Popular, Inc. (Banco Popular de Puerto Rico) - 10-Q quarterly report FY2025 Q1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form

10-Q

[X]

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended

March 31, 2025

[ ]

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number:

001-34084

POPULAR, INC.

(Exact name of registrant as specified in its charter)

Puerto Rico

66-0667416

(State or other jurisdiction of Incorporation or

(IRS Employer Identification Number)

organization)

Popular Center Building

209 Muñoz Rivera Avenue

Hato Rey

Puerto Rico

00918

(Address of principal executive offices)

(Zip code)

(

787

)

765-9800

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

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 Stock Market

6.125% Cumulative Monthly Income Trust

Preferred Securities

BPOPM

The

NASDAQ Stock Market

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.

[X]

Yes

[

]

Indicate by

check mark

whether the registrant

has submitted

electronically every

Interactive Data

File required to

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).

[X]

Yes

[

]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,

smaller reporting company, or an emerging growth company.

See 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[

]

Yes

[X]

Indicate

the

number

outstanding

each

the

issuer’s

classes

common

stock,

the

latest

practicable date:

Common Stock, $0.01 par value,

68,510,774

shares outstanding as of May 7, 2025.

POPULAR, INC.

INDEX

Part I – Financial Information

Page

Item 1. Financial Statements

Unaudited Consolidated Statements of Financial Condition at March 31, 2025 and

December 31, 2024

Unaudited Consolidated Statements of Operations for the quarters

ended March 31, 2025 and 2024

Unaudited Consolidated Statements of Comprehensive Income for the

quarters

ended March 31, 2025 and 2024

Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the

quarters ended March 31, 2025 and 2024

Unaudited Consolidated Statements of Cash Flows for the quarters

ended March 31, 2025 and 2024

Notes to Unaudited Consolidated Financial Statements

Item 2. Management’s Discussion and Analysis of Financial Condition and

Results of Operations

116

Item 3. Quantitative and Qualitative Disclosures about Market Risk

157

Item 4. Controls and Procedures

157

Part II – Other Information

Item 1. Legal Proceedings

158

Item 1A. Risk Factors

158

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

158

Item 3. Defaults Upon Senior Securities

159

Item 4. Mine Safety Disclosures

159

Item 5. Other information

159

Item 6. Exhibits

161

Signatures

162

Forward-Looking Statements

This

Form

10-Q

contains

“forward-looking

statements”

within

the

meaning

the

U.S.

Private

Securities

Litigation

Reform

Act

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

management’s

current

expectations

and,

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

legal

and

regulatory

proceedings

and

new

accounting

standards

the

Corporation’s

financial

condition and

results

of operations.

All

statements

contained

herein

that

are

not

clearly

historical

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

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

growth

decline

the

economy

and

employment

levels,

well

general

business

and

economic

conditions

the

geographic

areas

serve

and,

particular,

the

Commonwealth

Puerto

Rico

(the

“Commonwealth” or “Puerto Rico”), where a significant portion of our business is concentrated;

●

adverse

economic

conditions,

including

high

levels

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

bank

failures

adverse

developments

other

banks

and

negative

media

coverage

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

the

economy,

our

customers

and

our

business;

●

the

amount

Puerto

Rico

public

sector

deposits

held

the

Corporation,

whose

future

balances

are

uncertain

and

difficult

predict

and

may

impacted

factors

such

the

amount

Federal

funds

received

the

P.R.

Government

and

the

rate

expenditure

such

funds,

well

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

initiative, including

our ability

to achieve

projected

earnings, efficiencies

and return

on tangible

common equity

and accurately

anticipate costs

and expenses

associated

therewith;

●

the fiscal and monetary policies of the federal government and its agencies;

●

changes

federal

bank

regulatory

and

supervisory

policies,

including

required

levels

capital,

liquidity,

resolution-

related requirements and the impact of other proposed capital standards on our capital ratios;

●

changes

and

uncertainty

regarding

federal

funding,

tax

and

trade

and

tariff

policies,

and

rulemaking,

supervision,

examination and enforcement priorities of the current federal administration;

●

increases

additional

Federal

Deposit

Insurance

Corporation

(“FDIC”)

assessments,

such

the

special

assessment

implemented by

the

FDIC to

recover

the losses

to the

deposit

insurance

fund (“DIF”)

resulting

from the

receiverships of Silicon Valley Bank and Signature

Bank;

●

regulatory approvals

that may

be necessary

to undertake

certain actions

or consummate

strategic transactions,

such

as acquisitions and dispositions;

●

the

relative

strength

weakness

the

consumer

and

commercial

credit

sectors

and

the

real

estate

markets

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

core financial

transaction processing

and information

technology services,

or of

third parties

providing services

to us,

including

result

cyberattacks,

e-fraud,

denial-of-services

and

computer

intrusion,

resulting

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

II, Item

1. 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

the Corporation’s

Annual Report

on Form

10-K for

the year

ended December 31,

2024 (the

“2024 Form

10-K”), as

well as

“Part II,

Item 1A” of our

Quarterly Report on

this Form 10-Q for

a discussion of

such factors and

certain risks and

uncertainties to which

the

Corporation is subject.

All forward-looking

statements included

in this

Form 10-Q

are based

upon information

available

to Popular

as of

the date

of this

Form 10-Q, 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.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF FINANCIAL CONDITION

[UNAUDITED]

March 31,

December 31,

(In thousands, except share information)

2025

2024

Assets:

Cash and due from banks

380,165

419,638

Money market investments:

Time deposits with other banks

6,195,028

6,380,948

Total money market investments

6,195,028

6,380,948

Trading account debt securities, at fair value

28,477

32,831

Debt securities available-for-sale, at fair value:

Pledged securities with creditors’ right to repledge

33,273

30,486

Other debt securities available-for-sale

19,459,907

18,215,417

Debt securities available-for-sale

19,493,180

18,245,903

Debt securities held-to-maturity, at amortized cost:

Pledged securities with creditors’ right to repledge

27,595

27,405

Other debt securities held-to-maturity

7,621,123

7,730,672

Debt securities held-to-maturity (fair value 2025 - $

7,640,686

; 2024 - $

7,682,664

)

7,648,718

7,758,077

Less – Allowance for credit losses

5,481

5,317

Debt securities held-to-maturity, net

7,643,237

7,752,760

Equity securities (realizable value 2025 - $

205,515

; 2024 - $

208,663

)

205,021

208,166

Loans held-for-sale, at fair value

5,077

5,423

Loans held-in-portfolio

37,675,070

37,522,995

Less – Unearned income

421,038

415,343

Allowance for credit losses

762,148

746,024

Total loans held-in-portfolio, net

36,491,884

36,361,628

Premises and equipment, net

625,237

601,787

Other real estate

52,114

57,268

Accrued income receivable

262,720

263,389

Mortgage servicing rights, at fair value

104,743

108,103

Other assets

1,742,540

1,797,759

Goodwill

802,954

Other intangible assets

6,229

6,826

Total assets

74,038,606

73,045,383

Liabilities and Stockholders’ Equity

Liabilities:

Deposits:

Non-interest bearing

15,160,801

15,139,555

Interest bearing

50,658,454

49,744,790

Total deposits

65,819,255

64,884,345

Assets sold under agreements to repurchase

57,268

54,833

Other short-term borrowings

200,000

225,000

Notes payable

833,149

896,293

Other liabilities

1,329,239

1,371,846

Total liabilities

68,238,911

67,432,317

Commitments and contingencies (Refer to Note 20)

Stockholders’ equity:

Preferred stock,

30,000,000

shares authorized;

885,726

shares issued and outstanding (2024 -

885,726

)

22,143

Common stock, $

0.01

par value;

170,000,000

shares authorized;

104,869,189

shares issued (2024 -

104,849,460

) and

68,984,148

shares outstanding (2024 -

70,141,291

)

1,049

1,048

Surplus

4,912,886

4,908,693

Retained earnings

4,699,697

4,570,957

Treasury stock - at cost,

35,885,041

shares (2024 -

34,708,169

)

(2,346,093)

(2,228,535)

Accumulated other comprehensive loss, net of tax

(1,489,987)

(1,661,240)

Total stockholders’ equity

5,799,695

5,613,066

Total liabilities and stockholders’ equity

74,038,606

73,045,383

The accompanying notes are an integral part of these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF OPERATIONS

Quarters ended March 31,

(In thousands, except per share information)

2025

2024

Interest income:

Loans

666,673

638,730

Money market investments

70,166

88,516

Investment securities

180,159

166,895

Total interest income

916,998

894,141

Interest expense:

Deposits

297,863

329,496

Short-term borrowings

1,426

1,192

Long-term debt

12,112

12,709

Total interest expense

311,401

343,397

Net interest income

605,597

550,744

Provision for credit losses

64,081

72,598

Net interest income after provision for credit losses

541,516

478,146

Non-interest income:

Service charges on deposit accounts

39,054

37,442

Other service fees

94,508

94,272

Mortgage banking activities (Refer to Note 9)

3,689

4,360

Net (loss) gain, including impairment on equity securities

(414)

1,103

Net gain on trading account debt securities

520

361

Adjustments to indemnity reserves on loans sold

173

(237)

Other operating income

14,531

26,517

Total non-interest

income

152,061

163,818

Operating expenses:

Personnel costs

212,713

215,377

Net occupancy expenses

27,218

28,041

Equipment expenses

5,302

9,567

Other taxes

18,725

14,375

Professional fees

26,825

28,918

Technology and

software expenses

83,668

79,462

Processing and transactional services

37,781

34,194

Communications

4,904

4,557

Business promotion

23,675

20,989

Deposit insurance

10,035

23,887

Other real estate owned (OREO) expense (income)

(3,330)

(5,321)

Other operating expenses

22,899

28,272

Amortization of intangibles

597

795

Total operating expenses

471,012

483,113

Income before income tax

222,565

158,851

Income tax expense

45,063

55,568

Net Income

177,502

103,283

Net Income Applicable to Common Stock

177,149

102,930

Net Income per Common Share - Basic

2.56

1.43

Net Income per Common Share - Diluted

2.56

1.43

The accompanying notes are an integral part of these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF COMPREHENSIVE INCOME

Quarters ended March 31,

(In thousands)

2025

2024

Net income

177,502

103,283

Other comprehensive income (loss) before tax:

Foreign currency translation adjustment

(6,646)

(4,020)

Amortization of net losses of pension and postretirement benefit plans

2,273

3,618

Unrealized holding gains (losses) on debt securities arising during the period

165,984

(73,030)

Amortization of unrealized losses of debt securities transfer from available-for-sale to held-to-

maturity

45,311

44,009

Other comprehensive income (loss) before tax

206,922

(29,423)

Income tax expense

(35,669)

(8,232)

Total other comprehensive

income (loss), net of tax

171,253

(37,655)

Comprehensive income, net of tax

348,755

65,628

Tax effect allocated to each component of other

comprehensive income (loss):

Quarters ended March 31,

(In thousands)

2025

2024

Amortization of net losses of pension and postretirement benefit plans

(852)

(1,356)

Unrealized holding gains (losses) on debt securities arising during the period

(25,755)

1,926

Amortization of unrealized losses of debt securities transfer from available-for-sale to held-to-

maturity

(9,062)

(8,802)

Income tax expense

(35,669)

(8,232)

The accompanying notes are an integral part of these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

Accumulated

other

Common

Preferred

Retained

Treasury

comprehensive

(In thousands)

stock

Surplus

earnings

stock

loss

Total

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

103,283

Issuances of common stock

1,799

Dividends declared:

Common stock

[1]

(44,751)

Preferred stock

(353)

Common stock purchases

(3,576)

Stock based compensation

2,268

9,346

11,614

Other comprehensive loss, net of tax

(37,655)

Balance at March 31, 2024

1,048

22,143

4,847,466

4,253,030

(2,013,187)

(1,933,186)

5,177,314

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

177,502

Issuances of common stock

1,769

1,770

Dividends declared:

Common stock

[1]

(48,409)

Preferred stock

(353)

Common stock purchases

[2]

(125,980)

Stock based compensation

2,424

8,422

10,846

Other comprehensive income, net of tax

171,253

Balance at March 31, 2025

1,049

22,143

4,912,886

4,699,697

(2,346,093)

(1,489,987)

5,799,695

[1]

Dividends declared per common share during the quarter ended March 31, 2025 - $

0.7

0 (2024 - $

0.62

[2]

Includes common stock

repurchases of $

122.3

million as

part of

a repurchase authorization

up to $

500

million. Refer

to Note

17 for additional

information.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

For the period ended

March 31,

Disclosure of changes in number of shares:

2025

2024

Preferred Stock:

Balance at beginning and end of period

885,726

Common Stock – Issued:

Balance at beginning of period

104,849,460

104,767,348

Issuances of common stock

19,729

23,137

Balance at end of period

104,869,189

104,790,485

Treasury stock

(35,885,041)

(32,505,610)

Common Stock – Outstanding

68,984,148

72,284,875

The accompanying notes are an integral part of these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF CASH FLOWS

(UNAUDITED)

Quarters ended March 31,

(In thousands)

2025

2024

Cash flows from operating activities:

Net income

177,502

103,283

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

64,081

72,598

Amortization of intangibles

597

795

Depreciation and amortization of premises and equipment

12,280

15,361

Net accretion of discounts and amortization of premiums and deferred fees

(68,861)

(51,360)

Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives

(1,357)

(1,641)

Share-based compensation

11,028

11,479

Fair value adjustments on mortgage servicing rights

3,570

3,439

Adjustments to indemnity reserves on loans sold

(173)

237

Earnings from investments under the equity method, net of dividends or distributions

(8,621)

(11,792)

Deferred income tax expense

8,109

9,513

Gain on:

Disposition of premises and equipment and other productive assets

(42)

(3,412)

Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking

activities

(194)

(74)

Sale of foreclosed assets, including write-downs

(1,033)

(4,447)

Acquisitions of loans held-for-sale

(810)

(324)

Proceeds from sale of loans held-for-sale

7,098

8,283

Net originations on loans held-for-sale

(6,741)

(11,056)

Net decrease (increase) in:

Trading debt securities

6,071

6,465

Equity securities

508

(1,995)

Accrued income receivable

725

(22,719)

Other assets

12,864

38,702

Net increase (decrease) in:

Interest payable

(7,370)

(10,799)

Pension and other postretirement benefits obligation

1,079

916

Other liabilities

(38,252)

10,111

Total adjustments

(5,444)

58,280

Net cash provided by operating activities

172,058

161,563

Cash flows from investing activities:

Net decrease in money market investments

186,609

1,070,973

Purchases of investment securities:

Available-for-sale

(9,425,086)

(8,161,525)

Equity

(9,224)

(971)

Proceeds from calls, paydowns, maturities and redemptions of investment securities:

Available-for-sale

8,429,813

6,728,665

Held-to-maturity

152,441

154,009

Proceeds from sale of investment securities:

Equity

13,361

945

Net (disbursements) repayments on loans

(118,418)

2,354

Proceeds from sale of loans

39,055

15,356

Acquisition of loan portfolios

(127,291)

(141,730)

Acquisition of premises and equipment and other productive assets

(51,526)

(53,889)

Proceeds from sale of:

Premises and equipment and other productive assets

197

1,632

Foreclosed assets

23,155

26,773

Net cash used in investing activities

(886,914)

(357,408)

Cash flows from financing activities:

Net increase (decrease) in:

Deposits

939,913

190,477

Assets sold under agreements to repurchase

2,435

(25,294)

Other short-term borrowings

(25,000)

Payments of notes payable

(63,522)

(21,000)

Principal payments of finance leases

(908)

(881)

Proceeds from issuances of common stock

1,770

1,799

Dividends paid

(49,899)

(44,976)

Net payments for repurchase of common stock

(125,341)

(314)

Payments related to tax withholding for share-based compensation

(3,376)

(3,262)

Net cash provided by financing activities

676,072

96,549

Net decrease in cash and due from banks, and restricted cash

(38,784)

(99,296)

Cash and due from banks, and restricted cash at beginning of period

429,406

427,575

Cash and due from banks, and restricted cash at the end of the period

390,622

328,279

The accompanying notes are an integral part of these Consolidated Financial Statements.

Notes to Consolidated Financial

Statements

(Unaudited)

Note 1 -

Nature of operations

Note 2 -

Basis of presentation

Note 3 -

New accounting pronouncements

Note 4 -

Restrictions on cash and due from banks and

certain securities

Note 5 -

Debt securities available-for-sale

Note 6 -

Debt securities held-to-maturity

Note 7 -

Loans

Note 8 -

Allowance for credit losses – loans held-in-

portfolio

Note 9 -

Mortgage banking activities

Note 10 -

Transfers of financial assets and mortgage

servicing assets

Note 11 -

Other real estate owned

Note 12 -

Other assets

Note 13 -

Goodwill and other intangible assets

Note 14 -

Deposits

Note 15 -

Borrowings

Note 16 -

Other liabilities

Note 17 -

Stockholders’ equity

Note 18 -

Other comprehensive income (loss)

Note 19 -

Guarantees

Note 20 -

Commitments and contingencies

Note 21-

Non-consolidated variable interest entities

Note 22 -

Related party transactions

Note 23 -

Fair value measurement

Note 24 -

Fair value of financial instruments

Note 25 -

Net income per common share

Note 26 -

Revenue from contracts with customers

100

Note 27 -

Leases

102

Note 28 -

Pension and postretirement benefits

104

Note 29 -

Stock-based compensation

105

Note 30 -

Income taxes

107

Note 31 -

Supplemental disclosure on the consolidated

statements of cash flows

111

Note 32 -

Segment reporting

112

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

the

Board

Governors

the

Federal

Reserve

System.

The

Corporation

has

operations

Puerto

Rico,

the

mainland United

States (“U.S.”)

and U.S.

and British

Virgin Islands.

In Puerto

Rico, the

Corporation provides

retail, mortgage

and

commercial banking services and 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,

mortgage,

commercial

banking

services,

well

equipment

leasing

and

financing,

through

its

New

York-chartered

banking

subsidiary,

Popular

Bank

(“PB”

“Popular

U.S.”),

which

has

branches

located

New

York,

New

Jersey, and Florida.

Note 2 – Basis of Presentation

Basis of Presentation

The (unaudited) interim Consolidated

Financial Statements are, in the

opinion of management, a fair

statement of the results for

the

periods reported.

The consolidated

statement of

financial condition

presented as

of December

31, 2024

was derived

from audited

Consolidated Financial Statements of the Corporation for the year ended December 31, 2024.

Certain

information

and

notes

the

financial

statements

disclosures

which

would

normally

included

financial

statements

prepared

accordance

with

Accounting

Principles

Generally

Accepted

the

United

States

America

(US

GAAP),

have

been

condensed or omitted from

the unaudited financial statements

pursuant to the rules

and regulations of the

Securities and Exchange

Commission.

Accordingly,

these

financial

statements

should

read

conjunction

with

the

audited

Consolidated

Financial

Statements of

the Corporation

for the

year ended

December 31,

2024, included

in the

2024 Form

10-K. Operating

results for

the

interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

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

the

date

the

financial

statements,

and

the

reported

amounts

revenues

and

expenses

during

the

reporting period. Actual results could differ from those estimates.

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

March

2025,

which

amends

the

guidance

Accounting

Standards

Codification

("ASC")

450-10-

S99-1

removing

the

interpretative

guidance

Section

Topic

the

Staff Accounting Bulletin Series ("SAB")

text

that

addressed

the

accounting

for

obligations

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

the

adoption

this

ASU

since

does

not hold crypto-assets.

FASB ASU 2024-02,

Codification

Improvements—

Amendments to Remove

References to the

Concepts Statements

The

FASB

issued

ASU

2024-02

March

2024, which

removes various

references to

concept statements from the ASC. The ASU

intends

simplify

the

Codification

and

distinguish

between

nonauthoritative

and

authoritative guidance.

January 1, 2025

The

Corporation

was

not

impacted

the adoption of this ASU

since it did not

provide for

accounting changes

or new

presentation

disclosure

requirements.

The

ASU

eliminated

references

within

the

ASC

the

concept

statements,

which

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

March

2024,

which

amends

ASC

Topic

718

including

illustrative

example

demonstrate how

an entity

would apply

the

scope

guidance

paragraph

718-10-15-3

to determine whether profits interest

awards

should be

accounted for in

accordance with

ASC

Topic

718.

The

ASU

intended

reduce complexity and diversity in practice.

January 1, 2025

The

Corporation

was

not

impacted

the

adoption

this

ASU

since

the

performance

awards

the

Corporation

continue

meet

the

requirements of ASC 718-10-15-3.

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

December

2023,

which

amends

ASC

Subtopic

350-60

requiring

that

crypto

assets

are

measured

fair

value

the

statement

financial

position

each

reporting

period

with

changes

from

remeasurement

being

recognized

net

income.

The

ASU

also

requires

enhanced

disclosures

for

both

annual

and

interim

reporting

periods

provide

investors

with

relevant

information

analyze

and

assess

the

exposure

and

risk

significant

individual crypto asset holdings.

January 1, 2025

The

Corporation

was

not

impacted

the

adoption

this

ASU

since

does

not hold crypto-assets.

Recently Adopted Accounting Standards Updates

Standard

Description

Date of adoption

Effect on the financial statements

FASB ASU 2023-05,

Business Combinations -

Joint Venture Formations

(Subtopic 805-60) -

Recognition and initial

measurement

The

FASB

issued

ASU

2023-05

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

joint venture, upon formation, recognize and

initially

measure

its

assets

and

liabilities

fair value.

January 1, 2025

The

Corporation

was

not

impacted

the

adoption

this

ASU

but

will

consider

this

guidance

for

the

initial

measurement of assets and liabilities

newly

created

joint

ventures

prospectively.

Accounting Standards Updates Not Yet Adopted

Standard

Description

Date of adoption

Effect on the financial statements

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

November

2024,

which

clarifies

the

requirements

for

determining

whether

certain

settlements

convertible

debt

instruments

should

accounted

for

induced

conversion.

Also

makes

additional

clarifications

assist

stakeholders

in applying

the guidance.

The

ASU

clarifies

that

the

incorporation,

elimination,

modification

volume-

weighted

average

price

("VWAP")

formula

does

not

automatically

cause

settlement

accounted

for

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 is currently evaluating

any impact that the adoption of this

guidance will have on its financial

statements and presentation and

disclosures.

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

November

2024,

which

requires

public

entities

disclose

additional

information

about

specific

expense

sponsored

entities,

and

certain

obligations

the

Commonwealth

Puerto

Rico

and

its

agencies

and

assets

held

the

Corporation’s international

banking entities.

facilitate the

comparison of

all interest

related to

these assets,

the interest

income

has been

converted to

a taxable

equivalent basis,

using the

applicable statutory

income tax

rates for

each period.

In addition,

this

measure is also impacted by a portion

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

attributed 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

attributed 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.

Net

interest

income,

taxable

equivalent

basis,

used

the Corporation

may

not

comparable

similarly

named

non-

GAAP financial measures used by other companies.

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

traditional

bank

capital

ratios

commonly

used

banks

and

analysts

compare

the

capital

adequacy

banking

organizations

with

significant

amounts

goodwill

other

intangible

assets,

typically

stemming

from

the

use

the

purchase

accounting method

for mergers

and acquisitions.

Tangible

common equity,

tangible assets

and other

related measures

should not

used

isolation

substitute

for

stockholders'

equity,

total

assets

any

other

measure

calculated

accordance

with

GAAP.

Moreover,

the

manner

which

the

Corporation

calculates

its

tangible

common

equity,

tangible

assets

and

other

measures may differ from that of other companies reporting measures with similar names.

Table

9 provides

a reconciliation

of total

stockholders’ equity

to tangible

common equity

and total

assets to

tangible assets

as of

March 31, 2025, and December 31, 2024.

121

CRITICAL ACCOUNTING POLICIES / ESTIMATES

The accounting

and reporting

policies

followed by

the Corporation

and its

subsidiaries

conform to

generally

accepted accounting

principles

the

United

States

America

and

general

practices

within

the

financial

services

industry.

Various

elements

the

Corporation’s accounting

policies, by their

nature, are inherently

subject to estimation

techniques, valuation

assumptions and

other

subjective assessments.

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.

Management

has

discussed

the

development

and

selection

the

critical

accounting

estimates

with

the

Corporation’s

Audit

Committee. The Corporation has identified

as critical accounting estimates

those related to: (i) Fair Value

Measurement of Financial

Instruments;

(ii)

Loans

and

Allowance

for

Credit

Losses;

(iii)

Income

Taxes;

(iv)

Goodwill

and

Other

Intangible

Assets;

and

(v)

Pension and

Postretirement Benefit

Obligations. For

a summary

of these

critical accounting

estimates, refer

to the

MD&A included

the

2024

Form

10-K.

Also,

refer

Note

the

Consolidated

Financial

Statements

included

the

2024

Form

10-K

for

summary of the Corporation’s significant

accounting policies and to Note 3 to

the Consolidated Financial Statements included in

this

Form 10-Q for information on recently adopted accounting standard updates.

STATEMENT

OF OPERATIONS ANALYSIS

NET INTEREST INCOME

The Corporation’s

net interest

income (“NII”)

for the

quarter ended March

31, 2025

was $605.6

million, compared

$550.7 million for the same

quarter of 2024, an increase

of $54.9 million. Net interest

income on a taxable equivalent

basis for the

first quarter of

2025 was $663.9

million, an increase

of $74.3 million.

Net interest margin

for the quarter

was 3.40%,

an increase

of 24

basis points.

On a

taxable equivalent

basis, net

interest margin

for the

first quarter

2025 was

3.73% or

35 basis points

higher. When

compared to

the same

period in 2024,

the increase in

net interest

margin

was

higher

average

interest-bearing

deposits

resulting

from

strategic

efforts

focused

deposit

retention and the launch of a

new product for mass affluent

customers in BPPR during the fourth

quarter of 2024, the

re-pricing of

certain high-cost

deposits that

are market

linked such

as the

P.R

public deposits,

stable low-cost

core

deposits,

higher

re-investment

activity

mainly

U.S.

Treasury

investment

securities

higher

yields,

and

higher

average loan

balances in

most portfolios.

The main

drivers of

net interest

income on

a taxable

equivalent basis

for

the first quarter of 2025 were:

●

higher income

from US

Treasury securities

by $32.4

million, due

to higher

investment activity

with average

balances increasing by $775.7 million when compared to the first quarter of 2024, at higher

yield by 52 basis

points,

●

higher income

from loans

by $31.2

million resulting

from higher

average balances

by $1.9

billion, mainly

the commercial portfolio by

$875.9 million, mortgage portfolio

by $444.6 million, the construction

portfolio by

$317.2

million

and

the

auto

portfolio

$144.2

million.

Loan

yields

for

the

auto,

leasing,

and

mortgage

portfolios

increased

when

compared

the

first

quarter

2024

and

mitigated

the

impact

net

interest

income of

the reduction

in yield

of the

commercial portfolio,

mainly due

to adjustable

rate loans,

and lower

yields in

the construction

portfolio in

Popular U.S.

When combined,

the loan

portfolio yield

remained flat

7.48%; and

●

lower

interest

expense

deposits

during

the

first

quarter

2025

$31.6

million

basis

points.

Average total interest-bearing

deposits increased by $2.2

billion, compared to

the first quarter

of 2024 while

the

cost

interest-bearing

deposits

decreased

basis

points.

This

reduction

was

mainly

due

the

repricing of

P.R

public deposits

which decreased

by 87

basis points

to 3.32%

and the

repricing of

non-PR

public deposit demand and

savings accounts, partially offset

by higher average balances

of time deposits in

PB by $679.1 million that when combined resulted in higher cost of time deposits by 23 basis points;

partially offset by:

●

lower interest

income from

money market

investments by

$18.4 million

or 103

basis points

mainly due

the

combination

lower

yield

resulting

from

the

decline

the

Federal

Funds

rates,

combined

with

lower

122

average volume

driven by

higher re-investment

activity in

U.S. Treasuries

and funds

used to

support loan

origination activity.

Net interest

income for

the Banco

Popular de

Puerto Rico

(“BPPR”) segment

amounted to

$521.9 million

during the

first quarter of 2025,

$49.1 million higher when

compared to $472.8 million

for the same quarter

of 2024. Net interest

margin

increased

basis

points

3.63%.

Total

deposits

cost

for

the

quarter

was

1.55%.

The

increase

net

interest

margin

was

driven

lower

cost

deposits

basis

points,

higher

loan

portfolio

average

balances

$1.5 billion

mainly in

the commercial,

mortgage and

auto portfolios,

and higher

yield of

investment securities

by 19

basis points,

partially offset

by lower

income in

money market

investments due

to lower

average balances

and yield

by $284.5 million and 95 basis points, respectively. The cost of interest-bearing deposits in BPPR decreased 38 basis

points

2.06%

driven

lower

cost

P.R.

public

deposits,

partially

offset

higher

cost

time

deposits

previously described above.

Net

interest

income

for

Popular

Bank

(“PB”,

“Popular

U.S.”)

segment

was

$92.9

million

for

the

quarter

ended

March 31, 2025, $8.1

million higher when compared

to the first

quarter of 2024,. Net

interest margin increased by

basis points to 2.74% when compared to

the first quarter of 2024. Total

cost of deposits decreased 31 basis points

3.09%.

The

increase

the

net

interest

margin

was

mainly

driven

lower

deposit

costs

most

interest-bearing

deposit products by

38 basis points,

higher average balance

and yield in

investment securities by

$144.1 million and

29 basis point, higher

average loan portfolio

balance by $455.3 million,

mainly in commercial

and construction loans,

with a

flat yield

when compared

with the

same period

in 2024,

partially offset

by lower

income from

money market

investments due to the decline in the Federal Funds rate.

123

Table 3 - Analysis of Levels & Yields on a Taxable Equivalent Basis (Non-GAAP)

Quarter ended March 31,

Variance

Average Volume

Average Yields / Costs

Interest

Attributable to

2025

2024

Variance

2025

2024

Variance

2025

2024

Variance

Rate

Volume

(In millions)

(In thousands)

6,379

6,484

(105)

4.46

5.49

(1.03)

Money market investments

70,166

88,516

(18,350)

(16,944)

(1,406)

28,415

28,308

107

3.14

2.71

0.43

Investment securities [1]

220,435

191,103

29,332

27,299

2,033

(2)

5.82

3.75

2.07

Trading securities

440

311

129

156

(27)

Total money market,

investment and trading

34,825

3.38

3.23

0.15

securities

291,041

279,930

11,111

10,511

600

Loans:

18,489

17,613

876

6.71

6.84

(0.13)

Commercial

305,968

299,504

6,464

(8,172)

14,636

1,309

992

317

8.11

8.96

(0.85)

Construction

26,190

22,100

4,090

(2,429)

6,519

1,930

1,742

188

7.14

6.74

0.40

Leasing

34,444

29,353

5,091

1,813

3,278

8,168

7,723

445

5.82

5.62

0.20

Mortgage

118,917

108,543

10,374

3,985

6,389

3,203

3,227

(24)

14.04

13.90

0.14

Consumer

110,859

111,490

(631)

(196)

(435)

3,907

3,763

144

9.12

8.77

0.35

Auto

87,850

82,054

5,796

2,598

3,198

37,006

35,060

1,946

7.48

Total loans

684,228

653,044

31,184

(2,401)

33,585

71,831

69,885

1,946

5.49

5.36

0.13

Total earning assets

975,269

932,974

42,295

8,110

34,185

Interest bearing deposits:

27,543

25,703

1,840

2.87

3.63

(0.76)

NOW and money market [2]

194,610

232,129

(37,519)

(48,544)

11,025

14,510

14,700

(190)

0.87

0.93

(0.06)

Savings

31,304

34,171

(2,867)

(2,429)

(438)

9,123

8,547

576

3.20

2.97

0.23

Time deposits

71,949

63,196

8,753

3,384

5,369

51,176

48,950

2,226

2.36

2.71

(0.35)

Total interest bearing deposits

297,863

329,496

(31,633)

(47,589)

15,956

14,682

15,083

(401)

Non-interest bearing demand

deposits

65,858

64,033

1,825

1.83

2.07

(0.24)

Total deposits

297,863

329,496

(31,633)

(47,589)

15,956

121

4.77

5.70

(0.93)

Short-term borrowings

1,426

1,192

234

(198)

432

Other medium and

862

998

(136)

5.66

5.13

0.53

long-term debt

12,112

12,709

(597)

(644)

Total interest bearing

52,159

50,032

2,127

2.42

2.76

(0.34)

liabilities (excluding demand

deposits)

311,401

343,397

(31,996)

(47,740)

15,744

4,990

4,770

220

Other sources of funds

71,831

69,885

1,946

1.76

1.98

(0.22)

Total source of funds

311,401

343,397

(31,996)

(47,740)

15,744

Net interest margin/

3.73

3.38

0.35

income on a taxable

equivalent basis (Non-

GAAP)

663,868

589,577

74,291

55,850

18,441

3.07

2.60

0.47

Net interest spread

Taxable equivalent adjustment

58,271

38,833

19,438

Net interest margin/ income

3.40

3.16

0.24

non-taxable equivalent basis

(GAAP)

605,597

550,744

54,853

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.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto

Rico.

124

Provision for Credit Losses - Loans Held-in-Portfolio and Unfunded Commitments

For the

quarter ended

March 31,

2025, the

Corporation recorded

a provision

for credit

losses related

to loans

held-in-portfolio and

unfunded

commitments

$63.9

million,

decrease

$8.2

million,

compared

the

same

quarter

the

year.

The

provision for the loan

portfolio was $65.2 million,

a decrease of $7.2 million.

For the quarter ended

March 31, 2025, the

Corporation

recorded a

provision for

credit benefit

related to

unfunded commitments

of $1.3

million, driven

by lower

unfunded commitments

the PB

segment. Refer

to Note

8 to

the Consolidated

Financial Statements

for details

of the

movement of

the allowance

for credit

losses.

As discussed in Note 8 to the Consolidated Financial Statements, the Corporation estimates the ACL by weighting the outputs

optimistic, baseline, and pessimistic scenarios. In response to the current economic uncertainty,

the Corporation increased the

probability weight assigned to the pessimistic scenario. The additional reserves generated by this increase as well as the major

drivers of the changes in the provision for loan losses by business segment, when compared to the same quarter in 2024,

were as

follows:

●

In the BPPR segment, the provision for loans losses decreased by $8.3

million, to $52.7

million for the quarter ended

March 31, 2025. The increase in the probability weight assigned to the pessimistic scenario generated $11.3

million in

additional reserves. However, lower net charge-offs by

$9.5 million, mainly in commercial and consumer loans,

contributed to offsetting the impact of the increase in probability weights assigned to the pessimistic scenario.

Lower loan

volumes and improvement in credit quality for commercial and consumer loans also contributed to a lower provision

for

loan losses when compared to the first quarter of 2024.

●

In the Popular U.S. segment, the provision for loans losses increased by $1.2 million when compared to March 31, 2024,

to $12.5 million for the quarter ended March 31, 2025. The increase in the probability weight assigned to the pessimistic

scenario accounts for approximately $6.9 million of the $12.5 million provision expense. Excluding the effect

of the

increase in probability weights, the provision for loan losses for the Popular U.S. segment shows a reduction of

approximately $5.7 million when compared to the first quarter of 2024. This reduction is mainly driven by stable credit

quality in the commercial portfolio and lower net charge-offs for consumer loans.

At March

31, 2025,

the total

allowance for

credit losses

for loans

held-in-portfolio amounted

to $762.1

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 March

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

estimate

its

ACL.

Refer

the

Credit

Risk

section

this

MD&A

for

detailed

analysis

net

charge-offs, non-performing assets, the allowance for credit losses and selected loan losses

statistics.

Non-Interest Income

Non-interest

income

was

$152.1

million

for

the

first

quarter

2025,

decrease

$11.8

million

when

compared

with

the

same

quarter

the

year.

The

variance

non-interest

income

was

primarily

due

lower

other

operating

income

$12.0

million, mainly

due to

lower fee

income and

to lower

daily car

rental revenue

by $4.9

million and

lower gains

from the

sale of

car

rental units

by $3.4

million, both

due to

the sale

completed by

Popular Auto

LLC, a

wholly-owned subsidiary

of Banco

Popular de

Puerto Rico, of its daily car rental business during the fourth quarter of 2024.

Operating Expenses

Operating expenses

of $471.0

million for

the quarter

ended March

31, 2025

decreased by

$12.1 million

when compared

with the

same quarter

of 2024.

Excluding the

$6.4 million

interest expense

related to

prior period

taxes and

the $14.3

million impact

of the

FDIC Special Assessment

in the first

quarter of 2024

total operating expenses

for the first

quarter of 2025

were $8.6 million

higher.

Factors that contributed to the variance in operating expenses were:

●

higher other taxes expense

by $4.4 million mainly

due to higher regulatory

examination fees and an

increase in municipal

license tax in Puerto Rico;

125

●

higher technology

and software

expenses by

$4.2 million

mainly due

to higher

software amortization

expense related

transformation initiatives;

●

higher other

processing

and transactional

services expenses

by $2.8

million mainly

due to

higher merchant

processing

expenses due to higher volume of transactions and higher debit and credit card issuance costs;

●

higher

business

promotion

expenses

$2.7

million

mainly

due

higher

customer

rewards

programs

expense

our

credit card business; and

●

lower other real estate owned (OREO) benefit by $2.0 million mainly due to lower gain on sale of mortgage properties;

partially offset by:

●

lower equipment expense

by $4.3 million,

mainly due to a

decrease in daily

rental vehicle fleet

depreciation as a

result of

the vehicles sold as part of the daily car rental business transaction;

●

lower personnel

cost by

$2.7 million

mainly due

to a

decrease in

health insurance

costs by

$2.8 million,

offset by

higher

salaries due to a higher headcount and salary increases; and

●

lower professional fees by $2.1 million mainly due to lower advisory expenses related to corporate initiatives.

126

Table 4 - Operating Expenses

Quarters ended March 31,

(In thousands)

2025

2024

Variance

Personnel costs:

Salaries

130,950

129,384

1,566

Commissions, incentives and other bonuses

37,986

38,611

(625)

Pension, postretirement and medical insurance

14,566

17,385

(2,819)

Other personnel costs, including payroll taxes

29,211

29,997

(786)

Total personnel costs

212,713

215,377

(2,664)

Net occupancy expenses

27,218

28,041

(823)

Equipment expenses

5,302

9,567

(4,265)

Other taxes

18,725

14,375

4,350

Professional fees

26,825

28,918

(2,093)

Technology and software expenses

83,668

79,462

4,206

Processing and transactional services:

Credit and debit cards

12,926

12,144

782

Other processing and transactional services

24,855

22,050

2,805

Total processing and transactional services

37,781

34,194

3,587

Communications

4,904

4,557

347

Business promotion:

Rewards and customer loyalty programs

16,365

14,056

2,309

Other business promotion

7,310

6,933

377

Total business promotion

23,675

20,989

2,686

Deposit insurance

10,035

23,887

(13,852)

Other real estate owned (OREO) expense (income)

(3,330)

(5,321)

1,991

Other operating expenses:

Operational losses

6,138

3,561

2,577

All other

16,761

24,711

(7,950)

Total other operating expenses

22,899

28,272

(5,373)

Amortization of intangibles

597

795

(198)

Total operating expenses

471,012

483,113

(12,101)

Income Taxes

For the

quarter ended

March 31,

2025, the

Corporation recorded

an income

tax expense

of $45.1

million and

an ETR

of 20.2%,

compared to $55.6

million and an

ETR of 35.0%

for the same

period of year

2024. The lower

income tax expense

of $10.5 million,

when compared

to the

same

period

of 2024,

due

to certain

tax

withholding

expenses

of $22.9

million

related to

intercompany

distributions for years 2014-2024,

as disclosed in Note 34

to the Consolidated Financial

Statements in the Corporation’s

2024 Form

10K. This

was

partially

offset

due

to higher

income

before

tax,

net

of higher

exempt

income,

recorded

during

the

first

quarter

2025.

Excluding

the

impact

the

withholding

tax

liabilities

and

the

additional

expense

the

FDIC

Special

Assessment

during the first quarter of 2024, the ETR would have been 24.7%.

At March 31, 2025, the Corporation

had a net deferred tax asset amounting

to $885.8 million, net of a valuation

allowance of $462.5

million. The net deferred tax asset related to the U.S. operations was $247.0 million, net of a valuation allowance of $386.9

million.

Refer to

Note 30

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.

REPORTABLE SEGMENT RESULTS

The Corporation’s

reportable

segments

for

managerial

reporting

purposes

consist

of Banco

Popular

Puerto

Rico

and Popular

U.S. A Corporate group has also been defined to support the reportable segments.

127

For

description

the

Corporation’s

reportable

segments,

including

additional

financial

information

and

the

underlying

management accounting process, refer to Note 32 to the Consolidated Financial Statements.

The Corporate

group reported

a net

loss of

$3.6 million

for the

quarter ended

March 31,2025,

compared with

a net

loss of

$25.4

million for the same quarter of the previous year. The positive

variance was attributed to the $22.9 million adjustment recorded in the

first

quarter

2024

recognize

the

tax

impact

associated

with

prior

period

intercompany

distributions

and

the

additional

$6.5

million

for

the

tax

impact

intercompany

distributions

paid

during

that

quarter

2024.

There

were

intercompany

distributions

between the U.S. subsidiaries and the BHC during the first quarter of 2025.

Highlights on the earnings results for the reportable segments are discussed below:

Banco Popular de Puerto Rico

The

Banco

Popular

Puerto

Rico

reportable

segment’s

net

income

amounted

$165.9

million

for

the

quarter

ended

March

31,2025, compared

with net

income of

$121.3 million

for the same

quarter of

the previous

year. The

factors that

contributed to

the

variance in the financial results included the following:

●

Higher net interest income by $49.1 million mainly due to:

●

lower

interest

expense

deposits

$30.8

million,

basis

points;

mainly

due

the

re-pricing

P.R

public

deposits,

which

decreased

28.7

million

basis

points,

and

the

repricing

demand

deposit

accounts;

●

higher interest income from

loans by $22.4 million;

mainly due to higher

average balances from mortgage,

auto

and commercial

loans; lower

yields resulting

from the

repricing of

commercial loans

were partially

offset

by a

higher yield from the auto loans and leases portfolio; and

●

higher interest

income from

investment securities

by $11.3

million, or 23

basis points,

due to higher

yields and

higher average balances due to the investment in U.S. Treasuries;

partially offset by:

●

lower interest

income from

money market

and investment

securities by

$15.9 million,

or 95

basis point;

due to

lower

average

balances

the

liquidity

was

deployed

purchase

investment

securities

and

investment

loans, and lower yields due to the decline in the Federal Funds rates.

The

net

interest

margin

for

the

quarter

ended

March

31,2025

was

3.63%

compared

3.33%

for

the

same

quarter

the

previous year.

The increase

in net

interest margin

is driven

by the

earnings assets

mix and

the higher

yields from

investment

securities and lower cost of deposits, partially offset by lower yields from money market investments.

●

A provision

for loan losses

of $52.7 million

in 2025, compared

to a

provision of

$61.0 million

in the quarter

ended March

31, 2024,

or a

favorable variance

of $8.3

million, due

to lower

provision

expense mainly

for commercial

and consumer

loans

driven

lower

NCOs

and

lower

volumes,

partially

offset

adjustments

cover

for

the

uncertainties

the

economic outlook;

●

higher provision for unfunded commitments by $0.9 million driven by the commercial portfolio;

●

Non-interest income was lower by $8.2 million mainly due to:

●

lower

other

operating

income

$9.6

million

mostly

due

decrease

daily

revenue

$4.9

million

and

lower gains from the

sale of car rental

units by $3.4 million,

both due to the sale

of the daily car

rental business

completed by Popular Auto LLC, during the fourth quarter of 2024; and lower service fee income by $1.3 million.

128

partially offset by:

●

higher service charges on deposit accounts by $1.4 million mainly due to non-balance compensation fees.

●

Lower operating expenses by $2.8 million mostly due to:

●

lower

deposit

insurance

expense

$12.4

million

mostly

due

FDIC

Special

Assessment

$12.7

million

recorded in the first quarter of 2024;

●

lower equipment expenses

by $4.2 million

mainly due to

a decrease in

daily rental vehicle

fleet depreciation as

a result of the sale of the daily car rental business; and

●

lower personnel

costs by

$1.6 million

driven by

a decrease

in health

insurance costs;

partially offset

by higher

salaries due to higher headcount and salary increases;

partially offset by

●

higher other operating taxes by $4.2 million mainly due to higher regulatory

examination fees and an increase in

municipal license tax;

●

higher

processing

and

transactional

services

expenses

$3.6

million

due

higher

merchant

processing

expenses and higher debit and credit card issuance costs;

●

higher

business

promotions

$2.3

million

due

higher

customer

rewards

expense

from

our

credit

cards

business;

●

higher other operating expenses by $2.1

million driven by the release of a

mortgage servicing related reserve in

2024;

●

lower net recoveries from OREO by $2.0 million mainly due to lower gain on sale of mortgage properties; and

●

higher technology

and software expenses

by $1.0 million

mainly due to

higher amortization

of software related

to transformation initiatives.

●

Higher income

tax expense

by $6.2

million is

mainly due

to higher

income before

tax; partially

offset

by higher

exempt

income and other tax credits recorded during the first quarter of 2025.

Popular U.S.

For the

quarter ended

March 31,

2025, the

reportable segment

of Popular

U.S. reported

a net

income of

$14.8 million,

compared

with

net

income

$7.0

million

for

the

same

quarter

the

year.

The

factors

that

contributed

the

variance

the

financial results included the following:

●

Higher net interest income by $8.1 million due to:

●

higher interest

income from

loans by

$5.6 million,

or 2

basis points,

mainly from

growth in

the commercial

and

construction portfolios;

●

lower interest

expense

on deposits

by $4.5

million mainly

due to

lower costs

on savings

accounts and

NOW

accounts; and

129

●

higher interest income

from investment securities

by $2.0 million

mainly due to

higher average balance

of U.S.

Treasury securities;

partially offset by:

●

lower

interest

income

from

money

market

investment

$4.0

million

due

lower

yields

result

the

decrease in short term rates.

The net interest

margin for the

quarter ended

March 31, 2025

was 2.74% compared

to 2.59% for

the same quarter

in the previous

year driven by lower cost of deposits.

●

unfavorable

variance

$1.2

million

the

provision

for

loan

losses

mainly

due

adjustments

cover

the

uncertainty in the economic outlook, offset by credit quality metrics and lower net change offs for consumer

loans;

●

A favorable variance of $2.0 million in the provision for unfunded commitments mainly related to the construction portfolio

;

●

Lower operating expenses by $3.1 million mostly due to:

●

lower personnel costs expense by $1.7 million due to lower vacations accrual;

●

lower deposit

insurance expense

by $1.5

million mostly

due to

FDIC Special

Assessment adjustment

of $1.6

million recorded in the first quarter of 2024; and

●

lower other operating expenses by

$0.5 million due to lower operational

losses of $1.2 million; partially

offset by

charges allocated from the Corporate group by $1.0 million.

●

Higher income tax expense by $3.2 million due to higher net income before tax.

STATEMENT

OF FINANCIAL CONDITION ANALYSIS

Assets

The Corporation’s total

assets were $74.0 billion

at March 31, 2025,

compared to $73.0 billion

at December 31, 2024.

The variance

in total assets

of $1.0 billion

was driven by

an increase in

debt securities

available-for-sale (“AFS”) and

loan growth, partially

offset

by a decrease

in money market

investments and Debt

securities held-to-maturity

(“HTM”). Refer to

the Consolidated Statements

Financial Condition included in this report and to the following narrative for additional information.

Money market investments and investment securities

Money market investments decreased by $185.9 million as of March 31, 2025, when compared to December 31,

2024, driven by the

deployment

funds

purchase

investments

U.S.

Treasury

securities

and

support

loan

growth.

AFS

increased

$1.2

billion,

mainly due to

investment in U.S.

Treasury Securities

and the decrease

in the unrealized

losses of AFS

securities of $169.0

million,

partially offset

by maturities

and principal

paydowns. HTM

decreased by

$109.4 million

driven by

maturities, partially

offset by

the

amortization of

$45.3 million

of the discount

related to U.S.

Treasury securities

previously reclassified

from the AFS

to HTM. Refer

to Note

5 and

to Note

6 to

the Consolidated

Financial Statements

for additional

information with

respect to

the Corporation’s

debt

securities available-for-sale and held-to-maturity.

130

Loans

Refer to Table

5 for a

breakdown of the

Corporation’s loan

portfolio. Also, refer

to Note 7

in 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 $146.4 million to

$37.3 billion at March

31, 2025,

compared to December 31,

2024, mainly due

to an increase

of $200.8

million in

the PB

segment across

most portfolios,

particularly commercial

and construction

loans, partially

offset by

a decrease

of $54.4

million in

the BPPR

segment, mainly

in the

commercial portfolio,

driven by

certain large

relationship

prepayments during the first quarter of 2025.

Despite growing uncertainty about the economic outlook, demand for credit in

BPPR remains strong. Loan growth in the quarter was

slower

after

very

strong

origination

activity

during

the

fourth

quarter

2024.

Mortgage

loan

balances

BPPR

increased

$136.1 million

in the first

quarter, driven

primarily by

home purchase

activity and

auto loan

and lease

balances increased

by $21.1

million compared to

the fourth quarter as

demand for new cars

continued to be strong

in Puerto Rico.

In PB, demand for

credit was

stable

during

the

first

quarter

continued

benefit

from

draws

from

ongoing

construction

projects

and

loan

growth

our

healthcare and community

association lending businesses.

Nonetheless, the impact

of trade and

tariff policies

on economic activity

may affect loan demand as uncertainty on the short-term economic outlook exists.

131

Table 5 - Loans Ending Balances

(In thousands)

March 31, 2025

December 31, 2024

Variance

Loans held-in-portfolio:

Commercial

Commercial multi-family

2,374,915

2,399,620

(24,705)

Commercial real estate non-owner occupied

5,540,603

5,363,235

177,368

Commercial real estate owner occupied

2,956,559

3,157,746

(201,187)

Commercial and industrial

7,693,523

7,741,562

(48,039)

Total Commercial

18,565,600

18,662,163

(96,563)

Construction

1,358,979

1,263,792

95,187

Leasing

1,949,705

1,925,405

24,300

Mortgage

8,273,753

8,114,183

159,570

Consumer

Credit cards

1,187,777

1,218,079

(30,302)

Home equity lines of credit

77,109

73,571

3,538

Personal

1,850,023

1,855,244

(5,221)

Auto

3,820,242

3,823,437

(3,195)

Other

170,844

171,778

(934)

Total Consumer

7,105,995

7,142,109

(36,114)

Total loans held-in-portfolio

37,254,032

37,107,652

146,380

Loans held-for-sale:

Mortgage

5,077

5,423

(346)

Total loans held-for-sale

5,077

5,423

(346)

Total loans

37,259,109

37,113,075

146,034

132

Other assets

amounted to

$1.7 billion

at March

31, 2025,

a decrease

of $55.2

million when

compared to

$1.8 billion

at December

31, 2024.

The variance

was mainly

driven by

a decrease

in net

deferred tax

assets of

approximately $38.9

million due

to positive

changes

the

valuation

AFS

securities,

reduction

unsettled

trade

receivables

$14.6

million

proceeds

from

maturities of U.S. Treasury

securities,

and lower prepaid taxes

by $8.1 million, partially

offset by an increase

in capitalized software

costs

approximately

$22.6

million

mainly

transformation

initiatives.

Refer

Note

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 March 31, 2025 and December 31, 2024.

Liabilities

The Corporation’s

total liabilities were

$68.2 billion at

March 31, 2025,

an increase of

$806.6 million, when

compared to December

31, 2024. The following is a discussion of the significant changes in liabilities.

Deposits and Borrowings

Total Deposits

The Corporation’s

deposits totaled $65.8

billion as of

March 31, 2025,

compared to

$64.9 billion as

of December 31,

2024. Ending

deposit balances increased by $934.9 million, while

average balances grew by $1.6 billion. Average

deposit balance, excluding P.R.

public deposits,

increased by

$663.7 million.

At the

end of

the first

quarter of

2025, Puerto

Rico public

deposits were

$19.6 billion,

increase

approximately

$159.2

million

when

compared

the

quarter.

P.R

public

deposits

represent

30%

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

impacted

by,

for

example,

the

level

federal

assistance

and

speed

which

any

federal

assistance

distributed,

the

financial

condition, liquidity and cash management practices of the Puerto

Rico Government and its instrumentalities,

and the implementation

fiscal

and

debt

adjustment

plans

approved

pursuant

PROMESA

other

actions

mandated

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.

At BPPR, excluding

Puerto Rico public

deposits, ending and average

deposits each grew

by approximately $400

million and at PB,

ending

deposit

balances

increased

approximately

$250

million,

net

intercompany

activity.

Total

deposits

continue

average higher than pre-pandemic balances by approximately 35%.

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 6

for a breakdown of the Corporation’s deposits at March 31, 2025 and December 31, 2024.

133

Table 6 - Deposits Ending Balances

(In thousands)

March 31, 2025

December 31, 2024

Variance

Deposits excluding P.R. public deposits:

Demand deposits

15,160,801

15,139,555

21,246

Savings, NOW and money market deposits (non-brokered)

21,855,151

21,177,506

677,645

Savings, NOW and money market deposits (brokered)

822,065

736,225

85,840

Time deposits (non-brokered)

7,545,252

7,476,924

68,328

Time deposits (brokered CDs)

813,326

890,704

(77,378)

Sub-total deposits excluding P.R. public deposits

46,196,595

45,420,914

775,681

P.R. public deposits:

Demand deposits

[1]

11,157,254

11,730,273

(573,019)

Savings, NOW and money market deposits (non-brokered)

7,655,847

7,087,904

567,943

Time deposits (non-brokered)

809,559

645,254

164,305

Sub-total P.R. public deposits

19,622,660

19,463,431

159,229

Total deposits

65,819,255

64,884,345

934,910

[1] Includes interest bearing demand deposits.

Borrowings

The Corporation’s

borrowings totaled

$1.1 billion at

March 31,

2025 compared

to $1.2 billion

at December 31,

2024. Refer

to Note

the

Consolidated

Financial

Statements

for

detailed

information

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 $5.8

billion at

March 31,

2025, an

increase of

$186.6 million

when compared

to December

31, 2024.

The increase was

principally due to

net income for

the quarter ended

March 31, 2025

of $177.5 million,

coupled with a

decrease in

net unrealized

losses in

the portfolio

of AFS

securities of

$140.2 million

and the

amortization of

unrealized losses

from securities

previously

reclassified

HTM

$36.2

million,

net

taxes,

partially

offset

increase

Treasury

Stock

$117.6,

million,

mainly

due

the

repurchase

1.3

million

common

stock

for

$122.3

million

during

the

first

quarter

2025,

and

the

common and

preferred dividends

declared during

the quarter

of $48.8

million.

Refer to

the Consolidated

Statements

of Financial

Condition, Comprehensive Income and Changes in Stockholders’ Equity for information on the composition of stockholders’

equity.

The composition of the Corporation’s financing to total assets at March 31, 2025 and December 31, 2024

is included in Table

134

Table 7 - Financing to Total Assets

March 31,

December 31,

% (decrease) increase

% of total assets

(Dollars in millions)

2025

2024

from 2023 to 2024

2025

2024

Non-interest bearing core deposits

15,161

15,139

0.1

20.5

20.7

Interest-bearing core deposits

45,386

44,622

1.7

61.3

61.1

Interest-bearing other deposits

5,272

5,123

2.9

7.1

7.0

Repurchase agreements

3.6

0.1

Other short-term borrowings

200

225

(11.1)

0.3

Notes payable

833

896

(7.0)

1.1

1.2

Other liabilities

1,330

1,372

(3.1)

1.8

1.9

Stockholders’ equity

5,800

5,613

3.3

7.8

7.7

135

CAPITAL

Regulatory Capital

The Corporation, BPPR

and PB are

subject to regulatory

capital requirements established

by the Federal

Reserve Board. The

risk-

based

capital

standards

applicable

the

Corporation,

BPPR

and

(“Basel

III

capital

rules”)

are

based

the

final

capital

framework for strengthening international capital standards, known as Basel

III, of the Basel Committee on Banking Supervision.

of March 31, 2025, the

Corporation’s, BPPR’s and

PB’s capital ratios continue

to exceed the minimum requirements

for being “well-

capitalized” under the Basel III capital rules.

The

risk-based

capital

ratios

presented

Table

which

include

common

equity

tier

Tier

capital,

total

capital

and

leverage

capital as of March 31, 2025 and December 31, 2024.

Table 8 - Capital Adequacy Data

(Dollars in thousands)

March 31, 2025

December 31, 2024

Common equity tier 1 capital:

Common stockholders equity - GAAP basis

5,777,552

5,590,923

CECL transitional amount

[1]

42,375

AOCI related adjustments due to opt-out election

1,411,976

1,589,875

Goodwill, net of associated deferred tax liability (DTL)

(655,427)

(657,181)

Intangible assets, net of associated DTLs

(6,229)

(6,826)

Deferred tax assets and other deductions

(232,043)

(296,374)

Common equity tier 1 capital

6,295,829

6,262,792

Additional tier 1 capital:

Preferred stock

22,143

Additional tier 1 capital

22,143

Tier 1 capital

6,317,972

6,284,935

Tier 2 capital:

Trust preferred securities subject to phase in as tier 2

192,674

Other inclusions (deductions), net

491,840

490,594

Tier 2 capital

684,514

683,268

Total risk-based capital

7,002,486

6,968,203

Minimum total capital requirement to be well capitalized

3,907,746

3,907,346

Excess total capital over minimum well capitalized

3,094,740

3,060,857

Total risk-weighted assets

39,077,458

39,073,462

Total assets for leverage ratio

74,291,505

72,593,464

Risk-based capital ratios:

Common equity tier 1 capital

16.11

16.03

Tier 1 capital

16.17

16.08

Total capital

17.92

17.83

Tier 1 leverage

8.50

8.66

[1] The CECL transitional amount includes the impact of Popular's adoption of the new CECL accounting

standard on January 1, 2020.

136

The Basel

III capital

rules provide

that a

depository institution

is deemed

to be

well capitalized

if it

maintains a

leverage ratio

of at

least 5%,

a common

equity Tier

1 ratio

of at

least 6.5%,

a Tier

1 capital

ratio of

at least

8% and

a total

risk-based ratio

of at

least

10%. The

Corporation, BPPR

and PB

leverage ratio,

common equity

Tier 1

ratio and

Tier 1

capital ratio,

respectively as

of March

31, 2025, continue to exceed the minimum requirements for being “well-capitalized” under the Basel III capital

rules.

Pursuant

the

adoption

the

CECL

accounting

standard

January

2020,

the

Corporation

elected

use

the

five-year

transition

period

option

provided

the

final

interim

regulatory

capital

rules

effective

March

31,

2020.

The

five-year

transition

period provision delayed 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 benefit

provided during

the initial

two-year delay.

In the

first quarter

of 2025,

the

Corporation had phased-in all the cumulative CECL deferral over the three-year transition period.

The increase in the common equity Tier I

capital ratio, Tier I capital ratio, and total capital

ratio as of March 31, 2025 as compared to

December

31,

2024

was

mainly

due

the

three

months

period

earnings,

partially

offset

the

repurchase

under

the

common stock authorization plan

and common stock dividends.

The decrease in the leverage

capital ratio was mainly

due to higher

average assets, which mostly did not have a significant impact on the risk-weighted assets,

partially offset by the period earnings.

Reconciliation to Tangible Common Equity

and Tangible Assets

Table

9 provides

a reconciliation

of total

stockholders’ equity

to tangible

common equity

and total

assets to

tangible assets

as of

March 31, 2025, and December 31, 2024.

137

Table 9 - Reconciliation of Tangible Common Equity and Tangible Assets

(In thousands, except share or per share information)

March 31, 2025

December 31, 2024

Total stockholders’ equity

5,799,695

5,613,066

Less: Preferred stock

(22,143)

Less: Goodwill

(802,954)

Less: Other intangibles

(6,229)

(6,826)

Total tangible common equity

4,968,369

4,781,143

Total assets

74,038,606

73,045,383

Less: Goodwill

(802,954)

Less: Other intangibles

(6,229)

(6,826)

Total tangible assets

73,229,423

72,235,603

Tangible common equity to tangible assets

6.78

6.62

Common shares outstanding at end of period

68,984,148

70,141,291

Tangible book value per common share

72.02

68.16

Quarterly average

Total stockholders’ equity [1]

6,785,208

6,620,766

Average unrealized (gains) losses on AFS securities transferred to HTM

370,695

505,791

Adjusted total stockholder's equity

7,155,903

7,126,557

Less: Preferred Stock

(22,143)

Less: Goodwill

(802,953)

(804,411)

Less: Other intangibles

(6,585)

(7,288)

Total tangible common equity

6,324,222

6,292,715

Return on average tangible common equity

11.36

11.22

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

138

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

available-for-sale

and

held-to-maturity

amounted

$19.5

billion

and

$7.6

billion,

respectively,

as of

March 31,

2025. Other

assets subject

to market

risk include

loans held-for-sale,

which amounted

to $5

million,

mortgage servicing

rights (“MSRs”)

which amounted

to $105

million, and

securities classified

as “trading”,

which amounted

to $28

million, each as of March 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

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

the

evaluation

the

Corporation’s

IRR.

NII

simulation

modeling is prepared for a five-year period,

which in conjunction with the EVE

analysis, provides management a better view

of long-

term IRR.

Net

interest

income

simulation

analysis

performed

legal

entity

and

consolidated

basis

used

estimate

the

potential

change

net

interest

income

resulting

from

hypothetical

changes

interest

rates.

Sensitivity

analysis

calculated

using

simulation model which incorporates actual balance sheet figures detailed by maturity and interest yields or costs.

Management assesses

interest rate risk

by comparing various

NII simulations

under different

interest rate scenarios

to assess

the,

degree of

change and

the projected

shape of

the yield

curve. Management

also performs

analyses to

isolate and

measure basis

and

prepayment

risk

exposures.

These

models

are

periodically

monitored.

Assumptions

are

validated

management

and

are

subject to independent validations according to the Corporations’ Model Governance Policy.

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

-100,

-200,

+100,

and

+200

basis

points

during

the

succeeding

twelve-month

period.

Assumptions

included

these

analyses

include

that

the

balance

sheet

remains

flat,

relative

levels

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

not

contemplate

actions

that

management

may

engage

response

future

changes

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

changes

the

rate

environment.

These

forward-looking

computations

are

management’s

best

estimate

based

known

and

available information and actual results

may differ. The

following table presents the results of

the simulations at March 31, 2025 and

December 31, 2024, assuming a static balance sheet and parallel changes over flat spot rates over a one-year time horizon:

139

Table 10 - Net Interest Income Sensitivity (One Year Projection)

March 31, 2025

December 31, 2024

(Dollars in thousands)

Amount Change

Percent Change

Amount Change

Percent Change

Change in interest rate

+200 basis points

49,759

1.94

44,747

1.78

+100 basis points

24,206

0.94

22,917

0.91

-100 basis points

(26,216)

(1.02)

9,157

0.36

-200 basis points

(46,432)

(1.81)

588

0.02

As of March 31, 2025, NII simulations show the Corporation maintains an asset sensitive position that is fairly

symmetric in the rising

declining

and

rates

scenarios.

Sensitivity

variation

and

the

resulting

sensitivity

profile

are

mainly

driven

updated

deposit

beta

model assumptions that reflect lower elasticity in

declining rate scenarios, combined with changes in

balance sheet composition that

primarily

include

rise

short-term

U.S

Treasury

Bills

(“T-

Bills”)

and

growth

low-cost

retail

and

commercial

deposits,

while

market-linked

Puerto

Rico

public

sector

deposits

remained

relatively

unchanged.

severe

declining

rate

scenarios,

the

reduction in net interest income

is driven by the updated

deposit beta assumptions that

generate higher interest expense

estimates,

combined with a decline in

interest income due to the

repricing of short-term assets

and variable rate loans. In

rising rate scenarios,

Popular’s net interest

income would

also be

impacted due

to its

large proportion

of Puerto

Rico public

sector deposit,

however the

repricing of assets as they either reset or mature would lead to an increase in net interest income.

The

Corporation’s

loan

and

investment

portfolios

are

subject

prepayment

risk.

Prepayment

risk

also

could

have

significant

impact on the duration of mortgage-backed securities and collateralized mortgage obligations.

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

the

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 March 31,

2025,

the Corporation held

trading securities

with a fair

value of $28

million, representing approximately

0.04% of the

Corporation’s total

assets, compared

with $33

million and

0.05%, respectively,

at December

31, 2024.

As shown

in Table

11,

the

trading portfolio

consists principally

of mortgage-backed

securities and

U.S. Treasuries,

which at

March 31,

2025 were

investment

grade securities.

140

Table 11 - Trading

Portfolio

March 31, 2025

December 31, 2024

(Dollars in thousands)

Amount

Weighted

Average Yield

[1]

Amount

Weighted

Average Yield

[1]

Mortgage-backed securities

19,127

5.36

29,116

5.54

U.S. Treasury securities

8,534

3.30

2,824

3.28

Collateralized mortgage obligations

636

5.20

655

5.20

Puerto Rico government obligations

4.69

0.57

Interest-only strips

127

12.00

133

12.00

Other (includes related trading derivatives)

5.95

Total

28,477

4.77

32,831

5.36

[1] Not on a taxable equivalent basis.

The Corporation’s trading

activities are limited

by internal policies.

For each of the

two subsidiaries, the

market risk assumed

under

trading

activities

measured

the

5-day

net

value-at-risk

(“VAR”),

with

confidence

level

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 approximately

$0.3 million

for the

last week

in March

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.

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.

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 2024

Form 10-K

for

information

liquidity

risk

management.

Additionally,

contingency

funding

plans

are

used

model

various

stress

events

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

many

assumptions.

The

objective

effective

liquidity

management

ensure

that

the

Corporation

has

sufficient

liquidity

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

89% of funding of the Corporation’s total assets

at March 31, 2025 and December 31, 2024.

The ratio of total

ending loans to deposits

was

57% at March 31,

2025 and December 31,

2024.

In addition to traditional

deposits,

the Corporation maintains borrowing

arrangements, which amounted

to approximately $1.1 billion

in outstanding balances at

March

31, 2025 (December 31, 2024 - $1.2 billion). A detailed

description of the Corporation’s borrowings, including their

terms, is included

Note

the

Consolidated

Financial

Statements.

Also,

the

Consolidated

Statements

Cash

Flows

the

accompanying

Consolidated Financial Statements provide information on the Corporation’s cash inflows and outflows.

The

following

sections

provide

further

information

the

Corporation’s

major

funding

activities

and

needs,

well

the

risks

involved in these activities.

Banking Subsidiaries

141

Primary

sources

funding

for

the

Corporation’s

banking

subsidiaries

(BPPR

and

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 first quarter of 2025 the Corporation

had no material incremental use of its

available liquidity sources. At March 31, 2025,

the Corporation’s

available liquidity increased

to $22.6 billion

from $21.6 billion

on December 31,

2024. The liquidity

sources of the

Corporation at March 31, 2025 are presented in Table

12 below:

Table 12 - Liquidity Sources

March 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)

4,705,481

1,479,111

6,184,592

4,882,358

1,488,857

6,371,215

Unpledged securities

4,601,493

524,402

5,125,895

3,806,066

522,869

4,328,935

FHLB borrowing capacity

3,024,223

1,037,321

4,061,544

2,777,090

1,058,921

3,836,011

Discount window of the Federal Reserve

Bank borrowing capacity

4,855,525

2,391,741

7,247,266

4,839,388

2,178,646

7,018,034

Total available liquidity

17,186,722

5,432,575

22,619,297

16,304,902

5,249,293

21,554,195

Refer

Note

the

Consolidated

Financial

Statements

for

additional

information

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

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

have

sufficient

liquidity

cover all short-term borrowings and a portion of deposits.

Deposits are

a key

source of

funding. Refer

to Table

6 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

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

March 31,

2025, total Puerto Rico public sector deposits were $19.6 billion, compared to $19.5 billion at December 31, 2024.

Core deposits

continue to

represent 92%

of total

deposits at

$60.7 billion,

as of

March 31,

2025, and

compared to

December 31,

2024. Core deposits financed 85% of the Corporation’s earning assets at March 31, 2025, compared

to 86% at December 31, 2024.

The distribution by maturity of certificates

of deposit with denominations of $250,000

and over at March 31, 2025

is presented in the

table that follows:

142

Table 13 - Distribution by Maturity of Certificates of Deposit of $250,000 and Over

(In thousands)

3 months or less

2,437,407

Over 3 to 12 months

898,268

Over 1 year to 3 years

276,605

Over 3 years

154,638

Total

3,766,918

The

Corporation

had

$1.6

billion

brokered

deposits

March

31,

2025,

which

financed

approximately

its

total

assets

(December 31, 2024 - $1.6 billion and 2%, respectively).

As of

March 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

address

stress

event.

Although

the

banking

subsidiaries

have

historically

been

able

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

general

market

conditions

were

deteriorate.

The

Corporation’s

financial

flexibility

would

severely

constrained

the

banking

subsidiaries

are

unable

maintain

access

funding

adequate

funding

not

available

accommodate

future

financing

needs

acceptable

interest

rates.

The

banking

subsidiaries

also

are

required

deposit

cash

qualifying

securities

meet

margin

requirements

repurchase

agreements,

deposit

agreements

and

other

collateralized

borrowing facilities.

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

rely

heavily

alternative

funding

sources.

these

scenarios,

the

Corporation’s

financial

flexibility

and

ability

grow

revenues may not increase proportionately to cover costs and profitability would be adversely affected.

The Corporation considers

balances in excess

of $250,000 to have

a higher potential

liquidity risk.

Table

14 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

14, 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

such

jurisdictions’

applicable collateral requirements.

143

Table 14 - Deposits

31-Mar-25

Popular, Inc.

(Dollars in thousands)

BPPR

% of Total

Popular U.S.

% of Total

(Consolidated)

% of Total

Deposits:

Deposits balances under $250,000 [1]

24,096,241

8,180,029

32,276,270

Transactional deposits balances over

$250,000

7,863,086

2,092,444

9,955,530

Time deposits balances over $250,000

2,114,253

802,942

2,917,195

Uninsured foreign deposits

420,847

Collateralized public funds

19,931,533

317,880

20,249,413

Intercompany deposits

220,679

559,590

Total deposits

54,646,639

100

11,952,885

100

65,819,255

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

7,961,334

31,550,271

Transactional deposits balances over

$250,000

8,046,175

1,944,674

9,990,849

Time deposits balances over $250,000

1,991,934

813,424

2,805,358

Uninsured foreign deposits

450,068

Collateralized public funds

19,771,083

316,716

20,087,799

Intercompany deposits

205,839

667,839

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 $594 million at March 31, 2025 and December 31,

2024.

The contractual maturities of the BHCs notes payable at March 31, 2025 are presented in Table

15.

Table 15

- Distribution of BHC's Notes Payable by Contractual Maturity

Year

(In thousands)

2028

395,570

Later years

198,380

Total

593,950

144

As of

March 31,

2025, the

BHCs had

cash and

money markets

investments totaling

$635 million

and borrowing

potential of

$165

million

from

its

secured

facility

with

BPPR.

The

BHCs’

liquidity

position

continues

adequate

with

sufficient

cash

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 $0.70

per share

or approximately

$48

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

funding

are

costly

given

that

two

out

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

issue

unspecified

amount

debt

equity

securities.

Non-Banking Subsidiaries

The

principal

sources

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

During the quarter ended

March 31, 2025,

the Corporation declared

cash dividends of

$0.70 per common share

outstanding ($48.4

million in the aggregate). The dividends for the Corporation’s Series A preferred stock amounted to $0.4

million.

During the quarter ended March 31,

2025, the BHCs received dividends and

distributions amounting to $200 million

from BPPR and

$6 million from its other non-banking subsidiaries. Dividends from BPPR constitute Popular,

Inc.’s primary source of liquidity.

addition

regulatory

limits

previously

discussed,

the

ability

bank

subsidiary

up-stream

dividends

its

BHC

could

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

meet

its

debt

obligations,

for

example.

During

the

period

ended March 31,2025,

BPPR declared cash

dividends of $200

million to PIHC

and could declare

a dividend of

up to approximately

$39 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

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 $6.2

billion at

March 31,

2025, the

debt securities

portfolio provides

additional

source

liquidity,

which

may

realized

through

either

securities

sales,

collateralized

borrowings

repurchase

agreements.

The

Corporation’s

debt

securities

portfolio

consists

primarily

liquid

U.S.

government

debt

securities,

U.S.

government

sponsored

agency

debt

securities,

U.S.

government

sponsored

agency

mortgage-backed

securities,

and

U.S.

government

sponsored

agency

collateralized

mortgage

obligations

that

can

used

raise

funds

the

repo

markets.

The

availability

repurchase

agreements

would

subject

having

sufficient

unpledged

collateral

available

the

time

the

transactions are

consummated, in

addition to

overall liquidity

and risk

appetite of

the various

counterparties. Refer

to Table

12 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

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

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

financial

services,

the Corporation

routinely

enters

into commitments

with

off-balance

sheet

risk

meet

the

financial

145

needs

its

customers.

Refer

Note

the

Consolidated

Financial

Statements

for

information

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

guarantees,

indemnifications,

and

representation

and

warranties.

Refer

Note

the

Consolidated

Financial

Statements

for

information

operating

leases

and

Note

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, asset

sales and proceeds from the issuance of debt and equity.

further described

below,

the

Risk

to Liquidity

section,

various

statutory

provisions

limit the

dividends

an insured

depository

institution may pay to its holding company without regulatory approval.

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

payment

all

other

liabilities

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

March 31,

2025, and

December 31,

2024, and

the results

of their

operations for

the quarters

ended March

31, 2025

and March

31, 2024.

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.

146

Table 16 - Summarized Statement of Condition

(In thousands)

March 31, 2025

December 31, 2024

Assets

Cash and money market investments

634,887

634,809

Investment securities

36,058

35,150

Accounts receivables from non-obligor subsidiaries

17,965

14,602

Other loans (net of allowance for credit losses of $240 (2024 - $281))

25,083

25,381

Investment in equity method investees

5,279

Other assets

73,288

65,483

Total assets

792,560

780,704

Liabilities and Stockholders' equity

Accounts payable to non-obligor subsidiaries

8,898

12,163

Notes payable

593,950

593,571

Other liabilities

109,919

126,718

Stockholders' equity

79,793

48,252

Total liabilities and stockholders' equity

792,560

780,704

Table 17 - Summarized Statement of Operations

For the quarters ended

(In thousands)

March 31, 2025

March 31, 2024

Income:

Dividends from non-obligor subsidiaries

206,000

163,000

Interest income from non-obligor subsidiaries and affiliates

1,181

3,289

Earnings from investments in equity method investees

Other operating income

838

1,787

Total income

208,019

168,078

Expenses:

Services provided by non-obligor subsidiaries and affiliates (net of

reimbursement by subsidiaries for services provided by parent of

$61,777 (2024 - $60,996))

3,903

3,204

Other expenses

7,339

14,330

Income tax expense

[1]

2,679

22,680

Total expenses

13,921

40,214

Net income

194,098

127,864

[1] The net income for the

quarter ended March 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

other

operating

expenses,

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.

In addition to the dividend income reflected

in the Statement of Operations table above,

during the quarter ended March 31,

2024,

the

obligor

group

recorded

$50.0

million

dividend

distributions

from

non-obligor

subsidiary

which

was

accumulated loss position and accordingly was recorded as a reduction to the investment.

147

Risk to Liquidity

The

Corporation’s

liquidity

may

come

under

pressure

experiences

significant

unexpected

cash

outflows

due

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 2024

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.

Commonwealth of Puerto Rico

significant

portion

our

financial

activities

and credit

exposure

concentrated

the

Commonwealth

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

Puerto Rico's economy is closely linked to the United States economy,

as most of the external factors that influence it are shaped by

U.S. policies

and economic

performance, including

federal transfer

payments, tax

policies, interest

rates, inflation,

trade and

tariff

policies, and geopolitical developments.

Puerto Rico’s

economy historically

followed the

economic trends

of the U.S.

economy.

However, from

2007 to 2017,

Puerto Rico’s

economy suffered

a severe

recession, with

real gross

national product

(“GNP”) contracting

approximately 15%

during this

period.

The recession was

exacerbated by the

damage caused by

Hurricane María in

2017. Since 2018,

Puerto Rico’s economy

has been

gradually recovering,

with a

temporary interruption

in 2020

due to

the COVID-19

pandemic,

in part

aided by

the large

amount of

federal

disaster

relief

and

recovery

assistance

funds

received

connection

with

recent

natural

disasters

and

the

COVID-19

pandemic.

Future

growth

depends

multiple

factors,

including

the

level

ongoing

federal

assistance

and

the

timetable

for

its

deployment. Estimates

from the

Puerto Rico

Planning Board

indicated

that real

GNP grew

by 2.8%

during fiscal

year 2024

(July

2023-June

2024)

and

projected

grow

1.4%

fiscal

year

2025

(July

2024-June

2025).

However,

the

latest

Puerto

Rico

Economic Activity Index showed a 1.1% year-over-year decline and a 0.1% month-over-month decline

in November 2024. While this

index is not a direct measure of real GNP,

it is an indicator of ongoing economic activity.

2021

and

2022,

inflation

rose

sharply

the

U.S.

and

Puerto

Rico

due

post-pandemic

demand

and

supply

chain

issues.

Inflation

began

decrease

mid-2022

the

Federal

Reserve

raised

interest

rates,

largely

stabilizing

September

2024,

leading to a

series of rate

reductions by

the Federal Reserve

for the first

time in four

years. As of

March 2025,

the U.S. Consumer

Price Index

showed a

2.4% 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 1.8%

over the

12 months

ending in

January

2025.

Fiscal Challenges of Puerto Rico and its Municipalities

Puerto

Rico’s

economy

contracted

the

2000s,

public

debt

increased

rapidly

due

borrowing

cover

deficits

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.

response,

the

U.S.

Congress

enacted

PROMESA

June

2016.

PROMESA

established

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”).

The

Oversight

Board

will

remain

place

until

market

access

restored

and

balanced

148

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

its

instrumentalities

have

availed

themselves

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

PROMESA,

and

the

Oversight

Board

has

required

certain

municipalities

submit

fiscal

plans

and

annual budgets

for review

and approval.

Municipalities are

also required

to seek

Oversight Board

approval to

issue, guarantee

modify

their

debts

and

enter

into

significant

contracts.

date

municipality

has

availed

itself

the

debt

restructuring

mechanisms available to them under PROMESA.

Exposure of the Corporation

The credit

quality of

BPPR’s loan

portfolio reflects,

among other

things, the

general economic

conditions in

Puerto Rico

and other

adverse conditions

affecting Puerto

Rico consumers and

businesses. Deterioration

in the Puerto

Rico economy

has resulted in

the

past, and could

result in the

future, in higher

delinquencies, greater

charge-offs and

increased losses, which

could materially affect

our financial condition and results of operations.

At March 31, 2025, the

Corporation’s direct exposure to

PR Government Entities totaled $362

million, all of which were

outstanding,

compared to $336 million,

at December 31, 2024 all of which were outstanding. Substantially

all of the Corporation’s direct exposure

outstanding

March

31,

2025

were

obligations

from

various

Puerto

Rico

municipalities.

most

cases,

these

were

“general

obligations” of

a municipality,

to which

the applicable

municipality has

pledged its

good faith,

credit and

unlimited taxing

power,

“special obligations” of

a municipality,

to which the applicable

municipality has pledged

basic property tax

or sales tax

revenues.

March 31, 2025, 81%

of the Corporation’s

exposure to municipal loans

and securities was concentrated

in the municipalities of

San

Juan,

Guaynabo,

Carolina

and

Caguas.

July

2024,

the

Corporation

received

scheduled

principal

payments

amounting

$40

million from various obligations from

Puerto Rico municipalities. For additional

discussion of the Corporation’s

direct exposure to the

Puerto

Rico

government

and

its

instrumentalities

and

municipalities,

refer

Note

–

Commitments

and

Contingencies

the

Consolidated Financial Statements.

In addition, at March

31, 2025, the

Corporation had $216

million in loans

insured or securities

issued by PR Governmental

Entities,

but

for

which

the

principal

source

repayment

non-governmental

($220 million

December 31,

2024).

These

included

$172

million

residential

mortgage

loans

insured

the

Puerto

Rico

Housing

Finance

Authority

(“HFA”),

Puerto

Rico

Government

Entity (December 31, 2024

- $176 million). The

Corporation also had, at

March 31, 2025, $37

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).

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.

BPPR’s

commercial

loan

portfolio

also

includes

loans

private

borrowers

who

are

service

providers,

lessors,

suppliers

have

other

relationships

with

the

government.

These

borrowers

could

negatively

affected

deterioration

the

fiscal

and

economic

situation

Government

Entities.

Similarly,

BPPR’s

mortgage

and

consumer

loan

portfolios

include

loans

government

employees

and

retirees,

which

could

also

negatively

affected

fiscal

measures,

such

employee

layoffs

furloughs or reductions in pension benefits, if the fiscal and economic situation deteriorates.

As of March 31, 2025, BPPR had

$19.6 billion in deposits from the Puerto

Rico government, its instrumentalities, and municipalities.

The

rate

which

public

deposit

balances

may

decline

uncertain

and

difficult

predict.

The

amount

and

timing

any

such

149

reduction is likely

to be impacted

by,

for example, the

level of federal

assistance, the speed

at which such

assistance is distributed

and the financial

condition, liquidity

and cash

management practices

of such

entities, as

well as

on the ability

of BPPR to

maintain

these customer relationships.

United States Virgin Islands

The

Corporation

has

operations

the

United

States

Virgin

Islands

(the

“USVI”)

and

has

credit

exposure

USVI

government

entities.

The USVI

has been

experiencing a

number of

fiscal and

economic challenges,

which 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

currently

federal

legislation

permitting

the

restructuring

the

debts

the

USVI

and

its

public

corporations

and

instrumentalities.

the extent that

the fiscal condition

of the USVI

continues to deteriorate,

the U.S. Congress

or the Government

of the USVI

may

enact legislation allowing for

the restructuring of the

financial obligations of USVI

government entities or imposing

a stay on creditor

remedies, including by making PROMESA applicable to the USVI.

At March

31, 2025,

the Corporation

had approximately

$28 million

in direct

exposure to

USVI government

entities (December

31,

2024 - $28 million).

British Virgin Islands

The

Corporation

has

operations

the

British

Virgin

Islands

(“BVI”),

which

was

negatively

affected

the

COVID-19

pandemic,

particularly as

a reduction

in the

tourism activity

which accounts

for a

significant portion

of its

economy.

Although the

Corporation

has no

significant exposure

to a

single borrower

in the

BVI, at

March 31,

2025, it

has a

loan portfolio

amounting to

approximately

$196 million comprised of various retail and commercial clients, compared to a loan portfolio of $196 million at December 31, 2024.

U.S. Government

As further detailed

in Notes 5 and

6 to the Consolidated

Financial Statements, a

substantial portion of

the Corporation’s investment

securities

represented

exposure

the

U.S.

Government

the

form

U.S.

Government

sponsored

entities,

well

agency

mortgage-backed and U.S. Treasury

securities. In addition, $2.2

billion of residential mortgages

and $86.5 million commercial

loans

were insured or

guaranteed by the

U.S. Government or

its agencies at

March 31, 2025

(compared to $2.1

billion and $87.4

million,

respectively, at December 31, 2024).

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

19.

The Corporation’s

credit quality metrics

showed favorable trends

in the first

quarter of 2025

compared to the

previous quarter,

with

improvements

NPLs

and

NCOs.

The

Corporation

continues

closely

monitor

the

macroeconomic

landscape

and

borrower

performance, given the uncertainty

in the economic outlook. The

performance of our most recent

consumer vintages is encouraging

as well

as improvement

on credit

metrics in

the consumer

portfolios which

reflect lower

delinquencies, NPLs

and NCOs

driven by

the

auto

and

personal

loan

portfolios.

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

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

as of

March 31,

2025 decreased

by $41.9

million when

compared with

December 31,

2024. Total

NPLs decreased

$36.7

million

from

December

31,

2024.

BPPR’s

NPLs

decreased

$30.1

million,

mainly

driven

lower

auto

NPLs

$10.0

million,

lower

mortgage

NPLs

$9.9

million

and

lower

commercial

NPLs

$8.5

million.

The

commercial

NPL

decrease

was

mostly due

to a $9.0

million loan

pay-off. Popular

U.S. NPLs

decreased by

$6.6 million,

mostly driven

by the

sale of

a $3.9

million

loan in the commercial portfolio.

150

On March 31,

2025, the ratio

of NPLs to

total loans held-in-portfolio

was 0.84%, compared

to 0.95% on

December 31, 2024.

Other

real estate owned

loans (“OREOs”) decreased

by $5.2 million

from December 31,

2024. The decrease

in OREO was

mainly driven

by the combination of sales and lower

residential property foreclosures. On March

31, 2025, NPLs secured by real

estate amounted

$191

million

the

Puerto

Rico

operations

and

$50

million

Popular

U.S,

compared

with

$200

million

and

$56

million,

respectively, on December 31, 2024.

The Corporation’s

commercial loan

portfolio secured

by real estate

(“CRE”) amounted to

$10.9 billion

on March 31,

2025, of which

$3.0 billion was secured with owner occupied properties (December 31, 2024 - $10.9 billion and $3.2 billion, respectively).

The non-owner occupied

CRE portfolio was

$5.5 billion, which

is comprised of

$3.3 billion in

BPPR and $2.2

billion in Popular

U.S.

and is

well diversified

across a

number of

tenants in

different industries

and segments

with exposure

to retail

(33%), hotels

(19%)

and office space (13%) accounting for two thirds of the total exposure to non-owner occupied

CRE. Office space leasing exposure in

our non-owner occupied CRE portfolio is

limited, representing only 1.9% or $722.4

million of our total loan portfolio. The

exposure is

mainly comprised of low- to mid- rise properties with an average loan size of $2.5 million and is well diversified across tenant type.

Within

the

commercial

portfolio

secured

real

estate,

the

Corporation’s

$2.4

billion

commercial

multi-family

portfolio

represents

approximately 6%

of total

loans and is

concentrated in

New York

Metro ($1.5 billion),

South Florida

($665 million)

and Puerto Rico

($214 million). In

the New York

Metro region, the

Corporation has no

exposure to rent

controlled buildings. The

rent stabilized units

represent less than 40% of the total units in the loan portfolio with the majority originated after 2019.

CRE NPLs amounted to $50.1 million

on March 31, 2025, compared with $53.7

million on December 31, 2024. The CRE

NPL ratios

for

the

BPPR

and

Popular

U.S.

segments

were

0.69%

and

0.28%,

respectively,

March

31,

2025,

compared

with

0.64%

and

0.37%, respectively, on December 31, 2024.

In addition

to the

NPLs included

in Table

19, on

March 31,

2025, there

were $495

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 March 31, 2025 and December 31, 2024:

151

Table 18 - Non-Performing Assets

March 31, 2025

December 31, 2024

(Dollars in thousands)

BPPR

Popular

U.S.

Popular,

Inc.

As a % of

loans HIP

Popular, Inc. (Banco Popular de Puerto Rico) - 10-Q quarterly report FY2025 Q1

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