
34,432 |
|
|
127,514 |
|
|
3,401,390 |
|
|
3,528,904 |
|
|
|
34,432 |
|
|
- |
|
Other |
|
|
708 |
|
|
768 |
|
|
12,025 |
|
|
13,501 |
|
|
124,950 |
|
|
138,451 |
|
|
|
11,748 |
|
|
277 |
Total |
|
$ |
366,382 |
|
$ |
137,840 |
|
$ |
750,106 |
|
$ |
1,254,328 |
|
$ |
21,033,953 |
|
$ |
22,288,281 |
|
|
$ |
410,215 |
|
$ |
339,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
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 |
|
$ |
1,992 |
|
$ |
- |
|
$ |
254 |
|
$ |
2,246 |
|
$ |
234,308 |
|
$ |
236,554 |
|
|
$ |
254 |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
1,379 |
|
|
110 |
|
|
20,435 |
|
|
21,924 |
|
|
2,630,194 |
|
|
2,652,118 |
|
|
|
20,435 |
|
|
- |
|
Owner occupied |
|
|
4,894 |
|
|
2,860 |
|
|
32,155 |
|
|
39,909 |
|
|
1,366,840 |
|
|
1,406,749 |
|
|
|
32,155 |
|
|
- |
Commercial and industrial |
|
|
2,534 |
|
|
1,526 |
|
|
44,176 |
|
|
48,236 |
|
|
3,472,447 |
|
|
3,520,683 |
|
|
|
43,649 |
|
|
527 |
|
Construction |
|
|
498 |
|
|
- |
|
|
- |
|
|
498 |
|
|
161,864 |
|
|
162,362 |
|
|
|
- |
|
|
- |
|
Mortgage |
|
|
211,483 |
|
|
82,898 |
|
|
681,757 |
|
|
976,138 |
|
|
5,065,785 |
|
|
6,041,923 |
|
|
|
284,670 |
|
|
397,087 |
|
Leasing |
|
|
9,970 |
|
|
2,164 |
|
|
4,665 |
|
|
16,799 |
|
|
1,463,423 |
|
|
1,480,222 |
|
|
|
4,665 |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
5,785 |
|
|
4,142 |
|
|
8,896 |
|
|
18,823 |
|
|
947,876 |
|
|
966,699 |
|
|
|
- |
|
|
8,896 |
|
Home equity lines of credit |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,122 |
|
|
3,122 |
|
|
|
- |
|
|
- |
|
Personal |
|
|
11,216 |
|
|
6,043 |
|
|
19,045 |
|
|
36,304 |
|
|
1,351,796 |
|
|
1,388,100 |
|
|
|
19,045 |
|
|
- |
|
Auto |
|
|
56,577 |
|
|
13,815 |
|
|
28,045 |
|
|
98,437 |
|
|
3,391,539 |
|
|
3,489,976 |
|
|
|
28,045 |
|
|
- |
|
Other |
|
|
242 |
|
|
131 |
|
|
12,125 |
|
|
12,498 |
|
|
120,651 |
|
|
133,149 |
|
|
|
11,913 |
|
|
212 |
Total |
|
$ |
306,570 |
|
$ |
113,689 |
|
$ |
851,553 |
|
$ |
1,271,812 |
|
$ |
20,209,845 |
|
$ |
21,481,657 |
|
|
$ |
444,831 |
|
$ |
406,722 |
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 |
|
$ |
(1,446 |
) |
|
$ |
- |
|
|
$ |
(3 |
) |
|
$ |
(1,449 |
) |
|
$ |
42,213 |
|
|
$ |
40,764 |
|
|
|
$ |
(3 |
) |
|
$ |
- |
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Non-owner occupied |
|
|
1,626 |
|
|
|
679 |
|
|
|
1,008 |
|
|
|
3,313 |
|
|
|
190,609 |
|
|
|
193,922 |
|
|
|
|
1,008 |
|
|
|
- |
|
|
Owner occupied |
|
|
6,098 |
|
|
|
4,974 |
|
|
|
(3,776 |
) |
|
|
7,296 |
|
|
|
174,092 |
|
|
|
181,388 |
|
|
|
|
(3,776 |
) |
|
|
- |
|
Commercial and industrial |
|
|
4,571 |
|
|
|
(387 |
) |
|
|
(6,173 |
) |
|
|
(1,989 |
) |
|
|
75,394 |
|
|
|
73,405 |
|
|
|
|
(6,274 |
) |
|
|
101 |
|
|
Construction |
|
|
(498 |
) |
|
|
1,087 |
|
|
|
- |
|
|
|
589 |
|
|
|
48,616 |
|
|
|
49,205 |
|
|
|
|
- |
|
|
|
- |
|
|
Mortgage |
|
|
25,833 |
|
|
|
6,904 |
|
|
|
(100,379 |
) |
|
|
(67,642 |
) |
|
|
81,562 |
|
|
|
13,920 |
|
|
|
|
(31,897 |
) |
|
|
(68,482 |
) |
|
Leasing |
|
|
4,517 |
|
|
|
576 |
|
|
|
1,032 |
|
|
|
6,125 |
|
|
|
52,157 |
|
|
|
58,282 |
|
|
|
|
1,032 |
|
|
|
- |
|
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Credit cards |
|
|
1,483 |
|
|
|
339 |
|
|
|
1,465 |
|
|
|
3,287 |
|
|
|
18,530 |
|
|
|
21,817 |
|
|
|
|
- |
|
|
|
1,465 |
|
|
Home equity lines of credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(165 |
) |
|
|
(165 |
) |
|
|
|
- |
|
|
|
- |
|
|
Personal |
|
|
2,509 |
|
|
|
1,305 |
|
|
|
(908 |
) |
|
|
2,906 |
|
|
|
126,950 |
|
|
|
129,856 |
|
|
|
|
(928 |
) |
|
|
20 |
|
|
Auto |
|
|
14,653 |
|
|
|
8,037 |
|
|
|
6,387 |
|
|
|
29,077 |
|
|
|
9,851 |
|
|
|
38,928 |
|
|
|
|
6,387 |
|
|
|
- |
|
|
Other |
|
|
466 |
|
|
|
637 |
|
|
|
(100 |
) |
|
|
1,003 |
|
|
|
4,299 |
|
|
|
5,302 |
|
|
|
|
(165 |
) |
|
|
65 |
|
Total |
|
$ |
59,812 |
|
|
$ |
24,151 |
|
|
$ |
(101,447 |
) |
|
$ |
(17,484 |
) |
|
$ |
824,108 |
|
|
$ |
806,624 |
|
|
|
$ |
(34,616 |
) |
|
$ |
(66,831 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Table I - Loan Delinquency - Popular |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
||||||||||||||||||||||||||
Popular |
||||||||||||||||||||||||||
|
|
|
|
Past due |
|
|
|
|
|
|
|
Past due 90 days or more |
||||||||||||||
|
|
|
30-59 |
|
60-89 |
|
90 days |
|
Total |
|
|
|
|
|
|
Non-accrual |
|
|
Accruing |
|||||||
(In thousands) |
|
days |
|
days |
|
or more |
|
past due |
|
Current |
|
Loans HIP |
|
|
loans |
|
loans |
|||||||||
Commercial multi-family |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
1,926,791 |
|
$ |
1,926,791 |
|
|
$ |
- |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
- |
|
|
136 |
|
|
10,631 |
|
|
10,767 |
|
|
1,660,668 |
|
|
1,671,435 |
|
|
|
10,631 |
|
|
- |
|
Owner occupied |
|
|
- |
|
|
5,106 |
|
|
606 |
|
|
5,712 |
|
|
1,472,699 |
|
|
1,478,411 |
|
|
|
606 |
|
|
- |
Commercial and industrial |
|
|
924 |
|
|
2,144 |
|
|
5,803 |
|
|
8,871 |
|
|
1,975,768 |
|
|
1,984,639 |
|
|
|
5,191 |
|
|
612 |
|
Construction |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
604,723 |
|
|
604,723 |
|
|
|
- |
|
|
- |
|
Mortgage |
|
|
1,501 |
|
|
4,558 |
|
|
21,533 |
|
|
27,592 |
|
|
1,228,278 |
|
|
1,255,870 |
|
|
|
21,533 |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
34 |
|
|
34 |
|
|
|
- |
|
|
- |
|
Home equity lines of credit |
|
|
256 |
|
|
577 |
|
|
3,970 |
|
|
4,803 |
|
|
65,036 |
|
|
69,839 |
|
|
|
3,970 |
|
|
- |
|
Personal |
|
|
1,495 |
|
|
1,529 |
|
|
1,261 |
|
|
4,285 |
|
|
233,780 |
|
|
238,065 |
|
|
|
1,261 |
|
|
- |
|
Other |
|
|
704 |
|
|
- |
|
|
12 |
|
|
716 |
|
|
4,384 |
|
|
5,100 |
|
|
|
12 |
|
|
- |
Total |
|
$ |
4,880 |
|
$ |
14,050 |
|
$ |
43,816 |
|
$ |
62,746 |
|
$ |
9,172,161 |
|
$ |
9,234,907 |
|
|
$ |
43,204 |
|
$ |
612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
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 |
|
$ |
- |
|
$ |
187 |
|
$ |
280 |
|
$ |
467 |
|
$ |
1,895,352 |
|
$ |
1,895,819 |
|
|
$ |
280 |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
|
288 |
|
|
- |
|
|
- |
|
|
288 |
|
|
1,467,935 |
|
|
1,468,223 |
|
|
|
- |
|
|
- |
|
Owner occupied |
|
|
144 |
|
|
- |
|
|
1,416 |
|
|
1,560 |
|
|
1,465,252 |
|
|
1,466,812 |
|
|
|
1,416 |
|
|
- |
Commercial and industrial |
|
|
9,278 |
|
|
2,037 |
|
|
6,326 |
|
|
17,641 |
|
|
1,880,702 |
|
|
1,898,343 |
|
|
|
5,750 |
|
|
576 |
|
Construction |
|
|
- |
|
|
7,000 |
|
|
- |
|
|
7,000 |
|
|
621,558 |
|
|
628,558 |
|
|
|
- |
|
|
- |
|
Mortgage |
|
|
1,561 |
|
|
3,587 |
|
|
20,192 |
|
|
25,340 |
|
|
1,194,692 |
|
|
1,220,032 |
|
|
|
20,192 |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
47 |
|
|
47 |
|
|
|
- |
|
|
- |
|
Home equity lines of credit |
|
|
303 |
|
|
16 |
|
|
4,705 |
|
|
5,024 |
|
|
66,431 |
|
|
71,455 |
|
|
|
4,705 |
|
|
- |
|
Personal |
|
|
755 |
|
|
470 |
|
|
749 |
|
|
1,974 |
|
|
232,339 |
|
|
234,313 |
|
|
|
749 |
|
|
- |
|
Other |
|
|
- |
|
|
13 |
|
|
1 |
|
|
14 |
|
|
5,663 |
|
|
5,677 |
|
|
|
1 |
|
|
- |
Total |
|
$ |
12,329 |
|
$ |
13,310 |
|
$ |
33,669 |
|
$ |
59,308 |
|
$ |
8,829,971 |
|
$ |
8,889,279 |
|
|
$ |
33,093 |
|
$ |
576 |
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 |
|
$ |
- |
|
|
$ |
(187 |
) |
|
$ |
(280 |
) |
|
$ |
(467 |
) |
|
$ |
31,439 |
|
|
$ |
30,972 |
|
|
|
$ |
(280 |
) |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-owner occupied |
|
|
(288 |
) |
|
|
136 |
|
|
|
10,631 |
|
|
|
10,479 |
|
|
|
192,733 |
|
|
|
203,212 |
|
|
|
|
10,631 |
|
|
|
- |
|
Owner occupied |
|
|
(144 |
) |
|
|
5,106 |
|
|
|
(810 |
) |
|
|
4,152 |
|
|
|
7,447 |
|
|
|
11,599 |
|
|
|
|
(810 |
) |
|
|
- |
Commercial and industrial |
|
|
(8,354 |
) |
|
|
107 |
|
|
|
(523 |
) |
|
|
(8,770 |
) |
|
|
95,066 |
|
|
|
86,296 |
|
|
|
|
(559 |
) |
|
|
36 |
|
Construction |
|
|
- |
|
|
|
(7,000 |
) |
|
|
- |
|
|
|
(7,000 |
) |
|
|
(16,835 |
) |
|
|
(23,835 |
) |
|
|
|
- |
|
|
|
- |
|
Mortgage |
|
|
(60 |
) |
|
|
971 |
|
|
|
1,341 |
|
|
|
2,252 |
|
|
|
33,586 |
|
|
|
35,838 |
|
|
|
|
1,341 |
|
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Credit cards |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(13 |
) |
|
|
(13 |
) |
|
|
|
- |
|
|
|
- |
|
Home equity lines of credit |
|
|
(47 |
) |
|
|
561 |
|
|
|
(735 |
) |
|
|
(221 |
) |
|
|
(1,395 |
) |
|
|
(1,616 |
) |
|
|
|
(735 |
) |
|
|
- |
|
Personal |
|
|
740 |
|
|
|
1,059 |
|
|
|
512 |
|
|
|
2,311 |
|
|
|
1,441 |
|
|
|
3,752 |
|
|
|
|
512 |
|
|
|
- |
|
Other |
|
|
704 |
|
|
|
(13 |
) |
|
|
11 |
|
|
|
702 |
|
|
|
(1,279 |
) |
|
|
(577 |
) |
|
|
|
11 |
|
|
|
- |
Total |
|
$ |
(7,449 |
) |
|
$ |
740 |
|
|
$ |
10,147 |
|
|
$ |
3,438 |
|
|
$ |
342,190 |
|
|
$ |
345,628 |
|
|
|
$ |
10,111 |
|
|
$ |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table J - Loan Delinquency - Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|
|
Past due |
|
|
|
|
|
|
|
Past due 90 days or more |
||||||||||||||
|
|
30-59 |
|
60-89 |
|
90 days |
|
Total |
|
|
|
|
|
Non-accrual |
|
|
Accruing |
||||||||
(In thousands) |
days |
|
days |
|
or more |
|
past due |
|
Current |
|
Loans HIP |
|
|
loans |
|
loans |
|||||||||
Commercial multi-family |
$ |
546 |
|
$ |
- |
|
$ |
251 |
|
$ |
797 |
|
$ |
2,203,312 |
|
$ |
2,204,109 |
|
|
$ |
251 |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
3,005 |
|
|
925 |
|
|
32,074 |
|
|
36,004 |
|
|
4,481,471 |
|
|
4,517,475 |
|
|
|
32,074 |
|
|
- |
|
Owner occupied |
|
10,992 |
|
|
12,940 |
|
|
28,985 |
|
|
52,917 |
|
|
3,013,631 |
|
|
3,066,548 |
|
|
|
28,985 |
|
|
- |
Commercial and industrial |
|
8,029 |
|
|
3,283 |
|
|
43,806 |
|
|
55,118 |
|
|
5,523,609 |
|
|
5,578,727 |
|
|
|
42,566 |
|
|
1,240 |
|
Construction |
|
- |
|
|
1,087 |
|
|
- |
|
|
1,087 |
|
|
815,203 |
|
|
816,290 |
|
|
|
- |
|
|
- |
|
Mortgage |
|
238,817 |
|
|
94,360 |
|
|
602,911 |
|
|
936,088 |
|
|
6,375,625 |
|
|
7,311,713 |
|
|
|
274,306 |
|
|
328,605 |
|
Leasing |
|
14,487 |
|
|
2,740 |
|
|
5,697 |
|
|
22,924 |
|
|
1,515,580 |
|
|
1,538,504 |
|
|
|
5,697 |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
7,268 |
|
|
4,481 |
|
|
10,361 |
|
|
22,110 |
|
|
966,440 |
|
|
988,550 |
|
|
|
- |
|
|
10,361 |
|
Home equity lines of credit |
|
256 |
|
|
577 |
|
|
3,970 |
|
|
4,803 |
|
|
67,993 |
|
|
72,796 |
|
|
|
3,970 |
|
|
- |
|
Personal |
|
15,220 |
|
|
8,877 |
|
|
19,398 |
|
|
43,495 |
|
|
1,712,526 |
|
|
1,756,021 |
|
|
|
19,378 |
|
|
20 |
|
Auto |
|
71,230 |
|
|
21,852 |
|
|
34,432 |
|
|
127,514 |
|
|
3,401,390 |
|
|
3,528,904 |
|
|
|
34,432 |
|
|
- |
|
Other |
|
1,412 |
|
|
768 |
|
|
12,037 |
|
|
14,217 |
|
|
129,334 |
|
|
143,551 |
|
|
|
11,760 |
|
|
277 |
Total |
$ |
371,262 |
|
$ |
151,890 |
|
$ |
793,922 |
|
$ |
1,317,074 |
|
$ |
30,206,114 |
|
$ |
31,523,188 |
|
|
$ |
453,419 |
|
$ |
340,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|
|
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 |
$ |
1,992 |
|
$ |
187 |
|
$ |
534 |
|
$ |
2,713 |
|
$ |
2,129,660 |
|
$ |
2,132,373 |
|
|
$ |
534 |
|
$ |
- |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
|
1,667 |
|
|
110 |
|
|
20,435 |
|
|
22,212 |
|
|
4,098,129 |
|
|
4,120,341 |
|
|
|
20,435 |
|
|
- |
|
Owner occupied |
|
5,038 |
|
|
2,860 |
|
|
33,571 |
|
|
41,469 |
|
|
2,832,092 |
|
|
2,873,561 |
|
|
|
33,571 |
|
|
- |
Commercial and industrial |
|
11,812 |
|
|
3,563 |
|
|
50,502 |
|
|
65,877 |
|
|
5,353,149 |
|
|
5,419,026 |
|
|
|
49,399 |
|
|
1,103 |
|
Construction |
|
498 |
|
|
7,000 |
|
|
- |
|
|
7,498 |
|
|
783,422 |
|
|
790,920 |
|
|
|
- |
|
|
- |
|
Mortgage |
|
213,044 |
|
|
86,485 |
|
|
701,949 |
|
|
1,001,478 |
|
|
6,260,477 |
|
|
7,261,955 |
|
|
|
304,862 |
|
|
397,087 |
|
Leasing |
|
9,970 |
|
|
2,164 |
|
|
4,665 |
|
|
16,799 |
|
|
1,463,423 |
|
|
1,480,222 |
|
|
|
4,665 |
|
|
- |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
5,785 |
|
|
4,142 |
|
|
8,896 |
|
|
18,823 |
|
|
947,923 |
|
|
966,746 |
|
|
|
- |
|
|
8,896 |
|
Home equity lines of credit |
|
303 |
|
|
16 |
|
|
4,705 |
|
|
5,024 |
|
|
69,553 |
|
|
74,577 |
|
|
|
4,705 |
|
|
- |
|
Personal |
|
11,971 |
|
|
6,513 |
|
|
19,794 |
|
|
38,278 |
|
|
1,584,135 |
|
|
1,622,413 |
|
|
|
19,794 |
|
|
- |
|
Auto |
|
56,577 |
|
|
13,815 |
|
|
28,045 |
|
|
98,437 |
|
|
3,391,539 |
|
|
3,489,976 |
|
|
|
28,045 |
|
|
- |
|
Other |
|
242 |
|
|
144 |
|
|
12,126 |
|
|
12,512 |
|
|
126,314 |
|
|
138,826 |
|
|
|
11,914 |
|
|
212 |
Total |
$ |
318,899 |
|
$ |
126,999 |
|
$ |
885,222 |
|
$ |
1,331,120 |
|
$ |
29,039,816 |
|
$ |
30,370,936 |
|
|
$ |
477,924 |
|
$ |
407,298 |
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 |
$ |
(1,446 |
) |
|
$ |
(187 |
) |
|
$ |
(283 |
) |
|
$ |
(1,916 |
) |
|
$ |
73,652 |
|
|
$ |
71,736 |
|
|
|
$ |
(283 |
) |
|
$ |
- |
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Non-owner occupied |
|
1,338 |
|
|
|
815 |
|
|
|
11,639 |
|
|
|
13,792 |
|
|
|
383,342 |
|
|
|
397,134 |
|
|
|
|
11,639 |
|
|
|
- |
|
|
Owner occupied |
|
5,954 |
|
|
|
10,080 |
|
|
|
(4,586 |
) |
|
|
11,448 |
|
|
|
181,539 |
|
|
|
192,987 |
|
|
|
|
(4,586 |
) |
|
|
- |
|
Commercial and industrial |
|
(3,783 |
) |
|
|
(280 |
) |
|
|
(6,696 |
) |
|
|
(10,759 |
) |
|
|
170,460 |
|
|
|
159,701 |
|
|
|
|
(6,833 |
) |
|
|
137 |
|
|
Construction |
|
(498 |
) |
|
|
(5,913 |
) |
|
|
- |
|
|
|
(6,411 |
) |
|
|
31,781 |
|
|
|
25,370 |
|
|
|
|
- |
|
|
|
- |
|
|
Mortgage |
|
25,773 |
|
|
|
7,875 |
|
|
|
(99,038 |
) |
|
|
(65,390 |
) |
|
|
115,148 |
|
|
|
49,758 |
|
|
|
|
(30,556 |
) |
|
|
(68,482 |
) |
|
Leasing |
|
4,517 |
|
|
|
576 |
|
|
|
1,032 |
|
|
|
6,125 |
|
|
|
52,157 |
|
|
|
58,282 |
|
|
|
|
1,032 |
|
|
|
- |
|
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Credit cards |
|
1,483 |
|
|
|
339 |
|
|
|
1,465 |
|
|
|
3,287 |
|
|
|
18,517 |
|
|
|
21,804 |
|
|
|
|
- |
|
|
|
1,465 |
|
|
Home equity lines of credit |
|
(47 |
) |
|
|
561 |
|
|
|
(735 |
) |
|
|
(221 |
) |
|
|
(1,560 |
) |
|
|
(1,781 |
) |
|
|
|
(735 |
) |
|
|
- |
|
|
Personal |
|
3,249 |
|
|
|
2,364 |
|
|
|
(396 |
) |
|
|
5,217 |
|
|
|
128,391 |
|
|
|
133,608 |
|
|
|
|
(416 |
) |
|
|
20 |
|
|
Auto |
|
14,653 |
|
|
|
8,037 |
|
|
|
6,387 |
|
|
|
29,077 |
|
|
|
9,851 |
|
|
|
38,928 |
|
|
|
|
6,387 |
|
|
|
- |
|
|
Other |
|
1,170 |
|
|
|
624 |
|
|
|
(89 |
) |
|
|
1,705 |
|
|
|
3,020 |
|
|
|
4,725 |
|
|
|
|
(154 |
) |
|
|
65 |
|
Total |
$ |
52,363 |
|
|
$ |
24,891 |
|
|
$ |
(91,300 |
) |
|
$ |
(14,046 |
) |
|
$ |
1,166,298 |
|
|
$ |
1,152,252 |
|
|
|
$ |
(24,505 |
) |
|
$ |
(66,795 |
) |
|
|||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||||||
Table K - Non-Performing Assets |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
Variance |
|||
(Dollars in thousands) |
|
As a % of loans HIP by category |
|
|
As a % of loans HIP by category |
|
|
As a % of loans HIP by category |
|
Q3 2022 vs. Q2 2022 |
Q3 2022 vs. Q3 2021 |
||
Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
|
||
Commercial |
|
0.7 |
% |
|
0.7 |
% |
|
1.4 |
% |
|
) |
|
) |
Construction |
- |
- |
|
- |
- |
|
14,877 |
1.9 |
|
- |
|
(14,877 |
) |
Leasing |
5,697 |
0.4 |
|
4,665 |
0.3 |
|
2,542 |
0.2 |
|
1,032 |
|
3,155 |
|
Mortgage |
274,306 |
3.8 |
|
304,862 |
4.2 |
|
369,043 |
4.9 |
|
(30,556 |
) |
(94,737 |
) |
Auto |
34,432 |
1.0 |
|
28,045 |
0.8 |
|
17,345 |
0.5 |
|
6,387 |
|
17,087 |
|
Consumer |
35,108 |
1.2 |
|
36,413 |
1.3 |
|
42,847 |
1.7 |
|
(1,305 |
) |
(7,739 |
) |
Total non-performing loans held-in-portfolio |
453,419 |
1.4 |
% |
477,924 |
1.6 |
% |
632,835 |
2.2 |
% |
(24,505 |
) |
(179,416 |
) |
Other real estate owned (“OREO”) |
93,239 |
|
|
92,137 |
|
|
76,828 |
|
|
1,102 |
|
16,411 |
|
Total non-performing assets [1] |
|
|
|
|
|
|
|
|
|
|
) |
|
) |
Accruing loans past due 90 days or more [2] |
|
|
|
|
|
|
|
|
|
|
) |
|
) |
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
||
Non-performing assets to total assets |
0.77 |
% |
|
0.80 |
% |
|
0.96 |
% |
|
|
|
||
Non-performing loans held-in-portfolio to loans held-in-portfolio |
1.44 |
|
|
1.57 |
|
|
2.19 |
|
|
|
|
||
Allowance for credit losses to loans held-in-portfolio |
2.23 |
|
|
2.24 |
|
|
2.49 |
|
|
|
|
||
Allowance for credit losses to non-performing loans, excluding loans held-for-sale |
155.07 |
|
|
142.65 |
|
|
113.55 |
|
|
|
|
||
[1] There were no non-performing loans held-for-sale as of |
|||||||||||||
[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the |
|
|||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||||||
Table L - Activity in Non-Performing Loans |
|||||||||||||
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
Commercial loans held-in-portfolio: |
|||||||||||||
|
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
|||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|||||||
|
New non-performing loans |
5,913 |
|
14,965 |
|
20,878 |
|
1,666 |
|
7,325 |
|
8,991 |
|
|
Advances on existing non-performing loans |
- |
|
12 |
|
12 |
|
- |
|
1 |
|
1 |
|
Less: |
|
|
|
|
|
|
|||||||
|
Non-performing loans transferred to OREO |
(352 |
) |
- |
|
(352 |
) |
(914 |
) |
- |
|
(914 |
) |
|
Non-performing loans charged-off |
(4,534 |
) |
(48 |
) |
(4,582 |
) |
(951 |
) |
(89 |
) |
(1,040 |
) |
|
Loans returned to accrual status / loan collections |
(10,072 |
) |
(5,947 |
) |
(16,019 |
) |
(21,090 |
) |
(5,194 |
) |
(26,284 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Mortgage loans held-in-portfolio: |
|||||||||||||
|
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
|||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|||||||
|
New non-performing loans |
29,345 |
|
4,739 |
|
34,084 |
|
36,665 |
|
3,793 |
|
40,458 |
|
|
Advances on existing non-performing loans |
- |
|
55 |
|
55 |
|
- |
|
110 |
|
110 |
|
Less: |
|
|
|
|
|
|
|||||||
|
Non-performing loans transferred to OREO |
(5,604 |
) |
- |
|
(5,604 |
) |
(10,627 |
) |
- |
|
(10,627 |
) |
|
Non-performing loans charged-off |
(689 |
) |
- |
|
(689 |
) |
(295 |
) |
(127 |
) |
(422 |
) |
|
Loans returned to accrual status / loan collections |
(54,949 |
) |
(3,453 |
) |
(58,402 |
) |
(47,633 |
) |
(5,410 |
) |
(53,043 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Total non-performing loans held-in-portfolio (excluding consumer): |
|||||||||||||
|
|
Quarter ended |
Quarter ended |
||||||||||
|
|
|
|
||||||||||
(In thousands) |
BPPR |
Popular |
|
BPPR |
Popular |
|
|||||||
Beginning balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|||||||
|
New non-performing loans |
35,258 |
|
19,704 |
|
54,962 |
|
38,331 |
|
11,118 |
|
49,449 |
|
|
Advances on existing non-performing loans |
- |
|
67 |
|
67 |
|
- |
|
111 |
|
111 |
|
Less: |
|
|
|
|
|
|
|||||||
|
Non-performing loans transferred to OREO |
(5,956 |
) |
- |
|
(5,956 |
) |
(11,541 |
) |
- |
|
(11,541 |
) |
|
Non-performing loans charged-off |
(5,223 |
) |
(48 |
) |
(5,271 |
) |
(1,246 |
) |
(216 |
) |
(1,462 |
) |
|
Loans returned to accrual status / loan collections |
(65,021 |
) |
(9,400 |
) |
(74,421 |
) |
(68,723 |
) |
(10,604 |
) |
(79,327 |
) |
Ending balance NPLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||
Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
Quarters ended |
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
|
|||
Balance at beginning of period - loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
Provision for credit losses (benefit) |
39,519 |
|
|
9,861 |
|
|
(58,645 |
) |
|
Initial allowance for credit losses - PCD Loans |
59 |
|
|
170 |
|
|
253 |
|
|
|
721,328 |
|
|
687,823 |
|
|
727,398 |
|
|
Net loans charged-off (recovered): |
|
|
|
|
|
|
|||
BPPR |
|
|
|
|
|
|
|||
Commercial |
(1,150 |
) |
|
(3,412 |
) |
|
4,357 |
|
|
Construction |
- |
|
|
(395 |
) |
|
(2,223 |
) |
|
Lease financing |
1,338 |
|
|
667 |
|
|
304 |
|
|
Mortgage |
(2,165 |
) |
|
(4,451 |
) |
|
(2,111 |
) |
|
Consumer |
20,373 |
|
|
12,923 |
|
|
9,009 |
|
|
Total BPPR |
18,396 |
|
|
5,332 |
|
|
9,336 |
|
|
Popular |
|
|
|
|
|
|
|||
Commercial |
(511 |
) |
|
137 |
|
|
(463 |
) |
|
Construction |
- |
|
|
(4 |
) |
|
- |
|
|
Mortgage |
(23 |
) |
|
63 |
|
|
(48 |
) |
|
Consumer |
370 |
|
|
545 |
|
|
(2 |
) |
|
Total Popular |
(164 |
) |
|
741 |
|
|
(513 |
) |
|
Total loans charged-off (recovered) - |
18,232 |
|
|
6,073 |
|
|
8,823 |
|
|
Balance at end of period - loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period - unfunded commitments |
|
|
|
|
|
|
|
|
|
Provision for credit losses (benefit) |
403 |
|
|
(150 |
) |
|
(1,536 |
) |
|
Balance at end of period - unfunded commitments [1] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.24 |
|
% |
0.08 |
|
% |
0.12 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
216.76 |
|
% |
162.37 |
|
% |
N.M. |
|
|
BPPR |
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
0.34 |
|
% |
0.10 |
|
% |
0.18 |
|
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
155.98 |
|
% |
171.19 |
|
% |
N.M. |
|
|
Popular |
|
|
|
|
|
|
|||
Annualized net charge-offs (recoveries) to average loans held-in-portfolio |
(0.01 |
) |
% |
0.03 |
|
% |
(0.03 |
) |
% |
Provision for credit losses (benefit) - loan portfolios to net charge-offs |
N.M. |
|
98.92 |
|
% |
N.M. |
|
||
N.M. - Not meaningful. |
|||||||||
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition. |
|
|||||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||||||||
Table N - Allowance for Credit Losses "ACL"- Loan Portfolios - CONSOLIDATED |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||||||||||||||
(Dollars in thousands) |
|
Commercial |
|
Construction |
|
Mortgage |
|
Lease financing |
|
Consumer |
|
Total |
|
||
Total ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
|
1.50 |
% |
0.76 |
|
% |
1.89 |
|
% |
1.29 |
% |
4.76 |
% |
2.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||||||||||||||
(Dollars in thousands) |
|
Commercial |
|
Construction |
|
Mortgage |
|
Lease financing |
|
Consumer |
|
Total |
|
||
Total ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
|
1.44 |
% |
0.87 |
|
% |
2.04 |
|
% |
1.29 |
% |
4.73 |
% |
2.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Variance |
|||||||||||||||
(Dollars in thousands) |
|
Commercial |
|
Construction |
|
Mortgage |
|
Lease financing |
|
Consumer |
|
Total |
|
||
Total ACL |
|
|
|
|
) |
|
|
) |
|
|
|
|
|
|
|
Total loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|
|||||||||||||
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - |
|
|||||||||||||
(Unaudited) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Lease financing |
|
Consumer |
|
Total |
|
||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
1.95 |
% |
2.01 |
% |
1.99 |
|
% |
1.29 |
% |
4.61 |
% |
2.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Lease financing |
|
Consumer |
|
Total |
|
||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
1.96 |
% |
1.89 |
% |
2.15 |
|
% |
1.29 |
% |
4.60 |
% |
2.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variance |
|
|||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Lease financing |
|
Consumer |
|
Total |
|
||
ACL |
|
|
|
|
|
) |
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Supplement to Third Quarter 2022 Earnings Release |
|
||||||||||||
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR |
|
||||||||||||
(Unaudited) |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
||||||||||||
Popular |
|
||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Consumer |
|
Total |
|
|||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
0.96 |
% |
0.32 |
|
% |
1.43 |
|
% |
7.73 |
% |
1.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
||||||||||||
Popular |
|
||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Consumer |
|
Total |
|
|||
ACL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to loans held-in-portfolio |
0.83 |
% |
0.61 |
|
% |
1.50 |
|
% |
7.38 |
% |
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
Variance |
|
||||||||||||
(In thousands) |
Commercial |
|
Construction |
|
Mortgage |
|
Consumer |
|
Total |
|
|||
ACL |
|
|
|
) |
|
|
) |
|
|
|
|
|
|
Loans held-in-portfolio |
|
|
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial Supplement to Third Quarter 2022 Earnings Release |
|||||||||
Table Q - Reconciliation to GAAP Financial Measures |
|||||||||
(Unaudited) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
(In thousands, except share or per share information) |
30-Sep-22 |
|
30-Jun-22 |
|
30-Sep-21 |
||||
Total stockholders’ equity |
|
|
|
|
|
|
|
|
|
Less: Preferred stock |
(22,143 |
) |
|
(22,143 |
) |
|
(22,143 |
) |
|
Less: |
(827,428 |
) |
|
(720,293 |
) |
|
(671,122 |
) |
|
Less: Other intangibles |
(13,738 |
) |
|
(14,533 |
) |
|
(19,657 |
) |
|
Total tangible common equity |
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
Less: |
(827,428 |
) |
|
(720,293 |
) |
|
(671,122 |
) |
|
Less: Other intangibles |
(13,738 |
) |
|
(14,533 |
) |
|
(19,657 |
) |
|
Total tangible assets |
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets |
4.02 |
|
% |
5.00 |
|
% |
7.17 |
|
% |
Common shares outstanding at end of period |
72,673,344 |
|
|
76,576,397 |
|
|
79,841,564 |
|
|
Tangible book value per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Quarterly average |
|
|||||||
Total stockholders’ equity [1] |
|
|
|
|
|
|
|
|
|
Less: Preferred Stock |
(22,143 |
) |
|
(22,143 |
) |
|
(22,143 |
) |
|
Less: |
(759,318 |
) |
|
(720,292 |
) |
|
(671,121 |
) |
|
Less: Other intangibles |
(24,038 |
) |
|
(15,043 |
) |
|
(20,132 |
) |
|
Total tangible equity |
|
|
|
|
|
|
|
|
|
Return on average tangible common equity |
31.86 |
|
% |
16.70 |
|
% |
19.44 |
|
% |
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221026005037/en/
Investor Relations:
Investor Relations Officer
pcardillo@popular.com
or
Media Relations:
MC González Noguera, 917-804-5253
Executive Vice President and Chief Communications & Public Affairs Officer
mc.gonzalez@popular.com
Source:
FAQ
What was Popular, Inc.'s net income for Q3 2022?
How did Popular, Inc.'s net interest margin change in Q3 2022?
What is the NPL ratio reported by Popular, Inc. for Q3 2022?
What significant transaction did Popular, Inc. complete in Q3 2022?