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Popular, Inc. Announces Third Quarter 2021 Financial Results

10/20/21 08:00
  • Net income of $248.1 million in Q3 2021, compared to net income of $218.1 million in Q2 2021.
  • Net interest margin of 2.77% in Q3 2021, compared to 2.91% in Q2 2021; net interest margin on a taxable equivalent basis of 3.04% in Q3 2021, compared to 3.22% in Q2 2021.
  • Credit Quality:
    • Non-performing loans held-in-portfolio (“NPLs”) decreased by $52.3 million from Q2 2021; NPLs to loans ratio at 2.2% vs. 2.4% in Q2 2021;
    • Net charge-offs (“NCOs”) increased by $10.1 million from Q2 2021; NCOs at 0.12% of average loans held-in-portfolio vs. (0.02%) in Q2 2021;
    • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.49% vs. 2.70% in Q2 2021; and
    • ACL to NPLs at 113.6% vs. 114.7% in Q2 2021.
  • Common Equity Tier 1 ratio of 17.36%, Common Equity per Share of $74.66 and Tangible Book Value per Share of $66.01 at September 30, 2021.

Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $248.1 million for the quarter ended September 30, 2021, compared to net income of $218.1 million for the quarter ended June 30, 2021.

Ignacio Alvarez, President and Chief Executive Officer, said: “The third quarter was another strong quarter. We achieved net income of $248.1 million, driven by a reserve release of $61 million. The release reflects strong credit quality performance as well as a positive economic outlook. We continued to see higher credit and debit card spending, strong auto and mortgage originations as well as higher deposits. During the quarter we also continued to return capital to our shareholders, completing our $350 million accelerated repurchase program and announcing the redemption of $187 million in high-cost trust preferred securities. On October 15, 2021 we also completed a bolt-on acquisition of a national equipment leasing platform that complements our existing healthcare lending vertical. I am extremely proud of the work our team has accomplished during 2021 as we continue to serve our clients and communities.”

Significant Events

Financial Highlights

For the third quarter of 2021, the Corporation recorded net income of $248.1 million, compared to a net income of $218.1 million for the previous quarter. The third quarter’s results include a release in the allowance for credit losses of $61.2 million driven by improving credit quality and the improved macroeconomic outlook. Net Interest income was $489.4 million, an increase of $1.6 million compared to the previous quarter, mainly due to higher average earning assets and higher income from the loans issued under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”), offset in part by a lower discount amortization of purchased credit deteriorated (“PCD”) loans. Net interest margin decreased 14 basis points to 2.77%. Total assets grew by $1.5 billion from the previous quarter, reflecting an increase in deposits across various sectors, principally from the Puerto Rico public sector.

Acquisition of K2 Capital Group LLC

On October 15, 2021, Popular Equipment Finance, LLC (“PEF”), a newly-formed wholly-owned subsidiary of Popular Bank (“PB”), completed the acquisition of certain assets and the assumption of certain liabilities of Minnesota-based K2 Capital Group LLC’s (“K2”) equipment leasing and financing business (the “Acquired Business”). PEF made a payment to K2 at closing of approximately $159 million in cash, representing a premium of approximately $40 million over the book value of K2’s net assets. An additional approximately $29 million in earnout payments could be payable to K2 over the next three years, contingent upon the achievement of certain agreed-upon financial targets during such period.

Specializing in the healthcare industry, the Acquired Business provides a variety of lease products, including operating and capital leases, and also offers private label vendor finance programs to equipment manufacturers and healthcare organizations. The acquisition provides PB with a national equipment leasing platform that complements its existing healthcare lending business.

As part of the transaction, PEF acquired approximately $119 million in net assets that consisted mainly of capital leases. All of K2’s former employees, including its management team, became PEF employees at the closing of the transaction. The transaction will be accounted for as a business combination.

Capital Actions

Accelerated Share Repurchase

On September 9, 2021, the Corporation completed its previously announced accelerated share repurchase program for the repurchase of an aggregate $350 million of Popular’s common stock. Under the terms of the accelerated share repurchase agreement (the “ASR Agreement”), on May 4, 2021, the Corporation made an initial payment of $350 million and received an initial delivery of 3,785,831 shares of Popular’s Common Stock (the “Initial Shares”). The transaction was accounted for as a treasury stock transaction. As a result of the receipt of the Initial Shares, the Corporation recognized in shareholders’ equity approximately $280 million in treasury stock and $70 million as a reduction in capital surplus. Upon the final settlement of the ASR Agreement, the Corporation received an additional 828,965 shares and recognized $61 million as treasury stock with a corresponding increase in its capital surplus account. The Corporation repurchased a total of 4,614,796 shares at an average purchase price of $75.84 under the ASR Agreement.

Redemption of Trust Preferred Securities

On September 30, 2021, the Corporation announced that it had sent a redemption notice to The Bank of New York Mellon, the Property Trustee for Popular Capital Trust I (the “Trust”), to redeem, on November 1, 2021, all outstanding 6.70% Cumulative Monthly Income Trust Preferred Securities (the “Capital Securities”) issued by the Trust (liquidation amount of $25 per security and amounting to $186,663,800 (or $181,063,250 after excluding Popular’s participation in the Trust of $5,600,550) in the aggregate). The redemption price for the Capital Securities will be equal to $25 per security plus accrued and unpaid distributions up to and excluding the redemption date in the amount of $0.139583 per security, for a total payment per security in the amount of $25.139583. Upon redemption, Popular intends to apply for delisting of the Popular Capital Trust I (NASDAQ: BPOPN) from the Nasdaq Global Select Market.

Earnings Highlights

 

(Unaudited)

Quarters ended

 

Nine months ended

(Dollars in thousands, except per share information)

30-Sep-21

30-Jun-21

30-Sep-20

 

30-Sep-21

30-Sep-20

Net interest income

$489,393

 

$487,802

 

$461,021

 

$1,456,307

 

$1,384,997

Provision for credit losses (benefit)

(61,173

)

(17,015

)

19,138

 

(160,414

)

271,318

Net interest income after provision for credit losses (benefit)

550,566

 

504,817

 

441,883

 

1,616,721

 

1,113,679

Other non-interest income

169,258

 

154,540

 

128,767

 

477,451

 

367,465

Operating expenses

388,168

 

368,185

 

361,066

 

1,131,881

 

1,081,905

Income before income tax

331,656

 

291,172

 

209,584

 

962,291

 

399,239

Income tax expense

83,542

 

73,093

 

41,168

 

233,466

 

68,893

Net income

$248,114

 

$218,079

 

$168,416

 

$728,825

 

$330,346

Net income applicable to common stock

$247,761

 

$217,726

 

$168,064

 

$727,766

 

$328,941

Net income per common share-basic

$3.09

 

$2.67

 

$2.01

 

$8.89

 

$3.80

Net income per common share-diluted

$3.09

 

$2.66

 

$2.00

 

$8.87

 

$3.80

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

Net interest income, on a taxable equivalent basis, is presented with its different components in Table D and E for the quarter and nine months ended September 30, 2021, and comparable periods. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

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

Net interest income for the quarter ended September 30, 2021 was $489.4 million compared to $487.8 million in the previous quarter, an increase of $1.6 million. The total net impact on net interest income of the third quarter having one more day than the second quarter of 2021 is estimated at $3.8 million. Net interest income, on a taxable equivalent basis, for the third quarter of 2021 was $536.3 million, a decrease of $4.9 million when compared to $541.2 million in the second quarter of 2021. The decrease in net interest income on a taxable equivalent is related to lower exempt income mainly from mortgage-backed securities. On a taxable equivalent basis, the total net impact on net interest income of the third quarter having of one more day than the second quarter of 2021 is estimated at $4.1 million.

The net interest margin decreased 14 basis points to 2.77% compared to 2.91% in the previous quarter. The decrease in the net interest margin is due to a higher proportion of money market and investment securities, which carry a low yield, resulting from a higher volume of deposits in the quarter, lower discount amortization of PCD loans, partially offset by higher loan fees related to loans issued under the SBA PPP and a lower cost of deposits. On a taxable equivalent basis, net interest margin for the third quarter of 2021 was 3.04% compared to 3.22% in the second quarter of 2021, a decrease of 18 basis points. The main variances in net interest income on a taxable equivalent basis were:

  • Lower interest income from money market investments, trading and investment securities by $7.7 million due to lower volume and yield of mortgage-backed securities, partially offset by a higher volume of lower yielding U.S. Treasury notes

Partially offset by:

  • Higher interest income from loans by $1.5 million mainly due to the following:
    • Higher interest income from commercial loans driven by higher interest income and fees from PPP loans by $8.1 million and the impact of one more day in the quarter or $1.9 million, offset in part by a lower discount amortization on PCD loans of approximately $9.3 million; and
    • auto and lease financing continuing its positive trend increasing $147 million in average loan balances and reflecting an increase in interest income of $1.8 million. The decrease in yield of the portfolio is driven by lower amortization on a previously purchased auto loans portfolio
      Partially offset by:
    • Lower interest income from mortgage loans due to lower average volume resulting from continued amortization of the portfolio at Banco Popular de Puerto Rico (“BPPR”); and
    • lower interest income from consumer loans, mainly credit cards, due to the reversal last quarter of $1.6 million from the reserve for uncollectible interest.
  • Lower interest expense on deposits by $1.1 million resulting from a lower cost by 3 basis points driven by a higher volume of low yielding deposits, reduction of costs in several non-maturity deposit products and renewals of time deposits in a lower interest rate environment. These positive variances in deposit cost were partially offset by higher volume of interest-bearing deposits by $2.8 billion.

The Corporation recognized income of $22.0 million related to loans issued under the SBA PPP program during the third quarter, compared to $13.9 million in the previous quarter. These loans carried a yield of approximately 10.10% during this quarter, including the amortization of fee income received under the SBA PPP program, compared to 4.45% last quarter. At September 30, 2021, the Corporation had unamortized fee income related to the SBA PPP program of $40.0 million and outstanding loan balances of $669.8 million.

Net interest income for the BPPR segment amounted to $419.2 million for the quarter ended September 30, 2021, flat quarter over quarter. The net interest margin for the third quarter of 2021 was 2.75%, a decrease of 16 basis points when compared to 2.91% for the previous quarter. As discussed above, net interest margin was negatively impacted by a higher volume of money market and investment securities, lower amortization of discount on PCD loans, partially offset by higher fees resulting from the forgiveness and amortization of SBA PPP loans of approximately $8.1 million and lower deposit cost. The cost of interest-bearing deposits was 0.17%, compared to 0.18% reported in the second quarter. Total cost of deposits for the quarter was 0.13%, compared to 0.14% reported in the second quarter of 2021.

Net interest income for the PB segment was $80.0 million for the quarter ended September 30, 2021, compared to $78.7 million during the previous quarter. Net interest margin for the quarter was 3.36% higher than the 3.33% the previous quarter. The cost of interest-bearing deposits was 0.56%, compared to 0.60% in the previous quarter, decreasing for the eighth consecutive quarter. Total cost of deposits for the quarter, including demand deposits, was 0.43%, compared to 0.47% reported in the second quarter of 2021.

Non-interest income

Non-interest income increased by $14.8 million to $169.3 million for the quarter ended September 30, 2021, compared to $154.5 million for the quarter ended June 30, 2021. The variance in non-interest income was primarily driven by:

  • higher other service fees by $4.1 million mainly due to higher insurance fees by $1.6 million, higher other fees by $1.5 million mostly related to loan syndication activities and higher credit card fees by $0.7 million mainly in interchange income and late fees; and
  • higher other operating income by $10.0 million mostly due to a gain of $7.0 million recognized by BPPR as a result of the sale and partial leaseback of two corporate office buildings and higher net earnings from the combined portfolio of investments under the equity method by $3.0 million.

Refer to Table B for further details.

Operating expenses

Operating expenses for the third quarter of 2021 totaled $388.2 million, an increase of $20.0 million from the second quarter of 2021. The variance in operating expenses was driven primarily by:

  • higher personnel cost by $3.4 million due to higher salaries as a result of salary and annual merit increases granted during the quarter;
  • higher professional fees by $3.6 million mainly due to higher advisory expenses related to corporate initiatives;
  • higher business promotion expense by $1.6 million mainly due to promotional events during the quarter;
  • higher FDIC deposit insurance expense by $1.4 million mainly due to higher average total assets;
  • lower other real estate owned (OREO) net benefit by $2.6 million mainly due to lower gain on sale of mortgage properties;
  • higher credit and debit card processing, volume, interchange and other expenses by $2.0 million mainly due to higher volume of transactions; and
  • higher other operating expenses by $4.3 million due to higher printing and supplies cost by $1.1 million and lower gain on sale of repossessed auto units by $1.4 million.

Full-time equivalent employees were 8,342 as of September 30, 2021, compared to 8,439 as of June 30, 2021.

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

Income taxes

For the quarter ended September 30, 2021, the Corporation recorded an income tax expense of $83.5 million, compared to $73.1 million for the previous quarter. The increase in income tax expense was mainly attributable to higher income before tax during the third quarter of 2021 and lower exempt income. The effective tax rate (“ETR”) for the third quarter of 2021 was 25%, flat when compared with the previous quarter. The ETR of the Corporation is impacted by the composition and source of its taxable income.

Credit Quality

During the third quarter of 2021, the Corporation continued to exhibit favorable credit quality and low credit costs. Early delinquencies and NCOs, remained at relatively low levels when compared to the trend for the past 10-years, although higher than the prior quarter. We will continue to closely monitor COVID-19 pandemic related risks and the effects of the receding stimulus on economic conditions and on borrower performance. However, management believes that the improvement over the last few years in the risk profile of the Corporation’s loan portfolios positions Popular to operate successfully under the current environment.

The following presents credit quality results for the third quarter of 2021:

  • At September 30, 2021, total non-performing loans held-in-portfolio decreased by $52.3 million from June 30, 2021. BPPR’s NPLs decreased by $47.9 million, driven by lower commercial and mortgage NPLs by $34.3 million and $16.1 million, respectively. The commercial NPLs decrease was mainly due to repayment activity, coupled with charge-offs of $7.6 million related to certain collateral dependent loans, while the mortgage NPLs decrease was due to lower inflows for the quarter. PB’s NPLs decreased by $4.4 million, mostly related to a $5.9 million commercial loan pay-off. At September 30, 2021, the ratio of NPLs to total loans held-in-portfolio was 2.2%, compared to 2.4% in the second quarter of 2021.
  • Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $43.7 million quarter-over-quarter. In BPPR, total inflows decreased by $37.0 million, mostly driven by lower commercial inflows of $32.2 million, as the prior quarter included the inflow of a single $32.4 million relationship. Mortgage inflows decreased by $4.8 million from the prior quarter, as inflows continue trending lower than pre-pandemic levels. NPL inflows at PB decreased by $6.6 million during the quarter, mostly due to lower commercial inflows.
  • NCOs experienced a negative variance of $10.1 million from a net recovery of $1.3 million in the second quarter of 2021 to charge-offs of $8.8 million this quarter. BPPR ‘s NCOs increased by $10.8 million, primarily driven by higher commercial NCOs by $14.2 million partially offset by lower mortgage NCOs by $3.0 million. The increase reflected in the commercial NCOs was mostly driven by two commercial loans with aggregate charge-offs of $7.6 million, combined with the effect of recoveries of $7.9 million in the prior period from the resolution of a non-performing relationship. During the third quarter of 2021, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was 0.12%, compared to (0.02)% in the second quarter of 2021. Refer to Table M for further information on net charge-offs and related ratios.
  • At September 30, 2021, the allowance for credit losses (“ACL”) decreased by $67.2 million, or 8.6%, from the second quarter of 2021 to $718.6 million. The ACL incorporated updated macroeconomic scenarios for Puerto Rico and the United States, which continued to show a positive outlook for the economy. In BPPR, the ACL decreased by $45.1 million mainly driven by changes in the macroeconomic scenarios, particularly certain income-related variables, and credit quality. The allowance for the PB segment decreased by $22.1 million mainly driven by a reduction in the qualitative reserve for commercial real estate loans, also influenced by the changes in the macroeconomic scenarios. The ratio of the allowance for credit losses to loans held-in-portfolio was 2.49% in the third quarter of 2021, compared to 2.70% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at 113.6%, compared to 114.7% in the previous quarter.
  • Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The ACL is estimated by weighting the outputs of optimistic, baseline and pessimistic scenarios. Among the three scenarios used to estimate the ACL, the baseline is assigned the highest probability, followed by the pessimistic scenario given the uncertainties in the economic outlook and downside risk. The current baseline forecast continues to show a favorable economic scenario. The 2021 forecasted GDP growth is at 6.4% for U.S. and 3.8% for P.R., consistent with the previous 2021 forecast of 6.8% and 3.8%, respectively. The forecasted U.S. unemployment rate average for 2021 of 5.5% remained consistent with the previous estimate of 5.4%. In the case of P.R., the forecasted unemployment rate average for 2021 of 8.2% showed a slight improvement when compared to the previous forecast of 8.4%. Average unemployment rate in P.R. is expected to continue declining through 2022, which is now forecasted at 7.2%, improving from the previous forecast of 7.3%.
  • The provision for credit losses for the loan portfolios for the third quarter of 2021 reflected a benefit of $58.6 million, compared to a benefit of $17.5 million in the previous quarter, reflecting changes in the macroeconomic outlook, as well as credit quality trend. The provision for the BPPR segment was a benefit of $36.0 million, a favorable variance of $13.5 million compared to the previous quarter, while the provision expense for the PB segment was a benefit of $22.7 million, a favorable variance of $27.6 million from the previous quarter.
  • The provision for unfunded commitments for the third quarter of 2021 reflected a benefit of $1.5 million, compared to an expense of $0.4 million during the previous quarter. The provision for credit losses in our investment portfolio was a benefit of $1.0 million, compared to an expense of $0.1 million in the second quarter of 2021. The provision for unfunded loan commitments, provision for credit losses on our loan and lease portfolios and provision for credit losses on our investment portfolio are aggregated and presented in the provision for credit losses caption in our Statement of Operations.

Non-Performing Assets

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

(In thousands)

30-Sep-21

 

30-Jun-21

 

30-Sep-20

Non-performing loans held-in-portfolio

$632,835

 

$685,183

 

$734,368

Non-performing loans held-for-sale

-

 

8,700

 

4,070

Other real estate owned (“OREO”)

76,828

 

73,272

 

100,592

Total non-performing assets

$709,663

 

$767,155

 

$839,030

Net charge-offs (recoveries) for the quarter

$8,823

 

$(1,291)

 

$16,859

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

Loans held-in-portfolio

$28,855,372

 

$29,062,617

 

$29,392,510

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

2.19%

 

2.36%

 

2.50%

Allowance for credit losses to loans held-in-portfolio

2.49

 

2.70

 

3.15

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

113.55

 

114.68

 

126.07

Refer to Table K for additional information.

 

 

 

 

 

Provision for Credit Losses (Benefit) - Loan Portfolios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Quarters ended

 

Nine months ended

(In thousands)

 

30-Sep-21

 

30-Jun-21

 

30-Sep-20

 

30-Sep-21

30-Sep-20

Provision for credit losses (benefit) - loan portfolios:

 

 

 

 

 

 

 

 

 

BPPR

 

$(35,992

)

 

$(22,488

)

 

$7,682

 

$(98,456

)

$181,109

Popular U.S.

 

(22,653

)

 

4,988

 

 

11,770

 

(53,468

)

90,442

Total provision for credit losses (benefit) - loan portfolios

 

$(58,645

)

 

$(17,500

)

 

$19,452

 

$(151,924

)

$271,551

Credit Quality by Segment

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

Quarters ended

BPPR

 

30-Sep-21

 

30-Jun-21

 

30-Sep-20

Provision for credit losses (benefit) - loan portfolios

 

$(35,992

)

 

$(22,488

)

 

$7,682

 

Net charge-offs (recoveries)

 

9,336

 

 

(1,483

)

 

13,769

 

Total non-performing loans held-in-portfolio

608,871

 

 

656,789

 

 

693,676

 

Allowance / loans held-in-portfolio

2.92

%

 

3.13

%

 

3.48

%

 

 

 

 

 

 

 

 

Quarters ended

Popular U.S.

 

30-Sep-21

 

30-Jun-21

 

30-Sep-20

Provision for credit losses (benefit) - loan portfolios

 

$(22,653

)

 

$4,988

 

 

$11,770

 

Net charge-offs (recoveries)

 

(513

)

 

192

 

 

3,090

 

Total non-performing loans held-in-portfolio

 

23,964

 

 

28,394

 

 

40,692

 

Allowance / loans held-in-portfolio

1.32

%

 

1.57

%

 

2.22

%

Financial Condition Highlights

 

(Unaudited)

(In thousands)

30-Sep-21

 

30-Jun-21

 

30-Sep-20

Cash and money market investments

$18,065,211

 

$18,333,650

 

$12,425,126

Investment securities

24,697,876

 

22,647,401

 

21,478,048

Loans

28,855,372

 

29,062,617

 

29,392,510

Total assets

74,189,163

 

72,657,293

 

65,910,369

Deposits

66,013,561

 

64,641,776

 

56,021,983

Borrowings

1,263,413

 

1,267,545

 

1,407,424

Total liabilities

68,206,192

 

66,842,679

 

59,998,284

Stockholders’ equity

5,982,971

 

5,814,614

 

5,912,085

Total assets increased by $1.5 billion from the second quarter of 2021, driven by:

  • an increase of $2.1 billion in debt securities available-for-sale, mainly due to purchases of U.S. treasury securities, partially offset by paydowns of agency mortgage-backed securities;

    partially offset by:
  • a decrease of $0.3 billion in cash and money market investments due to purchases of debt securities available-for-sale; and
  • a decrease in loans held-in-portfolio by $0.2 billion mainly due to the forgiveness of approximately $0.4 billion in PPP loans during the quarter. Excluding the decrease in the PPP portfolio, loan balances increased by approximately $0.2 billion mainly in the commercial and auto loan portfolios in BPPR.

Total liabilities increased by $1.4 billion from the second quarter of 2021, mainly due to higher Puerto Rico public sector deposits by $0.7 billion and higher retail and commercial demand deposits by $0.5 billion at BPPR.

Stockholders’ equity increased by approximately $168.4 million from the second quarter of 2021, principally due to net income for the quarter of $248.1 million, partially offset by declared dividends of $36.3 million on common stock, $0.3 million in dividends on preferred stock and lower accumulated unrealized gains on debt securities available-for-sale by $47.0 million.

Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were 17.36%, $74.66 and $66.01, respectively, at September 30, 2021, compared to 16.55%, $71.82 and $63.24 at June 30, 2021. Refer to Table A for capital ratios.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those about Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings (including as a result of any participation in and execution of government programs related to the COVID-19 pandemic), new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic (including the appearance of new strains of the virus), actions taken by governmental authorities in response thereto, and the direct and indirect impact of the pandemic on Popular, our customers, service providers and third parties. All statements contained herein that are not clearly historical in nature, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions, and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, are generally intended to identify forward-looking statements.

More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Annual Report on Form 10-K for the year ended December 31, 2020, in our Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and in our Form 10-Q for the quarter ended September 30, 2021 to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.

About Popular, Inc.

Popular, Inc. (NASDAQ: BPOP) is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.

Conference Call

Popular will hold a conference call to discuss its financial results today Wednesday, October 20, 2021 at 11:00 a.m. Eastern Time. The call will be open to the public and broadcasted live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through the dial-in telephone number 1-844-200-6205 (Toll Free) or 1-646-904-5544 (Local).

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Wednesday, November 17, 2021. The replay dial-in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 928924.

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

Popular, Inc.

Financial Supplement to Third Quarter 2021 Earnings Release

 

Table A - Selected Ratios and Other Information

 

Table B - Consolidated Statement of Operations

 

Table C - Consolidated Statement of Financial Condition

 

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

 

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

 

Table F - Mortgage Banking Activities and Other Service Fees

 

Table G - Loans and Deposits

 

Table H - Loan Delinquency - PUERTO RICO OPERATIONS

 

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

 

Table J - Loan Delinquency - CONSOLIDATED

 

Table K - Non-Performing Assets

 

Table L - Activity in Non-Performing Loans

 

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

 

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

 

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

 

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

 

Table Q - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Third Quarter 2021 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

 

 

 

 

 

Quarters ended

Nine months ended

 

30-Sep-21

30-Jun-21

30-Sep-20

30-Sep-21

30-Sep-20

Basic EPS

$3.09

$2.67

$2.01

$8.89

$3.80

Diluted EPS

$3.09

$2.66

$2.00

$8.87

$3.80

Average common shares outstanding

80,126,166

81,609,435

83,809,272

81,864,634

86,567,680

Average common shares outstanding - assuming dilution

80,274,942

81,772,789

83,836,151

82,014,113

86,645,691

Common shares outstanding at end of period

79,841,564

80,656,480

84,219,464

79,841,564

84,219,464

Market value per common share

$77.67

$75.05

$36.27

$77.67

$36.27

Market capitalization - (In millions)

$6,201

$6,053

$3,055

$6,201

$3,055

Return on average assets

1.34%

1.24%

1.06%

1.39%

0.76%

Return on average common equity

17.10%

15.43%

12.46%

17.09%

8.21%

Net interest margin (non-taxable equivalent basis)

2.77%

2.91%

3.06%

2.92%

3.39%

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

3.04%

3.22%

3.37%

3.23%

3.72%

Common equity per share

$74.66

$71.82

$69.94

$74.66

$69.94

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

$66.01

$63.24

$61.69

$66.01

$61.69

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

7.17%

7.09%

7.97%

7.17%

7.97%

Return on average tangible common equity [1]

19.44%

17.58%

14.32%

19.46%

9.44%

Tier 1 capital

17.43%

16.62%

16.01%

17.43%

16.01%

Total capital

19.90%

19.09%

18.49%

19.90%

18.49%

Tier 1 leverage

7.38%

7.34%

7.80%

7.38%

7.80%

Common Equity Tier 1 capital

17.36%

16.55%

15.93%

17.36%

15.93%

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

POPULAR, INC.

Financial Supplement to Third Quarter 2021 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

 

Quarters ended

Variance

Quarter ended

Variance

Nine months ended

 

 

 

Q3 2021

 

Q3 2021

 

 

(In thousands, except per share information)

30-Sep-21

30-Jun-21

vs. Q2 2021

30-Sep-20

vs. Q3 2020

30-Sep-21

30-Sep-20

Interest income:

 

 

 

 

 

 

 

Loans

$435,296

 

$433,781

 

$1,515

 

$431,286

 

$4,010

 

$1,303,726

 

$1,311,402

 

Money market investments

6,914

 

4,274

 

2,640

 

2,773

 

4,141

 

14,300

 

16,788

 

Investment securities

87,952

 

91,706

 

(3,754

)

79,142

 

8,810

 

265,348

 

243,938

 

Total interest income

530,162

 

529,761

 

401

 

513,201

 

16,961

 

1,583,374

 

1,572,128

 

Interest expense:

 

 

 

 

 

 

 

Deposits

27,029

 

28,060

 

(1,031

)

37,554

 

(10,525

)

85,290

 

142,435

 

Short-term borrowings

54

 

62

 

(8

)

416

 

(362

)

259

 

2,109

 

Long-term debt

13,686

 

13,837

 

(151

)

14,210

 

(524

)

41,518

 

42,587

 

Total interest expense

40,769

 

41,959

 

(1,190

)

52,180

 

(11,411

)

127,067

 

187,131

 

Net interest income

489,393

 

487,802

 

1,591

 

461,021

 

28,372

 

1,456,307

 

1,384,997

 

Provision for credit losses (benefit)

(61,173

)

(17,015

)

(44,158

)

19,138

 

(80,311

)

(160,414

)

271,318

 

Net interest income after provision for credit losses (benefit)

550,566

 

504,817

 

45,749

 

441,883

 

108,683

 

1,616,721

 

1,113,679

 

Service charges on deposit accounts

41,312

 

40,153

 

1,159

 

36,849

 

4,463

 

121,085

 

108,671

 

Other service fees

80,445

 

76,382

 

4,063

 

69,879

 

10,566

 

227,455

 

186,736

 

Mortgage banking activities

8,307

 

7,448

 

859

 

(9,526

)

17,833

 

33,098

 

671

 

Net gain on sale of debt securities

23

 

-

 

23

 

41

 

(18

)

23

 

41

 

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

(401

)

1,565

 

(1,966

)

5,150

 

(5,551

)

1,585

 

4,869

 

Net profit (loss) on trading account debt securities

58

 

(47

)

105

 

20

 

38

 

(34

)

593

 

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

-

 

(73

)

73

 

(2,198

)

2,198

 

(73

)

981

 

Adjustments (expense) to indemnity reserves on loans sold

2,038

 

1,668

 

370

 

4,183

 

(2,145

)

3,008

 

(1,770

)

Other operating income

37,476

 

27,444

 

10,032

 

24,369

 

13,107

 

91,304

 

66,673

 

Total non-interest income

169,258

 

154,540

 

14,718

 

128,767

 

40,491

 

477,451

 

367,465

 

Operating expenses:

 

 

 

 

 

 

 

Personnel costs

 

 

 

 

 

 

 

Salaries

95,185

 

90,294

 

4,891

 

91,891

 

3,294

 

274,814

 

278,116

 

Commissions, incentives and other bonuses

25,892

 

26,374

 

(482

)

17,849

 

8,043

 

85,484

 

59,183

 

Pension, postretirement and medical insurance

13,893

 

13,289

 

604

 

10,639

 

3,254

 

38,106

 

31,669

 

Other personnel costs, including payroll taxes

22,677

 

24,247

 

(1,570

)

15,562

 

7,115

 

72,926

 

52,970

 

Total personnel costs

157,647

 

154,204

 

3,443

 

135,941

 

21,706

 

471,330

 

421,938

 

Net occupancy expenses

24,896

 

24,562

 

334

 

25,907

 

(1,011

)

75,471

 

76,552

 

Equipment expenses

22,537

 

22,805

 

(268

)

24,088

 

(1,551

)

66,917

 

66,537

 

Other taxes

14,459

 

13,205

 

1,254

 

13,918

 

541

 

41,623

 

40,922

 

Professional fees

 

 

 

 

 

 

 

Collections, appraisals and other credit related fees

3,166

 

3,486

 

(320

)

2,862

 

304

 

9,972

 

9,640

 

Programming, processing and other technology services

69,221

 

67,152

 

2,069

 

64,876

 

4,345

 

202,739

 

187,082

 

Legal fees, excluding collections

2,535

 

2,367

 

168

 

2,707

 

(172

)

7,267

 

7,877

 

Other professional fees

29,787

 

28,148

 

1,639

 

26,029

 

3,758

 

85,832

 

85,493

 

Total professional fees

104,709

 

101,153

 

3,556

 

96,474

 

8,235

 

305,810

 

290,092

 

Communications

6,133

 

6,005

 

128

 

5,694

 

439

 

18,971

 

17,222

 

Business promotion

18,116

 

16,511

 

1,605

 

14,664

 

3,452

 

47,148

 

41,142

 

FDIC deposit insurance

7,181

 

5,742

 

1,439

 

6,568

 

613

 

18,891

 

16,988

 

Other real estate owned (OREO) (income) expenses

(1,722

)

(4,299

)

2,577

 

(1,615

)

(107

)

(10,554

)

520

 

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

12,960

 

10,917

 

2,043

 

11,744

 

1,216

 

36,331

 

31,899

 

Other operating expenses

 

 

 

 

 

 

 

Operational losses

7,147

 

6,528

 

619

 

8,837

 

(1,690

)

21,571

 

21,339

 

All other

13,322

 

9,597

 

3,725

 

17,770

 

(4,448

)

35,283

 

51,409

 

Total other operating expenses

20,469

 

16,125

 

4,344

 

26,607

 

(6,138

)

56,854

 

72,748

 

Amortization of intangibles

783

 

1,255

 

(472

)

1,076

 

(293

)

3,089

 

5,345

 

Total operating expenses

388,168

 

368,185

 

19,983

 

361,066

 

27,102

 

1,131,881

 

1,081,905

 

Income before income tax

331,656

 

291,172

 

40,484

 

209,584

 

122,072

 

962,291

 

399,239

 

Income tax expense

83,542

 

73,093

 

10,449

 

41,168

 

42,374

 

233,466

 

68,893

 

Net income

$248,114

 

$218,079

 

$30,035

 

$168,416

 

$79,698

 

$728,825

 

$330,346

 

Net income applicable to common stock

$247,761

 

$217,726

 

$30,035

 

$168,064

 

$79,697

 

$727,766

 

$328,941

 

Net income per common share - basic

$3.09

 

$2.67

 

$0.42

 

$2.01

 

$1.08

 

$8.89

 

$3.80

 

Net income per common share - diluted

$3.09

 

$2.66

 

$0.43

 

$2.00

 

$1.09

 

$8.87

 

$3.80

 

Dividends Declared per Common Share

$0.45

 

$0.45

 

$-

 

$0.40

 

$0.05

 

$1.30

 

$1.20

 

Popular, Inc.

Financial Supplement to Third Quarter 2021 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

 

 

 

 

Variance

 

 

 

 

Q3 2021 vs.

(In thousands)

30-Sep-21

30-Jun-21

30-Sep-20

Q2 2021

Assets:

 

 

 

 

Cash and due from banks

$538,973

 

$530,849

 

$565,202

 

$8,124

 

Money market investments

17,526,238

 

17,802,801

 

11,859,924

 

(276,563

)

Trading account debt securities, at fair value

36,064

 

35,931

 

33,053

 

133

 

Debt securities available-for-sale, at fair value

24,391,226

 

22,335,167

 

21,177,839

 

2,056,059

 

Debt securities held-to-maturity, at amortized cost

85,655

 

88,801

 

93,163

 

(3,146

)

Less: Allowance for credit losses

9,222

 

10,214

 

12,421

 

(992

)

Total debt securities held-to-maturity, net

76,433

 

78,587

 

80,742

 

(2,154

)

Equity securities

184,931

 

187,502

 

173,993

 

(2,571

)

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

91,313

 

85,315

 

102,760

 

5,998

 

Loans held-in-portfolio

29,089,241

 

29,286,225

 

29,586,348

 

(196,984

)

Less: Unearned income

233,869

 

223,608

 

193,838

 

10,261

 

Allowance for credit losses

718,575

 

785,790

 

925,850

 

(67,215

)

Total loans held-in-portfolio, net

28,136,797

 

28,276,827

 

28,466,660

 

(140,030

)

Premises and equipment, net

487,526

 

486,443

 

510,473

 

1,083

 

Other real estate

76,828

 

73,272

 

100,592

 

3,556

 

Accrued income receivable

200,649

 

203,419

 

204,233

 

(2,770

)

Mortgage servicing rights, at fair value

116,567

 

119,467

 

123,552

 

(2,900

)

Other assets

1,634,839

 

1,750,151

 

1,816,706

 

(115,312

)

Goodwill

671,122

 

671,122

 

671,122

 

-

 

Other intangible assets

19,657

 

20,440

 

23,518

 

(783

)

Total assets

$74,189,163

 

$72,657,293

 

$65,910,369

 

$1,531,870

 

Liabilities and Stockholders’ Equity:

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Non-interest bearing

$15,147,567

 

$14,920,887

 

$13,546,432

 

$226,680

 

Interest bearing

50,865,994

 

49,720,889

 

42,475,551

 

1,145,105

 

Total deposits

66,013,561

 

64,641,776

 

56,021,983

 

1,371,785

 

Assets sold under agreements to repurchase

86,470

 

90,925

 

106,028

 

(4,455

)

Other short-term borrowings

-

 

-

 

100,000

 

-

 

Notes payable

1,176,943

 

1,176,620

 

1,201,396

 

323

 

Other liabilities

929,218

 

933,358

 

2,568,877

 

(4,140

)

Total liabilities

68,206,192

 

66,842,679

 

59,998,284

 

1,363,513

 

Stockholders’ equity:

 

 

 

 

Preferred stock

22,143

 

22,143

 

22,143

 

-

 

Common stock

1,046

 

1,045

 

1,045

 

1

 

Surplus

4,569,641

 

4,506,659

 

4,521,689

 

62,982

 

Retained earnings

2,882,340

 

2,670,885

 

2,168,153

 

211,455

 

Treasury stock

(1,352,104

)

(1,290,427

)

(1,016,361

)

(61,677

)

Accumulated other comprehensive (loss) income, net of tax

(140,095

)

(95,691

)

215,416

 

(44,404

)

Total stockholders’ equity

5,982,971

 

5,814,614

 

5,912,085

 

168,357

 

Total liabilities and stockholders’ equity

$74,189,163

 

$72,657,293

 

$65,910,369

 

$1,531,870

 

Popular, Inc.

Financial Supplement to Third Quarter 2021 Earnings Release

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

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters ended

 

Variance

 

 

30-Sep-21

 

30-Jun-21

 

30-Sep-20

 

Q3 2021 vs. Q2 2021

 

Q3 2021 vs. Q3 2020

 

($ amounts in millions)

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Average
balance

Income /
Expense

Yield /
Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, trading and investment securities

$41,279

$129.8

1.25

%

$38,136

$137.5

1.44

%

$31,337

$117.5

1.49

%

$3,143

($7.7)

(0.19)

%

$9,942

$12.3

(0.24)

%

Loans:

Commercial

13,265

179.2

5.36

 

13,539

176.9

5.24

 

13,669

170.1

4.95

 

(274)

2.3

0.12

 

(404)

9.1

0.41

 

Construction

854

11.6

5.40

 

858

11.6

5.43

 

930

13.3

5.67

 

(4)

-

(0.03)

 

(76)

(1.7)

(0.27)

 

Mortgage

7,652

97.8

5.11

 

7,765

99.4

5.12

 

7,094

95.8

5.40

 

(113)

(1.6)

(0.01)

 

558

2.0

(0.29)

 

Consumer

2,435

67.7

11.03

 

2,431

68.7

11.34

 

2,722

76.7

11.21

 

4

(1.0)

(0.31)

 

(287)

(9.0)

(0.18)

 

Auto

3,372

71.2

8.37

 

3,280

70.1

8.58

 

3,006

68.6

9.08

 

92

1.1

(0.21)

 

366

2.6

(0.71)

 

Lease financing

1,317

19.7

5.99

 

1,262

19.0

6.01

 

1,122

17.1

6.08

 

55

0.7

(0.02)

 

195

2.6

(0.09)

 

Total loans

28,895

447.2

6.15

 

29,135

445.7

6.13

 

28,543

441.6

6.16

 

(240)

1.5

0.02

 

352

5.6

(0.01)

 

Total interest earning assets

$70,174

$577.0

3.27

%

$67,271

$583.2

3.47

%

$59,880

$559.1

3.72

%

$2,903

$(6.2)

(0.20)

%

$10,294

$17.9

(0.45)

%

Allowance for credit losses - loan portfolio

(778)

 

 

 

(801)

 

 

 

(923)

 

 

 

23

 

 

 

145

 

 

 

Allowance for credit losses - investment securities

(10)

 

 

 

(10)

 

 

 

(13)

 

 

 

-

 

 

 

3

 

 

 

Other non-interest earning assets

3,901

 

 

 

3,906

 

 

 

4,176

 

 

 

(5)

 

 

 

(275)

 

 

 

Total average assets

$73,287

 

 

 

$70,366

 

 

 

$63,120

 

 

 

$2,921

 

 

 

$10,167

 

 

 

Liabilities and Stockholders' Equity:

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW and money market

$27,773

$7.9

0.11

%

$25,102

$8.0

0.13

%

$21,225

$9.1

0.17

%

$2,671

$(0.1)

(0.02)

%

$6,548

$(1.2)

(0.06)

%

Savings

15,621

6.4

0.16

 

15,384

6.9

0.18

 

13,103

8.3

0.25

 

237

(0.5)

(0.02)

 

2,518

(1.9)

(0.09)

 

Time deposits

6,957

12.7

0.73

 

7,104

13.2

0.74

 

7,810

20.2

1.03

 

(147)

(0.5)

(0.01)

 

(853)

(7.5)

(0.30)

 

Total interest-bearing deposits

50,351

27.0

0.21

 

47,590

28.1

0.24

 

42,138

37.6

0.35

 

2,761

(1.1)

(0.03)

 

8,213

(10.6)

(0.14)

 

Borrowings

1,284

13.7

4.28

 

1,316

13.9

4.24

 

1,358

14.6

4.31

 

(32)

(0.2)

0.04

 

(74)

(0.9)

(0.03)

 

Total interest-bearing liabilities

51,635

40.7

0.31

 

48,906

42.0

0.34

 

43,496

52.2

0.48

 

2,729

(1.3)

(0.03)

 

8,139

(11.5)

(0.17)

 

Net interest spread

 

 

2.96

%

 

 

3.13

%

 

 

3.24

%

 

 

(0.17)

%

 

 

(0.28)

%

Non-interest bearing deposits

14,955

 

 

 

14,920

 

 

 

12,806

 

 

 

35

 

 

 

2,149

 

 

 

Other liabilities

927

 

 

 

857

 

 

 

1,435

 

 

 

70

 

 

 

(508)

 

 

 

Stockholders' equity

5,770

 

 

 

5,683

 

 

 

5,383

 

 

 

87

 

 

 

387

 

 

 

Total average liabilities and stockholders' equity

$73,287

 

 

 

$70,366

 

 

 

$63,120

 

 

 

$2,921

 

 

 

$10,167

 

 

 

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

$536.3

3.04

%

 

$541.2

3.22

%

 

$506.9

3.37

%

 

($4.9)

(0.18)

%

 

$29.4

(0.33)

%

Taxable equivalent adjustment

46.9

 

 

 

53.4

 

 

 

45.8

 

 

 

(6.5)

 

 

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$489.4

2.77

%

 

$487.8

2.91

%

 

$461.0

3.06

%

 

$1.6

(0.14)

%

 

$28.3

(0.29)

%

Popular, Inc.

Financial Supplement to Third Quarter 2021 Earnings Release

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

(Unaudited)

 

Nine months ended

 

 

 

 

 

 

30-Sep-21

 

30-Sep-20

 

Variance

 

 

Average

Income /

Yield /

 

Average

Income /

Yield /

 

Average

Income /

Yield /

 

($ amounts in millions)

balance

Expense

Rate

 

balance

Expense

Rate

 

balance

Expense

Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market, trading and investment securities

$37,751

$399.8

1.42

%

$26,497

$364.7

1.84

%

$11,254

$35.1

(0.42)

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

13,475

535.1

5.32

 

13,122

522.1

5.31

 

353

13.0

0.01

 

Construction

874

35.1

5.39

 

909

39.6

5.83

 

(35)

(4.5)

(0.44)

 

Mortgage

7,761

295.6

5.08

 

7,054

281.2

5.32

 

707

14.4

(0.24)

 

Consumer

2,460

206.9

11.24

 

2,916

248.9

11.43

 

(456)

(42.0)

(0.19)

 

Auto

3,285

209.5

8.55

 

2,985

202.4

9.06

 

300

7.1

(0.51)

 

Lease financing

1,265

57.1

6.01

 

1,092

49.5

6.04

 

173

7.6

(0.03)

 

Total loans

29,120

1,339.3

6.16

 

28,078

1,343.7

6.39

 

1,042

(4.4)

(0.23)

 

Total interest earning assets

$66,871

$1,739.1

3.48

%

$54,575

$1,708.4

4.18

%

$12,296

$30.7

(0.70)

%

Allowance for credit losses - loan portfolio

(822)

 

 

 

(886)

 

 

 

64

 

 

 

Allowance for credit losses - investment securities

(10)

 

 

 

(13)

 

 

 

3

 

 

 

Other non-interest earning assets

3,900

 

 

 

4,100

 

 

 

(200)

 

 

 

Total average assets

$69,939

 

 

 

$57,776

 

 

 

$12,163

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

NOW and money market

$25,201

$24.2

0.13

%

$18,956

$45.9

0.32

%

$6,245

($21.7)

(0.19)

%

Savings

15,127

20.3

0.18

 

11,899

30.2

0.34

 

3,228

(9.9)

(0.16)

 

Time deposits

7,108

40.8

0.77

 

8,076

66.3

1.10

 

(968)

(25.5)

(0.33)

 

Total interest-bearing deposits

47,436

85.3

0.24

 

38,931

142.4

0.49

 

8,505

(57.1)

(0.25)

 

Borrowings

1,315

41.8

4.25

 

1,340

44.7

4.45

 

(25)

(2.9)

(0.20)

 

Total interest-bearing liabilities

48,751

127.1

0.35

 

40,271

187.1

0.62

 

8,480

(60.0)

(0.27)

 

Net interest spread

 

 

3.13

%

 

 

3.56

%

 

 

(0.43)

%

Non-interest bearing deposits

14,428

 

 

 

10,945

 

 

 

3,483

 

 

 

Other liabilities

1,044

 

 

 

1,180

 

 

 

(136)

 

 

 

Stockholders' equity

5,716

 

 

 

5,380

 

 

 

336

 

 

 

Total average liabilities and stockholders' equity

$69,939

 

 

 

$57,776

 

 

 

$12,163

 

 

 

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

$1,612.0

3.23

%

 

$1,521.3

3.72

%

 

$90.7

(0.49)

%

Taxable equivalent adjustment

155.7

 

 

 

136.3

 

 

 

19.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$1,456.3

2.92

%

 

$1,385.0

3.39

%

 

$71.3

(0.47)

%

Popular, Inc.

 

 

 

 

 

 

 

 

Financial Supplement to Third Quarter 2021 Earnings Release

 

 

 

 

Table F - Mortgage Banking Activities and Other Service Fees

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Activities

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Nine months ended

Variance

(In thousands)

30-Sep-21

30-Jun-21

30-Sep-20

Q3 2021
vs.Q2 2021

Q3 2021
vs.Q3 2020

30-Sep-21

30-Sep-20

2021 vs.
2020

Mortgage servicing fees, net of fair value adjustments:

 

 

 

 

 

 

 

 

Mortgage servicing fees

$9,376

 

$9,522

 

$12,966

 

$(146

)

$(3,590

)

$28,613

 

$32,992

 

$(4,379

)

Mortgage servicing rights fair value adjustments

(5,979

)

(6,239

)

(20,491

)

260

 

14,512

 

(11,706

)

(33,360

)

21,654

 

Total mortgage servicing fees, net of fair value adjustments

3,397

 

3,283

 

(7,525

)

114

 

10,922

 

16,907

 

(368

)

17,275

 

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

6,084

 

5,197

 

10,916

 

887

 

(4,832

)

16,256

 

20,389

 

(4,133

)

Trading account (loss) profit:

 

 

 

 

 

 

 

 

Unrealized losses on outstanding derivative positions

-

 

-

 

(4

)

-

 

4

 

-

 

(4

)

4

 

Realized (losses) gains on closed derivative positions

(1,004

)

(866

)

(1,958

)

(138

)

954

 

632

 

(8,391

)

9,023

 

Total trading account (loss) profit

(1,004

)

(866

)

(1,962

)

(138

)

958

 

632

 

(8,395

)

9,027

 

Losses on repurchased loans, including interest advances

(170

)

(166

)

(10,955

)

(4

)

10,785

 

(697

)

(10,955

)

10,258

 

Total mortgage banking activities

$8,307

 

$7,448

 

$(9,526

)

$859

 

$17,833

 

$33,098

 

$671

 

$32,427

 

 

 

 

 

 

 

 

 

 

 

Other Service Fees

 

 

 

 

 

 

 

 

 

 

 

Quarters ended

Variance

Nine months ended

Variance

(In thousands)

 

30-Sep-21

30-Jun-21

30-Sep-20

Q3 2021
vs.Q2 2021

Q3 2021
vs.Q3 2020

30-Sep-21

30-Sep-20

2021 vs.
2020

Other service fees:

 

 

 

 

 

 

 

 

 

Debit card fees

 

$12,210

$12,458

$11,123

$(248

)

$1,087

$36,245

$28,442

$7,803

Insurance fees

 

14,385

12,773

13,941

1,612

 

444

39,986

38,211

1,775

Credit card fees

 

33,409

32,726

27,077

683

 

6,332

94,826

68,025

26,801

Sale and administration of investment products

 

6,216

5,970

5,094

246

 

1,122

17,726

16,267

1,459

Trust fees

 

6,453

6,165

4,886

288

 

1,567

18,460

15,692

2,768

Other fees

 

7,772

6,290

7,758

1,482

 

14

20,212

20,099

113

Total other service fees

 

$80,445

$76,382

$69,879

$4,063

 

$10,566

$227,455

$186,736

$40,719

Popular, Inc.

 

 

 

 

 

Financial Supplement to Third Quarter 2021 Earnings Release

Table G - Loans and Deposits

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Loans - Ending Balances

 

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Sep-21

30-Jun-21

30-Sep-20

Q3 2021 vs.Q2
2021

Q3 2021 vs.Q3
2020

Loans held-in-portfolio:

 

 

 

 

Commercial

$13,303,671

$13,437,932

$13,620,069

$(134,261

)

$(316,398

)

Construction

801,040

865,113

943,747

(64,073

)

(142,707

)

Lease financing

1,348,679

1,297,928

1,153,108

50,751

 

195,571

 

Mortgage

7,539,152

7,678,478

7,924,441

(139,326

)

(385,289

)

Auto

3,376,694

3,289,027

3,045,453

87,667

 

331,241

 

Consumer

2,486,136

2,494,139

2,705,692

(8,003

)

(219,556

)

Total loans held-in-portfolio

$28,855,372

$29,062,617

$29,392,510

$(207,245

)

$(537,138

)

Loans held-for-sale:

 

 

 

 

 

Commercial

$-

$1,700

$4,070

$(1,700

)

$(4,070

)

Construction

-

7,000

-

(7,000

)

-

 

Mortgage

91,313

76,615

98,690

14,698

 

(7,377

)

Total loans held-for-sale

$91,313

$85,315

$102,760

$5,998

 

$(11,447

)

Total loans

$28,946,685

$29,147,932

$29,495,270

$(201,247

)

$(548,585

)

Deposits - Ending Balances

 

 

 

 

 

 

 

 

Variance

(In thousands)

30-Sep-21

30-Jun-21

30-Sep-20

Q3 2021 vs. Q2
2021

Q3 2021 vs.Q3
2020

Demand deposits [1]

$25,495,481

$24,497,918

$22,929,040

$997,563

 

$2,566,441

 

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

32,867,805

32,452,829

24,696,244

414,976

 

8,171,561

 

Savings, NOW and money market deposits (brokered)

718,155

683,021

551,770

35,134

 

166,385

 

Time deposits (non-brokered)

6,906,509

6,979,349

7,664,361

(72,840

)

(757,852

)

Time deposits (brokered CDs)

25,611

28,659

180,568

(3,048

)

(154,957

)

Total deposits

$66,013,561

$64,641,776

$56,021,983

$1,371,785

 

$9,991,578

 

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

 

 

 

 

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Third Quarter 2021 Earnings Release

Table H - Loan Delinquency - Puerto Rico Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Sep-21

Puerto Rico

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

392

 

$

-

 

$

396

 

$

788

 

$

149,639

 

$

150,427

 

 

$

396

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

661

 

 

17,383

 

 

60,143

 

 

78,187

 

 

2,268,441

 

 

2,346,628

 

 

 

60,143

 

 

-

Owner occupied

 

 

2,719

 

 

614

 

 

71,863

 

 

75,196

 

 

1,394,503

 

 

1,469,699

 

 

 

71,863

 

 

-

Commercial and industrial

 

 

1,641

 

 

576

 

 

51,456

 

 

53,673

 

 

3,618,266

 

 

3,671,939

 

 

 

50,992

 

 

464

Construction

 

 

-

 

 

-

 

 

14,877

 

 

14,877

 

 

112,602

 

 

127,479

 

 

 

14,877

 

 

-

Mortgage

 

 

197,955

 

 

76,345

 

 

896,208

 

 

1,170,508

 

 

5,204,541

 

 

6,375,049

 

 

 

354,555

 

 

541,653

Leasing

 

 

8,193

 

 

1,969

 

 

2,542

 

 

12,704

 

 

1,335,975

 

 

1,348,679

 

 

 

2,542

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

5,211

 

 

3,667

 

 

7,558

 

 

16,436

 

 

870,139

 

 

886,575

 

 

 

-

 

 

7,558

Home equity lines of credit

 

 

46

 

 

-

 

 

-

 

 

46

 

 

3,507

 

 

3,553

 

 

 

-

 

 

-

Personal

 

 

9,329

 

 

5,954

 

 

21,646

 

 

36,929

 

 

1,238,448

 

 

1,275,377

 

 

 

21,646

 

 

-

Auto

 

 

52,486

 

 

11,663

 

 

17,345

 

 

81,494

 

 

3,295,200

 

 

3,376,694

 

 

 

17,345

 

 

-

Other

 

 

393

 

 

76

 

 

14,621

 

 

15,090

 

 

108,492

 

 

123,582

 

 

 

14,512

 

 

109

Total

 

$

279,026

 

$

118,247

 

$

1,158,655

 

$

1,555,928

 

$

19,599,753

 

$

21,155,681

 

 

$

608,871

 

$

549,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-21

Puerto Rico

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

128

 

$

-

 

$

397

 

$

525

 

$

151,258

 

$

151,783

 

 

$

397

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

32,749

 

 

-

 

 

72,378

 

 

105,127

 

 

1,888,302

 

 

1,993,429

 

 

 

72,378

 

 

-

Owner occupied

 

 

3,995

 

 

604

 

 

79,808

 

 

84,407

 

 

1,380,022

 

 

1,464,429

 

 

 

79,808

 

 

-

Commercial and industrial

 

 

2,314

 

 

682

 

 

65,727

 

 

68,723

 

 

3,952,675

 

 

4,021,398

 

 

 

65,120

 

 

607

Construction

 

 

-

 

 

3,080

 

 

14,877

 

 

17,957

 

 

124,990

 

 

142,947

 

 

 

14,877

 

 

-

Mortgage

 

 

164,779

 

 

73,492

 

 

995,175

 

 

1,233,446

 

 

5,281,711

 

 

6,515,157

 

 

 

370,653

 

 

624,522

Leasing

 

 

6,054

 

 

2,103

 

 

2,286

 

 

10,443

 

 

1,287,485

 

 

1,297,928

 

 

 

2,286

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

4,371

 

 

2,826

 

 

8,021

 

 

15,218

 

 

864,912

 

 

880,130

 

 

 

-

 

 

8,021

Home equity lines of credit

 

 

-

 

 

-

 

 

-

 

 

-

 

 

3,489

 

 

3,489

 

 

 

-

 

 

-

Personal

 

 

9,405

 

 

4,444

 

 

23,861

 

 

37,710

 

 

1,227,582

 

 

1,265,292

 

 

 

23,861

 

 

-

Auto

 

 

39,032

 

 

7,405

 

 

13,286

 

 

59,723

 

 

3,229,304

 

 

3,289,027

 

 

 

13,286

 

 

-

Other

 

 

214

 

 

97

 

 

14,288

 

 

14,599

 

 

108,427

 

 

123,026

 

 

 

14,123

 

 

165

Total

 

$

263,041

 

$

94,733

 

$

1,290,104

 

$

1,647,878

 

$

19,500,157

 

$

21,148,035

 

 

$

656,789

 

$

633,315

Variance

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

 

60-89

 

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

264

 

 

$

-

 

 

$

(1

)

 

$

263

 

 

$

(1,619

)

 

$

(1,356

)

 

 

$

(1

)

 

$

-

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

(32,088

)

 

 

17,383

 

 

 

(12,235

)

 

 

(26,940

)

 

 

380,139

 

 

 

353,199

 

 

 

 

(12,235

)

 

 

-

 

Owner occupied

 

 

(1,276

)

 

 

10

 

 

 

(7,945

)

 

 

(9,211

)

 

 

14,481

 

 

 

5,270

 

 

 

 

(7,945

)

 

 

-

 

Commercial and industrial

 

 

(673

)

 

 

(106

)

 

 

(14,271

)

 

 

(15,050

)

 

 

(334,409

)

 

 

(349,459

)

 

 

 

(14,128

)

 

 

(143

)

Construction

 

 

-

 

 

 

(3,080

)

 

 

-

 

 

 

(3,080

)

 

 

(12,388

)

 

 

(15,468

)

 

 

 

-

 

 

 

-

 

Mortgage

 

 

33,176

 

 

 

2,853

 

 

 

(98,967

)

 

 

(62,938

)

 

 

(77,170

)

 

 

(140,108

)

 

 

 

(16,098

)

 

 

(82,869

)

Leasing

 

 

2,139

 

 

 

(134

)

 

 

256

 

 

 

2,261

 

 

 

48,490

 

 

 

50,751

 

 

 

 

256

 

 

 

-

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

840

 

 

 

841

 

 

 

(463

)

 

 

1,218

 

 

 

5,227

 

 

 

6,445

 

 

 

 

-

 

 

 

(463

)

Home equity lines of credit

 

 

46

 

 

 

-

 

 

 

-

 

 

 

46

 

 

 

18

 

 

 

64

 

 

 

 

-

 

 

 

-

 

Personal

 

 

(76

)

 

 

1,510

 

 

 

(2,215

)

 

 

(781

)

 

 

10,866

 

 

 

10,085

 

 

 

 

(2,215

)

 

 

-

 

Auto

 

 

13,454

 

 

 

4,258

 

 

 

4,059

 

 

 

21,771

 

 

 

65,896

 

 

 

87,667

 

 

 

 

4,059

 

 

 

-

 

Other

 

 

179

 

 

 

(21

)

 

 

333

 

 

 

491

 

 

 

65

 

 

 

556

 

 

 

 

389

 

 

 

(56

)

Total

 

$

15,985

 

 

$

23,514

 

 

$

(131,449

)

 

$

(91,950

)

 

$

99,596

 

 

$

7,646

 

 

 

$

(47,918

)

 

$

(83,531

)

Popular, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Supplement to Third Quarter 2021 Earnings Release

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2021

Popular U.S.

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

-

 

$

22,171

 

$

-

 

$

22,171

 

$

1,709,508

 

$

1,731,679

 

 

$

-

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

2,569

 

 

4,632

 

 

374

 

 

7,575

 

 

2,029,514

 

 

2,037,089

 

 

 

374

 

 

-

Owner occupied

 

 

1,158

 

 

-

 

 

986

 

 

2,144

 

 

343,430

 

 

345,574

 

 

 

986

 

 

-

Commercial and industrial

 

 

804

 

 

1

 

 

1,428

 

 

2,233

 

 

1,548,403

 

 

1,550,636

 

 

 

1,427

 

 

1

Construction

 

 

14,978

 

 

-

 

 

-

 

 

14,978

 

 

658,583

 

 

673,561

 

 

 

-

 

 

-

Mortgage

 

 

1,369

 

 

2,833

 

 

14,488

 

 

18,690

 

 

1,145,413

 

 

1,164,103

 

 

 

14,488

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

-

 

 

-

 

 

-

 

 

26

 

 

26

 

 

 

-

 

 

-

Home equity lines of credit

 

 

690

 

 

76

 

 

5,941

 

 

6,707

 

 

73,042

 

 

79,749

 

 

 

5,941

 

 

-

Personal

 

 

588

 

 

544

 

 

748

 

 

1,880

 

 

111,598

 

 

113,478

 

 

 

748

 

 

-

Other

 

 

16

 

 

-

 

 

-

 

 

16

 

 

3,780

 

 

3,796

 

 

 

-

 

 

-

Total

 

$

22,172

 

$

30,257

 

$

23,965

 

$

76,394

 

$

7,623,297

 

$

7,699,691

 

 

$

23,964

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

Popular U.S.

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

60-89

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

-

 

$

-

 

$

5,949

 

$

5,949

 

$

1,733,104

 

$

1,739,053

 

 

$

5,949

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

-

 

 

-

 

 

374

 

 

374

 

 

2,131,860

 

 

2,132,234

 

 

 

374

 

 

-

Owner occupied

 

 

907

 

 

639

 

 

193

 

 

1,739

 

 

338,445

 

 

340,184

 

 

 

193

 

 

-

Commercial and industrial

 

 

3,070

 

 

509

 

 

1,346

 

 

4,925

 

 

1,590,497

 

 

1,595,422

 

 

 

1,346

 

 

-

Construction

 

 

-

 

 

-

 

 

-

 

 

-

 

 

722,166

 

 

722,166

 

 

 

-

 

 

-

Mortgage

 

 

2,498

 

 

5,005

 

 

13,323

 

 

20,826

 

 

1,142,495

 

 

1,163,321

 

 

 

13,323

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

-

 

 

-

 

 

-

 

 

31

 

 

31

 

 

 

-

 

 

-

Home equity lines of credit

 

 

501

 

 

210

 

 

6,377

 

 

7,088

 

 

74,850

 

 

81,938

 

 

 

6,377

 

 

-

Personal

 

 

572

 

 

579

 

 

832

 

 

1,983

 

 

135,014

 

 

136,997

 

 

 

832

 

 

-

Other

 

 

-

 

 

-

 

 

-

 

 

-

 

 

3,236

 

 

3,236

 

 

 

-

 

 

-

Total

 

$

7,548

 

$

6,942

 

$

28,394

 

$

42,884

 

$

7,871,698

 

$

7,914,582

 

 

$

28,394

 

$

-

Variance

 

 

 

Past due

 

 

 

 

 

 

 

Past due 90 days or more

 

 

30-59

 

 

60-89

 

 

90 days

 

Total

 

 

 

 

 

 

Non-accrual

 

 

Accruing

(In thousands)

 

days

 

days

 

or more

 

past due

 

Current

 

Loans HIP

 

 

loans

 

loans

Commercial multi-family

 

$

-

 

 

$

22,171

 

 

$

(5,949

)

 

$

16,222

 

 

$

(23,596

)

 

$

(7,374

)

 

 

$

(5,949

)

 

$

-

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-owner occupied

 

 

2,569

 

 

 

4,632

 

 

 

-

 

 

 

7,201

 

 

 

(102,346

)

 

 

(95,145

)

 

 

 

-

 

 

 

-

Owner occupied

 

 

251

 

 

 

(639

)

 

 

793

 

 

 

405

 

 

 

4,985

 

 

 

5,390

 

 

 

 

793

 

 

 

-

Commercial and industrial

 

 

(2,266

)

 

 

(508

)

 

 

82

 

 

 

(2,692

)

 

 

(42,094

)

 

 

(44,786

)

 

 

 

81

 

 

 

1

Construction

 

 

14,978

 

 

 

-

 

 

 

-

 

 

 

14,978

 

 

 

(63,583

)

 

 

(48,605

)

 

 

 

-

 

 

 

-

Mortgage

 

 

(1,129

)

 

 

(2,172

)

 

 

1,165

 

 

 

(2,136

)

 

 

2,918

 

 

 

782

 

 

 

 

1,165

 

 

 

-

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit cards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5

)

 

 

(5

)

 

 

 

-

 

 

 

-

Home equity lines of credit

 

 

189

 

 

 

(134

)

 

 

(436

)

 

 

(381

)

 

 

(1,808

)

 

 

(2,189

)