Company Announcements

Popular, Inc. Announces Second Quarter 2022 Financial Results

  • Net income of $211.4 million in Q2 2022, compared to net income of $211.7 million in Q1 2022.
  • Net interest margin of 3.09% in Q2 2022, compared to 2.75% in Q1 2022; net interest margin on a taxable equivalent basis of 3.45% in Q2 2022, compared to 3.05% in Q1 2022.
  • Credit Quality:
    • Non-performing loans held-in-portfolio (“NPLs”) decreased by $42.0 million from Q1 2022; NPLs to loans ratio at 1.6% vs. 1.8% in Q1 2022;
    • Net charge-offs (“NCOs”) increased by $2.3 million from Q1 2022; annualized NCOs at 0.08% of average loans held-in-portfolio vs. 0.05% in Q1 2022;
    • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.24% vs. 2.29% in Q1 2022; and
    • ACL to NPLs at 142.7% vs. 130.4% in Q1 2022.
  • Common Equity Tier 1 ratio of 16.39%, Common Equity per Share of $55.78 and Tangible Book Value per Share of $46.18 at June 30, 2022.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Jul. 28, 2022-- Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $211.4 million for the quarter ended June 30, 2022, compared to net income of $211.7 million for the quarter ended March 31, 2022.

Ignacio Alvarez, President and Chief Executive Officer, said: “We are very pleased with our results for the second quarter. We earned $211.4 million in net income, with increases in both net interest income and non-interest income as compared to the first quarter. Our net interest income increased by $39.6 million to $533.9 million, driven by improved margin and growth in our loan and investment portfolios. Loan growth was broad based with balances increasing in all categories, except mortgage. The increase in our net interest margin reflects higher interest rates and the strength of our deposit franchise. Consumer spending remained resilient during the quarter and deposit balances continued to grow. Credit quality remained strong with net charge offs at near record lows, and we continued to reduce our non-performing loans. Our liquidity and capital positions remain strong which provide us the flexibility to continue to invest for growth in the future while we continue returning capital to our shareholders.

While we are vigilant regarding the possible negative impacts of record inflation, higher interest rates and the war in Ukraine, we are still seeing growth in the U.S. and P.R. with a historically strong employment market and healthy consumer deposit and spending levels. In Puerto Rico we continue to benefit from the stimulative impact of federal disaster relief spending. We are confident in our ability to continue to deliver results for our shareholders at the same time as we invest in our people, businesses and communities.”

Significant Events

Acquisition of Key Customer Channels and Amendments to Commercial Contracts with Evertec

On July 1, 2022, the Corporation’s wholly owned subsidiary, Banco Popular de Puerto Rico (“BPPR”) completed its previously announced acquisition of certain assets and assumption of certain liabilities used by Evertec Group, LLC (“Evertec Group”), a wholly owned subsidiary of Evertec, Inc. (“Evertec”) (NYSE: EVTC), to service certain BPPR channels.

As a result of the closing of the transaction, BPPR acquired from Evertec Group certain critical channels, including BPPR’s retail and business digital banking and commercial cash management applications. BPPR also entered into amended and restated service agreements with Evertec Group pursuant to which Evertec Group will continue to provide various information technology and transaction processing services to Popular, BPPR and their respective subsidiaries.

Under the amended service agreements, Popular will have greater optionality to develop and enhance technology platforms and more flexibility to select service vendors, as Evertec Group will no longer have exclusive rights to provide certain of Popular’s technology services. This is expected to improve Popular’s ability to meet its customer needs in a timely manner. In addition, the amended service agreements are projected to reduce service costs as a result of discounted pricing and lowered caps on contractual pricing escalators tied to the Consumer Price Index. As part of the transaction, BPPR also strengthened its relationship with Evertec in the payments business, including through the incorporation of a revenue sharing structure for BPPR in connection with its merchant acquiring relationship with Evertec.

As consideration for the transaction, BPPR delivered to Evertec Group 4,589,169 shares of Evertec common stock valued at closing at $169 million (based on Evertec’s stock price on June 30, 2022 of $36.88), resulting in an after-tax gain of approximately $112 million.

In terms of capital, the transaction results in a negative impact of approximately $55 million in Popular’s tangible book value as a result of the net effect of the after-tax gain of the Evertec shares used as consideration for the transaction (approximately $112 million), minus approximately $167 million in goodwill and other intangible assets recognized by the Corporation in connection with the transaction and the effect of purchase accounting-related adjustments.

As a result of the transfer of the shares used as consideration for the transaction, Popular’s ownership stake in Evertec was reduced from approximately 16.3% to approximately 10.6% at the closing of the transaction. In connection with the transaction, Popular has agreed to further reduce its voting interest in Evertec to no more than 4.5%, whether through selling shares of Evertec common stock or a conversion of such shares into non-voting preferred stock within 90 days of the closing of the transaction. Popular expects to sell down its stake in Evertec to no more than 4.5%, subject to market conditions, and intends to return to shareholders, via common stock repurchases, any after-tax gains resulting from such sale, subject to the receipt of regulatory approvals.

Completion of Accelerated Share Repurchase

On July 12, 2022, the Corporation completed its previously announced accelerated share repurchase program for the repurchase of an aggregate $400 million of Popular’s common stock. Under the terms of the accelerated share repurchase agreement (the “ASR Agreement”), on March 2, 2022 the Corporation made an initial payment of $400 million and received an initial delivery of 3,483,942 shares of Popular’s Common Stock (the “Initial Shares”). The transaction was accounted for as a treasury stock transaction. As a result of the receipt of the Initial Shares, the Corporation recognized in shareholders’ equity approximately $320 million in treasury stock and $80 million as a reduction in capital surplus. Upon the final settlement of the ASR Agreement, the Corporation received an additional 1,582,922 shares of common stock and recognized approximately $120 million as treasury stock with a corresponding increase in its capital surplus account. The Corporation repurchased a total of 5,066,864 shares at an average purchase price of $78.9443 under the ASR Agreement.

Earnings Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

Quarters ended

 

Six months ended

(Dollars in thousands, except per share information)

30-Jun-22

31-Mar-22

30-Jun-21

 

30-Jun-22

30-Jun-21

Net interest income

$533,862

$494,312

 

$487,802

 

 

$1,028,174

 

$966,914

 

Provision for credit losses (benefit)

9,362

(15,500

)

(17,015

)

 

(6,138

)

(99,241

)

Net interest income after provision for credit losses (benefit)

524,500

509,812

 

504,817

 

 

1,034,312

 

1,066,155

 

Other non-interest income

157,411

154,692

 

154,540

 

 

312,103

 

308,193

 

Operating expenses

406,278

402,339

 

368,185

 

 

808,617

 

743,713

 

Income before income tax

275,633

262,165

 

291,172

 

 

537,798

 

630,635

 

Income tax expense

64,212

50,479

 

73,093

 

 

114,691

 

149,924

 

Net income

$211,421

$211,686

 

$218,079

 

 

$423,107

 

$480,711

 

Net income applicable to common stock

$211,068

$211,333

 

$217,726

 

 

$422,401

 

$480,005

 

Net income per common share-basic

$2.77

$2.69

 

$2.67

 

 

$5.46

 

$5.80

 

Net income per common share-diluted

$2.77

$2.69

 

$2.66

 

 

$5.46

 

$5.79

 

Net interest income on a taxable equivalent basis – Non-GAAP financial measure

Net interest income, on a taxable equivalent basis, is presented with its different components in Table D and E for the quarter and year ended June 30, 2022 and comparable periods. 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.

Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

Net interest income for the quarter ended June 30, 2022 was $533.9 million, compared to $494.3 million in the previous quarter, an increase of $39.6 million. Net interest income, on a taxable equivalent basis, for the second quarter of 2022 was $595.5 million compared to $548.1 million in the first quarter of 2022, or an increase of $47.4 million.

Net interest margin for the quarter increased 34 basis points to 3.09% from 2.75% in the first quarter of 2022. On a taxable equivalent basis, net interest margin for the second quarter of 2022 was 3.45%, compared to 3.05% in the prior quarter. The improved net interest margin is driven by a higher interest rate environment that resulted in higher yields on variable rate assets, as well as new originations and investments, partially offset by an increase in funding costs. The composition of earning assets in the second quarter of the year also impacted the net interest margin positively as a higher proportion of earning assets was concentrated in loan portfolios. The main variances in net interest income on a taxable equivalent basis were:

  • higher interest income from money market, trading and investment securities by $30.9 million, resulting from higher yield of the portfolio by 44 basis points driven by the increase in the interest on excess funds at the Federal Reserve and higher yield of the investment portfolio. The latter increase is mainly due to the maturity of U.S. Treasury Bills held in the available-for-sale securities portfolio and further re-investment on longer-term tax-exempt U.S.Treasury notes;
  • higher interest income from commercial loans by $10.9 million due to higher average volume of loans by $486 million in a higher rate environment, partially offset by lower average volume and income of loans under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) by $116 million and $5.5 million, respectively. Both BPPR and Popular Bank (“PB” or “Popular U.S.”) experienced growth in commercial loans despite the anticipated cancellation of PPP loans. Quarter-over-quarter, the Corporation’s loan portfolio increased by $654 million, in average, reflecting increases across all major loan segments except mortgages, including loan growth of $351 million in BPPR. Furthermore, one more day in the quarter resulted in approximately $1.9 million increase in interest income; and
  • higher interest income from consumer loans, mainly driven by higher average volume by $116 million and increase in the yield of the portfolio by 14 basis points; both banks contributed to the increase in consumer loans;

partially offset by:

  • higher interest expense on deposits by $3.0 million due to the increase in rates, partially offset by the decrease in average deposit balances driven by Puerto Rico government deposits due to the closing of the Commonwealth of Puerto Rico’s Plan of Adjustment at the end of the first quarter.

The Corporation recognized income of $5.1 million related to loans issued under the SBA PPP, compared to $10.6 million in the previous quarter. These loans carried a yield of approximately 15.04% in the quarter, including the amortization of fees received under the program, compared to 17.01% in the first quarter of 2022. This portfolio of loans issued under the SBA PPP declined by $68 million in BPPR to a balance of $46 million and declined by $16 million in PB to a balance of $43 million. On June 30, 2022, the SBA PPP portfolio at BPPR and PB had a remaining aggregate balance of unamortized fees of $3.3 million.

Net interest income for the BPPR segment amounted to $447.8 million for the second quarter of 2022, compared to $415.2 million for the first quarter of 2022. Net interest margin for the second and first quarters of 2022 was 3.02% and 2.67%, respectively, an improvement of 35 basis points quarter-over-quarter. As discussed above, the net interest margin was impacted by higher volume and yield on investments and loans, partially offset by lower SBA PPP income. The cost of interest-bearing deposits was 0.19%, increasing 3 basis points from the first quarter of 2022. Total deposit cost for the quarter also increased by 2 basis points to 0.14%.

Net interest income for PB was $93.4 million for the quarter ended June 30, 2022, compared to $86.5 million during the previous quarter. Net interest margin for the quarter was 3.76%, an increase of 20 basis points from the 3.56% reported in the first quarter. The increase in net interest income results mostly from a higher volume of commercial and consumer loans, partially offset by higher costs on deposit driven by the change in market rates. The cost of interest-bearing deposits was 0.54%, increasing 8 basis points from the 0.46% reported in the first quarter of 2022, while the total cost of deposits, including demand deposits, was 0.42%, an increase of 6 basis points when compared to 0.36% in the previous quarter.

Non-interest income

Non-interest income increased by $2.7 million to $157.4 million for the quarter ended June 30, 2022, compared to $154.7 million for the quarter ended March 31, 2022. The variance in non-interest income was primarily driven by:

  • higher other service fees by $4.3 million due to higher credit card fees by $4.5 million mainly in interchange income and higher debit card fees, partially offset by lower insurance fees;

partially offset by:

  • higher losses on equity securities by $2.0 million mainly related to securities held for deferred benefit plans, which have an offsetting positive variance in personnel costs; and
  • lower other operating income by $3.1 million mainly due to lower earnings from the portfolio of equity method investments and lower income from the sale of auto rental units.

Refer to Table B for further details.

Operating expenses

Operating expenses for the second quarter of 2022 totaled $406.3 million, an increase of $3.9 million when compared to the first quarter of 2022. The variance in operating expenses was driven primarily by:

  • higher personnel cost by $1.8 million mainly due to higher incentives related to the profit-sharing plan which is tied to the Corporation’s financial performance, and higher salaries; partially offset by lower performance shares and restricted stock expenses;

  • higher professional fees by $6.4 million mainly due to higher programming, processing and other technology services due to higher processing and service charges; and

  • higher business promotion expenses by $6.3 million mainly due to higher credit cards rewards expense by $3.9 million as a result of transactional volumes.

partially offset by:

  • lower other real estate owned (OREO) expenses by $5.1 million mainly due to higher gain on sale on mortgage and commercial properties; and

  • lower other operating expenses by $6.3 million mainly as result of lower legal reserves.

Full-time equivalent employees were 8,615 as of June 30, 2022, compared to 8,492 as of March 31, 2022.

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

Income taxes

For the quarter ended June 30, 2022, the Corporation recorded an income tax expense of $64.2 million, compared to $50.5 million for the previous quarter. The increase in income tax expense was mainly attributable to higher income before tax and lower exempt income during the second quarter of 2022. The effective tax rate (“ETR”) for the second quarter of 2022 was 23%, compared to 19% for the previous quarter. The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2022 to be within a range from 17% to 20%. This range includes the impact of the recently closed Evertec transaction and the effect of the expected reduction in Popular’s voting interest in Evertec through the sale of its holdings of common stock or a conversion of such shares to non-voting preferred stock, either of which would trigger mark-to-market accounting on any remaining stake in Evertec.

Credit Quality

During the second quarter of 2022, the Corporation continued to show strong credit quality trends and low credit costs with low levels of NCOs and decreasing NPLs. We continue to closely monitor changes in the macroeconomic environment and on borrower performance, given potential economic headwinds, rising interest rates and geopolitical uncertainty. However, management believes that the improvement over the last few years in the risk profile of the Corporation’s loan portfolios positions Popular to operate successfully under the current environment.

The following presents credit quality results for the second quarter of 2022:

  • At June 30, 2022, total non-performing loans held-in-portfolio decreased by $42.0 million from March 31, 2022. BPPR’s NPLs decreased by $42.0 million, mostly driven by lower commercial and mortgage NPLs by $21.3 million and $21.9 million, respectively. The mortgage NPLs decrease was mainly due to the combined effects of collection efforts, increased foreclosure activity and sustained low levels of early delinquency compared with pre-pandemic trends. PB’s NPLs remained flat quarter-over-quarter. At June 30, 2022, the ratio of NPLs to total loans held-in-portfolio was 1.6%, compared to 1.8% in the first quarter of 2022.
  • Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $5.2 million quarter-over-quarter. In BPPR, total inflows decreased by $6.0 million, mostly driven by lower commercial and mortgage inflows of $4.5 million and $1.5 million, respectively. Mortgage inflows continued trending lower than pre-pandemic levels. NPL inflows at PB remained essentially flat quarter-over-quarter.
  • NCOs amounted to $6.1 million, an unfavorable variance of $2.3 million when compared to the first quarter of 2022. PB’s NCOs reflected an unfavorable variance of $2.5 million, as the prior quarter was a net recovery of $1.7 million. BPPR‘s NCOs were $5.3 million, flat quarter-over-quarter. During the second quarter of 2022, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was 0.08%, compared to 0.05% in the first quarter of 2022. Refer to Table M for further information on net charge-offs and related ratios.
  • At June 30, 2022, the ACL increased by $4.0 million, or 0.6%, from the first quarter of 2022 to $681.8 million. The ACL incorporated updated 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. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario.
  • The current baseline forecast continues to show a favorable economic scenario. Annualized 2022 GDP growth of 2.8% is expected for both Puerto Rico and United States, compared to 3.5% and 3.7%, respectively, in the previous quarter. Changes in assumptions related to fiscal stimulus, higher energy prices and tighter financial market conditions contributed to the reduction. The 2022 average unemployment rate is forecasted at 6.9% and 3.5% for Puerto Rico and United States, respectively, improving from 7.3% and 3.6%, respectively, in the previous forecast. Puerto Rico’s unemployment rate forecast benefits from the Bureau of Labor Statistics (“BLS”) revisions that showed a stronger than expected labor market.
  • In BPPR, the ACL increased by $4.0 million, mainly driven by higher loan volumes and changes in the macroeconomic scenarios. The ACL for the PB segment remained flat quarter-over-quarter as higher loan volumes in the commercial real estate and consumer portfolios offset reductions in qualitative reserves and favorable credit quality. The Corporation’s ratio of the allowance for credit losses to loans held-in-portfolio was 2.24% in the second quarter of 2022, compared to 2.29% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at 142.7%, compared to 130.4% in the previous quarter.
  • The provision for credit losses for the loan portfolios for the second quarter of 2022 was an expense of $9.9 million, compared to a benefit of $14.4 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was an expense of $9.1 million, compared to a benefit of $12.7 million in the previous quarter, while the provision for the PB segment was an expense of $0.7 million, compared to a benefit of $1.7 million in the previous quarter.
  • The provision for unfunded commitments for the second quarter of 2022 was a benefit of $0.2 million, compared to a benefit of $0.8 million in the previous quarter. The provision for credit losses in our investment portfolio was a benefit of $0.3 million flat from the first quarter of 2022. The provision for unfunded loan commitments, provision for credit losses on our loan and lease portfolios and provision for credit losses on our investment portfolio are aggregated and presented in the provision for credit losses caption in our Statement of Operations

Non-Performing Assets

 

 

 

 

 

(Unaudited)

 

 

 

 

 

(In thousands)

30-Jun-22

 

31-Mar-22

 

30-Jun-21

Non-performing loans held-in-portfolio

$477,924

 

 

$519,921

 

 

$685,183

 

Non-performing loans held-for-sale

-

 

 

-

 

 

8,700

 

Other real estate owned (“OREO”)

92,137

 

 

90,567

 

 

73,272

 

Total non-performing assets

$570,061

 

 

$610,488

 

 

$767,155

 

Net charge-offs (recoveries) for the quarter

$6,073

 

 

$3,781

 

 

$(1,291

)

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

Loans held-in-portfolio

$30,370,936

 

 

$29,588,190

 

 

$29,062,617

 

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

1.57

%

 

1.76

%

 

2.36

%

Allowance for credit losses to loans held-in-portfolio

2.24

 

 

2.29

 

 

2.70

 

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

142.65

 

 

130.36

 

 

114.68

 

Refer to Table K for additional information.

 

 

 

 

 

Provision for Credit Losses (Benefit) - Loan Portfolios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Quarters ended

 

Six months ended

(In thousands)

 

30-Jun-22

 

31-Mar-22

 

30-Jun-21

 

30-Jun-22

30-Jun-21

Provision for credit losses (benefit) - loan portfolios:

 

 

 

 

 

 

 

 

 

BPPR

 

$9,128

 

$(12,661

)

 

$(22,488

)

 

$(3,533

)

$(62,464

)

Popular U.S.

 

733

 

(1,744

)

 

4,988

 

 

(1,011

)

(30,815

)

Total provision for credit losses (benefit) - loan portfolios

 

$9,861

 

$(14,405

)

 

$(17,500

)

 

$(4,544

)

$(93,279

)

Credit Quality by Segment

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands)

Quarters ended

 

BPPR

 

30-Jun-22

 

31-Mar-22

 

30-Jun-21

 

Provision for credit losses (benefit) - loan portfolios

 

$9,128

 

 

$(12,661

)

 

$(22,488

)

 

Net charge-offs (recoveries)

 

5,332

 

 

5,502

 

 

(1,483

)

 

Total non-performing loans held-in-portfolio

444,831

 

 

486,816

 

 

656,789

 

 

Allowance / loans held-in-portfolio

2.70

%

 

2.74

%

 

3.13

%

 

Allowance / non-performing loans held-in-portfolio

130.52

%

 

118.45

%

 

100.77

%

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

Popular U.S.

 

30-Jun-22

 

31-Mar-22

 

30-Jun-21

 

Provision for credit losses (benefit) - loan portfolios

 

$733

 

 

$(1,744

)

 

$4,988

 

 

Net charge-offs (recoveries)

 

741

 

 

(1,721

)

 

192

 

 

Total non-performing loans held-in-portfolio

 

33,093

 

 

33,105

 

 

28,394

 

 

Allowance / loans held-in-portfolio

1.14

%

 

1.18

%

 

1.57

%

 

Allowance / non-performing loans held-in-portfolio

305.72

%

 

305.64

%

 

436.49

%

 

Financial Condition Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands)

30-Jun-22

 

31-Mar-22

 

30-Jun-21

Cash and money market investments

$10,215,946

 

$10,508,840

 

$18,333,650

Investment securities

28,138,453

 

26,658,289

 

22,647,401

Loans

30,370,936

 

29,588,190

 

29,062,617

Total assets

71,501,931

 

69,525,082

 

72,657,293

Deposits

65,327,664

 

62,862,295

 

64,641,776

Borrowings

959,135

 

1,060,706

 

1,267,545

Total liabilities

67,208,582

 

64,853,836

 

66,842,679

Stockholders’ equity

4,293,349

 

4,671,246

 

5,814,614

Total assets increased by $2.0 billion from the first quarter of 2022, driven by:

  • an increase in debt securities held-to-maturity of $1.6 billion due to the purchase of U.S. Treasuries; and
  • an increase in loans held-in-portfolio of $0.8 billion mainly due to commercial loans growth at both BPPR and PB and an increase in consumer loans, mainly at BPPR, including auto loans, credit cards and other consumer loans;

partially offset by:

  • a decrease of $0.4 billion in money market investments, in part due to the purchase of U.S.Treasury securities;

Total liabilities increased by $2.4 billion from the first quarter of 2022, driven by:

  • an increase of $2.5 billion in deposits, mainly in Puerto Rico public sector as well as private demand deposit and savings accounts;

partially offset by:

  • a decrease in borrowings of $99.7 million, mainly due to the maturity during this quarter of $100 million in borrowings at PB.

Stockholders' equity decreased by $377.9 million from the first quarter of 2022, principally due to an increase in accumulated unrealized losses on debt securities available-for-sale by $563.4 million due to a decline in the fair value of fixed-rate debt securities as a result of the rising interest rate environment, and to dividends, partially offset by the net income of $211.4 million for the quarter.

Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were 16.39%, $55.78 and $46.18, respectively, at June 30, 2022, compared to 16.26%, $60.78 and $51.16 at March 31, 2022. 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 acquisition of certain assets and assumption of certain liabilities from EVERTEC and the transactions described in this press release (the “Transaction”) and 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, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic (including the appearance of new strains of the virus), actions taken by governmental authorities in response thereto, and the direct and indirect impact of the pandemic on Popular, our customers, service providers and third parties. Other factors include Popular’s ability to successfully transition and integrate the assets acquired as part of the Transaction, related operations, employees and third party contractors; unexpected costs, including, without limitation, costs due to exposure to any unrecorded liabilities or issues not identified during due diligence investigation of the Transaction or that are not subject to indemnification or reimbursement by EVERTEC; operational risks that may affect Popular and other risks arising from the acquisition of the acquired assets or by adverse effects on relationships with customers, employees and service providers and business and other risks arising from the extension of Popular’s current commercial agreements with EVERTEC. 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 Annual Report on Form 10-K for the year ended December 31, 2021, in our Form 10-Q for the quarter ended March 31, 2022 and in our Form 10-Q for the quarter ended June 30, 2022 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 Thursday, July 28, 2022 at 11:00 a.m. Eastern Time. The call will be open to the public and broadcasted 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 1-844-200-6205 (Toll Free) or 1-646-904-5544 (Local). The dial-in access code is 491702.

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 Thursday, August 25, 2022. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 436694.

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 2022 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) - YEAR-TO-DATE

 

Table F - Mortgage Banking Activities and Other Service Fees

 

Table G - Loans and Deposits

 

Table H - Loan Delinquency - PUERTO RICO OPERATIONS

 

Table I - Loan Delinquency - POPULAR U.S. OPERATIONS

 

Table J - Loan Delinquency - CONSOLIDATED

 

Table K - Non-Performing Assets

 

Table L - Activity in Non-Performing Loans

 

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

 

Table N - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED

 

Table O - Allowance for Credit Losses - Loan Portfolios - PUERTO RICO OPERATIONS

 

Table P - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS

 

Table Q - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Second Quarter 2022 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

 

 

 

 

 

Quarters ended

Six months ended

 

30-Jun-22

31-Mar-22

30-Jun-21

30-Jun-22

30-Jun-21

Basic EPS

$2.77

 

$2.69

 

$2.67

 

$5.46

 

$5.80

 

Diluted EPS

$2.77

 

$2.69

 

$2.66

 

$5.46

 

$5.79

 

Average common shares outstanding

76,171,784

 

78,443,706

 

81,609,435

 

77,301,469

 

82,748,275

 

Average common shares outstanding - assuming dilution

76,286,883

 

78,595,463

 

81,772,789

 

77,426,274

 

82,888,378

 

Common shares outstanding at end of period

76,576,397

 

76,487,523

 

80,656,480

 

76,576,397

 

80,656,480

 

Market value per common share

$76.93

 

$81.74

 

$75.05

 

$76.93

 

$75.05

 

Market capitalization - (In millions)

$5,891

 

$6,252

 

$6,053

 

$5,891

 

$6,053

 

Return on average assets

1.17

%

1.14

%

1.24

%

1.15

%

1.42

%

Return on average common equity

14.58

%

14.38

%

15.43

%

14.48

%

17.08

%

Net interest margin (non-taxable equivalent basis)

3.09

%

2.75

%

2.91

%

2.92

%

2.99

%

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

3.45

%

3.05

%

3.22

%

3.24

%

3.31

%

Common equity per share

$55.78

 

$60.78

 

$71.82

 

$55.78

 

$71.82

 

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

$46.18

 

$51.16

 

$63.24

 

$46.18

 

$63.24

 

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

5.00

%

5.69

%

7.09

%

5.00

%

7.09

%

Return on average tangible common equity [1]

16.70

%

16.40

%

17.58

%

16.55

%

19.46

%

Tier 1 capital

16.46

%

16.33

%

16.62

%

16.46

%

16.62

%

Total capital

18.29

%

18.19

%

19.09

%

18.29

%

19.09

%

Tier 1 leverage

7.56

%

6.98

%

7.34

%

7.56

%

7.34

%

Common Equity Tier 1 capital

16.39

%

16.26

%

16.55

%

16.39

%

16.55

%

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

POPULAR, INC.

Financial Supplement to Second Quarter 2022 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

 

 

Quarters ended

Variance

Quarter ended

Variance

Six months ended

 

 

 

 

Q2 2022

 

Q2 2022

 

 

(In thousands, except per share information)

30-Jun-22

31-Mar-22

vs. Q1 2022

30-Jun-21

vs. Q2 2021

30-Jun-22

30-Jun-21

Interest income:

 

 

 

 

 

 

 

 

Loans

$446,245

 

$426,791

 

$19,454

 

$433,781

 

$12,464

 

$873,036

 

$868,430

 

 

Money market investments

23,742

 

6,464

 

17,278

 

4,274

 

19,468

 

30,206

 

7,386

 

 

Investment securities

101,774

 

96,466

 

5,308

 

91,706

 

10,068

 

198,240

 

177,396

 

 

Total interest income

571,761

 

529,721

 

42,040

 

529,761

 

42,000

 

1,101,482

 

1,053,212

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

27,827

 

24,783

 

3,044

 

28,060

 

(233

)

52,610

 

58,261

 

 

Short-term borrowings

248

 

80

 

168

 

62

 

186

 

328

 

205

 

 

Long-term debt

9,824

 

10,546

 

(722

)

13,837

 

(4,013

)

20,370

 

27,832

 

 

Total interest expense

37,899

 

35,409

 

2,490

 

41,959

 

(4,060

)

73,308

 

86,298

 

Net interest income

533,862

 

494,312

 

39,550

 

487,802

 

46,060

 

1,028,174

 

966,914

 

Provision for credit losses (benefit)

9,362

 

(15,500

)

24,862

 

(17,015

)

26,377

 

(6,138

)

(99,241

)

Net interest income after provision for credit losses (benefit)

524,500

 

509,812

 

14,688

 

504,817

 

19,683

 

1,034,312

 

1,066,155

 

Service charges on deposit accounts

41,809

 

40,713

 

1,096

 

40,153

 

1,656

 

82,522

 

79,773

 

Other service fees

81,451

 

77,134

 

4,317

 

76,382

 

5,069

 

158,585

 

147,010

 

Mortgage banking activities

13,575

 

12,865

 

710

 

7,448

 

6,127

 

26,440

 

24,791

 

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

(4,109

)

(2,094

)

(2,015

)

1,565

 

(5,674

)

(6,203

)

1,986

 

Net loss on trading account debt securities

51

 

(723

)

774

 

(47

)

98

 

(672

)

(92

)

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

-

 

-

 

-

 

(73

)

73

 

-

 

(73

)

Adjustments (expense) to indemnity reserves on loans sold

170

 

(745

)

915

 

1,668

 

(1,498

)

(575

)

970

 

Other operating income

24,464

 

27,542

 

(3,078

)

27,444

 

(2,980

)

52,006

 

53,828

 

 

Total non-interest income

157,411

 

154,692

 

2,719

 

154,540

 

2,871

 

312,103

 

308,193

 

Operating expenses:

 

 

 

 

 

 

 

Personnel costs

 

 

 

 

 

 

 

 

Salaries

101,847

 

98,673

 

3,174

 

90,294

 

11,553

 

200,520

 

179,629

 

 

Commissions, incentives and other bonuses

29,787

 

31,339

 

(1,552

)

26,374

 

3,413

 

61,126

 

59,592

 

 

Pension, postretirement and medical insurance

13,730

 

12,783

 

947

 

13,289

 

441

 

26,513

 

24,213

 

 

Other personnel costs, including payroll taxes

23,424

 

24,201

 

(777

)

24,247

 

(823

)

47,625

 

50,249

 

 

Total personnel costs

168,788

 

166,996

 

1,792

 

154,204

 

14,584

 

335,784

 

313,683

 

Net occupancy expenses

26,214

 

24,723

 

1,491

 

24,562

 

1,652

 

50,937

 

50,575

 

Equipment expenses

25,088

 

23,479

 

1,609

 

22,805

 

2,283

 

48,567

 

44,380

 

Other taxes

15,780

 

15,715

 

65

 

13,205

 

2,575

 

31,495

 

27,164

 

Professional fees

 

 

 

 

 

 

 

 

Collections, appraisals and other credit related fees

2,802

 

2,226

 

576

 

3,486

 

(684

)

5,028

 

6,806

 

 

Programming, processing and other technology services

73,305

 

69,374

 

3,931

 

67,152

 

6,153

 

142,679

 

133,518

 

 

Legal fees, excluding collections

3,091

 

3,954

 

(863

)

2,367

 

724

 

7,045

 

4,732

 

 

Other professional fees

35,674

 

32,943

 

2,731

 

28,148

 

7,526

 

68,617

 

56,045

 

 

Total professional fees

114,872

 

108,497

 

6,375

 

101,153

 

13,719

 

223,369

 

201,101

 

Communications

5,993

 

6,147

 

(154

)

6,005

 

(12

)

12,140

 

12,838

 

Business promotion

21,353

 

15,083

 

6,270

 

16,511

 

4,842

 

36,436

 

29,032

 

FDIC deposit insurance

6,463

 

7,372

 

(909

)

5,742

 

721

 

13,835

 

11,710

 

Other real estate owned (OREO) income

(7,806

)

(2,713

)

(5,093

)

(4,299

)

(3,507

)

(10,519

)

(8,832

)

Credit and debit card processing, volume, interchange and other expenses

11,375

 

12,509

 

(1,134

)

10,917

 

458

 

23,884

 

23,371

 

Other operating expenses

 

 

 

 

 

 

 

 

Operational losses

4,061

 

11,825

 

(7,764

)

6,528

 

(2,467

)

15,886

 

14,424

 

 

All other

13,302

 

11,815

 

1,487

 

9,597

 

3,705

 

25,117

 

21,961

 

 

Total other operating expenses

17,363

 

23,640

 

(6,277

)

16,125

 

1,238

 

41,003

 

36,385

 

Amortization of intangibles

795

 

891

 

(96

)

1,255

 

(460

)

1,686

 

2,306

 

 

Total operating expenses

406,278

 

402,339

 

3,939

 

368,185

 

38,093

 

808,617

 

743,713

 

Income before income tax

275,633

 

262,165

 

13,468

 

291,172

 

(15,539

)

537,798

 

630,635

 

Income tax expense

64,212

 

50,479

 

13,733

 

73,093

 

(8,881

)

114,691

 

149,924

 

Net income

$211,421

 

$211,686

 

$(265

)

$218,079

 

$(6,658

)

$423,107

 

$480,711

 

Net income applicable to common stock

$211,068

 

$211,333

 

$(265

)

$217,726

 

$(6,658

)

$422,401

 

$480,005

 

Net income per common share - basic

$2.77

 

$2.69

 

$0.08

 

$2.67

 

$0.10

 

$5.46

 

$5.80

 

Net income per common share - diluted

$2.77

 

$2.69

 

$0.08

 

$2.66

 

$0.11

 

$5.46

 

$5.79

 

Dividends Declared per Common Share

$0.55

 

$0.55

 

$-

 

$0.45

 

$0.10

 

$1.10

 

$0.85

 

Popular, Inc.

Financial Supplement to Second Quarter 2022 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

 

 

 

 

 

 

Variance

 

 

 

 

 

 

Q2 2022 vs.

(In thousands)

30-Jun-22

31-Mar-22

30-Jun-21

Q1 2022

Assets:

 

 

 

 

Cash and due from banks

$528,590

 

$439,148

 

$530,849

 

$89,442

 

Money market investments

9,687,356

 

10,069,692

 

17,802,801

 

(382,336

)

Trading account debt securities, at fair value

32,317

 

36,042

 

35,931

 

(3,725

)

Debt securities available-for-sale, at fair value

26,266,251

 

26,359,915

 

22,335,167

 

(93,664

)

Debt securities held-to-maturity, at amortized cost

1,664,015

 

75,984

 

88,801

 

1,588,031

 

 

 

Less: Allowance for credit losses

7,495

 

7,844

 

10,214

 

(349

)

 

 

Total debt securities held-to-maturity, net

1,656,520

 

68,140

 

78,587

 

1,588,380

 

Equity securities

175,870

 

186,348

 

187,502

 

(10,478

)

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

28,546

 

55,150

 

85,315

 

(26,604

)

Loans held-in-portfolio

30,643,443

 

29,856,356

 

29,286,225

 

787,087

 

 

 

Less: Unearned income

272,507

 

268,166

 

223,608

 

4,341

 

 

 

Allowance for credit losses

681,750

 

677,792

 

785,790

 

3,958

 

 

 

Total loans held-in-portfolio, net

29,689,186

 

28,910,398

 

28,276,827

 

778,788

 

Premises and equipment, net

490,152

 

488,390

 

486,443

 

1,762

 

Other real estate

92,137

 

90,567

 

73,272

 

1,570

 

Accrued income receivable

216,780

 

204,466

 

203,419

 

12,314

 

Mortgage servicing rights, at fair value

129,877

 

125,358

 

119,467

 

4,519

 

Other assets

1,773,523

 

1,755,847

 

1,750,151

 

17,676

 

Goodwill

720,293

 

720,293

 

671,122

 

-

 

Other intangible assets

14,533

 

15,328

 

20,440

 

(795

)

Total assets

$71,501,931

 

$69,525,082

 

$72,657,293

 

$1,976,849

 

Liabilities and Stockholders’ Equity:

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

$16,663,259

 

$16,096,666

 

$14,920,887

 

$566,593

 

 

 

Interest bearing

48,664,405

 

46,765,629

 

49,720,889

 

1,898,776

 

 

 

Total deposits

65,327,664

 

62,862,295

 

64,641,776

 

2,465,369

 

Assets sold under agreements to repurchase

70,925

 

72,819

 

90,925

 

(1,894

)

Notes payable

888,210

 

987,887

 

1,176,620

 

(99,677

)

Other liabilities

921,783

 

930,835

 

933,358

 

(9,052

)

Total liabilities

67,208,582

 

64,853,836

 

66,842,679

 

2,354,746

 

Stockholders’ equity:

 

 

 

 

Preferred stock

22,143

 

22,143

 

22,143

 

-

 

Common stock

1,046

 

1,046

 

1,045

 

-

 

Surplus

4,576,478

 

4,571,111

 

4,506,659

 

5,367

 

Retained earnings

3,311,951

 

3,143,004

 

2,670,885

 

168,947

 

Treasury stock

(1,665,253

)

(1,668,820

)

(1,290,427

)

3,567

 

Accumulated other comprehensive loss, net of tax

(1,953,016

)

(1,397,238

)

(95,691

)

(555,778

)

 

 

Total stockholders’ equity

4,293,349

 

4,671,246

 

5,814,614

 

(377,897

)

Total liabilities and stockholders’ equity

$71,501,931

 

$69,525,082

 

$72,657,293

 

$1,976,849

 

Popular, Inc.

Financial Supplement to Second Quarter 2022 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

Variance

 

 

 

 

30-Jun-22

 

31-Mar-22

 

30-Jun-21

 

Q2 2022 vs. Q1 2022

 

Q2 2022 vs. Q2 2021

 

($ amounts in millions)

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, trading and investment securities

$39,326

 

$175.7

1.79

%

$43,304

 

$144.8

1.35

%

$38,136

 

$137.5

1.44

%

($3,978

)

$30.9

 

0.44

 

%

$1,190

 

$38.2

 

0.35

 

%

 

Loans:

 

 

Commercial

14,227

 

183.0

5.16

 

13,741

 

172.1

5.08

 

13,539

 

176.9

5.24

 

486

 

10.9

 

0.08

 

 

688

 

6.1

 

(0.08

)

 

 

 

Construction

781

 

11.1

5.71

 

726

 

9.8

5.45

 

858

 

11.6

5.43

 

55

 

1.3

 

0.26

 

 

(77

)

(0.5

)

0.28

 

 

 

 

Mortgage

7,294

 

97.1

5.33

 

7,388

 

96.8

5.24

 

7,765

 

99.4

5.12

 

(94

)

0.3

 

0.09

 

 

(471

)

(2.3

)

0.21

 

 

 

 

Consumer

2,654

 

75.0

11.33

 

2,538

 

70.0

11.19

 

2,431

 

68.7

11.34

 

116

 

5.0

 

0.14

 

 

223

 

6.3

 

(0.01

)

 

 

 

Auto

3,499

 

70.1

8.04

 

3,460

 

69.3

8.12

 

3,280

 

70.1

8.58

 

39

 

0.8

 

(0.08

)

 

219

 

-

 

(0.54

)

 

 

 

Lease financing

1,445

 

21.4

5.91

 

1,393

 

20.7

5.95

 

1,262

 

19.0

6.01

 

52

 

0.7

 

(0.04

)

 

183

 

2.4

 

(0.10

)

 

 

Total loans

29,900

 

457.7

6.14

 

29,246

 

438.7

6.06

 

29,135

 

445.7

6.13

 

654

 

19.0

 

0.08

 

 

765

 

12.0

 

0.01

 

 

 

Total interest earning assets

$69,226

 

$633.4

3.67

%

$72,550

 

$583.5

3.25

%

$67,271

 

$583.2

3.47

%

$(3,324

)

$49.9

 

0.42

 

%

$1,955

 

$50.2

 

0.20

 

%

 

 

Allowance for credit losses - loan portfolio

(682

)

 

 

 

(695

)

 

 

 

(801

)

 

 

 

13

 

 

 

 

119

 

 

 

 

 

 

Allowance for credit losses - investment securities

(8

)

 

 

 

(8

)

 

 

 

(10

)

 

 

 

-

 

 

 

 

2

 

 

 

 

 

 

Other non-interest earning assets

3,787

 

 

 

 

3,782

 

 

 

 

3,906

 

 

 

 

5

 

 

 

 

(119

)

 

 

 

 

Total average assets

$72,323

 

 

 

 

$75,629

 

 

 

 

$70,366

 

 

 

 

$(3,306

)

 

 

 

$1,957

 

 

 

 

Liabilities and Stockholders' Equity:

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW and money market

$24,897

 

$8.3

0.13

%

$28,289

 

$7.3

0.10

%

$25,102

 

$8.0

0.13

%

$(3,392

)

$1.0

 

0.03

 

%

$(205

)

$0.3

 

-

 

%

 

 

Savings

16,363

 

6.9

0.17

 

16,434

 

6.6

0.16

 

15,384

 

6.9

0.18

 

(71

)

0.3

 

0.01

 

 

979

 

-

 

(0.01

)

 

 

 

Time deposits

7,044

 

12.6

0.72

 

6,737

 

10.9

0.66

 

7,104

 

13.2

0.74

 

307

 

1.7

 

0.06

 

 

(60

)

(0.6

)

(0.02

)

 

 

 

Total interest-bearing deposits

48,304

 

27.8

0.23

 

51,460

 

24.8

0.20

 

47,590

 

28.1

0.24

 

(3,156

)

3.0

 

0.03

 

 

714

 

(0.3

)

(0.01

)

 

 

Borrowings

1,043

 

10.1

3.87

 

1,105

 

10.6

3.87

 

1,316

 

13.9

4.24

 

(62

)

(0.5

)

-

 

 

(273

)

(3.8

)

(0.37

)

 

 

 

Total interest-bearing liabilities

49,347

 

37.9

0.31

 

52,565

 

35.4

0.27

 

48,906

 

42.0

0.34

 

(3,218

)

2.5

 

0.04

 

 

441

 

(4.1

)

(0.03

)

 

 

 

Net interest spread

 

 

3.36

%

 

 

2.98

%

 

 

3.13

%

 

 

0.38

 

%

 

 

0.23

 

%

 

Non-interest bearing deposits

16,254

 

 

 

 

16,142

 

 

 

 

14,920

 

 

 

 

112

 

 

 

 

1,334

 

 

 

 

 

Other liabilities

894

 

 

 

 

939

 

 

 

 

857

 

 

 

 

(45

)

 

 

 

37

 

 

 

 

 

Stockholders' equity

5,828

 

 

 

 

5,983

 

 

 

 

5,683

 

 

 

 

(155

)

 

 

 

145

 

 

 

 

 

 

Total average liabilities and stockholders' equity

$72,323

 

 

 

 

$75,629

 

 

 

 

$70,366

 

 

 

 

$(3,306

)

 

 

 

$1,957

 

 

 

 

Net interest income / margin on a taxable equivalent basis (Non-GAAP)

$595.5

3.45

%

 

$548.1

3.05

%

 

$541.2

3.22

%

 

$47.4

 

0.40

 

%

 

$54.3

 

0.23

 

%

Taxable equivalent adjustment

61.6

 

 

 

53.8

 

 

 

53.4

 

 

 

7.8

 

 

 

 

8.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$533.9

3.09

%

 

$494.3

2.75

%

 

$487.8

2.91

%

 

$39.6

 

0.34

 

%

 

$46.1

 

0.18

 

%

Popular, Inc.

Financial Supplement to Second Quarter 2022 Earnings Release

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

(Unaudited)

 

 

Six months ended

 

 

 

 

 

 

 

 

30-Jun-22

 

30-Jun-21

 

Variance

 

 

 

 

Average

Income /

Yield /

 

Average

Income /

Yield /

 

Average

Income /

Yield /

 

($ amounts in millions)

balance

Expense

Rate

 

balance

Expense

Rate

 

balance

Expense

Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, trading and investment securities

$41,304

 

$320.6

1.56

%

$35,958

 

$267.0

1.49

%

$5,346

 

$53.6

 

0.07

 

%

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

13,987

 

355.2

5.12

 

13,582

 

355.9

5.30

 

405

 

(0.7

)

(0.18

)

 

 

 

Construction

754

 

20.9

5.58

 

884

 

23.5

5.38

 

(130

)

(2.6

)

0.20

 

 

 

 

Mortgage

7,341

 

193.9

5.28

 

7,816

 

197.8

5.06

 

(475

)

(3.9

)

0.22

 

 

 

 

Consumer

2,595

 

145.0

11.27

 

2,472

 

139.1

11.35

 

123

 

5.9

 

(0.08

)

 

 

 

Auto

3,480

 

139.4

8.08

 

3,241

 

138.3

8.63

 

239

 

1.1

 

(0.55

)

 

 

 

Lease financing

1,419

 

42.0

5.93

 

1,239

 

37.3

6.02

 

180

 

4.7

 

(0.09

)

 

 

Total loans

29,576

 

896.4

6.10

 

29,234

 

891.9

6.15

 

342

 

4.5

 

(0.05

)

 

 

Total interest earning assets

$70,880

 

$1,217.0

3.45

%

$65,192

 

$1,158.9

3.58

%

$5,688

 

$58.1

 

(0.13

)

%

 

 

Allowance for credit losses - loan portfolio

(689

)

 

 

 

(845

)

 

 

 

156

 

 

 

 

 

 

Allowance for credit losses - investment securities

(8

)

 

 

 

(10

)

 

 

 

2

 

 

 

 

 

 

Other non-interest earning assets

3,779

 

 

 

 

3,900

 

 

 

 

(121

)

 

 

 

 

Total average assets

$73,962

 

 

 

 

$68,237

 

 

 

 

$5,725

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW and money market

$26,584

 

$15.6

0.12

%

$23,895

 

$16.2

0.14

%

$2,689

 

($0.6

)

(0.02

)

%

 

 

Savings

16,399

 

13.5

0.17

 

14,876

 

14.0

0.19

 

1,523

 

(0.5

)

(0.02

)

 

 

 

Time deposits

6,891

 

23.5

0.69

 

7,184

 

28.1

0.79

 

(293

)

(4.6

)

(0.10

)

 

 

 

Total interest-bearing deposits

49,874

 

52.6

0.21

 

45,955

 

58.3

0.26

 

3,919

 

(5.7

)

(0.05

)

 

 

Borrowings

1,074

 

20.7

3.88

 

1,330

 

28.0

4.24

 

(256

)

(7.3

)

(0.36

)

 

 

 

Total interest-bearing liabilities

50,948

 

73.3

0.29

 

47,285

 

86.3

0.37

 

3,663

 

(13.0

)

(0.08

)

 

 

 

Net interest spread

 

 

3.16

%

 

 

3.21

%

 

 

(0.05

)

%

 

Non-interest bearing deposits

16,198

 

 

 

 

14,161

 

 

 

 

2,037

 

 

 

 

 

Other liabilities

911

 

 

 

 

1,103

 

 

 

 

(192

)

 

 

 

 

Stockholders' equity

5,905

 

 

 

 

5,688

 

 

 

 

217

 

 

 

 

 

 

Total average liabilities and stockholders' equity

$73,962

 

 

 

 

$68,237

 

 

 

 

$5,725

 

 

 

 

Net interest income / margin on a taxable equivalent basis (Non-GAAP)

$1,143.7

3.24

%

 

$1,072.6

3.31

%

 

$71.1

 

(0.07

)

%

Taxable equivalent adjustment

115.5

 

 

 

105.7

 

 

 

9.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$1,028.2

2.92

%

 

$966.9

2.99

%

 

$61.3

 

(0.07

)

%

Popular, Inc.

 

 

 

 

 

 

 

 

Financial Supplement to Second Quarter 2022 Earnings Release

 

 

 

 

Table F - Mortgage Banking Activities and Other Service Fees

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Activities

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Six months ended

Variance

(In thousands)

30-Jun-22

31-Mar-22

30-Jun-21

Q2 2022
vs Q1 2022

Q2 2022
vs Q2 2021

30-Jun-22

30-Jun-21

2022 vs.
2021

Mortgage servicing fees, net of fair value adjustments:

 

 

 

 

 

 

 

 

 

Mortgage servicing fees

$9,186

 

$9,323

 

$9,522

 

$(137

)

$(336

)

$18,509

 

$19,237

 

$(728

)

 

Mortgage servicing rights fair value adjustments

2,257

 

1,088

 

(6,239

)

1,169

 

8,496

 

3,345

 

(5,727

)

9,072

 

Total mortgage servicing fees, net of fair value adjustments

11,443

 

10,411

 

3,283

 

1,032

 

8,160

 

21,854

 

13,510

 

8,344

 

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

36

 

(1,534

)

5,197

 

1,570

 

(5,161

)

(1,498

)

10,172

 

(11,670

)

Trading account profit (loss):

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on outstanding derivative positions

(2

)

2

 

-

 

(4

)

(2

)

-

 

-

 

-

 

 

Realized gains (losses) on closed derivative positions

2,430

 

4,135

 

(866

)

(1,705

)

3,296

 

6,565

 

1,636

 

4,929

 

Total trading account profit (loss)

2,428

 

4,137

 

(866

)

(1,709

)

3,294

 

6,565

 

1,636

 

4,929

 

Losses on repurchased loans, including interest advances

(332

)

(149

)

(166

)

(183

)

(166

)

(481

)

(527

)

46

 

Total mortgage banking activities

$13,575

 

$12,865

 

$7,448

 

$710

 

$6,127

 

$26,440

 

$24,791

 

$1,649

 

 

 

 

 

 

 

 

 

 

 

 

Other Service Fees

 

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Six months ended

Variance

(In thousands)

 

30-Jun-22

31-Mar-22

30-Jun-21

Q2 2022
vs Q1 2022

Q2 2022
vs Q2 2021

30-Jun-22

30-Jun-21

2022 vs.
2021

Other service fees:

 

 

 

 

 

 

 

 

 

 

Debit card fees

 

$12,882

$11,779

$12,458

$1,103

 

$424

 

$24,661

$24,035

$626

 

 

Insurance fees

 

12,017

14,156

12,773

(2,139

)

(756

)

26,173

25,601

572

 

 

Credit card fees

 

38,155

33,642

32,726

4,513

 

5,429

 

71,797

61,417

10,380

 

 

Sale and administration of investment products

 

6,017

5,791

5,970

226

 

47

 

11,808

11,510

298

 

 

Trust fees

 

6,143

5,927

6,165

216

 

(22

)

12,070

12,007

63

 

 

Other fees

 

6,237

5,839

6,290

398

 

(53

)

12,076

12,440

(364

)

Total other service fees

 

$81,451

$77,134

$76,382

$4,317

 

$5,069

 

$158,585

$147,010

$11,575

 

Popular, Inc.

 

 

 

 

 

Financial Supplement to Second Quarter 2022 Earnings Release

Table G - Loans and Deposits

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Loans - Ending Balances

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Jun-22

31-Mar-22

30-Jun-21

Q2 2022 vs. Q1
2022

Q2 2022 vs. Q2
2021

Loans held-in-portfolio:

 

 

 

 

Commercial

$14,545,301

$14,028,246

$13,437,932

$517,055

 

$1,107,369

 

Construction

790,920

744,783

865,113

46,137

 

(74,193

)

Leasing

1,480,222

1,426,122

1,297,928

54,100

 

182,294

 

Mortgage

7,261,955

7,326,346

7,678,478

(64,391

)

(416,523

)

Auto

3,489,976

3,430,162

3,289,027

59,814

 

200,949

 

Consumer

2,802,562

2,632,531

2,494,139

170,031

 

308,423

 

Total loans held-in-portfolio

$30,370,936

$29,588,190

$29,062,617

$782,746

 

$1,308,319

 

Loans held-for-sale:

 

 

 

 

 

Commercial

$-

$-

$1,700

$-

 

$(1,700

)

Construction

-

-

7,000

-

 

(7,000

)

Mortgage

28,546

55,150

76,615

(26,604

)

(48,069

)

Total loans held-for-sale

$28,546

$55,150

$85,315

$(26,604

)

$(56,769

)

Total loans

$30,399,482

$29,643,340

$29,147,932

$756,142

 

$1,251,550

 

Deposits - Ending Balances

 

 

 

 

 

Variance

(In thousands)

30-Jun-22

31-Mar-22

30-Jun-21

Q2 2022 vs. Q1
2022

Q2 2022 vs. Q2
2021

Demand deposits [1]

$27,798,243

$25,684,715

$24,497,918

$2,113,528

 

$3,300,325

 

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

29,672,655

29,318,333

32,452,829

354,322

 

(2,780,174

)

Savings, NOW and money market deposits (brokered)

761,244

768,558

683,021

(7,314

)

78,223

 

Time deposits (non-brokered)

6,896,786

6,964,848

6,979,349

(68,062

)

(82,563

)

Time deposits (brokered CDs)

198,736

125,841

28,659

72,895

 

170,077

 

Total deposits

$65,327,664

$62,862,295

$64,641,776

$2,465,369

 

$685,888

 

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

 

 

 

 

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Second Quarter 2022 Earnings Release

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table H - Loan Delinquency - Puerto Rico Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-22

Puerto Rico

 

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

1,992

 

$

-

 

$

254

 

$

2,246

 

$

234,308

 

$

236,554

 

 

$

254

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

1,379

 

 

110

 

 

20,435

 

 

21,924

 

 

2,630,194

 

 

2,652,118

 

 

 

20,435

 

 

-

 

Owner occupied

 

 

4,894

 

 

2,860

 

 

32,155

 

 

39,909

 

 

1,366,840

 

 

1,406,749

 

 

 

32,155

 

 

-

Commercial and industrial

 

 

2,534

 

 

1,526

 

 

44,176

 

 

48,236

 

 

3,472,447

 

 

3,520,683

 

 

 

43,649

 

 

527

Construction

 

 

498

 

 

-

 

 

-

 

 

498

 

 

161,864

 

 

162,362

 

 

 

-

 

 

-

Mortgage

 

 

211,483

 

 

82,898

 

 

681,757

 

 

976,138

 

 

5,065,785

 

 

6,041,923

 

 

 

284,670

 

 

397,087

Leasing

 

 

9,970

 

 

2,164

 

 

4,665

 

 

16,799

 

 

1,463,423

 

 

1,480,222

 

 

 

4,665

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

5,785

 

 

4,142

 

 

8,896

 

 

18,823

 

 

947,876

 

 

966,699

 

 

 

-

 

 

8,896

 

Home equity lines of credit

 

 

-

 

 

-

 

 

-

 

 

-

 

 

3,122

 

 

3,122

 

 

 

-

 

 

-

 

Personal

 

 

11,216

 

 

6,043

 

 

19,045

 

 

36,304

 

 

1,351,796

 

 

1,388,100

 

 

 

19,045

 

 

-

 

Auto

 

 

56,577

 

 

13,815

 

 

28,045

 

 

98,437

 

 

3,391,539

 

 

3,489,976

 

 

 

28,045

 

 

-

 

Other

 

 

242

 

 

131

 

 

12,125

 

 

12,498

 

 

120,651

 

 

133,149

 

 

 

11,913

 

 

212

Total

 

$

306,570

 

$

113,689

 

$

851,553

 

$

1,271,812

 

$

20,209,845

 

$

21,481,657

 

 

$

444,831

 

$

406,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-22

Puerto Rico

 

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

2,130

 

$

189

 

$

274

 

$

2,593

 

$

160,648

 

$

163,241

 

 

$

274

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

3,646

 

 

93

 

 

20,627

 

 

24,366

 

 

2,536,174

 

 

2,560,540

 

 

 

20,627

 

 

-

 

Owner occupied

 

 

4,024

 

 

50

 

 

49,732

 

 

53,806

 

 

1,396,696

 

 

1,450,502

 

 

 

49,732

 

 

-

Commercial and industrial

 

 

1,218

 

 

169

 

 

48,167

 

 

49,554

 

 

3,333,918

 

 

3,383,472

 

 

 

47,149

 

 

1,018

Construction

 

 

715

 

 

-

 

 

-

 

 

715

 

 

126,610

 

 

127,325

 

 

 

-

 

 

-

Mortgage

 

 

182,397

 

 

79,374

 

 

736,338

 

 

998,109

 

 

5,125,554

 

 

6,123,663

 

 

 

306,560

 

 

429,778

Leasing

 

 

9,819

 

 

2,446

 

 

3,766

 

 

16,031

 

 

1,410,091

 

 

1,426,122

 

 

 

3,766

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

5,817

 

 

3,728

 

 

9,049

 

 

18,594

 

 

896,966

 

 

915,560

 

 

 

-

 

 

9,049

 

Home equity lines of credit

 

 

-

 

 

-

 

 

23

 

 

23

 

 

3,093

 

 

3,116

 

 

 

-

 

 

23

 

Personal

 

 

10,215

 

 

6,184

 

 

19,157

 

 

35,556

 

 

1,267,920

 

 

1,303,476

 

 

 

19,157

 

 

-

 

Auto

 

 

51,497

 

 

11,353

 

 

27,514

 

 

90,364

 

 

3,339,798

 

 

3,430,162

 

 

 

27,514

 

 

-

 

Other

 

 

537

 

 

37

 

 

12,184

 

 

12,758

 

 

112,322

 

 

125,080

 

 

 

12,037

 

 

147

Total

 

$

272,015

 

$

103,623

 

$

926,831

 

$

1,302,469

 

$

19,709,790

 

$

21,012,259

 

 

$

486,816

 

$

440,015

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

 

$

(138

)

 

$

(189

)

 

$

(20

)

 

$

(347

)

 

$

73,660

 

 

$

73,313

 

 

 

$

(20

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

(2,267

)

 

 

17

 

 

 

(192

)

 

 

(2,442

)

 

 

94,020

 

 

 

91,578

 

 

 

 

(192

)

 

 

-

 

 

Owner occupied

 

 

870

 

 

 

2,810

 

 

 

(17,577

)

 

 

(13,897

)

 

 

(29,856

)

 

 

(43,753

)

 

 

 

(17,577

)

 

 

-

 

Commercial and industrial

 

 

1,316

 

 

 

1,357

 

 

 

(3,991

)

 

 

(1,318

)

 

 

138,529

 

 

 

137,211

 

 

 

 

(3,500

)

 

 

(491

)

Construction

 

 

(217

)

 

 

-

 

 

 

-

 

 

 

(217

)

 

 

35,254

 

 

 

35,037

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

29,086

 

 

 

3,524

 

 

 

(54,581

)

 

 

(21,971

)

 

 

(59,769

)

 

 

(81,740

)

 

 

 

(21,890

)

 

 

(32,691

)

Leasing

 

 

151

 

 

 

(282

)

 

 

899

 

 

 

768

 

 

 

53,332

 

 

 

54,100

 

 

 

 

899

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

(32

)

 

 

414

 

 

 

(153

)

 

 

229

 

 

 

50,910

 

 

 

51,139

 

 

 

 

-

 

 

 

(153

)

 

Home equity lines of credit

 

 

-

 

 

 

-

 

 

 

(23

)

 

 

(23

)

 

 

29

 

 

 

6

 

 

 

 

-

 

 

 

(23

)

 

Personal

 

 

1,001

 

 

 

(141

)

 

 

(112

)

 

 

748

 

 

 

83,876

 

 

 

84,624

 

 

 

 

(112

)

 

 

-

 

 

Auto

 

 

5,080

 

 

 

2,462

 

 

 

531

 

 

 

8,073

 

 

 

51,741

 

 

 

59,814

 

 

 

 

531

 

 

 

-

 

 

Other

 

 

(295

)

 

 

94

 

 

 

(59

)

 

 

(260

)

 

 

8,329

 

 

 

8,069

 

 

 

 

(124

)

 

 

65

 

Total

 

$

34,555

 

 

$

10,066

 

 

$

(75,278

)

 

$

(30,657

)

 

$

500,055

 

 

$

469,398

 

 

 

$

(41,985

)

 

$

(33,293

)

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Second Quarter 2022 Earnings Release

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-22

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

 

$

-

 

$

187

 

$

280

 

$

467

 

$

1,895,352

 

$

1,895,819

 

 

$

280

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

288

 

 

-

 

 

-

 

 

288

 

 

1,467,935

 

 

1,468,223

 

 

 

-

 

 

-

 

Owner occupied

 

 

144

 

 

-

 

 

1,416

 

 

1,560

 

 

1,465,252

 

 

1,466,812

 

 

 

1,416

 

 

-

Commercial and industrial

 

 

9,278

 

 

2,037

 

 

6,326

 

 

17,641

 

 

1,880,702

 

 

1,898,343

 

 

 

5,750

 

 

576

Construction

 

 

-

 

 

7,000

 

 

-

 

 

7,000

 

 

621,558

 

 

628,558

 

 

 

-

 

 

-

Mortgage

 

 

1,561

 

 

3,587

 

 

20,192

 

 

25,340

 

 

1,194,692

 

 

1,220,032

 

 

 

20,192

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

-

 

 

-

 

 

-

 

 

47

 

 

47

 

 

 

-

 

 

-

 

Home equity lines of credit

 

 

303

 

 

16

 

 

4,705

 

 

5,024

 

 

66,431

 

 

71,455

 

 

 

4,705

 

 

-

 

Personal

 

 

755

 

 

470

 

 

749

 

 

1,974

 

 

232,339

 

 

234,313

 

 

 

749

 

 

-

 

Other

 

 

-

 

 

13

 

 

1

 

 

14

 

 

5,663

 

 

5,677

 

 

 

1

 

 

-

Total

 

$

12,329

 

$

13,310

 

$

33,669

 

$

59,308

 

$

8,829,971

 

$

8,889,279

 

 

$

33,093

 

$

576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-22

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

 

$

-

 

$

-

 

$

-