State Profile Puerto Rico - Virgin Islands

Fourth Quarter 2023

ECONOMIC INDICATORS (NOT SEASONALLY ADJUSTED, UNLESS NOTED)

Q4-23 Q3-23 Q4-22 2023 2022

0.3% 1.9% 3.8% 1.6% 5.2%

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing (9%) 0.9% 1.7% 3.8% 1.5% 5.6%

Other (non-manufacturing) Goods-Producing (4%) 2.8% 5.5% 9.1% 5.6% 12.0%

Private Service-Providing (66%) -0.3% 1.6% 4.4% 1.3% 6.6%

Government (21%) 1.3% 2.0% 1.1% 2.0% -0.2%

Unemployment Rate (% of labor force, seasonally adjusted) 5.6% 5.8% 6.0% 5.9% 6.0%

Other Indicators (% change of 4-qtr moving total, unless noted) Q4-23 Q3-23 Q4-22 2023 2022

Single-Family Home Permits

Multifamily Building Permits

Home Price Index (change from year ago)

Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)

BANKING TRENDS

General Information Q4-23 Q3-23 Q4-22 2023 2022

Institutions (#) 5 5 4 5 4

Total Assets (in millions) $87,621 $86,157 $84,972 $87,621 $84,972

New Institutions (# < 3 years) 1 1 0 1 0

Subchapter S Institutions (#) 1 1 1 1 1

Asset Quality Q4-23 Q3-23 Q4-22 2023 2022

Past-Due and Nonaccrual Loans / Total Loans (median %) 3.37 3.59 3.22 3.37 3.22

Noncurrent Loans / Total Loans (median %) 1.17 1.65 2.00 1.17 2.00

Loan and Lease Allowance / Total Loans (median %) 2.13 2.18 2.24 2.13 2.24

Loan and Lease Allowance / Noncurrent Loans (median multiple) 1.15 1.39 1.20 1.15 1.20

Net Loan Losses / Total Loans (median %, year-to-date annualized) 0.55 0.49 0.27 0.55 0.27

Capital / Earnings (year-to-date annualized, unless noted) Q4-23 Q3-23 Q4-22 2023 2022

Tier 1 Leverage (median %, end of period) 10.20 10.12 8.95 10.20 8.95

Return on Assets (median %) 1.65 1.62 1.61 1.65 1.61

Pretax Return on Assets (median %) 2.14 2.23 2.30 2.14 2.30

Net Interest Margin (median %) 3.72 3.78 3.94 3.72 3.94

Yield on Earning Assets (median %) 5.24 5.24 4.34 5.24 4.34

Cost of Funding Earning Assets (median %) 1.19 1.10 0.34 1.19 0.34

Provisions to Avg. Assets (median %) 0.32 0.30 0.13 0.32 0.13

Noninterest Income to Avg. Assets (median %) 0.70 0.69 0.85 0.70 0.85

Overhead to Avg. Assets (median %) 2.78 2.66 2.39 2.78 2.39

Liquidity / Sensitivity Q4-23 Q3-23 2023

Net Loans to Assets (median %) 41.67 40.37 49.72 41.67 49.72

Noncore Funding to Assets (median %) 10.04 11.57 8.13 10.04 8.13

Long-term Assets to Assets (median %, call filers) 38.45 38.91 42.64 38.45 42.64

Brokered Deposits (number of institutions) 4 4 4 4 4

Brokered Deposits to Assets (median % for those above) 2.79 0.95 0.39 2.79 0.39

Loan Concentrations

(median % of Tier 1 Capital plus the Reserve for Loan and Lease Losses) Q4-23 Q3-23 Q4-22 2023 2022

Commercial and Industrial 71 68 64 71 64

Commercial Real Estate 108 106 123 108 123

Construction & Development 6 8 8 6 8

Multifamily Residential Real Estate 6 6 6 6 6

Nonresidential Real Estate 99 94 100 99 100

Residential Real Estate 126 125 146 126 146

Consumer 114 114 119 114 119

Agriculture 0 0 0 0 0

BANKING PROFILE

Asset Distribution

< $100 million 0 (0.0%)

Institutions in Market

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San Juan-Bayamón-Caguas, PR 5 $79,178

Largest Deposit Markets (from 2023 Summary of Deposits) Deposits ($ millions) Institutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits ($ millions) Per

0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0%

-8.9% 2.4% 7.2% 1.2% 4.7%

N/A 0.00 0.00 N/A 0.00

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

Q4-22 2022

Ponce, PR 3 $2,643 $100 million to $250 million 1 (20.0%)

Aguadilla-Isabela, PR 3 $2,554 $250 million to $1 billion 1 (20.0%)

Mayagüez, PR 3 $1,806 $1 billion to $10 billion 0 (0.0%)

Arecibo, PR 3 $1,343 $10 billion 3 (60.0%)