LOAN HELD FOR INVESTMENT [Text Block] | NOTE 3 – LOANS HELD FOR INVESTMENT The following table provides information about the loan portfolio held for investment by portfolio segment and disaggregated by geographic location as of the indicated dates: As of June 30, 2022 As of December 31, 2021 (In thousands) Puerto Rico and Virgin Island region: Residential mortgage loans, mainly secured by first mortgages $ 2,444,532 $ 2,549,573 Construction loans 25,477 43,133 Commercial mortgage loans 1,784,879 1,702,231 Commercial and Industrial ("C&I") loans 1,869,210 1,946,597 Consumer loans 3,093,629 2,872,384 Loans held for investment 9,217,727 9,113,918 Florida region: Residential mortgage loans, mainly secured by first mortgages $ 407,153 $ 429,322 Construction loans 89,833 95,866 Commercial mortgage loans 485,234 465,238 C&I loans 993,707 940,654 Consumer loans 13,220 15,660 Loans held for investment 1,989,147 1,946,740 Total: Residential mortgage loans, mainly secured by first mortgages $ 2,851,685 $ 2,978,895 Construction loans 115,310 138,999 Commercial mortgage loans 2,270,113 2,167,469 C&I loans (1) 2,862,917 2,887,251 Consumer loans 3,106,849 2,888,044 Loans held for investment (2) $ 11,206,874 $ 11,060,658 (1) As of June 30, 2022 and December 31, 2021, includes $ 893.0 million and $ 952.1 million, respectively, of commercial loans that were secured by real estate but were not dependent upon the real estate for repayment. (2) Includes accretable fair value net purchase discounts of $ 32.0 million and $ 35.3 million as of June 30, 2022 and December 31, 2021, respectively. The Corporation’s aging of the loan portfolio held for investment by portfolio classes and nonaccrual loans with no ACL as of June 30, 2022 and December 31, 2021 are as follows: As of June 30, 2022 Days Past Due and Accruing Current 30-59 60-89 90 + (1) (2) (3) Nonaccrual (4) (5) Total loans held for investment Nonaccrual Loans with no ACL (6) (In thousands) Residential mortgage loans, mainly secured by first mortgages: FHA/VA government-guaranteed loans (1) (3) (7) $ 63,062 $ - $ 2,346 $ 55,752 $ - $ 121,160 $ - Conventional residential mortgage loans (2) (7) 2,633,359 - 30,964 21,614 44,588 2,730,525 3,351 Commercial loans: Construction loans 112,932 - - 3 2,375 115,310 982 Commercial mortgage loans (2) (7) 2,243,330 - 417 1,613 24,753 2,270,113 7,736 C&I loans 2,828,679 4,990 197 11,972 17,079 2,862,917 11,619 Consumer loans: Auto loans 1,668,658 29,884 4,771 - 6,916 1,710,229 2,535 Finance leases 626,352 5,234 1,148 - 1,047 633,781 266 Personal loans 321,892 2,903 1,458 - 893 327,146 - Credit cards 288,774 3,096 2,012 3,407 - 297,289 - Other consumer loans 134,142 1,857 946 - 1,459 138,404 13 Total loans held for investment $ 10,921,180 $ 47,964 $ 44,259 $ 94,361 $ 99,110 $ 11,206,874 $ 26,502 (1) It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $ 35.6 million of residential mortgage loans insured by the FHA that were over 15 months delinquent. (2) Includes purchased credit deteriorated ("PCD") loans previously accounted for under Accounting Standard Codification ("ASC") Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("ASC Subtopic 310-30") for which the Corporation made the accounting policy election of maintaining pools of loans as “units of account” both at the time of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The portion of such loans contractually past due 90 days or more, amounting to $ 15.3 million as of June 30, 2022 ($ 14.3 million conventional residential mortgage loans and $ 1.0 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above. (3) Include rebooked loans, which were previously pooled into GNMA securities, amounting to $ 10.8 million as of June 30, 2022. Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA’s specified delinquency criteria. For accounting purposes, these loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability. (4) Nonaccrual loans in the Florida region amounted to $ 7.1 million as of June 30, 2022. (5) Nonaccrual loans exclude $ 345.4 million of TDR loans that were in compliance with modified terms and in accrual status as of June 30, 2022. (6) Includes $ 0.4 million of nonaccrual C&I loans with no ACL in the Florida region as of June 30, 2022. (7) According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, conventional residential mortgage loans, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of June 30, 2022 amounted to $ 6.7 million, $ 61.6 million, and $ 0.7 million, respectively. As of December 31, 2021 Days Past Due and Accruing Current 30-59 60-89 90+ (1) (2) (3) Nonaccrual (4) (5) Total loans held for investment Nonaccrual Loans with no ACL (6) (In thousands) Residential mortgage loans, mainly secured by first mortgages: FHA/VA government-guaranteed loans (1) (3) (7) $ 57,522 $ - $ 2,355 $ 65,515 $ - $ 125,392 $ - Conventional residential mortgage loans (2) (7) 2,738,111 - 31,832 28,433 55,127 2,853,503 3,689 Commercial loans: Construction loans 136,317 18 - - 2,664 138,999 1,000 Commercial mortgage loans (2) (7) 2,129,375 2,402 436 9,919 25,337 2,167,469 8,289 C&I loans 2,858,397 2,047 1,845 7,827 17,135 2,887,251 11,393 Consumer loans: Auto loans 1,533,445 26,462 4,949 - 6,684 1,571,540 3,146 Finance leases 568,606 4,820 713 - 866 575,005 196 Personal loans 310,390 3,299 1,285 - 1,208 316,182 - Credit cards 282,179 3,158 1,904 2,985 - 290,226 - Other consumer loans 130,588 1,996 811 - 1,696 135,091 20 Total loans held for investment $ 10,744,930 $ 44,202 $ 46,130 $ 114,679 $ 110,717 $ 11,060,658 $ 27,733 (1) It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. The Corporation continues accruing interest on these loans until they have passed the 15 months delinquency mark, taking into consideration the FHA interest curtailment process. These balances include $ 46.6 million of residential mortgage loans insured by the FHA that were over 15 months delinquent. (2) Includes PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans as “units of account” both at the time of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The portion of such loans contractually past due 90 days or more, amounting to $ 20.6 million as of December 31, 2021 ($ 19.1 million conventional residential mortgage loans and $ 1.5 million commercial mortgage loans), is presented in the loans past due 90 days or more and still accruing category in the table above. (3) Include rebooked loans, which were previously pooled into GNMA securities, amounting to $ 7.2 million as of December 31, 2021. Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA’s specified delinquency criteria. For accounting purposes, these loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability. (4) Nonaccrual loans in the Florida region amounted to $ 8.2 million as of December 31, 2021. (5) Nonaccrual loans exclude $ 363.4 million of TDR loans that were in compliance with modified terms and in accrual status as of December 31, 2021. (6) Includes $ 0.5 million of nonaccrual C&I loans with no ACL in the Florida region as of December 31, 2021. (7) According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, conventional residential mortgage loans, and commercial mortgage loans past due 30-59 days, but less than two payments in arrears, as of December 31, 2021 amounted to $ 6.1 million, $ 66.0 million, and $ 0.7 million, respectively. When a loan is placed on nonaccrual status, any accrued but uncollected interest income is reversed and charged against interest income and the amortization of any net deferred fees is suspended. The amount of accrued interest reversed against interest income totaled $ 0.3 million and $ 0.7 million for the quarter and six-month period ended June 30, 2022, respectively ($ 0.3 million and $ 1.3 million for the quarter and six-month period ended June 30, 2021, respectively). For the quarter and six-month period ended June 30, 2022, the cash interest recognized on nonaccrual loans amounted to $ 0.3 million and $ 0.7 million, respectively, compared with $ 0.8 million and $ 1.3 million for the quarter and six-month period ended June 30, 2021, respectively. As of June 30, 2022, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 84.8 million, including $ 35.1 million of loans insured by the FHA or guaranteed by the VA, and $ 12.1 million of PCD loans acquired prior to the adoption, on January 1, 2020, of CECL. The Corporation commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent, in accordance with the requirements of the Consumer Financial Protection Bureau (“CFPB”). Foreclosure procedures and timelines vary depending on whether the property is located in a judicial or non-judicial state. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediations, bankruptcy, court delays and title issues. Credit Quality Indicators: The Corporation categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes non-homogeneous loans, such as commercial mortgage, commercial and industrial, and construction loans individually to classify the loans’ credit risk. As mentioned above, the Corporation periodically reviews its commercial and construction loans to evaluate if they are properly classified. The frequency of these reviews will depend on the amount of the aggregate outstanding debt, and the risk rating classification of the obligor. In addition, during the renewal and annual review process of applicable credit facilities, the Corporation evaluates the corresponding loan grades. The Corporation uses the same definition for risk ratings as those described for Puerto Rico municipal bonds accounted for as held-to-maturity debt securities, as discussed in Note 5 – Investment Securities, in the 2021 Annual Report on Form 10-K. For residential mortgage and consumer loans, the Corporation also evaluates credit quality based on its interest accrual status. Based on the most recent analysis performed, the amortized cost of commercial and construction loans by portfolio classes and by origination year based on the internal credit-risk category as of June 30, 2022 and the amortized cost of commercial and construction loans by portfolio classes based on the internal credit-risk category as of December 31, 2021 was as follows: As of June 30, 2022 Puerto Rico and Virgin Islands region Term Loans As of December 31, 2021 Amortized Cost Basis by Origination Year (1) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 4,741 $ 12,633 $ 962 $ - $ - $ 3,747 $ - $ 22,083 $ 38,066 Criticized: Special Mention - - - 3 - - - 3 765 Substandard - - - - 274 3,117 - 3,391 4,302 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 4,741 $ 12,633 $ 962 $ 3 $ 274 $ 6,864 $ - $ 25,477 $ 43,133 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 206,946 $ 156,607 $ 361,553 $ 236,728 $ 192,126 $ 328,477 $ 13 $ 1,482,450 $ 1,395,569 Criticized: Special Mention 1,345 - 10,426 84,387 31,055 136,282 - 263,495 259,263 Substandard 140 637 - 2,952 768 34,437 - 38,934 47,399 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 208,431 $ 157,244 $ 371,979 $ 324,067 $ 223,949 $ 499,196 $ 13 $ 1,784,879 $ 1,702,231 COMMERCIAL AND INDUSTRIAL Risk Ratings: Pass $ 57,862 $ 234,695 $ 196,485 $ 333,737 $ 134,771 $ 271,681 $ 542,321 $ 1,771,552 $ 1,852,552 Criticized: Special Mention 1,037 9,395 1,293 - 239 5,696 16,010 33,670 32,650 Substandard 37 4,138 1,397 14,084 2,015 34,494 7,823 63,988 61,395 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial and industrial loans $ 58,936 $ 248,228 $ 199,175 $ 347,821 $ 137,025 $ 311,871 $ 566,154 $ 1,869,210 $ 1,946,597 (1) Excludes accrued interest receivable. As of June 30, 2022 Term Loans As of December 31, 2021 Florida region Amortized Cost Basis by Origination Year (1) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 45,275 $ 44,085 $ - $ 103 $ - $ - $ 370 $ 89,833 $ 95,866 Criticized: Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 45,275 $ 44,085 $ - $ 103 $ - $ - $ 370 $ 89,833 $ 95,866 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 108,137 $ 80,960 $ 43,270 $ 57,206 $ 83,347 $ 73,388 $ 16,955 $ 463,263 $ 404,304 Criticized: Special Mention - - 7,062 13,430 - - - 20,492 60,618 Substandard - - 1,168 - - 311 - 1,479 316 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 108,137 $ 80,960 $ 51,500 $ 70,636 $ 83,347 $ 73,699 $ 16,955 $ 485,234 $ 465,238 COMMERCIAL AND INDUSTRIAL Risk Ratings: Pass $ 141,496 $ 188,753 $ 93,852 $ 204,060 $ 56,694 $ 60,919 $ 122,712 $ 868,486 $ 826,823 Criticized: Special Mention - - - 14,682 13,075 12,363 22,162 62,282 49,946 Substandard - - 24,196 33,964 - 4,444 335 62,939 63,885 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial and industrial loans $ 141,496 $ 188,753 $ 118,048 $ 252,706 $ 69,769 $ 77,726 $ 145,209 $ 993,707 $ 940,654 (1) Excludes accrued interest receivable. As of June 30, 2022 Total Term Loans As of December 31, 2021 Amortized Cost Basis by Origination Year (1) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total (In thousands) CONSTRUCTION Risk Ratings: Pass $ 50,016 $ 56,718 $ 962 $ 103 $ - $ 3,747 $ 370 $ 111,916 $ 133,932 Criticized: Special Mention - - - 3 - - - 3 765 Substandard - - - - 274 3,117 - 3,391 4,302 Doubtful - - - - - - - - - Loss - - - - - - - - - Total construction loans $ 50,016 $ 56,718 $ 962 $ 106 $ 274 $ 6,864 $ 370 $ 115,310 $ 138,999 COMMERCIAL MORTGAGE Risk Ratings: Pass $ 315,083 $ 237,567 $ 404,823 $ 293,934 $ 275,473 $ 401,865 $ 16,968 $ 1,945,713 $ 1,799,873 Criticized: Special Mention 1,345 - 17,488 97,817 31,055 136,282 - 283,987 319,881 Substandard 140 637 1,168 2,952 768 34,748 - 40,413 47,715 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial mortgage loans $ 316,568 $ 238,204 $ 423,479 $ 394,703 $ 307,296 $ 572,895 $ 16,968 $ 2,270,113 $ 2,167,469 COMMERCIAL AND INDUSTRIAL Risk Ratings: Pass $ 199,358 $ 423,448 $ 290,337 $ 537,797 $ 191,465 $ 332,600 $ 665,033 $ 2,640,038 $ 2,679,375 Criticized: Special Mention 1,037 9,395 1,293 14,682 13,314 18,059 38,172 95,952 82,596 Substandard 37 4,138 25,593 48,048 2,015 38,938 8,158 126,927 125,280 Doubtful - - - - - - - - - Loss - - - - - - - - - Total commercial and industrial loans $ 200,432 $ 436,981 $ 317,223 $ 600,527 $ 206,794 $ 389,597 $ 711,363 $ 2,862,917 $ 2,887,251 (1) Excludes accrued interest receivable. The following tables present the amortized cost of residential mortgage loans by origination year based on accrual status as of June 30, 2022, and the amortized cost of residential mortgage loans by accrual status as of December 31, 2021: As of June 30, 2022 As of December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (1) (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total Puerto Rico and Virgin Islands Region: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ 657 $ 871 $ 1,240 $ 2,924 $ 114,736 $ - $ 120,428 $ 124,652 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ 657 $ 871 $ 1,240 $ 2,924 $ 114,736 $ - $ 120,428 $ 124,652 Conventional residential mortgage loans: Accrual Status: Performing $ 78,843 $ 78,100 $ 32,608 $ 50,519 $ 78,967 $ 1,966,451 $ - $ 2,285,488 $ 2,376,946 Non-Performing - 35 77 113 279 38,112 - 38,616 47,975 Total conventional residential mortgage loans $ 78,843 $ 78,135 $ 32,685 $ 50,632 $ 79,246 $ 2,004,563 $ - $ 2,324,104 $ 2,424,921 Total: Accrual Status: Performing $ 78,843 $ 78,757 $ 33,479 $ 51,759 $ 81,891 $ 2,081,187 $ - $ 2,405,916 $ 2,501,598 Non-Performing - 35 77 113 279 38,112 - 38,616 47,975 Total residential mortgage loans in Puerto Rico and Virgin Islands Region $ 78,843 $ 78,792 $ 33,556 $ 51,872 $ 82,170 $ 2,119,299 $ - $ 2,444,532 $ 2,549,573 (1) Excludes accrued interest receivable. As of June 30, 2022 As of December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (1) (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total Florida Region: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ - $ - $ - $ - $ 732 $ - $ 732 $ 740 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - $ 732 $ - $ 732 $ 740 Conventional residential mortgage loans: Accrual Status: Performing $ 35,617 $ 50,948 $ 33,258 $ 34,427 $ 41,198 $ 205,001 $ - $ 400,449 $ 421,430 Non-Performing - - - 281 - 5,691 - 5,972 7,152 Total conventional residential mortgage loans $ 35,617 $ 50,948 $ 33,258 $ 34,708 $ 41,198 $ 210,692 $ - $ 406,421 $ 428,582 Total: Accrual Status: Performing $ 35,617 $ 50,948 $ 33,258 $ 34,427 $ 41,198 $ 205,733 $ - $ 401,181 $ 422,170 Non-Performing - - - 281 - 5,691 - 5,972 7,152 Total residential mortgage loans in Florida region $ 35,617 $ 50,948 $ 33,258 $ 34,708 $ 41,198 $ 211,424 $ - $ 407,153 $ 429,322 (1) Excludes accrued interest receivable. As of June 30, 2022 As of December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (1) (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total Total: FHA/VA government-guaranteed loans Accrual Status: Performing $ - $ 657 $ 871 $ 1,240 $ 2,924 $ 115,468 $ - $ 121,160 $ 125,392 Non-Performing - - - - - - - - - Total FHA/VA government-guaranteed loans $ - $ 657 $ 871 $ 1,240 $ 2,924 $ 115,468 $ - $ 121,160 $ 125,392 Conventional residential mortgage loans: Accrual Status: Performing $ 114,460 $ 129,048 $ 65,866 $ 84,946 $ 120,165 $ 2,171,452 $ - $ 2,685,937 $ 2,798,376 Non-Performing - 35 77 394 279 43,803 - 44,588 55,127 Total conventional residential mortgage loans $ 114,460 $ 129,083 $ 65,943 $ 85,340 $ 120,444 $ 2,215,255 $ - $ 2,730,525 $ 2,853,503 Total: Accrual Status: Performing $ 114,460 $ 129,705 $ 66,737 $ 86,186 $ 123,089 $ 2,286,920 $ - $ 2,807,097 $ 2,923,768 Non-Performing - 35 77 394 279 43,803 - 44,588 55,127 Total residential mortgage loans $ 114,460 $ 129,740 $ 66,814 $ 86,580 $ 123,368 $ 2,330,723 $ - $ 2,851,685 $ 2,978,895 (1) Excludes accrued interest receivable. The following tables present the amortized cost of consumer loans by origination year based on accrual status as of June 30, 2022 and the amortized cost of consumer loans by accrual status as of December 31, 2021: As of June 30, 2022 As of December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (1) (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total Puerto Rico and Virgin Islands Region: Auto loans: Accrual Status: Performing $ 379,265 $ 579,362 $ 298,766 $ 250,492 $ 126,132 $ 63,509 $ - $ 1,697,526 $ 1,556,097 Non-Performing 65 1,170 883 1,810 1,415 1,504 - 6,847 6,684 Total auto loans $ 379,330 $ 580,532 $ 299,649 $ 252,302 $ 127,547 $ 65,013 $ - $ 1,704,373 $ 1,562,781 Finance leases: Accrual Status: Performing $ 140,447 $ 210,366 $ 100,710 $ 96,801 $ 60,908 $ 23,502 $ - $ 632,734 $ 574,139 Non-Performing - 120 166 238 282 241 - 1,047 866 Total finance leases $ 140,447 $ 210,486 $ 100,876 $ 97,039 $ 61,190 $ 23,743 $ - $ 633,781 $ 575,005 Personal loans: Accrual Status: Performing $ 87,793 $ 70,988 $ 39,484 $ 72,802 $ 32,609 $ 22,191 $ - $ 325,867 $ 314,867 Non-Performing 6 157 107 362 145 116 - 893 1,208 Total personal loans $ 87,799 $ 71,145 $ 39,591 $ 73,164 $ 32,754 $ 22,307 $ - $ 326,760 $ 316,075 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 297,289 $ 297,289 $ 290,226 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 297,289 $ 297,289 $ 290,226 Other consumer loans: Accrual Status: Performing $ 44,438 $ 34,988 $ 12,563 $ 17,666 $ 6,089 $ 5,682 $ 8,676 $ 130,102 $ 126,734 Non-Performing 38 256 113 191 36 551 139 1,324 1,563 Total other consumer loans $ 44,476 $ 35,244 $ 12,676 $ 17,857 $ 6,125 $ 6,233 $ 8,815 $ 131,426 $ 128,297 Total: Performing $ 651,943 $ 895,704 $ 451,523 $ 437,761 $ 225,738 $ 114,884 $ 305,965 $ 3,083,518 $ 2,862,063 Non-Performing 109 1,703 1,269 2,601 1,878 2,412 139 10,111 10,321 Total consumer loans in Puerto Rico and Virgin Islands region $ 652,052 $ 897,407 $ 452,792 $ 440,362 $ 227,616 $ 117,296 $ 306,104 $ 3,093,629 $ 2,872,384 (1) Excludes accrued interest receivable. As of June 30, 2022 As of December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (1) (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total Florida Region: Auto loans: Accrual Status: Performing $ - $ - $ - $ 444 $ 3,358 $ 1,985 $ - $ 5,787 $ 8,759 Non-Performing - - - 7 48 14 - 69 - Total auto loans $ - $ - $ - $ 451 $ 3,406 $ 1,999 $ - $ 5,856 $ 8,759 Finance leases: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total finance leases $ - $ - $ - $ - $ - $ - $ - $ - $ - Personal loans: Accrual Status: Performing $ 298 $ 72 $ 16 $ - $ - $ - $ - $ 386 $ 107 Non-Performing - - - - - - - - - Total personal loans $ 298 $ 72 $ 16 $ - $ - $ - $ - $ 386 $ 107 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ - $ - $ - Other consumer loans: Accrual Status: Performing $ 50 $ 234 $ 473 $ - $ 40 $ 3,032 $ 3,014 $ 6,843 $ 6,661 Non-Performing - - - - - 23 112 135 133 Total other consumer loans $ 50 $ 234 $ 473 $ - $ 40 $ 3,055 $ 3,126 $ 6,978 $ 6,794 Total: Performing $ 348 $ 306 $ 489 $ 444 $ 3,398 $ 5,017 $ 3,014 $ 13,016 $ 15,527 Non-Performing - - - 7 48 37 112 204 133 Total consumer loans in Florida region $ 348 $ 306 $ 489 $ 451 $ 3,446 $ 5,054 $ 3,126 $ 13,220 $ 15,660 (1) Excludes accrued interest receivable. As of June 30, 2022 As of December 31, 2021 Term Loans Amortized Cost Basis by Origination Year (1) (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Total Total: Auto loans: Accrual Status: Performing $ 379,265 $ 579,362 $ 298,766 $ 250,936 $ 129,490 $ 65,494 $ - $ 1,703,313 $ 1,564,856 Non-Performing 65 1,170 883 1,817 1,463 1,518 - 6,916 6,684 Total auto loans $ 379,330 $ 580,532 $ 299,649 $ 252,753 $ 130,953 $ 67,012 $ - $ 1,710,229 $ 1,571,540 Finance leases: Accrual Status: Performing $ 140,447 $ 210,366 $ 100,710 $ 96,801 $ 60,908 $ 23,502 $ - $ 632,734 $ 574,139 Non-Performing - 120 166 238 282 241 - 1,047 866 Total finance leases $ 140,447 $ 210,486 $ 100,876 $ 97,039 $ 61,190 $ 23,743 $ - $ 633,781 $ 575,005 Personal loans: Accrual Status: Performing $ 88,091 $ 71,060 $ 39,500 $ 72,802 $ 32,609 $ 22,191 $ - $ 326,253 $ 314,974 Non-Performing 6 157 107 362 145 116 - 893 1,208 Total personal loans $ 88,097 $ 71,217 $ 39,607 $ 73,164 $ 32,754 $ 22,307 $ - $ 327,146 $ 316,182 Credit cards: Accrual Status: Performing $ - $ - $ - $ - $ - $ - $ 297,289 $ 297,289 $ 290,226 Non-Performing - - - - - - - - - Total credit cards $ - $ - $ - $ - $ - $ - $ 297,289 $ 297,289 $ 290,226 Other consumer loans: Accrual Status: Performing $ 44,488 $ 35,222 $ 13,036 $ 17,666 $ 6,129 $ 8,714 $ 11,690 $ 136,945 $ 133,395 Non-Performing 38 256 113 191 36 574 251 1,459 1,696 Total other consumer loans $ 44,526 $ 35,478 $ 13,149 $ 17,857 $ 6,165 $ 9,288 $ 11,941 $ 138,404 $ 135,091 Total: Performing $ 652,291 $ 896,010 $ 452,012 $ 438,205 $ 229,136 $ 119,901 $ 308,979 $ 3,096,534 $ 2,877,590 Non-Performing 109 1,703 1,269 2,608 1,926 2,449 251 10,315 10,454 Total consumer loans $ 652,400 $ 897,713 $ 453,281 $ 440,813 $ 231,062 $ 122,350 $ 309,230 $ 3,106,849 $ 2,888,044 (1) Excludes accrued interest receivable. Accrued interest receivable on loans totaled $ 47.1 million as of June 30, 2022 ($ 48.1 million as of December 31, 2021 ), was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition and is excluded from the estimate of credit losses. The following tables present information about collateral dependent loans that were individually evaluated for purposes of determining the ACL as of June 30, 2022 and December 31, 2021: June 30, 2022 Collateral Dependent Loans - With Allowance Collateral Dependent Loans - With No Related Allowance Collateral Dependent Loans - Total Amortized Cost Related Allowance Amortized Cost Amortized Cost Related Allowance (In thousands) Residential mortgage loans: FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - Conventional residential mortgage loans 41,823 3,122 818 42,641 3,122 Commercial loans: Construction loans - - 1,230 1,230 - Commercial mortgage loans 11,748 1,707 54,807 66,555 1,707 C&I loans 17,937 3,029 20,791 38,728 3,029 Consumer loans: Auto loans - - - - - Finance leases - - - - - Personal loans 57 1 - 57 1 Credit cards - - - - - Other consumer loans 568 75 - 568 75 $ 72,133 $ 7,934 $ 77,646 $ 149,779 $ 7,934 December 31, 2021 Collateral Dependent Loans - With Allowance Collateral Dependent Loans - With No Related Allowance Collateral Dependent Loans - Total Amortized Cost Related Allowance Amortized Cost Amortized Cost Related Allowance (In thousands) Residential mortgage loans: FHA/VA government-guaranteed loans $ - $ - $ - $ - $ - Conventional residential mortgage loans 51,771 3,966 781 52,552 3,966 Commercial loans: Construction loans - - 1,797 1,797 - Commercial mortgage loans 9,908 1,152 56,361 66,269 1,152 C&I loans 5,781 670 34,043 39,824 670 Consumer loans: Auto loans - - - - - Finance leases - - - - - Personal loans 78 1 - 78 1 Credit cards - - - - - Other consumer loans 782 98 - 782 98 $ 68,320 $ 5,887 $ 92,982 $ 161,302 $ 5,887 The allowance related to collateral dependent loans reported in the tables above includes qualitative adjustments applied to the loan portfolio that consider possible changes in circumstances that could ultimately impact credit losses and might not be reflected in historical data or forecasted data incorporated in the quantitative models. The underlying collateral for residential mortgage and consumer collateral dependent loans consisted of single-family residential properties, and for commercial and construction loans consisted primarily of office buildings, multifamily residential properties, and retail establishments. The weighted-average loan-to-value coverage for collateral dependent loans as of June 30, 2022 was 79%, compared to 78% as of December 31, 2021 . There were no significant changes in the extent to which collateral secured the Corporation’s collateral dependent financial assets during the second quarter and first six months of 2022 . Purchases and Sales of Loans During the first six months of 2022, the Corporation transferred $ 79.7 million in residential mortgage loans to GNMA, which packaged the loans into MBS for sale in the secondary market, compared to $ 105.9 million for the same period in 2021. Also, during the first six months of 2022, the Corporation sold approximately $ 78.4 million of performing residential mortgage loans to FNMA and FHLMC, compared to sales of $ 191.4 million during the first six months of 2021. The Corporation’s continuing involvement with the loans that it sells consists primarily of servicing the loans. In addition, the Corporation agrees to repurchase loans if it breaches any of the representations and warranties included in the sale agreement. These representations and warranties are consistent with the GSEs’ selling and servicing guidelines ( i.e. , ensuring that the mortgage was properly underwritten according to established guidelines). For loans pooled into GNMA MBS, the Corporation, as servicer, holds an option to repurchase individual delinquent loans issued on or after January 1, 2003 when certain delinquency criteria are met. This option gives the Corporation the unilateral ability, but not the obligation, to repurchase the delinquent loans at par without prior authorization from GNMA. Since the Corporation is considered to have regained effective control over the loans, it is required to recognize the loans and a corresponding repurchase liability regardless of its intent to repurchase the loans. As of June 30, 2022 and December 31, 2021 , rebooked GNMA delinquent loans that were included in the residential mortgage loan portfolio amounted to $ 10.8 million and $ 7.2 million, respectively. During the first six months of 2022 and 2021, the Corporation repurchased, pursuant to the aforementioned repurchase option, $ 6.2 million and $ 0.3 million, respectively, of loans previously pooled into GNMA MBS. The principal balance of these loans is fully guaranteed, and the risk of loss related to the repurchased loans is generally limited to the difference between the delinquent interest payment advanced to GNMA, which is computed at the loan’s interest rate, and the interest payments reimbursed by FHA, which are computed at a pre-determined debenture rate. Repurchases of GNMA loans allow the Corporation, among other things, to maintain acceptable delinquency rates on outstanding GNMA pools and remain as a seller and servicer in good standing with GNMA. Loan sales to FNMA and FHLMC are without recourse in relation to the future performance of the loans. The Corporation repurchased at par loans previously sold to FNMA and FHLMC in the amount of $ 0.2 million and $ 0.3 million during the first six months of 2022 and 2021, respectively. The Corporation’s risk of loss with respect to these loans is also minimal as these repurchased loans are generally performing loans with documentation deficiencies. During the first six months of 2021, two criticized commercial loan participations totaling $ 24.0 million were sold. In addition, during the first six months of 2022 and 2021, the Corporation purchased commercial and industrial loans participations in the Florida region totaling $ 76.4 million and $ 50.0 million, respectively. Loan Portfolio Concentration The Corporation’s primary |