Companies: 10,793     total market cap: $134.692 T
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Popular, Inc. (Banco Popular de Puerto Rico)
BPOP
#2110
Rank
$8.95 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$137.57
Share price
0.56%
Change (1 day)
69.25%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Popular, Inc. (Banco Popular de Puerto Rico)
  2. Annual Reports (10-K)
  3. Financial Year 2025

Popular, Inc. (Banco Popular de Puerto Rico) - 10-K annual report 2025


Text size:
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bpop-20251231p1i3bpop-20251231p1i2bpop-20251231p1i1bpop-20251231p1i0bpop-20251231p1i4
1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-K
[X]
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR
 
15(d) OF THE SECURITIES EXCHANGE ACT
 
OF 1934
For the Fiscal Year Ended
December 31, 2025
Or
[ ]
 
Transition report pursuant to Section 13 or 15(d) of the Securities
 
Exchange Act of 1934
Commission File Number:
 
001-34084
POPULAR, INC.
Incorporated in the Commonwealth of
Puerto Rico
IRS Employer Identification No.
66-0667416
Principal Executive Offices
209 Muñoz Rivera Avenue
Hato Rey
,
Puerto Rico
00918
Telephone Number: (
787
)
765-9800
 
Securities registered pursuant to Section 12(b)
 
of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.01 par value)
BPOP
The
Nasdaq Global Select Stock Market
6.125% Cumulative Monthly Income Trust Preferred
Securities
BPOPM
The
Nasdaq Global Select Stock Market
SECURITIES REGISTERED PURSUANT TO SECTION 12(g)
 
OF THE ACT:
 
None
Indicate by check mark if the registrant is a well-known
 
seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
 
X No
 
.
Indicate by check mark if the registrant is not required
 
to file reports pursuant to Section 13 or Section
 
15(d) of the Act. Yes
 
No
 
X.
Indicate by check mark whether the registrant (1) has
 
filed all reports required to be filed by
 
Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12
 
months (or for such shorter period that the
 
registrant was required to file such reports),
 
and
(2) has been subject to such filing requirements for the
 
past 90 days.
Yes
 
X No
 
.
 
Indicate by check mark whether the registrant has
 
submitted electronically every Interactive Data File required
 
to be submitted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter)
 
during the preceding 12 months (or for such
 
shorter period that the registrant was
required to submit such files).
Yes
 
X No
 
.
Indicate by check mark whether the registrant is a
 
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting
 
company”
and “emerging growth company” in Rule 12b-2
 
of the Exchange Act.
Large accelerated filer
 
[X]
Accelerated filer [
 
]
Non-accelerated filer [
 
]
Smaller reporting company
[ ]
Emerging growth company
[ ]
If an emerging growth company, indicate by check mark if the registrant
 
has elected not to use the extended
 
transition period for
complying with any new or revised financial accounting
 
standards provided pursuant to Section 13(a)
 
of the Exchange Act.
 
☐
Indicate by check mark whether the registrant has filed a report on
 
and attestation to its management’s assessment of the effectiveness of
its internal
 
control over
 
financial reporting
 
under Section
 
404(b) of
 
the Sarbanes-Oxley Act
 
(15 U.S.C.
 
7262(b)) by
 
the registered
 
public
accounting firm that prepared or issued its audit
 
report.
[X]
If securities are registered
 
pursuant to Section 12(b)
 
of the Act, indicate
 
by check mark whether
 
the financial statements of
 
the registrant
included in the filing reflect the correction of an
 
error to previously issued financial statements.
 
☐
Indicate
 
by
 
check
 
mark
 
whether any
 
of
 
those
 
error
 
corrections
 
are
 
restatements
 
that
 
required
 
a
 
recovery
 
analysis
 
of
 
incentive-based
compensation received by any of the registrant’s executive
 
officers during the relevant recovery period pursuant to
 
§240.10D-1(b).
 
☐
Indicate by check mark whether the registrant is a
 
shell company (as defined in Rule 12b-2 of the
 
Act). Yes
 
No
X
 
As of June 30, 2025, the aggregate market
 
value of the Common Stock held by non-affiliates of
 
Popular, Inc. was approximately $
7.5
billion based upon the reported closing price of $110.21 on the Nasdaq
 
Global Select Market on that date.
 
As of February 26, 2026, there were
65,104,302
 
shares of Popular, Inc.’s Common Stock outstanding.
 
2
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Popular,
 
Inc.’s definitive proxy
 
statement relating to the
 
2026 Annual Meeting
 
of Stockholders of Popular,
 
Inc. (the “Proxy
Statement”) are incorporated herein by reference in response to Items 10 through
 
14 of Part III. The Proxy Statement will be
 
filed with
the Securities and Exchange Commission (the “SEC”)
 
on or about March 24, 2026.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
Forward-Looking Statements
This
 
Form
 
10-K contains
 
“forward-looking statements”
 
within the
 
meaning
 
of
 
the
 
U.S. Private
 
Securities Litigation
 
Reform Act
 
of
1995,
 
including,
 
without
 
limitation,
 
statements
 
about
 
Popular,
 
Inc.’s
 
(the
 
“Corporation,”
 
“Popular,”
 
“we,”
 
“us,”
 
“our”)
 
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
 
(including on
 
our cost
 
of deposits),
 
capital markets
 
conditions, capital
adequacy
 
and
 
liquidity,
 
and
 
the
 
effect
 
of
 
legal
 
and
 
regulatory
 
proceedings
 
and
 
new
 
accounting
 
standards
 
on
 
the
 
Corporation’s
financial condition
 
and results
 
of operations.
 
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.
Various factors, some of which
 
are beyond Popular’s control, could cause actual results to differ materially from those expressed in,
or implied by, such forward-looking statements. Factors that might cause such a
 
difference include, but are not limited to:
●
 
the
 
rate
 
of
 
growth
 
or
 
decline
 
in
 
the
 
economy
 
and
 
employment
 
levels,
 
as
 
well
 
as
 
general
 
business
 
and
 
economic
conditions
 
in
 
the
 
geographic
 
areas
 
we
 
serve
 
and,
 
in
 
particular,
 
in
 
the
 
Commonwealth
 
of
 
Puerto
 
Rico
 
(the
“Commonwealth” or “Puerto Rico”), where a significant
 
portion of our business is concentrated;
●
 
adverse
 
economic conditions,
 
including high
 
levels
 
of
 
inflation, that
 
adversely affect
 
housing
 
prices, the
 
job
 
market,
consumer confidence
 
and spending
 
habits which
 
may affect
 
in turn,
 
among other
 
things, our
 
level of
 
non-performing
assets, charge-offs and provision expense;
●
 
changes in interest rates and market liquidity,
 
which may reduce interest margins, impact funding sources, reduce loan
originations, affect
 
our ability
 
to originate
 
and distribute
 
financial products
 
in the
 
primary and
 
secondary markets
 
and
impact the value of our investment portfolio and
 
our ability to return capital to our shareholders;
●
 
the
 
impact
 
of
 
bank
 
failures
 
or
 
adverse
 
developments
 
at
 
other
 
banks
 
and
 
related
 
negative
 
media
 
coverage
 
of
 
the
banking industry in general on investor and depositor
 
sentiment regarding the stability and liquidity of
 
banks;
●
 
the impact of the current fiscal and economic challenges of Puerto Rico and
 
the measures taken and to be taken by the
Puerto
 
Rico
 
Government
 
and
 
the
 
Federally-appointed
 
oversight
 
board
 
on
 
the
 
economy,
 
our
 
customers
 
and
 
our
business;
●
 
the
 
amount of
 
Puerto Rico
 
public sector
 
deposits held
 
at
 
the Corporation,
 
whose future
 
balances are
 
uncertain and
difficult
 
to
 
predict
 
and
 
may
 
be
 
impacted
 
by
 
factors
 
such
 
as
 
the
 
amount
 
of
 
Federal
 
funds
 
received
 
by
 
the
 
P.R.
Government
 
and
 
the
 
rate
 
of
 
expenditure
 
of
 
such
 
funds,
 
as
 
well
 
as
 
the
 
financial
 
condition,
 
liquidity
 
and
 
cash
management practices of the Puerto Rico Government
 
and its instrumentalities;
●
 
unforeseen or
 
catastrophic events,
 
including extreme
 
weather events
 
such as
 
hurricanes and
 
other natural
 
disasters,
man-made disasters, acts of violence or war or
 
pandemics, epidemics and other health-related
 
crises, or the fear of any
such event
 
occurring, any of
 
which could cause
 
adverse consequences for
 
our business, including,
 
but not
 
limited to,
disruptions in our operations;
●
 
our ability to achieve the
 
expected benefits from our transformation initiatives, including our
 
ability to achieve projected
earnings, efficiencies and
 
return on tangible
 
common equity and
 
accurately anticipate costs
 
and expenses associated
therewith;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
●
our ability to execute capital actions, including with
 
respect to share repurchases and dividends;
●
 
the fiscal and monetary policies of the federal government
 
and its agencies;
●
 
changes in
 
federal
 
bank
 
regulatory and
 
supervisory policies,
 
including required
 
levels of
 
capital, liquidity,
 
resolution-
related requirements and the impact of other proposed
 
capital standards on our capital ratios;
●
 
changes
 
in
 
and
 
uncertainty
 
regarding
 
federal
 
funding,
 
tax
 
and
 
trade
 
policies,
 
and
 
federal
 
rulemaking,
 
supervision,
examination and enforcement priorities;
●
 
adjustments to or additional Federal Deposit Insurance
 
Corporation (“FDIC”) assessments;
●
 
regulatory approvals
 
that may
 
be necessary
 
to undertake
 
certain actions
 
or consummate
 
strategic transactions,
 
such
as acquisitions and dispositions;
●
 
the
 
relative strength
 
or
 
weakness
 
of
 
the
 
consumer and
 
commercial credit
 
sectors
 
and
 
of
 
the
 
real
 
estate markets
 
in
Puerto Rico and the other markets in which
 
our borrowers are located;
●
 
a deterioration in the credit quality of our
 
clients, customers and counterparties;
●
 
the performance of the stock and bond markets;
●
 
competition in the financial services industry;
●
 
possible legislative, tax or regulatory changes;
●
 
a failure
 
in or
 
breach of
 
our operational
 
or security
 
systems or
 
infrastructure or
 
those of
 
Evertec, Inc.,
 
our provider
 
of
core financial
 
transaction processing and
 
information technology services,
 
or of
 
third parties
 
providing services
 
to us,
including
 
as
 
a
 
result
 
of
 
cyberattacks, e-fraud,
 
denial-of-services and
 
computer intrusion,
 
that
 
might result
 
in,
 
among
other
 
things,
 
loss
 
or
 
breach
 
of
 
customer
 
data,
 
disruption
 
of
 
services,
 
reputational
 
damage
 
or
 
additional
 
costs
 
to
Popular;
●
 
changes in market rates and prices which may
 
adversely impact the value of financial assets
 
and liabilities;
●
 
potential judgments,
 
claims, damages,
 
penalties, fines,
 
enforcement actions
 
and
 
reputational damage
 
resulting from
pending or future litigation and regulatory or government
 
investigations or actions;
●
 
changes in accounting standards, rules and interpretations;
●
 
our ability to grow our core businesses;
●
 
decisions to downsize, sell or close branches or business
 
units or otherwise change our business mix;
 
and
●
 
management’s ability to identify and manage these and
 
other risks.
Moreover,
 
the outcome
 
of any
 
legal and
 
regulatory proceedings, as
 
discussed in
 
“Part I,
 
Item 3.
 
Legal Proceedings,”
 
is inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
“Part I, Item 1A” of this Form 10-K for a discussion
 
of certain risks and uncertainties to which
 
the Corporation is subject.
All forward-looking
 
statements included
 
in this
 
Form 10-K
 
are based
 
upon information
 
available to
 
Popular as
 
of the
 
date of
 
this
Form 10- K, and other than as required by law,
 
including the requirements of applicable securities laws, we assume no obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.
 
 
 
 
 
5
TABLE OF CONTENTS
PART I
Page
Item 1
Business
6
Item 1A
Risk Factors
23
Item 1B
Unresolved Staff Comments
37
Item 1C
Cybersecurity
37
Item 2
Properties
40
Item 3
Legal Proceedings
41
Item 4
Mine Safety Disclosures
41
PART II
Item 5
Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
41
Item 6
[Reserved]
43
Item 7
Management’s Discussion and Analysis of Financial Condition
 
and Results of
Operations
43
Item 7A
Quantitative and Qualitative Disclosures About Market
 
Risk
43
Item 8
Financial Statements and Supplementary Data
43
Item 9
Changes in and Disagreements with Accountants
 
on Accounting and Financial
Disclosure
44
Item 9A
Controls and Procedures
44
Item 9B
Other Information
44
Item 9C
Disclosure Regarding Foreign Jurisdictions that Prevent
 
Inspections
44
PART III
Item 10
Directors, Executive Officers and Corporate Governance
44
Item 11
Executive Compensation
45
Item 12
Security Ownership of Certain Beneficial Owners
 
and Management and
Related Stockholders
 
Matters
45
Item 13
Certain Relationships and Related Transactions, and Director
 
Independence
45
Item 14
Principal Accountant Fees and Services
45
PART IV
Item 15
Exhibits and Financial Statement Schedules
45
Item 16
Form 10-K Summary
46
 
 
6
PART I POPULAR, INC.
ITEM 1. BUSINESS
 
General:
Popular
 
is
 
a diversified,
 
publicly-owned financial
 
holding company,
 
registered under
 
the Bank
 
Holding Company
 
Act
 
of
 
1956, as
amended (the “BHC Act”), and subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve Board”). Popular was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the
 
largest
financial institution
 
based in Puerto
 
Rico, with
 
consolidated assets of
 
$75.3 billion, total
 
deposits of
 
$66.2 billion
 
and stockholders’
equity of $6.2 billion at
 
December 31, 2025. At December 31,
 
2025, we ranked among the
 
50 largest U.S. bank holding companies
based on total assets according to information gathered
 
and disclosed by the Federal Reserve Board.
We operate in two principal markets:
●
 
Puerto
 
Rico:
 
We
 
provide
 
retail,
 
mortgage
 
and
 
commercial
 
banking
 
services,
 
as
 
well
 
as
 
auto
 
and
 
equipment
 
leasing
 
and
financing through
 
our principal
 
banking subsidiary,
 
Banco Popular
 
de Puerto
 
Rico (“Banco
 
Popular” or
 
“BPPR”), and
 
broker-
dealer
 
and
 
insurance
 
services
 
through
 
specialized
 
subsidiaries.
 
BPPR’s
 
deposits
 
are
 
insured
 
under
 
the
 
Deposit
 
Insurance
Fund (“DIF”)
 
of the
 
Federal Deposit
 
Insurance Corporation
 
(“FDIC”). The
 
banking operations
 
of BPPR
 
are primarily
 
based in
Puerto Rico, where BPPR has the largest retail banking
 
franchise.
●
 
Mainland
 
United
 
States:
 
We
 
provide
 
retail
 
and
 
commercial
 
banking
 
services,
 
as
 
well
 
as
 
equipment
 
leasing
 
and
 
financing,
through our New York
 
-chartered banking subsidiary,
 
Popular Bank (“PB” or
 
“Popular U.S.”), which has branches
 
in New York,
New Jersey,
 
and Florida. PB’s deposits are insured under the DIF
 
of the FDIC.
●
 
BPPR
 
also
 
conducts
 
banking
 
operations
 
in
 
the
 
U.S.
 
Virgin
 
Islands,
 
the
 
British
 
Virgin
 
Islands
 
and
 
New
 
York.
 
In
 
addition
 
to
BPPR’s commercial
 
banking operations
 
in New
 
York
 
that include
 
direct loan
 
origination and
 
participating loans
 
originated by
PB,
 
BPPR
 
offers
 
or
 
holds
 
financial
 
products
 
on
 
a
 
national
 
scale
 
in
 
the
 
U.S.
 
market,
 
including
 
personal
 
loans
 
previously
originated under
 
the E-Loan
 
brand, purchased
 
personal loans
 
originated by
 
third parties,
 
and
 
gathering insured
 
institutional
deposits via online deposit gathering platforms. In the U.S. and British
 
Virgin Islands, BPPR offers a range of banking products,
including loans and deposits to both retail and
 
commercial customers.
For further information about the Corporation’s results segregated by
 
its reportable segments, see “Reportable Segment Results” in
the Management’s Discussion
 
and Analysis of
 
Financial Condition and Results
 
of Operations section (“MD&A”)
 
and Note 36
 
to the
Consolidated Financial Statements included in this
 
Form 10-K.
Lending Activities
We concentrate our lending activities in the following areas:
(1) Commercial. Commercial loans are comprised of (i) commercial and industrial (“C&I”) loans and leases to commercial
 
customers
for use in normal
 
business operations and to finance
 
working capital needs, equipment purchases or
 
other projects, (ii) commercial
real
 
estate
 
(“CRE”)
 
loans
 
(excluding
 
construction
 
loans)
 
for
 
income-producing real
 
estate
 
properties
 
as
 
well
 
as
 
owner-occupied
properties, and
 
(iii) multifamily loans
 
with residential buildings
 
with five
 
or more living
 
units. C&I loans
 
are underwritten individually
and usually secured with the assets of the company and
 
the personal guarantee of the business owners. CRE
 
loans consist of loans
for income-producing
 
real estate
 
properties and
 
the financing
 
of owner-occupied
 
facilities if
 
there is
 
real estate
 
as collateral.
 
Non-
owner-occupied CRE
 
loans are
 
generally made
 
to finance
 
office and
 
industrial buildings,
 
healthcare facilities,
 
and retail
 
shopping
centers and are
 
repaid through cash
 
flows related to
 
the operation, sale
 
or refinancing of
 
the property.
 
Multifamily loans, in
 
certain
cases, result from the conversion of the
 
Bank’s construction financing to permanent financing and are repaid
 
through the cash flow,
sale or refinance of the properties.
(2) Mortgage. Mortgage
 
loans include residential
 
mortgage loans to
 
consumers for the
 
purchase or refinancing
 
of a
 
residence and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
also include residential construction loans made
 
to individuals for the construction of refurbishment
 
of their residence.
 
(3) Consumer.
 
Consumer loans
 
are mainly
 
comprised of
 
unsecured personal
 
loans, credit
 
cards, and
 
automobile loans,
 
and to
 
a
lesser extent home equity lines of credit (“HELOCs”)
 
and other loans made by banks to individual
 
borrowers.
 
(4)
 
Construction.
 
Construction
 
loans
 
are
 
CRE
 
loans
 
to
 
companies
 
or
 
developers
 
used
 
for
 
the
 
construction
 
of
 
a
 
commercial
 
or
residential property for which repayment will be generated by the sale
 
or permanent financing of the property.
 
Our construction loan
portfolio primarily consists of residential land development,
 
multifamily housing, and condominium projects.
 
(5) Lease Financings. Lease financings are offered by
 
BPPR and are primarily comprised of automobile loans/leases made through
automotive dealerships.
Business Concentration
Since our
 
business activities
 
are currently concentrated
 
primarily in
 
Puerto Rico,
 
our results
 
of operations
 
and financial
condition are dependent upon the general trends of
 
the Puerto Rico economy and, in particular,
 
the residential and commercial real
estate markets. The concentration of our
 
operations in Puerto Rico exposes us
 
to greater risk than other
 
banking companies with a
wider
 
geographic
 
base.
 
Our
 
asset
 
and
 
revenue
 
composition
 
by
 
geographical
 
area
 
is
 
presented
 
in
 
Note
 
36
 
to
 
the
 
Consolidated
Financial Statements included in this Form 10-K.
Our loan portfolio is diversified by loan category.
 
However, 52% of our loan portfolio at
 
December 31, 2025 consisted of real estate-
related loans,
 
including residential
 
mortgage loans,
 
construction loans
 
and commercial
 
loans secured
 
by commercial
 
real estate.
The table below presents the distribution of
 
our loan portfolio by loan category at December
 
31, 2025.
Loan category
(Dollars in millions)
BPPR
%
PB
%
POPULAR
%
Commercial multi-family
$303
1
$2,152
18
$2,455
6
Commercial real estate:
 
Non-owner occupied
3,395
12
2,148
18
5,543
14
 
Owner occupied
1,197
4
1,957
17
3,154
8
Commercial and industrial
5,970
22
2,637
23
8,607
22
Construction
358
1
1,317
11
1,675
4
Mortgage
7,348
27
1,301
11
8,649
22
Leasing
2,001
7
2,001
5
Consumer:
 
Credit cards
1,257
4
-
-
1,257
3
 
Home equity lines of credit
2
 
-
 
77
1
79
 
-
 
 
Personal
1,836
7
70
1
1,906
5
 
Auto
3,820
14
-
-
3,820
10
 
Other
172
1
9
-
181
1
Total
$27,659
100
$11,668
100
$39,327
100
Except for the Corporation’s exposure to the Puerto Rico and U.S. Governments, no individual or single group of related accounts is
considered material
 
in relation
 
to our
 
total assets
 
or deposits,
 
or in
 
relation to
 
our overall
 
business.
 
For a
 
discussion of
 
our loan,
investment,
 
and
 
deposits
 
portfolios
 
and
 
our
 
exposure
 
to
 
the
 
Government
 
of
 
Puerto
 
Rico,
 
see
 
“Financial
 
Condition
 
–
 
Loans”,
“Financial Condition – Deposits” and “Credit Risk – Geographical and Government Risk” in the MD&A and to Note 23 - Commitment
and Contingencies to the Consolidated Financial Statements
 
included in this Form 10-K.
Credit
 
Administration
 
and
 
Credit
 
Policies
Interest
 
from our
 
loan portfolios
 
is our
 
principal source
 
of revenue.
 
Whenever we
 
make loans,
 
we expose
 
ourselves
 
to
credit
 
risk.
 
Credit
 
risk
 
is
 
controlled
 
and
 
monitored
 
through
 
active
 
asset
 
quality
 
management,
 
including
 
the
 
use
 
of
 
lending
standards,
 
thorough
 
review
 
of
 
potential
 
borrowers
 
and through
 
active
 
asset quality
 
administration.
 
 
 
8
Business
 
activities
 
that
 
expose
 
us to
 
credit
 
risk are
 
managed
 
within
 
the
 
Board
 
of Director’s
 
Risk Management policy,
and the Credit Risk Tolerance
 
Limits policy,
 
which establishes
 
limits
 
that
 
consider
 
factors
 
such
 
as maintainin
 
g
 
a prudent
 
balance
of risk-taking
 
across
 
diversified
 
risk types
 
and business
 
units,
 
compliance
 
with regulator
 
y
 
guidance,
 
and
 
controlling
 
the
 
exposure
to lower
 
credit
 
quality
 
assets.
We maintain
 
comprehensive
 
credit policies
 
for all lines of
 
business in order
 
to mitigate credit
 
risk. Our credit
 
policies
 
are
approved by
 
our Board
 
of Directors.
 
These policies set
 
forth,
 
among
 
other
 
things,
the objectives, scope and
 
responsibilities of the
credit
 
management cycle.
 
Our
 
internal
 
written
 
procedures
 
establish
underwriting
 
standards
 
and
 
procedures
 
for
 
monitoring
 
and
evaluating
 
loan
 
portfolio
 
quality
 
and
 
require
 
prompt
 
identificatio
 
n
 
and
 
quantificatio
 
n
 
of
 
asset
 
quality
 
deterioration
 
or
 
potential
loss
to provide for the adequacy of the allowance for credit losses. These written procedures establish various approval and lending
limit levels,
 
ranging
 
from
 
bank
 
branch
 
or departmen
 
t
 
officers
 
to managerial
 
and senior
 
management
 
levels.
 
Approval
 
levels
 
are
primarily
 
determined
 
by the
 
amount, type
 
of loan and
 
risk characteristics
 
of the credit
 
facility.
Our
 
credit
 
policies
 
and
 
procedures
 
establish
 
documentation
 
requirements
 
for
 
each
 
loan
 
and
 
related
 
collateral
 
type,
when
 
applicable,
 
during
 
the
 
underwriting,
 
closing
 
and
 
monitoring
 
phases.
 
For
 
commercial
 
and
 
construction
 
loans,
 
during
 
the
initial
 
loan
 
underwriting
 
process,
 
the
 
credit
 
policies
 
require,
 
at
 
a
 
minimum,
 
historical
 
financial
 
statements
 
or
 
tax
 
returns
 
of
 
the
borrower,
 
an analysis
 
of financial
 
information
 
contained
 
in
 
a
 
credit
 
approval
 
package,
 
a
 
risk
 
rating
 
determination
 
and
 
reports
from
 
credit
 
agencies
 
and appraisal
 
s
 
for
 
real
 
estate-related
 
loans when applicable
 
.
 
The credit
 
policies
 
also
 
set
 
forth
 
the
 
required
closing
 
documentation
 
depending
 
on the
 
loan
 
and the
 
collateral
 
type.
Although
 
we originate
 
most
 
of our
 
loans
 
internally
 
in both
 
the Puerto
 
Rico
 
and mainland
 
United
 
States
 
markets,
 
we
occasionally
 
purchase
 
or participate
 
in loans
 
originated
 
by other
 
financial
 
institutions.
 
When we
 
purchase
 
or participate
 
in loans
originated by
 
others, we ensure
 
that those loans
 
meet our underwriting
 
standards and
 
are consistent
 
with our risk
 
appetite.
 
Refer
 
to
 
the
 
Credit
 
Risk
 
section
 
of
 
the
 
MD&A
 
included
 
in
 
this
 
Form
 
10-K
 
for
 
information
 
related
 
to
 
management
committees and divisions with responsibilities for establishing
 
policies and monitoring the Corporation’s credit risk.
Loan
 
extensions
 
,
 
renewals
 
and restructurings
Loans with
 
satisfactory
 
credit profiles
 
can be
 
extended, renewed
 
or restructured
 
.
 
Some commercia
 
l
 
loan facilities
 
are
structured
 
as lines
 
of credit, which
 
are mainly
 
one year
 
in term
 
and therefore
 
are required
 
to be renewed
 
annually.
 
Other
 
facilities
may be restructure
 
d
 
or extended
 
from time
 
to time based
 
upon changes
 
in the
 
borrower’s
 
business
 
needs,
 
use
 
of
 
funds,
 
timing
of
 
completion
 
of
 
projects
 
and
 
other
 
factors.
 
If
 
the
 
borrower
 
is
 
not
 
deemed
 
to
 
have
 
financial
 
difficulties
 
,
 
extensions,
 
renewals
and restructurings
 
are done
 
in the
 
normal
 
course
 
of busines
 
s
 
and the
 
loans
 
continue
 
to be recorde
 
d
 
as performing.
We
 
evaluate
 
various
 
factors
 
to
 
determine
 
if
 
a
 
borrower
 
is
 
experiencing
 
financial
 
difficulties.
 
Indicators
 
that
 
the
borrower
 
is
 
experiencing
 
financial difficultie
 
s
 
include,
 
for example:
 
(i)
 
the borrower
 
is currently
 
in default on any
 
of its debt
 
or it is
probable tha
 
t
 
the borrower
 
would be
 
in payment
 
default on
 
any of
 
its debt
 
in th
 
e
 
foreseeable
 
future
 
without
 
the modification
 
;
 
(ii)
 
the
 
borrower
 
has declare
 
d
 
or is in
 
the
 
process
 
of declarin
 
g
 
bankruptcy;
 
(iii)
 
there
 
is significan
 
t
 
doubt
 
as to whether
 
the
 
borrower
will
 
continue
 
to
 
be
 
a
 
going
 
concern;
 
(iv)
 
the
 
borrower
 
has
 
securities
 
that
 
have
 
been
 
delisted,
 
are
 
in
 
the
 
process
 
of
 
being
delisted,
 
or
 
are
 
under threa
 
t
 
of bein
 
g
 
delisted
 
from
 
an exchange
 
;
 
(v) based
 
on estimates
 
and projection
 
s
 
that
 
only
 
encompass
the
 
current
 
business
 
capabilities
 
,
 
the
 
borrower
 
forecasts
 
that
 
its
 
entity-specifi
 
c
 
cash
 
flows
 
will
 
be
 
insufficien
 
t
 
to
 
service
 
the
debt
 
(both
 
interest
 
and
 
principal)
 
in
 
accordance
 
with
 
the
 
contractual
 
terms
 
of
 
the
 
existing
 
agreement
 
through
 
maturity;
 
and
(vi)
 
absent
 
the
 
current
 
modification,
 
the
 
borrower
 
cannot
 
obtain
 
funds
 
from
 
sources
 
other
 
than
 
the
 
existing
 
creditors
 
at
 
an
effective
 
interest
 
rate
 
equal to the current market
 
interest
 
rate for similar
 
debt for a non-troubled
 
debtor.
We
 
have
 
specialized
 
workout
 
officers
 
who
 
handle
 
the majority
 
of
 
commercial
 
loans
 
that
 
are
 
past
 
due
 
90
 
days
 
and
over,
 
borrowers
 
experiencing
 
financial
 
difficulties
 
,
 
and loans
 
that
 
are considered
 
problem loans
 
based on
 
their risk
 
profile. As
 
a
general
 
policy,
 
we
 
do
 
not
 
advance
 
additional
 
money
 
to
 
borrowers
 
who
 
have
 
loans
 
that
 
are
 
90
 
days
 
past
 
due
 
or
 
over.
 
In
commercial
 
and
 
construction
 
loans,
 
certain
 
exceptions
 
may
 
be approved
 
under
 
certain
 
circumstances,
 
including
 
(i) when
 
past
due
 
status
 
is administrativ
 
e
 
in nature,
 
such
 
as expiration
 
of a loan
 
facility
 
before
 
the
 
new documentatio
 
n
 
is executed,
 
and not as
a result
 
of paymen
 
t
 
or credit
 
issues;
 
(ii) to
 
improve
 
our collateral
 
position
 
or
 
otherwise
 
maximize
 
recovery
 
or
 
mitigate
 
potential
future
 
losses;
 
and
 
(iii)
 
with
 
respect
 
to
 
certain
 
entities
 
that,
 
although
 
related
 
through
 
common
 
ownership,
 
are
 
not
 
cross
9
defaulted
 
nor
 
cross-collateralized
 
and
 
are
 
performing
 
satisfactorily
 
under
 
their
 
respective
 
loan
 
facilities.
 
Such
 
advances
 
are
underwritten
 
and
 
approved
 
following
 
our
 
credit
 
policy
 
guidelines
 
and
 
limits,
 
which
 
are
 
dependent
 
on
 
the
 
borrower’s
 
financial
condition,
 
collateral
 
and guarantee,
 
among
 
others.
In addition
 
to the legal
 
lending limit
 
established under
 
applicable
 
state banking
 
law, discusse
 
d
 
in detail
 
below,
 
business
activities
 
that
 
expose the
 
Corporation to
 
credit
 
risk
 
are managed
 
within
 
guidelines described
 
in the
 
Credit
 
Risk Tolerance
 
Limits
policy.
 
Limits are defined for
 
loss and credit
 
performance metrics, portfolio composition and
 
concentration, and industry and
 
name-
level,
which
monitors
 
lending
 
concentration
 
to
 
a
 
single
 
borrower
 
or
 
a
 
group
 
of
 
related
 
borrowers,
 
including
 
specific
 
lending
limits
 
based
 
on industr
 
y
 
or other
 
criteria,
 
such
 
as a percentage
 
of the
 
banks’
 
capital.
Refer to Note 2 and Note 8 to the Consolidated Financial Statements included
 
in this Form 10-K, for additional information
on loan modifications to borrowers with financial difficulties.
Competition
The
 
financial
 
services
 
industry
 
in
 
which
 
we
 
operate
 
is
 
highly
 
competitive.
 
In
 
Puerto
 
Rico,
 
our
 
primary
 
market,
 
the
banking
 
business
 
is
 
highly
 
competitive
 
with
 
respect
 
to
 
originatin
 
g
 
loans,
 
acquiring
 
deposits
 
and
 
providing
 
other
 
banking
services.
 
Most
 
of
 
our
 
direct
 
competitio
 
n
 
for
 
our
 
products
 
and
 
services
 
comes
 
from
 
commercial
 
banks and
 
credit unions.
The
 
principal
 
competitors
 
for
 
BPPR
 
include
 
locally
 
based
 
commercial
 
banks
 
and
 
a
 
few
 
large
 
U.S.
 
and
 
foreign
 
banks
 
with
operations in Puerto Rico.
 
We
 
also
 
compete
 
with
 
specialized
 
players
 
in th
 
e
 
local
 
financial
 
industry
 
that
 
are
 
not
 
subject
 
to
 
the
 
same
 
regulatory
restrictions
 
as domestic
 
banks
 
and bank holdin
 
g
 
companies.
 
Those
 
competitors
 
include
 
brokerage
 
firms,
 
mortgage
 
companies,
insurance
 
companies,
 
automobile
 
and
 
equipment
 
finance
 
companies,
 
local
 
and
 
federal
 
credit
 
unions
 
(locally
 
known
 
as
“cooperativas”),
 
credit car
 
d
 
companies,
 
consumer
 
finance
 
companies,
 
institutional
 
lenders,
 
and other
 
financial
 
and non-financia
 
l
institutions
 
and entities.
 
Credit
 
unions
 
generally
 
provide
 
basic consume
 
r
 
financial
 
services and collectively
 
represent a
 
significant
portion of the
 
market with
 
a lower cost structure
 
and fewer regulatory
 
constraints.
While our main competition continues to come from other Puerto Rico banks and financial institutions, we face increased
competition from non-Puerto
 
Rico institutions, as
 
emerging technologies and
 
the growth
 
of e-commerce have
 
significantly reduced
geographic barriers. These technologies have
 
also made it easier
 
for non-depositary institutions to
 
offer products and
 
services that
were
 
traditionally
 
considered
 
banking
 
products
 
and
 
have
 
allowed
 
non-traditional
 
financial
 
service
 
providers
 
and
 
technology
companies
 
to
 
provide
 
electronic
 
and
 
internet-based
 
financial
 
solutions
 
and
 
services.
 
In
 
addition,
 
nonbank
 
firms
 
may
 
have
 
a
competitive advantage over
 
traditional banks
 
and bank
 
holding companies,
 
such as
 
Popular,
 
due to factors
 
such as
 
differences in
regulation, funding models and tax treatment.
In
 
the
 
United
 
States
 
we
 
continue
 
to
 
face
 
substantial
 
competitive
 
pressure
 
as
 
our
 
footprint
 
resides
 
in
 
the
 
two
 
large
metropolitan markets of
 
New York
 
City /
 
Northern New Jersey
 
and the
 
greater Miami area.
 
There are a
 
large number
 
of banks in
both markets, including community, regional, and national ones, most of which
 
have more resources than us.
In both
 
Puerto Rico
 
and the
 
United States,
 
the primary
 
factors in
 
competing
 
for business
 
include
 
pricing,
 
convenience
of branch
 
locations
 
and other
 
delivery
 
methods,
 
range of
 
products offered,
 
and the
 
level of
 
service delivered.
 
We must
 
compete
effectively
 
along
 
all
 
these
 
parameters
 
to
 
be
 
successful.
 
We
 
experience
 
pricing
 
pressure
 
as
 
some
 
of
 
our
 
competitors
 
seek
 
to
increase
 
market
 
share
 
by
 
reducing
 
prices
 
for
 
services
 
or
 
the
 
rates
 
charged
 
on
 
loans,
 
increasing
 
the
 
interest
 
rates
 
offered
 
on
deposits
 
or offering
 
more flexible
 
terms. Increased
 
competition
 
could require
 
that we
 
increase
 
the rates
 
offered
 
on deposits
 
and
lower the rates
 
charged on loans,
 
which could adversely
 
affect our profitability.
Economic
 
factors,
 
along
 
with
 
legislative
 
and
 
technological
 
changes,
 
have
 
an
 
ongoing
 
impact
 
on
 
the
 
competitive
environment
 
within
 
the financia
 
l
 
services
 
industry.
 
We work
 
to anticipat
 
e
 
and adap
 
t
 
to dynamic
 
competitive
 
conditions
 
whether
through developing
 
and marketing
 
innovative
 
products
 
and services,
 
adopting
 
or developin
 
g
 
new technologie
 
s
 
that
 
differentiat
 
e
our products
 
and
 
services,
 
cross-marketing,
 
or
 
providing
 
personalized
 
banking
 
services.
 
We
 
strive
 
to
 
distinguish
 
ourselves
from
 
other
 
banks
 
and
 
financial
 
services
 
providers
 
in our
 
marketplace
 
by providin
 
g
 
a high
 
level
 
of service
 
to enhance
 
customer
loyalty
 
and to attrac
 
t
 
and retain
 
business.
 
However,
 
we can
 
provide
 
no assurance
 
as
 
to
 
the
 
effectiveness
 
of
 
these
 
efforts
 
on
our
 
future
 
business
 
or
 
results
 
of
 
operations,
 
and
 
as
 
to
 
our
 
continued
 
ability
 
to
 
anticipate
 
and
 
adapt
 
to
 
changing
 
10
conditions,
 
and
 
to
 
sufficientl
 
y
 
improve
 
our
 
services
 
and/or
 
banking
 
products,
 
in
 
order
 
to
 
successfully
 
compete
 
in
 
our
 
primary
service
 
areas.
Transformation Initiatives
The Corporation
 
continues
 
its broad-based
 
,
 
multi-year,
 
technological
 
and business
 
process transformation,
 
which was
 
launched
in
 
2022.
 
As
 
part
 
of
 
this
 
transformation,
 
we
 
are
 
making
 
significant
 
investments
 
in
 
technology,
 
talent
 
and
 
new
 
digital
 
and
 
data
capabilities
 
in order
 
to provide
 
our customers
 
with more
 
personalized
 
and accessible
 
services,
 
increase
 
employee
 
performance
and satisfaction
 
with more agile
 
work processes,
 
and generate sustainable
 
profitable growth
 
and value for our
 
shareholders.
During
 
2025,
 
the
 
Corporation
 
continued
 
to
 
make
 
meaningful
 
progress
 
in
 
the
 
modernization
 
of
 
our
 
customer
 
channels
 
and
enhancement
 
of our customers'
 
experience.
 
For example,
 
we started
 
the rollout
 
of a commercial
 
cash management
 
solution
 
and
deployed
 
a new
 
consumer
 
credit
 
origination
 
platform
 
in Puerto
 
Rico
 
and the
 
Virgin
 
Islands.
 
We
 
also
 
continued
 
to
 
invest
 
in our
physical
 
retail
 
network
 
and
 
executed
 
a series
 
of
 
efficiency
 
initiatives,
 
including
 
exiting
 
our
 
U.S.
 
mortgage
 
business,
 
optimizing
mortgage
 
servicing
 
operations
 
in Puerto
 
Rico,
 
and transforming
 
our Enterprise
 
Resource
 
Planning
 
(ERP)
 
platform
 
to a
 
modern
cloud-based solution
 
implemented
 
in January 2026
 
.
 
In
 
connection
 
with
 
the
 
Corporation’s
 
transformation
 
initiatives,
 
the
 
Corporation
 
is
 
working
 
to
 
achieve
 
a
 
sustainable
 
return
 
on
tangible
 
common
 
equity
 
(“ROTCE”)
 
of
 
14%
 
over
 
the
 
long
 
term.
 
The
 
Corporation
 
made
 
progress
 
towards
 
this
 
goal
 
in
 
2025,
achieving 13%
 
ROTCE for the full
 
year.
Refer
 
to
 
the
 
Overview
 
section
 
of
 
Management’s
 
Discussion
 
and
 
Analysis
 
included
 
in this
 
Form
 
10-K
 
for
 
information
 
on
 
recent
significant
 
events that have
 
impacted or
 
will impact
 
our current and
 
future operations.
Human Capital Management
Popular seeks
 
to embody our
 
values and
 
behaviors throughout
 
our human capital
 
management practices.
 
Attracting,
 
developing,
and retaining
 
top talent
 
in an
 
environment
 
that promotes
 
wellness, inclusion,
 
respect, continuous
 
learning,
 
and transparency
 
are
fundamental
 
pillars of
 
the Corporation’s
 
long-term strategy.
 
As of December
 
31, 2025, Popular
 
employed 9,427
 
individuals,
 
none
of whom were
 
represented
 
by a collective
 
bargaining group.
 
Nurturing Well
 
-Being: Employee
 
Health & Financial
 
Security
Popular
 
believes
 
that the
 
health and
 
financial
 
wellness
 
of our
 
employees
 
is fundamental
 
to delivering
 
high-quality
 
service
 
to our
customers
 
and
 
contributing
 
positively
 
to
 
the
 
communities
 
in
 
which
 
we
 
operate.
 
Accordingly,
 
the
 
Corporation
 
offers
 
a
comprehensive
 
health and
 
wellness program
 
that includes
 
medical, pharmacy,
 
vision, and
 
dental insurance,
 
as well as additional
wellness initiatives.
 
Our programs
 
are designed
 
to ensure that
 
healthcare is
 
both accessible
 
and affordable
 
for our employees,
 
with Popular covering
up to 78%
 
of health
 
insurance premiums,
 
a figure that
 
surpasses regional
 
benchmarks.
 
In 2025,
 
we strengthened
 
our health
 
and
wellness
 
offerings
 
by opening
 
a state-of-the-art
 
fitness center
 
in our San
 
Juan, Puerto
 
Rico campus,
 
to encourage
 
an active
 
and
balanced
 
lifestyle.
 
As of
 
December
 
2025,
 
the fitness
 
center
 
had
 
a total
 
of 2,030
 
members,
 
including
 
active
 
employees,
 
eligible
family members
 
and retirees.
 
Additionally,
 
the
 
Corporation
 
promotes
 
employee
 
health
 
and
 
well-being
 
by
 
encouraging
 
annual
 
physical
 
examinations
 
and
operating
 
a comprehensive
 
health and
 
wellness center
 
at its Puerto
 
Rico corporate
 
offices, staffed
 
with healthcare
 
providers and
enhanced
 
by
 
the
 
addition
 
of
 
an
 
on-site
 
psychologist
 
to
 
provide
 
mental
 
health
 
support.
 
The
 
center
 
received
 
over
 
15,000
 
visits
from employees
 
during 2025.
 
Popular
 
also seeks
 
to foster
 
work-life
 
balance
 
by offering
 
paid time
 
off
 
benefits
 
to our
 
employees,
 
including
 
community
 
service
leave,
 
paid
 
parental
 
leave,
 
and
 
flexible
 
work
 
arrangements.
 
Our
 
hybrid
 
work
 
model,
 
available
 
to
 
approximately
 
half
 
of
 
our
workforce,
 
is
 
designed
 
to
 
strike
 
an
 
appropriate
 
balance
 
between
 
employee
 
flexibility
 
and
 
business
 
needs,
 
reinforcing
 
our
commitment
 
to
 
a flexible
 
and
 
productive
 
work
 
environment.
 
In
 
addition,
 
we regularly
 
offer
 
activities
 
and
 
workshops
 
focused
 
on
physical fitness
 
and personal financial
 
management.
 
Popular
 
further
 
offers
 
a 401(k)
 
savings
 
and
 
investment
 
plan,
 
in
 
which
 
98%
 
of
 
employees
 
participate.
 
Under
 
the
 
plan,
 
Popular
 
 
 
11
matches
 
$0.50 for
 
every
 
dollar
 
contributed
 
by an
 
employee,
 
up to
 
8% of
 
the employee’s
 
salary.
 
Moreover,
 
Popular
 
maintains
 
a
profit-sharing
 
plan, contingent
 
upon the
 
achievement
 
of pre-established
 
financial
 
goals, to
 
further
 
align employee
 
compensation
with
 
the
 
Corporation’s
 
overall
 
performance.
 
Under
 
the
 
profit-sharing
 
plan,
 
employees
 
may
 
receive
 
up
 
to
 
8%
 
of
 
their
 
eligible
compensation
 
(capped
 
at $70,000),
 
with the
 
first
 
4% paid
 
in cash
 
and any
 
amount
 
above that
 
threshold
 
paid to
 
the employee’s
savings
 
and
 
investment
 
plan
 
account.
 
Additionally,
 
Popular
 
regularly
 
reviews
 
employees’
 
base
 
compensation
 
to
 
remain
competitive
 
with market salaries
 
for comparable
 
positions.
Empowering Growth:
 
Our Commitment
 
to Talent
 
Developmen
t
We
 
are committed
 
to fostering
 
the continuous
 
development
 
and upskilling
 
of our
 
employees
 
and
 
believe
 
this
 
is fundamental
 
to
maintaining
 
our competitive
 
advantage.
 
Towards
 
that end,
 
Popular
 
offers
 
development
 
opportunities
 
designed
 
to strengthen
 
our
employees’
 
knowledge,
 
capabilities
 
and
 
skills,
 
supporting
 
their
 
personal
 
growth
 
while
 
enhancing
 
Popular’s
 
business
 
strategies
and organizational
 
effectiveness.
 
Our 40,000
 
square foot
 
development
 
center in
 
San Juan,
 
Puerto Rico,
 
and our satellite
 
facilities
 
in New York,
 
South Florida,
 
and
the
 
Virgin
 
Islands,
 
offer
 
year-round
 
training
 
sessions,
 
activities
 
and
 
workshops.
 
In
 
2025,
 
there
 
were
 
approximately
 
6,700
registered
 
participations
 
in corporate
 
academy
 
voluntary
 
courses,
 
new
 
employee
 
orientations,
 
health
 
coordinator
 
certifications,
and
 
manager
 
onboarding
 
programs—an
 
increase
 
of
 
approximately
 
2,500
 
compared
 
to
 
the
 
participation
 
levels
 
in
 
2024.
 
These
courses
 
offer
 
instructor-led
 
training
 
experiences
 
for
 
employees
 
to
 
develop
 
and
 
apply
 
critical
 
core
 
and
 
technical
 
skills.
 
Our
commitment
 
to
 
continuous
 
learning
 
is
 
further
 
supported
 
through
 
employee
 
access
 
to
 
LinkedIn
 
Learning,
 
which
 
provides
 
an
extensive
 
library
 
of
 
over
 
16,000
 
e-learning
 
courses,
 
enabling
 
employees
 
to
 
pursue
 
self-directed
 
learning
 
aligned
 
with
 
both
professional
 
development goals
 
and business
 
needs.
 
Our
 
focus
 
on
 
training
 
and
 
development
 
has
 
provided
 
internal
 
growth
 
opportunities
 
for
 
our
 
workforce.
 
As
 
a
 
result,
 
the
Corporation’s
 
internal
 
mobility
 
rate in
 
2025 was
 
47%, reflecting
 
employees
 
who applied
 
for or
 
were selected
 
for open
 
positions,
received
 
promotions,
 
or made
 
lateral
 
moves
 
within
 
the
 
organization.
 
Additionally,
 
we continued
 
strengthening
 
key skills
 
across
accelerated
 
development
 
programs
 
focused
 
on
 
data
 
science,
 
agile
 
methodologies,
 
analytics,
 
process
 
efficiency,
 
and
 
product
management.
 
During
 
2025,
 
approximately
 
400
 
employees
 
participated
 
in these
 
programs,
 
further
 
enhancing
 
the
 
organization’s
talent.
 
During
 
2025,
 
Popular
 
successfully
 
implemented
 
the Executive
 
Development
 
Program,
 
engaging
 
over
 
80 executive
 
leaders
 
in a
comprehensive
 
initiative
 
focused
 
on strengthening
 
key
 
behaviors,
 
including
 
agility,
 
accountability,
 
collaboration,
 
and leadership
mindset,
 
aligned
 
with
 
our
 
company
 
values.
 
In
 
addition,
 
we
 
introduced
 
the
 
Middle
 
Management
 
Development
 
Program,
 
a two-
year
 
development
 
journey
 
for
 
over
 
1,700
 
leaders
 
designed
 
to
 
reinforce
 
alignment
 
with
 
the
 
Corporation’s
 
values
 
and
 
expected
behaviors
 
while
 
fostering
 
sustainable
 
organizational
 
transformation.
 
Furthermore,
 
we provided
 
our
 
leaders
 
with
 
advanced
 
tools
to support more
 
effective and
 
impactful performance
 
discussions.
Our
 
organizational
 
effectiveness
 
strategy
 
was
 
crucial
 
in
 
advancing
 
organizational
 
development
 
through
 
targeted
 
initiatives,
including
 
assessments,
 
team
 
integration
 
activities,
 
new
 
manager
 
integration
 
facilitations,
 
and
 
team
 
alignment
 
sessions.
 
These
efforts
 
are
 
designed
 
to
 
foster
 
a
 
cohesive,
 
agile,
 
and
 
adaptable
 
workforce
 
capable
 
of
 
supporting
 
the
 
Corporation’s
 
evolving
business objectives.
Enhancing Leadership
 
Continuity through
 
Strategic Succession
 
Planning
Popular’s
 
business
 
strategy
 
integrates
 
succession
 
planning
 
to
 
ensure
 
effective
 
and
 
orderly
 
leadership
 
transitions.
 
Succession
plans
 
for senior
 
management
 
are
 
developed
 
by the
 
Chief
 
Executive
 
Officer
 
and
 
presented
 
to the
 
Board
 
of Directors.
 
Popular’s
succession
 
planning
 
also
 
leverages
 
our
 
Executive
 
Talent
 
Management
 
Program
 
to
 
identify
 
high-potential
 
and
 
high-performing
managers,
 
providing
 
them
 
with
 
targeted
 
learning
 
opportunities
 
to
 
enhance
 
their
 
skills
 
and
 
prepare
 
them
 
for
 
future
 
senior
management positions.
Employee Experience
Popular
 
is
 
committed
 
to
 
providing
 
an
 
exceptional
 
employee
 
experience
 
that
 
inspires
 
our
 
employees
 
to
 
deliver
 
outstanding
service
 
to
 
our
 
customers
 
and
 
communities.
 
We
 
recognize
 
the
 
evolving
 
nature
 
of
 
our
 
employees’
 
needs
 
and
 
expectations
 
and
have
 
a
 
robust
 
approach
 
to
 
measuring
 
and
 
understanding
 
their
 
journey.
 
Our
 
employee
 
engagement
 
and
 
experience
 
survey
program
 
includes
 
biannual
 
pulse surveys,
 
an annual
 
enterprise-wide
 
survey,
 
and additional
 
surveys
 
that assess
 
the end
 
-to-end
employee
 
journey.
 
We believe
 
that these
 
insights
 
contributed
 
to our
 
ability
 
to maintain
 
a stable
 
employee
 
turnover
 
rate of
 
8.5%
as
 
of
 
the
 
end
 
of
 
2025.
 
Furthermore,
 
our
 
employee-experience
 
efforts
 
are
 
reflected
 
in
 
record
 
participation
 
rate
 
of
 
77%
 
and
 
a
sustained
 
employee-loyalty
 
score of
 
81%, positioning
 
us above
 
the 50th
 
percentile
 
of the Qualtrics
 
global benchmark
 
and above
the financial
 
services industry
 
average benchmark.
 
12
Board Oversight
 
in Human Capital
The
 
Talent
 
and
 
Compensation
 
Committee
 
of
 
the
 
Corporation’s
 
Board
 
of
 
Directors
 
has
 
oversight
 
responsibility
 
for
 
the
Corporation’s
 
human
 
capital
 
management
 
practices.
 
As
 
part
 
of
 
its
 
responsibilities,
 
the
 
Talent
 
and
 
Compensation
 
Committee
reviews
 
and
 
advises
 
management
 
on
 
the
 
Corporation’s
 
overall
 
compensation
 
philosophy,
 
programs
 
and
 
policies,
 
and
 
on
 
the
Corporation’s
 
talent
 
acquisition
 
and
 
development,
 
workforce
 
engagement,
 
succession
 
planning,
 
and
 
corporate
 
culture,
 
among
other human capital
 
matters.
We
 
encourage
 
you
 
to
 
review
 
our Corporate
 
Sustainability
 
Report
 
published
 
on www.popular.com
 
for more
 
detailed
 
information
regarding
 
the Corporation’s
 
human capital
 
management
 
programs
 
and initiatives.
 
The information
 
on the
 
Corporation’s
 
website,
including
 
the
 
Corporation’s
 
Corporate
 
Sustainability
 
Report,
 
is
 
not,
 
and
 
will
 
not
 
be
 
deemed
 
to
 
be,
 
a
 
part
 
of
 
this
 
Form
 
10-K
 
or
incorporated
 
into any of the
 
Corporation’s
 
filings with
 
the SEC.
Regulation and Supervision
Described below are the material elements of selected laws and regulations applicable to Popular, Popular North America
(“PNA”)
 
and
 
their
 
respective
 
subsidiaries.
 
Such
 
laws
 
and
 
regulations
 
are
 
continually
 
under
 
review
 
by
 
Congress
 
and
 
state
legislatures
 
and
 
federal
 
and
 
state
 
regulatory
 
agencies.
 
Any
 
change
 
in
 
the
 
laws
 
and
 
regulations
 
applicable
 
to
 
Popular
 
and
 
its
subsidiaries could have a material effect on the
 
business of Popular and its subsidiaries. We will continue to
 
assess our businesses
and risk management and compliance practices
 
to conform to developments in the regulatory
 
environment.
General
Popular and PNA are bank holding companies subject to consolidated supervision and
 
regulation by the Federal Reserve
Board under
 
the Bank
 
Holding Company Act
 
of 1956
 
(as amended, the
 
“BHC Act”). BPPR
 
and PB
 
are subject to
 
supervision and
examination by applicable
 
federal and state
 
banking agencies including,
 
in the
 
case of BPPR,
 
the Federal Reserve
 
Board and the
Office of
 
the Commissioner
 
of Financial
 
Institutions of
 
Puerto Rico
 
(the “Office
 
of the
 
Commissioner”), and, in
 
the case
 
of PB,
 
the
Federal
 
Reserve
 
Board
 
and
 
the
 
New
 
York
 
State
 
Department
 
of
 
Financial
 
Services
 
(the
 
“NYSDFS”).
 
Popular’s
 
broker-dealer
 
/
investment adviser
 
subsidiary,
 
Popular Securities,
 
LLC (“PS”)
 
and investment
 
adviser subsidiary
 
Popular Asset
 
Management LLC
(“PAM”)
 
are subject
 
to
 
regulation by
 
the SEC,
 
the Financial
 
Industry
 
Regulatory Authority
 
(“FINRA”), and
 
the Securities
 
Investor
Protection Corporation, among others. Other of our non-bank subsidiaries conduct reinsurance and
 
insurance producer and agency
activities, which are
 
subject to other
 
federal, state and
 
Puerto Rico laws
 
and regulations as
 
well as licensing
 
and regulation by
 
the
Puerto Rico Office of the Commissioner of Insurance and,
 
for one insurance agency subsidiary, the NYSDFS.
Enhanced Prudential Standards
Under
 
the
 
Dodd-Frank
 
Wall
 
Street
 
Reform
 
and
 
Consumer
 
Protection
 
Act
 
(the
 
“Dodd-Frank
 
Act”),
 
as
 
modified
 
by
 
the
Economic
 
Growth,
 
Regulatory
 
Relief,
 
and
 
Consumer
 
Protection
 
Act
 
and
 
the
 
federal
 
banking
 
regulators’
 
2019
 
“Tailoring
 
Rules,”
banking
 
organizations are
 
categorized based
 
on status
 
as
 
a U.S.
 
G-SIB,
 
size
 
and four
 
other risk-based
 
indicators. Among
 
bank
holding companies with $100
 
billion or more in
 
total consolidated assets, the
 
most stringent standards apply
 
to U.S. G-SIBs,
 
which
are subject to Category I standards,
 
and the least stringent standards apply to Category IV organizations, which have between $100
billion and $250 billion in total consolidated assets and less than $75 billion in all four other risk-based indicators and
 
which are also
not U.S. G-SIBs. Bank holding companies with total consolidated assets of $50 billion or more are subject to risk committee and risk
management requirements. As of December 31, 2025,
 
Popular had total consolidated assets of $75.3 billion.
13
Transactions with Affiliates
BPPR
 
and
 
PB
 
are
 
subject
 
to
 
restrictions
 
that
 
limit
 
the
 
amount
 
of
 
extensions
 
of
 
credit
 
and
 
certain
 
other
 
“covered
transactions” (as defined in Section
 
23A of the Federal
 
Reserve Act) between BPPR or
 
PB, on the
 
one hand, and Popular,
 
PNA or
any
 
of
 
our
 
other
 
non-banking
 
subsidiaries,
 
on
 
the
 
other
 
hand,
 
and
 
that
 
impose
 
collateralization
 
requirements
 
on
 
such
 
credit
extensions. A bank may not engage in any covered transaction if the aggregate amount of the bank’s covered transactions with that
affiliate would exceed 10% of
 
the bank’s capital stock and
 
surplus or the aggregate amount of
 
the bank’s covered transactions with
all non-bank affiliates would exceed 20%
 
of the bank’s capital stock and
 
surplus. In addition, any transaction between BPPR
 
or PB,
on the one
 
hand, and Popular,
 
PNA or any
 
of our other
 
non-banking subsidiaries, on
 
the other,
 
is required to
 
be carried out
 
on an
arm’s length basis.
Source of Financial Strength
The
 
Dodd-Frank Act
 
requires bank
 
holding companies,
 
such
 
as Popular
 
and
 
PNA, to
 
act
 
as
 
a source
 
of
 
financial
 
and
managerial strength to their subsidiary banks. Popular
 
and PNA are expected to commit resources
 
to support their subsidiary banks,
including at times when Popular
 
and PNA may not be
 
in a financial position to
 
provide such resources. Any capital loans
 
by a bank
holding company
 
to any
 
of its
 
subsidiary depository
 
institutions are
 
subordinated in
 
right of
 
payment to
 
depositors and
 
to certain
other indebtedness of such subsidiary depository institution. In the
 
event of a bank holding company’s bankruptcy,
 
any commitment
by
 
the
 
bank
 
holding
 
company
 
to
 
a
 
federal
 
banking
 
agency
 
to
 
maintain
 
the
 
capital
 
of
 
a
 
subsidiary
 
depository
 
institution
 
will
 
be
assumed by
 
the bankruptcy
 
trustee and
 
entitled to
 
a priority
 
of payment.
 
BPPR and
 
PB are
 
currently the
 
only insured
 
depository
institution subsidiaries of Popular and PNA.
Resolution Planning and Resolution-Related Requirements
A
bank holding
 
company with
 
$250 billion
 
or more
 
in total
 
consolidated assets
 
(or that
 
is a
 
Category III
 
firm based
 
on
certain risk-based indicators described in the Tailoring
 
Rules) is required to report periodically to the FDIC
 
and the Federal Reserve
Board
 
such
 
company’s
 
plan
 
for
 
its
 
rapid
 
and
 
orderly
 
resolution
 
in
 
the
 
event
 
of
 
material
 
financial
 
distress
 
or
 
failure.
 
In
 
addition,
insured depository institutions with total
 
assets of $50 billion or
 
more are required to
 
submit to the FDIC
 
periodic contingency plans
for
 
resolution
 
in
 
the
 
event
 
of
 
the
 
institution’s
 
failure.
 
In
 
June
 
2024,
 
the
 
FDIC
 
finalized
 
amendments
 
to
 
the
 
resolution
 
planning
requirements for insured depository institutions with
 
$50 billion or more in
 
total assets. The amendments require insured
 
depository
institutions with
 
between $50
 
billion and $100
 
billion in
 
assets to submit
 
informational filings on
 
a three-year cycle,
 
with an
 
interim
supplement updating key information submitted in the off years. These amendments
 
became effective October 1, 2024, and BPPR’s
first submission under the new rule is due by
 
April 1, 2026.
On August
 
29, 2023,
 
the Federal
 
Reserve Board,
 
FDIC and
 
Office of
 
the Comptroller
 
of the
 
Currency (“OCC”)
 
issued a
proposed
 
rule
 
that
 
would
 
require
 
bank
 
holding
 
companies
 
and
 
insured
 
depository
 
institutions
 
with
 
$100
 
billion
 
or
 
more
 
in
consolidated assets (as well as their insured depository institution affiliates) to maintain minimum
 
amounts of eligible long-term debt
(generally, debt
 
that is unsecured, has
 
a maturity greater than one
 
year from issuance and satisfies
 
additional criteria), subject to a
three-year phase-in
 
period. The
 
proposal would
 
also apply
 
“clean holding
 
company” requirements
 
to Category
 
II through
 
IV bank
holding companies,
 
which would,
 
among other
 
things, prohibit
 
those holding
 
companies from
 
entering into
 
derivatives and
 
certain
other financial
 
contracts with
 
third parties.
 
As of
 
December 31,
 
2025, Popular,
 
PNA, BPPR
 
and PB’s
 
total assets
 
were below
 
the
thresholds for applicability
 
of these rules,
 
except that BPPR
 
is subject to
 
the FDIC’s resolution
 
planning requirements applicable to
insured depository institutions with more than $50
 
billion but less than $100 billion in assets.
FDIC Insurance
Substantially all the deposits of BPPR and PB are insured up to applicable limits by the Deposit Insurance Fund (“DIF”) of
the
 
FDIC,
 
and
 
BPPR
 
and
 
PB
 
are
 
subject
 
to
 
FDIC
 
deposit
 
insurance
 
assessments
 
to
 
maintain
 
the
 
DIF.
 
Deposit
 
insurance
assessments are
 
based on
 
the average
 
consolidated total
 
assets of
 
the insured
 
depository institution
 
minus the
 
average tangible
equity of the institution during the assessment period. For larger
 
depository institutions with over $10 billion in assets,
 
such as BPPR
and PB, the FDIC uses a “scorecard” methodology, which considers CAMELS ratings, among
 
other measures, that seeks to capture
both the probability that an individual large institution will
 
fail and the magnitude of the impact on the DIF
 
if such a failure occurs. The
FDIC has the ability
 
to make discretionary adjustments to the
 
total score based upon significant
 
risk factors that are not
 
adequately
captured in the calculations. The initial base deposit insurance assessment rate for larger depository institutions ranges from 3 to 30
basis
 
points
 
on
 
an
 
annualized
 
basis.
 
Taking
 
into
 
account the
 
adjustments the
 
FDIC
 
may
 
make
 
to
 
the
 
base
 
rate,
 
the
 
total
 
base
assessment rate could range from 1.5 to 40 basis points
 
on an annualized basis.
In
 
October
 
2022,
 
the
 
FDIC
 
finalized
 
a
 
rule
 
that
 
increased
 
initial
 
base
 
deposit
 
insurance
 
assessment
 
rates
 
by
 
2
 
basis
points, beginning with the first quarterly assessment period of 2023. The FDIC, as required under the Federal Deposit Insurance Act
14
(“FDIA”), established
 
a plan
 
in September
 
2020 to
 
restore the
 
DIF reserve
 
ratio to
 
meet or
 
exceed the
 
statutory minimum
 
of 1.35
percent within
 
eight years. The
 
increased assessment is
 
intended to improve
 
the likelihood that
 
the DIF
 
reserve ratio would
 
reach
the required minimum by the statutory deadline
 
of September 30, 2028.
As of December 31, 2025, BPPR and
 
PB had a DIF average total asset
 
less average tangible equity assessment base of
$69 billion.
On
 
November 16,
 
2023,
 
the
 
FDIC finalized
 
a
 
rule
 
that
 
imposes
 
a special
 
assessment to
 
recover the
 
costs to
 
the
 
DIF
resulting
 
from
 
the
 
FDIC’s
 
use,
 
in
 
March
 
2023,
 
of
 
the systemic
 
risk
 
exception to
 
the
 
least-cost resolution
 
test
 
under the
 
FDIA
 
in
connection with the
 
receiverships of Silicon
 
Valley Bank
 
and Signature Bank.
 
The FDIC estimated
 
in approving the
 
rule that those
assessed losses total $16.3 billion. The rule provides
 
that this loss estimate will be periodically adjusted,
 
which will affect the amount
of
 
the special
 
assessment. Under
 
the rule,
 
the assessment
 
base is
 
the
 
estimated uninsured
 
deposits that
 
an insured
 
depository
institution reported in its Consolidated Reports of Condition and Income (“Call Report”) at December 31, 2022,
 
excluding the first $5
billion
 
in estimated
 
uninsured deposits.
 
For
 
a holding
 
company
 
that
 
has
 
more than
 
one
 
insured depository
 
institution subsidiary,
such as Popular,
 
the $5 billion
 
exclusion is allocated
 
among the company’s
 
insured depository institution subsidiaries
 
in proportion
to each
 
insured depository
 
institution’s estimated
 
uninsured deposits.
 
The special
 
assessments were
 
to be
 
collected at
 
an annual
rate of approximately 13.4 basis points per
 
year (3.36 basis points per quarter) over
 
eight quarters,
 
with the first assessment period
having begun
 
January 1,
 
2024. In
 
June 2024,
 
due to
 
the increase
 
in the
 
estimate of
 
losses, the
 
FDIC announced that
 
it projected
that the special
 
assessment would be collected
 
for an additional
 
two quarters beyond the
 
initial eight quarter collection
 
period, at a
lower rate.
 
In December
 
2025, the
 
FDIC reduced
 
the rate
 
at which
 
the assessment
 
is collected,
 
with an
 
invoice payment
 
date of
March 30, 2026, from 3.36 basis points to
 
2.97 basis points,
 
and also reduced the collection period back
 
to eight quarters.
Brokered Deposits
The FDIA
 
and regulations
 
adopted thereunder
 
restrict the
 
use of
 
brokered deposits
 
and the
 
rate of
 
interest payable
 
on
deposits for institutions
 
that are less
 
than well capitalized.
 
Popular does not
 
believe the brokered
 
deposits regulations have
 
had or
will have a material effect on the funding or liquidity
 
of BPPR and PB.
Capital Adequacy
Popular, PNA,
 
BPPR and PB are
 
each required to comply
 
with applicable capital adequacy standards
 
established by the
federal
 
banking
 
agencies
 
(the
 
“Capital
 
Rules”),
 
which
 
implement
 
the
 
Basel
 
III
 
framework
 
set
 
forth
 
by
 
the
 
Basel
 
Committee
 
on
Banking Supervision (the “Basel Committee”) as
 
well as certain provisions of the Dodd-Frank
 
Act.
Among other
 
matters, the
 
Capital Rules:
 
(i) impose
 
a capital
 
measure called
 
“Common Equity
 
Tier
 
1” (“CET1”)
 
and the
related regulatory capital ratio of CET1 to risk-weighted assets; (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1
capital” instruments meeting
 
certain revised requirements;
 
and (iii) mandate
 
that most deductions/adjustments to
 
regulatory capital
measures be made
 
to CET1
 
and not to
 
the other components
 
of capital.
 
Under the Capital
 
Rules, for most
 
banking organizations,
including
 
Popular,
 
the
 
most
 
common
 
form
 
of
 
Additional
 
Tier
 
1
 
capital
 
is
 
non-cumulative
 
perpetual preferred
 
stock
 
and
 
the
 
most
common form of Tier
 
2 capital is subordinated notes and
 
a portion of the
 
allocation for loan and lease losses,
 
in each case, subject
to the Capital Rules’ specific requirements.
Pursuant to the Capital Rules, the minimum
 
capital ratios are:
4.5% CET1 to risk-weighted assets;
6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted
 
assets;
8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and
4% Tier 1 capital to average consolidated assets as reported
 
on consolidated financial statements (known
 
as the
“leverage ratio”).
The Capital Rules also impose
 
a “capital conservation buffer,”
 
composed entirely of CET1, on top
 
of these minimum risk-
weighted
 
asset
 
ratios. The
 
capital
 
conservation
 
buffer
 
is
 
designed
 
to
 
absorb
 
losses
 
during
 
periods
 
of
 
economic stress.
 
Banking
institutions
 
with
 
a
 
ratio
 
of
 
CET1
 
to
 
risk-weighted
 
assets
 
above
 
the
 
minimum
 
but
 
below
 
the
 
capital
 
conservation
 
buffer
 
will
 
face
constraints on
 
dividends, equity repurchases
 
and compensation based
 
on the
 
amount of
 
the shortfall and
 
eligible retained
 
income
(that is, four
 
quarter trailing net income, net
 
of distributions and tax effects
 
not reflected in net
 
income). Popular, BPPR
 
and PB are
therefore required to maintain such additional capital
 
conservation buffer of 2.5% of CET1,
 
effectively resulting in minimum ratios of
(i) CET1
 
to risk-weighted
 
assets of
 
at least
 
7%, (ii)
 
Tier
 
1 capital
 
to risk-weighted
 
assets of
 
at least
 
8.5%, and
 
(iii) Total
 
capital to
15
risk-weighted assets of at least 10.5%.
Pursuant
 
to
 
the
 
Capital
 
Rules,
 
the
 
effects
 
of
 
certain
 
accumulated other
 
comprehensive income
 
or
 
loss
 
(“AOCI”)
 
items
included in stockholders’ equity
 
(for example, marks-to-market of securities
 
held in the available
 
for sale portfolio) are
 
not excluded
from
 
regulatory
 
capital
 
ratios;
 
however,
 
banking
 
organizations
 
that
 
are
 
not
 
subject
 
to
 
Categories
 
I
 
or
 
II
 
standards
 
under
 
the
framework for
 
banking organizations
 
with $100
 
billion or
 
more in
 
assets, including
 
Popular,
 
BPPR and
 
PB, may
 
make a
 
one-time
permanent election to continue to
 
exclude these items. Popular,
 
BPPR and PB have
 
made this election in order
 
to avoid significant
variations in
 
the level
 
of capital
 
depending upon
 
the impact
 
of interest
 
rate fluctuations
 
on the
 
fair value
 
of their
 
available for
 
sale
securities portfolios.
 
On July
 
27, 2023,
 
the federal
 
banking regulators
 
proposed revisions
 
to the
 
Capital Rules
 
to implement
 
the
Basel Committee’s 2017 standards, described
 
below, and make
 
other changes to the
 
Capital Rules, including the ability
 
of banking
organizations in Categories III and IV to elect not to recognize most elements of AOCI in regulatory capital. The proposal introduces
revised credit risk, equity risk, operational risk, credit valuation adjustment risk and market risk requirements, among other changes.
However, the
 
revised capital requirements
 
of the
 
proposed rule would
 
not apply
 
to Popular,
 
BPPR, or
 
PB because
 
they have
 
less
than $100 billion in total consolidated assets and trading
 
assets and liabilities below the threshold for market risk requirements. The
federal
 
banking
 
regulators have
 
subsequently indicated
 
that
 
they
 
expect to
 
issue
 
a
 
revised
 
proposal, the
 
timing
 
and contents
 
of
which are uncertain.
The
 
Capital
 
Rules
 
preclude certain
 
hybrid
 
securities, such
 
as
 
trust
 
preferred
 
securities, from
 
inclusion
 
in
 
bank
 
holding
companies’
 
Tier
 
1
 
capital.
 
Trust
 
preferred
 
securities
 
not
 
included
 
in
 
Popular’s
 
Tier
 
1
 
capital
 
may
 
nonetheless
 
be
 
included
 
as
 
a
component of
 
Tier 2 capital.
 
Popular has
 
not issued
 
any trust
 
preferred securities since
 
May 19,
 
2010. As
 
of December
 
31, 2025,
Popular has
 
$193 million
 
of trust
 
preferred securities
 
outstanding which
 
no longer
 
qualify for
 
Tier
 
1 capital
 
treatment, but
 
instead
qualify for Tier 2 capital treatment.
The Capital Rules also provide for a number of deductions
 
from and adjustments to CET1.
 
Banking organizations that are
not subject to Category
 
I or II standards
 
are subject to rules that
 
provide for simplified capital requirements relating
 
to the threshold
deductions
 
for
 
certain
 
mortgage
 
servicing
 
assets,
 
deferred
 
tax
 
assets,
 
investments
 
in
 
the
 
capital
 
of
 
unconsolidated
 
financial
institutions and inclusion of minority interests
 
in regulatory capital.
Failure
 
to
 
meet
 
capital
 
guidelines
 
could
 
subject
 
Popular
 
and
 
its
 
depository
 
institution
 
subsidiaries
 
to
 
a
 
variety
 
of
enforcement remedies, including the termination of deposit insurance by the FDIC
 
and to certain restrictions on our business. Refer
to “Prompt Corrective Action” below for further
 
discussion.
In
 
December 2017,
 
the Basel
 
Committee published
 
standards that
 
it
 
described as
 
the finalization
 
of the
 
Basel III
 
post-
crisis regulatory
 
reforms. Among other
 
things, these
 
standards revise
 
the Basel
 
Committee’s standardized approach
 
for credit
 
risk
(including
 
by
 
recalibrating
 
risk
 
weights
 
and
 
introducing
 
new
 
capital
 
requirements
 
for
 
certain
 
“unconditionally
 
cancellable
commitments,” such
 
as
 
unused credit
 
card
 
lines of
 
credit) and
 
provide
 
a new
 
standardized approach
 
for operational
 
risk capital.
Under the current U.S. capital rules, operational risk capital requirements and a capital floor apply only to Category I and Category II
banking organizations and not to Popular, BPPR and PB.
In 2020, federal bank regulators adopted a rule
 
that allowed banking organizations to elect to delay
 
temporarily the
estimated effects of adopting the Current Expected Credit
 
Loss (“CECL”) model of ASU 2016-13 on regulatory
 
capital until January
2022 and subsequently to phase in the effects through
 
January 2025. The Corporation’s capital ratios
 
at December 31, 2025 reflect
the full phased in impact from the adoption of CECL.
Refer to
 
the Consolidated
 
Financial Statements
 
in this
 
Form 10-K.,
 
Note 20
 
and Table
 
10 of
 
Management’s Discussion
and Analysis for the
 
capital ratios of Popular,
 
BPPR and PB
 
under Basel III. Refer
 
to the Consolidated Financial Statements
 
in this
Form 10-K Note 2 for more information regarding
 
CECL.
 
Prompt Corrective Action
The
 
FDIA
 
requires,
 
among
 
other
 
things,
 
the
 
federal
 
banking
 
agencies
 
to
 
take
 
prompt
 
corrective
 
action
 
in
 
respect
 
of
insured
 
depository
 
institutions
 
that
 
do
 
not
 
meet
 
minimum
 
capital
 
requirements.
 
The
 
FDIA
 
establishes
 
five
 
capital
 
tiers:
 
“well
capitalized,”
 
“adequately
 
capitalized,”
 
“undercapitalized,”
 
“significantly
 
undercapitalized,”
 
and
 
“critically
 
undercapitalized”.
 
A
depository institution’s capital tier will depend upon how its
 
capital levels compare with various relevant capital
 
measures and certain
other factors.
16
An insured
 
depository institution will
 
be deemed
 
to be
 
(i) “well
 
capitalized” if
 
the institution
 
has a
 
total risk-based
 
capital
ratio of 10.0% or greater, a CET1 capital ratio of 6.5%
 
or greater, a Tier 1
 
risk-based capital ratio of 8.0% or greater, and a leverage
ratio of 5.0% or
 
greater, and is
 
not subject to any order
 
or written directive by
 
any such regulatory authority to
 
meet and maintain a
specific capital level for any capital
 
measure; (ii) “adequately capitalized” if the institution
 
has a total risk-based capital ratio
 
of 8.0%
or greater, a
 
CET1 capital ratio of 4.5%
 
or greater, a
 
Tier 1 risk-based capital
 
ratio of 6.0% or greater,
 
and a leverage ratio of
 
4.0%
or greater
 
and is
 
not “well
 
capitalized”; (iii)
 
“undercapitalized” if
 
the institution
 
has a
 
total risk-based
 
capital ratio
 
that is
 
less than
8.0%, a CET1 capital
 
ratio less than 4.5%,
 
a Tier 1
 
risk-based capital ratio of
 
less than 6.0% or
 
a leverage ratio of
 
less than 4.0%;
(iv) “significantly
 
undercapitalized” if
 
the institution
 
has a
 
total risk-based
 
capital ratio
 
of less
 
than 6.0%,
 
a CET1
 
capital ratio
 
less
than 3%, a Tier
 
1 risk-based capital ratio of less than 4.0% or
 
a leverage ratio of less than 3.0%;
 
and (v) “critically undercapitalized”
if
 
the
 
institution’s
 
tangible
 
equity
 
is
 
equal
 
to
 
or
 
less
 
than
 
2.0%
 
of
 
average
 
quarterly
 
tangible
 
assets.
 
An
 
institution
 
may
 
be
downgraded to, or deemed
 
to be in, a
 
capital category that is
 
lower than indicated by
 
its capital ratios if
 
it is determined to
 
be in an
unsafe
 
or
 
unsound
 
condition
 
or
 
if
 
it
 
receives
 
an
 
unsatisfactory
 
examination
 
rating
 
with
 
respect
 
to
 
certain
 
matters.
 
An
 
insured
depository institution’s capital category is determined solely for the purpose of applying prompt corrective action
 
regulations, and the
capital category
 
may not
 
constitute an
 
accurate representation
 
of the
 
institution’s overall
 
financial condition
 
or prospects
 
for other
purposes.
The FDIA generally prohibits an insured depository institution from making any capital
 
distribution (including payment of a
dividend) or
 
paying any
 
management fee to
 
its holding
 
company, if
 
the depository
 
institution would thereafter
 
be undercapitalized.
Undercapitalized
 
depository
 
institutions
 
are
 
subject
 
to
 
restrictions
 
on
 
borrowing
 
from
 
the
 
Federal
 
Reserve
 
System.
 
In
 
addition,
undercapitalized
 
depository
 
institutions
 
are
 
subject
 
to
 
growth
 
limitations
 
and
 
are
 
required
 
to
 
submit
 
capital
 
restoration
 
plans.
 
A
depository institution’s
 
holding company must
 
guarantee the capital
 
restoration plan, up
 
to an
 
amount equal to
 
the lesser
 
of 5%
 
of
the
 
depository
 
institution’s
 
assets
 
at
 
the
 
time
 
it
 
becomes
 
undercapitalized
 
or
 
the
 
amount
 
of
 
the
 
capital
 
deficiency,
 
when
 
the
institution fails to comply with the
 
plan. The federal banking agencies may not
 
accept a capital restoration plan without determining,
among other things,
 
that the plan
 
is based
 
on realistic assumptions
 
and is
 
likely to succeed
 
in restoring the
 
depository institution’s
capital. If a depository institution fails to submit an
 
acceptable plan, it is treated as if it is
 
significantly undercapitalized.
Significantly
 
undercapitalized
 
depository
 
institutions
 
may
 
be
 
subject
 
to
 
a
 
number
 
of
 
requirements
 
and
 
restrictions,
including orders to
 
sell sufficient voting
 
stock to become
 
adequately capitalized, requirements to
 
reduce total assets
 
and cessation
of receipt
 
of deposits
 
from correspondent
 
banks. Critically
 
undercapitalized depository
 
institutions are
 
subject to
 
appointment of
 
a
receiver or conservator.
The capital-based prompt
 
corrective action provisions
 
of the FDIA
 
apply to
 
the FDIC-insured depository
 
institutions such
as
 
BPPR
 
and
 
PB,
 
but
 
they
 
are
 
not
 
directly
 
applicable
 
to
 
holding
 
companies
 
such
 
as
 
Popular
 
and
 
PNA,
 
which
 
control
 
such
institutions. As of December 31, 2025,
 
both BPPR and PB met the quantitative requirements
 
for ‘well capitalized’ status.
Restrictions on Dividends and Repurchases
The
 
principal
 
sources
 
of
 
funding
 
for
 
Popular
 
and
 
PNA
 
have
 
included
 
dividends
 
received
 
from
 
their
 
banking
 
and
 
non-
banking subsidiaries, asset sales
 
and proceeds from
 
the issuance of
 
debt and equity.
 
Various statutory
 
provisions limit the amount
of
 
dividends an
 
insured depository
 
institution may
 
pay to
 
its
 
holding company
 
without regulatory
 
approval. A
 
member bank
 
must
obtain the approval of the
 
Federal Reserve Board for any
 
dividend, if the total of
 
all dividends declared by the
 
member bank during
the calendar year would exceed the total of its net income for that year,
 
combined with its retained net income for the preceding two
years, after
 
considering those
 
years’ dividend
 
activity,
 
less any
 
required transfers to
 
surplus or
 
to a
 
fund for
 
the retirement
 
of any
preferred stock. During the year
 
ended December 31, 2025, BPPR declared
 
cash dividends of $575
 
million, a portion of
 
which was
used by Popular for the payments of the cash dividends on its
 
outstanding common stock. At December 31, 2025, BPPR needed to
obtain prior approval of the Federal Reserve Board before declaring a dividend
 
in excess of $191 million due to its
 
retained income,
declared dividend activity and transfers to statutory reserves over the three years ended December 31, 2025. In addition, a member
bank may
 
not declare
 
or pay
 
a dividend
 
in an
 
amount greater
 
than its
 
undivided profits
 
as reported
 
in its
 
Report of
 
Condition and
Income, unless the member bank has received the approval of
 
the Federal Reserve Board. A member bank also may not permit
 
any
portion of its permanent capital to
 
be withdrawn unless the withdrawal has
 
been approved by the Federal Reserve Board.
 
Pursuant
to
 
these
 
requirements, PB
 
may
 
not
 
declare
 
or
 
pay
 
a
 
dividend without
 
the
 
prior
 
approval
 
of
 
the
 
Federal
 
Reserve
 
Board
 
and
 
the
NYSDFS.
During the
 
year ended
 
December 31,
 
2025, Popular
 
received cash
 
dividends of
 
$23 million
 
from Popular
 
International
Bank, Inc. (“PIBI”) and $22 million from its other
 
non-banking subsidiaries.
It is Federal Reserve Board policy that bank holding companies generally should pay dividends on common
 
stock only out
17
of net
 
income available to
 
common shareholders
 
over the past
 
year and
 
only if
 
the prospective rate
 
of earnings retention
 
appears
consistent with the organization’s current and
 
expected future capital needs, asset quality
 
and overall financial condition. Moreover,
under Federal Reserve Board policy, a bank
 
holding company should not maintain dividend levels that place undue pressure on the
capital of depository
 
institution subsidiaries or that
 
may undermine the bank
 
holding company’s ability to
 
be a source
 
of strength to
its
 
banking subsidiaries.
 
Federal Reserve
 
policy
 
also
 
provides that
 
a
 
bank
 
holding company
 
should
 
inform
 
the
 
Federal
 
Reserve
reasonably in advance of declaring or paying a dividend that
 
exceeds earnings for the period for which the dividend is
 
being paid or
that could result in a material adverse change
 
to the bank holding company’s capital structure.
 
The
 
Federal Reserve
 
Board
 
also restricts
 
the
 
ability of
 
banking
 
organizations to
 
conduct stock
 
repurchases. In
 
certain
circumstances, a banking organization’s repurchases
 
of its common stock may
 
be subject to a
 
prior approval or notice requirement
under other regulations or policies of the Federal Reserve. Any redemption or
 
repurchase of preferred stock or subordinated debt is
subject to the prior approval of the Federal Reserve.
Subject to compliance with certain conditions, distributions of U.S. sourced dividends to a corporation
 
organized under the
laws
 
of the
 
Commonwealth of
 
Puerto Rico
 
are subject
 
to
 
a withholding
 
tax
 
of 10%
 
instead of
 
the 30%
 
applied to
 
other “foreign”
corporations. Accordingly, dividends from current or accumulated earnings and profits
 
paid by PNA to Popular, Inc. sourced from the
U.S. operations of PB are subject to a 10% tax withholding.
A corporation organized under the laws of the Commonwealth of Puerto
Rico that is engaged in a U.S. trade or business is generally subject to a branch profits tax of 30% on its earnings and profits
 
for the
taxable year that are “effectively connected” with
 
such U.S. trade or business, adjusted as
 
provided by U.S. federal income tax law.
Accordingly,
 
to
 
the extent
 
BPPR’s
 
U.S. operations
 
generate effectively
 
connected earnings
 
and profits
 
that
 
are not
 
reinvested in
such U.S. operations
 
(and that are
 
not otherwise adjusted
 
as provided by
 
U.S. federal income tax
 
law), such effectively
 
connected
earnings and profits will generally be subject
 
to a branch profits tax of 30%.
 
Refer to
 
Part II,
 
Item 5,
 
“Market for
 
Registrant’s Common
 
Equity,
 
Related Stockholder
 
Matters and
 
Issuer Purchases
 
of
Equity Securities” for further information on Popular’s
 
distribution of dividends and repurchases of equity
 
securities.
See
 
“Puerto
 
Rico
 
Regulation”
 
below
 
for
 
a
 
description
 
of
 
certain
 
restrictions
 
on
 
BPPR’s
 
ability
 
to
 
pay
 
dividends
 
under
Puerto Rico law.
Interstate Branching
The Dodd-Frank
 
Act amended
 
the Riegle-Neal
 
Interstate Banking
 
and Branching
 
Efficiency Act
 
of 1994
 
(the “Interstate
Banking
 
Act”)
 
to
 
authorize
 
national
 
banks
 
and
 
state
 
banks
 
to
 
branch
 
interstate
 
through
de
 
novo
 
branches. For
 
purposes
 
of
 
the
Interstate Banking Act, BPPR is treated as a state bank and is subject to the same restrictions on interstate branching as other state
banks.
Activities and Acquisitions
In general, the BHC Act limits the activities
 
permissible for bank holding companies to the business of banking, managing
or controlling banks and such other activities as the Federal Reserve Board has determined to be so closely related to banking as to
be
 
properly
 
incidental
 
thereto.
 
A
 
company
 
that
 
meets
 
management
 
and
 
capital
 
standards
 
and
 
whose
 
subsidiary
 
depository
institutions meet management,
 
capital and
 
Community Reinvestment Act
 
(“CRA”) standards may
 
elect to
 
be treated
 
as a
 
financial
holding company
 
and engage
 
in a
 
substantially broader
 
range of
 
nonbanking financial
 
activities, including
 
securities underwriting
and dealing, insurance underwriting and making
 
merchant banking investments in nonfinancial
 
companies.
In order for a bank holding company to elect to be treated as a financial
 
holding company, (i) all of its depository institution
subsidiaries
 
must
 
be
 
well capitalized
 
(as described
 
above)
 
and
 
well managed
 
and
 
(ii)
 
it
 
must
 
file a
 
declaration with
 
the Federal
Reserve Board that it elects to be a “financial holding
 
company.” As noted above, a bank
 
holding company electing to be a financial
holding company must itself be and remain
 
well capitalized and well managed. The Federal Reserve Board’s
 
regulations applicable
to bank holding companies separately define
 
“well capitalized” for bank holding companies,
 
such as Popular,
 
to require maintaining
a tier 1 capital
 
ratio of at least
 
6% and a total capital
 
ratio of at least 10%.
 
Popular and PNA have elected
 
to be treated as
 
financial
holding
 
companies.
 
A
 
depository
 
institution
 
is
 
deemed
 
to
 
be
 
“well
 
managed”
 
if,
 
at
 
its
 
most
 
recent
 
inspection,
 
examination
 
or
subsequent review
 
by the
 
appropriate federal banking
 
agency (or
 
the appropriate state
 
banking agency), the
 
depository institution
received
 
at
 
least
 
a
 
“satisfactory”
 
composite
 
rating
 
and
 
at
 
least
 
a
 
“satisfactory”
 
rating
 
for
 
the
 
management
 
component
 
of
 
the
composite
 
rating.
 
If,
 
after
 
becoming
 
a
 
financial
 
holding
 
company,
 
the
 
company
 
fails
 
to
 
continue
 
to
 
meet
 
any
 
of
 
the
 
capital
 
or
management requirements
 
for financial
 
holding company
 
status, the
 
company
 
must
 
enter into
 
a confidential
 
agreement with
 
the
Federal
 
Reserve
 
Board
 
to
 
comply
 
with
 
all
 
applicable capital
 
and
 
management
 
requirements.
 
If
 
the
 
company
 
does
 
not
 
return
 
to
18
compliance
 
within
 
180
 
days,
 
the
 
Federal
 
Reserve
 
Board
 
may
 
extend
 
the
 
agreement
 
or
 
may
 
order
 
the
 
company
 
to
 
divest
 
its
subsidiary banks or the
 
company may discontinue, or
 
divest investments in companies
 
engaged in, activities permissible only
 
for a
bank holding company that has elected to be treated as a financial
 
holding company. In addition, if a depository institution subsidiary
controlled by a financial holding company does not
 
maintain a CRA rating of at least “satisfactory,” the financial holding company
 
will
be subject to restrictions on certain new activities
 
and acquisitions.
The Federal Reserve Board
 
may in certain circumstances limit
 
our ability to conduct
 
activities and make acquisitions that
would otherwise be permissible for
 
a financial holding company.
 
Furthermore, a financial holding company must obtain
 
prior written
approval from the Federal Reserve Board before acquiring a nonbank company with $10 billion or more in total consolidated assets.
In addition, we
 
are required to
 
obtain prior Federal
 
Reserve Board approval
 
before engaging in
 
certain banking and
 
other financial
activities both in the United States and abroad.
The “Volcker
 
Rule” adopted
 
as part
 
of the
 
Dodd-Frank Act
 
restricts the
 
ability of
 
Popular and
 
its subsidiaries,
 
including
BPPR and PB as
 
well as non-banking subsidiaries, to
 
sponsor or invest in
 
“covered funds,” including private funds,
 
or to engage in
certain types
 
of proprietary
 
trading. Popular
 
and its
 
subsidiaries generally
 
do not
 
engage in
 
the businesses
 
subject to
 
the Volcker
Rule; therefore, the Volcker Rule does not have a material effect on our
 
operations.
 
Anti-Money Laundering Initiative and the USA PATRIOT Act
A major focus of governmental policy relating to financial institutions in
 
recent years has been aimed at combating money
laundering and
 
terrorist financing.
 
The USA
 
PATRIOT
 
Act of
 
2001 (the
 
“USA PATRIOT
 
Act”) strengthened
 
the ability
 
of the
 
U.S.
government to help prevent, detect and prosecute international money
 
laundering and the financing of terrorism. Title
 
III of the USA
PATRIOT
 
Act imposed
 
significant compliance
 
and due
 
diligence obligations,
 
created new
 
crimes and
 
penalties and
 
expanded the
extra-territorial jurisdiction of the United States. Failure of a financial institution to comply with the USA PATRIOT Act’s requirements
could have serious legal and reputational consequences
 
for the institution.
The
 
Anti-Money
 
Laundering
 
Act
 
of
 
2020
 
(“AMLA”),
 
which
 
amended
 
the
 
Bank
 
Secrecy
 
Act
 
(the
 
“BSA”),
 
is
 
intended
 
to
comprehensively
 
reform
 
and
 
modernize
 
U.S.
 
anti-money
 
laundering
 
laws.
 
Among
 
other
 
things,
 
the
 
AMLA
 
codifies
 
a
 
risk-based
approach to anti-money laundering compliance for financial institutions; requires the U.S. Department of the Treasury to
 
promulgate
priorities
 
for
 
anti-money
 
laundering
 
and
 
countering
 
the
 
financing
 
of
 
terrorism
 
policy;
 
requires
 
the
 
development
 
of
 
standards
 
for
testing technology and
 
internal processes for BSA
 
compliance; expands enforcement-
 
and investigation-related authority,
 
including
a
 
significant
 
expansion
 
in
 
the
 
available
 
sanctions
 
for
 
certain
 
BSA
 
violations;
 
and
 
expands
 
BSA
 
whistleblower
 
incentives
 
and
protections.
 
Many
 
of
 
the
 
statutory
 
provisions
 
in
 
the
 
AMLA
 
require
 
additional
 
rulemakings,
 
reports
 
and
 
other
 
measures,
 
and
 
the
impact
 
of
 
the
 
AMLA
 
will
 
depend on,
 
among
 
other
 
things,
 
rulemaking and
 
implementation guidance.
 
In
 
June
 
2021,
 
the
 
Financial
Crimes Enforcement Network, a bureau of
 
the U.S. Department of the
 
Treasury,
 
issued the priorities for anti-money laundering
 
and
countering the
 
financing of
 
terrorism policy
 
required under AMLA.
 
The priorities
 
include: corruption, cybercrime,
 
terrorist financing,
fraud, transnational crime, drug trafficking, human trafficking and
 
proliferation financing.
Federal regulators
 
regularly examine BSA/Anti-Money
 
Laundering and sanctions
 
compliance to
 
enhance their
 
adequacy
and effectiveness, and the frequency and extent of such examinations
 
and related remedial actions have been
 
increasing.
Community Reinvestment Act
The
 
CRA
 
requires
 
banks
 
to
 
help
 
serve
 
the
 
credit
 
needs
 
of
 
their
 
communities,
 
including
 
extending
 
credit
 
to
 
low-
 
and
moderate-income individuals
 
and geographies.
 
Should
 
Popular
 
or our
 
bank
 
subsidiaries
 
fail
 
to
 
serve
 
adequately
 
the community,
potential penalties may include regulatory denials of applications to expand branches, relocate offices or branches, add subsidiaries
and affiliates, expand into new financial activities and merge
 
with or purchase other financial institutions.
 
Interchange Fees Regulation
The Federal Reserve Board
 
has established standards for
 
debit card interchange fees
 
and prohibited network exclusivity
arrangements and routing restrictions. The
 
maximum permissible interchange fee that
 
an issuer may receive
 
for an electronic debit
transaction is
 
the sum
 
of
 
21 cents
 
per transaction
 
and 5
 
basis points
 
multiplied by
 
the value
 
of
 
the transaction.
 
Additionally,
 
the
Federal Reserve
 
Board allows
 
for an
 
upward adjustment
 
of
 
no more
 
than 1
 
cent
 
to
 
an issuer’s
 
debit card
 
interchange fee
 
if the
issuer develops and implements policies and procedures
 
reasonably designed to achieve certain fraud-prevention
 
standards.
In
 
October
 
2023,
 
the
 
Federal
 
Reserve
 
Board
 
proposed
 
amendments
 
to
 
its
 
rules
 
on
 
interchange
 
fees.
 
If
 
adopted,
 
the
19
proposed changes
 
would establish
 
a maximum
 
permissible interchange
 
fee of
 
no more
 
than 14.4
 
cents per
 
transaction plus
 
four
basis
 
points
 
multiplied
 
by
 
the
 
value
 
of
 
the
 
transaction.
 
The
 
fraud
 
prevention
 
adjustment
 
would
 
be
 
increased
 
to
 
1.3
 
cents
 
per
transaction. The proposed changes would also establish an automatic update of
 
the interchange fee cap every other year based on
a survey of debit card issuers.
Consumer Financial Protection Act of 2010
The Consumer
 
Financial Protection
 
Bureau (the
 
“CFPB”) supervises
 
“covered persons”
 
(broadly defined
 
to include
 
any
person offering or
 
providing a consumer financial
 
product or service and
 
any affiliated service
 
provider) for compliance with
 
federal
consumer financial laws. The CFPB
 
also has the broad power
 
to prescribe rules applicable to
 
a covered person or service
 
provider
identifying
 
as
 
unlawful,
 
unfair,
 
deceptive,
 
or
 
abusive
 
acts
 
or
 
practices
 
in
 
connection
 
with
 
any
 
transaction
 
with
 
a
 
consumer
 
for
 
a
consumer financial product or service, or the offering of
 
a consumer financial product or service. We are subject to examination and
regulation by the CFPB. During 2025, the CFPB reduced its staff by over 80%. The
 
reduction in force is the subject of litigation, and
the
 
staffing
 
cuts
 
are
 
currently
 
stayed
 
pending
 
the
 
federal
 
circuit
 
court’s
 
en
 
banc
 
rehearing
 
of
 
the
 
case.
 
The
 
impact
 
of
 
these
developments
 
on
 
banking
 
organizations
 
subject
 
to
 
CFPB
 
regulation
 
and
 
supervision,
 
including
 
us,
 
is
 
uncertain.
 
The
 
Consumer
Financial Protection Act permits states to adopt consumer protection laws and standards that are more stringent than those adopted
at
 
the federal
 
level and,
 
in certain
 
circumstances, permits
 
state attorneys
 
general to
 
enforce compliance
 
with both
 
the state
 
and
federal laws and regulations. States and state attorneys general
 
may increase regulatory, investigative and enforcement activity with
respect to consumer protection, in
 
response to changes in regulation, supervision
 
and enforcement of consumer protection laws
 
by
federal regulators.
On October 22, 2024, the CFPB finalized a new rule to implement Section 1033 of the Consumer Financial Protection Act
that
 
requires
 
a
 
provider
 
of
 
payment
 
accounts
 
or
 
products,
 
such
 
as
 
a
 
bank,
 
to
 
make
 
data
 
available
 
to
 
consumers
 
upon
 
request
regarding the
 
products or
 
services they
 
obtain from
 
the provider.
 
Any such
 
data provider
 
also has
 
to make
 
such data
 
available to
third parties, with the consumer’s express authorization and
 
through an interface that satisfies formatting, performance
 
and security
standards,
 
for
 
the
 
purpose
 
of
 
such
 
third
 
parties
 
providing
 
the
 
consumer
 
with
 
financial
 
products
 
or
 
services
 
requested
 
by
 
the
consumer. Data required to be made available under the rule includes
 
transaction information, account balance, account and routing
numbers,
 
terms
 
and
 
conditions,
 
upcoming
 
bill
 
information,
 
and
 
certain
 
account
 
verification
 
data.
 
The
 
rule
 
is
 
intended
 
to
 
give
consumers
 
control
 
over
 
their
 
financial
 
data,
 
including
 
with
 
whom
 
it
 
is
 
shared,
 
and
 
encourage
 
competition
 
in
 
the
 
provision
 
of
consumer financial
 
products or
 
services. For
 
banks with
 
at least
 
$10 billion
 
and less
 
than $250
 
billion in
 
total assets,
 
compliance
with the rule’s requirements is required beginning on
 
April 1, 2027. The rule is the subject of litigation,
 
which is currently stayed while
the CFPB considers revisions to the rule.
Office of Foreign Assets Control Regulation
The
 
U.S.
 
Treasury
 
Department
 
Office
 
of
 
Foreign
 
Assets
 
Control
 
(“OFAC”)
 
administers
 
economic
 
sanctions
 
that
 
affect
transactions
 
with
 
designated
 
foreign
 
countries,
 
nationals
 
and
 
others.
 
The
 
OFAC-administered
 
sanctions
 
targeting
 
countries
 
take
many
 
different
 
forms.
 
Generally,
 
however,
 
they
 
contain
 
one
 
or
 
more
 
of
 
the
 
following
 
elements:
 
(i)
 
restrictions
 
on
 
trade
 
with
 
or
investment in a sanctioned country; and (ii) a blocking
 
of assets in which the government of the
 
sanctioned country or other specially
designated nationals have an interest, by prohibiting
 
transfers of property subject to U.S. jurisdiction (including
 
property in the United
States or the possession or control of U.S.
 
persons outside of the United States). Blocked assets (e.g., property
 
and bank deposits)
cannot
 
be
 
paid
 
out,
 
withdrawn, set
 
off
 
or
 
transferred
 
in
 
any
 
manner without
 
a
 
license
 
from
 
OFAC.
 
Failure
 
to
 
comply
 
with these
sanctions
 
could
 
have
 
serious
 
legal
 
and
 
reputational
 
consequences,
 
including
 
denial
 
by
 
federal
 
regulators
 
of
 
proposed
 
merger,
acquisition, restructuring, or other expansionary activity.
Protection of Customer Personal Information and
 
Cybersecurity
The privacy
 
provisions of
 
the Gramm-Leach-Bliley Act
 
of 1999
 
generally prohibit financial
 
institutions, including
 
us, from
disclosing nonpublic personal financial information of consumer customers to third
 
parties for certain purposes (primarily marketing)
unless
 
customers
 
have
 
the
 
opportunity
 
to
 
opt
 
out
 
of
 
the
 
disclosure.
 
The
 
Fair
 
Credit
 
Reporting
 
Act
 
restricts
 
information
 
sharing
among affiliates for marketing purposes and governs
 
the use and provision of information to consumer
 
reporting agencies.
The federal banking regulators have also issued guidance and rules regarding cybersecurity that are intended to enhance
cyber risk management standards among financial institutions. A financial institution is expected to establish lines
 
of defense and to
maintain risk management processes that are designed to address the risk posed by compromised customer credentials. A financial
institution’s
 
management
 
is
 
expected
 
to
 
maintain
 
sufficient
 
business
 
continuity
 
planning
 
processes
 
for
 
the
 
rapid
 
recovery,
resumption and maintenance of
 
the institution’s operations
 
after a cyber-attack involving
 
destructive malware. A financial
 
institution
20
is
 
also
 
expected
 
to
 
develop
 
appropriate
 
processes
 
to
 
enable
 
recovery
 
of
 
data
 
and
 
business
 
operations
 
and
 
address
 
rebuilding
network capabilities and restoring data if the institution or its critical service
 
providers fall victim to this type of cyber-attack. If we
 
fail
to observe the
 
regulatory guidance, we could
 
be subject to various
 
regulatory sanctions, including financial
 
penalties. In November
2021, the U.S.
 
federal bank regulatory agencies
 
issued a final
 
rule requiring banking organizations,
 
including Popular,
 
PNA, BPPR
and PB, to notify
 
their primary federal banking regulator
 
within 36 hours of determining
 
that a “notification incident” has
 
occurred. A
notification incident
 
is a
 
“computer-security incident” that
 
has materially
 
disrupted or degraded,
 
or is
 
reasonably likely to
 
materially
disrupt or
 
degrade, the
 
banking organization’s
 
ability to
 
deliver services
 
to a
 
material portion
 
of its
 
customer base,
 
jeopardize the
viability
 
of
 
key
 
operations
 
of
 
the
 
banking
 
organization,
 
or
 
impact
 
the
 
stability
 
of
 
the
 
financial
 
sector.
 
The
 
final
 
rule
 
also
 
requires
specific and immediate notifications by bank
 
service providers that become aware of similar
 
incidents.
State and foreign regulators
 
have also been increasingly active
 
in implementing privacy and cybersecurity
 
standards and
regulations. Several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and
providing detailed requirements with respect to these
 
programs, including data encryption requirements. In New York,
 
the NYSDFS
requires
 
financial
 
institutions
 
regulated
 
by
 
the
 
NYSDFS,
 
including
 
PB,
 
to,
 
among
 
other
 
things,
 
(i)
 
establish
 
and
 
maintain
 
a
cybersecurity program designed
 
to enhance the
 
confidentiality, integrity
 
and availability of
 
their information systems;
 
(ii) implement
and maintain a written
 
cyber security policy setting forth
 
policies and procedures for the
 
protection of their information systems
 
and
nonpublic
 
information;
 
and
 
(iii)
 
designate
 
a
 
Chief
 
Information
 
Security
 
Officer.
On
 
November
 
1,
 
2023,
 
the
 
NYSDFS
 
adopted
amendments to
 
its
 
cybersecurity regulations
 
that
 
represent
 
a
 
significant
 
update
 
to
 
the
 
regulation of
 
cybersecurity practices.
 
The
amendments
 
generally
 
fall
 
within
 
the
 
following
 
five
 
categories:
 
(i)
 
increased
 
mandatory
 
controls
 
associated
 
with
 
common
 
attack
vectors,
 
(ii)
 
enhanced
 
requirements
 
for
 
privileged
 
accounts,
 
(iii)
 
enhanced
 
notification
 
obligations,
 
(iv)
 
expansion
 
of
 
cyber
governance practices and (v) additional cybersecurity
 
requirements for larger companies.
 
On
 
July
 
6,
 
2023,
 
the
 
SEC
 
adopted
 
new
 
rules
 
that
 
would
 
require
 
registrants,
 
such
 
as
 
Popular,
 
to
 
(i)
 
report
 
material
cybersecurity incidents
 
on Form
 
8-K and,
 
(ii) disclose
 
in Annual
 
Report on
 
Form 10-K
 
cybersecurity policies
 
and procedures
 
and
governance practices, including at the board and
 
management levels.
Many states and foreign
 
governments have also recently implemented or
 
modified their data breach notification
 
and data
privacy
 
requirements. The
 
California Consumer
 
Privacy Act
 
(“CCPA”)
 
imposes privacy
 
compliance obligations
 
with regard
 
to
 
the
collection,
 
use
 
and
 
disclosure of
 
personal
 
information of
 
California residents,
 
and the
 
November 2020
 
amendment to
 
the
 
CCPA
creates the California Privacy Protection Agency, a watchdog privacy agency, and further expands the scope of businesses covered
by the law
 
and certain rights relating
 
to personal information. The
 
substantive obligations under the
 
2020 amendment to the
 
CCPA
became effective on January 1, 2023. In the European Union, the General Data Protection Regulation heightens privacy compliance
obligations and
 
imposes strict
 
standards for
 
reporting data
 
breaches. We
 
continue to
 
monitor these
 
developments to
 
comply with
applicable requirements.
See
 
“Puerto
 
Rico
 
Regulation”
 
below
 
for
 
a
 
description
 
of
 
legislations
 
and
 
regulations
 
on
 
information
 
privacy
 
and
cybersecurity in Puerto Rico.
Climate-Related and ESG Developments
In recent years, certain lawmakers and regulators in and outside the United States have increased their focus on financial
institutions’
 
and
 
other
 
companies’
 
risk
 
oversight,
 
disclosures
 
and
 
practices
 
in
 
connection
 
with
 
climate
 
change
 
and
 
other
environmental,
 
social
 
and
 
governance (“ESG”)
 
matters.
 
For
 
example,
 
in
 
2023,
 
the
 
NYSDFS
 
issued
 
guidance
 
on
 
climate-related
financial
 
risk
 
management
 
applicable
 
to
 
NYSDFS-regulated
 
banking
 
and
 
mortgage
 
organizations,
 
including
 
PB.
 
The
 
guidance
addresses material
 
financial
 
risks related
 
to
 
climate change
 
faced by
 
these
 
organizations in
 
the context
 
of
 
risk assessment,
 
risk
management,
 
and
 
risk
 
appetite
 
setting.
 
In
 
2023,
 
California
 
enacted
 
climate-related
 
disclosure
 
laws
 
requiring
 
certain
 
companies
doing business in
 
California to make
 
certain climate-related disclosures
 
beginning in 2026,
 
including but not
 
limited to greenhouse
gas
 
emissions data
 
and climate-related
 
risks. On
 
the other
 
hand, certain
 
states
 
have enacted,
 
or have
 
proposed to
 
enact, “anti-
ESG”
 
statutes,
 
regulations
 
or
 
policies, including
 
statutes
 
that
 
prohibit
 
financial
 
institutions from
 
denying or
 
canceling products
 
or
services to
 
a person,
 
or otherwise discriminating
 
against a
 
person in making
 
available products or
 
services, on
 
the basis
 
of social
credit scores and certain other factors. Additionally, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing
Fair Banking
 
Access for
 
All Americans,”
 
which states
 
that it
 
is the
 
policy of
 
the United
 
States that
 
no American
 
should be
 
denied
access
 
to
 
financial
 
services
 
because
 
of
 
their
 
constitutionally
 
or
 
statutorily
 
protected
 
beliefs,
 
affiliations,
 
or
 
political
 
views.
 
The
Executive
 
Order
 
directs
 
the
 
Treasury
 
Secretary
 
and
 
federal
 
banking
 
regulators
 
to
 
address
 
politicized
 
or
 
unlawful
 
debanking
activities.
 
21
Incentive Compensation
The Federal Reserve Board reviews, as
 
part of its regular,
 
risk-focused examination process, the incentive compensation
arrangements of
 
banking organizations, such
 
as Popular,
 
that are
 
not “large,
 
complex banking
 
organizations.” Deficiencies will
 
be
incorporated into
 
the
 
organization’s supervisory
 
ratings, which
 
can
 
affect
 
the
 
organization’s ability
 
to
 
make
 
acquisitions and
 
take
other
 
actions. Enforcement
 
actions may
 
be taken
 
against
 
a
 
banking
 
organization if
 
its
 
incentive compensation
 
arrangements, or
related
 
risk-management
 
control
 
or
 
governance
 
processes,
 
pose
 
a
 
risk
 
to
 
the
 
organization’s
 
safety
 
and
 
soundness
 
and
 
the
organization is not taking prompt and effective measures
 
to correct the deficiencies.
The
 
Federal
 
Reserve
 
Board,
 
OCC
 
and
 
FDIC
 
have
 
issued
 
comprehensive
 
final
 
guidance
 
on
 
incentive
 
compensation
policies intended to discourage excessive risk-taking in
 
the incentive compensation policies of banking organizations
 
in order to not
undermine
 
the
 
safety
 
and
 
soundness
 
of
 
such
 
organizations.
 
The
 
guidance,
 
which
 
covers
 
all
 
employees
 
that
 
have
 
the
 
ability
 
to
materially affect
 
the risk
 
profile of an
 
organization, either individually
 
or as
 
part of
 
a group,
 
is based
 
upon the key
 
principles that
 
a
banking organization’s incentive compensation arrangements should (i) provide incentives that do not encourage risk-taking beyond
the
 
organization’s
 
ability
 
to
 
effectively
 
identify
 
and
 
manage
 
risks,
 
(ii)
 
be
 
compatible
 
with
 
effective
 
internal
 
controls
 
and
 
risk
management, and (iii)
 
be supported by
 
strong corporate governance,
 
including active and
 
effective oversight
 
by the
 
organization’s
board of directors.
The Dodd-Frank Act requires the U.S. financial regulators, including the Federal Reserve Board, the other federal banking
agencies
 
and
 
the
 
SEC,
 
to
 
adopt
 
rules
 
prohibiting
 
incentive-based
 
payment
 
arrangements that
 
encourage
 
inappropriate
 
risks
 
by
providing excessive
 
compensation or
 
that could
 
lead to
 
a material
 
financial loss
 
at specified
 
regulated entities
 
having at
 
least $1
billion in total
 
assets (including Popular,
 
PNA, BPPR and
 
PB). The U.S.
 
financial regulators proposed revised
 
rules in 2016,
 
which
have not been finalized.
In October
 
2022, the SEC
 
adopted a final
 
rule requiring securities
 
exchanges to adopt
 
rules mandating, in
 
the case of
 
a
restatement, the
 
recovery or
 
“clawback” of
 
excess incentive-based
 
compensation paid
 
to current
 
or former
 
executive officers
 
and
requiring listed
 
issuers to
 
disclose any
 
recovery analysis where
 
recovery is
 
triggered by
 
a restatement.
 
The excess
 
compensation
would be based
 
on the amount
 
the executive officer
 
would have received
 
had the incentive-based
 
compensation been determined
using the restated
 
financials. The Nasdaq
 
Stock Market’s listing
 
standards pursuant to the
 
SEC’s rule became
 
effective October 2,
2023. Popular’s clawback policy adopted in accordance
 
with these listing standards is included as
 
Exhibit 97.1.
Regulation of Broker-Dealers
Our subsidiary,
 
PS, is a
 
registered broker-dealer with the
 
SEC and subject to
 
regulation and examination by
 
the SEC as
well
 
as
 
FINRA
 
and
 
other
 
self-regulatory
 
organizations.
 
These
 
regulations
 
cover
 
a
 
broad
 
range
 
of
 
issues,
 
including
 
capital
requirements;
 
sales
 
and
 
trading
 
practices;
 
use
 
of
 
client
 
funds
 
and
 
securities;
 
the
 
conduct
 
of
 
directors,
 
officers
 
and
 
employees;
record-keeping and recording;
 
supervisory procedures to
 
prevent improper trading
 
on material
 
non-public information; qualification
and
 
licensing
 
of
 
sales
 
personnel;
 
and
 
limitations
 
on
 
the
 
extension
 
of
 
credit
 
in
 
securities
 
transactions.
 
In
 
addition
 
to
 
federal
registration, state securities
 
commissions require the
 
registration of certain
 
broker-dealers. PS is
 
registered with 35
 
U.S. state and
territory securities commissions.
Regulation of Reinsurers, Insurance Producers and
 
Agents
Popular’s subsidiaries that are engaged in
 
insurance agency and producer activities are
 
subject to regulatory supervision
by the Puerto
 
Rico Office of
 
the Commissioner of Insurance
 
and to insurance laws
 
and regulations requiring licensing
 
of insurance
producers and
 
agents. Popular’s
 
reinsurance subsidiaries
 
are subject
 
to
 
licensure and
 
regulatory supervision
 
by the
 
Puerto Rico
Office of the Commissioner of Insurance and
 
to insurance laws and regulations requiring, among
 
other things, minimum capital and
solvency standards, financial reporting, restrictions on
 
the amount of dividends payable, record
 
keeping and examinations.
Puerto Rico Regulation
As
 
a
 
commercial
 
bank
 
organized
 
under
 
the
 
laws
 
of
 
Puerto
 
Rico,
 
BPPR
 
is
 
subject
 
to
 
supervision,
 
examination
 
and
regulation by the Office of the Commissioner of Financial Institutions, pursuant to the Puerto Rico Banking Act of 1933, as amended
(the “Banking Law”).
Section 27 of the Banking Law requires that at least ten percent (10%) of BPPR’s annual retained earnings be transferred
22
annually to a statutory reserve fund. The
 
apportionment must be done every year until the
 
reserve fund is equal to the
 
total of paid-
in capital on common and preferred stock. Under Regulation 9680 of the Puerto Rico Banking Law, dated July 22, 2025, Banks may
be exempted from
 
the requirement to transfer
 
such funds to
 
the statutory reserve
 
fund if they
 
are well capitalized,
 
have obtained a
rating of
 
1 or
 
2 in
 
the last
 
examination performed by
 
the Office
 
of the
 
Commissioner or an
 
applicable regulatory agency
 
and have
accumulated at least 50% of the paid in
 
capital for their common and preferred stock in
 
their reserve fund.
 
Section
 
27
 
of
 
the
 
Banking
 
Law
 
also
 
provides that
 
when
 
the
 
expenditures
 
of
 
a
 
bank
 
are
 
greater
 
than
 
its
 
receipts, the
excess of the
 
former over the latter
 
must be charged against
 
the undistributed profits of
 
the bank, and the
 
balance, if any,
 
must be
charged against the statutory reserve fund. If
 
the statutory reserve fund is not sufficient to cover such balance
 
in whole or in part, the
outstanding amount must be charged against the capital account and
 
no dividend may be declared until capital has been restored to
its original amount and the statutory reserve fund to
 
20% of the original capital.
Section 16 of the
 
Banking Law requires every
 
bank to maintain a
 
legal reserve that, except
 
as otherwise provided by
 
the
Office of
 
the Commissioner,
 
may not be
 
less than 20%
 
of its
 
demand liabilities, excluding
 
government deposits (federal,
 
state and
municipal) that
 
are secured
 
by collateral.
 
If a
 
bank is
 
authorized to
 
establish one
 
or more
 
bank branches
 
in a
 
state of
 
the United
States or in a foreign country, where such branches are subject to the reserve requirements of that state
 
or country, the Office of the
Commissioner
 
may
 
exempt
 
said
 
branch
 
or
 
branches
 
from
 
the
 
reserve
 
requirements
 
of
 
Section
 
16.
 
Pursuant
 
to
 
an
 
order
 
of
 
the
Federal
 
Reserve
 
Board
 
dated
 
November
 
24,
 
1982,
 
BPPR
 
has
 
been
 
exempted
 
from
 
the
 
reserve
 
requirements
 
of
 
the
 
Federal
Reserve
 
System
 
with
 
respect
 
to
 
deposits
 
payable
 
in
 
Puerto
 
Rico.
 
Accordingly,
 
BPPR
 
is
 
subject
 
to
 
the
 
reserve
 
requirement
prescribed by Section 16 of the Banking Law. During 2025, BPPR was
 
in compliance with the legal reserve requirement.
Section 17 of the Banking Law permits a bank to make loans to
 
any one person, firm, partnership or corporation, up to an
aggregate
 
amount
 
of
 
fifteen
 
percent
 
(15%)
 
of
 
the
 
paid-in
 
capital
 
and
 
reserve
 
fund
 
of
 
the
 
bank.
 
In
 
the
 
case
 
of
 
loans
 
which
 
are
secured by collateral worth at
 
least 25% more than the
 
amount of the loan, the
 
maximum aggregate amount of such secured
 
loans
is increased to one
 
third of the paid-in capital
 
of the bank and
 
its reserve fund. In no
 
event may the total of
 
unsecured and secured
loans to any one person, firm, partnership or corporation exceed an aggregate amount of
 
33 1/3% of the paid-in capital and reserve
fund of the bank. If the institution is well capitalized and had been rated 1 or
 
2 in the last examination performed by the Office of the
Commissioner or an applicable
 
regulatory agency,
 
its legal lending
 
limit shall also
 
include 15% of 100%
 
of its undivided
 
profits and
for loans
 
secured by
 
collateral worth
 
at least
 
25% more
 
than the
 
amount of
 
the loan,
 
the capital
 
of the
 
bank shall
 
also include
 
33
1/3% of 100% of
 
its undivided profits. Institutions rated
 
3 in their last
 
regulatory examination may include this
 
additional component
in their
 
legal lending
 
limit only
 
with the
 
previous authorization
 
of the
 
Office
 
of the
 
Commissioner.
 
There are
 
no restrictions
 
under
Section
 
17
 
on
 
the
 
amount
 
of
 
loans
 
that
 
are
 
wholly
 
secured
 
by
 
bonds,
 
securities
 
and
 
other
 
evidence
 
of
 
indebtedness
 
of
 
the
Government of
 
the United
 
States or
 
Puerto Rico,
 
or by
 
current debt
 
bonds, not
 
in default,
 
of municipalities
 
or instrumentalities
 
of
Puerto Rico. As
 
of December 31, 2025,
 
the legal lending
 
limit for BPPR
 
under this provision
 
was $723 million.
 
During 2025, BPPR
was in compliance with the lending limit requirements
 
of Section 17 of the Banking Law.
Section
 
14
 
of
 
the
 
Banking
 
Law
 
authorizes
 
a
 
bank
 
to
 
conduct
 
certain
 
financial
 
and
 
related
 
activities,
 
including
 
finance
leasing
 
of
 
personal
 
property
 
and
 
originating
 
and
 
servicing
 
mortgage
 
loans,
 
directly
 
or
 
through
 
subsidiaries.
 
BPPR
 
engages
 
in
finance
 
leasing
 
and
 
conducts
 
the
 
origination
 
and
 
servicing
 
of
 
mortgage
 
loans
 
through
 
its
 
Popular
 
Auto
 
and
 
Popular
 
Mortgage
divisions, respectively.
With
 
respect to
 
information privacy,
 
Puerto
 
Rico
 
law
 
requires businesses
 
to
 
implement information
 
security
 
controls to
protect consumers’
 
personal information from
 
breaches, as
 
well as to
 
provide notice of
 
any breach to
 
affected customers. In
 
2024
Puerto
 
Rico
 
enacted the
 
Cybersecurity Act
 
of
 
the
 
Commonwealth of
 
Puerto
 
Rico,
 
which
 
establishes cybersecurity
 
standards for
government entities
 
and their
 
contractors, including
 
certain reporting
 
and certification
 
obligations. As
 
a depositary
 
of government
funds, BPPR
 
could be
 
considered a
 
“contractor” under
 
the statute;
 
however,
 
the Puerto
 
Rico Innovation
 
and Technology
 
Service
has
 
not
 
yet
 
adopted
 
implementing
 
regulation
 
which
 
we
 
expect
 
to
 
address
 
applicability
 
and
 
any
 
exceptions
 
to
 
the
 
statute’s
requirements.
 
In addition,
 
as noted
 
above in
 
“Regulation of
 
Reinsurers, Insurance
 
Producers and
 
Agents,” Popular’s reinsurance
subsidiaries are subject to
 
licensure and regulatory supervision
 
by the Puerto Rico
 
Office of the
 
Commissioner of Insurance and
 
to
insurance laws and regulations.
Available Information
We maintain an
 
Internet website at www.popular.com.
 
Via the “Investor
 
Relations” link at our
 
website, our annual reports
on
 
Form 10-K,
 
quarterly reports
 
on
 
Form 10-Q,
 
current
 
reports on
 
Form 8-K
 
and amendments
 
to
 
such
 
reports filed
 
or furnished
23
pursuant to Section 13(a) or
 
15(d) of the Securities Exchange Act
 
of 1934, as amended (the
 
“Exchange Act”), are available, free
 
of
charge, as
 
soon as
 
reasonably practicable
 
after such
 
forms are
 
electronically filed
 
with, or
 
furnished to,
 
the SEC.
 
The SEC
 
also
maintains an
 
internet website at
 
http://www.sec.gov that
 
contains reports, proxy
 
and information statements,
 
and other information
regarding issuers that file electronically with the
 
SEC. You may obtain copies of our filings on the SEC site.
We have
 
adopted a
 
written code
 
of ethics
 
that applies
 
to all
 
directors, officers
 
and employees
 
of Popular,
 
including our
principal executive officer
 
and senior financial
 
officers, in accordance
 
with Section 406
 
of the Sarbanes-Oxley
 
Act of 2002
 
and the
rules
 
of
 
the
 
SEC
 
promulgated
 
thereunder.
 
Our
 
Code
 
of
 
Ethics
 
is
 
available
 
on
 
our
 
corporate
 
website,
 
www.popular.com,
 
in
 
the
section entitled “Corporate Governance.” In the event that we make changes to, or provide waivers from, the provisions of this Code
of Ethics that
 
the SEC requires
 
us to disclose,
 
we intend to
 
disclose these events
 
on our corporate
 
website in such
 
section. In
 
the
Corporate Governance
 
section
 
of our
 
corporate
 
website,
 
we
 
have also
 
posted the
 
charters
 
for
 
our Audit
 
Committee, Talent
 
and
Compensation
 
Committee,
 
Risk
 
Management
 
Committee,
 
Corporate
 
Governance
 
and
 
Nominating
 
Committee
 
and
 
Technology
Committee, as well as our Corporate Governance Guidelines. In addition, information concerning
 
purchases and sales of our equity
securities by our executive officers and directors is
 
posted on our website.
All
 
website
 
addresses
 
given
 
in
 
this
 
document
 
are
 
for
 
information
 
only
 
and
 
are
 
not
 
intended
 
to
 
be
 
active
 
links
 
or
 
to
incorporate any website information into this Form
 
10-K.
ITEM 1A. RISK FACTORS
We, like
 
other financial institutions,
 
face risks
 
inherent to
 
our business,
 
financial condition, liquidity,
 
results of
 
operations
and
 
capital
 
position.
 
These
 
risks
 
could
 
cause
 
our
 
actual
 
results
 
to
 
differ
 
materially
 
from
 
our
 
historical
 
results
 
or
 
the
 
results
contemplated by the forward-looking statements contained
 
in this report.
The risks described in
 
this report are not the
 
only risks we face. Additional
 
risks and uncertainties not currently
 
known by
us
 
or
 
that
 
we
 
currently
 
deem
 
to
 
be
 
immaterial,
 
or
 
that
 
are
 
generally
 
applicable
 
to
 
all
 
financial
 
institutions,
 
may
 
also
 
materially
adversely affect our business, financial condition, liquidity, results of operations or capital
 
position.
ECONOMIC AND MARKET RISKS
Weakness in
 
the economy,
 
particularly in
 
Puerto Rico,
 
where a
 
significant portion
 
of our
 
business is
 
concentrated, has
 
adversely impacted us in the past and may adversely
 
impact us in the future.
We have been, and will continue to be, impacted by global and local
 
economic and market conditions, including weakness
in
 
the
 
economy,
 
disruptions
 
and
 
volatility
 
in
 
the
 
financial
 
markets,
 
inflation,
 
monetary,
 
trade
 
and
 
fiscal
 
policies,
 
public
 
policy,
geopolitical conflicts, business and consumer sentiment
 
and unemployment. A significant portion of
 
our business is concentrated in
Puerto Rico, which accounted for 77% of our assets and 79%
 
of our deposits as of December 31, 2025 and
 
80% of our revenues for
the
 
year
 
ended
 
December
 
31,
 
2025.
 
As
 
a
 
result,
 
our
 
financial
 
condition
 
and
 
results
 
of
 
operations
 
are
 
highly
 
dependent
 
on
 
the
general
 
trends
 
of
 
the
 
Puerto
 
Rico
 
economy
 
and
 
other
 
conditions
 
affecting
 
Puerto
 
Rico
 
consumers
 
and
 
businesses.
 
The
concentration of
 
our operations in
 
Puerto Rico
 
exposes us to
 
greater risks than
 
other banking companies
 
with a
 
wider geographic
base.
Puerto Rico
 
has faced significant
 
economic and fiscal
 
challenges in the
 
past, including a
 
severe recession that
 
began in
2007 and
 
persisted for
 
over a
 
decade and
 
an acute
 
fiscal crisis
 
that led
 
the Puerto
 
Rico government
 
to file
 
for a
 
form
 
of federal
bankruptcy protection
 
in 2017.
 
Puerto Rico’s
 
fiscal and
 
economic challenges
 
have in
 
the past
 
adversely affected
 
our customers,
resulting
 
in
 
higher
 
delinquencies,
 
charge-offs
 
and
 
increased
 
losses
 
for
 
us.
 
While
 
Puerto
 
Rico’s
 
economy
 
has
 
been
 
gradually
recovering
 
and
 
the
 
Puerto
 
Rico
 
government
 
emerged from
 
bankruptcy
 
in
 
2022,
 
Puerto
 
Rico
 
still
 
faces
 
significant
 
economic
 
and
fiscal challenges.
 
Puerto Rico’s
 
economy is
 
closely tied
 
to the
 
U.S. economy,
 
as well
 
as
 
highly reliant
 
on U.S.
 
public policy
 
and funding
decisions. Puerto Rico
 
has historically received
 
significant federal support
 
for a
 
wide range of
 
government programs and
 
services,
including healthcare, education,
 
infrastructure and social
 
assistance programs. More
 
recently, Puerto
 
Rico has
 
received significant
federal stimulus,
 
disaster relief and
 
reconstruction funding, which
 
has served as
 
a major
 
driver of
 
economic activity.
 
Reductions in
federal
 
funding
 
to
 
programs that
 
have
 
benefited the
 
Puerto
 
Rico
 
economy
 
or
 
delays
 
in
 
disbursements could
 
significantly impact
Puerto
 
Rico’s
 
economy
 
and
 
hinder
 
reconstruction
 
efforts,
 
including
 
the
 
restoration
 
and
 
improvement
 
of
 
critical
 
infrastructure.
 
In
addition, given that Puerto Rico’s Medicaid program is
 
funded through federal block grants, absent federal legislative action,
 
annual
24
Medicaid funding for Puerto
 
Rico is projected to
 
drop significantly during the
 
2027-2028 fiscal year,
 
which would require the
 
Puerto
Rico government
 
to cover
 
substantial program costs
 
and potentially
 
place significant
 
strain on
 
its finances.
 
Beyond direct
 
funding,
broader shifts in U.S. policy,
 
such as changes to tax or trade policies, and
 
shifts in policies of other governments in response, could
also adversely
 
impact the
 
Puerto Rico
 
economy.
 
A weakening
 
of the
 
Puerto Rico
 
economy or
 
other adverse
 
economic conditions
affecting Puerto Rico consumers and businesses could result in decreased demand for our products or services, deterioration in the
credit
 
quality
 
of
 
our
 
customers,
 
higher
 
delinquencies,
 
charge-offs
 
or
 
increased
 
losses,
 
all
 
of
 
which
 
could
 
adversely
 
affect
 
our
business, financial condition, liquidity, results of operations or capital position.
We are
 
also exposed
 
to risks
 
related to
 
the state
 
of the
 
local economies
 
of the
 
other markets
 
in which
 
we do
 
business,
such as
 
New York
 
and Florida, as
 
well as to
 
the state of
 
the global and
 
U.S. economy and
 
financial markets. Evolving
 
geopolitical
tensions, the introduction
 
or escalation of tariffs,
 
inflationary pressures and other
 
political or economic shifts
 
may lead to
 
increased
market volatility
 
and disruption.
 
These factors
 
could, in
 
turn, adversely
 
impact our
 
business, financial condition,
 
liquidity,
 
results of
operations or capital position.
Changes
 
in
 
interest
 
rates
 
and
 
credit
 
spreads
 
can
 
adversely
 
impact
 
our
 
financial
 
condition,
 
including
 
our
 
investment
portfolio,
 
since
 
a
 
significant
 
portion
 
of
 
our
 
business involves
 
borrowing
 
and
 
lending
 
money,
 
and
 
investing in
 
financial
instruments.
Our business
 
and financial
 
performance are
 
impacted by
 
market interest
 
rates and
 
movements in
 
those rates.
 
Since a
high percentage of our assets and liabilities are interest bearing or otherwise sensitive in value to changes in interest rates, changes
in interest rates, in the shape of the yield curve or in spreads between different types of rates, have had and could in the future have
a material impact on our results
 
of operations and the values of our
 
assets and liabilities, including our investment portfolio.
 
Interest
rates are
 
highly sensitive
 
to many
 
factors over
 
which we
 
have no
 
control and
 
which we
 
may not
 
be able
 
to anticipate
 
adequately,
including general
 
economic conditions
 
and the
 
monetary and
 
tax policies
 
of various
 
governmental bodies,
 
particularly the
 
Federal
Reserve Board.
 
Changes in
 
these policies,
 
including changes
 
in interest
 
rates, impact
 
various aspects
 
of our
 
business, including
loan originations,
 
the speed
 
of prepayments,
 
loan delinquencies,
 
the value
 
of our
 
investments, the
 
rates we
 
receive on
 
our loans
and investment
 
securities, our
 
ability to
 
maintain and
 
generate deposits
 
and the
 
rates we
 
pay on
 
our deposits
 
and other
 
funding
sources. The
 
effects of
 
these changes
 
may be
 
amplified if
 
we are
 
unable to
 
effectively manage
 
the sensitivity
 
of our
 
assets and
liabilities to market interest rate changes.
 
The rapid
 
rise in
 
interest rates
 
in 2022
 
resulted in
 
$2.5 billion
 
in unrealized
 
mark-to-market losses
 
on available-for-sale
securities held
 
in our
 
investment securities
 
portfolio. In
 
October 2022,
 
we transferred
 
U.S. Treasury
 
securities with
 
a fair
 
value of
$6.5 billion (par value of $7.4 billion), and with accumulated unrealized losses of
 
$873 million, from our available-for-sale portfolio to
our
 
held-to-maturity
 
portfolio.
 
While
 
the
 
size
 
of
 
our
 
unrealized
 
mark-to-market
 
losses
 
on
 
available-for-sale
 
securities
 
had
 
been
reduced
 
to
 
$0.9
 
billion
 
as
 
of
 
December 31,
 
2025,
 
if
 
interest
 
rates
 
were
 
to
 
again
 
rise
 
rapidly
 
or
 
for
 
a
 
prolonged
 
period,
 
we
 
may
accumulate
 
significant
 
additional
 
mark-to-market
 
losses
 
on
 
investment
 
securities
 
in
 
our
 
available-for-sale
 
portfolio,
 
which
 
may
adversely affect our tangible capital and impact our
 
ability to return capital to our stockholders.
For a discussion of the Corporation’s
 
interest rate sensitivity, please refer
 
to the “Risk Management” section of the MD&A
in this Form 10-K.
BUSINESS RISKS
Negative
 
changes
 
in
 
the
 
financial
 
condition
 
of
 
our
 
clients
 
have
 
adversely
 
impacted
 
us
 
in
 
the
 
past
 
and
 
may
 
adversely
impact us in the future.
 
A significant portion of
 
our business involves lending money,
 
which exposes us to
 
credit risk and
 
risk of loss if
 
borrowers
do
 
not
 
repay
 
their
 
loans,
 
leases, credit
 
cards
 
or
 
other
 
credit
 
obligations.
 
The
 
performance of
 
these
 
credit
 
portfolios
 
significantly
affects our
 
financial condition
 
and results
 
of operations.
 
We have
 
in the
 
past been
 
adversely affected
 
by negative
 
changes in
 
the
financial condition of our clients due to weakness in
 
the Puerto Rico and U.S. economy. If the current economic environment were to
deteriorate, more customers may have difficulty in repaying their credit obligations, which may result in higher levels
 
of credit losses
and reserves for credit losses.
We are exposed to
 
increased credit risks and credit losses
 
to the extent our clients are
 
concentrated by industry segment
or type of client.
Our credit risk and credit
 
losses can increase to the extent
 
our loans are concentrated in borrowers engaged in
 
the same
or similar
 
activities or
 
in borrowers
 
who as
 
a group
 
may be
 
uniquely or
 
disproportionately affected
 
by certain
 
economic or
 
market
conditions. We have significant
 
exposure to borrowers in certain
 
economic sectors, such as residential
 
and commercial real estate,
25
hospitality and healthcare. Challenging economic or market conditions that affect
 
the industries or types of clients to
 
which we have
significant exposure
 
could result
 
in higher
 
credit
 
losses and
 
adversely affect
 
our business,
 
financial condition,
 
liquidity,
 
results of
operations or capital position.
We also
 
have direct
 
lending and
 
investment exposure
 
to Puerto
 
Rico government
 
entities, which
 
have faced
 
significant
fiscal challenges.
 
At December
 
31, 2025,
 
our exposure
 
to the
 
Puerto Rico
 
government consisted
 
of $391
 
million in
 
direct lending
exposure to Puerto
 
Rico municipalities and
 
$209 million in
 
loans insured or
 
securities issued by
 
Puerto Rico governmental
 
entities
but for
 
which the
 
principal source
 
of repayment
 
is non-governmental.
 
We also
 
have indirect
 
lending exposure
 
to the
 
Puerto Rico
government in the
 
form of loans
 
to private borrowers
 
who are service
 
providers, lessors, suppliers
 
or have other
 
relationships with
the Puerto Rico government. While the overall fiscal situation
 
of the Puerto Rico government has improved in recent years,
 
including
as
 
a
 
result
 
of
 
the
 
government
 
and
 
certain
 
of
 
its
 
instrumentalities
 
having
 
restructured
 
their
 
debt
 
obligations,
 
some
 
Puerto
 
Rico
government entities, including certain municipalities, still face significant
 
fiscal challenges. A deterioration in the fiscal situation of the
Puerto Rico government and
 
its instrumentalities, and in
 
particular the fiscal situation
 
of the Puerto
 
Rico municipalities to
 
which we
have direct lending exposure,
 
could result in higher
 
credit losses and reserves
 
for credit losses. For
 
a discussion of risks
 
related to
the Corporation’s credit
 
exposure to the
 
Puerto Rico and
 
USVI governments, see
 
the Geographic and
 
Government Risk section
 
in
the MD&A section of this Form 10-K.
Deterioration in the
 
values of real
 
properties securing our commercial, mortgage
 
loan and construction portfolios
 
have in
the past resulted, and may in the future result,
 
in increased credit losses and harm our results
 
of operations.
As of
 
December 31,
 
2025, 55%
 
of
 
our loan
 
portfolio consisted
 
of loans
 
secured by
 
real estate
 
collateral (comprised
 
of
29% in
 
commercial loans,
 
22% in
 
residential mortgage
 
loans and
 
4%
 
in construction
 
loans). The
 
value of
 
the collateral
 
securing
such loans is dependent upon economic conditions in the area in which the collateral is located. Weakness in the economy of some
of the markets we serve has in
 
the past resulted in significant declines in the value
 
of the real properties securing our loan portfolio,
leading to
 
increased credit losses.
 
If the
 
value of
 
the real
 
estate properties securing
 
our loan portfolio
 
declines again in
 
the future,
we
 
may be
 
required to
 
increase our
 
provisions for
 
loan losses
 
and allowance
 
for loan
 
losses. Any
 
such
 
increase could
 
have an
adverse effect
 
on our
 
financial condition
 
and results
 
of operations.
 
For more
 
information on
 
the credit
 
quality of
 
our construction,
commercial and mortgage portfolio, see the Credit
 
Risk section of the MD&A included in this
 
Form 10-K.
Defective and repurchased loans may harm our business
 
and financial condition.
In
 
connection
 
with
 
the
 
sale
 
and
 
securitization
 
of
 
mortgage
 
loans,
 
we
 
are
 
required
 
to
 
make
 
a
 
variety
 
of
 
customary
representations
 
and
 
warranties regarding
 
Popular
 
and
 
the
 
loans
 
being
 
sold
 
or
 
securitized.
 
Our
 
obligations with
 
respect to
 
these
representations and warranties are generally outstanding for the
 
life of the loan, and they
 
relate to, among other things, compliance
with
 
laws
 
and
 
regulations,
 
underwriting
 
standards,
 
the
 
accuracy
 
of
 
information
 
in
 
the
 
loan
 
documents
 
and
 
loan
 
file
 
and
 
the
characteristics
 
and
 
enforceability of
 
the
 
loan.
 
A
 
loan
 
that
 
does
 
not
 
comply
 
with
 
the
 
secondary
 
market’s
 
requirements
 
may
 
take
longer to
 
sell, impact
 
our ability
 
to securitize
 
the loans
 
or pledge
 
the loans
 
as collateral
 
for borrowings,
 
or be
 
unsalable or
 
salable
only
 
at
 
a
 
significant
 
discount.
 
Moreover,
 
if
 
any
 
such
 
loan
 
is
 
sold
 
before
 
we
 
detect
 
non-compliance,
 
we
 
may
 
be
 
obligated
 
to
repurchase the loan and bear any associated loss directly,
 
or we may be obligated to indemnify the purchaser against any loss.
 
We
seek to
 
minimize repurchases and
 
losses from defective
 
loans by correcting
 
flaws, if possible,
 
and selling or
 
re-selling such loans.
However,
 
if
 
we
 
were
 
to
 
suffer
 
significant
 
losses
 
from
 
defective
 
and
 
repurchased
 
loans,
 
our
 
results
 
of
 
operations
 
and
 
financial
condition could be materially impacted.
If we are
 
unable to maintain
 
or grow our
 
deposits, we may
 
be subject to
 
paying higher funding costs
 
and our net
 
interest
income may decrease.
 
We rely primarily on bank deposits as a low cost and
 
stable source of funding for our lending and
 
investment activities and
the operation of
 
our business. Therefore, our
 
funding costs are largely
 
dependent on our ability
 
to maintain and
 
grow our deposits.
As
 
our
 
competitors
 
have
 
raised
 
the
 
interest
 
rates
 
they
 
pay
 
on
 
deposits,
 
our
 
funding
 
costs
 
have
 
increased,
 
as
 
we
 
have
 
had
 
to
increase the
 
rates we
 
pay to
 
our depositors
 
to avoid
 
losing deposits and
 
to procure
 
new ones.
 
Rising interest
 
rates have
 
also led
customers to move their funds to other
 
financial institutions or to alternative investments that pay higher interest
 
rates.
 
Additionally,
periods of market stress
 
or lack of market or
 
customer confidence in financial institutions may
 
result in a loss of
 
customer deposits,
especially to the
 
extent those deposits are
 
in excess of
 
the FDIC-insured limit
 
of $250,000. As of
 
December 31, 2025, we
 
had $14
billion of total deposits (other than collateralized public funds, which represent public deposit balances from
 
governmental entities in
the
 
U.S.
 
and
 
its
 
territories,
 
including
 
Puerto
 
Rico
 
and
 
the
 
United
 
States
 
Virgin
 
Islands,
 
that
 
are
 
collateralized
 
based
 
on
 
such
jurisdictions’ applicable
 
collateral requirements)
 
in excess
 
of the
 
FDIC-insured limit.
 
If deposits
 
decrease, we
 
may need
 
to rely
 
on
26
more expensive sources of
 
funding, which would
 
negatively impact our interest
 
rate margin and net
 
interest income.
 
In addition, a
reduction in our deposits would decrease our earning
 
assets, which would also negatively affect our net interest
 
income.
We have a significant amount of deposits from the Puerto
 
Rico government, its instrumentalities and municipalities ($19.4
billion, or
 
29% of our
 
total deposits, as
 
of December 31,
 
2025), and the
 
amount of these
 
deposits may fluctuate
 
depending on the
financial condition and liquidity of
 
these entities, as well
 
as on our ability
 
to maintain these customer
 
relationships. Under the terms
of BPPR’s deposit
 
pricing agreement with the
 
Puerto Rico government, most
 
public fund deposit rates
 
are market linked
 
with a lag
minus a
 
specified spread.
 
Therefore, as
 
market rates
 
rise, we
 
are required
 
to sequentially
 
increase the
 
rates we
 
pay our
 
public
deposits. If the mix of our deposits shifts towards a higher proportion of higher-cost deposits for any reason, our funding costs would
increase and our net interest income would be expected
 
to decrease.
 
OPERATIONAL RISKS
We and
 
our third-party
 
providers have
 
been, and
 
expect in
 
the future
 
to continue
 
to be,
 
subject to
 
cyber-attacks. Future
cyber-attacks could cause substantial harm and
 
have an adverse effect on our business
 
and results of operations.
Cybersecurity
 
risks
 
for
 
large
 
financial
 
institutions
 
such
 
as
 
Popular
 
have
 
increased
 
significantly
 
in
 
recent
 
years
 
in
 
part
because
 
of
 
the
 
proliferation
 
of
 
new
 
technologies,
 
such
 
as
 
mobile
 
banking,
 
cloud
 
hosting,
 
artificial
 
intelligence
 
and
 
the
 
ability
 
to
conduct instant financial transactions anywhere globally, as well as due to geopolitical conflicts and the increased sophistication and
activities
 
of
 
organized crime,
 
hackers, terrorists,
 
nation-states, hacktivists
 
and
 
other parties.
 
Cybersecurity threats
 
are constantly
evolving,
 
especially
 
given
 
the
 
advances
 
in,
 
and
 
the
 
rise
 
of
 
the
 
use
 
of,
 
artificial
 
intelligence
 
and
 
quantum
 
computing,
 
thereby
increasing the difficulty of preventing, detecting and
 
successfully defending against them.
In
 
the
 
ordinary
 
course
 
of
 
business,
 
we
 
rely
 
on
 
electronic
 
communications
 
and
 
information
 
systems
 
to
 
conduct
 
our
operations
 
and
 
to
 
transmit
 
and
 
store
 
sensitive
 
data.
 
Notwithstanding
 
our
 
defensive
 
measures
 
and
 
the
 
significant
 
resources
 
we
devote to protecting the security of our systems, there
 
is no assurance that all of our security measures
 
will be effective at all times,
especially
 
as
 
the
 
threats
 
from
 
cyber-attacks
 
are
 
continuous
 
and
 
severe.
 
The
 
risk
 
of
 
a
 
security
 
breach
 
due
 
to
 
a
 
cyber-attack
 
is
expected to
 
increase as
 
we continue to
 
expand our
 
digital capabilities, mobile
 
banking and other
 
internet-based product offerings,
the use of the cloud for system development and
 
hosting and internal use of internet-based
 
products and applications.
We
 
continue to
 
detect and
 
identify attacks
 
that are
 
becoming more
 
sophisticated and
 
increasing in
 
volume, as
 
well as
attackers
 
that
 
respond
 
rapidly
 
to
 
changes
 
in
 
defensive
 
countermeasures. The
 
most
 
significant
 
cyber-attack
 
risks
 
that
 
we
 
or
 
our
critical service providers may face include, but are not limited to, e-fraud,
 
denial-of-service (DDoS), ransomware, computer intrusion
and
 
the
 
exploitation
 
of
 
software
 
zero-day
 
vulnerabilities
 
that
 
might
 
result
 
in
 
disruption
 
of
 
services,
 
in
 
the
 
exposure
 
or
 
loss
 
of
customer or proprietary data, and significant financial loss. These types of cyber-attacks have in the past resulted and may continue
to result
 
in the
 
compromise of
 
sensitive customer
 
data, such
 
as account
 
numbers, credit
 
cards and
 
social security
 
numbers, and
could present significant reputational, legal and regulatory
 
costs to Popular if successful.
 
Our
 
customer-facing
 
platforms
 
are
 
also
 
routinely
 
targeted
 
by
 
threat
 
actors
 
aiming
 
to
 
gain
 
unauthorized
 
access
 
to
 
our
clients’
 
accounts.
 
Although
 
we
 
have
 
implemented
 
defensive
 
measures
 
designed
 
to
 
protect
 
against
 
such
 
attacks,
 
there
 
is
 
no
assurance that these
 
defensive measures will
 
keep pace with
 
threats that are
 
continuous and growing
 
in severity.
 
For example, in
2022, certain customers were affected by brute force attacks on one of our platforms, which resulted in certain of our customers log-
in credentials
 
and information
 
being exposed,
 
resulting in
 
fraudulent transfers
 
or withdrawals.
 
Popular customers
 
have also
 
been
impacted by
 
card skimming
 
events in
 
our ATM
 
terminals. As
 
a result,
 
we have
 
notified, and
 
conducted additional
 
remediation for,
customers identified as
 
affected by
 
these incidents. Cyber-security
 
risks have also
 
been exacerbated by
 
the discovery of
 
zero-day
vulnerabilities in
 
widely distributed
 
third party
 
software, which
 
have in
 
the past
 
affected and
 
in the
 
future could
 
affect Popular’s
 
or
any of its service provider’s systems, as
 
further detailed below.
The
 
increased
 
use
 
of
 
remote
 
access
 
and
 
third-party
 
video
 
conferencing
 
solutions
 
to
 
enable
 
work-from-home
arrangements for employees has
 
also increased our exposure
 
to cyber-attacks, including through
 
the use of
 
deep fakes and brand
impersonation.
 
We
 
expect
 
the
 
rise
 
and
 
use
 
of
 
artificial
 
intelligence
 
to
 
exacerbate
 
this
 
risk.
 
In
 
addition,
 
a
 
third
 
party
 
could
misappropriate confidential information
 
obtained by intercepting
 
signals or communications
 
from mobile
 
devices used by
 
Popular’s
customers or employees. Recent geopolitical conflicts have also exacerbated the risks related to supply-chain
 
compromises and de-
stabilizing activities of nation-state sponsored actors.
A material compromise or circumvention of the security of our systems could
 
have serious negative consequences for us,
including
 
significant
 
disruption
 
of
 
our
 
operations
 
and
 
those
 
of
 
our
 
clients,
 
customers
 
and
 
counterparties,
 
misappropriation
 
of
27
confidential
 
information
 
of
 
Popular
 
or
 
that
 
of
 
our
 
clients,
 
customers,
 
counterparties
 
or
 
employees,
 
or
 
damage
 
to
 
computers
 
or
systems used
 
by us
 
or by
 
our clients,
 
customers and
 
counterparties, and
 
could result
 
in violations of
 
applicable privacy
 
and other
laws,
 
financial
 
loss
 
to
 
us
 
or
 
to
 
our
 
customers,
 
increased
 
regulatory
 
scrutiny
 
and
 
enforcement
 
actions,
 
customer
 
dissatisfaction,
significant litigation exposure and harm to our reputation, all of which could have a material adverse effect on us. Banking regulators
increasingly scrutinize third-party relationships supporting critical activities. If our regulators determine that our oversight,
 
contractual
protections, or
 
the performance
 
and controls
 
of our
 
third-party providers
 
(including critical
 
providers) are
 
inadequate, we
 
could be
required
 
to
 
implement
 
enhanced
 
controls,
 
conduct
 
independent
 
reviews,
 
restrict
 
or
 
terminate
 
relationships,
 
or
 
undertake
 
costly
remediation or
 
conversion activities,
 
any of
 
which could
 
disrupt operations,
 
increase expenses,
 
or adversely
 
affect our
 
reputation
and results of operations.
The
 
extent
 
of
 
a
 
particular
 
cyber-attack
 
and
 
the
 
steps
 
that
 
we
 
may
 
need
 
to
 
take
 
to
 
investigate
 
the
 
attack
 
may
 
not
 
be
immediately
 
clear,
 
and
 
it
 
may
 
take
 
a
 
significant
 
amount
 
of
 
time
 
before
 
such
 
an
 
investigation
 
can
 
be
 
completed.
 
While
 
such
 
an
investigation is ongoing, Popular may not necessarily know the full extent
 
of the harm caused by the cyber-attack, and that
 
damage
may continue to spread.
 
These factors may inhibit
 
our ability to provide
 
rapid, full and reliable
 
information about the cyber-attack to
our clients, customers, counterparties and regulators, as well as the public. Moreover, we may be required under SEC rules
 
or bank
regulations to disclose information about a cybersecurity event before it has been resolved
 
or fully investigated. Furthermore, it may
not be clear how best to contain and remediate the potential harm
 
caused by the cyber-attack, and certain errors or actions could be
repeated or compounded before they are discovered
 
and remediated. Cyber-attacks could also cause interruptions
 
in our operations
and result in the incurrence of significant costs,
 
including those related to forensic analysis
 
and legal counsel.
 
We also
 
rely on
 
third parties
 
for the
 
performance of
 
a significant
 
portion of
 
our information
 
technology functions and
 
the
provision of information security,
 
technology and business process services. As a result, a
 
successful compromise or circumvention
of
 
the security
 
of
 
the systems
 
of these
 
third-party service
 
providers could
 
have serious
 
negative consequences
 
for us,
 
including
compromise
 
of
 
our
 
systems,
 
misappropriation of
 
our
 
confidential
 
information
 
or
 
that
 
of
 
our
 
clients,
 
customers,
 
counterparties
 
or
employees, or
 
other negative
 
implications identified
 
above with
 
respect to
 
a cyber-attack
 
on our
 
systems. The
 
most important
 
of
these
 
third-party service
 
providers for
 
us
 
is
 
Evertec. As
 
a result,
 
we
 
depend on
 
Evertec to
 
identify and
 
remediate certain
 
of
 
our
cybersecurity vulnerabilities. Cyber-attacks at third-party service
 
providers are also becoming increasingly common, and,
 
as a result,
cybersecurity risks relating to our vendors, including Evertec have increased.
 
Certain risks particular to Evertec and our dependence
on
 
third
 
parties
 
are
 
discussed
 
under
 
“We
 
rely
 
on
 
other
 
companies
 
to
 
provide
 
key
 
components
 
of
 
our
 
business
 
infrastructure,
including certain of our core financial transaction processing and
 
information technology and security services, which exposes us to
a number
 
of operational
 
risks that
 
could have
 
a material
 
adverse effect
 
on us”
 
in the
 
Operational Risks
 
section of
 
Item 1A
 
in this
Form 10-K. During 2023, personal information of Popular customers’ data was compromised in a data breach incident that impacted
MOVEit, the third-party file transfer platform used by one of our service
 
providers. Popular notified, as required or otherwise deemed
appropriate,
 
customers
 
identified
 
as
 
affected
 
by
 
the
 
incident.
 
Furthermore,
 
during
 
2024,
 
threat
 
actors
 
exploited
 
a
 
zero-day
vulnerability in
 
the Fortinet
 
enterprise management
 
server software
 
used by
 
Evertec, which
 
migrated to
 
one of
 
Popular's domain
controllers
 
due
 
to
 
a shared
 
network
 
environment. While
 
Evertec
 
eventually determined
 
that
 
no
 
BPPR
 
customer
 
information was
exfiltrated as a result of
 
this incident, the event underscores
 
the risks inherent in Popular’s dependency
 
on Evertec. Although these
incidents did not
 
have a material
 
effect on
 
Popular, including
 
its business strategy,
 
results of operations
 
or financial condition,
 
and
our
 
third-party
 
service
 
providers
 
agreed
 
to
 
cover
 
external
 
remediation
 
costs
 
associated
 
therewith,
 
a
 
compromise
 
of
 
Popular
information
 
or
 
the
 
personal
 
information
 
of
 
our
 
customers
 
maintained
 
by
 
third
 
party
 
vendors
 
could
 
result
 
in
 
significant
 
regulatory
consequences, reputational damage and financial
 
loss to us. The
 
success of our business
 
depends in part on
 
the continuing ability
of these
 
(and other)
 
third parties
 
to perform
 
these functions
 
and services
 
in a
 
timely and
 
satisfactory manner,
 
which performance
could be disrupted or otherwise adversely affected
 
due to failures or other information security events originating
 
at the third parties
or
 
at
 
the
 
third
 
parties’
 
suppliers
 
or
 
vendors
 
(so-called
 
“fourth
 
party
 
risk”).
 
We
 
may
 
not
 
be
 
able
 
to
 
effectively
 
directly
 
monitor
 
or
mitigate
 
fourth-party
 
risk,
 
in
 
particular
 
as
 
it
 
relates
 
to
 
the
 
use
 
of
 
common
 
suppliers
 
or
 
vendors
 
by
 
the
 
third
 
parties
 
that
 
perform
functions and services for us.
 
As cyber
 
threats continue
 
to evolve,
 
we also
 
expect to
 
expend significant
 
additional resources
 
to continue
 
to modify
 
or
enhance
 
our
 
layers
 
of
 
defense
 
or
 
to
 
investigate
 
and
 
remediate
 
additional
 
information
 
security
 
vulnerabilities
 
or
 
incidents.
 
The
obsolescence
 
in
 
our
 
hardware
 
or
 
software
 
limits
 
our
 
ability
 
to
 
mitigate
 
vulnerabilities.
 
System
 
enhancements and
 
updates
 
also
create
 
risks
 
associated
 
with
 
implementing new
 
systems
 
and
 
integrating
 
them
 
with
 
existing
 
ones,
 
including
 
risks
 
associated
 
with
supply chain compromises and the software development lifecycle of the systems used by us and our service providers. In
 
addition,
addressing certain
 
information security
 
vulnerabilities, such
 
as hardware-based
 
vulnerabilities, may
 
affect
 
the performance
 
of our
information
 
technology
 
systems.
 
The
 
ability
 
of
 
our
 
hardware
 
and
 
software
 
providers
 
to
 
deliver
 
patches
 
and
 
updates
 
to
 
mitigate
vulnerabilities in a timely manner can introduce
 
additional risks, particularly when a vulnerability is being actively
 
exploited by threat
28
actors.
 
Moreover,
 
our
 
efforts
 
to
 
timely
 
mitigate
 
vulnerabilities
 
and
 
manage
 
such
 
risks,
 
given
 
the
 
rise
 
in
 
number
 
and
 
urgency
 
of
required patches and third-party software, as well as
 
the obsolescence in some of our hardware and
 
software, may impact our day-
to-day operations, the availability of our systems and
 
delay the deployment of technology enhancements
 
and innovation.
 
If Popular’s operational systems,
 
or those of
 
external parties on which
 
Popular’s businesses depend, are
 
unable to meet
the requirements of our businesses and operations or the standards of our regulators
 
or other applicable data protection and privacy
laws, or if they fail, have other significant shortcomings or are impacted by cyber-attacks,
 
Popular could be materially and adversely
affected.
We
 
rely
 
on
 
other
 
companies
 
to
 
provide
 
key
 
components
 
of
 
our
 
business
 
infrastructure,
 
including
 
certain
 
of
 
our
 
core
financial
 
transaction
 
processing
 
and
 
information
 
technology
 
and
 
security
 
services,
 
which
 
exposes
 
us
 
to
 
a
 
number
 
of
operational risks that could have a material
 
adverse effect on us.
Third parties provide key components of our business operations, such
 
as data processing, information security, recording
and monitoring transactions,
 
online banking interfaces and
 
services, Internet connections and
 
network access. The most
 
important
of
 
these
 
third-party service
 
providers for
 
us
 
is
 
Evertec
 
due
 
in
 
large
 
part
 
to
 
its
 
role
 
as
 
a service
 
provider to
 
BPPR,
 
our
 
principal
banking subsidiary.
 
We are dependent on Evertec for the provision of
 
essential services to our business, including certain
 
of BPPR’s
core financial
 
transaction processing and
 
information technology and
 
security services. As
 
a result,
 
we are particularly
 
exposed to
the operational risks of Evertec,
 
including those related to its
 
security architecture and potential breakdowns or
 
failures of Evertec’s
systems or internal controls environment.
 
Over the
 
course of our
 
relationship with Evertec,
 
we have experienced
 
interruptions and delays
 
in key
 
services provided
by Evertec, as well as cyber events, as a result of system breakdowns, their exposure to zero-day vulnerabilities, misconfigurations,
human
 
error,
 
application
 
obsolescence
 
and
 
dependency
 
on
 
shared
 
infrastructure
 
components
 
and
 
shared
 
environments,
 
which
have in certain cases also
 
led to exposure of Popular information
 
and BPPR customer information. In particular,
 
the current level of
obsolescence in the hardware and
 
software used by Evertec
 
to service us exposes
 
us to heightened operational and
 
cybersecurity
risks, including system outages.
 
Our ability to cure
 
legacy obsolescence in the
 
hardware and software we
 
procure from Evertec, to
expand
 
our
 
oversight
 
over
 
security
 
services
 
being
 
provided
 
by
 
Evertec,
 
as
 
well
 
as
 
to
 
effect
 
the
 
segregation
 
of
 
our
 
shared
infrastructure,
 
is
 
expected
 
to
 
be
 
lengthy
 
and
 
complex,
 
which
 
exacerbates
 
our
 
exposure
 
to
 
resulting
 
operational,
 
including
cybersecurity,
 
risks. See
 
“The transition
 
to new
 
financial services
 
technology providers,
 
and the
 
replacement of
 
services currently
provided to us by Evertec, will be lengthy and
 
complex” in the Operational Risks section of Item 1A
 
in this Form 10-K below.
 
While
 
we
 
select
 
third-party vendors
 
carefully
 
and
 
have
 
increased our
 
oversight
 
of
 
these
 
relationships, our
 
oversight is
constrained by
 
the level
 
of our
 
ongoing visibility into
 
our vendor’s systems
 
and operations, and
 
we do not
 
have direct control
 
over
their actions, assets
 
or services. Any
 
problems caused by
 
these vendors, including
 
those resulting from
 
disruptions in the
 
services
provided, vulnerabilities
 
in or
 
breaches of
 
the vendor’s
 
systems or
 
environments, failure
 
of the
 
vendor to
 
handle current
 
or higher
volumes, failure of the vendor to provide services for any reason or
 
poor performance of services, failure of the vendor to notify us
 
of
a
 
reportable
 
event
 
in
 
a
 
timely
 
manner,
 
or
 
our
 
vendors’
 
misuse
 
of
 
artificial
 
intelligence
 
and
 
other
 
automatic
 
decision
 
making
technologies,
 
could
 
adversely
 
affect
 
our
 
ability
 
to
 
deliver
 
products
 
and
 
services
 
to
 
our
 
customers
 
and
 
otherwise
 
conduct
 
our
business,
 
disrupt
 
our
 
operations,
 
result
 
in
 
potential
 
liability
 
to
 
customers
 
and
 
counterparties,
 
result
 
in
 
the
 
imposition
 
of
 
fines,
penalties or judgments by our regulators, lead to exposure of our information or that of our customers or harm to our reputation, any
of which
 
could materially
 
and adversely
 
affect us.
 
The inability
 
of our
 
third-party service
 
providers to
 
timely address
 
cybersecurity
threats may further exacerbate these
 
risks. Financial or operational difficulties of
 
a third-party vendor could also
 
hurt our operations
if
 
those
 
difficulties
 
interfere
 
with the
 
vendor’s ability
 
to
 
serve
 
us.
 
Replacing these
 
third-party vendors,
 
when possible,
 
could
 
also
create
 
significant
 
delay
 
and
 
expense.
 
Accordingly,
 
the
 
use
 
of
 
third
 
parties
 
creates
 
an
 
unavoidable inherent
 
risk
 
to
 
our
 
business
operations.
The transition to new financial services technology providers, and the replacement of services currently provided to
 
us by
Evertec, will be lengthy and complex.
Switching from one vendor of core financial transaction processing and related technology and security services to one or
more new
 
vendors is
 
a complex
 
process that
 
carries business
 
and financial
 
risks. The
 
implementation cycle
 
for such
 
a transition
would be
 
lengthy and require
 
significant financial and
 
management resources from
 
BPPR and
 
Popular. Such
 
a transition can
 
also
increase costs (including conversion costs), impede or disrupt business or technological initiatives, and expose us and our clients to
business disruption, as well as operational and cybersecurity risks. As
 
we transition all or a portion of
 
the existing services provided
by Evertec
 
to new
 
financial services
 
technology providers,
 
either (i)
 
at the
 
end of
 
the term
 
of the
 
Second Amended
 
and Restated
Master Services Agreement
 
(the “MSA”) and
 
related agreements or
 
(ii) earlier upon
 
the termination of
 
any service for
 
convenience
29
under the MSA, these transition risks could result in an adverse effect on our
 
business, financial condition and results of operations.
Although Evertec
 
has agreed
 
to provide
 
certain transition
 
assistance to
 
us in
 
connection with
 
the termination
 
of the
 
MSA, we
 
are
ultimately dependent on their ability to provide those
 
services in a responsive and competent manner, as well as their ability to retain
experienced personnel to
 
provide the services. A
 
successful transition will
 
also depend on
 
our ability to
 
retain personnel who
 
have
relevant experience
 
and expertise.
 
Furthermore, we
 
may require
 
transition assistance
 
from Evertec
 
beyond the
 
term of
 
the MSA,
potentially delaying and lengthening any transition
 
process away from Evertec while increasing
 
related costs and risks
 
of disruption
to us and our clients.
 
Under the
 
MSA, we
 
are able
 
to terminate
 
services for
 
convenience with
 
180 days’
 
prior notice.
 
We expect
 
to exercise
during the
 
term of
 
the MSA
 
the right
 
to terminate
 
certain services
 
for convenience
 
and to
 
transition such
 
services to
 
other service
providers prior to the expiration
 
of the MSA, subject to
 
complying with the revenue minimums contemplated in
 
the MSA and certain
other conditions. In
 
practice, in order
 
to switch
 
to a
 
new provider for
 
a particular service,
 
we will have
 
to commence procuring
 
and
working on
 
a transition
 
process for
 
such service
 
significantly in
 
advance of
 
its termination
 
and, in
 
any case,
 
much earlier
 
than the
expiration date of the MSA, and such process may extend beyond the current term of the MSA. Furthermore, if we are unsuccessful
or
 
decide
 
not
 
to
 
complete
 
the
 
transition
 
after
 
expending significant
 
funds
 
and
 
management resources,
 
it
 
could
 
also
 
result
 
in
 
an
adverse effect on our business, financial condition and
 
results of operations.
Unforeseen or
 
catastrophic events,
 
including
 
extreme weather
 
events and
 
other natural
 
disasters, man-made
 
disasters,
acts of violence or
 
war, or the
 
emergence of pandemics or epidemics, could
 
cause a disruption in our
 
operations or other
consequences that could have a material adverse
 
effect on our financial condition and results
 
of operations.
A
 
significant
 
portion
 
of
 
our
 
operations
 
are
 
located
 
in
 
the
 
Caribbean
 
and
 
Florida,
 
a
 
region
 
susceptible
 
to
 
hurricanes,
earthquakes and other
 
similar events. In
 
2017, Puerto Rico,
 
USVI and BVI
 
were severely impacted
 
by Hurricanes Irma
 
and María,
which resulted in significant disruption to our operations and adversely affected
 
our clients in these markets, and in 2022, Hurricane
Fiona impacted the
 
southwest area of
 
Puerto Rico,
 
adversely affecting our
 
customers in
 
that region. Other
 
types of
 
unforeseen or
catastrophic events, including
 
pandemics, epidemics, man-made
 
disasters, or acts
 
of violence or
 
war, or
 
the fear that
 
such events
could occur
 
in the
 
future, could
 
also adversely
 
impact our
 
operations and
 
financial results.
 
For example,
 
in 2020,
 
the COVID-19
pandemic
 
severely
 
impacted
 
global
 
health,
 
financial
 
markets,
 
consumer
 
spending
 
and
 
global
 
economic
 
conditions,
 
and
 
caused
significant disruption to businesses
 
worldwide, including our business
 
and those of
 
our customers, service providers
 
and suppliers.
Future unforeseen or catastrophic events, and actions taken by governmental authorities and other third parties in response to such
events, could
 
adversely affect
 
our operations,
 
cause economic
 
and market
 
disruption, adversely
 
impact the
 
ability of
 
borrowers to
timely repay
 
their loans,
 
or affect
 
the value
 
of any
 
collateral held
 
by us,
 
any of
 
which could
 
have a
 
material adverse
 
effect on
 
our
business, financial condition or results of operations. The frequency, severity and impact of future unforeseen or catastrophic events
is
 
difficult
 
to
 
predict. While
 
we maintain
 
insurance against
 
natural disasters
 
and
 
other unforeseen
 
events, including
 
coverage
 
for
business interruption, the insurance may not be sufficient to cover all of the damage from any such event, and there is
 
no insurance
against the
 
disruption that
 
a catastrophic
 
event could
 
produce to
 
the markets
 
that we
 
serve and
 
the potential
 
negative impact
 
to
economic activity.
Climate change could have a material adverse
 
impact on our business operations and that
 
of our clients and customers.
Our business and
 
the activities and
 
operations of our
 
clients and customers
 
may be disrupted
 
by global climate
 
change.
Potential physical risks
 
from climate change
 
include the increase
 
in the
 
frequency and severity
 
of weather
 
events, such as
 
storms
and
 
hurricanes,
 
and
 
long-term
 
shifts
 
in
 
climate
 
patterns, such
 
as
 
sustained
 
higher
 
and
 
lower
 
temperatures,
 
sea
 
level
 
rise,
 
heat
waves
 
and
 
droughts,
 
among
 
others.
 
Our
 
geographic
 
concentration
 
in
 
localities,
 
including
 
Puerto
 
Rico,
 
the
 
U.S.V.I.,
 
B.V.I.
 
and
Florida, particularly
 
susceptible to
 
risks arising
 
from climate
 
change, including
 
severe hurricanes
 
and sea
 
level rise,
 
heighten the
threat we
 
face from
 
climate change. Additionally,
 
the impact
 
of climate
 
change in
 
the markets
 
that we
 
operate and
 
in other
 
global
markets may
 
have the
 
effect of
 
increasing the
 
costs or
 
reducing the
 
availability of
 
insurance needed
 
for our
 
business operations.
Climate change may also create transitional risks resulting from a shift to a low-carbon economy.
 
These transition risks may include
changes in the legal and regulatory landscape, technology, consumer sentiment and preferences, and market demands that seek to
mitigate the
 
effects
 
of climate
 
change. Changes
 
in the
 
legal
 
and regulatory
 
landscape may
 
additionally increase
 
our compliance
costs.
 
These
 
climate-driven
 
changes
 
could
 
have
 
a
 
material
 
adverse
 
impact
 
on
 
asset
 
values
 
and
 
on
 
our
 
business
 
and
 
financial
performance and those of our clients and customers.
LEGAL AND REGULATORY RISKS
Our
 
businesses
 
are
 
highly
 
regulated,
 
and
 
the
 
laws
 
and
 
regulations
 
that
 
apply
 
to
 
us
 
have
 
a
 
significant
 
impact
 
on
 
our
business and operations.
30
We are subject to extensive and evolving
 
regulation under U.S. federal, state and Puerto Rico laws that
 
govern almost all
aspects of our operations and
 
limit the businesses in which
 
we may be engaged,
 
including regulation, supervision and examination
by federal, state
 
and foreign banking
 
authorities. These laws
 
and regulations have
 
expanded significantly over an
 
extended period
of
 
time
 
and
 
are
 
primarily
 
intended
 
for
 
the
 
protection
 
of
 
consumers,
 
borrowers
 
and
 
depositors.
 
Compliance
 
with
 
these
 
laws
 
and
regulations has resulted, and will continue
 
to result, in significant costs. Additionally,
 
the current federal administration is
 
pursuing a
policy
 
and
 
regulatory
 
agenda
 
significantly
 
different
 
from
 
that
 
of
 
the
 
previous
 
administration,
 
including
 
the
 
reversal
 
of
 
rules
promulgated
 
under
 
the
 
past
 
administration
 
and
 
shifts
 
in
 
rulemaking,
 
supervision,
 
examination
 
and
 
enforcement
 
priorities.
 
The
implementation of that agenda is happening rapidly and is constantly
 
evolving. The potential impact of any such changes cannot be
predicted.
Additional
 
laws
 
and
 
regulations
 
may
 
be
 
enacted
 
or
 
adopted
 
in
 
the
 
future,
 
and
 
the
 
application,
 
interpretation
 
or
enforcement
 
of
 
laws
 
and
 
regulations
 
may
 
in
 
the
 
future
 
be
 
changed
 
(including
 
through
 
executive
 
orders),
 
in
 
ways
 
that
 
could
significantly affect
 
our powers,
 
authority and
 
operations and
 
which could
 
have a
 
material adverse
 
effect on
 
our financial
 
condition
and
 
results
 
of
 
operations. In
 
particular,
 
we
 
could
 
be
 
adversely impacted
 
by
 
changes
 
in
 
laws
 
and
 
regulations,
 
or changes
 
in
 
the
application, interpretation
 
or enforcement
 
of laws
 
and regulations,
 
that proscribe
 
or institute
 
more stringent
 
restrictions on
 
certain
financial
 
services
 
activities, impose
 
monetary fines
 
or
 
other
 
penalties on
 
institutions that
 
fail
 
to
 
comply
 
with
 
applicable laws
 
and
regulations, or impose new requirements.
 
In addition, new laws or regulations could require significant system and process changes
that require
 
systems upgrades
 
and could
 
limit our
 
ability to
 
meet adoption timeframes
 
or pursue
 
our innovation roadmap.
 
If we
 
do
not
 
appropriately
 
comply
 
with
 
current
 
or
 
future
 
laws
 
or
 
regulations,
 
adapt
 
to
 
the
 
changing
 
interpretation
 
of
 
existing
 
laws
 
or
regulations,
 
or
 
if
 
we
 
fail
 
to
 
meet
 
supervisory
 
expectations,
 
we
 
may
 
be
 
subject
 
to
 
fines,
 
penalties
 
or
 
judgements,
 
or
 
to
 
material
regulatory restrictions on
 
our business, which could
 
also materially and
 
adversely affect our
 
business,
 
financial condition, liquidity,
results of operations or capital position.
Our participation
 
(or lack
 
of participation)
 
in certain
 
governmental programs,
 
such as
 
the Paycheck
 
Protection Program
(“PPP”) enacted
 
in response
 
to the
 
COVID-19 pandemic,
 
also exposes
 
us to
 
increased legal
 
and regulatory
 
risks. We
 
have also
been and could continue to
 
be exposed to adverse
 
action for the violation of
 
applicable legal requirements or the improper
 
conduct
of our employees in connection with such loans. For example, on January 24, 2023, Popular Bank consented to the imposition of an
order from
 
the Federal
 
Reserve Board
 
requiring it
 
to
 
pay a
 
$2.3 million
 
civil money
 
penalty to
 
settle certain
 
findings arising
 
from
Popular Bank’s approval of six Payment Protection Program
 
loans.
In addition,
 
due to
 
divergent policies
 
and stakeholder
 
viewpoints regarding
 
climate and
 
sustainability matters,
 
we are
 
at
increased risk of
 
being subject to conflicting
 
legal and regulatory requirements
 
and stakeholder expectations regarding climate
 
and
sustainability
 
matters.
 
For
 
example,
 
certain
 
states
 
have
 
enacted
 
or
 
proposed
 
laws
 
addressing
 
climate
 
change
 
and
 
other
sustainability issues, including climate-related disclosure requirements. On the other hand, certain states have enacted
 
or proposed
laws or regulations or
 
taken other actions to
 
prohibit the consideration of environmental
 
and social factors in state
 
investments and
contracting. In addition, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing Fair Banking Access for All
Americans,” which
 
states that
 
it is
 
the policy
 
of the
 
United States
 
that no
 
American should
 
be denied
 
access to
 
financial services
because
 
of
 
their
 
constitutionally
 
or
 
statutorily
 
protected
 
beliefs,
 
affiliations,
 
or
 
political
 
views.
 
The
 
Executive
 
Order
 
directs
 
the
Treasury Secretary
 
and federal
 
banking regulators
 
to address
 
politicized or
 
unlawful debanking
 
activities. These,
 
as well
 
as other
laws,
 
regulations,
 
guidance
 
and
 
expectations,
 
many
 
of
 
which
 
may
 
have
 
broad
 
and
 
extraterritorial
 
application,
 
have
 
in
 
the
 
past
subjected and may
 
in the future
 
subject us to
 
additional requirements or
 
different and conflicting
 
requirements and expectations
 
in
the various jurisdictions in which we operate, which
 
could negatively affect our business and brand.
We
 
are from
 
time to
 
time subject
 
to information
 
requests, investigations
 
and other
 
regulatory enforcement
 
proceedings
from
 
departments
 
and
 
agencies
 
of
 
the
 
U.S.,
 
Puerto
 
Rico,
 
New
 
York
 
and
 
other
 
state
 
governments, including
 
those
 
that
investigate
 
compliance
 
with
 
U.S.
 
sanctions
 
and
 
consumer
 
protection
 
laws
 
and
 
regulations,
 
which
 
may
 
expose
 
us
 
to
significant
 
penalties
 
and
 
collateral
 
consequences,
 
and
 
could
 
result
 
in
 
higher
 
compliance
 
costs
 
or
 
restrictions
 
on
 
our
operations.
We
 
from
 
time-to-time
 
self-report
 
compliance
 
matters
 
to,
 
or
 
receive
 
requests
 
for
 
information
 
from,
 
departments
 
and
agencies
 
of
 
the
 
U.S.,
 
Puerto
 
Rico,
 
New
 
York
 
and
 
other state
 
governments, including
 
with
 
respect to
 
compliance
 
with consumer
protection laws and regulations. For example, BPPR
 
has in the past received requests for
 
information, such as subpoenas and civil
investigative demands from U.S. government regulators,
 
including concerning add-ons on consumer products, real
 
estate appraisals
and
 
residential
 
and
 
construction
 
loans
 
in
 
Puerto
 
Rico.
 
BPPR
 
has
 
also
 
self-identified
 
and
 
reported
 
to
 
applicable
 
regulators
compliance matters related to U.S. sanctions, as well
 
as mortgage, credit reporting and other
 
consumer lending practices.
 
31
Incidents of this nature and investigations or examinations by governmental authorities have resulted in the past, and may
in the
 
future result, in
 
judgments, settlements, fines,
 
enforcement actions, penalties
 
or other sanctions
 
adverse to the
 
Corporation,
which could materially and adversely affect the Corporation’s business, financial
 
condition, results of operations or capital position or
cause serious reputational harm. Any such settlements or orders
 
that we enter into, or that regulatory authorities impose
 
on us could
require enhancements to our
 
procedures and controls and
 
entail significant operational and
 
compliance costs. Furthermore, issues
or delays in satisfying the requirements of a regulatory settlement or
 
action on a timely basis could result in additional
 
penalties and
enforcement actions, which could be significant. In connection with the resolution of regulatory proceedings, enforcement authorities
may seek admissions of wrongdoing and, in some cases, criminal pleas, which
 
could lead to increased exposure to private litigation,
loss of clients or customers, and restrictions on offering certain products or
 
services. In addition, responding to information-gathering
requests,
 
investigations
 
and
 
other
 
regulatory
 
proceedings,
 
regardless
 
of
 
the
 
ultimate
 
outcome
 
of
 
the
 
matter,
 
could
 
be
 
time-
consuming, expensive and divert management attention
 
from our business.
 
Financial services
 
institutions such
 
as Popular
 
have been
 
subject to
 
heightened expectations
 
and regulatory
 
scrutiny in
recent years.
 
Our regulators’
 
oversight is
 
not limited
 
to banking
 
and financial
 
services laws
 
but extends
 
to other
 
significant laws
such as those related to anti
 
money laundering, anti-bribery and anti-corruption laws. Further,
 
regulators in the performance of their
supervisory and enforcement
 
duties, have significant
 
discretion and power
 
to prevent or
 
remedy what they
 
deem to be
 
unsafe and
unsound
 
practices
 
or
 
violations
 
of
 
laws
 
by
 
banks
 
and
 
bank
 
holding
 
companies.
 
Therefore,
 
the
 
outcome
 
of
 
any
 
investigative
 
or
enforcement action, which may take years and be
 
material to Popular, may be difficult to predict or estimate.
 
Complying with economic and trade sanctions programs
 
and anti-money laundering laws and regulations
 
can increase our
operational and compliance costs. If
 
we, and our subsidiaries, affiliates or
 
third-party service providers, are found to
 
have
failed to comply with applicable economic and trade sanctions programs and anti-money laundering laws
 
and regulations,
we
 
could
 
be
 
exposed
 
to
 
fines,
 
sanctions
 
and
 
penalties,
 
and
 
other
 
regulatory
 
actions,
 
as
 
well
 
as
 
governmental
investigations.
 
As
 
a
 
federally
 
regulated
 
financial
 
institution,
 
we
 
must
 
comply
 
with
 
regulations
 
and
 
economic
 
and
 
trade
 
sanctions
 
and
embargo
 
programs
 
administered by
 
the
 
Office
 
of
 
Foreign
 
Assets
 
Control
 
(“OFAC”)
 
of
 
the
 
U.S.
 
Treasury,
 
as
 
well
 
as
 
anti-money
laundering laws and regulations, including those under
 
the Bank Secrecy Act.
Economic and trade sanctions regulations and programs administered by OFAC prohibit U.S.-based entities from entering
into or facilitating
 
unlicensed transactions with, for
 
the benefit of,
 
or in some
 
cases involving the
 
property and property interests
 
of,
persons,
 
governments or
 
countries
 
designated by
 
the
 
U.S.
 
government under
 
one
 
or
 
more
 
sanctions
 
regimes,
 
and
 
also
 
prohibit
transactions
 
that
 
provide
 
a
 
benefit
 
that
 
is
 
received in
 
a
 
country
 
designated
 
under
 
one
 
or
 
more
 
sanctions
 
regimes.
 
We
 
are
 
also
subject to
 
a variety
 
of reporting
 
and other
 
requirements under
 
the Bank
 
Secrecy Act,
 
including the
 
requirement to
 
file suspicious
activity and currency
 
transaction reports, that
 
are designed to
 
assist in
 
the detection
 
and prevention of
 
money laundering, terrorist
financing
 
and
 
other
 
criminal
 
activities.
 
In
 
addition,
 
as
 
a
 
financial
 
institution
 
we
 
are
 
required
 
to,
 
among
 
other
 
things,
 
identify
 
our
customers, adopt formal
 
and comprehensive anti-money
 
laundering programs, scrutinize
 
or altogether prohibit
 
certain transactions
of special concern, and be prepared to respond to inquiries from U.S.
 
law enforcement agencies concerning our customers and
 
their
transactions. Failure
 
by the
 
Corporation, its
 
subsidiaries, affiliates
 
or
 
third-party service
 
providers to
 
comply with
 
these
 
laws
 
and
regulations
 
could
 
have
 
serious
 
legal
 
and
 
reputational
 
consequences
 
for
 
the
 
Corporation,
 
including
 
the
 
possibility
 
of
 
regulatory
enforcement
 
or
 
other
 
legal
 
action,
 
including
 
significant
 
civil
 
and
 
criminal
 
penalties.
 
We
 
also
 
incur
 
higher
 
costs
 
and
 
face
 
greater
compliance risks in
 
structuring and operating
 
our businesses to comply
 
with these requirements. The
 
markets in which
 
we operate
heighten these costs and risks.
We have established risk-based policies and procedures and employed software designed to
 
assist us and our personnel
in complying
 
with these
 
applicable laws
 
and regulations.
 
Even if
 
the appropriate
 
controls are
 
in place,
 
there can
 
be no
 
assurance
that
 
our
 
policies
 
and
 
procedures will
 
prevent
 
us
 
from
 
blocking
 
and
 
rejecting
 
all
 
applicable
 
transactions
 
of
 
our
 
customers
 
or
 
our
customers’ customers
 
that may
 
involve a
 
sanctioned person,
 
government or
 
country.
 
Any failure
 
to detect
 
and prevent
 
any such
transaction
 
could
 
result
 
in
 
a
 
violation
 
of
 
applicable
 
laws
 
and
 
regulations
 
and
 
adversely
 
affect
 
our
 
reputation,
 
business,
 
financial
condition and results of operations.
From time
 
to time
 
we have
 
identified and
 
voluntarily self-disclosed
 
to OFAC
 
transactions that
 
were not
 
timely identified,
blocked
 
or
 
rejected
 
by
 
our
 
policies,
 
controls
 
and
 
procedures
 
for
 
screening
 
transactions
 
that
 
might
 
violate
 
the
 
regulations
 
and
economic and
 
trade sanctions
 
programs administered
 
by OFAC.
 
For example,
 
during the
 
second quarter
 
of 2022,
 
BPPR entered
into
 
a
 
settlement
 
agreement
 
with
 
OFAC
 
with
 
respect
 
to
 
certain
 
transactions
 
processed
 
on
 
behalf
 
of
 
two
 
employees
 
of
 
the
Government of Venezuela,
 
in apparent violation of U.S. sanctions
 
against Venezuela. Popular agreed
 
to pay $256,000 to settle
 
the
apparent
 
violations,
 
which
 
had
 
been
 
self-disclosed
 
to
 
OFAC.
 
There
 
can
 
be
 
no
 
assurances
 
that
 
any
 
failure
 
to
 
comply
 
with
 
U.S.
32
sanctions and
 
embargoes, or
 
with anti-money
 
laundering laws
 
and regulations,
 
will not
 
result in
 
material fines,
 
sanctions or
 
other
penalties being imposed on us.
Furthermore, if
 
the policies,
 
controls, and
 
procedures of
 
one of
 
the Corporation’s
 
third-party service
 
providers, together
with our
 
third-party oversight
 
of such
 
providers, do
 
not prevent
 
it from
 
violating applicable
 
laws and
 
regulations in
 
transactions in
which it engages, such violations could adversely affect its
 
ability to provide services to us.
 
We are
 
subject to
 
regulatory capital
 
adequacy requirements, and
 
if we
 
fail to
 
meet these
 
requirements our
 
business and
financial condition will be adversely affected.
Under regulatory capital adequacy requirements, and other
 
regulatory requirements, Popular and our banking
 
subsidiaries
must
 
meet
 
requirements
 
that
 
include
 
quantitative
 
measures
 
of
 
assets,
 
liabilities
 
and
 
certain
 
off-balance
 
sheet
 
items,
 
subject
 
to
qualitative
 
judgments
 
by
 
regulators
 
regarding
 
components,
 
risk
 
weightings
 
and
 
other
 
factors.
 
If
 
we
 
fail
 
to
 
meet
 
these
 
minimum
capital
 
requirements
 
and
 
other
 
regulatory
 
requirements,
 
our
 
business
 
and
 
financial
 
condition
 
will
 
be
 
materially
 
and
 
adversely
affected. If
 
a financial
 
holding company
 
fails to
 
maintain well-capitalized
 
status under
 
the regulatory
 
framework, or
 
is deemed
 
not
well managed
 
under regulatory
 
exam procedures, or
 
if it
 
experiences certain
 
regulatory violations, its
 
status as
 
a financial
 
holding
company and its
 
related eligibility for
 
a streamlined review
 
process for acquisition
 
proposals, and its
 
ability to offer
 
certain financial
products, may be
 
compromised and its
 
financial condition and
 
results of operations
 
could be adversely
 
affected. The failure
 
of any
depository
 
institution
 
subsidiary
 
of
 
a
 
financial
 
holding
 
company
 
to
 
maintain
 
well-capitalized
 
or
 
well-managed
 
status
 
could
 
have
similar consequences.
 
See “Our businesses are
 
highly regulated, and the
 
laws and regulations that apply
 
to us have a
 
significant impact on our
business and operations” in the Legal and Regulatory
 
Risks section of Item 1A in this Form 10-K.
Increases in FDIC insurance premiums may
 
have a material adverse effect on our earnings.
Substantially
 
all
 
the
 
deposits
 
of
 
BPPR
 
and
 
PB
 
are
 
subject
 
to
 
insurance
 
up
 
to
 
applicable
 
limits
 
by
 
the
 
FDIC’s
 
deposit
insurance fund
 
(“DIF”) and, as
 
a result, BPPR
 
and PB
 
are subject to
 
FDIC deposit
 
insurance assessments. On
 
October 18, 2022,
the FDIC
 
finalized a
 
rule that
 
increased initial
 
base deposit
 
insurance assessment
 
rates by
 
2 basis
 
points, beginning
 
with the
 
first
quarterly assessment period of 2023. In addition, in November 2023, the FDIC finalized a rule that imposes a special assessment to
recover the costs to the DIF resulting from the FDIC’s
 
use, in March 2023, of the systemic risk exception to
 
the least-cost resolution
test
 
under
 
the
 
FDIA
 
in
 
connection
 
with
 
the
 
receiverships
 
of
 
Silicon
 
Valley
 
Bank
 
and
 
Signature
 
Bank.
 
The
 
exact
 
amount
 
of
 
this
assessment will be determined when the FDIC terminates
 
the related receiverships considered in the final
 
rule. Accordingly, the final
special assessment
 
amount and collection
 
period may change
 
as the
 
estimated cost
 
is periodically adjusted
 
or if
 
the total
 
amount
collected varies.
 
For example,
 
in December
 
2025, the
 
FDIC reduced
 
the rate
 
at which
 
the assessment
 
is collected
 
for the
 
eighth
quarter of the collection period, with an invoice
 
payment date of March 30, 2026, due
 
to its updated estimate of losses.
We
 
are generally
 
unable to
 
control the
 
amount of
 
premiums or
 
additional assessments
 
that we
 
are required
 
to pay
 
for
FDIC insurance. If there
 
are additional bank or financial
 
institution failures, our level of
 
non-performing assets increases, or our
 
risk
profile changes
 
or our
 
capital position
 
is impaired,
 
we may
 
be required
 
to pay
 
even higher
 
FDIC premiums.
 
Any future
 
additional
increases in
 
FDIC premiums,
 
assessment rates
 
or special
 
assessments may
 
materially adversely
 
affect our
 
results of
 
operations.
See the “Supervision
 
and Regulation—FDIC Insurance” discussion
 
in Item 1.
 
Business of this
 
Form 10-K for
 
additional information
related to the FDIC’s deposit insurance assessments applicable
 
to BPPR and PB.
 
The resolution of pending litigation and regulatory proceedings, if unfavorable to us, could have material adverse financial
effects or cause us significant reputational
 
harm, which, in turn, could seriously harm
 
our business prospects.
We
 
face
 
legal
 
risks
 
in
 
our
 
businesses,
 
and
 
the
 
volume
 
of
 
claims
 
and
 
amount
 
of
 
damages
 
and
 
penalties
 
claimed
 
in
litigation and regulatory proceedings against financial institutions
 
remains high. We are involved
 
in a number of litigation,
 
arbitration
and regulatory proceedings
 
in the
 
ordinary course of
 
our business. Substantial
 
legal liability or
 
significant regulatory action
 
against
us could have material
 
adverse financial effects or cause significant
 
reputational harm to us or
 
other adverse consequences, which
in turn could seriously harm our business prospects. For further information relating to our legal risk, see Note 23 - “Commitments &
Contingencies”, to the Consolidated Financial Statements
 
in this Form 10-K.
LIQUIDITY RISKS
We
 
are subject
 
to liquidity
 
risks arising
 
from market
 
events or
 
disruptions and
 
instances of
 
low
 
investor and
 
depositor
confidence. Furthermore, actions by the rating agencies
 
or decreases in our capital levels may have adverse
 
effects on our
liquidity and business, including by raising the
 
cost of our obligations or affecting our ability
 
to borrow.
 
33
We must
 
maintain adequate liquidity
 
and funding sources
 
to support
 
our operations, fund
 
customer deposit withdrawals,
repay
 
borrowings
 
and
 
debt,
 
comply
 
with
 
our
 
financial
 
obligations,
 
fund
 
planned
 
capital
 
distributions
 
and
 
meet
 
regulatory
requirements.
 
The
 
Corporation’s
 
most
 
significant
 
source
 
of
 
funds
 
are
 
bank
 
deposits,
 
including
 
customer
 
deposits
 
and
 
brokered
deposits.
 
In
 
addition
 
to
 
deposits,
 
sources
 
of
 
liquidity
 
include
 
secured
 
borrowing
 
arrangements,
 
such
 
as
 
those
 
with
 
the
 
Federal
Reserve Bank of
 
New York
 
and the Federal
 
Home Loan Bank
 
of New York
 
(“FHLBNY”), unpledged securities from
 
our investment
portfolio, the capital markets and proceeds from loan
 
sales or securitizations.
 
Popular’s
 
liquidity
 
and
 
ability
 
to
 
fund
 
and
 
operate
 
its
 
business
 
could
 
be
 
materially
 
adversely
 
affected
 
by
 
a
 
variety
 
of
conditions and
 
factors, some
 
of which
 
are out
 
of Popular’s control.
 
For example,
 
market events
 
or disruptions,
 
such as
 
periods of
market stress and
 
low investor confidence in
 
financial institutions could result
 
in deposit withdrawals, especially
 
to the extent
 
those
deposits are in
 
excess of the
 
FDIC-insured limit of
 
$250,000. As of
 
December 31, 2025,
 
we had $14
 
billion of total
 
deposits (other
than collateralized
 
public funds,
 
which represent
 
public deposit
 
balances from
 
governmental entities
 
in the
 
U.S. and
 
its territories,
including Puerto Rico
 
and the
 
United States Virgin
 
Islands, that are
 
collateralized based on
 
such jurisdictions’
 
applicable collateral
requirements) in excess of
 
the FDIC-insured limit. We
 
may also suffer outflows
 
of customer deposits due
 
to competition from
 
other
banks or
 
alternative investments. In
 
addition, in
 
periods of
 
stress, we
 
may not
 
be able
 
to access
 
existing funding sources,
 
access
the capital markets or to sell or securitize loans or
 
other assets, or to access such sources or to
 
sell or securitize assets on favorable
terms.
In addition, actions
 
by the rating agencies
 
could raise the cost
 
of our borrowings, since
 
lower rated securities are
 
usually
required by the
 
market to pay
 
higher rates than
 
obligations of higher credit
 
quality. Our
 
credit ratings were
 
reduced substantially in
2009 and, although one of
 
the three major rating agencies upgraded our
 
senior unsecured rating back to
 
“investment grade” during
2021,
 
the
 
remaining
 
two
 
rating
 
agencies
 
have
 
not
 
upgraded
 
their
 
current
 
“non-investment
 
grade”
 
rating.
 
The
 
market
 
for
 
non-
investment
 
grade securities
 
is
 
much
 
smaller
 
and
 
less
 
liquid than
 
for investment
 
grade securities.
 
If
 
we
 
were to
 
attempt
 
to
 
issue
preferred stock
 
or debt
 
securities into
 
the capital
 
markets, it
 
is possible
 
that there
 
would not
 
be sufficient
 
demand to
 
complete a
transaction or
 
that the
 
cost could
 
be substantially
 
higher than
 
for more
 
highly rated
 
securities. If
 
Popular is
 
unable to
 
access the
capital markets on favorable terms, our liquidity
 
may be adversely affected.
Changes in our ratings and capital levels could affect our
 
relationships with some creditors and limit our
 
access to funding.
For example,
 
having negative
 
tangible capital
 
may impact
 
our ability
 
to
 
access some
 
sources of
 
wholesale funding.
 
The Federal
Housing Finance
 
Agency restricts the
 
FHLBNY from
 
lending to
 
members of
 
the FHLBNY
 
with negative
 
tangible capital
 
unless the
member’s primary banking regulator makes a written request to the
 
FHLBNY to maintain access to borrowings. Both BPPR
 
and PB
have secured borrowing facilities with the FHLBNY and
 
could borrow up to $3.3 billion
 
and $1.5 billion respectively as of
 
December
31, 2025,
 
of which
 
$42.7 million
 
and $0.8
 
billion respectively
 
were used.
 
Losing access
 
to the
 
FHLBNY borrowing
 
facilities could
adversely
 
impact
 
liquidity
 
at
 
the
 
banking
 
subsidiaries.
 
Additionally,
 
if
 
BPPR
 
or
 
PB
 
cease
 
to
 
be
 
well-capitalized,
 
the
 
FDIA
 
and
regulations
 
adopted
 
thereunder
 
would
 
restrict
 
their
 
ability
 
to
 
accept
 
brokered
 
deposits
 
and
 
limit
 
the
 
rate
 
of
 
interest
 
payable
 
on
deposits.
Our banking
 
subsidiaries also
 
have recourse
 
obligations under certain
 
agreements with
 
third parties,
 
including servicing
and custodial agreements, that include ratings covenants. Upon failure to maintain the required credit ratings,
 
the third parties could
have
 
the
 
right
 
to
 
require
 
us
 
to
 
engage
 
a
 
substitute
 
fund
 
custodian
 
and
 
increase
 
collateral
 
levels
 
securing
 
recourse
 
obligations.
Collateral
 
pledged by
 
us
 
to
 
secure
 
recourse
 
obligations approximated
 
$23.8 million
 
on
 
December 31,
 
2025.
 
While management
expects that we would be able to meet any additional
 
collateral requirements if and when needed, the requirements
 
to post collateral
under certain agreements or the loss of custodian
 
funds could reduce our liquidity resources and
 
impact our results of operations.
 
As a bank holding company, we depend on dividends and distributions
 
from our subsidiaries for liquidity.
As a bank holding company,
 
we depend primarily on dividends from
 
our banking and other operating subsidiaries
 
to fund
our cash needs, including to capitalize our subsidiaries. Our banking subsidiaries, BPPR and PB, are limited by law in their ability to
make dividend
 
payments and other
 
distributions to
 
us based
 
on their earnings,
 
dividend history,
 
and capital
 
position. Based on
 
its
current financial condition,
 
PB may
 
not declare or
 
pay a
 
dividend without the
 
prior approval of
 
the Federal Reserve
 
Board and
 
the
NYSDFS. A
 
failure by
 
our banking subsidiaries
 
to generate
 
sufficient income
 
and free
 
cash flow to
 
make dividend
 
payments to
 
us
may
 
affect
 
our
 
ability to
 
fund
 
our cash
 
needs, which
 
could have
 
a negative
 
impact on
 
our financial
 
condition, liquidity,
 
results
 
of
operation or capital position. Such failure could also affect
 
our ability to pay dividends to our stockholders and to
 
repurchase shares
of our common stock. We have in the past suspended dividend payments
 
on our common stock and preferred stock during times of
economic uncertainty,
 
and there
 
can be
 
no assurance
 
that we
 
will be
 
able to
 
continue to
 
declare dividends to
 
our stockholders
 
in
any future periods.
 
34
An
 
impact
 
on
 
the
 
tangible
 
capital
 
levels
 
of
 
our
 
operating
 
subsidiaries,
 
could
 
also
 
limit
 
the
 
amount
 
of
 
capital
 
we
 
may
upstream to the holding company. Tangible
 
capital levels have in the past been, and may in the future be,
 
adversely affected by the
impact of
 
rapidly rising interest
 
rates on investment
 
securities in our
 
available-for-sale portfolio. For
 
a discussion of
 
risks related to
changes in interest
 
rates, see “Changes
 
in interest rates
 
and credit spreads
 
can adversely impact
 
our financial condition,
 
including
our investment portfolio, since a significant portion of
 
our business involves borrowing and lending money,
 
and investing in financial
instruments” in Item 1A of this Form 10-K.
We also depend
 
on dividends from our
 
banking and other operating subsidiaries
 
to pay debt service
 
on outstanding debt
and to repay maturing debt. Our ability to
 
declare such dividends would be subject to regulatory requirements and could
 
require the
prior approval of the Federal Reserve Board.
STRATEGIC RISKS
Potential acquisitions of businesses or
 
loan portfolios could increase some
 
of the risks that
 
we face, and may
 
be delayed
or prohibited due to regulatory constraints.
To
 
the extent
 
permitted by
 
our applicable
 
regulators, we
 
may pursue
 
strategic acquisition
 
opportunities. Acquiring
 
other
businesses, however, involves various risks,
 
including potential exposure to unknown or contingent liabilities of the
 
target company,
exposure
 
to
 
potential
 
asset
 
quality
 
issues
 
of
 
the
 
target
 
company,
 
potential
 
disruption
 
to
 
our
 
business,
 
the
 
possible
 
loss
 
of
 
key
employees and customers of
 
the target company,
 
and difficulty in
 
estimating the value of
 
the target company.
 
If we pay
 
a premium
over book or
 
market value in
 
connection with an
 
acquisition, some dilution of
 
our tangible book
 
value and net
 
income per common
share may occur.
 
Furthermore, failure to
 
realize the expected
 
revenue increases, cost savings,
 
increases in geographic
 
or product
presence, or
 
other projected
 
benefits from an
 
acquisition could have
 
a material
 
adverse effect
 
on our
 
business, financial condition
and results of operations.
Similarly,
 
acquiring
 
loan
 
portfolios
 
involves
 
various
 
risks.
 
When
 
acquiring
 
loan
 
portfolios,
 
management
 
makes
assumptions and
 
judgments about
 
the collectability
 
of the
 
loans, including
 
the creditworthiness
 
of borrowers
 
and the
 
value of
 
the
real
 
estate and
 
other assets
 
serving
 
as collateral
 
for the
 
repayment of
 
secured loans.
 
In
 
estimating the
 
extent of
 
the losses,
 
we
analyze
 
the
 
loan
 
portfolio
 
based
 
on
 
historical
 
loss
 
experience,
 
volume
 
and
 
classification
 
of
 
loans,
 
volume
 
and
 
trends
 
in
delinquencies
 
and
 
nonaccruals,
 
local
 
economic
 
conditions,
 
and
 
other
 
pertinent
 
information.
 
If
 
our
 
assumptions
 
are
 
incorrect,
however,
 
our actual
 
losses could
 
be higher
 
than estimated
 
and increased
 
loss reserves
 
may be
 
required, which
 
would negatively
affect our results of operations.
Finally, certain
 
acquisitions by financial institutions,
 
including us, are
 
subject to approval
 
by a variety
 
of federal and
 
state
regulatory agencies.
 
Regulatory approvals
 
could be
 
delayed, impeded,
 
restrictively conditioned
 
or denied.
 
We may
 
fail to
 
pursue,
evaluate
 
or
 
complete
 
strategic
 
and
 
competitively
 
significant
 
acquisition
 
opportunities
 
as
 
a
 
result
 
of
 
our
 
inability,
 
or
 
perceived
 
or
anticipated inability,
 
to obtain regulatory
 
approvals in a
 
timely manner,
 
under reasonable conditions or
 
at all. Difficulties
 
associated
with
 
potential
 
acquisitions
 
that
 
may
 
result
 
from
 
these
 
factors
 
could
 
have
 
a
 
material
 
adverse
 
effect
 
on
 
our
 
business,
 
financial
condition and results of operations.
We
 
continue our
 
broad-based multi-year,
 
technological and
 
business process
 
transformation. The
 
failure to
 
achieve the
goals of the transformation project, the inability to maintain expenses related to our transformation program within current
estimates
 
or
 
delays
 
in
 
executing
 
our
 
plans
 
may
 
materially
 
and
 
adversely
 
affect
 
our
 
business,
 
competitive
 
position,
financial condition, results of operations, or
 
cause reputational harm.
The
 
Corporation
 
continues
 
its
 
broad-based
 
multi-year,
 
technological
 
and
 
business
 
process
 
transformation,
 
which
 
was
launched in
 
2022. As
 
part of
 
this transformation,
 
we are
 
making significant
 
investments in
 
technology,
 
talent and
 
new digital
 
and
data capabilities in order to provide our customers with more personalized and accessible services, increase employee
 
performance
and satisfaction with more agile work processes,
 
and generate sustainable profitable growth and
 
value for our shareholders.
 
We may not succeed in executing all projects or aspects of the transformation
 
program, may abandon projects or aspects,
or fail to successfully launch new applications or achieve the intended
 
functionality and operational benefits from these technological
initiatives, which could
 
result in failed
 
or partially successful
 
implementations. In addition,
 
we may fail
 
to properly estimate
 
costs of
the
 
transformation
 
program
 
or
 
may
 
experience
 
delays
 
in
 
executing
 
our
 
plans.
 
Such
 
failures
 
or
 
delays
 
may
 
in
 
turn
 
cause
 
the
Corporation to
 
incur costs
 
exceeding our
 
current
 
estimates or
 
disrupt our
 
operations, including
 
our technological
 
services
 
to
 
our
customers,
 
or
 
fall
 
short
 
of
 
our
 
projected earnings
 
or
 
expense reduction
 
targets
 
driven
 
by
 
these
 
efforts.
 
To
 
the
 
extent that
 
these
disruptions
 
persist
 
over
 
time
 
and/or recur,
 
this
 
could
 
negatively
 
impact
 
our
 
competitive
 
position,
 
require additional
 
expenditures,
35
and/or harm our relationships with
 
our customers and thus may
 
materially adversely affect our
 
business, financial condition, results
of operations, or cause reputational harm.
We face
 
significant and
 
increasing competition in
 
the rapidly
 
evolving financial services
 
industry,
 
and face
 
challenges in
the adoption of new technologies such as
 
artificial intelligence which may put us at a
 
competitive disadvantage.
We
 
operate
 
in
 
a
 
highly competitive
 
environment, in
 
which
 
we
 
compete
 
on
 
the
 
basis
 
of
 
a
 
number of
 
factors,
 
including
customer service,
 
quality and variety
 
of products
 
and services,
 
price, interest rates
 
on loans
 
and deposits,
 
innovation, technology,
ease of use, reputation, and transaction execution. While our main competition
 
continues to come from other Puerto Rico banks and
financial institutions, we
 
face increased competition
 
from non-Puerto Rico
 
institutions, as emerging
 
technologies and the
 
growth of
e-commerce
 
have
 
significantly
 
reduced
 
geographic
 
barriers.
 
These
 
technologies
 
have
 
also
 
made
 
it
 
easier
 
for
 
non-depositary
institutions to
 
offer products
 
and services
 
that were
 
traditionally considered
 
banking products
 
and allowed
 
non-traditional financial
service providers
 
and technology
 
companies to
 
provide electronic
 
and internet-based
 
financial solutions
 
and services.
 
In addition,
nonbank
 
firms
 
may
 
have
 
a
 
competitive
 
advantage
 
over
 
traditional
 
banks
 
and
 
bank
 
holding
 
companies
 
such
 
as
 
Popular
 
due
 
to
factors
 
such
 
as
 
differences
 
in
 
regulation,
 
funding
 
models
 
and
 
tax
 
treatment.
 
We
 
may
 
also
 
be
 
unable
 
to
 
adopt
 
or
 
integrate
 
new
technologies
 
that
 
could
 
reduce
 
expenses
 
and
 
simplify
 
our
 
operations,
 
including
 
artificial intelligence,
 
automation
 
and
 
algorithmic
tools,
 
at
 
the
 
pace
 
of
 
such
 
competitors
 
due
 
to
 
operational
 
and
 
compliance
 
challenges
 
and
 
risks
 
relating
 
to
 
data
 
quality,
 
internal
controls, privacy and consumer protection, among others.
 
Our failure to successfully adopt and
 
integrate these new technologies in
a
 
timely
 
and
 
effective
 
manner may
 
impair our
 
ability to
 
compete effectively
 
or to
 
attract or
 
retain business.
 
Moreover,
 
increased
competition could create pressure to lower prices, fees, commissions or
 
credit standards on our products and services, which could
adversely affect our
 
financial condition and results
 
of operations. Increased competition could
 
also create pressure to
 
raise interest
rates
 
on deposits
 
or increase
 
deposit attrition,
 
which could
 
negatively impact
 
our business,
 
financial condition,
 
liquidity results
 
of
operations or capital position.
If we are unable to
 
meet constant technological changes and react quickly to
 
meet new industry standards, including as a
result
 
of our
 
continued dependence
 
on
 
Evertec, we
 
may
 
be unable
 
to enhance
 
our
 
current services
 
and introduce
 
new
products and
 
services in
 
a timely
 
and cost-effective
 
manner,
 
placing us
 
at a
 
competitive disadvantage
 
and significantly
affecting our business, financial condition, liquidity, results of operations
 
or capital position.
To compete effectively,
 
we need to constantly enhance and modify our products and services and introduce new products
and
 
services
 
to
 
attract
 
and
 
retain
 
clients
 
or
 
to
 
match
 
products
 
and
 
services
 
offered
 
by
 
our
 
competitors,
 
including
 
technology
companies
 
and
 
other
 
nonbank firms
 
that
 
are
 
engaged in
 
providing similar
 
products
 
and services,
some
 
of
 
which are
 
or
 
may
 
be
provided by Evertec
 
itself.
 
Our ability to
 
compete effectively will
 
depend in part
 
on our
 
ability to
 
react quickly to
 
meet new industry
standards
 
and
 
use
 
new
 
technology,
 
such
 
as
 
artificial
 
intelligence,
 
to
 
satisfy
 
customer
 
demands,
 
as
 
well
 
as
 
to
 
create
 
additional
efficiencies in our operations. Popular expects that it will continue to depend
 
on Evertec’s technology services to operate and control
current products and services and to implement future products and services, making
 
our success dependent on Evertec’s ability to
timely complete and introduce these enhancements and
 
new products and services in a cost-effective
 
manner.
 
Some
 
of
 
our
 
competitors
 
rely
 
on
 
financial
 
services
 
technology
 
and
 
outsourcing
 
companies
 
that
 
are
 
much
 
larger
 
than
Evertec, serve a
 
greater number of
 
clients than Evertec,
 
and may have
 
better technological capabilities and
 
product offerings than
Evertec.
 
Furthermore,
 
financial
 
services
 
technology
 
companies
 
typically
 
make
 
capital
 
investments
 
to
 
develop
 
and
 
modify
 
their
product
 
and
 
service
 
offerings
 
to
 
facilitate
 
their
 
customers’
 
compliance
 
with
 
the
 
extensive
 
and
 
evolving
 
regulatory
 
and
 
industry
requirements, and,
 
in most
 
cases, such
 
costs are
 
borne by
 
the technology
 
provider.
 
Because of
 
our contractual
 
relationship with
Evertec, and because Popular is the sole
 
customer of certain of Evertec’s services
 
and products,
including core bank processing of
BPPR, we have
 
in the past borne
 
the full cost
 
of such developments and
 
modifications and may be
 
required to do so
 
in the future,
subject to the terms of the MSA.
Moreover,
 
the terms,
 
speed, scalability,
 
and functionality
 
of certain
 
of Evertec’s
 
technology services
 
are not
 
competitive
when compared
 
to offerings
 
from its
 
competitors. Evertec’s
 
failure to
 
sufficiently invest
 
in and
 
upscale its
 
technology and
 
services
infrastructure to
 
meet the
 
rapidly changing
 
technology demands
 
of our
 
industry may
 
result in
 
our being
 
unable to
 
meet customer
expectations and
 
attract or
 
retain customers.
 
Furthermore, Evertec’s
 
strategy and
 
investments may
 
also be
 
refocused away
 
from
Popular towards other strategic
 
initiatives,
potentially including initiatives that could
 
have the effect
 
of disintermediating us from
 
our
customers
 
or
 
otherwise
 
present
 
a
 
competitive
 
risk.
 
Any
 
such
 
impact
 
could,
 
in
 
turn,
 
reduce
 
Popular’s
 
revenues,
 
place
 
us
 
at
 
a
competitive disadvantage and significantly
 
affect our business,
 
financial condition, liquidity,
 
results of operations
 
or capital position.
While we
 
have over time
 
narrowed the scope
 
of services which
 
we are
 
dependent on Evertec
 
to obtain, in
 
exchange for obtaining
releases
 
in
 
2022
 
from
 
exclusivity restrictions
 
that
 
limited
 
our
 
ability
 
to
 
engage
 
other
 
third-party
 
providers
 
of
 
financial
 
technology
services, we
 
agreed to
 
extensions of
 
certain existing
 
commercial agreements
 
with Evertec
 
and, as
 
a result,
 
have prolonged
 
the
36
duration of
 
our exposure to
 
the risks
 
presented by Evertec’s
 
technological capabilities and
 
its failures
 
to enhance
 
its products
 
and
services
 
and
 
otherwise
 
meet
 
evolving
 
demands.
 
We
 
may
 
also
 
be
 
exposed
 
to
 
heightened
 
business
 
risks
 
in
 
connection
 
with
 
our
dependency on Evertec with
 
respect to BPPR’s merchant
 
acquiring business, which exclusivity runs
 
until 2035, and with
 
respect to
the ATH
 
Network, which commitment
 
runs until
 
2030, in
 
light of
 
the pace
 
of technology changes
 
and competition in
 
the payments
industry.
The ability to attract and retain qualified employees
 
is critical to our success.
Our
 
success
 
depends,
 
in
 
large
 
part,
 
on
 
our
 
ability
 
to
 
attract
 
and
 
retain
 
qualified
 
employees.
 
Competition
 
for
 
qualified
candidates,
 
especially in
 
the
 
area of
 
information technology,
 
is
 
intense
 
and
 
has
 
increased
 
recently as
 
a
 
result
 
of
 
a
 
tighter
 
labor
market.
 
Increased
 
competition
 
may
 
lead
 
to
 
difficulties
 
in
 
attracting
 
or
 
retaining
 
qualified
 
employees, which
 
may,
 
in
 
turn,
 
lead
 
to
significant challenges in the execution of our business strategies
 
and have an adverse effect on the quality of the service we provide
to
 
the
 
customers
 
and
 
communities
 
we
 
serve.
 
Such
 
challenges
 
could
 
adversely
 
affect
 
our
 
business,
 
operations
 
and
 
financial
condition. In addition, increased competition
 
may lead to higher compensation
 
packages and more flexible work
 
arrangements. We
may also be required to hire employees outside of
 
our market areas for certain positions that require specific expertise,
 
which could
result in
 
employment and tax
 
compliance-related expenses, challenges
 
and risks. In
 
addition, flexible work
 
arrangements, such as
remote or hybrid work
 
models, have led to
 
other workplace challenges, including fewer opportunities for
 
face-to-face interactions or
to promote a cohesive corporate culture and heightened
 
cybersecurity, information security and other operational risks.
Our
 
ability
 
to
 
attract
 
and
 
retain
 
qualified
 
employees
 
is
 
also
 
impacted
 
by
 
regulatory
 
limitations
 
on
 
our
 
compensation
practices, such as clawback requirements of incentive compensation, which may not affect other institutions with which we compete
for talent.
 
The scope
 
and content of
 
regulators’ policies
 
on executive compensation
 
continue to
 
develop and are
 
likely to
 
continue
evolving. Such policies and limitations on our compensation
 
practices could adversely affect our ability to attract, retain and motivate
talented senior leaders in support of our long-term
 
strategy.
OTHER RISKS
An impairment
 
of our
 
goodwill, deferred
 
tax assets
 
or amortizable
 
intangible assets
 
could adversely
 
affect our
 
financial
condition and results of operations.
As of December
 
31, 2025, we
 
had $790 million,
 
$814 million and
 
$188 million, respectively,
 
of goodwill, net
 
deferred tax
assets and amortizable intangible assets, including
 
capitalized software costs, recorded on our balance
 
sheet.
Under
 
GAAP,
 
goodwill
 
is
 
tested
 
for
 
impairment
 
at
 
least
 
annually
 
and
 
amortizable
 
intangible
 
assets
 
are
 
tested
 
for
impairment
 
when
 
events
 
or
 
changes
 
in
 
circumstances indicate
 
the
 
carrying value
 
may
 
not
 
be
 
recoverable. Factors
 
that
 
may
 
be
considered a change in circumstances, indicating that the carrying value of the goodwill or amortizable intangible assets may not be
recoverable, include
 
a decline in
 
Popular’s stock price
 
related to
 
a deterioration in
 
global or
 
local economic conditions,
 
declines in
our market capitalization, reduced future earnings estimates, and interest rate changes. The goodwill impairment evaluation process
requires
 
us
 
to
 
make
 
estimates
 
and
 
assumptions
 
with
 
regards
 
to
 
the
 
fair
 
value
 
of
 
our
 
reporting
 
units.
 
Actual
 
values
 
may
 
differ
significantly
 
from
 
these
 
estimates.
 
Such
 
differences
 
could
 
result
 
in
 
future
 
impairment
 
of
 
goodwill
 
that
 
would,
 
in
 
turn,
 
negatively
impact our results of operations and the reporting
 
unit where the goodwill is recorded.
The
 
determination
 
of
 
whether
 
a
 
deferred
 
tax
 
asset
 
is
 
realizable
 
is
 
based
 
on
 
weighting
 
all
 
available
 
evidence.
 
The
realization
 
of
 
deferred
 
tax
 
assets, including
 
carryforwards
 
and
 
deductible temporary
 
differences,
 
depends upon
 
the
 
existence
 
of
sufficient taxable
 
income of the
 
same character during
 
the carryback or
 
carryforward period. The
 
analysis considers all
 
sources of
taxable income
 
available to
 
realize the
 
deferred tax
 
asset, including
 
the future
 
reversal of
 
existing taxable
 
temporary differences,
future taxable income
 
exclusive of reversing temporary
 
differences and carryforwards,
 
taxable income in
 
prior carryback years
 
and
tax-planning strategies. Changes in these
 
factors may affect
 
the realizability of our
 
deferred tax assets in
 
our Puerto Rico and
 
U.S.
operations.
If our
 
goodwill, deferred
 
tax assets
 
or amortizable
 
intangible assets
 
become impaired,
 
we may
 
be required
 
to record
 
a
significant charge to earnings, which could adversely
 
affect our financial condition and results of operations.
We could experience unexpected
 
losses if the estimates
 
or assumptions we use
 
in preparing our financial
 
statements are
incorrect or differ materially from actual results.
 
In preparing
 
our financial
 
statements pursuant to
 
U.S. GAAP,
 
we are
 
required to
 
make estimates
 
and assumptions
 
that
are often based
 
on subjective and
 
complex judgments about
 
matters that are
 
inherently uncertain. For example,
 
we use estimates
and assumptions to determine our allowance for credit losses, our
 
liability for contingent litigation losses, and the fair value of certain
37
of our
 
assets and
 
liabilities, such
 
as debt
 
securities, loans
 
held for
 
sale, MSRs,
 
intangible assets
 
and deferred
 
tax assets.
 
If such
estimates
 
or
 
assumptions are
 
incorrect
 
or
 
differ
 
materially
 
from
 
actual
 
results,
 
we
 
could
 
experience
 
unexpected
 
losses
 
or
 
other
adverse impacts, some of which could be significant.
For further information on other risks faced by
 
Popular please refer to the MD&A section of
 
this Form 10-K.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
Item 1C. Cybersecurity
The
 
Corporation
 
assesses,
 
identifies
 
and
 
manages
 
cybersecurity
 
risk
 
as
 
part
 
of
 
the
 
Corporation’s
 
overall
 
risk
 
management
framework, alongside
 
associated information
 
security,
 
anti-money laundering
 
and counterterrorism,
 
operational, fraud,
 
regulatory,
legal and reputational risks, among others.
 
The Corporation has established three management
 
committees that oversee and monitor different aspects of
 
cybersecurity risk.
●
 
The
 
Enterprise Risk
 
Management Committee
 
(the “ERM
 
Committee”), chaired
 
by
 
the Chief
 
Risk Officer,
 
oversees and
monitors
 
the
 
risks
 
included
 
in
 
the
 
Risk Appetite
 
Statement
 
(the
 
“RAS”)
 
of
 
the
 
Corporation’s
 
Risk
 
Management
 
Policy,
including cybersecurity risks.
 
●
 
The Information
 
Technology and
 
Cyber Risk
 
Committee (“ITCRC”),
 
chaired by
 
the Chief
 
Security
 
Officer and
 
the Chief
Information and
 
Digital Strategy
 
Officer, oversees
 
and monitors
 
information technology
 
(“IT”), privacy
 
and cybersecurity
risks, mitigating
 
actions and
 
controls, applicable
 
regulatory developments, key
 
risks metrics,
 
and IT
 
and cyber
 
incidents
that may result in operational, compliance and reputational
 
risks.
●
 
The
 
Operational
 
Risk
 
Committee (“ORCO”),
 
chaired
 
by
 
the
 
Chief Risk
 
Officer,
 
oversees
 
and
 
monitors
 
operational
 
risk
management activities
 
to ensure
 
the development
 
and consistent
 
application of
 
operational risk
 
policies, processes
 
and
procedures that
 
measure, limit
 
and manage
 
the Corporation's
 
operational risks
 
while maintaining
 
the effectiveness
 
and
efficiency
 
of
 
the
 
operating and
 
business
 
processes. As
 
part
 
of
 
its
 
responsibilities, ORCO
 
oversees business
 
continuity
matters, as well as operational losses stemming
 
from any cybersecurity or fraud events.
The ITCRC and ORCO meet at least quarterly
 
and report on cybersecurity and other matters
 
to the ERM Committee.
The
 
Board
 
has
 
established
 
a
 
Board-level
 
Risk
 
Management
 
Committee
 
(“RMC”),
 
which
 
is
 
responsible
 
for
 
the
 
oversight
 
of
 
the
Corporation’s overall risk framework, and assists the Board in the monitoring, review and approval of the policies that measure, limit
and manage the Corporation’s risks, including cybersecurity
 
risk. The RMC holds periodic meetings in
 
which management provides
an
 
overview of
 
Popular’s cybersecurity
 
threat
 
risk management
 
and strategy
 
processes,
 
which includes
 
summaries
 
of
 
escalated
incidents
 
and
 
incident
 
remediation
 
status.
 
Our
 
Chief
 
Security
 
Officer,
 
Chief
 
Information
 
and
 
Digital
 
Strategy
 
Officer,
 
Chief
Information Security Officer
 
(“CISO”), Chief Risk
 
Officer and the
 
Financial and Operational
 
Risk Management Division
 
(the “FORM
Division”)
 
Manager
 
generally
 
participate
 
in
 
such
 
meetings.
 
The
 
RMC
 
is
 
also
 
responsible
 
for
 
(i)
 
overseeing
 
the
 
development,
implementation
 
and
 
maintenance
 
of
 
the
 
Corporation’s
 
information
 
security
 
program
 
(the
 
“Information
 
Security
 
Program”);
 
(ii)
approving the Corporation’s risk management program
 
and any related policies and controls;
 
(iii) overseeing the implementation by
the Corporation’s
 
management of
 
the Corporation’s
 
risk management
 
program and
 
any related
 
policies, procedures
 
and controls;
(iv)
 
overseeing the
 
Corporation’s risk
 
management with
 
respect to
 
emerging technologies,
 
including artificial
 
intelligence;
 
and (v)
reviewing reports regarding selected topics such as
 
cyber.
In addition, the
 
Board also has
 
a standing Technology
 
Committee (the “TC”)
 
that oversees the
 
Corporation’s technology functions,
strategy, operations, investments and needs.
 
The TC meets at least quarterly and
 
our Chief Information and Digital Strategy Officer
and our Chief
 
Security Officer
 
generally participate in
 
such meetings. The
 
TC (i) oversees
 
the development and
 
implementation of
the Corporation’s technology
 
strategy and initiatives,
 
(ii) monitors the
 
risks associated with
 
critical technology vendor
 
relationships,
including
 
cyber
 
risks,
 
and
 
(iii)
 
reviews
 
and
 
receives
 
reports
 
from
 
management
 
and
 
third
 
parties
 
regarding
 
the
 
Corporation’s
technology
 
functions,
 
operations,
 
strategy
 
and
 
initiatives,
 
as
 
well
 
as
 
current
 
and
 
emerging
 
technology
 
trends
 
and
 
risks
 
arising
therefrom.
The Board in turn also receives briefings on cybersecurity matters and risks, including an annual presentation from the Chief
38
Security
 
Officer
 
and
 
the
 
CISO
 
on
 
the
 
Information
 
Security
 
Program.
In
 
addition,
 
as
 
part
 
of
 
the
 
Board’s
 
director
 
education
 
plan,
members of the
 
Board take, on
 
an annual basis,
 
a cybersecurity training that
 
provides the Board with
 
an overview of
 
cybersecurity
principles and regulations that are relevant to our institution
 
and the Board’s oversight function.
To identify, assess and manage risks from cybersecurity threats, the Corporation has established a three lines of defense
framework. The first line of defense is composed of business line management that identifies and manages the risks associated with
business activities, including cybersecurity risk. The second line of defense is made up of members of the Corporation’s Corporate
Risk Management Group and the Corporate Security and Operations Group (the “CSOG”) who, among other things, measure and
report on the Corporation’s risk activities. In such line of defense, the FORM Division, within the Corporate Risk Management
Group, is responsible for (i) establishing baseline metrics that measure, monitor, limit and manage the framework that identifies and
manages multiple and cross-enterprise risks, including cybersecurity risks; and (ii) articulating the RAS and supporting metrics,
including those related to operational risk, business continuity, disaster recovery and third-party management oversight processes.
Meanwhile, Popular’s Corporate Information Security and Privacy Division (the “CISP”), which is headed by the CISO and reports to
the CSOG, is responsible for the development of strategies, policies and programs to assess and mitigate cybersecurity and privacy
risks. Members of the CISP (including the CISO) and FORM Division report on and escalate cybersecurity, IT and privacy risks to
management committees, such as the ITCRC, ORCO and ERM Committees, and, if appropriate, to the RMC, TC, and the Board of
Directors, as required under relevant policies and procedures. Lastly, the third line of defense consists of the Corporate Auditing
Division, which independently provides assurance regarding the effectiveness of the risk framework and reports directly to the Audit
Committee of the Board.
Popular monitors various vectors of threats and utilizes open-source intelligence forums and communities such as the Financial
Services Information Sharing and Analysis Center and the Cybersecurity and Infrastructure Security Agency, among others, to
receive threat intelligence feeds which are reviewed by the CISP. As cybersecurity threats are identified, they are evaluated to
assess the level of exposure and the potential risk to Popular. The ITCRC and the ERM Committee discuss and track the threats
identified in internal assessments and scans or in third-party reports. Depending on the evolution and materiality of the threat, these
are escalated to the RMC as appropriate.
The CISP
 
develops the Information
 
Security Program, which
 
considers and evaluates
 
risks posed by
 
cybersecurity threats, events
and
 
activities
 
impacting
 
the
 
industry
 
and
 
the
 
Corporation.
 
The
 
Information
 
Security
 
Program
 
outlines
 
the
 
Corporation’s
 
overall
strategy and
 
governance to
 
protect the
 
confidentiality,
 
integrity and
 
availability of
 
information and
 
prevent access
 
by unauthorized
personnel, and is based on standards and controls set by the National Institute of Standards and Technology
 
(“NIST”), including the
NIST’s Framework for
 
Improving Critical Infrastructure
 
Cybersecurity. Popular
 
currently leverages the
 
Cyber Assessment Tool
 
(the
“CAT”), a tool based on NIST standards and controls developed by the Federal Financial Institutions
 
Examination Council (“FFIEC”),
in order to measure the
 
Corporation’s cybersecurity preparedness and maturity levels.
 
The CAT
 
assessment results are integrated
into the overall Information
 
Security Program evaluation. In
 
2025, we began the
 
transition to the Cyber
 
Risk Institute (“CRI”) Profile
2.0
 
assessment
 
framework,
 
following
 
the
 
announcement
 
by
 
the
 
FFIEC
 
of
 
the
 
sunset
 
of
 
the
 
CAT.
 
The
 
transition
 
to
 
the
 
CRI
framework is
 
expected to be
 
completed in
 
2026. The CRI
 
Profile was
 
produced through public-private
 
collaboration and is
 
a list
 
of
assessment
 
questions
 
curated
 
based
 
on
 
the
 
intersection
 
of
 
global
 
regulations
 
and
 
cyber
 
standards,
 
such
 
as
 
the
 
International
Standards Organization (ISO) and the NIST.
 
The CISP also
 
manages the Incident
 
Response Program (“IRP”)
 
of the Corporation
 
and is in
 
charge of overseeing,
 
assessing and
managing cyber
 
incidents. The
 
IRP outlines
 
the measures
 
Popular must
 
take to
 
prepare for,
 
detect, respond
 
to and
 
recover from
cybersecurity
 
incidents,
 
which
 
include
 
processes
 
to
 
triage,
 
assess
 
severity
 
for,
 
escalate,
 
contain,
 
investigate
 
and
 
remediate
incidents, as well as to comply with potentially
 
applicable legal obligations and mitigate brand
 
and reputational damage.
 
The Corporation also undertakes the below listed
 
additional activities in its effort
 
to maintain regulatory compliance, identify,
 
assess
and manage its material risks from cybersecurity
 
threats, and to protect against, detect and
 
respond to cybersecurity incidents:
 
●
 
Conduct
 
tabletop
 
exercises
 
that
 
simulate
 
cybersecurity
 
incidents
 
to
 
raise
 
awareness
 
and
 
enhance
 
Popular’s
 
responsive
measures;
●
 
Assess how business
 
and corporate strategies, new
 
products, technology deployments, external
 
events and the
 
evolution of
threats impact
 
the Corporation’s
 
information security
 
controls in
 
order to
 
determine if
 
they require
 
any additional
 
resources,
technology or processes;
●
 
Discuss cybersecurity risks with law enforcement, peer
 
groups, industry forums and trade associations;
39
●
 
Provide training
 
to all
 
Popular employees
 
upon hiring
 
and annually
 
thereafter on
 
cybersecurity and
 
customer data
 
handling
and use requirements;
●
 
Offer training and awareness campaigns to customers and employees
 
based on their role;
 
●
 
Conduct
 
phishing
 
simulations
 
for
 
employees,
 
with
 
escalation
 
protocols
 
for
 
employees
 
that
 
fail
 
such
 
tests
 
to
 
enhance
awareness and responsiveness to such possible
 
threats;
●
 
Offer learning and development opportunities to employees
 
who handle and manage cybersecurity matters;
●
 
Carry cyber insurance to provide protection against
 
potential losses arising from cybersecurity incidents;
 
and
●
 
Monitor emerging
 
legal and
 
regulatory requirements
 
and implement
 
changes to
 
our processes,
 
policies and
 
statements, as
necessary.
Popular engages third parties to assist in certain cybersecurity matters.
In particular, Popular uses the expertise of third parties to
perform specialized assessments to test its systems, such as periodic penetration testing, that provide insights into the effectiveness
of its controls. Popular also engages third parties to provide computer forensics and investigations services as needed to assess
and address actual or potential cybersecurity incidents. In addition, Popular hires third parties to provide the first level security
monitoring of Popular’s external and internal networks.
 
Popular’s Third Party Risk Management Policy outlines the management of risks associated with
 
the Corporation’s use of third-party
service
 
providers,
 
and
 
the
 
CSOG
 
assesses
 
the
 
impact
 
and
 
level
 
of
 
cybersecurity
 
and
 
privacy
 
risk
 
of
 
such
 
providers.
 
Popular
performs due diligence on
 
third parties and monitors third
 
parties that have access to
 
its systems, data or facilities
 
that house such
systems or data on a
 
periodic basis, and based on due
 
diligence results, determines how often vendor assessments are
 
performed
on such third party.
 
Popular also conducts periodic application and vendor assessments for third-party providers
 
and their products.
Furthermore, Popular requires third parties that have
 
access to its systems, data or facilities that house
 
such systems or data to take
a training on cybersecurity at least annually.
For a
 
description of how
 
identified cybersecurity threats
 
may affect Popular’s
 
business strategy or
 
results, see under
 
the headings
“We
 
and
 
our third-party
 
providers have
 
been, and
 
expect in
 
the future
 
to continue
 
to
 
be, subject
 
to
 
cyber-attacks. Future
 
cyber-
attacks could cause substantial harm and have
 
an adverse effect on our business
 
and results of operations.” and “We
 
rely on other
companies to
 
provide key components
 
of our
 
business infrastructure, including
 
certain of
 
our core financial
 
transaction processing
and information
 
technology and
 
security services,
 
which exposes
 
us to
 
a number
 
of
 
operational risks
 
that could
 
have a
 
material
adverse
 
effect
 
on
 
us.”,
 
included
 
as
 
part
 
of
 
our
 
risk
 
factor
 
disclosures
 
in
 
Item
 
1A
 
in
 
this
 
Form
 
10-K,
 
which
 
disclosures
 
are
incorporated by reference herein.
To date, previous cybersecurity incidents have not materially affected our results of operations or
financial condition.
The CSOG
 
operates under the
 
direction of the
 
Chief Security
 
Officer.
 
The Chief
 
Security Officer
 
has over
 
37 years
 
of experience,
including over 13 years of
 
professional experience in information technology and cybersecurity matters such
 
as the oversight of the
Information
 
Security
 
Program
 
and
 
the
 
design
 
and
 
execution
 
of
 
the
 
information
 
security
 
audit
 
plan
 
of
 
the
 
Corporation.
 
She
 
is
 
a
Certified Public Accountant and also holds a Juris Doctor degree and FINRA administered
 
Series 7 and Series 27 certifications. She
holds the title
 
of Executive Vice
 
President and Chief Security
 
Officer and has been
 
in her role
 
since 2018. Prior to
 
that, she served
as Senior
 
Vice President
 
and General
 
Auditor of
 
the Corporation
 
from November
 
2012 to
 
April 2018.
 
Before 2012,
 
she served
 
in
various risk
 
related functions of
 
the Corporation and
 
as the Chief
 
Operating Officer
 
and Chief Financial
 
Officer of
 
Popular’s broker
dealer business.
The
 
CISO
 
has
 
over
 
30
 
years
 
of
 
work
 
experience.
 
She
 
holds
 
the
 
title
 
of
 
Senior
 
Vice
 
President
 
and
 
Corporate
 
Chief
 
Information
Security
 
Officer and
 
assumed this
 
role in
 
January 2026.
 
Prior to
 
this role,
 
since 2022,
 
she
 
served as
 
Senior Vice
 
President and
Financial
 
and
 
Operational
 
Risk
 
Management
 
Division
 
Manager,
 
with
 
oversight
 
of
 
the
 
enterprise
 
and
 
operational
 
risks
 
of
 
the
Corporation. Before 2022, she held
 
positions for 18 years as
 
Operational and IT Risk Director,
 
Head of ERM and Operational
 
Risk,
and Chief
 
Information Security
 
Officer for
 
other financial
 
institutions. She
 
holds a
 
BBA with
 
majors in
 
Accounting and
 
Information
Systems, and a Master of Science in Information
 
Technology Management.
 
The Corporate Risk
 
Management Group operates under
 
the direction of
 
the Chief Risk
 
Officer. The
 
Chief Risk Officer
 
has over 32
years of work experience.
 
He holds the title of Executive Vice President and
 
Chief Risk Officer and has been in
 
his role since 2011.
Prior to
 
joining the
 
Corporation, he served
 
for 17
 
years as
 
Chief Financial
 
Officer,
 
Head of
 
Retail Bank
 
and Mortgage
 
Operations,
Head of Commercial and Construction Mortgage and
 
Head of Interest Rate Risk, among
 
other positions, for other banks.
 
He holds
a BS with a major in Computer Engineering
 
and an MBA with majors in Finance and
 
Accounting.
 
 
 
 
 
 
 
 
 
 
 
 
40
The FORM Division Manager has over 30 years of work experience. She holds the title of Senior Vice President and FORM Division
Manager and has been in
 
her role since January 2026.
 
Prior to this role, since
 
2018, she held the position
 
of Senior Vice President
and
 
Division
 
Manager
 
of
 
the
 
Corporate
 
Risk
 
Reviews
 
Division
 
reporting
 
directly
 
to
 
the
 
RMC.
 
She
 
has
 
leadership
 
experience
 
in
treasury
 
management,
 
investment
 
strategy
 
and
 
enterprise
 
risk
 
oversight.
 
She
 
holds
 
a
 
BSBA
 
with
 
majors
 
in
 
Finance
 
and
International Business and an MBA with concentrations
 
in Finance and Management.
ITEM 2. PROPERTIES
As of December 31, 2025, BPPR operated 162 branches, of which 67 were owned and 95 were leased premises, and PB
operated 39 branches
 
of which 3
 
were owned and
 
36 were on
 
leased premises. Also,
 
the Corporation had
 
582 ATMs
 
operating in
Puerto Rico, 27 in the Virgin Islands
 
and 97 in the U.S. Mainland. The principal properties owned by Popular
 
for banking operations
and other services
 
are described below.
 
Our management believes that
 
each of our
 
facilities is well
 
maintained and suitable
 
for its
purpose.
Puerto Rico
Popular Center, the twenty-story Popular and BPPR headquarters building, located
 
at 209 Muñoz Rivera Avenue, Hato Rey,
 
Puerto
Rico.
 
Popular Center North Building, a three-story building, on
 
the same block as Popular Center.
 
Popular Street Building, a parking and office building located
 
at Ponce de León Avenue and Popular Street, Hato
 
Rey, Puerto Rico.
 
Cupey Center
 
Complex,
 
one building, three-stories
 
high, two
 
buildings, two-stories high
 
each, and
 
two buildings three-stories
 
high
each located in Cupey, Río Piedras, Puerto Rico.
 
Old San Juan Building, a twelve-story structure located
 
in Old San Juan, Puerto Rico.
 
Guaynabo Corporate Office Park Building, a two-story building
 
located in Guaynabo, Puerto Rico.
 
Altamira Building,
 
a nine-story office building located in Guaynabo,
 
Puerto Rico.
 
El Señorial Center, a four-story office building and a two-story branch building
 
located in Río Piedras, Puerto Rico.
 
Ponce de León 167 Building, a five-story office building
 
located in Hato Rey, Puerto Rico.
Muñoz Rivera 200, a ten-story building located
 
in Hato Rey, Puerto Rico.
U.S. & British Virgin Islands
BPPR Virgin Islands Center, a three-story building located in St. Thomas,
 
U.S. Virgin Islands.
 
Popular Center -Tortola,
 
a four-story building located in Tortola, British Virgin Islands.
41
ITEM 3. LEGAL PROCEEDINGS
For a discussion
 
of Legal proceedings,
 
see Note 23,
 
“Commitments and Contingencies”, to
 
the Consolidated Financial Statements
in this Form 10-K.
ITEM 4. MINE SAFETY DISCLOSURE
Not applicable.
PART II
ITEM
 
5.
 
MARKET
 
FOR
 
REGISTRANT’S
 
COMMON
 
EQUITY,
 
RELATED
 
STOCKHOLDER
 
MATTERS
 
AND
 
ISSUER
PURCHASES OF EQUITY SECURITIES
Common Stock
Popular’s Common Stock is traded on
 
the Nasdaq Global Select Market under the symbol “BPOP”.
 
During 2025, the Corporation declared cash dividends in the
 
total amount of $2.90 per common share outstanding,
 
for an
aggregate amount of $196.2 million. The Common Stock ranks junior to all series of
 
Preferred Stock as to dividend rights and rights
on liquidation,
 
dissolution or
 
winding up
 
of Popular.
 
Our ability
 
to declare
 
or pay
 
dividends on,
 
or purchase,
 
redeem or
 
otherwise
acquire, the Common
 
Stock is subject
 
to certain restrictions
 
in the event
 
that Popular fails
 
to pay or
 
set aside full
 
dividends on the
Preferred Stock for the latest dividend period.
During the year ended
 
December 31, 2025, the Corporation
 
repurchased 4,660,124 shares of common stock
 
for $501.5
million,
 
at
 
an
 
average
 
price
 
of
 
$107.61
 
per
 
common
 
share,
 
and
 
during
 
the
 
year
 
ended
 
December
 
31,
 
2024,
 
the
 
Corporation
repurchased 2,256,420 shares of common stock for
 
$217.3 million, at an average price of
 
$96.32 per common share. At December
31, 2025, $281.2 million remained on our active common stock repurchase authorization. The Corporation’s planned common stock
repurchases
 
may
 
be
 
executed
 
in
 
open
 
market
 
transactions,
 
privately
 
negotiated transactions,
 
block
 
trades
 
or
 
any
 
other
 
manner
determined
 
by
 
the
 
Corporation.
 
The
 
timing,
 
quantity
 
and
 
price
 
of
 
such
 
repurchases
 
will
 
be
 
subject
 
to
 
various
 
factors,
 
including
market
 
conditions,
 
the
 
Corporation’s
 
capital
 
position
 
and
 
financial
 
performance,
 
the
 
capital
 
impact
 
of
 
strategic
 
initiatives
 
and
regulatory and
 
tax considerations.
 
The common
 
stock repurchase
 
program does
 
not require
 
the Corporation
 
to acquire
 
a specific
dollar amount or number of shares and may be
 
modified, suspended or terminated at any time
 
without prior notice.
Additional information concerning legal or
 
regulatory restrictions on the payment
 
of dividends by Popular,
 
BPPR and PB
is contained under the caption “Regulation and Supervision”
 
in Item 1 herein.
As
 
of
 
February
 
26,
 
2026,
 
Popular
 
had
 
5,721
 
stockholders
 
of
 
record
 
of
 
the
 
Common
 
Stock,
 
not
 
including
 
beneficial
owners whose shares
 
are held in
 
record names
 
of brokers
 
or other
 
nominees. The last
 
sales price
 
for the
 
Common Stock
 
on that
date was $142.51 per share.
Preferred Stock
Popular has 30,000,000 shares of
 
authorized Preferred Stock that may
 
be issued in one
 
or more series, and the
 
shares
of each series
 
shall have such
 
rights and preferences as
 
shall be fixed
 
by the Board
 
of Directors when authorizing
 
the issuance of
that particular series. Popular’s Preferred Stock
 
issued and outstanding at December 31, 2025
 
consisted of:
●
 
885,726 shares of 6.375% non-cumulative monthly income Preferred Stock, Series A, no par value, liquidation preference
value of $25 per share.
All series of
 
Preferred Stock are pari
 
passu. Dividends on each
 
series of Preferred Stock
 
are payable if declared
 
by our
Board
 
of
 
Directors.
 
Our
 
ability
 
to
 
declare
 
and
 
pay
 
dividends
 
on
 
the
 
Preferred
 
Stock
 
is
 
dependent
 
on
 
certain
 
Federal
 
regulatory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42
considerations,
 
including
 
the
 
guidelines
 
of
 
the
 
Federal
 
Reserve
 
Board
 
regarding
 
capital
 
adequacy
 
and
 
dividends.
 
The
 
Board
 
of
Directors is not obligated to declare dividends and
 
dividends do not accumulate in the event
 
they are not paid.
Monthly
 
dividends
 
on
 
the
 
Preferred
 
Stock
 
amounted
 
to
 
a
 
total
 
of
 
$1.4
 
million
 
for
 
the
 
year
 
2025.
 
There
 
can
 
be
 
no
assurance that any dividends will be declared on
 
the Preferred Stock in any future periods.
Dividend Reinvestment and Stock Purchase Plan
Popular
 
offers
 
a
 
dividend reinvestment
 
and stock
 
purchase plan
 
(the “Plan”)
 
for
 
our shareholders
 
that
 
allows them
 
to
reinvest their dividends in shares of the Common Stock at a
 
5% discount from the average market price at the time of the
 
issuance.
Under the
 
Plan, shareholders
 
may
 
also purchase
 
shares of
 
Common Stock
 
at
 
prevailing market
 
prices by
 
making
 
optional cash
payments.
Equity Based Plans
On May
 
12, 2020, the
 
stockholders of
 
the Corporation
 
approved the Popular,
 
Inc. 2020
 
Omnibus Incentive Plan,
 
which
permits the
 
Corporation to issue
 
several types of
 
stock-based compensation to
 
employees and directors
 
of the Corporation
 
and/or
any of its subsidiaries (the “2020 Incentive Plan”). The 2020 Incentive Plan replaced the Popular, Inc. 2004 Omnibus Incentive Plan,
which was in
 
effect prior to
 
the adoption of the
 
2020 Incentive Plan.
 
As of December 31,
 
2025, the maximum number of
 
shares of
common stock remaining available for future issuance under this plan was 2,599,105. For information about
 
the securities remaining
available for issuance under our equity-based plans,
 
refer to Part III, Item 12.
Purchases of Equity Securities
The following table sets forth the details of purchases of Common Stock by the Corporation during the quarter ended December 31,
2025:
Issuer Purchases of Equity Securities
Not in thousands
Period
Total Number of
Shares Purchased [1]
Average Price Paid
per Share
Total Number of
 
Shares
Purchased as Part of Publicly
Announced Plans or Programs [2]
Maximum Dollar Value
of Shares that May Yet
be Purchased Under the
Plans or Programs [2]
October 1 – October 31
232,575
$120.97
232,539
$400,794,897
November 1 – November 30
496,688
113.84
496,688
344,252,709
December 1 – December 31
523,147
120.78
523,076
281,075,956
Total December 31, 2025
1,252,410
$118.06
1,252,303
$281,075,956
[1] Includes 36 and 71 shares of the Corporation's
 
common stock acquired by the Corporation during
 
October and December 2025,
respectively, in connection with the satisfaction of tax withholding obligations on
 
vested awards of restricted stock or restricted stock
units granted to directors and certain employees
 
under the Corporation’s Omnibus Incentive Plan. The
 
acquired shares of common
stock were added back to treasury stock.
 
[2] As part of its capital plan, in July 2025, the
 
Corporation announced plans to repurchase up
 
to $500 million in common stock, in
addition to the $500 million in common stock
 
repurchase program announced in July 2024.
 
As of December 31, 2025, the Corporation
had repurchased 6,916,544 shares of common stock
 
for $718.8 million at an average price of
 
$103.92 per share, as part of the 2024
and 2025 common stock repurchase programs.
Equity Compensation Plans
For information about our equity compensation plans,
 
refer to Part III, Item 12.
Stock Performance Graph (1)
 
 
 
 
 
 
 
 
 
bpop-20251231p43i0bpop-20251231p43i1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
bpop-20251231p43i2bpop-20251231p43i3
 
bpop-20251231p43i4
 
 
 
 
 
 
 
bpop-20251231p43i5
 
 
 
 
43
The graph
 
below compares
 
the cumulative
 
total stockholder
 
return during
 
the measurement
 
period with
 
the cumulative
total return, assuming reinvestment of dividends, of
 
the Nasdaq Bank Index and the Nasdaq Composite
 
Index.
The
 
cumulative
 
total
 
stockholder
 
return
 
was
 
obtained
 
by
 
dividing
 
(i)
 
the
 
cumulative
 
amount
 
of
 
dividends
 
per
 
share,
assuming dividend reinvestment since the measurement point, December 31, 2020, plus (ii) the change
 
in the per share price since
the measurement date, by the share price at
 
the measurement date.
Comparison of Five-Year Cumulative Total Return (TSR)
Assumes all dividends were reinvested
Base Year:
 
December 31, 2020 = $100
(1) Unless Popular specifically states otherwise, this Stock Performance Graph shall not be deemed to be incorporated by
reference
 
and
 
shall
 
not
 
constitute
 
soliciting
 
material
 
or
 
otherwise
 
be
 
considered
 
filed
 
under
 
the
 
Securities
 
Act
 
of
 
1933
 
or
 
the
Securities Exchange Act of 1934.
ITEM 6. [RESERVED]
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
 
AND RESULTS OF OPERATIONS
The information required by this item is included in
 
this Form 10-K, commencing on page 54.
ITEM 7A. QUANTITATIVE AND QUALITATIVE
 
DISCLOSURES ABOUT MARKET RISK
The information regarding the
 
market risk of our
 
investments appears under the caption
 
“Risk Management”, on page
 
79
within Management’s Discussion and Analysis of Financial
 
Condition and Results of Operations in this
 
Form 10-K.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
44
The information required by this item appears under the caption “Statistical Summaries” on pages 104 to 106 of this Form
10-K.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
 
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not Applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our
 
management,
 
with
 
the
 
participation
 
of
 
our
 
Chief
 
Executive
 
Officer
 
and
 
Chief
 
Financial
 
Officer,
 
has
 
evaluated
 
the
effectiveness
 
of
 
our
 
disclosure
 
controls
 
and
 
procedures
 
(as
 
such
 
term
 
is
 
defined
 
in
 
Rules
 
13a-15(e)
 
and
 
15d-15(e)
 
under
 
the
Exchange Act) as
 
of the end
 
of the period covered
 
by this report.
 
Based on such
 
evaluation, our Chief Executive
 
Officer and Chief
Financial
 
Officer
 
have
 
concluded
 
that,
 
as
 
of
 
the
 
end
 
of
 
such
 
period,
 
our
 
disclosure
 
controls
 
and
 
procedures
 
are
 
effective
 
in
recording, processing, summarizing and
 
reporting, on a timely
 
basis, information required to
 
be disclosed by Popular
 
in the reports
that
 
we
 
file
 
or
 
submit
 
under
 
the
 
Exchange
 
Act
 
and
 
such
 
information
 
is
 
accumulated
 
and
 
communicated
 
to
 
management,
 
as
appropriate, to allow timely decisions regarding required
 
disclosures.
Assessment on Internal Control over Financial
 
Reporting
Information relating to our assessment on
 
internal control over financial reporting is presented under the
 
captions “Report
of
 
Management
 
on
 
Internal
 
Control
 
Over
 
Financial
 
Reporting”
 
and
 
“Report
 
of
 
Independent
 
Registered
 
Public
 
Accounting
 
Firm”
located on pages 107 and 108 of this Form 10-K.
Changes in Internal Control over Financial Reporting
There have
 
been no
 
changes in
 
our internal
 
control over
 
financial reporting
 
(as such
 
term is
 
defined in
 
Rules 13a-15(f)
and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025, that have materially affected, or
are reasonably likely to materially affect, our internal control
 
over financial reporting.
ITEM 9B. OTHER INFORMATION
Rule 10b5-1 Trading Plans or Other Preplanned Trading Arrangements
Certain
 
of
 
our
 
officers
 
or
 
directors
 
have
 
made
 
and
 
may
 
from
 
time
 
to
 
time
 
make
 
elections
 
to
participate in
,
 
and
 
are
participating in, our dividend
 
reinvestment and purchase plan, the
 
Company stock fund associated with
 
our 401(k) plans and/or
 
the
Company stock fund associated with
 
our non-qualified deferred compensation plans and have
 
shares withheld to cover withholding
taxes upon the vesting
 
of equity awards, which may
 
be designed to satisfy the
 
affirmative defense conditions of Rule
 
10b5-1 under
the Exchange Act or may constitute non-Rule 10b5–1
trading arrangements
 
(as defined in Item 408(c) of Regulation S-K).
ITEM 9C. DISCLOSURE REGARDING FOREIGN
 
JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 
 
 
 
 
45
The
 
information
 
contained
 
under
 
the
 
captions
 
“Security
 
Ownership
 
of
 
Certain
 
Beneficial
 
Owners
 
and
 
Management”,
“Delinquent Section
 
16(a) Reports”,
 
“Corporate Governance”, “Nominees
 
for Election
 
as Directors”
 
and “Executive
 
Officers” in
 
the
Proxy Statement
 
are incorporated herein
 
by reference.
 
Information about our
 
Code of
 
Ethics, which
 
applies to
 
our senior
 
financial
officers, is included in “Business — Available Information” in Part I
 
of this Form 10-K.
ITEM 11. EXECUTIVE COMPENSATION
The
 
information
 
in
 
the
 
Proxy
 
Statement
 
under
 
the
 
caption
 
“Executive
 
and
 
Director
 
Compensation,”
 
including
 
the
“Compensation
 
Discussion
 
and
 
Analysis,”
 
the
 
“2025
 
Executive
 
Compensation
 
Tables
 
and
 
Compensation
 
Information”
 
and
 
the
“Compensation
 
of
 
Non-Employee
 
Directors,”
 
and
 
under
 
the
 
caption
 
“Committees
 
of
 
the
 
Board
 
–
 
Talent
 
and
 
Compensation
Committee – Talent and Compensation Committee Interlocks and Insider Participation” is
 
incorporated herein by reference.
ITEM
 
12.
 
SECURITY
 
OWNERSHIP
 
OF
 
CERTAIN
 
BENEFICIAL
 
OWNERS
 
AND
 
MANAGEMENT
 
AND
 
RELATED
STOCKHOLDERS MATTERS
The information under the captions “Principal Shareholders” and “Shares Beneficially
 
Owned by Directors,
 
Nominees and
Executive Officers” in the Proxy Statement is incorporated herein
 
by reference.
The following tables sets forth information as
 
of December 31, 2025 regarding securities remaining available for issuance
to directors and eligible employees under our
 
equity-based compensation plans.
Plan Category
Plan
Number of Securities
Remaining Available
 
for Future Issuance
 
Under Equity Compensation
 
Plan
Equity compensation plan approved by security holders
2020 Omnibus Incentive Plan
2,599,105
Total
2,599,105
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The
 
information
 
under
 
the
 
caption
 
“Board
 
of
 
Directors
 
and
 
Nominees’
 
Independence”
 
and
 
“Certain
 
Relationships
 
and
Transactions” in the Proxy Statement is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information regarding principal accountant fees and services is set forth under Proposal 5 – Ratification of Appointment of
Independent Registered Public Accounting Firm in
 
the Proxy Statement, which is incorporated herein
 
by reference.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a). The following financial statements and reports are included
 
on pages 108 through 260 in this Form10K.
(1)
 
Financial Statements
Report of Independent Registered Public Accounting Firm
 
(
PCAOB ID
238
)
46
Consolidated Statements of Financial Condition as of
 
December 31, 2025 and 2024
Consolidated Statements of Operations for each of
 
the years in the three-year period ended December
 
31, 2025
Consolidated Statements of
 
Comprehensive Income for
 
each of
 
the years
 
in the
 
three-year period
 
ended December 31,
2025
Consolidated
 
Statements
 
of
 
Changes
 
in
 
Stockholders’
 
Equity
 
for
 
each
 
of
 
the
 
years
 
in
 
the
 
three-year
 
period
 
ended
December 31, 2025
Consolidated Statements of Cash Flows for each of
 
the years in the three-year period ended
 
December 31, 2025
Notes to Consolidated Financial Statements
(2)
 
Financial
 
Statement
 
Schedules:
 
No
 
schedules
 
are
 
presented
 
because
 
the
 
information
 
is
 
not
 
applicable
 
or
 
is
 
included
 
in
 
the
Consolidated Financial Statements described in (a) (1)
 
above or in the notes thereto.
(3) Exhibits
ITEM 16. FORM 10-K SUMMARY
None.
The exhibits listed on the Exhibits Index below are
 
filed herewith or are incorporated herein by
 
reference.
47
Exhibit Index
3.1
3.2
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
 
48
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
10.10
10.11
10.12
10.13
10.14
10.15
49
10.16
10.17
10.18
10.19
10.20
10.21
10.22
10.23
10.24
10.25
50
10.26
10.27
10.28
10.29
10.30
10.31
10.32
10.33
10.34
10.35
10.36
10.37
 
19.1
21.1
22.1
23.1
31.1
31.2
32.1
32.2
97.1
101.INS
XBRL Instance
 
Document -
 
the instance
 
document does not
 
appear in the
 
Interactive Data File
 
because its XBRL
tags are embedded within the Inline Document. (1)
101.SCH
Inline XBRL Taxonomy Extension Schema Document (1)
51
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)
101.DEF
Inline XBRL Taxonomy Extension Definitions Linkbase Document (1)
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document (1)
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document (1)
104
The cover page of Popular, Inc. Annual Report on Form 10-K for the
 
year ended December 31, 2025, formatted in
Inline XBRL (included within the Exhibit 101 attachments)
 
(1)
(1)
Included herewith
(2)
 
Furnished herewith. This
 
exhibit shall not
 
be deemed “filed”
 
for purposes of
 
Section 18 of
 
the Securities Exchange
Act of 1934, or otherwise subject
 
to the liability of that Section,
 
and shall not be deemed incorporated into
 
any filing
under the Securities Act of 1933 or the
 
Securities Exchange Act of 1934.
 
*
This exhibit is a management contract or compensatory
 
plan or arrangement.
Popular,
 
Inc. has
 
not filed
 
as exhibits
 
certain instruments
 
defining the rights
 
of holders
 
of debt
 
of Popular,
 
Inc. not
exceeding 10% of the
 
total assets of Popular,
 
Inc. and its consolidated
 
subsidiaries. Popular, Inc.
 
hereby agrees to
furnish
 
upon
 
request
 
to
 
the
 
Commission
 
a
 
copy
 
of
 
each
 
instrument
 
defining
 
the
 
rights
 
of
 
holders
 
of
 
senior
 
and
subordinated debt of Popular, Inc., or of any of its consolidated
 
subsidiaries.
52
Financial Review and
Supplementary Information
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
54
Statistical Summaries
104
Report of Management on Internal Control Over Financial
Reporting
107
Report of Independent Registered Public
 
Accounting Firm
108
Consolidated Statements of Financial Condition as of
 
December 31, 2025 and 2024
111
Consolidated Statements of Operations for the
 
years ended December 31, 2025, 2024 and
 
2023
112
Consolidated Statements of Comprehensive
Income for the years ended December 31, 2025,
 
2024 and
2023
113
Consolidated Statements of Changes in Stockholders’
Equity for the years ended December 31, 2025,
 
2024 and
2023
114
Consolidated Statements of Cash Flows for the
 
years ended December 31, 2025, 2024 and
 
2023
115
Notes to Consolidated Financial Statements
117
Signatures
261
53
Management’s Discussion and
Analysis of Financial Condition
 
and Results of Operations
Forward-Looking Statements
54
Overview
55
Critical Accounting Policies / Estimates
60
Statement of Operations Analysis
64
Net Interest Income
64
Provision for Credit Losses
67
Non-Interest Income
67
Operating Expenses
68
Income Taxes
69
Fourth Quarter Operational Results
70
Reportable Segment Results
70
Statement of Financial Condition Analysis
72
Assets
72
Liabilities
73
Stockholders’ Equity
75
Capital
76
Risk Management
79
Market / Interest Rate Risk
79
Liquidity
82
Enterprise Risk Management
102
Adoption of New Accounting Standards and Issued
 
but
Not Yet Effective Accounting Standards
103
Statistical Summaries
Statements of Financial Condition
104
Statements of Operations
105
Average Balance Sheet and Summary of Net Interest
Income
106
54
FORWARD-LOOKING STATEMENTS
This
 
Form
 
10-K contains
 
“forward-looking statements”
 
within the
 
meaning
 
of
 
the
 
U.S. Private
 
Securities Litigation
 
Reform Act
 
of
1995,
 
including,
 
without
 
limitation,
 
statements
 
about
 
Popular,
 
Inc.’s
 
(the
 
“Corporation,”
 
“Popular,”
 
“we,”
 
“us,”
 
“our”)
 
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
 
(including on
 
our cost
 
of deposits),
 
capital markets
 
conditions, capital
adequacy
 
and
 
liquidity,
 
and
 
the
 
effect
 
of
 
legal
 
and
 
regulatory
 
proceedings
 
and
 
new
 
accounting
 
standards
 
on
 
the
 
Corporation’s
financial condition
 
and results
 
of operations.
 
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.
Various factors, some of which
 
are beyond Popular’s control, could cause actual results to differ materially from those expressed in,
or implied by,
 
such forward-looking statements. Factors that might cause such a
 
difference include, but are not limited to
 
the rate of
growth or
 
decline in the
 
economy and employment
 
levels, as well
 
as general
 
business and economic
 
conditions in the
 
geographic
areas we serve and,
 
in particular, in
 
the Commonwealth of Puerto Rico
 
(the “Commonwealth” or “Puerto Rico”), where
 
a significant
portion of our business is concentrated; adverse economic conditions, including high levels of inflation, that adversely affect housing
prices, the
 
job market,
 
consumer confidence
 
and spending
 
habits which
 
may affect
 
in turn,
 
among other
 
things, our
 
level of
 
non-
performing assets,
 
charge-offs
 
and
 
provision expense;
 
changes in
 
interest
 
rates
 
and
 
market liquidity,
 
which may
 
reduce interest
margins,
 
impact
 
funding
 
sources,
 
reduce
 
loan
 
originations,
 
affect
 
our
 
ability
 
to
 
originate
 
and
 
distribute
 
financial
 
products
 
in
 
the
primary and secondary markets and impact the value of our investment portfolio and our ability to return capital to our shareholders;
the impact of bank failures or adverse
 
developments at other banks and related negative media coverage of
 
the banking industry in
general
 
on
 
investor
 
and
 
depositor
 
sentiment
 
regarding
 
the
 
stability
 
and
 
liquidity
 
of
 
banks;
 
the
 
impact
 
of
 
the
 
current
 
fiscal
 
and
economic challenges
 
of Puerto
 
Rico and
 
the measures
 
taken and
 
to be
 
taken by
 
the Puerto
 
Rico Government and
 
the Federally-
appointed oversight board on the economy,
 
our customers and our business; the amount of Puerto
 
Rico public sector deposits held
at the Corporation, whose future balances are uncertain
 
and difficult to predict and may
 
be impacted by factors such as the
 
amount
of
 
Federal funds
 
received by
 
the P.R.
 
Government and
 
the rate
 
of expenditure
 
of such
 
funds, as
 
well as
 
the financial
 
condition,
liquidity
 
and
 
cash
 
management
 
practices
 
of
 
the
 
Puerto
 
Rico
 
Government
 
and
 
its
 
instrumentalities;
 
unforeseen
 
or
 
catastrophic
events, including extreme
 
weather events such
 
as hurricanes and
 
other natural disasters,
 
man-made disasters, acts
 
of violence or
war or
 
pandemics, epidemics
 
and other
 
health-related crises,
 
or the
 
fear of
 
any such
 
event occurring,
 
any of
 
which could
 
cause
adverse
 
consequences
 
for
 
our
 
business,
 
including,
 
but
 
not
 
limited
 
to,
 
disruptions
 
in
 
our
 
operations;
 
our
 
ability
 
to
 
achieve
 
the
expected benefits
 
from our
 
transformation initiatives,
 
including our
 
ability to
 
achieve projected
 
earnings, efficiencies
 
and return
 
on
tangible common
 
equity and
 
accurately anticipate
 
costs and
 
expenses associated therewith;
 
our ability
 
to execute
 
capital actions,
including
 
with
 
respect
 
to
 
share
 
repurchases
 
and
 
dividends;
 
the
 
fiscal
 
and
 
monetary
 
policies
 
of
 
the
 
federal
 
government
 
and
 
its
agencies;
 
changes
 
in
 
federal
 
bank
 
regulatory
 
and
 
supervisory
 
policies,
 
including
 
required
 
levels
 
of
 
capital,
 
liquidity,
 
resolution-
related requirements and the impact of other proposed capital
 
standards on our capital ratios; changes in and
 
uncertainty regarding
federal funding, tax and
 
trade policies, and federal
 
rulemaking, supervision, examination and enforcement priorities;
 
adjustments to
or
 
additional
 
Federal
 
Deposit
 
Insurance
 
Corporation
 
(“FDIC”)
 
assessments;
 
regulatory
 
approvals
 
that
 
may
 
be
 
necessary
 
to
undertake
 
certain
 
actions
 
or
 
consummate
 
strategic
 
transactions,
 
such
 
as
 
acquisitions
 
and
 
dispositions;
 
the
 
relative
 
strength
 
or
weakness of
 
the consumer
 
and commercial
 
credit sectors
 
and of
 
the real
 
estate markets
 
in Puerto
 
Rico and
 
the other
 
markets in
which our borrowers are located; a deterioration in the credit
 
quality of our clients, customers and counterparties; the performance
 
of
the stock and bond markets; competition in the financial services industry; possible legislative, tax or regulatory changes; a failure in
or breach of our
 
operational or security systems or
 
infrastructure or those of Evertec,
 
Inc., our provider of core
 
financial transaction
processing and information technology services, or
 
of third parties providing services to
 
us, including as a
 
result of cyberattacks, e-
fraud, denial-of-services and computer intrusion, that might result
 
in, among other things, loss or breach of customer data, disruption
of services, reputational damage or additional costs to Popular; changes in market rates and prices which may adversely impact the
value of financial assets and liabilities; potential judgments, claims, damages, penalties, fines, enforcement actions and reputational
damage resulting
 
from
 
pending or
 
future litigation
 
and regulatory
 
or government
 
investigations or
 
actions; changes
 
in accounting
standards,
 
rules
 
and
 
interpretations;
 
our
 
ability
 
to
 
grow
 
our
 
core
 
businesses;
 
decisions
 
to
 
downsize,
 
sell
 
or
 
close
 
branches
 
or
business units or otherwise change our business
 
mix; and management’s ability to identify and manage
 
these and other risks.
 
55
Moreover,
 
the outcome
 
of any
 
legal and
 
regulatory proceedings, as
 
discussed in
 
“Part I,
 
Item 3.
 
Legal Proceedings,”
 
is inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
“Part I, Item 1A” of this Form 10-K for a discussion
 
of certain risks and uncertainties to which
 
the Corporation is subject.
 
All forward-looking
 
statements included
 
in this
 
Form 10-K
 
are based
 
upon information
 
available to
 
Popular as
 
of the
 
date of
 
this
Form 10- K, and other than as required by law,
 
including the requirements of applicable securities laws, we assume no obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.
OVERVIEW
The Corporation is a
 
diversified, publicly owned financial holding company subject
 
to the supervision and regulation
 
of the Board of
Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the United States (“U.S.”) mainland, and
the
 
U.S.
 
and
 
British
 
Virgin
 
Islands.
 
In
 
Puerto
 
Rico,
 
the
 
Corporation
 
provides
 
retail,
 
mortgage,
 
as
 
well
 
as
 
commercial
 
banking
services as
 
well as
 
auto and
 
equipment leasing
 
and financing,
 
through its
 
principal banking
 
subsidiary,
 
Banco Popular
 
de Puerto
Rico (“BPPR”),
 
and broker-dealer
 
and insurance
 
services through
 
specialized subsidiaries.
 
In the
 
U.S. mainland,
 
the Corporation
provides
 
retail
 
and
 
commercial
 
banking
 
services,
 
as
 
well
 
as
 
equipment
 
leasing
 
and
 
financing,
 
through
 
its
 
New
 
York-chartered
banking subsidiary, Popular Bank
 
(“PB” or “Popular U.S.”), which has
 
branches located in New York,
 
New Jersey and Florida. Note
36 to the Consolidated Financial Statements presents
 
information about the Corporation’s business segments.
The shares of the Corporation’s common stock are traded
 
on the Nasdaq Global Select Market under the
 
symbol BPOP.
RESULTS OF OPERATIONS
YEAR 2025 SIGNIFICANT EVENTS
Capital Actions
During the year
 
ended December 31,
 
2025, the Corporation
 
repurchased 4,660,124 shares
 
of common stock
 
for $501.5 million,
 
at
an average price of $107.61 per common share.
 
At December 31, 2025, $281.2 million remained
 
on our common stock repurchase
authorization. The
 
Corporation’s common
 
stock
 
repurchases may
 
be
 
executed
 
in
 
open
 
market
 
transactions,
 
privately negotiated
transactions, block trades
 
or any other
 
manner determined by
 
the Corporation. The
 
timing, quantity and
 
price of such
 
repurchases
will
 
be
 
subject
 
to
 
various
 
factors,
 
including
 
market
 
conditions,
 
the
 
Corporation’s
 
capital
 
position
 
and
 
financial
 
performance,
 
the
capital impact of strategic initiatives and regulatory and tax considerations.
 
The common stock repurchase program does not require
the Corporation to acquire a specific dollar amount or
 
number of shares and may be modified, suspended or terminated
 
at any time
without prior notice.
 
The
 
Corporation
 
increased
 
its
 
quarterly
 
common
 
stock
 
dividend
 
from
 
$0.70
 
to
 
$0.75
 
per
 
share,
 
commencing
 
with
 
the
 
dividend
declared in the
 
third quarter of
 
2025. During 2025,
 
the Corporation declared
 
dividends of $196.2
 
million, or $2.90
 
per share, on
 
its
common stock.
Transformation Initiatives
The Corporation continues
 
its broad-based, multi-year,
 
technological and business
 
process transformation, which
 
was launched in
2022. As part of this transformation, we are making
 
significant investments in technology, talent and new digital and data capabilities
in order to provide our customers with more personalized and accessible services, increase employee performance and satisfaction
with more agile work processes, and generate
 
sustainable profitable growth and value for our
 
shareholders.
In
 
2025, the
 
Corporation achieved
 
significant
 
advancements in
 
transforming customer
 
channels and
 
enhancing the
 
overall client
experience. The organization
 
remains committed to
 
delivering solutions efficiently
 
and increasing productivity.
 
During the year,
 
the
 
56
Corporation introduced a
 
commercial cash management
 
platform and implemented
 
a new consumer
 
origination platform in
 
Puerto
Rico and
 
the Virgin
 
Islands. The
 
lending initiatives
 
contributed to
 
an upward
 
trend in
 
online originations
 
in the
 
latter part
 
of 2025,
resulting in $36 million in new originations since
 
the third quarter launch.
During the year the
 
Corporation also executed a
 
series of efficiency
 
initiatives, including exiting our
 
mortgage business in the
 
U.S.,
and
 
optimizing
 
our
 
mortgage
 
servicing
 
business
 
in
 
Puerto
 
Rico.
 
We
 
also
 
transformed
 
our
 
Enterprise
 
Resource
 
Planning
 
(ERP)
solution to a modern cloud platform,
 
as implemented in January 2026.
The Corporation anticipates that these investments, along with
 
future initiatives, will deliver an improved digital experience for
 
clients
and provide enhanced technology and more
 
efficient processes for employees. The
 
technology and business transformation efforts
will continue to be a strategic priority
 
for the Corporation.
Financial highlights for the year ended December 31,
 
2025
The Corporation’s
 
net income
 
for the
 
year ended
 
December 31,
 
2025
 
amounted to
 
$833.2 million,
 
an increase
 
of $219.0
 
million
when compared to a net
 
income of $614.2 million for
 
2024. Excluding the partial reversal of
 
the FDIC Special Assessment reserve,
adjusted net income
 
for 2025
 
was $823.5 million,
 
compared to $646.1
 
million in
 
2024, which also
 
excluded the impact
 
of an
 
FDIC
special
 
assessment expense
 
and
 
prior
 
period
 
tax
 
withholdings.
 
For
 
more
 
information on
 
adjusted
 
net
 
income
 
refer
 
to
 
the
 
“Non-
GAAP Financial Measures” section below.
 
Financial highlights for the year ended December 31,
 
2025 include:
 
●
 
Net interest income amounted
 
to $2.5 billion, an
 
increase of $258.9 million
 
when compared to the
 
year ended December
31,
 
2024,
 
mainly
 
driven
 
by
 
lower cost
 
of
 
deposits,
 
loan
 
growth,
 
and
 
investments
 
in
 
U.S.
 
Treasury
 
securities
 
at
 
higher
yields, partially
 
offset by
 
a decrease
 
in interest
 
income from
 
money market
 
investments.
 
Net interest
 
income on
 
taxable
equivalent
 
basis
 
for
 
the
 
year
 
ended
 
December
 
31,
 
2025
 
was
 
$2.8
 
billion,
 
an
 
increase
 
of
 
$359.9
 
million.
 
Net
 
interest
margin expanded by 25 bps to 3.49%. On a
 
taxable equivalent basis, net interest margin expanded
 
by 39 bps to 3.88%.
 
●
 
The provision
 
for credit
 
losses amounted
 
to $260.2
 
million for
 
the year
 
ended December
 
31, 2025,
 
an increase
 
of $3.2
million when
 
compared to 2024,
 
driven by
 
higher reserves for
 
the CRE
 
portfolio at PB
 
and higher
 
reserves in the
 
BPPR
 
commercial portfolio, mainly due to two unrelated NPL inflows and portfolio growth, partially offset by a lower provision for
the consumer portfolios, particularly for credit cards
 
and auto loans.
●
 
Non
-interest
 
income
 
amounted
 
to
 
$658.0
 
million,
 
a
 
decrease
 
of
 
$0.9
 
million,
 
when compared
 
with the
 
previous year,
mainly due to lower
 
revenues related to the car
 
rental business sold in the
 
fourth quarter of 2024,
 
partially offset by other
service fees
 
income from
 
our fee
 
generating business such
 
as debit
 
and credit
 
card fees,
 
investment management fees
and higher non-balance compensation fees from commercial deposits.
 
●
 
Operating expenses amounted to $1.9 billion for 2025, an increase of
 
$44.6 million when compared to 2024. The increase
was mainly driven
 
by higher personnel
 
costs, primarily due
 
to the profit
 
sharing expense of
 
$38.8 million which
 
is tied to
the
 
Corporation’s
 
financial
 
performance
 
and
 
other
 
performance-based
 
incentives,
 
a
 
$13.0
 
million
 
non-cash
 
goodwill
impairment
 
charge
 
related
 
to
 
the
 
U.S.
 
based
 
leasing
 
subsidiary,
 
higher
 
technology
 
and
 
software
 
costs
 
from
transformation initiatives and higher
 
credit and debit card
 
merchant processing fees, partially
 
offset by lower
 
reserves for
operational losses, lower costs
 
associated with compliance activities, and lower
 
depreciation expense related to the
 
daily
car rental business sold during the fourth quarter
 
of 2024.
●
 
Income tax expense amounted to $173.6 million for the year ended December 31, 2025, with an effective tax
 
rate (“ETR”)
of 17.3%, compared to an income tax expense of $182.4 million for the previous
 
year, with an ETR of 22.9%.
 
The income
tax expense in 2024 included the impact of $16.5
 
million related to intercompany distributions for the
 
years 2014-2023.
●
 
At December 31, 2025, the Corporation’s total assets were $75.3 billion, compared to $73.0 billion at December 31, 2024.
The increase of
 
$2.3 billion is
 
primarily due to
 
an increase in loans
 
held-in-portfolio, mainly in the
 
commercial, mortgage,
and construction portfolios,
 
and an increase in available-for-sale (“AFS”) securities, mainly U.S. Treasuries, partially offset
by a decrease in money market investments.
 
●
 
Deposits amounted to $66.2 billion at
 
December 31, 2025, an increase of
 
$1.3 billion from December 31, 2024,
 
driven by
higher savings, NOW and money market deposits,
 
demand deposits and time deposits,
 
all primarily at BPPR.
 
57
●
 
Stockholders’ equity amounted to $6.2 billion at December 31, 2025, compared to $5.6
 
billion at December 31, 2024. The
Corporation
 
and
 
its
 
banking
 
subsidiaries
 
continue
 
to
 
be
 
well
 
capitalized. As
 
of
 
December
 
31,
 
2025,
 
the
 
Corporation’s
tangible book value per common share was $82.65, an increase of $14.49 from December 31, 2024. The Common Equity
Tier 1 Capital ratio at December 31, 2025 was 15.72%, compared
 
to 16.03% at December 31, 2024.
For a
 
discussion of
 
our 2024
 
results of
 
operations compared with
 
2023, see
 
“Management’s Discussion and
 
Analysis of
 
Financial
Condition and Results of Operations” in our Form
 
10-K for the year ended December 31, 2024.
Refer to Table 1 for selected financial data for the past three years.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58
Table 1 - Selected Financial Data
Years ended December
 
31,
(Dollars in thousands, except per common share data)
2025
2024
2023
CONDENSED STATEMENTS
 
OF OPERATIONS
Interest income
$
3,783,009
$
3,673,263
$
3,245,307
Interest expense
1,241,806
1,390,975
1,113,783
Net interest income
 
2,541,203
2,282,288
2,131,524
Provision for credit losses
260,163
256,942
208,609
Non-interest income
658,019
658,909
650,724
Operating expenses
1,932,266
1,887,637
1,898,100
Income tax expense
 
173,634
182,406
134,197
Net income
$
833,159
$
614,212
$
541,342
Net income applicable to common stock
$
831,747
$
612,800
$
539,930
PER COMMON SHARE DATA
Net income per common share - basic
$
12.31
$
8.56
$
7.53
Net income per common share - diluted
12.30
8.56
7.52
Dividends declared
2.90
2.56
2.27
Common equity per share
94.75
79.71
71.03
Market value per common share
124.52
94.06
82.07
Outstanding shares:
Average - basic
67,586,130
71,590,757
71,710,265
Average - assuming dilution
67,612,847
71,623,702
71,791,692
End of period
65,719,385
70,141,291
72,153,621
AVERAGE BALANCES
Net loans
[1]
$
37,982,637
$
35,701,240
$
33,164,960
Earning assets
72,636,005
70,327,465
68,175,022
Total assets
75,740,647
73,400,279
71,234,236
Deposits
66,402,180
64,444,283
62,546,480
Borrowings
1,156,769
1,022,063
1,227,094
Total stockholders'
 
equity
7,207,682
7,053,193
6,600,603
PERIOD END BALANCE
Net loans
[1]
$
39,337,516
$
37,113,075
$
35,069,272
Allowance for credit losses - loans portfolio
808,056
746,024
729,341
Earning assets
72,132,940
69,739,000
67,216,816
Total assets
75,348,267
73,045,383
70,758,155
Deposits
66,190,093
64,884,345
63,618,243
Borrowings
1,448,578
1,176,126
1,078,332
Total stockholders'
 
equity
6,249,079
5,613,066
5,146,953
SELECTED RATIOS
Net interest margin (non-taxable equivalent basis)
3.49
%
3.24
%
3.13
%
Net interest margin (taxable equivalent basis) -Non-GAAP
3.88
3.49
3.31
Return on assets
1.10
0.84
0.76
Return on average common equity
11.58
8.72
8.21
Tangible common
 
book value per common share (non-GAAP)
[2]
82.65
68.16
59.74
Return on average tangible common equity
[2]
13.04
9.85
9.40
Tier I capital
15.77
16.08
16.36
Total capital
17.50
17.83
18.13
[1]
Includes loans held-for-sale.
[2]
Refer to Table 11
 
for reconciliation to GAAP financial measures.
Table 2 presents
 
a three-year summary of the components of net income
 
as a percentage of average total assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
59
Table 2 - Components of Net
 
Income as a Percentage of Average Total
 
Assets
2025
2024
2023
Net interest income
3.36
%
3.11
%
2.99
%
Provision for credit losses
(0.34)
(0.35)
(0.29)
Service charges on deposit accounts
0.21
0.21
0.21
Other service fees
0.53
0.53
0.53
Other non-interest income
 
0.12
0.16
0.17
Total net interest
 
income and non-interest income, net of provision
 
for credit losses
 
3.88
3.66
3.61
Operating expenses
(2.55)
(2.57)
(2.66)
Income before income tax
 
1.33
1.09
0.95
Income tax expense
(0.23)
(0.25)
(0.19)
Net income
1.10
%
0.84
%
0.76
%
Non-GAAP Financial Measures
This Form
 
10-K contains financial
 
information prepared under
 
accounting principles generally
 
accepted in the
 
United States (“U.S.
GAAP”)
 
and
 
non-GAAP
 
financial
 
measures.
 
Management
 
uses
 
non-GAAP
 
financial
 
measures
 
when
 
it
 
is
 
determined
 
that
 
these
measures provide
 
meaningful information
 
about the
 
underlying performance
 
of the
 
Corporation’s ongoing
 
operations. Non-GAAP
financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by
 
other
companies.
Adjusted net income - Non-GAAP Financial Measure
In
 
addition to
 
analyzing the
 
Corporation’s
 
results on
 
a reported
 
basis, management
 
monitors whether
 
the
 
impact of
 
certain non-
recurring or
 
infrequent transactions
 
need to
 
be excluded
 
from the
 
results of
 
operations to
 
present what
 
is then
 
considered to
 
be
“adjusted
 
net
 
income”
 
of
 
the
 
Corporation.
 
Management
 
believes
 
that
 
the
 
“adjusted
 
net
 
income”
 
provides
 
meaningful
 
information
about
 
the
 
underlying
 
performance
 
of
 
the
 
Corporation’s
 
ongoing
 
operations.
 
The
 
“adjusted
 
net
 
income”
 
is
 
a
 
non-GAAP
 
financial
measure.
The following tables present adjusted net income
 
for the years ended December 31, 2025 and
 
2024.
Table 3 - Adjusted Net Income
 
for the Year Ended December 31,
 
2025 (Non-GAAP)
(In thousands)
Income before
 
income tax
Income tax
expense
(benefit)
Net Income
U.S. GAAP Net income
$1,006,793
$173,634
$833,159
Non-GAAP Adjustments:
FDIC Special Assessment [1]
(15,323)
5,622
(9,701)
Adjusted net income (Non-GAAP)
$991,470
$168,012
$823,458
[1] Partial reversal of the FDIC special assessment reserve
 
imposed in connection with the receivership of several
 
failed banks. Refer to the Operating
Expenses section in the Management’s Discussion
 
and Analysis of Financial Condition and Results of Operations
 
section (“MD&A”) included in this
Form 10-K for additional information.
 
 
 
 
 
 
 
 
 
 
 
60
Table 4 - Adjusted Net Income
 
for the Year Ended December 31,
 
2024 (Non-GAAP)
(In thousands)
Income before
 
income tax
Income tax
expense
(benefit)
Net Income
U.S. GAAP Net income
$796,618
$182,406
$614,212
Non-GAAP Adjustments:
FDIC Special Assessment [1]
14,287
(5,234)
9,053
Adjustments related to intercompany distributions [2]
6,400
16,483
22,883
Adjusted net income (Non-GAAP)
$817,305
$171,157
$646,148
[1] Expense recorded in the first quarter of 2024 related to
 
the special assessment imposed by the FDIC to
 
recover the losses in connection with the
receivership of several failed banks.
[2] Expense recorded in the first quarter of 2024 related to
 
tax withholdings on prior period distributions from U.S.
 
subsidiaries.
Net interest income on a taxable equivalent basis
 
Net
 
interest
 
income,
 
on
 
a
 
taxable
 
equivalent
 
basis,
 
is
 
presented
 
with
 
its
 
different
 
components
 
in
 
Table
 
5
 
for
 
the
 
year
 
ended
December 31,
 
2025
 
as compared
 
with
 
the same
 
period in
 
2024, segregated
 
by
 
major categories
 
of
 
interest
 
earning assets
 
and
interest-bearing liabilities.
 
The
 
main
 
sources
 
of
 
tax-exempt
 
interest
 
income
 
are
 
certain
 
loans
 
and
 
investments
 
in
 
obligations
 
of
 
the
 
U.S.
 
Government,
 
its
agencies and sponsored entities, and
 
certain obligations of the
 
Commonwealth of Puerto Rico and
 
its agencies and assets
 
held by
the Corporation’s
 
international banking
 
entities. On
 
table 5,
 
the interest
 
income has
 
been converted
 
to a
 
taxable equivalent
 
basis,
using the
 
applicable statutory income
 
tax rates
 
for each
 
period net
 
of interest
 
expense that the
 
Puerto Rico
 
tax law
 
requires to
 
be
disallowed, based
 
on an
 
equal proportion
 
of tax-exempt
 
assets to
 
total assets,
 
and by
 
an allocation
 
of general
 
and administrative
expenses attributable to exempt income, reducing the benefit of
 
the tax-exempt income. The effective yield, on a
 
taxable equivalent
basis, will
 
vary depending on
 
the level
 
of these
 
expenses that are
 
attributable to
 
the available exempt
 
income. Under Puerto
 
Rico
tax
 
law,
 
the
 
exempt
 
interest
 
can
 
be
 
deducted
 
up
 
to
 
the
 
amount
 
of
 
taxable
 
income.
 
Management believes
 
that
 
this
 
presentation
provides meaningful information since it facilitates the comparison
 
of revenues arising from taxable and exempt
 
sources.
Tangible Common Equity and Tangible Assets
Tangible
 
common equity,
 
tangible common equity ratio, tangible
 
assets and tangible book value
 
per common share are
 
non-GAAP
financial measures.
 
Tangible
 
common equity
 
ratio and
 
tangible book
 
value per
 
common share
 
should be
 
used in
 
conjunction with
more
 
traditional
 
bank
 
capital
 
ratios
 
commonly
 
used
 
by
 
banks
 
and
 
analysts
 
to
 
compare
 
the
 
capital
 
adequacy
 
of
 
banking
organizations
 
with
 
significant
 
amounts
 
of
 
goodwill
 
or
 
other
 
intangible
 
assets,
 
typically
 
stemming
 
from
 
the
 
use
 
of
 
the
 
purchase
accounting method for
 
mergers and acquisitions.
 
Tangible
 
common equity,
 
tangible assets
 
and other related
 
measures should not
be
 
used
 
in
 
isolation
 
or
 
as
 
a substitute
 
for
 
stockholders' equity,
 
total
 
assets
 
or
 
any
 
other
 
measure calculated
 
in
 
accordance
 
with
GAAP.
 
Moreover,
 
the manner
 
in which
 
the
 
Corporation calculates
 
its
 
tangible common
 
equity,
 
tangible assets
 
and
 
other
 
related
measures may differ from that of other companies
 
reporting measures with similar names.
Table
 
12 provides
 
a reconciliation of
 
total stockholders’ equity
 
to tangible common
 
equity and total
 
assets to tangible
 
assets as
 
of
December 31, 2025, and December 31, 2024.
CRITICAL ACCOUNTING POLICIES / ESTIMATES
The accounting
 
and reporting
 
policies followed
 
by the
 
Corporation and
 
its subsidiaries
 
conform U.S.
 
GAAP and
 
general practices
within the financial services
 
industry. The
 
Corporation’s significant accounting policies, including
 
those related to critical
 
accounting
estimates, are
 
described in
 
detail in
 
Note 2
 
to the
 
Consolidated Financial
 
Statements and
 
should be
 
read in
 
conjunction with
 
this
section.
 
61
Critical accounting
 
policies that
 
require management
 
to make
 
estimates and
 
assumptions may
 
involve significant
 
judgment about
the effect
 
of matters
 
that are
 
inherently uncertain
 
and that
 
involve a
 
high degree
 
of subjectivity.
 
These estimates
 
are made
 
under
facts and
 
circumstances at
 
a point
 
in time
 
and changes
 
in those
 
facts and
 
circumstances could
 
produce actual
 
results that
 
differ
from
 
those
 
estimates.
 
The
 
following
 
MD&A
 
section
 
is
 
a
 
summary
 
of
 
what
 
management
 
considers
 
the
 
Corporation’s
 
critical
accounting estimates.
Fair Value Measurement of Financial Instruments
The Corporation
 
currently measures
 
at fair
 
value on
 
a recurring
 
basis its
 
trading debt
 
securities, debt
 
securities available-for-sale,
certain equity securities, derivatives and
 
mortgage servicing rights. Occasionally,
 
the Corporation is required to
 
record other assets
at fair
 
value on
 
a nonrecurring
 
basis, such
 
as loans
 
held-for-sale, loans
 
held-in-portfolio that
 
are collateral
 
dependent and
 
certain
other assets. These nonrecurring fair value
 
adjustments typically result from the application of lower of
 
cost or fair value accounting
or write-downs of individual assets.
 
The
 
Corporation categorizes
 
its
 
assets and
 
liabilities measured
 
at fair
 
value under
 
the three-level
 
hierarchy.
 
The level
 
within the
hierarchy is based on whether the inputs to
 
the valuation methodology used for fair value measurement
 
are observable.
Management assesses the fair value of its
 
portfolio of investment securities at least on
 
a quarterly basis. Securities are classified in
the
 
fair
 
value
 
hierarchy
 
according
 
to
 
product
 
type,
 
characteristics
 
and
 
market
 
liquidity.
 
At
 
the
 
end
 
of
 
each
 
period,
 
management
assesses
 
the
 
valuation
 
hierarchy
 
for
 
each
 
asset
 
or
 
liability
 
measured.
 
The
 
fair
 
value
 
measurement
 
analysis
 
performed
 
by
 
the
Corporation includes
 
validation
 
procedures and
 
review
 
of
 
market
 
changes,
 
pricing methodology,
 
assumption
 
and
 
level
 
hierarchy
changes, and evaluation of distressed transactions.
 
Most of the values for trading debt securities and debt securities available-for-sale are obtained from third-party pricing services and
are validated with alternate pricing sources when available.
 
Securities not priced by a secondary pricing source
 
are documented and
validated internally according to their significance to the Corporation’s financial statements. Management has established materiality
thresholds
 
according
 
to
 
the
 
investment
 
class
 
to
 
monitor
 
and
 
investigate
 
material
 
deviations
 
in
 
prices
 
obtained
 
from
 
the
 
primary
pricing
 
service
 
provider
 
and
 
the
 
secondary
 
pricing
 
source
 
used
 
as
 
support
 
for
 
the
 
valuation
 
results.
 
During
 
the
 
year
 
ended
December 31, 2025, the Corporation
 
did not adjust any prices
 
obtained from pricing service providers or
 
broker dealers. During the
year
 
ended December
 
31,
 
2025, none
 
of
 
the
 
Corporation’s
 
debt securities
 
were subject
 
to
 
pricing discontinuance
 
by the
 
pricing
service providers. The pricing methodology and approach of our primary pricing service providers is concluded to be consistent with
the fair value measurement guidance
Broker quotes reflect
 
market illiquidity as
 
they are exit
 
prices. As of
 
December 31, 2025,
 
$8 million in
 
financial assets were
 
valued
using broker
 
quotes: $1 million
 
in Level 3
 
assets (mainly tax-exempt
 
GNMA mortgage-backed securities)
 
and $7 million
 
in Level
 
2
assets. Level 3 asset values were based on an
 
internal matrix using local broker quotes from
 
limited trading activity.
Refer to
 
Note 27
 
to the
 
Consolidated Financial Statements for
 
a description of
 
the Corporation’s
 
valuation methodologies used
 
for
the assets and liabilities measured at fair value.
Loans and Allowance for Credit Losses
 
One of
 
the most
 
critical and
 
complex accounting
 
estimates is
 
associated with
 
the determination
 
of the
 
allowance for
 
credit losses
(“ACL”). The Corporation establishes an ACL for its loan portfolio based on its estimate of expected credit losses over the remaining
contractual term
 
of the
 
loans, adjusted
 
for expected
 
prepayments, in
 
accordance with
 
Accounting Standards
 
Codification (“ASC”)
Topic
 
326.
 
An
 
ACL
 
is
 
recognized
 
for
 
all
 
loans
 
including
 
originated
 
and
 
purchased
 
loans,
 
since
 
inception,
 
with
 
a
 
corresponding
charge to the provision for credit losses, except for purchased
 
credit deteriorated (“PCD”) loans. Upon the acquisition of a PCD
 
loan,
the Corporation recognizes the estimate of the expected credit losses over the remaining contractual term of each individual loan as
an ACL with a corresponding addition to the loan purchase price.
 
The Corporation follows a methodology to establish
 
the ACL which
includes a
 
reasonable and supportable
 
forecast period
 
for estimating credit
 
losses, considering
 
quantitative and
 
qualitative factors
as well
 
as the
 
economic outlook. As
 
part of
 
this methodology,
 
management evaluates various
 
macroeconomic scenarios provided
by third parties. At December 31, 2025, management
 
applied probability weights to the outcome of
 
the selected scenarios.
62
The
 
Corporation
 
has
 
designated
 
as
 
collateral
 
dependent
 
loans
 
secured
 
by
 
collateral
 
when
 
foreclosure
 
is
 
probable
 
or
 
when
foreclosure is
 
not probable but
 
the practical expedient
 
is used.
 
The practical expedient
 
is used
 
when repayment is
 
expected to
 
be
provided
 
substantially
 
by
 
the
 
sale
 
or
 
operation
 
of
 
the
 
collateral
 
and
 
the
 
borrower is
 
experiencing financial
 
difficulty.
 
The
 
ACL
 
of
collateral dependent loans
 
is measured based
 
on the fair
 
value of the
 
collateral less costs
 
to sell. The
 
fair value of
 
the collateral is
based on appraisals, which may be adjusted due to their
 
age, and the type, location, and condition of the
 
property or area or general
market conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date.
 
In
addition,
 
refer
 
to
 
the
 
Credit
 
Risk
 
section
 
of
 
this
 
MD&A
 
and
 
to
 
Note
 
2
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
detailed
information on
 
the
 
Corporation’s collateral
 
value estimation
 
for other
 
real
 
estate. In
 
addition, refer
 
to
 
Note
 
8 to
 
the Consolidated
Financial Statements for additional information on
 
the allowance for credit losses.
Income Taxes
Income taxes are
 
accounted for using the
 
asset and liability method,
 
recognizing deferred tax assets and
 
liabilities based on future
tax consequences of temporary differences between financial statement carrying amounts
 
and their respective tax basis. These are
measured using
 
enacted tax
 
rates expected
 
to apply
 
when the
 
temporary differences
 
are recovered
 
or paid,
 
with changes
 
in tax
rates recognized in earnings when enacted.
 
Calculating periodic income taxes involves complexity and requires estimates
 
and judgments. The Corporation has two accruals
 
for
income taxes: (i)
 
the net estimated
 
amount currently due
 
or receivable, including any
 
reserve for potential
 
examination issues, and
(ii)
 
a
 
deferred
 
income
 
tax
 
reflecting the
 
estimated
 
impact
 
of
 
temporary differences
 
between
 
asset and
 
liability
 
recognition under
GAAP and the tax
 
code. Differences in actual
 
future tax consequences could affect
 
the Corporation’s financial position or
 
results of
operations.
 
Management evaluates
 
the realization
 
of the
 
deferred tax
 
asset by
 
its three
 
major components:
 
U.S. mainland
 
operations, Puerto
Rico banking operations
 
and Holding Company.
 
This evaluation requires judgment
 
related to the
 
Corporation’s estimation of future
taxable income
 
over the
 
term the
 
deferred tax
 
assets will
 
expire. For
 
the evaluation
 
of the
 
realization of
 
the deferred
 
tax asset
 
by
taxing jurisdiction, refer to Note 34 to the Consolidated
 
Financial Statements.
Under the Puerto Rico Internal Revenue Code, the
 
Corporation and its subsidiaries are treated as separate taxable
 
entities and are
not entitled to file
 
consolidated tax returns. The Code
 
provides a dividends-received deduction of 100%
 
on dividends received from
“controlled” domestic subsidiaries subject to taxation in
 
Puerto Rico
 
Changes in
 
the Corporation’s
 
estimates can occur
 
due to changes
 
in tax
 
rates, new business
 
strategies, newly
 
enacted guidance,
and resolution of issues with taxing authorities regarding previously taken tax
 
positions. In estimating taxes, management evaluates
the merits and risks of
 
appropriate tax treatment, considering statutory,
 
judicial and regulatory guidance. Such changes could affect
the
 
amount
 
of
 
accrued
 
taxes.
 
The
 
Corporation
 
has
 
made
 
tax
 
payments
 
in
 
accordance
 
with
 
estimated
 
tax
 
payments
 
rules.
 
Any
remaining payment will not have any significant impact
 
on liquidity and capital resources.
Refer to Note 34 to the
 
Consolidated Financial Statements for additional information on the Corporation’s unrecognized tax benefits
and their possible effect on its effective tax rate.
Goodwill and Other Intangible Assets
The
 
Corporation’s
 
goodwill
 
and
 
other
 
identifiable
 
intangible
 
assets
 
having
 
an
 
indefinite
 
useful
 
life
 
are
 
tested
 
for
 
impairment.
Intangibles with indefinite lives are evaluated for impairment at least annually or on a more frequent basis if events or circumstances
indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business
climate, an
 
adverse action
 
by a
 
regulator,
 
an unanticipated
 
change in
 
the competitive
 
environment and
 
a decision
 
to change
 
the
operations or
 
dispose of
 
a reporting
 
unit. Other
 
identifiable intangible
 
assets with
 
a finite
 
useful life
 
are evaluated
 
periodically for
impairment when events or changes in circumstances
 
indicate that the carrying amount may not be
 
recoverable.
 
Goodwill impairment is recognized when the carrying amount of any
 
of the reporting units exceeds its fair value up
 
to the amount of
the goodwill. The Corporation estimates the fair value of each reporting unit generally using a combination of methods which include
market price multiples
 
of comparable companies
 
and transactions, as
 
well as discounted
 
cash flow analyses.
 
Subsequent reversal
of goodwill impairment losses is not permitted under
 
applicable accounting standards.
 
63
For a
 
detailed description
 
of the
 
annual goodwill
 
impairment evaluations
 
performed by
 
the Corporation
 
during the
 
third and
 
fourth
quarter of 2025, refer to Note 14 to the Consolidated
 
Financial Statements.
Pension and Postretirement Benefit Obligations
The Corporation provides pension and
 
restoration benefit plans for certain employees
 
of various subsidiaries. The Corporation also
provides certain
 
health care
 
benefits for
 
retired employees of
 
BPPR. The
 
non-contributory defined pension
 
and benefit
 
restoration
plans (“the Pension Plans”) are frozen with regards
 
to all future benefit accruals.
 
The estimated
 
benefit costs
 
and obligations
 
of the
 
Pension Plans and
 
Postretirement Health
 
Care Benefit Plan
 
(“OPEB Plan”) are
impacted by
 
the use
 
of subjective
 
assumptions, which can
 
materially affect
 
recorded amounts, including
 
expected returns on
 
plan
assets,
 
discount
 
rates,
 
termination
 
rates,
 
retirement
 
rates
 
and
 
health
 
care
 
trend
 
rates.
 
The
 
Corporation
 
uses
 
an
 
independent
actuarial firm for assistance in the determination of
 
the Pension Plans and OPEB Plan costs and obligations.
 
The Corporation periodically reviews its assumption for the long-term expected return on Pension Plans
 
assets. The Pension Plans’
assets
 
fair
 
value
 
at
 
December
 
31,
 
2025
 
was
 
$625.8
 
million.
 
The
 
expected
 
return
 
on
 
plan
 
assets
 
is
 
determined
 
by
 
considering
various factors,
 
including a
 
total funds
 
return estimate
 
based on
 
a weighted-average
 
of estimated
 
returns for
 
each asset
 
class in
each plan.
 
Asset class returns are estimated using current and projected economic and
 
market factors such as real rates of
 
return,
inflation, credit spreads, equity risk premiums and
 
excess return expectations.
Net Periodic Benefit Cost
 
(“pension expense”) for the Pension Plans
 
amounted to $11.2
 
million in 2025. The
 
total pension expense
included
 
a
 
benefit
 
of
 
$32.3
 
million
 
for
 
the
 
expected
 
return
 
on
 
assets.
 
Management
 
believes
 
that
 
the
 
fair
 
value
 
estimates
 
of
 
the
Pension Plans assets are reasonable given the valuation methodologies used to measure the investments at fair value as described
in
 
Note
 
27
 
to
 
the
 
Consolidated Financial
 
Statements. Also,
 
the
 
compositions
 
of
 
the
 
plan assets
 
are primarily
 
in
 
equity
 
and
 
debt
securities, which have readily determinable quoted
 
market prices.
 
Detailed
 
information
 
on
 
the
 
Plans
 
and
 
related
 
valuation
 
assumptions
 
are
 
included
 
in
 
Note
 
29
 
to
 
the
 
Consolidated
 
Financial
Statements.
As part of the review,
 
the Corporation’s independent consulting actuaries performed an analysis of expected
 
returns based on each
plan’s expected asset
 
allocation for the year
 
2026 using the
 
Willis Towers
 
Watson US Expected
 
Return Estimator.
 
This analysis is
reviewed by the Corporation
 
and used as a
 
tool to develop expected
 
rates of return, together
 
with other data. This
 
forecast reflects
the actuarial firm’s view of
 
expected long-term rates of return for each significant asset
 
class or economic indicator as of January
 
1,
2026;
 
for
 
example, 8.7%
 
for
 
large
 
cap
 
stocks,
 
9.0% for
 
small cap
 
stocks,
 
8.9% for
 
international stocks,
 
6.4% for
 
long
 
corporate
bonds
 
and
 
5.8%
 
for
 
long
 
Treasury
 
bonds.
 
A
 
range
 
of
 
expected
 
investment
 
returns
 
is
 
developed,
 
and
 
this
 
range
 
relies
 
both
 
on
forecasts and on broad-market historical benchmarks
 
for expected returns, correlations, and volatilities
 
for each asset class.
As a consequence of
 
recent reviews, the Corporation selected its
 
expected return on plan
 
assets for the year
 
2026 to be 5.6% and
6.7% for
 
the Pension
 
Plans. Expected
 
rates of
 
return for
 
the Pension
 
Plans of
 
5.6% and
 
6.7% had
 
been used
 
for 2025
 
and 5.6%
and 6.6% had been used for 2024. The expected
 
return can be materially impacted by a
 
change in the plan’s asset allocation.
Pension expense is sensitive
 
to changes in the
 
expected return on assets.
 
For example, decreasing the expected
 
rate of return for
2026 from
 
5.6% to
 
5.35% would
 
increase the
 
projected 2026
 
pension expense
 
for the
 
Banco Popular
 
de Puerto
 
Rico Retirement
Plan, the Corporation’s largest plan, by approximately
 
$1.4
 
million.
 
The Corporation had recorded a pension balance sheet asset of $38.2 million and a pension balance sheet liability of $4.7 million
 
at
December 31, 2025.
The Corporation uses
 
the spot rate
 
yield curve from
 
the Willis Towers
 
Watson RATE:
 
Link (10/90) Model
 
to discount the
 
expected
projected
 
cash
 
flows
 
of
 
the
 
plans.
 
The
 
equivalent
 
single
 
weighted
 
average
 
discount
 
rate
 
ranged
 
from
 
5.25%
 
to
 
5.29%
 
for
 
the
Pension Plans and 5.44% for the OPEB Plan to determine
 
the benefit obligations at December 31, 2025.
A 50
 
basis point
 
decrease to
 
each of
 
the rates
 
in the
 
December 31,
 
2025 Willis
 
Towers
 
Watson RATE:
 
Link (10/90)
 
Model would
increase the
 
projected 2026
 
expense for
 
the Banco
 
Popular de
 
Puerto Rico
 
Retirement Plan
 
by approximately
 
$1.8
 
million. The
change would not affect the minimum required contribution
 
to the Pension Plans.
 
The OPEB Plan was unfunded (no assets were held by the plan) at December 31, 2025. The Corporation had recorded a liability for
the underfunded postretirement benefit obligation of
 
$104.0 million at December 31, 2025.
 
 
 
 
 
 
 
 
 
 
 
64
STATEMENT
 
OF OPERATIONS ANALYSIS
Net Interest Income
 
Net interest income is the interest earned from loans, debt securities and money market investments, including loan fees, minus
 
the
interest cost of deposits and borrowed money.
 
Various risk factors
 
affect net interest income including the economic
 
environment in
which we operate, market related events, the mix and size of the earning assets and related funding, changes in volumes, re-pricing
characteristics, loan fees
 
collected, delay
 
charges and
 
interest collected on
 
nonaccrual loans, as
 
well as
 
strategic decisions made
by the Corporation’s management.
The average key index rates for the years 2025
 
and 2024 were as follows:
 
2025
2024
Prime rate…………………………………………………………………………………………………
7.37%
8.31%
SOFR………………………………………………………………………………………………………
4.24
5.15
Fed funds rate…………………………………………………………………………………………….
4.20
5.12
3-month Treasury Bill…………………………………………………………………………………….
4.15
5.09
10-year Treasury…………………………………………………………………………………………
4.29
4.20
FNMA 30-year…………………………………………………………………………………………….
5.47
5.58
Net interest
 
income (“NII”) for
 
the year
 
ended December 31,
 
2025 was
 
$2.5 billion,
 
or $258.9
 
million higher than
 
2024. NII
 
growth
was driven by
 
lower interest expense on
 
deposits by $158.2 million
 
primarily due to
 
lower P.R.
 
public deposits cost,
 
higher income
from loans by $137.1
 
million primarily due to
 
loan growth mainly attributed to
 
the commercial, construction loans in
 
both banks and
mortgage loans
 
in BPPR
 
and higher
 
income resulting
 
from higher
 
yields of
 
U.S. Treasuries
 
by $83.4
 
million also
 
supported to
 
NII
expansion. This
 
increase in
 
NII was
 
partially
 
offset
 
by
 
lower
 
income from
 
money market
 
investments by
 
$97.4 million
 
driven
 
by
short-term market rates
 
declines by the
 
Federal Open Market
 
Committee coupled with
 
lower average balances
 
due to loan
 
growth
and investments in U.S.
 
Treasuries. Net interest margin
 
(“NIM”) of 3.49% in
 
2025 increased 25 basis points, compared
 
to 3.24% in
2024, driven by lower deposit costs, higher yielding
 
U.S. treasuries and loan growth.
 
Total
 
deposit costs of 1.77%
 
decreased 30 basis points
 
when compared to 2024. Excluding
 
P.R.
 
public deposits, average deposits
increased by $903.0 million and total deposit
 
costs decreased seven basis points to 1.16% year-over-year.
 
Net Interest Income on a taxable equivalent basis (“FTE”) for the year ended December 31, 2025 was $2.8 billion, compared
 
to $2.5
billion for the same period in 2024,
 
an increase of $359.9 million. NIM on a
 
taxable equivalent (“NIM FT””) basis in 2025 was
 
3.88%
or 39 basis points higher than the 3.49%
 
reported in 2024. NIM FTE expansion during 2025 is
 
primarily due to higher re-investment
in U.S. treasuries
 
which are tax
 
exempt in Puerto
 
Rico and exempt
 
interest income on
 
certain loan portfolios.
 
The main factors
 
for
the increase in net interest income FTE were:
●
 
Higher income
 
from
 
investment securities
 
by
 
$147.1 million
 
driven by
 
the
 
re-investment of
 
maturities of
 
U.S. Treasury
securities at higher yields by 50 basis points
●
 
Higher
 
interest
 
income
 
from
 
loans
 
by
 
$160.9
 
million,
 
due
 
to
 
growth,
 
most
 
notably
 
in
 
commercial,
 
construction
 
and
mortgage portfolios, which include income of certain
 
loans in Banco Popular de Puerto Rico (“BPPR”)
 
that are tax-exempt,
partially offset in part by the re-pricing of adjustable-rate
 
loans;
●
 
Lower
 
interest
 
expense
 
by
 
$158.2
 
million
 
or
 
30
 
basis
 
points,
 
mainly
 
due
 
to
 
a
 
decrease
 
in
 
market-linked
 
P.R.
 
public
deposits cost
 
by
 
88
 
basis points
 
and
 
Popular Bank
 
(“PB”) savings
 
online
 
deposits by
 
76
 
basis points,
 
driven by
 
lower
short-term market rates;
Partially offset by:
 
 
 
65
●
 
Lower income
 
from money
 
markets by
 
$97.4 million
 
driven by
 
lower yield
 
by 95
 
basis points
 
due to
 
short-term market
rates decline
 
and lower
 
average balances
 
due to
 
the use
 
of funds
 
to support
 
loan growth
 
and U.S.
 
Treasury
 
securities
purchases, as mentioned above.
Table
 
5 presents
 
the
 
different
 
components
 
of
 
the
 
Corporation’s
 
net
 
interest
 
income,
 
on
 
a
 
taxable
 
equivalent
 
basis,
 
for
 
the
 
year
ended December 31,
 
2025, as compared
 
with the same
 
period in 2024,
 
segregated by major
 
categories of interest
 
earning assets
and interest-bearing liabilities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66
Table 5 – Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
from Continuing Operations (Non-GAAP)
Period ended December 31, 2025
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
 
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
5,853
$
6,641
$
(788)
4.35
%
5.30
%
(0.95)
%
Money market
investments
$
254,786
$
352,194
$
(97,408)
$
(58,638)
$
(38,770)
28,770
27,955
815
3.32
2.89
0.43
Investment securities
[1]
955,548
808,458
147,090
113,349
33,741
30
30
-
5.61
5.23
0.38
Trading securities
 
1,667
1,583
84
112
(28)
Total money market,
 
investment and
trading
34,653
34,626
27
3.50
3.36
0.14
securities
1,212,001
1,162,235
49,766
54,823
(5,057)
Loans:
18,951
17,855
1,096
6.73
6.86
(0.13)
Commercial
 
1,275,422
1,224,856
50,566
(23,568)
74,134
1,490
1,099
391
8.19
8.81
(0.62)
Construction
122,051
96,778
25,273
(7,168)
32,441
1,969
1,820
149
7.20
6.90
0.30
Leasing
141,828
125,652
16,176
5,637
10,539
8,397
7,873
524
5.92
5.70
0.22
Mortgage
497,419
448,880
48,539
17,945
30,594
3,241
3,211
30
13.85
13.90
(0.05)
Consumer
448,958
446,357
2,601
(1,950)
4,551
3,935
3,843
92
9.15
8.90
0.25
Auto
359,870
342,075
17,795
9,537
8,258
37,983
35,701
2,282
7.49
7.52
(0.03)
Total loans
2,845,548
2,684,598
160,950
433
160,517
$
72,636
$
70,327
$
2,309
5.59
%
5.47
%
0.12
%
Total earning assets
$
4,057,549
3,846,833
210,716
55,256
155,460
Interest bearing
deposits:
$
8,147
$
7,498
$
649
1.73
%
1.99
%
(0.26)
%
NOW and money
market
$
141,344
$
149,438
$
(8,094)
$
(18,950)
$
10,856
14,543
14,495
48
0.83
0.91
(0.08)
Savings
 
120,525
132,321
(11,796)
(12,160)
364
8,656
8,183
473
3.15
3.35
(0.20)
Time deposits
272,686
273,814
(1,128)
(17,272)
16,144
20,259
19,203
1,056
3.18
4.06
(0.88)
P.R. public
 
deposits
643,341
780,548
(137,207)
(178,506)
41,299
51,605
49,379
2,226
2.28
2.71
(0.43)
Total interest bearing
deposits
1,177,896
1,336,121
(158,225)
(226,888)
68,663
14,798
15,065
(267)
Non-interest bearing
demand deposits
66,403
64,444
1,959
1.77
2.07
(0.30)
Total deposits
1,177,896
1,336,121
(158,225)
(226,888)
68,663
356
84
272
4.44
5.53
(1.09)
Short-term
borrowings
15,818
4,676
11,142
(801)
11,943
Other medium and
 
824
962
(138)
5.83
5.22
0.61
long-term debt
48,092
50,178
(2,086)
5,241
(7,327)
Total interest bearing
52,785
50,425
2,360
2.35
2.76
(0.41)
liabilities (excluding
demand deposits)
1,241,806
1,390,975
(149,169)
(222,448)
73,279
5,053
4,837
216
Other sources of
funds
$
72,636
70,327
2,309
1.71
1.98
(0.27)
%
Total source of funds
$
1,241,806
$
1,390,975
$
(149,169)
$
(222,448)
$
73,279
3.88
%
3.49
%
0.39
%
Net interest margin/
income on a taxable
equivalent basis
(Non-GAAP)
$
2,815,743
$
2,455,858
$
359,885
$
277,704
$
82,181
3.24
%
2.71
%
0.53
%
Net interest spread
Taxable equivalent
adjustment
274,540
173,570
100,970
3.49
%
3.24
%
0.25
%
Net interest margin/
income non-taxable
equivalent basis
(GAAP)
$
2,541,203
$
2,282,288
$
258,915
Note: The changes that are not due solely to volume or
 
rate are allocated to volume and rate based on the
 
proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses
 
on debt securities available-for-sale and the unrealized
 
loss related to certain securities transferred
from available-for-sale to held-to-maturity.
67
Provision for Credit Losses - Loans Held-in-Portfolio
 
and Unfunded Commitments
For the year ended December 31, 2025, the Corporation recorded a provision for credit of $260.2 million, an increase of $3.2 million
when compared
 
to
 
$256.9 million
 
for the
 
year ended
 
December 31,
 
2024. The
 
provision for
 
loan and
 
lease losses
 
for 2025
 
was
$260.7 million, an increase of $2.3 million.
As discussed
 
in Note
 
8 to
 
the Consolidated
 
Financial Statements,
 
the Corporation
 
estimates the
 
ACL by
 
weighting the
 
outputs of
optimistic,
 
baseline,
 
and
 
pessimistic
 
scenarios.
 
During
 
the
 
first
 
quarter
 
of
 
2025,
 
in
 
response
 
to
 
the
 
economic
 
uncertainty,
 
the
Corporation increased the probability assigned to the pessimistic
 
scenario making it equal to the baseline scenario. Subsequently, in
the second quarter
 
of 2025, the
 
probability assigned to the
 
pessimistic scenario was moderately
 
reduced based on
 
the changes in
the economic outlook and
 
a reassessment of uncertainty
 
compared to the previous
 
quarter. The
 
net impact of these
 
two events on
the ACL levels for the year ended December 31, 2025 was $13.7 million in additional reserves. There were no additional changes
 
to
the probability weights during the
 
year 2025. The probability
 
weight for the pessimistic scenario
 
remains above the levels observed
in 2024, given the ongoing economic uncertainty.
The major drivers of the changes in
 
the provision for loan losses during the year
 
by business segments when compared to the year
2024 were as follows:
●
 
In BPPR,
 
the provision
 
for loan
 
losses for
 
was $240.2
 
million, a
 
decrease of
 
$13.6 million
 
when compared
 
to the
 
year
ended in 2024,
 
driven by lower
 
reserves for the
 
consumer portfolio of
 
$34.7 million mainly
 
due to improvements in
 
credit
quality,
 
for
 
the
 
credit
 
cards
 
portfolio,
 
lower
 
net
 
charge-offs,
 
in
 
the
 
auto
 
portfolio
 
and
 
a
 
lower
 
provision
 
for
 
the
 
leases
portfolio. These favorable variance were partially offset by higher reserves in the commercial portfolio by $20.5 million due
to a specific reserve recognized for a $158.3 million commercial and industrial facility and a $13.5 million provision related
to
 
a
 
charge-off
 
recognized
 
during
 
the
 
third
 
quarter
 
for
 
a
 
$30.1
 
million
 
commercial
 
real
 
estate
 
(“CRE”)
 
facility,
 
both
classified as NPLs during the year.
●
 
In
 
the
 
Popular
 
U.S.
 
segment,
 
the
 
provision
 
for
 
loans
 
losses
 
was
 
$20.5
 
million,
 
an
 
increase
 
of
 
$15.9
 
million
 
when
compared to
 
the year
 
2024., mainly
 
driven by
 
higher qualitative
 
reserves and
 
changes in
 
credit quality
 
within the
 
CRE
portfolio partially offset by lower net charge-offs within the consumer
 
portfolio.
At
 
December
 
31,
 
2025,
 
the
 
total
 
allowance
 
for
 
credit
 
losses
 
for
 
loans
 
held-in-portfolio amounted
 
to
 
$808.1
 
million,
 
compared
 
to
$746.0
 
million
 
as
 
of
 
December
 
31,
 
2024.
 
The
 
ratio
 
of
 
the
 
allowance
 
for
 
credit
 
losses
 
to
 
loans
 
held-in-portfolio
 
was
 
2.05%
 
at
December
 
31,
 
2025, compared
 
to
 
2.01%
 
at
 
December 31,
 
2024. Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated Financial
 
Statements, for
additional
 
information
 
on
 
the
 
Corporation’s
 
methodology
 
to
 
estimate
 
its
 
ACL
 
and
 
to
 
the
 
Credit
 
Risk
 
section
 
of
 
this
 
MD&A
 
for
 
a
detailed analysis of net charge-offs, non-performing assets,
 
the allowance for credit losses and selected loan
 
losses statistics.
Non-Interest Income
For the year ended December 31, 2025, non-interest
 
income was $658.0 million, a decrease of $0.9
 
million when compared with the
previous year. The variance was primarily due to:
 
●
 
lower other operating income by $16.8 million
 
mainly due to lower daily car rental revenue
 
by $18.1 million and gains from
the sale of car rental units by $8.0 million, associated
 
with the car rental business sold in the fourth
 
quarter of 2024,
partially offset by income of $5.3 million related to a retroactive
 
charge billed to a tenant for energy supplied in
 
prior years
and higher income from investments accounted under
 
the equity method by $3.9 million; and
●
 
lower income from mortgage banking activities by
 
$4.1 million mainly due to a decrease in
 
mortgage servicing fees due to
portfolio runoff and an unfavorable variance in the fair value adjustments
 
of mortgage servicing rights (“MSRs”);
partially offset by:
68
●
 
higher other service fees by $13.7 million mainly
 
due to higher debit and credit card
 
fees by $12.7 million, driven by higher
customer purchase activity, and higher investment management fees by $4.5
 
million, due to higher assets under
management, partially offset by lower insurance fees by
 
$6.6 million;
●
 
higher service charges on deposit accounts by $4.5
 
million mainly due to higher non-balance
 
compensation fees in
commercial deposits; and
 
●
 
higher income from equity securities by $3.2 million,
 
mainly due to an impairment on equity
 
securities of $2.3 million
recognized during 2024 and a favorable variance
 
of $1.1 million in the fair value adjustment of equity
 
securities related to
the deferred benefit plans, which have an offsetting
 
effect in personnel cost.
Operating Expenses
Operating expenses for the
 
year ended December
 
31, 2025 amount to
 
$1.9 billion, an increase
 
of $44.6 million
 
when compared to
the previous year. The results of 2025 include a partial reversal of the FDIC special assessment reserve
 
of $15.3 million imposed on
banks to recover losses in connection with the
 
receivership of two failed banks during 2023. Management revised its reserve
 
based
on the FDIC’s interim final rule, which became effective December
 
19, 2025 and amended, among other
 
things, the collection rate of
the
 
special
 
assessment.
 
Operating
 
expenses
 
for
 
the
 
year
 
ended
 
December
 
31,
 
2024
 
included
 
$6.4
 
million
 
of
 
interest
 
accrued
related to prior period tax withholdings and the $14.3 million expense related to the FDIC special assessment. The other factors that
contributed to the increase in operating expenses
 
for the year were:
●
 
higher personnel costs by $84.8
 
million mainly due to higher incentives, including $38.8 million
 
related to the profit-sharing
plan
 
which is
 
tied
 
to
 
the
 
Corporation’s financial
 
performance and
 
$24.2
 
million
 
in
 
other
 
performance-based incentives,
higher
 
salaries
 
expenses
 
by
 
$12.9
 
million
 
due
 
to
 
a
 
higher
 
headcount
 
and
 
annual
 
merit
 
increases,
 
and
 
a
 
$7.7
 
million
increase in
 
other personnel costs
 
mainly related to
 
the valuation
 
of securities
 
held for
 
deferred compensation plans
 
and
higher payroll tax;
 
●
 
a non-cash goodwill impairment of $13.0 million
 
in the Corporation’s U.S. based equipment leasing subsidiary due
 
to
lower projected earnings for the forecasted period;
●
 
higher technology and software expenses,
 
including software cost amortization, by $12.5 million
 
related to investments in
the Corporation’s cloud infrastructure, among other continuing
 
investments in technology and transformation
 
initiatives;
 
●
 
higher
 
processing
 
and
 
transactional
 
services
 
expenses
 
by
 
$9.7
 
million
 
mainly
 
due
 
to
 
higher credit
 
and
 
debit
 
card
 
and
merchant processing expenses as a result of higher
 
transactional volumes;
 
●
 
higher
 
other
 
taxes
 
expense
 
by
 
$6.9
 
million
 
mainly
 
due
 
to
 
an
 
increase
 
in
 
municipal
 
license
 
tax
 
and
 
higher
 
regulatory
examination fees in BPPR; and
●
 
higher business
 
promotion expenses
 
by
 
$5.4 million
 
mainly
 
due to
 
higher customer
 
rewards programs
 
expense in
 
our
credit card business reflecting an increase in
 
customer purchase activity;
partially offset by:
●
 
lower other
 
operating expenses
 
by $33.0
 
million mainly
 
driven by
 
lower accruals
 
for reserves
 
for operational
 
losses by
$10.6 million;
●
 
lower professional fees by $15.7 million mainly due
 
to lower costs associated with regulatory compliance
 
activities; and
●
 
lower equipment expenses by $11.3 million, mainly due to the
 
depreciation of car rental units during 2024 associated with
units sold as part of the daily car rental transaction
 
during the fourth quarter of 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
69
Table 6 provides a breakdown of operating expenses by major categories.
 
Table 6 - Operating Expenses
Years ended December
 
31,
 
(Dollars in thousands)
2025
2024
2023
Personnel costs:
Salaries
$
542,717
$
529,794
$
505,935
Commissions, incentives, profit sharing and other bonuses
189,041
126,081
112,657
Pension, postretirement and medical insurance
69,329
68,185
67,469
Other personnel costs, including payroll taxes
104,127
96,391
91,984
Total personnel
 
costs
905,214
820,451
778,045
Net occupancy expenses
110,213
111,430
111,586
Equipment expenses
22,110
33,424
37,057
Other taxes
72,939
66,046
55,926
Professional fees
110,098
125,822
161,142
Technology and
 
software expenses
341,605
329,061
290,615
Processing and transactional services:
Credit and debit cards
56,168
49,301
44,578
Other processing and transactional services
96,218
93,376
93,492
Total processing
 
and transactional services
152,386
142,677
138,070
Communications
19,270
18,899
16,664
Business promotion:
Rewards and customer loyalty programs
69,809
63,773
59,092
Other business promotion
37,474
38,157
35,834
Total business
 
promotion
107,283
101,930
94,926
FDIC deposit insurance
24,369
54,626
105,985
Other real estate owned (OREO) income
(13,393)
(18,124)
(15,375)
Other operating expenses:
Operational losses
16,581
27,200
23,505
All other
48,841
71,257
73,774
Total other operating
 
expenses
65,422
98,457
97,279
Amortization of intangibles
1,750
2,938
3,180
Goodwill impairment charge
13,000
-
23,000
Total operating
 
expenses
$
1,932,266
$
1,887,637
$
1,898,100
Personnel costs to average assets
1.20
%
1.12
%
1.09
%
Operating expenses to average assets
2.55
2.57
2.66
Employees (full-time equivalent)
9,238
9,231
9,088
Average assets per employee (in millions)
$8.20
$7.95
$7.84
Income Taxes
For the
 
year ended
 
December 31,
 
2025, the
 
Corporation recorded an
 
income tax
 
expense of
 
$173.6 million,
 
compared to
 
$182.4
million for the year 2024.
 
The decrease of $8.8 million reflects the impact of
 
the tax withholding expense of $22.9 million recorded in
the year 2024
 
related to intercompany distributions for
 
the years 2014-2024, coupled with
 
higher exempt income, partially offset
 
by
higher income before tax for the year 2025.
 
At December
 
31, 2025,
 
the Corporation
 
had a
 
net deferred
 
tax asset
 
amounting to
 
$812.3 million, net
 
of a
 
valuation allowance
 
of
$464.7 million. The net
 
deferred tax asset related
 
to the U.S. operations
 
was $228.2 million, net
 
of a valuation allowance
 
of $386.6
million.
 
70
Refer to
 
Note 34
 
to the
 
Consolidated Financial
 
Statements for
 
a reconciliation
 
of the
 
statutory income
 
tax rate
 
to the
 
effective tax
rate and additional information on the income
 
tax expense and deferred tax asset balances.
Fourth Quarter Operational Results
●
 
For
 
the
 
quarter
 
ended
 
December
 
31,
 
2025,
 
the
 
Corporation
 
recorded
 
net
 
income
 
of
 
$233.9
 
million,
 
compared
 
to
 
net
income
 
of
 
$177.8 million
 
for
 
the same
 
quarter of
 
the
 
previous year.
 
Excluding the
 
partial
 
reversal of
 
the
 
FDIC special
assessment reserve of $9.7 million, net of tax,
 
adjusted net income for the fourth quarter of
 
2025 was $224.2 million.
●
 
Net interest income for the fourth
 
quarter of 2025 amounted to $657.6
 
million, compared with $590.8 million for the
 
fourth
quarter
 
of
 
2024.
 
On
 
a
 
taxable
 
equivalent
 
basis,
 
net
 
interest
 
income
 
amounted
 
to
 
$733.8
 
million,
 
compared
 
to
 
$638.6
million.
 
The
 
increase
 
of
 
$95.2
 
million
 
in
 
net
 
interest
 
income,
 
on
 
a
 
taxable
 
equivalent
 
basis,
 
was
 
mainly
 
due
 
to
 
higher
income from investment securities by $51.6 million mainly due
 
to higher yields by 51 basis points and average balances
 
of
U.S. Treasury securities, higher interest income from loans by $43.8
 
million, due to growth across most portfolios at
 
BPPR
and
 
the
 
commercial and
 
construction portfolios
 
in
 
PB,
 
and lower
 
cost
 
of
 
deposits by
 
$34.2
 
million, or
 
38
 
basis
 
points,
primarily in P.R.
 
public deposits,
 
which declined by 72
 
basis points as these are
 
mainly linked to short-term market rates;
partially
 
offset
 
by
 
lower
 
income
 
from
 
money
 
market
 
investments
 
by
 
$31.1
 
million
 
due
 
to
 
lower
 
average
 
balances
 
and
yields by 82 basis points as a result of short-term
 
market rate declines.
 
Net interest margin increased by 26 basis points
 
to
3.61%. On a taxable equivalent basis, the net interest margin for the fourth quarter of 2025
 
was 4.03%, or 41 basis points
higher when compared to 3.62% for the fourth
 
quarter of 2024.
●
 
The provision
 
for loan
 
losses was
 
$71.4 million
 
for the
 
fourth quarter
 
of
 
2025, compared
 
to $69.1
 
million for
 
the same
quarter of the previous year. The increase of $2.3 million was driven by the commercial portfolios, loan modifications, loan
growth,
 
and
 
the
 
qualitative
 
reserve
 
release
 
recorded
 
in
 
2024
 
due
 
to
 
the
 
implementation
 
of
 
a
 
new
 
CRE
 
non-owner
occupied model; partially offset by lower NCOs and improvements
 
in credit quality at the consumer portfolios.
●
 
Non-interest income amounted to $166.3 million for
 
the quarter ended December 31, 2025,
 
compared with $164.7 million
for the same
 
quarter in 2024.
 
The increase of
 
$1.6 million was
 
driven by higher
 
other service fees
 
by $7.2 million
 
due to
higher debit and
 
credit card fees
 
from higher customer
 
purchase activity,
 
partially offset by
 
lower other operating
 
income
by $3.2 million due to lower daily car
 
rental revenue by $3.2 million, due to the sale
 
of the daily car rental business during
the
 
fourth
 
quarter
 
of
 
2024,
 
and
 
lower
 
income
 
from
 
mortgage
 
banking
 
activities
 
by
 
$2.7
 
million
 
mainly
 
due
 
to
 
an
unfavorable variance
 
in the
 
fair value
 
adjustment
 
of MSRs
 
driven by
 
portfolio runoff
 
compared
 
to
 
the fourth
 
quarter of
2024.
●
 
Operating expenses totaled $473.2 million for the quarter
 
ended December 31, 2025, compared with $467.6
 
million for the
same quarter
 
in the
 
previous year.
 
The increase
 
of $5.6
 
million was
 
mainly related
 
to higher
 
personnel costs
 
by $24.4
million due to
 
annual salary revisions,
 
higher headcount, and higher incentives,
 
which include $12.8 million related to
 
the
quarterly accrual for the profit-sharing plan driven by the
 
Corporation’s performance,
 
partially offset by a reversal of $15.3
million from
 
the reserve
 
related to
 
the FDIC
 
special assessment imposed
 
on banks
 
to recover
 
losses in
 
connection with
the receivership of two failed banks during 2023 and
 
lower accruals for reserves for operational losses
 
by $6.8 million.
●
 
For the quarter
 
ended December 31,
 
2025, the Corporation
 
recorded an income tax
 
expense of $44.7
 
million, compared
with an income tax expense of $43.9 million for the same quarter of 2024. The unfavorable variance was mostly attributed
to a higher income before tax.
REPORTABLE SEGMENT RESULTS
The Corporation’s
 
reportable segments
 
for managerial
 
reporting purposes
 
consist of
 
Banco Popular
 
de Puerto
 
Rico and
 
Popular
U.S. A Corporate group has been defined to
 
support the reportable segments.
 
For
 
a
 
description
 
of
 
the
 
Corporation’s
 
reportable
 
segments,
 
including
 
additional
 
financial
 
information
 
and
 
the
 
underlying
management accounting process, refer to Note 36
 
to the Consolidated Financial Statements.
 
The Corporate
 
group reported
 
a net
 
income of
 
$15.6 million
 
for the
 
year ended
 
December 31,
 
2025, compared
 
with a
 
net loss
 
of
$19.0 million for
 
the previous year.
 
The loss in
 
2024 was mainly
 
attributable to the
 
expense related to the
 
$22.9 million adjustment
recorded in
 
the
 
first
 
quarter of
 
2024 to
 
recognize the
 
tax
 
impact associated
 
with prior
 
period intercompany
 
distributions and
 
the
71
additional
 
$6.5
 
million
 
expense
 
for
 
the
 
tax
 
impact
 
of
 
intercompany
 
distributions
 
paid
 
during
 
the
 
first
 
quarter
 
of
 
2024.
 
A
 
positive
adjustment of
 
$3.9 million
 
was recorded
 
during the
 
second quarter
 
of 2025,
 
resulting from
 
reimbursements received from
 
the IRS
related
 
to
 
interest
 
paid
 
for
 
the
 
intercompany
 
distributions.
 
Higher
 
income
 
from
 
equity
 
method
 
investments
 
and
 
lower
 
expenses
driven by
 
professional services, also
 
contributed to
 
the positive
 
variance for
 
the year
 
ended December 31,2025,
 
partially offset
 
by
lower income from money market investments due
 
to a decrease in rates.
Highlights on the earnings results for the reportable
 
segments are discussed below:
Banco Popular de Puerto Rico
 
The Banco Popular de Puerto Rico reportable segment’s
 
net income amounted to $729.5 million for
 
the year ended December 31,
2025, compared with $555.7 million for the year ended
 
December 31, 2024. The principal factors that
 
contributed to the variance in
the financial results included the following:
 
●
 
Net interest income by $2.2 billion was higher
 
by $209.1 million primary driven by lower
 
expense on deposits, mainly from
the re-pricing of P.R. public funds, which decreased by $137.2 million, or 88 basis points and higher
 
income from loans by
$79.9 million due to portfolio growth, higher income
 
from in U.S. Treasury securities by $75.7 million, or 20 basis
 
points,
mainly from reinvestments at higher yields, partially offset
 
by lower income from money market securities investments
 
by
$72.7 million reflecting the decline in short-term market
 
rates and lower average balances. The net
 
interest margin for the
year ended December 31,2025 was 3.69%, 27 basis
 
points higher when compared with 3.43%
 
the previous year;
●
 
The provision for credit losses for the loan portfolio
 
of $240.4 million was lower by $13.2 million
 
mainly attributable to
improvement in credit quality for the credit
 
cards portfolios, lower net charge-offs in the auto portfolio,
 
and lower reserves
in the leases portfolios, partially offset by an increase
 
in the reserves in the commercial portfolio mainly
 
due to the impact
of two unrelated NPL inflows;
 
●
 
Non-interest income of $584.4 million, lower by $11.8 million, mainly due to lower
 
daily car rental revenue by $18.1 million
and gains from the sale of car rental units by $8.0
 
million related to the car rental business
 
sold in the fourth quarter of
2024, lower mortgage banking activities by $4.1
 
million mainly due to a decrease in mortgage
 
servicing fees and fair value
adjustments in MSRs;
 
partially offset by the $5.3 million retroactive charge
 
billed to a tenant for energy supplied in prior
years, higher service fees by $10.9 million due
 
to credit and debit card fees, from higher volume
 
of transactions, higher
investment management fees and higher charges on
 
deposit accounts by $4.0 million mainly due
 
to non-balance
compensation in commercial deposits;
 
●
 
Higher operating expenses by $33.0 million mostly due
 
to
 
●
 
higher personnel costs of $53.8 million, including
 
profit sharing expense by $30.8 million and
 
higher salaries
expense by $22.2 million due to annual merit
 
increases and a higher headcount;
●
 
higher other taxes by $7.3 million due to municipal
 
license and regulatory examination fees;
 
●
 
higher processing fees by $9.7 million due to credit
 
and debit card transactions; and
 
●
 
higher technology expenses by $8.0 million mainly related
 
to investments in technology and transformation
initiatives;
 
partially offset by
 
●
 
lower equipment expenses by $10.8 million mainly related
 
to the daily rental business sold in 2024;
●
 
lower FDIC expense by $26.8 million due to the reversal
 
in 2025 of the FDIC special assessment of
 
$13.6
million compared to the expense of $12.7 million
 
recorded in 2024;
●
 
lower other operating expenses by $8.1 million
 
due to reserves for operational losses; and
 
●
 
lower professional fees by $6.6 million;
●
 
Higher income tax expense by $4.2 million mainly
 
due to higher income before tax, offset by higher exempt
 
income.
72
Popular U.S.
 
For the
 
year ended
 
December 31, 2025, Popular
 
U.S. reported
 
net income
 
of $87.8
 
million, compared with
 
a net
 
income of
 
$77.6
million for the year ended
 
December 31, 2024. The principal factors
 
that contributed to the variance
 
in the financial results included
the following:
 
●
 
Net interest
 
income of
 
$411.9
 
million, higher
 
by $55.9
 
million mainly
 
due to
 
higher interest
 
income from
 
loans by
 
$57.2
million,
 
or
 
10
 
basis
 
points,
 
mainly
 
related
 
to
 
growth
 
in
 
the
 
commercial
 
and
 
construction
 
portfolios
 
and
 
lower
 
interest
expense from deposits by $32.8 million, or 44 basis points,
 
due to the repricing of high-cost deposits, mainly direct on-line
deposits, partially
 
offset by
 
lower income
 
from money
 
market investments due
 
to decline
 
in short-term
 
market rates
 
and
lower average
 
balances. The
 
net interest
 
margin for
 
the year
 
ended December
 
31,2025 was
 
2.94%, higher
 
by 28
 
basis
points when compared to 2.66% for the previous
 
year;
●
 
The provision for credit losses for the loan portfolio of $20.5 million was
 
higher by $15.9 million driven by higher qualitative
reserves and
 
changes in
 
credit quality
 
for the
 
commercial real
 
estate portfolio;
 
partially offset
 
by lower
 
reserves for
 
the
consumer loans;
●
 
Higher operating
 
expenses by
 
$18.4 million
 
reflecting the
 
$13.0 million
 
goodwill impairment
 
charge related
 
to
 
our U.S.
based
 
equipment leasing
 
subsidiary recorded
 
in 2025;
 
higher personnel
 
costs
 
by
 
$4.1 million
 
mainly due
 
to
 
the
 
profit-
sharing expense;
 
partially offset
 
by lower
 
FDIC expense
 
by $3.4
 
million due
 
to the
 
reversal in
 
2025 of
 
the FDIC
 
special
assessment $1.7 million compared to an expense
 
of $1.6 million in 2024;
●
 
Higher income tax expense by $9.9 million due
 
to higher income before tax.
STATEMENT
 
OF FINANCIAL CONDITION ANALYSIS
 
Assets
The
 
Corporation’s
 
total
 
assets
 
were $75.3
 
billion
 
at
 
December 31,
 
2025, compared
 
to
 
$73.0
 
billion
 
at
 
December 31,
 
2024.
 
The
increase in
 
total assets
 
of $2.3
 
billion was
 
driven by
 
an increase
 
in AFS
 
securities and
 
loan growth
 
across most
 
portfolios at
 
both
BPPR and PB segments, partially offset by a decrease in money market
 
investments, HTM securities, and other assets. Refer to the
Corporation’s
 
Consolidated
 
Statements
 
of
 
Financial
 
Condition
 
at
 
December
 
31,
 
2025
 
and
 
2024
 
included
 
in
 
this
 
Form
 
10-K
 
for
additional
 
information.
 
Also,
 
refer
 
to
 
the
 
Statistical
 
Summary
 
2025-2024
 
in
 
this
 
MD&A
 
for
 
Condensed
 
Statements
 
of
 
Financial
Condition.
 
Money market investments and debt securities
Money market investments decreased by
 
$1.8 billion at December 31,
 
2025, when compared to December 31,
 
2024, mainly driven
by funds
 
used for
 
loan growth
 
and to
 
purchase U.S.
 
Treasury securities.
 
Debt securities
 
available-for-sale (“AFS”) increased
 
$2.3
billion, mainly due to reinvestment in U.S. Treasury Securities. Debt securities
 
held-to-maturity (“HTM”) decreased by $430.5 million
driven by
 
maturities and
 
paydowns, partially
 
offset
 
by the
 
amortization of
 
$186.4 million
 
of the
 
discount related
 
to
 
U.S. Treasury
securities previously reclassified from
 
AFS to HTM.
 
Refer to Notes
 
5 and 6
 
to the Consolidated Financial
 
Statements for additional
information with respect to the Corporation’s debt securities
 
available-for-sale and held-to-maturity.
Loans
Refer to Table
 
7 for a breakdown of
 
the Corporation’s loan portfolio. Also,
 
refer to Note 7
 
to the Consolidated Financial Statements
for detailed information about the Corporation’s loan portfolio
 
composition and loan purchases and sales.
Loans
 
held-in-portfolio increased
 
by
 
$2.2
 
billion to
 
$39.3 billion
 
at December
 
31, 2025,
 
compared to
 
December 31,
 
2024. In
 
the
BPPR
 
segment,
 
loan
 
balances
 
increased
 
by
 
$1.5
 
billion
 
across
 
most
 
portfolios,
 
most
 
notably
 
commercial,
 
mortgage,
 
and
construction portfolios.
 
The PB segment also increased by $740.3 million,
 
mainly driven by commercial and construction lending.
 
During the year
 
ended December 31,
 
2025, the Corporation’s
 
loans to non-depository
 
financial institutions (“NDFIs’’),
 
increased by
$150.2 million
 
to $545.0
 
million. The increase
 
was mainly
 
related to a
 
loan for
 
working capital to
 
an insurance
 
company in
 
Puerto
Rico.
 
At
 
December 31,
 
2025, the
 
Corporation’s
 
exposure to
 
NDFIs
 
was composed
 
of
 
approximately $337.3
 
million
 
to
 
insurance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
73
companies
 
for
 
working
 
capital
 
needs
 
unrelated
 
to
 
lending
 
activities,
 
$105.9
 
million
 
to
 
consumer
 
and
 
commercial
 
credit
intermediaries,
 
and
 
$101.8
 
million
 
related
 
to
 
mortgage
 
credit
 
intermediaries.
 
All
 
loans
 
to
 
NDFIs
 
are
 
current
 
in
 
their
 
contractual
payments and carry a ‘pass’ rating.
Refer to
 
Note 7
 
to the
 
Consolidated Financial
 
Statements for
 
additional information
 
on delinquency,
 
asset quality
 
and origination
vintage information of these loan segments.
Table 7 provides a breakdown of loan balance per portfolio.
Table 7 - Loans Ending Balances
(In thousands)
December 31, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial
 
 
Commercial multi-family
$
2,455,790
$
2,399,620
$
56,170
 
Commercial real estate non-owner occupied
5,543,284
5,363,235
180,049
 
Commercial real estate owner occupied
3,153,080
3,157,746
(4,666)
 
Commercial and industrial
8,607,412
7,741,562
865,850
Total Commercial
19,759,566
18,662,163
1,097,403
Construction
1,674,899
1,263,792
411,107
Mortgage
8,649,440
8,114,183
535,257
Leasing
2,001,365
1,925,405
75,960
Consumer
 
Credit cards
 
1,256,717
1,218,079
38,638
 
Home equity lines of credit
78,692
73,571
5,121
 
Personal
 
1,906,228
1,855,244
50,984
 
Auto
3,819,812
3,823,437
(3,625)
 
Other
180,799
171,778
9,021
Total Consumer
 
7,242,248
7,142,109
100,139
Total loans held-in
 
-portfolio
$
39,327,518
$
37,107,652
$
2,219,866
Loans held-for-sale:
 
Mortgage
$
9,998
$
5,423
$
4,575
Total loans held-for-sale
$
9,998
$
5,423
$
4,575
Total loans
$
39,337,516
$
37,113,075
$
2,224,441
Other assets
Other assets amounted to $1.7 billion
 
at December 31, 2025, a decrease of
 
$91.8 million compared to $1.8 billion at
 
December 31,
2024.
 
The variance
 
was mainly
 
driven
 
by
 
a
 
decrease in
 
net
 
deferred tax
 
assets
 
of
 
approximately $112.1
 
million
 
due
 
to
 
positive
changes
 
in
 
the
 
valuation
 
of
 
AFS
 
securities,
 
a
 
reduction
 
in
 
unsettled
 
trade
 
receivables
 
of
 
$14.6
 
million
 
related
 
to
 
proceeds
 
from
maturities of U.S. Treasury securities, and lower principal, interest and escrow servicing advances of $13.5 million, partially offset by
an increase in capitalize software costs of approximately $46.9 million mainly
 
related to technology modernization. Refer to Note 13
to the Consolidated Financial Statements
 
for a breakdown of
 
the principal categories that comprise the
 
caption of “Other Assets” in
the Consolidated Statements of Financial Condition
 
at December 31, 2025 and 2024.
Liabilities
The Corporation’s
 
total liabilities were
 
$69.1 billion
 
at December
 
31, 2025,
 
an increase
 
of $1.7
 
billion compared to
 
$67.4 billion
 
at
December
 
31,
 
2024,
 
mainly
 
due
 
to
 
an
 
increase in
 
deposits
 
as
 
discussed
 
below.
 
The
 
following
 
is
 
a
 
discussion
 
of
 
the
 
significant
changes in liabilities.
Deposits and Borrowings
Total Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74
The Corporation’s
 
deposits totaled
 
$66.2 billion
 
at December
 
31, 2025,
 
compared to
 
$64.9 billion
 
at December
 
31, 2024.
 
Ending
deposit balances increased
 
by $1.3 billion,
 
while average balances for
 
the year grew
 
by $2.0 billion.
 
The average deposit
 
balance,
excluding P.R.
 
public deposits, increased by $0.9 billion. Non-interest-bearing deposits increased by $164.7 million when
 
compared
to December 31, 2024, demonstrating the impact
 
of the Corporation’s continued focus on deposit retention
 
strategies.
Excluding P.R.
 
Government deposits, as of December 31, 2025, deposits amounted to $46.8 billion, compared to
 
$45.4 billion as of
December 31, 2024. This $1.4 billion increase included higher savings, NOW,
 
and money market deposits by $829.8 million, higher
time deposits by $361.0 million and higher
 
demand deposits by $159.2 million, all primarily
 
at BPPR.
At December 31, 2025, Puerto Rico public deposits were $19.4 billion, a decrease of approximately $44.2 million when compared to
December 31,
 
2024. P.R
 
public deposits
 
represent 29%
 
of total
 
deposits and
 
are expected
 
to continue
 
to range
 
in the
 
short term
between $18
 
billion and
 
$20
 
billion. However,
 
the rate
 
at
 
which public
 
deposit balances
 
may change
 
is
 
uncertain and
 
difficult
 
to
predict. The
 
amount and
 
timing of
 
any such
 
change is
 
likely to
 
be impacted
 
by,
 
for example,
 
the level
 
of federal
 
assistance and
speed at which
 
any federal assistance is
 
distributed, the financial condition, liquidity
 
and cash management practices
 
of the Puerto
Rico
 
Government
 
and
 
its
 
instrumentalities,
 
and
 
the
 
implementation
 
of
 
fiscal
 
and
 
debt
 
adjustment
 
plans
 
approved
 
pursuant
 
to
PROMESA or
 
other
 
actions
 
mandated by
 
the
 
Fiscal
 
Oversight and
 
Management Board
 
for Puerto
 
Rico
 
(the
 
“Oversight Board”).
Additionally,
 
the Trump
 
Administration is
 
conducting a
 
review of
 
federal funding,
 
which could
 
entail a
 
reduction in
 
federal funding
available for Puerto Rico. P.R
 
public deposits costs are generally indexed
 
to changes in short-term market
 
rates with a one-quarter
lag, in
 
accordance with
 
contractual terms.
 
As a
 
result, these
 
deposits’ costs
 
have typically
 
lagged variable
 
asset repricing.
 
These
deposits require that the bank pledge high credit quality securities as collateral; therefore, liquidity risks arising
 
from deposit outflows
are lower.
The volume and cost of P.R.
 
public deposits and the proportion of high-cost deposits in the U.S, directly impact the balance and mix
of earning assets and therefore represent a key
 
factor in the Corporation’s ability to expand its net
 
interest margin.
Refer to Table 8 for a breakdown of the Corporation’s deposits at December 31, 2025 and 2024.
Table 8 - Deposits Ending Balances
(In thousands)
December 31, 2025
December 31, 2024
[2]
Variance
Deposits excluding P.R.
 
public deposits:
 
Demand deposits
$
15,298,712
$
15,139,555
$
159,157
 
Savings, NOW and money market deposits (non-brokered)
22,655,936
21,814,632
841,304
 
Savings, NOW and money market deposits (brokered)
87,566
99,099
(11,533)
 
Time deposits (non-brokered)
7,861,848
7,620,265
241,583
 
Time deposits (brokered CDs)
866,772
747,363
119,409
Sub-total deposits excluding P.R.
 
public deposits
46,770,834
45,420,914
1,349,920
P.R. public
 
deposits:
 
Demand deposits
 
[1]
11,534,301
11,730,273
(195,972)
 
Savings, NOW and money market deposits (non-brokered)
7,134,217
7,087,904
46,313
 
Time deposits (non-brokered)
750,741
645,254
105,487
Sub-total P.R.
 
public deposits
19,419,259
19,463,431
(44,172)
Total deposits
$
66,190,093
$
64,884,345
$
1,305,748
[1] Includes interest bearing demand deposits.
 
[2] Savings, NOW and money market deposits include
 
reciprocal deposits of $780 million (2024-$637.1 million)
 
that were categorized as brokered
deposits at December 31, 2024 and recharacterized
 
as non-brokered for December 31, 2025. Similarly,
 
Time deposits include reciprocal deposits
 
of
$92.6 million (2024-$143.3 million) that were categorized
 
as brokered deposits at December 31, 2024 and recharacterized
 
as non-brokered for
December 31, 2025. The presentation for the year 2024
 
has been adjusted to conform to the 2025 presentation.
75
Borrowings
The Corporation’s borrowings amounted to $1.4
 
billion at December 31, 2025, compared to
 
$1.2 billion at December 31,
 
2024. The
increase was mainly due to FHLB advances which increased
 
by $286.9 million, partially offset by lower repurchase commitments by
$15.8 million.
 
Refer to Note
 
16 to
 
the Consolidated Financial
 
Statements for
 
detailed information on
 
the Corporation’s
 
borrowings.
Also, refer to the Liquidity section in this MD&A
 
for additional information on the Corporation’s funding
 
sources.
Stockholders’ Equity
Stockholders’ equity totaled
 
$6.2 billion at
 
December 31, 2025,
 
an increase of
 
$0.6 billion when
 
compared to December
 
31, 2024.
The increase was principally
 
due to net
 
income for the year
 
ended December 31, 2025 of
 
$833.2 million,
 
coupled with the after-tax
effect of the
 
decrease in net unrealized losses in
 
the portfolio of AFS securities
 
of $340.4 million and the
 
amortization of unrealized
losses from
 
securities previously reclassified
 
to HTM
 
of $149.1
 
million,
 
partially offset
 
by an
 
increase in
 
Treasury Stock
 
of $494.3
million mainly
 
due to
 
the repurchases
 
of common stock
 
during the
 
year and
 
the common
 
and preferred dividends
 
declared during
the year of $196.2 million and $1.4 million, respectively.
 
During
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
Popular
 
repurchased
 
4,660,124
 
shares
 
of
 
common
 
stock
 
for
 
$501.5
 
million
 
at
 
an
average price of $107.61 per share, as part of the 2024 and 2025 common stock repurchase programs previously announced. As of
December 31, 2025, $281.2 million remained available
 
for stock repurchase under the active repurchase authorization.
 
The
 
Corporation
 
increased
 
its
 
quarterly
 
common
 
stock
 
dividend
 
from
 
$0.70
 
to
 
$0.75
 
per
 
share,
 
commencing
 
with
 
the
 
dividend
declared in the third quarter of 2025.
Refer
 
to
 
the
 
Consolidated
 
Statements
 
of
 
Financial
 
Condition,
 
Comprehensive
 
Income
 
and
 
Changes
 
in
 
Stockholders’
 
Equity
 
for
information on the composition of stockholders’ equity. Also, refer to Note 21 to the Consolidated Financial Statements
 
for a detail of
accumulated other comprehensive income (loss), an
 
integral component of stockholders’ equity.
The composition of the Corporation’s financing to total assets
 
at December 31, 2025 and 2024 is included
 
in Table 9.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
76
Table 9 - Financing to Total
 
Assets
December 31,
December 31,
 
% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2024 to 2025
2025
2024
Non-interest-bearing core deposits
$
15,304
$
15,139
1.1
%
20.3
%
20.7
%
Interest-bearing core deposits
46,017
44,622
3.1
61.1
61.1
Interest-bearing other deposits
4,869
5,123
(5.0)
6.4
7.0
Repurchase agreements
39
55
(29.1)
0.1
0.1
Other short-term borrowings
650
225
188.9
0.9
0.3
Notes payable
760
896
(15.2)
1.0
1.2
Other liabilities
1,460
1,372
6.4
1.9
1.9
Stockholders’ equity
6,249
5,613
11.3
8.3
7.7
CAPITAL
Regulatory Capital
The Corporation and its bank subsidiaries are subject to capital adequacy
 
standards established by the Federal Reserve Board. The
risk-based capital
 
standards applicable
 
to Popular,
 
Inc., BPPR
 
and PB,
 
are based
 
on the
 
final capital
 
framework of
 
Basel III.
 
The
Basel III capital rules include a “Common Equity Tier 1” (“CET1”) capital ratio and define Tier 1 capital as CET1 plus “Additional Tier
1
 
Capital”
 
instruments
 
meeting
 
specified
 
requirements.
 
Note
 
20
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
presents
 
further
information on the Corporation’s regulatory capital requirements,
 
including the regulatory capital ratios of BPPR
 
and PB.
An institution
 
is considered “well-capitalized”
 
if it
 
maintains a total
 
capital ratio
 
of 10%,
 
a Tier
 
1 capital ratio
 
of 8%,
 
a CET1 capital
ratio
 
of
 
6.5%
 
and
 
a
 
leverage
 
ratio
 
of
 
5%.
 
The
 
Corporation’s
 
ratios
 
presented
 
in
 
Table
10
 
show
 
that
 
the
 
Corporation
 
was
 
“well
capitalized” for
 
regulatory purposes,
 
the highest
 
classification, under
 
Basel III
 
for years
 
2025 and
 
2024. BPPR
 
and PB
 
were also
well-capitalized for all the years presented.
The
 
Basel
 
III
 
Capital
 
Rules
 
also
 
require
 
an
 
additional
 
2.5%
 
“capital
 
conservation
 
buffer”,
 
composed entirely
 
of
 
CET1,
 
on
 
top
 
of
minimum risk-weighted asset ratios, which excludes the leverage ratio. The capital conservation buffer is
 
designed to absorb losses
during periods of
 
economic stress. Banking
 
institutions with a
 
ratio of CET1
 
to risk-weighted assets
 
above the minimum
 
but below
the capital conservation buffer will face constraints on dividends, equity repurchases, and compensation
 
based on the amount of the
shortfall. Popular,
 
BPPR and
 
PB are
 
required to
 
maintain this
 
additional capital
 
conservation buffer
 
of 2.5%
 
of CET1,
 
resulting in
minimum ratios
 
of (i) CET1
 
to risk-weighted
 
assets of
 
at least
 
7%, (ii) Tier
 
1 capital
 
to risk-weighted
 
assets of
 
at least
 
8.5%, and
(iii) Total capital to risk-weighted assets of at least 10.5%.
Table 10 presents the Corporation’s capital adequacy information for the years 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
77
Table 10 - Capital Adequacy
 
Data
At December 31,
 
(Dollars in thousands)
2025
2024
Risk-based capital:
Common Equity Tier 1 capital
$
6,463,527
$
6,262,792
Additional Tier 1 Capital
 
22,143
22,143
Tier 1 capital
$
6,485,670
$
6,284,935
Supplementary (Tier 2) capital
 
710,397
683,268
 
Total
 
capital
 
$
7,196,067
$
6,968,203
 
Total
 
risk-weighted assets
 
$
41,123,753
$
39,073,462
Adjusted average quarterly assets
$
74,661,894
$
72,593,464
Ratios:
Common Equity Tier 1 capital
15.72
%
16.03
%
Tier 1 capital
 
15.77
16.08
Total capital
 
17.50
17.83
Leverage ratio
 
8.69
8.66
Average equity to assets
[1]
9.51
9.61
Average tangible equity to assets
[1]
8.54
8.60
[1]
Average balances exclude unrealized gains or losses
 
on debt securities available-for-sale and unrealized
 
losses on debt securities transfer
to held-to-maturities
The decrease in the CET1 capital ratio,
 
Tier 1 capital ratio
 
and, total capital ratio as of
 
December 31, 2025, compared to December
31, 2024,
was due
 
primarily to
 
the repurchase
 
of shares
 
under the
 
common stock
 
repurchase authorization
 
plan, common
 
stock
dividends and higher risk
 
weighted assets driven by the
 
loan growth in the
 
commercial loans held-in-portfolio, partially offset
 
by the
annual earnings. The increase in
 
the leverage capital ratio
 
was mainly due to the
 
increase in capital driven by
 
the annual earnings,
partially offset by an increase in average total assets.
Pursuant
 
to
 
the
 
adoption
 
of
 
CECL
 
on
 
January
 
1,
 
2020,
 
the
 
Corporation elected
 
to
 
use
 
the
 
five-year
 
transition
 
period
 
option
 
as
provided in the final interim regulatory capital rules effective March
 
31, 2020. The five-year transition period provision delays for two
years the
 
estimated impact
 
of
 
CECL on
 
regulatory capital,
 
followed by
 
a three-year
 
transition period
 
to
 
phase out
 
the aggregate
amount of the capital
 
benefits provided during the initial two-year
 
delay. During the
 
first quarter of 2025,
 
the Corporation completed
the phase-in of all the cumulative impact of the
 
CECL adoption.
Table 11
 
reconciles the Corporation’s total common stockholders’
 
equity to common equity Tier 1 capital.
Table 11
 
- Reconciliation Common Equity Tier 1 Capital
At December 31,
 
(Dollars in thousands)
2025
2024
Common stockholders’ equity
$
6,226,936
$
5,633,298
 
AOCI related adjustments due to opt-out election
1,096,805
1,589,875
 
Goodwill, net of associated deferred tax liability
 
(DTL)
(639,734)
(657,181)
 
Intangible assets, net of associated DTLs
(5,076)
(6,826)
 
Deferred tax assets and other deductions
(215,404)
(296,374)
Common equity tier 1 capital
$
6,463,527
$
6,262,792
Common equity tier 1 capital to risk-weighted assets
15.72
%
16.03
%
Reconciliation to Tangible Common Equity and Tangible Assets
Table
 
12
 
provides
 
a
 
reconciliation of
 
total
 
stockholders’
 
equity
 
to
 
tangible
 
common
 
equity
 
and
 
total
 
assets
 
to
 
tangible
 
assets
 
at
December 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
78
Table 12 - Reconciliation
 
of Tangible Common Equity
 
and Tangible Assets
At December 31,
(In thousands, except share or per share information)
2025
2024
Total stockholders’
 
equity
$
6,249,079
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,076)
(6,826)
Total tangible common
 
equity
$
5,431,906
$
4,781,143
Total assets
 
$
75,348,267
$
73,045,383
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,076)
(6,826)
Total tangible assets
$
74,553,237
$
72,235,603
Tangible common
 
equity to tangible assets
7.29
%
6.62
%
Common shares outstanding at end of period
65,719,385
70,141,291
Tangible book value
 
per common share
$
82.65
$
68.16
Year-to-date average
Total stockholders’
 
equity [1]
$
6,892,821
$
6,480,598
Average unrealized (gains) losses on AFS securities
 
transferred to HTM
 
314,861
572,595
Adjusted total stockholder's equity
 
7,207,682
7,053,193
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(799,641)
(804,423)
Less: Other intangibles
(5,927)
(8,366)
Total tangible common
 
equity
$
6,379,971
$
6,218,261
Average return on tangible common equity
13.04
%
9.85
%
[1] Average balances exclude unrealized gains or losses
 
on debt securities available-for-sale.
 
 
79
RISK MANAGEMENT
Market / Interest Rate Risk
The Corporation’s assets that are mainly subject to market valuation risk are debt securities classified as available-for-sale. Refer to
Notes 5 and 6 to
 
the Consolidated Financial Statements for further information on
 
the debt securities available-for-sale and held-to-
maturity portfolios.
 
Debt securities
 
classified as
 
available-for-sale and
 
held-to-maturity amounted
 
to
 
$20.6 billion
 
and
 
$7.3
 
billion,
respectively,
 
as of
 
December 31, 2025.
 
Other assets
 
subject to
 
market risk
 
include mortgage
 
servicing rights
 
("MSRs") with
 
a fair
value of $96.4 million as of December 31,
 
2025.
 
Interest Rate Risk (“IRR”)
The Corporation’s net interest income is subject
 
to various categories of interest rate risk,
 
including repricing, basis, yield curve and
option risks.
 
In managing
 
interest rate
 
risk, management may
 
alter the
 
mix of
 
floating and
 
fixed rate
 
assets and
 
liabilities, change
pricing
 
schedules,
 
adjust
 
maturities
 
through
 
sales
 
and
 
purchases
 
of
 
investment
 
securities,
 
and
 
enter
 
into
 
derivative
 
contracts,
among other alternatives.
 
Management utilizes various tools to assess IRR, including Net Interest
 
Income (“NII”) simulation modeling, static gap analysis, and
Economic Value of Equity (“EVE”) to monitor the risk arising from the dynamic characteristics of assets and liabilities subject to
 
IRR.
The
 
three
 
methodologies complement
 
each
 
other
 
and
 
are
 
used jointly
 
in
 
the
 
evaluation of
 
the
 
Corporation’s IRR.
 
NII simulation
modeling, by legal entity and on a consolidated basis, is prepared for a five-year period, which in conjunction
 
with the EVE analysis,
provides management a better view of long-term
 
IRR.
The Corporation processes NII
 
simulations under interest rate
 
scenarios in which the
 
yield curve is assumed
 
to rise and
 
decline by
the same magnitude
 
(parallel shifts). The
 
rate scenarios considered in
 
these market risk
 
simulations include instantaneous parallel
changes of
 
-100,
 
-200, +100,
 
and +200
 
basis points
 
during the
 
succeeding twelve-month
 
period. Assumptions
 
included in
 
these
analyses
 
include
 
that
 
the
 
balance
 
sheet
 
remains
 
flat,
 
relative
 
levels
 
of
 
market
 
interest
 
rates
 
across
 
all
 
yield
 
curve
 
points
 
and
indexes, interest rate spreads, loan
 
prepayments and deposit elasticity.
 
Thus, they should not be
 
relied upon as indicative of
 
actual
results
 
and
 
do
 
not
 
contemplate
 
actions
 
that
 
management
 
may
 
engage
 
in
 
as
 
a
 
response
 
to
 
future
 
changes
 
in
 
interest
 
rates.
Additionally,
 
the Corporation
 
is also
 
subject to
 
the risk
 
inherent in
 
the use
 
of different
 
rate indexes
 
for the
 
repricing of
 
assets and
liabilities, as well the
 
risk of pricing lags
 
due to contractual or
 
timing differences between the
 
market and management response
 
to
changes
 
in
 
the
 
rate
 
environment.
 
These
 
forward-looking
 
computations
 
are
 
management’s
 
best
 
estimate
 
based
 
on
 
known
 
and
available information and actual results may differ.
 
The
 
following
 
table
 
presents
 
the
 
results
 
of
 
the
 
simulations
 
at
 
December
 
31,
 
2025
 
and
 
December
 
31,
 
2024,
 
assuming
 
a
 
static
balance sheet and parallel changes over flat spot rates
 
over a one-year time horizon:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80
Table 13 - Net Interest Income
 
Sensitivity (One Year Projection)
December 31, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
(7,520)
(0.27)
44,747
1.78
+100 basis points
(4,379)
(0.16)
22,917
0.91
-100 basis points
2,691
0.10
9,157
0.36
-200 basis points
7,488
0.27
588
0.02
As of
 
December 31,
 
2025, NII
 
simulations showed
 
a liability
 
sensitive position
 
for the
 
Corporation, compared
 
to the
 
results as
 
of
December 31,
 
2024, when the
 
Corporation showed an
 
asset sensitive position.
 
The variation in
 
sensitivity and the
 
resulting profile
was mainly due to an increase in asset
 
duration driven by the extension of U.S. Treasury Notes
 
and a decline in U.S. Treasury Bills
and excess
 
reserves at the
 
FRB as
 
part of
 
a decision to
 
reduce sensitivity to
 
declining rate scenarios,
 
combined with the
 
runoff in
the agency MBS portfolio
 
and rise in fixed-rate
 
loans. In rising rate
 
scenarios, Popular’s net interest income
 
would decrease due to
the lower volume of short-term assets as a result
 
of the investment portfolio extension strategy combined with higher deposits costs
due to
 
BPPR’s large
 
proportion of
 
market-linked Puerto
 
Rico public
 
sector deposits,
 
this would
 
be partially
 
offset by
 
variable rate
loan repricing and
 
intermediate maturity assets
 
coming due within
 
one year.
 
The portfolio extension
 
transactions completed during
the
 
year
 
that
 
contributed
 
to
 
the
 
variance
 
in
 
sensitivity
 
include
 
purchases
 
of
 
$2.4
 
billion
 
of
 
U.S.
 
Treasury
 
Notes
 
with
 
maturities
between 6
 
months up
 
to 3
 
years with
 
an average
 
yield of
 
4.04% executed
 
mostly during
 
May 2025,
 
$2.5 billion
 
in U.S.
 
Treasury
Notes with
 
an average
 
maturity of
 
approximately 1.4 years
 
executed in
 
September 2025,
 
and $900
 
million in
 
U.S. Treasury
 
notes
with an average maturity of 2.2 years and a
 
yield of approximately 3.56% executed between
 
November and December 2025.
The
 
Corporation’s
 
loan
 
and
 
investment
 
portfolios
 
are
 
subject
 
to
 
prepayment
 
risk.
 
Prepayment
 
risk
 
also
 
could
 
have
 
a
 
significant
impact on the duration of mortgage-backed securities
 
and collateralized mortgage obligations.
Table 14 presents the Corporation’s sensitivity to interest rates, reflecting its assets and liabilities
 
by repricing date.
Table 14 - Interest Rate Sensitivity
At December 31, 2025
By repricing dates
 
(Dollars in thousands)
0-30 days
Within 31 -
90 days
After three
months but
within six
months
After six
months but
within nine
months
 
After nine
months but
within one
year
After one
year but
within two
years
After two
years
Non-
interest
bearing
funds
Total
Assets:
Money market investments
$
4,626,506
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
4,626,506
Investment and trading securities
 
3,318,045
4,951,458
1,939,100
1,650,773
1,639,760
6,563,518
8,243,704
(143,252)
28,163,106
Loans
6,422,687
3,983,535
1,628,570
1,716,373
1,766,974
6,117,288
17,770,822
(68,733)
39,337,516
Other assets
-
-
-
-
-
-
-
3,221,139
3,221,139
 
Total
 
14,367,238
8,934,993
3,567,670
3,367,146
3,406,734
12,680,806
26,014,526
3,009,154
75,348,267
Liabilities and stockholders' equity:
Savings, NOW and money market and
 
other interest bearing demand deposits
21,254,342
216,993
318,597
310,549
302,973
1,139,963
17,863,106
-
41,406,523
Certificates of deposit
2,338,802
1,066,684
1,531,137
1,074,288
676,054
1,166,414
1,625,982
-
9,479,361
Federal funds purchased and assets
 
sold under agreements to repurchase
29,356
9,645
-
-
-
-
-
-
39,001
Other short-term borrowings
650,000
-
-
-
-
-
-
-
650,000
Notes payable
 
25,000
-
25,000
24,500
-
6,112
678,965
-
759,577
Non-interest bearing deposits
-
-
-
-
-
-
15,304,209
15,304,209
Other non-interest bearing liabilities
-
-
-
-
-
-
-
1,460,517
1,460,517
Stockholders' equity
-
-
-
-
-
-
-
6,249,079
6,249,079
 
Total
 
$
24,297,500
$
1,293,322
$
1,874,734
$
1,409,337
$
979,027
$
2,312,489
$
20,168,053
$
23,013,805
$
75,348,267
Interest rate sensitive gap
(9,930,262)
7,641,671
1,692,936
1,957,809
2,427,707
10,368,317
5,846,473
(20,004,651)
-
Cumulative interest rate sensitive gap
(9,930,262)
(2,288,591)
(595,655)
1,362,154
3,789,861
14,158,178
20,004,651
-
-
Cumulative interest rate sensitive gap
 
to earning assets
(13.73)
%
(3.16)
%
(0.82)
%
(1.88)
%
(5.24)
%
(19.57)
%
(27.65)
%
-
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
81
Table 15, which presents the maturity distribution of earning assets, takes into consideration
 
prepayment assumptions.
 
Table 15 - Maturity Distribution
 
of Earning Assets
As of December 31, 2025
Maturities
After one year
 
After five years
through five years
through fifteen years
After fifteen years
One year
Fixed
 
Variable
 
Fixed
 
Variable
 
Fixed
 
Variable
 
(In thousands)
 
or less
interest rates
interest rates
interest rates
interest rates
interest rates
interest rates
Total
Money market securities
 
$
4,626,506
$
-
$
-
$
-
 
$
 
-
 
$
 
-
 
$
 
-
$
4,626,506
Investment and trading
securities
 
13,417,856
12,937,914
5,198
1,583,947
38,966
-
-
27,983,881
Loans:
 
Commercial
 
5,969,126
7,262,593
3,880,219
1,358,283
781,363
69,452
278,574
19,599,610
 
Construction
 
1,035,786
166,330
411,834
899
60,048
-
-
1,674,897
 
Leasing
 
687,344
1,459,161
-
9,743
-
-
-
2,156,248
 
Consumer
 
1,956,190
3,864,793
258,658
267,021
796,771
264
103,626
7,247,323
 
Mortgage
 
697,026
2,415,129
197,246
4,464,224
18,644
670,803
196,366
8,659,438
Subtotal loans
 
10,345,472
15,168,006
4,747,957
6,100,170
1,656,826
740,519
578,566
39,337,516
Total earning assets
$
28,389,834
$
28,105,920
$
4,753,155
$
7,684,117
$
1,695,792
$
740,519
$
578,566
$
71,947,903
Note: Equity securities available-for-sale and other investment
 
securities, including Federal Reserve Bank stock and
 
Federal Home Loan Bank stock
held by the Corporation, are not included in this table.
 
Loans held-for-sale have been allocated according to the
 
expected sale date.
 
Trading
 
The Corporation
 
engages in
 
trading activities
 
in the
 
ordinary course
 
of business
 
at its
 
subsidiaries, BPPR
 
and Popular
 
Securities.
Popular Securities’
 
trading activities
 
consist primarily
 
of market-making
 
activities to
 
meet expected
 
customers’ needs
 
related to
 
its
retail brokerage business, and purchases and sales of
 
U.S. Government and government sponsored securities with the objective of
realizing gains
 
from expected
 
short-term price
 
movements. BPPR’s
 
trading activities consist
 
primarily of
 
holding U.S.
 
Government
sponsored
 
mortgage-backed
 
securities
 
and
 
economic
 
hedges
 
of
 
the
 
related
 
market
 
risk
 
with
 
“TBA”
 
(to-be-announced)
 
market
transactions. In
 
addition, BPPR
 
uses forward
 
contracts or
 
TBAs that
 
have characteristics
 
similar to
 
that of
 
the forecasted
 
security
and its conversion timeline to hedge its securitization
 
pipeline.
At
 
December
 
31,
 
2025,
 
the
 
Corporation
 
held
 
trading
 
securities
 
with
 
a
 
fair
 
value
 
of
 
$36.6
 
million,
 
representing
 
0.05%
 
of
 
the
Corporation’s
 
total
 
assets,
 
compared
 
with
 
$32.8
 
million
 
and
 
0.05%,
 
respectively,
 
at
 
December
 
31,
 
2024.
 
The
 
trading
 
portfolio
consists
 
principally of
 
investment grade
 
securities
 
such
 
as mortgage-backed
 
securities
 
of
 
$23.4
 
million with
 
a
 
weighted average
yield of 5.20% and U.S. Treasuries of $12.5 million with a weighted average yield
 
of 2.57% at December 31, 2025 and $29.1 million
with a yield of 5.54% and $2.8 million with a
 
yield of 3.28%, respectively, as of December 31, 2024.
 
The Corporation’s trading activities are
 
limited by internal policies. For each
 
of the two subsidiaries, the
 
market risk assumed under
trading
 
activities
 
is
 
measured
 
by
 
the
 
5-day
 
net
 
value-at-risk
 
(“VAR”),
 
with
 
a
 
confidence
 
level
 
of
 
99%.
 
The
 
VAR
 
measures
 
the
maximum estimated loss that may occur over a
 
5-day holding period, given a 99% probability.
 
The
 
Corporation’s
 
trading
 
portfolio
 
had
 
a
 
5-day
 
VAR
 
of
 
$0.3
 
million
 
for
 
the
 
last
 
week
 
of
 
December
 
2025.
 
VAR
 
models
 
include
assumptions and
 
estimates thus
 
actual results
 
could differ
 
from the
 
outputs from
 
these models
 
and assumptions.
 
Back-testing is
performed
 
on
 
model
 
results
 
to
 
compare
 
actual
 
results
 
against
 
maximum
 
estimated
 
losses,
 
in
 
order
 
to
 
evaluate
 
model
 
and
assumptions accuracy.
 
 
 
 
 
82
In the opinion of management, the size and composition
 
of the trading portfolio does not represent
 
a significant source of market risk
for the Corporation.
Foreign Exchange
The Corporation holds
 
an interest in
 
BHD León in
 
the Dominican Republic,
 
which is an
 
investment accounted for
 
under the equity
method. The
 
Corporation’s carrying
 
value of
 
the equity
 
interest in
 
BHD León
 
approximated $249.4
 
million at
 
December 31,
 
2025.
 
This business is conducted in
 
the country’s foreign currency.
 
The resulting foreign currency translation
 
adjustment, from operations
for which the functional
 
currency is other than
 
the U.S. dollar,
 
is reported in accumulated
 
other comprehensive income (loss) in
 
the
consolidated
 
statements
 
of
 
condition,
 
except
 
for
 
highly-inflationary
 
environments
 
in
 
which
 
the
 
effects
 
would
 
be
 
included
 
in
 
the
consolidated statements
 
of
 
operations. At
 
December 31,
 
2025, the
 
Corporation had
 
approximately $
 
85 million in
 
an unfavorable
foreign currency translation
 
adjustment as part
 
of accumulated other
 
comprehensive income (loss),
 
compared with an
 
unfavorable
adjustment of $ 71 million at December 31,
 
2024 and $ 65 million at December 31,
 
2023.
 
Liquidity
Liquidity Risk Management Process
The Corporation
 
has adopted
 
policies and
 
limits to
 
monitor the
 
Corporation’s liquidity
 
position and
 
that of
 
its banking
 
subsidiaries.
Refer to
 
the Enterprise
 
Risk Management
 
section of
 
Management’s Discussion
 
and Analysis
 
included in
 
the 2025
 
Form 10-K
 
for
information on the framework
 
in place to monitor,
 
review, and approve
 
policies to measure, limit and
 
manage funding activities and
strategies
 
impacting
 
liquidity
 
risk.
 
Additionally,
 
contingency
 
funding
 
plans
 
are
 
used
 
to
 
model
 
various
 
stress
 
events
 
of
 
different
magnitudes that
 
affect different
 
time horizons,
 
to assist
 
management in
 
evaluating the
 
size of
 
the liquidity
 
buffers needed
 
if those
events occur. However,
 
such models may not predict
 
accurately how the market and customers
 
might react to every
 
event and are
dependent on
 
many assumptions.
 
The objective
 
of effective
 
liquidity management
 
is to
 
ensure that
 
the Corporation
 
has sufficient
liquidity
 
to
 
meet
 
all
 
its
 
financial
 
obligations,
 
finance
 
expected
 
future
 
growth,
 
fund
 
planned
 
capital
 
distributions
 
and
 
maintain
 
a
reasonable safety margin for cash needs under both
 
normal and stressed market conditions.
Sources of Liquidity
Deposits, including
 
customer deposits,
 
brokered deposits
 
and public
 
funds deposits,
 
continue to
 
be the
 
most significant
 
source of
funds for the
 
Corporation, representing
 
88% of funding
 
of the Corporation’s
 
total assets at
 
December 31, 2025 and
 
December 31,
2024. The ratio of total ending loans to deposits was 59% and 57% at December 31, 2025 and December 31, 2024, respectively.
 
In
addition to
 
traditional deposits,
 
the Corporation
 
maintains borrowing
 
arrangements, which
 
amounted to
 
$1.4 billion
 
in outstanding
balances at December 31, 2025 (December 31, 2024 - $1.2 billion). A detailed
 
description of the Corporation’s borrowings, including
their terms,
 
is included
 
in Note
 
16 to
 
the Consolidated
 
Financial Statements. Also,
 
the Consolidated Statements
 
of Cash
 
Flows in
the accompanying Consolidated Financial Statements provide
 
information on the Corporation’s cash inflows and outflows.
 
The
 
following
 
sections
 
provide
 
further
 
information
 
on
 
the
 
Corporation’s
 
major
 
funding
 
activities
 
and
 
needs,
 
as
 
well
 
as
 
the
 
risks
involved in these activities.
Banking Subsidiaries
Primary
 
sources of
 
funding
 
for the
 
Corporation’s
 
banking subsidiaries
 
(BPPR and
 
PB
 
or,
 
collectively,
 
“the banking
 
subsidiaries”)
include
 
retail,
 
commercial
 
and
 
public
 
sector
 
deposits,
 
brokered
 
deposits,
 
unpledged
 
investment
 
securities,
 
mortgage
 
loan
securitization and, to a lesser extent, loan sales. In
 
addition, the Corporation maintains borrowing facilities with the FHLB and at the
discount window
 
of the
 
Federal Reserve
 
Bank of
 
New York
 
(the “FRB”)
 
and has
 
a considerable
 
amount of
 
collateral pledged
 
that
can be used to raise funds under these facilities.
During the second quarter of 2025, BPPR was able to increase its available
 
liquidity by approximately $2.9 billion after the merger of
Popular Auto, LLC with
 
and into BPPR, effective
 
on May 1,
 
2025, that allowed BPPR
 
to pledge auto loans
 
and leases as collateral
under the federal
 
reserve’s discount window.
 
At December 31,
 
2025, the Corporation’s
 
available liquidity amounted to
 
$27.0 billion
(December
 
31,
 
2024
 
-
 
$21.6
 
million),
 
which
 
includes
 
$3.2
 
billion
 
related
 
to
 
auto
 
loans
 
and
 
leases
 
pledged
 
under
 
the
 
federal
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
83
reserve’s
 
discount
 
window.
 
During
 
the
 
fourth
 
quarter
 
of
 
2025,
 
the
 
Corporation
 
had
 
no
 
material
 
incremental
 
use
 
of
 
its
 
available
liquidity sources. The liquidity sources of the Corporation
 
at December 31, 2025 are presented in Table 16 below:
Table 16 - Liquidity Sources
December 31, 2025
December 31, 2024
(In thousands)
BPPR
Popular U.S.
Total
BPPR
Popular U.S.
Total
Unpledged securities and unused funding
sources:
Money market (excess funds at the
Federal Reserve Bank)
$
3,595,806
$
1,020,478
$
4,616,284
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
5,215,981
1,057,129
6,273,110
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,291,672
692,744
3,984,416
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
8,472,866
3,644,486
12,117,352
4,839,388
2,178,646
7,018,034
Total available liquidity
$
20,576,325
$
6,414,837
$
26,991,162
$
16,304,902
$
5,249,293
$
21,554,195
Refer
 
to
 
Note
 
16
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
of
 
the
 
Corporation’s
 
borrowing
 
facilities
available through its banking subsidiaries.
 
The principal
 
uses of
 
funds for
 
the banking
 
subsidiaries include
 
loan originations,
 
investment portfolio
 
purchases, loan
 
purchases
and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational
expenses. Also, the
 
banking subsidiaries assume liquidity
 
risk related to collateral
 
posting requirements for certain
 
activities mainly
in
 
connection
 
with
 
contractual
 
commitments,
 
recourse
 
provisions,
 
servicing
 
advances,
 
derivatives
 
and
 
credit
 
card
 
licensing
agreements.
 
The banking
 
subsidiaries maintain
 
sufficient funding
 
capacity to
 
address large
 
increases in
 
funding requirements
 
such as
 
deposit
outflows.
 
The
 
Corporation has
 
established
 
liquidity
 
guidelines
 
that
 
require
 
the
 
banking
 
subsidiaries
 
to
 
have
 
sufficient
 
liquidity
 
to
cover all short-term borrowings and a portion of deposits.
 
Deposits are
 
a key
 
source of
 
funding. Refer
 
to Table
 
8 for
 
a breakdown
 
of deposits
 
by major
 
types. Core
 
deposits are
 
generated
from a large base of consumer, corporate and public sector customers. Core deposits
 
include certificates
 
of deposit under $250,000,
all
 
interest-bearing
 
transactional
 
deposit
 
accounts,
 
non-interest-bearing
 
deposits,
 
and
 
savings
 
deposits.
 
Core
 
deposits
 
exclude
brokered
 
deposits
 
and
 
certificates
 
of
 
deposit
 
over
 
$250,000.
 
Core
 
deposits,
 
excluding
 
P.R.
 
public
 
funds,
 
which
 
are
 
fully
collateralized, have
 
historically provided
 
the Corporation
 
with a
 
sizable source
 
of relatively
 
stable and
 
low-cost funds.
 
P.R.
 
public
funds, while linked to market interest rates, provide a stable source of funding with an
 
attractive earning spread. As of December 31,
2025, total Puerto Rico public sector deposits were $19.4
 
billion, compared to $19.5 billion at December
 
31, 2024.
Core deposits represent
 
92% of total
 
deposits at $60.9 billion,
 
as of December
 
31, 2025, compared with
 
92% at $59.9
 
billion as of
December 31, 2024.
 
Core deposits financed
 
85% of the
 
Corporation’s earning assets
 
at December 31,
 
2025, compared to
 
86% at
December 31, 2024.
The Corporation
 
had $1.0
 
billion in
 
brokered deposits
 
at December
 
31, 2025,
 
which financed
 
approximately 1%
 
of its
 
total assets
(December 31, 2024 - $1.6 billion and 2% respectively.
 
The distribution by maturity of certificates of deposit with denominations of $250,000 and over at December 31, 2025 is presented in
the table that follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
84
Table 17 - Distribution by
 
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,479,766
Over 3 to 12 months
1,017,526
Over 1 year to 3 years
280,721
Over 3 years
136,733
Total
$
3,914,746
For
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
average
 
deposits,
 
including
 
brokered
 
deposits,
 
represented
 
91%
 
of
 
average
 
earning
assets, compared with 92% for the year ended December
 
31, 2024. Table 18 summarizes average deposits for the past two years.
 
Table 18 - Average
 
Total Deposits
For the years ended December 31,
(In thousands)
2025
2024
[2]
Deposits excluding P.R.
 
public deposits
 
Demand deposits
$
14,787,933
$
15,065,039
 
Savings, NOW and money market deposits (non-brokered)
22,599,111
21,889,652
 
Savings, NOW and money market deposits (brokered)
90,776
103,201
 
Time deposits (non-brokered)
7,890,260
7,360,538
 
Time deposits (brokered CDs)
765,424
823,145
Sub-total deposits excluding P.R.
 
public deposits
46,133,504
45,241,575
P.R. public
 
deposits:
 
Demand deposits
 
[1]
12,125,807
11,754,910
 
Savings, NOW and money market deposits (non-brokered)
7,407,669
6,728,781
 
Time deposits (non-brokered)
735,200
719,017
Sub-total P.R.
 
public deposits
20,268,676
19,202,708
Average total deposits
$
66,402,180
$
64,444,283
[1] Includes interest bearing demand deposits.
 
[2] Savings, NOW and money market deposits include
 
reciprocal deposits of $790 million (2024-$661.5 million)
 
that were categorized as brokered
deposits at December 31, 2024 and recharacterized
 
as non-brokered for December 31, 2025. Similarly,
 
Time deposits include reciprocal deposits
 
of
$120.1 million (2024-$133.1 million) that were categorized
 
as brokered deposits at December 31, 2024 and recharacterized
 
as non-brokered for
December 31, 2025. The presentation for the year 2024
 
has been adjusted to conform to the 2025 presentation.
As of
 
December 31,
 
2025, the
 
banking subsidiaries
 
had sufficient
 
current and
 
projected liquidity
 
sources to
 
meet their
 
anticipated
cash flow
 
obligations, as
 
well as
 
special needs
 
and off-balance
 
sheet commitments,
 
in the
 
ordinary course
 
of business
 
and have
sufficient
 
liquidity
 
resources
 
to
 
address
 
stress
 
events.
 
Although
 
the
 
banking
 
subsidiaries
 
have
 
historically
 
been
 
able
 
to
 
replace
maturing
 
deposits and
 
advances, no
 
assurance can
 
be given
 
that
 
they
 
would be
 
able to
 
replace those
 
funds
 
in the
 
future if
 
the
Corporation’s
 
financial condition
 
or
 
general market
 
conditions
 
were to
 
deteriorate. The
 
Corporation’s financial
 
flexibility would
 
be
severely constrained if
 
the banking subsidiaries
 
are unable to
 
maintain access to
 
funding or if
 
adequate funding is
 
not available to
accommodate future
 
financing needs
 
at
 
acceptable interest
 
rates. The
 
banking subsidiaries
 
also
 
are required
 
to
 
deposit cash
 
or
qualifying
 
securities
 
to
 
meet
 
margin
 
requirements
 
on
 
repurchase
 
agreements,
 
deposit
 
agreements
 
and
 
other
 
collateralized
borrowing facilities. To
 
the extent that
 
the value of
 
securities previously pledged as
 
collateral declines because of
 
market changes,
the Corporation will be required to deposit additional cash or securities to meet its margin or collateral requirements and would need
to
 
rely
 
more
 
heavily
 
on
 
alternative
 
funding
 
sources.
 
In
 
these
 
scenarios,
 
the
 
Corporation’s
 
financial
 
flexibility
 
and
 
ability
 
to
 
grow
revenues may not increase proportionately to cover costs and
 
profitability would be adversely affected.
85
The Corporation considers balances in
 
excess of $250,000 to have a
 
higher potential liquidity risk.
 
Table
 
19 reflects the aggregate
balance in
 
deposit accounts
 
in excess
 
of $250,000,
 
including collateralized
 
public funds
 
and deposits
 
outside of
 
the U.S.
 
and its
territories.
 
Collateralized public funds, as presented in Table 19, represent public deposit balances from governmental
 
entities in the
U.S.
 
and
 
its
 
territories,
 
including
 
Puerto
 
Rico
 
and
 
the
 
United
 
States
 
Virgin
 
Islands,
 
collateralized
 
based
 
on
 
such
 
jurisdictions’
applicable collateral requirements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
86
Table 19 - Deposits
31-Dec-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,873,328
44
%
$
8,283,967
69
%
$
32,157,295
49
%
Transactional deposits balances over
$250,000
8,254,961
15
%
2,341,365
19
%
10,596,326
16
%
Time deposits balances over $250,000
2,182,301
4
%
794,183
7
%
2,976,484
4
%
Uninsured foreign deposits
446,360
1
%
-
-
%
446,360
1
%
Collateralized public funds
19,748,934
36
%
264,694
2
%
20,013,628
30
%
Intercompany deposits
235,251
-
%
349,483
3
%
-
-
%
Total deposits
$
54,741,135
100
%
$
12,033,692
100
%
$
66,190,093
100
%
[1] Includes the first $250,000 in balances of transactional
 
and time deposit accounts with balances in excess
 
of $250,000.
31-Dec-24
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$
23,588,937
44
%
$
7,961,334
68
%
$
31,550,271
49
%
Transactional deposits balances over
$250,000
8,046,175
15
%
1,944,674
16
%
9,990,849
15
%
Time deposits balances over $250,000
1,991,934
4
%
813,424
7
%
2,805,358
4
%
Uninsured foreign deposits
450,068
1
%
-
-
%
450,068
1
%
Collateralized public funds
19,771,083
36
%
316,716
3
%
20,087,799
31
%
Intercompany deposits
205,839
-
%
667,839
6
%
-
-
%
Total deposits
$
54,054,036
100
%
$
11,703,987
100
%
$
64,884,345
100
%
[1] Includes the first $250,000 in balances of transactional
 
and time deposit accounts with balances in excess
 
of $250,000.
Bank Holding Companies
The principal
 
sources of
 
funding for
 
the BHCs,
 
which are
 
Popular,
 
Inc.
 
(holding company
 
only) and
 
PNA, include
 
cash on
 
hand,
investment
 
securities,
 
dividends
 
received from
 
banking
 
and
 
non-banking subsidiaries,
 
asset sales,
 
credit
 
facilities
 
available from
affiliate banking subsidiaries and proceeds from potential securities offerings.
 
Dividends from banking and non-banking subsidiaries
are subject
 
to various
 
regulatory limits
 
and authorization
 
requirements imposed
 
by banking
 
regulators, including
 
the FED
 
and the
NYDFS, that may limit the ability of those subsidiaries
 
to act as a source of funding to the BHCs.
The principal uses of these funds include the repayment of debt, interest payments to holders of senior debt and junior subordinated
deferrable interest debentures (related to trust preferred securities), the payment of dividends to common stockholders,
 
repurchases
of the Corporation’s securities and capitalizing its subsidiaries.
 
The
 
outstanding
 
balance
 
of
 
notes
 
payable
 
at
 
the
 
BHCs
 
amounted
 
to
 
$595
 
million
 
at
 
December
 
31,
 
2025
 
and
 
$594
 
million
 
at
December 31, 2024.
The contractual maturities of the BHCs notes payable
 
at December 31, 2025 are presented in
 
Table 20.
Table 20
 
- Distribution of BHC's Notes Payable by Contractual
 
Maturity
Year
(In thousands)
2028
396,558
Later years
198,399
Total
$
594,957
 
 
 
 
87
As of
 
December 31,
 
2025, the
 
BHCs had
 
cash and
 
money markets
 
investments totaling
 
$524.8 million
 
and borrowing
 
potential of
$165 million from its secured facility with BPPR.
 
The BHCs’ liquidity position continues to be adequate with sufficient
 
cash on hand,
investments and
 
other sources of
 
liquidity that are
 
expected to be
 
sufficient to
 
meet all
 
interest payments and
 
dividend obligations
for the
 
foreseeable future.
 
Additionally,
 
the Corporation’s
 
latest quarterly
 
paid dividend
 
was $0.75
 
per share
 
or approximately
 
$47
million per quarter.
The BHCs have in
 
the past borrowed in the
 
corporate debt market primarily to finance
 
their non-banking subsidiaries and refinance
debt
 
obligations.
 
These
 
sources
 
of
 
funding
 
are
 
more
 
costly
 
given
 
that
 
two
 
out
 
of
 
three
 
principal
 
credit
 
rating
 
agencies
 
rate
 
the
Corporation’s debt
 
securities below
 
“investment grade”.
 
The Corporation
 
has a
 
shelf registration
 
statement filed
 
and effective
 
with
the
 
Securities
 
and
 
Exchange
 
Commission,
 
which
 
permits
 
the
 
Corporation
 
to
 
issue
 
an
 
unspecified
 
amount
 
of
 
debt
 
or
 
equity
securities.
Non-Banking Subsidiaries
The
 
principal
 
sources
 
of
 
funding
 
for
 
the
 
non-banking
 
subsidiaries
 
include
 
internally
 
generated
 
cash
 
flows
 
from
 
operations,
 
loan
sales, repurchase agreements, capital
 
injections and borrowed funds
 
from their direct
 
parent companies or the
 
holding companies.
The principal uses of funds for the non-banking
 
subsidiaries include repayment of maturing debt,
 
operational expenses and payment
of dividends to the BHCs.
 
Dividends
The
 
Corporation
 
increased
 
its
 
quarterly
 
common
 
stock
 
dividend
 
from
 
$0.70
 
to
 
$0.75
 
per
 
share,
 
commencing
 
with
 
the
 
dividend
declared in the third
 
quarter of 2025. During the
 
year ended December 31, 2025,
 
the Corporation declared cash dividends of
 
$2.90
per
 
common
 
share
 
outstanding
 
($196.2
 
million
 
in
 
the
 
aggregate).
 
The
 
dividends
 
for
 
the
 
Corporation’s
 
Series
 
A
 
preferred
 
stock
amounted to $1.4 million.
During the
 
year ended December
 
31, 2025,
 
the BHCs
 
received dividends and
 
distributions amounting to
 
$575 million
 
from BPPR,
$23 million
 
from Popular
 
International Bank,
 
Inc. (“PIBI”)
 
and $22
 
million from
 
its other
 
non-banking subsidiaries.
 
Dividends from
BPPR constitute
 
Popular,
 
Inc.’s primary
 
source of
 
liquidity.
 
In addition,
 
during the
 
year ended
 
December 31,
 
2025, PIBI,
 
a wholly
owned subsidiary of Popular, Inc., received $20.0 million in cash dividends and $5.3
 
million in stock dividends from its investment in
BHD.
In
 
addition to
 
regulatory
 
limits previously
 
discussed, the
 
ability
 
of a
 
bank
 
subsidiary to
 
up-stream dividends
 
to
 
its
 
BHC could
 
be
impacted by
 
its financial
 
performance and
 
capital, including
 
tangible and
 
regulatory capital,
 
thus potentially
 
limiting the
 
amount of
cash up
 
streamed to
 
the BHCs
 
from the
 
banking subsidiaries.
 
This could,
 
in turn,
 
affect BHC’s
 
ability to
 
declare dividends
 
on its
outstanding common and preferred stock, repurchase its securities or meet its debt obligations. At December 31, 2025, BPPR could
declare
 
a
 
dividend
 
of
 
up
 
to
 
approximately
 
$191
 
million
 
without
 
prior
 
approval
 
of
 
the
 
Federal
 
Reserve
 
Board
 
due
 
to
 
its
 
retained
income, declared dividend activity and transfers to statutory reserves
 
over the measurement period. In addition, pursuant to the FRB
requirements, PB may not declare or pay a dividend
 
without the prior approval of the Federal Reserve
 
Board and the NYSDFS.
Other Funding Sources and Capital
In addition to cash reserves held at
 
the FRB that totaled $4.7 billion at
 
December 31, 2025, the debt securities portfolio provides an
additional
 
source
 
of
 
liquidity,
 
which
 
may
 
be
 
realized
 
through
 
either
 
securities
 
sales,
 
collateralized
 
borrowings
 
or
 
repurchase
agreements.
 
The
 
Corporation’s
 
debt
 
securities
 
portfolio
 
consists
 
primarily
 
of
 
liquid
 
U.S.
 
government
 
debt
 
securities
 
and
 
U.S.
government sponsored agency
 
mortgage-backed securities that can
 
be used to
 
raise funds in
 
the repo markets.
 
The availability of
repurchase
 
agreements
 
would
 
be
 
subject
 
to
 
having
 
sufficient
 
unpledged
 
collateral
 
available
 
at
 
the
 
time
 
the
 
transactions
 
are
consummated,
 
in
 
addition
 
to
 
overall
 
liquidity
 
and
 
risk
 
appetite of
 
the
 
various
 
counterparties.
 
Refer
 
to
 
Table
 
16
 
for
 
details
 
of
 
the
Corporation’s
 
unpledged
 
debt
 
securities
 
and
 
available
 
credit
 
facilities
 
with
 
the
 
FHLB
 
and
 
the
 
discount
 
window
 
of
 
the
 
Federal
Reserve Bank.
 
A substantial
 
portion of
 
these debt
 
securities could
 
be used
 
to raise
 
financing in
 
the U.S.
 
money markets
 
or from
secured lending sources,
 
subject to changes in their fair market value and
 
customary adjustments (haircuts).
 
Additional
 
liquidity
 
may
 
be
 
provided
 
through
 
loan
 
maturities,
 
prepayments
 
and
 
sales.
 
The
 
loan
 
portfolio
 
provides
 
a
 
source
 
of
collateral to
 
secure the
 
available credit
 
facilities with
 
the FHLB
 
and the
 
discount window
 
of the
 
Federal Reserve
 
Bank. The
 
loan
portfolio
 
can
 
also
 
be
 
used
 
to
 
obtain
 
funding
 
in
 
the
 
capital
 
markets.
 
Mortgage
 
loans
 
and
 
some
 
types
 
of
 
consumer
 
loans,
 
have
secondary markets which the Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments
 
88
In the ordinary course
 
of business, the Corporation
 
engages in financial transactions that
 
are not recorded on
 
the balance sheet or
may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a
provider of
 
financial services,
 
the Corporation
 
routinely enters
 
into commitments
 
with off-balance
 
sheet risk
 
to meet
 
the financial
needs
 
of
 
its
 
customers.
 
Refer
 
to
 
Note
 
23
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
information
 
on
 
the
 
Corporation’s
commitments to extent credit and other non-credit commitments.
 
Other types
 
of off-balance
 
sheet arrangements
 
that the
 
Corporation enters
 
in the
 
ordinary course
 
of business
 
include derivatives,
operating
 
leases
 
and
 
provision
 
of
 
guarantees,
 
indemnifications,
 
and
 
representation
 
and
 
warranties.
 
Refer
 
to
 
Note
 
22
 
to
 
the
Consolidated Financial
 
Statements for
 
a detailed
 
discussion related
 
to the
 
Corporation’s guarantees,
 
indemnifications obligations,
and representation and warranties arrangements.
 
The Corporation monitors its cash requirements, including
 
its contractual obligations and debt commitments.
 
Financial Information of Guarantor and Issuers of Registered
 
Guaranteed Securities
The principal sources of funding for Popular, Inc. Holding Company (“PIHC”) and Popular North America, Inc. (“PNA”) have included
dividends received
 
from their
 
banking and
 
non-banking subsidiaries subject
 
to statutory
 
provisions that
 
limit dividends
 
paid by
 
the
banking subsidiary without regulatory approval, asset
 
sales and proceeds from the issuance of debt
 
and equity.
 
The Corporation ("PIHC") is
 
the parent holding company
 
of Popular North America (“PNA”)
 
and operates financial services through
its subsidiaries. PNA, a wholly owned subsidiary of Popular, Inc., manages entities such as Equity One, Inc., and PB, including PB’s
subsidiaries: Popular Equipment Finance, LLC,
 
Popular Insurance Agency, U.S.A., and E-LOAN, Inc.
PNA has issued junior subordinated debentures guaranteed by PIHC (the “obligor group”), purchased by statutory
 
trusts established
by the Corporation using proceeds from trust preferred
 
securities (“capital securities”) and common securities
 
of the trusts.
PIHC guarantees
 
the junior
 
subordinated debentures
 
issued by
 
PNA. If
 
PIHC fails
 
to make
 
interest payments
 
on the
 
debentures
held by the trust,
 
the trust will not
 
distribute payments on the
 
capital securities. The guarantee
 
ranks subordinate and junior
 
in right
of
 
payment to
 
all
 
other liabilities
 
of
 
PIHC and
 
equally with
 
all
 
other PIHC-issued
 
guarantees, allowing
 
direct
 
legal
 
action against
PIHC without involving other entities.
Funding
 
for
 
PIHC
 
and
 
PNA
 
includes
 
dividends
 
from
 
subsidiaries,
 
asset
 
sales,
 
and
 
proceeds
 
from
 
debt
 
and
 
equity
 
issuance.
Statutory provisions limit the dividends an insured
 
depository institution can pay to its holding
 
company without regulatory approval.
The summarized financial
 
information below shows
 
the combined financial
 
position of the
 
obligor group as
 
of December 31,
 
2025,
and December
 
31, 2024,
 
and the
 
results of
 
their operations
 
for the
 
years
 
ending on
 
those dates.
 
Excluded are
 
investments and
equity in earnings from subsidiaries and affiliates outside
 
the obligor group.
Intercompany balances
 
and transactions
 
within the
 
obligor group
 
have been
 
eliminated. Material
 
amounts due
 
from, due
 
to, and
transactions with subsidiaries and affiliates are shown separately. Related party transactions
 
are also presented separately.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
89
Table 21 - Summarized Statement
 
of Condition
(In thousands)
December 31, 2025
December 31, 2024
Assets
Cash and money market investments
$
524,882
$
634,809
Investment securities
38,656
35,150
Accounts receivables from non-obligor subsidiaries
12,798
14,602
Accounts receivables from affiliates and related parties
 
-
 
-
Other loans (net of allowance for credit losses of $132 (2024
 
- $281))
24,169
25,381
Investment in equity method investees
5,145
5,279
Other assets
91,618
65,483
Total assets
$
697,268
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
7,669
$
12,163
Notes payable
594,958
593,571
Other liabilities
135,785
126,718
Stockholders' (deficit) equity
(41,144)
48,252
Total liabilities and
 
stockholders' equity
$
697,268
$
780,704
Table 22 - Summarized Statement
 
of Operations
For the years ended
(In thousands)
December 31, 2025
December 31, 2024
Income:
Dividends from non-obligor subsidiaries
$
596,500
$
623,000
Interest income from non-obligor subsidiaries and affiliates
4,021
9,784
(Losses) earnings from investments in equity method
 
investees
(135)
15
Other operating income
7,571
2,399
Total income
$
607,957
$
635,198
Expenses:
Services provided by non-obligor subsidiaries and affiliates
 
(net of
reimbursement by subsidiaries for services provided by parent
 
of
$253,213 (2024 - $172,449))
$
19,240
$
13,328
Other expenses
24,328
37,391
Income tax (benefit) expense
[1]
(2,443)
20,725
Total expenses
$
41,125
$
71,444
Net income
$
566,832
$
563,754
[1] The net income for the year ended
 
December 31, 2024, included $22.9 million
 
of expenses, of which $16.5 million was
 
reflected in income
tax
 
expense
 
and
 
$6.4
 
million
 
was
 
reflected
 
in
 
other
 
operating
 
expenses,
 
related
 
to
 
an
 
out-of-period
 
adjustment
 
associated
 
with
 
the
Corporation’s U.S.
 
subsidiary’s non-payment
 
of taxes
 
on certain
 
intercompany distributions
 
to the
 
Bank Holding
 
Company (BHC)
 
in Puerto
Rico, a foreign corporation for U.S. tax purposes.
90
In addition to
 
the dividend income
 
reflected in the
 
Statement of Operations
 
table above,
 
during the year
 
ended December
31,
 
2025,
 
the
 
obligor
 
group
 
recorded
 
a
 
$23.0
 
million
 
of
 
dividend
 
distributions
 
from
 
non-obligor
 
subsidiary
 
which
 
was
recorded as a reduction to the investment (2024 -
 
$67.4 million).
 
 
 
 
 
91
Risk to Liquidity
The
 
Corporation’s
 
liquidity
 
may
 
come
 
under
 
pressure
 
if
 
it
 
experiences
 
significant
 
unexpected
 
cash
 
outflows
 
due
 
to
 
deposit
withdrawals, which could arise
 
from various factors like
 
economic conditions, loss of
 
depositor confidence, competition, exogenous
events, regulatory requirements or changes, a
 
downgrade in credit rating, or other events
 
causing counterparties to avoid exposure.
Investors should refer to Liquidity Risks section
 
of “Part I, Item 1A” of
 
this Form 10-K for an
 
additional discussion of liquidity risks to
which the Corporation is subject.
Credit Risk
Geographic and Government Risk
 
The Corporation is exposed to geographic and government risk.
 
The Corporation’s assets and revenue composition by geographical
area and by
 
business segment reporting are
 
presented in Note
 
32 to the
 
Consolidated Financial Statements. Readers should
 
refer
to
 
the Economic
 
and Market
 
Risk section
 
and the
 
Business Risk
 
section of
 
“Part I,
 
Item 1A”
 
of
 
this Form
 
10-K for
 
an additional
discussion
 
on
 
how
 
the
 
Corporation is
 
impacted
 
by
 
global
 
and
 
local
 
economic
 
and
 
market
 
conditions, including
 
weakness
 
in
 
the
economy,
 
particularly in Puerto
 
Rico, where a
 
significant portion of
 
our business is
 
concentrated. This section
 
also addresses how
our credit risk and credit
 
losses can increase to the extent
 
our loans are concentrated on borrowers engaged in
 
the same or similar
activities or in borrowers who as a group
 
may be uniquely or disproportionately affected by certain
 
economic or market conditions.
Commonwealth of Puerto Rico
A
 
significant portion
 
of
 
our financial
 
activities and
 
credit
 
exposure is
 
concentrated in
 
the
 
Commonwealth of
 
Puerto Rico
 
(“Puerto
Rico”) which has faced severe economic and fiscal
 
challenges in the past and may face additional
 
challenges in the future.
Economic Performance
 
The latest estimates from the
 
Puerto Rico Planning Board (the
 
“Planning Board”) indicate that real
 
GNP grew by 2.1%
 
during fiscal
year
 
2024
 
(July 2023-June
 
2024) and
 
by
 
1.1% in
 
fiscal
 
year
 
2025 (July
 
2024-June 2025).
 
For fiscal
 
year 2026
 
(July
 
2025-June
2026), the Planning Board
 
forecasted modest GNP growth of
 
0.5%. Meanwhile, the Puerto Rico
 
Economic Activity Index showed a
0.8% year-over-year increase and a 0.1% month-over-month
 
increase in November 2025. While this index is not
 
a direct measure of
real GNP, it serves as an indicator of ongoing economic activity.
In
 
2021
 
and
 
2022,
 
inflation
 
rose
 
sharply
 
in
 
the
 
U.S.
 
and
 
Puerto
 
Rico
 
due
 
to
 
post-pandemic
 
demand
 
and
 
supply
 
chain
 
issues.
Inflation
 
began
 
to
 
decrease
 
by
 
mid-2022
 
as
 
the
 
Federal
 
Reserve
 
raised
 
interest
 
rates,
 
largely
 
stabilizing
 
by
 
September
 
2024,
leading
 
to
 
a
 
series
 
of
 
rate
 
reductions
 
by
 
the
 
Federal
 
Reserve
 
for
 
the
 
first
 
time
 
in
 
four
 
years.
 
As
 
of
 
December
 
2025,
 
the
 
U.S.
Consumer Price Index
 
showed a 2.7%
 
year-over-year increase, which
 
is significantly lower
 
than peak
 
2022 inflation levels
 
but still
above the Federal Reserve’s 2% target. In Puerto Rico,
 
the Consumer Price Index increased by 1.9%
 
over the same period.
 
Fiscal Challenges of Puerto Rico and its Municipalities
As
 
Puerto Rico’s
 
economy contracted
 
in the
 
2000s, public
 
debt
 
increased rapidly
 
due to
 
borrowing to
 
cover
 
deficits to
 
pay
 
debt
service, pension benefits,
 
and other expenditures.
 
By 2016, the
 
government had over
 
$120 billion in
 
combined debt and
 
unfunded
pension liabilities, lost access to capital markets, and
 
faced a fiscal crisis.
 
In
 
response,
 
the
 
U.S.
 
Congress
 
enacted
 
PROMESA
 
in
 
June
 
2016.
 
PROMESA
 
established
 
an
 
Oversight
 
Board
 
with
 
significant
control over Puerto Rico’s
 
fiscal and economic affairs,
 
including those of its public
 
corporations, instrumentalities and municipalities
(collectively, “PR Government Entities”).
 
In August 2025, President Donald J. Trump dismissed six of the seven members of
 
the Oversight Board, reportedly due to inefficient
leadership and excessive spending. Three of the dismissed members subsequently filed suit in federal
 
court challenging the legality
of their dismissal. On October 3, 2025, the court issued a preliminary injunction that effectively reinstated such members and barred
the seating of replacement members while the case proceeds. An
 
appeal of this ruling has been filed and remains
 
pending. It is still
too early to determine what impact these developments
 
may have on Puerto Rico’s fiscal and economic affairs.
 
 
92
Under PROMESA, the Oversight
 
Board will remain
 
in place until market
 
access is restored and
 
balanced budgets are achieved for
at
 
least
 
four
 
consecutive
 
years.
 
PROMESA
 
also
 
established
 
two
 
mechanisms
 
for
 
the
 
restructuring
 
of
 
the
 
obligations
 
of
 
PR
Government Entities:
 
(a) Title
 
III, an
 
in-court process
 
akin to
 
that of
 
the U.S.
 
Bankruptcy Code
 
and which
 
permits adjustment
 
of a
broad range
 
of
 
obligations, and
 
(b) Title
 
VI,
 
a largely
 
out-of-court process
 
through which
 
a supermajority
 
of creditors
 
can
 
accept
modifications to debt and bind holdouts.
Since
 
2017,
 
Puerto
 
Rico
 
and
 
several
 
of
 
its
 
instrumentalities
 
have
 
availed
 
themselves
 
of
 
these
 
mechanisms.
 
The
 
Puerto
 
Rico
government exited Title III in March 2022, and several instrumentalities, such as the Government Development Bank and the Puerto
Rico Highways and Transportation
 
Authority have also completed
 
debt restructurings under Titles
 
III or VI
 
of PROMESA. However,
the Puerto Rico Electric Power Authority is still undergoing
 
its debt restructuring.
Puerto
 
Rico's economic
 
difficulties
 
have also
 
impacted its
 
municipalities. Historically,
 
the central
 
government provided
 
significant
municipal subsidies. However, these have decreased pursuant to fiscal measures required by the Oversight Board. This decline has
been partly
 
offset by
 
federal disaster
 
and COVID-relief
 
funding received
 
by municipalities
 
in recent
 
years. The
 
latest Puerto
 
Rico
fiscal plan proposes a
 
restructured grant system to enhance
 
municipal services and encourage accountability through
 
performance
metrics.
Municipalities
 
are
 
subject
 
to
 
PROMESA,
 
and
 
the
 
Oversight
 
Board
 
has
 
required
 
certain
 
municipalities
 
to
 
submit
 
fiscal
 
plans
 
and
annual budgets
 
for review
 
and approval.
 
Municipalities are
 
also required
 
to seek
 
Oversight Board
 
approval to
 
issue, guarantee
 
or
modify
 
their
 
debts
 
and
 
to
 
enter
 
into
 
significant
 
contracts.
 
To
 
date
 
no
 
municipality
 
has
 
availed
 
itself
 
of
 
the
 
debt
 
restructuring
mechanisms available to them under PROMESA.
Exposure of the Corporation
 
The credit quality of BPPR’s
 
loan portfolio is closely tied to the
 
economic conditions in Puerto Rico. Deterioration in the Puerto
 
Rico
economy
 
could
 
potentially
 
increase
 
delinquencies
 
and
 
charge-offs,
 
thereby
 
impacting
 
the
 
Corporation’s
 
financial
 
health.
 
The
Corporation has direct exposure to P.R. Government Entities, which are mainly concentrated in obligations from various Puerto Rico
municipalities. Additionally,
 
the Corporation
 
holds loans
 
and securities
 
insured by
 
P.R.
 
Government Entities,
 
such as
 
the Housing
Finance
 
Authority,
 
whose
 
ability
 
to
 
honor
 
guarantees
 
depends
 
on
 
its
 
financial
 
condition.
 
BPPR’s
 
commercial,
 
mortgage,
 
and
consumer loan portfolios are also exposed to risks from private borrowers who are service providers or have other relationships with
the Puerto
 
Rico government
 
and government employees
 
who could
 
be negatively
 
affected by
 
Puerto Rico’s
 
fiscal challenges.
 
For
further
 
discussion
 
of
 
the
 
Corporation’s
 
direct
 
and
 
indirect
 
exposure
 
to
 
the
 
Puerto
 
Rico
 
government and
 
its
 
instrumentalities and
municipalities, please refer to Note 23 – Commitments
 
and Contingencies to the Consolidated
 
Financial Statements.
The
 
Corporation
 
also
 
maintains
 
significant
 
deposits
 
from
 
P.R.
 
Government
 
Entities,
 
with
 
future
 
balances
 
subject
 
to
 
various
uncertainties.
 
Further
 
information
 
on
 
Puerto
 
Rico
 
Government
 
deposits
 
is
 
included
 
in
 
Note
 
15
 
–
 
Deposits
 
to
 
the
 
Consolidated
Financial Statements.
United States Virgin Islands
The Corporation has operations in the United
 
States Virgin Islands (“USVI”) and has credit exposure
 
to USVI government entities.
Non-Performing Assets
Non-performing assets (“NPAs”)
 
include primarily past-due
 
loans that
 
are no
 
longer accruing interest,
 
renegotiated loans, and
 
real
estate property acquired through foreclosure. A summary, including certain credit
 
quality metrics, is presented in Table 23.
During 2025, the Corporation’s credit quality metrics were affected by two significant unrelated commercial exposures, resulting in a
$188.4 million increase
 
in non-performing loans (“NPLs”).
 
The determination to classify
 
these loans as
 
NPLs was driven
 
by factors
specific to the individual borrowers and are not
 
believed to be indicative of a broader decline
 
in portfolio credit quality.
The first
 
loan classified
 
as NPL
 
is a
 
$158.3 million
 
commercial and
 
industrial facility
 
issued to
 
a telecommunications
 
company in
Puerto Rico
 
experiencing reduced
 
revenue due
 
to operational
 
challenges following
 
a business
 
acquisition and
 
client attrition.
 
The
second loan classified as
 
NPL is a $30.1
 
million commercial real estate
 
facility, following
 
a $13.5 million charge-off,
 
and is secured
by a hotel property in Florida.
93
Excluding these cases, credit
 
quality metrics reflected favorable trends. The
 
Corporation continues to closely monitor the
 
economic
landscape
 
and
 
borrower
 
performance,
 
as
 
economic
 
uncertainty
 
remains
 
a
 
key
 
consideration.
 
The
 
Corporation’s
 
experience
managing credit risk under
 
different macroeconomic and operating
 
environments and, more recently,
 
the steps taken
 
around credit
tightening
 
supports
 
management’s
 
view
 
that
 
exposure
 
to
 
riskier
 
borrowers
 
is
 
adequately
 
managed.
 
Nonetheless,
 
carefully
monitoring the performance of our loan portfolio and
 
its response to the environment will continue
 
to be a priority.
Total
 
NPAs of $540.8 million as of December
 
31, 2025, increased by $132.7 million when compared with December 31, 2024. Total
NPLs of
 
$498.3 million increased
 
by $147.6
 
million from December
 
31, 2024.
 
BPPR’s NPLs
 
increased by $166.6
 
million, primarily
due to the classification of the two commercial exposures with book values of $158.3 million and $30.1 million as NPLs, partly offset
by lower mortgage
 
NPLs by $26.1
 
million. Popular U.S.
 
NPLs decreased by
 
$19.1 million, mostly
 
driven by a
 
decrease of $16.5
 
in
the mortgage NPLs, due to the return
 
to accrual of a single loan after a period of
 
sustained performance.
 
On December
 
31, 2025,
 
the ratio
 
of NPLs
 
to total
 
loans held-in-portfolio
 
was 1.27%,
 
compared to
 
0.95%, at
 
December 31,
 
2024.
Other real estate owned loans (“OREOs”) totaled
 
$42.4 million, a decrease of $14.8 million from December
 
31, 2024.
 
The Corporation’s
 
commercial loan
 
portfolio secured
 
by real
 
estate (“CRE”)
 
amounted to
 
$11.2
 
billion on
 
December 31,
 
2025, of
which
 
$3.2
 
billion
 
was
 
secured
 
with
 
owner
 
occupied
 
properties,
 
compared
 
with
 
$10.9
 
billion
 
and
 
$3.2
 
billion,
 
respectively,
 
on
December 31, 2024.
CRE NPLs
 
amounted to
 
$76.0 million
 
at December
 
31, 2025,
 
compared with
 
$53.7 million
 
at December
 
31, 2024.
 
The CRE
 
NPL
ratios for the BPPR and Popular U.S. segments were 1.23% and 0.25%, respectively,
 
at December 31, 2025, compared with 0.64%
and 0.37%, respectively, on December 31, 2024.
The non-owner occupied CRE portfolio was $5.5 billion at December 31, 2025, split between $3.4 billion in BPPR and $2.1
 
billion in
Popular U.S. This portfolio is diversified across sectors: retail (34%), hotels (19%),
 
and office space (12%) which together represent
two-thirds of
 
total non-owner
 
occupied CRE
 
exposure. Specifically,
 
office space
 
leasing accounts
 
for just
 
1.7% ($685.2
 
million) of
the total loan portfolio, mainly comprising mid-rise properties with an average loan size of $3 million, and is well diversified by tenant
type.
 
Within CRE, the
 
commercial multi-family portfolio is
 
$2.5 billion (approximately 6%
 
of total loans),
 
concentrated in New
 
York
 
Metro
($1.4 billion), South Florida ($664.1 million) and Puerto Rico ($196.7
 
million) regions. In the New York Metro, there is no exposure to
rent-controlled buildings and rent-stabilized
 
units make up less than 40% of total units,
 
with most originated after 2019.
In
 
addition
 
to
 
the
 
NPLs
 
included
 
in
 
Table
 
23,
 
at
 
December
 
31,
 
2025,
 
there
 
were
 
$499.6
 
million
 
of
 
performing
 
loans,
 
mostly
commercial
 
loans,
 
which
 
in
 
management’s
 
opinion,
 
are
 
currently
 
subject
 
to
 
potential
 
future
 
classification
 
as
 
non-performing
(December 31, 2024 - $596 million).
The following table presents the Corporation’s NPAs as of December 31, 2025 and
 
2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94
Table 23 - Non-Performing
 
Assets
December 31, 2025
December 31, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Non-accrual loans:
Commercial
Commercial multi-family
$
112
$
8,636
$
8,748
$
79
$
8,700
$
8,779
Commercial real estate non-owner
occupied
35,692
7,020
42,712
6,429
8,015
14,444
Commercial real estate owner occupied
24,567
-
24,567
25,258
5,191
30,449
Commercial and industrial
 
183,914
6,498
190,412
19,335
1,748
21,083
Total Commercial
 
244,285
22,154
266,439
51,101
23,654
74,755
Leasing
9,179
-
9,179
9,588
-
9,588
Mortgage
132,373
13,422
145,795
158,442
29,890
188,332
Consumer
 
 
Home equity lines of credit
-
2,796
2,796
-
3,393
3,393
 
Personal
 
18,863
1,233
20,096
20,269
1,741
22,010
 
Auto
52,200
-
52,200
51,792
-
51,792
 
Other
1,809
29
1,838
899
11
910
Total Consumer
 
72,872
4,058
76,930
72,960
5,145
78,105
Total non-performing
 
loans held-in-portfolio
458,709
39,634
498,343
292,091
58,689
350,780
Other real estate owned (“OREO”)
41,929
504
42,433
57,197
71
57,268
Total non-performing
 
assets
[1]
$
500,638
$
40,138
$
540,776
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or more
[2]
$
228,772
$
188
$
228,960
$
242,250
$
190
$
242,440
Non-performing loans
 
to loans held-in-
portfolio
 
1.27
%
0.95
%
Interest Lost
 
12,598
15,565
[1] There were no non-performing loans held-for-sale
 
as of December 31, 2025 and December 31, 2024.
[2] It is the Corporation’s
 
policy to report delinquent
 
residential mortgage loans
 
insured by FHA or
 
guaranteed by the VA
 
as accruing loans past
 
due 90
days or more as opposed to non-performing
 
since the principal repayment is insured.
 
These balances include $47 million of
 
residential mortgage loans
insured by FHA or guaranteed by the VA
 
that are no longer accruing interest as of
 
December 31, 2025 (December 31, 2024
 
- $65 million). Furthermore,
at December 31, 2025 the
 
Corporation had approximately
 
$27 million in reverse
 
mortgage loans which are
 
guaranteed by FHA, but
 
which are currently
not accruing
 
interest. Due
 
to the
 
guaranteed nature
 
of the
 
loans, it
 
is the
 
Corporation’s
 
policy to
 
exclude these
 
balances from
 
non-performing assets
(December 31, 2024 - $31 million).
For
 
the
 
year
 
ended December
 
31,
 
2025,
 
total
 
inflows
 
of
 
NPLs
 
held-in-portfolio, excluding
 
consumer loans,
 
increased by
 
$132.1
million, compared to
 
the same
 
period in 2024.
 
Inflows of
 
NPLs held-in-portfolio at
 
the BPPR segment
 
increased by $198.2
 
million,
compared to the same period in 2024, mainly driven
 
by higher commercial inflows by $216.2 million, in
 
part offset by lower mortgage
inflows by $18.0 million. The increase in commercial inflows was primarily driven by the abovementioned exposures, totaling $188.4
million, which were classified as NPLs during the third quarter of 2025. Inflows
 
of NPLs held-in-portfolio at the Popular U.S. segment
decreased by $66.0 million from the same period in 2024, mainly
 
driven by lower commercial and mortgage inflows by $29.9 million
and $36.2 million, respectively.
Tables 24 to 30 present the Corporation’s inflows to NPLs for the years ended 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
95
Table 24 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the year ended December 31, 2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
 
- NPLs
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
359,190
32,318
391,508
Advances on existing non-performing loans
(2,312)
117
(2,195)
Less:
Non-performing loans transferred to OREO
(13,067)
(433)
(13,500)
Non-performing loans charged-off
(18,325)
(1,730)
(20,055)
Loans returned to accrual status / loan collections
(158,371)
(48,240)
(206,611)
Ending balance - NPLs
$
376,658
$
35,576
$
412,234
Table 25 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the year ended December 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
158,713
98,088
256,801
Advances on existing non-performing loans
-
382
382
Less:
Non-performing loans transferred to OREO
(16,572)
(24)
(16,596)
Non-performing loans charged-off
(18,643)
(1,885)
(20,528)
Loans returned to accrual status / loan collections
(168,431)
(65,371)
(233,802)
Ending balance -
 
NPLs
$
209,543
$
53,544
$
263,087
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
96
Table 26 - Activity in Non
 
-Performing Commercial Loans Held-In-Portfolio
For the year ended December 31, 2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$51,101
$23,654
$74,755
Plus:
New non-performing loans
234,270
19,092
253,362
Advances on existing non-performing loans
(2,312)
116
(2,196)
Less:
Non-performing loans transferred to OREO
(260)
-
(260)
Non-performing loans charged-off
(17,948)
(1,730)
(19,678)
Loans returned to accrual status / loan collections
(20,566)
(18,978)
(39,544)
Ending balance - NPLs
$244,285
$22,154
$266,439
Table 27 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the year ended December 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$72,992
11,163
$84,155
Plus:
New non-performing loans
15,749
48,764
64,513
Advances on existing non-performing loans
-
314
314
Less:
Non-performing loans transferred to OREO
(358)
-
(358)
Non-performing loans charged-off
(18,485)
(1,867)
(20,352)
Loans returned to accrual status / loan collections
(18,797)
(34,720)
(53,517)
Ending balance - NPLs
$51,101
$23,654
$74,755
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
97
Table 28 -
 
Activity in Non-Performing Construction Loans Held-in
 
-Portfolio
For the year ended December 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$6,378
$-
$6,378
Less:
Loans returned to accrual status / loan collections
(6,378)
-
(6,378)
Ending balance - NPLs
$-
$-
$-
Table 29 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the year ended December 31,
 
2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$158,442
$29,890
$188,332
Plus:
New non-performing loans
124,920
13,226
138,146
Advances on existing non-performing loans
-
1
1
Less:
Non-performing loans transferred to OREO
(12,807)
(433)
(13,240)
Non-performing loans charged-off
(377)
-
(377)
Loans returned to accrual status / loan collections
(137,805)
(29,262)
(167,067)
Ending balance - NPLs
$132,373
$13,422
$145,795
Table 30 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the year ended December 31,
 
2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$175,106
$11,191
$186,297
Plus:
New non-performing loans
142,964
49,324
192,288
Advances on existing non-performing loans
-
68
68
Less:
Non-performing loans transferred to OREO
(16,214)
(24)
(16,238)
Non-performing loans charged-off
(158)
(18)
(176)
Loans returned to accrual status / loan collections
(143,256)
(30,651)
(173,907)
Ending balance - NPLs
$158,442
$29,890
$188,332
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
98
Loan Delinquencies
Another key measure used to evaluate and
 
monitor the Corporation’s asset quality is loan
 
delinquencies. Loans delinquent 30 days
or
 
more
 
and
 
delinquencies, as
 
a
 
percentage
 
of
 
their
 
related
 
portfolio
 
category
 
at
 
December
 
31,
 
2025
 
and
 
2024,
 
are
 
presented
below.
Table 31 - Loan Delinquencies
(Dollars in thousands)
December 31, 2025
December 31, 2024
Loans delinquent
30 days or more
Total loans
Total delinquencies
 
as a percentage
 
of total loans
Loans delinquent
30 days or more
Total loans
Total delinquencies
 
as a percentage
 
of total loans
Commercial
 
Commercial multi-family
$
24,982
$
2,455,790
1.02
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
47,068
5,543,284
0.85
24,925
5,363,235
0.46
Commercial real estate
owner occupied
28,008
3,153,080
0.89
42,311
3,157,746
1.34
Commercial and industrial
215,068
8,607,412
2.50
49,942
7,741,562
0.65
Total Commercial
 
315,126
19,759,566
1.59
133,004
18,662,163
0.71
Construction
 
17,283
1,674,899
1.03
1,039
1,263,792
0.08
Mortgage
[1]
759,300
8,649,440
8.78
798,130
8,114,183
9.84
Leasing
37,567
2,001,365
1.88
39,641
1,925,405
2.06
Consumer
 
Credit cards
 
51,846
1,256,717
4.13
59,078
1,218,079
4.85
Home equity lines of credit
4,160
78,692
5.29
5,054
73,571
6.87
Personal
 
53,632
1,906,228
2.81
57,835
1,855,244
3.12
Auto
 
186,798
3,819,812
4.89
191,008
3,823,437
5.00
Other
5,929
180,799
3.28
3,930
171,778
2.29
Total Consumer
 
302,365
7,242,248
4.18
316,905
7,142,109
4.44
Loans held-for-sale
-
9,998
-
-
5,423
-
Total
 
$
1,431,641
$
39,337,516
3.64
%
$
1,288,719
$
37,113,075
3.47
%
[1]
 
Loans delinquent 30 days or more includes $0.4 billion
 
of residential mortgage loans insured by FHA or guaranteed
 
by the VA as of December
31, 2025 (December 31, 2024 - $0.4 billion). Refer to Note
 
7 to the Consolidated Financial Statements for additional information
 
of guaranteed loans.
Allowance for Credit Losses (“ACL”)
The ACL
 
represents management’s
 
estimate of
 
expected credit
 
losses through
 
the remaining
 
contractual life
 
of the
 
different loan
segments, impacted by expected prepayments. The ACL
 
is maintained at a sufficient
 
level to provide for estimated credit
 
losses on
collateral dependent loans as well as loans modified
 
for borrowers with financial difficulties separately from the remainder
 
of the loan
portfolio. The Corporation’s
 
management evaluates the adequacy
 
of the ACL
 
on a quarterly
 
basis. In this
 
evaluation, management
considers current
 
conditions, macroeconomic
 
economic expectations through
 
a reasonable
 
and supportable
 
period, historical
 
loss
experience,
 
portfolio composition
 
by
 
loan
 
type
 
and
 
risk
 
characteristics,
 
results
 
of
 
periodic credit
 
reviews
 
of
 
individual loans,
 
and
regulatory requirements, amongst other factors.
The Corporation must rely on
 
estimates and exercise judgment regarding matters where
 
the ultimate outcome is unknown, such
 
as
economic developments affecting specific
 
customers, industries, or markets.
 
Other factors that can
 
affect management’s estimates
are
 
recalibration
 
of
 
statistical
 
models
 
used
 
to
 
calculate
 
lifetime
 
expected
 
losses,
 
changes
 
in
 
underwriting
 
standards,
 
financial
accounting standards and loan impairment measurements,
 
among others. Changes in the financial condition
 
of individual borrowers,
in economic
 
conditions, and
 
in the
 
condition of
 
the various
 
markets in
 
which collateral
 
may be
 
sold, may
 
also affect
 
the required
level of
 
the allowance
 
for credit
 
losses. Consequently,
 
the business
 
financial condition,
 
liquidity,
 
capital, and
 
results of
 
operations
could also be affected.
99
At December
 
31, 2025,
 
the ACL
 
increased by
 
$62.1
 
million from
 
December 31,
 
2024 to
 
$808.1 million.
The increase
 
in ACL
 
was
driven
 
by
 
a
 
combination
 
of
 
changes
 
in
 
the
 
economic
 
scenario,
 
probability
 
weights,
 
loan
 
volumes
 
and
 
increases
 
in
 
qualitative
reserves, in
 
response to
 
the current
 
economic environment uncertainty,
 
coupled with
 
a specific
 
reserve recognized
 
for the
 
above-
mentioned $158.3 million commercial NPL inflow.
 
The
 
ACL
 
for
 
BPPR
 
increased
 
by
 
$47.3
 
million,
 
driven
 
by
 
a
 
combination
 
of
 
a
 
specific
 
reserve
 
recognized for
 
the
 
$158.3
 
million
commercial
 
NPL
 
inflow,
 
higher
 
loan
 
volumes,
 
changes
 
in
 
the
 
economic
 
scenario,
 
and
 
changes
 
in
 
the
 
probability
 
weights
 
that
resulted in a $8.8 million net ACL increase. In PB, the ACL
 
increased by $14.8 million, when compared to December 31, 2024. This
increase was
 
influenced by
 
higher qualitative
 
reserves for
 
the CRE
 
portfolio in
 
response to
 
current market
 
volatility and
 
economic
uncertainty, coupled with changes in the probability weights that resulted in a
 
$4.9 million net increase.
The Corporation’s ratio of
 
the allowance for credit
 
losses to loans held-in-portfolio was
 
2.05% on December 31,
 
2025, compared to
2.01% on December 31, 2024.
 
The ratio of the allowance for
 
credit losses to NPLs held-in-portfolio stood at
 
162.15%, compared to
212.68% on December 31, 2024.
Refer to Note 8 – Allowance for credit losses – loans held-in-portfolio to the Consolidated Financial Statements, and to the Provision
for Credit Losses section of this MD&A for additional
 
information.
 
Tables 32 to 33 details the allowance for credit losses by loan categories and the percentage
 
it represents of total loans held-in-
portfolio and NPLs. The breakdown is made for analytical
 
purposes, and it is not necessarily indicative of the
 
categories in which
future loan losses may occur.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100
Table 32 - Allowance for Credit
 
Losses - Loan Portfolios
December 31, 2025
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
 
Commercial multi-family
$
19,345
$
2,455,790
0.79
%
$
8,748
221.14
%
 
Commercial real estate non-owner occupied
58,717
5,543,284
1.06
%
42,712
137.47
%
 
Commercial real estate owner occupied
48,451
3,153,080
1.54
%
24,567
197.22
%
 
Commercial and industrial
 
180,934
8,607,412
2.10
%
190,412
95.02
%
Total Commercial
 
$
307,447
$
19,759,566
1.56
%
$
266,439
115.39
%
Construction
13,826
1,674,899
0.83
%
-
-
Mortgage
80,554
8,649,440
0.93
%
145,795
55.25
%
Leasing
18,620
2,001,365
0.93
%
9,179
202.85
%
Consumer
 
 
Credit cards
91,124
1,256,717
7.25
%
-
-
 
Home equity lines of credit
1,335
78,692
1.70
%
2,796
47.75
%
 
Personal
 
106,612
1,906,228
5.59
%
20,096
530.51
%
 
Auto
180,364
3,819,812
4.72
%
52,200
345.52
%
 
Other
8,174
180,799
4.52
%
1,838
444.72
%
Total Consumer
 
$
387,609
$
7,242,248
5.35
%
$
76,930
503.85
%
Total
$
808,056
$
39,327,518
2.05
%
$
498,343
162.15
%
Table 33 - Allowance for Credit
 
Losses - Loan Portfolios
December 31, 2024
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
 
Commercial multi-family
$
9,236
$
2,399,620
0.38
%
$
8,779
105.21
%
 
Commercial real estate non-owner occupied
54,494
5,363,235
1.02
%
14,444
377.28
%
 
Commercial real estate owner occupied
49,828
3,157,746
1.58
%
30,449
163.64
%
 
Commercial and industrial
 
146,006
7,741,562
1.89
%
21,083
692.53
%
Total Commercial
 
$
259,564
$
18,662,163
1.39
%
$
74,755
347.22
%
Construction
11,264
1,263,792
0.89
%
-
-
Mortgage
82,409
8,114,183
1.02
%
188,332
43.76
%
Leasing
16,419
1,925,405
0.85
%
9,588
171.25
%
Consumer
 
 
Credit cards
99,130
1,218,079
8.14
%
-
-
 
Home equity lines of credit
1,503
73,571
2.04
%
3,393
44.30
%
 
Personal
 
102,736
1,855,244
5.54
%
22,010
466.77
%
 
Auto
165,995
3,823,437
4.34
%
51,792
320.50
%
 
Other
7,004
171,778
4.08
%
910
769.67
%
Total Consumer
 
$
376,368
$
7,142,109
5.27
%
$
78,105
481.87
%
Total
$
746,024
$
37,107,652
2.01
%
$
350,780
212.68
%
Table
 
34
 
details
 
the
 
breakdown
 
of
 
the
 
allowance
 
for
 
credit
 
losses
 
by
 
loan
 
categories.
 
The
 
breakdown
 
is
 
made
 
for
 
analytical
purposes, and it is not necessarily indicative of
 
the categories in which future loan losses may occur.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101
Table 34 - Allocation of the
 
Allowance for Credit Losses - Loans
At December 31,
2025
2024
% of loans
% of loans
in each
in each
category to
category to
(Dollars in millions)
ACL
total loans
ACL
total loans
Commercial
 
Commercial multi-family
$19.3
6.2
%
$9.2
6.5
%
 
Commercial real estate non-owner occupied
58.7
14.1
54.5
14.5
 
Commercial real estate owner occupied
48.6
8.0
49.9
8.5
 
Commercial and industrial
 
180.9
21.9
146.0
20.8
Total Commercial
 
$307.5
50.2
%
$259.6
50.3
%
Construction
13.8
4.3
11.3
3.4
Mortgage
 
80.6
22.0
82.4
21.9
Leasing
18.6
5.1
16.4
5.2
Consumer
 
Credit cards
91.1
3.2
99.1
3.3
 
Home equity lines of credit
1.3
0.2
1.5
0.2
 
Personal
 
106.6
4.8
102.7
5.0
 
Auto
180.4
9.7
166.0
10.2
 
Other Consumer
 
8.2
0.5
7.0
0.5
Total Consumer
 
$387.6
18.4
%
$376.3
19.2
%
Total
[1]
$808.1
100.0
%
$746.0
100.0
%
[1] Note: For purposes of this table the term loans refers to
 
loans held-in-portfolio excluding loans held-for-sale.
The following
 
table presents
 
net charge-offs
 
to average
 
loans held-in-portfolio
 
(“HIP”) ratios
 
by loan
 
category for
 
the years
 
ended
December 31, 2025 and 2024:
Table 35 - Net Charge-Offs
 
(Recoveries) to Average Loans HIP
December 31, 2025
December 31, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
0.14
%
0.01
%
0.08
%
0.17
%
0.04
%
0.11
%
Construction
 
(0.01)
(0.01)
(0.01)
(0.59)
(0.01)
(0.10)
Mortgage
 
(0.14)
(0.02)
(0.12)
(0.21)
(0.01)
(0.18)
Leasing
0.55
-
0.55
0.67
-
0.67
Consumer
 
2.53
3.01
2.55
3.06
7.44
3.20
Total
 
0.72
%
0.05
%
0.52
%
0.89
%
0.18
%
0.68
%
NCOs for the year ended December 31, 2025, amounted to $198.7 million, decreasing by $43.1 million when compared to the same
period in
 
2024. The
 
BPPR segment
 
decreased by
 
$30.1 million
 
mainly driven
 
by lower
 
consumer NCOs
 
by $32.1
 
million. The
 
PB
segment NCOs decreased by $13.0 million, primarily
 
driven by lower consumer NCOs by $10.6
 
million.
 
102
Loan Modifications
For the year ended December 31, 2025, modified
 
loans to borrowers with financial difficulty amounted
 
to $406.6 million, of which
$386.8 million were in accruing status. The BPPR
 
segment’s modifications to borrowers with financial difficulty amounted
 
to $345.7
million, mainly comprised of commercial and mortgage
 
loans of $264.9 million and $54.9 million, respectively. A total of $35.9 million
of the mortgage modifications were related to government
 
guaranteed loans. The Popular U.S. segment’s modifications
 
to
borrowers with financial difficulty amounted to $60.9 million,
 
mostly comprised of commercial loans.
Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
on
 
modifications
 
made
 
to
 
borrowers
experiencing financial difficulties.
Enterprise Risk Management
The Corporation’s
 
Board of
 
Directors has
 
established a
 
Risk Management
 
Committee (“RMC”)
 
to, among
 
other things,
 
assist the
Board in its (i) oversight of the Corporation’s overall risk framework and (ii)
 
to monitor, review, and approve policies to measure, limit
and manage the Corporation’s risks.
 
The
 
Corporation
 
has
 
established
 
a
 
three
 
lines
 
of
 
defense
 
framework:
 
(a)
 
business
 
line
 
management constitutes
 
the
 
first
 
line
 
of
defense by identifying
 
and managing the
 
risks associated with
 
business activities, (b) components
 
of the Risk
 
Management Group
and
 
the
 
Corporate
 
Security
 
Group,
 
among
 
others,
 
act
 
as
 
the
 
second
 
line
 
of
 
defense
 
by,
 
among
 
other
 
things,
 
measuring
 
and
reporting on the Corporation’s risk activities, and (c) the Corporate Auditing Division
,
 
as the third line of defense, reporting directly to
the Audit Committee of the Board, by independently providing
 
assurance regarding the effectiveness of the risk
 
framework.
 
The Enterprise Risk Management Committee (the “ERM Committee”)
 
is a management committee whose purpose is to oversee and
monitor Market, Interest, Liquidity,
 
Regulatory and Financial Compliance, BSA/AML & Sanctions, Regulatory,
 
Strategic, Operational
(including
 
Fraud
 
and
 
Third
 
Party
 
Risk,
 
among
 
others),
 
Information
 
Technology
 
and
 
Cyber
 
Security,
 
Legal,
 
Credit,
 
Climate
 
and
Reputational risks, as
 
defined in the
 
Risk Appetite Statement
 
(“RAS”) of the
 
Risk Management Policy
 
and within the
 
Corporation’s
Enterprise Risk
 
Management (“ERM”)
 
framework. The
 
ERM
 
Committee and
 
the Enterprise
 
Risk Management
 
Department in
 
the
Financial and
 
Operational Risk
 
Management Division
 
(the “FORM
 
Division”), in
 
coordination with
 
the Chief
 
Risk Officer
 
(“CRO”),
create the framework to identify and manage multiple
 
and cross-enterprise risks, and to articulate the
 
RAS and supporting metrics.
The
 
Enterprise
 
Risk
 
Management
 
Department
 
has
 
established
 
a
 
process
 
to
 
ensure
 
that
 
an
 
appropriate
 
standard
 
readiness
assessment is performed before we launch a new product or service. Similar procedures are performed by the Treasury Division for
transactions involving
 
the purchase
 
and sale
 
of assets,
 
and by
 
the Mergers
 
and Acquisitions
 
Division for
 
acquisition transactions.
The Enterprise Risk Management Department has a Corporate
 
Issues Management Policy to promote on time remediation of
 
issues
and increase the
 
governance and transparency around
 
the number and
 
the severity of
 
issues identified for each
 
business unit and
corporate
 
function
 
by
 
all
 
sources.
 
The
 
Enterprise
 
Risk
 
Management
 
Department
 
also
 
has
 
a
 
Corporate
 
Regulatory
 
Change
Management Program
 
to
 
oversee,
 
on
 
a
 
risk
 
basis,
 
the
 
implementation of
 
laws
 
and
 
regulations by
 
the
 
appropriate
 
business and
support areas.
The Asset/Liability
 
Committee (“ALCO”),
 
composed of
 
senior management
 
representatives from
 
the business
 
lines and
 
corporate
functions, and the Corporate Finance Group, are responsible for planning and executing the
 
Corporation’s market, interest rate risk,
funding
 
activities
 
and
 
strategy,
 
as
 
well
 
as
 
for
 
implementing
 
approved
 
policies
 
and
 
procedures.
 
The
 
ALCO
 
also
 
reviews
 
the
Corporation’s
 
capital
 
policy
 
and
 
the
 
attainment
 
of
 
the
 
capital
 
management
 
objectives.
 
In
 
addition,
 
the
 
Financial
 
Risk,
 
Corporate
Insurance & Advisory Department independently measures,
 
monitors and reports compliance with
 
liquidity and market risk policies,
and oversees controls surrounding interest risk measurements.
The Corporate Compliance
 
Committee, comprised of
 
senior management team
 
members and representatives
 
from the Regulatory
and Financial
 
Compliance Division
 
and the
 
Financial Crimes
 
Compliance Division,
 
among others,
 
are responsible
 
for overseeing
and
 
assessing
 
the
 
adequacy
 
of
 
the
 
risk
 
management
 
processes
 
that
 
support
 
Popular’s
 
compliance
 
program
 
for
 
identifying,
assessing,
 
measuring,
 
monitoring,
 
testing,
 
mitigating,
 
and
 
reporting
 
compliance
 
risks.
 
They
 
also
 
supervise
 
Popular’s
 
reporting
obligations
 
under
 
the
 
compliance
 
program
 
to
 
assess
 
the
 
adequacy,
 
consistency
 
and
 
timeliness
 
of
 
the
 
reporting
 
of
 
compliance-
related risks across the Corporation.
 
103
The Regulatory Affairs
 
team is responsible
 
for maintaining an
 
open dialog with
 
the banking regulatory
 
agencies to have
 
regulatory
risks properly identified, measured, monitored, as well as communicated to
 
the appropriate regulatory agency as necessary to keep
them apprised of material matters within the purview
 
of these agencies.
The
 
Credit
 
Strategy
 
Committee,
 
composed
 
of
 
senior
 
level
 
management
 
representatives
 
from
 
the
 
business
 
lines
 
and
 
corporate
functions, and the Corporate Credit Risk Management Division,
 
are responsible for monitoring credit risk management
 
activities both
at
 
the corporate
 
level
 
and
 
across all
 
Popular subsidiaries
 
providing for
 
the
 
development and
 
consistent
 
application of
 
credit
 
risk
policies, processes
 
and procedures
 
that measure,
 
limit and
 
manage credit
 
risks, while
 
seeking to
 
maintain the
 
effectiveness and
efficiency of the operating and businesses processes.
 
The Corporation’s Operational Risk Committee (“ORCO”) composed of senior
 
level management representatives from the business
lines
 
and
 
corporate
 
functions,
 
provide
 
executive
 
oversight
 
of
 
the
 
operational
 
risk
 
management
 
activities
 
of
 
Popular
 
and
 
its
subsidiaries providing
 
for the
 
development and
 
consistent application
 
of operational
 
risk policies,
 
processes, and
 
procedures that
measure,
 
limit,
 
and
 
manage
 
operational
 
risks
 
while
 
maintaining
 
the
 
effectiveness
 
and
 
efficiency
 
of
 
the
 
operating
 
and
 
business
processes.
 
The
 
FORM
 
Division,
 
within
 
the
 
Risk
 
Management
 
Group,
 
serves
 
as
 
ORCO’s
 
operating
 
arm
 
and
 
is
 
responsible
 
for
establishing baseline processes to measure, monitor, limit and manage
 
operational risk.
The Corporate Security Group (“CSG”), under the direction of the
 
Chief Security Officer, leads
 
all efforts pertaining to cybersecurity,
enterprise fraud and data
 
privacy, including
 
developing strategies and oversight processes with
 
policies and programs that mitigate
compliance, operational,
 
strategic, financial
 
and reputational
 
risks associated
 
with the
 
Corporation’s and
 
our customers’
 
data and
assets.
 
The Information Technology
 
and Cyber Risk
 
Committee, composed of senior
 
management representatives from the
 
business lines
and
 
corporate
 
functions,
 
the
 
Information
 
Technology
 
Division
 
and
 
the
 
CSG,
 
are
 
responsible
 
for
 
the
 
oversight
 
and
 
monitoring
 
of
information
 
technology
 
and
 
cybersecurity
 
risks,
 
mitigation
 
strategies,
 
actions
 
and
 
controls,
 
key
 
risk
 
metrics,
 
and
 
information
technology and cyber incidents that may result in operational, compliance and reputational risks.
The Chief Security Officer also co-
chairs the Information Technology & Cyber Security Risk Committee along with the Chief Information
 
& Digital Strategy Officer.
The Corporate Legal Division, in this context, has the responsibility
 
of assessing, monitoring, managing and reporting with respect to
legal risks, including those related to litigation, investigations
 
and other material legal matters.
 
The
 
Corporation has
 
also
 
established
 
a
 
Corporate Sustainability
 
Committee
 
whose
 
purpose
 
and
 
responsibility is
 
to
 
oversee the
Corporation’s sustainability efforts and support the development and consistent application of policies, strategies and guidelines that
measure and
 
manage sustainability
 
matters and
 
risks. The
 
Corporate Sustainability
 
Committee also
 
assesses environmental
 
and
social considerations
 
with respect
 
to certain
 
commercial credit
 
applications, in
 
accordance with
 
the applicable
 
Commercial Credit
Policy and Commercial Credit Manuals of BPPR
 
and PB.
The processes
 
of strategic
 
risk planning
 
and the
 
evaluation of
 
reputational risk
 
are on-going
 
processes through
 
which continuous
data gathering and analysis are performed. In order to have strategic risks properly identified and monitored, the Corporate Strategy
and
 
Transformation
 
Division,
 
performs
 
periodic
 
assessments
 
regarding
 
corporate
 
strategic
 
priority
 
initiatives,
 
such
 
as
 
the
Corporation’s transformation initiative and other emerging issues. The
 
Acquisitions and Corporate Investments Division continuously
assesses potential
 
strategic transactions.
 
The Corporate
 
Communications Division is
 
responsible for
 
the monitoring,
 
management
and implementation of action plans with respect
 
to reputational risk issues.
Popular’s capital planning process integrates the Corporation’s risk profile
 
as well as its strategic focus, operating
 
environment, and
other factors
 
that could
 
materially affect
 
capital adequacy
 
in hypothetical
 
highly-stressed business
 
scenarios. Capital
 
ratio targets
and triggers take into consideration the different risks evaluated
 
under Popular’s risk management framework.
In
 
addition to
 
establishing a
 
formal process
 
to manage
 
risk, our
 
corporate culture
 
is also
 
critical to
 
an effective
 
risk management
function.
 
Through our Code
 
of Ethics, the
 
Corporation provides a framework
 
for all our
 
employees to conduct themselves
 
with the
highest integrity.
ADOPTION OF NEW ACCOUNTING STANDARDS AND ISSUED BUT NOT
 
YET EFFECTIVE ACCOUNTING STANDARDS
Refer to Note 3 “New Accounting Pronouncements”
 
to the Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
104
Statistical Summary 2025-2024
Statements of Financial Condition
At December 31,
(In thousands)
2025
2024
Assets:
 
Cash and due from banks
$
402,755
$
419,638
Money market investments:
 
Time deposits with other banks
 
4,626,506
6,380,948
Total money market investments
4,626,506
6,380,948
Trading account debt securities, at fair value
36,569
32,831
Debt securities available-for-sale, at fair
 
value
20,574,972
18,245,903
Debt securities held-to-maturity, at amortized cost
7,327,529
7,758,077
Less – Allowance for credit losses
5,812
5,317
Debt securities held-to-maturity, net
7,321,717
7,752,760
Equity securities
229,848
208,166
Loans held-for-sale, at fair value
9,998
5,423
Loans held-in-portfolio:
Loans held-in-portfolio
39,749,142
37,522,995
Less – Unearned income
421,624
415,343
 
Allowance for credit losses
808,056
746,024
Total loans held-in-portfolio, net
38,519,462
36,361,628
Premises and equipment, net
685,820
601,787
Other real estate
 
42,433
57,268
Accrued income receivable
300,824
263,389
Mortgage servicing rights, at fair value
96,356
108,103
Other assets
1,705,977
1,797,759
Goodwill
789,954
802,954
Other intangible assets
5,076
6,826
Total assets
$
75,348,267
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:
 
Deposits:
 
Non-interest bearing
$
15,304,209
$
15,139,555
Interest bearing
50,885,884
49,744,790
Total deposits
66,190,093
64,884,345
Assets sold under agreements to repurchase
39,001
54,833
Other short-term borrowings
650,000
225,000
Notes payable
759,577
896,293
Other liabilities
1,460,517
1,371,846
Total liabilities
69,099,188
67,432,317
Stockholders’ equity:
Preferred stock
22,143
22,143
Common stock
1,049
1,048
Surplus
4,924,296
4,908,693
Retained earnings
5,206,497
4,570,957
Treasury stock – at cost
(2,722,819)
(2,228,535)
Accumulated other comprehensive loss, net
 
of tax
(1,182,087)
(1,661,240)
Total stockholders’ equity
 
6,249,079
5,613,066
Total liabilities and stockholders’ equity
$
75,348,267
$
73,045,383
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
105
Statistical Summary 2023-2025
Statements of Operations
For the years ended December 31,
(In thousands)
2025
2024
2023
Interest income:
Loans
$
2,763,118
$
2,626,058
$
2,331,654
Money market investments
254,786
352,195
366,625
Investment securities
765,105
695,010
547,028
Total interest income
3,783,009
3,673,263
3,245,307
Less - Interest expense
1,241,806
1,390,975
1,113,783
Net interest income
2,541,203
2,282,288
2,131,524
Provision for credit losses
 
260,163
256,942
208,609
Net interest income after provision for
 
credit losses
 
2,281,040
2,025,346
1,922,915
Mortgage banking activities
14,956
19,059
21,497
Net gain (loss), including impairment, on
 
equity securities
1,596
(1,583)
3,482
Net gain on trading account debt securities
1,908
1,445
1,382
Net gain (loss) on sale of loans, including
 
valuation adjustments on loans held-for-sale
-
440
(115)
Adjustment to indemnity reserves on loans
 
sold
(174)
1,266
2,319
Other non-interest income
639,733
638,282
622,159
Total non-interest income
658,019
658,909
650,724
Operating expenses:
 
Personnel costs
905,214
820,451
778,045
All other operating expenses
1,027,052
1,067,186
1,120,055
Total operating expenses
1,932,266
1,887,637
1,898,100
Income before income tax
 
1,006,793
796,618
675,539
Income tax expense
173,634
182,406
134,197
Net Income
$
833,159
$
614,212
$
541,342
Net Income Applicable to Common Stock
 
$
831,747
$
612,800
$
539,930
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
106
Statistical Summary 2025-2023
Average Balance Sheet and Summary of
 
Net Interest Income
On a Taxable Equivalent
 
Basis*
2025
2024
2023
(Dollars in thousands)
Average
Balance
Interest
 
Average
Rate
 
Average
Balance
Interest
 
Average
Rate
 
Average
Balance
Interest
 
Average
Rate
 
Assets
Interest earning assets:
Money market investments
$
5,853,342
$
254,786
4.35
%
$
6,640,514
$
352,195
5.30
%
$
7,051,718
$
366,625
5.20
%
U.S.
 
Treasury securities
22,491,878
812,239
3.61
21,047,129
654,712
3.11
20,305,488
441,179
2.17
Obligations of U.S.
 
Government
 
Obligations of Puerto Rico, States
and political subdivisions
53,292
5,743
10.78
59,668
6,215
10.42
64,682
5,863
9.06
Collateralized mortgage obligations and
 
mortgage-backed securities
6,007,691
126,136
2.10
6,642,953
136,016
2.05
7,360,071
157,196
2.14
Other
 
217,451
11,430
5.26
205,711
11,514
5.60
196,226
11,519
5.87
Total investment securities
28,770,312
955,548
3.32
27,955,461
808,457
2.89
27,926,467
615,757
2.20
Trading account securities
29,714
1,667
5.61
30,250
1,583
5.23
31,876
1,377
4.32
Loans (net of unearned income)
37,982,637
2,845,548
7.49
35,701,240
2,684,598
7.52
33,164,961
2,387,351
7.20
Total interest earning
 
assets/Interest
income
$
72,636,005
$
4,057,549
5.59
%
$
70,327,465
$
3,846,833
5.47
%
$
68,175,022
$
3,371,110
4.94
%
Total non-interest
 
earning assets
3,104,642
3,072,814
3,059,214
Total assets
$
75,740,647
$
73,400,279
$
71,234,236
Liabilities and Stockholders' Equity
 
Interest bearing liabilities:
Savings, NOW,
 
money market and
other
 
 
interest bearing demand accounts
$
42,213,411
$
884,594
2.10
%
$
40,476,544
$
1,046,100
2.58
%
$
39,463,481
$
862,981
2.19
%
Time deposits
9,390,884
293,303
3.12
8,902,700
290,021
3.26
7,775,846
187,043
2.41
Federal funds purchased
6,027
264
4.39
6,011
322
5.36
6
-
5.25
Securities purchased under agreement
to resell
59,793
2,726
4.56
70,145
3,900
5.56
115,808
6,019
5.20
Other short-term borrowings
290,617
12,827
4.41
8,402
454
5.40
27,302
1,310
4.80
Notes payable
 
824,356
48,092
5.83
961,886
50,178
5.22
1,109,163
56,430
5.09
 
Total interest bearing
 
liabilities/Interest
expense
52,785,088
1,241,806
2.35
50,425,688
1,390,975
2.76
48,491,606
1,113,783
2.30
 
Total non-interest
 
bearing liabilities
15,747,877
15,921,398
16,142,027
Total liabilities
68,532,965
66,347,086
64,633,633
Stockholders' equity
 
7,207,682
7,053,193
6,600,603
Total liabilities and
 
stockholders' equity
$
75,740,647
$
73,400,279
$
71,234,236
Net interest income on a taxable
equivalent basis
$
2,815,743
$
2,455,858
$
2,257,327
Cost of funding earning assets
1.71
%
1.98
%
1.63
%
Net interest margin
3.88
%
3.49
%
3.31
%
Effect of the taxable equivalent
adjustment
274,540
173,570
125,803
Net interest income per books
$
2,541,203
$
2,282,288
$
2,131,524
*
 
Shows
 
the
 
effect
 
of
 
the
 
tax
 
exempt
 
status
 
of
 
some
 
loans
 
and
 
investments
 
on
 
their
 
yield,
 
using
 
the
 
applicable
 
statutory
 
income
 
tax
 
rates.
 
The
computation considers
 
the interest
 
expense disallowance
 
required by
 
the Puerto
 
Rico Internal
 
Revenue Code.
 
This adjustment
 
is shown
 
in order
 
to
compare the yields of the tax exempt and taxable assets
 
on a taxable basis.
 
Note: Average loan
 
balances include the
 
average balance of
 
non-accruing loans. No
 
interest income is
 
recognized for these
 
loans in accordance
 
with
the Corporation’s
 
policy.
 
Average
 
balances
 
exclude
 
unrealized
 
gains
 
or
 
losses
 
on
 
debt
 
securities
 
available-for-sale
 
and
 
unrealized
 
losses
 
on
 
debt
securities transfer to held-to-maturities.
 
 
bpop-20251231p107i0
107
Report of Management on Internal Control Over Financial
 
Reporting
The management of
 
Popular, Inc.
 
(the “Corporation”) is responsible
 
for establishing and
 
maintaining adequate internal control
 
over
financial reporting as defined in Rules 13a - 15(f) and 15d -
 
15(f) under the Securities Exchange Act of 1934 and for our assessment
of internal control over financial reporting. The Corporation’s internal
 
control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in
 
accordance
 
with
 
accounting
 
principles
 
generally
 
accepted
 
in
 
the
 
United
 
States
 
of
 
America,
 
and
 
includes
 
controls
 
over
 
the
preparation of
 
financial statements
 
in accordance
 
with the
 
instructions to
 
the Consolidated
 
Financial Statements
 
for Bank
 
Holding
Companies (Form FR Y-9C)
 
to comply with the reporting requirements of Section 112
 
of the Federal Deposit Insurance Corporation
Improvement Act (FDICIA). The Corporation’s internal control
 
over financial reporting includes those policies
 
and procedures that:
(i)
 
pertain
 
to
 
the
 
maintenance
 
of
 
records
 
that,
 
in
 
reasonable
 
detail,
 
accurately
 
and
 
fairly
 
reflect
 
the
 
transactions
 
and
dispositions of the assets of the Corporation;
(ii)
 
provide
 
reasonable
 
assurance
 
that
 
transactions
 
are
 
recorded
 
as
 
necessary
 
to
 
permit
 
preparation
 
of
 
financial
statements in accordance with accounting principles generally accepted in the United States of America, and that receipts
and expenditures of the Corporation are being made only in accordance with authorizations of management and directors
of the Corporation; and
(iii) provide reasonable assurance regarding
 
prevention or timely detection of
 
unauthorized acquisition, use or disposition
of the Corporation’s assets that could have a material effect
 
on the financial statements.
Because
 
of
 
its
 
inherent
 
limitations,
 
internal
 
control
 
over
 
financial
 
reporting
 
may
 
not
 
prevent
 
or
 
detect
 
misstatements.
 
Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance
 
with the policies or procedures may deteriorate.
The management of Popular,
 
Inc. has assessed the
 
effectiveness of the Corporation’s
 
internal control over financial reporting
 
as of
December
 
31,
 
2025.
 
In
 
making
 
this
 
assessment,
 
management
 
used
 
the
 
criteria
 
set
 
forth
 
in
 
the
 
Internal
 
Control-Integrated
Framework (2013) issued by the Committee of
 
Sponsoring Organizations of the Treadway Commission (COSO).
 
Based on our assessment, management concluded that the Corporation maintained effective internal control over financial reporting
as of December 31, 2025 based on the
 
criteria referred to above.
The Corporation’s
 
independent registered
 
public accounting
 
firm,
PricewaterhouseCoopers LLP
,
 
has audited
 
the effectiveness
 
of
the Corporation’s
 
internal control
 
over financial
 
reporting as
 
of December
 
31, 2025,
 
as stated
 
in their
 
report dated
 
March 2,
 
2026
which appears herein.
/s/ Javier D. Ferrer
/s/ Jorge J. García
Javier D. Ferrer
Jorge J. García
President and Chief Executive Officer
Executive Vice President
and Chief Financial Officer
bpop-20251231p108i0
108
Report of Independent Registered Public Accounting Firm
 
To
the
Board of Directors and Stockholders of Popular, Inc.
Opinions on the Financial Statements and Internal
 
Control over Financial Reporting
 
We
 
have
 
audited
 
the
 
accompanying
 
consolidated
 
statements
 
of
 
financial
 
condition
 
of
 
Popular,
 
Inc.
 
and
 
its
subsidiaries
 
(the
 
“Corporation”)
 
as
 
of
 
December
 
31,
 
2025
 
and
 
2024,
 
and
 
the
 
related
 
consolidated
 
statements
 
of
operations, comprehensive income, changes
 
in stockholders’ equity and cash
 
flows for each of
 
the three years in
 
the
period ended
 
December 31,
 
2025, including
 
the related
 
notes (collectively
 
referred to
 
as the
 
“consolidated financial
statements”).
 
We
 
also
 
have
 
audited
 
the
 
Corporation's
 
internal
 
control
 
over
 
financial
 
reporting
 
as
 
of
 
December
 
31,
2025,
 
based
 
on
 
criteria established in Internal
 
Control
 
-
 
Integrated
 
Framework (2013)
 
issued
 
by
 
the
 
Committee
 
of
Sponsoring Organizations of the Treadway Commission (COSO).
In
 
our
 
opinion,
 
the
 
consolidated
 
financial
 
statements
 
referred
 
to
 
above
 
present
 
fairly,
 
in
 
all
 
material
 
respects,
 
the
financial position of the Corporation as of
 
December 31, 2025 and 2024, and the
 
results of its operations and its cash
flows
 
for
 
each
 
of
 
the
 
three
 
years
 
in
 
the
 
period
 
ended
 
December
 
31,
 
2025
 
in
 
conformity with
 
accounting
 
principles
generally
 
accepted
 
in
 
the
 
United
 
States
 
of
 
America. Also in
 
our
 
opinion,
 
the
 
Corporation maintained,
 
in
 
all
 
material
respects,
 
effective
 
internal
 
control
 
over
 
financial
 
reporting
 
as
 
of
 
December
 
31,
 
2025,
 
based
 
on
criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
 
The
 
Corporation's management
 
is responsible
 
for these
 
consolidated
 
financial statements,
 
for maintaining
 
effective
internal control
 
over financial
 
reporting, and
 
for its
 
assessment of
 
the effectiveness
 
of internal
 
control over
 
financial
reporting,
 
included
 
in
 
the
 
accompanying
 
Report
 
of
 
Management
 
on
 
Internal
 
Control
 
over
 
Financial
 
Reporting.
 
Our
responsibility is
 
to express
 
opinions on
 
the Corporation’s
 
consolidated financial
 
statements and
 
on the
 
Corporation's
internal
 
control
 
over
 
financial
 
reporting
 
based
 
on
 
our
 
audits.
 
We
 
are
 
a
 
public
 
accounting
 
firm
 
registered
 
with
 
the
Public
 
Company
 
Accounting
 
Oversight
 
Board
 
(United
 
States)
 
(PCAOB)
 
and
 
are
 
required
 
to
 
be
 
independent
 
with
respect
 
to
 
the
 
Corporation
 
in
 
accordance
 
with
 
the
 
U.S.
 
federal
 
securities
 
laws
 
and
 
the
 
applicable
 
rules
 
and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits
 
in accordance with the standards
 
of the PCAOB. Those standards
 
require that we plan and
perform
 
the audits
 
to obtain
 
reasonable assurance
 
about
 
whether the
 
consolidated financial
 
statements are
 
free of
material
 
misstatement,
 
whether due
 
to error
 
or
 
fraud, and
 
whether
 
effective
 
internal control
 
over financial
 
reporting
was maintained in all material respects.
Our
 
audits
 
of
 
the
 
consolidated
 
financial
 
statements
 
included
 
performing
 
procedures
 
to
 
assess
 
the
 
risks of
 
material
misstatement of the consolidated
 
financial statements, whether due
 
to error or fraud,
 
and performing procedures that
respond to
 
those risks.
 
Such procedures
 
included examining,
 
on a
 
test basis,
 
evidence regarding
 
the amounts
 
and
disclosures
 
in
 
the
 
consolidated
 
financial
 
statements.
 
Our
 
audits
 
also
 
included
 
evaluating
 
the
 
accounting
 
principles
used
 
and
 
significant
 
estimates
 
made
 
by
 
management,
 
as
 
well
 
as
 
evaluating
 
the
 
overall
 
presentation
 
of
 
the
consolidated
 
financial
 
statements.
 
Our
 
audit
 
of
 
internal
 
control
 
over
 
financial
 
reporting
 
included
 
obtaining
 
an
understanding
 
of
 
internal
 
control
 
over
 
financial
 
reporting,
 
assessing
 
the
 
risk
 
that
 
a
 
material
 
weakness
 
exists,
 
and
testing
 
and
 
evaluating
 
the
 
design
 
and
 
operating
 
effectiveness
 
of
 
internal
 
control
 
based
 
on
 
the
 
assessed
 
risk.
 
Our
audits also included performing such other procedures as we considered necessary in
 
the circumstances. We believe
that our audits provide a reasonable basis for our opinions.
109
Definition and Limitations of Internal Control over Financial Reporting
 
A
company’s
 
internal
 
control
 
over
 
financial
 
reporting
 
is
 
a
 
process
 
designed
 
to
 
provide
 
reasonable
 
assurance
regarding
 
the
 
reliability
 
of
 
financial
 
reporting
 
and
 
the
 
preparation
 
of
 
financial
 
statements
 
for
 
external
 
purposes
 
in
accordance
 
with
 
generally
 
accepted
 
accounting
 
principles.
 
Management's
 
assessment
 
and
 
our
 
audit
 
of
 
Popular,
Inc.'s
 
internal
 
control
 
over
 
financial
 
reporting
 
also
 
included
 
controls
 
over
 
the
 
preparation
 
of
 
financial
 
statements
 
in
accordance with the instructions
 
to the Consolidated Financial Statements
 
for Bank Holding Companies
 
(Form FR Y-
9C)
 
to
 
comply
 
with
 
the
 
reporting
 
requirements
 
of
 
Section
 
112
 
of
 
the
 
Federal
 
Deposit
 
Insurance
 
Corporation
Improvement
 
Act
 
(FDICIA).
 
A
 
company’s
 
internal
 
control
 
over
 
financial
 
reporting
 
includes
 
those
 
policies
 
and
procedures
 
that (i)
 
pertain to
 
the maintenance
 
of records
 
that, in
 
reasonable detail,
 
accurately
 
and fairly
 
reflect the
transactions and
 
dispositions of
 
the assets
 
of the
 
company; (ii)
 
provide reasonable
 
assurance that
 
transactions are
recorded
 
as
 
necessary
 
to
 
permit
 
preparation
 
of
 
financial
 
statements
 
in
 
accordance
 
with
 
generally
 
accepted
accounting
 
principles, and
 
that receipts
 
and expenditures
 
of the
 
company are
 
being made
 
only
 
in accordance
 
with
authorizations
 
of
 
management
 
and
 
directors
 
of
 
the
 
company;
 
and
 
(iii)
 
provide
 
reasonable
 
assurance
 
regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have
a material effect on the financial statements.
Because of
 
its inherent
 
limitations, internal
 
control over
 
financial reporting
 
may not
 
prevent or
 
detect misstatements.
Also, projections of
 
any evaluation of effectiveness
 
to future periods are
 
subject to the risk
 
that controls may become
inadequate because
 
of changes
 
in conditions,
 
or that
 
the degree
 
of compliance
 
with the
 
policies or
 
procedures may
deteriorate.
Critical Audit Matters
 
The
 
critical
 
audit
 
matter
 
communicated
 
below
 
is
 
a
 
matter
 
arising
 
from
 
the
 
current
 
period
 
audit
 
of
 
the
 
consolidated
financial
 
statements
 
that
 
was
 
communicated
 
or
 
required
 
to
 
be
 
communicated
 
to
 
the
 
audit
 
committee
 
and
 
that
 
(i)
relates
 
to
 
accounts
 
or
 
disclosures
 
that
 
are
 
material
 
to
 
the
 
consolidated
 
financial
 
statements
 
and
 
(ii)
 
involved
 
our
especially challenging,
 
subjective, or
 
complex judgments.
 
The communication
 
of critical
 
audit matters
 
does not
 
alter
in any way our opinion on the consolidated financial statements, taken as a whole, and
 
we are not, by communicating
the
 
critical
 
audit
 
matter
 
below,
 
providing
 
a
 
separate
 
opinion
 
on
 
the
 
critical
 
audit
 
matter
 
or
 
on
 
the
 
accounts
 
or
disclosures to which it relates.
Allowance for Credit Losses – Certain Loans Held-in-Portfolio
As described
 
in Notes
 
2 and
 
8 to
 
the consolidated
 
financial statements,
 
as of
 
December 31,
 
2025, the
 
Corporation
had an allowance for credit
 
losses (“ACL”) on loans held-in-portfolio
 
of $307.4 million related to
 
the commercial loans
portfolio, $13.8 million related to the construction loans
 
portfolio, $70.7 million related to the Banco Popular de
 
Puerto
Rico’s (“BPPR”) mortgage loans portfolio,
 
$97.8 million related to BPPR’s
 
personal loans portfolio, and $180.4 million
related to
 
the BPPR’s
 
auto loans
 
portfolio (collectively
 
“certain loans
 
held-in-portfolio”). Management
 
establishes an
ACL
 
for
 
the
 
loan
 
portfolio
 
based
 
on
 
an
 
estimate
 
of
 
credit
 
losses
 
over
 
the
 
remaining
 
contractual
 
term
 
of
 
the
 
loans,
adjusted
 
for
 
expected
 
prepayments.
 
Management
 
follows
 
a
 
methodology
 
to
 
estimate
 
the
 
ACL
 
which
 
includes
 
a
reasonable
 
and
 
supportable
 
forecast
 
period
 
for
 
estimating
 
credit
 
losses,
 
considering
 
quantitative
 
and
 
qualitative
factors as
 
well as
 
the economic
 
outlook. The
 
modeling framework
 
includes internally
 
developed quantitative
 
models
that generate
 
lifetime default
 
and prepayments,
 
and other
 
loan level
 
techniques to
 
estimate loss
 
severity.
 
As part
 
of
the
 
methodology,
 
management
 
evaluates
 
various
 
macroeconomic
 
scenarios
 
and
 
applies
 
probability
 
weights
 
to
 
the
outcome
 
of
 
the
 
selected
 
macroeconomic
 
scenarios.
 
The
 
macroeconomic
 
variables
 
chosen
 
by
 
management
 
to
estimate
 
credit
 
losses
 
are
 
selected
 
by
 
combining
 
quantitative
 
procedures
 
with
 
expert
 
judgement.
 
The
 
ACL
 
also
includes a
 
qualitative adjustment
 
framework that
 
addresses two
 
main components:
 
losses that
 
are expected
 
but not
captured within the quantitative modeling framework and model imprecision.
The
 
principal
 
considerations
 
for
 
our
 
determination
 
that
 
performing
 
procedures
 
relating
 
to
 
the
 
allowance
 
for
 
credit
losses for
 
certain
 
loans held-in-portfolio
 
is a
 
critical audit
 
matter are
 
(i) a
 
high degree
 
of auditor
 
effort in
 
performing
procedures and evaluating audit
 
evidence related to
 
the allowance for credit
 
losses for certain loans
 
held-in-portfolio;
and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
 
110
Addressing the
 
matter involved
 
performing procedures
 
and evaluating audit
 
evidence in
 
connection with
 
forming our
overall
 
opinion
 
on
 
the
 
consolidated
 
financial
 
statements.
 
These
 
procedures
 
included
 
testing
 
the
 
effectiveness
 
of
controls relating to
 
the allowance for credit
 
losses for certain loans
 
held-in-portfolio. These procedures
 
also included,
among others, (i) testing management’s process for developing
 
the allowance for credit losses for certain
 
loans held-
in-portfolio;
 
(ii) testing
 
the completeness
 
and
 
accuracy of
 
certain
 
data
 
used
 
in
 
the
 
internally
 
developed quantitative
models; and
 
(iii) the
 
involvement of
 
professionals with
 
specialized skill
 
and knowledge
 
to assist
 
in evaluating
 
(a) the
appropriateness of
 
the methodology
 
and the internally
 
developed quantitative models
 
used by management;
 
and (b)
 
the
 
lifetime
 
default,
 
prepayment
 
and
 
loss
 
severity
 
estimates,
 
management’s
 
selection
 
of
 
various
 
macroeconomic
scenarios
 
and
 
macroeconomic
 
variables,
 
the
 
probability
 
weights
 
applied
 
to
 
the
 
outcome
 
of
 
the
 
selected
macroeconomic
 
scenarios,
 
the
 
reasonable
 
and
 
supportable
 
forecast
 
period,
 
and
 
the
 
qualitative
 
adjustments
 
for
losses that are expected but not captured within the quantitative modeling framework and model imprecision.
/s/ PricewaterhouseCoopers LLP
San Juan, Puerto Rico
March 2, 2026
We have served as the Corporation’s auditor since 1971, which includes periods before the Corporation became
subject to SEC reporting requirements
Stamp DLLP216-854 of the P.R. Society of
Certified Public Accountants is affixed to
the original of this report
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
111
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
[UNAUDITED]
December 31,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
402,755
$
419,638
Money market investments
4,626,506
6,380,948
Trading account debt securities, at fair value
36,569
32,831
Debt securities available-for-sale, at fair
 
value:
Pledged securities with creditors’ right to repledge
 
30,687
30,486
Other debt securities available-for-sale
20,544,285
18,215,417
Debt securities available-for-sale
20,574,972
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge
 
9,298
27,405
Other debt securities held-to-maturity
7,318,231
7,730,672
Debt securities held-to-maturity (fair
 
value 2025 - $
7,363,587
; 2024 - $
7,682,664
)
7,327,529
7,758,077
Less – Allowance for credit losses
5,812
5,317
Debt securities held-to-maturity, net
7,321,717
7,752,760
Equity securities (realizable value 2025 -
 
$
230,388
; 2024 - $
208,663
)
229,848
208,166
Loans held-for-sale, at fair value
9,998
5,423
Loans held-in-portfolio
39,749,142
37,522,995
Less – Unearned income
421,624
415,343
 
Allowance for credit losses
808,056
746,024
Total loans held-in-portfolio, net
38,519,462
36,361,628
Premises and equipment, net
685,820
601,787
Other real estate
42,433
57,268
Accrued income receivable
300,824
263,389
Mortgage servicing rights, at fair value
96,356
108,103
Other assets
1,705,977
1,797,759
Goodwill
789,954
802,954
Other intangible assets
5,076
6,826
Total assets
$
75,348,267
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:
 
Deposits:
Non-interest bearing
$
15,304,209
$
15,139,555
Interest bearing
50,885,884
49,744,790
Total deposits
66,190,093
64,884,345
Assets sold under agreements to repurchase
39,001
54,833
Other short-term borrowings
650,000
225,000
Notes payable
759,577
896,293
Other liabilities
1,460,517
1,371,846
Total liabilities
69,099,188
67,432,317
Commitments and contingencies (Refer
 
to Note 23)
 
 
Stockholders’ equity:
 
Preferred stock,
30,000,000
 
shares authorized;
885,726
 
shares issued and outstanding (2024
-
885,726
)
22,143
22,143
Common stock, $
0.01
 
par value;
170,000,000
 
shares authorized;
104,921,229
 
shares issued (2024 -
104,849,460
) and
65,719,385
 
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,924,296
4,908,693
Retained earnings
5,206,497
4,570,957
Treasury stock - at cost,
39,201,844
 
shares (2024 -
34,708,169
)
 
(2,722,819)
(2,228,535)
Accumulated other comprehensive loss, net
 
of tax
 
(1,182,087)
(1,661,240)
Total stockholders’ equity
 
6,249,079
5,613,066
Total liabilities and stockholders’ equity
$
75,348,267
$
73,045,383
The accompanying notes are an integral part of
 
these Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
112
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF OPERATIONS
Years ended December 31,
(In thousands, except per share information)
2025
2024
2023
Interest income:
Loans
$
2,763,118
$
2,626,058
$
2,331,654
Money market investments
254,786
352,195
366,625
Investment securities
765,105
695,010
547,028
Total interest income
3,783,009
3,673,263
3,245,307
Interest expense:
Deposits
1,177,896
1,336,121
1,050,024
Short-term borrowings
15,818
4,676
7,329
Long-term debt
48,092
50,178
56,430
Total interest expense
1,241,806
1,390,975
1,113,783
Net interest income
2,541,203
2,282,288
2,131,524
Provision for credit losses
 
260,163
256,942
208,609
Net interest income after provision for credit losses
 
2,281,040
2,025,346
1,922,915
Service charges on deposit accounts
155,868
151,343
147,476
Other service fees
402,911
389,233
374,440
Mortgage banking activities (Refer to Note 9)
14,956
19,059
21,497
Net gain (loss), including impairment on equity securities
1,596
(1,583)
3,482
Net gain on trading account debt securities
1,908
1,445
1,382
Net gain (loss) on sale of loans, including
 
valuation adjustments on loans
held-for-sale
-
440
(115)
Adjustments to indemnity reserves on loans sold
(174)
1,266
2,319
Other operating income
80,954
97,706
100,243
Total non-interest income
658,019
658,909
650,724
Operating expenses:
Personnel costs
905,214
820,451
778,045
Net occupancy expenses
110,213
111,430
111,586
Equipment expenses
22,110
33,424
37,057
Other taxes
72,939
66,046
55,926
Professional fees
110,098
125,822
161,142
Technology and software expenses
341,605
329,061
290,615
Processing and transactional services
152,386
142,677
138,070
Communications
19,270
18,899
16,664
Business promotion
107,283
101,930
94,926
FDIC deposit insurance
24,369
54,626
105,985
Other real estate owned (OREO) income
(13,393)
(18,124)
(15,375)
Other operating expenses
65,422
98,457
97,279
Amortization of intangibles
1,750
2,938
3,180
Goodwill impairment charge
13,000
-
23,000
Total operating expenses
1,932,266
1,887,637
1,898,100
Income before income tax
1,006,793
796,618
675,539
Income tax expense
173,634
182,406
134,197
Net Income
$
833,159
$
614,212
$
541,342
Net Income Applicable to Common Stock
$
831,747
$
612,800
$
539,930
Net Income per Common Share – Basic
$
12.31
$
8.56
$
7.53
Net Income per Common Share – Diluted
$
12.30
$
8.56
$
7.52
The accompanying notes are an integral part of
 
these consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
113
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
Years ended December 31,
 
(In thousands)
2025
2024
2023
Net income
$
833,159
$
614,212
$
541,342
Other comprehensive income before tax:
Foreign currency translation adjustment
(13,917)
(6,837)
(7,793)
Adjustment of pension and postretirement
 
benefit plans
(3,431)
22,652
23,052
Amortization of net losses
9,090
14,471
19,253
Unrealized net holding gains (losses) on debt
 
securities arising during the period
 
402,862
101,442
391,633
Amortization of unrealized losses of debt
 
securities transfer from available-for-sale
 
to
held-to-maturity
 
186,381
179,563
172,883
Unrealized net gains (losses) on cash flow
 
hedges
-
-
(30)
Reclassification adjustment for net (gains)
 
losses included in net income
-
-
(41)
Other comprehensive income before tax
580,985
311,291
598,957
Income tax (expense) benefit
(101,832)
(77,000)
30,440
Total other comprehensive income, net of tax
479,153
234,291
629,397
Comprehensive income, net of tax
$
1,312,312
$
848,503
$
1,170,739
Tax effect allocated to each component of other comprehensive
 
income (loss):
Years ended December 31,
 
(In thousands)
2025
2024
2023
Adjustment of pension and postretirement
 
benefit plans
$
1,287
$
(8,495)
$
(8,644)
Amortization of net losses
(3,409)
(5,427)
(7,219)
Unrealized net holding (losses) gains on debt
 
securities arising during the period
 
(62,435)
(27,165)
80,854
Amortization of unrealized losses of debt
 
securities transferred from available-for-sale
 
to
held-to-maturity
 
(37,275)
(35,913)
(34,577)
Unrealized net gains on cash flow hedges
-
-
11
Reclassification adjustment for net (gains)
 
losses included in net income
-
-
15
Income tax (expense) benefit
$
(101,832)
$
(77,000)
$
30,440
The accompanying notes are an integral
 
part of these consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
114
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CHANGES IN STOCKHOLDERS’ EQUITY
Accumulated
 
other
Common
 
Preferred
Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
loss
Total
Balance at December 31, 2022
$
1,047
$
22,143
$
4,790,993
$
3,834,348
$
(2,030,178)
$
(2,524,928)
$
4,093,425
Cumulative effect of accounting change
28,752
28,752
Net income
541,342
541,342
Issuance of stock
1
6,310
6,311
Dividends declared:
Common stock
[1]
(163,664)
(163,664)
Preferred stock
(1,412)
(1,412)
Common stock purchases
 
-
(4,550)
(4,550)
Stock based compensation
1,581
15,771
17,352
Other comprehensive income, net of tax
629,397
629,397
Transfer to statutory reserve
44,515
(44,515)
-
Balance at December 31, 2023
$
1,048
$
22,143
$
4,843,399
$
4,194,851
$
(2,018,957)
$
(1,895,531)
$
5,146,953
Net income
614,212
614,212
Issuance of stock
6,860
6,860
Dividends declared:
Common stock
[1]
(183,854)
(183,854)
Preferred stock
(1,412)
(1,412)
Common stock purchases
[2]
(224,626)
(224,626)
Stock based compensation
5,594
15,048
20,642
Other comprehensive income, net of tax
234,291
234,291
Transfer to statutory reserve
52,840
(52,840)
-
Balance at December 31, 2024
$
1,048
$
22,143
$
4,908,693
$
4,570,957
$
(2,228,535)
$
(1,661,240)
$
5,613,066
Net income
833,159
833,159
Issuance of stock
1
7,118
7,119
Dividends declared:
Common stock
[1]
(196,207)
(196,207)
Preferred stock
(1,412)
(1,412)
Common stock purchases
 
[3]
(510,639)
(510,639)
Stock based compensation
8,485
16,355
24,840
Other comprehensive income, net of tax
479,153
479,153
Balance at December 31, 2025
$
1,049
$
22,143
$
4,924,296
$
5,206,497
$
(2,722,819)
$
(1,182,087)
$
6,249,079
[1]
Dividends declared per common share during the year ended
 
December 31, 2025 - $
2.90
 
(2024 - $
2.56
; 2023 - $
2.27
).
[2]
Includes common
 
stock
 
repurchases
 
of $
217.3
 
million
 
as
 
part of
 
the 2024
 
common
 
stock
 
repurchase
 
program.
 
Refer to
 
Note
 
19
 
for additional
information.
[3]
Includes common stock repurchases of $
501.5
 
million as part of the 2024 and 2025 common stock
 
repurchase program previously announced by
the Corporation. Refer to Note 19 for additional information.
Years ended December
 
31,
Disclosure of changes in number of shares:
2025
2024
2023
Preferred Stock:
Balance at beginning and end of year
885,726
885,726
885,726
Common Stock:
Balance at beginning of year
104,849,460
104,767,348
104,657,522
Issuance of stock
71,769
82,112
109,826
Balance at end of year
104,921,229
104,849,460
104,767,348
Treasury stock
(39,201,844)
(34,708,169)
(32,613,727)
Common Stock – Outstanding
65,719,385
70,141,291
72,153,621
The accompanying notes are an integral part of these consolidated
 
financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
Years ended December
 
31,
(In thousands)
2025
2024
2023
Cash flows from operating activities:
Net income
$
833,159
$
614,212
$
541,342
Adjustments to reconcile net income to net cash provided
 
by operating activities:
Provision for credit losses
260,163
256,942
208,609
Goodwill impairment charge
13,000
-
23,000
Amortization of intangibles
1,750
2,938
3,180
Depreciation and amortization of premises and equipment
53,230
57,078
58,507
Net accretion of discounts and amortization of premiums and
 
deferred fees
 
(256,758)
(252,413)
(45,249)
Interest capitalized on loans subject to the temporary
 
payment moratorium or loss mitigation
alternatives
(5,360)
(7,109)
(9,868)
Share-based compensation
26,937
19,676
16,773
Fair value adjustments on mortgage servicing rights
12,881
11,370
12,339
Adjustments to indemnity reserves on loans sold
174
(1,266)
(2,319)
Earnings from investments under the equity method, net
 
of dividends or distributions
(25,886)
(23,541)
(27,450)
Deferred income tax expense (benefit)
6,382
23,711
(43,139)
(Gain) loss on:
Disposition of premises and equipment and other productive
 
assets
(187)
(7,558)
(12,756)
Proceeds from insurance claims
-
-
(145)
Sale of loans, including valuation adjustments on loans
 
held-for-sale and mortgage banking
activities
(608)
(758)
203
Sale of equity method investment
 
(1,226)
-
(152)
Sale of stock in equity method investee
-
(551)
-
Sale of foreclosed assets, including write-downs
(11,890)
(17,953)
(22,665)
Acquisitions of loans held-for-sale
(8,688)
(6,886)
(7,639)
Proceeds from sale of loans held-for-sale
35,968
47,809
44,734
Net originations on loans held-for-sale
(34,214)
(49,579)
(68,310)
Net decrease (increase) in:
Trading debt securities
10,512
13,898
33,500
Equity securities
(5,186)
(6,847)
(11,341)
Accrued income receivable
 
(37,401)
216
(23,238)
Other assets
54,935
30,043
24,200
Net increase (decrease) in:
Interest payable
5,517
1,622
19,814
Pension and other postretirement benefits obligation
4,461
8,463
16,092
Other liabilities
(53,218)
(38,795)
(41,410)
Total adjustments
45,288
60,510
145,270
Net cash provided by operating activities
878,447
674,722
686,612
Cash flows from investing activities:
 
Net decrease (increase) in money market investments
1,754,908
620,578
(1,383,821)
Purchases of investment securities:
Available-for-sale
(36,751,680)
(34,339,865)
(16,707,264)
Held-to-maturity
-
-
(8,615)
Equity
(60,163)
(27,216)
(18,477)
Proceeds from calls, paydowns, maturities and redemptions
 
of investment securities:
Available-for-sale
35,211,557
33,789,182
18,215,910
Held-to-maturity
607,310
659,543
458,806
Proceeds from sale of investment securities:
Equity
45,167
19,623
31,946
Net disbursements on loans
(1,792,913)
(1,636,569)
(2,475,837)
Proceeds from sale of loans
66,982
42,287
135,231
Acquisition of loan portfolios
(733,410)
(668,215)
(770,493)
Return of capital from equity method investments
3
279
249
Payments to acquire equity method investments
(687)
(1,250)
(1,500)
Proceeds from sale of equity method investment
1,226
-
152
Proceeds from sale of stock in equity method investee
-
4,489
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
116
Acquisition of premises and equipment
(197,460)
(213,412)
(208,044)
Proceeds from insurance claims
-
-
145
Proceeds from sale of:
Premises and equipment and other productive assets
659
8,890
8,658
Foreclosed assets
89,056
109,182
109,547
Net cash used in investing activities
(1,759,445)
(1,632,474)
(2,613,407)
Cash flows from financing activities:
 
Net increase (decrease) in:
Deposits
1,300,698
1,261,053
2,365,451
Assets sold under agreements to repurchase
 
(15,832)
(36,551)
(57,225)
Other short-term borrowings
425,000
225,000
(365,000)
Payments of notes payable
(144,214)
(91,943)
(343,261)
Principal payments of finance leases
(3,933)
(3,977)
(5,360)
Proceeds from issuances of notes payable
6,112
-
441,705
Proceeds from issuances of common stock
7,118
6,860
6,311
Dividends paid
(197,568)
(180,461)
(159,860)
Net payments for repurchase of common stock
(504,721)
(213,922)
(461)
Payments related to tax withholding for share-based compensation
(8,079)
(6,476)
(4,089)
Net cash provided by (used in) financing activities
864,581
959,583
1,878,211
Net (decrease) increase
 
in cash and due from banks, and restricted cash
(16,417)
1,831
(48,584)
Cash and due from banks, and restricted cash at beginning
 
of period
429,406
427,575
476,159
Cash and due from banks, and restricted cash at end of period
$
412,989
$
429,406
$
427,575
The accompanying notes are an integral part of these consolidated
 
financial statements.
117
Notes to Consolidated Financial Statements
 
Note 1 -
Nature of Operations
118
Note 2 -
Summary of Significant Accounting Policies
119
Note 3 -
New Accounting Pronouncements
129
Note 4 -
Restrictions on Cash and Due from Banks and Certain Securities
135
Note 5 -
Debt Securities Available-For-Sale
136
Note 6 -
Debt Securities Held-to-Maturity
139
Note 7 -
Loans
142
Note 8 -
Allowance for Credit Losses – Loans Held-In-Portfolio
150
Note 9 -
Mortgage Banking Activities
186
Note 10 -
Transfers of Financial Assets and Mortgage
 
Servicing Assets
187
Note 11 -
Premises and Equipment
190
Note 12 -
Other Real Estate Owned
191
Note 13 -
Other Assets
192
Note 14 -
Goodwill and Other Intangible Assets
 
194
Note 15 -
Deposits
196
Note 16 -
Borrowings
197
Note 17 -
Trust Preferred Securities
200
Note 18 -
Other Liabilities
201
Note 19 -
Stockholders’ Equity
202
Note 20 -
Regulatory Capital Requirements
203
Note 21 -
Other Comprehensive Income (Loss)
 
206
Note 22 -
Guarantees
208
Note 23 -
Commitments and Contingencies
210
Note 24-
Non-consolidated Variable Interest
 
Entities
213
Note 25 -
Derivative Instruments and Hedging Activities
215
Note 26 -
Related Party Transactions
218
Note 27 -
Fair Value Measurement
219
Note 28 -
Fair Value of Financial Instruments
227
Note 29 -
Employee Benefits
230
Note 30 -
Net Income per Common Share
238
Note 31 -
Revenue from Contracts with Customers
239
Note 32 -
Leases
241
Note 33 -
Stock-Based Compensation
243
Note 34 -
Income Taxes
246
Note 35 -
Supplemental Disclosure on the Consolidated Statements of Cash
 
Flows
251
Note 36 -
Segment Reporting
252
Note 37 -
Popular, Inc. (Holding company only)
 
Financial Information
257
118
Note 1 – Nature of Operations
 
Popular,
 
Inc. (the
 
“Corporation” or
 
“Popular”) is
 
a diversified,
 
publicly owned
 
financial holding
 
company subject
 
to the
 
supervision
and
 
regulation
 
of
 
the
 
Board
 
of
 
Governors
 
of
 
the
 
Federal
 
Reserve
 
System.
 
The
 
Corporation
 
has
 
operations
 
in
 
Puerto
 
Rico,
 
the
mainland United
 
States (“U.S.”)
 
and the
 
U.S. and
 
British Virgin
 
Islands. In
 
Puerto Rico,
 
the Corporation
 
provides retail,
 
mortgage,
and
 
commercial banking
 
services, as
 
well as
 
auto and
 
equipment leasing
 
and financing
 
through its
 
principal banking
 
subsidiary,
Banco Popular
 
de Puerto
 
Rico (“BPPR”),
 
as well
 
as broker-dealer
 
and insurance
 
services through
 
specialized subsidiaries.
 
In the
U.S.
 
mainland,
 
the
 
Corporation
 
provides
 
retail
 
and
 
commercial
 
banking
 
services,
 
as
 
well
 
as
 
equipment
 
leasing
 
and
 
financing,
through
 
its
 
New
 
York-chartered
 
banking subsidiary,
 
Popular
 
Bank
 
(“PB”
 
or
 
“Popular
 
U.S.”),
 
which
 
has
 
branches
 
located
 
in
 
New
York, New Jersey, and Florida.
119
Note 2 – Summary of significant accounting
 
policies
The
 
accounting
 
and
 
financial
 
reporting
 
policies
 
of
 
Popular,
 
Inc.
 
and
 
its
 
subsidiaries
 
(the
 
“Corporation”) conform
 
with
 
accounting
principles generally accepted in the United States
 
of America and with prevailing practices within
 
the financial services industry.
 
The following is a description of the most significant
 
of these policies:
Principles of consolidation
The
 
consolidated
 
financial
 
statements
 
include
 
the
 
accounts
 
of
 
Popular,
 
Inc.
 
and
 
its
 
subsidiaries.
 
Intercompany
 
accounts
 
and
transactions have been
 
eliminated in consolidation. In
 
accordance with the
 
consolidation guidance for variable
 
interest entities, the
Corporation
 
would
 
also
 
consolidate
 
any
 
variable
 
interest
 
entities
 
(“VIEs”)
 
for
 
which
 
it
 
has
 
a
 
controlling
 
financial
 
interest;
 
and
therefore, it is the primary beneficiary. Assets
 
held in a fiduciary capacity are not assets of the Corporation and, accordingly,
 
are not
included in the Consolidated Statements of Financial
 
Condition.
Unconsolidated investments, in
 
which there is
 
at least
 
20% ownership and
 
/ or
 
the Corporation exercises
 
significant influence, are
generally
 
accounted
 
for
 
by
 
the
 
equity
 
method
 
with
 
earnings
 
recorded
 
in
 
other
 
operating
 
income.
 
Limited
 
partnerships
 
are
 
also
accounted for by the equity method unless the investor’s
 
interest is so “minor” that the limited partner may have
 
virtually no influence
over
 
partnership
 
operating
 
and
 
financial
 
policies.
 
These
 
investments
 
are
 
included
 
in
 
other
 
assets
 
and
 
the
 
Corporation’s
proportionate share of income or loss is included
 
in other operating income.
 
Statutory business trusts that are wholly-owned by the Corporation and are
 
issuers of trust preferred securities are not consolidated
in the Corporation’s Consolidated Financial Statements.
Business combinations
Business combinations are accounted for under the acquisition method. Under this method, assets acquired, liabilities assumed and
any noncontrolling
 
interest in
 
the acquiree
 
at the
 
acquisition date
 
are measured
 
at their
 
fair values
 
as of
 
the acquisition
 
date. The
acquisition
 
date
 
is
 
the
 
date
 
the
 
acquirer
 
obtains
 
control.
 
Transaction
 
costs
 
are
 
expensed
 
as
 
incurred.
 
Contingent
 
consideration
classified as an asset
 
or a liability is remeasured to
 
fair value at each reporting
 
date until the contingency is
 
resolved. The changes
in fair
 
value of
 
the contingent
 
consideration are
 
recognized in
 
earnings unless
 
the arrangement
 
is a
 
hedging instrument
 
for which
changes are initially recognized in other comprehensive income (loss). The Corporation did not engage
 
in any business combination
activities during the years ended December 31,
 
2025 and 2024.
 
Use of estimates in the preparation of financial
 
statements
The preparation of financial
 
statements in conformity with
 
accounting principles generally accepted in
 
the United States
 
of America
requires management to make
 
estimates and assumptions that
 
affect the reported
 
amounts of assets and
 
liabilities and contingent
assets
 
and
 
liabilities
 
at
 
the
 
date
 
of
 
the
 
financial
 
statements,
 
and
 
the
 
reported
 
amounts
 
of
 
revenues
 
and
 
expenses
 
during
 
the
reporting period. Actual results could differ from those estimates.
Fair value measurements
The Corporation determines the fair values of its
 
financial instruments based on the fair value framework
 
established in the guidance
for Fair Value
 
Measurements in Accounting
 
Standards Codification (“ASC”)
 
Subtopic 820-10, which
 
requires an entity
 
to maximize
the use
 
of observable inputs
 
and minimize the
 
use of
 
unobservable inputs when
 
measuring fair value.
 
Fair value is
 
defined as the
exchange price that would be received for an asset or paid to transfer a liability
 
(an exit price) in the principal or most advantageous
market
 
for
 
the
 
asset
 
or
 
liability
 
in
 
an
 
orderly
 
transaction
 
between
 
market
 
participants
 
on
 
the
 
measurement
 
date.
 
The
 
standard
describes three
 
levels of
 
inputs that
 
may be
 
used to
 
measure fair
 
value which
 
are (1)
 
quoted market
 
prices for
 
identical assets
 
or
liabilities in active markets, (2) observable market-based
 
inputs or unobservable inputs that are corroborated
 
by market data, and (3)
unobservable
 
inputs
 
that
 
are
 
not
 
corroborated
 
by
 
market
 
data.
 
The
 
fair
 
value
 
hierarchy
 
ranks
 
the
 
quality
 
and
 
reliability
 
of
 
the
information used to determine fair values.
 
The
 
guidance
 
in
 
ASC
 
Subtopic
 
820-10
 
also
 
addresses
 
measuring
 
fair
 
value
 
in
 
situations
 
where
 
markets
 
are
 
inactive
 
and
transactions are
 
not orderly.
 
Transactions
 
or quoted
 
prices for
 
assets and
 
liabilities may
 
not be
 
determinative of
 
fair value
 
when
transactions are not
 
orderly, and
 
thus, may require
 
adjustments to estimate fair
 
value. Price quotes
 
based on transactions
 
that are
not orderly should be given
 
little, if any,
 
weight in measuring fair value. Price
 
quotes based on transactions that are
 
orderly shall be
considered
 
in
 
determining
 
fair
 
value,
 
and
 
the
 
weight
 
given
 
is
 
based
 
on
 
facts
 
and
 
circumstances.
 
If
 
sufficient
 
information
 
is
 
not
available to
 
determine if
 
price quotes
 
are based
 
on orderly
 
transactions, less
 
weight should
 
be given to
 
the price
 
quote relative
 
to
other transactions that are known to be orderly.
 
120
Investment securities
Investment securities are classified in four categories and
 
accounted for as follows:
●
 
Debt securities that
 
the Corporation has
 
the intent and
 
ability to hold
 
to maturity are
 
classified as debt
 
securities held-to-
maturity and reported
 
at amortized cost. An
 
ACL is established
 
for the expected credit
 
losses over the remaining
 
term of
debt securities held-to-maturity. The Corporation has established a methodology to estimate credit losses which
 
considers
qualitative factors,
 
including internal credit
 
ratings and
 
the underlying source
 
of repayment
 
in determining
 
the amount
 
of
expected
 
credit
 
losses.
 
Debt
 
securities
 
held-to-maturity
 
are
 
written-off
 
through
 
the
 
ACL
 
when
 
a
 
portion
 
or
 
the
 
entire
amount is deemed uncollectible, based on the information considered to develop expected credit losses through the life of
the
 
asset.
 
The
 
ACL
 
is
 
estimated
 
by
 
leveraging
 
the
 
expected
 
loss
 
framework
 
for
 
mortgages
 
in
 
the
 
case
 
of
 
securities
collateralized by
 
2
nd
 
lien loans
 
and the
 
commercial C&I
 
models for
 
municipal bonds.
 
As part
 
of this
 
framework, internal
factors are stressed,
 
as a qualitative
 
adjustment, to reflect current
 
conditions that are
 
not necessarily captured within
 
the
historical
 
loss
 
experience.
 
The
 
modeling
 
framework
 
includes
 
a
 
2-year
 
reasonable
 
and
 
supportable
 
period
 
gradually
reverting, over a
 
3-years horizon, to
 
historical information at
 
the model input
 
level. The Corporation’s
 
portfolio of held-to-
maturity
 
securities
 
includes
 
U.S. Treasury
 
notes
 
and
 
obligations from
 
the
 
U.S.
 
Government. These
 
securities
 
have
 
an
explicit or implicit guarantee from the U.S. government, are highly rated by major
 
rating agencies, and have a long history
of no
 
credit losses.
 
Accordingly,
 
the Corporation
 
applies a
 
zero-credit loss
 
assumption and
 
no ACL
 
for these
 
securities
has been established. The
 
Corporation may not sell
 
or transfer held-to-maturity securities without
 
calling into question its
intent
 
to
 
hold
 
other
 
debt
 
securities
 
to
 
maturity,
 
unless
 
a
 
nonrecurring
 
or
 
unusual
 
event
 
that
 
could
 
not
 
have
 
been
reasonably anticipated has occurred.
●
 
Debt securities
 
classified as
 
trading securities
 
are reported
 
at fair
 
value, with
 
unrealized and
 
realized gains
 
and losses
included in non-interest income.
●
 
Debt
 
securities
 
classified
 
as
 
available-for-sale
 
are
 
reported
 
at
 
fair
 
value.
 
Declines
 
in
 
fair
 
value
 
below
 
the
 
securities’
amortized cost which are
 
not related to estimated credit losses
 
are recorded through other comprehensive income
 
(loss),
net of
 
taxes. If
 
the Corporation intends
 
to sell
 
or believes
 
it is
 
more likely than
 
not that it
 
will be
 
required to sell
 
the debt
security,
 
it is
 
written down
 
to
 
fair value
 
through earnings.
 
Credit losses
 
relating to
 
available-for-sale debt
 
securities are
recorded through an
 
ACL, which are
 
limited to the
 
difference between the
 
amortized cost and the
 
fair value of
 
the asset.
The ACL is established for the expected credit losses over the remaining term of debt security. The Corporation’s portfolio
of
 
available-for-sale securities
 
is comprised
 
mainly
 
of
 
U.S. Treasury
 
notes
 
and
 
obligations from
 
the
 
U.S.
 
Government.
These
 
securities
 
have
 
an
 
explicit
 
or
 
implicit
 
guarantee
 
from
 
the
 
U.S.
 
government,
 
are
 
highly
 
rated
 
by
 
major
 
rating
agencies, and have a
 
long history of no
 
credit losses. Accordingly,
 
the Corporation applies a
 
zero-credit loss assumption
and no
 
ACL for
 
these securities
 
has been
 
established. The Corporation
 
monitors its securities
 
portfolio composition and
credit performance on a
 
quarterly basis to determine if
 
any allowance is considered necessary.
 
Debt securities available-
for-sale are written-off when
 
a portion or
 
the entire amount is
 
deemed uncollectible, based on the
 
information considered
to
 
develop expected
 
credit losses
 
through the
 
life of
 
the asset.
 
The specific
 
identification method
 
is used
 
to
 
determine
realized
 
gains
 
and
 
losses
 
on
 
debt
 
securities
 
available-for-sale,
 
which
 
are
 
included
 
in
 
net
 
(loss)
 
gain
 
on
 
sale
 
of
 
debt
securities in the Consolidated Statements of Operations.
●
 
Equity securities that have readily available fair values are reported at fair value. Equity securities that do not have readily
available fair
 
values are
 
measured at
 
cost, less
 
any impairment,
 
plus or
 
minus changes
 
resulting from
 
observable price
changes in
 
orderly transactions
 
for the
 
identical or
 
a similar
 
investment of
 
the same
 
issuer.
 
Stock that
 
is owned
 
by the
Corporation
 
to
 
comply
 
with
 
regulatory
 
requirements,
 
such
 
as
 
Federal
 
Reserve
 
Bank
 
and
 
Federal
 
Home
 
Loan
 
Bank
(“FHLB”) stock, is included in this category, and their realizable value equals their cost. Unrealized and realized gains and
losses and any impairment on equity securities are included in net gain (loss), including impairment on equity securities in
the Consolidated Statements
 
of Operations. Dividend income
 
from investments in
 
equity securities is included
 
in interest
income.
The
 
amortization
 
of
 
premiums is
 
deducted
 
and
 
the
 
accretion of
 
discounts is
 
added to
 
net
 
interest income
 
based on
 
the
 
interest
method
 
over the
 
outstanding period
 
of
 
the
 
related
 
securities.
 
Purchases and
 
sales
 
of
 
securities
 
are
 
recognized
 
on
 
a
 
trade
 
date
basis.
Derivative financial instruments
All derivatives are recognized on the Statements of Financial Condition at
 
fair value. The Corporation’s policy is not to
 
offset the fair
value
 
amounts
 
recognized
 
for
 
multiple
 
derivative
 
instruments
 
executed
 
with
 
the
 
same
 
counterparty
 
under
 
a
 
master
 
netting
121
arrangement nor to offset the fair value amounts recognized for the
 
right to reclaim cash collateral (a receivable) or the obligation
 
to
return cash collateral (a payable) arising from the
 
same master netting arrangement as the derivative
 
instruments.
For
 
a
 
cash
 
flow
 
hedge,
 
changes
 
in
 
the
 
fair
 
value
 
of
 
the
 
derivative
 
instrument
 
are
 
recorded
 
net
 
of
 
taxes
 
in
 
accumulated
 
other
comprehensive income (loss) and subsequently reclassified
 
to net income in the same period(s) that the hedged
 
transaction impacts
earnings. For free-standing derivative instruments,
 
changes in fair values are reported in current
 
period earnings.
Prior
 
to
 
entering
 
a
 
hedge
 
transaction,
 
the
 
Corporation
 
formally
 
documents
 
the
 
relationship
 
between
 
hedging
 
instruments
 
and
hedged
 
items,
 
as
 
well
 
as
 
the
 
risk
 
management objective
 
and
 
strategy for
 
undertaking various
 
hedge
 
transactions.
 
This
 
process
includes
 
linking all
 
derivative instruments
 
to
 
specific assets
 
and
 
liabilities on
 
the Statements
 
of
 
Financial Condition
 
or to
 
specific
forecasted transactions
 
or firm
 
commitments along
 
with a
 
formal assessment,
 
at both
 
inception of
 
the hedge
 
and on
 
an ongoing
basis,
 
as
 
to
 
the
 
effectiveness
 
of the
 
derivative instrument
 
in
 
offsetting
 
changes
 
in
 
fair
 
values
 
or
 
cash
 
flows
 
of
 
the
 
hedged
 
item.
Hedge accounting
 
is discontinued
 
when the
 
derivative instrument
 
is not
 
highly effective
 
as a
 
hedge, a
 
derivative expires,
 
is sold,
terminated, when it is unlikely that a forecasted transaction will
 
occur or when it is determined that it is
 
no longer appropriate. When
hedge accounting is discontinued the derivative continues
 
to be carried at fair value with changes in fair
 
value included in earnings.
 
The Corporation
 
utilizes forward
 
contracts to
 
hedge the
 
sale
 
of mortgage-backed
 
securities with
 
duration terms
 
over one
 
month.
Interest rate forwards are contracts for the delayed delivery of securities,
 
which the seller agrees to deliver on a specified future date
at
 
a
 
specified
 
price
 
or
 
yield.
 
Based
 
on
 
the
 
election
 
to
 
apply
 
fair
 
value
 
accounting
 
for
 
its
 
mortgage
 
loans
 
held
 
for
 
sale,
 
hedge
accounting
 
is
 
not
 
used
 
for
 
these
 
forward
 
contracts
 
and
 
changes
 
in
 
the
 
fair
 
value
 
of
 
the
 
loans
 
are
 
expected
 
to
 
be
 
offset
 
by
 
the
changes in the fair value of the forward
 
contract, both of which are recorded through net
 
income (loss).
For non-exchange
 
traded contracts,
 
fair value
 
is based
 
on dealer
 
quotes, pricing
 
models, discounted
 
cash flow
 
methodologies or
similar techniques for which the determination of
 
fair value may require significant management judgment
 
or estimation.
 
The fair value of derivative instruments considers
 
the risk of non-performance by the counterparty
 
or the Corporation, as applicable.
 
The Corporation obtains or pledges collateral in
 
connection with its derivative activities when applicable
 
under the agreement.
Loans
 
Loans
 
are
 
classified
 
as
 
loans
 
held-in-portfolio when
 
management has
 
the
 
intent
 
and
 
ability
 
to
 
hold
 
the
 
loan
 
for
 
the
 
foreseeable
future, or
 
until maturity
 
or payoff.
 
The foreseeable
 
future is
 
a management
 
judgment which
 
is determined
 
based upon
 
the type
 
of
loan,
 
business strategies,
 
current market
 
conditions, balance
 
sheet
 
management and
 
liquidity needs.
 
Management’s view
 
of
 
the
foreseeable future may change based on changes in these conditions. When a decision is made to sell or securitize a loan that
 
was
not originated or
 
initially acquired with the
 
intent to sell
 
or securitize, the loan
 
is reclassified from held-in-portfolio
 
into held-for-sale.
Due to changing market conditions or other strategic
 
initiatives, management’s intent with respect to the disposition of
 
the loan may
change,
 
and
 
accordingly,
 
loans
 
previously classified
 
as
 
held-for-sale
 
may
 
be
 
reclassified into
 
held-in-portfolio. Loans
 
transferred
between loans held-for-sale and held-in-portfolio
 
classifications are recorded at the lower of cost or
 
fair value at the date of transfer.
 
Purchased
 
loans
 
with
 
no
 
evidence
 
of
 
credit
 
deterioration
 
since
 
origination
 
are
 
recorded
 
at
 
fair
 
value
 
upon
 
acquisition.
 
Credit
discounts are included in the determination of fair
 
value.
 
Loans held-in-portfolio
 
are reported
 
at their
 
outstanding principal
 
balances net
 
of any
 
unearned income,
 
charge-offs, unamortized
deferred fees and
 
costs on originated
 
loans, and premiums
 
or discounts on
 
purchased loans. Fees
 
collected and costs
 
incurred in
the
 
origination of
 
new
 
loans are
 
deferred and
 
amortized using
 
the interest
 
method or
 
a method
 
which approximates
 
the interest
method over the term of the loan as an adjustment
 
to interest yield.
Loans held-for-sale,
 
except for
 
mortgage loans
 
originated as
 
held-for-sale, are
 
stated at
 
the lower
 
of cost
 
or fair
 
value, cost
 
being
determined based
 
on the
 
outstanding loan
 
balance less
 
unearned income,
 
and fair
 
value determined,
 
generally in
 
the aggregate.
Fair value is measured based on current market prices for similar loans, outstanding investor commitments, prices
 
of recent sales or
discounted cash
 
flow analyses
 
which utilize
 
inputs and
 
assumptions which
 
are believed
 
to be
 
consistent with
 
market participants’
views. The
 
cost basis
 
also includes
 
consideration of
 
deferred origination
 
fees and
 
costs, which
 
are recognized
 
in earnings
 
at the
time of sale.
 
Upon reclassification to held-for-sale,
 
credit related fair
 
value adjustments are recorded
 
as a reduction
 
in the ACL.
 
To
the extent that the loan's reduction in value
 
has not already been provided for in the ACL,
 
an additional provision for credit losses is
recorded. Subsequent to reclassification to held-for-sale, the amount, by
 
which cost exceeds fair value, if any,
 
is accounted for as a
valuation allowance
 
with changes
 
therein included
 
in the
 
determination of
 
net income
 
for the
 
period in
 
which the
 
change occurs.
Newly originated mortgage loans held-for-sale are reported
 
at fair value, with changes recorded through
 
earnings.
122
The past due status of a loan is determined in accordance with its
 
contractual repayment terms. Furthermore, loans are reported as
past due when either interest or principal remains
 
unpaid for 30 days or more in accordance
 
with its contractual repayment terms.
Non-accrual loans are those loans on which the
 
accrual of interest is discontinued. When a loan is
 
placed on non-accrual status, all
previously
 
accrued
 
and
 
unpaid interest
 
is
 
charged against
 
interest
 
income
 
and
 
the
 
loan
 
is
 
accounted for
 
either
 
on
 
a cash-basis
method or
 
on the
 
cost-recovery method.
 
Loans designated
 
as non-accruing
 
are returned
 
to accrual
 
status when
 
the Corporation
expects repayment of the remaining contractual principal
 
and interest.
 
Recognition of interest income on commercial and construction loans is discontinued when the loans are 90 days or more in arrears
on payments of principal or interest or when other factors indicate that the collection of principal and interest is
 
doubtful. The portion
of
 
a
 
secured
 
loan
 
deemed
 
uncollectible
 
is
 
charged-off
 
no
 
later
 
than
 
365
 
days
 
past
 
due.
 
However,
 
in
 
the
 
case
 
of
 
a
 
collateral
dependent
 
loan,
 
the
 
excess
 
of
 
the
 
recorded
 
investment
 
over
 
the
 
fair
 
value
 
of
 
the
 
collateral
 
(portion
 
deemed
 
uncollectible)
 
is
generally
 
promptly charged-off,
 
but
 
in
 
any
 
event,
 
not
 
later
 
than
 
the
 
quarter
 
following
 
the
 
quarter
 
in
 
which
 
such
 
excess was
 
first
recognized.
 
Commercial
 
unsecured
 
loans
 
are
 
charged-off
 
no
 
later
 
than
 
180
 
days
 
past
 
due.
 
Recognition
 
of
 
interest
 
income
 
on
mortgage
 
loans
 
is
 
generally
 
discontinued
 
when
 
loans
 
are
 
90
 
days
 
or
 
more
 
in
 
arrears
 
on
 
payments
 
of
 
principal
 
or
 
interest.
 
The
portion of a
 
mortgage loan deemed
 
uncollectible is charged-off
 
when the loan
 
is 180 days
 
past due. The
 
Corporation discontinues
the recognition
 
of interest
 
on residential
 
mortgage loans
 
insured by
 
the Federal
 
Housing Administration
 
(“FHA”) or
 
guaranteed by
the U.S.
 
Department of Veterans
 
Affairs (“VA”)
 
when 15-months
 
delinquent as
 
to principal
 
or interest.
 
The principal
 
repayment on
these loans is insured. Recognition of interest income on closed-end consumer loans and home equity lines of credit is discontinued
when the
 
loans are
 
90 days
 
or more
 
in arrears
 
on payments
 
of principal
 
or interest.
 
Income is
 
generally recognized
 
on open-end
consumer loans,
 
except for
 
home equity
 
lines
 
of
 
credit,
 
until
 
the
 
loans are
 
charged-off.
 
Recognition of
 
interest
 
income
 
for
 
lease
financing is ceased when
 
loans are 90 days
 
or more in arrears.
 
Closed-end consumer loans and leases
 
are charged-off when they
are 120
 
days in
 
arrears. Open-end
 
(revolving credit)
 
consumer loans
 
are charged-off
 
when 180
 
days in
 
arrears. Commercial
 
and
consumer overdrafts are generally charged-off no later than
 
60 days past their due date.
A loan
 
modified with
 
financial difficulties
 
is typically
 
in non-accrual
 
status at
 
the time
 
of the
 
modification. These
 
loans continue
 
in
non-accrual status until the borrower has demonstrated a willingness
 
and ability to make the restructured loan payments (at
 
least six
months of sustained performance after the modification (or one year for loans providing for quarterly or semi-annual payments)) and
management has concluded that it is probable
 
that the borrower would not be in payment
 
default in the foreseeable future.
Loan modifications
A modification
 
is subject to
 
disclosure under ASC
 
Topic
 
326 when the
 
Corporation separately concludes
 
that both
 
of the
 
following
conditions exist: 1) the
 
debtor is experiencing financial difficulties
 
and 2) the modification
 
constitutes a reduction in
 
the interest rate
on the
 
loan, a
 
payment extension,
 
a forgiveness
 
of principal,
 
a more-than-insignificant
 
payment delay,
 
or a
 
combination of
 
these.
Determination
 
that
 
a
 
borrower
 
is
 
experiencing
 
financial
 
difficulties
 
involves
 
a
 
degree
 
of
 
judgment.
 
The
 
identification
 
of
 
loan
modifications to debtors with financial difficulties is critical
 
in the determination of the adequacy of
 
the ACL.
 
Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
qualitative
 
information
 
on
 
loan
 
modifications
 
and
 
the
Corporation’s determination of the ACL.
Lease financing
The
 
Corporation leases
 
passenger and
 
commercial
 
vehicles
 
and
 
equipment
 
to
 
individual
 
and
 
corporate
 
customers.
 
The
 
finance
method of accounting
 
is used to
 
recognize revenue on lease
 
contracts that meet
 
the criteria specified in
 
the guidance for leases
 
in
ASC Topic
 
842. Aggregate
 
rentals due
 
over the
 
term of
 
the leases
 
less unearned
 
income are
 
included in
 
finance lease
 
contracts
receivable.
 
Unearned
 
income
 
is
 
amortized
 
using
 
a
 
method
 
which
 
results
 
in
 
approximate
 
level
 
rates
 
of
 
return
 
on
 
the
 
principal
amounts outstanding. Finance lease origination
 
fees and costs
 
are deferred and amortized
 
over the average life
 
of the lease as
 
an
adjustment to the interest yield.
Revenue for other leases is recognized as it becomes
 
due under the terms of the agreement.
Loans acquired with deteriorated credit quality
 
Purchased credit
 
deteriorated (“PCD”) loans
 
are defined
 
as those
 
with evidence
 
of a
 
more-than-insignificant deterioration in
 
credit
quality
 
since
 
origination.
 
PCD
 
loans
 
are
 
initially
 
recorded at
 
their
 
purchase
 
price
 
plus
 
an
 
estimated allowance
 
for
 
credit
 
losses
(“ACL”). Upon
 
the acquisition of
 
a PCD loan,
 
the Corporation makes
 
an estimate of
 
the expected credit
 
losses over the
 
remaining
contractual
 
term
 
of
 
each
 
individual
 
loan.
 
The
 
estimated
 
credit
 
losses
 
over
 
the
 
life
 
of
 
the
 
loan
 
are
 
recorded
 
as
 
an
 
ACL
 
with
 
a
corresponding addition to the
 
loan purchase price. The
 
amount of the purchased
 
premium or discount which
 
is not related to
 
credit
123
risk
 
is
 
amortized
 
over
 
the
 
life
 
of
 
the
 
loan
 
through
 
net
 
interest
 
income
 
using
 
the
 
effective
 
interest
 
method
 
or
 
a
 
method
 
that
approximates the effective interest method. Changes in
 
expected credit losses are recorded as an
 
increase or decrease to the ACL
with a
 
corresponding charge (reverse)
 
to the
 
provision for credit
 
losses in
 
the Consolidated Statement
 
of Operations. These
 
loans
follow the same nonaccrual policies as non-PCD
 
loans.
Refer to Note
 
7
and Note 8
 
to the Consolidated
 
Financial Statements for
 
additional information with
 
respect to loans
 
acquired with
deteriorated credit quality and the corresponding allowance
 
for credit losses.
Accrued interest receivable
The
 
amortized
 
basis
 
for
 
loans
 
and
 
investments
 
in
 
debt
 
securities
 
is
 
presented
 
exclusive
 
of
 
accrued
 
interest
 
receivable.
 
The
Corporation has elected
 
not to establish
 
an ACL for
 
accrued interest receivable for
 
loans and investments
 
in debt securities,
 
given
the Corporation’s
 
non-accrual policies, in
 
which accrual
 
of interest is
 
discontinued and reversed
 
based on the
 
asset’s delinquency
status.
 
Allowance for credit losses – loans portfolio
The Corporation establishes an ACL
 
for its loan
 
portfolio based on its
 
estimate of credit losses
 
over the remaining contractual
 
term
of the loans, adjusted for expected prepayments. An ACL is recognized for all loans including originated and purchased loans, since
inception, with
 
a corresponding charge
 
to the
 
provision for
 
credit losses,
 
except for
 
PCD loans
 
for which
 
the ACL
 
at acquisition
 
is
recorded
 
as
 
an
 
addition
 
to
 
the
 
purchase
 
price
 
with
 
subsequent
 
changes
 
recorded
 
in
 
earnings.
 
Loan
 
losses
 
are
 
charged
 
and
recoveries are credited to the ACL.
The
 
Corporation
 
follows
 
a
 
methodology
 
to
 
estimate
 
the
 
ACL
 
which
 
includes
 
a
 
reasonable
 
and
 
supportable
 
forecast
 
period
 
for
estimating
 
credit
 
losses,
 
considering
 
quantitative
 
and
 
qualitative
 
factors
 
as
 
well
 
as
 
the
 
economic
 
outlook.
 
As
 
part
 
of
 
this
methodology,
 
management
 
evaluates
 
various
 
macroeconomic
 
scenarios
 
provided
 
by
 
third
 
parties.
 
At
 
December
 
31,
 
2025,
management
 
applied
 
probability
 
weights
 
to
 
the
 
outcome
 
of
 
the
 
selected
 
macroeconomic
 
scenarios.
 
This
 
evaluation
 
includes
benchmarking procedures as well as
 
careful analysis of the
 
underlying assumptions used to
 
build the scenarios. The
 
application of
probability
 
weights
 
include
 
baseline,
 
optimistic
 
and
 
pessimistic
 
scenarios.
 
The
 
weights
 
applied
 
are
 
subject
 
to
 
evaluation
 
on
 
a
quarterly basis as part of the ACL’s
 
governance process. The Corporation considers additional macroeconomic scenarios as part of
its qualitative adjustment framework.
 
The
 
macroeconomic variables
 
chosen
 
to
 
estimate credit
 
losses
 
were selected
 
by
 
combining
 
quantitative
 
procedures with
 
expert
judgment.
 
These
 
variables
 
were
 
determined
 
to
 
be
 
the
 
best
 
predictors
 
of
 
expected
 
credit
 
losses
 
within
 
the
 
Corporation’s
 
loan
portfolios and
 
include drivers such
 
as unemployment rate,
 
different measures
 
of employment levels,
 
house prices,
 
gross domestic
product
 
and
 
measures
 
of
 
disposable
 
income,
 
amongst
 
others.
 
The
 
loss
 
estimation
 
framework
 
includes
 
a
 
reasonable
 
and
supportable period of
 
2 years for
 
PR portfolios, gradually
 
reverting over a
 
3-years horizon to
 
historical macroeconomic variables at
the
 
model
 
input
 
level.
 
For
 
the
 
U.S.
 
portfolio,
 
the
 
reasonable
 
and
 
supportable
 
period
 
considers
 
the
 
contractual
 
life
 
of
 
the
 
asset,
impacted by
 
prepayments, except for
 
the U.S.
 
CRE portfolio. The
 
U.S. CRE portfolio
 
utilizes a 2-year
 
reasonable and supportable
period gradually reverting, over a 3-years horizon,
 
to historical information at the output level.
 
The
 
Corporation
 
developed
 
loan
 
level
 
quantitative
 
models
 
distributed
 
by
 
geography
 
and
 
loan
 
type.
 
This
 
segmentation
 
was
determined
 
by
 
evaluating
 
their
 
risk
 
characteristics,
 
which
 
include
 
default
 
patterns,
 
source
 
of
 
repayment,
 
type
 
of
 
collateral,
 
and
lending channels,
 
amongst others. The
 
modeling framework
 
includes internally
 
developed quantitative models
 
to generate
 
lifetime
defaults
 
and
 
prepayments,
 
and
 
other
 
loan
 
level
 
modeling
 
techniques
 
to
 
estimate
 
loss
 
severity.
 
Recoveries
 
on
 
future
 
losses
 
are
contemplated
 
as
 
part
 
of
 
the
 
loss
 
severity
 
modeling.
 
These
 
parameters
 
are
 
estimated
 
by
 
combining
 
internal
 
risk
 
factors
 
with
macroeconomic expectations.
 
In order
 
to
 
generate the
 
expected credit
 
losses, the
 
output of
 
these models
 
is combined
 
with loan
level repayment information. The internal risk factors contemplated within
 
the models may include borrowers’ credit scores, loan-to-
value, delinquency status, risk ratings, interest rate, loan
 
term, loan age and type of collateral, amongst
 
others.
 
The ACL also
 
includes a qualitative
 
adjustment framework that
 
addresses two main
 
components: losses that
 
are expected but
 
not
captured
 
within
 
the
 
quantitative
 
modeling
 
framework
 
and
 
model
 
imprecision.
 
In
 
order
 
to
 
identify
 
potential
 
losses
 
that
 
are
 
not
captured through the models,
 
management evaluates model limitations
 
as well as the
 
different risks covered
 
by the variables used
in each quantitative model. The Corporation considers
 
additional macroeconomic scenarios to address these
 
risks. This assessment
takes
 
into
 
consideration
 
factors
 
listed
 
as
 
part
 
of
 
ASC
 
326-20-55-4.
 
To
 
complement
 
the
 
analysis,
 
management
 
also
 
evaluates
whether there are sectors that
 
have low levels of historical
 
defaults, but current conditions show the
 
potential for future losses. This
type of
 
qualitative adjustment
 
is more
 
prevalent in
 
the commercial
 
portfolios. The
 
model imprecision
 
component of
 
the qualitative
124
adjustments
 
is
 
determined
 
after
 
evaluating
 
model
 
performance
 
for
 
these
 
portfolios
 
through
 
different
 
time
 
periods.
 
This
 
type
 
of
qualitative adjustment mainly impacts consumer portfolios.
The
 
Corporation
 
has
 
designated
 
as
 
collateral
 
dependent
 
loans
 
secured
 
by
 
collateral
 
when
 
foreclosure
 
is
 
probable
 
or
 
when
foreclosure is
 
not probable but
 
the practical expedient
 
is used.
 
The practical expedient
 
is used
 
when repayment is
 
expected to
 
be
provided
 
substantially
 
by
 
the
 
sale
 
or
 
operation
 
of
 
the
 
collateral
 
and
 
the
 
borrower is
 
experiencing financial
 
difficulty.
 
The
 
ACL
 
of
collateral dependent loans
 
is measured based
 
on the fair
 
value of the
 
collateral less costs
 
to sell. The
 
fair value of
 
the collateral is
based on appraisals, which may be adjusted due to their
 
age, and the type, location, and condition of the
 
property or area or general
market conditions to reflect the expected change in
 
value between the effective date of the appraisal
 
and the measurement date.
 
The Credit Cards
 
portfolio, due to
 
its revolving nature,
 
does not have
 
a specified maturity date.
 
To
 
estimate the average remaining
term
 
of
 
this
 
segment,
 
management evaluated
 
the
 
portfolios
 
payment
 
behavior
 
based
 
on
 
internal
 
historical data.
 
These payment
behaviors were
 
further classified
 
into sub-categories
 
that accounted
 
for delinquency
 
history and
 
differences between
 
transactors,
revolvers and customers that have exhibited mixed transactor/revolver behavior. Transactors are defined as active accounts without
any
 
finance
 
charge
 
in
 
the
 
last
 
6
 
months.
 
The
 
paydown
 
curves
 
generated
 
for
 
each
 
sub-category
 
are
 
applied
 
to
 
the
 
outstanding
exposure at
 
the measurement
 
date using
 
the first-in
 
first-out (FIFO)
 
methodology.
 
These amortization
 
patterns are
 
combined with
loan level default and loss severity modeling to arrive
 
at the ACL.
Reserve for unfunded commitments
The Corporation
 
establishes a
 
reserve for
 
unfunded commitments,
 
based on
 
the estimated
 
losses over
 
the remaining
 
term of
 
the
facility.
 
An allowance
 
is not
 
established for
 
commitments that
 
are unconditionally
 
cancellable by
 
the Corporation.
 
Accordingly,
 
no
reserve
 
is
 
established
 
for
 
unfunded commitments
 
related to
 
its
 
credit
 
cards
 
portfolio.
 
Reserve for
 
the
 
unfunded
 
portion
 
of
 
credit
commitments
 
is
 
presented
 
within
 
other
 
liabilities
 
in
 
the
 
Consolidated Statements
 
of
 
Financial
 
Condition.
 
Net
 
adjustments
 
to
 
the
reserve for unfunded commitments are
 
reflected in the Consolidated Statements
 
of Operations as provision for credit
 
losses for the
years ended December 31, 2025, 2024, and 2023.
Transfers and servicing of financial assets
The transfer
 
of an
 
entire financial
 
asset, a
 
group of
 
entire financial
 
assets, or
 
a participating interest
 
in an
 
entire financial
 
asset in
which the Corporation surrenders control over the assets is accounted
 
for as a sale
 
if all of the following conditions set forth in
 
ASC
Topic
 
860 are met:
 
(1) the assets
 
must be isolated
 
from creditors of
 
the transferor,
 
(2) the transferee
 
must obtain the
 
right (free of
conditions that constrain it
 
from taking advantage
 
of that right)
 
to pledge or
 
exchange the transferred assets,
 
and (3) the
 
transferor
cannot maintain effective control over
 
the transferred assets through an agreement
 
to repurchase them before their
 
maturity. When
the
 
Corporation
 
transfers
 
financial
 
assets
 
and
 
the
 
transfer
 
fails
 
any
 
one
 
of
 
these
 
criteria,
 
the
 
Corporation
 
is
 
prevented
 
from
derecognizing the transferred financial
 
assets and the
 
transaction is accounted for
 
as a secured
 
borrowing. For federal and
 
Puerto
Rico income
 
tax purposes,
 
the Corporation
 
treats the
 
transfers of
 
loans which
 
do not
 
qualify as
 
“true sales”
 
under the
 
applicable
accounting guidance, as sales, recognizing a deferred
 
tax asset or liability on the transaction.
 
For transfers
 
of financial
 
assets that
 
satisfy the
 
conditions to
 
be accounted
 
for as
 
sales, the
 
Corporation derecognizes
 
all assets
sold; recognizes all
 
assets obtained and liabilities
 
incurred in consideration as
 
proceeds of the
 
sale, including servicing
 
assets and
servicing liabilities, if
 
applicable; initially measures
 
at fair
 
value assets obtained
 
and liabilities incurred
 
in a
 
sale; and
 
recognizes in
earnings any gain or loss on the sale.
 
The guidance
 
on transfer
 
of financial
 
assets requires a
 
true sale
 
analysis of
 
the treatment
 
of the
 
transfer under state
 
law as
 
if the
Corporation was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the
nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a
true sale
 
is never
 
absolute and
 
unconditional, but
 
contains qualifications
 
based on
 
the inherent
 
equitable powers
 
of a
 
bankruptcy
court, as
 
well as
 
the unsettled
 
state of
 
the common
 
law.
 
Once the
 
legal isolation
 
test has
 
been met,
 
other factors
 
concerning the
nature
 
and
 
extent
 
of
 
the
 
transferor’s
 
control
 
over
 
the
 
transferred
 
assets
 
are
 
taken
 
into
 
account
 
in
 
order
 
to
 
determine
 
whether
derecognition of assets is warranted.
 
The Corporation sells mortgage loans to the Government National Mortgage Association (“GNMA”)
 
in the normal course of business
and retains the servicing rights. The GNMA programs under which the loans
 
are sold allow the Corporation to repurchase individual
delinquent loans that meet certain criteria. At the Corporation’s option, and without GNMA’s prior authorization, the Corporation may
repurchase the delinquent
 
loan for an
 
amount equal to
 
100% of the
 
remaining principal balance
 
of the loan.
 
Once the Corporation
has the
 
unconditional ability
 
to repurchase
 
the delinquent
 
loan, the
 
Corporation is
 
deemed to
 
have regained
 
effective control
 
over
125
the
 
loan
 
and
 
recognizes
 
the
 
loan
 
on
 
its
 
balance
 
sheet
 
as
 
well
 
as
 
an
 
offsetting
 
liability,
 
regardless of
 
the
 
Corporation’s
 
intent
 
to
repurchase the loan.
Servicing assets
The
 
Corporation
 
periodically
 
sells
 
or
 
securitizes
 
loans
 
while
 
retaining
 
the
 
obligation
 
to
 
perform
 
the
 
servicing
 
of
 
such
 
loans.
 
In
addition,
 
the
 
Corporation
 
may
 
purchase
 
or
 
assume
 
the
 
right
 
to
 
service
 
loans
 
originated
 
by
 
others.
 
Whenever
 
the
 
Corporation
undertakes an
 
obligation to
 
service a
 
loan, management
 
assesses whether
 
a servicing
 
asset or
 
liability should
 
be recognized.
 
A
servicing
 
asset
 
is
 
recognized
 
whenever
 
the
 
compensation
 
for
 
servicing
 
is
 
expected
 
to
 
more
 
than
 
adequately
 
compensate
 
the
servicer
 
for
 
performing
 
the
 
servicing.
 
Likewise,
 
a
 
servicing
 
liability
 
would
 
be
 
recognized
 
in
 
the
 
event
 
that
 
servicing
 
fees
 
to
 
be
received are not
 
expected to adequately
 
compensate the Corporation
 
for its
 
expected cost. Mortgage servicing
 
assets recorded at
fair value are separately presented on the Consolidated
 
Statements of Financial Condition.
 
All separately recognized servicing assets are initially recognized at fair value. For subsequent measurement of
 
servicing rights, the
Corporation
 
has
 
elected
 
the
 
fair
 
value
 
method
 
for
 
mortgage
 
loans
 
servicing
 
rights
 
(“MSRs”).
 
Under
 
the
 
fair
 
value
 
measurement
method,
 
MSRs
 
are
 
recorded
 
at
 
fair
 
value
 
each
 
reporting
 
period,
 
and
 
changes
 
in
 
fair
 
value
 
are
 
reported
 
in
 
mortgage
 
banking
activities in the Consolidated Statement of Operations. Contractual
 
servicing fees including ancillary income and late
 
fees, as well as
fair
 
value
 
adjustments, are
 
reported in
 
mortgage
 
banking
 
activities in
 
the
 
Consolidated Statement
 
of
 
Operations. Loan
 
servicing
fees, which are based on a percentage of the principal balances of the
 
loans serviced, are credited to income as loan payments are
collected.
 
The fair value
 
of servicing rights is
 
estimated by using a
 
cash flow valuation model
 
which calculates the present value
 
of estimated
future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount
 
rates, servicing costs,
and other economic factors, which are determined
 
based on current market conditions.
Premises and equipment
 
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a
 
straight-
line basis over
 
the estimated useful
 
life of each
 
type of asset.
 
Amortization of leasehold
 
improvements is computed
 
over the fixed,
non-cancelable terms
 
of the
 
respective lease
 
contracts or
 
the
 
estimated useful
 
lives
 
of the
 
asset, whichever
 
is shorter.
 
Costs of
maintenance
 
and
 
repairs
 
which
 
do
 
not
 
improve
 
or
 
extend
 
the
 
life
 
of
 
the
 
respective
 
assets
 
are
 
expensed
 
as
 
incurred.
 
Costs
 
of
renewals
 
and
 
betterments
 
are
 
capitalized.
 
When
 
assets
 
are
 
disposed
 
of,
 
their
 
cost
 
and
 
related
 
accumulated
 
depreciation
 
are
removed from the accounts and any gain or loss
 
is reflected in earnings as realized or incurred,
 
respectively.
The
 
Corporation
 
recognizes
 
right-of-use
 
assets
 
(“ROU
 
assets”)
 
and
 
lease
 
liabilities
 
relating
 
to
 
operating
 
and
 
finance
 
lease
arrangements in its Consolidated Statements of Financial Condition within other assets and other liabilities, respectively. For finance
leases, interest is recognized on the
 
lease liability separately from the amortization
 
of the ROU asset, whereas for
 
operating leases
a single lease cost
 
is recognized so that
 
the cost of the
 
lease is allocated over
 
the lease term on
 
a straight-line basis. Impairments
on ROU assets are evaluated under the guidance for impairment
 
or disposal of long-lived assets.
 
The Corporation recognizes gains
on sale and
 
leaseback transactions in earnings when
 
the transfer constitutes a
 
sale, and the transaction
 
was at fair value.
 
Refer to
Note 32 to the Consolidated Financial Statements
 
for additional information on operating and finance
 
lease arrangements.
Impairment of long-lived assets
The
 
Corporation
 
evaluates
 
for
 
impairment
 
its
 
long-lived
 
assets
 
to
 
be
 
held
 
and
 
used,
 
and
 
long-lived
 
assets
 
to
 
be
 
disposed
 
of,
whenever events or changes
 
in circumstances indicate that the
 
carrying amount of an
 
asset may not be recoverable
 
and records a
write down for the difference between the carrying amount
 
and the fair value less costs to sell.
 
Other real estate
Other
 
real
 
estate,
 
received
 
in
 
satisfaction
 
of
 
a
 
loan,
 
is
 
recorded
 
at
 
fair
 
value
 
less
 
estimated
 
costs
 
of
 
disposal.
 
The
 
difference
between the carrying amount of the loan and the fair value less cost to
 
sell is recorded as an adjustment to the ACL. Subsequent to
foreclosure, any
 
losses in
 
the carrying
 
value arising
 
from periodic
 
re-evaluations of the
 
properties, and any
 
gains or
 
losses on
 
the
sale of these properties are credited or charged to expense in the period incurred and are included as OREO expenses. The cost of
maintaining and operating such properties is expensed
 
as incurred.
Updated appraisals
 
are obtained
 
to adjust
 
the value
 
of the
 
other real
 
estate assets.
 
The frequency
 
depends on
 
the loan
 
type and
total credit exposure. The appraisal for a commercial or construction other real estate property with a book value
 
equal to or greater
than $1 million is updated annually and if lower
 
than $1 million it is updated every two years.
 
For residential mortgage properties, the
Corporation requests appraisals annually.
 
126
Appraisals
 
may
 
be
 
adjusted
 
due
 
to
 
age,
 
collateral
 
inspections,
 
property
 
profiles,
 
or
 
general
 
market
 
conditions.
 
The
 
adjustments
applied are based upon
 
internal information such
 
as other appraisals for
 
the type of
 
properties and/or loss severity
 
information that
can provide historical trends in the real estate market
 
and may change from time to time based
 
on market conditions.
Goodwill and other intangible assets
Goodwill is recognized when the purchase price
 
is higher than the fair value
 
of net assets acquired in business combinations
 
under
the purchase
 
method of
 
accounting. Goodwill
 
is not
 
amortized but
 
is tested
 
for impairment
 
at least
 
annually or
 
more frequently
 
if
events or circumstances indicate possible impairment. When evaluating goodwill for impairment, the Corporation may
 
decide to first
perform a qualitative assessment, or “Step Zero” impairment test, to determine whether it is more likely than not that impairment has
occurred. The qualitative
 
assessment includes a
 
review of macroeconomic conditions,
 
industry and market
 
considerations, internal
cost factors, and our own overall
 
financial and share price performance, among other factors. If
 
it is determined that it is
 
more likely
than
 
not
 
that
 
the
 
carrying
 
amounts
 
of
 
our
 
reporting
 
units
 
exceed
 
their
 
fair
 
value,
 
the
 
Corporation
 
will
 
perform
 
a
 
quantitative
assessment and calculate the estimated fair value of the respective
 
reporting unit. If the carrying amount of any of
 
the reporting units
exceeds its fair value,
 
the Corporation would be required
 
to record an impairment charge
 
for the difference up
 
to the amount of
 
the
goodwill. In
 
determining the
 
fair value
 
of each
 
reporting unit,
 
the Corporation
 
generally uses
 
a combination
 
of methods,
 
including
market price
 
multiples of
 
comparable companies
 
and transactions,
 
as well
 
as discounted
 
cash flow
 
analysis. Goodwill
 
impairment
losses are recorded as part of operating expenses
 
in the Consolidated Statements of Operations.
 
Other intangible assets deemed
 
to have an
 
indefinite life are
 
not amortized but are
 
tested for impairment using
 
a one-step process
which compares the fair value with the carrying amount of the asset.
 
In determining that an intangible asset has an indefinite life, the
Corporation
 
considers
 
expected
 
cash
 
inflows
 
and
 
legal,
 
regulatory,
 
contractual,
 
competitive,
 
economic
 
and
 
other
 
factors,
 
which
could limit the intangible asset’s useful life.
 
Other
 
identifiable
 
intangible
 
assets
 
with
 
a
 
finite
 
useful
 
life,
 
mainly
 
core
 
deposits,
 
are
 
amortized
 
using
 
various
 
methods
 
over
 
the
periods
 
benefited,
 
which
 
range
 
from
 
5
 
to
 
10
 
years.
 
These
 
intangibles are
 
evaluated
 
periodically for
 
impairment
 
when
 
events
 
or
changes in circumstances
 
indicate that the carrying
 
amount may not
 
be recoverable. Impairments on
 
intangible assets with
 
a finite
useful life are evaluated under the guidance for
 
impairment or disposal of long-lived assets.
 
Assets sold / purchased under agreements to repurchase
 
/ resell
Repurchase and resell agreements
 
are treated as collateralized
 
financing transactions and are
 
carried at the
 
amounts at which the
assets will be subsequently reacquired or resold as
 
specified in the respective agreements.
It is the
 
Corporation’s policy to take possession
 
of securities purchased under agreements to
 
resell. However, the counterparties
 
to
such
 
agreements
 
maintain
 
effective
 
control
 
over
 
such
 
securities,
 
and
 
accordingly
 
those
 
securities
 
are
 
not
 
reflected
 
in
 
the
Corporation’s Consolidated Statements
 
of Financial
 
Condition. The Corporation
 
monitors the
 
fair value of
 
the underlying
 
securities
as compared to the related receivable, including accrued
 
interest.
 
It
 
is
 
the
 
Corporation’s
 
policy
 
to
 
maintain
 
effective
 
control
 
over
 
assets
 
sold
 
under
 
agreements
 
to
 
repurchase;
 
accordingly,
 
such
securities continue to be carried on the Consolidated
 
Statements of Financial Condition.
The Corporation may require counterparties to deposit
 
additional collateral or return collateral pledged,
 
when appropriate.
Software
Capitalized
 
software
 
is
 
stated
 
at
 
cost,
 
less
 
accumulated
 
amortization.
 
Capitalized
 
software
 
includes
 
purchased
 
software
 
and
capitalizable application development costs associated with internally-developed software. Amortization, computed on a straight-line
method, is charged to operations
 
over the estimated useful life
 
of the software. Capitalized software is
 
included in “Other assets” in
the Consolidated Statement of Financial Condition.
Guarantees, including indirect guarantees of indebtedness
 
to others
The estimated losses to be absorbed under the credit
 
recourse arrangements are recorded as a liability when
 
the loans are sold and
are updated by
 
accruing or reversing expense
 
(categorized in the line
 
item “Adjustments (expense) to
 
indemnity reserves on loans
sold”
 
in
 
the
 
Consolidated
 
Statements
 
of
 
Operations)
 
throughout
 
the
 
life
 
of
 
the
 
loan,
 
as
 
necessary,
 
when
 
additional
 
relevant
information
 
becomes
 
available.
 
The
 
methodology
 
used
 
to
 
estimate
 
the
 
recourse
 
liability
 
considers
 
current
 
conditions,
macroeconomic expectations through a 2-years reasonable and supportable period, gradually reverting to historical macroeconomic
variables at the model input level over a 3-year period, portfolio
 
composition by risk characteristics, amongst other factors. Statistical
methods are used
 
to estimate the
 
recourse liability.
 
Expected loss rates
 
are applied to
 
different loan segmentations.
 
The expected
127
loss, which
 
represents the
 
amount expected
 
to be
 
lost on
 
a given
 
loan, considers
 
the probability
 
of default
 
and loss
 
severity.
 
The
reserve
 
for
 
the
 
estimated
 
losses
 
under
 
the
 
credit
 
recourse
 
arrangements
 
is
 
presented
 
separately
 
within
 
other
 
liabilities
 
in
 
the
Consolidated Statements of
 
Financial Condition. Refer
 
to Note
 
22 to
 
the Consolidated Financial
 
Statements for further
 
disclosures
on guarantees.
Treasury stock
Treasury stock is
 
recorded at cost and
 
is carried as a
 
reduction of stockholders’ equity in
 
the Consolidated Statements of Financial
Condition.
 
At the
 
date of
 
retirement or
 
subsequent reissue,
 
the treasury
 
stock account
 
is reduced
 
by
 
the cost
 
of such
 
stock.
 
At
retirement, the excess of the cost of the treasury stock over
 
its par value is recorded entirely to surplus. At reissuance,
 
the difference
between the consideration received upon issuance and
 
the specific cost is charged or credited to surplus.
 
Revenues from contracts with customers
Refer
 
to
 
Note
 
31
 
for
 
a
 
detailed
 
description
 
of
 
the
 
Corporation’s
 
policies
 
on
 
the
 
recognition
 
and
 
presentation
 
of
 
revenues
 
from
contract with customers.
Foreign exchange
Assets and liabilities
 
denominated in foreign currencies
 
are translated to U.S.
 
dollars using prevailing rates
 
of exchange at
 
the end
of
 
the
 
period.
 
Revenues, expenses,
 
gains
 
and
 
losses
 
are
 
translated using
 
weighted
 
average
 
rates
 
for
 
the
 
period.
 
The
 
resulting
foreign currency translation adjustment
 
from operations for which
 
the functional currency is
 
other than the U.S.
 
dollar is reported in
accumulated
 
other comprehensive
 
income
 
(loss), except
 
for
 
highly inflationary
 
environments in
 
which the
 
effects
 
are
 
included
 
in
other operating expenses.
The Corporation
 
holds interests
 
in Centro
 
Financiero BHD
 
León, S.A.
 
(“BHD León”)
 
in the
 
Dominican Republic.
 
The business
 
of
BHD León is
 
mainly conducted in their
 
country’s foreign currency.
 
The resulting foreign currency
 
translation adjustment from these
operations is reported in accumulated other comprehensive
 
income (loss).
 
Refer to the disclosure of accumulated other comprehensive
 
income (loss) included in Note 21.
Income taxes
The Corporation
 
recognizes deferred tax
 
assets and
 
liabilities for
 
the expected
 
future tax
 
consequences of
 
events that
 
have been
recognized in
 
the Corporation’s
 
financial statements
 
or tax
 
returns. Deferred
 
income tax
 
assets and
 
liabilities are
 
determined for
differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible
 
amounts in the
future.
 
The
 
computation
 
is
 
based
 
on
 
enacted
 
tax
 
laws
 
and
 
rates
 
applicable
 
to
 
periods
 
in
 
which
 
the
 
temporary
 
differences
 
are
expected to be recovered or settled.
 
The
 
guidance for
 
income
 
taxes
 
requires a
 
reduction of
 
the
 
carrying
 
amounts
 
of
 
deferred tax
 
assets
 
by
 
a valuation
 
allowance if,
based on the available evidence, it is more likely
 
than not (defined as a likelihood of more
 
than 50 percent) that such assets will not
be
 
realized.
 
Accordingly,
 
the
 
need
 
to
 
establish
 
valuation
 
allowances
 
for
 
deferred
 
tax
 
assets
 
is
 
assessed
 
periodically
 
by
 
the
Corporation
 
based
 
on
 
the
 
more
 
likely
 
than
 
not
 
realization
 
threshold
 
criterion.
 
In
 
the
 
assessment
 
for
 
a
 
valuation
 
allowance,
appropriate consideration
 
is given
 
to all
 
positive and
 
negative evidence
 
related to
 
the realization
 
of the
 
deferred tax
 
assets. This
assessment considers, among others,
 
all sources of
 
taxable income available to
 
realize the deferred tax
 
asset, including the future
reversal of existing temporary differences, the future taxable income
 
exclusive of reversing temporary differences and carryforwards,
taxable income in carryback years and tax-planning strategies. In making such
 
assessments, significant weight is given to evidence
that can be objectively verified.
 
The valuation
 
of deferred
 
tax assets
 
requires judgment
 
in assessing
 
the likely
 
future tax
 
consequences of
 
events that
 
have been
recognized in the Corporation’s financial statements or tax returns and future profitability.
 
The Corporation’s accounting for deferred
tax consequences represents management’s best estimate
 
of those future events.
 
Positions taken in
 
the Corporation’s
 
tax returns may
 
be subject to
 
challenge by the
 
taxing authorities upon
 
examination. Uncertain
tax positions
 
are initially
 
recognized in the
 
financial statements when
 
it is
 
more likely than
 
not (greater than
 
50%) that
 
the position
will be sustained upon examination by the tax authorities, assuming full knowledge of the position and all relevant facts.
 
The amount
of unrecognized tax benefit may increase or decrease in
 
the future for various reasons including adding amounts for
 
current tax year
positions,
expiration of open income tax returns due to the statute of limitations, changes in management’s judgment about the level
of
 
uncertainty,
 
including
 
addition
 
or
 
elimination
 
of
 
uncertain
 
tax
 
positions,
 
status
 
of
 
examinations, litigation,
 
settlements
 
with
 
tax
authorities and legislative activity.
128
The Corporation accounts for the taxes collected from customers
 
and remitted to governmental authorities on a net
 
basis (excluded
from revenues).
Income
 
tax
 
expense
 
or
 
benefit
 
for
 
the
 
year
 
is
 
allocated
 
among
 
continuing
 
operations,
 
discontinued
 
operations,
 
and
 
other
comprehensive income (loss), as applicable. The amount allocated to continuing operations is the tax effect of the pre-tax income or
loss from continuing operations that occurred during the year, plus or minus
 
income tax effects of (a) changes in circumstances that
cause
 
a
 
change
 
in
 
judgment
 
about
 
the
 
realization
 
of
 
deferred
 
tax
 
assets
 
in
 
future
 
years,
 
(b)
 
changes
 
in
 
tax
 
laws
 
or
 
rates,
 
(c)
changes in tax status, and (d) tax-deductible
 
dividends paid to stockholders, subject to certain
 
exceptions.
Employees’ retirement and other postretirement benefit
 
plans
Pension costs are
 
computed on the
 
basis of accepted
 
actuarial methods and are
 
charged to current
 
operations. Net pension costs
are based
 
on various actuarial
 
assumptions regarding future
 
experience under the
 
plan, which include
 
costs for services
 
rendered
during the
 
period, interest
 
costs and
 
return on
 
plan assets,
 
as well
 
as deferral
 
and amortization
 
of certain
 
items such
 
as actuarial
gains or losses.
 
The funding policy is
 
to contribute to the
 
plan, as necessary,
 
to provide for services
 
to date and for
 
those expected to be
 
earned in
the
 
future.
 
To
 
the
 
extent
 
that
 
these
 
requirements
 
are
 
fully
 
covered
 
by
 
assets
 
in
 
the
 
plan,
 
a
 
contribution
 
may
 
not
 
be
 
made
 
in
 
a
particular year.
The cost
 
of postretirement
 
benefits, which
 
is determined
 
based on
 
actuarial assumptions
 
and estimates
 
of the
 
costs of
 
providing
these benefits in the future, is accrued during
 
the years that the employee renders the required
 
service.
The guidance for compensation
 
retirement benefits of ASC
 
Topic
 
715 requires the recognition
 
of the funded status
 
of each defined
pension
 
benefit
 
plan,
 
retiree
 
health
 
care
 
and
 
other
 
postretirement
 
benefit
 
plans
 
on
 
the
 
Consolidated
 
Statements
 
of
 
Financial
Condition.
 
Stock-based compensation
The
 
Corporation
 
opted
 
to
 
use
 
the
 
fair
 
value
 
method
 
of
 
recording
 
stock-based
 
compensation
 
as
 
described
 
in
 
the
 
guidance
 
for
employee share plans in ASC Subtopic 718-50.
Comprehensive income
 
Comprehensive income
 
(loss) is
 
defined as
 
the change
 
in equity
 
of
 
a business
 
enterprise during
 
a period
 
from
 
transactions and
other events
 
and circumstances,
 
except those
 
resulting from
 
investments by
 
owners and
 
distributions to
 
owners. Comprehensive
income (loss) is separately presented in the Consolidated
 
Statements of Comprehensive Income.
Net income per common share
Basic income per common share is computed by dividing net income adjusted for preferred stock dividends, including undeclared or
unpaid dividends
 
if cumulative,
 
and charges
 
or credits
 
related to
 
the extinguishment
 
of preferred
 
stock or
 
induced conversions
 
of
preferred stock, by the weighted average number of
 
common shares outstanding during the year. Diluted income per common
 
share
takes into consideration the weighted average common shares adjusted for the effect of stock options, restricted stock, performance
shares and warrants, if any, using the treasury stock method.
Statement of cash flows
For purposes of reporting cash flows, cash includes
 
cash on hand and amounts due from banks, including
 
restricted cash.
129
Note 3 - New accounting pronouncements
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-02,
Liabilities (Topic 405) -
Amendments to SEC
Paragraphs Pursuant to
SEC Staff Accounting
Bulletin No. 122
The
 
Financial Accounting
 
Standards Board
("FASB")
 
issued
 
Accounting
 
Standard
Update
 
("ASU")
 
2025-02
 
in
 
March
 
2025,
which
 
amends
 
the
 
guidance
 
in
 
Accounting
Standards
 
Codification
 
("ASC")
 
450-10-
S99-1
 
by
 
removing
 
the
 
interpretative
guidance
 
of
 
Section
 
FF
 
of
 
Topic
 
5
 
in
 
the
Staff Accounting Bulletin Series ("SAB") text
that
 
addressed
 
the
 
accounting
 
for
obligations to
 
safeguard crypto-assets
 
held
by platform
 
users to
 
align the
 
ASC with
 
the
latest
 
SAB
 
112
 
directive,
 
ensuring
consistency and clarity.
March 18, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not currently hold crypto-assets.
FASB ASU 2024-02,
Codification Improvements
- Amendments to Remove
References to the
Concepts Statements
 
The
 
FASB
 
issued
 
ASU
 
2024-02
 
in
 
March
2024, which
 
removes various
 
references to
concept statements from the ASC. The ASU
intends
 
to
 
simplify
 
the
 
Codification
 
and
distinguish
 
between
 
nonauthoritative
 
and
authoritative guidance.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the adoption of this ASU since it did not
provide for
 
accounting changes
 
or new
presentation
 
or
 
disclosure
requirements.
 
The
 
ASU
 
eliminated
references
 
within
 
the
 
ASC
 
to
 
the
concept
 
statements,
 
which
 
is
considered non-authoritative guidance.
FASB ASU 2024-01,
Compensation - Stock
Compensation (Topic 718)
- Scope Application of
Profits Interest and Similar
Awards
The
 
FASB
 
issued
 
ASU
 
2024-01
 
in
 
March
2024,
 
which
 
amends
 
ASC
 
Topic
 
718
 
by
including
 
an
 
illustrative
 
example
 
to
demonstrate how
 
an entity
 
would apply
 
the
scope
 
guidance
 
in
 
paragraph
 
718-10-15-3
to determine whether profits interest awards
should be accounted
 
for in accordance
 
with
ASC
 
Topic
 
718.
 
The
 
ASU
 
is
 
intended
 
to
reduce complexity and diversity in practice.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
the
performance
 
share
 
awards
 
of
 
the
Corporation
 
continue
 
to
 
meet
 
the
requirements of ASC 718-10-15-3.
FASB ASU 2023-09,
Income Tax (Topic
 
740) -
Improvements to Income
Tax Disclosures
The
 
FASB
 
issued
 
ASU
 
2023-09
 
in
December 2023,
 
which amends ASC
 
Topic
740
 
by
 
enhancing
 
disclosures
 
regarding
rate
 
reconciliation
 
and
 
requiring
 
the
disclosure of
 
income taxes paid, income (or
loss)
 
before
 
income
 
tax
 
expense
 
and
income
 
tax
 
expense
 
disaggregated
 
by
national, state and foreign level. Disclosures
that
 
no
 
longer
 
were
 
considered
 
cost
beneficial
 
or
 
relevant
 
were
 
removed
 
from
ASC Topic 740.
January 1, 2025
The Corporation adopted ASU
 
2023-09
for
 
it's
 
Consolidated
 
Financial
Statements
 
in
 
this
 
Form
 
10-K
 
as
 
of
December
 
31,
 
2025.
 
The
 
adoption
 
of
this
 
standard
 
resulted
 
in
 
the
prospective
 
inclusion
 
of
 
certain
 
new
categories
 
in
 
the
 
effective
 
income
 
tax
rate
 
and
 
income
 
tax
 
expense
 
tabular
disclosures, as well as the disclosure of
income taxes
 
paid. Refer
 
to Note
 
34 –
Income
 
taxes
 
for
 
the
 
additional
disclosures included.
130
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-08,
Intangibles - Goodwill and
Other - Crypto Assets
(Subtopic 350-60) -
Accounting for and
Disclosure of Crypto
Assets
 
The
 
FASB
 
issued
 
ASU
 
2023-08
 
in
December
 
2023,
 
which
 
amends
 
ASC
Subtopic
 
350-60
 
by
 
requiring
 
that
 
crypto
assets
 
are
 
measured
 
at
 
fair
 
value
 
in
 
the
statement
 
of
 
financial
 
position
 
each
reporting
 
period
 
with
 
changes
 
from
remeasurement
 
being
 
recognized
 
in
 
net
income.
 
The
 
ASU
 
also
 
requires
 
enhanced
disclosures
 
for
 
both
 
annual
 
and
 
interim
reporting
 
periods
 
to
 
provide
 
investors
 
with
relevant information
 
to
 
analyze and
 
assess
the
 
exposure
 
and
 
risk
 
of
 
significant
individual crypto asset holdings.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not currently hold crypto-assets.
FASB ASU 2023-05,
Business Combinations -
Joint Venture Formations
(Subtopic 805-60) -
Recognition and initial
measurement
The
 
FASB
 
issued
 
ASU
 
2023-05
 
in
 
August
2023, which
 
amends ASC
 
Subtopic 805-60
to include specific
 
guidance about how
 
joint
ventures
 
should
 
recognize
 
and
 
initially
measure
 
assets
 
contributed
 
and
 
liabilities
assumed.
 
The
 
amendments
 
require
 
that
 
a
joint venture, upon formation, recognize and
initially
 
measure its
 
assets and
 
liabilities at
fair value.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
at
the time of adoption of this ASU since it
elected
 
to
 
prospectively
 
apply
 
the
standard. The Corporation will
 
consider
this
 
guidance
 
for
 
the
 
initial
measurement of assets and liabilities of
joint
 
ventures created
 
after the
 
date of
adoption.
131
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-12,
Codification Improvements
The
 
FASB
 
issued
 
ASU
 
2025-12
 
in
December
 
2025
 
which
 
clarify
 
and
 
correct
errors within
 
the ASC.
 
The update
 
includes
targeted
 
refinements
 
across multiple
 
topics
and
 
it
 
is not
 
expected to
 
have a
 
significant
effect on current accounting practices.
 
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-11,
Interim Reporting (Topic
270) - Narrow-Scope
Improvements
The
 
FASB
 
issued
 
ASU
 
2025-11
 
in
December 2025, to clarify interim disclosure
requirements
 
under
 
ASC
 
Topic
 
270.
 
The
update
 
provides
 
a
 
comprehensive
 
list
 
of
interim
 
disclosures
 
that
 
are
 
required
 
within
interim
 
financial
 
statements
 
and
 
introduces
a principles-based requirement to disclose
events since the last annual period that may
have a material impact.
January 1, 2028
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-10,
Government Grants (Topic
832) - Accounting for
Government Grants
Received by Business
Entities
The
 
FASB
 
issued
 
ASU
 
2025-10
 
in
December
 
2025,
 
which
 
establishes
 
the
accounting
 
for
 
government
 
grants
 
received
by
 
a
 
business
 
entity.
 
The
 
update
establishes
 
recognition,
 
measurement,
 
and
disclosure
 
requirements
 
for
 
government
grants.
 
It
 
allows
 
asset
 
related
 
grants to
 
be
recognized either
 
as deferred
 
income or
 
as
an adjustment
 
to the
 
cost basis
 
of an
 
asset
and
 
income-related
 
grants
 
as
 
deferred
income.
January 1, 2029
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-09,
Derivatives and Hedging
(Topic 815) - Hedge
Accounting Improvements
The
 
FASB
 
issued
 
ASU
 
2025-09
 
in
November 2025, which aims to improve and
broaden
 
hedge
 
accounting
 
under
 
ASC
Topic
 
815
 
by
 
allowing
 
entities
 
to
 
group
forecasted
 
transaction
 
with
 
similar
 
risk
exposures,
 
provides
 
a
 
model
 
for
 
hedging
choose-your
 
rate
 
debt
 
,
 
expands
 
hedge
accounting
 
for
 
forecasted
 
purchases
 
and
sales of non
 
financial assets, eliminates net
written
 
option
 
limitations
 
for
 
certain
compound
 
derivatives,
 
and
 
resolves
recognition
 
mismatches
 
in
 
dual
 
hedging
strategies
 
involving
foreign
‑
currency
‑
denominated debt.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
132
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-08,
Financial Instruments -
Credit Losses (Topic 326)
-
 
Purchased Loans
The
 
FASB
 
issued
 
ASU
 
2025-08
 
in
November 2025, which aims
 
to simplify and
reduce the
 
complexity of
 
the accounting
 
for
purchased loans under ASC Topic
 
326. The
update
 
expands
 
the
 
population
 
of
 
loans
subject to
 
the gross-up
 
approach to
 
include
purchased
 
seasoned
 
loans,
 
regardless
whether they had credit deterioration.
 
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-07,
Derivatives and Hedging
(Topic 815) and Revenue
from Contracts with
Customers (Topic 606) -
Derivatives Scope
Refinements and Scope
Clarification for Share-
Based Noncash
Consideration from a
Customer in a Revenue
Contract
The
 
FASB
 
issued
 
ASU
 
2025-07
 
in
September 2025, which refines the scope of
derivative accounting under
 
ASC Topic
 
815
and
 
clarifies
 
the
 
treatment
 
of
 
share-based
noncash
 
consideration
 
under
 
ASC
 
Topic
606.
 
The
 
update
 
excludes
 
certain
 
non-
exchange
 
traded
 
contracts
 
with
 
underlying
based
 
on
 
the
 
operations
 
of
 
one
 
of
 
the
parties from derivative accounting, aiming to
better
 
reflect
 
the
 
nature
 
of
 
these
arrangements
 
and
 
reduce
 
complexity.
 
It
also
 
confirms
 
that
 
share-based
 
noncash
consideration
 
from
 
a
 
customer
 
should
 
be
accounted
 
for
 
under
 
ASC
 
Topic
 
606
 
until
the right
 
to receive
 
or retain
 
such non-cash
consideration
 
becomes
 
unconditional,
promoting
 
consistency
 
in
 
revenue
recognition practices.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-06,
Intangibles - Goodwill and
Other - Internal-Use
Software (Subtopic 350-
40) - Targeted
Improvements to the
Accounting for Internal-
Use Software
The
 
FASB
 
issued
 
ASU
 
2025-06
 
in
September 2025, which seeks to modernize
the
 
accounting
 
for
 
internal-use
 
software
under
 
ASC
 
Subtopic
 
350-40,
 
Intangibles—
Goodwill and Other—Internal-Use Software.
The
 
update
 
replaces
 
the
 
traditional
 
stage-
based
 
model
 
(preliminary,
 
development,
post-implementation)
 
with
 
a
 
principles-
based framework that better
 
reflects current
software
 
development
 
practices,
 
including
agile and cloud-based approaches.
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
our
 
accounting
for
 
internal
 
use
 
software
 
considering
our
 
development
 
practices
 
which
 
may
include
 
agile
 
and
 
cloud
 
based
approaches. Given the
 
recent issuance
of
 
this
 
guidance
 
it
 
is
 
too
 
early
 
to
 
tell
whether
 
the
 
impact
 
will
 
be
 
material
 
in
our
 
financial
 
statements
 
and
presentation and disclosures.
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The
 
FASB
 
issued
 
ASU
 
2025-05
 
in
 
July
2025,
 
which
 
permits
 
entities
 
to
 
elect
 
a
practical
 
expedient
 
when
 
accounting
 
for
current
 
accounts
 
receivable
 
and
 
current
contract
 
assets
 
arising
 
from
 
transactions
accounted
 
for
 
under
 
ASC
 
Topic
 
606,
Revenue
 
from
 
Contracts
 
with
 
Customers.
This practical
 
expedient establishes
 
that, in
developing
 
reasonable
 
and
 
supportable
forecasts
 
as
 
part
 
of
 
estimating
 
expected
credit
 
losses,
 
entities
 
assume
 
that
 
current
conditions as
 
of the
 
balance sheet
 
date do
not
 
change
 
for
 
the
 
remaining
 
life
 
of
 
the
asset.
January 1, 2026
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
standard as it will not
 
elect the practical
expedient.
133
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The
 
FASB
 
issued
 
ASU
 
2025-04
 
in
 
May
2025,
 
which
 
clarifies
 
the
 
accounting
 
for
share-based
 
awards
 
granted
 
as
consideration
 
payable
 
to
 
a
 
customer.
 
The
ASU expands
 
the definition
 
of performance
condition
 
for
 
share-based
 
consideration
under ASC 718 and eliminates the forfeiture
policy election for
 
service conditions. It
 
also
confirms
 
that
 
the
 
variable
 
consideration
constraint
 
in
 
ASC
 
606
 
does
 
not
 
apply
 
to
such awards.
January 1, 2027
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
does
 
not
 
grant
 
share-based
payment awards to customers.
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The
 
FASB
 
issued
 
ASU
 
2025-03
 
in
 
May
2025 which
 
requires that
 
an entity
 
consider
the
 
factors
 
in
 
paragraphs
 
805-10-55-12
through
 
55-15
 
when
 
it
 
is
 
involved
 
in
 
an
acquisition transaction
 
effected primarily
 
by
exchanging
 
equity
 
interests when
 
the
 
legal
acquiree is
 
a variable
 
interest entity
 
("VIE")
that
 
meets
 
the
 
definition
 
of
 
a
 
business
 
to
determine
 
which
 
entity
 
is
 
the
 
accounting
acquirer.
 
This
 
replaces
 
the
 
previous
requirement
 
that
 
the
 
primary
 
beneficiary
always is the acquirer.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2024-04, Debt
- Debt with Conversion
and Other Options
(Subtopic 470- 20) -
Induced Conversions of
Convertible Debt
Instruments
The
 
FASB
 
issued
 
ASU
 
2024-04
 
in
November
 
2024,
 
which
 
clarifies
 
the
requirements
 
for
 
determining
 
whether
certain
 
settlements
 
of
 
convertible
 
debt
instruments should
 
be accounted
 
for as
 
an
induced
 
conversion.
 
Also
 
it
 
makes
additional
 
clarifications
 
to
 
assist
stakeholders in
 
applying the
 
guidance. The
ASU
 
clarifies
 
that
 
the
 
incorporation,
elimination,
 
or
 
modification
 
of
 
a
 
volume-
weighted
 
average
 
price
 
("VWAP")
 
formula
does
 
not
 
automatically
 
cause
 
a
 
settlement
to
 
be
 
accounted
 
for
 
as
 
an
 
extinguishment
and
 
that
 
the
 
induced
 
conversion
 
guidance
applies to a convertible
 
debt instrument that
is not currently
 
convertible as long as
 
it had
a substantive
 
conversion feature
 
as of
 
both
its
 
issuance
 
date
 
and
 
the
 
date
 
the
inducement offer is accepted.
January 1, 2026
The Corporation
 
does not
 
expect to
 
be
 
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since it does not hold convertible debt.
FASB ASU 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The
 
FASB
 
issued
 
ASU
 
2024-03
 
in
November
 
2024,
 
which
 
requires
 
public
entities
 
to
 
disclose
 
additional
 
information
about
 
specific
 
expense
 
categories
 
in
 
the
notes to
 
financial statements
 
at interim
 
and
annual
 
reporting
 
periods
 
to
 
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
134
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-06,
Disclosure Improvements -
Codification Amendments
in Response to the SEC’s
 
Disclosure Update and
Simplification Initiative
The FASB
 
issued ASU
 
2023-06 in
 
October
2023
 
which
 
modifies
 
the
 
disclosure
 
or
presentation
 
requirements
 
of
 
various
subtopics
 
in
 
the
 
Codification
 
with
 
the
purpose
 
of
 
aligning
 
U.S.
 
GAAP
requirements
 
with
 
those
 
of
 
the
 
SEC
 
under
Regulation S-X and S-K.
 
The date on which
the SEC removes
related disclosure
requirements. If by
June 30, 2027 the
SEC has not
removed the
applicable
requirements, the
standard will not
become
 
effective.
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
is
 
subject
 
to
 
SEC's
 
current
disclosure
 
and
 
presentation
requirements under Regulation S-X and
S-K.
135
Note 4 - Restrictions on cash and due
 
from banks and certain securities
BPPR is
 
required by
 
regulatory agencies
 
to maintain
 
average reserve
 
balances with
 
the Federal
 
Reserve Bank
 
of New
 
York
 
(the
“Fed”) or other banks. Required average
 
reserve balances in BPPR amounted to
 
$
2.7
 
billion at December 31, 2025 (December 31,
2024 -
 
$
2.6
 
billion). Cash
 
and due
 
from banks,
 
as well
 
as other
 
highly liquid
 
securities, are
 
used to
 
cover these
 
required average
reserve balances.
 
At
 
December
 
31,
 
2025,
 
the
 
Corporation
 
held
 
$
64
 
million
 
in
 
restricted
 
assets
 
in
 
the
 
form
 
of
 
funds
 
deposited
 
in
 
money
 
market
accounts, debt
 
securities available for
 
sale and
 
equity securities (December
 
31, 2024
 
- $
61
 
million).
 
The restricted
 
assets held
 
in
debt securities available for
 
sale and equity securities
 
consist primarily of assets
 
held for the Corporation’s
 
non-qualified retirement
plans and fund deposits guaranteeing possible liens
 
or encumbrances over the title of insured
 
properties.
 
136
Note 5 – Debt securities available-for-sale
The
 
following
 
tables
 
present
 
the
 
amortized
 
cost,
 
gross
 
unrealized
 
gains
 
and
 
losses,
 
fair
 
value,
 
weighted
 
average
 
yield
 
and
contractual maturities of debt securities available-for-sale
 
at December 31, 2025 and December 31,
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair
 
average
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
Within 1 year
$
10,154,698
$
4,716
$
1,528
$
10,157,886
3.44
%
After 1 to 5 years
5,555,079
29,795
19,306
5,565,568
3.70
Total U.S. Treasury
 
securities
15,709,777
34,511
20,834
15,723,454
3.53
Collateralized mortgage obligations - federal agencies
Within 1 year
152
-
1
151
1.97
After 1 to 5 years
4,879
-
88
4,791
1.49
After 5 to 10 years
11,524
-
482
11,042
2.45
After 10 years
90,018
180
5,941
84,257
2.92
Total collateralized
 
mortgage obligations - federal agencies
106,573
180
6,512
100,241
2.80
Mortgage-backed securities - federal agencies
Within 1 year
963
1
9
955
2.08
After 1 to 5 years
65,843
11
1,530
64,324
2.35
After 5 to 10 years
1,030,661
256
67,116
963,801
1.85
After 10 years
4,527,032
881
806,466
3,721,447
1.75
Total mortgage-backed
 
securities - federal agencies
5,624,499
1,149
875,121
4,750,527
1.78
Other
Within 1 year
750
-
-
750
4.43
Total other
 
750
-
-
750
4.43
Total debt securities
 
available-for-sale
[1]
$
21,441,599
$
35,840
$
902,467
$
20,574,972
3.07
%
[1]
 
Includes $
14.3
 
billion pledged to secure government and trust
 
deposits, credit facilities and loan servicing agreements that
 
the secured parties
are not permitted to sell or repledge the collateral, of which
 
$
13.2
 
billion serve as collateral for public funds.
 
The Corporation had unpledged
Available for Sale securities with a fair value of
 
$
6.3
 
billion that could be used to increase its borrowing
 
facilities.
 
137
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Gross
 
Gross
 
Weighted
 
Amortized
 
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
10,555,397
$
1,282
$
46,275
$
10,510,404
3.33
%
After 1 to 5 years
2,547,936
151
63,381
2,484,706
3.07
Total U.S. Treasury
 
securities
13,103,333
1,433
109,656
12,995,110
3.28
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
10,538
-
345
10,193
1.53
After 5 to 10 years
15,334
-
904
14,430
2.24
After 10 years
104,168
132
8,639
95,661
2.76
Total collateralized
 
mortgage obligations - federal agencies
130,040
132
9,888
120,284
2.60
Mortgage-backed securities - federal agencies
Within 1 year
776
-
5
771
1.65
After 1 to 5 years
79,542
8
2,700
76,850
2.35
After 5 to 10 years
733,506
82
45,078
688,510
2.37
After 10 years
5,468,448
337
1,106,657
4,362,128
1.67
Total mortgage-backed
 
securities - federal agencies
6,282,272
427
1,154,440
5,128,259
1.75
Other
Within 1 year
500
-
-
500
5.00
After 1 to 5 years
1,750
-
-
1,750
5.50
Total other
 
2,250
-
-
2,250
5.39
Total debt securities
 
available-for-sale
[1]
$
19,517,895
$
1,992
$
1,273,984
$
18,245,903
2.78
%
[1]
Includes $
13.9
 
billion pledged to secure government and trust deposits,
 
assets sold under agreements to repurchase, credit facilities
 
and loan
servicing agreements that the secured parties are not permitted
 
to sell or repledge the collateral, of which $
12.9
 
billion serve as collateral for
public funds. The Corporation had unpledged Available
 
for Sale securities with a fair value of
 
$
4.3
 
billion that could be used to increase its
borrowing facilities.
The weighted
 
average yield
 
on debt
 
securities available-for-sale
 
is based
 
on amortized
 
cost; therefore,
 
it
 
does not
 
give
 
effect to
changes in fair value.
Securities
 
not
 
due
 
on
 
a
 
single
 
contractual
 
maturity
 
date,
 
such
 
as
 
mortgage-backed
 
securities
 
and
 
collateralized
 
mortgage
obligations, are classified
 
in the period
 
of final contractual
 
maturity. The
 
expected maturities of
 
collateralized mortgage obligations,
mortgage-backed securities and certain other securities may
 
differ from their contractual maturities
 
because they may be subject to
prepayments or may be called by the issuer.
The following table presents the
 
aggregate amortized cost and fair value of
 
debt securities available-for-sale at December 31, 2025
by contractual maturity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Amortized cost
 
Fair value
Within 1 year
$
10,156,563
$
10,159,742
After 1 to 5 years
5,625,801
5,634,683
After 5 to 10 years
1,042,185
974,843
After 10 years
4,617,050
3,805,704
Total debt securities
 
available-for-sale
$
21,441,599
$
20,574,972
At December 31, 2025,
 
the Corporation did not intend
 
to sell or believed
 
it was more likely than
 
not that it would be
 
required to sell
debt
 
securities
 
classified
 
as
 
available-for-sale.
 
There
 
were
no
 
debt
 
securities
 
available-for-sale
 
sold
 
during
 
the
 
years
 
ended
December 31, 2025, December 31, 2024 and December
 
31, 2023.
 
 
 
138
The
 
following
 
tables
 
present
 
the
 
Corporation’s
 
fair
 
value
 
and
 
gross
 
unrealized
 
losses
 
of
 
debt
 
securities
 
available-for-sale,
aggregated by investment category
 
and length of time
 
that individual securities have been
 
in a continuous unrealized loss
 
position,
at December 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
992,083
$
82
$
943,699
$
20,752
$
1,935,782
$
20,834
Collateralized mortgage obligations - federal agencies
 
1,481
3
83,266
6,509
84,747
6,512
Mortgage-backed securities -federal agencies
222,333
9,975
4,469,097
865,146
4,691,430
875,121
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
1,215,897
$
10,060
$
5,496,062
$
892,407
$
6,711,959
$
902,467
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
2,309,894
$
24,646
$
3,638,092
$
85,010
$
5,947,986
$
109,656
Collateralized mortgage obligations - federal agencies
 
4,878
27
102,160
9,861
107,038
9,888
Mortgage-backed securities - federal agencies
70,777
3,175
5,031,414
1,151,265
5,102,191
1,154,440
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
2,385,549
$
27,848
$
8,771,666
$
1,246,136
$
11,157,215
$
1,273,984
As of December 31, 2025, the portfolio of available-for-sale
 
debt securities reflects gross unrealized losses of $
0.9
 
billion (December
31,
 
2024
 
-
 
$
1.3
 
billion), driven
 
mainly
 
by
 
mortgage-backed securities,
 
impacted
 
by
 
the
 
higher-interest
 
rate
 
environment
 
and
 
the
portfolio’s longer
 
duration.
 
The portfolio
 
of available-for-sale debt
 
securities is
 
comprised mainly of
 
U.S Treasuries
 
and obligations
from
 
the
 
U.S.
 
Government,
 
its
 
agencies
 
or
 
government
 
sponsored
 
entities,
 
including
 
Federal
 
National
 
Mortgage
 
Association
(“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association (“GNMA”). These
securities carry
 
an explicit
 
or implicit
 
guarantee from the
 
U.S. Government,
 
are highly
 
rated by
 
major rating
 
agencies, and
 
have a
long history of no credit losses. Accordingly, the Corporation applies a zero-credit
 
loss assumption.
 
 
139
Note 6 –Debt securities held-to-maturity
The following tables present the amortized cost, allowance for
 
credit losses,
 
gross unrealized gains and losses, fair value, weighted
average yield and contractual maturities of debt securities
 
held-to-maturity at December 31, 2025 and
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Allowance
Carrying
Value
 
Gross
 
Gross
 
Weighted
Amortized
 
Book
[1]
for Credit
Net of
 
unrealized
unrealized
Fair
 
average
(In thousands)
cost
Value
Losses
Allowance
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
2,558,293
$
2,519,071
$
-
$
2,519,071
$
5,224
$
110
$
2,524,185
1.31
%
After 1 to 5 years
5,003,219
4,749,896
-
4,749,896
35,910
-
4,785,806
1.27
Total U.S. Treasury
 
securities
7,561,512
7,268,967
-
7,268,967
41,134
110
7,309,991
1.28
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,605
2,605
5
2,600
4
-
2,604
6.43
After 1 to 5 years
12,508
12,508
39
12,469
24
87
12,406
3.49
After 5 to 10 years
450
450
15
435
15
-
450
5.81
After 10 years
35,544
35,544
5,753
29,791
2,908
1,829
30,870
1.43
Total obligations of
 
Puerto Rico, States and
political subdivisions
51,107
51,107
5,812
45,295
2,951
1,916
46,330
2.22
Collateralized mortgage obligations - federal
agencies
After 10 years
1,495
1,495
-
1,495
-
189
1,306
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,495
1,495
-
1,495
-
189
1,306
2.87
Securities in wholly owned statutory business
trusts
After 5 to 10 years
5,960
5,960
-
5,960
-
-
5,960
6.33
Total securities
 
in wholly owned statutory
business trusts
5,960
5,960
-
5,960
-
-
5,960
6.33
Total debt securities
 
held-to-maturity [2]
$
7,620,074
$
7,327,529
$
5,812
$
7,321,717
$
44,085
$
2,215
$
7,363,587
1.29
%
[1]
Book value includes $
293
 
million of unrealized loss which remains in Accumulated
 
other comprehensive (loss) income (AOCI) related
 
to certain
securities previously transferred from available-for-sale securities
 
portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.3
 
billion pledged to secure public and trust deposits that
 
the secured parties are not permitted to sell or repledge
 
the collateral.
 
The
Corporation had unpledged held-to-maturities securities with
 
a fair value of $
98.8
 
million that could be used to increase its borrowing facilities.
 
 
140
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Allowance
 
Carrying
Value
 
Gross
 
Gross
 
Weighted
 
Amortized
 
Book
[1]
for Credit
Net of
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
Value
Losses
Allowance
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
599,910
$
599,910
$
-
$
599,910
$
-
$
4,498
$
595,412
2.76
%
After 1 to 5 years
7,572,435
7,093,508
-
7,093,508
-
65,096
7,028,412
1.28
Total U.S. Treasury
 
securities
8,172,345
7,693,418
-
7,693,418
-
69,594
7,623,824
1.39
Obligations of Puerto Rico, States and
political subdivisions
`
Within 1 year
2,440
2,440
5
2,435
3
-
2,438
6.39
After 1 to 5 years
16,454
16,454
80
16,374
47
80
16,341
3.69
After 5 to 10 years
655
655
22
633
20
-
653
5.81
After 10 years
37,633
37,633
5,210
32,423
2,318
2,596
32,145
1.42
Total obligations of
 
Puerto Rico, States and
political subdivisions
57,182
57,182
5,317
51,865
2,388
2,676
51,577
2.34
Collateralized mortgage obligations - federal
agencies
After 10 years
1,518
1,518
-
1,518
-
214
1,304
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,518
1,518
-
1,518
-
214
1,304
2.87
Securities in wholly owned statutory business
trusts
After 5 to 10 years
5,959
5,959
-
5,959
-
-
5,959
6.33
Total securities
 
in wholly owned statutory
business trusts
5,959
5,959
-
5,959
-
-
5,959
6.33
Total debt securities
 
held-to-maturity [2]
$
8,237,004
$
7,758,077
$
5,317
$
7,752,760
$
2,388
$
72,484
$
7,682,664
1.40
%
[1]
Book value includes $
479
 
million of unrealized loss which remains in Accumulated
 
other comprehensive (loss) income (AOCI) related
 
to certain
securities transferred from available-for-sale securities
 
portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.6
 
billion pledged to secure public and trust deposits that
 
the secured parties are not permitted to sell or repledge
 
the collateral. The
Corporation had unpledged held-to-maturities securities with
 
a fair value of $
139.9
 
million that could be used to increase its borrowing
 
facilities.
Securities not due
 
on a single
 
contractual maturity date,
 
such as collateralized
 
mortgage obligations, are classified
 
in the
 
period of
final contractual maturity. The
 
expected maturities of collateralized mortgage obligations and certain other securities may differ from
their contractual maturities because they may be
 
subject to prepayments or may be called by
 
the issuer.
The following
 
table presents the
 
aggregate amortized cost
 
and fair value
 
of debt securities
 
held-to-maturity at December
 
31, 2025
by contractual maturity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Amortized cost
 
Book Value
Fair value
Within 1 year
$
2,560,898
$
2,521,676
$
2,526,789
After 1 to 5 years
5,015,727
4,762,404
4,798,212
After 5 to 10 years
6,410
6,410
6,410
After 10 years
37,039
37,039
32,176
Total debt securities
 
held-to-maturity
$
7,620,074
$
7,327,529
$
7,363,587
Credit Quality Indicators
The following describes the credit quality indicators by major security
 
type that the Corporation considers to develop the
 
estimate of
the allowance for credit losses for investment securities
 
held-to-maturity.
As discussed in Note
 
2 to the
 
Consolidated Financial Statement,
 
U.S. Treasury securities
 
carry an explicit guarantee
 
from the U.S.
Government,
 
are highly
 
rated by
 
major rating
 
agencies,
 
and have
 
a long
 
history of
 
no credit
 
losses. Accordingly,
 
the Corporation
applies a zero-credit loss assumption and no allowance
 
for credit losses (“ACL”) for these securities
 
has been established.
141
At December 31, 2025 and December 31, 2024, the “Obligations
 
of Puerto Rico, States and political subdivisions” classified
 
as held-
to-maturity,
 
included securities
 
issued by
 
municipalities of
 
Puerto Rico
 
that are
 
generally not
 
rated by
 
a credit
 
rating agency.
 
The
Corporation performs periodic credit quality
 
reviews of these securities and internally
 
assigns standardized credit risk ratings based
on
 
its
 
evaluation. For
 
the
 
definitions
 
of
 
the
 
obligor
 
risk
 
ratings, refer
 
to
 
the
 
Credit
 
Quality section
 
of
 
Note
 
8
 
to
 
the
 
Consolidated
Financial
 
Statements.
 
This
 
includes
 
an
 
amortized
 
cost
 
of
 
$
8.7
 
million
 
of
 
general
 
and
 
special
 
obligation
 
bonds
 
issued
 
by
 
three
municipalities
 
of
 
Puerto
 
Rico,
 
of
 
which
 
$
7.9
 
million
 
have
 
a
 
“Pass”
 
rating,
 
that
 
are
 
payable
 
primarily
 
from
 
certain
 
property
 
taxes
imposed by the issuing municipality (compared to $
13
 
million and $
11.1
 
million, respectively, at December 31, 2024).
At December
 
31, 2025,
 
the portfolio
 
of “Obligations
 
of Puerto
 
Rico, States
 
and political
 
subdivisions” also
 
included $
36
 
million in
securities
 
issued
 
by
 
the
 
Puerto
 
Rico
 
Housing
 
Finance
 
Authority
 
(“HFA”),
 
a
 
government
 
instrumentality,
 
for
 
which
 
the
 
underlying
source of payment is second mortgage loans in Puerto Rico
 
residential properties (not the government), but for which HFA, provides
a guarantee
 
in the
 
event of default
 
and upon the
 
satisfaction of certain
 
other conditions (December
 
31, 2024 -
 
$
38
 
million). These
securities
 
are
 
not
 
rated
 
by
 
a
 
credit
 
rating
 
agency.
 
Refer
 
to
 
Note
 
23
to
 
the
 
Consolidated
 
Financial
 
Statements
for
 
additional
information on the Corporation’s exposure to the Puerto
 
Rico Government.
The
 
Corporation
 
assesses
 
the
 
credit
 
risk
 
associated
 
with
 
these
 
HFA
 
securities
 
by
 
evaluating
 
the
 
refreshed
 
FICO
 
scores
 
of
 
a
representative sample
 
of the
 
underlying borrowers.
 
As of
 
December 31,
 
2025, the
 
average refreshed
 
FICO score
 
for the
 
sample,
comprised
 
of
77
%
 
of
 
the
 
nominal
 
value
 
of
 
the
 
securities,
 
used
 
for
 
the
 
loss
 
estimate
 
was
 
of
698
 
(compared
 
to
72
%
 
and
674
,
respectively, at
 
December 31, 2024).
 
The loss estimates
 
for this portfolio
 
was based on
 
the methodology established
 
under CECL
for
 
similar
 
loan
 
obligations.
 
The
 
Corporation
 
does
 
not
 
consider
 
the
 
government
 
guarantee
 
when
 
estimating
 
the
 
credit
 
losses
associated with this portfolio.
A
deterioration of
 
the Puerto
 
Rico economy
 
or
 
of
 
the fiscal
 
health of
 
the
 
Government of
 
Puerto Rico
 
and/or
 
its
 
instrumentalities
(including if
 
any of
 
the issuing
 
municipalities become
 
subject to
 
a debt
 
restructuring proceeding
 
under the
 
Puerto Rico
 
Oversight
Management and Economic Stability Act (“PROMESA”)
 
could adversely affect the value of these securities, resulting in losses
 
to the
Corporation.
 
At December
 
31, 2025,
 
the portfolio
 
of “Obligations
 
of Puerto
 
Rico, States
 
and political
 
subdivisions” also
 
included $
6.8
 
million in
securities issued
 
by the
 
HFA
 
for which
 
the underlying
 
source of
 
payment is
 
U.S. Treasury
 
securities (December
 
31, 2024
 
- $
6.9
million).
 
The Corporation
 
applies a
 
zero-credit loss
 
assumption for
 
these securities,
 
and no
 
ACL
 
has
 
been
 
established for
 
these
securities given that U.S. Treasury securities carry an explicit guarantee from
 
the U.S. Government, are highly rated by major rating
agencies, and have a long history of no credit
 
losses.
 
Delinquency status
At December 31, 2025 and December 31, 2024,
 
there were
no
 
securities held-to-maturity in past due or non-performing
 
status.
Allowance for credit losses on debt securities held-to-maturity
The
 
allowance
 
for
 
credit
 
losses
 
related
 
to
 
the
 
Obligations
 
of
 
Puerto
 
Rico
 
and
 
the
 
States
 
and
 
Political
 
subdivisions
 
securities
 
at
December 31, 2025 was $
5.8
 
million (December 31, 2024 - $
5.3
 
million).
 
 
 
 
142
Note 7 – Loans
For a summary of the
 
accounting policies related to loans, interest recognition
 
and allowance for credit losses refer to
 
Note 2 to the
Consolidated Financial Statements.
The following table presents the Corporation's loan
 
purchases (including repurchases) for the years ended December 31,
 
2025 and
2024 by class of loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the years ended December 31,
 
(In thousands)
2025
2024
Commercial
$
250,032
$
296,201
Mortgage
491,832
378,573
Ending balance
$
741,864
$
674,774
The following table presents the Corporation’s whole-loan
 
sales for the years ended December 31, 2025
 
and 2024 by class of loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the years ended December 31,
 
(In thousands)
2025
2024
Commercial
$
47,347
$
25,155
Construction
9,338
16,656
Mortgage
35,454
44,680
Ending balance
$
92,139
$
86,491
Delinquency status
The following tables present the
 
amortized cost basis of loans
 
held-in-portfolio (“HIP”), net of unearned
 
income, by past due status,
and by loan class including those that are in non-performing status or that are accruing
 
interest but are past due 90 days or more at
December 31, 2025 and 2024.
 
 
143
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
BPPR
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
$
6,579
$
155
$
112
$
6,846
$
296,502
$
303,348
$
112
$
-
Commercial real estate:
Non-owner occupied
2,457
299
35,692
38,448
3,356,682
3,395,130
35,692
-
Owner occupied
2,760
681
24,567
28,008
1,168,585
1,196,593
24,567
-
Commercial and industrial
8,864
3,760
187,222
199,846
5,770,227
5,970,073
183,914
3,308
Construction
17,283
-
-
17,283
340,258
357,541
-
-
Mortgage
261,145
133,124
329,613
723,882
6,624,085
7,347,967
132,373
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,885
1,256,731
-
27,529
Home equity lines of credit
-
-
-
-
1,908
1,908
-
-
Personal
19,608
11,894
19,082
50,584
1,785,818
1,836,402
18,863
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,285
5,900
165,858
171,758
1,809
476
Total
$
466,174
$
193,353
$
687,481
$
1,347,008
$
26,311,620
$
27,658,628
$
458,709
$
228,772
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
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
$
9,500
$
-
$
8,636
$
18,136
$
2,134,306
$
2,152,442
$
8,636
$
-
Commercial real estate:
Non-owner occupied
-
1,600
7,020
8,620
2,139,534
2,148,154
7,020
-
Owner occupied
-
-
-
-
1,956,487
1,956,487
-
-
Commercial and industrial
7,608
928
6,686
15,222
2,622,117
2,637,339
6,498
188
Construction
-
-
-
-
1,317,358
1,317,358
-
-
Mortgage
15,596
6,400
13,422
35,418
1,266,055
1,301,473
13,422
-
Consumer:
Credit cards
-
-
-
-
(14)
(14)
-
-
Home equity lines of
credit
1,282
82
2,796
4,160
72,624
76,784
2,796
-
Personal
983
832
1,233
3,048
66,778
69,826
1,233
-
Other
-
-
29
29
9,012
9,041
29
-
Total
$
34,969
$
9,842
$
39,822
$
84,633
$
11,584,257
$
11,668,890
$
39,634
$
188
 
 
144
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Popular, Inc.
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
[2] [3]
loans
loans
Commercial multi-family
$
16,079
$
155
$
8,748
$
24,982
$
2,430,808
$
2,455,790
$
8,748
$
-
Commercial real estate:
Non-owner occupied
2,457
1,899
42,712
47,068
5,496,216
5,543,284
42,712
-
Owner occupied
2,760
681
24,567
28,008
3,125,072
3,153,080
24,567
-
Commercial and industrial
16,472
4,688
193,908
215,068
8,392,344
8,607,412
190,412
3,496
Construction
17,283
-
-
17,283
1,657,616
1,674,899
-
-
Mortgage
[1]
276,741
139,524
343,035
759,300
7,890,140
8,649,440
145,795
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,871
1,256,717
-
27,529
Home equity lines of credit
1,282
82
2,796
4,160
74,532
78,692
2,796
-
Personal
20,591
12,726
20,315
53,632
1,852,596
1,906,228
20,096
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,314
5,929
174,870
180,799
1,838
476
Total
$
501,143
$
203,195
$
727,303
$
1,431,641
$
37,895,877
$
39,327,518
$
498,343
$
228,960
[1]
At December 31, 2025, mortgage loans held-in-portfolio
 
include $
3.2
 
billion of loans that carry certain guarantees from
 
the FHA or the VA, for
which the Corporation’s policy is to exclude them
 
from non-performing status, of which $
197
 
million are 90 days or more past due. The portfolio
 
of
guaranteed loans includes $
47
 
million of residential mortgage loans in Puerto Rico that
 
are no longer accruing interest as of December 31,
 
2025.
The Corporation has $
27
 
million in reverse mortgage loans in Puerto Rico which
 
are guaranteed by FHA, but which are currently not accruing
interest at December 31, 2025.
[2]
Loans held-in-portfolio are net of $
422
 
million in unearned income and exclude $
10
 
million in loans held-for-sale.
[3]
Includes $
22.7
 
billion pledged to secure credit facilities and public funds
 
that the secured parties are not permitted to sell or repledge
 
the collateral,
of which $
7.5
 
billion were pledged at the Federal Home Loan Bank
 
("FHLB") as collateral for borrowings and $
15.2
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of December
 
31, 2025, the Corporation had an available borrowing
 
facility with the FHLB and
the discount window of FRB of $
4
.0 billion and $
12.1
 
billion, respectively.
 
 
145
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
BPPR
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
$
1,491
$
113
$
79
$
1,683
$
306,318
$
308,001
$
79
$
-
Commercial real estate:
Non-owner occupied
3,103
586
6,429
10,118
3,236,385
3,246,503
6,429
-
Owner occupied
11,054
808
25,258
37,120
1,338,791
1,375,911
25,258
-
Commercial and industrial
5,738
2,712
23,895
32,345
5,314,549
5,346,894
19,335
4,560
Construction
1,039
-
-
1,039
211,251
212,290
-
-
Mortgage
262,222
116,694
365,759
744,675
6,065,206
6,809,881
158,442
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,158,975
1,218,053
-
29,960
Home equity lines of credit
16
129
-
145
1,895
2,040
-
-
Personal
19,503
13,005
20,269
52,777
1,697,600
1,750,377
20,269
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
1,816
277
1,312
3,405
156,824
160,229
899
413
Total
$
458,730
$
179,963
$
534,341
$
1,173,034
$
25,005,987
$
26,179,021
$
292,091
$
242,250
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
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
$
-
$
5,443
$
8,700
$
14,143
$
2,077,476
$
2,091,619
$
8,700
$
-
Commercial real estate:
Non-owner occupied
6,792
-
8,015
14,807
2,101,925
2,116,732
8,015
-
Owner occupied
-
-
5,191
5,191
1,776,644
1,781,835
5,191
-
Commercial and industrial
10,336
5,323
1,938
17,597
2,377,071
2,394,668
1,748
190
Construction
-
-
-
-
1,051,502
1,051,502
-
-
Mortgage
18,148
5,417
29,890
53,455
1,250,847
1,304,302
29,890
-
Consumer:
Credit cards
-
-
-
-
26
26
-
-
Home equity lines of credit
530
986
3,393
4,909
66,622
71,531
3,393
-
Personal
 
1,808
1,509
1,741
5,058
99,809
104,867
1,741
-
Other
514
-
11
525
11,024
11,549
11
-
Total
$
38,128
$
18,678
$
58,879
$
115,685
$
10,812,946
$
10,928,631
$
58,689
$
190
 
 
 
 
146
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Popular, Inc.
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
[2] [3]
loans
loans
Commercial multi-family
$
1,491
$
5,556
$
8,779
$
15,826
$
2,383,794
$
2,399,620
$
8,779
$
-
Commercial real estate:
Non-owner occupied
9,895
586
14,444
24,925
5,338,310
5,363,235
14,444
-
Owner occupied
11,054
808
30,449
42,311
3,115,435
3,157,746
30,449
-
Commercial and industrial
16,074
8,035
25,833
49,942
7,691,620
7,741,562
21,083
4,750
Construction
1,039
-
-
1,039
1,262,753
1,263,792
-
-
Mortgage
[1]
280,370
122,111
395,649
798,130
7,316,053
8,114,183
188,332
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,159,001
1,218,079
-
29,960
Home equity lines of credit
546
1,115
3,393
5,054
68,517
73,571
3,393
-
Personal
21,311
14,514
22,010
57,835
1,797,409
1,855,244
22,010
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
2,330
277
1,323
3,930
167,848
171,778
910
413
Total
$
496,858
$
198,641
$
593,220
$
1,288,719
$
35,818,933
$
37,107,652
$
350,780
$
242,440
[1]
At December 31, 2024 mortgage loans held-in-portfolio include
 
$
2.6
 
billion of loans that carry certain guarantees from the FHA
 
or the VA, for
which the Corporation’s policy is to exclude them
 
from non-performing status, of which $
207
 
million are 90 days or more past due. The portfolio
 
of
guaranteed loans includes $
65
 
million of residential mortgage loans in Puerto Rico that
 
are no longer accruing interest as of December 31,
 
2024.
The Corporation has $
31
 
million in reverse mortgage loans in Puerto Rico which
 
are guaranteed by FHA, but which are currently not accruing
interest at December 31, 2024.
[2]
Loans held-in-portfolio are net of $
415
 
million in unearned income and exclude $
5
 
million in loans held-for-sale.
[3]
Includes $
16.8
 
billion pledged to secure credit facilities and public funds
 
that the secured parties are not permitted to sell or repledge
 
the collateral,
of which $
7.3
 
billion were pledged at the FHLB as collateral for borrowings
 
and $
9.5
 
billion at the FRB for discount window borrowings. As
 
of
December 31, 2024, the Corporation had an available borrowing
 
facility with the FHLB and the discount window
 
of FRB of $
3.8
 
billion and $
7
.0
billion, respectively.
The components of the net financing leases,
 
including finance leases within the C&I category,
 
receivable at December 31, 2025 and
2024 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
Total minimum lease
 
payments
$
1,722,141
$
1,676,763
Estimated residual value of leased property
820,333
774,752
Deferred origination costs, net of fees
28,800
29,398
Less - Unearned financing income
408,735
403,273
Net minimum lease payments
2,162,539
2,077,640
Less - Allowance for credit losses
20,095
17,691
Net minimum lease payments, net of allowance for credit losses
$
2,142,444
$
2,059,949
At December 31, 2025, future minimum lease payments
 
are expected to be received as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
$
169,390
2027
227,657
2028
313,503
2029
393,504
2030
448,441
2031 and thereafter
169,646
Total
$
1,722,141
 
 
147
The following tables present the amortized cost basis
 
of non-accrual loans as of December 31, 2025
 
and December 31, 2024 by
class of loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$
-
$
112
$
8,137
$
499
$
8,137
$
611
Commercial real estate non-owner occupied
31,408
4,284
6,979
41
38,387
4,325
Commercial real estate owner occupied
16,576
7,991
-
-
16,576
7,991
Commercial and industrial
6,245
177,669
5,985
513
12,230
178,182
Mortgage
59,302
73,071
732
12,690
60,034
85,761
Leasing
771
8,408
-
-
771
8,408
Consumer:
 
HELOCs
-
-
-
2,796
-
2,796
 
Personal
 
3,314
15,549
-
1,233
3,314
16,782
 
Auto
 
2,252
49,948
-
-
2,252
49,948
 
Other
378
1,431
-
29
378
1,460
Total
$
120,246
$
338,463
$
21,833
$
17,801
$
142,079
$
356,264
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$
-
$
79
$
8,700
$
-
$
8,700
$
79
Commercial real estate non-owner occupied
3,450
2,979
7,115
900
10,565
3,879
Commercial real estate owner occupied
17,767
7,491
4,957
234
22,724
7,725
Commercial and industrial
9,020
10,315
-
1,748
9,020
12,063
Mortgage
66,176
92,266
1,069
28,821
67,245
121,087
Leasing
500
9,088
-
-
500
9,088
Consumer:
 
HELOCs
-
-
-
3,393
-
3,393
 
Personal
 
2,960
17,309
-
1,741
2,960
19,050
 
Auto
 
1,992
49,800
-
-
1,992
49,800
 
Other
-
899
-
11
-
910
Total
$
101,865
$
190,226
$
21,841
$
36,848
$
123,706
$
227,074
The Corporation has
 
designated loans classified as
 
collateral dependent for
 
which the ACL
 
is measured based
 
on the fair
 
value of
the collateral less
 
cost to sell,
 
when foreclosure is
 
probable or when
 
the repayment is
 
expected to be
 
provided substantially by the
sale or
 
operation of
 
the collateral
 
and the
 
borrower is
 
experiencing financial
 
difficulty.
 
The fair
 
value of
 
the collateral
 
is based
 
on
appraisals,
 
which
 
may
 
be
 
adjusted
 
due
 
to
 
their
 
age,
 
type,
 
location,
 
and
 
condition
 
of
 
the
 
property
 
or
 
area
 
or
 
general
 
market
conditions to reflect the expected change in value between the effective date
 
of the appraisal and the measurement date. Appraisals
are updated every one to two years depending on
 
the type of loan and the total exposure of
 
the borrower.
Loans in non-accrual status with no
 
allowance at December 31, 2025 include
 
$
142
 
million in collateral dependent loans (December
31,
 
2024
 
-
 
$
124
 
million).
 
The
 
Corporation recognized
 
$
6
 
million
 
in
 
interest
 
income
 
on
 
non-accrual
 
loans
 
during
 
the
 
year
 
ended
December 31, 2025 (December 31, 2024 - $
4
 
million).
The following tables present the amortized cost basis
 
of collateral-dependent loans, for which the ACL was measured
 
based on the
fair value of the collateral less cost to sell, by
 
class of loans and type of collateral as of December
 
31, 2025 and December 31, 2024:
 
148
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,206
$
-
$
-
$
-
$
-
$
1,206
Commercial real estate:
Non-owner occupied
127,031
-
-
-
-
127,031
Owner occupied
23,014
-
-
-
-
23,014
Commercial and industrial
2,378
-
4,476
203
94
7,151
Mortgage
67,380
-
-
-
-
67,380
Leasing
-
1,925
-
-
-
1,925
Consumer:
Personal
3,402
-
-
-
-
3,402
Auto
-
16,512
-
-
-
16,512
Other
-
31
-
-
363
394
Total BPPR
$
224,411
$
18,468
$
4,476
$
203
$
457
$
248,015
Popular U.S.
Commercial multi-family
$
16,395
$
-
$
-
$
-
$
-
$
16,395
Commercial real estate:
Non-owner occupied
65,630
-
-
-
-
65,630
Commercial and industrial
4,187
-
-
-
1,798
5,985
Mortgage
1,398
-
-
-
-
1,398
Total Popular U.S.
$
87,610
$
-
$
-
$
-
$
1,798
$
89,408
Popular, Inc.
Commercial multi-family
$
17,601
$
-
$
-
$
-
$
-
$
17,601
Commercial real estate:
Non-owner occupied
192,661
-
-
-
-
192,661
Owner occupied
23,014
-
-
-
-
23,014
Commercial and industrial
6,565
-
4,476
203
1,892
13,136
Mortgage
68,778
-
-
-
-
68,778
Leasing
-
1,925
-
-
-
1,925
Consumer:
Personal
3,402
-
-
-
-
3,402
Auto
-
16,512
-
-
-
16,512
Other
-
31
-
-
363
394
Total Popular,
 
Inc.
$
312,021
$
18,468
$
4,476
$
203
$
2,255
$
337,423
 
149
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,278
$
-
$
-
$
-
$
1,278
Commercial real estate:
Non-owner occupied
145,974
-
-
-
145,974
Owner occupied
23,361
-
-
-
23,361
Commercial and industrial
2,754
-
-
11,593
14,347
Construction
576
-
-
-
576
Mortgage
77,910
-
-
-
77,910
Leasing
-
1,437
1
-
1,438
Consumer:
Personal
3,347
-
-
-
3,347
Auto
-
15,782
-
-
15,782
Other
-
-
-
16
16
Total BPPR
$
255,200
$
17,219
$
1
$
11,609
$
284,029
Popular U.S.
Commercial multi-family
$
14,517
$
-
$
-
$
-
$
14,517
Commercial real estate:
Non-owner occupied
7,116
-
-
-
7,116
Owner occupied
4,956
-
-
-
4,956
Commercial and industrial
-
-
18
1,154
1,172
Mortgage
1,430
-
-
-
1,430
Total Popular U.S.
$
28,019
$
-
$
18
$
1,154
$
29,191
Popular, Inc.
Commercial multi-family
$
15,795
$
-
$
-
$
-
$
15,795
Commercial real estate:
Non-owner occupied
153,090
-
-
-
153,090
Owner occupied
28,317
-
-
-
28,317
Commercial and industrial
2,754
-
18
12,747
15,519
Construction
576
-
-
-
576
Mortgage
79,340
-
-
-
79,340
Leasing
-
1,437
1
-
1,438
Consumer:
Personal
3,347
-
-
-
3,347
Auto
-
15,782
-
-
15,782
Other
-
-
-
16
16
Total Popular,
 
Inc.
$
283,219
$
17,219
$
19
$
12,763
$
313,220
150
Note 8 – Allowance for credit losses – loans
 
held-in-portfolio
The
Corporation follows
 
the current
 
expected credit
 
loss
 
(“CECL”) model
 
to
 
establish and
 
evaluate the
 
adequacy of
 
the ACL
 
to
provide for
 
expected losses
 
in the
 
loan portfolio.
 
This model
 
establishes a forward-looking
 
methodology that
 
reflects the
 
expected
credit losses over the lives
 
of financial assets starting when such
 
assets are first acquired or originated.
 
In addition, CECL provides
that
 
the
 
initial ACL
 
on PCD
 
financial
 
assets be
 
recorded as
 
an
 
increase to
 
the
 
purchase price,
 
with subsequent
 
changes to
 
the
allowance
 
recorded
 
as
 
a
 
credit
 
loss
 
expense.
 
The
 
provision
 
for
 
credit
 
losses
 
recorded
 
in
 
current
 
operations
 
is
 
based
 
on
 
this
methodology.
 
Loan losses
 
are charged
 
and
 
recoveries are
 
credited to
 
the ACL.
 
The
 
Corporation’s modeling
 
framework includes
internally
 
developed
 
quantitative
 
models
 
that
 
generate
 
lifetime
 
default
 
and
 
prepayment
 
estimates
 
as
 
well
 
as
 
other
 
loan
 
level
techniques to estimate
 
loss severity.
 
These models combine credit
 
risk factors which
 
include the impact
 
of loan modifications,
 
with
macroeconomic expectations to derive the lifetime
 
expected loss.
 
At
 
December
 
31,
 
2025,
 
the
 
Corporation
 
estimated
 
the
 
ACL
 
by
 
weighting
 
the
 
outputs
 
of
 
optimistic,
 
baseline,
 
and
 
pessimistic
scenarios. The
 
weightings applied are
 
subject to
 
evaluation on a
 
quarterly basis as
 
part of
 
the ACL’s
 
governance process.
 
During
the first quarter of 2025, the Corporation assigned equal probability weights to the baseline and pessimistic scenarios in response to
economic uncertainty,
 
the optimistic scenario
 
being the lowest
 
of probabilities. During
 
the second
 
quarter of 2025,
 
the Corporation
moderately
 
reduced
 
the
 
probability
 
weight
 
for
 
the
 
pessimistic
 
scenario
 
based
 
on
 
changes
 
in
 
the
 
economic
 
outlook
 
and
 
a
reassessment of uncertainty compared to the first quarter. The net impact of these two changes in the assigned weights on the ACL
levels for
 
the year
 
ended December
 
31, 2025
 
was $
13.7
 
million in
 
additional reserves.
 
There were
 
no changes
 
to the
 
probability
weights during
 
the third
 
and fourth
 
quarter of
 
2025. The
 
probability weight
 
for the
 
pessimistic scenario
 
remains above
 
the levels
observed in 2024, given the ongoing economic uncertainty.
The
 
following
 
tables
 
present
 
the
 
changes
 
in
 
the
 
ACL
 
of
 
loans
 
held-in-portfolio
 
and
 
unfunded
 
commitments
 
for
 
the
 
year
 
ended
December 31, 2025 and 2024.
 
151
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
2,783
$
1,076
$
-
$
-
$
12
$
3,871
Commercial real estate non-owner occupied
44,852
10,870
-
(13,576)
2,003
44,149
Commercial real estate owner occupied
37,355
(5,674)
-
(363)
3,404
34,722
Commercial and industrial
130,136
40,009
-
(14,745)
8,477
163,877
Total Commercial
215,126
46,281
-
(28,684)
13,896
246,619
Construction
2,743
1,714
-
-
31
4,488
Mortgage
72,901
(12,386)
17
(1,436)
11,578
70,674
Leasing
16,419
12,987
-
(16,856)
6,070
18,620
Consumer
Credit cards
99,130
54,602
-
(75,428)
12,820
91,124
Home equity lines of credit
54
(651)
-
(25)
680
58
Personal
91,296
74,586
-
(82,979)
14,901
97,804
Auto
165,995
59,363
-
(76,284)
31,290
180,364
Other
7,002
3,717
-
(3,148)
598
8,169
Total Consumer
363,477
191,617
-
(237,864)
60,289
377,519
Total - Loans
$
670,666
$
240,213
$
17
$
(284,840)
$
91,864
$
717,920
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
(732)
$
-
$
-
$
-
$
5,993
Construction
1,663
907
-
-
-
2,570
Ending balance - unfunded commitments [1]
$
8,388
$
175
$
-
$
-
$
-
$
8,563
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
152
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Popular U.S.
Provision for
 
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
6,453
$
9,485
$
(563)
$
99
$
15,474
Commercial real estate non-owner occupied
9,642
4,926
-
-
14,568
Commercial real estate owner occupied
12,473
625
(27)
658
13,729
Commercial and industrial
15,870
2,349
(2,445)
1,283
17,057
Total Commercial
44,438
17,385
(3,035)
2,040
60,828
Construction
8,521
692
-
125
9,338
Mortgage
9,508
84
-
288
9,880
Consumer
Home equity lines of credit
1,449
(1,437)
(84)
1,349
1,277
Personal
11,440
2,925
(8,140)
2,583
8,808
Other
2
838
(924)
89
5
Total Consumer
12,891
2,326
(9,148)
4,021
10,090
Total - Loans
$
75,358
$
20,487
$
(12,183)
$
6,474
$
90,136
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
(92)
$
-
$
-
$
1,570
Construction
5,409
(1,248)
-
-
4,161
Consumer
11
133
-
-
144
Ending balance - unfunded commitments [1]
$
7,082
$
(1,207)
$
-
$
-
$
5,875
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
153
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
9,236
$
10,561
$
-
$
(563)
$
111
$
19,345
Commercial real estate non-owner occupied
54,494
15,796
-
(13,576)
2,003
58,717
Commercial real estate owner occupied
49,828
(5,049)
-
(390)
4,062
48,451
Commercial and industrial
146,006
42,358
-
(17,190)
9,760
180,934
Total Commercial
259,564
63,666
-
(31,719)
15,936
307,447
Construction
11,264
2,406
-
-
156
13,826
Mortgage
82,409
(12,302)
17
(1,436)
11,866
80,554
Leasing
16,419
12,987
-
(16,856)
6,070
18,620
Consumer
Credit cards
99,130
54,602
-
(75,428)
12,820
91,124
Home equity lines of credit
1,503
(2,088)
-
(109)
2,029
1,335
Personal
102,736
77,511
-
(91,119)
17,484
106,612
Auto
165,995
59,363
-
(76,284)
31,290
180,364
Other
7,004
4,555
-
(4,072)
687
8,174
Total Consumer
376,368
193,943
-
(247,012)
64,310
387,609
Total - Loans
$
746,024
$
260,700
$
17
$
(297,023)
$
98,338
$
808,056
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
(824)
$
-
$
-
$
-
$
7,563
Construction
7,072
(341)
-
-
-
6,731
Consumer
11
133
-
-
-
144
Ending balance - unfunded commitments [1]
$
15,470
$
(1,032)
$
-
$
-
$
-
$
14,438
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
154
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
3,614
$
(834)
$
-
$
-
$
3
$
2,783
Commercial real estate non-owner occupied
53,754
(9,630)
-
(128)
856
44,852
Commercial real estate owner occupied
40,637
(4,196)
-
(2,793)
3,707
37,355
Commercial and industrial
107,577
40,418
-
(24,555)
6,696
130,136
Total Commercial
205,582
25,758
-
(27,476)
11,262
215,126
Construction
5,294
(3,587)
-
-
1,036
2,743
Mortgage
72,440
(13,580)
34
(1,084)
15,091
72,901
Leasing
9,708
18,967
-
(16,975)
4,719
16,419
Consumer
Credit cards
80,487
78,024
-
(69,731)
10,350
99,130
Home equity lines of credit
103
(45)
-
(380)
376
54
Personal
101,181
78,574
-
(98,669)
10,210
91,296
Auto
157,931
68,096
-
(85,400)
25,368
165,995
Other
7,132
1,621
-
(2,801)
1,050
7,002
Total Consumer
346,834
226,270
-
(256,981)
47,354
363,477
Total - Loans
$
639,858
$
253,828
$
34
$
(302,516)
$
79,462
$
670,666
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
1,663
$
-
$
-
$
-
$
6,725
Construction
1,618
45
-
-
-
1,663
Ending balance - unfunded commitments [1]
$
6,680
$
1,708
$
-
$
-
$
-
$
8,388
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
155
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Popular U.S.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
10,126
$
(3,243)
$
(441)
$
11
$
6,453
Commercial real estate non-owner occupied
11,699
(2,533)
(54)
530
9,642
Commercial real estate owner occupied
16,227
(3,721)
(154)
121
12,473
Commercial and industrial
14,779
4,304
(3,978)
765
15,870
Total Commercial
52,831
(5,193)
(4,627)
1,427
44,438
Construction
7,392
1,029
-
100
8,521
Mortgage
10,774
(1,381)
(18)
133
9,508
Consumer
Home equity lines of credit
1,875
(1,181)
(53)
808
1,449
Personal
16,609
11,278
(19,203)
2,756
11,440
Other
2
61
(101)
40
2
Total Consumer
18,486
10,158
(19,357)
3,604
12,891
Total - Loans
$
89,483
$
4,613
$
(24,002)
$
5,264
$
75,358
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
(189)
$
-
$
-
$
1,662
Construction
8,446
(3,037)
-
-
5,409
Consumer
29
(18)
-
-
11
Ending balance - unfunded commitments [1]
$
10,326
$
(3,244)
$
-
$
-
$
7,082
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
156
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,740
$
(4,077)
$
-
$
(441)
$
14
$
9,236
Commercial real estate non-owner occupied
65,453
(12,163)
-
(182)
1,386
54,494
Commercial real estate owner occupied
56,864
(7,917)
-
(2,947)
3,828
49,828
Commercial and industrial
122,356
44,722
-
(28,533)
7,461
146,006
Total Commercial
258,413
20,565
-
(32,103)
12,689
259,564
Construction
12,686
(2,558)
-
-
1,136
11,264
Mortgage
83,214
(14,961)
34
(1,102)
15,224
82,409
Leasing
9,708
18,967
-
(16,975)
4,719
16,419
Consumer
Credit cards
80,487
78,024
-
(69,731)
10,350
99,130
Home equity lines of credit
1,978
(1,226)
-
(433)
1,184
1,503
Personal
117,790
89,852
-
(117,872)
12,966
102,736
Auto
157,931
68,096
-
(85,400)
25,368
165,995
Other
7,134
1,682
-
(2,902)
1,090
7,004
Total Consumer
365,320
236,428
-
(276,338)
50,958
376,368
Total - Loans
$
729,341
$
258,441
$
34
$
(326,518)
$
84,726
$
746,024
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,474
$
-
$
-
$
-
$
8,387
Construction
10,064
(2,992)
-
-
-
7,072
Consumer
29
(18)
-
-
-
11
Ending balance - unfunded commitments [1]
$
17,006
$
(1,536)
$
-
$
-
$
-
$
15,470
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial
Condition.
 
Modifications
A
 
modification
 
constitutes
 
a
 
change
 
in
 
loan
 
terms
 
in
 
the
 
form
 
of
 
principal
 
forgiveness,
 
an
 
interest
 
rate
 
reduction,
 
other
 
than-
insignificant payment delay, term extension or combination of the above made
 
to a borrower experiencing financial difficulty.
The amount of outstanding commitments to lend additional funds to debtors with financial difficulties owing receivables whose terms
have been
 
modified during
 
the year
 
ended December
 
31, 2025
 
amounted to
 
$
159
 
million (during
 
the years
 
ended December
 
31,
2024 and 2023 - $
75
 
million and $21 million, respectively), related to
 
the commercial loan portfolios.
The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of
the reporting period
 
disaggregated by class
 
of financing receivable and
 
type of concession
 
granted for the
 
years ended December
31, 2025,
 
2024, and 2023.
 
Loans modified to
 
borrowers experiencing financial
 
difficulties that
 
were fully paid
 
down, charged-off
 
or
foreclosed upon by period end are not reported.
 
157
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the year ended December 31, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
2,968
0.05
%
$
-
-
%
$
2,968
0.03
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
 
Credit cards
547
0.04
%
-
-
%
547
0.04
%
 
Personal
2,919
0.16
%
-
-
%
2,919
0.15
%
 
Other
4
-
%
-
-
%
4
-
%
Total
$
6,507
0.02
%
$
-
-
%
$
6,507
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,731
0.05
%
$
58,652
2.73
%
$
60,383
1.09
%
CRE owner occupied
19,606
1.64
%
-
-
%
19,606
0.62
%
Commercial and industrial
14,510
0.24
%
919
0.03
%
15,429
0.18
%
Mortgage
43,025
0.59
%
1,127
0.09
%
44,152
0.51
%
Consumer:
-
-
-
 
Personal
895
0.05
%
6
0.01
%
901
0.05
%
 
Auto
298
0.01
%
-
-
%
298
0.01
%
Total
$
80,065
0.29
%
$
60,704
0.52
%
$
140,769
0.36
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
102
-
%
$
-
-
%
$
102
-
%
CRE owner occupied
29,958
2.50
%
-
-
%
29,958
0.95
%
Commercial and industrial
194,151
3.25
%
-
-
%
194,151
2.26
%
Mortgage
718
0.01
%
-
-
%
718
0.01
%
Consumer:
 
Credit cards
11
-
%
-
-
%
11
-
%
Total
$
224,940
0.81
%
$
-
-
%
$
224,940
0.57
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
169
-
%
$
-
-
%
$
169
-
%
CRE owner occupied
162
0.01
%
-
-
%
162
0.01
%
Commercial and industrial
301
0.01
%
-
-
%
301
-
%
Mortgage
11,115
0.15
%
-
-
%
11,115
0.13
%
Consumer:
 
Personal
11,748
0.64
%
124
0.18
%
11,872
0.62
%
 
Auto
59
-
%
-
-
%
59
-
%
Total
$
23,554
0.09
%
$
124
-
%
$
23,678
0.06
%
 
158
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
1,270
0.02
%
$
-
-
%
$
1,270
0.01
%
Consumer:
-
-
 
Credit cards
9,390
0.75
%
-
-
%
9,390
0.75
%
Total
$
10,660
0.04
%
$
-
-
%
$
10,660
0.03
%
159
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the year ended December 31, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
169
0.01
%
$
-
-
%
$
169
0.01
%
Commercial and industrial
3,472
0.06
%
-
-
%
3,472
0.04
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
853
0.07
%
-
-
%
853
0.07
%
 
Personal
2,941
0.17
%
-
-
%
2,941
0.16
%
 
Other
23
0.01
%
-
-
%
23
0.01
%
Total
$
7,500
0.03
%
$
-
-
%
$
7,500
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Commercial multi-family
$
-
-
%
$
5,818
0.28
%
$
5,818
0.24
%
CRE non-owner occupied
36,585
1.13
%
-
-
%
36,585
0.68
%
CRE owner occupied
20,431
1.48
%
5,993
0.34
%
26,424
0.84
%
Commercial and industrial
24,820
0.46
%
684
0.03
%
25,504
0.33
%
Construction
576
0.27
%
-
-
%
576
0.05
%
Mortgage
51,238
0.75
%
1,460
0.11
%
52,698
0.65
%
Consumer:
-
-
 
Personal
683
0.04
%
17
0.02
%
700
0.04
%
 
Auto
83
-
%
-
-
%
83
-
%
Total
$
134,416
0.51
%
$
13,972
0.13
%
$
148,388
0.40
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
455
0.01
%
$
-
-
%
$
455
0.01
%
CRE owner occupied
20,399
1.48
%
-
-
%
20,399
0.65
%
Commercial and industrial
104,423
1.95
%
-
-
%
104,423
1.35
%
Mortgage
175
-
%
-
-
%
175
-
%
Total
$
125,452
0.48
%
$
-
-
%
$
125,452
0.34
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
885
0.03
%
$
-
-
%
$
885
0.02
%
CRE owner occupied
143,886
10.46
%
-
-
%
143,886
4.56
%
Commercial and industrial
644
0.01
%
-
-
%
644
0.01
%
Mortgage
14,674
0.22
%
66
0.01
%
14,740
0.18
%
Consumer:
 
Personal
8,662
0.49
%
329
0.31
%
8,991
0.48
%
Total
$
168,751
0.64
%
$
395
-
%
$
169,146
0.46
%
 
160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
1,033
0.08
%
$
-
-
%
$
1,033
0.03
%
Commercial and industrial
440
0.01
%
-
-
%
440
0.01
%
Consumer:
 
Credit cards
3,511
0.29
%
-
-
%
3,511
0.29
%
Total
$
4,984
0.02
%
$
-
-
%
$
4,984
0.01
%
161
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the year ended December 31, 2023
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE owner occupied
$
141,291
10.10
%
$
-
-
%
$
141,291
4.59
%
Commercial and industrial
70
-
%
-
-
%
70
-
%
Mortgage
301
-
%
-
-
%
301
-
%
Consumer:
 
Credit cards
700
0.06
%
-
-
%
700
0.06
%
 
Personal
783
0.04
%
-
-
%
783
0.04
%
 
Other
6
-
%
-
-
%
6
-
%
Total
$
143,151
0.58
%
$
-
-
%
$
143,151
0.41
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
33,318
1.11
%
$
-
-
%
$
33,318
0.65
%
CRE owner occupied
4,921
0.35
%
60,669
3.61
%
65,590
2.13
%
Commercial and industrial
39,445
0.82
%
250
0.01
%
39,695
0.56
%
Construction
-
-
%
5,990
0.76
%
5,990
0.62
%
Mortgage
53,447
0.84
%
5,450
0.42
%
58,897
0.77
%
Consumer:
 
Personal
413
0.02
%
129
0.08
%
542
0.03
%
 
Auto
91
-
%
-
-
%
91
-
%
Total
$
131,635
0.54
%
$
72,488
0.69
%
$
204,123
0.58
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,854
0.06
%
$
-
-
%
$
1,854
0.04
%
CRE owner occupied
16,068
1.15
%
13,468
0.80
%
29,536
0.96
%
Commercial and industrial
10,545
0.22
%
814
0.03
%
11,359
0.16
%
Mortgage
137
-
%
-
-
%
137
-
%
Total
$
28,604
0.12
%
$
14,282
0.14
%
$
42,886
0.12
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Commercial multi-family
$
65
0.02
%
$
-
-
%
$
65
-
%
CRE non-owner occupied
19,983
0.66
%
-
-
%
19,983
0.39
%
CRE owner occupied
14,416
1.03
%
-
-
%
14,416
0.47
%
Commercial and industrial
335
0.01
%
-
-
%
335
-
%
Mortgage
37,179
0.58
%
405
0.03
%
37,584
0.49
%
Consumer:
 
Personal
2,318
0.13
%
62
0.04
%
2,380
0.12
%
 
Auto
27
-
%
-
-
%
27
-
%
Total
$
74,323
0.30
%
$
467
-
%
$
74,790
0.21
%
 
162
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
180
0.01
%
$
-
-
%
$
180
-
%
Commercial and industrial
199
-
%
-
-
%
199
-
%
Consumer:
-
 
Credit cards
814
0.07
-
-
814
0.07
%
Total
$
1,193
-
%
$
-
-
%
$
1,193
-
%
Combination - Other-Than-Insignificant Payment Delays
 
and Principal Forgiveness
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE owner occupied
$
158
0.01
%
$
-
-
$
158
0.01
%
Total
$
158
-
%
$
-
-
%
$
158
-
%
163
The following tables describe the financial effect of the
 
modifications made to borrowers experiencing
 
financial difficulties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
9.3
% to
7.5
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10
.0% to
7.5
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
23.8
% to
9.7
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.7
% to
5.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.1
% to
8.6
%.
Personal
Reduced weighted-average contractual interest rate from
20.6
% to
11.7
%.
Auto
Reduced weighted-average contractual interest rate from
11.87
% to
11.86
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
2
 
years to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
6
 
years to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
6
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
12
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
12
 
months to the life of loans.
Mortgage
Added a weighted-average of
21
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.
164
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
10.1
% to
8.3
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
6.7
% to
5.8
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
21.6
% to
9.6
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.1
% to
4.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.2
% to
7.6
%.
Personal
Reduced weighted-average contractual interest rate from
19.8
% to
10.6
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
4
 
months to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
1
 
year to the life of loans.
CRE Owner occupied
Added a weighted-average of
21
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
21
 
months to the life of loans.
Construction
Added a weighted-average of
2
 
months to the life of loans.
Mortgage
Added a weighted-average of
12
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
7
 
years to the life of loans.
Auto
Added a weighted-average of
3
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
13
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
6
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
12
 
months to the life of loans.
Mortgage
Added a weighted-average of
53
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
16
 
months to the life of loans.
165
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2023
Interest rate reduction
Loan Type
Financial Effect
Commercial multi-family
Reduced weighted-average contractual interest rate from
7.5
% to
5.3
%.
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
9.1
% to
7.3
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
8.4
% to
6.6
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
17.8
% to
7.8
%.
Mortgage
Reduced weighted-average contractual interest rate from
5.8
% to
4.2
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
18.8
% to
4.5
%.
Personal
Reduced weighted-average contractual interest rate from 17.8%
 
to 9.3%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
43
 
years to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
20
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
1
 
year to the life of loans.
Commercial and industrial
Added a weighted-average of
2
 
years to the life of loans.
Construction
Added a weighted-average of
1
 
year to the life of loans.
Mortgage
Added a weighted-average of
11
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
8
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.
Principal forgiveness
Loan Type
Financial Effect
CRE Owner occupied
Reduced the amortized cost basis of the loans by $
88
 
thousand.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
11
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
9
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
7
 
months to the life of loans.
Mortgage
Added a weighted-average of
40
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
25
 
months to the life of loans.
166
The
 
following
 
tables
 
present,
 
by
 
class,
 
the
 
performance
 
of
 
loans
 
that
 
have
 
been
 
modified
 
during
 
the
 
twelve
 
months
 
preceding
December 31,
 
2025. The
 
past due
 
90 days
 
or more
 
categories include all
 
loans modified
 
classified as
 
non-accruing at the
 
time of
the modification. These loans will continue in non-accrual status, and presented as past due 90 days or more, until the borrower has
demonstrated a willingness and
 
ability to make
 
the restructured loan payments
 
(at least six
 
months of sustained
 
performance after
the modification
 
or one
 
year for
 
loans providing
 
for quarterly
 
or semi-annual
 
payments) and
 
management has
 
concluded that
 
it is
probable that the borrower would not be in payment
 
default in the foreseeable future.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
December 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
267
$
267
$
1,736
$
2,003
$
-
$
267
CRE owner occupied
1,100
274
2,722
4,096
45,630
49,726
-
2,722
Commercial and industrial
2,099
186
2,558
4,843
208,355
213,198
532
2,026
Mortgage
6,651
2,878
18,223
27,752
27,176
54,928
7,486
10,737
Consumer:
 
Credit cards
850
676
1,343
2,869
7,079
9,948
1,209
134
 
Personal
925
208
2,036
3,169
12,393
15,562
331
1,705
 
Auto
19
-
-
19
338
357
-
-
 
Other
-
-
-
-
4
4
-
-
Total
$
11,644
$
4,222
$
27,149
$
43,015
$
302,711
$
345,726
$
9,558
$
17,591
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
December 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
-
$
-
$
58,652
$
58,652
$
-
$
-
Commercial and industrial
-
-
-
-
919
919
-
-
Mortgage
-
-
-
-
1,127
1,127
-
-
Consumer:
 
Personal
-
-
-
-
130
130
-
-
Total
$
-
$
-
$
-
$
-
$
60,828
$
60,828
$
-
$
-
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular Inc.
 
December 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
267
$
267
$
60,388
$
60,655
$
-
$
267
CRE owner occupied
1,100
274
2,722
4,096
45,630
49,726
-
2,722
Commercial and industrial
2,099
186
2,558
4,843
209,274
214,117
532
2,026
Mortgage
6,651
2,878
18,223
27,752
28,303
56,055
7,486
10,737
Consumer:
-
 
Credit cards
850
676
1,343
2,869
7,079
9,948
1,209
134
 
Personal
925
208
2,036
3,169
12,523
15,692
331
1,705
 
Auto
19
-
-
19
338
357
-
-
 
Other
-
-
-
-
4
4
-
-
Total
$
11,644
$
4,222
$
27,149
$
43,015
$
363,539
$
406,554
$
9,558
$
17,591
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
167
The
 
following
 
tables
 
present,
 
by
 
class,
 
the
 
performance
 
of
 
loans
 
that
 
have
 
been
 
modified
 
during
 
the
 
twelve
 
months
 
preceding
December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
December 31, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
1,340
$
1,340
$
36,585
$
37,925
$
-
$
1,340
CRE owner occupied
5,509
112
2,347
7,968
177,950
185,918
-
2,347
Commercial and industrial
217
108
4,701
5,026
128,773
133,799
399
4,302
Construction
-
-
-
-
576
576
-
-
Mortgage
5,253
4,127
20,236
29,616
36,513
66,129
7,679
12,557
Consumer:
 
Credit cards
491
347
630
1,468
2,896
4,364
362
268
 
Personal
288
201
2,047
2,536
9,750
12,286
190
1,857
 
Auto
-
-
-
-
83
83
-
-
 
Other
-
-
-
-
23
23
-
-
Total
$
11,758
$
4,895
$
31,301
$
47,954
$
393,149
$
441,103
$
8,630
$
22,671
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
December 31, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,818
$
5,818
$
-
$
-
CRE owner occupied
-
-
-
-
5,993
5,993
-
-
Commercial and industrial
-
-
-
-
684
684
-
-
Mortgage
-
-
736
736
790
1,526
-
736
Consumer:
 
Personal
11
5
98
114
232
346
15
83
Total
$
11
$
5
$
834
$
850
$
13,517
$
14,367
$
15
$
819
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular Inc.
 
December 31, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,818
$
5,818
$
-
$
-
CRE non-owner occupied
-
-
1,340
1,340
36,585
37,925
-
1,340
CRE owner occupied
5,509
112
2,347
7,968
183,943
191,911
-
2,347
Commercial and industrial
217
108
4,701
5,026
129,457
134,483
399
4,302
Construction
-
-
-
-
576
576
-
-
Mortgage
5,253
4,127
20,972
30,352
37,303
67,655
7,679
13,293
Consumer:
 
Credit cards
491
347
630
1,468
2,896
4,364
362
268
 
Personal
299
206
2,145
2,650
9,982
12,632
205
1,940
 
Auto
-
-
-
-
83
83
-
-
 
Other
-
-
-
-
23
23
-
-
Total
$
11,769
$
4,900
$
32,135
$
48,804
$
406,666
$
455,470
$
8,645
$
23,490
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
168
The
 
following
 
tables
 
present,
 
by
 
class,
 
the
 
performance
 
of
 
loans
 
that
 
have
 
been
 
modified
 
during
 
the
 
twelve
 
months
 
preceding
December 31, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
December 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
65
$
65
$
-
$
65
$
-
$
65
CRE non-owner occupied
-
-
2,094
2,094
53,241
55,335
-
2,094
CRE owner occupied
339
-
2,267
2,606
174,248
176,854
-
2,267
Commercial and industrial
2,519
77
14,881
17,477
33,117
50,594
556
14,325
Mortgage
7,520
3,358
28,128
39,006
52,058
91,064
8,319
19,809
Consumer:
 
Credit cards
59
51
294
404
1,110
1,514
176
118
 
Personal
140
-
817
957
2,557
3,514
63
754
 
Auto
-
-
15
15
103
118
-
15
 
Other
-
-
-
-
6
6
-
-
Total
$
10,577
$
3,486
$
48,561
$
62,624
$
316,440
$
379,064
$
9,114
$
39,447
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
December 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE owner occupied
$
-
$
-
$
-
$
-
$
74,137
$
74,137
$
-
$
-
Commercial and industrial
-
250
-
250
814
1,064
-
-
Construction
-
-
-
-
5,990
5,990
-
-
Mortgage
-
-
388
388
5,467
5,855
-
388
Consumer:
 
Personal
-
-
125
125
68
193
-
125
Total
$
-
$
250
$
513
$
763
$
86,476
$
87,239
$
-
$
513
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular Inc.
 
December 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
65
$
65
$
-
$
65
$
-
$
65
CRE non-owner occupied
-
-
2,094
2,094
53,241
55,335
-
2,094
CRE owner occupied
339
-
2,267
2,606
248,385
250,991
-
2,267
Commercial and industrial
2,519
327
14,881
17,727
33,931
51,658
556
14,325
Construction
-
-
-
-
5,990
5,990
-
-
Mortgage
7,520
3,358
28,516
39,394
57,525
96,919
8,319
20,197
Consumer:
 
Credit cards
59
51
294
404
1,110
1,514
176
118
 
Personal
140
-
942
1,082
2,625
3,707
63
879
 
Auto
-
-
15
15
103
118
-
15
 
Other
-
-
-
-
6
6
-
-
Total
$
10,577
$
3,736
$
49,074
$
63,387
$
402,916
$
466,303
$
9,114
$
39,960
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
 
 
 
169
Payment
 
default
 
is
 
defined
 
as
 
a
 
restructured
 
loan
 
becoming
 
90
 
days
 
past
 
due
 
after
 
being
 
modified,
 
foreclosed
 
or
 
charged-off,
whichever
 
occurs
 
first.
The
 
following
 
tables
 
provide
 
the
 
outstanding
 
balance
 
of
 
loans
 
modified
 
for
 
borrowers
 
under
 
financial
difficulties that were subject to payment default and that
 
had been modified during the twelve months prior
 
to default.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted for the Year
 
Ended December 31, 2025
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE non-owner occupied
$
-
$
-
$
435
$
-
$
-
$
435
CRE owner occupied
-
-
179
-
-
179
Commercial and industrial
151
68
200
-
416
835
Mortgage
-
16,739
429
1,998
-
19,166
Consumer:
 
Credit cards
322
-
-
-
1,725
2,047
 
Personal
131
45
-
323
-
499
Total
$
604
$
16,852
$
1,243
$
2,321
$
2,141
$
23,161
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Year
 
Ended December 31, 2024
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE owner occupied
$
-
$
319
$
89
$
-
$
-
$
408
Commercial and industrial
97
11,407
11
-
96
11,611
Mortgage
-
16,436
-
3,926
-
20,362
Consumer:
 
Credit cards
222
-
-
-
307
529
 
Personal
222
24
-
273
-
519
Total
$
541
$
28,186
$
100
$
4,199
$
403
$
33,429
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Year
 
Ended December 31, 2023
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
Commercial and industrial
$
-
$
556
$
-
$
-
$
24
$
580
Mortgage
-
7,011
137
2,309
-
9,457
Consumer:
 
Credit cards
167
-
-
-
102
269
 
Personal
87
-
-
20
-
107
Total
$
254
$
7,567
$
137
$
2,329
$
126
$
10,413
170
 
 
Credit Quality
The
 
Corporation
 
has
 
defined
 
a
 
risk
 
rating
 
system
 
to
 
assign
 
a
 
rating
 
to
 
all
 
credit
 
exposures,
 
particularly
 
for
 
the
 
commercial
 
and
construction loan
 
portfolios. Risk
 
ratings in
 
the aggregate
 
provide the
 
Corporation’s management
 
the asset
 
quality profile
 
for
 
the
loan portfolio. The risk rating system provides for the
 
assignment of ratings at the obligor level based
 
on the financial condition of the
borrower. The risk rating analysis process is performed at least once a
 
year or more frequently if events or conditions change which
may
 
deteriorate
 
the
 
credit
 
quality.
 
In
 
the
 
case
 
of
 
consumer
 
and
 
mortgage
 
loans,
 
these
 
loans
 
are
 
classified
 
considering
 
their
delinquency status at the end of the reporting period.
The Corporation’s obligor risk rating scales range from rating 1 (Excellent) to rating 14 (Loss). The obligor risk rating reflects the risk
of payment default of a borrower in the ordinary
 
course of business.
 
Pass Credit Classifications:
Pass (Scales 1 through 8)
 
– Loans classified as
 
pass have a well defined
 
primary source of repayment, with no
 
apparent
risk, strong financial position, minimal operating risk, profitability, liquidity and strong
 
capitalization.
 
Watch
 
(Scale 9)
 
– Loans
 
classified as
 
watch have
 
acceptable business
 
credit,
 
but borrower’s
 
operations, cash
 
flow or
financial condition evidence more than average risk, requires above
 
average levels of supervision and attention from Loan
Officers.
Special Mention (Scale 10) -
 
Loans classified as special mention have
 
potential weaknesses that deserve management’s
close attention.
 
If left uncorrected, these potential weaknesses may result
 
in deterioration of the repayment prospects for
the loan or of the Corporation’s credit position at
 
some future date.
 
Adversely Classified Classifications:
Substandard
 
(Scales
 
11
 
and
 
12)
 
-
 
Loans
 
classified
 
as
 
substandard
 
are
 
deemed
 
to
 
be
 
inadequately
 
protected
 
by
 
the
current net worth
 
and payment capacity
 
of the obligor
 
or of the
 
collateral pledged, if
 
any.
 
Loans classified as
 
such have
well-defined weaknesses that jeopardize the liquidation of
 
the debt.
 
They are characterized by the
 
distinct possibility that
the institution will sustain some loss if the deficiencies
 
are not corrected.
 
Doubtful (Scale
 
13) - Loans
 
classified as
 
doubtful have
 
all the
 
weaknesses inherent
 
in those
 
classified as
 
substandard,
with the
 
additional characteristic
 
that the
 
weaknesses make
 
the collection
 
or liquidation
 
in full,
 
on the
 
basis of
 
currently
existing facts, conditions, and values, highly questionable
 
and improbable.
 
Loss
 
(Scale
 
14)
 
-
 
Uncollectible
 
and
 
of
 
such
 
little
 
value
 
that
 
continuance
 
as
 
a
 
bankable
 
asset
 
is
 
not
 
warranted.
 
This
classification does
 
not mean
 
that the
 
asset has
 
absolutely no
 
recovery or
 
salvage value,
 
but rather
 
it is
 
not practical
 
or
desirable to defer writing off this asset even though partial
 
recovery may be effected in the future.
Risk
 
ratings scales
 
10
 
through
 
14
 
conform
 
to
 
regulatory
 
ratings.
 
The
 
assignment
 
of
 
the
 
obligor
 
risk
 
rating
 
is
 
based
 
on
 
relevant
information about the ability of borrowers to
 
service their debts such as current
 
financial information, historical payment experience,
credit documentation, public information, and
 
current economic trends, among other factors.
 
The following tables present the amortized cost basis, net of unearned income, of
 
loans held-in-portfolio based on the Corporation’s
assignment of obligor risk ratings as defined at
 
December 31, 2025 and 2024 by vintage year.
 
 
 
171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
12,328
$
32,906
$
36,473
$
131,276
$
20,536
$
47,303
$
107
$
-
$
280,929
Watch
-
15,795
-
523
-
1,742
-
-
18,060
Special Mention
222
-
-
-
73
127
-
-
422
Substandard
-
-
-
-
-
3,937
-
-
3,937
Total commercial
multi-family
$
12,550
$
48,701
$
36,473
$
131,799
$
20,609
$
53,109
$
107
$
-
$
303,348
Commercial real estate non-owner occupied
Pass
$
435,616
$
447,234
$
265,238
$
786,465
$
484,427
$
671,455
$
8,480
$
-
$
3,098,915
Watch
23,801
11,965
43,001
5,140
34,140
69,153
-
-
187,200
Special Mention
933
-
872
144
23,724
18,398
-
-
44,071
Substandard
-
726
8,406
28,490
1,438
25,884
-
-
64,944
Total commercial
real estate non-
owner occupied
$
460,350
$
459,925
$
317,517
$
820,239
$
543,729
$
784,890
$
8,480
$
-
$
3,395,130
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
157,288
$
113,778
$
71,288
$
55,715
$
169,037
$
278,495
$
20,468
$
-
$
866,069
Watch
6,255
26,923
6,348
35,565
29,409
78,046
2,191
-
184,737
Special Mention
-
-
1,494
18,063
726
12,637
1,500
-
34,420
Substandard
9,405
1,879
1,839
19,190
7,386
71,358
-
-
111,057
Doubtful
75
-
-
-
62
173
-
-
310
Total commercial
real estate owner
occupied
$
173,023
$
142,580
$
80,969
$
128,533
$
206,620
$
440,709
$
24,159
$
-
$
1,196,593
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
363
$
-
$
-
$
363
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
1,357,401
$
598,521
$
649,249
$
442,753
$
193,173
$
346,563
$
1,376,855
$
-
$
4,964,515
Watch
11,706
92,478
19,194
43,529
6,909
19,218
223,490
-
416,524
Special Mention
4,991
26,356
10,178
6,857
454
4,338
14,957
-
68,131
Substandard
38,422
12,526
48,230
89,771
156,970
15,079
159,854
-
520,852
Doubtful
21
-
-
24
-
6
-
-
51
Total commercial
and industrial
$
1,412,541
$
729,881
$
726,851
$
582,934
$
357,506
$
385,204
$
1,775,156
$
-
$
5,970,073
Year-to-Date gross
write-offs
$
1,587
$
716
$
1,643
$
655
$
21
$
803
$
9,320
$
-
$
14,745
Construction
Pass
$
28,575
$
99,963
$
70,674
$
-
$
3,608
$
9,692
$
52,758
$
-
$
265,270
Watch
-
43,202
40,231
8,129
-
-
709
-
92,271
Total construction
$
28,575
$
143,165
$
110,905
$
8,129
$
3,608
$
9,692
$
53,467
$
-
$
357,541
Mortgage
Pass
$
986,795
$
872,826
$
683,325
$
386,318
$
373,153
$
3,977,979
$
-
$
-
$
7,280,396
Substandard
-
151
3,115
1,915
764
61,626
-
-
67,571
Total mortgage
$
986,795
$
872,977
$
686,440
$
388,233
$
373,917
$
4,039,605
$
-
$
-
$
7,347,967
Year-to-Date gross
write-offs
$
31
 
$
-
 
$
1
 
$
-
 
$
-
 
$
1,404
$
-
$
-
$
1,436
172
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
 
Years
Total
BPPR
Leasing
Pass
$
682,378
$
535,227
$
354,748
$
251,520
$
135,973
$
32,270
$
-
$
-
$
1,992,116
Substandard
601
1,891
2,424
2,249
1,302
585
-
-
9,052
Loss
175
-
22
-
-
-
-
-
197
Total leasing
$
683,154
$
537,118
$
357,194
$
253,769
$
137,275
$
32,855
$
-
$
-
$
2,001,365
Year-to-Date gross
write-offs
$
990
$
4,449
$
5,041
$
4,541
$
1,807
$
28
$
-
$
-
$
16,856
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,229,201
$
-
$
1,229,201
Substandard
-
-
-
-
-
-
27,526
-
27,526
Loss
-
-
-
-
-
-
4
-
4
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,256,731
$
-
$
1,256,731
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
75,428
$
-
$
75,428
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,908
$
-
$
1,908
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,908
$
-
$
1,908
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
842,532
$
422,156
$
261,441
$
132,551
$
51,320
$
77,214
$
-
$
29,700
$
1,816,914
Substandard
1,452
3,310
3,509
1,632
618
6,654
-
2,278
19,453
Loss
-
4
7
12
-
12
-
-
35
Total Personal
$
843,984
$
425,470
$
264,957
$
134,195
$
51,938
$
83,880
$
-
$
31,978
$
1,836,402
Year-to-Date gross
write-offs
$
2,597
$
19,480
$
33,310
$
17,825
$
4,576
$
2,160
$
-
$
3,031
$
82,979
Auto
Pass
$
1,139,411
$
995,283
$
702,884
$
464,005
$
314,721
$
142,456
$
-
$
-
$
3,758,760
Substandard
3,992
17,559
14,881
11,699
7,590
5,306
-
-
61,027
Loss
-
-
-
-
19
6
-
-
25
Total Auto
$
1,143,403
$
1,012,842
$
717,765
$
475,704
$
322,330
$
147,768
$
-
$
-
$
3,819,812
Year-to-Date gross
write-offs
$
6,682
$
29,448
$
20,777
$
12,602
$
5,203
$
1,572
$
-
$
-
$
76,284
Other consumer
Pass
$
35,716
$
25,008
$
20,233
$
15,243
$
7,179
$
1,756
$
64,322
$
-
$
169,457
Substandard
-
45
211
114
20
47
476
-
913
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
35,716
$
25,053
$
20,444
$
16,382
$
7,562
$
1,803
$
64,798
$
-
$
171,758
Year-to-Date gross
write-offs
$
64
$
226
$
286
$
254
$
358
$
1,960
$
-
$
-
$
3,148
Total BPPR
$
5,780,091
$
4,397,712
$
3,319,515
$
2,939,917
$
2,025,094
$
5,979,515
$
3,184,806
$
31,978
$
27,658,628
 
 
 
173
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
349,850
$
138,662
$
118,143
$
380,479
$
274,195
$
534,623
$
4,394
$
-
$
1,800,346
Watch
-
2,468
21,142
94,135
39,881
151,526
1,249
-
310,401
Special Mention
-
-
2,711
7,840
-
4,560
-
-
15,111
Substandard
-
-
1,775
2,729
-
22,080
-
-
26,584
Total commercial
multi-family
$
349,850
$
141,130
$
143,771
$
485,183
$
314,076
$
712,789
$
5,643
$
-
$
2,152,442
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
216,537
$
162,382
$
296,653
$
467,811
$
163,984
$
582,004
$
6,024
$
-
$
1,895,395
Watch
10,300
11,369
11,441
15,141
9,333
65,750
500
-
123,834
Special Mention
-
2,069
-
-
-
1,902
-
-
3,971
Substandard
-
-
-
5,973
4,726
114,255
-
-
124,954
Total commercial
real estate non-
owner occupied
$
226,837
$
175,820
$
308,094
$
488,925
$
178,043
$
763,911
$
6,524
$
-
$
2,148,154
Commercial real estate owner occupied
Pass
$
561,716
$
198,946
$
192,174
$
188,536
$
180,981
$
288,439
$
8,803
$
-
$
1,619,595
Watch
-
48,837
39,519
30,764
12,813
52,010
3,179
-
187,122
Special Mention
-
17,946
-
-
-
10,944
-
-
28,890
Substandard
-
2,705
-
39,474
1,571
77,130
-
-
120,880
Total commercial
real estate owner
occupied
$
561,716
$
268,434
$
231,693
$
258,774
$
195,365
$
428,523
$
11,982
$
-
$
1,956,487
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
27
$
-
$
-
$
27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
247,703
$
357,722
$
230,702
$
278,950
$
249,467
$
545,331
$
338,026
$
-
$
2,247,901
Watch
34,700
5,196
47,136
70,767
42,072
151,368
15,650
-
366,889
Special Mention
-
-
4,649
63
284
198
738
-
5,932
Substandard
-
5,546
838
4,145
112
1,393
4,583
-
16,617
Total commercial
and industrial
$
282,403
$
368,464
$
283,325
$
353,925
$
291,935
$
698,290
$
358,997
$
-
$
2,637,339
Year-to-Date gross
write-offs
$
100
$
1,106
$
483
$
-
$
599
$
25
$
132
$
-
$
2,445
Construction
Pass
$
358,475
$
427,221
$
291,714
$
85,385
$
-
$
6,030
$
12,491
$
-
$
1,181,316
Watch
1,366
15,771
72,580
27,870
-
6,941
-
-
124,528
Special Mention
-
-
2,912
-
-
-
-
-
2,912
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
359,841
$
442,992
$
367,206
$
121,857
$
-
$
12,971
$
12,491
$
-
$
1,317,358
Mortgage
Pass
$
100,210
$
78,166
$
79,367
$
205,446
$
259,877
$
564,985
$
-
$
-
$
1,288,051
Substandard
-
-
644
495
217
12,066
-
-
13,422
Total mortgage
$
100,210
$
78,166
$
80,011
$
205,941
$
260,094
$
577,051
$
-
$
-
$
1,301,473
174
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Consumer:
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
(14)
$
-
$
(14)
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
(14)
$
-
$
(14)
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,201
$
59,363
$
9,422
$
73,986
Substandard
-
-
-
-
-
1,276
12
543
1,831
Loss
-
-
-
-
-
139
-
828
967
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,616
$
59,375
$
10,793
$
76,784
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
84
$
-
$
84
Personal
Pass
$
18,658
$
17,906
$
12,102
$
15,593
$
3,061
$
1,272
$
-
$
-
$
68,592
Substandard
74
329
309
153
55
256
-
-
1,176
Loss
10
-
-
-
-
48
-
-
58
Total Personal
$
18,742
$
18,235
$
12,411
$
15,746
$
3,116
$
1,576
$
-
$
-
$
69,826
Year-to-Date gross
write-offs
$
37
$
1,787
$
2,212
$
3,420
$
638
$
46
$
-
$
-
$
8,140
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
9,012
$
-
$
9,012
Substandard
-
-
-
-
-
-
1
-
1
Loss
-
-
-
-
-
-
28
-
28
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
9,041
$
-
$
9,041
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
924
$
-
$
924
Total Popular U.S.
$
1,899,599
$
1,493,241
$
1,426,511
$
1,930,351
$
1,242,629
$
3,201,727
$
464,039
$
10,793
$
11,668,890
 
175
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
362,178
$
171,568
$
154,616
$
511,755
$
294,731
$
581,926
$
4,501
$
-
$
2,081,275
Watch
-
18,263
21,142
94,658
39,881
153,268
1,249
-
328,461
Special Mention
222
-
2,711
7,840
73
4,687
-
-
15,533
Substandard
-
-
1,775
2,729
-
26,017
-
-
30,521
Total commercial
multi-family
$
362,400
$
189,831
$
180,244
$
616,982
$
334,685
$
765,898
$
5,750
$
-
$
2,455,790
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
652,153
$
609,616
$
561,891
$
1,254,276
$
648,411
$
1,253,459
$
14,504
$
-
$
4,994,310
Watch
34,101
23,334
54,442
20,281
43,473
134,903
500
-
311,034
Special Mention
933
2,069
872
144
23,724
20,300
-
-
48,042
Substandard
-
726
8,406
34,463
6,164
140,139
-
-
189,898
Total commercial
real estate non-
owner occupied
$
687,187
$
635,745
$
625,611
$
1,309,164
$
721,772
$
1,548,801
$
15,004
$
-
$
5,543,284
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
719,004
$
312,724
$
263,462
$
244,251
$
350,018
$
566,934
$
29,271
$
-
$
2,485,664
Watch
6,255
75,760
45,867
66,329
42,222
130,056
5,370
-
371,859
Special Mention
-
17,946
1,494
18,063
726
23,581
1,500
-
63,310
Substandard
9,405
4,584
1,839
58,664
8,957
148,488
-
-
231,937
Doubtful
75
-
-
-
62
173
-
-
310
Total commercial
real estate owner
occupied
$
734,739
$
411,014
$
312,662
$
387,307
$
401,985
$
869,232
$
36,141
$
-
$
3,153,080
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
390
$
-
$
-
$
390
Commercial and industrial
Pass
$
1,605,104
$
956,243
$
879,951
$
721,703
$
442,640
$
891,894
$
1,714,881
$
-
$
7,212,416
Watch
46,406
97,674
66,330
114,296
48,981
170,586
239,140
-
783,413
Special Mention
4,991
26,356
14,827
6,920
738
4,536
15,695
-
74,063
Substandard
38,422
18,072
49,068
93,916
157,082
16,472
164,437
-
537,469
Doubtful
21
-
-
24
-
6
-
-
51
Total commercial
and industrial
$
1,694,944
$
1,098,345
$
1,010,176
$
936,859
$
649,441
$
1,083,494
$
2,134,153
$
-
$
8,607,412
Year-to-Date gross
write-offs
$
1,687
$
1,822
$
2,126
$
655
$
620
$
828
$
9,452
$
-
$
17,190
 
176
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
387,050
$
527,184
$
362,388
$
85,385
$
3,608
$
15,722
$
65,249
$
-
$
1,446,586
Watch
1,366
58,973
112,811
35,999
-
6,941
709
-
216,799
Special Mention
-
-
2,912
-
-
-
-
-
2,912
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
388,416
$
586,157
$
478,111
$
129,986
$
3,608
$
22,663
$
65,958
$
-
$
1,674,899
Mortgage
Pass
$
1,087,005
$
950,992
$
762,692
$
591,764
$
633,030
$
4,542,964
$
-
$
-
$
8,568,447
Substandard
-
151
3,759
2,410
981
73,692
-
-
80,993
Total mortgage
$
1,087,005
$
951,143
$
766,451
$
594,174
$
634,011
$
4,616,656
$
-
$
-
$
8,649,440
Year-to-Date gross
write-offs
$
31
$
-
$
1
$
-
$
-
$
1,404
$
-
$
-
$
1,436
Leasing
Pass
$
682,378
$
535,227
$
354,748
$
251,520
$
135,973
$
32,270
$
-
$
-
$
1,992,116
Substandard
601
1,891
2,424
2,249
1,302
585
-
-
9,052
Loss
175
-
22
-
-
-
-
-
197
Total leasing
$
683,154
$
537,118
$
357,194
$
253,769
$
137,275
$
32,855
$
-
$
-
$
2,001,365
Year-to-Date gross
write-offs
$
990
$
4,449
$
5,041
$
4,541
$
1,807
$
28
$
-
$
-
$
16,856
177
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,229,187
$
-
$
1,229,187
Substandard
-
-
-
-
-
-
27,526
-
27,526
Loss
-
-
-
-
-
-
4
-
4
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,256,717
$
-
$
1,256,717
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
75,428
$
-
$
75,428
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,201
$
61,271
$
9,422
$
75,894
Substandard
-
-
-
-
-
1,276
12
543
1,831
Loss
-
-
-
-
-
139
-
828
967
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,616
$
61,283
$
10,793
$
78,692
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
109
$
-
$
109
Personal
Pass
$
861,190
$
440,062
$
273,543
$
148,144
$
54,381
$
78,486
$
-
$
29,700
$
1,885,506
Substandard
1,526
3,639
3,818
1,785
673
6,910
-
2,278
20,629
Loss
10
4
7
12
-
60
-
-
93
Total Personal
$
862,726
$
443,705
$
277,368
$
149,941
$
55,054
$
85,456
$
-
$
31,978
$
1,906,228
Year-to-Date gross
write-offs
$
2,634
$
21,267
$
35,522
$
21,245
$
5,214
$
2,206
$
-
$
3,031
$
91,119
Auto
Pass
$
1,139,411
$
995,283
$
702,884
$
464,005
$
314,721
$
142,456
$
-
$
-
$
3,758,760
Substandard
3,992
17,559
14,881
11,699
7,590
5,306
-
-
61,027
Loss
-
-
-
-
19
6
-
-
25
Total Auto
$
1,143,403
$
1,012,842
$
717,765
$
475,704
$
322,330
$
147,768
$
-
$
-
$
3,819,812
Year-to-Date gross
write-offs
$
6,682
$
29,448
$
20,777
$
12,602
$
5,203
$
1,572
$
-
$
-
$
76,284
Other consumer
Pass
$
35,716
$
25,008
$
20,233
$
15,243
$
7,179
$
1,756
$
73,334
$
-
$
178,469
Substandard
-
45
211
114
20
47
477
-
914
Loss
-
-
-
1,025
363
-
28
-
1,416
Total Other
consumer
$
35,716
$
25,053
$
20,444
$
16,382
$
7,562
$
1,803
$
73,839
$
-
$
180,799
Year-to-Date gross
write-offs
$
64
$
226
$
286
$
254
$
358
$
1,960
$
924
$
-
$
4,072
Total Popular Inc.
$
7,679,690
$
5,890,953
$
4,746,026
$
4,870,268
$
3,267,723
$
9,181,242
$
3,648,845
$
42,771
$
39,327,518
 
 
 
178
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
50,384
$
37,211
$
136,093
$
20,939
$
20,134
$
34,009
$
105
$
-
$
298,875
Watch
-
-
541
-
-
1,601
-
-
2,142
Special Mention
-
-
-
-
-
3,161
-
-
3,161
Substandard
-
-
-
-
-
3,823
-
-
3,823
Total commercial
multi-family
$
50,384
$
37,211
$
136,634
$
20,939
$
20,134
$
42,594
$
105
$
-
$
308,001
Commercial real estate non-owner occupied
Pass
$
419,200
$
322,998
$
828,404
$
547,674
$
335,060
$
525,088
$
6,159
$
-
$
2,984,583
Watch
26,097
2,296
654
5,349
28,832
50,924
72
-
114,224
Special Mention
7,018
41,274
156
406
-
46,390
-
-
95,244
Substandard
-
1,002
110
26,430
1,954
22,956
-
-
52,452
Total commercial
real estate non-
owner occupied
$
452,315
$
367,570
$
829,324
$
579,859
$
365,846
$
645,358
$
6,231
$
-
$
3,246,503
Year-to-Date gross
write-offs
$
-
$
-
$
69
$
-
$
-
$
59
$
-
$
-
$
128
Commercial real estate owner occupied
Pass
$
131,449
$
79,109
$
94,008
$
214,520
$
46,206
$
309,791
$
7,214
$
-
$
882,297
Watch
14,002
2,637
64,735
7,225
4,890
85,580
3
-
179,072
Special Mention
-
1,209
19,436
19,288
-
15,872
1,499
-
57,304
Substandard
455
1,651
20,528
3,872
140,579
77,098
13,021
-
257,204
Doubtful
-
-
-
-
-
34
-
-
34
Total commercial
real estate owner
occupied
$
145,906
$
84,606
$
198,707
$
244,905
$
191,675
$
488,375
$
21,737
$
-
$
1,375,911
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,793
$
-
$
-
$
2,793
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
790,273
$
910,355
$
602,454
$
304,227
$
66,395
$
331,493
$
1,495,490
$
-
$
4,500,687
Watch
124,987
24,935
49,497
6,394
3,465
31,609
135,811
-
376,698
Special Mention
5,519
7,316
1,895
157,627
53
30,360
28,171
-
230,941
Substandard
6,063
30,496
37,558
4,203
14,776
23,135
122,275
-
238,506
Doubtful
-
-
-
-
-
11
-
-
11
Loss
-
-
-
-
-
-
51
-
51
Total commercial
and industrial
$
926,842
$
973,102
$
691,404
$
472,451
$
84,689
$
416,608
$
1,781,798
$
-
$
5,346,894
Year-to-Date gross
write-offs
$
1,099
$
707
$
331
$
122
$
2,838
$
11,841
$
7,617
$
-
$
24,555
Construction
Pass
$
63,107
$
53,070
$
33,423
$
14,908
$
9,483
$
1,011
$
16,782
$
-
$
191,784
Watch
-
13,872
-
-
-
-
-
-
13,872
Special Mention
-
-
-
6,058
-
-
-
-
6,058
Substandard
-
-
-
576
-
-
-
-
576
Total construction
$
63,107
$
66,942
$
33,423
$
21,542
$
9,483
$
1,011
$
16,782
$
-
$
212,290
Mortgage
Pass
$
879,075
$
724,383
$
409,133
$
401,113
$
234,486
$
4,085,088
$
-
$
-
$
6,733,278
Substandard
-
1,961
1,331
1,675
347
71,289
-
-
76,603
Total mortgage
$
879,075
$
726,344
$
410,464
$
402,788
$
234,833
$
4,156,377
$
-
$
-
$
6,809,881
Year-to-Date gross
write-offs
$
-
 
$
9
 
$
-
 
$
8
 
$
-
 
$
1,067
$
-
$
-
$
1,084
179
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
 
Years
Total
BPPR
Leasing
Pass
$
731,053
$
477,226
$
362,426
$
217,537
$
104,812
$
22,762
$
-
$
-
$
1,915,816
Substandard
1,195
2,280
2,834
1,885
920
402
-
-
9,516
Loss
-
-
-
-
-
73
-
-
73
Total leasing
$
732,248
$
479,506
$
365,260
$
219,422
$
105,732
$
23,237
$
-
$
-
$
1,925,405
Year-to-Date gross
write-offs
$
1,733
$
4,842
$
5,373
$
3,281
$
694
$
1,052
$
-
$
-
$
16,975
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,093
$
-
$
1,188,093
Substandard
-
-
-
-
-
-
29,960
-
29,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,218,053
$
-
$
1,218,053
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
69,731
$
-
$
69,731
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,040
$
-
$
2,040
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,040
$
-
$
2,040
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
380
$
-
$
380
Personal
Pass
$
722,949
$
499,604
$
262,011
$
101,155
$
29,078
$
91,004
$
-
$
23,802
$
1,729,603
Substandard
924
4,965
3,561
1,221
271
8,205
-
1,626
20,773
Loss
-
-
-
1
-
-
-
-
1
Total Personal
$
723,873
$
504,569
$
265,572
$
102,377
$
29,349
$
99,209
$
-
$
25,428
$
1,750,377
Year-to-Date gross
write-offs
$
2,362
$
39,193
$
38,077
$
10,822
$
2,708
$
3,525
$
-
$
1,982
$
98,669
Auto
Pass
$
1,277,016
$
938,769
$
665,431
$
494,529
$
254,621
$
133,054
$
-
$
-
$
3,763,420
Substandard
7,239
16,876
13,579
10,775
6,377
5,131
-
-
59,977
Loss
14
15
-
2
-
9
-
-
40
Total Auto
$
1,284,269
$
955,660
$
679,010
$
505,306
$
260,998
$
138,194
$
-
$
-
$
3,823,437
Year-to-Date gross
write-offs
$
11,229
$
36,992
$
20,486
$
9,997
$
4,965
$
1,731
$
-
$
-
$
85,400
Other consumer
Pass
$
28,543
$
29,585
$
20,021
$
10,129
$
4,588
$
3,364
$
62,678
$
-
$
158,908
Substandard
-
228
44
-
29
57
413
-
771
Loss
-
-
-
550
-
-
-
-
550
Total Other
consumer
$
28,543
$
29,813
$
20,065
$
10,679
$
4,617
$
3,421
$
63,091
$
-
$
160,229
Year-to-Date gross
write-offs
$
29
$
213
$
130
$
96
$
128
$
2,205
$
-
$
-
$
2,801
Total BPPR
$
5,286,562
$
4,225,323
$
3,629,863
$
2,580,268
$
1,307,356
$
6,014,384
$
3,109,837
$
25,428
$
26,179,021
 
180
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
139,370
$
148,423
$
491,750
$
313,610
$
207,327
$
560,891
$
5,700
$
-
$
1,867,071
Watch
-
10,974
27,441
26,679
10,668
114,419
-
-
190,181
Special Mention
-
-
8,004
-
-
-
-
-
8,004
Substandard
-
-
2,761
-
-
23,602
-
-
26,363
Total commercial
multi-family
$
139,370
$
159,397
$
529,956
$
340,289
$
217,995
$
698,912
$
5,700
$
-
$
2,091,619
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
178,355
$
368,597
$
480,055
$
167,839
$
193,309
$
456,689
$
8,588
$
-
$
1,853,432
Watch
-
12,932
17,125
13,138
45,864
64,390
300
-
153,749
Special Mention
-
-
-
-
-
594
-
-
594
Substandard
-
-
2,657
2,741
5,758
97,801
-
-
108,957
Total commercial
real estate non-
owner occupied
$
178,355
$
381,529
$
499,837
$
183,718
$
244,931
$
619,474
$
8,888
$
-
$
2,116,732
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
54
$
-
$
-
$
54
Commercial real estate owner occupied
Pass
$
304,778
$
257,586
$
244,811
$
279,419
$
35,459
$
246,158
$
7,669
$
-
$
1,375,880
Watch
-
25,614
13,531
32,132
16,301
54,877
-
-
142,455
Special Mention
-
488
69,505
34,428
27,406
10,825
-
-
142,652
Substandard
-
-
17,101
2,596
3,678
97,473
-
-
120,848
Total commercial
real estate owner
occupied
$
304,778
$
283,688
$
344,948
$
348,575
$
82,844
$
409,333
$
7,669
$
-
$
1,781,835
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
154
$
-
$
-
$
154
 
181
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial and industrial
Pass
$
260,479
$
275,971
$
318,564
$
322,697
$
268,591
$
506,973
$
273,222
$
-
$
2,226,497
Watch
-
11,420
48,953
28,138
9,521
35,498
15,050
-
148,580
Special Mention
58
-
5,270
568
-
255
3,835
-
9,986
Substandard
2,276
-
-
195
45
1,610
5,479
-
9,605
Total commercial
and industrial
$
262,813
$
287,391
$
372,787
$
351,598
$
278,157
$
544,336
$
297,586
$
-
$
2,394,668
Year-to-Date gross
write-offs
$
1,103
$
1,571
$
190
$
300
$
211
$
480
$
123
$
-
$
3,978
Construction
Pass
$
259,194
$
512,428
$
155,268
$
-
$
-
$
765
$
-
$
-
$
927,655
Watch
-
1,541
36,264
-
-
7,172
24,691
-
69,668
Special Mention
-
4,897
6,367
-
-
-
-
-
11,264
Substandard
-
-
8,104
-
-
25,473
9,338
-
42,915
Total construction
$
259,194
$
518,866
$
206,003
$
-
$
-
$
33,410
$
34,029
$
-
$
1,051,502
Mortgage
Pass
$
98,345
$
88,788
$
215,600
$
272,908
$
216,025
$
382,746
$
-
$
-
$
1,274,412
Substandard
-
644
106
860
-
28,280
-
-
29,890
Total mortgage
$
98,345
$
89,432
$
215,706
$
273,768
$
216,025
$
411,026
$
-
$
-
$
1,304,302
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
18
$
-
$
-
$
18
182
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
26
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
26
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,914
$
50,533
$
11,691
$
68,138
Substandard
-
-
-
-
-
1,657
15
700
2,372
Loss
-
-
-
-
-
122
-
899
1,021
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,693
$
50,548
$
13,290
$
71,531
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
53
$
-
$
53
Personal
Pass
$
28,083
$
23,084
$
41,182
$
8,618
$
651
$
1,507
$
-
$
-
$
103,125
Substandard
157
399
627
134
7
302
-
-
1,626
Loss
53
10
-
5
-
48
-
-
116
Total Personal
$
28,293
$
23,493
$
41,809
$
8,757
$
658
$
1,857
$
-
$
-
$
104,867
Year-to-Date gross
write-offs
$
802
$
4,536
$
10,869
$
2,458
$
231
$
307
$
-
$
-
$
19,203
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
11,537
$
-
$
11,537
Substandard
-
-
-
-
-
-
12
-
12
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
11,549
$
-
$
11,549
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
101
$
-
$
101
Total Popular U.S.
$
1,271,148
$
1,743,796
$
2,211,046
$
1,506,705
$
1,040,610
$
2,726,041
$
415,995
$
13,290
$
10,928,631
 
183
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
189,754
$
185,634
$
627,843
$
334,549
$
227,461
$
594,900
$
5,805
$
-
$
2,165,946
Watch
-
10,974
27,982
26,679
10,668
116,020
-
-
192,323
Special Mention
-
-
8,004
-
-
3,161
-
-
11,165
Substandard
-
-
2,761
-
-
27,425
-
-
30,186
Total commercial
multi-family
$
189,754
$
196,608
$
666,590
$
361,228
$
238,129
$
741,506
$
5,805
$
-
$
2,399,620
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
597,555
$
691,595
$
1,308,459
$
715,513
$
528,369
$
981,777
$
14,747
$
-
$
4,838,015
Watch
26,097
15,228
17,779
18,487
74,696
115,314
372
-
267,973
Special Mention
7,018
41,274
156
406
-
46,984
-
-
95,838
Substandard
-
1,002
2,767
29,171
7,712
120,757
-
-
161,409
Total commercial
real estate non-
owner occupied
$
630,670
$
749,099
$
1,329,161
$
763,577
$
610,777
$
1,264,832
$
15,119
$
-
$
5,363,235
Year-to-Date gross
write-offs
$
-
$
-
$
69
$
-
$
-
$
113
$
-
$
-
$
182
Commercial real estate owner occupied
Pass
$
436,227
$
336,695
$
338,819
$
493,939
$
81,665
$
555,949
$
14,883
$
-
$
2,258,177
Watch
14,002
28,251
78,266
39,357
21,191
140,457
3
-
321,527
Special Mention
-
1,697
88,941
53,716
27,406
26,697
1,499
-
199,956
Substandard
455
1,651
37,629
6,468
144,257
174,571
13,021
-
378,052
Doubtful
-
-
-
-
-
34
-
-
34
Total commercial
real estate owner
occupied
$
450,684
$
368,294
$
543,655
$
593,480
$
274,519
$
897,708
$
29,406
$
-
$
3,157,746
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,947
$
-
$
-
$
2,947
Commercial and industrial
Pass
$
1,050,752
$
1,186,326
$
921,018
$
626,924
$
334,986
$
838,466
$
1,768,712
$
-
$
6,727,184
Watch
124,987
36,355
98,450
34,532
12,986
67,107
150,861
-
525,278
Special Mention
5,577
7,316
7,165
158,195
53
30,615
32,006
-
240,927
Substandard
8,339
30,496
37,558
4,398
14,821
24,745
127,754
-
248,111
Doubtful
-
-
-
-
-
11
-
-
11
Loss
-
-
-
-
-
-
51
-
51
Total commercial
and industrial
$
1,189,655
$
1,260,493
$
1,064,191
$
824,049
$
362,846
$
960,944
$
2,079,384
$
-
$
7,741,562
Year-to-Date gross
write-offs
$
2,202
$
2,278
$
521
$
422
$
3,049
$
12,321
$
7,740
$
-
$
28,533
 
184
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
322,301
$
565,498
$
188,691
$
14,908
$
9,483
$
1,776
$
16,782
$
-
$
1,119,439
Watch
-
15,413
36,264
-
-
7,172
24,691
-
83,540
Special Mention
-
4,897
6,367
6,058
-
-
-
-
17,322
Substandard
-
-
8,104
576
-
25,473
9,338
-
43,491
Total construction
$
322,301
$
585,808
$
239,426
$
21,542
$
9,483
$
34,421
$
50,811
$
-
$
1,263,792
Mortgage
Pass
$
977,420
$
813,171
$
624,733
$
674,021
$
450,511
$
4,467,834
$
-
$
-
$
8,007,690
Substandard
-
2,605
1,437
2,535
347
99,569
-
-
106,493
Total mortgage
$
977,420
$
815,776
$
626,170
$
676,556
$
450,858
$
4,567,403
$
-
$
-
$
8,114,183
Year-to-Date gross
write-offs
$
-
$
9
$
-
$
8
$
-
$
1,085
$
-
$
-
$
1,102
Leasing
Pass
$
731,053
$
477,226
$
362,426
$
217,537
$
104,812
$
22,762
$
-
$
-
$
1,915,816
Substandard
1,195
2,280
2,834
1,885
920
402
-
-
9,516
Loss
-
-
-
-
-
73
-
-
73
Total leasing
$
732,248
$
479,506
$
365,260
$
219,422
$
105,732
$
23,237
$
-
$
-
$
1,925,405
Year-to-Date gross
write-offs
$
1,733
$
4,842
$
5,373
$
3,281
$
694
$
1,052
$
-
$
-
$
16,975
185
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,119
$
-
$
1,188,119
Substandard
-
-
-
-
-
-
29,960
-
29,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,218,079
$
-
$
1,218,079
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
69,731
$
-
$
69,731
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,914
$
52,573
$
11,691
$
70,178
Substandard
-
-
-
-
-
1,657
15
700
2,372
Loss
-
-
-
-
-
122
-
899
1,021
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,693
$
52,588
$
13,290
$
73,571
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
433
$
-
$
433
Personal
Pass
$
751,032
$
522,688
$
303,193
$
109,773
$
29,729
$
92,511
$
-
$
23,802
$
1,832,728
Substandard
1,081
5,364
4,188
1,355
278
8,507
-
1,626
22,399
Loss
53
10
-
6
-
48
-
-
117
Total Personal
$
752,166
$
528,062
$
307,381
$
111,134
$
30,007
$
101,066
$
-
$
25,428
$
1,855,244
Year-to-Date gross
write-offs
$
3,164
$
43,729
$
48,946
$
13,280
$
2,939
$
3,832
$
-
$
1,982
$
117,872
Auto
Pass
$
1,277,016
$
938,769
$
665,431
$
494,529
$
254,621
$
133,054
$
-
$
-
$
3,763,420
Substandard
7,239
16,876
13,579
10,775
6,377
5,131
-
-
59,977
Loss
14
15
-
2
-
9
-
-
40
Total Auto
$
1,284,269
$
955,660
$
679,010
$
505,306
$
260,998
$
138,194
$
-
$
-
$
3,823,437
Year-to-Date gross
write-offs
$
11,229
$
36,992
$
20,486
$
9,997
$
4,965
$
1,731
$
-
$
-
$
85,400
Other consumer
Pass
$
28,543
$
29,585
$
20,021
$
10,129
$
4,588
$
3,364
$
74,215
$
-
$
170,445
Substandard
-
228
44
-
29
57
425
-
783
Loss
-
-
-
550
-
-
-
-
550
Total Other
consumer
$
28,543
$
29,813
$
20,065
$
10,679
$
4,617
$
3,421
$
74,640
$
-
$
171,778
Year-to-Date gross
write-offs
$
29
$
213
$
130
$
96
$
128
$
2,205
$
101
$
-
$
2,902
Total Popular Inc.
$
6,557,710
$
5,969,119
$
5,840,909
$
4,086,973
$
2,347,966
$
8,740,425
$
3,525,832
$
38,718
$
37,107,652
 
186
Note 9 – Mortgage banking activities
Income
 
from
 
mortgage
 
banking
 
activities
 
includes
 
mortgage
 
servicing
 
fees
 
earned
 
in
 
connection
 
with
 
administering
 
residential
mortgage
 
loans
 
and
 
valuation
 
adjustments
 
on
 
mortgage
 
servicing
 
rights.
 
It
 
also
 
includes
 
gain
 
on
 
sales
 
and
 
securitizations
 
of
residential mortgage
 
loans, losses
 
on repurchased
 
loans, including
 
interest advances,
 
and trading
 
gains and
 
losses on
 
derivative
contracts
 
used
 
to
 
hedge
 
the
 
Corporation’s
 
securitization
 
activities.
 
In
 
addition,
 
fair
 
value
 
valuation
 
adjustments
 
to
 
residential
mortgage loans held for sale, if any, are recorded as part of the mortgage
 
banking activities.
The following table presents the components of mortgage
 
banking activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(In thousands)
2025
2024
2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
27,629
$
30,227
$
32,981
Mortgage servicing rights fair value adjustments
(12,880)
(11,370)
(11,589)
Total mortgage
 
servicing fees, net of fair value adjustments
14,749
18,857
21,392
Net gain (loss) on sale of loans, including valuation on loans
 
held for sale [1]
608
317
(88)
Trading account profit:
Unrealized (loss) gains on outstanding derivative positions
(89)
185
(138)
Realized (loss) gains on closed derivative positions
(184)
(150)
614
Total trading account
 
(loss) profit
(273)
35
476
Losses on repurchased loans, including interest advances
(128)
(150)
(283)
Total mortgage
 
banking activities
$
14,956
$
19,059
$
21,497
 
 
187
Note 10 – Transfers of financial assets and mortgage servicing assets
The
 
Corporation
 
typically
 
transfers
 
conforming
 
residential
 
mortgage
 
loans
 
in
 
conjunction
 
with
 
GNMA,
 
FNMA
 
and
 
FHLMC
securitization transactions
 
whereby the
 
loans are
 
exchanged for
 
cash or
 
securities and
 
servicing rights.
 
As seller,
 
the Corporation
has made
 
certain representations
 
and warranties
 
with respect
 
to the
 
originally transferred
 
loans and,
 
in the
 
past,
 
has sold
 
certain
loans
 
with
 
credit
 
recourse
 
to
 
a
 
government-sponsored
 
entity,
 
namely
 
FNMA.
 
Refer
 
to
 
Note
 
22
 
to
 
the
 
Consolidated
 
Financial
Statements for a description of such arrangements.
 
No
 
liabilities were incurred
 
as a result
 
of these securitizations
 
during the years
 
ended December 31, 2025
 
and 2024 because
 
they
did not contain any credit recourse arrangements.
 
The
 
following tables
 
present the
 
initial fair
 
value of
 
the
 
assets obtained
 
as
 
proceeds from
 
residential mortgage
 
loans securitized
during the years ended December 31, 2025 and
 
2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Year
 
Ended December 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial fair value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
5,690
$
-
$
5,690
Mortgage-backed securities - FNMA
-
8,560
-
8,560
Total trading account
 
debt securities
$
-
$
14,250
$
-
$
14,250
Total
 
$
-
$
14,250
$
-
$
14,250
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Year
 
Ended December 31, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial fair value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
6,783
$
-
$
6,783
Mortgage-backed securities - FNMA
-
8,377
-
8,377
Total trading account
 
debt securities
$
-
$
15,160
$
-
$
15,160
Mortgage servicing rights
$
-
$
-
$
302
$
302
Total
 
$
-
$
15,160
$
302
$
15,462
During the
 
year ended
 
December 31,
 
2025, the
 
Corporation retained
 
servicing rights
 
on whole
 
loan sales
 
involving approximately
$
35
 
million in
 
principal balance outstanding
 
(2024 -
 
$
44
 
million), with net
 
realized gains
 
of approximately $
1.2
 
million (2024
 
- $
1.1
million). All loan sales performed during the
 
years ended December 31, 2025 and 2024 were without
 
credit recourse agreements.
 
The Corporation recognizes as assets the rights to service loans for others,
 
whether these rights are purchased or result from asset
transfers such as sales and securitizations. These mortgage
 
servicing rights (“MSRs”) are measured at fair
 
value.
The
 
Corporation
 
uses
 
a
 
discounted
 
cash
 
flow
 
model
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs.
 
The
 
discounted
 
cash
 
flow
 
model
incorporates
 
assumptions
 
that
 
market
 
participants
 
would
 
use
 
in
 
estimating
 
future
 
net
 
servicing
 
income,
 
including
 
estimates
 
of
prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late
fees, among other considerations. Prepayment speeds are
 
adjusted for the loans’ characteristics and portfolio behavior.
 
The following table
 
presents the changes
 
in MSRs measured
 
using the fair
 
value method for
 
the years ended
 
December 31, 2025
and 2024.
 
 
188
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential MSRs
(In thousands)
December 31, 2025
December 31, 2024
December 31, 2023
Fair value at beginning of period
$
108,103
118,109
$
128,350
Additions
1,133
1,364
2,097
Changes due to payments on loans
 
[1]
(8,590)
(8,739)
(9,934)
Reduction due to loan repurchases
(503)
(511)
(606)
Changes in fair value due to changes in valuation model inputs
 
or assumptions
(3,787)
(2,120)
(529)
Other
-
-
(1,269)
Fair value at end of period
 
[2]
$
96,356
108,103
$
118,109
[1] Represents changes due to collection / realization
 
of expected cash flows over time.
[2] At December 31, 2025, PB had MSRs amounting to $
1.8
 
million (December 31, 2024 - $
1.9
 
million).
During the
 
quarter ended June
 
30, 2023
 
the Corporation terminated
 
a servicing agreement,
 
in which it
 
acted as sub-servicer
 
for a
third
 
party,
 
for
 
a
 
portfolio
 
with
 
an
 
unpaid
 
principal
 
balance
 
of
 
approximately
 
$
260
 
million
 
and
 
a
 
related
 
MSR
 
fair
 
value
 
of
approximately $
2
 
million.
 
The transaction did not result in a material
 
effect on the financial results of the Corporation.
Residential mortgage loans serviced for others were
 
$
8.2
 
billion at December 31, 2025 (2024 - $
9.0
 
billion).
Net mortgage servicing fees, a component of mortgage banking activities in the Consolidated Statements of Operations, include the
changes from period to period in the fair value of the MSRs, including changes due to collection / realization of expected cash flows.
The banking
 
subsidiaries receive servicing
 
fees based
 
on a
 
percentage of the
 
outstanding loan balance.
 
These servicing fees
 
are
credited to
 
income when they
 
are collected. At
 
December 31,
 
2025, those weighted
 
average mortgage servicing
 
fees were
0.32
%
(2024 –
0.32
%). Under these
 
servicing agreements, the
 
banking subsidiaries do
 
not generally earn
 
significant prepayment penalty
fees on the underlying loans serviced.
The section
 
below includes
 
information on
 
assumptions used
 
in the
 
valuation model
 
of the
 
MSRs, originated
 
and purchased.
Key
economic assumptions used
 
in measuring the
 
servicing rights derived
 
from loans securitized
 
or sold by
 
the Corporation during
 
the
years ended December 31, 2025 and 2024 were
 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended
December 31, 2025
December 31, 2024
 
BPPR
PB
BPPR
PB
Prepayment speed
6.4
%
6.1
%
6.8
%
6.3
%
Weighted average life (in years)
10.2
8.8
9.4
8.7
Discount rate (annual rate)
9.8
%
12.6
%
9.7
%
12.8
%
Key
 
economic
 
assumptions
 
used
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs
 
derived
 
from
 
sales
 
and
 
securitizations
 
of
 
mortgage
 
loans
performed
 
by
 
the
 
banking
 
subsidiaries
 
and
 
servicing
 
rights
 
purchased
 
from
 
other
 
financial
 
institutions,
 
and
 
the
 
sensitivity
 
to
immediate changes in those assumptions, were as follows
 
as of the end of the periods reported:
189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated MSRs
Purchased MSRs
December 31,
December 31,
December 31,
December 31,
 
(In thousands)
2025
2024
2025
2024
Fair value of servicing rights
$
29,784
$
34,019
$
66,572
$
74,084
Weighted average life (in years)
6.2
6.4
6.6
6.6
Weighted average prepayment speed (annual
 
rate)
5.2
%
5.8
%
6.3
%
6.9
%
Impact on fair value of 10% adverse change
$
(555)
$
(667)
$
(1,223)
$
(1,448)
Impact on fair value of 20% adverse change
$
(1,090)
$
(1,308)
$
(2,402)
$
(2,840)
Weighted average discount rate (annual rate)
10.6
%
11.4
%
10.8
%
10.8
%
Impact on fair value of 10% adverse change
$
(1,087)
$
(1,267)
$
(2,377)
$
(2,689)
Impact on fair value of 20% adverse change
$
(2,105)
$
(2,451)
$
(4,609)
$
(5,211)
The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the
figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated
because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the sensitivity tables
included herein, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without
changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market
interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities.
 
At December 31, 2025, the Corporation serviced $
429
 
million (2024 - $
495
 
million) in residential mortgage loans with credit recourse
to the Corporation, from which $
9
 
million was 60 days or more past due (2024 - $
12
 
million). Also refer to Note 22 for information on
changes in the Corporation’s liability of estimated losses
 
related to loans serviced with credit recourse.
During
 
the
 
year
 
ended
 
December 31,
 
2025,
 
the
 
Corporation
 
repurchased
 
approximately
 
$
39
 
million
 
of
 
mortgage
 
loans
 
from
 
its
GNMA servicing portfolio (2024 - $
38
 
million). The determination to repurchase these loans
 
was based on the economic benefits
 
of
the transaction, which results in a reduction of the servicing costs for
 
these severely delinquent loans, mostly related to principal and
interest advances. The
 
risk associated with
 
the loans is
 
reduced due to
 
their guaranteed nature.
 
The Corporation may place
 
these
loans under modification
 
programs offered by
 
FHA, VA
 
or United States
 
Department of Agriculture (USDA)
 
or other loss
 
mitigation
programs offered by the Corporation, and once brought back to
 
current status, these may be either retained in portfolio or re-sold
 
in
the secondary market.
 
190
Note 11 - Premises and equipment
Premises and equipment are stated at cost less accumulated
 
depreciation and amortization as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Useful life in years
2025
2024
Premises and equipment:
Land
$
89,519
$
89,519
Buildings
10
-
50
589,394
497,631
Equipment
2
-
10
380,683
365,716
Leasehold improvements
3
-
10
102,737
96,521
1,072,814
959,868
 
Less - Accumulated depreciation and amortization
630,842
606,187
Subtotal
441,972
353,681
Construction in progress
154,329
158,587
Premises and equipment, net
$
685,820
$
601,787
Depreciation and amortization
 
of premises and
 
equipment for the
 
year 2025 was
 
$
53.3
 
million (2024 -
 
$
57.1
 
million; 2023 -
 
$
58.5
million), of
 
which $
31.0
 
million (2024
 
- $
26.4
 
million; 2023
 
- $
26.5
 
million) was
 
charged to
 
occupancy expense
 
and $
22.3
 
million
(2024
 
-
 
$
30.7
 
million;
 
2023
 
-
 
$
32.0
 
million)
 
was charged
 
to
 
equipment, technology
 
and
 
software
 
and
 
other
 
operating expenses.
Occupancy expense of premises and equipment
 
is net of rental income
 
of $
13.9
 
million (2024 - $
11.5
 
million; 2023 - $
13.1
 
million).
For information related to the amortization expense
 
of finance leases, refer to Note 32 - Leases.
 
 
 
 
191
Note 12 – Other real estate owned
The following
 
tables present
 
the activity
 
related to
 
Other Real
 
Estate Owned
 
(“OREO”), for
 
the years
 
ended December
 
31, 2025,
2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
8,424
$
48,844
$
57,268
Write-downs in value
(970)
(2,356)
(3,326)
Additions
931
36,319
37,250
Sales
(3,474)
(45,069)
(48,543)
Other adjustments
-
(216)
(216)
Ending balance
$
4,911
$
37,522
$
42,433
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
11,189
$
69,227
$
80,416
Write-downs in value
(1,104)
(1,749)
(2,853)
Additions
7,155
43,458
50,613
Sales
(8,816)
(61,845)
(70,661)
Other adjustments
-
(247)
(247)
Ending balance
$
8,424
$
48,844
$
57,268
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2023
OREO
OREO
(In thousands)
Commercial/ Construction
Mortgage
Total
Balance at beginning of period
$
12,500
$
76,626
$
89,126
Write-downs in value
(607)
(2,179)
(2,786)
Additions
2,707
68,582
71,289
Sales
(3,428)
(73,548)
(76,976)
Other adjustments
17
(254)
(237)
Ending balance
$
11,189
$
69,227
$
80,416
 
 
192
Note 13 − Other assets
The caption of other assets in the Consolidated
 
Statements of Financial Condition consists of the
 
following major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
814,265
$
926,329
Investments under the equity method
261,687
251,537
Prepaid taxes
42,762
42,909
Other prepaid expenses
25,542
28,376
Capitalized software costs
183,381
136,442
Derivative assets
27,913
25,975
Trades receivable from brokers and counterparties
245
588
Receivables from investments maturities
-
14,600
Principal, interest and escrow servicing advances
30,252
43,793
Guaranteed mortgage loan claims receivable
9,184
17,226
Operating ROU assets
95,234
93,389
Finance ROU assets
 
23,686
19,174
Assets for pension benefit
38,157
33,233
Others
153,669
164,188
Total other assets
$
1,705,977
$
1,797,759
The Corporation regularly incurs in
 
capitalizable costs associated with software development or
 
licensing which are recorded within
the Other Assets line
 
item in the accompanying Consolidated Statements
 
of Financial Condition.
 
In addition, the Corporation incurs
costs
 
associated
 
with
 
hosting
 
arrangements
 
that
 
are
 
service
 
contracts
 
that
 
are
 
also
 
recorded
 
within
 
Other
 
Assets.
 
The
 
hosting
arrangements can
 
include capitalizable
 
implementation costs
 
that are
 
amortized during
 
the term
 
of the
 
hosting arrangement.
The
following
 
table
 
summarizes
 
the
 
composition
 
of
 
acquired
 
or
 
developed
 
software
 
costs
 
as
 
well
 
as
 
costs
 
related
 
to
 
hosting
arrangements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net Carrying
(In thousands)
Amount
Amortization
Value
December 31, 2025
Software development costs
$
103,628
$
34,170
$
69,458
Software license costs
46,538
24,475
22,063
Cloud computing arrangements
106,410
14,550
91,860
Total Capitalized
 
software costs [1] [2]
$
256,576
$
73,195
$
183,381
December 31, 2024
Software development costs
$
79,233
$
23,057
$
56,176
Software license costs
42,234
21,459
20,775
Cloud computing arrangements
65,797
6,306
59,491
Total Capitalized
 
software costs [1] [2]
$
187,264
$
50,822
$
136,442
[1]
Software intangible assets are presented as part of Other
 
Assets in the Consolidated Statements of Financial Condition.
[2]
The tables above exclude assets that have been fully
 
amortized.
Total
 
amortization expense for
 
all capitalized software
 
and hosting arrangement
 
cost, reflected as
 
part of
 
technology and software
expenses in the consolidated statement of operations,
 
is as follows:
 
193
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31,
(In thousands)
2025
2024
2023
Software development and license costs
$
89,752
 
$
77,731
$
66,233
Cloud computing arrangements
8,566
 
4,398
3,324
Total amortization
 
expense
$
98,318
 
$
82,129
$
69,557
 
194
Note 14 – Goodwill and other intangible assets
Goodwill
The following
 
table shows
 
the changes
 
in the
 
carrying amount
 
of goodwill
 
for the
 
years ended
 
December 31,
 
2025 and
 
2024, by
reportable segments (refer to Note 36 for the definition
 
of the Corporation’s reportable segments):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Balance at
 
Goodwill
Balance at
(In thousands)
January 1, 2025
impairment
December 31, 2025
Banco Popular de Puerto Rico
$
434,909
$
-
$
434,909
Popular U.S.
368,045
(13,000)
355,045
Total Popular,
 
Inc.
 
$
802,954
$
(13,000)
$
789,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Balance at
 
Write down from
Balance at
(In thousands)
January 1, 2024
 
a disposal group [1]
December 31, 2024
Banco Popular de Puerto Rico
$
436,383
$
(1,474)
$
434,909
Popular U.S.
368,045
-
368,045
Total Popular,
 
Inc.
 
$
804,428
$
(1,474)
$
802,954
[1] During the year ended December 31, 2024, the Corporation
 
recognized a write-down to goodwill due to the sale
 
of its daily-rental business.
Other intangible assets
At
 
December
 
31,
 
2025,
 
the
 
Corporation
 
had
 
intangible
 
assets
 
subject
 
to
 
amortization
 
amounting
 
to
 
$
4.3
 
million
 
(December
 
31,
2024- $
6.1
 
million), which will be amortized through
 
the year 2029.
 
Results of the Annual Goodwill Impairment Test
 
The
 
Corporation
 
evaluates
 
goodwill
 
for
 
impairment
 
at
 
least
 
annually
 
and
 
on
 
a
 
more
 
frequent
 
basis
 
if
 
events
 
or
 
circumstances
indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business
climate, an
 
adverse action
 
by a
 
regulator,
 
an unanticipated
 
change in
 
the competitive
 
environment and
 
a decision
 
to change
 
the
operations or dispose of a reporting unit.
Management
 
monitors
 
events
 
or
 
changes
 
in
 
circumstances
 
between
 
annual
 
tests
 
to
 
determine
 
if
 
these
 
events
 
or
 
changes
 
in
circumstances would
 
more likely
 
than not
 
reduce the
 
fair value
 
of its
 
reporting units
 
below their
 
carrying amounts.
 
The reporting
units evaluated are one level below the business
 
segments and correspond to the legal entities within
 
each reportable segment.
When
 
evaluating
 
goodwill
 
for
 
impairment,
 
the
 
Corporation
 
may
 
decide
 
to
 
first
 
perform
 
a
 
qualitative
 
assessment,
 
or
 
“Step
 
Zero”
impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a
review of
 
macroeconomic conditions,
 
industry and
 
market considerations,
 
internal cost
 
factors, and
 
our own
 
overall financial
 
and
share
 
price performance,
 
among other
 
factors. If
 
it
 
is
 
determined that
 
it
 
is more
 
likely than
 
not that
 
the carrying
 
amounts
 
of
 
our
reporting units exceed their fair value,
 
the Corporation will perform a quantitative
 
assessment and calculate the estimated fair value
of
 
the
 
respective
 
reporting
 
unit.
 
If
 
the
 
carrying
 
amount
 
of
 
a
 
reporting
 
unit’s
 
goodwill
 
exceeds
 
the
 
fair
 
value
 
of
 
that
 
goodwill,
 
an
impairment loss is recognized.
 
To
 
assess
 
a
 
reporting unit’s
 
fair value,
 
the
 
Corporation generally
 
uses
 
a
 
combination of
 
methods
 
such
 
as
 
discounted cash
 
flow
analysis and market
 
multiples.
 
The financial projections used
 
in the discounted
 
cash flow (“DCF”)
 
valuation analysis are
 
based on
the
 
most
 
recent
 
(as
 
of
 
the
 
valuation
 
date)
 
projections
 
presented
 
to
 
the
 
Corporation’s
 
Asset
 
/
 
Liability
 
Management
 
Committee
(“ALCO”). These
 
projections reflect
 
management’s
 
expectations for
 
the
 
reporting unit’s
 
financial
 
prospects considering
 
economic
and industry conditions. The Corporation evaluates the results obtained under the valuation methodology to identify and understand
 
 
195
 
the
 
key
 
value
 
drivers,
 
to
 
ascertain
 
that
 
the
 
results
 
obtained are
 
reasonable and
 
appropriate under
 
the
 
circumstances. Elements
considered include current market and
 
economic conditions, developments in specific lines of
 
business, and any particular features
of the individual reporting units.
 
The Corporation
 
completed its
 
annual goodwill
 
impairment evaluation during
 
the third
 
quarter of
 
2025, using
 
July 31,
 
2025 as
 
the
evaluation date.
 
Through a
 
qualitative analysis,
 
Step
 
Zero, the
 
Corporation determined
 
that for
 
all
 
reporting units,
 
except for
 
the
Popular Equipment
 
Finance (‘’PEF’’)
 
reporting unit,
 
it is
 
more-likely-than-not that
 
the fair
 
value exceeded
 
the carrying
 
value. As
 
a
result, the Corporation performed a quantitative test
 
to assess PEF’s goodwill impairment.
 
The results
 
of the
 
PEF annual
 
goodwill impairment
 
test as
 
of July
 
31, 2025,
 
indicated that
 
the estimated
 
fair value
 
was below
 
its
carrying amount. Accordingly, the Corporation recognized a goodwill impairment
 
charge of $
13.0
 
million, which was mainly driven by
lower projected earnings for the forecasted period,
 
primarily due to lower lending activity.
Changes to the Annual Goodwill Impairment Test Date
The Corporation has historically evaluated its goodwill for impairment annually as of July 31 or more frequently.
 
After completing the
annual test during
 
the third quarter
 
of 2025, the
 
Corporation changed the
 
date of its
 
annual assessment of
 
goodwill to October
 
1st
for all
 
reporting units.
 
The change
 
in testing
 
date for
 
goodwill is
 
a change
 
in accounting
 
principle, which
 
management believes
 
is
preferable as
 
the new
 
date of
 
the assessment
 
will create
 
a more
 
efficient and
 
timely process surrounding
 
the impairment
 
tests by
better aligning
 
with its
 
annual planning and
 
budgeting process.
The Corporation has
 
determined that this
 
change does
 
not have
 
a
material effect on its financial statements considering the requirements to assess goodwill impairment upon certain triggering events
in current and prior periods and its internal control over financial reporting.
 
The Corporation has determined that it is impracticable to
objectively determine
 
projected cash
 
flows and
 
related valuation
 
estimates that
 
would have
 
been used
 
as of
 
each October
 
1st of
prior reporting
 
periods without
 
the use
 
of hindsight.
 
As such,
 
the Corporation
 
prospectively applied
 
the change
 
in annual
 
goodwill
impairment testing date from October 1, 2025.
As of October 1, 2025, management performed a qualitative impairment assessment and determined that for the Puerto Rico based
reporting units, it was more-likely-than-not that
 
the fair value exceeded their carrying
 
value, resulting in no impairment.
 
For the U.S.
based subsidiaries, Popular Bank and PEF, a quantitative goodwill impairment test was performed,
 
resulting in no impairment.
The following tables present the gross amount
 
of goodwill and accumulated impairment losses
 
by reportable segments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Balance at
Balance at
December 31,
Accumulated
December 31,
2025
impairment
2025
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
438,710
$
3,801
$
434,909
Popular U.S.
564,456
209,411
355,045
Total Popular,
 
Inc.
 
$
1,003,166
$
213,212
$
789,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
 
Balance at
 
 
Balance at
 
December 31,
Accumulated
December 31,
2024
impairment
2024
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
438,710
$
3,801
$
434,909
Popular U.S.
564,456
196,411
368,045
Total Popular,
 
Inc.
 
$
1,003,166
$
200,212
$
802,954
 
196
Note 15 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Savings accounts
$
14,368,599
$
14,224,271
NOW, money market and other interest
 
-bearing demand deposits
27,037,924
26,507,637
Total savings, NOW,
 
money market and other interest-bearing demand deposits
41,406,523
40,731,908
Certificates of deposit:
Under $250,000
5,564,615
5,383,331
$250,000 and over
3,914,746
3,629,551
 
Total certificates
 
of deposit
9,479,361
9,012,882
Total interest-bearing
 
deposits
$
50,885,884
$
49,744,790
Non- interest-bearing deposits
$
15,304,209
$
15,139,555
Total deposits
$
66,190,093
$
64,884,345
A summary of certificates of deposits by maturity at
 
December 31, 2025 follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
$
6,716,134
2027
1,100,623
2028
709,395
2029
423,171
2030
434,716
2031 and thereafter
95,322
Total certificates of
 
deposit
$
9,479,361
At December 31, 2025, the Corporation had brokered
 
deposits amounting to $
1.0
 
billion (December 31, 2024 - $
1.6
 
billion).
The aggregate amount of overdrafts
 
in demand deposit accounts that
 
were reclassified to loans was $
10.7
 
million at December 31,
2025 (December 31, 2024 - $
10.4
 
million).
At December
 
31, 2025,
 
Puerto Rico
 
government deposits
 
amounted to
 
$
19.4
 
billion. Puerto
 
Rico government
 
deposits are
 
mostly
interest
 
bearing
 
accounts,
 
which
 
are
 
indexed
 
to
 
short-term
 
market
 
rates
 
and
 
fluctuate
 
in
 
cost
 
with
 
changes
 
in
 
those
 
rates,
 
in
accordance with contractual terms.
 
197
Note 16 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted
 
to $
39
 
million at December 31, 2025 and $
55
 
million at December 31, 2024.
The Corporation’s
 
repurchase transactions are
 
overcollateralized with the
 
securities detailed in
 
the table
 
below.
 
The Corporation’s
repurchase
 
agreements
 
have
 
a
 
right
 
of
 
set-off
 
with
 
the
 
respective
 
counterparty
 
under
 
the
 
supplemental
 
terms
 
of
 
the
 
master
repurchase agreements.
 
In an
 
event of
 
default,
 
each party
 
has a
 
right of
 
set-off
 
against the
 
other party
 
for amounts
 
owed in
 
the
related
 
agreement
 
and
 
any
 
other
 
amount
 
or
 
obligation
 
owed
 
in
 
respect
 
of
 
any
 
other
 
agreement
 
or
 
transaction
 
between
 
them.
Pursuant to the
 
Corporation’s accounting policy,
 
the repurchase agreements
 
are not offset
 
with other repurchase
 
agreements held
with the same counterparty.
The following table
 
presents information related to
 
the Corporation’s repurchase
 
transactions accounted for as
 
secured borrowings
that
 
are
 
collateralized
 
with
 
debt
 
securities
 
available-for-sale,
 
debt
 
securities
 
held-to-maturity,
 
and
 
other
 
assets
 
held-for-trading
purposes or
 
which have
 
been obtained
 
under agreements
 
to resell.
 
It is
 
the Corporation’s
 
policy to
 
maintain effective
 
control over
assets sold under agreements to repurchase; accordingly, such
 
securities continue to be carried on the Consolidated Statements of
Financial Condition.
Repurchase agreements accounted for as secured borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
December 31, 2024
Repurchase liability
Repurchase liability
Repurchase
 
weighted average
Repurchase
 
weighted average
(Dollars in thousands)
 
liability
interest rate
 
liability
interest rate
U.S. Treasury securities
 
Within 30 days
$
29,356
4.11
%
$
22,591
5.04
%
 
After 30 to 90 days
9,645
4.15
13,813
4.71
Total U.S. Treasury
 
securities
39,001
4.12
36,404
4.92
Mortgage-backed securities
 
Within 30 days
-
-
4,924
4.90
 
After 30 to 90 days
-
-
13,505
4.88
Total mortgage-backed
 
securities
-
-
18,429
4.89
Total
$
39,001
4.12
%
$
54,833
4.91
%
Repurchase agreements in this portfolio are generally short-term, often overnight.
 
As such, our risk is very
 
limited.
 
We manage the
liquidity risks arising from secured
 
funding by sourcing funding globally from
 
a diverse group of counterparties, providing
 
a range of
securities collateral and pursuing longer durations,
 
when appropriate.
 
198
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2025
2024
Maximum aggregate balance outstanding at any month-end
$
107,572
$
105,684
Average monthly aggregate balance outstanding
$
50,401
$
76,156
Weighted average interest rate:
For the year
4.27
%
5.54
%
At December 31
4.16
%
4.99
%
Other short-term borrowings
 
At December 31, 2025, other short-term borrowings
 
consisted of $
650
 
million in FHLB Advances, compared to $
225
 
million in FHLB
Advances at December 31, 2024.
The following table presents additional information
 
related to the Corporation’s other short-term
borrowings at December 31, 2025 and December 31,
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2025
2024
Maximum aggregate balance outstanding at any month-end
$
650,000
$
225,000
Average monthly aggregate balance outstanding
$
374,728
$
8,402
Weighted average interest rate:
For the year
4.16
%
5.40
%
At December 31
3.98
%
4.67
%
 
 
199
Notes Payable
The following table presents the composition of notes
 
payable at December 31, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2026
 
through
2029
 
paying interest at monthly
fixed rates ranging from
0.69
% to
4.17
%
 
(2024 -
0.54
% to
5.26
%)
$
164,620
$
302,722
Unsecured senior debt securities maturing on
2028
 
paying interest
semiannually
 
at a fixed rate of
7.25
% (2024-
7.25
%), net of debt issuance costs of $
3,442
 
(2024 - $
4,082
)
[1]
396,558
395,198
Junior subordinated deferrable interest debentures (related to
 
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
% (2024 -
6.125
% to
6.564
%), net of debt
issuance costs of $
234
 
(2024 - $
261
)
198,399
198,373
Total notes payable
$
759,577
$
896,293
[1] On March 13, 2023, the Corporation issued $
400
 
million aggregate principal amount of
7.25
% Senior Notes due
2028
 
(the “2028 Notes”) in an
underwritten public offering. The Corporation used a
 
portion of the net proceeds of the 2028 Notes offering
 
to redeem, on August 14, 2023, the
outstanding $
300
 
million aggregate principal amount of its
6.125
% Senior Notes which were due on September
2023
. The redemption price was
equal to
100
% of the principal amount plus accrued and unpaid
 
interest through the redemption date.
A breakdown of borrowings by contractual maturities
 
at December 31, 2025 is included in
 
the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2026
$
39,001
650,000
74,500
763,501
2027
-
-
6,112
6,112
2028
-
-
440,908
440,908
2029
-
-
39,657
39,657
Later years
-
-
198,400
198,400
Total borrowings
$
39,001
$
650,000
$
759,577
$
1,448,578
At
 
December
 
31,
 
2025
 
and
 
December
 
31,
 
2024,
 
the
 
Corporation had
 
FHLB
 
borrowing
 
facilities
 
whereby
 
the
 
Corporation could
borrow up to
 
$
4.8
 
billion and $
4.7
 
billion, respectively,
 
of which $
0.8
 
billion and $
0.5
 
billion, respectively,
 
were used. In
 
addition, at
December 31, 2024, the Corporation had
 
placed $
0.3
 
billion of the available FHLB
 
credit facility as collateral for municipal
 
letters of
credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio,
 
and do not have
restrictive covenants or callable features.
 
Also, at
 
December 31, 2025,
 
the Corporation had
 
borrowing facilities at
 
the discount window
 
of the Federal
 
Reserve Bank of
 
New
York
 
amounting to $
12.1
 
billion (December 31,
 
2024 - $
7.0
 
billion), which remained
 
unused at December
 
31, 2025 and
 
December
31, 2024.
 
The facilities are a collateralized source of credit
 
that is highly dependable even under difficult market
 
conditions.
200
Note 17 – Trust preferred securities
Statutory trusts established by the Corporation (Popular North America
 
Capital Trust I and Popular
 
Capital Trust II) had issued
 
trust
preferred
 
securities
 
(also
 
referred
 
to
 
as
 
“capital
 
securities”)
 
to
 
the
 
public.
 
The
 
proceeds
 
from
 
such
 
issuances,
 
together
 
with
 
the
proceeds of the related issuances of common securities of the trusts (the “common securities”), were used by the trusts to purchase
junior subordinated deferrable interest debentures (the
 
“junior subordinated debentures”) issued by the
 
Corporation.
 
The sole
 
assets of
 
the trusts
 
consisted of
 
the junior
 
subordinated debentures
 
of the
 
Corporation and
 
the related
 
accrued interest
receivable. These trusts are not consolidated
 
by the Corporation pursuant to accounting
 
principles generally accepted in the United
States of America.
The junior subordinated
 
debentures are included
 
by the Corporation
 
as notes payable
 
in the Consolidated
 
Statements of Financial
Condition, while
 
the common
 
securities issued
 
by the
 
issuer trusts
 
are included
 
as debt
 
securities held-to-maturity.
 
The common
securities of each trust are wholly-owned, or indirectly
 
wholly-owned, by the Corporation.
The following table presents financial data pertaining
 
to the different trusts at December 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
December 31, 2025 and 2024
Popular
 
North America
 
Popular
 
Issuer
Capital Trust I
Capital Trust Il
Capital securities
$
91,651
$
101,023
Distribution rate
6.564
%
6.125
%
Common securities
$
2,835
$
3,125
Junior subordinated debentures aggregate liquidation amount
$
94,486
$
104,148
Stated maturity date
September 2034
December 2034
Reference notes
[1],[3],[5]
[2],[4],[5]
[1] Statutory business trust that is wholly-owned by
 
PNA and indirectly wholly-owned by the Corporation.
[2] Statutory business trust that is wholly-owned by
 
the Corporation.
[3] The obligation of PNA under the junior subordinated
 
debenture and its guarantees of the capital securities under
 
the trust is fully and unconditionally
guaranteed on a subordinated basis by the Corporation
 
to the extent set forth in the guarantee agreement.
[4] These capital securities are fully and unconditionally guaranteed
 
on a subordinated basis by the Corporation to the extent
 
set forth in the guarantee
agreement.
[5] The Corporation has the right, subject to any required
 
prior approval from the Federal Reserve, to redeem
 
after certain dates or upon the
occurrence of certain events mentioned below,
 
the junior subordinated debentures at a redemption
 
price equal to 100% of the principal amount, plus
accrued and unpaid interest to the date of redemption. The
 
maturity of the junior subordinated debentures may
 
be shortened at the option of the
Corporation prior to their stated maturity dates (i) on or
 
after the stated optional redemption dates stipulated in
 
the agreements, in whole at any time or
in part from time to time, or (ii) in whole, but not in part,
 
at any time within 90 days following the occurrence
 
and during the continuation of a tax event,
an investment company event or a capital treatment event
 
as set forth in the indentures relating to the capital securities,
 
in each case subject to
regulatory approval.
 
At December
 
31, 2025
 
and 2024,
 
the Corporation’s
 
$
193
 
million in
 
trust preferred
 
securities outstanding
 
do not
 
qualify for
 
Tier
 
1
capital treatment but qualify for Tier 2 capital treatment.
 
201
Note 18 − Other liabilities
The caption of other liabilities in the Consolidated
 
Statements of Financial Condition consists of the following
 
major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Accrued expenses
$
321,203
$
334,145
Accrued interest payable
66,240
60,723
Accounts payable
78,998
91,218
Dividends payable
49,596
49,546
Trades payable
595,911
495,139
Liability for GNMA loans sold with an option to repurchase
8,734
9,108
Reserves for loan indemnifications
2,704
2,779
Reserve for operational losses
20,723
29,465
Operating lease liabilities
104,958
103,198
Finance lease liabilities
 
27,389
23,141
Pension benefit obligation
4,739
5,816
Postretirement benefit obligation
103,974
99,172
Others
75,348
68,396
Total other liabilities
$
1,460,517
$
1,371,846
202
Note 19 – Stockholders’ equity
 
The Corporation’s common stock ranks junior to all series of
 
preferred stock as to dividend rights and / or as
 
to rights on liquidation,
dissolution
 
or
 
winding
 
up
 
of
 
the
 
Corporation.
 
Dividends
 
on
 
preferred
 
stock
 
are
 
payable
 
if
 
declared.
 
The
 
Corporation’s
 
ability
 
to
declare or
 
pay dividends
 
on, or
 
purchase, redeem
 
or otherwise
 
acquire, its
 
common stock
 
is subject
 
to certain
 
restrictions in
 
the
event that the
 
Corporation fails to pay
 
or set aside
 
full dividends on the
 
preferred stock for the
 
latest dividend period. The
 
ability of
the Corporation to
 
pay dividends in
 
the future is
 
limited by regulatory
 
requirements, legal availability of
 
funds, recent and
 
projected
financial results, capital levels and liquidity of the Corporation, general
 
business conditions and other factors deemed relevant by the
Corporation’s Board of Directors.
The Corporation’s
 
common stock
 
trades on
 
the Nasdaq
 
Global Select
 
Market (the
 
“Nasdaq”) under
 
the symbol
 
BPOP.
 
The 2003
Series A Preferred Stock are not listed on Nasdaq.
 
Preferred stocks
The Corporation has
30,000,000
 
shares of authorized
 
preferred stock that may
 
be issued in
 
one or more
 
series, and the
 
shares of
each series shall have such rights and preferences as shall be fixed by the Board of Directors when authorizing the issuance of that
particular series. The Corporation’s shares of preferred stock at
 
December 31, 2025 consisted of:
●
6.375
% non-cumulative monthly income preferred stock, 2003 Series
 
A,
no
 
par value, liquidation preference value of
 
$
25
per share. Holders on record of the 2003 Series A Preferred Stock are entitled to
 
receive, when, as and if declared by the
Board of
 
Directors of
 
the Corporation
 
or an
 
authorized committee thereof,
 
out of
 
funds legally
 
available, non-cumulative
cash dividends at the
 
annual rate per share
 
of
6.375
% of their
 
liquidation preference value, or
 
$
0.1328125
 
per share per
month.
 
These
 
shares
 
of
 
preferred
 
stock
 
are
 
perpetual,
 
nonconvertible,
 
have
 
no
 
preferential
 
rights
 
to
 
purchase
 
any
securities of the
 
Corporation and are redeemable solely
 
at the option of
 
the Corporation with the
 
consent of the Board
 
of
Governors
 
of
 
the
 
Federal
 
Reserve
 
System.
 
The
 
redemption
 
price
 
per
 
share
 
is
 
$
25.00
.
 
The
 
shares
 
of
 
2003
 
Series
 
A
Preferred Stock have no voting
 
rights, except for certain rights in
 
instances when the Corporation does not
 
pay dividends
for a defined period. These
 
shares are not subject to
 
any sinking fund requirement. Cash dividends declared and
 
paid on
the 2003
 
Series A
 
Preferred Stock
 
amounted to
 
$
1.4
 
million for
 
the years
 
ended December
 
31, 2025,
 
2024 and
 
2023.
Outstanding shares of 2003 Series A Preferred Stock amounted
 
to
885,726
 
at December 31, 2025, 2024 and 2023.
Common stock
Dividends
During
 
the
 
year
 
2025,
 
cash
 
dividends
 
of
 
$
2.90
 
(2024
 
-
 
$
2.56
;
 
2023
 
-
 
$
2.27
)
 
per
 
common
 
share
 
outstanding
 
were
 
declared
amounting to $
196.2
 
million (2024 - $
183.9
 
million; 2023 -
 
$
163.7
 
million) of which
 
$
49.6
 
million were payable to
 
stockholders of
common stock at December 31, 2025 (2024 -
 
$
49.5
 
million; 2023 - $
44.7
 
million).
Common stock repurchases
During the year ended December 31, 2025, the Corporation repurchased
4,660,124
 
(2024 –
2,256,420
) shares of common stock for
$
501.5
 
million (2024 -
 
$
217.3
 
million), at an
 
average price of
 
$
107.61
 
(2024 - $
96.32
) per common
 
share. At December
 
31, 2025,
$
281.2
 
million
 
remained
 
on
 
the
 
Corporation’s
 
common
 
stock
 
repurchase
 
authorization.
 
The
 
common
 
stock
 
repurchase
 
program
does
 
not
 
require
 
the
 
Corporation to
 
acquire
 
a
 
specific
 
dollar
 
amount
 
or
 
number
 
of
 
shares
 
and
 
may
 
be
 
modified,
 
suspended
 
or
terminated at any time without prior notice.
Statutory reserve
The Banking Act
 
of the Commonwealth of
 
Puerto Rico (the
 
“Act”) requires that
a minimum of 10% of BPPR’s
 
retained earnings for
the year be transferred to a statutory
 
reserve account until such statutory reserve equals the total
 
of paid-in capital on common and
preferred stock.
 
Any losses
 
incurred by
 
a bank
 
must first
 
be charged
 
to retained
 
earnings and
 
then to
 
the reserve
 
fund. Amounts
transferred to
 
the reserve
 
fund may
 
not be
 
used to
 
pay dividends
 
without the
 
prior consent
 
of the
 
Puerto Rico
 
Commissioner of
Financial Institutions. The failure to maintain sufficient statutory reserves would preclude BPPR from paying dividends.
 
BPPR was in
compliance with the statutory reserve requirement in 2025, 2024 and 2023. BPPR’s statutory reserve fund amounted to $
961
 
million
at December 31, 2025 (2024 -
 
$
961
 
million; 2023 - $
908
 
million). Banks that are well capitalized, have obtained
 
a rating of 1 or 2
 
in
the last examination performed by the Office of the Commissioner
 
or an applicable regulatory agency and have
 
accumulated at least
50% of
 
the paid
 
in capital
 
for their
 
common and
 
preferred stock
 
in their
 
reserve fund
 
may be
 
exempted from
 
the requirement
 
to
transfer such funds to
 
the statutory reserve fund.
 
During 2024, $
53
 
million was transferred to
 
the statutory reserve account
 
(2023 -
$
45
 
million).
203
Note 20 – Regulatory capital requirements
The Corporation,
 
BPPR and
 
PB are
 
subject to
 
various regulatory
 
capital requirements
 
imposed by
 
the federal
 
banking agencies.
Failure to meet minimum capital requirements can
 
lead to certain mandatory and additional
 
discretionary actions by regulators that,
if undertaken,
 
could have
 
a direct
 
material effect
 
on the
 
Corporation’s consolidated financial
 
statements. Popular,
 
Inc., BPPR
 
and
PB are
 
subject to
 
Basel III
 
capital requirements,
 
including minimum
 
and well
 
capitalized regulatory
 
capital ratios
 
and compliance
with the standardized approach for determining
 
risk-weighted assets.
 
The Basel III Capital
 
Rules established a Common Equity
 
Tier I (“CET1”) capital
 
measure and related regulatory capital ratio
 
CET1
to risk-weighted assets.
 
The Basel III Capital Rules provide that a
 
depository institution will be deemed to be well capitalized if
 
it maintained a leverage ratio
of at
 
least
5
%, a
 
CET1 ratio of
 
at least
6.5
%, a Tier
 
1 risk-based capital
 
ratio of at
 
least
8
% and
 
a total risk-based
 
ratio of
 
at least
10
%.
 
Management
 
has
 
determined
 
that
 
at
 
December
 
31,
 
2025
 
and
 
2024,
 
the
 
Corporation
 
exceeded
 
all
 
capital
 
adequacy
requirements to which it is subject.
The Corporation
 
has
 
been designated
 
by the
 
Federal Reserve
 
Board as
 
a Financial
 
Holding Company
 
(“FHC”) and
 
is eligible
 
to
engage in certain financial activities permitted under
 
the Gramm-Leach-Bliley Act of 1999.
Pursuant to the adoption of the CECL accounting standard on
 
January 1, 2020, the Corporation elected to use a five-year
 
transition
period
 
option
 
as
 
permitted
 
in
 
the
 
final
 
interim
 
regulatory
 
capital
 
rules
 
effective
 
March
 
31,
 
2020.
 
The
 
five-year
 
transition
 
period
provision delays for two years the estimated impact of the adoption of the CECL accounting standard on regulatory capital, followed
by a three-year transition period
 
to phase out the
 
aggregate amount of the capital
 
benefit provided during the initial
 
two-year delay.
This period ended in 2025.
At December 31, 2025 and 2024, BPPR and
 
PB were well-capitalized under the regulatory
 
framework for prompt corrective action.
 
The following
 
tables present
 
the Corporation’s
 
risk-based capital
 
and leverage
 
ratios at
 
December 31,
 
2025 and
 
2024 under
 
the
Basel III regulatory guidance.
204
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
 
Capital adequacy minimum
requirement (including
conservation capital buffer) [1]
(Dollars in thousands)
Amount
 
Ratio
Amount
Ratio
2025
Total Capital (to Risk-Weighted
 
Assets):
Corporation
$
7,196,067
17.50
%
$
4,317,994
10.50
%
BPPR
4,847,767
16.85
3,020,156
10.50
PB
1,727,818
14.60
1,242,517
10.50
Common Equity Tier I Capital (to Risk-Weighted
 
Assets):
Corporation
$
6,463,527
15.72
%
$
2,878,663
7.00
%
BPPR
4,483,826
15.59
2,013,437
7.00
PB
1,631,808
13.79
828,345
7.00
Tier I Capital (to Risk-Weighted Assets):
Corporation
$
6,485,670
15.77
%
$
3,495,519
8.50
%
BPPR
4,483,826
15.59
2,444,888
8.50
PB
1,631,808
13.79
1,005,847
8.50
Tier I Capital (to Average Assets):
Corporation
 
$
6,485,670
8.69
%
$
2,986,476
4.00
%
 
BPPR
4,483,826
7.52
2,385,171
4.00
PB
1,631,808
11.26
579,937
4.00
[1] The conservation capital buffer included for these
 
ratios is
2.5
%, except for the Tier I to Average
 
Asset ratio for which the buffer is not applicable
and therefore the capital adequacy minimum of
4
% is presented.
 
 
205
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
 
Capital adequacy minimum
requirement (including
conservation capital buffer)
(Dollars in thousands)
Amount
 
Ratio
Amount
Ratio
2024
Total Capital (to Risk-Weighted
 
Assets):
Corporation
$
6,968,203
17.83
%
$
4,102,713
10.50
%
BPPR
4,734,198
17.04
2,917,399
10.50
PB
1,524,930
13.93
1,149,278
10.50
Common Equity Tier I Capital (to Risk-Weighted
 
Assets):
Corporation
$
6,262,792
16.03
%
$
2,735,142
7.00
%
BPPR
4,383,759
15.78
1,944,932
7.00
PB
1,461,436
13.35
766,186
7.00
Tier I Capital (to Risk-Weighted Assets):
Corporation
$
6,284,935
16.08
%
$
3,321,244
8.50
%
BPPR
4,383,759
15.78
2,361,704
8.50
PB
1,461,436
13.35
930,368
8.50
Tier I Capital (to Average Assets):
Corporation
 
$
6,284,935
8.66
%
$
2,903,739
4.00
%
BPPR
4,383,759
7.48
2,343,289
4.00
PB
1,461,436
10.64
549,618
4.00
The following table presents the minimum amounts
 
and ratios for the Corporation’s banks to be
 
categorized as well-capitalized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
(Dollars in thousands)
Amount
 
Ratio
 
Amount
 
Ratio
Total Capital (to Risk-Weighted
 
Assets):
BPPR
$
2,876,339
10.00
%
$
2,778,475
10.00
%
PB
1,183,349
10.00
1,094,551
10.00
Common Equity Tier I Capital (to Risk-Weighted
 
Assets):
BPPR
$
1,869,620
6.50
%
$
1,806,009
6.50
%
PB
769,177
6.50
711,458
6.50
Tier I Capital (to Risk-Weighted Assets):
BPPR
$
2,301,071
8.00
%
$
2,222,780
8.00
%
PB
946,679
8.00
875,641
8.00
Tier I Capital (to Average Assets):
BPPR
$
2,981,464
5.00
%
$
2,929,111
5.00
%
PB
724,922
5.00
687,022
5.00
206
Note 21 – Other comprehensive income (loss)
The
 
following
 
table
 
presents
 
changes
 
in
 
accumulated
 
other
 
comprehensive
 
income
 
(loss)
 
by
 
component
 
for
 
the
 
years
 
ended
December 31, 2025, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive (Loss) Income
 
by Component [1]
Years ended December
 
31,
(In thousands)
2025
2024
2023
Foreign currency translation
Beginning Balance
$
(71,365)
$
(64,528)
$
(56,735)
Other comprehensive (loss)
 
(13,917)
(6,837)
(7,793)
Net change
(13,917)
(6,837)
(7,793)
Ending balance
$
(85,282)
$
(71,365)
$
(64,528)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(94,692)
$
(117,893)
$
(144,335)
Other comprehensive (loss) income before reclassifications
(2,144)
14,157
14,408
Amounts reclassified from accumulated other comprehensive loss
 
for
amortization of net losses
5,681
9,044
12,034
Net change
3,537
23,201
26,442
Ending balance
$
(91,155)
$
(94,692)
$
(117,893)
Unrealized net holding
(losses) gains on debt
securities
Beginning Balance
$
(1,495,183)
$
(1,713,110)
$
(2,323,903)
Other comprehensive income before reclassifications
340,427
74,277
472,487
Amounts reclassified from accumulated other comprehensive
 
(loss)
income for gains on securities
-
-
-
Amounts reclassified from accumulated other comprehensive income
for amortization of net unrealized losses of debt securities
 
transferred
from available-for-sale to held-to-maturity
149,106
143,650
138,306
Net change
489,533
217,927
610,793
Ending balance
$
(1,005,650)
$
(1,495,183)
$
(1,713,110)
Unrealized net gains (losses)
on cash flow hedges
Beginning Balance
$
-
$
-
$
45
Other comprehensive (loss) income before reclassifications
-
-
(19)
Amounts reclassified from accumulated other comprehensive
 
(loss)
income for gains on securities
-
-
(26)
Net change
-
-
(45)
Ending balance
$
-
$
-
$
-
Total
 
$
(1,182,087)
$
(1,661,240)
$
(1,895,531)
[1] All amounts presented are net of tax.
 
207
The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for
the years ended December 31, 2025, 2024, and
 
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive
 
(Loss) Income
Affected Line Item in the
 
Years ended December
 
31,
(In thousands)
Consolidated Statements of Operations
2025
2024
2023
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(9,090)
$
(14,471)
$
(19,253)
Total before tax
(9,090)
(14,471)
(19,253)
Income tax benefit
3,409
5,427
7,219
Total net of tax
$
(5,681)
$
(9,044)
$
(12,034)
Unrealized net holding (losses) gains on debt securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Investment securities
 
(186,381)
(179,563)
(172,883)
Total before tax
(186,381)
(179,563)
(172,883)
Income tax benefit
 
37,275
35,913
34,577
Total net of tax
$
(149,106)
$
(143,650)
$
(138,306)
Unrealized net gains (losses) on cash flow hedges
Forward contracts
Mortgage banking activities
$
-
$
-
$
41
Total before tax
-
-
41
Income tax expense
-
-
(15)
Total net of tax
$
-
$
-
$
26
Total reclassification
 
adjustments, net of tax
$
(154,787)
$
(152,694)
$
(150,314)
208
Note 22 – Guarantees
The Corporation
 
has obligations
 
upon the
 
occurrence of
 
certain events
 
under financial
 
guarantees provided
 
in certain
 
contractual
agreements.
 
Also,
 
from
 
time
 
to
 
time,
 
the
 
Corporation
 
securitized
 
mortgage
 
loans
 
into
 
guaranteed
 
mortgage-backed
 
securities
subject in certain instances, to
 
lifetime credit recourse on the
 
loans that serve as collateral
 
for the mortgage-backed securities. The
Corporation has
 
not sold
 
any mortgage
 
loans subject
 
to credit
 
recourse since
 
2009. Also,
 
from time
 
to time,
 
the Corporation
 
may
sell, in
 
bulk sale
 
transactions, residential
 
mortgage loans
 
and Small
 
Business Administration
 
(“SBA”) commercial
 
loans subject
 
to
credit
 
recourse
 
or
 
to
 
certain
 
representations
 
and
 
warranties
 
from
 
the
 
Corporation
 
to
 
the
 
purchaser.
 
These
 
representations
 
and
warranties may
 
relate, for
 
example, to
 
borrower creditworthiness,
 
loan documentation,
 
collateral,
 
prepayment and
 
early payment
defaults. The
 
Corporation may
 
be required
 
to
 
repurchase the
 
loans under
 
the credit
 
recourse agreements
 
or
 
representation and
warranties.
At
 
December 31,
 
2025, the
 
Corporation serviced
 
$
429
 
million
 
(December 31,
 
2024
 
- $
495
 
million) in
 
residential mortgage
 
loans
subject to
 
credit recourse
 
provisions, principally loans
 
associated with
 
FNMA and
 
FHLMC residential
 
mortgage loan
 
securitization
programs. In the event
 
of any customer default, pursuant to
 
the credit recourse provided, the
 
Corporation is required to repurchase
the
 
loan
 
or
 
reimburse
 
the
 
third-party
 
investor for
 
the
 
incurred
 
loss.
 
During
 
2025,
 
the
 
Corporation repurchased
 
approximately $
1
million of unpaid principal
 
balance in mortgage loans
 
subject to the credit
 
recourse provisions (2024 -
 
$
2
 
million). At December 31,
2025, the Corporation’s
 
liability established to cover
 
the estimated credit
 
loss exposure related to
 
loans sold or
 
serviced with credit
recourse amounted to $
3
 
million (December 31, 2024 - $
3
 
million).
 
The estimated losses to be absorbed under the credit
 
recourse arrangements are recorded as a liability when
 
the loans are sold and
are updated by
 
accruing or reversing expense
 
(categorized in the line
 
item “Adjustments (expense) to
 
indemnity reserves on loans
sold”
 
in
 
the
 
consolidated
 
statements
 
of
 
operations)
 
throughout
 
the
 
life
 
of
 
the
 
loan,
 
as
 
necessary,
 
when
 
additional
 
relevant
information becomes available. The
 
methodology used to
 
estimate the recourse
 
liability is a
 
function of the
 
recourse arrangements
given and
 
considers a
 
variety of
 
factors, which
 
include actual
 
defaults and
 
historical loss
 
experience, foreclosure
 
rate, estimated
future defaults
 
and the
 
probability that
 
a loan
 
would be
 
delinquent. Statistical
 
methods are
 
used to
 
estimate the
 
recourse liability.
Expected loss
 
rates are
 
applied to
 
different loan
 
segmentations. The
 
expected loss,
 
which represents
 
the amount
 
expected to
 
be
lost on a given loan, considers the
 
probability of default and loss severity.
 
The probability of default represents the probability that
 
a
loan in
 
good standing
 
would become
 
90 days
 
delinquent within
 
the following
 
twelve-month period.
 
Regression analysis
 
quantifies
the relationship
 
between the
 
default event
 
and loan-specific
 
characteristics, including
 
credit scores,
 
loan-to-value ratios,
 
and loan
aging, among others.
 
When the
 
Corporation sells or
 
securitizes mortgage loans,
 
it generally makes
 
customary representations and
 
warranties regarding
the characteristics
 
of the
 
loans sold. The
 
Corporation’s mortgage operations
 
in Puerto
 
Rico group conforming
 
mortgage loans into
pools which are
 
exchanged for FNMA and
 
GNMA mortgage-backed securities, which are
 
generally sold to
 
private investors, or are
sold directly
 
to FNMA
 
for cash.
 
As required
 
under the
 
government agency
 
programs, quality
 
review procedures
 
are performed
 
by
the Corporation to
 
ensure that asset
 
guideline qualifications are met.
 
To
 
the extent the
 
loans do not
 
meet specified characteristics,
the
 
Corporation may
 
be required
 
to
 
repurchase such
 
loans or
 
indemnify for
 
losses and
 
bear any
 
subsequent loss
 
related to
 
the
loans. The
 
amount purchased
 
under representation
 
and warranty
 
arrangements during
 
the years
 
ended December
 
31, 2025
 
and
 
December 31, 2024 was not considered material
 
for the Corporation.
From
 
time
 
to
 
time, the
 
Corporation sells
 
loans and
 
agrees to
 
indemnify the
 
purchaser for
 
credit
 
losses
 
or
 
any
 
breach
 
of
 
certain
representations and warranties made in connection
 
with the sale.
Servicing agreements
 
relating to
 
the mortgage-backed
 
securities programs
 
of FNMA,
 
FHMLC and
 
GNMA, and
 
to mortgage
 
loans
sold or serviced to certain other investors, including FHLMC,
 
require the Corporation to advance funds to
 
make scheduled payments
of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At December 31, 2025,
 
the
Corporation serviced $
8.2
 
billion in mortgage loans for third-parties, including the loans serviced with credit recourse (December 31,
2024 - $
9.0
 
billion). The Corporation generally recovers funds advanced pursuant to these arrangements from
 
the mortgage owner,
from liquidation proceeds when the mortgage
 
loan is foreclosed or,
 
in the case of FHA/VA
 
loans, under the applicable FHA
 
and
VA
insurance
 
and guarantees
 
programs. However,
 
in the
 
meantime, the
 
Corporation must
 
absorb the
 
cost
 
of the
 
funds
 
it
 
advances
during the
 
time the
 
advance is
 
outstanding. The
 
Corporation must
 
also bear
 
the costs
 
of attempting
 
to collect
 
on delinquent
 
and
defaulted
 
mortgage
 
loans.
 
In
 
addition,
 
if
 
a
 
defaulted
 
loan
 
is
 
not
 
cured,
 
the
 
mortgage
 
loan
 
would
 
be
 
canceled
 
as
 
part
 
of
 
the
foreclosure proceedings and the
 
Corporation would not
 
receive any future servicing
 
income with respect
 
to that loan. At
 
December
209
31,
 
2025,
 
the
 
outstanding
 
balance
 
of
 
funds
 
advanced
 
by
 
the
 
Corporation under
 
such
 
mortgage
 
loan
 
servicing
 
agreements
 
was
approximately
 
$
30
 
million
 
(December
 
31,
 
2024
 
-
 
$
44
 
million).
 
To
 
the
 
extent
 
the
 
mortgage
 
loans
 
underlying
 
the
 
Corporation’s
servicing portfolio experience
 
increased delinquencies, the Corporation
 
would be required
 
to dedicate additional
 
cash resources to
comply with its obligation to advance funds as well
 
as incur additional administrative costs related
 
to increases in collection efforts.
 
Popular,
 
Inc. Holding
 
Company (“PIHC”) fully
 
and unconditionally guarantees
 
certain borrowing
 
obligations issued by
 
certain of
 
its
100
% owned consolidated subsidiaries amounting to
 
$
94
 
million at both December 31,
 
2025 and December 31, 2024, respectively.
In addition, at both December 31, 2025 and December 31, 2024, PIHC
 
fully and unconditionally guaranteed on a subordinated basis
$
193
 
million of capital securities (trust preferred securities) issued by wholly-owned issuing trust entities to the extent set forth in the
applicable
 
guarantee
 
agreement.
 
Refer
 
to
 
Note
 
17
 
to
 
the
 
consolidated
 
financial
 
statements
 
for
 
further
 
information
 
on
 
the
 
trust
preferred securities.
 
210
Note 23 – Commitments and contingencies
Off-balance sheet risk
The Corporation
 
is a
 
party to
 
financial instruments
 
with off-balance
 
sheet credit
 
risk in
 
the normal
 
course of
 
business to
 
meet the
financial needs of its customers. These financial instruments
 
include loan commitments, letters of credit and standby
 
letters of credit.
These instruments involve,
 
to varying
 
degrees, elements of
 
credit and
 
interest rate
 
risk in
 
excess of
 
the amount
 
recognized in
 
the
Consolidated Statements of Financial Condition.
The
 
Corporation’s
 
exposure
 
to
 
credit
 
loss
 
in
 
the
 
event
 
of
 
nonperformance
 
by
 
the
 
other
 
party
 
to
 
the
 
financial
 
instrument
 
for
commitments to extend credit, standby
 
letters of credit and financial
 
guarantees is represented by the
 
contractual notional amounts
of those instruments. The
 
Corporation uses the same
 
credit policies in
 
making these commitments and conditional
 
obligations as it
does for those reflected on the Consolidated Statements
 
of Financial Condition.
Financial instruments with
 
off-balance sheet credit
 
risk, whose contract
 
amounts represent potential credit
 
risk as of
 
the end of
 
the
periods presented were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,415,208
$
5,599,823
Commercial lines of credit
4,257,505
3,971,331
Construction lines of credit
1,197,319
1,131,824
Other consumer unused credit commitments
 
277,635
260,121
Commercial letters of credit
21,248
5,002
Standby letters of credit
111,554
144,845
Commitments to originate or fund mortgage loans
20,099
29,604
At December 31,
 
2025 and December 31,
 
2024, the Corporation maintained
 
a reserve of
 
$
14
 
million and $
15
 
million, respectively,
for potential losses associated with unfunded loan
 
commitments related to commercial and construction
 
lines of credit.
Other commitments
At December
 
31, 2025
 
and December 31,
 
2024, the Corporation
 
also maintained other
 
non-credit commitments for
 
$
7
 
million and
$
2
 
million, respectively, primarily for the acquisition of other investments.
 
Business concentration
Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition
are dependent
 
upon the
 
general trends
 
of the
 
Puerto Rico
 
economy and,
 
in particular,
 
the residential
 
and commercial
 
real estate
markets. The concentration
 
of the Corporation’s
 
operations in Puerto Rico
 
exposes it to
 
greater risk than other
 
banking companies
with a wider geographic base. Its
 
asset and revenue composition by geographical area
 
is presented in Note 36
 
to the Consolidated
Financial Statements.
 
Puerto
 
Rico
 
has
 
faced
 
significant
 
fiscal
 
and
 
economic
 
challenges
 
for
 
over
 
a
 
decade.
 
In
 
response
 
to
 
such
 
challenges,
 
the
 
U.S.
Congress
 
enacted
 
PROMESA
 
in
 
2016,
 
which,
 
among
 
other
 
things,
 
established
 
the
 
Oversight
 
Board
 
and
 
a
 
framework
 
for
 
the
restructuring
 
of
 
the
 
debts
 
of
 
the
 
Commonwealth,
 
its
 
instrumentalities
 
and
 
municipalities.
 
The
 
Commonwealth
 
and
 
several
 
of
 
its
instrumentalities have
 
availed themselves
 
of debt
 
restructuring proceedings
 
under PROMESA.
 
As of
 
the date
 
of this
 
report, while
municipalities have been designated as covered entities under PROMESA, no municipality has commenced or has been authorized
by the Oversight Board to commence, any such debt
 
restructuring proceeding under PROMESA.
At December 31, 2025, the Corporation’s direct exposure to the
 
Puerto Rico government and its instrumentalities and municipalities
totaled $
391
 
million, of which
 
$
342
 
million were outstanding
 
($
336
 
million and $
336
 
million at December
 
31, 2024). Of
 
the amount
outstanding,
 
$
333
 
million
 
consists
 
of
 
loans
 
and
 
$
9
 
million
 
are
 
securities
 
($
323
 
million
 
and
 
$
13
 
million
 
at
 
December
 
31,
 
2024).
Substantially all
 
of the
 
amount outstanding
 
at December
 
31, 2025
 
and December
 
31, 2024
 
were obligations
 
from various
 
Puerto
Rico
 
municipalities.
 
In
 
most
 
cases,
 
these
 
were
 
“general
 
obligations”
 
of
 
a
 
municipality,
 
to
 
which
 
the
 
applicable
 
municipality
 
has
pledged
 
its
 
good
 
faith,
 
credit
 
and
 
unlimited
 
taxing
 
power,
 
or
 
“special
 
obligations”
 
of
 
a
 
municipality,
 
to
 
which
 
the
 
applicable
municipality has
 
pledged other
 
revenues. At
 
December 31,
 
2025, approximately
77
%
 
of the
 
Corporation’s exposure
 
to municipal
loans
 
and
 
securities
 
was
 
concentrated
 
in
 
the
 
municipalities
 
of
 
San
 
Juan,
 
Guaynabo,
 
Carolina
 
and
 
Caguas.
 
The
 
Corporation’s
 
 
211
exposure
 
at
 
December
 
31,
 
2025,
 
included
 
up
 
to
 
$
47.4
 
million
 
in
 
Automated
 
Clearing
 
House
 
(“ACH”)
 
transaction
 
settlement
exposure, none of which was outstanding.
The following table details the loans and investments representing the Corporation’s direct exposure to
 
the Puerto Rico government
according to their maturities as of December 31, 2025
:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
41
$
-
$
41
$
47,441
Total Central
 
Government
41
-
41
47,441
Municipalities
Within 1 year
2,605
11,574
14,179
16,179
After 1 to 5 years
5,660
166,515
172,175
172,175
After 5 to 10 years
450
124,087
124,537
124,537
After 10 years
-
30,991
30,991
30,991
Total Municipalities
8,715
333,167
341,882
343,882
Total Direct Government
 
Exposure
$
8,756
$
333,167
$
341,923
$
391,323
 
 
 
 
 
 
 
 
 
 
 
 
 
In
 
addition,
 
at
 
December
 
31,
 
2025,
 
the
 
Corporation
 
had
 
$
209
 
million
 
in
 
loans
 
insured
 
or
 
securities
 
issued
 
by
 
Puerto
 
Rico
governmental entities
 
but for
 
which the
 
principal source
 
of repayment
 
is non-governmental
 
($
220
 
million at
 
December 31,
 
2024).
These
 
included
 
$
167
 
million
 
in
 
residential
 
mortgage
 
loans
 
insured
 
by
 
the
 
Puerto
 
Rico
 
Housing
 
Finance
 
Authority
 
(“HFA”),
 
a
governmental instrumentality that
 
has been
 
designated as a
 
covered entity under
 
PROMESA (December 31,
 
2024 -
 
$
176
 
million).
These mortgage loans are secured by first mortgages on Puerto Rico residential properties and the HFA
 
insurance covers losses in
the event
 
of a
 
borrower default
 
and upon
 
the satisfaction
 
of certain
 
other conditions.
 
The Corporation
 
also had
 
at December
 
31,
2025, $
36
 
million in bonds
 
issued by HFA
 
which are secured by
 
second mortgage loans on
 
Puerto Rico residential properties,
 
and
for which HFA
 
also provides insurance to
 
cover losses in
 
the event of
 
a borrower default
 
and upon the
 
satisfaction of certain
 
other
conditions (December
 
31, 2024
 
- $
38
 
million). In
 
the event
 
that the
 
mortgage loans
 
insured by
 
HFA
 
and held
 
by the
 
Corporation
directly or those serving as collateral for the HFA
 
bonds default and the collateral is insufficient to satisfy the
 
outstanding balance of
these loans, HFA’s
 
ability to honor its insurance will depend, among other factors, on the financial condition of HFA
 
at the time such
obligations
 
become
 
due
 
and
 
payable. The
 
Corporation does
 
not consider
 
the
 
government guarantee
 
when
 
estimating the
 
credit
losses
 
associated
 
with
 
this
 
portfolio.
 
Although
 
the
 
Governor
 
is
 
currently
 
authorized
 
by
 
local
 
legislation
 
to
 
impose
 
a
 
temporary
moratorium on the financial obligations of the HFA, a moratorium on
 
such obligations has not been imposed as of
 
the date hereof.
 
BPPR’s
 
commercial loan
 
portfolio also
 
includes loans
 
to
 
private borrowers
 
who
 
are service
 
providers, lessors,
 
suppliers or
 
have
other relationships with the government. These
 
borrowers could be negatively affected by
 
the Commonwealth’s fiscal crisis and
 
the
ongoing
 
Title
 
III
 
proceedings
 
under
 
PROMESA.
 
Similarly,
 
BPPR’s
 
mortgage
 
and
 
consumer
 
loan
 
portfolios
 
include
 
loans
 
to
government
 
employees
 
and
 
retirees,
 
which
 
could
 
also
 
be
 
negatively
 
affected
 
by
 
fiscal
 
measures
 
such
 
as
 
employee
 
layoffs
 
or
furloughs or reductions in pension benefits.
 
In
 
addition,
 
$
2.5
 
billion
 
of
 
residential
 
mortgages
 
and
 
$
80.5
 
million
 
commercial
 
loans
 
were
 
insured
 
or
 
guaranteed
 
by
 
the
 
U.S.
Government or its agencies at December 31, 2025 (compared to $
2.1
 
billion and $
87.4
 
million, respectively, at December 31, 2024).
The Corporation also had
 
U.S. Treasury and
 
obligations from the U.S.
 
Government, its agencies or
 
government sponsored entities
within the
 
portfolio of
 
available-for-sale and
 
held-to-maturity securities as
 
described in
 
Note 5
 
and 6
 
to the
 
Consolidated Financial
Statements.
At December 31, 2025, the Corporation had operations in the
 
United States Virgin Islands (the “USVI”) and had $
28
 
million in direct
exposure to USVI government
 
entities (December 31, 2024
 
- $
28
 
million). The USVI has
 
been experiencing a number of
 
fiscal and
economic challenges that could adversely affect the ability
 
of its public corporations and instrumentalities to service
 
their outstanding
debt
 
obligations.
 
PROMESA
 
does
 
not
 
apply
 
to
 
the
 
USVI
 
and,
 
as
 
such,
 
there
 
is
 
currently
 
no
 
federal
 
legislation
 
permitting
 
the
restructuring of the debts of the USVI and
 
its public corporations and instrumentalities.
212
At December 31,
 
2025, the Corporation
 
had operations in
 
the British Virgin
 
Islands (“BVI”) and
 
it had a
 
loan portfolio amounting to
$
195
 
million comprised of various retail and commercial
 
clients, compared to a loan portfolio
 
of $
196
 
million at December 31, 2024.
At December 31, 2025, the Corporation had
no
 
significant exposure to a single borrower in
 
the BVI.
FDIC Special Assessment
 
On
 
November 16,
 
2023, the
 
Federal Deposit
 
Insurance Corporation
 
(“FDIC”)
 
imposed a
 
special
 
assessment (the
 
“FDIC Special
Assessment”) amount to
 
recover the losses
 
to the
 
deposit insurance fund
 
resulting from the
 
FDIC’s funds
 
used, in March
 
2023, in
connection with the systemic risk exception, to the least-cost resolution
 
test, under the Federal Deposit Insurance Act to manage the
receiverships of several failed banks. In connection with this assessment, the Corporation accrued $
71.4
 
million, $
45.3
 
million net of
tax, in the fourth quarter of 2023 and an additional expense of $
14.3
 
million, $
9.1
 
million net of tax, during the first quarter of 2024 to
reflect the
 
FDIC's higher
 
loss estimate
 
communicated by
 
them at
 
the time.
 
Notwithstanding, the
 
results of
 
2025 include
 
a partial
reversal
 
of
 
this
 
reserve
 
of
 
$
15.3
 
million,
 
$
9.7
 
million
 
net
 
of
 
tax,
 
based
 
in
 
the
 
FDIC’s
 
interim
 
final
 
rule,
 
which
 
became
 
effective
December
 
19,
 
2025
 
and
 
amended,
 
among
 
other
 
things,
 
the
 
collection
 
rate
 
of
 
the
 
special
 
assessment. The
 
special
 
assessment
amount and collection
 
period may change
 
as the estimated
 
loss is periodically
 
adjusted or if
 
the total amount collected
 
varies. The
last payment for the FDIC special assessment is projected
 
to be in the third quarter, September 2026.
Legal Proceedings
The nature of Popular’s
 
business ordinarily generates claims, litigation, arbitration,
 
regulatory and governmental investigations, and
legal
 
and
 
administrative
 
cases
 
and
 
proceedings
 
(collectively,
 
“Legal
 
Proceedings”).
 
Popular’s
 
Legal
 
Proceedings
 
may
 
involve
various lines
 
of business
 
and include
 
claims relating
 
to contract,
 
torts, consumer
 
protection, securities,
 
antitrust, employment,
 
tax
and
 
other
 
laws.
 
The
 
recovery
 
sought
 
in
 
Legal
 
Proceedings
 
may
 
include
 
substantial
 
or
 
indeterminate
 
compensatory
 
damages,
punitive
 
damages,
 
injunctive
 
relief,
 
or
 
recovery
 
on
 
a
 
class-wide
 
basis.
 
When
 
the
 
Corporation
 
determines
 
that
 
it
 
has
 
meritorious
defenses to the claims
 
asserted, it vigorously defends
 
itself. The Corporation will
 
consider the settlement of
 
cases (including cases
where it has meritorious defenses) when, in management’s judgment,
 
it is in the best interest of the Corporation and
 
its stockholders
to do so.
 
On at least
 
a quarterly basis,
 
Popular assesses its
 
liabilities and contingencies
 
relating to outstanding Legal
 
Proceedings
utilizing the most current information available. For
 
matters where it is probable that the Corporation will
 
incur a material loss and the
amount can be reasonably estimated, the Corporation establishes an accrual for
 
the loss. Once established, the accrual is
 
adjusted
on at least a quarterly basis to reflect any relevant
 
developments, as appropriate. For matters where a material loss is not probable,
or the amount of the loss cannot be reasonably
 
estimated, no accrual is established.
In certain cases,
 
exposure to loss
 
exists in
 
excess of any
 
accrual to the
 
extent such loss
 
is reasonably possible,
 
but not
 
probable.
Management believes and
 
estimates that the
 
range of reasonably
 
possible losses (with
 
respect to those
 
matters where such
 
limits
may be determined in excess of amounts accrued) for current Legal Proceedings ranged from $
0
 
to approximately $
6.3
 
million as of
December 31, 2025. In certain cases, management cannot reasonably estimate the possible loss at this time. Any estimate involves
significant
 
judgment,
 
given
 
the
 
varying
 
stages
 
of
 
the
 
Legal
 
Proceedings
 
(including
 
the
 
fact
 
that
 
many
 
of
 
them
 
are
 
currently
 
in
preliminary stages), the existence of multiple defendants in several of the current Legal Proceedings whose share of liability has yet
to be
 
determined, the
 
numerous unresolved issues
 
in many
 
of the
 
Legal Proceedings,
 
and the
 
inherent uncertainty
 
of the
 
various
potential
 
outcomes
 
of
 
such
 
Legal
 
Proceedings.
 
Accordingly,
 
management’s
 
estimate
 
will
 
change
 
from
 
time-to-time,
 
and
 
actual
losses may be more or less than the current estimate.
While the
 
outcome of
 
Legal Proceedings
 
is inherently
 
uncertain, based
 
on information
 
currently available,
 
advice of
 
counsel, and
available
 
insurance
 
coverage,
 
management
 
believes
 
that
 
the
 
amount
 
it
 
has
 
already
 
accrued
 
is
 
adequate
 
and
 
any
 
incremental
liability arising from
 
the Legal Proceedings
 
in matters in
 
which a loss
 
amount can be
 
reasonably estimated will not
 
have a material
adverse effect
 
on the Corporation’s
 
consolidated financial position.
 
However, in
 
the event
 
of unexpected future
 
developments, it is
possible that
 
the ultimate
 
resolution of
 
these matters
 
in a
 
reporting period, if
 
unfavorable, could have
 
a material
 
adverse effect
 
on
the Corporation’s consolidated financial position for that period.
213
Note 24 – Non-consolidated variable interest
 
entities
The Corporation is
 
involved with
three
 
statutory trusts which
 
it created to
 
issue trust preferred
 
securities to the
 
public. These trusts
are deemed to be variable interest entities (“VIEs”) since the equity investors at risk have no substantial decision-making rights. The
Corporation does not
 
hold any variable
 
interest in the
 
trusts, and therefore,
 
cannot be the
 
trusts’ primary beneficiary.
 
Furthermore,
the
 
Corporation concluded
 
that
 
it did
 
not
 
hold
 
a
 
controlling financial
 
interest
 
in
 
these
 
trusts
 
since the
 
decisions
 
of
 
the
 
trusts
 
are
predetermined through
 
the trust
 
documents and the
 
guarantee of
 
the trust
 
preferred securities is
 
irrelevant since
 
in substance
 
the
sponsor is guaranteeing its own debt.
Also, the
 
Corporation is
 
involved with
 
various special
 
purpose entities
 
mainly in
 
guaranteed mortgage
 
securitization transactions,
including
 
GNMA
 
and
 
FNMA.
 
The
 
Corporation
 
has
 
also
 
engaged
 
in
 
securitization
 
transactions
 
with
 
FHLMC,
 
but
 
considers
 
its
exposure in the
 
form of servicing
 
fees and servicing
 
advances not to be
 
significant at December
 
31, 2025.
 
These special purpose
entities
 
are
 
deemed
 
to
 
be
 
VIEs
 
since
 
they
 
lack
 
equity
 
investments
 
at
 
risk.
 
The
 
Corporation’s
 
continuing
 
involvement
 
in
 
these
guaranteed loan
 
securitizations includes
 
owning certain
 
beneficial interests in
 
the form
 
of securities as
 
well as
 
the servicing
 
rights
retained. The Corporation is not required to provide additional financial support to
 
any of the variable interest entities to which it has
transferred
 
the
 
financial
 
assets.
 
The
 
mortgage-backed
 
securities,
 
to
 
the
 
extent
 
retained,
 
are
 
classified
 
in
 
the
 
Corporation’s
Consolidated
 
Statements
 
of
 
Financial
 
Condition
 
as
 
available-for-sale
 
or
 
trading
 
securities.
 
The
 
Corporation
 
concluded
 
that,
essentially,
 
these
 
entities
 
(FNMA
 
and
 
GNMA)
 
control
 
the
 
design
 
of
 
their
 
respective
 
VIEs,
 
dictate
 
the
 
quality
 
and
 
nature
 
of
 
the
collateral, require
 
the underlying
 
insurance, set
 
the servicing
 
standards via
 
the servicing
 
guides and
 
can change
 
them at
 
will, and
can remove a
 
primary servicer with cause,
 
and without cause in
 
the case of
 
FNMA. Moreover, through
 
their guarantee obligations,
agencies (FNMA and GNMA) have the obligation
 
to absorb losses that could be potentially significant
 
to the VIE.
The
 
Corporation
 
holds
 
variable
 
interests
 
in
 
these
 
VIEs
 
in
 
the
 
form
 
of
 
agency
 
mortgage-backed
 
securities
 
and
 
collateralized
mortgage obligations, including those securities originated by the Corporation and those acquired from
 
third parties. Additionally, the
Corporation holds agency mortgage-backed securities
 
and agency collateralized mortgage obligations
 
issued by third party
 
VIEs in
which
 
it
 
has
 
no
 
other
 
form
 
of
 
continuing
 
involvement.
 
Refer
 
to
 
Note
 
27
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
information
 
on
 
the
 
debt
 
securities
 
outstanding
 
at
 
December
 
31,
 
2025
 
and
 
2024,
 
which
 
are
 
classified
 
as
 
available-for-sale
 
and
trading securities
 
in the
 
Corporation’s Consolidated
 
Statements of
 
Financial Condition.
 
In addition,
 
the Corporation
 
holds variable
interests
 
in
 
the
 
form
 
of
 
servicing fees,
 
since
 
it
 
retains
 
the
 
right
 
to
 
service
 
the
 
transferred
 
loans
 
in
 
those
 
government-sponsored
special purpose entities (“SPEs”) and
 
may also purchase the
 
right to service loans
 
in other government-sponsored SPEs that
 
were
transferred to those SPEs by a third-party.
 
The following
 
table presents
 
the carrying
 
amount and
 
classification of
 
the assets
 
related to
 
the Corporation’s
 
variable interests
 
in
non-consolidated VIEs
 
and the
 
maximum exposure
 
to loss
 
as a
 
result of
 
the Corporation’s
 
involvement as
 
servicer of
 
GNMA and
FNMA loans at December 31, 2025 and 2024.
 
214
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
74,236
$
84,356
Total servicing
 
assets
 
$
74,236
$
84,356
Other assets:
Servicing advances
$
3,385
$
6,112
Total other assets
$
3,385
$
6,112
Total assets
$
77,621
$
90,468
Maximum exposure to loss
$
77,621
$
90,468
The size of
 
the non-consolidated VIEs,
 
in which the
 
Corporation has a
 
variable interest in
 
the form
 
of servicing fees,
 
measured as
the total unpaid principal balance of the loans,
 
amounted to $
6.0
 
billion at December 31, 2025 (December
 
31, 2024 - $
6.6
 
billion).
The Corporation
 
determined that
 
the maximum
 
exposure to
 
loss includes
 
the fair
 
value of
 
the MSRs
 
and the
 
assumption that
 
the
servicing advances
 
at December 31,
 
2025 and
 
2024 will
 
not be
 
recovered. The agency
 
debt securities are
 
not included as
 
part of
the maximum exposure to loss since they are guaranteed
 
by the related agencies.
ASU 2009-17 requires that an ongoing primary beneficiary assessment should be made to determine whether the Corporation is the
primary beneficiary of any of the VIEs it is
 
involved with. The conclusion on the assessment of these non-consolidated VIEs has not
changed
 
since
 
their
 
initial
 
evaluation.
 
The
 
Corporation
 
concluded
 
that
 
it
 
is
 
still
 
not
 
the
 
primary
 
beneficiary
 
of
 
these
 
VIEs,
 
and
therefore, these VIEs are not required to be consolidated
 
in the Corporation’s financial statements at December 31,
 
2025.
215
Note 25 – Derivative instruments and hedging
 
activities
The
 
use
 
of
 
derivatives
 
is
 
incorporated
 
as
 
part
 
of
 
the
 
Corporation’s
 
overall
 
interest
 
rate
 
risk
 
management
 
strategy
 
to
 
minimize
significant unplanned fluctuations in
 
earnings and cash flows
 
that are caused
 
by interest rate volatility.
 
The Corporation’s goal
 
is to
manage interest
 
rate sensitivity by
 
modifying the repricing
 
or maturity characteristics
 
of certain
 
balance sheet assets
 
and liabilities
so
 
that the
 
net interest
 
income is
 
not materially
 
affected
 
by movements
 
in interest
 
rates. The
 
Corporation uses
 
derivatives in
 
its
trading activities
 
to facilitate
 
customer transactions,
 
and as
 
a means
 
of risk
 
management. As
 
a result
 
of interest
 
rate fluctuations,
hedged fixed and
 
variable interest rate
 
assets and liabilities
 
will appreciate or
 
depreciate in fair
 
value. The effect
 
of this
 
unrealized
appreciation or depreciation is expected to be
 
substantially offset by the Corporation’s
 
gains or losses on the derivative instruments
that are linked to these hedged assets and liabilities. As a matter of policy,
 
the Corporation does not use highly leveraged derivative
instruments for interest rate risk management.
 
The credit
 
risk attributed to
 
the counterparty’s
 
nonperformance risk is
 
incorporated in the
 
fair value
 
of the
 
derivatives. Additionally,
the fair value of the Corporation’s own credit standing is
 
considered in the fair value of the derivative liabilities.
The Corporation’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty.
 
In an event
of default, each party has a right of set-off
 
against the other party for amounts owed in the related agreement and any other amount
or obligation owed in respect of any
 
other agreement or transaction between them.
Pursuant to the Corporation’s accounting policy,
the
 
fair
 
value
 
of
 
derivatives
 
is
 
not
 
offset
 
with
 
the
 
fair
 
value
 
of
 
other
 
derivatives
 
held
 
with
 
the
 
same
 
counterparty
 
even
 
if
 
these
agreements allow
 
a right
 
of set-off.
 
In
 
addition,
 
the fair
 
value of
 
derivatives is
 
not offset
 
with the
 
amounts for
 
the right
 
to
 
reclaim
financial collateral or the obligation to return financial
 
collateral.
 
Financial instruments designated as non-hedging derivatives
 
outstanding at December 31, 2025 and 2024
 
were as follows:
 
 
 
216
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional amount
Derivative assets
Derivative liabilities
 
Statement of
Fair value at
Statement of
Fair value at
At December 31,
condition
December 31,
condition
December 31,
(In thousands)
2025
2024
classification
2025
2024
classification
2025
2024
Derivatives not designated
 
as hedging instruments:
Forward contracts
$
13,250
$
11,150
Trading
account debt
securities
$
-
$
48
Other liabilities
$
42
$
1
Interest rate caps
93,125
95,625
Other assets
-
26
Other liabilities
-
26
Indexed options on deposits
 
95,467
93,510
Other assets
27,913
25,949
-
-
-
Bifurcated embedded options
90,459
86,278
-
-
-
Interest
bearing
deposits
25,698
22,805
Total derivatives not
 
designated as
 
 
hedging instruments
$
292,301
$
286,563
$
27,913
$
26,023
$
25,740
$
22,832
Total derivative assets
 
and liabilities
 
$
292,301
$
286,563
$
27,913
$
26,023
$
25,740
$
22,832
Cash Flow Hedges
The Corporation
 
utilizes forward
 
contracts to
 
hedge the
 
sale
 
of mortgage-backed
 
securities with
 
duration terms
 
over one
 
month.
Interest rate forwards are contracts for the delayed delivery of securities,
 
which the seller agrees to deliver on a specified future date
at
 
a specified
 
price or
 
yield.
 
These forward
 
contracts are
 
hedging a
 
forecasted transaction
 
and thus
 
qualify for
 
cash flow
 
hedge
accounting.
 
Changes
 
in
 
the
 
fair
 
value
 
of
 
these
 
forward
 
contracts
 
designated
 
as
 
cash
 
flow
 
hedges
 
are
 
recorded
 
in
 
other
comprehensive income (loss).
Effective on
 
January 1,
 
2023, the
 
Corporation discontinued
 
the hedge
 
accounting treatment
 
of certain
 
forward contracts
 
for which
the
 
changes
 
in
 
fair
 
value
 
were
 
recorded,
 
net
 
of
 
taxes,
 
in
 
accumulated
 
other
 
comprehensive
 
income
 
(loss)
 
and
 
subsequently
reclassified to net
 
income (loss) in
 
the same
 
period that the
 
hedged transaction impacted
 
earnings. As a
 
result of this
 
change, the
changes in the fair value of these forward
 
contracts are being recorded through net income.
 
For cash flow hedges, net gains (losses) on derivative
 
contracts that are reclassified from accumulated other
 
comprehensive income
(loss) to current period earnings are included in the line item
 
in which the hedged item is recorded and during
 
the period in which the
forecasted transaction impacts earnings, as presented
 
in the tables below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2023
(In thousands)
Amount of net gain (loss)
recognized in OCI on
derivatives (effective
portion)
Classification in the statement of
operations of the net gain (loss)
reclassified from AOCI into income
(effective portion and ineffective
portion)
Amount of net gain
(loss) reclassified from
AOCI into income
(effective portion)
Amount of net gain
(loss) recognized in
income on derivatives
(ineffective portion)
Forward contracts
$
(30)
Mortgage banking activities
$
41
$
-
Total
$
(30)
$
41
$
-
Fair Value Hedges
At December 31, 2025 and 2024, there were
no
 
derivatives designated as fair value hedges.
Non-Hedging Activities
 
217
For the year ended December 31, 2025, the Corporation recognized a
 
gain of $
0.4
 
million (2024 –gain of $
0.6
 
million; 2023 – gain
of $
1.5
 
million) related to its non-hedging derivatives, as
 
detailed in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of Net Gain (Loss) Recognized in Income on Derivatives
Year ended
 
Year ended
 
Year ended
 
Classification of Net Gain (Loss)
December 31,
December 31,
December 31,
(In thousands)
Recognized in Income on Derivatives
2025
2024
2023
Forward contracts
Mortgage banking activities
$
(272)
$
34
$
655
Interest rate caps
Other operating income
-
18
(18)
Indexed options on deposits
Interest expense
6,068
7,423
6,201
Bifurcated embedded options
 
Interest expense
(5,402)
(6,842)
(5,326)
Total
 
$
394
$
633
$
1,512
Forward Contracts
The Corporation has forward contracts to sell
 
mortgage-backed securities, which are accounted for as trading
 
derivatives. Changes
in their fair value are recognized in mortgage banking
 
activities.
Interest Rate Caps
 
The
 
Corporation enters
 
into
 
interest rate
 
caps as
 
an intermediary
 
on
 
behalf of
 
its customers
 
and simultaneously
 
takes offsetting
positions under the same terms and conditions, thus
 
minimizing its market and credit risks.
Indexed and Embedded Options
The Corporation offers certain customers’ deposits whose
 
return are tied to the performance of the Standard
 
and Poor’s (“S&P 500”)
stock
 
market
 
indexes,
 
and
 
other
 
deposits
 
whose
 
returns
 
are
 
tied
 
to
 
other
 
stock
 
market
 
indexes
 
or
 
other
 
equity
 
securities
performance. The
 
Corporation bifurcated the
 
related options embedded
 
within these
 
customers’ deposits from
 
the host
 
contract in
accordance with
 
ASC Subtopic
 
815-15. In
 
order to
 
limit the
 
Corporation’s exposure
 
to changes
 
in these
 
indexes, the
 
Corporation
purchases indexed options which
 
returns are tied to
 
the same indexes from
 
major broker dealer companies
 
in the over the
 
counter
market. Accordingly, the embedded options and the related indexed options are
 
marked-to-market through earnings.
 
218
Note 26 – Related party transactions
The Corporation has had loan transactions with
 
the Corporation’s directors, executive officers, including certain
 
related individuals or
organizations, and affiliates, and
 
proposes to continue such
 
transactions in the ordinary
 
course of its business,
 
on substantially the
same
 
terms,
 
including
 
interest
 
rates
 
and
 
collateral,
 
as
 
those
 
prevailing
 
for
 
comparable
 
loan
 
transactions
 
with
 
third
 
parties.
 
The
activity and balance of all these loans were
 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Balance at December 31, 2023
$
146,017
New loans
10,365
Payments
(11,743)
Other changes, including existing loans to new related parties
(2,422)
Balance at December 31, 2024
$
142,217
New loans
14,610
Payments
(7,097)
Other changes, including existing loans to new related parties
(621)
Balance at December 31, 2025
$
149,109
New loans and payments include disbursements and collections
 
from existing lines of credit.
Certain
 
loans
 
to
 
related
 
parties
 
have
 
participated
 
in
 
the
 
Corporation’s
 
loan
 
mitigation
 
programs
 
that
 
are
 
also
 
available
 
to
 
third
parties.
From time
 
to time,
 
the Corporation,
 
in the
 
ordinary course
 
of business,
 
also obtains
 
services from
 
related parties
 
that have
 
some
association with the
 
Corporation. Management believes the
 
terms of such
 
arrangements are consistent with
 
arrangements entered
into with independent third parties.
 
Centro Financiero BHD, S.A.
At December
 
31, 2025,
 
the Corporation
 
had a
15.63
% equity
 
interest in
 
Centro Financiero
 
BHD, S.A.
 
(“BHD”), one
 
of the
 
largest
banking
 
and
 
financial
 
services
 
groups
 
in
 
the
 
Dominican
 
Republic.
 
During
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
the
 
Corporation
recorded
 
$
29.9
 
million
 
in
 
equity
 
pickup
 
(December
 
31,
 
2024
 
-
 
$
33.0
 
million),
 
including
 
the
 
net
 
impact
 
of
 
$
46.3
 
million
 
from
 
net
earnings (December 31, 2024
 
- $
39.3
 
million), offset by
 
($
16.4
) million recorded through
 
Other Comprehensive Income (December
31,
 
2024
 
-
 
($
6.3
)
 
million)
 
related
 
to
 
foreign
 
currency
 
translation
 
adjustments
 
and
 
changes
 
in
 
the
 
fair
 
value
 
of
 
available
 
for
 
sale
securities. At
 
December 31,
 
2025, the
 
investment in
 
BHD had
 
a carrying
 
amount of
 
$
249.4
 
million (December
 
31, 2024
 
- $
239.5
million)
 
and
 
the
 
Corporation
 
received
 
$
20.0
 
million
 
in
 
cash
 
dividend
 
distributions
 
during
 
the
 
year
 
ended
 
December
 
31,
 
2025
(December 31, 2024 - $
19.4
 
million).
219
Note 27 – Fair value measurement
 
ASC Subtopic
 
820-10 “Fair
 
Value
 
Measurements and
 
Disclosures” establishes
 
a fair
 
value hierarchy
 
that prioritizes
 
the inputs
 
to
valuation techniques
 
used to
 
measure fair
 
value into
 
three levels
 
in order
 
to increase
 
consistency and
 
comparability in
 
fair value
measurements and disclosures. The hierarchy is broken
 
down into three levels based on the reliability
 
of inputs as follows:
●
Level 1
- Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to
access at
 
the measurement date.
 
Valuation
 
on these
 
instruments does not
 
necessitate a
 
significant degree of
 
judgment
since valuations are based on quoted prices that
 
are readily available in an active market.
●
Level 2
- Quoted prices other than those included in Level 1 that are observable either directly or indirectly.
 
Level 2 inputs
include
 
quoted
 
prices
 
for
 
similar
 
assets
 
or
 
liabilities
 
in
 
active
 
markets,
 
quoted
 
prices
 
for
 
identical
 
or
 
similar
 
assets
 
or
liabilities in
 
markets that
 
are
 
not active,
 
or other
 
inputs that
 
are
 
observable or
 
that can
 
be corroborated
 
by
 
observable
market data for substantially the full term of the
 
financial instrument.
●
Level
 
3
-
 
Inputs
 
are
 
unobservable
 
and
 
significant
 
to
 
the
 
fair
 
value
 
measurement.
 
Unobservable
 
inputs
 
reflect
 
the
Corporation’s own judgements about assumptions that
 
market participants would use in pricing the asset
 
or liability.
The
 
Corporation
 
maximizes
 
the
 
use
 
of
 
observable
 
inputs
 
and
 
minimizes
 
the
 
use
 
of
 
unobservable
 
inputs
 
by
 
requiring
 
that
 
the
observable inputs be used when
 
available. Fair value is
 
based upon quoted market prices
 
when available. If listed prices
 
or quotes
are
 
not
 
available,
 
the
 
Corporation
 
employs
 
internally-developed
 
models
 
that
 
primarily
 
use
 
market-based
 
inputs
 
including
 
yield
curves, interest rates,
 
volatilities, and credit
 
curves, among others.
 
Valuation
 
adjustments are limited
 
to those necessary
 
to ensure
that the financial instrument’s
 
fair value is adequately representative of
 
the price that would
 
be received or paid
 
in the marketplace.
These adjustments include amounts that reflect counterparty credit quality,
 
the Corporation’s credit standing, constraints on liquidity
and unobservable parameters that are applied consistently.
 
The estimated fair
 
value may
 
be subjective in
 
nature and may
 
involve uncertainties and
 
matters of
 
significant judgment for
 
certain
financial instruments. Changes in the underlying assumptions
 
used in calculating fair value could significantly
 
affect the results.
Fair Value on a Recurring and Nonrecurring Basis
The following fair value hierarchy tables
 
present information about the Corporation’s assets
 
and liabilities measured at fair value
 
on
a recurring basis at December 31, 2025 and
 
2024:
 
 
220
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
 
Debt securities available-for-sale:
U.S. Treasury securities
$
6,576,313
$
9,147,141
$
-
$
-
$
15,723,454
Collateralized mortgage obligations - federal
agencies
-
100,241
-
-
100,241
Mortgage-backed securities
-
4,750,122
405
-
4,750,527
Other
-
-
750
-
750
Total debt securities
 
available-for-sale
$
6,576,313
$
13,997,504
$
1,155
$
-
$
20,574,972
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
12,450
$
10
$
-
$
-
$
12,460
Obligations of Puerto Rico, States and political
subdivisions
-
45
-
-
45
Collateralized mortgage obligations
-
567
-
-
567
Mortgage-backed securities
-
23,314
84
-
23,398
Other
-
-
99
-
99
Total trading account
 
debt securities, excluding
derivatives
$
12,450
$
23,936
$
183
$
-
$
36,569
Equity securities
$
-
$
50,632
$
-
$
852
$
51,484
Mortgage servicing rights
-
-
96,356
-
96,356
Loans held-for-sale
-
9,998
-
-
9,998
Derivatives
 
-
27,913
-
-
27,913
Total assets measured
 
at fair value on a
recurring basis
$
6,588,763
$
14,109,983
$
97,694
$
852
$
20,797,292
Liabilities
Derivatives
$
-
$
(25,740)
$
-
$
-
$
(25,740)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(25,740)
$
-
$
-
$
(25,740)
 
 
 
221
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Debt securities available-for-sale:
U.S. Treasury securities
$
7,512,171
$
5,482,939
$
-
$
-
$
12,995,110
Collateralized mortgage obligations - federal
agencies
-
120,284
-
-
120,284
Mortgage-backed securities
-
5,127,775
484
-
5,128,259
Other
-
-
2,250
-
2,250
Total debt securities
 
available-for-sale
$
7,512,171
$
10,730,998
$
2,734
$
-
$
18,245,903
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
2,814
$
10
$
-
$
-
$
2,824
Obligations of Puerto Rico, States and political
subdivisions
-
55
-
-
55
Collateralized mortgage obligations
-
655
-
-
655
Mortgage-backed securities
-
29,032
84
-
29,116
Other
-
-
133
-
133
Total trading account
 
debt securities, excluding
derivatives
$
2,814
$
29,752
$
217
$
-
$
32,783
Equity securities
$
-
$
45,664
$
-
$
381
$
46,045
Mortgage servicing rights
-
-
108,103
-
108,103
Loans held-for-sale
-
5,423
-
-
5,423
Derivatives
 
-
26,023
-
-
26,023
Total assets measured
 
at fair value on a
recurring basis
$
7,514,985
$
10,837,860
$
111,054
$
381
$
18,464,280
Liabilities
 
 
 
Derivatives
$
-
$
(22,832)
$
-
$
-
$
(22,832)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(22,832)
$
-
$
-
$
(22,832)
Loans held-for-sale measured at fair value
 
Loans held-for-sale measured at fair value were priced
 
based on secondary market prices. These loans
 
are classified as Level 2.
The
 
following
 
tables summarize
 
the difference
 
between the
 
aggregate fair
 
value
 
and the
 
aggregate unpaid
 
principal
 
balance
 
for
mortgage loans originated as held-for-sale measured
 
at fair value as of December 31, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
9,998
$
9,839
$
159
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2024
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
5,423
$
5,436
$
(13)
No
 
loans held-for-sale were 90 or more days past
 
due or on nonaccrual status as of December 31,
 
2025 and December 31, 2024.
 
 
222
The fair value information included in the following
 
tables is not as of period end, but as
 
of the date that the fair value measurement
was recorded during the years ended December 31, 2025,
 
2024 and 2023
 
and excludes nonrecurring fair value measurements
 
of
assets no longer outstanding
 
as of the reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
3,800
$
3,800
$
(424)
Other real estate owned
[2]
-
-
4,228
4,228
(1,532)
Other foreclosed assets
[2]
-
-
125
125
(53)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
8,153
$
8,153
$
(2,009)
[1] Relates mainly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which is
derived from appraisals that take into consideration prices
 
in observed transactions involving similar assets in similar
 
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
6,808
$
6,808
$
(939)
Other real estate owned
[2]
-
-
6,050
6,050
(1,934)
Other foreclosed assets
[2]
-
-
134
134
(55)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
12,992
$
12,992
$
(2,928)
[1] Relates mainly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which is
derived from appraisals that take into consideration prices
 
in observed transactions involving similar assets in similar
 
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2023
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
10,091
$
10,091
$
(3,157)
Other real estate owned
[2]
-
-
6,560
6,560
(1,516)
Other foreclosed assets
[2]
-
-
102
102
(28)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
16,753
$
16,753
$
(4,701)
[1] Relates mostly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which
is derived from appraisals that take into consideration
 
prices in observed transactions involving similar assets
 
in similar locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
223
The following tables present the changes in Level
 
3 assets and liabilities measured at fair
 
value on a recurring basis for the years
ended December 31, 2025, 2024, and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2025
MBS
Other
classified
classified
CMOs
MBS
 
Other
as debt
as debt
classified
classified
securities
securities
securities
as trading
as trading
classified as
Mortgage
available-
available-
account debt
account debt
trading account
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
debt securities
rights
assets
Balance at January 1,
 
2025
$
484
$
2,250
$
-
$
84
$
133
$
108,103
$
111,054
Gains (losses) included in earnings
-
-
-
-
(34)
(12,880)
(12,914)
Gains (losses) included in OCI
(4)
-
-
-
-
-
(4)
Additions
-
-
-
-
-
1,133
1,133
Settlements
(75)
-
-
-
-
-
(75)
Transfers out of Level 3
-
(1,500)
-
-
-
-
(1,500)
Balance at December 31, 2025
$
405
$
750
$
-
$
84
$
99
$
96,356
$
97,694
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at December 31, 2025
$
-
$
-
$
-
$
(1)
$
18
$
(3,786)
$
(3,769)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2024
MBS
Other
Other
classified
classified
CMOs
MBS
 
securities
as debt
as debt
classified
classified
classified
securities
securities
as trading
as trading
as trading
Mortgage
available-
available-
account debt
account debt
account debt
 
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1, 2024
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Gains (losses) included in earnings
-
(500)
-
-
(34)
(11,370)
(11,904)
Gains (losses) included in OCI
3
-
-
-
-
-
3
Additions
-
-
-
-
-
1,364
1,364
Sales
-
250
-
-
-
-
250
Settlements
(125)
-
(5)
(28)
-
-
(158)
Balance at December 31, 2024
$
484
$
2,250
$
-
$
84
$
133
$
108,103
$
111,054
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at December 31, 2024
$
-
$
-
$
-
$
1
$
7
$
(2,120)
$
(2,112)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December
 
31, 2023
MBS
Other
Other
classified
classified
CMOs
MBS
 
securities
as debt
as debt
classified
classified as
classified
securities
securities
as trading
trading
as trading
Mortgage
available-
available-
account debt
account debt
 
account debt
 
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1,
 
2023
$
711
$
1,000
$
113
$
215
$
207
$
128,350
$
130,596
Gains (losses) included in earnings
-
-
-
(2)
(40)
(11,589)
(11,631)
Gains (losses) included in OCI
(5)
-
-
-
-
-
(5)
Additions
-
1,500
4
-
-
2,097
3,601
Sales
-
-
-
-
-
(1,269)
(1,269)
Settlements
(100)
-
(112)
(101)
-
520
207
Balance at December 31, 2023
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Changes in unrealized gains (losses)
included in earnings relating to
assets still held at December 31,
2023
$
-
$
-
$
-
$
(1)
$
18
$
(529)
$
(512)
 
224
Gains and losses (realized and
 
unrealized) included in earnings for the
 
years ended December 31, 2025,
 
2024, and 2023 for Level
3 assets and liabilities included in the previous
 
tables are reported in the consolidated statement
 
of operations as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
2023
Total
Changes in
unrealized
Total
Changes in
unrealized
Total
Changes in
unrealized
gains (losses)
gains (losses)
 
gains (losses)
gains (losses)
 
gains (losses)
gains (losses)
 
included
relating to assets still
included
relating to assets still
included
relating to assets still
 
(In thousands)
in earnings
held at reporting date
in earnings
held at reporting date
in earnings
held at reporting date
Mortgage banking activities
$
(12,880)
$
(3,786)
$
(11,370)
$
(2,120)
$
(11,589)
$
(529)
Trading account (loss) profit
 
(34)
17
(34)
8
(42)
17
Provision for credit losses
-
-
(500)
-
-
-
Total
 
$
(12,914)
$
(3,769)
$
(11,904)
$
(2,112)
$
(11,631)
$
(512)
The following
 
tables include
 
quantitative information
 
about significant
 
unobservable inputs
 
used to
 
derive the
 
fair value
 
of Level
 
3
instruments, excluding those instruments
 
for which the
 
unobservable inputs were not
 
developed by the
 
Corporation such as
 
prices
of prior transactions and/or unadjusted third-party pricing
 
sources at December 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
December 31,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
99
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
3,800
[2]
External appraisal
Haircut applied on
external appraisals
5.0
%
Other real estate owned
$
34
[2]
External appraisal
Haircut applied on
external appraisals
20
%
[1]
 
Weighted average of significant unobservable inputs
 
used to develop Level 3 fair value measurements
 
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
[2]
Other real estate owned in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
225
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
December 31,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
133
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
6,808
[2]
External appraisal
Haircut applied on
external appraisals
6.6
% (
5
.0% -
10
.0%)
Other real estate owned
$
53
[3]
External appraisal
Haircut applied on
external appraisals
60.1
% (
35
.0% -
65.6
%)
[1]
 
Weighted average of significant unobservable inputs
 
used to develop Level 3 fair value measurements
 
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
[3]
Other real estate owned in which haircuts were not applied
 
to external appraisals were excluded from this table.
The significant unobservable inputs used in the fair value measurement of the Corporation’s collateralized mortgage obligations and
interest-only
 
collateralized
 
mortgage
 
obligation
 
(reported
 
as
 
“other”),
 
which
 
are
 
classified
 
in
 
the
 
“trading”
 
category,
 
are
 
yield,
constant
 
prepayment rate,
 
and
 
weighted average
 
life. Significant
 
increases (decreases)
 
in
 
any
 
of
 
those
 
inputs in
 
isolation would
result
 
in
 
significantly
 
lower
 
(higher)
 
fair
 
value
 
measurement.
 
Generally,
 
a
 
change
 
in
 
the
 
assumption
 
used
 
for
 
the
 
constant
prepayment
 
rate
 
will
 
generate
 
a
 
directionally
 
opposite
 
change
 
in
 
the
 
weighted
 
average
 
life.
 
For
 
example,
 
as
 
the
 
average life
 
is
reduced
 
by
 
a
 
higher
 
constant
 
prepayment
 
rate,
 
a
 
lower
 
yield
 
will
 
be
 
realized,
 
and
 
when
 
there
 
is
 
a
 
reduction
 
in
 
the
 
constant
prepayment
 
rate,
 
the
 
average
 
life
 
of
 
these
 
collateralized
 
mortgage
 
obligations
 
will
 
extend,
 
thus
 
resulting
 
in
 
a
 
higher
 
yield.
 
The
significant
 
unobservable
 
inputs
 
used
 
in
 
the
 
fair
 
value
 
measurement
 
of
 
the
 
Corporation’s
 
mortgage
 
servicing
 
rights
 
are
 
constant
prepayment rates and discount rates.
 
Increases in interest rates may result in lower prepayments. Discount rates vary
 
according to
products and / or portfolios depending on the
 
perceived risk. Increases in discount rates result
 
in a lower fair value measurement.
Following is
 
a description
 
of the
 
Corporation’s valuation
 
methodologies used
 
for assets
 
and liabilities
 
measured at
 
fair value.
 
The
disclosure requirements exclude certain financial instruments and all
 
non-financial instruments. Accordingly, the aggregate fair value
amounts of the financial instruments disclosed do
 
not represent management’s estimate of the underlying
 
value of the Corporation.
Trading account debt securities and debt securities available-for-sale
 
●
 
U.S. Treasury securities:
 
The fair value
 
of U.S. Treasury
 
notes is based
 
on yields that
 
are interpolated from the
 
constant
maturity treasury curve.
 
These securities are classified
 
as Level 2.
 
U.S. Treasury
 
bills are classified as
 
Level 1 given the
high volume of trades and pricing based on those
 
trades.
 
●
 
Obligations of U.S.
 
Government sponsored entities: The
 
Obligations of U.S. Government
 
sponsored entities include U.S.
agency
 
securities,
 
which
 
fair
 
value
 
is
 
based
 
on
 
an
 
active
 
exchange
 
market
 
and
 
on
 
quoted
 
market
 
prices
 
for
 
similar
securities. The U.S. agency securities are classified as
 
Level 2.
 
●
 
Obligations of Puerto
 
Rico, States and
 
political subdivisions: Obligations of
 
Puerto Rico, States
 
and political subdivisions
include
 
municipal
 
bonds.
 
The
 
bonds
 
are
 
segregated
 
and
 
the
 
like
 
characteristics
 
divided
 
into
 
specific
 
sectors.
 
Market
inputs used in the
 
evaluation process include all or
 
some of the following:
 
trades, bid price or
 
spread, two sided markets,
quotes, benchmark curves including but not limited to Treasury
 
benchmarks and swap curves, market data feeds such as
those obtained from
 
municipal market sources,
 
discount and capital
 
rates, and
 
trustee reports. The
 
municipal bonds are
classified as Level 2.
●
 
Mortgage-backed securities: Certain agency mortgage-backed
 
securities (“MBS”) are priced based on a bond’s theoretical
value
 
derived
 
from
 
similar
 
bonds
 
defined
 
by
 
credit
 
quality
 
and
 
market
 
sector.
 
Their
 
fair
 
value
 
incorporates
 
an
 
option
adjusted spread. The
 
agency MBS are classified
 
as Level 2.
 
Other agency MBS
 
such as GNMA
 
Puerto Rico Serials
 
are
priced using an internally-prepared pricing matrix with quoted prices from local brokers dealers. These particular MBS are
classified as Level 3.
●
 
Collateralized mortgage
 
obligations: Agency
 
collateralized mortgage
 
obligations (“CMOs”)
 
are priced
 
based on
 
a bond’s
theoretical
 
value
 
derived
 
from
 
similar
 
bonds
 
defined
 
by
 
credit
 
quality
 
and
 
market
 
sector
 
and
 
for
 
which
 
fair
 
value
incorporates
 
an
 
option
 
adjusted
 
spread.
 
The
 
option
 
adjusted
 
spread
 
model
 
includes
 
prepayment
 
and
 
volatility
assumptions,
 
ratings
 
(whole
 
loans
 
collateral)
 
and
 
spread
 
adjustments.
 
These
 
CMOs
 
are
 
classified
 
as
 
Level
 
2.
 
Other
CMOs, due
 
to their
 
limited liquidity,
 
are classified
 
as Level
 
3 due
 
to the
 
insufficiency of
 
inputs such
 
as executed
 
trades,
credit information and cash flows.
 
226
●
 
Corporate securities (included
 
as “other” in
 
the “available-for-sale” category):
 
Given that the
 
quoted prices are
 
for similar
instruments, these securities are classified as Level
 
2.
 
●
 
Corporate securities
 
and
 
interest-only strips
 
(included as
 
“other” in
 
the
 
“trading account
 
debt securities”
 
category): For
corporate securities, quoted prices for these security types are obtained from broker dealers. Given that the quoted prices
are for similar instruments or do not trade in highly liquid
 
markets, these securities are classified as Level 2. Given
 
that the
fair
 
value
 
was
 
estimated
 
based
 
on
 
a
 
discounted
 
cash
 
flow
 
model
 
using
 
unobservable
 
inputs,
 
interest-only
 
strips
 
are
classified as Level 3.
 
Equity securities
Equity
 
securities
 
are
 
comprised principally
 
of
 
shares
 
in
 
closed-ended
 
and
 
open-ended mutual
 
funds
 
and
 
other
 
equity
 
securities.
Closed-end funds are
 
traded on the
 
secondary market at
 
the shares’ market value.
 
Open-ended funds are considered
 
to be liquid,
as investors can sell their shares continually to the fund and are priced at NAV.
 
Mutual funds are classified as Level 2. Other equity
securities that
 
do not
 
trade in
 
highly liquid
 
markets are
 
also classified
 
as Level
 
2, except
 
for one
 
equity security
 
that do
 
not have
readily determinable fair value and is under an investment
 
company is measured at NAV.
Mortgage servicing rights
 
Mortgage
 
servicing
 
rights
 
(“MSRs”)
 
do
 
not
 
trade
 
in
 
an
 
active
 
market
 
with
 
readily
 
observable
 
prices.
 
MSRs
 
are
 
priced
 
using
 
a
discounted cash
 
flow model
 
valuation performed
 
by a
 
third party.
 
The discounted
 
cash flow
 
model incorporates
 
assumptions that
market
 
participants
 
would
 
use
 
in
 
estimating
 
future
 
net
 
servicing
 
income,
 
including
 
portfolio
 
characteristics,
 
prepayments
assumptions, discount
 
rates, delinquency
 
and foreclosure
 
rates, late
 
charges, other
 
ancillary revenues,
 
cost to
 
service and
 
other
economic factors.
 
Prepayment speeds
 
are adjusted
 
for the
 
loans’ characteristics
 
and portfolio
 
behavior.
 
Due to
 
the unobservable
nature of certain valuation inputs, the MSRs are
 
classified as Level 3.
 
Derivatives
 
Interest
 
rate
 
caps
 
and
 
indexed
 
options
 
are
 
traded
 
in
 
over-the-counter
 
active
 
markets.
 
These
 
derivatives
 
are
 
indexed
 
to
 
an
observable interest rate benchmark, such
 
as LIBOR or equity indexes,
 
and are priced using an
 
income approach based on present
value
 
and
 
option
 
pricing
 
models
 
using
 
observable
 
inputs.
 
Other
 
derivatives
 
are
 
liquid
 
and
 
have
 
quoted
 
prices,
 
such
 
as
 
forward
contracts or
 
“to be
 
announced securities”
 
(“TBAs”). All
 
of these
 
derivatives are
 
classified as
 
Level 2.
 
The non-performance
 
risk is
determined using internally-developed models that
 
consider the collateral
 
held, the remaining
 
term, and the
 
creditworthiness of the
entity that
 
bears the
 
risk, and
 
uses available
 
public data
 
or internally-developed
 
data related
 
to current
 
spreads that
 
denote their
probability of default.
Loans held-in-portfolio that are collateral dependent
The impairment is
 
measured based on
 
the fair value
 
of the collateral,
 
which is derived
 
from appraisals that
 
take into consideration
prices
 
in
 
observed
 
transactions
 
involving
 
similar
 
assets
 
in
 
similar
 
locations
 
and
 
which
 
could
 
be
 
subject
 
to
 
internal
 
adjustments.
These collateral dependent loans are classified as Level
 
3.
 
Loans measured at fair value or measured at
 
the lower of cost or market
Loans
 
held-for-sale measured
 
at fair
 
value
 
or measured
 
at the
 
lower of
 
cost
 
or market
 
were priced
 
based
 
on secondary
 
market
prices. These loans are classified as Level 2.
 
Other real estate owned and other foreclosed assets
 
Other
 
real
 
estate
 
owned
 
includes
 
real
 
estate
 
properties
 
securing
 
mortgage,
 
consumer,
 
and
 
commercial
 
loans.
 
Other
 
foreclosed
assets include primarily automobiles
 
securing auto loans. The
 
fair value of
 
foreclosed assets may be
 
determined using an external
appraisal, broker price opinion, or an
 
internal valuation.
 
These foreclosed assets are classified as Level
 
3 since they are subject
 
to
internal adjustments.
227
Note 28 – Fair value of financial instruments
The fair
 
value of
 
financial instruments
 
is the
 
amount at
 
which an
 
asset or
 
obligation could
 
be exchanged
 
in a
 
current transaction
between
 
willing
 
parties,
 
other
 
than
 
in
 
a
 
forced
 
or
 
liquidation
 
sale.
 
For
 
those
 
financial
 
instruments
 
with
 
no
 
quoted
 
market
 
prices
available, fair values have been estimated using present
 
value calculations or other valuation techniques, as well
 
as management’s
best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment
assumptions. Many of these
 
estimates involve various assumptions and
 
may vary significantly from
 
amounts that could be
 
realized
in actual transactions.
The
 
fair
 
values
 
reflected
 
herein
 
have
 
been
 
determined
 
based
 
on
 
the
 
prevailing
 
rate
 
environment
 
at
 
December
 
31,
 
2025
 
and
December 31, 2024, as
 
applicable. In different interest
 
rate environments, fair value
 
estimates can differ significantly,
 
especially for
certain
 
fixed
 
rate
 
financial
 
instruments.
 
In
 
addition,
 
the
 
fair
 
values
 
presented
 
do
 
not
 
attempt
 
to
 
estimate
 
the
 
value
 
of
 
the
Corporation’s fee
 
generating businesses and
 
anticipated future business
 
activities, that
 
is, they
 
do not
 
represent the
 
Corporation’s
value as
 
a going concern.
 
There have been
 
no changes in
 
the Corporation’s valuation
 
methodologies and inputs
 
used to estimate
the fair values for each class of financial assets and
 
liabilities not measured at fair value.
The following tables present the
 
carrying amount and estimated fair
 
values of financial instruments with their
 
corresponding level in
the fair
 
value hierarchy.
 
The aggregate
 
fair value
 
amounts of
 
the financial
 
instruments disclosed
 
do not
 
represent management’s
estimate of the underlying value of the Corporation.
 
228
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
402,755
$
402,755
$
-
$
-
$
-
$
402,755
Money market investments
4,626,506
4,616,272
10,234
-
-
4,626,506
Trading account debt securities, excluding
 
derivatives
[1]
36,569
12,450
23,936
183
-
36,569
Debt securities available-for-sale
[1]
20,574,972
6,576,313
13,997,504
1,155
-
20,574,972
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,268,967
$
-
$
7,309,991
$
-
$
-
$
7,309,991
Obligations of Puerto Rico, States and political
subdivisions
45,295
-
6,766
39,564
-
46,330
Collateralized mortgage obligation-federal agency
1,495
-
1,306
-
-
1,306
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities
 
held-to-maturity
$
7,321,717
$
-
$
7,324,023
$
39,564
$
-
$
7,363,587
Equity securities:
FHLB stock
$
68,422
$
-
$
68,422
$
-
$
-
$
68,422
FRB stock
102,665
-
102,665
-
-
102,665
Other investments
58,761
-
50,632
7,817
852
59,301
Total equity securities
$
229,848
$
-
$
221,719
$
7,817
$
852
$
230,388
Loans held-for-sale
$
9,998
$
-
$
9,998
$
-
$
-
$
9,998
Loans held-in-portfolio
38,519,462
-
-
37,858,044
-
37,858,044
Mortgage servicing rights
96,356
-
-
96,356
-
96,356
Derivatives
27,913
-
27,913
-
-
27,913
December 31, 2025
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
56,710,732
$
-
$
56,710,732
$
-
$
-
$
56,710,732
Time deposits
9,479,361
-
9,305,980
-
-
9,305,980
Total deposits
$
66,190,093
$
-
$
66,016,712
$
-
$
-
$
66,016,712
Assets sold under agreements to repurchase
$
39,001
$
-
$
39,004
$
-
$
-
$
39,004
Other short-term borrowings
[2]
650,000
-
650,000
-
-
650,000
Notes payable:
FHLB advances
$
164,620
$
-
$
163,417
$
-
$
-
$
163,417
Unsecured senior debt securities
396,558
-
419,300
-
-
419,300
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,399
-
191,909
-
-
191,909
Total notes payable
$
759,577
$
-
$
774,626
$
-
$
-
$
774,626
Derivatives
$
25,740
$
-
$
25,740
$
-
$
-
$
25,740
[1]
Refer to Note 27 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
[2]
Refer to Note 16 to the Consolidated Financial Statements
 
for the composition of other short-term borrowings.
 
 
229
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
419,638
$
419,638
$
-
$
-
$
-
$
419,638
Money market investments
6,380,948
6,371,180
9,768
-
-
6,380,948
Trading account debt securities, excluding
 
derivatives
[1]
32,783
2,814
29,752
217
-
32,783
Debt securities available-for-sale
[1]
18,245,903
7,512,171
10,730,998
2,734
-
18,245,903
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,693,418
$
-
$
7,623,824
$
-
$
-
$
7,623,824
Obligations of Puerto Rico, States and political
subdivisions
51,865
-
6,866
44,711
-
51,577
Collateralized mortgage obligation-federal agency
1,518
-
1,304
-
-
1,304
Securities in wholly owned statutory business trusts
5,959
-
5,959
-
-
5,959
Total debt securities
 
held-to-maturity
$
7,752,760
$
-
$
7,637,953
$
44,711
$
-
$
7,682,664
Equity securities:
FHLB stock
$
55,786
$
-
$
55,786
$
-
$
-
$
55,786
FRB stock
100,304
-
100,304
-
-
100,304
Other investments
52,076
-
45,664
6,528
381
52,573
Total equity securities
$
208,166
$
-
$
201,754
$
6,528
$
381
$
208,663
Loans held-for-sale
$
5,423
$
-
$
5,423
$
-
$
-
$
5,423
Loans held-in-portfolio
36,361,628
-
-
35,652,539
-
35,652,539
Mortgage servicing rights
108,103
-
-
108,103
-
108,103
Derivatives
26,023
-
26,023
-
-
26,023
December 31, 2024
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
55,871,463
$
-
$
55,871,463
$
-
$
-
$
55,871,463
Time deposits
9,012,882
-
8,795,803
-
-
8,795,803
Total deposits
$
64,884,345
$
-
$
64,667,266
$
-
$
-
$
64,667,266
Assets sold under agreements to repurchase
$
54,833
$
-
$
54,845
$
-
$
-
$
54,845
Other short-term borrowings
[2]
225,000
-
225,000
-
-
225,000
Notes payable:
FHLB advances
$
302,722
$
-
$
295,023
$
-
$
-
$
295,023
Unsecured senior debt securities
395,198
-
415,148
-
-
415,148
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,373
-
189,758
-
-
189,758
Total notes payable
$
896,293
$
-
$
899,929
$
-
$
-
$
899,929
Derivatives
$
22,832
$
-
$
22,832
$
-
$
-
$
22,832
[1]
Refer to Note 27 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
 
[2]
Refer to Note 16 to the Consolidated Financial Statements
 
for the composition of other short-term borrowings.
 
Refer
 
to
 
Note
 
23
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
the
 
notional
 
amount
 
of
 
commitments
 
to
 
extend
 
credit,
 
which
represents the unused portion of
 
credit facilities granted to customers,
 
and letters of credit,
 
which represent the contractual amount
that
 
is
 
required
 
to
 
be
 
paid
 
in
 
the
 
event
 
of
 
nonperformance,
 
at
 
December
 
31,
 
2025
 
and
 
December
 
31,
 
2024.
 
The
 
fair
 
value
 
of
commitments to
 
extend credit
 
and letters
 
of credit,
 
which are
 
based on
 
the fees
 
charged to
 
enter into
 
those agreements,
 
are not
material to Popular’s financial statements.
 
230
Note 29 – Employee benefits
Certain employees of BPPR are covered by three
 
non-contributory defined benefit pension plans,
 
the Banco Popular de Puerto Rico
Retirement Plan and two Restoration Plans (the
 
“Pension Plans”).
 
Pension benefits are based on age, years of
 
credited service,
and final average compensation.
The Pension
 
Plans are
 
currently closed to
 
new hires
 
and the
 
accrual of
 
benefits are
 
frozen to
 
all participants. The
 
Pension Plans’
benefit formula
 
is based
 
on a
 
percentage of
 
average final
 
compensation and
 
years of
 
service as
 
of the
 
plan freeze
 
date. Normal
retirement age under
 
the retirement plan
 
is age 65
 
with 5 years
 
of service. Pension
 
costs are funded
 
in accordance with
 
minimum
funding standards
 
under the
 
Employee Retirement
 
Income Security
 
Act of
 
1974 (“ERISA”).
 
Benefits under
 
the Pension
 
Plans are
subject to
 
the U.S.
 
and Puerto
 
Rico Internal Revenue
 
Code limits
 
on compensation
 
and benefits.
 
Benefits under restoration
 
plans
restore benefits
 
to selected
 
employees that are
 
limited under
 
the Banco
 
Popular de
 
Puerto Rico
 
Retirement Plan
 
due to
 
U.S. and
Puerto Rico
 
Internal Revenue
 
Code limits
 
and a
 
compensation definition
 
that excludes
 
amounts deferred pursuant
 
to nonqualified
arrangements.
 
In
 
addition
 
to
 
providing
 
pension
 
benefits,
 
BPPR
 
provides
 
certain
 
health
 
care
 
benefits
 
for
 
certain
 
retired
 
employees
 
(the
 
“OPEB
Plan”).
 
Regular employees
 
of BPPR,
 
hired before
 
February 1,
 
2000, may
 
become eligible
 
for health
 
care benefits,
 
provided they
reach retirement age while working for BPPR.
The
 
Corporation’s
 
funding
 
policy is
 
to
 
make
 
annual contributions
 
to
 
the
 
Pension Plans,
 
when necessary,
 
in amounts
 
which fully
provide for all benefits as they become due under
 
the plans.
 
The Corporation’s pension fund investment strategy
 
is to invest in a
 
prudent manner for the exclusive
 
purpose of providing benefits
to participants. A well defined internal structure has
 
been established to develop and implement
 
a risk-controlled investment strategy
that is targeted to
 
produce a total return that,
 
when combined with BPPR contributions to
 
the fund, will maintain the
 
fund’s ability to
meet all
 
required benefit obligations.
 
Risk is controlled
 
through diversification of
 
asset types, such
 
as investments in
 
domestic and
international equities and fixed income.
Equity investments include various types of stock and index funds. Also, this category
 
includes Popular, Inc.’s common stock. Fixed
income
 
investments include
 
U.S. Government
 
securities
 
and
 
other U.S.
 
agencies’ obligations,
 
corporate
 
bonds, mortgage
 
loans,
mortgage-backed securities
 
and index
 
funds, among
 
others. A
 
designated committee
 
periodically reviews
 
the performance
 
of the
pension
 
plans’
 
investments
 
and
 
assets
 
allocation.
 
The
 
Trustee
 
and
 
the
 
money
 
managers
 
are
 
allowed
 
to
 
exercise
 
investment
discretion, subject
 
to limitations
 
established by
 
the pension
 
plans’ investment
 
policies. The
 
plans forbid
 
money managers
 
to enter
into derivative transactions, unless approved by the
 
Trustee.
 
The
 
overall
 
expected
 
long-term
 
rate-of-return-on-assets assumption
 
reflects
 
the
 
average rate
 
of
 
earnings
 
expected
 
on
 
the funds
invested or
 
to
 
be invested
 
to provide
 
for the
 
benefits included
 
in the
 
benefit obligation.
 
The assumption
 
has been
 
determined by
reflecting
 
expectations
 
regarding
 
future
 
rates
 
of
 
return
 
for
 
the
 
plan
 
assets,
 
with
 
consideration
 
given
 
to
 
the
 
distribution
 
of
 
the
investments by asset
 
class and
 
historical rates of
 
return for each
 
individual asset class.
 
This process is
 
reevaluated at least
 
on an
annual basis and if market, actuarial and economic
 
conditions change, adjustments to the rate of return
 
may come into place.
The
 
Pension
 
Plans
 
weighted
 
average
 
asset
 
allocation
 
as
 
of
 
December
 
31,
 
2025
 
and
 
2024
 
and
 
the
 
approved
 
asset
 
allocation
ranges, by asset category, are summarized in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum allotment
Maximum allotment
2025
2024
Equity
0
%
70
%
12
%
10
%
Debt securities
0
%
100
%
85
%
85
%
Popular related securities
0
%
5
%
1
%
1
%
Cash and cash equivalents
0
%
100
%
2
%
4
%
 
231
The following table sets
 
forth by level, within
 
the fair value hierarchy,
 
the Pension Plans’ assets at
 
fair value at December
 
31, 2025
and 2024. Investments
 
measured at net
 
asset value per share
 
(“NAV”) as
 
a practical expedient have
 
not been classified
 
in the fair
value hierarchy, but are presented in order to permit reconciliation of
 
the plans’ assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
(In thousands)
Level 1
Level 2
Level 3
Measured
at NAV
Total
 
Level 1
Level 2
Level 3
Measured
at NAV
Total
 
Obligations of the U.S.
Government, its agencies,
states and political
subdivisions
$
-
$
15,473
$
-
$
183,353
$
198,826
$
-
$
6,956
$
-
$
125,476
$
132,432
Corporate bonds and
debentures
-
315,583
-
9,146
324,729
-
364,900
-
10,734
375,634
Equity securities - Common
Stock
5,205
-
-
-
5,205
3,821
-
-
-
3,821
Equity securities - ETF's
37,021
8,416
-
-
45,437
32,372
6,503
-
-
38,875
Foreign commingled trust
funds
-
-
-
26,553
26,553
-
-
-
20,097
20,097
Mutual fund
-
11,207
-
-
11,207
-
9,833
-
-
9,833
Mortgage-backed securities
-
138
-
-
138
-
14,160
-
-
14,160
Cash and cash equivalents
9,387
-
-
-
9,387
17,034
-
-
-
17,034
Accrued investment income
 
-
-
4,356
-
4,356
-
-
5,289
-
5,289
Total assets
 
$
51,613
$
350,817
$
4,356
$
219,052
$
625,838
$
53,227
$
402,352
$
5,289
$
156,307
$
617,175
232
The closing prices reported in the active markets
 
in which the securities are traded are used
 
to value the investments.
 
Following is a description of the valuation methodologies
 
used for investments measured at fair value:
●
 
Obligations
 
of
 
U.S.
 
Government,
 
its
 
agencies,
 
states
 
and
 
political
 
subdivisions
 
-
 
The
 
fair
 
value
 
of
 
Obligations
 
of
 
U.S.
Government and its agencies obligations are based on an
 
active exchange market and on quoted market prices for
 
similar
securities. U.S.
 
agency structured
 
notes
 
are
 
priced based
 
on
 
a bond’s
 
theoretical value
 
from similar
 
bonds
 
defined by
credit quality
 
and market sector
 
and for
 
which the
 
fair value
 
incorporates an
 
option adjusted spread
 
in deriving
 
their fair
value.
 
The fair value
 
of municipal bonds
 
are based on
 
trade data on
 
these instruments reported on
 
Municipal Securities
Rulemaking Board (“MSRB”)
 
transaction reporting system
 
or comparable bonds
 
from the same
 
issuer and credit
 
quality.
 
These securities are classified as Level 2, except for
 
the governmental index funds that are measured
 
at NAV.
●
 
Corporate bonds and debentures -
 
Corporate bonds and debentures are
 
valued at fair value at
 
the closing price reported
in the active market in
 
which the bond is traded. These
 
securities are classified as Level
 
2, except for the
c
orporate bond
funds that are measured at NAV.
●
 
Equity securities – common stock
 
- Equity securities with
 
quoted market prices obtained from
 
an active exchange market
and high liquidity are classified as Level 1.
●
 
Equity securities – ETF’s
 
– Exchange Traded Funds
 
shares with quoted market prices
 
obtained from an active exchange
market. Highly liquid ETF’s are classified as Level 1 while
 
less liquid ETF’s are classified as Level 2.
 
●
 
Foreign commingled trust fund-
 
Collective investment funds that are
 
valued using the NAV
 
per share practical expedient,
were not
 
categorized within
 
the fair
 
value
 
hierarchy and
 
were presented
 
separately.
 
The Fund's
 
investments are
 
in an
international equity portfolio and in an emerging markets
 
equity fund.
●
 
Mutual
 
funds
 
–
 
Mutual
 
funds
 
held
 
by
 
the
 
Plan
 
are
 
open-end
 
mutual
 
funds
 
that
 
are
 
registered
 
with
 
the
 
Securities
 
and
Exchange
 
Commission (SEC)
 
and are
 
required to
 
publish their
 
daily NAV.
 
Since these
 
funds
 
have liquid
 
markets with
trading activity of these or similar securities they
 
are considered level 2.
●
 
Cash and cash equivalents - The carrying amount of
 
cash and cash equivalents is a reasonable estimate of the
 
fair value
since it is available on demand or due
 
to their short-term maturity. Cash and cash equivalents are classified as Level 1.
●
 
Accrued investment income – Given the
 
short-term nature of these assets, their carrying
 
amount approximates fair value.
Since there is a lack of observable inputs
 
related to instrument specific attributes,
 
these are reported as Level 3.
The preceding valuation methods may produce a fair value calculation that may not be indicative of net realizable value
 
or reflective
of future fair values. Furthermore, although the plan believes its valuation methods are appropriate and consistent with other market
participants, the
 
use
 
of
 
different
 
methodologies
 
or
 
assumptions to
 
determine
 
the
 
fair value
 
of
 
certain financial
 
instruments could
result in a different fair value measurement at the reporting
 
date.
The following table presents the change in Level
 
3 assets measured at fair value.
 
 
233
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
Balance at beginning of year
$
5,289
$
3,927
Purchases, sales, issuance and settlements (net)
(933)
1,362
Balance at end of year
$
4,356
$
5,289
There were
no
 
transfers in
 
and/or out
 
of Level
 
3 for
 
financial instruments
 
measured at
 
fair value
 
on a
 
recurring basis
 
during the
years ended
 
December 31,
 
2025 and
 
2024. There
 
were
no
 
transfers in
 
and/or out
 
of Level
 
1 and
 
Level 2
 
during the
 
years ended
December 31, 2025 and 2024.
Information on the shares of common stock held by
 
the pension plans is provided in the table that
 
follows.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except number of shares information)
2025
2024
Shares of Popular, Inc. common stock
41,796
40,619
Fair value of shares of Popular, Inc. common
 
stock
$
5,204
$
3,821
Dividends paid on shares of Popular,
 
Inc. common stock held by the plan
$
117
$
360
The following table presents the components of net
 
periodic benefit cost for the years ended
 
December 31, 2025, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2023
2025
2024
2023
(in thousands)
Service cost
$
-
$
-
$
-
$
59
$
127
$
191
Other operating expenses:
Interest cost
29,642
30,234
31,548
5,163
5,686
6,082
Expected return on plan assets
(32,277)
(34,376)
(34,365)
-
-
-
Recognized net actuarial loss
13,799
16,664
21,465
(4,707)
(2,193)
(2,212)
Net periodic cost (benefit)
$
11,164
$
12,522
$
18,648
$
515
$
3,620
$
4,061
Other Adjustments
-
-
-
40
-
-
Total cost (benefit)
 
$
11,164
$
12,522
$
18,648
$
555
$
3,620
$
4,061
 
234
The following table sets forth the aggregate status of the plans and the amounts recognized in the consolidated financial statements
at December 31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Change in benefit obligation:
Benefit obligation at beginning of year
$
589,758
$
635,794
$
99,172
$
117,045
Service cost
 
-
-
59
127
Interest cost
 
29,642
30,234
5,163
5,686
Actuarial (gain)/loss
[1]
17,556
(31,747)
6,370
(16,787)
Benefits paid
(44,537)
(44,523)
(6,830)
(6,899)
Other adjustments
-
-
40
-
Benefit obligation at end of year
$
592,419
$
589,758
$
103,974
$
99,172
Change in fair value of plan assets:
Fair value of plan assets at beginning of year
$
617,175
$
652,426
$
-
$
-
Actual return on plan assets
52,970
9,042
-
-
Employer contributions
230
230
6,830
6,899
Benefits paid
(44,537)
(44,523)
(6,830)
(6,899)
Fair value of plan assets at end of year
$
625,838
$
617,175
$
-
$
-
Funded status of the plan:
Benefit obligation at end of year
$
(592,419)
$
(589,758)
$
(103,974)
$
(99,172)
Fair value of plan assets at end of year
625,838
617,175
-
-
Funded status at year end
$
33,419
$
27,417
$
(103,974)
$
(99,172)
Amounts recognized in accumulated other comprehensive
 
loss:
Net loss/(gain)
160,081
177,017
(28,971)
(40,048)
Accumulated other comprehensive loss (AOCL)
$
160,081
$
177,017
$
(28,971)
$
(40,048)
Reconciliation of net (liabilities) assets:
Net asset (liabilities) at beginning of year
$
27,417
$
16,632
$
(99,172)
$
(117,045)
Amount recognized in AOCL at beginning of year,
 
pre-tax
177,017
200,094
(40,048)
(25,454)
Amount prepaid (liability) at beginning of year
204,434
216,726
(139,220)
(142,499)
Total benefit
 
cost
(11,164)
(12,522)
(555)
(3,620)
Contributions
230
230
6,830
6,899
Amount prepaid (liability) at end of year
193,500
204,434
(132,945)
(139,220)
Amount recognized in AOCL
(160,081)
(177,017)
28,971
40,048
Net asset/(liabilities) at end of year
$
33,419
$
27,417
$
(103,974)
$
(99,172)
[1]
For 2025, the significant component of the Pension Plans
 
actuarial loss was mainly related to an increase in the
 
obligation due to a decrease in the
single weighted-average discount rates. For OPEB plans, significant
 
components of the actuarial loss that changed the
 
benefit obligation were
mainly related to the per capita cost assumption at year
 
end that deteriorated the funded position as well as
 
an increase in the obligation due to a
decrease in the single weighted-average discount rate. For 2024,
 
the significant component of the Pension Plans
 
actuarial gain were mainly related
to an decrease in the obligation due to an increase in the
 
single weighted-average discount rates and a change
 
to certain demographic assumptions
partially offset by a lower return on the fair value of
 
plan assets.
 
For OPEB plans, significant components of the actuarial
 
gain that changed the
benefit obligation were mainly related to the per capita
 
assumption at year end that improved the funded position,
 
a change to certain demographic
assumptions, a favorable demographic experience from larger
 
than expected reductions and an increase in discount
 
rates.
 
235
The following table presents the change in accumulated other
 
comprehensive loss (“AOCL”), pre-tax, for the years ended December
31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Pension Plans
OPEB Plan
2025
2024
2025
2024
Accumulated other comprehensive loss at beginning of year
$
177,017
$
200,094
$
(40,048)
$
(25,454)
Increase (decrease) in AOCL:
Recognized during the year:
Amortization of actuarial losses
(13,799)
(16,664)
4,707
2,193
Occurring during the year:
Net actuarial (gains)/losses
(3,137)
(6,413)
6,370
(16,787)
Total (decrease) increase
 
in AOCL
(16,936)
(23,077)
11,077
(14,594)
Accumulated other comprehensive loss at end of year
$
160,081
$
177,017
$
(28,971)
$
(40,048)
The Corporation estimates
 
the service
 
and interest cost
 
components utilizing a
 
full yield curve
 
approach in the
 
estimation of these
components
 
by
 
applying the
 
specific spot
 
rates
 
along
 
the yield
 
curve
 
used in
 
the
 
determination of
 
the
 
benefit obligation
 
to
 
their
underlying projected cash flows.
 
To
 
determine
 
benefit
 
obligation
 
at
 
year
 
end,
 
the
 
Corporation
 
used
 
a
 
weighted
 
average
 
of
 
annual
 
spot
 
rates
 
applied
 
to
 
future
expected cash flows for years ended December 31, 2025
 
and 2024.
The following
 
table presents
 
the discount
 
rate and
 
assumed health
 
care cost
 
trend rates
 
used to
 
determine the
 
benefit obligation
and net periodic benefit cost for the plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plan
OPEB Plan
Weighted average assumptions used to
determine net periodic benefit cost for the
years ended December 31:
2025
2024
2023
2025
2024
2023
Discount rate for benefit obligation
5.54
 
-
5.57
%
5.02
 
-
5.05
%
5.34
 
-
5.37
%
5.65
%
5.10
%
5.42
%
Discount rate for service cost
N/A
N/A
N/A
5.95
%
5.37
%
5.66
%
Discount rate for interest cost
5.26
 
-
5.27
%
4.95
 
-
4.96
%
5.23
 
-
5.24
%
5.37
%
4.99
%
5.28
%
Expected return on plan assets
5.6
0 -
6.70
%
5.6
0 -
6.60
%
5.9
0 -
6.5
0
%
N/A
N/A
N/A
Initial health care cost trend rate
N/A
N/A
N/A
7.00
%
7.25
%
7.50
%
Ultimate health care cost trend rate
N/A
N/A
N/A
4.50
%
4.50
%
4.50
%
Year that the ultimate trend
 
rate is reached
N/A
N/A
N/A
2035
2035
2035
Pension Plans
OPEB Plan
Weighted average assumptions used to determine
 
benefit obligation at
December 31:
2025
2024
2025
2024
Discount rate for benefit obligation
5.25
-
5.29
%
5.54
-
5.57
%
5.44
%
5.65
%
Initial health care cost trend rate
N/A
N/A
6.75
%
7.00
%
Ultimate health care cost trend rate
N/A
N/A
4.50
%
4.50
%
Year that the ultimate trend
 
rate is reached
N/A
N/A
2035
2035
236
The following table presents information for plans with a projected benefit obligation and accumulated benefit obligation in excess of
plan assets for the years ended December 31,
 
2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Projected benefit obligation
$
34,236
$
33,993
$
103,974
$
99,172
Accumulated benefit obligation
 
34,236
33,993
103,974
99,172
Fair value of plan assets
 
29,498
28,177
-
-
The
 
following table
 
presents information
 
for plans
 
with plan
 
assets in
 
excess of
 
its
 
projected benefit
 
obligation and
 
accumulated
benefit obligation for the years ended December 31,
 
2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Projected benefit obligation
$
558,183
$
555,765
$
-
$
-
Accumulated benefit obligation
 
558,183
555,765
-
-
Fair value of plan assets
 
596,341
588,998
-
-
The Corporation expects to make the following contributions
 
to the plans during the year ended December
 
31, 2026.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
Pension Plans
$
227
OPEB Plan
$
5,914
Benefit payments projected to be made from the
 
plans during the next ten years are presented
 
in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Pension Plans
OPEB Plan
2026
$
50,385
$
5,914
2027
45,855
6,089
2028
45,683
6,321
2029
45,394
6,534
2030
45,017
6,733
2031 - 2035
215,895
35,655
237
The table below presents a breakdown of the
 
plans’ assets and liabilities at December
 
31, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Non-current assets
$
38,157
$
33,233
$
-
$
-
Current liabilities
 
222
222
5,805
5,304
Non-current liabilities
4,516
5,594
98,169
93,868
Savings plans
The
 
Corporation
 
also
 
provides
 
defined
 
contribution
 
savings
 
plans
 
pursuant
 
to
 
Section
 
1081.01(d)
 
of
 
the
 
Puerto
 
Rico
 
Internal
Revenue
 
Code
 
and
 
Section
 
401(k)
 
of
 
the
 
U.S.
 
Internal
 
Revenue Code,
 
as
 
applicable, for
 
substantially
 
all
 
the
 
employees
 
of
 
the
Corporation. Investments
 
in the
 
plans are
 
participant-directed, and employer
 
matching contributions
 
are determined
 
based on
 
the
specific provisions
 
of each
 
plan. Employees
 
are fully
 
vested in
 
the employer’s
 
contribution after
 
five years
 
of service.
 
The cost
 
of
providing these benefits in the year ended
 
December 31, 2025 was $
22.2
 
million (2024 - $
21.4
 
million, 2023 - $
20.3
 
million).
 
The
 
plans held
1,150,624
 
(2024 –
1,177,588
) shares
 
of common
 
stock
 
of
 
the
 
Corporation with
 
a market
 
value of
 
approximately
$
143.3
 
million at December 31, 2025 (2024 - $
110.8
 
million).
 
238
Note 30 – Net income per common share
The
 
following table
 
sets
 
forth the
 
computation of
 
net
 
income per
 
common share
 
(“EPS”), basic
 
and diluted,
 
for the
 
years
 
ended
December 31, 2025, 2024 and 2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share information)
2025
2024
2023
Net income
$
833,159
$
614,212
$
541,342
Preferred stock dividends
(1,412)
(1,412)
(1,412)
Net income applicable to common stock
$
831,747
$
612,800
$
539,930
Average common shares outstanding
67,586,130
71,590,757
71,710,265
Average potential dilutive common shares
 
26,717
32,945
81,427
Average common shares outstanding - assuming dilution
67,612,847
71,623,702
71,791,692
Basic EPS
$
12.31
$
8.56
$
7.53
Diluted EPS
$
12.30
$
8.56
$
7.52
Potential common shares consist of shares of common stock issuable under the assumed exercise of stock options, restricted stock
and
 
performance
 
share
 
awards
 
using
 
the
 
treasury
 
stock
 
method.
 
This
 
method
 
assumes
 
that
 
the
 
potential
 
common
 
shares
 
are
issued and
 
the proceeds
 
from exercise,
 
in addition
 
to the
 
amount of
 
compensation cost
 
attributed to
 
future services,
 
are used
 
to
purchase shares of common stock at the exercise date. The difference between the number of potential common shares issued and
the shares
 
of common
 
stock
 
purchased is
 
added as
 
incremental shares
 
to
 
the actual
 
number of
 
shares outstanding
 
to
 
compute
diluted
 
earnings
 
per
 
share.
 
Warrants,
 
stock
 
options,
 
restricted
 
stock
 
and
 
performance share
 
awards,
 
if
 
any,
 
that
 
result
 
in
 
lower
potential common shares
 
issued than shares
 
of common stock
 
purchased under the treasury
 
stock method are
 
not included in
 
the
computation of dilutive earnings per share
 
since their inclusion would have an antidilutive effect in earnings
 
per common share.
 
239
Note 31 – Revenue from contracts with customers
The following table presents
 
the Corporation’s revenue streams
 
from contracts with customers
 
by reportable segment for the
 
years
ended December 31, 2025, 2024, and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(In thousands)
2025
2024
2023
BPPR
Popular U.S.
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
145,244
$
10,624
$
141,240
$
10,103
$
137,297
$
10,179
Other service fees:
Debit card fees
[1]
111,979
854
105,017
793
98,779
853
Insurance fees, excluding reinsurance
36,540
7,759
44,808
6,946
46,903
5,602
Credit card fees, excluding late fees and membership
 
fees
[1]
109,614
1,363
102,849
1,587
102,214
1,597
Sale and administration of investment products
37,693
-
33,213
-
26,316
-
Trust fees
28,313
-
27,659
-
26,160
-
Total revenue from
 
contracts with customers
[2]
$
469,383
$
20,600
$
454,786
$
19,429
$
437,669
$
18,231
[1] Effective in the third quarter of 2024, the
 
Corporation reclassified certain interchange fees, which
 
were previously included jointly with credit card
fees from common network activity,
 
as debit card fees. For the year ended December 31, 2024,
 
these interchange fees were approximately $
45.5
million, which include approximately $
22.2
 
million corresponding to the first and second quarters
 
of 2024 which were reclassified. For the year
ended December 31, 2023, interchange fees of approximately
 
$
45.3
 
million were reclassified.
[2] The amounts include intersegment transactions of $
2.4
 
million, $
4.5
 
million and $
5
.0 million, respectively, for the
 
years ended December 31,
2025, 2024 and 2023.
Revenue from contracts with
 
customers is recognized when,
 
or as, the performance
 
obligations are satisfied by
 
the Corporation by
transferring the
 
promised services
 
to
 
the customers.
 
A
 
service is
 
transferred to
 
the customer
 
when, or
 
as, the
 
customer obtains
control
 
of
 
that
 
service.
 
A
 
performance obligation
 
may
 
be
 
satisfied over
 
time
 
or
 
at
 
a
 
point
 
in
 
time.
 
Revenue from
 
a
 
performance
obligation satisfied
 
over time
 
is recognized
 
based on
 
the services
 
that have
 
been rendered
 
to date.
 
Revenue from
 
a performance
obligation satisfied at a point in time
 
is recognized when the customer obtains control over the
 
service. The transaction price, or the
amount of revenue
 
recognized, reflects the
 
consideration the Corporation expects
 
to be entitled
 
to in exchange
 
for those promised
services. In determining the transaction price, the Corporation considers the effects of variable consideration. Variable consideration
is included
 
in the
 
transaction price
 
only to
 
the extent
 
it is
 
probable that a
 
significant reversal
 
in the
 
amount of
 
cumulative revenue
recognized will
 
not occur.
 
The Corporation
 
is the
 
principal in
 
a transaction
 
if it
 
obtains control
 
of the
 
specified goods
 
or services
before they
 
are transferred
 
to
 
the customer.
 
If the
 
Corporation acts
 
as principal,
 
revenues are
 
presented in
 
the gross
 
amount
 
of
consideration to which it expects to
 
be entitled and are not
 
netted with any related expenses. On the
 
other hand, the Corporation is
an agent if it does not control
 
the specified goods or services before they are transferred
 
to the customer. If
 
the Corporation acts as
an agent, revenues are presented in the amount
 
of consideration to which it expects to be entitled,
 
net of related expenses.
Following is a description of the nature and timing
 
of revenue streams from contracts with customers:
Service charges on deposit accounts
Service
 
charges
 
on
 
deposit
 
accounts
 
are
 
earned
 
on
 
retail
 
and
 
commercial
 
deposit
 
activities
 
and
 
include,
 
but
 
are
 
not
 
limited
 
to,
nonsufficient fund
 
fees, overdraft
 
fees and
 
checks stop
 
payment fees.
 
These transaction-based
 
fees are
 
recognized at
 
a point
 
in
time,
 
upon
 
occurrence
 
of
 
an
 
activity
 
or
 
event
 
or
 
upon
 
the
 
occurrence
 
of
 
a
 
condition
 
which
 
triggers
 
the
 
fee
 
assessment.
 
The
Corporation is acting as principal in these transactions.
Debit card fees
Debit card fees include, but are not limited to, interchange
 
fees, surcharging income and foreign transaction
 
fees. These transaction-
based fees
 
are recognized at
 
a point in
 
time, upon
 
occurrence of an
 
activity or
 
event or upon
 
the occurrence of
 
a condition which
triggers
 
the
 
fee
 
assessment.
 
Interchange
 
fees
 
are
 
recognized
 
upon
 
settlement
 
of
 
the
 
debit
 
card
 
payment
 
transactions.
 
The
Corporation is acting as principal in these transactions.
Insurance fees
240
Insurance fees
 
include, but
 
are
 
not limited
 
to, commissions
 
and contingent
 
commissions. Commissions
 
and fees
 
are
 
recognized
when related
 
policies are effective
 
since the Corporation
 
does not
 
have an enforceable
 
right to
 
payment for services
 
completed to
date.
 
An
 
allowance
 
is
 
created
 
for
 
expected
 
adjustments
 
to
 
commissions
 
earned
 
related
 
to
 
policy
 
cancellations.
 
Contingent
commissions
 
are
 
recorded
 
on
 
an
 
accrual
 
basis
 
when
 
the
 
amount
 
to
 
be
 
received
 
is
 
notified
 
by
 
the
 
insurance
 
company.
 
The
Corporation is acting
 
as an
 
agent since it
 
arranges for the
 
sale of
 
the policies and
 
receives commissions if,
 
and when, it
 
achieves
the sale.
 
Credit card fees
Credit card
 
fees include,
 
but are
 
not limited
 
to, interchange
 
fees, additional
 
card fees,
 
cash advance
 
fees, balance
 
transfer fees,
foreign transaction fees, and returned payments
 
fees. Credit card fees are
 
recognized at a point in
 
time, upon the occurrence of
 
an
activity or
 
an event.
 
Interchange fees
 
are recognized
 
upon settlement
 
of the
 
credit card
 
payment transactions. The
 
Corporation is
acting as principal in these transactions.
Sale and administration of investment products
Fees from
 
the sale
 
and administration
 
of investment
 
products include,
 
but are
 
not limited
 
to, commission
 
income from
 
the sale
 
of
investment products, asset management fees, underwriting
 
fees, and mutual fund fees.
 
Commission income from investment products is recognized on the trade date since clearing, trade execution, and custody services
are satisfied when
 
the customer acquires
 
or disposes of
 
the rights to
 
obtain the economic
 
benefits of the
 
investment products and
brokerage contracts have no fixed duration and
 
are terminable at will by
 
either party. The
 
Corporation is acting as principal in these
transactions since it
 
performs the service
 
of providing the
 
customer with the
 
ability to acquire
 
or dispose of
 
the rights to
 
obtain the
economic benefits of investment products.
 
Asset
 
management
 
fees
 
are
 
satisfied
 
over
 
time
 
and
 
are
 
recognized
 
in
 
arrears.
 
At
 
contract
 
inception,
 
the
 
estimate
 
of
 
the
 
asset
management fee
 
is constrained
 
from the
 
inclusion in
 
the transaction
 
price since
 
the promised
 
consideration is
 
dependent on
 
the
market and thus
 
is highly susceptible
 
to factors
 
outside the manager’s
 
influence. As advisor,
 
the broker-dealer subsidiary
 
is acting
as principal.
Underwriting fees are
 
recognized at a point
 
in time, when
 
the investment products
 
are sold in
 
the open market at
 
a markup. When
the broker-dealer subsidiary is lead
 
underwriter, it is
 
acting as an agent. In
 
turn, when it is
 
a participating underwriter, it
 
is acting as
principal.
Mutual fund fees,
 
such as distribution fees,
 
are considered variable consideration
 
and are recognized over
 
time, as the
 
uncertainty
of the fees to be
 
received is resolved as NAV
 
is determined and investor activity occurs. The
 
promise to provide distribution-related
services
 
is
 
considered
 
a
 
single
 
performance
 
obligation
 
as
 
it
 
requires
 
the
 
provision
 
of
 
a
 
series
 
of
 
distinct
 
services
 
that
 
are
substantially the same and have the same pattern of
 
transfer. When the broker-dealer subsidiary is acting as a distributor, it is acting
as principal. In turn, when it acts as third-party dealer, it is acting
 
as an agent.
Trust fees
Trust fees
 
are recognized from
 
retirement plan, mutual fund
 
administration, investment management, trustee,
 
escrow, and
 
custody
and
 
safekeeping services.
 
These
 
asset
 
management services
 
are
 
considered
 
a
 
single
 
performance obligation
 
as
 
it
 
requires the
provision of
 
a series
 
of distinct
 
services that
 
are substantially
 
the same
 
and have
 
the same
 
pattern of
 
transfer.
 
The performance
obligation
 
is
 
satisfied
 
over
 
time,
 
except
 
for
 
optional
 
services
 
and
 
certain
 
other
 
services
 
that
 
are
 
satisfied
 
at
 
a
 
point
 
in
 
time.
 
Revenues are recognized in
 
arrears, when, or as,
 
the services are rendered.
 
The Corporation is acting
 
as principal since,
 
as asset
manager, it has the obligation to provide the specified service to the customer and
 
has the ultimate discretion in establishing the fee
paid by the customer for the specified services.
 
 
241
Note 32 – Leases
The
 
Corporation enters
 
in
 
the
 
ordinary course
 
of
 
business
 
into
 
operating and
 
finance
 
leases
 
for
 
land,
 
buildings
 
and
 
equipment.
These contracts generally do not include purchase options or residual value guarantees.
 
The remaining lease terms of
0.30
 
to
29.0
years
 
considers options
 
to
 
extend the
 
leases for
 
up
 
to
20
 
years. The
 
Corporation identifies
 
leases when
 
it
 
has
 
both the
 
right to
obtain substantially all of the economic benefits from
 
the use of the asset and the right to direct
 
the use of the asset.
The Corporation
 
recognizes right-of-use
 
assets (“ROU
 
assets”) and
 
lease liabilities
 
related to
 
operating and
 
finance leases
 
in its
Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 13
and
 
Note
 
18
 
to
 
the
 
Consolidated Financial
 
Statements,
 
respectively,
 
for
 
information
 
on
 
the
 
balances of
 
these
 
lease
 
assets
 
and
liabilities.
The Corporation uses the
 
incremental borrowing rate for
 
purposes of discounting lease payments
 
for operating and finance leases,
since it
 
does not have
 
enough information to
 
determine the rates
 
implicit in the
 
leases. The discount
 
rates are based
 
on fixed-rate
and
 
fully
 
amortizing
 
borrowing
 
facilities
 
of
 
its
 
banking
 
subsidiaries
 
that
 
are
 
collateralized.
 
For
 
leases
 
held
 
by
 
non-banking
subsidiaries, a credit spread is added to this rate
 
based on financing transactions with a
 
similar credit risk profile.
The following table presents the undiscounted
 
cash flows of operating and finance leases for
 
each of the following periods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
(In thousands)
2026
2027
2028
2029
2030
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
24,644
$
20,150
$
17,858
$
15,645
$
9,997
$
35,309
$
123,603
$
(18,645)
$
104,958
Finance Leases
5,051
3,805
3,506
3,351
3,288
12,854
31,855
(4,466)
27,389
The following table presents the lease cost recognized
 
by the Corporation in the Consolidated
 
Statements of Operations as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(In thousands)
2025
2024
2023
Finance lease cost:
Amortization of ROU assets
$
3,351
$
3,006
$
4,192
Interest on lease liabilities
944
912
1,063
Operating lease cost
29,670
30,660
31,596
Short-term lease cost
814
497
456
Variable lease cost
354
290
211
Sublease income
(60)
(81)
(66)
Total lease cost
 
[1]
$
35,073
$
35,284
$
37,452
[1]
Total lease cost
 
is recognized as part of net occupancy expense.
The
 
following
 
table
 
presents
 
supplemental
 
cash
 
flow
 
information
 
and
 
other
 
related
 
information
 
related
 
to
 
operating
 
and
 
finance
leases.
242
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(Dollars in thousands)
2025
2024
2023
Cash paid for amounts included in the measurement of
 
lease liabilities:
Operating cash flows from operating leases
$
30,054
$
31,416
$
31,124
Operating cash flows from finance leases
943
912
1,063
Financing cash flows from finance leases
3,933
3,977
5,360
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
12,231
$
2,290
$
8,048
Finance leases
6,954
732
6,198
Weighted-average remaining lease term:
Operating leases
7.8
years
7.2
years
7.3
years
Finance leases
9.3
years
8.1
years
8.3
years
Weighted-average discount rate:
Operating leases
3.7
%
3.4
%
3.3
%
Finance leases
3.8
%
3.6
%
3.9
%
As of December 31, 2025, the Corporation had
 
additional operating leases contracts that have
 
not yet commenced with an
undiscounted contract amount of $
5.2
 
million, which will have lease terms of
10
 
years.
243
Note 33 - Stock-based compensation
Incentive Plan
 
On May 12, 2020, the shareholders of the Corporation approved the Popular, Inc. 2020 Omnibus Incentive Plan, which permits
the Corporation to issue several types of stock-based compensation to employees and directors of
 
the Corporation and/or any of its
subsidiaries (the
 
“2020 Incentive
 
Plan”). The
 
2020 Incentive
 
Plan replaced
 
the Popular,
 
Inc. 2004
 
Omnibus Incentive
 
Plan, which
was in effect
 
prior to the adoption of
 
the 2020 Incentive Plan (the
 
“2004 Incentive Plan” and, together
 
with the 2020 Incentive
 
Plan,
the “Incentive Plan”). Participants under the Incentive Plan are designated by the Talent and Compensation Committee of the Board
of Directors (or its delegate, as determined by the Board). Under the Incentive Plan, the Corporation has issued restricted stock and
performance shares to its employees and restricted
 
stock and restricted stock units (“RSUs”)
 
to its directors.
The restricted
 
stock granted
 
under the
 
Incentive Plan
 
to employees
 
becomes vested
 
based on
 
the employees’
 
continued service
with
 
Popular.
 
Unless
 
otherwise
 
stated
 
in
 
an
 
agreement,
the compensation cost associated with the shares of restricted stock
granted prior to 2021 was determined based on a two-prong vesting schedule. These grants include ratable vesting over five or four
years commencing at the date of grant (the “graduated vesting portion”) with a portion vested at termination of employment after
attainment of 55 years of age and 10 years of service or 60 years of age and 5 years of service (the “retirement vesting portion”).
The graduated vesting portion is accelerated at termination of employment after attaining 55 years of age and 10 years of service or
60 years of age and 5 years of service. Restricted stock granted on or after 2021 have ratable vesting in equal annual installments
over a period of 4 years or 3 years, depending in the classification of the employee. The vesting schedule is accelerated at
termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of
service.
 
The
 
performance share
 
awards
 
granted
 
under
 
the
 
Incentive
 
Plan
 
consist
 
of
 
the
 
opportunity
 
to
 
receive
 
shares
 
of
 
Popular,
 
Inc.’s
common stock provided that the Corporation achieves certain goals during a three-year performance cycle.
 
The goals will be based
on
 
two
 
metrics
 
weighted
 
equally:
 
the
 
Relative
 
Total
 
Shareholder
 
Return
 
(“TSR”)
 
and
 
the
 
Absolute
 
Return
 
on
 
Average
 
Tangible
Common Equity
 
(“ROATCE”).
 
The TSR metric
 
is considered to
 
be a
 
market condition under
 
ASC 718.
 
For equity settled
 
awards
based
 
on a
 
market condition,
 
the
 
fair value
 
is
 
determined as
 
of the
 
grant date
 
and
 
is not
 
subsequently revised
 
based on
 
actual
performance.
 
The
 
ROATCE
 
metric
 
is
 
considered
 
to
 
be
 
a
 
performance condition
 
under ASC
 
718.
 
The
 
fair value
 
is
 
determined
based on
 
the probability
 
of achieving
 
the ROATCE
 
goal as
 
of each
 
reporting period.
 
The TSR
 
and ROATCE
 
metrics are
 
equally
weighted and
 
work independently.
 
The number of shares that will ultimately vest ranges from 50% to a 150% of target based on
both market (TSR) and performance (ROATCE) conditions. The performance shares will vest at the end of the three-year
performance cycle. If a participant terminates employment after attaining the earlier of 55 years of age and 10 years of service or 60
years of age and 5 years of service, the performance shares shall continue outstanding and vest at the end of the performance
cycle.
The
 
following
 
table
 
summarizes
 
the
 
restricted
 
stock
 
and
 
performance
 
shares
 
activity
 
under
 
the
 
Incentive
 
Plan
 
for
 
members
 
of
management.
 
 
244
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Shares
Weighted-average
grant date fair value
Non-vested at January 1, 2023
281,963
$
56.50
Granted
257,757
66.01
Performance Shares Quantity Adjustment
19,753
75.32
Vested
 
(243,133)
66.31
Forfeited
(16,444)
55.82
Non-vested at December 31, 2023
299,896
$
58.20
Granted
242,474
86.62
Performance Shares Quantity Adjustment
(18,650)
87.79
Vested
 
(267,873)
74.26
Forfeited
(7,939)
50.68
Non-vested at December 31, 2024
247,908
$
66.86
Granted
226,259
100.35
Performance Shares Quantity Adjustment
55,517
91.18
Vested
 
(293,939)
90.00
Forfeited
(8,787)
66.53
Non-vested at December 31, 2025
226,958
$
76.13
During
 
the
 
year
 
ended
 
December
 
31,
 
2025,
194,599
 
shares
 
of
 
restricted
 
stock
 
(2024
 
-
177,249
;
 
2023
 
-
200,303
)
 
and
31,660
performance shares (2024 -
65,225
; 2023 -
57,454
) were awarded to management under the
 
Incentive Plan.
During
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
the
 
Corporation
 
recognized
 
$
18.3
 
million
 
of
 
restricted
 
stock
 
expense
 
related
 
to
management incentive awards, with a tax benefit of $
2.5
 
million (2024 - $
14.0
 
million, with a tax benefit of $
2.4
 
million; 2023 - $
11.5
million, with
 
a tax
 
benefit of
 
$
1.9
 
million). During
 
the year
 
ended December
 
31, 2025,
 
the fair
 
market value
 
of the
 
restricted stock
and performance shares vested was $
20.4
 
million at grant date and $
28.0
 
million at vesting date. This differential triggers
 
a windfall
of $
2.8
 
million that was recorded as a reduction in income tax expense.
 
During the year ended December 31, 2025, the Corporation
recognized $
4.3
 
million of performance
 
shares expense, with
 
a tax benefit
 
of $
0.4
 
million (2024 -
 
$
3.9
 
million, with a
 
tax benefit of
$
0.3
 
million; 2023 - $
3.5
 
million, with a tax benefit of $
0.1
 
million).
 
The total unrecognized compensation cost related to non-vested
restricted
 
stock
 
awards
 
and
 
performance
 
shares
 
to
 
members
 
of
 
management
 
at
 
December
 
31,
 
2025
 
was
 
$
12.4
 
million
 
and
 
is
expected to be recognized over a weighted-average
 
period of
1.58
 
years.
The following table summarizes the restricted stock
 
activity under the Incentive Plan for members of
 
the Board of Directors:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Units/Stocks
Weighted-average
 
grant
date fair value
Non-vested at January 1, 2023
-
-
Granted
39,104
$
55.30
Vested
 
(39,104)
55.30
Forfeited
-
-
Non-vested at December 31, 2023
-
-
Granted
25,462
$
89.51
Vested
 
(25,462)
89.51
Forfeited
-
-
Non-vested at December 31, 2024
-
-
Granted
24,476
$
101.33
Vested
 
(5,363)
104.33
Forfeited
-
-
Non-vested at December 31, 2025
19,113
100.49
245
The equity awards granted to members of the Board of Directors of Popular,
 
Inc. (the “Directors”) on or after May 2025 will vest and
become non-forfeitable on the first anniversary of the grant date
 
of such award. Equity awards granted to the Directors may be
 
paid
in either common stock or RSUs
 
at each Director`s election. If RSUs
 
are elected, the Directors may defer the delivery
 
of the shares
of common stock underlying
 
the RSUs award until
 
their retirement. To
 
the extent that cash
 
dividends are paid on
 
the Corporation’s
outstanding common stock, the Directors will
 
receive an additional number of RSUs
 
that reflect a reinvested dividend equivalent.
 
For 2025, 2024 and
 
2023, Directors elected RSUs and
 
common stock.
 
For the year ended December
 
31, 2025,
21,788
 
RSUs and
2,688
 
shares of
 
restricted stock
 
were granted
 
to the
 
Directors (2024
 
-
24,070
 
RSUs and
1,392
 
shares of
 
restricted stock;
 
2023 -
36,804
 
RSUs
 
and
2,300
 
shares
 
of
 
restricted
 
stock).
 
For
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
$
2.0
 
million
 
of
 
restricted
 
stock
expense related
 
to these
 
shares was
 
recognized, with
 
a tax
 
benefit of
 
$
0.4
 
million (2024
 
- $
2.2
 
million with
 
a tax
 
benefit of
 
$
0.4
million; 2023
 
- $
2.2
 
million with
 
a tax
 
benefit of
 
$
0.4
 
million).
 
The fair
 
value at
 
vesting date
 
of the
 
RSUs vested
 
during the
 
year
ended December 31, 2025 for the Directors was $
0.6
 
million.
 
 
 
 
 
 
 
246
Note 34 – Income taxes
 
The
 
income
 
before
 
income tax
 
and the
 
components of
 
income tax
 
expense
 
disaggregated between
 
domestic (Puerto
 
Rico) and
foreign (including Unites
 
States federal and
 
state) for the
 
years ended December
 
31, 2025, 2024
 
and 2023 are
 
summarized in the
following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
2023
Income before income tax
Puerto Rico
$
730,740
$
545,298
$
468,001
Foreign
276,053
251,320
207,538
Total income
 
before tax
$
1,006,793
$
796,618
$
675,539
Current income tax expense:
Puerto Rico
$
107,055
$
107,405
$
168,001
Foreign
60,197
51,291
9,335
Total current income
 
tax expense
$
167,252
$
158,696
$
177,336
Deferred income tax (benefit) expense:
Puerto Rico
$
(7,473)
$
(6,982)
$
(50,871)
Foreign
13,855
30,692
7,732
Total deferred income
 
tax expense (benefit)
$
6,382
$
23,710
$
(43,139)
Total income tax
 
expense
 
$
173,634
$
182,406
$
134,197
The following table represents income taxes paid
 
(net of refunds) for the year ended December
 
31, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
Income Taxes Paid
Puerto Rico [1]
$
148,043
Foreign income tax paid
United States Federal
40,820
United States - States and Local
15,077
Other Foreign
234
Total foreign income
 
tax paid
56,131
Total income tax
 
paid
$
204,174
[1] Includes $
141.8
 
million paid for the purchase of tax credits in Puerto
 
Rico.
The tables below
 
present a reconciliation
 
of the statutory
 
income tax rate
 
to the effective
 
income tax rate.
 
The Company uses
 
the
Puerto Rico statutory tax rate as the national
 
tax rate, since Popular, Inc. is based in Puerto Rico.
 
 
247
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
(In thousands)
Amount
 
% of pre-tax
income
Computed income tax at Puerto Rico statutory tax
 
rate
$
377,547
37.5
%
Foreign Tax Effects
 
 
United States
Statutory Tax Rate
 
difference between United States and Puerto Rico
(21,337)
(2.1)
BPPR U.S. Branch Federal and State Taxes
30,789
3.1
State and Local Taxes
14,821
1.5
Other adjustments
1,050
0.1
Other foreign jurisdictions
(89)
-
Total foreign tax
 
effects
25,234
2.6
Effect of Cross Borders Tax
 
Laws
 
P.R. Tax
 
on Intercompany Distributions
(980)
(0.1)
P.R. foreign
 
tax credit
(30,789)
(3.1)
Total effect
 
of cross borders tax laws
(31,769)
(3.2)
Tax Credits
Discount on Tax
 
Credits Purchased
(8,443)
(0.8)
Total tax credits
(8,443)
(0.8)
Change in Valuation Allowance
 
11,512
1.1
Non taxable or Non deductible Items
Net benefit of tax-exempt interest income
(152,774)
(15.2)
International banking entity exempt income
(36,484)
(3.6)
Other
(5,729)
(0.6)
Total non-taxable
 
or non-deductible items
(194,987)
(19.4)
Effect of Other Adjustments
(5,460)
(0.5)
Income tax expense
 
$
173,634
17.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
2023
(In thousands)
Amount
 
% of pre-tax
income
Amount
 
% of pre-tax
income
Computed income tax at statutory states
$
298,732
37.5
%
253,327
37.5
%
Net benefit of tax-exempt interest income
(125,732)
(15.8)
(95,222)
(14.1)
Effect of income subject to preferential tax rate
(29)
-
(1,854)
(0.3)
Deferred tax asset valuation allowance
3,390
0.4
2,304
0.3
Difference in tax rates due to multiple jurisdictions
(17,111)
(2.1)
(12,857)
(1.9)
Change in tax rates
Unrecognized tax benefits
-
-
(1,529)
(0.2)
Other tax benefits
(4,500)
(0.6)
(2,925)
(0.4)
Tax on intercompany
 
distributions
24,325
3.1
-
-
States and local taxes
9,634
1.2
6,687
1.0
Others
(6,303)
(0.8)
(13,734)
(2.0)
Income tax expense
 
$
182,406
22.9
%
134,197
19.9
%
Deferred income taxes reflect the
 
net tax effects
 
of temporary differences between the
 
carrying amounts of assets and
 
liabilities for
financial reporting
 
purposes and
 
their tax
 
bases. Significant
 
components of
 
the Corporation’s
 
deferred tax
 
assets and
 
liabilities at
2025 and 2024 were as follows:
 
 
248
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
7,318
$
46,632
$
53,950
Net operating loss and other carryforward available
 
59,578
568,156
627,734
Postretirement and pension benefits
29,453
-
29,453
Allowance for credit losses
255,017
28,465
283,482
Deferred loan origination fees/cost
7,205
(2,474)
4,731
Depreciation
8,422
7,899
16,321
FDIC-assisted transaction
152,665
-
152,665
Lease liability
27,382
17,758
45,140
Unrealized net loss on investment securities
160,809
12,850
173,659
Difference in outside basis from pass-through entities
54,457
-
54,457
Mortgage Servicing Rights
15,375
-
15,375
Other temporary differences
26,347
7,586
33,933
Total gross deferred
 
tax assets
804,028
686,872
1,490,900
Deferred tax liabilities:
Intangibles
92,797
55,760
148,557
Right of use assets
24,846
15,875
40,721
Loans acquired
17,053
-
17,053
Other temporary differences
7,082
429
7,511
 
Total gross deferred
 
tax liabilities
141,778
72,064
213,842
Valuation allowance
78,153
386,587
464,740
Net deferred tax asset
$
584,097
$
228,221
$
812,318
 
December 31, 2024
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
4,861
$
24,728
$
29,589
Net operating loss and other carryforward available
 
52,211
610,279
662,490
Postretirement and pension benefits
27,786
-
27,786
Allowance for credit losses
247,153
24,415
271,568
Depreciation
7,700
7,229
14,929
FDIC-assisted transaction
152,665
-
152,665
Lease liability
25,167
16,451
41,618
Unrealized net loss on investment securities
252,411
20,996
273,407
Difference in outside basis from pass-through entities
50,144
-
50,144
Mortgage Servicing Rights
14,475
-
14,475
Other temporary differences
41,127
9,072
50,199
Total gross deferred
 
tax assets
875,700
713,170
1,588,870
Deferred tax liabilities:
Intangibles
88,351
55,926
144,277
Right of use assets
22,784
14,454
37,238
Deferred loan origination fees/cost
(1,880)
2,085
205
Loans acquired
18,415
-
18,415
Other temporary differences
6,799
429
7,228
 
Total gross deferred
 
tax liabilities
134,469
72,894
207,363
Valuation allowance
69,837
386,914
456,751
Net deferred tax asset
$
671,394
$
253,362
$
924,756
 
249
The net deferred tax
 
asset shown in the
 
table above at
 
December 31, 2025, is
 
reflected in the consolidated
 
statements of financial
condition as $
814.2
 
million in net deferred tax
 
assets (in the “other assets”
 
caption) (December 31, 2024 -
 
$
926.3
 
million) and $
1.9
million in deferred tax liabilities (in the “other liabilities” caption) (December 31, 2024- $
1.6
 
million), reflecting the aggregate deferred
tax assets or
 
liabilities of individual
 
tax-paying subsidiaries of the
 
Corporation in their
 
respective tax jurisdiction, Puerto
 
Rico or the
United States.
 
During the year ended December 31, 2025,
 
the net valuation allowance increased by approximately
 
$
8.0
 
million.
The deferred tax asset related to the NOLs and
 
other carryforwards as of December 31, 2025, expires
 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2027
406
2028
196,569
2029
118,594
2030
127,136
2031
103,555
2032
15,872
2033
21,032
2034
-
2035
44,570
$
627,734
At December
 
31, 2025, the
 
net deferred tax
 
asset of the
 
U.S. operations amounted
 
to $
614.8
 
million with
 
a valuation allowance
 
of
$
386.6
 
million, for a net deferred tax asset
 
of $
228.2
 
million. The Corporation evaluates the realization of the
 
deferred tax assets by
taxing jurisdiction,
 
on a quarterly basis.
 
The U.S. Operations have generated taxable income each of the last three years,
 
with 2025
having the highest
 
taxable income. These financial
 
results are objectively verifiable
 
positive evidence. Additionally,
 
the Corporation
considered as negative
 
evidence, inconsistency
 
in
 
performance trends,
 
including lower than
 
anticipated results
 
in
 
recent periods.
 
Also, management considered
 
the uncertainty in
 
predicting future taxable
 
income, as
 
given the impact
 
of external factors
 
such as
changes in
 
macroeconomic conditions,
 
geopolitical issues,
 
and shifts
 
in monetary
 
policy.
 
In
 
addition, management
 
evaluated the
expiration period of the NOLs carried forward
 
which begin to expire in 2028.
 
As of
 
December 31,
 
2025, after weighting
 
all positive
 
and negative evidence,
 
the Corporation concluded
 
that it
 
is more
 
likely than
not that approximately $
228.2
 
million of the deferred tax assets from the
 
U.S. operations, comprised mainly of net operating losses,
will
 
be
 
realized.
 
The
 
Corporation based
 
this
 
determination
 
on
 
its
 
estimated
 
taxable
 
income
 
available
 
to
 
realize
 
the
 
deferred
 
tax
assets for
 
the remaining carryforward
 
periods, together
 
with the
 
historical level of
 
book income
 
adjusted by permanent
 
differences
and taxable income. Management will continue to
 
monitor and review the U.S. operation’s
 
results, including recent earnings trends,
pre-tax
 
earnings
 
forecasts,
 
new
 
tax
 
initiatives,
 
and
 
performance
 
indicators
 
such
 
as
 
net
 
income
 
versus
 
forecast,
 
targeted
 
loan
growth,
 
net
 
interest
 
income
 
margin,
 
changes
 
in
 
deposit
 
costs,
 
allowance
 
for
 
credit
 
losses,
 
charge-offs,
 
NPLs
 
inflows,
 
and
 
NPA
balances. Significant changes, or a combination of changes, could positively or
 
negatively impact the amount of deferred tax assets
to be realized in the future.
At December 31,
 
2025, the Corporation’s
 
net deferred tax
 
assets related to
 
its Puerto Rico
 
operations amounted to
 
$
662.3
 
million.
The Corporation’s
 
Puerto Rico
 
Banking operation
 
has strong
 
historical record
 
of profitability.
 
This is
 
considered a
 
strong piece
 
of
objectively verifiable
 
positive evidence
 
that outweighs
 
any negative
 
evidence considered
 
by Management
 
in the
 
evaluation of
 
the
realization of the deferred tax assets. Based on this evidence and Management’s estimate of future taxable income, the Corporation
has concluded that it is more likely than not that
 
such net deferred tax assets
 
of the Puerto Rico Banking operations
 
will be realized.
The Holding Company operation has been in a
 
cumulative loss position in recent years.
 
Management expects these losses will be a
trend
 
in
 
future
 
years.
 
This
 
objectively
 
verifiable
 
negative
 
evidence is
 
considered
 
by
 
Management strong
 
negative
 
evidence that
suggests that
 
income in
 
future years
 
will be
 
insufficient to
 
support the
 
realization of
 
all deferred
 
tax assets.
 
After weighting
 
of all
positive
 
and
 
negative evidence,
 
Management concluded
 
as
 
of
 
the reporting
 
date,
 
that
 
it
 
is
 
more
 
likely
 
than
 
not that
 
the
 
Holding
Company will not be
 
able to realize any
 
portion of the deferred tax
 
assets. Accordingly, the
 
Corporation has maintained a valuation
allowance on the deferred tax assets of $
78.2
 
million as of December 31, 2025.
 
250
The Corporation’s
 
subsidiaries in
 
the United
 
States file
 
a consolidated
 
federal income
 
tax return.
 
The intercompany
 
settlement of
taxes paid is based on tax sharing agreements
 
which generally allocate taxes to each
 
entity based on a separate return basis.
The following table presents a reconciliation of
 
unrecognized tax benefits.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance at January 1, 2024
$
1.5
Balance at December 31, 2024
$
1.5
Balance at December 31, 2025
$
1.5
At
 
December 31,
 
2025, the
 
total amount
 
of
 
interest recognized
 
in the
 
statement of
 
financial condition
 
approximated
 
$
2.5
 
million
(2024 - $
2.4
 
million). The total interest
 
expense recognized during 2025 was
 
$
110
 
thousand (2024 - $
110
 
thousand). Management
determined that, as of
 
December 31, 2025 and
 
2024, there was
no
 
need to accrue for
 
the payment of penalties.
 
The Corporation’s
policy is
 
to report
 
interest related
 
to unrecognized
 
tax benefits
 
in income
 
tax expense,
 
while the
 
penalties, if
 
any,
 
are reported
 
in
other operating expenses in the consolidated statements
 
of operations.
 
After consideration
 
of the
 
effect on
 
U.S. federal
 
tax of
 
unrecognized U.S.
 
state tax
 
benefits, the
 
total amount
 
of unrecognized
 
tax
benefits, including U.S. and Puerto Rico that, if recognized, would affect the Corporation’s effective tax rate, was approximately $
3.0
million at December 31, 2025 (2024 - $
3.0
 
million).
The amount of
 
unrecognized tax benefits
 
may increase or
 
decrease in the
 
future for various
 
reasons including adding amounts
 
for
current
 
tax
 
year
 
positions,
 
expiration
 
of
 
open
 
income
 
tax
 
returns
 
due
 
to
 
the
 
statute
 
of
 
limitations,
 
changes
 
in
 
management’s
judgment about
 
the level
 
of uncertainty,
 
status of
 
examinations, litigation
 
and legislative
 
activity,
 
and the
 
addition or
 
elimination of
uncertain tax positions.
 
The Corporation does not anticipate a
 
reduction in the total amount
 
of unrecognized tax benefits within the
next 12 months.
The
 
Corporation and
 
its subsidiaries
 
file
 
income tax
 
returns in
 
Puerto
 
Rico, the
 
U.S. federal
 
jurisdiction, various
 
U.S. states
 
and
political subdivisions, and
 
foreign jurisdictions. As
 
of December 31,
 
2025, the
 
following years remain
 
subject to
 
examination in the
U.S. Federal jurisdiction – 2022 and thereafter and
 
in the Puerto Rico jurisdiction – 2019 and thereafter.
 
 
251
Note 35 – Supplemental disclosure on the consolidated
 
statements of cash flows
Additional disclosures on cash flow information and
 
non-cash activities for the years ended December
 
31, 2025, 2024 and 2023 are
listed in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
2023
Income taxes paid
$
204,174
$
186,659
$
185,423
Interest paid
1,236,290
1,389,354
1,093,968
Non-cash activities:
 
Loans transferred to other real estate
30,755
43,082
60,976
 
Loans transferred to other property
87,209
83,851
72,069
 
Total loans transferred
 
to foreclosed assets
117,964
126,933
133,045
 
Loans transferred to other assets
47,338
50,478
28,616
 
Financed sales of other real estate assets
6,059
10,620
10,378
 
Financed sales of other foreclosed assets
56,384
52,385
49,361
 
Total financed sales
 
of foreclosed assets
62,443
63,005
59,739
 
Financed sale of premises and equipment
63,610
127,785
88,537
 
Transfers from premises and equipment to
 
long-lived assets held-for-sale
-
50,645
-
 
Transfers from loans held-in-portfolio to
 
loans held-for-sale
5,740
28,001
57,256
 
Transfers from loans held-for-sale to loans
 
held-in-portfolio
2,510
6,007
5,354
 
Loans securitized into investment securities
[1]
14,251
15,160
37,345
 
Trades payable to brokers and counterparties
595,911
495,139
30
 
Net change in receivables from investments securities
14,670
161,400
51,000
 
Recognition of mortgage servicing rights on securitizations
 
or asset transfers
1,133
1,364
2,097
 
Loans booked under the GNMA buy-back option
5,274
3,537
6,014
 
Capitalization of right of use assets
35,702
5,202
23,991
[1]
 
Includes loans securitized into trading securities and subsequently
 
sold before year end.
The following table provides a reconciliation of
 
cash and due from banks, and restricted cash
 
reported within the Consolidated
Statement of Financial Condition that sum to the total of
 
the same such amounts shown in the Consolidated
 
Statement of Cash
Flows.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
December 31, 2023
Cash and due from banks
$
396,735
$
411,375
$
383,385
Restricted cash and due from banks
6,020
8,263
37,077
Restricted cash in money market investments
10,234
9,768
7,113
Total cash and due
 
from banks, and restricted cash
[2]
$
412,989
$
429,406
$
427,575
[2]
 
Refer to Note 4 - Restrictions on cash and due from banks
 
and certain securities for nature of restrictions.
252
Note 36 – Segment reporting
The
 
Corporation’s
 
corporate
 
structure
 
consists
 
of
two
 
reportable
 
segments
 
–
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.
 
The segments were
 
determined based on the
 
organizational structure, which focuses
 
primarily on the
markets the segments serve, as well as on the products
 
and services offered by the segments.
The chief operating
 
decision maker (“CODM”) of
 
the Corporation is
 
the Chief Executive
 
Officer (“CEO”) who
 
utilizes net income
 
as
one of
 
the segment
 
profitability measures,
 
to evaluate
 
the performance
 
of each
 
reportable segment and
 
assess where
 
to allocate
resources effectively.
 
The CEO
 
receives
 
profitability reports
 
that
 
include net
 
income
 
per segment,
 
net
 
interest income
 
and
 
other
income
 
and expense
 
categories. The
 
CODM uses
 
the segment’s
 
net income
 
and components
 
of net
 
income, including
 
segment
revenues and
 
expenses to
 
assess performance
 
and to
 
manage important
 
aspects by
 
each reportable
 
segments,
 
such as
 
human
capital, investment in technology, making budget allocations,
 
as well as other strategic decisions.
Banco Popular de Puerto Rico:
 
The Banco
 
Popular de
 
Puerto Rico
 
reportable segment
 
includes commercial,
 
consumer and
 
retail banking
 
operations, as
 
well as
mortgage and auto lending operations conducted
 
at BPPR, including U.S. based activities conducted
 
through its New York
 
Branch.
Other financial
 
services within the
 
BPPR segment
 
include the trust
 
service units
 
of BPPR,
 
asset management services
 
of Popular
Asset Management and
 
the brokerage operations
 
of Popular Securities,
 
and the insurance
 
agency and reinsurance
 
businesses of
Popular Insurance, Popular Risk Services, Popular Life
 
Re, and Popular Re.
Popular U.S.:
 
Popular U.S. reportable segment
 
consists of the
 
banking operations of Popular
 
Bank (PB), Popular Insurance
 
Agency, U.S.A.,
 
and
PEF.
 
PB
 
operates through
 
a retail
 
branch network
 
in the
 
U.S. mainland
 
under the
 
name of
 
Popular,
 
and equipment
 
leasing and
financing services through PEF.
 
Popular Insurance Agency,
 
U.S.A. offers investment and insurance
 
services across the PB
 
branch
network.
 
The Corporate group
 
consists primarily of
 
the holding companies
 
Popular, Inc.,
 
Popular North America,
 
Popular International Bank
and certain of the Corporation’s investments accounted for under
 
the equity method, including BHD.
 
The
 
accounting
 
policies
 
of
 
the
 
individual
 
operating
 
segments
 
are
 
the
 
same
 
as
 
those
 
of
 
the
 
Corporation.
 
Transactions
 
between
reportable segments are primarily conducted at market rates, resulting
 
in profits that are eliminated for reporting consolidated results
of
 
operations. Assets
 
representing transactions
 
between reportable
 
segments
 
or
 
the
 
Corporate
 
group
 
are
 
also
 
eliminated in
 
the
tables presented below.
The tables that follow present the results of operations
 
and total assets by reportable segments:
 
253
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
2,995,591
$
787,775
$
(3,145)
Interest expense
829,974
375,876
(3,145)
Net interest income
2,165,617
411,899
-
Provision for credit losses
241,032
19,280
-
Non-interest income
 
584,442
26,679
-
Personnel costs
655,433
109,053
-
Professional fees
52,088
10,978
-
Technology and
 
software expenses
262,540
39,583
-
Processing and transactional services
149,998
2,370
-
Amortization of intangibles
1,062
688
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
42,664
8,979
-
Other operating expenses
[1]
483,255
103,437
-
Total operating
 
expenses
1,647,040
288,088
-
Income before income tax
861,987
131,210
-
Income tax expense
132,434
43,449
-
Net income
$
729,553
$
87,761
$
-
Segment assets
$
59,934,092
$
15,062,430
$
(66,857)
For the year ended December 31, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,780,221
$
6,654
$
(3,866)
$
3,783,009
Interest expense
1,202,705
42,967
(3,866)
1,241,806
Net interest income (expense)
2,577,516
(36,313)
-
2,541,203
Provision for credit losses (benefit)
260,312
(149)
-
260,163
Non-interest income
611,121
50,902
(4,004)
658,019
Personnel costs
764,486
140,728
-
905,214
Professional fees
63,066
48,145
(1,113)
110,098
Technology and
 
software expenses
302,123
39,482
-
341,605
Processing and transactional services
152,368
18
-
152,386
Amortization of intangibles
1,750
-
-
1,750
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
51,643
1,587
-
53,230
Other operating expenses
[1]
586,692
(228,292)
(3,417)
354,983
Total operating
 
expenses
1,935,128
1,668
(4,530)
1,932,266
Income before income tax
993,197
13,070
526
1,006,793
Income tax expense
175,883
(2,554)
305
173,634
Net income
$
817,314
$
15,624
$
221
$
833,159
Segment assets
$
74,929,665
$
5,820,869
$
(5,402,267)
$
75,348,267
[1]
Other operating expenses includes net occupancy expenses,
 
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit
 
insurance costs and OREO expenses.
 
254
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,926,996
$
753,912
$
(10,600)
Interest expense
970,430
397,910
(10,600)
Net interest income
1,956,566
356,002
-
Provision for credit losses
254,843
1,369
-
Non-interest income
 
596,262
26,247
(56)
Personnel costs
601,652
104,948
-
Professional fees
58,687
12,562
(56)
Technology and
 
software expenses
254,584
37,884
-
Processing and transactional services
140,293
2,362
-
Amortization of intangibles
1,696
1,242
-
Depreciation expense
47,019
8,499
-
Other operating expenses
[1]
510,108
102,207
-
Total operating
 
expenses
1,614,039
269,704
(56)
Income before income tax
683,946
111,176
-
Income tax expense
128,207
33,549
-
Net income
$
555,739
$
77,627
$
-
Segment assets
$
58,601,802
$
14,333,292
$
(264,885)
For the year ended December 31, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,670,308
$
12,589
$
(9,634)
$
3,673,263
Interest expense
1,357,740
42,869
(9,634)
1,390,975
Net interest income (expense)
2,312,568
(30,280)
-
2,282,288
Provision for credit losses (benefit)
256,212
730
-
256,942
Non-interest income
622,453
41,046
(4,590)
658,909
Personnel costs
706,600
113,851
-
820,451
Professional fees
71,193
55,608
(979)
125,822
Technology and
 
software expenses
292,468
36,593
-
329,061
Processing and transactional services
142,655
22
-
142,677
Amortization of intangibles
2,938
-
-
2,938
Depreciation expense
55,518
1,560
-
57,078
Other operating expenses
[1]
612,315
(199,165)
(3,540)
409,610
Total operating
 
expenses
1,883,687
8,469
(4,519)
1,887,637
Income before income tax
795,122
1,567
(71)
796,618
Income tax expense (benefit)
161,756
20,609
41
182,406
Net income
$
633,366
$
(19,042)
$
(112)
$
614,212
Segment assets
$
72,670,209
$
5,895,389
$
(5,520,215)
$
73,045,383
[1]
Other operating expenses includes net occupancy expenses,
 
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit
 
insurance costs and OREO expenses.
 
255
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,631,407
$
627,600
$
(16,432)
Interest expense
819,752
276,955
(16,434)
Net interest income
1,811,655
350,645
2
Provision for credit losses
 
(benefit)
194,325
14,584
-
Non-interest income
 
586,677
24,868
(404)
Personnel costs
571,516
102,994
-
Professional fees
79,108
17,410
(401)
Technology and
 
software expenses
232,652
31,890
-
Processing and transactional services
135,528
2,521
-
Amortization of intangibles
1,937
1,243
-
Goodwill impairment charge
-
23,000
-
Depreciation expense
49,135
7,888
-
Other operating expenses
[1]
544,767
99,438
(3)
Total operating
 
expenses
1,614,643
286,384
(404)
Income before income tax
589,364
74,545
2
Income tax expense (benefit)
117,412
18,198
-
Net income
$
471,952
$
56,347
$
2
Segment assets
$
57,023,071
$
13,812,158
$
(426,058)
 
December 31, 2023
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,242,575
$
18,141
$
(15,409)
$
3,245,307
Interest expense
1,080,273
48,919
(15,409)
1,113,783
Net interest income (expense)
2,162,302
(30,778)
-
2,131,524
Provision for credit losses
(benefit)
208,909
(300)
-
208,609
Non-interest income
611,141
44,410
(4,827)
650,724
Personnel costs
674,510
103,535
-
778,045
Professional fees
96,117
65,713
(688)
161,142
Technology and
 
software expenses
264,542
26,073
-
290,615
Processing and transactional services
138,049
21
-
138,070
Amortization of intangibles
3,180
-
-
3,180
Goodwill impairment charge
23,000
-
-
23,000
Depreciation expense
57,023
1,484
-
58,507
Other operating expenses (benefit)
[1]
644,202
(194,824)
(3,837)
445,541
Total operating
 
expenses
1,900,623
2,002
(4,525)
1,898,100
Income before income tax
663,911
11,930
(302)
675,539
Income tax expense
 
(benefit)
135,610
(1,333)
(80)
134,197
Net income
$
528,301
$
13,263
$
(222)
$
541,342
Segment assets
$
70,409,171
$
5,607,833
$
(5,258,849)
$
70,758,155
[1]
Other operating expenses includes net occupancy expenses,
 
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit
 
insurance costs and OREO expenses.
 
256
Geographic Information
The following information presents selected
 
financial information based on the
 
geographic location where the Corporation conducts
its business. The
 
banking operations of BPPR
 
are primarily based in
 
Puerto Rico, where it
 
has the largest
 
retail banking franchise.
BPPR
 
also
 
conducts
 
banking
 
operations
 
in
 
the
 
U.S.
 
Virgin
 
Islands,
 
the
 
British
 
Virgin
 
Islands
 
and
 
New
 
York.
 
BPPR’s
 
banking
operations in
 
the mainland
 
United States
 
include commercial
 
lending activities
 
in addition
 
to
 
periodic loan
 
participations with
 
PB.
During
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
BPPR
 
participated
 
in
 
loans
 
originated
 
by
 
PB
 
totaling
 
$
29
 
million
 
(2024
 
-
 
did
no
t
participate, 2023 -
 
$
81
 
million). Total
 
assets for the BPPR
 
segment related to
 
its operations in
 
the United States
 
amounted to $
1.4
billion
 
(December
 
31,
 
2024
 
-
 
$
1.6
 
billion),
 
including
 
$
102
 
million
 
in
 
multifamily
 
loans
 
(December
 
31,
 
2024
 
-
 
$
104
 
million),
 
$
435
million in
 
commercial real
 
estate loans (December
 
31, 2024
 
- $
588
 
million), $
714
 
million in
 
C&I loans (December
 
31, 2024
 
- $
685
million), and
 
$
41
 
million in
 
unsecured personal
 
loans (December
 
31, 2024
 
- $
113
 
million). During
 
the year
 
ended December
 
31,
2025, the
 
BPPR segment generated
 
$
98.4
 
million (2024
 
- $
124.2
 
million, 2023 -
 
$
117.7
 
million) in
 
revenues from its
 
operations in
the United States, mainly from net interest income. In the Virgin Islands, the BPPR segment offers banking products,
 
including loans
and deposits.
 
Total
 
assets for
 
the BPPR
 
segment related to
 
its operations
 
in the
 
U.S. and
 
British Virgin
 
Islands amounted
 
to $
1.0
billion (December 31, 2024 - $
1.0
 
billion). The BPPR segment generated $
52.1
 
million in revenues during the year ended December
31, 2025 (2024 - $
43.4
 
million, 2023 - $
45.0
 
million) from its operations in the U.S. and
 
British Virgin Islands.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
2023
Revenues:
[1]
Puerto Rico
 
$
2,558,396
$
2,334,721
$
2,175,938
United States
542,287
520,534
518,805
Other
98,539
85,942
87,505
Total consolidated
 
revenues
$
3,199,222
$
2,941,197
$
2,782,248
[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 (loss) gain
 
on trading account debt securities, net gain (loss) on sale
 
of loans, including valuation
adjustments on loans held-for-sale, adjustments to indemnity
 
reserves on loans sold, and other operating income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information
(In thousands)
2025
2024
2023
Puerto Rico
Total assets
$
57,955,465
$
55,888,211
$
54,181,300
Loans
25,853,231
24,154,610
22,519,961
Deposits
52,451,498
52,099,309
51,282,007
United States
Total assets
$
16,101,705
$
15,890,339
$
15,343,156
Loans
12,966,468
12,431,859
12,006,012
Deposits
11,987,581
11,030,879
10,643,602
Other
Total assets
$
1,291,097
$
1,266,833
$
1,233,699
Loans
517,817
526,606
543,299
Deposits
[1]
1,751,014
1,754,157
1,692,634
[1]
Represents deposits from BPPR operations located in the
 
U.S. and British Virgin Islands.
 
257
Note 37 - Popular, Inc. (holding company only) financial information
The following
 
condensed financial
 
information presents
 
the financial
 
position of
 
Popular,
 
Inc. Holding
 
Company only
 
at December
31, 2025 and 2024, and the results of its
 
operations and cash flows for the years ended
 
December 31, 2025, 2024 and 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statements of Condition
December 31,
(In thousands)
2025
2024
ASSETS
Cash and due from banks (includes $
185,376
 
due from bank subsidiary (2024 - $
175,715
))
$
185,376
$
175,715
Money market investments
328,027
453,723
Debt securities held-to-maturity,
 
at amortized cost (includes $
3,125
 
in common
 
securities from statutory trusts (2024 - $
3,125
))
[1]
3,125
3,125
Equity securities, at lower of cost or realizable value
32,677
29,170
Investment in BPPR and subsidiaries, at equity
3,783,899
3,183,855
Investment in Popular North America and subsidiaries,
 
at equity
2,021,808
1,908,608
Investment in other non-bank subsidiaries, at equity
427,453
408,639
Other loans
 
24,301
25,662
Less - Allowance for credit losses
132
281
Premises and equipment
5,228
6,299
Investment in equity method investees
5,145
5,279
Other assets (includes $
1,967
 
due from subsidiaries and affiliate (2024 - $
3,875
))
73,887
48,986
Total assets
 
$
6,890,794
$
6,248,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable
$
500,706
$
499,346
Other liabilities (includes $
6,924
 
due to subsidiaries and affiliate (2024 - $
11,418
))
140,773
136,249
Stockholders’ equity
6,249,315
5,613,185
Total liabilities and
 
stockholders’ equity
 
$
6,890,794
$
6,248,780
[1] Refer to Note 17 to the consolidated financial statements
 
for information on the statutory trusts.
 
258
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statements of Operations
Years ended December 31,
(In thousands)
2025
2024
2023
Income:
Dividends from subsidiaries
$
596,500
$
623,000
$
208,000
Interest income (includes $
3,984
 
due from subsidiaries and affiliates (2024 -
 
$
9,693
; 2023 -
$
15,401
))
6,487
12,139
17,715
(Losses) earnings from investments in equity method investees
(135)
15
(84)
Other operating income
1
3
-
Net gain (losses), including impairment, on equity securities
297
(293)
2,012
Total income
 
603,150
634,864
227,643
Expenses:
Interest expense
36,738
36,640
42,691
Provision for credit losses (benefit)
(149)
230
(300)
Operating expenses (includes expenses for services provided
 
by subsidiaries and affiliate of
$
17,767
 
(2024 - $
13,265
 
; 2023 - $
13,463
)), net of reimbursement by subsidiaries for services
provided by parent of $
253,213
 
(2024 - $
226,299
 
; 2023 - $
215,479
)
315
730
924
Total expenses
36,904
37,600
43,315
Income before income taxes and equity in undistributed
 
earnings of subsidiaries
566,246
597,264
184,328
Income tax (benefit) expense
[1]
(2,053)
23,410
-
Income before equity in undistributed earnings of subsidiaries
568,299
573,854
184,328
Equity in undistributed earnings of subsidiaries
264,860
40,358
357,014
Net income
$
833,159
$
614,212
$
541,342
Comprehensive income, net of tax
$
1,312,312
$
848,503
$
1,170,739
[1] The net income
 
for the year ended
 
December 31, 2024,
 
included $22.9 million
 
of expenses, of
 
which $16.5 million
 
was reflected in income
 
tax
expense and $6.4 million
 
was reflected in other
 
operating expenses, related
 
to an out-of-period adjustment
 
associated with the Corporation’s
 
U.S.
subsidiary’s non-payment of taxes
 
on certain intercompany distributions to
 
the Bank Holding Company (BHC)
 
in Puerto Rico, a foreign corporation
for U.S. tax purposes.
 
259
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statements of Cash Flows
Years ended December 31,
(In thousands)
2025
2024
2023
Cash flows from operating activities:
Net income
$
833,159
$
614,212
$
541,342
Adjustments to reconcile net income to net cash provided
 
by operating activities:
Equity in earnings of subsidiaries, net of dividends or
 
distributions
(264,860)
(40,358)
(357,014)
Provision for credit (benefit) losses
(149)
230
(300)
Net accretion of discounts and amortization of premiums and
 
deferred fees
 
1,347
1,248
1,754
Share-based compensation
14,527
10,785
9,735
Losses (earnings) from investments under the equity method,
 
net of dividends or distributions
135
(15)
84
Net increase in:
Equity securities
(3,507)
(5,176)
(5,158)
Other assets
(22,723)
(10,531)
(62)
Net increase (decrease) in:
Interest payable
-
-
3,239
Other liabilities
6,255
12,507
(3,377)
Total adjustments
(268,975)
(31,310)
(351,099)
Net cash provided by operating activities
564,184
582,902
190,243
Cash flows from investing activities:
 
Net decrease (increase) in money market investments
126,000
(210,000)
(165,000)
Net repayments on other loans
1,373
1,307
1,252
Capital contribution to subsidiaries
(10,000)
(1,725)
(4,150)
Return of capital from wholly owned subsidiaries
23,000
67,400
64,000
Acquisition of premises and equipment
(639)
(961)
(2,266)
Proceeds from sale of premises and equipment
123
135
68
Net cash provided by (used in) investing activities
139,857
(143,844)
(106,096)
Cash flows from financing activities:
 
Payments of notes payable
-
-
(300,000)
Proceeds from issuances of notes payable
-
-
393,061
Proceeds from issuances of common stock
16,698
16,312
14,045
Dividends paid
(197,568)
(180,461)
(159,860)
Net payments for repurchase of common stock
(504,815)
(218,619)
(1,396)
Payments related to tax withholding for share-based compensation
(8,392)
(6,699)
(4,083)
Net cash used in financing activities
(694,077)
(389,467)
(58,233)
Net increase in cash and due from banks, and restricted
 
cash
 
9,964
49,591
25,914
Cash and due from banks, and restricted cash at beginning
 
of period
178,438
128,847
102,933
Cash and due from banks, and restricted cash at end of period
$
188,402
$
178,438
$
128,847
 
260
During
 
the
 
year
 
ended
 
December
 
31,
 
2025,
 
Popular,
 
Inc.
 
(parent
 
company
 
only)
 
received
 
dividend
 
distributions
 
from
 
PIBI’s
amounting to $
23.0
 
million (2024 - $
17.4
 
million; 2023 - $
14.0
 
million). PIBI’s main source of income is its investment in BHD. There
were no dividend distributions from PNA for the year
 
ended December 31, 2025 (2024 - $
50.0
 
million; 2023 - $
50.0
 
million).
Notes payable include junior
 
subordinated debentures issued by
 
the Corporation that are
 
associated to capital securities
 
issued by
the
 
Popular Capital
 
Trust
 
II
 
and medium-term
 
notes. Refer
 
to
 
Note 17
 
for
 
a description
 
of
 
significant provisions
 
related to
 
these
junior subordinated
 
debentures. The following
 
table presents
 
the aggregate amounts
 
by contractual maturities
 
of notes
 
payable at
December 31, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
(In thousands)
2026
$
-
2027
-
2028
396,558
2029
-
2030
-
Later years
104,148
Total
 
$
500,706
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
261
SIGNATURES
Pursuant to the
 
requirements of Section
 
13 or
 
15 (d)
 
of the Securities
 
Exchange Act of
 
1934, the registrant
 
has duly caused
 
this
report to be signed on its behalf by the undersigned,
 
thereunto duly authorized on March 2, 2026.
POPULAR, INC.
(Registrant)
By: /S/ JAVIER D. FERRER
Javier D. Ferrer
President and Chief Executive
Officer
Pursuant to the requirements
 
of the Securities Exchange Act
 
of 1934, this report
 
has been signed below by
 
the following persons
on behalf of the registrant and in the capacities
 
and on the dates indicated.
/S/ RICHARD L. CARRIÓN
Chairman of the Board
03/02/2026
Richard L. Carrión
Chairman of the Board
/S/ JAVIER D. FERRER
President, Chief Executive Officer
03/02/2026
Javier D. Ferrer
and Director
President and Chief Executive Officer
/S/ JORGE J. GARCÍA
Principal Financial Officer
03/02/2026
Jorge J. García
Executive
 
Vice
 
President
 
and
 
Chief
 
Financial
Officer
/S/ DENISSA M. RODRÍGUEZ
Principal Accounting Officer
03/02/2026
Denissa M. Rodríguez
Senior Vice President and Comptroller
/S/ ALEJANDRO M. BALLESTER
Director
03/02/2026
Alejandro M. Ballester
/S/ ROBERT CARRADY
Director
03/02/2026
Robert Carrady
/S/ BERTIL E. CHAPPUIS
Director
03/02/2026
Bertil E. Chappuis
/S/ BETTY DEVITA
Director
03/02/2026
Betty Devita
S/ MARÍA LUISA FERRÉ
Director
03/02/2026
María Luisa Ferré
/S/ C. KIM GOODWIN
Director
03/02/2026
C. Kim Goodwin
/S/ JOSÉ R. RODRÍGUEZ
Director
03/02/2026
José R. Rodríguez
/S/ ALEJANDRO M. SÁNCHEZ
Director
03/02/2026
Alejandro M. Sánchez
/S/ MYRNA M. SOTO
Director
03/02/2026
Myrna M. Soto
/S/ CARLOS A. UNANUE
Director
03/02/2026
Carlos A. Unanue

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