BPOP Popular Inc

• Net income of $177.8 million in Q4 2024, compared to net income of $155.3 million in Q3 2024.
• Net income of $614.2 million for the year 2024, compared to net income of $541.3 million for the year 2023. Excluding expenses incurred in connection with the FDIC Special Assessment and prior period tax withholdings, the adjusted net income for 2024 was $646.1 million, compared to $586.6 million in 2023, which also excluded FDIC Special Assessment expenses.
• Net interest income of $590.8 million in Q4 2024, an increase of $18.3 million when compared to Q3 2024.
• Net interest margin of 3.35% in Q4 2024, compared to 3.24% in Q3 2024; net interest margin on a taxable equivalent basis of 3.62% in Q4 2024, compared to 3.47% in Q3 2024.
• Non-interest income of $164.7 million in Q4 2024, compared to $164.1 million in Q3 2024.
• Operating expenses amounted to $467.6 million in Q4 2024, flat when compared to Q3 2024.
• Credit quality metrics remained stable:
  • Non-performing loans held-in-portfolio (“NPLs”) decreased by $10.6 million from Q3 2024; NPLs to loans ratio decreased five basis points to 0.95%;
  • Net charge-offs (“NCOs”) increased by $8.9 million from Q3 2024; annualized NCOs to average loans held-in-portfolio (“NCO Ratio”) at 0.74% vs. 0.65% in Q3 2024. For the year 2024, the NCO Ratio was 0.68% vs. 0.44% in 2023;
  • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.01% vs. 2.06% in Q3 2024; and
  • ACL to NPLs at 212.7% vs. 206.0% in Q3 2024.
• Money market and investment securities increased by $814.8 million from Q3 2024; average quarterly balances decreased by $1.0 billion.
• Loans in the portfolio, excluding loans held-for-sale, amounted to $37.1 billion, up $912.7 million from Q3 2024; average quarterly loan balances higher by $781.0 million.
• Deposit balances amounted to $64.9 billion, an increase of $1.2 billion from Q3 2024; average quarterly deposit balances lower by $295.0 million.
• Capital actions during 2024 included the repurchase of 2,256,420 shares of common stock for $217.3 million, at an average price of $96.32 per share, under a common stock repurchase authorization of up to $500 million announced in Q3 2024, as well as an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend declared in the fourth quarter of 2024.
• Common Equity Tier 1 ratio of 16.03%, Common Equity per share of $79.71 and Tangible Book Value per share of $68.16 at December 31, 2024, a decrease of $0.88 per share from Q3 2024.

Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended December 31, 2024, compared to net income of $155.3 million for the quarter ended September 30, 2024.

Ignacio Alvarez, Chief Executive Officer, said: “Our financial results for the fourth quarter were solid, with net income of $178 million. We achieved strong loan growth and continued to increase our net interest income and net interest margin.

We closed the year on a strong footing, continuing our positive earnings trajectory with a 10% increase in our adjusted net income.

Our strong capital and liquidity position allowed us to recommence share buybacks and increase our dividend during 2024.

We are also pleased by the acceleration in the pace of our Transformation, which is already generating tangible results. We are making meaningful progress in the modernization of our customer channels and enhancement of our customers' experience.

I am thankful for our employees’ hard work and dedication throughout the year and optimistic about our prospects for 2025 as we continue to leverage the improved performance of the Puerto Rico economy and the strength of our franchise.”

Earnings Highlights

(Unaudited)

Quarters ended

 

Years ended

(Dollars in thousands, except per share information)

31-Dec-24

30-Sep-24

31-Dec-23

 

31-Dec-24

31-Dec-23

Net interest income

$590,759

$572,473

$534,180

 

 

$2,282,288

$2,131,524

Provision for credit losses

66,102

71,448

78,663

 

 

256,942

208,609

Net interest income after provision for credit losses

524,657

501,025

455,517

 

 

2,025,346

1,922,915

Other non-interest income

164,703

164,082

168,743

 

 

658,909

650,724

Operating expenses

467,627

467,321

531,145

 

 

1,887,637

1,898,100

Income before income tax

221,733

197,786

93,115

 

 

796,618

675,539

Income tax expense (benefit)

43,916

42,463

(1,479

)

 

182,406

134,197

Net income

$177,817

$155,323

$94,594

 

 

$614,212

$541,342

Net income applicable to common stock

$177,464

$154,970

$94,241

 

 

$612,800

$539,930

Net income per common share-basic

$2.51

$2.16

$1.31

 

 

$8.56

$7.53

Net income per common share-diluted

$2.51

$2.16

$1.31

 

 

$8.56

$7.52

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 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.

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 measure provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

Tangible Common Equity

Tangible common equity, the tangible common equity ratio, tangible assets and tangible book value per common share are non-GAAP financial measures. The tangible common equity ratio and tangible book value per common share are commonly used by banks and analysts in conjunction with more traditional bank capital ratios 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.

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

The following tables present the reconciliation of the net income to the adjusted net income (non-GAAP) for the years ended December 31, 2024 and December 31, 2023. There were no adjustments to net income for the quarters ended December 31, 2024 and September 30, 2024.

Adjusted Net Income for the Year Ended December 31, 2024 (Non-GAAP)

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

Income before income tax

 

Income tax expense (benefit)

 

Total

U.S. GAAP Net income

$796,618

 

$182,406

 

 

$614,212

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)

$817,305

 

$171,157

 

 

$646,148

[1] Expense recorded in the first quarter of 2024 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks.

[2] Expense recorded in the first quarter of 2024 related to tax withholdings on prior period distributions from U.S. subsidiaries

Adjusted Net Income for the Year Ended December 31, 2023 (Non-GAAP)

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

Income before income tax

 

Income tax expense (benefit)

 

Total

U.S. GAAP Net income

$675,539

 

$134,197

 

 

$541,342

Non-GAAP Adjustments:

 

 

 

 

 

FDIC Special Assessment [1]

71,435

 

(26,170

)

 

45,265

Adjusted net income (Non-GAAP)

$746,974

 

$160,367

 

 

$586,607

[1] Expense recorded in the fourth quarter of 2023 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks.

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

The Corporation’s net interest income for the fourth quarter of 2024 was $590.8 million, an increase of $18.3 million compared to $572.5 million in the previous quarter. The net interest margin for the quarter was 3.35%, compared to 3.24% in the third quarter of 2024, an increase of 11 basis points.

Net Interest Income and Net Interest Margin Taxable Equivalent (Non-GAAP)

Net interest income on a taxable equivalent basis for the fourth quarter of 2024 was $638.5 million, compared to $612.9 million in the previous quarter, an increase of $25.6 million. Net interest margin on a taxable equivalent basis for the fourth quarter of 2024 was 3.62%, an increase of 15 basis points.

The increase in the taxable equivalent adjustment, quarter over quarter, was driven by a reduction in the cost of deposits while the yield of tax-exempt assets during the period remained flat.

The main drivers of the net interest income increase on a taxable equivalent basis were:

• lower interest expense on deposit accounts during the fourth quarter by $35.3 million, mainly associated with reductions in market-linked P.R. Government deposit accounts and the repricing across most of the other deposit products in response to declining short-term interest rates which resulted in lower costs of interest-bearing deposits by 27 basis points; and
• higher interest income from loans by $10.6 million driven by higher volumes across most loan portfolios, partially offset by lower yields by 5 basis points;

partially offset by:

• lower interest income from money market investments and investment securities by $16.8 million or 63 basis points; and
• lower income from investment securities by $4.2 million, due to lower reinvestment activity resulting from an increase in loan volumes.

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

For the Banco Popular de Puerto Rico (“BPPR”) segment, net interest income for the fourth quarter of 2024 amounted to $506.9 million, an increase of $18.9 million from the previous quarter. Net interest margin increased by 15 basis points to 3.56%. Net interest income for the quarter improved due to a 29-basis point reduction in deposit costs at BPPR, despite lower volumes of earning assets at lower yields. The reduction of average earning assets in BPPR is tied to a decrease in volume of low-cost deposits. During the quarter, total average deposits were lower by $231.7 million, including lower P.R. Government deposits by $125.7 million. The reduction of earning assets yields of six basis points during the fourth quarter of 2024, follow the re-pricing of money market investments and adjustable-rate loans due to recent Federal Open Market Committee (FOMC) federal funds rate declines of 50 basis points in the third quarter and 25 basis points in the fourth quarter of 2024.

Factors impacting net interest income for the BPPR segment include:

• lower interest expense on deposit accounts by $30.7 million, mainly driven by a $27.4 million decrease in the cost of P.R. Government deposits. Total cost of interest-bearing deposits for the BPPR segment decreased by 29 basis points from the previous quarter to 2.26%, including a reduction in the cost of P.R. Government deposits of 56 basis points. Total deposits cost, including demand deposits, decreased by 22 basis points to 1.67% compared to 1.89% in the third quarter of 2024; and
• higher interest income from loans by $8.8 million, primarily from higher average balances in commercial, auto, and mortgage loans, offset in part by lower yields in the commercial, construction and credit card portfolios which include variable rate loans;

partially offset by:

• lower interest income from investments in securities and money market investments by $11.0 million and $10.0 million, respectively, driven by lower yields resulting from changes in federal funds rates, and lower average balances due to higher volume of loans and lower volume of deposits.

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

In the Popular Bank (“PB”, or “Popular U.S.”) segment, net interest income was $92.2 million, $1.0 million lower when compared to the previous quarter. Net interest margin decreased by 2 basis points to 2.71%.

Main variances in Popular U.S include:

• lower interest income from money markets by $6.7 million due to lower volumes, driven in part by higher loan balances, and lower yields;

partially offset by:

• lower interest expense on deposit accounts by $4.7 million driven by a decrease in deposit costs as a result of recent market repricing and lower volumes in high-cost interest bearing deposit accounts such as online savings and time deposit accounts and wholesale deposits. Average deposit balances during the quarter were lower by $32.7 million. During the fourth quarter, total cost of interest-bearing deposits decreased 17 basis points to 3.63%, while total cost of deposits decreased 15 basis points to 3.20%; and
• higher income from loans by $0.4 million mainly due to higher volumes in the commercial and construction loan portfolios, partially offset by lower yields, mainly in the construction portfolio that is tied to the prime lending rate.

Refer to tables D, E and F for more details on the components of net interest income and net interest margin taxable equivalent.

Non-interest income

Non-interest income amounted to $164.7 million for the quarter ended December 31, 2024, an increase of $0.6 million when compared to $164.1 million for the quarter ended September 30, 2024. The variance in non-interest income was primarily due to higher income from mortgage banking activities by $3.6 million, mainly due to a favorable variance in the fair value adjustment of mortgage servicing rights (“MSRs”) driven by higher escrow float earnings and lower prepayment speed, partially offset by lower income in equity securities by $1.9 million, mainly due to lower valuation of securities held for deferred benefit plans, which have an offsetting effect in personnel costs.

Effective December 1, 2024, Popular Auto LLC, a wholly-owned subsidiary of Banco Popular de Puerto Rico, completed the sale of its daily car rental business. Daily rental car units and other related assets totaling approximately $52.1 million in book value were transferred to the purchaser at closing at near book value. Daily rental revenue, presented as part of Other Operating Income in the accompanying Consolidated Statements of Operation, for the quarter ended December 31, 2024 amounted to $3.2 million, a decrease of $1.8 million compared to the quarter ended September 30, 2024.

Refer to Table B for further details.

Operating expenses

Operating expenses for the fourth quarter of 2024 totaled $467.6 million, an increase of $0.3 million when compared to the third quarter of 2024. The variance in operating expenses was driven primarily by:

• higher professional fees by $5.7 million mainly due to consulting fees related to corporate initiatives and IT projects;
• higher business promotion expense by $4.2 million mainly due to seasonal projects and higher donations granted during the quarter; and
• higher personnel costs by $3.9 million mainly due to higher incentive compensation by $3.4 million and higher health insurance costs by $1.4 million; partially offset by a $1.4 million decrease in other personnel costs, mainly related to the valuation of equity securities held for deferred compensation plans, which have an offsetting effect in equity securities income.

partially offset by:

• lower technology and software expenses by $7.1 million, mainly due to IT projects which have reached the development stage and whose related costs are capitalized;
• lower equipment expense by $4.5 million, mainly due to a decrease in daily rental vehicle fleet depreciation as a result of the vehicles sold as part of the daily car rental business transaction; and
• higher other real estate volume of other real estate owned (OREO) income by $1.7 million due to higher volume of units sold and higher gains on sale per unit;

Full-time equivalent employees were 9,231 as of December 31, 2024, compared to 9,246 as of September 30, 2024.

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

Income taxes

For the quarter ended December 31, 2024, the Corporation recorded an income tax expense of $43.9 million, compared to an income tax expense of $42.5 million for the previous quarter.

The effective tax rate (“ETR”) for the fourth quarter of 2024 was 19.8%, compared to 21.5% for the previous quarter. The ETR for the year ended December 31, 2024 was 22.9% compared to 19.9% for the previous year. The ETR of the Corporation is impacted by the composition and source of its taxable income. Excluding the impact of the FDIC Special Assessment and the prior period tax withholding adjustment, the ETR for the year ended 2024 was 20.9%, compared to 21.5% for the year ended 2023.

Credit Quality

The Corporation’s credit quality metrics remained stable in the fourth quarter of 2024 when compared to the previous quarter, with NPLs, NCOs and inflows to NPLs below historical averages. The auto loans and credit cards portfolios continued to show increases in delinquencies and NCOs, while the mortgage and commercial portfolios continued to operate with strong credit quality trends. The Corporation continues to actively monitor changes in the macroeconomic environment and borrower performance given higher interest rates and inflationary pressures. Management believes that the improvements over recent years in risk management practices and the overall risk profile of the Corporation’s loan portfolio positions the Corporation to continue to operate successfully in the current environment.

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

Non-Performing Loans and Net Charge Offs

Total NPLs decreased by $10.6 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-the-portfolio increased by $1.9 million in the fourth quarter of 2024. The ratio of NPLs to total loans held in the portfolio was 0.95% for the fourth quarter of 2024, compared to 1.0% for the previous quarter. The drivers of these changes were:

• In the BPPR segment, NPLs increased by $3.3 million, mainly driven by higher auto loans and leases NPLs by $4.0 million and $2.2 million, respectively, offset in part by lower commercial NPLs by $2.7 million. Excluding consumer loans, inflows to NPLs in the BPPR segment increased by $11.0 million compared to the previous quarter, mostly related to higher mortgage inflows.
• In the PB segment, NPLs decreased by $13.9 million driven by a $17.3 million commercial loan sale. Inflows to NPLs, excluding consumer loans, decreased by $9.1 million, driven by lower mortgage inflows by $15.8 million, as the prior quarter included the impact of a $17.1 million single mortgage relationship, offset in part by higher commercial inflows by $6.6 million.

Total NCOs of $67.4 million, increased by $8.9 million when compared to the third quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio for the fourth quarter was 0.74%, compared to 0.65% in the third quarter of 2024. For the year 2024, the NCOs ratio was 0.68% or 24 bps higher than for the year ended December 2023. The drivers of these changes for the quarter are mainly related to the following:

• In the BPPR segment, NCOs increased by $8.0 million quarter-over-quarter, mainly driven by higher consumer NCOs by $5.7 million and lower recoveries in the mortgage portfolio by $2.0 million.
• In the PB segment, NCOs remained flat quarter-over-quarter.

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

Other Real Estate Owned Properties (“OREO”)

As of December 31, 2024, the Corporation’s OREO portfolio amounted to $57.3 million, a decrease of $5.8 million when compared to the third quarter of 2024. The decrease in OREO assets was driven by the sale of residential OREO properties in the BPPR segment.

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 December 31, 2024 amounted to $746.0 million, an increase of $1.7 million when compared to the third quarter of 2024.

In the BPPR segment, the ACL increased by $4.5 million driven by an increase of $10.7 million in reserves for consumer loans, in part offset by a $6.1 million decrease in reserves for commercial loans. The increase in consumer loans reserves was due mainly to changes in the credit quality of the auto and credit cards portfolios, while the decrease in the reserve for commercial loans was mainly prompted by the implementation of a new model for commercial real estate (“CRE”) non-owner-occupied loans in Puerto Rico. Continued strength in the Puerto Rico labor market and stable credit metrics for this portfolio contributed to the reduction in reserves.

In the PB segment, the ACL decreased by $2.8 million from the previous quarter, mainly due to improvements in risk ratings of certain commercial relationships.

The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.01% in the fourth quarter of 2024, compared to 2.06% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio was 212.7%, compared to 206.0% in the previous quarter.

The provision for loan losses for the loan and lease portfolios for the fourth quarter of 2024 was $69.1 million, compared to $72.8 million in the previous quarter. The provision for loan losses for the BPPR segment amounted to $67.1 million, compared to $77.2 million in the previous quarter. This reduction was mainly driven by lower provision expense for commercial loans, in part due to the implementation of a new model for CRE non-owner-occupied-loans, partially offset by higher provision expense for the consumer portfolios. The provision for loan losses for the PB segment amounted to $2.0 million, compared to a release of $4.4 million in the prior quarter.

The provision for loan losses for the loan and lease portfolios, along with the $2.9 million reserve release related to unfunded loan commitments and the $0.1 million reserve release for the Corporation’s investment portfolio for the fourth quarter of 2024, are consolidated and shown together under the provision for credit losses in our Consolidated Statement of Operations. For the fourth quarter, the provision for credit losses amounted to $66.1 million, compared to $71.4 million in the previous quarter.

Non-Performing Assets

 

 

 

 

 

(Unaudited)

 

 

 

 

 

(In thousands)

31-Dec-24

 

30-Sep-24

 

31-Dec-23

Non-performing loans held-in-portfolio

$350,780

 

 

$361,398

 

 

$357,611

 

Other real estate owned

57,268

 

 

63,028

 

 

80,416

 

Total non-performing assets

$408,048

 

 

$424,426

 

 

$438,027

 

Net charge-offs for the quarter

$67,433

 

 

$58,529

 

 

$56,947

 

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

Loans held-in-portfolio

$37,107,652

 

 

$36,194,967

 

 

$35,064,971

 

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

0.95

%

 

1.00

%

 

1.02

%

Allowance for credit losses to loans held-in-portfolio

2.01

 

 

2.06

 

 

2.08

 

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

212.68

 

 

205.96

 

 

203.95

 

Refer to Table L for additional information.

 

 

 

 

 

Provision for Credit Losses (Benefit) - Loan Portfolios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Quarters ended

 

Years ended

(In thousands)

 

31-Dec-24

 

30-Sep-24

 

31-Dec-23

 

31-Dec-24

 

31-Dec-23

Provision for credit losses (benefit) - loan portfolios:

 

 

 

 

 

 

 

 

 

 

BPPR

 

$67,088

 

$77,147

 

 

$67,235

 

$253,828

 

$194,834

Popular U.S.

 

2,041

 

(4,378

)

 

7,983

 

4,613

 

6,705

Total provision for credit losses (benefit) - loan portfolios

 

$69,129

 

$72,769

 

 

$75,218

 

$258,441

 

$201,539

Credit Quality by Segment

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

(Dollars in thousands)

Quarters ended

BPPR

 

31-Dec-24

 

30-Sep-24

 

31-Dec-23

Provision for credit losses - loan portfolios

 

$67,088

 

 

$77,147

 

 

$67,235

 

Net charge-offs

 

62,604

 

 

54,581

 

 

51,913

 

Total non-performing loans held-in-portfolio

292,091

 

 

288,815

 

 

328,718

 

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

 

0.97

%

 

0.86

%

 

0.86

%

Allowance / loans held-in-portfolio

2.56

%

 

2.59

%

 

2.61

%

Allowance / non-performing loans held-in-portfolio

229.61

%

 

230.66

%

 

194.65

%

 

 

 

 

 

 

 

 

Quarters ended

Popular U.S.

 

31-Dec-24

 

30-Sep-24

 

31-Dec-23

Provision for credit losses (benefit) - loan portfolios

 

$2,041

 

 

$(4,378

)

 

$7,983

 

Net charge-offs

 

4,829

 

 

3,948

 

 

5,034

 

Total non-performing loans held-in-portfolio

 

58,689

 

 

72,583

 

 

28,893

 

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

 

0.18

%

 

0.15

%

 

0.19

%

Allowance / loans held-in-portfolio

0.69

%

 

0.75

%

 

0.85

%

Allowance / non-performing loans held-in-portfolio

128.40

%

 

107.66

%

 

309.70

%

Financial Condition Highlights

 

 

 

 

 

 

(Unaudited)

 

(In thousands)

31-Dec-24

 

30-Sep-24

 

31-Dec-23

Cash and money market investments

$6,800,586

 

$6,958,382

 

$7,419,333

Investment securities

26,244,977

 

25,280,451

 

25,148,673

Loans

37,107,652

 

36,194,967

 

35,064,971

Total assets

73,045,383

 

71,323,074

 

70,758,155

Deposits

64,884,345

 

63,668,501

 

63,618,243

Borrowings

1,176,126

 

973,736

 

1,078,332

Total liabilities

67,432,317

 

65,532,560

 

65,611,202

Stockholders’ equity

5,613,066

 

5,790,514

 

5,146,953

Total assets amounted to $73.0 billion at December 31, 2024, an increase of $1.7 billion from the third quarter of 2024, driven by:

• an increase in securities available-for-sale (“AFS”) of $1.1 billion, mainly due to an increase in investments in U.S. Treasury bills, partially offset by maturities and principal paydowns and unfavorable changes in the fair value of debt securities; and
• an increase in loans held-in-portfolio by $912.7 million, driven by an increase of $453.6 million in BPPR across all portfolios, particularly commercial and mortgage loans, and an increase of $459.1 million in PB, mainly in the commercial and construction portfolios;

partially offset by:

• a decrease in money market investments of $149.8 million, mainly driven by the deployment of funds to support loan growth; and
• a decrease in securities held-to-maturity (“HTM”) of $107.2 million driven by maturities, partially offset by the amortization of $45.8 million of the discount related to U.S. Treasury securities previously reclassified from AFS to HTM.

Total liabilities increased by $1.9 billion from the third quarter of 2024, driven by:

• an increase of $1.2 billion in deposits, driven by:
  • higher deposits balances at BPPR of $1.3 billion due to increases in P.R. Government deposits by $747.6 million and in non-P.R. Government deposits by $601.4 million, which include deposits held in trust for debt service payments made in January 2025; and
  • lower deposits balances at PB of $187.1 million, mainly in interest bearing accounts, including deposits gathered through direct online channels;
• an increase in other liabilities of $481.5 million, mainly driven by $495.1 million in unsettled trade payables related to U.S. Treasury securities purchased during the fourth quarter of 2024, which were settled in the first quarter of 2025; and
• an increase in other short-term borrowings of $225.0 million, due to FHLB advances in PB.

Stockholders' equity decreased by $177.4 million from the third quarter of 2024 mainly due to the change in the accumulated other comprehensive loss driven by the increase in net unrealized losses in the portfolio of AFS securities of $197.7 million, an increase in Treasury Stock of $159.1 million due to common stock repurchases, and the common and preferred dividends declared during the quarter of $49.9 million, partially offset by the amortization of unrealized losses from securities previously reclassified to HTM of $36.6 million, net of tax, a pension liability adjustment of $16.4 million, coupled with the quarter’s net income of $177.8 million. As of December 31, 2024, Popular has repurchased 2,256,420 shares of common stock for $217.3 million as part of the previously announced common stock repurchase authorization.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.03%, $79.71 and $68.16 respectively, at December 31, 2024, compared to 16.42%, $80.35 and $69.04, respectively, at September 30, 2024. Refer to Table A for capital ratios.

Refer to Table C for the Statements of Financial Condition.

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 quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and in the Form 10-K for the year ended December 31, 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, Tuesday, January 28, 2025 at 10:00 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 200257.

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, February 27, 2025. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 527575.

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

Popular, Inc.

Financial Supplement to Fourth 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 - Consolidated 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 - BPPR Operations

 

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

 

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

 

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

 

 

 

 

 

Quarters ended

Years ended

 

31-Dec-24

30-Sep-24

31-Dec-23

31-Dec-24

31-Dec-23

Basic EPS

$2.51

 

$2.16

 

$1.31

 

$8.56

 

$7.53

 

Diluted EPS

$2.51

 

$2.16

 

$1.31

 

$8.56

 

$7.52

 

Average common shares outstanding

70,722,548

 

71,807,136

 

71,810,073

 

71,590,757

 

71,710,265

 

Average common shares outstanding - assuming dilution

70,740,958

 

71,828,402

 

71,881,020

 

71,623,702

 

71,791,692

 

Common shares outstanding at end of period

70,141,291

 

71,787,349

 

72,153,621

 

70,141,291

 

72,153,621

 

Market value per common share

$94.06

 

$100.27

 

$82.07

 

$94.06

 

$82.07

 

Market capitalization - (In millions)

$6,597

 

$7,198

 

$5,922

 

$6,597

 

$5,922

 

Return on average assets

0.97

%

0.84

%

0.52

%

0.84

%

0.76

%

Return on average common equity

9.94

%

8.82

%

5.55

%

8.72

%

8.21

%

Net interest margin (non-taxable equivalent basis)

3.35

%

3.24

%

3.08

%

3.24

%

3.13

%

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

3.62

%

3.47

%

3.26

%

3.49

%

3.31

%

Common equity per share

$79.71

 

$80.35

 

$71.03

 

$79.71

 

$71.03

 

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

$68.16

 

$69.04

 

$59.74

 

$68.16

 

$59.74

 

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

6.62

%

7.03

%

6.16

%

6.62

%

6.16

%

Return on average tangible common equity [1]

11.22

%

9.98

%

6.32

%

9.85

%

9.40

%

Tier 1 capital

16.08

%

16.48

%

16.36

%

16.08

%

16.36

%

Total capital

17.83

%

18.24

%

18.13

%

17.83

%

18.13

%

Tier 1 leverage

8.66

%

8.67

%

8.51

%

8.66

%

8.51

%

Common Equity Tier 1 capital

16.03

%

16.42

%

16.30

%

16.03

%

16.30

%

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

POPULAR, INC.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

 

 

Quarters ended

Variance

Quarter ended

Variance

Years ended

 

 

 

 

Q4 2024

 

Q4 2024

 

 

(In thousands, except per share information)

31-Dec-24

30-Sep-24

vs. Q3 2024

31-Dec-23

vs. Q4 2023

31-Dec-24

31-Dec-23

Interest income:

 

 

 

 

 

 

 

 

Loans

$673,858

 

$664,731

 

$9,127

 

$623,438

 

$50,420

 

$2,626,058

 

$2,331,654

 

 

Money market investments

79,302

 

96,061

 

(16,759

)

100,840

 

(21,538

)

352,195

 

366,625

 

 

Investment securities

166,607

 

176,656

 

(10,049

)

143,214

 

23,393

 

695,010

 

547,028

 

 

Total interest income

919,767

 

937,448

 

(17,681

)

867,492

 

52,275

 

3,673,263

 

3,245,307

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

315,701

 

350,985

 

(35,284

)

319,200

 

(3,499

)

1,336,121

 

1,050,024

 

 

Short-term borrowings

928

 

1,430

 

(502

)

1,342

 

(414

)

4,676

 

7,329

 

 

Long-term debt

12,379

 

12,560

 

(181

)

12,770

 

(391

)

50,178

 

56,430

 

 

Total interest expense

329,008

 

364,975

 

(35,967

)

333,312

 

(4,304

)

1,390,975

 

1,113,783

 

Net interest income

590,759

 

572,473

 

18,286

 

534,180

 

56,579

 

2,282,288

 

2,131,524

 

Provision for credit losses

66,102

 

71,448

 

(5,346

)

78,663

 

(12,561

)

256,942

 

208,609

 

Net interest income after provision for credit losses

524,657

 

501,025

 

23,632

 

455,517

 

69,140

 

2,025,346

 

1,922,915

 

Service charges on deposit accounts

38,060

 

38,315

 

(255

)

37,699

 

361

 

151,343

 

147,476

 

Other service fees

99,350

 

98,748

 

602

 

96,692

 

2,658

 

389,233

 

374,440

 

Mortgage banking activities

6,306

 

2,670

 

3,636

 

6,388

 

(82

)

19,059

 

21,497

 

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

(2,459

)

(546

)

(1,913

)

2,317

 

(4,776

)

(1,583

)

3,482

 

Net (loss) gain on trading account debt securities

(10

)

817

 

(827

)

750

 

(760

)

1,445

 

1,382

 

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

440

 

-

 

440

 

(71

)

511

 

440

 

(115

)

Adjustments to indemnity reserves on loans sold

483

 

808

 

(325

)

2,350

 

(1,867

)

1,266

 

2,319

 

Other operating income

22,533

 

23,270

 

(737

)

22,618

 

(85

)

97,706

 

100,243

 

 

Total non-interest income

164,703

 

164,082

 

621

 

168,743

 

(4,040

)

658,909

 

650,724

 

Operating expenses:

 

 

 

 

 

 

 

Personnel costs

 

 

 

 

 

 

 

 

Salaries

135,793

 

135,983

 

(190

)

127,809

 

7,984

 

529,794

 

505,935

 

 

Commissions, incentives and other bonuses

30,494

 

26,350

 

4,144

 

26,632

 

3,862

 

126,081

 

112,657

 

 

Pension, postretirement and medical insurance

17,794

 

16,387

 

1,407

 

17,598

 

196

 

68,185

 

67,469

 

 

Other personnel costs, including payroll taxes

21,713

 

23,136

 

(1,423

)

22,626

 

(913

)

96,391

 

91,984

 

 

Total personnel costs

205,794

 

201,856

 

3,938

 

194,665

 

11,129

 

820,451

 

778,045

 

Net occupancy expenses

27,666

 

28,031

 

(365

)

30,282

 

(2,616

)

111,430

 

111,586

 

Equipment expenses

4,846

 

9,349

 

(4,503

)

10,179

 

(5,333

)

33,424

 

37,057

 

Other taxes

18,581

 

17,757

 

824

 

14,636

 

3,945

 

66,046

 

55,926

 

Professional fees

32,452

 

26,708

 

5,744

 

39,065

 

(6,613

)

125,822

 

161,142

 

Technology and software expenses

81,395

 

88,452

 

(7,057

)

76,772

 

4,623

 

329,061

 

290,615

 

Processing and transactional services

 

 

 

 

 

 

 

 

Credit and debit cards

11,657

 

11,761

 

(104

)

6,682

 

4,975

 

49,301

 

44,578

 

 

Other processing and transactional services

23,410

 

22,559

 

851

 

22,779

 

631

 

93,376

 

93,492

 

 

Total processing and transactional services

35,067

 

34,320

 

747

 

29,461

 

5,606

 

142,677

 

138,070

 

Communications

4,756

 

5,229

 

(473

)

4,181

 

575

 

18,899

 

16,664

 

Business promotion

 

 

 

 

 

 

 

 

Rewards and customer loyalty programs

16,778

 

16,533

 

245

 

14,130

 

2,648

 

63,773

 

59,092

 

 

Other business promotion

13,077

 

9,104

 

3,973

 

13,767

 

(690

)

38,157

 

35,834

 

 

Total business promotion

29,855

 

25,637

 

4,218

 

27,897

 

1,958

 

101,930

 

94,926

 

Deposit insurance

9,725

 

10,433

 

(708

)

81,385

 

(71,660

)

54,626

 

105,985

 

Other real estate owned (OREO) income

(4,379

)

(2,674

)

(1,705

)

(5,178

)

799

 

(18,124

)

(15,375

)

Other operating expenses

 

 

 

 

 

 

 

 

Operational losses

6,047

 

5,769

 

278

 

6,921

 

(874

)

27,200

 

23,505

 

 

All other

15,117

 

15,750

 

(633

)

20,084

 

(4,967

)

71,257

 

73,774

 

 

Total other operating expenses

21,164

 

21,519

 

(355

)

27,005

 

(5,841

)

98,457

 

97,279

 

Amortization of intangibles

705

 

704

 

1

 

795

 

(90

)

2,938

 

3,180

 

Goodwill impairment charge

-

 

-

 

-

 

-

 

-

 

-

 

23,000

 

 

Total operating expenses

467,627

 

467,321

 

306

 

531,145

 

(63,518

)

1,887,637

 

1,898,100

 

Income before income tax

221,733

 

197,786

 

23,947

 

93,115

 

128,618

 

796,618

 

675,539

 

Income tax expense (benefit)

43,916

 

42,463

 

1,453

 

(1,479

)

45,395

 

182,406

 

134,197

 

Net income

$177,817

 

$155,323

 

$22,494

 

$94,594

 

$83,223

 

$614,212

 

$541,342

 

Net income applicable to common stock

$177,464

 

$154,970

 

$22,494

 

$94,241

 

$83,223

 

$612,800

 

$539,930

 

Net income per common share - basic

$2.51

 

$2.16

 

$0.35

 

$1.31

 

$1.20

 

$8.56

 

$7.53

 

Net income per common share - diluted

$2.51

 

$2.16

 

$0.35

 

$1.31

 

$1.20

 

$8.56

 

$7.52

 

Dividends Declared per Common Share

$0.70

 

$0.62

 

$0.08

 

$0.62

 

$0.08

 

$2.56

 

$2.27

 

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

 

 

 

 

 

 

Variance

 

 

 

 

 

 

Q4 2024 vs.

(In thousands)

31-Dec-24

30-Sep-24

31-Dec-23

Q3 2024

Assets:

 

 

 

 

Cash and due from banks

$419,638

 

$427,594

 

$420,462

 

$(7,956

)

Money market investments

6,380,948

 

6,530,788

 

6,998,871

 

(149,840

)

Trading account debt securities, at fair value

32,831

 

30,843

 

31,568

 

1,988

 

Debt securities available-for-sale, at fair value

18,245,903

 

17,186,123

 

16,729,044

 

1,059,780

 

Debt securities held-to-maturity, at amortized cost

7,758,077

 

7,865,294

 

8,194,335

 

(107,217

)

 

 

Less: Allowance for credit losses

5,317

 

5,430

 

5,780

 

(113

)

 

 

Debt securities held-to-maturity, net

7,752,760

 

7,859,864

 

8,188,555

 

(107,104

)

Equity securities

208,166

 

198,191

 

193,726

 

9,975

 

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

5,423

 

5,509

 

4,301

 

(86

)

Loans held-in-portfolio

37,522,995

 

36,599,612

 

35,420,879

 

923,383

 

 

 

Less: Unearned income

415,343

 

404,645

 

355,908

 

10,698

 

 

 

Allowance for credit losses

746,024

 

744,320

 

729,341

 

1,704

 

 

 

Total loans held-in-portfolio, net

36,361,628

 

35,450,647

 

34,335,630

 

910,981

 

Premises and equipment, net

601,787

 

624,376

 

565,284

 

(22,589

)

Other real estate

57,268

 

63,028

 

80,416

 

(5,760

)

Accrued income receivable

263,389

 

257,406

 

263,433

 

5,983

 

Mortgage servicing rights, at fair value

108,103

 

108,827

 

118,109

 

(724

)

Other assets

1,797,759

 

1,767,919

 

2,014,564

 

29,840

 

Goodwill

802,954

 

804,428

 

804,428

 

(1,474

)

Other intangible assets

6,826

 

7,531

 

9,764

 

(705

)

Total assets

$73,045,383

 

$71,323,074

 

$70,758,155

 

$1,722,309

 

Liabilities and Stockholders’ Equity:

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

$15,139,555

 

$15,276,071

 

$15,419,624

 

$(136,516

)

 

 

Interest bearing

49,744,790

 

48,392,430

 

48,198,619

 

1,352,360

 

 

 

Total deposits

64,884,345

 

63,668,501

 

63,618,243

 

1,215,844

 

Assets sold under agreements to repurchase

54,833

 

55,360

 

91,384

 

(527

)

Other short-term borrowings

225,000

 

-

 

-

 

225,000

 

Notes payable

896,293

 

918,376

 

986,948

 

(22,083

)

Other liabilities

1,371,846

 

890,323

 

914,627

 

481,523

 

Total liabilities

67,432,317

 

65,532,560

 

65,611,202

 

1,899,757

 

Stockholders’ equity:

 

 

 

 

Preferred stock

22,143

 

22,143

 

22,143

 

-

 

Common stock

1,048

 

1,048

 

1,048

 

-

 

Surplus

4,908,693

 

4,853,869

 

4,843,399

 

54,824

 

Retained earnings

4,570,957

 

4,495,878

 

4,194,851

 

75,079

 

Treasury stock

(2,228,535

)

(2,069,430

)

(2,018,957

)

(159,105

)

Accumulated other comprehensive loss, net of tax

(1,661,240

)

(1,512,994

)

(1,895,531

)

(148,246

)

 

 

Total stockholders’ equity

5,613,066

 

5,790,514

 

5,146,953

 

(177,448

)

Total liabilities and stockholders’ equity

$73,045,383

 

$71,323,074

 

$70,758,155

 

$1,722,309

 

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

For the quarters ended December 31, 2024 and September 30, 2024

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

 

Interest

 

Attributable to

 

31-Dec-24

 

30-Sep-24

Variance

 

31-Dec-24

 

30-Sep-24

 

Variance

 

 

 

 

 

31-Dec-24

 

30-Sep-24

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,571

$

7,033

$

(462

)

 

4.80

%

5.43

%

(0.63

)

%

 

Money market investments

$

79,301

$

96,061

$

(16,760

)

$

(10,705

)

$

(6,055

)

 

27,015

 

27,569

 

(554

)

 

2.92

 

2.92

 

-

 

 

 

Investment securities [1]

 

198,116

 

202,317

 

(4,201

)

 

(287

)

 

(3,914

)

 

32

 

30

 

2

 

 

5.82

 

5.87

 

(0.05

)

 

 

Trading securities

 

470

 

436

 

34

 

 

(4

)

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

33,618

 

34,632

 

(1,014

)

 

3.29

 

3.43

 

(0.14

)

 

 

 

securities

 

277,887

 

298,814

 

(20,927

)

 

(10,996

)

 

(9,931

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

18,297

 

17,798

 

499

 

 

6.84

 

6.90

 

(0.06

)

 

 

 

Commercial

 

314,615

 

308,734

 

5,881

 

 

(2,708

)

 

8,589

 

 

1,204

 

1,129

 

75

 

 

8.38

 

8.85

 

(0.47

)

 

 

 

Construction

 

25,352

 

25,102

 

250

 

 

(1,362

)

 

1,612

 

 

1,898

 

1,851

 

47

 

 

7.03

 

6.97

 

0.06

 

 

 

 

Leasing

 

33,361

 

32,241

 

1,120

 

 

292

 

 

828

 

 

8,039

 

7,911

 

128

 

 

5.78

 

5.73

 

0.05

 

 

 

 

Mortgage

 

116,254

 

113,409

 

2,845

 

 

1,004

 

 

1,841

 

 

3,218

 

3,211

 

7

 

 

13.79

 

14.08

 

(0.29

)

 

 

 

Consumer

 

111,538

 

112,423

 

(885

)

 

(1,192

)

 

307

 

 

3,908

 

3,879

 

29

 

 

9.02

 

8.94

 

0.08

 

 

 

 

Auto

 

88,564

 

87,189

 

1,375

 

 

731

 

 

644

 

 

36,564

 

35,779

 

785

 

 

7.51

 

7.56

 

(0.05

)

 

 

Total loans

 

689,684

 

679,098

 

10,586

 

 

(3,235

)

 

13,821

 

$

70,182

$

70,411

$

(229

)

 

5.49

%

5.53

%

(0.04

)

%

 

Total earning assets

$

967,571

$

977,912

$

(10,341

)

$

(14,231

)

$

3,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

25,954

$

26,148

$

(194

)

 

3.21

%

3.64

%

(0.43

)

%

 

 

NOW and money market [2]

$

209,227

$

238,923

$

(29,696

)

$

(31,943

)

$

2,247

 

 

14,246

 

14,322

 

(76

)

 

0.88

 

0.92

 

(0.04

)

 

 

 

Savings

 

31,341

 

33,169

 

(1,828

)

 

(1,609

)

 

(219

)

 

8,978

 

9,069

 

(91

)

 

3.33

 

3.46

 

(0.13

)

 

 

 

Time deposits

 

75,133

 

78,893

 

(3,760

)

 

(3,234

)

 

(526

)

 

49,178

 

49,539

 

(361

)

 

2.55

 

2.82

 

(0.27

)

 

 

Total interest bearing deposits

 

315,701

 

350,985

 

(35,284

)

 

(36,786

)

 

1,502

 

 

15,034

 

14,968

 

66

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,212

 

64,507

 

(295

)

 

1.96

 

2.16

 

(0.20

)

 

 

Total deposits

 

315,701

 

350,985

 

(35,284

)

 

(36,786

)

 

1,502

 

 

73

 

101

 

(28

)

 

5.09

 

5.62

 

(0.53

)

 

 

Short-term borrowings

 

928

 

1,430

 

(502

)

 

(139

)

 

(363

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

923

 

950

 

(27

)

 

5.39

 

5.32

 

0.07

 

 

 

 

long-term debt

 

12,379

 

12,560

 

(181

)

 

(78

)

 

(103

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,174

 

50,590

 

(416

)

 

2.61

 

2.87

 

(0.26

)

 

 

 

liabilities (excluding demand deposits)

 

329,008

 

364,975

 

(35,967

)

 

(37,003

)

 

1,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,974

 

4,853

 

121

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,182

$

70,411

$

(229

)

 

1.87

%

2.06

%

(0.19

)

%

 

Total source of funds

 

329,008

 

364,975

 

(35,967

)

 

(37,003

)

 

1,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.62

%

3.47

%

0.15

 

%

 

 

income on a taxable equivalent basis (Non-GAAP)

 

638,563

 

612,937

 

25,626

 

$

22,772

 

$

2,854

 

 

 

 

 

 

 

 

2.88

%

2.66

%

0.22

 

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

47,804

 

40,464

 

7,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.35

%

3.24

%

0.11

 

%

 

 

non-taxable equivalent basis (GAAP)

$

590,759

$

572,473

$

18,286

 

 

 

 

 

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 Fourth Quarter 2024 Earnings Release

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

For the quarters ended December 31, 2024 and December 31, 2023

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

Average Volume

 

Average Yields / Costs

 

 

 

Interest

 

Attributable to

 

31-Dec-24

 

31-Dec-23

Variance

 

31-Dec-24

 

31-Dec-23

 

Variance

 

 

 

 

 

31-Dec-24

 

31-Dec-23

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,571

$

7,307

$

(736

)

 

4.80

%

5.47

%

(0.67

)

%

 

Money market investments

$

79,301

$

100,840

$

(21,539

)

$

(11,942

)

$

(9,597

)

 

27,015

 

27,099

 

(84

)

 

2.92

 

2.28

 

0.64

 

 

 

Investment securities [1]

 

198,116

 

155,118

 

42,998

 

 

42,953

 

 

45

 

 

32

 

31

 

1

 

 

5.82

 

3.72

 

2.10

 

 

 

Trading securities

 

470

 

293

 

177

 

 

169

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

33,618

 

34,437

 

(819

)

 

3.29

 

2.96

 

0.33

 

 

 

 

securities

 

277,887

 

256,251

 

21,636

 

 

31,180

 

 

(9,544

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

18,297

 

17,251

 

1,046

 

 

6.84

 

6.71

 

0.13

 

 

 

 

Commercial

 

314,615

 

291,791

 

22,824

 

 

4,898

 

 

17,926

 

 

1,204

 

927

 

277

 

 

8.38

 

9.04

 

(0.66

)

 

 

 

Construction

 

25,352

 

21,131

 

4,221

 

 

(1,696

)

 

5,917

 

 

1,898

 

1,707

 

191

 

 

7.03

 

6.60

 

0.43

 

 

 

 

Leasing

 

33,361

 

28,174

 

5,187

 

 

1,913

 

 

3,274

 

 

8,039

 

7,626

 

413

 

 

5.78

 

5.83

 

(0.05

)

 

 

 

Mortgage

 

116,254

 

111,215

 

5,039

 

 

(941

)

 

5,980

 

 

3,218

 

3,215

 

3

 

 

13.79

 

13.43

 

0.36

 

 

 

 

Consumer

 

111,538

 

108,859

 

2,679

 

 

1,890

 

 

789

 

 

3,908

 

3,722

 

186

 

 

9.02

 

8.61

 

0.41

 

 

 

 

Auto

 

88,564

 

80,731

 

7,833

 

 

3,705

 

 

4,128

 

 

36,564

 

34,448

 

2,116

 

 

7.51

 

7.41

 

0.10

 

 

 

Total loans

 

689,684

 

641,901

 

47,783

 

 

9,769

 

 

38,014

 

$

70,182

$

68,885

$

1,297

 

 

5.49

%

5.18

%

0.31

 

%

 

Total earning assets

$

967,571

$

898,152

$

69,419

 

$

40,949

 

$

28,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

25,954

$

25,027

$

927

 

 

3.21

%

3.60

%

(0.39

)

%

 

 

NOW and money market [2]

$

209,227

$

227,079

$

(17,852

)

$

(23,319

)

$

5,467

 

 

14,246

 

14,934

 

(688

)

 

0.88

 

0.85

 

0.03

 

 

 

 

Savings

 

31,341

 

32,073

 

(732

)

 

795

 

 

(1,527

)

 

8,978

 

8,288

 

690

 

 

3.33

 

2.87

 

0.46

 

 

 

 

Time deposits

 

75,133

 

60,048

 

15,085

 

 

8,706

 

 

6,379

 

 

49,178

 

48,249

 

929

 

 

2.55

 

2.62

 

(0.07

)

 

 

Total interest bearing deposits

 

315,701

 

319,200

 

(3,499

)

 

(13,818

)

 

10,319

 

 

15,034

 

15,017

 

17

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,212

 

63,266

 

946

 

 

1.96

 

2.00

 

(0.04

)

 

 

Total deposits

 

315,701

 

319,200

 

(3,499

)

 

(13,818

)

 

10,319

 

 

73

 

94

 

(21

)

 

5.09

 

5.64

 

(0.55

)

 

 

Short-term borrowings

 

928

 

1,342

 

(414

)

 

(109

)

 

(305

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

923

 

1,018

 

(95

)

 

5.39

 

5.04

 

0.35

 

 

 

 

long-term debt

 

12,379

 

12,770

 

(391

)

 

(22

)

 

(369

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,174

 

49,361

 

813

 

 

2.61

 

2.68

 

(0.07

)

 

 

 

liabilities (excluding demand deposits)

 

329,008

 

333,312

 

(4,304

)

 

(13,949

)

 

9,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,974

 

4,507

 

467

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,182

$

68,885

$

1,297

 

 

1.87

%

1.92

%

(0.05

)

%

 

Total source of funds

 

329,008

 

333,312

 

(4,304

)

 

(13,949

)

 

9,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.62

%

3.26

%

0.36

 

%

 

 

income on a taxable equivalent basis (Non-GAAP)

 

638,563

 

564,840

 

73,723

 

$

54,898

 

$

18,825

 

 

 

 

 

 

 

 

2.88

%

2.50

%

0.38

 

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

47,804

 

30,660

 

17,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.35

%

3.08

%

0.27

 

%

 

 

non-taxable equivalent basis (GAAP)

$

590,759

$

534,180

$

56,579

 

 

 

 

 

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 Fourth 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

 

31-Dec-24

 

31-Dec-23

Variance

 

31-Dec-24

 

31-Dec-23

 

Variance

 

 

 

 

 

31-Dec-24

 

31-Dec-23

 

Variance

 

Rate

 

Volume

 

(In millions)

 

 

 

 

 

 

 

 

 

 

(In thousands)

$

6,641

$

7,052

$

(411

)

 

5.30

%

5.20

%

0.10

 

%

 

Money market investments

$

352,194

$

366,625

$

(14,431

)

$

7,241

 

$

(21,672

)

 

27,955

 

27,926

 

29

 

 

2.89

 

2.20

 

0.69

 

 

 

Investment securities [1]

 

808,458

 

615,758

 

192,700

 

 

190,942

 

 

1,758

 

 

30

 

32

 

(2

)

 

5.23

 

4.32

 

0.91

 

 

 

Trading securities

 

1,583

 

1,376

 

207

 

 

280

 

 

(73

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total money market,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investment and trading

 

 

 

 

 

 

 

 

 

 

 

34,626

 

35,010

 

(384

)

 

3.36

 

2.81

 

0.55

 

 

 

 

securities

 

1,162,235

 

983,759

 

178,476

 

 

198,463

 

 

(19,987

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

17,855

 

16,469

 

1,386

 

 

6.86

 

6.55

 

0.31

 

 

 

 

Commercial

 

1,224,856

 

1,079,171

 

145,685

 

 

52,298

 

 

93,387

 

 

1,099

 

816

 

283

 

 

8.81

 

8.86

 

(0.05

)

 

 

 

Construction

 

96,778

 

72,309

 

24,469

 

 

(478

)

 

24,947

 

 

1,820

 

1,650

 

170

 

 

6.90

 

6.38

 

0.52

 

 

 

 

Leasing

 

125,652

 

105,309

 

20,343

 

 

8,944

 

 

11,399

 

 

7,873

 

7,482

 

391

 

 

5.70

 

5.55

 

0.15

 

 

 

 

Mortgage

 

448,880

 

414,992

 

33,888

 

 

11,819

 

 

22,069

 

 

3,211

 

3,115

 

96

 

 

13.90

 

13.19

 

0.71

 

 

 

 

Consumer

 

446,357

 

410,910

 

35,447

 

 

19,564

 

 

15,883

 

 

3,843

 

3,633

 

210

 

 

8.90

 

8.39

 

0.51

 

 

 

 

Auto

 

342,075

 

304,660

 

37,415

 

 

19,382

 

 

18,033

 

 

35,701

 

33,165

 

2,536

 

 

7.52

 

7.20

 

0.32

 

 

 

Total loans

 

2,684,598

 

2,387,351

 

297,247

 

 

111,529

 

 

185,718

 

$

70,327

$

68,175

$

2,152

 

 

5.47

%

4.94

%

0.53

 

%

 

Total earning assets

$

3,846,833

$

3,371,110

$

475,723

 

$

309,992

 

$

165,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

$

25,978

$

24,563

$

1,415

 

 

3.52

%

3.10

%

0.42

 

%

 

 

NOW and money market [2]

$

913,624

$

761,647

$

151,977

 

$

113,249

 

$

38,728

 

 

14,499

 

14,900

 

(401

)

 

0.91

 

0.68

 

0.23

 

 

 

 

Savings

 

132,476

 

101,334

 

31,142

 

 

30,406

 

 

736

 

 

8,903

 

7,776

 

1,127

 

 

3.26

 

2.41

 

0.85

 

 

 

 

Time deposits

 

290,021

 

187,043

 

102,978

 

 

65,045

 

 

37,933

 

 

49,380

 

47,239

 

2,141

 

 

2.71

 

2.22

 

0.49

 

 

 

Total interest bearing deposits

 

1,336,121

 

1,050,024

 

286,097

 

 

208,700

 

 

77,397

 

 

15,065

 

15,307

 

(242

)

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

 

 

 

 

 

 

 

 

 

 

64,445

 

62,546

 

1,899

 

 

2.07

 

1.68

 

0.39

 

 

 

Total deposits

 

1,336,121

 

1,050,024

 

286,097

 

 

208,700

 

 

77,397

 

 

85

 

143

 

(58

)

 

5.53

 

5.12

 

0.41

 

 

 

Short-term borrowings

 

4,676

 

7,329

 

(2,653

)

 

540

 

 

(3,193

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other medium and

 

 

 

 

 

 

 

 

 

 

 

962

 

1,109

 

(147

)

 

5.22

 

5.09

 

0.13

 

 

 

 

long-term debt

 

50,178

 

56,430

 

(6,252

)

 

962

 

 

(7,214

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest bearing

 

 

 

 

 

 

 

 

 

 

 

50,427

 

48,491

 

1,936

 

 

2.76

 

2.30

 

0.46

 

 

 

 

liabilities (excluding demand deposits)

 

1,390,975

 

1,113,783

 

277,192

 

 

210,202

 

 

66,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,837

 

4,377

 

460

 

 

 

 

 

 

 

 

 

Other sources of funds

 

 

 

 

 

 

 

 

 

 

$

70,329

$

68,175

$

2,154

 

 

1.98

%

1.63

%

0.35

 

%

 

Total source of funds

 

1,390,975

 

1,113,783

 

277,192

 

 

210,202

 

 

66,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.49

%

3.31

%

0.18

 

%

 

 

income on a taxable equivalent basis (Non-GAAP)

 

2,455,858

 

2,257,327

 

198,531

 

$

99,790

 

$

98,741

 

 

 

 

 

 

 

 

2.71

%

2.64

%

0.07

 

%

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent adjustment

 

173,570

 

125,803

 

47,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin/ income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.24

%

3.13

%

0.11

 

%

 

 

non-taxable equivalent basis (GAAP)

$

2,282,288

$

2,131,524

$

150,764

 

 

 

 

 

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 Fourth Quarter 2024 Earnings Release

 

 

 

 

Table G - Mortgage Banking Activities and Other Service Fees

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Activities

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Years ended

Variance

(In thousands)

31-Dec-24

30-Sep-24

31-Dec-23

Q4 2024 vs.Q3 2024

Q4 2024 vs.Q4 2023

31-Dec-24

31-Dec-23

2024 vs. 2023

Mortgage servicing fees, net of fair value adjustments:

 

 

 

 

 

 

 

 

 

Mortgage servicing fees

$7,315

 

$7,559

 

$7,898

 

$(244

)

$(583

)

$30,227

 

$32,981

 

$(2,754

)

 

Mortgage servicing rights fair value adjustments

(1,090

)

(4,896

)

(1,204

)

3,806

 

114

 

(11,370

)

(11,589

)

219

 

Total mortgage servicing fees, net of fair value adjustments

6,225

 

2,663

 

6,694

 

3,562

 

(469

)

18,857

 

21,392

 

(2,535

)

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

(79

)

320

 

45

 

(399

)

(124

)

317

 

(88

)

405

 

Trading account profit (loss):

 

 

 

 

 

 

 

 

 

Unrealized gains (loss) on outstanding derivative positions

72

 

(44

)

(298

)

116

 

370

 

185

 

(138

)

323

 

 

Realized gains (loss) on closed derivative positions

99

 

(261

)

(47

)

360

 

146

 

(150

)

614

 

(764

)

Total trading account profit (loss)

171

 

(305

)

(345

)

476

 

516

 

35

 

476

 

(441

)

Losses on repurchased loans, including interest advances

(11

)

(8

)

(6

)

(3

)

(5

)

(150

)

(283

)

133

 

Total mortgage banking activities

$6,306

 

$2,670

 

$6,388

 

$3,636

 

$(82

)

$19,059

 

$21,497

 

$(2,438

)

 

 

 

 

 

 

 

 

 

 

 

Other Service Fees

 

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Years ended

Variance

(In thousands)

 

31-Dec-24

30-Sep-24

31-Dec-23

Q4 2024 vs.Q3 2024

Q4 2024|vs.Q4 2023

31-Dec-24

31-Dec-23

2024 vs. 2023

Other service fees:

 

 

 

 

 

 

 

 

 

 

Debit card fees [1]

 

$26,903

$26,197

$25,489

$706

 

$1,414

 

$105,810

$99,632

$6,178

 

 

Insurance fees

 

14,619

15,422

16,739

(803

)

(2,120

)

58,098

60,220

(2,122

)

 

Credit card fees [1]

 

30,803

31,262

29,894

(459

)

909

 

122,380

120,040

2,340

 

 

Sale and administration of investment products

 

9,549

8,387

6,862

1,162

 

2,687

 

33,213

26,316

6,897

 

 

Trust fees

 

6,635

6,715

6,716

(80

)

(81

)

26,679

25,472

1,207

 

 

Other fees

 

10,841

10,765

10,992

76

 

(151

)

43,053

42,760

293

 

Total other service fees

 

$99,350

$98,748

$96,692

$602

 

$2,658

 

$389,233

$374,440

$14,793

 

[1] Effective in the third quarter of 2024, the Corporation is reclassifying certain interchange fees, which were previously included jointly with credit card fees from common network activity, as debit card fees. Interchange fees amounting to $11.3 million and $10.9 million, were reclassified for the first and second quarters of 2024, respectively. For the quarter and year to date ended December 31, 2023, interchange fees of approximately $11.5 million and $45.3 million were reclassified.

Popular, Inc.

 

 

 

 

 

 

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

Table H - Consolidated Loans and Deposits

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans - Ending Balances

 

 

 

 

 

 

 

 

 

 

 

Variance

(Dollars in thousands)

31-Dec-24

30-Sep-24

31-Dec-23

Q4 2024 vs.Q3 2024

% of Change

Q4 2024 vs.Q4 2023

% of Change

Loans held-in-portfolio:

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

Commercial multi-family

$2,399,620

$2,405,302

$2,415,620

$(5,682

)

(0.24

%)

$(16,000

)

(0.66

%)

Commercial real estate non-owner occupied

5,363,235

5,185,381

5,087,421

177,854

 

3.43

%

275,814

 

5.42

%

Commercial real estate owner occupied

3,157,746

3,092,393

3,080,635

65,353

 

2.11

%

77,111

 

2.50

%

Commercial and industrial

7,741,562

7,400,553

7,126,121

341,009

 

4.61

%

615,441

 

8.64

%

Total Commercial

18,662,163

18,083,629

17,709,797

578,534

 

3.20

%

952,366

 

5.38

%

Construction

1,263,792

1,113,307

959,280

150,485

 

13.52

%

304,512

 

31.74

%

Leasing

1,925,405

1,887,052

1,731,809

38,353

 

2.03

%

193,596

 

11.18

%

Mortgage

8,114,183

7,993,348

7,695,917

120,835

 

1.51

%

418,266

 

5.43

%

Consumer

 

 

 

 

 

 

 

Credit cards

1,218,079

1,186,893

1,135,747

31,186

 

2.63

%

82,332

 

7.25

%

Home equity lines of credit

73,571

69,691

65,953

3,880

 

5.57

%

7,618

 

11.55

%

Personal

1,855,244

1,873,175

1,945,247

(17,931

)

(0.96

%)

(90,003

)

(4.63

%)

Auto

3,823,437

3,818,607

3,660,780

4,830

 

0.13

%

162,657

 

4.44

%

Other

171,778

169,265

160,441

2,513

 

1.48

%

11,337

 

7.07

%

Total Consumer

7,142,109

7,117,631

6,968,168

24,478

 

0.34

%

173,941

 

2.50

%

Total loans held-in-portfolio

$37,107,652

$36,194,967

$35,064,971

$912,685

 

2.52

%

$2,042,681

 

5.83

%

Loans held-for-sale:

 

 

 

 

 

 

 

Mortgage

$5,423

$5,509

$4,301

$(86

)

(1.56

%)

$1,122

 

26.09

%

Total loans held-for-sale

$5,423

$5,509

$4,301

$(86

)

(1.56

%)

$1,122

 

26.09

%

Total loans

$37,113,075

$36,200,476

$35,069,272

$912,599

 

2.52

%

$2,043,803

 

5.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits - Ending Balances

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

31-Dec-24

30-Sep-24

31-Dec-23

Q4 2024 vs. Q3 2024

% of Change

Q4 2024 vs.Q4 2023

% of Change

Non-P.R. government deposits:

 

 

 

 

 

 

 

Demand deposits

$15,139,555

$15,276,071

$15,419,624

$(136,516

)

(0.89

%)

$(280,069

)

(1.82

%)

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

21,177,506

20,584,328

21,541,261

593,178

 

2.88

%

(363,755

)

(1.69

%)

Savings, NOW and money market deposits (brokered)

736,225

735,231

719,453

994

 

0.14

%

16,772

 

2.33

%

Time deposits (non-brokered)

7,476,924

7,363,477

6,914,035

113,447

 

1.54

%

562,889

 

8.14

%

Time deposits (brokered CDs)

890,704

993,522

955,754

(102,818

)

(10.35

%)

(65,050

)

(6.81

%)

Sub-total non-P.R. government deposits

45,420,914

44,952,629

45,550,127

468,285

 

1.04

%

(129,213

)

(0.28

%)

P.R. government deposits:

 

 

 

 

 

 

 

Demand deposits [1]

11,730,273

11,088,511

12,159,430

641,762

 

5.79

%

(429,157

)

(3.53

%)

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

7,087,904

6,903,370

5,276,583

184,534

 

2.67

%

1,811,321

 

34.33

%

Time deposits (non-brokered)

645,254

723,991

632,103

(78,737

)

(10.88

%)

13,151

 

2.08

%

Sub-total P.R. government deposits

19,463,431

18,715,872

18,068,116

747,559

 

3.99

%

1,395,315

 

7.72

%

Total deposits

$64,884,345

$63,668,501

$63,618,243

$1,215,844

 

1.91

%

$1,266,102

 

1.99

%

[1] Includes interest bearing demand deposits.

 

 

 

 

 

 

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table I - Loan Delinquency -BPPR Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-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

 

$

1,491

 

 

$

113

 

 

$

79

 

 

$

1,683

 

 

$

306,318

 

 

$

308,001

 

 

 

$

79

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

3,103

 

 

 

586

 

 

 

6,429

 

 

 

10,118

 

 

 

3,236,385

 

 

 

3,246,503

 

 

 

 

6,429

 

 

 

-

 

 

Owner occupied

 

 

11,054

 

 

 

808

 

 

 

25,258

 

 

 

37,120

 

 

 

1,338,791

 

 

 

1,375,911

 

 

 

 

25,258

 

 

 

-

 

Commercial and industrial

 

 

5,738

 

 

 

2,712

 

 

 

23,895

 

 

 

32,345

 

 

 

5,314,549

 

 

 

5,346,894

 

 

 

 

19,335

 

 

 

4,560

 

Construction

 

 

1,039

 

 

 

-

 

 

 

-

 

 

 

1,039

 

 

 

211,251

 

 

 

212,290

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

262,222

 

 

 

116,694

 

 

 

365,759

 

 

 

744,675

 

 

 

6,065,206

 

 

 

6,809,881

 

 

 

 

158,442

 

 

 

207,317

 

Leasing

 

 

23,991

 

 

 

6,062

 

 

 

9,588

 

 

 

39,641

 

 

 

1,885,764

 

 

 

1,925,405

 

 

 

 

9,588

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

17,399

 

 

 

11,719

 

 

 

29,960

 

 

 

59,078

 

 

 

1,158,975

 

 

 

1,218,053

 

 

 

 

-

 

 

 

29,960

 

 

Home equity lines of credit

 

 

16

 

 

 

129

 

 

 

-

 

 

 

145

 

 

 

1,895

 

 

 

2,040

 

 

 

 

-

 

 

 

-

 

 

Personal

 

 

19,503

 

 

 

13,005

 

 

 

20,269

 

 

 

52,777

 

 

 

1,697,600

 

 

 

1,750,377

 

 

 

 

20,269

 

 

 

-

 

 

Auto

 

 

111,358

 

 

 

27,858

 

 

 

51,792

 

 

 

191,008

 

 

 

3,632,429

 

 

 

3,823,437

 

 

 

 

51,792

 

 

 

-

 

 

Other

 

 

1,816

 

 

 

277

 

 

 

1,312

 

 

 

3,405

 

 

 

156,824

 

 

 

160,229

 

 

 

 

899

 

 

 

413

 

Total

 

$

458,730

 

 

$

179,963

 

 

$

534,341

 

 

$

1,173,034

 

 

$

25,005,987

 

 

$

26,179,021

 

 

 

$

292,091

 

 

$

242,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-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

 

$

1,866

 

 

$

-

 

 

$

87

 

 

$

1,953

 

 

$

303,581

 

 

$

305,534

 

 

 

$

87

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

170

 

 

 

174

 

 

 

7,493

 

 

 

7,837

 

 

 

3,140,418

 

 

 

3,148,255

 

 

 

 

7,493

 

 

 

-

 

 

Owner occupied

 

 

1,544

 

 

 

1,681

 

 

 

26,600

 

 

 

29,825

 

 

 

1,374,025

 

 

 

1,403,850

 

 

 

 

26,600

 

 

 

-

 

Commercial and industrial

 

 

19,074

 

 

 

6,694

 

 

 

23,819

 

 

 

49,587

 

 

 

5,126,538

 

 

 

5,176,125

 

 

 

 

19,639

 

 

 

4,180

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

190,343

 

 

 

190,343

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

246,220

 

 

 

122,592

 

 

 

359,986

 

 

 

728,798

 

 

 

5,966,619

 

 

 

6,695,417

 

 

 

 

157,920

 

 

 

202,066

 

Leasing

 

 

19,840

 

 

 

4,661

 

 

 

7,367

 

 

 

31,868

 

 

 

1,855,184

 

 

 

1,887,052

 

 

 

 

7,367

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

16,210

 

 

 

11,415

 

 

 

27,214

 

 

 

54,839

 

 

 

1,132,050

 

 

 

1,186,889

 

 

 

 

-

 

 

 

27,214

 

 

Home equity lines of credit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,131

 

 

 

2,131

 

 

 

 

-

 

 

 

-

 

 

Personal

 

 

21,726

 

 

 

13,153

 

 

 

21,007

 

 

 

55,886

 

 

 

1,698,195

 

 

 

1,754,081

 

 

 

 

20,992

 

 

 

15

 

 

Auto

 

 

104,363

 

 

 

26,090

 

 

 

47,828

 

 

 

178,281

 

 

 

3,640,326

 

 

 

3,818,607

 

 

 

 

47,828

 

 

 

-

 

 

Other

 

 

727

 

 

 

500

 

 

 

1,188

 

 

 

2,415

 

 

 

154,775

 

 

 

157,190

 

 

 

 

889

 

 

 

299

 

Total

 

$

431,740

 

 

$

186,960

 

 

$

522,589

 

 

$

1,141,289

 

 

$

24,584,185

 

 

$

25,725,474

 

 

 

$

288,815

 

 

$

233,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(375

)

 

$

113

 

 

$

(8

)

 

$

(270

)

 

$

2,737

 

 

$

2,467

 

 

 

$

(8

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

2,933

 

 

 

412

 

 

 

(1,064

)

 

 

2,281

 

 

 

95,967

 

 

 

98,248

 

 

 

 

(1,064

)

 

 

-

 

 

Owner occupied

 

 

9,510

 

 

 

(873

)

 

 

(1,342

)

 

 

7,295

 

 

 

(35,234

)

 

 

(27,939

)

 

 

 

(1,342

)

 

 

-

 

Commercial and industrial

 

 

(13,336

)

 

 

(3,982

)

 

 

76

 

 

 

(17,242

)

 

 

188,011

 

 

 

170,769

 

 

 

 

(304

)

 

 

380

 

Construction

 

 

1,039

 

 

 

-

 

 

 

-

 

 

 

1,039

 

 

 

20,908

 

 

 

21,947

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

16,002

 

 

 

(5,898

)

 

 

5,773

 

 

 

15,877

 

 

 

98,587

 

 

 

114,464

 

 

 

 

522

 

 

 

5,251

 

Leasing

 

 

4,151

 

 

 

1,401

 

 

 

2,221

 

 

 

7,773

 

 

 

30,580

 

 

 

38,353

 

 

 

 

2,221

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

1,189

 

 

 

304

 

 

 

2,746

 

 

 

4,239

 

 

 

26,925

 

 

 

31,164

 

 

 

 

-

 

 

 

2,746

 

 

Home equity lines of credit

 

 

16

 

 

 

129

 

 

 

-

 

 

 

145

 

 

 

(236

)

 

 

(91

)

 

 

 

-

 

 

 

-

 

 

Personal

 

 

(2,223

)

 

 

(148

)

 

 

(738

)

 

 

(3,109

)

 

 

(595

)

 

 

(3,704

)

 

 

 

(723

)

 

 

(15

)

 

Auto

 

 

6,995

 

 

 

1,768

 

 

 

3,964

 

 

 

12,727

 

 

 

(7,897

)

 

 

4,830

 

 

 

 

3,964

 

 

 

-

 

 

Other

 

 

1,089

 

 

 

(223

)

 

 

124

 

 

 

990

 

 

 

2,049

 

 

 

3,039

 

 

 

 

10

 

 

 

114

 

Total

 

$

26,990

 

 

$

(6,997

)

 

$

11,752

 

 

$

31,745

 

 

$

421,802

 

 

$

453,547

 

 

 

$

3,276

 

 

$

8,476

 

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-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

 

$

-

 

 

$

5,443

 

 

$

8,700

 

 

$

14,143

 

 

$

2,077,476

 

 

$

2,091,619

 

 

 

$

8,700

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

6,792

 

 

 

-

 

 

 

8,015

 

 

 

14,807

 

 

 

2,101,925

 

 

 

2,116,732

 

 

 

 

8,015

 

 

 

-

 

 

Owner occupied

 

 

-

 

 

 

-

 

 

 

5,191

 

 

 

5,191

 

 

 

1,776,644

 

 

 

1,781,835

 

 

 

 

5,191

 

 

 

-

 

Commercial and industrial

 

 

10,336

 

 

 

5,323

 

 

 

1,938

 

 

 

17,597

 

 

 

2,377,071

 

 

 

2,394,668

 

 

 

 

1,748

 

 

 

190

 

Construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,051,502

 

 

 

1,051,502

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

18,148

 

 

 

5,417

 

 

 

29,890

 

 

 

53,455

 

 

 

1,250,847

 

 

 

1,304,302

 

 

 

 

29,890

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26

 

 

 

26

 

 

 

 

-

 

 

 

-

 

 

Home equity lines of credit

 

 

530

 

 

 

986

 

 

 

3,393

 

 

 

4,909

 

 

 

66,622

 

 

 

71,531

 

 

 

 

3,393

 

 

 

-

 

 

Personal

 

 

1,808

 

 

 

1,509

 

 

 

1,741

 

 

 

5,058

 

 

 

99,809

 

 

 

104,867

 

 

 

 

1,741

 

 

 

-

 

 

Other

 

 

514

 

 

 

-

 

 

 

11

 

 

 

525

 

 

 

11,024

 

 

 

11,549

 

 

 

 

11

 

 

 

-

 

Total

 

$

38,128

 

 

$

18,678

 

 

$

58,879

 

 

$

115,685

 

 

$

10,812,946

 

 

$

10,928,631

 

 

 

$

58,689

 

 

$

190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-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

 

$

1,060

 

 

$

-

 

 

$

8,700

 

 

$

9,760

 

 

$

2,090,008

 

 

$

2,099,768

 

 

 

$

8,700

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

10,330

 

 

 

3,013

 

 

 

2,282

 

 

 

15,625

 

 

 

2,021,501

 

 

 

2,037,126

 

 

 

 

2,282

 

 

 

-

 

 

Owner occupied

 

 

250

 

 

 

1,825

 

 

 

22,248

 

 

 

24,323

 

 

 

1,664,220

 

 

 

1,688,543

 

 

 

 

22,248

 

 

 

-

 

Commercial and industrial

 

 

11,478

 

 

 

2,312

 

 

 

5,443

 

 

 

19,233

 

 

 

2,205,195

 

 

 

2,224,428

 

 

 

 

5,246

 

 

 

197

 

Construction

 

 

-

 

 

 

34,349

 

 

 

-

 

 

 

34,349

 

 

 

888,615

 

 

 

922,964

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

899

 

 

 

3,640

 

 

 

28,434

 

 

 

32,973

 

 

 

1,264,958

 

 

 

1,297,931

 

 

 

 

28,434

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

4

 

 

 

 

-

 

 

 

-

 

 

Home equity lines of credit

 

 

74

 

 

 

984

 

 

 

3,834

 

 

 

4,892

 

 

 

62,668

 

 

 

67,560

 

 

 

 

3,834

 

 

 

-

 

 

Personal

 

 

1,696

 

 

 

2,015

 

 

 

1,837

 

 

 

5,548

 

 

 

113,546

 

 

 

119,094

 

 

 

 

1,837

 

 

 

-

 

 

Other

 

 

10

 

 

 

508

 

 

 

2

 

 

 

520

 

 

 

11,555

 

 

 

12,075

 

 

 

 

2

 

 

 

-

 

Total

 

$

25,797

 

 

$

48,646

 

 

$

72,780

 

 

$

147,223

 

 

$

10,322,270

 

 

$

10,469,493

 

 

 

$

72,583

 

 

$

197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

 

30-59

 

 

60-89

 

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

(1,060

)

 

$

5,443

 

 

$

-

 

 

$

4,383

 

 

$

(12,532

)

 

$

(8,149

)

 

 

$

-

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

(3,538

)

 

 

(3,013

)

 

 

5,733

 

 

 

(818

)

 

 

80,424

 

 

 

79,606

 

 

 

 

5,733

 

 

 

-

 

 

Owner occupied

 

 

(250

)

 

 

(1,825

)

 

 

(17,057

)

 

 

(19,132

)

 

 

112,424

 

 

 

93,292

 

 

 

 

(17,057

)

 

 

-

 

Commercial and industrial

 

 

(1,142

)

 

 

3,011

 

 

 

(3,505

)

 

 

(1,636

)

 

 

171,876

 

 

 

170,240

 

 

 

 

(3,498

)

 

 

(7

)

Construction

 

 

-

 

 

 

(34,349

)

 

 

-

 

 

 

(34,349

)

 

 

162,887

 

 

 

128,538

 

 

 

 

-

 

 

 

-

 

Mortgage

 

 

17,249

 

 

 

1,777

 

 

 

1,456

 

 

 

20,482

 

 

 

(14,111

)

 

 

6,371

 

 

 

 

1,456

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22

 

 

 

22

 

 

 

 

-

 

 

 

-

 

 

Home equity lines of credit

 

 

456

 

 

 

2

 

 

 

(441

)

 

 

17

 

 

 

3,954

 

 

 

3,971

 

 

 

 

(441

)

 

 

-

 

 

Personal

 

 

112

 

 

 

(506

)

 

 

(96

)

 

 

(490

)

 

 

(13,737

)

 

 

(14,227

)

 

 

 

(96

)

 

 

-

 

 

Other

 

 

504

 

 

 

(508

)

 

 

9

 

 

 

5

 

 

 

(531

)

 

 

(526

)

 

 

 

9

 

 

 

-

 

Total

 

$

12,331

 

 

$

(29,968

)

 

$

(13,901

)

 

$

(31,538

)

 

$

490,676

 

 

$

459,138

 

 

 

$

(13,894

)

 

$

(7

)

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table K - Loan Delinquency - Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-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

$

1,491

 

 

$

5,556

 

 

$

8,779

 

 

$

15,826

 

 

$

2,383,794

 

 

$

2,399,620

 

 

 

$

8,779

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

9,895

 

 

 

586

 

 

 

14,444

 

 

 

24,925

 

 

 

5,338,310

 

 

 

5,363,235

 

 

 

 

14,444

 

 

 

-

 

 

Owner occupied

 

11,054

 

 

 

808

 

 

 

30,449

 

 

 

42,311

 

 

 

3,115,435

 

 

 

3,157,746

 

 

 

 

30,449

 

 

 

-

 

Commercial and industrial

 

16,074

 

 

 

8,035

 

 

 

25,833

 

 

 

49,942

 

 

 

7,691,620

 

 

 

7,741,562

 

 

 

 

21,083

 

 

 

4,750

 

Construction

 

1,039

 

 

 

-

 

 

 

-

 

 

 

1,039

 

 

 

1,262,753

 

 

 

1,263,792

 

 

 

 

-

 

 

 

-

 

Mortgage

 

280,370

 

 

 

122,111

 

 

 

395,649

 

 

 

798,130

 

 

 

7,316,053

 

 

 

8,114,183

 

 

 

 

188,332

 

 

 

207,317

 

Leasing

 

23,991

 

 

 

6,062

 

 

 

9,588

 

 

 

39,641

 

 

 

1,885,764

 

 

 

1,925,405

 

 

 

 

9,588

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

17,399

 

 

 

11,719

 

 

 

29,960

 

 

 

59,078

 

 

 

1,159,001

 

 

 

1,218,079

 

 

 

 

-

 

 

 

29,960

 

 

Home equity lines of credit

 

546

 

 

 

1,115

 

 

 

3,393

 

 

 

5,054

 

 

 

68,517

 

 

 

73,571

 

 

 

 

3,393

 

 

 

-

 

 

Personal

 

21,311

 

 

 

14,514

 

 

 

22,010

 

 

 

57,835

 

 

 

1,797,409

 

 

 

1,855,244

 

 

 

 

22,010

 

 

 

-

 

 

Auto

 

111,358

 

 

 

27,858

 

 

 

51,792

 

 

 

191,008

 

 

 

3,632,429

 

 

 

3,823,437

 

 

 

 

51,792

 

 

 

-

 

 

Other

 

2,330

 

 

 

277

 

 

 

1,323

 

 

 

3,930

 

 

 

167,848

 

 

 

171,778

 

 

 

 

910

 

 

 

413

 

Total

$

496,858

 

 

$

198,641

 

 

$

593,220

 

 

$

1,288,719

 

 

$

35,818,933

 

 

$

37,107,652

 

 

 

$

350,780

 

 

$

242,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-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

$

2,926

 

 

$

-

 

 

$

8,787

 

 

$

11,713

 

 

$

2,393,589

 

 

$

2,405,302

 

 

 

$

8,787

 

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

10,500

 

 

 

3,187

 

 

 

9,775

 

 

 

23,462

 

 

 

5,161,919

 

 

 

5,185,381

 

 

 

 

9,775

 

 

 

-

 

 

Owner occupied

 

1,794

 

 

 

3,506

 

 

 

48,848

 

 

 

54,148

 

 

 

3,038,245

 

 

 

3,092,393

 

 

 

 

48,848

 

 

 

-

 

Commercial and industrial

 

30,552

 

 

 

9,006

 

 

 

29,262

 

 

 

68,820

 

 

 

7,331,733

 

 

 

7,400,553

 

 

 

 

24,885

 

 

 

4,377

 

Construction

 

-

 

 

 

34,349

 

 

 

-

 

 

 

34,349

 

 

 

1,078,958

 

 

 

1,113,307

 

 

 

 

-

 

 

 

-

 

Mortgage

 

247,119

 

 

 

126,232

 

 

 

388,420

 

 

 

761,771

 

 

 

7,231,577

 

 

 

7,993,348

 

 

 

 

186,354

 

 

 

202,066

 

Leasing

 

19,840

 

 

 

4,661

 

 

 

7,367

 

 

 

31,868

 

 

 

1,855,184

 

 

 

1,887,052

 

 

 

 

7,367

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

16,210

 

 

 

11,415

 

 

 

27,214

 

 

 

54,839

 

 

 

1,132,054

 

 

 

1,186,893

 

 

 

 

-

 

 

 

27,214

 

 

Home equity lines of credit

 

74

 

 

 

984

 

 

 

3,834

 

 

 

4,892

 

 

 

64,799

 

 

 

69,691

 

 

 

 

3,834

 

 

 

-

 

 

Personal

 

23,422

 

 

 

15,168

 

 

 

22,844

 

 

 

61,434

 

 

 

1,811,741

 

 

 

1,873,175

 

 

 

 

22,829

 

 

 

15

 

 

Auto

 

104,363

 

 

 

26,090

 

 

 

47,828

 

 

 

178,281

 

 

 

3,640,326

 

 

 

3,818,607

 

 

 

 

47,828

 

 

 

-

 

 

Other

 

737

 

 

 

1,008

 

 

 

1,190

 

 

 

2,935

 

 

 

166,330

 

 

 

169,265

 

 

 

 

891

 

 

 

299

 

Total

$

457,537

 

 

$

235,606

 

 

$

595,369

 

 

$

1,288,512

 

 

$

34,906,455

 

 

$

36,194,967

 

 

 

$

361,398

 

 

$

233,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

 

60-89

 

 

90 days

 

Total

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

$

(1,435

)

 

$

5,556

 

 

$

(8

)

 

$

4,113

 

 

$

(9,795

)

 

$

(5,682

)

 

 

$

(8

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

(605

)

 

 

(2,601

)

 

 

4,669

 

 

 

1,463

 

 

 

176,391

 

 

 

177,854

 

 

 

 

4,669

 

 

 

-

 

 

Owner occupied

 

9,260

 

 

 

(2,698

)

 

 

(18,399

)

 

 

(11,837

)

 

 

77,190

 

 

 

65,353

 

 

 

 

(18,399

)

 

 

-

 

Commercial and industrial

 

(14,478

)

 

 

(971

)

 

 

(3,429

)

 

 

(18,878

)

 

 

359,887

 

 

 

341,009

 

 

 

 

(3,802

)

 

 

373

 

Construction

 

1,039

 

 

 

(34,349

)

 

 

-

 

 

 

(33,310

)

 

 

183,795

 

 

 

150,485

 

 

 

 

-

 

 

 

-

 

Mortgage

 

33,251

 

 

 

(4,121

)

 

 

7,229

 

 

 

36,359

 

 

 

84,476

 

 

 

120,835

 

 

 

 

1,978

 

 

 

5,251

 

Leasing

 

4,151

 

 

 

1,401

 

 

 

2,221

 

 

 

7,773

 

 

 

30,580

 

 

 

38,353

 

 

 

 

2,221

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

1,189

 

 

 

304

 

 

 

2,746

 

 

 

4,239

 

 

 

26,947

 

 

 

31,186

 

 

 

 

-

 

 

 

2,746

 

 

Home equity lines of credit

 

472

 

 

 

131

 

 

 

(441

)

 

 

162

 

 

 

3,718

 

 

 

3,880

 

 

 

 

(441

)

 

 

-

 

 

Personal

 

(2,111

)

 

 

(654

)

 

 

(834

)

 

 

(3,599

)

 

 

(14,332

)

 

 

(17,931

)

 

 

 

(819

)

 

 

(15

)

 

Auto

 

6,995

 

 

 

1,768

 

 

 

3,964

 

 

 

12,727

 

 

 

(7,897

)

 

 

4,830

 

 

 

 

3,964

 

 

 

-

 

 

Other

 

1,593

 

 

 

(731

)

 

 

133

 

 

 

995

 

 

 

1,518

 

 

 

2,513

 

 

 

 

19

 

 

 

114

 

Total

$

39,321

 

 

$

(36,965

)

 

$

(2,149

)

 

$

207

 

 

$

912,478

 

 

$

912,685

 

 

 

$

(10,618

)

 

$

8,469

 

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

31-Dec-24

As a % of loans HIP by category

 

30-Sep-24

As a % of loans HIP by category

 

31-Dec-23

As a % of loans HIP by category

 

Q4 2024 vs. Q3 2024

Q4 2024 vs. Q4 2023

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

Commercial multi-family

$

8,779

0.4

%

$

8,787

0.4

%

$

1,991

0.1

%

$

(8

)

$

6,788

 

Commercial real estate non-owner occupied

 

14,444

0.3

 

 

9,775

0.2

 

 

9,862

0.2

 

 

4,669

 

 

4,582

 

Commercial real estate owner occupied

 

30,449

1.0

 

 

48,848

1.6

 

 

35,704

1.2

 

 

(18,399

)

 

(5,255

)

Commercial and industrial

 

21,083

0.3

 

 

24,885

0.3

 

 

36,598

0.5

 

 

(3,802

)

 

(15,515

)

Total Commercial

 

74,755

0.4

 

 

92,295

0.5

 

 

84,155

0.5

 

 

(17,540

)

 

(9,400

)

Construction

 

-

-

 

 

-

-

 

 

6,378

0.7

 

 

-

 

 

(6,378

)

Leasing

 

9,588

0.5

 

 

7,367

0.4

 

 

8,632

0.5

 

 

2,221

 

 

956

 

Mortgage

 

188,332

2.3

 

 

186,354

2.3

 

 

186,297

2.4

 

 

1,978

 

 

2,035

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

Home equity lines of credit

 

3,393

4.6

 

 

3,834

5.5

 

 

3,733

5.7

 

 

(441

)

 

(340

)

Personal

 

22,010

1.2

 

 

22,829

1.2

 

 

21,836

1.1

 

 

(819

)

 

174

 

Auto

 

51,792

1.4

 

 

47,828

1.3

 

 

45,615

1.2

 

 

3,964

 

 

6,177

 

Other Consumer

 

910

0.5

 

 

891

0.5

 

 

965

0.6

 

 

19

 

 

(55

)

Total Consumer

 

78,105

1.1

 

 

75,382

1.1

 

 

72,149

1.0

 

 

2,723

 

 

5,956

 

Total non-performing loans held-in-portfolio

 

350,780

0.9

%

 

361,398

1.0

%

 

357,611

1.0

%

 

(10,618

)

 

(6,831

)

Other real estate owned (“OREO”)

 

57,268

 

 

 

63,028

 

 

 

80,416

 

 

 

(5,760

)

 

(23,148

)

Total non-performing assets [1]

$

408,048

 

 

$

424,426

 

 

$

438,027

 

 

$

(16,378

)

$

(29,979

)

Accruing loans past due 90 days or more [2]

$

242,440

 

 

$

233,971

 

 

$

268,471

 

 

$

8,469

 

$

(26,031

)

Ratios:

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets to total assets

 

0.56

%

 

 

0.60

%

 

 

0.62

%

 

 

 

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

 

0.95

 

 

 

1.00

 

 

 

1.02

 

 

 

 

Allowance for credit losses to loans held-in-portfolio

 

2.01

 

 

 

2.06

 

 

 

2.08

 

 

 

 

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

 

212.68

 

 

 

205.96

 

 

 

203.95

 

 

 

 

[1] There were no non-performing loans held-for-sale as of December 31, 2024, September 30, 2024 and December 31, 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 $9 million at December 31, 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 (September 30, 2024 - $9 million; December 31, 2023 - $11 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 $65 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2024 (September 30, 2024 - $70 million; December 31, 2023 - $106 million). Furthermore, the Corporation has approximately $31 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 (September 30, 2024- $32 million; December 31, 2023 - $38 million).

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

 

 

 

 

 

 

 

 

Commercial loans held-in-portfolio:

 

 

Quarter ended

Quarter ended

 

 

31-Dec-24

30-Sep-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$53,819

 

$38,476

 

$92,295

 

$56,170

 

$37,763

 

$93,933

 

Plus:

 

 

 

 

 

 

 

New non-performing loans

2,915

 

9,203

 

12,118

 

4,460

 

2,582

 

7,042

 

 

Advances on existing non-performing loans

-

 

9

 

9

 

-

 

3

 

3

 

Less:

 

 

 

 

 

 

 

Non-performing loans transferred to OREO

(78

)

-

 

(78

)

-

 

-

 

-

 

 

Non-performing loans charged-off

(701

)

(835

)

(1,536

)

(4,085

)

(82

)

(4,167

)

 

Loans returned to accrual status / loan collections

(4,854

)

(23,199

)

(28,053

)

(2,726

)

(1,790

)

(4,516

)

Ending balance NPLs

$51,101

 

$23,654

 

$74,755

 

$53,819

 

$38,476

 

$92,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans held-in-portfolio:

 

 

Quarter ended

Quarter ended

 

 

31-Dec-24

30-Sep-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$157,920

 

$28,434

 

$186,354

 

$163,790

 

$11,554

 

$175,344

 

Plus:

 

 

 

 

 

 

 

New non-performing loans

44,670

 

4,637

 

49,307

 

32,125

 

20,386

 

52,511

 

 

Advances on existing non-performing loans

-

 

21

 

21

 

-

 

29

 

29

 

Less:

 

 

 

 

 

 

 

Non-performing loans transferred to OREO

(3,829

)

-

 

(3,829

)

(4,016

)

-

 

(4,016

)

 

Non-performing loans charged-off

(12

)

-

 

(12

)

54

 

-

 

54

 

 

Loans returned to accrual status / loan collections

(40,307

)

(3,202

)

(43,509

)

(34,033

)

(3,535

)

(37,568

)

Ending balance NPLs

$158,442

 

$29,890

 

$188,332

 

$157,920

 

$28,434

 

$186,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Quarter ended

Quarter ended

 

 

31-Dec-24

30-Sep-24

(In thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance NPLs

$211,739

 

$66,910

 

$278,649

 

$219,960

 

$49,317

 

$269,277

 

Plus:

 

 

 

 

 

 

 

New non-performing loans

47,585

 

13,840

 

61,425

 

36,585

 

22,968

 

59,553

 

 

Advances on existing non-performing loans

-

 

30

 

30

 

-

 

32

 

32

 

Less:

 

 

 

 

 

 

 

Non-performing loans transferred to OREO

(3,907

)

-

 

(3,907

)

(4,016

)

-

 

(4,016

)

 

Non-performing loans charged-off

(713

)

(835

)

(1,548

)

(4,031

)

(82

)

(4,113

)

 

Loans returned to accrual status / loan collections

(45,161

)

(26,401

)

(71,562

)

(36,759

)

(5,325

)

(42,084

)

Ending balance NPLs

$209,543

 

$53,544

 

$263,087

 

$211,739

 

$66,910

 

$278,649

 

Popular, Inc.

 

 

 

 

 

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

 

 

 

 

 

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

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

(In thousands)

31-Dec-24

 

30-Sep-24

 

31-Dec-23

 

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

$744,320

 

 

$730,077

 

 

$711,068

 

 

Provision for credit losses

69,129

 

 

72,769

 

 

75,218

 

 

Initial allowance for credit losses - PCD Loans

8

 

 

3

 

 

2

 

 

 

813,457

 

 

802,849

 

 

786,288

 

 

Net loans charge-off (recovered)- BPPR

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

(2

)

 

-

 

 

-

 

 

Commercial real estate non-owner occupied

(369

)

 

10

 

 

(426

)

 

Commercial real estate owner occupied

(473

)

 

(1,554

)

 

2,770

 

 

Commercial and industrial

2,000

 

 

4,729

 

 

1,535

 

 

Total Commercial

1,156

 

 

3,185

 

 

3,879

 

 

Construction

-

 

 

(1,036

)

 

(1

)

 

Leasing

3,615

 

 

2,256

 

 

3,677

 

 

Mortgage

(1,938

)

 

(3,894

)

 

(2,720

)

 

Consumer:

 

 

 

 

 

 

Credit cards

16,854

 

 

14,857

 

 

10,811

 

 

Home equity lines of credit

(65

)

 

(76

)

 

(64

)

 

Personal

23,358

 

 

22,186

 

 

20,405

 

 

Auto

19,028

 

 

16,901

 

 

15,582

 

 

Other Consumer

596

 

 

202

 

 

344

 

 

Total Consumer

59,771

 

 

54,070

 

 

47,078

 

 

Total net charged-off BPPR

$62,604

 

 

$54,581

 

 

$51,913

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

(1

)

 

(5

)

 

(1

)

 

Commercial real estate non-owner occupied

(362

)

 

(8

)

 

128

 

 

Commercial real estate owner occupied

135

 

 

(19

)

 

(22

)

 

Commercial and industrial

1,445

 

 

372

 

 

(159

)

 

Total Commercial

1,217

 

 

340

 

 

(54

)

 

Mortgage

(27

)

 

(46

)

 

(25

)

 

Consumer:

 

 

 

 

 

 

Home equity lines of credit

(104

)

 

(120

)

 

(214

)

 

Personal

3,728

 

 

3,751

 

 

5,302

 

 

Other Consumer

15

 

 

23

 

 

25

 

 

Total Consumer

3,639

 

 

3,654

 

 

5,113

 

 

Total net charged-off Popular U.S.

$4,829

 

 

$3,948

 

 

$5,034

 

 

Total loans charged-off - Popular, Inc.

$67,433

 

 

$58,529

 

 

$56,947

 

 

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

$746,024

 

 

$744,320

 

 

$729,341

 

 

 

 

 

 

 

 

 

Balance at beginning of period - unfunded commitments

$18,384

 

 

$18,884

 

 

$13,284

 

 

Provision for credit losses (benefit)

(2,914

)

 

(500

)

 

3,722

 

 

Balance at end of period - unfunded commitments [1]

$15,470

 

 

$18,384

 

 

$17,006

 

 

 

 

 

 

 

 

 

POPULAR, INC.

 

 

 

 

 

 

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

0.74

 

%

0.65

 

%

0.66

 

%

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

102.52

 

%

124.33

 

%

132.08

 

%

BPPR

 

 

 

 

 

 

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

0.97

 

%

0.86

 

%

0.86

 

%

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

107.16

 

%

141.34

 

%

129.51

 

%

Popular U.S.

 

 

 

 

 

 

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

0.18

 

%

0.15

 

%

0.19

 

%

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

42.27

 

%

(110.89

)

%

158.58

 

%

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

(In thousands)

 

 

31-Dec-24

 

31-Dec-23

 

 

 

 

Total

 

Total

 

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

 

 

$729,341

 

 

$720,302

 

 

Impact of adopting ASU-2022-02

 

 

-

 

 

(45,583

)

 

Provision for credit losses (benefit)

 

 

258,441

 

 

201,539

 

 

Initial allowance for credit losses - PCD Loans

 

 

34

 

 

89

 

 

 

 

 

987,816

 

 

876,347

 

 

Net loans charge-off (recovered)- BPPR

 

 

 

 

 

 

BPPR

 

 

 

 

 

 

Commercial:

 

 

 

 

 

 

Commercial multi-family

 

 

(3

)

 

(1

)

 

Commercial real estate non-owner occupied

 

 

(728

)

 

(299

)

 

Commercial real estate owner occupied

 

 

(914

)

 

1,100

 

 

Commercial and industrial

 

 

17,859

 

 

(10,001

)

 

Total Commercial

 

 

16,214

 

 

(9,201

)

 

Construction

 

 

(1,036

)

 

2,610

 

 

Leasing

 

 

12,256

 

 

7,039

 

 

Mortgage

 

 

(14,007

)

 

(13,858

)

 

Consumer

 

 

 

 

 

 

Credit Cards

 

 

59,381

 

 

32,231

 

 

Home equity lines of credit

 

 

4

 

 

(155

)

 

Personal

 

 

88,459

 

 

62,394

 

 

Auto

 

 

60,032

 

 

34,968

 

 

Other Consumer

 

 

1,751

 

 

11,636

 

 

Total Consumer

 

 

209,627

 

 

141,074

 

 

Total net charged-off (recovered) BPPR

 

 

223,054

 

 

127,664

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

Commercial multi-family

 

 

430

 

 

(5

)

 

Commercial real estate non-owner occupied

 

 

(476

)

 

(1,856

)

 

Commercial real estate owner occupied

 

 

33

 

 

1,312

 

 

Commercial and industrial

 

 

3,213

 

 

2,005

 

 

Total Commercial

 

 

3,200

 

 

1,456

 

 

Construction

 

 

(100

)

 

-

 

 

Mortgage

 

 

(115

)

 

(210

)

 

Consumer

 

 

 

 

 

 

Credit Cards

 

 

-

 

 

1

 

 

Home equity lines of credit

 

 

(755

)

 

(494

)

 

Personal

 

 

16,447

 

 

17,829

 

 

Other Consumer

 

 

61

 

 

159

 

 

Total Consumer

 

 

15,753

 

 

17,495

 

 

Total net charged-off (recovered) Popular U.S.

 

 

18,738

 

 

18,741

 

 

Total loans charged-off - Popular, Inc.

 

 

241,792

 

 

146,405

 

 

Net write- downs [2]

 

 

-

 

 

601

 

 

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

 

 

$746,024

 

 

$729,341

 

 

 

 

 

 

 

 

 

Balance at beginning of period - unfunded commitments

 

 

$17,006

 

 

$8,805

 

 

Provision for credit losses (benefit)

 

 

(1,536

)

 

8,201

 

 

Balance at end of period - unfunded commitments [1]

 

 

$15,470

 

 

$17,006

 

 

 

 

 

 

 

 

 

POPULAR, INC.

 

 

 

 

 

 

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

 

 

0.68

 

%

0.44

 

%

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

 

 

106.89

 

%

137.66

 

%

 

 

 

 

 

 

 

BPPR

 

 

 

 

 

 

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

 

 

0.89

 

%

0.55

 

%

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

 

 

113.80

 

%

152.61

 

%

 

 

 

 

 

 

 

Popular U.S.

 

 

 

 

 

 

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

 

 

0.18

 

%

0.19

 

%

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

 

 

24.62

 

%

35.78

 

%

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

 

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

 

Popular, Inc.

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

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

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

31-Dec-24

 

BPPR

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

 

Commercial multi-family

 

$2,783

 

 

$308,001

 

 

0.90

 

%

 

Commercial real estate - non-owner occupied

 

44,852

 

 

3,246,503

 

 

1.38

 

%

 

Commercial real estate - owner occupied

 

37,355

 

 

1,375,911

 

 

2.71

 

%

 

Commercial and industrial

 

130,136

 

 

5,346,894

 

 

2.43

 

%

Total commercial

 

$215,126

 

 

$10,277,309

 

 

2.09

 

%

Construction

 

2,743

 

 

212,290

 

 

1.29

 

%

Mortgage

 

72,901

 

 

6,809,881

 

 

1.07

 

%

Leasing

 

16,419

 

 

1,925,405

 

 

0.85

 

%

Consumer:

 

 

 

 

 

 

 

 

Credit cards

 

99,130

 

 

1,218,053

 

 

8.14

 

%

 

Home equity lines of credit

 

54

 

 

2,040

 

 

2.65

 

%

 

Personal

 

91,296

 

 

1,750,377

 

 

5.22

 

%

 

Auto

 

165,995

 

 

3,823,437

 

 

4.34

 

%

 

Other consumer

 

7,002

 

 

160,229

 

 

4.37

 

%

Total consumer

 

$363,477

 

 

$6,954,136

 

 

5.23

 

%

Total

 

$670,666

 

 

$26,179,021

 

 

2.56

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-24

 

BPPR

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

 

Commercial multi-family

 

$2,886

 

 

$305,534

 

 

0.94

 

%

 

Commercial real estate - non-owner occupied

 

56,720

 

 

3,148,255

 

 

1.80

 

%

 

Commercial real estate - owner occupied

 

38,511

 

 

1,403,850

 

 

2.74

 

%

 

Commercial and industrial

 

123,131

 

 

5,176,125

 

 

2.38

 

%

Total commercial

 

$221,248

 

 

$10,033,764

 

 

2.21

 

%

Construction

 

3,704

 

 

190,343

 

 

1.95

 

%

Mortgage

 

72,576

 

 

6,695,417

 

 

1.08

 

%

Leasing

 

15,854

 

 

1,887,052

 

 

0.84

 

%

Consumer:

 

 

 

 

 

 

 

 

Credit cards

 

92,694

 

 

1,186,889

 

 

7.81

 

%

 

Home equity lines of credit

 

69

 

 

2,131

 

 

3.24

 

%

 

Personal

 

92,067

 

 

1,754,081

 

 

5.25

 

%

 

Auto

 

161,313

 

 

3,818,607

 

 

4.22

 

%

 

Other consumer

 

6,649

 

 

157,190

 

 

4.23

 

%

Total consumer

 

$352,792

 

 

$6,918,898

 

 

5.10

 

%

Total

 

$666,174

 

 

$25,725,474

 

 

2.59

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

 

Commercial multi-family

 

$(103

)

 

$2,467

 

 

(0.04

)

%

 

Commercial real estate - non-owner occupied

 

(11,868

)

 

98,248

 

 

(0.42

)

%

 

Commercial real estate - owner occupied

 

(1,156

)

 

(27,939

)

 

(0.03

)

%

 

Commercial and industrial

 

7,005

 

 

170,769

 

 

0.05

 

%

Total commercial

 

$(6,122

)

 

$243,545

 

 

(0.12

)

%

Construction

 

(961

)

 

21,947

 

 

(0.66

)

%

Mortgage

 

325

 

 

114,464

 

 

(0.01

)

%

Leasing

 

565

 

 

38,353

 

 

0.01

 

%

Consumer:

 

 

 

 

 

 

 

 

Credit cards

 

6,436

 

 

31,164

 

 

0.33

 

%

 

Home equity lines of credit

 

(15

)

 

(91

)

 

(0.59

)

%

 

Personal

 

(771

)

 

(3,704

)

 

(0.03

)

%

 

Auto

 

4,682

 

 

4,830

 

 

0.12

 

%

 

Other consumer

 

353

 

 

3,039

 

 

0.14

 

%

Total consumer

 

$10,685

 

 

$35,238

 

 

0.13

 

%

Total

 

$4,492

 

 

$453,547

 

 

(0.03

)

%

 

 

 

 

 

 

 

 

 

Popular, Inc.

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

 

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

 

(Unaudited)

 

 

 

 

 

 

 

 

 

31-Dec-24

 

Popular U.S.

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

$6,453

 

 

$2,091,619

 

 

0.31

 

%

 

Commercial real estate - non-owner occupied

9,642

 

 

2,116,732

 

 

0.46

 

%

 

Commercial real estate - owner occupied

12,473

 

 

1,781,835

 

 

0.70

 

%

 

Commercial and industrial

15,870

 

 

2,394,668

 

 

0.66

 

%

Total commercial

$44,438

 

 

$8,384,854

 

 

0.53

 

%

Construction

8,521

 

 

1,051,502

 

 

0.81

 

%

Mortgage

9,508

 

 

1,304,302

 

 

0.73

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

-

 

 

26

 

 

-

 

%

 

Home equity lines of credit

1,449

 

 

71,531

 

 

2.03

 

%

 

Personal

11,440

 

 

104,867

 

 

10.91

 

%

 

Other consumer

2

 

 

11,549

 

 

0.02

 

%

Total consumer

$12,891

 

 

$187,973

 

 

6.86

 

%

Total

$75,358

 

 

$10,928,631

 

 

0.69

 

%

 

 

 

 

 

 

 

 

30-Sep-24

 

Popular U.S.

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

$6,756

 

 

$2,099,768

 

 

0.32

 

%

 

Commercial real estate - non-owner occupied

10,910

 

 

2,037,126

 

 

0.54

 

%

 

Commercial real estate - owner occupied

14,404

 

 

1,688,543

 

 

0.85

 

%

 

Commercial and industrial

13,230

 

 

2,224,428

 

 

0.59

 

%

Total commercial

$45,300

 

 

$8,049,865

 

 

0.56

 

%

Construction

9,510

 

 

922,964

 

 

1.03

 

%

Mortgage

9,074

 

 

1,297,931

 

 

0.70

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

-

 

 

4

 

 

-

 

%

 

Home equity lines of credit

1,785

 

 

67,560

 

 

2.64

 

%

 

Personal

12,475

 

 

119,094

 

 

10.47

 

%

 

Other consumer

2

 

 

12,075

 

 

0.02

 

%

Total consumer

$14,262

 

 

$198,733

 

 

7.18

 

%

Total

$78,146

 

 

$10,469,493

 

 

0.75

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

(In thousands)

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

$(303

)

 

$(8,149

)

 

(0.01

)

%

 

Commercial real estate - non-owner occupied

(1,268

)

 

79,606

 

 

(0.08

)

%

 

Commercial real estate - owner occupied

(1,931

)

 

93,292

 

 

(0.15

)

%

 

Commercial and industrial

2,640

 

 

170,240

 

 

0.07

 

%

Total commercial

$(862

)

 

$334,989

 

 

(0.03

)

%

Construction

(989

)

 

128,538

 

 

(0.22

)

%

Mortgage

434

 

 

6,371

 

 

0.03

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

-

 

 

22

 

 

-

 

%

 

Home equity lines of credit

(336

)

 

3,971

 

 

(0.61

)

%

 

Personal

(1,035

)

 

(14,227

)

 

0.44

 

%

 

Other consumer

-

 

 

(526

)

 

-

 

%

Total consumer

$(1,371

)

 

$(10,760

)

 

(0.32

)

%

Total

$(2,788

)

 

$459,138

 

 

(0.06

)

%

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Dec-24

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$9,236

 

 

$2,399,620

 

 

0.38

 

%

Commercial real estate - non-owner occupied

 

54,494

 

 

5,363,235

 

 

1.02

 

%

Commercial real estate - owner occupied

 

49,828

 

 

3,157,746

 

 

1.58

 

%

Commercial and industrial

 

146,006

 

 

7,741,562

 

 

1.89

 

%

Total commercial

 

$259,564

 

 

$18,662,163

 

 

1.39

 

%

Construction

 

11,264

 

 

1,263,792

 

 

0.89

 

%

Mortgage

 

82,409

 

 

8,114,183

 

 

1.02

 

%

Leasing

 

16,419

 

 

1,925,405

 

 

0.85

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

99,130

 

 

1,218,079

 

 

8.14

 

%

Home equity lines of credit

 

1,503

 

 

73,571

 

 

2.04

 

%

Personal

 

102,736

 

 

1,855,244

 

 

5.54

 

%

Auto

 

165,995

 

 

3,823,437

 

 

4.34

 

%

Other consumer

 

7,004

 

 

171,778

 

 

4.08

 

%

Total consumer

 

$376,368

 

 

$7,142,109

 

 

5.27

 

%

Total

 

$746,024

 

 

$37,107,652

 

 

2.01

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-24

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$9,642

 

 

$2,405,302

 

 

0.40

 

%

Commercial real estate - non-owner occupied

 

67,630

 

 

5,185,381

 

 

1.30

 

%

Commercial real estate - owner occupied

 

52,915

 

 

3,092,393

 

 

1.71

 

%

Commercial and industrial

 

136,361

 

 

7,400,553

 

 

1.84

 

%

Total commercial

 

$266,548

 

 

$18,083,629

 

 

1.47

 

%

Construction

 

13,214

 

 

1,113,307

 

 

1.19

 

%

Mortgage

 

81,650

 

 

7,993,348

 

 

1.02

 

%

Leasing

 

15,854

 

 

1,887,052

 

 

0.84

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

92,694

 

 

1,186,893

 

 

7.81

 

%

Home equity lines of credit

 

1,854

 

 

69,691

 

 

2.66

 

%

Personal

 

104,542

 

 

1,873,175

 

 

5.58

 

%

Auto

 

161,313

 

 

3,818,607

 

 

4.22

 

%

Other consumer

 

6,651

 

 

169,265

 

 

3.93

 

%

Total consumer

 

$367,054

 

 

$7,117,631

 

 

5.16

 

%

Total

 

$744,320

 

 

$36,194,967

 

 

2.06

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

 

Total ACL

 

Total loans held-in-portfolio

 

ACL to loans held-in-portfolio

 

Commercial:

 

 

 

 

 

 

 

Commercial multi-family

 

$(406

)

 

$(5,682

)

 

(0.02

)

%

Commercial real estate - non-owner occupied

 

(13,136

)

 

177,854

 

 

(0.28

)

%

Commercial real estate - owner occupied

 

(3,087

)

 

65,353

 

 

(0.13

)

%

Commercial and industrial

 

9,645

 

 

341,009

 

 

0.05

 

%

Total commercial

 

$(6,984

)

 

$578,534

 

 

(0.08

)

%

Construction

 

(1,950

)

 

150,485

 

 

(0.30

)

%

Mortgage

 

759

 

 

120,835

 

 

-

 

%

Leasing

 

565

 

 

38,353

 

 

0.01

 

%

Consumer:

 

 

 

 

 

 

 

Credit cards

 

6,436

 

 

31,186

 

 

0.33

 

%

Home equity lines of credit

 

(351

)

 

3,880

 

 

(0.62

)

%

Personal

 

(1,806

)

 

(17,931

)

 

(0.04

)

%

Auto

 

4,682

 

 

4,830

 

 

0.12

 

%

Other consumer

 

353

 

 

2,513

 

 

0.15

 

%

Total consumer

 

$9,314

 

 

$24,478

 

 

0.11

 

%

Total

 

$1,704

 

 

$912,685

 

 

(0.05

)

%

Popular, Inc.

 

 

 

 

 

 

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share or per share information)

31-Dec-24

 

30-Sep-24

 

31-Dec-23

Total stockholders’ equity

$5,613,066

 

 

$5,790,514

 

 

$5,146,953

 

 

Less: Preferred stock

(22,143

)

 

(22,143

)

 

(22,143

)

 

Less: Goodwill

(802,954

)

 

(804,428

)

 

(804,428

)

 

Less: Other intangibles

(6,826

)

 

(7,531

)

 

(9,764

)

 

Total tangible common equity

$4,781,143

 

 

$4,956,412

 

 

$4,310,618

 

 

Total assets

$73,045,383

 

 

$71,323,074

 

 

$70,758,155

 

 

Less: Goodwill

(802,954

)

 

(804,428

)

 

(804,428

)

 

Less: Other intangibles

(6,826

)

 

(7,531

)

 

(9,764

)

 

Total tangible assets

$72,235,603

 

 

$70,511,115

 

 

$69,943,963

 

 

Tangible common equity to tangible assets

6.62

 

%

7.03

 

%

6.16

 

%

Common shares outstanding at end of period

70,141,291

 

 

71,787,349

 

 

72,153,621

 

 

Tangible book value per common share

$68.16

 

 

$69.04

 

 

$59.74

 

 

 

 

 

 

 

 

 

 

Quarterly average

 

Total stockholders’ equity [1]

$6,620,766

 

 

$6,460,517

 

 

$6,072,871

 

 

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

505,791

 

 

550,971

 

 

683,077

 

 

Adjusted total stockholder's equity

7,126,557

 

 

7,011,488

 

 

6,755,948

 

 

Less: Preferred Stock

(22,143

)

 

(22,143

)

 

(22,143

)

 

Less: Goodwill

(804,411

)

 

(804,427

)

 

(804,427

)

 

Less: Other intangibles

(7,288

)

 

(7,995

)

 

(10,286

)

 

Total tangible equity

$6,292,715

 

 

$6,176,923

 

 

$5,919,092

 

 

Return on average tangible common equity

11.22

 

%

9.98

 

%

6.32

 

%

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-date average

 

Total stockholders’ equity [1]

$6,480,598

 

 

 

 

$5,853,276

 

 

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

572,595

 

 

 

 

747,327

 

 

Adjusted total stockholder's equity

7,053,193

 

 

 

 

6,600,603

 

 

Less: Preferred Stock

(22,143

)

 

 

 

(22,143

)

 

Less: Goodwill

(804,423

)

 

 

 

(821,567

)

 

Less: Other intangibles

(8,366

)

 

 

 

(11,473

)

 

Total tangible equity

$6,218,261

 

 

 

 

$5,745,420

 

 

Return on average tangible common equity

9.85

 

%

 

 

9.40

 

%

[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/20250128453163/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