Segment reporting |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Segment reporting disclosure | |
| Segment Reporting | Note 32 – Segment reporting The two 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. markets the segments serve, as well as on the products and services offered by the segments. The chief one of resources income revenues and capital, investment in technology, making budget allocations Banco Popular de Puerto Rico: The Banco Popular BPPR, including Auto management services of Popular Asset Management and the and reinsurance businesses of Popular Insurance, Popular Risk Services, Popular Life Re, and Popular Re. Popular U.S.: Popular U.S. reportable PEF. financing services through network. The Corporate and certain of the Corporation’s investments accounted for under the equity method, including BHD. The reportable segments are primarily conducted at market rates, resulting in of tables presented below. The tables that follow present the results of operations and total assets by reportable segments: 2025 For the quarter ended March 31, 2025 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 731,888 $ 186,392 $ (1,681) Interest expense 209,996 93,450 (1,681) Net interest income 521,892 92,942 - Provision for credit losses 53,512 10,610 - Non-interest income 137,505 6,143 - Personnel costs 151,284 25,442 - Professional fees 13,059 2,739 - Technology and software expenses 64,151 10,088 - Processing and transactional services 37,179 597 - Amortization of intangibles 342 255 - Depreciation expense 9,694 2,197 - Other operating expenses [1] 128,754 25,619 - Total operating expenses 404,463 66,937 - Income before income tax 201,422 21,538 - Income tax expense 35,443 6,722 - Net income $ 165,979 $ 14,816 $ - Segment assets $ 59,288,907 $ 14,529,602 $ (166,540) For the quarter ended March 31, 2025 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Interest income $ 916,599 $ 1,536 $ (1,137) $ 916,998 Interest expense 301,765 10,773 (1,137) 311,401 Net interest income (expense) 614,834 (9,237) - 605,597 Provision for credit losses (benefit) 64,122 (41) - 64,081 Non-interest income 143,648 9,029 (616) 152,061 Personnel costs 176,726 35,987 - 212,713 Professional fees 15,798 11,357 (330) 26,825 Technology and software expenses 74,239 9,429 - 83,668 Processing and transactional services 37,776 5 - 37,781 Amortization of intangibles 597 - - 597 Depreciation expense 11,891 389 - 12,280 Other operating expenses [1] 154,373 (56,402) (823) 97,148 Total operating expenses 471,400 765 (1,153) 471,012 Income before income tax 222,960 (932) 537 222,565 Income tax expense 42,165 2,675 223 45,063 Net income (loss) $ 180,795 $ (3,607) $ 314 $ 177,502 Segment assets $ 73,651,969 $ 5,906,249 $ (5,519,612) $ 74,038,606 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. 2024 For the quarter ended March 31, 2024 Intersegment (In thousands) BPPR Eliminations Interest income $ 713,988 $ 182,883 $ (3,287) Interest expense 241,147 98,030 (3,287) Net interest income 472,841 84,853 - Provision for credit losses 60,680 11,435 - Non-interest income 145,669 7,120 (56) Personnel costs 152,926 27,144 - Professional fees 12,368 3,479 (56) Technology and software expenses 63,184 8,900 - Processing and transactional services 33,554 633 - Amortization of intangibles 484 311 - Depreciation expense 13,009 1,943 - Other operating expenses [1] 131,773 27,632 - Total operating expenses 407,298 70,042 (56) Income before income tax 150,532 10,496 - Income tax expense 29,206 3,456 - Net income $ 121,326 $ 7,040 $ - Segment assets $ 57,250,662 $ 13,686,037 $ (359,383) For the quarter ended March 31, 2024 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Interest income 893,584 3,799 (3,242) 894,141 Interest expense 335,890 10,749 (3,242) 343,397 Net interest income (expense) $ 557,694 $ (6,950) $ - $ 550,744 Provision for credit losses 72,115 483 - 72,598 Non-interest income 152,733 11,722 (637) 163,818 Personnel costs 180,070 35,307 - 215,377 Professional fees 15,791 13,404 (277) 28,918 Technology and software expenses 72,084 7,378 - 79,462 Processing and transactional services 34,187 7 - 34,194 Amortization of intangibles 795 - - 795 Depreciation expense 14,952 409 - 15,361 Other operating expenses [1] 159,405 (49,485) (914) 109,006 Total operating expenses 477,284 7,020 (1,191) 483,113 Income before income tax 161,028 (2,731) 554 158,851 Income tax expense 32,662 22,676 230 55,568 Net income (loss) $ 128,366 $ (25,407) $ 324 $ 103,283 Segment assets $ 70,577,316 $ 5,723,198 $ (5,363,575) $ 70,936,939 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. Geographic Information The following information its business. BPPR operations During 6 no t assets 1.4 1.6 billion), including $ 104 104 455 (December 31, 588 664 685 90 personal 113 approximately $ 26.3 29.8 interest income. In the Virgin BPPR segment 1.0 1.0 billion). The 11.8 10.6 from its operations in the U.S. and British Virgin Islands. Geographic Information Quarter ended (In thousands) March 31, 2025 March 31, 2024 Revenues: [1] $ 609,961 $ 565,744 127,216 126,741 20,481 22,077 Total consolidated revenues $ 757,658 $ 714,562 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net (loss) gain, including impairment on equity securities, net gain on trading account debt securities, and other operating income. Selected Balance Sheet Information: (In thousands) March 31, 2025 December 31, 2024 Puerto Rico Total assets $ 56,870,242 $ 55,888,211 Loans 24,279,836 24,154,610 Deposits 52,675,896 52,099,309 United States Total assets $ 15,900,462 $ 15,890,339 Loans 12,452,697 12,431,859 Deposits 11,388,174 11,030,879 Other Total assets $ 1,267,902 $ 1,266,833 Loans 526,576 526,606 Deposits [1] 1,755,186 1,754,157 [1] Represents deposits from BPPR operations located in the U.S. and British Virgin Islands. |