9 million in the provision for loan losses related to the BPPR and BPNA
reportable segments, respectively.
is the 42nd largest insured depository institution in New York, controlling deposits of approximately $2.
During the first quarter of 2011, the BPNA
reportable segment completed the sale of $457 million (legal balance) in U.
Although the BPNA
subsidiary credit trends and operating performance has improved from the previous year, the BPPR subsidiary is now facing challenges as the real estate sector downturn has hit the local market.
The decline in the consumer loan portfolio from the end of the first quarter of 2009 to June 30, 2009 was mainly related to run-off of existing portfolios originated by Popular Finance, E-LOAN or exited lines of businesses at the BPNA
operations, as well as the reduction caused by the consumer loans net charge-offs of $85 million recorded during the second quarter of 2009.
The decrease in time deposits was due to a reduction in BPNA
of approximately $0.
South Florida BPNA
team members once again partnered with The Hope Center, which provides a safe, nurturing environment for emotionally and developmentally handicapped adults.
With the sustained dedication of our colleagues in BPNA
and the support of BPPR, we plan to continue to build lasting and mutually beneficial relationships in all our communities," said Vazquez.
As indicated previously, E-LOAN and BPNA
carried out further restructuring of their operations under plans approved in the fourth quarter of 2008.
During the quarter ended December 31, 2008, the BPNA
reportable segment recorded approximately $33.
6 million, partially offset by a reduction in the BPNA
reportable segment of $18.
3 million in higher net charge-offs and the BPNA
portfolio with $16.