Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity File Number | 001-34084 | |
Entity Registrant Name | POPULAR, INC. | |
Entity Incorporation State Country Code | PR | |
Entity TaxI dentification Number | 66-0667416 | |
Entity Address Address Line 1 | Popular Center Building | |
Entity Address Address Line 2 | 209 Muñoz Rivera Avenue | |
Entity Address City Or Town | Hato Rey | |
Entity Address Country | PR | |
Entity Address Postal Zip Code | 00918 | |
City Area Code | 787 | |
Local Phone Number | 765-9800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 96,739,607 | |
Entity Central Index Key | 0000763901 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Listings | ||
Security 12b Title | Common Stock ($0.01 par value) | |
Trading Symbol | BPOP | |
Security Exchange Name | NASDAQ | |
6.70% Cumulative Monthly Income Trust Preferred Securities | ||
Entity Listings | ||
Security 12b Title | 6.70% Cumulative Monthly Income Trust Preferred Securities | |
Trading Symbol | BPOPN | |
Security Exchange Name | NASDAQ | |
Cumulative Preferred Stock 6.125% | ||
Entity Listings | ||
Security 12b Title | 6.125% Cumulative Monthly Income Trust Preferred Securities | |
Trading Symbol | BPOPM | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and due from banks | $ 502,060,000 | $ 394,035,000 |
Money market investments: | ||
Time deposits with other banks | 5,168,585,000 | 4,171,048,000 |
Total money market investments | 5,168,585,000 | 4,171,048,000 |
Trading account debt securities, at fair value: | ||
Pledged securities with creditors' right to repledge | 605,000 | 598,000 |
Other trading account debt securities | 35,698,000 | 37,189,000 |
Debt securities available-for-sale, at fair value: | ||
Pledged securities with creditors' right to repledge | 222,806,000 | 280,502,000 |
Other debt securities available-for-sale | 16,256,304,000 | 13,019,682,000 |
Debt securities held-to-maturity, at amortized cost (fair value 2019 - $105,834; 2018 - $102,653) | 97,707,000 | 101,575,000 |
Equity securities (realizable value 2019 -$173,771); (2018 - $159,821) | 160,458,000 | 155,584,000 |
Loans held-for-sale, at lower of cost or fair value | 56,370,000 | 51,422,000 |
Loans held-in-portfolio: | ||
Loans held-in-portfolio | 27,181,241,000 | 26,663,713,000 |
Less - Unearned income | 173,266,000 | 155,824,000 |
Allowance for loan losses | 512,365,000 | 569,348,000 |
Total loans held-in-portfolio, net | 26,495,610,000 | 25,938,541,000 |
Premises and equipment, net | 547,063,000 | 569,808,000 |
Other real estate | 117,928,000 | 136,705,000 |
Accrued income receivable | 164,778,000 | 166,022,000 |
Mortgage servicing assets, at fair value | 150,652,000 | 169,777,000 |
Other Assets | 1,811,190,000 | 1,714,134,000 |
Goodwill | 671,122,000 | 671,122,000 |
Other intangible assets | 21,479,000 | 26,833,000 |
Total assets | 52,480,415,000 | 47,604,577,000 |
Deposits: | ||
Non-interest bearing | 8,771,970,000 | 9,149,036,000 |
Interest bearing | 35,394,225,000 | 30,561,003,000 |
Total deposits | 44,166,195,000 | 39,710,039,000 |
Assets sold under agreements to repurchase | 213,097,000 | 281,529,000 |
Other short-term borrowings | 0 | 42,000 |
Notes payable | 1,166,670,000 | 1,256,102,000 |
Other liabilities | 1,026,005,000 | 921,808,000 |
Total liabilities | 46,571,967,000 | 42,169,520,000 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, 30,000,000 shares authorized; 2,006,391 shares issued and outstanding | 50,160,000 | 50,160,000 |
Common stock, $0.01 par value; 170,000,000 shares authorized;104,357,428 shares issued (2018 - 104,320,303) and 96,703,351 shares outstanding (2018 - 99,942,845) | 1,044,000 | 1,043,000 |
Surplus | 4,317,556,000 | 4,365,606,000 |
Retained earnings | 2,071,198,000 | 1,651,731,000 |
Treasury stock - at cost, 7,654,077 shares (2018 - 4,377,458) | (392,630,000) | (205,509,000) |
Accumulated other comprehensive loss, net of tax | (138,880,000) | (427,974,000) |
Total stockholders' equity | 5,908,448,000 | 5,435,057,000 |
Total liabilities and stockholders' equity | $ 52,480,415,000 | $ 47,604,577,000 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (PARENTHETICAL) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Held To Maturity Securities Fair Value | $ 103,918 | $ 102,653 |
Realizable Value Of Equity Securities | $ 166,451 | $ 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 | 104,375,495 | 104,320,303 |
Common Stock Shares Outstanding | 96,714,664 | 99,942,845 |
Treasury stock | 7,660,831 | 4,377,458 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income: | ||||
Loans | $ 453,315 | $ 430,637 | $ 1,355,232 | $ 1,190,498 |
Money market investments | 19,119 | 27,581 | 70,873 | 86,258 |
Investment securities | 99,542 | 70,147 | 274,819 | 185,537 |
Total interest income | 571,976 | 528,365 | 1,700,924 | 1,462,293 |
Interest expense: | ||||
Deposits | 78,760 | 55,134 | 228,035 | 139,050 |
Short-term borrowings | 1,572 | 1,622 | 4,828 | 5,387 |
Long-term debt | 14,653 | 20,140 | 43,791 | 59,204 |
Total interest expense | 94,985 | 76,896 | 276,654 | 203,641 |
Net interest income | 476,991 | 451,469 | 1,424,270 | 1,258,652 |
Provision for loan losses | 36,539 | 54,387 | 118,555 | 185,504 |
Net interest income after provision for loan losses | 440,452 | 397,082 | 1,305,715 | 1,073,148 |
Mortgage banking activities | 10,492 | 11,269 | 18,645 | 33,408 |
Net loss on sale of debt securities | (20) | 0 | (20) | 0 |
Net gain (loss), including impairment on equity securities | 213 | 370 | 2,174 | (42) |
Net profit (loss) on trading account debt securities | 295 | (122) | 977 | (299) |
Adjustments (expense) to indemnity reserves on loans sold | (3,411) | (3,029) | (1,664) | (6,482) |
FDIC loss-share expense | 0 | 0 | 0 | 94,725 |
Other operating income | 22,865 | 40,070 | 68,432 | 78,519 |
Total non-interest income | 142,712 | 151,021 | 417,468 | 499,327 |
Operating expenses: | ||||
Personnel costs | 147,682 | 139,757 | 432,298 | 389,941 |
Net occupancy expenses | 24,595 | 18,602 | 71,431 | 63,829 |
Equipment expenses | 21,596 | 18,303 | 62,624 | 53,284 |
Other taxes | 14,028 | 11,923 | 38,267 | 33,701 |
Professional fees | 98,561 | 83,860 | 281,275 | 260,748 |
Communications | 5,881 | 6,054 | 17,685 | 17,342 |
Business promotion | 18,365 | 15,478 | 52,158 | 44,265 |
FDIC deposit insurance | 2,923 | 8,610 | 13,007 | 22,534 |
Other real estate owned (O R E O) expenses | (185) | 7,950 | 3,729 | 21,028 |
Other operating expenses | 40,630 | 52,576 | 107,354 | 111,462 |
Amortization of intangibles | 2,399 | 2,324 | 7,082 | 6,973 |
Total operating expenses | 376,475 | 365,437 | 1,086,910 | 1,025,107 |
Income before income tax | 206,689 | 182,666 | 636,273 | 547,368 |
Income tax expense (benefit) | 41,370 | 42,018 | 131,923 | 35,613 |
Net Income | 165,319 | 140,648 | 504,350 | 511,755 |
Net Income Applicable to Common Stock | $ 164,389 | $ 139,718 | $ 501,558 | $ 508,963 |
Net Income per Common Share - Basic | $ 1.71 | $ 1.38 | $ 5.17 | $ 5.01 |
Net Income per Common Share - Diluted | $ 1.70 | $ 1.38 | $ 5.16 | $ 5 |
Service charges on deposit accounts | ||||
Interest expense: | ||||
Revenue from contract with customer | $ 40,969 | $ 38,147 | $ 119,277 | $ 111,704 |
Other services | ||||
Interest expense: | ||||
Revenue from contract with customer | 71,309 | 64,316 | 209,647 | 187,794 |
Non-covered loans | ||||
Interest expense: | ||||
Provision for loan losses | 36,539 | 54,387 | 118,555 | 183,774 |
Covered loans | ||||
Interest expense: | ||||
Provision for loan losses | $ 0 | $ 0 | $ 0 | $ 1,730 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Income and Comprehensive Income | ||||
Net income | $ 165,319 | $ 140,648 | $ 504,350 | $ 511,755 |
Reclassification to retained earnings due to cumulative effect of accounting change | 0 | 0 | (50) | (605) |
Other comprehensive income (loss) before tax: | ||||
Foreing currency translation adjustment | 155 | (605) | (2,287) | (3,968) |
Amortization of net losses of pension and postretirement benefit plans | 5,877 | 5,386 | 17,629 | 16,157 |
Amortization of prior service credit of pension and postretirement benefit plans | 0 | (868) | 0 | (2,603) |
Unrealized holding gains (losses) on debt securities arising during the period | 53,553 | (43,781) | 306,857 | (201,193) |
Reclassification adjustment for (gains) losses included in net income (loss) | (20) | 0 | (20) | 0 |
Unrealized net (losses) gains on cash flow hedges | (3,538) | 341 | (5,358) | 1,296 |
Reclassification adjustment for net losses (gains) included in net income | 1,221 | 147 | 3,142 | (870) |
Other comprehensive income (loss) before tax | 57,288 | (39,380) | 319,953 | (191,786) |
Income tax (expense) benefit | (4,955) | 1,983 | (30,859) | 8,249 |
Total other comprehensive income (loss), net of tax | 52,333 | (37,397) | 289,094 | (183,537) |
Comprehensive income (loss), net of tax | $ 217,652 | $ 103,251 | $ 793,444 | $ 328,218 |
TAX EFFECT ALLOCATED TO EACH CO
TAX EFFECT ALLOCATED TO EACH COMPONENT OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Income and Comprehensive Income | ||||
Amortization of net losses of pension and postretirement benefit plans | $ (2,204) | $ (2,101) | $ (6,611) | $ (6,301) |
Amortization of prior service credit of pension and postretirement benefit plans | 0 | 339 | 0 | 1,016 |
Unrealized holding gains (losses) on debt securities arising during the period | (2,583) | 3,936 | (24,032) | 13,701 |
Reclassification adjustment for gains included in net income | 4 | 0 | 4 | 0 |
Unrealized net (losses) gains on cash flow hedges | 337 | (133) | 1,009 | (506) |
Reclassification adjustment for net losses (gains) included in net income | (501) | (58) | (1,221) | 339 |
Income tax (expense) benefit | $ (4,955) | $ 1,983 | $ (30,859) | $ 8,249 |
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 | 511,755 | 511,755 | |||||||
Issuance of stock | 2,565 | 1 | 2,564 | ||||||
Dividends declared: | |||||||||
Common stock | [1] | (76,200) | (76,200) | ||||||
Preferred stock | (2,792) | (2,792) | |||||||
Common stock purchases | (127,443) | (23,020) | [2] | (104,423) | |||||
Common stock reissuance | 2,151 | 143 | 2,008 | ||||||
Stock based compensation | 12,010 | 3,325 | 8,685 | ||||||
Other comprehensive loss, net of tax | (183,537) | (183,537) | |||||||
Ending Balance at Sep. 30, 2018 | 5,244,349 | 1,043 | 50,160 | 4,281,515 | 1,629,692 | (183,872) | (534,189) | ||
Beginning Balance at Jun. 30, 2018 | 5,289,661 | 1,043 | 50,160 | 4,302,946 | 1,515,058 | (82,754) | (496,792) | ||
Increase Decrease In Stockholders Equity [Roll Forward] | |||||||||
Net income | 140,648 | 140,648 | |||||||
Issuance of stock | 822 | 822 | |||||||
Dividends declared: | |||||||||
Common stock | [3] | (25,084) | (25,084) | ||||||
Preferred stock | (930) | (930) | |||||||
Common stock purchases | (125,099) | (23,020) | (102,079) | ||||||
Common stock reissuance | 814 | 103 | 711 | ||||||
Stock based compensation | 914 | 664 | 250 | ||||||
Other comprehensive loss, net of tax | (37,397) | (37,397) | |||||||
Ending Balance at Sep. 30, 2018 | 5,244,349 | 1,043 | 50,160 | 4,281,515 | 1,629,692 | (183,872) | (534,189) | ||
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 | 504,350 | 504,350 | |||||||
Issuance of stock | 2,633 | 1 | 2,632 | ||||||
Dividends declared: | |||||||||
Common stock | [1] | (86,996) | (86,996) | ||||||
Preferred stock | (2,792) | (2,792) | |||||||
Common stock purchases | [2] | (256,006) | (52,670) | (203,336) | |||||
Common stock reissuance | 3,890 | 274 | 3,616 | ||||||
Stock based compensation | 14,313 | 1,714 | 12,599 | ||||||
Other comprehensive loss, net of tax | 289,094 | 289,094 | |||||||
Ending Balance at Sep. 30, 2019 | 5,908,448 | 1,044 | 50,160 | 4,317,556 | 2,071,198 | (392,630) | (138,880) | ||
Beginning Balance at Jun. 30, 2019 | 5,719,834 | 1,044 | 50,160 | 4,316,225 | 1,935,826 | (392,208) | (191,213) | ||
Increase Decrease In Stockholders Equity [Roll Forward] | |||||||||
Net income | 165,319 | 165,319 | |||||||
Issuance of stock | 909 | 0 | 909 | ||||||
Dividends declared: | |||||||||
Common stock | [3] | (29,017) | (29,017) | ||||||
Preferred stock | (930) | (930) | |||||||
Common stock purchases | (1,367) | (1,367) | |||||||
Common stock reissuance | 964 | 50 | 914 | ||||||
Stock based compensation | 403 | 372 | 31 | ||||||
Other comprehensive loss, net of tax | 52,333 | 52,333 | |||||||
Ending Balance at Sep. 30, 2019 | 5,908,448 | $ 1,044 | $ 50,160 | $ 4,317,556 | 2,071,198 | $ (392,630) | $ (138,880) | ||
Increase Decrease In Stockholders Equity [Roll Forward] | |||||||||
Cumulative effect of accounting change | $ 4,905 | $ 4,905 | |||||||
[1] | Dividends declared per common share during the nine months ended September 30, 2019 - $ 0.90 (2018 - $ 0.75). | ||||||||
[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 19 for additional information. | ||||||||
[3] | Dividends declared per common share during the quarter ended September 30, 2019 - $ 0.30 (2018 - $ 0.25). |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | ||
Statement of Stockholders' Equity [Abstract] | |||||||
Dividends Declared per Common Share | $ 0.30 | $ 0.25 | $ 0.90 | $ 0.75 | |||
Accelerated Share Repurchases [Line Items] | |||||||
Common stock purchases | $ 1,367 | $ 125,099 | $ 256,006 | [1] | $ 127,443 | ||
Accelerated share repurchases settlement receipt | $ 250,000 | ||||||
Accelerate Share Repurchase | |||||||
Accelerated Share Repurchases [Line Items] | |||||||
Common stock purchases | $ 250,000 | $ 250,000 | |||||
Accelerated share repurchases settlement receipt | $ 125,000 | $ 125,000 | |||||
[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 19 for additional information. |
DISCLOSURE OF CHANGES IN NUMBER
DISCLOSURE OF CHANGES IN NUMBER OF SHARES - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Treasury stock | (7,660,831) | |
Common Stock - Outstanding | 96,714,664 | |
Common Stock | ||
Beginning balance | 104,320,303 | 104,238,159 |
Issuance of stock | 55,192 | 66,370 |
Balance at end of year | 104,375,495 | 104,304,529 |
Treasury stock | (7,660,831) | (3,968,188) |
Common Stock - Outstanding | 96,714,664 | 100,336,341 |
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 ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 504,350,000 | $ 511,755,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Provision for loan losses | 118,555,000 | 185,504,000 |
Amortization of intangibles | 7,082,000 | 6,973,000 |
Depreciation and amortization of premises and equipment | 42,928,000 | 39,083,000 |
Net accretion of discounts and amortization of premiums and deferred fees | (126,548,000) | (43,533,000) |
Share-based compensation | 11,418,000 | 5,962,000 |
Impairment losses on long-lived assets | 2,591,000 | 272,000 |
Fair value adjustments on mortgage servicing rights | 25,853,000 | 13,123,000 |
Goodwill, Impairment Loss | 0 | |
FDIC loss share expense | 0 | (94,725,000) |
Adjustments (expense) to indemnity reserves on loans sold | 1,664,000 | 6,482,000 |
Earnings from investments under the equity method, net of dividends or distributions | (18,461,000) | (14,772,000) |
Deferred income tax expense | 110,058,000 | (97,708,000) |
Gain on: | ||
Disposition of premises and equipment and other productive assets | (5,133,000) | 17,694,000 |
Proceeds from insurance claims | 0 | (14,411,000) |
Sale of debt securities | (20,000) | 0 |
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | (11,360,000) | (6,734,000) |
Sale of foreclosed assets, including write-downs | (15,858,000) | (638,000) |
Acquisitions of loans held-for-sale | (157,993,000) | (173,644,000) |
Proceeds from sale of loans held-for-sale | 51,067,000 | 51,131,000 |
Net originations on loans held-for-sale | (208,875,000) | (186,063,000) |
Net decrease (increase) in: | ||
Trading debt securities | 333,013,000 | 346,455,000 |
Equity securities | (6,482,000) | (2,480,000) |
Accrued income receivable | 7,724,000 | 51,868,000 |
Other assets | (12,837,000) | 234,836,000 |
Net (decrease) increase in: | ||
Interest payable | (6,900,000) | (9,933,000) |
Pension and other postretirement benefits obligation | (4,979,000) | 3,392,000 |
Other liabilities | (102,049,000) | (197,035,000) |
Total adjustments | 34,498,000 | 121,099,000 |
Net cash provided by operating activities | 538,848,000 | 632,854,000 |
Cash flows from investing activities: | ||
Net decrease in money market investments | (1,000,840,000) | 647,519,000 |
Purchases of investment securities: | ||
Available-for-sale | (13,579,074,000) | (6,968,920,000) |
Equity | (15,474,000) | (11,304,000) |
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | ||
Available-for-sale | 10,671,630,000 | 3,925,362,000 |
Held-to-maturity | 5,325,000 | 7,184,000 |
Proceeds from sale of investment securities: | ||
Available-for-sale | 99,445,000 | 0 |
Equity | 17,083,000 | 20,925,000 |
Net (disbursements) repayments on loans | (324,479,000) | (15,604,000) |
Proceeds from sale of loans | 77,327,000 | 1,354,000 |
Acquisition of loan portfolios | (421,482,000) | (461,117,000) |
Payments to acquire other intangible | (793,000) | 0 |
Net payments (to) from FDIC under loss sharing agreements | 0 | (25,012,000) |
Payments to acquire businesses, net of cash acquired | 0 | (1,830,050,000) |
Return of capital from equity method investments | 2,747,000 | 2,501,000 |
Acquisition of premises and equipment | (45,961,000) | (53,144,000) |
Proceeds from insurance claims | 0 | 14,411,000 |
Proceeds from sale of: | ||
Premises and equipment and other productive assets | 17,186,000 | 6,991,000 |
Foreclosed assets | 83,848,000 | 85,622,000 |
Net cash used in investing activities | (4,413,512,000) | (4,653,282,000) |
Net increase (decrease) in: | ||
Deposits | 4,454,466,000 | 4,193,859,000 |
Assets sold under agreements to repurchase | (68,433,000) | (90,805,000) |
Other short-term borrowings | (41,000) | (95,008,000) |
Payments of notes payable | (144,991,000) | (226,976,000) |
Principal payments of finance leases | (1,269,000) | 0 |
Proceeds from issuance of notes payable | 75,000,000 | 434,706,000 |
Proceeds from issuance of common stock | 6,523,000 | 10,852,000 |
Dividends paid | (85,863,000) | (79,115,000) |
Net payments for repurchase of common stock | (250,574,000) | (125,326,000) |
Payments related to tax witholding for share-based compensation | (5,432,000) | (2,205,000) |
Net cash provided by financing activities | 3,979,386,000 | 4,019,982,000 |
Net (decrease) increase in cash and due from banks, and restricted cash | 104,722,000 | (446,000) |
Cash and due from banks and restricted cash at beginning of period | 403,251,000 | 412,629,000 |
Cash and due from banks and restricted cash at end of period | $ 507,973,000 | $ 412,183,000 |
Nature of operations
Nature of operations | 9 Months Ended |
Sep. 30, 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 (“U.S.”) and the 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 banking, broker-dealer, auto and equipment leasing and financing, and insurance services through specialized subsidiaries. In the mainland U.S., 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 | 9 Months Ended |
Sep. 30, 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 Consolidated Statement of Financial Condition 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 pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these financial statements should be read in conjunction with the audited Consolidated Financial Statements 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 full 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 liabilities 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 | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles | |
New Accounting Pronouncements | Note 3 - New accounting pronouncements Recently Adopted Accounting Standards Updates Standard Description Date of adoption Effect on the financial statements FASB Accounting Standards Update (“ASU”) 2019-01, Leases (Topic 842): Codification Improvements The FASB issued ASU 2019-01 in March 2019 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 activities. January 1, 2019 The Corporation early adopted ASU 2019-01 during the first quarter of 2019, but was not impacted by the adoption of this ASU. FASB Accounting Standards Updates (“ASUs”), Leases (Topic 842) The FASB has issued a series of ASUs which 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. 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. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. In addition, the new leases standard requires lessors, among other things, to present lessor costs paid by the lessee to the lessor on a gross basis. January 1, 2019 The Corporation adopted the new leases standard during the first quarter of 2019 using the modified retrospective approach. The Corporation made the following elections: to not reassess at the date of adoption whether any existing contracts were or contained leases, their lease classification, and initial direct costs; applied the transition provisions of the new leases standard at the adoption date; used hindsight in evaluating lessee options to extend or terminate a lease; and to not apply ASC Topic 842 to short-term leases. 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 its 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. Standard Description Date of adoption Effect on the financial statements FASB 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 permissible U.S. benchmark rates. January 1, 2019 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 allows 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 when the related tax effects were recognized in accumulated other comprehensive income. The amendments also require certain disclosures about stranded tax effects. January 1, 2019 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 deferred tax assets that 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 Standards 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. January 1, 2019 The Corporation adopted ASU 2017-12 during the first quarter of 2019. The cumulative effect adjustment recorded 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 statement 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 2019 did not have a significant impact on the Corporation’s Consolidated Financial Statements: FASB Accounting Standards Update (“ASU”) 2018-09, Codification Improvements FASB Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting FASB Accounting Standards Update (“ASU”) 2017-11, 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 Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception FASB Accounting Standards Update (“ASU”) 2017-08, Receivables– Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Accounting Standards Not Yet Adopted FASB Accounting Standards Update (“ASUs”) 2019-07, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates The FASB issued ASU 2019-07 in July 2019, which updates the SEC portion of its codification literature with already effective SEC final rules that simplified disclosures and modernized the reporting and disclosure of information by registered investment companies. FASB Accounting Standards Updates (“ASUs”), Financial Instruments – Credit Losses (Topic 326) The FASB issued a series of ASUs mainly related to the recently issued standards on credit losses (Topic 326), which replace the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet exposures. Amendments to Topic 326 are mainly in the areas of 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. For additional information on ASU 2016-13, refer to Note 3 to the Consolidated Financial Statements included in the 2018 Form 10-K. The amendments of these updates are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted as of January 1, 2019. The Corporation has continued its evaluation and implementation efforts with respect to CECL. Model development related to CECL has been substantially completed and is currently undergoing third-party validation procedures. Other implementation efforts are underway, including fulfillment of additional data needs for new disclosures and reporting requirements, related software implementation and the drafting of accounting policies. The ultimate impact of the adoption of CECL will depend on the composition of the Corporation’s portfolios as well as the economic conditions and forecast at the time of adoption. Based on its preliminary analysis and the information currently available, utilizing loan balances and macroeconomic scenarios as of June 30, 2019, the Corporation expects that its allowance for loan and lease losses would increase by a range from $ 360 million to $ 400 million, or 85% to 95%, excluding purchased credit impaired loans. This increase is driven by the Puerto Rico mortgage, auto and credit cards loans portfolio. This increase would be reflected as a decrease to the opening balance of retained earnings, net of income taxes. The Corporation expects to continue to be well capitalized under the Basel III regulatory framework after the adoption of this standard. The Corporation will avail itself of the option to phase in over a period of three years the day one effects on regulatory capital from the adoption of CECL. Since the Corporation’s allowance for credit losses already exceeds 1.25% of its risk weighted assets, the incremental allowance resulting from the adoption of CECL will be excluded from Total Regulatory Capital. Considering the phase in period provided by the regulatory framework, the estimated decrease to the common equity tier one and total capital ratios would be of approximately 30 bps. These estimates are preliminary and are subject to further work and analysis by the Corporation as part of its implementation efforts, including the consideration of qualitative factors, which may impact reserves, review of significant assumptions and the finalization of the model validation process. For other recently issued Accounting Standards Updates not yet effective, refer to Note 3 to the Consolidated Financial Statements included in the 2018 Form 10-K. |
Business combination
Business combination | 9 Months Ended |
Sep. 30, 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. The Corporation completed the integration of these operations during the third quarter of 2019 and continues to operate this business under the name of Popular Auto. Wells Fargo retained approximately $ 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 acquired 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 2018, 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 loans 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 | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Restricted On Cash And Due From Banks And Certain Securities | Note 5 - Restrictions on cash and due from 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 Reserve Bank of New York (the “Fed”) or other banks. Those required average reserve balances amounted to $ 1.6 billion at September 30, 2019 (December 31, 2018 - $ 1.6 billion). Cash and due from banks, as well as other highly liquid securities, are used to cover the required average reserve balances. At September 30, 2019, the Corporation held $ 49 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 million). 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 | 9 Months Ended |
Sep. 30, 2019 | |
Debt securities available-for-sale | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in debt and marketable equity securities | Note 6 – Debt securities available-for-sale The following tables 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 September 30, 2019 and December 31, 2018 At September 30, 2019 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 5,593,503 $ 2,924 $ 1,789 $ 5,594,638 1.88 % After 1 to 5 years 4,200,129 86,143 862 4,285,410 2.34 After 5 to 10 years 624,188 1,912 1,860 624,240 1.60 Total U.S. Treasury securities 10,417,820 90,979 4,511 10,504,288 2.05 Obligations of U.S. Government sponsored entities Within 1 year 127,485 6 174 127,317 1.40 After 1 to 5 years 60,005 1 231 59,775 1.48 Total obligations of U.S. Government sponsored entities 187,490 7 405 187,092 1.43 Obligations of Puerto Rico, States and political subdivisions Within 1 year 6,975 - 44 6,931 - Total obligations of Puerto Rico, States and political subdivisions 6,975 - 44 6,931 - Collateralized mortgage obligations - federal agencies After 1 to 5 years 725 - 1 724 2.02 After 5 to 10 years 91,024 32 1,210 89,846 1.64 After 10 years 541,407 4,410 5,751 540,066 2.09 Total collateralized mortgage obligations - federal agencies 633,156 4,442 6,962 630,636 2.02 Mortgage-backed securities Within 1 year 37 - - 37 2.05 After 1 to 5 years 39,627 861 2 40,486 3.35 After 5 to 10 years 315,038 2,623 1,391 316,270 2.04 After 10 years 4,751,236 64,743 22,982 4,792,997 2.61 Total mortgage-backed securities 5,105,938 68,227 24,375 5,149,790 2.58 Other After 1 to 5 years 364 9 - 373 3.62 Total other 364 9 - 373 3.62 Total debt securities available-for-sale [1] $ 16,351,743 $ 163,664 $ 36,297 $ 16,479,110 2.20 % [1] Includes $ 12.9 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 $ 11.7 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 investment securities available-for-sale is based on amortized cost; therefore, it does not give effect to changes in fair value. Securities not due on a single contractual maturity date, such as mortgage-backed securities and collateralized mortgage obligations, are classified based on 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 maturities because they may be subject to prepayments or may be called by the issuer. During the quarter ended September 30, 2019, the Corporation sold U.S. Treasury Bills. The proceeds from these sales were $ 99 million. No For the quarter ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Gross realized gains $ - $ - $ - $ - Gross realized losses ( 20) - ( 20) - Net realized losses on sale of debt securities available-for-sale $ ( 20) $ - $ ( 20) $ - 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 September 30, 2019 and December 31, 2018 . At September 30, 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 $ 900,818 $ 2,376 $ 639,001 $ 2,135 $ 1,539,819 $ 4,511 Obligations of U.S. Government sponsored entities 9,947 25 176,356 380 186,303 405 Obligations of Puerto Rico, States and political subdivisions - - 6,931 44 6,931 44 Collateralized mortgage obligations - federal agencies 103,443 467 343,994 6,495 447,437 6,962 Mortgage-backed securities 177,382 480 1,977,343 23,895 2,154,725 24,375 Total debt securities available-for-sale in an unrealized loss position $ 1,191,590 $ 3,348 $ 3,143,625 $ 32,949 $ 4,335,215 $ 36,297 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 September 30, 2019, the portfolio of available-for-sale debt securities reflects gross unrealized losses of approximately $ 36 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 likely than not that the Corporation would be required to sell the debt security before a forecasted recovery occurs. At September 30, 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 September 30, 2019, the Corporation did not have the intent to sell debt securities in an unrealized loss position and it was not 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 the 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 securities of a single issuer. September 30, 2019 December 31, 2018 (In thousands) Amortized cost Fair value Amortized cost Fair value FNMA $ 3,334,102 $ 3,351,007 $ 2,999,110 $ 2,901,904 Freddie Mac 1,722,954 1,739,165 1,095,855 1,058,013 |
Debt securities held-to-maturit
Debt securities held-to-maturity | 9 Months Ended |
Sep. 30, 2019 | |
Held To Maturity Debt Securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investments in debt and marketable equity securities | Note 7 –Debt securities held-to-maturity The following tables present the amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities held-to-maturity at September 30, 2019 and December 31, 2018. At September 30, 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 $ 3,745 $ - $ 33 $ 3,712 6.02 % After 1 to 5 years 17,580 - 269 17,311 6.11 After 5 to 10 years 18,195 - 1,861 16,334 3.11 After 10 years 46,078 8,375 2 54,451 1.69 Total obligations of Puerto Rico, States and political subdivisions 85,598 8,375 2,165 91,808 3.09 Collateralized mortgage obligations - federal agencies After 1 to 5 years 48 2 - 50 6.44 Total collateralized mortgage obligations - federal agencies 48 2 - 50 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 - 1 499 2.97 Total other 500 - 1 499 2.97 Total debt securities held-to-maturity $ 97,707 $ 8,377 $ 2,166 $ 103,918 3.50 % 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, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2019 and December 31, 2018. At September 30, 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 $ 22,427 $ 318 $ 9,713 $ 1,847 $ 32,140 $ 2,165 Other 499 1 - - 499 1 Total debt securities held-to-maturity in an unrealized loss position $ 22,926 $ 319 $ 9,713 $ 1,847 $ 32,639 $ 2,166 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 Consolidated Financial Statements, 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 September 30, 2019 are primarily associated with securities issued by municipalities of Puerto Rico and are generally not rated by a credit rating agency. This includes $ 40 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 power 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 portfolio also includes $ 46 million in securities for which the underlying source of payment is second mortgage loans in Puerto Rico residential properties (not the 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 September 30, 2019. A deterioration 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 value 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 22 for additional information on the Corporation’s exposure to the Puerto Rico Government. |
Loans
Loans | 9 Months Ended |
Sep. 30, 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 significant accounting policies 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 and nine months ended September 30, 2019 , the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $ 81 million and $ 266 million, respectively; and of consumer loans of $ 64 million and $ 222 million, respectively. For the nine months ended September 30, 2019 the Corporation recorded purchases of commercial loans (including loan participations) amounting to $ 43 million. During the quarter and nine months ended September 30, 2018 , the Corporation recorded purchases (including repurchases) of mortgage loans amounting to $ 147 million and $ 480 million, respectively; and of consumer loans of $ 48 million and $ 152 million, respectively. The Corporation performed whole-loan sales involving approximately $ 18 million and $ 46 million of residential mortgage loans during the quarter and nine months ended September 30, 2019, respectively (September 30, 2018 - $ 19 million and $ 45 million, respectively). Also, the Corporation securitized approximately $ 88 million and $ 247 million of mortgage loans into Government National Mortgage Association (“GNMA”) mortgage-backed securities during the quarter and nine months ended September 30, 2019 , respectively ( September 30, 2018 - $ 110 million and $ 320 million, respectively). Furthermore, the Corporation securitized approximately $ 33 million and $ 84 million of mortgage loans into Federal National Mortgage Association (“FNMA”) mortgage-backed securities during the quarter and nine months ended September 30, 2019 , respectively ( September 30, 2018 - $ 26 million and $ 72 million, respectively). During the quarter and nine months ended September 30, 2019 , the Corporation performed sales of commercial and construction loans, including loan participations amounting to $ 47 million and $ 81 million, respectively. 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 September 30, 2019 and December 31, 2018 September 30, 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 $ 331 $ - $ 1,824 $ 2,155 $ 146,395 $ 148,550 $ 1,784 $ - Commercial real estate: Non-owner occupied 25,497 3,449 47,692 76,638 2,020,511 2,097,149 43,349 - Owner occupied 9,284 2,682 90,507 102,473 1,514,624 1,617,097 75,513 - Commercial and industrial 31,435 6,703 46,104 84,242 3,221,615 3,305,857 45,720 311 Construction - 263 274 537 123,535 124,072 274 - Mortgage 287,578 142,727 876,960 1,307,265 4,928,311 6,235,576 296,025 459,704 Leasing 10,906 2,745 2,733 16,384 1,006,100 1,022,484 2,733 - Consumer: Credit cards 10,099 7,080 16,459 33,638 1,002,579 1,036,217 - 16,459 Home equity lines of credit 15 - 887 902 4,981 5,883 887 - Personal 13,724 10,012 19,418 43,154 1,306,449 1,349,603 18,710 15 Auto 85,717 19,973 22,954 128,644 2,719,114 2,847,758 22,954 - Other 660 617 13,149 14,426 127,910 142,336 12,824 325 Total $ 475,246 $ 196,251 $ 1,138,961 $ 1,810,458 $ 18,122,124 $ 19,932,582 $ 520,773 $ 476,814 [1] Loans HIP of $ 141 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. September 30, 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 $ - $ - $ 2,097 $ 2,097 $ 1,598,517 $ 1,600,614 $ 2,097 $ - Commercial real estate: Non-owner occupied - - 292 292 1,953,919 1,954,211 292 - Owner occupied 4,884 243 259 5,386 313,733 319,119 259 - Commercial and industrial 2,449 76 48,563 51,088 1,114,764 1,165,852 683 - Construction - - 10,060 10,060 619,924 629,984 10,060 - Mortgage 1,159 4,049 9,517 14,725 918,318 933,043 9,517 - Legacy 54 89 2,318 2,461 20,731 23,192 2,318 - Consumer: Credit cards - - - - 78 78 - - Home equity lines of credit 685 894 10,117 11,696 112,806 124,502 10,117 - Personal 1,852 1,499 1,670 5,021 319,084 324,105 1,670 - Other 20 - 6 26 667 693 6 - Total $ 11,103 $ 6,850 $ 84,899 $ 102,852 $ 6,972,541 $ 7,075,393 $ 37,019 $ - [1] Loans HIP of $ 48 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. September 30, 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 $ 331 $ - $ 3,921 $ 4,252 $ 1,744,912 $ 1,749,164 $ 3,881 $ - Commercial real estate: Non-owner occupied 25,497 3,449 47,984 76,930 3,974,430 4,051,360 43,641 - Owner occupied 14,168 2,925 90,766 107,859 1,828,357 1,936,216 75,772 - Commercial and industrial 33,884 6,779 94,667 135,330 4,336,379 4,471,709 46,403 311 Construction - 263 10,334 10,597 743,459 754,056 10,334 - Mortgage [1] 288,737 146,776 886,477 1,321,990 5,846,629 7,168,619 305,542 459,704 Leasing 10,906 2,745 2,733 16,384 1,006,100 1,022,484 2,733 - Legacy [2] 54 89 2,318 2,461 20,731 23,192 2,318 - Consumer: Credit cards 10,099 7,080 16,459 33,638 1,002,657 1,036,295 - 16,459 Home equity lines of credit 700 894 11,004 12,598 117,787 130,385 11,004 - Personal 15,576 11,511 21,088 48,175 1,625,533 1,673,708 20,380 15 Auto 85,717 19,973 22,954 128,644 2,719,114 2,847,758 22,954 - Other 680 617 13,155 14,452 128,577 143,029 12,830 325 Total $ 486,349 $ 203,101 $ 1,223,860 $ 1,913,310 $ 25,094,665 $ 27,007,975 $ 557,792 $ 476,814 [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 $ 173 million in unearned income and exclude $ 56 million in loans held-for-sale. [4] Includes $ 6.7 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 $ 2.1 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. [5] Loans HIP of $ 189 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 September 30, 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 $ 461 million are 90 days or more past due, including $ 99 million of loans rebooked under the GNMA buyback option, discussed below (December 31, 2018 - $ 1.4 billion, $ 598 million and $ 134 million, respectively). Within this 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 $ 241 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of September 30, 2019 (December 31, 2018 - $ 283 million). Additionally, the Corporation has approximately $ 65 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at September 30, 2019 (December 31, 2018 - $ 69 million). Loans with a delinquency status of 90 days past due as of September 30, 2019 include $ 99 million in loans previously pooled 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 subject to the repurchase option are required to be reflected on the financial statements of BPPR 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 310-30, amounted to $ 1.9 billion at September 30, 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 September 30, 2019 and December 31, 2018. Carrying amount (In thousands) September 30, 2019 December 31, 2018 Commercial real estate $ 683,046 $ 801,774 Commercial and industrial 134,962 84,465 Mortgage 871,803 982,821 Consumer 12,563 14,496 Carrying amount 1,702,374 1,883,556 Allowance for loan losses ( 94,610) ( 122,135) Carrying amount, net of allowance $ 1,607,764 $ 1,761,421 At September 30, 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 difference 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 and nine months ended September 30, 2019 and 2018, were as follows: Carrying amount of acquired loans accounted for pursuant to ASC 310-30 For the quarter ended For the nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Beginning balance $ 1,789,237 $ 2,033,457 $ 1,883,556 $ 2,108,993 Additions 11,891 3,062 27,639 8,334 Accretion 35,502 38,886 111,083 121,752 Collections / loan sales / charge-offs ( 134,256) ( 84,783) ( 319,904) ( 248,457) Ending balance [1] $ 1,702,374 $ 1,990,622 $ 1,702,374 $ 1,990,622 Allowance for loan losses ( 94,610) ( 168,559) ( 94,610) ( 168,559) Ending balance, net of ALLL $ 1,607,764 $ 1,822,063 $ 1,607,764 $ 1,822,063 [1] At September 30, 2019, includes $ 1.2 billion of loans considered non-credit impaired at the acquisition date (September 30, 2018 - $ 1.5 billion). Activity in the accretable yield of acquired loans accounted for pursuant to ASC 310-30 For the quarter ended For the nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Beginning balance $ 1,042,407 $ 1,178,042 $ 1,092,504 $ 1,214,488 Additions 7,711 315 19,577 3,752 Accretion ( 35,502) ( 38,886) ( 111,083) ( 121,752) Change in expected cash flows 5,043 ( 16,739) 18,661 26,244 Ending balance [1] $ 1,019,659 $ 1,122,732 $ 1,019,659 $ 1,122,732 [1] At September 30, 2019, includes $ 0.7 billion of loans considered non-credit impaired at the acquisition date (September 30, 2018 - $ 0.8 billion). |
Allowance for loan losses
Allowance for loan losses | 9 Months Ended |
Sep. 30, 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 loans. 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 contingencies 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 expected 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 are 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 for a more recent loss trend to be captured and reflected in the ALLL estimation process. For the period ended September 30, 2019, 24% (September 30, 2018 - 80%) of the ALLL for the BPPR segment loan portfolios utilized the recent loss 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 real estate non-owner occupied portfolio for 2019 and in the mortgage, leasing and overall consumer portfolios for 2018. For the period ended September 30, 2019, 13% (September 30, 2018 - 6 %) of the Popular U.S. segment loan portfolios utilized the recent loss trend adjustment instead of the base loss. The effect of replacing the base loss with the recent loss trend adjustment was concentrated in the construction and commercial real estate owner occupied portfolios for 2019 and in the consumer portfolios for 2018. Environmental factors, which include credit and macroeconomic indicators such as unemployment rate, economic activity index and delinquency 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 ALLL. 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. During the third quarter of 2019, management completed the recalibration analysis of the environmental factors adjustments. The environmental factors adjustments are developed by performing regression analyses on selected credit and economic indicators for each applicable loan segment. The environmental factor models used to account for changes in current credit and macroeconomic conditions were reviewed and recalibrated based on the latest applicable trends. The effect of the recalibration resulted in an increase of $ 4.6 million to the environmental factors adjustments reserve at the Popular U.S. segment. The following tables present the changes 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 and nine months ended September 30, 2019 and 2018. For the quarter ended September 30, 2019 Puerto Rico (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 190,227 $ 2,996 $ 127,930 $ 6,907 $ 148,131 $ 476,191 Provision (reversal of provision) ( 18,036) ( 4,916) 6,494 3,739 47,198 34,479 Charge-offs ( 15,419) ( 27) ( 13,886) ( 4,040) ( 46,398) ( 79,770) Recoveries 4,787 3,013 1,197 587 10,286 19,870 Ending balance $ 161,559 $ 1,066 $ 121,735 $ 7,193 $ 159,217 $ 450,770 Specific ALLL $ 30,130 $ 57 $ 40,483 $ 71 $ 21,009 $ 91,750 General ALLL $ 131,429 $ 1,009 $ 81,252 $ 7,122 $ 138,208 $ 359,020 Loans held-in-portfolio: Impaired loans $ 407,124 $ 274 $ 523,876 $ 624 $ 95,356 $ 1,027,254 Loans held-in-portfolio excluding impaired loans 6,761,529 123,798 5,711,700 1,021,860 5,286,441 18,905,328 Total loans held-in-portfolio $ 7,168,653 $ 124,072 $ 6,235,576 $ 1,022,484 $ 5,381,797 $ 19,932,582 For the quarter ended September 30, 2019 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 35,302 $ 6,887 $ 4,586 $ 774 $ 19,926 $ 67,475 Provision (reversal of provision) ( 2,507) 2,826 288 ( 280) 1,733 2,060 Charge-offs ( 5,912) ( 2,215) - ( 2) ( 4,619) ( 12,748) Recoveries 2,279 - 18 299 2,212 4,808 Ending balance $ 29,162 $ 7,498 $ 4,892 $ 791 $ 19,252 $ 61,595 Specific ALLL $ - $ - $ 2,385 $ - $ 1,711 $ 4,096 General ALLL $ 29,162 $ 7,498 $ 2,507 $ 791 $ 17,541 $ 57,499 Loans held-in-portfolio: Impaired loans $ 2,097 $ 10,060 $ 9,441 $ - $ 9,761 $ 31,359 Loans held-in-portfolio excluding impaired loans 5,037,699 619,924 923,602 23,192 439,617 7,044,034 Total loans held-in-portfolio $ 5,039,796 $ 629,984 $ 933,043 $ 23,192 $ 449,378 $ 7,075,393 For the quarter ended September 30, 2019 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 225,529 $ 9,883 $ 132,516 $ 774 $ 6,907 $ 168,057 $ 543,666 Provision (reversal of provision) ( 20,543) ( 2,090) 6,782 ( 280) 3,739 48,931 36,539 Charge-offs ( 21,331) ( 2,242) ( 13,886) ( 2) ( 4,040) ( 51,017) ( 92,518) Recoveries 7,066 3,013 1,215 299 587 12,498 24,678 Ending balance $ 190,721 $ 8,564 $ 126,627 $ 791 $ 7,193 $ 178,469 $ 512,365 Specific ALLL $ 30,130 $ 57 $ 42,868 $ - $ 71 $ 22,720 $ 95,846 General ALLL $ 160,591 $ 8,507 $ 83,759 $ 791 $ 7,122 $ 155,749 $ 416,519 Loans held-in-portfolio: Impaired loans $ 409,221 $ 10,334 $ 533,317 $ - $ 624 $ 105,117 $ 1,058,613 Loans held-in-portfolio excluding impaired loans 11,799,228 743,722 6,635,302 23,192 1,021,860 5,726,058 25,949,362 Total loans held-in-portfolio $ 12,208,449 $ 754,056 $ 7,168,619 $ 23,192 $ 1,022,484 $ 5,831,175 $ 27,007,975 For the nine months ended September 30, 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) ( 18,245) ( 2,877) 11,342 2,276 102,412 94,908 Charge-offs ( 40,275) ( 79) ( 37,056) ( 8,467) ( 120,187) ( 206,064) Recoveries 12,865 3,136 4,471 1,898 32,398 54,768 Ending balance $ 161,559 $ 1,066 $ 121,735 $ 7,193 $ 159,217 $ 450,770 Specific ALLL $ 30,130 $ 57 $ 40,483 $ 71 $ 21,009 $ 91,750 General ALLL $ 131,429 $ 1,009 $ 81,252 $ 7,122 $ 138,208 $ 359,020 Loans held-in-portfolio: Impaired loans $ 407,124 $ 274 $ 523,876 $ 624 $ 95,356 $ 1,027,254 Loans held-in-portfolio excluding impaired loans 6,761,529 123,798 5,711,700 1,021,860 5,286,441 18,905,328 Total loans held-in-portfolio $ 7,168,653 $ 124,072 $ 6,235,576 $ 1,022,484 $ 5,381,797 $ 19,932,582 For the nine months ended September 30, 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) 9,519 3,167 899 ( 1,467) 11,529 23,647 Charge-offs ( 15,737) ( 2,215) ( 594) 142 ( 15,879) ( 34,283) Recoveries 3,479 8 153 1,147 5,254 10,041 Ending balance $ 29,162 $ 7,498 $ 4,892 $ 791 $ 19,252 $ 61,595 Specific ALLL $ - $ - $ 2,385 $ - $ 1,711 $ 4,096 General ALLL $ 29,162 $ 7,498 $ 2,507 $ 791 $ 17,541 $ 57,499 Loans held-in-portfolio: Impaired loans $ 2,097 $ 10,060 $ 9,441 $ - $ 9,761 $ 31,359 Loans held-in-portfolio excluding impaired loans 5,037,699 619,924 923,602 23,192 439,617 7,044,034 Total loans held-in-portfolio $ 5,039,796 $ 629,984 $ 933,043 $ 23,192 $ 449,378 $ 7,075,393 For the nine months ended September 30, 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) ( 8,726) 290 12,241 ( 1,467) 2,276 113,941 118,555 Charge-offs ( 56,012) ( 2,294) ( 37,650) 142 ( 8,467) ( 136,066) ( 240,347) Recoveries 16,344 3,144 4,624 1,147 1,898 37,652 64,809 Ending balance $ 190,721 $ 8,564 $ 126,627 $ 791 $ 7,193 $ 178,469 $ 512,365 Specific ALLL $ 30,130 $ 57 $ 42,868 $ - $ 71 $ 22,720 $ 95,846 General ALLL $ 160,591 $ 8,507 $ 83,759 $ 791 $ 7,122 $ 155,749 $ 416,519 Loans held-in-portfolio: Impaired loans $ 409,221 $ 10,334 $ 533,317 $ - $ 624 $ 105,117 $ 1,058,613 Loans held-in-portfolio excluding impaired loans 11,799,228 743,722 6,635,302 23,192 1,021,860 5,726,058 25,949,362 Total loans held-in-portfolio $ 12,208,449 $ 754,056 $ 7,168,619 $ 23,192 $ 1,022,484 $ 5,831,175 $ 27,007,975 For the quarter ended September 30, 2018 Puerto Rico (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 190,926 $ 765 $ 182,103 $ 14,285 $ 179,066 $ 567,145 Provision (reversal of provision) 21,548 ( 12) 10,145 ( 422) 20,618 51,877 Charge-offs ( 7,335) ( 21) ( 23,526) ( 2,088) ( 42,180) ( 75,150) Recoveries 4,966 146 1,564 531 9,097 16,304 Ending balance $ 210,105 $ 878 $ 170,286 $ 12,306 $ 166,601 $ 560,176 Specific ALLL $ 52,250 $ - $ 43,841 $ 297 $ 24,906 $ 121,294 General ALLL $ 157,855 $ 878 $ 126,445 $ 12,009 $ 141,695 $ 438,882 Loans held-in-portfolio: Impaired loans $ 356,007 $ 1,829 $ 508,258 $ 931 $ 107,184 $ 974,209 Loans held-in-portfolio excluding impaired loans 7,051,469 75,964 6,023,018 902,609 4,796,084 18,849,144 Total loans held-in-portfolio $ 7,407,476 $ 77,793 $ 6,531,276 $ 903,540 $ 4,903,268 $ 19,823,353 For the quarter ended September 30, 2018 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 50,920 $ 6,937 $ 4,363 $ 700 $ 12,953 $ 75,873 Provision (reversal of provision) ( 14,744) 7,305 ( 65) ( 1,008) 11,022 2,510 Charge-offs ( 2,792) - ( 17) ( 81) ( 5,015) ( 7,905) Recoveries 1,051 - 20 766 1,227 3,064 Ending balance $ 34,435 $ 14,242 $ 4,301 $ 377 $ 20,187 $ 73,542 Specific ALLL $ - $ 5,530 $ 2,364 $ - $ 1,349 $ 9,243 General ALLL $ 34,435 $ 8,712 $ 1,937 $ 377 $ 18,838 $ 64,299 Loans held-in-portfolio: Impaired loans $ - $ 17,866 $ 8,825 $ - $ 7,388 $ 34,079 Loans held-in-portfolio excluding impaired loans 4,586,231 847,706 764,069 27,566 429,164 6,654,736 Total loans held-in-portfolio $ 4,586,231 $ 865,572 $ 772,894 $ 27,566 $ 436,552 $ 6,688,815 For the quarter ended September 30, 2018 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 241,846 $ 7,702 $ 186,466 $ 700 $ 14,285 $ 192,019 $ 643,018 Provision (reversal of provision) 6,804 7,293 10,080 ( 1,008) ( 422) 31,640 54,387 Charge-offs ( 10,127) ( 21) ( 23,543) ( 81) ( 2,088) ( 47,195) ( 83,055) Recoveries 6,017 146 1,584 766 531 10,324 19,368 Ending balance $ 244,540 $ 15,120 $ 174,587 $ 377 $ 12,306 $ 186,788 $ 633,718 Specific ALLL $ 52,250 $ 5,530 $ 46,205 $ - $ 297 $ 26,255 $ 130,537 General ALLL $ 192,290 $ 9,590 $ 128,382 $ 377 $ 12,009 $ 160,533 $ 503,181 Loans held-in-portfolio: Impaired loans $ 356,007 $ 19,695 $ 517,083 $ - $ 931 $ 114,572 $ 1,008,288 Loans held-in-portfolio excluding impaired loans 11,637,700 923,670 6,787,087 27,566 902,609 5,225,248 25,503,880 Total loans held-in-portfolio $ 11,993,707 $ 943,365 $ 7,304,170 $ 27,566 $ 903,540 $ 5,339,820 $ 26,512,168 For the nine months ended September 30, 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 (reversal of provision) 52,846 ( 1,042) 24,564 5,022 71,610 153,000 Charge-offs ( 25,626) 9 ( 50,164) ( 6,404) ( 101,703) ( 183,888) Recoveries 11,354 625 3,383 1,697 22,291 39,350 Allowance transferred from covered loans - - 33,422 - 188 33,610 Ending balance $ 210,105 $ 878 $ 170,286 $ 12,306 $ 166,601 $ 560,176 Specific ALLL $ 52,250 $ - $ 43,841 $ 297 $ 24,906 $ 121,294 General ALLL $ 157,855 $ 878 $ 126,445 $ 12,009 $ 141,695 $ 438,882 Loans held-in-portfolio: Impaired non-covered loans $ 356,007 $ 1,829 $ 508,258 $ 931 $ 107,184 $ 974,209 Non-covered loans held-in-portfolio excluding impaired loans 7,051,469 75,964 6,023,018 902,609 4,796,084 18,849,144 Total non-covered loans held-in-portfolio $ 7,407,476 $ 77,793 $ 6,531,276 $ 903,540 $ 4,903,268 $ 19,823,353 For the nine months ended September 30, 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 Allowance transferred to non-covered loans - - ( 33,422) - ( 188) ( 33,610) Ending balance $ - $ - $ - $ - $ - $ - Specific ALLL $ - $ - $ - $ - $ - $ - General ALLL $ - $ - $ - $ - $ - $ - Loans held-in-portfolio: Impaired covered loans $ - $ - $ - $ - $ - $ - Covered loans held-in-portfolio excluding impaired loans - - - - - - Total covered loans held-in-portfolio $ - $ - $ - $ - $ - $ - For the nine months ended September 30, 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) 9,004 7,166 ( 529) ( 1,714) 16,847 30,774 Charge-offs ( 22,435) - ( 160) ( 252) ( 16,329) ( 39,176) Recoveries 3,732 - 449 1,545 4,140 9,866 Ending balance $ 34,435 $ 14,242 $ 4,301 $ 377 $ 20,187 $ 73,542 Specific ALLL $ - $ 5,530 $ 2,364 $ - $ 1,349 $ 9,243 General ALLL $ 34,435 $ 8,712 $ 1,937 $ 377 $ 18,838 $ 64,299 Loans held-in-portfolio: Impaired loans $ - $ 17,866 $ 8,825 $ - $ 7,388 $ 34,079 Loans held-in-portfolio excluding impaired loans 4,586,231 847,706 764,069 27,566 429,164 6,654,736 Total loans held-in-portfolio $ 4,586,231 $ 865,572 $ 772,894 $ 27,566 $ 436,552 $ 6,688,815 For the nine months ended September 30, 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) 61,850 6,124 26,300 ( 1,714) 5,022 87,922 185,504 Charge-offs ( 48,061) 9 ( 51,770) ( 252) ( 6,404) ( 118,034) ( 224,512) Recoveries 15,086 625 3,914 1,545 1,697 26,433 49,300 Ending balance $ 244,540 $ 15,120 $ 174,587 $ 377 $ 12,306 $ 186,788 $ 633,718 Specific ALLL $ 52,250 $ 5,530 $ 46,205 $ - $ 297 $ 26,255 $ 130,537 General ALLL $ 192,290 $ 9,590 $ 128,382 $ 377 $ 12,009 $ 160,533 $ 503,181 Loans held-in-portfolio: Impaired loans $ 356,007 $ 19,695 $ 517,083 $ - $ 931 $ 114,572 $ 1,008,288 Loans held-in-portfolio excluding impaired loans 11,637,700 923,670 6,787,087 27,566 902,609 5,225,248 25,503,880 Total loans held-in-portfolio $ 11,993,707 $ 943,365 $ 7,304,170 $ 27,566 $ 903,540 $ 5,339,820 $ 26,512,168 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 For the nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance at beginning of period $ 120,818 $ 156,328 $ 122,135 $ 119,505 Provision (reversal of provision) ( 14,617) 17,854 ( 2,007) 78,317 Net charge-offs ( 11,591) ( 5,623) ( 25,518) ( 29,263) Balance at end of period $ 94,610 $ 168,559 $ 94,610 $ 168,559 Impaired loans The following tables present loans individually evaluated for impairment at September 30, 2019 and December 31, 2018. September 30, 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 $ 2,249 $ 2,284 $ 249 $ - $ - $ 2,249 $ 2,284 $ 249 Commercial real estate non-owner occupied 76,055 88,496 14,012 110,859 121,418 186,914 209,914 14,012 Commercial real estate owner occupied 111,600 130,895 5,607 27,573 59,748 139,173 190,643 5,607 Commercial and industrial 50,024 51,327 10,262 28,764 51,037 78,788 102,364 10,262 Construction 274 274 57 - - 274 274 57 Mortgage 419,665 477,034 40,483 104,211 139,550 523,876 616,584 40,483 Leasing 624 624 71 - - 624 624 71 Consumer: Credit cards 26,049 26,049 3,018 - - 26,049 26,049 3,018 Personal 68,147 68,147 17,824 - - 68,147 68,147 17,824 Auto 333 333 62 - - 333 333 62 Other 827 827 105 - - 827 827 105 Total Puerto Rico $ 755,847 $ 846,290 $ 91,750 $ 271,407 $ 371,753 $ 1,027,254 $ 1,218,043 $ 91,750 September 30, 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 multi-family $ - $ - $ - $ 2,097 $ 2,539 $ 2,097 $ 2,539 $ - Construction - - - 10,060 18,127 10,060 18,127 - Mortgage 6,961 7,313 2,385 2,480 2,844 9,441 10,157 2,385 Consumer: HELOCs 7,575 7,575 1,708 2,085 2,169 9,660 9,744 1,708 Personal 27 27 3 74 74 101 101 3 Total Popular U.S. $ 14,563 $ 14,915 $ 4,096 $ 16,796 $ 25,753 $ 31,359 $ 40,668 $ 4,096 September 30, 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 $ 2,249 $ 2,284 $ 249 $ 2,097 $ 2,539 $ 4,346 $ 4,823 $ 249 Commercial real estate non-owner occupied 76,055 88,496 14,012 110,859 121,418 186,914 209,914 14,012 Commercial real estate owner occupied 111,600 130,895 5,607 27,573 59,748 139,173 190,643 5,607 Commercial and industrial 50,024 51,327 10,262 28,764 51,037 78,788 102,364 10,262 Construction 274 274 57 10,060 18,127 10,334 18,401 57 Mortgage 426,626 484,347 42,868 106,691 142,394 533,317 626,741 42,868 Leasing 624 624 71 - - 624 624 71 Consumer: Credit Cards 26,049 26,049 3,018 - - 26,049 26,049 3,018 HELOCs 7,575 7,575 1,708 2,085 2,169 9,660 9,744 1,708 Personal 68,174 68,174 17,827 74 74 68,248 68,248 17,827 Auto 333 333 62 - - 333 333 62 Other 827 827 105 - - 827 827 105 Total Popular, Inc. $ 770,410 $ 861,205 $ 95,846 $ 288,203 $ 397,506 $ 1,058,613 $ 1,258,711 $ 95,846 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 and nine months ended September 30, 2019 and 2018. For the quarter ended September 30, 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 $ 1,641 $ 12 $ 2,309 $ - $ 3,950 $ 12 Commercial real estate non-owner occupied 182,078 2,561 - - 182,078 2,561 Commercial real estate owner occupied 138,325 1,698 720 - 139,045 1,698 Commercial and industrial 74,674 888 - - 74,674 888 Construction 1,031 - 11,060 - 12,091 - Mortgage 522,567 4,399 9,417 155 531,984 4,554 Leasing 745 - - - 745 - Consumer: Credit cards 26,346 - - - 26,346 - HELOCs - - 9,749 - 9,749 - Personal 69,103 64 107 - 69,210 64 Auto 742 - - - 742 - Other 939 - - - 939 - Total Popular, Inc. $ 1,018,191 $ 9,622 $ 33,362 $ 155 $ 1,051,553 $ 9,777 For the quarter ended September 30, 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 $ 1,100 $ 9 $ - $ - $ 1,100 $ 9 Commercial real estate non-owner occupied 132,927 1,371 - - 132,927 1,371 Commercial real estate owner occupied 148,931 1,636 - - 148,931 1,636 Commercial and industrial 74,770 1,053 - - 74,770 1,053 Construction 2,194 - 17,884 - 20,078 - Mortgage 507,919 3,561 9,277 43 517,196 3,604 Leasing 1,031 - - - 1,031 - Consumer: Credit cards 31,998 - - - 31,998 - HELOCs - - 6,208 - 6,208 - Personal 72,353 65 768 - 73,121 65 Auto 1,067 - - - 1,067 - Other 1,136 - - - 1,136 - Total Popular, Inc. $ 975,426 $ 7,695 $ 34,137 $ 43 $ 1,009,563 $ 7,738 For the nine months ended September 30, 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 $ 1,284 $ 36 $ 1,155 $ - $ 2,439 $ 36 Commercial real estate non-owner occupied 180,401 6,987 - - 180,401 6,987 Commercial real estate owner occupied 139,086 4,831 783 - 139,869 4,831 Commercial and industrial 72,668 2,744 - - 72,668 2,744 Construction 1,410 - 11,560 - 12,970 - Mortgage 517,492 12,423 9,423 296 526,915 12,719 Leasing 902 - - - 902 - Consumer: Credit cards 27,350 - - - 27,350 - HELOCs - - 8,855 - 8,855 - Personal 70,700 208 447 - 71,147 208 Auto 952 - - - 952 - Other 1,093 - - - 1,093 - Total Popular, Inc. $ 1,013,338 $ 27,229 $ 32,223 $ 296 $ 1,045,561 $ 27,525 For the nine months ended September 30, 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 $ 634 $ 28 $ - $ - $ 634 $ 28 Commercial real estate non-owner occupied 128,143 4,278 - - 128,143 4,278 Commercial real estate owner occupied 151,192 4,786 - - 151,192 4,786 Commercial and industrial 67,775 2,793 - - 67,775 2,793 Construction 2,170 25 8,942 - 11,112 25 Mortgage 508,930 13,790 9,217 130 518,147 13,920 Leasing 1,220 - - - 1,220 - Consumer: Credit cards 32,734 - - - 32,734 - HELOCs - - 5,446 - 5,446 - Personal 67,049 320 769 - 67,818 320 Auto 1,476 - - - 1,476 - Other 1,246 - - - 1,246 - Total Popular, Inc. $ 962,569 $ 26,020 $ 24,374 $ 130 $ 986,943 $ 26,150 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 $ 1.6 billion at September 30, 2019 (December 31, 2018 - $ 1.5 billion). The amount of outstanding commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs amounted to $ 16 million related to the commercial loan portfolio at September 30, 2019 (December 31, 2018 - $ 16 million). At September 30, 2019, the mortgage loan TDRs include $ 614 million guaranteed by U.S. sponsored entities at BPPR, compared to $ 543 million at December 31, 2018. The following table presents the loans classified as TDRs according to their accruing status and the related allowance at September 30, 2019 and December 31, 2018. September 30, 2019 December 31, 2018 (In thousands) Accruing Non-Accruing Total Related Allowance Accruing Non-Accruing Total Related Allowance Loans held-in-portfolio: Commercial $ 234,214 $ 116,508 $ 350,722 $ 15,971 $ 229,758 $ 130,921 $ 360,679 $ 46,889 Construction - 274 274 57 - 1,788 1,788 56 Mortgage 996,000 132,755 1,128,755 42,029 906,712 135,758 1,042,470 41,211 Leases 343 245 588 71 668 440 1,108 320 Consumer 86,115 15,914 102,029 22,260 94,193 15,651 109,844 24,523 Loans held-in-portfolio $ 1,316,672 $ 265,696 $ 1,582,368 $ 80,388 $ 1,231,331 $ 284,558 $ 1,515,889 $ 112,999 The following tables present the loan count by type of modification for those loans modified in a TDR during the quarters and nine months ended September 30, 2019 and 2018. Loans modified as TDRs for the U.S. operations are considered insignificant to the Corporation. Popular, Inc. For the quarter ended September 30, 2019 For the nine months ended September 30, 2019 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial multi-family - - - - - 1 - - Commercial real estate non-owner occupied - 3 - - - 6 - - Commercial real estate owner occupied - 4 - - 1 19 - - Commercial and industrial 2 7 - - 2 41 - - Mortgage 2 43 207 3 33 98 494 5 Leasing - 1 1 - - 1 2 - Consumer: Credit cards 111 - 1 41 394 - 2 161 HELOCs - 2 2 - - 14 11 - Personal 183 1 - - 527 4 - 1 Auto - 1 - - - 5 1 - Other 7 - - - 22 - - - Total 305 62 211 44 979 189 510 167 Popular, Inc. For the quarter ended September 30, 2018 For the nine months ended September 30, 2018 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial multi-family - 1 - - - 2 - - Commercial real estate non-owner occupied 1 3 - - 3 14 - - Commercial real estate owner occupied 1 12 - - 4 54 - - Commercial and industrial 2 25 - - 6 75 - - Construction - - - - 1 - - - Mortgage 28 7 70 11 73 17 173 56 Leasing - - 3 - - - 4 - Consumer: Credit cards 115 - - 72 426 - 3 382 HELOCs - 8 1 1 - 20 8 1 Personal 511 1 - - 1,139 4 - - Auto - 4 1 - - 6 2 - Other 1 - 1 - 21 - 2 - Total 659 61 76 84 1,673 192 192 439 The following tables present by class, quantitative information related to loans modified as TDRs during the quarters and nine months ended September 30, 2019 and 2018. For the quarter ended September 30, 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 3 $ 16,822 $ 16,822 $ ( 86) Commercial real estate owner occupied 4 2,966 2,959 ( 48) Commercial and industrial 9 1,436 1,384 103 Mortgage 255 23,583 21,907 746 Leasing 2 237 238 - Consumer: Credit cards 153 1,375 1,355 109 HELOCs 4 276 246 25 Personal 184 2,546 2,544 677 Auto 1 7 7 1 Other 7 31 31 2 Total 622 $ 49,279 $ 47,493 $ 1,529 For the quarter ended September 30, 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 multi-family 1 $ 810 $ 808 $ 63 Commercial real estate non-owner occupied 4 1,523 1,521 100 Commercial real estate owner occupied 13 7,578 7,525 160 Commercial and industrial 27 2,411 2,388 139 Mortgage 116 15,143 13,507 640 Leasing 3 75 73 23 Consumer: Credit cards 187 1,693 1,838 234 HELOCs 10 913 906 66 Personal 512 8,026 8,025 2,660 Auto 5 63 63 11 Other 2 392 392 67 Total 880 $ 38,627 $ 37,046 $ 4,163 Popular, Inc. For the nine months ended September 30, 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 multi-family 1 $ 154 $ 116 $ ( 5) Commercial real estate non-owner occupied 6 19,389 19,379 721 Commercial real estate owner occupied 20 6,378 6,110 9 Commercial and industrial 43 9,749 10,219 888 Mortgage 630 64,533 58,818 2,104 Leasing 3 264 266 7 Consumer: Credit cards 557 4,690 4,823 466 HELOCs 25 2,359 2,256 345 Personal 532 8,836 8,839 2,312 Auto 6 70 73 13 Other 22 177 177 27 Total 1,845 $ 116,599 $ 111,076 $ 6,887 Popular, Inc. For the nine months ended September 30, 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 multi-family 2 $ 1,377 $ 1,375 $ 106 Commercial real estate non-owner occupied 17 28,969 28,908 6,854 Commercial real estate owner occupied 58 27,648 26,433 1,143 Commercial and industrial 81 49,633 48,882 13,963 Construction 1 4,210 4,293 |
FDIC loss share asset and true
FDIC loss share asset and true up payment obligation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
FDIC loss share asset and true-up payment obligation | Note 10 – FDIC loss-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 began with the first dollar of loss incurred. The FDIC reimbursed BPPR for 80% of losses with respect to covered assets, and BPPR reimbursed the FDIC for 80% of recoveries with respect to losses for which the FDIC paid reimbursement 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 recoveries 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 in the quarter ended June 30, 2020. As of March 31, 2018, the Corporation had an FDIC loss share asset of $ 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 contingent 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 arrangements in connection with the Westernbank FDIC-assisted transaction. Under the terms of the Termination Agreement, BPPR 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 caption in the Consolidated Statements of Operations calculated based on the difference between the Termination Payment and 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 nine months ended September 30, 2018. Nine months ended (In thousands) September 30, 2018 Balance at beginning of period $ 46,316 FDIC loss-share Termination Agreement ( 45,659) Amortization ( 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 $ - Balance due to the FDIC for recoveries on covered assets - Balance at end of period $ - 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 | 9 Months Ended |
Sep. 30, 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 mortgage 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 September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Mortgage servicing fees, net of fair value adjustments: Mortgage servicing fees $ 11,797 $ 12,324 $ 35,400 $ 37,205 Mortgage servicing rights fair value adjustments ( 4,842) ( 4,194) ( 25,853) ( 13,123) Total mortgage servicing fees, net of fair value adjustments 6,955 8,130 9,547 24,082 Net gain on sale of loans, including valuation on loans held-for-sale 5,421 3,014 14,653 6,531 Trading account (loss) profit: Unrealized (losses) gains on outstanding derivative positions 227 45 - ( 131) Realized (losses) gains on closed derivative positions ( 2,111) 80 ( 5,555) 2,926 Total trading account (loss) profit ( 1,884) 125 ( 5,555) 2,795 Total mortgage banking activities $ 10,492 $ 11,269 $ 18,645 $ 33,408 |
Transfers of financial assets a
Transfers of financial assets and mortgage servicing assets | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing of Financial Assets | |
Transfers Of Financial Assets And Mortgage Servicing Assets | Note 12 – Transfers of financial assets and mortgage servicing assets The Corporation typically transfers conforming residential mortgage loans 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 21 to the Consolidated Financial Statements for a description of such arrangements. No 4.9 million and $ 13.4 million, respectively (September 30, 2018 - $ 2.9 million and $ 6.2 million, respectively) 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 and nine months ended September 30, 2019 and 2018: Proceeds Obtained During the Quarter Ended September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 88,139 $ - $ 88,139 Mortgage-backed securities - FNMA - 32,519 - 32,519 Total trading account debt securities $ - $ 120,658 $ - $ 120,658 Mortgage servicing rights $ - $ - $ 2,216 $ 2,216 Total $ - $ 120,658 $ 2,216 $ 122,874 Proceeds Obtained During the Nine Months Ended September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 247,091 $ - $ 247,091 Mortgage-backed securities - FNMA - 84,021 - 84,021 Total trading account debt securities $ - $ 331,112 $ - $ 331,112 Mortgage servicing rights $ - $ - $ 6,028 $ 6,028 Total $ - $ 331,112 $ 6,028 $ 337,140 Proceeds Obtained During the Quarter Ended September 30, 2018 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Debt securities available-for-sale: Mortgage-backed securities - FNMA $ - $ 2,498 $ - $ 2,498 Total debt securities available-for-sale $ - $ 2,498 $ - $ 2,498 Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 109,911 $ - $ 109,911 Mortgage-backed securities - FNMA - 23,625 - 23,625 Total trading account debt securities $ - $ 133,536 $ - $ 133,536 Mortgage servicing rights $ - $ - $ 2,625 $ 2,625 Total $ - $ 136,034 $ 2,625 $ 138,659 Proceeds Obtained During the Nine Months Ended September 30, 2018 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Debt securities available-for-sale: Mortgage-backed securities - FNMA $ - $ 9,458 $ - $ 9,458 Total debt securities available-for-sale $ - $ 9,458 $ - $ 9,458 Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 319,769 $ - $ 319,769 Mortgage-backed securities - FNMA - 62,853 - 62,853 Total trading account debt securities $ - $ 382,622 $ - $ 382,622 Mortgage servicing rights $ - $ - $ 7,198 $ 7,198 Total $ - $ 392,080 $ 7,198 $ 399,278 During the nine months ended September 30, 2019, the Corporation retained servicing rights on whole loan sales involving approximately $ 45 million in principal balance outstanding (September 30, 2018 - $ 43 million), with realized gains of approximately $ 1.3 million (September 30, 2018 - gains of $ 0.6 million). All loan sales performed during the nine months ended September 30, 2019 and 2018 were without credit recourse agreements. The Corporation 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, cost 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 nine months ended September 30, 2019 and 2018. Residential MSRs (In thousands) September 30, 2019 September 30, 2018 Fair value at beginning of period $ 169,777 $ 168,031 Additions 6,728 7,871 Changes due to payments on loans [1] ( 8,449) ( 10,194) Reduction due to loan repurchases ( 1,411) ( 2,929) Changes in fair value due to changes in valuation model inputs or assumptions ( 15,993) - Fair value at end of period $ 150,652 $ 162,779 [1] Represents changes due to collection / realization of expected cash flows over time. Residential mortgage loans serviced for others were $ 15.0 billion at September 30, 2019 (December 31, 2018 -$ 15.7 billion). Net mortgage servicing fees, a component of mortgage banking activities in the Consolidated Statements of Operations, 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 balance. These servicing fees are credited to income when they are collected. At September 30, 2019, those weighted average mortgage servicing fees were 0.30% (September 30, 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 and nine months ended September 30, 2019 and 2018 were as follows: Quarters ended Nine months ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Prepayment speed 6.8 % 4.4 % 6.9 % 4.4 % Weighted average life (in years) 9.6 11.4 9.6 11.4 Discount rate (annual rate) 10.8 % 11.0 % 10.9 % 11.1 % 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 immediate changes in those assumptions, were as follows as of the end of the periods reported: Originated MSRs Purchased MSRs September 30, December 31, September 30, December 31, (In thousands) 2019 2018 2019 2018 Fair value of servicing rights $ 59,798 $ 69,400 $ 90,854 $ 100,377 Weighted average life (in years) 6.5 7.1 6.0 6.6 Weighted average prepayment speed (annual rate) 6.4 % 5.1 % 7.0 % 5.5 % Impact on fair value of 10% adverse change $ ( 1,536) $ ( 1,430) $ ( 2,562) $ ( 2,200) Impact on fair value of 20% adverse change $ ( 3,017) $ ( 2,817) $ ( 5,014) $ ( 4,328) Weighted average discount rate (annual rate) 11.4 % 11.5 % 11.0 % 11.0 % Impact on fair value of 10% adverse change $ ( 2,375) $ ( 3,125) $ ( 3,443) $ ( 4,354) Impact on fair value of 20% adverse change $ ( 4,585) $ ( 6,019) $ ( 6,656) $ ( 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 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. At September 30, 2019, the Corporation serviced $ 1.2 billion (December 31, 2018 - $ 1.3 billion) in residential mortgage loans with credit recourse to the Corporation. Refer to Note 21 for information on changes in the Corporation’s liability of estimated losses 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 GNMA 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 over these loans if the Corporation was the pool issuer. At September 30, 2019, the Corporation had recorded $ 99 million in mortgage loans on its Consolidated Statements of Financial 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 nine months ended September 30, 2019, the Corporation repurchased approximately $ 88 million (September 30, 2018 - $ 264 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 Corporation 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 | 9 Months Ended |
Sep. 30, 2019 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | Note 13 – Other real estate owned The following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters and nine months ended September 30, 2019 and 2018. For the quarter ended September 30, 2019 Non-covered Non-covered OREO OREO (In thousands) Commercial/Construction Mortgage Total Balance at beginning of period $ 18,548 $ 100,303 $ 118,851 Write-downs in value ( 348) ( 745) ( 1,093) Additions 1,080 16,572 17,652 Sales ( 2,069) ( 15,182) ( 17,251) Other adjustments - ( 231) ( 231) Ending balance $ 17,211 $ 100,717 $ 117,928 For the nine months ended September 30, 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 ( 1,327) ( 3,896) ( 5,223) Additions 4,259 41,042 45,301 Sales ( 7,515) ( 50,742) ( 58,257) Other adjustments - ( 598) ( 598) Ending balance $ 17,211 $ 100,717 $ 117,928 For the quarter ended September 30, 2018 Non-covered Non-covered OREO OREO (In thousands) Commercial/Construction Mortgage Total Balance at beginning of period $ 25,262 $ 116,801 $ 142,063 Write-downs in value ( 487) ( 2,584) ( 3,071) Additions 2,006 11,517 13,523 Sales ( 1,309) ( 17,296) ( 18,605) Other adjustments - ( 130) ( 130) Ending balance $ 25,472 $ 108,308 $ 133,780 For the nine months ended September 30, 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 ( 1,889) ( 9,123) ( 287) ( 11,299) Additions 9,047 17,047 - 26,094 Sales ( 3,932) ( 62,051) ( 3,282) ( 69,265) Other adjustments 835 ( 747) ( 693) ( 605) Transfer to non-covered status [1] - 15,333 ( 15,333) - Ending balance $ 25,472 $ 108,308 $ - $ 133,780 [1] Represents the reclassification of OREOs to the non-covered category, pursuant to the Termination Agreement of all shared-loss agreements with the Federal Deposit Insurance Corporation related to loans acquired from Westernbank, that was completed on May 22, 2018. |
Other assets
Other assets | 9 Months Ended |
Sep. 30, 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) September 30, 2019 December 31, 2018 Net deferred tax assets (net of valuation allowance) $ 909,638 $ 1,049,895 Investments under the equity method 236,551 228,072 Prepaid taxes 38,622 33,842 Other prepaid expenses 91,115 82,742 Derivative assets 15,234 13,603 Trades receivable from brokers and counterparties 67,050 40,088 Principal, interest and escrow servicing advances 84,060 88,371 Guaranteed mortgage loan claims receivable 95,424 59,613 Operating ROU assets (Note 29) 137,076 - Finance ROU assets (Note 29) 12,663 - Others 123,757 117,908 Total other assets $ 1,811,190 $ 1,714,134 |
Goodwill and other intangible a
Goodwill and other intangible assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure | |
Goodwill And Other Intangible Assets | Note 15 – Goodwill and other intangible assets Goodwill There were no The changes in the carrying amount of goodwill for the nine months ended September 30, 2018, allocated by reportable segments, were as follows (refer to Note 35 for the definition of the Corporation’s reportable segments): 2018 Purchase Balance at Goodwill on accounting Goodwill Balance at (In thousands) January 1, 2018 acquisition adjustments impairment September 30, 2018 Banco Popular de Puerto Rico $ 276,420 $ 60,242 $ - $ - $ 336,662 Popular U.S. 350,874 - - - 350,874 Total Popular, Inc. $ 627,294 $ 60,242 $ - $ - $ 687,536 The goodwill recognized during the quarter ended September 30, 2018 in the reportable segment of Banco Popular de Puerto Rico of $ 60.2 million was related to the Reliable Transaction. Refer to Note 4, Business combination, for additional information. Other Intangible Assets At September 30, 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 Carrying Accumulated Net Carrying (In thousands) Amount Amortization Value September 30, 2019 Core deposits $ 37,224 $ 28,861 $ 8,363 Other customer relationships 36,644 30,065 6,579 Trademark 488 114 374 Total other intangible assets $ 74,356 $ 59,040 $ 15,316 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 September 30, 2019, the Corporation recognized $ 2.4 million in amortization expense related to other intangible assets with definite useful lives (September 30, 2018 - $ 2.3 million). During the nine months ended September 30, 2019, the Corporation recognized $ 7.1 million in amortization related to other intangible assets with definite useful lives (September 30, 2018 - $ 7.0 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 $ 2,288 Year 2020 5,410 Year 2021 2,600 Year 2022 1,724 Year 2023 1,684 Later years 1,610 Results of the Annual Goodwill Impairment Test The Corporation’s goodwill and other identifiable intangible assets having an indefinite useful life are tested for impairment, at least annually and on a more frequent basis if events or circumstances indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated change in the competitive environment and a decision to change the operations or dispose of a reporting unit. Under applicable accounting standards, goodwill impairment analysis is a two-step test. The first step of the goodwill impairment test involves comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, the second step must be performed. The second step involves calculating an implied fair value of goodwill for each reporting unit for which the first step indicated possible impairment. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination, which is the excess of the fair value of the reporting unit, as determined in the first step, over the aggregate fair values of the individual assets, liabilities and identifiable intangibles (including any unrecognized intangible assets, such as unrecognized core deposits and trademark) as if the reporting unit was being acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. The Corporation estimates the fair values of the assets and liabilities of a reporting unit, consistent with the requirements of the fair value measurements accounting standard, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of the assets and liabilities reflects market conditions, thus volatility in prices could have a material impact on the determination of the implied fair value of the reporting unit goodwill at the impairment test date. The adjustments to measure the assets, liabilities and intangibles at fair value are for the purpose of measuring the implied fair value of goodwill and such adjustments are not reflected in the consolidated statement of condition. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted under applicable accounting standards. The Corporation performed the annual goodwill impairment evaluation for the entire organization during the third quarter of 2019 using July 31, 2019 as the annual evaluation date. The reporting units utilized for this evaluation were those that are one level below the business segments, which are the legal entities within the reportable segment. The Corporation follows push-down accounting, as such all goodwill is assigned to the reporting units when carrying out a business combination. In determining the fair value of a reporting unit, the Corporation generally uses a combination of methods, including market price multiples of comparable companies and transactions, as well as discounted cash flow analysis. Management evaluates the particular circumstances of each reporting unit in order to determine the most appropriate valuation methodology. The Corporation evaluates the results obtained under each valuation methodology to identify and understand the key value drivers in order to ascertain that the results obtained are reasonable and appropriate under the circumstances. Elements considered include current market and economic conditions, developments in specific lines of business, and any particular features in the individual reporting units. The computations require management to make estimates and assumptions. Critical assumptions that are used as part of these evaluations include: a selection of comparable publicly traded companies, based on nature of business, location and size; a selection of comparable acquisition and capital raising transactions; the discount rate applied to future earnings, based on an estimate of the cost of equity; the potential future earnings of the reporting unit; and the market growth and new business assumptions. For purposes of the market comparable approach, valuations were determined by calculating average price multiples of relevant value drivers from a group of companies that are comparable to the reporting unit being analyzed and applying those price multiples to the value drivers of the reporting unit. Multiples used are minority based multiples and thus, no control premium adjustment is made to the comparable companies market multiples. While the market price multiple is not an assumption, a presumption that it provides an indicator of the value of the reporting unit is inherent in the valuation. The determination of the market comparables also involves a degree of judgment. For purposes of the discounted cash flows (“DCF”) approach, the valuation is based on estimated future cash flows. The financial projections used in the DCF valuation analysis for each reporting unit are based on the most recent (as of the valuation date) financial projections presented to the Corporation’s Asset / Liability Management Committee (“ALCO”). The growth assumptions included in these projections are based on management’s expectations for each reporting unit’s financial prospects considering economic and industry conditions as well as particular plans of each entity (i.e. restructuring plans, de-leveraging, etc.). The cost of equity used to discount the cash flows was calculated using the Ibbotson Build-Up Method and ranged from 11.14% to 12.58% for the 2019 analysis. The Ibbotson Build-Up Method builds up a cost of equity starting with the rate of return of a “risk-free” asset (20-year U.S. Treasury note) and adds to it additional risk elements such as equity risk premium, size premium and industry risk premium. The resulting discount rates were analyzed in terms of reasonability given the current market conditions and adjustments were made when necessary. BPPR passed Step 1 in the annual test as of July 31, 2019. The results indicated that the average estimated fair value calculated in Step 1 using all valuation methodologies exceeded BPPR’s equity value by approximately $ 1.2 billion or 37%. Accordingly, there was no indication of impairment on the goodwill recorded in BPPR at July 31, 2019 and there was no need for a Step 2 analysis. PB also passed Step 1 in the annual test as of July 31, 2019. The results indicated that the average estimated fair value calculated in Step 1 using all valuation methodologies exceeded PB’s equity value by approximately $ 338 million or 21%. Accordingly, there was no indication of impairment on the goodwill recorded in PB at July 31, 2019 and there was no need for a Step 2 analysis. The goodwill balance of BPPR and PB, as legal entities, represented approximately 91% of the Corporation’s total goodwill balance as of the July 31, 2019 valuation date. Furthermore, as part of the analyses, management performed a reconciliation of the aggregate fair values determined for the reporting units to the market capitalization of the Corporation concluding that the fair value results determined for the reporting units in the July 31, 2019 annual assessment were reasonable. The goodwill impairment evaluation process requires the Corporation to make estimates and assumptions with regard to the fair value of the reporting units. Actual values may differ significantly from these estimates. Such differences could result in future impairment of goodwill that would, in turn, negatively impact the Corporation’s results of operations and the reporting units where the goodwill is recorded. Declines in the Corporation’s market capitalization could increase the risk of goodwill impairment in the future. Management monitors events or changes in circumstances between annual tests to determine if these events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. The following tables present the gross amount of goodwill and accumulated impairment losses by reportable segments. September 30, 2019 Balance at Balance at Balance at Balance at January 1, Accumulated January 1, September 30, Accumulated September 30, 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 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Deposits | Note 16 – Deposits Total interest bearing deposits as of the end of the periods presented consisted of: (In thousands) September 30, 2019 December 31, 2018 Savings accounts $ 10,602,678 $ 9,722,824 NOW, money market and other interest bearing demand deposits 16,995,390 13,221,415 Total savings, NOW, money market and other interest bearing demand deposits 27,598,068 22,944,239 Certificates of deposit: Under $100,000 3,259,238 3,260,330 $100,000 and over 4,536,919 4,356,434 Total certificates of deposit 7,796,157 7,616,764 Total interest bearing deposits $ 35,394,225 $ 30,561,003 A summary of certificates of deposit by maturity at September 30, 2019 follows: (In thousands) 2019 $ 2,444,749 2020 2,429,159 2021 1,094,553 2022 734,807 2023 514,984 2024 and thereafter 577,905 Total certificates of deposit $ 7,796,157 At September 30, 2019, the Corporation had brokered deposits amounting to $ 0.6 billion (December 31, 2018 - $ 0.5 billion). The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $ 5 million at September 30, 2019 (December 31, 2018 - $ 5 million). |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Borrowings | Note 17 – Borrowings Assets sold under agreements to repurchase amounted $ 213 million at September 30, 2019 and $ 282 million December 31, 2018. The Corporation’s repurchase transactions are overcollateralized with the securities detailed in the table below. The Corporation’s repurchase agreements have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. 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. Pursuant to the Corporation’s accounting policy, the repurchase agreements are not offset with other repurchase agreements held with the same counterparty. The following 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. Repurchase agreements accounted for as secured borrowings September 30, 2019 December 31, 2018 Repurchase Repurchase (In thousands) liability liability U.S. Treasury securities Within 30 days $ 9,400 $ 138,689 After 30 to 90 days 29,386 79,374 After 90 days 142,818 19,558 Total U.S. Treasury securities 181,604 237,621 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 30,184 6,859 After 90 days - 20,465 Total mortgage-backed securities 30,184 27,324 Collateralized mortgage obligations Within 30 days 1,309 10,529 Total collateralized mortgage obligations 1,309 10,529 Total $ 213,097 $ 281,529 Repurchase 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. There were no 42 thousand at December 31, 2018. The following table presents the composition of notes payable at September 30, 2019 and December 31, 2018. (In thousands) September 30, 2019 December 31, 2018 Advances with the FHLB with maturities ranging from 2019 through 2029 paying interest at monthly fixed rates ranging from 1.04% to 4.19% $ 472,355 $ 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 maturiting on 2023 paying interest semiannually at a fixed rate of 6.125%, net of debt issuance costs of $ 5,010 294,990 294,039 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 $ 402 384,895 384,875 Capital lease obligations - 20,412 Total notes payable $ 1,166,670 $ 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 September 30, 2019 is included in the table below. Assets sold under (In thousands) agreements to repurchase Notes payable Total 2019 $ 70,279 $ 65,309 $ 135,588 2020 142,818 139,996 282,814 2021 - 50,040 50,040 2022 - 103,148 103,148 2023 - 318,251 318,251 Later years - 489,926 489,926 Total borrowings $ 213,097 $ 1,166,670 $ 1,379,767 At September 30, 2019 and December 31, 2018, the Corporation had FHLB borrowing facilities whereby the Corporation could borrow up to $ 3.7 billion and $ 3.4 billion, respectively, of which $ 0.5 billion and $ 0.6 billion, respectively, were used. In addition, at September 30, 2019 and December 31, 2018, the Corporation had placed $ 0.8 billion and $ 0.9 billion, respectively, of the available FHLB credit facility as collateral for a municipal letter of credit to secure deposits. The FHLB borrowing facilities are collateralized with LHIP, and do not have restrictive covenants or callable features. Also, at September 30, 2019, the Corporation has a borrowing facility at the discount window of the Federal Reserve Bank of New York amounting to $ 1.1 billion (2018 - $ 1.2 billion), which remained unused at September 30, 2019 and December 31, 2018. The facility is a collateralized source of credit that is highly reliable even under difficult market conditions. |
Other liabilities
Other liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure Abstract | |
Other liabilites | Note 18 − Other liabilities The caption of other liabilities in the consolidated statements of financial condition consists of the following major categories: (In thousands) September 30, 2019 December 31, 2018 Accrued expenses $ 249,979 $ 276,120 Accrued interest payable 37,411 44,638 Accounts payable 71,366 66,381 Dividends payable 29,016 25,092 Trades payable 26,782 64 Liability for GNMA loans sold with an option to repurchase 98,758 134,260 Reserves for loan indemnifications 49,204 67,066 Reserve for operational losses 41,501 40,921 Operating lease liabilities (Note 29) 152,421 - Finance lease liabilities (Note 29) 19,606 - Pension benefit obligation 45,239 68,736 Postretirement benefit obligation 154,304 153,415 Others 50,418 45,115 Total other liabilities $ 1,026,005 $ 921,808 |
Stockholders' equity
Stockholders' equity | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note | |
Stockholders' Equity | Note 19 – Stockholders’ equity As of September 30, 2019, stockholder’s equity totaled $ 5.9 billion. During the nine months ended September 30, 2019, the Corporation declared cash dividends on its common stock of $ 87.0 million (September 30, 2018 - $ 76.2 million). The quarterly dividend declared to shareholders of record as of the close of business on August 30, 2019, which amounted to $ 29.0 million, was paid on October 1, 2019 . Dividends per share declared for the quarter and nine months ended September 30, 2019 were $ 0.30 and $ 0.90, respectively (2018 - $ 0.25 and $ 0.75, respectively). During the quarter ended September 30, 2018, the Corporation entered into a $ 125 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 2,000,000 shares of common stock (the “Initial Shares”), 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 $ 102 million in treasury stock and $ 23 million as a reduction of capital surplus. The Corporation completed the ASR during the fourth quarter of 2018 and received 438,180 additional shares of common stock. The final number of shares delivered at settlement was based on the average daily volume weighted average price (“VWAP”) of its common stock, net of a discount, during the term of the ASR of $ 51.27. On February 28, 2019, the Corporation entered into a $ 250 million “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 termination 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) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Other Comprehensive Income (Loss) | Note 20 – Other comprehensive loss The following table presents changes in accumulated other comprehensive loss by component for the quarters and nine months ended September 30, 2019 and 2018. Changes in Accumulated Other Comprehensive Loss by Component [1] Quarters ended Nine months ended September 30, September 30, (In thousands) 2019 2018 2019 2018 Foreign currency translation Beginning Balance $ ( 52,378) $ ( 46,397) $ ( 49,936) $ ( 43,034) Other comprehensive income (loss) 155 ( 605) ( 2,287) ( 3,968) Net change 155 ( 605) ( 2,287) ( 3,968) Ending balance $ ( 52,223) $ ( 47,002) $ ( 52,223) $ ( 47,002) Adjustment of pension and postretirement benefit plans Beginning Balance $ ( 196,491) $ ( 199,895) $ ( 203,836) $ ( 205,408) Amounts reclassified from accumulated other comprehensive loss for amortization of net losses 3,673 3,285 11,018 9,856 Amounts reclassified from accumulated other comprehensive loss for amortization of prior service credit - ( 529) - ( 1,587) Net change 3,673 2,756 11,018 8,269 Ending balance $ ( 192,818) $ ( 197,139) $ ( 192,818) $ ( 197,139) Unrealized net holding gains (losses) on debt securities Beginning Balance $ 58,044 $ ( 250,422) $ ( 173,811) $ ( 102,775) Other comprehensive income (loss) 50,970 ( 39,845) 282,825 ( 187,492) Amounts reclassified from accumulated other comprehensive income (loss) for loss on securities 16 - 16 - Net change 50,986 ( 39,845) 282,841 ( 187,492) Ending balance $ 109,030 $ ( 290,267) $ 109,030 $ ( 290,267) 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) gains on cash flow hedges Beginning Balance $ ( 388) $ ( 78) $ ( 391) $ ( 40) Reclassification to retained earnings due to cumulative effect adjustment of accounting change - - ( 50) - Other comprehensive (loss) income before reclassifications ( 3,201) 208 ( 4,349) 790 Amounts reclassified from accumulated other comprehensive loss 720 89 1,921 ( 531) Net change ( 2,481) 297 ( 2,478) 259 Ending balance $ ( 2,869) $ 219 $ ( 2,869) $ 219 Total $ ( 138,880) $ ( 534,189) $ ( 138,880) $ ( 534,189) [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 and nine months ended September 30, 2019 and 2018. Reclassifications Out of Accumulated Other Comprehensive Loss Quarters ended Nine months ended Affected Line Item in the September 30, September 30, (In thousands) Consolidated Statements of Operations 2019 2018 2019 2018 Adjustment of pension and postretirement benefit plans Amortization of net losses Personnel costs $ ( 5,877) $ ( 5,386) $ ( 17,629) $ ( 16,157) Amortization of prior service credit Personnel costs - 868 - 2,603 Total before tax ( 5,877) ( 4,518) ( 17,629) ( 13,554) Income tax benefit 2,204 1,762 6,611 5,285 Total net of tax $ ( 3,673) $ ( 2,756) $ ( 11,018) $ ( 8,269) Unrealized holding gains (losses) on debt securities Realized loss on sale of debt securities Net loss on sale of debt securities ( 20) - ( 20) - Total before tax ( 20) - ( 20) - Income tax benefit 4 - 4 - Total net of tax $ ( 16) $ - $ ( 16) $ - Unrealized net (losses) gains on cash flow hedges Forward contracts Mortgage banking activities $ ( 1,337) $ ( 147) $ ( 3,258) $ 870 Interest rate swaps Other operating income 116 - 116 - Total before tax ( 1,221) ( 147) ( 3,142) 870 Income tax benefit (expense) 501 58 1,221 ( 339) Total net of tax $ ( 720) $ ( 89) $ ( 1,921) $ 531 Total reclassification adjustments, net of tax $ ( 4,409) $ ( 2,845) $ ( 12,955) $ ( 7,738) |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2019 | |
Guarantees | |
Guarantees | Note 21 – Guarantees At September 30, 2019, the Corporation recorded a liability of $ 0.2 million (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 Corporation 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 mortgage loans subject to credit recourse since 2009. At September 30, 2019, the Corporation serviced $ 1.2 billion (December 31, 2018 - $ 1.3 billion) in residential mortgage loans subject to credit recourse provisions, principally loans associated with FNMA and 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 serviced with recourse and interest, if applicable. During the quarter and nine months ended September 30, 2019, the Corporation repurchased approximately $ 15 million and $ 38 million, respectively, of unpaid principal balance in mortgage loans subject to the credit recourse provisions ( September 30, 2018 - $ 4 million and $ 13 million, respectively). 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 sale 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 September 30, 2019, the Corporation’s liability established to cover the estimated credit loss exposure related to loans sold or serviced with credit recourse amounted to $ 45 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 and nine months ended September 30, 2019 and 2018 . Quarters ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Balance as of beginning of period $ 48,100 $ 57,425 $ 56,230 $ 58,820 Provision for recourse liability 2,755 3,000 3,711 5,991 Net charge-offs ( 5,394) ( 2,678) ( 14,480) ( 7,064) Balance as of end of period $ 45,461 $ 57,747 $ 45,461 $ 57,747 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 required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. There were no 2 million and $ 12 million, respectively for the same periods of last year. 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 indemnify the purchaser for credit losses or any breach of certain representations and warranties made in connection with the sale. The following table presents the changes in the Corporation’s liability for estimated losses associated with indemnifications and representations and warranties related to loans sold by BPPR for the quarters and nine months ended September 30, 2019 and 2018. Quarters ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Balance as of beginning of period $ 3,825 $ 11,153 $ 10,837 $ 11,742 Provision (reversal) for representation and warranties ( 81) ( 104) ( 4,488) 194 Net charge-offs - ( 39) ( 75) ( 926) Settlements paid - - ( 2,530) - Balance as of end of period $ 3,744 $ 11,010 $ 3,744 $ 11,010 During the second quarter of 2019, the Corporation recorded the release of a $ 4.4 million reserve taken in connection with a sale of loans completed during the year 2013. Servicing agreements relating to the mortgage-backed securities 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 September 30, 2019, the Corporation serviced $ 15.0 billion in mortgage loans for third-parties, including the loans serviced with credit recourse (December 31, 2018 - $ 15.7 billion). The Corporation generally recovers funds 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 September 30, 2019, the outstanding balance of funds advanced by the Corporation under such mortgage loan servicing agreements was approximately $ million (December 31, 2018 - $ 88 million). To the extent the mortgage loans underlying the Corporation’s servicing portfolio experience increased delinquencies, 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 100% owned consolidated subsidiaries amounting to $ million at September 30, 2019 and December 31, 2018. In addition, at September 30, 2019 and December 31, 2018, PIHC fully and unconditionally guaranteed on a subordinated basis $ million of capital securities (trust preferred securities) issued by wholly-owned issuing 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 | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure | |
Commitments And Contingencies | Note 22 – 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 letters 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 nonperformance 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 policies 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 risk as of the end of the periods presented were as follows: (In thousands) September 30, 2019 December 31, 2018 Commitments to extend credit: Credit card lines $ 4,575,290 $ 4,468,481 Commercial and construction lines of credit 2,854,512 2,751,390 Other consumer unused credit commitments 260,098 254,491 Commercial letters of credit 4,798 2,695 Standby letters of credit 79,400 26,479 Commitments to originate or fund mortgage loans 45,814 22,629 At September 30, 2019 and December 31, 2018, the Corporation maintained a reserve of approximately $ 8 million for potential losses associated with unfunded loan commitments related to commercial 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 Note 35 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 Board 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 September 30, 2019 and December 31, 2018, the Corporation’s direct exposure to the Puerto Rico government and its instrumentalities and municipalities totaled $ 432 million and $ 458 million, respectively, which amounts were fully outstanding on such dates. Of this amount, $ 391 million consists of loans and $ 41 million are securities ($ 413 million and $ 45 million at December 31, 2018). Substantially all of the amount outstanding at September 30, 2019 were 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 September 30, 2019, 75% of the Corporation’s exposure to municipal loans and securities was concentrated in the municipalities of San Juan, Guaynabo, Carolina and Bayamón. On July 1, 2019 the Corporation received principal payments amounting to $ 22 million from various obligations from Puerto Rico municipalities. The following table details the loans and investments representing the Corporation’s direct exposure to the Puerto Rico government according to their maturities as of September 30, 2019: (In thousands) Investment Portfolio Loans Total Outstanding Total Exposure Central Government After 1 to 5 years $ 7 $ - $ 7 $ 7 After 5 to 10 years 35 - 35 35 After 10 years 549 - 549 549 Total Central Government 591 - 591 591 Municipalities Within 1 year 3,745 78,108 81,853 81,853 After 1 to 5 years 17,580 139,283 156,863 156,863 After 5 to 10 years 18,195 82,967 101,162 101,162 After 10 years 655 90,601 91,256 91,256 Total Municipalities 40,175 390,959 431,134 431,134 Total Direct Government Exposure $ 40,766 $ 390,959 $ 431,725 $ 431,725 In addition, at September 30, 2019, the Corporation had $ 355 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 $ 281 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 first 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 September 30, 2019, $ 46 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 - $ 45 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 ability 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, the Governor has not exercised this power as of the date hereof. In addition, at September 30, 2019, the Corporation had $ 7 million in securities issued by HFA that have been economically defeased and refunded and for which securities consisting of U.S. agencies and Treasury obligations have been escrowed (December 31, 2018 - $ 7 million), and $ 21 million of commercial real estate notes issued by government entities but that are payable from rent paid by non-governmental parties (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 negatively 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 employees 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 $ 72 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 of 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 vigorously 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, or 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 that 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 $ 27.2 million as of September 30, 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 existence 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 such 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 available, 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 Commission-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 Companies”). 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 period, 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 filed by the Defendant Insurance Companies was denied with a right to replead following limited targeted discovery. The Court of Appeals and the Puerto Rico Supreme Court both denied the Popular Defendants’ request to review the lower court’s denial of the motion to dismiss. In December 2017, plaintiffs amended 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, after 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 petitions against MAPFRE-PRAICO Insurance Company and Antilles Insurance Company, respectively, leaving the Popular Defendants as the sole remaining defendants in the action. In April 2019, the Court amended the class definition to limit it to individual homeowners whose residential units were subject to a mortgage from BPPR who, in turn, obtained risk insurance policies with Antilles Insurance or MAPFRE Insurance through Popular Insurance from 2002 to 2015, and who did not make insurance claims against said policies during their effective term. The Court set March 20, 2020 as the deadline to complete discovery and scheduled a pre-trial hearing and tentative trial dates for the second half of 2020. 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 with insurance brokerage subsidiaries in Puerto Rico. Plaintiffs 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 obtain 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 practices in failing to offer this product). In July 2017, after co-defendants filed motions to dismiss the complaint and opposed the request for preliminary injunctive relief, 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. The Puerto Rico Supreme Court denied review. At the request of the parties, the Court agreed to first decide certain threshold questions of law but, on August 15, 2019, the Popular Defendants and the Plaintiffs filed a Joint Motion where they informed the Court that Plaintiffs were simultaneously filing voluntary dismissals with prejudice against all other parties. On September 13, 2019, a status hearing was held where the Plaintiffs and the Popular Defendants informed the Court that the parties were in the process of stipulating a class for settlement purposes. The Court set a status hearing for November 14, 2019, where the parties currently expect to submit settlement terms for the Court’s approval. Mortgage-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 Rico 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, plaintiffs 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 filed a motion to dismiss in August 2017, as did most co-defendants, and, in 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. The Court of Appeals has entered an order where it consolidated three pending appeals related to the same subset of facts. The plaintiffs filed their appellate brief on August 16, 2019, but on September 24, 2019, the Court of Appeals ordered plaintiffs to submit a new brief for the consolidated appeals that complied with the applicable appellate procedural rules. On October 4, 2019, plaintiffs filed a revised brief, which defendants believe yet again do not comply with applicable court rules. On November 4, 2019, defendants filed their appellate brief, along with a motion to dismiss the appeal due to the plaintiffs’ repeated failure to comply with the Circuit Court’s rules and orders. BPPR has also been named a defendant in another putative class action captioned Yiries Josef Saad Maura 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 through 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 while 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 in September 2018. On April 5, 2019, the Court entered an 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. The Court held a hearing on May 14, 2019 to entertain the Motion for Reconsideration and other pending miscellaneous motions and, on September 30, 2019, issued an Amended Opinion and Order dismissing plaintiffs’ claims against all defendants, denying the reconsideration requests and other pending motions, and issuing final judgment. On October 17, 2019, the Plaintiffs filed a Motion for Reconsideration of the Court’s Amended Opinion and Order, which BPPR opposed on October 31, 2019. 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 assisted 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 their 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 which 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 relevant 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 on March 2018 and, in April 2018, the state court stayed the proceedings in response thereto. In October 2018, the Court granted the FDIC’s motion to stay the proceedings until plaintiffs have exhausted administrative remedies and, thereafter, the FDIC filed a motion to dismiss all claims for lack of subject matter jurisdiction due to plaintiffs’ failure to properly make any applicable administrative claims. Such motion was referred to a Magistrate Judge, which on May 17, 2019 recommended that the motion be granted and all claims against the FDIC be dismissed. On September 30, 2019, the District Judge issued an order where she adopted the Report and Recommendation of the Magistrate Judge granting the FDIC’s Motion to Dismiss and remanding the remaining claims related to mortgage loans not acquired from Doral (approximately eight ( 8) loans) to the Commonwealth of Puerto Rico’s Court of First Instance. The District Judge has yet to issue an Opinion and Order triggering the applicable appeal terms. Mortgage-Related Investigations The Corporation and its subsidiaries from time to time receive requests for information 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 Division 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 construction loans in Puerto Rico. Separately, in July 2017, management learned that certain letters related to approximately 23,000 residential mortgage loans 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 Corporation corrected the systems interface error that caused the letters not to be sent, notified applicable regulators, completed a review of its mortgage files to assess the scope of potential customer impact and conducted outreach and remediation efforts with respect to borrowers potentially affected by the systems interface error. The Corporation has also engaged in remediation with respect to other printing and mailings incidents and other servicing matters 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 are 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 negotiations 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 commencement 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 consideration. 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 set 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 an 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. Hearings to consider whether the involuntary petitions were filed in bad faith, that is, for an improper purpose that constitutes an abuse of the bankruptcy process were held during June and July 2019. On October 11, 2019, the Court entered an Opinion and Order determining that the involuntary petitions were not filed in bad faith and issued an order for relief under Chapter 11 of the U.S. Bankruptcy Code granting the involuntary petitions. On October 25, 2019, the debtors filed a Notice of Appeal to the U.S. District Court, which the Lenders expect to timely oppose. POPULAR BANK Employment-Related Litigation On July 30, 2019, Popular Bank (“PB”) was served in a putative class complaint in which it was named as a defendant along with five ( 5) current PB employees (collectively, the “AB Defendants”), captioned Aileen Betances, et al. v. Popular Bank, et al., filed before the Supreme Court of the State of New York (the “AB Action”). The complaint, filed by five ( 5) current and former PB employees, seeks to recover damages for the AB Defendants' alleged violation of local and state sexual harassment, discrimination and retaliation laws. Additionally, on July 30, 2019, PB was served in a putative class complaint in which it was named as a defendant along with six ( 6) current PB employees (collectively, the “DR Defendants”), captioned Damian Reyes, et al. v. Popular Bank, et al., filed before the Supreme Court of the State of New York (the “DR Action”). The DR Action, filed by three ( 3) current and former PB employees, seeks to recover damages for the DR Defendants’ alleged violation of local and state discrimination and retaliation laws. Plaintiffs in both complaints are represented by the same legal counsel, and five of the six named individual defendants in the DR Action are the same named individual defendants in the AB Action. Both complaints are related, among other things, to allegations of purported sexual harassment and/or misconduct by a former PB employee as well as PB’s actions in connection thereto and seek no less than $ 100 million in damages each. On October 21, 2019, PB and the other defendants filed several Motions to Dismiss. Plaintiffs have until December 11, 2019 to respond. 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 broker-dealers in Puerto Rico, including Popular Securities. Popular Securities has received customer complaints and is named as a respondent (among other broker-dealers) in 193 arbitration proceedings with aggregate claimed amounts of approximately $ 245 million, including one 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 Puerto 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 Popular. 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 the Commonwealth’s 2014 issuance of government obligation bonds notwithstanding having allegedly advised against it. The report noted 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 third-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 involved 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 aforementioned challenged bond issuances. |
Non-consolidated variable inter
Non-consolidated variable interest entities | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Non-consolidated Variable Interest Entities | Note 23 – Non-consolidated variable interest entities The Corporation is involved with three 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 available-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 servicing 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 losses 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 Corporation 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 25 to the Consolidated Financial Statements for additional information on the debt securities outstanding at September 30, 2019 and December 31, 2018, which are classified as available-for-sale and trading securities in the Corporation’s Consolidated Statements of Financial Condition. In addition, the Corporation holds variable interests in the form of servicing fees, since it retains 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 September 30, 2019 and December 31, 2018. (In thousands) September 30, 2019 December 31, 2018 Assets Servicing assets: Mortgage servicing rights $ 113,148 $ 136,280 Total servicing assets $ 113,148 $ 136,280 Other assets: Servicing advances $ 31,839 $ 37,988 Total other assets $ 31,839 $ 37,988 Total assets $ 144,987 $ 174,268 Maximum exposure to loss $ 144,987 $ 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 $ 10.0 billion at September 30, 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 September 30, 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 joint 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 required 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, LLC 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 facilities 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 pursuant 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 September 30, 2019 and December 31, 2018. PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Assets Other assets: Equity investment $ 6,393 $ 6,469 $ 3,409 $ 5,794 Total assets $ 6,393 $ 6,469 $ 3,409 $ 5,794 Liabilities Deposits $ ( 909) $ ( 2,566) $ ( 9,582) $ ( 7,994) Total liabilities $ ( 909) $ ( 2,566) $ ( 9,582) $ ( 7,994) Total net assets $ 5,484 $ 3,903 $ ( 6,173) $ ( 2,200) Maximum exposure to loss $ 5,484 $ 3,903 $ - $ - The Corporation determined that the maximum exposure to loss under a worst case scenario at September 30, 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 consolidated in the Corporation’s financial statements at September 30, 2019. |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions | |
Related Party Transactions | Note 24 – 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 September 30, 2019, the Corporation held 11,654,803 shares of EVERTEC, representing an ownership stake of 16.20 % . 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 investment has occurred that is other than temporary. The Corporation received $ 1.7 million in dividend distributions during the nine months ended September 30, 2019, from its investments in EVERTEC’s holding company (September 30, 2018 - $ 0.6 million). The Corporation’s equity in EVERTEC is presented in the table which follows and is included as part of “other assets” in the Consolidated Statements of Financial Condition. (In thousands) September 30, 2019 December 31, 2018 Equity investment in EVERTEC $ 69,380 $ 60,591 The Corporation had the following financial condition balances outstanding with EVERTEC at September 30, 2019 and December 31, 2018. Items that represent liabilities to the Corporation are presented with parenthesis. (In thousands) September 30, 2019 December 31, 2018 Accounts receivable (Other assets) $ 2,561 $ 6,829 Deposits ( 47,108) ( 28,606) Accounts payable (Other liabilities) ( 1,512) ( 3,671) Net total $ ( 46,059) $ ( 25,448) The Corporation’s proportionate share of income or loss 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 (loss) and changes in stockholders’ equity for the quarters and nine months ended September 30, 2019 and 2018. Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2019 Share of income from the investment in EVERTEC $ 4,010 $ 12,709 Share of other changes in EVERTEC's stockholders' equity 621 703 Share of EVERTEC's changes in equity recognized in income $ 4,631 $ 13,412 Quarter ended Nine months ended (In thousands) September 30, 2018 September 30, 2018 Share of income from the investment in EVERTEC $ 3,682 $ 10,586 Share of other changes in EVERTEC's stockholders' equity ( 34) 601 Share of EVERTEC's changes in equity recognized in income $ 3,648 $ 11,187 The following tables present the transactions and service payments between the Corporation and EVERTEC (as an affiliate) and their impact on the results of operations for the quarters and nine months ended September 30, 2019 and 2018. Items that represent expenses to the Corporation are presented with parenthesis. Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2019 Category Interest expense on deposits $ ( 27) $ ( 59) Interest expense ATH and credit cards interchange income from services to EVERTEC 6,221 22,897 Other service fees Rental income charged to EVERTEC 1,744 5,337 Net occupancy Processing fees on services provided by EVERTEC ( 55,901) ( 164,255) Professional fees Other services provided to EVERTEC 247 873 Other operating expenses Total $ ( 47,716) $ ( 135,207) Quarter ended Nine months ended (In thousands) September 30, 2018 September 30, 2018 Category Interest expense on deposits $ ( 21) $ ( 46) Interest expense ATH and credit cards interchange income from services to EVERTEC 8,486 24,940 Other service fees Rental income charged to EVERTEC 1,781 5,297 Net occupancy Processing fees on services provided by EVERTEC ( 48,360) ( 142,443) Professional fees Other services provided to EVERTEC 279 884 Other operating expenses Total $ ( 37,835) $ ( 111,368) PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC As indicated in Note 23 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 Statements of Financial Condition. PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Equity investment $ 6,393 $ 6,469 $ 3,409 $ 5,794 The Corporation held deposits from these entities, as follows: PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Deposits (non-interest bearing) $ ( 909) $ ( 2,566) $ ( 9,582) $ ( 7,994) The Corporation’s proportionate share of income or loss from these entities is presented in the following table and is included in other operating income in the Consolidated Statements of Operations. PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC Quarter ended Nine months ended Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Share of income (loss) from the equity investment $ ( 65) $ 55 $ ( 76) $ ( 257) $ ( 236) $ 112 $ 306 $ ( 5,297) During the nine months ended September 30, 2019, the Corporation received $ 2.7 million in capital distributions from its investment in PR Asset Portfolio 2013-1 International, LLC (September 30, 2018 - $ 2.0 million) . There were no Centro Financiero BHD León At September 30, 2019, the Corporation had a 15.84% equity interest in Centro Financiero BHD León, S.A. (“BHD León”), one of the largest banking and financial services groups in the Dominican Republic. During the nine months ended September 30, 2019, the Corporation recorded $ 20.1 million in earnings from its investment in BHD León (September 30, 2018 - $ 22.1 million), which had a carrying amount of $ 150.0 million at September 30, 2019 (December 31, 2018 - $ 140.4 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. The Corporation received $ 12.6 million in dividend distributions during the nine months ended September 30, 2019 from its investment in BHD León (September 30, 2018 - $ 12.6 million). 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 September 30, 2018. The sources of repayment for this loan were the dividends to be received by GFL from its investment in BHD León. BPPR’s credit facility ranked pari passu with another $ 8 million credit facility extended to GFL by BHD International Panama, an affiliate of BHD León. 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 net 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 nine months ended September 30, 2019 administrative fees charged to these investment companies amounted to $ 4.8 million (September 30, 2018 - $ 5.1 million) and waived fees amounted to $ 1.6 million (September 30, 2018 - $ 1.6 million), for a net fee of $ 3.2 million (September 30, 2018 - $ 3.5 million). The Corporation, through its subsidiary BPPR, has also entered into certain uncommitted credit facilities with those investment companies. As of September 30, 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 September 30, 2019 there was no Other related party transactions On August 2018, BPPR acquired certain 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’ underlying lease agreement was with an entity in which the Corporation’s Chairman of the Board and his family members hold an ownership interest. This lease expired on April 30, 2019 pursuant to its terms. During the quarter ended March 31, 2019, the Corporation paid to Reliable Financial Services approximately $ 0.4 million under the sublease. |
Fair value measurement
Fair value measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures | |
Fair Value Measurement | Note 25 – 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 included 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 other 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 the 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 inputs 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, interest 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 methodologies 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 instruments. 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 assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018: At September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Total RECURRING FAIR VALUE MEASUREMENTS Assets Debt securities available-for-sale: U.S. Treasury securities $ 4,487,422 $ 6,016,866 $ - $ 10,504,288 Obligations of U.S. Government sponsored entities - 187,092 - 187,092 Obligations of Puerto Rico, States and political subdivisions - 6,931 - 6,931 Collateralized mortgage obligations - federal agencies - 630,636 - 630,636 Mortgage-backed securities - 5,148,581 1,209 5,149,790 Other - 373 - 373 Total debt securities available-for-sale $ 4,487,422 $ 11,990,479 $ 1,209 $ 16,479,110 Trading account debt securities, excluding derivatives: U.S. Treasury securities $ 2,758 $ 2 $ - $ 2,760 Obligations of Puerto Rico, States and political subdivisions - 649 - 649 Collateralized mortgage obligations - 79 557 636 Mortgage-backed securities - 28,772 26 28,798 Other - 3,004 456 3,460 Total trading account debt securities, excluding derivatives $ 2,758 $ 32,506 $ 1,039 $ 36,303 Equity securities $ - $ 19,778 $ - $ 19,778 Mortgage servicing rights - - 150,652 150,652 Derivatives - 15,234 - 15,234 Total assets measured at fair value on a recurring basis $ 4,490,180 $ 12,057,997 $ 152,900 $ 16,701,077 Liabilities Derivatives $ - $ ( 14,069) $ - $ ( 14,069) Total liabilities measured at fair value on a recurring basis $ - $ ( 14,069) $ - $ ( 14,069) 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 and nine months ended September 30, 2019 and 2018 and excludes nonrecurring fair value measurements of assets no longer outstanding as of the reporting date. Nine months ended September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 65,922 $ 65,922 $ ( 10,761) Other real estate owned [2] - - 17,942 17,942 ( 3,486) Other foreclosed assets [2] - - 1,221 1,221 ( 153) Long-lived assets held-for-sale [3] - - 2,500 2,500 ( 2,591) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 87,585 $ 87,585 $ ( 16,991) [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 down to their fair value. Costs to sell are excluded from the reported fair value amount. [3] Represents the fair value of long-lived assets held-for-sale that were written down to their fair value. Nine months ended September 30, 2018 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 79,347 $ 79,347 $ ( 28,769) Other real estate owned [2] - - 42,572 42,572 ( 8,744) Other foreclosed assets [2] - - 2,596 2,596 ( 957) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 124,515 $ 124,515 $ ( 38,470) [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 down 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 and nine months ended September 30, 2019 and 2018 . Quarter ended September 30, 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 June 30, 2019 $ 1,235 $ 618 $ 26 $ 468 $ 153,021 $ 155,368 Gains (losses) included in earnings - ( 1) - ( 12) ( 4,842) ( 4,855) Gains (losses) included in OCI ( 1) - - - - ( 1) Additions - 1 - - 2,473 2,474 Settlements ( 25) ( 61) - - - ( 86) Balance at September 30, 2019 $ 1,209 $ 557 $ 26 $ 456 $ 150,652 $ 152,900 Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2019 $ - $ 1 $ - $ 5 $ ( 1,575) $ ( 1,569) Nine months ended September 30, 2019 MBS Other classified CMOs securities as investment classified MBS classified securities as trading classified as as trading Mortgage available- account trading account account servicing Total (In thousands) for-sale securities securities securities rights assets Balance at January 1, 2019 $ 1,233 $ 611 $ 43 $ 485 $ 169,777 $ 172,149 Gains (losses) included in earnings - - ( 1) ( 29) ( 25,853) ( 25,883) Gains (losses) included in OCI 1 - - - - 1 Additions - 65 25 - 6,728 6,818 Settlements ( 25) ( 119) ( 41) - - ( 185) Balance at September 30, 2019 $ 1,209 $ 557 $ 26 $ 456 $ 150,652 $ 152,900 Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2019 $ - $ - $ 1 $ 13 $ ( 15,993) $ ( 15,979) Quarter ended September 30, 2018 MBS Other classified CMOs securities as investment classified MBS classified securities as trading classified as as trading Mortgage available- account trading account account servicing Total (In thousands) for-sale securities securities securities rights assets Balance at June 30, 2018 $ 1,264 $ 670 $ 43 $ 506 $ 164,025 $ 166,508 Gains (losses) included in earnings - - - ( 8) ( 4,194) ( 4,202) Gains (losses) included in OCI ( 1) - - - - ( 1) Additions - 7 - - 2,946 2,953 Settlements - ( 33) - - - ( 33) Balance at September 30, 2018 $ 1,263 $ 644 $ 43 $ 498 $ 162,777 $ 165,225 Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2018 $ - $ - $ - $ 3 $ - $ 3 Nine months ended September 30, 2018 MBS Other classified CMOs securities as investment classified MBS classified securities as trading classified as as trading Mortgage available- account trading account account servicing Total Contingent Total (In thousands) for-sale securities securities securities rights assets consideration [1] liabilities Balance at January 1, 2018 $ 1,288 $ 529 $ 43 $ 529 $ 168,031 $ 170,420 $ ( 164,858) $ ( 164,858) Gains (losses) included in earnings - 6 - ( 31) ( 13,123) ( 13,148) ( 6,112) ( 6,112) Gains (losses) included in OCI 1 - - - - 1 - - Additions - 260 - - 7,869 8,129 - - Settlements ( 26) ( 151) - - - ( 177) 170,970 170,970 Balance at September 30, 2018 $ 1,263 $ 644 $ 43 $ 498 $ 162,777 $ 165,225 $ - $ - Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2018 $ - $ 6 $ - $ 14 $ - $ 20 $ - $ - [1] Effective May 22, 2018, the Corporation entered into a Termination Agreement with the FDIC to terminate the Corporation's loss share arrangement ahead of their contractual maturities. Refer to Note 10 for additional information. Gains and losses (realized and unrealized) included in earnings for the quarters and nine months ended September 30, 2019 and 2018 for Level 3 assets and liabilities included in the previous tables are reported in the consolidated statement of operations as follows: Quarter ended September 30, 2019 Nine months ended September 30, 2019 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 Mortgage banking activities $ ( 4,842) $ ( 1,575) $ ( 25,853) $ ( 15,993) Trading account profit (loss) ( 13) 6 ( 30) 14 Total $ ( 4,855) $ ( 1,569) $ ( 25,883) $ ( 15,979) Quarter ended September 30, 2018 Nine months ended September 30, 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) $ - Mortgage banking activities ( 4,194) - ( 13,123) - Trading account profit (loss) ( 8) 3 ( 25) 20 Total $ ( 4,202) $ 3 $ ( 19,260) $ 20 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 September 30, (In thousands) 2019 Valuation technique Unobservable inputs Weighted average (range) [1] CMO's - trading $ 557 Discounted cash flow model Weighted average life 1.7 years ( 1.4 - 1.8 years) Yield 4.0% ( 3.9% - 4.4%) Prepayment speed 18.5% ( 15.2% - 20.7%) Other - trading $ 456 Discounted cash flow model Weighted average life 5.2 years Yield 12.0% Prepayment speed 10.8% Mortgage servicing rights $ 150,652 Discounted cash flow model Prepayment speed 6.8% ( 0.2% - 19.9%) Weighted average life 6.2 years ( 0.1 - 13.9 years) Discount rate 11.2% ( 9.5% - 14.7%) Loans held-in-portfolio $ 62,442 [2] External appraisal Haircut applied on external appraisals 10.3% ( 10.0% - 21.0%) Other real estate owned $ 15,003 [3] External appraisal Haircut applied on external appraisals 23.5% ( 10.0% - 35.0%) [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 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. 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 . |
Fair value of financial instrum
Fair value of financial instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures | |
Fair Value of Financial Instruments | Note 26 – 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 other 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 vary significantly from amounts that could be realized in actual transactions. The fair values reflected herein have been determined based on the prevailing rate environment at September 30, 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 anticipated 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 assets and liabilities not measured at fair value. The following tables present the carrying amount and estimated fair values of financial instruments with their corresponding 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. September 30, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Assets: Cash and due from banks $ 502,060 $ 502,060 $ - $ - $ 502,060 Money market investments 5,168,585 5,162,672 5,913 - 5,168,585 Trading account debt securities, excluding derivatives [1] 36,303 2,758 32,506 1,039 36,303 Debt securities available-for-sale [1] 16,479,110 4,487,422 11,990,479 1,209 16,479,110 Debt securities held-to-maturity: Obligations of Puerto Rico, States and political subdivisions $ 85,598 $ - $ - $ 91,808 $ 91,808 Collateralized mortgage obligation-federal agency 48 - - 50 50 Securities in wholly owned statutory business trusts 11,561 - 11,561 - 11,561 Other 500 - 499 - 499 Total debt securities held-to-maturity $ 97,707 $ - $ 12,060 $ 91,858 $ 103,918 Equity securities: FHLB stock $ 46,729 $ - $ 46,729 $ - $ 46,729 FRB stock 92,648 - 92,648 - 92,648 Other investments 21,081 - 19,778 7,296 27,074 Total equity securities $ 160,458 $ - $ 159,155 $ 7,296 $ 166,451 Loans held-for-sale $ 56,370 $ - $ - $ 57,572 $ 57,572 Loans held-in-portfolio 26,495,610 - - 24,603,515 24,603,515 Mortgage servicing rights 150,652 - - 150,652 150,652 Derivatives 15,234 - 15,234 - 15,234 September 30, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Liabilities: Deposits: Demand deposits $ 36,370,038 $ - $ 36,370,038 $ - $ 36,370,038 Time deposits 7,796,157 - 7,648,739 - 7,648,739 Total deposits $ 44,166,195 $ - $ 44,018,777 $ - $ 44,018,777 Assets sold under agreements to repurchase $ 213,097 $ - $ 212,812 $ - $ 212,812 Notes payable: FHLB advances $ 486,785 $ - $ 496,552 $ - $ 496,552 Unsecured senior debt securities 294,990 - 322,014 - 322,014 Junior subordinated deferrable interest debentures (related to trust preferred securities) 384,895 - 406,485 - 406,485 Total notes payable $ 1,166,670 $ - $ 1,225,051 $ - $ 1,225,051 Derivatives $ 14,069 $ - $ 14,069 $ - $ 14,069 [1] Refer to Note 25 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level 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 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 25 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings. The notional amount of commitments to extend credit at September 30, 2019 and December 31, 2018 is $ 7.7 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 September 30, 2019 and December 31, 2018 is $ 84 million and $ 29 million respectively, and represents the contractual amount 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 | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share | |
Net Income (Loss) Per Common Share | Note 27 – Net income per common share The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters and nine months ended September 30, 2019 and 2018: Quarters ended September 30, Nine months ended September 30, (In thousands, except per share information) 2019 2018 2019 2018 Net income $ 165,319 $ 140,648 $ 504,350 $ 511,755 Preferred stock dividends ( 930) ( 930) ( 2,792) ( 2,792) Net income applicable to common stock $ 164,389 $ 139,718 $ 501,558 $ 508,963 Average common shares outstanding 96,357,117 101,067,300 97,073,177 101,549,711 Average potential dilutive common shares 121,210 181,854 139,219 182,219 Average common shares outstanding - assuming dilution 96,478,327 101,249,154 97,212,396 101,731,930 Basic EPS $ 1.71 $ 1.38 $ 5.17 $ 5.01 Diluted EPS $ 1.70 $ 1.38 $ 5.16 $ 5.00 As disclosed in Note 19, during the quarter ended March 31, 2019, 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 contract, which remains outstanding as of September 30, 2019, for which the Corporation expects to receive additional shares upon termination of the ASR agreement. The diluted EPS computation for the quarter and nine months ended September 30, 2019 excludes 1,189,974 and 1,184,666 antidilutive shares, respectively, related to the ASR. For the quarter and nine months ended September 30, 2019, 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 statements for the year ended December 31, 2018. For a discussion of the calculation under the treasury stock method, refer to Note 32 of the Consolidated Financial Statements included in the 2018 Form 10-K. |
Revenue from contract with cust
Revenue from contract with customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer Abstract | |
Revenue From Contract With Customer Text Block | Note 28 – Revenue from contracts with customers The following table presents the Corporation’s revenue streams from contracts with customers by reportable segment for the quarters and nine months ended September 30, 2019 and 2018: Quarter ended September 30, Nine months ended September 30, (In thousands) 2019 2019 BPPR Popular U.S. BPPR Popular U.S. Service charges on deposit accounts $ 37,245 $ 3,724 $ 108,344 $ 10,933 Other service fees: Debit card fees 11,459 260 34,110 813 Insurance fees, excluding reinsurance 8,921 1,152 29,786 2,753 Credit card fees, excluding late fees and membership fees 21,901 217 61,579 656 Sale and administration of investment products 5,714 - 16,705 - Trust fees 5,277 - 15,844 - Total revenue from contracts with customers [1] $ 90,517 $ 5,353 $ 266,368 $ 15,155 [1] The amounts include intersegment transactions of $ 0.2 million and $ 2.3 million, respectively, for the quarter and nine months ended September 30, 2019. Quarter ended September 30, Nine months ended September 30, (In thousands) 2018 2018 BPPR Popular U.S. BPPR Popular U.S. Service charges on deposit accounts $ 34,869 $ 3,278 $ 101,824 $ 9,880 Other service fees: Debit card fees 10,723 261 33,543 763 Insurance fees, excluding reinsurance 8,210 1,187 24,097 2,642 Credit card fees, excluding late fees and membership fees 19,029 221 54,513 698 Sale and administration of investment products 5,696 - 16,071 - Trust fees 5,034 - 15,593 - Total revenue from contracts with customers [1] $ 83,561 $ 4,947 $ 245,641 $ 13,983 [1] The amounts include intersegment transactions of $ 0.2 million and $ 1.9 million, respectively, for the quarter and nine months ended September 30, 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 performance 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 the 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, revenues 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 transferred 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 contracts 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 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. 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 limited 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 fees, 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 principal 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, underwriting 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 duration 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 investment 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 variable 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 as 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-party 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. Revenues 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 service to the customer and has the ultimate discretion in establishing the fee paid by the customer for the specified services. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 29 – 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 34.3 years considers options to extend the leases for up to 20.0 years. The Corporation identifies leases when it has both the right to obtain substantially 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 Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 14 and Note 18, respectively, for information on the balances of these lease assets and liabilities. The Corporation uses the incremental borrowing rate for purposes of discounting lease payments for operating and finance leases, since it does not have 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 collateralized. For leases held by non-banking subsidiaries, a credit 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 $ 7,566 $ 28,034 $ 25,444 $ 21,688 $ 19,405 $ 77,693 $ 179,830 $ ( 27,409) $ 152,421 Finance Leases 739 3,003 3,093 3,187 3,284 11,186 24,492 ( 4,886) 19,606 The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows: Quarter ended Nine months ended (In thousands) September 30,2019 September 30,2019 Finance lease cost: Amortization of ROU assets $ 422 $ 1,265 Interest on lease liabilities 296 901 Operating lease cost 7,233 23,156 Short-term lease cost 97 172 Variable lease cost 3 5 Sublease income ( 29) ( 84) Total lease cost $ 8,022 $ 25,415 Total rental expense for all operating leases, except those with terms of a month or less that were not renewed, for the quarter and nine months ended September 30, 2018 was $ 7.2 million and $ 22.2 million, respectively, 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 September 30, 2018 was $ 0.3 million and $ 0.3 million, respectively. Total amortization and interest expense for capital leases for the nine months ended September 30, 2018 was $ 1.0 million and $ 0.8 million, respectively. The following table presents supplemental cash flow information and other related information related to operating and finance leases. Nine months ended (Dollars in thousands) September 30,2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,527 Operating cash flows from finance leases 906 Financing cash flows from finance leases 1,269 ROU assets obtained in exchange for new lease obligations: Operating leases $ 7,882 Weighted-average remaining lease term: Operating leases 8.6 years Finance leases 7.5 years Weighted-average discount rate: Operating leases 3.6 % Finance leases 6.0 % As of September 30, 2019, the Corporation has additional operating leases contracts that have not yet commenced with an undiscounted contract amount of $ 26 million, which will have lease terms ranging from 10 to 20 years. |
FDIC loss share expense
FDIC loss share expense | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
FDIC Loss Share (Expense) Income | Note 30 – FDIC loss share income On May 22, 2018, the Corporation entered into a Termination Agreement with the FDIC to terminate all loss-share arrangements in connection with the Westernbank FDIC-assisted transaction. Refer to Note 10 for additional information of the Termination Agreement with the FDIC. The caption of FDIC loss-share income in the Consolidated Statements of Operations consists of the following major categories: Nine months ended (In thousands) September 30, 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) Gain on FDIC loss-share Termination Agreement [1] 102,752 Other 36 Total FDIC loss-share income $ 94,725 [1] Refer to Note 10 for additional information of the Termination Agreement with the FDIC. |
Pension and postretirement bene
Pension and postretirement benefits | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and postretirement benefits | Note 31 – 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 Plans 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 September 30, Quarters ended September 30, (In thousands) 2019 2018 2019 2018 Personnel Cost: Service cost $ - $ - $ 190 $ 257 Other operating expenses: Interest cost 7,109 6,373 1,489 1,390 Expected return on plan assets ( 8,096) ( 10,060) - - Amortization of prior service cost/(credit) - - - ( 868) Amortization of net loss 5,877 5,065 - 321 Total net periodic pension cost $ 4,890 $ 1,378 $ 1,679 $ 1,100 Pension Plans OPEB Plan Nine months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Personnel Cost: Service cost $ - $ - $ 570 $ 771 Other operating expenses: Interest cost 21,329 19,119 4,466 4,171 Expected return on plan assets ( 24,288) ( 30,180) - - Amortization prior service cost/(credit) - - - ( 2,603) Amortization of net loss 17,629 15,195 - 962 Total net periodic pension cost $ 14,670 $ 4,134 $ 5,036 $ 3,301 The Corporation paid the following contributions to the plans during the quarter ended September 30, 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) 30-Sep-19 31-Dec-19 Pension Plans $ 20,057 $ 20,229 OPEB Plan $ 1,472 $ 8,128 |
Stock-based compensation
Stock-based compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Stock-based Compensation | Note 32 - Stock-based compensation Incentive Plan The Popular, Inc. 2004 Omnibus Incentive Plan (the “Incentive Plan”) permits the issuance of several types of stock based compensation for employees and directors of the Corporation and/or any of its subsidiaries. Participants in the Incentive Plan are designated by the Compensation Committee of the Board of Directors (or its delegate as determined by the Board). Under the Incentive Plan, the Corporation has issued restricted stock and performance shares for its employees and restricted stock and restricted stock units (“RSU”) to its directors. The restricted shares for employees, will become vested based on the employees’ continued service with Popular. 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 (the “graduated vesting portion”) and the second part is vested at termination of employment after attainment of 55 years of age and 10 years of service (the “retirement vesting portion”). The graduated vesting portion 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 (the “graduated vesting portion”) 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 “retirement vesting portion”). The graduated vesting portion 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. The 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 performance metric is considered to be a performance condition under ASC 718. The fair value is determined based on the probability 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 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. 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 218,169 55.55 Performance Shares Quantity Adjustment 22,973 55.51 Vested ( 275,727) 44.97 Non-vested at September 30, 2019 347,601 $ 41.77 During the quarter ended September 30, 2019, 619 shares of restricted stock (September 30, 2018 – 8,395) were awarded to management under the Incentive Plan. During the quarters ended September 30, 2019 and 2018, no 152,773 shares of restricted stock (September 30, 2018 – 163,701) and 65,396 performance shares ( September 30, 2018 - 72,414) were awarded to management under the incentive plan. During the quarter ended September 30, 2019, the Corporation recognized $ 1.0 million of restricted stock expense related to management incentive awards, with a tax benefit of $ 0.2 million (September 30, 2018 - $ 1.1 million, with a tax benefit of $ 0.2 million). For the nine months ended September 30, 2019, the Corporation recognized $ 6.8 million of restricted stock expense related to management incentive awards, with a tax benefit of $ 1.1 million (September 30, 2018 - $ 5.9 million, with a tax benefit of $ 0.9 million). For the nine months ended September 30, 2019, the fair market value of the restricted stock and performance shares vested was $ 13.7 million at grant date and $ 18.9 million at vesting date. This triggers a windfall of $ 1.9 million that was recorded as a reduction on income tax expense. During the quarter ended September 30, 2019 the Corporation recognized $ 0.4 million of performance shares expense, with a tax benefit of $ 23 thousand (September 30, 2018 - $ 0.6 million, with a tax benefit of $ 12 thousand) . For the nine months ended September 30, 2019, the Corporation recognized $ 4.3 million of performance shares expense, with a tax benefit of $ 0.3 million (September 30, 2018 - $ 3.8 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 September 30, 2019 was $ 9.2 million and is expected to be recognized over a weighted-average period of 2.5 years. The following table summarizes the restricted stock activity under the Incentive Plan for members of the Board of Directors: (Not in thousands) Restricted Stock shares Weighted-Average Grant Date Fair Value per Share Restricted Stock units Weighted-Average Grant Date Fair Value per Unit 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 27,449 57.64 Vested ( 1,052) 49.25 ( 27,449) 57.64 Forfeited - - - - Non-vested at September 30, 2019 - $ - - $ - Effective on May 2019, all equity awards granted to the directors may be paid in either restricted stocks or RSU, at the directors’ election. For the year 2019, all directors elected RSU. The directors’ equity awards will vest and become non-forfeitable on the grant date of such award. At the director’s option, the shares of common stocks underlying the RSU award shall be delivered to the director after its retirement, either on a fix date or in annual installments. To the extent that cash dividends are paid on the Corporation’s outstanding common stocks, the director will receive an additional number of RSU that reflect reinvested dividend equivalent. During the quarter ended September 30, 2019, no 2,765) and 1,989 RSUs were granted to members of the Board of Directors of Popular, Inc. During this period, the Corporation did no 0.1 million, with a tax benefit of $ 16 thousand), and the expense related to these RSUs was of $ 0.1 million. For the nine months ended September 30, 2019, the Corporation granted 1,052 shares of restricted stock to members of the Board of Directors of Popular, Inc., which became vested at grant date (September 30, 2018 – 25,159) and 27,449 RSU to members of the Board of Directors of Popular, Inc., which became vested at grant date. During this period, the Corporation recognized $ 52 thousand of restricted stock expense related to these restricted stock shares, with a tax benefit of $ 6 thousand (September 30, 2018 - $ 1.6 million, with a tax benefit of $ 0.2 million) and $ 1.5 million of restricted stock expense related to these RSU, with a tax benefit of $ 0.2 million. The fair value at vesting date of the restricted stock shares and RSU vested during the nine months ended September 30, 2019 for directors was $ 52 thousand and $ 1.5 million respectively. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure | |
Income Taxes | Note 33 – 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 September 30, 2019 September 30, 2018 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 77,508 38 % $ 71,240 39 % Net benefit of tax exempt interest income ( 38,103) ( 18) ( 24,941) ( 14) Deferred tax asset valuation allowance 3,170 1 5,606 3 Difference in tax rates due to multiple jurisdictions ( 4,233) ( 2) ( 5,203) ( 3) Effect of income subject to preferential tax rate ( 2,243) ( 1) ( 2,031) ( 1) Unrecognized tax benefits - - ( 1,621) ( 1) State and local taxes 2,180 1 3,115 2 Others 3,091 1 ( 4,147) ( 2) Income tax (benefit) expense $ 41,370 20 % $ 42,018 23 % Nine months ended September 30, 2019 September 30, 2018 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 238,602 38 % $ 213,474 39 % Net benefit of tax exempt interest income ( 95,986) ( 15) ( 70,341) ( 13) Deferred tax asset valuation allowance 9,915 2 17,018 3 Difference in tax rates due to multiple jurisdictions ( 9,851) ( 2) ( 10,400) ( 2) Effect of income subject to preferential tax rate [1] ( 7,458) ( 1) ( 108,087) ( 20) Unrecognized tax benefits - - ( 1,621) - State and local taxes 5,535 1 6,196 1 Others ( 8,834) ( 2) ( 10,626) ( 2) Income tax (benefit) expense $ 131,923 21 % $ 35,613 6 % [1] For the nine months ended September 30, 2018, includes the impact of the Tax Closing Agreement entered into in connection with the FDIC Transaction. Income tax expense of $ 35.6 million for the nine months ended September 30, 2018, reflects the impact of the Termination Agreement with the FDIC. As result of the termination Agreement the Corporation recognized an additional income tax expense of $ 49.8 million associated with the “deemed sale” incremental tax liability at the capital gains rate per the Tax Closing Agreement entered between the Puerto Rico Department of the Treasury and the Corporation. In addition, the Corporation recognized an income tax benefit of $ 158.7 million related to the increase in deferred tax assets due to increase in the tax basis of the loans as a result of the “deemed sale” for a net tax benefit of $ 108.9 million. Also, the Corporation recorded an income tax expense of $ 45.0 million related to the gain resulting from the Termination Agreement, mainly related to the reversal of net deferred tax liability of the true-up payment obligation and the FDIC Loss Share Asset. Effective for taxable years beginning after December 31, 2018, Act No. 257 of 2018, which amended the Puerto Rico Internal Revenue Code, reduced the Puerto Rico corporate income tax rate from 39% to 37.5%. The following table presents a breakdown of the significant components of the Corporation’s deferred tax assets and liabilities. September 30, 2019 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 16,442 $ 7,757 $ 24,199 Net operating loss and other carryforward available 128,899 711,507 840,406 Postretirement and pension benefits 74,833 - 74,833 Allowance for loan losses 425,855 18,680 444,535 Deferred gains - 2,443 2,443 Accelerated depreciation 1,963 5,626 7,589 FDIC-assisted transaction 85,609 - 85,609 Intercompany deferred gains 1,377 - 1,377 Difference in outside basis from pass-through entities 18,570 - 18,570 Other temporary differences 28,722 8,189 36,911 Total gross deferred tax assets 782,270 754,202 1,536,472 Deferred tax liabilities: Indefinite-lived intangibles 36,578 43,164 79,742 Unrealized net gain (loss) on trading and available-for-sale securities 40,840 1,029 41,869 Deferred loan origination costs ( 2,741) 3,027 286 Other temporary differences 12,432 1,109 13,541 Total gross deferred tax liabilities 87,109 48,329 135,438 Valuation allowance 99,766 392,643 492,409 Net deferred tax asset $ 595,395 $ 313,230 $ 908,625 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 1,109 11,688 Total gross deferred tax liabilities 68,483 27,923 96,406 Valuation allowance 89,852 406,455 496,307 Net deferred tax asset $ 721,466 $ 327,503 $ 1,048,969 The net deferred tax asset shown in the table above at September 30, 2019 is reflected in the consolidated statements of financial condition as $ 0.9 billion in net deferred tax assets in the “Other assets” caption (December 31, 2018 - $ 1.0 billion) and $ 1.0 million 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 Corporation 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%) that 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 asset 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 taxable 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 September 30, 2019 the net deferred tax asset of the U.S. operations amounted to $ 706 million with a valuation allowance of approximately $ 393 million, for a net deferred tax asset of approximately $ 313 million. As of September 30, 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 to approximately $ 313 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 September 30, 2019, the Corporation’s net deferred tax assets related to its Puerto Rico operations amounted to $ 595 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 September 30, 2019. This is considered a strong 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 account taxable income exclusive of reversing temporary differences, for the three year period ended September 30, 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, that 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 $ 99.8 million as of September 30, 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 Additions for tax positions - April through June 0.2 0.3 Balance at June 30 $ 7.7 $ 7.8 Additions for tax positions - July through September - 0.3 Reduction as a result of lapse of statute of limitations - July through September - ( 1.2) Balance at September 30 $ 7.7 $ 6.9 At September 30, 2019, the total amount of accrued interest recognized in the statement of financial condition approximated $ 3.1 million (December 31, 2018 - $ 2.8 million). The total interest expense recognized at September 30, 2019 was $ 317 thousand (September 30, 2018 - $ 477 thousand). Management determined that at September 30, 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 tax 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 $ 10.1 million at September 30, 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 judgment 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 federal jurisdiction, various states and political subdivisions, and foreign jurisdictions. At September 30, 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 thereafter. The Corporation anticipates a reduction in the total amount of unrecognized tax benefits within the next 12 months, which could amount to approximately $ 3.2 million. |
Supplemental disclosure on the
Supplemental disclosure on the consolidated statements of cash flows | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information | |
Supplemental Disclosure on the Consolidated Statements of Cash Flows | Note 34 – Supplemental disclosure on the consolidated statements of cash flows Additional disclosures on cash flow information and non-cash activities for the nine months ended September 30, 2019 and September 30, 2018 are listed in the following table: (In thousands) September 30, 2019 September 30, 2018 Non-cash activities: Loans transferred to other real estate $ 44,575 $ 23,188 Loans transferred to other property 40,384 30,973 Total loans transferred to foreclosed assets 84,959 54,161 Loans transferred to other assets 14,174 11,218 Financed sales of other real estate assets 11,710 11,962 Financed sales of other foreclosed assets 22,047 12,347 Total financed sales of foreclosed assets 33,757 24,309 Transfers from loans held-for-sale to loans held-in-portfolio 7,735 20,063 Loans securitized into investment securities [1] 331,112 392,080 Trades receivable from brokers and counterparties 66,389 57,290 Trades payable to brokers and counterparties 26,782 22,244 Receivables from investments maturities - 19,000 Recognition of mortgage servicing rights on securitizations or asset transfers 6,728 7,871 Interest capitalized on loans subject to the temporary payment moratorium - 481 Loans booked under the GNMA buy-back option 52,711 380,329 Capitalization of lease right of use asset 169,123 - Gain from the FDIC Termination Agreement - 102,752 Payable to Wells Fargo related to auto finance business acquisition - 13,193 [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 Statement of Financial Condition that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. (In thousands) September 30, 2019 September 30, 2018 Cash and due from banks $ 476,815 $ 378,468 Restricted cash and due from banks 25,245 22,481 Restricted cash in money market investments 5,913 11,234 Total cash and due from banks, and restricted cash [2] $ 507,973 $ 412,183 [2] Refer to Note 5 - Restrictions on cash and due from banks and certain securities for nature of restrictions. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Segment Reporting | Note 35 – 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 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. 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 September 30, 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. The Corporate group consists primarily of the holding companies Popular, Inc., Popular North America, Popular International Bank and certain of the Corporation’s investments accounted for under the equity method, including EVERTEC and Centro Financiero BHD, León. 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, resulting 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 Corporation 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. For the quarter ended September 30, 2018, the intercompany billings from Popular, Inc. to the Banco Popular de Puerto Rico and Popular U.S. reportable segments amounted to $ 21.8 million and $ 3.3 million, respectively. For the nine months ended September 30, 2018, the intercompany billings from Popular, Inc to the Banco Popular de Puerto Rico and Popular U.S. reportable segments amounted to $ 59.3 million and $ 9.5 million, respectively. The tables that follow present the results of operations and total assets by reportable segments: 2019 For the quarter ended September 30, 2019 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 412,182 $ 74,391 $ 4 Provision for loan losses 34,481 2,060 - Non-interest income 124,868 5,953 ( 140) Amortization of intangibles 2,208 167 - Depreciation expense 11,972 2,046 - Other operating expenses 309,815 51,616 ( 136) Income tax expense 35,286 6,216 - Net income $ 143,288 $ 18,239 $ - Segment assets $ 42,080,292 $ 10,095,526 $ ( 14,414) For the quarter ended September 30, 2019 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 486,577 $ ( 9,586) $ - $ 476,991 Provision for loan losses 36,541 ( 2) - 36,539 Non-interest income 130,681 12,137 ( 106) 142,712 Amortization of intangibles 2,375 24 - 2,399 Depreciation expense 14,018 186 - 14,204 Other operating expenses 361,295 ( 647) ( 776) 359,872 Income tax expense (benefit) 41,502 ( 392) 260 41,370 Net income (loss) $ 161,527 $ 3,382 $ 410 $ 165,319 Segment assets $ 52,161,404 $ 5,134,608 $ ( 4,815,597) $ 52,480,415 For the nine months ended September 30, 2019 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 1,231,088 $ 221,856 $ ( 53) Provision for loan losses 94,651 23,647 - Non-interest income 369,026 17,309 ( 421) Amortization of intangibles 6,510 499 - Depreciation expense 36,154 6,215 - Other operating expenses 887,941 151,966 ( 409) Income tax expense 117,413 15,528 - Net income $ 457,445 $ 41,310 $ ( 65) Segment assets $ 42,080,292 $ 10,095,526 $ ( 14,414) For the nine months ended September 30, 2019 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 1,452,891 $ ( 28,621) $ - $ 1,424,270 Provision for loan losses 118,298 257 - 118,555 Non-interest income 385,914 33,537 ( 1,983) 417,468 Amortization of intangibles 7,009 73 - 7,082 Depreciation expense 42,369 559 - 42,928 Other operating expenses 1,039,498 ( 233) ( 2,365) 1,036,900 Income tax expense (benefit) 132,941 ( 1,158) 140 131,923 Net income $ 498,690 $ 5,418 $ 242 $ 504,350 Segment assets $ 52,161,404 $ 5,134,608 $ ( 4,815,597) $ 52,480,415 2018 For the quarter ended September 30, 2018 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 388,533 $ 76,184 $ 3 Provision for loan losses 51,911 2,510 - Non-interest income 135,762 5,530 ( 141) Amortization of intangibles 2,157 167 - Depreciation expense 11,135 2,185 - Other operating expenses 282,124 44,279 ( 136) Income tax expense 39,421 10,439 - Net income $ 137,547 $ 22,134 $ ( 2) Segment assets $ 38,338,571 $ 9,388,787 $ ( 112,222) For the quarter ended September 30, 2018 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 464,720 $ ( 13,251) $ - $ 451,469 Provision (reversal) for loan losses 54,421 ( 34) - 54,387 Non-interest income 141,151 9,960 ( 90) 151,021 Amortization of intangibles 2,324 - - 2,324 Depreciation expense 13,320 188 - 13,508 Other operating expenses 326,267 23,995 ( 657) 349,605 Income tax expense (benefit) 49,860 ( 8,070) 228 42,018 Net income (loss) $ 159,679 $ ( 19,370) $ 339 $ 140,648 Segment assets $ 47,615,136 $ 5,478,884 $ ( 5,174,592) $ 47,919,428 For the nine months ended September 30, 2018 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 1,073,522 $ 226,654 $ 5 Provision for loan losses 154,805 30,774 - Non-interest income 452,577 15,010 ( 420) Amortization of intangibles 6,474 499 - Depreciation expense 32,069 6,466 - Other operating expenses 777,574 135,305 ( 409) Income tax expense 41,088 15,759 - Net income $ 514,089 $ 52,861 $ ( 6) Segment assets $ 38,338,571 $ 9,388,787 $ ( 112,222) For the nine months ended September 30, 2018 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 1,300,181 $ ( 41,529) $ - $ 1,258,652 Provision (reversal) for loan losses 185,579 ( 75) - 185,504 Non-interest income 467,167 33,698 ( 1,538) 499,327 Amortization of intangibles 6,973 - - 6,973 Depreciation expense 38,535 548 - 39,083 Other operating expenses 912,470 68,766 ( 2,185) 979,051 Income tax expense (benefit) 56,847 ( 21,505) 271 35,613 Net income (loss) $ 566,944 $ ( 55,565) $ 376 $ 511,755 Segment assets $ 47,615,136 $ 5,478,884 $ ( 5,174,592) $ 47,919,428 Additional disclosures with respect to the Banco Popular de Puerto Rico reportable segment are as follows: 2019 For the quarter ended September 30, 2019 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 $ 160,038 $ 250,944 $ 1,212 $ ( 12) $ 412,182 Provision (reversal) for loan losses ( 23,619) 58,100 - - 34,481 Non-interest income 25,196 75,854 24,545 ( 727) 124,868 Amortization of intangibles 50 1,072 1,086 - 2,208 Depreciation expense 5,064 6,753 155 - 11,972 Other operating expenses 82,817 210,753 16,986 ( 741) 309,815 Income tax expense 29,340 2,649 3,297 - 35,286 Net income $ 91,582 $ 47,471 $ 4,233 $ 2 $ 143,288 Segment assets $ 35,590,229 $ 23,714,260 $ 379,126 $ ( 17,603,323) $ 42,080,292 For the nine months ended September 30, 2019 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 $ 464,441 $ 762,913 $ 3,857 $ ( 123) $ 1,231,088 Provision (reversal) for loan losses ( 22,756) 117,407 - - 94,651 Non-interest income 74,481 220,064 76,733 ( 2,252) 369,026 Amortization of intangibles 147 3,218 3,145 - 6,510 Depreciation expense 14,615 21,071 468 - 36,154 Other operating expenses 229,767 611,348 49,076 ( 2,250) 887,941 Income tax expense 88,353 19,878 9,182 - 117,413 Net income $ 228,796 $ 210,055 $ 18,719 $ ( 125) $ 457,445 Segment assets $ 35,590,229 $ 23,714,260 $ 379,126 $ ( 17,603,323) $ 42,080,292 2018 For the quarter ended September 30, 2018 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 $ 145,397 $ 241,920 $ 1,232 $ ( 16) $ 388,533 Provision for loan losses 25,580 26,331 - - 51,911 Non-interest income 23,630 88,866 23,663 ( 397) 135,762 Amortization of intangibles 50 1,069 1,038 - 2,157 Depreciation expense 4,697 6,287 151 - 11,135 Other operating expenses 78,628 183,626 20,279 ( 409) 282,124 Income tax expense 11,068 27,436 917 - 39,421 Net income $ 49,004 $ 86,037 $ 2,510 $ ( 4) $ 137,547 Segment assets $ 28,247,478 $ 22,672,941 $ 336,311 $ ( 12,918,159) $ 38,338,571 For the nine months ended September 30, 2018 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 $ 430,341 $ 639,149 $ 4,066 $ ( 34) $ 1,073,522 Provision for loan losses 56,027 98,778 - - 154,805 Non-interest income 60,122 220,690 69,876 101,889 452,577 Amortization of intangibles 153 3,209 3,112 - 6,474 Depreciation expense 13,327 18,284 458 - 32,069 Other operating expenses 199,528 518,147 52,679 7,220 777,574 Income tax expense 52,640 46,625 5,711 ( 63,888) 41,088 Net income $ 168,788 $ 174,796 $ 11,982 $ 158,523 $ 514,089 Segment assets $ 28,247,478 $ 22,672,941 $ 336,311 $ ( 12,918,159) $ 38,338,571 [1] Includes the impact of the Termination Agreement with the FDIC and the Tax Closing Agreement entered into in connection with the FDIC transaction. These transactions resulted in a gain of $ 102.8 million reported in the non-interest income line, other operating expenses of $ 8.1 million and a net tax benefit of $ 63.9 million. Refer to Notes 10 and 33 to the Consolidated Financial Statements for additional information. Geographic Information Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues: [1] Puerto Rico $ 505,608 $ 493,512 $ 1,507,386 $ 1,435,099 United States 94,510 90,659 278,330 264,232 Other 19,585 18,319 56,022 58,648 Total consolidated revenues $ 619,703 $ 602,490 $ 1,841,738 $ 1,757,979 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss), including impairment on equity securities, net profit (loss) on trading account debt securities, indemnity reserves on loans sold expense, FDIC loss-share income and other operating income. Selected Balance Sheet Information: (In thousands) September 30, 2019 December 31, 2018 Puerto Rico Total assets $ 40,883,975 $ 36,863,930 Loans 18,752,442 18,837,742 Deposits 35,110,213 31,237,529 United States Total assets $ 10,716,967 $ 9,847,944 Loans 7,649,658 7,034,075 Deposits 7,676,409 6,878,599 Other Total assets $ 879,473 $ 892,703 Loans 662,245 687,494 Deposits [1] 1,379,573 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 | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block | |
Condensed Consolidating Financial Information of Guarantor and Issuers of Registeres Guranteed Securities | Note 36 – 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 September 30, 2019 and December 31, 2018, and the results of their operations and cash flows for periods ended September 30, 2019 and 2018. PNA is an operating, 100% 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, joint and severally, all registered debt securities issued by PNA. Condensed Consolidating Statement of Financial Condition (Unaudited) At September 30, 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 $ 114,897 $ - $ 502,058 $ ( 114,895) $ 502,060 Money market investments 141,513 12,657 5,168,072 ( 153,657) 5,168,585 Trading account debt securities, at fair value - - 36,303 - 36,303 Debt securities available-for-sale, at fair value - - 16,479,110 - 16,479,110 Debt securities held-to-maturity, at amortized cost 8,726 2,835 86,146 - 97,707 Equity securities 9,918 20 150,702 ( 182) 160,458 Investment in subsidiaries 6,150,826 1,794,752 - ( 7,945,578) - Loans held-for-sale, at lower of cost or fair value - - 56,370 - 56,370 Loans held-in-portfolio 32,163 - 27,143,123 5,955 27,181,241 Less - Unearned income - - 173,266 - 173,266 Allowance for loan losses 412 - 511,953 - 512,365 Total loans held-in-portfolio, net 31,751 - 26,457,904 5,955 26,495,610 Premises and equipment, net 3,583 - 543,480 - 547,063 Other real estate 146 - 117,782 - 117,928 Accrued income receivable 277 17 164,596 ( 112) 164,778 Mortgage servicing assets, at fair value - - 150,652 - 150,652 Other assets 91,858 24,432 1,713,547 ( 18,647) 1,811,190 Goodwill - - 671,123 ( 1) 671,122 Other intangible assets 6,488 - 14,991 - 21,479 Total assets $ 6,559,983 $ 1,834,713 $ 52,312,836 $ ( 8,227,117) $ 52,480,415 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest bearing $ - $ - $ 8,886,865 $ ( 114,895) $ 8,771,970 Interest bearing - - 35,547,882 ( 153,657) 35,394,225 Total deposits - - 44,434,747 ( 268,552) 44,166,195 Assets sold under agreements to repurchase - - 213,097 - 213,097 Notes payable 585,802 94,084 486,784 - 1,166,670 Other liabilities 65,802 1,651 977,742 ( 19,190) 1,026,005 Total liabilities 651,604 95,735 46,112,370 ( 287,742) 46,571,967 Stockholders' equity: Preferred stock 50,160 - - - 50,160 Common stock 1,044 2 56,307 ( 56,309) 1,044 Surplus 4,308,851 4,173,120 5,782,145 ( 9,946,560) 4,317,556 Retained earnings (accumulated deficit) 2,079,725 ( 2,437,754) 494,889 1,934,338 2,071,198 Treasury stock, at cost ( 392,521) - - ( 109) ( 392,630) Accumulated other comprehensive loss,net of tax ( 138,880) 3,610 ( 132,875) 129,265 ( 138,880) Total stockholders' equity 5,908,379 1,738,978 6,200,466 ( 7,939,375) 5,908,448 Total liabilities and stockholders' equity $ 6,559,983 $ 1,834,713 $ 52,312,836 $ ( 8,227,117) $ 52,480,415 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 September 30, 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 $ 102,000 $ - $ - $ ( 102,000) $ - Loans 576 - 452,739 - 453,315 Money market investments 758 55 19,120 ( 814) 19,119 Investment securities 160 46 99,336 - 99,542 Total interest and dividend income 103,494 101 571,195 ( 102,814) 571,976 Interest expense: Deposits - - 79,574 ( 814) 78,760 Short-term borrowings - - 1,572 - 1,572 Long-term debt 9,632 1,556 3,465 - 14,653 Total interest expense 9,632 1,556 84,611 ( 814) 94,985 Net interest income (expense) 93,862 ( 1,455) 486,584 ( 102,000) 476,991 Provision (reversal) for loan losses- non-covered loans ( 2) - 36,541 - 36,539 Net interest income (expense) after provision (reversal) for loan losses 93,864 ( 1,455) 450,043 ( 102,000) 440,452 Service charges on deposit accounts - - 40,969 - 40,969 Other service fees - - 71,393 ( 84) 71,309 Mortgage banking activities - - 10,492 - 10,492 Net gain, including impairment on equity securities 64 - 148 1 213 Net loss on sale of debt securities - - ( 20) - ( 20) Net profit on trading account debt securities - - 295 - 295 Indemnity reserves on loans sold expense - - ( 3,411) - ( 3,411) Other operating income (expense) 4,626 ( 350) 18,610 ( 21) 22,865 Total non-interest income 4,690 ( 350) 138,476 ( 104) 142,712 Operating expenses: Personnel costs 14,207 - 133,475 - 147,682 Net occupancy expenses 1,006 - 23,589 - 24,595 Equipment expenses 917 1 20,678 - 21,596 Other taxes 61 - 13,967 - 14,028 Professional fees 6,370 13 92,263 ( 85) 98,561 Communications 150 - 5,731 - 5,881 Business promotion 754 - 17,611 - 18,365 FDIC deposit insurance - - 2,923 - 2,923 Other real estate owned (OREO) expenses - - ( 185) - ( 185) Other operating expenses ( 24,112) 14 65,418 ( 690) 40,630 Amortization of intangibles 24 - 2,375 - 2,399 Total operating expenses ( 623) 28 377,845 ( 775) 376,475 Income (loss) before income tax and equity in (losses) earnings of subsidiaries 99,177 ( 1,833) 210,674 ( 101,329) 206,689 Income tax (benefit) expense - ( 385) 41,494 261 41,370 Income (loss) before equity in (losses) earnings of subsidiaries 99,177 ( 1,448) 169,180 ( 101,590) 165,319 Equity in undistributed earnings of subsidiaries 66,142 18,210 - ( 84,352) - Net income $ 165,319 $ 16,762 $ 169,180 $ ( 185,942) $ 165,319 Comprehensive income, net of tax $ 217,652 $ 25,872 $ 222,592 $ ( 248,464) $ 217,652 Condensed Consolidating Statement of Operations (Unaudited) Nine months ended September 30, 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 $ 356,300 $ - $ - $ ( 356,300) $ - Loans 1,661 - 1,353,571 - 1,355,232 Money market investments 2,498 161 70,873 ( 2,659) 70,873 Investment securities 473 139 274,207 - 274,819 Total interest and dividend income 360,932 300 1,698,651 ( 358,959) 1,700,924 Interest expense: Deposits - - 230,694 ( 2,659) 228,035 Short-term borrowings - - 4,828 - 4,828 Long-term debt 28,896 4,671 10,224 - 43,791 Total interest expense 28,896 4,671 245,746 ( 2,659) 276,654 Net interest income (expense) 332,036 ( 4,371) 1,452,905 ( 356,300) 1,424,270 Provision for loan losses- non-covered loans 257 - 118,298 - 118,555 Net interest income (expense) after provision (reversal) for loan losses 331,779 ( 4,371) 1,334,607 ( 356,300) 1,305,715 Service charges on deposit accounts - - 119,277 - 119,277 Other service fees 2 - 211,565 ( 1,920) 209,647 Mortgage banking activities - - 18,645 - 18,645 Net loss on sale of debt securities - - ( 20) - ( 20) Net gain, including impairment on equity securities 934 - 1,261 ( 21) 2,174 Net gain on trading account debt securities - - 977 - 977 Indemnity reserves on loans sold expense - - ( 1,664) - ( 1,664) Other operating income (expense) 13,431 ( 984) 56,026 ( 41) 68,432 Total non-interest income (expense) 14,367 ( 984) 406,067 ( 1,982) 417,468 Operating expenses: Personnel costs 46,910 - 385,388 - 432,298 Net occupancy expenses 3,231 - 68,243 ( 43) 71,431 Equipment expenses 2,616 3 60,005 - 62,624 Other taxes 185 1 38,081 - 38,267 Professional fees 13,780 68 267,841 ( 414) 281,275 Communications 483 - 17,202 - 17,685 Business promotion 2,435 - 49,723 - 52,158 FDIC deposit insurance - - 13,007 - 13,007 Other real estate owned (OREO) expenses - - 3,729 - 3,729 Other operating expenses ( 69,904) 43 179,123 ( 1,908) 107,354 Amortization of intangibles 73 - 7,009 - 7,082 Total operating expenses ( 191) 115 1,089,351 ( 2,365) 1,086,910 Income (loss) before income tax and equity (losses) in earnings of subsidiaries 346,337 ( 5,470) 651,323 ( 355,917) 636,273 Income tax (benefit) expense - ( 1,149) 132,932 140 131,923 Income (loss) before equity in earnings of subsidiaries 346,337 ( 4,321) 518,391 ( 356,057) 504,350 Equity in undistributed earnings of subsidiaries 158,013 41,248 - ( 199,261) - Net income $ 504,350 $ 36,927 $ 518,391 $ ( 555,318) $ 504,350 Comprehensive income, net of tax $ 793,444 $ 85,389 $ 810,359 $ ( 895,748) $ 793,444 Condensed Consolidating Statement of Operations (Unaudited) Quarter ended September 30, 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 $ 52,000 $ - $ - $ ( 52,000) $ - Loans 537 - 430,122 ( 22) 430,637 Money market investments 2,429 16 27,582 ( 2,446) 27,581 Investment securities 150 72 69,925 - 70,147 Total interest and dividend income 55,116 88 527,629 ( 54,468) 528,365 Interest expense: Deposits - - 57,580 ( 2,446) 55,134 Short-term borrowings - 22 1,622 ( 22) 1,622 Long-term debt 14,045 2,390 3,705 - 20,140 Total interest expense 14,045 2,412 62,907 ( 2,468) 76,896 Net interest income (expense) 41,071 ( 2,324) 464,722 ( 52,000) 451,469 Provision (reversal) for loan losses- non-covered loans ( 34) - 54,421 - 54,387 Net interest income (expense) after provision (reversal) for loan losses 41,105 ( 2,324) 410,301 ( 52,000) 397,082 Service charges on deposit accounts - - 38,147 - 38,147 Other service fees - - 64,382 ( 66) 64,316 Mortgage banking activities - - 11,269 - 11,269 Net gain, including impairment on equity securities 172 - 216 ( 18) 370 Net loss on trading account debt securities - - ( 122) - ( 122) Indemnity reserves on loans sold expense - - ( 3,029) - ( 3,029) Other operating income (expense) 3,643 ( 118) 36,551 ( 6) 40,070 Total non-interest income (expense) 3,815 ( 118) 147,414 ( 90) 151,021 Operating expenses: Personnel costs 15,803 - 123,954 - 139,757 Net occupancy expenses 984 - 17,618 - 18,602 Equipment expenses 1,037 - 17,266 - 18,303 Other taxes 71 - 11,852 - 11,923 Professional fees 3,889 20 80,017 ( 66) 83,860 Communications 144 - 5,910 - 6,054 Business promotion 520 - 14,958 - 15,478 FDIC deposit insurance - - 8,610 - 8,610 Other real estate owned (OREO) expenses - - 7,950 - 7,950 Other operating expenses ( 23,600) 13 76,754 ( 591) 52,576 Amortization of intangibles - - 2,324 - 2,324 Total operating expenses ( 1,152) 33 367,213 ( 657) 365,437 Income (loss) before income tax and equity in earnings (losses) of subsidiaries 46,072 ( 2,475) 190,502 ( 51,433) 182,666 Income tax (benefit) expense - ( 520) 42,310 228 42,018 Income (loss) before equity in earnings (losses) of subsidiaries 46,072 ( 1,955) 148,192 ( 51,661) 140,648 Equity in undistributed earnings of subsidiaries 94,576 19,722 - ( 114,298) - Net income $ 140,648 $ 17,767 $ 148,192 $ ( 165,959) $ 140,648 Comprehensive income, net of tax $ 103,251 $ 11,770 $ 111,369 $ ( 123,139) $ 103,251 Condensed Consolidating Statement of Operations (Unaudited) Nine months ended September 30, 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 $ 402,000 $ - $ - $ ( 402,000) $ - Loans 1,601 - 1,188,946 ( 49) 1,190,498 Money market investments 4,267 18 86,258 ( 4,285) 86,258 Investment securities 447 233 184,857 - 185,537 Total interest and dividend income 408,315 251 1,460,061 ( 406,334) 1,462,293 Interest expense: Deposits - - 143,335 ( 4,285) 139,050 Short-term borrowings - 49 5,387 ( 49) 5,387 Long-term debt 40,280 7,773 11,151 - 59,204 Total interest expense 40,280 7,822 159,873 ( 4,334) 203,641 Net interest income (expense) 368,035 ( 7,571) 1,300,188 ( 402,000) 1,258,652 Provision (reversal) for loan losses- non-covered loans ( 75) - 183,849 - 183,774 Provision for loan losses- covered loans - - 1,730 - 1,730 Net interest income (expense) after provision (reversal) for loan losses 368,110 ( 7,571) 1,114,609 ( 402,000) 1,073,148 Service charges on deposit accounts - - 111,704 - 111,704 Other service fees - - 189,253 ( 1,459) 187,794 Mortgage banking activities - - 33,408 - 33,408 Net gain (loss), including impairment on equity securities 176 - ( 170) ( 48) ( 42) Net loss on trading account debt securities - - ( 299) - ( 299) Indemnity reserves on loans sold expense - - ( 6,482) - ( 6,482) FDIC loss-share income - - 94,725 - 94,725 Other operating income 11,139 278 67,133 ( 31) 78,519 Total non-interest income 11,315 278 489,272 ( 1,538) 499,327 Operating expenses: Personnel costs 43,365 - 346,576 - 389,941 Net occupancy expenses 3,081 - 60,748 - 63,829 Equipment expenses 2,581 2 50,701 - 53,284 Other taxes 168 1 33,532 - 33,701 Professional fees 13,245 128 247,764 ( 389) 260,748 Communications 380 - 16,962 - 17,342 Business promotion 1,323 - 42,942 - 44,265 FDIC deposit insurance - - 22,534 - 22,534 Other real estate owned (OREO) expenses - - 21,028 - 21,028 Other operating expenses ( 64,352) 67 177,543 ( 1,796) 111,462 Amortization of intangibles - - 6,973 - 6,973 Total operating expenses ( 209) 198 1,027,303 ( 2,185) 1,025,107 Income (loss) before income tax and equity (losses) in earnings of subsidiaries 379,634 ( 7,491) 576,578 ( 401,353) 547,368 Income tax expense (benefit) - 372 34,970 271 35,613 Income (loss) before equity in earnings of subsidiaries 379,634 ( 7,863) 541,608 ( 401,624) 511,755 Equity in undistributed earnings of subsidiaries 132,121 45,772 - ( 177,893) - Net income $ 511,755 $ 37,909 $ 541,608 $ ( 579,517) $ 511,755 Comprehensive income, net of tax $ 328,218 $ 3,755 $ 358,368 $ ( 362,123) $ 328,218 Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 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 $ 504,350 $ 36,927 $ 518,391 $ ( 555,318) $ 504,350 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions ( 158,013) ( 41,248) - 199,261 - Provision for loan losses 257 - 118,298 - 118,555 Amortization of intangibles 73 - 7,009 - 7,082 Depreciation and amortization of premises and equipment 559 - 42,369 - 42,928 Net accretion of discounts and amortization of premiums and deferred fees 933 20 ( 127,501) - ( 126,548) Share-based compensation 7,517 - 3,901 - 11,418 Impairment losses on long-lived assets - - 2,591 - 2,591 Fair value adjustments on mortgage servicing rights - - 25,853 - 25,853 Indemnity reserves on loans sold expense - - 1,664 - 1,664 (Earnings) losses from investments under the equity method, net of dividends or distributions ( 11,683) 984 ( 7,762) - ( 18,461) Deferred income tax (benefit) expense - ( 1,149) 111,067 140 110,058 Loss (gain) on: Disposition of premises and equipment and other productive assets 39 - ( 5,172) - ( 5,133) Sale of debt securities - - 20 - 20 Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - ( 11,360) - ( 11,360) Sale of foreclosed assets, including write-downs - - ( 15,858) - ( 15,858) Acquisitions of loans held-for-sale - - ( 157,993) - ( 157,993) Proceeds from sale of loans held-for-sale - - 51,067 - 51,067 Net originations on loans held-for-sale - - ( 208,875) - ( 208,875) Net decrease (increase) in: Trading debt securities - - 333,013 - 333,013 Equity securities ( 3,225) - ( 3,257) - ( 6,482) Accrued income receivable 7 99 7,651 ( 33) 7,724 Other assets ( 1,559) 43 ( 14,130) 2,809 ( 12,837) Net decrease in: Interest payable ( 4,594) ( 1,551) ( 788) 33 ( 6,900) Pension and other postretirement benefits obligations - - ( 4,979) - ( 4,979) Other liabilities ( 681) ( 85) ( 98,071) ( 3,212) ( 102,049) Total adjustments ( 170,370) ( 42,887) 48,757 198,998 34,498 Net cash provided by (used in) operating activities 333,980 ( 5,960) 567,148 ( 356,320) 538,848 Cash flows from investing activities: Net decrease (increase) in money market investments 35,000 2,631 ( 1,000,840) ( 37,631) ( 1,000,840) Purchases of investment securities: Available-for-sale - - ( 13,579,074) - ( 13,579,074) Equity - - ( 15,515) 41 ( 15,474) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 10,671,630 - 10,671,630 Held-to-maturity - - 5,325 - 5,325 Proceeds from sale of investment securities: Available for sale - - 99,445 - 99,445 Equity - - 17,083 - 17,083 Net repayments (disbursements) on loans 533 - ( 325,012) - ( 324,479) Proceeds from sale of loans - - 77,327 - 77,327 Acquisition of loan portfolios - - ( 421,482) - ( 421,482) Payments to acquire other intangible - - ( 793) - ( 793) Return of capital from equity method investments - 3,329 ( 582) - 2,747 Capital contribution to subsidiary ( 4,000) - - 4,000 - Return of capital from wholly-owned subsidiaries 13,000 - - ( 13,000) - Acquisition of premises and equipment ( 791) - ( 45,170) - ( 45,961) Proceeds from sale of: Premises and equipment and other productive assets 3 - 17,183 - 17,186 Foreclosed assets - - 83,848 - 83,848 Net cash provided by (used in) investing activities 43,745 5,960 ( 4,416,627) ( 46,590) ( 4,413,512) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 4,463,708 ( 9,242) 4,454,466 Assets sold under agreements to repurchase - - ( 68,433) - ( 68,433) Other short-term borrowings - - ( 41) - ( 41) Payments of notes payable - - ( 144,991) - ( 144,991) Principal payments of finance leases - - ( 1,269) - ( 1,269) Proceeds from issuance of notes payable - - 75,000 - 75,000 Proceeds from issuance of common stock 11,256 - ( 4,733) - 6,523 Dividends paid to parent company - - ( 356,300) 356,300 - Dividends paid ( 85,863) - - - ( 85,863) Net payments for repurchase of common stock ( 250,566) - 13 ( 21) ( 250,574) Return of capital to parent company - - ( 13,000) 13,000 - Capital contribution from parent - - 4,000 ( 4,000) - Payments related to tax withholding for share-based compensation ( 5,420) - ( 12) - ( 5,432) Net cash (used in) provided by financing activities ( 330,593) - 3,953,942 356,037 3,979,386 Net increase in cash and due from banks, and restricted cash 47,132 - 104,463 ( 46,873) 104,722 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 $ 115,410 $ - $ 507,458 $ ( 114,895) $ 507,973 Condensed Consolidating Statement of Cash Flows (Unaudited) Nine months ended September 30, 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 $ 511,755 $ 37,909 $ 541,608 $ ( 579,517) $ 511,755 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions ( 132,121) ( 45,772) - 177,893 - Provision (reversal) for loan losses ( 75) - 185,579 - 185,504 Amortization of intangibles - - 6,973 - 6,973 Depreciation and amortization of premises and equipment 548 - 38,535 - 39,083 Net accretion of discounts and amortization of premiums and deferred fees 1,624 20 ( 45,177) - ( 43,533) Share-based compensation 4,149 - 1,813 - 5,962 Impairment losses on long-lived assets - - 272 - 272 Fair value adjustments on mortgage servicing rights - - 13,123 - 13,123 FDIC loss-share income - - ( 94,725) - ( 94,725) Adjustments to indemnity reserves on loans sold - - 6,482 - 6,482 Earnings from investments under the equity method, net of dividends or distributions ( 10,557) ( 278) ( 3,937) - ( 14,772) Deferred income tax benefit - ( 1,453) ( 96,525) 270 ( 97,708) Loss (gain) on: Disposition of premises and equipment and other productive assets 15 - 17,679 - 17,694 Proceeds from insurance claims - - ( 14,411) - ( 14,411) Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - ( 6,734) - ( 6,734) Sale of foreclosed assets, including write-downs - - ( 638) - ( 638) Acquisitions of loans held-for-sale - - ( 173,644) - ( 173,644) Proceeds from sale of loans held-for-sale - - 51,131 - 51,131 Net originations on loans held-for-sale - - ( 186,063) - ( 186,063) Net decrease (increase) in: Trading debt securities - - 346,556 ( 101) 346,455 Equity securities ( 1,779) - ( 701) - ( 2,480) Accrued income receivable ( 411) 90 51,779 410 51,868 Other assets ( 2,352) 52 237,585 ( 449) 234,836 Net (decrease) increase in: Interest payable ( 7,007) ( 3,441) 925 ( 410) ( 9,933) Pension and other postretirement benefits obligations - - 3,392 - 3,392 Other liabilities 2,160 9 ( 198,958) ( 246) ( 197,035) Total adjustments ( 145,806) ( 50,773) 140,311 177,367 121,099 Net cash provided by (used in) operating activities 365,949 ( 12,864) 681,919 ( 402,150) 632,854 Cash flows from investing activities: Net (increase) decrease in money market investments ( 395,000) ( 7,230) 647,519 402,230 647,519 Purchases of investment securities: Available-for-sale - - ( 6,968,920) - ( 6,968,920) Equity - - ( 11,456) 152 ( 11,304) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 3,925,362 - 3,925,362 Held-to-maturity - 1,637 5,547 - 7,184 Proceeds from sale of investment securities: Equity - - 20,925 - 20,925 Net repayments (disbursements) on loans 395 - ( 15,999) - ( 15,604) Proceeds from sale of loans - - 1,354 - 1,354 Acquisition of loan portfolios - - ( 461,117) - ( 461,117) Net payments (to) from FDIC under loss-sharing agreements - - ( 25,012) - ( 25,012) Payments to acquire businesses, net of cash acquired - - ( 1,830,050) - ( 1,830,050) Return of capital from equity method investments - 497 2,004 - 2,501 Capital contribution to subsidiary ( 82,000) - - 82,000 - Return of capital from wholly-owned subsidiaries 13,000 - - ( 13,000) - Acquisition of premises and equipment ( 755) - ( 52,389) - ( 53,144) Proceeds from insurance claims - - 14,411 - 14,411 Proceeds from sale of: Premises and equipment and other productive assets 195 - 6,796 - 6,991 Foreclosed assets - - 85,622 - 85,622 Net cash used in investing activities ( 464,165) ( 5,096) ( 4,655,403) 471,382 ( 4,653,282) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 4,596,970 ( 403,111) 4,193,859 Assets sold under agreements to repurchase - - ( 90,805) - ( 90,805) Other short-term borrowings - - ( 95,008) - ( 95,008) Payments of notes payable - ( 54,502) ( 172,474) - ( 226,976) Proceeds from issuance of notes payable 294,706 - 140,000 - 434,706 Proceeds from issuance of common stock 11,441 - ( 589) - 10,852 Dividends paid to parent company - - ( 402,000) 402,000 - Dividends paid ( 79,115) - - - ( 79,115) Net payments for repurchase of common stock ( 125,323) - - ( 3) ( 125,326) Return of capital to parent company - - ( 13,000) 13,000 - Capital contribution from parent - 72,000 10,000 ( 82,000) - Payments related to tax withholding for share-based compensation ( 2,162) - ( 43) - ( 2,205) Net cash (used in) provided by financing activities 99,547 17,498 3,973,051 ( 70,114) 4,019,982 Net increase (decrease) in cash and due from banks, and restricted cash 1,331 ( 462) ( 433) ( 882) ( 446) 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 $ 49,451 $ - $ 411,792 $ ( 49,060) $ 412,183 |
Basis of presentation and sum_2
Basis of presentation and summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies | |
Consolidation | Basis of Presentation The consolidated interim financial statements have been prepared without audit. The Consolidated Statement of Financial Condition 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 pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these financial statements should be read in conjunction with the audited Consolidated Financial Statements 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 full 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 liabilities 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. |
Revenue from contracts with cus
Revenue from contracts with customers (Policies) | 9 Months Ended |
Sep. 30, 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 performance 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 the 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, revenues 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 transferred 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 contracts 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 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. 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 limited 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 fees, 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 principal 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, underwriting 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 duration 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 investment 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 variable 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 as 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-party 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. Revenues 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 service 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) | 9 Months Ended |
Sep. 30, 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 included 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 other 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 the 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 inputs 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, interest 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 methodologies 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 instruments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results. |
Business combination (Tables)
Business combination (Tables) | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Debt Securities, Available-For-Sale | At September 30, 2019 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 5,593,503 $ 2,924 $ 1,789 $ 5,594,638 1.88 % After 1 to 5 years 4,200,129 86,143 862 4,285,410 2.34 After 5 to 10 years 624,188 1,912 1,860 624,240 1.60 Total U.S. Treasury securities 10,417,820 90,979 4,511 10,504,288 2.05 Obligations of U.S. Government sponsored entities Within 1 year 127,485 6 174 127,317 1.40 After 1 to 5 years 60,005 1 231 59,775 1.48 Total obligations of U.S. Government sponsored entities 187,490 7 405 187,092 1.43 Obligations of Puerto Rico, States and political subdivisions Within 1 year 6,975 - 44 6,931 - Total obligations of Puerto Rico, States and political subdivisions 6,975 - 44 6,931 - Collateralized mortgage obligations - federal agencies After 1 to 5 years 725 - 1 724 2.02 After 5 to 10 years 91,024 32 1,210 89,846 1.64 After 10 years 541,407 4,410 5,751 540,066 2.09 Total collateralized mortgage obligations - federal agencies 633,156 4,442 6,962 630,636 2.02 Mortgage-backed securities Within 1 year 37 - - 37 2.05 After 1 to 5 years 39,627 861 2 40,486 3.35 After 5 to 10 years 315,038 2,623 1,391 316,270 2.04 After 10 years 4,751,236 64,743 22,982 4,792,997 2.61 Total mortgage-backed securities 5,105,938 68,227 24,375 5,149,790 2.58 Other After 1 to 5 years 364 9 - 373 3.62 Total other 364 9 - 373 3.62 Total debt securities available-for-sale [1] $ 16,351,743 $ 163,664 $ 36,297 $ 16,479,110 2.20 % [1] Includes $ 12.9 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 $ 11.7 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. |
Schedule Of Realized Gain Loss | For the quarter ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Gross realized gains $ - $ - $ - $ - Gross realized losses ( 20) - ( 20) - Net realized losses on sale of debt securities available-for-sale $ ( 20) $ - $ ( 20) $ - |
Debt Securities Available For Sale Unrealized Loss Position Fair Value | At September 30, 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 $ 900,818 $ 2,376 $ 639,001 $ 2,135 $ 1,539,819 $ 4,511 Obligations of U.S. Government sponsored entities 9,947 25 176,356 380 186,303 405 Obligations of Puerto Rico, States and political subdivisions - - 6,931 44 6,931 44 Collateralized mortgage obligations - federal agencies 103,443 467 343,994 6,495 447,437 6,962 Mortgage-backed securities 177,382 480 1,977,343 23,895 2,154,725 24,375 Total debt securities available-for-sale in an unrealized loss position $ 1,191,590 $ 3,348 $ 3,143,625 $ 32,949 $ 4,335,215 $ 36,297 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 | September 30, 2019 December 31, 2018 (In thousands) Amortized cost Fair value Amortized cost Fair value FNMA $ 3,334,102 $ 3,351,007 $ 2,999,110 $ 2,901,904 Freddie Mac 1,722,954 1,739,165 1,095,855 1,058,013 |
Debt securities held-to-matur_2
Debt securities held-to-maturity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Debt Securities, Held-to-maturity | At September 30, 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 $ 3,745 $ - $ 33 $ 3,712 6.02 % After 1 to 5 years 17,580 - 269 17,311 6.11 After 5 to 10 years 18,195 - 1,861 16,334 3.11 After 10 years 46,078 8,375 2 54,451 1.69 Total obligations of Puerto Rico, States and political subdivisions 85,598 8,375 2,165 91,808 3.09 Collateralized mortgage obligations - federal agencies After 1 to 5 years 48 2 - 50 6.44 Total collateralized mortgage obligations - federal agencies 48 2 - 50 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 - 1 499 2.97 Total other 500 - 1 499 2.97 Total debt securities held-to-maturity $ 97,707 $ 8,377 $ 2,166 $ 103,918 3.50 % 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 September 30, 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 $ 22,427 $ 318 $ 9,713 $ 1,847 $ 32,140 $ 2,165 Other 499 1 - - 499 1 Total debt securities held-to-maturity in an unrealized loss position $ 22,926 $ 319 $ 9,713 $ 1,847 $ 32,639 $ 2,166 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) | 9 Months Ended |
Sep. 30, 2019 | |
ASC Subtopic 310-30 | |
Disclosure of carrying amount of loans acquired | Carrying amount (In thousands) September 30, 2019 December 31, 2018 Commercial real estate $ 683,046 $ 801,774 Commercial and industrial 134,962 84,465 Mortgage 871,803 982,821 Consumer 12,563 14,496 Carrying amount 1,702,374 1,883,556 Allowance for loan losses ( 94,610) ( 122,135) Carrying amount, net of allowance $ 1,607,764 $ 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 For the nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Beginning balance $ 1,042,407 $ 1,178,042 $ 1,092,504 $ 1,214,488 Additions 7,711 315 19,577 3,752 Accretion ( 35,502) ( 38,886) ( 111,083) ( 121,752) Change in expected cash flows 5,043 ( 16,739) 18,661 26,244 Ending balance [1] $ 1,019,659 $ 1,122,732 $ 1,019,659 $ 1,122,732 [1] At September 30, 2019, includes $ 0.7 billion of loans considered non-credit impaired at the acquisition date (September 30, 2018 - $ 0.8 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 For the nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Beginning balance $ 1,789,237 $ 2,033,457 $ 1,883,556 $ 2,108,993 Additions 11,891 3,062 27,639 8,334 Accretion 35,502 38,886 111,083 121,752 Collections / loan sales / charge-offs ( 134,256) ( 84,783) ( 319,904) ( 248,457) Ending balance [1] $ 1,702,374 $ 1,990,622 $ 1,702,374 $ 1,990,622 Allowance for loan losses ( 94,610) ( 168,559) ( 94,610) ( 168,559) Ending balance, net of ALLL $ 1,607,764 $ 1,822,063 $ 1,607,764 $ 1,822,063 [1] At September 30, 2019, includes $ 1.2 billion of loans considered non-credit impaired at the acquisition date (September 30, 2018 - $ 1.5 billion). |
Loans Held in Portfolio | Non Covered Loans | |
Past due financing receivables | September 30, 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 $ 331 $ - $ 1,824 $ 2,155 $ 146,395 $ 148,550 $ 1,784 $ - Commercial real estate: Non-owner occupied 25,497 3,449 47,692 76,638 2,020,511 2,097,149 43,349 - Owner occupied 9,284 2,682 90,507 102,473 1,514,624 1,617,097 75,513 - Commercial and industrial 31,435 6,703 46,104 84,242 3,221,615 3,305,857 45,720 311 Construction - 263 274 537 123,535 124,072 274 - Mortgage 287,578 142,727 876,960 1,307,265 4,928,311 6,235,576 296,025 459,704 Leasing 10,906 2,745 2,733 16,384 1,006,100 1,022,484 2,733 - Consumer: Credit cards 10,099 7,080 16,459 33,638 1,002,579 1,036,217 - 16,459 Home equity lines of credit 15 - 887 902 4,981 5,883 887 - Personal 13,724 10,012 19,418 43,154 1,306,449 1,349,603 18,710 15 Auto 85,717 19,973 22,954 128,644 2,719,114 2,847,758 22,954 - Other 660 617 13,149 14,426 127,910 142,336 12,824 325 Total $ 475,246 $ 196,251 $ 1,138,961 $ 1,810,458 $ 18,122,124 $ 19,932,582 $ 520,773 $ 476,814 [1] Loans HIP of $ 141 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. September 30, 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 $ - $ - $ 2,097 $ 2,097 $ 1,598,517 $ 1,600,614 $ 2,097 $ - Commercial real estate: Non-owner occupied - - 292 292 1,953,919 1,954,211 292 - Owner occupied 4,884 243 259 5,386 313,733 319,119 259 - Commercial and industrial 2,449 76 48,563 51,088 1,114,764 1,165,852 683 - Construction - - 10,060 10,060 619,924 629,984 10,060 - Mortgage 1,159 4,049 9,517 14,725 918,318 933,043 9,517 - Legacy 54 89 2,318 2,461 20,731 23,192 2,318 - Consumer: Credit cards - - - - 78 78 - - Home equity lines of credit 685 894 10,117 11,696 112,806 124,502 10,117 - Personal 1,852 1,499 1,670 5,021 319,084 324,105 1,670 - Other 20 - 6 26 667 693 6 - Total $ 11,103 $ 6,850 $ 84,899 $ 102,852 $ 6,972,541 $ 7,075,393 $ 37,019 $ - [1] Loans HIP of $ 48 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. September 30, 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 $ 331 $ - $ 3,921 $ 4,252 $ 1,744,912 $ 1,749,164 $ 3,881 $ - Commercial real estate: Non-owner occupied 25,497 3,449 47,984 76,930 3,974,430 4,051,360 43,641 - Owner occupied 14,168 2,925 90,766 107,859 1,828,357 1,936,216 75,772 - Commercial and industrial 33,884 6,779 94,667 135,330 4,336,379 4,471,709 46,403 311 Construction - 263 10,334 10,597 743,459 754,056 10,334 - Mortgage [1] 288,737 146,776 886,477 1,321,990 5,846,629 7,168,619 305,542 459,704 Leasing 10,906 2,745 2,733 16,384 1,006,100 1,022,484 2,733 - Legacy [2] 54 89 2,318 2,461 20,731 23,192 2,318 - Consumer: Credit cards 10,099 7,080 16,459 33,638 1,002,657 1,036,295 - 16,459 Home equity lines of credit 700 894 11,004 12,598 117,787 130,385 11,004 - Personal 15,576 11,511 21,088 48,175 1,625,533 1,673,708 20,380 15 Auto 85,717 19,973 22,954 128,644 2,719,114 2,847,758 22,954 - Other 680 617 13,155 14,452 128,577 143,029 12,830 325 Total $ 486,349 $ 203,101 $ 1,223,860 $ 1,913,310 $ 25,094,665 $ 27,007,975 $ 557,792 $ 476,814 [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 $ 173 million in unearned income and exclude $ 56 million in loans held-for-sale. [4] Includes $ 6.7 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 $ 2.1 billion at the Federal Reserve Bank ("FRB") for discount window borrowings. [5] Loans HIP of $ 189 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) | 9 Months Ended |
Sep. 30, 2019 | |
Impaired financing receivables | September 30, 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 $ 2,249 $ 2,284 $ 249 $ - $ - $ 2,249 $ 2,284 $ 249 Commercial real estate non-owner occupied 76,055 88,496 14,012 110,859 121,418 186,914 209,914 14,012 Commercial real estate owner occupied 111,600 130,895 5,607 27,573 59,748 139,173 190,643 5,607 Commercial and industrial 50,024 51,327 10,262 28,764 51,037 78,788 102,364 10,262 Construction 274 274 57 - - 274 274 57 Mortgage 419,665 477,034 40,483 104,211 139,550 523,876 616,584 40,483 Leasing 624 624 71 - - 624 624 71 Consumer: Credit cards 26,049 26,049 3,018 - - 26,049 26,049 3,018 Personal 68,147 68,147 17,824 - - 68,147 68,147 17,824 Auto 333 333 62 - - 333 333 62 Other 827 827 105 - - 827 827 105 Total Puerto Rico $ 755,847 $ 846,290 $ 91,750 $ 271,407 $ 371,753 $ 1,027,254 $ 1,218,043 $ 91,750 September 30, 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 multi-family $ - $ - $ - $ 2,097 $ 2,539 $ 2,097 $ 2,539 $ - Construction - - - 10,060 18,127 10,060 18,127 - Mortgage 6,961 7,313 2,385 2,480 2,844 9,441 10,157 2,385 Consumer: HELOCs 7,575 7,575 1,708 2,085 2,169 9,660 9,744 1,708 Personal 27 27 3 74 74 101 101 3 Total Popular U.S. $ 14,563 $ 14,915 $ 4,096 $ 16,796 $ 25,753 $ 31,359 $ 40,668 $ 4,096 September 30, 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 $ 2,249 $ 2,284 $ 249 $ 2,097 $ 2,539 $ 4,346 $ 4,823 $ 249 Commercial real estate non-owner occupied 76,055 88,496 14,012 110,859 121,418 186,914 209,914 14,012 Commercial real estate owner occupied 111,600 130,895 5,607 27,573 59,748 139,173 190,643 5,607 Commercial and industrial 50,024 51,327 10,262 28,764 51,037 78,788 102,364 10,262 Construction 274 274 57 10,060 18,127 10,334 18,401 57 Mortgage 426,626 484,347 42,868 106,691 142,394 533,317 626,741 42,868 Leasing 624 624 71 - - 624 624 71 Consumer: Credit Cards 26,049 26,049 3,018 - - 26,049 26,049 3,018 HELOCs 7,575 7,575 1,708 2,085 2,169 9,660 9,744 1,708 Personal 68,174 68,174 17,827 74 74 68,248 68,248 17,827 Auto 333 333 62 - - 333 333 62 Other 827 827 105 - - 827 827 105 Total Popular, Inc. $ 770,410 $ 861,205 $ 95,846 $ 288,203 $ 397,506 $ 1,058,613 $ 1,258,711 $ 95,846 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 September 30, 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 $ 1,641 $ 12 $ 2,309 $ - $ 3,950 $ 12 Commercial real estate non-owner occupied 182,078 2,561 - - 182,078 2,561 Commercial real estate owner occupied 138,325 1,698 720 - 139,045 1,698 Commercial and industrial 74,674 888 - - 74,674 888 Construction 1,031 - 11,060 - 12,091 - Mortgage 522,567 4,399 9,417 155 531,984 4,554 Leasing 745 - - - 745 - Consumer: Credit cards 26,346 - - - 26,346 - HELOCs - - 9,749 - 9,749 - Personal 69,103 64 107 - 69,210 64 Auto 742 - - - 742 - Other 939 - - - 939 - Total Popular, Inc. $ 1,018,191 $ 9,622 $ 33,362 $ 155 $ 1,051,553 $ 9,777 For the quarter ended September 30, 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 $ 1,100 $ 9 $ - $ - $ 1,100 $ 9 Commercial real estate non-owner occupied 132,927 1,371 - - 132,927 1,371 Commercial real estate owner occupied 148,931 1,636 - - 148,931 1,636 Commercial and industrial 74,770 1,053 - - 74,770 1,053 Construction 2,194 - 17,884 - 20,078 - Mortgage 507,919 3,561 9,277 43 517,196 3,604 Leasing 1,031 - - - 1,031 - Consumer: Credit cards 31,998 - - - 31,998 - HELOCs - - 6,208 - 6,208 - Personal 72,353 65 768 - 73,121 65 Auto 1,067 - - - 1,067 - Other 1,136 - - - 1,136 - Total Popular, Inc. $ 975,426 $ 7,695 $ 34,137 $ 43 $ 1,009,563 $ 7,738 For the nine months ended September 30, 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 $ 1,284 $ 36 $ 1,155 $ - $ 2,439 $ 36 Commercial real estate non-owner occupied 180,401 6,987 - - 180,401 6,987 Commercial real estate owner occupied 139,086 4,831 783 - 139,869 4,831 Commercial and industrial 72,668 2,744 - - 72,668 2,744 Construction 1,410 - 11,560 - 12,970 - Mortgage 517,492 12,423 9,423 296 526,915 12,719 Leasing 902 - - - 902 - Consumer: Credit cards 27,350 - - - 27,350 - HELOCs - - 8,855 - 8,855 - Personal 70,700 208 447 - 71,147 208 Auto 952 - - - 952 - Other 1,093 - - - 1,093 - Total Popular, Inc. $ 1,013,338 $ 27,229 $ 32,223 $ 296 $ 1,045,561 $ 27,525 For the nine months ended September 30, 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 $ 634 $ 28 $ - $ - $ 634 $ 28 Commercial real estate non-owner occupied 128,143 4,278 - - 128,143 4,278 Commercial real estate owner occupied 151,192 4,786 - - 151,192 4,786 Commercial and industrial 67,775 2,793 - - 67,775 2,793 Construction 2,170 25 8,942 - 11,112 25 Mortgage 508,930 13,790 9,217 130 518,147 13,920 Leasing 1,220 - - - 1,220 - Consumer: Credit cards 32,734 - - - 32,734 - HELOCs - - 5,446 - 5,446 - Personal 67,049 320 769 - 67,818 320 Auto 1,476 - - - 1,476 - Other 1,246 - - - 1,246 - Total Popular, Inc. $ 962,569 $ 26,020 $ 24,374 $ 130 $ 986,943 $ 26,150 |
Schedule of Trouble Debt Restructurings breakdown by Accrual and Nonaccrual Status | September 30, 2019 December 31, 2018 (In thousands) Accruing Non-Accruing Total Related Allowance Accruing Non-Accruing Total Related Allowance Loans held-in-portfolio: Commercial $ 234,214 $ 116,508 $ 350,722 $ 15,971 $ 229,758 $ 130,921 $ 360,679 $ 46,889 Construction - 274 274 57 - 1,788 1,788 56 Mortgage 996,000 132,755 1,128,755 42,029 906,712 135,758 1,042,470 41,211 Leases 343 245 588 71 668 440 1,108 320 Consumer 86,115 15,914 102,029 22,260 94,193 15,651 109,844 24,523 Loans held-in-portfolio $ 1,316,672 $ 265,696 $ 1,582,368 $ 80,388 $ 1,231,331 $ 284,558 $ 1,515,889 $ 112,999 |
Troubled Debt Restructurings Loan Count By Type Of Modification | Popular, Inc. For the quarter ended September 30, 2019 For the nine months ended September 30, 2019 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial multi-family - - - - - 1 - - Commercial real estate non-owner occupied - 3 - - - 6 - - Commercial real estate owner occupied - 4 - - 1 19 - - Commercial and industrial 2 7 - - 2 41 - - Mortgage 2 43 207 3 33 98 494 5 Leasing - 1 1 - - 1 2 - Consumer: Credit cards 111 - 1 41 394 - 2 161 HELOCs - 2 2 - - 14 11 - Personal 183 1 - - 527 4 - 1 Auto - 1 - - - 5 1 - Other 7 - - - 22 - - - Total 305 62 211 44 979 189 510 167 Popular, Inc. For the quarter ended September 30, 2018 For the nine months ended September 30, 2018 Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Reduction in interest rate Extension of maturity date Combination of reduction in interest rate and extension of maturity date Other Commercial multi-family - 1 - - - 2 - - Commercial real estate non-owner occupied 1 3 - - 3 14 - - Commercial real estate owner occupied 1 12 - - 4 54 - - Commercial and industrial 2 25 - - 6 75 - - Construction - - - - 1 - - - Mortgage 28 7 70 11 73 17 173 56 Leasing - - 3 - - - 4 - Consumer: Credit cards 115 - - 72 426 - 3 382 HELOCs - 8 1 1 - 20 8 1 Personal 511 1 - - 1,139 4 - - Auto - 4 1 - - 6 2 - Other 1 - 1 - 21 - 2 - Total 659 61 76 84 1,673 192 192 439 |
Troubled Debt Restructurings on Financing Receivables | For the quarter ended September 30, 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 3 $ 16,822 $ 16,822 $ ( 86) Commercial real estate owner occupied 4 2,966 2,959 ( 48) Commercial and industrial 9 1,436 1,384 103 Mortgage 255 23,583 21,907 746 Leasing 2 237 238 - Consumer: Credit cards 153 1,375 1,355 109 HELOCs 4 276 246 25 Personal 184 2,546 2,544 677 Auto 1 7 7 1 Other 7 31 31 2 Total 622 $ 49,279 $ 47,493 $ 1,529 For the quarter ended September 30, 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 multi-family 1 $ 810 $ 808 $ 63 Commercial real estate non-owner occupied 4 1,523 1,521 100 Commercial real estate owner occupied 13 7,578 7,525 160 Commercial and industrial 27 2,411 2,388 139 Mortgage 116 15,143 13,507 640 Leasing 3 75 73 23 Consumer: Credit cards 187 1,693 1,838 234 HELOCs 10 913 906 66 Personal 512 8,026 8,025 2,660 Auto 5 63 63 11 Other 2 392 392 67 Total 880 $ 38,627 $ 37,046 $ 4,163 Popular, Inc. For the nine months ended September 30, 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 multi-family 1 $ 154 $ 116 $ ( 5) Commercial real estate non-owner occupied 6 19,389 19,379 721 Commercial real estate owner occupied 20 6,378 6,110 9 Commercial and industrial 43 9,749 10,219 888 Mortgage 630 64,533 58,818 2,104 Leasing 3 264 266 7 Consumer: Credit cards 557 4,690 4,823 466 HELOCs 25 2,359 2,256 345 Personal 532 8,836 8,839 2,312 Auto 6 70 73 13 Other 22 177 177 27 Total 1,845 $ 116,599 $ 111,076 $ 6,887 Popular, Inc. For the nine months ended September 30, 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 multi-family 2 $ 1,377 $ 1,375 $ 106 Commercial real estate non-owner occupied 17 28,969 28,908 6,854 Commercial real estate owner occupied 58 27,648 26,433 1,143 Commercial and industrial 81 49,633 48,882 13,963 Construction 1 4,210 4,293 474 Mortgage 319 40,741 36,442 1,874 Leasing 4 98 96 30 Consumer: Credit cards 811 8,097 8,642 1,086 HELOCs 29 2,638 2,579 440 Personal 1,143 18,351 18,346 5,390 Auto 8 139 122 21 Other 23 595 593 98 Total 2,496 $ 182,496 $ 176,711 $ 31,479 |
T D R Loans Subsequent Default | Popular, Inc. Defaulted during the quarter endedSeptember 30, 2019 Defaulted during the nine months ended September 30, 2019 (Dollars in thousands) Loan count Recorded investment as of first default date Loan count Recorded investment as of first default date Commercial real estate non-owner occupied - $ - 1 $ 47 Commercial real estate owner occupied 1 68 3 495 Commercial and industrial 1 34 4 7,082 Mortgage 32 2,099 31 3,148 Leasing - - 1 22 Consumer: Credit cards 68 551 222 2,063 Personal 62 1,144 163 4,768 Auto 2 24 2 24 Other 1 5 2 7 Total 167 $ 3,925 429 $ 17,656 Popular, Inc. Defaulted during the quarter endedSeptember 30, 2018 Defaulted during the nine months ended September 30, 2018 (Dollars in thousands) Loan count Recorded investment as of first default date Loan count Recorded investment as of first default date Commercial real estate non-owner occupied - $ - 1 $ 17 Commercial real estate owner occupied 1 255 4 392 Commercial and industrial 1 5 7 81 Mortgage 42 5,280 74 9,520 Consumer: Credit cards 86 707 150 2,301 HELOCs 1 144 1 144 Personal 27 362 67 1,656 Auto - - 3 79 Other 1 3 2 10 Total 159 $ 6,756 309 $ 14,200 |
Outstanding Balance, Net of unearned, of Non-Covered Loans Held-In-Portfolio Based on the Assignment of Obligor Risk Ratings | September 30, 2019 Special Pass/ (In thousands) Watch Mention Substandard Doubtful Loss Sub-total Unrated Total Puerto Rico Commercial multi-family $ 2,262 $ 3,604 $ 2,062 $ - $ - $ 7,928 $ 140,622 $ 148,550 Commercial real estate non-owner occupied 530,310 107,723 272,491 12,046 - 922,570 1,174,579 2,097,149 Commercial real estate owner occupied 201,442 218,294 202,055 1,711 - 623,502 993,595 1,617,097 Commercial and industrial 660,142 100,309 121,777 8,113 9 890,350 2,415,507 3,305,857 Total Commercial 1,394,156 429,930 598,385 21,870 9 2,444,350 4,724,303 7,168,653 Construction 947 - 20,535 - - 21,482 102,590 124,072 Mortgage 2,239 1,547 137,220 - - 141,006 6,094,570 6,235,576 Leasing - - 2,690 - 43 2,733 1,019,751 1,022,484 Consumer: Credit cards - - 16,459 - - 16,459 1,019,758 1,036,217 HELOCs - - 727 - 171 898 4,985 5,883 Personal 82 - 18,741 - - 18,823 1,330,780 1,349,603 Auto - - 22,736 - 217 22,953 2,824,805 2,847,758 Other 492 11 14,067 - - 14,570 127,766 142,336 Total Consumer 574 11 72,730 - 388 73,703 5,308,094 5,381,797 Total Puerto Rico $ 1,397,916 $ 431,488 $ 831,560 $ 21,870 $ 440 $ 2,683,274 $ 17,249,308 $ 19,932,582 Popular U.S. Commercial multi-family $ 70,392 $ 13,906 $ 8,591 $ - $ - $ 92,889 $ 1,507,725 $ 1,600,614 Commercial real estate non-owner occupied 82,184 36,279 101,886 - - 220,349 1,733,862 1,954,211 Commercial real estate owner occupied 31,949 14,542 7,133 - - 53,624 265,495 319,119 Commercial and industrial 23,671 366 50,251 - - 74,288 1,091,564 1,165,852 Total Commercial 208,196 65,093 167,861 - - 441,150 4,598,646 5,039,796 Construction 31,892 22,881 56,613 - - 111,386 518,598 629,984 Mortgage - - 9,517 - - 9,517 923,526 933,043 Legacy 454 209 1,837 - - 2,500 20,692 23,192 Consumer: Credit cards - - - - - - 78 78 HELOCs - - 2,246 - 7,872 10,118 114,384 124,502 Personal - - 1,379 - 291 1,670 322,435 324,105 Other - - 6 - - 6 687 693 Total Consumer - - 3,631 - 8,163 11,794 437,584 449,378 Total Popular U.S. $ 240,542 $ 88,183 $ 239,459 $ - $ 8,163 $ 576,347 $ 6,499,046 $ 7,075,393 Popular, Inc. Commercial multi-family $ 72,654 $ 17,510 $ 10,653 $ - $ - $ 100,817 $ 1,648,347 $ 1,749,164 Commercial real estate non-owner occupied 612,494 144,002 374,377 12,046 - 1,142,919 2,908,441 4,051,360 Commercial real estate owner occupied 233,391 232,836 209,188 1,711 - 677,126 1,259,090 1,936,216 Commercial and industrial 683,813 100,675 172,028 8,113 9 964,638 3,507,071 4,471,709 Total Commercial 1,602,352 495,023 766,246 21,870 9 2,885,500 9,322,949 12,208,449 Construction 32,839 22,881 77,148 - - 132,868 621,188 754,056 Mortgage 2,239 1,547 146,737 - - 150,523 7,018,096 7,168,619 Legacy 454 209 1,837 - - 2,500 20,692 23,192 Leasing - - 2,690 - 43 2,733 1,019,751 1,022,484 Consumer: Credit cards - - 16,459 - - 16,459 1,019,836 1,036,295 HELOCs - - 2,973 - 8,043 11,016 119,369 130,385 Personal 82 - 20,120 - 291 20,493 1,653,215 1,673,708 Auto - - 22,736 - 217 22,953 2,824,805 2,847,758 Other 492 11 14,073 - - 14,576 128,453 143,029 Total Consumer 574 11 76,361 - 8,551 85,497 5,745,678 5,831,175 Total Popular, Inc. $ 1,638,458 $ 519,671 $ 1,071,019 $ 21,870 $ 8,603 $ 3,259,621 $ 23,748,354 $ 27,007,975 The following table presents the weighted average obligor risk rating at September 30, 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 11.87 6.02 Commercial real estate non-owner occupied 11.15 6.81 Commercial real estate owner occupied 11.35 7.27 Commercial and industrial 11.29 7.14 Total Commercial 11.25 7.07 Construction 11.01 7.85 Popular U.S. : Substandard Pass Commercial multi-family 11.24 7.36 Commercial real estate non-owner occupied 11.00 6.93 Commercial real estate owner occupied 11.04 7.47 Commercial and industrial 11.01 6.60 Total Commercial 11.02 7.02 Construction 11.18 7.72 Legacy 11.34 7.95 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 |
Allowance for credit losses on financing receivables | For the quarter ended September 30, 2019 Puerto Rico (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 190,227 $ 2,996 $ 127,930 $ 6,907 $ 148,131 $ 476,191 Provision (reversal of provision) ( 18,036) ( 4,916) 6,494 3,739 47,198 34,479 Charge-offs ( 15,419) ( 27) ( 13,886) ( 4,040) ( 46,398) ( 79,770) Recoveries 4,787 3,013 1,197 587 10,286 19,870 Ending balance $ 161,559 $ 1,066 $ 121,735 $ 7,193 $ 159,217 $ 450,770 Specific ALLL $ 30,130 $ 57 $ 40,483 $ 71 $ 21,009 $ 91,750 General ALLL $ 131,429 $ 1,009 $ 81,252 $ 7,122 $ 138,208 $ 359,020 Loans held-in-portfolio: Impaired loans $ 407,124 $ 274 $ 523,876 $ 624 $ 95,356 $ 1,027,254 Loans held-in-portfolio excluding impaired loans 6,761,529 123,798 5,711,700 1,021,860 5,286,441 18,905,328 Total loans held-in-portfolio $ 7,168,653 $ 124,072 $ 6,235,576 $ 1,022,484 $ 5,381,797 $ 19,932,582 For the quarter ended September 30, 2019 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 35,302 $ 6,887 $ 4,586 $ 774 $ 19,926 $ 67,475 Provision (reversal of provision) ( 2,507) 2,826 288 ( 280) 1,733 2,060 Charge-offs ( 5,912) ( 2,215) - ( 2) ( 4,619) ( 12,748) Recoveries 2,279 - 18 299 2,212 4,808 Ending balance $ 29,162 $ 7,498 $ 4,892 $ 791 $ 19,252 $ 61,595 Specific ALLL $ - $ - $ 2,385 $ - $ 1,711 $ 4,096 General ALLL $ 29,162 $ 7,498 $ 2,507 $ 791 $ 17,541 $ 57,499 Loans held-in-portfolio: Impaired loans $ 2,097 $ 10,060 $ 9,441 $ - $ 9,761 $ 31,359 Loans held-in-portfolio excluding impaired loans 5,037,699 619,924 923,602 23,192 439,617 7,044,034 Total loans held-in-portfolio $ 5,039,796 $ 629,984 $ 933,043 $ 23,192 $ 449,378 $ 7,075,393 For the quarter ended September 30, 2019 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 225,529 $ 9,883 $ 132,516 $ 774 $ 6,907 $ 168,057 $ 543,666 Provision (reversal of provision) ( 20,543) ( 2,090) 6,782 ( 280) 3,739 48,931 36,539 Charge-offs ( 21,331) ( 2,242) ( 13,886) ( 2) ( 4,040) ( 51,017) ( 92,518) Recoveries 7,066 3,013 1,215 299 587 12,498 24,678 Ending balance $ 190,721 $ 8,564 $ 126,627 $ 791 $ 7,193 $ 178,469 $ 512,365 Specific ALLL $ 30,130 $ 57 $ 42,868 $ - $ 71 $ 22,720 $ 95,846 General ALLL $ 160,591 $ 8,507 $ 83,759 $ 791 $ 7,122 $ 155,749 $ 416,519 Loans held-in-portfolio: Impaired loans $ 409,221 $ 10,334 $ 533,317 $ - $ 624 $ 105,117 $ 1,058,613 Loans held-in-portfolio excluding impaired loans 11,799,228 743,722 6,635,302 23,192 1,021,860 5,726,058 25,949,362 Total loans held-in-portfolio $ 12,208,449 $ 754,056 $ 7,168,619 $ 23,192 $ 1,022,484 $ 5,831,175 $ 27,007,975 For the nine months ended September 30, 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) ( 18,245) ( 2,877) 11,342 2,276 102,412 94,908 Charge-offs ( 40,275) ( 79) ( 37,056) ( 8,467) ( 120,187) ( 206,064) Recoveries 12,865 3,136 4,471 1,898 32,398 54,768 Ending balance $ 161,559 $ 1,066 $ 121,735 $ 7,193 $ 159,217 $ 450,770 Specific ALLL $ 30,130 $ 57 $ 40,483 $ 71 $ 21,009 $ 91,750 General ALLL $ 131,429 $ 1,009 $ 81,252 $ 7,122 $ 138,208 $ 359,020 Loans held-in-portfolio: Impaired loans $ 407,124 $ 274 $ 523,876 $ 624 $ 95,356 $ 1,027,254 Loans held-in-portfolio excluding impaired loans 6,761,529 123,798 5,711,700 1,021,860 5,286,441 18,905,328 Total loans held-in-portfolio $ 7,168,653 $ 124,072 $ 6,235,576 $ 1,022,484 $ 5,381,797 $ 19,932,582 For the nine months ended September 30, 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) 9,519 3,167 899 ( 1,467) 11,529 23,647 Charge-offs ( 15,737) ( 2,215) ( 594) 142 ( 15,879) ( 34,283) Recoveries 3,479 8 153 1,147 5,254 10,041 Ending balance $ 29,162 $ 7,498 $ 4,892 $ 791 $ 19,252 $ 61,595 Specific ALLL $ - $ - $ 2,385 $ - $ 1,711 $ 4,096 General ALLL $ 29,162 $ 7,498 $ 2,507 $ 791 $ 17,541 $ 57,499 Loans held-in-portfolio: Impaired loans $ 2,097 $ 10,060 $ 9,441 $ - $ 9,761 $ 31,359 Loans held-in-portfolio excluding impaired loans 5,037,699 619,924 923,602 23,192 439,617 7,044,034 Total loans held-in-portfolio $ 5,039,796 $ 629,984 $ 933,043 $ 23,192 $ 449,378 $ 7,075,393 For the nine months ended September 30, 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) ( 8,726) 290 12,241 ( 1,467) 2,276 113,941 118,555 Charge-offs ( 56,012) ( 2,294) ( 37,650) 142 ( 8,467) ( 136,066) ( 240,347) Recoveries 16,344 3,144 4,624 1,147 1,898 37,652 64,809 Ending balance $ 190,721 $ 8,564 $ 126,627 $ 791 $ 7,193 $ 178,469 $ 512,365 Specific ALLL $ 30,130 $ 57 $ 42,868 $ - $ 71 $ 22,720 $ 95,846 General ALLL $ 160,591 $ 8,507 $ 83,759 $ 791 $ 7,122 $ 155,749 $ 416,519 Loans held-in-portfolio: Impaired loans $ 409,221 $ 10,334 $ 533,317 $ - $ 624 $ 105,117 $ 1,058,613 Loans held-in-portfolio excluding impaired loans 11,799,228 743,722 6,635,302 23,192 1,021,860 5,726,058 25,949,362 Total loans held-in-portfolio $ 12,208,449 $ 754,056 $ 7,168,619 $ 23,192 $ 1,022,484 $ 5,831,175 $ 27,007,975 For the quarter ended September 30, 2018 Puerto Rico (In thousands) Commercial Construction Mortgage Leasing Consumer Total Allowance for credit losses: Beginning balance $ 190,926 $ 765 $ 182,103 $ 14,285 $ 179,066 $ 567,145 Provision (reversal of provision) 21,548 ( 12) 10,145 ( 422) 20,618 51,877 Charge-offs ( 7,335) ( 21) ( 23,526) ( 2,088) ( 42,180) ( 75,150) Recoveries 4,966 146 1,564 531 9,097 16,304 Ending balance $ 210,105 $ 878 $ 170,286 $ 12,306 $ 166,601 $ 560,176 Specific ALLL $ 52,250 $ - $ 43,841 $ 297 $ 24,906 $ 121,294 General ALLL $ 157,855 $ 878 $ 126,445 $ 12,009 $ 141,695 $ 438,882 Loans held-in-portfolio: Impaired loans $ 356,007 $ 1,829 $ 508,258 $ 931 $ 107,184 $ 974,209 Loans held-in-portfolio excluding impaired loans 7,051,469 75,964 6,023,018 902,609 4,796,084 18,849,144 Total loans held-in-portfolio $ 7,407,476 $ 77,793 $ 6,531,276 $ 903,540 $ 4,903,268 $ 19,823,353 For the quarter ended September 30, 2018 Popular U.S. (In thousands) Commercial Construction Mortgage Legacy Consumer Total Allowance for credit losses: Beginning balance $ 50,920 $ 6,937 $ 4,363 $ 700 $ 12,953 $ 75,873 Provision (reversal of provision) ( 14,744) 7,305 ( 65) ( 1,008) 11,022 2,510 Charge-offs ( 2,792) - ( 17) ( 81) ( 5,015) ( 7,905) Recoveries 1,051 - 20 766 1,227 3,064 Ending balance $ 34,435 $ 14,242 $ 4,301 $ 377 $ 20,187 $ 73,542 Specific ALLL $ - $ 5,530 $ 2,364 $ - $ 1,349 $ 9,243 General ALLL $ 34,435 $ 8,712 $ 1,937 $ 377 $ 18,838 $ 64,299 Loans held-in-portfolio: Impaired loans $ - $ 17,866 $ 8,825 $ - $ 7,388 $ 34,079 Loans held-in-portfolio excluding impaired loans 4,586,231 847,706 764,069 27,566 429,164 6,654,736 Total loans held-in-portfolio $ 4,586,231 $ 865,572 $ 772,894 $ 27,566 $ 436,552 $ 6,688,815 For the quarter ended September 30, 2018 Popular, Inc. (In thousands) Commercial Construction Mortgage Legacy Leasing Consumer Total Allowance for credit losses: Beginning balance $ 241,846 $ 7,702 $ 186,466 $ 700 $ 14,285 $ 192,019 $ 643,018 Provision (reversal of provision) 6,804 7,293 10,080 ( 1,008) ( 422) 31,640 54,387 Charge-offs ( 10,127) ( 21) ( 23,543) ( 81) ( 2,088) ( 47,195) ( 83,055) Recoveries 6,017 146 1,584 766 531 10,324 19,368 Ending balance $ 244,540 $ 15,120 $ 174,587 $ 377 $ 12,306 $ 186,788 $ 633,718 Specific ALLL $ 52,250 $ 5,530 $ 46,205 $ - $ 297 $ 26,255 $ 130,537 General ALLL $ 192,290 $ 9,590 $ 128,382 $ 377 $ 12,009 $ 160,533 $ 503,181 Loans held-in-portfolio: Impaired loans $ 356,007 $ 19,695 $ 517,083 $ - $ 931 $ 114,572 $ 1,008,288 Loans held-in-portfolio excluding impaired loans 11,637,700 923,670 6,787,087 27,566 902,609 5,225,248 25,503,880 Total loans held-in-portfolio $ 11,993,707 $ 943,365 $ 7,304,170 $ 27,566 $ 903,540 $ 5,339,820 $ 26,512,168 For the nine months ended September 30, 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 (reversal of provision) 52,846 ( 1,042) 24,564 5,022 71,610 153,000 Charge-offs ( 25,626) 9 ( 50,164) ( 6,404) ( 101,703) ( 183,888) Recoveries 11,354 625 3,383 1,697 22,291 39,350 Allowance transferred from covered loans - - 33,422 - 188 33,610 Ending balance $ 210,105 $ 878 $ 170,286 $ 12,306 $ 166,601 $ 560,176 Specific ALLL $ 52,250 $ - $ 43,841 $ 297 $ 24,906 $ 121,294 General ALLL $ 157,855 $ 878 $ 126,445 $ 12,009 $ 141,695 $ 438,882 Loans held-in-portfolio: Impaired non-covered loans $ 356,007 $ 1,829 $ 508,258 $ 931 $ 107,184 $ 974,209 Non-covered loans held-in-portfolio excluding impaired loans 7,051,469 75,964 6,023,018 902,609 4,796,084 18,849,144 Total non-covered loans held-in-portfolio $ 7,407,476 $ 77,793 $ 6,531,276 $ 903,540 $ 4,903,268 $ 19,823,353 For the nine months ended September 30, 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 Allowance transferred to non-covered loans - - ( 33,422) - ( 188) ( 33,610) Ending balance $ - $ - $ - $ - $ - $ - Specific ALLL $ - $ - $ - $ - $ - $ - General ALLL $ - $ - $ - $ - $ - $ - Loans held-in-portfolio: Impaired covered loans $ - $ - $ - $ - $ - $ - Covered loans held-in-portfolio excluding impaired loans - - - - - - Total covered loans held-in-portfolio $ - $ - $ - $ - $ - $ - For the nine months ended September 30, 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) 9,004 7,166 ( 529) ( 1,714) 16,847 30,774 Charge-offs ( 22,435) - ( 160) ( 252) ( 16,329) ( 39,176) Recoveries 3,732 - 449 1,545 4,140 9,866 Ending balance $ 34,435 $ 14,242 $ 4,301 $ 377 $ 20,187 $ 73,542 Specific ALLL $ - $ 5,530 $ 2,364 $ - $ 1,349 $ 9,243 General ALLL $ 34,435 $ 8,712 $ 1,937 $ 377 $ 18,838 $ 64,299 Loans held-in-portfolio: Impaired loans $ - $ 17,866 $ 8,825 $ - $ 7,388 $ 34,079 Loans held-in-portfolio excluding impaired loans 4,586,231 847,706 764,069 27,566 429,164 6,654,736 Total loans held-in-portfolio $ 4,586,231 $ 865,572 $ 772,894 $ 27,566 $ 436,552 $ 6,688,815 For the nine months ended September 30, 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) 61,850 6,124 26,300 ( 1,714) 5,022 87,922 185,504 Charge-offs ( 48,061) 9 ( 51,770) ( 252) ( 6,404) ( 118,034) ( 224,512) Recoveries 15,086 625 3,914 1,545 1,697 26,433 49,300 Ending balance $ 244,540 $ 15,120 $ 174,587 $ 377 $ 12,306 $ 186,788 $ 633,718 Specific ALLL $ 52,250 $ 5,530 $ 46,205 $ - $ 297 $ 26,255 $ 130,537 General ALLL $ 192,290 $ 9,590 $ 128,382 $ 377 $ 12,009 $ 160,533 $ 503,181 Loans held-in-portfolio: Impaired loans $ 356,007 $ 19,695 $ 517,083 $ - $ 931 $ 114,572 $ 1,008,288 Loans held-in-portfolio excluding impaired loans 11,637,700 923,670 6,787,087 27,566 902,609 5,225,248 25,503,880 Total loans held-in-portfolio $ 11,993,707 $ 943,365 $ 7,304,170 $ 27,566 $ 903,540 $ 5,339,820 $ 26,512,168 |
ASC Subtopic 310-30 | |
Allowance for credit losses on financing receivables | ASC 310-30 For the quarters ended For the nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance at beginning of period $ 120,818 $ 156,328 $ 122,135 $ 119,505 Provision (reversal of provision) ( 14,617) 17,854 ( 2,007) 78,317 Net charge-offs ( 11,591) ( 5,623) ( 25,518) ( 29,263) Balance at end of period $ 94,610 $ 168,559 $ 94,610 $ 168,559 |
FDIC loss share asset and tru_2
FDIC loss share asset and true up payment obligation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Table Text Block | |
FDIC Indemnification Asset Roll Forward | Nine months ended (In thousands) September 30, 2018 Balance at beginning of period $ 46,316 FDIC loss-share Termination Agreement ( 45,659) Amortization ( 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 $ - Balance due to the FDIC for recoveries on covered assets - Balance at end of period $ - |
Mortgage banking activities (Ta
Mortgage banking activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Mortgage Banking [Abstract] | |
Mortgage Banking Activities | Quarters ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Mortgage servicing fees, net of fair value adjustments: Mortgage servicing fees $ 11,797 $ 12,324 $ 35,400 $ 37,205 Mortgage servicing rights fair value adjustments ( 4,842) ( 4,194) ( 25,853) ( 13,123) Total mortgage servicing fees, net of fair value adjustments 6,955 8,130 9,547 24,082 Net gain on sale of loans, including valuation on loans held-for-sale 5,421 3,014 14,653 6,531 Trading account (loss) profit: Unrealized (losses) gains on outstanding derivative positions 227 45 - ( 131) Realized (losses) gains on closed derivative positions ( 2,111) 80 ( 5,555) 2,926 Total trading account (loss) profit ( 1,884) 125 ( 5,555) 2,795 Total mortgage banking activities $ 10,492 $ 11,269 $ 18,645 $ 33,408 |
Transfers of financial assets_2
Transfers of financial assets and mortgage servicing assets (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 88,139 $ - $ 88,139 Mortgage-backed securities - FNMA - 32,519 - 32,519 Total trading account debt securities $ - $ 120,658 $ - $ 120,658 Mortgage servicing rights $ - $ - $ 2,216 $ 2,216 Total $ - $ 120,658 $ 2,216 $ 122,874 Proceeds Obtained During the Nine Months Ended September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 247,091 $ - $ 247,091 Mortgage-backed securities - FNMA - 84,021 - 84,021 Total trading account debt securities $ - $ 331,112 $ - $ 331,112 Mortgage servicing rights $ - $ - $ 6,028 $ 6,028 Total $ - $ 331,112 $ 6,028 $ 337,140 Proceeds Obtained During the Quarter Ended September 30, 2018 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Debt securities available-for-sale: Mortgage-backed securities - FNMA $ - $ 2,498 $ - $ 2,498 Total debt securities available-for-sale $ - $ 2,498 $ - $ 2,498 Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 109,911 $ - $ 109,911 Mortgage-backed securities - FNMA - 23,625 - 23,625 Total trading account debt securities $ - $ 133,536 $ - $ 133,536 Mortgage servicing rights $ - $ - $ 2,625 $ 2,625 Total $ - $ 136,034 $ 2,625 $ 138,659 Proceeds Obtained During the Nine Months Ended September 30, 2018 (In thousands) Level 1 Level 2 Level 3 Initial Fair Value Assets Debt securities available-for-sale: Mortgage-backed securities - FNMA $ - $ 9,458 $ - $ 9,458 Total debt securities available-for-sale $ - $ 9,458 $ - $ 9,458 Trading account debt securities: Mortgage-backed securities - GNMA $ - $ 319,769 $ - $ 319,769 Mortgage-backed securities - FNMA - 62,853 - 62,853 Total trading account debt securities $ - $ 382,622 $ - $ 382,622 Mortgage servicing rights $ - $ - $ 7,198 $ 7,198 Total $ - $ 392,080 $ 7,198 $ 399,278 |
Schedule Of Servicing Assets At Fair Value Text Block | Residential MSRs (In thousands) September 30, 2019 September 30, 2018 Fair value at beginning of period $ 169,777 $ 168,031 Additions 6,728 7,871 Changes due to payments on loans [1] ( 8,449) ( 10,194) Reduction due to loan repurchases ( 1,411) ( 2,929) Changes in fair value due to changes in valuation model inputs or assumptions ( 15,993) - Fair value at end of period $ 150,652 $ 162,779 [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 Nine months ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Prepayment speed 6.8 % 4.4 % 6.9 % 4.4 % Weighted average life (in years) 9.6 11.4 9.6 11.4 Discount rate (annual rate) 10.8 % 11.0 % 10.9 % 11.1 % |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | Originated MSRs Purchased MSRs September 30, December 31, September 30, December 31, (In thousands) 2019 2018 2019 2018 Fair value of servicing rights $ 59,798 $ 69,400 $ 90,854 $ 100,377 Weighted average life (in years) 6.5 7.1 6.0 6.6 Weighted average prepayment speed (annual rate) 6.4 % 5.1 % 7.0 % 5.5 % Impact on fair value of 10% adverse change $ ( 1,536) $ ( 1,430) $ ( 2,562) $ ( 2,200) Impact on fair value of 20% adverse change $ ( 3,017) $ ( 2,817) $ ( 5,014) $ ( 4,328) Weighted average discount rate (annual rate) 11.4 % 11.5 % 11.0 % 11.0 % Impact on fair value of 10% adverse change $ ( 2,375) $ ( 3,125) $ ( 3,443) $ ( 4,354) Impact on fair value of 20% adverse change $ ( 4,585) $ ( 6,019) $ ( 6,656) $ ( 8,394) |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned Roll Forward [Table Text Block] | For the quarter ended September 30, 2019 Non-covered Non-covered OREO OREO (In thousands) Commercial/Construction Mortgage Total Balance at beginning of period $ 18,548 $ 100,303 $ 118,851 Write-downs in value ( 348) ( 745) ( 1,093) Additions 1,080 16,572 17,652 Sales ( 2,069) ( 15,182) ( 17,251) Other adjustments - ( 231) ( 231) Ending balance $ 17,211 $ 100,717 $ 117,928 For the nine months ended September 30, 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 ( 1,327) ( 3,896) ( 5,223) Additions 4,259 41,042 45,301 Sales ( 7,515) ( 50,742) ( 58,257) Other adjustments - ( 598) ( 598) Ending balance $ 17,211 $ 100,717 $ 117,928 For the quarter ended September 30, 2018 Non-covered Non-covered OREO OREO (In thousands) Commercial/Construction Mortgage Total Balance at beginning of period $ 25,262 $ 116,801 $ 142,063 Write-downs in value ( 487) ( 2,584) ( 3,071) Additions 2,006 11,517 13,523 Sales ( 1,309) ( 17,296) ( 18,605) Other adjustments - ( 130) ( 130) Ending balance $ 25,472 $ 108,308 $ 133,780 For the nine months ended September 30, 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 ( 1,889) ( 9,123) ( 287) ( 11,299) Additions 9,047 17,047 - 26,094 Sales ( 3,932) ( 62,051) ( 3,282) ( 69,265) Other adjustments 835 ( 747) ( 693) ( 605) Transfer to non-covered status [1] - 15,333 ( 15,333) - Ending balance $ 25,472 $ 108,308 $ - $ 133,780 [1] Represents the reclassification of OREOs to the non-covered category, pursuant to the Termination Agreement of all shared-loss agreements with the Federal Deposit Insurance Corporation related to loans acquired from Westernbank, that was completed on May 22, 2018. |
Other assets (Tables)
Other assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets Abstract | |
Schedule Of Other Assets Table Text Block | (In thousands) September 30, 2019 December 31, 2018 Net deferred tax assets (net of valuation allowance) $ 909,638 $ 1,049,895 Investments under the equity method 236,551 228,072 Prepaid taxes 38,622 33,842 Other prepaid expenses 91,115 82,742 Derivative assets 15,234 13,603 Trades receivable from brokers and counterparties 67,050 40,088 Principal, interest and escrow servicing advances 84,060 88,371 Guaranteed mortgage loan claims receivable 95,424 59,613 Operating ROU assets (Note 29) 137,076 - Finance ROU assets (Note 29) 12,663 - Others 123,757 117,908 Total other assets $ 1,811,190 $ 1,714,134 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure | |
Carrying Amount of Goodwill by Reportable Segments and Corporate Group | 2018 Purchase Balance at Goodwill on accounting Goodwill Balance at (In thousands) January 1, 2018 acquisition adjustments impairment September 30, 2018 Banco Popular de Puerto Rico $ 276,420 $ 60,242 $ - $ - $ 336,662 Popular U.S. 350,874 - - - 350,874 Total Popular, Inc. $ 627,294 $ 60,242 $ - $ - $ 687,536 September 30, 2019 Balance at Balance at Balance at Balance at January 1, Accumulated January 1, September 30, Accumulated September 30, 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 Carrying Accumulated Net Carrying (In thousands) Amount Amortization Value September 30, 2019 Core deposits $ 37,224 $ 28,861 $ 8,363 Other customer relationships 36,644 30,065 6,579 Trademark 488 114 374 Total other intangible assets $ 74,356 $ 59,040 $ 15,316 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 $ 2,288 Year 2020 5,410 Year 2021 2,600 Year 2022 1,724 Year 2023 1,684 Later years 1,610 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Interest bearing deposits | (In thousands) September 30, 2019 December 31, 2018 Savings accounts $ 10,602,678 $ 9,722,824 NOW, money market and other interest bearing demand deposits 16,995,390 13,221,415 Total savings, NOW, money market and other interest bearing demand deposits 27,598,068 22,944,239 Certificates of deposit: Under $100,000 3,259,238 3,260,330 $100,000 and over 4,536,919 4,356,434 Total certificates of deposit 7,796,157 7,616,764 Total interest bearing deposits $ 35,394,225 $ 30,561,003 |
Summary Of Certificates Of Deposit By Maturity Disclosures | (In thousands) 2019 $ 2,444,749 2020 2,429,159 2021 1,094,553 2022 734,807 2023 514,984 2024 and thereafter 577,905 Total certificates of deposit $ 7,796,157 |
Borrowings (Tables)
Borrowings (Tables) - Debt Instrument [Domain] | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Repurchase Agreements [Table Text Block] | September 30, 2019 December 31, 2018 Repurchase Repurchase (In thousands) liability liability U.S. Treasury securities Within 30 days $ 9,400 $ 138,689 After 30 to 90 days 29,386 79,374 After 90 days 142,818 19,558 Total U.S. Treasury securities 181,604 237,621 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 30,184 6,859 After 90 days - 20,465 Total mortgage-backed securities 30,184 27,324 Collateralized mortgage obligations Within 30 days 1,309 10,529 Total collateralized mortgage obligations 1,309 10,529 Total $ 213,097 $ 281,529 |
Schedule of Notes Payable [Table Text Block] | (In thousands) September 30, 2019 December 31, 2018 Advances with the FHLB with maturities ranging from 2019 through 2029 paying interest at monthly fixed rates ranging from 1.04% to 4.19% $ 472,355 $ 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 maturiting on 2023 paying interest semiannually at a fixed rate of 6.125%, net of debt issuance costs of $ 5,010 294,990 294,039 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 $ 402 384,895 384,875 Capital lease obligations - 20,412 Total notes payable $ 1,166,670 $ 1,256,102 Note: Refer to the Corporation's 2018 Form 10-K for rates information at December 31, 2018. |
Maturity Distribution Of Debt Securities [Text Block] | Assets sold under (In thousands) agreements to repurchase Notes payable Total 2019 $ 70,279 $ 65,309 $ 135,588 2020 142,818 139,996 282,814 2021 - 50,040 50,040 2022 - 103,148 103,148 2023 - 318,251 318,251 Later years - 489,926 489,926 Total borrowings $ 213,097 $ 1,166,670 $ 1,379,767 |
Other liabilities (Tables)
Other liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure Abstract | |
Other Liabilities Table Text Block | (In thousands) September 30, 2019 December 31, 2018 Accrued expenses $ 249,979 $ 276,120 Accrued interest payable 37,411 44,638 Accounts payable 71,366 66,381 Dividends payable 29,016 25,092 Trades payable 26,782 64 Liability for GNMA loans sold with an option to repurchase 98,758 134,260 Reserves for loan indemnifications 49,204 67,066 Reserve for operational losses 41,501 40,921 Operating lease liabilities (Note 29) 152,421 - Finance lease liabilities (Note 29) 19,606 - Pension benefit obligation 45,239 68,736 Postretirement benefit obligation 154,304 153,415 Others 50,418 45,115 Total other liabilities $ 1,026,005 $ 921,808 |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Table Text Block | |
Schedule of accumulated other comprehensive income | Changes in Accumulated Other Comprehensive Loss by Component [1] Quarters ended Nine months ended September 30, September 30, (In thousands) 2019 2018 2019 2018 Foreign currency translation Beginning Balance $ ( 52,378) $ ( 46,397) $ ( 49,936) $ ( 43,034) Other comprehensive income (loss) 155 ( 605) ( 2,287) ( 3,968) Net change 155 ( 605) ( 2,287) ( 3,968) Ending balance $ ( 52,223) $ ( 47,002) $ ( 52,223) $ ( 47,002) Adjustment of pension and postretirement benefit plans Beginning Balance $ ( 196,491) $ ( 199,895) $ ( 203,836) $ ( 205,408) Amounts reclassified from accumulated other comprehensive loss for amortization of net losses 3,673 3,285 11,018 9,856 Amounts reclassified from accumulated other comprehensive loss for amortization of prior service credit - ( 529) - ( 1,587) Net change 3,673 2,756 11,018 8,269 Ending balance $ ( 192,818) $ ( 197,139) $ ( 192,818) $ ( 197,139) Unrealized net holding gains (losses) on debt securities Beginning Balance $ 58,044 $ ( 250,422) $ ( 173,811) $ ( 102,775) Other comprehensive income (loss) 50,970 ( 39,845) 282,825 ( 187,492) Amounts reclassified from accumulated other comprehensive income (loss) for loss on securities 16 - 16 - Net change 50,986 ( 39,845) 282,841 ( 187,492) Ending balance $ 109,030 $ ( 290,267) $ 109,030 $ ( 290,267) 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) gains on cash flow hedges Beginning Balance $ ( 388) $ ( 78) $ ( 391) $ ( 40) Reclassification to retained earnings due to cumulative effect adjustment of accounting change - - ( 50) - Other comprehensive (loss) income before reclassifications ( 3,201) 208 ( 4,349) 790 Amounts reclassified from accumulated other comprehensive loss 720 89 1,921 ( 531) Net change ( 2,481) 297 ( 2,478) 259 Ending balance $ ( 2,869) $ 219 $ ( 2,869) $ 219 Total $ ( 138,880) $ ( 534,189) $ ( 138,880) $ ( 534,189) [1] All amounts presented are net of tax. |
Reclassification out of accumulated other comprehensive income | Reclassifications Out of Accumulated Other Comprehensive Loss Quarters ended Nine months ended Affected Line Item in the September 30, September 30, (In thousands) Consolidated Statements of Operations 2019 2018 2019 2018 Adjustment of pension and postretirement benefit plans Amortization of net losses Personnel costs $ ( 5,877) $ ( 5,386) $ ( 17,629) $ ( 16,157) Amortization of prior service credit Personnel costs - 868 - 2,603 Total before tax ( 5,877) ( 4,518) ( 17,629) ( 13,554) Income tax benefit 2,204 1,762 6,611 5,285 Total net of tax $ ( 3,673) $ ( 2,756) $ ( 11,018) $ ( 8,269) Unrealized holding gains (losses) on debt securities Realized loss on sale of debt securities Net loss on sale of debt securities ( 20) - ( 20) - Total before tax ( 20) - ( 20) - Income tax benefit 4 - 4 - Total net of tax $ ( 16) $ - $ ( 16) $ - Unrealized net (losses) gains on cash flow hedges Forward contracts Mortgage banking activities $ ( 1,337) $ ( 147) $ ( 3,258) $ 870 Interest rate swaps Other operating income 116 - 116 - Total before tax ( 1,221) ( 147) ( 3,142) 870 Income tax benefit (expense) 501 58 1,221 ( 339) Total net of tax $ ( 720) $ ( 89) $ ( 1,921) $ 531 Total reclassification adjustments, net of tax $ ( 4,409) $ ( 2,845) $ ( 12,955) $ ( 7,738) |
Guarantees (Tables)
Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Guarantee on loans sold or serviced with credit recourse | |
Credit Recourse Agreements Reserve Table [Text Block] | Quarters ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Balance as of beginning of period $ 48,100 $ 57,425 $ 56,230 $ 58,820 Provision for recourse liability 2,755 3,000 3,711 5,991 Net charge-offs ( 5,394) ( 2,678) ( 14,480) ( 7,064) Balance as of end of period $ 45,461 $ 57,747 $ 45,461 $ 57,747 |
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 September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Balance as of beginning of period $ 3,825 $ 11,153 $ 10,837 $ 11,742 Provision (reversal) for representation and warranties ( 81) ( 104) ( 4,488) 194 Net charge-offs - ( 39) ( 75) ( 926) Settlements paid - - ( 2,530) - Balance as of end of period $ 3,744 $ 11,010 $ 3,744 $ 11,010 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure | |
Schedule Of Fair Value Off Balance Sheet Risks Text Block | (In thousands) September 30, 2019 December 31, 2018 Commitments to extend credit: Credit card lines $ 4,575,290 $ 4,468,481 Commercial and construction lines of credit 2,854,512 2,751,390 Other consumer unused credit commitments 260,098 254,491 Commercial letters of credit 4,798 2,695 Standby letters of credit 79,400 26,479 Commitments to originate or fund mortgage loans 45,814 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 $ 7 $ - $ 7 $ 7 After 5 to 10 years 35 - 35 35 After 10 years 549 - 549 549 Total Central Government 591 - 591 591 Municipalities Within 1 year 3,745 78,108 81,853 81,853 After 1 to 5 years 17,580 139,283 156,863 156,863 After 5 to 10 years 18,195 82,967 101,162 101,162 After 10 years 655 90,601 91,256 91,256 Total Municipalities 40,175 390,959 431,134 431,134 Total Direct Government Exposure $ 40,766 $ 390,959 $ 431,725 $ 431,725 |
Non-consolidated variable int_2
Non-consolidated variable interest entities (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2019 December 31, 2018 Assets Servicing assets: Mortgage servicing rights $ 113,148 $ 136,280 Total servicing assets $ 113,148 $ 136,280 Other assets: Servicing advances $ 31,839 $ 37,988 Total other assets $ 31,839 $ 37,988 Total assets $ 144,987 $ 174,268 Maximum exposure to loss $ 144,987 $ 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Assets Other assets: Equity investment $ 6,393 $ 6,469 $ 3,409 $ 5,794 Total assets $ 6,393 $ 6,469 $ 3,409 $ 5,794 Liabilities Deposits $ ( 909) $ ( 2,566) $ ( 9,582) $ ( 7,994) Total liabilities $ ( 909) $ ( 2,566) $ ( 9,582) $ ( 7,994) Total net assets $ 5,484 $ 3,903 $ ( 6,173) $ ( 2,200) Maximum exposure to loss $ 5,484 $ 3,903 $ - $ - |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
EVERTEC Inc. | |
Schedule Equity Method Investments Table [Text Block] | (In thousands) September 30, 2019 December 31, 2018 Equity investment in EVERTEC $ 69,380 $ 60,591 |
Proportionate Share Of Income Loss And Changes In Stockholders Equity TableTextBlock | Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2019 Share of income from the investment in EVERTEC $ 4,010 $ 12,709 Share of other changes in EVERTEC's stockholders' equity 621 703 Share of EVERTEC's changes in equity recognized in income $ 4,631 $ 13,412 Quarter ended Nine months ended (In thousands) September 30, 2018 September 30, 2018 Share of income from the investment in EVERTEC $ 3,682 $ 10,586 Share of other changes in EVERTEC's stockholders' equity ( 34) 601 Share of EVERTEC's changes in equity recognized in income $ 3,648 $ 11,187 |
Income Statement Data Resulting From Related Party Transactions Table [Text Block] | Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2019 Category Interest expense on deposits $ ( 27) $ ( 59) Interest expense ATH and credit cards interchange income from services to EVERTEC 6,221 22,897 Other service fees Rental income charged to EVERTEC 1,744 5,337 Net occupancy Processing fees on services provided by EVERTEC ( 55,901) ( 164,255) Professional fees Other services provided to EVERTEC 247 873 Other operating expenses Total $ ( 47,716) $ ( 135,207) Quarter ended Nine months ended (In thousands) September 30, 2018 September 30, 2018 Category Interest expense on deposits $ ( 21) $ ( 46) Interest expense ATH and credit cards interchange income from services to EVERTEC 8,486 24,940 Other service fees Rental income charged to EVERTEC 1,781 5,297 Net occupancy Processing fees on services provided by EVERTEC ( 48,360) ( 142,443) Professional fees Other services provided to EVERTEC 279 884 Other operating expenses Total $ ( 37,835) $ ( 111,368) |
Balance Sheet Data Resulting From Related Party Transactions Table [Text Block] | (In thousands) September 30, 2019 December 31, 2018 Accounts receivable (Other assets) $ 2,561 $ 6,829 Deposits ( 47,108) ( 28,606) Accounts payable (Other liabilities) ( 1,512) ( 3,671) Net total $ ( 46,059) $ ( 25,448) |
PRLP 2011 Holding, LLC and PR Asset Portfolio 2013-1 International, LLC | |
Schedule Equity Method Investments Table [Text Block] | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Equity investment $ 6,393 $ 6,469 $ 3,409 $ 5,794 |
Proportionate Share Of Income Loss And Changes In Stockholders Equity TableTextBlock | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC Quarter ended Nine months ended Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Share of income (loss) from the equity investment $ ( 65) $ 55 $ ( 76) $ ( 257) $ ( 236) $ 112 $ 306 $ ( 5,297) |
Balance Sheet Data Resulting From Related Party Transactions Table [Text Block] | PRLP 2011 Holdings, LLC PR Asset Portfolio 2013-1 International, LLC (In thousands) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Deposits (non-interest bearing) $ ( 909) $ ( 2,566) $ ( 9,582) $ ( 7,994) |
Fair value measurement (Tables)
Fair value measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | At September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Total RECURRING FAIR VALUE MEASUREMENTS Assets Debt securities available-for-sale: U.S. Treasury securities $ 4,487,422 $ 6,016,866 $ - $ 10,504,288 Obligations of U.S. Government sponsored entities - 187,092 - 187,092 Obligations of Puerto Rico, States and political subdivisions - 6,931 - 6,931 Collateralized mortgage obligations - federal agencies - 630,636 - 630,636 Mortgage-backed securities - 5,148,581 1,209 5,149,790 Other - 373 - 373 Total debt securities available-for-sale $ 4,487,422 $ 11,990,479 $ 1,209 $ 16,479,110 Trading account debt securities, excluding derivatives: U.S. Treasury securities $ 2,758 $ 2 $ - $ 2,760 Obligations of Puerto Rico, States and political subdivisions - 649 - 649 Collateralized mortgage obligations - 79 557 636 Mortgage-backed securities - 28,772 26 28,798 Other - 3,004 456 3,460 Total trading account debt securities, excluding derivatives $ 2,758 $ 32,506 $ 1,039 $ 36,303 Equity securities $ - $ 19,778 $ - $ 19,778 Mortgage servicing rights - - 150,652 150,652 Derivatives - 15,234 - 15,234 Total assets measured at fair value on a recurring basis $ 4,490,180 $ 12,057,997 $ 152,900 $ 16,701,077 Liabilities Derivatives $ - $ ( 14,069) $ - $ ( 14,069) Total liabilities measured at fair value on a recurring basis $ - $ ( 14,069) $ - $ ( 14,069) 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 | Nine months ended September 30, 2019 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 65,922 $ 65,922 $ ( 10,761) Other real estate owned [2] - - 17,942 17,942 ( 3,486) Other foreclosed assets [2] - - 1,221 1,221 ( 153) Long-lived assets held-for-sale [3] - - 2,500 2,500 ( 2,591) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 87,585 $ 87,585 $ ( 16,991) [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 down to their fair value. Costs to sell are excluded from the reported fair value amount. [3] Represents the fair value of long-lived assets held-for-sale that were written down to their fair value. Nine months ended September 30, 2018 (In thousands) Level 1 Level 2 Level 3 Total NONRECURRING FAIR VALUE MEASUREMENTS Assets Write-downs Loans [1] $ - $ - $ 79,347 $ 79,347 $ ( 28,769) Other real estate owned [2] - - 42,572 42,572 ( 8,744) Other foreclosed assets [2] - - 2,596 2,596 ( 957) Total assets measured at fair value on a nonrecurring basis $ - $ - $ 124,515 $ 124,515 $ ( 38,470) [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 down 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 September 30, 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 June 30, 2019 $ 1,235 $ 618 $ 26 $ 468 $ 153,021 $ 155,368 Gains (losses) included in earnings - ( 1) - ( 12) ( 4,842) ( 4,855) Gains (losses) included in OCI ( 1) - - - - ( 1) Additions - 1 - - 2,473 2,474 Settlements ( 25) ( 61) - - - ( 86) Balance at September 30, 2019 $ 1,209 $ 557 $ 26 $ 456 $ 150,652 $ 152,900 Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2019 $ - $ 1 $ - $ 5 $ ( 1,575) $ ( 1,569) Nine months ended September 30, 2019 MBS Other classified CMOs securities as investment classified MBS classified securities as trading classified as as trading Mortgage available- account trading account account servicing Total (In thousands) for-sale securities securities securities rights assets Balance at January 1, 2019 $ 1,233 $ 611 $ 43 $ 485 $ 169,777 $ 172,149 Gains (losses) included in earnings - - ( 1) ( 29) ( 25,853) ( 25,883) Gains (losses) included in OCI 1 - - - - 1 Additions - 65 25 - 6,728 6,818 Settlements ( 25) ( 119) ( 41) - - ( 185) Balance at September 30, 2019 $ 1,209 $ 557 $ 26 $ 456 $ 150,652 $ 152,900 Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2019 $ - $ - $ 1 $ 13 $ ( 15,993) $ ( 15,979) Quarter ended September 30, 2018 MBS Other classified CMOs securities as investment classified MBS classified securities as trading classified as as trading Mortgage available- account trading account account servicing Total (In thousands) for-sale securities securities securities rights assets Balance at June 30, 2018 $ 1,264 $ 670 $ 43 $ 506 $ 164,025 $ 166,508 Gains (losses) included in earnings - - - ( 8) ( 4,194) ( 4,202) Gains (losses) included in OCI ( 1) - - - - ( 1) Additions - 7 - - 2,946 2,953 Settlements - ( 33) - - - ( 33) Balance at September 30, 2018 $ 1,263 $ 644 $ 43 $ 498 $ 162,777 $ 165,225 Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2018 $ - $ - $ - $ 3 $ - $ 3 Nine months ended September 30, 2018 MBS Other classified CMOs securities as investment classified MBS classified securities as trading classified as as trading Mortgage available- account trading account account servicing Total Contingent Total (In thousands) for-sale securities securities securities rights assets consideration [1] liabilities Balance at January 1, 2018 $ 1,288 $ 529 $ 43 $ 529 $ 168,031 $ 170,420 $ ( 164,858) $ ( 164,858) Gains (losses) included in earnings - 6 - ( 31) ( 13,123) ( 13,148) ( 6,112) ( 6,112) Gains (losses) included in OCI 1 - - - - 1 - - Additions - 260 - - 7,869 8,129 - - Settlements ( 26) ( 151) - - - ( 177) 170,970 170,970 Balance at September 30, 2018 $ 1,263 $ 644 $ 43 $ 498 $ 162,777 $ 165,225 $ - $ - Changes in unrealized gains (losses) included in earnings relating to assets still held at September 30, 2018 $ - $ 6 $ - $ 14 $ - $ 20 $ - $ - [1] Effective May 22, 2018, the Corporation entered into a Termination Agreement with the FDIC to terminate the Corporation's loss share arrangement ahead of their contractual maturities. Refer to Note 10 for additional information. |
Gain (loss) included in earnings, measured on recurring basis | Quarter ended September 30, 2019 Nine months ended September 30, 2019 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 Mortgage banking activities $ ( 4,842) $ ( 1,575) $ ( 25,853) $ ( 15,993) Trading account profit (loss) ( 13) 6 ( 30) 14 Total $ ( 4,855) $ ( 1,569) $ ( 25,883) $ ( 15,979) Quarter ended September 30, 2018 Nine months ended September 30, 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) $ - Mortgage banking activities ( 4,194) - ( 13,123) - Trading account profit (loss) ( 8) 3 ( 25) 20 Total $ ( 4,202) $ 3 $ ( 19,260) $ 20 |
Fair value measurements, recurring and nonrecurring valuation techniques | Fair value at September 30, (In thousands) 2019 Valuation technique Unobservable inputs Weighted average (range) [1] CMO's - trading $ 557 Discounted cash flow model Weighted average life 1.7 years ( 1.4 - 1.8 years) Yield 4.0% ( 3.9% - 4.4%) Prepayment speed 18.5% ( 15.2% - 20.7%) Other - trading $ 456 Discounted cash flow model Weighted average life 5.2 years Yield 12.0% Prepayment speed 10.8% Mortgage servicing rights $ 150,652 Discounted cash flow model Prepayment speed 6.8% ( 0.2% - 19.9%) Weighted average life 6.2 years ( 0.1 - 13.9 years) Discount rate 11.2% ( 9.5% - 14.7%) Loans held-in-portfolio $ 62,442 [2] External appraisal Haircut applied on external appraisals 10.3% ( 10.0% - 21.0%) Other real estate owned $ 15,003 [3] External appraisal Haircut applied on external appraisals 23.5% ( 10.0% - 35.0%) [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) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures | |
Fair Value By Balance Sheet Grouping Text Block | September 30, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Assets: Cash and due from banks $ 502,060 $ 502,060 $ - $ - $ 502,060 Money market investments 5,168,585 5,162,672 5,913 - 5,168,585 Trading account debt securities, excluding derivatives [1] 36,303 2,758 32,506 1,039 36,303 Debt securities available-for-sale [1] 16,479,110 4,487,422 11,990,479 1,209 16,479,110 Debt securities held-to-maturity: Obligations of Puerto Rico, States and political subdivisions $ 85,598 $ - $ - $ 91,808 $ 91,808 Collateralized mortgage obligation-federal agency 48 - - 50 50 Securities in wholly owned statutory business trusts 11,561 - 11,561 - 11,561 Other 500 - 499 - 499 Total debt securities held-to-maturity $ 97,707 $ - $ 12,060 $ 91,858 $ 103,918 Equity securities: FHLB stock $ 46,729 $ - $ 46,729 $ - $ 46,729 FRB stock 92,648 - 92,648 - 92,648 Other investments 21,081 - 19,778 7,296 27,074 Total equity securities $ 160,458 $ - $ 159,155 $ 7,296 $ 166,451 Loans held-for-sale $ 56,370 $ - $ - $ 57,572 $ 57,572 Loans held-in-portfolio 26,495,610 - - 24,603,515 24,603,515 Mortgage servicing rights 150,652 - - 150,652 150,652 Derivatives 15,234 - 15,234 - 15,234 September 30, 2019 Carrying (In thousands) amount Level 1 Level 2 Level 3 Fair value Financial Liabilities: Deposits: Demand deposits $ 36,370,038 $ - $ 36,370,038 $ - $ 36,370,038 Time deposits 7,796,157 - 7,648,739 - 7,648,739 Total deposits $ 44,166,195 $ - $ 44,018,777 $ - $ 44,018,777 Assets sold under agreements to repurchase $ 213,097 $ - $ 212,812 $ - $ 212,812 Notes payable: FHLB advances $ 486,785 $ - $ 496,552 $ - $ 496,552 Unsecured senior debt securities 294,990 - 322,014 - 322,014 Junior subordinated deferrable interest debentures (related to trust preferred securities) 384,895 - 406,485 - 406,485 Total notes payable $ 1,166,670 $ - $ 1,225,051 $ - $ 1,225,051 Derivatives $ 14,069 $ - $ 14,069 $ - $ 14,069 [1] Refer to Note 25 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level 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 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 25 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings. |
Net income per common share (Ta
Net income per common share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share | |
Schedule Of Earnings Per Share Basic And Diluted Table Text Block | Quarters ended September 30, Nine months ended September 30, (In thousands, except per share information) 2019 2018 2019 2018 Net income $ 165,319 $ 140,648 $ 504,350 $ 511,755 Preferred stock dividends ( 930) ( 930) ( 2,792) ( 2,792) Net income applicable to common stock $ 164,389 $ 139,718 $ 501,558 $ 508,963 Average common shares outstanding 96,357,117 101,067,300 97,073,177 101,549,711 Average potential dilutive common shares 121,210 181,854 139,219 182,219 Average common shares outstanding - assuming dilution 96,478,327 101,249,154 97,212,396 101,731,930 Basic EPS $ 1.71 $ 1.38 $ 5.17 $ 5.01 Diluted EPS $ 1.70 $ 1.38 $ 5.16 $ 5.00 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer Abstract | |
Disaggregation Of Revenue Table [Text Block] | Quarter ended September 30, Nine months ended September 30, (In thousands) 2019 2019 BPPR Popular U.S. BPPR Popular U.S. Service charges on deposit accounts $ 37,245 $ 3,724 $ 108,344 $ 10,933 Other service fees: Debit card fees 11,459 260 34,110 813 Insurance fees, excluding reinsurance 8,921 1,152 29,786 2,753 Credit card fees, excluding late fees and membership fees 21,901 217 61,579 656 Sale and administration of investment products 5,714 - 16,705 - Trust fees 5,277 - 15,844 - Total revenue from contracts with customers [1] $ 90,517 $ 5,353 $ 266,368 $ 15,155 [1] The amounts include intersegment transactions of $ 0.2 million and $ 2.3 million, respectively, for the quarter and nine months ended September 30, 2019. Quarter ended September 30, Nine months ended September 30, (In thousands) 2018 2018 BPPR Popular U.S. BPPR Popular U.S. Service charges on deposit accounts $ 34,869 $ 3,278 $ 101,824 $ 9,880 Other service fees: Debit card fees 10,723 261 33,543 763 Insurance fees, excluding reinsurance 8,210 1,187 24,097 2,642 Credit card fees, excluding late fees and membership fees 19,029 221 54,513 698 Sale and administration of investment products 5,696 - 16,071 - Trust fees 5,034 - 15,593 - Total revenue from contracts with customers [1] $ 83,561 $ 4,947 $ 245,641 $ 13,983 [1] The amounts include intersegment transactions of $ 0.2 million and $ 1.9 million, respectively, for the quarter and nine months ended September 30, 2018. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 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 $ 7,566 $ 28,034 $ 25,444 $ 21,688 $ 19,405 $ 77,693 $ 179,830 $ ( 27,409) $ 152,421 Finance Leases 739 3,003 3,093 3,187 3,284 11,186 24,492 ( 4,886) 19,606 |
Leases cost | The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows: Quarter ended Nine months ended (In thousands) September 30,2019 September 30,2019 Finance lease cost: Amortization of ROU assets $ 422 $ 1,265 Interest on lease liabilities 296 901 Operating lease cost 7,233 23,156 Short-term lease cost 97 172 Variable lease cost 3 5 Sublease income ( 29) ( 84) Total lease cost $ 8,022 $ 25,415 |
Leases supplemental information | Nine months ended (Dollars in thousands) September 30,2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,527 Operating cash flows from finance leases 906 Financing cash flows from finance leases 1,269 ROU assets obtained in exchange for new lease obligations: Operating leases $ 7,882 Weighted-average remaining lease term: Operating leases 8.6 years Finance leases 7.5 years Weighted-average discount rate: Operating leases 3.6 % Finance leases 6.0 % |
FDIC loss share expense (Tables
FDIC loss share expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Table Text Block | |
F D I C Loss Share Expense Income | Nine months ended (In thousands) September 30, 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) Gain on FDIC loss-share Termination Agreement [1] 102,752 Other 36 Total FDIC loss-share income $ 94,725 [1] Refer to Note 10 for additional information of the Termination Agreement with the FDIC. |
Pension and postretirement be_2
Pension and postretirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension/Postretirement Benefit Cost | Pension Plans OPEB Plan Quarters ended September 30, Quarters ended September 30, (In thousands) 2019 2018 2019 2018 Personnel Cost: Service cost $ - $ - $ 190 $ 257 Other operating expenses: Interest cost 7,109 6,373 1,489 1,390 Expected return on plan assets ( 8,096) ( 10,060) - - Amortization of prior service cost/(credit) - - - ( 868) Amortization of net loss 5,877 5,065 - 321 Total net periodic pension cost $ 4,890 $ 1,378 $ 1,679 $ 1,100 Pension Plans OPEB Plan Nine months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Personnel Cost: Service cost $ - $ - $ 570 $ 771 Other operating expenses: Interest cost 21,329 19,119 4,466 4,171 Expected return on plan assets ( 24,288) ( 30,180) - - Amortization prior service cost/(credit) - - - ( 2,603) Amortization of net loss 17,629 15,195 - 962 Total net periodic pension cost $ 14,670 $ 4,134 $ 5,036 $ 3,301 |
Schedule of accumulated and projected benefit obligations | For the quarters ended For the year ending (In thousands) 30-Sep-19 31-Dec-19 Pension Plans $ 20,057 $ 20,229 OPEB Plan $ 1,472 $ 8,128 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 9 Months Ended |
Sep. 30, 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 218,169 55.55 Performance Shares Quantity Adjustment 22,973 55.51 Vested ( 275,727) 44.97 Non-vested at September 30, 2019 347,601 $ 41.77 |
Directors | |
Schedule of Unvested Restricted Stock Units Roll Forward | (Not in thousands) Restricted Stock shares Weighted-Average Grant Date Fair Value per Share Restricted Stock units Weighted-Average Grant Date Fair Value per Unit 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 27,449 57.64 Vested ( 1,052) 49.25 ( 27,449) 57.64 Forfeited - - - - Non-vested at September 30, 2019 - $ - - $ - |
Income taxes (Tables)
Income taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule Of Deferred Tax Assets And Liabilities Table Text Block | September 30, 2019 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 16,442 $ 7,757 $ 24,199 Net operating loss and other carryforward available 128,899 711,507 840,406 Postretirement and pension benefits 74,833 - 74,833 Allowance for loan losses 425,855 18,680 444,535 Deferred gains - 2,443 2,443 Accelerated depreciation 1,963 5,626 7,589 FDIC-assisted transaction 85,609 - 85,609 Intercompany deferred gains 1,377 - 1,377 Difference in outside basis from pass-through entities 18,570 - 18,570 Other temporary differences 28,722 8,189 36,911 Total gross deferred tax assets 782,270 754,202 1,536,472 Deferred tax liabilities: Indefinite-lived intangibles 36,578 43,164 79,742 Unrealized net gain (loss) on trading and available-for-sale securities 40,840 1,029 41,869 Deferred loan origination costs ( 2,741) 3,027 286 Other temporary differences 12,432 1,109 13,541 Total gross deferred tax liabilities 87,109 48,329 135,438 Valuation allowance 99,766 392,643 492,409 Net deferred tax asset $ 595,395 $ 313,230 $ 908,625 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 1,109 11,688 Total gross deferred tax liabilities 68,483 27,923 96,406 Valuation allowance 89,852 406,455 496,307 Net deferred tax asset $ 721,466 $ 327,503 $ 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 Additions for tax positions - April through June 0.2 0.3 Balance at June 30 $ 7.7 $ 7.8 Additions for tax positions - July through September - 0.3 Reduction as a result of lapse of statute of limitations - July through September - ( 1.2) Balance at September 30 $ 7.7 $ 6.9 |
PUERTO RICO | |
Schedule Of Effective Income Tax Rate Reconciliation Table Text Block | Quarters ended September 30, 2019 September 30, 2018 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 77,508 38 % $ 71,240 39 % Net benefit of tax exempt interest income ( 38,103) ( 18) ( 24,941) ( 14) Deferred tax asset valuation allowance 3,170 1 5,606 3 Difference in tax rates due to multiple jurisdictions ( 4,233) ( 2) ( 5,203) ( 3) Effect of income subject to preferential tax rate ( 2,243) ( 1) ( 2,031) ( 1) Unrecognized tax benefits - - ( 1,621) ( 1) State and local taxes 2,180 1 3,115 2 Others 3,091 1 ( 4,147) ( 2) Income tax (benefit) expense $ 41,370 20 % $ 42,018 23 % Nine months ended September 30, 2019 September 30, 2018 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 238,602 38 % $ 213,474 39 % Net benefit of tax exempt interest income ( 95,986) ( 15) ( 70,341) ( 13) Deferred tax asset valuation allowance 9,915 2 17,018 3 Difference in tax rates due to multiple jurisdictions ( 9,851) ( 2) ( 10,400) ( 2) Effect of income subject to preferential tax rate [1] ( 7,458) ( 1) ( 108,087) ( 20) Unrecognized tax benefits - - ( 1,621) - State and local taxes 5,535 1 6,196 1 Others ( 8,834) ( 2) ( 10,626) ( 2) Income tax (benefit) expense $ 131,923 21 % $ 35,613 6 % [1] For the nine months ended September 30, 2018, includes the impact of the Tax Closing Agreement entered into in connection with the FDIC Transaction. |
Supplemental disclosure on th_2
Supplemental disclosure on the consolidated statements of cash flows (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information | |
Schedule Of Cash Flow Supplemental Disclosures Table Text Block | (In thousands) September 30, 2019 September 30, 2018 Non-cash activities: Loans transferred to other real estate $ 44,575 $ 23,188 Loans transferred to other property 40,384 30,973 Total loans transferred to foreclosed assets 84,959 54,161 Loans transferred to other assets 14,174 11,218 Financed sales of other real estate assets 11,710 11,962 Financed sales of other foreclosed assets 22,047 12,347 Total financed sales of foreclosed assets 33,757 24,309 Transfers from loans held-for-sale to loans held-in-portfolio 7,735 20,063 Loans securitized into investment securities [1] 331,112 392,080 Trades receivable from brokers and counterparties 66,389 57,290 Trades payable to brokers and counterparties 26,782 22,244 Receivables from investments maturities - 19,000 Recognition of mortgage servicing rights on securitizations or asset transfers 6,728 7,871 Interest capitalized on loans subject to the temporary payment moratorium - 481 Loans booked under the GNMA buy-back option 52,711 380,329 Capitalization of lease right of use asset 169,123 - Gain from the FDIC Termination Agreement - 102,752 Payable to Wells Fargo related to auto finance business acquisition - 13,193 [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) September 30, 2019 September 30, 2018 Cash and due from banks $ 476,815 $ 378,468 Restricted cash and due from banks 25,245 22,481 Restricted cash in money market investments 5,913 11,234 Total cash and due from banks, and restricted cash [2] $ 507,973 $ 412,183 [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) | 9 Months Ended |
Sep. 30, 2019 | |
Table Text Block | |
Results of Operations and Total Assets | 2019 For the quarter ended September 30, 2019 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 412,182 $ 74,391 $ 4 Provision for loan losses 34,481 2,060 - Non-interest income 124,868 5,953 ( 140) Amortization of intangibles 2,208 167 - Depreciation expense 11,972 2,046 - Other operating expenses 309,815 51,616 ( 136) Income tax expense 35,286 6,216 - Net income $ 143,288 $ 18,239 $ - Segment assets $ 42,080,292 $ 10,095,526 $ ( 14,414) For the quarter ended September 30, 2019 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 486,577 $ ( 9,586) $ - $ 476,991 Provision for loan losses 36,541 ( 2) - 36,539 Non-interest income 130,681 12,137 ( 106) 142,712 Amortization of intangibles 2,375 24 - 2,399 Depreciation expense 14,018 186 - 14,204 Other operating expenses 361,295 ( 647) ( 776) 359,872 Income tax expense (benefit) 41,502 ( 392) 260 41,370 Net income (loss) $ 161,527 $ 3,382 $ 410 $ 165,319 Segment assets $ 52,161,404 $ 5,134,608 $ ( 4,815,597) $ 52,480,415 For the nine months ended September 30, 2019 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 1,231,088 $ 221,856 $ ( 53) Provision for loan losses 94,651 23,647 - Non-interest income 369,026 17,309 ( 421) Amortization of intangibles 6,510 499 - Depreciation expense 36,154 6,215 - Other operating expenses 887,941 151,966 ( 409) Income tax expense 117,413 15,528 - Net income $ 457,445 $ 41,310 $ ( 65) Segment assets $ 42,080,292 $ 10,095,526 $ ( 14,414) For the nine months ended September 30, 2019 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 1,452,891 $ ( 28,621) $ - $ 1,424,270 Provision for loan losses 118,298 257 - 118,555 Non-interest income 385,914 33,537 ( 1,983) 417,468 Amortization of intangibles 7,009 73 - 7,082 Depreciation expense 42,369 559 - 42,928 Other operating expenses 1,039,498 ( 233) ( 2,365) 1,036,900 Income tax expense (benefit) 132,941 ( 1,158) 140 131,923 Net income $ 498,690 $ 5,418 $ 242 $ 504,350 Segment assets $ 52,161,404 $ 5,134,608 $ ( 4,815,597) $ 52,480,415 2018 For the quarter ended September 30, 2018 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 388,533 $ 76,184 $ 3 Provision for loan losses 51,911 2,510 - Non-interest income 135,762 5,530 ( 141) Amortization of intangibles 2,157 167 - Depreciation expense 11,135 2,185 - Other operating expenses 282,124 44,279 ( 136) Income tax expense 39,421 10,439 - Net income $ 137,547 $ 22,134 $ ( 2) Segment assets $ 38,338,571 $ 9,388,787 $ ( 112,222) For the quarter ended September 30, 2018 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 464,720 $ ( 13,251) $ - $ 451,469 Provision (reversal) for loan losses 54,421 ( 34) - 54,387 Non-interest income 141,151 9,960 ( 90) 151,021 Amortization of intangibles 2,324 - - 2,324 Depreciation expense 13,320 188 - 13,508 Other operating expenses 326,267 23,995 ( 657) 349,605 Income tax expense (benefit) 49,860 ( 8,070) 228 42,018 Net income (loss) $ 159,679 $ ( 19,370) $ 339 $ 140,648 Segment assets $ 47,615,136 $ 5,478,884 $ ( 5,174,592) $ 47,919,428 For the nine months ended September 30, 2018 Banco Popular Intersegment (In thousands) de Puerto Rico Popular U.S. Eliminations Net interest income $ 1,073,522 $ 226,654 $ 5 Provision for loan losses 154,805 30,774 - Non-interest income 452,577 15,010 ( 420) Amortization of intangibles 6,474 499 - Depreciation expense 32,069 6,466 - Other operating expenses 777,574 135,305 ( 409) Income tax expense 41,088 15,759 - Net income $ 514,089 $ 52,861 $ ( 6) Segment assets $ 38,338,571 $ 9,388,787 $ ( 112,222) For the nine months ended September 30, 2018 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Net interest income (expense) $ 1,300,181 $ ( 41,529) $ - $ 1,258,652 Provision (reversal) for loan losses 185,579 ( 75) - 185,504 Non-interest income 467,167 33,698 ( 1,538) 499,327 Amortization of intangibles 6,973 - - 6,973 Depreciation expense 38,535 548 - 39,083 Other operating expenses 912,470 68,766 ( 2,185) 979,051 Income tax expense (benefit) 56,847 ( 21,505) 271 35,613 Net income (loss) $ 566,944 $ ( 55,565) $ 376 $ 511,755 Segment assets $ 47,615,136 $ 5,478,884 $ ( 5,174,592) $ 47,919,428 2019 For the quarter ended September 30, 2019 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 $ 160,038 $ 250,944 $ 1,212 $ ( 12) $ 412,182 Provision (reversal) for loan losses ( 23,619) 58,100 - - 34,481 Non-interest income 25,196 75,854 24,545 ( 727) 124,868 Amortization of intangibles 50 1,072 1,086 - 2,208 Depreciation expense 5,064 6,753 155 - 11,972 Other operating expenses 82,817 210,753 16,986 ( 741) 309,815 Income tax expense 29,340 2,649 3,297 - 35,286 Net income $ 91,582 $ 47,471 $ 4,233 $ 2 $ 143,288 Segment assets $ 35,590,229 $ 23,714,260 $ 379,126 $ ( 17,603,323) $ 42,080,292 For the nine months ended September 30, 2019 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 $ 464,441 $ 762,913 $ 3,857 $ ( 123) $ 1,231,088 Provision (reversal) for loan losses ( 22,756) 117,407 - - 94,651 Non-interest income 74,481 220,064 76,733 ( 2,252) 369,026 Amortization of intangibles 147 3,218 3,145 - 6,510 Depreciation expense 14,615 21,071 468 - 36,154 Other operating expenses 229,767 611,348 49,076 ( 2,250) 887,941 Income tax expense 88,353 19,878 9,182 - 117,413 Net income $ 228,796 $ 210,055 $ 18,719 $ ( 125) $ 457,445 Segment assets $ 35,590,229 $ 23,714,260 $ 379,126 $ ( 17,603,323) $ 42,080,292 2018 For the quarter ended September 30, 2018 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 $ 145,397 $ 241,920 $ 1,232 $ ( 16) $ 388,533 Provision for loan losses 25,580 26,331 - - 51,911 Non-interest income 23,630 88,866 23,663 ( 397) 135,762 Amortization of intangibles 50 1,069 1,038 - 2,157 Depreciation expense 4,697 6,287 151 - 11,135 Other operating expenses 78,628 183,626 20,279 ( 409) 282,124 Income tax expense 11,068 27,436 917 - 39,421 Net income $ 49,004 $ 86,037 $ 2,510 $ ( 4) $ 137,547 Segment assets $ 28,247,478 $ 22,672,941 $ 336,311 $ ( 12,918,159) $ 38,338,571 For the nine months ended September 30, 2018 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 $ 430,341 $ 639,149 $ 4,066 $ ( 34) $ 1,073,522 Provision for loan losses 56,027 98,778 - - 154,805 Non-interest income 60,122 220,690 69,876 101,889 452,577 Amortization of intangibles 153 3,209 3,112 - 6,474 Depreciation expense 13,327 18,284 458 - 32,069 Other operating expenses 199,528 518,147 52,679 7,220 777,574 Income tax expense 52,640 46,625 5,711 ( 63,888) 41,088 Net income $ 168,788 $ 174,796 $ 11,982 $ 158,523 $ 514,089 Segment assets $ 28,247,478 $ 22,672,941 $ 336,311 $ ( 12,918,159) $ 38,338,571 [1] Includes the impact of the Termination Agreement with the FDIC and the Tax Closing Agreement entered into in connection with the FDIC transaction. These transactions resulted in a gain of $ 102.8 million reported in the non-interest income line, other operating expenses of $ 8.1 million and a net tax benefit of $ 63.9 million. Refer to Notes 10 and 33 to the Consolidated Financial Statements for additional information. |
Schedule Of Revenues And Selected Balance Sheet Information By Geographic Area | Geographic Information Quarter ended Nine months ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues: [1] Puerto Rico $ 505,608 $ 493,512 $ 1,507,386 $ 1,435,099 United States 94,510 90,659 278,330 264,232 Other 19,585 18,319 56,022 58,648 Total consolidated revenues $ 619,703 $ 602,490 $ 1,841,738 $ 1,757,979 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss), including impairment on equity securities, net profit (loss) on trading account debt securities, indemnity reserves on loans sold expense, FDIC loss-share income and other operating income. Selected Balance Sheet Information: (In thousands) September 30, 2019 December 31, 2018 Puerto Rico Total assets $ 40,883,975 $ 36,863,930 Loans 18,752,442 18,837,742 Deposits 35,110,213 31,237,529 United States Total assets $ 10,716,967 $ 9,847,944 Loans 7,649,658 7,034,075 Deposits 7,676,409 6,878,599 Other Total assets $ 879,473 $ 892,703 Loans 662,245 687,494 Deposits [1] 1,379,573 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) | 9 Months Ended |
Sep. 30, 2019 | |
Table Text Block | |
Condensed Balance Sheet | Condensed Consolidating Statement of Financial Condition (Unaudited) At September 30, 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 $ 114,897 $ - $ 502,058 $ ( 114,895) $ 502,060 Money market investments 141,513 12,657 5,168,072 ( 153,657) 5,168,585 Trading account debt securities, at fair value - - 36,303 - 36,303 Debt securities available-for-sale, at fair value - - 16,479,110 - 16,479,110 Debt securities held-to-maturity, at amortized cost 8,726 2,835 86,146 - 97,707 Equity securities 9,918 20 150,702 ( 182) 160,458 Investment in subsidiaries 6,150,826 1,794,752 - ( 7,945,578) - Loans held-for-sale, at lower of cost or fair value - - 56,370 - 56,370 Loans held-in-portfolio 32,163 - 27,143,123 5,955 27,181,241 Less - Unearned income - - 173,266 - 173,266 Allowance for loan losses 412 - 511,953 - 512,365 Total loans held-in-portfolio, net 31,751 - 26,457,904 5,955 26,495,610 Premises and equipment, net 3,583 - 543,480 - 547,063 Other real estate 146 - 117,782 - 117,928 Accrued income receivable 277 17 164,596 ( 112) 164,778 Mortgage servicing assets, at fair value - - 150,652 - 150,652 Other assets 91,858 24,432 1,713,547 ( 18,647) 1,811,190 Goodwill - - 671,123 ( 1) 671,122 Other intangible assets 6,488 - 14,991 - 21,479 Total assets $ 6,559,983 $ 1,834,713 $ 52,312,836 $ ( 8,227,117) $ 52,480,415 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest bearing $ - $ - $ 8,886,865 $ ( 114,895) $ 8,771,970 Interest bearing - - 35,547,882 ( 153,657) 35,394,225 Total deposits - - 44,434,747 ( 268,552) 44,166,195 Assets sold under agreements to repurchase - - 213,097 - 213,097 Notes payable 585,802 94,084 486,784 - 1,166,670 Other liabilities 65,802 1,651 977,742 ( 19,190) 1,026,005 Total liabilities 651,604 95,735 46,112,370 ( 287,742) 46,571,967 Stockholders' equity: Preferred stock 50,160 - - - 50,160 Common stock 1,044 2 56,307 ( 56,309) 1,044 Surplus 4,308,851 4,173,120 5,782,145 ( 9,946,560) 4,317,556 Retained earnings (accumulated deficit) 2,079,725 ( 2,437,754) 494,889 1,934,338 2,071,198 Treasury stock, at cost ( 392,521) - - ( 109) ( 392,630) Accumulated other comprehensive loss,net of tax ( 138,880) 3,610 ( 132,875) 129,265 ( 138,880) Total stockholders' equity 5,908,379 1,738,978 6,200,466 ( 7,939,375) 5,908,448 Total liabilities and stockholders' equity $ 6,559,983 $ 1,834,713 $ 52,312,836 $ ( 8,227,117) $ 52,480,415 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 September 30, 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 $ 102,000 $ - $ - $ ( 102,000) $ - Loans 576 - 452,739 - 453,315 Money market investments 758 55 19,120 ( 814) 19,119 Investment securities 160 46 99,336 - 99,542 Total interest and dividend income 103,494 101 571,195 ( 102,814) 571,976 Interest expense: Deposits - - 79,574 ( 814) 78,760 Short-term borrowings - - 1,572 - 1,572 Long-term debt 9,632 1,556 3,465 - 14,653 Total interest expense 9,632 1,556 84,611 ( 814) 94,985 Net interest income (expense) 93,862 ( 1,455) 486,584 ( 102,000) 476,991 Provision (reversal) for loan losses- non-covered loans ( 2) - 36,541 - 36,539 Net interest income (expense) after provision (reversal) for loan losses 93,864 ( 1,455) 450,043 ( 102,000) 440,452 Service charges on deposit accounts - - 40,969 - 40,969 Other service fees - - 71,393 ( 84) 71,309 Mortgage banking activities - - 10,492 - 10,492 Net gain, including impairment on equity securities 64 - 148 1 213 Net loss on sale of debt securities - - ( 20) - ( 20) Net profit on trading account debt securities - - 295 - 295 Indemnity reserves on loans sold expense - - ( 3,411) - ( 3,411) Other operating income (expense) 4,626 ( 350) 18,610 ( 21) 22,865 Total non-interest income 4,690 ( 350) 138,476 ( 104) 142,712 Operating expenses: Personnel costs 14,207 - 133,475 - 147,682 Net occupancy expenses 1,006 - 23,589 - 24,595 Equipment expenses 917 1 20,678 - 21,596 Other taxes 61 - 13,967 - 14,028 Professional fees 6,370 13 92,263 ( 85) 98,561 Communications 150 - 5,731 - 5,881 Business promotion 754 - 17,611 - 18,365 FDIC deposit insurance - - 2,923 - 2,923 Other real estate owned (OREO) expenses - - ( 185) - ( 185) Other operating expenses ( 24,112) 14 65,418 ( 690) 40,630 Amortization of intangibles 24 - 2,375 - 2,399 Total operating expenses ( 623) 28 377,845 ( 775) 376,475 Income (loss) before income tax and equity in (losses) earnings of subsidiaries 99,177 ( 1,833) 210,674 ( 101,329) 206,689 Income tax (benefit) expense - ( 385) 41,494 261 41,370 Income (loss) before equity in (losses) earnings of subsidiaries 99,177 ( 1,448) 169,180 ( 101,590) 165,319 Equity in undistributed earnings of subsidiaries 66,142 18,210 - ( 84,352) - Net income $ 165,319 $ 16,762 $ 169,180 $ ( 185,942) $ 165,319 Comprehensive income, net of tax $ 217,652 $ 25,872 $ 222,592 $ ( 248,464) $ 217,652 Condensed Consolidating Statement of Operations (Unaudited) Nine months ended September 30, 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 $ 356,300 $ - $ - $ ( 356,300) $ - Loans 1,661 - 1,353,571 - 1,355,232 Money market investments 2,498 161 70,873 ( 2,659) 70,873 Investment securities 473 139 274,207 - 274,819 Total interest and dividend income 360,932 300 1,698,651 ( 358,959) 1,700,924 Interest expense: Deposits - - 230,694 ( 2,659) 228,035 Short-term borrowings - - 4,828 - 4,828 Long-term debt 28,896 4,671 10,224 - 43,791 Total interest expense 28,896 4,671 245,746 ( 2,659) 276,654 Net interest income (expense) 332,036 ( 4,371) 1,452,905 ( 356,300) 1,424,270 Provision for loan losses- non-covered loans 257 - 118,298 - 118,555 Net interest income (expense) after provision (reversal) for loan losses 331,779 ( 4,371) 1,334,607 ( 356,300) 1,305,715 Service charges on deposit accounts - - 119,277 - 119,277 Other service fees 2 - 211,565 ( 1,920) 209,647 Mortgage banking activities - - 18,645 - 18,645 Net loss on sale of debt securities - - ( 20) - ( 20) Net gain, including impairment on equity securities 934 - 1,261 ( 21) 2,174 Net gain on trading account debt securities - - 977 - 977 Indemnity reserves on loans sold expense - - ( 1,664) - ( 1,664) Other operating income (expense) 13,431 ( 984) 56,026 ( 41) 68,432 Total non-interest income (expense) 14,367 ( 984) 406,067 ( 1,982) 417,468 Operating expenses: Personnel costs 46,910 - 385,388 - 432,298 Net occupancy expenses 3,231 - 68,243 ( 43) 71,431 Equipment expenses 2,616 3 60,005 - 62,624 Other taxes 185 1 38,081 - 38,267 Professional fees 13,780 68 267,841 ( 414) 281,275 Communications 483 - 17,202 - 17,685 Business promotion 2,435 - 49,723 - 52,158 FDIC deposit insurance - - 13,007 - 13,007 Other real estate owned (OREO) expenses - - 3,729 - 3,729 Other operating expenses ( 69,904) 43 179,123 ( 1,908) 107,354 Amortization of intangibles 73 - 7,009 - 7,082 Total operating expenses ( 191) 115 1,089,351 ( 2,365) 1,086,910 Income (loss) before income tax and equity (losses) in earnings of subsidiaries 346,337 ( 5,470) 651,323 ( 355,917) 636,273 Income tax (benefit) expense - ( 1,149) 132,932 140 131,923 Income (loss) before equity in earnings of subsidiaries 346,337 ( 4,321) 518,391 ( 356,057) 504,350 Equity in undistributed earnings of subsidiaries 158,013 41,248 - ( 199,261) - Net income $ 504,350 $ 36,927 $ 518,391 $ ( 555,318) $ 504,350 Comprehensive income, net of tax $ 793,444 $ 85,389 $ 810,359 $ ( 895,748) $ 793,444 Condensed Consolidating Statement of Operations (Unaudited) Quarter ended September 30, 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 $ 52,000 $ - $ - $ ( 52,000) $ - Loans 537 - 430,122 ( 22) 430,637 Money market investments 2,429 16 27,582 ( 2,446) 27,581 Investment securities 150 72 69,925 - 70,147 Total interest and dividend income 55,116 88 527,629 ( 54,468) 528,365 Interest expense: Deposits - - 57,580 ( 2,446) 55,134 Short-term borrowings - 22 1,622 ( 22) 1,622 Long-term debt 14,045 2,390 3,705 - 20,140 Total interest expense 14,045 2,412 62,907 ( 2,468) 76,896 Net interest income (expense) 41,071 ( 2,324) 464,722 ( 52,000) 451,469 Provision (reversal) for loan losses- non-covered loans ( 34) - 54,421 - 54,387 Net interest income (expense) after provision (reversal) for loan losses 41,105 ( 2,324) 410,301 ( 52,000) 397,082 Service charges on deposit accounts - - 38,147 - 38,147 Other service fees - - 64,382 ( 66) 64,316 Mortgage banking activities - - 11,269 - 11,269 Net gain, including impairment on equity securities 172 - 216 ( 18) 370 Net loss on trading account debt securities - - ( 122) - ( 122) Indemnity reserves on loans sold expense - - ( 3,029) - ( 3,029) Other operating income (expense) 3,643 ( 118) 36,551 ( 6) 40,070 Total non-interest income (expense) 3,815 ( 118) 147,414 ( 90) 151,021 Operating expenses: Personnel costs 15,803 - 123,954 - 139,757 Net occupancy expenses 984 - 17,618 - 18,602 Equipment expenses 1,037 - 17,266 - 18,303 Other taxes 71 - 11,852 - 11,923 Professional fees 3,889 20 80,017 ( 66) 83,860 Communications 144 - 5,910 - 6,054 Business promotion 520 - 14,958 - 15,478 FDIC deposit insurance - - 8,610 - 8,610 Other real estate owned (OREO) expenses - - 7,950 - 7,950 Other operating expenses ( 23,600) 13 76,754 ( 591) 52,576 Amortization of intangibles - - 2,324 - 2,324 Total operating expenses ( 1,152) 33 367,213 ( 657) 365,437 Income (loss) before income tax and equity in earnings (losses) of subsidiaries 46,072 ( 2,475) 190,502 ( 51,433) 182,666 Income tax (benefit) expense - ( 520) 42,310 228 42,018 Income (loss) before equity in earnings (losses) of subsidiaries 46,072 ( 1,955) 148,192 ( 51,661) 140,648 Equity in undistributed earnings of subsidiaries 94,576 19,722 - ( 114,298) - Net income $ 140,648 $ 17,767 $ 148,192 $ ( 165,959) $ 140,648 Comprehensive income, net of tax $ 103,251 $ 11,770 $ 111,369 $ ( 123,139) $ 103,251 Condensed Consolidating Statement of Operations (Unaudited) Nine months ended September 30, 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 $ 402,000 $ - $ - $ ( 402,000) $ - Loans 1,601 - 1,188,946 ( 49) 1,190,498 Money market investments 4,267 18 86,258 ( 4,285) 86,258 Investment securities 447 233 184,857 - 185,537 Total interest and dividend income 408,315 251 1,460,061 ( 406,334) 1,462,293 Interest expense: Deposits - - 143,335 ( 4,285) 139,050 Short-term borrowings - 49 5,387 ( 49) 5,387 Long-term debt 40,280 7,773 11,151 - 59,204 Total interest expense 40,280 7,822 159,873 ( 4,334) 203,641 Net interest income (expense) 368,035 ( 7,571) 1,300,188 ( 402,000) 1,258,652 Provision (reversal) for loan losses- non-covered loans ( 75) - 183,849 - 183,774 Provision for loan losses- covered loans - - 1,730 - 1,730 Net interest income (expense) after provision (reversal) for loan losses 368,110 ( 7,571) 1,114,609 ( 402,000) 1,073,148 Service charges on deposit accounts - - 111,704 - 111,704 Other service fees - - 189,253 ( 1,459) 187,794 Mortgage banking activities - - 33,408 - 33,408 Net gain (loss), including impairment on equity securities 176 - ( 170) ( 48) ( 42) Net loss on trading account debt securities - - ( 299) - ( 299) Indemnity reserves on loans sold expense - - ( 6,482) - ( 6,482) FDIC loss-share income - - 94,725 - 94,725 Other operating income 11,139 278 67,133 ( 31) 78,519 Total non-interest income 11,315 278 489,272 ( 1,538) 499,327 Operating expenses: Personnel costs 43,365 - 346,576 - 389,941 Net occupancy expenses 3,081 - 60,748 - 63,829 Equipment expenses 2,581 2 50,701 - 53,284 Other taxes 168 1 33,532 - 33,701 Professional fees 13,245 128 247,764 ( 389) 260,748 Communications 380 - 16,962 - 17,342 Business promotion 1,323 - 42,942 - 44,265 FDIC deposit insurance - - 22,534 - 22,534 Other real estate owned (OREO) expenses - - 21,028 - 21,028 Other operating expenses ( 64,352) 67 177,543 ( 1,796) 111,462 Amortization of intangibles - - 6,973 - 6,973 Total operating expenses ( 209) 198 1,027,303 ( 2,185) 1,025,107 Income (loss) before income tax and equity (losses) in earnings of subsidiaries 379,634 ( 7,491) 576,578 ( 401,353) 547,368 Income tax expense (benefit) - 372 34,970 271 35,613 Income (loss) before equity in earnings of subsidiaries 379,634 ( 7,863) 541,608 ( 401,624) 511,755 Equity in undistributed earnings of subsidiaries 132,121 45,772 - ( 177,893) - Net income $ 511,755 $ 37,909 $ 541,608 $ ( 579,517) $ 511,755 Comprehensive income, net of tax $ 328,218 $ 3,755 $ 358,368 $ ( 362,123) $ 328,218 |
Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 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 $ 504,350 $ 36,927 $ 518,391 $ ( 555,318) $ 504,350 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions ( 158,013) ( 41,248) - 199,261 - Provision for loan losses 257 - 118,298 - 118,555 Amortization of intangibles 73 - 7,009 - 7,082 Depreciation and amortization of premises and equipment 559 - 42,369 - 42,928 Net accretion of discounts and amortization of premiums and deferred fees 933 20 ( 127,501) - ( 126,548) Share-based compensation 7,517 - 3,901 - 11,418 Impairment losses on long-lived assets - - 2,591 - 2,591 Fair value adjustments on mortgage servicing rights - - 25,853 - 25,853 Indemnity reserves on loans sold expense - - 1,664 - 1,664 (Earnings) losses from investments under the equity method, net of dividends or distributions ( 11,683) 984 ( 7,762) - ( 18,461) Deferred income tax (benefit) expense - ( 1,149) 111,067 140 110,058 Loss (gain) on: Disposition of premises and equipment and other productive assets 39 - ( 5,172) - ( 5,133) Sale of debt securities - - 20 - 20 Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - ( 11,360) - ( 11,360) Sale of foreclosed assets, including write-downs - - ( 15,858) - ( 15,858) Acquisitions of loans held-for-sale - - ( 157,993) - ( 157,993) Proceeds from sale of loans held-for-sale - - 51,067 - 51,067 Net originations on loans held-for-sale - - ( 208,875) - ( 208,875) Net decrease (increase) in: Trading debt securities - - 333,013 - 333,013 Equity securities ( 3,225) - ( 3,257) - ( 6,482) Accrued income receivable 7 99 7,651 ( 33) 7,724 Other assets ( 1,559) 43 ( 14,130) 2,809 ( 12,837) Net decrease in: Interest payable ( 4,594) ( 1,551) ( 788) 33 ( 6,900) Pension and other postretirement benefits obligations - - ( 4,979) - ( 4,979) Other liabilities ( 681) ( 85) ( 98,071) ( 3,212) ( 102,049) Total adjustments ( 170,370) ( 42,887) 48,757 198,998 34,498 Net cash provided by (used in) operating activities 333,980 ( 5,960) 567,148 ( 356,320) 538,848 Cash flows from investing activities: Net decrease (increase) in money market investments 35,000 2,631 ( 1,000,840) ( 37,631) ( 1,000,840) Purchases of investment securities: Available-for-sale - - ( 13,579,074) - ( 13,579,074) Equity - - ( 15,515) 41 ( 15,474) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 10,671,630 - 10,671,630 Held-to-maturity - - 5,325 - 5,325 Proceeds from sale of investment securities: Available for sale - - 99,445 - 99,445 Equity - - 17,083 - 17,083 Net repayments (disbursements) on loans 533 - ( 325,012) - ( 324,479) Proceeds from sale of loans - - 77,327 - 77,327 Acquisition of loan portfolios - - ( 421,482) - ( 421,482) Payments to acquire other intangible - - ( 793) - ( 793) Return of capital from equity method investments - 3,329 ( 582) - 2,747 Capital contribution to subsidiary ( 4,000) - - 4,000 - Return of capital from wholly-owned subsidiaries 13,000 - - ( 13,000) - Acquisition of premises and equipment ( 791) - ( 45,170) - ( 45,961) Proceeds from sale of: Premises and equipment and other productive assets 3 - 17,183 - 17,186 Foreclosed assets - - 83,848 - 83,848 Net cash provided by (used in) investing activities 43,745 5,960 ( 4,416,627) ( 46,590) ( 4,413,512) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 4,463,708 ( 9,242) 4,454,466 Assets sold under agreements to repurchase - - ( 68,433) - ( 68,433) Other short-term borrowings - - ( 41) - ( 41) Payments of notes payable - - ( 144,991) - ( 144,991) Principal payments of finance leases - - ( 1,269) - ( 1,269) Proceeds from issuance of notes payable - - 75,000 - 75,000 Proceeds from issuance of common stock 11,256 - ( 4,733) - 6,523 Dividends paid to parent company - - ( 356,300) 356,300 - Dividends paid ( 85,863) - - - ( 85,863) Net payments for repurchase of common stock ( 250,566) - 13 ( 21) ( 250,574) Return of capital to parent company - - ( 13,000) 13,000 - Capital contribution from parent - - 4,000 ( 4,000) - Payments related to tax withholding for share-based compensation ( 5,420) - ( 12) - ( 5,432) Net cash (used in) provided by financing activities ( 330,593) - 3,953,942 356,037 3,979,386 Net increase in cash and due from banks, and restricted cash 47,132 - 104,463 ( 46,873) 104,722 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 $ 115,410 $ - $ 507,458 $ ( 114,895) $ 507,973 Condensed Consolidating Statement of Cash Flows (Unaudited) Nine months ended September 30, 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 $ 511,755 $ 37,909 $ 541,608 $ ( 579,517) $ 511,755 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in earnings of subsidiaries, net of dividends or distributions ( 132,121) ( 45,772) - 177,893 - Provision (reversal) for loan losses ( 75) - 185,579 - 185,504 Amortization of intangibles - - 6,973 - 6,973 Depreciation and amortization of premises and equipment 548 - 38,535 - 39,083 Net accretion of discounts and amortization of premiums and deferred fees 1,624 20 ( 45,177) - ( 43,533) Share-based compensation 4,149 - 1,813 - 5,962 Impairment losses on long-lived assets - - 272 - 272 Fair value adjustments on mortgage servicing rights - - 13,123 - 13,123 FDIC loss-share income - - ( 94,725) - ( 94,725) Adjustments to indemnity reserves on loans sold - - 6,482 - 6,482 Earnings from investments under the equity method, net of dividends or distributions ( 10,557) ( 278) ( 3,937) - ( 14,772) Deferred income tax benefit - ( 1,453) ( 96,525) 270 ( 97,708) Loss (gain) on: Disposition of premises and equipment and other productive assets 15 - 17,679 - 17,694 Proceeds from insurance claims - - ( 14,411) - ( 14,411) Sale of loans, including valuation adjustments on loans held for sale and mortgage banking activities - - ( 6,734) - ( 6,734) Sale of foreclosed assets, including write-downs - - ( 638) - ( 638) Acquisitions of loans held-for-sale - - ( 173,644) - ( 173,644) Proceeds from sale of loans held-for-sale - - 51,131 - 51,131 Net originations on loans held-for-sale - - ( 186,063) - ( 186,063) Net decrease (increase) in: Trading debt securities - - 346,556 ( 101) 346,455 Equity securities ( 1,779) - ( 701) - ( 2,480) Accrued income receivable ( 411) 90 51,779 410 51,868 Other assets ( 2,352) 52 237,585 ( 449) 234,836 Net (decrease) increase in: Interest payable ( 7,007) ( 3,441) 925 ( 410) ( 9,933) Pension and other postretirement benefits obligations - - 3,392 - 3,392 Other liabilities 2,160 9 ( 198,958) ( 246) ( 197,035) Total adjustments ( 145,806) ( 50,773) 140,311 177,367 121,099 Net cash provided by (used in) operating activities 365,949 ( 12,864) 681,919 ( 402,150) 632,854 Cash flows from investing activities: Net (increase) decrease in money market investments ( 395,000) ( 7,230) 647,519 402,230 647,519 Purchases of investment securities: Available-for-sale - - ( 6,968,920) - ( 6,968,920) Equity - - ( 11,456) 152 ( 11,304) Proceeds from calls, paydowns, maturities and redemptions of investment securities: Available-for-sale - - 3,925,362 - 3,925,362 Held-to-maturity - 1,637 5,547 - 7,184 Proceeds from sale of investment securities: Equity - - 20,925 - 20,925 Net repayments (disbursements) on loans 395 - ( 15,999) - ( 15,604) Proceeds from sale of loans - - 1,354 - 1,354 Acquisition of loan portfolios - - ( 461,117) - ( 461,117) Net payments (to) from FDIC under loss-sharing agreements - - ( 25,012) - ( 25,012) Payments to acquire businesses, net of cash acquired - - ( 1,830,050) - ( 1,830,050) Return of capital from equity method investments - 497 2,004 - 2,501 Capital contribution to subsidiary ( 82,000) - - 82,000 - Return of capital from wholly-owned subsidiaries 13,000 - - ( 13,000) - Acquisition of premises and equipment ( 755) - ( 52,389) - ( 53,144) Proceeds from insurance claims - - 14,411 - 14,411 Proceeds from sale of: Premises and equipment and other productive assets 195 - 6,796 - 6,991 Foreclosed assets - - 85,622 - 85,622 Net cash used in investing activities ( 464,165) ( 5,096) ( 4,655,403) 471,382 ( 4,653,282) Cash flows from financing activities: Net increase (decrease) in: Deposits - - 4,596,970 ( 403,111) 4,193,859 Assets sold under agreements to repurchase - - ( 90,805) - ( 90,805) Other short-term borrowings - - ( 95,008) - ( 95,008) Payments of notes payable - ( 54,502) ( 172,474) - ( 226,976) Proceeds from issuance of notes payable 294,706 - 140,000 - 434,706 Proceeds from issuance of common stock 11,441 - ( 589) - 10,852 Dividends paid to parent company - - ( 402,000) 402,000 - Dividends paid ( 79,115) - - - ( 79,115) Net payments for repurchase of common stock ( 125,323) - - ( 3) ( 125,326) Return of capital to parent company - - ( 13,000) 13,000 - Capital contribution from parent - 72,000 10,000 ( 82,000) - Payments related to tax withholding for share-based compensation ( 2,162) - ( 43) - ( 2,205) Net cash (used in) provided by financing activities 99,547 17,498 3,973,051 ( 70,114) 4,019,982 Net increase (decrease) in cash and due from banks, and restricted cash 1,331 ( 462) ( 433) ( 882) ( 446) 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 $ 49,451 $ - $ 411,792 $ ( 49,060) $ 412,183 |
New Accounting Pronouncement -
New Accounting Pronouncement - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating lease right of use asset | $ 137,076 | $ 0 | ||
Opearing lease liability | 152,421 | $ 0 | ||
Cumulative effect of accounting change | $ 4,905 | $ 1,935 | ||
ASU 2016-02 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
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 | |||
ASU 2016-13 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Decrease to the Common Equity Tier One and Total Capital ratio | 30.00% | |||
Tier 2 Allowance Limit | 1.25% | |||
ASU 2016-13 | Minimum | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Allowance for credit loss, increase (decrease) | $ 360,000 | |||
Allowance for credit loss change of existing reserve | 85.00% | |||
ASU 2016-13 | Maximum | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Allowance for credit loss, increase (decrease) | $ 400,000 | |||
Allowance for credit loss change of existing reserve | 95.00% |
Business combination - Fair val
Business combination - Fair value of major classes of identifiable assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Aug. 01, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Assets: | |||||
Trademark | $ 6,100 | $ 6,100 | |||
Labilities: | |||||
Goodwill on acquisition | $ 671,122 | $ 671,122 | $ 687,536 | $ 627,294 | |
Reliable Financial Services | |||||
Business Acquisition [Line Items] | |||||
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 [Line Items] | |||||
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 [Line Items] | |||||
Cash consideration | 0 | ||||
Assets: | |||||
Loans | (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 [Line Items] | |||||
Cash consideration | 0 | ||||
Assets: | |||||
Loans | 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 |
Business combination - Fair v_2
Business combination - Fair value of major classes of identifiable assets acquired and liabilities assumed - Parenthetical (Details) - Reliable Financial Services $ in Thousands | Aug. 01, 2018USD ($) |
Business Acquisition [Line Items] | |
Loans | $ 1,802,463 |
Fair value adjustment | |
Business Acquisition [Line Items] | |
Loans | (126,908) |
Auto Loan | |
Business Acquisition [Line Items] | |
Loans | 1,600,000 |
Auto Loan | Fair value adjustment | |
Business Acquisition [Line Items] | |
Loans | 106,000 |
Commercial Loans | |
Business Acquisition [Line Items] | |
Loans | 341,000 |
Commercial Loans | Fair value adjustment | |
Business Acquisition [Line Items] | |
Loans | $ 4,000 |
Business Combination - Addition
Business Combination - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Aug. 01, 2018 | |
Business Acquisition [Line Items] | ||
Measurement period adjustments | $ 16,500 | |
Auto Loan | ||
Business Acquisition [Line Items] | ||
Measurement period adjustments | 12,200 | |
Commercial Loans | ||
Business Acquisition [Line Items] | ||
Measurement period adjustments | $ 4,300 | |
Reliable Financial Services | ||
Business Acquisition [Line Items] | ||
Loans | $ 1,802,463 | |
Reliable Financial Services | Auto Loan | ||
Business Acquisition [Line Items] | ||
Receivables estimated uncollectible | 105,000 | |
Loans | 1,600,000 | |
Loan receivables | 1,800,000 | |
Reliable Financial Services | Auto Loan | Wells Fargo | ||
Business Acquisition [Line Items] | ||
Loans amount servicing agreement retained by counterparty | 398,000 | |
Reliable Financial Services | Commercial Loans | ||
Business Acquisition [Line Items] | ||
Receivables estimated uncollectible | 3,000 | |
Loans | 341,000 | |
Loan receivables | $ 348,000 |
Restrictions on cash and due _2
Restrictions on cash and due from banks and certain securities - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 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 | $ 49 | $ 62 |
Debt Securities Available for S
Debt Securities Available for Sale - Weighted average yield and contractual maturities of debt securities AFS (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities available-for-sale, at fair value | $ 16,479,110 | $ 13,300,184 |
Gross Unrealized Gains | 163,664 | 30,929 |
Gross Unrealized Losses | 36,297 | 209,307 |
Amortized Cost | 16,351,743 | 13,478,562 |
Amortized cost | ||
Amortized Cost | 16,351,743 | 13,478,562 |
Gross unrealized gains | ||
Gross unrealized gains | 163,664 | 30,929 |
Gross unrealized loss | ||
Gross unrealized losses | $ 36,297 | $ 209,307 |
Weighted average yield | ||
Weighted Average Yield | 2.20% | 2.25% |
US Treasury Securities | ||
Amortized cost | ||
Amortized cost - Within 1 year | $ 5,593,503 | $ 3,565,571 |
Amortized cost - After 1 to 5 years | 4,200,129 | 4,483,741 |
Amortized cost - After 5 to 10 years | 624,188 | 245,891 |
Amortized Cost | 10,417,820 | 8,295,203 |
Gross unrealized gains | ||
Gross unrealized gain - Within 1 year | 2,924 | 108 |
Gross unrealized gain - After 1 to 5 years | 86,143 | 13,647 |
Gross unrealized gain - After 5 to 10 years | 1,912 | 3,770 |
Gross unrealized gains | 90,979 | 17,525 |
Gross unrealized loss | ||
Gross unrealized losses - Within 1 year | 1,789 | 5,319 |
Gross unrealized losses - After 1 to 5 years | 862 | 35,213 |
Gross unrealized losses - After 5 to 10 years | 1,860 | 0 |
Gross unrealized losses | 4,511 | 40,532 |
Fair Value | ||
Fair value - Within 1 year | 5,594,638 | 3,560,360 |
Fair value - After 1 to 5 years | 4,285,410 | 4,462,175 |
Fair value - After 5 to 10 years | 624,240 | 249,661 |
Fair Value | $ 10,504,288 | $ 8,272,196 |
Weighted average yield | ||
Weighted average yield - Within 1 year | 1.88% | 2.10% |
Weighted average yield - After 1 to 5 years | 2.34% | 2.25% |
Weighted average yield - After 5 to 10 years | 1.60% | 2.84% |
Weighted Average Yield | 2.05% | 2.21% |
Obligations of U.S. Government sponsored entities | ||
Amortized cost | ||
Amortized cost - Within 1 year | $ 127,485 | $ 212,951 |
Amortized cost - After 1 to 5 years | 60,005 | 123,857 |
Amortized Cost | 187,490 | 336,808 |
Gross unrealized gains | ||
Gross unrealized gain - Within 1 year | 6 | 0 |
Gross unrealized gain - After 1 to 5 years | 1 | 1 |
Gross unrealized gains | 7 | 1 |
Gross unrealized loss | ||
Gross unrealized losses - Within 1 year | 174 | 1,406 |
Gross unrealized losses - After 1 to 5 years | 231 | 2,094 |
Gross unrealized losses | 405 | 3,500 |
Fair Value | ||
Fair value - Within 1 year | 127,317 | 211,545 |
Fair value - After 1 to 5 years | 59,775 | 121,764 |
Fair Value | $ 187,092 | $ 333,309 |
Weighted average yield | ||
Weighted average yield - Within 1 year | 1.40% | 1.44% |
Weighted average yield - After 1 to 5 years | 1.48% | 1.51% |
Weighted Average Yield | 1.43% | 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 | 44 | |
Gross unrealized losses - After 1 to 5 years | 184 | |
Gross unrealized losses | 44 | 184 |
Fair Value | ||
Fair value - Within 1 year | 6,931 | |
Fair value - After 1 to 5 years | 6,742 | |
Fair Value | $ 6,931 | $ 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 | $ 725 | $ 749 |
Amortized cost - After 5 to 10 years | 91,024 | 115,744 |
Amortized cost - After 10 years | 541,407 | 638,995 |
Amortized Cost | 633,156 | 755,488 |
Gross unrealized gains | ||
Gross unrealized gain - After 1 to 5 years | 0 | 0 |
Gross unrealized gain - After 5 to 10 years | 32 | 1 |
Gross unrealized gain - After 10 years | 4,410 | 1,584 |
Gross unrealized gains | 4,442 | 1,585 |
Gross unrealized loss | ||
Gross unrealized losses - After 1 to 5 years | 1 | 7 |
Gross unrealized losses - After 5 to 10 years | 1,210 | 4,715 |
Gross unrealized losses - After 10 years | 5,751 | 23,680 |
Gross unrealized losses | 6,962 | 28,402 |
Fair Value | ||
Fair value - After 1 to 5 years | 724 | 742 |
Fair value - After 5 to 10 years | 89,846 | 111,030 |
Fair value - After 10 years | 540,066 | 616,899 |
Fair Value | $ 630,636 | $ 728,671 |
Weighted average yield | ||
Weighted average yield - After 1 to 5 years | 2.02% | 1.92% |
Weighted average yield - After 5 to 10 years | 1.64% | 1.71% |
Weighted average yield - After 10 years | 2.09% | 2.10% |
Weighted Average Yield | 2.02% | 2.04% |
Mortgage Backed Securities | ||
Amortized cost | ||
Amortized cost - Within 1 year | $ 37 | $ 431 |
Amortized cost - After 1 to 5 years | 39,627 | 6,762 |
Amortized cost - After 5 to 10 years | 315,038 | 365,727 |
Amortized cost - After 10 years | 4,751,236 | 3,710,731 |
Amortized Cost | 5,105,938 | 4,083,651 |
Gross unrealized gains | ||
Gross unrealized gain - Within 1 year | 0 | 4 |
Gross unrealized gain - After 1 to 5 years | 861 | 43 |
Gross unrealized gain - After 5 to 10 years | 2,623 | 1,090 |
Gross unrealized gain - After 10 years | 64,743 | 10,679 |
Gross unrealized gains | 68,227 | 11,816 |
Gross unrealized loss | ||
Gross unrealized losses - Within 1 year | 0 | 0 |
Gross unrealized losses - After 1 to 5 years | 2 | 1 |
Gross unrealized losses - After 5 to 10 years | 1,391 | 8,499 |
Gross unrealized losses - After 10 years | 22,982 | 128,189 |
Gross unrealized losses | 24,375 | 136,689 |
Fair Value | ||
Fair value - Within 1 year | 37 | 435 |
Fair value - After 1 to 5 years | 40,486 | 6,804 |
Fair value - After 5 to 10 years | 316,270 | 358,318 |
Fair value - After 10 years | 4,792,997 | 3,593,221 |
Fair Value | $ 5,149,790 | $ 3,958,778 |
Weighted average yield | ||
Weighted average yield - Within 1 year | 2.05% | 4.30% |
Weighted average yield - After 1 to 5 years | 3.35% | 2.74% |
Weighted average yield - After 5 to 10 years | 2.04% | 2.19% |
Weighted average yield - After 10 years | 2.61% | 2.45% |
Weighted Average Yield | 2.58% | 2.43% |
Other | ||
Amortized cost | ||
Amortized cost - After 1 to 5 years | $ 364 | |
Amortized cost - After 5 to 10 years | $ 486 | |
Amortized Cost | 364 | 486 |
Gross unrealized gains | ||
Gross unrealized gain - After 1 to 5 years | 9 | |
Gross unrealized gain - After 5 to 10 years | 2 | |
Gross unrealized gains | 9 | 2 |
Gross unrealized loss | ||
Gross unrealized losses - After 1 to 5 years | 0 | |
Gross unrealized losses - After 5 to 10 years | 0 | |
Gross unrealized losses | 0 | 0 |
Fair Value | ||
Fair value - After 1 to 5 years | 373 | |
Fair value - After 5 to 10 years | 488 | |
Fair Value | $ 373 | $ 488 |
Weighted average yield | ||
Weighted average yield - After 1 to 5 years | 3.62% | |
Weighted average yield - After 5 to 10 years | 3.62% | |
Weighted Average Yield | 3.62% | 3.62% |
Debt Securities Available for_2
Debt Securities Available for Sale - Weighted average yield and contractual maturities of debt securities AFS - Parenthetical (Details) - Debt securities available-for-sale - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities | $ 12.9 | $ 8.9 |
Pledged Financial Instruments, Not Separately Reported, Securities for Other Debt Facilities | $ 11.7 | $ 7.9 |
Debt Securities Available for_3
Debt Securities Available for Sale - Realized gains and losses on debt securities available-for-sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures | ||||
Gross Realized Gains | $ 0 | $ 0 | $ 0 | $ 0 |
Gross Realized Losses | (20) | 0 | (20) | 0 |
Net realized losses on sale of debt securities available-for-sale | $ (20) | $ 0 | $ (20) | $ 0 |
Debt Securities Available for_4
Debt Securities Available for Sale - AFS debt securities in a continuous unrealized loss position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | $ 1,191,590 | $ 3,396,378 |
Less than 12 months Gross Unrealized Losses | 3,348 | 7,003 |
12 months or more Fair Value | 3,143,625 | 6,998,793 |
12 months or more Gross Unrealized Losses | 32,949 | 202,304 |
Total Fair Value | 4,335,215 | 10,395,171 |
Total Gross Unrealized Losses | 36,297 | 209,307 |
US Treasury Securities | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 900,818 | 3,189,007 |
Less than 12 months Gross Unrealized Losses | 2,376 | 4,188 |
12 months or more Fair Value | 639,001 | 2,607,276 |
12 months or more Gross Unrealized Losses | 2,135 | 36,343 |
Total Fair Value | 1,539,819 | 5,796,283 |
Total Gross Unrealized Losses | 4,511 | 40,531 |
Obligations of U.S. Government sponsored entities | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 9,947 | 14,847 |
Less than 12 months Gross Unrealized Losses | 25 | 46 |
12 months or more Fair Value | 176,356 | 318,271 |
12 months or more Gross Unrealized Losses | 380 | 3,454 |
Total Fair Value | 186,303 | 333,118 |
Total Gross Unrealized Losses | 405 | 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 | 6,931 | 6,742 |
12 months or more Gross Unrealized Losses | 44 | 184 |
Total Fair Value | 6,931 | 6,742 |
Total Gross Unrealized Losses | 44 | 184 |
Collateralized Mortgage Obligations - Federal agencies | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 103,443 | 66,652 |
Less than 12 months Gross Unrealized Losses | 467 | 489 |
12 months or more Fair Value | 343,994 | 587,869 |
12 months or more Gross Unrealized Losses | 6,495 | 27,913 |
Total Fair Value | 447,437 | 654,521 |
Total Gross Unrealized Losses | 6,962 | 28,402 |
Mortgage Backed Securities | ||
Debt Securities, Available-for-sale | ||
Less than 12 months Fair Value | 177,382 | 125,872 |
Less than 12 months Gross Unrealized Losses | 480 | 2,280 |
12 months or more Fair Value | 1,977,343 | 3,478,635 |
12 months or more Gross Unrealized Losses | 23,895 | 134,410 |
Total Fair Value | 2,154,725 | 3,604,507 |
Total Gross Unrealized Losses | $ 24,375 | $ 136,690 |
Debt Securities Available for_5
Debt Securities Available for Sale - Fair value of the debt securities of issuers (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment | ||
Amortized Cost | $ 16,351,743 | $ 13,478,562 |
FNMA | ||
Investment | ||
Amortized Cost | 3,334,102 | 2,999,110 |
Fair Value | 3,351,007 | 2,901,904 |
Freddie Mac | ||
Investment | ||
Amortized Cost | 1,722,954 | 1,095,855 |
Fair Value | $ 1,739,165 | $ 1,058,013 |
Debt Securities Available for_6
Debt Securities Available for Sale - Debt securities available- for-sale - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale | ||||
Proceeds from sale of debt securities available-for-sale | $ 99,000,000 | $ 99,445,000 | $ 0 | |
Gross Unrealized Losses | $ 36,297,000 | $ 36,297,000 | $ 209,307,000 |
Debt Securities Held-to-matur_3
Debt Securities Held-to-maturity - Weighted average yield and contractual maturities of debt securities HTM (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Amortized Cost | $ 97,707 | $ 101,575 |
Gross unrecognized gains | ||
Gross Unrealized Gains | 8,377 | 3,946 |
Gross unrealized losses | ||
Gross Unrealized Losses | $ 2,166 | $ 2,868 |
Weighted Average Yield | ||
Weighted Average Yield | 3.50% | 3.60% |
Obligations of Puerto Rico, States and political subdivisions | ||
Amortized cost | ||
Amortized cost - Within 1 year | $ 3,745 | $ 3,510 |
Amortized cost - After 1 to 5 years | 17,580 | 16,505 |
Amortized cost - After 5 to 10 years | 18,195 | 23,885 |
Amortized cost - After 10 years | 46,078 | 45,559 |
Amortized Cost | 85,598 | 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 | 8,375 | 3,943 |
Gross Unrealized Gains | 8,375 | 3,943 |
Gross unrealized losses | ||
Gross unrealized losses - Within 1 year | 33 | 36 |
Gross unrealized losses - After 1 to 5 years | 269 | 1,081 |
Gross unrealized losses - After 5 to 10 years | 1,861 | 1,704 |
Gross unrealized losses - After 10 years | 2 | 47 |
Gross Unrealized Losses | 2,165 | 2,868 |
Fair Value | ||
Fair Value - within 1 year | 3,712 | 3,474 |
Fair Value - After 1 to 5 years | 17,311 | 15,424 |
Fair Value - After 5 to 10 years | 16,334 | 22,181 |
Fair Value - After 10 years | 54,451 | 49,455 |
Total investment securities held-to-maturity - Fair Value | $ 91,808 | $ 90,534 |
Weighted Average Yield | ||
Weighted average yield - Within 1 Year | 6.02% | 5.99% |
Weighted average yield - After 1 to 5 years | 6.11% | 6.07% |
Weighted average yield - After 5 to 10 years | 3.11% | 3.61% |
Weighted average yield - After 10 years | 1.69% | 1.79% |
Weighted Average Yield | 3.09% | 3.23% |
Collateralized Mortgage Obligations - Federal agencies | ||
Amortized cost | ||
Amortized cost - After 1 to 5 years | $ 48 | |
Amortized cost - After 5 to 10 years | $ 55 | |
Amortized Cost | 48 | 55 |
Gross unrecognized gains | ||
Gross unrealized gains - After 1 to 5 years | 2 | |
Gross unrealized gains - After 5 to 10 years | 3 | |
Gross Unrealized Gains | 2 | 3 |
Gross unrealized losses | ||
Gross unrealized losses - After 1 to 5 years | 0 | |
Gross unrealized losses - After 5 to 10 years | 0 | |
Gross Unrealized Losses | 0 | 0 |
Fair Value | ||
Fair Value - After 1 to 5 years | 50 | |
Fair Value - After 5 to 10 years | 58 | |
Total investment securities held-to-maturity - Fair Value | $ 50 | $ 58 |
Weighted Average Yield | ||
Weighted average yield - After 1 to 5 years | 6.44% | |
Weighted average yield - After 5 to 10 years | 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 | 1 | 0 |
Gross Unrealized Losses | 1 | 0 |
Fair Value | ||
Fair Value - After 1 to 5 years | 499 | 500 |
Total investment securities held-to-maturity - Fair Value | $ 499 | $ 500 |
Weighted Average Yield | ||
Weighted average yield - After 1 to 5 years | 2.97% | 2.97% |
Weighted Average Yield | 2.97% | 2.97% |
Debt Securities Held-to-matur_4
Debt Securities Held-to-maturity - HTM debt securities in a continuous unrealized loss position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity | ||
Less than 12 months Fair Value | $ 22,926 | $ 27,471 |
Less than 12 months Gross Unrealized Losses | 319 | 1,165 |
12 months or more Fair Value | 9,713 | 13,307 |
12 months or more Gross Unrealized Losses | 1,847 | 1,703 |
Total Fair Value | 32,639 | 40,778 |
Total Gross Unrealized Losses | 2,166 | 2,868 |
Obligations of Puerto Rico, States and political subdivisions | ||
Debt Securities, Held-to-maturity | ||
Less than 12 months Fair Value | 22,427 | 27,471 |
Less than 12 months Gross Unrealized Losses | 318 | 1,165 |
12 months or more Fair Value | 9,713 | 13,307 |
12 months or more Gross Unrealized Losses | 1,847 | 1,703 |
Total Fair Value | 32,140 | 40,778 |
Total Gross Unrealized Losses | 2,165 | $ 2,868 |
Other | ||
Debt Securities, Held-to-maturity | ||
Less than 12 months Fair Value | 499 | |
Less than 12 months Gross Unrealized Losses | 1 | |
12 months or more Fair Value | 0 | |
12 months or more Gross Unrealized Losses | 0 | |
Total Fair Value | 499 | |
Total Gross Unrealized Losses | $ 1 |
Debt Securities Held-to-matur_5
Debt Securities Held-to-maturity - Debt securities held-to-maturity-Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity | ||
Amortized Cost | $ 97,707 | $ 101,575 |
Obligations of Puerto Rico, States and political subdivisions | ||
Debt Securities, Held-to-maturity | ||
Amortized Cost | 85,598 | $ 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 | 40,000 | |
Obligations of Puerto Rico, States and political subdivisions | Munis Not Guaranteed By Puerto Rico Central Government | ||
Debt Securities, Held-to-maturity | ||
Amortized Cost | $ 46,000 |
Loans - Non-covered loans HIP i
Loans - Non-covered loans HIP in past due status, non-performing status and accruing loans past-due 90 days or more by loan class (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | $ 27,007,975 | $ 26,507,889 |
Commercial multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,749,164 | 1,547,168 |
CRE non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 4,051,360 | 4,204,345 |
CRE owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,936,216 | 2,021,192 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 4,471,709 | 4,270,314 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 754,056 | 779,449 |
Mortgages | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 7,168,619 | 7,235,258 |
Leasing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,022,484 | 934,773 |
Legacy | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 23,192 | 25,949 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 5,831,175 | 5,489,441 |
Non Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,913,310 | 2,107,608 |
Current | 25,094,665 | 24,400,281 |
Loans held-in-portfolio | 27,007,975 | 26,507,889 |
Non-accrual loans | 557,792 | 611,087 |
Accruing loans past-due 90 days or more | 476,814 | 612,543 |
Non Covered Loans | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 486,349 | 491,073 |
Non Covered Loans | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 203,101 | 176,747 |
Non Covered Loans | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,223,860 | 1,439,788 |
Non Covered Loans | Commercial multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 4,252 | 5,314 |
Current | 1,744,912 | 1,541,854 |
Loans held-in-portfolio | 1,749,164 | 1,547,168 |
Non-accrual loans | 3,881 | 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 | 331 | 4,604 |
Non Covered Loans | Commercial multi-family | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 0 | 112 |
Non Covered Loans | Commercial multi-family | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 3,921 | 598 |
Non Covered Loans | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 76,930 | 139,965 |
Current | 3,974,430 | 4,064,380 |
Loans held-in-portfolio | 4,051,360 | 4,204,345 |
Non-accrual loans | 43,641 | 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 | 25,497 | 92,782 |
Non Covered Loans | CRE non-owner occupied | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 3,449 | 1,127 |
Non Covered Loans | CRE non-owner occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 47,984 | 46,056 |
Non Covered Loans | CRE owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 107,859 | 123,989 |
Current | 1,828,357 | 1,897,203 |
Loans held-in-portfolio | 1,936,216 | 2,021,192 |
Non-accrual loans | 75,772 | 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 | 14,168 | 11,806 |
Non Covered Loans | CRE owner occupied | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,925 | 12,567 |
Non Covered Loans | CRE owner occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 90,766 | 99,616 |
Non Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 135,330 | 137,174 |
Current | 4,336,379 | 4,133,140 |
Loans held-in-portfolio | 4,471,709 | 4,270,314 |
Non-accrual loans | 46,403 | 55,408 |
Accruing loans past-due 90 days or more | 311 | 243 |
Non Covered Loans | Commercial and industrial | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 33,884 | 6,491 |
Non Covered Loans | Commercial and industrial | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 6,779 | 1,636 |
Non Covered Loans | Commercial and industrial | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 94,667 | 129,047 |
Non Covered Loans | Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 10,597 | 13,848 |
Current | 743,459 | 765,601 |
Loans held-in-portfolio | 754,056 | 779,449 |
Non-accrual loans | 10,334 | 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 | 0 | 0 |
Non Covered Loans | Construction | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 263 | 0 |
Non Covered Loans | Construction | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 10,334 | 13,848 |
Non Covered Loans | Mortgages | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,321,990 | 1,474,923 |
Current | 5,846,629 | 5,760,335 |
Loans held-in-portfolio | 7,168,619 | 7,235,258 |
Non-accrual loans | 305,542 | 334,598 |
Accruing loans past-due 90 days or more | 459,704 | 595,525 |
Non Covered Loans | Mortgages | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 288,737 | 288,982 |
Non Covered Loans | Mortgages | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 146,776 | 131,301 |
Non Covered Loans | Mortgages | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 886,477 | 1,054,640 |
Non Covered Loans | Leasing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 16,384 | 12,803 |
Current | 1,006,100 | 921,970 |
Loans held-in-portfolio | 1,022,484 | 934,773 |
Non-accrual loans | 2,733 | 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 | 10,906 | 7,663 |
Non Covered Loans | Leasing | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,745 | 1,827 |
Non Covered Loans | Leasing | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,733 | 3,313 |
Non Covered Loans | Legacy | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,461 | 3,267 |
Current | 20,731 | 22,682 |
Loans held-in-portfolio | 23,192 | 25,949 |
Non-accrual loans | 2,318 | 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 | 54 | 195 |
Non Covered Loans | Legacy | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 89 | 445 |
Non Covered Loans | Legacy | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,318 | 2,627 |
Non Covered Loans | Consumer | Credit cards | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 33,638 | 32,932 |
Current | 1,002,657 | 1,014,379 |
Loans held-in-portfolio | 1,036,295 | 1,047,311 |
Non-accrual loans | 0 | 0 |
Accruing loans past-due 90 days or more | 16,459 | 16,035 |
Non Covered Loans | Consumer | Credit cards | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 10,099 | 9,506 |
Non Covered Loans | Consumer | Credit cards | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 7,080 | 7,391 |
Non Covered Loans | Consumer | Credit cards | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 16,459 | 16,035 |
Non Covered Loans | Consumer | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 12,598 | 15,191 |
Current | 117,787 | 133,212 |
Loans held-in-portfolio | 130,385 | 148,403 |
Non-accrual loans | 11,004 | 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 | 700 | 886 |
Non Covered Loans | Consumer | Home equity lines of credit | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 894 | 561 |
Non Covered Loans | Consumer | Home equity lines of credit | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 11,004 | 13,744 |
Non Covered Loans | Consumer | Personal Loan | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 48,175 | 46,143 |
Current | 1,625,533 | 1,493,831 |
Loans held-in-portfolio | 1,673,708 | 1,539,974 |
Non-accrual loans | 20,380 | 20,497 |
Accruing loans past-due 90 days or more | 15 | 35 |
Non Covered Loans | Consumer | Personal Loan | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 15,576 | 15,388 |
Non Covered Loans | Consumer | Personal Loan | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 11,511 | 9,630 |
Non Covered Loans | Consumer | Personal Loan | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 21,088 | 21,125 |
Non Covered Loans | Consumer | Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 128,644 | 86,243 |
Current | 2,719,114 | 2,522,542 |
Loans held-in-portfolio | 2,847,758 | 2,608,785 |
Non-accrual loans | 22,954 | 24,050 |
Accruing loans past-due 90 days or more | 0 | 127 |
Non Covered Loans | Consumer | Auto Loan | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 85,717 | 52,204 |
Non Covered Loans | Consumer | Auto Loan | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 19,973 | 9,862 |
Non Covered Loans | Consumer | Auto Loan | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 22,954 | 24,177 |
Non Covered Loans | Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 14,452 | 15,816 |
Current | 128,577 | 129,152 |
Loans held-in-portfolio | 143,029 | 144,968 |
Non-accrual loans | 12,830 | 14,538 |
Accruing loans past-due 90 days or more | 325 | 424 |
Non Covered Loans | Consumer | Other | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 680 | 566 |
Non Covered Loans | Consumer | Other | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 617 | 288 |
Non Covered Loans | Consumer | Other | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 13,155 | 14,962 |
PUERTO RICO | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 19,932,582 | 19,883,472 |
PUERTO RICO | Commercial multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 148,550 | 145,628 |
PUERTO RICO | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 2,097,149 | 2,322,601 |
PUERTO RICO | CRE owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,617,097 | 1,722,253 |
PUERTO RICO | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 3,305,857 | 3,182,161 |
PUERTO RICO | Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 124,072 | 85,955 |
PUERTO RICO | Mortgages | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 6,235,576 | 6,433,323 |
PUERTO RICO | Leasing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,022,484 | 934,773 |
PUERTO RICO | Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 5,381,797 | 5,056,778 |
PUERTO RICO | Non Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,810,458 | 1,954,017 |
Current | 18,122,124 | 17,929,455 |
Loans held-in-portfolio | 19,932,582 | 19,883,472 |
Non-accrual loans | 520,773 | 568,098 |
Accruing loans past-due 90 days or more | 476,814 | 612,543 |
PUERTO RICO | Non Covered Loans | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 475,246 | 462,707 |
PUERTO RICO | Non Covered Loans | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 196,251 | 167,907 |
PUERTO RICO | Non Covered Loans | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,138,961 | 1,323,403 |
PUERTO RICO | Non Covered Loans | Commercial multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,155 | 2,151 |
Current | 146,395 | 143,477 |
Loans held-in-portfolio | 148,550 | 145,628 |
Non-accrual loans | 1,784 | 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 | 331 | 1,441 |
PUERTO RICO | Non Covered Loans | Commercial multi-family | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 0 | 112 |
PUERTO RICO | Non Covered Loans | Commercial multi-family | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,824 | 598 |
PUERTO RICO | Non Covered Loans | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 76,638 | 138,605 |
Current | 2,020,511 | 2,183,996 |
Loans held-in-portfolio | 2,097,149 | 2,322,601 |
Non-accrual loans | 43,349 | 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 | 25,497 | 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 | 3,449 | 839 |
PUERTO RICO | Non Covered Loans | CRE non-owner occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 47,692 | 45,691 |
PUERTO RICO | Non Covered Loans | CRE owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 102,473 | 116,755 |
Current | 1,514,624 | 1,605,498 |
Loans held-in-portfolio | 1,617,097 | 1,722,253 |
Non-accrual loans | 75,513 | 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 | 9,284 | 6,681 |
PUERTO RICO | Non Covered Loans | CRE owner occupied | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,682 | 10,839 |
PUERTO RICO | Non Covered Loans | CRE owner occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 90,507 | 99,235 |
PUERTO RICO | Non Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 84,242 | 60,099 |
Current | 3,221,615 | 3,122,062 |
Loans held-in-portfolio | 3,305,857 | 3,182,161 |
Non-accrual loans | 45,720 | 55,078 |
Accruing loans past-due 90 days or more | 311 | 243 |
PUERTO RICO | Non Covered Loans | Commercial and industrial | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 31,435 | 4,137 |
PUERTO RICO | Non Covered Loans | Commercial and industrial | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 6,703 | 641 |
PUERTO RICO | Non Covered Loans | Commercial and industrial | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 46,104 | 55,321 |
PUERTO RICO | Non Covered Loans | Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 537 | 1,788 |
Current | 123,535 | 84,167 |
Loans held-in-portfolio | 124,072 | 85,955 |
Non-accrual loans | 274 | 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 | 263 | 0 |
PUERTO RICO | Non Covered Loans | Construction | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 274 | 1,788 |
PUERTO RICO | Non Covered Loans | Mortgages | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 1,307,265 | 1,447,078 |
Current | 4,928,311 | 4,986,245 |
Loans held-in-portfolio | 6,235,576 | 6,433,323 |
Non-accrual loans | 296,025 | 323,565 |
Accruing loans past-due 90 days or more | 459,704 | 595,525 |
PUERTO RICO | Non Covered Loans | Mortgages | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 287,578 | 275,367 |
PUERTO RICO | Non Covered Loans | Mortgages | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 142,727 | 128,104 |
PUERTO RICO | Non Covered Loans | Mortgages | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 876,960 | 1,043,607 |
PUERTO RICO | Non Covered Loans | Leasing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 16,384 | 12,803 |
Current | 1,006,100 | 921,970 |
Loans held-in-portfolio | 1,022,484 | 934,773 |
Non-accrual loans | 2,733 | 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 | 10,906 | 7,663 |
PUERTO RICO | Non Covered Loans | Leasing | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,745 | 1,827 |
PUERTO RICO | Non Covered Loans | Leasing | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,733 | 3,313 |
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 33,638 | 32,930 |
Current | 1,002,579 | 1,014,343 |
Loans held-in-portfolio | 1,036,217 | 1,047,273 |
Non-accrual loans | 0 | 0 |
Accruing loans past-due 90 days or more | 16,459 | 16,035 |
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 10,099 | 9,504 |
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 7,080 | 7,391 |
PUERTO RICO | Non Covered Loans | Consumer | Credit cards | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 16,459 | 16,035 |
PUERTO RICO | Non Covered Loans | Consumer | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 902 | 262 |
Current | 4,981 | 5,089 |
Loans held-in-portfolio | 5,883 | 5,351 |
Non-accrual loans | 887 | 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 | 15 | 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 | 0 | 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 | 887 | 165 |
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 43,154 | 39,491 |
Current | 1,306,449 | 1,211,134 |
Loans held-in-portfolio | 1,349,603 | 1,250,625 |
Non-accrual loans | 18,710 | 17,887 |
Accruing loans past-due 90 days or more | 15 | 35 |
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 13,724 | 13,069 |
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 10,012 | 7,907 |
PUERTO RICO | Non Covered Loans | Consumer | Personal Loan | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 19,418 | 18,515 |
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 128,644 | 86,243 |
Current | 2,719,114 | 2,522,542 |
Loans held-in-portfolio | 2,847,758 | 2,608,785 |
Non-accrual loans | 22,954 | 24,050 |
Accruing loans past-due 90 days or more | 0 | 127 |
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 85,717 | 52,204 |
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 19,973 | 9,862 |
PUERTO RICO | Non Covered Loans | Consumer | Auto Loan | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 22,954 | 24,177 |
PUERTO RICO | Non Covered Loans | Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 14,426 | 15,812 |
Current | 127,910 | 128,932 |
Loans held-in-portfolio | 142,336 | 144,744 |
Non-accrual loans | 12,824 | 14,534 |
Accruing loans past-due 90 days or more | 325 | 424 |
PUERTO RICO | Non Covered Loans | Consumer | Other | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 660 | 566 |
PUERTO RICO | Non Covered Loans | Consumer | Other | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 617 | 288 |
PUERTO RICO | Non Covered Loans | Consumer | Other | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 13,149 | 14,958 |
Popular U.S. | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 7,075,393 | 6,624,417 |
Popular U.S. | Commercial multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,600,614 | 1,401,540 |
Popular U.S. | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,954,211 | 1,881,744 |
Popular U.S. | CRE owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 319,119 | 298,939 |
Popular U.S. | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 1,165,852 | 1,088,153 |
Popular U.S. | Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 629,984 | 693,494 |
Popular U.S. | Mortgages | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 933,043 | 801,935 |
Popular U.S. | Legacy | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 23,192 | 25,949 |
Popular U.S. | Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans held-in-portfolio | 449,378 | 432,663 |
Popular U.S. | Non Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 102,852 | 153,591 |
Current | 6,972,541 | 6,470,826 |
Loans held-in-portfolio | 7,075,393 | 6,624,417 |
Non-accrual loans | 37,019 | 42,989 |
Accruing loans past-due 90 days or more | 0 | 0 |
Popular U.S. | Non Covered Loans | Past Due 30 To 59 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 11,103 | 28,366 |
Popular U.S. | Non Covered Loans | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 6,850 | 8,840 |
Popular U.S. | Non Covered Loans | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 84,899 | 116,385 |
Popular U.S. | Non Covered Loans | Commercial multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,097 | 3,163 |
Current | 1,598,517 | 1,398,377 |
Loans held-in-portfolio | 1,600,614 | 1,401,540 |
Non-accrual loans | 2,097 | 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 | 0 | 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 | 0 | 0 |
Popular U.S. | Non Covered Loans | Commercial multi-family | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,097 | 0 |
Popular U.S. | Non Covered Loans | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 292 | 1,360 |
Current | 1,953,919 | 1,880,384 |
Loans held-in-portfolio | 1,954,211 | 1,881,744 |
Non-accrual loans | 292 | 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 | 0 | 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 | 292 | 365 |
Popular U.S. | Non Covered Loans | CRE owner occupied | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 5,386 | 7,234 |
Current | 313,733 | 291,705 |
Loans held-in-portfolio | 319,119 | 298,939 |
Non-accrual loans | 259 | 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 | 4,884 | 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 | 243 | 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 | 259 | 381 |
Popular U.S. | Non Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 51,088 | 77,075 |
Current | 1,114,764 | 1,011,078 |
Loans held-in-portfolio | 1,165,852 | 1,088,153 |
Non-accrual loans | 683 | 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 | 2,449 | 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 | 76 | 995 |
Popular U.S. | Non Covered Loans | Commercial and industrial | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 48,563 | 73,726 |
Popular U.S. | Non Covered Loans | Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 10,060 | 12,060 |
Current | 619,924 | 681,434 |
Loans held-in-portfolio | 629,984 | 693,494 |
Non-accrual loans | 10,060 | 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 | 0 | 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 | 10,060 | 12,060 |
Popular U.S. | Non Covered Loans | Mortgages | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 14,725 | 27,845 |
Current | 918,318 | 774,090 |
Loans held-in-portfolio | 933,043 | 801,935 |
Non-accrual loans | 9,517 | 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 | 1,159 | 13,615 |
Popular U.S. | Non Covered Loans | Mortgages | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 4,049 | 3,197 |
Popular U.S. | Non Covered Loans | Mortgages | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 9,517 | 11,033 |
Popular U.S. | Non Covered Loans | Legacy | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,461 | 3,267 |
Current | 20,731 | 22,682 |
Loans held-in-portfolio | 23,192 | 25,949 |
Non-accrual loans | 2,318 | 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 | 54 | 195 |
Popular U.S. | Non Covered Loans | Legacy | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 89 | 445 |
Popular U.S. | Non Covered Loans | Legacy | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 2,318 | 2,627 |
Popular U.S. | Non Covered Loans | Consumer | Credit cards | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 0 | 2 |
Current | 78 | 36 |
Loans held-in-portfolio | 78 | 38 |
Non-accrual loans | 0 | 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 | 0 | 0 |
Popular U.S. | Non Covered Loans | Consumer | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 11,696 | 14,929 |
Current | 112,806 | 128,123 |
Loans held-in-portfolio | 124,502 | 143,052 |
Non-accrual loans | 10,117 | 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 | 685 | 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 | 894 | 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 | 10,117 | 13,579 |
Popular U.S. | Non Covered Loans | Consumer | Personal Loan | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 5,021 | 6,652 |
Current | 319,084 | 282,697 |
Loans held-in-portfolio | 324,105 | 289,349 |
Non-accrual loans | 1,670 | 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 | 1,852 | 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 | 1,499 | 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 | 1,670 | 2,610 |
Popular U.S. | Non Covered Loans | Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 26 | 4 |
Current | 667 | 220 |
Loans held-in-portfolio | 693 | 224 |
Non-accrual loans | 6 | 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 | 20 | 0 |
Popular U.S. | Non Covered Loans | Consumer | Other | Past Due 60 To 89 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | 0 | 0 |
Popular U.S. | Non Covered Loans | Consumer | Other | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due | ||
Past Due | $ 6 | $ 4 |
Loans - Non-covered loans HIP_2
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable | ||
Unearned Income | $ 173,266 | $ 155,824 |
Loans held-for-sale, at lower of cost or fair value | 56,370 | 51,422 |
Loans held-in-portfolio, net of unearned income | 27,007,975 | 26,507,889 |
Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | 6,700,000 | 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 | 27,007,975 | 26,507,889 |
FRB Discount Window | Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans served as collateral to secure debt obligations | 2,100,000 | 2,100,000 |
PUERTO RICO | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | 19,932,582 | 19,883,472 |
PUERTO RICO | Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | 19,932,582 | 19,883,472 |
Popular U.S. | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | 7,075,393 | 6,624,417 |
Popular U.S. | Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | 7,075,393 | 6,624,417 |
ASC Subtopic 310-30 | Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | 189,000 | 216,000 |
ASC Subtopic 310-30 | PUERTO RICO | Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | 141,000 | 143,000 |
ASC Subtopic 310-30 | Popular U.S. | Non Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans held-in-portfolio, net of unearned income | $ 48,000 | $ 73,000 |
Loans - Carrying amount of acqu
Loans - Carrying amount of acquired loans accounted for pursuant to ASC310-30 by portfolio (Details) - ASC Subtopic 310-30 - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | $ 1,702,374 | $ 1,789,237 | $ 1,883,556 | $ 1,990,622 | $ 2,033,457 | $ 2,108,993 |
Less: Allowance for loan losses | (94,610) | (122,135) | (168,559) | |||
Carrying amount, net of allowance | 1,607,764 | 1,761,421 | $ 1,822,063 | |||
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | 683,046 | 801,774 | ||||
Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | 134,962 | 84,465 | ||||
Mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | 871,803 | 982,821 | ||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | $ 12,563 | $ 14,496 |
Loans - Changes in the carrying
Loans - Changes in the carrying amount and the accretable yield for the acquired loans (Details) - ASC Subtopic 310-30 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accretable yield | |||||
Beginning Balance | $ 1,042,407 | $ 1,178,042 | $ 1,092,504 | $ 1,214,488 | |
Additions | 7,711 | 315 | 19,577 | 3,752 | |
Accretion | (35,502) | (38,886) | (111,083) | (121,752) | |
Change In Expected Cash Flows | 5,043 | (16,739) | 18,661 | 26,244 | |
Ending Balance | 1,019,659 | 1,122,732 | 1,019,659 | 1,122,732 | |
Carrying amount of loans | |||||
Beginning Balance | 1,789,237 | 2,033,457 | 1,883,556 | 2,108,993 | |
Additions | 11,891 | 3,062 | 27,639 | 8,334 | |
Accretion | 35,502 | 38,886 | 111,083 | 121,752 | |
Collections / loan sales / charge-offs | (134,256) | (84,783) | (319,904) | (248,457) | |
Ending Balance | 1,702,374 | 1,990,622 | 1,702,374 | 1,990,622 | |
Less: Allowance for loan losses | (94,610) | (168,559) | (94,610) | (168,559) | $ (122,135) |
Carrying amount, net of allowance | $ 1,607,764 | $ 1,822,063 | $ 1,607,764 | $ 1,822,063 | $ 1,761,421 |
Loans - Changes in the carryi_2
Loans - Changes in the carrying amount and the accretable yield for the acquired loans - Parenthetical (Details) - ASC Subtopic 310-30 - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | $ 1,702,374 | $ 1,789,237 | $ 1,883,556 | $ 1,990,622 | $ 2,033,457 | $ 2,108,993 |
Accretable yield | 1,019,659 | $ 1,042,407 | $ 1,092,504 | 1,122,732 | $ 1,178,042 | $ 1,214,488 |
Non-credit Impaired Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Carrying amount | 1,200,000 | 1,500,000 | ||||
Accretable yield | $ 700,000 | $ 800,000 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Aug. 01, 2018 | |
Accounts, Notes, Loans and Financing Receivable | ||||||
Commercial Construction Loans Sold | $ 47,000 | $ 81,000 | ||||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds | 122,874 | $ 138,659 | 337,140 | $ 399,278 | ||
Mortgage loans related to buy-back option program | 27,181,241 | 27,181,241 | $ 26,663,713 | |||
Non-covered Loans held-in-portfolio | 27,007,975 | 27,007,975 | 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 | 99,000 | 99,000 | 134,000 | |||
Mortgage loans related to buy-back option program | 99,000 | 99,000 | 134,000 | |||
Residential Mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Residential Mortgage Loans Sold | 18,000 | 19,000 | 46,000 | 45,000 | ||
GNMA | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds | 88,000 | 110,000 | 247,000 | 320,000 | ||
FNMA | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds | 33,000 | 26,000 | 84,000 | 72,000 | ||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Purchase of Loans | 64,000 | 48,000 | 222,000 | 152,000 | ||
Non-covered Loans held-in-portfolio | 5,831,175 | 5,831,175 | 5,489,441 | |||
Mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Purchase of Loans | 81,000 | $ 147,000 | 266,000 | $ 480,000 | ||
Non-covered Loans held-in-portfolio | 7,168,619 | 7,168,619 | 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 | 1,400,000 | |||
Mortgages | US Government Agency Insured Loans | Past Due 90 Days or More | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Past Due | 461,000 | 461,000 | 598,000 | |||
Commercial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Purchase of Loans | 43,000 | |||||
Commercial Loans | Reliable Financial Services | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Loans acquired | 341,000 | |||||
Reverse Mortgages | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Current | 65,000 | 65,000 | 69,000 | |||
Residential mortgage loans insured By FHA | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Accruing loans past-due 90 days or more | 241,000 | 241,000 | 283,000 | |||
Auto Loan | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Non-covered Loans held-in-portfolio | 2,847,758 | 2,847,758 | 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 | $ 1,900,000 | $ 1,900,000 | $ 2,200,000 |
Allowance for loan losses - All
Allowance for loan losses - Allowance Movement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | $ 543,666 | $ 643,018 | $ 569,348 | $ 623,426 | |
Provision (reversal) for loan losses | 36,539 | 54,387 | 118,555 | 185,504 | |
Charge-offs | (92,518) | (83,055) | (240,347) | (224,512) | |
Recoveries | 24,678 | 19,368 | 64,809 | 49,300 | |
Balance at end of period | 512,365 | 633,718 | 512,365 | 633,718 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 95,846 | 130,537 | 95,846 | 130,537 | |
General ALLL | 416,519 | 503,181 | 416,519 | 503,181 | |
Ending balance: loans individually evaluated for impairment | 1,058,613 | 1,008,288 | 1,058,613 | 1,008,288 | |
Ending balance: loans collectively evaluated for impairment | 25,949,362 | 25,503,880 | 25,949,362 | 25,503,880 | |
Non-covered Loans held-in-portfolio | 27,007,975 | 27,007,975 | $ 26,507,889 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 27,007,975 | 26,512,168 | 27,007,975 | 26,512,168 | |
PUERTO RICO | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 19,932,582 | 19,932,582 | 19,883,472 | ||
PUERTO RICO | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 476,191 | 567,145 | 507,158 | 518,104 | |
Provision (reversal) for loan losses | 34,479 | 51,877 | 94,908 | 153,000 | |
Charge-offs | (79,770) | (75,150) | (206,064) | (183,888) | |
Recoveries | 19,870 | 16,304 | 54,768 | 39,350 | |
Allowance Transferred From Covered Loans | 33,610 | ||||
Balance at end of period | 450,770 | 560,176 | 450,770 | 560,176 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 91,750 | 121,294 | 91,750 | 121,294 | |
General ALLL | 359,020 | 438,882 | 359,020 | 438,882 | |
Ending balance: loans individually evaluated for impairment | 1,027,254 | 974,209 | 1,027,254 | 974,209 | |
Ending balance: loans collectively evaluated for impairment | 18,905,328 | 18,849,144 | 18,905,328 | 18,849,144 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 19,932,582 | 19,823,353 | 19,932,582 | 19,823,353 | |
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 | ||||
Allowance Transferred To Non Covered Loans | (33,610) | ||||
Balance at end of period | 0 | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | |||
General ALLL | 0 | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | 0 | |||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 0 | 0 | |||
UNITED STATES | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 7,075,393 | 7,075,393 | 6,624,417 | ||
UNITED STATES | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 67,475 | 75,873 | 62,190 | 72,078 | |
Provision (reversal) for loan losses | 2,060 | 2,510 | 23,647 | 30,774 | |
Charge-offs | (12,748) | (7,905) | (34,283) | (39,176) | |
Recoveries | 4,808 | 3,064 | 10,041 | 9,866 | |
Balance at end of period | 61,595 | 73,542 | 61,595 | 73,542 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 4,096 | 9,243 | 4,096 | 9,243 | |
General ALLL | 57,499 | 64,299 | 57,499 | 64,299 | |
Ending balance: loans individually evaluated for impairment | 31,359 | 34,079 | 31,359 | 34,079 | |
Ending balance: loans collectively evaluated for impairment | 7,044,034 | 6,654,736 | 7,044,034 | 6,654,736 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 7,075,393 | 6,688,815 | 7,075,393 | 6,688,815 | |
Commercial | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 225,529 | 241,846 | 239,115 | 215,665 | |
Provision (reversal) for loan losses | (20,543) | 6,804 | (8,726) | 61,850 | |
Charge-offs | (21,331) | (10,127) | (56,012) | (48,061) | |
Recoveries | 7,066 | 6,017 | 16,344 | 15,086 | |
Balance at end of period | 190,721 | 244,540 | 190,721 | 244,540 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 30,130 | 52,250 | 30,130 | 52,250 | |
General ALLL | 160,591 | 192,290 | 160,591 | 192,290 | |
Ending balance: loans individually evaluated for impairment | 409,221 | 356,007 | 409,221 | 356,007 | |
Ending balance: loans collectively evaluated for impairment | 11,799,228 | 11,637,700 | 11,799,228 | 11,637,700 | |
Non-covered Loans held-in-portfolio | 12,208,449 | 12,208,449 | 12,043,019 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 12,208,449 | 11,993,707 | 12,208,449 | 11,993,707 | |
Commercial | PUERTO RICO | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 7,168,653 | 7,168,653 | 7,372,643 | ||
Commercial | PUERTO RICO | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 190,227 | 190,926 | 207,214 | 171,531 | |
Provision (reversal) for loan losses | (18,036) | 21,548 | (18,245) | 52,846 | |
Charge-offs | (15,419) | (7,335) | (40,275) | (25,626) | |
Recoveries | 4,787 | 4,966 | 12,865 | 11,354 | |
Allowance Transferred From Covered Loans | 0 | ||||
Balance at end of period | 161,559 | 210,105 | 161,559 | 210,105 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 30,130 | 52,250 | 30,130 | 52,250 | |
General ALLL | 131,429 | 157,855 | 131,429 | 157,855 | |
Ending balance: loans individually evaluated for impairment | 407,124 | 356,007 | 407,124 | 356,007 | |
Ending balance: loans collectively evaluated for impairment | 6,761,529 | 7,051,469 | 6,761,529 | 7,051,469 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 7,168,653 | 7,407,476 | 7,168,653 | 7,407,476 | |
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 | ||||
Allowance Transferred To Non Covered Loans | 0 | ||||
Balance at end of period | 0 | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | |||
General ALLL | 0 | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | 0 | |||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 0 | 0 | |||
Commercial | UNITED STATES | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 5,039,796 | 5,039,796 | 4,670,376 | ||
Commercial | UNITED STATES | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 35,302 | 50,920 | 31,901 | 44,134 | |
Provision (reversal) for loan losses | (2,507) | (14,744) | 9,519 | 9,004 | |
Charge-offs | (5,912) | (2,792) | (15,737) | (22,435) | |
Recoveries | 2,279 | 1,051 | 3,479 | 3,732 | |
Balance at end of period | 29,162 | 34,435 | 29,162 | 34,435 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | 0 | 0 | |
General ALLL | 29,162 | 34,435 | 29,162 | 34,435 | |
Ending balance: loans individually evaluated for impairment | 2,097 | 0 | 2,097 | 0 | |
Ending balance: loans collectively evaluated for impairment | 5,037,699 | 4,586,231 | 5,037,699 | 4,586,231 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 5,039,796 | 4,586,231 | 5,039,796 | 4,586,231 | |
Construction | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 9,883 | 7,702 | 7,424 | 8,362 | |
Provision (reversal) for loan losses | (2,090) | 7,293 | 290 | 6,124 | |
Charge-offs | (2,242) | (21) | (2,294) | 9 | |
Recoveries | 3,013 | 146 | 3,144 | 625 | |
Balance at end of period | 8,564 | 15,120 | 8,564 | 15,120 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 57 | 5,530 | 57 | 5,530 | |
General ALLL | 8,507 | 9,590 | 8,507 | 9,590 | |
Ending balance: loans individually evaluated for impairment | 10,334 | 19,695 | 10,334 | 19,695 | |
Ending balance: loans collectively evaluated for impairment | 743,722 | 923,670 | 743,722 | 923,670 | |
Non-covered Loans held-in-portfolio | 754,056 | 754,056 | 779,449 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 754,056 | 943,365 | 754,056 | 943,365 | |
Construction | PUERTO RICO | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 124,072 | 124,072 | 85,955 | ||
Construction | PUERTO RICO | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 2,996 | 765 | 886 | 1,286 | |
Provision (reversal) for loan losses | (4,916) | (12) | (2,877) | (1,042) | |
Charge-offs | (27) | (21) | (79) | 9 | |
Recoveries | 3,013 | 146 | 3,136 | 625 | |
Allowance Transferred From Covered Loans | 0 | ||||
Balance at end of period | 1,066 | 878 | 1,066 | 878 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 57 | 0 | 57 | 0 | |
General ALLL | 1,009 | 878 | 1,009 | 878 | |
Ending balance: loans individually evaluated for impairment | 274 | 1,829 | 274 | 1,829 | |
Ending balance: loans collectively evaluated for impairment | 123,798 | 75,964 | 123,798 | 75,964 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 124,072 | 77,793 | 124,072 | 77,793 | |
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 | ||||
Allowance Transferred To Non Covered Loans | 0 | ||||
Balance at end of period | 0 | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | |||
General ALLL | 0 | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | 0 | |||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 0 | 0 | |||
Construction | UNITED STATES | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 629,984 | 629,984 | 693,494 | ||
Construction | UNITED STATES | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 6,887 | 6,937 | 6,538 | 7,076 | |
Provision (reversal) for loan losses | 2,826 | 7,305 | 3,167 | 7,166 | |
Charge-offs | (2,215) | 0 | (2,215) | 0 | |
Recoveries | 0 | 0 | 8 | 0 | |
Balance at end of period | 7,498 | 14,242 | 7,498 | 14,242 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 5,530 | 0 | 5,530 | |
General ALLL | 7,498 | 8,712 | 7,498 | 8,712 | |
Ending balance: loans individually evaluated for impairment | 10,060 | 17,866 | 10,060 | 17,866 | |
Ending balance: loans collectively evaluated for impairment | 619,924 | 847,706 | 619,924 | 847,706 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 629,984 | 865,572 | 629,984 | 865,572 | |
Mortgages | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 132,516 | 186,466 | 147,412 | 196,143 | |
Provision (reversal) for loan losses | 6,782 | 10,080 | 12,241 | 26,300 | |
Charge-offs | (13,886) | (23,543) | (37,650) | (51,770) | |
Recoveries | 1,215 | 1,584 | 4,624 | 3,914 | |
Balance at end of period | 126,627 | 174,587 | 126,627 | 174,587 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 42,868 | 46,205 | 42,868 | 46,205 | |
General ALLL | 83,759 | 128,382 | 83,759 | 128,382 | |
Ending balance: loans individually evaluated for impairment | 533,317 | 517,083 | 533,317 | 517,083 | |
Ending balance: loans collectively evaluated for impairment | 6,635,302 | 6,787,087 | 6,635,302 | 6,787,087 | |
Non-covered Loans held-in-portfolio | 7,168,619 | 7,168,619 | 7,235,258 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 7,168,619 | 7,304,170 | 7,168,619 | 7,304,170 | |
Mortgages | PUERTO RICO | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 6,235,576 | 6,235,576 | 6,433,323 | ||
Mortgages | PUERTO RICO | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 127,930 | 182,103 | 142,978 | 159,081 | |
Provision (reversal) for loan losses | 6,494 | 10,145 | 11,342 | 24,564 | |
Charge-offs | (13,886) | (23,526) | (37,056) | (50,164) | |
Recoveries | 1,197 | 1,564 | 4,471 | 3,383 | |
Allowance Transferred From Covered Loans | 33,422 | ||||
Balance at end of period | 121,735 | 170,286 | 121,735 | 170,286 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 40,483 | 43,841 | 40,483 | 43,841 | |
General ALLL | 81,252 | 126,445 | 81,252 | 126,445 | |
Ending balance: loans individually evaluated for impairment | 523,876 | 508,258 | 523,876 | 508,258 | |
Ending balance: loans collectively evaluated for impairment | 5,711,700 | 6,023,018 | 5,711,700 | 6,023,018 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 6,235,576 | 6,531,276 | 6,235,576 | 6,531,276 | |
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 | ||||
Allowance Transferred To Non Covered Loans | (33,422) | ||||
Balance at end of period | 0 | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | |||
General ALLL | 0 | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | 0 | |||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 0 | 0 | |||
Mortgages | UNITED STATES | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 933,043 | 933,043 | 801,935 | ||
Mortgages | UNITED STATES | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 4,586 | 4,363 | 4,434 | 4,541 | |
Provision (reversal) for loan losses | 288 | (65) | 899 | (529) | |
Charge-offs | 0 | (17) | (594) | (160) | |
Recoveries | 18 | 20 | 153 | 449 | |
Balance at end of period | 4,892 | 4,301 | 4,892 | 4,301 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 2,385 | 2,364 | 2,385 | 2,364 | |
General ALLL | 2,507 | 1,937 | 2,507 | 1,937 | |
Ending balance: loans individually evaluated for impairment | 9,441 | 8,825 | 9,441 | 8,825 | |
Ending balance: loans collectively evaluated for impairment | 923,602 | 764,069 | 923,602 | 764,069 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 933,043 | 772,894 | 933,043 | 772,894 | |
Legacy | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 774 | 700 | 969 | 798 | |
Provision (reversal) for loan losses | (280) | (1,008) | (1,467) | (1,714) | |
Charge-offs | (2) | (81) | 142 | (252) | |
Recoveries | 299 | 766 | 1,147 | 1,545 | |
Balance at end of period | 791 | 377 | 791 | 377 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | 0 | 0 | |
General ALLL | 791 | 377 | 791 | 377 | |
Ending balance: loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: loans collectively evaluated for impairment | 23,192 | 27,566 | 23,192 | 27,566 | |
Non-covered Loans held-in-portfolio | 23,192 | 23,192 | 25,949 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 23,192 | 27,566 | 23,192 | 27,566 | |
Legacy | UNITED STATES | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 23,192 | 23,192 | 25,949 | ||
Legacy | UNITED STATES | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 774 | 700 | 969 | 798 | |
Provision (reversal) for loan losses | (280) | (1,008) | (1,467) | (1,714) | |
Charge-offs | (2) | (81) | 142 | (252) | |
Recoveries | 299 | 766 | 1,147 | 1,545 | |
Balance at end of period | 791 | 377 | 791 | 377 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | 0 | 0 | |
General ALLL | 791 | 377 | 791 | 377 | |
Ending balance: loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: loans collectively evaluated for impairment | 23,192 | 27,566 | 23,192 | 27,566 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 23,192 | 27,566 | 23,192 | 27,566 | |
Leasing | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 6,907 | 14,285 | 11,486 | 11,991 | |
Provision (reversal) for loan losses | 3,739 | (422) | 2,276 | 5,022 | |
Charge-offs | (4,040) | (2,088) | (8,467) | (6,404) | |
Recoveries | 587 | 531 | 1,898 | 1,697 | |
Balance at end of period | 7,193 | 12,306 | 7,193 | 12,306 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 71 | 297 | 71 | 297 | |
General ALLL | 7,122 | 12,009 | 7,122 | 12,009 | |
Ending balance: loans individually evaluated for impairment | 624 | 931 | 624 | 931 | |
Ending balance: loans collectively evaluated for impairment | 1,021,860 | 902,609 | 1,021,860 | 902,609 | |
Non-covered Loans held-in-portfolio | 1,022,484 | 1,022,484 | 934,773 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 1,022,484 | 903,540 | 1,022,484 | 903,540 | |
Leasing | PUERTO RICO | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 1,022,484 | 1,022,484 | 934,773 | ||
Leasing | PUERTO RICO | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 6,907 | 14,285 | 11,486 | 11,991 | |
Provision (reversal) for loan losses | 3,739 | (422) | 2,276 | 5,022 | |
Charge-offs | (4,040) | (2,088) | (8,467) | (6,404) | |
Recoveries | 587 | 531 | 1,898 | 1,697 | |
Allowance Transferred From Covered Loans | 0 | ||||
Balance at end of period | 7,193 | 12,306 | 7,193 | 12,306 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 71 | 297 | 71 | 297 | |
General ALLL | 7,122 | 12,009 | 7,122 | 12,009 | |
Ending balance: loans individually evaluated for impairment | 624 | 931 | 624 | 931 | |
Ending balance: loans collectively evaluated for impairment | 1,021,860 | 902,609 | 1,021,860 | 902,609 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 1,022,484 | 903,540 | 1,022,484 | 903,540 | |
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 | ||||
Allowance Transferred To Non Covered Loans | 0 | ||||
Balance at end of period | 0 | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | |||
General ALLL | 0 | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | 0 | |||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 0 | 0 | |||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 168,057 | 192,019 | 162,942 | 190,467 | |
Provision (reversal) for loan losses | 48,931 | 31,640 | 113,941 | 87,922 | |
Charge-offs | (51,017) | (47,195) | (136,066) | (118,034) | |
Recoveries | 12,498 | 10,324 | 37,652 | 26,433 | |
Balance at end of period | 178,469 | 186,788 | 178,469 | 186,788 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 22,720 | 26,255 | 22,720 | 26,255 | |
General ALLL | 155,749 | 160,533 | 155,749 | 160,533 | |
Ending balance: loans individually evaluated for impairment | 105,117 | 114,572 | 105,117 | 114,572 | |
Ending balance: loans collectively evaluated for impairment | 5,726,058 | 5,225,248 | 5,726,058 | 5,225,248 | |
Non-covered Loans held-in-portfolio | 5,831,175 | 5,831,175 | 5,489,441 | ||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 5,831,175 | 5,339,820 | 5,831,175 | 5,339,820 | |
Consumer | PUERTO RICO | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 5,381,797 | 5,381,797 | 5,056,778 | ||
Consumer | PUERTO RICO | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 148,131 | 179,066 | 144,594 | 174,215 | |
Provision (reversal) for loan losses | 47,198 | 20,618 | 102,412 | 71,610 | |
Charge-offs | (46,398) | (42,180) | (120,187) | (101,703) | |
Recoveries | 10,286 | 9,097 | 32,398 | 22,291 | |
Allowance Transferred From Covered Loans | 188 | ||||
Balance at end of period | 159,217 | 166,601 | 159,217 | 166,601 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 21,009 | 24,906 | 21,009 | 24,906 | |
General ALLL | 138,208 | 141,695 | 138,208 | 141,695 | |
Ending balance: loans individually evaluated for impairment | 95,356 | 107,184 | 95,356 | 107,184 | |
Ending balance: loans collectively evaluated for impairment | 5,286,441 | 4,796,084 | 5,286,441 | 4,796,084 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 5,381,797 | 4,903,268 | 5,381,797 | 4,903,268 | |
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 | ||||
Allowance Transferred To Non Covered Loans | (188) | ||||
Balance at end of period | 0 | 0 | |||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 0 | 0 | |||
General ALLL | 0 | 0 | |||
Ending balance: loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: loans collectively evaluated for impairment | 0 | 0 | |||
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | 0 | 0 | |||
Consumer | UNITED STATES | |||||
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Non-covered Loans held-in-portfolio | 449,378 | 449,378 | $ 432,663 | ||
Consumer | UNITED STATES | Non-covered loans | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Balance at beginning of period | 19,926 | 12,953 | 18,348 | 15,529 | |
Provision (reversal) for loan losses | 1,733 | 11,022 | 11,529 | 16,847 | |
Charge-offs | (4,619) | (5,015) | (15,879) | (16,329) | |
Recoveries | 2,212 | 1,227 | 5,254 | 4,140 | |
Balance at end of period | 19,252 | 20,187 | 19,252 | 20,187 | |
Financing Receivable Allowance For Credit Loss Additional Information Abstract | |||||
Specific ALLL | 1,711 | 1,349 | 1,711 | 1,349 | |
General ALLL | 17,541 | 18,838 | 17,541 | 18,838 | |
Ending balance: loans individually evaluated for impairment | 9,761 | 7,388 | 9,761 | 7,388 | |
Ending balance: loans collectively evaluated for impairment | 439,617 | 429,164 | 439,617 | 429,164 | |
Loans And Leases Receivable Covered And Not Covered Total Net Of Unearned Income | $ 449,378 | $ 436,552 | $ 449,378 | $ 436,552 |
Allowance for loan losses - Act
Allowance for loan losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | $ 543,666 | $ 643,018 | $ 569,348 | $ 623,426 |
Provision (reversal) for loan losses | 36,539 | 54,387 | 118,555 | 185,504 |
Charge-offs | (92,518) | (83,055) | (240,347) | (224,512) |
Balance at end of period | 512,365 | 633,718 | 512,365 | 633,718 |
ASC Subtopic 310-30 | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Balance at beginning of period | 120,818 | 156,328 | 122,135 | 119,505 |
Provision (reversal) for loan losses | (14,617) | 17,854 | (2,007) | 78,317 |
Charge-offs | (11,591) | (5,623) | (25,518) | (29,263) |
Balance at end of period | $ 94,610 | $ 168,559 | $ 94,610 | $ 168,559 |
Allowance for loan losses - Dis
Allowance for loan losses - Disclosures related to loans individually evaluated for impairment (Details) - Non Covered Loans - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired | ||
Related Allowance | $ 95,846 | $ 119,670 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 770,410 | 795,308 |
Recorded investment - with No Allowance | 288,203 | 249,787 |
Recorded Investment - Total | 1,058,613 | 1,045,095 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 861,205 | 867,932 |
Unpaid principal balance - with No Allowance | 397,506 | 377,884 |
Unpaid Principal Balance - Total | 1,258,711 | 1,245,816 |
Commercial multi-family | ||
Financing Receivable, Impaired | ||
Related Allowance | 249 | 4 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 2,249 | 932 |
Recorded investment - with No Allowance | 2,097 | 0 |
Recorded Investment - Total | 4,346 | 932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 2,284 | 932 |
Unpaid principal balance - with No Allowance | 2,539 | 0 |
Unpaid Principal Balance - Total | 4,823 | 932 |
CRE non-owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 14,012 | 27,494 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 76,055 | 85,583 |
Recorded investment - with No Allowance | 110,859 | 96,005 |
Recorded Investment - Total | 186,914 | 181,588 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 88,496 | 86,282 |
Unpaid principal balance - with No Allowance | 121,418 | 138,378 |
Unpaid Principal Balance - Total | 209,914 | 224,660 |
CRE owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 5,607 | 7,857 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 111,600 | 113,592 |
Recorded investment - with No Allowance | 27,573 | 26,474 |
Recorded Investment - Total | 139,173 | 140,066 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 130,895 | 132,677 |
Unpaid principal balance - with No Allowance | 59,748 | 60,485 |
Unpaid Principal Balance - Total | 190,643 | 193,162 |
Commercial and industrial | ||
Financing Receivable, Impaired | ||
Related Allowance | 10,262 | 16,835 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 50,024 | 65,208 |
Recorded investment - with No Allowance | 28,764 | 10,724 |
Recorded Investment - Total | 78,788 | 75,932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 51,327 | 67,094 |
Unpaid principal balance - with No Allowance | 51,037 | 20,968 |
Unpaid Principal Balance - Total | 102,364 | 88,062 |
Construction | ||
Financing Receivable, Impaired | ||
Related Allowance | 57 | 56 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 274 | 1,788 |
Recorded investment - with No Allowance | 10,060 | 12,060 |
Recorded Investment - Total | 10,334 | 13,848 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 274 | 1,788 |
Unpaid principal balance - with No Allowance | 18,127 | 18,127 |
Unpaid Principal Balance - Total | 18,401 | 19,915 |
Mortgages | ||
Financing Receivable, Impaired | ||
Related Allowance | 42,868 | 41,211 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 426,626 | 416,004 |
Recorded investment - with No Allowance | 106,691 | 102,884 |
Recorded Investment - Total | 533,317 | 518,888 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 484,347 | 466,909 |
Unpaid principal balance - with No Allowance | 142,394 | 138,211 |
Unpaid Principal Balance - Total | 626,741 | 605,120 |
Leasing | ||
Financing Receivable, Impaired | ||
Related Allowance | 71 | 320 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 624 | 1,099 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 624 | 1,099 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 624 | 1,099 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 624 | 1,099 |
Consumer | Credit cards | ||
Financing Receivable, Impaired | ||
Related Allowance | 3,018 | 4,571 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 26,049 | 28,829 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 26,049 | 28,829 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 26,049 | 28,829 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 26,049 | 28,829 |
Consumer | Home equity lines of credit | ||
Financing Receivable, Impaired | ||
Related Allowance | 1,708 | 1,558 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 7,575 | 6,236 |
Recorded investment - with No Allowance | 2,085 | 1,498 |
Recorded Investment - Total | 9,660 | 7,734 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 7,575 | 6,285 |
Unpaid principal balance - with No Allowance | 2,169 | 1,572 |
Unpaid Principal Balance - Total | 9,744 | 7,857 |
Consumer | Personal Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 17,827 | 19,350 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 68,174 | 73,620 |
Recorded investment - with No Allowance | 74 | 142 |
Recorded Investment - Total | 68,248 | 73,762 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 68,174 | 73,620 |
Unpaid principal balance - with No Allowance | 74 | 143 |
Unpaid Principal Balance - Total | 68,248 | 73,763 |
Consumer | Auto Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 62 | 228 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 333 | 1,161 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 333 | 1,161 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 333 | 1,161 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 333 | 1,161 |
Consumer | Other | ||
Financing Receivable, Impaired | ||
Related Allowance | 105 | 186 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 827 | 1,256 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 827 | 1,256 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 827 | 1,256 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 827 | 1,256 |
PUERTO RICO | ||
Financing Receivable, Impaired | ||
Related Allowance | 91,750 | 115,409 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 755,847 | 781,204 |
Recorded investment - with No Allowance | 271,407 | 233,904 |
Recorded Investment - Total | 1,027,254 | 1,015,108 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 846,290 | 852,117 |
Unpaid principal balance - with No Allowance | 371,753 | 354,915 |
Unpaid Principal Balance - Total | 1,218,043 | 1,207,032 |
PUERTO RICO | Commercial multi-family | ||
Financing Receivable, Impaired | ||
Related Allowance | 249 | 4 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 2,249 | 932 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 2,249 | 932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 2,284 | 932 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 2,284 | 932 |
PUERTO RICO | CRE non-owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 14,012 | 27,494 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 76,055 | 85,583 |
Recorded investment - with No Allowance | 110,859 | 96,005 |
Recorded Investment - Total | 186,914 | 181,588 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 88,496 | 86,282 |
Unpaid principal balance - with No Allowance | 121,418 | 138,378 |
Unpaid Principal Balance - Total | 209,914 | 224,660 |
PUERTO RICO | CRE owner occupied | ||
Financing Receivable, Impaired | ||
Related Allowance | 5,607 | 7,857 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 111,600 | 113,592 |
Recorded investment - with No Allowance | 27,573 | 26,474 |
Recorded Investment - Total | 139,173 | 140,066 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 130,895 | 132,677 |
Unpaid principal balance - with No Allowance | 59,748 | 60,485 |
Unpaid Principal Balance - Total | 190,643 | 193,162 |
PUERTO RICO | Commercial and industrial | ||
Financing Receivable, Impaired | ||
Related Allowance | 10,262 | 16,835 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 50,024 | 65,208 |
Recorded investment - with No Allowance | 28,764 | 10,724 |
Recorded Investment - Total | 78,788 | 75,932 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 51,327 | 67,094 |
Unpaid principal balance - with No Allowance | 51,037 | 20,968 |
Unpaid Principal Balance - Total | 102,364 | 88,062 |
PUERTO RICO | Construction | ||
Financing Receivable, Impaired | ||
Related Allowance | 57 | 56 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 274 | 1,788 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 274 | 1,788 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 274 | 1,788 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 274 | 1,788 |
PUERTO RICO | Mortgages | ||
Financing Receivable, Impaired | ||
Related Allowance | 40,483 | 38,760 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 419,665 | 408,767 |
Recorded investment - with No Allowance | 104,211 | 100,701 |
Recorded Investment - Total | 523,876 | 509,468 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 477,034 | 458,010 |
Unpaid principal balance - with No Allowance | 139,550 | 135,084 |
Unpaid Principal Balance - Total | 616,584 | 593,094 |
PUERTO RICO | Leasing | ||
Financing Receivable, Impaired | ||
Related Allowance | 71 | 320 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 624 | 1,099 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 624 | 1,099 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 624 | 1,099 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 624 | 1,099 |
PUERTO RICO | Consumer | Credit cards | ||
Financing Receivable, Impaired | ||
Related Allowance | 3,018 | 4,571 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 26,049 | 28,829 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 26,049 | 28,829 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 26,049 | 28,829 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 26,049 | 28,829 |
PUERTO RICO | Consumer | Personal Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 17,824 | 19,098 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 68,147 | 72,989 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 68,147 | 72,989 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 68,147 | 72,989 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 68,147 | 72,989 |
PUERTO RICO | Consumer | Auto Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 62 | 228 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 333 | 1,161 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 333 | 1,161 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 333 | 1,161 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 333 | 1,161 |
PUERTO RICO | Consumer | Other | ||
Financing Receivable, Impaired | ||
Related Allowance | 105 | 186 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 827 | 1,256 |
Recorded investment - with No Allowance | 0 | 0 |
Recorded Investment - Total | 827 | 1,256 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 827 | 1,256 |
Unpaid principal balance - with No Allowance | 0 | 0 |
Unpaid Principal Balance - Total | 827 | 1,256 |
UNITED STATES | ||
Financing Receivable, Impaired | ||
Related Allowance | 4,096 | 4,261 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 14,563 | 14,104 |
Recorded investment - with No Allowance | 16,796 | 15,883 |
Recorded Investment - Total | 31,359 | 29,987 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 14,915 | 15,815 |
Unpaid principal balance - with No Allowance | 25,753 | 22,969 |
Unpaid Principal Balance - Total | 40,668 | 38,784 |
UNITED STATES | Commercial multi-family | ||
Financing Receivable, Impaired | ||
Related Allowance | 0 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 0 | |
Recorded investment - with No Allowance | 2,097 | |
Recorded Investment - Total | 2,097 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 0 | |
Unpaid principal balance - with No Allowance | 2,539 | |
Unpaid Principal Balance - Total | 2,539 | |
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 | 10,060 | 12,060 |
Recorded Investment - Total | 10,060 | 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 | 2,385 | 2,451 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 6,961 | 7,237 |
Recorded investment - with No Allowance | 2,480 | 2,183 |
Recorded Investment - Total | 9,441 | 9,420 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 7,313 | 8,899 |
Unpaid principal balance - with No Allowance | 2,844 | 3,127 |
Unpaid Principal Balance - Total | 10,157 | 12,026 |
UNITED STATES | Consumer | Home equity lines of credit | ||
Financing Receivable, Impaired | ||
Related Allowance | 1,708 | 1,558 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 7,575 | 6,236 |
Recorded investment - with No Allowance | 2,085 | 1,498 |
Recorded Investment - Total | 9,660 | 7,734 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 7,575 | 6,285 |
Unpaid principal balance - with No Allowance | 2,169 | 1,572 |
Unpaid Principal Balance - Total | 9,744 | 7,857 |
UNITED STATES | Consumer | Personal Loan | ||
Financing Receivable, Impaired | ||
Related Allowance | 3 | 252 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Recorded investment - with an Allowance | 27 | 631 |
Recorded investment - with No Allowance | 74 | 142 |
Recorded Investment - Total | 101 | 773 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance - with an Allowance | 27 | 631 |
Unpaid principal balance - with No Allowance | 74 | 143 |
Unpaid Principal Balance - Total | $ 101 | $ 774 |
Allowance for loan losses - Ave
Allowance for loan losses - Average recorded investment and interest income recognized on impaired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired | ||||
Average Recorded Investment | $ 1,051,553 | $ 1,009,563 | $ 1,045,561 | $ 986,943 |
Interest Income Recognized | 9,777 | 7,738 | 27,525 | 26,150 |
Commercial multi-family | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 3,950 | 1,100 | 2,439 | 634 |
Interest Income Recognized | 12 | 9 | 36 | 28 |
CRE non-owner occupied | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 182,078 | 132,927 | 180,401 | 128,143 |
Interest Income Recognized | 2,561 | 1,371 | 6,987 | 4,278 |
CRE owner occupied | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 139,045 | 148,931 | 139,869 | 151,192 |
Interest Income Recognized | 1,698 | 1,636 | 4,831 | 4,786 |
Commercial and industrial | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 74,674 | 74,770 | 72,668 | 67,775 |
Interest Income Recognized | 888 | 1,053 | 2,744 | 2,793 |
Construction | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 12,091 | 20,078 | 12,970 | 11,112 |
Interest Income Recognized | 0 | 0 | 0 | 25 |
Mortgages | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 531,984 | 517,196 | 526,915 | 518,147 |
Interest Income Recognized | 4,554 | 3,604 | 12,719 | 13,920 |
Leasing | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 745 | 1,031 | 902 | 1,220 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Consumer | Credit cards | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 26,346 | 31,998 | 27,350 | 32,734 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Consumer | Home equity lines of credit | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 9,749 | 6,208 | 8,855 | 5,446 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Consumer | Personal Loan | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 69,210 | 73,121 | 71,147 | 67,818 |
Interest Income Recognized | 64 | 65 | 208 | 320 |
Consumer | Auto Loan | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 742 | 1,067 | 952 | 1,476 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Consumer | Other | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 939 | 1,136 | 1,093 | 1,246 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
PUERTO RICO | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 1,018,191 | 975,426 | 1,013,338 | 962,569 |
Interest Income Recognized | 9,622 | 7,695 | 27,229 | 26,020 |
PUERTO RICO | Commercial multi-family | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 1,641 | 1,100 | 1,284 | 634 |
Interest Income Recognized | 12 | 9 | 36 | 28 |
PUERTO RICO | CRE non-owner occupied | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 182,078 | 132,927 | 180,401 | 128,143 |
Interest Income Recognized | 2,561 | 1,371 | 6,987 | 4,278 |
PUERTO RICO | CRE owner occupied | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 138,325 | 148,931 | 139,086 | 151,192 |
Interest Income Recognized | 1,698 | 1,636 | 4,831 | 4,786 |
PUERTO RICO | Commercial and industrial | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 74,674 | 74,770 | 72,668 | 67,775 |
Interest Income Recognized | 888 | 1,053 | 2,744 | 2,793 |
PUERTO RICO | Construction | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 1,031 | 2,194 | 1,410 | 2,170 |
Interest Income Recognized | 0 | 0 | 0 | 25 |
PUERTO RICO | Mortgages | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 522,567 | 507,919 | 517,492 | 508,930 |
Interest Income Recognized | 4,399 | 3,561 | 12,423 | 13,790 |
PUERTO RICO | Leasing | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 745 | 1,031 | 902 | 1,220 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
PUERTO RICO | Consumer | Credit cards | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 26,346 | 31,998 | 27,350 | 32,734 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
PUERTO RICO | Consumer | Home equity lines of credit | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
PUERTO RICO | Consumer | Personal Loan | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 69,103 | 72,353 | 70,700 | 67,049 |
Interest Income Recognized | 64 | 65 | 208 | 320 |
PUERTO RICO | Consumer | Auto Loan | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 742 | 1,067 | 952 | 1,476 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
PUERTO RICO | Consumer | Other | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 939 | 1,136 | 1,093 | 1,246 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 33,362 | 34,137 | 32,223 | 24,374 |
Interest Income Recognized | 155 | 43 | 296 | 130 |
UNITED STATES | Commercial multi-family | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 2,309 | 0 | 1,155 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | CRE non-owner occupied | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | CRE owner occupied | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 720 | 0 | 783 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Commercial and industrial | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Construction | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 11,060 | 17,884 | 11,560 | 8,942 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Mortgages | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 9,417 | 9,277 | 9,423 | 9,217 |
Interest Income Recognized | 155 | 43 | 296 | 130 |
UNITED STATES | Leasing | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Consumer | Credit cards | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Consumer | Home equity lines of credit | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 9,749 | 6,208 | 8,855 | 5,446 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Consumer | Personal Loan | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 107 | 768 | 447 | 769 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Consumer | Auto Loan | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
UNITED STATES | Consumer | Other | Non Covered Loans | ||||
Financing Receivable, Impaired | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for loan losses - Tro
Allowance for loan losses - Troubled debt restructuring according to their accruing status (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 95,846 | $ 130,537 | |
Commercial | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 30,130 | 52,250 | |
Construction | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 57 | 5,530 | |
Mortgages | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 42,868 | 46,205 | |
Leasing | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 71 | 297 | |
Consumer | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 22,720 | $ 26,255 | |
Non Covered Loans | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,582,368 | $ 1,515,889 | |
Non Covered Loans | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 80,388 | 112,999 | |
Non Covered Loans | Commercial | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 350,722 | 360,679 | |
Non Covered Loans | Commercial | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 15,971 | 46,889 | |
Non Covered Loans | Construction | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 274 | 1,788 | |
Non Covered Loans | Construction | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 57 | 56 | |
Non Covered Loans | Mortgages | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,128,755 | 1,042,470 | |
Non Covered Loans | Mortgages | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 42,029 | 41,211 | |
Non Covered Loans | Leasing | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 588 | 1,108 | |
Non Covered Loans | Leasing | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 71 | 320 | |
Non Covered Loans | Consumer | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 102,029 | 109,844 | |
Non Covered Loans | Consumer | TDR | |||
Troubled Debt Restructuring | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 22,260 | 24,523 | |
Non-Accruing | Non Covered Loans | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 265,696 | 284,558 | |
Non-Accruing | Non Covered Loans | Commercial | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 116,508 | 130,921 | |
Non-Accruing | Non Covered Loans | Construction | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 274 | 1,788 | |
Non-Accruing | Non Covered Loans | Mortgages | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 132,755 | 135,758 | |
Non-Accruing | Non Covered Loans | Leasing | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 245 | 440 | |
Non-Accruing | Non Covered Loans | Consumer | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 15,914 | 15,651 | |
Accruing | Non Covered Loans | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 1,316,672 | 1,231,331 | |
Accruing | Non Covered Loans | Commercial | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 234,214 | 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 | 996,000 | 906,712 | |
Accruing | Non Covered Loans | Leasing | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | 343 | 668 | |
Accruing | Non Covered Loans | Consumer | |||
Troubled Debt Restructuring | |||
Troubled debt restructurings | $ 86,115 | $ 94,193 |
Allowance for loan losses - T_2
Allowance for loan losses - Troubled debt restructurings loan count by type of modification (Details) - loans | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 305 | 659 | 979 | 1,673 |
Extension of Maturity Date | 62 | 61 | 189 | 192 |
Combination Interest Rate Reduction Maturity Date Extension | 211 | 76 | 510 | 192 |
Other Modifications | 44 | 84 | 167 | 439 |
Commercial multi-family | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 0 | 0 | 0 |
Extension of Maturity Date | 0 | 1 | 1 | 2 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 | 0 | 0 |
Other Modifications | 0 | 0 | 0 | 0 |
CRE non-owner occupied | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 1 | 0 | 3 |
Extension of Maturity Date | 3 | 3 | 6 | 14 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 | 0 | 0 |
Other Modifications | 0 | 0 | 0 | 0 |
CRE owner occupied | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 1 | 1 | 4 |
Extension of Maturity Date | 4 | 12 | 19 | 54 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 | 0 | 0 |
Other Modifications | 0 | 0 | 0 | 0 |
Commercial and industrial | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 2 | 2 | 2 | 6 |
Extension of Maturity Date | 7 | 25 | 41 | 75 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 | 0 | 0 |
Other Modifications | 0 | 0 | 0 | 0 |
Construction | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 1 | ||
Extension of Maturity Date | 0 | 0 | ||
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 | ||
Other Modifications | 0 | 0 | ||
Mortgages | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 2 | 28 | 33 | 73 |
Extension of Maturity Date | 43 | 7 | 98 | 17 |
Combination Interest Rate Reduction Maturity Date Extension | 207 | 70 | 494 | 173 |
Other Modifications | 3 | 11 | 5 | 56 |
Leasing | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 0 | 0 | 0 |
Extension of Maturity Date | 1 | 0 | 1 | 0 |
Combination Interest Rate Reduction Maturity Date Extension | 1 | 3 | 2 | 4 |
Other Modifications | 0 | 0 | 0 | 0 |
Credit cards | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 111 | 115 | 394 | 426 |
Extension of Maturity Date | 0 | 0 | 0 | 0 |
Combination Interest Rate Reduction Maturity Date Extension | 1 | 0 | 2 | 3 |
Other Modifications | 41 | 72 | 161 | 382 |
Home equity lines of credit | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 0 | 0 | 0 |
Extension of Maturity Date | 2 | 8 | 14 | 20 |
Combination Interest Rate Reduction Maturity Date Extension | 2 | 1 | 11 | 8 |
Other Modifications | 0 | 1 | 0 | 1 |
Personal Loan | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 183 | 511 | 527 | 1,139 |
Extension of Maturity Date | 1 | 1 | 4 | 4 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 0 | 0 | 0 |
Other Modifications | 0 | 0 | 1 | 0 |
Auto Loan | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 0 | 0 | 0 | 0 |
Extension of Maturity Date | 1 | 4 | 5 | 6 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 1 | 1 | 2 |
Other Modifications | 0 | 0 | 0 | 0 |
Other | ||||
Troubled Debt Restructuring | ||||
Reduction In Interest Rate | 7 | 1 | 22 | 21 |
Extension of Maturity Date | 0 | 0 | 0 | 0 |
Combination Interest Rate Reduction Maturity Date Extension | 0 | 1 | 0 | 2 |
Other Modifications | 0 | 0 | 0 | 0 |
Allowance for loan losses - Qua
Allowance for loan losses - Quantitative information by loan class for loans modified as T D R (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)loans | Sep. 30, 2018USD ($)loans | Sep. 30, 2019USD ($)loans | Sep. 30, 2018USD ($)loans | |
Troubled Debt Restructuring | ||||
Loan count | loans | 622 | 880 | 1,845 | 2,496 |
Pre-Modification Recorded Investment | $ 49,279 | $ 38,627 | $ 116,599 | $ 182,496 |
Post Modification Recorded Investment | 47,493 | 37,046 | 111,076 | 176,711 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 1,529 | $ 4,163 | $ 6,887 | $ 31,479 |
Commercial multi-family | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 1 | 1 | 2 | |
Pre-Modification Recorded Investment | $ 810 | $ 154 | $ 1,377 | |
Post Modification Recorded Investment | 808 | 116 | 1,375 | |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 63 | $ (5) | $ 106 | |
CRE non-owner occupied | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 3 | 4 | 6 | 17 |
Pre-Modification Recorded Investment | $ 16,822 | $ 1,523 | $ 19,389 | $ 28,969 |
Post Modification Recorded Investment | 16,822 | 1,521 | 19,379 | 28,908 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ (86) | $ 100 | $ 721 | $ 6,854 |
CRE owner occupied | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 4 | 13 | 20 | 58 |
Pre-Modification Recorded Investment | $ 2,966 | $ 7,578 | $ 6,378 | $ 27,648 |
Post Modification Recorded Investment | 2,959 | 7,525 | 6,110 | 26,433 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ (48) | $ 160 | $ 9 | $ 1,143 |
Commercial and industrial | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 9 | 27 | 43 | 81 |
Pre-Modification Recorded Investment | $ 1,436 | $ 2,411 | $ 9,749 | $ 49,633 |
Post Modification Recorded Investment | 1,384 | 2,388 | 10,219 | 48,882 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 103 | $ 139 | $ 888 | $ 13,963 |
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 | 255 | 116 | 630 | 319 |
Pre-Modification Recorded Investment | $ 23,583 | $ 15,143 | $ 64,533 | $ 40,741 |
Post Modification Recorded Investment | 21,907 | 13,507 | 58,818 | 36,442 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 746 | $ 640 | $ 2,104 | $ 1,874 |
Leasing | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 2 | 3 | 3 | 4 |
Pre-Modification Recorded Investment | $ 237 | $ 75 | $ 264 | $ 98 |
Post Modification Recorded Investment | 238 | 73 | 266 | 96 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 0 | $ 23 | $ 7 | $ 30 |
Credit cards | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 153 | 187 | 557 | 811 |
Pre-Modification Recorded Investment | $ 1,375 | $ 1,693 | $ 4,690 | $ 8,097 |
Post Modification Recorded Investment | 1,355 | 1,838 | 4,823 | 8,642 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 109 | $ 234 | $ 466 | $ 1,086 |
Home equity lines of credit | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 4 | 10 | 25 | 29 |
Pre-Modification Recorded Investment | $ 276 | $ 913 | $ 2,359 | $ 2,638 |
Post Modification Recorded Investment | 246 | 906 | 2,256 | 2,579 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 25 | $ 66 | $ 345 | $ 440 |
Personal Loan | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 184 | 512 | 532 | 1,143 |
Pre-Modification Recorded Investment | $ 2,546 | $ 8,026 | $ 8,836 | $ 18,351 |
Post Modification Recorded Investment | 2,544 | 8,025 | 8,839 | 18,346 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 677 | $ 2,660 | $ 2,312 | $ 5,390 |
Auto Loan | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 1 | 5 | 6 | 8 |
Pre-Modification Recorded Investment | $ 7 | $ 63 | $ 70 | $ 139 |
Post Modification Recorded Investment | 7 | 63 | 73 | 122 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 1 | $ 11 | $ 13 | $ 21 |
Other | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 7 | 2 | 22 | 23 |
Pre-Modification Recorded Investment | $ 31 | $ 392 | $ 177 | $ 595 |
Post Modification Recorded Investment | 31 | 392 | 177 | 593 |
Increase (decrease) in the allowance for loan losses as a result of modification | $ 2 | $ 67 | $ 27 | $ 98 |
Allowance for loan losses - T D
Allowance for loan losses - T D R that subsequently defaulted (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)loans | Sep. 30, 2018USD ($)loans | Sep. 30, 2019USD ($)loans | Sep. 30, 2018USD ($)loans | |
Troubled Debt Restructuring | ||||
Loan count | loans | 167 | 159 | 429 | 309 |
Recorded investment as of first default date | $ 3,925 | $ 6,756 | $ 17,656 | $ 14,200 |
CRE non-owner occupied | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 0 | 0 | 1 | 1 |
Recorded investment as of first default date | $ 0 | $ 0 | $ 47 | $ 17 |
CRE owner occupied | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 1 | 1 | 3 | 4 |
Recorded investment as of first default date | $ 68 | $ 255 | $ 495 | $ 392 |
Commercial and industrial | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 1 | 1 | 4 | 7 |
Recorded investment as of first default date | $ 34 | $ 5 | $ 7,082 | $ 81 |
Mortgages | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 32 | 42 | 31 | 74 |
Recorded investment as of first default date | $ 2,099 | $ 5,280 | $ 3,148 | $ 9,520 |
Leasing | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 0 | 1 | ||
Recorded investment as of first default date | $ 0 | $ 22 | ||
Credit cards | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 68 | 86 | 222 | 150 |
Recorded investment as of first default date | $ 551 | $ 707 | $ 2,063 | $ 2,301 |
Home equity lines of credit | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 1 | 1 | ||
Recorded investment as of first default date | $ 144 | $ 144 | ||
Personal Loan | ||||
Troubled Debt Restructuring | ||||
Loan count | 62 | 27 | 163 | 67 |
Recorded investment as of first default date | $ 1,144 | $ 362 | $ 4,768 | $ 1,656 |
Auto Loan | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 2 | 0 | 2 | 3 |
Recorded investment as of first default date | $ 24 | $ 0 | $ 24 | $ 79 |
Other | ||||
Troubled Debt Restructuring | ||||
Loan count | loans | 1 | 1 | 2 | 2 |
Recorded investment as of first default date | $ 5 | $ 3 | $ 7 | $ 10 |
Allowance for loan losses - Cre
Allowance for loan losses - Credit quality indicators of non-covered loans held-in-portfolio based obligor risk ratings (Details) $ in Thousands | Sep. 30, 2019USD ($)units | Dec. 31, 2018USD ($)units |
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 27,007,975 | $ 26,507,889 |
Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,638,458 | 1,723,446 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 519,671 | 625,681 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,071,019 | 1,236,355 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 21,870 | 2,255 |
Loss | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 8,603 | 12,049 |
Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 3,259,621 | 3,599,786 |
Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 23,748,354 | 22,908,103 |
Commercial multi-family | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,749,164 | 1,547,168 |
Commercial multi-family | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 72,654 | 87,535 |
Commercial multi-family | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 17,510 | 11,671 |
Commercial multi-family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 10,653 | 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 | 100,817 | 109,775 |
Commercial multi-family | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,648,347 | 1,437,393 |
CRE non-owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 4,051,360 | 4,204,345 |
CRE non-owner occupied | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 612,494 | 623,141 |
CRE non-owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 144,002 | 243,012 |
CRE non-owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 374,377 | 389,517 |
CRE non-owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 12,046 | 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 | 1,142,919 | 1,255,670 |
CRE non-owner occupied | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,908,441 | 2,948,675 |
CRE owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,936,216 | 2,021,192 |
CRE owner occupied | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 233,391 | 311,891 |
CRE owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 232,836 | 198,473 |
CRE owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 209,188 | 293,862 |
CRE owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,711 | 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 | 677,126 | 806,304 |
CRE owner occupied | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,259,090 | 1,214,888 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 4,471,709 | 4,270,314 |
Commercial and industrial | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 683,813 | 660,917 |
Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 100,675 | 131,725 |
Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 172,028 | 232,974 |
Commercial and industrial | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 8,113 | 177 |
Commercial and industrial | Loss | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 9 | 73 |
Commercial and industrial | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 964,638 | 1,025,866 |
Commercial and industrial | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 3,507,071 | 3,244,448 |
Commercial | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 12,208,449 | 12,043,019 |
Commercial | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,602,352 | 1,683,484 |
Commercial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 495,023 | 584,881 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 766,246 | 926,922 |
Commercial | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 21,870 | 2,255 |
Commercial | Loss | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 9 | 73 |
Commercial | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,885,500 | 3,197,615 |
Commercial | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 9,322,949 | 8,845,404 |
Construction | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 754,056 | 779,449 |
Construction | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 32,839 | 35,522 |
Construction | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 22,881 | 38,375 |
Construction | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 77,148 | 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 | 132,868 | 133,690 |
Construction | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 621,188 | 645,759 |
Mortgages | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 7,168,619 | 7,235,258 |
Mortgages | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,239 | 3,057 |
Mortgages | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,547 | 2,182 |
Mortgages | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 146,737 | 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 | 150,523 | 170,777 |
Mortgages | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 7,018,096 | 7,064,481 |
Legacy | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 23,192 | 25,949 |
Legacy | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 454 | 534 |
Legacy | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 209 | 224 |
Legacy | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,837 | 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 | 2,500 | 3,167 |
Legacy | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 20,692 | 22,782 |
Leasing | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,022,484 | 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 | 2,690 | 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 | 43 | 12 |
Leasing | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,733 | 3,313 |
Leasing | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,019,751 | 931,460 |
Consumer | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 5,831,175 | 5,489,441 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 574 | 849 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 11 | 19 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 76,361 | 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 | 8,551 | 11,964 |
Consumer | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 85,497 | 91,224 |
Consumer | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 5,745,678 | 5,398,217 |
Credit cards | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,036,295 | 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 | 16,459 | 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 | 16,459 | 16,035 |
Credit cards | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,019,836 | 1,031,276 |
Home equity lines of credit | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 130,385 | 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 | 2,973 | 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 | 8,043 | 10,964 |
Home equity lines of credit | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 11,016 | 13,744 |
Home equity lines of credit | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 119,369 | 134,659 |
Personal Loan | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,673,708 | 1,539,974 |
Personal Loan | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 82 | 849 |
Personal Loan | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 0 | 19 |
Personal Loan | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 20,120 | 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 | 291 | 701 |
Personal Loan | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 20,493 | 22,306 |
Personal Loan | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,653,215 | 1,517,668 |
Auto Loan | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,847,758 | 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 | 22,736 | 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 | 217 | 84 |
Auto Loan | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 22,953 | 24,177 |
Auto Loan | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,824,805 | 2,584,608 |
Other | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 143,029 | 144,968 |
Other | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 492 | 0 |
Other | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 11 | 0 |
Other | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 14,073 | 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 | 0 | 215 |
Other | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 14,576 | 14,962 |
Other | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 128,453 | 130,006 |
PUERTO RICO | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 19,932,582 | 19,883,472 |
PUERTO RICO | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,397,916 | 1,393,761 |
PUERTO RICO | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 431,488 | 545,707 |
PUERTO RICO | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 831,560 | 1,027,993 |
PUERTO RICO | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 21,870 | 2,255 |
PUERTO RICO | Loss | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 440 | 384 |
PUERTO RICO | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,683,274 | 2,970,100 |
PUERTO RICO | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 17,249,308 | 16,913,372 |
PUERTO RICO | Commercial multi-family | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 148,550 | 145,628 |
PUERTO RICO | Commercial multi-family | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,262 | 1,634 |
PUERTO RICO | Commercial multi-family | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 3,604 | 4,548 |
PUERTO RICO | Commercial multi-family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 2,062 | $ 3,590 |
Weighted average obligor risk rating | units | 11.87 | 11.20 |
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 | 7,928 | 9,772 |
PUERTO RICO | Commercial multi-family | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 140,622 | $ 135,856 |
Weighted average obligor risk rating | units | 6.02 | 6.02 |
PUERTO RICO | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 2,097,149 | $ 2,322,601 |
PUERTO RICO | CRE non-owner occupied | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 530,310 | 470,506 |
PUERTO RICO | CRE non-owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 107,723 | 233,173 |
PUERTO RICO | CRE non-owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 272,491 | $ 342,962 |
Weighted average obligor risk rating | units | 11.15 | 11.11 |
PUERTO RICO | CRE non-owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 12,046 | $ 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 | 922,570 | 1,046,641 |
PUERTO RICO | CRE non-owner occupied | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,174,579 | $ 1,275,960 |
Weighted average obligor risk rating | units | 6.81 | 6.93 |
PUERTO RICO | CRE owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,617,097 | $ 1,722,253 |
PUERTO RICO | CRE owner occupied | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 201,442 | 262,476 |
PUERTO RICO | CRE owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 218,294 | 174,510 |
PUERTO RICO | CRE owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 202,055 | $ 291,468 |
Weighted average obligor risk rating | units | 11.35 | 11.29 |
PUERTO RICO | CRE owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,711 | $ 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 | 623,502 | 730,532 |
PUERTO RICO | CRE owner occupied | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 993,595 | $ 991,721 |
Weighted average obligor risk rating | units | 7.27 | 7.25 |
PUERTO RICO | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 3,305,857 | $ 3,182,161 |
PUERTO RICO | Commercial and industrial | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 660,142 | 655,092 |
PUERTO RICO | Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 100,309 | 130,641 |
PUERTO RICO | Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 121,777 | $ 156,515 |
Weighted average obligor risk rating | units | 11.29 | 11.33 |
PUERTO RICO | Commercial and industrial | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 8,113 | $ 177 |
PUERTO RICO | Commercial and industrial | Loss | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 9 | 73 |
PUERTO RICO | Commercial and industrial | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 890,350 | 942,498 |
PUERTO RICO | Commercial and industrial | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 2,415,507 | $ 2,239,663 |
Weighted average obligor risk rating | units | 7.14 | 7.15 |
PUERTO RICO | Commercial | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 7,168,653 | $ 7,372,643 |
PUERTO RICO | Commercial | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,394,156 | 1,389,708 |
PUERTO RICO | Commercial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 429,930 | 542,872 |
PUERTO RICO | Commercial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 598,385 | $ 794,535 |
Weighted average obligor risk rating | units | 11.25 | 11.22 |
PUERTO RICO | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 21,870 | $ 2,255 |
PUERTO RICO | Commercial | Loss | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 9 | 73 |
PUERTO RICO | Commercial | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,444,350 | 2,729,443 |
PUERTO RICO | Commercial | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 4,724,303 | $ 4,643,200 |
Weighted average obligor risk rating | units | 7.07 | 7.09 |
PUERTO RICO | Construction | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 124,072 | $ 85,955 |
PUERTO RICO | Construction | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 947 | 147 |
PUERTO RICO | Construction | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 0 | 634 |
PUERTO RICO | Construction | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 20,535 | $ 1,788 |
Weighted average obligor risk rating | units | 11.01 | 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 | 21,482 | 2,569 |
PUERTO RICO | Construction | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 102,590 | $ 83,386 |
Weighted average obligor risk rating | units | 7.85 | 7.64 |
PUERTO RICO | Mortgages | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 6,235,576 | $ 6,433,323 |
PUERTO RICO | Mortgages | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,239 | 3,057 |
PUERTO RICO | Mortgages | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,547 | 2,182 |
PUERTO RICO | Mortgages | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 137,220 | 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 | 141,006 | 159,745 |
PUERTO RICO | Mortgages | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 6,094,570 | 6,273,578 |
PUERTO RICO | Leasing | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,022,484 | 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 | 2,690 | 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 | 43 | 12 |
PUERTO RICO | Leasing | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,733 | 3,313 |
PUERTO RICO | Leasing | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,019,751 | 931,460 |
PUERTO RICO | Consumer | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 5,381,797 | 5,056,778 |
PUERTO RICO | Consumer | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 574 | 849 |
PUERTO RICO | Consumer | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 11 | 19 |
PUERTO RICO | Consumer | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 72,730 | 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 | 388 | 299 |
PUERTO RICO | Consumer | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 73,703 | 75,030 |
PUERTO RICO | Consumer | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 5,308,094 | 4,981,748 |
PUERTO RICO | Credit cards | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,036,217 | 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 | 16,459 | 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 | 16,459 | 16,035 |
PUERTO RICO | Credit cards | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,019,758 | 1,031,238 |
PUERTO RICO | Home equity lines of credit | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 5,883 | 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 | 727 | 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 | 171 | 0 |
PUERTO RICO | Home equity lines of credit | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 898 | 165 |
PUERTO RICO | Home equity lines of credit | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 4,985 | 5,186 |
PUERTO RICO | Personal Loan | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,349,603 | 1,250,625 |
PUERTO RICO | Personal Loan | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 82 | 849 |
PUERTO RICO | Personal Loan | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 0 | 19 |
PUERTO RICO | Personal Loan | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 18,741 | 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 | 18,823 | 19,695 |
PUERTO RICO | Personal Loan | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,330,780 | 1,230,930 |
PUERTO RICO | Auto Loan | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,847,758 | 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 | 22,736 | 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 | 217 | 84 |
PUERTO RICO | Auto Loan | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 22,953 | 24,177 |
PUERTO RICO | Auto Loan | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 2,824,805 | 2,584,608 |
PUERTO RICO | Other | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 142,336 | 144,744 |
PUERTO RICO | Other | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 492 | 0 |
PUERTO RICO | Other | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 11 | 0 |
PUERTO RICO | Other | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 14,067 | 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 | 0 | 215 |
PUERTO RICO | Other | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 14,570 | 14,958 |
PUERTO RICO | Other | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 127,766 | 129,786 |
UNITED STATES | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 7,075,393 | 6,624,417 |
UNITED STATES | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 240,542 | 329,685 |
UNITED STATES | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 88,183 | 79,974 |
UNITED STATES | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 239,459 | 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 | 8,163 | 11,665 |
UNITED STATES | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 576,347 | 629,686 |
UNITED STATES | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 6,499,046 | 5,994,731 |
UNITED STATES | Commercial multi-family | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,600,614 | 1,401,540 |
UNITED STATES | Commercial multi-family | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 70,392 | 85,901 |
UNITED STATES | Commercial multi-family | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 13,906 | 7,123 |
UNITED STATES | Commercial multi-family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 8,591 | $ 6,979 |
Weighted average obligor risk rating | units | 11.24 | 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 | 92,889 | 100,003 |
UNITED STATES | Commercial multi-family | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,507,725 | $ 1,301,537 |
Weighted average obligor risk rating | units | 7.36 | 7.39 |
UNITED STATES | CRE non-owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,954,211 | $ 1,881,744 |
UNITED STATES | CRE non-owner occupied | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 82,184 | 152,635 |
UNITED STATES | CRE non-owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 36,279 | 9,839 |
UNITED STATES | CRE non-owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 101,886 | $ 46,555 |
Weighted average obligor risk rating | units | 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 | 220,349 | 209,029 |
UNITED STATES | CRE non-owner occupied | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,733,862 | $ 1,672,715 |
Weighted average obligor risk rating | units | 6.93 | 6.82 |
UNITED STATES | CRE owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 319,119 | $ 298,939 |
UNITED STATES | CRE owner occupied | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 31,949 | 49,415 |
UNITED STATES | CRE owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 14,542 | 23,963 |
UNITED STATES | CRE owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 7,133 | $ 2,394 |
Weighted average obligor risk rating | units | 11.04 | 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 | 53,624 | 75,772 |
UNITED STATES | CRE owner occupied | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 265,495 | $ 223,167 |
Weighted average obligor risk rating | units | 7.47 | 7.55 |
UNITED STATES | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,165,852 | $ 1,088,153 |
UNITED STATES | Commercial and industrial | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 23,671 | 5,825 |
UNITED STATES | Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 366 | 1,084 |
UNITED STATES | Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 50,251 | $ 76,459 |
Weighted average obligor risk rating | units | 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 | 74,288 | 83,368 |
UNITED STATES | Commercial and industrial | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,091,564 | $ 1,004,785 |
Weighted average obligor risk rating | units | 6.60 | 7.26 |
UNITED STATES | Commercial | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 5,039,796 | $ 4,670,376 |
UNITED STATES | Commercial | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 208,196 | 293,776 |
UNITED STATES | Commercial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 65,093 | 42,009 |
UNITED STATES | Commercial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 167,861 | $ 132,387 |
Weighted average obligor risk rating | units | 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 | 441,150 | 468,172 |
UNITED STATES | Commercial | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 4,598,646 | $ 4,202,204 |
Weighted average obligor risk rating | units | 7.02 | 7.14 |
UNITED STATES | Construction | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 629,984 | $ 693,494 |
UNITED STATES | Construction | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 31,892 | 35,375 |
UNITED STATES | Construction | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 22,881 | 37,741 |
UNITED STATES | Construction | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 56,613 | $ 58,005 |
Weighted average obligor risk rating | units | 11.18 | 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 | 111,386 | 131,121 |
UNITED STATES | Construction | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 518,598 | $ 562,373 |
Weighted average obligor risk rating | units | 7.72 | 7.85 |
UNITED STATES | Mortgages | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 933,043 | $ 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 | 9,517 | 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 | 9,517 | 11,032 |
UNITED STATES | Mortgages | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 923,526 | 790,903 |
UNITED STATES | Legacy | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 23,192 | 25,949 |
UNITED STATES | Legacy | Watch | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 454 | 534 |
UNITED STATES | Legacy | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 209 | 224 |
UNITED STATES | Legacy | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 1,837 | $ 2,409 |
Weighted average obligor risk rating | units | 11.34 | 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 | 2,500 | 3,167 |
UNITED STATES | Legacy | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 20,692 | $ 22,782 |
Weighted average obligor risk rating | units | 7.95 | 7.94 |
UNITED STATES | Consumer | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 449,378 | $ 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 | 3,631 | 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 | 8,163 | 11,665 |
UNITED STATES | Consumer | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 11,794 | 16,194 |
UNITED STATES | Consumer | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 437,584 | 416,469 |
UNITED STATES | Credit cards | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 78 | 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 | 0 | 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 | 0 | 0 |
UNITED STATES | Credit cards | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 78 | 38 |
UNITED STATES | Home equity lines of credit | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 124,502 | 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 | 2,246 | 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 | 7,872 | 10,964 |
UNITED STATES | Home equity lines of credit | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 10,118 | 13,579 |
UNITED STATES | Home equity lines of credit | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 114,384 | 129,473 |
UNITED STATES | Personal Loan | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 324,105 | 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 | 1,379 | 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 | 291 | 701 |
UNITED STATES | Personal Loan | Sub-total | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 1,670 | 2,611 |
UNITED STATES | Personal Loan | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 322,435 | 286,738 |
UNITED STATES | Other | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | 693 | 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 | 6 | 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 | 6 | 4 |
UNITED STATES | Other | Pass / Unrated | ||
Financing Receivable, Recorded Investment | ||
Loans held-in-portfolio, net of unearned income | $ 687 | $ 220 |
Allowance for loan losses - A_2
Allowance for loan losses - Allowance for loan losses - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
PB | |||
Financing Receivable | |||
Change Allowance For Loan Losses Recalibration And Updates Of The Enviromental Factors Adjustments | $ 4,600 | ||
Non Covered Loans | |||
Financing Receivable | |||
Troubled debt restructurings | $ 1,582,368 | $ 1,515,889 | |
Non Covered Loans | Banco Popular de Puerto Rico | |||
Financing Receivable | |||
Recent Loss Trend Adjustment Percentage | 24.00% | 80.00% | |
Non Covered Loans | PB | |||
Financing Receivable | |||
Recent Loss Trend Adjustment Percentage | 13.00% | 6.00% | |
Mortgages | Non Covered Loans | |||
Financing Receivable | |||
Troubled debt restructurings | $ 1,128,755 | 1,042,470 | |
Mortgages | Non Covered Loans | Guaranteed by us sponsored entities | |||
Financing Receivable | |||
Troubled debt restructurings | 614,000 | 543,000 | |
Commercial | Non Covered Loans | |||
Financing Receivable | |||
Troubled debt restructurings | 350,722 | 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 | $ 16,000 | $ 16,000 |
FDIC loss-share asset and true-
FDIC loss-share asset and true-up payment obligation - Activity in the FDIC loss share indemnification asset (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2018 | |
FDIC Indemnification Asset [Roll Forward] | ||
Beginning Balance | $ 46,316 | |
FDIC loss-sharing termination agreement | (45,659) | |
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 | 0 | |
Balance due to the FDIC for recoveries on covered assets | 0 | |
FDIC loss-share asset net | $ 0 | $ 44,500 |
FDIC loss-share asset and tru_2
FDIC loss-share asset and true-up payment obligation - FDIC loss share - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 22, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition, Contingent Consideration | ||||
OREO transfer to non-covered status | $ 0 | |||
Payment to the FDIC as a consideration for the termination of the loss share agreement. | $ 23,700 | |||
Carrying amount (fair value) | $ 171,000 | |||
FDIC loss-share asset net | 44,500 | 0 | ||
Gain from the FDIC termination agreement | $ 0 | 102,752 | ||
FDIC | ||||
Business Acquisition, Contingent Consideration | ||||
Loss Sharing Agreement Allocation Percentage | 80.00% | |||
Non-covered loans | Mortgages | ||||
Business Acquisition, Contingent Consideration | ||||
OREO transfer to non-covered status | 15,300 | $ 15,333 | ||
Loans transfer to non-covered status | $ 514,600 | |||
Banco Popular de Puerto Rico | ||||
Business Acquisition, Contingent Consideration | ||||
Loss Sharing Agreement Allocation Percentage | 80.00% |
Mortgage banking activities (De
Mortgage banking activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Mortgage servicing rights fair value adjustments | $ (25,853) | $ (13,123) | ||
Total trading account (loss) profit | $ 295 | $ (122) | 977 | (299) |
Total mortgage banking activities | 10,492 | 11,269 | 18,645 | 33,408 |
Mortgage banking activities | ||||
Mortgage servicing fees | 11,797 | 12,324 | 35,400 | 37,205 |
Mortgage servicing rights fair value adjustments | (4,842) | (4,194) | (25,853) | (13,123) |
Total mortgage servicing fees, net of fair value adjustments | 6,955 | 8,130 | 9,547 | 24,082 |
Net gain on sale of loans, including valuation adjustments on loans held-for-sale | 5,421 | 3,014 | 14,653 | 6,531 |
Unrealized (losses) gains on outstanding derivative positions | 227 | 45 | 0 | (131) |
Realized (losses) gains on closed derivative positions | (2,111) | 80 | (5,555) | 2,926 |
Total trading account (loss) profit | (1,884) | 125 | (5,555) | 2,795 |
Total mortgage banking activities | $ 10,492 | $ 11,269 | $ 18,645 | $ 33,408 |
Transfers of financial assets_3
Transfers of financial assets and servicing assets - Initial fair value of assets obtained as proceeds from residential mortgage loans securitized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | $ 122,874 | $ 138,659 | $ 337,140 | $ 399,278 |
GNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 88,000 | 110,000 | 247,000 | 320,000 |
FNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 33,000 | 26,000 | 84,000 | 72,000 |
Trading account debt securities | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 120,658 | 133,536 | 331,112 | 382,622 |
Trading account debt securities | GNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 88,139 | 109,911 | 247,091 | 319,769 |
Trading account debt securities | FNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 32,519 | 23,625 | 84,021 | 62,853 |
Mortgage Servicing Rights | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 2,216 | 2,625 | 6,028 | 7,198 |
Debt securities available-for-sale | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 2,498 | 9,458 | ||
Debt securities available-for-sale | FNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 2,498 | 9,458 | ||
Level 1 | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 | 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 | 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 | 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 | 0 | 0 |
Level 1 | Mortgage Servicing Rights | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 | 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 | 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 | 0 | ||
Level 2 | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 120,658 | 136,034 | 331,112 | 392,080 |
Level 2 | Trading account debt securities | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 120,658 | 133,536 | 331,112 | 382,622 |
Level 2 | Trading account debt securities | GNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 88,139 | 109,911 | 247,091 | 319,769 |
Level 2 | Trading account debt securities | FNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 32,519 | 23,625 | 84,021 | 62,853 |
Level 2 | Mortgage Servicing Rights | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 | 0 | 0 |
Level 2 | Debt securities available-for-sale | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 2,498 | 9,458 | ||
Level 2 | Debt securities available-for-sale | FNMA | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 2,498 | 9,458 | ||
Level 3 | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 2,216 | 2,625 | 6,028 | 7,198 |
Level 3 | Trading account debt securities | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 0 | 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 | 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 | 0 | 0 |
Level 3 | Mortgage Servicing Rights | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | $ 2,216 | 2,625 | $ 6,028 | 7,198 |
Level 3 | Debt securities available-for-sale | ||||
Assets | ||||
Initial fair value of the assets obtained as proceeds from residential mortgage loans securitized | 0 | 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 | $ 0 |
Transfers of financial assets_4
Transfers of financial assets and servicing assets - Changes in MSRs measured using the fair value method (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers and Servicing of Financial Assets | ||
Fair value at beginning of period | $ 169,777 | $ 168,031 |
Additions | 6,728 | 7,871 |
Changes due to payments of loans | (8,449) | (10,194) |
Reduction due to loan repurchases | (1,411) | (2,929) |
Changes in fair value due to changes in valuation model inputs or assumptions | (15,993) | 0 |
Fair value at end of period | $ 150,652 | $ 162,779 |
Transfers of financial assets_5
Transfers of financial assets and servicing assets - Key economic assumptions used (Details) - Residential Mortgage | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ||||
Prepayment speed | 6.80% | 4.40% | 6.90% | 4.40% |
Weighted average life | 9 years 7 months 6 days | 11 years 4 months 24 days | 9 years 7 months 6 days | 11 years 4 months 24 days |
Discount rate (annual rate) | 10.80% | 11.00% | 10.90% | 11.10% |
Transfers of financial assets_6
Transfers of financial assets and servicing assets - Fair value of purchased and originated MSRs, valuation assumptions and sensitivity (Details) - Residential Mortgage - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Originated MSRs | ||
Transfers of financial assets | ||
Fair value of servicing rights | $ 59,798 | $ 69,400 |
Weighted average life | 6 years 6 months | 7 years 1 month 6 days |
Prepayment speed | 6.40% | 5.10% |
Impact on fair value of 10% adverse change | $ (1,536) | $ (1,430) |
Impact on fair value of 20% adverse change | $ (3,017) | $ (2,817) |
Discount rate | 11.40% | 11.50% |
Impact on fair value of 10% adverse change | $ (2,375) | $ (3,125) |
Impact on fair value of 20% adverse change | (4,585) | (6,019) |
Purchased MSRs | ||
Transfers of financial assets | ||
Fair value of servicing rights | $ 90,854 | $ 100,377 |
Weighted average life | 6 years | 6 years 7 months 6 days |
Prepayment speed | 7.00% | 5.50% |
Impact on fair value of 10% adverse change | $ (2,562) | $ (2,200) |
Impact on fair value of 20% adverse change | $ (5,014) | $ (4,328) |
Discount rate | 11.00% | 11.00% |
Impact on fair value of 10% adverse change | $ (3,443) | $ (4,354) |
Impact on fair value of 20% adverse change | $ (6,656) | $ (8,394) |
Transfers of financial assets_7
Transfers of financial assets and servicing assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Weighted average mortgage servicing fees | 0.30% | 0.30% | 0.30% | 0.30% | |
Mortgage loans related to buy-back option program | $ 27,181,241,000 | $ 27,181,241,000 | $ 26,663,713,000 | ||
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Liabilities Incurred | 0 | $ 0 | $ 0 | $ 0 | |
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 or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Loans serviced | 1,200,000,000 | $ 1,200,000,000 | 1,300,000,000 | ||
Buy back option program | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Mortgage loans related to buy-back option program | 99,000,000 | 99,000,000 | 134,000,000 | ||
Repurchased Loans | 88,000,000 | 264,000,000 | |||
Residential Mortgage | |||||
Securitization or Asset-backed Financing Arrangement, 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 | 4,900,000 | 2,900,000 | 13,400,000 | 6,200,000 | |
Serviced Mortgage Loans | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Servicing rights on whole loan sales, principal balance | 45,000,000 | 43,000,000 | 45,000,000 | 43,000,000 | |
Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale | 1,300,000 | 600,000 | |||
Loans serviced | 15,000,000,000 | 15,000,000,000 | $ 15,700,000,000 | ||
Serviced Mortgage Loans | Loans with Recourse | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Repurchased Loans | $ 15,000,000 | $ 4,000,000 | $ 38,000,000 | $ 13,000,000 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Real Estate Owned Rollforward | |||||
Balance at beginning of the period | $ 118,851 | $ 142,063 | $ 188,855 | $ 136,705 | $ 188,855 |
Write-downs in value | (1,093) | (3,071) | (5,223) | (11,299) | |
Additions | 17,652 | 13,523 | 45,301 | 26,094 | |
Sales | (17,251) | (18,605) | (58,257) | (69,265) | |
Other adjustments | (231) | (130) | (598) | (605) | |
Transfer to non-covered status | 0 | ||||
Ending balance | 117,928 | 133,780 | 117,928 | 133,780 | |
Non-covered loans | Mortgages | |||||
Other Real Estate Owned Rollforward | |||||
Balance at beginning of the period | 100,303 | 116,801 | 147,849 | 114,911 | 147,849 |
Write-downs in value | (745) | (2,584) | (3,896) | (9,123) | |
Additions | 16,572 | 11,517 | 41,042 | 17,047 | |
Sales | (15,182) | (17,296) | (50,742) | (62,051) | |
Other adjustments | (231) | (130) | (598) | (747) | |
Transfer to non-covered status | 15,300 | 15,333 | |||
Ending balance | 100,717 | 108,308 | 100,717 | 108,308 | |
Non-covered loans | Commercial / Construction | |||||
Other Real Estate Owned Rollforward | |||||
Balance at beginning of the period | 18,548 | 25,262 | 21,411 | 21,794 | 21,411 |
Write-downs in value | (348) | (487) | (1,327) | (1,889) | |
Additions | 1,080 | 2,006 | 4,259 | 9,047 | |
Sales | (2,069) | (1,309) | (7,515) | (3,932) | |
Other adjustments | 0 | 0 | 0 | 835 | |
Transfer to non-covered status | 0 | ||||
Ending balance | $ 17,211 | 25,472 | $ 17,211 | 25,472 | |
Covered loans | Mortgages | |||||
Other Real Estate Owned Rollforward | |||||
Balance at beginning of the period | $ 19,595 | 19,595 | |||
Write-downs in value | (287) | ||||
Additions | 0 | ||||
Sales | (3,282) | ||||
Other adjustments | (693) | ||||
Transfer to non-covered status | (15,333) | ||||
Ending balance | $ 0 | $ 0 |
Other assets (Details)
Other assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | ||
Net deferred tax assets (net of valuation allowance) | $ 909,638 | $ 1,049,895 |
Investments under the equity method | 236,551 | 228,072 |
Prepaid taxes | 38,622 | 33,842 |
Other prepaid expenses | 91,115 | 82,742 |
Derivative assets | 15,234 | 13,603 |
Trades receivables from brokers and counterparties | 67,050 | 40,088 |
Principal, interest and escrow servicing advances | 84,060 | 88,371 |
Guaranteed mortgage loan claims receivable | 95,424 | 59,613 |
Operating ROU assets | 137,076 | 0 |
Finance ROU assets | 12,663 | 0 |
Others | 123,757 | 117,908 |
Total other assets | $ 1,811,190 | $ 1,714,134 |
Note Goodwill and other intangi
Note Goodwill and other intangible assets - Carrying amount of goodwill by reportable segments (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill | |
Beginning Balance | $ 627,294 |
Goodwill on acquisition | 60,242 |
Purchase accounting adjustments | 0 |
Goodwill impairment charge | 0 |
Ending Balance | 687,536 |
Banco Popular de Puerto Rico | |
Goodwill | |
Beginning Balance | 276,420 |
Goodwill on acquisition | 60,242 |
Purchase accounting adjustments | 0 |
Goodwill impairment charge | 0 |
Ending Balance | 336,662 |
Popular U.S. | |
Goodwill | |
Beginning Balance | 350,874 |
Goodwill on acquisition | 0 |
Purchase accounting adjustments | 0 |
Goodwill impairment charge | 0 |
Ending Balance | $ 350,874 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Components of other intangible assets subject to amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets | ||
Gross Amount | $ 74,356 | $ 72,627 |
Finite Lived Intangible Assets Accumulated Amortization | 59,040 | 51,958 |
Finite-Lived Intangible Assets, Net | 15,316 | 20,669 |
Core deposits | ||
Finite-Lived Intangible Assets | ||
Core deposits - Gross | 37,224 | 37,224 |
Finite Lived Intangible Assets Accumulated Amortization | 28,861 | 26,070 |
Finite-Lived Intangible Assets, Net | 8,363 | 11,154 |
Other customer relationship | ||
Finite-Lived Intangible Assets | ||
Customer relationships - Gross | 36,644 | 34,915 |
Finite Lived Intangible Assets Accumulated Amortization | 30,065 | 25,847 |
Finite-Lived Intangible Assets, Net | 6,579 | 9,068 |
Trademarks | ||
Finite-Lived Intangible Assets | ||
Gross Amount | 488 | 488 |
Finite Lived Intangible Assets Accumulated Amortization | 114 | 41 |
Finite-Lived Intangible Assets, Net | $ 374 | $ 447 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Estimated amortization of the intangible assets with definite useful lives (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure | |
Remaining 2019 | $ 2,288 |
Year 2020 | 5,410 |
Year 2021 | 2,600 |
Year 2022 | 1,724 |
Year 2023 | 1,684 |
Later years | $ 1,610 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Gross amount of goodwill and accumulated impairment losses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 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 | $ 687,536 | 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 | 336,662 | 276,420 |
Popular U.S. | ||||
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 | $ 350,874 |
Goodwill and other intangible_6
Goodwill and other intangible assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2019 | |
Goodwill and other intangible assets | |||||
Amortization Of Intangible Assets | $ 2,399,000 | $ 2,324,000 | $ 7,082,000 | $ 6,973,000 | |
Goodwill on acquisition | 60,242,000 | ||||
Changes in the carrying amount of goodwill | $ 0 | $ 0 | |||
Minimum | |||||
Goodwill and other intangible assets | |||||
Cost of equity discount rate | 11.14% | 11.14% | |||
Maximum | |||||
Goodwill and other intangible assets | |||||
Cost of equity discount rate | 12.58% | 12.58% | |||
Banco Popular de Puerto Rico | |||||
Goodwill and other intangible assets | |||||
Step 1 Carrying Amount in Excess of Fair Value | $ 1,200,000 | ||||
Step 1 Percentage of Carrying Amount in Excess of Fair Value | 37.00% | ||||
Goodwill on acquisition | 60,242,000 | ||||
Banco Popular de Puerto Rico | Reliable Financial Services | |||||
Goodwill and other intangible assets | |||||
Goodwill on acquisition | $ 60,200,000 | ||||
Popular U.S. | |||||
Goodwill and other intangible assets | |||||
Step 1 Carrying Amount in Excess of Fair Value | $ 338,000,000 | ||||
Step 1 Percentage of Carrying Amount in Excess of Fair Value | 21.00% | ||||
Goodwill on acquisition | $ 0 | ||||
Banco Popular de Puerto Rico and Popular Bank | |||||
Goodwill and other intangible assets | |||||
Percentage Of Goodwill | 91.00% |
Deposits - Total interest beari
Deposits - Total interest bearing deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Savings accounts | $ 10,602,678 | $ 9,722,824 |
NOW, money market and other interest bearing demand deposits | 16,995,390 | 13,221,415 |
Total savings, NOW, money market and other interest bearing demand deposits | 27,598,068 | 22,944,239 |
Certificates of deposit: | ||
Under $100,000 | 3,259,238 | 3,260,330 |
$100,000 and over | 4,536,919 | 4,356,434 |
Total certificates of deposit | 7,796,157 | 7,616,764 |
Total interest bearing deposits | $ 35,394,225 | $ 30,561,003 |
Deposits - Summary of certifica
Deposits - Summary of certificates of deposit by maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
2019 | $ 2,444,749 | |
2020 | 2,429,159 | |
2021 | 1,094,553 | |
2022 | 734,807 | |
2023 | 514,984 | |
2024 and thereafter | 577,905 | |
Total certificates of deposit | $ 7,796,157 | $ 7,616,764 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Brokered deposits | $ 600 | $ 500 |
Overdrafts in demand deposit accounts reclassified to loans | $ 5 | $ 5 |
Borrowings - Repurchase agreeme
Borrowings - Repurchase agreements accounted for as secured borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | $ 213,097 | $ 281,529 |
Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 213,097 | 281,529 |
US Treasury Securities | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 181,604 | 237,621 |
US Treasury Securities | Within 30 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 9,400 | 138,689 |
US Treasury Securities | After 30 to 90 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 29,386 | 79,374 |
US Treasury Securities | After 90 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 142,818 | 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 | 30,184 | 27,324 |
Mortgage Backed Securities | Within 30 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | 30,184 | 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 | 1,309 | 10,529 |
CMO | Within 30 days | Secured Debt | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase liability | $ 1,309 | $ 10,529 |
Borrowings - Notes payable (Det
Borrowings - Notes payable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument | ||
Capital lease obligations | $ 0 | $ 20,412 |
Notes payable | 1,166,670 | 1,256,102 |
Advances with FHLB with maturities ranging from 2019 Through 2029 | ||
Debt Instrument | ||
Advances with the FHLB | 472,355 | 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 | 294,990 | 294,039 |
Fixed Rate with maturities ranging from 2033 to 2034 | Junior subordinated debt | ||
Debt Instrument | ||
Long Term Debt | $ 384,895 | $ 384,875 |
Borrowings - Notes payable -Par
Borrowings - Notes payable -Parenthetical (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Advances with FHLB with maturities ranging from 2019 Through 2029 | |
Debt Instrument | |
Advances with the FHLB, earliest maturity | 2019 |
Advances with the FHLB, latest maturity | 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 | 1.04% |
Advances with FHLB with maturities ranging from 2019 Through 2029 | Maximum | |
Debt Instrument | |
Advances with the FHLB, interest rate | 4.19% |
Advances with the FHLB paying interest monthly at a floating rate | |
Debt Instrument | |
Debt Instrument Frequency Of Periodic Payment | monthly |
Floating rate over the 3 month LIBOR with maturities on 2019 | |
Debt Instrument | |
Advances with the FHLB, maturity | 2019 |
Debt Instrument Frequency Of Periodic Payment | quarterly |
Floating rate over the 3 month LIBOR with maturities on 2019 | LIBOR | |
Debt Instrument | |
Variable rate basis | 3 month LIBOR |
Variable rate | 0.24% |
Fixed Rate with maturities on 2023 paying interest semiannually | Unsecured senior debt | |
Debt Instrument | |
Advances with the FHLB, maturity | 2023 |
Fixed interest rate percentage | 6.125% |
Debt issuance costs | $ 5,010 |
Debt Instrument Frequency Of Periodic Payment | semiannually |
Fixed Rate with maturities ranging from 2033 to 2034 | Junior subordinated debt | |
Debt Instrument | |
Notes Payable Maturity Year Range Start | 2033 |
Notes Payable Maturity Year Range End | 2034 |
Debt issuance costs | $ 402 |
Fixed Rate with maturities ranging from 2033 to 2034 | Minimum | Junior subordinated debt | |
Debt Instrument | |
Fixed interest rate percentage | 6.125% |
Fixed Rate with maturities ranging from 2033 to 2034 | Maximum | Junior subordinated debt | |
Debt Instrument | |
Fixed interest rate percentage | 6.70% |
Borrowings - Borrowings by cont
Borrowings - Borrowings by contractual maturities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Debt Disclosure | |
2019 | $ 135,588 |
2020 | 282,814 |
2021 | 50,040 |
2022 | 103,148 |
2023 | 318,251 |
Later years | 489,926 |
Total borrowings | 1,379,767 |
Assets Sold Under Agreements To Repurchase | |
Debt Disclosure | |
2019 | 70,279 |
2020 | 142,818 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Later years | 0 |
Total borrowings | 213,097 |
Notes Payable | |
Debt Disclosure | |
2019 | 65,309 |
2020 | 139,996 |
2021 | 50,040 |
2022 | 103,148 |
2023 | 318,251 |
Later years | 489,926 |
Total borrowings | $ 1,166,670 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Maximum Amount Available | $ 3,700,000,000 | $ 3,400,000,000 |
Federal Home Loan Bank Advances And Letters Of Credit Amount Used | 500,000,000 | 600,000,000 |
Assets sold under agreements to repurchase | 213,097,000 | 281,529,000 |
Other short-term borrowings | 0 | 42,000 |
Federal Reserve Bank Advances | ||
Debt Disclosure | ||
Line Of Credit Facility Current Borrowing Capacity | 1,100,000,000 | 1,200,000,000 |
Federal Home Loan Bank | ||
Debt Disclosure | ||
Line Of Credit Facility Capacity Available For Specific Purpose Other Than For Trade Purchases | $ 800,000,000 | $ 900,000,000 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure Abstract | ||
Accrued expenses | $ 249,979 | $ 276,120 |
Accrued interest payable | 37,411 | 44,638 |
Accounts payable | 71,366 | 66,381 |
Dividends payable | 29,016 | 25,092 |
Trades payable | 26,782 | 64 |
Liability for GNMA loans sold with an option to repurchase | 98,758 | 134,260 |
Reserves for loan indemnifications | 49,204 | 67,066 |
Reserve for operational losses | 41,501 | 40,921 |
Operating lease liabilities | 152,421 | 0 |
Finance lease liabilities | 19,606 | 0 |
Pension benefit obligation | 45,239 | 68,736 |
Postretirement benefit obligation | 154,304 | 153,415 |
Others | 50,418 | 45,115 |
Total other liabilities | $ 1,026,005 | $ 921,808 |
Stockholders' equity - Addition
Stockholders' equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Feb. 28, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |||||
Stockholders Equity Note | ||||||||||||||
Stockholders equity | $ 5,908,448 | $ 5,435,057 | $ 5,244,349 | $ 5,908,448 | $ 5,244,349 | $ 5,719,834 | $ 5,289,661 | $ 5,103,905 | ||||||
Dividends, Common Stock, Cash | $ 29,017 | [1] | $ 25,084 | [1] | $ 86,996 | [2] | $ 76,200 | [2] | ||||||
Dividends Declared per Common Share | $ 0.30 | $ 0.25 | $ 0.90 | $ 0.75 | ||||||||||
Dividend payable, to be paid date | Oct. 1, 2019 | |||||||||||||
Dividends payable, record date | Aug. 30, 2019 | |||||||||||||
Common stock purchases | $ 1,367 | $ 125,099 | $ 256,006 | [3] | $ 127,443 | |||||||||
Accelerated share repurchases settlement receipt | $ 250,000 | |||||||||||||
Initial shares received as part of an accelerated share repurchase program | 3,500,000 | |||||||||||||
Treasury Stock | ||||||||||||||
Stockholders Equity Note | ||||||||||||||
Stockholders equity | (392,630) | (205,509) | (183,872) | (392,630) | (183,872) | (392,208) | (82,754) | (90,142) | ||||||
Common stock purchases | 1,367 | 102,079 | 203,336 | [3] | 104,423 | |||||||||
Surplus | ||||||||||||||
Stockholders Equity Note | ||||||||||||||
Stockholders equity | $ 4,317,556 | $ 4,365,606 | 4,281,515 | 4,317,556 | 4,281,515 | $ 4,316,225 | $ 4,302,946 | $ 4,298,503 | ||||||
Common stock purchases | 23,020 | 52,670 | [3] | 23,020 | [3] | |||||||||
Accelerate Share Repurchase | ||||||||||||||
Stockholders Equity Note | ||||||||||||||
Accelerated share repurchases price paid per share | $ 51.27 | |||||||||||||
Common stock purchases | $ 250,000 | $ 250,000 | ||||||||||||
Accelerated share repurchases settlement receipt | $ 125,000 | $ 125,000 | ||||||||||||
Initial shares received as part of an accelerated share repurchase program | 2,000,000 | |||||||||||||
Common Shares Repurchased Accelerated Share Repurchase Agreements | 438,180 | |||||||||||||
Accelerate Share Repurchase | Treasury Stock | ||||||||||||||
Stockholders Equity Note | ||||||||||||||
Common stock purchases | $ 200,000 | $ 102,000 | ||||||||||||
Accelerate Share Repurchase | Surplus | ||||||||||||||
Stockholders Equity Note | ||||||||||||||
Common stock purchases | $ 50,000 | $ 23,000 | ||||||||||||
[1] | Dividends declared per common share during the quarter ended September 30, 2019 - $ 0.30 (2018 - $ 0.25). | |||||||||||||
[2] | Dividends declared per common share during the nine months ended September 30, 2019 - $ 0.90 (2018 - $ 0.75). | |||||||||||||
[3] | 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 19 for additional information. |
Other comprehensive income (l_3
Other comprehensive income (loss) - Disclosure of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Foreign Currency Translation | |||||
Beginning Balance | $ (52,378) | $ (46,397) | $ (49,936) | $ (43,034) | |
Other comprehensive income (loss) before reclassifications | 155 | (605) | (2,287) | (3,968) | |
Net change | 155 | (605) | (2,287) | (3,968) | |
Ending Balance | (52,223) | (47,002) | (52,223) | (47,002) | |
Adjustment of pension and postretirement benefit plans | |||||
Beginning Balance | (196,491) | (199,895) | (203,836) | (205,408) | |
Amounts reclassified from accumulated other comprehensive income (loss) for amortization of net losses | 3,673 | 3,285 | 11,018 | 9,856 | |
Amounts reclassified from accumulated other comprehensive income (loss) for amortization of prior service credit | 0 | 529 | 0 | 1,587 | |
Net change | 3,673 | 2,756 | 11,018 | 8,269 | |
Ending Balance | (192,818) | (197,139) | (192,818) | (197,139) | |
Unrealized net holding gains (losses) on debt securities | |||||
Beginning Balance | 58,044 | (250,422) | (173,811) | (102,775) | |
Other comprehensive (loss) income before reclassifications | 50,970 | (39,845) | 282,825 | (187,492) | |
Amounts reclassified from accumulated other comprehensive (loss) income for gains on securities | (16) | 0 | (16) | 0 | |
Net change | 50,986 | (39,845) | 282,841 | (187,492) | |
Ending Balance | 109,030 | (290,267) | 109,030 | (290,267) | |
Unrealized holding gains on equity securities | |||||
Beginning Balance | 0 | 0 | 0 | 605 | |
Reclassification to retained earnings due to cumulative effect of accounting change | 0 | 0 | 0 | (605) | |
Net change | 0 | 0 | 0 | (605) | |
Ending Balance | 0 | 0 | 0 | 0 | |
Unrealized net (losses) gain on cash flow hedges | |||||
Beginning Balance | (388) | (78) | (391) | (40) | |
Reclassification to retained earnings due to cumulative effect of accounting change | 0 | 0 | (50) | 0 | |
Other comprehensive income (loss) before reclassification | (3,201) | 208 | (4,349) | 790 | |
Amounts reclassified from other accumulated other comprehensive income (loss) | 720 | 89 | 1,921 | (531) | |
Net change | (2,481) | 297 | (2,478) | 259 | |
Ending Balance | (2,869) | 219 | (2,869) | 219 | |
Accumulated other comprehensive (loss) income | $ (138,880) | $ (534,189) | $ (138,880) | $ (534,189) | $ (427,974) |
Other comprehensive income (l_4
Other comprehensive income (loss) - Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification out of accumulated other comprehensive loss | ||||
Personnel costs | $ (147,682) | $ (139,757) | $ (432,298) | $ (389,941) |
Income tax (benefit) expense | (41,370) | (42,018) | (131,923) | (35,613) |
Net income | 165,319 | 140,648 | 504,350 | 511,755 |
Reclassification out of accumulated other comprehensive income | ||||
Reclassification out of accumulated other comprehensive loss | ||||
Net income | (4,409) | (2,845) | (12,955) | (7,738) |
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 | (5,877) | (4,518) | (17,629) | (13,554) |
Income tax (benefit) expense | (2,204) | (1,762) | (6,611) | (5,285) |
Net income | (3,673) | (2,756) | (11,018) | (8,269) |
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 | (5,877) | (5,386) | (17,629) | (16,157) |
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 | 868 | 0 | 2,603 |
Reclassification out of accumulated other comprehensive income | Unrealized holding gains (losses) on debt securities | ||||
Reclassification out of accumulated other comprehensive loss | ||||
Income (loss) before tax | (20) | 0 | (20) | 0 |
Income tax (benefit) expense | (4) | 0 | (4) | 0 |
Net income | (16) | 0 | (16) | 0 |
Reclassification out of accumulated other comprehensive income | Unrealized holding gains (losses) on debt securities | Realized gain (loss) on sale of securities | ||||
Reclassification out of accumulated other comprehensive loss | ||||
Net (loss) gain and valuation adjustments on debt securities | (20) | 0 | (20) | 0 |
Reclassification out of accumulated other comprehensive income | Unrealized net (losses) gains on cash flow hedges | ||||
Reclassification out of accumulated other comprehensive loss | ||||
Income (loss) before tax | (1,221) | (147) | (3,142) | 870 |
Income tax (benefit) expense | (501) | (58) | (1,221) | 339 |
Net income | (720) | (89) | (1,921) | 531 |
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 | (1,337) | (147) | (3,258) | 870 |
Reclassification out of accumulated other comprehensive income | Unrealized net (losses) gains on cash flow hedges | Interest Rate Swap [Member] | ||||
Reclassification out of accumulated other comprehensive loss | ||||
Other Operating Income | $ 116 | $ 0 | $ 116 | $ 0 |
Guarantees - Changes from credi
Guarantees - Changes from credit recourses agreements (Details) - Financial Guarantee - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Guarantor Obligations [Line Items] | ||||
Balance as of beginning of period | $ 48,100 | $ 57,425 | $ 56,230 | $ 58,820 |
Provision for recourse liability | 2,755 | 3,000 | 3,711 | 5,991 |
Net charge-offs | (5,394) | (2,678) | (14,480) | (7,064) |
Balance as of end of period | $ 45,461 | $ 57,747 | $ 45,461 | $ 57,747 |
Guarantees - Changes from custo
Guarantees - Changes from customary respresentations and warranties related to loans sold by BPPR (Details) - Indemnification Guarantee - Banco Popular de Puerto Rico - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Guarantor Obligations [Line Items] | ||||
Balance as of beginning of period | $ 3,825 | $ 11,153 | $ 10,837 | $ 11,742 |
Provision (reversal) for representations and warranties | (81) | (104) | (4,488) | 194 |
Net charge-offs | 0 | (39) | (75) | (926) |
Settlements paid | 0 | 0 | (2,530) | 0 |
Balance as of end of period | $ 3,744 | $ 11,010 | $ 3,744 | $ 11,010 |
Guarantees - Credit recourse -
Guarantees - Credit recourse - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Guarantor Obligations | ||||||||
Adjustments To Indemnity Reserves On Loans Sold | $ (3,411) | $ (3,029) | $ (1,664) | $ (6,482) | ||||
Guarantee on loans sold or serviced with credit recourse | ||||||||
Guarantor Obligations | ||||||||
Valuation Allowances And Reserves Balance | 45,461 | $ 48,100 | 57,747 | 45,461 | 57,747 | $ 56,230 | $ 57,425 | $ 58,820 |
Guarantee on loans sold or serviced with credit recourse | Guarantee on loans sold or serviced with representation and warranties | ||||||||
Guarantor Obligations | ||||||||
Adjustments To Indemnity Reserves On Loans Sold | $ 4,400 | |||||||
Serviced Mortgage Loans | ||||||||
Guarantor Obligations | ||||||||
Loans serviced | 15,000,000 | 15,000,000 | 15,700,000 | |||||
Loans with Recourse | ||||||||
Guarantor Obligations | ||||||||
Loans serviced | 1,200,000 | 1,200,000 | $ 1,300,000 | |||||
Loans with Recourse | Serviced Mortgage Loans | ||||||||
Guarantor Obligations | ||||||||
Repurchased Loans | $ 15,000 | $ 4,000 | $ 38,000 | $ 13,000 |
Guarantees - Indemnification, R
Guarantees - Indemnification, Representations and Warranties related to loans sold - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Securitization | Guarantee on loans sold or serviced with representation and warranties | ||||
Guarantor Obligations | ||||
Repurchased Loans | $ 0 | $ 2,000,000 | $ 0 | $ 12,000,000 |
Guarantees - Other Guarantees -
Guarantees - Other Guarantees - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Guarantor Obligations | ||
Funds Advanced To Investors Under Servicing Agreements | $ 84,060 | $ 88,371 |
Popular, Inc. Holding Co. | ||
Guarantor Obligations | ||
Wholly-owned subsidiary percentage | 100.00% | |
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 | 200 | 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 |
Commitments and Contingencies -
Commitments and Contingencies - Financial instruments with off-Balance Sheet credit risk (Details) - USD ($) $ in Thousands | Sep. 30, 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 | $ 4,575,290 | $ 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 | 2,854,512 | 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 | 260,098 | 254,491 |
Commercial Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | 4,798 | 2,695 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | 79,400 | 26,479 |
Commitments to originate or fund mortgage loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unused Commitments To Extend Credit | $ 45,814 | $ 22,629 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Direct Exposure to Puerto Rico Government by Maturity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | $ 432,000 | $ 458,000 |
PR Government direct exposure | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 431,725 | |
Total concentration of risk | 431,725 | |
PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 591 | |
Total concentration of risk | 591 | |
PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 431,134 | |
Total concentration of risk | 431,134 | |
Loans | PR Government direct exposure | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 390,959 | 413,000 |
Loans | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 0 | |
Loans | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 390,959 | |
Securities Investment | PR Government direct exposure | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 40,766 | $ 45,000 |
Securities Investment | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 591 | |
Securities Investment | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 40,175 | |
Within 1 year | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 81,853 | |
Total concentration of risk | 81,853 | |
Within 1 year | Loans | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 78,108 | |
Within 1 year | Securities Investment | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 3,745 | |
After 1 and within 5 years | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 7 | |
Total concentration of risk | 7 | |
After 1 and within 5 years | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 156,863 | |
Total concentration of risk | 156,863 | |
After 1 and within 5 years | Loans | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 0 | |
After 1 and within 5 years | Loans | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 139,283 | |
After 1 and within 5 years | Securities Investment | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 7 | |
After 1 and within 5 years | Securities Investment | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 17,580 | |
After 5 to 10 years | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 35 | |
Total concentration of risk | 35 | |
After 5 to 10 years | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 101,162 | |
Total concentration of risk | 101,162 | |
After 5 to 10 years | Loans | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 0 | |
After 5 to 10 years | Loans | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 82,967 | |
After 5 to 10 years | Securities Investment | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 35 | |
After 5 to 10 years | Securities Investment | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 18,195 | |
After 10 years | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 549 | |
Total concentration of risk | 549 | |
After 10 years | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 91,256 | |
Total concentration of risk | 91,256 | |
After 10 years | Loans | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 0 | |
After 10 years | Loans | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 90,601 | |
After 10 years | Securities Investment | PR Government direct exposure | From PR Central Government | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | 549 | |
After 10 years | Securities Investment | PR Government direct exposure | From Municipalities | ||
Direct exposure to the puerto rico government by maturity | ||
Outstanding concentration of risk | $ 655 |
Commitments and contingencies_3
Commitments and contingencies - Commitments - Additional Information (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure | |||
Outstanding concentration of risk | $ 432,000 | $ 458,000 | |
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 | 431,725 | ||
Total concentration of risk | 431,725 | ||
Principal payments received | $ 22,000 | ||
PR Government direct exposure | Loans | |||
Commitments and Contingencies Disclosure | |||
Outstanding concentration of risk | 390,959 | 413,000 | |
PR Government direct exposure | Securities Investment | |||
Commitments and Contingencies Disclosure | |||
Outstanding concentration of risk | 40,766 | 45,000 | |
PR Government Indirect Exposure | |||
Commitments and Contingencies Disclosure | |||
Outstanding concentration of risk | 355,000 | 368,000 | |
Loans and Leases Receivable, Consumer, Mortgage with PRHA | 281,000 | 293,000 | |
PR Government Indirect Exposure | PR Housing Bonds backed by second mortgage loans | |||
Commitments and Contingencies Disclosure | |||
Outstanding concentration of risk | 46,000 | 45,000 | |
PR Government Indirect Exposure | Commercial real estate | |||
Commitments and Contingencies Disclosure | |||
Outstanding concentration of risk | 21,000 | 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 | $ 72,000 |
Commitments and contingencies_4
Commitments and contingencies - Legal Proceedings - Additional Information (Details) $ in Millions | 1 Months Ended | 9 Months Ended |
Jul. 30, 2019PlaintiffDefendant | Sep. 30, 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 | ||
Loss Contingency Pending Claims Number | claims | 8 | |
Mortgage Related Investigation | related to approximately 23,000 residential mortgage loans | |
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 | |
PB | Aileen Betances, et al. v. Popular Bank, et al | ||
Legal Matters And Contingencies | ||
Number of plaintiffs | Plaintiff | 5 | |
Loss Contingency Number Of Defendants | Defendant | 5 | |
PB | Damian Reyes, et al. v. Popular Bank, et al | ||
Legal Matters And Contingencies | ||
Number of plaintiffs | Plaintiff | 3 | |
Loss Contingency Number Of Defendants | Defendant | 6 | |
Aggregate Arbitrations with Claimed Damages | Popular Securities | ||
Legal Matters And Contingencies | ||
Loss Contingency Pending Claims Number | claims | 193 | |
Loss Contingency Damages Sought Value | $ 245 | |
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 | |
Minimum | PB | PB Employment Related Litigation | ||
Legal Matters And Contingencies | ||
Loss Contingency Damages Sought Value | 100 | |
Maximum | ||
Legal Matters And Contingencies | ||
Loss Contingency Range Of Possible Loss Portion Not Accrued | $ 27.2 |
Non-consolidated VIEs - Corpora
Non-consolidated VIEs - Corporation's VI in non-consolidated VIEs and max exposure to loss (Details) - FNMA, GNMA, FHLMC VIE - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | $ 144,987 | $ 174,268 |
Maximum exposure to loss | 144,987 | 174,268 |
Servicing assets | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 113,148 | 136,280 |
Mortgage servicing rights | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 113,148 | 136,280 |
Other assets | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 31,839 | 37,988 |
Servicing advances | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | $ 31,839 | $ 37,988 |
Non-consolidated VIEs - Corpo_2
Non-consolidated VIEs - Corporation's VI in non-consolidated VIEs, PR Asset Portfolio 2013-1 and PRLP 2011 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
PR Asset Portfolio 2013-1 International, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | $ 3,409 | $ 5,794 |
Liabilities | (9,582) | (7,994) |
Total net assets | (6,173) | (2,200) |
Maximum exposure to loss | 0 | 0 |
PRLP 2011 Holding, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 6,393 | 6,469 |
Liabilities | (909) | (2,566) |
Total net assets | 5,484 | 3,903 |
Maximum exposure to loss | 5,484 | 3,903 |
Equity Method Investments | PR Asset Portfolio 2013-1 International, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 3,409 | 5,794 |
Equity Method Investments | PRLP 2011 Holding, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Assets | 6,393 | 6,469 |
Deposits | PR Asset Portfolio 2013-1 International, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Liabilities | (9,582) | (7,994) |
Deposits | PRLP 2011 Holding, LLC | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | ||
Liabilities | $ (909) | $ (2,566) |
Non-consolidated variable int_3
Non-consolidated variable interest entities - Additional Information (Details) $ in Millions | 9 Months Ended | |||
Sep. 30, 2019USD ($)NumberOfVIE | Dec. 31, 2018USD ($) | Mar. 31, 2013USD ($) | Sep. 30, 2011USD ($) | |
Variable Interest Entity | ||||
Number of VIEs | NumberOfVIE | 3 | |||
PRLP 2011 Holding, LLC | ||||
Variable Interest Entity | ||||
Equity Method Investment Ownership Percentage | 24.90% | 24.90% | ||
Cash Received From Investee | $ 48 | |||
PR Asset Portfolio 2013-1 International, LLC | ||||
Variable Interest Entity | ||||
Equity Method Investment Ownership Percentage | 24.90% | 24.90% | ||
Cash Received From Investee | $ 92 | |||
FNMA, GNMA, FHLMC VIE | ||||
Variable Interest Entity | ||||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | $ 10,000 | $ 10,600 |
Related party transactions - Co
Related party transactions - Corporation's equity in Evertec (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Investment in equity investees | $ 236,551 | $ 228,072 |
EVERTEC Inc. | ||
Related Party Transaction [Line Items] | ||
Investment in equity investees | $ 69,380 | $ 60,591 |
Related party transactions - Fi
Related party transactions - Financial Condition accounts outstanding with EVERTEC (Details) - EVERTEC Inc. - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Accounts receivables (Other assets) | $ 2,561 | $ 6,829 |
Deposits | (47,108) | (28,606) |
Accounts payable (Other liabilities) | (1,512) | (3,671) |
Total | $ (46,059) | $ (25,448) |
Related party transactions - Pr
Related party transactions - Proportionate share of income (loss) and changes in stockholder's equity from EVERTEC (Details) - EVERTEC Inc. - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Share of income from investment | $ 4,010 | $ 3,682 | $ 12,709 | $ 10,586 |
Share of other changes in stockholders equity | 621 | (34) | 703 | 601 |
Share of changes in equity recognized in income | $ 4,631 | $ 3,648 | $ 13,412 | $ 11,187 |
Related party transactions - Im
Related party transactions - Impact on the results of operations of transactions between the Corporation and EVERTEC (Details) - EVERTEC Inc. - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ (47,716) | $ (37,835) | $ (135,207) | $ (111,368) |
Deposits | ||||
Related Party Transaction [Line Items] | ||||
Interest Expense Related Party | (27) | (21) | (59) | (46) |
Other service fees | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Revenues From Transactions With Related Party | 6,221 | 8,486 | 22,897 | 24,940 |
Net occupancy | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Revenues From Transactions With Related Party | 1,744 | 1,781 | 5,337 | 5,297 |
Professional fees | ||||
Related Party Transaction [Line Items] | ||||
Expenses from Transactions with related party | (55,901) | (48,360) | (164,255) | (142,443) |
Other operating expenses | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Revenues From Transactions With Related Party | $ 247 | $ 279 | $ 873 | $ 884 |
Related party transactions - _2
Related party transactions - Corporation's equity in PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 236,551 | $ 228,072 |
PRLP 2011 Holding, LLC | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | 6,393 | 6,469 |
PR Asset Portfolio 2013-1 International, LLC | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 3,409 | $ 5,794 |
Related party transactions - De
Related party transactions - Deposits with PRLP 2011 Holdings, LLC and PR Asset Portfolio 2013-1 International, LLC (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
PRLP 2011 Holding, LLC | ||
Related Party Transaction [Line Items] | ||
Deposits | $ (909) | $ (2,566) |
PR Asset Portfolio 2013-1 International, LLC | ||
Related Party Transaction [Line Items] | ||
Deposits | $ (9,582) | $ (7,994) |
Related party transactions - _3
Related party transactions - Proportionate share of income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
PRLP 2011 Holding, LLC | ||||
Related Party Transaction [Line Items] | ||||
Share of (loss) income from equity method investments | $ (65) | $ 55 | $ (76) | $ (257) |
PR Asset Portfolio 2013-1 International, LLC | ||||
Related Party Transaction [Line Items] | ||||
Share of (loss) income from equity method investments | $ (236) | $ 112 | $ 306 | $ (5,297) |
Related party transactions - Re
Related party transactions - Related party transactions with affiliated company - Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 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 | 4,800,000 | $ 5,100,000 | ||
Waived Fees | 1,600,000 | 1,600,000 | ||
Net fees | $ 3,200,000 | $ 3,500,000 | ||
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. | |||
Line of credit facility average amount oustanding | $ 0 | |||
Reliable Financial Services | ||||
Related Party Transaction | ||||
Sublease Expense | $ 400,000 |
Related party transactions - _4
Related party transactions - Related party transactions with affiliated company - Equity Method - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2013 | Sep. 30, 2011 | |
Related Party Transaction | ||||||||||
Investment in equity investees | $ 236,551,000 | $ 236,551,000 | $ 228,072,000 | |||||||
PRLP 2011 Holding, LLC | ||||||||||
Related Party Transaction | ||||||||||
Equity Method Investment Ownership Percentage | 24.90% | 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% | 24.90% | |||||||
Equity Method Investment Distributions | $ 2,700,000 | 2,000,000 | ||||||||
EVERTEC Inc. | ||||||||||
Related Party Transaction | ||||||||||
Equity Method Investment Ownership Percentage | 16.20% | 16.20% | ||||||||
Investment in equity investees | $ 69,380,000 | $ 69,380,000 | 60,591,000 | |||||||
Earnings from investments under the equity method | $ 4,631,000 | $ 3,648,000 | 13,412,000 | 11,187,000 | ||||||
Equity Method Investment Dividends | $ 1,700,000 | 600,000 | ||||||||
Number of shares held | 11,654,803 | 11,654,803 | ||||||||
BHD LEON | ||||||||||
Related Party Transaction | ||||||||||
Equity Method Investment Ownership Percentage | 15.84% | 15.84% | ||||||||
Investment in equity investees | $ 150,000,000 | $ 150,000,000 | $ 140,400,000 | |||||||
Earnings from investments under the equity method | 20,100,000 | 22,100,000 | ||||||||
Equity Method Investment Dividends | $ 12,600,000 | 12,600,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||||||
Grupo Financiero Leon SA Panama shareholder of BHD Leon | ||||||||||
Related Party Transaction | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000,000 | |||||||||
Credit facility extended to GFL by BHD International Panama affiliate of BHD leon | ||||||||||
Related Party Transaction | ||||||||||
Credit facility repayment | $ 8,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000,000 | $ 8,000,000 |
Fair value measurement - Assets
Fair value measurement - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||||
Debt securities available-for-sale, at fair value | $ 16,479,110 | $ 13,300,184 | ||
Trading account debt securities, excluding derivatives | 36,303 | 37,787 | ||
Mortgage servicing rights | 150,652 | 169,777 | $ 162,779 | $ 168,031 |
Recurring | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 16,479,110 | 13,300,184 | ||
Trading account debt securities, excluding derivatives | 36,303 | 37,787 | ||
Equity securities at fair value | 19,778 | 13,296 | ||
Mortgage servicing rights | 150,652 | 169,777 | ||
Derivatives | 15,234 | 13,603 | ||
Total | 16,701,077 | 13,534,647 | ||
Liabilities | ||||
Derivatives | (14,069) | (12,320) | ||
Total | (14,069) | (12,320) | ||
Recurring | US Treasury Securities | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 10,504,288 | 8,272,196 | ||
Trading account debt securities, excluding derivatives | 2,760 | 6,278 | ||
Recurring | Obligations of U.S. Government sponsored entities | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 187,092 | 333,309 | ||
Recurring | Obligations of Puerto Rico, States and political subdivisions | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 6,931 | 6,742 | ||
Trading account debt securities, excluding derivatives | 649 | 134 | ||
Recurring | Collateralized Mortgage Obligations - Federal agencies | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 630,636 | 728,671 | ||
Recurring | Mortgage Backed Securities | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 5,149,790 | 3,958,778 | ||
Trading account debt securities, excluding derivatives | 28,798 | 27,257 | ||
Recurring | Other | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 373 | 488 | ||
Trading account debt securities, excluding derivatives | 3,460 | 3,459 | ||
Recurring | CMO | ||||
Assets | ||||
Trading account debt securities, excluding derivatives | 636 | 659 | ||
Recurring | Level 1 | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 4,487,422 | 2,719,740 | ||
Trading account debt securities, excluding derivatives | 2,758 | 6,278 | ||
Equity securities at fair value | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Total | 4,490,180 | 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 | 4,487,422 | 2,719,740 | ||
Trading account debt securities, excluding derivatives | 2,758 | 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 | 11,990,479 | 10,579,211 | ||
Trading account debt securities, excluding derivatives | 32,506 | 30,370 | ||
Equity securities at fair value | 19,778 | 13,296 | ||
Mortgage servicing rights | 0 | 0 | ||
Derivatives | 15,234 | 13,603 | ||
Total | 12,057,997 | 10,636,480 | ||
Liabilities | ||||
Derivatives | (14,069) | (12,320) | ||
Total | (14,069) | (12,320) | ||
Recurring | Level 2 | US Treasury Securities | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 6,016,866 | 5,552,456 | ||
Trading account debt securities, excluding derivatives | 2 | 0 | ||
Recurring | Level 2 | Obligations of U.S. Government sponsored entities | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 187,092 | 333,309 | ||
Recurring | Level 2 | Obligations of Puerto Rico, States and political subdivisions | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 6,931 | 6,742 | ||
Trading account debt securities, excluding derivatives | 649 | 134 | ||
Recurring | Level 2 | Collateralized Mortgage Obligations - Federal agencies | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 630,636 | 728,671 | ||
Recurring | Level 2 | Mortgage Backed Securities | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 5,148,581 | 3,957,545 | ||
Trading account debt securities, excluding derivatives | 28,772 | 27,214 | ||
Recurring | Level 2 | Other | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 373 | 488 | ||
Trading account debt securities, excluding derivatives | 3,004 | 2,974 | ||
Recurring | Level 2 | CMO | ||||
Assets | ||||
Trading account debt securities, excluding derivatives | 79 | 48 | ||
Recurring | Level 3 | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 1,209 | 1,233 | ||
Trading account debt securities, excluding derivatives | 1,039 | 1,139 | ||
Equity securities at fair value | 0 | 0 | ||
Mortgage servicing rights | 150,652 | 169,777 | ||
Derivatives | 0 | 0 | ||
Total | 152,900 | 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 | 1,209 | 1,233 | ||
Trading account debt securities, excluding derivatives | 26 | 43 | ||
Recurring | Level 3 | Other | ||||
Assets | ||||
Debt securities available-for-sale, at fair value | 0 | 0 | ||
Trading account debt securities, excluding derivatives | 456 | 485 | ||
Recurring | Level 3 | CMO | ||||
Assets | ||||
Trading account debt securities, excluding derivatives | $ 557 | $ 611 |
Fair value measurement - Asse_2
Fair value measurement - Assets measured at fair value on nonrecurring basis (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate | $ 117,928 | $ 136,705 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 65,922 | $ 79,347 | |
Other real estate | 17,942 | 42,572 | |
Other foreclosed assets | 1,221 | 2,596 | |
Long-lived asset held-for-sale | 2,500 | ||
Total | 87,585 | 124,515 | |
Loans - write-down | (10,761) | (28,769) | |
Other real estate owned - write down | (3,486) | (8,744) | |
Other foreclosed assets - write down | (153) | (957) | |
Long-lived asset held-for-sale - write down | (2,591) | ||
Total assets measured - write down | (16,991) | (38,470) | |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Other real estate | 0 | 0 | |
Other foreclosed assets | 0 | 0 | |
Long-lived asset held-for-sale | 0 | ||
Total | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 0 | 0 | |
Other real estate | 0 | 0 | |
Other foreclosed assets | 0 | 0 | |
Long-lived asset held-for-sale | 0 | ||
Total | 0 | 0 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | 65,922 | 79,347 | |
Other real estate | 17,942 | 42,572 | |
Other foreclosed assets | 1,221 | 2,596 | |
Long-lived asset held-for-sale | 2,500 | ||
Total | $ 87,585 | $ 124,515 |
Fair value measurement - Change
Fair value measurement - Changes in level 3 assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Assets, Fair Value Disclosure [Abstract] | ||||
Beginning Balance | $ 155,368 | $ 166,508 | $ 172,149 | $ 170,420 |
Gains (Losses) included in earnings | (4,855) | (4,202) | (25,883) | (13,148) |
Gains (losses) included in OCI | 1 | (1) | 1 | 1 |
Additions | 2,474 | 2,953 | 6,818 | 8,129 |
Settlements | (86) | (33) | (185) | (177) |
Ending Balance | 152,900 | 165,225 | 152,900 | 165,225 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | (1,569) | 3 | (15,979) | 20 |
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 | 170,970 | |||
Ending Balance | 0 | 0 | ||
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | |||
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 | 170,970 | |||
Ending Balance | 0 | 0 | ||
Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | |||
Debt securities available-for-sale | Mortgage Backed Securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Beginning Balance | 1,235 | 1,264 | 1,233 | 1,288 |
Gains (Losses) included in earnings | 0 | 0 | 0 | 0 |
Gains (losses) included in OCI | 1 | (1) | 1 | 1 |
Additions | 0 | 0 | 0 | 0 |
Settlements | (25) | 0 | (25) | (26) |
Ending Balance | 1,209 | 1,263 | 1,209 | 1,263 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | 0 | 0 | 0 |
Trading account debt securities | Mortgage Backed Securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Beginning Balance | 26 | 43 | 43 | 43 |
Gains (Losses) included in earnings | 0 | 0 | (1) | 0 |
Gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 0 | 0 | 25 | 0 |
Settlements | 0 | 0 | (41) | 0 |
Ending Balance | 26 | 43 | 26 | 43 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 0 | 0 | 1 | 0 |
Trading account debt securities | CMO | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Beginning Balance | 618 | 670 | 611 | 529 |
Gains (Losses) included in earnings | (1) | 0 | 0 | 6 |
Gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 1 | 7 | 65 | 260 |
Settlements | (61) | (33) | (119) | (151) |
Ending Balance | 557 | 644 | 557 | 644 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 1 | 0 | 0 | 6 |
Trading account debt securities | Other | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Beginning Balance | 468 | 506 | 485 | 529 |
Gains (Losses) included in earnings | (12) | (8) | (29) | (31) |
Gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending Balance | 456 | 498 | 456 | 498 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | 5 | 3 | 13 | 14 |
Mortgage Servicing Rights | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Beginning Balance | 153,021 | 164,025 | 169,777 | 168,031 |
Gains (Losses) included in earnings | (4,842) | (4,194) | (25,853) | (13,123) |
Gains (losses) included in OCI | 0 | 0 | 0 | 0 |
Additions | 2,473 | 2,946 | 6,728 | 7,869 |
Settlements | 0 | 0 | 0 | 0 |
Ending Balance | 150,652 | 162,777 | 150,652 | 162,777 |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss | $ (1,575) | $ 0 | $ (15,993) | $ 0 |
Fair value measurement - Gains
Fair value measurement - Gains and losses (realized and unrealized) included in earnings for level 3 assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||||
Gains (Losses) included in earnings | $ 4,855 | $ 4,202 | $ 25,883 | $ 13,148 |
Liabilitiy - Gains (Losses) included in earnings | (6,112) | |||
Change in unrealized gain loss - Fair value assets | (1,569) | 3 | (15,979) | 20 |
Change in unrealized gain loss - fair value liabilities | 0 | |||
Gain (loss) included in earnings | (4,855) | (4,202) | (25,883) | (19,260) |
Change in unrealized gain loss | (1,569) | 3 | (15,979) | 20 |
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 | 0 | ||
Mortgage banking activities | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||||
Gains (Losses) included in earnings | (4,842) | (4,194) | (25,853) | (13,123) |
Change in unrealized gain loss - Fair value assets | (1,575) | 0 | (15,993) | 0 |
Trading gains losses | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||||
Gains (Losses) included in earnings | (13) | (8) | (30) | (25) |
Change in unrealized gain loss - Fair value assets | $ 6 | $ 3 | $ 14 | $ 20 |
Fair value measurement - Quanti
Fair value measurement - Quantitative inputs level 3 (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Assets | ||||
Trading Securities Debt | $ 36,303 | $ 37,787 | ||
Mortgage servicing rights | 150,652 | 169,777 | $ 162,779 | $ 168,031 |
Other real estate | 117,928 | 136,705 | ||
Recurring | ||||
Assets | ||||
Trading Securities Debt | 36,303 | 37,787 | ||
Mortgage servicing rights | 150,652 | 169,777 | ||
Recurring | CMO | ||||
Assets | ||||
Trading Securities Debt | 636 | 659 | ||
Recurring | Other | ||||
Assets | ||||
Trading Securities Debt | 3,460 | 3,459 | ||
Recurring | Level 3 | ||||
Assets | ||||
Trading Securities Debt | 1,039 | 1,139 | ||
Mortgage servicing rights | 150,652 | 169,777 | ||
Recurring | Level 3 | Mortgage Servicing Rights | ||||
Assets | ||||
Mortgage servicing rights | $ 150,652 | |||
Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flow approach | Minimum | ||||
Unobservable inputs | ||||
Weighted average life | 1 month 6 days | |||
Prepayment speed | 0.20% | |||
Discount rate | 9.50% | |||
Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flow approach | Maximum | ||||
Unobservable inputs | ||||
Weighted average life | 13 years 10 months 24 days | |||
Prepayment speed | 19.90% | |||
Discount rate | 14.70% | |||
Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flow approach | Weighted Average | ||||
Unobservable inputs | ||||
Weighted average life | 6 years 2 months 12 days | |||
Prepayment speed | 6.80% | |||
Discount rate | 11.20% | |||
Recurring | Level 3 | Loan | Valuation Technique External Appraisal | Minimum | ||||
Unobservable inputs | ||||
Haircut applied on external appraisal | 10.00% | |||
Recurring | Level 3 | Loan | Valuation Technique External Appraisal | Maximum | ||||
Unobservable inputs | ||||
Haircut applied on external appraisal | 21.00% | |||
Recurring | Level 3 | Loan | Valuation Technique External Appraisal | Weighted Average | ||||
Unobservable inputs | ||||
Haircut applied on external appraisal | 10.30% | |||
Recurring | Level 3 | Other real estate owned | Valuation Technique External Appraisal | Minimum | ||||
Unobservable inputs | ||||
Haircut applied on external appraisal | 10.00% | |||
Recurring | Level 3 | Other real estate owned | Valuation Technique External Appraisal | Maximum | ||||
Unobservable inputs | ||||
Haircut applied on external appraisal | 35.00% | |||
Recurring | Level 3 | Other real estate owned | Valuation Technique External Appraisal | Weighted Average | ||||
Unobservable inputs | ||||
Haircut applied on external appraisal | 23.50% | |||
Recurring | Level 3 | CMO | ||||
Assets | ||||
Trading Securities Debt | $ 557 | 611 | ||
Recurring | Level 3 | CMO | Trading account debt securities | Discounted cash flow approach | Minimum | ||||
Unobservable inputs | ||||
Weighted average life | 1 year 4 months 24 days | |||
Yield | 3.90% | |||
Prepayment speed | 15.20% | |||
Recurring | Level 3 | CMO | Trading account debt securities | Discounted cash flow approach | Maximum | ||||
Unobservable inputs | ||||
Weighted average life | 1 year 9 months 18 days | |||
Yield | 4.40% | |||
Prepayment speed | 20.70% | |||
Recurring | Level 3 | CMO | Trading account debt securities | Discounted cash flow approach | Weighted Average | ||||
Unobservable inputs | ||||
Weighted average life | 1 year 8 months 12 days | |||
Yield | 4.00% | |||
Prepayment speed | 18.50% | |||
Recurring | Level 3 | Other | ||||
Assets | ||||
Trading Securities Debt | $ 456 | $ 485 | ||
Recurring | Level 3 | Other | Trading account debt securities | Discounted cash flow approach | ||||
Unobservable inputs | ||||
Weighted average life | 5 years 2 months 12 days | |||
Yield | 12.00% | |||
Prepayment speed | 10.80% | |||
Recurring | Level 3 | Other | Mortgage Servicing Rights | Discounted cash flow approach | Minimum | ||||
Unobservable inputs | ||||
Prepayment speed | 0.20% | |||
Recurring | Level 3 | Other | Mortgage Servicing Rights | Discounted cash flow approach | Maximum | ||||
Unobservable inputs | ||||
Prepayment speed | 19.90% | |||
Nonrecurring | ||||
Assets | ||||
Loans | $ 65,922 | 79,347 | ||
Other real estate | 17,942 | 42,572 | ||
Nonrecurring | Level 3 | ||||
Assets | ||||
Loans | 65,922 | 79,347 | ||
Other real estate | 17,942 | $ 42,572 | ||
Nonrecurring | Level 3 | Loan | ||||
Assets | ||||
Loans | 62,442 | |||
Nonrecurring | Level 3 | Other real estate owned | ||||
Assets | ||||
Other real estate | $ 15,003 |
Fair value measurement - Additi
Fair value measurement - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Mortgage Servicing Rights | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
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 [Line Items] | |
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. |
Fair value of financial instr_3
Fair value of financial instruments - Carrying or notional amounts and estimated fair values for financial instruments (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying amount | ||||
Financial Assets: | ||||
Cash and due from banks | $ 502,060,000 | $ 394,035,000 | ||
Money market investments | 5,168,585,000 | 4,171,048,000 | ||
Trading account debt securities, excluding derivatives | 36,303,000 | 37,787,000 | ||
Debt securities available-for-sale, at fair value | 16,479,110,000 | 13,300,184,000 | ||
Debt securities held-to-maturity, at amortized cost | 97,707,000 | 101,575,000 | ||
Equity securities: | ||||
FHLB Stock | 46,729,000 | 51,628,000 | ||
FRB stock | 92,648,000 | 89,358,000 | ||
Other investments | 21,081,000 | 14,598,000 | ||
Equity securities | 160,458,000 | 155,584,000 | ||
Loans held-for-sale | 56,370,000 | 51,422,000 | ||
Loans held in portfolio, net | 26,495,610,000 | 25,938,541,000 | ||
Mortgage servicing rights | 150,652,000 | 169,777,000 | ||
Derivatives | 15,234,000 | 13,603,000 | ||
Deposits | ||||
Demand deposits | 36,370,038,000 | 32,093,274,000 | ||
Time deposits | 7,796,157,000 | 7,616,765,000 | ||
Total deposits | 44,166,195,000 | 39,710,039,000 | ||
Assets sold under agreements to repurchase | 213,097,000 | 281,529,000 | ||
Other short-term borrowings | 42,000 | |||
Notes payable: | ||||
Advances with the FHLB | 486,785,000 | 556,776,000 | ||
Unsecured senior debt securities | 294,990,000 | 294,039,000 | ||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 384,895,000 | 384,875,000 | ||
Capital lease obligations | 20,412,000 | |||
Notes Payable | 1,166,670,000 | 1,256,102,000 | ||
Derivatives | 14,069,000 | 12,320,000 | ||
Cash and due from banks | 502,060,000 | 394,035,000 | ||
Money market investments | 5,168,585,000 | 4,171,048,000 | ||
Trading account debt securities, excluding derivatives | 36,303,000 | 37,787,000 | ||
Debt securities available-for-sale, at fair value | 16,479,110,000 | 13,300,184,000 | ||
Debt securities held-to-maturity, at amortized cost | 97,707,000 | 101,575,000 | ||
Equity securities | 160,458,000 | 155,584,000 | ||
Loans held in portfolio, net | 26,495,610,000 | 25,938,541,000 | ||
Mortgage servicing rights | 150,652,000 | 169,777,000 | $ 162,779,000 | $ 168,031,000 |
Time deposits | 7,796,157,000 | 7,616,764,000 | ||
Total deposits | 44,166,195,000 | 39,710,039,000 | ||
Assets sold under agreements to repurchase | 213,097,000 | 281,529,000 | ||
Other short-term borrowings | 0 | 42,000 | ||
Capital lease obligations | 0 | 20,412,000 | ||
Notes Payable | 1,166,670,000 | 1,256,102,000 | ||
Fair Value | ||||
Financial Assets: | ||||
Cash and due from banks | 502,060,000 | 394,035,000 | ||
Money market investments | 5,168,585,000 | 4,171,048,000 | ||
Trading account debt securities, excluding derivatives | 36,303,000 | 37,787,000 | ||
Debt securities available-for-sale, at fair value | 16,479,110,000 | 13,300,184,000 | ||
Debt securities held-to-maturity, at amortized cost | 103,918,000 | 102,653,000 | ||
Equity securities: | ||||
FHLB Stock | 46,729,000 | 51,628,000 | ||
FRB stock | 92,648,000 | 89,358,000 | ||
Other investments | 27,074,000 | 18,835,000 | ||
Equity securities | 166,451,000 | 159,821,000 | ||
Loans held-for-sale | 57,572,000 | 52,474,000 | ||
Loans held in portfolio, net | 24,603,515,000 | 23,143,027,000 | ||
Mortgage servicing rights | 150,652,000 | 169,777,000 | ||
Derivatives | 15,234,000 | 13,603,000 | ||
Deposits | ||||
Demand deposits | 36,370,038,000 | 32,093,274,000 | ||
Time deposits | 7,648,739,000 | 7,392,698,000 | ||
Total deposits | 44,018,777,000 | 39,485,972,000 | ||
Assets sold under agreements to repurchase | 212,812,000 | 281,535,000 | ||
Other short-term borrowings | 42,000 | |||
Notes payable: | ||||
Advances with the FHLB | 496,552,000 | 553,111,000 | ||
Unsecured senior debt securities | 322,014,000 | 302,664,000 | ||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 406,485,000 | 381,079,000 | ||
Capital lease obligations | 20,412,000 | |||
Notes Payable | 1,225,051,000 | 1,257,266,000 | ||
Derivatives | 14,069,000 | 12,320,000 | ||
Obligations of Puerto Rico, States and political subdivisions | Carrying amount | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 85,598,000 | 89,459,000 | ||
Obligations of Puerto Rico, States and political subdivisions | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 85,598,000 | 89,459,000 | ||
Obligations of Puerto Rico, States and political subdivisions | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 91,808,000 | 90,534,000 | ||
Collateralized Mortgage Obligations - Federal agencies | Carrying amount | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 48,000 | 55,000 | ||
Collateralized Mortgage Obligations - Federal agencies | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 48,000 | 55,000 | ||
Collateralized Mortgage Obligations - Federal agencies | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 50,000 | 58,000 | ||
Securities in wholly owned statutory business trusts | Carrying amount | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 11,561,000 | 11,561,000 | ||
Securities in wholly owned statutory business trusts | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 11,561,000 | 11,561,000 | ||
Securities in wholly owned statutory business trusts | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 11,561,000 | 11,561,000 | ||
Other | Carrying amount | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 500,000 | 500,000 | ||
Other | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 500,000 | 500,000 | ||
Other | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 499,000 | 500,000 | ||
Level 1 | Fair Value | ||||
Financial Assets: | ||||
Cash and due from banks | 502,060,000 | 394,035,000 | ||
Money market investments | 5,162,672,000 | 4,161,832,000 | ||
Trading account debt securities, excluding derivatives | 2,758,000 | 6,278,000 | ||
Debt securities available-for-sale, at fair value | 4,487,422,000 | 2,719,740,000 | ||
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 | 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 | |||
Notes Payable | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Level 1 | Obligations of Puerto Rico, States and political subdivisions | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 1 | Collateralized Mortgage Obligations - Federal agencies | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 1 | Securities in wholly owned statutory business trusts | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 1 | Other | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 2 | Fair Value | ||||
Financial Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Money market investments | 5,913,000 | 9,216,000 | ||
Trading account debt securities, excluding derivatives | 32,506,000 | 30,370,000 | ||
Debt securities available-for-sale, at fair value | 11,990,479,000 | 10,579,211,000 | ||
Debt securities held-to-maturity, at amortized cost | 12,060,000 | 12,061,000 | ||
Equity securities: | ||||
FHLB Stock | 46,729,000 | 51,628,000 | ||
FRB stock | 92,648,000 | 89,358,000 | ||
Other investments | 19,778,000 | 13,296,000 | ||
Equity securities | 159,155,000 | 154,282,000 | ||
Loans held-for-sale | 0 | 0 | ||
Loans held in portfolio, net | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Derivatives | 15,234,000 | 13,603,000 | ||
Deposits | ||||
Demand deposits | 36,370,038,000 | 32,093,274,000 | ||
Time deposits | 7,648,739,000 | 7,392,698,000 | ||
Total deposits | 44,018,777,000 | 39,485,972,000 | ||
Assets sold under agreements to repurchase | 212,812,000 | 281,535,000 | ||
Other short-term borrowings | 42,000 | |||
Notes payable: | ||||
Advances with the FHLB | 496,552,000 | 553,111,000 | ||
Unsecured senior debt securities | 322,014,000 | 302,664,000 | ||
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust | 406,485,000 | 381,079,000 | ||
Capital lease obligations | 0 | |||
Notes Payable | 1,225,051,000 | 1,236,854,000 | ||
Derivatives | 14,069,000 | 12,320,000 | ||
Level 2 | Obligations of Puerto Rico, States and political subdivisions | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 2 | Collateralized Mortgage Obligations - Federal agencies | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 2 | Securities in wholly owned statutory business trusts | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 11,561,000 | 11,561,000 | ||
Level 2 | Other | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 499,000 | 500,000 | ||
Level 3 | Fair Value | ||||
Financial Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Money market investments | 0 | 0 | ||
Trading account debt securities, excluding derivatives | 1,039,000 | 1,139,000 | ||
Debt securities available-for-sale, at fair value | 1,209,000 | 1,233,000 | ||
Debt securities held-to-maturity, at amortized cost | 91,858,000 | 90,592,000 | ||
Equity securities: | ||||
FHLB Stock | 0 | 0 | ||
FRB stock | 0 | 0 | ||
Other investments | 7,296,000 | 5,539,000 | ||
Equity securities | 7,296,000 | 5,539,000 | ||
Loans held-for-sale | 57,572,000 | 52,474,000 | ||
Loans held in portfolio, net | 24,603,515,000 | 23,143,027,000 | ||
Mortgage servicing rights | 150,652,000 | 169,777,000 | ||
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 | 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 | 20,412,000 | |||
Notes Payable | 0 | 20,412,000 | ||
Derivatives | 0 | 0 | ||
Level 3 | Obligations of Puerto Rico, States and political subdivisions | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 91,808,000 | 90,534,000 | ||
Level 3 | Collateralized Mortgage Obligations - Federal agencies | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 50,000 | 58,000 | ||
Level 3 | Securities in wholly owned statutory business trusts | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | 0 | 0 | ||
Level 3 | Other | Fair Value | ||||
Financial Assets: | ||||
Debt securities held-to-maturity, at amortized cost | $ 0 | $ 0 |
Fair Value of financial instr_4
Fair Value of financial instruments- Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 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 | $ 84 | $ 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 | $ 7,700 | $ 7,500 |
Net income per common share - C
Net income per common share - Computation of net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income | $ 165,319 | $ 140,648 | $ 504,350 | $ 511,755 |
Preferred stock dividends | (930) | (930) | (2,792) | (2,792) |
Net income applicable to common stock | $ 164,389 | $ 139,718 | $ 501,558 | $ 508,963 |
Average common shares outstanding | 96,357,117 | 101,067,300 | 97,073,177 | 101,549,711 |
Average potential dilutive common shares | 121,210 | 181,854 | 139,219 | 182,219 |
Average common shares outstanding - assuming dilution | 96,478,327 | 101,249,154 | 97,212,396 | 101,731,930 |
Net Income per Common Share - Basic | $ 1.71 | $ 1.38 | $ 5.17 | $ 5.01 |
Net Income per Common Share - Diluted | $ 1.70 | $ 1.38 | $ 5.16 | $ 5 |
Net income per common share - A
Net income per common share - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |||
Initial shares received as part of an accelerated share repurchase program | 3,500,000 | ||
Accelerated share repurchases settlement receipt | $ 250 | ||
Forward contracts | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,189,974 | 1,184,666 |
Revenue from contracts with c_3
Revenue from contracts with customers - Revenue streams (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Service charges on deposit accounts | ||||
Revenue From Contract With Customer Excluding Assessed Tax | $ 40,969 | $ 38,147 | $ 119,277 | $ 111,704 |
BPPR | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 90,517 | 83,561 | 266,368 | 245,641 |
BPPR | Service charges on deposit accounts | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 37,245 | 34,869 | 108,344 | 101,824 |
BPPR | Debit card fees | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 11,459 | 10,723 | 34,110 | 33,543 |
BPPR | Insurance fees, excluding reinsurance | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 8,921 | 8,210 | 29,786 | 24,097 |
BPPR | Credit card fees excluding late fees and membership fees | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 21,901 | 19,029 | 61,579 | 54,513 |
BPPR | Sale and administration of investment products | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 5,714 | 5,696 | 16,705 | 16,071 |
BPPR | Trust fees | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 5,277 | 5,034 | 15,844 | 15,593 |
Popular U.S. | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 5,353 | 4,947 | 15,155 | 13,983 |
Popular U.S. | Service charges on deposit accounts | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 3,724 | 3,278 | 10,933 | 9,880 |
Popular U.S. | Debit card fees | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 260 | 261 | 813 | 763 |
Popular U.S. | Insurance fees, excluding reinsurance | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 1,152 | 1,187 | 2,753 | 2,642 |
Popular U.S. | Credit card fees excluding late fees and membership fees | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 217 | 221 | 656 | 698 |
Popular U.S. | Sale and administration of investment products | ||||
Revenue From Contract With Customer Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Popular U.S. | Trust fees | ||||
Revenue From Contract With Customer Excluding Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from contracts with c_4
Revenue from contracts with customers - Revenue streams - Parenthetical (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Intersegment Transaction | ||||
Revenue From Contract With Customer Excluding Assessed Tax | $ 0.2 | $ 0.2 | $ 2.3 | $ 1.9 |
Leases - Future minimum payment
Leases - Future minimum payments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating lease liabilities under Topic 842 | ||
Operating leases - Remaining 2019 | $ 7,566 | |
Operating leases - 2020 | 28,034 | |
Operating leases - 2021 | 25,444 | |
Operating leases - 2022 | 21,688 | |
Operating leases - 2023 | 19,405 | |
Operating leases - later years | 77,693 | |
Operating leases - Total | 179,830 | |
Less: Imputed interest | (27,409) | |
Operating lease liabilities | 152,421 | $ 0 |
Finance lease liabilities under Topic 842 | ||
Finance leases - Remaining 2019 | 739 | |
Finance leases - 2020 | 3,003 | |
Finance leases - 2021 | 3,093 | |
Finance leases - 2022 | 3,187 | |
Finance leases - 2023 | 3,284 | |
Finance leases - later years | 11,186 | |
Finance leases - Total | 24,492 | |
Less: imputed interest | (4,886) | |
Finance lease liabilities | $ 19,606 | $ 0 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lease Cost [Abstract] | ||
Amortization of ROU assets | $ 422 | $ 1,265 |
Interest on lease liabilities | 296 | 901 |
Operating lease cost | 7,233 | 23,156 |
Short-term lease cost | 97 | 172 |
Variable lease cost | 3 | 5 |
Sublease Income | (29) | (84) |
Total lease cost | $ 8,022 | $ 25,415 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information and other related information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 22,527 | |
Operating cash flows from finance leases | 906 | |
Financing cash flows from finance leases | 1,269 | $ 0 |
ROU assets obtained in exchange for new lease obligations - Operating leases | $ 7,882 | |
Weighted average remaining term - Operating leases | 8 years 7 months 6 days | |
Weighted average remaining lease term - Finance leases | 7 years 6 months | |
Weighted average discount rate - Operating leases | 3.60% | |
Weighted average discount rate - Finance leases | 6.00% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 7.2 | $ 22.2 | |
Capital leases amortization expense | 0.3 | 1 | |
Capital leases interest expense | $ 0.3 | $ 0.8 | |
Undiscounted contract amount operating leases not yet commenced | $ 26 | ||
Minimum | |||
Leases | |||
Remaining lease term of contract | 1 month 6 days | ||
Operating lease contract not yet commenced | 10 years | ||
Maximum | |||
Leases | |||
Remaining lease term of contract | 34 years 3 months 18 days | ||
Lessee remaining lease renewal term | 20 years | ||
Operating lease contract not yet commenced | 20 years |
FDIC loss share expense (Detail
FDIC loss share expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure F D I C Loss Share Expense Income [Abstract] | ||||
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) | |||
Gain from the FDIC termination agreement | $ 0 | 102,752 | ||
Other | 36 | |||
FDIC loss share (expense) income | $ 0 | $ 0 | $ 0 | $ 94,725 |
Pension and postretirement be_3
Pension and postretirement benefits - Components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Plans | ||||
Personnel costs: | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Other operating expenses | ||||
Interest cost | 7,109 | 6,373 | 21,329 | 19,119 |
Expected return on plan assets | (8,096) | (10,060) | (24,288) | (30,180) |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Amortization of net loss | 5,877 | 5,065 | 17,629 | 15,195 |
Total net periodic pension cost | 4,890 | 1,378 | 14,670 | 4,134 |
OPEB Plan | ||||
Personnel costs: | ||||
Service cost | 190 | 257 | 570 | 771 |
Other operating expenses | ||||
Interest cost | 1,489 | 1,390 | 4,466 | 4,171 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 0 | (868) | 0 | (2,603) |
Amortization of net loss | 0 | 321 | 0 | 962 |
Total net periodic pension cost | $ 1,679 | $ 1,100 | $ 5,036 | $ 3,301 |
Pension and postretirement be_4
Pension and postretirement benefits - Contributions to the benefit plans (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | |
Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contribution | $ 20,057 | |
Contributions to the plans expected to pay | $ 20,229 | |
OPEB Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contribution | $ 1,472 | |
Contributions to the plans expected to pay | $ 8,128 |
Stock-based compensation - Summ
Stock-based compensation - Summary of incentive plan for members of management (Details) - Restricted Stock Units (RSUs) - Executive Officers - Performance Based Shares - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Restricted Stock | ||
Non-vested at beginning of period | 382,186 | 295,340 |
Granted | 218,169 | 239,062 |
Performance Shares Quantity Adjustment | 22,973 | 234,076 |
Vested | (275,727) | (372,271) |
Forfeited | (14,021) | |
Non-vested at end of period | 347,601 | 382,186 |
Weighted-Average Grant Date Fair Value | ||
Non-vested at beginning of period | $ 36.41 | $ 30.75 |
Granted | 55.55 | 45.81 |
Performance Shares Quantity Adjustment | 55.51 | 33.09 |
Vested | 44.97 | 35.83 |
Forfeited | 37.35 | |
Non-vested at end of period | $ 41.77 | $ 36.41 |
Stock-based compensation - Su_2
Stock-based compensation - Summary of incentive plan for members of the Board of Directors (Details) - Directors - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Restricted Stock Award | |||||
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 | 0 | 2,765 | 1,052 | 25,159 | |
Vested | (1,052) | (25,159) | |||
Forfeited | 0 | 0 | |||
Non-vested at end of period | 0 | 0 | 0 | ||
Weighted-Average Grant Date Fair Value | |||||
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 | $ 0 | ||
Restricted Stock Units (RSUs) | |||||
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 | 1,989 | 27,449 | 25,159 | 0 | |
Vested | (27,449) | 0 | |||
Forfeited | 0 | 0 | |||
Non-vested at end of period | 0 | 0 | 0 | ||
Weighted-Average Grant Date Fair Value | |||||
Non-vested at beginning of period | $ 0 | $ 0 | $ 0 | ||
Granted | 57.64 | 0 | |||
Vested | 57.64 | 0 | |||
Forfeited | 0 | 0 | |||
Non-vested at end of period | $ 0 | $ 0 | $ 0 |
Stock-based compensation - Addi
Stock-based compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Executive Officers | |||||
Stock-based compensation | |||||
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 6 months | ||||
Fair value of stocks vested at grant date | $ 13,700,000 | ||||
Fair Market Value of stock vested at vesting date | 18,900,000 | ||||
Windfall Net Of Shortfall | $ 1,900,000 | ||||
Restricted Stock Award | Executive Officers | |||||
Stock-based compensation | |||||
Stock granted | 619 | 8,395 | 152,773 | 163,701 | |
Restricted Stock Expense | $ 1,000,000 | $ 1,100,000 | $ 6,800,000 | $ 5,900,000 | |
Incentive award, tax benefit | $ 200,000 | $ 200,000 | $ 1,100,000 | 900,000 | |
Restricted Stock Award | Directors | |||||
Stock-based compensation | |||||
Stock granted | 0 | 2,765 | 1,052 | 25,159 | |
Restricted Stock Expense | $ 100,000 | $ 52,000 | 1,600,000 | ||
Incentive award, tax benefit | $ 16,000,000 | 6,000 | $ 200,000 | ||
Fair Market Value of stock vested at vesting date | $ 52,000 | ||||
Restricted Stock Units (RSUs) | |||||
Stock-based compensation | |||||
Restricted Stock Expense | $ 100,000 | ||||
Restricted Stock Units (RSUs) | TARP Interim Final Rule | |||||
Stock-based compensation | |||||
Stock-Based Compensation, vesting rights | The restricted shares for employees, will become vested based on the employees’ continued service with Popular. 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 (the “graduated vesting portion”) and the second part is vested at termination of employment after attainment of 55 years of age and 10 years of service (the “retirement vesting portion”). The graduated vesting portion 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 (the “graduated vesting portion”) 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 “retirement vesting portion”). The graduated vesting portion 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) | Directors | |||||
Stock-based compensation | |||||
Stock granted | 1,989 | 27,449 | 25,159 | 0 | |
Restricted Stock Expense | $ 0 | $ 1,500,000 | |||
Incentive award, tax benefit | $ 200,000 | ||||
Fair Market Value of stock vested at vesting date | $ 1,500,000 | ||||
Performance Based Shares | Executive Officers | |||||
Stock-based compensation | |||||
Total unrecognized compensation cost related to non-vested restricted stock awards and performance shares to members of management | $ 9,200,000 | $ 9,200,000 | |||
Stock granted | 0 | 0 | 65,396 | 72,414 | |
Restricted Stock Expense | $ 400,000 | $ 600,000 | $ 4,300,000 | $ 3,800,000 | |
Incentive award, tax benefit | $ 23,000 | $ 12,000 | $ 300,000 | $ 300,000 | |
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. |
Income taxes - Differences betw
Income taxes - Differences between income tax expense (benefit) in Puerto Rico (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Amount | |||||
Income tax expense | $ 41,370 | $ 42,018 | $ 131,923 | $ 35,613 | |
% of pre-tax income | |||||
Computed income tax at statutory rates | 37.50% | 39.00% | |||
PUERTO RICO | |||||
Amount | |||||
Computed income tax at statutory rates | 77,508 | 71,240 | $ 238,602 | 213,474 | |
Net benefit of net tax exempt interest income | (38,103) | (24,941) | (95,986) | (70,341) | |
Deferred tax asset valuation allowance | 3,170 | 5,606 | 9,915 | 17,018 | |
Difference in tax rates due to multiple jurisdictions | (4,233) | (5,203) | (9,851) | (10,400) | |
Effect of income subject to preferential tax rate | (2,243) | (2,031) | (7,458) | (108,087) | |
Unrecognized tax benefits | 0 | (1,621) | 0 | (1,621) | |
State and local taxes | 2,180 | 3,115 | 5,535 | 6,196 | |
Other | 3,091 | (4,147) | (8,834) | (10,626) | |
Income tax expense | $ 41,370 | $ 42,018 | $ 131,923 | $ 35,613 | |
% of pre-tax income | |||||
Computed income tax at statutory rates | 38.00% | 39.00% | 38.00% | 39.00% | |
Net benefit of net tax exempt interest income | (18.00%) | (14.00%) | (15.00%) | (13.00%) | |
Deferred tax asset valuation allowance | 1.00% | 3.00% | 2.00% | 3.00% | |
Difference in tax rates due to multiple jurisdictions | (2.00%) | (3.00%) | (2.00%) | (2.00%) | |
Effect of income subject to preferential tax rate | (1.00%) | (1.00%) | (1.00%) | (20.00%) | |
Unrecognized tax benefits | 0.00% | (100.00%) | 0.00% | 0.00% | |
State and local taxes | 1.00% | 2.00% | 1.00% | 1.00% | |
Others | 1.00% | (2.00%) | (2.00%) | (2.00%) | |
Income tax (benefit) expense | 20.00% | 23.00% | 21.00% | 6.00% |
Income taxes - Components of de
Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Tax credits available for carryforward | $ 24,199 | $ 23,657 |
Net operating loss and other carryforward available | 840,406 | 837,087 |
Postretirement and pension benefits | 74,833 | 83,390 |
Allowance for loan losses | 444,535 | 535,255 |
Accelerated depreciation | 7,589 | 7,749 |
FDIC-assisted transaction | 85,609 | 95,851 |
Difference in outside basis from pass-through entities | 18,570 | 20,209 |
Other temporary differences | 36,911 | 32,479 |
Total gross deferred tax assets | 1,536,472 | 1,641,682 |
Deferred tax liabilities: | ||
Indefinite-lived intangibles | 79,742 | 73,678 |
Unrealized net gain (loss) on trading and available-for-sale securities | 41,869 | 11,040 |
Deferred loan origination costs | 286 | |
Other temporary differences | 13,541 | 11,688 |
Total gross deferred tax liabilities | 135,438 | 96,406 |
Valuation allowance | 492,409 | 496,307 |
Net deferred tax asset | 908,625 | 1,048,969 |
PUERTO RICO | ||
Deferred tax assets: | ||
Tax credits available for carryforward | 16,442 | 15,900 |
Net operating loss and other carryforward available | 128,899 | 116,154 |
Postretirement and pension benefits | 74,833 | 83,390 |
Allowance for loan losses | 425,855 | 516,643 |
Accelerated depreciation | 1,963 | 1,963 |
FDIC-assisted transaction | 85,609 | 95,851 |
Difference in outside basis from pass-through entities | 18,570 | 20,209 |
Other temporary differences | 28,722 | 24,957 |
Total gross deferred tax assets | 782,270 | 879,801 |
Deferred tax liabilities: | ||
Indefinite-lived intangibles | 36,578 | 34,081 |
Unrealized net gain (loss) on trading and available-for-sale securities | 40,840 | 23,823 |
Deferred loan origination costs | (2,741) | |
Other temporary differences | 12,432 | 10,579 |
Total gross deferred tax liabilities | 87,109 | 68,483 |
Valuation allowance | 99,766 | 89,852 |
Net deferred tax asset | 595,395 | 721,466 |
UNITED STATES | ||
Deferred tax assets: | ||
Tax credits available for carryforward | 7,757 | 7,757 |
Net operating loss and other carryforward available | 711,507 | 720,933 |
Postretirement and pension benefits | 0 | 0 |
Allowance for loan losses | 18,680 | 18,612 |
Accelerated depreciation | 5,626 | 5,786 |
FDIC-assisted transaction | 0 | 0 |
Difference in outside basis from pass-through entities | 0 | 0 |
Other temporary differences | 8,189 | 7,522 |
Total gross deferred tax assets | 754,202 | 761,881 |
Deferred tax liabilities: | ||
Indefinite-lived intangibles | 43,164 | 39,597 |
Unrealized net gain (loss) on trading and available-for-sale securities | 1,029 | (12,783) |
Deferred loan origination costs | 3,027 | |
Other temporary differences | 1,109 | 1,109 |
Total gross deferred tax liabilities | 48,329 | 27,923 |
Valuation allowance | 392,643 | 406,455 |
Net deferred tax asset | 313,230 | 327,503 |
Deferred loans origination fees | ||
Deferred tax assets: | ||
Deferred income | 1,936 | |
Deferred loans origination fees | PUERTO RICO | ||
Deferred tax assets: | ||
Deferred income | 3,216 | |
Deferred loans origination fees | UNITED STATES | ||
Deferred tax assets: | ||
Deferred income | (1,280) | |
Deferred gain | ||
Deferred tax assets: | ||
Deferred income | 2,443 | 2,551 |
Deferred gain | PUERTO RICO | ||
Deferred tax assets: | ||
Deferred income | 0 | 0 |
Deferred gain | UNITED STATES | ||
Deferred tax assets: | ||
Deferred income | 2,443 | 2,551 |
Intercompany deferred gains | ||
Deferred tax assets: | ||
Deferred income | 1,377 | 1,518 |
Intercompany deferred gains | PUERTO RICO | ||
Deferred tax assets: | ||
Deferred income | 1,377 | 1,518 |
Intercompany deferred gains | UNITED STATES | ||
Deferred tax assets: | ||
Deferred income | $ 0 | $ 0 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Income Tax Disclosure | ||||||
Beginning Balance | $ 7.7 | $ 7.5 | $ 7.2 | $ 7.8 | $ 7.5 | $ 7.3 |
Addition for tax positions | 0 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 |
Reduction as a result of lapse of statute of limitations | 0 | (1.2) | ||||
Ending Balance | $ 7.7 | $ 7.7 | $ 7.5 | $ 6.9 | $ 7.8 | $ 7.5 |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Taxes | |||||
Deferred Tax Assets Net | $ 909,638 | $ 909,638 | $ 1,049,895 | ||
Deferred Tax Assets Valuation Allowance | 492,409 | 492,409 | 496,307 | ||
Deferred Tax Liabilities | 135,438 | 135,438 | 96,406 | ||
Unrecognized Tax Benefits Interest On Income Taxes Accrued | 3,100 | 3,100 | 2,800 | ||
Unrecognized Tax Benefits That Would Impact Effective Tax Rate | 10,100 | 10,100 | $ 9,000 | ||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit | 3,200 | 3,200 | |||
Recognized Tax Benefits Current Interest On Income Taxes Accrued | 317 | $ 477 | |||
Income Tax Expense Benefit | 41,370 | $ 42,018 | $ 131,923 | 35,613 | |
Computed income tax at statutory rates | 37.50% | 39.00% | |||
Closing Agreement with the Puerto Rico Department of Treasury | |||||
Income Taxes | |||||
Income Tax Expense Benefit | 108,900 | ||||
FDIC Termination Agreement | |||||
Income Taxes | |||||
Income Tax Expense Benefit | 45,000 | ||||
"Deemed sale" incremental tax liability at the capital gains rate | Closing Agreement with the Puerto Rico Department of Treasury | |||||
Income Taxes | |||||
Income Tax Expense Benefit | 49,800 | ||||
Increase in the deferred tax asset due to increase in the tax basis of the loans | Closing Agreement with the Puerto Rico Department of Treasury | |||||
Income Taxes | |||||
Income Tax Expense Benefit | 158,700 | ||||
Other assets | |||||
Income Taxes | |||||
Deferred Tax Assets Net | 900,000 | $ 900,000 | $ 1,000,000 | ||
Other liabilities | |||||
Income Taxes | |||||
Deferred Tax Liabilities | 1,000 | 1,000 | 926 | ||
Popular, Inc Holding Co | |||||
Income Taxes | |||||
Deferred Tax Assets Valuation Allowance | 99,800 | 99,800 | |||
PUERTO RICO | |||||
Income Taxes | |||||
Deferred Tax Assets Net | 595,000 | 595,000 | |||
Deferred Tax Assets Valuation Allowance | 99,766 | 99,766 | 89,852 | ||
Deferred Tax Liabilities | 87,109 | 87,109 | 68,483 | ||
Income Tax Expense Benefit | $ 41,370 | $ 42,018 | $ 131,923 | $ 35,613 | |
Computed income tax at statutory rates | 38.00% | 39.00% | 38.00% | 39.00% | |
UNITED STATES | |||||
Income Taxes | |||||
Deferred Tax Assets Net | $ 313,000 | $ 313,000 | |||
Deferred Tax Assets Valuation Allowance | 392,643 | 392,643 | 406,455 | ||
Deferred Tax Assets | 706,000 | 706,000 | |||
Deferred Tax Liabilities | $ 48,329 | $ 48,329 | $ 27,923 |
Supplemental disclosure on th_3
Supplemental disclosure on the consolidated statments of cash flows - Non-cash activities (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flow Noncash Investing And Financing Activities Disclosure Abstract | ||
Loans transferred to other real estate | $ 44,575,000 | $ 23,188,000 |
Loans transferred to other property | 40,384,000 | 30,973,000 |
Total loans transferred to foreclosed assets | 84,959,000 | 54,161,000 |
Loans transfered to other assets | 14,174,000 | 11,218,000 |
Financed sales of other real estate assets | 11,710,000 | 11,962,000 |
Financed sales of other foreclosed assets | 22,047,000 | 12,347,000 |
Total financed sales of other foreclosed and real estate assets | 33,757,000 | 24,309,000 |
Transfers from loans held-for-sale to loans held-in-portfolio | 7,735,000 | 20,063,000 |
Loans securitized into investment securities | 331,112,000 | 392,080,000 |
Trades receivables from brokers and counterparties | 66,389,000 | 57,290,000 |
Trades payable to brokers and counterparties | 26,782,000 | 22,244,000 |
Receivables from investment securities | 0 | 19,000,000 |
Recognition of mortgage servicing rights on securitizations or asset transfers | 6,728,000 | 7,871,000 |
Interest capitalized on loans subject to the temporary payment moratorium | 0 | 481,000 |
Loans booked under the GNMA buy-back option | 52,711,000 | 380,329,000 |
Gain from the FDIC termination agreement | 0 | 102,752,000 |
Capitalization of lease right of use asset | 169,123,000 | 0 |
Payable to Wells Fargo related to auto finance business acquisition | $ 0 | $ 13,193 |
Supplemental disclosure on th_4
Supplemental disclosure on the consolidated statments of cash flows - Cash and due from banks, and restricted cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information | ||||
Cash and due from banks | $ 476,815 | $ 378,468 | ||
Restricted cash and due from banks | 25,245 | 22,481 | ||
Restricted cash in money market investments | 5,913 | 11,234 | ||
Total cash and due from banks, and restricted cash shown in the statement of cash flow | $ 507,973 | $ 403,251 | $ 412,183 | $ 412,629 |
Segment reporting - Results of
Segment reporting - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information | |||||
Net Interest income (expense) | $ 476,991 | $ 451,469 | $ 1,424,270 | $ 1,258,652 | |
Provision (reversal) for loan losses | 36,539 | 54,387 | 118,555 | 185,504 | |
Non interest Income | 142,712 | 151,021 | 417,468 | 499,327 | |
Amortization of intangibles | 2,399 | 2,324 | 7,082 | 6,973 | |
Depreciation expense | 14,204 | 13,508 | 42,928 | 39,083 | |
Other operating expenses | 359,872 | 349,605 | 1,036,900 | 979,051 | |
Income tax expense (benefit) | 41,370 | 42,018 | 131,923 | 35,613 | |
Net income (loss) | 165,319 | 140,648 | 504,350 | 511,755 | |
Segment assets | 52,480,415 | 47,919,428 | 52,480,415 | 47,919,428 | $ 47,604,577 |
Reportable Segment | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 486,577 | 464,720 | 1,452,891 | 1,300,181 | |
Provision (reversal) for loan losses | 36,541 | 54,421 | 118,298 | 185,579 | |
Non interest Income | 130,681 | 141,151 | 385,914 | 467,167 | |
Amortization of intangibles | 2,375 | 2,324 | 7,009 | 6,973 | |
Depreciation expense | 14,018 | 13,320 | 42,369 | 38,535 | |
Other operating expenses | 361,295 | 326,267 | 1,039,498 | 912,470 | |
Income tax expense (benefit) | 41,502 | 49,860 | 132,941 | 56,847 | |
Net income (loss) | 161,527 | 159,679 | 498,690 | 566,944 | |
Segment assets | 52,161,404 | 47,615,136 | 52,161,404 | 47,615,136 | |
Intersegment Elimination | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 4 | 3 | (53) | 5 | |
Provision (reversal) for loan losses | 0 | 0 | 0 | 0 | |
Non interest Income | (140) | (141) | (421) | (420) | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Depreciation expense | 0 | 0 | 0 | 0 | |
Other operating expenses | (136) | (136) | (409) | (409) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | 0 | (2) | (65) | (6) | |
Segment assets | (14,414) | (112,222) | (14,414) | (112,222) | |
Corporate | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | (9,586) | (13,251) | (28,621) | (41,529) | |
Provision (reversal) for loan losses | (2) | (34) | 257 | (75) | |
Non interest Income | 12,137 | 9,960 | 33,537 | 33,698 | |
Amortization of intangibles | 24 | 0 | 73 | 0 | |
Depreciation expense | 186 | 188 | 559 | 548 | |
Other operating expenses | (647) | 23,995 | (233) | 68,766 | |
Income tax expense (benefit) | (392) | (8,070) | (1,158) | (21,505) | |
Net income (loss) | 3,382 | (19,370) | 5,418 | (55,565) | |
Segment assets | 5,134,608 | 5,478,884 | 5,134,608 | 5,478,884 | |
Eliminations | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 0 | 0 | 0 | 0 | |
Provision (reversal) for loan losses | 0 | 0 | 0 | 0 | |
Non interest Income | (106) | (90) | (1,983) | (1,538) | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Depreciation expense | 0 | 0 | 0 | 0 | |
Other operating expenses | (776) | (657) | (2,365) | (2,185) | |
Income tax expense (benefit) | 260 | 228 | 140 | 271 | |
Net income (loss) | 410 | 339 | 242 | 376 | |
Segment assets | (4,815,597) | (5,174,592) | (4,815,597) | (5,174,592) | |
Banco Popular de Puerto Rico | Reportable Segment | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 412,182 | 388,533 | 1,231,088 | 1,073,522 | |
Provision (reversal) for loan losses | 34,481 | 51,911 | 94,651 | 154,805 | |
Non interest Income | 124,868 | 135,762 | 369,026 | 452,577 | |
Amortization of intangibles | 2,208 | 2,157 | 6,510 | 6,474 | |
Depreciation expense | 11,972 | 11,135 | 36,154 | 32,069 | |
Other operating expenses | 309,815 | 282,124 | 887,941 | 777,574 | |
Income tax expense (benefit) | 35,286 | 39,421 | 117,413 | 41,088 | |
Net income (loss) | 143,288 | 137,547 | 457,445 | 514,089 | |
Segment assets | 42,080,292 | 38,338,571 | 42,080,292 | 38,338,571 | |
Banco Popular de Puerto Rico | Reportable Segment | Commercial Banking | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 160,038 | 145,397 | 464,441 | 430,341 | |
Provision (reversal) for loan losses | (23,619) | 25,580 | (22,756) | 56,027 | |
Non interest Income | 25,196 | 23,630 | 74,481 | 60,122 | |
Amortization of intangibles | 50 | 50 | 147 | 153 | |
Depreciation expense | 5,064 | 4,697 | 14,615 | 13,327 | |
Other operating expenses | 82,817 | 78,628 | 229,767 | 199,528 | |
Income tax expense (benefit) | 29,340 | 11,068 | 88,353 | 52,640 | |
Net income (loss) | 91,582 | 49,004 | 228,796 | 168,788 | |
Segment assets | 35,590,229 | 28,247,478 | 35,590,229 | 28,247,478 | |
Banco Popular de Puerto Rico | Reportable Segment | Consumer and Retail Banking | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 250,944 | 241,920 | 762,913 | 639,149 | |
Provision (reversal) for loan losses | 58,100 | 26,331 | 117,407 | 98,778 | |
Non interest Income | 75,854 | 88,866 | 220,064 | 220,690 | |
Amortization of intangibles | 1,072 | 1,069 | 3,218 | 3,209 | |
Depreciation expense | 6,753 | 6,287 | 21,071 | 18,284 | |
Other operating expenses | 210,753 | 183,626 | 611,348 | 518,147 | |
Income tax expense (benefit) | 2,649 | 27,436 | 19,878 | 46,625 | |
Net income (loss) | 47,471 | 86,037 | 210,055 | 174,796 | |
Segment assets | 23,714,260 | 22,672,941 | 23,714,260 | 22,672,941 | |
Banco Popular de Puerto Rico | Reportable Segment | Other Financial Services | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 1,212 | 1,232 | 3,857 | 4,066 | |
Provision (reversal) for loan losses | 0 | 0 | 0 | 0 | |
Non interest Income | 24,545 | 23,663 | 76,733 | 69,876 | |
Amortization of intangibles | 1,086 | 1,038 | 3,145 | 3,112 | |
Depreciation expense | 155 | 151 | 468 | 458 | |
Other operating expenses | 16,986 | 20,279 | 49,076 | 52,679 | |
Income tax expense (benefit) | 3,297 | 917 | 9,182 | 5,711 | |
Net income (loss) | 4,233 | 2,510 | 18,719 | 11,982 | |
Segment assets | 379,126 | 336,311 | 379,126 | 336,311 | |
Banco Popular de Puerto Rico | Reportable Segment | Eliminations | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | (12) | (16) | (123) | (34) | |
Provision (reversal) for loan losses | 0 | 0 | 0 | 0 | |
Non interest Income | (727) | (397) | (2,252) | 101,889 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Depreciation expense | 0 | 0 | 0 | 0 | |
Other operating expenses | (741) | (409) | (2,250) | 7,220 | |
Income tax expense (benefit) | 0 | 0 | 0 | (63,888) | |
Net income (loss) | 2 | (4) | (125) | 158,523 | |
Segment assets | (17,603,323) | (12,918,159) | (17,603,323) | (12,918,159) | |
PB | Reportable Segment | |||||
Segment Reporting Information | |||||
Net Interest income (expense) | 74,391 | 76,184 | 221,856 | 226,654 | |
Provision (reversal) for loan losses | 2,060 | 2,510 | 23,647 | 30,774 | |
Non interest Income | 5,953 | 5,530 | 17,309 | 15,010 | |
Amortization of intangibles | 167 | 167 | 499 | 499 | |
Depreciation expense | 2,046 | 2,185 | 6,215 | 6,466 | |
Other operating expenses | 51,616 | 44,279 | 151,966 | 135,305 | |
Income tax expense (benefit) | 6,216 | 10,439 | 15,528 | 15,759 | |
Net income (loss) | 18,239 | 22,134 | 41,310 | 52,861 | |
Segment assets | $ 10,095,526 | $ 9,388,787 | $ 10,095,526 | $ 9,388,787 |
Segment reporting - Results o_2
Segment reporting - Results of Operations - Parenthetical (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information | ||||
Gain from the FDIC termination agreement | $ 0 | $ 102,752 | ||
Income tax expense (benefit) | $ 41,370 | $ 42,018 | $ 131,923 | 35,613 |
Termination Agreement With FDIC and Tax Closing Agreement | ||||
Segment Reporting Information | ||||
Gain from the FDIC termination agreement | 102,800 | |||
Other operating expenses | 8,100 | |||
Income tax expense (benefit) | $ 63,900 |
Segment reporting - Geographic
Segment reporting - Geographic information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information | ||||
Net Revenue | $ 619,703 | $ 602,490 | $ 1,841,738 | $ 1,757,979 |
PUERTO RICO | ||||
Segment Reporting Information | ||||
Net Revenue | 505,608 | 493,512 | 1,507,386 | 1,435,099 |
UNITED STATES | ||||
Segment Reporting Information | ||||
Net Revenue | 94,510 | 90,659 | 278,330 | 264,232 |
Other | ||||
Segment Reporting Information | ||||
Net Revenue | $ 19,585 | $ 18,319 | $ 56,022 | $ 58,648 |
Segment reporting - Selected Ba
Segment reporting - Selected Balance Sheet information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Segment Reporting Information | |||
Total assets | $ 52,480,415 | $ 47,604,577 | $ 47,919,428 |
Deposits | 44,166,195 | 39,710,039 | |
PUERTO RICO | |||
Segment Reporting Information | |||
Total assets | 40,883,975 | 36,863,930 | |
Loans | 18,752,442 | 18,837,742 | |
Deposits | 35,110,213 | 31,237,529 | |
UNITED STATES | |||
Segment Reporting Information | |||
Total assets | 10,716,967 | 9,847,944 | |
Loans | 7,649,658 | 7,034,075 | |
Deposits | 7,676,409 | 6,878,599 | |
Other | |||
Segment Reporting Information | |||
Total assets | 879,473 | 892,703 | |
Loans | 662,245 | 687,494 | |
Deposits | $ 1,379,573 | $ 1,593,911 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Popular U.S. | ||
Segment Reporting Information | ||
Intercompany billings | $ 3.3 | $ 9.5 |
Banco Popular de Puerto Rico | ||
Segment Reporting Information | ||
Intercompany billings | $ 21.8 | $ 59.3 |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Condition (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||||||
Cash and due from banks | $ 502,060,000 | $ 394,035,000 | ||||
Money market investments | 5,168,585,000 | 4,171,048,000 | ||||
Trading account debt securities, at fair value | 36,303,000 | 37,787,000 | ||||
Debt securities available-for-sale, at fair value | 16,479,110,000 | 13,300,184,000 | ||||
Debt securities held-to-maturity, at amortized cost | 97,707,000 | 101,575,000 | ||||
Equity securities | 160,458,000 | 155,584,000 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Loans held-for-sale, at lower of cost or fair value | 56,370,000 | 51,422,000 | ||||
Loans held-in-portfolio: | ||||||
Loans held-in-portfolio | 27,181,241,000 | 26,663,713,000 | ||||
Less - Unearned income | 173,266,000 | 155,824,000 | ||||
Allowance for loan losses | 512,365,000 | $ 543,666,000 | 569,348,000 | $ 633,718,000 | $ 643,018,000 | $ 623,426,000 |
Total loans held-in-portfolio, net | 26,495,610,000 | 25,938,541,000 | ||||
Premises and equipment, net | 547,063,000 | 569,808,000 | ||||
Other real estate | 117,928,000 | 136,705,000 | ||||
Accrued income receivable | 164,778,000 | 166,022,000 | ||||
Mortgage servicing assets, at fair value | 150,652,000 | 169,777,000 | 162,779,000 | 168,031,000 | ||
Other assets | 1,811,190,000 | 1,714,134,000 | ||||
Goodwill | 671,122,000 | 671,122,000 | 687,536,000 | 627,294,000 | ||
Other intangible assets | 21,479,000 | 26,833,000 | ||||
Total assets | 52,480,415,000 | 47,604,577,000 | 47,919,428,000 | |||
Deposits: | ||||||
Non-interest bearing | 8,771,970,000 | 9,149,036,000 | ||||
Interest bearing | 35,394,225,000 | 30,561,003,000 | ||||
Total deposits | 44,166,195,000 | 39,710,039,000 | ||||
Assets sold under agreements to repurchase | 213,097,000 | 281,529,000 | ||||
Other short-term borrowings | 0 | 42,000 | ||||
Notes payable | 1,166,670,000 | 1,256,102,000 | ||||
Other liabilities | 1,026,005,000 | 921,808,000 | ||||
Total liabilities | 46,571,967,000 | 42,169,520,000 | ||||
Stockholders' equity: | ||||||
Preferred stock | 50,160,000 | 50,160,000 | ||||
Common stock | 1,044,000 | 1,043,000 | ||||
Surplus | 4,317,556,000 | 4,365,606,000 | ||||
Retained Earnings (Accumulated Deficit) | 2,071,198,000 | 1,651,731,000 | ||||
Treasury stock, at cost | (392,630,000) | (205,509,000) | ||||
Accumulated other comprehensive (loss) income, net of tax | (138,880,000) | (427,974,000) | (534,189,000) | |||
Total stockholders' equity | 5,908,448,000 | $ 5,719,834,000 | 5,435,057,000 | $ 5,244,349,000 | $ 5,289,661,000 | $ 5,103,905,000 |
Total liabilities and stockholders' equity | 52,480,415,000 | 47,604,577,000 | ||||
Elimination | ||||||
Assets: | ||||||
Cash and due from banks | (114,895,000) | (68,022,000) | ||||
Money market investments | (153,657,000) | (191,288,000) | ||||
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 | (182,000) | (141,000) | ||||
Investment in subsidiaries | (7,945,578,000) | (7,404,201,000) | ||||
Loans held-for-sale, at lower of cost or fair value | 0 | 0 | ||||
Loans held-in-portfolio: | ||||||
Loans held-in-portfolio | 5,955,000 | 5,955,000 | ||||
Less - Unearned income | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans held-in-portfolio, net | 5,955,000 | 5,955,000 | ||||
Premises and equipment, net | 0 | 0 | ||||
Other real estate | 0 | 0 | ||||
Accrued income receivable | (112,000) | (145,000) | ||||
Mortgage servicing assets, at fair value | 0 | 0 | ||||
Other assets | (18,647,000) | (15,697,000) | ||||
Goodwill | (1,000) | (1,000) | ||||
Other intangible assets | 0 | 0 | ||||
Total assets | (8,227,117,000) | (7,673,540,000) | ||||
Deposits: | ||||||
Non-interest bearing | (114,895,000) | (68,022,000) | ||||
Interest bearing | (153,657,000) | (191,288,000) | ||||
Total deposits | (268,552,000) | (259,310,000) | ||||
Assets sold under agreements to repurchase | 0 | 0 | ||||
Other short-term borrowings | 0 | |||||
Notes payable | 0 | 0 | ||||
Other liabilities | (19,190,000) | (16,011,000) | ||||
Total liabilities | (287,742,000) | (275,321,000) | ||||
Stockholders' equity: | ||||||
Preferred stock | 0 | 0 | ||||
Common stock | (56,309,000) | (56,309,000) | ||||
Surplus | (9,946,560,000) | (9,954,780,000) | ||||
Retained Earnings (Accumulated Deficit) | 1,934,338,000 | 2,143,263,000 | ||||
Treasury stock, at cost | (109,000) | (88,000) | ||||
Accumulated other comprehensive (loss) income, net of tax | 129,265,000 | 469,695,000 | ||||
Total stockholders' equity | (7,939,375,000) | (7,398,219,000) | ||||
Total liabilities and stockholders' equity | (8,227,117,000) | (7,673,540,000) | ||||
Popular, Inc. Holding Co. | ||||||
Assets: | ||||||
Cash and due from banks | 114,897,000 | 68,022,000 | ||||
Money market investments | 141,513,000 | 176,256,000 | ||||
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 | 8,726,000 | 8,726,000 | ||||
Equity securities | 9,918,000 | 6,693,000 | ||||
Investment in subsidiaries | 6,150,826,000 | 5,704,119,000 | ||||
Loans held-for-sale, at lower of cost or fair value | 0 | 0 | ||||
Loans held-in-portfolio: | ||||||
Loans held-in-portfolio | 32,163,000 | 32,678,000 | ||||
Less - Unearned income | 0 | 0 | ||||
Allowance for loan losses | 412,000 | 155,000 | ||||
Total loans held-in-portfolio, net | 31,751,000 | 32,523,000 | ||||
Premises and equipment, net | 3,583,000 | 3,394,000 | ||||
Other real estate | 146,000 | 146,000 | ||||
Accrued income receivable | 277,000 | 284,000 | ||||
Mortgage servicing assets, at fair value | 0 | 0 | ||||
Other assets | 91,858,000 | 76,073,000 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets | 6,488,000 | 6,559,000 | ||||
Total assets | 6,559,983,000 | 6,082,795,000 | ||||
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 | |||||
Notes payable | 585,802,000 | 584,851,000 | ||||
Other liabilities | 65,802,000 | 62,799,000 | ||||
Total liabilities | 651,604,000 | 647,650,000 | ||||
Stockholders' equity: | ||||||
Preferred stock | 50,160,000 | 50,160,000 | ||||
Common stock | 1,044,000 | 1,043,000 | ||||
Surplus | 4,308,851,000 | 4,357,079,000 | ||||
Retained Earnings (Accumulated Deficit) | 2,079,725,000 | 1,660,258,000 | ||||
Treasury stock, at cost | (392,521,000) | (205,421,000) | ||||
Accumulated other comprehensive (loss) income, net of tax | (138,880,000) | (427,974,000) | ||||
Total stockholders' equity | 5,908,379,000 | 5,435,145,000 | ||||
Total liabilities and stockholders' equity | 6,559,983,000 | 6,082,795,000 | ||||
PNA Holding Co. | ||||||
Assets: | ||||||
Cash and due from banks | 0 | 0 | ||||
Money market investments | 12,657,000 | 15,288,000 | ||||
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 | 2,835,000 | 2,835,000 | ||||
Equity securities | 20,000 | 20,000 | ||||
Investment in subsidiaries | 1,794,752,000 | 1,700,082,000 | ||||
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 | 17,000 | 116,000 | ||||
Mortgage servicing assets, at fair value | 0 | 0 | ||||
Other assets | 24,432,000 | 27,639,000 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets | 0 | 0 | ||||
Total assets | 1,834,713,000 | 1,745,980,000 | ||||
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 | |||||
Notes payable | 94,084,000 | 94,063,000 | ||||
Other liabilities | 1,651,000 | 3,287,000 | ||||
Total liabilities | 95,735,000 | 97,350,000 | ||||
Stockholders' equity: | ||||||
Preferred stock | 0 | 0 | ||||
Common stock | 2,000 | 2,000 | ||||
Surplus | 4,173,120,000 | 4,172,983,000 | ||||
Retained Earnings (Accumulated Deficit) | (2,437,754,000) | (2,479,503,000) | ||||
Treasury stock, at cost | 0 | 0 | ||||
Accumulated other comprehensive (loss) income, net of tax | 3,610,000 | (44,852,000) | ||||
Total stockholders' equity | 1,738,978,000 | 1,648,630,000 | ||||
Total liabilities and stockholders' equity | 1,834,713,000 | 1,745,980,000 | ||||
All other subsidiaries and eliminations | ||||||
Assets: | ||||||
Cash and due from banks | 502,058,000 | 394,035,000 | ||||
Money market investments | 5,168,072,000 | 4,170,792,000 | ||||
Trading account debt securities, at fair value | 36,303,000 | 37,787,000 | ||||
Debt securities available-for-sale, at fair value | 16,479,110,000 | 13,300,184,000 | ||||
Debt securities held-to-maturity, at amortized cost | 86,146,000 | 90,014,000 | ||||
Equity securities | 150,702,000 | 149,012,000 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Loans held-for-sale, at lower of cost or fair value | 56,370,000 | 51,422,000 | ||||
Loans held-in-portfolio: | ||||||
Loans held-in-portfolio | 27,143,123,000 | 26,625,080,000 | ||||
Less - Unearned income | 173,266,000 | 155,824,000 | ||||
Allowance for loan losses | 511,953,000 | 569,193,000 | ||||
Total loans held-in-portfolio, net | 26,457,904,000 | 25,900,063,000 | ||||
Premises and equipment, net | 543,480,000 | 566,414,000 | ||||
Other real estate | 117,782,000 | 136,559,000 | ||||
Accrued income receivable | 164,596,000 | 165,767,000 | ||||
Mortgage servicing assets, at fair value | 150,652,000 | 169,777,000 | ||||
Other assets | 1,713,547,000 | 1,626,119,000 | ||||
Goodwill | 671,123,000 | 671,123,000 | ||||
Other intangible assets | 14,991,000 | 20,274,000 | ||||
Total assets | 52,312,836,000 | 47,449,342,000 | ||||
Deposits: | ||||||
Non-interest bearing | 8,886,865,000 | 9,217,058,000 | ||||
Interest bearing | 35,547,882,000 | 30,752,291,000 | ||||
Total deposits | 44,434,747,000 | 39,969,349,000 | ||||
Assets sold under agreements to repurchase | 213,097,000 | 281,529,000 | ||||
Other short-term borrowings | 42,000 | |||||
Notes payable | 486,784,000 | 577,188,000 | ||||
Other liabilities | 977,742,000 | 871,733,000 | ||||
Total liabilities | 46,112,370,000 | 41,699,841,000 | ||||
Stockholders' equity: | ||||||
Preferred stock | 0 | 0 | ||||
Common stock | 56,307,000 | 56,307,000 | ||||
Surplus | 5,782,145,000 | 5,790,324,000 | ||||
Retained Earnings (Accumulated Deficit) | 494,889,000 | 327,713,000 | ||||
Treasury stock, at cost | 0 | 0 | ||||
Accumulated other comprehensive (loss) income, net of tax | (132,875,000) | (424,843,000) | ||||
Total stockholders' equity | 6,200,466,000 | 5,749,501,000 | ||||
Total liabilities and stockholders' equity | $ 52,312,836,000 | $ 47,449,342,000 |
Condensed Consolidating State_2
Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST AND DIVIDEND INCOME: | ||||
Dividend income from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 |
Loans | 453,315 | 430,637 | 1,355,232 | 1,190,498 |
Money market investments | 19,119 | 27,581 | 70,873 | 86,258 |
Investment securities | 99,542 | 70,147 | 274,819 | 185,537 |
Total interest and dividend income | 571,976 | 528,365 | 1,700,924 | 1,462,293 |
INTEREST EXPENSE: | ||||
Deposits | 78,760 | 55,134 | 228,035 | 139,050 |
Short-term borrowings | 1,572 | 1,622 | 4,828 | 5,387 |
Long-term debt | 14,653 | 20,140 | 43,791 | 59,204 |
Total interest expense | 94,985 | 76,896 | 276,654 | 203,641 |
Net interest income | 476,991 | 451,469 | 1,424,270 | 1,258,652 |
Provision for loan losses | 36,539 | 54,387 | 118,555 | 185,504 |
Net interest income after provision for loan losses | 440,452 | 397,082 | 1,305,715 | 1,073,148 |
Mortgage banking activities | 10,492 | 11,269 | 18,645 | 33,408 |
Net loss on sale of debt securities | (20) | 0 | (20) | 0 |
Net gain (loss), including impairment on equity securities | 213 | 370 | 2,174 | (42) |
Net profit (loss) on trading account debt securities | 295 | (122) | 977 | (299) |
Adjustments To Indemnity Reserves On Loans Sold | (3,411) | (3,029) | (1,664) | (6,482) |
FDIC loss-share expense | 0 | 0 | 0 | 94,725 |
Other operating income | 22,865 | 40,070 | 68,432 | 78,519 |
Total non-interest income | 142,712 | 151,021 | 417,468 | 499,327 |
Operating expenses: | ||||
Personnel costs | 147,682 | 139,757 | 432,298 | 389,941 |
Net occupancy expenses | 24,595 | 18,602 | 71,431 | 63,829 |
Equipment expenses | 21,596 | 18,303 | 62,624 | 53,284 |
Other taxes | 14,028 | 11,923 | 38,267 | 33,701 |
Professional fees | 98,561 | 83,860 | 281,275 | 260,748 |
Communications | 5,881 | 6,054 | 17,685 | 17,342 |
Business promotion | 18,365 | 15,478 | 52,158 | 44,265 |
FDIC deposit insurance | 2,923 | 8,610 | 13,007 | 22,534 |
Other real estate owned (O R E O) expenses | (185) | 7,950 | 3,729 | 21,028 |
Other operating expenses | 40,630 | 52,576 | 107,354 | 111,462 |
Amortization of intangibles | 2,399 | 2,324 | 7,082 | 6,973 |
Total opearating expense | 376,475 | 365,437 | 1,086,910 | 1,025,107 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 206,689 | 182,666 | 636,273 | 547,368 |
Income tax expense (benefit) | 41,370 | 42,018 | 131,923 | 35,613 |
Income (loss) before equity in undistributed earnings of subdidiaries | 165,319 | 140,648 | 504,350 | 511,755 |
Equity in undistributed earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 165,319 | 140,648 | 504,350 | 511,755 |
Comprehensive income (loss), net of tax | 217,652 | 103,251 | 793,444 | 328,218 |
Service charges on deposit accounts | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 40,969 | 38,147 | 119,277 | 111,704 |
Other services | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 71,309 | 64,316 | 209,647 | 187,794 |
Elimination | ||||
INTEREST AND DIVIDEND INCOME: | ||||
Dividend income from subsidiaries | (102,000) | (52,000) | (356,300) | (402,000) |
Loans | 0 | (22) | 0 | (49) |
Money market investments | (814) | (2,446) | (2,659) | (4,285) |
Investment securities | 0 | 0 | 0 | 0 |
Total interest and dividend income | (102,814) | (54,468) | (358,959) | (406,334) |
INTEREST EXPENSE: | ||||
Deposits | (814) | (2,446) | (2,659) | (4,285) |
Short-term borrowings | 0 | (22) | 0 | (49) |
Long-term debt | 0 | 0 | 0 | 0 |
Total interest expense | (814) | (2,468) | (2,659) | (4,334) |
Net interest income | (102,000) | (52,000) | (356,300) | (402,000) |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | (102,000) | (52,000) | (356,300) | (402,000) |
Mortgage banking activities | 0 | 0 | 0 | 0 |
Net loss on sale of debt securities | 0 | 0 | ||
Net gain (loss), including impairment on equity securities | 1 | (18) | (21) | (48) |
Net profit (loss) on trading account debt securities | 0 | 0 | 0 | 0 |
Adjustments To Indemnity Reserves On Loans Sold | 0 | 0 | 0 | 0 |
FDIC loss-share expense | 0 | |||
Other operating income | (21) | (6) | (41) | (31) |
Total non-interest income | (104) | (90) | (1,982) | (1,538) |
Operating expenses: | ||||
Personnel costs | 0 | 0 | 0 | 0 |
Net occupancy expenses | 0 | 0 | (43) | 0 |
Equipment expenses | 0 | 0 | 0 | 0 |
Other taxes | 0 | 0 | 0 | 0 |
Professional fees | (85) | (66) | (414) | (389) |
Communications | 0 | 0 | 0 | 0 |
Business promotion | 0 | 0 | 0 | 0 |
FDIC deposit insurance | 0 | 0 | 0 | 0 |
Other real estate owned (O R E O) expenses | 0 | 0 | 0 | 0 |
Other operating expenses | (690) | (591) | (1,908) | (1,796) |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Total opearating expense | (775) | (657) | (2,365) | (2,185) |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | (101,329) | (51,433) | (355,917) | (401,353) |
Income tax expense (benefit) | 261 | 228 | 140 | 271 |
Income (loss) before equity in undistributed earnings of subdidiaries | (101,590) | (51,661) | (356,057) | (401,624) |
Equity in undistributed earnings (losses) of subsidiaries | (84,352) | (114,298) | (199,261) | (177,893) |
Net income | (185,942) | (165,959) | (555,318) | (579,517) |
Comprehensive income (loss), net of tax | (248,464) | (123,139) | (895,748) | (362,123) |
Elimination | Service charges on deposit accounts | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Elimination | Other services | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | (84) | (66) | (1,920) | (1,459) |
Non Covered Under Loss Sharing Agreements with FDIC | ||||
INTEREST EXPENSE: | ||||
Provision for loan losses | 36,539 | 54,387 | 118,555 | 183,774 |
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 | 0 | 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 | 102,000 | 52,000 | 356,300 | 402,000 |
Loans | 576 | 537 | 1,661 | 1,601 |
Money market investments | 758 | 2,429 | 2,498 | 4,267 |
Investment securities | 160 | 150 | 473 | 447 |
Total interest and dividend income | 103,494 | 55,116 | 360,932 | 408,315 |
INTEREST EXPENSE: | ||||
Deposits | 0 | 0 | 0 | 0 |
Short-term borrowings | 0 | 0 | 0 | 0 |
Long-term debt | 9,632 | 14,045 | 28,896 | 40,280 |
Total interest expense | 9,632 | 14,045 | 28,896 | 40,280 |
Net interest income | 93,862 | 41,071 | 332,036 | 368,035 |
Provision for loan losses | (2) | (34) | 257 | (75) |
Net interest income after provision for loan losses | 93,864 | 41,105 | 331,779 | 368,110 |
Mortgage banking activities | 0 | 0 | 0 | 0 |
Net loss on sale of debt securities | 0 | 0 | ||
Net gain (loss), including impairment on equity securities | 64 | 172 | 934 | 176 |
Net profit (loss) on trading account debt securities | 0 | 0 | 0 | 0 |
Adjustments To Indemnity Reserves On Loans Sold | 0 | 0 | 0 | 0 |
FDIC loss-share expense | 0 | |||
Other operating income | 4,626 | 3,643 | 13,431 | 11,139 |
Total non-interest income | 4,690 | 3,815 | 14,367 | 11,315 |
Operating expenses: | ||||
Personnel costs | 14,207 | 15,803 | 46,910 | 43,365 |
Net occupancy expenses | 1,006 | 984 | 3,231 | 3,081 |
Equipment expenses | 917 | 1,037 | 2,616 | 2,581 |
Other taxes | 61 | 71 | 185 | 168 |
Professional fees | 6,370 | 3,889 | 13,780 | 13,245 |
Communications | 150 | 144 | 483 | 380 |
Business promotion | 754 | 520 | 2,435 | 1,323 |
FDIC deposit insurance | 0 | 0 | 0 | 0 |
Other real estate owned (O R E O) expenses | 0 | 0 | 0 | 0 |
Other operating expenses | (24,112) | (23,600) | (69,904) | (64,352) |
Amortization of intangibles | 24 | 0 | 73 | 0 |
Total opearating expense | (623) | (1,152) | (191) | (209) |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 99,177 | 46,072 | 346,337 | 379,634 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) before equity in undistributed earnings of subdidiaries | 99,177 | 46,072 | 346,337 | 379,634 |
Equity in undistributed earnings (losses) of subsidiaries | 66,142 | 94,576 | 158,013 | 132,121 |
Net income | 165,319 | 140,648 | 504,350 | 511,755 |
Comprehensive income (loss), net of tax | 217,652 | 103,251 | 793,444 | 328,218 |
Popular, Inc. Holding Co. | Service charges on deposit accounts | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Popular, Inc. Holding Co. | Other services | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 0 | 0 | 2 | 0 |
Popular, Inc. Holding Co. | Non Covered Under Loss Sharing Agreements with FDIC | ||||
INTEREST EXPENSE: | ||||
Provision for loan losses | (75) | |||
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 | 0 | 0 |
Loans | 0 | 0 | 0 | 0 |
Money market investments | 55 | 16 | 161 | 18 |
Investment securities | 46 | 72 | 139 | 233 |
Total interest and dividend income | 101 | 88 | 300 | 251 |
INTEREST EXPENSE: | ||||
Deposits | 0 | 0 | 0 | 0 |
Short-term borrowings | 0 | 22 | 0 | 49 |
Long-term debt | 1,556 | 2,390 | 4,671 | 7,773 |
Total interest expense | 1,556 | 2,412 | 4,671 | 7,822 |
Net interest income | (1,455) | (2,324) | (4,371) | (7,571) |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | (1,455) | (2,324) | (4,371) | (7,571) |
Mortgage banking activities | 0 | 0 | 0 | 0 |
Net loss on sale of debt securities | 0 | 0 | ||
Net gain (loss), including impairment on equity securities | 0 | 0 | 0 | 0 |
Net profit (loss) on trading account debt securities | 0 | 0 | 0 | 0 |
Adjustments To Indemnity Reserves On Loans Sold | 0 | 0 | 0 | 0 |
FDIC loss-share expense | 0 | |||
Other operating income | (350) | (118) | (984) | 278 |
Total non-interest income | (350) | (118) | (984) | 278 |
Operating expenses: | ||||
Personnel costs | 0 | 0 | 0 | 0 |
Net occupancy expenses | 0 | 0 | 0 | 0 |
Equipment expenses | 1 | 0 | 3 | 2 |
Other taxes | 0 | 0 | 1 | 1 |
Professional fees | 13 | 20 | 68 | 128 |
Communications | 0 | 0 | 0 | 0 |
Business promotion | 0 | 0 | 0 | 0 |
FDIC deposit insurance | 0 | 0 | 0 | 0 |
Other real estate owned (O R E O) expenses | 0 | 0 | 0 | 0 |
Other operating expenses | 14 | 13 | 43 | 67 |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Total opearating expense | 28 | 33 | 115 | 198 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | (1,833) | (2,475) | (5,470) | (7,491) |
Income tax expense (benefit) | (385) | (520) | (1,149) | 372 |
Income (loss) before equity in undistributed earnings of subdidiaries | (1,448) | (1,955) | (4,321) | (7,863) |
Equity in undistributed earnings (losses) of subsidiaries | 18,210 | 19,722 | 41,248 | 45,772 |
Net income | 16,762 | 17,767 | 36,927 | 37,909 |
Comprehensive income (loss), net of tax | 25,872 | 11,770 | 85,389 | 3,755 |
PNA Holding Co. | Service charges on deposit accounts | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
PNA Holding Co. | Other services | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 0 | 0 | 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 | 0 | 0 |
Loans | 452,739 | 430,122 | 1,353,571 | 1,188,946 |
Money market investments | 19,120 | 27,582 | 70,873 | 86,258 |
Investment securities | 99,336 | 69,925 | 274,207 | 184,857 |
Total interest and dividend income | 571,195 | 527,629 | 1,698,651 | 1,460,061 |
INTEREST EXPENSE: | ||||
Deposits | 79,574 | 57,580 | 230,694 | 143,335 |
Short-term borrowings | 1,572 | 1,622 | 4,828 | 5,387 |
Long-term debt | 3,465 | 3,705 | 10,224 | 11,151 |
Total interest expense | 84,611 | 62,907 | 245,746 | 159,873 |
Net interest income | 486,584 | 464,722 | 1,452,905 | 1,300,188 |
Provision for loan losses | 36,541 | 54,421 | 118,298 | 185,579 |
Net interest income after provision for loan losses | 450,043 | 410,301 | 1,334,607 | 1,114,609 |
Mortgage banking activities | 10,492 | 11,269 | 18,645 | 33,408 |
Net loss on sale of debt securities | (20) | (20) | ||
Net gain (loss), including impairment on equity securities | 148 | 216 | 1,261 | (170) |
Net profit (loss) on trading account debt securities | 295 | (122) | 977 | (299) |
Adjustments To Indemnity Reserves On Loans Sold | (3,411) | (3,029) | (1,664) | (6,482) |
FDIC loss-share expense | 94,725 | |||
Other operating income | 18,610 | 36,551 | 56,026 | 67,133 |
Total non-interest income | 138,476 | 147,414 | 406,067 | 489,272 |
Operating expenses: | ||||
Personnel costs | 133,475 | 123,954 | 385,388 | 346,576 |
Net occupancy expenses | 23,589 | 17,618 | 68,243 | 60,748 |
Equipment expenses | 20,678 | 17,266 | 60,005 | 50,701 |
Other taxes | 13,967 | 11,852 | 38,081 | 33,532 |
Professional fees | 92,263 | 80,017 | 267,841 | 247,764 |
Communications | 5,731 | 5,910 | 17,202 | 16,962 |
Business promotion | 17,611 | 14,958 | 49,723 | 42,942 |
FDIC deposit insurance | 2,923 | 8,610 | 13,007 | 22,534 |
Other real estate owned (O R E O) expenses | (185) | 7,950 | 3,729 | 21,028 |
Other operating expenses | 65,418 | 76,754 | 179,123 | 177,543 |
Amortization of intangibles | 2,375 | 2,324 | 7,009 | 6,973 |
Total opearating expense | 377,845 | 367,213 | 1,089,351 | 1,027,303 |
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries | 210,674 | 190,502 | 651,323 | 576,578 |
Income tax expense (benefit) | 41,494 | 42,310 | 132,932 | 34,970 |
Income (loss) before equity in undistributed earnings of subdidiaries | 169,180 | 148,192 | 518,391 | 541,608 |
Equity in undistributed earnings (losses) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 169,180 | 148,192 | 518,391 | 541,608 |
Comprehensive income (loss), net of tax | 222,592 | 111,369 | 810,359 | 358,368 |
All other subsidiaries and eliminations | Service charges on deposit accounts | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | 40,969 | 38,147 | 119,277 | 111,704 |
All other subsidiaries and eliminations | Other services | ||||
INTEREST EXPENSE: | ||||
Revenue from contract with customer | $ 71,393 | $ 64,382 | $ 211,565 | 189,253 |
All other subsidiaries and eliminations | Non Covered Under Loss Sharing Agreements with FDIC | ||||
INTEREST EXPENSE: | ||||
Provision for loan losses | 183,849 | |||
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 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||||
Net income | $ 165,319,000 | $ 140,648,000 | $ 504,350,000 | $ 511,755,000 |
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 | 36,539,000 | 54,387,000 | 118,555,000 | 185,504,000 |
Goodwill impairment charge | 0 | |||
Amortization of intangibles | 7,082,000 | 6,973,000 | ||
Depreciation and amortization of premises and equipment | 42,928,000 | 39,083,000 | ||
Net accretion of discounts and amortization of premiums and deferred fees | (126,548,000) | (43,533,000) | ||
Share-based compensation | 11,418,000 | 5,962,000 | ||
Impairment losses on long-lived assets | 2,591,000 | 272,000 | ||
FDIC loss-share expense | 0 | (94,725,000) | ||
Fair value adjustments on mortgage servicing rights | 25,853,000 | 13,123,000 | ||
Adjustments to indemnity reserves on loans sold | 3,411,000 | 3,029,000 | 1,664,000 | 6,482,000 |
Earnings from investments under the equity method, net of dividends or distributions | (18,461,000) | (14,772,000) | ||
Deferred income tax (benefit) expense | 110,058,000 | (97,708,000) | ||
Loss (gain) on: | ||||
Disposition of premises and equipment and other productive assets | (5,133,000) | 17,694,000 | ||
Proceeds from insurance claims | 0 | (14,411,000) | ||
Sale of debt securities | 20,000 | 0 | ||
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | (11,360,000) | (6,734,000) | ||
Sale of foreclosed assets, including write-downs | (15,858,000) | (638,000) | ||
Acquisitions of loans held-for-sale | (157,993,000) | (173,644,000) | ||
Proceeds from sale of loans held-for-sale | 51,067,000 | 51,131,000 | ||
Net originations on loans held-for-sale | (208,875,000) | (186,063,000) | ||
Net decrease (increase) in: | ||||
Trading debt securities | 333,013,000 | 346,455,000 | ||
Equity securities | (6,482,000) | (2,480,000) | ||
Accrued income receivable | 7,724,000 | 51,868,000 | ||
Other assets | (12,837,000) | 234,836,000 | ||
Net (decrease) increase in: | ||||
Interest payable | (6,900,000) | (9,933,000) | ||
Pension and other postretirement benefits obligation | (4,979,000) | 3,392,000 | ||
Other liabilities | (102,049,000) | (197,035,000) | ||
Total adjustments | 34,498,000 | 121,099,000 | ||
Net cash (used in) provided by operating activities | 538,848,000 | 632,854,000 | ||
Cash flows from investing activities: | ||||
Net decrease in money market investments | (1,000,840,000) | 647,519,000 | ||
Purchases of investment securities: | ||||
Available-for-sale | (13,579,074,000) | (6,968,920,000) | ||
Equity | (15,474,000) | (11,304,000) | ||
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | ||||
Available-for-sale | 10,671,630,000 | 3,925,362,000 | ||
Held-to-maturity | 5,325,000 | 7,184,000 | ||
Proceeds from sale of investment securities: | ||||
Available-for-sale | 99,000,000 | 99,445,000 | 0 | |
Equity | 17,083,000 | 20,925,000 | ||
Net (disbursements) repayments on loans | (324,479,000) | (15,604,000) | ||
Proceeds from sale of loans | 77,327,000 | 1,354,000 | ||
Acquisition of loan portfolios | (421,482,000) | (461,117,000) | ||
Payments to acquire other intangible | (793,000) | 0 | ||
Net payments (to) from FDIC under loss sharing agreements | 0 | (25,012,000) | ||
Return of capital from equity method investments | 2,747,000 | 2,501,000 | ||
Payments to acquire businesses, net of cash acquired | 0 | (1,830,050,000) | ||
Capital Contribution Subsidiaries | 0 | 0 | ||
Return of capital from wholly owned subsidiaries | 0 | 0 | ||
Acquisition of premises and equipment | (45,961,000) | (53,144,000) | ||
Proceeds from insurance claims | 0 | 14,411,000 | ||
Proceeds from sale of: | ||||
Premises and equipment and other productive assets | 17,186,000 | 6,991,000 | ||
Foreclosed assets | 83,848,000 | 85,622,000 | ||
Net cash (used in) provided by investing activities | (4,413,512,000) | (4,653,282,000) | ||
Net increase (decrease) in: | ||||
Deposits | 4,454,466,000 | 4,193,859,000 | ||
Assets sold under agreements to repurchase | (68,433,000) | (90,805,000) | ||
Other short-term borrowings | (41,000) | (95,008,000) | ||
Payments of notes payable | (144,991,000) | (226,976,000) | ||
Principal payments of finance leases | (1,269,000) | 0 | ||
Proceeds from issuance of notes payable | 75,000,000 | 434,706,000 | ||
Proceeds from issuance of common stock | 6,523,000 | 10,852,000 | ||
Dividends paid to parent company | 0 | 0 | ||
Dividends paid | (85,863,000) | (79,115,000) | ||
Net payments for repurchase of common stock | (250,574,000) | (125,326,000) | ||
Return of capital to parent company | 0 | 0 | ||
Capital contribution from parent | 0 | 0 | ||
Payments related to tax witholding for share-based compensation | (5,432,000) | (2,205,000) | ||
Net cash (used in) provided by financing activities | 3,979,386,000 | 4,019,982,000 | ||
Net (decrease) increase in cash and due from banks, and restricted cash | 104,722,000 | (446,000) | ||
Cash and due from banks and restricted cash at beginning of period | 403,251,000 | 412,629,000 | ||
Cash and due from banks and restricted cash at end of period | 507,973,000 | 412,183,000 | 507,973,000 | 412,183,000 |
Elimination | ||||
Cash flows from operating activities: | ||||
Net income | (185,942,000) | (165,959,000) | (555,318,000) | (579,517,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Equity in earnings of subsidiaries, net of dividends or distributions | 199,261,000 | 177,893,000 | ||
Provision for loan losses | 0 | 0 | 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 | 0 | ||
FDIC loss-share expense | 0 | |||
Fair value adjustments on mortgage servicing rights | 0 | 0 | ||
Adjustments to indemnity reserves on loans sold | 0 | 0 | 0 | 0 |
Earnings from investments under the equity method, net of dividends or distributions | 0 | 0 | ||
Deferred income tax (benefit) expense | 140,000 | 270,000 | ||
Loss (gain) on: | ||||
Disposition of premises and equipment and other productive assets | 0 | 0 | ||
Proceeds from insurance claims | 0 | |||
Sale of debt securities | 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 | (101,000) | ||
Equity securities | 0 | 0 | ||
Accrued income receivable | (33,000) | 410,000 | ||
Other assets | 2,809,000 | (449,000) | ||
Net (decrease) increase in: | ||||
Interest payable | 33,000 | (410,000) | ||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Other liabilities | (3,212,000) | (246,000) | ||
Total adjustments | 198,998,000 | 177,367,000 | ||
Net cash (used in) provided by operating activities | (356,320,000) | (402,150,000) | ||
Cash flows from investing activities: | ||||
Net decrease in money market investments | (37,631,000) | 402,230,000 | ||
Purchases of investment securities: | ||||
Available-for-sale | 0 | 0 | ||
Equity | 41,000 | 152,000 | ||
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: | ||||
Available-for-sale | 0 | |||
Equity | 0 | 0 | ||
Net (disbursements) repayments on loans | 0 | 0 | ||
Proceeds from sale of loans | 0 | 0 | ||
Acquisition of loan portfolios | 0 | 0 | ||
Payments to acquire other intangible | 0 | |||
Net payments (to) from FDIC under loss sharing agreements | 0 | |||
Return of capital from equity method investments | 0 | 0 | ||
Payments to acquire businesses, net of cash acquired | 0 | |||
Capital Contribution Subsidiaries | 4,000,000 | 82,000,000 | ||
Return of capital from wholly owned subsidiaries | (13,000,000) | (13,000,000) | ||
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 | (46,590,000) | 471,382,000 | ||
Net increase (decrease) in: | ||||
Deposits | (9,242,000) | (403,111,000) | ||
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 | 0 | ||
Proceeds from issuance of common stock | 0 | 0 | ||
Dividends paid to parent company | 356,300,000 | 402,000,000 | ||
Dividends paid | 0 | 0 | ||
Net payments for repurchase of common stock | (21,000) | (3,000) | ||
Return of capital to parent company | 13,000,000 | 13,000,000 | ||
Capital contribution from parent | (4,000,000) | (82,000,000) | ||
Payments related to tax witholding for share-based compensation | 0 | 0 | ||
Net cash (used in) provided by financing activities | 356,037,000 | (70,114,000) | ||
Net (decrease) increase in cash and due from banks, and restricted cash | (46,873,000) | (882,000) | ||
Cash and due from banks and restricted cash at beginning of period | (68,022,000) | (48,178,000) | ||
Cash and due from banks and restricted cash at end of period | (114,895,000) | (49,060,000) | (114,895,000) | (49,060,000) |
Popular, Inc. Holding Co. | ||||
Cash flows from operating activities: | ||||
Net income | 165,319,000 | 140,648,000 | 504,350,000 | 511,755,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Equity in earnings of subsidiaries, net of dividends or distributions | (158,013,000) | (132,121,000) | ||
Provision for loan losses | (2,000) | (34,000) | 257,000 | (75,000) |
Amortization of intangibles | 73,000 | 0 | ||
Depreciation and amortization of premises and equipment | 559,000 | 548,000 | ||
Net accretion of discounts and amortization of premiums and deferred fees | 933,000 | 1,624,000 | ||
Share-based compensation | 7,517,000 | 4,149,000 | ||
Impairment losses on long-lived assets | 0 | 0 | ||
FDIC loss-share expense | 0 | |||
Fair value adjustments on mortgage servicing rights | 0 | 0 | ||
Adjustments to indemnity reserves on loans sold | 0 | 0 | 0 | 0 |
Earnings from investments under the equity method, net of dividends or distributions | (11,683,000) | (10,557,000) | ||
Deferred income tax (benefit) expense | 0 | 0 | ||
Loss (gain) on: | ||||
Disposition of premises and equipment and other productive assets | 39,000 | 15,000 | ||
Proceeds from insurance claims | 0 | |||
Sale of debt securities | 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 | (3,225,000) | (1,779,000) | ||
Accrued income receivable | 7,000 | (411,000) | ||
Other assets | (1,559,000) | (2,352,000) | ||
Net (decrease) increase in: | ||||
Interest payable | (4,594,000) | (7,007,000) | ||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Other liabilities | (681,000) | 2,160,000 | ||
Total adjustments | (170,370,000) | (145,806,000) | ||
Net cash (used in) provided by operating activities | 333,980,000 | 365,949,000 | ||
Cash flows from investing activities: | ||||
Net decrease in money market investments | 35,000,000 | (395,000,000) | ||
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: | ||||
Available-for-sale | 0 | |||
Equity | 0 | 0 | ||
Net (disbursements) repayments on loans | 533,000 | 395,000 | ||
Proceeds from sale of loans | 0 | 0 | ||
Acquisition of loan portfolios | 0 | 0 | ||
Payments to acquire other intangible | 0 | |||
Net payments (to) from FDIC under loss sharing agreements | 0 | |||
Return of capital from equity method investments | 0 | 0 | ||
Payments to acquire businesses, net of cash acquired | 0 | |||
Capital Contribution Subsidiaries | (4,000,000) | (82,000,000) | ||
Return of capital from wholly owned subsidiaries | 13,000,000 | 13,000,000 | ||
Acquisition of premises and equipment | (791,000) | (755,000) | ||
Proceeds from insurance claims | 0 | |||
Proceeds from sale of: | ||||
Premises and equipment and other productive assets | 3,000 | 195,000 | ||
Foreclosed assets | 0 | 0 | ||
Net cash (used in) provided by investing activities | 43,745,000 | (464,165,000) | ||
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 | 294,706,000 | ||
Proceeds from issuance of common stock | 11,256,000 | 11,441,000 | ||
Dividends paid to parent company | 0 | 0 | ||
Dividends paid | (85,863,000) | (79,115,000) | ||
Net payments for repurchase of common stock | (250,566,000) | (125,323,000) | ||
Return of capital to parent company | 0 | 0 | ||
Capital contribution from parent | 0 | 0 | ||
Payments related to tax witholding for share-based compensation | (5,420,000) | (2,162,000) | ||
Net cash (used in) provided by financing activities | (330,593,000) | 99,547,000 | ||
Net (decrease) increase in cash and due from banks, and restricted cash | 47,132,000 | 1,331,000 | ||
Cash and due from banks and restricted cash at beginning of period | 68,278,000 | 48,120,000 | ||
Cash and due from banks and restricted cash at end of period | 115,410,000 | 49,451,000 | 115,410,000 | 49,451,000 |
PNA Holding Co. | ||||
Cash flows from operating activities: | ||||
Net income | 16,762,000 | 17,767,000 | 36,927,000 | 37,909,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Equity in earnings of subsidiaries, net of dividends or distributions | (41,248,000) | (45,772,000) | ||
Provision for loan losses | 0 | 0 | 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 | 20,000 | 20,000 | ||
Share-based compensation | 0 | 0 | ||
Impairment losses on long-lived assets | 0 | 0 | ||
FDIC loss-share expense | 0 | |||
Fair value adjustments on mortgage servicing rights | 0 | 0 | ||
Adjustments to indemnity reserves on loans sold | 0 | 0 | 0 | 0 |
Earnings from investments under the equity method, net of dividends or distributions | 984,000 | (278,000) | ||
Deferred income tax (benefit) expense | (1,149,000) | (1,453,000) | ||
Loss (gain) on: | ||||
Disposition of premises and equipment and other productive assets | 0 | 0 | ||
Proceeds from insurance claims | 0 | |||
Sale of debt securities | 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 | 99,000 | 90,000 | ||
Other assets | 43,000 | 52,000 | ||
Net (decrease) increase in: | ||||
Interest payable | (1,551,000) | (3,441,000) | ||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Other liabilities | (85,000) | 9,000 | ||
Total adjustments | (42,887,000) | (50,773,000) | ||
Net cash (used in) provided by operating activities | (5,960,000) | (12,864,000) | ||
Cash flows from investing activities: | ||||
Net decrease in money market investments | 2,631,000 | (7,230,000) | ||
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 | 1,637,000 | ||
Proceeds from sale of investment securities: | ||||
Available-for-sale | 0 | |||
Equity | 0 | 0 | ||
Net (disbursements) repayments on loans | 0 | 0 | ||
Proceeds from sale of loans | 0 | 0 | ||
Acquisition of loan portfolios | 0 | 0 | ||
Payments to acquire other intangible | 0 | |||
Net payments (to) from FDIC under loss sharing agreements | 0 | |||
Return of capital from equity method investments | 3,329,000 | 497,000 | ||
Payments to acquire businesses, net of cash acquired | 0 | |||
Capital Contribution Subsidiaries | 0 | 0 | ||
Return of capital from wholly owned 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 | 5,960,000 | (5,096,000) | ||
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 | (54,502,000) | ||
Principal payments of finance leases | 0 | |||
Proceeds from issuance of notes payable | 0 | 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 | 0 | ||
Capital contribution from parent | 0 | 72,000,000 | ||
Payments related to tax witholding for share-based compensation | 0 | 0 | ||
Net cash (used in) provided by financing activities | 0 | 17,498,000 | ||
Net (decrease) increase in cash and due from banks, and restricted cash | 0 | (462,000) | ||
Cash and due from banks and restricted cash at beginning of period | 0 | 462,000 | ||
Cash and due from banks and restricted cash at end of period | 0 | 0 | 0 | 0 |
All other subsidiaries and eliminations | ||||
Cash flows from operating activities: | ||||
Net income | 169,180,000 | 148,192,000 | 518,391,000 | 541,608,000 |
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 | 36,541,000 | 54,421,000 | 118,298,000 | 185,579,000 |
Amortization of intangibles | 7,009,000 | 6,973,000 | ||
Depreciation and amortization of premises and equipment | 42,369,000 | 38,535,000 | ||
Net accretion of discounts and amortization of premiums and deferred fees | (127,501,000) | (45,177,000) | ||
Share-based compensation | 3,901,000 | 1,813,000 | ||
Impairment losses on long-lived assets | 2,591,000 | 272,000 | ||
FDIC loss-share expense | (94,725,000) | |||
Fair value adjustments on mortgage servicing rights | 25,853,000 | 13,123,000 | ||
Adjustments to indemnity reserves on loans sold | 3,411,000 | 3,029,000 | 1,664,000 | 6,482,000 |
Earnings from investments under the equity method, net of dividends or distributions | (7,762,000) | (3,937,000) | ||
Deferred income tax (benefit) expense | 111,067,000 | (96,525,000) | ||
Loss (gain) on: | ||||
Disposition of premises and equipment and other productive assets | (5,172,000) | 17,679,000 | ||
Proceeds from insurance claims | (14,411) | |||
Sale of debt securities | 20,000 | |||
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities | (11,360,000) | (6,734,000) | ||
Sale of foreclosed assets, including write-downs | (15,858,000) | (638,000) | ||
Acquisitions of loans held-for-sale | (157,993,000) | (173,644,000) | ||
Proceeds from sale of loans held-for-sale | 51,067,000 | 51,131,000 | ||
Net originations on loans held-for-sale | (208,875,000) | (186,063,000) | ||
Net decrease (increase) in: | ||||
Trading debt securities | 333,013,000 | 346,556,000 | ||
Equity securities | (3,257,000) | (701,000) | ||
Accrued income receivable | 7,651,000 | 51,779,000 | ||
Other assets | (14,130,000) | 237,585,000 | ||
Net (decrease) increase in: | ||||
Interest payable | (788,000) | 925,000 | ||
Pension and other postretirement benefits obligation | (4,979,000) | 3,392,000 | ||
Other liabilities | (98,071,000) | (198,958,000) | ||
Total adjustments | 48,757,000 | 140,311,000 | ||
Net cash (used in) provided by operating activities | 567,148,000 | 681,919,000 | ||
Cash flows from investing activities: | ||||
Net decrease in money market investments | (1,000,840,000) | 647,519,000 | ||
Purchases of investment securities: | ||||
Available-for-sale | (13,579,074,000) | (6,968,920,000) | ||
Equity | (15,515,000) | (11,456,000) | ||
Proceeds from calls, paydowns, maturities and redemptions of investment securities: | ||||
Available-for-sale | 10,671,630,000 | 3,925,362,000 | ||
Held-to-maturity | 5,325,000 | 5,547,000 | ||
Proceeds from sale of investment securities: | ||||
Available-for-sale | 99,445,000 | |||
Equity | 17,083,000 | 20,925,000 | ||
Net (disbursements) repayments on loans | (325,012,000) | (15,999,000) | ||
Proceeds from sale of loans | 77,327,000 | 1,354,000 | ||
Acquisition of loan portfolios | (421,482,000) | (461,117,000) | ||
Payments to acquire other intangible | (793,000) | |||
Net payments (to) from FDIC under loss sharing agreements | (25,012,000) | |||
Return of capital from equity method investments | (582,000) | 2,004,000 | ||
Payments to acquire businesses, net of cash acquired | (1,830,050,000) | |||
Capital Contribution Subsidiaries | 0 | 0 | ||
Return of capital from wholly owned subsidiaries | 0 | 0 | ||
Acquisition of premises and equipment | (45,170,000) | (52,389,000) | ||
Proceeds from insurance claims | 14,411,000 | |||
Proceeds from sale of: | ||||
Premises and equipment and other productive assets | 17,183,000 | 6,796,000 | ||
Foreclosed assets | 83,848,000 | 85,622,000 | ||
Net cash (used in) provided by investing activities | (4,416,627,000) | (4,655,403,000) | ||
Net increase (decrease) in: | ||||
Deposits | 4,463,708,000 | 4,596,970,000 | ||
Assets sold under agreements to repurchase | (68,433,000) | (90,805,000) | ||
Other short-term borrowings | (41,000) | (95,008,000) | ||
Payments of notes payable | (144,991,000) | (172,474,000) | ||
Principal payments of finance leases | (1,269,000) | |||
Proceeds from issuance of notes payable | 75,000,000 | 140,000,000 | ||
Proceeds from issuance of common stock | (4,733,000) | (589,000) | ||
Dividends paid to parent company | (356,300,000) | (402,000,000) | ||
Dividends paid | 0 | 0 | ||
Net payments for repurchase of common stock | 13,000 | 0 | ||
Return of capital to parent company | (13,000,000) | (13,000,000) | ||
Capital contribution from parent | 4,000,000 | 10,000,000 | ||
Payments related to tax witholding for share-based compensation | (12,000) | (43,000) | ||
Net cash (used in) provided by financing activities | 3,953,942,000 | 3,973,051,000 | ||
Net (decrease) increase in cash and due from banks, and restricted cash | 104,463,000 | (433,000) | ||
Cash and due from banks and restricted cash at beginning of period | 402,995,000 | 412,225,000 | ||
Cash and due from banks and restricted cash at end of period | $ 507,458,000 | $ 411,792,000 | $ 507,458,000 | $ 411,792,000 |
Condensed consolidating finan_3
Condensed consolidating financial information of guarantor and issuers of registered guaranteed securities - Additional Information (Details) | Sep. 30, 2019 |
PNA Holding Co. | |
Condensed income statements | |
Wholly-owned subsidiary percentage | 100.00% |