BPOP Popular Inc

• Net income of $177.8 million in Q2 2024, compared to net income of $103.3 million in Q1 2024.
• Excluding the impact of certain transactions from the results of operations for the first quarter of 2024 (FDIC Special Assessment and prior period tax withholdings), net income in Q2 2024 increased by $42.6 million when compared to adjusted net income of $135.2 million in Q1 2024.
• Net interest income amounted to $568.3 million, an increase of $17.6 million compared to Q1 2024.
• Net interest margin of 3.22% in Q2 2024, compared to 3.16% in Q1 2024; net interest margin on a taxable equivalent basis of 3.48% in Q2 2024, compared to 3.38% in Q1 2024.
• Non-interest income of $166.3 million, compared to $163.8 million in Q1 2024.
• Operating expenses amounted to $469.6 million, down by $13.5 million compared to Q1 2024. Excluding the impact of the transactions mentioned above from the first quarter of 2024, operating expenses increased by $7.2 million or 1.5%.
• Credit quality remains stable with improved credit metrics:
  • Non-performing loans held-in-portfolio (“NPLs”) decreased by $12.3 million from Q1 2024; NPLs to loans ratio remained flat at 1.0%;
  • Net charge-offs (“NCOs”) decreased by $8.6 million from Q1 2024; annualized NCOs at 0.61% of average loans held-in-portfolio vs. 0.71% in Q1 2024;
  • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.05% vs. 2.11% in Q1 2024; and
  • ACL to NPLs at 213.6% vs. 208.8% in Q1 2024.
• Loans ending balances, excluding loans held-for-sale, amounted to $35.6 billion, an increase of $472.9 million from Q1 2024.
  • Average quarterly loan balances increased by $332.2 million.
• Ending deposit balances amounted to $65.5 billion, an increase of $1.7 billion from Q1 2024.
  • Average quarterly deposit balances increased by $993.5 million.
• Common Equity Tier 1 ratio of 16.48%, Common Equity per share of $73.94 and Tangible Book Value per share of $62.71 at June 30, 2024.

Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended June 30, 2024, compared to net income of $103.3 million for the quarter ended March 31, 2024. Net income in the first quarter of 2024 included a $9.1 million after tax expenses arising from the impact of the FDIC special assessment (the “FDIC Special Assessment”) and a $22.9 million tax expense related to prior period intercompany distributions from the Corporation’s U.S. subsidiaries. Excluding the impact of these items from the results of the first quarter of 2024, net income increased by $42.6 million during the quarter ended June 30, 2024.

Ignacio Alvarez, President and Chief Executive Officer, said: “We are very pleased with our financial performance for the quarter. Our strong earnings were driven by higher net interest income and lower provision for credit losses. We also expanded our net interest margin by six basis points. Credit quality trends remained positive, with lower net charge-offs as well as lower levels and inflows of non-performing loans.

Our solid capital position allows us to continue to serve the needs of our customers, while prudently increasing our dividend and returning capital to our shareholders. Reflecting this strength, we announced a 13% increase in our quarterly common stock dividend and a $500 million common stock repurchase authorization.

We continue to successfully execute on our Transformation to better serve our customers and drive returns over time. This includes investing in talent and technology to deepen our relationships with customers and maximize the opportunities inherent in our franchise. I am proud of the enthusiasm and commitment demonstrated by our colleagues and optimistic about the future.”

Significant Events

Capital actions

On July 24, 2024, the Corporation announced the following capital actions:

• common stock repurchases of up to $500 million; and
• an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors.

The Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions, block trades or any other manner determined by the Corporation. The timing, quantity and price of such repurchases will be subject to various factors, including market conditions, the Corporation’s capital position and financial performance, the capital impact of strategic initiatives and regulatory and tax considerations. The common stock repurchase program does not require the Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior notice.

Earnings Highlights

(Unaudited)

Quarters ended

 

Six months ended

(Dollars in thousands, except per share information)

30-Jun-24

31-Mar-24

30-Jun-23

 

30-Jun-24

30-Jun-23

Net interest income

$568,312

$550,744

$531,668

 

$1,119,056

$1,063,324

Provision for credit losses

46,794

72,598

37,192

 

119,392

84,829

Net interest income after provision for credit losses

521,518

478,146

494,476

 

999,664

978,495

Other non-interest income

166,306

163,818

160,471

 

330,124

322,432

Operating expenses

469,576

483,113

460,284

 

952,689

900,971

Income before income tax

218,248

158,851

194,663

 

377,099

399,956

Income tax expense

40,459

55,568

43,503

 

96,027

89,817

Net income

$177,789

$103,283

$151,160

 

$281,072

$310,139

Net income applicable to common stock

$177,436

$102,930

$150,807

 

$280,366

$309,433

Net income per common share-basic

$2.47

$1.43

$2.10

 

$3.90

$4.32

Net income per common share-diluted

$2.46

$1.43

$2.10

 

$3.90

$4.32

Non-GAAP Financial Measures

This press release contains financial information prepared under accounting principles generally accepted in the United States (“U.S. GAAP”) and non-GAAP financial measures. Management uses non-GAAP financial measures when it has determined that these measures provide more meaningful information about the underlying performance of the Corporation’s ongoing operations. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

Adjusted net income

In addition to analyzing the Corporation’s results on a reported basis, management monitors the “adjusted net income” of the Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the “adjusted net income” provides meaningful information about the underlying performance of the Corporation’s ongoing operations. The “adjusted net income” is a non-GAAP financial measure.

Net interest income on a taxable equivalent basis

Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D, E and F. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

Tangible Common Equity

The tangible common equity, tangible common equity ratio, tangible assets and tangible book value per common share are non-GAAP financial measures. Tangible common equity ratio and tangible book value per common share in conjunction with more traditional bank capital ratios are commonly used by banks and analysts to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method for mergers and acquisitions. Neither tangible common equity nor tangible assets or related measures, should be used in isolation or as a substitute for stockholders' equity, total assets or any other measure calculated in accordance with GAAP.

Refer to Table R for a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets.

The following table presents the reconciliation of the net income to the adjusted net income (non-GAAP) for the quarter ended March 31, 2024. There were no adjustments to net income for the quarter ended June 30, 2024.

Adjusted Net Income for the Quarter Ended March 31, 2024 (non-GAAP)

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

Income before income tax

 

Income tax expense (benefit)

 

Total

U.S. GAAP Net income

$158,851

 

$55,568

 

 

$103,283

Non-GAAP Adjustments:

 

 

 

 

 

FDIC Special Assessment [1]

14,287

 

(5,234

)

 

9,053

Adjustments related to tax withholdings on prior period distributions from U.S. subsidiaries [2]

6,400

 

16,483

 

 

22,883

Adjusted net income (non-GAAP)

$179,538

 

$44,319

 

 

$135,219

[1] Expense related to the November 16, 2023 FDIC Special Assessment to recover the losses to the deposit insurance fund used by the FDIC in connection with the receiverships of several failed banks. The special assessment amount and collection period may change as the estimated loss is periodically adjusted or if the total amount collected varies.

 

[2] Income tax expense and other related expenses from prior periods related to withholding taxes on certain distributions from U.S. subsidiaries.

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

Net interest income for the quarter ended June 30, 2024, was $568.3 million, an increase of $17.6 million when compared to $550.7 million for the previous quarter. Net interest margin for the second quarter of 2024 was 3.22% compared to 3.16% in the prior quarter or an increase of six basis points.

Net interest income on a taxable equivalent basis for the second quarter of 2024 was $614.8 million, compared to $589.6 million in the previous quarter, an increase of $25.2 million. Net interest margin on a taxable equivalent basis for the second quarter of 2024 was 3.48%, compared to 3.38% in the first quarter of 2024, or a 10 basis points increase.

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

• interest income from investment securities increased by $25.8 million due to the reinvestment of maturities in higher yielding U.S. Treasury bills, resulting in $28.2 million of additional interest income for the period which was offset in part by lower interest income from mortgage backed securities by $2.1 million due to lower volume and yields in the portfolio; and
• higher interest income from loans by $9.7 million due to higher average loan balances and higher yields in all portfolios;

partially offset by:

• higher interest expense on deposits by $10.4 million, due to higher average volume and higher cost of interest-bearing deposits by $901 million and three basis points, respectively. In Puerto Rico, the cost of government interest-bearing demand deposits, decreased eight basis point quarter over quarter, while average balances increased by $647 million. This positive variance was in part offset by an increase in the total cost of time deposits of 28 basis points including the cost of time deposits of the P.R. government. Total cost of deposits for the second quarter was 2.10% or a three basis points increase from the previous quarter.

Net Interest Income and Net Interest Margin (Banco Popular de Puerto Rico Segment)

Net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $488.7 million for the second quarter of 2024, an increase of $15.9 million when compared to $472.8 million in the previous quarter. Net interest margin in the BPPR segment increased from the first quarter of 2024 by seven basis points to 3.40%. The most significant variances quarter over quarter in net interest income and net interest margin for BPPR were:

• higher interest income from investment securities which increased in total by $17.7 million due to a 27 basis points increase in the yield from U.S. Treasury securities offset in part by lower interest income on mortgage back securities of $1.6 million due to lower volume and yields; and
• higher interest income on loans by $9.1 million. This uplift in interest income was associated with an increase of $4.2 million in interest income from the commercial loans portfolio, which average balances and yields increased by $165 million and five basis points, respectively. The remaining increase in interest income of $4.9 million is due to the net growth across all other BPPR loan portfolios.

Partially offset by:

• higher interest expense from deposits by $7.4 million. The cost of time deposits increased by $4.8 million resulting from higher cost by 32 basis points driven by the repricing and higher average balances of certain time deposit accounts of the P.R. government for which BPPR’s fiduciary division acts as escrow agent. Interest expense on interest-bearing demand deposits accounts increased by $2.8 million, mainly driven by an increase in average balances, partially offset by a decrease in cost of five basis points. Total deposit cost for the BPPR segment in the second quarter of 2024 was 1.83%, compared to 1.81% in the previous quarter, an increase of two basis points; and
• lower interest income in money market investments by $3.5 million due to lower volume that corresponds to the deployment of liquidity for loan origination activity and investment in treasury bills as described above.

Net Interest Income and Net Interest Margin (Popular Bank Segment)

Net interest income and net interest margin for the Popular Bank (“PB”, or “Popular U.S.”) segment increased to $85.9 million and 2.60%, respectively, for the quarter ended June 30, 2024, compared to $84.9 million and 2.59%, respectively, during the quarter ended March 31, 2024. Interest income from money market investments increased by $2.6 million during the quarter mainly due to higher volume resulting from an increase in deposits. Total cost of funds in PB increased by $2.7 million due to higher average balance in time deposits of $443.8 million which drove the cost up by $4.7 million but that were partially offset by lower interest expense on interest-bearing demand deposits by $1.6 million. Total cost of deposits for the quarter was 3.43%, a three basis points increase from the previous quarter.

Non-interest income

Non-interest income amounted to $166.3 million for the quarter ended June 30, 2024, an increase of $2.5 million when compared to $163.8 million for the quarter ended March 31, 2024. The variance in non-interest income was driven primarily by higher other service fees by $2.6 million due mainly to higher credit and debit card fees as a result of higher volume of customer transactions.

Refer to Table B for further details.

Operating expenses

Operating expenses for the second quarter of 2024 totaled $469.6 million, a decrease of $13.5 million when compared to the first quarter of 2024. Excluding the $6.4 million of interest accrued related to prior period tax withholdings and the $14.3 million impact of the FDIC Special Assessment, total expenses for the first quarter of 2024 were $462.4 million. The second quarter’s expenses increased by $7.2 million when compared to this adjusted expense. The main drivers of the $7.2 million variance were:

• higher professional fees by $8.8 million mainly due to higher consulting and assurance professional services expenses by $6.8 million related to corporate initiatives focused on regulatory, cyber security and other advisory efforts;
• higher operational losses by $8.3 million due to build up on reserves for operational losses;
• higher processing and transactional services expenses by $4.9 million mainly due to higher retail customers’ debit card issuance costs by $1.8 million, higher merchant processing expenses by $1.3 million and higher credit card processing fees by $1.6 million; and
• higher business promotion expenses by $4.5 million mainly due to higher customer reward program expenses in our credit card business by $2.4 million and higher advertising and strategic communications expense and donations granted during the quarter by $1.7 million.

partially offset by:

• lower personnel cost by $18.0 million mainly due to a decrease in performance shares and restricted stock expenses by $8.2 million, lower other compensation expenses by $8.5 million due to lower payroll taxes and vacations accrual that are typically higher in the first quarter of the year;

Full-time equivalent employees were 9,241 as of June 30, 2024, compared to 9,132 as of March 31, 2024.

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

Income taxes

For the quarter ended June 30, 2024, the Corporation recorded an income tax expense of $40.5 million, compared to an income tax expense of $55.6 million for the previous quarter. Excluding the $11.2 million net impact related to a tax withholding on intercompany distributions from prior periods and the tax effect of the FDIC Special Assessment that was recognized during the first quarter of 2024, income tax expense for the quarter ended March 31, 2024, would have been $44.3 million.

The effective tax rate (“ETR”) for the second quarter of 2024 was 18.5%, compared to 35.0% for the previous quarter. Excluding the impact of the tax withholding and the additional expense related to the FDIC Special Assessment during the first quarter of 2024, the ETR would have been 24.7%.

The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2024 to be within a range from 21% to 23%.

Credit Quality

Credit quality metrics in the second quarter of 2024 improved when compared to the previous quarter. We continue to closely monitor changes in the macroeconomic environment and on borrower performance given higher interest rates and inflationary pressures. However, management believes that the improvements over recent years in risk management practices and the risk profile of the Corporation’s loan portfolios position Popular to continue to operate successfully under the current environment.

The following presents credit quality results for the second quarter of 2024:

Non-Performing Loans (“NPLs”) and Net Charge Offs (“NCOs”)

Total NPLs as of June 30, 2024, decreased by $12.3 million from March 31, 2024. Inflows of NPLs, excluding consumer loans, decreased by $1.7 million quarter-over-quarter. At June 30, 2024, the ratio of NPLs to total loans held-in-portfolio was 1.0%, flat when compared to the first quarter of 2024. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NPLs decreased by $11.7 million across most loan categories, but mainly in the commercial loans portfolio with a $7.2 million decrease. Inflows to NPLs, excluding consumer loans, increased by $7.5 million driven by higher inflows in the mortgage loans portfolio.
• In PB, NPLs remained flat driven by the return to accrual of a $17.2 million mortgage loan, offset by a $17.3 million commercial NPL inflow. PB inflows to NPLs, excluding consumer loans, decreased by $9.2 million, driven by the inflow in the prior quarter of the previously mentioned $17.2 million mortgage relationship, offset in part by higher commercial inflows this quarter by $7.2 million.

NCOs amounted to $53.6 million, decreasing by $8.6 million when compared to the first quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.61%, compared to 0.71% in the first quarter of 2024. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NCOs decreased by $7.3 million quarter-over-quarter, mainly driven by lower consumer and commercial NCOs by $4.8 million and $2.2 million, respectively. Lower NCOs in the consumer portfolio were mostly related to lower auto and personal loans by $3.6 million and $1.0 million, respectively.
• PB’s NCOs decreased by $1.3 million quarter-over-quarter, mostly related to lower consumer NCOs.

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

Other Real Estate Owned Properties (“OREO”)

As of June 30, 2024, the Corporation’s OREO portfolio amounted to $70.2 million, a decrease of $10.3 million, compared to the first quarter of 2024. The decrease in OREO was driven by the sale of a commercial property in BPPR.

Refer to Table L for additional information and related ratios.

Allowance for Credit Losses (“ACL”) and Provision for Credit Losses (“PCL”)

The ACL as of June 30, 2024 amounted to $730.1 million, a decrease of $9.5 million, compared to the first quarter of 2024. In BPPR, the ACL remained flat as changes in macroeconomic scenarios and lower NCOs were offset by higher commercial loan volume, higher qualitative reserves and changes in credit quality. In PB, the ACL decreased by $8.7 million from the previous quarter, mainly driven by lower reserves for the commercial portfolio. The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.05% in the second quarter of 2024, compared to 2.11% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 213.6%, compared to 208.8% in the previous quarter.

The ACL incorporates management’s estimate of current macroeconomic scenarios for Puerto Rico and the United States. Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. Based on the information available and the scenarios analyzed by management, the “baseline” scenario continues as the highest probability weight scenario, followed by the “pessimistic” scenario, and then the “optimistic” scenario consistent with the weights assigned in the previous quarter.

The provision for credit losses for the loan and lease portfolios for the second quarter of 2024 was $44.2 million, compared to $72.4 million in the previous quarter. The provision for the BPPR segment was $48.6 million, compared to $61.0 million in the previous quarter, while the PB segment had a release of $4.4 million, compared to a provision of $11.4 million in the previous quarter driven by improvements in credit quality and the pay-off of a significant relationship.

The provision for credit losses on our loan and lease portfolios, as well as the provision for credit losses related to unfunded loan commitments of $2.1 million and our investment portfolio of $0.5 million for the second quarter of 2024 are aggregated and presented in the provision for credit losses caption in our Consolidated Statement of Operations. For the second quarter, the provision for credit losses was $46.8 million, compared to $72.6 million in the previous quarter.

Non-Performing Assets

 

 

 

 

 

(Unaudited)

 

 

 

 

 

(In thousands)

30-Jun-24

 

31-Mar-24

 

30-Jun-23

Non-performing loans held-in-portfolio

$341,835

 

 

$354,127

 

 

$385,504

 

Other real estate owned

70,225

 

 

80,542

 

 

86,216

 

Total non-performing assets

$412,060

 

 

$434,669

 

 

$471,720

 

Net charge-offs for the quarter

$53,630

 

 

$62,200

 

 

$23,990

 

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

Loans held-in-portfolio

$35,591,620

 

 

$35,118,738

 

 

$33,030,922

 

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

0.96

%

 

1.01

%

 

1.17

%

Allowance for credit losses to loans held-in-portfolio

2.05

 

 

2.11

 

 

2.12

 

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

213.58

 

 

208.84

 

 

181.63

 

Refer to Table L for additional information.

 

 

 

 

 

Provision for Credit Losses (Benefit) - Loan Portfolios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Quarters ended

 

Six months ended

(In thousands)

 

30-Jun-24

 

31-Mar-24

 

30-Jun-23

 

30-Jun-24

 

30-Jun-23

Provision for credit losses (benefit) - loan portfolios:

 

 

 

 

 

 

 

 

 

 

BPPR

 

$48,585

 

 

$61,008

 

$28,379

 

$109,593

 

$73,582

Popular U.S.

 

(4,428

)

 

11,378

 

7,282

 

6,950

 

9,225

Total provision for credit losses (benefit) - loan portfolios

 

$44,157

 

 

$72,386

 

$35,661

 

$116,543

 

$82,807

Credit Quality by Segment

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

Quarters ended

BPPR

 

30-Jun-24

 

31-Mar-24

 

30-Jun-23

Provision for credit losses - loan portfolios

 

$48,585

 

 

$61,008

 

 

$28,379

 

Net charge-offs

 

49,308

 

 

56,561

 

 

18,687

 

Total non-performing loans held-in-portfolio

286,887

 

 

298,594

 

 

352,339

 

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

 

0.79

%

 

0.92

%

 

0.33

%

Allowance / loans held-in-portfolio

2.56

%

 

2.62

%

 

2.58

%

Allowance / non-performing loans held-in-portfolio

224.34

%

 

215.79

%

 

169.19

%

 

 

 

 

 

 

 

 

Quarters ended

Popular U.S.

 

30-Jun-24

 

31-Mar-24

 

30-Jun-23

Provision for credit losses (benefit) - loan portfolios

 

$(4,428

)

 

$11,378

 

 

$7,282

 

Net charge-offs

 

4,322

 

 

5,639

 

 

5,303

 

Total non-performing loans held-in-portfolio

 

54,948

 

 

55,533

 

 

33,165

 

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

 

0.16

%

 

0.21

%

 

0.22

%

Allowance / loans held-in-portfolio

0.83

%

 

0.91

%

 

1.05

%

Allowance / non-performing loans held-in-portfolio

157.37

%

 

171.47

%

 

313.86

%

Financial Condition Highlights

 

(Unaudited)

(In thousands)

30-Jun-24

 

31-Mar-24

 

30-Jun-23

Cash and money market investments

$7,211,367

 

$6,249,064

 

$9,070,118

Investment securities

26,742,639

 

26,324,139

 

25,874,316

Loans

35,591,620

 

35,118,738

 

33,030,922

Total assets

72,845,072

 

70,936,939

 

70,838,266

Deposits

65,530,862

 

63,808,784

 

64,004,818

Borrowings

1,047,264

 

1,032,393

 

1,427,254

Total liabilities

67,472,394

 

65,759,625

 

66,273,257

Stockholders’ equity

5,372,678

 

5,177,314

 

4,565,009

Total assets amounted to $72.8 billion at June 30, 2024, an increase of $1.9 billion from the first quarter of 2024, driven by:

• an increase in cash and money market investments of $962.3 million, mainly due to higher deposits, driven by Puerto Rico public funds, partially offset by higher loan originations and investments in securities available-for-sale (“AFS”);
• an increase in securities AFS of $525.4 million, mainly due to purchases of U.S. Treasury bills partially offset by repayments and maturities; and
• an increase in loans held-in-portfolio of $472.9 million, driven by an increase of $508.6 million at BPPR, reflected across nearly all portfolios, partially offset by a decrease of $35.7 million at PB;

partially offset by:

• a decrease in securities held-to-maturity (“HTM”) of $107.6 million driven by maturities, partially offset by the accretion of $44.4 million of the discount related to U.S. Treasury securities previously reclassified from the AFS to HTM.

Total liabilities increased by $1.7 billion from the first quarter of 2024, driven by:

• an increase of $1.7 billion in deposits, mainly in the P.R. public sector, as increases in time deposit balances at Popular Bank were offset by outflows of demand deposits at BPPR.

Stockholders' equity increased by $195.4 million from the first quarter of 2024 mainly due to the change in retained earnings resulting from the quarter’s net income of $177.8 million, coupled with the change in the accumulated other comprehensive loss driven by the amortization of unrealized losses from securities previously reclassified to HTM of $35.5 million, net of taxes, and the decrease in net unrealized losses in the portfolio of AFS securities of $16.9 million, partially offset by common and preferred dividends declared during the quarter of $45.3 million.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.48%, $73.94 and $62.71, respectively, at June 30, 2024, compared to 16.36%, $71.32 and $60.06, respectively, at March 31, 2024. Refer to Table A for capital ratios.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, including extreme weather events, pandemics, man-made disasters or acts of violence or war, as well as actions taken by governmental authorities in response thereto, and the direct and indirect impact of such events on Popular, our customers, service providers and third parties. Other potential factors include Popular’s ability to successfully execute its transformation initiative, including, but not limited to, achieving projected earnings, efficiencies and return on tangible common equity and accurately anticipating costs and expenses associated therewith, imposition of additional or special FDIC assessments, changes to regulatory capital, liquidity and resolution-related requirements applicable to financial institutions in response to recent developments affecting the banking sector and the impact of bank failures or adverse developments at other banks and related negative media coverage of the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks. All statements contained herein that are not clearly historical in nature, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions, and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, are generally intended to identify forward-looking statements.

More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2023, our Form 10-Q for the quarter ended March 31, 2024, and the Form 10-Q for the quarter ended June 30, 2024, to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.

About Popular, Inc.

Popular, Inc. (NASDAQ: BPOP) is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.

Conference Call

Popular will hold a conference call to discuss its financial results today, Wednesday, July 24, 2024 at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 838904.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Friday, August 23, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 748297.

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

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

 

Table A - Selected Ratios and Other Information

 

Table B - Consolidated Statement of Operations

 

Table C - Consolidated Statement of Financial Condition

 

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

 

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

 

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

 

Table G - Mortgage Banking Activities and Other Service Fees

 

Table H - Loans and Deposits

 

Table I - Loan Delinquency - BPPR Operations

 

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

 

Table K - Loan Delinquency - Consolidated

 

Table L - Non-Performing Assets

 

Table M - Activity in Non-Performing Loans

 

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

 

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

 

Table P - Allowance for Credit Losses ''ACL'' - Loan Portfolios - BPPR Operations

 

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

 

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Second Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

 

 

 

 

 

Quarters ended

Six months ended

 

30-Jun-24

31-Mar-24

30-Jun-23

30-Jun-24

30-Jun-23

Basic EPS

$2.47

 

$1.43

 

$2.10

 

$3.90

 

$4.32

 

Diluted EPS

$2.46

 

$1.43

 

$2.10

 

$3.90

 

$4.32

 

Average common shares outstanding

71,970,773

 

71,869,735

 

71,690,396

 

71,920,254

 

71,616,498

 

Average common shares outstanding - assuming dilution

71,991,911

 

71,966,803

 

71,709,203

 

71,937,434

 

71,664,303

 

Common shares outstanding at end of period

72,365,926

 

72,284,875

 

72,103,969

 

72,365,926

 

72,103,969

 

Market value per common share

$88.43

 

$88.09

 

$60.52

 

$88.43

 

$60.52

 

Market capitalization - (In millions)

$6,399

 

$6,368

 

$4,364

 

$6,399

 

$4,364

 

Return on average assets

0.97

%

0.57

%

0.85

%

0.77

%

0.89

%

Return on average common equity

10.38

%

6.07

%

9.26

%

8.24

%

9.63

%

Net interest margin (non-taxable equivalent basis)

3.22

%

3.16

%

3.14

%

3.20

%

3.18

%

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

3.48

%

3.38

%

3.29

%

3.44

%

3.37

%

Common equity per share

$73.94

 

$71.32

 

$63.00

 

$73.94

 

$63.00

 

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

$62.71

 

$60.06

 

$51.37

 

$62.71

 

$51.37

 

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

6.30

%

6.19

%

5.29

%

6.30

%

5.29

%

Return on average tangible common equity [1]

11.77

%

6.90

%

10.63

%

9.35

%

11.06

%

Tier 1 capital

16.54

%

16.42

%

16.93

%

16.54

%

16.93

%

Total capital

18.30

%

18.19

%

18.74

%

18.30

%

18.74

%

Tier 1 leverage

8.53

%

8.45

%

8.40

%

8.53

%

8.40

%

Common Equity Tier 1 capital

16.48

%

16.36

%

16.87

%

16.48

%

16.87

%

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

POPULAR, INC.

Financial Supplement to Second Quarter 2024 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

 

 

Quarters ended

Variance

Quarter ended

Variance

Six months ended

 

 

 

 

Q2 2024

 

Q2 2024

 

 

(In thousands, except per share information)

30-Jun-24

31-Mar-24

vs. Q1 2024

30-Jun-23

vs. Q2 2023

30-Jun-24

30-Jun-23

Interest income:

 

 

 

 

 

 

 

 

Loans

$648,739

 

$638,730

 

$10,009

 

$570,120

 

$78,619

 

$1,287,469

 

$1,111,330

 

 

Money market investments

88,316

 

88,516

 

(200

)

100,775

 

(12,459

)

176,832

 

166,499

 

 

Investment securities

184,852

 

166,895

 

17,957

 

123,112

 

61,740

 

351,747

 

255,200

 

 

Total interest income

921,907

 

894,141

 

27,766

 

794,007

 

127,900

 

1,816,048

 

1,533,029

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

339,939

 

329,496

 

10,443

 

243,488

 

96,451

 

669,435

 

436,703

 

 

Short-term borrowings

1,126

 

1,192

 

(66

)

1,624

 

(498

)

2,318

 

4,509

 

 

Long-term debt

12,530

 

12,709

 

(179

)

17,227

 

(4,697

)

25,239

 

28,493

 

 

Total interest expense

353,595

 

343,397

 

10,198

 

262,339

 

91,256

 

696,992

 

469,705

 

Net interest income

568,312

 

550,744

 

17,568

 

531,668

 

36,644

 

1,119,056

 

1,063,324

 

Provision for credit losses

46,794

 

72,598

 

(25,804

)

37,192

 

9,602

 

119,392

 

84,829

 

Net interest income after provision for credit losses

521,518

 

478,146

 

43,372

 

494,476

 

27,042

 

999,664

 

978,495

 

Service charges on deposit accounts

37,526

 

37,442

 

84

 

37,781

 

(255

)

74,968

 

72,459

 

Other service fees

96,863

 

94,272

 

2,591

 

94,265

 

2,598

 

191,135

 

184,341

 

Mortgage banking activities

5,723

 

4,360

 

1,363

 

2,316

 

3,407

 

10,083

 

9,716

 

Net gain, including impairment, on equity securities

319

 

1,103

 

(784

)

1,384

 

(1,065

)

1,422

 

2,484

 

Net gain on trading account debt securities

277

 

361

 

(84

)

35

 

242

 

638

 

413

 

Adjustments to indemnity reserves on loans sold

212

 

(237

)

449

 

(456

)

668

 

(25

)

156

 

Other operating income

25,386

 

26,517

 

(1,131

)

25,146

 

240

 

51,903

 

52,863

 

 

Total non-interest income

166,306

 

163,818

 

2,488

 

160,471

 

5,835

 

330,124

 

322,432

 

Operating expenses:

 

 

 

 

 

 

 

Personnel costs

 

 

 

 

 

 

 

 

Salaries

128,634

 

129,384

 

(750

)

124,901

 

3,733

 

258,018

 

250,294

 

 

Commissions, incentives and other bonuses

30,626

 

38,611

 

(7,985

)

27,193

 

3,433

 

69,237

 

58,355

 

 

Pension, postretirement and medical insurance

16,619

 

17,385

 

(766

)

17,508

 

(889

)

34,004

 

32,886

 

 

Other personnel costs, including payroll taxes

21,545

 

29,997

 

(8,452

)

21,866

 

(321

)

51,542

 

48,693

 

 

Total personnel costs

197,424

 

215,377

 

(17,953

)

191,468

 

5,956

 

412,801

 

390,228

 

Net occupancy expenses

27,692

 

28,041

 

(349

)

27,165

 

527

 

55,733

 

53,204

 

Equipment expenses

9,662

 

9,567

 

95

 

9,561

 

101

 

19,229

 

17,973

 

Other taxes

15,333

 

14,375

 

958

 

16,409

 

(1,076

)

29,708

 

32,700

 

Professional fees

37,744

 

28,918

 

8,826

 

50,132

 

(12,388

)

66,662

 

83,563

 

Technology and software expenses

79,752

 

79,462

 

290

 

72,354

 

7,398

 

159,214

 

140,913

 

Processing and transactional services

 

 

 

 

 

 

 

 

Credit and debit cards

13,739

 

12,144

 

1,595

 

11,584

 

2,155

 

25,883

 

24,134

 

 

Other processing and transactional services

25,357

 

22,050

 

3,307

 

25,217

 

140

 

47,407

 

46,576

 

 

Total processing and transactional services

39,096

 

34,194

 

4,902

 

36,801

 

2,295

 

73,290

 

70,710

 

Communications

4,357

 

4,557

 

(200

)

4,175

 

182

 

8,914

 

8,263

 

Business promotion

 

 

 

 

 

 

 

 

Rewards and customer loyalty programs

16,406

 

14,056

 

2,350

 

16,626

 

(220

)

30,462

 

28,974

 

 

Other business promotion

9,043

 

6,933

 

2,110

 

8,457

 

586

 

15,976

 

14,980

 

 

Total business promotion

25,449

 

20,989

 

4,460

 

25,083

 

366

 

46,438

 

43,954

 

Deposit insurance

10,581

 

23,887

 

(13,306

)

6,803

 

3,778

 

34,468

 

15,668

 

Other real estate owned (OREO) income

(5,750

)

(5,321

)

(429

)

(3,314

)

(2,436

)

(11,071

)

(5,008

)

Other operating expenses

 

 

 

 

 

 

 

 

Operational losses

11,823

 

3,561

 

8,262

 

4,280

 

7,543

 

15,384

 

11,080

 

 

All other

15,679

 

24,711

 

(9,032

)

18,572

 

(2,893

)

40,390

 

36,133

 

 

Total other operating expenses

27,502

 

28,272

 

(770

)

22,852

 

4,650

 

55,774

 

47,213

 

Amortization of intangibles

734

 

795

 

(61

)

795

 

(61

)

1,529

 

1,590

 

 

Total operating expenses

469,576

 

483,113

 

(13,537

)

460,284

 

9,292

 

952,689

 

900,971

 

Income before income tax

218,248

 

158,851

 

59,397

 

194,663

 

23,585

 

377,099

 

399,956

 

Income tax expense

40,459

 

55,568

 

(15,109

)

43,503

 

(3,044

)

96,027

 

89,817

 

Net income

$177,789

 

$103,283

 

$74,506

 

$151,160

 

$26,629

 

$281,072

 

$310,139

 

Net income applicable to common stock

$177,436

 

$102,930

 

$74,506

 

$150,807

 

$26,629

 

$280,366

 

$309,433

 

Net income per common share - basic

$2.47

 

$1.43

 

$1.04

 

$2.10

 

$0.37

 

$3.90

 

$4.32

 

Net income per common share - diluted

$2.46

 

$1.43

 

$1.03

 

$2.10

 

$0.36

 

$3.90

 

$4.32

 

Dividends Declared per Common Share

$0.62

 

$0.62

 

$-

 

$0.55

 

$0.07

 

$1.24

 

$1.10

 

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

 

 

 

 

 

 

Variance

 

 

 

 

 

 

Q2 2024 vs.

(In thousands)

30-Jun-24

31-Mar-24

30-Jun-23

Q1 2024

Assets:

 

 

 

 

Cash and due from banks

$359,973

 

$320,486

 

$476,642

 

$39,487

 

Money market investments

6,851,394

 

5,928,578

 

8,593,476

 

922,816

 

Trading account debt securities, at fair value

28,045

 

27,308

 

29,160

 

737

 

Debt securities available-for-sale, at fair value

18,543,279

 

18,017,924

 

17,242,217

 

525,355

 

 

 

Less: Allowance for credit losses

500

 

500

 

-

 

-

 

 

 

Debt securities available-for-sale, net

18,542,779

 

18,017,424

 

17,242,217

 

525,355

 

Debt securities held-to-maturity, at amortized cost

7,975,524

 

8,083,160

 

8,410,566

 

(107,636

)

 

 

Less: Allowance for credit losses

6,251

 

5,731

 

6,145

 

520

 

 

 

Debt securities held-to-maturity, net

7,969,273

 

8,077,429

 

8,404,421

 

(108,156

)

Equity securities

195,791

 

195,747

 

192,373

 

44

 

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

8,225

 

5,352

 

55,421

 

2,873

 

Loans held-in-portfolio

35,978,602

 

35,486,161

 

33,354,999

 

492,441

 

 

 

Less: Unearned income

386,982

 

367,423

 

324,077

 

19,559

 

 

 

Allowance for credit losses

730,077

 

739,544

 

700,200

 

(9,467

)

 

 

Total loans held-in-portfolio, net

34,861,543

 

34,379,194

 

32,330,722

 

482,349

 

Premises and equipment, net

599,058

 

588,708

 

523,927

 

10,350

 

Other real estate

70,225

 

80,542

 

86,216

 

(10,317

)

Accrued income receivable

260,162

 

266,908

 

239,998

 

(6,746

)

Mortgage servicing rights, at fair value

113,386

 

114,964

 

121,249

 

(1,578

)

Other assets

2,172,555

 

2,120,902

 

1,703,662

 

51,653

 

Goodwill

804,428

 

804,428

 

827,428

 

-

 

Other intangible assets

8,235

 

8,969

 

11,354

 

(734

)

Total assets

$72,845,072

 

$70,936,939

 

$70,838,266

 

$1,908,133

 

Liabilities and Stockholders’ Equity:

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

$15,470,082

 

$15,492,050

 

$15,316,552

 

$(21,968

)

 

 

Interest bearing

50,060,780

 

48,316,734

 

48,688,266

 

1,744,046

 

 

 

Total deposits

65,530,862

 

63,808,784

 

64,004,818

 

1,722,078

 

Assets sold under agreements to repurchase

105,684

 

66,090

 

123,205

 

39,594

 

Notes payable

941,580

 

966,303

 

1,304,049

 

(24,723

)

Other liabilities

894,268

 

918,448

 

841,185

 

(24,180

)

Total liabilities

67,472,394

 

65,759,625

 

66,273,257

 

1,712,769

 

Stockholders’ equity:

 

 

 

 

Preferred stock

22,143

 

22,143

 

22,143

 

-

 

Common stock

1,048

 

1,048

 

1,047

 

-

 

Surplus

4,852,747

 

4,847,466

 

4,795,581

 

5,281

 

Retained earnings

4,385,522

 

4,253,030

 

4,093,284

 

132,492

 

Treasury stock

(2,010,500

)

(2,013,187

)

(2,018,611

)

2,687

 

Accumulated other comprehensive loss, net of tax

(1,878,282

)

(1,933,186

)

(2,328,435

)

54,904

 

 

 

Total stockholders’ equity

5,372,678

 

5,177,314

 

4,565,009

 

195,364

 

Total liabilities and stockholders’ equity

$72,845,072

 

$70,936,939

 

$70,838,266

 

$1,908,133

 

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

For the quarters ended June 30, 2024 and March 31, 2024

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

 

Interest

 

Attributable to

 

30-Jun-24

 

31-Mar-24

Variance

 

30-Jun-24

 

31-Mar-24

 

Variance

 

 

 

 

 

30-Jun-24

 

31-Mar-24

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,471

$

6,484

$

(13

)

 

5.49

%

5.49

%

-

 

%

 

Money market investments

$

88,316

$

88,516

$

(200

)

$

(24

)

$

(176

)

 

28,943

 

28,308

 

635

 

 

3.01

 

2.71

 

0.30

 

 

 

Investment securities [1]

 

216,922

 

191,103

 

25,819

 

 

20,755

 

 

5,064

 

 

26

 

33

 

(7

)

 

5.69

 

3.75

 

1.94

 

 

 

Trading securities

 

367

 

311

 

56

 

 

137

 

 

(81

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

35,440

 

34,825

 

615

 

 

3.47

 

3.23

 

0.24

 

 

 

 

securities

 

305,605

 

279,930

 

25,675

 

 

20,868

 

 

4,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,707

 

17,613

 

94

 

 

6.86

 

6.84

 

0.02

 

 

 

 

Commercial

 

302,003

 

299,504

 

2,499

 

 

899

 

 

1,600

 

 

1,070

 

992

 

78

 

 

9.11

 

8.96

 

0.15

 

 

 

 

Construction

 

24,224

 

22,100

 

2,124

 

 

375

 

 

1,749

 

 

1,789

 

1,742

 

47

 

 

6.86

 

6.74

 

0.12

 

 

 

 

Leasing

 

30,697

 

29,353

 

1,344

 

 

554

 

 

790

 

 

7,817

 

7,723

 

94

 

 

5.66

 

5.62

 

0.04

 

 

 

 

Mortgage

 

110,673

 

108,543

 

2,130

 

 

803

 

 

1,327

 

 

3,192

 

3,227

 

(35

)

 

13.97

 

13.90

 

0.07

 

 

 

 

Consumer

 

110,906

 

111,490

 

(584

)

 

453

 

 

(1,037

)

 

3,819

 

3,763

 

56

 

 

8.88

 

8.77

 

0.11

 

 

 

 

Auto

 

84,268

 

82,054

 

2,214

 

 

985

 

 

1,229

 

 

35,394

 

35,060

 

334

 

 

7.52

 

7.48

 

0.04

 

 

 

Total loans

 

662,771

 

653,044

 

9,727

 

 

4,069

 

 

5,658

 

$

70,834

$

69,885

$

949

 

 

5.49

%

5.36

%

0.13

 

%

 

Total earning assets

$

968,376

$

932,974

$

35,402

 

$

24,937

 

$

10,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

26,105

$

25,703

$

402

 

 

3.60

%

3.63

%

(0.03

)

%

 

 

NOW and money market [2]

$

233,345

$

232,129

$

1,216

 

$

(3,124

)

$

4,340

 

 

14,732

 

14,700

 

32

 

 

0.92

 

0.93

 

(0.01

)

 

 

 

Savings

 

33,795

 

34,171

 

(376

)

 

(424

)

 

48

 

 

9,014

 

8,547

 

467

 

 

3.25

 

2.97

 

0.28

 

 

 

 

Time deposits

 

72,799

 

63,196

 

9,603

 

 

5,497

 

 

4,106

 

 

49,851

 

48,950

 

901

 

 

2.74

 

2.71

 

0.03

 

 

 

Total interest bearing deposits

 

339,939

 

329,496

 

10,443

 

 

1,949

 

 

8,494

 

 

15,176

 

15,083

 

93

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

65,027

 

64,033

 

994

 

 

2.10

 

2.07

 

0.03

 

 

 

Total deposits

 

339,939

 

329,496

 

10,443

 

 

1,949

 

 

8,494

 

 

80

 

84

 

(4

)

 

5.64

 

5.70

 

(0.06

)

 

 

Short-term borrowings

 

1,126

 

1,192

 

(66

)

 

(11

)

 

(55

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

978

 

998

 

(20

)

 

5.16

 

5.13

 

0.03

 

 

 

 

long-term debt

 

12,530

 

12,709

 

(179

)

 

(108

)

 

(71

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,909

 

50,032

 

877

 

 

2.79

 

2.76

 

0.03

 

 

 

 

liabilities (excluding demand deposits)

 

353,595

 

343,397

 

10,198

 

 

1,830

 

 

8,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,749

 

4,770

 

(21

)

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,834

$

69,885

$

949

 

 

2.01

%

1.98

%

0.03

 

%

 

Total source of funds

 

353,595

 

343,397

 

10,198

 

 

1,830

 

 

8,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.48

%

3.38

%

0.10

 

%

 

 

income on a taxable equivalent basis (Non-GAAP)

 

614,781

 

589,577

 

25,204

 

$

23,107

 

$

2,097

 

 

 

 

 

 

 

 

2.70

%

2.60

%

0.10

 

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

46,469

 

38,833

 

7,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.22

%

3.16

%

0.06

 

%

 

 

non-taxable equivalent basis (GAAP)

$

568,312

$

550,744

$

17,568

 

 

 

 

 

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

 

Interest

 

Attributable to

 

30-Jun-24

 

30-Jun-23

Variance

 

30-Jun-24

 

30-Jun-23

 

Variance

 

 

 

 

 

30-Jun-24

 

30-Jun-23

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,471

$

7,851

$

(1,380

)

 

5.49

%

5.15

%

0.34

 

%

 

Money market investments

$

88,316

$

100,776

$

(12,460

)

$

6,081

$

(18,541

)

 

28,943

 

27,362

 

1,581

 

 

3.01

 

2.00

 

1.01

 

 

 

Investment securities [1]

 

216,922

 

136,408

 

80,514

 

 

72,325

 

8,189

 

 

26

 

32

 

(6

)

 

5.69

 

4.65

 

1.04

 

 

 

Trading securities

 

367

 

370

 

(3

)

 

73

 

(76

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

35,440

 

35,245

 

195

 

 

3.47

 

2.70

 

0.77

 

 

 

 

securities

 

305,605

 

237,554

 

68,051

 

 

78,479

 

(10,428

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,707

 

16,237

 

1,470

 

 

6.86

 

6.52

 

0.34

 

 

 

 

Commercial

 

302,003

 

263,934

 

38,069

 

 

13,404

 

24,665

 

 

1,070

 

737

 

333

 

 

9.11

 

8.95

 

0.16

 

 

 

 

Construction

 

24,224

 

16,442

 

7,782

 

 

242

 

7,540

 

 

1,789

 

1,632

 

157

 

 

6.86

 

6.30

 

0.56

 

 

 

 

Leasing

 

30,697

 

25,711

 

4,986

 

 

2,394

 

2,592

 

 

7,817

 

7,409

 

408

 

 

5.66

 

5.47

 

0.19

 

 

 

 

Mortgage

 

110,673

 

101,304

 

9,369

 

 

3,666

 

5,703

 

 

3,192

 

3,075

 

117

 

 

13.97

 

13.21

 

0.76

 

 

 

 

Consumer

 

110,906

 

101,295

 

9,611

 

 

5,103

 

4,508

 

 

3,819

 

3,593

 

226

 

 

8.88

 

8.31

 

0.57

 

 

 

 

Auto

 

84,268

 

74,467

 

9,801

 

 

4,970

 

4,831

 

 

35,394

 

32,683

 

2,711

 

 

7.52

 

7.15

 

0.37

 

 

 

Total loans

 

662,771

 

583,153

 

79,618

 

 

29,779

 

49,839

 

$

70,834

$

67,928

$

2,906

 

 

5.49

%

4.84

%

0.65

 

%

 

Total earning assets

$

968,376

$

820,707

$

147,669

 

$

108,258

$

39,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

26,105

$

24,230

$

1,875

 

 

3.60

%

2.91

%

0.69

 

%

 

 

NOW and money market [2]

$

233,345

$

175,640

$

57,705

 

$

43,783

$

13,922

 

 

14,732

 

14,763

 

(31

)

 

0.92

 

0.66

 

0.26

 

 

 

 

Savings

 

33,795

 

24,446

 

9,349

 

 

7,966

 

1,383

 

 

9,014

 

7,715

 

1,299

 

 

3.25

 

2.26

 

0.99

 

 

 

 

Time deposits

 

72,799

 

43,402

 

29,397

 

 

18,707

 

10,690

 

 

49,851

 

46,708

 

3,143

 

 

2.74

 

2.09

 

0.65

 

 

 

Total interest bearing deposits

 

339,939

 

243,488

 

96,451

 

 

70,456

 

25,995

 

 

15,176

 

15,480

 

(304

)

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

65,027

 

62,188

 

2,839

 

 

2.10

 

1.57

 

0.53

 

 

 

Total deposits

 

339,939

 

243,488

 

96,451

 

 

70,456

 

25,995

 

 

80

 

125

 

(45

)

 

5.64

 

5.19

 

0.45

 

 

 

Short-term borrowings

 

1,126

 

1,624

 

(498

)

 

129

 

(627

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

978

 

1,299

 

(321

)

 

5.16

 

5.33

 

(0.17

)

 

 

 

long-term debt

 

12,530

 

17,227

 

(4,697

)

 

1,007

 

(5,704

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,909

 

48,132

 

2,777

 

 

2.79

 

2.19

 

0.60

 

 

 

 

liabilities (excluding demand deposits)

 

353,595

 

262,339

 

91,256

 

 

71,592

 

19,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,749

 

4,316

 

433

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,834

$

67,928

$

2,906

 

 

2.01

%

1.55

%

0.46

 

%

 

Total source of funds

 

353,595

 

262,339

 

91,256

 

 

71,592

 

19,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.48

%

3.29

%

0.19

 

%

 

 

income on a taxable equivalent basis (Non-GAAP)

 

614,781

 

558,368

 

56,413

 

$

36,666

$

19,747

 

 

 

 

 

 

 

 

2.70

%

2.65

%

0.05

 

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

46,469

 

26,700

 

19,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.22

%

3.14

%

0.08

 

%

 

 

non-taxable equivalent basis (GAAP)

$

568,312

$

531,668

$

36,644

 

 

 

 

 

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

 

Interest

 

Attributable to

 

30-Jun-24

 

30-Jun-23

Variance

 

30-Jun-24

 

30-Jun-23

 

Variance

 

 

 

 

 

30-Jun-24

 

30-Jun-23

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,477

$

6,800

$

(323

)

 

5.49

%

4.94

%

0.55

 

%

 

Money market investments

$

176,832

$

166,500

$

10,332

 

$

18,468

$

(8,136

)

 

28,626

 

28,108

 

518

 

 

2.86

 

2.11

 

0.75

 

 

 

Investment securities [1]

 

408,024

 

295,322

 

112,702

 

 

107,442

 

5,260

 

 

30

 

31

 

(1

)

 

4.60

 

4.56

 

0.04

 

 

 

Trading securities

 

678

 

708

 

(30

)

 

7

 

(37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

35,133

 

34,939

 

194

 

 

3.35

 

2.67

 

0.68

 

 

 

 

securities

 

585,534

 

462,530

 

123,004

 

 

125,917

 

(2,913

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,660

 

16,000

 

1,660

 

 

6.85

 

6.42

 

0.43

 

 

 

 

Commercial

 

601,507

 

509,403

 

92,104

 

 

37,134

 

54,970

 

 

1,031

 

734

 

297

 

 

9.04

 

8.68

 

0.36

 

 

 

 

Construction

 

46,324

 

31,598

 

14,726

 

 

1,454

 

13,272

 

 

1,766

 

1,610

 

156

 

 

6.80

 

6.21

 

0.59

 

 

 

 

Leasing

 

60,051

 

49,993

 

10,058

 

 

4,994

 

5,064

 

 

7,770

 

7,398

 

372

 

 

5.64

 

5.46

 

0.18

 

 

 

 

Mortgage

 

219,216

 

202,076

 

17,140

 

 

6,783

 

10,357

 

 

3,208

 

3,049

 

159

 

 

13.94

 

13.03

 

0.91

 

 

 

 

Consumer

 

222,396

 

197,010

 

25,386

 

 

13,546

 

11,840

 

 

3,791

 

3,576

 

215

 

 

8.82

 

8.23

 

0.59

 

 

 

 

Auto

 

166,322

 

145,874

 

20,448

 

 

11,419

 

9,029

 

 

35,226

 

32,367

 

2,859

 

 

7.50

 

7.06

 

0.44

 

 

 

Total loans

 

1,315,816

 

1,135,954

 

179,862

 

 

75,330

 

104,532

 

$

70,359

$

67,306

$

3,053

 

 

5.43

%

4.78

%

0.65

 

%

 

Total earning assets

$

1,901,350

$

1,598,484

$

302,866

 

$

201,247

$

101,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

25,904

$

23,774

$

2,130

 

 

3.61

%

2.72

%

0.89

 

%

 

 

NOW and money market [2]

$

465,474

$

320,610

$

144,864

 

$

113,900

$

30,964

 

 

14,716

 

14,895

 

(179

)

 

0.93

 

0.57

 

0.36

 

 

 

 

Savings

 

67,966

 

41,889

 

26,077

 

 

24,160

 

1,917

 

 

8,780

 

7,409

 

1,371

 

 

3.11

 

2.02

 

1.09

 

 

 

 

Time deposits

 

135,995

 

74,204

 

61,791

 

 

40,371

 

21,420

 

 

49,400

 

46,078

 

3,322

 

 

2.73

 

1.91

 

0.82

 

 

 

Total interest bearing deposits

 

669,435

 

436,703

 

232,732

 

 

178,431

 

54,301

 

 

15,129

 

15,592

 

(463

)

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,529

 

61,670

 

2,859

 

 

2.09

 

1.43

 

0.66

 

 

 

Total deposits

 

669,435

 

436,703

 

232,732

 

 

178,431

 

54,301

 

 

82

 

186

 

(104

)

 

5.67

 

4.89

 

0.78

 

 

 

Short-term borrowings

 

2,318

 

4,509

 

(2,191

)

 

1,603

 

(3,794

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

988

 

1,124

 

(136

)

 

5.13

 

5.10

 

0.03

 

 

 

 

long-term debt

 

25,239

 

28,493

 

(3,254

)

 

14

 

(3,268

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,470

 

47,388

 

3,082

 

 

2.78

 

2.00

 

0.78

 

 

 

 

liabilities (excluding demand deposits)

 

696,992

 

469,705

 

227,287

 

 

180,048

 

47,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,760

 

4,326

 

434

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,359

$

67,306

$

3,053

 

 

1.99

%

1.41

%

0.58

 

%

 

Total source of funds

 

696,992

 

469,705

 

227,287

 

 

180,048

 

47,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.44

%

3.37

%

0.07

 

%

 

 

income on a taxable equivalent basis (Non-GAAP)

 

1,204,358

 

1,128,779

 

75,579

 

$

21,199

$

54,380

 

 

 

 

 

 

 

 

2.65

%

2.78

%

(0.13

)

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

85,302

 

65,455

 

19,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.20

%

3.18

%

0.02

 

%

 

 

non-taxable equivalent basis (GAAP)

$

1,119,056

$

1,063,324

$

55,732

 

 

 

 

 

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.

 

 

 

 

 

 

 

 

Financial Supplement to Second Quarter 2024 Earnings Release

 

 

 

 

Table G - Mortgage Banking Activities and Other Service Fees

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Activities

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Six months ended

Variance

(In thousands)

30-Jun-24

31-Mar-24

30-Jun-23

Q2 2024 vs.Q1 2024

Q2 2024 vs.Q2 2023

30-Jun-24

30-Jun-23

2024 vs. 2023

Mortgage servicing fees, net of fair value adjustments:

 

 

 

 

 

 

 

 

 

Mortgage servicing fees

$7,602

 

$7,751

 

$8,369

 

$(149

)

$(767

)

$15,353

 

$17,058

 

$(1,705

)

 

Mortgage servicing rights fair value adjustments

(1,945

)

(3,439

)

(6,216

)

1,494

 

4,271

 

(5,384

)

(7,592

)

2,208

 

Total mortgage servicing fees, net of fair value adjustments

5,657

 

4,312

 

2,153

 

1,345

 

3,504

 

9,969

 

9,466

 

503

 

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

2

 

74

 

(61

)

(72

)

63

 

76

 

202

 

(126

)

Trading account profit:

 

 

 

 

 

 

 

 

 

Unrealized gains on outstanding derivative positions

56

 

101

 

246

 

(45

)

(190

)

157

 

115

 

42

 

 

Realized gains on closed derivative positions

9

 

3

 

111

 

6

 

(102

)

12

 

167

 

(155

)

Total trading account profit

65

 

104

 

357

 

(39

)

(292

)

169

 

282

 

(113

)

Losses on repurchased loans, including interest advances

(1

)

(130

)

(133

)

129

 

132

 

(131

)

(234

)

103

 

Total mortgage banking activities

$5,723

 

$4,360

 

$2,316

 

$1,363

 

$3,407

 

$10,083

 

$9,716

 

$367

 

 

 

 

 

 

 

 

 

 

 

 

Other Service Fees

 

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Six months ended

Variance

(In thousands)

 

30-Jun-24

31-Mar-24

30-Jun-23

Q2 2024 vs.Q1 2024

Q2 2024 vs.Q2 2023

30-Jun-24

30-Jun-23

2024 vs. 2023

Other service fees:

 

 

 

 

 

 

 

 

 

 

Debit card fees

 

$16,298

$14,248

$13,600

$2,050

 

$2,698

 

$30,546

$26,766

$3,780

 

 

Insurance fees

 

13,368

14,689

14,625

(1,321

)

(1,257

)

28,057

28,498

(441

)

 

Credit card fees

 

41,626

40,853

42,644

773

 

(1,018

)

82,479

83,142

(663

)

 

Sale and administration of investment products

 

7,850

7,427

6,076

423

 

1,774

 

15,277

12,634

2,643

 

 

Trust fees

 

6,622

6,707

6,600

(85

)

22

 

13,329

12,375

954

 

 

Other fees

 

11,099

10,348

10,720

751

 

379

 

21,447

20,926

521

 

Total other service fees

 

$96,863

$94,272

$94,265

$2,591

 

$2,598

 

$191,135

$184,341

$6,794

 

Popular, Inc.

 

 

 

 

 

 

 

Financial Supplement to Second Quarter 2024 Earnings Release

 

Table H - Loans and Deposits

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans - Ending Balances

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Jun-24

31-Mar-24

30-Jun-23

Q2 2024 vs.Q1 2024

% of Change

Q2 2024 vs.Q2 2023

% of Change

Loans held-in-portfolio:

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Commercial multi-family

$2,384,480

$2,384,635

$2,331,499

$(155

)

(0.01

%)

$52,981

 

2.27

%

Commercial real estate non-owner occupied

5,004,472

5,057,059

4,744,256

(52,587

)

(1.04

%)

260,216

 

5.48

%

Commercial real estate owner occupied

3,143,817

3,117,844

3,041,398

25,973

 

0.83

%

102,419

 

3.37

%

Commercial and industrial

7,195,357

7,025,483

6,251,147

169,874

 

2.42

%

944,210

 

15.10

%

Total Commercial

17,728,126

17,585,021

16,368,300

143,105

 

0.81

%

1,359,826

 

8.31

%

Construction

1,105,759

1,009,303

819,903

96,456

 

9.56

%

285,856

 

34.86

%

Leasing

1,828,048

1,765,413

1,661,523

62,635

 

3.55

%

166,525

 

10.02

%

Mortgage

7,883,726

7,783,662

7,449,078

100,064

 

1.29

%

434,648

 

5.83

%

Consumer

 

 

 

 

 

 

 

Credit cards

1,162,557

1,142,153

1,057,389

20,404

 

1.79

%

105,168

 

9.95

%

Home equity lines of credit

68,992

66,717

68,440

2,275

 

3.41

%

552

 

0.81

%

Personal

1,879,619

1,897,010

1,896,594

(17,391

)

(0.92

%)

(16,975

)

(0.90

%)

Auto

3,773,292

3,706,854

3,565,533

66,438

 

1.79

%

207,759

 

5.83

%

Other

161,501

162,605

144,162

(1,104

)

(0.68

%)

17,339

 

12.03

%

Total Consumer

7,045,961

6,975,339

6,732,118

70,622

 

1.01

%

313,843

 

4.66

%

Total loans held-in-portfolio

$35,591,620

$35,118,738

$33,030,922

$472,882

 

1.35

%

$2,560,698

 

7.75

%

Loans held-for-sale:

 

 

 

 

 

 

 

Mortgage

$8,225

$5,352

$9,509

$2,873

 

53.68

%

$(1,284

)

(13.50

%)

Credit cards

-

-

45,912

-

 

N.M.

(45,912

)

(100.00

%)

Total loans held-for-sale

$8,225

$5,352

$55,421

$2,873

 

53.68

%

$(47,196

)

(85.16

%)

Total loans

$35,599,845

$35,124,090

$33,086,343

$475,755

 

1.35

%

$2,513,502

 

7.60

%

 

 

 

 

 

 

 

 

N.M. - Not meaningful.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits - Ending Balances

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

30-Jun-24

31-Mar-24

30-Jun-23

Q2 2024 vs. Q1 2024

% of Change

Q2 2024 vs.Q2 2023

% of Change

Demand deposits [1]

$25,879,406

$26,473,367

$27,690,840

$(593,961

)

(2.24

%)

$(1,811,434

)

(6.54

%)

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

29,724,473

27,852,551

27,539,343

1,871,922

 

6.72

%

2,185,130

 

7.93

%

Savings, NOW and money market deposits (brokered)

729,326

727,794

772,783

1,532

 

0.21

%

(43,457

)

(5.62

%)

Time deposits (non-brokered)

8,225,750

7,850,459

7,231,840

375,291

 

4.78

%

993,910

 

13.74

%

Time deposits (brokered CDs)

971,907

904,613

770,012

67,294

 

7.44

%

201,895

 

26.22

%

Total deposits

$65,530,862

$63,808,784

$64,004,818

$1,722,078

 

2.70

%

$1,526,044

 

2.38

%

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

 

 

 

 

 

 

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table I - Loan Delinquency - BPPR Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-24

BPPR

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

233

 

 

$

-

 

 

$

443

 

 

$

676

 

 

$

304,235

 

 

$

304,911

 

 

 

$

443

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

1,713

 

 

 

-

 

 

 

7,484

 

 

 

9,197

 

 

 

2,970,430

 

 

 

2,979,627

 

 

 

 

7,484

 

 

 

-

 

 

Owner occupied

 

 

1,770

 

 

 

232

 

 

 

25,285

 

 

 

27,287

 

 

 

1,389,825

 

 

 

1,417,112

 

 

 

 

25,285

 

 

 

-

 

Commercial and industrial

 

 

5,387

 

 

 

2,097

 

 

 

26,560

 

 

 

34,044

 

 

 

4,968,740

 

 

 

5,002,784

 

 

 

 

22,958

 

 

 

3,602

 

Construction

 

 

5,479

 

 

 

-

 

 

 

-

 

 

 

5,479

 

 

 

178,460

 

 

 

183,939

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

287,468

 

 

 

105,266

 

 

 

373,306

 

 

 

766,040

 

 

 

5,824,480

 

 

 

6,590,520

 

 

 

 

163,790

 

 

 

209,516

 

Leasing

 

 

20,631

 

 

 

5,071

 

 

 

7,059

 

 

 

32,761

 

 

 

1,795,287

 

 

 

1,828,048

 

 

 

 

7,059

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

15,032

 

 

 

9,436

 

 

 

23,931

 

 

 

48,399

 

 

 

1,114,140

 

 

 

1,162,539

 

 

 

 

-

 

 

 

23,931

 

 

Home equity lines of credit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,216

 

 

 

2,216

 

 

 

 

-

 

 

 

-

 

 

Personal

 

 

21,535

 

 

 

12,755

 

 

 

19,650

 

 

 

53,940

 

 

 

1,690,933

 

 

 

1,744,873

 

 

 

 

19,650

 

 

 

-

 

 

Auto

 

 

103,873

 

 

 

24,943

 

 

 

39,333

 

 

 

168,149

 

 

 

3,605,143

 

 

 

3,773,292

 

 

 

 

39,333

 

 

 

-

 

 

Other

 

 

976

 

 

 

258

 

 

 

1,207

 

 

 

2,441

 

 

 

151,092

 

 

 

153,533

 

 

 

 

885

 

 

 

322

 

Total

 

$

464,097

 

 

$

160,058

 

 

$

524,258

 

 

$

1,148,413

 

 

$

23,994,981

 

 

$

25,143,394

 

 

 

$

286,887

 

 

$

237,371

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

BPPR

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

19,384

 

 

$

2,027

 

 

$

106

 

 

$

21,517

 

 

$

282,134

 

 

$

303,651

 

 

 

$

106

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

2,378

 

 

 

3,278

 

 

 

7,922

 

 

 

13,578

 

 

 

2,982,907

 

 

 

2,996,485

 

 

 

 

7,922

 

 

 

-

 

 

Owner occupied

 

 

6,628

 

 

 

432

 

 

 

26,124

 

 

 

33,184

 

 

 

1,392,908

 

 

 

1,426,092

 

 

 

 

26,124

 

 

 

-

 

Commercial and industrial

 

 

3,020

 

 

 

8,552

 

 

 

33,741

 

 

 

45,313

 

 

 

4,699,810

 

 

 

4,745,123

 

 

 

 

29,171

 

 

 

4,570

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

162,724

 

 

 

162,724

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

254,008

 

 

 

107,224

 

 

 

385,062

 

 

 

746,294

 

 

 

5,737,257

 

 

 

6,483,551

 

 

 

 

166,473

 

 

 

218,589

 

Leasing

 

 

19,936

 

 

 

4,752

 

 

 

7,267

 

 

 

31,955

 

 

 

1,733,458

 

 

 

1,765,413

 

 

 

 

7,267

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

13,034

 

 

 

9,528

 

 

 

23,858

 

 

 

46,420

 

 

 

1,095,716

 

 

 

1,142,136

 

 

 

 

-

 

 

 

23,858

 

 

Home equity lines of credit

 

 

-

 

 

 

226

 

 

 

7

 

 

 

233

 

 

 

2,336

 

 

 

2,569

 

 

 

 

-

 

 

 

7

 

 

Personal

 

 

19,822

 

 

 

12,169

 

 

 

19,092

 

 

 

51,083

 

 

 

1,695,410

 

 

 

1,746,493

 

 

 

 

19,092

 

 

 

-

 

 

Auto

 

 

82,957

 

 

 

18,420

 

 

 

41,807

 

 

 

143,184

 

 

 

3,563,670

 

 

 

3,706,854

 

 

 

 

41,807

 

 

 

-

 

 

Other

 

 

1,022

 

 

 

150

 

 

 

939

 

 

 

2,111

 

 

 

151,567

 

 

 

153,678

 

 

 

 

632

 

 

 

307

 

Total

 

$

422,189

 

 

$

166,758

 

 

$

545,925

 

 

$

1,134,872

 

 

$

23,499,897

 

 

$

24,634,769

 

 

 

$

298,594

 

 

$

247,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(19,151

)

 

$

(2,027

)

 

$

337

 

 

$

(20,841

)

 

$

22,101

 

 

$

1,260

 

 

 

$

337

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

(665

)

 

 

(3,278

)

 

 

(438

)

 

 

(4,381

)

 

 

(12,477

)

 

 

(16,858

)

 

 

 

(438

)

 

 

-

 

 

Owner occupied

 

 

(4,858

)

 

 

(200

)

 

 

(839

)

 

 

(5,897

)

 

 

(3,083

)

 

 

(8,980

)

 

 

 

(839

)

 

 

-

 

Commercial and industrial

 

 

2,367

 

 

 

(6,455

)

 

 

(7,181

)

 

 

(11,269

)

 

 

268,930

 

 

 

257,661

 

 

 

 

(6,213

)

 

 

(968

)

Construction

 

 

5,479

 

 

 

-

 

 

 

-

 

 

 

5,479

 

 

 

15,736

 

 

 

21,215

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

33,460

 

 

 

(1,958

)

 

 

(11,756

)

 

 

19,746

 

 

 

87,223

 

 

 

106,969

 

 

 

 

(2,683

)

 

 

(9,073

)

Leasing

 

 

695

 

 

 

319

 

 

 

(208

)

 

 

806

 

 

 

61,829

 

 

 

62,635

 

 

 

 

(208

)

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

1,998

 

 

 

(92

)

 

 

73

 

 

 

1,979

 

 

 

18,424

 

 

 

20,403

 

 

 

 

-

 

 

 

73

 

 

Home equity lines of credit

 

 

-

 

 

 

(226

)

 

 

(7

)

 

 

(233

)

 

 

(120

)

 

 

(353

)

 

 

 

-

 

 

 

(7

)

 

Personal

 

 

1,713

 

 

 

586

 

 

 

558

 

 

 

2,857

 

 

 

(4,477

)

 

 

(1,620

)

 

 

 

558

 

 

 

-

 

 

Auto

 

 

20,916

 

 

 

6,523

 

 

 

(2,474

)

 

 

24,965

 

 

 

41,473

 

 

 

66,438

 

 

 

 

(2,474

)

 

 

-

 

 

Other

 

 

(46

)

 

 

108

 

 

 

268

 

 

 

330

 

 

 

(475

)

 

 

(145

)

 

 

 

253

 

 

 

15

 

Total

 

$

41,908

 

 

$

(6,700

)

 

$

(21,667

)

 

$

13,541

 

 

$

495,084

 

 

$

508,625

 

 

 

$

(11,707

)

 

$

(9,960

)

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-24

Popular U.S.

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

2,962

 

 

$

-

 

 

$

8,700

 

 

$

11,662

 

 

$

2,067,907

 

 

$

2,079,569

 

 

 

$

8,700

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

2,494

 

 

 

2,783

 

 

 

1,025

 

 

 

6,302

 

 

 

2,018,543

 

 

 

2,024,845

 

 

 

 

1,025

 

 

 

-

 

 

Owner occupied

 

 

-

 

 

 

17,095

 

 

 

22,256

 

 

 

39,351

 

 

 

1,687,354

 

 

 

1,726,705

 

 

 

 

22,256

 

 

 

-

 

Commercial and industrial

 

 

5,181

 

 

 

304

 

 

 

5,992

 

 

 

11,477

 

 

 

2,181,096

 

 

 

2,192,573

 

 

 

 

5,782

 

 

 

210

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

921,820

 

 

 

921,820

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

1,309

 

 

 

23,479

 

 

 

11,554

 

 

 

36,342

 

 

 

1,256,864

 

 

 

1,293,206

 

 

 

 

11,554

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18

 

 

 

18

 

 

 

 

-

 

 

 

-

 

 

Home equity lines of credit

 

 

890

 

 

 

462

 

 

 

3,780

 

 

 

5,132

 

 

 

61,644

 

 

 

66,776

 

 

 

 

3,780

 

 

 

-

 

 

Personal

 

 

1,770

 

 

 

1,689

 

 

 

1,851

 

 

 

5,310

 

 

 

129,436

 

 

 

134,746

 

 

 

 

1,851

 

 

 

-

 

 

Other

 

 

1,204

 

 

 

-

 

 

 

-

 

 

 

1,204

 

 

 

6,764

 

 

 

7,968

 

 

 

 

-

 

 

 

-

 

Total

 

$

15,810

 

 

$

45,812

 

 

$

55,158

 

 

$

116,780

 

 

$

10,331,446

 

 

$

10,448,226

 

 

 

$

54,948

 

 

$

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

Popular U.S.

 

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

3,434

 

 

$

-

 

 

$

8,700

 

 

$

12,134

 

 

$

2,068,850

 

 

$

2,080,984

 

 

 

$

8,700

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

740

 

 

 

1,364

 

 

 

2,407

 

 

 

4,511

 

 

 

2,056,063

 

 

 

2,060,574

 

 

 

 

2,407

 

 

 

-

 

 

Owner occupied

 

 

6,107

 

 

 

19,009

 

 

 

3,877

 

 

 

28,993

 

 

 

1,662,759

 

 

 

1,691,752

 

 

 

 

3,877

 

 

 

-

 

Commercial and industrial

 

 

9,961

 

 

 

628

 

 

 

6,634

 

 

 

17,223

 

 

 

2,263,137

 

 

 

2,280,360

 

 

 

 

6,423

 

 

 

211

 

Construction

 

 

8,825

 

 

 

-

 

 

 

-

 

 

 

8,825

 

 

 

837,754

 

 

 

846,579

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

25,558

 

 

 

533

 

 

 

28,071

 

 

 

54,162

 

 

 

1,245,949

 

 

 

1,300,111

 

 

 

 

28,071

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17

 

 

 

17

 

 

 

 

-

 

 

 

-

 

 

Home equity lines of credit

 

 

846

 

 

 

390

 

 

 

3,986

 

 

 

5,222

 

 

 

58,926

 

 

 

64,148

 

 

 

 

3,986

 

 

 

-

 

 

Personal

 

 

2,142

 

 

 

1,695

 

 

 

2,068

 

 

 

5,905

 

 

 

144,612

 

 

 

150,517

 

 

 

 

2,068

 

 

 

-

 

 

Other

 

 

-

 

 

 

-

 

 

 

1

 

 

 

1

 

 

 

8,926

 

 

 

8,927

 

 

 

 

1

 

 

 

-

 

Total

 

$

57,613

 

 

$

23,619

 

 

$

55,744

 

 

$

136,976

 

 

$

10,346,993

 

 

$

10,483,969

 

 

 

$

55,533

 

 

$

211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(472

)

 

$

-

 

 

$

-

 

 

$

(472

)

 

$

(943

)

 

$

(1,415

)

 

 

$

-

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

1,754

 

 

 

1,419

 

 

 

(1,382

)

 

 

1,791

 

 

 

(37,520

)

 

 

(35,729

)

 

 

 

(1,382

)

 

 

-

 

 

Owner occupied

 

 

(6,107

)

 

 

(1,914

)

 

 

18,379

 

 

 

10,358

 

 

 

24,595

 

 

 

34,953

 

 

 

 

18,379

 

 

 

-

 

Commercial and industrial

 

 

(4,780

)

 

 

(324

)

 

 

(642

)

 

 

(5,746

)

 

 

(82,041

)

 

 

(87,787

)

 

 

 

(641

)

 

 

(1

)

Construction

 

 

(8,825

)

 

 

-

 

 

 

-

 

 

 

(8,825

)

 

 

84,066

 

 

 

75,241

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

(24,249

)

 

 

22,946

 

 

 

(16,517

)

 

 

(17,820

)

 

 

10,915

 

 

 

(6,905

)

 

 

 

(16,517

)

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

1

 

 

 

 

-

 

 

 

-

 

 

Home equity lines of credit

 

 

44

 

 

 

72

 

 

 

(206

)

 

 

(90

)

 

 

2,718

 

 

 

2,628

 

 

 

 

(206

)

 

 

-

 

 

Personal

 

 

(372

)

 

 

(6

)

 

 

(217

)

 

 

(595

)

 

 

(15,176

)

 

 

(15,771

)

 

 

 

(217

)

 

 

-

 

 

Other

 

 

1,204

 

 

 

-

 

 

 

(1

)

 

 

1,203

 

 

 

(2,162

)

 

 

(959

)

 

 

 

(1

)

 

 

-

 

Total

 

$

(41,803

)

 

$

22,193

 

 

$

(586

)

 

$

(20,196

)

 

$

(15,547

)

 

$

(35,743

)

 

 

$

(585

)

 

$

(1

)

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-24

Popular, Inc.

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

$

3,195

 

 

$

-

 

 

$

9,143

 

 

$

12,338

 

 

$

2,372,142

 

 

$

2,384,480

 

 

 

$

9,143

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

4,207

 

 

 

2,783

 

 

 

8,509

 

 

 

15,499

 

 

 

4,988,973

 

 

 

5,004,472

 

 

 

 

8,509

 

 

 

-

 

 

Owner occupied

 

1,770

 

 

 

17,327

 

 

 

47,541

 

 

 

66,638

 

 

 

3,077,179

 

 

 

3,143,817

 

 

 

 

47,541

 

 

 

-

 

Commercial and industrial

 

10,568

 

 

 

2,401

 

 

 

32,552

 

 

 

45,521

 

 

 

7,149,836

 

 

 

7,195,357

 

 

 

 

28,740

 

 

 

3,812

 

Construction

 

5,479

 

 

 

-

 

 

 

-

 

 

 

5,479

 

 

 

1,100,280

 

 

 

1,105,759

 

 

 

 

-

 

 

 

-

 

Mortgage

 

288,777

 

 

 

128,745

 

 

 

384,860

 

 

 

802,382

 

 

 

7,081,344

 

 

 

7,883,726

 

 

 

 

175,344

 

 

 

209,516

 

Leasing

 

20,631

 

 

 

5,071

 

 

 

7,059

 

 

 

32,761

 

 

 

1,795,287

 

 

 

1,828,048

 

 

 

 

7,059

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

15,032

 

 

 

9,436

 

 

 

23,931

 

 

 

48,399

 

 

 

1,114,158

 

 

 

1,162,557

 

 

 

 

-

 

 

 

23,931

 

 

Home equity lines of credit

 

890

 

 

 

462

 

 

 

3,780

 

 

 

5,132

 

 

 

63,860

 

 

 

68,992

 

 

 

 

3,780

 

 

 

-

 

 

Personal

 

23,305

 

 

 

14,444

 

 

 

21,501

 

 

 

59,250

 

 

 

1,820,369

 

 

 

1,879,619

 

 

 

 

21,501

 

 

 

-

 

 

Auto

 

103,873

 

 

 

24,943

 

 

 

39,333

 

 

 

168,149

 

 

 

3,605,143

 

 

 

3,773,292

 

 

 

 

39,333

 

 

 

-

 

 

Other

 

2,180

 

 

 

258

 

 

 

1,207

 

 

 

3,645

 

 

 

157,856

 

 

 

161,501

 

 

 

 

885

 

 

 

322

 

Total

$

479,907

 

 

$

205,870

 

 

$

579,416

 

 

$

1,265,193

 

 

$

34,326,427

 

 

$

35,591,620

 

 

 

$

341,835

 

 

$

237,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

Popular, Inc.

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

$

22,818

 

 

$

2,027

 

 

$

8,806

 

 

$

33,651

 

 

$

2,350,984

 

 

$

2,384,635

 

 

 

$

8,806

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

3,118

 

 

 

4,642

 

 

 

10,329

 

 

 

18,089

 

 

 

5,038,970

 

 

 

5,057,059

 

 

 

 

10,329

 

 

 

-

 

 

Owner occupied

 

12,735

 

 

 

19,441

 

 

 

30,001

 

 

 

62,177

 

 

 

3,055,667

 

 

 

3,117,844

 

 

 

 

30,001

 

 

 

-

 

Commercial and industrial

 

12,981

 

 

 

9,180

 

 

 

40,375

 

 

 

62,536

 

 

 

6,962,947

 

 

 

7,025,483

 

 

 

 

35,594

 

 

 

4,781

 

Construction

 

8,825

 

 

 

-

 

 

 

-

 

 

 

8,825

 

 

 

1,000,478

 

 

 

1,009,303

 

 

 

 

-

 

 

 

-

 

Mortgage

 

279,566

 

 

 

107,757

 

 

 

413,133

 

 

 

800,456

 

 

 

6,983,206

 

 

 

7,783,662

 

 

 

 

194,544

 

 

 

218,589

 

Leasing

 

19,936

 

 

 

4,752

 

 

 

7,267

 

 

 

31,955

 

 

 

1,733,458

 

 

 

1,765,413

 

 

 

 

7,267

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

13,034

 

 

 

9,528

 

 

 

23,858

 

 

 

46,420

 

 

 

1,095,733

 

 

 

1,142,153

 

 

 

 

-

 

 

 

23,858

 

 

Home equity lines of credit

 

846

 

 

 

616

 

 

 

3,993

 

 

 

5,455

 

 

 

61,262

 

 

 

66,717

 

 

 

 

3,986

 

 

 

7

 

 

Personal

 

21,964

 

 

 

13,864

 

 

 

21,160

 

 

 

56,988

 

 

 

1,840,022

 

 

 

1,897,010

 

 

 

 

21,160

 

 

 

-

 

 

Auto

 

82,957

 

 

 

18,420

 

 

 

41,807

 

 

 

143,184

 

 

 

3,563,670

 

 

 

3,706,854

 

 

 

 

41,807

 

 

 

-

 

 

Other

 

1,022

 

 

 

150

 

 

 

940

 

 

 

2,112

 

 

 

160,493

 

 

 

162,605

 

 

 

 

633

 

 

 

307

 

Total

$

479,802

 

 

$

190,377

 

 

$

601,669

 

 

$

1,271,848

 

 

$

33,846,890

 

 

$

35,118,738

 

 

 

$

354,127

 

 

$

247,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

(19,623

)

 

$

(2,027

)

 

$

337

 

 

$

(21,313

)

 

$

21,158

 

 

$

(155

)

 

 

$

337

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

1,089

 

 

 

(1,859

)

 

 

(1,820

)

 

 

(2,590

)

 

 

(49,997

)

 

 

(52,587

)

 

 

 

(1,820

)

 

 

-

 

 

Owner occupied

 

(10,965

)

 

 

(2,114

)

 

 

17,540

 

 

 

4,461

 

 

 

21,512

 

 

 

25,973

 

 

 

 

17,540

 

 

 

-

 

Commercial and industrial

 

(2,413

)

 

 

(6,779

)

 

 

(7,823

)

 

 

(17,015

)

 

 

186,889

 

 

 

169,874

 

 

 

 

(6,854

)

 

 

(969

)

Construction

 

(3,346

)

 

 

-

 

 

 

-

 

 

 

(3,346

)

 

 

99,802

 

 

 

96,456

 

 

 

 

-

 

 

 

-

 

Mortgage

 

9,211

 

 

 

20,988

 

 

 

(28,273

)

 

 

1,926

 

 

 

98,138

 

 

 

100,064

 

 

 

 

(19,200

)

 

 

(9,073

)

Leasing

 

695

 

 

 

319

 

 

 

(208

)

 

 

806

 

 

 

61,829

 

 

 

62,635

 

 

 

 

(208

)

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

1,998

 

 

 

(92

)

 

 

73

 

 

 

1,979

 

 

 

18,425

 

 

 

20,404

 

 

 

 

-

 

 

 

73

 

 

Home equity lines of credit

 

44

 

 

 

(154

)

 

 

(213

)

 

 

(323

)

 

 

2,598

 

 

 

2,275

 

 

 

 

(206

)

 

 

(7

)

 

Personal

 

1,341

 

 

 

580

 

 

 

341

 

 

 

2,262

 

 

 

(19,653

)

 

 

(17,391

)

 

 

 

341

 

 

 

-

 

 

Auto

 

20,916

 

 

 

6,523

 

 

 

(2,474

)

 

 

24,965

 

 

 

41,473

 

 

 

66,438

 

 

 

 

(2,474

)

 

 

-

 

 

Other

 

1,158

 

 

 

108

 

 

 

267

 

 

 

1,533

 

 

 

(2,637

)

 

 

(1,104

)

 

 

 

252

 

 

 

15

 

Total

$

105

 

 

$

15,493

 

 

$

(22,253

)

 

$

(6,655

)

 

$

479,537

 

 

$

472,882

 

 

 

$

(12,292

)

 

$

(9,961

)

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Jun-24

As a % of loans HIP by category

 

31-Mar-24

As a % of loans HIP by category

 

30-Jun-23

As a % of loans HIP by category

 

Q2 2024 vs. Q1 2024

Q2 2024 vs. Q2 2023

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

Commercial multi-family

$9,143

0.4

%

$8,806

0.4

%

$602

-

%

$337

 

$8,541

 

Commercial real estate non-owner occupied

8,509

0.2

 

10,329

0.2

 

23,061

0.5

 

(1,820

)

(14,552

)

Commercial real estate owner occupied

47,541

1.5

 

30,001

1.0

 

40,927

1.3

 

17,540

 

6,614

 

Commercial and industrial

28,740

0.4

 

35,594

0.5

 

35,736

0.6

 

(6,854

)

(6,996

)

Total Commercial

93,933

0.5

 

84,730

0.5

 

100,326

0.6

 

9,203

 

(6,393

)

Construction

-

-

 

-

-

 

9,284

1.1

 

-

 

(9,284

)

Leasing

7,059

0.4

 

7,267

0.4

 

4,743

0.3

 

(208

)

2,316

 

Mortgage

175,344

2.2

 

194,544

2.5

 

208,796

2.8

 

(19,200

)

(33,452

)

Consumer

 

 

 

 

 

 

 

 

 

 

 

Home equity lines of credit

3,780

5.5

 

3,986

6.0

 

4,252

6.2

 

(206

)

(472

)

Personal

21,501

1.1

 

21,160

1.1

 

20,164

1.1

 

341

 

1,337

 

Auto

39,333

1.0

 

41,807

1.1

 

36,204

1.0

 

(2,474

)

3,129

 

Other Consumer

885

0.5

 

633

0.4

 

1,735

1.2

 

252

 

(850

)

Total Consumer

65,499

0.9

 

67,586

1.0

 

62,355

0.9

 

(2,087

)

3,144

 

Total non-performing loans held-in-portfolio

341,835

1.0

%

354,127

1.0

%

385,504

1.2

%

(12,292

)

(43,669

)

Other real estate owned (“OREO”)

70,225

 

 

80,542

 

 

86,216

 

 

(10,317

)

(15,991

)

Total non-performing assets [1]

$412,060

 

 

$434,669

 

 

$471,720

 

 

$(22,609

)

$(59,660

)

Accruing loans past due 90 days or more [2]

$237,581

 

 

$247,542

 

 

$273,327

 

 

$(9,961

)

$(35,746

)

Ratios:

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets to total assets

0.57

%

 

0.61

%

 

0.67

%

 

 

 

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

0.96

 

 

1.01

 

 

1.17

 

 

 

 

Allowance for credit losses to loans held-in-portfolio

2.05

 

 

2.11

 

 

2.12

 

 

 

 

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

213.58

 

 

208.84

 

 

181.63

 

 

 

 

[1] There were no non-performing loans held-for-sale as of June 30, 2024, March 31, 2024 and June 30, 2023.

[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $10 million at June 30, 2024, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below ( March 31, 2024 - $10 million; June 30, 2023 - $7 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $81 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of June 30, 2024 (March 31, 2024 - $93 million; June 30, 2023 - $133 million). Furthermore, the Corporation has approximately $34 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation's policy to exclude these balances from non-performing assets (March 31, 2024- $37 million; June 30, 2023 - $39 million).

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

 

 

 

 

 

 

 

 

Commercial loans held-in-portfolio:

 

 

Quarter ended

Quarter ended

 

 

30-Jun-24

31-Mar-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$63,323

 

$21,407

 

$84,730

 

$72,992

 

$11,163

 

$84,155

 

Plus:

 

 

 

 

 

 

 

New non-performing loans

4,031

 

21,940

 

25,971

 

4,343

 

15,039

 

19,382

 

 

Advances on existing non-performing loans

-

 

282

 

282

 

-

 

20

 

20

 

Less:

 

 

 

 

 

 

 

Non-performing loans transferred to OREO

(280

)

-

 

(280

)

-

 

-

 

-

 

 

Non-performing loans charged-off

(5,700

)

-

 

(5,700

)

(7,999

)

(950

)

(8,949

)

 

Loans returned to accrual status / loan collections

(5,204

)

(5,866

)

(11,070

)

(6,013

)

(3,865

)

(9,878

)

Ending balance NPLs

$56,170

 

$37,763

 

$93,933

 

$63,323

 

$21,407

 

$84,730

 

 

 

 

 

 

 

 

 

Construction loans held-in-portfolio:

 

 

Quarter ended

Quarter ended

 

 

30-Jun-24

31-Mar-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$-

 

$-

 

$-

 

$6,378

 

$-

 

$6,378

 

Less:

 

 

 

 

 

 

 

Loans returned to accrual status / loan collections

-

 

-

 

-

 

(6,378

)

-

 

(6,378

)

Ending balance NPLs

$-

 

$-

 

$-

 

$-

 

$-

 

$-

 

 

 

 

 

 

 

 

 

Mortgage loans held-in-portfolio:

 

 

Quarter ended

Quarter ended

 

 

30-Jun-24

31-Mar-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$166,473

 

$28,071

 

$194,544

 

$175,106

 

$11,191

 

$186,297

 

Plus:

 

 

 

 

 

 

 

New non-performing loans

37,009

 

3,967

 

40,976

 

29,160

 

20,334

 

49,494

 

 

Advances on existing non-performing loans

-

 

16

 

16

 

-

 

2

 

2

 

Less:

 

 

 

 

 

 

 

Non-performing loans transferred to OREO

(4,260

)

(24

)

(4,284

)

(4,109

)

-

 

(4,109

)

 

Non-performing loans charged-off

110

 

(18

)

92

 

(310

)

-

 

(310

)

 

Loans returned to accrual status / loan collections

(35,542

)

(20,458

)

(56,000

)

(33,374

)

(3,456

)

(36,830

)

Ending balance NPLs

$163,790

 

$11,554

 

$175,344

 

$166,473

 

$28,071

 

$194,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Quarter ended

Quarter ended

 

 

30-Jun-24

31-Mar-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$229,796

 

$49,478

 

$279,274

 

$254,476

 

$22,354

 

$276,830

 

Plus:

 

 

 

 

 

 

 

New non-performing loans

41,040

 

25,907

 

66,947

 

33,503

 

35,373

 

68,876

 

 

Advances on existing non-performing loans

-

 

298

 

298

 

-

 

22

 

22

 

Less:

 

 

 

 

 

 

 

Non-performing loans transferred to OREO

(4,540

)

(24

)

(4,564

)

(4,109

)

-

 

(4,109

)

 

Non-performing loans charged-off

(5,590

)

(18

)

(5,608

)

(8,309

)

(950

)

(9,259

)

 

Loans returned to accrual status / loan collections

(40,746

)

(26,324

)

(67,070

)

(45,765

)

(7,321

)

(53,086

)

Ending balance NPLs

$219,960

 

$49,317

 

$269,277

 

$229,796

 

$49,478

 

$279,274

 

Popular, Inc.

 

 

 

 

 

 

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

(In thousands)

30-Jun-24

 

31-Mar-24

 

30-Jun-23

 

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

$739,544

 

 

$729,341

 

 

$689,120

 

 

Provision for credit losses

44,157

 

 

72,386

 

 

35,661

 

 

Initial allowance for credit losses - PCD Loans

6

 

 

17

 

 

10

 

 

 

783,707

 

 

801,744

 

 

724,791

 

 

Net loans charge-off (recovered)- BPPR

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

-

 

 

(1

)

 

(1

)

 

Commercial real estate non-owner occupied

(44

)

 

(325

)

 

430

 

 

Commercial real estate owner occupied

(1,134

)

 

2,247

 

 

(329

)

 

Commercial and industrial

6,021

 

 

5,109

 

 

(1,431

)

 

Total Commercial

4,843

 

 

7,030

 

 

(1,331

)

 

Leasing

2,700

 

 

3,685

 

 

1,593

 

 

Mortgage

(3,749

)

 

(4,426

)

 

(3,384

)

 

Consumer:

 

 

 

 

 

 

Credit cards

13,712

 

 

13,958

 

 

6,502

 

 

Home equity lines of credit

41

 

 

104

 

 

(25

)

 

Personal

20,975

 

 

21,940

 

 

12,641

 

 

Auto

10,257

 

 

13,846

 

 

2,491

 

 

Other Consumer

529

 

 

424

 

 

200

 

 

Total Consumer

45,514

 

 

50,272

 

 

21,809

 

 

Total net charged-off BPPR

$49,308

 

 

$56,561

 

 

$18,687

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

(4

)

 

440

 

 

(1

)

 

Commercial real estate non-owner occupied

(42

)

 

(64

)

 

(66

)

 

Commercial real estate owner occupied

(59

)

 

(24

)

 

156

 

 

Commercial and industrial

988

 

 

408

 

 

1,734

 

 

Total Commercial

883

 

 

760

 

 

1,823

 

 

Construction

(100

)

 

-

 

 

-

 

 

Mortgage

(17

)

 

(25

)

 

(109

)

 

Consumer:

 

 

 

 

 

 

Home equity lines of credit

(383

)

 

(148

)

 

(166

)

 

Personal

3,941

 

 

5,027

 

 

3,708

 

 

Other Consumer

(2

)

 

25

 

 

47

 

 

Total Consumer

3,556

 

 

4,904

 

 

3,589

 

 

Total net charged-off Popular U.S.

$4,322

 

 

$5,639

 

 

$5,303

 

 

Total loans charged-off - Popular, Inc.

$53,630

 

 

$62,200

 

 

$23,990

 

 

Net write- downs [1]

$-

 

 

$-

 

 

$601

 

 

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

$730,077

 

 

$739,544

 

 

$700,200

 

 

 

 

 

 

 

 

 

Balance at beginning of period - unfunded commitments

$16,767

 

 

$17,006

 

 

$9,415

 

 

Provision for credit losses (benefit)

2,118

 

 

(239

)

 

2,178

 

 

Balance at end of period - unfunded commitments [2]

$18,885

 

 

$16,767

 

 

$11,593

 

 

 

 

 

 

 

 

 

POPULAR, INC.

 

 

 

 

 

 

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

0.61

 

%

0.71

 

%

0.29

 

%

Provision for credit losses - loan portfolios to net charge-offs

82.34

 

%

116.38

 

%

148.65

 

%

BPPR

 

 

 

 

 

 

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

0.79

 

%

0.92

 

%

0.33

 

%

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

98.53

 

%

107.86

 

%

151.86

 

%

Popular U.S.

 

 

 

 

 

 

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

0.16

 

%

0.21

 

%

0.22

 

%

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

(102.45

)

%

201.77

 

%

137.32

 

%

[1] Net write-downs for the quarter ended June 30, 2023 are related to credit cards loans reclassified to held-for-sale.

[2] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-24

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$11,180

 

 

$2,384,480

 

 

0.47

 

%

Commercial real estate - non-owner occupied

 

64,235

 

 

5,004,472

 

 

1.28

 

%

Commercial real estate - owner occupied

 

58,190

 

 

3,143,817

 

 

1.85

 

%

Commercial and industrial

 

126,482

 

 

7,195,357

 

 

1.76

 

%

Total commercial

 

$260,087

 

 

$17,728,126

 

 

1.47

 

%

Construction

 

12,889

 

 

1,105,759

 

 

1.17

 

%

Mortgage

 

83,289

 

 

7,883,726

 

 

1.06

 

%

Leasing

 

14,385

 

 

1,828,048

 

 

0.79

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

86,313

 

 

1,162,557

 

 

7.42

 

%

Home equity lines of credit

 

1,726

 

 

68,992

 

 

2.50

 

%

Personal

 

107,448

 

 

1,879,619

 

 

5.72

 

%

Auto

 

157,449

 

 

3,773,292

 

 

4.17

 

%

Other consumer

 

6,491

 

 

161,501

 

 

4.02

 

%

Total consumer

 

$359,427

 

 

$7,045,961

 

 

5.10

 

%

Total

 

$730,077

 

 

$35,591,620

 

 

2.05

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$12,743

 

 

$2,384,635

 

 

0.53

 

%

Commercial real estate - non-owner occupied

 

65,624

 

 

5,057,059

 

 

1.30

 

%

Commercial real estate - owner occupied

 

63,807

 

 

3,117,844

 

 

2.05

 

%

Commercial and industrial

 

120,418

 

 

7,025,483

 

 

1.71

 

%

Total commercial

 

$262,592

 

 

$17,585,021

 

 

1.49

 

%

Construction

 

11,139

 

 

1,009,303

 

 

1.10

 

%

Mortgage

 

86,438

 

 

7,783,662

 

 

1.11

 

%

Leasing

 

8,991

 

 

1,765,413

 

 

0.51

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

88,169

 

 

1,142,153

 

 

7.72

 

%

Home equity lines of credit

 

1,872

 

 

66,717

 

 

2.81

 

%

Personal

 

116,077

 

 

1,897,010

 

 

6.12

 

%

Auto

 

157,456

 

 

3,706,854

 

 

4.25

 

%

Other consumer

 

6,810

 

 

162,605

 

 

4.19

 

%

Total consumer

 

$370,384

 

 

$6,975,339

 

 

5.31

 

%

Total

 

$739,544

 

 

$35,118,738

 

 

2.11

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$(1,563

)

 

$(155

)

 

(0.06

)

%

Commercial real estate - non-owner occupied

 

(1,389

)

 

(52,587

)

 

(0.02

)

%

Commercial real estate - owner occupied

 

(5,617

)

 

25,973

 

 

(0.20

)

%

Commercial and industrial

 

6,064

 

 

169,874

 

 

0.05

 

%

Total commercial

 

$(2,505

)

 

$143,105

 

 

(0.02

)

%

Construction

 

1,750

 

 

96,456

 

 

0.07

 

%

Mortgage

 

(3,149

)

 

100,064

 

 

(0.05

)

%

Leasing

 

5,394

 

 

62,635

 

 

0.28

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

(1,856

)

 

20,404

 

 

(0.30

)

%

Home equity lines of credit

 

(146

)

 

2,275

 

 

(0.31

)

%

Personal

 

(8,629

)

 

(17,391

)

 

(0.40

)

%

Auto

 

(7

)

 

66,438

 

 

(0.08

)

%

Other consumer

 

(319

)

 

(1,104

)

 

(0.17

)

%

Total consumer

 

$(10,957

)

 

$70,622

 

 

(0.21

)

%

Total

 

$(9,467

)

 

$472,882

 

 

(0.06

)

%

Popular, Inc.

 

Financial Supplement to Second Quarter 2024 Earnings Release

 

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

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

30-Jun-24

 

BPPR

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

 

Commercial multi-family

 

$3,303

 

 

$304,911

 

 

1.08

 

%

 

Commercial real estate - non-owner occupied

 

53,386

 

 

2,979,627

 

 

1.79

 

%

 

Commercial real estate - owner occupied

 

39,375

 

 

1,417,112

 

 

2.78

 

%

 

Commercial and industrial

 

111,263

 

 

5,002,784

 

 

2.22

 

%

Total commercial

 

$207,327

 

 

$9,704,434

 

 

2.14

 

%

Construction

 

3,638

 

 

183,939

 

 

1.98

 

%

Mortgage

 

73,900

 

 

6,590,520

 

 

1.12

 

%

Leasing

 

14,385

 

 

1,828,048

 

 

0.79

 

%

Consumer:

 

 

 

 

 

 

 

 

Credit cards

 

86,313

 

 

1,162,539

 

 

7.42

 

%

 

Home equity lines of credit

 

83

 

 

2,216

 

 

3.75

 

%

 

Personal

 

94,021

 

 

1,744,873

 

 

5.39

 

%

 

Auto

 

157,449

 

 

3,773,292

 

 

4.17

 

%

 

Other consumer

 

6,489

 

 

153,533

 

 

4.23

 

%

Total consumer

 

$344,355

 

 

$6,836,453

 

 

5.04

 

%

Total

 

$643,605

 

 

$25,143,394

 

 

2.56

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-24

 

BPPR

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

 

Commercial multi-family

 

$3,567

 

 

$303,651

 

 

1.17

 

%

 

Commercial real estate - non-owner occupied

 

53,666

 

 

2,996,485

 

 

1.79

 

%

 

Commercial real estate - owner occupied

 

43,537

 

 

1,426,092

 

 

3.05

 

%

 

Commercial and industrial

 

102,844

 

 

4,745,123

 

 

2.17

 

%

Total commercial

 

$203,614

 

 

$9,471,351

 

 

2.15

 

%

Construction

 

3,114

 

 

162,724

 

 

1.91

 

%

Mortgage

 

76,564

 

 

6,483,551

 

 

1.18

 

%

Leasing

 

8,991

 

 

1,765,413

 

 

0.51

 

%

Consumer:

 

 

 

 

 

 

 

 

Credit cards

 

88,169

 

 

1,142,136

 

 

7.72

 

%

 

Home equity lines of credit

 

102

 

 

2,569

 

 

3.97

 

%

 

Personal

 

99,504

 

 

1,746,493

 

 

5.70

 

%

 

Auto

 

157,456

 

 

3,706,854

 

 

4.25

 

%

 

Other consumer

 

6,808

 

 

153,678

 

 

4.43

 

%

Total consumer

 

$352,039

 

 

$6,751,730

 

 

5.21

 

%

Total

 

$644,322

 

 

$24,634,769

 

 

2.62

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

 

Commercial multi-family

 

$(264

)

 

$1,260

 

 

(0.09

)

%

 

Commercial real estate - non-owner occupied

 

(280

)

 

(16,858

)

 

-

 

%

 

Commercial real estate - owner occupied

 

(4,162

)

 

(8,980

)

 

(0.27

)

%

 

Commercial and industrial

 

8,419

 

 

257,661

 

 

0.05

 

%

Total commercial

 

$3,713

 

 

$233,083

 

 

(0.01

)

%

Construction

 

524

 

 

21,215

 

 

0.07

 

%

Mortgage

 

(2,664

)

 

106,969

 

 

(0.06

)

%

Leasing

 

5,394

 

 

62,635

 

 

0.28

 

%

Consumer:

 

 

 

 

 

 

 

 

Credit cards

 

(1,856

)

 

20,403

 

 

(0.30

)

%

 

Home equity lines of credit

 

(19

)

 

(353

)

 

(0.22

)

%

 

Personal

 

(5,483

)

 

(1,620

)

 

(0.31

)

%

 

Auto

 

(7

)

 

66,438

 

 

(0.08

)

%

 

Other consumer

 

(319

)

 

(145

)

 

(0.20

)

%

Total consumer

 

$(7,684

)

 

$84,723

 

 

(0.17

)

%

Total

 

$(717

)

 

$508,625

 

 

(0.06

)

%

 

 

 

 

 

 

 

 

 

Popular, Inc.

 

Financial Supplement to Second Quarter 2024 Earnings Release

 

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

 

(Unaudited)

 

 

 

 

 

 

 

 

 

30-Jun-24

 

Popular U.S.

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

$7,877

 

 

$2,079,569

 

 

0.38

 

%

 

Commercial real estate - non-owner occupied

10,849

 

 

2,024,845

 

 

0.54

 

%

 

Commercial real estate - owner occupied

18,815

 

 

1,726,705

 

 

1.09

 

%

 

Commercial and industrial

15,219

 

 

2,192,573

 

 

0.69

 

%

Total commercial

$52,760

 

 

$8,023,692

 

 

0.66

 

%

Construction

9,251

 

 

921,820

 

 

1.00

 

%

Mortgage

9,389

 

 

1,293,206

 

 

0.73

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

-

 

 

18

 

 

-

 

%

 

Home equity lines of credit

1,643

 

 

66,776

 

 

2.46

 

%

 

Personal

13,427

 

 

134,746

 

 

9.96

 

%

 

Other consumer

2

 

 

7,968

 

 

0.03

 

%

Total consumer

$15,072

 

 

$209,508

 

 

7.19

 

%

Total

$86,472

 

 

$10,448,226

 

 

0.83

 

%

 

 

 

 

 

 

 

 

31-Mar-24

 

Popular U.S.

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

$9,176

 

 

$2,080,984

 

 

0.44

 

%

 

Commercial real estate - non-owner occupied

11,958

 

 

2,060,574

 

 

0.58

 

%

 

Commercial real estate - owner occupied

20,270

 

 

1,691,752

 

 

1.20

 

%

 

Commercial and industrial

17,574

 

 

2,280,360

 

 

0.77

 

%

Total commercial

$58,978

 

 

$8,113,670

 

 

0.73

 

%

Construction

8,025

 

 

846,579

 

 

0.95

 

%

Mortgage

9,874

 

 

1,300,111

 

 

0.76

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

-

 

 

17

 

 

-

 

%

 

Home equity lines of credit

1,770

 

 

64,148

 

 

2.76

 

%

 

Personal

16,573

 

 

150,517

 

 

11.01

 

%

 

Other consumer

2

 

 

8,927

 

 

0.02

 

%

Total consumer

$18,345

 

 

$223,609

 

 

8.20

 

%

Total

$95,222

 

 

$10,483,969

 

 

0.91

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

$(1,299

)

 

$(1,415

)

 

(0.06

)

%

 

Commercial real estate - non-owner occupied

(1,109

)

 

(35,729

)

 

(0.04

)

%

 

Commercial real estate - owner occupied

(1,455

)

 

34,953

 

 

(0.11

)

%

 

Commercial and industrial

(2,355

)

 

(87,787

)

 

(0.08

)

%

Total commercial

$(6,218

)

 

$(89,978

)

 

(0.07

)

%

Construction

1,226

 

 

75,241

 

 

0.05

 

%

Mortgage

(485

)

 

(6,905

)

 

(0.03

)

%

Consumer:

 

 

 

 

 

 

 

Credit cards

-

 

 

1

 

 

-

 

%

 

Home equity lines of credit

(127

)

 

2,628

 

 

(0.30

)

%

 

Personal

(3,146

)

 

(15,771

)

 

(1.05

)

%

 

Other consumer

-

 

 

(959

)

 

0.01

 

%

Total consumer

$(3,273

)

 

$(14,101

)

 

(1.01

)

%

Total

$(8,750

)

 

$(35,743

)

 

(0.08

)

%

Popular, Inc.

 

 

 

 

 

 

Financial Supplement to Second Quarter 2024 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share or per share information)

30-Jun-24

 

31-Mar-24

 

30-Jun-23

Total stockholders’ equity

$5,372,678

 

 

$5,177,314

 

 

$4,565,009

 

 

Less: Preferred stock

(22,143

)

 

(22,143

)

 

(22,143

)

 

Less: Goodwill

(804,428

)

 

(804,428

)

 

(827,428

)

 

Less: Other intangibles

(8,235

)

 

(8,969

)

 

(11,354

)

 

Total tangible common equity

$4,537,872

 

 

$4,341,774

 

 

$3,704,084

 

 

Total assets

$72,845,072

 

 

$70,936,939

 

 

$70,838,266

 

 

Less: Goodwill

(804,428

)

 

(804,428

)

 

(827,428

)

 

Less: Other intangibles

(8,235

)

 

(8,969

)

 

(11,354

)

 

Total tangible assets

$72,032,409

 

 

$70,123,542

 

 

$69,999,484

 

 

Tangible common equity to tangible assets

6.30

 

%

6.19

 

%

5.29

 

%

Common shares outstanding at end of period

72,365,926

 

 

72,284,875

 

 

72,103,969

 

 

Tangible book value per common share

$62.71

 

 

$60.06

 

 

$51.37

 

 

 

 

 

 

 

 

 

 

Quarterly average

 

Total stockholders’ equity [1]

$6,303,672

 

 

$6,198,740

 

 

$5,783,912

 

 

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

595,362

 

 

639,226

 

 

769,576

 

 

Adjusted total stockholder's equity

6,899,034

 

 

6,837,966

 

 

6,553,488

 

 

Less: Preferred Stock

(22,143

)

 

(22,143

)

 

(22,143

)

 

Less: Goodwill

(804,427

)

 

(804,427

)

 

(827,427

)

 

Less: Other intangibles

(8,706

)

 

(9,490

)

 

(11,875

)

 

Total tangible equity

$6,063,758

 

 

$6,001,906

 

 

$5,692,043

 

 

Return on average tangible common equity

11.77

 

%

6.90

 

%

10.63

 

%

[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/20240724246918/en/

Popular, Inc.

Investor Relations: Paul J. Cardillo, 212-417-6721 Senior Vice President and Investor Relations Officer pcardillo@popular.com

or

Media Relations: MC González Noguera, 917-804-5253 Executive Vice President and Chief Communications & Public Affairs Officer mc.gonzalez@popular.com