During the fourth quarter of 2008, several commercial and construction loans in the BPPR
reportable segment reported further deterioration due to current economic conditions requiring their classification as impaired loans under SFAS No.
9 million in the provision for loan losses related to the BPPR
and BPNA reportable segments, respectively.
Also excluding covered loans and the effect of the abovementioned charge-offs during the fourth quarter of 2010, net charge-offs of the construction loan portfolio for the BPPR
and BPNA reportable segments amounted to $8.
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.
has not to date experienced significant increases in losses.
reportable segment reported an increase in mortgage loan net charge-offs of approximately $2.
6 billion in mortgage loans at BPPR
into Fannie Mae mortgage-backed securities during the nine months ended September 30, 2006 that were sold to investors, a bulk sale of individual loans to a U.
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.
However, gross margin was only up 9% primarily due to the loss of the BPPR
in Ontario, which combined with the up-front cost of acquiring customers and other expenditure associated with such rapid growth contributed to the operating loss(x) of $21 million in the period (2005: operating loss(x) of $2 million).
Fitch has affirmed the ratings for BPNA and BPPR
simultaneously removed the Rating Watch Negative.
The increase in total loans since December 31, 2005 was mainly reflected in commercial and construction loans due to the initiatives already mentioned, partially offset by a decline in mortgage loans, mostly due to the pooling of approximately $464 million in mortgage loans at BPPR
into Fannie Mae mortgage- backed securities during the first quarter of 2006 that were sold to investors, and to off-balance sheet securitization transactions performed by PFH, partially offset by new loan originations.
The decrease in commercial loan net charge-offs for the quarter ended March 31, 2010, compared with the quarter ended December 31, 2009, was attributed to the BPPR
reportable segment by $10.