DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BPOP | |
Entity Registrant Name | POPULAR INC | |
Entity Central Index Key | 0000763901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 96,647,087 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and due from banks | $ 376,558 | $ 394,035 |
Money market investments: | ||
Time deposits with other banks | 4,814,134 | 4,171,048 |
Total money market investments | 4,814,134 | 4,171,048 |
Trading account debt securities, at fair value: | ||
Pledged securities with creditors' right to repledge | 598 | 598 |
Other trading account debt securities | 38,619 | 37,189 |
Debt securities available-for-sale, at fair value: | ||
Pledged securities with creditors' right to repledge | 206,309 | 280,502 |
Other debt securities available-for-sale | 13,336,386 | 13,019,682 |
Debt securities held-to-maturity, at amortized cost (fair value 2019 - $103,457; 2018 - $102,653) | 99,455 | 101,575 |
Equity securities (realizable value 2019 -$163,550); (2018 - $159,821) | 158,507 | 155,584 |
Loans held-for-sale, at lower of cost or fair value | 43,985 | 51,422 |
Loans held-in-portfolio: | ||
Loans held-in-portfolio | 26,808,287 | 26,663,713 |
Less - Unearned income | 160,579 | 155,824 |
Allowance for loan losses | 550,628 | 569,348 |
Total loans held-in-portfolio, net | 26,097,080 | 25,938,541 |
Premises and equipment, net | 557,517 | 569,808 |
Other real estate | 125,478 | 136,705 |
Accrued income receivable | 162,797 | 166,022 |
Mortgage servicing assets, at fair value | 167,813 | 169,777 |
Other Assets | 1,799,728 | 1,714,134 |
Goodwill | 671,122 | 671,122 |
Other intangible assets | 24,521 | 26,833 |
Total assets | 48,680,607 | 47,604,577 |
Deposits: | ||
Non-interest bearing | 9,046,104 | 9,149,036 |
Interest bearing | 31,833,734 | 30,561,003 |
Total deposits | 40,879,838 | 39,710,039 |
Assets sold under agreements to repurchase | 200,871 | 281,529 |
Other short-term borrowings | 42 | 42 |
Notes payable | 1,176,488 | 1,256,102 |
Other liabilities | 983,308 | 921,808 |
Total liabilities | 43,240,547 | 42,169,520 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding | 50,160 | 50,160 |
Common stock, $0.01 par value; 170,000,000 shares authorized; 104,338,340 shares issued (2018 - 104,320,303) and 96,629,891 shares outstanding (2018 - 99,942,845) | 1,043 | 1,043 |
Surplus | 4,313,040 | 4,365,606 |
Retained earnings | 1,794,644 | 1,651,731 |
Treasury stock - at cost, 7,708,449 shares (2018 - 4,377,458) | (394,848) | (205,509) |
Accumulated other comprehensive loss, net of tax | (323,979) | (427,974) |
Total stockholders' equity | 5,440,060 | 5,435,057 |
Total liabilities and stockholders' equity | $ 48,680,607 | $ 47,604,577 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (PARENTHETICAL) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Held To Maturity Securities Fair Value | $ 103,457 | $ 102,653 |
Realizable Value Of Equity Securities | $ 163,550 | $ 159,821 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 2,006,391 | 2,006,391 |
Preferred stock, shares outstanding | 2,006,391 | 2,006,391 |
Common Stock Par Or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock Shares Authorized | 170,000,000 | 170,000,000 |
Common Stock Shares Issued | 104,338,340 | 104,320,303 |
Common Stock Shares Outstanding | 96,629,891 | 99,942,845 |
Treasury stock | 7,708,449 | 4,377,458 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income: | ||
Loans | $ 447,713 | $ 373,584 |
Money market investments | 29,220 | 22,285 |
Investment securities | 81,036 | 57,209 |
Total interest income | 557,969 | 453,078 |
Interest expense: | ||
Deposits | 70,826 | 38,688 |
Short-term borrowings | 1,600 | 2,013 |
Long-term debt | 14,580 | 19,330 |
Total interest expense | 87,006 | 60,031 |
Net interest income | 470,963 | 393,047 |
Provision for loan losses | 41,825 | 71,063 |
Net interest income after provision for loan losses | 429,138 | 321,984 |
Mortgage banking activities | 9,926 | 12,068 |
Net gain (loss), including impairment on equity securities | 1,433 | (646) |
Net profit (loss) on trading account debt securities | 260 | (198) |
Adjustments (expense) to indemnity reserves on loans sold | (93) | (2,926) |
FDIC loss-share expense | 0 | (8,027) |
Other operating income | 21,906 | 16,169 |
Total non-interest income | 136,430 | 113,497 |
Operating expenses: | ||
Personnel costs | 143,117 | 125,852 |
Net occupancy expenses | 23,537 | 22,802 |
Equipment expenses | 19,705 | 17,206 |
Other taxes | 11,662 | 10,902 |
Professional fees | 87,466 | 82,985 |
Communications | 5,849 | 5,906 |
Business promotion | 14,674 | 12,009 |
FDIC deposit insurance | 4,806 | 6,920 |
Other real estate owned (O R E O) expenses | 2,677 | 6,131 |
Other operating expenses | 31,615 | 28,964 |
Amortization of intangibles | 2,312 | 2,325 |
Total operating expenses | 347,420 | 322,002 |
Income before income tax | 218,148 | 113,479 |
Income tax expense | 50,223 | 22,155 |
Net Income | 167,925 | 91,324 |
Net Income Applicable to Common Stock | $ 166,994 | $ 90,393 |
Net Income per Common Share - Basic | $ 1.69 | $ 0.89 |
Net Income per Common Share - Diluted | $ 1.69 | $ 0.89 |
Service charges on deposit accounts | ||
Interest expense: | ||
Revenue from contract with customer | $ 38,691 | $ 36,455 |
Other services | ||
Interest expense: | ||
Revenue from contract with customer | 64,307 | 60,602 |
Non-covered loans | ||
Interest expense: | ||
Provision for loan losses | 41,825 | 69,333 |
Covered loans | ||
Interest expense: | ||
Provision for loan losses | $ 0 | $ 1,730 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Income and Comprehensive Income | ||
Net Income | $ 167,925 | $ 91,324 |
Reclassification to retained earnings due to cumulative effect of accounting change | (50) | (605) |
Other comprehensive income (loss) before tax: | ||
Foreing currency translation adjustment | (1,238) | 93 |
Amortization of net losses of pension and postretirement benefit plans | 5,876 | 5,386 |
Amortization of prior service credit of pension and postretirement benefit plans | 0 | (867) |
Unrealized holding gains (losses) on debt securities arising during the period | 109,863 | (121,189) |
Unrealized net (losses) gains on cash flow hedges | (682) | 1,225 |
Reclassification adjustment for net losses (gains) included in net income | 1,030 | (1,267) |
Other comprehensive income (loss) before tax | 114,799 | (117,224) |
Income tax (expense) benefit | (10,804) | 5,038 |
Total other comprehensive income (loss), net of tax | 103,995 | (112,186) |
Comprehensive income (loss), net of tax | $ 271,920 | $ (20,862) |
TAX EFFECT ALLOCATED TO EACH CO
TAX EFFECT ALLOCATED TO EACH COMPONENT OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Income and Comprehensive Income | ||
Amortization of net losses of pension and postretirement benefit plans | $ (2,203) | $ (2,101) |
Amortization of prior service credit of pension and postretirement benefit plans | 0 | 338 |
Unrealized holding gains (losses) on debt securities arising during the period | (8,460) | 6,785 |
Unrealized net (losses) gains on cash flow hedges | 245 | (478) |
Reclassification adjustment for net losses (gains) included in net income | (386) | 494 |
Income tax (expense) benefit | $ (10,804) | $ 5,038 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Surplus | Retained earnings | Treasury Stock | Accumulated other comprehensive income (loss) | |
Beginning Balance at Dec. 31, 2017 | $ 5,103,905 | $ 1,042 | $ 50,160 | $ 4,298,503 | $ 1,194,994 | $ (90,142) | $ (350,652) | |
Increase Decrease In Stockholders Equity [Roll Forward] | ||||||||
Net Income | 91,324 | 91,324 | ||||||
Issuance of stock | 881 | 1 | 880 | |||||
Dividends declared: | ||||||||
Common stock | [1] | (25,547) | (25,547) | |||||
Preferred stock | (931) | (931) | ||||||
Common stock purchases | (1,328) | (1,328) | ||||||
Common stock reissuance | 722 | (16) | 738 | |||||
Stock based compensation | 6,134 | 1,569 | 4,565 | |||||
Other comprehensive loss, net of tax | (112,186) | (112,186) | ||||||
Ending Balance at Mar. 31, 2018 | 5,064,909 | 1,043 | 50,160 | 4,300,936 | 1,261,775 | (86,167) | (462,838) | |
Increase Decrease In Stockholders Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 1,935 | 1,935 | ||||||
Beginning Balance at Dec. 31, 2018 | 5,435,057 | 1,043 | 50,160 | 4,365,606 | 1,651,731 | (205,509) | (427,974) | |
Increase Decrease In Stockholders Equity [Roll Forward] | ||||||||
Net Income | 167,925 | 167,925 | ||||||
Issuance of stock | 793 | 793 | ||||||
Dividends declared: | ||||||||
Common stock | [1] | (28,986) | (28,986) | |||||
Preferred stock | (931) | (931) | ||||||
Common stock purchases | [2] | (253,119) | (52,670) | (200,449) | ||||
Common stock reissuance | 2,183 | 178 | 2,005 | |||||
Stock based compensation | 8,238 | (867) | 9,105 | |||||
Other comprehensive loss, net of tax | 103,995 | 103,995 | ||||||
Ending Balance at Mar. 31, 2019 | 5,440,060 | $ 1,043 | $ 50,160 | $ 4,313,040 | 1,794,644 | $ (394,848) | $ (323,979) | |
Increase Decrease In Stockholders Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | $ 4,905 | $ 4,905 | ||||||
[1] | Dividends declared per common share during the quarter ended March 31, 2019 - $0.30 (2018 - $0.25). | |||||||
[2] | On February 28, 2019, the Corporation entered into a $250 million accelerated share repurchase transaction with respect to its common stock, which was accounted for as a treasury stock transaction. Refer to Note 18 for additional information. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement of Stockholders' Equity [Abstract] | |||
Dividends Declared per Common Share | $ 0.3 | $ 0.25 | |
Accelerated share repurchases | |||
Common stock purchases | $ 253,119 | [1] | $ 1,328 |
Accelerate Share Repurchase | |||
Accelerated share repurchases | |||
Common stock purchases | $ 250,000 | ||
[1] | On February 28, 2019, the Corporation entered into a $250 million accelerated share repurchase transaction with respect to its common stock, which was accounted for as a treasury stock transaction. Refer to Note 18 for additional information. |
DISCLOSURE OF CHANGES IN NUMBER
DISCLOSURE OF CHANGES IN NUMBER OF SHARES - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Treasury stock | (7,708,449) | |
Common Stock - Outstanding | 96,629,891 | |
Common Stock | ||
Beginning balance | 104,320,303 | 104,238,159 |
Issuance of stock | 18,037 | 25,760 |
Balance at end of year | 104,338,340 | 104,263,919 |
Treasury stock | (7,708,449) | (2,074,005) |
Common Stock - Outstanding | 96,629,891 | 102,189,914 |
Preferred Stock | ||
Beginning balance | 2,006,391 | 2,006,391 |
Balance at end of year | 2,006,391 | 2,006,391 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash flows from operating activities: | |||
Net Income | $ 167,925 | $ 91,324 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Provision for loan losses | 41,825 | 71,063 | |
Amortization of intangibles | 2,312 | 2,325 | |
Depreciation and amortization of premises and equipment | 14,295 | 12,836 | |
Net accretion of discounts and amortization of premiums and deferred fees | (38,813) | (7,006) | |
Share-based compensation | 6,930 | 3,112 | |
Impairment losses on long-lived assets | 0 | 272 | |
Fair value adjustments on mortgage servicing rights | 3,825 | 4,307 | |
FDIC loss share expense | 0 | 8,027 | |
Adjustments (expense) to indemnity reserves on loans sold | 93 | 2,926 | |
Earnings from investments under the equity method, net of dividends or distributions | (9,027) | (7,370) | |
Deferred income tax expense | 45,796 | 10,758 | |
Gain on: | |||
Disposition of premises and equipment and other productive assets | (2,265) | (72) | |
Proceeds from insurance claims | 0 | (258) | |
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | (4,058) | (1,116) | |
Sale of foreclosed assets, including write-downs | (3,772) | (99) | |
Acquisitions of loans held-for-sale | (44,748) | (47,335) | |
Proceeds from sale of loans held-for-sale | 13,802 | 12,036 | |
Net originations on loans held-for-sale | (53,231) | (48,375) | |
Net decrease (increase) in: | |||
Trading debt securities | 105,838 | 93,998 | |
Equity securities | (4,362) | (130) | |
Accrued income receivable | 3,224 | 56,504 | |
Other assets | 28,709 | 36,272 | |
Net (decrease) increase in: | |||
Interest payable | (6,915) | (10,614) | |
Pension and other postretirement benefits obligation | 5,297 | 1,225 | |
Other liabilities | (100,585) | (94,529) | |
Total adjustments | 4,170 | 98,757 | |
Net cash provided by operating activities | 172,095 | 190,081 | |
Cash flows from investing activities: | |||
Net decrease in money market investments | (643,117) | (1,728,858) | |
Purchases of investment securities: | |||
Available-for-sale | (3,123,508) | (1,311,382) | |
Equity | (1,239) | (9,730) | |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||
Available-for-sale | 3,006,779 | 1,016,203 | |
Held-to-maturity | 2,587 | 2,639 | |
Proceeds from sale of investment securities: | |||
Equity | 2,679 | 9,745 | |
Net (disbursements) repayments on loans | (78,969) | 93,482 | |
Proceeds from sale of loans | 7,806 | 0 | |
Acquisition of loan portfolios | (129,875) | (161,295) | |
Net payments (to) from FDIC under loss sharing agreements | 0 | (1,263) | |
Return of capital from equity method investments | 1,371 | 0 | |
Acquisition of premises and equipment | (19,438) | (13,046) | |
Proceeds from insurance claims | 0 | 258 | |
Proceeds from sale of: | |||
Premises and equipment and other productive assets | 5,975 | 3,033 | |
Foreclosed assets | 26,119 | 25,746 | |
Net cash used in investing activities | (942,830) | (2,074,468) | |
Net increase (decrease) in: | |||
Deposits | 1,169,706 | 1,678,029 | |
Assets sold under agreements to repurchase | (80,659) | (10,860) | |
Other short-term borrowings | 1 | 89,992 | |
Payments of notes payable | (59,526) | (12,680) | |
Principal payments of finance leases | (439) | 0 | |
Proceeds from issuance of notes payable | 0 | 40,000 | |
Proceeds from issuance of common stock | 2,976 | 4,712 | |
Dividends paid | (25,713) | (26,138) | |
Net payments for repurchase of common stock | (250,314) | (193) | |
Payments related to tax witholding for share-based compensation | (2,805) | (1,223) | |
Net cash provided by financing activities | 753,227 | 1,761,639 | |
Net (decrease) increase in cash and due from banks, and restricted cash | (17,508) | (122,748) | |
Cash and due from banks and restricted cash at beginning of period | 403,251 | [1] | 412,629 |
Cash and due from banks and restricted cash at end of period | $ 385,743 | $ 289,881 | |
[1] | Refer to Note 5 - Restrictions on cash and due from banks and certain securities for nature of restrictions. |
Nature of operations
Nature of operations | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Nature Of Operations | Note 1 – Nature of operations Popular, Inc. (the “Corporation” or “Popular”) is a diversified, publicly-owned financial holding company subject to the supervision and regulation of the Board of Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the mainland United States and U.S. and British Virgin Islands. In Puerto Rico, the Corporation provides retail, mortgage, and commercial banking services through its principal banking subsidiary, Banco Popular de Puerto Rico (“BPPR”), as well as investment b anking, broker-dealer, auto and equipment leasing and financing, and insurance services through specialized subsidiaries. In the U.S. mainland, the Corporation provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank (“PB”), which has branches located in New York, New Jersey and Florida . |
Basis of presentation and summa
Basis of presentation and summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Basis Of Presentation And Significant Accounting Policies | Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated interim financial statements have been prepared without audit. The C onsolidated S tatement of F inancial C ondition data at December 31, 2018 was derived from audited financial statements. The unaudited interim financial statements are, in the opinion of management, a fair statement of the results for the periods reported and include all necessary adjustments, all of a normal recurring nature, for a fair statement of such results. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from the unaudited financial statements p ursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these financial statements should be read in conjunction with the audited C onsolidated F inancial S tatements of the Corporation for the year ended December 31 , 2018 , included in the Corporation’s 2018 Form 10-K . Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a f ull year or any future period. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and l iabilities and contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New accounting pronouncements
New accounting pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles | |
New Accounting Pronouncements | Note 3 – New accounting pro nouncements R ecently Adopted Accounting Standards Updates FASB Accounting Standards Updates (“ASUs”), Leases (Topic 842) The FASB has issued a series of ASUs which, among other things , supersede ASC Topic 840 and set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees. The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset (“ROU asset ”) and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In addition, the new leases standa rd requires lessors, among other things, to present lessor costs paid by the lessee to the lessor on a gross basis. The Corporation adopted the new leases standard during the first quarter of 2019 using the modified retrospective approach. The Corporation elected the practical expedients to not reassess at the date of adoption whether any existing contracts were or contained leases, their lease classification, and initial direct costs. The Corporation also elected the optional transition method that allows application of the transition provisions of the new leases standard at the adoption date, instead of at the earliest comparative period presented. Therefore, comparative periods will continue to be presented in accordance with ASC Topic 840. The Corporatio n also elected the optional practical expedients that permit the use of hindsight in evaluating lessee options to extend or terminate a lease, and to not apply ASC Topic 842 to all classes of short-term leases. On the other hand, the Corporation did not el ect the practical expedient on not separating lease components from nonlease components. As of January 1, 2019, the Corporation recognized ROU assets of $ 139 million, net of deferred rent liability of $ 15 million and lease liabilities of $ 154 million on i ts operating leases. In addition, the Corporation recorded a positive cumulative effect adjustment of $ 4.8 million to retained earnings as a result of the reclassification of previously deferred gains on sale and operating lease back transactions. In ad dition, the Corporation early adopted ASU 201 9 - 01 which , among other things, reinstates the specific fair value guidance in ASC Topic 840 for lessors that are not manufacturers or dealers to continue to measure the fair value of an underlying asset at its cost and clarifies that lessors that are depository or lending institutions in the scope of ASC Topic 942 are required to present the principal portion of lessee payments received from sales-type or direct financing leases as cash flows from investing acti vities . The Corporation was not impacted by the adoption of ASU 2019-01. FA SB Accounting Standards Update (“ASU”) 2018- 16 , Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes The FASB issued ASU 2018- 16 in October 2018 which permits use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to other permiss ible U.S. benchmark rates. The Corporation adopted ASU 2018-16 during the first quarter of 2019. As such, the Corporation will consider this guidance for qualifying new hedging relationships entered into on or after the effective date. FASB Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The FASB issued ASU 2018-02 in February 2018, which allow s a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. These stranded tax effects result from recognizing in income the impact of changes in tax rates even whe n the related tax effects were recognized in accumulated other comprehensive income. The amendments also require certain disclosures about stranded tax effects. The Corporation adopted ASU 2018-02 during the first quarter of 2019. As of December 31, 2018, the Corporation maintained a full valuation allowance on the deferre d tax assets, which were recognized in accumulated other comprehensive income related to its U.S. operations. As such, the Corporation was not impacted by the adoption of this accounting pronouncement during the first quarter of 2019. FASB Accounting Stan dards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities The FASB issued ASU 2017-12 in August 2017, which makes more financial and nonfinancial hedging strategies eligible for hedge accounting and changes how companies assess effectiveness by, among other things, eliminating the requirement for entities to recognize hedge ineffectiveness each reporting period for cash flow hedges and requiring presentation of the changes in fair value of cash flow hedges in the same income statement line item(s) as the earnings effect of the hedged items when the hedged item affects earnings. The Corporation adopted ASU 201 7 -1 2 during the first quarter of 2019. The cumulative effect adjustment r ecorded to retained earnings to reverse the hedge ineffectiveness as of December 31, 2018 was not significant. There were no changes in presentation since the earnings effect of the hedges and the hedged items are already presented in the same income state ment line item. In addition, the Corporation elected to continue to perform subsequent assessments of hedge effectiveness quantitatively. Additionally, adoption of the following standards effective during the first quarter of 201 9 did not have a significant impact on the Corporation’ s C onsolidated F inancial S tatements: F ASB Accounting Standards Update (“ASU”) 2018- 09 , Codification Improvements F ASB Accounting Standards Update (“ASU”) 2018-0 7 , Compensation – Stock Compensation ( Topic 718 ): Improvements to Nonemployee Share-Based Payment Accounting FASB Accounting Standards Update (“ASU”) 201 7 -1 1 , Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mand atorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception F ASB Accounting Standards Update (“ASU”) 2017-08, Receivables– Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities R ecently Issued Accounting Standards Updates FA SB Accounting Standards Update (“ASU”) 201 9 - 04 , Codification Improvements to Topic 326, Financial Instruments – Credit Losses , Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments The FASB issued ASU 201 9 - 04 in April 2019, which clarifies areas of guidance related to the recently issued standards on credit losses (Topic 326), derivatives and hedging (Topic 815), and recognition and measurement of financial instruments (Topic 825). Amendments to Topic 326 are mainly in the areas o f accrued interest receivable, transfers of loans and debt securities between classifications, inclusion of expected recoveries in the allowance for credit losses, and permitting a prepay-adjusted effective interest rate except for TDRs. Amendments to Topi c 815 and Topic 825 are mainly in the areas of fair value hedges and equity securities accounted for under the measurement alternative, respectively. The amendments of this Update are effective for fiscal years , and interim periods within those fiscal yea rs, beginning after December 1 5 , 20 19 . The Corporation is currently evaluating the impact that the amendments to Topic 326 will have on the CECL implementation . Nonetheless, the Corporation does not anticipate that the amendments to Topic 815 and Topic 82 5 will have a material effect on its Consolidated Financial Statements. For other recently issued Accounting Standards Updates not yet effective, refer to Note 3 to the Consolidated Financial S tatements included in the 201 8 Form 10-K. |
Business combination
Business combination | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Note 4 – Business combination On August 1, 2018, Popular, Inc., through its subsidiary Popular Auto, LLC (“Popular Auto”) , acquired and assumed from Reliable Financial Services, Inc. and Reliable Finance Holding Co. (“Reliable”), subsidiaries of Wells Fargo & Company, certain assets and liabilities related to their auto finance business in Puerto Rico (the “Reliable Transaction” or “Transaction”). Popular Auto acquired approximately $ 1.6 billion in retail auto loans and $ 341 million in primarily auto- related commercial loans. Reliable has continued operating as a Division of Popular Auto in parallel with Popular Auto’s existing operations to provide continuity of service to Reliable customers while allowing Popular to assess best practices before compl eting the integration of the two operations. The Corporation expects to complete the integration of these operations during the second quarter of 2019 and continue to operate this business under the name of Popular Auto. Wells Fargo retained approximatel y $ 398 million in retail auto loans as part of the Transaction and subsequently sold the same to a third party. Popular Auto has entered into a separate servicing agreement with respect to such loans. Popular entered into the Transaction as part of its growth strategy to increase its market share in the auto finance business in Puerto Rico. The following table presents the fair values of the consideration and major classes of identifiable assets ac quired and liabilities assumed by the Corporation as of August 1, 2018 , net of cumulative measurement period adjustments as of period end. Book value prior to purchase accounting Fair value Measurement As recorded by (In thousands) adjustments adjustments period adjustments Popular, Inc. Cash consideration $ 1,843,256 $ - $ - $ 1,843,256 Assets: Loans $ 1,912,866 $ (126,908) [1] $ 16,505 [1] $ 1,802,463 Premises and equipment 1,246 - - 1,246 Accrued income receivable 1,466 - - 1,466 Other assets 5,020 - (91) 4,929 Trademark - 488 - 488 Total assets $ 1,920,598 $ (126,420) $ 16,414 $ 1,810,592 Liabilities: Other liabilities $ 11,164 $ - $ - $ 11,164 Total liabilities $ 11,164 $ - $ - $ 11,164 Net assets acquired $ 1,909,434 $ (126,420) $ 16,414 $ 1,799,428 Goodwill on acquisition $ 43,828 [1] The fair value discount is comprised of $106 million related to the retail auto loans portfolio and $4 million related to the commercial loans portfolio. During the fourth quarter of 201 8 , measurement period adjustments , amounting to $ 16.5 million, were made to the estimated fair values of the loans acquired as part of the Transaction to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The increase in the fair value of retail auto l oans and commercial loans by $ 12.2 million and $ 4.3 million, respectively, was mainly attributed to decreases in credit loss expectations. The related cumulative adjustment to the amortization of the fair value discounts for the retail and commercial portfolios offset each other, resulting in an immaterial impact to the Corporation’s results. Contractual cash flows for retail auto loans and commercial loans amounted to $ 1.8 billion and $ 348 million, respectively, from which $ 105 million and $ 3 million , respectively, are not expected to be collected. For a description of the methods used to determine the fair values of significant assets acquired on the Reliable Transaction , refer to Note 4 of the Consolidated Statements included in the 2018 Form 10-K. |
Restrictions on cash and due fr
Restrictions on cash and due from banks and certain securities | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Restricted On Cash And Due From Banks And Certain Securities | Note 5 - Restrictions on cash and d ue fr om banks and certain securities The Corporation’s banking subsidiaries, BPPR and PB, are required by federal and state regulatory agencies to maintain average reserve balances with the Federal Re serve Bank of New York (the “Fed”) or other banks. Those required average reserve balances amounted to $ 1.6 b illion at March 31, 2019 (December 31, 2018 - $ 1.6 b illion ) . Cash and due from banks, as well as other highly liquid securities, are used to cover the required average reserve balances. At March 31, 2019 , t he Corporation held $ 47 million in restricted assets in the form of funds deposited in money market accounts , debt securities available for sale and equity securities ( December 31, 2018 - $ 62 millio n). The restricted assets held in debt securities available for sale and equity securities consist primarily of assets held for the Corporation’s non-qualified retirement plans and fund deposits guaranteeing possible liens or encumbrances over the title of insured properties. |
Debt securities available-for-s
Debt securities available-for-sale | 3 Months Ended |
Mar. 31, 2019 | |
Debt securities available-for-sale | |
Debt Securities, Available-for-sale | |
Investments in debt and marketable equity securities | Note 6 – Debt securities available-for-sale T he following table s present the amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities available-for- sale at March 31, 2019 and December 31, 2018 At March 31, 2019 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 3,453,820 $ 677 $ 4,064 $ 3,450,433 2.06 % After 1 to 5 years 4,559,672 34,676 16,420 4,577,928 2.31 After 5 to 10 years 2,988 138 - 3,126 3.06 Total U.S. Treasury securities 8,016,480 35,491 20,484 8,031,487 2.20 Obligations of U.S. Government sponsored entities Within 1 year 181,084 3 980 180,107 1.45 After 1 to 5 years 85,737 7 1,180 84,564 1.49 Total obligations of U.S. Government sponsored entities 266,821 10 2,160 264,671 1.46 Obligations of Puerto Rico, States and political subdivisions Within 1 year 6,975 - 166 6,809 - Total obligations of Puerto Rico, States and political subdivisions 6,975 - 166 6,809 - Collateralized mortgage obligations - federal agencies After 1 to 5 years 1,082 - 8 1,074 2.01 After 5 to 10 years 107,033 - 3,502 103,531 1.68 After 10 years 612,396 2,260 17,495 597,161 2.10 Total collateralized mortgage obligations - federal agencies 720,511 2,260 21,005 701,766 2.04 Mortgage-backed securities Within 1 year 135 1 - 136 4.15 After 1 to 5 years 14,133 206 1 14,338 3.14 After 5 to 10 years 347,822 1,156 5,621 343,357 2.15 After 10 years 4,238,051 19,949 78,307 4,179,693 2.55 Total mortgage-backed securities 4,600,141 21,312 83,929 4,537,524 2.52 Other After 5 to 10 years 433 5 - 438 3.62 Total other 433 5 - 438 3.62 Total debt securities available-for-sale [1] $ 13,611,361 $ 59,078 $ 127,744 $ 13,542,695 2.29 % [1] Includes $10 billion pledged to secure public and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $8.9 billion serve as collateral for public funds. At December 31, 2018 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 3,565,571 $ 108 $ 5,319 $ 3,560,360 2.10 % After 1 to 5 years 4,483,741 13,647 35,213 4,462,175 2.25 After 5 to 10 years 245,891 3,770 - 249,661 2.84 Total U.S. Treasury securities 8,295,203 17,525 40,532 8,272,196 2.21 Obligations of U.S. Government sponsored entities Within 1 year 212,951 - 1,406 211,545 1.44 After 1 to 5 years 123,857 1 2,094 121,764 1.51 Total obligations of U.S. Government sponsored entities 336,808 1 3,500 333,309 1.47 Obligations of Puerto Rico, States and political subdivisions After 1 to 5 years 6,926 - 184 6,742 0.70 Total obligations of Puerto Rico, States and political subdivisions 6,926 - 184 6,742 0.70 Collateralized mortgage obligations - federal agencies After 1 to 5 years 749 - 7 742 1.92 After 5 to 10 years 115,744 1 4,715 111,030 1.71 After 10 years 638,995 1,584 23,680 616,899 2.10 Total collateralized mortgage obligations - federal agencies 755,488 1,585 28,402 728,671 2.04 Mortgage-backed securities Within 1 year 431 4 - 435 4.30 After 1 to 5 years 6,762 43 1 6,804 2.74 After 5 to 10 years 365,727 1,090 8,499 358,318 2.19 After 10 years 3,710,731 10,679 128,189 3,593,221 2.45 Total mortgage-backed securities 4,083,651 11,816 136,689 3,958,778 2.43 Other After 5 to 10 years 486 2 - 488 3.62 Total other 486 2 - 488 3.62 Total debt securities available-for-sale [1] $ 13,478,562 $ 30,929 $ 209,307 $ 13,300,184 2.25 % [1] Includes $8.9 billion pledged to secure public and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $7.9 billion serve as collateral for public funds. The weighted average yield on debt securities available-for-sale is based on amortized cost; therefore, it does not give effect to changes in fair value. Debt securities not due on a single contractual maturity date, such as mortgage-backed securities and collateralized mortgage obligations, are classified in the period of final contractual maturity. The expected maturities of collateralized mortgage obligations, mortgage-backed securities and certain other securities may differ from their contractual matu rities because they may be subject to prepayments or may be called by the issuer. T here were no debt securities sold during the quarters ende d March 31, 2019 and March 31, 2018 . The following tables present the Corporation’s fair value and gross unrealized losses of debt securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and December 31, 2018 . At March 31, 2019 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses U.S. Treasury securities $ 1,473,943 $ 76 $ 2,604,306 $ 20,408 $ 4,078,249 $ 20,484 Obligations of U.S. Government sponsored entities - - 263,499 2,160 263,499 2,160 Obligations of Puerto Rico, States and political subdivisions - - 6,809 166 6,809 166 Collateralized mortgage obligations - federal agencies 3,447 5 480,426 21,000 483,873 21,005 Mortgage-backed securities 18,074 220 3,460,223 83,709 3,478,297 83,929 Total debt securities available-for-sale in an unrealized loss position $ 1,495,464 $ 301 $ 6,815,263 $ 127,443 $ 8,310,727 $ 127,744 At December 31, 2018 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses U.S. Treasury securities $ 3,189,007 $ 4,188 $ 2,607,276 $ 36,343 $ 5,796,283 $ 40,531 Obligations of U.S. Government sponsored entities 14,847 46 318,271 3,454 333,118 3,500 Obligations of Puerto Rico, States and political subdivisions - - 6,742 184 6,742 184 Collateralized mortgage obligations - federal agencies 66,652 489 587,869 27,913 654,521 28,402 Mortgage-backed securities 125,872 2,280 3,478,635 134,410 3,604,507 136,690 Total debt securities available-for-sale in an unrealized loss position $ 3,396,378 $ 7,003 $ 6,998,793 $ 202,304 $ 10,395,171 $ 209,307 As of March 31, 2019 , the portfolio of available-for-sale debt securities reflects gross unrealized losses of approximately $ 128 million, driven mainly by mortgage-backed securities, U.S. Treasury securities and collateralized mortgage obligations . Management evaluates debt securities for other-than-temporary (“OTTI”) declines in fair value on a quarterly basis. Once a decline in value is determined to be other-than-temporary, the value of a debt security is reduced and a corresponding charge to earnings is recognized for anticipated credit losses. The OTTI analysis requires management to consider various factors, which include, but are not limited to: (1) the length of time and the extent to which fair value has been less than the amortized cost basis, (2) the financial condition of the issuer or issuers, (3) actual collateral attributes, (4) the payment structure of the debt security and the likelihood of the issuer being able to make payments, (5) any rating changes by a rating agency, (6) adverse conditions specifically related to the security, industry, or a geographic area, and (7) management’s intent to sell the debt security or whether it is more lik ely than not that the Corporation would be required to sell the debt security before a forecasted recovery occurs. At March 31, 2019 , management performed its quarterly analysis of all debt securities in an unrealized loss position. Based on the analysis performed, management concluded that no individual debt security was other-than-temporarily impaired as of such date. At March 31, 2019 , the Corporation did not have the intent to sell debt securities in an unrealized loss position and it was no t more likely than not that the Corporation would have to sell the debt securities prior to recovery of their amortized cost basis. The following table states the name of issuers, and the aggregate amortized cost and fair value of the debt securities of such issuer (includes available-for-sale and held-to-maturity debt securities), in which the aggregate amortized cost of such securities exceeds 10% of stockholders’ equity. This information excludes debt securities backed by the full faith and credit of t he U.S. Government. Investments in obligations issued by a state of the U.S . and its political subdivisions and agencies, which are payable and secured by the same source of revenue or taxing authority, other than the U.S. Government, are considered securi ties of a single issuer. March 31, 2019 December 31, 2018 (In thousands) Amortized cost Fair value Amortized cost Fair value FNMA $ 3,273,409 $ 3,220,000 $ 2,999,110 $ 2,901,904 Freddie Mac 1,312,120 1,293,207 1,095,855 1,058,013 |
Debt securities held-to-maturit
Debt securities held-to-maturity | 3 Months Ended |
Mar. 31, 2019 | |
Held To Maturity Debt Securities | |
Debt Securities, Held-to-maturity | |
Investments in debt and marketable equity securities | Note 7 – Debt securities held-to-maturity The following table s present the amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities held-to-maturi ty at March 31, 2019 and December 31, 2018 . At March 31, 2019 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield Obligations of Puerto Rico, States and political subdivisions Within 1 year $ 3,670 $ - $ 31 $ 3,639 6.01 % After 1 to 5 years 17,255 - 205 17,050 6.10 After 5 to 10 years 20,585 - 1,502 19,083 3.19 After 10 years 45,831 5,751 14 51,568 1.76 Total obligations of Puerto Rico, States and political subdivisions 87,341 5,751 1,752 91,340 3.13 Collateralized mortgage obligations - federal agencies After 5 to 10 years 53 3 - 56 6.44 Total collateralized mortgage obligations - federal agencies 53 3 - 56 6.44 Securities in wholly owned statutory business trusts After 10 years 11,561 - - 11,561 6.51 Total securities in wholly owned statutory business trusts 11,561 - - 11,561 6.51 Other After 1 to 5 years 500 - - 500 2.97 Total other 500 - - 500 2.97 Total debt securities held-to-maturity $ 99,455 $ 5,754 $ 1,752 $ 103,457 3.53 % At December 31, 2018 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield Obligations of Puerto Rico, States and political subdivisions Within 1 year $ 3,510 $ - $ 36 $ 3,474 5.99 % After 1 to 5 years 16,505 - 1,081 15,424 6.07 After 5 to 10 years 23,885 - 1,704 22,181 3.61 After 10 years 45,559 3,943 47 49,455 1.79 Total obligations of Puerto Rico, States and political subdivisions 89,459 3,943 2,868 90,534 3.23 Collateralized mortgage obligations - federal agencies After 5 to 10 years 55 3 - 58 5.45 Total collateralized mortgage obligations - federal agencies 55 3 - 58 5.45 Securities in wholly owned statutory business trusts After 10 years 11,561 - - 11,561 6.51 Total securities in wholly owned statutory business trusts 11,561 - - 11,561 6.51 Other After 1 to 5 years 500 - - 500 2.97 Total other 500 - - 500 2.97 Total debt securities held-to-maturity $ 101,575 $ 3,946 $ 2,868 $ 102,653 3.60 % Debt securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. The expected maturities of collateralized mortgage obligations and certain other securities may differ from their contractual maturities because they may be subject to prepayments or may be called by the issuer. The following tables present the Corporation’s fair value and gross unrealized losses of debt securities held-to-maturity, ag gregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019 and December 31, 2018 . At March 31, 2019 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses Obligations of Puerto Rico, States and political subdivisions $ 14,695 $ 250 $ 11,118 $ 1,502 $ 25,813 $ 1,752 Total debt securities held-to-maturity in an unrealized loss position $ 14,695 $ 250 $ 11,118 $ 1,502 $ 25,813 $ 1,752 At December 31, 2018 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses Obligations of Puerto Rico, States and political subdivisions $ 27,471 $ 1,165 $ 13,307 $ 1,703 $ 40,778 $ 2,868 Total debt securities held-to-maturity in an unrealized loss position $ 27,471 $ 1,165 $ 13,307 $ 1,703 $ 40,778 $ 2,868 As indicated in Note 6 to these C onsolidated F inancial S tatements, management evaluates debt securities for OTTI declines in fair value on a quarterly basis. The “ Obligations of Puerto Rico, States and political subdivisions” classified as held-to-maturity at March 31, 2019 are primarily associated with securities issued by municipalities of Puerto Rico and are generally not rated by a credit rating agency. This includes $ 42 million of general and special obligation bonds issued by three municipalities of Puerto Rico , which are payable primarily from certain property taxes imposed by the issuing municipality. In the case of general obligations, they also benefit from a pledge of the full faith, credit and unlimited taxing p ower of the issuing municipality, which is required by law to levy property taxes in an amount sufficient for the payment of debt service on such general obligation bonds. The p ortfolio also includes $ 45 million in securities for which the underl ying source of payment is second mortgage loans in Puerto Rico residential properties, not the central government, but in which a government instrumentality provides a guarantee in the event of default and subsequent foreclosure of the underlying property. The Corporation performs periodic credit quality reviews on these issuers. Based on the quarterly analysis performed, management concluded that no individual debt security held-to-maturity was other-than-temporarily impaired at March 31, 2019 . A deterio ration of the Puerto Rico economy or of the fiscal health of the Government of Puerto Rico and/or its instrumentalities ( including if any of the issuing municipalities become subject to a debt restructuring proceeding under PROMESA ) could further affect the v alue of these securities, resulting in losses to the Corporation. The Corporation does not have the intent to sell debt securities held-to-maturity and it is more likely than not that the Corporation will not have to sell these debt securities prior to recovery of their amortized cost basis . Refer to Note 21 for additional information on the Corporation’s exposure to the Puerto Rico Government . |
Loans
Loans | 3 Months Ended |
Mar. 31, 2019 | |
Receivables | |
Loans | Note 8 – Loans For a summary of the accounting policies related to loans, interest recognition and allowance for loan losses refer to Note 2 - Summary of S ignificant A ccounting P olicies of the 2018 Form 10-K . As previously disclosed in Note 4 , as a result of the Reliable Transaction completed on August 1, 2018, Popular Auto, LLC, acquired approximately $1.6 billion in retail auto loans and $341 million in primarily auto-related commercial loans. These loans are included in the information presented in this note. During the quarter ended March 31, 2019 , the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $81 million and consumer loans of $69 million, compared to pur chases (including repurchases) of mortgage loans of $156 million and consumer loans of $51 million, during the quarter ended March 31, 2018 . The Corporation performed whole-loan sales involving approximately $12 million of residential mortgage loans and $8 million of commercial loans during the quarter ended March 31, 2019 ( March 31, 2018 - $10 million of residential mortgage loans). Also, during the quarter ended March 31, 2019 , the Corporation se curitized approximately $71 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities and $21 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities, compared to $112 million and $26 million, respectively, during the quarter ended March 31, 2018 . Delinquency status The following table presents the composition of loans held-in-portfolio (“HIP”), net of unearned income, by past due status, and by loan class including those that are in non-performing status or that are accruing interest but are past due 90 days or more at March 31, 2019 and December 31, 2018 . March 31, 2019 Puerto Rico Past due Past due 90 days or more 30-59 60-89 90 days Total Non-accrual Accruing (In thousands) days days or more past due Current Loans HIP loans loans [1] Commercial multi-family $ 729 $ 1,347 $ 692 $ 2,768 $ 150,494 $ 153,262 $ 646 $ - Commercial real estate: Non-owner occupied 12,605 21,432 91,872 125,909 2,174,869 2,300,778 38,189 - Owner occupied 14,279 3,350 99,557 117,186 1,573,993 1,691,179 83,607 - Commercial and industrial 4,473 435 44,148 49,056 3,196,847 3,245,903 43,851 297 Construction - - 1,788 1,788 89,584 91,372 1,788 - Mortgage 278,233 131,178 974,718 1,384,129 4,991,459 6,375,588 317,850 532,809 Leasing 8,202 2,409 2,525 13,136 950,096 963,232 2,525 - Consumer: Credit cards 9,732 6,093 16,639 32,464 983,124 1,015,588 - 16,639 Home equity lines of credit 6 58 - 64 4,835 4,899 - - Personal 12,180 8,506 17,760 38,446 1,233,178 1,271,624 17,178 62 Auto 57,106 10,955 25,172 93,233 2,648,862 2,742,095 25,162 10 Other 1,598 468 15,013 17,079 123,751 140,830 14,196 817 Total $ 399,143 $ 186,231 $ 1,289,884 $ 1,875,258 $ 18,121,092 $ 19,996,350 $ 544,992 $ 550,634 [1] Loans HIP of $194 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. March 31, 2019 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 [1] Commercial multi-family $ 1,197 $ 2,555 $ - $ 3,752 $ 1,388,268 $ 1,392,020 $ - $ - Commercial real estate: Non-owner occupied 2,329 - - 2,329 1,851,166 1,853,495 - - Owner occupied 4,775 - 2,064 6,839 306,708 313,547 2,064 - Commercial and industrial 1,237 50 63,588 64,875 1,043,251 1,108,126 797 - Construction 10,343 - 12,060 22,403 677,545 699,948 12,060 - Mortgage 14,328 1,241 9,808 25,377 806,215 831,592 9,808 - Legacy 61 13 2,583 2,657 21,747 24,404 2,583 - Consumer: Credit cards - - 2 2 33 35 2 - Home equity lines of credit 451 388 12,087 12,926 119,956 132,882 12,087 - Personal 1,957 1,301 1,809 5,067 290,041 295,108 1,809 - Other 4 6 - 10 191 201 - - Total $ 36,682 $ 5,554 $ 104,001 $ 146,237 $ 6,505,121 $ 6,651,358 $ 41,210 $ - [1] Loans HIP of $63 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. March 31, 2019 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 [3] [4] loans loans [5] Commercial multi-family $ 1,926 $ 3,902 $ 692 $ 6,520 $ 1,538,762 $ 1,545,282 $ 646 $ - Commercial real estate: Non-owner occupied 14,934 21,432 91,872 128,238 4,026,035 4,154,273 38,189 - Owner occupied 19,054 3,350 101,621 124,025 1,880,701 2,004,726 85,671 - Commercial and industrial 5,710 485 107,736 113,931 4,240,098 4,354,029 44,648 297 Construction 10,343 - 13,848 24,191 767,129 791,320 13,848 - Mortgage [1] 292,561 132,419 984,526 1,409,506 5,797,674 7,207,180 327,658 532,809 Leasing 8,202 2,409 2,525 13,136 950,096 963,232 2,525 - Legacy [2] 61 13 2,583 2,657 21,747 24,404 2,583 - Consumer: Credit cards 9,732 6,093 16,641 32,466 983,157 1,015,623 2 16,639 Home equity lines of credit 457 446 12,087 12,990 124,791 137,781 12,087 - Personal 14,137 9,807 19,569 43,513 1,523,219 1,566,732 18,987 62 Auto 57,106 10,955 25,172 93,233 2,648,862 2,742,095 25,162 10 Other 1,602 474 15,013 17,089 123,942 141,031 14,196 817 Total $ 435,825 $ 191,785 $ 1,393,885 $ 2,021,495 $ 24,626,213 $ 26,647,708 $ 586,202 $ 550,634 [1] 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. [2] The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. [3] Loans held-in-portfolio are net of $161 million in unearned income and exclude $44 million in loans held-for-sale. [4] Includes $6.6 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.6 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $2.0 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. [5] Loans HIP of $257 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. December 31, 2018 Puerto Rico Past due Past due 90 days or more 30-59 60-89 90 days Total Non-accrual Accruing (In thousands) days days or more past due Current Loans HIP loans loans [1] Commercial multi-family $ 1,441 $ 112 $ 598 $ 2,151 $ 143,477 $ 145,628 $ 546 $ - Commercial real estate: Non-owner occupied 92,075 839 45,691 138,605 2,183,996 2,322,601 39,257 - Owner occupied 6,681 10,839 99,235 116,755 1,605,498 1,722,253 88,069 - Commercial and industrial 4,137 641 55,321 60,099 3,122,062 3,182,161 55,078 243 Construction - - 1,788 1,788 84,167 85,955 1,788 - Mortgage 275,367 128,104 1,043,607 1,447,078 4,986,245 6,433,323 323,565 595,525 Leasing 7,663 1,827 3,313 12,803 921,970 934,773 3,313 - Consumer: Credit cards 9,504 7,391 16,035 32,930 1,014,343 1,047,273 - 16,035 Home equity lines of credit - 97 165 262 5,089 5,351 11 154 Personal 13,069 7,907 18,515 39,491 1,211,134 1,250,625 17,887 35 Auto 52,204 9,862 24,177 86,243 2,522,542 2,608,785 24,050 127 Other 566 288 14,958 15,812 128,932 144,744 14,534 424 Total $ 462,707 $ 167,907 $ 1,323,403 $ 1,954,017 $ 17,929,455 $ 19,883,472 $ 568,098 $ 612,543 [1] Non-covered loans HIP of $143 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. December 31, 2018 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 [1] Commercial multi-family $ 3,163 $ - $ - $ 3,163 $ 1,398,377 $ 1,401,540 $ - $ - Commercial real estate: Non-owner occupied 707 288 365 1,360 1,880,384 1,881,744 365 - Owner occupied 5,125 1,728 381 7,234 291,705 298,939 381 - Commercial and industrial 2,354 995 73,726 77,075 1,011,078 1,088,153 330 - Construction - - 12,060 12,060 681,434 693,494 12,060 - Mortgage 13,615 3,197 11,033 27,845 774,090 801,935 11,033 - Legacy 195 445 2,627 3,267 22,682 25,949 2,627 - Consumer: Credit cards 2 - - 2 36 38 - - Home equity lines of credit 886 464 13,579 14,929 128,123 143,052 13,579 - Personal 2,319 1,723 2,610 6,652 282,697 289,349 2,610 - Other - - 4 4 220 224 4 - Total $ 28,366 $ 8,840 $ 116,385 $ 153,591 $ 6,470,826 $ 6,624,417 $ 42,989 $ - [1] Non-covered loans HIP of $73 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. December 31, 2018 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 [3] [4] loans loans [5] Commercial multi-family $ 4,604 $ 112 $ 598 $ 5,314 $ 1,541,854 $ 1,547,168 $ 546 $ - Commercial real estate: Non-owner occupied 92,782 1,127 46,056 139,965 4,064,380 4,204,345 39,622 - Owner occupied 11,806 12,567 99,616 123,989 1,897,203 2,021,192 88,450 - Commercial and industrial 6,491 1,636 129,047 137,174 4,133,140 4,270,314 55,408 243 Construction - - 13,848 13,848 765,601 779,449 13,848 - Mortgage [1] 288,982 131,301 1,054,640 1,474,923 5,760,335 7,235,258 334,598 595,525 Leasing 7,663 1,827 3,313 12,803 921,970 934,773 3,313 - Legacy [2] 195 445 2,627 3,267 22,682 25,949 2,627 - Consumer: Credit cards 9,506 7,391 16,035 32,932 1,014,379 1,047,311 - 16,035 Home equity lines of credit 886 561 13,744 15,191 133,212 148,403 13,590 154 Personal 15,388 9,630 21,125 46,143 1,493,831 1,539,974 20,497 35 Auto 52,204 9,862 24,177 86,243 2,522,542 2,608,785 24,050 127 Other 566 288 14,962 15,816 129,152 144,968 14,538 424 Total $ 491,073 $ 176,747 $ 1,439,788 $ 2,107,608 $ 24,400,281 $ 26,507,889 $ 611,087 $ 612,543 [1] 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. [2] The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. [3] Loans held-in-portfolio are net of $156 million in unearned income and exclude $51 million in loans held-for-sale. [4] Includes $6.9 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.8 billion were pledged at the FHLB as collateral for borrowings and $2.1 billion at the FRB for discount window borrowings. [5] Non-covered loans HIP of $216 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. At March 31, 2019 , mortgage loans held-in-portfolio include $1.4 billion of loans insured by the Federal Housing Administration (“FHA”), or guaranteed by the U.S. Department of Veterans Affairs (“VA”) of which $535 million are 90 days or more past due, including $ 106 million of loans rebooked under the GNMA buyback option, discussed below (December 31, 2018 - $1.4 billion, $598 million and $134 million, respectively). Within t his portfolio, loans in a delinquency status of 90 days or more are reported as accruing loans as opposed to non-performing since the principal repayment is insured. These balances include $292 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of March 31, 2019 (December 31, 2018 - $283 million). Additionally, the Corporation has approximately $67 million in reverse mortgage loans in Puerto Rico which are guaranteed b y FHA, but which are currently not accruing interest at March 31, 2019 (December 31, 2018 - $69 million). L oans with a delinquency status of 90 days past due as of March 31, 2019 include $ 106 million in loans previously p ooled into GNMA securities (December 31, 2018 - $134 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 su bject to the repurchase option are required to be reflected on the financial statements of B PPR with an offsetting liability . Loans acquired with deteriorated credit quality accounted for under ASC 310-30 The following provides information of loans acquired with evidence of credit deterioration as of the acquisition date, accounted for under the guidance of ASC 310-30. The outstanding principal balance of acquired loans accounted pursuant to ASC Subtopic 3 10-30, amounted to $ 2.1 billion at March 31, 2019 (December 31, 2018 - $ 2.2 billion). The carrying amount of these loans consisted of loans determined to be impaired at the time of acquisition, which are accounted for in accordance with ASC Subtopic 310-30 (“credit impaired loans”), and loans that were considered to be performing at the acquisition date, accounted for by analogy to ASC Subtopic 310-30 (“non-credit impaired loans”). The following table provides the carrying amount of acquired loans accounted for under ASC 310-30 by portfolio at March 31, 2019 and December 31, 2018 . Carrying amount (In thousands) March 31, 2019 December 31, 2018 Commercial real estate $ 775,292 $ 801,774 Commercial and industrial 145,835 84,465 Mortgage 896,761 982,821 Consumer 13,369 14,496 Carrying amount 1,831,257 1,883,556 Allowance for loan losses (124,147) (122,135) Carrying amount, net of allowance $ 1,707,110 $ 1,761,421 At March 31, 2019 , none of the acquired loans accounted for under ASC Subtopic 310-30 were considered non-performing loans. Therefore, interest income, through accretion of the differenc e between the carrying amount of the loans and the expected cash flows, was recognized on all acquired loans. Changes in the carrying amount and the accretable yield for the loans accounted pursuant to the ASC Subtopic 310-30, for the quarters ended March 31, 2019 and 2018 , were as follows: Carrying amount of acquired loans accounted for pursuant to ASC 310-30 For the quarter ended (In thousands) March 31, 2019 March 31, 2018 Beginning balance $ 1,883,556 $ 2,108,993 Additions 5,220 5,272 Accretion 37,404 42,060 Collections / loan sales / charge-offs (94,923) (71,134) Ending balance [1] $ 1,831,257 $ 2,085,191 Allowance for loan losses (124,147) (146,120) Ending balance, net of ALLL $ 1,707,110 $ 1,939,071 [1] At March 31, 2019, includes $1.3 billion of loans considered non-credit impaired at the acquisition date (March 31, 2018 - $1.5 billion). Activity in the accretable yield of acquired loans accounted for pursuant to ASC 310-30 For the quarter ended (In thousands) March 31, 2019 March 31, 2018 Beginning balance $ 1,092,504 $ 1,214,488 Additions 2,890 3,437 Accretion (37,404) (42,060) Change in expected cash flows 10,177 28,861 Ending balance [1] $ 1,068,167 $ 1,204,726 [1] At March 31, 2019, includes $0.7 billion for loans considered non-credit impaired at the acquisition date (March 31, 2018 - $0.9 billion). |
Allowance for loan losses
Allowance for loan losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables | |
Allowance for loan losses | Note 9 – Allowance for loan losses The Corporation follows a systematic methodology to establish and evaluate the adequacy of the allowance for loan losses (“ALLL”) to provide for inherent losses in the loan portfolio. This methodology includes the consideration of factors such as current economic conditions, portfolio risk characteristics, prior loss experience and results of periodic credit reviews of individual lo ans. The provision for loan losses charged to current operations is based on this methodology. Loan losses are charged and recoveries are credited to the ALLL. The Corporation’s assessment of the ALLL is determined in accordance with the guidance of loss c ontingencies in ASC Subtopic 450-20 and loan impairment guidance in ASC Section 310-10-35. Also, the Corporation determines the ALLL on purchased impaired loans and purchased loans accounted for under ASC Subtopic 310-30, by evaluating decreases in expecte d cash flows after the acquisition date. The accounting guidance provides for the recognition of a loss allowance for groups of homogeneous loans. The determination of the general ALLL includes the following principal factors: Base net loss rates, which are based on the moving average of annualized net loss rates computed over a 5-year historical loss period for the commercial and construction loan portfolios, and an 18-month period for the consumer and mortgage loan portfolios. The base net loss rates a re applied by loan type and by legal entity. Recent loss trend adjustment, which replaces the base loss rate with a 12-month average loss rate, when these trends are higher than the respective base loss rates. The objective of this adjustment is to allow f or a more recent loss trend to be captured and reflected in the ALLL estimation process. For the period ended March 31, 2019 , 41 % ( March 31, 2018 - 45 %) of the ALLL for the BPPR segment loan portfolios utilized the recent lo ss trend adjustment instead of the base loss. The effect of replacing the base loss with the recent loss trend adjustment was mainly concentrated in the commercial and personal loans portfolios for 2019 and in the mortgage, leasing, credit cards and aut o loans portfolios for 2018 . For the period ended March 31, 2019 , 23 % ( March 31, 2018 - 5 %) of the Popular U.S. segment loan portfolios utilized the recent loss trend adjustment instead of the base loss. The effect of repla cing the base loss with the recent loss trend adjustment was concentrated in the consumer portfolio for 2019 and 2018 . Environmental factors, which include credit and macroeconomic indicators such as unemployment rate, economic activity index and del inquency rates, adopted to account for current market conditions that are likely to cause estimated credit losses to differ from historical losses. The Corporation reflects the effect of these environmental factors on each loan group as an adjustment that, as appropriate, increases the historical loss rate applied to each group. Environmental factors provide updated perspective on credit and economic conditions. Regression analysis is used to select these indicators and quantify the effect on the general AL LL. The Corporation’s methodology also includes qualitative judgmental reserves based on stressed credit quality assumptions to provide for probable losses in the loan portfolios not embedded in the historical loss rates. The following tables present the c hanges in the allowance for loan losses, loan ending balances and whether such loans and the allowance pertain to loans individually or collectively evaluated for impairment for the quarters ended March 31, 2019 and 2018 . For the quarter ended March 31, 2019 Puerto Rico (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 207,214 $ 886 $ 142,978 $ 11,486 $ 144,594 $ 507,158 Provision (reversal of provision) (1,689) (81) 6,061 (891) 28,054 31,454 Charge-offs (19,461) (22) (13,174) (2,096) (35,869) (70,622) Recoveries 2,867 39 1,991 610 10,886 16,393 Ending balance $ 188,931 $ 822 $ 137,856 $ 9,109 $ 147,665 $ 484,383 Specific ALLL $ 33,253 $ 19 $ 40,779 $ 321 $ 23,350 $ 97,722 General ALLL $ 155,678 $ 803 $ 97,077 $ 8,788 $ 124,315 $ 386,661 Loans held-in-portfolio: Impaired non-covered loans $ 381,803 $ 1,788 $ 515,365 $ 1,018 $ 101,887 $ 1,001,861 Non-covered loans held-in-portfolio excluding impaired loans 7,009,319 89,584 5,860,223 962,214 5,073,149 18,994,489 Total loans held-in-portfolio $ 7,391,122 $ 91,372 $ 6,375,588 $ 963,232 $ 5,175,036 $ 19,996,350 For the quarter ended March 31, 2019 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 31,901 $ 6,538 $ 4,434 $ 969 $ 18,348 $ 62,190 Provision (reversal of provision) 6,491 128 237 (855) 4,370 10,371 Charge-offs (3,481) - (251) 164 (5,651) (9,219) Recoveries 647 8 22 551 1,675 2,903 Ending balance $ 35,558 $ 6,674 $ 4,442 $ 829 $ 18,742 $ 66,245 Specific ALLL $ 223 $ - $ 2,360 $ - $ 1,653 $ 4,236 General ALLL $ 35,335 $ 6,674 $ 2,082 $ 829 $ 17,089 $ 62,009 Loans held-in-portfolio: Impaired loans $ 1,691 $ 12,060 $ 9,438 $ - $ 8,987 $ 32,176 Loans held-in-portfolio excluding impaired loans 4,665,497 687,888 822,154 24,404 419,239 6,619,182 Total loans held-in-portfolio $ 4,667,188 $ 699,948 $ 831,592 $ 24,404 $ 428,226 $ 6,651,358 For the quarter ended March 31, 2019 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 239,115 $ 7,424 $ 147,412 $ 969 $ 11,486 $ 162,942 $ 569,348 Provision (reversal of provision) 4,802 47 6,298 (855) (891) 32,424 41,825 Charge-offs (22,942) (22) (13,425) 164 (2,096) (41,520) (79,841) Recoveries 3,514 47 2,013 551 610 12,561 19,296 Ending balance $ 224,489 $ 7,496 $ 142,298 $ 829 $ 9,109 $ 166,407 $ 550,628 Specific ALLL $ 33,476 $ 19 $ 43,139 $ - $ 321 $ 25,003 $ 101,958 General ALLL $ 191,013 $ 7,477 $ 99,159 $ 829 $ 8,788 $ 141,404 $ 448,670 Loans held-in-portfolio: Impaired loans $ 383,494 $ 13,848 $ 524,803 $ - $ 1,018 $ 110,874 $ 1,034,037 Loans held-in-portfolio excluding impaired loans 11,674,816 777,472 6,682,377 24,404 962,214 5,492,388 25,613,671 Total loans held-in-portfolio $ 12,058,310 $ 791,320 $ 7,207,180 $ 24,404 $ 963,232 $ 5,603,262 $ 26,647,708 For the quarter ended March 31, 2018 Puerto Rico - Non-covered loans (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 171,531 $ 1,286 $ 159,081 $ 11,991 $ 174,215 $ 518,104 Provision 20,934 1,163 7,464 2,914 24,243 56,718 Charge-offs (6,789) 48 (13,791) (2,513) (28,372) (51,417) Recoveries 2,846 160 547 520 6,117 10,190 Ending balance $ 188,522 $ 2,657 $ 153,301 $ 12,912 $ 176,203 $ 533,595 Specific ALLL $ 45,028 $ 474 $ 44,419 $ 448 $ 22,955 $ 113,324 General ALLL $ 143,494 $ 2,183 $ 108,882 $ 12,464 $ 153,248 $ 420,271 Loans held-in-portfolio: Impaired non-covered loans $ 352,064 $ 4,293 $ 510,849 $ 1,361 $ 97,730 $ 966,297 Non-covered loans held-in-portfolio excluding impaired loans 6,770,732 89,565 5,844,857 837,022 3,231,207 16,773,383 Total non-covered loans held-in-portfolio $ 7,122,796 $ 93,858 $ 6,355,706 $ 838,383 $ 3,328,937 $ 17,739,680 For the quarter ended March 31, 2018 Puerto Rico - Covered Loans (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ - $ - $ 32,521 $ - $ 723 $ 33,244 Provision (reversal of provision) - - 2,265 - (535) 1,730 Charge-offs - - (1,446) - (2) (1,448) Recoveries - - 82 - 2 84 Ending balance $ - $ - $ 33,422 $ - $ 188 $ 33,610 Specific ALLL $ - $ - $ - $ - $ - $ - General ALLL $ - $ - $ 33,422 $ - $ 188 $ 33,610 Loans held-in-portfolio: Impaired covered loans $ - $ - $ - $ - $ - $ - Covered loans held-in-portfolio excluding impaired loans - - 500,683 - 13,928 514,611 Total covered loans held-in-portfolio $ - $ - $ 500,683 $ - $ 13,928 $ 514,611 For the quarter ended March 31, 2018 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 44,134 $ 7,076 $ 4,541 $ 798 $ 15,529 $ 72,078 Provision (reversal of provision) 10,555 16 (118) (477) 2,639 12,615 Charge-offs (8,396) - (82) (157) (6,316) (14,951) Recoveries 1,566 - 386 488 1,191 3,631 Ending balance $ 47,859 $ 7,092 $ 4,727 $ 652 $ 13,043 $ 73,373 Specific ALLL $ - $ - $ 2,496 $ - $ 1,195 $ 3,691 General ALLL $ 47,859 $ 7,092 $ 2,231 $ 652 $ 11,848 $ 69,682 Loans held-in-portfolio: Impaired loans $ - $ - $ 9,073 $ - $ 5,853 $ 14,926 Loans held-in-portfolio excluding impaired loans 4,345,711 799,533 699,865 31,167 457,055 6,333,331 Total loans held-in-portfolio $ 4,345,711 $ 799,533 $ 708,938 $ 31,167 $ 462,908 $ 6,348,257 For the quarter ended March 31, 2018 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 215,665 $ 8,362 $ 196,143 $ 798 $ 11,991 $ 190,467 $ 623,426 Provision (reversal of provision) 31,489 1,179 9,611 (477) 2,914 26,347 71,063 Charge-offs (15,185) 48 (15,319) (157) (2,513) (34,690) (67,816) Recoveries 4,412 160 1,015 488 520 7,310 13,905 Ending balance $ 236,381 $ 9,749 $ 191,450 $ 652 $ 12,912 $ 189,434 $ 640,578 Specific ALLL $ 45,028 $ 474 $ 46,915 $ - $ 448 $ 24,150 $ 117,015 General ALLL $ 191,353 $ 9,275 $ 144,535 $ 652 $ 12,464 $ 165,284 $ 523,563 Loans held-in-portfolio: Impaired loans $ 352,064 $ 4,293 $ 519,922 $ - $ 1,361 $ 103,583 $ 981,223 Loans held-in-portfolio excluding impaired loans 11,116,443 889,098 7,045,405 31,167 837,022 3,702,190 23,621,325 Total loans held-in-portfolio $ 11,468,507 $ 893,391 $ 7,565,327 $ 31,167 $ 838,383 $ 3,805,773 $ 24,602,548 The following table provides the activity in the allowance for loan losses related to loans accounted for pursuant to ASC Subtopic 310-30. ASC 310-30 For the quarters ended (In thousands) March 31, 2019 March 31, 2018 Balance at beginning of period $ 122,135 $ 119,505 Provision 7,726 37,335 Net charge-offs (5,714) (10,720) Balance at end of period $ 124,147 $ 146,120 Impaired loans The following tables present loans individually evaluated for impairment at March 31, 2019 and December 31, 2018 . March 31, 2019 Puerto Rico Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 924 $ 924 $ 4 $ - $ - $ 924 $ 924 $ 4 Commercial real estate non-owner occupied 72,891 73,589 22,536 102,971 149,106 175,862 222,695 22,536 Commercial real estate owner occupied 112,326 131,793 7,462 27,300 59,652 139,626 191,445 7,462 Commercial and industrial 55,496 68,923 3,251 9,895 20,139 65,391 89,062 3,251 Construction 1,788 1,788 19 - - 1,788 1,788 19 Mortgage 414,984 466,878 40,779 100,381 135,035 515,365 601,913 40,779 Leasing 1,018 1,018 321 - - 1,018 1,018 321 Consumer: Credit cards 27,879 27,879 4,200 - - 27,879 27,879 4,200 Personal 71,607 71,607 18,751 - - 71,607 71,607 18,751 Auto 1,163 1,163 229 - - 1,163 1,163 229 Other 1,238 1,238 170 - - 1,238 1,238 170 Total Puerto Rico $ 761,314 $ 846,800 $ 97,722 $ 240,547 $ 363,932 $ 1,001,861 $ 1,210,732 $ 97,722 March 31, 2019 Popular U.S. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial real estate owner occupied $ 1,691 $ 1,713 $ 223 $ - $ - $ 1,691 $ 1,713 $ 223 Construction - - - 12,060 18,127 12,060 18,127 - Mortgage 6,914 8,526 2,360 2,524 3,548 9,438 12,074 2,360 Consumer: HELOCs 6,830 6,914 1,393 1,358 1,452 8,188 8,366 1,393 Personal 631 632 260 168 231 799 863 260 Total Popular U.S. $ 16,066 $ 17,785 $ 4,236 $ 16,110 $ 23,358 $ 32,176 $ 41,143 $ 4,236 March 31, 2019 Popular, Inc. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 924 $ 924 $ 4 $ - $ - $ 924 $ 924 $ 4 Commercial real estate non-owner occupied 72,891 73,589 22,536 102,971 149,106 175,862 222,695 22,536 Commercial real estate owner occupied 114,017 133,506 7,685 27,300 59,652 141,317 193,158 7,685 Commercial and industrial 55,496 68,923 3,251 9,895 20,139 65,391 89,062 3,251 Construction 1,788 1,788 19 12,060 18,127 13,848 19,915 19 Mortgage 421,898 475,404 43,139 102,905 138,583 524,803 613,987 43,139 Leasing 1,018 1,018 321 - - 1,018 1,018 321 Consumer: Credit Cards 27,879 27,879 4,200 - - 27,879 27,879 4,200 HELOCs 6,830 6,914 1,393 1,358 1,452 8,188 8,366 1,393 Personal 72,238 72,239 19,011 168 231 72,406 72,470 19,011 Auto 1,163 1,163 229 - - 1,163 1,163 229 Other 1,238 1,238 170 - - 1,238 1,238 170 Total Popular, Inc. $ 777,380 $ 864,585 $ 101,958 $ 256,657 $ 387,290 $ 1,034,037 $ 1,251,875 $ 101,958 December 31, 2018 Puerto Rico Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 932 $ 932 $ 4 $ - $ - $ 932 $ 932 $ 4 Commercial real estate non-owner occupied 85,583 86,282 27,494 96,005 138,378 181,588 224,660 27,494 Commercial real estate owner occupied 113,592 132,677 7,857 26,474 60,485 140,066 193,162 7,857 Commercial and industrial 65,208 67,094 16,835 10,724 20,968 75,932 88,062 16,835 Construction 1,788 1,788 56 - - 1,788 1,788 56 Mortgage 408,767 458,010 38,760 100,701 135,084 509,468 593,094 38,760 Leasing 1,099 1,099 320 - - 1,099 1,099 320 Consumer: Credit cards 28,829 28,829 4,571 - - 28,829 28,829 4,571 Personal 72,989 72,989 19,098 - - 72,989 72,989 19,098 Auto 1,161 1,161 228 - - 1,161 1,161 228 Other 1,256 1,256 186 - - 1,256 1,256 186 Total Puerto Rico $ 781,204 $ 852,117 $ 115,409 $ 233,904 $ 354,915 $ 1,015,108 $ 1,207,032 $ 115,409 December 31, 2018 Popular U.S. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Construction $ - $ - $ - $ 12,060 $ 18,127 $ 12,060 $ 18,127 $ - Mortgage 7,237 8,899 2,451 2,183 3,127 9,420 12,026 2,451 Consumer: HELOCs 6,236 6,285 1,558 1,498 1,572 7,734 7,857 1,558 Personal 631 631 252 142 143 773 774 252 Total Popular U.S. $ 14,104 $ 15,815 $ 4,261 $ 15,883 $ 22,969 $ 29,987 $ 38,784 $ 4,261 December 31, 2018 Popular, Inc. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 932 $ 932 $ 4 $ - $ - $ 932 $ 932 $ 4 Commercial real estate non-owner occupied 85,583 86,282 27,494 96,005 138,378 181,588 224,660 27,494 Commercial real estate owner occupied 113,592 132,677 7,857 26,474 60,485 140,066 193,162 7,857 Commercial and industrial 65,208 67,094 16,835 10,724 20,968 75,932 88,062 16,835 Construction 1,788 1,788 56 12,060 18,127 13,848 19,915 56 Mortgage 416,004 466,909 41,211 102,884 138,211 518,888 605,120 41,211 Leasing 1,099 1,099 320 - - 1,099 1,099 320 Consumer: Credit Cards 28,829 28,829 4,571 - - 28,829 28,829 4,571 HELOCs 6,236 6,285 1,558 1,498 1,572 7,734 7,857 1,558 Personal 73,620 73,620 19,350 142 143 73,762 73,763 19,350 Auto 1,161 1,161 228 - - 1,161 1,161 228 Other 1,256 1,256 186 - - 1,256 1,256 186 Total Popular, Inc. $ 795,308 $ 867,932 $ 119,670 $ 249,787 $ 377,884 $ 1,045,095 $ 1,245,816 $ 119,670 The following tables present the average recorded investment and interest income recognized on impaired loans for the quarters ended March 31, 2019 and 2018 . For the quarter ended March 31, 2019 Puerto Rico Popular U.S. Popular, Inc. Average Interest Average Interest Average Interest recorded income recorded income recorded income (In thousands) investment recognized investment recognized investment recognized Commercial multi-family $ 928 $ 12 $ - $ - $ 928 $ 12 Commercial real estate non-owner occupied 178,725 1,712 - - 178,725 1,712 Commercial real estate owner occupied 139,846 1,458 846 - 140,692 1,458 Commercial and industrial 70,662 745 - - 70,662 745 Construction 1,788 - 12,060 - 13,848 - Mortgage 512,417 4,026 9,429 40 521,846 4,066 Leasing 1,059 - - - 1,059 - Consumer: Credit cards 28,354 - - - 28,354 - HELOCs - - 7,962 - 7,962 - Personal 72,298 69 786 - 73,084 69 Auto 1,162 - - - 1,162 - Other 1,247 - - - 1,247 - Total Popular, Inc. $ 1,008,486 $ 8,022 $ 31,083 $ 40 $ 1,039,569 $ 8,062 For the quarter ended March 31, 2018 Puerto Rico Popular U.S. Popular, Inc. Average Interest Average Interest Average Interest recorded income recorded income recorded income (In thousands) investment recognized investment recognized investment recognized Commercial multi-family $ 168 $ 2 $ - $ - $ 168 $ 2 Commercial real estate non-owner occupied 123,359 1,366 - - 123,359 1,366 Commercial real estate owner occupied 153,453 1,486 - - 153,453 1,486 Commercial and industrial 60,780 582 - - 60,780 582 Construction 2,147 - - - 2,147 - Mortgage 509,941 6,580 9,158 43 519,099 6,623 Leasing 1,409 - - - 1,409 - Consumer: Credit cards 33,471 - - - 33,471 - HELOCs - - 4,685 - 4,685 - Personal 61,745 - 771 - 62,516 - Auto 1,885 - - - 1,885 - Other 1,355 - - - 1,355 - Total Popular, Inc. $ 949,713 $ 10,016 $ 14,614 $ 43 $ 964,327 $ 10,059 Modifications A modification of a loan constitutes a troubled debt restructuring when a borrower is experiencing financial difficulty and the modification constitutes a concession. For a summary of the accounting policy related to troubled debt restructurings (“TDRs”), refer to the Summary of Significant Accounting Policies included in Note 2 to the 2018 Form 10-K. TDRs amounted to $1.5 billion at March 31, 2019 (December 31, 2018 - $1.5 billion ). The amount of outstanding c ommitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs amounted to $ 12 million related to the commercial loan portfolio at March 31, 2019 (December 31, 2018 - $ 16 million). At March 31, 2019 , the mortgage loan TDRs include $ 570 million guaranteed by U.S. sponsored entities at BPPR, compared to $ 543 million at December 31, 2018 . The following table present s the loans classified as TDRs according to t heir accruing status and the related allowance at March 31, 2019 and December 31, 2018 . March 31, 2019 December 31, 2018 (In thousands) Accruing Non-Accruing Total Related Allowance Accruing Non-Accruing Total Related Allowance Loans held-in-portfolio: Commercial $ 224,648 $ 120,371 $ 345,019 $ 29,274 $ 229,758 $ 130,921 $ 360,679 $ 46,889 Construction - 1,788 1,788 19 - 1,788 1,788 56 Mortgage 939,985 134,517 1,074,502 41,913 906,712 135,758 1,042,470 41,211 Leases 705 313 1,018 321 668 440 1,108 320 Consumer 92,131 15,557 107,688 24,494 94,193 15,651 109,844 24,523 Loans held-in-portfolio $ 1,257,469 $ 272,546 $ 1,530,015 $ 96,021 $ 1,231,331 $ 284,558 $ 1,515,889 $ 112,999 T he following table s present the loan count by type of modification for those loans modified in a TDR during the quarters ended March 31, 2019 and 2018 . Loans modified as TDRs for the U.S. operations are considered insignificant to the Corporation. For the quarter ended March 31, 2019 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial real estate non-owner occupied - 1 - - Commercial real estate owner occupied - 10 - - Commercial and industrial - 16 - - Mortgage 6 27 157 - Consumer: Credit cards 122 - 1 66 HELOCs - 6 4 - Personal 152 2 - - Auto - 2 - - Other 6 - - - Total 286 64 162 66 For the quarter ended March 31, 2018 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial real estate non-owner occupied 2 5 - - Commercial real estate owner occupied - 19 - - Commercial and industrial 3 19 - - Construction 1 - - - Mortgage 19 4 36 23 Consumer: Credit cards 131 - - 150 HELOCs - 5 4 - Personal 160 2 - - Auto - - 1 - Other 7 - 1 - Total 323 54 42 173 The following tables present , by class, quantitative information related to loans modified as TDRs during the quarters ended March 31, 2019 and 2018 . For the quarter ended March 31, 2019 (Dollars in thousands) Loan count Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Increase (decrease) in the allowance for loan losses as a result of modification Commercial real estate non-owner occupied 1 $ 314 $ 311 $ 18 Commercial real estate owner occupied 10 2,019 1,973 19 Commercial and industrial 16 3,943 4,479 314 Mortgage 190 20,732 18,591 671 Consumer: Credit cards 189 1,543 1,530 171 HELOCs 10 694 621 55 Personal 154 3,147 3,153 805 Auto 2 25 23 4 Other 6 13 13 2 Total 578 $ 32,430 $ 30,694 $ 2,059 For the quarter ended March 31, 2018 (Dollars in thousands) Loan count Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Increase (decrease) in the allowance for loan losses as a result of modification Commercial real estate non-owner occupied 7 $ 22,986 $ 22,923 $ 6,800 Commercial real estate owner occupied 19 4,974 4,269 138 Commercial and industrial 22 11,069 10,523 (110) Construction 1 4,210 4,293 474 Mortgage 82 10,273 8,919 457 Consumer: Credit cards 281 2,926 3,301 454 HELOCs 9 865 856 267 Personal 162 3,072 3,070 1,010 Auto 1 134 132 23 Other 8 157 155 26 Total 592 $ 60,666 $ 58,441 $ 9,539 T he following tables present , by class, TDRs that were subject to payment default and that had been modified as a TDR during the twelve months preceding the default date. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification date. Loans modified as a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. Defaulted during the quarter ended March 31, 2019 (Dollars in thousands) Loan count Recorded investment as of first default date Commercial real estate non-owner occupied 1 $ 47 Commercial real estate owner occupied 2 427 Commercial and industrial 1 50 Mortgage 8 745 Leasing 1 22 Consumer: Credit cards 104 1,087 Personal 68 1,352 Total 185 $ 3,730 Defaulted during the quarter ended March 31, 2018 (Dollars in thousands) Loan count Recorded investment as of first default date Commercial real estate owner occupied 2 $ 86 Commercial and industrial 5 72 Mortgage 17 2,572 Consumer: Credit cards 48 1,342 Personal 30 889 Total 102 $ 4,961 Commercial, consumer and mortgage loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, the Corporation evaluates the loan for possible further impairment. The allowance for loan losses may be increased or partial charge-offs may be taken to further write-down the carrying value of the loan . Credit Quality The following table presents the outstanding balance, net of unearned income, of loans held -in-portfolio based on the Corporation’s assignment of obligor risk ratings as defined at March 31, 2019 and December 31, 2018 . For the definitions of the obligor risk ratings, refer to the Credit Quality section of N ote 9 to the Consolidated Financia l Statements included in the Corporation’s Form 10K for the year ended December 31, 2018 . March 31, 2019 Special Pass/ (In thousands) Watch Mention Substandard Doubtful Loss Sub-total Unrated Total Puerto Rico Commercial multi-family $ 1,570 $ 4,498 $ 3,660 $ - $ - $ 9,728 $ 143,534 $ 153,262 Commercial real estate non-owner occupied 497,509 176,551 336,675 12,929 - 1,023,664 1,277,114 2,300,778 Commercial real estate owner occupied 250,970 168,665 282,766 1,967 - 704,368 986,811 1,691,179 Commercial and industrial 644,293 107,703 153,796 176 69 906,037 2,339,866 3,245,903 Total Commercial 1,394,342 457,417 776,897 15,072 69 2,643,797 4,747,325 7,391,122 Construction - 515 1,788 - - 2,303 89,069 91,372 Mortgage 2,456 1,415 148,860 - - 152,731 6,222,857 6,375,588 Leasing - - 2,387 - 138 2,525 960,707 963,232 Consumer: Credit cards - - 16,639 - - 16,639 998,949 1,015,588 HELOCs - - - - - - 4,899 4,899 Personal 526 17 18,057 - - 18,600 1,253,024 1,271,624 Auto - - 25,007 - 166 25,173 2,716,922 2,742,095 Other 92 - 14,851 - 196 15,139 125,691 140,830 Total Consumer 618 17 74,554 - 362 75,551 5,099,485 5,175,036 Total Puerto Rico $ 1,397,416 $ 459,364 $ 1,004,486 $ 15,072 $ 569 $ 2,876,907 $ 17,119,443 $ 19,996,350 Popular U.S. Commercial multi-family $ 63,208 $ 7,073 $ 1,878 $ - $ - $ 72,159 $ 1,319,861 $ 1,392,020 Commercial real estate non-owner occupied 117,685 22,155 70,373 - - 210,213 1,643,282 1,853,495 Commercial real estate owner occupied 48,393 46,811 7,039 - - 102,243 211,304 313,547 Commercial and industrial 9,883 697 73,464 - - 84,044 1,024,082 1,108,126 Total Commercial 239,169 76,736 152,754 - - 468,659 4,198,529 4,667,188 Construction 25,826 28,074 58,515 - - 112,415 587,533 699,948 Mortgage - - 9,807 - - 9,807 821,785 831,592 Legacy 366 - 1,079 - - 1,445 22,959 24,404 Consumer: Credit cards - - 2 - - 2 33 35 HELOCs - - 2,462 - 9,625 12,087 120,795 132,882 Personal - - 1,419 - 390 1,809 293,299 295,108 Other - - - - - - 201 201 Total Consumer - - 3,883 - 10,015 13,898 414,328 428,226 Total Popular U.S. $ 265,361 $ 104,810 $ 226,038 $ - $ 10,015 $ 606,224 $ 6,045,134 $ 6,651,358 Popular, Inc. Commercial multi-family $ 64,778 $ 11,571 $ 5,538 $ - $ - $ 81,887 $ 1,463,395 $ 1,545,282 Commercial real estate non-owner occupied 615,194 198,706 407,048 12,929 - 1,233,877 2,920,396 4,154,273 Commercial real estate owner occupied 299,363 215,476 289,805 1,967 - 806,611 1,198,115 2,004,726 Commercial and industrial 654,176 108,400 227,260 176 69 990,081 3,363,948 4,354,029 Total Commercial 1,633,511 534,153 929,651 15,072 69 3,112,456 8,945,854 12,058,310 Construction 25,826 28,589 60,303 - - 114,718 676,602 791,320 Mortgage 2,456 1,415 158,667 - - 162,538 7,044,642 7,207,180 Legacy 366 - 1,079 - - 1,445 22,959 24,404 Leasing - - 2,387 - 138 2,525 960,707 963,232 Consumer: Credit cards - - 16,641 - - 16,641 998,982 1,015,623 HELOCs - - 2,462 - 9,625 12,087 125,694 137,781 Personal 526 17 19,476 - 390 20,409 1,546,323 1,566,732 Auto - - 25,007 - 166 25,173 2,716,922 2,742,095 Other 92 - 14,851 - 196 15,139 125,892 141,031 Total Consumer 618 17 78,437 - 10,377 89,449 5,513,813 5,603,262 Total Popular, Inc. $ 1,662,777 $ 564,174 $ 1,230,524 $ 15,072 $ 10,584 $ 3,483,131 $ 23,164,577 $ 26,647,708 The following table presents the weighted average obligor risk rating at March 31, 2019 for those classifications that consider a range of rating scales. Weighted average obligor risk rating (Scales 11 and 12) (Scales 1 through 8) Puerto Rico: Substandard Pass Commercial multi-family 11.18 6.02 Commercial real estate non-owner occupied 11.22 6.91 Commercial real estate owner occupied 11.28 7.25 Commercial and industrial 11.27 7.07 Total Commercial 11.25 7.05 Construction 12.00 7.64 Popular U.S. : Substandard Pass Commercial multi-family 11.00 7.37 Commercial real estate non-owner occupied 11.00 6.90 Commercial real estate owner occupied 11.29 7.38 Commercial and industrial 11.01 6.85 Total Commercial 11.02 7.06 Construction 11.21 7.83 Legacy 11.24 7.99 December 31, 2018 Special Pass/ (In thousands) Watch Mention Substandard Doubtful Loss Sub-total Unrated Total Puerto Rico Commercial multi-family $ 1,634 $ 4,548 $ 3,590 $ - $ - $ 9,772 $ 135,856 $ 145,628 Commercial real estate non-owner occupied 470,506 233,173 342,962 - - 1,046,641 1,275,960 2,322,601 Commercial real estate owner occupied 262,476 174,510 291,468 2,078 - 730,532 991,721 1,722,253 Commercial and industrial 655,092 130,641 156,515 177 73 942,498 2,239,663 3,182,161 Total Commercial 1,389,708 542,872 794,535 2,255 73 2,729,443 4,643,200 7,372,643 Construction 147 634 1,788 - - 2,569 83,386 85,955 Mortgage 3,057 2,182 154,506 - - 159,745 6,273,578 6,433,323 Leasing - - 3,301 - 12 3,313 931,460 934,773 Consumer: Credit cards - - 16,035 - - 16,035 1,031,238 1,047,273 HELOCs - - 165 - - 165 5,186 5,351 Personal 849 19 18,827 - - 19,695 1,230,930 1,250,625 Auto - - 24,093 - 84 24,177 2,584,608 2,608,785 Other - - 14,743 - 215 14,958 129,786 144,744 Total Consumer 849 19 73,863 - 299 75,030 4,981,748 5,056,778 Total Puerto Rico $ 1,393,761 $ 545,707 $ 1,027,993 $ 2,255 $ 384 $ 2,970,100 $ 16,913,372 $ 19,883,472 Popular U.S. Commercial multi-family $ 85,901 $ 7,123 $ 6,979 $ - $ - $ 100,003 $ 1,301,537 $ 1,401,540 Commercial real estate non-owner occupied 152,635 9,839 46,555 - - 209,029 1,672,715 1,881,744 Commercial real estate owner occupied 49,415 23,963 2,394 - - 75,772 223,167 298,939 Commercial and industrial 5,825 1,084 76,459 - - 83,368 1,004,785 1,088,153 Total Commercial 293,776 42,009 132,387 - - 468,172 4,202,204 4,670,376 Construction 35,375 37,741 58,005 - - 131,121 562,373 693,494 Mortgage - - 11,032 - - 11,032 790,903 801,935 Legacy 534 224 2,409 - - 3,167 22,782 25,949 Consumer: Credit cards - - - - - - 38 38 HELOCs - - 2,615 - 10,964 13,579 129,473 143,052 Personal - - 1,910 - 701 2,611 286,738 289,349 Other - - 4 - - 4 220 224 Total Consumer - - 4,529 - 11,665 16,194 416,469 432,663 Total Popular U.S. $ 329,685 $ 79,974 $ 208,362 $ - $ 11,665 $ 629,686 $ 5,994,731 $ 6,624,417 Popular, Inc. Commercial multi-family $ 87,535 $ 11,671 $ 10,569 $ - $ - $ 109,775 $ 1,437,393 $ 1,547,168 Commercial real estate non-owner occupied 623,141 243,012 389,517 - - 1,255,670 2,948,675 4,204,345 Commercial real estate owner occupied 311,891 198,473 293,862 2,078 - 806,304 1,214,888 2,021,192 Commercial and industrial 660,917 131,725 232,974 177 73 1,025,866 3,244,448 4,270,314 Total Commercial 1,683,484 584,881 926,922 2,255 73 3,197,615 8,845,404 12,043,019 Construction 35,522 38,375 59,793 - - 133,690 645,759 779,449 Mortgage 3,057 2,182 165,538 - - 170,777 7,064,481 7,235,258 Legacy 534 224 2,409 - - 3,167 22,782 25,949 Leasing - - 3,301 - 12 3,313 931,460 934,773 Consumer: Credit cards - - 16,035 - - 16,035 1,031,276 1,047,311 HELOCs - - 2,780 - 10,964 13,744 134,659 148,403 Personal 849 19 20,737 - 701 22,306 1,517,668 1,539,974 Auto - - 24,093 - 84 24,177 2,584,608 2,608,785 Other - - 14,747 - 215 14,962 130,006 144,968 Total Consumer 849 19 78,392 - 11,964 91,224 5,398,217 5,489,441 Total Popular, Inc. $ 1,723,446 $ 625,681 $ 1,236,355 $ 2,255 $ 12,049 $ 3,599,786 $ 22,908,103 $ 26,507,889 The following table presents the weighted average obligor risk rating at December 31, 2018 for those classifications that consider a range of rating scales. Weighted average obligor risk rating (Scales 11 and 12) (Scales 1 through 8) Puerto Rico: Substandard Pass Commercial multi-family 11.20 6.02 Commercial real estate non-owner occupied 11.11 6.93 Commercial real estate owner occupied 11.29 7.25 Commercial and industrial 11.33 7.15 Total Commercial 11.22 7.09 Construction 12.00 7.64 Popular U.S.: Substandard Pass Commercial multi-family 11.00 7.39 Commercial real estate non-owner occupied 11.01 6.82 Commercial real estate owner occupied 11.16 7.55 Commercial and industrial 11.96 7.26 Total Commercial 11.56 7.14 Construction 11.21 7.85 Legacy 11.17 7.94 |
FDIC loss share asset and true
FDIC loss share asset and true up payment obligation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
FDIC loss share asset and true-up payment obligation | Note 10 – FDIC l oss-share asset and true-up payment obligation In connection with the Westernbank FDIC-assisted transaction, BPPR entered into loss-share arrangements with the FDIC with respect to the covered loans and other real estate owned. Pursuant to the terms of the loss-share arrangements, the FDIC’s obligation to reimburse BPPR for losses with respect to covered assets beg an with the first dollar of loss incurred. The FDIC reimburse d BPPR for 80 % of losses with respect to covered assets, and BPPR reimburse d the FDIC for 80% of recoveries with respect to losses for which the FDIC paid reimbursem ent under loss-share arrangements. The loss-share component of the arrangements applicable to commercial (including construction) and consumer loans expired during the quarter ended June 30, 2015, but the arrangement provided for reimbursement of recoverie s to the FDIC to continue through the quarter ending June 30, 2018, and for the single family mortgage loss-share component of such agreement to expire i n the quarter ended June 30, 2020. As of March 31, 2018, the Corporation had an FDIC loss share asset o f $ 44.5 million related to the covered assets. As part of the loss-share agreements, BPPR had agreed to make a true-up payment to the FDIC 45 days following the last day (such day, the “true-up measurement date”) of the final shared-loss month, or upon the final disposition of all covered assets under the loss-share agreements, in the event losses on the loss-share agreements fail to reach expected levels. The estimated fair value of such true-up payment obligation at March 31, 2018 was approximately $ 171 million and was included as a contingen t consideration within the caption of other liabilities in the Consolidated Statements of Financial Condition . On May 22, 2018, the Corporation entered into a Termination Agreement (the “Termination Agreement”) with the FDIC to terminate all loss-share arr angements in connection with the Westernbank FDIC-assisted transaction . Under the terms of the Termination Agreement, B PPR made a payment of approximately $ 23.7 million (the “Termination Payment”) to the FDIC as consideration for the termination of the loss-share agreements. Popular recorded a gain of $ 102.8 million within the FDIC loss share income (expense) caption in the Consolidated Statements of Operations calculated based on the difference between the Termination Payment an d the net amount of the true-up payment obligation and the FDIC loss share asset. The following table sets forth the activity in the FDIC loss-share asset for the quarter ended March 31, 2018 . Quarter ended (In thousands) March 31, 2018 Balance at beginning of period $ 46,316 Amortization of loss-share indemnification asset (934) Credit impairment losses to be covered under loss-sharing agreements 104 Reimbursable expenses 537 Net payments from FDIC under loss-sharing agreements (364) Balance at end of period $ 45,659 Balance due to the FDIC for recoveries on covered assets (1,190) Balance at end of period $ 44,469 As a result of the Termination Agreement, assets that were covered by the loss share agreement, including covered loans in the amount of approximately $ 514.6 million and covered real estate owned assets in the amount of approximately $ 15.3 million as of March 31, 2018, were reclassified as non-covered. The Corporation now recognizes entirely all future credit losses, expenses, gains, and recoveries related to the formerly covered assets with no offset due to or from the FDIC. |
Mortgage banking activities
Mortgage banking activities | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Mortgage Banking Activities | Note 11 – Mortgage banking activities Income from mortgage banking activities includes mortgage servicing fees earned in connection with administering residential mortgage loans and valuation adjustments on mortgage servicing rights. It also includes gain on sales and securitizations of residential mortgage loans and trading gains and losses on derivative contracts used to hedge the Corporation’s securitization activities. In addition, lower-of-cost-or-market valuation adjustments to residential mortga ge loans held for sale, if any, are recorded as part of the mortgage banking activities. The following table presents the components of mortgage banking activities: Quarters ended March 31, (In thousands) 2019 2018 Mortgage servicing fees, net of fair value adjustments: Mortgage servicing fees $ 11,687 $ 12,456 Mortgage servicing rights fair value adjustments (3,825) (4,307) Total mortgage servicing fees, net of fair value adjustments 7,862 8,149 Net gain on sale of loans, including valuation on loans held-for-sale 4,017 1,057 Trading account (loss) profit: Unrealized losses on outstanding derivative positions - (221) Realized (losses) gains on closed derivative positions (1,953) 3,083 Total trading account (loss) profit (1,953) 2,862 Total mortgage banking activities $ 9,926 $ 12,068 |
Transfers of financial assets a
Transfers of financial assets and mortgage servicing assets | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing of Financial Assets | |
Transfers Of Financial Assets And Mortgage Servicing Assets | Note 12 – Transfers of financ ial assets and mortgage servicing assets The Corporation typically transfers conforming residential mortgage lo ans in conjunction with GNMA and FNMA securitization transactions whereby the loans are exchanged for cash or securities and servicing rights. As seller, the Corporation has made certain representations and warranties with respect to the originally transferred loans and, in the past , has sold certain loans with credit recourse to a government-sponsored entity, namely FNMA. Refer to Note 20 to the Consolidated Financial S tatements for a description of such arrangements. No liabilities were incurred as a result of the se securitizations during the quarters ended March 31, 2019 and 2018 because they did not contain any credit recourse arran gements. During the quarter ended March 31, 2019 , the Corporation recorded a net gain of $ 3.7 million ( March 31, 2018 - $ 1.0 million) related to the residential mortgage loans securitized. The following tables present the initial fair value of the assets obtained as proceeds from residential mortgage loans securitized during the quarters ended March 31, 2019 and 2018 : Proceeds Obtained During the Quarter Ended March 31, 2019 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 71,149 $ - $ 71,149 Mortgage-backed securities - FNMA - 20,918 - 20,918 Total trading account debt securities $ - $ 92,067 $ - $ 92,067 Mortgage servicing rights $ - $ - $ 1,658 $ 1,658 Total $ - $ 92,067 $ 1,658 $ 93,725 Proceeds Obtained During the Quarter Ended March 31, 2018 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Debt securities available-for-sale: Mortgage-backed securities - FNMA $ - $ 5,722 $ - $ 5,722 Total debt securities available-for-sale $ - $ 5,722 $ - $ 5,722 Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 112,495 $ - $ 112,495 Mortgage-backed securities - FNMA - 20,025 - 20,025 Total trading account debt securities $ - $ 132,520 $ - $ 132,520 Mortgage servicing rights $ - $ - $ 2,415 $ 2,415 Total $ - $ 138,242 $ 2,415 $ 140,657 During the quarter ended March 31, 2019 , the Corporation retained servicing rights on whole loan sales involving approximately $ 11.9 million in principal balance outstanding ( March 31, 2018 - $ 10.0 million), with realized gains of approximately $ 0.4 million ( March 31, 2018 - gains of $ 0.1 million). All loan sales performed during the quarters ended March 31, 2019 and 2018 were without credit recourse agreements. The Corporati on recognizes as assets the rights to service loans for others, whether these rights are purchased or result from asset transfers such as sales and securitizations. These mortgage servicing rights (“MSR”) are measured at fair value. The Corporation uses a discounted cash flow model to estimate the fair value of MSRs. The discounted cash flow model incorporates assumptions that market participants would use in estimating future net servicing income, including estimates of prepayment speeds, discount rate, co st to service, escrow account earnings, contractual servicing fee income, prepayment and late fees, among other considerations. Prepayment speeds are adjusted for the Corporation’s loan characteristics and portfolio behavior. The following table presents the changes in MSRs measured using the fair value method for the quarters ended March 31, 2019 and 2018 . Residential MSRs (In thousands) March 31, 2019 March 31, 2018 Fair value at beginning of period $ 169,777 $ 168,031 Additions 1,861 2,557 Changes due to payments on loans [1] (2,587) (3,335) Reduction due to loan repurchases (491) (972) Changes in fair value due to changes in valuation model inputs or assumptions (747) - Fair value at end of period $ 167,813 $ 166,281 [1] Represents changes due to collection / realization of expected cash flows over time. Residential mortgage loans serviced for others were $ 15.5 billion at March 31, 2019 (December 31, 2018 - $ 15.7 billion). Net mortgage servicing fees, a component of mort gage banking activities in the Consolidated Statements of O perations, include the changes from period to period in the fair value of the MSRs, including changes due to collection / realization of expected cash flows. The banking subsidiaries receive servicing fees based on a percentage of the outstanding loan bala nce. These servicing fees are credited to income when they are collected. At March 31, 2019 , those weighted average mortgage servicing fees were 0.29 % ( March 31, 2018 - 0.30 %) . Under these servicing agreements, the banking subsidiaries do not generally earn significant prepayment penalty fees on the underlying loans serviced. The section below includes information on assumptions used in the valuation model of the MSRs, originated and purchased. Key economic assumptions used in measuring the servicing rights derived from loans securitized or sold by the Corporation during the quarters ended March 31, 2019 and 2018 were as follows: Quarters ended March 31, 2019 March 31, 2018 Prepayment speed 6.3 % 5.6 % Weighted average life (in years) 9.9 9.1 Discount rate (annual rate) 11.0 % 10.8 % Key economic assumptions used to estimate the fair value of MSRs derived from sales and securitizations of mortgage loans performed by the banking subsidiaries and servicing rights purchased from other financial institutions, and the sensitivity to immedia te changes in those assumptions, were as follows as of the end of the periods reported : Originated MSRs Purchased MSRs March 31, December 31, March 31, December 31, (In thousands) 2019 2018 2019 2018 Fair value of servicing rights $ 67,727 $ 69,400 $ 100,086 $ 100,377 Weighted average life (in years) 7.1 7.1 6.6 6.6 Weighted average prepayment speed (annual rate) 5.2 % 5.1 % 5.6 % 5.5 % Impact on fair value of 10% adverse change $ (1,381) $ (1,430) $ (2,169) $ (2,200) Impact on fair value of 20% adverse change $ (2,720) $ (2,817) $ (4,266) $ (4,328) Weighted average discount rate (annual rate) 11.5 % 11.5 % 11.0 % 11.0 % Impact on fair value of 10% adverse change $ (2,957) $ (3,125) $ (4,232) $ (4,354) Impact on fair value of 20% adverse change $ (5,698) $ (6,019) $ (8,158) $ (8,394) The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated because the relationship of the change in as sumption to the change in fair value may not be linear. Also, in the sensitivity tables included herein, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. At March 31, 2019 , the Co rporation serviced $ 1.3 billion (December 31 , 2018 - $ 1.3 billion ) in residential mortgage loans with credit recourse to the Corporation. Refer to Note 20 for information on changes in the Corporation’s liability of estimated loss es related to loans serviced with credit recourse. Under the GNMA securitizations, the Corporation, as servicer, has the right to repurchase (but not the obligation), at its option and without GNMA’s prior authorization, any loan that is collateral for a G NMA guaranteed mortgage-backed security when certain delinquency criteria are met. At the time that individual loans meet GNMA’s specified delinquency criteria and are eligible for repurchase, the Corporation is deemed to have regained effective control ov er these loans if the Corporation was the pool issuer. At March 31, 2019 , t he Corporation had recorded $ 106 million in mortgage loans on its Consolidated Statements of F inancial Condition related to this buy-back option program (December 31 , 2018 - $ 134 million ). As long as the Corporation continues to service the loans that continue to be collateral in a GNMA guaranteed mortgage-backed security, the MSR is recognized by the Corporation . During the quarter ended March 31, 2019 , the Corporation repurchased approximately $ 34 million ( March 31, 2018 - $ 85 million) of mortgage loans under the GNMA buy-back option program. The determination to repurchase these loans was based on the economic benefits of the transaction, which results in a reduction of the servicing costs for these severely delinquent loans, mostly related to principal and interest advances. Furthermore, the risk associated with the loans is reduced due to their guaranteed nature . The Corp oration places these loans under its loss mitigation programs and once brought back to current status, these may be either retained in portfolio or re-sold in the secondary market. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2019 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | Note 13 – Other real estate owned The following table s present the activity related to Other Real Estate Owned (“OREO”) , for the quarter s ended March 31, 2019 and 2018 . For the quarter ended March 31, 2019 Non-covered Non-covered OREO OREO (In thousands) Commercial/ Construction Mortgage Total Balance at beginning of period $ 21,794 $ 114,911 $ 136,705 Write-downs in value (571) (1,610) (2,181) Additions 1,170 7,764 8,934 Sales (1,514) (16,333) (17,847) Other adjustments - (133) (133) Ending balance $ 20,879 $ 104,599 $ 125,478 For the quarter ended March 31, 2018 Non-covered Non-covered Covered OREO OREO OREO (In thousands) Commercial/ Construction Mortgage Mortgage Total Balance at beginning of period $ 21,411 $ 147,849 $ 19,595 $ 188,855 Write-downs in value (654) (2,514) (287) (3,455) Additions 4,403 2,984 - 7,387 Sales (389) (20,305) (3,282) (23,976) Other adjustments 864 (588) (693) (417) Ending balance $ 25,635 $ 127,426 $ 15,333 $ 168,394 |
Other assets
Other assets | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets Abstract | |
Other assets | Note 14 − Other assets The caption of other assets in the consolidated statements of financial condition consists of the following major categories: (In thousands) March 31, 2019 December 31, 2018 Net deferred tax assets (net of valuation allowance) $ 993,330 $ 1,049,895 Investments under the equity method 234,642 228,072 Prepaid taxes 27,082 33,842 Other prepaid expenses 87,315 82,742 Derivative assets 14,843 13,603 Trades receivable from brokers and counterparties 32,043 40,088 Principal, interest and escrow servicing advances 93,590 88,371 Guaranteed mortgage loan claims receivable 51,852 59,613 Operating ROU assets (Note 28) 132,538 - Finance ROU assets (Note 28) 16,777 - Others 115,716 117,908 Total other assets $ 1,799,728 $ 1,714,134 |
Goodwill and other intangible a
Goodwill and other intangible assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure | |
Goodwill And Other Intangible Assets | Note 15 – Goodwill and other intangible assets Goodwill There were no changes in the carrying amount of goodwill for the quarters ended March 31, 2019 and 2018 . The following tables present the gross amount of goodwill and accumulated impairment losses by reportable segments : March 31, 2019 Balance at Balance at Balance at Balance at January 1, Accumulated January 1, March 31, Accumulated March 31, 2019 impairment 2019 2019 impairment 2019 (In thousands) (gross amounts) losses (net amounts) (gross amounts) losses (net amounts) Banco Popular de Puerto Rico $ 324,049 $ 3,801 $ 320,248 $ 324,049 $ 3,801 $ 320,248 Popular U.S. 515,285 164,411 350,874 515,285 164,411 350,874 Total Popular, Inc. $ 839,334 $ 168,212 $ 671,122 $ 839,334 $ 168,212 $ 671,122 December 31, 2018 Balance at Balance at Balance at Balance at January 1, Accumulated January 1, December 31, Accumulated December 31, 2018 impairment 2018 2018 impairment 2018 (In thousands) (gross amounts) losses (net amounts) (gross amounts) losses (net amounts) Banco Popular de Puerto Rico $ 280,221 $ 3,801 $ 276,420 $ 324,049 $ 3,801 $ 320,248 Popular U.S. 515,285 164,411 350,874 515,285 164,411 350,874 Total Popular, Inc. $ 795,506 $ 168,212 $ 627,294 $ 839,334 $ 168,212 $ 671,122 Other Intangible Assets At March 31, 2019 and December 31, 2018 , the Corporation had $ 6.1 million of identifiable intangible assets with indefinite useful lives, mostly associated with the E-LOAN trademark. The following table reflects the components of other intangible assets subject to amortization: Gross Net Carrying Accumulated Carrying (In thousands) Amount Amortization Value March 31, 2019 Core deposits $ 37,224 $ 27,000 $ 10,224 Other customer relationships 34,915 27,205 7,710 Trademark 488 65 423 Total other intangible assets $ 72,627 $ 54,270 $ 18,357 December 31, 2018 Core deposits $ 37,224 $ 26,070 $ 11,154 Other customer relationships 34,915 25,847 9,068 Trademark 488 41 447 Total other intangible assets $ 72,627 $ 51,958 $ 20,669 During the quarter ended March 31, 2019 , t he Corporation recognized $ 2.3 million in amortization e xpense related to other intangible assets with definite useful lives ( March 31, 2018 - $ 2.3 million ). The following table presents the estimated amortization of the intangible assets with definite useful lives for each of the following periods: (In thousands) Remaining 2019 $ 6,828 Year 2020 5,065 Year 2021 2,254 Year 2022 1,378 Year 2023 1,338 Later years 1,494 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Deposits | Note 16 – Deposits Total interest bearing deposits as of the end of the periods presented consisted of: (In thousands) March 31, 2019 December 31, 2018 Savings accounts $ 9,956,864 $ 9,722,824 NOW, money market and other interest bearing demand deposits 14,071,106 13,221,415 Total savings, NOW, money market and other interest bearing demand deposits 24,027,970 22,944,239 Certificates of deposit: Under $100,000 3,257,147 3,260,330 $100,000 and over 4,548,617 4,356,434 Total certificates of deposit 7,805,764 7,616,764 Total interest bearing deposits $ 31,833,734 $ 30,561,003 A summary of certificates of deposit by maturity at March 31, 2019 follows: (In thousands) 2019 $ 3,602,543 2020 1,813,977 2021 917,292 2022 605,677 2023 553,678 2024 and thereafter 312,597 Total certificates of deposit $ 7,805,764 At March 31, 2019 , the Corporation had brokered deposits amounting to $ 0.5 billion (December 31, 2018 - $ 0.5 billion ). The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $ 6 million at March 31, 2019 (December 31, 2018 - $ 5 million ) . |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Borrowings | Note 17 – Borrowings The following table presents the balances of a ssets sold under agreements to repurchase at March 31, 2019 and December 31, 2018 . (In thousands) March 31, 2019 December 31, 2018 Assets sold under agreements to repurchase $ 200,871 $ 281,529 Total assets sold under agreements to repurchase $ 200,871 $ 281,529 The Corporation’s repurchase transactions are overcollateralized with the securities detailed in the table below. The Corporation’s r epurchase a greements have a right of set-off with the respective counterparty under the supplemental terms of the m aster r epurchase a greements. In an event of default each party has a right of set-off against the other party for amounts owed in the related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. The fo llowing table presents information related to the Corporation’s repurchase transactions accounted for as secured borrowings that are collateralized with debt securities available-for-sale, other assets held-for-trading purposes or which have been obtained under agreements to resell . It is the Corporation’s policy to maintain effective control over assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the Consolidated Statements of Financial Condition. Repurchas e agreements accounted for as secured borrowings March 31, 2019 December 31, 2018 Repurchase Repurchase (In thousands) liability liability U.S. Treasury securities Within 30 days $ 31,494 $ 138,689 After 30 to 90 days 14,687 79,374 After 90 days 123,896 19,558 Total U.S. Treasury securities 170,077 237,621 Obligations of U.S. government sponsored entities After 30 to 90 days - 6,055 Total obligations of U.S. government sponsored entities - 6,055 Mortgage-backed securities Within 30 days 27,146 6,859 After 90 days - 20,465 Total mortgage-backed securities 27,146 27,324 Collateralized mortgage obligations Within 30 days 3,648 10,529 Total collateralized mortgage obligations 3,648 10,529 Total $ 200,871 $ 281,529 R epurchase agreements in this portfolio are generally short-term, often overnight . As such our risk is very limited. We manage the liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a range of securities collateral and pursuing longer durations, when appropriate. The following table presents the composition of notes payable at March 31, 2019 and December 31, 2018 . (In thousands) March 31, 2019 December 31, 2018 Advances with the FHLB with maturities ranging from 2019 through 2029 paying interest at monthly fixed rates ranging from 0.95% to 4.19 % $ 482,820 $ 524,052 Advances with the FHLB paying interest monthly at a floating rate - 13,000 Advances with the FHLB maturing on 2019 paying interest quarterly at a floating rate of 0.24% over the 3 month LIBOR 14,430 19,724 Unsecured senior debt securities maturing on 2023 paying interest semiannually at a fixed rate of 6.125%, net of debt issuance costs of $5,644 294,356 294,039 Junior subordinated deferrable interest debentures (related to trust preferred securities) with maturities ranging from 2033 to 2034 with fixed interest rates ranging from 6.125% to 6.7%, net of debt issuance costs of $416 384,882 384,875 Capital lease obligations - 20,412 Total notes payable $ 1,176,488 $ 1,256,102 Note: Refer to the Corporation’s 2018 Form 10-K for rates information at December 31, 2018 . A breakdown of borrowings by contractual maturities at March 31, 2019 is included in the table below. Assets sold under Short-term (In thousands) agreements to repurchase borrowings Notes payable Total 2019 $ 138,756 $ 42 $ 150,622 $ 289,420 2020 62,115 - 140,149 202,264 2021 - - 20,040 20,040 2022 - - 103,147 103,147 2023 - - 297,617 297,617 Later years - - 464,913 464,913 Total borrowings $ 200,871 $ 42 $ 1,176,488 $ 1,377,401 At March 31, 2019 and December 31, 2018 , the Corporation had FHLB borrowing facilities whereby the Corporation could borrow up to $ 3.4 billion and $ 3.4 billion, respectively, of which $ 0.5 b illion and $ 0.6 b illion, respectively, were used. In addition, at March 31, 2019 and December 31, 2018 , the Corporation had placed $ 0.9 billion and $ 0.9 b illion, respectively, of the available FHLB credit facility as collateral for a muni cipal letter of credit to secure deposits. The FHLB borrowing facilities are collateralized with loans held-in-portfolio, and do not have restrictive covenants or callable features. Also, at March 31, 2019 , the Corporation has a borrowing facility at the discount window of the Federal Reserve Bank of New York amounting to $ 1.2 billion ( 2018 - $ 1.2 billion), which remained unused at March 31, 2019 and December 31, 2018 . The facility is a collateralized sourc e of credit that is highly reliable even under difficult market conditions. |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note | |
Stockholders' Equity | Note 18 – Stockholders ’ equity As of March 31, 2019, stockholder’s equity totaled $5.4 billion. During the quarter ended March 31, 2019 , the Corporation declared cash dividends of $ 0.30 (201 8 - $ 0.25 ) per common s hare o utstanding amounting to $29.0 million (2018 - $25.5 million) . The quarterly dividend declared to shareholders of record as of the close of business on March 8, 2019, was paid on April 1, 2019. On February 28, 2019, the Corporation entered into a $ 250 million accelerated share repurchase (“ASR”) transaction with respect to its common stock, which was accounted for as a treasury stock transaction. As a result of the receipt of the initial shares, the Corporation recognized in shareholders’ equity approximately $ 200 million in treasury stock and $ 50 million as a reduction in capital surplus. The Corporation expects to further adjust its treasury stock and capital surplus accounts to reflect the delivery or receipt of cash or shares upon the terminat ion of the ASR agreement, which will depend on the average price of the Corporation’s shares during the term of the ASR. |
Other comprehensive income (los
Other comprehensive income (loss) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Other Comprehensive Income (Loss) | Note 19 – Other comprehensive loss The following table presents changes in accumulated other co mprehensive loss by component for the quarters ended March 31, 2019 and 2018 . Changes in Accumulated Other Comprehensive Loss by Component [1] Quarters ended March 31, (In thousands) 2019 2018 Foreign currency translation Beginning Balance $ (49,936) $ (43,034) Other comprehensive (loss) income (1,238) 93 Net change (1,238) 93 Ending balance $ (51,174) $ (42,941) Adjustment of pension and postretirement benefit plans Beginning Balance $ (203,836) $ (205,408) Amounts reclassified from accumulated other comprehensive loss for amortization of net losses 3,673 3,285 Amounts reclassified from accumulated other comprehensive loss for amortization of prior service credit - (529) Net change 3,673 2,756 Ending balance $ (200,163) $ (202,652) Unrealized net holding losses on debt securities Beginning Balance $ (173,811) $ (102,775) Other comprehensive income (loss) 101,403 (114,404) Net change 101,403 (114,404) Ending balance $ (72,408) $ (217,179) Unrealized holding gains on equity securities Beginning Balance $ - $ 605 Reclassification to retained earnings due to cumulative effect adjustment of accounting change - (605) Net change - (605) Ending balance $ - $ - Unrealized net losses on cash flow hedges Beginning Balance $ (391) $ (40) Reclassification to retained earnings due to cumulative effect adjustment of accounting change (50) - Other comprehensive (loss) income before reclassifications (437) 747 Amounts reclassified from accumulated other comprehensive loss 644 (773) Net change 157 (26) Ending balance $ (234) $ (66) Total $ (323,979) $ (462,838) [1] All amounts presented are net of tax. The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss during the quarters ended March 31, 2019 and 2018 . Reclassifications Out of Accumulated Other Comprehensive Loss Affected Line Item in the Quarters ended March 31, (In thousands) Consolidated Statements of Operations 2019 2018 Adjustment of pension and postretirement benefit plans Amortization of net losses Personnel costs $ (5,876) $ (5,386) Amortization of prior service credit Personnel costs - 867 Total before tax (5,876) (4,519) Income tax benefit 2,203 1,763 Total net of tax $ (3,673) $ (2,756) Unrealized net losses on cash flow hedges Forward contracts Mortgage banking activities $ (1,030) $ 1,267 Total before tax (1,030) 1,267 Income tax benefit (expense) 386 (494) Total net of tax $ (644) $ 773 Total reclassification adjustments, net of tax $ (4,317) $ (1,983) |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2019 | |
Guarantees | |
Guarantees | Note 20 – Guarantees At March 31, 2019 the Corporation recorded a liability of $ 0.5 m illion (December 31, 2018 - $ 0.3 million), which represents the unamortized balance of the obligations undertaken in issuing the guarantees under the standby letters of credit. Management does not anticipate any material losses related to these instruments. From time to time, the Corpora tion securitized mortgage loans into guaranteed mortgage-backed securities subject to limited, and in certain instances, lifetime credit recourse on the loans that serve as collateral for the mortgage-backed securities. The Corporation has not sold any mor tgage loans subject to credit recourse since 2009. At March 31, 2019 the Corporation serviced $ 1. 3 billion (December 31, 2018 - $ 1. 3 billion ) in residential mortgage loans subject to credit recourse provisions, principally loans associated with FNMA a nd FHLMC residential mortgage loan securitization programs. In the event of any customer default, pursuant to the credit recourse provided, the Corporation is required to repurchase the loan or reimburse the third party investor for the incurred loss. The maximum potential amount of future payments that the Corporation would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serv iced with recourse and interest, if applicable. During the quarter ended March 31, 2019 , the Corporation repurchased approximately $ 8 m illion of unpaid principal balance in mortgage loans subject to the credit recourse provisions ( March 31, 2018 - $ 8 million ). In the event of nonperformance by the borrower, the Corporation has rights to the underlying collateral securing the mortgage loan. The Corporation suffers ultimate losses on these loans when the proceeds from a foreclosure sal e of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. At March 31, 2019 t he Corporation’s li ability established to cover the estimated credit loss exposure related to loans sold or serviced with credit recourse amounted to $ 52 million (December 31, 2018 - $ 56 million ). The following table shows the changes in the Corporation’ s liability of estimated losses related to loans serviced with credit recourse provisions during the quarters ended March 31, 2019 and 2018 . Quarters ended March 31, (In thousands) 2019 2018 Balance as of beginning of period $ 56,230 $ 58,820 Provision (reversal) for recourse liability (311) 3,000 Net charge-offs (3,908) (4,395) Balance as of end of period $ 52,011 $ 57,425 When the Corporation sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. To the extent the loans do not meet specified characteristics, the Corporation may be req uired to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During the quarter ended March 31, 2019, the Corporation did not repurchase loans under representation and warranty arrangements (March 31, 2018 - $ 9 million). A substantial amount of these loans reinstates to performing status or have mortgage insurance, and thus the ultimate losses on the loans are not deemed significant. From time to time, the Corporation sells loans and agrees to indemnif y the purchaser for credit losses or any breach of certain representations and warranties made in connection with the sale. T he following table presents the changes in the Corporation’s liability for estimated losses associated with indemnifications and re presentations and warranties related to loans sold by BPPR for the quarters ended March 31, 2019 and 2018 . Quarters ended March 31, (In thousands) 2019 2018 Balance as of beginning of period $ 10,837 $ 11,742 Provision (reversal) for representation and warranties 104 (152) Net charge-offs (75) (172) Balance as of end of period $ 10,866 $ 11,418 Servicing agreements relating to the mortgage-backed secur ities programs of FNMA and GNMA, and to mortgage loans sold or serviced to certain other investors, including FHLMC, require the Corporation to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At March 31, 2019 , t he Corporation serviced $ 15.5 billion in mortgage loans for third-parties , including the loans serviced with credit recourse (December 31 , 2018 - $ 15.7 billion ). The Corporation generally recovers fun ds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantees programs. However, in the meantime, the Corporation must absorb the cost of the funds it advances during the time the advance is outstanding. The Corporation must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and the Corporation would not receive any future servicing incom e with respect to that loan. At March 31, 2019 , the outstanding balance of funds advanced by the Corporation under such mortgage loan servicing agreements was approximately $ 94 million ( December 3 1 , 2018 - $ 88 m illion ). To the extent the mortgage loans underlying the Corporation’s servicing portfolio experience increased delinque ncies, the Corporation would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur addition al administrative costs related to increases in collection efforts. Popular, Inc. Holding Company (“PIHC” ) fully and unconditionally guarantees certain borrowing obligations issued by certain of its wholly-owned consolidated subsidiaries amounting to $94 m illion at March 31, 2019 and December 31, 2018 . In addition, at March 31, 2019 and December 31 , 2018 , PIHC fully and unconditionally guaranteed on a subordinated basis $374 m illion of capital securities (trust preferred securities) issued by wholly-owned iss uing trust entities to the extent set forth in the applicable guarantee agreement. Refer to Note 20 to the Consolidated Financial Statements in the 2018 Form 10-K for further information on the trust preferred securities. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure | |
Commitments And Contingencies | Note 21 – Commitments and contingencies Off-balance sheet risk The Corporation is a party to financial instruments with off-balance sheet credit risk in the normal course of business to meet the financial needs of its customers. These financial instruments include loan commitments, letters of credit and standby letter s of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Corporation’s exposure to credit loss in the event of nonper formance by the other party to the financial instrument for commitments to extend credit, standby letters of credit and financial guarantees is represented by the contractual notional amounts of those instruments. The Corporation uses the same credit polic ies in making these commitments and conditional obligations as it does for those reflected on the consolidated statements of financial condition. Financial instruments with off-balance sheet credit risk, whose contract amounts represent potential credit ri sk as of the end of the periods presented were as follows: (In thousands) March 31, 2019 December 31, 2018 Commitments to extend credit: Credit card lines $ 4,530,162 $ 4,468,481 Commercial and construction lines of credit 2,806,405 2,751,390 Other consumer unused credit commitments 258,884 254,491 Commercial letters of credit 1,303 2,695 Standby letters of credit 79,200 26,479 Commitments to originate or fund mortgage loans 22,884 22,629 At March 31, 2019 and December 31, 2018 , the Corporation maintained a reserve of approximately $ 8 million for potential losses associated with unfunded loan commitments related to commercia l and consumer lines of credit . Business concentration Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition are dependent upon the general trends of the Puerto Rico economy and, in particular, the residential and commercial real estate markets. The concentration of the Corporation’s operations in Puerto Rico exposes it to greater risk than other banking companies with a wider geographic base. Its asset and revenue composition by geographical area is presented in No te 34 to the Consolidated Financial Statements. Puerto Rico remains in the midst of a profound fiscal and economic crisis. In response to such crisis, the U.S. Congress enacted the Puerto Rico Oversight Management and Economic Stability Act (“PROMESA”) in 2016, which, among other things, established a Fiscal Oversight and Management Boar d for Puerto Rico (the “Oversight Board”) and a framework for the restructuring of the debts of the Commonwealth, its instrumentalities and municipalities. The Commonwealth and several of its instrumentalities have commenced debt restructuring proceedings under PROMESA. As of the date of this report, while municipalities have been recently designated as covered entities under PROMESA, no municipality has commenced, or has been authorized by the Oversight Board to commence, any such debt restructuring proceeding under PROMESA. At March 31, 2019 and December 31, 2018 , the Corporation’s di rect exposure to the Puerto Rico government and its instrumentalities and municipalities totaled $455 million and $458 million, respectively, which amounts w ere fully outstanding on such dates . Of this amount, $413 million consists of loans and $42 million are securities ( $413 million and $45 million at December 31, 2018 ). Substantially all of the amount outstanding at March 31, 2019 w ere obligations from various Puerto Rico municipalities. In most cases, these were “general obligations” of a municipality, to which the applicable municipality has pledged its good faith, credit and unlimited taxing power, or “special obligations” of a municipality, to which the applicable municipality has pledged other revenues. At March 31, 2019 , 75% of the Corporation’s exposure to municipal loans and securities was concentrated in the municipalities of San Juan, Guaynabo, Carolina and Bayamón. The following table detail s the loans and investments representing the Corporation’s direct exposure to the Puerto Rico government according to their maturities: (In thousands) Investment Portfolio Loans Total Outstanding Total Exposure Central Government After 1 to 5 years $ 6 $ - $ 6 $ 6 After 5 to 10 years 28 - 28 28 After 10 years 28 - 28 28 Total Central Government 62 - 62 62 Government Development Bank (GDB) After 10 years 3 - 3 3 Total Government Development Bank (GDB) 3 - 3 3 Puerto Rico Highways and Transportation Authority After 5 to 10 years 5 - 5 5 Total Puerto Rico Highways and Transportation Authority 5 - 5 5 Municipalities Within 1 year 3,670 15,265 18,935 18,935 After 1 to 5 years 17,255 197,987 215,242 215,242 After 5 to 10 years 20,585 101,663 122,248 122,248 After 10 years 845 98,185 99,030 99,030 Total Municipalities 42,355 413,100 455,455 455,455 Total Direct Government Exposure $ 42,425 $ 413,100 $ 455,525 $ 455,525 In addition, at March 31, 2019 , the Corporation had $ 365 million in loans insured or securities issued by Puerto Rico governmental entities but for which the principal source of repayment is non-governmental ($ 368 million at December 31, 2018 ). These included $ 290 million in residential mortgage loans insured by the Puerto Rico Housing Finance Authority (“HFA”), a governmental instrumentality that has been designated as a covered entity under PROMESA (December 31, 2018 - $ 293 million). These mortgage loans are secured by f irst mortgages on Puerto Rico residential properties and the HFA insurance covers losses in the event of a borrower default and subsequent foreclosure of the underlying property. The Corporation also had at March 31, 2019 , $45 million in bonds issued by HFA which are secured by second mortgage loans on Puerto Rico residential properties, and for which HFA also provides insurance to cover losses in the event of a borrower default and subsequent foreclosure of the underlying property (December 31, 2018 - $4 5 million). In the event that the mortgage loans insured by HFA and held by the Corporation directly or those serving as collateral for the HFA bonds default and the collateral is insufficient to satisfy the outstanding balance of these loans, HFA’s abi lity to honor its insurance will depend, among other factors, on the financial condition of HFA at the time such obligations become due and payable. Although the Governor is currently authorized by local legislation to impose a temporary moratorium on the financial obligations of the HFA, he has not exercised this power as of the date hereof. In addition, at March 31, 2019 , the Corporation had $7 million in securities issued by HFA that have been economically defeased and refunded and for which securitie s consisting of U.S. agencies and Treasury obligations have been escrowed (December 31, 2018 - $7 million), and $ 23 million of commercial real estate notes issued by government entities but that are payable from rent paid by non-governmental pa rties (December 31, 2018 - $ 23 million). BPPR’s commercial loan portfolio also includes loans to private borrowers who are service providers, lessors, suppliers or have other relationships with the government. These borrowers could be negativ ely affected by the fiscal measures to be implemented to address the Commonwealth’s fiscal crisis and the ongoing Title III proceedings under PROMESA described above. Similarly, BPPR’s mortgage and consumer loan portfolios include loans to government empl oyees which could also be negatively affected by fiscal measures such as employee layoffs or furloughs. The Corporation has operations in the United States Virgin Islands (the “USVI”) and has approximately $ 75 million in direct exposure to USVI government entities. The USVI has been experiencing a number of fiscal and economic challenges that could adversely affect the ability o f its public corporations and instrumentalities to service their outstanding debt obligations . Legal Proceedings The nature of Popular’s business ordinarily results in a certain number of claims, litigation, investigations, and legal and administrative cases and proceedings (“Legal Proceedings”). When the Corporation determines that it has meritorious defenses to the claims asserted, it vi gorously defends itself. The Corporation will consider the settlement of cases (including cases where it has meritorious defenses) when, in management’s judgment, it is in the best interest of both the Corporation and its shareholders to do so. On at least a quarterly basis, Popular assesses its liabilities and contingencies relating to outstanding Legal Proceedings utilizing the latest information available. For matters where it is probable that the Corporation will incur a material loss and the amount can be reasonably estimated, the Corporation establishes an accrual for the loss. Once established, the accrual is adjusted on at least a quarterly basis as appropriate to reflect any relevant developments. For matters where a material loss is not probable, o r the amount of the loss cannot be reasonably estimated, no accrual is established. In certain cases, exposure to loss exists in excess of the accrual to the extent such loss is reasonably possible, but not probable. Management believes and estimates tha t the range of reasonably possible losses (with respect to those matters where such limits may be determined, in excess of amounts accrued) for current Legal Proceedings ranged from $0 to approximately $31.5 million as of March 31, 2019. For certain other cases, management cannot reasonably estimate the possible loss at this time. Any estimate involves significant judgment, given the varying stages of the Legal Proceedings (including the fact that many of them are currently in preliminary stages), the exist ence of multiple defendants in several of the current Legal Proceedings whose share of liability has yet to be determined, the numerous unresolved issues in many of the Legal Proceedings, and the inherent uncertainty of the various potential outcomes of su ch Legal Proceedings. Accordingly, management’s estimate will change from time-to-time, and actual losses may be more or less than the current estimate. While the outcome of Legal Proceedings is inherently uncertain, based on information currently availa ble, advice of counsel, and available insurance coverage, management believes that the amount it has already accrued is adequate and any incremental liability arising from the Legal Proceedings in matters in which a loss amount can be reasonably estimated will not have a material adverse effect on the Corporation’s consolidated financial position. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters in a reporting period, if unfavorable, could have a material adverse effect on the Corporation’s consolidated financial position for that particular period. Set forth below is a description of the Corporation’s significant Legal Proceedings. BANCO POPULAR DE PUERTO RICO Hazard Insurance Commissi on-Related Litigation Popular, Inc., BPPR and Popular Insurance, LLC (the “Popular Defendants”) have been named defendants in a putative class action complaint captioned Pérez Díaz v. Popular, Inc., et al, filed before the Court of First Instance, Arecibo Part. The complaint seeks damages and preliminary and permanent injunctive relief on behalf of the purported class against the Popular Defendants, as well as Antilles Insurance Company and MAPFRE-PRAICO Insurance Company (the “Defendant Insurance Companie s”). Plaintiffs allege that the Popular Defendants have been unjustly enriched by failing to reimburse them for commissions paid by the Defendant Insurance Companies to the insurance agent and/or mortgagee for policy years when no claims were filed against their hazard insurance policies. They demand the reimbursement to the purported “class” of an estimated $400 million plus legal interest, for the “good experience” commissions allegedly paid by the Defendant Insurance Companies during the relevant time pe riod, as well as injunctive relief seeking to enjoin the Defendant Insurance Companies from paying commissions to the insurance agent/mortgagee and ordering them to pay those fees directly to the insured. A motion for dismissal on the merits, which the Def endant Insurance Companies filed shortly before hearing, was denied with a right to replead following limited targeted discovery. The Court of Appeals and then the Puerto Rico Supreme Court, both denied the Popular Defendants’ request to review the lower c ourt’s denial of the motion to dismiss. In December 2017, plaintiffs sought to amend the complaint and, on January 2018, defendants filed an answer thereto. Separately, in October 2017, the Court entered an order whereby it broadly certified the class afte r which the Popular Defendants filed a certiorari petition before the Puerto Rico Court of Appeals in relation to the class certification, which the Court declined to entertain. In November 2018 and in January 2019, Plaintiffs filed voluntary dismissal pet itions against MAPFRE-PRAICO Insurance Company and Antilles Insurance Company, respectively. Hence, now the Popular Defendants remain the sole defendants in this action. A status conference was held in March 2019, where, among other things, plaintiffs stated that they sought to make changes to the certified class that seek to better define the size of the class as well as the scope of the remedies sought by the plaintiffs. The plaintiffs submitted their proposed changes to the class on April 8, 2019, w hich were timely opposed by Popular. A status and settlement conference is set for October 22, 2019. BPPR has separately been named a defendant in a putative class action complaint captioned Ramirez Torres, et al. v. Banco Popular de Puerto Rico, et al, filed before the Puerto Rico Court of First Instance, San Juan Part. The complaint seeks damages and preliminary and permanent injunctive relief on behalf of the purported class against the same Popular Defendants, as well as other financial institutions w ith insurance brokerage subsidiaries in Puerto Rico. Plaintiffs essentially contend that in November 2015, Antilles Insurance Company obtained approval from the Puerto Rico Insurance Commissioner to market an endorsement that allowed its customers to obtai n reimbursement on their insurance deductible for good experience, but that defendants failed to offer this product or disclose its existence to their customers, favoring other products instead, in violation of their duties as insurance brokers. Plaintiffs seek a determination that defendants unlawfully failed to comply with their duty to disclose the existence of this new insurance product, as well as double or treble damages (the latter subject to a determination that defendants engaged in monopolistic pr actices in failing to offer this product). Between late March and early April of 2017, co-defendants filed motions to dismiss the complaint and opposed the request for preliminary injunctive relief. A co-defendant filed a third-party Complaint against Anti lles Insurance Company. A preliminary injunction and class certification hearing originally scheduled for April 6, 2017 was subsequently postponed, pending resolution of the motions to dismiss. In July 2017, the Court dismissed the complaint with prejudice . In August 2017, plaintiffs appealed this judgment and, in March 2018, the Court of Appeals reversed the Court of First Instance’s dismissal. In May 2018, all defendants filed their respective Petitions of Certiorari to the Puerto Rico Supreme Court, whic h denied review. On May 2, 2019, a hearing was held in the Court of First Instance, where the parties requested that the Court first determine the validity of the endorsement obtained by Antilles Insurance Company and approved by the Puerto Rico Insurance Commissioner, which was challenged by the co-defendant in the third-party complaint. The Court agreed to first rule on the validity of the endorsement and set an injunction hearing for September 2019 in case the validity of said endorsement is upheld. Mor tgage-Related Litigation and Claims BPPR has been named a defendant in a putative class action captioned Lilliam González Camacho, et al. v. Banco Popular de Puerto Rico, et al., filed before the United States District Court for the District of Puerto Ric o on behalf of mortgage-holders who have allegedly been subjected to illegal foreclosures and/or loan modifications through their mortgage servicers. Plaintiffs maintain that when they sought to reduce their loan payments, defendants failed to provide them with such reduced loan payments, instead subjecting them to lengthy loss mitigation processes while filing foreclosure claims against them in parallel (or dual tracking). Plaintiffs assert that such actions violate the Home Affordable Modification Program (“HAMP”), the Home Affordable Refinance Program (“HARP”) and other federally sponsored loan modification programs, as well as the Puerto Rico Mortgage Debtor Assistance Act and the Truth in Lending Act (“TILA”). For the alleged violations stated above, pl aintiffs request that all defendants (over 20, including all local banks), be held jointly and severally liable in an amount no less than $400 million. BPPR waived service of process in June 2017 and filed a motion to dismiss in August 2017, as did most co -defendants. On March 2018, the District Court dismissed the complaint in its entirety. After being denied reconsideration by the District Court, on August 2018, plaintiffs filed a Notice of Appeal to the U.S. Court of Appeals for the First Circuit. On Ja nuary 22, 2019, the Appellants filed their brief. Appellees’ filed a request for extension of time to file their brief, until March 27, 2019. However, on March 12, 2019, the Court of Appeals entered an order where it consolidated three pending appeals rela ted to the same subset of facts. Thus, the briefs filed by the Appellants were vacated and the Clerk of the Court has yet to set a new briefing schedule. BPPR has also been named a defendant in another putative class action captioned Yiries Josef Saad Ma ura v. Banco Popular, et al., filed by the same counsel who filed the González Camacho action referenced above, on behalf of residential customers of the defendant banks who have allegedly been subject to illegal foreclosures and/or loan modifications thro ugh their mortgage servicers. As in González Camacho, plaintiffs contend that when they sought to reduce their loan payments, defendants failed to provide them with such reduced loan payments, instead subjecting them to lengthy loss mitigation processes wh ile filing foreclosure claims against them in parallel, all in violation of TILA, the Real Estate Settlement Procedures Act (“RESPA”), the Equal Credit Opportunity Act (“ECOA”), the Fair Credit Reporting Act (“FCRA”), the Fair Debt Collection Practices Act (“FDCPA”) and other consumer-protection laws and regulations. Plaintiffs did not include a specific amount of damages in their complaint. After waiving service of process, BPPR filed a motion to dismiss the complaint on the same grounds as those asserted in the González Camacho action (as did most co-defendants, separately). BPPR further filed a motion to oppose class certification, which the Court granted, denying the motion for class certification in September 2018. On April 5, 2019, the Court entered a n Opinion and Order granting BPPR’s and several other defendants’ motions to dismiss with prejudice. Plaintiffs filed a Motion for Reconsideration on April 15, 2019, which Popular timely opposed and which remains pending. BPPR has been named a defendant in a complaint for damages and breach of contract captioned Héctor Robles Rodriguez et al. v. Municipio de Ceiba, et al. Plaintiffs are residents of a development called Hacienda Las Lomas. Through the Doral Bank-FDIC assist ed transaction, BPPR acquired a significant number of mortgage loans within this development and is currently the primary mortgage lender in the project. Plaintiffs claim damages against the developer, contractor, the relevant insurance companies, and most recently, their mortgage lenders, because of a landslide that occurred in October 2015, affecting various streets and houses within the development. Plaintiffs specifically allege that the mortgage lenders, including BPPR, should be deemed liable for thei r alleged failure to properly inspect the subject properties. Plaintiffs demand $30 million in damages plus attorney’s fees, costs and the annulment of their mortgages. BPPR extended plaintiffs four consecutive six-month payment forbearances, the last of w hich is still in effect, and it is engaged in settlement discussions with plaintiffs. In November 2017, the FDIC notified BPPR that it had agreed to indemnify the Bank in connection with its Doral Bank-related exposure, pursuant to the terms of the relevan t Purchase and Assumption Agreement with the FDIC. The FDIC filed a Notice of Removal to the United States District Court for the District of Puerto Rico (“USDC”) on March 2018 and, in April 2018, the state court stayed the proceedings in response thereto . On October 18, 2018, the Court granted FDIC’s motion to stay the proceedings until plaintiffs have exhausted administrative remedies. Mortgage-Related Investigations The Corporation and its subsidiaries from time to time receive requests for informati on from departments of the U.S. government that investigate mortgage-related conduct. In particular, BPPR has received subpoenas and other requests for information from the Federal Housing Finance Agency’s Office of the Inspector General, the Civil Divisio n of the Department of Justice, the Special Inspector General for the Troubled Asset Relief Program and the Federal Department of Housing and Urban Development’s Office of the Inspector General mainly concerning real estate appraisals and residential and c onstruction loans in Puerto Rico. The Corporation is cooperating with these requests and is in discussions regarding the resolution of such matters. There can be no assurances as to the outcome of those discussions. Separately, in July 2017, management l earned that certain letters generated by the Corporation to comply with Bureau of Consumer Financial Protection (“CFPB”) rules requiring written notification to borrowers who have submitted a loss mitigation application were not mailed to borrowers over a period of up to approximately three-years due to a systems interface error. Loss mitigation is a process whereby creditors work with mortgage loan borrowers who are having difficulties making their loan payments on their debt. The loss mitigation process a pplies both to mortgage loans held by the Corporation and to mortgage loans serviced by the Corporation for third parties. The Corporation has corrected the systems interface error that caused the letters not to be sent. The Corporation notified applicab le regulators and conducted a review of its mortgage files to assess the scope of potential customer impact. The review found that while the mailing error extended to approximately 23,000 residential mortgage loans (approximately 50% of which are serviced by the Corporation for third parties), the number of borrowers actually harmed by the mailing error was substantially lower. This was due to, among other things, the fact that the Corporation regularly uses means other than the mail to communicate with bor rowers, including email and hand delivery of written notices at our mortgage servicing centers or bank branches. Importantly, more than half of those borrowers potentially subject to such error actually closed on a loss mitigation alternative. Furthermore, the Corporation’s outreach and remediation efforts with respect to potentially affected borrowers are substantially complete. The Corporation has also engaged in remediation with respect to other printing and mailings incidents and other servicing matte rs in its mortgage servicing operation. The Corporation is engaged in ongoing dialogue with applicable regulators with respect to the aforementioned mortgage servicing matters and there can be no assurances as to the outcome thereof. At this point, we ar e not able to estimate the financial impact of the foregoing. Other Significant Proceedings In June 2017, a syndicate comprised of BPPR and other local banks (the “Lenders”) filed an involuntary Chapter 11 bankruptcy proceeding against Betteroads Asphalt and Betterecycling Corporation (the “Involuntary Debtors”). This filing followed attempts by the Lenders to restructure and resolve the Involuntary Debtors’ obligations and outstanding defaults under a certain credit agreement, first through good faith ne gotiations and subsequently, through the filing of a collection action against the Involuntary Debtors in local court. The involuntary debtors subsequently counterclaimed, asserting damages in excess of $900 million. The Lenders ultimately joined in the co mmencement of these involuntary bankruptcy proceedings against the Debtors in order to preserve and recover the Involuntary Debtors’ assets, having confirmed that the Involuntary Debtors were transferring assets out of their estate for little or no conside ration. The Involuntary Debtors subsequently filed a motion to dismiss the proceedings and for damages against the syndicate, arguing both that this petition was filed in bad faith and that there was a bona fide dispute as to the petitioners’ claims, as se t forth in the counterclaim filed by the Involuntary Debtors in local court. The court allowed limited discovery to take place prior to an evidentiary hearing to determine the merits of debtors’ motion to dismiss. On November 30, 2018, the Court issued a n order where it ruled that: (1) the Lenders, as petitioning creditors, satisfied the three-prong requirement for filing an involuntary petition; (2) nonetheless, bad faith is an independent cause for dismissal of an involuntary petition under section 303( b) of the Bankruptcy Code; and (3) the Involuntary Debtors failed to show that dismissal pursuant to section 305(a)(1) abstention is in the best interest of both the creditors and the debtors. An evidentiary hearing is set for June 27 and 28, 2019 to consi der whether the involuntary petitions were filed in bad faith, that is, for an improper purpose that constitutes an abuse of the bankruptcy process. POPULAR SECURITIES Puerto Rico Bonds and Closed-End Investment Funds The volatility in prices and declines in value that Puerto Rico municipal bonds and closed-end investment companies that invest primarily in Puerto Rico municipal bonds have experienced since August 2013 have led to regulatory inquiries, customer complaints and arbitrations for most b roker-dealers in Puerto Rico, including Popular Securities. Popular Securities has received customer complaints and is named as a respondent (among other broker-dealers) in 169 arbitration proceedings with aggregate claimed amounts of approximately $201 mi llion, including one arbitration with claimed damages of approximately $30 million. While Popular Securities believes it has meritorious defenses to the claims asserted in these proceedings, it has often determined that it is in its best interest to settle certain claims rather than expend the money and resources required to see such cases to completion. The Puerto Rico Government’s defaults and non-payment of its various debt obligations, as well as the Commonwealth’s and the Financial Oversight Management Board’s (the “Oversight Board”) decision to pursue restructurings under Title III and Title VI of PROMESA, have increased and may continue to increase the number of customer complaints (and claimed damages) filed against Popular Securities concerning Puer to Rico bonds and closed-end investment companies that invest primarily in Puerto Rico bonds. An adverse result in the arbitration proceedings described above, or a significant increase in customer complaints, could have a material adverse effect on Popula r. PROMESA Title III Proceedings In 2017, the Oversight Board engaged the law firm of Kobre & Kim to carry out an independent investigation on behalf of the Oversight Board regarding, among other things, the causes of the Puerto Rico financial crisis. Popular, Inc., BPPR and Popular Securities (collectively, the “Popular Companies”) were served by, and cooperated with, the Oversight Board in connection with requests for the preservation and voluntary production of certain documents and witnesses with respect to Kobre & Kim’s independent investigation. On August 20, 2018, Kobre & Kim issued its Final Report, which contained various references to the Popular Companies, including an allegation that Popular Securities participated as an underwriter in Commonwealth’s 2014 issuance of government obligation bonds notwithstanding having allegedly advise d against it. The report discussed that such allegation could give rise to an unjust enrichment claim against the Corporation and could also serve as a basis to equitably subordinate claims filed by the Corporation in the Title III proceeding to other thir d-party claims. After the publication of the Final Report, the Oversight Board created a special claims committee (“SCC”) and, before the end of the applicable two-year statute of limitations for the filing of such claims pursuant to the U.S. Bankruptcy Code, the SCC, along with the Commonwealth’s Unsecured Creditors’ Committee (“UCC”), filed various avoidance, fraudulent transfer and other claims against third parties, including government vendors and financial institutions and other professionals involv ed in bond issuances being challenged as invalid by the SCC and the UCC. Prior to the filing of those claims, the Popular Companies, the SCC and the UCC entered into a tolling agreement with respect to potential claims the SCC and the UCC, on behalf of the Commonwealth or other Title III debtors, may assert against the Popular Companies for the avoidance and recovery of payments and/or transfers made to the Popular Companies or as a result of any role of the Popular Companies in the offering of the aforemen tioned challenged bond issuances . |
Non-consolidated variable inter
Non-consolidated variable interest entities | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Non-consolidated Variable Interest Entities | Note 22 – Non-consolidated variable interest entities The Corporation is involved with three statutory trusts which it created to issue trust preferred securities to the public. These trusts are deemed to be variable interest entities (“VIEs”) since the equity investors at risk have no substantial decision-making rights. The Corporation does not hold any variable interest in the trusts, and therefore, cannot be the trusts’ primary beneficiary. Furthermore, the Corporation concluded that it did not hold a controlling financial interest in these trusts since the decisions of the trusts are predetermined through the trust documents and the guarantee of the trust preferred securities is irrelevant since in substance the sponsor is guaranteeing its o wn debt. Also, the Corporation is involved with various special purpose entities mainly in guaranteed mortgage securitization transactions, including GNMA and FNMA. These special purpose entities are deemed to be VIEs since they lack equity investments at risk. The Corporation’s continuing involvement in these guaranteed loan securitizations includes owning certain beneficial interests in the form of securities as well as the servicing rights retained. The Corporation is not required to provide additional financial support to any of the variable interest entities to which it has transferred the financial assets. The mortgage-backed securities, to the extent retained, are classified in the Corporation’s Consolidated Statements of Financial Condition as avail able-for-sale or trading securities. The Corporation concluded that, essentially, these entities (FNMA and GNMA) control the design of their respective VIEs, dictate the quality and nature of the collateral, require the underlying insurance, set the servic ing standards via the servicing guides and can change them at will, and can remove a primary servicer with cause, and without cause in the case of FNMA. Moreover, through their guarantee obligations, agencies (FNMA and GNMA) have the obligation to absorb l osses that could be potentially significant to the VIE. The Corporation holds variable interests in these VIEs in the form of agency mortgage-backed securities and collateralized mortgage obligations, including those securities originated by the Corporatio n and those acquired from third parties. Additionally, the Corporation holds agency mortgage-backed securities and agency collateralized mortgage obligations issued by third party VIEs in which it has no other form of continuing involvement. Refer to Note 24 to the C onsolidated F inancial S tatements for additional information on the debt securities outstanding at March 31, 2019 and December 31, 2018 , which are classified as available-for-sale and trading securities in the Corporation’s C onsolidated S tatements of F inancial C ondition. In addition, the Corporation holds variable interests in the form of servicing fees, since it retain s the right to service the transferred loans in those government-sponsored special purpose entities (“SPEs”) and may also purchase the right to service loans in other government-sponsored SPEs that were transferred to those SPEs by a third-party. The following table presents the carrying amount and classification of the assets related to the Corporation’s variable interests in non-consolidated VIEs and the maximum exposure to loss as a result of the Corporation’s involvement as servicer of GNMA and FNMA loans at March 31, 2019 and December 31, 2018 . (In thousands) March 31, 2019 December 31, 2018 Assets Servicing assets: Mortgage servicing rights $ 133,108 $ 136,280 Total servicing assets $ 133,108 $ 136,280 Other assets: Servicing advances $ 39,797 $ 37,988 Total other assets $ 39,797 $ 37,988 Total assets $ 172,905 $ 174,268 Maximum exposure to loss $ 172,905 $ 174,268 The size of the non-consolidated VIEs, in which the Corporation has a variable interest in the form of servicing fees, measured as the total unpaid principal balance of the loans, amounted to $ 10.4 billion at March 31, 2019 (December 31, 2018 - $ 10.6 billion). The Corporation determined that the maximum exposure to loss includes the fair value of the MSRs and the assumption that the servicing advances at March 31, 2019 and December 31, 2018 , will not be recovered. The agency debt securities are not included as part of the maximum exposure to loss since they are guaranteed by the related agencies. In September of 2011, BPPR sold construction and commercial real estate loans to a newly created joint venture , PRLP 2011 Holdings, LLC. In March of 2013, BPPR completed a sale of commercial and construction loans, and commercial and single family real estate owned to a newly created joint venture, PR Asset Portfolio 2013-1 International, LLC. These joint ventures were created for the limited purpose of acquiring the loans from BPPR; servicing the loans through a third-party servicer; ultimately working out, resolving and/or foreclosing the loans; and indirectly owning, operating, constructing, developing, leasing and selling any real properties acquired by the joint ventures through deed in lieu of foreclosure, foreclosure, or by resolution of any loan. BPPR provided financing to these entities for the acquisition of the assets. In addition, BPPR provided these j oint ventures with a non-revolving advance facility to cover unfunded commitments and costs-to-complete related to certain construction projects, and a revolving working capital line to fund certain operating expenses of the joint venture. As part of these transactions, BPPR received $ 48 million and $ 92 million, for PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC, respectively, in cash and a 24.9 % equity interest in each joint venture. The Corporation is not requi red to provide any other financial support to these joint ventures. BPPR accounted for both transactions as a true sale pursuant to ASC Subtopic 860-10. The Corporation determined that PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LL C are VIEs but it is not the primary beneficiary. All decisions are made by Caribbean Property Group (“CPG”) (or an affiliate thereof) (the “Manager”), except for certain limited material decisions which would require the unanimous consent of all members. The Manager is authorized to execute and deliver on behalf of the joint ventures any and all documents, contracts, certificates, agreements and instruments, and to take any action deemed necessary in the benefit of the joint ventures. All financing facilit ies extended by BPPR to these joint ventures have been repaid in full. The Corporation maintains a variable interests in these VIEs in the form of the 24.9% equity interest . The equity interest is accounted for under the equity method of accounting pursu ant to ASC Subtopic 323-10. The following tables present the carrying amount and classification of the assets and liabilities related to the Corporation’s variable interests in the non-consolidated VIEs, PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013 -1 International, LLC, and their maximum exposure to loss at March 31, 2019 and December 31, 2018 . PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Assets Other assets: Equity investment $ 6,349 $ 6,469 $ 4,749 $ 5,794 Total assets $ 6,349 $ 6,469 $ 4,749 $ 5,794 Liabilities Deposits $ (1,258) $ (2,566) $ (10,497) $ (7,994) Total liabilities $ (1,258) $ (2,566) $ (10,497) $ (7,994) Total net assets $ 5,091 $ 3,903 $ (5,748) $ (2,200) Maximum exposure to loss $ 5,091 $ 3,903 $ - $ - The Corporation determined that the maximum exposure to loss under a worst case scenario at March 31, 2019 would be not recovering the net assets held by the Corporation as of the reporting date. ASU 2009-17 requires that an ongoing primary beneficiary assessment should be made to determine whether the Corporation is the primary beneficiary of any of the VIEs it is involved with. The conclusion on the assessment of these non-consolidated VIEs has not changed since their initial evaluation. The Corporation concluded that it is still not the primary beneficiary of these VIEs, and therefore, these VIEs are not required to be consoli dated in the Corporation’s financial statements at March 31, 2019 . |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions | |
Related Party Transactions | Note 23 – Related party transactions The Corporation considers its equity method investees as related parties. The following provides information on transactions with equity method investees considered related parties. EVERTEC The Corporation has an investment in EVERTEC, Inc. (“EVERTEC”), which provides various processing and information technology services to the Corporation and its subsidiaries and gives BPPR access to the ATH network owned and operated by EVERTEC. As of March 31, 2019 , the Corporation held 11,654,803 share s of EVERTEC, an ownership stake of 16.13 %. The Corporation continues to have significant influence over EVERTEC. Accordingly, the investment in EVERTEC is accounted for under the equity method and is evaluated for impairment if events or circumstances indicate that a decrease in value of the inves tment has occurred that is other than temporary. The Corporation received $ 0.6 million in dividend distributions during the quarter ended March 31, 2019 , from its investments in EVERTEC’s holding company. During the quarter March 31, 2018 , there were no dividend distributions received by the Corporation. The Corporation’s equity in EVERTEC is presented in the table which follows and is included as part of “other a ssets” in the Consolidated S tatement s of Financial C ondition. (In thousands) March 31, 2019 December 31, 2018 Equity investment in EVERTEC $ 64,573 $ 60,591 The Corporation had the following financial condition balances outstanding with EVERTEC at March 31, 2019 and December 31, 2018 . Items that represent liabilities to the Corporation are presented with parenthesis. (In thousands) March 31, 2019 December 31, 2018 Accounts receivable (Other assets) $ 6,577 $ 6,829 Deposits (25,666) (28,606) Accounts payable (Other liabilities) (8,391) (3,671) Net total $ (27,480) $ (25,448) The Corporation’s proportionate share of income from EVERTEC is included in other operating income in the consolidated statements of operations. The following table presents the Corporation’s proportionate share of EVERTEC’s income and changes in stockhold ers’ equity for the quarters ended March 31, 2019 and 2018 . Quarters ended March 31, (In thousands) 2019 2018 Share of income from investment in EVERTEC $ 4,297 $ 3,704 Share of other changes in EVERTEC's stockholders' equity 895 129 Share of EVERTEC's changes in equity recognized in income $ 5,192 $ 3,833 The following table present s the impact of transactions and service payments between the Corporation and EVERTEC (as an affiliate) and their impact on the results of operations for the quarters ended March 31, 2019 and 2018 . Items that represent expenses to the Corporati on are presented with parenthesis. Quarters ended March 31, (In thousands) 2019 2018 Category Interest expense on deposits $ (17) $ (11) Interest expense ATH and credit cards interchange income from services to EVERTEC 8,219 7,982 Other service fees Rental income charged to EVERTEC 1,796 1,765 Net occupancy Processing fees on services provided by EVERTEC (53,862) (45,558) Professional fees Other services provided to EVERTEC 276 314 Other operating expenses Total $ (43,588) $ (35,508) PRLP 2011 Holdings , LLC and PR Asset Portfolio 2013-1 International, LLC As indicated in Note 22 to the Consolidated Financial Statements, the Corporation holds a 24.9 % equity interest in PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC. The Corporation’s equity in PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC is presented in the table which follows and is included as part of “other assets” in the Consolidated S tatement s of Financial C ondition . PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Equity investment $ 6,349 $ 6,469 $ 4,749 $ 5,794 The Corporation held deposits from these entities, as follows: PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Deposits (non-interest bearing) $ 1,258 $ 2,566 $ 10,497 $ 7,994 The Corporation’s proportionate share of income or loss from these entities is presented in the following table and is included in oth er operating income in the Consolidated Statements of O perations. PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC Quarters ended March 31, (In thousands) 2019 2018 2019 2018 Share of (loss) income from the equity investment $ (120) $ (259) $ 296 $ (5,356) During the quarter ended March 31, 2019 , the Corporation received $ 1.3 million in capital distributions from its investment in PR Asset Portfolio 2013-1 International, LLC . There were no transactions between the Corporation and PRLP 2011 Holdings, LLC during the quarters ended March 31, 2019 and 2018 . Centro Financiero BHD León At March 31, 2019 , the Corporation had a 15.84 % equity interest in Centro Financiero BHD Le ó n, S.A. (“BHD Le ó n”), one of the largest banking and financial services groups in the Dominican Republic. During the quarter ended March 31, 2019 , the Corporation recorded $ 5.5 million in earnings from its investment in BHD Le ó n ( March 31, 2018 - $ 8.5 million), which had a carrying amount of $ 148.6 million at March 31, 2019 (December 31, 2018 - $ 143.5 million). On December 2017, BPPR extended a credit facility of $ 40 million to BHD León . This credit facility was repaid during the quarter ended March 31, 2018. There were no dividend distributions received by the Corporation from its investment in BHD León, during the quarters ended March 31, 2019 and 2018 . On June 30, 2017, BPPR extended an $ 8 million credit facility to Grupo Financiero Leon, S.A. Panamá (“GFL”), a shareholder of BHD León with an outstanding balance of $8 million at March 31, 2018 . The sources of repayment for this loan were the dividends to be received by GFL from its investment in BHD Le ó n. BPPR’s credit facility rank ed pari passu with another $ 8 million credit fa cility extended to GFL by BHD International Panama, an affiliate of BHD Le ó n. This credit facility was repaid during the quarter ended June 30, 2018. Investment Companies The Corporation provides advisory services to several investment companies registered under the Puerto Rico Investment Companies Act in exchange for a fee. The Corporation also provides administrative, custody and transfer agency services to these investment companies. These fees are calculated at an annual rate of the average n et assets of the investment company, as defined in each agreement. Due to its advisory role, the Corporation considers these investment companies as related parties. For the quarter ended March 31, 2019 administrative fees charged to these investment companies amounted to $ 1.5 million ( March 31, 2018 - $ 1.7 million) and waived fees amounted to $ 0.5 million ( March 31, 2018 - $ 0.5 million), for a net fee of $ 1.0 million ( March 31, 2018 - $ 1.2 million). The Corporation, through its subsidiary B PPR , has also entered into certain uncommitted credit facilities with th o se investment companies. As of March 31, 2019 , the available lines of credit facilities amounted to $ 330 million (December 31 , 2018 - $ 330 million). The aggregate sum of all outstanding balances under all credit facilities that may be made available by BPPR, from time to time, to those investment companies for which BPPR acts as investment advisor or co-investment advisor, shall never exceed the lesser of $200 million or 10% of BPPR’s capital. At March 31, 2019 there was no outstanding balance for these credit facilities. Other related party transactions On August 2018, BPPR acquired certa in assets and assumed certain liabilities of Reliable Financial Services and Reliable Finance Holding Company, Puerto Rico-based subsidiaries of Wells Fargo & Company engaged in the auto finance business in Puerto Rico. Refer to Note 4 for additional information on this transaction. As part of the acquisition transaction, the Corporation entered into an agreement with Reliable Financial Services to sublease the space necessary to continue the acquired operations. Reliable Financial Services’ lease agre ement is with the entity in which the Corporation’s Executive Chairman and his family members hold an ownership interest. During the quarter ended March 31, 2019, the Corporation paid to Reliable Financial Services approximately $ 0.4 million under the subl ease. The lease expired as of April 30, 2019 . |
Fair value measurement
Fair value measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures | |
Fair Value Measurement | Note 24 – Fair value measurement ASC Subtopic 820-10 “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels in order to increase consistency and comparability in fair value measurements and disclosures. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. Valuation on these instruments does not necessitate a significant degree of judgment since valuations are based on quoted prices that are readily available in an active market. Level 2 - Quoted prices other than those inc luded in Level 1 that are observable either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or ot her inputs that are observable or that can be corroborated by observable market data for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable and significant to the fair value measurement. Unobservable inputs reflect t he Corporation’s own assumptions about assumptions that market participants would use in pricing the asset or liability. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable in puts be used when available. Fair value is based upon quoted market prices when available. If listed prices or quotes are not available, the Corporation employs internally-developed models that primarily use market-based inputs including yield curves, inte rest rates, volatilities, and credit curves, among others. Valuation adjustments are limited to those necessary to ensure that the financial instrument’s fair value is adequately representative of the price that would be received or paid in the marketplace . These adjustments include amounts that reflect counterparty credit quality, the Corporation’s credit standing, constraints on liquidity and unobservable parameters that are applied consistently. There have been no changes in the Corporation’s methodolog ies used to estimate the fair value of assets and liabilities from those disclosed in the 2018 Form 10-K. The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instru ments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results. Fair Value on a Recurring and Nonrecurring Basis The following fair value hierarchy tables present information about the Corporation’s asset s and liabilities measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 : At March 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total RECURRING FAIR VALUE MEASUREMENTS Assets Debt securities available-for-sale: U.S. Treasury securities $ 2,476,890 $ 5,554,597 $ - $ 8,031,487 Obligations of U.S. Government sponsored entities - 264,671 - 264,671 Obligations of Puerto Rico, States and political subdivisions - 6,809 - 6,809 Collateralized mortgage obligations - federal agencies - 701,766 - 701,766 Mortgage-backed securities - 4,536,289 1,235 4,537,524 Other - 438 - 438 Total debt securities available-for-sale $ 2,476,890 $ 11,064,570 $ 1,235 $ 13,542,695 Trading account debt securities, excluding derivatives: U.S. Treasury securities $ 6,764 $ - $ - $ 6,764 Obligations of Puerto Rico, States and political subdivisions - 129 - 129 Collateralized mortgage obligations - 47 595 642 Mortgage-backed securities - 28,186 43 28,229 Other - 2,975 478 3,453 Total trading account debt securities, excluding derivatives $ 6,764 $ 31,337 $ 1,116 $ 39,217 Equity securities $ - $ 17,658 $ - $ 17,658 Mortgage servicing rights - - 167,813 167,813 Derivatives - 14,843 - 14,843 Total assets measured at fair value on a recurring basis $ 2,483,654 $ 11,128,408 $ 170,164 $ 13,782,226 Liabilities Derivatives $ - $ (12,770) $ - $ (12,770) Total liabilities measured at fair value on a recurring basis $ - $ (12,770) $ - $ (12,770) At December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total RECURRING FAIR VALUE MEASUREMENTS Assets Debt securities available-for-sale: U.S. Treasury securities $ 2,719,740 $ 5,552,456 $ - $ 8,272,196 Obligations of U.S. Government sponsored entities - 333,309 - 333,309 Obligations of Puerto Rico, States and political subdivisions - 6,742 - 6,742 Collateralized mortgage obligations - federal agencies - 728,671 - 728,671 Mortgage-backed securities - 3,957,545 1,233 3,958,778 Other - 488 - 488 Total debt securities available-for-sale $ 2,719,740 $ 10,579,211 $ 1,233 $ 13,300,184 Trading account debt securities, excluding derivatives: U.S. Treasury securities $ 6,278 $ - $ - $ 6,278 Obligations of Puerto Rico, States and political subdivisions - 134 - 134 Collateralized mortgage obligations - 48 611 659 Mortgage-backed securities - 27,214 43 27,257 Other - 2,974 485 3,459 Total trading account debt securities, excluding derivatives $ 6,278 $ 30,370 $ 1,139 $ 37,787 Equity securities $ - $ 13,296 $ - $ 13,296 Mortgage servicing rights - - 169,777 169,777 Derivatives - 13,603 - 13,603 Total assets measured at fair value on a recurring basis $ 2,726,018 $ 10,636,480 $ 172,149 $ 13,534,647 Liabilities Derivatives $ - $ (12,320) $ - $ (12,320) Total liabilities measured at fair value on a recurring basis $ - $ (12,320) $ - $ (12,320) The fair value information included in the following tables is not as of period end, but as of the date that the fair value measurement was recorded during the quarters ended March 31, 2019 and 2018 and excludes nonrecurring fair value measurements of assets no longer outstanding as of the reporting date. Quarter ended March 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 13,147 $ 13,147 $ (3,316) Other real estate owned [2] - - 8,035 8,035 (1,889) Other foreclosed assets [2] - - 1,283 1,283 (118) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 22,465 $ 22,465 $ (5,323) 1] Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35 . Costs to sell are excluded from the reported fair value amount [ 2 ] Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount . Quarter ended March 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 29,826 $ 29,826 $ (13,766) Other real estate owned [2] - - 14,397 14,397 (3,116) Other foreclosed assets [2] - - 2,045 2,045 (523) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 46,268 $ 46,268 $ (17,405) [1] Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35 . Costs to sell are excluded from the reported fair value amount . [ 2 ] Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount . The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters ended March 31, 2019 and 2018 . Quarter ended March 31, 2019 MBS CMOs Other classified classified securities as debt as trading MBS classified securities account classified as as trading Mortgage available- debt trading account account debt servicing Total (In thousands) for-sale securities debt securities securities rights assets Balance at December 31, 2018 $ 1,233 $ 611 $ 43 $ 485 $ 169,777 $ 172,149 Gains (losses) included in earnings - - - (7) (3,825) (3,832) Gains (losses) included in OCI 2 - - - - 2 Additions - 14 - - 1,861 1,875 Settlements - (30) - - - (30) Balance at March 31, 2019 $ 1,235 $ 595 $ 43 $ 478 $ 167,813 $ 170,164 Changes in unrealized gains (losses) included in earnings relating to assets still held at March 31, 2019 $ - $ - $ - $ 3 $ (747) $ (744) Quarter ended March 31, 2018 MBS CMOs Other classified classified MBS securities as debt as trading classified as classified securities account trading as trading Mortgage available- debt account debt account debt servicing Total Contingent Total (In thousands) for-sale securities securities securities rights assets consideration liabilities Balance at December 31, 2017 $ 1,288 $ 529 $ 43 $ 529 $ 168,031 $ 170,420 $ (164,858) $ (164,858) Gains (losses) included in earnings - - - (10) (4,307) (4,317) (6,112) (6,112) Gains (losses) included in OCI 1 - - - - 1 - - Additions - 16 - - 2,557 2,573 - - Settlements (26) (57) - - - (83) - - Balance at March 31, 2018 $ 1,263 $ 488 $ 43 $ 519 $ 166,281 $ 168,594 $ (170,970) $ (170,970) Changes in unrealized gains (losses) included in earnings relating to assets still held at March 31, 2018 $ - $ - $ - $ 5 $ - $ 5 $ (6,112) $ (6,112) Gains and losses (realized and unrealized) included in earnings for the quart ers ended March 31, 2019 and 2018 for Level 3 assets and liabilities included in the previous tables are reported in the consolidated statements of operations as follows: Quarter ended March 31, 2019 Quarter ended March 31, 2018 Changes in unrealized Changes in unrealized Total gains gains (losses) relating to Total gains gains (losses) relating to (losses) included assets still held at (losses) included assets still held at (In thousands) in earnings reporting date in earnings reporting date FDIC loss share expense $ - $ - $ (6,112) $ (6,112) Mortgage banking activities (3,825) (747) (4,307) - Trading account loss (7) 3 (10) 5 Total $ (3,832) $ (744) $ (10,429) $ (6,107) The following table includes quantitative information about significant unobservable inputs used to derive the fair value of Level 3 instruments, excluding those instruments for which the unobservable inputs were not developed by the Corporation such as prices of prior transactions and/or unadjusted third-party pricing sources. Fair value at March 31, (In thousands) 2019 Valuation technique Unobservable inputs Weighted average (range) [1] CMO's - trading $ 595 Discounted cash flow model Weighted average life 1.8 years (1.2 - 2.0 years) Yield 4.1% (3.9% - 4.4%) Prepayment speed 17.7% (15.0% - 19.6%) Other - trading $ 478 Discounted cash flow model Weighted average life 5.2 years Yield 12.0 % Prepayment speed 10.8 % Mortgage servicing rights $ 167,813 Discounted cash flow model Prepayment speed 5.4% (0.2% - 23.2%) Weighted average life 6.8 years (0.1 - 15.6 years) Discount rate 11.2% (9.5% - 24.5%) Loans held-in-portfolio $ 9,610 [2] External appraisal Haircut applied on external appraisals 13.8% (11.4% - 25.0%) Other real estate owned $ 5,871 [3] External appraisal Haircut applied on external appraisals 21.2% (15.0% - 25.0%) [1] Weighted average of significant unobservable inputs used to develop Level 3 fair value measurements were calculated by relative fair value. [2] Loans held-in-portfolio in which haircuts were not applied to external appraisals were excluded from this table. [3] Other real estate owned in which haircuts were not applied to external appraisals were excluded from this table. The significant unobservable inputs used in the fair value measurement of the Corporation’s collateralized mortgage obligations and interest-only collateralized mortgage obligation (reported as “other”), which are classified in the “trading” category, are yield, constant prepayment rate, and weighted average life. S ignificant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the const ant prepayment rate will generate a directionally opposite change in the weighted average life. For example, as the average life is reduced by a higher constant prepayment rate, a lower yield will be realized, and when there is a reduction in the constant prepayment rate, the average life of these collateralized mortgage obligations will extend, thus resulting in a higher yield. The significant unobservable inputs used in the fair value measurement of the Corporation’s mortgage servicing rights are constant prepayment rates and discount rates . Increases in interest rates may result in lower prepayments. Discount rates vary according to products and / or portfolios depending on the perceived risk. Increases in discount rates result in a lower fair value meas urement. |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures | |
Fair Value of Financial Instruments | Note 25 – Fair value of financial instruments The fair value of financial instruments is the amount at which an asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. For those financial instruments with no quoted market prices available, fair values have been estimated using present value calculations or ot her valuation techniques, as well as management’s best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment assumptions. Many of these estimates involve various assumptions and may v ary significantly from amounts that could be realized in actual transactions. The fair values reflected herein have been determined ba sed on the prevailing rate environment at March 31, 2019 and December 31, 2018 , as applicable. In different interest rate environments, fair value estimates can differ significantly, especially for certain fixed rate financial instruments. In addition, the fair values presented do not attempt to estimate the value of the Corporation’s fee generating businesses and antic ipated future business activities, that is, they do not represent the Corporation’s value as a going concern. There have been no changes in the Corporation’s valuation methodologies and inputs used to estimate the fair values for each class of financial as sets and liabilities not measured at fair value. The following tables present the carrying amount and estimated fair values of financial instruments with their corres ponding level in the fair value hierarchy. The aggregate fair value amounts of the financial instruments disclosed do not represent management’s estimate of the underlying value of the Corporation. March 31, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Assets: Cash and due from banks $ 376,558 $ 376,558 $ - $ - $ 376,558 Money market investments 4,814,134 4,804,949 9,185 - 4,814,134 Trading account debt securities, excluding derivatives [1] 39,217 6,764 31,337 1,116 39,217 Debt securities available-for-sale [1] 13,542,695 2,476,890 11,064,570 1,235 13,542,695 Debt securities held-to-maturity: Obligations of Puerto Rico, States and political subdivisions $ 87,341 $ - $ - $ 91,340 $ 91,340 Collateralized mortgage obligation-federal agency 53 - - 56 56 Securities in wholly owned statutory business trusts 11,561 - 11,561 - 11,561 Other 500 - 500 - 500 Total debt securities held-to-maturity $ 99,455 $ - $ 12,061 $ 91,396 $ 103,457 Equity securities: FHLB stock $ 48,949 $ - $ 48,949 $ - $ 48,949 FRB stock 90,598 - 90,598 - 90,598 Other investments 18,960 - 17,658 6,345 24,003 Total equity securities $ 158,507 $ - $ 157,205 $ 6,345 $ 163,550 Loans held-for-sale $ 43,985 $ - $ - $ 45,085 $ 45,085 Loans held-in-portfolio 26,097,080 - - 23,941,120 23,941,120 Mortgage servicing rights 167,813 - - 167,813 167,813 Derivatives 14,843 - 14,843 - 14,843 March 31, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Liabilities: Deposits: Demand deposits $ 33,074,074 $ - $ 33,074,074 $ - $ 33,074,074 Time deposits 7,805,764 - 7,633,195 - 7,633,195 Total deposits $ 40,879,838 $ - $ 40,707,269 $ - $ 40,707,269 Assets sold under agreements to repurchase $ 200,871 $ - $ 200,691 $ - $ 200,691 Other short-term borrowings [2] $ 42 $ - $ 42 $ - $ 42 Notes payable: FHLB advances $ 497,250 $ - $ 498,220 $ - $ 498,220 Unsecured senior debt securities 294,356 - 308,142 - 308,142 Junior subordinated deferrable interest debentures (related to trust preferred securities) 384,882 - 389,331 - 389,331 Total notes payable $ 1,176,488 $ - $ 1,195,693 $ - $ 1,195,693 Derivatives $ 12,770 $ - $ 12,770 $ - $ 12,770 [1] Refer to Note 24 to the C onsolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 17 to the Consolidated F inancial S tatements for the composition of other short-term borrowings. December 31, 2018 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Assets: Cash and due from banks $ 394,035 $ 394,035 $ - $ - $ 394,035 Money market investments 4,171,048 4,161,832 9,216 - 4,171,048 Trading account debt securities, excluding derivatives [1] 37,787 6,278 30,370 1,139 37,787 Debt securities available-for-sale [1] 13,300,184 2,719,740 10,579,211 1,233 13,300,184 Debt securities held-to-maturity: Obligations of Puerto Rico, States and political subdivisions $ 89,459 $ - $ - $ 90,534 $ 90,534 Collateralized mortgage obligation-federal agency 55 - - 58 58 Securities in wholly owned statutory business trusts 11,561 - 11,561 - 11,561 Other 500 - 500 - 500 Total debt securities held-to-maturity $ 101,575 $ - $ 12,061 $ 90,592 $ 102,653 Equity securities: FHLB stock $ 51,628 $ - $ 51,628 $ - $ 51,628 FRB stock 89,358 - 89,358 - 89,358 Other investments 14,598 - 13,296 5,539 18,835 Total equity securities $ 155,584 $ - $ 154,282 $ 5,539 $ 159,821 Loans held-for-sale $ 51,422 $ - $ - $ 52,474 $ 52,474 Loans held-in-portfolio 25,938,541 - - 23,143,027 23,143,027 Loans covered under loss sharing Mortgage servicing rights 169,777 - - 169,777 169,777 Derivatives 13,603 - 13,603 - 13,603 December 31, 2018 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Liabilities: Deposits: Demand deposits $ 32,093,274 $ - $ 32,093,274 $ - $ 32,093,274 Time deposits 7,616,765 - 7,392,698 - 7,392,698 Total deposits $ 39,710,039 $ - $ 39,485,972 $ - $ 39,485,972 Assets sold under agreements to repurchase $ 281,529 $ - $ 281,535 $ - $ 281,535 Other short-term borrowings [2] $ 42 $ - $ 42 $ - $ 42 Notes payable: FHLB advances $ 556,776 $ - $ 553,111 $ - $ 553,111 Unsecured senior debt 294,039 - 302,664 - 302,664 Junior subordinated deferrable interest debentures (related to trust preferred securities) 384,875 - 381,079 - 381,079 Capital lease obligations 20,412 - - 20,412 20,412 Total notes payable $ 1,256,102 $ - $ 1,236,854 $ 20,412 $ 1,257,266 Derivatives $ 12,320 $ - $ 12,320 $ - $ 12,320 [1] Refer to Note 24 to the Consolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 17 to the C onsolidated F inancial S tatements for the composition of other short-term borrowings. The notional amount of commitments to extend credit at March 31, 2019 and December 31, 2018 is $ 7.6 billion and $ 7.5 billion, respectively, and represents the unused portion of credit facilities granted to customers. The notional amount of letters of credit at March 31, 2019 and December 31, 2018 is $ 81 million and $ 29 million respectively, and represents the contractual a mount that is required to be paid in the event of nonperformance. The fair value of commitments to extend credit and letters of credit, which are based on the fees charged to enter into those agreements, are not material to Popular’s financial statements. |
Net income per common share
Net income per common share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share | |
Net Income (Loss) Per Common Share | Note 26 – Net income per common share The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarter s ended March 31, 2019 and 2018 : Quarters ended March 31, (In thousands, except per share information) 2019 2018 Net income $ 167,925 $ 91,324 Preferred stock dividends (931) (931) Net income applicable to common stock $ 166,994 $ 90,393 Average common shares outstanding 98,581,743 101,696,343 Average potential dilutive common shares 177,155 140,869 Average common shares outstanding - assuming dilution 98,758,898 101,837,212 Basic EPS $ 1.69 $ 0.89 Diluted EPS $ 1.69 $ 0.89 As disclosed in Note 18 , d uring the quarter ended March 31, 201 9 , the Corporation entered into a $ 250 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 3,500,000 shares of common stock. The initial share delivery was accounted for as a treasury stock transaction. As part of this transaction, the Corporation entered into a forward contr act, which remains outstanding as of March 31, 2019, for which the Corporation expects to receive additional shares upon the termination of the ASR agreement. The diluted EPS computation for the quarter ended March 31, 2019 excludes 1,268,890 antidilutive shar es related to the ASR. For the quarter s ended March 31, 2019 and 2018 , the Corporation calculated the impact of potential dilutive common shares under the treasury stock method, consistent with the method used for the preparation of the financial sta tements for the year ended December 31, 2018 . For a discussion of the calculation under the treasury stock m ethod, refer to Note 32 of the Consolidated Financial S tatements included in the 2018 Form 10-K. |
Revenue from contract with cust
Revenue from contract with customers | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer Abstract | |
Revenue From Contract With Customer Text Block | Note 27 – Revenue from contracts with customers The following table presents the Corporation’s revenue streams from contracts with customers by reportable segment for the quarters ended March 31, 2019 and 2018 : Quarters ended March 31, (In thousands) 2019 2018 BPPR Popular U.S. BPPR Popular U.S. Service charges on deposit accounts $ 35,064 $ 3,627 $ 33,179 $ 3,276 Other service fees: Debit card fees 10,899 271 11,395 243 Insurance fees, excluding reinsurance 7,445 770 7,237 622 Credit card fees, excluding late fees and membership fees 18,286 216 16,803 240 Sale and administration of investment products 5,259 - 5,355 - Trust fees 4,815 - 5,341 - Total revenue from contracts with customers [1] $ 81,768 $ 4,884 $ 79,310 $ 4,381 [1] The amounts include intersegment transactions of $0.2 million and $0.4 million, respectively, for the quarters ended March 31, 2019 and 2018. Revenue from contracts with customers is recognized when, or as, the performance obligations are satisfied by the Corporation by transferring the promised services to the customers. A service is transferred to the customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized based on the services that have been rendered to date. Revenue from a perfor mance obligation satisfied at a point in time is recognized when the customer obtains control over the service. The transaction price, or the amount of revenue recognized, reflects the consideration the Corporation expects to be entitled to in exchange for those promised services. In determining the transaction price, the Corporation considers the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in th e amount of cumulative revenue recognized will not occur. The Corporation is the principal in a transaction if it obtains control of the specified goods or services before they are transferred to the customer. If the Corporation acts as principal, revenue s are presented in the gross amount of consideration to which it expects to be entitled and are not netted with any related expenses. On the other hand, the Corporation is an agent if it does not control the specified goods or services before they are tran sferred to the customer. If the Corporation acts as an agent, revenues are presented in the amount of consideration to which it expects to be entitled, net of related expenses. Following is a description of the nature and timing of revenue streams from co ntracts with customers: Service charges on deposit accounts Service charges on deposit accounts are earned on retail and commercial deposit activities and include, but are not limited to, nonsufficient fund fees, overdraft fees and checks stop payment fee s. These transaction-based fees are recognized at a point in time, upon occurrence of an activity or event or upon the occurrence of a condition which triggers the fee assessment. The Corporation is acting as principal in these transactions . Debit card fees Debit card fees include, but are not limited to, interchange fees, surcharging income and foreign transaction fees . These transaction-based fees are recognized at a point in time, upon occurrence of an activity or event or upon the occurrence of a condition which triggers the fee assessment. Interchange fees are recognized upon settlement of the debit card payment transactions. The Corporation is acting as principal in these transactions . Insurance fees Insurance fees include, but are not limite d to, commissions and contingent commissions . Commissions and fees are recognized when related policies are effective since the Corporation does not have an enforceable right to payment for services completed to date. An allowance is created for expected adjustments to commissions earned related to policy cancellations. Contingent commissions are recorded on an accrual basis when the amount to be received is notified by the insurance company. The Corporation is acting as an agent since it arranges for the sale of the policies and receives commissions if, and when, it achieves the sale. Credit card fees Credit card fees include, but are not limited to, interchange fees, additional card fees, cash advance fees, balance transfer fees, foreign transaction fee s, and returned payments fees. Credit card fees are recognized at a point in time, upon the occurrence of an activity or an event. Interchange fees are recognized upon settlement of the credit card payment transactions. The Corporation is acting as princip al in these transactions . Sale and administration of investment products Fees from the sale and administration of investment products include, but are not limited to, commission income from the sale of investment products, asset management fees, underwrit ing fees, and mutual fund fees. Commission income from investment products is recognized on the trade date since clearing, trade execution, and custody services are satisfied when the customer acquires or disposes of the rights to obtain the economic benefits of the investment products and brokerage contracts have no fixed durat ion and are terminable at will by either party. The Corporation is acting as principal in these transactions since it performs the service of providing the customer with the ability to acquire or dispose of the rights to obtain the economic benefits of inv estment products. Asset management fees are satisfied over time and are recognized in arrears. At contract inception, the estimate of the asset management fee is constrained from the inclusion in the transaction price since the promised consideration is dependent on the market and thus is highly susceptible to factors outside the manager’s influence. As advisor, the broker-dealer subsidiary is acting as principal. Underwriting fees are recognized at a point in time, when the investment products are sold in the open market at a markup. When the broker-dealer subsidiary is lead underwriter, it is acting as an agent. In turn, when it is a participating underwriter, it is acting as principal. Mutual fund fees, such as distribution fees, are considered variab le consideration and are recognized over time, as the uncertainty of the fees to be received is resolved as NAV is determined and investor activity occurs. The promise to provide distribution-related services is considered a single performance obligation a s it requires the provision of a series of distinct services that are substantially the same and have the same pattern of transfer. When the broker-dealer subsidiary is acting as a distributor, it is acting as principal. In turn, when it acts as third-part y dealer, it is acting as an agent. Trust fees Trust fees are recognized from retirement plan, mutual fund administration, investment management, trustee, escrow, and custody and safekeeping services. These asset management services are considered a single performance obligation as it requires the provision of a series of distinct services that are substantially the same and have the same pattern of transfer. The performance obligation is satisfied over time, except for optional services and certain other services that are satisfied at a point in time. R evenues are recognized in arrears , when, or as, the services are rendered. The Corporation is acting as principal since, as asset manager, it has the obligation to provide the specified s ervice to the customer and has the ultimate discretion in establishing the fee paid by the customer for the specified services. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 28 – Leases The Corporation enters in the ordinary course of business into operating and finance leases for land, buildings and equipment. These contracts generally do not include purchase options or residual value guarantees . The remaining lease terms of 0.1 to 34.8 years considers options to extend the leases for up to 10.1 years . The Corporation identifies leases when it has both the right to obtain substant ially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Corporation recognizes right-of-use assets (“ROU assets”) and lease liabilities related to operating and finance leases in its Consolidated State ments of Financial Condition under the caption of other assets and other liabilities, respectively. At March 31, 2019 , ROU assets related to operating and finance lease amounted to $ 13 2 million and $ 17 million, respectively, and lease liabilities related to operating and finance leases amounted to $ 148 million and $ 24 million, respectively. The Corporation uses the incremental borrowing rate for purposes of discounting lease payments for operating and finance leases, since it does not h ave enough information to determine the rates implicit in the leases. The discount rates are based on fixed-rate and fully amortizing borrowing facilities of its banking subsidiaries that are collateralize d . For leases held by non-banking subsidiaries , a c redit spread is added to this rate based on financing transactions with a similar credit risk profile. The following table presents the undiscounted cash flows of operating and finance leases for each of the following periods: (In thousands) Remaining 2019 2020 2021 2022 2023 Later Years Total Lease Payments Less: Imputed Interest Total Operating Leases $ 21,760 $ 26,023 $ 23,625 $ 19,928 $ 17,695 $ 66,312 $ 175,343 $ (27,248) $ 148,095 Finance Leases 2,385 3,261 3,351 3,445 3,542 14,187 30,171 (6,428) 23,743 The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows: Quarter ended (In thousands) March 31, 2019 Finance lease cost: Amortization of ROU assets $ 458 Interest on lease liabilities 321 Operating lease cost 8,155 Short-term lease cost 24 Sublease income (25) Total lease cost $ 8,933 Total rental expense for all operating leases, except those with terms of a month or less that were not renewed, for the quarter ended March 31, 2018 was $ 7.4 million, which is included in net occupancy, equipment and communication expenses, according to their nature. Total amortization and interest expense for capital leases for the quarter ended March 31, 2018 was $ 0.3 million and $ 0.3 million, respectively. The following table presents supplemental cash flow information and o ther related information related to operating and finance leases. Quarter ended (Dollars in thousands) March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,391 Operating cash flows from finance leases 327 Financing cash flows from finance leases 439 ROU assets obtained in exchange for new lease obligations: Operating leases $ 356 Finance leases 3,308 Weighted-average remaining lease term: Operating leases 8.4 years Finance leases 8.9 years Weighted-average discount rate: Operating leases 3.8 % Finance leases 5.7 % As of March 31, 2019, the Corporation has additional operating leases contracts that have not yet commenced with an undiscounted contract amount of $ 2 2 million , which will have lease terms of 10 years . |
FDIC loss share expense
FDIC loss share expense | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
FDIC Loss Share (Expense) Income | Note 29 – FDIC loss share expense The caption of FDIC loss-share expense in the Consolidated Statements of Operations consists of the following major categories: Quarter ended March 31, (In thousands) 2018 Amortization $ (934) 80% mirror accounting on credit impairment losses 104 80% mirror accounting on reimbursable expenses 537 80% mirror accounting on recoveries on covered assets, including rental income on OREOs, subject to reimbursement to the FDIC (1,658) Change in true-up payment obligation (6,112) Other 36 Total FDIC loss share expense $ (8,027) |
Pension and postretirement bene
Pension and postretirement benefits | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and postretirement benefits | Note 30 – Pension and postretirement benefits The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries (the “Pension Plans”) . The accrual of benefits under the Pension P lans is frozen to all participants. The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries (the “OPEB Plan”) The components of net periodic cost for the Pension Plans and the OPEB Plan for the periods presented were as follows: Pension Plans OPEB Plan Quarters ended March 31, Quarters ended March 31, (In thousands) 2019 2018 2019 2018 Personnel Cost: Service cost $ - $ - $ 190 $ 257 Other operating expenses: Interest cost 7,110 6,373 1,489 1,390 Expected return on plan assets (8,096) (10,060) - - Amortization of prior service cost/(credit) - - - (867) Amortization of net loss 5,876 5,065 - 321 Total net periodic pension cost $ 4,890 $ 1,378 $ 1,679 $ 1,101 The Corporation paid the following contributions to the plans during the quarter ended March 31, 2019 and expects to pay the following contributions for the year ending December 31, 2019 . For the quarters ended For the year ending (In thousands) 31-Mar-19 31-Dec-19 Pension Plans $ 57 $ 229 OPEB Plan $ 1,285 $ 8,128 |
Stock-based compensation
Stock-based compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Stock-based Compensation | Note 31 - Stock-based compensation In April 2004, the Corporation’s shareholders adopted the Popular, Inc. 2004 Omnibus Incentive Plan (the “Incentive Plan”). The Incentive Plan permits the granting of incentive awards in the form of Annual Incentive Awards, Long-term Performance Unit Awards, Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Units or Performance Shares. Participants in the Incentive Plan are designated by the Compensation Committee of the Board of Directors (or its delegate as determined by the Boar d). Employees and directors of the Corporation and/or any of its subsidiaries are eligible to participate in the Incentive Plan. Under the Incentive Plan, the Corporation has issued restricted shares and performance shares , which become vested based on th e employees’ continued service with Popular. Unless otherwise stated in an agreement, t he compensation cost associated with the shares of restricted stock is determined based on a two-prong vesting schedule. The first part is vested ratably over five years commencing at the date of grant and the second part is vested at termination of employment after attainment of 55 years of age and 10 years of service. The five-year vesting part is accelerated at termination of employment after attaining 55 years of age and 10 years of service. The vesting schedule for restricted shares granted on or after 2014 was modified as follows, the first part is vested ratably over four years commencing at the date of the grant and the second part is vested at termination of empl oyment after attainment of the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service. The four year vesting part is accelerated at termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service. The performance share awards consist of the opportunity to receive shares of Popular, Inc.’s common stock provided that the Corporation achieves certain goals during a three-year performance cycle. T he goals will be based on two metrics weighted equally: the Relative Total Shareholder Return (“TSR”) and the Absolute Earnings per Share (“EPS”) goals. The TSR metric is considered to be a market condition under ASC 718. For equity settled awards based on a market condition, the fair value is determined as of the grant date and is not subsequently revised based on actual performance. The EPS metric is considered to be a performance condition under ASC 718. The fair value is determined based on the prob ability of achieving the EPS goal as of each reporting period. The TSR and EPS metrics are equally weighted and work independently. The number of shares that will ultimately vest ranges from 50 % to a 150 % of target based on both market (TSR) and performa nce (EPS) conditions. The performance shares vest at the end of the three-year performance cycle. If a participant terminates employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service, the performance shares shall continue outstanding and vest at the end of the performance cycle . The following table summarizes the restricted stock and performance shares activity under the Incentive Plan for members of management. (Not in thousands) Shares Weighted-Average Grant Date Fair Value Non-vested at December 31, 2017 295,340 $ 30.75 Granted 239,062 45.81 Performance Shares Quantity Adjustment 234,076 33.09 Vested (372,271) 35.83 Forfeited (14,021) 37.35 Non-vested at December 31, 2018 382,186 $ 36.41 Granted 149,986 55.05 Performance Shares Quantity Adjustment 22,973 55.51 Vested (177,913) 46.12 Non-vested at March 31, 2019 377,232 $ 40.40 During the quarter ended March 31, 2019 , 84,590 shares of restricted stock ( March 31, 2018 - 84,616 ) and 65,396 performance shares ( March 31, 2018 - 72,414 ) were awarded to management under the Incentive Plan. During the quarter ended March 31, 2019 , the Corporation recognized $ 3.8 million of restricted stock expense related to management incentive awards, with a tax benefit of $ 0.4 million ( March 31, 2018 - $ 2.7 m illion, with a tax benefit of $ 0.3 million). For the quarter ended March 31, 2019 , the fair market value of the restricted stock and performance shares vested was $ 5 million at grant date and $ 9.8 million at vesting date. This differential triggers a windfall , of $ 1.8 million that was recorded as a reduction i n income tax expense. For the quarter ended March 31, 2019 , the Corporation recognized $ 3.6 m illion of performance shares expense, with a tax benefit of $ 0.3 m illion ( March 31, 2018 - $ 2.6 million , with a tax benefit of $ 0.3 million ) . The total unrecognized compensation cost related to non-vested restricted stock awards and performance shares to members of management at March 31, 2019 was $ 8.9 million and is expected to be recognized over a weighted-average period of 2.4 y ears. The following table summarizes the restricted stock activity under the Incentive Plan for members of the Board of Directors: (Not in thousands) Restricted Stock Weighted-Average Grant Date Fair Value Non-vested at December 31, 2017 - $ - Granted 25,159 46.71 Vested (25,159) 46.71 Forfeited - - Non-vested at December 31, 2018 - $ - Granted 1,052 49.25 Vested (1,052) 49.25 Forfeited - - Non-vested at March 31, 2019 - $ - During the quarter ended March 31, 2019 , the Corporation granted 1,052 shares of restricted stock to members of the Board of Directors of Popular, Inc . No shares of restricted stock were granted to members of the Board of Directors of Popular, Inc. during the quarter ended March 31, 2018 . D uring this period, the Corporation recognized $ 0.1 million of restricted stock expense , with a tax benefit of $ 6 t housand ( March 31, 2018 - $ 0.3 million, with a tax benefit of $ 39 thousand). The fair value at vesting date of the restricted stock vested during the quarter ended March 31, 2019 for directors was $ 0.1 million. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure | |
Income Taxes | Note 32 – Income taxes The reason for the difference between the income tax expense applicable to income before provision for income taxes and the amount computed by applying the statutory tax rate in Puerto Rico, were as follows: Quarters ended March 31, 2019 March 31, 2018 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 81,806 38 % $ 44,257 39 % Net benefit of tax exempt interest income (26,944) (12) (22,993) (20) Deferred tax asset valuation allowance 5,482 2 7,226 6 Difference in tax rates due to multiple jurisdictions (2,862) (1) (2,959) (2) Effect of income subject to preferential tax rate (2,928) (1) (3,048) (3) Adjustments in net deferred tax due to change in tax law - - (5,133) (4) State and local taxes 1,624 - 1,363 1 Others (5,955) (3) 3,442 3 Income tax (benefit) expense $ 50,223 23 % $ 22,155 20 % Income tax expense amounted to $50.2 million for the quarter ended March 31, 2019, compared with $22.2 million for the same quarter of 2018. The increase in income tax expense was primarily due to higher taxable income in the Puerto Rico operations net of higher tax benefit on net exempt interest income. Effective for taxable years beginning after December 31, 2018, Act No.257 of 2018, which amended the Puerto Rico Internal Revenue Code reduce the Puerto Rico corporate income tax rate from 39% to 38 %. The following table presents a breakdown of the significant components of the Corporation’s deferred tax assets and liabilities. March 31, 2019 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 15,900 $ 7,757 $ 23,657 Net operating loss and other carryforward available 121,529 716,853 838,382 Postretirement and pension benefits 82,940 - 82,940 Deferred loan origination fees 2,756 (1,919) 837 Allowance for loan losses 482,185 19,873 502,058 Deferred gains - 2,515 2,515 Accelerated depreciation 1,963 5,760 7,723 FDIC-assisted transaction 92,209 - 92,209 Intercompany deferred gains 1,299 - 1,299 Difference in outside basis from pass-through entities 17,430 - 17,430 Other temporary differences 24,797 8,020 32,817 Total gross deferred tax assets 843,008 758,859 1,601,867 Deferred tax liabilities: Indefinite-lived intangibles 34,914 40,786 75,700 Unrealized net gain (loss) on trading and available-for-sale securities 32,253 (7,636) 24,617 Other temporary differences 11,399 1,109 12,508 Total gross deferred tax liabilities 78,566 34,259 112,825 Valuation allowance 95,334 401,308 496,642 Net deferred tax asset $ 669,108 $ 323,292 $ 992,400 December 31, 2018 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 15,900 $ 7,757 $ 23,657 Net operating loss and other carryforward available 116,154 720,933 837,087 Postretirement and pension benefits 83,390 - 83,390 Deferred loan origination fees 3,216 (1,280) 1,936 Allowance for loan losses 516,643 18,612 535,255 Deferred gains - 2,551 2,551 Accelerated depreciation 1,963 5,786 7,749 FDIC-assisted transaction 95,851 - 95,851 Intercompany deferred gains 1,518 - 1,518 Difference in outside basis from pass-through entities 20,209 - 20,209 Other temporary differences 24,957 7,522 32,479 Total gross deferred tax assets 879,801 761,881 1,641,682 Deferred tax liabilities: Indefinite-lived intangibles 34,081 39,597 73,678 Unrealized net gain (loss) on trading and available-for-sale securities 23,823 (12,783) 11,040 Other temporary differences 10,579 - 11,688 Total gross deferred tax liabilities 68,483 26,814 96,406 Valuation allowance 89,852 406,455 496,307 Net deferred tax asset $ 721,466 $ 328,612 $ 1,048,969 The net deferred tax asset shown in the table above at March 31, 2019 is reflected in the consolidated statements of financial condition as $ 1.0 billion in net deferred tax assets in the “Other assets” caption (December 31, 2018 - $ 1.0 billion) and $ 930 thousand in deferred tax liabilities in the “Other liabilities” caption (December 31, 2018 - $ 926 thousand ), reflecting the aggregate deferred tax assets or liabilities of individual tax-paying subsidiaries of the Corpo ration in their respective tax jurisdiction, Puerto Rico or the United States. A deferred tax asset should be reduced by a valuation allowance if based on the weight of all available evidence, it is more likely than not (a likelihood of more than 50%) th at some portion or the entire deferred tax asset will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The determination of whether a deferred tax asse t is realizable is based on weighting all available evidence, including both positive and negative evidence. The realization of deferred tax assets, including carryforwards and deductible temporary differences, depends upon the existence of sufficient taxa ble income of the same character during the carryback or carryforward period. The analysis considers all sources of taxable income available to realize the deferred tax asset, including the future reversal of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in prior carryback years and tax-planning strategies. At March 31, 2019 the net deferred tax asset of the U.S. operations amounted to $ 724 million with a valua tion allowance of approximately $401 million , for a net deferred tax asset of approximately $ 323 million. As of March 31, 2019 , management estimated that the U.S. operations would earn enough pre-tax Income during the carryover period to realize the total amount of net deferred tax asset after valuation allowance. After weighting all available positive and negative evidence, management concluded that is more likely than not that a portion of the deferred tax asset from the U.S. operation, amounting t o approximately $323 million, will be realized. Management will continue to evaluate the realization of the deferred tax asset each quarter and adjust as any changes arises. At March 31, 2019 , the Corporation’s net deferred tax assets related to its Pue rto Rico operations amounted to $ 669 million. The Corporation’s Puerto Rico Banking operation is not in a cumulative three year loss position and has sustained profitability for the three year period ended March 31, 2019 . This is considered a st rong piece of objectively verifiable positive evidence that outweights any negative evidence considered by management in the evaluation of the realization of the deferred tax asset. Based on this evidence and management’s estimate of future taxable income , the Corporation has concluded that it is more likely than not that such net deferred tax asset of the Puerto Rico Banking operations will be realized. The Popular, Inc., holding company (“PIHC”) operation is in a cumulative loss position taking into acc ount taxable income exclusive of reversing temporary differences, for the three year period ended March 31, 2019 . Management expects these losses will be a trend in future years. This objectively verifiable negative evidence is considered by management as strong negative evidence that will suggest that income in future years will be insufficient to support the realization of all deferred tax asset. After weighting of all positive and negative evidence management concluded, as of the reporting date, tha t it is more likely than not that the PIHC will not be able to realize any portion of the deferred tax assets, considering the criteria of ASC Topic 740. Accordingly, a valuation allowance is recorded on the deferred tax asset at the PIHC, which amounted to $ 95 million as of March 31, 2019 . The reconciliation of unrecognized tax benefits, excluding interest, was as follows: (In millions) 2019 2018 Balance at January 1 $ 7.2 $ 7.3 Additions for tax positions -January through March 0.3 0.2 Balance at March 31 $ 7.5 $ 7.5 At March 31, 2019 , the total amount of accrued interest recognized in the statement of financial condition approximated $ 3.0 million (December 31, 2018 - $ 2.8 million). The total interest expense recognized at March 31, 2019 was $ 149 thousand ( March 31, 2018 - $ 151 thousand). Management determined that at March 31, 2019 and December 31, 2018 there was no need to accrue for the payment of penalties. The Corporation’s policy is to report interest related to unrecognized tax benefits in income t ax expense, while the penalties, if any, are reported in other operating expenses in the consolidated statements of operations. After consideration of the effect on U.S. federal tax of unrecognized U.S. state tax benefits, the total amount of unrecognized tax benefits, including U.S. and Puerto Rico, that if recognized, would affect the Corporation’s effective tax rate, was approximately $ 9.8 million at March 31, 2019 (December 31, 2018 - $ 9.0 million ). The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current tax year positions, expiration of open income tax returns due to the statutes of limitation, changes in management’s judgme nt about the level of uncertainty, status of examinations, litigation and legislative activity and the addition or elimination of uncertain tax positions. The Corporation and its subsidiaries file income tax returns in Puerto Rico, the U.S. federal jurisdi ction, various U.S. states and political subdivisions, and foreign jurisdictions. At March 31, 2019 , the following years remain subject to examination in the U.S. Federal jurisdiction: 2015 and thereafter; and in the Puerto Rico jurisdiction, 2014 and th ereafter. The Corporation anticipates a reduction in the total amount of unrecognized tax benefits within the next 12 months, which could amount to approximately $ 4.7 million. |
Supplemental disclosure on the
Supplemental disclosure on the consolidated statements of cash flows | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information | |
Supplemental Disclosure on the Consolidated Statements of Cash Flows | Note 33 – Supplemental disclosure on the consolidated statements of cash flows Additional disclosures on cash flow information and non-cash activities for the quarters ended March 31, 2019 and March 31, 2018 are listed in the following table: (In thousands) March 31, 2019 March 31, 2018 Non-cash activities: Loans transferred to other real estate $ 8,628 $ 6,254 Loans transferred to other property 12,072 9,405 Total loans transferred to foreclosed assets 20,700 15,659 Loans transferred to other assets 5,678 3,178 Financed sales of other real estate assets 3,643 5,250 Financed sales of other foreclosed assets 6,435 4,083 Total financed sales of foreclosed assets 10,078 9,333 Transfers from loans held-for-sale to loans held-in-portfolio 7,283 9,215 Loans securitized into investment securities [1] 92,067 138,242 Trades receivable from brokers and counterparties 32,043 41,683 Trades payable to brokers and counterparties 7,220 53,973 Receivables from investments maturities - 20,000 Recognition of mortgage servicing rights on securitizations or asset transfers 12,084 2,557 Interest capitalized on loans subject to the temporary payment moratorium - 481 Loans booked under the GNMA buy-back option 5,782 219,487 Capitalization of lease right of use asset 155,727 - [1] Includes loans securitized into trading securities and subsequently sold before quarter end. The following table provides a reconciliation of cash and due from banks, and restricted cash reported within the Consolidated S tatement of F inancial Condition that sum to the total of the same such amounts shown in the Consolidated Statement of Cash F lows. (In thousands) March 31, 2019 March 31, 2018 Cash and due from banks $ 355,720 $ 261,864 Restricted cash and due from banks 20,838 18,213 Restricted cash in money market investments 9,185 9,804 Total cash and due from banks, and restricted cash [2] $ 385,743 $ 289,881 [2] Refer to Note 5 - Restrictions on cash and due from banks and certain securities for nature of restrictions. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Segment Reporting | Note 34 – Segment reporting The Corporation’s corporate structure consists of two reportable segments – Banco Popular de Puerto Rico and Popular U.S. Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess where to allo cate resources. The segments were determined based on the organizational structure, which focuses primarily on the markets the segments serve, as well as on the products and services offered by the segments. Banco Popular de Puerto Rico: Given that Banco Popular de Puerto Rico constitutes a significant portion of the Corporation’s results of operations and total assets at March 31, 2019 , additional disclosures are provided for the business areas included in this reportable segment, as de scribed below: Commercial banking represents the Corporation’s banking operations conducted at BPPR, which are targeted mainly to corporate, small and middle size businesses. It includes aspects of the lending and depository businesses, as well as other fi nance and advisory services. BPPR allocates funds across business areas based on duration matched transfer pricing at market rates. This area also incorporates income related with the investment of excess funds, as well as a proportionate share of the inve stment function of BPPR. Consumer and retail banking represents the branch banking operations of BPPR which focus on retail clients. It includes the consumer lending business operations of BPPR, as well as the lending operations of Popular Auto and Popular Mortgage. Popular Auto focuses on auto and lease financing, while Popular Mortgage focuses principally on residential mortgage loan originations. During 2018, the Reliable brand was transferred to Popular, Inc. and is being used by Popular Auto. The consu mer and retail banking area also incorporates income related with the investment of excess funds from the branch network, as well as a proportionate share of the investment function of BPPR. Other financial services include the trust and asset management service units of BPPR, the brokerage and investment banking operations of Popular Securities, and the insurance agency and reinsurance businesses of Popular Insurance, Popular Insurance V.I., Popular Risk Services, and Popular Life Re. Most of the services that are provided by these subsidiaries generate profits based on fee income. Popular Insurance V.I. was dissolved on December 31, 2018. Popular U.S. : Popular U.S. reportable segment consists of the banking operations of Popular Bank (PB) and Popular Insurance Agency, U.S.A. PB operates through a retail branch network in the U.S. mainland under the name of Popular . Popular Insurance Agency, U.S.A. offers investment and insurance services across the PB branch network. The Corporate group consists primarily of the holding companie s Popular, Inc., Popular North America , Popular International Bank and certain of the Corporation’s investments accounted for under the equi ty method, including EVERTEC and Centro Financiero BHD, Leó n. The accounting policies of the individual operating segments are the same as those of the Corporation. Transactions between reportable segments are primarily conducted at market rates, resultin g in profits that are eliminated for reporting consolidated results of operations. Effective on January 1, 2019, the Corporation’s management changed the measurement basis for its reportable segments. Historically, for management reporting purposes, the Co rporation had reversed the effect of the intercompany billings from Popular Inc., holding company, to its subsidiaries for certain services or expenses incurred on their behalf. In addition, the Corporation used to reflect an income tax expense allocation for several of its subsidiaries which are Limited Liability Companies (“LLCs”) and had made an election to be treated as a pass through entities for income tax purposes. The Corporation’s management has determined to discontinue making these adjustments, effective on January 1, 2019, for purposes of its management and reportable segment reporting. The Corporation reflected these changes in the measurement of the reportable segments’ results prospectively beginning on January 1, 2019. The tables that follo w present the results of operations and total assets by reportable segments: 2019 For the quarter ended March 31, 2019 Banco Popular Intersegment (In thousands) de Puerto Rico Popular Bank Eliminations Net interest income $ 407,357 $ 72,828 $ 4 Provision for loan losses 31,349 10,371 - Non-interest income 120,770 5,864 (141) Amortization of intangibles 2,122 166 - Depreciation expense 11,939 2,168 - Other operating expenses 280,698 48,609 (136) Income tax expense 45,376 5,215 - Net income $ 156,643 $ 12,163 $ (1) Segment assets $ 38,896,514 $ 9,585,380 $ (113,126) For the quarter ended March 31, 2019 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 480,189 $ (9,226) $ - $ 470,963 Provision for loan losses 41,720 105 - 41,825 Non-interest income 126,493 10,061 (124) 136,430 Amortization of intangibles 2,288 24 - 2,312 Depreciation expense 14,107 188 - 14,295 Other operating expenses 329,171 2,358 (716) 330,813 Income tax expense 50,591 (586) 218 50,223 Net income (loss) $ 168,805 $ (1,254) $ 374 $ 167,925 Segment assets $ 48,368,768 $ 5,021,367 $ (4,709,528) $ 48,680,607 2018 For the quarter ended March 31, 2018 Banco Popular Intersegment (In thousands) de Puerto Rico Popular Bank Eliminations Net interest income $ 332,268 $ 74,993 $ 4 Provision for loan losses 58,469 12,615 - Non-interest income 96,625 4,341 (139) Amortization of intangibles 2,159 166 - Depreciation expense 10,528 2,118 - Other operating expenses 240,529 45,220 (136) Income tax benefit 25,847 1,089 - Net income $ 91,361 $ 18,126 $ 1 Segment assets $ 36,244,300 $ 9,227,093 $ (14,471) For the quarter ended March 31, 2018 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 407,265 $ (14,218) $ - $ 393,047 Provision (reversal) for loan losses 71,084 (21) - 71,063 Non-interest income 100,827 12,948 (278) 113,497 Amortization of intangibles 2,325 - - 2,325 Depreciation expense 12,646 187 - 12,833 Other operating expenses 285,613 22,082 (851) 306,844 Income tax expense (benefit) 26,936 (5,012) 231 22,155 Net income (loss) $ 109,488 $ (18,506) $ 342 $ 91,324 Segment assets $ 45,456,922 $ 5,033,543 $ (4,733,704) $ 45,756,761 Additional disclosures with respect to the Banco Popular de Puerto Rico reportable segment are as follows: 2019 For the quarter ended March 31, 2019 Banco Popular de Puerto Rico Consumer Other Eliminations Total Banco Commercial and Retail Financial and Other Popular de (In thousands) Banking Banking Services Adjustments [1] Puerto Rico Net interest income $ 151,460 $ 254,668 $ 1,318 $ (89) $ 407,357 Provision for loan losses (1,992) 33,341 - - 31,349 Non-interest income 23,589 75,404 22,534 (757) 120,770 Amortization of intangibles 49 1,072 1,001 - 2,122 Depreciation expense 4,654 7,127 158 - 11,939 Other operating expenses 72,929 192,670 15,827 (728) 280,698 Income tax expense 31,194 11,743 2,439 - 45,376 Net income $ 68,215 $ 84,119 $ 4,427 $ (118) $ 156,643 Segment assets $ 29,478,917 $ 23,039,995 $ 327,487 $ (13,949,885) $ 38,896,514 2018 For the quarter ended March 31, 2018 Banco Popular de Puerto Rico Consumer Other Total Banco Commercial and Retail Financial Popular de (In thousands) Banking Banking Services Eliminations Puerto Rico Net interest income $ 139,270 $ 191,434 $ 1,576 $ (12) $ 332,268 Provision for loan losses 20,693 37,776 - - 58,469 Non-interest income 12,562 61,857 22,449 (243) 96,625 Amortization of intangibles 52 1,069 1,038 - 2,159 Depreciation expense 4,289 6,085 154 - 10,528 Other operating expenses 60,261 162,490 18,033 (255) 240,529 Income tax expense 16,875 7,457 1,515 - 25,847 Net income $ 49,662 $ 38,414 $ 3,285 $ - $ 91,361 Segment assets $ 23,652,941 $ 20,618,670 $ 346,096 $ (8,373,407) $ 36,244,300 Geographic Information Quarter ended (In thousands) March 31, 2019 March 31, 2018 Revenues: [1] Puerto Rico $ 500,138 $ 399,414 United States 89,856 86,528 Other 17,399 20,602 Total consolidated revenues $ 607,393 $ 506,544 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net profit ( loss) on trading account debt securities , net gain (loss) , including impairment on equity securities, adjustments (expense) to indemnity reserves on loans sold, FDIC loss share e xpense and other operating income . Selected Balance Sheet Information: (In thousands) March 31, 2019 December 31, 2018 Puerto Rico Total assets $ 37,656,205 $ 36,863,930 Loans 18,855,650 18,837,742 Deposits 32,343,773 31,237,529 United States Total assets $ 10,145,457 $ 9,847,944 Loans 7,158,946 7,034,075 Deposits 7,048,008 6,878,599 Other Total assets $ 878,945 $ 892,703 Loans 677,097 687,494 Deposits [1] 1,488,057 1,593,911 [1] Represents deposits from BPPR operations located in the U.S. and British Virgin Islands. |
Condensed consolidating financi
Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Text Block | |
Condensed Consolidating Financial Information of Guarantor and Issuers of Registeres Guranteed Securities | Note 35 – Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities The following condensed consolidating financial information presents the financial position of Popular, Inc. Holding Company (“PIHC”) (parent only), Popular North America, Inc. (“PNA”) and all other subsidiaries of the Corporation at March 31, 2019 and D ecember 31, 2018 , and the results of their operations and cash flows for periods ended March 31, 2019 and 2018 . PNA is an operating, wholly-owned subsidiary of PIHC and is the holding company of its wholly-owned subsidiaries: Equity One, Inc. and Popular Bank (“PB”), including PB’s wholly-owned subsidiaries Popular Equipment Finance, Inc., Popular Insurance Agency , U.S.A. , and E-LOAN, Inc. PIHC fully and unconditionally guarantees all registered debt securities issued by PNA. Condensed Consolidating Statement of Financial Condition (Unaudited) At March 31, 2019 All other Popular Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Assets: Cash and due from banks $ 19,856 $ - $ 376,565 $ (19,863) $ 376,558 Money market investments 131,476 12,268 4,813,658 (143,268) 4,814,134 Trading account debt securities, at fair value - - 39,217 - 39,217 Debt securities available-for-sale, at fair value - - 13,542,695 - 13,542,695 Debt securities held-to-maturity, at amortized cost 8,726 2,835 87,894 - 99,455 Equity securities 9,067 20 149,619 (199) 158,507 Investment in subsidiaries 5,784,052 1,735,151 - (7,519,203) - Loans held-for-sale, at lower of cost or fair value - - 43,985 - 43,985 Loans held-in-portfolio 32,427 - 26,769,905 5,955 26,808,287 Less - Unearned income - - 160,579 - 160,579 Allowance for loan losses 261 - 550,367 - 550,628 Total loans held-in-portfolio, net 32,166 - 26,058,959 5,955 26,097,080 Premises and equipment, net 3,394 - 554,123 - 557,517 Other real estate 146 - 125,332 - 125,478 Accrued income receivable 384 18 162,441 (46) 162,797 Mortgage servicing assets, at fair value - - 167,813 - 167,813 Other assets 87,304 26,928 1,707,403 (21,907) 1,799,728 Goodwill - - 671,123 (1) 671,122 Other intangible assets 6,536 - 17,985 - 24,521 Total assets $ 6,083,107 $ 1,777,220 $ 48,518,812 $ (7,698,532) $ 48,680,607 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest bearing $ - $ - $ 9,065,967 $ (19,863) $ 9,046,104 Interest bearing - - 31,977,002 (143,268) 31,833,734 Total deposits - - 41,042,969 (163,131) 40,879,838 Assets sold under agreements to repurchase - - 200,871 - 200,871 Other short-term borrowings - - 42 - 42 Notes payable 585,168 94,070 497,250 - 1,176,488 Other liabilities 57,746 1,639 946,433 (22,510) 983,308 Total liabilities 642,914 95,709 42,687,565 (185,641) 43,240,547 Stockholders' equity: Preferred stock 50,160 - - - 50,160 Common stock 1,043 2 56,307 (56,309) 1,043 Surplus 4,304,512 4,173,021 5,790,610 (9,955,103) 4,313,040 Retained earnings (accumulated deficit) 1,803,172 (2,464,720) 304,552 2,151,640 1,794,644 Treasury stock, at cost (394,715) - - (133) (394,848) Accumulated other comprehensive loss, net of tax (323,979) (26,792) (320,222) 347,014 (323,979) Total stockholders' equity 5,440,193 1,681,511 5,831,247 (7,512,891) 5,440,060 Total liabilities and stockholders' equity $ 6,083,107 $ 1,777,220 $ 48,518,812 $ (7,698,532) $ 48,680,607 Condensed Consolidating Statement of Financial Condition (Unaudited) At December 31, 2018 All other Popular, Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Assets: Cash and due from banks $ 68,022 $ - $ 394,035 $ (68,022) $ 394,035 Money market investments 176,256 15,288 4,170,792 (191,288) 4,171,048 Trading account debt securities, at fair value - - 37,787 - 37,787 Debt securities available-for-sale, at fair value - - 13,300,184 - 13,300,184 Debt securities held-to-maturity, at amortized cost 8,726 2,835 90,014 - 101,575 Equity securities 6,693 20 149,012 (141) 155,584 Investment in subsidiaries 5,704,119 1,700,082 - (7,404,201) - Loans held-for-sale, at lower of cost or fair value - - 51,422 - 51,422 Loans held-in-portfolio 32,678 - 26,625,080 5,955 26,663,713 Less - Unearned income - - 155,824 - 155,824 Allowance for loan losses 155 - 569,193 - 569,348 Total loans held-in-portfolio, net 32,523 - 25,900,063 5,955 25,938,541 Premises and equipment, net 3,394 - 566,414 - 569,808 Other real estate 146 - 136,559 - 136,705 Accrued income receivable 284 116 165,767 (145) 166,022 Mortgage servicing assets, at fair value - - 169,777 - 169,777 Other assets 76,073 27,639 1,626,119 (15,697) 1,714,134 Goodwill - - 671,123 (1) 671,122 Other intangible assets 6,559 - 20,274 - 26,833 Total assets $ 6,082,795 $ 1,745,980 $ 47,449,342 $ (7,673,540) $ 47,604,577 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest bearing $ - $ - $ 9,217,058 $ (68,022) $ 9,149,036 Interest bearing - - 30,752,291 (191,288) 30,561,003 Total deposits - - 39,969,349 (259,310) 39,710,039 Assets sold under agreements to repurchase - - 281,529 - 281,529 Other short-term borrowings - - 42 - 42 Notes payable 584,851 94,063 577,188 - 1,256,102 Other liabilities 62,799 3,287 871,733 (16,011) 921,808 Total liabilities 647,650 97,350 41,699,841 (275,321) 42,169,520 Stockholders' equity: Preferred stock 50,160 - - - 50,160 Common stock 1,043 2 56,307 (56,309) 1,043 Surplus 4,357,079 4,172,983 5,790,324 (9,954,780) 4,365,606 Retained earnings (accumulated deficit) 1,660,258 (2,479,503) 327,713 2,143,263 1,651,731 Treasury stock, at cost (205,421) - - (88) (205,509) Accumulated other comprehensive loss, net of tax (427,974) (44,852) (424,843) 469,695 (427,974) Total stockholders' equity 5,435,145 1,648,630 5,749,501 (7,398,219) 5,435,057 Total liabilities and stockholders' equity $ 6,082,795 $ 1,745,980 $ 47,449,342 $ (7,673,540) $ 47,604,577 Condensed Consolidating Statement of Operations (Unaudited) Quarter ended March 31, 2019 All other Popular, Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Interest and dividend income: Dividend income from subsidiaries $ 202,300 $ - $ - $ (202,300) $ - Loans 588 - 447,125 - 447,713 Money market investments 1,122 51 29,220 (1,173) 29,220 Investment securities 154 46 80,836 - 81,036 Total interest and dividend income 204,164 97 557,181 (203,473) 557,969 Interest expense: Deposits - - 71,999 (1,173) 70,826 Short-term borrowings - - 1,600 - 1,600 Long-term debt 9,632 1,557 3,391 - 14,580 Total interest expense 9,632 1,557 76,990 (1,173) 87,006 Net interest income (expense) 194,532 (1,460) 480,191 (202,300) 470,963 Provision for loan losses 106 - 41,719 - 41,825 Net interest income (expense) after provision for loan losses 194,426 (1,460) 438,472 (202,300) 429,138 Service charges on deposit accounts - - 38,691 - 38,691 Other service fees 1 - 64,406 (100) 64,307 Mortgage banking activities - - 9,926 - 9,926 Net gain, including impairment on equity securities 587 - 859 (13) 1,433 Net profit on trading account debt securities - - 260 - 260 Adjustments (expense) to indemnity reserves on loans sold - - (93) - (93) Other operating income (expense) 5,169 (1,267) 18,015 (11) 21,906 Total non-interest income (expense) 5,757 (1,267) 132,064 (124) 136,430 Operating expenses: Personnel costs 18,327 - 124,790 - 143,117 Net occupancy expenses 1,047 - 22,535 (45) 23,537 Equipment expenses 672 1 19,032 - 19,705 Other taxes 62 - 11,600 - 11,662 Professional fees 2,689 27 84,850 (100) 87,466 Communications 114 - 5,735 - 5,849 Business promotion 782 - 13,892 - 14,674 FDIC deposit insurance - - 4,806 - 4,806 Other real estate owned (OREO) expenses - - 2,677 - 2,677 Other operating expenses (21,339) 13 53,512 (571) 31,615 Amortization of intangibles 24 - 2,288 - 2,312 Total operating expenses 2,378 41 345,717 (716) 347,420 Income (loss) before income tax and equity in (losses) earnings of subsidiaries 197,805 (2,768) 224,819 (201,708) 218,148 Income tax (benefit) expense - (581) 50,586 218 50,223 Income (loss) before equity in (losses) earnings of subsidiaries 197,805 (2,187) 174,233 (201,926) 167,925 Equity in undistributed (losses) earnings of subsidiaries (29,880) 12,145 - 17,735 - Net income $ 167,925 $ 9,958 $ 174,233 $ (184,191) $ 167,925 Comprehensive income, net of tax $ 271,920 $ 28,018 $ 278,854 $ (306,872) $ 271,920 Condensed Consolidating Statement of Operations (Unaudited) Quarter ended March 31, 2018 All other Popular, Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Interest and dividend income: Dividend income from subsidiaries $ 25,000 $ - $ - $ (25,000) $ - Loans 525 - 373,065 (6) 373,584 Money market investments 842 1 22,285 (843) 22,285 Investment securities 147 81 56,981 - 57,209 Total interest and dividend income 26,514 82 452,331 (25,849) 453,078 Interest expense: Deposits - - 39,531 (843) 38,688 Short-term borrowings - 6 2,013 (6) 2,013 Long-term debt 13,118 2,692 3,520 - 19,330 Total interest expense 13,118 2,698 45,064 (849) 60,031 Net interest income (expense) 13,396 (2,616) 407,267 (25,000) 393,047 Provision for loan losses- non-covered loans (21) - 69,354 - 69,333 Provision for loan losses- covered loans - - 1,730 - 1,730 Net interest income (expense) after provision for loan losses 13,417 (2,616) 336,183 (25,000) 321,984 Service charges on deposit accounts - - 36,455 - 36,455 Other service fees - - 60,847 (245) 60,602 Mortgage banking activities - - 12,068 - 12,068 Net (loss) gain, including impairment on equity securities (42) - (584) (20) (646) Net (loss) profit on trading account debt securities - - (198) - (198) Adjustments (expense) to indemnity reserves on loans sold - - (2,926) - (2,926) FDIC loss-share expense - - (8,027) - (8,027) Other operating income 3,745 751 11,687 (14) 16,169 Total non-interest income 3,703 751 109,322 (279) 113,497 Operating expenses: Personnel costs 14,911 - 110,941 - 125,852 Net occupancy expenses 990 - 21,812 - 22,802 Equipment expenses 508 1 16,697 - 17,206 Other taxes 41 1 10,860 - 10,902 Professional fees 3,644 31 79,555 (245) 82,985 Communications 112 - 5,794 - 5,906 Business promotion 398 - 11,611 - 12,009 FDIC deposit insurance - - 6,920 - 6,920 Other real estate owned (OREO) expenses - - 6,131 - 6,131 Other operating expenses (18,164) 14 47,720 (606) 28,964 Amortization of intangibles - - 2,325 - 2,325 Total operating expenses 2,440 47 320,366 (851) 322,002 Income (loss) before income tax and equity in earnings (losses) of subsidiaries 14,680 (1,912) 125,139 (24,428) 113,479 Income tax benefit - 543 21,381 231 22,155 Income (loss) before equity in earnings (losses) of subsidiaries 14,680 (2,455) 103,758 (24,659) 91,324 Equity in undistributed earnings (losses) of subsidiaries 76,644 15,852 - (92,496) - Net income (loss) $ 91,324 $ 13,397 $ 103,758 $ (117,155) $ 91,324 Comprehensive loss, net of tax $ (20,862) $ (8,785) $ (9,094) $ 17,879 $ (20,862) Condensed Consolidating Statement of Cash Flow s Quarter ended March 31, 2019 All other Popular, Inc. PNA subsidiaries Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. and eliminations entries Consolidated Cash flows from operating activities: Net income $ 167,925 $ 9,958 $ 174,233 $ (184,191) $ 167,925 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions 29,880 (12,145) - (17,735) - Provision for loan losses 106 - 41,719 - 41,825 Amortization of intangibles 24 - 2,288 - 2,312 Depreciation and amortization of premises and equipment 188 - 14,107 - 14,295 Net accretion of discounts and amortization of premiums and deferred fees 316 7 (39,136) - (38,813) Share-based compensation 5,369 - 1,561 - 6,930 Fair value adjustments on mortgage servicing rights - - 3,825 - 3,825 Adjustments (expense) to indemnity reserves on loans sold - - 93 - 93 Earnings from investments under the equity method, net of dividends or distributions (4,587) 1,267 (5,707) - (9,027) Deferred income tax (benefit) expense - (581) 46,159 218 45,796 Loss (gain) on: Disposition of premises and equipment and other productive assets 40 - (2,305) - (2,265) Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - (4,058) - (4,058) Sale of foreclosed assets, including write-downs - - (3,772) - (3,772) Acquisitions of loans held-for-sale - - (44,748) - (44,748) Proceeds from sale of loans held-for-sale - - 13,802 - 13,802 Net originations on loans held-for-sale - - (53,231) - (53,231) Net decrease (increase) in: Trading debt securities - - 105,838 - 105,838 Equity securities (2,374) - (1,988) - (4,362) Accrued income receivable (99) 97 3,326 (100) 3,224 Other assets (1,337) 26 24,028 5,992 28,709 Net (decrease) increase in: Interest payable (4,594) (1,551) (870) 100 (6,915) Pension and other postretirement benefits obligations - - 5,297 - 5,297 Other liabilities (9,019) (98) (84,870) (6,598) (100,585) Total adjustments 13,913 (12,978) 21,358 (18,123) 4,170 Net cash provided by (used in) operating activities 181,838 (3,020) 195,591 (202,314) 172,095 Cash flows from investing activities: Net decrease (increase) in money market investments 45,000 3,020 (643,117) (48,020) (643,117) Purchases of investment securities: Available-for-sale - - (3,123,508) - (3,123,508) Equity - - (1,297) 58 (1,239) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 3,006,779 - 3,006,779 Held-to-maturity - - 2,587 - 2,587 Proceeds from sale of investment securities: Equity - - 2,679 - 2,679 Net repayments (disbursements) on loans 252 - (79,221) - (78,969) Proceeds from sale of loans - - 7,806 - 7,806 Acquisition of loan portfolios - - (129,875) - (129,875) Return of capital from equity method investments - - 1,371 - 1,371 Acquisition of premises and equipment (231) - (19,207) - (19,438) Proceeds from sale of: Premises and equipment and other productive assets 3 - 5,972 - 5,975 Foreclosed assets - - 26,119 - 26,119 Net cash provided by (used in) investing activities 45,024 3,020 (942,912) (47,962) (942,830) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 1,073,526 96,180 1,169,706 Assets sold under agreements to repurchase - - (80,659) - (80,659) Other short-term borrowings - - 1 - 1 Payments of notes payable - - (59,526) - (59,526) Principal payments of finance leases - - (439) - (439) Proceeds from issuance of common stock 3,981 - (1,005) - 2,976 Dividends paid to parent company - - (202,300) 202,300 - Dividends paid (25,713) - - - (25,713) Net payments for repurchase of common stock (250,271) - 2 (45) (250,314) Payments related to tax withholding for share-based compensation (2,805) - - - (2,805) Net cash (used in) provided by financing activities (274,808) - 729,600 298,435 753,227 Net decrease in cash and due from banks, and restricted cash (47,946) - (17,721) 48,159 (17,508) Cash and due from banks, and restricted cash at beginning of period 68,278 - 402,995 (68,022) 403,251 Cash and due from banks, and restricted cash at end of period $ 20,332 $ - $ 385,274 $ (19,863) $ 385,743 Condensed Consolidating Statement of Cash Flow s Quarter ended March 31, 2018 All other Popular, Inc. PNA subsidiaries Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. and eliminations entries Consolidated Cash flows from operating activities: Net income $ 91,324 $ 13,397 $ 103,758 $ (117,155) $ 91,324 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions (76,644) (15,852) - 92,496 - Provision for loan losses (21) - 71,084 - 71,063 Amortization of intangibles - - 2,325 - 2,325 Depreciation and amortization of premises and equipment 187 - 12,649 - 12,836 Net accretion of discounts and amortization of premiums and deferred fees 521 7 (7,534) - (7,006) Share-based compensation 2,361 - 751 - 3,112 Impairment losses on long-lived assets - - 272 - 272 Fair value adjustments on mortgage servicing rights - - 4,307 - 4,307 FDIC loss-share expense - - 8,027 - 8,027 Adjustments (expense) to indemnity reserves on loans sold - - 2,926 - 2,926 Earnings from investments under the equity method, net of dividends or distributions (3,745) (751) (2,874) - (7,370) Deferred income tax (benefit) expense - (282) 10,809 231 10,758 (Gain) loss on: Disposition of premises and equipment and other productive assets (5) - (67) - (72) Proceeds from insurance claims - - (258) - (258) Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - (1,116) - (1,116) Sale of foreclosed assets, including write-downs - - (99) - (99) Acquisitions of loans held-for-sale - - (47,335) - (47,335) Proceeds from sale of loans held-for-sale - - 12,036 - 12,036 Net originations on loans held-for-sale - - (48,375) - (48,375) Net decrease (increase) in: Trading debt securities - - 94,099 (101) 93,998 Equity securities (443) - 313 - (130) Accrued income receivable (34) 81 56,423 34 56,504 Other assets (2,287) 28 37,773 758 36,272 Net (decrease) increase in: Interest payable (7,875) (2,680) (25) (34) (10,614) Pension and other postretirement benefits obligations - - 1,225 - 1,225 Other liabilities (3,434) 3 (89,748) (1,350) (94,529) Total adjustments (91,419) (19,446) 117,588 92,034 98,757 Net cash (used in) provided by operating activities (95) (6,049) 221,346 (25,121) 190,081 Cash flows from investing activities: Net decrease (increase) in money market investments 29,000 1,748 (1,728,858) (30,748) (1,728,858) Purchases of investment securities: Available-for-sale - - (1,311,382) - (1,311,382) Equity - - (9,853) 123 (9,730) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 1,016,203 - 1,016,203 Held-to-maturity - - 2,639 - 2,639 Proceeds from sale of investment securities: Equity - - 9,745 - 9,745 Net (disbursements) repayments on loans (4,168) - 93,349 4,301 93,482 Acquisition of loan portfolios - - (161,295) - (161,295) Net payments (to) from FDIC under loss-sharing agreements - - (1,263) - (1,263) Capital contribution to subsidiary (10,000) - - 10,000 - Acquisition of premises and equipment (143) - (12,903) - (13,046) Proceeds from insurance claims - - 258 - 258 Proceeds from sale of: Premises and equipment and other productive assets - - 3,033 - 3,033 Foreclosed assets - - 25,746 - 25,746 Net cash provided by (used in) investing activities 14,689 1,748 (2,074,581) (16,324) (2,074,468) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 1,638,953 39,076 1,678,029 Assets sold under agreements to repurchase - - (10,860) - (10,860) Other short-term borrowings - 4,301 89,992 (4,301) 89,992 Payments of notes payable - - (12,680) - (12,680) Proceeds from issuance of notes payable - - 40,000 - 40,000 Proceeds from issuance of common stock 4,712 - - - 4,712 Dividends paid to parent company - - (25,000) 25,000 - Dividends paid (26,138) - - - (26,138) Net payments for repurchase of common stock (191) - - (2) (193) Return of capital to parent company - - 10,000 (10,000) - Payments related to tax withholding for share-based compensation (1,223) - - - (1,223) Net cash (used in) provided by financing activities (22,840) 4,301 1,730,405 49,773 1,761,639 Net decrease in cash and due from banks, and restricted cash (8,246) - (122,830) 8,328 (122,748) Cash and due from banks, and restricted cash at beginning of period 48,120 462 412,225 (48,178) 412,629 Cash and due from banks, and restricted cash at end of period $ 39,874 $ 462 $ 289,395 $ (39,850) $ 289,881 |
Basis of presentation and sum_2
Basis of presentation and summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies | |
Consolidation | Basis of Presentation The consolidated interim financial statements have been prepared without audit. The C onsolidated S tatement of F inancial C ondition data at December 31, 2018 was derived from audited financial statements. The unaudited interim financial statements are, in the opinion of management, a fair statement of the results for the periods reported and include all necessary adjustments, all of a normal recurring nature, for a fair statement of such results. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from the unaudited financial statements p ursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these financial statements should be read in conjunction with the audited C onsolidated F inancial S tatements of the Corporation for the year ended December 31 , 2018 , included in the Corporation’s 2018 Form 10-K . Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a f ull year or any future period. |
Use of estimates | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and l iabilities and contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New accounting pronouncements (
New accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies | |
New accounting pronouncements policies | R ecently Adopted Accounting Standards Updates FASB Accounting Standards Updates (“ASUs”), Leases (Topic 842) The FASB has issued a series of ASUs which, among other things , supersede ASC Topic 840 and set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees. The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset (“ROU asset ”) and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. In addition, the new leases standa rd requires lessors, among other things, to present lessor costs paid by the lessee to the lessor on a gross basis. The Corporation adopted the new leases standard during the first quarter of 2019 using the modified retrospective approach. The Corporation elected the practical expedients to not reassess at the date of adoption whether any existing contracts were or contained leases, their lease classification, and initial direct costs. The Corporation also elected the optional transition method that allows application of the transition provisions of the new leases standard at the adoption date, instead of at the earliest comparative period presented. Therefore, comparative periods will continue to be presented in accordance with ASC Topic 840. The Corporatio n also elected the optional practical expedients that permit the use of hindsight in evaluating lessee options to extend or terminate a lease, and to not apply ASC Topic 842 to all classes of short-term leases. On the other hand, the Corporation did not el ect the practical expedient on not separating lease components from nonlease components. As of January 1, 2019, the Corporation recognized ROU assets of $ 139 million, net of deferred rent liability of $ 15 million and lease liabilities of $ 154 million on i ts operating leases. In addition, the Corporation recorded a positive cumulative effect adjustment of $ 4.8 million to retained earnings as a result of the reclassification of previously deferred gains on sale and operating lease back transactions. In ad dition, the Corporation early adopted ASU 201 9 - 01 which , among other things, reinstates the specific fair value guidance in ASC Topic 840 for lessors that are not manufacturers or dealers to continue to measure the fair value of an underlying asset at its cost and clarifies that lessors that are depository or lending institutions in the scope of ASC Topic 942 are required to present the principal portion of lessee payments received from sales-type or direct financing leases as cash flows from investing acti vities . The Corporation was not impacted by the adoption of ASU 2019-01. FA SB Accounting Standards Update (“ASU”) 2018- 16 , Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes The FASB issued ASU 2018- 16 in October 2018 which permits use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to other permiss ible U.S. benchmark rates. The Corporation adopted ASU 2018-16 during the first quarter of 2019. As such, the Corporation will consider this guidance for qualifying new hedging relationships entered into on or after the effective date. FASB Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The FASB issued ASU 2018-02 in February 2018, which allow s a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. These stranded tax effects result from recognizing in income the impact of changes in tax rates even whe n the related tax effects were recognized in accumulated other comprehensive income. The amendments also require certain disclosures about stranded tax effects. The Corporation adopted ASU 2018-02 during the first quarter of 2019. As of December 31, 2018, the Corporation maintained a full valuation allowance on the deferre d tax assets, which were recognized in accumulated other comprehensive income related to its U.S. operations. As such, the Corporation was not impacted by the adoption of this accounting pronouncement during the first quarter of 2019. FASB Accounting Stan dards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities The FASB issued ASU 2017-12 in August 2017, which makes more financial and nonfinancial hedging strategies eligible for hedge accounting and changes how companies assess effectiveness by, among other things, eliminating the requirement for entities to recognize hedge ineffectiveness each reporting period for cash flow hedges and requiring presentation of the changes in fair value of cash flow hedges in the same income statement line item(s) as the earnings effect of the hedged items when the hedged item affects earnings. The Corporation adopted ASU 201 7 -1 2 during the first quarter of 2019. The cumulative effect adjustment r ecorded to retained earnings to reverse the hedge ineffectiveness as of December 31, 2018 was not significant. There were no changes in presentation since the earnings effect of the hedges and the hedged items are already presented in the same income state ment line item. In addition, the Corporation elected to continue to perform subsequent assessments of hedge effectiveness quantitatively. Additionally, adoption of the following standards effective during the first quarter of 201 9 did not have a significant impact on the Corporation’ s C onsolidated F inancial S tatements: F ASB Accounting Standards Update (“ASU”) 2018- 09 , Codification Improvements F ASB Accounting Standards Update (“ASU”) 2018-0 7 , Compensation – Stock Compensation ( Topic 718 ): Improvements to Nonemployee Share-Based Payment Accounting FASB Accounting Standards Update (“ASU”) 201 7 -1 1 , Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Part I: Accounting for Certain Financial Instruments with Down Round Features; Part II: Replacement of the Indefinite Deferral for Mand atorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception F ASB Accounting Standards Update (“ASU”) 2017-08, Receivables– Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities R ecently Issued Accounting Standards Updates FA SB Accounting Standards Update (“ASU”) 201 9 - 04 , Codification Improvements to Topic 326, Financial Instruments – Credit Losses , Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments The FASB issued ASU 201 9 - 04 in April 2019, which clarifies areas of guidance related to the recently issued standards on credit losses (Topic 326), derivatives and hedging (Topic 815), and recognition and measurement of financial instruments (Topic 825). Amendments to Topic 326 are mainly in the areas o f accrued interest receivable, transfers of loans and debt securities between classifications, inclusion of expected recoveries in the allowance for credit losses, and permitting a prepay-adjusted effective interest rate except for TDRs. Amendments to Topi c 815 and Topic 825 are mainly in the areas of fair value hedges and equity securities accounted for under the measurement alternative, respectively. The amendments of this Update are effective for fiscal years , and interim periods within those fiscal yea rs, beginning after December 1 5 , 20 19 . The Corporation is currently evaluating the impact that the amendments to Topic 326 will have on the CECL implementation . Nonetheless, the Corporation does not anticipate that the amendments to Topic 815 and Topic 82 5 will have a material effect on its Consolidated Financial Statements. For other recently issued Accounting Standards Updates not yet effective, refer to Note 3 to the Consolidated Financial S tatements included in the 201 8 Form 10-K. |
Revenue from contract with cu_2
Revenue from contract with customers (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies | |
Revenue recognition | Revenue from contracts with customers is recognized when, or as, the performance obligations are satisfied by the Corporation by transferring the promised services to the customers. A service is transferred to the customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized based on the services that have been rendered to date. Revenue from a perfor mance obligation satisfied at a point in time is recognized when the customer obtains control over the service. The transaction price, or the amount of revenue recognized, reflects the consideration the Corporation expects to be entitled to in exchange for those promised services. In determining the transaction price, the Corporation considers the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in th e amount of cumulative revenue recognized will not occur. The Corporation is the principal in a transaction if it obtains control of the specified goods or services before they are transferred to the customer. If the Corporation acts as principal, revenue s are presented in the gross amount of consideration to which it expects to be entitled and are not netted with any related expenses. On the other hand, the Corporation is an agent if it does not control the specified goods or services before they are tran sferred to the customer. If the Corporation acts as an agent, revenues are presented in the amount of consideration to which it expects to be entitled, net of related expenses. Following is a description of the nature and timing of revenue streams from co ntracts with customers: Service charges on deposit accounts Service charges on deposit accounts are earned on retail and commercial deposit activities and include, but are not limited to, nonsufficient fund fees, overdraft fees and checks stop payment fee s. These transaction-based fees are recognized at a point in time, upon occurrence of an activity or event or upon the occurrence of a condition which triggers the fee assessment. The Corporation is acting as principal in these transactions . Debit card fees Debit card fees include, but are not limited to, interchange fees, surcharging income and foreign transaction fees . These transaction-based fees are recognized at a point in time, upon occurrence of an activity or event or upon the occurrence of a condition which triggers the fee assessment. Interchange fees are recognized upon settlement of the debit card payment transactions. The Corporation is acting as principal in these transactions . Insurance fees Insurance fees include, but are not limite d to, commissions and contingent commissions . Commissions and fees are recognized when related policies are effective since the Corporation does not have an enforceable right to payment for services completed to date. An allowance is created for expected adjustments to commissions earned related to policy cancellations. Contingent commissions are recorded on an accrual basis when the amount to be received is notified by the insurance company. The Corporation is acting as an agent since it arranges for the sale of the policies and receives commissions if, and when, it achieves the sale. Credit card fees Credit card fees include, but are not limited to, interchange fees, additional card fees, cash advance fees, balance transfer fees, foreign transaction fee s, and returned payments fees. Credit card fees are recognized at a point in time, upon the occurrence of an activity or an event. Interchange fees are recognized upon settlement of the credit card payment transactions. The Corporation is acting as princip al in these transactions . Sale and administration of investment products Fees from the sale and administration of investment products include, but are not limited to, commission income from the sale of investment products, asset management fees, underwrit ing fees, and mutual fund fees. Commission income from investment products is recognized on the trade date since clearing, trade execution, and custody services are satisfied when the customer acquires or disposes of the rights to obtain the economic benefits of the investment products and brokerage contracts have no fixed durat ion and are terminable at will by either party. The Corporation is acting as principal in these transactions since it performs the service of providing the customer with the ability to acquire or dispose of the rights to obtain the economic benefits of inv estment products. Asset management fees are satisfied over time and are recognized in arrears. At contract inception, the estimate of the asset management fee is constrained from the inclusion in the transaction price since the promised consideration is dependent on the market and thus is highly susceptible to factors outside the manager’s influence. As advisor, the broker-dealer subsidiary is acting as principal. Underwriting fees are recognized at a point in time, when the investment products are sold in the open market at a markup. When the broker-dealer subsidiary is lead underwriter, it is acting as an agent. In turn, when it is a participating underwriter, it is acting as principal. Mutual fund fees, such as distribution fees, are considered variab le consideration and are recognized over time, as the uncertainty of the fees to be received is resolved as NAV is determined and investor activity occurs. The promise to provide distribution-related services is considered a single performance obligation a s it requires the provision of a series of distinct services that are substantially the same and have the same pattern of transfer. When the broker-dealer subsidiary is acting as a distributor, it is acting as principal. In turn, when it acts as third-part y dealer, it is acting as an agent. Trust fees Trust fees are recognized from retirement plan, mutual fund administration, investment management, trustee, escrow, and custody and safekeeping services. These asset management services are considered a single performance obligation as it requires the provision of a series of distinct services that are substantially the same and have the same pattern of transfer. The performance obligation is satisfied over time, except for optional services and certain other services that are satisfied at a point in time. R evenues are recognized in arrears , when, or as, the services are rendered. The Corporation is acting as principal since, as asset manager, it has the obligation to provide the specified s ervice to the customer and has the ultimate discretion in establishing the fee paid by the customer for the specified services. |
Fair value measurement (Policie
Fair value measurement (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies | |
Fair value measurement policy | ASC Subtopic 820-10 “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels in order to increase consistency and comparability in fair value measurements and disclosures. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. Valuation on these instruments does not necessitate a significant degree of judgment since valuations are based on quoted prices that are readily available in an active market. Level 2 - Quoted prices other than those inc luded in Level 1 that are observable either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or ot her inputs that are observable or that can be corroborated by observable market data for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable and significant to the fair value measurement. Unobservable inputs reflect t he Corporation’s own assumptions about assumptions that market participants would use in pricing the asset or liability. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable in puts be used when available. Fair value is based upon quoted market prices when available. If listed prices or quotes are not available, the Corporation employs internally-developed models that primarily use market-based inputs including yield curves, inte rest rates, volatilities, and credit curves, among others. Valuation adjustments are limited to those necessary to ensure that the financial instrument’s fair value is adequately representative of the price that would be received or paid in the marketplace . These adjustments include amounts that reflect counterparty credit quality, the Corporation’s credit standing, constraints on liquidity and unobservable parameters that are applied consistently. There have been no changes in the Corporation’s methodolog ies used to estimate the fair value of assets and liabilities from those disclosed in the 2018 Form 10-K. The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instru ments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results. |
Business combination (Tables)
Business combination (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Fair value of major classes of identifiable assets acquired and liabilities assumed | Book value prior to purchase accounting Fair value Measurement As recorded by (In thousands) adjustments adjustments period adjustments Popular, Inc. Cash consideration $ 1,843,256 $ - $ - $ 1,843,256 Assets: Loans $ 1,912,866 $ (126,908) [1] $ 16,505 [1] $ 1,802,463 Premises and equipment 1,246 - - 1,246 Accrued income receivable 1,466 - - 1,466 Other assets 5,020 - (91) 4,929 Trademark - 488 - 488 Total assets $ 1,920,598 $ (126,420) $ 16,414 $ 1,810,592 Liabilities: Other liabilities $ 11,164 $ - $ - $ 11,164 Total liabilities $ 11,164 $ - $ - $ 11,164 Net assets acquired $ 1,909,434 $ (126,420) $ 16,414 $ 1,799,428 Goodwill on acquisition $ 43,828 [1] The fair value discount is comprised of $106 million related to the retail auto loans portfolio and $4 million related to the commercial loans portfolio. |
Debt securities available-for_2
Debt securities available-for-sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Debt Securities, Available-For-Sale | At March 31, 2019 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 3,453,820 $ 677 $ 4,064 $ 3,450,433 2.06 % After 1 to 5 years 4,559,672 34,676 16,420 4,577,928 2.31 After 5 to 10 years 2,988 138 - 3,126 3.06 Total U.S. Treasury securities 8,016,480 35,491 20,484 8,031,487 2.20 Obligations of U.S. Government sponsored entities Within 1 year 181,084 3 980 180,107 1.45 After 1 to 5 years 85,737 7 1,180 84,564 1.49 Total obligations of U.S. Government sponsored entities 266,821 10 2,160 264,671 1.46 Obligations of Puerto Rico, States and political subdivisions Within 1 year 6,975 - 166 6,809 - Total obligations of Puerto Rico, States and political subdivisions 6,975 - 166 6,809 - Collateralized mortgage obligations - federal agencies After 1 to 5 years 1,082 - 8 1,074 2.01 After 5 to 10 years 107,033 - 3,502 103,531 1.68 After 10 years 612,396 2,260 17,495 597,161 2.10 Total collateralized mortgage obligations - federal agencies 720,511 2,260 21,005 701,766 2.04 Mortgage-backed securities Within 1 year 135 1 - 136 4.15 After 1 to 5 years 14,133 206 1 14,338 3.14 After 5 to 10 years 347,822 1,156 5,621 343,357 2.15 After 10 years 4,238,051 19,949 78,307 4,179,693 2.55 Total mortgage-backed securities 4,600,141 21,312 83,929 4,537,524 2.52 Other After 5 to 10 years 433 5 - 438 3.62 Total other 433 5 - 438 3.62 Total debt securities available-for-sale [1] $ 13,611,361 $ 59,078 $ 127,744 $ 13,542,695 2.29 % [1] Includes $10 billion pledged to secure public and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $8.9 billion serve as collateral for public funds. At December 31, 2018 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 3,565,571 $ 108 $ 5,319 $ 3,560,360 2.10 % After 1 to 5 years 4,483,741 13,647 35,213 4,462,175 2.25 After 5 to 10 years 245,891 3,770 - 249,661 2.84 Total U.S. Treasury securities 8,295,203 17,525 40,532 8,272,196 2.21 Obligations of U.S. Government sponsored entities Within 1 year 212,951 - 1,406 211,545 1.44 After 1 to 5 years 123,857 1 2,094 121,764 1.51 Total obligations of U.S. Government sponsored entities 336,808 1 3,500 333,309 1.47 Obligations of Puerto Rico, States and political subdivisions After 1 to 5 years 6,926 - 184 6,742 0.70 Total obligations of Puerto Rico, States and political subdivisions 6,926 - 184 6,742 0.70 Collateralized mortgage obligations - federal agencies After 1 to 5 years 749 - 7 742 1.92 After 5 to 10 years 115,744 1 4,715 111,030 1.71 After 10 years 638,995 1,584 23,680 616,899 2.10 Total collateralized mortgage obligations - federal agencies 755,488 1,585 28,402 728,671 2.04 Mortgage-backed securities Within 1 year 431 4 - 435 4.30 After 1 to 5 years 6,762 43 1 6,804 2.74 After 5 to 10 years 365,727 1,090 8,499 358,318 2.19 After 10 years 3,710,731 10,679 128,189 3,593,221 2.45 Total mortgage-backed securities 4,083,651 11,816 136,689 3,958,778 2.43 Other After 5 to 10 years 486 2 - 488 3.62 Total other 486 2 - 488 3.62 Total debt securities available-for-sale [1] $ 13,478,562 $ 30,929 $ 209,307 $ 13,300,184 2.25 % [1] Includes $8.9 billion pledged to secure public and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $7.9 billion serve as collateral for public funds. |
Debt Securities Available For Sale Unrealized Loss Position Fair Value | At March 31, 2019 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses U.S. Treasury securities $ 1,473,943 $ 76 $ 2,604,306 $ 20,408 $ 4,078,249 $ 20,484 Obligations of U.S. Government sponsored entities - - 263,499 2,160 263,499 2,160 Obligations of Puerto Rico, States and political subdivisions - - 6,809 166 6,809 166 Collateralized mortgage obligations - federal agencies 3,447 5 480,426 21,000 483,873 21,005 Mortgage-backed securities 18,074 220 3,460,223 83,709 3,478,297 83,929 Total debt securities available-for-sale in an unrealized loss position $ 1,495,464 $ 301 $ 6,815,263 $ 127,443 $ 8,310,727 $ 127,744 At December 31, 2018 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses U.S. Treasury securities $ 3,189,007 $ 4,188 $ 2,607,276 $ 36,343 $ 5,796,283 $ 40,531 Obligations of U.S. Government sponsored entities 14,847 46 318,271 3,454 333,118 3,500 Obligations of Puerto Rico, States and political subdivisions - - 6,742 184 6,742 184 Collateralized mortgage obligations - federal agencies 66,652 489 587,869 27,913 654,521 28,402 Mortgage-backed securities 125,872 2,280 3,478,635 134,410 3,604,507 136,690 Total debt securities available-for-sale in an unrealized loss position $ 3,396,378 $ 7,003 $ 6,998,793 $ 202,304 $ 10,395,171 $ 209,307 |
Schedule Of Securities Aggregate Amortized Cost Exceed 10 Of Stockholders Equity | March 31, 2019 December 31, 2018 (In thousands) Amortized cost Fair value Amortized cost Fair value FNMA $ 3,273,409 $ 3,220,000 $ 2,999,110 $ 2,901,904 Freddie Mac 1,312,120 1,293,207 1,095,855 1,058,013 |
Debt securities held-to-matur_2
Debt securities held-to-maturity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Debt Securities, Held-to-maturity | At March 31, 2019 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield Obligations of Puerto Rico, States and political subdivisions Within 1 year $ 3,670 $ - $ 31 $ 3,639 6.01 % After 1 to 5 years 17,255 - 205 17,050 6.10 After 5 to 10 years 20,585 - 1,502 19,083 3.19 After 10 years 45,831 5,751 14 51,568 1.76 Total obligations of Puerto Rico, States and political subdivisions 87,341 5,751 1,752 91,340 3.13 Collateralized mortgage obligations - federal agencies After 5 to 10 years 53 3 - 56 6.44 Total collateralized mortgage obligations - federal agencies 53 3 - 56 6.44 Securities in wholly owned statutory business trusts After 10 years 11,561 - - 11,561 6.51 Total securities in wholly owned statutory business trusts 11,561 - - 11,561 6.51 Other After 1 to 5 years 500 - - 500 2.97 Total other 500 - - 500 2.97 Total debt securities held-to-maturity $ 99,455 $ 5,754 $ 1,752 $ 103,457 3.53 % At December 31, 2018 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield Obligations of Puerto Rico, States and political subdivisions Within 1 year $ 3,510 $ - $ 36 $ 3,474 5.99 % After 1 to 5 years 16,505 - 1,081 15,424 6.07 After 5 to 10 years 23,885 - 1,704 22,181 3.61 After 10 years 45,559 3,943 47 49,455 1.79 Total obligations of Puerto Rico, States and political subdivisions 89,459 3,943 2,868 90,534 3.23 Collateralized mortgage obligations - federal agencies After 5 to 10 years 55 3 - 58 5.45 Total collateralized mortgage obligations - federal agencies 55 3 - 58 5.45 Securities in wholly owned statutory business trusts After 10 years 11,561 - - 11,561 6.51 Total securities in wholly owned statutory business trusts 11,561 - - 11,561 6.51 Other After 1 to 5 years 500 - - 500 2.97 Total other 500 - - 500 2.97 Total debt securities held-to-maturity $ 101,575 $ 3,946 $ 2,868 $ 102,653 3.60 % |
Debt Securities Held To Maturity Unrealized Loss Position Fair Value | At March 31, 2019 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses Obligations of Puerto Rico, States and political subdivisions $ 14,695 $ 250 $ 11,118 $ 1,502 $ 25,813 $ 1,752 Total debt securities held-to-maturity in an unrealized loss position $ 14,695 $ 250 $ 11,118 $ 1,502 $ 25,813 $ 1,752 At December 31, 2018 Less than 12 months 12 months or more Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized (In thousands) value losses value losses value losses Obligations of Puerto Rico, States and political subdivisions $ 27,471 $ 1,165 $ 13,307 $ 1,703 $ 40,778 $ 2,868 Total debt securities held-to-maturity in an unrealized loss position $ 27,471 $ 1,165 $ 13,307 $ 1,703 $ 40,778 $ 2,868 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
ASC Subtopic 310-30 | |
Disclosure of carrying amount of loans acquired | Carrying amount (In thousands) March 31, 2019 December 31, 2018 Commercial real estate $ 775,292 $ 801,774 Commercial and industrial 145,835 84,465 Mortgage 896,761 982,821 Consumer 13,369 14,496 Carrying amount 1,831,257 1,883,556 Allowance for loan losses (124,147) (122,135) Carrying amount, net of allowance $ 1,707,110 $ 1,761,421 |
Accretable Yield For Acquired Loans | Activity in the accretable yield of acquired loans accounted for pursuant to ASC 310-30 For the quarter ended (In thousands) March 31, 2019 March 31, 2018 Beginning balance $ 1,092,504 $ 1,214,488 Additions 2,890 3,437 Accretion (37,404) (42,060) Change in expected cash flows 10,177 28,861 Ending balance [1] $ 1,068,167 $ 1,204,726 [1] At March 31, 2019, includes $0.7 billion for loans considered non-credit impaired at the acquisition date (March 31, 2018 - $0.9 billion). |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | Carrying amount of acquired loans accounted for pursuant to ASC 310-30 For the quarter ended (In thousands) March 31, 2019 March 31, 2018 Beginning balance $ 1,883,556 $ 2,108,993 Additions 5,220 5,272 Accretion 37,404 42,060 Collections / loan sales / charge-offs (94,923) (71,134) Ending balance [1] $ 1,831,257 $ 2,085,191 Allowance for loan losses (124,147) (146,120) Ending balance, net of ALLL $ 1,707,110 $ 1,939,071 [1] At March 31, 2019, includes $1.3 billion of loans considered non-credit impaired at the acquisition date (March 31, 2018 - $1.5 billion). |
Loans Held in Portfolio | Non Covered Loans | |
Past due financing receivables | March 31, 2019 Puerto Rico Past due Past due 90 days or more 30-59 60-89 90 days Total Non-accrual Accruing (In thousands) days days or more past due Current Loans HIP loans loans [1] Commercial multi-family $ 729 $ 1,347 $ 692 $ 2,768 $ 150,494 $ 153,262 $ 646 $ - Commercial real estate: Non-owner occupied 12,605 21,432 91,872 125,909 2,174,869 2,300,778 38,189 - Owner occupied 14,279 3,350 99,557 117,186 1,573,993 1,691,179 83,607 - Commercial and industrial 4,473 435 44,148 49,056 3,196,847 3,245,903 43,851 297 Construction - - 1,788 1,788 89,584 91,372 1,788 - Mortgage 278,233 131,178 974,718 1,384,129 4,991,459 6,375,588 317,850 532,809 Leasing 8,202 2,409 2,525 13,136 950,096 963,232 2,525 - Consumer: Credit cards 9,732 6,093 16,639 32,464 983,124 1,015,588 - 16,639 Home equity lines of credit 6 58 - 64 4,835 4,899 - - Personal 12,180 8,506 17,760 38,446 1,233,178 1,271,624 17,178 62 Auto 57,106 10,955 25,172 93,233 2,648,862 2,742,095 25,162 10 Other 1,598 468 15,013 17,079 123,751 140,830 14,196 817 Total $ 399,143 $ 186,231 $ 1,289,884 $ 1,875,258 $ 18,121,092 $ 19,996,350 $ 544,992 $ 550,634 [1] Loans HIP of $194 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. March 31, 2019 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 [1] Commercial multi-family $ 1,197 $ 2,555 $ - $ 3,752 $ 1,388,268 $ 1,392,020 $ - $ - Commercial real estate: Non-owner occupied 2,329 - - 2,329 1,851,166 1,853,495 - - Owner occupied 4,775 - 2,064 6,839 306,708 313,547 2,064 - Commercial and industrial 1,237 50 63,588 64,875 1,043,251 1,108,126 797 - Construction 10,343 - 12,060 22,403 677,545 699,948 12,060 - Mortgage 14,328 1,241 9,808 25,377 806,215 831,592 9,808 - Legacy 61 13 2,583 2,657 21,747 24,404 2,583 - Consumer: Credit cards - - 2 2 33 35 2 - Home equity lines of credit 451 388 12,087 12,926 119,956 132,882 12,087 - Personal 1,957 1,301 1,809 5,067 290,041 295,108 1,809 - Other 4 6 - 10 191 201 - - Total $ 36,682 $ 5,554 $ 104,001 $ 146,237 $ 6,505,121 $ 6,651,358 $ 41,210 $ - [1] Loans HIP of $63 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. March 31, 2019 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 [3] [4] loans loans [5] Commercial multi-family $ 1,926 $ 3,902 $ 692 $ 6,520 $ 1,538,762 $ 1,545,282 $ 646 $ - Commercial real estate: Non-owner occupied 14,934 21,432 91,872 128,238 4,026,035 4,154,273 38,189 - Owner occupied 19,054 3,350 101,621 124,025 1,880,701 2,004,726 85,671 - Commercial and industrial 5,710 485 107,736 113,931 4,240,098 4,354,029 44,648 297 Construction 10,343 - 13,848 24,191 767,129 791,320 13,848 - Mortgage [1] 292,561 132,419 984,526 1,409,506 5,797,674 7,207,180 327,658 532,809 Leasing 8,202 2,409 2,525 13,136 950,096 963,232 2,525 - Legacy [2] 61 13 2,583 2,657 21,747 24,404 2,583 - Consumer: Credit cards 9,732 6,093 16,641 32,466 983,157 1,015,623 2 16,639 Home equity lines of credit 457 446 12,087 12,990 124,791 137,781 12,087 - Personal 14,137 9,807 19,569 43,513 1,523,219 1,566,732 18,987 62 Auto 57,106 10,955 25,172 93,233 2,648,862 2,742,095 25,162 10 Other 1,602 474 15,013 17,089 123,942 141,031 14,196 817 Total $ 435,825 $ 191,785 $ 1,393,885 $ 2,021,495 $ 24,626,213 $ 26,647,708 $ 586,202 $ 550,634 [1] 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. [2] The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. [3] Loans held-in-portfolio are net of $161 million in unearned income and exclude $44 million in loans held-for-sale. [4] Includes $6.6 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.6 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $2.0 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. [5] Loans HIP of $257 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. December 31, 2018 Puerto Rico Past due Past due 90 days or more 30-59 60-89 90 days Total Non-accrual Accruing (In thousands) days days or more past due Current Loans HIP loans loans [1] Commercial multi-family $ 1,441 $ 112 $ 598 $ 2,151 $ 143,477 $ 145,628 $ 546 $ - Commercial real estate: Non-owner occupied 92,075 839 45,691 138,605 2,183,996 2,322,601 39,257 - Owner occupied 6,681 10,839 99,235 116,755 1,605,498 1,722,253 88,069 - Commercial and industrial 4,137 641 55,321 60,099 3,122,062 3,182,161 55,078 243 Construction - - 1,788 1,788 84,167 85,955 1,788 - Mortgage 275,367 128,104 1,043,607 1,447,078 4,986,245 6,433,323 323,565 595,525 Leasing 7,663 1,827 3,313 12,803 921,970 934,773 3,313 - Consumer: Credit cards 9,504 7,391 16,035 32,930 1,014,343 1,047,273 - 16,035 Home equity lines of credit - 97 165 262 5,089 5,351 11 154 Personal 13,069 7,907 18,515 39,491 1,211,134 1,250,625 17,887 35 Auto 52,204 9,862 24,177 86,243 2,522,542 2,608,785 24,050 127 Other 566 288 14,958 15,812 128,932 144,744 14,534 424 Total $ 462,707 $ 167,907 $ 1,323,403 $ 1,954,017 $ 17,929,455 $ 19,883,472 $ 568,098 $ 612,543 [1] Non-covered loans HIP of $143 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. December 31, 2018 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 [1] Commercial multi-family $ 3,163 $ - $ - $ 3,163 $ 1,398,377 $ 1,401,540 $ - $ - Commercial real estate: Non-owner occupied 707 288 365 1,360 1,880,384 1,881,744 365 - Owner occupied 5,125 1,728 381 7,234 291,705 298,939 381 - Commercial and industrial 2,354 995 73,726 77,075 1,011,078 1,088,153 330 - Construction - - 12,060 12,060 681,434 693,494 12,060 - Mortgage 13,615 3,197 11,033 27,845 774,090 801,935 11,033 - Legacy 195 445 2,627 3,267 22,682 25,949 2,627 - Consumer: Credit cards 2 - - 2 36 38 - - Home equity lines of credit 886 464 13,579 14,929 128,123 143,052 13,579 - Personal 2,319 1,723 2,610 6,652 282,697 289,349 2,610 - Other - - 4 4 220 224 4 - Total $ 28,366 $ 8,840 $ 116,385 $ 153,591 $ 6,470,826 $ 6,624,417 $ 42,989 $ - [1] Non-covered loans HIP of $73 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. December 31, 2018 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 [3] [4] loans loans [5] Commercial multi-family $ 4,604 $ 112 $ 598 $ 5,314 $ 1,541,854 $ 1,547,168 $ 546 $ - Commercial real estate: Non-owner occupied 92,782 1,127 46,056 139,965 4,064,380 4,204,345 39,622 - Owner occupied 11,806 12,567 99,616 123,989 1,897,203 2,021,192 88,450 - Commercial and industrial 6,491 1,636 129,047 137,174 4,133,140 4,270,314 55,408 243 Construction - - 13,848 13,848 765,601 779,449 13,848 - Mortgage [1] 288,982 131,301 1,054,640 1,474,923 5,760,335 7,235,258 334,598 595,525 Leasing 7,663 1,827 3,313 12,803 921,970 934,773 3,313 - Legacy [2] 195 445 2,627 3,267 22,682 25,949 2,627 - Consumer: Credit cards 9,506 7,391 16,035 32,932 1,014,379 1,047,311 - 16,035 Home equity lines of credit 886 561 13,744 15,191 133,212 148,403 13,590 154 Personal 15,388 9,630 21,125 46,143 1,493,831 1,539,974 20,497 35 Auto 52,204 9,862 24,177 86,243 2,522,542 2,608,785 24,050 127 Other 566 288 14,962 15,816 129,152 144,968 14,538 424 Total $ 491,073 $ 176,747 $ 1,439,788 $ 2,107,608 $ 24,400,281 $ 26,507,889 $ 611,087 $ 612,543 [1] 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. [2] The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. [3] Loans held-in-portfolio are net of $156 million in unearned income and exclude $51 million in loans held-for-sale. [4] Includes $6.9 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.8 billion were pledged at the FHLB as collateral for borrowings and $2.1 billion at the FRB for discount window borrowings. [5] Non-covered loans HIP of $216 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. |
Allowance for loan losses (Tabl
Allowance for loan losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Allowance for credit losses on financing receivables | For the quarter ended March 31, 2019 Puerto Rico (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 207,214 $ 886 $ 142,978 $ 11,486 $ 144,594 $ 507,158 Provision (reversal of provision) (1,689) (81) 6,061 (891) 28,054 31,454 Charge-offs (19,461) (22) (13,174) (2,096) (35,869) (70,622) Recoveries 2,867 39 1,991 610 10,886 16,393 Ending balance $ 188,931 $ 822 $ 137,856 $ 9,109 $ 147,665 $ 484,383 Specific ALLL $ 33,253 $ 19 $ 40,779 $ 321 $ 23,350 $ 97,722 General ALLL $ 155,678 $ 803 $ 97,077 $ 8,788 $ 124,315 $ 386,661 Loans held-in-portfolio: Impaired non-covered loans $ 381,803 $ 1,788 $ 515,365 $ 1,018 $ 101,887 $ 1,001,861 Non-covered loans held-in-portfolio excluding impaired loans 7,009,319 89,584 5,860,223 962,214 5,073,149 18,994,489 Total loans held-in-portfolio $ 7,391,122 $ 91,372 $ 6,375,588 $ 963,232 $ 5,175,036 $ 19,996,350 For the quarter ended March 31, 2019 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 31,901 $ 6,538 $ 4,434 $ 969 $ 18,348 $ 62,190 Provision (reversal of provision) 6,491 128 237 (855) 4,370 10,371 Charge-offs (3,481) - (251) 164 (5,651) (9,219) Recoveries 647 8 22 551 1,675 2,903 Ending balance $ 35,558 $ 6,674 $ 4,442 $ 829 $ 18,742 $ 66,245 Specific ALLL $ 223 $ - $ 2,360 $ - $ 1,653 $ 4,236 General ALLL $ 35,335 $ 6,674 $ 2,082 $ 829 $ 17,089 $ 62,009 Loans held-in-portfolio: Impaired loans $ 1,691 $ 12,060 $ 9,438 $ - $ 8,987 $ 32,176 Loans held-in-portfolio excluding impaired loans 4,665,497 687,888 822,154 24,404 419,239 6,619,182 Total loans held-in-portfolio $ 4,667,188 $ 699,948 $ 831,592 $ 24,404 $ 428,226 $ 6,651,358 For the quarter ended March 31, 2019 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 239,115 $ 7,424 $ 147,412 $ 969 $ 11,486 $ 162,942 $ 569,348 Provision (reversal of provision) 4,802 47 6,298 (855) (891) 32,424 41,825 Charge-offs (22,942) (22) (13,425) 164 (2,096) (41,520) (79,841) Recoveries 3,514 47 2,013 551 610 12,561 19,296 Ending balance $ 224,489 $ 7,496 $ 142,298 $ 829 $ 9,109 $ 166,407 $ 550,628 Specific ALLL $ 33,476 $ 19 $ 43,139 $ - $ 321 $ 25,003 $ 101,958 General ALLL $ 191,013 $ 7,477 $ 99,159 $ 829 $ 8,788 $ 141,404 $ 448,670 Loans held-in-portfolio: Impaired loans $ 383,494 $ 13,848 $ 524,803 $ - $ 1,018 $ 110,874 $ 1,034,037 Loans held-in-portfolio excluding impaired loans 11,674,816 777,472 6,682,377 24,404 962,214 5,492,388 25,613,671 Total loans held-in-portfolio $ 12,058,310 $ 791,320 $ 7,207,180 $ 24,404 $ 963,232 $ 5,603,262 $ 26,647,708 For the quarter ended March 31, 2018 Puerto Rico - Non-covered loans (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 171,531 $ 1,286 $ 159,081 $ 11,991 $ 174,215 $ 518,104 Provision 20,934 1,163 7,464 2,914 24,243 56,718 Charge-offs (6,789) 48 (13,791) (2,513) (28,372) (51,417) Recoveries 2,846 160 547 520 6,117 10,190 Ending balance $ 188,522 $ 2,657 $ 153,301 $ 12,912 $ 176,203 $ 533,595 Specific ALLL $ 45,028 $ 474 $ 44,419 $ 448 $ 22,955 $ 113,324 General ALLL $ 143,494 $ 2,183 $ 108,882 $ 12,464 $ 153,248 $ 420,271 Loans held-in-portfolio: Impaired non-covered loans $ 352,064 $ 4,293 $ 510,849 $ 1,361 $ 97,730 $ 966,297 Non-covered loans held-in-portfolio excluding impaired loans 6,770,732 89,565 5,844,857 837,022 3,231,207 16,773,383 Total non-covered loans held-in-portfolio $ 7,122,796 $ 93,858 $ 6,355,706 $ 838,383 $ 3,328,937 $ 17,739,680 For the quarter ended March 31, 2018 Puerto Rico - Covered Loans (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ - $ - $ 32,521 $ - $ 723 $ 33,244 Provision (reversal of provision) - - 2,265 - (535) 1,730 Charge-offs - - (1,446) - (2) (1,448) Recoveries - - 82 - 2 84 Ending balance $ - $ - $ 33,422 $ - $ 188 $ 33,610 Specific ALLL $ - $ - $ - $ - $ - $ - General ALLL $ - $ - $ 33,422 $ - $ 188 $ 33,610 Loans held-in-portfolio: Impaired covered loans $ - $ - $ - $ - $ - $ - Covered loans held-in-portfolio excluding impaired loans - - 500,683 - 13,928 514,611 Total covered loans held-in-portfolio $ - $ - $ 500,683 $ - $ 13,928 $ 514,611 For the quarter ended March 31, 2018 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 44,134 $ 7,076 $ 4,541 $ 798 $ 15,529 $ 72,078 Provision (reversal of provision) 10,555 16 (118) (477) 2,639 12,615 Charge-offs (8,396) - (82) (157) (6,316) (14,951) Recoveries 1,566 - 386 488 1,191 3,631 Ending balance $ 47,859 $ 7,092 $ 4,727 $ 652 $ 13,043 $ 73,373 Specific ALLL $ - $ - $ 2,496 $ - $ 1,195 $ 3,691 General ALLL $ 47,859 $ 7,092 $ 2,231 $ 652 $ 11,848 $ 69,682 Loans held-in-portfolio: Impaired loans $ - $ - $ 9,073 $ - $ 5,853 $ 14,926 Loans held-in-portfolio excluding impaired loans 4,345,711 799,533 699,865 31,167 457,055 6,333,331 Total loans held-in-portfolio $ 4,345,711 $ 799,533 $ 708,938 $ 31,167 $ 462,908 $ 6,348,257 For the quarter ended March 31, 2018 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 215,665 $ 8,362 $ 196,143 $ 798 $ 11,991 $ 190,467 $ 623,426 Provision (reversal of provision) 31,489 1,179 9,611 (477) 2,914 26,347 71,063 Charge-offs (15,185) 48 (15,319) (157) (2,513) (34,690) (67,816) Recoveries 4,412 160 1,015 488 520 7,310 13,905 Ending balance $ 236,381 $ 9,749 $ 191,450 $ 652 $ 12,912 $ 189,434 $ 640,578 Specific ALLL $ 45,028 $ 474 $ 46,915 $ - $ 448 $ 24,150 $ 117,015 General ALLL $ 191,353 $ 9,275 $ 144,535 $ 652 $ 12,464 $ 165,284 $ 523,563 Loans held-in-portfolio: Impaired loans $ 352,064 $ 4,293 $ 519,922 $ - $ 1,361 $ 103,583 $ 981,223 Loans held-in-portfolio excluding impaired loans 11,116,443 889,098 7,045,405 31,167 837,022 3,702,190 23,621,325 Total loans held-in-portfolio $ 11,468,507 $ 893,391 $ 7,565,327 $ 31,167 $ 838,383 $ 3,805,773 $ 24,602,548 |
Impaired financing receivables | March 31, 2019 Puerto Rico Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 924 $ 924 $ 4 $ - $ - $ 924 $ 924 $ 4 Commercial real estate non-owner occupied 72,891 73,589 22,536 102,971 149,106 175,862 222,695 22,536 Commercial real estate owner occupied 112,326 131,793 7,462 27,300 59,652 139,626 191,445 7,462 Commercial and industrial 55,496 68,923 3,251 9,895 20,139 65,391 89,062 3,251 Construction 1,788 1,788 19 - - 1,788 1,788 19 Mortgage 414,984 466,878 40,779 100,381 135,035 515,365 601,913 40,779 Leasing 1,018 1,018 321 - - 1,018 1,018 321 Consumer: Credit cards 27,879 27,879 4,200 - - 27,879 27,879 4,200 Personal 71,607 71,607 18,751 - - 71,607 71,607 18,751 Auto 1,163 1,163 229 - - 1,163 1,163 229 Other 1,238 1,238 170 - - 1,238 1,238 170 Total Puerto Rico $ 761,314 $ 846,800 $ 97,722 $ 240,547 $ 363,932 $ 1,001,861 $ 1,210,732 $ 97,722 March 31, 2019 Popular U.S. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial real estate owner occupied $ 1,691 $ 1,713 $ 223 $ - $ - $ 1,691 $ 1,713 $ 223 Construction - - - 12,060 18,127 12,060 18,127 - Mortgage 6,914 8,526 2,360 2,524 3,548 9,438 12,074 2,360 Consumer: HELOCs 6,830 6,914 1,393 1,358 1,452 8,188 8,366 1,393 Personal 631 632 260 168 231 799 863 260 Total Popular U.S. $ 16,066 $ 17,785 $ 4,236 $ 16,110 $ 23,358 $ 32,176 $ 41,143 $ 4,236 March 31, 2019 Popular, Inc. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 924 $ 924 $ 4 $ - $ - $ 924 $ 924 $ 4 Commercial real estate non-owner occupied 72,891 73,589 22,536 102,971 149,106 175,862 222,695 22,536 Commercial real estate owner occupied 114,017 133,506 7,685 27,300 59,652 141,317 193,158 7,685 Commercial and industrial 55,496 68,923 3,251 9,895 20,139 65,391 89,062 3,251 Construction 1,788 1,788 19 12,060 18,127 13,848 19,915 19 Mortgage 421,898 475,404 43,139 102,905 138,583 524,803 613,987 43,139 Leasing 1,018 1,018 321 - - 1,018 1,018 321 Consumer: Credit Cards 27,879 27,879 4,200 - - 27,879 27,879 4,200 HELOCs 6,830 6,914 1,393 1,358 1,452 8,188 8,366 1,393 Personal 72,238 72,239 19,011 168 231 72,406 72,470 19,011 Auto 1,163 1,163 229 - - 1,163 1,163 229 Other 1,238 1,238 170 - - 1,238 1,238 170 Total Popular, Inc. $ 777,380 $ 864,585 $ 101,958 $ 256,657 $ 387,290 $ 1,034,037 $ 1,251,875 $ 101,958 December 31, 2018 Puerto Rico Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 932 $ 932 $ 4 $ - $ - $ 932 $ 932 $ 4 Commercial real estate non-owner occupied 85,583 86,282 27,494 96,005 138,378 181,588 224,660 27,494 Commercial real estate owner occupied 113,592 132,677 7,857 26,474 60,485 140,066 193,162 7,857 Commercial and industrial 65,208 67,094 16,835 10,724 20,968 75,932 88,062 16,835 Construction 1,788 1,788 56 - - 1,788 1,788 56 Mortgage 408,767 458,010 38,760 100,701 135,084 509,468 593,094 38,760 Leasing 1,099 1,099 320 - - 1,099 1,099 320 Consumer: Credit cards 28,829 28,829 4,571 - - 28,829 28,829 4,571 Personal 72,989 72,989 19,098 - - 72,989 72,989 19,098 Auto 1,161 1,161 228 - - 1,161 1,161 228 Other 1,256 1,256 186 - - 1,256 1,256 186 Total Puerto Rico $ 781,204 $ 852,117 $ 115,409 $ 233,904 $ 354,915 $ 1,015,108 $ 1,207,032 $ 115,409 December 31, 2018 Popular U.S. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Construction $ - $ - $ - $ 12,060 $ 18,127 $ 12,060 $ 18,127 $ - Mortgage 7,237 8,899 2,451 2,183 3,127 9,420 12,026 2,451 Consumer: HELOCs 6,236 6,285 1,558 1,498 1,572 7,734 7,857 1,558 Personal 631 631 252 142 143 773 774 252 Total Popular U.S. $ 14,104 $ 15,815 $ 4,261 $ 15,883 $ 22,969 $ 29,987 $ 38,784 $ 4,261 December 31, 2018 Popular, Inc. Impaired Loans – With an Impaired Loans Allowance With No Allowance Impaired Loans - Total Unpaid Unpaid Unpaid Recorded principal Related Recorded principal Recorded principal Related (In thousands) investment balance allowance investment balance investment balance allowance Commercial multi-family $ 932 $ 932 $ 4 $ - $ - $ 932 $ 932 $ 4 Commercial real estate non-owner occupied 85,583 86,282 27,494 96,005 138,378 181,588 224,660 27,494 Commercial real estate owner occupied 113,592 132,677 7,857 26,474 60,485 140,066 193,162 7,857 Commercial and industrial 65,208 67,094 16,835 10,724 20,968 75,932 88,062 16,835 Construction 1,788 1,788 56 12,060 18,127 13,848 19,915 56 Mortgage 416,004 466,909 41,211 102,884 138,211 518,888 605,120 41,211 Leasing 1,099 1,099 320 - - 1,099 1,099 320 Consumer: Credit Cards 28,829 28,829 4,571 - - 28,829 28,829 4,571 HELOCs 6,236 6,285 1,558 1,498 1,572 7,734 7,857 1,558 Personal 73,620 73,620 19,350 142 143 73,762 73,763 19,350 Auto 1,161 1,161 228 - - 1,161 1,161 228 Other 1,256 1,256 186 - - 1,256 1,256 186 Total Popular, Inc. $ 795,308 $ 867,932 $ 119,670 $ 249,787 $ 377,884 $ 1,045,095 $ 1,245,816 $ 119,670 For the quarter ended March 31, 2019 Puerto Rico Popular U.S. Popular, Inc. Average Interest Average Interest Average Interest recorded income recorded income recorded income (In thousands) investment recognized investment recognized investment recognized Commercial multi-family $ 928 $ 12 $ - $ - $ 928 $ 12 Commercial real estate non-owner occupied 178,725 1,712 - - 178,725 1,712 Commercial real estate owner occupied 139,846 1,458 846 - 140,692 1,458 Commercial and industrial 70,662 745 - - 70,662 745 Construction 1,788 - 12,060 - 13,848 - Mortgage 512,417 4,026 9,429 40 521,846 4,066 Leasing 1,059 - - - 1,059 - Consumer: Credit cards 28,354 - - - 28,354 - HELOCs - - 7,962 - 7,962 - Personal 72,298 69 786 - 73,084 69 Auto 1,162 - - - 1,162 - Other 1,247 - - - 1,247 - Total Popular, Inc. $ 1,008,486 $ 8,022 $ 31,083 $ 40 $ 1,039,569 $ 8,062 For the quarter ended March 31, 2018 Puerto Rico Popular U.S. Popular, Inc. Average Interest Average Interest Average Interest recorded income recorded income recorded income (In thousands) investment recognized investment recognized investment recognized Commercial multi-family $ 168 $ 2 $ - $ - $ 168 $ 2 Commercial real estate non-owner occupied 123,359 1,366 - - 123,359 1,366 Commercial real estate owner occupied 153,453 1,486 - - 153,453 1,486 Commercial and industrial 60,780 582 - - 60,780 582 Construction 2,147 - - - 2,147 - Mortgage 509,941 6,580 9,158 43 519,099 6,623 Leasing 1,409 - - - 1,409 - Consumer: Credit cards 33,471 - - - 33,471 - HELOCs - - 4,685 - 4,685 - Personal 61,745 - 771 - 62,516 - Auto 1,885 - - - 1,885 - Other 1,355 - - - 1,355 - Total Popular, Inc. $ 949,713 $ 10,016 $ 14,614 $ 43 $ 964,327 $ 10,059 |
Schedule of Trouble Debt Restructurings breakdown by Accrual and Nonaccrual Status | March 31, 2019 December 31, 2018 (In thousands) Accruing Non-Accruing Total Related Allowance Accruing Non-Accruing Total Related Allowance Loans held-in-portfolio: Commercial $ 224,648 $ 120,371 $ 345,019 $ 29,274 $ 229,758 $ 130,921 $ 360,679 $ 46,889 Construction - 1,788 1,788 19 - 1,788 1,788 56 Mortgage 939,985 134,517 1,074,502 41,913 906,712 135,758 1,042,470 41,211 Leases 705 313 1,018 321 668 440 1,108 320 Consumer 92,131 15,557 107,688 24,494 94,193 15,651 109,844 24,523 Loans held-in-portfolio $ 1,257,469 $ 272,546 $ 1,530,015 $ 96,021 $ 1,231,331 $ 284,558 $ 1,515,889 $ 112,999 |
Troubled Debt Restructurings Loan Count By Type Of Modification | For the quarter ended March 31, 2019 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial real estate non-owner occupied - 1 - - Commercial real estate owner occupied - 10 - - Commercial and industrial - 16 - - Mortgage 6 27 157 - Consumer: Credit cards 122 - 1 66 HELOCs - 6 4 - Personal 152 2 - - Auto - 2 - - Other 6 - - - Total 286 64 162 66 For the quarter ended March 31, 2018 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial real estate non-owner occupied 2 5 - - Commercial real estate owner occupied - 19 - - Commercial and industrial 3 19 - - Construction 1 - - - Mortgage 19 4 36 23 Consumer: Credit cards 131 - - 150 HELOCs - 5 4 - Personal 160 2 - - Auto - - 1 - Other 7 - 1 - Total 323 54 42 173 |
Troubled Debt Restructurings on Financing Receivables | For the quarter ended March 31, 2019 (Dollars in thousands) Loan count Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Increase (decrease) in the allowance for loan losses as a result of modification Commercial real estate non-owner occupied 1 $ 314 $ 311 $ 18 Commercial real estate owner occupied 10 2,019 1,973 19 Commercial and industrial 16 3,943 4,479 314 Mortgage 190 20,732 18,591 671 Consumer: Credit cards 189 1,543 1,530 171 HELOCs 10 694 621 55 Personal 154 3,147 3,153 805 Auto 2 25 23 4 Other 6 13 13 2 Total 578 $ 32,430 $ 30,694 $ 2,059 For the quarter ended March 31, 2018 (Dollars in thousands) Loan count Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Increase (decrease) in the allowance for loan losses as a result of modification Commercial real estate non-owner occupied 7 $ 22,986 $ 22,923 $ 6,800 Commercial real estate owner occupied 19 4,974 4,269 138 Commercial and industrial 22 11,069 10,523 (110) Construction 1 4,210 4,293 474 Mortgage 82 10,273 8,919 457 Consumer: Credit cards 281 2,926 3,301 454 HELOCs 9 865 856 267 Personal 162 3,072 3,070 1,010 Auto 1 134 132 23 Other 8 157 155 26 Total 592 $ 60,666 $ 58,441 $ 9,539 |
T D R Loans Subsequent Default | Defaulted during the quarter ended March 31, 2019 (Dollars in thousands) Loan count Recorded investment as of first default date Commercial real estate non-owner occupied 1 $ 47 Commercial real estate owner occupied 2 427 Commercial and industrial 1 50 Mortgage 8 745 Leasing 1 22 Consumer: Credit cards 104 1,087 Personal 68 1,352 Total 185 $ 3,730 Defaulted during the quarter ended March 31, 2018 (Dollars in thousands) Loan count Recorded investment as of first default date Commercial real estate owner occupied 2 $ 86 Commercial and industrial 5 72 Mortgage 17 2,572 Consumer: Credit cards 48 1,342 Personal 30 889 Total 102 $ 4,961 |
Outstanding Balance, Net of unearned, of Non-Covered Loans Held-In-Portfolio Based on the Assignment of Obligor Risk Ratings | March 31, 2019 Special Pass/ (In thousands) Watch Mention Substandard Doubtful Loss Sub-total Unrated Total Puerto Rico Commercial multi-family $ 1,570 $ 4,498 $ 3,660 $ - $ - $ 9,728 $ 143,534 $ 153,262 Commercial real estate non-owner occupied 497,509 176,551 336,675 12,929 - 1,023,664 1,277,114 2,300,778 Commercial real estate owner occupied 250,970 168,665 282,766 1,967 - 704,368 986,811 1,691,179 Commercial and industrial 644,293 107,703 153,796 176 69 906,037 2,339,866 3,245,903 Total Commercial 1,394,342 457,417 776,897 15,072 69 2,643,797 4,747,325 7,391,122 Construction - 515 1,788 - - 2,303 89,069 91,372 Mortgage 2,456 1,415 148,860 - - 152,731 6,222,857 6,375,588 Leasing - - 2,387 - 138 2,525 960,707 963,232 Consumer: Credit cards - - 16,639 - - 16,639 998,949 1,015,588 HELOCs - - - - - - 4,899 4,899 Personal 526 17 18,057 - - 18,600 1,253,024 1,271,624 Auto - - 25,007 - 166 25,173 2,716,922 2,742,095 Other 92 - 14,851 - 196 15,139 125,691 140,830 Total Consumer 618 17 74,554 - 362 75,551 5,099,485 5,175,036 Total Puerto Rico $ 1,397,416 $ 459,364 $ 1,004,486 $ 15,072 $ 569 $ 2,876,907 $ 17,119,443 $ 19,996,350 Popular U.S. Commercial multi-family $ 63,208 $ 7,073 $ 1,878 $ - $ - $ 72,159 $ 1,319,861 $ 1,392,020 Commercial real estate non-owner occupied 117,685 22,155 70,373 - - 210,213 1,643,282 1,853,495 Commercial real estate owner occupied 48,393 46,811 7,039 - - 102,243 211,304 313,547 Commercial and industrial 9,883 697 73,464 - - 84,044 1,024,082 1,108,126 Total Commercial 239,169 76,736 152,754 - - 468,659 4,198,529 4,667,188 Construction 25,826 28,074 58,515 - - 112,415 587,533 699,948 Mortgage - - 9,807 - - 9,807 821,785 831,592 Legacy 366 - 1,079 - - 1,445 22,959 24,404 Consumer: Credit cards - - 2 - - 2 33 35 HELOCs - - 2,462 - 9,625 12,087 120,795 132,882 Personal - - 1,419 - 390 1,809 293,299 295,108 Other - - - - - - 201 201 Total Consumer - - 3,883 - 10,015 13,898 414,328 428,226 Total Popular U.S. $ 265,361 $ 104,810 $ 226,038 $ - $ 10,015 $ 606,224 $ 6,045,134 $ 6,651,358 Popular, Inc. Commercial multi-family $ 64,778 $ 11,571 $ 5,538 $ - $ - $ 81,887 $ 1,463,395 $ 1,545,282 Commercial real estate non-owner occupied 615,194 198,706 407,048 12,929 - 1,233,877 2,920,396 4,154,273 Commercial real estate owner occupied 299,363 215,476 289,805 1,967 - 806,611 1,198,115 2,004,726 Commercial and industrial 654,176 108,400 227,260 176 69 990,081 3,363,948 4,354,029 Total Commercial 1,633,511 534,153 929,651 15,072 69 3,112,456 8,945,854 12,058,310 Construction 25,826 28,589 60,303 - - 114,718 676,602 791,320 Mortgage 2,456 1,415 158,667 - - 162,538 7,044,642 7,207,180 Legacy 366 - 1,079 - - 1,445 22,959 24,404 Leasing - - 2,387 - 138 2,525 960,707 963,232 Consumer: Credit cards - - 16,641 - - 16,641 998,982 1,015,623 HELOCs - - 2,462 - 9,625 12,087 125,694 137,781 Personal 526 17 19,476 - 390 20,409 1,546,323 1,566,732 Auto - - 25,007 - 166 25,173 2,716,922 2,742,095 Other 92 - 14,851 - 196 15,139 125,892 141,031 Total Consumer 618 17 78,437 - 10,377 89,449 5,513,813 5,603,262 Total Popular, Inc. $ 1,662,777 $ 564,174 $ 1,230,524 $ 15,072 $ 10,584 $ 3,483,131 $ 23,164,577 $ 26,647,708 The following table presents the weighted average obligor risk rating at March 31, 2019 for those classifications that consider a range of rating scales. Weighted average obligor risk rating (Scales 11 and 12) (Scales 1 through 8) Puerto Rico: Substandard Pass Commercial multi-family 11.18 6.02 Commercial real estate non-owner occupied 11.22 6.91 Commercial real estate owner occupied 11.28 7.25 Commercial and industrial 11.27 7.07 Total Commercial 11.25 7.05 Construction 12.00 7.64 Popular U.S. : Substandard Pass Commercial multi-family 11.00 7.37 Commercial real estate non-owner occupied 11.00 6.90 Commercial real estate owner occupied 11.29 7.38 Commercial and industrial 11.01 6.85 Total Commercial 11.02 7.06 Construction 11.21 7.83 Legacy 11.24 7.99 December 31, 2018 Special Pass/ (In thousands) Watch Mention Substandard Doubtful Loss Sub-total Unrated Total Puerto Rico Commercial multi-family $ 1,634 $ 4,548 $ 3,590 $ - $ - $ 9,772 $ 135,856 $ 145,628 Commercial real estate non-owner occupied 470,506 233,173 342,962 - - 1,046,641 1,275,960 2,322,601 Commercial real estate owner occupied 262,476 174,510 291,468 2,078 - 730,532 991,721 1,722,253 Commercial and industrial 655,092 130,641 156,515 177 73 942,498 2,239,663 3,182,161 Total Commercial 1,389,708 542,872 794,535 2,255 73 2,729,443 4,643,200 7,372,643 Construction 147 634 1,788 - - 2,569 83,386 85,955 Mortgage 3,057 2,182 154,506 - - 159,745 6,273,578 6,433,323 Leasing - - 3,301 - 12 3,313 931,460 934,773 Consumer: Credit cards - - 16,035 - - 16,035 1,031,238 1,047,273 HELOCs - - 165 - - 165 5,186 5,351 Personal 849 19 18,827 - - 19,695 1,230,930 1,250,625 Auto - - 24,093 - 84 24,177 2,584,608 2,608,785 Other - - 14,743 - 215 14,958 129,786 144,744 Total Consumer 849 19 73,863 - 299 75,030 4,981,748 5,056,778 Total Puerto Rico $ 1,393,761 $ 545,707 $ 1,027,993 $ 2,255 $ 384 $ 2,970,100 $ 16,913,372 $ 19,883,472 Popular U.S. Commercial multi-family $ 85,901 $ 7,123 $ 6,979 $ - $ - $ 100,003 $ 1,301,537 $ 1,401,540 Commercial real estate non-owner occupied 152,635 9,839 46,555 - - 209,029 1,672,715 1,881,744 Commercial real estate owner occupied 49,415 23,963 2,394 - - 75,772 223,167 298,939 Commercial and industrial 5,825 1,084 76,459 - - 83,368 1,004,785 1,088,153 Total Commercial 293,776 42,009 132,387 - - 468,172 4,202,204 4,670,376 Construction 35,375 37,741 58,005 - - 131,121 562,373 693,494 Mortgage - - 11,032 - - 11,032 790,903 801,935 Legacy 534 224 2,409 - - 3,167 22,782 25,949 Consumer: Credit cards - - - - - - 38 38 HELOCs - - 2,615 - 10,964 13,579 129,473 143,052 Personal - - 1,910 - 701 2,611 286,738 289,349 Other - - 4 - - 4 220 224 Total Consumer - - 4,529 - 11,665 16,194 416,469 432,663 Total Popular U.S. $ 329,685 $ 79,974 $ 208,362 $ - $ 11,665 $ 629,686 $ 5,994,731 $ 6,624,417 Popular, Inc. Commercial multi-family $ 87,535 $ 11,671 $ 10,569 $ - $ - $ 109,775 $ 1,437,393 $ 1,547,168 Commercial real estate non-owner occupied 623,141 243,012 389,517 - - 1,255,670 2,948,675 4,204,345 Commercial real estate owner occupied 311,891 198,473 293,862 2,078 - 806,304 1,214,888 2,021,192 Commercial and industrial 660,917 131,725 232,974 177 73 1,025,866 3,244,448 4,270,314 Total Commercial 1,683,484 584,881 926,922 2,255 73 3,197,615 8,845,404 12,043,019 Construction 35,522 38,375 59,793 - - 133,690 645,759 779,449 Mortgage 3,057 2,182 165,538 - - 170,777 7,064,481 7,235,258 Legacy 534 224 2,409 - - 3,167 22,782 25,949 Leasing - - 3,301 - 12 3,313 931,460 934,773 Consumer: Credit cards - - 16,035 - - 16,035 1,031,276 1,047,311 HELOCs - - 2,780 - 10,964 13,744 134,659 148,403 Personal 849 19 20,737 - 701 22,306 1,517,668 1,539,974 Auto - - 24,093 - 84 24,177 2,584,608 2,608,785 Other - - 14,747 - 215 14,962 130,006 144,968 Total Consumer 849 19 78,392 - 11,964 91,224 5,398,217 5,489,441 Total Popular, Inc. $ 1,723,446 $ 625,681 $ 1,236,355 $ 2,255 $ 12,049 $ 3,599,786 $ 22,908,103 $ 26,507,889 The following table presents the weighted average obligor risk rating at December 31, 2018 for those classifications that consider a range of rating scales. Weighted average obligor risk rating (Scales 11 and 12) (Scales 1 through 8) Puerto Rico: Substandard Pass Commercial multi-family 11.20 6.02 Commercial real estate non-owner occupied 11.11 6.93 Commercial real estate owner occupied 11.29 7.25 Commercial and industrial 11.33 7.15 Total Commercial 11.22 7.09 Construction 12.00 7.64 Popular U.S.: Substandard Pass Commercial multi-family 11.00 7.39 Commercial real estate non-owner occupied 11.01 6.82 Commercial real estate owner occupied 11.16 7.55 Commercial and industrial 11.96 7.26 Total Commercial 11.56 7.14 Construction 11.21 7.85 Legacy 11.17 7.94 |
ASC Subtopic 310-30 | |
Allowance for credit losses on financing receivables | ASC 310-30 For the quarters ended (In thousands) March 31, 2019 March 31, 2018 Balance at beginning of period $ 122,135 $ 119,505 Provision 7,726 37,335 Net charge-offs (5,714) (10,720) Balance at end of period $ 124,147 $ 146,120 |
FDIC loss share asset and tru_2
FDIC loss share asset and true up payment obligation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Table Text Block | |
FDIC Indemnification Asset Roll Forward | Quarter ended (In thousands) March 31, 2018 Balance at beginning of period $ 46,316 Amortization of loss-share indemnification asset (934) Credit impairment losses to be covered under loss-sharing agreements 104 Reimbursable expenses 537 Net payments from FDIC under loss-sharing agreements (364) Balance at end of period $ 45,659 Balance due to the FDIC for recoveries on covered assets (1,190) Balance at end of period $ 44,469 |
Mortgage banking activities (Ta
Mortgage banking activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Mortgage Banking [Abstract] | |
Mortgage Banking Activities | Quarters ended March 31, (In thousands) 2019 2018 Mortgage servicing fees, net of fair value adjustments: Mortgage servicing fees $ 11,687 $ 12,456 Mortgage servicing rights fair value adjustments (3,825) (4,307) Total mortgage servicing fees, net of fair value adjustments 7,862 8,149 Net gain on sale of loans, including valuation on loans held-for-sale 4,017 1,057 Trading account (loss) profit: Unrealized losses on outstanding derivative positions - (221) Realized (losses) gains on closed derivative positions (1,953) 3,083 Total trading account (loss) profit (1,953) 2,862 Total mortgage banking activities $ 9,926 $ 12,068 |
Transfers of financial assets_2
Transfers of financial assets and mortgage servicing assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing of Financial Assets | |
Schedule Of Securitizations Of Financial Assets Accounted For As Sale [Text Block] | Proceeds Obtained During the Quarter Ended March 31, 2019 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 71,149 $ - $ 71,149 Mortgage-backed securities - FNMA - 20,918 - 20,918 Total trading account debt securities $ - $ 92,067 $ - $ 92,067 Mortgage servicing rights $ - $ - $ 1,658 $ 1,658 Total $ - $ 92,067 $ 1,658 $ 93,725 Proceeds Obtained During the Quarter Ended March 31, 2018 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Debt securities available-for-sale: Mortgage-backed securities - FNMA $ - $ 5,722 $ - $ 5,722 Total debt securities available-for-sale $ - $ 5,722 $ - $ 5,722 Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 112,495 $ - $ 112,495 Mortgage-backed securities - FNMA - 20,025 - 20,025 Total trading account debt securities $ - $ 132,520 $ - $ 132,520 Mortgage servicing rights $ - $ - $ 2,415 $ 2,415 Total $ - $ 138,242 $ 2,415 $ 140,657 |
Schedule Of Servicing Assets At Fair Value Text Block | Residential MSRs (In thousands) March 31, 2019 March 31, 2018 Fair value at beginning of period $ 169,777 $ 168,031 Additions 1,861 2,557 Changes due to payments on loans [1] (2,587) (3,335) Reduction due to loan repurchases (491) (972) Changes in fair value due to changes in valuation model inputs or assumptions (747) - Fair value at end of period $ 167,813 $ 166,281 [1] Represents changes due to collection / realization of expected cash flows over time. |
Schedule Of Assumptions For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Servicing Liabilities Text Block | Quarters ended March 31, 2019 March 31, 2018 Prepayment speed 6.3 % 5.6 % Weighted average life (in years) 9.9 9.1 Discount rate (annual rate) 11.0 % 10.8 % |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | Originated MSRs Purchased MSRs March 31, December 31, March 31, December 31, (In thousands) 2019 2018 2019 2018 Fair value of servicing rights $ 67,727 $ 69,400 $ 100,086 $ 100,377 Weighted average life (in years) 7.1 7.1 6.6 6.6 Weighted average prepayment speed (annual rate) 5.2 % 5.1 % 5.6 % 5.5 % Impact on fair value of 10% adverse change $ (1,381) $ (1,430) $ (2,169) $ (2,200) Impact on fair value of 20% adverse change $ (2,720) $ (2,817) $ (4,266) $ (4,328) Weighted average discount rate (annual rate) 11.5 % 11.5 % 11.0 % 11.0 % Impact on fair value of 10% adverse change $ (2,957) $ (3,125) $ (4,232) $ (4,354) Impact on fair value of 20% adverse change $ (5,698) $ (6,019) $ (8,158) $ (8,394) |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned Roll Forward [Table Text Block] | For the quarter ended March 31, 2019 Non-covered Non-covered OREO OREO (In thousands) Commercial/ Construction Mortgage Total Balance at beginning of period $ 21,794 $ 114,911 $ 136,705 Write-downs in value (571) (1,610) (2,181) Additions 1,170 7,764 8,934 Sales (1,514) (16,333) (17,847) Other adjustments - (133) (133) Ending balance $ 20,879 $ 104,599 $ 125,478 For the quarter ended March 31, 2018 Non-covered Non-covered Covered OREO OREO OREO (In thousands) Commercial/ Construction Mortgage Mortgage Total Balance at beginning of period $ 21,411 $ 147,849 $ 19,595 $ 188,855 Write-downs in value (654) (2,514) (287) (3,455) Additions 4,403 2,984 - 7,387 Sales (389) (20,305) (3,282) (23,976) Other adjustments 864 (588) (693) (417) Ending balance $ 25,635 $ 127,426 $ 15,333 $ 168,394 |
Other assets (Tables)
Other assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets Abstract | |
Schedule Of Other Assets Table Text Block | (In thousands) March 31, 2019 December 31, 2018 Net deferred tax assets (net of valuation allowance) $ 993,330 $ 1,049,895 Investments under the equity method 234,642 228,072 Prepaid taxes 27,082 33,842 Other prepaid expenses 87,315 82,742 Derivative assets 14,843 13,603 Trades receivable from brokers and counterparties 32,043 40,088 Principal, interest and escrow servicing advances 93,590 88,371 Guaranteed mortgage loan claims receivable 51,852 59,613 Operating ROU assets (Note 28) 132,538 - Finance ROU assets (Note 28) 16,777 - Others 115,716 117,908 Total other assets $ 1,799,728 $ 1,714,134 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure | |
Carrying Amount of Goodwill by Reportable Segments and Corporate Group | March 31, 2019 Balance at Balance at Balance at Balance at January 1, Accumulated January 1, March 31, Accumulated March 31, 2019 impairment 2019 2019 impairment 2019 (In thousands) (gross amounts) losses (net amounts) (gross amounts) losses (net amounts) Banco Popular de Puerto Rico $ 324,049 $ 3,801 $ 320,248 $ 324,049 $ 3,801 $ 320,248 Popular U.S. 515,285 164,411 350,874 515,285 164,411 350,874 Total Popular, Inc. $ 839,334 $ 168,212 $ 671,122 $ 839,334 $ 168,212 $ 671,122 December 31, 2018 Balance at Balance at Balance at Balance at January 1, Accumulated January 1, December 31, Accumulated December 31, 2018 impairment 2018 2018 impairment 2018 (In thousands) (gross amounts) losses (net amounts) (gross amounts) losses (net amounts) Banco Popular de Puerto Rico $ 280,221 $ 3,801 $ 276,420 $ 324,049 $ 3,801 $ 320,248 Popular U.S. 515,285 164,411 350,874 515,285 164,411 350,874 Total Popular, Inc. $ 795,506 $ 168,212 $ 627,294 $ 839,334 $ 168,212 $ 671,122 |
Schedule Of Finite Lived Intangible Assets By Major Class Text Block | Gross Net Carrying Accumulated Carrying (In thousands) Amount Amortization Value March 31, 2019 Core deposits $ 37,224 $ 27,000 $ 10,224 Other customer relationships 34,915 27,205 7,710 Trademark 488 65 423 Total other intangible assets $ 72,627 $ 54,270 $ 18,357 December 31, 2018 Core deposits $ 37,224 $ 26,070 $ 11,154 Other customer relationships 34,915 25,847 9,068 Trademark 488 41 447 Total other intangible assets $ 72,627 $ 51,958 $ 20,669 |
Schedule Of Expected Amortization Expense Table Text Block | (In thousands) Remaining 2019 $ 6,828 Year 2020 5,065 Year 2021 2,254 Year 2022 1,378 Year 2023 1,338 Later years 1,494 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Interest bearing deposits | (In thousands) March 31, 2019 December 31, 2018 Savings accounts $ 9,956,864 $ 9,722,824 NOW, money market and other interest bearing demand deposits 14,071,106 13,221,415 Total savings, NOW, money market and other interest bearing demand deposits 24,027,970 22,944,239 Certificates of deposit: Under $100,000 3,257,147 3,260,330 $100,000 and over 4,548,617 4,356,434 Total certificates of deposit 7,805,764 7,616,764 Total interest bearing deposits $ 31,833,734 $ 30,561,003 |
Summary Of Certificates Of Deposit By Maturity Disclosures | (In thousands) 2019 $ 3,602,543 2020 1,813,977 2021 917,292 2022 605,677 2023 553,678 2024 and thereafter 312,597 Total certificates of deposit $ 7,805,764 |
Borrowings (Tables)
Borrowings (Tables) - Debt Instrument [Domain] | 3 Months Ended |
Mar. 31, 2019 | |
Schedule Of Fed Funds Purchased And Assets Sold Under Agreements To Repurchase Table [Text Block] | (In thousands) March 31, 2019 December 31, 2018 Assets sold under agreements to repurchase $ 200,871 $ 281,529 Total assets sold under agreements to repurchase $ 200,871 $ 281,529 |
Schedule of Repurchase Agreements [Table Text Block] | March 31, 2019 December 31, 2018 Repurchase Repurchase (In thousands) liability liability U.S. Treasury securities Within 30 days $ 31,494 $ 138,689 After 30 to 90 days 14,687 79,374 After 90 days 123,896 19,558 Total U.S. Treasury securities 170,077 237,621 Obligations of U.S. government sponsored entities After 30 to 90 days - 6,055 Total obligations of U.S. government sponsored entities - 6,055 Mortgage-backed securities Within 30 days 27,146 6,859 After 90 days - 20,465 Total mortgage-backed securities 27,146 27,324 Collateralized mortgage obligations Within 30 days 3,648 10,529 Total collateralized mortgage obligations 3,648 10,529 Total $ 200,871 $ 281,529 |
Schedule of Notes Payable [Table Text Block] | (In thousands) March 31, 2019 December 31, 2018 Advances with the FHLB with maturities ranging from 2019 through 2029 paying interest at monthly fixed rates ranging from 0.95% to 4.19 % $ 482,820 $ 524,052 Advances with the FHLB paying interest monthly at a floating rate - 13,000 Advances with the FHLB maturing on 2019 paying interest quarterly at a floating rate of 0.24% over the 3 month LIBOR 14,430 19,724 Unsecured senior debt securities maturing on 2023 paying interest semiannually at a fixed rate of 6.125%, net of debt issuance costs of $5,644 294,356 294,039 Junior subordinated deferrable interest debentures (related to trust preferred securities) with maturities ranging from 2033 to 2034 with fixed interest rates ranging from 6.125% to 6.7%, net of debt issuance costs of $416 384,882 384,875 Capital lease obligations - 20,412 Total notes payable $ 1,176,488 $ 1,256,102 |
Maturity Distribution Of Debt Securities [Text Block] | Assets sold under Short-term (In thousands) agreements to repurchase borrowings Notes payable Total 2019 $ 138,756 $ 42 $ 150,622 $ 289,420 2020 62,115 - 140,149 202,264 2021 - - 20,040 20,040 2022 - - 103,147 103,147 2023 - - 297,617 297,617 Later years - - 464,913 464,913 Total borrowings $ 200,871 $ 42 $ 1,176,488 $ 1,377,401 |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Table Text Block | |
Schedule of accumulated other comprehensive income | Changes in Accumulated Other Comprehensive Loss by Component [1] Quarters ended March 31, (In thousands) 2019 2018 Foreign currency translation Beginning Balance $ (49,936) $ (43,034) Other comprehensive (loss) income (1,238) 93 Net change (1,238) 93 Ending balance $ (51,174) $ (42,941) Adjustment of pension and postretirement benefit plans Beginning Balance $ (203,836) $ (205,408) Amounts reclassified from accumulated other comprehensive loss for amortization of net losses 3,673 3,285 Amounts reclassified from accumulated other comprehensive loss for amortization of prior service credit - (529) Net change 3,673 2,756 Ending balance $ (200,163) $ (202,652) Unrealized net holding losses on debt securities Beginning Balance $ (173,811) $ (102,775) Other comprehensive income (loss) 101,403 (114,404) Net change 101,403 (114,404) Ending balance $ (72,408) $ (217,179) Unrealized holding gains on equity securities Beginning Balance $ - $ 605 Reclassification to retained earnings due to cumulative effect adjustment of accounting change - (605) Net change - (605) Ending balance $ - $ - Unrealized net losses on cash flow hedges Beginning Balance $ (391) $ (40) Reclassification to retained earnings due to cumulative effect adjustment of accounting change (50) - Other comprehensive (loss) income before reclassifications (437) 747 Amounts reclassified from accumulated other comprehensive loss 644 (773) Net change 157 (26) Ending balance $ (234) $ (66) Total $ (323,979) $ (462,838) [1] All amounts presented are net of tax. |
Reclassification out of accumulated other comprehensive income | Reclassifications Out of Accumulated Other Comprehensive Loss Affected Line Item in the Quarters ended March 31, (In thousands) Consolidated Statements of Operations 2019 2018 Adjustment of pension and postretirement benefit plans Amortization of net losses Personnel costs $ (5,876) $ (5,386) Amortization of prior service credit Personnel costs - 867 Total before tax (5,876) (4,519) Income tax benefit 2,203 1,763 Total net of tax $ (3,673) $ (2,756) Unrealized net losses on cash flow hedges Forward contracts Mortgage banking activities $ (1,030) $ 1,267 Total before tax (1,030) 1,267 Income tax benefit (expense) 386 (494) Total net of tax $ (644) $ 773 Total reclassification adjustments, net of tax $ (4,317) $ (1,983) |
Guarantees (Tables)
Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Guarantee on loans sold or serviced with credit recourse | |
Credit Recourse Agreements Reserve Table [Text Block] | Quarters ended March 31, (In thousands) 2019 2018 Balance as of beginning of period $ 56,230 $ 58,820 Provision (reversal) for recourse liability (311) 3,000 Net charge-offs (3,908) (4,395) Balance as of end of period $ 52,011 $ 57,425 |
Banco Popular de Puerto Rico | Guarantee on loans sold or serviced with representation and warranties | |
Indemnifications and Representations and Warranties Table [Text Block] | Quarters ended March 31, (In thousands) 2019 2018 Balance as of beginning of period $ 10,837 $ 11,742 Provision (reversal) for representation and warranties 104 (152) Net charge-offs (75) (172) Balance as of end of period $ 10,866 $ 11,418 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure | |
Schedule Of Fair Value Off Balance Sheet Risks Text Block | (In thousands) March 31, 2019 December 31, 2018 Commitments to extend credit: Credit card lines $ 4,530,162 $ 4,468,481 Commercial and construction lines of credit 2,806,405 2,751,390 Other consumer unused credit commitments 258,884 254,491 Commercial letters of credit 1,303 2,695 Standby letters of credit 79,200 26,479 Commitments to originate or fund mortgage loans 22,884 22,629 |
Schedule Of Direct Exposure To The Puerto Rico Government By Maturity [Text Block] | (In thousands) Investment Portfolio Loans Total Outstanding Total Exposure Central Government After 1 to 5 years $ 6 $ - $ 6 $ 6 After 5 to 10 years 28 - 28 28 After 10 years 28 - 28 28 Total Central Government 62 - 62 62 Government Development Bank (GDB) After 10 years 3 - 3 3 Total Government Development Bank (GDB) 3 - 3 3 Puerto Rico Highways and Transportation Authority After 5 to 10 years 5 - 5 5 Total Puerto Rico Highways and Transportation Authority 5 - 5 5 Municipalities Within 1 year 3,670 15,265 18,935 18,935 After 1 to 5 years 17,255 197,987 215,242 215,242 After 5 to 10 years 20,585 101,663 122,248 122,248 After 10 years 845 98,185 99,030 99,030 Total Municipalities 42,355 413,100 455,455 455,455 Total Direct Government Exposure $ 42,425 $ 413,100 $ 455,525 $ 455,525 |
Non-consolidated variable int_2
Non-consolidated variable interest entities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
FNMA, GNMA, FHLMC VIE | |
Carrying Amount and Classification of Assets Related to the Corporation's Variable Interests in Non-Consolidated VIEs and Maximum Exposure to Loss | (In thousands) March 31, 2019 December 31, 2018 Assets Servicing assets: Mortgage servicing rights $ 133,108 $ 136,280 Total servicing assets $ 133,108 $ 136,280 Other assets: Servicing advances $ 39,797 $ 37,988 Total other assets $ 39,797 $ 37,988 Total assets $ 172,905 $ 174,268 Maximum exposure to loss $ 172,905 $ 174,268 |
Corporate Joint Venture | |
Carrying Amount and Classification of Assets Related to the Corporation's Variable Interests in Non-Consolidated VIEs and Maximum Exposure to Loss | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Assets Other assets: Equity investment $ 6,349 $ 6,469 $ 4,749 $ 5,794 Total assets $ 6,349 $ 6,469 $ 4,749 $ 5,794 Liabilities Deposits $ (1,258) $ (2,566) $ (10,497) $ (7,994) Total liabilities $ (1,258) $ (2,566) $ (10,497) $ (7,994) Total net assets $ 5,091 $ 3,903 $ (5,748) $ (2,200) Maximum exposure to loss $ 5,091 $ 3,903 $ - $ - |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule Equity Method Investments Table [Text Block] | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Equity investment $ 6,349 $ 6,469 $ 4,749 $ 5,794 |
Proportionate Share Of Income Loss And Changes In Stockholders Equity TableTextBlock | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC Quarters ended March 31, (In thousands) 2019 2018 2019 2018 Share of (loss) income from the equity investment $ (120) $ (259) $ 296 $ (5,356) |
Balance Sheet Data Resulting From Related Party Transactions Table [Text Block] | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Deposits (non-interest bearing) $ 1,258 $ 2,566 $ 10,497 $ 7,994 |
EVERTEC Inc. | |
Schedule Equity Method Investments Table [Text Block] | (In thousands) March 31, 2019 December 31, 2018 Equity investment in EVERTEC $ 64,573 $ 60,591 |
Proportionate Share Of Income Loss And Changes In Stockholders Equity TableTextBlock | Quarters ended March 31, (In thousands) 2019 2018 Share of income from investment in EVERTEC $ 4,297 $ 3,704 Share of other changes in EVERTEC's stockholders' equity 895 129 Share of EVERTEC's changes in equity recognized in income $ 5,192 $ 3,833 |
Income Statement Data Resulting From Related Party Transactions Table [Text Block] | Quarters ended March 31, (In thousands) 2019 2018 Category Interest expense on deposits $ (17) $ (11) Interest expense ATH and credit cards interchange income from services to EVERTEC 8,219 7,982 Other service fees Rental income charged to EVERTEC 1,796 1,765 Net occupancy Processing fees on services provided by EVERTEC (53,862) (45,558) Professional fees Other services provided to EVERTEC 276 314 Other operating expenses Total $ (43,588) $ (35,508) |
Balance Sheet Data Resulting From Related Party Transactions Table [Text Block] | (In thousands) March 31, 2019 December 31, 2018 Accounts receivable (Other assets) $ 6,577 $ 6,829 Deposits (25,666) (28,606) Accounts payable (Other liabilities) (8,391) (3,671) Net total $ (27,480) $ (25,448) |
Fair value measurement (Tables)
Fair value measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | At March 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total RECURRING FAIR VALUE MEASUREMENTS Assets Debt securities available-for-sale: U.S. Treasury securities $ 2,476,890 $ 5,554,597 $ - $ 8,031,487 Obligations of U.S. Government sponsored entities - 264,671 - 264,671 Obligations of Puerto Rico, States and political subdivisions - 6,809 - 6,809 Collateralized mortgage obligations - federal agencies - 701,766 - 701,766 Mortgage-backed securities - 4,536,289 1,235 4,537,524 Other - 438 - 438 Total debt securities available-for-sale $ 2,476,890 $ 11,064,570 $ 1,235 $ 13,542,695 Trading account debt securities, excluding derivatives: U.S. Treasury securities $ 6,764 $ - $ - $ 6,764 Obligations of Puerto Rico, States and political subdivisions - 129 - 129 Collateralized mortgage obligations - 47 595 642 Mortgage-backed securities - 28,186 43 28,229 Other - 2,975 478 3,453 Total trading account debt securities, excluding derivatives $ 6,764 $ 31,337 $ 1,116 $ 39,217 Equity securities $ - $ 17,658 $ - $ 17,658 Mortgage servicing rights - - 167,813 167,813 Derivatives - 14,843 - 14,843 Total assets measured at fair value on a recurring basis $ 2,483,654 $ 11,128,408 $ 170,164 $ 13,782,226 Liabilities Derivatives $ - $ (12,770) $ - $ (12,770) Total liabilities measured at fair value on a recurring basis $ - $ (12,770) $ - $ (12,770) At December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total RECURRING FAIR VALUE MEASUREMENTS Assets Debt securities available-for-sale: U.S. Treasury securities $ 2,719,740 $ 5,552,456 $ - $ 8,272,196 Obligations of U.S. Government sponsored entities - 333,309 - 333,309 Obligations of Puerto Rico, States and political subdivisions - 6,742 - 6,742 Collateralized mortgage obligations - federal agencies - 728,671 - 728,671 Mortgage-backed securities - 3,957,545 1,233 3,958,778 Other - 488 - 488 Total debt securities available-for-sale $ 2,719,740 $ 10,579,211 $ 1,233 $ 13,300,184 Trading account debt securities, excluding derivatives: U.S. Treasury securities $ 6,278 $ - $ - $ 6,278 Obligations of Puerto Rico, States and political subdivisions - 134 - 134 Collateralized mortgage obligations - 48 611 659 Mortgage-backed securities - 27,214 43 27,257 Other - 2,974 485 3,459 Total trading account debt securities, excluding derivatives $ 6,278 $ 30,370 $ 1,139 $ 37,787 Equity securities $ - $ 13,296 $ - $ 13,296 Mortgage servicing rights - - 169,777 169,777 Derivatives - 13,603 - 13,603 Total assets measured at fair value on a recurring basis $ 2,726,018 $ 10,636,480 $ 172,149 $ 13,534,647 Liabilities Derivatives $ - $ (12,320) $ - $ (12,320) Total liabilities measured at fair value on a recurring basis $ - $ (12,320) $ - $ (12,320) |
Nonrecurring fair value measurements | Quarter ended March 31, 2019 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 13,147 $ 13,147 $ (3,316) Other real estate owned [2] - - 8,035 8,035 (1,889) Other foreclosed assets [2] - - 1,283 1,283 (118) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 22,465 $ 22,465 $ (5,323) [ 1] Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35 . Costs to sell are excluded from the reported fair value amount . [ 2 ] Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount . Quarter ended March 31, 2018 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 29,826 $ 29,826 $ (13,766) Other real estate owned [2] - - 14,397 14,397 (3,116) Other foreclosed assets [2] - - 2,045 2,045 (523) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 46,268 $ 46,268 $ (17,405) [1] Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35 . Costs to sell are excluded from the reported fair value amount . [ 2 ] Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount . |
Assets measured on recurring basis, unobservable input reconciliation | Quarter ended March 31, 2019 MBS CMOs Other classified classified securities as debt as trading MBS classified securities account classified as as trading Mortgage available- debt trading account account debt servicing Total (In thousands) for-sale securities debt securities securities rights assets Balance at December 31, 2018 $ 1,233 $ 611 $ 43 $ 485 $ 169,777 $ 172,149 Gains (losses) included in earnings - - - (7) (3,825) (3,832) Gains (losses) included in OCI 2 - - - - 2 Additions - 14 - - 1,861 1,875 Settlements - (30) - - - (30) Balance at March 31, 2019 $ 1,235 $ 595 $ 43 $ 478 $ 167,813 $ 170,164 Changes in unrealized gains (losses) included in earnings relating to assets still held at March 31, 2019 $ - $ - $ - $ 3 $ (747) $ (744) Quarter ended March 31, 2018 MBS CMOs Other classified classified MBS securities as debt as trading classified as classified securities account trading as trading Mortgage available- debt account debt account debt servicing Total Contingent Total (In thousands) for-sale securities securities securities rights assets consideration liabilities Balance at December 31, 2017 $ 1,288 $ 529 $ 43 $ 529 $ 168,031 $ 170,420 $ (164,858) $ (164,858) Gains (losses) included in earnings - - - (10) (4,307) (4,317) (6,112) (6,112) Gains (losses) included in OCI 1 - - - - 1 - - Additions - 16 - - 2,557 2,573 - - Settlements (26) (57) - - - (83) - - Balance at March 31, 2018 $ 1,263 $ 488 $ 43 $ 519 $ 166,281 $ 168,594 $ (170,970) $ (170,970) Changes in unrealized gains (losses) included in earnings relating to assets still held at March 31, 2018 $ - $ - $ - $ 5 $ - $ 5 $ (6,112) $ (6,112) |
Gain (loss) included in earnings, measured on recurring basis | Quarter ended March 31, 2019 Quarter ended March 31, 2018 Changes in unrealized Changes in unrealized Total gains gains (losses) relating to Total gains gains (losses) relating to (losses) included assets still held at (losses) included assets still held at (In thousands) in earnings reporting date in earnings reporting date FDIC loss share expense $ - $ - $ (6,112) $ (6,112) Mortgage banking activities (3,825) (747) (4,307) - Trading account loss (7) 3 (10) 5 Total $ (3,832) $ (744) $ (10,429) $ (6,107) |
Fair value measurements, recurring and nonrecurring valuation techniques | Fair value at March 31, (In thousands) 2019 Valuation technique Unobservable inputs Weighted average (range) [1] CMO's - trading $ 595 Discounted cash flow model Weighted average life 1.8 years (1.2 - 2.0 years) Yield 4.1% (3.9% - 4.4%) Prepayment speed 17.7% (15.0% - 19.6%) Other - trading $ 478 Discounted cash flow model Weighted average life 5.2 years Yield 12.0 % Prepayment speed 10.8 % Mortgage servicing rights $ 167,813 Discounted cash flow model Prepayment speed 5.4% (0.2% - 23.2%) Weighted average life 6.8 years (0.1 - 15.6 years) Discount rate 11.2% (9.5% - 24.5%) Loans held-in-portfolio $ 9,610 [2] External appraisal Haircut applied on external appraisals 13.8% (11.4% - 25.0%) Other real estate owned $ 5,871 [3] External appraisal Haircut applied on external appraisals 21.2% (15.0% - 25.0%) [1] Weighted average of significant unobservable inputs used to develop Level 3 fair value measurements were calculated by relative fair value. [2] Loans held-in-portfolio in which haircuts were not applied to external appraisals were excluded from this table. [3] Other real estate owned in which haircuts were not applied to external appraisals were excluded from this table. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures | |
Fair Value By Balance Sheet Grouping Text Block | March 31, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Assets: Cash and due from banks $ 376,558 $ 376,558 $ - $ - $ 376,558 Money market investments 4,814,134 4,804,949 9,185 - 4,814,134 Trading account debt securities, excluding derivatives [1] 39,217 6,764 31,337 1,116 39,217 Debt securities available-for-sale [1] 13,542,695 2,476,890 11,064,570 1,235 13,542,695 Debt securities held-to-maturity: Obligations of Puerto Rico, States and political subdivisions $ 87,341 $ - $ - $ 91,340 $ 91,340 Collateralized mortgage obligation-federal agency 53 - - 56 56 Securities in wholly owned statutory business trusts 11,561 - 11,561 - 11,561 Other 500 - 500 - 500 Total debt securities held-to-maturity $ 99,455 $ - $ 12,061 $ 91,396 $ 103,457 Equity securities: FHLB stock $ 48,949 $ - $ 48,949 $ - $ 48,949 FRB stock 90,598 - 90,598 - 90,598 Other investments 18,960 - 17,658 6,345 24,003 Total equity securities $ 158,507 $ - $ 157,205 $ 6,345 $ 163,550 Loans held-for-sale $ 43,985 $ - $ - $ 45,085 $ 45,085 Loans held-in-portfolio 26,097,080 - - 23,941,120 23,941,120 Mortgage servicing rights 167,813 - - 167,813 167,813 Derivatives 14,843 - 14,843 - 14,843 March 31, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Liabilities: Deposits: Demand deposits $ 33,074,074 $ - $ 33,074,074 $ - $ 33,074,074 Time deposits 7,805,764 - 7,633,195 - 7,633,195 Total deposits $ 40,879,838 $ - $ 40,707,269 $ - $ 40,707,269 Assets sold under agreements to repurchase $ 200,871 $ - $ 200,691 $ - $ 200,691 Other short-term borrowings [2] $ 42 $ - $ 42 $ - $ 42 Notes payable: FHLB advances $ 497,250 $ - $ 498,220 $ - $ 498,220 Unsecured senior debt securities 294,356 - 308,142 - 308,142 Junior subordinated deferrable interest debentures (related to trust preferred securities) 384,882 - 389,331 - 389,331 Total notes payable $ 1,176,488 $ - $ 1,195,693 $ - $ 1,195,693 Derivatives $ 12,770 $ - $ 12,770 $ - $ 12,770 [1] Refer to Note 24 to the C onsolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 17 to the Consolidated F inancial S tatements for the composition of other short-term borrowings. December 31, 2018 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Assets: Cash and due from banks $ 394,035 $ 394,035 $ - $ - $ 394,035 Money market investments 4,171,048 4,161,832 9,216 - 4,171,048 Trading account debt securities, excluding derivatives [1] 37,787 6,278 30,370 1,139 37,787 Debt securities available-for-sale [1] 13,300,184 2,719,740 10,579,211 1,233 13,300,184 Debt securities held-to-maturity: Obligations of Puerto Rico, States and political subdivisions $ 89,459 $ - $ - $ 90,534 $ 90,534 Collateralized mortgage obligation-federal agency 55 - - 58 58 Securities in wholly owned statutory business trusts 11,561 - 11,561 - 11,561 Other 500 - 500 - 500 Total debt securities held-to-maturity $ 101,575 $ - $ 12,061 $ 90,592 $ 102,653 Equity securities: FHLB stock $ 51,628 $ - $ 51,628 $ - $ 51,628 FRB stock 89,358 - 89,358 - 89,358 Other investments 14,598 - 13,296 5,539 18,835 Total equity securities $ 155,584 $ - $ 154,282 $ 5,539 $ 159,821 Loans held-for-sale $ 51,422 $ - $ - $ 52,474 $ 52,474 Loans held-in-portfolio 25,938,541 - - 23,143,027 23,143,027 Loans covered under loss sharing Mortgage servicing rights 169,777 - - 169,777 169,777 Derivatives 13,603 - 13,603 - 13,603 December 31, 2018 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Liabilities: Deposits: Demand deposits $ 32,093,274 $ - $ 32,093,274 $ - $ 32,093,274 Time deposits 7,616,765 - 7,392,698 - 7,392,698 Total deposits $ 39,710,039 $ - $ 39,485,972 $ - $ 39,485,972 Assets sold under agreements to repurchase $ 281,529 $ - $ 281,535 $ - $ 281,535 Other short-term borrowings [2] $ 42 $ - $ 42 $ - $ 42 Notes payable: FHLB advances $ 556,776 $ - $ 553,111 $ - $ 553,111 Unsecured senior debt 294,039 - 302,664 - 302,664 Junior subordinated deferrable interest debentures (related to trust preferred securities) 384,875 - 381,079 - 381,079 Capital lease obligations 20,412 - - 20,412 20,412 Total notes payable $ 1,256,102 $ - $ 1,236,854 $ 20,412 $ 1,257,266 Derivatives $ 12,320 $ - $ 12,320 $ - $ 12,320 [1] Refer to Note 24 to the Consolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 17 to the C onsolidated F inancial S tatements for the composition of other short-term borrowings. |
Net income per common share (Ta
Net income per common share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share | |
Schedule Of Earnings Per Share Basic And Diluted Table Text Block | Quarters ended March 31, (In thousands, except per share information) 2019 2018 Net income $ 167,925 $ 91,324 Preferred stock dividends (931) (931) Net income applicable to common stock $ 166,994 $ 90,393 Average common shares outstanding 98,581,743 101,696,343 Average potential dilutive common shares 177,155 140,869 Average common shares outstanding - assuming dilution 98,758,898 101,837,212 Basic EPS $ 1.69 $ 0.89 Diluted EPS $ 1.69 $ 0.89 |
Revenue from contracts with cus
Revenue from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer Abstract | |
Disaggregation Of Revenue Table [Text Block] | Quarters ended March 31, (In thousands) 2019 2018 BPPR Popular U.S. BPPR Popular U.S. Service charges on deposit accounts $ 35,064 $ 3,627 $ 33,179 $ 3,276 Other service fees: Debit card fees 10,899 271 11,395 243 Insurance fees, excluding reinsurance 7,445 770 7,237 622 Credit card fees, excluding late fees and membership fees 18,286 216 16,803 240 Sale and administration of investment products 5,259 - 5,355 - Trust fees 4,815 - 5,341 - Total revenue from contracts with customers [1] $ 81,768 $ 4,884 $ 79,310 $ 4,381 [1] The amounts include intersegment transactions of $0.2 million and $0.4 million, respectively, for the quarters ended March 31, 2019 and 2018. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease Liability Maturity | (In thousands) Remaining 2019 2020 2021 2022 2023 Later Years Total Lease Payments Less: Imputed Interest Total Operating Leases $ 21,760 $ 26,023 $ 23,625 $ 19,928 $ 17,695 $ 66,312 $ 175,343 $ (27,248) $ 148,095 Finance Leases 2,385 3,261 3,351 3,445 3,542 14,187 30,171 (6,428) 23,743 |
Leases cost | The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows: Quarter ended (In thousands) March 31, 2019 Finance lease cost: Amortization of ROU assets $ 458 Interest on lease liabilities 321 Operating lease cost 8,155 Short-term lease cost 24 Sublease income (25) Total lease cost $ 8,933 |
Leases supplemental information | Quarter ended (Dollars in thousands) March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,391 Operating cash flows from finance leases 327 Financing cash flows from finance leases 439 ROU assets obtained in exchange for new lease obligations: Operating leases $ 356 Finance leases 3,308 Weighted-average remaining lease term: Operating leases 8.4 years Finance leases 8.9 years Weighted-average discount rate: Operating leases 3.8 % Finance leases 5.7 % |
FDIC loss share expense (Tables
FDIC loss share expense (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Table Text Block | |
F D I C Loss Share Expense Income | Quarter ended March 31, (In thousands) 2018 Amortization $ (934) 80% mirror accounting on credit impairment losses 104 80% mirror accounting on reimbursable expenses 537 80% mirror accounting on recoveries on covered assets, including rental income on OREOs, subject to reimbursement to the FDIC (1,658) Change in true-up payment obligation (6,112) Other 36 Total FDIC loss share expense $ (8,027) |
Pension and postretirement be_2
Pension and postretirement benefits (Table) | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension/Postretirement Benefit Cost | Pension Plans OPEB Plan Quarters ended March 31, Quarters ended March 31, (In thousands) 2019 2018 2019 2018 Personnel Cost: Service cost $ - $ - $ 190 $ 257 Other operating expenses: Interest cost 7,110 6,373 1,489 1,390 Expected return on plan assets (8,096) (10,060) - - Amortization of prior service cost/(credit) - - - (867) Amortization of net loss 5,876 5,065 - 321 Total net periodic pension cost $ 4,890 $ 1,378 $ 1,679 $ 1,101 |
Schedule of accumulated and projected benefit obligations | For the quarters ended For the year ending (In thousands) 31-Mar-19 31-Dec-19 Pension Plans $ 57 $ 229 OPEB Plan $ 1,285 $ 8,128 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Executive Officers | |
Schedule of Unvested Restricted Stock Units Roll Forward | (Not in thousands) Shares Weighted-Average Grant Date Fair Value Non-vested at December 31, 2017 295,340 $ 30.75 Granted 239,062 45.81 Performance Shares Quantity Adjustment 234,076 33.09 Vested (372,271) 35.83 Forfeited (14,021) 37.35 Non-vested at December 31, 2018 382,186 $ 36.41 Granted 149,986 55.05 Performance Shares Quantity Adjustment 22,973 55.51 Vested (177,913) 46.12 Non-vested at March 31, 2019 377,232 $ 40.40 |
Directors | |
Schedule of Unvested Restricted Stock Units Roll Forward | (Not in thousands) Restricted Stock Weighted-Average Grant Date Fair Value Non-vested at December 31, 2017 - $ - Granted 25,159 46.71 Vested (25,159) 46.71 Forfeited - - Non-vested at December 31, 2018 - $ - Granted 1,052 49.25 Vested (1,052) 49.25 Forfeited - - Non-vested at March 31, 2019 - $ - |
Income taxes (Tables)
Income taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule Of Deferred Tax Assets And Liabilities Table Text Block | March 31, 2019 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 15,900 $ 7,757 $ 23,657 Net operating loss and other carryforward available 121,529 716,853 838,382 Postretirement and pension benefits 82,940 - 82,940 Deferred loan origination fees 2,756 (1,919) 837 Allowance for loan losses 482,185 19,873 502,058 Deferred gains - 2,515 2,515 Accelerated depreciation 1,963 5,760 7,723 FDIC-assisted transaction 92,209 - 92,209 Intercompany deferred gains 1,299 - 1,299 Difference in outside basis from pass-through entities 17,430 - 17,430 Other temporary differences 24,797 8,020 32,817 Total gross deferred tax assets 843,008 758,859 1,601,867 Deferred tax liabilities: Indefinite-lived intangibles 34,914 40,786 75,700 Unrealized net gain (loss) on trading and available-for-sale securities 32,253 (7,636) 24,617 Other temporary differences 11,399 1,109 12,508 Total gross deferred tax liabilities 78,566 34,259 112,825 Valuation allowance 95,334 401,308 496,642 Net deferred tax asset $ 669,108 $ 323,292 $ 992,400 December 31, 2018 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 15,900 $ 7,757 $ 23,657 Net operating loss and other carryforward available 116,154 720,933 837,087 Postretirement and pension benefits 83,390 - 83,390 Deferred loan origination fees 3,216 (1,280) 1,936 Allowance for loan losses 516,643 18,612 535,255 Deferred gains - 2,551 2,551 Accelerated depreciation 1,963 5,786 7,749 FDIC-assisted transaction 95,851 - 95,851 Intercompany deferred gains 1,518 - 1,518 Difference in outside basis from pass-through entities 20,209 - 20,209 Other temporary differences 24,957 7,522 32,479 Total gross deferred tax assets 879,801 761,881 1,641,682 Deferred tax liabilities: Indefinite-lived intangibles 34,081 39,597 73,678 Unrealized net gain (loss) on trading and available-for-sale securities 23,823 (12,783) 11,040 Other temporary differences 10,579 - 11,688 Total gross deferred tax liabilities 68,483 26,814 96,406 Valuation allowance 89,852 406,455 496,307 Net deferred tax asset $ 721,466 $ 328,612 $ 1,048,969 |
Summary Of Income Tax Contingencies Text Block | (In millions) 2019 2018 Balance at January 1 $ 7.2 $ 7.3 Additions for tax positions -January through March 0.3 0.2 Balance at March 31 $ 7.5 $ 7.5 |
PUERTO RICO | |
Schedule Of Effective Income Tax Rate Reconciliation Table Text Block | Quarters ended March 31, 2019 March 31, 2018 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 81,806 38 % $ 44,257 39 % Net benefit of tax exempt interest income (26,944) (12) (22,993) (20) Deferred tax asset valuation allowance 5,482 2 7,226 6 Difference in tax rates due to multiple jurisdictions (2,862) (1) (2,959) (2) Effect of income subject to preferential tax rate (2,928) (1) (3,048) (3) Adjustments in net deferred tax due to change in tax law - - (5,133) (4) State and local taxes 1,624 - 1,363 1 Others (5,955) (3) 3,442 3 Income tax (benefit) expense $ 50,223 23 % $ 22,155 20 % |
Supplemental disclosure on th_2
Supplemental disclosure on the consolidated statements of cash flows (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information | |
Schedule Of Cash Flow Supplemental Disclosures Table Text Block | (In thousands) March 31, 2019 March 31, 2018 Non-cash activities: Loans transferred to other real estate $ 8,628 $ 6,254 Loans transferred to other property 12,072 9,405 Total loans transferred to foreclosed assets 20,700 15,659 Loans transferred to other assets 5,678 3,178 Financed sales of other real estate assets 3,643 5,250 Financed sales of other foreclosed assets 6,435 4,083 Total financed sales of foreclosed assets 10,078 9,333 Transfers from loans held-for-sale to loans held-in-portfolio 7,283 9,215 Loans securitized into investment securities [1] 92,067 138,242 Trades receivable from brokers and counterparties 32,043 41,683 Trades payable to brokers and counterparties 7,220 53,973 Receivables from investments maturities - 20,000 Recognition of mortgage servicing rights on securitizations or asset transfers 12,084 2,557 Interest capitalized on loans subject to the temporary payment moratorium - 481 Loans booked under the GNMA buy-back option 5,782 219,487 Capitalization of lease right of use asset 155,727 - [1] Includes loans securitized into trading securities and subsequently sold before quarter end. |
Reconciliation Of Cash And Due From Banks And Restricted Cash [Table Text Block] | (In thousands) March 31, 2019 March 31, 2018 Cash and due from banks $ 355,720 $ 261,864 Restricted cash and due from banks 20,838 18,213 Restricted cash in money market investments 9,185 9,804 Total cash and due from banks, and restricted cash [2] $ 385,743 $ 289,881 [2] Refer to Note 5 - Restrictions on cash and due from banks and certain securities for nature of restrictions. |
Segment reporting (Tables)
Segment reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Table Text Block | |
Results of Operations and Total Assets | 2019 For the quarter ended March 31, 2019 Banco Popular Intersegment (In thousands) de Puerto Rico Popular Bank Eliminations Net interest income $ 407,357 $ 72,828 $ 4 Provision for loan losses 31,349 10,371 - Non-interest income 120,770 5,864 (141) Amortization of intangibles 2,122 166 - Depreciation expense 11,939 2,168 - Other operating expenses 280,698 48,609 (136) Income tax expense 45,376 5,215 - Net income $ 156,643 $ 12,163 $ (1) Segment assets $ 38,896,514 $ 9,585,380 $ (113,126) For the quarter ended March 31, 2019 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 480,189 $ (9,226) $ - $ 470,963 Provision for loan losses 41,720 105 - 41,825 Non-interest income 126,493 10,061 (124) 136,430 Amortization of intangibles 2,288 24 - 2,312 Depreciation expense 14,107 188 - 14,295 Other operating expenses 329,171 2,358 (716) 330,813 Income tax expense 50,591 (586) 218 50,223 Net income (loss) $ 168,805 $ (1,254) $ 374 $ 167,925 Segment assets $ 48,368,768 $ 5,021,367 $ (4,709,528) $ 48,680,607 2018 For the quarter ended March 31, 2018 Banco Popular Intersegment (In thousands) de Puerto Rico Popular Bank Eliminations Net interest income $ 332,268 $ 74,993 $ 4 Provision for loan losses 58,469 12,615 - Non-interest income 96,625 4,341 (139) Amortization of intangibles 2,159 166 - Depreciation expense 10,528 2,118 - Other operating expenses 240,529 45,220 (136) Income tax benefit 25,847 1,089 - Net income $ 91,361 $ 18,126 $ 1 Segment assets $ 36,244,300 $ 9,227,093 $ (14,471) For the quarter ended March 31, 2018 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 407,265 $ (14,218) $ - $ 393,047 Provision (reversal) for loan losses 71,084 (21) - 71,063 Non-interest income 100,827 12,948 (278) 113,497 Amortization of intangibles 2,325 - - 2,325 Depreciation expense 12,646 187 - 12,833 Other operating expenses 285,613 22,082 (851) 306,844 Income tax expense (benefit) 26,936 (5,012) 231 22,155 Net income (loss) $ 109,488 $ (18,506) $ 342 $ 91,324 Segment assets $ 45,456,922 $ 5,033,543 $ (4,733,704) $ 45,756,761 2019 For the quarter ended March 31, 2019 Banco Popular de Puerto Rico Consumer Other Eliminations Total Banco Commercial and Retail Financial and Other Popular de (In thousands) Banking Banking Services Adjustments [1] Puerto Rico Net interest income $ 151,460 $ 254,668 $ 1,318 $ (89) $ 407,357 Provision for loan losses (1,992) 33,341 - - 31,349 Non-interest income 23,589 75,404 22,534 (757) 120,770 Amortization of intangibles 49 1,072 1,001 - 2,122 Depreciation expense 4,654 7,127 158 - 11,939 Other operating expenses 72,929 192,670 15,827 (728) 280,698 Income tax expense 31,194 11,743 2,439 - 45,376 Net income $ 68,215 $ 84,119 $ 4,427 $ (118) $ 156,643 Segment assets $ 29,478,917 $ 23,039,995 $ 327,487 $ (13,949,885) $ 38,896,514 2018 For the quarter ended March 31, 2018 Banco Popular de Puerto Rico Consumer Other Total Banco Commercial and Retail Financial Popular de (In thousands) Banking Banking Services Eliminations Puerto Rico Net interest income $ 139,270 $ 191,434 $ 1,576 $ (12) $ 332,268 Provision for loan losses 20,693 37,776 - - 58,469 Non-interest income 12,562 61,857 22,449 (243) 96,625 Amortization of intangibles 52 1,069 1,038 - 2,159 Depreciation expense 4,289 6,085 154 - 10,528 Other operating expenses 60,261 162,490 18,033 (255) 240,529 Income tax expense 16,875 7,457 1,515 - 25,847 Net income $ 49,662 $ 38,414 $ 3,285 $ - $ 91,361 Segment assets $ 23,652,941 $ 20,618,670 $ 346,096 $ (8,373,407) $ 36,244,300 |
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area | Geographic Information Quarter ended (In thousands) March 31, 2019 March 31, 2018 Revenues: [1] Puerto Rico $ 500,138 $ 399,414 United States 89,856 86,528 Other 17,399 20,602 Total consolidated revenues $ 607,393 $ 506,544 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net profit ( loss) on trading account debt securities , net gain (loss) , including impairment on equity securities, adjustments (expense) to indemnity reserves on loans sold, FDIC loss share e xpense and other operating income . Selected Balance Sheet Information: (In thousands) March 31, 2019 December 31, 2018 Puerto Rico Total assets $ 37,656,205 $ 36,863,930 Loans 18,855,650 18,837,742 Deposits 32,343,773 31,237,529 United States Total assets $ 10,145,457 $ 9,847,944 Loans 7,158,946 7,034,075 Deposits 7,048,008 6,878,599 Other Total assets $ 878,945 $ 892,703 Loans 677,097 687,494 Deposits [1] 1,488,057 1,593,911 [1] Represents deposits from BPPR operations located in the U.S. and British Virgin Islands. |
Condensed consolidating finan_2
Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Table Text Block | |
Condensed Balance Sheet | Condensed Consolidating Statement of Financial Condition (Unaudited) At March 31, 2019 All other Popular Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Assets: Cash and due from banks $ 19,856 $ - $ 376,565 $ (19,863) $ 376,558 Money market investments 131,476 12,268 4,813,658 (143,268) 4,814,134 Trading account debt securities, at fair value - - 39,217 - 39,217 Debt securities available-for-sale, at fair value - - 13,542,695 - 13,542,695 Debt securities held-to-maturity, at amortized cost 8,726 2,835 87,894 - 99,455 Equity securities 9,067 20 149,619 (199) 158,507 Investment in subsidiaries 5,784,052 1,735,151 - (7,519,203) - Loans held-for-sale, at lower of cost or fair value - - 43,985 - 43,985 Loans held-in-portfolio 32,427 - 26,769,905 5,955 26,808,287 Less - Unearned income - - 160,579 - 160,579 Allowance for loan losses 261 - 550,367 - 550,628 Total loans held-in-portfolio, net 32,166 - 26,058,959 5,955 26,097,080 Premises and equipment, net 3,394 - 554,123 - 557,517 Other real estate 146 - 125,332 - 125,478 Accrued income receivable 384 18 162,441 (46) 162,797 Mortgage servicing assets, at fair value - - 167,813 - 167,813 Other assets 87,304 26,928 1,707,403 (21,907) 1,799,728 Goodwill - - 671,123 (1) 671,122 Other intangible assets 6,536 - 17,985 - 24,521 Total assets $ 6,083,107 $ 1,777,220 $ 48,518,812 $ (7,698,532) $ 48,680,607 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest bearing $ - $ - $ 9,065,967 $ (19,863) $ 9,046,104 Interest bearing - - 31,977,002 (143,268) 31,833,734 Total deposits - - 41,042,969 (163,131) 40,879,838 Assets sold under agreements to repurchase - - 200,871 - 200,871 Other short-term borrowings - - 42 - 42 Notes payable 585,168 94,070 497,250 - 1,176,488 Other liabilities 57,746 1,639 946,433 (22,510) 983,308 Total liabilities 642,914 95,709 42,687,565 (185,641) 43,240,547 Stockholders' equity: Preferred stock 50,160 - - - 50,160 Common stock 1,043 2 56,307 (56,309) 1,043 Surplus 4,304,512 4,173,021 5,790,610 (9,955,103) 4,313,040 Retained earnings (accumulated deficit) 1,803,172 (2,464,720) 304,552 2,151,640 1,794,644 Treasury stock, at cost (394,715) - - (133) (394,848) Accumulated other comprehensive loss, net of tax (323,979) (26,792) (320,222) 347,014 (323,979) Total stockholders' equity 5,440,193 1,681,511 5,831,247 (7,512,891) 5,440,060 Total liabilities and stockholders' equity $ 6,083,107 $ 1,777,220 $ 48,518,812 $ (7,698,532) $ 48,680,607 Condensed Consolidating Statement of Financial Condition (Unaudited) At December 31, 2018 All other Popular, Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Assets: Cash and due from banks $ 68,022 $ - $ 394,035 $ (68,022) $ 394,035 Money market investments 176,256 15,288 4,170,792 (191,288) 4,171,048 Trading account debt securities, at fair value - - 37,787 - 37,787 Debt securities available-for-sale, at fair value - - 13,300,184 - 13,300,184 Debt securities held-to-maturity, at amortized cost 8,726 2,835 90,014 - 101,575 Equity securities 6,693 20 149,012 (141) 155,584 Investment in subsidiaries 5,704,119 1,700,082 - (7,404,201) - Loans held-for-sale, at lower of cost or fair value - - 51,422 - 51,422 Loans held-in-portfolio 32,678 - 26,625,080 5,955 26,663,713 Less - Unearned income - - 155,824 - 155,824 Allowance for loan losses 155 - 569,193 - 569,348 Total loans held-in-portfolio, net 32,523 - 25,900,063 5,955 25,938,541 Premises and equipment, net 3,394 - 566,414 - 569,808 Other real estate 146 - 136,559 - 136,705 Accrued income receivable 284 116 165,767 (145) 166,022 Mortgage servicing assets, at fair value - - 169,777 - 169,777 Other assets 76,073 27,639 1,626,119 (15,697) 1,714,134 Goodwill - - 671,123 (1) 671,122 Other intangible assets 6,559 - 20,274 - 26,833 Total assets $ 6,082,795 $ 1,745,980 $ 47,449,342 $ (7,673,540) $ 47,604,577 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest bearing $ - $ - $ 9,217,058 $ (68,022) $ 9,149,036 Interest bearing - - 30,752,291 (191,288) 30,561,003 Total deposits - - 39,969,349 (259,310) 39,710,039 Assets sold under agreements to repurchase - - 281,529 - 281,529 Other short-term borrowings - - 42 - 42 Notes payable 584,851 94,063 577,188 - 1,256,102 Other liabilities 62,799 3,287 871,733 (16,011) 921,808 Total liabilities 647,650 97,350 41,699,841 (275,321) 42,169,520 Stockholders' equity: Preferred stock 50,160 - - - 50,160 Common stock 1,043 2 56,307 (56,309) 1,043 Surplus 4,357,079 4,172,983 5,790,324 (9,954,780) 4,365,606 Retained earnings (accumulated deficit) 1,660,258 (2,479,503) 327,713 2,143,263 1,651,731 Treasury stock, at cost (205,421) - - (88) (205,509) Accumulated other comprehensive loss, net of tax (427,974) (44,852) (424,843) 469,695 (427,974) Total stockholders' equity 5,435,145 1,648,630 5,749,501 (7,398,219) 5,435,057 Total liabilities and stockholders' equity $ 6,082,795 $ 1,745,980 $ 47,449,342 $ (7,673,540) $ 47,604,577 |
Condensed Income Statement | Condensed Consolidating Statement of Operations (Unaudited) Quarter ended March 31, 2019 All other Popular, Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Interest and dividend income: Dividend income from subsidiaries $ 202,300 $ - $ - $ (202,300) $ - Loans 588 - 447,125 - 447,713 Money market investments 1,122 51 29,220 (1,173) 29,220 Investment securities 154 46 80,836 - 81,036 Total interest and dividend income 204,164 97 557,181 (203,473) 557,969 Interest expense: Deposits - - 71,999 (1,173) 70,826 Short-term borrowings - - 1,600 - 1,600 Long-term debt 9,632 1,557 3,391 - 14,580 Total interest expense 9,632 1,557 76,990 (1,173) 87,006 Net interest income (expense) 194,532 (1,460) 480,191 (202,300) 470,963 Provision for loan losses 106 - 41,719 - 41,825 Net interest income (expense) after provision for loan losses 194,426 (1,460) 438,472 (202,300) 429,138 Service charges on deposit accounts - - 38,691 - 38,691 Other service fees 1 - 64,406 (100) 64,307 Mortgage banking activities - - 9,926 - 9,926 Net gain, including impairment on equity securities 587 - 859 (13) 1,433 Net profit on trading account debt securities - - 260 - 260 Adjustments (expense) to indemnity reserves on loans sold - - (93) - (93) Other operating income (expense) 5,169 (1,267) 18,015 (11) 21,906 Total non-interest income (expense) 5,757 (1,267) 132,064 (124) 136,430 Operating expenses: Personnel costs 18,327 - 124,790 - 143,117 Net occupancy expenses 1,047 - 22,535 (45) 23,537 Equipment expenses 672 1 19,032 - 19,705 Other taxes 62 - 11,600 - 11,662 Professional fees 2,689 27 84,850 (100) 87,466 Communications 114 - 5,735 - 5,849 Business promotion 782 - 13,892 - 14,674 FDIC deposit insurance - - 4,806 - 4,806 Other real estate owned (OREO) expenses - - 2,677 - 2,677 Other operating expenses (21,339) 13 53,512 (571) 31,615 Amortization of intangibles 24 - 2,288 - 2,312 Total operating expenses 2,378 41 345,717 (716) 347,420 Income (loss) before income tax and equity in (losses) earnings of subsidiaries 197,805 (2,768) 224,819 (201,708) 218,148 Income tax (benefit) expense - (581) 50,586 218 50,223 Income (loss) before equity in (losses) earnings of subsidiaries 197,805 (2,187) 174,233 (201,926) 167,925 Equity in undistributed (losses) earnings of subsidiaries (29,880) 12,145 - 17,735 - Net income $ 167,925 $ 9,958 $ 174,233 $ (184,191) $ 167,925 Comprehensive income, net of tax $ 271,920 $ 28,018 $ 278,854 $ (306,872) $ 271,920 Condensed Consolidating Statement of Operations (Unaudited) Quarter ended March 31, 2018 All other Popular, Inc. PNA subsidiaries and Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. eliminations entries Consolidated Interest and dividend income: Dividend income from subsidiaries $ 25,000 $ - $ - $ (25,000) $ - Loans 525 - 373,065 (6) 373,584 Money market investments 842 1 22,285 (843) 22,285 Investment securities 147 81 56,981 - 57,209 Total interest and dividend income 26,514 82 452,331 (25,849) 453,078 Interest expense: Deposits - - 39,531 (843) 38,688 Short-term borrowings - 6 2,013 (6) 2,013 Long-term debt 13,118 2,692 3,520 - 19,330 Total interest expense 13,118 2,698 45,064 (849) 60,031 Net interest income (expense) 13,396 (2,616) 407,267 (25,000) 393,047 Provision for loan losses- non-covered loans (21) - 69,354 - 69,333 Provision for loan losses- covered loans - - 1,730 - 1,730 Net interest income (expense) after provision for loan losses 13,417 (2,616) 336,183 (25,000) 321,984 Service charges on deposit accounts - - 36,455 - 36,455 Other service fees - - 60,847 (245) 60,602 Mortgage banking activities - - 12,068 - 12,068 Net (loss) gain, including impairment on equity securities (42) - (584) (20) (646) Net (loss) profit on trading account debt securities - - (198) - (198) Adjustments (expense) to indemnity reserves on loans sold - - (2,926) - (2,926) FDIC loss-share expense - - (8,027) - (8,027) Other operating income 3,745 751 11,687 (14) 16,169 Total non-interest income 3,703 751 109,322 (279) 113,497 Operating expenses: Personnel costs 14,911 - 110,941 - 125,852 Net occupancy expenses 990 - 21,812 - 22,802 Equipment expenses 508 1 16,697 - 17,206 Other taxes 41 1 10,860 - 10,902 Professional fees 3,644 31 79,555 (245) 82,985 Communications 112 - 5,794 - 5,906 Business promotion 398 - 11,611 - 12,009 FDIC deposit insurance - - 6,920 - 6,920 Other real estate owned (OREO) expenses - - 6,131 - 6,131 Other operating expenses (18,164) 14 47,720 (606) 28,964 Amortization of intangibles - - 2,325 - 2,325 Total operating expenses 2,440 47 320,366 (851) 322,002 Income (loss) before income tax and equity in earnings (losses) of subsidiaries 14,680 (1,912) 125,139 (24,428) 113,479 Income tax benefit - 543 21,381 231 22,155 Income (loss) before equity in earnings (losses) of subsidiaries 14,680 (2,455) 103,758 (24,659) 91,324 Equity in undistributed earnings (losses) of subsidiaries 76,644 15,852 - (92,496) - Net income (loss) $ 91,324 $ 13,397 $ 103,758 $ (117,155) $ 91,324 Comprehensive loss, net of tax $ (20,862) $ (8,785) $ (9,094) $ 17,879 $ (20,862) |
Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flow s Quarter ended March 31, 2019 All other Popular, Inc. PNA subsidiaries Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. and eliminations entries Consolidated Cash flows from operating activities: Net income $ 167,925 $ 9,958 $ 174,233 $ (184,191) $ 167,925 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions 29,880 (12,145) - (17,735) - Provision for loan losses 106 - 41,719 - 41,825 Amortization of intangibles 24 - 2,288 - 2,312 Depreciation and amortization of premises and equipment 188 - 14,107 - 14,295 Net accretion of discounts and amortization of premiums and deferred fees 316 7 (39,136) - (38,813) Share-based compensation 5,369 - 1,561 - 6,930 Fair value adjustments on mortgage servicing rights - - 3,825 - 3,825 Adjustments (expense) to indemnity reserves on loans sold - - 93 - 93 Earnings from investments under the equity method, net of dividends or distributions (4,587) 1,267 (5,707) - (9,027) Deferred income tax (benefit) expense - (581) 46,159 218 45,796 Loss (gain) on: Disposition of premises and equipment and other productive assets 40 - (2,305) - (2,265) Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - (4,058) - (4,058) Sale of foreclosed assets, including write-downs - - (3,772) - (3,772) Acquisitions of loans held-for-sale - - (44,748) - (44,748) Proceeds from sale of loans held-for-sale - - 13,802 - 13,802 Net originations on loans held-for-sale - - (53,231) - (53,231) Net decrease (increase) in: Trading debt securities - - 105,838 - 105,838 Equity securities (2,374) - (1,988) - (4,362) Accrued income receivable (99) 97 3,326 (100) 3,224 Other assets (1,337) 26 24,028 5,992 28,709 Net (decrease) increase in: Interest payable (4,594) (1,551) (870) 100 (6,915) Pension and other postretirement benefits obligations - - 5,297 - 5,297 Other liabilities (9,019) (98) (84,870) (6,598) (100,585) Total adjustments 13,913 (12,978) 21,358 (18,123) 4,170 Net cash provided by (used in) operating activities 181,838 (3,020) 195,591 (202,314) 172,095 Cash flows from investing activities: Net decrease (increase) in money market investments 45,000 3,020 (643,117) (48,020) (643,117) Purchases of investment securities: Available-for-sale - - (3,123,508) - (3,123,508) Equity - - (1,297) 58 (1,239) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 3,006,779 - 3,006,779 Held-to-maturity - - 2,587 - 2,587 Proceeds from sale of investment securities: Equity - - 2,679 - 2,679 Net repayments (disbursements) on loans 252 - (79,221) - (78,969) Proceeds from sale of loans - - 7,806 - 7,806 Acquisition of loan portfolios - - (129,875) - (129,875) Return of capital from equity method investments - - 1,371 - 1,371 Acquisition of premises and equipment (231) - (19,207) - (19,438) Proceeds from sale of: Premises and equipment and other productive assets 3 - 5,972 - 5,975 Foreclosed assets - - 26,119 - 26,119 Net cash provided by (used in) investing activities 45,024 3,020 (942,912) (47,962) (942,830) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 1,073,526 96,180 1,169,706 Assets sold under agreements to repurchase - - (80,659) - (80,659) Other short-term borrowings - - 1 - 1 Payments of notes payable - - (59,526) - (59,526) Principal payments of finance leases - - (439) - (439) Proceeds from issuance of common stock 3,981 - (1,005) - 2,976 Dividends paid to parent company - - (202,300) 202,300 - Dividends paid (25,713) - - - (25,713) Net payments for repurchase of common stock (250,271) - 2 (45) (250,314) Payments related to tax withholding for share-based compensation (2,805) - - - (2,805) Net cash (used in) provided by financing activities (274,808) - 729,600 298,435 753,227 Net decrease in cash and due from banks, and restricted cash (47,946) - (17,721) 48,159 (17,508) Cash and due from banks, and restricted cash at beginning of period 68,278 - 402,995 (68,022) 403,251 Cash and due from banks, and restricted cash at end of period $ 20,332 $ - $ 385,274 $ (19,863) $ 385,743 Condensed Consolidating Statement of Cash Flow s Quarter ended March 31, 2018 All other Popular, Inc. PNA subsidiaries Elimination Popular, Inc. (In thousands) Holding Co. Holding Co. and eliminations entries Consolidated Cash flows from operating activities: Net income $ 91,324 $ 13,397 $ 103,758 $ (117,155) $ 91,324 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions (76,644) (15,852) - 92,496 - Provision for loan losses (21) - 71,084 - 71,063 Amortization of intangibles - - 2,325 - 2,325 Depreciation and amortization of premises and equipment 187 - 12,649 - 12,836 Net accretion of discounts and amortization of premiums and deferred fees 521 7 (7,534) - (7,006) Share-based compensation 2,361 - 751 - 3,112 Impairment losses on long-lived assets - - 272 - 272 Fair value adjustments on mortgage servicing rights - - 4,307 - 4,307 FDIC loss-share expense - - 8,027 - 8,027 Adjustments (expense) to indemnity reserves on loans sold - - 2,926 - 2,926 Earnings from investments under the equity method, net of dividends or distributions (3,745) (751) (2,874) - (7,370) Deferred income tax (benefit) expense - (282) 10,809 231 10,758 (Gain) loss on: Disposition of premises and equipment and other productive assets (5) - (67) - (72) Proceeds from insurance claims - - (258) - (258) Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - (1,116) - (1,116) Sale of foreclosed assets, including write-downs - - (99) - (99) Acquisitions of loans held-for-sale - - (47,335) - (47,335) Proceeds from sale of loans held-for-sale - - 12,036 - 12,036 Net originations on loans held-for-sale - - (48,375) - (48,375) Net decrease (increase) in: Trading debt securities - - 94,099 (101) 93,998 Equity securities (443) - 313 - (130) Accrued income receivable (34) 81 56,423 34 56,504 Other assets (2,287) 28 37,773 758 36,272 Net (decrease) increase in: Interest payable (7,875) (2,680) (25) (34) (10,614) Pension and other postretirement benefits obligations - - 1,225 - 1,225 Other liabilities (3,434) 3 (89,748) (1,350) (94,529) Total adjustments (91,419) (19,446) 117,588 92,034 98,757 Net cash (used in) provided by operating activities (95) (6,049) 221,346 (25,121) 190,081 Cash flows from investing activities: Net decrease (increase) in money market investments 29,000 1,748 (1,728,858) (30,748) (1,728,858) Purchases of investment securities: Available-for-sale - - (1,311,382) - (1,311,382) Equity - - (9,853) 123 (9,730) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 1,016,203 - 1,016,203 Held-to-maturity - - 2,639 - 2,639 Proceeds from sale of investment securities: Equity - - 9,745 - 9,745 Net (disbursements) repayments on loans (4,168) - 93,349 4,301 93,482 Acquisition of loan portfolios - - (161,295) - (161,295) Net payments (to) from FDIC under loss-sharing agreements - - (1,263) - (1,263) Capital contribution to subsidiary (10,000) - - 10,000 - Acquisition of premises and equipment (143) - (12,903) - (13,046) Proceeds from insurance claims - - 258 - 258 Proceeds from sale of: Premises and equipment and other productive assets - - 3,033 - 3,033 Foreclosed assets - - 25,746 - 25,746 Net cash provided by (used in) investing activities 14,689 1,748 (2,074,581) (16,324) (2,074,468) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 1,638,953 39,076 1,678,029 Assets sold under agreements to repurchase - - (10,860) - (10,860) Other short-term borrowings - 4,301 89,992 (4,301) 89,992 Payments of notes payable - - (12,680) - (12,680) Proceeds from issuance of notes payable - - 40,000 - 40,000 Proceeds from issuance of common stock 4,712 - - - 4,712 Dividends paid to parent company - - (25,000) 25,000 - Dividends paid (26,138) - - - (26,138) Net payments for repurchase of common stock (191) - - (2) (193) Return of capital to parent company - - 10,000 (10,000) - Payments related to tax withholding for share-based compensation (1,223) - - - (1,223) Net cash (used in) provided by financing activities (22,840) 4,301 1,730,405 49,773 1,761,639 Net decrease in cash and due from banks, and restricted cash (8,246) - (122,830) 8,328 (122,748) Cash and due from banks, and restricted cash at beginning of period 48,120 462 412,225 (48,178) 412,629 Cash and due from banks, and restricted cash at end of period $ 39,874 $ 462 $ 289,395 $ (39,850) $ 289,881 |
Note New Accounting Pronounceme
Note New Accounting Pronouncement - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
New accounting pronouncements or change in accounting principle | ||||
Operating lease right of use asset | $ 132,538 | $ 0 | ||
Opearing lease liability | 148,095 | |||
Cumulative effect of accounting change | $ 4,905 | $ 1,935 | ||
ASU 2016-02 | ||||
New accounting pronouncements or change in accounting principle | ||||
Operating lease right of use asset | $ 139,000 | |||
Deferred rent liabilities | 15,000 | |||
Opearing lease liability | 154,000 | |||
Cumulative effect of accounting change | $ 4,800 |
Note Business combination (Fair
Note Business combination (Fair value of major classes of identifiable assets acquired and liabilities assumed) (Detail) - USD ($) $ in Thousands | Aug. 01, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||||
Trademark | $ 6,100 | $ 6,100 | |||
Labilities: | |||||
Goodwill on acquisition | $ 671,122 | $ 671,122 | $ 627,294 | ||
Reliable Financial Services | |||||
Business Acquisition | |||||
Cash consideration | $ 1,843,256 | ||||
Assets: | |||||
Loans | 1,802,463 | ||||
Premises and equipment | 1,246 | ||||
Accrued income receivables | 1,466 | ||||
Other assets | 4,929 | ||||
Trademark | 488 | ||||
Total assets | 1,810,592 | ||||
Labilities: | |||||
Other liabilities | 11,164 | ||||
Total liabilities | 11,164 | ||||
Net assets acquired | 1,799,428 | ||||
Goodwill on acquisition | 43,828 | ||||
Reliable Financial Services | Book Value Before Acquisition Adjustment | |||||
Business Acquisition | |||||
Cash consideration | 1,843,256 | ||||
Assets: | |||||
Loans | 1,912,866 | ||||
Premises and equipment | 1,246 | ||||
Accrued income receivables | 1,466 | ||||
Other assets | 5,020 | ||||
Trademark | 0 | ||||
Total assets | 1,920,598 | ||||
Labilities: | |||||
Other liabilities | 11,164 | ||||
Total liabilities | 11,164 | ||||
Net assets acquired | 1,909,434 | ||||
Reliable Financial Services | Fair value adjustment | |||||
Business Acquisition | |||||
Cash consideration | 0 | ||||
Assets: | |||||
Loans | [1] | (126,908) | |||
Premises and equipment | 0 | ||||
Accrued income receivables | 0 | ||||
Other assets | 0 | ||||
Trademark | 488 | ||||
Total assets | (126,420) | ||||
Labilities: | |||||
Other liabilities | 0 | ||||
Total liabilities | 0 | ||||
Net assets acquired | (126,420) | ||||
Reliable Financial Services | Period adjustment | |||||
Business Acquisition | |||||
Cash consideration | 0 | ||||
Assets: | |||||
Loans | [1] | 16,505 | |||
Premises and equipment | 0 | ||||
Accrued income receivables | 0 | ||||
Other assets | (91) | ||||
Trademark | 0 | ||||
Total assets | 16,414 | ||||
Labilities: | |||||
Other liabilities | 0 | ||||
Total liabilities | 0 | ||||
Net assets acquired | $ 16,414 | ||||
[1] | The fair value discount is comprised of $106 million related to the retail auto loans portfolio and $4 million related to the commercial loans portfolio. |
Note Business combination (Fa_2
Note Business combination (Fair value of major classes of identifiable assets acquired and liabilities assumed - Parenthetical) (Detail) - Reliable Financial Services $ in Thousands | Aug. 01, 2018USD ($) | |
Business Acquisition | ||
Loans | $ 1,802,463 | |
Fair value adjustment | ||
Business Acquisition | ||
Loans | (126,908) | [1] |
Auto Loan | ||
Business Acquisition | ||
Loans | 1,600,000 | |
Auto Loan | Fair value adjustment | ||
Business Acquisition | ||
Loans | (106,000) | |
Commercial Loans | ||
Business Acquisition | ||
Loans | 341,000 | |
Commercial Loans | Fair value adjustment | ||
Business Acquisition | ||
Loans | $ (4,000) | |
[1] | The fair value discount is comprised of $106 million related to the retail auto loans portfolio and $4 million related to the commercial loans portfolio. |
Note Business Combination - Add
Note Business Combination - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Aug. 01, 2018 | |
Business Acquisition | ||
Measurement period adjustments | $ 16,500 | |
Auto Loan | ||
Business Acquisition | ||
Measurement period adjustments | 12,200 | |
Commercial Loans | ||
Business Acquisition | ||
Measurement period adjustments | $ 4,300 | |
Reliable Financial Services | ||
Business Acquisition | ||
Loans | $ 1,802,463 | |
Reliable Financial Services | Auto Loan | ||
Business Acquisition | ||
Receivables estimated uncollectible | 105,000 | |
Loans | 1,600,000 | |
Loan receivables | 1,800,000 | |
Reliable Financial Services | Auto Loan | Wells Fargo | ||
Business Acquisition | ||
Loans amount servicing agreement retained by counterparty | 398,000 | |
Reliable Financial Services | Commercial Loans | ||
Business Acquisition | ||
Receivables estimated uncollectible | 3,000 | |
Loans | 341,000 | |
Loan receivables | $ 348,000 |
Note Restrictions on cash and d
Note Restrictions on cash and due from banks and certain securities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure - Restrictions on Cash and Due from Banks and Certain Securities - Additional Information [Abstract] | ||
Average Reserve Required With Federal Reserve Bank | $ 1,600 | $ 1,600 |
Restricted Cash And Cash Equivalents | $ 47 | $ 62 |
Note Debt Securities Available
Note Debt Securities Available for Sale (Amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities AFS) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
Debt Securities, Available-for-sale | ||||
Debt securities available-for-sale, at fair value | $ 13,542,695 | $ 13,300,184 | ||
Gross Unrealized Gains | 59,078 | 30,929 | ||
Gross Unrealized Losses | 127,744 | 209,307 | ||
Amortized Cost | 13,611,361 | [1] | 13,478,562 | [2] |
Amortized cost | ||||
Amortized Cost | 13,611,361 | 13,478,562 | ||
Gross unrealized gains | ||||
Gross unrealized gains | 59,078 | 30,929 | ||
Gross unrealized loss | ||||
Gross unrealized losses | 127,744 | 209,307 | ||
Fair Value | ||||
Fair Value | $ 13,542,695 | $ 13,300,184 | ||
Weighted average yield | ||||
Weighted Average Yield | 2.29% | 2.25% | ||
US Treasury Securities | ||||
Amortized cost | ||||
Amortized cost - Within 1 year | $ 3,453,820 | $ 3,565,571 | ||
Amortized cost - After 1 to 5 years | 4,559,672 | 4,483,741 | ||
Amortized cost - After 5 to 10 years | 2,988 | 245,891 | ||
Amortized Cost | 8,016,480 | 8,295,203 | ||
Gross unrealized gains | ||||
Gross unrealized gain - Within 1 year | 677 | 108 | ||
Gross unrealized gain - After 1 to 5 years | 34,676 | 13,647 | ||
Gross unrealized gain - After 5 to 10 years | 138 | 3,770 | ||
Gross unrealized gains | 35,491 | 17,525 | ||
Gross unrealized loss | ||||
Gross unrealized losses - Within 1 year | 4,064 | 5,319 | ||
Gross unrealized losses - After 1 to 5 years | 16,420 | 35,213 | ||
Gross unrealized losses - After 5 to 10 years | 0 | 0 | ||
Gross unrealized losses | 20,484 | 40,532 | ||
Fair Value | ||||
Fair value - Within 1 year | 3,450,433 | 3,560,360 | ||
Fair value - After 1 to 5 years | 4,577,928 | 4,462,175 | ||
Fair value - After 5 to 10 years | 3,126 | 249,661 | ||
Fair Value | $ 8,031,487 | $ 8,272,196 | ||
Weighted average yield | ||||
Weighted average yield - Within 1 year | 2.06% | 2.10% | ||
Weighted average yield - After 1 to 5 years | 2.31% | 2.25% | ||
Weighted average yield - After 5 to 10 years | 3.06% | 2.84% | ||
Weighted Average Yield | 2.20% | 2.21% | ||
Obligations of U.S. Government sponsored entities | ||||
Amortized cost | ||||
Amortized cost - Within 1 year | $ 181,084 | $ 212,951 | ||
Amortized cost - After 1 to 5 years | 85,737 | 123,857 | ||
Amortized Cost | 266,821 | 336,808 | ||
Gross unrealized gains | ||||
Gross unrealized gain - Within 1 year | 3 | 0 | ||
Gross unrealized gain - After 1 to 5 years | 7 | 1 | ||
Gross unrealized gains | 10 | 1 | ||
Gross unrealized loss | ||||
Gross unrealized losses - Within 1 year | 980 | 1,406 | ||
Gross unrealized losses - After 1 to 5 years | 1,180 | 2,094 | ||
Gross unrealized losses | 2,160 | 3,500 | ||
Fair Value | ||||
Fair value - Within 1 year | 180,107 | 211,545 | ||
Fair value - After 1 to 5 years | 84,564 | 121,764 | ||
Fair Value | $ 264,671 | $ 333,309 | ||
Weighted average yield | ||||
Weighted average yield - Within 1 year | 1.45% | 1.44% | ||
Weighted average yield - After 1 to 5 years | 1.49% | 1.51% | ||
Weighted Average Yield | 1.46% | 1.47% | ||
Obligations of Puerto Rico, States and political subdivisions | ||||
Amortized cost | ||||
Amortized cost - Within 1 year | $ 6,975 | |||
Amortized cost - After 1 to 5 years | $ 6,926 | |||
Amortized Cost | 6,975 | 6,926 | ||
Gross unrealized gains | ||||
Gross unrealized gain - Within 1 year | 0 | |||
Gross unrealized gain - After 1 to 5 years | 0 | |||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized loss | ||||
Gross unrealized losses - Within 1 year | 166 | |||
Gross unrealized losses - After 1 to 5 years | 184 | |||
Gross unrealized losses | 166 | 184 | ||
Fair Value | ||||
Fair value - Within 1 year | 6,809 | |||
Fair value - After 1 to 5 years | 6,742 | |||
Fair Value | $ 6,809 | $ 6,742 | ||
Weighted average yield | ||||
Weighted average yield - Within 1 year | 0.00% | |||
Weighted average yield - After 1 to 5 years | 0.70% | |||
Weighted Average Yield | 0.00% | 0.70% | ||
Collateralized Mortgage Obligations - Federal agencies | ||||
Amortized cost | ||||
Amortized cost - After 1 to 5 years | $ 1,082 | $ 749 | ||
Amortized cost - After 5 to 10 years | 107,033 | 115,744 | ||
Amortized cost - After 10 years | 612,396 | 638,995 | ||
Amortized Cost | 720,511 | 755,488 | ||
Gross unrealized gains | ||||
Gross unrealized gain - After 1 to 5 years | 0 | 0 | ||
Gross unrealized gain - After 5 to 10 years | 0 | 1 | ||
Gross unrealized gain - After 10 years | 2,260 | 1,584 | ||
Gross unrealized gains | 2,260 | 1,585 | ||
Gross unrealized loss | ||||
Gross unrealized losses - After 1 to 5 years | 8 | 7 | ||
Gross unrealized losses - After 5 to 10 years | 3,502 | 4,715 | ||
Gross unrealized losses - After 10 years | 17,495 | 23,680 | ||
Gross unrealized losses | 21,005 | 28,402 | ||
Fair Value | ||||
Fair value - After 1 to 5 years | 1,074 | 742 | ||
Fair value - After 5 to 10 years | 103,531 | 111,030 | ||
Fair value - After 10 years | 597,161 | 616,899 | ||
Fair Value | $ 701,766 | $ 728,671 | ||
Weighted average yield | ||||
Weighted average yield - After 1 to 5 years | 2.01% | 1.92% | ||
Weighted average yield - After 5 to 10 years | 1.68% | 1.71% | ||
Weighted average yield - After 10 years | 2.10% | 2.10% | ||
Weighted Average Yield | 2.04% | 2.04% | ||
Mortgage Backed Securities | ||||
Amortized cost | ||||
Amortized cost - Within 1 year | $ 135 | $ 431 | ||
Amortized cost - After 1 to 5 years | 14,133 | 6,762 | ||
Amortized cost - After 5 to 10 years | 347,822 | 365,727 | ||
Amortized cost - After 10 years | 4,238,051 | 3,710,731 | ||
Amortized Cost | 4,600,141 | 4,083,651 | ||
Gross unrealized gains | ||||
Gross unrealized gain - Within 1 year | 1 | 4 | ||
Gross unrealized gain - After 1 to 5 years | 206 | 43 | ||
Gross unrealized gain - After 5 to 10 years | 1,156 | 1,090 | ||
Gross unrealized gain - After 10 years | 19,949 | 10,679 | ||
Gross unrealized gains | 21,312 | 11,816 | ||
Gross unrealized loss | ||||
Gross unrealized losses - Within 1 year | 0 | 0 | ||
Gross unrealized losses - After 1 to 5 years | 1 | 1 | ||
Gross unrealized losses - After 5 to 10 years | 5,621 | 8,499 | ||
Gross unrealized losses - After 10 years | 78,307 | 128,189 | ||
Gross unrealized losses | 83,929 | 136,689 | ||
Fair Value | ||||
Fair value - Within 1 year | 136 | 435 | ||
Fair value - After 1 to 5 years | 14,338 | 6,804 | ||
Fair value - After 5 to 10 years | 343,357 | 358,318 | ||
Fair value - After 10 years | 4,179,693 | 3,593,221 | ||
Fair Value | $ 4,537,524 | $ 3,958,778 | ||
Weighted average yield | ||||
Weighted average yield - Within 1 year | 4.15% | 4.30% | ||
Weighted average yield - After 1 to 5 years | 3.14% | 2.74% | ||
Weighted average yield - After 5 to 10 years | 2.15% | 2.19% | ||
Weighted average yield - After 10 years | 2.55% | 2.45% | ||
Weighted Average Yield | 2.52% | 2.43% | ||
Other | ||||
Amortized cost | ||||
Amortized cost - After 5 to 10 years | $ 433 | $ 486 | ||
Amortized Cost | 433 | 486 | ||
Gross unrealized gains | ||||
Gross unrealized gain - After 5 to 10 years | 5 | 2 | ||
Gross unrealized gains | 5 | 2 | ||
Gross unrealized loss | ||||
Gross unrealized losses - After 5 to 10 years | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Fair Value | ||||
Fair value - After 5 to 10 years | 438 | 488 | ||
Fair Value | $ 438 | $ 488 | ||
Weighted average yield | ||||
Weighted average yield - After 5 to 10 years | 3.62% | 3.62% | ||
Weighted Average Yield | 3.62% | 3.62% | ||
[1] | Includes $10 billion pledged to secure public and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $8.9 billion serve as collateral for public funds. | |||
[2] | Includes $8.9 billion pledged to secure public and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $7.9 billion serve as collateral for public funds. |
Note Debt Securities Availabl_2
Note Debt Securities Available for Sale (Amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities AFS) (Parenthetical) (Detail) - Debt securities available-for-sale - USD ($) $ in Billions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale | ||
Pledged Financial Instruments, Not Separately Reported, Securities | $ 10 | $ 8.9 |
Pledged Financial Instruments, Not Separately Reported, Securities for Other Debt Facilities | $ 8.9 | $ 7.9 |
Note Debt Securities Availabl_3
Note Debt Securities Available for Sale (AFS debt securities in a continuous unrealized loss position) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | $ 1,495,464 | $ 3,396,378 |
Less than 12 months Gross Unrealized Losses | 301 | 7,003 |
12 months or more Fair Value | 6,815,263 | 6,998,793 |
12 months or more Gross Unrealized Losses | 127,443 | 202,304 |
Total Fair Value | 8,310,727 | 10,395,171 |
Total Gross Unrealized Losses | 127,744 | 209,307 |
US Treasury Securities | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 1,473,943 | 3,189,007 |
Less than 12 months Gross Unrealized Losses | 76 | 4,188 |
12 months or more Fair Value | 2,604,306 | 2,607,276 |
12 months or more Gross Unrealized Losses | 20,408 | 36,343 |
Total Fair Value | 4,078,249 | 5,796,283 |
Total Gross Unrealized Losses | 20,484 | 40,531 |
Obligations of U.S. Government sponsored entities | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 0 | 14,847 |
Less than 12 months Gross Unrealized Losses | 0 | 46 |
12 months or more Fair Value | 263,499 | 318,271 |
12 months or more Gross Unrealized Losses | 2,160 | 3,454 |
Total Fair Value | 263,499 | 333,118 |
Total Gross Unrealized Losses | 2,160 | 3,500 |
Obligations of Puerto Rico, States and political subdivisions | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 0 | 0 |
Less than 12 months Gross Unrealized Losses | 0 | 0 |
12 months or more Fair Value | 6,809 | 6,742 |
12 months or more Gross Unrealized Losses | 166 | 184 |
Total Fair Value | 6,809 | 6,742 |
Total Gross Unrealized Losses | 166 | 184 |
Collateralized Mortgage Obligations - Federal agencies | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 3,447 | 66,652 |
Less than 12 months Gross Unrealized Losses | 5 | 489 |
12 months or more Fair Value | 480,426 | 587,869 |
12 months or more Gross Unrealized Losses | 21,000 | 27,913 |
Total Fair Value | 483,873 | 654,521 |
Total Gross Unrealized Losses | 21,005 | 28,402 |
Mortgage Backed Securities | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 18,074 | 125,872 |
Less than 12 months Gross Unrealized Losses | 220 | 2,280 |
12 months or more Fair Value | 3,460,223 | 3,478,635 |
12 months or more Gross Unrealized Losses | 83,709 | 134,410 |
Total Fair Value | 3,478,297 | 3,604,507 |
Total Gross Unrealized Losses | $ 83,929 | $ 136,690 |
Note Debt Securities Availabl_4
Note Debt Securities Available for Sale (Name of issuers and the aggregate amortized cost and fair value of the debt securities of such issuer, in which the aggregate amortized cost exceeds 10% of stockholders' equity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 13,611,361 | $ 13,478,562 |
Fair Value | 13,542,695 | 13,300,184 |
FNMA | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 3,273,409 | 2,999,110 |
Fair Value | 3,220,000 | 2,901,904 |
Freddie Mac | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 1,312,120 | 1,095,855 |
Fair Value | $ 1,293,207 | $ 1,058,013 |
Note Debt Securities Availabl_5
Note Debt Securities Available for Sale (Debt securities available- for-sale - Additional Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale | ||
Gross Unrealized Losses | $ 127,744 | $ 209,307 |
Note Debt Securities Held-to-ma
Note Debt Securities Held-to-maturity (Amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities HTM) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Amortized Cost | $ 99,455 | $ 101,575 |
Gross unrecognized gains | ||
Gross Unrealized Gains | 5,754 | 3,946 |
Gross unrealized losses | ||
Gross Unrealized Losses | 1,752 | 2,868 |
Fair Value | ||
Total investment securities held-to-maturity - Fair Value | $ 103,457 | $ 102,653 |
Weighted Average Yield | ||
Weighted Average Yield | 3.53% | 3.60% |
Obligations of Puerto Rico, States and political subdivisions | ||
Amortized cost | ||
Amortized cost - Within 1 year | $ 3,670 | $ 3,510 |
Amortized cost - After 1 to 5 years | 17,255 | 16,505 |
Amortized cost - After 5 to 10 years | 20,585 | 23,885 |
Amortized cost - After 10 years | 45,831 | 45,559 |
Amortized Cost | 87,341 | 89,459 |
Gross unrecognized gains | ||
Gross unrealized gains - Within 1 year | 0 | 0 |
Gross unrealized gains - After 1 to 5 years | 0 | 0 |
Gross unrealized gains - After 5 to 10 years | 0 | 0 |
Gross unrealized gains - After 10 years | 5,751 | 3,943 |
Gross Unrealized Gains | 5,751 | 3,943 |
Gross unrealized losses | ||
Gross unrealized losses - Within 1 year | 31 | 36 |
Gross unrealized losses - After 1 to 5 years | 205 | 1,081 |
Gross unrealized losses - After 5 to 10 years | 1,502 | 1,704 |
Gross unrealized losses - After 10 years | 14 | 47 |
Gross Unrealized Losses | 1,752 | 2,868 |
Fair Value | ||
Fair Value - within 1 year | 3,639 | 3,474 |
Fair Value - After 1 to 5 years | 17,050 | 15,424 |
Fair Value - After 5 to 10 years | 19,083 | 22,181 |
Fair Value - After 10 years | 51,568 | 49,455 |
Total investment securities held-to-maturity - Fair Value | $ 91,340 | $ 90,534 |
Weighted Average Yield | ||
Weighted average yield - Within 1 Year | 6.01% | 5.99% |
Weighted average yield - After 1 to 5 years | 6.10% | 6.07% |
Weighted average yield - After 5 to 10 years | 3.19% | 3.61% |
Weighted average yield - After 10 years | 1.76% | 1.79% |
Weighted Average Yield | 3.13% | 3.23% |
Collateralized Mortgage Obligations - Federal agencies | ||
Amortized cost | ||
Amortized cost - After 5 to 10 years | $ 53 | $ 55 |
Amortized Cost | 53 | 55 |
Gross unrecognized gains | ||
Gross unrealized gains - After 5 to 10 years | 3 | 3 |
Gross Unrealized Gains | 3 | 3 |
Gross unrealized losses | ||
Gross unrealized losses - After 5 to 10 years | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | ||
Fair Value - After 5 to 10 years | 56 | 58 |
Total investment securities held-to-maturity - Fair Value | $ 56 | $ 58 |
Weighted Average Yield | ||
Weighted average yield - After 5 to 10 years | 6.44% | 5.45% |
Weighted Average Yield | 6.44% | 5.45% |
Securities in wholly owned statutory business trusts | ||
Amortized cost | ||
Amortized cost - After 10 years | $ 11,561 | $ 11,561 |
Amortized Cost | 11,561 | 11,561 |
Gross unrecognized gains | ||
Gross unrealized gains - After 10 years | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross unrealized losses | ||
Gross unrealized losses - After 10 years | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | ||
Fair Value - After 10 years | 11,561 | 11,561 |
Total investment securities held-to-maturity - Fair Value | $ 11,561 | $ 11,561 |
Weighted Average Yield | ||
Weighted average yield - After 10 years | 6.51% | 6.51% |
Weighted Average Yield | 6.51% | 6.51% |
Other | ||
Amortized cost | ||
Amortized cost - After 1 to 5 years | $ 500 | $ 500 |
Amortized Cost | 500 | 500 |
Gross unrecognized gains | ||
Gross unrealized gains - After 1 to 5 years | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross unrealized losses | ||
Gross unrealized losses - After 1 to 5 years | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | ||
Fair Value - After 1 to 5 years | 500 | 500 |
Total investment securities held-to-maturity - Fair Value | $ 500 | $ 500 |
Weighted Average Yield | ||
Weighted average yield - After 1 to 5 years | 2.97% | 2.97% |
Weighted Average Yield | 2.97% | 2.97% |
Note Debt Securities Held-to-_2
Note Debt Securities Held-to-maturity (HTM debt securities in a continuous unrealized loss position) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity | ||
Less than 12 months Fair Value | $ 14,695 | $ 27,471 |
Less than 12 months Gross Unrealized Losses | 250 | 1,165 |
12 months or more Fair Value | 11,118 | 13,307 |
12 months or more Gross Unrealized Losses | 1,502 | 1,703 |
Total Fair Value | 25,813 | 40,778 |
Total Gross Unrealized Losses | 1,752 | 2,868 |
Obligations of Puerto Rico, States and political subdivisions | ||
Debt Securities, Held-to-maturity | ||
Less than 12 months Fair Value | 14,695 | 27,471 |
Less than 12 months Gross Unrealized Losses | 250 | 1,165 |
12 months or more Fair Value | 11,118 | 13,307 |
12 months or more Gross Unrealized Losses | 1,502 | 1,703 |
Total Fair Value | 25,813 | 40,778 |
Total Gross Unrealized Losses | $ 1,752 | $ 2,868 |
Note Debt Securities Held-to-_3
Note Debt Securities Held-to-maturity (Debt securities held-to-maturity-Additional Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity | ||
Amortized Cost | $ 99,455 | $ 101,575 |
Obligations of Puerto Rico, States and political subdivisions | ||
Debt Securities, Held-to-maturity | ||
Amortized Cost | 87,341 | $ 89,459 |
Obligations of Puerto Rico, States and political subdivisions | Munis Payable From Real and Personal Property Taxes | ||
Debt Securities, Held-to-maturity | ||
Amortized Cost | 42,000 | |
Obligations of Puerto Rico, States and political subdivisions | Munis Not Guaranteed By Puerto Rico Central Government | ||
Debt Securities, Held-to-maturity | ||
Amortized Cost | $ 45,000 |
Note Loans (Non-covered loans H
Note Loans (Non-covered loans HIP in past due status, non-performing status and accruing loans past-due 90 days or more by loan class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | $ 26,647,708 | $ 26,507,889 | |||
Commercial multi-family | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 1,545,282 | 1,547,168 | |||
CRE non-owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 4,154,273 | 4,204,345 | |||
CRE owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 2,004,726 | 2,021,192 | |||
Commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 4,354,029 | 4,270,314 | |||
Construction | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 791,320 | 779,449 | |||
Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 7,207,180 | 7,235,258 | |||
Leasing | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 963,232 | 934,773 | |||
Legacy | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | [1] | 24,404 | 25,949 | ||
Consumer | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 5,603,262 | 5,489,441 | |||
Non Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,021,495 | 2,107,608 | |||
Current | 24,626,213 | 24,400,281 | |||
Loans held-in-portfolio | 26,647,708 | [2],[3] | 26,507,889 | [4],[5] | |
Non-accrual loans | 586,202 | 611,087 | |||
Accruing loans past-due 90 days or more | 550,634 | [6] | 612,543 | [7] | |
Non Covered Loans | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 435,825 | 491,073 | |||
Non Covered Loans | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 191,785 | 176,747 | |||
Non Covered Loans | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,393,885 | 1,439,788 | |||
Non Covered Loans | Commercial multi-family | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 6,520 | 5,314 | |||
Current | 1,538,762 | 1,541,854 | |||
Loans held-in-portfolio | 1,545,282 | 1,547,168 | |||
Non-accrual loans | 646 | 546 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Non Covered Loans | Commercial multi-family | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,926 | 4,604 | |||
Non Covered Loans | Commercial multi-family | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 3,902 | 112 | |||
Non Covered Loans | Commercial multi-family | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 692 | 598 | |||
Non Covered Loans | CRE non-owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 128,238 | 139,965 | |||
Current | 4,026,035 | 4,064,380 | |||
Loans held-in-portfolio | 4,154,273 | 4,204,345 | |||
Non-accrual loans | 38,189 | 39,622 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Non Covered Loans | CRE non-owner occupied | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 14,934 | 92,782 | |||
Non Covered Loans | CRE non-owner occupied | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 21,432 | 1,127 | |||
Non Covered Loans | CRE non-owner occupied | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 91,872 | 46,056 | |||
Non Covered Loans | CRE owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 124,025 | 123,989 | |||
Current | 1,880,701 | 1,897,203 | |||
Loans held-in-portfolio | 2,004,726 | 2,021,192 | |||
Non-accrual loans | 85,671 | 88,450 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Non Covered Loans | CRE owner occupied | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 19,054 | 11,806 | |||
Non Covered Loans | CRE owner occupied | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 3,350 | 12,567 | |||
Non Covered Loans | CRE owner occupied | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 101,621 | 99,616 | |||
Non Covered Loans | Commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 113,931 | 137,174 | |||
Current | 4,240,098 | 4,133,140 | |||
Loans held-in-portfolio | 4,354,029 | 4,270,314 | |||
Non-accrual loans | 44,648 | 55,408 | |||
Accruing loans past-due 90 days or more | 297 | 243 | |||
Non Covered Loans | Commercial and industrial | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 5,710 | 6,491 | |||
Non Covered Loans | Commercial and industrial | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 485 | 1,636 | |||
Non Covered Loans | Commercial and industrial | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 107,736 | 129,047 | |||
Non Covered Loans | Construction | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 24,191 | 13,848 | |||
Current | 767,129 | 765,601 | |||
Loans held-in-portfolio | 791,320 | 779,449 | |||
Non-accrual loans | 13,848 | 13,848 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Non Covered Loans | Construction | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 10,343 | 0 | |||
Non Covered Loans | Construction | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 0 | |||
Non Covered Loans | Construction | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 13,848 | 13,848 | |||
Non Covered Loans | Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,409,506 | 1,474,923 | |||
Current | 5,797,674 | 5,760,335 | |||
Loans held-in-portfolio | 7,207,180 | 7,235,258 | |||
Non-accrual loans | 327,658 | 334,598 | |||
Accruing loans past-due 90 days or more | [8] | 532,809 | 595,525 | ||
Non Covered Loans | Mortgages | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 292,561 | 288,982 | |||
Non Covered Loans | Mortgages | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 132,419 | 131,301 | |||
Non Covered Loans | Mortgages | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 984,526 | 1,054,640 | |||
Non Covered Loans | Leasing | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 13,136 | 12,803 | |||
Current | 950,096 | 921,970 | |||
Loans held-in-portfolio | 963,232 | 934,773 | |||
Non-accrual loans | 2,525 | 3,313 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Non Covered Loans | Leasing | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 8,202 | 7,663 | |||
Non Covered Loans | Leasing | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,409 | 1,827 | |||
Non Covered Loans | Leasing | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,525 | 3,313 | |||
Non Covered Loans | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,657 | 3,267 | |||
Current | 21,747 | 22,682 | |||
Loans held-in-portfolio | 24,404 | 25,949 | |||
Non-accrual loans | 2,583 | 2,627 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Non Covered Loans | Legacy | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 61 | 195 | |||
Non Covered Loans | Legacy | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 13 | 445 | |||
Non Covered Loans | Legacy | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,583 | 2,627 | |||
Non Covered Loans | Consumer | Credit cards | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 32,466 | 32,932 | |||
Current | 983,157 | 1,014,379 | |||
Loans held-in-portfolio | 1,015,623 | 1,047,311 | |||
Non-accrual loans | 2 | 0 | |||
Accruing loans past-due 90 days or more | 16,639 | 16,035 | |||
Non Covered Loans | Consumer | Credit cards | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 9,732 | 9,506 | |||
Non Covered Loans | Consumer | Credit cards | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 6,093 | 7,391 | |||
Non Covered Loans | Consumer | Credit cards | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 16,641 | 16,035 | |||
Non Covered Loans | Consumer | Home equity lines of credit | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,990 | 15,191 | |||
Current | 124,791 | 133,212 | |||
Loans held-in-portfolio | 137,781 | 148,403 | |||
Non-accrual loans | 12,087 | 13,590 | |||
Accruing loans past-due 90 days or more | 0 | 154 | |||
Non Covered Loans | Consumer | Home equity lines of credit | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 457 | 886 | |||
Non Covered Loans | Consumer | Home equity lines of credit | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 446 | 561 | |||
Non Covered Loans | Consumer | Home equity lines of credit | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,087 | 13,744 | |||
Non Covered Loans | Consumer | Personal Loan | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 43,513 | 46,143 | |||
Current | 1,523,219 | 1,493,831 | |||
Loans held-in-portfolio | 1,566,732 | 1,539,974 | |||
Non-accrual loans | 18,987 | 20,497 | |||
Accruing loans past-due 90 days or more | 62 | 35 | |||
Non Covered Loans | Consumer | Personal Loan | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 14,137 | 15,388 | |||
Non Covered Loans | Consumer | Personal Loan | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 9,807 | 9,630 | |||
Non Covered Loans | Consumer | Personal Loan | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 19,569 | 21,125 | |||
Non Covered Loans | Consumer | Auto Loan | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 93,233 | 86,243 | |||
Current | 2,648,862 | 2,522,542 | |||
Loans held-in-portfolio | 2,742,095 | 2,608,785 | |||
Non-accrual loans | 25,162 | 24,050 | |||
Accruing loans past-due 90 days or more | 10 | 127 | |||
Non Covered Loans | Consumer | Auto Loan | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 57,106 | 52,204 | |||
Non Covered Loans | Consumer | Auto Loan | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 10,955 | 9,862 | |||
Non Covered Loans | Consumer | Auto Loan | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 25,172 | 24,177 | |||
Non Covered Loans | Consumer | Other | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 17,089 | 15,816 | |||
Current | 123,942 | 129,152 | |||
Loans held-in-portfolio | 141,031 | 144,968 | |||
Non-accrual loans | 14,196 | 14,538 | |||
Accruing loans past-due 90 days or more | 817 | 424 | |||
Non Covered Loans | Consumer | Other | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,602 | 566 | |||
Non Covered Loans | Consumer | Other | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 474 | 288 | |||
Non Covered Loans | Consumer | Other | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 15,013 | 14,962 | |||
PUERTO RICO | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 19,996,350 | 19,883,472 | |||
PUERTO RICO | Commercial multi-family | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 153,262 | 145,628 | |||
PUERTO RICO | CRE non-owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 2,300,778 | 2,322,601 | |||
PUERTO RICO | CRE owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 1,691,179 | 1,722,253 | |||
PUERTO RICO | Commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 3,245,903 | 3,182,161 | |||
PUERTO RICO | Construction | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 91,372 | 85,955 | |||
PUERTO RICO | Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 6,375,588 | 6,433,323 | |||
PUERTO RICO | Leasing | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 963,232 | 934,773 | |||
PUERTO RICO | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 5,175,036 | 5,056,778 | |||
PUERTO RICO | Non Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,875,258 | 1,954,017 | |||
Current | 18,121,092 | 17,929,455 | |||
Loans held-in-portfolio | 19,996,350 | 19,883,472 | |||
Non-accrual loans | 544,992 | 568,098 | |||
Accruing loans past-due 90 days or more | 550,634 | [9] | 612,543 | [10] | |
PUERTO RICO | Non Covered Loans | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 399,143 | 462,707 | |||
PUERTO RICO | Non Covered Loans | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 186,231 | 167,907 | |||
PUERTO RICO | Non Covered Loans | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,289,884 | 1,323,403 | |||
PUERTO RICO | Non Covered Loans | Commercial multi-family | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,768 | 2,151 | |||
Current | 150,494 | 143,477 | |||
Loans held-in-portfolio | 153,262 | 145,628 | |||
Non-accrual loans | 646 | 546 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | Commercial multi-family | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 729 | 1,441 | |||
PUERTO RICO | Non Covered Loans | Commercial multi-family | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,347 | 112 | |||
PUERTO RICO | Non Covered Loans | Commercial multi-family | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 692 | 598 | |||
PUERTO RICO | Non Covered Loans | CRE non-owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 125,909 | 138,605 | |||
Current | 2,174,869 | 2,183,996 | |||
Loans held-in-portfolio | 2,300,778 | 2,322,601 | |||
Non-accrual loans | 38,189 | 39,257 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | CRE non-owner occupied | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,605 | 92,075 | |||
PUERTO RICO | Non Covered Loans | CRE non-owner occupied | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 21,432 | 839 | |||
PUERTO RICO | Non Covered Loans | CRE non-owner occupied | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 91,872 | 45,691 | |||
PUERTO RICO | Non Covered Loans | CRE owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 117,186 | 116,755 | |||
Current | 1,573,993 | 1,605,498 | |||
Loans held-in-portfolio | 1,691,179 | 1,722,253 | |||
Non-accrual loans | 83,607 | 88,069 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | CRE owner occupied | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 14,279 | 6,681 | |||
PUERTO RICO | Non Covered Loans | CRE owner occupied | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 3,350 | 10,839 | |||
PUERTO RICO | Non Covered Loans | CRE owner occupied | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 99,557 | 99,235 | |||
PUERTO RICO | Non Covered Loans | Commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 49,056 | 60,099 | |||
Current | 3,196,847 | 3,122,062 | |||
Loans held-in-portfolio | 3,245,903 | 3,182,161 | |||
Non-accrual loans | 43,851 | 55,078 | |||
Accruing loans past-due 90 days or more | 297 | 243 | |||
PUERTO RICO | Non Covered Loans | Commercial and industrial | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 4,473 | 4,137 | |||
PUERTO RICO | Non Covered Loans | Commercial and industrial | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 435 | 641 | |||
PUERTO RICO | Non Covered Loans | Commercial and industrial | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 44,148 | 55,321 | |||
PUERTO RICO | Non Covered Loans | Construction | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,788 | 1,788 | |||
Current | 89,584 | 84,167 | |||
Loans held-in-portfolio | 91,372 | 85,955 | |||
Non-accrual loans | 1,788 | 1,788 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | Construction | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | Construction | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | Construction | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,788 | 1,788 | |||
PUERTO RICO | Non Covered Loans | Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,384,129 | 1,447,078 | |||
Current | 4,991,459 | 4,986,245 | |||
Loans held-in-portfolio | 6,375,588 | 6,433,323 | |||
Non-accrual loans | 317,850 | 323,565 | |||
Accruing loans past-due 90 days or more | 532,809 | 595,525 | |||
PUERTO RICO | Non Covered Loans | Mortgages | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 278,233 | 275,367 | |||
PUERTO RICO | Non Covered Loans | Mortgages | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 131,178 | 128,104 | |||
PUERTO RICO | Non Covered Loans | Mortgages | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 974,718 | 1,043,607 | |||
PUERTO RICO | Non Covered Loans | Leasing | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 13,136 | 12,803 | |||
Current | 950,096 | 921,970 | |||
Loans held-in-portfolio | 963,232 | 934,773 | |||
Non-accrual loans | 2,525 | 3,313 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
PUERTO RICO | Non Covered Loans | Leasing | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 8,202 | 7,663 | |||
PUERTO RICO | Non Covered Loans | Leasing | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,409 | 1,827 | |||
PUERTO RICO | Non Covered Loans | Leasing | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,525 | 3,313 | |||
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 32,464 | 32,930 | |||
Current | 983,124 | 1,014,343 | |||
Loans held-in-portfolio | 1,015,588 | 1,047,273 | |||
Non-accrual loans | 0 | 0 | |||
Accruing loans past-due 90 days or more | 16,639 | 16,035 | |||
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 9,732 | 9,504 | |||
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 6,093 | 7,391 | |||
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 16,639 | 16,035 | |||
PUERTO RICO | Non Covered Loans | Consumer | Home equity lines of credit | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 64 | 262 | |||
Current | 4,835 | 5,089 | |||
Loans held-in-portfolio | 4,899 | 5,351 | |||
Non-accrual loans | 0 | 11 | |||
Accruing loans past-due 90 days or more | 0 | 154 | |||
PUERTO RICO | Non Covered Loans | Consumer | Home equity lines of credit | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 6 | 0 | |||
PUERTO RICO | Non Covered Loans | Consumer | Home equity lines of credit | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 58 | 97 | |||
PUERTO RICO | Non Covered Loans | Consumer | Home equity lines of credit | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 165 | |||
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 38,446 | 39,491 | |||
Current | 1,233,178 | 1,211,134 | |||
Loans held-in-portfolio | 1,271,624 | 1,250,625 | |||
Non-accrual loans | 17,178 | 17,887 | |||
Accruing loans past-due 90 days or more | 62 | 35 | |||
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,180 | 13,069 | |||
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 8,506 | 7,907 | |||
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 17,760 | 18,515 | |||
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 93,233 | 86,243 | |||
Current | 2,648,862 | 2,522,542 | |||
Loans held-in-portfolio | 2,742,095 | 2,608,785 | |||
Non-accrual loans | 25,162 | 24,050 | |||
Accruing loans past-due 90 days or more | 10 | 127 | |||
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 57,106 | 52,204 | |||
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 10,955 | 9,862 | |||
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 25,172 | 24,177 | |||
PUERTO RICO | Non Covered Loans | Consumer | Other | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 17,079 | 15,812 | |||
Current | 123,751 | 128,932 | |||
Loans held-in-portfolio | 140,830 | 144,744 | |||
Non-accrual loans | 14,196 | 14,534 | |||
Accruing loans past-due 90 days or more | 817 | 424 | |||
PUERTO RICO | Non Covered Loans | Consumer | Other | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,598 | 566 | |||
PUERTO RICO | Non Covered Loans | Consumer | Other | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 468 | 288 | |||
PUERTO RICO | Non Covered Loans | Consumer | Other | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 15,013 | 14,958 | |||
Popular U.S. | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 6,651,358 | 6,624,417 | |||
Popular U.S. | Commercial multi-family | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 1,392,020 | 1,401,540 | |||
Popular U.S. | CRE non-owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 1,853,495 | 1,881,744 | |||
Popular U.S. | CRE owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 313,547 | 298,939 | |||
Popular U.S. | Commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 1,108,126 | 1,088,153 | |||
Popular U.S. | Construction | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 699,948 | 693,494 | |||
Popular U.S. | Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 831,592 | 801,935 | |||
Popular U.S. | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 24,404 | 25,949 | |||
Popular U.S. | Consumer | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Loans held-in-portfolio | 428,226 | 432,663 | |||
Popular U.S. | Non Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 146,237 | 153,591 | |||
Current | 6,505,121 | 6,470,826 | |||
Loans held-in-portfolio | 6,651,358 | 6,624,417 | |||
Non-accrual loans | 41,210 | 42,989 | |||
Accruing loans past-due 90 days or more | 0 | [11] | 0 | [12] | |
Popular U.S. | Non Covered Loans | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 36,682 | 28,366 | |||
Popular U.S. | Non Covered Loans | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 5,554 | 8,840 | |||
Popular U.S. | Non Covered Loans | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 104,001 | 116,385 | |||
Popular U.S. | Non Covered Loans | Commercial multi-family | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 3,752 | 3,163 | |||
Current | 1,388,268 | 1,398,377 | |||
Loans held-in-portfolio | 1,392,020 | 1,401,540 | |||
Non-accrual loans | 0 | 0 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Commercial multi-family | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,197 | 3,163 | |||
Popular U.S. | Non Covered Loans | Commercial multi-family | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,555 | 0 | |||
Popular U.S. | Non Covered Loans | Commercial multi-family | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 0 | |||
Popular U.S. | Non Covered Loans | CRE non-owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,329 | 1,360 | |||
Current | 1,851,166 | 1,880,384 | |||
Loans held-in-portfolio | 1,853,495 | 1,881,744 | |||
Non-accrual loans | 0 | 365 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | CRE non-owner occupied | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,329 | 707 | |||
Popular U.S. | Non Covered Loans | CRE non-owner occupied | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 288 | |||
Popular U.S. | Non Covered Loans | CRE non-owner occupied | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 365 | |||
Popular U.S. | Non Covered Loans | CRE owner occupied | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 6,839 | 7,234 | |||
Current | 306,708 | 291,705 | |||
Loans held-in-portfolio | 313,547 | 298,939 | |||
Non-accrual loans | 2,064 | 381 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | CRE owner occupied | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 4,775 | 5,125 | |||
Popular U.S. | Non Covered Loans | CRE owner occupied | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 1,728 | |||
Popular U.S. | Non Covered Loans | CRE owner occupied | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,064 | 381 | |||
Popular U.S. | Non Covered Loans | Commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 64,875 | 77,075 | |||
Current | 1,043,251 | 1,011,078 | |||
Loans held-in-portfolio | 1,108,126 | 1,088,153 | |||
Non-accrual loans | 797 | 330 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Commercial and industrial | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,237 | 2,354 | |||
Popular U.S. | Non Covered Loans | Commercial and industrial | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 50 | 995 | |||
Popular U.S. | Non Covered Loans | Commercial and industrial | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 63,588 | 73,726 | |||
Popular U.S. | Non Covered Loans | Construction | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 22,403 | 12,060 | |||
Current | 677,545 | 681,434 | |||
Loans held-in-portfolio | 699,948 | 693,494 | |||
Non-accrual loans | 12,060 | 12,060 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Construction | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 10,343 | 0 | |||
Popular U.S. | Non Covered Loans | Construction | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Construction | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,060 | 12,060 | |||
Popular U.S. | Non Covered Loans | Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 25,377 | 27,845 | |||
Current | 806,215 | 774,090 | |||
Loans held-in-portfolio | 831,592 | 801,935 | |||
Non-accrual loans | 9,808 | 11,033 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Mortgages | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 14,328 | 13,615 | |||
Popular U.S. | Non Covered Loans | Mortgages | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,241 | 3,197 | |||
Popular U.S. | Non Covered Loans | Mortgages | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 9,808 | 11,033 | |||
Popular U.S. | Non Covered Loans | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,657 | 3,267 | |||
Current | 21,747 | 22,682 | |||
Loans held-in-portfolio | 24,404 | 25,949 | |||
Non-accrual loans | 2,583 | 2,627 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Legacy | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 61 | 195 | |||
Popular U.S. | Non Covered Loans | Legacy | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 13 | 445 | |||
Popular U.S. | Non Covered Loans | Legacy | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2,583 | 2,627 | |||
Popular U.S. | Non Covered Loans | Consumer | Credit cards | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2 | 2 | |||
Current | 33 | 36 | |||
Loans held-in-portfolio | 35 | 38 | |||
Non-accrual loans | 2 | 0 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Credit cards | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 2 | |||
Popular U.S. | Non Covered Loans | Consumer | Credit cards | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Credit cards | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 2 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Home equity lines of credit | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,926 | 14,929 | |||
Current | 119,956 | 128,123 | |||
Loans held-in-portfolio | 132,882 | 143,052 | |||
Non-accrual loans | 12,087 | 13,579 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Home equity lines of credit | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 451 | 886 | |||
Popular U.S. | Non Covered Loans | Consumer | Home equity lines of credit | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 388 | 464 | |||
Popular U.S. | Non Covered Loans | Consumer | Home equity lines of credit | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 12,087 | 13,579 | |||
Popular U.S. | Non Covered Loans | Consumer | Personal Loan | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 5,067 | 6,652 | |||
Current | 290,041 | 282,697 | |||
Loans held-in-portfolio | 295,108 | 289,349 | |||
Non-accrual loans | 1,809 | 2,610 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Personal Loan | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,957 | 2,319 | |||
Popular U.S. | Non Covered Loans | Consumer | Personal Loan | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,301 | 1,723 | |||
Popular U.S. | Non Covered Loans | Consumer | Personal Loan | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 1,809 | 2,610 | |||
Popular U.S. | Non Covered Loans | Consumer | Other | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 10 | 4 | |||
Current | 191 | 220 | |||
Loans held-in-portfolio | 201 | 224 | |||
Non-accrual loans | 0 | 4 | |||
Accruing loans past-due 90 days or more | 0 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Other | Past Due 30 To 59 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 4 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Other | Past Due 60 To 89 Days | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | 6 | 0 | |||
Popular U.S. | Non Covered Loans | Consumer | Other | Past Due 90 Days or More | |||||
Financing Receivable, Recorded Investment, Past Due | |||||
Past Due | $ 0 | $ 4 | |||
[1] | The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. | ||||
[2] | Includes $6.6 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.6 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $2.0 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. | ||||
[3] | Loans held-in-portfolio are net of $161 million in unearned income and exclude $44 million in loans held-for-sale. | ||||
[4] | Includes $6.9 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.8 billion were pledged at the FHLB as collateral for borrowings and $2.1 billion at the FRB for discount window borrowings. | ||||
[5] | Loans held-in-portfolio are net of $156 million in unearned income and exclude $51 million in loans held-for-sale. | ||||
[6] | Loans HIP of $257 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. | ||||
[7] | Non-covered loans HIP of $216 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. | ||||
[8] | 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. | ||||
[9] | Loans HIP of $194 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. | ||||
[10] | Non-covered loans HIP of $143 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. | ||||
[11] | Loans HIP of $63 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. | ||||
[12] | Non-covered loans HIP of $73 million accounted for under ASC Subtopic 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis. |
Note Loans (Non-covered loans_2
Note Loans (Non-covered loans HIP in past due status, non-performing status and accruing loans past-due 90 days or more by loan class) (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unearned Income | $ 160,579 | $ 155,824 | ||
Loans held-for-sale, at lower of cost or fair value | 43,985 | 51,422 | ||
Loans held-in-portfolio, net of unearned income | 26,647,708 | 26,507,889 | ||
Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | 6,600,000 | 6,900,000 | ||
Loans-held-in portfolio served as collateral to secure credit facilities authorized with the FHLB | 4,600,000 | 4,800,000 | ||
Loans held-in-portfolio, net of unearned income | 26,647,708 | [1],[2] | 26,507,889 | [3],[4] |
FRB Discount Window | Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans served as collateral to secure debt obligations | 2,000,000 | 2,100,000 | ||
PUERTO RICO | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | 19,996,350 | 19,883,472 | ||
PUERTO RICO | Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | 19,996,350 | 19,883,472 | ||
Popular U.S. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | 6,651,358 | 6,624,417 | ||
Popular U.S. | Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | 6,651,358 | 6,624,417 | ||
ASC Subtopic 310-30 | Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | 257,000 | 216,000 | ||
ASC Subtopic 310-30 | PUERTO RICO | Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | 194,000 | 143,000 | ||
ASC Subtopic 310-30 | Popular U.S. | Non Covered Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-in-portfolio, net of unearned income | $ 63,000 | $ 73,000 | ||
[1] | Includes $6.6 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.6 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $2.0 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. | |||
[2] | Loans held-in-portfolio are net of $161 million in unearned income and exclude $44 million in loans held-for-sale. | |||
[3] | Includes $6.9 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which $4.8 billion were pledged at the FHLB as collateral for borrowings and $2.1 billion at the FRB for discount window borrowings. | |||
[4] | Loans held-in-portfolio are net of $156 million in unearned income and exclude $51 million in loans held-for-sale. |
Note Loans (Carrying amount of
Note Loans (Carrying amount of acquired loans accounted for pursuant to ASC310-30 by portfolio) (Details) - ASC Subtopic 310-30 - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | $ 1,831,257 | [1] | $ 1,883,556 | $ 2,085,191 | $ 2,108,993 |
Less: Allowance for loan losses | (124,147) | (122,135) | (146,120) | ||
Carrying amount, net of allowance | 1,707,110 | 1,761,421 | $ 1,939,071 | ||
Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | 775,292 | 801,774 | |||
Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | 145,835 | 84,465 | |||
Mortgages | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | 896,761 | 982,821 | |||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | $ 13,369 | $ 14,496 | |||
[1] | At March 31, 2019, includes $1.3 billion of loans considered non-credit impaired at the acquisition date (March 31, 2018 - $1.5 billion). |
Note Loans (Changes in the carr
Note Loans (Changes in the carrying amount and the accretable yield for the acquired loans) (Detail) - ASC Subtopic 310-30 - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Accretable yield | ||||
Beginning Balance | $ 1,092,504 | $ 1,214,488 | ||
Additions | 2,890 | 3,437 | ||
Accretion | (37,404) | (42,060) | ||
Change In Expected Cash Flows | 10,177 | 28,861 | ||
Ending Balance | 1,068,167 | [1] | 1,204,726 | |
Carrying amount of loans | ||||
Beginning Balance | 1,883,556 | 2,108,993 | ||
Additions | 5,220 | 5,272 | ||
Accretion | 37,404 | 42,060 | ||
Collections / loan sales / charge-offs | (94,923) | (71,134) | ||
Ending Balance | 1,831,257 | [2] | 2,085,191 | |
Less: Allowance for loan losses | (124,147) | (146,120) | $ (122,135) | |
Carrying amount, net of allowance | $ 1,707,110 | $ 1,939,071 | $ 1,761,421 | |
[1] | At March 31, 2019, includes $0.7 billion for loans considered non-credit impaired at the acquisition date (March 31, 2018 - $0.9 billion). | |||
[2] | At March 31, 2019, includes $1.3 billion of loans considered non-credit impaired at the acquisition date (March 31, 2018 - $1.5 billion). |
Note Loans (Changes in the ca_2
Note Loans (Changes in the carrying amount and the accretable yield for the acquired loans) (Parenthetical) (Detail) - ASC Subtopic 310-30 - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | $ 1,831,257 | [1] | $ 1,883,556 | $ 2,085,191 | $ 2,108,993 |
Accretable yield | 1,068,167 | [2] | $ 1,092,504 | 1,204,726 | $ 1,214,488 |
Non-credit Impaired Loans | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Carrying amount | 1,300,000 | 1,500,000 | |||
Accretable yield | $ 700,000 | $ 900,000 | |||
[1] | At March 31, 2019, includes $1.3 billion of loans considered non-credit impaired at the acquisition date (March 31, 2018 - $1.5 billion). | ||||
[2] | At March 31, 2019, includes $0.7 billion for loans considered non-credit impaired at the acquisition date (March 31, 2018 - $0.9 billion). |
Note Loans - Additional Informa
Note Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Aug. 01, 2018 | |
Accounts, Notes, Loans and Financing Receivable | ||||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds | $ 93,725 | $ 140,657 | ||
Mortgage loans related to buy-back option program | 26,808,287 | $ 26,663,713 | ||
Non-covered Loans held-in-portfolio | 26,647,708 | 26,507,889 | ||
Reliable Financial Services | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Loans acquired | $ 1,802,463 | |||
Buy back option program | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Accruing loans past-due 90 days or more | 106,000 | 134,000 | ||
Mortgage loans related to buy-back option program | 106,000 | 134,000 | ||
Residential Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Residential Mortgage Loans Sold | 12,000 | 10,000 | ||
GNMA | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds | 71,000 | 112,000 | ||
FNMA | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds | 21,000 | 26,000 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Purchase of Loans | 69,000 | 51,000 | ||
Non-covered Loans held-in-portfolio | 5,603,262 | 5,489,441 | ||
Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Purchase of Loans | 81,000 | $ 156,000 | ||
Non-covered Loans held-in-portfolio | 7,207,180 | 7,235,258 | ||
Mortgages | US Government Agency Insured Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered Loans held-in-portfolio | 1,400,000 | 1,400,000 | ||
Mortgages | US Government Agency Insured Loans | Past Due 90 Days or More | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Past Due | 535,000 | 598,000 | ||
Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Loans Sold | 8,000 | |||
Commercial Loans | Reliable Financial Services | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Loans acquired | 341,000 | |||
Leasing | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered Loans held-in-portfolio | 963,232 | 934,773 | ||
Reverse Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Current | 67,000 | 69,000 | ||
Residential mortgage loans insured By FHA | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Accruing loans past-due 90 days or more | 292,000 | 283,000 | ||
Auto Loan | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered Loans held-in-portfolio | 2,742,095 | 2,608,785 | ||
Auto Loan | Reliable Financial Services | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Loans acquired | $ 1,600,000 | |||
ASC Subtopic 310-30 | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Outstanding principal balance of SOP loans | $ 2,100,000 | $ 2,200,000 |
Note Allowance for loan losses
Note Allowance for loan losses (Allowance Movement) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | $ 569,348 | $ 623,426 | ||
Provision (reversal) for loan losses | 41,825 | 71,063 | ||
Charge-offs | (79,841) | (67,816) | ||
Recoveries | 19,296 | 13,905 | ||
Balance at end of period | 550,628 | 640,578 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 101,958 | 117,015 | ||
General ALLL | 448,670 | 523,563 | ||
Ending balance: loans individually evaluated for impairment | 1,034,037 | 981,223 | ||
Ending balance: loans collectively evaluated for impairment | 25,613,671 | 23,621,325 | ||
Non-covered Loans held-in-portfolio | 26,647,708 | $ 26,507,889 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 26,647,708 | 24,602,548 | ||
PUERTO RICO | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 19,996,350 | 19,883,472 | ||
PUERTO RICO | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 507,158 | 518,104 | ||
Provision (reversal) for loan losses | 31,454 | 56,718 | ||
Charge-offs | (70,622) | (51,417) | ||
Recoveries | 16,393 | 10,190 | ||
Balance at end of period | 484,383 | 533,595 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 97,722 | 113,324 | ||
General ALLL | 386,661 | 420,271 | ||
Ending balance: loans individually evaluated for impairment | 1,001,861 | 966,297 | ||
Ending balance: loans collectively evaluated for impairment | 18,994,489 | 16,773,383 | ||
Non-covered Loans held-in-portfolio | 19,996,350 | 17,739,680 | ||
PUERTO RICO | Covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 33,244 | |||
Provision (reversal) for loan losses | 1,730 | |||
Charge-offs | (1,448) | |||
Recoveries | 84 | |||
Balance at end of period | 33,610 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | |||
General ALLL | 33,610 | |||
Ending balance: loans individually evaluated for impairment | 0 | |||
Ending balance: loans collectively evaluated for impairment | 514,611 | |||
Loans covered under loss-sharing agreements with the FDIC | 514,611 | |||
UNITED STATES | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 6,651,358 | 6,624,417 | ||
UNITED STATES | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 62,190 | 72,078 | ||
Provision (reversal) for loan losses | 10,371 | 12,615 | ||
Charge-offs | (9,219) | (14,951) | ||
Recoveries | 2,903 | 3,631 | ||
Balance at end of period | 66,245 | 73,373 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 4,236 | 3,691 | ||
General ALLL | 62,009 | 69,682 | ||
Ending balance: loans individually evaluated for impairment | 32,176 | 14,926 | ||
Ending balance: loans collectively evaluated for impairment | 6,619,182 | 6,333,331 | ||
Non-covered Loans held-in-portfolio | 6,651,358 | 6,348,257 | ||
Commercial | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 239,115 | 215,665 | ||
Provision (reversal) for loan losses | 4,802 | 31,489 | ||
Charge-offs | (22,942) | (15,185) | ||
Recoveries | 3,514 | 4,412 | ||
Balance at end of period | 224,489 | 236,381 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 33,476 | 45,028 | ||
General ALLL | 191,013 | 191,353 | ||
Ending balance: loans individually evaluated for impairment | 383,494 | 352,064 | ||
Ending balance: loans collectively evaluated for impairment | 11,674,816 | 11,116,443 | ||
Non-covered Loans held-in-portfolio | 12,058,310 | 12,043,019 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 12,058,310 | 11,468,507 | ||
Commercial | PUERTO RICO | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 7,391,122 | 7,372,643 | ||
Commercial | PUERTO RICO | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 207,214 | 171,531 | ||
Provision (reversal) for loan losses | (1,689) | 20,934 | ||
Charge-offs | (19,461) | (6,789) | ||
Recoveries | 2,867 | 2,846 | ||
Balance at end of period | 188,931 | 188,522 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 33,253 | 45,028 | ||
General ALLL | 155,678 | 143,494 | ||
Ending balance: loans individually evaluated for impairment | 381,803 | 352,064 | ||
Ending balance: loans collectively evaluated for impairment | 7,009,319 | 6,770,732 | ||
Non-covered Loans held-in-portfolio | 7,391,122 | 7,122,796 | ||
Commercial | PUERTO RICO | Covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 0 | |||
Provision (reversal) for loan losses | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Balance at end of period | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | |||
General ALLL | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | |||
Loans covered under loss-sharing agreements with the FDIC | 0 | |||
Commercial | UNITED STATES | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 4,667,188 | 4,670,376 | ||
Commercial | UNITED STATES | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 31,901 | 44,134 | ||
Provision (reversal) for loan losses | 6,491 | 10,555 | ||
Charge-offs | (3,481) | (8,396) | ||
Recoveries | 647 | 1,566 | ||
Balance at end of period | 35,558 | 47,859 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 223 | 0 | ||
General ALLL | 35,335 | 47,859 | ||
Ending balance: loans individually evaluated for impairment | 1,691 | 0 | ||
Ending balance: loans collectively evaluated for impairment | 4,665,497 | 4,345,711 | ||
Non-covered Loans held-in-portfolio | 4,667,188 | 4,345,711 | ||
Construction | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 7,424 | 8,362 | ||
Provision (reversal) for loan losses | 47 | 1,179 | ||
Charge-offs | (22) | 48 | ||
Recoveries | 47 | 160 | ||
Balance at end of period | 7,496 | 9,749 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 19 | 474 | ||
General ALLL | 7,477 | 9,275 | ||
Ending balance: loans individually evaluated for impairment | 13,848 | 4,293 | ||
Ending balance: loans collectively evaluated for impairment | 777,472 | 889,098 | ||
Non-covered Loans held-in-portfolio | 791,320 | 779,449 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 791,320 | 893,391 | ||
Construction | PUERTO RICO | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 91,372 | 85,955 | ||
Construction | PUERTO RICO | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 886 | 1,286 | ||
Provision (reversal) for loan losses | (81) | 1,163 | ||
Charge-offs | (22) | 48 | ||
Recoveries | 39 | 160 | ||
Balance at end of period | 822 | 2,657 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 19 | 474 | ||
General ALLL | 803 | 2,183 | ||
Ending balance: loans individually evaluated for impairment | 1,788 | 4,293 | ||
Ending balance: loans collectively evaluated for impairment | 89,584 | 89,565 | ||
Non-covered Loans held-in-portfolio | 91,372 | 93,858 | ||
Construction | PUERTO RICO | Covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 0 | |||
Provision (reversal) for loan losses | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Balance at end of period | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | |||
General ALLL | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | |||
Loans covered under loss-sharing agreements with the FDIC | 0 | |||
Construction | UNITED STATES | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 699,948 | 693,494 | ||
Construction | UNITED STATES | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 6,538 | 7,076 | ||
Provision (reversal) for loan losses | 128 | 16 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 8 | 0 | ||
Balance at end of period | 6,674 | 7,092 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | 0 | ||
General ALLL | 6,674 | 7,092 | ||
Ending balance: loans individually evaluated for impairment | 12,060 | 0 | ||
Ending balance: loans collectively evaluated for impairment | 687,888 | 799,533 | ||
Non-covered Loans held-in-portfolio | 699,948 | 799,533 | ||
Mortgages | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 147,412 | 196,143 | ||
Provision (reversal) for loan losses | 6,298 | 9,611 | ||
Charge-offs | (13,425) | (15,319) | ||
Recoveries | 2,013 | 1,015 | ||
Balance at end of period | 142,298 | 191,450 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 43,139 | 46,915 | ||
General ALLL | 99,159 | 144,535 | ||
Ending balance: loans individually evaluated for impairment | 524,803 | 519,922 | ||
Ending balance: loans collectively evaluated for impairment | 6,682,377 | 7,045,405 | ||
Non-covered Loans held-in-portfolio | 7,207,180 | 7,235,258 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 7,207,180 | 7,565,327 | ||
Mortgages | PUERTO RICO | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 6,375,588 | 6,433,323 | ||
Mortgages | PUERTO RICO | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 142,978 | 159,081 | ||
Provision (reversal) for loan losses | 6,061 | 7,464 | ||
Charge-offs | (13,174) | (13,791) | ||
Recoveries | 1,991 | 547 | ||
Balance at end of period | 137,856 | 153,301 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 40,779 | 44,419 | ||
General ALLL | 97,077 | 108,882 | ||
Ending balance: loans individually evaluated for impairment | 515,365 | 510,849 | ||
Ending balance: loans collectively evaluated for impairment | 5,860,223 | 5,844,857 | ||
Non-covered Loans held-in-portfolio | 6,375,588 | 6,355,706 | ||
Mortgages | PUERTO RICO | Covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 32,521 | |||
Provision (reversal) for loan losses | 2,265 | |||
Charge-offs | (1,446) | |||
Recoveries | 82 | |||
Balance at end of period | 33,422 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | |||
General ALLL | 33,422 | |||
Ending balance: loans individually evaluated for impairment | 0 | |||
Ending balance: loans collectively evaluated for impairment | 500,683 | |||
Loans covered under loss-sharing agreements with the FDIC | 500,683 | |||
Mortgages | UNITED STATES | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 831,592 | 801,935 | ||
Mortgages | UNITED STATES | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 4,434 | 4,541 | ||
Provision (reversal) for loan losses | 237 | (118) | ||
Charge-offs | (251) | (82) | ||
Recoveries | 22 | 386 | ||
Balance at end of period | 4,442 | 4,727 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 2,360 | 2,496 | ||
General ALLL | 2,082 | 2,231 | ||
Ending balance: loans individually evaluated for impairment | 9,438 | 9,073 | ||
Ending balance: loans collectively evaluated for impairment | 822,154 | 699,865 | ||
Non-covered Loans held-in-portfolio | 831,592 | 708,938 | ||
Legacy | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 969 | 798 | ||
Provision (reversal) for loan losses | (855) | (477) | ||
Charge-offs | 164 | (157) | ||
Recoveries | 551 | 488 | ||
Balance at end of period | 829 | 652 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | 0 | ||
General ALLL | 829 | 652 | ||
Ending balance: loans individually evaluated for impairment | 0 | 0 | ||
Ending balance: loans collectively evaluated for impairment | 24,404 | 31,167 | ||
Non-covered Loans held-in-portfolio | [1] | 24,404 | 25,949 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 24,404 | 31,167 | ||
Legacy | UNITED STATES | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 24,404 | 25,949 | ||
Legacy | UNITED STATES | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 969 | 798 | ||
Provision (reversal) for loan losses | (855) | (477) | ||
Charge-offs | 164 | (157) | ||
Recoveries | 551 | 488 | ||
Balance at end of period | 829 | 652 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | 0 | ||
General ALLL | 829 | 652 | ||
Ending balance: loans individually evaluated for impairment | 0 | 0 | ||
Ending balance: loans collectively evaluated for impairment | 24,404 | 31,167 | ||
Non-covered Loans held-in-portfolio | 24,404 | 31,167 | ||
Leasing | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 11,486 | 11,991 | ||
Provision (reversal) for loan losses | (891) | 2,914 | ||
Charge-offs | (2,096) | (2,513) | ||
Recoveries | 610 | 520 | ||
Balance at end of period | 9,109 | 12,912 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 321 | 448 | ||
General ALLL | 8,788 | 12,464 | ||
Ending balance: loans individually evaluated for impairment | 1,018 | 1,361 | ||
Ending balance: loans collectively evaluated for impairment | 962,214 | 837,022 | ||
Non-covered Loans held-in-portfolio | 963,232 | 934,773 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 963,232 | 838,383 | ||
Leasing | PUERTO RICO | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 963,232 | 934,773 | ||
Leasing | PUERTO RICO | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 11,486 | 11,991 | ||
Provision (reversal) for loan losses | (891) | 2,914 | ||
Charge-offs | (2,096) | (2,513) | ||
Recoveries | 610 | 520 | ||
Balance at end of period | 9,109 | 12,912 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 321 | 448 | ||
General ALLL | 8,788 | 12,464 | ||
Ending balance: loans individually evaluated for impairment | 1,018 | 1,361 | ||
Ending balance: loans collectively evaluated for impairment | 962,214 | 837,022 | ||
Non-covered Loans held-in-portfolio | 963,232 | 838,383 | ||
Leasing | PUERTO RICO | Covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 0 | |||
Provision (reversal) for loan losses | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Balance at end of period | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | |||
General ALLL | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | |||
Loans covered under loss-sharing agreements with the FDIC | 0 | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 162,942 | 190,467 | ||
Provision (reversal) for loan losses | 32,424 | 26,347 | ||
Charge-offs | (41,520) | (34,690) | ||
Recoveries | 12,561 | 7,310 | ||
Balance at end of period | 166,407 | 189,434 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 25,003 | 24,150 | ||
General ALLL | 141,404 | 165,284 | ||
Ending balance: loans individually evaluated for impairment | 110,874 | 103,583 | ||
Ending balance: loans collectively evaluated for impairment | 5,492,388 | 3,702,190 | ||
Non-covered Loans held-in-portfolio | 5,603,262 | 5,489,441 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 5,603,262 | 3,805,773 | ||
Consumer | PUERTO RICO | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 5,175,036 | 5,056,778 | ||
Consumer | PUERTO RICO | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 144,594 | 174,215 | ||
Provision (reversal) for loan losses | 28,054 | 24,243 | ||
Charge-offs | (35,869) | (28,372) | ||
Recoveries | 10,886 | 6,117 | ||
Balance at end of period | 147,665 | 176,203 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 23,350 | 22,955 | ||
General ALLL | 124,315 | 153,248 | ||
Ending balance: loans individually evaluated for impairment | 101,887 | 97,730 | ||
Ending balance: loans collectively evaluated for impairment | 5,073,149 | 3,231,207 | ||
Non-covered Loans held-in-portfolio | 5,175,036 | 3,328,937 | ||
Consumer | PUERTO RICO | Covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 723 | |||
Provision (reversal) for loan losses | (535) | |||
Charge-offs | (2) | |||
Recoveries | 2 | |||
Balance at end of period | 188 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 0 | |||
General ALLL | 188 | |||
Ending balance: loans individually evaluated for impairment | 0 | |||
Ending balance: loans collectively evaluated for impairment | 13,928 | |||
Loans covered under loss-sharing agreements with the FDIC | 13,928 | |||
Consumer | UNITED STATES | ||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Non-covered Loans held-in-portfolio | 428,226 | $ 432,663 | ||
Consumer | UNITED STATES | Non-covered loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 18,348 | 15,529 | ||
Provision (reversal) for loan losses | 4,370 | 2,639 | ||
Charge-offs | (5,651) | (6,316) | ||
Recoveries | 1,675 | 1,191 | ||
Balance at end of period | 18,742 | 13,043 | ||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | ||||
Specific ALLL | 1,653 | 1,195 | ||
General ALLL | 17,089 | 11,848 | ||
Ending balance: loans individually evaluated for impairment | 8,987 | 5,853 | ||
Ending balance: loans collectively evaluated for impairment | 419,239 | 457,055 | ||
Non-covered Loans held-in-portfolio | $ 428,226 | $ 462,908 | ||
[1] | The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. |
Note Allowance for loan losse_2
Note Allowance for loan losses (Activity in Allowance for Loan Losses Related to ASC 310-30 Acquired Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses | ||
Balance at beginning of period | $ 569,348 | $ 623,426 |
Provision (reversal) for loan losses | 41,825 | 71,063 |
Charge-offs | (79,841) | (67,816) |
Balance at end of period | 550,628 | 640,578 |
ASC Subtopic 310-30 | ||
Financing Receivable, Allowance for Credit Losses | ||
Balance at beginning of period | 122,135 | 119,505 |
Provision (reversal) for loan losses | 7,726 | 37,335 |
Charge-offs | (5,714) | (10,720) |
Balance at end of period | $ 124,147 | $ 146,120 |
Note Allowance for loan losse_3
Note Allowance for loan losses (Disclosures related to loans individually evaluated for impairment) (Detail) - Non Covered Loans - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired | ||
Related Allowance | $ 101,958 | $ 119,670 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 777,380 | 795,308 |
Recorded investment - with No Allowance | 256,657 | 249,787 |
Recorded Investment - Total | 1,034,037 | 1,045,095 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 864,585 | 867,932 |
Unpaid principal balance - with No Allowance | 387,290 | 377,884 |
Unpaid Principal Balance - Total | 1,251,875 | 1,245,816 |
Commercial multi-family | ||
Financing Receivable, Impaired | ||
Related Allowance | 4 | 4 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 924 | 932 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 924 | 932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 924 | 932 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 924 | 932 |
CRE non-owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 22,536 | 27,494 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 72,891 | 85,583 |
Recorded investment - with No Allowance | 102,971 | 96,005 |
Recorded Investment - Total | 175,862 | 181,588 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 73,589 | 86,282 |
Unpaid principal balance - with No Allowance | 149,106 | 138,378 |
Unpaid Principal Balance - Total | 222,695 | 224,660 |
CRE owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 7,685 | 7,857 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 114,017 | 113,592 |
Recorded investment - with No Allowance | 27,300 | 26,474 |
Recorded Investment - Total | 141,317 | 140,066 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 133,506 | 132,677 |
Unpaid principal balance - with No Allowance | 59,652 | 60,485 |
Unpaid Principal Balance - Total | 193,158 | 193,162 |
Commercial and industrial | ||
Financing Receivable, Impaired | ||
Related Allowance | 3,251 | 16,835 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 55,496 | 65,208 |
Recorded investment - with No Allowance | 9,895 | 10,724 |
Recorded Investment - Total | 65,391 | 75,932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 68,923 | 67,094 |
Unpaid principal balance - with No Allowance | 20,139 | 20,968 |
Unpaid Principal Balance - Total | 89,062 | 88,062 |
Construction | ||
Financing Receivable, Impaired | ||
Related Allowance | 19 | 56 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,788 | 1,788 |
Recorded investment - with No Allowance | 12,060 | 12,060 |
Recorded Investment - Total | 13,848 | 13,848 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,788 | 1,788 |
Unpaid principal balance - with No Allowance | 18,127 | 18,127 |
Unpaid Principal Balance - Total | 19,915 | 19,915 |
Mortgages | ||
Financing Receivable, Impaired | ||
Related Allowance | 43,139 | 41,211 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 421,898 | 416,004 |
Recorded investment - with No Allowance | 102,905 | 102,884 |
Recorded Investment - Total | 524,803 | 518,888 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 475,404 | 466,909 |
Unpaid principal balance - with No Allowance | 138,583 | 138,211 |
Unpaid Principal Balance - Total | 613,987 | 605,120 |
Leasing | ||
Financing Receivable, Impaired | ||
Related Allowance | 321 | 320 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,018 | 1,099 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,018 | 1,099 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,018 | 1,099 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,018 | 1,099 |
Consumer | Credit cards | ||
Financing Receivable, Impaired | ||
Related Allowance | 4,200 | 4,571 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 27,879 | 28,829 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 27,879 | 28,829 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 27,879 | 28,829 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 27,879 | 28,829 |
Consumer | Home equity lines of credit | ||
Financing Receivable, Impaired | ||
Related Allowance | 1,393 | 1,558 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 6,830 | 6,236 |
Recorded investment - with No Allowance | 1,358 | 1,498 |
Recorded Investment - Total | 8,188 | 7,734 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 6,914 | 6,285 |
Unpaid principal balance - with No Allowance | 1,452 | 1,572 |
Unpaid Principal Balance - Total | 8,366 | 7,857 |
Consumer | Personal Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 19,011 | 19,350 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 72,238 | 73,620 |
Recorded investment - with No Allowance | 168 | 142 |
Recorded Investment - Total | 72,406 | 73,762 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 72,239 | 73,620 |
Unpaid principal balance - with No Allowance | 231 | 143 |
Unpaid Principal Balance - Total | 72,470 | 73,763 |
Consumer | Auto Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 229 | 228 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,163 | 1,161 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,163 | 1,161 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,163 | 1,161 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,163 | 1,161 |
Consumer | Other | ||
Financing Receivable, Impaired | ||
Related Allowance | 170 | 186 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,238 | 1,256 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,238 | 1,256 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,238 | 1,256 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,238 | 1,256 |
PUERTO RICO | ||
Financing Receivable, Impaired | ||
Related Allowance | 97,722 | 115,409 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 761,314 | 781,204 |
Recorded investment - with No Allowance | 240,547 | 233,904 |
Recorded Investment - Total | 1,001,861 | 1,015,108 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 846,800 | 852,117 |
Unpaid principal balance - with No Allowance | 363,932 | 354,915 |
Unpaid Principal Balance - Total | 1,210,732 | 1,207,032 |
PUERTO RICO | Commercial multi-family | ||
Financing Receivable, Impaired | ||
Related Allowance | 4 | 4 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 924 | 932 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 924 | 932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 924 | 932 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 924 | 932 |
PUERTO RICO | CRE non-owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 22,536 | 27,494 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 72,891 | 85,583 |
Recorded investment - with No Allowance | 102,971 | 96,005 |
Recorded Investment - Total | 175,862 | 181,588 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 73,589 | 86,282 |
Unpaid principal balance - with No Allowance | 149,106 | 138,378 |
Unpaid Principal Balance - Total | 222,695 | 224,660 |
PUERTO RICO | CRE owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 7,462 | 7,857 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 112,326 | 113,592 |
Recorded investment - with No Allowance | 27,300 | 26,474 |
Recorded Investment - Total | 139,626 | 140,066 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 131,793 | 132,677 |
Unpaid principal balance - with No Allowance | 59,652 | 60,485 |
Unpaid Principal Balance - Total | 191,445 | 193,162 |
PUERTO RICO | Commercial and industrial | ||
Financing Receivable, Impaired | ||
Related Allowance | 3,251 | 16,835 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 55,496 | 65,208 |
Recorded investment - with No Allowance | 9,895 | 10,724 |
Recorded Investment - Total | 65,391 | 75,932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 68,923 | 67,094 |
Unpaid principal balance - with No Allowance | 20,139 | 20,968 |
Unpaid Principal Balance - Total | 89,062 | 88,062 |
PUERTO RICO | Construction | ||
Financing Receivable, Impaired | ||
Related Allowance | 19 | 56 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,788 | 1,788 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,788 | 1,788 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,788 | 1,788 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,788 | 1,788 |
PUERTO RICO | Mortgages | ||
Financing Receivable, Impaired | ||
Related Allowance | 40,779 | 38,760 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 414,984 | 408,767 |
Recorded investment - with No Allowance | 100,381 | 100,701 |
Recorded Investment - Total | 515,365 | 509,468 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 466,878 | 458,010 |
Unpaid principal balance - with No Allowance | 135,035 | 135,084 |
Unpaid Principal Balance - Total | 601,913 | 593,094 |
PUERTO RICO | Leasing | ||
Financing Receivable, Impaired | ||
Related Allowance | 321 | 320 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,018 | 1,099 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,018 | 1,099 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,018 | 1,099 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,018 | 1,099 |
PUERTO RICO | Consumer | Credit cards | ||
Financing Receivable, Impaired | ||
Related Allowance | 4,200 | 4,571 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 27,879 | 28,829 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 27,879 | 28,829 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 27,879 | 28,829 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 27,879 | 28,829 |
PUERTO RICO | Consumer | Personal Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 18,751 | 19,098 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 71,607 | 72,989 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 71,607 | 72,989 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 71,607 | 72,989 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 71,607 | 72,989 |
PUERTO RICO | Consumer | Auto Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 229 | 228 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,163 | 1,161 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,163 | 1,161 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,163 | 1,161 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,163 | 1,161 |
PUERTO RICO | Consumer | Other | ||
Financing Receivable, Impaired | ||
Related Allowance | 170 | 186 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,238 | 1,256 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 1,238 | 1,256 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,238 | 1,256 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 1,238 | 1,256 |
UNITED STATES | ||
Financing Receivable, Impaired | ||
Related Allowance | 4,236 | 4,261 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 16,066 | 14,104 |
Recorded investment - with No Allowance | 16,110 | 15,883 |
Recorded Investment - Total | 32,176 | 29,987 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 17,785 | 15,815 |
Unpaid principal balance - with No Allowance | 23,358 | 22,969 |
Unpaid Principal Balance - Total | 41,143 | 38,784 |
UNITED STATES | CRE owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 223 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 1,691 | |
Recorded investment - with No Allowance | 0 | |
Recorded Investment - Total | 1,691 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 1,713 | |
Unpaid principal balance - with No Allowance | 0 | |
Unpaid Principal Balance - Total | 1,713 | |
UNITED STATES | Construction | ||
Financing Receivable, Impaired | ||
Related Allowance | 0 | 0 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 0 | 0 |
Recorded investment - with No Allowance | 12,060 | 12,060 |
Recorded Investment - Total | 12,060 | 12,060 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 0 | 0 |
Unpaid principal balance - with No Allowance | 18,127 | 18,127 |
Unpaid Principal Balance - Total | 18,127 | 18,127 |
UNITED STATES | Mortgages | ||
Financing Receivable, Impaired | ||
Related Allowance | 2,360 | 2,451 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 6,914 | 7,237 |
Recorded investment - with No Allowance | 2,524 | 2,183 |
Recorded Investment - Total | 9,438 | 9,420 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 8,526 | 8,899 |
Unpaid principal balance - with No Allowance | 3,548 | 3,127 |
Unpaid Principal Balance - Total | 12,074 | 12,026 |
UNITED STATES | Consumer | Home equity lines of credit | ||
Financing Receivable, Impaired | ||
Related Allowance | 1,393 | 1,558 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 6,830 | 6,236 |
Recorded investment - with No Allowance | 1,358 | 1,498 |
Recorded Investment - Total | 8,188 | 7,734 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 6,914 | 6,285 |
Unpaid principal balance - with No Allowance | 1,452 | 1,572 |
Unpaid Principal Balance - Total | 8,366 | 7,857 |
UNITED STATES | Consumer | Personal Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 260 | 252 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 631 | 631 |
Recorded investment - with No Allowance | 168 | 142 |
Recorded Investment - Total | 799 | 773 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 632 | 631 |
Unpaid principal balance - with No Allowance | 231 | 143 |
Unpaid Principal Balance - Total | $ 863 | $ 774 |
Note Allowance for loan losse_4
Note Allowance for loan losses (Average recorded investment and interest income recognized on impaired loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Impaired | ||
Average Recorded Investment | $ 1,039,569 | $ 964,327 |
Interest Income Recognized | 8,062 | 10,059 |
Commercial multi-family | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 928 | 168 |
Interest Income Recognized | 12 | 2 |
CRE non-owner occupied | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 178,725 | 123,359 |
Interest Income Recognized | 1,712 | 1,366 |
CRE owner occupied | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 140,692 | 153,453 |
Interest Income Recognized | 1,458 | 1,486 |
Commercial and industrial | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 70,662 | 60,780 |
Interest Income Recognized | 745 | 582 |
Construction | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 13,848 | 2,147 |
Interest Income Recognized | 0 | 0 |
Mortgages | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 521,846 | 519,099 |
Interest Income Recognized | 4,066 | 6,623 |
Leasing | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,059 | 1,409 |
Interest Income Recognized | 0 | 0 |
Consumer | Credit cards | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 28,354 | 33,471 |
Interest Income Recognized | 0 | 0 |
Consumer | Home equity lines of credit | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 7,962 | 4,685 |
Interest Income Recognized | 0 | 0 |
Consumer | Personal Loan | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 73,084 | 62,516 |
Interest Income Recognized | 69 | 0 |
Consumer | Auto Loan | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,162 | 1,885 |
Interest Income Recognized | 0 | 0 |
Consumer | Other | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,247 | 1,355 |
Interest Income Recognized | 0 | 0 |
PUERTO RICO | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,008,486 | 949,713 |
Interest Income Recognized | 8,022 | 10,016 |
PUERTO RICO | Commercial multi-family | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 928 | 168 |
Interest Income Recognized | 12 | 2 |
PUERTO RICO | CRE non-owner occupied | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 178,725 | 123,359 |
Interest Income Recognized | 1,712 | 1,366 |
PUERTO RICO | CRE owner occupied | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 139,846 | 153,453 |
Interest Income Recognized | 1,458 | 1,486 |
PUERTO RICO | Commercial and industrial | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 70,662 | 60,780 |
Interest Income Recognized | 745 | 582 |
PUERTO RICO | Construction | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,788 | 2,147 |
Interest Income Recognized | 0 | 0 |
PUERTO RICO | Mortgages | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 512,417 | 509,941 |
Interest Income Recognized | 4,026 | 6,580 |
PUERTO RICO | Leasing | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,059 | 1,409 |
Interest Income Recognized | 0 | 0 |
PUERTO RICO | Consumer | Credit cards | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 28,354 | 33,471 |
Interest Income Recognized | 0 | 0 |
PUERTO RICO | Consumer | Home equity lines of credit | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
PUERTO RICO | Consumer | Personal Loan | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 72,298 | 61,745 |
Interest Income Recognized | 69 | 0 |
PUERTO RICO | Consumer | Auto Loan | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,162 | 1,885 |
Interest Income Recognized | 0 | 0 |
PUERTO RICO | Consumer | Other | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 1,247 | 1,355 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 31,083 | 14,614 |
Interest Income Recognized | 40 | 43 |
UNITED STATES | Commercial multi-family | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | CRE non-owner occupied | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | CRE owner occupied | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 846 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Commercial and industrial | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Construction | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 12,060 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Mortgages | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 9,429 | 9,158 |
Interest Income Recognized | 40 | 43 |
UNITED STATES | Leasing | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Consumer | Credit cards | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Consumer | Home equity lines of credit | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 7,962 | 4,685 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Consumer | Personal Loan | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 786 | 771 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Consumer | Auto Loan | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
UNITED STATES | Consumer | Other | Non Covered Loans | ||
Financing Receivable, Impaired | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Note Allowance for loan losse_5
Note Allowance for loan losses (Troubled debt restructuring according to their accruing status) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 101,958 | $ 117,015 | |
Commercial | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 33,476 | 45,028 | |
Construction | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 19 | 474 | |
Mortgages | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 43,139 | 46,915 | |
Leasing | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 321 | 448 | |
Consumer | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 25,003 | $ 24,150 | |
Non Covered Loans | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,530,015 | $ 1,515,889 | |
Non Covered Loans | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 96,021 | 112,999 | |
Non Covered Loans | Commercial | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 345,019 | 360,679 | |
Non Covered Loans | Commercial | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 29,274 | 46,889 | |
Non Covered Loans | Construction | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,788 | 1,788 | |
Non Covered Loans | Construction | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 19 | 56 | |
Non Covered Loans | Mortgages | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,074,502 | 1,042,470 | |
Non Covered Loans | Mortgages | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 41,913 | 41,211 | |
Non Covered Loans | Leasing | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,018 | 1,108 | |
Non Covered Loans | Leasing | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 321 | 320 | |
Non Covered Loans | Consumer | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 107,688 | 109,844 | |
Non Covered Loans | Consumer | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 24,494 | 24,523 | |
Non-Accruing | Non Covered Loans | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 272,546 | 284,558 | |
Non-Accruing | Non Covered Loans | Commercial | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 120,371 | 130,921 | |
Non-Accruing | Non Covered Loans | Construction | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,788 | 1,788 | |
Non-Accruing | Non Covered Loans | Mortgages | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 134,517 | 135,758 | |
Non-Accruing | Non Covered Loans | Leasing | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 313 | 440 | |
Non-Accruing | Non Covered Loans | Consumer | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 15,557 | 15,651 | |
Accruing | Non Covered Loans | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,257,469 | 1,231,331 | |
Accruing | Non Covered Loans | Commercial | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 224,648 | 229,758 | |
Accruing | Non Covered Loans | Construction | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 0 | 0 | |
Accruing | Non Covered Loans | Mortgages | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 939,985 | 906,712 | |
Accruing | Non Covered Loans | Leasing | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 705 | 668 | |
Accruing | Non Covered Loans | Consumer | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | $ 92,131 | $ 94,193 |
Note Allowance for loan losse_6
Note Allowance for loan losses (Troubled debt restructurings loan count by type of modification) (Detail) - loans | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 286 | 323 |
Extension of Maturity Date | 64 | 54 |
Combination Interest Rate Reduction Maturity Date Extension | 162 | 42 |
Other Modifications | 66 | 173 |
CRE non-owner occupied | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 0 | 2 |
Extension of Maturity Date | 1 | 5 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 |
Other Modifications | 0 | 0 |
CRE owner occupied | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 0 | 0 |
Extension of Maturity Date | 10 | 19 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 |
Other Modifications | 0 | 0 |
Commercial and industrial | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 0 | 3 |
Extension of Maturity Date | 16 | 19 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 |
Other Modifications | 0 | 0 |
Construction | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 1 | |
Extension of Maturity Date | 0 | |
Combination Interest Rate Reduction Maturity Date Extension | 0 | |
Other Modifications | 0 | |
Mortgages | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 6 | 19 |
Extension of Maturity Date | 27 | 4 |
Combination Interest Rate Reduction Maturity Date Extension | 157 | 36 |
Other Modifications | 0 | 23 |
Credit cards | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 122 | 131 |
Extension of Maturity Date | 0 | 0 |
Combination Interest Rate Reduction Maturity Date Extension | 1 | 0 |
Other Modifications | 66 | 150 |
Home equity lines of credit | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 0 | 0 |
Extension of Maturity Date | 6 | 5 |
Combination Interest Rate Reduction Maturity Date Extension | 4 | 4 |
Other Modifications | 0 | 0 |
Personal Loan | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 152 | 160 |
Extension of Maturity Date | 2 | 2 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 |
Other Modifications | 0 | 0 |
Auto Loan | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 0 | 0 |
Extension of Maturity Date | 2 | 0 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 1 |
Other Modifications | 0 | 0 |
Other | ||
Troubled Debt Restructuring | ||
Reduction In Interest Rate | 6 | 7 |
Extension of Maturity Date | 0 | 0 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 1 |
Other Modifications | 0 | 0 |
Note Allowance for loan losse_7
Note Allowance for loan losses (Quantitative information by loan class for loans modified as T D R) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)loans | Mar. 31, 2018USD ($)loans | |
Troubled Debt Restructuring | ||
Loan count | loans | 578 | 592 |
Pre-Modification Recorded Investment | $ 32,430 | $ 60,666 |
Post Modification Recorded Investment | 30,694 | 58,441 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 2,059 | $ 9,539 |
CRE non-owner occupied | ||
Troubled Debt Restructuring | ||
Loan count | loans | 1 | 7 |
Pre-Modification Recorded Investment | $ 314 | $ 22,986 |
Post Modification Recorded Investment | 311 | 22,923 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 18 | $ 6,800 |
CRE owner occupied | ||
Troubled Debt Restructuring | ||
Loan count | loans | 10 | 19 |
Pre-Modification Recorded Investment | $ 2,019 | $ 4,974 |
Post Modification Recorded Investment | 1,973 | 4,269 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 19 | $ 138 |
Commercial and industrial | ||
Troubled Debt Restructuring | ||
Loan count | loans | 16 | 22 |
Pre-Modification Recorded Investment | $ 3,943 | $ 11,069 |
Post Modification Recorded Investment | 4,479 | 10,523 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 314 | $ (110) |
Construction | ||
Troubled Debt Restructuring | ||
Loan count | loans | 1 | |
Pre-Modification Recorded Investment | $ 4,210 | |
Post Modification Recorded Investment | 4,293 | |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 474 | |
Mortgages | ||
Troubled Debt Restructuring | ||
Loan count | loans | 190 | 82 |
Pre-Modification Recorded Investment | $ 20,732 | $ 10,273 |
Post Modification Recorded Investment | 18,591 | 8,919 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 671 | $ 457 |
Credit cards | ||
Troubled Debt Restructuring | ||
Loan count | loans | 189 | 281 |
Pre-Modification Recorded Investment | $ 1,543 | $ 2,926 |
Post Modification Recorded Investment | 1,530 | 3,301 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 171 | $ 454 |
Home equity lines of credit | ||
Troubled Debt Restructuring | ||
Loan count | loans | 10 | 9 |
Pre-Modification Recorded Investment | $ 694 | $ 865 |
Post Modification Recorded Investment | 621 | 856 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 55 | $ 267 |
Personal Loan | ||
Troubled Debt Restructuring | ||
Loan count | loans | 154 | 162 |
Pre-Modification Recorded Investment | $ 3,147 | $ 3,072 |
Post Modification Recorded Investment | 3,153 | 3,070 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 805 | $ 1,010 |
Auto Loan | ||
Troubled Debt Restructuring | ||
Loan count | loans | 2 | 1 |
Pre-Modification Recorded Investment | $ 25 | $ 134 |
Post Modification Recorded Investment | 23 | 132 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 4 | $ 23 |
Other | ||
Troubled Debt Restructuring | ||
Loan count | loans | 6 | 8 |
Pre-Modification Recorded Investment | $ 13 | $ 157 |
Post Modification Recorded Investment | 13 | 155 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 2 | $ 26 |
Note Allowance for loan losse_8
Note Allowance for loan losses (T D R that subsequently defaulted) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)loans | Mar. 31, 2018USD ($)loans | |
Troubled Debt Restructuring | ||
Loan count | loans | 185 | 102 |
Recorded investment as of first default date | $ | $ 3,730 | $ 4,961 |
CRE non-owner occupied | ||
Troubled Debt Restructuring | ||
Loan count | loans | 1 | |
Recorded investment as of first default date | $ | $ 47 | |
CRE owner occupied | ||
Troubled Debt Restructuring | ||
Loan count | loans | 2 | 2 |
Recorded investment as of first default date | $ | $ 427 | $ 86 |
Commercial and industrial | ||
Troubled Debt Restructuring | ||
Loan count | loans | 1 | 5 |
Recorded investment as of first default date | $ | $ 50 | $ 72 |
Mortgages | ||
Troubled Debt Restructuring | ||
Loan count | loans | 8 | 17 |
Recorded investment as of first default date | $ | $ 745 | $ 2,572 |
Leasing | ||
Troubled Debt Restructuring | ||
Loan count | loans | 1 | |
Recorded investment as of first default date | $ | $ 22 | |
Credit cards | ||
Troubled Debt Restructuring | ||
Loan count | loans | 104 | 48 |
Recorded investment as of first default date | $ | $ 1,087 | $ 1,342 |
Personal Loan | ||
Troubled Debt Restructuring | ||
Loan count | loans | 68 | 30 |
Recorded investment as of first default date | $ | $ 1,352 | $ 889 |
Note Allowance for loan losse_9
Note Allowance for loan losses (Credit quality indicators of non-covered loans held-in-portfolio based obligor risk ratings) (Detail) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 26,647,708 | $ 26,507,889 | |
Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,662,777 | 1,723,446 | |
Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 564,174 | 625,681 | |
Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,230,524 | 1,236,355 | |
Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 15,072 | 2,255 | |
Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 10,584 | 12,049 | |
Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 3,483,131 | 3,599,786 | |
Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 23,164,577 | 22,908,103 | |
Commercial multi-family | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,545,282 | 1,547,168 | |
Commercial multi-family | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 64,778 | 87,535 | |
Commercial multi-family | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 11,571 | 11,671 | |
Commercial multi-family | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 5,538 | 10,569 | |
Commercial multi-family | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Commercial multi-family | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Commercial multi-family | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 81,887 | 109,775 | |
Commercial multi-family | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,463,395 | 1,437,393 | |
CRE non-owner occupied | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 4,154,273 | 4,204,345 | |
CRE non-owner occupied | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 615,194 | 623,141 | |
CRE non-owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 198,706 | 243,012 | |
CRE non-owner occupied | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 407,048 | 389,517 | |
CRE non-owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 12,929 | 0 | |
CRE non-owner occupied | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
CRE non-owner occupied | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,233,877 | 1,255,670 | |
CRE non-owner occupied | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,920,396 | 2,948,675 | |
CRE owner occupied | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,004,726 | 2,021,192 | |
CRE owner occupied | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 299,363 | 311,891 | |
CRE owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 215,476 | 198,473 | |
CRE owner occupied | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 289,805 | 293,862 | |
CRE owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,967 | 2,078 | |
CRE owner occupied | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
CRE owner occupied | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 806,611 | 806,304 | |
CRE owner occupied | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,198,115 | 1,214,888 | |
Commercial and industrial | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 4,354,029 | 4,270,314 | |
Commercial and industrial | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 654,176 | 660,917 | |
Commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 108,400 | 131,725 | |
Commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 227,260 | 232,974 | |
Commercial and industrial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 176 | 177 | |
Commercial and industrial | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 69 | 73 | |
Commercial and industrial | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 990,081 | 1,025,866 | |
Commercial and industrial | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 3,363,948 | 3,244,448 | |
Commercial | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 12,058,310 | 12,043,019 | |
Commercial | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,633,511 | 1,683,484 | |
Commercial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 534,153 | 584,881 | |
Commercial | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 929,651 | 926,922 | |
Commercial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 15,072 | 2,255 | |
Commercial | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 69 | 73 | |
Commercial | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 3,112,456 | 3,197,615 | |
Commercial | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 8,945,854 | 8,845,404 | |
Construction | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 791,320 | 779,449 | |
Construction | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 25,826 | 35,522 | |
Construction | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 28,589 | 38,375 | |
Construction | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 60,303 | 59,793 | |
Construction | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Construction | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Construction | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 114,718 | 133,690 | |
Construction | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 676,602 | 645,759 | |
Mortgages | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 7,207,180 | 7,235,258 | |
Mortgages | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,456 | 3,057 | |
Mortgages | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,415 | 2,182 | |
Mortgages | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 158,667 | 165,538 | |
Mortgages | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Mortgages | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Mortgages | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 162,538 | 170,777 | |
Mortgages | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 7,044,642 | 7,064,481 | |
Legacy | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | [1] | 24,404 | 25,949 |
Legacy | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 366 | 534 | |
Legacy | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 224 | |
Legacy | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,079 | 2,409 | |
Legacy | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Legacy | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Legacy | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,445 | 3,167 | |
Legacy | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 22,959 | 22,782 | |
Leasing | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 963,232 | 934,773 | |
Leasing | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Leasing | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Leasing | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,387 | 3,301 | |
Leasing | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Leasing | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 138 | 12 | |
Leasing | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,525 | 3,313 | |
Leasing | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 960,707 | 931,460 | |
Consumer | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 5,603,262 | 5,489,441 | |
Consumer | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 618 | 849 | |
Consumer | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 17 | 19 | |
Consumer | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 78,437 | 78,392 | |
Consumer | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Consumer | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 10,377 | 11,964 | |
Consumer | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 89,449 | 91,224 | |
Consumer | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 5,513,813 | 5,398,217 | |
Credit cards | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,015,623 | 1,047,311 | |
Credit cards | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Credit cards | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Credit cards | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 16,641 | 16,035 | |
Credit cards | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Credit cards | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Credit cards | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 16,641 | 16,035 | |
Credit cards | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 998,982 | 1,031,276 | |
Home equity lines of credit | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 137,781 | 148,403 | |
Home equity lines of credit | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Home equity lines of credit | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Home equity lines of credit | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,462 | 2,780 | |
Home equity lines of credit | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Home equity lines of credit | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 9,625 | 10,964 | |
Home equity lines of credit | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 12,087 | 13,744 | |
Home equity lines of credit | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 125,694 | 134,659 | |
Personal Loan | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,566,732 | 1,539,974 | |
Personal Loan | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 526 | 849 | |
Personal Loan | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 17 | 19 | |
Personal Loan | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 19,476 | 20,737 | |
Personal Loan | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Personal Loan | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 390 | 701 | |
Personal Loan | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 20,409 | 22,306 | |
Personal Loan | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,546,323 | 1,517,668 | |
Auto Loan | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,742,095 | 2,608,785 | |
Auto Loan | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Auto Loan | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Auto Loan | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 25,007 | 24,093 | |
Auto Loan | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Auto Loan | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 166 | 84 | |
Auto Loan | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 25,173 | 24,177 | |
Auto Loan | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,716,922 | 2,584,608 | |
Other | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 141,031 | 144,968 | |
Other | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 92 | 0 | |
Other | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 14,851 | 14,747 | |
Other | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
Other | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 196 | 215 | |
Other | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 15,139 | 14,962 | |
Other | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 125,892 | 130,006 | |
PUERTO RICO | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 19,996,350 | 19,883,472 | |
PUERTO RICO | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,397,416 | 1,393,761 | |
PUERTO RICO | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 459,364 | 545,707 | |
PUERTO RICO | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,004,486 | 1,027,993 | |
PUERTO RICO | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 15,072 | 2,255 | |
PUERTO RICO | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 569 | 384 | |
PUERTO RICO | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,876,907 | 2,970,100 | |
PUERTO RICO | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 17,119,443 | 16,913,372 | |
PUERTO RICO | Commercial multi-family | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 153,262 | 145,628 | |
PUERTO RICO | Commercial multi-family | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,570 | 1,634 | |
PUERTO RICO | Commercial multi-family | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 4,498 | 4,548 | |
PUERTO RICO | Commercial multi-family | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 3,660 | $ 3,590 | |
Weighted average obligor risk rating | 11.18 | 11.2 | |
PUERTO RICO | Commercial multi-family | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
PUERTO RICO | Commercial multi-family | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Commercial multi-family | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 9,728 | 9,772 | |
PUERTO RICO | Commercial multi-family | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 143,534 | $ 135,856 | |
Weighted average obligor risk rating | 6.02 | 6.02 | |
PUERTO RICO | CRE non-owner occupied | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 2,300,778 | $ 2,322,601 | |
PUERTO RICO | CRE non-owner occupied | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 497,509 | 470,506 | |
PUERTO RICO | CRE non-owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 176,551 | 233,173 | |
PUERTO RICO | CRE non-owner occupied | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 336,675 | $ 342,962 | |
Weighted average obligor risk rating | 11.22 | 11.11 | |
PUERTO RICO | CRE non-owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 12,929 | $ 0 | |
PUERTO RICO | CRE non-owner occupied | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | CRE non-owner occupied | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,023,664 | 1,046,641 | |
PUERTO RICO | CRE non-owner occupied | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,277,114 | $ 1,275,960 | |
Weighted average obligor risk rating | 6.91 | 6.93 | |
PUERTO RICO | CRE owner occupied | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,691,179 | $ 1,722,253 | |
PUERTO RICO | CRE owner occupied | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 250,970 | 262,476 | |
PUERTO RICO | CRE owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 168,665 | 174,510 | |
PUERTO RICO | CRE owner occupied | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 282,766 | $ 291,468 | |
Weighted average obligor risk rating | 11.28 | 11.29 | |
PUERTO RICO | CRE owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,967 | $ 2,078 | |
PUERTO RICO | CRE owner occupied | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | CRE owner occupied | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 704,368 | 730,532 | |
PUERTO RICO | CRE owner occupied | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 986,811 | $ 991,721 | |
Weighted average obligor risk rating | 7.25 | 7.25 | |
PUERTO RICO | Commercial and industrial | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 3,245,903 | $ 3,182,161 | |
PUERTO RICO | Commercial and industrial | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 644,293 | 655,092 | |
PUERTO RICO | Commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 107,703 | 130,641 | |
PUERTO RICO | Commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 153,796 | $ 156,515 | |
Weighted average obligor risk rating | 11.27 | 11.33 | |
PUERTO RICO | Commercial and industrial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 176 | $ 177 | |
PUERTO RICO | Commercial and industrial | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 69 | 73 | |
PUERTO RICO | Commercial and industrial | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 906,037 | 942,498 | |
PUERTO RICO | Commercial and industrial | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 2,339,866 | $ 2,239,663 | |
Weighted average obligor risk rating | 7.07 | 7.15 | |
PUERTO RICO | Commercial | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 7,391,122 | $ 7,372,643 | |
PUERTO RICO | Commercial | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,394,342 | 1,389,708 | |
PUERTO RICO | Commercial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 457,417 | 542,872 | |
PUERTO RICO | Commercial | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 776,897 | $ 794,535 | |
Weighted average obligor risk rating | 11.25 | 11.22 | |
PUERTO RICO | Commercial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 15,072 | $ 2,255 | |
PUERTO RICO | Commercial | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 69 | 73 | |
PUERTO RICO | Commercial | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,643,797 | 2,729,443 | |
PUERTO RICO | Commercial | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 4,747,325 | $ 4,643,200 | |
Weighted average obligor risk rating | 7.05 | 7.09 | |
PUERTO RICO | Construction | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 91,372 | $ 85,955 | |
PUERTO RICO | Construction | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 147 | |
PUERTO RICO | Construction | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 515 | 634 | |
PUERTO RICO | Construction | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,788 | $ 1,788 | |
Weighted average obligor risk rating | 12 | 12 | |
PUERTO RICO | Construction | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
PUERTO RICO | Construction | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Construction | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,303 | 2,569 | |
PUERTO RICO | Construction | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 89,069 | $ 83,386 | |
Weighted average obligor risk rating | 7.64 | 7.64 | |
PUERTO RICO | Mortgages | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 6,375,588 | $ 6,433,323 | |
PUERTO RICO | Mortgages | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,456 | 3,057 | |
PUERTO RICO | Mortgages | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,415 | 2,182 | |
PUERTO RICO | Mortgages | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 148,860 | 154,506 | |
PUERTO RICO | Mortgages | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Mortgages | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Mortgages | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 152,731 | 159,745 | |
PUERTO RICO | Mortgages | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 6,222,857 | 6,273,578 | |
PUERTO RICO | Leasing | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 963,232 | 934,773 | |
PUERTO RICO | Leasing | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Leasing | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Leasing | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,387 | 3,301 | |
PUERTO RICO | Leasing | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Leasing | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 138 | 12 | |
PUERTO RICO | Leasing | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,525 | 3,313 | |
PUERTO RICO | Leasing | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 960,707 | 931,460 | |
PUERTO RICO | Consumer | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 5,175,036 | 5,056,778 | |
PUERTO RICO | Consumer | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 618 | 849 | |
PUERTO RICO | Consumer | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 17 | 19 | |
PUERTO RICO | Consumer | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 74,554 | 73,863 | |
PUERTO RICO | Consumer | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Consumer | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 362 | 299 | |
PUERTO RICO | Consumer | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 75,551 | 75,030 | |
PUERTO RICO | Consumer | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 5,099,485 | 4,981,748 | |
PUERTO RICO | Credit cards | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,015,588 | 1,047,273 | |
PUERTO RICO | Credit cards | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Credit cards | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Credit cards | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 16,639 | 16,035 | |
PUERTO RICO | Credit cards | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Credit cards | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Credit cards | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 16,639 | 16,035 | |
PUERTO RICO | Credit cards | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 998,949 | 1,031,238 | |
PUERTO RICO | Home equity lines of credit | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 4,899 | 5,351 | |
PUERTO RICO | Home equity lines of credit | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Home equity lines of credit | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Home equity lines of credit | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 165 | |
PUERTO RICO | Home equity lines of credit | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Home equity lines of credit | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Home equity lines of credit | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 165 | |
PUERTO RICO | Home equity lines of credit | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 4,899 | 5,186 | |
PUERTO RICO | Personal Loan | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,271,624 | 1,250,625 | |
PUERTO RICO | Personal Loan | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 526 | 849 | |
PUERTO RICO | Personal Loan | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 17 | 19 | |
PUERTO RICO | Personal Loan | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 18,057 | 18,827 | |
PUERTO RICO | Personal Loan | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Personal Loan | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Personal Loan | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 18,600 | 19,695 | |
PUERTO RICO | Personal Loan | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,253,024 | 1,230,930 | |
PUERTO RICO | Auto Loan | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,742,095 | 2,608,785 | |
PUERTO RICO | Auto Loan | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Auto Loan | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Auto Loan | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 25,007 | 24,093 | |
PUERTO RICO | Auto Loan | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Auto Loan | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 166 | 84 | |
PUERTO RICO | Auto Loan | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 25,173 | 24,177 | |
PUERTO RICO | Auto Loan | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,716,922 | 2,584,608 | |
PUERTO RICO | Other | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 140,830 | 144,744 | |
PUERTO RICO | Other | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 92 | 0 | |
PUERTO RICO | Other | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Other | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 14,851 | 14,743 | |
PUERTO RICO | Other | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
PUERTO RICO | Other | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 196 | 215 | |
PUERTO RICO | Other | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 15,139 | 14,958 | |
PUERTO RICO | Other | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 125,691 | 129,786 | |
UNITED STATES | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 6,651,358 | 6,624,417 | |
UNITED STATES | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 265,361 | 329,685 | |
UNITED STATES | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 104,810 | 79,974 | |
UNITED STATES | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 226,038 | 208,362 | |
UNITED STATES | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 10,015 | 11,665 | |
UNITED STATES | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 606,224 | 629,686 | |
UNITED STATES | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 6,045,134 | 5,994,731 | |
UNITED STATES | Commercial multi-family | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,392,020 | 1,401,540 | |
UNITED STATES | Commercial multi-family | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 63,208 | 85,901 | |
UNITED STATES | Commercial multi-family | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 7,073 | 7,123 | |
UNITED STATES | Commercial multi-family | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,878 | $ 6,979 | |
Weighted average obligor risk rating | 11 | 11 | |
UNITED STATES | Commercial multi-family | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | Commercial multi-family | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Commercial multi-family | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 72,159 | 100,003 | |
UNITED STATES | Commercial multi-family | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,319,861 | $ 1,301,537 | |
Weighted average obligor risk rating | 7.37 | 7.39 | |
UNITED STATES | CRE non-owner occupied | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,853,495 | $ 1,881,744 | |
UNITED STATES | CRE non-owner occupied | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 117,685 | 152,635 | |
UNITED STATES | CRE non-owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 22,155 | 9,839 | |
UNITED STATES | CRE non-owner occupied | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 70,373 | $ 46,555 | |
Weighted average obligor risk rating | 11 | 11.01 | |
UNITED STATES | CRE non-owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | CRE non-owner occupied | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | CRE non-owner occupied | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 210,213 | 209,029 | |
UNITED STATES | CRE non-owner occupied | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,643,282 | $ 1,672,715 | |
Weighted average obligor risk rating | 6.9 | 6.82 | |
UNITED STATES | CRE owner occupied | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 313,547 | $ 298,939 | |
UNITED STATES | CRE owner occupied | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 48,393 | 49,415 | |
UNITED STATES | CRE owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 46,811 | 23,963 | |
UNITED STATES | CRE owner occupied | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 7,039 | $ 2,394 | |
Weighted average obligor risk rating | 11.29 | 11.16 | |
UNITED STATES | CRE owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | CRE owner occupied | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | CRE owner occupied | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 102,243 | 75,772 | |
UNITED STATES | CRE owner occupied | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 211,304 | $ 223,167 | |
Weighted average obligor risk rating | 7.38 | 7.55 | |
UNITED STATES | Commercial and industrial | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,108,126 | $ 1,088,153 | |
UNITED STATES | Commercial and industrial | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 9,883 | 5,825 | |
UNITED STATES | Commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 697 | 1,084 | |
UNITED STATES | Commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 73,464 | $ 76,459 | |
Weighted average obligor risk rating | 11.01 | 11.96 | |
UNITED STATES | Commercial and industrial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | Commercial and industrial | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Commercial and industrial | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 84,044 | 83,368 | |
UNITED STATES | Commercial and industrial | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,024,082 | $ 1,004,785 | |
Weighted average obligor risk rating | 6.85 | 7.26 | |
UNITED STATES | Commercial | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 4,667,188 | $ 4,670,376 | |
UNITED STATES | Commercial | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 239,169 | 293,776 | |
UNITED STATES | Commercial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 76,736 | 42,009 | |
UNITED STATES | Commercial | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 152,754 | $ 132,387 | |
Weighted average obligor risk rating | 11.02 | 11.56 | |
UNITED STATES | Commercial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | Commercial | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Commercial | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 468,659 | 468,172 | |
UNITED STATES | Commercial | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 4,198,529 | $ 4,202,204 | |
Weighted average obligor risk rating | 7.06 | 7.14 | |
UNITED STATES | Construction | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 699,948 | $ 693,494 | |
UNITED STATES | Construction | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 25,826 | 35,375 | |
UNITED STATES | Construction | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 28,074 | 37,741 | |
UNITED STATES | Construction | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 58,515 | $ 58,005 | |
Weighted average obligor risk rating | 11.21 | 11.21 | |
UNITED STATES | Construction | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | Construction | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Construction | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 112,415 | 131,121 | |
UNITED STATES | Construction | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 587,533 | $ 562,373 | |
Weighted average obligor risk rating | 7.83 | 7.85 | |
UNITED STATES | Mortgages | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 831,592 | $ 801,935 | |
UNITED STATES | Mortgages | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Mortgages | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Mortgages | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 9,807 | 11,032 | |
UNITED STATES | Mortgages | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Mortgages | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Mortgages | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 9,807 | 11,032 | |
UNITED STATES | Mortgages | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 821,785 | 790,903 | |
UNITED STATES | Legacy | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 24,404 | 25,949 | |
UNITED STATES | Legacy | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 366 | 534 | |
UNITED STATES | Legacy | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 224 | |
UNITED STATES | Legacy | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 1,079 | $ 2,409 | |
Weighted average obligor risk rating | 11.24 | 11.17 | |
UNITED STATES | Legacy | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 0 | $ 0 | |
UNITED STATES | Legacy | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Legacy | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,445 | 3,167 | |
UNITED STATES | Legacy | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 22,959 | $ 22,782 | |
Weighted average obligor risk rating | 7.99 | 7.94 | |
UNITED STATES | Consumer | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 428,226 | $ 432,663 | |
UNITED STATES | Consumer | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Consumer | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Consumer | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 3,883 | 4,529 | |
UNITED STATES | Consumer | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Consumer | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 10,015 | 11,665 | |
UNITED STATES | Consumer | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 13,898 | 16,194 | |
UNITED STATES | Consumer | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 414,328 | 416,469 | |
UNITED STATES | Credit cards | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 35 | 38 | |
UNITED STATES | Credit cards | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Credit cards | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Credit cards | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2 | 0 | |
UNITED STATES | Credit cards | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Credit cards | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Credit cards | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2 | 0 | |
UNITED STATES | Credit cards | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 33 | 38 | |
UNITED STATES | Home equity lines of credit | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 132,882 | 143,052 | |
UNITED STATES | Home equity lines of credit | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Home equity lines of credit | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Home equity lines of credit | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 2,462 | 2,615 | |
UNITED STATES | Home equity lines of credit | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Home equity lines of credit | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 9,625 | 10,964 | |
UNITED STATES | Home equity lines of credit | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 12,087 | 13,579 | |
UNITED STATES | Home equity lines of credit | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 120,795 | 129,473 | |
UNITED STATES | Personal Loan | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 295,108 | 289,349 | |
UNITED STATES | Personal Loan | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Personal Loan | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Personal Loan | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,419 | 1,910 | |
UNITED STATES | Personal Loan | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Personal Loan | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 390 | 701 | |
UNITED STATES | Personal Loan | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 1,809 | 2,611 | |
UNITED STATES | Personal Loan | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 293,299 | 286,738 | |
UNITED STATES | Other | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 201 | 224 | |
UNITED STATES | Other | Watch | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Other | Special Mention | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Other | Substandard | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 4 | |
UNITED STATES | Other | Doubtful | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Other | Loss | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 0 | |
UNITED STATES | Other | Sub-total | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | 0 | 4 | |
UNITED STATES | Other | Pass / Unrated | |||
Financing Receivable, Recorded Investment | |||
Loans held-in-portfolio, net of unearned income | $ 201 | $ 220 | |
[1] | The legacy portfolio is comprised of commercial loans, construction loans and lease financings related to certain lending products exited by the Corporation as part of restructuring efforts carried out in prior years at the Popular U.S. segment. |
Note Allowance for loan loss_10
Note Allowance for loan losses (Allowance for loan losses - Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable | |||
Recent Loss Trend Adjustment | 12-months | ||
Non Covered Loans | |||
Financing Receivable | |||
Troubled debt restructurings | $ 1,530,015 | $ 1,515,889 | |
Non Covered Loans | Banco Popular de Puerto Rico | |||
Financing Receivable | |||
Recent Loss Trend Adjustment Percentage | 41.00% | 45.00% | |
Non Covered Loans | PB | |||
Financing Receivable | |||
Recent Loss Trend Adjustment Percentage | 23.00% | 5.00% | |
Mortgage and consumer | |||
Financing Receivable | |||
Historical Loss Period | 18-months | ||
Commercial and construction | |||
Financing Receivable | |||
Historical Loss Period | 5-year | ||
Mortgages | Non Covered Loans | |||
Financing Receivable | |||
Troubled debt restructurings | $ 1,074,502 | 1,042,470 | |
Mortgages | Non Covered Loans | Guaranteed by us sponsored entities | |||
Financing Receivable | |||
Troubled debt restructurings | 570,000 | 543,000 | |
Commercial | Non Covered Loans | |||
Financing Receivable | |||
Troubled debt restructurings | 345,019 | 360,679 | |
Loan | Commercial | |||
Financing Receivable | |||
Outstanding commitments to lend additional funds to debtors owing receivables whose terms have been modified in troubled debt restructurings | $ 12,000 | $ 16,000 |
Note FDIC loss-share asset and
Note FDIC loss-share asset and true-up payment obligation (Activity in the FDIC loss share indemnification asset) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
FDIC Indemnification Asset [Roll Forward] | |
Beginning Balance | $ 46,316 |
Amortization | 934 |
Credit impairment losses to be covered under loss sharing agreements | 104 |
Reimbursable expenses | 537 |
Net payment from FDIC under loss-sharing agreements | (364) |
Ending Balance | 45,659 |
Balance due to the FDIC for recoveries on covered assets | (1,190) |
FDIC loss-share asset net | $ 44,469 |
Note FDIC loss-share asset an_2
Note FDIC loss-share asset and true-up payment obligation (FDIC loss share - Additional Information) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
May 22, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | |
Business Acquisition, Contingent Consideration | |||
Payment to the FDIC as a consideration for the termination of the loss share agreement. | $ 23,700 | ||
Carrying amount (fair value) | $ 171,000 | $ 165,000 | |
FDIC loss-share asset net | 44,469 | ||
Gain from the FDIC termination agreement | $ 102,800 | ||
Non-covered loans | Mortgages | |||
Business Acquisition, Contingent Consideration | |||
OREO transfer to non-covered status | 15,300 | ||
Loans transfer to non-covered status | $ 514,600 | ||
Banco Popular de Puerto Rico | |||
Business Acquisition, Contingent Consideration | |||
Loss Sharing Agreement Allocation Percentage | 80.00% |
Note Mortgage banking activitie
Note Mortgage banking activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Mortgage servicing rights fair value adjustments | $ (3,825) | $ (4,307) |
Total trading account (loss) profit | 260 | (198) |
Total mortgage banking activities | 9,926 | 12,068 |
Mortgage banking activities | ||
Mortgage servicing fees | 11,687 | 12,456 |
Mortgage servicing rights fair value adjustments | (3,825) | (4,307) |
Total mortgage servicing fees, net of fair value adjustments | 7,862 | 8,149 |
Net gain on sale of loans, including valuation adjustments on loans held-for-sale | 4,017 | 1,057 |
Unrealized losses on outstanding derivative positions | 0 | (221) |
Realized (losses) gains on closed derivative positions | (1,953) | 3,083 |
Total trading account (loss) profit | (1,953) | 2,862 |
Total mortgage banking activities | $ 9,926 | $ 12,068 |
Note Transfers of financial ass
Note Transfers of financial assets and servicing assets (Initial fair value of assets obtained as proceeds from residential mortgage loans securitized) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | $ 93,725 | $ 140,657 |
GNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 71,000 | 112,000 |
FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 21,000 | 26,000 |
Trading account debt securities | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 92,067 | 132,520 |
Trading account debt securities | GNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 71,149 | 112,495 |
Trading account debt securities | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 20,918 | 20,025 |
Mortgage Servicing Rights | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 1,658 | 2,415 |
Debt securities available-for-sale | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 5,722 | |
Debt securities available-for-sale | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 5,722 | |
Level 1 | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 1 | Trading account debt securities | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 1 | Trading account debt securities | GNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 1 | Trading account debt securities | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 1 | Mortgage Servicing Rights | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 1 | Debt securities available-for-sale | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | |
Level 1 | Debt securities available-for-sale | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | |
Level 2 | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 92,067 | 138,242 |
Level 2 | Trading account debt securities | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 92,067 | 132,520 |
Level 2 | Trading account debt securities | GNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 71,149 | 112,495 |
Level 2 | Trading account debt securities | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 20,918 | 20,025 |
Level 2 | Mortgage Servicing Rights | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 2 | Debt securities available-for-sale | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 5,722 | |
Level 2 | Debt securities available-for-sale | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 5,722 | |
Level 3 | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 1,658 | 2,415 |
Level 3 | Trading account debt securities | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 3 | Trading account debt securities | GNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 3 | Trading account debt securities | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 |
Level 3 | Mortgage Servicing Rights | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | $ 1,658 | 2,415 |
Level 3 | Debt securities available-for-sale | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | |
Level 3 | Debt securities available-for-sale | FNMA | ||
Assets | ||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | $ 0 |
Note Transfers of financial a_2
Note Transfers of financial assets and servicing assets (Changes in MSRs measured using the fair value method) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Transfers and Servicing of Financial Assets | |||
Fair value at beginning of period | $ 169,777 | $ 168,031 | |
Additions | 1,861 | 2,557 | |
Changes due to payments of loans | [1] | (2,587) | (3,335) |
Reduction due to loan repurchases | (491) | (972) | |
Changes in fair value due to changes in valuation model inputs or assumptions | (747) | 0 | |
Fair value at end of period | $ 167,813 | $ 166,281 | |
[1] | Represents changes due to collection / realization of expected cash flows over time. |
Note Transfers of financial a_3
Note Transfers of financial assets and servicing assets (Key economic assumptions used in measuring the SR retained at the date of the residential mortgage loan securitizations and whole loan sales by the banking subs) (Detail) - Residential Mortgage | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed | 6.30% | 5.60% |
Weighted average life | 9 years 11 months | 9 years 1 month |
Discount rate (annual rate) | 11.00% | 10.80% |
Note Transfers of financial a_4
Note Transfers of financial assets and servicing assets (Fair value of purchased and originated MSRs, their related valuation assumptions and sensitivity) (Detail) - Residential Mortgage - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Weighted average life | 9 years 11 months | 9 years 1 month | |
Prepayment speed | 6.30% | 5.60% | |
Originated MSRs | |||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Fair value of servicing rights | $ 67,727 | $ 69,400 | |
Weighted average life | 7 years 1 month | 7 years 1 month | |
Prepayment speed | 5.20% | 5.10% | |
Impact on fair value of 10% adverse change | $ (1,381) | $ (1,430) | |
Impact on fair value of 20% adverse change | $ (2,720) | $ (2,817) | |
Discount rate | 11.50% | 11.50% | |
Impact on fair value of 10% adverse change | $ (2,957) | $ (3,125) | |
Impact on fair value of 20% adverse change | (5,698) | (6,019) | |
Purchased MSRs | |||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |||
Fair value of servicing rights | $ 100,086 | $ 100,377 | |
Weighted average life | 6 years 7 months | 6 years 7 months | |
Prepayment speed | 5.60% | 5.50% | |
Impact on fair value of 10% adverse change | $ (2,169) | $ (2,200) | |
Impact on fair value of 20% adverse change | $ (4,266) | $ (4,328) | |
Discount rate | 11.00% | 11.00% | |
Impact on fair value of 10% adverse change | $ (4,232) | $ (4,354) | |
Impact on fair value of 20% adverse change | $ (8,158) | $ (8,394) |
Note Transfers of financial a_5
Note Transfers of financial assets and servicing assets (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Securitization Financial Asset For Which Transfer Is Accounted As Sale Line Items | |||
Weighted average mortgage servicing fees | 0.29% | 0.30% | |
Mortgage loans related to buy-back option program | $ 26,808,287 | $ 26,663,713 | |
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transfer or Servicing Assets Or Liabilities Description Of Objectives Methodology And Limitations | The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the sensitivity tables included herein, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. | ||
Loans with Recourse | |||
Securitization Financial Asset For Which Transfer Is Accounted As Sale Line Items | |||
Loans serviced | $ 1,300,000 | 1,300,000 | |
Buy back option program | |||
Securitization Financial Asset For Which Transfer Is Accounted As Sale Line Items | |||
Mortgage loans related to buy-back option program | 106,000 | 134,000 | |
Repurchased Loans | 34,000 | $ 85,000 | |
Residential Mortgage | |||
Securitization Financial Asset For Which Transfer Is Accounted As Sale Line Items | |||
Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale | 3,700 | 1,000 | |
Serviced Mortgage Loans | |||
Securitization Financial Asset For Which Transfer Is Accounted As Sale Line Items | |||
Servicing rights on whole loan sales, principal balance | 11,900 | 10,000 | |
Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale | 400 | 100 | |
Loans serviced | 15,500,000 | $ 15,700,000 | |
Serviced Mortgage Loans | Loans with Recourse | |||
Securitization Financial Asset For Which Transfer Is Accounted As Sale Line Items | |||
Repurchased Loans | $ 8,000 | $ 8,000 |
Note Other Real Estate Owned (D
Note Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Real Estate Owned Rollforward | ||
Balance at beginning of the period | $ 136,705 | $ 188,855 |
Write-downs in value | (2,181) | (3,455) |
Additions | 8,934 | 7,387 |
Sales | (17,847) | (23,976) |
Other adjustments | (133) | (417) |
Ending balance | 125,478 | 168,394 |
Non-covered loans | Mortgages | ||
Other Real Estate Owned Rollforward | ||
Balance at beginning of the period | 114,911 | 147,849 |
Write-downs in value | (1,610) | (2,514) |
Additions | 7,764 | 2,984 |
Sales | (16,333) | (20,305) |
Other adjustments | (133) | (588) |
Ending balance | 104,599 | 127,426 |
Non-covered loans | Commercial / Construction | ||
Other Real Estate Owned Rollforward | ||
Balance at beginning of the period | 21,794 | 21,411 |
Write-downs in value | (571) | (654) |
Additions | 1,170 | 4,403 |
Sales | (1,514) | (389) |
Other adjustments | 0 | 864 |
Ending balance | $ 20,879 | 25,635 |
Covered loans | Mortgages | ||
Other Real Estate Owned Rollforward | ||
Balance at beginning of the period | 19,595 | |
Write-downs in value | (287) | |
Additions | 0 | |
Sales | (3,282) | |
Other adjustments | (693) | |
Ending balance | $ 15,333 |
Note Other assets (Detail)
Note Other assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | ||
Net deferred tax assets (net of valuation allowance) | $ 993,330 | $ 1,049,895 |
Investments under the equity method | 234,642 | 228,072 |
Prepaid taxes | 27,082 | 33,842 |
Other prepaid expenses | 87,315 | 82,742 |
Derivative assets | 14,843 | 13,603 |
Trades receivables from brokers and counterparties | 32,043 | 40,088 |
Principal, interest and escrow servicing advances | 93,590 | 88,371 |
Guaranteed mortgage loan claims receivable | 51,852 | 59,613 |
Operating ROU assets | 132,538 | 0 |
Finance ROU assets | 16,777 | 0 |
Others | 115,716 | 117,908 |
Total other assets | $ 1,799,728 | $ 1,714,134 |
Note Goodwill and other intangi
Note Goodwill and other intangible assets (Gross amount of goodwill and accumulated impairment losses by reportable segment and corporate group) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | |||
Goodwill Gross | $ 839,334 | $ 839,334 | $ 795,506 |
Goodwill Impaired Accumulated Impairment Loss | 168,212 | 168,212 | 168,212 |
Goodwill (net amounts) | 671,122 | 671,122 | 627,294 |
Banco Popular de Puerto Rico | |||
Goodwill | |||
Goodwill Gross | 324,049 | 324,049 | 280,221 |
Goodwill Impaired Accumulated Impairment Loss | 3,801 | 3,801 | 3,801 |
Goodwill (net amounts) | 320,248 | 320,248 | 276,420 |
PB | |||
Goodwill | |||
Goodwill Gross | 515,285 | 515,285 | 515,285 |
Goodwill Impaired Accumulated Impairment Loss | 164,411 | 164,411 | 164,411 |
Goodwill (net amounts) | $ 350,874 | $ 350,874 | $ 350,874 |
Note Goodwill and other intan_2
Note Goodwill and other intangible assets (Components of other intangible assets subject to amortization) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets | ||
Gross Amount | $ 72,627 | $ 72,627 |
Finite Lived Intangible Assets Accumulated Amortization | 54,270 | 51,958 |
Finite-Lived Intangible Assets, Net | 18,357 | 20,669 |
Core deposits | ||
Finite-Lived Intangible Assets | ||
Core deposits - Gross | 37,224 | 37,224 |
Finite Lived Intangible Assets Accumulated Amortization | 27,000 | 26,070 |
Finite-Lived Intangible Assets, Net | 10,224 | 11,154 |
Other customer relationship | ||
Finite-Lived Intangible Assets | ||
Customer relationships - Gross | 34,915 | 34,915 |
Finite Lived Intangible Assets Accumulated Amortization | 27,205 | 25,847 |
Finite-Lived Intangible Assets, Net | 7,710 | 9,068 |
Trademarks | ||
Finite-Lived Intangible Assets | ||
Gross Amount | 488 | 488 |
Finite Lived Intangible Assets Accumulated Amortization | 65 | 41 |
Finite-Lived Intangible Assets, Net | $ 423 | $ 447 |
Note Goodwill and other intan_3
Note Goodwill and other intangible assets (Estimated amortization of the intangible assets with definite useful lives) (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure | |
Remaining 2019 | $ 6,828 |
Year 2020 | 5,065 |
Year 2021 | 2,254 |
Year 2022 | 1,378 |
Year 2023 | 1,338 |
Later years | $ 1,494 |
Note Goodwill and other intan_4
Note Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization Of Intangible Assets | $ 2,312 | $ 2,325 | |
Trademark recognized | $ 6,100 | $ 6,100 |
Note Deposits (Total interest b
Note Deposits (Total interest bearing deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Savings accounts | $ 9,956,864 | $ 9,722,824 |
NOW, money market and other interest bearing demand deposits | 14,071,106 | 13,221,415 |
Total savings, NOW, money market and other interest bearing demand deposits | 24,027,970 | 22,944,239 |
Certificates of deposit: | ||
Under $100,000 | 3,257,147 | 3,260,330 |
$100,000 and over | 4,548,617 | 4,356,434 |
Total certificates of deposit | 7,805,764 | 7,616,764 |
Total interest bearing deposits | $ 31,833,734 | $ 30,561,003 |
Note Deposits (Summary of certi
Note Deposits (Summary of certificates of deposit by maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
2019 | $ 3,602,543 | |
2020 | 1,813,977 | |
2021 | 917,292 | |
2022 | 605,677 | |
2023 | 553,678 | |
2024 and thereafter | 312,597 | |
Total certificates of deposit | $ 7,805,764 | $ 7,616,764 |
Note Deposits - Additional Info
Note Deposits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Brokered deposits | $ 500 | $ 500 |
Overdrafts in demand deposit accounts reclassified to loans | $ 6 | $ 5 |
Note Borrowings (Composition of
Note Borrowings (Composition of federal funds purchased and assets sold under agreements to repurchase) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Assets sold under agreements to repurchase | $ 200,871 | $ 281,529 |
Assets sold under agreements to repurchase | $ 200,871 | $ 281,529 |
Note Borrowings (Repurchase agr
Note Borrowings (Repurchase agreements accounted for as secured borrowings) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | $ 200,871 | $ 281,529 |
Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 200,871 | 281,529 |
US Treasury Securities | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 170,077 | 237,621 |
US Treasury Securities | Within 30 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 31,494 | 138,689 |
US Treasury Securities | After 30 to 90 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 14,687 | 79,374 |
US Treasury Securities | After 90 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 123,896 | 19,558 |
Obligations of U.S. Government sponsored entities | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 0 | 6,055 |
Obligations of U.S. Government sponsored entities | After 30 to 90 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 0 | 6,055 |
Mortgage Backed Securities | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 27,146 | 27,324 |
Mortgage Backed Securities | Within 30 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 27,146 | 6,859 |
Mortgage Backed Securities | After 90 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 0 | 20,465 |
CMO | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 3,648 | 10,529 |
CMO | Within 30 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | $ 3,648 | $ 10,529 |
Note Borrowings (Notes payable)
Note Borrowings (Notes payable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument | ||
Capital lease obligations | $ 0 | $ 20,412 |
Notes payable | 1,176,488 | 1,256,102 |
Advances with FHLB with maturities ranging from 2019 Through 2029 | ||
Debt Instrument | ||
Advances with the FHLB | 482,820 | 524,052 |
Advances with the FHLB paying interest monthly at a floating rate | ||
Debt Instrument | ||
Advances with the FHLB | 0 | 13,000 |
Floating rate over the 3 month LIBOR with maturities on 2019 | ||
Debt Instrument | ||
Advances with the FHLB | 14,430 | 19,724 |
Fixed Rate with maturities on 2023 paying interest semiannually | Unsecured senior debt | ||
Debt Instrument | ||
Long Term Debt | 294,356 | 294,039 |
Fixed Rate with maturities ranging from 2033 to 2034 | Junior subordinated debt | ||
Debt Instrument | ||
Long Term Debt | $ 384,882 | $ 384,875 |
Note Borrowings (Notes payabl_2
Note Borrowings (Notes payable) (Parenthetical) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Junior subordinated debt | |
Debt Instrument | |
Senior Debt Maturity Year | 2033 |
Notes Payable Maturity Year Range Start | 2034 |
Debt issuance costs line of credit arrangements net | $ 416 |
Minimum | Junior subordinated debt | |
Debt Instrument | |
Interest Rate Percentage | 6.125% |
Maximum | Junior subordinated debt | |
Debt Instrument | |
Interest Rate Percentage | 6.70% |
Advances with FHLB with maturities ranging from 2019 Through 2029 | |
Debt Instrument | |
Notes Payable Maturity Year Range Start | 2019 |
Notes Payable Maturity Year Range End | 2029 |
Debt Instrument Frequency Of Periodic Payment | monthly |
Advances with FHLB with maturities ranging from 2019 Through 2029 | Minimum | |
Debt Instrument | |
Advances with the FHLB, interest rate | 0.95% |
Advances with FHLB with maturities ranging from 2019 Through 2029 | Maximum | |
Debt Instrument | |
Advances with the FHLB, interest rate | 4.19% |
Floating rate over the 3 month LIBOR with maturities on 2019 | |
Debt Instrument | |
Advances with the FHLB, interest rate | 0.24% |
Notes Payable Maturity Year Range End | 2019 |
Debt Instrument Frequency Of Periodic Payment | Quarterly |
Fixed Rate with maturities on 2023 paying interest semiannually | Unsecured senior debt | |
Debt Instrument | |
Interest Rate Percentage | 6.125% |
Senior Debt Maturity Year | 2023 |
Debt issuance costs line of credit arrangements net | $ 5,644 |
Debt Instrument Frequency Of Periodic Payment | Semi-annually |
Note Borrowings (Borrowings by
Note Borrowings (Borrowings by contractual maturities) (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Debt Disclosure | |
2019 | $ 289,420 |
2020 | 202,264 |
2021 | 20,040 |
2022 | 103,147 |
2023 | 297,617 |
Later years | 464,913 |
Total borrowings | 1,377,401 |
Assets Sold Under Agreements To Repurchase | |
Debt Disclosure | |
2019 | 138,756 |
2020 | 62,115 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Later years | 0 |
Total borrowings | 200,871 |
Other Short Term Borrowings | |
Debt Disclosure | |
2019 | 42 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Later years | 0 |
Total borrowings | 42 |
Notes Payable | |
Debt Disclosure | |
2019 | 150,622 |
2020 | 140,149 |
2021 | 20,040 |
2022 | 103,147 |
2023 | 297,617 |
Later years | 464,913 |
Total borrowings | $ 1,176,488 |
Note Borrowings (Additional Inf
Note Borrowings (Additional Information) (Detail) - USD ($) $ in Billions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Maximum Amount Available | $ 3.4 | $ 3.4 |
Federal Home Loan Bank Advances And Letters Of Credit Amount Used | 0.5 | 0.6 |
Federal Reserve Bank Advances | ||
Debt Disclosure | ||
Line Of Credit Facility Current Borrowing Capacity | 1.2 | 1.2 |
Federal Home Loan Bank | ||
Debt Disclosure | ||
Line Of Credit Facility Capacity Available For Specific Purpose Other Than For Trade Purchases | $ 0.9 | $ 0.9 |
Note Stockholders' equity - Add
Note Stockholders' equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Stockholders Equity Note | ||||||
Stockholders equity | $ 5,440,060 | $ 5,064,909 | $ 5,435,057 | $ 5,103,905 | ||
Dividends, Common Stock, Cash | [1] | $ 28,986 | $ 25,547 | |||
Dividends Declared per Common Share | $ 0.3 | $ 0.25 | ||||
Dividend payable, to be paid date | Apr. 1, 2019 | |||||
Dividends payable, record date | Mar. 8, 2019 | |||||
Common stock purchases | $ 253,119 | [2] | $ 1,328 | |||
Treasury Stock | ||||||
Stockholders Equity Note | ||||||
Stockholders equity | (394,848) | (86,167) | (205,509) | (90,142) | ||
Common stock purchases | 200,449 | [2] | 1,328 | |||
Surplus | ||||||
Stockholders Equity Note | ||||||
Stockholders equity | 4,313,040 | $ 4,300,936 | $ 4,365,606 | $ 4,298,503 | ||
Common stock purchases | [2] | 52,670 | ||||
Accelerate Share Repurchase | ||||||
Stockholders Equity Note | ||||||
Common stock purchases | 250,000 | |||||
Accelerate Share Repurchase | Treasury Stock | ||||||
Stockholders Equity Note | ||||||
Common stock purchases | 200,000 | |||||
Accelerate Share Repurchase | Surplus | ||||||
Stockholders Equity Note | ||||||
Common stock purchases | $ 50,000 | |||||
[1] | Dividends declared per common share during the quarter ended March 31, 2019 - $0.30 (2018 - $0.25). | |||||
[2] | On February 28, 2019, the Corporation entered into a $250 million accelerated share repurchase transaction with respect to its common stock, which was accounted for as a treasury stock transaction. Refer to Note 18 for additional information. |
Note Other comprehensive income
Note Other comprehensive income (loss) (Disclosure of accumulated other comprehensive income (loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Foreign Currency Translation | |||
Beginning Balance | $ (49,936) | $ (43,034) | |
Other comprehensive loss before reclassifications | (1,238) | 93 | |
Net change | (1,238) | 93 | |
Ending Balance | (51,174) | (42,941) | |
Adjustment of pension and postretirement benefit plans | |||
Beginning Balance | (203,836) | (205,408) | |
Amounts reclassified from accumulated other comprehensive income (loss) for amortization of net losses | 3,673 | 3,285 | |
Amounts reclassified from accumulated other comprehensive income (loss) for amortization of prior service credit | 0 | (529) | |
Net change | 3,673 | 2,756 | |
Ending Balance | (200,163) | (202,652) | |
Unrealized net holding losses on debt securities | |||
Beginning Balance | (173,811) | (102,775) | |
Other comprehensive (loss) income before reclassifications | 101,403 | (114,404) | |
Net change | 101,403 | (114,404) | |
Ending Balance | (72,408) | (217,179) | |
Unrealized holding gains on equity securities | |||
Beginning Balance | 0 | 605 | |
Reclassification to retained earnings due to cumulative effect of accounting change | 0 | (605) | |
Net change | 0 | (605) | |
Ending Balance | 0 | 0 | |
Unrealized net (losses) gain on cash flow hedges | |||
Beginning Balance | (391) | (40) | |
Reclassification to retained earnings due to cumulative effect of accounting change | (50) | 0 | |
Other comprehensive income (loss) before reclassification | (437) | 747 | |
Amounts reclassified from other accumulated other comprehensive income (loss) | 644 | (773) | |
Net change | 157 | (26) | |
Ending Balance | (234) | (66) | |
Accumulated other comprehensive (loss) income | $ (323,979) | $ (462,838) | $ (427,974) |
Note Other comprehensive inco_2
Note Other comprehensive income (loss) (Reclassification out of accumulated other comprehensive income (loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification out of accumulated other comprehensive loss | ||
Personnel costs | $ (143,117) | $ (125,852) |
Income tax (benefit) expense | (50,223) | (22,155) |
Net Income | 167,925 | 91,324 |
Reclassification out of accumulated other comprehensive income | ||
Reclassification out of accumulated other comprehensive loss | ||
Net Income | (4,317) | (1,983) |
Reclassification out of accumulated other comprehensive income | Adjustment of pension and postretirement benefit plan | ||
Reclassification out of accumulated other comprehensive loss | ||
Income (loss) before tax | (5,876) | (4,519) |
Income tax (benefit) expense | 2,203 | 1,763 |
Net Income | (3,673) | (2,756) |
Reclassification out of accumulated other comprehensive income | Adjustment of pension and postretirement benefit plan | Amortization of net losses | Personnel costs | ||
Reclassification out of accumulated other comprehensive loss | ||
Income (loss) before tax | (5,876) | (5,386) |
Reclassification out of accumulated other comprehensive income | Adjustment of pension and postretirement benefit plan | Amortization of prior service credit | Personnel costs | ||
Reclassification out of accumulated other comprehensive loss | ||
Income (loss) before tax | 0 | 867 |
Reclassification out of accumulated other comprehensive income | Unrealized net (losses) gains on cash flow hedges | Forward contracts | ||
Reclassification out of accumulated other comprehensive loss | ||
Income (loss) before tax | (1,030) | 1,267 |
Income tax (benefit) expense | 386 | (494) |
Net Income | (644) | 773 |
Reclassification out of accumulated other comprehensive income | Unrealized net (losses) gains on cash flow hedges | Forward contracts | Mortgage banking activities | ||
Reclassification out of accumulated other comprehensive loss | ||
Income (loss) before tax | $ (1,030) | $ 1,267 |
Note Guarantees (Changes in the
Note Guarantees (Changes in the Corporation's liability of estimated losses from credit recourses agreements) (Detail) - Financial Guarantee - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Guarantor Obligations | ||
Balance as of beginning of period | $ 56,230 | $ 58,820 |
Provision (reversal) for recourse liability | (311) | 3,000 |
Net charge-offs | (3,908) | (4,395) |
Balance as of end of period | $ 52,011 | $ 57,425 |
Note Guarantees (Changes in t_2
Note Guarantees (Changes in the Corporation's liability of estimated losses associated with customary respresentations and warranties related to loans sold by BPPR) (Detail) - Indemnification Guarantee - Banco Popular de Puerto Rico - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Guarantor Obligations | ||
Balance as of beginning of period | $ 10,837 | $ 11,742 |
Provision (reversal) for representations and warranties | 104 | (152) |
Net charge-offs | (75) | (172) |
Balance as of end of period | $ 10,866 | $ 11,418 |
Note Guarantees (Credit recours
Note Guarantees (Credit recourse) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantee on loans sold or serviced with credit recourse | ||||
Guarantor Obligations | ||||
Valuation Allowances And Reserves Balance | $ 52,011 | $ 57,425 | $ 56,230 | $ 58,820 |
Serviced Mortgage Loans | ||||
Guarantor Obligations | ||||
Loans serviced | 15,500,000 | 15,700,000 | ||
Loans with Recourse | ||||
Guarantor Obligations | ||||
Loans serviced | 1,300,000 | $ 1,300,000 | ||
Loans with Recourse | Serviced Mortgage Loans | ||||
Guarantor Obligations | ||||
Repurchased Loans | $ 8,000 | $ 8,000 |
Note Guarantees (Indemnificatio
Note Guarantees (Indemnification, Representations and Warranties related to loans sold) - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Securitization | Guarantee on loans sold or serviced with representation and warranties | ||
Guarantor Obligations | ||
Repurchased Loans | $ 0 | $ 9,000,000 |
Note Guarantees (Other Guarante
Note Guarantees (Other Guarantees) - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations | ||
Funds Advanced To Investors Under Servicing Agreements | $ 93,590 | $ 88,371 |
Popular, Inc. Holding Co. | Debt Securities Payable | ||
Guarantor Obligations | ||
Guarantees, unamortized balance of the obligations | 94,000 | 94,000 |
Financial Standby Letter Of Credit | ||
Guarantor Obligations | ||
Guarantees, unamortized balance of the obligations | 500 | 300 |
Guarantee Type, Other | Popular, Inc. Holding Co. | Capital securities (trust preferred securities) | ||
Guarantor Obligations | ||
Guarantees, unamortized balance of the obligations | $ 374,000 | $ 374,000 |
Note Commitments and Contingenc
Note Commitments and Contingencies (Financial instruments with off-Balance Sheet credit risk) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments To Extend Credit | Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | $ 4,530,162 | $ 4,468,481 |
Commitments To Extend Credit | Commercial and construction lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | 2,806,405 | 2,751,390 |
Commitments To Extend Credit | Other consumer unused credit commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | 258,884 | 254,491 |
Commercial Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | 1,303 | 2,695 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | 79,200 | 26,479 |
Commitments to originate or fund mortgage loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | $ 22,884 | $ 22,629 |
Note Commitments and Continge_2
Note Commitments and Contingencies (Schedule of Direct Exposure to Puerto Rico Government by Maturity) (Detail) - PR Government direct exposure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | $ 455,525 | $ 457,988 |
Total concentration of risk | 455,525 | |
From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 62 | |
Total concentration of risk | 62 | |
From Government Development Bank | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 3 | |
Total concentration of risk | 3 | |
From Public Corporation - Puerto Rico Highways And Transportation Authority | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 5 | |
Total concentration of risk | 5 | |
From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 455,455 | |
Total concentration of risk | 455,455 | |
Loans | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 413,100 | 413,165 |
Loans | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
Loans | From Government Development Bank | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
Loans | From Public Corporation - Puerto Rico Highways And Transportation Authority | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
Loans | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 413,100 | |
Securities Investment | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 42,425 | $ 44,823 |
Securities Investment | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 62 | |
Securities Investment | From Government Development Bank | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 3 | |
Securities Investment | From Public Corporation - Puerto Rico Highways And Transportation Authority | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 5 | |
Securities Investment | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 42,355 | |
Within 1 year | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 18,935 | |
Total concentration of risk | 18,935 | |
Within 1 year | Loans | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 15,265 | |
Within 1 year | Securities Investment | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 3,670 | |
After 1 and within 5 years | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 6 | |
Total concentration of risk | 6 | |
After 1 and within 5 years | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 215,242 | |
Total concentration of risk | 215,242 | |
After 1 and within 5 years | Loans | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
After 1 and within 5 years | Loans | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 197,987 | |
After 1 and within 5 years | Securities Investment | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 6 | |
After 1 and within 5 years | Securities Investment | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 17,255 | |
After 5 to 10 years | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 28 | |
Total concentration of risk | 28 | |
After 5 to 10 years | From Public Corporation - Puerto Rico Highways And Transportation Authority | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 5 | |
Total concentration of risk | 5 | |
After 5 to 10 years | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 122,248 | |
Total concentration of risk | 122,248 | |
After 5 to 10 years | Loans | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
After 5 to 10 years | Loans | From Public Corporation - Puerto Rico Highways And Transportation Authority | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
After 5 to 10 years | Loans | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 101,663 | |
After 5 to 10 years | Securities Investment | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 28 | |
After 5 to 10 years | Securities Investment | From Public Corporation - Puerto Rico Highways And Transportation Authority | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 5 | |
After 5 to 10 years | Securities Investment | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 20,585 | |
After 10 years | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 28 | |
Total concentration of risk | 28 | |
After 10 years | From Government Development Bank | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 3 | |
Total concentration of risk | 3 | |
After 10 years | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 99,030 | |
Total concentration of risk | 99,030 | |
After 10 years | Loans | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
After 10 years | Loans | From Government Development Bank | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 0 | |
After 10 years | Loans | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 98,185 | |
After 10 years | Securities Investment | From PR Central Government | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 28 | |
After 10 years | Securities Investment | From Government Development Bank | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | 3 | |
After 10 years | Securities Investment | From Municipalities | ||
Direct Exposure To The Puerto Rico Government By Maturity [Line Items] | ||
Outstanding concentration of risk | $ 845 |
Note Commitments and continge_3
Note Commitments and contingencies (Commitments) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure | ||
Exposure Municipal Loans And Securities | 75.00% | |
Commitments To Extend Credit | ||
Commitments and Contingencies Disclosure | ||
Reserve of potential losses associated with unfunded loan commitments | $ 8,000 | $ 8,000 |
PR Government direct exposure | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 455,525 | 457,988 |
Total concentration of risk | 455,525 | |
PR Government direct exposure | Loans | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 413,100 | 413,165 |
PR Government direct exposure | Securities Investment | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 42,425 | 44,823 |
PR Government Indirect Exposure | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 365,000 | 368,000 |
Loans and Leases Receivable, Consumer, Mortgage with PRHA | 290,000 | 293,000 |
PR Government Indirect Exposure | PR Housing Bonds backed by second mortgage loans | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 45,000 | 45,000 |
PR Government Indirect Exposure | Commercial real estate | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 23,000 | 23,000 |
PR Government Indirect Exposure | Pass Through securities that have been economically defeased and refunded | ||
Commitments and Contingencies Disclosure | ||
Outstanding concentration of risk | 7,000 | $ 7,000 |
USVI Government Direct Exposure | From USVI Government And Public Corporations | ||
Commitments and Contingencies Disclosure | ||
Total concentration of risk | $ 75,000 |
Note Commitments and continge_4
Note Commitments and contingencies (Legal Proceedings) - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)claimsunits | |
Hazard Insurance Commision Related Litigation | |
Legal Matters And Contingencies | |
Loss Contingency Damages Sought Value | $ 400 |
Lilliam Gonzalez Camacho v BPPR | |
Legal Matters And Contingencies | |
Loss Contingency Damages Sought Value | $ 400 |
Banco Popular de Puerto Rico | |
Legal Matters And Contingencies | |
Mortgage Related Investigation | The review found that while the mailing error extended to approximately 23,000 residential mortgage loans (approximately 50% of which are serviced by the Corporation for third parties), the number of borrowers actually harmed by the mailing error was substantially lower. This was due to, among other things, the fact that the Corporation regularly uses means other than the mail to communicate with borrowers, including email and hand delivery of written notices at our mortgage servicing centers or bank branches. Importantly, more than half of those borrowers potentially subject to such error actually closed on a loss mitigation alternative. |
Banco Popular de Puerto Rico | Lilliam Gonzalez Camacho v BPPR | |
Legal Matters And Contingencies | |
Loss Contingency Number Of Defendants | units | 20 |
Banco Popular de Puerto Rico | Betteroads Asphalt and Betterecycling Corporation | |
Legal Matters And Contingencies | |
Loss Contingency Damages Sought Value | $ 900 |
Banco Popular de Puerto Rico | Hector Robles Rodriguez v Municipio de Ceiba | |
Legal Matters And Contingencies | |
Loss Contingency Damages Sought Value | $ 30 |
Aggregate Arbitrations with Claimed Damages | Popular Securities | |
Legal Matters And Contingencies | |
Loss Contingency Pending Claims Number | claims | 169 |
Loss Contingency Damages Sought Value | $ 201 |
One arbitration with Claimed damages | Popular Securities | |
Legal Matters And Contingencies | |
Loss Contingency Pending Claims Number | claims | 1 |
Loss Contingency Damages Sought Value | $ 30 |
Minimum | |
Legal Matters And Contingencies | |
Loss Contingency Range Of Possible Loss Portion Not Accrued | 0 |
Maximum | |
Legal Matters And Contingencies | |
Loss Contingency Range Of Possible Loss Portion Not Accrued | $ 31.5 |
Note Non-consolidated VIEs (Car
Note Non-consolidated VIEs (Carrying amount and classification of assets related to the Corporation's VI in non-consolidated VIEs and max exposure to loss) (Detail) - FNMA, GNMA, FHLMC VIE - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | $ 172,905 | $ 174,268 |
Maximum exposure to loss | 172,905 | 174,268 |
Servicing assets | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 133,108 | 136,280 |
Mortgage servicing rights | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 133,108 | 136,280 |
Other assets | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 39,797 | 37,988 |
Servicing advances | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | $ 39,797 | $ 37,988 |
Note Non-consolidated VIEs (C_2
Note Non-consolidated VIEs (Carrying amount and classification of assets related to the Corporation's VI in non-consolidated VIEs, PR Asset Portfolio 2013-1 International, LLC and PRLP 2011 Holdings, LLC and max exposure to loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
PR Asset Portfolio 2013-1 International, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | $ 4,749 | $ 5,794 |
Liabilities | (10,497) | (7,994) |
Total net assets | (5,748) | (2,200) |
Maximum exposure to loss | 0 | 0 |
PRLP 2011 Holding, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 6,349 | 6,469 |
Liabilities | (1,258) | (2,566) |
Total net assets | 5,091 | 3,903 |
Maximum exposure to loss | 5,091 | 3,903 |
Equity Method Investments | PR Asset Portfolio 2013-1 International, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 4,749 | 5,794 |
Equity Method Investments | PRLP 2011 Holding, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 6,349 | 6,469 |
Deposits | PR Asset Portfolio 2013-1 International, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Liabilities | (10,497) | (7,994) |
Deposits | PRLP 2011 Holding, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Liabilities | $ (1,258) | $ (2,566) |
Note Non-consolidated variable
Note Non-consolidated variable interest entities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2013 | Sep. 30, 2011 |
PRLP 2011 Holding, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investment Ownership Percentage | 24.90% | 24.90% | ||
Cash Received From Investee | $ 48 | |||
PR Asset Portfolio 2013-1 International, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investment Ownership Percentage | 24.90% | 24.90% | ||
Cash Received From Investee | $ 92 | |||
FNMA, GNMA, FHLMC VIE | ||||
Variable Interest Entity [Line Items] | ||||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | $ 10,400 | $ 10,600 |
Note Related party transactions
Note Related party transactions (Corporation's equity in Evertec) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction | ||
Investment in equity investees | $ 234,642 | $ 228,072 |
EVERTEC Inc. | ||
Related Party Transaction | ||
Investment in equity investees | $ 64,573 | $ 60,591 |
Note Related party transactio_2
Note Related party transactions (Financial Condition accounts outstanding with EVERTEC) (Detail) - EVERTEC Inc. - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction | ||
Accounts receivables (Other assets) | $ 6,577 | $ 6,829 |
Deposits | (25,666) | (28,606) |
Accounts payable (Other liabilities) | (8,391) | (3,671) |
Total | $ (27,480) | $ (25,448) |
Note Related party transactio_3
Note Related party transactions (Proportionate share of income (loss) and changes in stockholder's equity from EVERTEC) (Detail) - EVERTEC Inc. - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction | ||
Share of income from investment | $ 4,297 | $ 3,704 |
Share of other changes in stockholders equity | 895 | 129 |
Income (Loss) from Equity Method Investments, Total | $ 5,192 | $ 3,833 |
Note Related party transactio_4
Note Related party transactions (Impact on the results of operations of transactions between the Corporation and EVERTEC) (Detail) - EVERTEC Inc. - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction | ||
Related Party Transaction, Amounts of Transaction | $ (43,588) | $ (35,508) |
Deposits | ||
Related Party Transaction | ||
Interest Expense Related Party | (17) | (11) |
Other Fee Revenue | ||
Related Party Transaction | ||
Related Party Transaction Revenues From Transactions With Related Party | 8,219 | 7,982 |
Rental Income | ||
Related Party Transaction | ||
Related Party Transaction Revenues From Transactions With Related Party | 1,796 | 1,765 |
Processing Fees | ||
Related Party Transaction | ||
Expenses from Transactions with related party | (53,862) | (45,558) |
Other Expense | ||
Related Party Transaction | ||
Related Party Transaction Revenues From Transactions With Related Party | $ 276 | $ 314 |
Note Related party transactio_5
Note Related party transactions (Corporation's equity in PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 234,642 | $ 228,072 |
PRLP 2011 Holding, LLC | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | 6,349 | 6,469 |
PR Asset Portfolio 2013-1 International, LLC | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 4,749 | $ 5,794 |
Note Related party transactio_6
Note Related party transactions (Deposits with PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
PRLP 2011 Holding, LLC | ||
Related Party Transaction | ||
Deposits | $ 1,258 | $ 2,566 |
PR Asset Portfolio 2013-1 International, LLC | ||
Related Party Transaction | ||
Deposits | $ 10,497 | $ 7,994 |
Note Related party transactio_7
Note Related party transactions (Proportionate share of income (loss) from PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
PRLP 2011 Holding, LLC | ||
Related Party Transaction | ||
Share of (loss) income from equity method investments | $ (120) | $ (259) |
PR Asset Portfolio 2013-1 International, LLC | ||
Related Party Transaction | ||
Share of (loss) income from equity method investments | $ 296 | $ (5,356) |
Note Related party transactio_8
Note Related party transactions (Related party transactions with affiliated company - Additional Information) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party With Investment Companies | |||
Related Party Transaction | |||
Line of credit facility maximum borrowing capacity | $ 330,000,000 | $ 330,000,000 | |
Administrative Fees | 1,500,000 | $ 1,700,000 | |
Waived Fees | $ 500,000 | $ 500,000 | |
Credit Facilities Terms | The aggregate sum of all outstanding balances under all credit facilities that may be made available by BPPR, from time to time, to those investment companies for which BPPR acts as investment advisor or co-investment advisor, shall never exceed the lesser of $200 million or 10% of BPPR’s capital. | ||
Reliable Financial Services | |||
Related Party Transaction | |||
Sublease Expense | $ 400,000 |
Note Related party transactio_9
Note Related party transactions (Related party transactions with affiliated company - Equity Method - Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2013 | Sep. 30, 2011 | |
Related Party Transaction | ||||||||
Investment in equity investees | $ 234,642 | $ 228,072 | ||||||
PRLP 2011 Holding, LLC | ||||||||
Related Party Transaction | ||||||||
Equity Method Investment Ownership Percentage | 24.90% | 24.90% | ||||||
Equity Method Investment Distributions | $ 0 | $ 0 | ||||||
PR Asset Portfolio 2013-1 International, LLC | ||||||||
Related Party Transaction | ||||||||
Equity Method Investment Ownership Percentage | 24.90% | 24.90% | ||||||
Equity Method Investment Distributions | $ 1,300 | 0 | ||||||
EVERTEC Inc. | ||||||||
Related Party Transaction | ||||||||
Equity Method Investment Ownership Percentage | 16.13% | |||||||
Investment in equity investees | $ 64,573 | 60,591 | ||||||
Earnings from investments under the equity method | 5,192 | 3,833 | ||||||
Equity Method Investment Dividends | $ 600 | 0 | ||||||
Number of shares held | 11,654,803 | |||||||
BHD LEON | ||||||||
Related Party Transaction | ||||||||
Equity Method Investment Ownership Percentage | 15.84% | |||||||
Investment in equity investees | $ 148,600 | $ 143,500 | ||||||
Earnings from investments under the equity method | 5,500 | 8,500 | ||||||
Equity Method Investment Dividends | $ 0 | 0 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | |||||||
Grupo Financiero Leon SA Panama shareholder of BHD Leon | ||||||||
Related Party Transaction | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000 | |||||||
Credit facility extended to GFL by BHD International Panama affiliate of BHD leon | ||||||||
Related Party Transaction | ||||||||
Credit facility repayment | $ 8,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000 |
Note Fair value measurement (As
Note Fair value measurement (Assets and liabilities measured at fair value on a recurring basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Assets | |||||
Debt securities available-for-sale, at fair value | $ 13,542,695 | $ 13,300,184 | |||
Trading account debt securities, excluding derivatives | 39,217 | 37,787 | |||
Mortgage servicing rights | 167,813 | 169,777 | $ 166,281 | $ 168,031 | |
Level 1 | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | [1] | 2,476,890 | 2,719,740 | ||
Trading account debt securities, excluding derivatives | [1] | 6,764 | 6,278 | ||
Mortgage servicing rights | 0 | 0 | |||
Derivatives | 0 | 0 | |||
Liabilities | |||||
Derivatives | 0 | 0 | |||
Level 2 | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | [1] | 11,064,570 | 10,579,211 | ||
Trading account debt securities, excluding derivatives | [1] | 31,337 | 30,370 | ||
Mortgage servicing rights | 0 | 0 | |||
Derivatives | 14,843 | 13,603 | |||
Liabilities | |||||
Derivatives | (12,770) | (12,320) | |||
Level 3 | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | [1] | 1,235 | 1,233 | ||
Trading account debt securities, excluding derivatives | [1] | 1,116 | 1,139 | ||
Mortgage servicing rights | 167,813 | 169,777 | |||
Derivatives | 0 | 0 | |||
Liabilities | |||||
Derivatives | 0 | 0 | |||
Recurring | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 13,542,695 | 13,300,184 | |||
Trading account debt securities, excluding derivatives | 39,217 | 37,787 | |||
Equity securities at fair value | 17,658 | 13,296 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Derivatives | 14,843 | 13,603 | |||
Total | 13,782,226 | 13,534,647 | |||
Liabilities | |||||
Derivatives | (12,770) | (12,320) | |||
Total | (12,770) | (12,320) | |||
Recurring | US Treasury Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 8,031,487 | 8,272,196 | |||
Trading account debt securities, excluding derivatives | 6,764 | 6,278 | |||
Recurring | Obligations of U.S. Government sponsored entities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 264,671 | 333,309 | |||
Recurring | Obligations of Puerto Rico, States and political subdivisions | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 6,809 | 6,742 | |||
Trading account debt securities, excluding derivatives | 129 | 134 | |||
Recurring | Collateralized Mortgage Obligations - Federal agencies | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 701,766 | 728,671 | |||
Recurring | Mortgage Backed Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 4,537,524 | 3,958,778 | |||
Trading account debt securities, excluding derivatives | 28,229 | 27,257 | |||
Recurring | Other | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 438 | 488 | |||
Trading account debt securities, excluding derivatives | 3,453 | 3,459 | |||
Recurring | CMO | |||||
Assets | |||||
Trading account debt securities, excluding derivatives | 642 | 659 | |||
Recurring | Level 1 | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 2,476,890 | 2,719,740 | |||
Trading account debt securities, excluding derivatives | 6,764 | 6,278 | |||
Equity securities at fair value | 0 | 0 | |||
Mortgage servicing rights | 0 | 0 | |||
Derivatives | 0 | 0 | |||
Total | 2,483,654 | 2,726,018 | |||
Liabilities | |||||
Derivatives | 0 | 0 | |||
Total | 0 | 0 | |||
Recurring | Level 1 | US Treasury Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 2,476,890 | 2,719,740 | |||
Trading account debt securities, excluding derivatives | 6,764 | 6,278 | |||
Recurring | Level 1 | Obligations of U.S. Government sponsored entities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Recurring | Level 1 | Obligations of Puerto Rico, States and political subdivisions | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 1 | Collateralized Mortgage Obligations - Federal agencies | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Recurring | Level 1 | Mortgage Backed Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 1 | Other | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 1 | CMO | |||||
Assets | |||||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 2 | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 11,064,570 | 10,579,211 | |||
Trading account debt securities, excluding derivatives | 31,337 | 30,370 | |||
Equity securities at fair value | 17,658 | 13,296 | |||
Mortgage servicing rights | 0 | 0 | |||
Derivatives | 14,843 | 13,603 | |||
Total | 11,128,408 | 10,636,480 | |||
Liabilities | |||||
Derivatives | (12,770) | (12,320) | |||
Total | (12,770) | (12,320) | |||
Recurring | Level 2 | US Treasury Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 5,554,597 | 5,552,456 | |||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 2 | Obligations of U.S. Government sponsored entities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 264,671 | 333,309 | |||
Recurring | Level 2 | Obligations of Puerto Rico, States and political subdivisions | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 6,809 | 6,742 | |||
Trading account debt securities, excluding derivatives | 129 | 134 | |||
Recurring | Level 2 | Collateralized Mortgage Obligations - Federal agencies | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 701,766 | 728,671 | |||
Recurring | Level 2 | Mortgage Backed Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 4,536,289 | 3,957,545 | |||
Trading account debt securities, excluding derivatives | 28,186 | 27,214 | |||
Recurring | Level 2 | Other | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 438 | 488 | |||
Trading account debt securities, excluding derivatives | 2,975 | 2,974 | |||
Recurring | Level 2 | CMO | |||||
Assets | |||||
Trading account debt securities, excluding derivatives | 47 | 48 | |||
Recurring | Level 3 | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 1,235 | 1,233 | |||
Trading account debt securities, excluding derivatives | 1,116 | 1,139 | |||
Equity securities at fair value | 0 | 0 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Derivatives | 0 | 0 | |||
Total | 170,164 | 172,149 | |||
Liabilities | |||||
Derivatives | 0 | 0 | |||
Total | 0 | 0 | |||
Recurring | Level 3 | US Treasury Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 3 | Obligations of U.S. Government sponsored entities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Recurring | Level 3 | Obligations of Puerto Rico, States and political subdivisions | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Trading account debt securities, excluding derivatives | 0 | 0 | |||
Recurring | Level 3 | Collateralized Mortgage Obligations - Federal agencies | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Recurring | Level 3 | Mortgage Backed Securities | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 1,235 | 1,233 | |||
Trading account debt securities, excluding derivatives | 43 | 43 | |||
Recurring | Level 3 | Other | |||||
Assets | |||||
Debt securities available-for-sale, at fair value | 0 | 0 | |||
Trading account debt securities, excluding derivatives | 478 | 485 | |||
Recurring | Level 3 | CMO | |||||
Assets | |||||
Trading account debt securities, excluding derivatives | $ 595 | $ 611 | |||
[1] | Refer to Note 24 to the C onsolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. |
Note Fair value measurement (_2
Note Fair value measurement (Assets measured at fair value on nonrecurring basis) (Detail) - Nonrecurring - Fair Value by Asset Class [Domain] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Fair Value | |||
Loans | [1] | $ 13,147 | $ 29,826 |
Other real estate | [2] | 8,035 | 14,397 |
Other foreclosed assets | [2] | 1,283 | 2,045 |
Total | 22,465 | 46,268 | |
Loans - write-down | [1] | (3,316) | (13,766) |
Other real estate owned - write down | [2] | (1,889) | (3,116) |
Other foreclosed assets - write down | [2] | (118) | (523) |
Total assets measured - write down | (5,323) | (17,405) | |
Level 1 | |||
Fair Value | |||
Loans | [1] | 0 | 0 |
Other real estate | [2] | 0 | 0 |
Other foreclosed assets | [2] | 0 | 0 |
Total | 0 | 0 | |
Level 2 | |||
Fair Value | |||
Loans | [1] | 0 | 0 |
Other real estate | [2] | 0 | 0 |
Other foreclosed assets | [2] | 0 | 0 |
Total | 0 | 0 | |
Level 3 | |||
Fair Value | |||
Loans | [1] | 13,147 | 29,826 |
Other real estate | [2] | 8,035 | 14,397 |
Other foreclosed assets | [2] | 1,283 | 2,045 |
Total | $ 22,465 | $ 46,268 | |
[1] | Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35 . Costs to sell are excluded from the reported fair value amount . | ||
[2] | Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount |
Note Fair value measurement (Ch
Note Fair value measurement (Changes in level 3 assets and liabilities measured at fair value on a recurring basis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Assets, Fair Value Disclosure [Abstract] | ||
Beginning Balance | $ 172,149 | $ 170,420 |
Gains (Losses) included in earnings | (3,832) | (4,317) |
Gains (losses) included in OCI | 2 | 1 |
Additions | 1,875 | 2,573 |
Settlements | (30) | (83) |
Ending Balance | 170,164 | 168,594 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | (744) | 5 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Beginning Balance | (164,858) | |
Liabilitiy - Gains (Losses) included in earnings | (6,112) | |
Gains (losses) included in OCI | 0 | |
Additions | 0 | |
Settlements | 0 | |
Ending Balance | (170,970) | |
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss | (6,112) | |
Contingent consideration | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Beginning Balance | (164,858) | |
Liabilitiy - Gains (Losses) included in earnings | (6,112) | |
Gains (losses) included in OCI | 0 | |
Additions | 0 | |
Settlements | 0 | |
Ending Balance | (170,970) | |
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss | (6,112) | |
Debt securities available-for-sale | Mortgage Backed Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Beginning Balance | 1,233 | 1,288 |
Gains (Losses) included in earnings | 0 | 0 |
Gains (losses) included in OCI | 2 | 1 |
Additions | 0 | 0 |
Settlements | 0 | (26) |
Ending Balance | 1,235 | 1,263 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | 0 |
Trading account debt securities | Mortgage Backed Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Beginning Balance | 43 | 43 |
Gains (Losses) included in earnings | 0 | 0 |
Gains (losses) included in OCI | 0 | 0 |
Additions | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | 43 | 43 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | 0 |
Trading account debt securities | CMO | ||
Assets, Fair Value Disclosure [Abstract] | ||
Beginning Balance | 611 | 529 |
Gains (Losses) included in earnings | 0 | 0 |
Gains (losses) included in OCI | 0 | 0 |
Additions | 14 | 16 |
Settlements | (30) | (57) |
Ending Balance | 595 | 488 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | 0 |
Trading account debt securities | Other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Beginning Balance | 485 | 529 |
Gains (Losses) included in earnings | (7) | (10) |
Gains (losses) included in OCI | 0 | 0 |
Additions | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | 478 | 519 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 3 | 5 |
Mortgage Servicing Rights | ||
Assets, Fair Value Disclosure [Abstract] | ||
Beginning Balance | 169,777 | 168,031 |
Gains (Losses) included in earnings | (3,825) | (4,307) |
Gains (losses) included in OCI | 0 | 0 |
Additions | 1,861 | 2,557 |
Settlements | 0 | 0 |
Ending Balance | 167,813 | 166,281 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | $ (747) | $ 0 |
Note Fair value measurement (Ga
Note Fair value measurement (Gains and losses (realized and unrealized) included in earnings for level 3 assets and liabilities) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||
Gains (Losses) included in earnings | $ (3,832) | $ (4,317) |
Liabilitiy - Gains (Losses) included in earnings | (6,112) | |
Change in unrealized gain loss - Fair value assets | (744) | 5 |
Change in unrealized gain loss - fair value liabilities | (6,112) | |
Gain (loss) included in earnings | (3,832) | (10,429) |
Change in unrealized gain loss | (744) | (6,107) |
FDIC Loss Share Expense Income | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||
Liabilitiy - Gains (Losses) included in earnings | 0 | (6,112) |
Change in unrealized gain loss - fair value liabilities | 0 | (6,112) |
Mortgage banking activities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||
Gains (Losses) included in earnings | (3,825) | (4,307) |
Change in unrealized gain loss - Fair value assets | (747) | 0 |
Trading gains losses | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||
Gains (Losses) included in earnings | (7) | (10) |
Change in unrealized gain loss - Fair value assets | $ 3 | $ 5 |
Note Fair value measurement (Qu
Note Fair value measurement (Quantitative inputs level 3) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Assets | |||||
Trading Securities Debt | $ 39,217 | $ 37,787 | |||
Mortgage servicing rights | 167,813 | 169,777 | $ 166,281 | $ 168,031 | |
Other real estate | 125,478 | 136,705 | |||
Level 3 | |||||
Assets | |||||
Trading Securities Debt | [1] | 1,116 | 1,139 | ||
Mortgage servicing rights | 167,813 | 169,777 | |||
Recurring | |||||
Assets | |||||
Trading Securities Debt | 39,217 | 37,787 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Recurring | CMO | |||||
Assets | |||||
Trading Securities Debt | 642 | 659 | |||
Recurring | Other | |||||
Assets | |||||
Trading Securities Debt | 3,453 | 3,459 | |||
Recurring | Level 3 | |||||
Assets | |||||
Trading Securities Debt | 1,116 | 1,139 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Recurring | Level 3 | Mortgage Servicing Rights | |||||
Assets | |||||
Mortgage servicing rights | $ 167,813 | ||||
Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flow approach | Minimum | |||||
Unobservable inputs | |||||
Weighted average life | 1 month | ||||
Prepayment speed | 0.20% | ||||
Discount rate | 9.50% | ||||
Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flow approach | Maximum | |||||
Unobservable inputs | |||||
Weighted average life | 15 years 7 months | ||||
Prepayment speed | 23.20% | ||||
Discount rate | 24.50% | ||||
Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flow approach | Weighted Average | |||||
Unobservable inputs | |||||
Weighted average life | 6 years 10 months | ||||
Prepayment speed | 5.40% | ||||
Discount rate | 11.20% | ||||
Recurring | Level 3 | CMO | |||||
Assets | |||||
Trading Securities Debt | $ 595 | 611 | |||
Recurring | Level 3 | CMO | Trading account debt securities | Discounted cash flow approach | Minimum | |||||
Unobservable inputs | |||||
Weighted average life | 1 year 2 months | ||||
Yield | 3.90% | ||||
Prepayment speed | 15.00% | ||||
Recurring | Level 3 | CMO | Trading account debt securities | Discounted cash flow approach | Maximum | |||||
Unobservable inputs | |||||
Weighted average life | 2 years | ||||
Yield | 4.40% | ||||
Prepayment speed | 19.60% | ||||
Recurring | Level 3 | CMO | Trading account debt securities | Discounted cash flow approach | Weighted Average | |||||
Unobservable inputs | |||||
Weighted average life | 1 year 10 months | ||||
Yield | 4.10% | ||||
Prepayment speed | 17.70% | ||||
Recurring | Level 3 | Other | |||||
Assets | |||||
Trading Securities Debt | $ 478 | $ 485 | |||
Recurring | Level 3 | Other | Discounted cash flow approach | |||||
Unobservable inputs | |||||
Weighted average life | 5 years 2 months | ||||
Yield | 12.00% | ||||
Prepayment speed | 10.80% | ||||
Nonrecurring | |||||
Assets | |||||
Loans | [2] | $ 13,147 | |||
Nonrecurring | Level 3 | Loan | |||||
Assets | |||||
Loans | [3] | $ 9,610 | |||
Nonrecurring | Level 3 | Loan | Valuation Technique External Appraisal | Minimum | |||||
Unobservable inputs | |||||
Haircut applied on external appraisal | 11.40% | ||||
Nonrecurring | Level 3 | Loan | Valuation Technique External Appraisal | Maximum | |||||
Unobservable inputs | |||||
Haircut applied on external appraisal | 25.00% | ||||
Nonrecurring | Level 3 | Loan | Valuation Technique External Appraisal | Weighted Average | |||||
Unobservable inputs | |||||
Haircut applied on external appraisal | 13.80% | ||||
Nonrecurring | Level 3 | Other real estate owned | |||||
Assets | |||||
Other real estate | [4] | $ 5,871 | |||
Nonrecurring | Level 3 | Other real estate owned | Valuation Technique External Appraisal | Minimum | |||||
Unobservable inputs | |||||
Haircut applied on external appraisal | 15.00% | ||||
Nonrecurring | Level 3 | Other real estate owned | Valuation Technique External Appraisal | Maximum | |||||
Unobservable inputs | |||||
Haircut applied on external appraisal | 25.00% | ||||
Nonrecurring | Level 3 | Other real estate owned | Valuation Technique External Appraisal | Weighted Average | |||||
Unobservable inputs | |||||
Haircut applied on external appraisal | 21.20% | ||||
[1] | Refer to Note 24 to the C onsolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. | ||||
[2] | Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35 . Costs to sell are excluded from the reported fair value amount . | ||||
[3] | Loans held-in-portfolio in which haircuts were not applied to external appraisals were excluded from this table. | ||||
[4] | Other real estate owned in which haircuts were not applied to external appraisals were excluded from this table. |
Note Fair value measurement - A
Note Fair value measurement - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Mortgage Servicing Rights | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair Value Measurements, Sensitivity Analysis, Description | The significant unobservable inputs used in the fair value measurement of the Corporation’s mortgage servicing rights are constant prepayment rates and discount rates. Increases in interest rates may result in lower prepayments. Discount rates vary according to products and / or portfolios depending on the perceived risk. Increases in discount rates result in a lower fair value measurement. |
Mortgage Backed Securities | Trading account debt securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Fair Value Measurements, Sensitivity Analysis, Description | The significant unobservable inputs used in the fair value measurement of the Corporation’s collateralized mortgage obligations and interest-only collateralized mortgage obligation (reported as “other”), which are classified in the “trading” category, are yield, constant prepayment rate, and weighted average life. Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the constant prepayment rate will generate a directionally opposite change in the weighted average life. For example, as the average life is reduced by a higher constant prepayment rate, a lower yield will be realized, and when there is a reduction in the constant prepayment rate, the average life of these collateralized mortgage obligations will extend, thus resulting in a higher yield. |
Note Fair value of financial in
Note Fair value of financial instruments (Carrying or notional amounts and estimated fair values for financial instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Financial Assets: | |||||
Cash and due from banks | $ 376,558 | $ 394,035 | |||
Money market investments | 4,814,134 | 4,171,048 | |||
Trading account debt securities, excluding derivatives | 39,217 | 37,787 | |||
Debt securities available-for-sale, at fair value | 13,542,695 | 13,300,184 | |||
Debt securities held-to-maturity, at amortized cost | 99,455 | 101,575 | |||
Equity securities: | |||||
Equity securities | 158,507 | 155,584 | |||
Loans held in portfolio, net | 26,097,080 | 25,938,541 | |||
FDIC loss-share asset | $ 45,659 | $ 46,316 | |||
Mortgage servicing rights | 167,813 | 169,777 | 166,281 | $ 168,031 | |
Deposits | |||||
Time deposits | 7,805,764 | 7,616,764 | |||
Total deposits | 40,879,838 | 39,710,039 | |||
Assets sold under agreements to repurchase | 200,871 | 281,529 | |||
Other short-term borrowings | 42 | 42 | |||
Notes payable: | |||||
Capital lease obligations | 0 | 20,412 | |||
Notes Payable | 1,176,488 | 1,256,102 | |||
Contingent consideration | 165,000 | $ 171,000 | |||
Carrying amount | |||||
Financial Assets: | |||||
Cash and due from banks | 376,558 | 394,035 | |||
Money market investments | 4,814,134 | 4,171,048 | |||
Trading account debt securities, excluding derivatives | [1] | 39,217 | 37,787 | ||
Debt securities available-for-sale, at fair value | [1] | 13,542,695 | 13,300,184 | ||
Debt securities held-to-maturity, at amortized cost | 99,455 | 101,575 | |||
Equity securities: | |||||
FHLB Stock | 48,949 | 51,628 | |||
FRB stock | 90,598 | 89,358 | |||
Other investments | 18,960 | 14,598 | |||
Equity securities | 158,507 | 155,584 | |||
Loans held-for-sale | 43,985 | 51,422 | |||
Loans held in portfolio, net | 26,097,080 | 25,938,541 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Derivatives | 14,843 | 13,603 | |||
Deposits | |||||
Demand deposits | 33,074,074 | 32,093,274 | |||
Time deposits | 7,805,764 | 7,616,765 | |||
Total deposits | 40,879,838 | 39,710,039 | |||
Assets sold under agreements to repurchase | 200,871 | 281,529 | |||
Other short-term borrowings | [2] | 42 | 42 | ||
Notes payable: | |||||
Advances with the FHLB | 497,250 | 556,776 | |||
Unsecured senior debt securities | 294,356 | 294,039 | |||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 384,882 | 384,875 | |||
Capital lease obligations | 20,412 | ||||
Notes Payable | 1,176,488 | 1,256,102 | |||
Derivatives | 12,770 | 12,320 | |||
Fair Value | |||||
Financial Assets: | |||||
Cash and due from banks | 376,558 | 394,035 | |||
Money market investments | 4,814,134 | 4,171,048 | |||
Trading account debt securities, excluding derivatives | [1] | 39,217 | 37,787 | ||
Debt securities available-for-sale, at fair value | [1] | 13,542,695 | 13,300,184 | ||
Debt securities held-to-maturity, at amortized cost | 103,457 | 102,653 | |||
Equity securities: | |||||
FHLB Stock | 48,949 | 51,628 | |||
FRB stock | 90,598 | 89,358 | |||
Other investments | 24,003 | 18,835 | |||
Equity securities | 163,550 | 159,821 | |||
Loans held-for-sale | 45,085 | 52,474 | |||
Loans held in portfolio, net | 23,941,120 | 23,143,027 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Derivatives | 14,843 | 13,603 | |||
Deposits | |||||
Demand deposits | 33,074,074 | 32,093,274 | |||
Time deposits | 7,633,195 | 7,392,698 | |||
Total deposits | 40,707,269 | 39,485,972 | |||
Assets sold under agreements to repurchase | 200,691 | 281,535 | |||
Other short-term borrowings | [2] | 42 | 42 | ||
Notes payable: | |||||
Advances with the FHLB | 498,220 | 553,111 | |||
Unsecured senior debt securities | 308,142 | 302,664 | |||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 389,331 | 381,079 | |||
Capital lease obligations | 20,412 | ||||
Notes Payable | 1,195,693 | 1,257,266 | |||
Derivatives | 12,770 | 12,320 | |||
Obligations of Puerto Rico, States and political subdivisions | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 87,341 | 89,459 | |||
Obligations of Puerto Rico, States and political subdivisions | Carrying amount | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 87,341 | 89,459 | |||
Obligations of Puerto Rico, States and political subdivisions | Fair Value | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 91,340 | 90,534 | |||
Collateralized Mortgage Obligations - Federal agencies | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 53 | 55 | |||
Collateralized Mortgage Obligations - Federal agencies | Carrying amount | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 53 | 55 | |||
Collateralized Mortgage Obligations - Federal agencies | Fair Value | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 56 | 58 | |||
Securities in wholly owned statutory business trusts | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 11,561 | 11,561 | |||
Securities in wholly owned statutory business trusts | Carrying amount | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 11,561 | 11,561 | |||
Securities in wholly owned statutory business trusts | Fair Value | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 11,561 | 11,561 | |||
Other | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 500 | 500 | |||
Other | Carrying amount | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 500 | 500 | |||
Other | Fair Value | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 500 | 500 | |||
Level 1 | |||||
Financial Assets: | |||||
Cash and due from banks | 376,558 | 394,035 | |||
Money market investments | 4,804,949 | 4,161,832 | |||
Trading account debt securities, excluding derivatives | [1] | 6,764 | 6,278 | ||
Debt securities available-for-sale, at fair value | [1] | 2,476,890 | 2,719,740 | ||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Equity securities: | |||||
FHLB Stock | 0 | 0 | |||
FRB stock | 0 | 0 | |||
Other investments | 0 | 0 | |||
Equity securities | 0 | 0 | |||
Loans held-for-sale | 0 | 0 | |||
Loans held in portfolio, net | 0 | 0 | |||
Mortgage servicing rights | 0 | 0 | |||
Derivatives | 0 | 0 | |||
Deposits | |||||
Demand deposits | 0 | 0 | |||
Time deposits | 0 | 0 | |||
Total deposits | 0 | 0 | |||
Assets sold under agreements to repurchase | 0 | 0 | |||
Other short-term borrowings | [2] | 0 | 0 | ||
Notes payable: | |||||
Advances with the FHLB | 0 | 0 | |||
Unsecured senior debt securities | 0 | 0 | |||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 0 | 0 | |||
Capital lease obligations | 0 | 0 | |||
Notes Payable | 0 | 0 | |||
Derivatives | 0 | 0 | |||
Level 1 | Obligations of Puerto Rico, States and political subdivisions | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 1 | Collateralized Mortgage Obligations - Federal agencies | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 1 | Securities in wholly owned statutory business trusts | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 1 | Other | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 2 | |||||
Financial Assets: | |||||
Cash and due from banks | 0 | 0 | |||
Money market investments | 9,185 | 9,216 | |||
Trading account debt securities, excluding derivatives | [1] | 31,337 | 30,370 | ||
Debt securities available-for-sale, at fair value | [1] | 11,064,570 | 10,579,211 | ||
Debt securities held-to-maturity, at amortized cost | 12,061 | 12,061 | |||
Equity securities: | |||||
FHLB Stock | 48,949 | 51,628 | |||
FRB stock | 90,598 | 89,358 | |||
Other investments | 17,658 | 13,296 | |||
Equity securities | 157,205 | 154,282 | |||
Loans held-for-sale | 0 | 0 | |||
Loans held in portfolio, net | 0 | 0 | |||
Mortgage servicing rights | 0 | 0 | |||
Derivatives | 14,843 | 13,603 | |||
Deposits | |||||
Demand deposits | 33,074,074 | 32,093,274 | |||
Time deposits | 7,633,195 | 7,392,698 | |||
Total deposits | 40,707,269 | 39,485,972 | |||
Assets sold under agreements to repurchase | 200,691 | 281,535 | |||
Other short-term borrowings | [2] | 42 | 42 | ||
Notes payable: | |||||
Advances with the FHLB | 498,220 | 553,111 | |||
Unsecured senior debt securities | 308,142 | 302,664 | |||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 389,331 | 381,079 | |||
Capital lease obligations | 0 | ||||
Notes Payable | 1,195,693 | 1,236,854 | |||
Derivatives | 12,770 | 12,320 | |||
Level 2 | Obligations of Puerto Rico, States and political subdivisions | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 2 | Collateralized Mortgage Obligations - Federal agencies | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 2 | Securities in wholly owned statutory business trusts | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 11,561 | 11,561 | |||
Level 2 | Other | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 500 | 500 | |||
Level 3 | |||||
Financial Assets: | |||||
Cash and due from banks | 0 | 0 | |||
Money market investments | 0 | 0 | |||
Trading account debt securities, excluding derivatives | [1] | 1,116 | 1,139 | ||
Debt securities available-for-sale, at fair value | [1] | 1,235 | 1,233 | ||
Debt securities held-to-maturity, at amortized cost | 91,396 | 90,592 | |||
Equity securities: | |||||
FHLB Stock | 0 | 0 | |||
FRB stock | 0 | 0 | |||
Other investments | 6,345 | 5,539 | |||
Equity securities | 6,345 | 5,539 | |||
Loans held-for-sale | 45,085 | 52,474 | |||
Loans held in portfolio, net | 23,941,120 | 23,143,027 | |||
Mortgage servicing rights | 167,813 | 169,777 | |||
Derivatives | 0 | 0 | |||
Deposits | |||||
Demand deposits | 0 | 0 | |||
Time deposits | 0 | 0 | |||
Total deposits | 0 | 0 | |||
Assets sold under agreements to repurchase | 0 | 0 | |||
Other short-term borrowings | [2] | 0 | 0 | ||
Notes payable: | |||||
Advances with the FHLB | 0 | 0 | |||
Unsecured senior debt securities | 0 | 0 | |||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 0 | 0 | |||
Capital lease obligations | 20,412 | ||||
Notes Payable | 0 | 20,412 | |||
Derivatives | 0 | 0 | |||
Level 3 | Obligations of Puerto Rico, States and political subdivisions | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 91,340 | 90,534 | |||
Level 3 | Collateralized Mortgage Obligations - Federal agencies | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 56 | 58 | |||
Level 3 | Securities in wholly owned statutory business trusts | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | |||
Level 3 | Other | |||||
Financial Assets: | |||||
Debt securities held-to-maturity, at amortized cost | $ 0 | $ 0 | |||
[1] | Refer to Note 24 to the C onsolidated F inancial S tatements for the fair value by class of financial asset and its hierarchy level. | ||||
[2] | Refer to Note 17 to the Consolidated F inancial S tatements for the composition of other short-term borrowings. |
Note Fair Value of financial _2
Note Fair Value of financial instruments- Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Letter Of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure Off balance Sheet Risks Face Amount Asset | $ 81 | $ 29 |
Commitments To Extend Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure Off balance Sheet Risks Face Amount Asset | $ 7,600 | $ 7,500 |
Note Net income per common shar
Note Net income per common share (Computation of net income (loss) per common share ("EPS"), basic and diluted) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net income (loss) | $ 167,925 | $ 91,324 |
Net Income | 167,925 | 91,324 |
Preferred stock dividends | (931) | (931) |
Net income (loss) applicable to common stock | $ 166,994 | $ 90,393 |
Average common shares outstanding | 98,581,743 | 101,696,343 |
Average potential dilutive common shares | 177,155 | 140,869 |
Average common shares outstanding - assuming dilution | 98,758,898 | 101,837,212 |
Net Income per Common Share - Basic | $ 1.69 | $ 0.89 |
Net Income per Common Share - Diluted | $ 1.69 | $ 0.89 |
Note Net income per common sh_2
Note Net income per common share - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |
Accelerated share repurchases settlement receipt | $ | $ 250 |
Common Shares Repurchased Accelerated Share Repurchase Agreements | 3,500,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,268,890 |
Note Revenue from contracts wit
Note Revenue from contracts with customers - Revenue strems (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Service charges on deposit accounts | ||
Revenue From Contract With Customer Excluding Assessed Tax | $ 38,691 | $ 36,455 |
BPPR | ||
Revenue From Contract With Customer Excluding Assessed Tax | 81,768 | 79,310 |
BPPR | Service charges on deposit accounts | ||
Revenue From Contract With Customer Excluding Assessed Tax | 35,064 | 33,179 |
BPPR | Debit card fees | ||
Revenue From Contract With Customer Excluding Assessed Tax | 10,899 | 11,395 |
BPPR | Insurance fees, excluding reinsurance | ||
Revenue From Contract With Customer Excluding Assessed Tax | 7,445 | 7,237 |
BPPR | Credit card fees excluding late fees and membership fees | ||
Revenue From Contract With Customer Excluding Assessed Tax | 18,286 | 16,803 |
BPPR | Sale and administration of investment products | ||
Revenue From Contract With Customer Excluding Assessed Tax | 5,259 | 5,355 |
BPPR | Trust fees | ||
Revenue From Contract With Customer Excluding Assessed Tax | 4,815 | 5,341 |
Popular U.S. | ||
Revenue From Contract With Customer Excluding Assessed Tax | 4,884 | 4,381 |
Popular U.S. | Service charges on deposit accounts | ||
Revenue From Contract With Customer Excluding Assessed Tax | 3,627 | 3,276 |
Popular U.S. | Debit card fees | ||
Revenue From Contract With Customer Excluding Assessed Tax | 271 | 243 |
Popular U.S. | Insurance fees, excluding reinsurance | ||
Revenue From Contract With Customer Excluding Assessed Tax | 770 | 622 |
Popular U.S. | Credit card fees excluding late fees and membership fees | ||
Revenue From Contract With Customer Excluding Assessed Tax | 216 | 240 |
Popular U.S. | Sale and administration of investment products | ||
Revenue From Contract With Customer Excluding Assessed Tax | 0 | 0 |
Popular U.S. | Trust fees | ||
Revenue From Contract With Customer Excluding Assessed Tax | $ 0 | $ 0 |
Note Revenue from contracts w_2
Note Revenue from contracts with customers - Revenue strems (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Intersegment Transaction | ||
Revenue From Contract With Customer Excluding Assessed Tax | $ 0.2 | $ 0.4 |
Note Leases (Future minimum pay
Note Leases (Future minimum payments) (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating lease liabilities under Topic 842 | |
Operating leases - Remaining 2019 | $ 21,760 |
Operating leases - 2020 | 26,023 |
Operating leases - 2021 | 23,625 |
Operating leases - 2022 | 19,928 |
Operating leases - 2023 | 17,695 |
Operating leases - later years | 66,312 |
Operating leases - Total | 175,343 |
Less: Imputed interest | (27,248) |
Operating lease liabilities | 148,095 |
Finance lease liabilities under Topic 842 | |
Finance leases - Remaining 2019 | 2,385 |
Finance leases - 2020 | 3,261 |
Finance leases - 2021 | 3,351 |
Finance leases - 2022 | 3,445 |
Finance leases - 2023 | 3,542 |
Finance leases - later years | 14,187 |
Finance leases - Total | 30,171 |
Less: imputed interest | (6,428) |
Finance lease liabilities | $ 23,743 |
Note Leases (Lease cost) (Detai
Note Leases (Lease cost) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease Cost [Abstract] | |
Amortization of ROU assets | $ 458 |
Interest on lease liabilities | 321 |
Operating lease cost | 8,155 |
Short-term lease cost | 24 |
Sublease Income | (25) |
Total lease cost | $ 8,933 |
Note Leases (Supplemental cash
Note Leases (Supplemental cash flow information and other related information ) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 7,391 | |
Operating cash flows from finance leases | 327 | |
Financing cash flows from finance leases | 439 | $ 0 |
ROU assets obtained in exchange for new lease obligations - Operating leases | 356 | |
ROU assets obtained in exchange for new lease obligations - Finance leases | $ 3,308 | |
Weighted average remaining term - Operating leases | 8 years 5 months | |
Weighted average remaining lease term - Finance leases | 8 years 11 months | |
Weighted average discount rate - Operating leases | 3.80% | |
Weighted average discount rate - Finance leases | 5.70% |
Note Leases - Additional Inform
Note Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 7,400 | ||
Capital leases amortization expense | 300 | ||
Capital leases interest expense | $ 300 | ||
Operating ROU assets | $ 132,538 | $ 0 | |
Finance ROU assets | 16,777 | $ 0 | |
Opearing lease liability | 148,095 | ||
Finance lease liability | $ 23,743 | ||
Operating lease contract not yet commenced | 10 years | ||
Undiscounted contract amount operating leases not yet commenced | $ 22,000 | ||
Minimum | |||
Leases | |||
Remaining lease term of contract | 1 month | ||
Maximum | |||
Leases | |||
Remaining lease term of contract | 34 years 10 months | ||
Lessee remaining lease renewal term | 10 years 1 month |
Note FDIC loss share expense (D
Note FDIC loss share expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure F D I C Loss Share Expense Income [Abstract] | ||
Amortization of loss share indemnification asset | $ (934) | |
80% mirror accounting on credit impairment losses | 104 | |
80% mirror accounting on reimbursable expenses | 537 | |
80% mirror accounting on recoveries on covered assets, including rental income on OREOs, subject to reimbursement to the FDIC | (1,658) | |
Change in true-up payment obligation | (6,112) | |
Other | 36 | |
FDIC loss share (expense) income | $ 0 | $ (8,027) |
Note Pension and postretirement
Note Pension and postretirement benefits (Components of net periodic benefit cost) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plans | ||
Personnel costs: | ||
Service cost | $ 0 | $ 0 |
Other operating expenses | ||
Interest cost | 7,110 | 6,373 |
Expected return on plan assets | (8,096) | (10,060) |
Amortization of prior service cost (credit) | 0 | 0 |
Amortization of net loss | 5,876 | 5,065 |
Total net periodic pension cost | 4,890 | 1,378 |
OPEB Plan | ||
Personnel costs: | ||
Service cost | 190 | 257 |
Other operating expenses | ||
Interest cost | 1,489 | 1,390 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 0 | (867) |
Amortization of net loss | 0 | 321 |
Total net periodic pension cost | $ 1,378 | $ 1,101 |
Note Pension and postretireme_2
Note Pension and postretirement benefits (Contributions to the benefit plans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | |
Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Employer contribution | $ 57 | |
Contributions to the plans expected to pay | $ 229 | |
OPEB Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Employer contribution | $ 1,285 | |
Contributions to the plans expected to pay | $ 8,128 |
Note Stock-based compensation (
Note Stock-based compensation (Summary of restricted stock activity under the incentive plan for members of management) (Detail) - Restricted Stock Units (RSUs) - Executive Officers - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | |||
Granted | 84,590 | 84,616 | |
Performance Based Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | |||
Non-vested at beginning of period | 382,186 | 295,340 | 295,340 |
Granted | 149,986 | 239,062 | |
Performance Shares Quantity Adjustment | 22,973 | 234,076 | |
Vested | (177,913) | (372,271) | |
Forfeited | (14,021) | ||
Non-vested at beginning of period | 377,232 | 382,186 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Disclosures Abstract | |||
Non-vested at beginning of period | $ 36.41 | $ 30.75 | $ 30.75 |
Granted | 55.05 | 45.81 | |
Performance Shares Quantity Adjustment | 55.51 | 33.09 | |
Vested | 46.12 | 35.83 | |
Forfeited | 37.35 | ||
Non-vested at end of period | $ 40.4 | $ 36.41 |
Note Stock-based compensation_2
Note Stock-based compensation (Summary of restricted stock activity under the incentive plan for members of the Board of Directors) (Detail) - Restricted Stock Units (RSUs) - Directors - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | |||
Non-vested at beginning of period | 0 | 0 | 0 |
Granted | 1,052 | 0 | 25,159 |
Vested | (1,052) | (25,159) | |
Forfeited | 0 | 0 | |
Non-vested at beginning of period | 0 | 0 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Disclosures Abstract | |||
Non-vested at beginning of period | $ 0 | $ 0 | $ 0 |
Granted | 49.25 | 46.71 | |
Vested | 49.25 | 46.71 | |
Forfeited | 0 | 0 | |
Non-vested at end of period | $ 0 | $ 0 |
Note Stock-based compensation -
Note Stock-based compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Stock-based compensation | |||
Total unrecognized compensation cost related to non-vested restricted stock awards and performance shares to members of management | $ 8,900 | ||
Total unrecognized compensation cost related to non-vested restricted stock awards and performance shares to members of management, period of recognition (in years) | 2 years 5 months | ||
Minimum | |||
Stock-based compensation | |||
Vested and expected to vest range based on shareholder return | 50.00% | ||
Maximum | |||
Stock-based compensation | |||
Vested and expected to vest range based on shareholder return | 150.00% | ||
Restricted Stock Units (RSUs) | |||
Stock-based compensation | |||
Stock-Based Compensation, vesting rights | Unless otherwise stated in an agreement, the compensation cost associated with the shares of restricted stock is determined based on a two-prong vesting schedule. The first part is vested ratably over five years commencing at the date of grant and the second part is vested at termination of employment after attainment of 55 years of age and 10 years of service. The five-year vesting part is accelerated at termination of employment after attaining 55 years of age and 10 years of service. The vesting schedule for restricted shares granted on or after 2014 was modified as follows, the first part is vested ratably over four years commencing at the date of the grant and the second part is vested at termination of employment after attainment of the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service. The four year vesting part is accelerated at termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service. | ||
Restricted Stock Units (RSUs) | Executive Officers | |||
Stock-based compensation | |||
Stock granted | 84,590 | 84,616 | |
Restricted Stock Expense | $ 3,800 | $ 2,700 | |
Incentive award, tax benefit | 400 | $ 300 | |
Fair Market Value of Restricted Stock | 9,800 | ||
Windfall Net Of Shortfall | 1,800 | ||
Restricted Stock Units (RSUs) | Executive Officers | Share Vesting On Grant Date | |||
Stock-based compensation | |||
Fair Market Value of Restricted Stock | $ 5,000 | ||
Restricted Stock Units (RSUs) | Directors | |||
Stock-based compensation | |||
Stock granted | 1,052 | 0 | 25,159 |
Restricted Stock Expense | $ 100 | $ 300 | |
Incentive award, tax benefit | 6 | $ 39 | |
Fair Market Value of Restricted Stock | $ 100 | ||
Performance Based Shares | Executive Officers | |||
Stock-based compensation | |||
Stock granted | 65,396 | 72,414 | |
Restricted Stock Expense | $ 3,600 | $ 2,600 | |
Incentive award, tax benefit | $ 300 | $ 300 | |
Stock-Based Compensation, vesting rights | The number of shares that will ultimately vest ranges from 50% to a 150% of target based on both market (TSR) and performance (EPS) conditions. The performance shares vest at the end of the three-year performance cycle. If a participant terminates employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service, the performance shares shall continue outstanding and vest at the end of the performance cycle. |
Note Income taxes (Differences
Note Income taxes (Differences between income tax expense (benefit) applicable to income before income taxes and amount computed by applying the statutory tax rate in Puerto Rico) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amount | ||
Income tax expense | $ 50,223 | $ 22,155 |
PUERTO RICO | ||
Amount | ||
Computed income tax at statutory rates | 81,806 | 44,257 |
Net benefit of net tax exempt interest income | (26,944) | (22,993) |
Deferred tax asset valuation allowance | 5,482 | 7,226 |
Difference in tax rates due to multiple jurisdictions | (2,862) | (2,959) |
Effect of income subject to preferential tax rate | (2,928) | (3,048) |
Adjustments in net deferred tax due to change in tax law | 0 | (5,133) |
State and local taxes | 1,624 | 1,363 |
Other | (5,955) | 3,442 |
Income tax expense | $ 50,223 | $ 22,155 |
% of pre-tax income | ||
Computed income tax at statutory rates | 38.00% | 39.00% |
Net benefit of net tax exempt interest income | (12.00%) | (20.00%) |
Deferred tax asset valuation allowance | 2.00% | 6.00% |
Difference in tax rates due to multiple jurisdictions | (1.00%) | (2.00%) |
Effect of income subject to preferential tax rate | (1.00%) | (3.00%) |
Adjustments in net deferred tax due to change in tax law | 0.00% | (4.00%) |
State and local taxes | 0.00% | 1.00% |
Others | (3.00%) | 3.00% |
Income tax (benefit) expense | 23.00% | 20.00% |
Note Income taxes (Components o
Note Income taxes (Components of deferred tax assets and liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Tax credits available for carryforward | $ 23,657 | $ 23,657 |
Net operating loss and other carryforward available | 838,382 | 837,087 |
Postretirement and pension benefits | 82,940 | 83,390 |
Allowance for loan losses | 502,058 | 535,255 |
Accelerated depreciation | 7,723 | 7,749 |
FDIC-assisted transaction | 92,209 | 95,851 |
Difference in outside basis from pass-through entities | 17,430 | 20,209 |
Other temporary differences | 32,817 | 32,479 |
Total gross deferred tax assets | 1,601,867 | 1,641,682 |
Deferred tax liabilities: | ||
Indefinite-lived intangibles | 75,700 | 73,678 |
Unrealized net gain (loss) on trading and available-for-sale securities | 24,617 | 11,040 |
Other temporary differences | 12,508 | 11,688 |
Total gross deferred tax liabilities | 112,825 | 96,406 |
Valuation allowance | 496,642 | 496,307 |
Net deferred tax asset | 992,400 | 1,048,969 |
PUERTO RICO | ||
Deferred tax assets: | ||
Tax credits available for carryforward | 15,900 | 15,900 |
Net operating loss and other carryforward available | 121,529 | 116,154 |
Postretirement and pension benefits | 82,940 | 83,390 |
Allowance for loan losses | 482,185 | 516,643 |
Accelerated depreciation | 1,963 | 1,963 |
FDIC-assisted transaction | 92,209 | 95,851 |
Difference in outside basis from pass-through entities | 17,430 | 20,209 |
Other temporary differences | 24,797 | 24,957 |
Total gross deferred tax assets | 843,008 | 879,801 |
Deferred tax liabilities: | ||
Indefinite-lived intangibles | 34,914 | 34,081 |
Unrealized net gain (loss) on trading and available-for-sale securities | 32,253 | 23,823 |
Other temporary differences | 11,399 | 10,579 |
Total gross deferred tax liabilities | 78,566 | 68,483 |
Valuation allowance | 95,334 | 89,852 |
Net deferred tax asset | 669,108 | 721,466 |
UNITED STATES | ||
Deferred tax assets: | ||
Tax credits available for carryforward | 7,757 | 7,757 |
Net operating loss and other carryforward available | 716,853 | 720,933 |
Postretirement and pension benefits | 0 | 0 |
Allowance for loan losses | 19,873 | 18,612 |
Accelerated depreciation | 5,760 | 5,786 |
FDIC-assisted transaction | 0 | 0 |
Difference in outside basis from pass-through entities | 0 | 0 |
Other temporary differences | 8,020 | 7,522 |
Total gross deferred tax assets | 758,859 | 761,881 |
Deferred tax liabilities: | ||
Indefinite-lived intangibles | 40,786 | 39,597 |
Unrealized net gain (loss) on trading and available-for-sale securities | (7,636) | (12,783) |
Other temporary differences | 1,109 | 0 |
Total gross deferred tax liabilities | 34,259 | 26,814 |
Valuation allowance | 401,308 | 406,455 |
Net deferred tax asset | 323,292 | 328,612 |
Deferred loans origination fees | ||
Deferred tax assets: | ||
Deferred income | 837 | 1,936 |
Deferred loans origination fees | PUERTO RICO | ||
Deferred tax assets: | ||
Deferred income | 2,756 | 3,216 |
Deferred loans origination fees | UNITED STATES | ||
Deferred tax assets: | ||
Deferred income | (1,919) | (1,280) |
Deferred gain | ||
Deferred tax assets: | ||
Deferred income | 2,515 | 2,551 |
Deferred gain | PUERTO RICO | ||
Deferred tax assets: | ||
Deferred income | 0 | 0 |
Deferred gain | UNITED STATES | ||
Deferred tax assets: | ||
Deferred income | 2,515 | 2,551 |
Intercompany deferred gains | ||
Deferred tax assets: | ||
Deferred income | 1,299 | 1,518 |
Intercompany deferred gains | PUERTO RICO | ||
Deferred tax assets: | ||
Deferred income | 1,299 | 1,518 |
Intercompany deferred gains | UNITED STATES | ||
Deferred tax assets: | ||
Deferred income | $ 0 | $ 0 |
Note Income taxes (Reconciliati
Note Income taxes (Reconciliation of unrecognized tax benefits) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure | ||
Beginning Balance | $ 7.2 | $ 7.3 |
Addition for tax positions | 0.3 | 0.2 |
Ending Balance | $ 7.5 | $ 7.5 |
Note Income taxes - Additional
Note Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Deferred Tax Assets Net | $ 993,330 | $ 1,049,895 | |
Unrecognized Tax Benefits Interest On Income Taxes Accrued | 3,000 | 2,800 | |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate | 9,800 | 9,000 | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit | 4,700 | ||
Recognized Tax Benefits Current Interest On Income Taxes Accrued | 149 | $ 151 | |
Deferred Tax Liabilities | 112,825 | 96,406 | |
Deferred Tax Assets Valuation Allowance | 496,642 | 496,307 | |
Income Tax Expense Benefit | 50,223 | 22,155 | |
Popular, Inc. Holding Co. | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets Valuation Allowance | 95,000 | ||
Income Tax Expense Benefit | 0 | 0 | |
Other assets | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets Net | 1,000,000 | 1,000,000 | |
Other liabilities | |||
Income Taxes [Line Items] | |||
Deferred Tax Liabilities | 930 | 926 | |
PUERTO RICO | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets Net | 669,000 | ||
Deferred Tax Liabilities | 78,566 | 68,483 | |
Deferred Tax Assets Valuation Allowance | 95,334 | 89,852 | |
Income Tax Expense Benefit | $ 50,223 | $ 22,155 | |
Computed income tax at statutory rates | 38.00% | 39.00% | |
UNITED STATES | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets Net | $ 323,000 | ||
Deferred Tax Liabilities | 34,259 | 26,814 | |
Deferred Tax Assets Valuation Allowance | 401,308 | $ 406,455 | |
Deferred Tax Assets | $ 724,000 |
Note Supplemental disclosure on
Note Supplemental disclosure on the consolidated statments of cash flows (Additional disclosures on cash flow information and non-cash activities) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash Flow Noncash Investing And Financing Activities Disclosure Abstract | |||
Loans transferred to other real estate | $ 8,628 | $ 6,254 | |
Loans transferred to other property | 12,072 | 9,405 | |
Total loans transferred to foreclosed assets | 20,700 | 15,659 | |
Loans transfered to other assets | 5,678 | 3,178 | |
Financed sales of other real estate assets | 3,643 | 5,250 | |
Financed sales of other foreclosed assets | 6,435 | 4,083 | |
Total financed sales of other foreclosed and real estate assets | 10,078 | 9,333 | |
Transfers from loans held-for-sale to loans held-in-portfolio | 7,283 | 9,215 | |
Loans securitized into investment securities | [1] | 92,067 | 138,242 |
Trades receivables from brokers and counterparties | 32,043 | 41,683 | |
Trades payable to brokers and counterparties | 7,220 | 53,973 | |
Receivables from investment securities | 0 | 20,000 | |
Recognition of mortgage servicing rights on securitizations or asset transfers | 12,084 | 2,557 | |
Interest capitalized on loans subject to the temporary payment moratorium | 0 | 481 | |
Loans booked under the GNMA buy-back option | 5,782 | 219,487 | |
Capitalization of lease right of use asset | $ 155,727 | $ 0 | |
[1] | Includes loans securitized into trading securities and subsequently sold before quarter end. |
Note Supplemental disclosure _2
Note Supplemental disclosure on the consolidated statments of cash flows (Additional disclosures on cash flow information cash and due from banks, and restricted cash) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information | |||||
Cash and due from banks | $ 355,720 | $ 261,864 | |||
Restricted cash and due from banks | 20,838 | 18,213 | |||
Restricted cash in money market investments | 9,185 | 9,804 | |||
Total cash and due from banks, and restricted cash shown in the statement of cash flow | $ 385,743 | $ 403,251 | $ 289,881 | $ 412,629 | |
[1] | Refer to Note 5 - Restrictions on cash and due from banks and certain securities for nature of restrictions. |
Note Segment reporting (Results
Note Segment reporting (Results of Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information | |||
Net Interest income (expense) | $ 470,963 | $ 393,047 | |
Provision (reversal) for loan losses | 41,825 | 71,063 | |
Non interest Income | 136,430 | 113,497 | |
Amortization of intangibles | 2,312 | 2,325 | |
Depreciation expense | 14,295 | 12,833 | |
Other operating expenses | 330,813 | 306,844 | |
Income tax expense | 50,223 | 22,155 | |
Net income (loss) | 167,925 | 91,324 | |
Segment assets | 48,680,607 | 45,756,761 | $ 47,604,577 |
Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | 480,189 | 407,265 | |
Provision (reversal) for loan losses | 41,720 | 71,084 | |
Non interest Income | 126,493 | 100,827 | |
Amortization of intangibles | 2,288 | 2,325 | |
Depreciation expense | 14,107 | 12,646 | |
Other operating expenses | 329,171 | 285,613 | |
Income tax expense | 50,591 | 26,936 | |
Net income (loss) | 168,805 | 109,488 | |
Segment assets | 48,368,768 | 45,456,922 | |
Intersegment Elimination | |||
Segment Reporting Information | |||
Net Interest income (expense) | 4 | 4 | |
Provision (reversal) for loan losses | 0 | 0 | |
Non interest Income | (141) | (139) | |
Amortization of intangibles | 0 | 0 | |
Depreciation expense | 0 | 0 | |
Other operating expenses | (136) | (136) | |
Income tax expense | 0 | 0 | |
Net income (loss) | (1) | 1 | |
Segment assets | (113,126) | (14,471) | |
Corporate | |||
Segment Reporting Information | |||
Net Interest income (expense) | (9,226) | (14,218) | |
Provision (reversal) for loan losses | 105 | (21) | |
Non interest Income | 10,061 | 12,948 | |
Amortization of intangibles | 24 | 0 | |
Depreciation expense | 188 | 187 | |
Other operating expenses | 2,358 | 22,082 | |
Income tax expense | (586) | (5,012) | |
Net income (loss) | (1,254) | (18,506) | |
Segment assets | 5,021,367 | 5,033,543 | |
Eliminations | |||
Segment Reporting Information | |||
Net Interest income (expense) | 0 | 0 | |
Provision (reversal) for loan losses | 0 | 0 | |
Non interest Income | (124) | (278) | |
Amortization of intangibles | 0 | 0 | |
Depreciation expense | 0 | 0 | |
Other operating expenses | (716) | (851) | |
Income tax expense | 218 | 231 | |
Net income (loss) | 374 | 342 | |
Segment assets | (4,709,528) | (4,733,704) | |
Banco Popular de Puerto Rico | Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | 407,357 | 332,268 | |
Provision (reversal) for loan losses | 31,349 | 58,469 | |
Non interest Income | 120,770 | 96,625 | |
Amortization of intangibles | 2,122 | 2,159 | |
Depreciation expense | 11,939 | 10,528 | |
Other operating expenses | 280,698 | 240,529 | |
Income tax expense | 45,376 | 25,847 | |
Net income (loss) | 156,643 | 91,361 | |
Segment assets | 38,896,514 | 36,244,300 | |
Banco Popular de Puerto Rico | Commercial Banking | Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | 151,460 | 139,270 | |
Provision (reversal) for loan losses | (1,992) | 20,693 | |
Non interest Income | 23,589 | 12,562 | |
Amortization of intangibles | 49 | 52 | |
Depreciation expense | 4,654 | 4,289 | |
Other operating expenses | 72,929 | 60,261 | |
Income tax expense | 31,194 | 16,875 | |
Net income (loss) | 68,215 | 49,662 | |
Segment assets | 29,478,917 | 23,652,941 | |
Banco Popular de Puerto Rico | Consumer and Retail Banking | Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | 254,668 | 191,434 | |
Provision (reversal) for loan losses | 33,341 | 37,776 | |
Non interest Income | 75,404 | 61,857 | |
Amortization of intangibles | 1,072 | 1,069 | |
Depreciation expense | 7,127 | 6,085 | |
Other operating expenses | 192,670 | 162,490 | |
Income tax expense | 11,743 | 7,457 | |
Net income (loss) | 84,119 | 38,414 | |
Segment assets | 23,039,995 | 20,618,670 | |
Banco Popular de Puerto Rico | Other Financial Services | Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | 1,318 | 1,576 | |
Provision (reversal) for loan losses | 0 | 0 | |
Non interest Income | 22,534 | 22,449 | |
Amortization of intangibles | 1,001 | 1,038 | |
Depreciation expense | 158 | 154 | |
Other operating expenses | 15,827 | 18,033 | |
Income tax expense | 2,439 | 1,515 | |
Net income (loss) | 4,427 | 3,285 | |
Segment assets | 327,487 | 346,096 | |
Banco Popular de Puerto Rico | Eliminations | Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | (89) | (12) | |
Provision (reversal) for loan losses | 0 | 0 | |
Non interest Income | (757) | (243) | |
Amortization of intangibles | 0 | 0 | |
Depreciation expense | 0 | 0 | |
Other operating expenses | (728) | (255) | |
Income tax expense | 0 | 0 | |
Net income (loss) | (118) | 0 | |
Segment assets | (13,949,885) | (8,373,407) | |
PB | Reportable Segment | |||
Segment Reporting Information | |||
Net Interest income (expense) | 72,828 | 74,993 | |
Provision (reversal) for loan losses | 10,371 | 12,615 | |
Non interest Income | 5,864 | 4,341 | |
Amortization of intangibles | 166 | 166 | |
Depreciation expense | 2,168 | 2,118 | |
Other operating expenses | 48,609 | 45,220 | |
Income tax expense | 5,215 | 1,089 | |
Net income (loss) | 12,163 | 18,126 | |
Segment assets | $ 9,585,380 | $ 9,227,093 |
Note Segment reporting (Geograp
Note Segment reporting (Geographic information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||
Net Revenue | [1] | $ 607,393 | $ 506,544 |
PUERTO RICO | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | [1] | 500,138 | 399,414 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | [1] | 89,856 | 86,528 |
Other | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | [1] | $ 17,399 | $ 20,602 |
[1] | Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net profit ( loss) on trading account debt securities , net gain (loss) , including impairment on equity securities, adjustments (expense) to indemnity reserves on loans sold, FDIC loss share e xpense and other operating income . |
Note Segment reporting (Selecte
Note Segment reporting (Selected Balance Sheet information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 48,680,607 | $ 47,604,577 | $ 45,756,761 | |
Deposits | 40,879,838 | 39,710,039 | ||
PUERTO RICO | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 37,656,205 | 36,863,930 | ||
Loans | 18,855,650 | 18,837,742 | ||
Deposits | 32,343,773 | 31,237,529 | ||
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 10,145,457 | 9,847,944 | ||
Loans | 7,158,946 | 7,034,075 | ||
Deposits | 7,048,008 | 6,878,599 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 878,945 | 892,703 | ||
Loans | 677,097 | 687,494 | ||
Deposits | [1] | $ 1,488,057 | $ 1,593,911 | |
[1] | Represents deposits from BPPR operations located in the US and British Virgin Islands. |
Note Segment Reporting - Additi
Note Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Number Of Operating Segments | 2 |
Factors Used To Identify Entitys Reportable Segments | Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. The segments were determined based on the organizational structure, which focuses primarily on the markets the segments serve, as well as on the products and services offered by the segments. |
Description Of Types Of Products And Services From Which Each Reportable Segment Derives Its Revenues | Banco Popular de Puerto Rico: Given that Banco Popular de Puerto Rico constitutes a significant portion of the Corporation’s results of operations and total assets at March 31, 2019, additional disclosures are provided for the business areas included in this reportable segment, as described below: Commercial banking represents the Corporation’s banking operations conducted at BPPR, which are targeted mainly to corporate, small and middle size businesses. It includes aspects of the lending and depository businesses, as well as other finance and advisory services. BPPR allocates funds across business areas based on duration matched transfer pricing at market rates. This area also incorporates income related with the investment of excess funds, as well as a proportionate share of the investment function of BPPR. Consumer and retail banking represents the branch banking operations of BPPR which focus on retail clients. It includes the consumer lending business operations of BPPR, as well as the lending operations of Popular Auto and Popular Mortgage. Popular Auto focuses on auto and lease financing, while Popular Mortgage focuses principally on residential mortgage loan originations. During 2018, the Reliable brand was transferred to Popular, Inc. and is being used by Popular Auto. The consumer and retail banking area also incorporates income related with the investment of excess funds from the branch network, as well as a proportionate share of the investment function of BPPR. Other financial services include the trust and asset management service units of BPPR, the brokerage and investment banking operations of Popular Securities, and the insurance agency and reinsurance businesses of Popular Insurance, Popular Insurance V.I., Popular Risk Services, and Popular Life Re. Most of the services that are provided by these subsidiaries generate profits based on fee income. Popular Insurance V.I. was dissolved on December 31, 2018. Popular U.S.: Popular U.S. reportable segment consists of the banking operations of Popular Bank (PB) and Popular Insurance Agency, U.S.A. PB operates through a retail branch network in the U.S. mainland under the name of Popular. Popular Insurance Agency, U.S.A. offers investment and insurance services across the PB branch network. |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Condition (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||||
Cash and due from banks | $ 376,558 | $ 394,035 | ||
Money market investments | 4,814,134 | 4,171,048 | ||
Trading account debt securities, at fair value | 39,217 | 37,787 | ||
Debt securities available-for-sale, at fair value | 13,542,695 | 13,300,184 | ||
Debt securities held-to-maturity, at amortized cost | 99,455 | 101,575 | ||
Equity securities | 158,507 | 155,584 | ||
Investment in subsidiaries | 0 | 0 | ||
Loans held-for-sale, at lower of cost or fair value | 43,985 | 51,422 | ||
Loans held-in-portfolio: | ||||
Loans held-in-portfolio | 26,808,287 | 26,663,713 | ||
Less - Unearned income | 160,579 | 155,824 | ||
Allowance for loan losses | 550,628 | 569,348 | $ 640,578 | $ 623,426 |
Total loans held-in-portfolio, net | 26,097,080 | 25,938,541 | ||
Premises and equipment, net | 557,517 | 569,808 | ||
Other real estate | 125,478 | 136,705 | ||
Accrued income receivable | 162,797 | 166,022 | ||
Mortgage servicing assets, at fair value | 167,813 | 169,777 | 166,281 | 168,031 |
Other assets | 1,799,728 | 1,714,134 | ||
Goodwill | 671,122 | 671,122 | 627,294 | |
Other intangible assets | 24,521 | 26,833 | ||
Total assets | 48,680,607 | 47,604,577 | 45,756,761 | |
Deposits: | ||||
Non-interest bearing | 9,046,104 | 9,149,036 | ||
Interest bearing | 31,833,734 | 30,561,003 | ||
Total deposits | 40,879,838 | 39,710,039 | ||
Assets sold under agreements to repurchase | 200,871 | 281,529 | ||
Other short-term borrowings | 42 | 42 | ||
Notes payable | 1,176,488 | 1,256,102 | ||
Other liabilities | 983,308 | 921,808 | ||
Total liabilities | 43,240,547 | 42,169,520 | ||
Stockholders' equity: | ||||
Preferred stock | 50,160 | 50,160 | ||
Common stock | 1,043 | 1,043 | ||
Surplus | 4,313,040 | 4,365,606 | ||
Retained Earnings (Accumulated Deficit) | 1,794,644 | 1,651,731 | ||
Treasury stock, at cost | (394,848) | (205,509) | ||
Accumulated other comprehensive (loss) income, net of tax | (323,979) | (427,974) | (462,838) | |
Total stockholders' equity | 5,440,060 | 5,435,057 | $ 5,064,909 | $ 5,103,905 |
Total liabilities and stockholders' equity | 48,680,607 | 47,604,577 | ||
Elimination | ||||
Assets: | ||||
Cash and due from banks | (19,863) | (68,022) | ||
Money market investments | (143,268) | (191,288) | ||
Trading account debt securities, at fair value | 0 | 0 | ||
Debt securities available-for-sale, at fair value | 0 | 0 | ||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Equity securities | (199) | (141) | ||
Investment in subsidiaries | (7,519,203) | (7,404,201) | ||
Loans held-for-sale, at lower of cost or fair value | 0 | 0 | ||
Loans held-in-portfolio: | ||||
Loans held-in-portfolio | 5,955 | 5,955 | ||
Less - Unearned income | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | ||
Total loans held-in-portfolio, net | 5,955 | 5,955 | ||
Premises and equipment, net | 0 | 0 | ||
Other real estate | 0 | 0 | ||
Accrued income receivable | (46) | (145) | ||
Mortgage servicing assets, at fair value | 0 | 0 | ||
Other assets | (21,907) | (15,697) | ||
Goodwill | (1) | (1) | ||
Other intangible assets | 0 | 0 | ||
Total assets | (7,698,532) | (7,673,540) | ||
Deposits: | ||||
Non-interest bearing | (19,863) | (68,022) | ||
Interest bearing | (143,268) | (191,288) | ||
Total deposits | (163,131) | (259,310) | ||
Assets sold under agreements to repurchase | 0 | 0 | ||
Other short-term borrowings | 0 | 0 | ||
Notes payable | 0 | 0 | ||
Other liabilities | (22,510) | (16,011) | ||
Total liabilities | (185,641) | (275,321) | ||
Stockholders' equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | (56,309) | (56,309) | ||
Surplus | (9,955,103) | (9,954,780) | ||
Retained Earnings (Accumulated Deficit) | 2,151,640 | 2,143,263 | ||
Treasury stock, at cost | (133) | (88) | ||
Accumulated other comprehensive (loss) income, net of tax | 347,014 | 469,695 | ||
Total stockholders' equity | (7,512,891) | (7,398,219) | ||
Total liabilities and stockholders' equity | (7,698,532) | (7,673,540) | ||
Popular, Inc. Holding Co. | ||||
Assets: | ||||
Cash and due from banks | 19,856 | 68,022 | ||
Money market investments | 131,476 | 176,256 | ||
Trading account debt securities, at fair value | 0 | 0 | ||
Debt securities available-for-sale, at fair value | 0 | 0 | ||
Debt securities held-to-maturity, at amortized cost | 8,726 | 8,726 | ||
Equity securities | 9,067 | 6,693 | ||
Investment in subsidiaries | 5,784,052 | 5,704,119 | ||
Loans held-for-sale, at lower of cost or fair value | 0 | 0 | ||
Loans held-in-portfolio: | ||||
Loans held-in-portfolio | 32,427 | 32,678 | ||
Less - Unearned income | 0 | 0 | ||
Allowance for loan losses | 261 | 155 | ||
Total loans held-in-portfolio, net | 32,166 | 32,523 | ||
Premises and equipment, net | 3,394 | 3,394 | ||
Other real estate | 146 | 146 | ||
Accrued income receivable | 384 | 284 | ||
Mortgage servicing assets, at fair value | 0 | 0 | ||
Other assets | 87,304 | 76,073 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 6,536 | 6,559 | ||
Total assets | 6,083,107 | 6,082,795 | ||
Deposits: | ||||
Non-interest bearing | 0 | 0 | ||
Interest bearing | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Assets sold under agreements to repurchase | 0 | 0 | ||
Other short-term borrowings | 0 | 0 | ||
Notes payable | 585,168 | 584,851 | ||
Other liabilities | 57,746 | 62,799 | ||
Total liabilities | 642,914 | 647,650 | ||
Stockholders' equity: | ||||
Preferred stock | 50,160 | 50,160 | ||
Common stock | 1,043 | 1,043 | ||
Surplus | 4,304,512 | 4,357,079 | ||
Retained Earnings (Accumulated Deficit) | 1,803,172 | 1,660,258 | ||
Treasury stock, at cost | (394,715) | (205,421) | ||
Accumulated other comprehensive (loss) income, net of tax | (323,979) | (427,974) | ||
Total stockholders' equity | 5,440,193 | 5,435,145 | ||
Total liabilities and stockholders' equity | 6,083,107 | 6,082,795 | ||
PNA Holding Co. | ||||
Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Money market investments | 12,268 | 15,288 | ||
Trading account debt securities, at fair value | 0 | 0 | ||
Debt securities available-for-sale, at fair value | 0 | 0 | ||
Debt securities held-to-maturity, at amortized cost | 2,835 | 2,835 | ||
Equity securities | 20 | 20 | ||
Investment in subsidiaries | 1,735,151 | 1,700,082 | ||
Loans held-for-sale, at lower of cost or fair value | 0 | 0 | ||
Loans held-in-portfolio: | ||||
Loans held-in-portfolio | 0 | 0 | ||
Less - Unearned income | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | ||
Total loans held-in-portfolio, net | 0 | 0 | ||
Premises and equipment, net | 0 | 0 | ||
Other real estate | 0 | 0 | ||
Accrued income receivable | 18 | 116 | ||
Mortgage servicing assets, at fair value | 0 | 0 | ||
Other assets | 26,928 | 27,639 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Total assets | 1,777,220 | 1,745,980 | ||
Deposits: | ||||
Non-interest bearing | 0 | 0 | ||
Interest bearing | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Assets sold under agreements to repurchase | 0 | 0 | ||
Other short-term borrowings | 0 | 0 | ||
Notes payable | 94,070 | 94,063 | ||
Other liabilities | 1,639 | 3,287 | ||
Total liabilities | 95,709 | 97,350 | ||
Stockholders' equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 2 | 2 | ||
Surplus | 4,173,021 | 4,172,983 | ||
Retained Earnings (Accumulated Deficit) | (2,464,720) | (2,479,503) | ||
Treasury stock, at cost | 0 | 0 | ||
Accumulated other comprehensive (loss) income, net of tax | (26,792) | (44,852) | ||
Total stockholders' equity | 1,681,511 | 1,648,630 | ||
Total liabilities and stockholders' equity | 1,777,220 | 1,745,980 | ||
All other subsidiaries and eliminations | ||||
Assets: | ||||
Cash and due from banks | 376,565 | 394,035 | ||
Money market investments | 4,813,658 | 4,170,792 | ||
Trading account debt securities, at fair value | 39,217 | 37,787 | ||
Debt securities available-for-sale, at fair value | 13,542,695 | 13,300,184 | ||
Debt securities held-to-maturity, at amortized cost | 87,894 | 90,014 | ||
Equity securities | 149,619 | 149,012 | ||
Investment in subsidiaries | 0 | 0 | ||
Loans held-for-sale, at lower of cost or fair value | 43,985 | 51,422 | ||
Loans held-in-portfolio: | ||||
Loans held-in-portfolio | 26,769,905 | 26,625,080 | ||
Less - Unearned income | 160,579 | 155,824 | ||
Allowance for loan losses | 550,367 | 569,193 | ||
Total loans held-in-portfolio, net | 26,058,959 | 25,900,063 | ||
Premises and equipment, net | 554,123 | 566,414 | ||
Other real estate | 125,332 | 136,559 | ||
Accrued income receivable | 162,441 | 165,767 | ||
Mortgage servicing assets, at fair value | 167,813 | 169,777 | ||
Other assets | 1,707,403 | 1,626,119 | ||
Goodwill | 671,123 | 671,123 | ||
Other intangible assets | 17,985 | 20,274 | ||
Total assets | 48,518,812 | 47,449,342 | ||
Deposits: | ||||
Non-interest bearing | 9,065,967 | 9,217,058 | ||
Interest bearing | 31,977,002 | 30,752,291 | ||
Total deposits | 41,042,969 | 39,969,349 | ||
Assets sold under agreements to repurchase | 200,871 | 281,529 | ||
Other short-term borrowings | 42 | 42 | ||
Notes payable | 497,250 | 577,188 | ||
Other liabilities | 946,433 | 871,733 | ||
Total liabilities | 42,687,565 | 41,699,841 | ||
Stockholders' equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 56,307 | 56,307 | ||
Surplus | 5,790,610 | 5,790,324 | ||
Retained Earnings (Accumulated Deficit) | 304,552 | 327,713 | ||
Treasury stock, at cost | 0 | 0 | ||
Accumulated other comprehensive (loss) income, net of tax | (320,222) | (424,843) | ||
Total stockholders' equity | 5,831,247 | 5,749,501 | ||
Total liabilities and stockholders' equity | $ 48,518,812 | $ 47,449,342 |
Condensed Consolidating State_2
Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST AND DIVIDEND INCOME: | ||
Dividend income from subsidiaries | $ 0 | $ 0 |
Loans | 447,713 | 373,584 |
Money market investments | 29,220 | 22,285 |
Investment securities | 81,036 | 57,209 |
Total interest and dividend income | 557,969 | 453,078 |
INTEREST EXPENSE: | ||
Deposits | 70,826 | 38,688 |
Short-term borrowings | 1,600 | 2,013 |
Long-term debt | 14,580 | 19,330 |
Total interest expense | 87,006 | 60,031 |
Net interest income | 470,963 | 393,047 |
Provision for loan losses | 41,825 | 71,063 |
Net interest income after provision for loan losses | 429,138 | 321,984 |
Mortgage banking activities | 9,926 | 12,068 |
Net gain (loss), including impairment on equity securities | 1,433 | (646) |
Net profit (loss) on trading account debt securities | 260 | (198) |
Adjustments To Indemnity Reserves On Loans Sold | (93) | (2,926) |
FDIC loss-share expense | 0 | (8,027) |
Other operating income | 21,906 | 16,169 |
Total non-interest income | 136,430 | 113,497 |
Operating expenses: | ||
Personnel costs | 143,117 | 125,852 |
Net occupancy expenses | 23,537 | 22,802 |
Equipment expenses | 19,705 | 17,206 |
Other taxes | 11,662 | 10,902 |
Professional fees | 87,466 | 82,985 |
Communications | 5,849 | 5,906 |
Business promotion | 14,674 | 12,009 |
FDIC deposit insurance | 4,806 | 6,920 |
Other real estate owned (O R E O) expenses | 2,677 | 6,131 |
Other operating expenses | 31,615 | 28,964 |
Amortization of intangibles | 2,312 | 2,325 |
Total opearating expense | 347,420 | 322,002 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 218,148 | 113,479 |
Income tax expense | 50,223 | 22,155 |
Income (loss) before equity in undistributed earnings of subdidiaries | 167,925 | 91,324 |
Equity in undistributed earnings (losses) of subsidiaries | 0 | 0 |
Net Income | 167,925 | 91,324 |
Comprehensive income (loss), net of tax | 271,920 | (20,862) |
Service charges on deposit accounts | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 38,691 | 36,455 |
Other services | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 64,307 | 60,602 |
Elimination | ||
INTEREST AND DIVIDEND INCOME: | ||
Dividend income from subsidiaries | (202,300) | (25,000) |
Loans | 0 | (6) |
Money market investments | (1,173) | (843) |
Investment securities | 0 | 0 |
Total interest and dividend income | (203,473) | (25,849) |
INTEREST EXPENSE: | ||
Deposits | (1,173) | (843) |
Short-term borrowings | 0 | (6) |
Long-term debt | 0 | 0 |
Total interest expense | (1,173) | (849) |
Net interest income | (202,300) | (25,000) |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | (202,300) | (25,000) |
Mortgage banking activities | 0 | 0 |
Net gain (loss), including impairment on equity securities | (13) | (20) |
Net profit (loss) on trading account debt securities | 0 | 0 |
Adjustments To Indemnity Reserves On Loans Sold | 0 | 0 |
FDIC loss-share expense | 0 | |
Other operating income | (11) | (14) |
Total non-interest income | (124) | (279) |
Operating expenses: | ||
Personnel costs | 0 | 0 |
Net occupancy expenses | (45) | 0 |
Equipment expenses | 0 | 0 |
Other taxes | 0 | 0 |
Professional fees | (100) | (245) |
Communications | 0 | 0 |
Business promotion | 0 | 0 |
FDIC deposit insurance | 0 | 0 |
Other real estate owned (O R E O) expenses | 0 | 0 |
Other operating expenses | (571) | (606) |
Amortization of intangibles | 0 | 0 |
Total opearating expense | (716) | (851) |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | (201,708) | (24,428) |
Income tax expense | 218 | 231 |
Income (loss) before equity in undistributed earnings of subdidiaries | (201,926) | (24,659) |
Equity in undistributed earnings (losses) of subsidiaries | 17,735 | (92,496) |
Net Income | (184,191) | (117,155) |
Comprehensive income (loss), net of tax | (306,872) | 17,879 |
Elimination | Service charges on deposit accounts | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 0 | 0 |
Elimination | Other services | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | (100) | (245) |
Non Covered Under Loss Sharing Agreements with FDIC | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 41,825 | 69,333 |
Non Covered Under Loss Sharing Agreements with FDIC | Elimination | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 0 | |
Covered loans | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 0 | 1,730 |
Covered loans | Elimination | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 0 | |
Popular, Inc. Holding Co. | ||
INTEREST AND DIVIDEND INCOME: | ||
Dividend income from subsidiaries | 202,300 | 25,000 |
Loans | 588 | 525 |
Money market investments | 1,122 | 842 |
Investment securities | 154 | 147 |
Total interest and dividend income | 204,164 | 26,514 |
INTEREST EXPENSE: | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 9,632 | 13,118 |
Total interest expense | 9,632 | 13,118 |
Net interest income | 194,532 | 13,396 |
Provision for loan losses | 106 | (21) |
Net interest income after provision for loan losses | 194,426 | 13,417 |
Mortgage banking activities | 0 | 0 |
Net gain (loss), including impairment on equity securities | 587 | (42) |
Net profit (loss) on trading account debt securities | 0 | 0 |
Adjustments To Indemnity Reserves On Loans Sold | 0 | 0 |
FDIC loss-share expense | 0 | |
Other operating income | 5,169 | 3,745 |
Total non-interest income | 5,757 | 3,703 |
Operating expenses: | ||
Personnel costs | 18,327 | 14,911 |
Net occupancy expenses | 1,047 | 990 |
Equipment expenses | 672 | 508 |
Other taxes | 62 | 41 |
Professional fees | 2,689 | 3,644 |
Communications | 114 | 112 |
Business promotion | 782 | 398 |
FDIC deposit insurance | 0 | 0 |
Other real estate owned (O R E O) expenses | 0 | 0 |
Other operating expenses | (21,339) | (18,164) |
Amortization of intangibles | 24 | 0 |
Total opearating expense | 2,378 | 2,440 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 197,805 | 14,680 |
Income tax expense | 0 | 0 |
Income (loss) before equity in undistributed earnings of subdidiaries | 197,805 | 14,680 |
Equity in undistributed earnings (losses) of subsidiaries | (29,880) | 76,644 |
Net Income | 167,925 | 91,324 |
Comprehensive income (loss), net of tax | 271,920 | (20,862) |
Popular, Inc. Holding Co. | Service charges on deposit accounts | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 0 | 0 |
Popular, Inc. Holding Co. | Other services | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 1 | 0 |
Popular, Inc. Holding Co. | Non Covered Under Loss Sharing Agreements with FDIC | ||
INTEREST EXPENSE: | ||
Provision for loan losses | (21) | |
Popular, Inc. Holding Co. | Covered loans | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 0 | |
PNA Holding Co. | ||
INTEREST AND DIVIDEND INCOME: | ||
Dividend income from subsidiaries | 0 | 0 |
Loans | 0 | 0 |
Money market investments | 51 | 1 |
Investment securities | 46 | 81 |
Total interest and dividend income | 97 | 82 |
INTEREST EXPENSE: | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 6 |
Long-term debt | 1,557 | 2,692 |
Total interest expense | 1,557 | 2,698 |
Net interest income | (1,460) | (2,616) |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | (1,460) | (2,616) |
Mortgage banking activities | 0 | 0 |
Net gain (loss), including impairment on equity securities | 0 | 0 |
Net profit (loss) on trading account debt securities | 0 | 0 |
Adjustments To Indemnity Reserves On Loans Sold | 0 | 0 |
FDIC loss-share expense | 0 | |
Other operating income | (1,267) | 751 |
Total non-interest income | (1,267) | 751 |
Operating expenses: | ||
Personnel costs | 0 | 0 |
Net occupancy expenses | 0 | 0 |
Equipment expenses | 1 | 1 |
Other taxes | 0 | 1 |
Professional fees | 27 | 31 |
Communications | 0 | 0 |
Business promotion | 0 | 0 |
FDIC deposit insurance | 0 | 0 |
Other real estate owned (O R E O) expenses | 0 | 0 |
Other operating expenses | 13 | 14 |
Amortization of intangibles | 0 | 0 |
Total opearating expense | 41 | 47 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | (2,768) | (1,912) |
Income tax expense | (581) | 543 |
Income (loss) before equity in undistributed earnings of subdidiaries | (2,187) | (2,455) |
Equity in undistributed earnings (losses) of subsidiaries | 12,145 | 15,852 |
Net Income | 9,958 | 13,397 |
Comprehensive income (loss), net of tax | 28,018 | (8,785) |
PNA Holding Co. | Service charges on deposit accounts | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 0 | 0 |
PNA Holding Co. | Other services | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 0 | 0 |
PNA Holding Co. | Non Covered Under Loss Sharing Agreements with FDIC | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 0 | |
PNA Holding Co. | Covered loans | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 0 | |
All other subsidiaries and eliminations | ||
INTEREST AND DIVIDEND INCOME: | ||
Dividend income from subsidiaries | 0 | 0 |
Loans | 447,125 | 373,065 |
Money market investments | 29,220 | 22,285 |
Investment securities | 80,836 | 56,981 |
Total interest and dividend income | 557,181 | 452,331 |
INTEREST EXPENSE: | ||
Deposits | 71,999 | 39,531 |
Short-term borrowings | 1,600 | 2,013 |
Long-term debt | 3,391 | 3,520 |
Total interest expense | 76,990 | 45,064 |
Net interest income | 480,191 | 407,267 |
Provision for loan losses | 41,719 | 71,084 |
Net interest income after provision for loan losses | 438,472 | 336,183 |
Mortgage banking activities | 9,926 | 12,068 |
Net gain (loss), including impairment on equity securities | 859 | (584) |
Net profit (loss) on trading account debt securities | 260 | (198) |
Adjustments To Indemnity Reserves On Loans Sold | (93) | (2,926) |
FDIC loss-share expense | (8,027) | |
Other operating income | 18,015 | 11,687 |
Total non-interest income | 132,064 | 109,322 |
Operating expenses: | ||
Personnel costs | 124,790 | 110,941 |
Net occupancy expenses | 22,535 | 21,812 |
Equipment expenses | 19,032 | 16,697 |
Other taxes | 11,600 | 10,860 |
Professional fees | 84,850 | 79,555 |
Communications | 5,735 | 5,794 |
Business promotion | 13,892 | 11,611 |
FDIC deposit insurance | 4,806 | 6,920 |
Other real estate owned (O R E O) expenses | 2,677 | 6,131 |
Other operating expenses | 53,512 | 47,720 |
Amortization of intangibles | 2,288 | 2,325 |
Total opearating expense | 345,717 | 320,366 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 224,819 | 125,139 |
Income tax expense | 50,586 | 21,381 |
Income (loss) before equity in undistributed earnings of subdidiaries | 174,233 | 103,758 |
Equity in undistributed earnings (losses) of subsidiaries | 0 | 0 |
Net Income | 174,233 | 103,758 |
Comprehensive income (loss), net of tax | 278,854 | (9,094) |
All other subsidiaries and eliminations | Service charges on deposit accounts | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | 38,691 | 36,455 |
All other subsidiaries and eliminations | Other services | ||
INTEREST EXPENSE: | ||
Revenue from contract with customer | $ 64,406 | 60,847 |
All other subsidiaries and eliminations | Non Covered Under Loss Sharing Agreements with FDIC | ||
INTEREST EXPENSE: | ||
Provision for loan losses | 69,354 | |
All other subsidiaries and eliminations | Covered loans | ||
INTEREST EXPENSE: | ||
Provision for loan losses | $ 1,730 |
Condensed Consolidating State_3
Condensed Consolidating Statement of Cash Flow (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash flows from operating activities: | |||
Net Income | $ 167,925 | $ 91,324 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries, net of dividends or distributions | 0 | 0 | |
Provision for loan losses | 41,825 | 71,063 | |
Amortization of intangibles | 2,312 | 2,325 | |
Depreciation and amortization of premises and equipment | 14,295 | 12,836 | |
Net accretion of discounts and amortization of premiums and deferred fees | (38,813) | (7,006) | |
Share-based compensation | 6,930 | 3,112 | |
Impairment losses on long-lived assets | 0 | 272 | |
FDIC loss-share expense | 0 | 8,027 | |
Fair value adjustments on mortgage servicing rights | 3,825 | 4,307 | |
Adjustments to indemnity reserves on loans sold | 93 | 2,926 | |
Earnings from investments under the equity method, net of dividends or distributions | (9,027) | (7,370) | |
Deferred income tax (benefit) expense | 45,796 | 10,758 | |
Loss (gain) on: | |||
Disposition of premises and equipment and other productive assets | (2,265) | (72) | |
Proceeds from insurance claims | 0 | (258) | |
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | (4,058) | (1,116) | |
Sale of foreclosed assets, including write-downs | (3,772) | (99) | |
Acquisitions of loans held-for-sale | (44,748) | (47,335) | |
Proceeds from sale of loans held-for-sale | 13,802 | 12,036 | |
Net originations on loans held-for-sale | (53,231) | (48,375) | |
Net decrease (increase) in: | |||
Trading debt securities | 105,838 | 93,998 | |
Equity securities | (4,362) | (130) | |
Accrued income receivable | 3,224 | 56,504 | |
Other assets | 28,709 | 36,272 | |
Net (decrease) increase in: | |||
Interest payable | (6,915) | (10,614) | |
Pension and other postretirement benefits obligation | 5,297 | 1,225 | |
Other liabilities | (100,585) | (94,529) | |
Total adjustments | 4,170 | 98,757 | |
Net cash (used in) provided by operating activities | 172,095 | 190,081 | |
Cash flows from investing activities: | |||
Net decrease in money market investments | (643,117) | (1,728,858) | |
Purchases of investment securities: | |||
Available-for-sale | (3,123,508) | (1,311,382) | |
Equity | (1,239) | (9,730) | |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||
Available-for-sale | 3,006,779 | 1,016,203 | |
Held-to-maturity | 2,587 | 2,639 | |
Proceeds from sale of investment securities: | |||
Equity | 2,679 | 9,745 | |
Net (disbursements) repayments on loans | (78,969) | 93,482 | |
Proceeds from sale of loans | 7,806 | 0 | |
Acquisition of loan portfolios | (129,875) | (161,295) | |
Net payments (to) from FDIC under loss sharing agreements | 0 | (1,263) | |
Return of capital from equity method investments | 1,371 | 0 | |
Capital Contribution Subsidiaries | 0 | 0 | |
Acquisition of premises and equipment | (19,438) | (13,046) | |
Proceeds from insurance claims | 0 | 258 | |
Proceeds from sale of: | |||
Premises and equipment and other productive assets | 5,975 | 3,033 | |
Foreclosed assets | 26,119 | 25,746 | |
Net cash (used in) provided by investing activities | (942,830) | (2,074,468) | |
Net increase (decrease) in: | |||
Deposits | 1,169,706 | 1,678,029 | |
Assets sold under agreements to repurchase | (80,659) | (10,860) | |
Other short-term borrowings | 1 | 89,992 | |
Payments of notes payable | (59,526) | (12,680) | |
Principal payments of finance leases | (439) | 0 | |
Proceeds from issuance of notes payable | 0 | 40,000 | |
Proceeds from issuance of common stock | 2,976 | 4,712 | |
Dividends paid to parent company | 0 | 0 | |
Dividends paid | (25,713) | (26,138) | |
Net payments for repurchase of common stock | (250,314) | (193) | |
Return of capital to parent company | 0 | ||
Payments related to tax witholding for share-based compensation | (2,805) | (1,223) | |
Net cash (used in) provided by financing activities | 753,227 | 1,761,639 | |
Net (decrease) increase in cash and due from banks, and restricted cash | (17,508) | (122,748) | |
Cash and due from banks and restricted cash at beginning of period | 403,251 | [1] | 412,629 |
Cash and due from banks and restricted cash at end of period | 385,743 | 289,881 | |
Elimination | |||
Cash flows from operating activities: | |||
Net Income | (184,191) | (117,155) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries, net of dividends or distributions | (17,735) | 92,496 | |
Provision for loan losses | 0 | 0 | |
Amortization of intangibles | 0 | 0 | |
Depreciation and amortization of premises and equipment | 0 | 0 | |
Net accretion of discounts and amortization of premiums and deferred fees | 0 | 0 | |
Share-based compensation | 0 | 0 | |
Impairment losses on long-lived assets | 0 | ||
FDIC loss-share expense | 0 | 0 | |
Fair value adjustments on mortgage servicing rights | 0 | 0 | |
Adjustments to indemnity reserves on loans sold | 0 | 0 | |
Earnings from investments under the equity method, net of dividends or distributions | 0 | 0 | |
Deferred income tax (benefit) expense | 218 | 231 | |
Loss (gain) on: | |||
Disposition of premises and equipment and other productive assets | 0 | 0 | |
Proceeds from insurance claims | 0 | ||
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | 0 | 0 | |
Sale of foreclosed assets, including write-downs | 0 | 0 | |
Acquisitions of loans held-for-sale | 0 | 0 | |
Proceeds from sale of loans held-for-sale | 0 | 0 | |
Net originations on loans held-for-sale | 0 | 0 | |
Net decrease (increase) in: | |||
Trading debt securities | 0 | (101) | |
Equity securities | 0 | 0 | |
Accrued income receivable | (100) | 34 | |
Other assets | 5,992 | 758 | |
Net (decrease) increase in: | |||
Interest payable | 100 | (34) | |
Pension and other postretirement benefits obligation | 0 | 0 | |
Other liabilities | (6,598) | (1,350) | |
Total adjustments | (18,123) | 92,034 | |
Net cash (used in) provided by operating activities | (202,314) | (25,121) | |
Cash flows from investing activities: | |||
Net decrease in money market investments | (48,020) | (30,748) | |
Purchases of investment securities: | |||
Available-for-sale | 0 | 0 | |
Equity | 58 | 123 | |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||
Available-for-sale | 0 | 0 | |
Held-to-maturity | 0 | 0 | |
Proceeds from sale of investment securities: | |||
Equity | 0 | 0 | |
Net (disbursements) repayments on loans | 0 | 4,301 | |
Proceeds from sale of loans | 0 | 0 | |
Acquisition of loan portfolios | 0 | 0 | |
Net payments (to) from FDIC under loss sharing agreements | 0 | 0 | |
Return of capital from equity method investments | 0 | 0 | |
Capital Contribution Subsidiaries | 0 | 10,000 | |
Acquisition of premises and equipment | 0 | 0 | |
Proceeds from insurance claims | 0 | ||
Proceeds from sale of: | |||
Premises and equipment and other productive assets | 0 | 0 | |
Foreclosed assets | 0 | 0 | |
Net cash (used in) provided by investing activities | (47,962) | (16,324) | |
Net increase (decrease) in: | |||
Deposits | 96,180 | 39,076 | |
Assets sold under agreements to repurchase | 0 | 0 | |
Other short-term borrowings | 0 | (4,301) | |
Payments of notes payable | 0 | 0 | |
Principal payments of finance leases | 0 | ||
Proceeds from issuance of notes payable | 0 | ||
Proceeds from issuance of common stock | 0 | 0 | |
Dividends paid to parent company | 202,300 | 25,000 | |
Dividends paid | 0 | 0 | |
Net payments for repurchase of common stock | (45) | (2) | |
Return of capital to parent company | (10,000) | ||
Payments related to tax witholding for share-based compensation | 0 | 0 | |
Net cash (used in) provided by financing activities | 298,435 | 49,773 | |
Net (decrease) increase in cash and due from banks, and restricted cash | 48,159 | 8,328 | |
Cash and due from banks and restricted cash at beginning of period | (68,022) | (48,178) | |
Cash and due from banks and restricted cash at end of period | (19,863) | (39,850) | |
Popular, Inc. Holding Co. | |||
Cash flows from operating activities: | |||
Net Income | 167,925 | 91,324 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries, net of dividends or distributions | 29,880 | (76,644) | |
Provision for loan losses | 106 | (21) | |
Amortization of intangibles | 24 | 0 | |
Depreciation and amortization of premises and equipment | 188 | 187 | |
Net accretion of discounts and amortization of premiums and deferred fees | 316 | 521 | |
Share-based compensation | 5,369 | 2,361 | |
Impairment losses on long-lived assets | 0 | ||
FDIC loss-share expense | 0 | 0 | |
Fair value adjustments on mortgage servicing rights | 0 | 0 | |
Adjustments to indemnity reserves on loans sold | 0 | 0 | |
Earnings from investments under the equity method, net of dividends or distributions | (4,587) | (3,745) | |
Deferred income tax (benefit) expense | 0 | 0 | |
Loss (gain) on: | |||
Disposition of premises and equipment and other productive assets | 40 | (5) | |
Proceeds from insurance claims | 0 | ||
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | 0 | 0 | |
Sale of foreclosed assets, including write-downs | 0 | 0 | |
Acquisitions of loans held-for-sale | 0 | 0 | |
Proceeds from sale of loans held-for-sale | 0 | 0 | |
Net originations on loans held-for-sale | 0 | 0 | |
Net decrease (increase) in: | |||
Trading debt securities | 0 | 0 | |
Equity securities | (2,374) | (443) | |
Accrued income receivable | (99) | (34) | |
Other assets | (1,337) | (2,287) | |
Net (decrease) increase in: | |||
Interest payable | (4,594) | (7,875) | |
Pension and other postretirement benefits obligation | 0 | 0 | |
Other liabilities | (9,019) | (3,434) | |
Total adjustments | 13,913 | (91,419) | |
Net cash (used in) provided by operating activities | 181,838 | (95) | |
Cash flows from investing activities: | |||
Net decrease in money market investments | 45,000 | 29,000 | |
Purchases of investment securities: | |||
Available-for-sale | 0 | 0 | |
Equity | 0 | 0 | |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||
Available-for-sale | 0 | 0 | |
Held-to-maturity | 0 | 0 | |
Proceeds from sale of investment securities: | |||
Equity | 0 | 0 | |
Net (disbursements) repayments on loans | 252 | (4,168) | |
Proceeds from sale of loans | 0 | 0 | |
Acquisition of loan portfolios | 0 | 0 | |
Net payments (to) from FDIC under loss sharing agreements | 0 | 0 | |
Return of capital from equity method investments | 0 | 0 | |
Capital Contribution Subsidiaries | 0 | (10,000) | |
Acquisition of premises and equipment | (231) | (143) | |
Proceeds from insurance claims | 0 | ||
Proceeds from sale of: | |||
Premises and equipment and other productive assets | 3 | 0 | |
Foreclosed assets | 0 | 0 | |
Net cash (used in) provided by investing activities | 45,024 | 14,689 | |
Net increase (decrease) in: | |||
Deposits | 0 | 0 | |
Assets sold under agreements to repurchase | 0 | 0 | |
Other short-term borrowings | 0 | 0 | |
Payments of notes payable | 0 | 0 | |
Principal payments of finance leases | 0 | ||
Proceeds from issuance of notes payable | 0 | ||
Proceeds from issuance of common stock | 3,981 | 4,712 | |
Dividends paid to parent company | 0 | 0 | |
Dividends paid | (25,713) | (26,138) | |
Net payments for repurchase of common stock | (250,271) | (191) | |
Return of capital to parent company | 0 | ||
Payments related to tax witholding for share-based compensation | (2,805) | (1,223) | |
Net cash (used in) provided by financing activities | (274,808) | (22,840) | |
Net (decrease) increase in cash and due from banks, and restricted cash | (47,946) | (8,246) | |
Cash and due from banks and restricted cash at beginning of period | 68,278 | 48,120 | |
Cash and due from banks and restricted cash at end of period | 20,332 | 39,874 | |
PNA Holding Co. | |||
Cash flows from operating activities: | |||
Net Income | 9,958 | 13,397 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries, net of dividends or distributions | (12,145) | (15,852) | |
Provision for loan losses | 0 | 0 | |
Amortization of intangibles | 0 | 0 | |
Depreciation and amortization of premises and equipment | 0 | 0 | |
Net accretion of discounts and amortization of premiums and deferred fees | 7 | 7 | |
Share-based compensation | 0 | 0 | |
Impairment losses on long-lived assets | 0 | ||
FDIC loss-share expense | 0 | 0 | |
Fair value adjustments on mortgage servicing rights | 0 | 0 | |
Adjustments to indemnity reserves on loans sold | 0 | 0 | |
Earnings from investments under the equity method, net of dividends or distributions | 1,267 | (751) | |
Deferred income tax (benefit) expense | (581) | (282) | |
Loss (gain) on: | |||
Disposition of premises and equipment and other productive assets | 0 | 0 | |
Proceeds from insurance claims | 0 | ||
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | 0 | 0 | |
Sale of foreclosed assets, including write-downs | 0 | 0 | |
Acquisitions of loans held-for-sale | 0 | 0 | |
Proceeds from sale of loans held-for-sale | 0 | 0 | |
Net originations on loans held-for-sale | 0 | 0 | |
Net decrease (increase) in: | |||
Trading debt securities | 0 | 0 | |
Equity securities | 0 | 0 | |
Accrued income receivable | 97 | 81 | |
Other assets | 26 | 28 | |
Net (decrease) increase in: | |||
Interest payable | (1,551) | (2,680) | |
Pension and other postretirement benefits obligation | 0 | 0 | |
Other liabilities | (98) | 3 | |
Total adjustments | (12,978) | (19,446) | |
Net cash (used in) provided by operating activities | (3,020) | (6,049) | |
Cash flows from investing activities: | |||
Net decrease in money market investments | 3,020 | 1,748 | |
Purchases of investment securities: | |||
Available-for-sale | 0 | 0 | |
Equity | 0 | 0 | |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||
Available-for-sale | 0 | 0 | |
Held-to-maturity | 0 | 0 | |
Proceeds from sale of investment securities: | |||
Equity | 0 | 0 | |
Net (disbursements) repayments on loans | 0 | 0 | |
Proceeds from sale of loans | 0 | 0 | |
Acquisition of loan portfolios | 0 | 0 | |
Net payments (to) from FDIC under loss sharing agreements | 0 | 0 | |
Return of capital from equity method investments | 0 | 0 | |
Capital Contribution Subsidiaries | 0 | 0 | |
Acquisition of premises and equipment | 0 | 0 | |
Proceeds from insurance claims | 0 | ||
Proceeds from sale of: | |||
Premises and equipment and other productive assets | 0 | 0 | |
Foreclosed assets | 0 | 0 | |
Net cash (used in) provided by investing activities | 3,020 | 1,748 | |
Net increase (decrease) in: | |||
Deposits | 0 | 0 | |
Assets sold under agreements to repurchase | 0 | 0 | |
Other short-term borrowings | 0 | 4,301 | |
Payments of notes payable | 0 | 0 | |
Principal payments of finance leases | 0 | ||
Proceeds from issuance of notes payable | 0 | ||
Proceeds from issuance of common stock | 0 | 0 | |
Dividends paid to parent company | 0 | 0 | |
Dividends paid | 0 | 0 | |
Net payments for repurchase of common stock | 0 | 0 | |
Return of capital to parent company | 0 | ||
Payments related to tax witholding for share-based compensation | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 4,301 | |
Net (decrease) increase in cash and due from banks, and restricted cash | 0 | 0 | |
Cash and due from banks and restricted cash at beginning of period | 0 | 462 | |
Cash and due from banks and restricted cash at end of period | 0 | 462 | |
All other subsidiaries and eliminations | |||
Cash flows from operating activities: | |||
Net Income | 174,233 | 103,758 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in earnings of subsidiaries, net of dividends or distributions | 0 | 0 | |
Provision for loan losses | 41,719 | 71,084 | |
Amortization of intangibles | 2,288 | 2,325 | |
Depreciation and amortization of premises and equipment | 14,107 | 12,649 | |
Net accretion of discounts and amortization of premiums and deferred fees | (39,136) | (7,534) | |
Share-based compensation | 1,561 | 751 | |
Impairment losses on long-lived assets | 272 | ||
FDIC loss-share expense | 0 | 8,027 | |
Fair value adjustments on mortgage servicing rights | 3,825 | 4,307 | |
Adjustments to indemnity reserves on loans sold | 93 | 2,926 | |
Earnings from investments under the equity method, net of dividends or distributions | (5,707) | (2,874) | |
Deferred income tax (benefit) expense | 46,159 | 10,809 | |
Loss (gain) on: | |||
Disposition of premises and equipment and other productive assets | (2,305) | (67) | |
Proceeds from insurance claims | (258) | ||
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | (4,058) | (1,116) | |
Sale of foreclosed assets, including write-downs | (3,772) | (99) | |
Acquisitions of loans held-for-sale | (44,748) | (47,335) | |
Proceeds from sale of loans held-for-sale | 13,802 | 12,036 | |
Net originations on loans held-for-sale | (53,231) | (48,375) | |
Net decrease (increase) in: | |||
Trading debt securities | 105,838 | 94,099 | |
Equity securities | (1,988) | 313 | |
Accrued income receivable | 3,326 | 56,423 | |
Other assets | 24,028 | 37,773 | |
Net (decrease) increase in: | |||
Interest payable | (870) | (25) | |
Pension and other postretirement benefits obligation | 5,297 | 1,225 | |
Other liabilities | (84,870) | (89,748) | |
Total adjustments | 21,358 | 117,588 | |
Net cash (used in) provided by operating activities | 195,591 | 221,346 | |
Cash flows from investing activities: | |||
Net decrease in money market investments | (643,117) | (1,728,858) | |
Purchases of investment securities: | |||
Available-for-sale | (3,123,508) | (1,311,382) | |
Equity | (1,297) | (9,853) | |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | |||
Available-for-sale | 3,006,779 | 1,016,203 | |
Held-to-maturity | 2,587 | 2,639 | |
Proceeds from sale of investment securities: | |||
Equity | 2,679 | 9,745 | |
Net (disbursements) repayments on loans | (79,221) | 93,349 | |
Proceeds from sale of loans | 7,806 | 0 | |
Acquisition of loan portfolios | (129,875) | (161,295) | |
Net payments (to) from FDIC under loss sharing agreements | 0 | (1,263) | |
Return of capital from equity method investments | 1,371 | 0 | |
Capital Contribution Subsidiaries | 0 | 0 | |
Acquisition of premises and equipment | (19,207) | (12,903) | |
Proceeds from insurance claims | 258 | ||
Proceeds from sale of: | |||
Premises and equipment and other productive assets | 5,972 | 3,033 | |
Foreclosed assets | 26,119 | 25,746 | |
Net cash (used in) provided by investing activities | (942,912) | (2,074,581) | |
Net increase (decrease) in: | |||
Deposits | 1,073,526 | 1,638,953 | |
Assets sold under agreements to repurchase | (80,659) | (10,860) | |
Other short-term borrowings | 1 | 89,992 | |
Payments of notes payable | (59,526) | (12,680) | |
Principal payments of finance leases | (439) | ||
Proceeds from issuance of notes payable | 40,000 | ||
Proceeds from issuance of common stock | (1,005) | 0 | |
Dividends paid to parent company | (202,300) | (25,000) | |
Dividends paid | 0 | 0 | |
Net payments for repurchase of common stock | 2 | 0 | |
Return of capital to parent company | 10,000 | ||
Payments related to tax witholding for share-based compensation | 0 | 0 | |
Net cash (used in) provided by financing activities | 729,600 | 1,730,405 | |
Net (decrease) increase in cash and due from banks, and restricted cash | (17,721) | (122,830) | |
Cash and due from banks and restricted cash at beginning of period | 402,995 | 412,225 | |
Cash and due from banks and restricted cash at end of period | $ 385,274 | $ 289,395 | |
[1] | Refer to Note 5 - Restrictions on cash and due from banks and certain securities for nature of restrictions. |