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1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-K
[X]
 

ANNUAL REPORT PURSUANT TO SECTION 13 OR  
15(d) OF THE SECURITIES EXCHANGE ACT  
OF 1934
For the Fiscal Year Ended
December 31, 2025
Or
[ ]
 
Transition report pursuant to Section 13 or 15(d) of the Securities  
Exchange Act of 1934
Commission File Number:  

001-34084
POPULAR, INC.
Incorporated in the Commonwealth of
Puerto Rico
IRS Employer Identification No.
66-0667416
Principal Executive Offices
209 Muñoz Rivera Avenue
Hato Rey
,
Puerto Rico
00918
Telephone Number: (
787
)
765-9800
 

Securities registered pursuant to Section 12(b)  
of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.01 par value)
BPOP
The
Nasdaq Global Select Stock Market
6.125% Cumulative Monthly Income Trust Preferred
Securities
BPOPM
The
Nasdaq Global Select Stock Market
SECURITIES REGISTERED PURSUANT TO SECTION 12(g)  
OF THE ACT:  

None
Indicate by check mark if the registrant is a well-known  
seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
 
X No  
.
Indicate by check mark if the registrant is not required  
to file reports pursuant to Section 13 or Section  
15(d) of the Act. Yes  

No
 
X.
Indicate by check mark whether the registrant (1) has  
filed all reports required to be filed by  
Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12  
months (or for such shorter period that the  
registrant was required to file such reports),  
and
(2) has been subject to such filing requirements for the  
past 90 days.
Yes
 
X No  
.  

Indicate by check mark whether the registrant has  
submitted electronically every Interactive Data File required  
to be submitted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter)  
during the preceding 12 months (or for such  
shorter period that the registrant was
required to submit such files).
Yes
 
X No  
.
Indicate by check mark whether the registrant is a  
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting  
company”
and “emerging growth company” in Rule 12b-2  
of the Exchange Act.
Large accelerated filer
 
[X]
Accelerated filer [  
]
Non-accelerated filer [  
]
Smaller reporting company
[ ]
Emerging growth company
[ ]
If an emerging growth company, indicate by check mark if the registrant  
has elected not to use the extended  
transition period for
complying with any new or revised financial accounting  
standards provided pursuant to Section 13(a)  
of the Exchange Act.  

☐
Indicate by check mark whether the registrant has filed a report on  
and attestation to its management’s assessment of the effectiveness of
its internal  
control over  
financial reporting  
under Section  
404(b) of  
the Sarbanes-Oxley Act  
(15 U.S.C.  
7262(b)) by  
the registered  
public
accounting firm that prepared or issued its audit  
report.
[X]
If securities are registered  
pursuant to Section 12(b)  
of the Act, indicate  
by check mark whether  
the financial statements of  
the registrant
included in the filing reflect the correction of an  
error to previously issued financial statements.  

☐
Indicate  
by  
check  
mark  
whether any  
of  
those  
error  
corrections  
are  
restatements  
that  
required  
a  
recovery  
analysis  
of  
incentive-based
compensation received by any of the registrant’s executive  
officers during the relevant recovery period pursuant to  
§240.10D-1(b).  

☐
Indicate by check mark whether the registrant is a  
shell company (as defined in Rule 12b-2 of the  
Act). Yes  
No
X
 

As of June 30, 2025, the aggregate market  
value of the Common Stock held by non-affiliates of  
Popular, Inc. was approximately $
7.5
billion based upon the reported closing price of $110.21 on the Nasdaq  
Global Select Market on that date.  

As of February 26, 2026, there were
65,104,302
 
shares of Popular, Inc.’s Common Stock outstanding.

 
2
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Popular,  
Inc.’s definitive proxy  
statement relating to the  
2026 Annual Meeting  
of Stockholders of Popular,  
Inc. (the “Proxy
Statement”) are incorporated herein by reference in response to Items 10 through  
14 of Part III. The Proxy Statement will be  
filed with
the Securities and Exchange Commission (the “SEC”)  
on or about March 24, 2026.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
Forward-Looking Statements
This  
Form  
10-K contains  
“forward-looking statements”  
within the  
meaning  
of  
the  
U.S. Private  
Securities Litigation  
Reform Act  
of
1995,  
including,  
without  
limitation,  
statements  
about  
Popular,  
Inc.’s  
(the  
“Corporation,”  
“Popular,”  
“we,”  
“us,”  
“our”)  
business,
financial condition, results  
of operations, plans,  
objectives and future  
performance. These statements  
are not  
guarantees of future
performance,  
are  
based  
on  
management’s  
current  
expectations  
and,  
by  
their  
nature,  
involve  
risks,  
uncertainties,  
estimates  
and
assumptions. Potential  
factors, some  
of which  
are beyond  
the Corporation’s  
control, could  
cause actual  
results to  
differ materially
from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include without limitation the effect
of competitive and  
economic factors, and our  
reaction to those factors,  
the adequacy of  
the allowance for loan  
losses, delinquency
trends, market  
risk and  
the impact  
of interest  
rate changes  
(including on  
our cost  
of deposits),  
capital markets  
conditions, capital
adequacy  
and  
liquidity,  
and  
the  
effect  
of  
legal  
and  
regulatory  
proceedings  
and  
new  
accounting  
standards  
on  
the  
Corporation’s
financial condition  
and results  
of operations.  
All statements  
contained herein  
that  
are not  
clearly  
historical in  
nature are  
forward-
looking, and the words “anticipate,” “believe,” “continues,”  
“expect,” “estimate,” “intend,” “project” and similar expressions  
and future
or conditional verbs  
such as  
“will,” “would,” “should,”  
“could,” “might,” “can,”  
“may” or similar  
expressions are  
generally intended to
identify forward-looking statements.
Various factors, some of which  
are beyond Popular’s control, could cause actual results to differ materially from those expressed in,
or implied by, such forward-looking statements. Factors that might cause such a  
difference include, but are not limited to:
●
 
the  
rate  
of  
growth  
or  
decline  
in  
the  
economy  
and  
employment  
levels,  
as  
well  
as  
general  
business  
and  
economic
conditions  
in  
the  
geographic  
areas  
we  
serve  
and,  
in  
particular,  
in  
the  
Commonwealth  
of  
Puerto  
Rico  
(the
“Commonwealth” or “Puerto Rico”), where a significant  
portion of our business is concentrated;
●
 
adverse  
economic conditions,  
including high  
levels  
of  
inflation, that  
adversely affect  
housing  
prices, the  
job  
market,
consumer confidence  
and spending  
habits which  
may affect  
in turn,  
among other  
things, our  
level of  
non-performing
assets, charge-offs and provision expense;
●
 
changes in interest rates and market liquidity,  
which may reduce interest margins, impact funding sources, reduce loan
originations, affect  
our ability  
to originate  
and distribute  
financial products  
in the  
primary and  
secondary markets  
and
impact the value of our investment portfolio and  
our ability to return capital to our shareholders;
●
 
the  
impact  
of  
bank  
failures  
or  
adverse  
developments  
at  
other  
banks  
and  
related  
negative  
media  
coverage  
of  
the
banking industry in general on investor and depositor  
sentiment regarding the stability and liquidity of  
banks;
●
 
the impact of the current fiscal and economic challenges of Puerto Rico and  
the measures taken and to be taken by the
Puerto  
Rico  
Government  
and  
the  
Federally-appointed  
oversight  
board  
on  
the  
economy,  
our  
customers  
and  
our
business;
●
 
the  
amount of  
Puerto Rico  
public sector  
deposits held  
at  
the Corporation,  
whose future  
balances are  
uncertain and
difficult  
to  
predict  
and  
may  
be  
impacted  
by  
factors  
such  
as  
the  
amount  
of  
Federal  
funds  
received  
by  
the  
P.R.
Government  
and  
the  
rate  
of  
expenditure  
of  
such  
funds,  
as  
well  
as  
the  
financial  
condition,  
liquidity  
and  
cash
management practices of the Puerto Rico Government  
and its instrumentalities;
●
 
unforeseen or  
catastrophic events,  
including extreme  
weather events  
such as  
hurricanes and  
other natural  
disasters,
man-made disasters, acts of violence or war or  
pandemics, epidemics and other health-related  
crises, or the fear of any
such event  
occurring, any of  
which could cause  
adverse consequences for  
our business, including,  
but not  
limited to,
disruptions in our operations;
●
 
our ability to achieve the  
expected benefits from our transformation initiatives, including our  
ability to achieve projected
earnings, efficiencies and  
return on tangible  
common equity and  
accurately anticipate costs  
and expenses associated
therewith;

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
●
our ability to execute capital actions, including with  
respect to share repurchases and dividends;
●
 
the fiscal and monetary policies of the federal government  
and its agencies;
●
 
changes in  
federal  
bank  
regulatory and  
supervisory policies,  
including required  
levels of  
capital, liquidity,  
resolution-
related requirements and the impact of other proposed  
capital standards on our capital ratios;
●
 
changes  
in  
and  
uncertainty  
regarding  
federal  
funding,  
tax  
and  
trade  
policies,  
and  
federal  
rulemaking,  
supervision,
examination and enforcement priorities;
●
 
adjustments to or additional Federal Deposit Insurance  
Corporation (“FDIC”) assessments;
●
 
regulatory approvals  
that may  
be necessary  
to undertake  
certain actions  
or consummate  
strategic transactions,  
such
as acquisitions and dispositions;
●
 
the  
relative strength  
or  
weakness  
of  
the  
consumer and  
commercial credit  
sectors  
and  
of  
the  
real  
estate markets  
in
Puerto Rico and the other markets in which  
our borrowers are located;
●
 
a deterioration in the credit quality of our  
clients, customers and counterparties;
●
 
the performance of the stock and bond markets;
●
 
competition in the financial services industry;
●
 
possible legislative, tax or regulatory changes;
●
 
a failure  
in or  
breach of  
our operational  
or security  
systems or  
infrastructure or  
those of  
Evertec, Inc.,  
our provider  
of
core financial  
transaction processing and  
information technology services,  
or of  
third parties  
providing services  
to us,
including  
as  
a  
result  
of  
cyberattacks, e-fraud,  
denial-of-services and  
computer intrusion,  
that  
might result  
in,  
among
other  
things,  
loss  
or  
breach  
of  
customer  
data,  
disruption  
of  
services,  
reputational  
damage  
or  
additional  
costs  
to
Popular;
●
 
changes in market rates and prices which may  
adversely impact the value of financial assets  
and liabilities;
●
 
potential judgments,  
claims, damages,  
penalties, fines,  
enforcement actions  
and  
reputational damage  
resulting from
pending or future litigation and regulatory or government  
investigations or actions;
●
 
changes in accounting standards, rules and interpretations;
●
 
our ability to grow our core businesses;
●
 
decisions to downsize, sell or close branches or business  
units or otherwise change our business mix;  
and
●
 
management’s ability to identify and manage these and  
other risks.
Moreover,  
the outcome  
of any  
legal and  
regulatory proceedings, as  
discussed in  
“Part I,  
Item 3.  
Legal Proceedings,”  
is inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
“Part I, Item 1A” of this Form 10-K for a discussion  
of certain risks and uncertainties to which  
the Corporation is subject.
All forward-looking  
statements included  
in this  
Form 10-K  
are based  
upon information  
available to  
Popular as  
of the  
date of  
this
Form 10- K, and other than as required by law,  
including the requirements of applicable securities laws, we assume no obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.

 
 
 
 
 
5
TABLE OF CONTENTS
PART I
Page
Item 1
Business
6
Item 1A
Risk Factors
23
Item 1B
Unresolved Staff Comments
37
Item 1C
Cybersecurity
37
Item 2
Properties
40
Item 3
Legal Proceedings
41
Item 4
Mine Safety Disclosures
41
PART II
Item 5
Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
41
Item 6
[Reserved]
43
Item 7
Management’s Discussion and Analysis of Financial Condition  
and Results of
Operations
43
Item 7A
Quantitative and Qualitative Disclosures About Market  
Risk
43
Item 8
Financial Statements and Supplementary Data
43
Item 9
Changes in and Disagreements with Accountants  
on Accounting and Financial
Disclosure
44
Item 9A
Controls and Procedures
44
Item 9B
Other Information
44
Item 9C
Disclosure Regarding Foreign Jurisdictions that Prevent  
Inspections
44
PART III
Item 10
Directors, Executive Officers and Corporate Governance
44
Item 11
Executive Compensation
45
Item 12
Security Ownership of Certain Beneficial Owners  
and Management and
Related Stockholders  
Matters
45
Item 13
Certain Relationships and Related Transactions, and Director  
Independence
45
Item 14
Principal Accountant Fees and Services
45
PART IV
Item 15
Exhibits and Financial Statement Schedules
45
Item 16
Form 10-K Summary
46

 
 
6
PART I POPULAR, INC.
ITEM 1. BUSINESS  

General:
Popular  
is  
a diversified,  
publicly-owned financial  
holding company,  
registered under  
the Bank  
Holding Company  
Act  
of  
1956, as
amended (the “BHC Act”), and subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve Board”). Popular was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the  
largest
financial institution  
based in Puerto  
Rico, with  
consolidated assets of  
$75.3 billion, total  
deposits of  
$66.2 billion  
and stockholders’
equity of $6.2 billion at  
December 31, 2025. At December 31,  
2025, we ranked among the  
50 largest U.S. bank holding companies
based on total assets according to information gathered  
and disclosed by the Federal Reserve Board.
We operate in two principal markets:
●
 
Puerto  
Rico:  
We  
provide  
retail,  
mortgage  
and  
commercial  
banking  
services,  
as  
well  
as  
auto  
and  
equipment  
leasing  
and
financing through  
our principal  
banking subsidiary,  
Banco Popular  
de Puerto  
Rico (“Banco  
Popular” or  
“BPPR”), and  
broker-
dealer  
and  
insurance  
services  
through  
specialized  
subsidiaries.  
BPPR’s  
deposits  
are  
insured  
under  
the  
Deposit  
Insurance
Fund (“DIF”)  
of the  
Federal Deposit  
Insurance Corporation  
(“FDIC”). The  
banking operations  
of BPPR  
are primarily  
based in
Puerto Rico, where BPPR has the largest retail banking  
franchise.
●
 
Mainland  
United  
States:  
We  
provide  
retail  
and  
commercial  
banking  
services,  
as  
well  
as  
equipment  
leasing  
and  
financing,
through our New York  
-chartered banking subsidiary,  
Popular Bank (“PB” or  
“Popular U.S.”), which has branches  
in New York,
New Jersey,  
and Florida. PB’s deposits are insured under the DIF  
of the FDIC.
●
 
BPPR  
also  
conducts  
banking  
operations  
in  
the  
U.S.  
Virgin  
Islands,  
the  
British  
Virgin  
Islands  
and  
New  
York.  
In  
addition  
to
BPPR’s commercial  
banking operations  
in New  
York  
that include  
direct loan  
origination and  
participating loans  
originated by
PB,  
BPPR  
offers  
or  
holds  
financial  
products  
on  
a  
national  
scale  
in  
the  
U.S.  
market,  
including  
personal  
loans  
previously
originated under  
the E-Loan  
brand, purchased  
personal loans  
originated by  
third parties,  
and  
gathering insured  
institutional
deposits via online deposit gathering platforms. In the U.S. and British  
Virgin Islands, BPPR offers a range of banking products,
including loans and deposits to both retail and  
commercial customers.
For further information about the Corporation’s results segregated by  
its reportable segments, see “Reportable Segment Results” in
the Management’s Discussion  
and Analysis of  
Financial Condition and Results  
of Operations section (“MD&A”)  
and Note 36  
to the
Consolidated Financial Statements included in this  
Form 10-K.
Lending Activities
We concentrate our lending activities in the following areas:
(1) Commercial. Commercial loans are comprised of (i) commercial and industrial (“C&I”) loans and leases to commercial  
customers
for use in normal  
business operations and to finance  
working capital needs, equipment purchases or  
other projects, (ii) commercial
real  
estate  
(“CRE”)  
loans  
(excluding  
construction  
loans)  
for  
income-producing real  
estate  
properties  
as  
well  
as  
owner-occupied
properties, and  
(iii) multifamily loans  
with residential buildings  
with five  
or more living  
units. C&I loans  
are underwritten individually
and usually secured with the assets of the company and  
the personal guarantee of the business owners. CRE  
loans consist of loans
for income-producing  
real estate  
properties and  
the financing  
of owner-occupied  
facilities if  
there is  
real estate  
as collateral.  
Non-
owner-occupied CRE  
loans are  
generally made  
to finance  
office and  
industrial buildings,  
healthcare facilities,  
and retail  
shopping
centers and are  
repaid through cash  
flows related to  
the operation, sale  
or refinancing of  
the property.  
Multifamily loans, in  
certain
cases, result from the conversion of the  
Bank’s construction financing to permanent financing and are repaid  
through the cash flow,
sale or refinance of the properties.
(2) Mortgage. Mortgage  
loans include residential  
mortgage loans to  
consumers for the  
purchase or refinancing  
of a  
residence and

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
also include residential construction loans made  
to individuals for the construction of refurbishment  
of their residence.  

(3) Consumer.  
Consumer loans  
are mainly  
comprised of  
unsecured personal  
loans, credit  
cards, and  
automobile loans,  
and to  
a
lesser extent home equity lines of credit (“HELOCs”)  
and other loans made by banks to individual  
borrowers.  

(4)  
Construction.  
Construction  
loans  
are  
CRE  
loans  
to  
companies  
or  
developers  
used  
for  
the  
construction  
of  
a  
commercial  
or
residential property for which repayment will be generated by the sale  
or permanent financing of the property.  
Our construction loan
portfolio primarily consists of residential land development,  
multifamily housing, and condominium projects.  

(5) Lease Financings. Lease financings are offered by  
BPPR and are primarily comprised of automobile loans/leases made through
automotive dealerships.
Business Concentration
Since our  
business activities  
are currently concentrated  
primarily in  
Puerto Rico,  
our results  
of operations  
and financial
condition are dependent upon the general trends of  
the Puerto Rico economy and, in particular,  
the residential and commercial real
estate markets. The concentration of our  
operations in Puerto Rico exposes us  
to greater risk than other  
banking companies with a
wider  
geographic  
base.  
Our  
asset  
and  
revenue  
composition  
by  
geographical  
area  
is  
presented  
in  
Note  
36  
to  
the  
Consolidated
Financial Statements included in this Form 10-K.
Our loan portfolio is diversified by loan category.  
However, 52% of our loan portfolio at  
December 31, 2025 consisted of real estate-
related loans,  
including residential  
mortgage loans,  
construction loans  
and commercial  
loans secured  
by commercial  
real estate.
The table below presents the distribution of  
our loan portfolio by loan category at December  
31, 2025.
Loan category
(Dollars in millions)
BPPR
%
PB
%
POPULAR
%
Commercial multi-family
$303
1
$2,152
18
$2,455
6
Commercial real estate:
 
Non-owner occupied
3,395
12
2,148
18
5,543
14
 
Owner occupied
1,197
4
1,957
17
3,154
8
Commercial and industrial
5,970
22
2,637
23
8,607
22
Construction
358
1
1,317
11
1,675
4
Mortgage
7,348
27
1,301
11
8,649
22
Leasing
2,001
7
2,001
5
Consumer:
 
Credit cards
1,257
4
-
-
1,257
3
 
Home equity lines of credit
2
 
-  

77
1
79
 
-  

 
Personal
1,836
7
70
1
1,906
5
 
Auto
3,820
14
-
-
3,820
10
 
Other
172
1
9
-
181
1
Total
$27,659
100
$11,668
100
$39,327
100
Except for the Corporation’s exposure to the Puerto Rico and U.S. Governments, no individual or single group of related accounts is
considered material  
in relation  
to our  
total assets  
or deposits,  
or in  
relation to  
our overall  
business.  
For a  
discussion of  
our loan,
investment,  
and  
deposits  
portfolios  
and  
our  
exposure  
to  
the  
Government  
of  
Puerto  
Rico,  
see  
“Financial  
Condition  
–  
Loans”,
“Financial Condition – Deposits” and “Credit Risk – Geographical and Government Risk” in the MD&A and to Note 23 - Commitment
and Contingencies to the Consolidated Financial Statements  
included in this Form 10-K.
Credit  
Administration  
and  
Credit  
Policies
Interest  
from our  
loan portfolios  
is our  
principal source  
of revenue.  
Whenever we  
make loans,  
we expose  
ourselves  
to
credit  
risk.  
Credit  
risk  
is  
controlled  
and  
monitored  
through  
active  
asset  
quality  
management,  
including  
the  
use  
of  
lending
standards,  
thorough  
review  
of  
potential  
borrowers  
and through  
active  
asset quality  
administration.

 
 
 
8
Business  
activities  
that  
expose  
us to  
credit  
risk are  
managed  
within  
the  
Board  
of Director’s  
Risk Management policy,
and the Credit Risk Tolerance  
Limits policy,  
which establishes  
limits  
that  
consider  
factors  
such  
as maintainin  
g  
a prudent  
balance
of risk-taking  
across  
diversified  
risk types  
and business  
units,  
compliance  
with regulator  
y  
guidance,  
and  
controlling  
the  
exposure
to lower  
credit  
quality  
assets.
We maintain  
comprehensive  
credit policies  
for all lines of  
business in order  
to mitigate credit  
risk. Our credit  
policies  
are
approved by  
our Board  
of Directors.  
These policies set  
forth,  
among  
other  
things,
the objectives, scope and  
responsibilities of the
credit  
management cycle.  
Our  
internal  
written  
procedures  
establish
underwriting  
standards  
and  
procedures  
for  
monitoring  
and
evaluating  
loan  
portfolio  
quality  
and  
require  
prompt  
identificatio  
n  
and  
quantificatio  
n  
of  
asset  
quality  
deterioration  
or  
potential
loss
to provide for the adequacy of the allowance for credit losses. These written procedures establish various approval and lending
limit levels,  
ranging
 
from  
bank  
branch  
or departmen  
t  
officers  
to managerial  
and senior  
management  
levels.  
Approval  
levels  
are
primarily  
determined  
by the  
amount, type  
of loan and  
risk characteristics  
of the credit  
facility.
Our  
credit  
policies  
and  
procedures  
establish  
documentation  
requirements  
for  
each  
loan  
and  
related  
collateral  
type,
when  
applicable,  
during  
the  
underwriting,  
closing  
and  
monitoring  
phases.  
For  
commercial  
and  
construction  
loans,  
during  
the
initial  
loan  
underwriting  
process,  
the  
credit  
policies  
require,  
at  
a  
minimum,  
historical  
financial  
statements  
or  
tax  
returns  
of  
the
borrower,  
an analysis  
of financial  
information  
contained  
in  
a  
credit  
approval  
package,  
a  
risk  
rating  
determination  
and  
reports
from  
credit  
agencies  
and appraisal  
s  
for  
real  
estate-related  
loans when applicable  
.  
The credit  
policies  
also  
set  
forth  
the  
required
closing  
documentation  
depending  
on the  
loan  
and the  
collateral  
type.
Although  
we originate  
most  
of our  
loans  
internally  
in both  
the Puerto  
Rico  
and mainland  
United  
States  
markets,  
we
occasionally  
purchase  
or participate  
in loans  
originated  
by other  
financial  
institutions.  
When we  
purchase  
or participate  
in loans
originated by  
others, we ensure  
that those loans  
meet our underwriting  
standards and  
are consistent  
with our risk  
appetite.  

Refer  
to  
the  
Credit  
Risk  
section  
of  
the  
MD&A  
included  
in  
this  
Form  
10-K  
for  
information  
related  
to  
management
committees and divisions with responsibilities for establishing  
policies and monitoring the Corporation’s credit risk.
Loan  
extensions  
,  
renewals  
and restructurings
Loans with  
satisfactory  
credit profiles  
can be  
extended, renewed  
or restructured  
.  
Some commercia  
l  
loan facilities  
are
structured  
as lines  
of credit, which  
are mainly  
one year  
in term  
and therefore  
are required  
to be renewed  
annually.  
Other  
facilities
may be restructure  
d  
or extended  
from time  
to time based  
upon changes  
in the  
borrower’s  
business  
needs,  
use  
of  
funds,  
timing
of  
completion  
of  
projects  
and  
other  
factors.  
If  
the  
borrower  
is  
not  
deemed  
to  
have  
financial  
difficulties  
,  
extensions,  
renewals
and restructurings  
are done  
in the  
normal  
course  
of busines  
s  
and the  
loans  
continue  
to be recorde  
d  
as performing.
We  
evaluate  
various  
factors  
to  
determine  
if  
a  
borrower  
is  
experiencing  
financial  
difficulties.  
Indicators  
that  
the
borrower  
is  
experiencing  
financial difficultie  
s  
include,  
for example:  
(i)  
the borrower  
is currently  
in default on any  
of its debt  
or it is
probable tha  
t  
the borrower  
would be  
in payment  
default on  
any of  
its debt  
in th  
e  
foreseeable  
future  
without  
the modification  
;  
(ii)  

the  
borrower  
has declare  
d  
or is in  
the  
process  
of declarin  
g  
bankruptcy;  
(iii)  
there  
is significan  
t  
doubt  
as to whether  
the  
borrower
will  
continue  
to  
be  
a  
going  
concern;  
(iv)  
the  
borrower  
has  
securities  
that  
have  
been  
delisted,  
are  
in  
the  
process  
of  
being
delisted,  
or  
are  
under threa  
t  
of bein  
g  
delisted  
from  
an exchange  
;  
(v) based  
on estimates  
and projection  
s  
that  
only  
encompass
the  
current  
business  
capabilities  
,  
the  
borrower  
forecasts  
that  
its  
entity-specifi  
c  
cash  
flows  
will  
be  
insufficien  
t  
to  
service  
the
debt  
(both  
interest  
and  
principal)  
in  
accordance  
with  
the  
contractual  
terms  
of  
the  
existing  
agreement  
through  
maturity;  
and
(vi)  
absent  
the  
current  
modification,  
the  
borrower  
cannot  
obtain  
funds  
from  
sources  
other  
than  
the  
existing  
creditors  
at  
an
effective  
interest  
rate  
equal to the current market  
interest  
rate for similar  
debt for a non-troubled  
debtor.
We  
have  
specialized  
workout  
officers  
who  
handle  
the majority  
of  
commercial  
loans  
that  
are  
past  
due  
90  
days  
and
over,  
borrowers  
experiencing  
financial  
difficulties  
,  
and loans  
that  
are considered  
problem loans  
based on  
their risk  
profile. As  
a
general  
policy,  
we  
do  
not  
advance  
additional  
money  
to  
borrowers  
who  
have  
loans  
that  
are  
90  
days  
past  
due  
or  
over.  
In
commercial  
and  
construction  
loans,  
certain  
exceptions  
may  
be approved  
under  
certain  
circumstances,  
including  
(i) when  
past
due  
status  
is administrativ  
e  
in nature,  
such  
as expiration  
of a loan  
facility  
before  
the  
new documentatio  
n  
is executed,  
and not as
a result  
of paymen  
t  
or credit  
issues;  
(ii) to  
improve  
our collateral  
position  
or  
otherwise  
maximize  
recovery  
or  
mitigate  
potential
future  
losses;  
and  
(iii)  
with  
respect  
to  
certain  
entities  
that,  
although  
related  
through  
common  
ownership,  
are  
not  
cross

9
defaulted  
nor  
cross-collateralized  
and  
are  
performing  
satisfactorily  
under  
their  
respective  
loan  
facilities.  
Such  
advances  
are
underwritten  
and  
approved  
following  
our  
credit  
policy  
guidelines  
and  
limits,  
which  
are  
dependent  
on  
the  
borrower’s  
financial
condition,  
collateral  
and guarantee,  
among  
others.
In addition  
to the legal  
lending limit  
established under  
applicable  
state banking  
law, discusse  
d  
in detail  
below,  
business
activities  
that  
expose the  
Corporation to  
credit  
risk  
are managed  
within  
guidelines described  
in the  
Credit  
Risk Tolerance  
Limits
policy.  
Limits are defined for  
loss and credit  
performance metrics, portfolio composition and  
concentration, and industry and  
name-
level,
which
monitors  
lending  
concentration  
to  
a  
single  
borrower  
or  
a  
group  
of  
related  
borrowers,  
including  
specific  
lending
limits  
based  
on industr  
y  
or other  
criteria,  
such  
as a percentage  
of the  
banks’  
capital.
Refer to Note 2 and Note 8 to the Consolidated Financial Statements included  
in this Form 10-K, for additional information
on loan modifications to borrowers with financial difficulties.
Competition
The  
financial  
services  
industry  
in  
which  
we  
operate  
is  
highly  
competitive.  
In  
Puerto  
Rico,  
our  
primary  
market,  
the
banking  
business  
is  
highly  
competitive  
with  
respect  
to  
originatin  
g  
loans,  
acquiring  
deposits  
and  
providing  
other  
banking
services.  
Most  
of  
our  
direct  
competitio  
n  
for  
our  
products  
and  
services  
comes  
from  
commercial  
banks and  
credit unions.
The  
principal  
competitors  
for  
BPPR  
include  
locally  
based  
commercial  
banks  
and  
a  
few  
large  
U.S.  
and  
foreign  
banks  
with
operations in Puerto Rico.  

We  
also  
compete  
with  
specialized  
players  
in th  
e  
local  
financial  
industry  
that  
are  
not  
subject  
to  
the  
same  
regulatory
restrictions  
as domestic  
banks  
and bank holdin  
g  
companies.  
Those  
competitors  
include  
brokerage  
firms,  
mortgage  
companies,
insurance  
companies,  
automobile  
and  
equipment  
finance  
companies,  
local  
and  
federal  
credit  
unions  
(locally  
known  
as
“cooperativas”),  
credit car  
d  
companies,  
consumer  
finance  
companies,  
institutional  
lenders,  
and other  
financial  
and non-financia  
l
institutions  
and entities.  
Credit  
unions  
generally  
provide  
basic consume  
r  
financial  
services and collectively  
represent a  
significant
portion of the  
market with  
a lower cost structure  
and fewer regulatory  
constraints.
While our main competition continues to come from other Puerto Rico banks and financial institutions, we face increased
competition from non-Puerto  
Rico institutions, as  
emerging technologies and  
the growth  
of e-commerce have  
significantly reduced
geographic barriers. These technologies have  
also made it easier  
for non-depositary institutions to  
offer products and  
services that
were  
traditionally  
considered  
banking  
products  
and  
have  
allowed  
non-traditional  
financial  
service  
providers  
and  
technology
companies  
to  
provide  
electronic  
and  
internet-based  
financial  
solutions  
and  
services.  
In  
addition,  
nonbank  
firms  
may  
have  
a
competitive advantage over  
traditional banks  
and bank  
holding companies,  
such as  
Popular,  
due to factors  
such as  
differences in
regulation, funding models and tax treatment.
In  
the  
United  
States  
we  
continue  
to  
face  
substantial  
competitive  
pressure  
as  
our  
footprint  
resides  
in  
the  
two  
large
metropolitan markets of  
New York  
City /  
Northern New Jersey  
and the  
greater Miami area.  
There are a  
large number  
of banks in
both markets, including community, regional, and national ones, most of which  
have more resources than us.
In both  
Puerto Rico  
and the  
United States,  
the primary  
factors in  
competing  
for business  
include  
pricing,  
convenience
of branch  
locations  
and other  
delivery  
methods,  
range of  
products offered,  
and the  
level of  
service delivered.  
We must  
compete
effectively  
along  
all  
these  
parameters  
to  
be  
successful.  
We  
experience  
pricing  
pressure  
as  
some  
of  
our  
competitors  
seek  
to
increase  
market  
share  
by  
reducing  
prices  
for  
services  
or  
the  
rates  
charged  
on  
loans,  
increasing  
the  
interest  
rates  
offered  
on
deposits  
or offering  
more flexible  
terms. Increased  
competition  
could require  
that we  
increase  
the rates  
offered  
on deposits  
and
lower the rates  
charged on loans,  
which could adversely  
affect our profitability.
Economic  
factors,  
along  
with  
legislative  
and  
technological  
changes,  
have  
an  
ongoing  
impact  
on  
the  
competitive
environment  
within  
the financia  
l  
services  
industry.  
We work  
to anticipat  
e  
and adap  
t  
to dynamic  
competitive  
conditions  
whether
through developing  
and marketing  
innovative  
products  
and services,  
adopting  
or developin  
g  
new technologie  
s  
that  
differentiat  
e
our products  
and  
services,  
cross-marketing,  
or  
providing  
personalized  
banking  
services.  
We  
strive  
to  
distinguish  
ourselves
from  
other  
banks  
and  
financial  
services  
providers  
in our  
marketplace  
by providin  
g  
a high  
level  
of service  
to enhance  
customer
loyalty  
and to attrac  
t  
and retain  
business.  
However,  
we can  
provide  
no assurance  
as  
to  
the  
effectiveness  
of  
these  
efforts  
on
our  
future  
business  
or  
results  
of  
operations,  
and  
as  
to  
our  
continued  
ability  
to  
anticipate  
and  
adapt  
to  
changing

 
10
conditions,  
and  
to  
sufficientl  
y  
improve  
our  
services  
and/or  
banking  
products,  
in  
order  
to  
successfully  
compete  
in  
our  
primary
service  
areas.
Transformation Initiatives
The Corporation  
continues  
its broad-based  
,  
multi-year,  
technological  
and business  
process transformation,  
which was  
launched
in  
2022.  
As  
part  
of  
this  
transformation,  
we  
are  
making  
significant  
investments  
in  
technology,  
talent  
and  
new  
digital  
and  
data
capabilities  
in order  
to provide  
our customers  
with more  
personalized  
and accessible  
services,  
increase  
employee  
performance
and satisfaction  
with more agile  
work processes,  
and generate sustainable  
profitable growth  
and value for our  
shareholders.
During  
2025,  
the  
Corporation  
continued  
to  
make  
meaningful  
progress  
in  
the  
modernization  
of  
our  
customer  
channels  
and
enhancement  
of our customers'  
experience.  
For example,  
we started  
the rollout  
of a commercial  
cash management  
solution  
and
deployed  
a new  
consumer  
credit  
origination  
platform  
in Puerto  
Rico  
and the  
Virgin  
Islands.  
We  
also  
continued  
to  
invest  
in our
physical  
retail  
network  
and  
executed  
a series  
of  
efficiency  
initiatives,  
including  
exiting  
our  
U.S.  
mortgage  
business,  
optimizing
mortgage  
servicing  
operations  
in Puerto  
Rico,  
and transforming  
our Enterprise  
Resource  
Planning  
(ERP)  
platform  
to a  
modern
cloud-based solution  
implemented  
in January 2026  
.  

In  
connection  
with  
the  
Corporation’s  
transformation  
initiatives,  
the  
Corporation  
is  
working  
to  
achieve  
a  
sustainable  
return  
on
tangible  
common  
equity  
(“ROTCE”)  
of  
14%  
over  
the  
long  
term.  
The  
Corporation  
made  
progress  
towards  
this  
goal  
in  
2025,
achieving 13%  
ROTCE for the full  
year.
Refer  
to  
the  
Overview  
section  
of  
Management’s  
Discussion  
and  
Analysis  
included  
in this  
Form  
10-K  
for  
information  
on  
recent
significant  
events that have  
impacted or  
will impact  
our current and  
future operations.
Human Capital Management
Popular seeks  
to embody our  
values and  
behaviors throughout  
our human capital  
management practices.  
Attracting,  
developing,
and retaining  
top talent  
in an  
environment  
that promotes  
wellness, inclusion,  
respect, continuous  
learning,  
and transparency  
are
fundamental  
pillars of  
the Corporation’s  
long-term strategy.  
As of December  
31, 2025, Popular  
employed 9,427  
individuals,  
none
of whom were  
represented  
by a collective  
bargaining group.  

Nurturing Well  
-Being: Employee  
Health & Financial  
Security
Popular  
believes  
that the  
health and  
financial  
wellness  
of our  
employees  
is fundamental  
to delivering  
high-quality  
service  
to our
customers  
and  
contributing  
positively  
to  
the  
communities  
in  
which  
we  
operate.  
Accordingly,  
the  
Corporation  
offers  
a
comprehensive  
health and  
wellness program  
that includes  
medical, pharmacy,  
vision, and  
dental insurance,  
as well as additional
wellness initiatives.  

Our programs  
are designed  
to ensure that  
healthcare is  
both accessible  
and affordable  
for our employees,  
with Popular covering
up to 78%  
of health  
insurance premiums,  
a figure that  
surpasses regional  
benchmarks.  
In 2025,  
we strengthened  
our health  
and
wellness  
offerings  
by opening  
a state-of-the-art  
fitness center  
in our San  
Juan, Puerto  
Rico campus,  
to encourage  
an active  
and
balanced  
lifestyle.  
As of  
December  
2025,  
the fitness  
center  
had  
a total  
of 2,030  
members,  
including  
active  
employees,  
eligible
family members  
and retirees.  

Additionally,  
the  
Corporation  
promotes  
employee  
health  
and  
well-being  
by  
encouraging  
annual  
physical  
examinations  
and
operating  
a comprehensive  
health and  
wellness center  
at its Puerto  
Rico corporate  
offices, staffed  
with healthcare  
providers and
enhanced  
by  
the  
addition  
of  
an  
on-site  
psychologist  
to  
provide  
mental  
health  
support.  
The  
center  
received  
over  
15,000  
visits
from employees  
during 2025.  

Popular  
also seeks  
to foster  
work-life  
balance  
by offering  
paid time  
off  
benefits  
to our  
employees,  
including  
community  
service
leave,  
paid  
parental  
leave,  
and  
flexible  
work  
arrangements.  
Our  
hybrid  
work  
model,  
available  
to  
approximately  
half  
of  
our
workforce,  
is  
designed  
to  
strike  
an  
appropriate  
balance  
between  
employee  
flexibility  
and  
business  
needs,  
reinforcing  
our
commitment  
to  
a flexible  
and  
productive  
work  
environment.  
In  
addition,  
we regularly  
offer  
activities  
and  
workshops  
focused  
on
physical fitness  
and personal financial  
management.  

Popular  
further  
offers  
a 401(k)  
savings  
and  
investment  
plan,  
in  
which  
98%  
of  
employees  
participate.  
Under  
the  
plan,  
Popular

 
 
 
11
matches  
$0.50 for  
every  
dollar  
contributed  
by an  
employee,  
up to  
8% of  
the employee’s  
salary.  
Moreover,  
Popular  
maintains  
a
profit-sharing  
plan, contingent  
upon the  
achievement  
of pre-established  
financial  
goals, to  
further  
align employee  
compensation
with  
the  
Corporation’s  
overall  
performance.  
Under  
the  
profit-sharing  
plan,  
employees  
may  
receive  
up  
to  
8%  
of  
their  
eligible
compensation  
(capped  
at $70,000),  
with the  
first  
4% paid  
in cash  
and any  
amount  
above that  
threshold  
paid to  
the employee’s
savings  
and  
investment  
plan  
account.  
Additionally,  
Popular  
regularly  
reviews  
employees’  
base  
compensation  
to  
remain
competitive  
with market salaries  
for comparable  
positions.
Empowering Growth:  
Our Commitment  
to Talent  
Developmen
t
We  
are committed  
to fostering  
the continuous  
development  
and upskilling  
of our  
employees  
and  
believe  
this  
is fundamental  
to
maintaining  
our competitive  
advantage.  
Towards  
that end,  
Popular  
offers  
development  
opportunities  
designed  
to strengthen  
our
employees’  
knowledge,  
capabilities  
and  
skills,  
supporting  
their  
personal  
growth  
while  
enhancing  
Popular’s  
business  
strategies
and organizational  
effectiveness.  

Our 40,000  
square foot  
development  
center in  
San Juan,  
Puerto Rico,  
and our satellite  
facilities  
in New York,  
South Florida,  
and
the  
Virgin  
Islands,  
offer  
year-round  
training  
sessions,  
activities  
and  
workshops.  
In  
2025,  
there  
were  
approximately  
6,700
registered  
participations  
in corporate  
academy  
voluntary  
courses,  
new  
employee  
orientations,  
health  
coordinator  
certifications,
and  
manager  
onboarding  
programs—an  
increase  
of  
approximately  
2,500  
compared  
to  
the  
participation  
levels  
in  
2024.  
These
courses  
offer  
instructor-led  
training  
experiences  
for  
employees  
to  
develop  
and  
apply  
critical  
core  
and  
technical  
skills.  
Our
commitment  
to  
continuous  
learning  
is  
further  
supported  
through  
employee  
access  
to  
LinkedIn  
Learning,  
which  
provides  
an
extensive  
library  
of  
over  
16,000  
e-learning  
courses,  
enabling  
employees  
to  
pursue  
self-directed  
learning  
aligned  
with  
both
professional  
development goals  
and business  
needs.  

Our  
focus  
on  
training  
and  
development  
has  
provided  
internal  
growth  
opportunities  
for  
our  
workforce.  
As  
a  
result,  
the
Corporation’s  
internal  
mobility  
rate in  
2025 was  
47%, reflecting  
employees  
who applied  
for or  
were selected  
for open  
positions,
received  
promotions,  
or made  
lateral  
moves  
within  
the  
organization.  
Additionally,  
we continued  
strengthening  
key skills  
across
accelerated  
development  
programs  
focused  
on  
data  
science,  
agile  
methodologies,  
analytics,  
process  
efficiency,  
and  
product
management.  
During  
2025,  
approximately  
400  
employees  
participated  
in these  
programs,  
further  
enhancing  
the  
organization’s
talent.  

During  
2025,  
Popular  
successfully  
implemented  
the Executive  
Development  
Program,  
engaging  
over  
80 executive  
leaders  
in a
comprehensive  
initiative  
focused  
on strengthening  
key  
behaviors,  
including  
agility,  
accountability,  
collaboration,  
and leadership
mindset,  
aligned  
with  
our  
company  
values.  
In  
addition,  
we  
introduced  
the  
Middle  
Management  
Development  
Program,  
a two-
year  
development  
journey  
for  
over  
1,700  
leaders  
designed  
to  
reinforce  
alignment  
with  
the  
Corporation’s  
values  
and  
expected
behaviors  
while  
fostering  
sustainable  
organizational  
transformation.  
Furthermore,  
we provided  
our  
leaders  
with  
advanced  
tools
to support more  
effective and  
impactful performance  
discussions.
Our  
organizational  
effectiveness  
strategy  
was  
crucial  
in  
advancing  
organizational  
development  
through  
targeted  
initiatives,
including  
assessments,  
team  
integration  
activities,  
new  
manager  
integration  
facilitations,  
and  
team  
alignment  
sessions.  
These
efforts  
are  
designed  
to  
foster  
a  
cohesive,  
agile,  
and  
adaptable  
workforce  
capable  
of  
supporting  
the  
Corporation’s  
evolving
business objectives.
Enhancing Leadership  
Continuity through  
Strategic Succession  
Planning
Popular’s  
business  
strategy  
integrates  
succession  
planning  
to  
ensure  
effective  
and  
orderly  
leadership  
transitions.  
Succession
plans  
for senior  
management  
are  
developed  
by the  
Chief  
Executive  
Officer  
and  
presented  
to the  
Board  
of Directors.  
Popular’s
succession  
planning  
also  
leverages  
our  
Executive  
Talent  
Management  
Program  
to  
identify  
high-potential  
and  
high-performing
managers,  
providing  
them  
with  
targeted  
learning  
opportunities  
to  
enhance  
their  
skills  
and  
prepare  
them  
for  
future  
senior
management positions.
Employee Experience
Popular  
is  
committed  
to  
providing  
an  
exceptional  
employee  
experience  
that  
inspires  
our  
employees  
to  
deliver  
outstanding
service  
to  
our  
customers  
and  
communities.  
We  
recognize  
the  
evolving  
nature  
of  
our  
employees’  
needs  
and  
expectations  
and
have  
a  
robust  
approach  
to  
measuring  
and  
understanding  
their  
journey.  
Our  
employee  
engagement  
and  
experience  
survey
program  
includes  
biannual  
pulse surveys,  
an annual  
enterprise-wide  
survey,  
and additional  
surveys  
that assess  
the end  
-to-end
employee  
journey.  
We believe  
that these  
insights  
contributed  
to our  
ability  
to maintain  
a stable  
employee  
turnover  
rate of  
8.5%
as  
of  
the  
end  
of  
2025.  
Furthermore,  
our  
employee-experience  
efforts  
are  
reflected  
in  
record  
participation  
rate  
of  
77%  
and  
a
sustained  
employee-loyalty  
score of  
81%, positioning  
us above  
the 50th  
percentile  
of the Qualtrics  
global benchmark  
and above
the financial  
services industry  
average benchmark.

 
12
Board Oversight  
in Human Capital
The  
Talent  
and  
Compensation  
Committee  
of  
the  
Corporation’s  
Board  
of  
Directors  
has  
oversight  
responsibility  
for  
the
Corporation’s  
human  
capital  
management  
practices.  
As  
part  
of  
its  
responsibilities,  
the  
Talent  
and  
Compensation  
Committee
reviews  
and  
advises  
management  
on  
the  
Corporation’s  
overall  
compensation  
philosophy,  
programs  
and  
policies,  
and  
on  
the
Corporation’s  
talent  
acquisition  
and  
development,  
workforce  
engagement,  
succession  
planning,  
and  
corporate  
culture,  
among
other human capital  
matters.
We  
encourage  
you  
to  
review  
our Corporate  
Sustainability  
Report  
published  
on www.popular.com  
for more  
detailed  
information
regarding  
the Corporation’s  
human capital  
management  
programs  
and initiatives.  
The information  
on the  
Corporation’s  
website,
including  
the  
Corporation’s  
Corporate  
Sustainability  
Report,  
is  
not,  
and  
will  
not  
be  
deemed  
to  
be,  
a  
part  
of  
this  
Form  
10-K  
or
incorporated  
into any of the  
Corporation’s  
filings with  
the SEC.
Regulation and Supervision
Described below are the material elements of selected laws and regulations applicable to Popular, Popular North America
(“PNA”)  
and  
their  
respective  
subsidiaries.  
Such  
laws  
and  
regulations  
are  
continually  
under  
review  
by  
Congress  
and  
state
legislatures  
and  
federal  
and  
state  
regulatory  
agencies.  
Any  
change  
in  
the  
laws  
and  
regulations  
applicable  
to  
Popular  
and  
its
subsidiaries could have a material effect on the  
business of Popular and its subsidiaries. We will continue to  
assess our businesses
and risk management and compliance practices  
to conform to developments in the regulatory  
environment.
General
Popular and PNA are bank holding companies subject to consolidated supervision and  
regulation by the Federal Reserve
Board under  
the Bank  
Holding Company Act  
of 1956  
(as amended, the  
“BHC Act”). BPPR  
and PB  
are subject to  
supervision and
examination by applicable  
federal and state  
banking agencies including,  
in the  
case of BPPR,  
the Federal Reserve  
Board and the
Office of  
the Commissioner  
of Financial  
Institutions of  
Puerto Rico  
(the “Office  
of the  
Commissioner”), and, in  
the case  
of PB,  
the
Federal  
Reserve  
Board  
and  
the  
New  
York  
State  
Department  
of  
Financial  
Services  
(the  
“NYSDFS”).  
Popular’s  
broker-dealer  
/
investment adviser  
subsidiary,  
Popular Securities,  
LLC (“PS”)  
and investment  
adviser subsidiary  
Popular Asset  
Management LLC
(“PAM”)  
are subject  
to  
regulation by  
the SEC,  
the Financial  
Industry  
Regulatory Authority  
(“FINRA”), and  
the Securities  
Investor
Protection Corporation, among others. Other of our non-bank subsidiaries conduct reinsurance and  
insurance producer and agency
activities, which are  
subject to other  
federal, state and  
Puerto Rico laws  
and regulations as  
well as licensing  
and regulation by  
the
Puerto Rico Office of the Commissioner of Insurance and,  
for one insurance agency subsidiary, the NYSDFS.
Enhanced Prudential Standards
Under  
the  
Dodd-Frank  
Wall  
Street  
Reform  
and  
Consumer  
Protection  
Act  
(the  
“Dodd-Frank  
Act”),  
as  
modified  
by  
the
Economic  
Growth,  
Regulatory  
Relief,  
and  
Consumer  
Protection  
Act  
and  
the  
federal  
banking  
regulators’  
2019  
“Tailoring  
Rules,”
banking  
organizations are  
categorized based  
on status  
as  
a U.S.  
G-SIB,  
size  
and four  
other risk-based  
indicators. Among  
bank
holding companies with $100  
billion or more in  
total consolidated assets, the  
most stringent standards apply  
to U.S. G-SIBs,  
which
are subject to Category I standards,  
and the least stringent standards apply to Category IV organizations, which have between $100
billion and $250 billion in total consolidated assets and less than $75 billion in all four other risk-based indicators and  
which are also
not U.S. G-SIBs. Bank holding companies with total consolidated assets of $50 billion or more are subject to risk committee and risk
management requirements. As of December 31, 2025,  
Popular had total consolidated assets of $75.3 billion.

13
Transactions with Affiliates
BPPR  
and  
PB  
are  
subject  
to  
restrictions  
that  
limit  
the  
amount  
of  
extensions  
of  
credit  
and  
certain  
other  
“covered
transactions” (as defined in Section  
23A of the Federal  
Reserve Act) between BPPR or  
PB, on the  
one hand, and Popular,  
PNA or
any  
of  
our  
other  
non-banking  
subsidiaries,  
on  
the  
other  
hand,  
and  
that  
impose  
collateralization  
requirements  
on  
such  
credit
extensions. A bank may not engage in any covered transaction if the aggregate amount of the bank’s covered transactions with that
affiliate would exceed 10% of  
the bank’s capital stock and  
surplus or the aggregate amount of  
the bank’s covered transactions with
all non-bank affiliates would exceed 20%  
of the bank’s capital stock and  
surplus. In addition, any transaction between BPPR  
or PB,
on the one  
hand, and Popular,  
PNA or any  
of our other  
non-banking subsidiaries, on  
the other,  
is required to  
be carried out  
on an
arm’s length basis.
Source of Financial Strength
The  
Dodd-Frank Act  
requires bank  
holding companies,  
such  
as Popular  
and  
PNA, to  
act  
as  
a source  
of  
financial  
and
managerial strength to their subsidiary banks. Popular  
and PNA are expected to commit resources  
to support their subsidiary banks,
including at times when Popular  
and PNA may not be  
in a financial position to  
provide such resources. Any capital loans  
by a bank
holding company  
to any  
of its  
subsidiary depository  
institutions are  
subordinated in  
right of  
payment to  
depositors and  
to certain
other indebtedness of such subsidiary depository institution. In the  
event of a bank holding company’s bankruptcy,  
any commitment
by  
the  
bank  
holding  
company  
to  
a  
federal  
banking  
agency  
to  
maintain  
the  
capital  
of  
a  
subsidiary  
depository  
institution  
will  
be
assumed by  
the bankruptcy  
trustee and  
entitled to  
a priority  
of payment.  
BPPR and  
PB are  
currently the  
only insured  
depository
institution subsidiaries of Popular and PNA.
Resolution Planning and Resolution-Related Requirements
A
bank holding  
company with  
$250 billion  
or more  
in total  
consolidated assets  
(or that  
is a  
Category III  
firm based  
on
certain risk-based indicators described in the Tailoring  
Rules) is required to report periodically to the FDIC  
and the Federal Reserve
Board  
such  
company’s  
plan  
for  
its  
rapid  
and  
orderly  
resolution  
in  
the  
event  
of  
material  
financial  
distress  
or  
failure.  
In  
addition,
insured depository institutions with total  
assets of $50 billion or  
more are required to  
submit to the FDIC  
periodic contingency plans
for  
resolution  
in  
the  
event  
of  
the  
institution’s  
failure.  
In  
June  
2024,  
the  
FDIC  
finalized  
amendments  
to  
the  
resolution  
planning
requirements for insured depository institutions with  
$50 billion or more in  
total assets. The amendments require insured  
depository
institutions with  
between $50  
billion and $100  
billion in  
assets to submit  
informational filings on  
a three-year cycle,  
with an  
interim
supplement updating key information submitted in the off years. These amendments  
became effective October 1, 2024, and BPPR’s
first submission under the new rule is due by  
April 1, 2026.
On August  
29, 2023,  
the Federal  
Reserve Board,  
FDIC and  
Office of  
the Comptroller  
of the  
Currency (“OCC”)  
issued a
proposed  
rule  
that  
would  
require  
bank  
holding  
companies  
and  
insured  
depository  
institutions  
with  
$100  
billion  
or  
more  
in
consolidated assets (as well as their insured depository institution affiliates) to maintain minimum  
amounts of eligible long-term debt
(generally, debt  
that is unsecured, has  
a maturity greater than one  
year from issuance and satisfies  
additional criteria), subject to a
three-year phase-in  
period. The  
proposal would  
also apply  
“clean holding  
company” requirements  
to Category  
II through  
IV bank
holding companies,  
which would,  
among other  
things, prohibit  
those holding  
companies from  
entering into  
derivatives and  
certain
other financial  
contracts with  
third parties.  
As of  
December 31,  
2025, Popular,  
PNA, BPPR  
and PB’s  
total assets  
were below  
the
thresholds for applicability  
of these rules,  
except that BPPR  
is subject to  
the FDIC’s resolution  
planning requirements applicable to
insured depository institutions with more than $50  
billion but less than $100 billion in assets.
FDIC Insurance
Substantially all the deposits of BPPR and PB are insured up to applicable limits by the Deposit Insurance Fund (“DIF”) of
the  
FDIC,  
and  
BPPR  
and  
PB  
are  
subject  
to  
FDIC  
deposit  
insurance  
assessments  
to  
maintain  
the  
DIF.  
Deposit  
insurance
assessments are  
based on  
the average  
consolidated total  
assets of  
the insured  
depository institution  
minus the  
average tangible
equity of the institution during the assessment period. For larger  
depository institutions with over $10 billion in assets,  
such as BPPR
and PB, the FDIC uses a “scorecard” methodology, which considers CAMELS ratings, among  
other measures, that seeks to capture
both the probability that an individual large institution will  
fail and the magnitude of the impact on the DIF  
if such a failure occurs. The
FDIC has the ability  
to make discretionary adjustments to the  
total score based upon significant  
risk factors that are not  
adequately
captured in the calculations. The initial base deposit insurance assessment rate for larger depository institutions ranges from 3 to 30
basis  
points  
on  
an  
annualized  
basis.  
Taking  
into  
account the  
adjustments the  
FDIC  
may  
make  
to  
the  
base  
rate,  
the  
total  
base
assessment rate could range from 1.5 to 40 basis points  
on an annualized basis.
In  
October  
2022,  
the  
FDIC  
finalized  
a  
rule  
that  
increased  
initial  
base  
deposit  
insurance  
assessment  
rates  
by  
2  
basis
points, beginning with the first quarterly assessment period of 2023. The FDIC, as required under the Federal Deposit Insurance Act

14
(“FDIA”), established  
a plan  
in September  
2020 to  
restore the  
DIF reserve  
ratio to  
meet or  
exceed the  
statutory minimum  
of 1.35
percent within  
eight years. The  
increased assessment is  
intended to improve  
the likelihood that  
the DIF  
reserve ratio would  
reach
the required minimum by the statutory deadline  
of September 30, 2028.
As of December 31, 2025, BPPR and  
PB had a DIF average total asset  
less average tangible equity assessment base of
$69 billion.
On  
November 16,  
2023,  
the  
FDIC finalized  
a  
rule  
that  
imposes  
a special  
assessment to  
recover the  
costs to  
the  
DIF
resulting  
from  
the  
FDIC’s  
use,  
in  
March  
2023,  
of  
the systemic  
risk  
exception to  
the  
least-cost resolution  
test  
under the  
FDIA  
in
connection with the  
receiverships of Silicon  
Valley Bank  
and Signature Bank.  
The FDIC estimated  
in approving the  
rule that those
assessed losses total $16.3 billion. The rule provides  
that this loss estimate will be periodically adjusted,  
which will affect the amount
of  
the special  
assessment. Under  
the rule,  
the assessment  
base is  
the  
estimated uninsured  
deposits that  
an insured  
depository
institution reported in its Consolidated Reports of Condition and Income (“Call Report”) at December 31, 2022,  
excluding the first $5
billion  
in estimated  
uninsured deposits.  
For  
a holding  
company  
that  
has  
more than  
one  
insured depository  
institution subsidiary,
such as Popular,  
the $5 billion  
exclusion is allocated  
among the company’s  
insured depository institution subsidiaries  
in proportion
to each  
insured depository  
institution’s estimated  
uninsured deposits.  
The special  
assessments were  
to be  
collected at  
an annual
rate of approximately 13.4 basis points per  
year (3.36 basis points per quarter) over  
eight quarters,  
with the first assessment period
having begun  
January 1,  
2024. In  
June 2024,  
due to  
the increase  
in the  
estimate of  
losses, the  
FDIC announced that  
it projected
that the special  
assessment would be collected  
for an additional  
two quarters beyond the  
initial eight quarter collection  
period, at a
lower rate.  
In December  
2025, the  
FDIC reduced  
the rate  
at which  
the assessment  
is collected,  
with an  
invoice payment  
date of
March 30, 2026, from 3.36 basis points to  
2.97 basis points,  
and also reduced the collection period back  
to eight quarters.
Brokered Deposits
The FDIA  
and regulations  
adopted thereunder  
restrict the  
use of  
brokered deposits  
and the  
rate of  
interest payable  
on
deposits for institutions  
that are less  
than well capitalized.  
Popular does not  
believe the brokered  
deposits regulations have  
had or
will have a material effect on the funding or liquidity  
of BPPR and PB.
Capital Adequacy
Popular, PNA,  
BPPR and PB are  
each required to comply  
with applicable capital adequacy standards  
established by the
federal  
banking  
agencies  
(the  
“Capital  
Rules”),  
which  
implement  
the  
Basel  
III  
framework  
set  
forth  
by  
the  
Basel  
Committee  
on
Banking Supervision (the “Basel Committee”) as  
well as certain provisions of the Dodd-Frank  
Act.
Among other  
matters, the  
Capital Rules:  
(i) impose  
a capital  
measure called  
“Common Equity  
Tier  
1” (“CET1”)  
and the
related regulatory capital ratio of CET1 to risk-weighted assets; (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1
capital” instruments meeting  
certain revised requirements;  
and (iii) mandate  
that most deductions/adjustments to  
regulatory capital
measures be made  
to CET1  
and not to  
the other components  
of capital.  
Under the Capital  
Rules, for most  
banking organizations,
including  
Popular,  
the  
most  
common  
form  
of  
Additional  
Tier  
1  
capital  
is  
non-cumulative  
perpetual preferred  
stock  
and  
the  
most
common form of Tier  
2 capital is subordinated notes and  
a portion of the  
allocation for loan and lease losses,  
in each case, subject
to the Capital Rules’ specific requirements.
Pursuant to the Capital Rules, the minimum  
capital ratios are:
4.5% CET1 to risk-weighted assets;
6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted  
assets;
8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and
4% Tier 1 capital to average consolidated assets as reported  
on consolidated financial statements (known  
as the
“leverage ratio”).
The Capital Rules also impose  
a “capital conservation buffer,”  
composed entirely of CET1, on top  
of these minimum risk-
weighted  
asset  
ratios. The  
capital  
conservation  
buffer  
is  
designed  
to  
absorb  
losses  
during  
periods  
of  
economic stress.  
Banking
institutions  
with  
a  
ratio  
of  
CET1  
to  
risk-weighted  
assets  
above  
the  
minimum  
but  
below  
the  
capital  
conservation  
buffer  
will  
face
constraints on  
dividends, equity repurchases  
and compensation based  
on the  
amount of  
the shortfall and  
eligible retained  
income
(that is, four  
quarter trailing net income, net  
of distributions and tax effects  
not reflected in net  
income). Popular, BPPR  
and PB are
therefore required to maintain such additional capital  
conservation buffer of 2.5% of CET1,  
effectively resulting in minimum ratios of
(i) CET1  
to risk-weighted  
assets of  
at least  
7%, (ii)  
Tier  
1 capital  
to risk-weighted  
assets of  
at least  
8.5%, and  
(iii) Total  
capital to

15
risk-weighted assets of at least 10.5%.
Pursuant  
to  
the  
Capital  
Rules,  
the  
effects  
of  
certain  
accumulated other  
comprehensive income  
or  
loss  
(“AOCI”)  
items
included in stockholders’ equity  
(for example, marks-to-market of securities  
held in the available  
for sale portfolio) are  
not excluded
from  
regulatory  
capital  
ratios;  
however,  
banking  
organizations  
that  
are  
not  
subject  
to  
Categories  
I  
or  
II  
standards  
under  
the
framework for  
banking organizations  
with $100  
billion or  
more in  
assets, including  
Popular,  
BPPR and  
PB, may  
make a  
one-time
permanent election to continue to  
exclude these items. Popular,  
BPPR and PB have  
made this election in order  
to avoid significant
variations in  
the level  
of capital  
depending upon  
the impact  
of interest  
rate fluctuations  
on the  
fair value  
of their  
available for  
sale
securities portfolios.  
On July  
27, 2023,  
the federal  
banking regulators  
proposed revisions  
to the  
Capital Rules  
to implement  
the
Basel Committee’s 2017 standards, described  
below, and make  
other changes to the  
Capital Rules, including the ability  
of banking
organizations in Categories III and IV to elect not to recognize most elements of AOCI in regulatory capital. The proposal introduces
revised credit risk, equity risk, operational risk, credit valuation adjustment risk and market risk requirements, among other changes.
However, the  
revised capital requirements  
of the  
proposed rule would  
not apply  
to Popular,  
BPPR, or  
PB because  
they have  
less
than $100 billion in total consolidated assets and trading  
assets and liabilities below the threshold for market risk requirements. The
federal  
banking  
regulators have  
subsequently indicated  
that  
they  
expect to  
issue  
a  
revised  
proposal, the  
timing  
and contents  
of
which are uncertain.
The  
Capital  
Rules  
preclude certain  
hybrid  
securities, such  
as  
trust  
preferred  
securities, from  
inclusion  
in  
bank  
holding
companies’  
Tier  
1  
capital.  
Trust  
preferred  
securities  
not  
included  
in  
Popular’s  
Tier  
1  
capital  
may  
nonetheless  
be  
included  
as  
a
component of  
Tier 2 capital.  
Popular has  
not issued  
any trust  
preferred securities since  
May 19,  
2010. As  
of December  
31, 2025,
Popular has  
$193 million  
of trust  
preferred securities  
outstanding which  
no longer  
qualify for  
Tier  
1 capital  
treatment, but  
instead
qualify for Tier 2 capital treatment.
The Capital Rules also provide for a number of deductions  
from and adjustments to CET1.  
Banking organizations that are
not subject to Category  
I or II standards  
are subject to rules that  
provide for simplified capital requirements relating  
to the threshold
deductions  
for  
certain  
mortgage  
servicing  
assets,  
deferred  
tax  
assets,  
investments  
in  
the  
capital  
of  
unconsolidated  
financial
institutions and inclusion of minority interests  
in regulatory capital.
Failure  
to  
meet  
capital  
guidelines  
could  
subject  
Popular  
and  
its  
depository  
institution  
subsidiaries  
to  
a  
variety  
of
enforcement remedies, including the termination of deposit insurance by the FDIC  
and to certain restrictions on our business. Refer
to “Prompt Corrective Action” below for further  
discussion.
In  
December 2017,  
the Basel  
Committee published  
standards that  
it  
described as  
the finalization  
of the  
Basel III  
post-
crisis regulatory  
reforms. Among other  
things, these  
standards revise  
the Basel  
Committee’s standardized approach  
for credit  
risk
(including  
by  
recalibrating  
risk  
weights  
and  
introducing  
new  
capital  
requirements  
for  
certain  
“unconditionally  
cancellable
commitments,” such  
as  
unused credit  
card  
lines of  
credit) and  
provide  
a new  
standardized approach  
for operational  
risk capital.
Under the current U.S. capital rules, operational risk capital requirements and a capital floor apply only to Category I and Category II
banking organizations and not to Popular, BPPR and PB.
In 2020, federal bank regulators adopted a rule  
that allowed banking organizations to elect to delay  
temporarily the
estimated effects of adopting the Current Expected Credit  
Loss (“CECL”) model of ASU 2016-13 on regulatory  
capital until January
2022 and subsequently to phase in the effects through  
January 2025. The Corporation’s capital ratios  
at December 31, 2025 reflect
the full phased in impact from the adoption of CECL.
Refer to  
the Consolidated  
Financial Statements  
in this  
Form 10-K.,  
Note 20  
and Table  
10 of  
Management’s Discussion
and Analysis for the  
capital ratios of Popular,  
BPPR and PB  
under Basel III. Refer  
to the Consolidated Financial Statements  
in this
Form 10-K Note 2 for more information regarding  
CECL.  

Prompt Corrective Action
The  
FDIA  
requires,  
among  
other  
things,  
the  
federal  
banking  
agencies  
to  
take  
prompt  
corrective  
action  
in  
respect  
of
insured  
depository  
institutions  
that  
do  
not  
meet  
minimum  
capital  
requirements.  
The  
FDIA  
establishes  
five  
capital  
tiers:  
“well
capitalized,”  
“adequately  
capitalized,”  
“undercapitalized,”  
“significantly  
undercapitalized,”  
and  
“critically  
undercapitalized”.  
A
depository institution’s capital tier will depend upon how its  
capital levels compare with various relevant capital  
measures and certain
other factors.

16
An insured  
depository institution will  
be deemed  
to be  
(i) “well  
capitalized” if  
the institution  
has a  
total risk-based  
capital
ratio of 10.0% or greater, a CET1 capital ratio of 6.5%  
or greater, a Tier 1  
risk-based capital ratio of 8.0% or greater, and a leverage
ratio of 5.0% or  
greater, and is  
not subject to any order  
or written directive by  
any such regulatory authority to  
meet and maintain a
specific capital level for any capital  
measure; (ii) “adequately capitalized” if the institution  
has a total risk-based capital ratio  
of 8.0%
or greater, a  
CET1 capital ratio of 4.5%  
or greater, a  
Tier 1 risk-based capital  
ratio of 6.0% or greater,  
and a leverage ratio of  
4.0%
or greater  
and is  
not “well  
capitalized”; (iii)  
“undercapitalized” if  
the institution  
has a  
total risk-based  
capital ratio  
that is  
less than
8.0%, a CET1 capital  
ratio less than 4.5%,  
a Tier 1  
risk-based capital ratio of  
less than 6.0% or  
a leverage ratio of  
less than 4.0%;
(iv) “significantly  
undercapitalized” if  
the institution  
has a  
total risk-based  
capital ratio  
of less  
than 6.0%,  
a CET1  
capital ratio  
less
than 3%, a Tier  
1 risk-based capital ratio of less than 4.0% or  
a leverage ratio of less than 3.0%;  
and (v) “critically undercapitalized”
if  
the  
institution’s  
tangible  
equity  
is  
equal  
to  
or  
less  
than  
2.0%  
of  
average  
quarterly  
tangible  
assets.  
An  
institution  
may  
be
downgraded to, or deemed  
to be in, a  
capital category that is  
lower than indicated by  
its capital ratios if  
it is determined to  
be in an
unsafe  
or  
unsound  
condition  
or  
if  
it  
receives  
an  
unsatisfactory  
examination  
rating  
with  
respect  
to  
certain  
matters.  
An  
insured
depository institution’s capital category is determined solely for the purpose of applying prompt corrective action  
regulations, and the
capital category  
may not  
constitute an  
accurate representation  
of the  
institution’s overall  
financial condition  
or prospects  
for other
purposes.
The FDIA generally prohibits an insured depository institution from making any capital  
distribution (including payment of a
dividend) or  
paying any  
management fee to  
its holding  
company, if  
the depository  
institution would thereafter  
be undercapitalized.
Undercapitalized  
depository  
institutions  
are  
subject  
to  
restrictions  
on  
borrowing  
from  
the  
Federal  
Reserve  
System.  
In  
addition,
undercapitalized  
depository  
institutions  
are  
subject  
to  
growth  
limitations  
and  
are  
required  
to  
submit  
capital  
restoration  
plans.  
A
depository institution’s  
holding company must  
guarantee the capital  
restoration plan, up  
to an  
amount equal to  
the lesser  
of 5%  
of
the  
depository  
institution’s  
assets  
at  
the  
time  
it  
becomes  
undercapitalized  
or  
the  
amount  
of  
the  
capital  
deficiency,  
when  
the
institution fails to comply with the  
plan. The federal banking agencies may not  
accept a capital restoration plan without determining,
among other things,  
that the plan  
is based  
on realistic assumptions  
and is  
likely to succeed  
in restoring the  
depository institution’s
capital. If a depository institution fails to submit an  
acceptable plan, it is treated as if it is  
significantly undercapitalized.
Significantly  
undercapitalized  
depository  
institutions  
may  
be  
subject  
to  
a  
number  
of  
requirements  
and  
restrictions,
including orders to  
sell sufficient voting  
stock to become  
adequately capitalized, requirements to  
reduce total assets  
and cessation
of receipt  
of deposits  
from correspondent  
banks. Critically  
undercapitalized depository  
institutions are  
subject to  
appointment of  
a
receiver or conservator.
The capital-based prompt  
corrective action provisions  
of the FDIA  
apply to  
the FDIC-insured depository  
institutions such
as  
BPPR  
and  
PB,  
but  
they  
are  
not  
directly  
applicable  
to  
holding  
companies  
such  
as  
Popular  
and  
PNA,  
which  
control  
such
institutions. As of December 31, 2025,  
both BPPR and PB met the quantitative requirements  
for ‘well capitalized’ status.
Restrictions on Dividends and Repurchases
The  
principal  
sources  
of  
funding  
for  
Popular  
and  
PNA  
have  
included  
dividends  
received  
from  
their  
banking  
and  
non-
banking subsidiaries, asset sales  
and proceeds from  
the issuance of  
debt and equity.  
Various statutory  
provisions limit the amount
of  
dividends an  
insured depository  
institution may  
pay to  
its  
holding company  
without regulatory  
approval. A  
member bank  
must
obtain the approval of the  
Federal Reserve Board for any  
dividend, if the total of  
all dividends declared by the  
member bank during
the calendar year would exceed the total of its net income for that year,  
combined with its retained net income for the preceding two
years, after  
considering those  
years’ dividend  
activity,  
less any  
required transfers to  
surplus or  
to a  
fund for  
the retirement  
of any
preferred stock. During the year  
ended December 31, 2025, BPPR declared  
cash dividends of $575  
million, a portion of  
which was
used by Popular for the payments of the cash dividends on its  
outstanding common stock. At December 31, 2025, BPPR needed to
obtain prior approval of the Federal Reserve Board before declaring a dividend  
in excess of $191 million due to its  
retained income,
declared dividend activity and transfers to statutory reserves over the three years ended December 31, 2025. In addition, a member
bank may  
not declare  
or pay  
a dividend  
in an  
amount greater  
than its  
undivided profits  
as reported  
in its  
Report of  
Condition and
Income, unless the member bank has received the approval of  
the Federal Reserve Board. A member bank also may not permit  
any
portion of its permanent capital to  
be withdrawn unless the withdrawal has  
been approved by the Federal Reserve Board.  
Pursuant
to  
these  
requirements, PB  
may  
not  
declare  
or  
pay  
a  
dividend without  
the  
prior  
approval  
of  
the  
Federal  
Reserve  
Board  
and  
the
NYSDFS.
During the  
year ended  
December 31,  
2025, Popular  
received cash  
dividends of  
$23 million  
from Popular  
International
Bank, Inc. (“PIBI”) and $22 million from its other  
non-banking subsidiaries.
It is Federal Reserve Board policy that bank holding companies generally should pay dividends on common  
stock only out

17
of net  
income available to  
common shareholders  
over the past  
year and  
only if  
the prospective rate  
of earnings retention  
appears
consistent with the organization’s current and  
expected future capital needs, asset quality  
and overall financial condition. Moreover,
under Federal Reserve Board policy, a bank  
holding company should not maintain dividend levels that place undue pressure on the
capital of depository  
institution subsidiaries or that  
may undermine the bank  
holding company’s ability to  
be a source  
of strength to
its  
banking subsidiaries.  
Federal Reserve  
policy  
also  
provides that  
a  
bank  
holding company  
should  
inform  
the  
Federal  
Reserve
reasonably in advance of declaring or paying a dividend that  
exceeds earnings for the period for which the dividend is  
being paid or
that could result in a material adverse change  
to the bank holding company’s capital structure.  

The  
Federal Reserve  
Board  
also restricts  
the  
ability of  
banking  
organizations to  
conduct stock  
repurchases. In  
certain
circumstances, a banking organization’s repurchases  
of its common stock may  
be subject to a  
prior approval or notice requirement
under other regulations or policies of the Federal Reserve. Any redemption or  
repurchase of preferred stock or subordinated debt is
subject to the prior approval of the Federal Reserve.
Subject to compliance with certain conditions, distributions of U.S. sourced dividends to a corporation  
organized under the
laws  
of the  
Commonwealth of  
Puerto Rico  
are subject  
to  
a withholding  
tax  
of 10%  
instead of  
the 30%  
applied to  
other “foreign”
corporations. Accordingly, dividends from current or accumulated earnings and profits  
paid by PNA to Popular, Inc. sourced from the
U.S. operations of PB are subject to a 10% tax withholding.
A corporation organized under the laws of the Commonwealth of Puerto
Rico that is engaged in a U.S. trade or business is generally subject to a branch profits tax of 30% on its earnings and profits  
for the
taxable year that are “effectively connected” with  
such U.S. trade or business, adjusted as  
provided by U.S. federal income tax law.
Accordingly,  
to  
the extent  
BPPR’s  
U.S. operations  
generate effectively  
connected earnings  
and profits  
that  
are not  
reinvested in
such U.S. operations  
(and that are  
not otherwise adjusted  
as provided by  
U.S. federal income tax  
law), such effectively  
connected
earnings and profits will generally be subject  
to a branch profits tax of 30%.  

Refer to  
Part II,  
Item 5,  
“Market for  
Registrant’s Common  
Equity,  
Related Stockholder  
Matters and  
Issuer Purchases  
of
Equity Securities” for further information on Popular’s  
distribution of dividends and repurchases of equity  
securities.
See  
“Puerto  
Rico  
Regulation”  
below  
for  
a  
description  
of  
certain  
restrictions  
on  
BPPR’s  
ability  
to  
pay  
dividends  
under
Puerto Rico law.
Interstate Branching
The Dodd-Frank  
Act amended  
the Riegle-Neal  
Interstate Banking  
and Branching  
Efficiency Act  
of 1994  
(the “Interstate
Banking  
Act”)  
to  
authorize  
national  
banks  
and  
state  
banks  
to  
branch  
interstate  
through
de  
novo
 
branches. For  
purposes  
of  
the
Interstate Banking Act, BPPR is treated as a state bank and is subject to the same restrictions on interstate branching as other state
banks.
Activities and Acquisitions
In general, the BHC Act limits the activities  
permissible for bank holding companies to the business of banking, managing
or controlling banks and such other activities as the Federal Reserve Board has determined to be so closely related to banking as to
be  
properly  
incidental  
thereto.  
A  
company  
that  
meets  
management  
and  
capital  
standards  
and  
whose  
subsidiary  
depository
institutions meet management,  
capital and  
Community Reinvestment Act  
(“CRA”) standards may  
elect to  
be treated  
as a  
financial
holding company  
and engage  
in a  
substantially broader  
range of  
nonbanking financial  
activities, including  
securities underwriting
and dealing, insurance underwriting and making  
merchant banking investments in nonfinancial  
companies.
In order for a bank holding company to elect to be treated as a financial  
holding company, (i) all of its depository institution
subsidiaries  
must  
be  
well capitalized  
(as described  
above)  
and  
well managed  
and  
(ii)  
it  
must  
file a  
declaration with  
the Federal
Reserve Board that it elects to be a “financial holding  
company.” As noted above, a bank  
holding company electing to be a financial
holding company must itself be and remain  
well capitalized and well managed. The Federal Reserve Board’s  
regulations applicable
to bank holding companies separately define  
“well capitalized” for bank holding companies,  
such as Popular,  
to require maintaining
a tier 1 capital  
ratio of at least  
6% and a total capital  
ratio of at least 10%.  
Popular and PNA have elected  
to be treated as  
financial
holding  
companies.  
A  
depository  
institution  
is  
deemed  
to  
be  
“well  
managed”  
if,  
at  
its  
most  
recent  
inspection,  
examination  
or
subsequent review  
by the  
appropriate federal banking  
agency (or  
the appropriate state  
banking agency), the  
depository institution
received  
at  
least  
a  
“satisfactory”  
composite  
rating  
and  
at  
least  
a  
“satisfactory”  
rating  
for  
the  
management  
component  
of  
the
composite  
rating.  
If,  
after  
becoming  
a  
financial  
holding  
company,  
the  
company  
fails  
to  
continue  
to  
meet  
any  
of  
the  
capital  
or
management requirements  
for financial  
holding company  
status, the  
company  
must  
enter into  
a confidential  
agreement with  
the
Federal  
Reserve  
Board  
to  
comply  
with  
all  
applicable capital  
and  
management  
requirements.  
If  
the  
company  
does  
not  
return  
to

18
compliance  
within  
180  
days,  
the  
Federal  
Reserve  
Board  
may  
extend  
the  
agreement  
or  
may  
order  
the  
company  
to  
divest  
its
subsidiary banks or the  
company may discontinue, or  
divest investments in companies  
engaged in, activities permissible only  
for a
bank holding company that has elected to be treated as a financial  
holding company. In addition, if a depository institution subsidiary
controlled by a financial holding company does not  
maintain a CRA rating of at least “satisfactory,” the financial holding company  
will
be subject to restrictions on certain new activities  
and acquisitions.
The Federal Reserve Board  
may in certain circumstances limit  
our ability to conduct  
activities and make acquisitions that
would otherwise be permissible for  
a financial holding company.  
Furthermore, a financial holding company must obtain  
prior written
approval from the Federal Reserve Board before acquiring a nonbank company with $10 billion or more in total consolidated assets.
In addition, we  
are required to  
obtain prior Federal  
Reserve Board approval  
before engaging in  
certain banking and  
other financial
activities both in the United States and abroad.
The “Volcker  
Rule” adopted  
as part  
of the  
Dodd-Frank Act  
restricts the  
ability of  
Popular and  
its subsidiaries,  
including
BPPR and PB as  
well as non-banking subsidiaries, to  
sponsor or invest in  
“covered funds,” including private funds,  
or to engage in
certain types  
of proprietary  
trading. Popular  
and its  
subsidiaries generally  
do not  
engage in  
the businesses  
subject to  
the Volcker
Rule; therefore, the Volcker Rule does not have a material effect on our  
operations.  

Anti-Money Laundering Initiative and the USA PATRIOT Act
A major focus of governmental policy relating to financial institutions in  
recent years has been aimed at combating money
laundering and  
terrorist financing.  
The USA  
PATRIOT  
Act of  
2001 (the  
“USA PATRIOT  
Act”) strengthened  
the ability  
of the  
U.S.
government to help prevent, detect and prosecute international money  
laundering and the financing of terrorism. Title  
III of the USA
PATRIOT  
Act imposed  
significant compliance  
and due  
diligence obligations,  
created new  
crimes and  
penalties and  
expanded the
extra-territorial jurisdiction of the United States. Failure of a financial institution to comply with the USA PATRIOT Act’s requirements
could have serious legal and reputational consequences  
for the institution.
The  
Anti-Money  
Laundering  
Act  
of  
2020  
(“AMLA”),  
which  
amended  
the  
Bank  
Secrecy  
Act  
(the  
“BSA”),  
is  
intended  
to
comprehensively  
reform  
and  
modernize  
U.S.  
anti-money  
laundering  
laws.  
Among  
other  
things,  
the  
AMLA  
codifies  
a  
risk-based
approach to anti-money laundering compliance for financial institutions; requires the U.S. Department of the Treasury to  
promulgate
priorities  
for  
anti-money  
laundering  
and  
countering  
the  
financing  
of  
terrorism  
policy;  
requires  
the  
development  
of  
standards  
for
testing technology and  
internal processes for BSA  
compliance; expands enforcement-  
and investigation-related authority,  
including
a  
significant  
expansion  
in  
the  
available  
sanctions  
for  
certain  
BSA  
violations;  
and  
expands  
BSA  
whistleblower  
incentives  
and
protections.  
Many  
of  
the  
statutory  
provisions  
in  
the  
AMLA  
require  
additional  
rulemakings,  
reports  
and  
other  
measures,  
and  
the
impact  
of  
the  
AMLA  
will  
depend on,  
among  
other  
things,  
rulemaking and  
implementation guidance.  
In  
June  
2021,  
the  
Financial
Crimes Enforcement Network, a bureau of  
the U.S. Department of the  
Treasury,  
issued the priorities for anti-money laundering  
and
countering the  
financing of  
terrorism policy  
required under AMLA.  
The priorities  
include: corruption, cybercrime,  
terrorist financing,
fraud, transnational crime, drug trafficking, human trafficking and  
proliferation financing.
Federal regulators  
regularly examine BSA/Anti-Money  
Laundering and sanctions  
compliance to  
enhance their  
adequacy
and effectiveness, and the frequency and extent of such examinations  
and related remedial actions have been  
increasing.
Community Reinvestment Act
The  
CRA  
requires  
banks  
to  
help  
serve  
the  
credit  
needs  
of  
their  
communities,  
including  
extending  
credit  
to  
low-  
and
moderate-income individuals  
and geographies.  
Should  
Popular  
or our  
bank  
subsidiaries  
fail  
to  
serve  
adequately  
the community,
potential penalties may include regulatory denials of applications to expand branches, relocate offices or branches, add subsidiaries
and affiliates, expand into new financial activities and merge  
with or purchase other financial institutions.  

Interchange Fees Regulation
The Federal Reserve Board  
has established standards for  
debit card interchange fees  
and prohibited network exclusivity
arrangements and routing restrictions. The  
maximum permissible interchange fee that  
an issuer may receive  
for an electronic debit
transaction is  
the sum  
of  
21 cents  
per transaction  
and 5  
basis points  
multiplied by  
the value  
of  
the transaction.  
Additionally,  
the
Federal Reserve  
Board allows  
for an  
upward adjustment  
of  
no more  
than 1  
cent  
to  
an issuer’s  
debit card  
interchange fee  
if the
issuer develops and implements policies and procedures  
reasonably designed to achieve certain fraud-prevention  
standards.
In  
October  
2023,  
the  
Federal  
Reserve  
Board  
proposed  
amendments  
to  
its  
rules  
on  
interchange  
fees.  
If  
adopted,  
the

19
proposed changes  
would establish  
a maximum  
permissible interchange  
fee of  
no more  
than 14.4  
cents per  
transaction plus  
four
basis  
points  
multiplied  
by  
the  
value  
of  
the  
transaction.  
The  
fraud  
prevention  
adjustment  
would  
be  
increased  
to  
1.3  
cents  
per
transaction. The proposed changes would also establish an automatic update of  
the interchange fee cap every other year based on
a survey of debit card issuers.
Consumer Financial Protection Act of 2010
The Consumer  
Financial Protection  
Bureau (the  
“CFPB”) supervises  
“covered persons”  
(broadly defined  
to include  
any
person offering or  
providing a consumer financial  
product or service and  
any affiliated service  
provider) for compliance with  
federal
consumer financial laws. The CFPB  
also has the broad power  
to prescribe rules applicable to  
a covered person or service  
provider
identifying  
as  
unlawful,  
unfair,  
deceptive,  
or  
abusive  
acts  
or  
practices  
in  
connection  
with  
any  
transaction  
with  
a  
consumer  
for  
a
consumer financial product or service, or the offering of  
a consumer financial product or service. We are subject to examination and
regulation by the CFPB. During 2025, the CFPB reduced its staff by over 80%. The  
reduction in force is the subject of litigation, and
the  
staffing  
cuts  
are  
currently  
stayed  
pending  
the  
federal  
circuit  
court’s  
en  
banc  
rehearing  
of  
the  
case.  
The  
impact  
of  
these
developments  
on  
banking  
organizations  
subject  
to  
CFPB  
regulation  
and  
supervision,  
including  
us,  
is  
uncertain.  
The  
Consumer
Financial Protection Act permits states to adopt consumer protection laws and standards that are more stringent than those adopted
at  
the federal  
level and,  
in certain  
circumstances, permits  
state attorneys  
general to  
enforce compliance  
with both  
the state  
and
federal laws and regulations. States and state attorneys general  
may increase regulatory, investigative and enforcement activity with
respect to consumer protection, in  
response to changes in regulation, supervision  
and enforcement of consumer protection laws  
by
federal regulators.
On October 22, 2024, the CFPB finalized a new rule to implement Section 1033 of the Consumer Financial Protection Act
that  
requires  
a  
provider  
of  
payment  
accounts  
or  
products,  
such  
as  
a  
bank,  
to  
make  
data  
available  
to  
consumers  
upon  
request
regarding the  
products or  
services they  
obtain from  
the provider.  
Any such  
data provider  
also has  
to make  
such data  
available to
third parties, with the consumer’s express authorization and  
through an interface that satisfies formatting, performance  
and security
standards,  
for  
the  
purpose  
of  
such  
third  
parties  
providing  
the  
consumer  
with  
financial  
products  
or  
services  
requested  
by  
the
consumer. Data required to be made available under the rule includes  
transaction information, account balance, account and routing
numbers,  
terms  
and  
conditions,  
upcoming  
bill  
information,  
and  
certain  
account  
verification  
data.  
The  
rule  
is  
intended  
to  
give
consumers  
control  
over  
their  
financial  
data,  
including  
with  
whom  
it  
is  
shared,  
and  
encourage  
competition  
in  
the  
provision  
of
consumer financial  
products or  
services. For  
banks with  
at least  
$10 billion  
and less  
than $250  
billion in  
total assets,  
compliance
with the rule’s requirements is required beginning on  
April 1, 2027. The rule is the subject of litigation,  
which is currently stayed while
the CFPB considers revisions to the rule.
Office of Foreign Assets Control Regulation
The  
U.S.  
Treasury  
Department  
Office  
of  
Foreign  
Assets  
Control  
(“OFAC”)  
administers  
economic  
sanctions  
that  
affect
transactions  
with  
designated  
foreign  
countries,  
nationals  
and  
others.  
The  
OFAC-administered  
sanctions  
targeting  
countries  
take
many  
different  
forms.  
Generally,  
however,  
they  
contain  
one  
or  
more  
of  
the  
following  
elements:  
(i)  
restrictions  
on  
trade  
with  
or
investment in a sanctioned country; and (ii) a blocking  
of assets in which the government of the  
sanctioned country or other specially
designated nationals have an interest, by prohibiting  
transfers of property subject to U.S. jurisdiction (including  
property in the United
States or the possession or control of U.S.  
persons outside of the United States). Blocked assets (e.g., property  
and bank deposits)
cannot  
be  
paid  
out,  
withdrawn, set  
off  
or  
transferred  
in  
any  
manner without  
a  
license  
from  
OFAC.  
Failure  
to  
comply  
with these
sanctions  
could  
have  
serious  
legal  
and  
reputational  
consequences,  
including  
denial  
by  
federal  
regulators  
of  
proposed  
merger,
acquisition, restructuring, or other expansionary activity.
Protection of Customer Personal Information and  
Cybersecurity
The privacy  
provisions of  
the Gramm-Leach-Bliley Act  
of 1999  
generally prohibit financial  
institutions, including  
us, from
disclosing nonpublic personal financial information of consumer customers to third  
parties for certain purposes (primarily marketing)
unless  
customers  
have  
the  
opportunity  
to  
opt  
out  
of  
the  
disclosure.  
The  
Fair  
Credit  
Reporting  
Act  
restricts  
information  
sharing
among affiliates for marketing purposes and governs  
the use and provision of information to consumer  
reporting agencies.
The federal banking regulators have also issued guidance and rules regarding cybersecurity that are intended to enhance
cyber risk management standards among financial institutions. A financial institution is expected to establish lines  
of defense and to
maintain risk management processes that are designed to address the risk posed by compromised customer credentials. A financial
institution’s  
management  
is  
expected  
to  
maintain  
sufficient  
business  
continuity  
planning  
processes  
for  
the  
rapid  
recovery,
resumption and maintenance of  
the institution’s operations  
after a cyber-attack involving  
destructive malware. A financial  
institution

20
is  
also  
expected  
to  
develop  
appropriate  
processes  
to  
enable  
recovery  
of  
data  
and  
business  
operations  
and  
address  
rebuilding
network capabilities and restoring data if the institution or its critical service  
providers fall victim to this type of cyber-attack. If we  
fail
to observe the  
regulatory guidance, we could  
be subject to various  
regulatory sanctions, including financial  
penalties. In November
2021, the U.S.  
federal bank regulatory agencies  
issued a final  
rule requiring banking organizations,  
including Popular,  
PNA, BPPR
and PB, to notify  
their primary federal banking regulator  
within 36 hours of determining  
that a “notification incident” has  
occurred. A
notification incident  
is a  
“computer-security incident” that  
has materially  
disrupted or degraded,  
or is  
reasonably likely to  
materially
disrupt or  
degrade, the  
banking organization’s  
ability to  
deliver services  
to a  
material portion  
of its  
customer base,  
jeopardize the
viability  
of  
key  
operations  
of  
the  
banking  
organization,  
or  
impact  
the  
stability  
of  
the  
financial  
sector.  
The  
final  
rule  
also  
requires
specific and immediate notifications by bank  
service providers that become aware of similar  
incidents.
State and foreign regulators  
have also been increasingly active  
in implementing privacy and cybersecurity  
standards and
regulations. Several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and
providing detailed requirements with respect to these  
programs, including data encryption requirements. In New York,  
the NYSDFS
requires  
financial  
institutions  
regulated  
by  
the  
NYSDFS,  
including  
PB,  
to,  
among  
other  
things,  
(i)  
establish  
and  
maintain  
a
cybersecurity program designed  
to enhance the  
confidentiality, integrity  
and availability of  
their information systems;  
(ii) implement
and maintain a written  
cyber security policy setting forth  
policies and procedures for the  
protection of their information systems  
and
nonpublic  
information;  
and  
(iii)  
designate  
a  
Chief  
Information  
Security  
Officer.
On  
November  
1,  
2023,  
the  
NYSDFS  
adopted
amendments to  
its  
cybersecurity regulations  
that  
represent  
a  
significant  
update  
to  
the  
regulation of  
cybersecurity practices.  
The
amendments  
generally  
fall  
within  
the  
following  
five  
categories:  
(i)  
increased  
mandatory  
controls  
associated  
with  
common  
attack
vectors,  
(ii)  
enhanced  
requirements  
for  
privileged  
accounts,  
(iii)  
enhanced  
notification  
obligations,  
(iv)  
expansion  
of  
cyber
governance practices and (v) additional cybersecurity  
requirements for larger companies.  

On  
July  
6,  
2023,  
the  
SEC  
adopted  
new  
rules  
that  
would  
require  
registrants,  
such  
as  
Popular,  
to  
(i)  
report  
material
cybersecurity incidents  
on Form  
8-K and,  
(ii) disclose  
in Annual  
Report on  
Form 10-K  
cybersecurity policies  
and procedures  
and
governance practices, including at the board and  
management levels.
Many states and foreign  
governments have also recently implemented or  
modified their data breach notification  
and data
privacy  
requirements. The  
California Consumer  
Privacy Act  
(“CCPA”)  
imposes privacy  
compliance obligations  
with regard  
to  
the
collection,  
use  
and  
disclosure of  
personal  
information of  
California residents,  
and the  
November 2020  
amendment to  
the  
CCPA
creates the California Privacy Protection Agency, a watchdog privacy agency, and further expands the scope of businesses covered
by the law  
and certain rights relating  
to personal information. The  
substantive obligations under the  
2020 amendment to the  
CCPA
became effective on January 1, 2023. In the European Union, the General Data Protection Regulation heightens privacy compliance
obligations and  
imposes strict  
standards for  
reporting data  
breaches. We  
continue to  
monitor these  
developments to  
comply with
applicable requirements.
See  
“Puerto  
Rico  
Regulation”  
below  
for  
a  
description  
of  
legislations  
and  
regulations  
on  
information  
privacy  
and
cybersecurity in Puerto Rico.
Climate-Related and ESG Developments
In recent years, certain lawmakers and regulators in and outside the United States have increased their focus on financial
institutions’  
and  
other  
companies’  
risk  
oversight,  
disclosures  
and  
practices  
in  
connection  
with  
climate  
change  
and  
other
environmental,  
social  
and  
governance (“ESG”)  
matters.  
For  
example,  
in  
2023,  
the  
NYSDFS  
issued  
guidance  
on  
climate-related
financial  
risk  
management  
applicable  
to  
NYSDFS-regulated  
banking  
and  
mortgage  
organizations,  
including  
PB.  
The  
guidance
addresses material  
financial  
risks related  
to  
climate change  
faced by  
these  
organizations in  
the context  
of  
risk assessment,  
risk
management,  
and  
risk  
appetite  
setting.  
In  
2023,  
California  
enacted  
climate-related  
disclosure  
laws  
requiring  
certain  
companies
doing business in  
California to make  
certain climate-related disclosures  
beginning in 2026,  
including but not  
limited to greenhouse
gas  
emissions data  
and climate-related  
risks. On  
the other  
hand, certain  
states  
have enacted,  
or have  
proposed to  
enact, “anti-
ESG”  
statutes,  
regulations  
or  
policies, including  
statutes  
that  
prohibit  
financial  
institutions from  
denying or  
canceling products  
or
services to  
a person,  
or otherwise discriminating  
against a  
person in making  
available products or  
services, on  
the basis  
of social
credit scores and certain other factors. Additionally, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing
Fair Banking  
Access for  
All Americans,”  
which states  
that it  
is the  
policy of  
the United  
States that  
no American  
should be  
denied
access  
to  
financial  
services  
because  
of  
their  
constitutionally  
or  
statutorily  
protected  
beliefs,  
affiliations,  
or  
political  
views.  
The
Executive  
Order  
directs  
the  
Treasury  
Secretary  
and  
federal  
banking  
regulators  
to  
address  
politicized  
or  
unlawful  
debanking
activities.  

21
Incentive Compensation
The Federal Reserve Board reviews, as  
part of its regular,  
risk-focused examination process, the incentive compensation
arrangements of  
banking organizations, such  
as Popular,  
that are  
not “large,  
complex banking  
organizations.” Deficiencies will  
be
incorporated into  
the  
organization’s supervisory  
ratings, which  
can  
affect  
the  
organization’s ability  
to  
make  
acquisitions and  
take
other  
actions. Enforcement  
actions may  
be taken  
against  
a  
banking  
organization if  
its  
incentive compensation  
arrangements, or
related  
risk-management  
control  
or  
governance  
processes,  
pose  
a  
risk  
to  
the  
organization’s  
safety  
and  
soundness  
and  
the
organization is not taking prompt and effective measures  
to correct the deficiencies.
The  
Federal  
Reserve  
Board,  
OCC  
and  
FDIC  
have  
issued  
comprehensive  
final  
guidance  
on  
incentive  
compensation
policies intended to discourage excessive risk-taking in  
the incentive compensation policies of banking organizations  
in order to not
undermine  
the  
safety  
and  
soundness  
of  
such  
organizations.  
The  
guidance,  
which  
covers  
all  
employees  
that  
have  
the  
ability  
to
materially affect  
the risk  
profile of an  
organization, either individually  
or as  
part of  
a group,  
is based  
upon the key  
principles that  
a
banking organization’s incentive compensation arrangements should (i) provide incentives that do not encourage risk-taking beyond
the  
organization’s  
ability  
to  
effectively  
identify  
and  
manage  
risks,  
(ii)  
be  
compatible  
with  
effective  
internal  
controls  
and  
risk
management, and (iii)  
be supported by  
strong corporate governance,  
including active and  
effective oversight  
by the  
organization’s
board of directors.
The Dodd-Frank Act requires the U.S. financial regulators, including the Federal Reserve Board, the other federal banking
agencies  
and  
the  
SEC,  
to  
adopt  
rules  
prohibiting  
incentive-based  
payment  
arrangements that  
encourage  
inappropriate  
risks  
by
providing excessive  
compensation or  
that could  
lead to  
a material  
financial loss  
at specified  
regulated entities  
having at  
least $1
billion in total  
assets (including Popular,  
PNA, BPPR and  
PB). The U.S.  
financial regulators proposed revised  
rules in 2016,  
which
have not been finalized.
In October  
2022, the SEC  
adopted a final  
rule requiring securities  
exchanges to adopt  
rules mandating, in  
the case of  
a
restatement, the  
recovery or  
“clawback” of  
excess incentive-based  
compensation paid  
to current  
or former  
executive officers  
and
requiring listed  
issuers to  
disclose any  
recovery analysis where  
recovery is  
triggered by  
a restatement.  
The excess  
compensation
would be based  
on the amount  
the executive officer  
would have received  
had the incentive-based  
compensation been determined
using the restated  
financials. The Nasdaq  
Stock Market’s listing  
standards pursuant to the  
SEC’s rule became  
effective October 2,
2023. Popular’s clawback policy adopted in accordance  
with these listing standards is included as  
Exhibit 97.1.
Regulation of Broker-Dealers
Our subsidiary,  
PS, is a  
registered broker-dealer with the  
SEC and subject to  
regulation and examination by  
the SEC as
well  
as  
FINRA  
and  
other  
self-regulatory  
organizations.  
These  
regulations  
cover  
a  
broad  
range  
of  
issues,  
including  
capital
requirements;  
sales  
and  
trading  
practices;  
use  
of  
client  
funds  
and  
securities;  
the  
conduct  
of  
directors,  
officers  
and  
employees;
record-keeping and recording;  
supervisory procedures to  
prevent improper trading  
on material  
non-public information; qualification
and  
licensing  
of  
sales  
personnel;  
and  
limitations  
on  
the  
extension  
of  
credit  
in  
securities  
transactions.  
In  
addition  
to  
federal
registration, state securities  
commissions require the  
registration of certain  
broker-dealers. PS is  
registered with 35  
U.S. state and
territory securities commissions.
Regulation of Reinsurers, Insurance Producers and  
Agents
Popular’s subsidiaries that are engaged in  
insurance agency and producer activities are  
subject to regulatory supervision
by the Puerto  
Rico Office of  
the Commissioner of Insurance  
and to insurance laws  
and regulations requiring licensing  
of insurance
producers and  
agents. Popular’s  
reinsurance subsidiaries  
are subject  
to  
licensure and  
regulatory supervision  
by the  
Puerto Rico
Office of the Commissioner of Insurance and  
to insurance laws and regulations requiring, among  
other things, minimum capital and
solvency standards, financial reporting, restrictions on  
the amount of dividends payable, record  
keeping and examinations.
Puerto Rico Regulation
As  
a  
commercial  
bank  
organized  
under  
the  
laws  
of  
Puerto  
Rico,  
BPPR  
is  
subject  
to  
supervision,  
examination  
and
regulation by the Office of the Commissioner of Financial Institutions, pursuant to the Puerto Rico Banking Act of 1933, as amended
(the “Banking Law”).
Section 27 of the Banking Law requires that at least ten percent (10%) of BPPR’s annual retained earnings be transferred

22
annually to a statutory reserve fund. The  
apportionment must be done every year until the  
reserve fund is equal to the  
total of paid-
in capital on common and preferred stock. Under Regulation 9680 of the Puerto Rico Banking Law, dated July 22, 2025, Banks may
be exempted from  
the requirement to transfer  
such funds to  
the statutory reserve  
fund if they  
are well capitalized,  
have obtained a
rating of  
1 or  
2 in  
the last  
examination performed by  
the Office  
of the  
Commissioner or an  
applicable regulatory agency  
and have
accumulated at least 50% of the paid in  
capital for their common and preferred stock in  
their reserve fund.  

Section  
27  
of  
the  
Banking  
Law  
also  
provides that  
when  
the  
expenditures  
of  
a  
bank  
are  
greater  
than  
its  
receipts, the
excess of the  
former over the latter  
must be charged against  
the undistributed profits of  
the bank, and the  
balance, if any,  
must be
charged against the statutory reserve fund. If  
the statutory reserve fund is not sufficient to cover such balance  
in whole or in part, the
outstanding amount must be charged against the capital account and  
no dividend may be declared until capital has been restored to
its original amount and the statutory reserve fund to  
20% of the original capital.
Section 16 of the  
Banking Law requires every  
bank to maintain a  
legal reserve that, except  
as otherwise provided by  
the
Office of  
the Commissioner,  
may not be  
less than 20%  
of its  
demand liabilities, excluding  
government deposits (federal,  
state and
municipal) that  
are secured  
by collateral.  
If a  
bank is  
authorized to  
establish one  
or more  
bank branches  
in a  
state of  
the United
States or in a foreign country, where such branches are subject to the reserve requirements of that state  
or country, the Office of the
Commissioner  
may  
exempt  
said  
branch  
or  
branches  
from  
the  
reserve  
requirements  
of  
Section  
16.  
Pursuant  
to  
an  
order  
of  
the
Federal  
Reserve  
Board  
dated  
November  
24,  
1982,  
BPPR  
has  
been  
exempted  
from  
the  
reserve  
requirements  
of  
the  
Federal
Reserve  
System  
with  
respect  
to  
deposits  
payable  
in  
Puerto  
Rico.  
Accordingly,  
BPPR  
is  
subject  
to  
the  
reserve  
requirement
prescribed by Section 16 of the Banking Law. During 2025, BPPR was  
in compliance with the legal reserve requirement.
Section 17 of the Banking Law permits a bank to make loans to  
any one person, firm, partnership or corporation, up to an
aggregate  
amount  
of  
fifteen  
percent  
(15%)  
of  
the  
paid-in  
capital  
and  
reserve  
fund  
of  
the  
bank.  
In  
the  
case  
of  
loans  
which  
are
secured by collateral worth at  
least 25% more than the  
amount of the loan, the  
maximum aggregate amount of such secured  
loans
is increased to one  
third of the paid-in capital  
of the bank and  
its reserve fund. In no  
event may the total of  
unsecured and secured
loans to any one person, firm, partnership or corporation exceed an aggregate amount of  
33 1/3% of the paid-in capital and reserve
fund of the bank. If the institution is well capitalized and had been rated 1 or  
2 in the last examination performed by the Office of the
Commissioner or an applicable  
regulatory agency,  
its legal lending  
limit shall also  
include 15% of 100%  
of its undivided  
profits and
for loans  
secured by  
collateral worth  
at least  
25% more  
than the  
amount of  
the loan,  
the capital  
of the  
bank shall  
also include  
33
1/3% of 100% of  
its undivided profits. Institutions rated  
3 in their last  
regulatory examination may include this  
additional component
in their  
legal lending  
limit only  
with the  
previous authorization  
of the  
Office  
of the  
Commissioner.  
There are  
no restrictions  
under
Section  
17  
on  
the  
amount  
of  
loans  
that  
are  
wholly  
secured  
by  
bonds,  
securities  
and  
other  
evidence  
of  
indebtedness  
of  
the
Government of  
the United  
States or  
Puerto Rico,  
or by  
current debt  
bonds, not  
in default,  
of municipalities  
or instrumentalities  
of
Puerto Rico. As  
of December 31, 2025,  
the legal lending  
limit for BPPR  
under this provision  
was $723 million.  
During 2025, BPPR
was in compliance with the lending limit requirements  
of Section 17 of the Banking Law.
Section  
14  
of  
the  
Banking  
Law  
authorizes  
a  
bank  
to  
conduct  
certain  
financial  
and  
related  
activities,  
including  
finance
leasing  
of  
personal  
property  
and  
originating  
and  
servicing  
mortgage  
loans,  
directly  
or  
through  
subsidiaries.  
BPPR  
engages  
in
finance  
leasing  
and  
conducts  
the  
origination  
and  
servicing  
of  
mortgage  
loans  
through  
its  
Popular  
Auto  
and  
Popular  
Mortgage
divisions, respectively.
With  
respect to  
information privacy,  
Puerto  
Rico  
law  
requires businesses  
to  
implement information  
security  
controls to
protect consumers’  
personal information from  
breaches, as  
well as to  
provide notice of  
any breach to  
affected customers. In  
2024
Puerto  
Rico  
enacted the  
Cybersecurity Act  
of  
the  
Commonwealth of  
Puerto  
Rico,  
which  
establishes cybersecurity  
standards for
government entities  
and their  
contractors, including  
certain reporting  
and certification  
obligations. As  
a depositary  
of government
funds, BPPR  
could be  
considered a  
“contractor” under  
the statute;  
however,  
the Puerto  
Rico Innovation  
and Technology  
Service
has  
not  
yet  
adopted  
implementing  
regulation  
which  
we  
expect  
to  
address  
applicability  
and  
any  
exceptions  
to  
the  
statute’s
requirements.  
In addition,  
as noted  
above in  
“Regulation of  
Reinsurers, Insurance  
Producers and  
Agents,” Popular’s reinsurance
subsidiaries are subject to  
licensure and regulatory supervision  
by the Puerto Rico  
Office of the  
Commissioner of Insurance and  
to
insurance laws and regulations.
Available Information
We maintain an  
Internet website at www.popular.com.  
Via the “Investor  
Relations” link at our  
website, our annual reports
on  
Form 10-K,  
quarterly reports  
on  
Form 10-Q,  
current  
reports on  
Form 8-K  
and amendments  
to  
such  
reports filed  
or furnished

23
pursuant to Section 13(a) or  
15(d) of the Securities Exchange Act  
of 1934, as amended (the  
“Exchange Act”), are available, free  
of
charge, as  
soon as  
reasonably practicable  
after such  
forms are  
electronically filed  
with, or  
furnished to,  
the SEC.  
The SEC  
also
maintains an  
internet website at  
http://www.sec.gov that  
contains reports, proxy  
and information statements,  
and other information
regarding issuers that file electronically with the  
SEC. You may obtain copies of our filings on the SEC site.
We have  
adopted a  
written code  
of ethics  
that applies  
to all  
directors, officers  
and employees  
of Popular,  
including our
principal executive officer  
and senior financial  
officers, in accordance  
with Section 406  
of the Sarbanes-Oxley  
Act of 2002  
and the
rules  
of  
the  
SEC  
promulgated  
thereunder.  
Our  
Code  
of  
Ethics  
is  
available  
on  
our  
corporate  
website,  
www.popular.com,  
in  
the
section entitled “Corporate Governance.” In the event that we make changes to, or provide waivers from, the provisions of this Code
of Ethics that  
the SEC requires  
us to disclose,  
we intend to  
disclose these events  
on our corporate  
website in such  
section. In  
the
Corporate Governance  
section  
of our  
corporate  
website,  
we  
have also  
posted the  
charters  
for  
our Audit  
Committee, Talent  
and
Compensation  
Committee,  
Risk  
Management  
Committee,  
Corporate  
Governance  
and  
Nominating  
Committee  
and  
Technology
Committee, as well as our Corporate Governance Guidelines. In addition, information concerning  
purchases and sales of our equity
securities by our executive officers and directors is  
posted on our website.
All  
website  
addresses  
given  
in  
this  
document  
are  
for  
information  
only  
and  
are  
not  
intended  
to  
be  
active  
links  
or  
to
incorporate any website information into this Form  
10-K.
ITEM 1A. RISK FACTORS
We, like  
other financial institutions,  
face risks  
inherent to  
our business,  
financial condition, liquidity,  
results of  
operations
and  
capital  
position.  
These  
risks  
could  
cause  
our  
actual  
results  
to  
differ  
materially  
from  
our  
historical  
results  
or  
the  
results
contemplated by the forward-looking statements contained  
in this report.
The risks described in  
this report are not the  
only risks we face. Additional  
risks and uncertainties not currently  
known by
us  
or  
that  
we  
currently  
deem  
to  
be  
immaterial,  
or  
that  
are  
generally  
applicable  
to  
all  
financial  
institutions,  
may  
also  
materially
adversely affect our business, financial condition, liquidity, results of operations or capital  
position.
ECONOMIC AND MARKET RISKS
Weakness in  
the economy,  
particularly in  
Puerto Rico,  
where a  
significant portion  
of our  
business is  
concentrated, has  

adversely impacted us in the past and may adversely  
impact us in the future.
We have been, and will continue to be, impacted by global and local  
economic and market conditions, including weakness
in  
the  
economy,  
disruptions  
and  
volatility  
in  
the  
financial  
markets,  
inflation,  
monetary,  
trade  
and  
fiscal  
policies,  
public  
policy,
geopolitical conflicts, business and consumer sentiment  
and unemployment. A significant portion of  
our business is concentrated in
Puerto Rico, which accounted for 77% of our assets and 79%  
of our deposits as of December 31, 2025 and  
80% of our revenues for
the  
year  
ended  
December  
31,  
2025.  
As  
a  
result,  
our  
financial  
condition  
and  
results  
of  
operations  
are  
highly  
dependent  
on  
the
general  
trends  
of  
the  
Puerto  
Rico  
economy  
and  
other  
conditions  
affecting  
Puerto  
Rico  
consumers  
and  
businesses.  
The
concentration of  
our operations in  
Puerto Rico  
exposes us to  
greater risks than  
other banking companies  
with a  
wider geographic
base.
Puerto Rico  
has faced significant  
economic and fiscal  
challenges in the  
past, including a  
severe recession that  
began in
2007 and  
persisted for  
over a  
decade and  
an acute  
fiscal crisis  
that led  
the Puerto  
Rico government  
to file  
for a  
form  
of federal
bankruptcy protection  
in 2017.  
Puerto Rico’s  
fiscal and  
economic challenges  
have in  
the past  
adversely affected  
our customers,
resulting  
in  
higher  
delinquencies,  
charge-offs  
and  
increased  
losses  
for  
us.  
While  
Puerto  
Rico’s  
economy  
has  
been  
gradually
recovering  
and  
the  
Puerto  
Rico  
government  
emerged from  
bankruptcy  
in  
2022,  
Puerto  
Rico  
still  
faces  
significant  
economic  
and
fiscal challenges.  

Puerto Rico’s  
economy is  
closely tied  
to the  
U.S. economy,  
as well  
as  
highly reliant  
on U.S.  
public policy  
and funding
decisions. Puerto Rico  
has historically received  
significant federal support  
for a  
wide range of  
government programs and  
services,
including healthcare, education,  
infrastructure and social  
assistance programs. More  
recently, Puerto  
Rico has  
received significant
federal stimulus,  
disaster relief and  
reconstruction funding, which  
has served as  
a major  
driver of  
economic activity.  
Reductions in
federal  
funding  
to  
programs that  
have  
benefited the  
Puerto  
Rico  
economy  
or  
delays  
in  
disbursements could  
significantly impact
Puerto  
Rico’s  
economy  
and  
hinder  
reconstruction  
efforts,  
including  
the  
restoration  
and  
improvement  
of  
critical  
infrastructure.  
In
addition, given that Puerto Rico’s Medicaid program is  
funded through federal block grants, absent federal legislative action,  
annual

24
Medicaid funding for Puerto  
Rico is projected to  
drop significantly during the  
2027-2028 fiscal year,  
which would require the  
Puerto
Rico government  
to cover  
substantial program costs  
and potentially  
place significant  
strain on  
its finances.  
Beyond direct  
funding,
broader shifts in U.S. policy,  
such as changes to tax or trade policies, and  
shifts in policies of other governments in response, could
also adversely  
impact the  
Puerto Rico  
economy.  
A weakening  
of the  
Puerto Rico  
economy or  
other adverse  
economic conditions
affecting Puerto Rico consumers and businesses could result in decreased demand for our products or services, deterioration in the
credit  
quality  
of  
our  
customers,  
higher  
delinquencies,  
charge-offs  
or  
increased  
losses,  
all  
of  
which  
could  
adversely  
affect  
our
business, financial condition, liquidity, results of operations or capital position.
We are  
also exposed  
to risks  
related to  
the state  
of the  
local economies  
of the  
other markets  
in which  
we do  
business,
such as  
New York  
and Florida, as  
well as to  
the state of  
the global and  
U.S. economy and  
financial markets. Evolving  
geopolitical
tensions, the introduction  
or escalation of tariffs,  
inflationary pressures and other  
political or economic shifts  
may lead to  
increased
market volatility  
and disruption.  
These factors  
could, in  
turn, adversely  
impact our  
business, financial condition,  
liquidity,  
results of
operations or capital position.
Changes  
in  
interest  
rates  
and  
credit  
spreads  
can  
adversely  
impact  
our  
financial  
condition,  
including  
our  
investment
portfolio,  
since  
a  
significant  
portion  
of  
our  
business involves  
borrowing  
and  
lending  
money,  
and  
investing in  
financial
instruments.
Our business  
and financial  
performance are  
impacted by  
market interest  
rates and  
movements in  
those rates.  
Since a
high percentage of our assets and liabilities are interest bearing or otherwise sensitive in value to changes in interest rates, changes
in interest rates, in the shape of the yield curve or in spreads between different types of rates, have had and could in the future have
a material impact on our results  
of operations and the values of our  
assets and liabilities, including our investment portfolio.  
Interest
rates are  
highly sensitive  
to many  
factors over  
which we  
have no  
control and  
which we  
may not  
be able  
to anticipate  
adequately,
including general  
economic conditions  
and the  
monetary and  
tax policies  
of various  
governmental bodies,  
particularly the  
Federal
Reserve Board.  
Changes in  
these policies,  
including changes  
in interest  
rates, impact  
various aspects  
of our  
business, including
loan originations,  
the speed  
of prepayments,  
loan delinquencies,  
the value  
of our  
investments, the  
rates we  
receive on  
our loans
and investment  
securities, our  
ability to  
maintain and  
generate deposits  
and the  
rates we  
pay on  
our deposits  
and other  
funding
sources. The  
effects of  
these changes  
may be  
amplified if  
we are  
unable to  
effectively manage  
the sensitivity  
of our  
assets and
liabilities to market interest rate changes.  

The rapid  
rise in  
interest rates  
in 2022  
resulted in  
$2.5 billion  
in unrealized  
mark-to-market losses  
on available-for-sale
securities held  
in our  
investment securities  
portfolio. In  
October 2022,  
we transferred  
U.S. Treasury  
securities with  
a fair  
value of
$6.5 billion (par value of $7.4 billion), and with accumulated unrealized losses of  
$873 million, from our available-for-sale portfolio to
our  
held-to-maturity  
portfolio.  
While  
the  
size  
of  
our  
unrealized  
mark-to-market  
losses  
on  
available-for-sale  
securities  
had  
been
reduced  
to  
$0.9  
billion  
as  
of  
December 31,  
2025,  
if  
interest  
rates  
were  
to  
again  
rise  
rapidly  
or  
for  
a  
prolonged  
period,  
we  
may
accumulate  
significant  
additional  
mark-to-market  
losses  
on  
investment  
securities  
in  
our  
available-for-sale  
portfolio,  
which  
may
adversely affect our tangible capital and impact our  
ability to return capital to our stockholders.
For a discussion of the Corporation’s  
interest rate sensitivity, please refer  
to the “Risk Management” section of the MD&A
in this Form 10-K.
BUSINESS RISKS
Negative  
changes  
in  
the  
financial  
condition  
of  
our  
clients  
have  
adversely  
impacted  
us  
in  
the  
past  
and  
may  
adversely
impact us in the future.
 
A significant portion of  
our business involves lending money,  
which exposes us to  
credit risk and  
risk of loss if  
borrowers
do  
not  
repay  
their  
loans,  
leases, credit  
cards  
or  
other  
credit  
obligations.  
The  
performance of  
these  
credit  
portfolios  
significantly
affects our  
financial condition  
and results  
of operations.  
We have  
in the  
past been  
adversely affected  
by negative  
changes in  
the
financial condition of our clients due to weakness in  
the Puerto Rico and U.S. economy. If the current economic environment were to
deteriorate, more customers may have difficulty in repaying their credit obligations, which may result in higher levels  
of credit losses
and reserves for credit losses.
We are exposed to  
increased credit risks and credit losses  
to the extent our clients are  
concentrated by industry segment
or type of client.
Our credit risk and credit  
losses can increase to the extent  
our loans are concentrated in borrowers engaged in  
the same
or similar  
activities or  
in borrowers  
who as  
a group  
may be  
uniquely or  
disproportionately affected  
by certain  
economic or  
market
conditions. We have significant  
exposure to borrowers in certain  
economic sectors, such as residential  
and commercial real estate,

25
hospitality and healthcare. Challenging economic or market conditions that affect  
the industries or types of clients to  
which we have
significant exposure  
could result  
in higher  
credit  
losses and  
adversely affect  
our business,  
financial condition,  
liquidity,  
results of
operations or capital position.
We also  
have direct  
lending and  
investment exposure  
to Puerto  
Rico government  
entities, which  
have faced  
significant
fiscal challenges.  
At December  
31, 2025,  
our exposure  
to the  
Puerto Rico  
government consisted  
of $391  
million in  
direct lending
exposure to Puerto  
Rico municipalities and  
$209 million in  
loans insured or  
securities issued by  
Puerto Rico governmental  
entities
but for  
which the  
principal source  
of repayment  
is non-governmental.  
We also  
have indirect  
lending exposure  
to the  
Puerto Rico
government in the  
form of loans  
to private borrowers  
who are service  
providers, lessors, suppliers  
or have other  
relationships with
the Puerto Rico government. While the overall fiscal situation  
of the Puerto Rico government has improved in recent years,  
including
as  
a  
result  
of  
the  
government  
and  
certain  
of  
its  
instrumentalities  
having  
restructured  
their  
debt  
obligations,  
some  
Puerto  
Rico
government entities, including certain municipalities, still face significant  
fiscal challenges. A deterioration in the fiscal situation of the
Puerto Rico government and  
its instrumentalities, and in  
particular the fiscal situation  
of the Puerto  
Rico municipalities to  
which we
have direct lending exposure,  
could result in higher  
credit losses and reserves  
for credit losses. For  
a discussion of risks  
related to
the Corporation’s credit  
exposure to the  
Puerto Rico and  
USVI governments, see  
the Geographic and  
Government Risk section  
in
the MD&A section of this Form 10-K.
Deterioration in the  
values of real  
properties securing our commercial, mortgage  
loan and construction portfolios  
have in
the past resulted, and may in the future result,  
in increased credit losses and harm our results  
of operations.
As of  
December 31,  
2025, 55%  
of  
our loan  
portfolio consisted  
of loans  
secured by  
real estate  
collateral (comprised  
of
29% in  
commercial loans,  
22% in  
residential mortgage  
loans and  
4%  
in construction  
loans). The  
value of  
the collateral  
securing
such loans is dependent upon economic conditions in the area in which the collateral is located. Weakness in the economy of some
of the markets we serve has in  
the past resulted in significant declines in the value  
of the real properties securing our loan portfolio,
leading to  
increased credit losses.  
If the  
value of  
the real  
estate properties securing  
our loan portfolio  
declines again in  
the future,
we  
may be  
required to  
increase our  
provisions for  
loan losses  
and allowance  
for loan  
losses. Any  
such  
increase could  
have an
adverse effect  
on our  
financial condition  
and results  
of operations.  
For more  
information on  
the credit  
quality of  
our construction,
commercial and mortgage portfolio, see the Credit  
Risk section of the MD&A included in this  
Form 10-K.
Defective and repurchased loans may harm our business  
and financial condition.
In  
connection  
with  
the  
sale  
and  
securitization  
of  
mortgage  
loans,  
we  
are  
required  
to  
make  
a  
variety  
of  
customary
representations  
and  
warranties regarding  
Popular  
and  
the  
loans  
being  
sold  
or  
securitized.  
Our  
obligations with  
respect to  
these
representations and warranties are generally outstanding for the  
life of the loan, and they  
relate to, among other things, compliance
with  
laws  
and  
regulations,  
underwriting  
standards,  
the  
accuracy  
of  
information  
in  
the  
loan  
documents  
and  
loan  
file  
and  
the
characteristics  
and  
enforceability of  
the  
loan.  
A  
loan  
that  
does  
not  
comply  
with  
the  
secondary  
market’s  
requirements  
may  
take
longer to  
sell, impact  
our ability  
to securitize  
the loans  
or pledge  
the loans  
as collateral  
for borrowings,  
or be  
unsalable or  
salable
only  
at  
a  
significant  
discount.  
Moreover,  
if  
any  
such  
loan  
is  
sold  
before  
we  
detect  
non-compliance,  
we  
may  
be  
obligated  
to
repurchase the loan and bear any associated loss directly,  
or we may be obligated to indemnify the purchaser against any loss.  
We
seek to  
minimize repurchases and  
losses from defective  
loans by correcting  
flaws, if possible,  
and selling or  
re-selling such loans.
However,  
if  
we  
were  
to  
suffer  
significant  
losses  
from  
defective  
and  
repurchased  
loans,  
our  
results  
of  
operations  
and  
financial
condition could be materially impacted.
If we are  
unable to maintain  
or grow our  
deposits, we may  
be subject to  
paying higher funding costs  
and our net  
interest
income may decrease.
 
We rely primarily on bank deposits as a low cost and  
stable source of funding for our lending and  
investment activities and
the operation of  
our business. Therefore, our  
funding costs are largely  
dependent on our ability  
to maintain and  
grow our deposits.
As  
our  
competitors  
have  
raised  
the  
interest  
rates  
they  
pay  
on  
deposits,  
our  
funding  
costs  
have  
increased,  
as  
we  
have  
had  
to
increase the  
rates we  
pay to  
our depositors  
to avoid  
losing deposits and  
to procure  
new ones.  
Rising interest  
rates have  
also led
customers to move their funds to other  
financial institutions or to alternative investments that pay higher interest  
rates.  
Additionally,
periods of market stress  
or lack of market or  
customer confidence in financial institutions may  
result in a loss of  
customer deposits,
especially to the  
extent those deposits are  
in excess of  
the FDIC-insured limit  
of $250,000. As of  
December 31, 2025, we  
had $14
billion of total deposits (other than collateralized public funds, which represent public deposit balances from  
governmental entities in
the  
U.S.  
and  
its  
territories,  
including  
Puerto  
Rico  
and  
the  
United  
States  
Virgin  
Islands,  
that  
are  
collateralized  
based  
on  
such
jurisdictions’ applicable  
collateral requirements)  
in excess  
of the  
FDIC-insured limit.  
If deposits  
decrease, we  
may need  
to rely  
on

26
more expensive sources of  
funding, which would  
negatively impact our interest  
rate margin and net  
interest income.  
In addition, a
reduction in our deposits would decrease our earning  
assets, which would also negatively affect our net interest  
income.
We have a significant amount of deposits from the Puerto  
Rico government, its instrumentalities and municipalities ($19.4
billion, or  
29% of our  
total deposits, as  
of December 31,  
2025), and the  
amount of these  
deposits may fluctuate  
depending on the
financial condition and liquidity of  
these entities, as well  
as on our ability  
to maintain these customer  
relationships. Under the terms
of BPPR’s deposit  
pricing agreement with the  
Puerto Rico government, most  
public fund deposit rates  
are market linked  
with a lag
minus a  
specified spread.  
Therefore, as  
market rates  
rise, we  
are required  
to sequentially  
increase the  
rates we  
pay our  
public
deposits. If the mix of our deposits shifts towards a higher proportion of higher-cost deposits for any reason, our funding costs would
increase and our net interest income would be expected  
to decrease.  

OPERATIONAL RISKS
We and  
our third-party  
providers have  
been, and  
expect in  
the future  
to continue  
to be,  
subject to  
cyber-attacks. Future
cyber-attacks could cause substantial harm and  
have an adverse effect on our business  
and results of operations.
Cybersecurity  
risks  
for  
large  
financial  
institutions  
such  
as  
Popular  
have  
increased  
significantly  
in  
recent  
years  
in  
part
because  
of  
the  
proliferation  
of  
new  
technologies,  
such  
as  
mobile  
banking,  
cloud  
hosting,  
artificial  
intelligence  
and  
the  
ability  
to
conduct instant financial transactions anywhere globally, as well as due to geopolitical conflicts and the increased sophistication and
activities  
of  
organized crime,  
hackers, terrorists,  
nation-states, hacktivists  
and  
other parties.  
Cybersecurity threats  
are constantly
evolving,  
especially  
given  
the  
advances  
in,  
and  
the  
rise  
of  
the  
use  
of,  
artificial  
intelligence  
and  
quantum  
computing,  
thereby
increasing the difficulty of preventing, detecting and  
successfully defending against them.
In  
the  
ordinary  
course  
of  
business,  
we  
rely  
on  
electronic  
communications  
and  
information  
systems  
to  
conduct  
our
operations  
and  
to  
transmit  
and  
store  
sensitive  
data.  
Notwithstanding  
our  
defensive  
measures  
and  
the  
significant  
resources  
we
devote to protecting the security of our systems, there  
is no assurance that all of our security measures  
will be effective at all times,
especially  
as  
the  
threats  
from  
cyber-attacks  
are  
continuous  
and  
severe.  
The  
risk  
of  
a  
security  
breach  
due  
to  
a  
cyber-attack  
is
expected to  
increase as  
we continue to  
expand our  
digital capabilities, mobile  
banking and other  
internet-based product offerings,
the use of the cloud for system development and  
hosting and internal use of internet-based  
products and applications.
We  
continue to  
detect and  
identify attacks  
that are  
becoming more  
sophisticated and  
increasing in  
volume, as  
well as
attackers  
that  
respond  
rapidly  
to  
changes  
in  
defensive  
countermeasures. The  
most  
significant  
cyber-attack  
risks  
that  
we  
or  
our
critical service providers may face include, but are not limited to, e-fraud,  
denial-of-service (DDoS), ransomware, computer intrusion
and  
the  
exploitation  
of  
software  
zero-day  
vulnerabilities  
that  
might  
result  
in  
disruption  
of  
services,  
in  
the  
exposure  
or  
loss  
of
customer or proprietary data, and significant financial loss. These types of cyber-attacks have in the past resulted and may continue
to result  
in the  
compromise of  
sensitive customer  
data, such  
as account  
numbers, credit  
cards and  
social security  
numbers, and
could present significant reputational, legal and regulatory  
costs to Popular if successful.  

Our  
customer-facing  
platforms  
are  
also  
routinely  
targeted  
by  
threat  
actors  
aiming  
to  
gain  
unauthorized  
access  
to  
our
clients’  
accounts.  
Although  
we  
have  
implemented  
defensive  
measures  
designed  
to  
protect  
against  
such  
attacks,  
there  
is  
no
assurance that these  
defensive measures will  
keep pace with  
threats that are  
continuous and growing  
in severity.  
For example, in
2022, certain customers were affected by brute force attacks on one of our platforms, which resulted in certain of our customers log-
in credentials  
and information  
being exposed,  
resulting in  
fraudulent transfers  
or withdrawals.  
Popular customers  
have also  
been
impacted by  
card skimming  
events in  
our ATM  
terminals. As  
a result,  
we have  
notified, and  
conducted additional  
remediation for,
customers identified as  
affected by  
these incidents. Cyber-security  
risks have also  
been exacerbated by  
the discovery of  
zero-day
vulnerabilities in  
widely distributed  
third party  
software, which  
have in  
the past  
affected and  
in the  
future could  
affect Popular’s  
or
any of its service provider’s systems, as  
further detailed below.
The  
increased  
use  
of  
remote  
access  
and  
third-party  
video  
conferencing  
solutions  
to  
enable  
work-from-home
arrangements for employees has  
also increased our exposure  
to cyber-attacks, including through  
the use of  
deep fakes and brand
impersonation.  
We  
expect  
the  
rise  
and  
use  
of  
artificial  
intelligence  
to  
exacerbate  
this  
risk.  
In  
addition,  
a  
third  
party  
could
misappropriate confidential information  
obtained by intercepting  
signals or communications  
from mobile  
devices used by  
Popular’s
customers or employees. Recent geopolitical conflicts have also exacerbated the risks related to supply-chain  
compromises and de-
stabilizing activities of nation-state sponsored actors.
A material compromise or circumvention of the security of our systems could  
have serious negative consequences for us,
including  
significant  
disruption  
of  
our  
operations  
and  
those  
of  
our  
clients,  
customers  
and  
counterparties,  
misappropriation  
of

27
confidential  
information  
of  
Popular  
or  
that  
of  
our  
clients,  
customers,  
counterparties  
or  
employees,  
or  
damage  
to  
computers  
or
systems used  
by us  
or by  
our clients,  
customers and  
counterparties, and  
could result  
in violations of  
applicable privacy  
and other
laws,  
financial  
loss  
to  
us  
or  
to  
our  
customers,  
increased  
regulatory  
scrutiny  
and  
enforcement  
actions,  
customer  
dissatisfaction,
significant litigation exposure and harm to our reputation, all of which could have a material adverse effect on us. Banking regulators
increasingly scrutinize third-party relationships supporting critical activities. If our regulators determine that our oversight,  
contractual
protections, or  
the performance  
and controls  
of our  
third-party providers  
(including critical  
providers) are  
inadequate, we  
could be
required  
to  
implement  
enhanced  
controls,  
conduct  
independent  
reviews,  
restrict  
or  
terminate  
relationships,  
or  
undertake  
costly
remediation or  
conversion activities,  
any of  
which could  
disrupt operations,  
increase expenses,  
or adversely  
affect our  
reputation
and results of operations.
The  
extent  
of  
a  
particular  
cyber-attack  
and  
the  
steps  
that  
we  
may  
need  
to  
take  
to  
investigate  
the  
attack  
may  
not  
be
immediately  
clear,  
and  
it  
may  
take  
a  
significant  
amount  
of  
time  
before  
such  
an  
investigation  
can  
be  
completed.  
While  
such  
an
investigation is ongoing, Popular may not necessarily know the full extent  
of the harm caused by the cyber-attack, and that  
damage
may continue to spread.  
These factors may inhibit  
our ability to provide  
rapid, full and reliable  
information about the cyber-attack to
our clients, customers, counterparties and regulators, as well as the public. Moreover, we may be required under SEC rules  
or bank
regulations to disclose information about a cybersecurity event before it has been resolved  
or fully investigated. Furthermore, it may
not be clear how best to contain and remediate the potential harm  
caused by the cyber-attack, and certain errors or actions could be
repeated or compounded before they are discovered  
and remediated. Cyber-attacks could also cause interruptions  
in our operations
and result in the incurrence of significant costs,  
including those related to forensic analysis  
and legal counsel.  

We also  
rely on  
third parties  
for the  
performance of  
a significant  
portion of  
our information  
technology functions and  
the
provision of information security,  
technology and business process services. As a result, a  
successful compromise or circumvention
of  
the security  
of  
the systems  
of these  
third-party service  
providers could  
have serious  
negative consequences  
for us,  
including
compromise  
of  
our  
systems,  
misappropriation of  
our  
confidential  
information  
or  
that  
of  
our  
clients,  
customers,  
counterparties  
or
employees, or  
other negative  
implications identified  
above with  
respect to  
a cyber-attack  
on our  
systems. The  
most important  
of
these  
third-party service  
providers for  
us  
is  
Evertec. As  
a result,  
we  
depend on  
Evertec to  
identify and  
remediate certain  
of  
our
cybersecurity vulnerabilities. Cyber-attacks at third-party service  
providers are also becoming increasingly common, and,  
as a result,
cybersecurity risks relating to our vendors, including Evertec have increased.  
Certain risks particular to Evertec and our dependence
on  
third  
parties  
are  
discussed  
under  
“We  
rely  
on  
other  
companies  
to  
provide  
key  
components  
of  
our  
business  
infrastructure,
including certain of our core financial transaction processing and  
information technology and security services, which exposes us to
a number  
of operational  
risks that  
could have  
a material  
adverse effect  
on us”  
in the  
Operational Risks  
section of  
Item 1A  
in this
Form 10-K. During 2023, personal information of Popular customers’ data was compromised in a data breach incident that impacted
MOVEit, the third-party file transfer platform used by one of our service  
providers. Popular notified, as required or otherwise deemed
appropriate,  
customers  
identified  
as  
affected  
by  
the  
incident.  
Furthermore,  
during  
2024,  
threat  
actors  
exploited  
a  
zero-day
vulnerability in  
the Fortinet  
enterprise management  
server software  
used by  
Evertec, which  
migrated to  
one of  
Popular's domain
controllers  
due  
to  
a shared  
network  
environment. While  
Evertec  
eventually determined  
that  
no  
BPPR  
customer  
information was
exfiltrated as a result of  
this incident, the event underscores  
the risks inherent in Popular’s dependency  
on Evertec. Although these
incidents did not  
have a material  
effect on  
Popular, including  
its business strategy,  
results of operations  
or financial condition,  
and
our  
third-party  
service  
providers  
agreed  
to  
cover  
external  
remediation  
costs  
associated  
therewith,  
a  
compromise  
of  
Popular
information  
or  
the  
personal  
information  
of  
our  
customers  
maintained  
by  
third  
party  
vendors  
could  
result  
in  
significant  
regulatory
consequences, reputational damage and financial  
loss to us. The  
success of our business  
depends in part on  
the continuing ability
of these  
(and other)  
third parties  
to perform  
these functions  
and services  
in a  
timely and  
satisfactory manner,  
which performance
could be disrupted or otherwise adversely affected  
due to failures or other information security events originating  
at the third parties
or  
at  
the  
third  
parties’  
suppliers  
or  
vendors  
(so-called  
“fourth  
party  
risk”).  
We  
may  
not  
be  
able  
to  
effectively  
directly  
monitor  
or
mitigate  
fourth-party  
risk,  
in  
particular  
as  
it  
relates  
to  
the  
use  
of  
common  
suppliers  
or  
vendors  
by  
the  
third  
parties  
that  
perform
functions and services for us.
 
As cyber  
threats continue  
to evolve,  
we also  
expect to  
expend significant  
additional resources  
to continue  
to modify  
or
enhance  
our  
layers  
of  
defense  
or  
to  
investigate  
and  
remediate  
additional  
information  
security  
vulnerabilities  
or  
incidents.  
The
obsolescence  
in  
our  
hardware  
or  
software  
limits  
our  
ability  
to  
mitigate  
vulnerabilities.  
System  
enhancements and  
updates  
also
create  
risks  
associated  
with  
implementing new  
systems  
and  
integrating  
them  
with  
existing  
ones,  
including  
risks  
associated  
with
supply chain compromises and the software development lifecycle of the systems used by us and our service providers. In  
addition,
addressing certain  
information security  
vulnerabilities, such  
as hardware-based  
vulnerabilities, may  
affect  
the performance  
of our
information  
technology  
systems.  
The  
ability  
of  
our  
hardware  
and  
software  
providers  
to  
deliver  
patches  
and  
updates  
to  
mitigate
vulnerabilities in a timely manner can introduce  
additional risks, particularly when a vulnerability is being actively  
exploited by threat

28
actors.  
Moreover,  
our  
efforts  
to  
timely  
mitigate  
vulnerabilities  
and  
manage  
such  
risks,  
given  
the  
rise  
in  
number  
and  
urgency  
of
required patches and third-party software, as well as  
the obsolescence in some of our hardware and  
software, may impact our day-
to-day operations, the availability of our systems and  
delay the deployment of technology enhancements  
and innovation.  

If Popular’s operational systems,  
or those of  
external parties on which  
Popular’s businesses depend, are  
unable to meet
the requirements of our businesses and operations or the standards of our regulators  
or other applicable data protection and privacy
laws, or if they fail, have other significant shortcomings or are impacted by cyber-attacks,  
Popular could be materially and adversely
affected.
We  
rely  
on  
other  
companies  
to  
provide  
key  
components  
of  
our  
business  
infrastructure,  
including  
certain  
of  
our  
core
financial  
transaction  
processing  
and  
information  
technology  
and  
security  
services,  
which  
exposes  
us  
to  
a  
number  
of
operational risks that could have a material  
adverse effect on us.
Third parties provide key components of our business operations, such  
as data processing, information security, recording
and monitoring transactions,  
online banking interfaces and  
services, Internet connections and  
network access. The most  
important
of  
these  
third-party service  
providers for  
us  
is  
Evertec  
due  
in  
large  
part  
to  
its  
role  
as  
a service  
provider to  
BPPR,  
our  
principal
banking subsidiary.  
We are dependent on Evertec for the provision of  
essential services to our business, including certain  
of BPPR’s
core financial  
transaction processing and  
information technology and  
security services. As  
a result,  
we are particularly  
exposed to
the operational risks of Evertec,  
including those related to its  
security architecture and potential breakdowns or  
failures of Evertec’s
systems or internal controls environment.  

Over the  
course of our  
relationship with Evertec,  
we have experienced  
interruptions and delays  
in key  
services provided
by Evertec, as well as cyber events, as a result of system breakdowns, their exposure to zero-day vulnerabilities, misconfigurations,
human  
error,  
application  
obsolescence  
and  
dependency  
on  
shared  
infrastructure  
components  
and  
shared  
environments,  
which
have in certain cases also  
led to exposure of Popular information  
and BPPR customer information. In particular,  
the current level of
obsolescence in the hardware and  
software used by Evertec  
to service us exposes  
us to heightened operational and  
cybersecurity
risks, including system outages.  
Our ability to cure  
legacy obsolescence in the  
hardware and software we  
procure from Evertec, to
expand  
our  
oversight  
over  
security  
services  
being  
provided  
by  
Evertec,  
as  
well  
as  
to  
effect  
the  
segregation  
of  
our  
shared
infrastructure,  
is  
expected  
to  
be  
lengthy  
and  
complex,  
which  
exacerbates  
our  
exposure  
to  
resulting  
operational,  
including
cybersecurity,  
risks. See  
“The transition  
to new  
financial services  
technology providers,  
and the  
replacement of  
services currently
provided to us by Evertec, will be lengthy and  
complex” in the Operational Risks section of Item 1A  
in this Form 10-K below.  

While  
we  
select  
third-party vendors  
carefully  
and  
have  
increased our  
oversight  
of  
these  
relationships, our  
oversight is
constrained by  
the level  
of our  
ongoing visibility into  
our vendor’s systems  
and operations, and  
we do not  
have direct control  
over
their actions, assets  
or services. Any  
problems caused by  
these vendors, including  
those resulting from  
disruptions in the  
services
provided, vulnerabilities  
in or  
breaches of  
the vendor’s  
systems or  
environments, failure  
of the  
vendor to  
handle current  
or higher
volumes, failure of the vendor to provide services for any reason or  
poor performance of services, failure of the vendor to notify us  
of
a  
reportable  
event  
in  
a  
timely  
manner,  
or  
our  
vendors’  
misuse  
of  
artificial  
intelligence  
and  
other  
automatic  
decision  
making
technologies,  
could  
adversely  
affect  
our  
ability  
to  
deliver  
products  
and  
services  
to  
our  
customers  
and  
otherwise  
conduct  
our
business,  
disrupt  
our  
operations,  
result  
in  
potential  
liability  
to  
customers  
and  
counterparties,  
result  
in  
the  
imposition  
of  
fines,
penalties or judgments by our regulators, lead to exposure of our information or that of our customers or harm to our reputation, any
of which  
could materially  
and adversely  
affect us.  
The inability  
of our  
third-party service  
providers to  
timely address  
cybersecurity
threats may further exacerbate these  
risks. Financial or operational difficulties of  
a third-party vendor could also  
hurt our operations
if  
those  
difficulties  
interfere  
with the  
vendor’s ability  
to  
serve  
us.  
Replacing these  
third-party vendors,  
when possible,  
could  
also
create  
significant  
delay  
and  
expense.  
Accordingly,  
the  
use  
of  
third  
parties  
creates  
an  
unavoidable inherent  
risk  
to  
our  
business
operations.
The transition to new financial services technology providers, and the replacement of services currently provided to  
us by
Evertec, will be lengthy and complex.
Switching from one vendor of core financial transaction processing and related technology and security services to one or
more new  
vendors is  
a complex  
process that  
carries business  
and financial  
risks. The  
implementation cycle  
for such  
a transition
would be  
lengthy and require  
significant financial and  
management resources from  
BPPR and  
Popular. Such  
a transition can  
also
increase costs (including conversion costs), impede or disrupt business or technological initiatives, and expose us and our clients to
business disruption, as well as operational and cybersecurity risks. As  
we transition all or a portion of  
the existing services provided
by Evertec  
to new  
financial services  
technology providers,  
either (i)  
at the  
end of  
the term  
of the  
Second Amended  
and Restated
Master Services Agreement  
(the “MSA”) and  
related agreements or  
(ii) earlier upon  
the termination of  
any service for  
convenience

29
under the MSA, these transition risks could result in an adverse effect on our  
business, financial condition and results of operations.
Although Evertec  
has agreed  
to provide  
certain transition  
assistance to  
us in  
connection with  
the termination  
of the  
MSA, we  
are
ultimately dependent on their ability to provide those  
services in a responsive and competent manner, as well as their ability to retain
experienced personnel to  
provide the services. A  
successful transition will  
also depend on  
our ability to  
retain personnel who  
have
relevant experience  
and expertise.  
Furthermore, we  
may require  
transition assistance  
from Evertec  
beyond the  
term of  
the MSA,
potentially delaying and lengthening any transition  
process away from Evertec while increasing  
related costs and risks  
of disruption
to us and our clients.
 
Under the  
MSA, we  
are able  
to terminate  
services for  
convenience with  
180 days’  
prior notice.  
We expect  
to exercise
during the  
term of  
the MSA  
the right  
to terminate  
certain services  
for convenience  
and to  
transition such  
services to  
other service
providers prior to the expiration  
of the MSA, subject to  
complying with the revenue minimums contemplated in  
the MSA and certain
other conditions. In  
practice, in order  
to switch  
to a  
new provider for  
a particular service,  
we will have  
to commence procuring  
and
working on  
a transition  
process for  
such service  
significantly in  
advance of  
its termination  
and, in  
any case,  
much earlier  
than the
expiration date of the MSA, and such process may extend beyond the current term of the MSA. Furthermore, if we are unsuccessful
or  
decide  
not  
to  
complete  
the  
transition  
after  
expending significant  
funds  
and  
management resources,  
it  
could  
also  
result  
in  
an
adverse effect on our business, financial condition and  
results of operations.
Unforeseen or  
catastrophic events,  
including  
extreme weather  
events and  
other natural  
disasters, man-made  
disasters,
acts of violence or  
war, or the  
emergence of pandemics or epidemics, could  
cause a disruption in our  
operations or other
consequences that could have a material adverse  
effect on our financial condition and results  
of operations.
A  
significant  
portion  
of  
our  
operations  
are  
located  
in  
the  
Caribbean  
and  
Florida,  
a  
region  
susceptible  
to  
hurricanes,
earthquakes and other  
similar events. In  
2017, Puerto Rico,  
USVI and BVI  
were severely impacted  
by Hurricanes Irma  
and María,
which resulted in significant disruption to our operations and adversely affected  
our clients in these markets, and in 2022, Hurricane
Fiona impacted the  
southwest area of  
Puerto Rico,  
adversely affecting our  
customers in  
that region. Other  
types of  
unforeseen or
catastrophic events, including  
pandemics, epidemics, man-made  
disasters, or acts  
of violence or  
war, or  
the fear that  
such events
could occur  
in the  
future, could  
also adversely  
impact our  
operations and  
financial results.  
For example,  
in 2020,  
the COVID-19
pandemic  
severely  
impacted  
global  
health,  
financial  
markets,  
consumer  
spending  
and  
global  
economic  
conditions,  
and  
caused
significant disruption to businesses  
worldwide, including our business  
and those of  
our customers, service providers  
and suppliers.
Future unforeseen or catastrophic events, and actions taken by governmental authorities and other third parties in response to such
events, could  
adversely affect  
our operations,  
cause economic  
and market  
disruption, adversely  
impact the  
ability of  
borrowers to
timely repay  
their loans,  
or affect  
the value  
of any  
collateral held  
by us,  
any of  
which could  
have a  
material adverse  
effect on  
our
business, financial condition or results of operations. The frequency, severity and impact of future unforeseen or catastrophic events
is  
difficult  
to  
predict. While  
we maintain  
insurance against  
natural disasters  
and  
other unforeseen  
events, including  
coverage  
for
business interruption, the insurance may not be sufficient to cover all of the damage from any such event, and there is  
no insurance
against the  
disruption that  
a catastrophic  
event could  
produce to  
the markets  
that we  
serve and  
the potential  
negative impact  
to
economic activity.
Climate change could have a material adverse  
impact on our business operations and that  
of our clients and customers.
Our business and  
the activities and  
operations of our  
clients and customers  
may be disrupted  
by global climate  
change.
Potential physical risks  
from climate change  
include the increase  
in the  
frequency and severity  
of weather  
events, such as  
storms
and  
hurricanes,  
and  
long-term  
shifts  
in  
climate  
patterns, such  
as  
sustained  
higher  
and  
lower  
temperatures,  
sea  
level  
rise,  
heat
waves  
and  
droughts,  
among  
others.  
Our  
geographic  
concentration  
in  
localities,  
including  
Puerto  
Rico,  
the  
U.S.V.I.,  
B.V.I.  
and
Florida, particularly  
susceptible to  
risks arising  
from climate  
change, including  
severe hurricanes  
and sea  
level rise,  
heighten the
threat we  
face from  
climate change. Additionally,  
the impact  
of climate  
change in  
the markets  
that we  
operate and  
in other  
global
markets may  
have the  
effect of  
increasing the  
costs or  
reducing the  
availability of  
insurance needed  
for our  
business operations.
Climate change may also create transitional risks resulting from a shift to a low-carbon economy.  
These transition risks may include
changes in the legal and regulatory landscape, technology, consumer sentiment and preferences, and market demands that seek to
mitigate the  
effects  
of climate  
change. Changes  
in the  
legal  
and regulatory  
landscape may  
additionally increase  
our compliance
costs.  
These  
climate-driven  
changes  
could  
have  
a  
material  
adverse  
impact  
on  
asset  
values  
and  
on  
our  
business  
and  
financial
performance and those of our clients and customers.
LEGAL AND REGULATORY RISKS
Our  
businesses  
are  
highly  
regulated,  
and  
the  
laws  
and  
regulations  
that  
apply  
to  
us  
have  
a  
significant  
impact  
on  
our
business and operations.

30
We are subject to extensive and evolving  
regulation under U.S. federal, state and Puerto Rico laws that  
govern almost all
aspects of our operations and  
limit the businesses in which  
we may be engaged,  
including regulation, supervision and examination
by federal, state  
and foreign banking  
authorities. These laws  
and regulations have  
expanded significantly over an  
extended period
of  
time  
and  
are  
primarily  
intended  
for  
the  
protection  
of  
consumers,  
borrowers  
and  
depositors.  
Compliance  
with  
these  
laws  
and
regulations has resulted, and will continue  
to result, in significant costs. Additionally,  
the current federal administration is  
pursuing a
policy  
and  
regulatory  
agenda  
significantly  
different  
from  
that  
of  
the  
previous  
administration,  
including  
the  
reversal  
of  
rules
promulgated  
under  
the  
past  
administration  
and  
shifts  
in  
rulemaking,  
supervision,  
examination  
and  
enforcement  
priorities.  
The
implementation of that agenda is happening rapidly and is constantly  
evolving. The potential impact of any such changes cannot be
predicted.
Additional  
laws  
and  
regulations  
may  
be  
enacted  
or  
adopted  
in  
the  
future,  
and  
the  
application,  
interpretation  
or
enforcement  
of  
laws  
and  
regulations  
may  
in  
the  
future  
be  
changed  
(including  
through  
executive  
orders),  
in  
ways  
that  
could
significantly affect  
our powers,  
authority and  
operations and  
which could  
have a  
material adverse  
effect on  
our financial  
condition
and  
results  
of  
operations. In  
particular,  
we  
could  
be  
adversely impacted  
by  
changes  
in  
laws  
and  
regulations,  
or changes  
in  
the
application, interpretation  
or enforcement  
of laws  
and regulations,  
that proscribe  
or institute  
more stringent  
restrictions on  
certain
financial  
services  
activities, impose  
monetary fines  
or  
other  
penalties on  
institutions that  
fail  
to  
comply  
with  
applicable laws  
and
regulations, or impose new requirements.  
In addition, new laws or regulations could require significant system and process changes
that require  
systems upgrades  
and could  
limit our  
ability to  
meet adoption timeframes  
or pursue  
our innovation roadmap.  
If we  
do
not  
appropriately  
comply  
with  
current  
or  
future  
laws  
or  
regulations,  
adapt  
to  
the  
changing  
interpretation  
of  
existing  
laws  
or
regulations,  
or  
if  
we  
fail  
to  
meet  
supervisory  
expectations,  
we  
may  
be  
subject  
to  
fines,  
penalties  
or  
judgements,  
or  
to  
material
regulatory restrictions on  
our business, which could  
also materially and  
adversely affect our  
business,  
financial condition, liquidity,
results of operations or capital position.
Our participation  
(or lack  
of participation)  
in certain  
governmental programs,  
such as  
the Paycheck  
Protection Program
(“PPP”) enacted  
in response  
to the  
COVID-19 pandemic,  
also exposes  
us to  
increased legal  
and regulatory  
risks. We  
have also
been and could continue to  
be exposed to adverse  
action for the violation of  
applicable legal requirements or the improper  
conduct
of our employees in connection with such loans. For example, on January 24, 2023, Popular Bank consented to the imposition of an
order from  
the Federal  
Reserve Board  
requiring it  
to  
pay a  
$2.3 million  
civil money  
penalty to  
settle certain  
findings arising  
from
Popular Bank’s approval of six Payment Protection Program  
loans.
In addition,  
due to  
divergent policies  
and stakeholder  
viewpoints regarding  
climate and  
sustainability matters,  
we are  
at
increased risk of  
being subject to conflicting  
legal and regulatory requirements  
and stakeholder expectations regarding climate  
and
sustainability  
matters.  
For  
example,  
certain  
states  
have  
enacted  
or  
proposed  
laws  
addressing  
climate  
change  
and  
other
sustainability issues, including climate-related disclosure requirements. On the other hand, certain states have enacted  
or proposed
laws or regulations or  
taken other actions to  
prohibit the consideration of environmental  
and social factors in state  
investments and
contracting. In addition, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing Fair Banking Access for All
Americans,” which  
states that  
it is  
the policy  
of the  
United States  
that no  
American should  
be denied  
access to  
financial services
because  
of  
their  
constitutionally  
or  
statutorily  
protected  
beliefs,  
affiliations,  
or  
political  
views.  
The  
Executive  
Order  
directs  
the
Treasury Secretary  
and federal  
banking regulators  
to address  
politicized or  
unlawful debanking  
activities. These,  
as well  
as other
laws,  
regulations,  
guidance  
and  
expectations,  
many  
of  
which  
may  
have  
broad  
and  
extraterritorial  
application,  
have  
in  
the  
past
subjected and may  
in the future  
subject us to  
additional requirements or  
different and conflicting  
requirements and expectations  
in
the various jurisdictions in which we operate, which  
could negatively affect our business and brand.
We  
are from  
time to  
time subject  
to information  
requests, investigations  
and other  
regulatory enforcement  
proceedings
from  
departments  
and  
agencies  
of  
the  
U.S.,  
Puerto  
Rico,  
New  
York  
and  
other  
state  
governments, including  
those  
that
investigate  
compliance  
with  
U.S.  
sanctions  
and  
consumer  
protection  
laws  
and  
regulations,  
which  
may  
expose  
us  
to
significant  
penalties  
and  
collateral  
consequences,  
and  
could  
result  
in  
higher  
compliance  
costs  
or  
restrictions  
on  
our
operations.
We  
from  
time-to-time  
self-report  
compliance  
matters  
to,  
or  
receive  
requests  
for  
information  
from,  
departments  
and
agencies  
of  
the  
U.S.,  
Puerto  
Rico,  
New  
York  
and  
other state  
governments, including  
with  
respect to  
compliance  
with consumer
protection laws and regulations. For example, BPPR  
has in the past received requests for  
information, such as subpoenas and civil
investigative demands from U.S. government regulators,  
including concerning add-ons on consumer products, real  
estate appraisals
and  
residential  
and  
construction  
loans  
in  
Puerto  
Rico.  
BPPR  
has  
also  
self-identified  
and  
reported  
to  
applicable  
regulators
compliance matters related to U.S. sanctions, as well  
as mortgage, credit reporting and other  
consumer lending practices.  

31
Incidents of this nature and investigations or examinations by governmental authorities have resulted in the past, and may
in the  
future result, in  
judgments, settlements, fines,  
enforcement actions, penalties  
or other sanctions  
adverse to the  
Corporation,
which could materially and adversely affect the Corporation’s business, financial  
condition, results of operations or capital position or
cause serious reputational harm. Any such settlements or orders  
that we enter into, or that regulatory authorities impose  
on us could
require enhancements to our  
procedures and controls and  
entail significant operational and  
compliance costs. Furthermore, issues
or delays in satisfying the requirements of a regulatory settlement or  
action on a timely basis could result in additional  
penalties and
enforcement actions, which could be significant. In connection with the resolution of regulatory proceedings, enforcement authorities
may seek admissions of wrongdoing and, in some cases, criminal pleas, which  
could lead to increased exposure to private litigation,
loss of clients or customers, and restrictions on offering certain products or  
services. In addition, responding to information-gathering
requests,  
investigations  
and  
other  
regulatory  
proceedings,  
regardless  
of  
the  
ultimate  
outcome  
of  
the  
matter,  
could  
be  
time-
consuming, expensive and divert management attention  
from our business.  

Financial services  
institutions such  
as Popular  
have been  
subject to  
heightened expectations  
and regulatory  
scrutiny in
recent years.  
Our regulators’  
oversight is  
not limited  
to banking  
and financial  
services laws  
but extends  
to other  
significant laws
such as those related to anti  
money laundering, anti-bribery and anti-corruption laws. Further,  
regulators in the performance of their
supervisory and enforcement  
duties, have significant  
discretion and power  
to prevent or  
remedy what they  
deem to be  
unsafe and
unsound  
practices  
or  
violations  
of  
laws  
by  
banks  
and  
bank  
holding  
companies.  
Therefore,  
the  
outcome  
of  
any  
investigative  
or
enforcement action, which may take years and be  
material to Popular, may be difficult to predict or estimate.  

Complying with economic and trade sanctions programs  
and anti-money laundering laws and regulations  
can increase our
operational and compliance costs. If  
we, and our subsidiaries, affiliates or  
third-party service providers, are found to  
have
failed to comply with applicable economic and trade sanctions programs and anti-money laundering laws  
and regulations,
we  
could  
be  
exposed  
to  
fines,  
sanctions  
and  
penalties,  
and  
other  
regulatory  
actions,  
as  
well  
as  
governmental
investigations.  

As  
a  
federally  
regulated  
financial  
institution,  
we  
must  
comply  
with  
regulations  
and  
economic  
and  
trade  
sanctions  
and
embargo  
programs  
administered by  
the  
Office  
of  
Foreign  
Assets  
Control  
(“OFAC”)  
of  
the  
U.S.  
Treasury,  
as  
well  
as  
anti-money
laundering laws and regulations, including those under  
the Bank Secrecy Act.
Economic and trade sanctions regulations and programs administered by OFAC prohibit U.S.-based entities from entering
into or facilitating  
unlicensed transactions with, for  
the benefit of,  
or in some  
cases involving the  
property and property interests  
of,
persons,  
governments or  
countries  
designated by  
the  
U.S.  
government under  
one  
or  
more  
sanctions  
regimes,  
and  
also  
prohibit
transactions  
that  
provide  
a  
benefit  
that  
is  
received in  
a  
country  
designated  
under  
one  
or  
more  
sanctions  
regimes.  
We  
are  
also
subject to  
a variety  
of reporting  
and other  
requirements under  
the Bank  
Secrecy Act,  
including the  
requirement to  
file suspicious
activity and currency  
transaction reports, that  
are designed to  
assist in  
the detection  
and prevention of  
money laundering, terrorist
financing  
and  
other  
criminal  
activities.  
In  
addition,  
as  
a  
financial  
institution  
we  
are  
required  
to,  
among  
other  
things,  
identify  
our
customers, adopt formal  
and comprehensive anti-money  
laundering programs, scrutinize  
or altogether prohibit  
certain transactions
of special concern, and be prepared to respond to inquiries from U.S.  
law enforcement agencies concerning our customers and  
their
transactions. Failure  
by the  
Corporation, its  
subsidiaries, affiliates  
or  
third-party service  
providers to  
comply with  
these  
laws  
and
regulations  
could  
have  
serious  
legal  
and  
reputational  
consequences  
for  
the  
Corporation,  
including  
the  
possibility  
of  
regulatory
enforcement  
or  
other  
legal  
action,  
including  
significant  
civil  
and  
criminal  
penalties.  
We  
also  
incur  
higher  
costs  
and  
face  
greater
compliance risks in  
structuring and operating  
our businesses to comply  
with these requirements. The  
markets in which  
we operate
heighten these costs and risks.
We have established risk-based policies and procedures and employed software designed to  
assist us and our personnel
in complying  
with these  
applicable laws  
and regulations.  
Even if  
the appropriate  
controls are  
in place,  
there can  
be no  
assurance
that  
our  
policies  
and  
procedures will  
prevent  
us  
from  
blocking  
and  
rejecting  
all  
applicable  
transactions  
of  
our  
customers  
or  
our
customers’ customers  
that may  
involve a  
sanctioned person,  
government or  
country.  
Any failure  
to detect  
and prevent  
any such
transaction  
could  
result  
in  
a  
violation  
of  
applicable  
laws  
and  
regulations  
and  
adversely  
affect  
our  
reputation,  
business,  
financial
condition and results of operations.
From time  
to time  
we have  
identified and  
voluntarily self-disclosed  
to OFAC  
transactions that  
were not  
timely identified,
blocked  
or  
rejected  
by  
our  
policies,  
controls  
and  
procedures  
for  
screening  
transactions  
that  
might  
violate  
the  
regulations  
and
economic and  
trade sanctions  
programs administered  
by OFAC.  
For example,  
during the  
second quarter  
of 2022,  
BPPR entered
into  
a  
settlement  
agreement  
with  
OFAC  
with  
respect  
to  
certain  
transactions  
processed  
on  
behalf  
of  
two  
employees  
of  
the
Government of Venezuela,  
in apparent violation of U.S. sanctions  
against Venezuela. Popular agreed  
to pay $256,000 to settle  
the
apparent  
violations,  
which  
had  
been  
self-disclosed  
to  
OFAC.  
There  
can  
be  
no  
assurances  
that  
any  
failure  
to  
comply  
with  
U.S.

32
sanctions and  
embargoes, or  
with anti-money  
laundering laws  
and regulations,  
will not  
result in  
material fines,  
sanctions or  
other
penalties being imposed on us.
Furthermore, if  
the policies,  
controls, and  
procedures of  
one of  
the Corporation’s  
third-party service  
providers, together
with our  
third-party oversight  
of such  
providers, do  
not prevent  
it from  
violating applicable  
laws and  
regulations in  
transactions in
which it engages, such violations could adversely affect its  
ability to provide services to us.  

We are  
subject to  
regulatory capital  
adequacy requirements, and  
if we  
fail to  
meet these  
requirements our  
business and
financial condition will be adversely affected.
Under regulatory capital adequacy requirements, and other  
regulatory requirements, Popular and our banking  
subsidiaries
must  
meet  
requirements  
that  
include  
quantitative  
measures  
of  
assets,  
liabilities  
and  
certain  
off-balance  
sheet  
items,  
subject  
to
qualitative  
judgments  
by  
regulators  
regarding  
components,  
risk  
weightings  
and  
other  
factors.  
If  
we  
fail  
to  
meet  
these  
minimum
capital  
requirements  
and  
other  
regulatory  
requirements,  
our  
business  
and  
financial  
condition  
will  
be  
materially  
and  
adversely
affected. If  
a financial  
holding company  
fails to  
maintain well-capitalized  
status under  
the regulatory  
framework, or  
is deemed  
not
well managed  
under regulatory  
exam procedures, or  
if it  
experiences certain  
regulatory violations, its  
status as  
a financial  
holding
company and its  
related eligibility for  
a streamlined review  
process for acquisition  
proposals, and its  
ability to offer  
certain financial
products, may be  
compromised and its  
financial condition and  
results of operations  
could be adversely  
affected. The failure  
of any
depository  
institution  
subsidiary  
of  
a  
financial  
holding  
company  
to  
maintain  
well-capitalized  
or  
well-managed  
status  
could  
have
similar consequences.  

See “Our businesses are  
highly regulated, and the  
laws and regulations that apply  
to us have a  
significant impact on our
business and operations” in the Legal and Regulatory  
Risks section of Item 1A in this Form 10-K.
Increases in FDIC insurance premiums may  
have a material adverse effect on our earnings.
Substantially  
all  
the  
deposits  
of  
BPPR  
and  
PB  
are  
subject  
to  
insurance  
up  
to  
applicable  
limits  
by  
the  
FDIC’s  
deposit
insurance fund  
(“DIF”) and, as  
a result, BPPR  
and PB  
are subject to  
FDIC deposit  
insurance assessments. On  
October 18, 2022,
the FDIC  
finalized a  
rule that  
increased initial  
base deposit  
insurance assessment  
rates by  
2 basis  
points, beginning  
with the  
first
quarterly assessment period of 2023. In addition, in November 2023, the FDIC finalized a rule that imposes a special assessment to
recover the costs to the DIF resulting from the FDIC’s  
use, in March 2023, of the systemic risk exception to  
the least-cost resolution
test  
under  
the  
FDIA  
in  
connection  
with  
the  
receiverships  
of  
Silicon  
Valley  
Bank  
and  
Signature  
Bank.  
The  
exact  
amount  
of  
this
assessment will be determined when the FDIC terminates  
the related receiverships considered in the final  
rule. Accordingly, the final
special assessment  
amount and collection  
period may change  
as the  
estimated cost  
is periodically adjusted  
or if  
the total  
amount
collected varies.  
For example,  
in December  
2025, the  
FDIC reduced  
the rate  
at which  
the assessment  
is collected  
for the  
eighth
quarter of the collection period, with an invoice  
payment date of March 30, 2026, due  
to its updated estimate of losses.
We  
are generally  
unable to  
control the  
amount of  
premiums or  
additional assessments  
that we  
are required  
to pay  
for
FDIC insurance. If there  
are additional bank or financial  
institution failures, our level of  
non-performing assets increases, or our  
risk
profile changes  
or our  
capital position  
is impaired,  
we may  
be required  
to pay  
even higher  
FDIC premiums.  
Any future  
additional
increases in  
FDIC premiums,  
assessment rates  
or special  
assessments may  
materially adversely  
affect our  
results of  
operations.
See the “Supervision  
and Regulation—FDIC Insurance” discussion  
in Item 1.  
Business of this  
Form 10-K for  
additional information
related to the FDIC’s deposit insurance assessments applicable  
to BPPR and PB.  

The resolution of pending litigation and regulatory proceedings, if unfavorable to us, could have material adverse financial
effects or cause us significant reputational  
harm, which, in turn, could seriously harm  
our business prospects.
We  
face  
legal  
risks  
in  
our  
businesses,  
and  
the  
volume  
of  
claims  
and  
amount  
of  
damages  
and  
penalties  
claimed  
in
litigation and regulatory proceedings against financial institutions  
remains high. We are involved  
in a number of litigation,  
arbitration
and regulatory proceedings  
in the  
ordinary course of  
our business. Substantial  
legal liability or  
significant regulatory action  
against
us could have material  
adverse financial effects or cause significant  
reputational harm to us or  
other adverse consequences, which
in turn could seriously harm our business prospects. For further information relating to our legal risk, see Note 23 - “Commitments &
Contingencies”, to the Consolidated Financial Statements  
in this Form 10-K.
LIQUIDITY RISKS
We  
are subject  
to liquidity  
risks arising  
from market  
events or  
disruptions and  
instances of  
low  
investor and  
depositor
confidence. Furthermore, actions by the rating agencies  
or decreases in our capital levels may have adverse  
effects on our
liquidity and business, including by raising the  
cost of our obligations or affecting our ability  
to borrow.  

33
We must  
maintain adequate liquidity  
and funding sources  
to support  
our operations, fund  
customer deposit withdrawals,
repay  
borrowings  
and  
debt,  
comply  
with  
our  
financial  
obligations,  
fund  
planned  
capital  
distributions  
and  
meet  
regulatory
requirements.  
The  
Corporation’s  
most  
significant  
source  
of  
funds  
are  
bank  
deposits,  
including  
customer  
deposits  
and  
brokered
deposits.  
In  
addition  
to  
deposits,  
sources  
of  
liquidity  
include  
secured  
borrowing  
arrangements,  
such  
as  
those  
with  
the  
Federal
Reserve Bank of  
New York  
and the Federal  
Home Loan Bank  
of New York  
(“FHLBNY”), unpledged securities from  
our investment
portfolio, the capital markets and proceeds from loan  
sales or securitizations.  

Popular’s  
liquidity  
and  
ability  
to  
fund  
and  
operate  
its  
business  
could  
be  
materially  
adversely  
affected  
by  
a  
variety  
of
conditions and  
factors, some  
of which  
are out  
of Popular’s control.  
For example,  
market events  
or disruptions,  
such as  
periods of
market stress and  
low investor confidence in  
financial institutions could result  
in deposit withdrawals, especially  
to the extent  
those
deposits are in  
excess of the  
FDIC-insured limit of  
$250,000. As of  
December 31, 2025,  
we had $14  
billion of total  
deposits (other
than collateralized  
public funds,  
which represent  
public deposit  
balances from  
governmental entities  
in the  
U.S. and  
its territories,
including Puerto Rico  
and the  
United States Virgin  
Islands, that are  
collateralized based on  
such jurisdictions’  
applicable collateral
requirements) in excess of  
the FDIC-insured limit. We  
may also suffer outflows  
of customer deposits due  
to competition from  
other
banks or  
alternative investments. In  
addition, in  
periods of  
stress, we  
may not  
be able  
to access  
existing funding sources,  
access
the capital markets or to sell or securitize loans or  
other assets, or to access such sources or to  
sell or securitize assets on favorable
terms.
In addition, actions  
by the rating agencies  
could raise the cost  
of our borrowings, since  
lower rated securities are  
usually
required by the  
market to pay  
higher rates than  
obligations of higher credit  
quality. Our  
credit ratings were  
reduced substantially in
2009 and, although one of  
the three major rating agencies upgraded our  
senior unsecured rating back to  
“investment grade” during
2021,  
the  
remaining  
two  
rating  
agencies  
have  
not  
upgraded  
their  
current  
“non-investment  
grade”  
rating.  
The  
market  
for  
non-
investment  
grade securities  
is  
much  
smaller  
and  
less  
liquid than  
for investment  
grade securities.  
If  
we  
were to  
attempt  
to  
issue
preferred stock  
or debt  
securities into  
the capital  
markets, it  
is possible  
that there  
would not  
be sufficient  
demand to  
complete a
transaction or  
that the  
cost could  
be substantially  
higher than  
for more  
highly rated  
securities. If  
Popular is  
unable to  
access the
capital markets on favorable terms, our liquidity  
may be adversely affected.
Changes in our ratings and capital levels could affect our  
relationships with some creditors and limit our  
access to funding.
For example,  
having negative  
tangible capital  
may impact  
our ability  
to  
access some  
sources of  
wholesale funding.  
The Federal
Housing Finance  
Agency restricts the  
FHLBNY from  
lending to  
members of  
the FHLBNY  
with negative  
tangible capital  
unless the
member’s primary banking regulator makes a written request to the  
FHLBNY to maintain access to borrowings. Both BPPR  
and PB
have secured borrowing facilities with the FHLBNY and  
could borrow up to $3.3 billion  
and $1.5 billion respectively as of  
December
31, 2025,  
of which  
$42.7 million  
and $0.8  
billion respectively  
were used.  
Losing access  
to the  
FHLBNY borrowing  
facilities could
adversely  
impact  
liquidity  
at  
the  
banking  
subsidiaries.  
Additionally,  
if  
BPPR  
or  
PB  
cease  
to  
be  
well-capitalized,  
the  
FDIA  
and
regulations  
adopted  
thereunder  
would  
restrict  
their  
ability  
to  
accept  
brokered  
deposits  
and  
limit  
the  
rate  
of  
interest  
payable  
on
deposits.
Our banking  
subsidiaries also  
have recourse  
obligations under certain  
agreements with  
third parties,  
including servicing
and custodial agreements, that include ratings covenants. Upon failure to maintain the required credit ratings,  
the third parties could
have  
the  
right  
to  
require  
us  
to  
engage  
a  
substitute  
fund  
custodian  
and  
increase  
collateral  
levels  
securing  
recourse  
obligations.
Collateral  
pledged by  
us  
to  
secure  
recourse  
obligations approximated  
$23.8 million  
on  
December 31,  
2025.  
While management
expects that we would be able to meet any additional  
collateral requirements if and when needed, the requirements  
to post collateral
under certain agreements or the loss of custodian  
funds could reduce our liquidity resources and  
impact our results of operations.  

As a bank holding company, we depend on dividends and distributions  
from our subsidiaries for liquidity.
As a bank holding company,  
we depend primarily on dividends from  
our banking and other operating subsidiaries  
to fund
our cash needs, including to capitalize our subsidiaries. Our banking subsidiaries, BPPR and PB, are limited by law in their ability to
make dividend  
payments and other  
distributions to  
us based  
on their earnings,  
dividend history,  
and capital  
position. Based on  
its
current financial condition,  
PB may  
not declare or  
pay a  
dividend without the  
prior approval of  
the Federal Reserve  
Board and  
the
NYSDFS. A  
failure by  
our banking subsidiaries  
to generate  
sufficient income  
and free  
cash flow to  
make dividend  
payments to  
us
may  
affect  
our  
ability to  
fund  
our cash  
needs, which  
could have  
a negative  
impact on  
our financial  
condition, liquidity,  
results  
of
operation or capital position. Such failure could also affect  
our ability to pay dividends to our stockholders and to  
repurchase shares
of our common stock. We have in the past suspended dividend payments  
on our common stock and preferred stock during times of
economic uncertainty,  
and there  
can be  
no assurance  
that we  
will be  
able to  
continue to  
declare dividends to  
our stockholders  
in
any future periods.  

34
An  
impact  
on  
the  
tangible  
capital  
levels  
of  
our  
operating  
subsidiaries,  
could  
also  
limit  
the  
amount  
of  
capital  
we  
may
upstream to the holding company. Tangible  
capital levels have in the past been, and may in the future be,  
adversely affected by the
impact of  
rapidly rising interest  
rates on investment  
securities in our  
available-for-sale portfolio. For  
a discussion of  
risks related to
changes in interest  
rates, see “Changes  
in interest rates  
and credit spreads  
can adversely impact  
our financial condition,  
including
our investment portfolio, since a significant portion of  
our business involves borrowing and lending money,  
and investing in financial
instruments” in Item 1A of this Form 10-K.
We also depend  
on dividends from our  
banking and other operating subsidiaries  
to pay debt service  
on outstanding debt
and to repay maturing debt. Our ability to  
declare such dividends would be subject to regulatory requirements and could  
require the
prior approval of the Federal Reserve Board.
STRATEGIC RISKS
Potential acquisitions of businesses or  
loan portfolios could increase some  
of the risks that  
we face, and may  
be delayed
or prohibited due to regulatory constraints.
To  
the extent  
permitted by  
our applicable  
regulators, we  
may pursue  
strategic acquisition  
opportunities. Acquiring  
other
businesses, however, involves various risks,  
including potential exposure to unknown or contingent liabilities of the  
target company,
exposure  
to  
potential  
asset  
quality  
issues  
of  
the  
target  
company,  
potential  
disruption  
to  
our  
business,  
the  
possible  
loss  
of  
key
employees and customers of  
the target company,  
and difficulty in  
estimating the value of  
the target company.  
If we pay  
a premium
over book or  
market value in  
connection with an  
acquisition, some dilution of  
our tangible book  
value and net  
income per common
share may occur.  
Furthermore, failure to  
realize the expected  
revenue increases, cost savings,  
increases in geographic  
or product
presence, or  
other projected  
benefits from an  
acquisition could have  
a material  
adverse effect  
on our  
business, financial condition
and results of operations.
Similarly,  
acquiring  
loan  
portfolios  
involves  
various  
risks.  
When  
acquiring  
loan  
portfolios,  
management  
makes
assumptions and  
judgments about  
the collectability  
of the  
loans, including  
the creditworthiness  
of borrowers  
and the  
value of  
the
real  
estate and  
other assets  
serving  
as collateral  
for the  
repayment of  
secured loans.  
In  
estimating the  
extent of  
the losses,  
we
analyze  
the  
loan  
portfolio  
based  
on  
historical  
loss  
experience,  
volume  
and  
classification  
of  
loans,  
volume  
and  
trends  
in
delinquencies  
and  
nonaccruals,  
local  
economic  
conditions,  
and  
other  
pertinent  
information.  
If  
our  
assumptions  
are  
incorrect,
however,  
our actual  
losses could  
be higher  
than estimated  
and increased  
loss reserves  
may be  
required, which  
would negatively
affect our results of operations.
Finally, certain  
acquisitions by financial institutions,  
including us, are  
subject to approval  
by a variety  
of federal and  
state
regulatory agencies.  
Regulatory approvals  
could be  
delayed, impeded,  
restrictively conditioned  
or denied.  
We may  
fail to  
pursue,
evaluate  
or  
complete  
strategic  
and  
competitively  
significant  
acquisition  
opportunities  
as  
a  
result  
of  
our  
inability,  
or  
perceived  
or
anticipated inability,  
to obtain regulatory  
approvals in a  
timely manner,  
under reasonable conditions or  
at all. Difficulties  
associated
with  
potential  
acquisitions  
that  
may  
result  
from  
these  
factors  
could  
have  
a  
material  
adverse  
effect  
on  
our  
business,  
financial
condition and results of operations.
We  
continue our  
broad-based multi-year,  
technological and  
business process  
transformation. The  
failure to  
achieve the
goals of the transformation project, the inability to maintain expenses related to our transformation program within current
estimates  
or  
delays  
in  
executing  
our  
plans  
may  
materially  
and  
adversely  
affect  
our  
business,  
competitive  
position,
financial condition, results of operations, or  
cause reputational harm.
The  
Corporation  
continues  
its  
broad-based  
multi-year,  
technological  
and  
business  
process  
transformation,  
which  
was
launched in  
2022. As  
part of  
this transformation,  
we are  
making significant  
investments in  
technology,  
talent and  
new digital  
and
data capabilities in order to provide our customers with more personalized and accessible services, increase employee  
performance
and satisfaction with more agile work processes,  
and generate sustainable profitable growth and  
value for our shareholders.  

We may not succeed in executing all projects or aspects of the transformation  
program, may abandon projects or aspects,
or fail to successfully launch new applications or achieve the intended  
functionality and operational benefits from these technological
initiatives, which could  
result in failed  
or partially successful  
implementations. In addition,  
we may fail  
to properly estimate  
costs of
the  
transformation  
program  
or  
may  
experience  
delays  
in  
executing  
our  
plans.  
Such  
failures  
or  
delays  
may  
in  
turn  
cause  
the
Corporation to  
incur costs  
exceeding our  
current  
estimates or  
disrupt our  
operations, including  
our technological  
services  
to  
our
customers,  
or  
fall  
short  
of  
our  
projected earnings  
or  
expense reduction  
targets  
driven  
by  
these  
efforts.  
To  
the  
extent that  
these
disruptions  
persist  
over  
time  
and/or recur,  
this  
could  
negatively  
impact  
our  
competitive  
position,  
require additional  
expenditures,

35
and/or harm our relationships with  
our customers and thus may  
materially adversely affect our  
business, financial condition, results
of operations, or cause reputational harm.
We face  
significant and  
increasing competition in  
the rapidly  
evolving financial services  
industry,  
and face  
challenges in
the adoption of new technologies such as  
artificial intelligence which may put us at a  
competitive disadvantage.
We  
operate  
in  
a  
highly competitive  
environment, in  
which  
we  
compete  
on  
the  
basis  
of  
a  
number of  
factors,  
including
customer service,  
quality and variety  
of products  
and services,  
price, interest rates  
on loans  
and deposits,  
innovation, technology,
ease of use, reputation, and transaction execution. While our main competition  
continues to come from other Puerto Rico banks and
financial institutions, we  
face increased competition  
from non-Puerto Rico  
institutions, as emerging  
technologies and the  
growth of
e-commerce  
have  
significantly  
reduced  
geographic  
barriers.  
These  
technologies  
have  
also  
made  
it  
easier  
for  
non-depositary
institutions to  
offer products  
and services  
that were  
traditionally considered  
banking products  
and allowed  
non-traditional financial
service providers  
and technology  
companies to  
provide electronic  
and internet-based  
financial solutions  
and services.  
In addition,
nonbank  
firms  
may  
have  
a  
competitive  
advantage  
over  
traditional  
banks  
and  
bank  
holding  
companies  
such  
as  
Popular  
due  
to
factors  
such  
as  
differences  
in  
regulation,  
funding  
models  
and  
tax  
treatment.  
We  
may  
also  
be  
unable  
to  
adopt  
or  
integrate  
new
technologies  
that  
could  
reduce  
expenses  
and  
simplify  
our  
operations,  
including  
artificial intelligence,  
automation  
and  
algorithmic
tools,  
at  
the  
pace  
of  
such  
competitors  
due  
to  
operational  
and  
compliance  
challenges  
and  
risks  
relating  
to  
data  
quality,  
internal
controls, privacy and consumer protection, among others.  
Our failure to successfully adopt and  
integrate these new technologies in
a  
timely  
and  
effective  
manner may  
impair our  
ability to  
compete effectively  
or to  
attract or  
retain business.  
Moreover,  
increased
competition could create pressure to lower prices, fees, commissions or  
credit standards on our products and services, which could
adversely affect our  
financial condition and results  
of operations. Increased competition could  
also create pressure to  
raise interest
rates  
on deposits  
or increase  
deposit attrition,  
which could  
negatively impact  
our business,  
financial condition,  
liquidity results  
of
operations or capital position.
If we are unable to  
meet constant technological changes and react quickly to  
meet new industry standards, including as a
result  
of our  
continued dependence  
on  
Evertec, we  
may  
be unable  
to enhance  
our  
current services  
and introduce  
new
products and  
services in  
a timely  
and cost-effective  
manner,  
placing us  
at a  
competitive disadvantage  
and significantly
affecting our business, financial condition, liquidity, results of operations  
or capital position.
To compete effectively,  
we need to constantly enhance and modify our products and services and introduce new products
and  
services  
to  
attract  
and  
retain  
clients  
or  
to  
match  
products  
and  
services  
offered  
by  
our  
competitors,  
including  
technology
companies  
and  
other  
nonbank firms  
that  
are  
engaged in  
providing similar  
products  
and services,
some  
of  
which are  
or  
may  
be
provided by Evertec  
itself.  
Our ability to  
compete effectively will  
depend in part  
on our  
ability to  
react quickly to  
meet new industry
standards  
and  
use  
new  
technology,  
such  
as  
artificial  
intelligence,  
to  
satisfy  
customer  
demands,  
as  
well  
as  
to  
create  
additional
efficiencies in our operations. Popular expects that it will continue to depend  
on Evertec’s technology services to operate and control
current products and services and to implement future products and services, making  
our success dependent on Evertec’s ability to
timely complete and introduce these enhancements and  
new products and services in a cost-effective  
manner.  

Some  
of  
our  
competitors  
rely  
on  
financial  
services  
technology  
and  
outsourcing  
companies  
that  
are  
much  
larger  
than
Evertec, serve a  
greater number of  
clients than Evertec,  
and may have  
better technological capabilities and  
product offerings than
Evertec.  
Furthermore,  
financial  
services  
technology  
companies  
typically  
make  
capital  
investments  
to  
develop  
and  
modify  
their
product  
and  
service  
offerings  
to  
facilitate  
their  
customers’  
compliance  
with  
the  
extensive  
and  
evolving  
regulatory  
and  
industry
requirements, and,  
in most  
cases, such  
costs are  
borne by  
the technology  
provider.  
Because of  
our contractual  
relationship with
Evertec, and because Popular is the sole  
customer of certain of Evertec’s services  
and products,
including core bank processing of
BPPR, we have  
in the past borne  
the full cost  
of such developments and  
modifications and may be  
required to do so  
in the future,
subject to the terms of the MSA.
Moreover,  
the terms,  
speed, scalability,  
and functionality  
of certain  
of Evertec’s  
technology services  
are not  
competitive
when compared  
to offerings  
from its  
competitors. Evertec’s  
failure to  
sufficiently invest  
in and  
upscale its  
technology and  
services
infrastructure to  
meet the  
rapidly changing  
technology demands  
of our  
industry may  
result in  
our being  
unable to  
meet customer
expectations and  
attract or  
retain customers.  
Furthermore, Evertec’s  
strategy and  
investments may  
also be  
refocused away  
from
Popular towards other strategic  
initiatives,
potentially including initiatives that could  
have the effect  
of disintermediating us from  
our
customers  
or  
otherwise  
present  
a  
competitive  
risk.  
Any  
such  
impact  
could,  
in  
turn,  
reduce  
Popular’s  
revenues,  
place  
us  
at  
a
competitive disadvantage and significantly  
affect our business,  
financial condition, liquidity,  
results of operations  
or capital position.
While we  
have over time  
narrowed the scope  
of services which  
we are  
dependent on Evertec  
to obtain, in  
exchange for obtaining
releases  
in  
2022  
from  
exclusivity restrictions  
that  
limited  
our  
ability  
to  
engage  
other  
third-party  
providers  
of  
financial  
technology
services, we  
agreed to  
extensions of  
certain existing  
commercial agreements  
with Evertec  
and, as  
a result,  
have prolonged  
the

36
duration of  
our exposure to  
the risks  
presented by Evertec’s  
technological capabilities and  
its failures  
to enhance  
its products  
and
services  
and  
otherwise  
meet  
evolving  
demands.  
We  
may  
also  
be  
exposed  
to  
heightened  
business  
risks  
in  
connection  
with  
our
dependency on Evertec with  
respect to BPPR’s merchant  
acquiring business, which exclusivity runs  
until 2035, and with  
respect to
the ATH  
Network, which commitment  
runs until  
2030, in  
light of  
the pace  
of technology changes  
and competition in  
the payments
industry.
The ability to attract and retain qualified employees  
is critical to our success.
Our  
success  
depends,  
in  
large  
part,  
on  
our  
ability  
to  
attract  
and  
retain  
qualified  
employees.  
Competition  
for  
qualified
candidates,  
especially in  
the  
area of  
information technology,  
is  
intense  
and  
has  
increased  
recently as  
a  
result  
of  
a  
tighter  
labor
market.  
Increased  
competition  
may  
lead  
to  
difficulties  
in  
attracting  
or  
retaining  
qualified  
employees, which  
may,  
in  
turn,  
lead  
to
significant challenges in the execution of our business strategies  
and have an adverse effect on the quality of the service we provide
to  
the  
customers  
and  
communities  
we  
serve.  
Such  
challenges  
could  
adversely  
affect  
our  
business,  
operations  
and  
financial
condition. In addition, increased competition  
may lead to higher compensation  
packages and more flexible work  
arrangements. We
may also be required to hire employees outside of  
our market areas for certain positions that require specific expertise,  
which could
result in  
employment and tax  
compliance-related expenses, challenges  
and risks. In  
addition, flexible work  
arrangements, such as
remote or hybrid work  
models, have led to  
other workplace challenges, including fewer opportunities for  
face-to-face interactions or
to promote a cohesive corporate culture and heightened  
cybersecurity, information security and other operational risks.
Our  
ability  
to  
attract  
and  
retain  
qualified  
employees  
is  
also  
impacted  
by  
regulatory  
limitations  
on  
our  
compensation
practices, such as clawback requirements of incentive compensation, which may not affect other institutions with which we compete
for talent.  
The scope  
and content of  
regulators’ policies  
on executive compensation  
continue to  
develop and are  
likely to  
continue
evolving. Such policies and limitations on our compensation  
practices could adversely affect our ability to attract, retain and motivate
talented senior leaders in support of our long-term  
strategy.
OTHER RISKS
An impairment  
of our  
goodwill, deferred  
tax assets  
or amortizable  
intangible assets  
could adversely  
affect our  
financial
condition and results of operations.
As of December  
31, 2025, we  
had $790 million,  
$814 million and  
$188 million, respectively,  
of goodwill, net  
deferred tax
assets and amortizable intangible assets, including  
capitalized software costs, recorded on our balance  
sheet.
Under  
GAAP,  
goodwill  
is  
tested  
for  
impairment  
at  
least  
annually  
and  
amortizable  
intangible  
assets  
are  
tested  
for
impairment  
when  
events  
or  
changes  
in  
circumstances indicate  
the  
carrying value  
may  
not  
be  
recoverable. Factors  
that  
may  
be
considered a change in circumstances, indicating that the carrying value of the goodwill or amortizable intangible assets may not be
recoverable, include  
a decline in  
Popular’s stock price  
related to  
a deterioration in  
global or  
local economic conditions,  
declines in
our market capitalization, reduced future earnings estimates, and interest rate changes. The goodwill impairment evaluation process
requires  
us  
to  
make  
estimates  
and  
assumptions  
with  
regards  
to  
the  
fair  
value  
of  
our  
reporting  
units.  
Actual  
values  
may  
differ
significantly  
from  
these  
estimates.  
Such  
differences  
could  
result  
in  
future  
impairment  
of  
goodwill  
that  
would,  
in  
turn,  
negatively
impact our results of operations and the reporting  
unit where the goodwill is recorded.
The  
determination  
of  
whether  
a  
deferred  
tax  
asset  
is  
realizable  
is  
based  
on  
weighting  
all  
available  
evidence.  
The
realization  
of  
deferred  
tax  
assets, including  
carryforwards  
and  
deductible temporary  
differences,  
depends upon  
the  
existence  
of
sufficient taxable  
income of the  
same character during  
the carryback or  
carryforward period. The  
analysis considers all  
sources of
taxable income  
available to  
realize the  
deferred tax  
asset, including  
the future  
reversal of  
existing taxable  
temporary differences,
future taxable income  
exclusive of reversing temporary  
differences and carryforwards,  
taxable income in  
prior carryback years  
and
tax-planning strategies. Changes in these  
factors may affect  
the realizability of our  
deferred tax assets in  
our Puerto Rico and  
U.S.
operations.
If our  
goodwill, deferred  
tax assets  
or amortizable  
intangible assets  
become impaired,  
we may  
be required  
to record  
a
significant charge to earnings, which could adversely  
affect our financial condition and results of operations.
We could experience unexpected  
losses if the estimates  
or assumptions we use  
in preparing our financial  
statements are
incorrect or differ materially from actual results.  

In preparing  
our financial  
statements pursuant to  
U.S. GAAP,  
we are  
required to  
make estimates  
and assumptions  
that
are often based  
on subjective and  
complex judgments about  
matters that are  
inherently uncertain. For example,  
we use estimates
and assumptions to determine our allowance for credit losses, our  
liability for contingent litigation losses, and the fair value of certain

37
of our  
assets and  
liabilities, such  
as debt  
securities, loans  
held for  
sale, MSRs,  
intangible assets  
and deferred  
tax assets.  
If such
estimates  
or  
assumptions are  
incorrect  
or  
differ  
materially  
from  
actual  
results,  
we  
could  
experience  
unexpected  
losses  
or  
other
adverse impacts, some of which could be significant.
For further information on other risks faced by  
Popular please refer to the MD&A section of  
this Form 10-K.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
Item 1C. Cybersecurity
The  
Corporation  
assesses,  
identifies  
and  
manages  
cybersecurity  
risk  
as  
part  
of  
the  
Corporation’s  
overall  
risk  
management
framework, alongside  
associated information  
security,  
anti-money laundering  
and counterterrorism,  
operational, fraud,  
regulatory,
legal and reputational risks, among others.  

The Corporation has established three management  
committees that oversee and monitor different aspects of  
cybersecurity risk.
●
 
The  
Enterprise Risk  
Management Committee  
(the “ERM  
Committee”), chaired  
by  
the Chief  
Risk Officer,  
oversees and
monitors  
the  
risks  
included  
in  
the  
Risk Appetite  
Statement  
(the  
“RAS”)  
of  
the  
Corporation’s  
Risk  
Management  
Policy,
including cybersecurity risks.  

●
 
The Information  
Technology and  
Cyber Risk  
Committee (“ITCRC”),  
chaired by  
the Chief  
Security  
Officer and  
the Chief
Information and  
Digital Strategy  
Officer, oversees  
and monitors  
information technology  
(“IT”), privacy  
and cybersecurity
risks, mitigating  
actions and  
controls, applicable  
regulatory developments, key  
risks metrics,  
and IT  
and cyber  
incidents
that may result in operational, compliance and reputational  
risks.
●
 
The  
Operational  
Risk  
Committee (“ORCO”),  
chaired  
by  
the  
Chief Risk  
Officer,  
oversees  
and  
monitors  
operational  
risk
management activities  
to ensure  
the development  
and consistent  
application of  
operational risk  
policies, processes  
and
procedures that  
measure, limit  
and manage  
the Corporation's  
operational risks  
while maintaining  
the effectiveness  
and
efficiency  
of  
the  
operating and  
business  
processes. As  
part  
of  
its  
responsibilities, ORCO  
oversees business  
continuity
matters, as well as operational losses stemming  
from any cybersecurity or fraud events.

The ITCRC and ORCO meet at least quarterly  
and report on cybersecurity and other matters  
to the ERM Committee.

The  
Board  
has  
established  
a  
Board-level  
Risk  
Management  
Committee  
(“RMC”),  
which  
is  
responsible  
for  
the  
oversight  
of  
the
Corporation’s overall risk framework, and assists the Board in the monitoring, review and approval of the policies that measure, limit
and manage the Corporation’s risks, including cybersecurity  
risk. The RMC holds periodic meetings in  
which management provides
an  
overview of  
Popular’s cybersecurity  
threat  
risk management  
and strategy  
processes,  
which includes  
summaries  
of  
escalated
incidents  
and  
incident  
remediation  
status.  
Our  
Chief  
Security  
Officer,  
Chief  
Information  
and  
Digital  
Strategy  
Officer,  
Chief
Information Security Officer  
(“CISO”), Chief Risk  
Officer and the  
Financial and Operational  
Risk Management Division  
(the “FORM
Division”)  
Manager  
generally  
participate  
in  
such  
meetings.  
The  
RMC  
is  
also  
responsible  
for  
(i)  
overseeing  
the  
development,
implementation  
and  
maintenance  
of  
the  
Corporation’s  
information  
security  
program  
(the  
“Information  
Security  
Program”);  
(ii)
approving the Corporation’s risk management program  
and any related policies and controls;  
(iii) overseeing the implementation by
the Corporation’s  
management of  
the Corporation’s  
risk management  
program and  
any related  
policies, procedures  
and controls;
(iv)  
overseeing the  
Corporation’s risk  
management with  
respect to  
emerging technologies,  
including artificial  
intelligence;  
and (v)
reviewing reports regarding selected topics such as  
cyber.
In addition, the  
Board also has  
a standing Technology  
Committee (the “TC”)  
that oversees the  
Corporation’s technology functions,
strategy, operations, investments and needs.  
The TC meets at least quarterly and  
our Chief Information and Digital Strategy Officer
and our Chief  
Security Officer  
generally participate in  
such meetings. The  
TC (i) oversees  
the development and  
implementation of
the Corporation’s technology  
strategy and initiatives,  
(ii) monitors the  
risks associated with  
critical technology vendor  
relationships,
including  
cyber  
risks,  
and  
(iii)  
reviews  
and  
receives  
reports  
from  
management  
and  
third  
parties  
regarding  
the  
Corporation’s
technology  
functions,  
operations,  
strategy  
and  
initiatives,  
as  
well  
as  
current  
and  
emerging  
technology  
trends  
and  
risks  
arising
therefrom.

The Board in turn also receives briefings on cybersecurity matters and risks, including an annual presentation from the Chief

38
Security  
Officer  
and  
the  
CISO  
on  
the  
Information  
Security  
Program.

In  
addition,  
as  
part  
of  
the  
Board’s  
director  
education  
plan,
members of the  
Board take, on  
an annual basis,  
a cybersecurity training that  
provides the Board with  
an overview of  
cybersecurity
principles and regulations that are relevant to our institution  
and the Board’s oversight function.

To identify, assess and manage risks from cybersecurity threats, the Corporation has established a three lines of defense
framework. The first line of defense is composed of business line management that identifies and manages the risks associated with
business activities, including cybersecurity risk. The second line of defense is made up of members of the Corporation’s Corporate
Risk Management Group and the Corporate Security and Operations Group (the “CSOG”) who, among other things, measure and
report on the Corporation’s risk activities. In such line of defense, the FORM Division, within the Corporate Risk Management
Group, is responsible for (i) establishing baseline metrics that measure, monitor, limit and manage the framework that identifies and
manages multiple and cross-enterprise risks, including cybersecurity risks; and (ii) articulating the RAS and supporting metrics,
including those related to operational risk, business continuity, disaster recovery and third-party management oversight processes.
Meanwhile, Popular’s Corporate Information Security and Privacy Division (the “CISP”), which is headed by the CISO and reports to
the CSOG, is responsible for the development of strategies, policies and programs to assess and mitigate cybersecurity and privacy
risks. Members of the CISP (including the CISO) and FORM Division report on and escalate cybersecurity, IT and privacy risks to
management committees, such as the ITCRC, ORCO and ERM Committees, and, if appropriate, to the RMC, TC, and the Board of
Directors, as required under relevant policies and procedures. Lastly, the third line of defense consists of the Corporate Auditing
Division, which independently provides assurance regarding the effectiveness of the risk framework and reports directly to the Audit
Committee of the Board.

Popular monitors various vectors of threats and utilizes open-source intelligence forums and communities such as the Financial
Services Information Sharing and Analysis Center and the Cybersecurity and Infrastructure Security Agency, among others, to
receive threat intelligence feeds which are reviewed by the CISP. As cybersecurity threats are identified, they are evaluated to
assess the level of exposure and the potential risk to Popular. The ITCRC and the ERM Committee discuss and track the threats
identified in internal assessments and scans or in third-party reports. Depending on the evolution and materiality of the threat, these
are escalated to the RMC as appropriate.

The CISP  
develops the Information  
Security Program, which  
considers and evaluates  
risks posed by  
cybersecurity threats, events
and  
activities  
impacting  
the  
industry  
and  
the  
Corporation.  
The  
Information  
Security  
Program  
outlines  
the  
Corporation’s  
overall
strategy and  
governance to  
protect the  
confidentiality,  
integrity and  
availability of  
information and  
prevent access  
by unauthorized
personnel, and is based on standards and controls set by the National Institute of Standards and Technology  
(“NIST”), including the
NIST’s Framework for  
Improving Critical Infrastructure  
Cybersecurity. Popular  
currently leverages the  
Cyber Assessment Tool  
(the
“CAT”), a tool based on NIST standards and controls developed by the Federal Financial Institutions  
Examination Council (“FFIEC”),
in order to measure the  
Corporation’s cybersecurity preparedness and maturity levels.  
The CAT  
assessment results are integrated
into the overall Information  
Security Program evaluation. In  
2025, we began the  
transition to the Cyber  
Risk Institute (“CRI”) Profile
2.0  
assessment  
framework,  
following  
the  
announcement  
by  
the  
FFIEC  
of  
the  
sunset  
of  
the  
CAT.  
The  
transition  
to  
the  
CRI
framework is  
expected to be  
completed in  
2026. The CRI  
Profile was  
produced through public-private  
collaboration and is  
a list  
of
assessment  
questions  
curated  
based  
on  
the  
intersection  
of  
global  
regulations  
and  
cyber  
standards,  
such  
as  
the  
International
Standards Organization (ISO) and the NIST.  

The CISP also  
manages the Incident  
Response Program (“IRP”)  
of the Corporation  
and is in  
charge of overseeing,  
assessing and
managing cyber  
incidents. The  
IRP outlines  
the measures  
Popular must  
take to  
prepare for,  
detect, respond  
to and  
recover from
cybersecurity  
incidents,  
which  
include  
processes  
to  
triage,  
assess  
severity  
for,  
escalate,  
contain,  
investigate  
and  
remediate
incidents, as well as to comply with potentially  
applicable legal obligations and mitigate brand  
and reputational damage.  

The Corporation also undertakes the below listed  
additional activities in its effort  
to maintain regulatory compliance, identify,  
assess
and manage its material risks from cybersecurity  
threats, and to protect against, detect and  
respond to cybersecurity incidents:  

●
 
Conduct  
tabletop  
exercises  
that  
simulate  
cybersecurity  
incidents  
to  
raise  
awareness  
and  
enhance  
Popular’s  
responsive
measures;
●
 
Assess how business  
and corporate strategies, new  
products, technology deployments, external  
events and the  
evolution of
threats impact  
the Corporation’s  
information security  
controls in  
order to  
determine if  
they require  
any additional  
resources,
technology or processes;
●
 
Discuss cybersecurity risks with law enforcement, peer  
groups, industry forums and trade associations;

39
●
 
Provide training  
to all  
Popular employees  
upon hiring  
and annually  
thereafter on  
cybersecurity and  
customer data  
handling
and use requirements;
●
 
Offer training and awareness campaigns to customers and employees  
based on their role;  

●
 
Conduct  
phishing  
simulations  
for  
employees,  
with  
escalation  
protocols  
for  
employees  
that  
fail  
such  
tests  
to  
enhance
awareness and responsiveness to such possible  
threats;
●
 
Offer learning and development opportunities to employees  
who handle and manage cybersecurity matters;
●
 
Carry cyber insurance to provide protection against  
potential losses arising from cybersecurity incidents;  
and
●
 
Monitor emerging  
legal and  
regulatory requirements  
and implement  
changes to  
our processes,  
policies and  
statements, as
necessary.

Popular engages third parties to assist in certain cybersecurity matters.
In particular, Popular uses the expertise of third parties to
perform specialized assessments to test its systems, such as periodic penetration testing, that provide insights into the effectiveness
of its controls. Popular also engages third parties to provide computer forensics and investigations services as needed to assess
and address actual or potential cybersecurity incidents. In addition, Popular hires third parties to provide the first level security
monitoring of Popular’s external and internal networks.
 

Popular’s Third Party Risk Management Policy outlines the management of risks associated with  
the Corporation’s use of third-party
service  
providers,  
and  
the  
CSOG  
assesses  
the  
impact  
and  
level  
of  
cybersecurity  
and  
privacy  
risk  
of  
such  
providers.  
Popular
performs due diligence on  
third parties and monitors third  
parties that have access to  
its systems, data or facilities  
that house such
systems or data on a  
periodic basis, and based on due  
diligence results, determines how often vendor assessments are  
performed
on such third party.  
Popular also conducts periodic application and vendor assessments for third-party providers  
and their products.
Furthermore, Popular requires third parties that have  
access to its systems, data or facilities that house  
such systems or data to take
a training on cybersecurity at least annually.
For a  
description of how  
identified cybersecurity threats  
may affect Popular’s  
business strategy or  
results, see under  
the headings
“We  
and  
our third-party  
providers have  
been, and  
expect in  
the future  
to continue  
to  
be, subject  
to  
cyber-attacks. Future  
cyber-
attacks could cause substantial harm and have  
an adverse effect on our business  
and results of operations.” and “We  
rely on other
companies to  
provide key components  
of our  
business infrastructure, including  
certain of  
our core financial  
transaction processing
and information  
technology and  
security services,  
which exposes  
us to  
a number  
of  
operational risks  
that could  
have a  
material
adverse  
effect  
on  
us.”,  
included  
as  
part  
of  
our  
risk  
factor  
disclosures  
in  
Item  
1A  
in  
this  
Form  
10-K,  
which  
disclosures  
are
incorporated by reference herein.
To date, previous cybersecurity incidents have not materially affected our results of operations or
financial condition.

The CSOG  
operates under the  
direction of the  
Chief Security  
Officer.  
The Chief  
Security Officer  
has over  
37 years  
of experience,
including over 13 years of  
professional experience in information technology and cybersecurity matters such  
as the oversight of the
Information  
Security  
Program  
and  
the  
design  
and  
execution  
of  
the  
information  
security  
audit  
plan  
of  
the  
Corporation.

 
She  
is  
a
Certified Public Accountant and also holds a Juris Doctor degree and FINRA administered  
Series 7 and Series 27 certifications. She
holds the title  
of Executive Vice  
President and Chief Security  
Officer and has been  
in her role  
since 2018. Prior to  
that, she served
as Senior  
Vice President  
and General  
Auditor of  
the Corporation  
from November  
2012 to  
April 2018.  
Before 2012,  
she served  
in
various risk  
related functions of  
the Corporation and  
as the Chief  
Operating Officer  
and Chief Financial  
Officer of  
Popular’s broker
dealer business.

The  
CISO  
has  
over  
30  
years  
of  
work  
experience.  
She  
holds  
the  
title  
of  
Senior  
Vice  
President  
and  
Corporate  
Chief  
Information
Security  
Officer and  
assumed this  
role in  
January 2026.  
Prior to  
this role,  
since 2022,  
she  
served as  
Senior Vice  
President and
Financial  
and  
Operational  
Risk  
Management  
Division  
Manager,  
with  
oversight  
of  
the  
enterprise  
and  
operational  
risks  
of  
the
Corporation. Before 2022, she held  
positions for 18 years as  
Operational and IT Risk Director,  
Head of ERM and Operational  
Risk,
and Chief  
Information Security  
Officer for  
other financial  
institutions. She  
holds a  
BBA with  
majors in  
Accounting and  
Information
Systems, and a Master of Science in Information  
Technology Management.

 

The Corporate Risk  
Management Group operates under  
the direction of  
the Chief Risk  
Officer. The  
Chief Risk Officer  
has over 32
years of work experience.

 
He holds the title of Executive Vice President and  
Chief Risk Officer and has been in  
his role since 2011.
Prior to  
joining the  
Corporation, he served  
for 17  
years as  
Chief Financial  
Officer,  
Head of  
Retail Bank  
and Mortgage  
Operations,
Head of Commercial and Construction Mortgage and  
Head of Interest Rate Risk, among  
other positions, for other banks.  
He holds
a BS with a major in Computer Engineering  
and an MBA with majors in Finance and  
Accounting.

 
 
 
 
 
 
 
 
 
 
 
 
40
The FORM Division Manager has over 30 years of work experience. She holds the title of Senior Vice President and FORM Division
Manager and has been in  
her role since January 2026.  
Prior to this role, since  
2018, she held the position  
of Senior Vice President
and  
Division  
Manager  
of  
the  
Corporate  
Risk  
Reviews  
Division  
reporting  
directly  
to  
the  
RMC.  
She  
has  
leadership  
experience  
in
treasury  
management,  
investment  
strategy  
and  
enterprise  
risk  
oversight.  
She  
holds  
a  
BSBA  
with  
majors  
in  
Finance  
and
International Business and an MBA with concentrations  
in Finance and Management.

ITEM 2. PROPERTIES
As of December 31, 2025, BPPR operated 162 branches, of which 67 were owned and 95 were leased premises, and PB
operated 39 branches  
of which 3  
were owned and  
36 were on  
leased premises. Also,  
the Corporation had  
582 ATMs  
operating in
Puerto Rico, 27 in the Virgin Islands  
and 97 in the U.S. Mainland. The principal properties owned by Popular  
for banking operations
and other services  
are described below.  
Our management believes that  
each of our  
facilities is well  
maintained and suitable  
for its
purpose.
Puerto Rico
Popular Center, the twenty-story Popular and BPPR headquarters building, located  
at 209 Muñoz Rivera Avenue, Hato Rey,  
Puerto
Rico.  

Popular Center North Building, a three-story building, on  
the same block as Popular Center.  

Popular Street Building, a parking and office building located  
at Ponce de León Avenue and Popular Street, Hato  
Rey, Puerto Rico.  

Cupey Center  
Complex,  
one building, three-stories  
high, two  
buildings, two-stories high  
each, and  
two buildings three-stories  
high
each located in Cupey, Río Piedras, Puerto Rico.  

Old San Juan Building, a twelve-story structure located  
in Old San Juan, Puerto Rico.  

Guaynabo Corporate Office Park Building, a two-story building  
located in Guaynabo, Puerto Rico.  

Altamira Building,  
a nine-story office building located in Guaynabo,  
Puerto Rico.  

El Señorial Center, a four-story office building and a two-story branch building  
located in Río Piedras, Puerto Rico.  

Ponce de León 167 Building, a five-story office building  
located in Hato Rey, Puerto Rico.
Muñoz Rivera 200, a ten-story building located  
in Hato Rey, Puerto Rico.
U.S. & British Virgin Islands
BPPR Virgin Islands Center, a three-story building located in St. Thomas,  
U.S. Virgin Islands.  

Popular Center -Tortola,  
a four-story building located in Tortola, British Virgin Islands.

41
ITEM 3. LEGAL PROCEEDINGS
For a discussion  
of Legal proceedings,  
see Note 23,  
“Commitments and Contingencies”, to  
the Consolidated Financial Statements
in this Form 10-K.
ITEM 4. MINE SAFETY DISCLOSURE
Not applicable.
PART II
ITEM  
5.  
MARKET  
FOR  
REGISTRANT’S  
COMMON  
EQUITY,  
RELATED  
STOCKHOLDER  
MATTERS  
AND  
ISSUER
PURCHASES OF EQUITY SECURITIES
Common Stock
Popular’s Common Stock is traded on  
the Nasdaq Global Select Market under the symbol “BPOP”.  

During 2025, the Corporation declared cash dividends in the  
total amount of $2.90 per common share outstanding,  
for an
aggregate amount of $196.2 million. The Common Stock ranks junior to all series of  
Preferred Stock as to dividend rights and rights
on liquidation,  
dissolution or  
winding up  
of Popular.  
Our ability  
to declare  
or pay  
dividends on,  
or purchase,  
redeem or  
otherwise
acquire, the Common  
Stock is subject  
to certain restrictions  
in the event  
that Popular fails  
to pay or  
set aside full  
dividends on the
Preferred Stock for the latest dividend period.
During the year ended  
December 31, 2025, the Corporation  
repurchased 4,660,124 shares of common stock  
for $501.5
million,  
at  
an  
average  
price  
of  
$107.61  
per  
common  
share,  
and  
during  
the  
year  
ended  
December  
31,  
2024,  
the  
Corporation
repurchased 2,256,420 shares of common stock for  
$217.3 million, at an average price of  
$96.32 per common share. At December
31, 2025, $281.2 million remained on our active common stock repurchase authorization. The Corporation’s planned common stock
repurchases  
may  
be  
executed  
in  
open  
market  
transactions,  
privately  
negotiated transactions,  
block  
trades  
or  
any  
other  
manner
determined  
by  
the  
Corporation.  
The  
timing,  
quantity  
and  
price  
of  
such  
repurchases  
will  
be  
subject  
to  
various  
factors,  
including
market  
conditions,  
the  
Corporation’s  
capital  
position  
and  
financial  
performance,  
the  
capital  
impact  
of  
strategic  
initiatives  
and
regulatory and  
tax considerations.  
The common  
stock repurchase  
program does  
not require  
the Corporation  
to acquire  
a specific
dollar amount or number of shares and may be  
modified, suspended or terminated at any time  
without prior notice.
Additional information concerning legal or  
regulatory restrictions on the payment  
of dividends by Popular,  
BPPR and PB
is contained under the caption “Regulation and Supervision”  
in Item 1 herein.
As  
of  
February  
26,  
2026,  
Popular  
had  
5,721  
stockholders  
of  
record  
of  
the  
Common  
Stock,  
not  
including  
beneficial
owners whose shares  
are held in  
record names  
of brokers  
or other  
nominees. The last  
sales price  
for the  
Common Stock  
on that
date was $142.51 per share.
Preferred Stock
Popular has 30,000,000 shares of  
authorized Preferred Stock that may  
be issued in one  
or more series, and the  
shares
of each series  
shall have such  
rights and preferences as  
shall be fixed  
by the Board  
of Directors when authorizing  
the issuance of
that particular series. Popular’s Preferred Stock  
issued and outstanding at December 31, 2025  
consisted of:
●
 
885,726 shares of 6.375% non-cumulative monthly income Preferred Stock, Series A, no par value, liquidation preference
value of $25 per share.
All series of  
Preferred Stock are pari  
passu. Dividends on each  
series of Preferred Stock  
are payable if declared  
by our
Board  
of  
Directors.  
Our  
ability  
to  
declare  
and  
pay  
dividends  
on  
the  
Preferred  
Stock  
is  
dependent  
on  
certain  
Federal  
regulatory

 
 
 
 
 
 
 
 
 
 
 
 
 
 
42
considerations,  
including  
the  
guidelines  
of  
the  
Federal  
Reserve  
Board  
regarding  
capital  
adequacy  
and  
dividends.  
The  
Board  
of
Directors is not obligated to declare dividends and  
dividends do not accumulate in the event  
they are not paid.
Monthly  
dividends  
on  
the  
Preferred  
Stock  
amounted  
to  
a  
total  
of  
$1.4  
million  
for  
the  
year  
2025.  
There  
can  
be  
no
assurance that any dividends will be declared on  
the Preferred Stock in any future periods.
Dividend Reinvestment and Stock Purchase Plan
Popular  
offers  
a  
dividend reinvestment  
and stock  
purchase plan  
(the “Plan”)  
for  
our shareholders  
that  
allows them  
to
reinvest their dividends in shares of the Common Stock at a  
5% discount from the average market price at the time of the  
issuance.
Under the  
Plan, shareholders  
may  
also purchase  
shares of  
Common Stock  
at  
prevailing market  
prices by  
making  
optional cash
payments.
Equity Based Plans
On May  
12, 2020, the  
stockholders of  
the Corporation  
approved the Popular,  
Inc. 2020  
Omnibus Incentive Plan,  
which
permits the  
Corporation to issue  
several types of  
stock-based compensation to  
employees and directors  
of the Corporation  
and/or
any of its subsidiaries (the “2020 Incentive Plan”). The 2020 Incentive Plan replaced the Popular, Inc. 2004 Omnibus Incentive Plan,
which was in  
effect prior to  
the adoption of the  
2020 Incentive Plan.  
As of December 31,  
2025, the maximum number of  
shares of
common stock remaining available for future issuance under this plan was 2,599,105. For information about  
the securities remaining
available for issuance under our equity-based plans,  
refer to Part III, Item 12.
Purchases of Equity Securities
The following table sets forth the details of purchases of Common Stock by the Corporation during the quarter ended December 31,
2025:
Issuer Purchases of Equity Securities
Not in thousands
Period
Total Number of
Shares Purchased [1]
Average Price Paid
per Share
Total Number of  
Shares
Purchased as Part of Publicly
Announced Plans or Programs [2]
Maximum Dollar Value
of Shares that May Yet
be Purchased Under the
Plans or Programs [2]
October 1 – October 31
232,575
$120.97
232,539
$400,794,897
November 1 – November 30
496,688
113.84
496,688
344,252,709
December 1 – December 31
523,147
120.78
523,076
281,075,956
Total December 31, 2025
1,252,410
$118.06
1,252,303
$281,075,956
[1] Includes 36 and 71 shares of the Corporation's  
common stock acquired by the Corporation during  
October and December 2025,
respectively, in connection with the satisfaction of tax withholding obligations on  
vested awards of restricted stock or restricted stock
units granted to directors and certain employees  
under the Corporation’s Omnibus Incentive Plan. The  
acquired shares of common
stock were added back to treasury stock.  

[2] As part of its capital plan, in July 2025, the  
Corporation announced plans to repurchase up  
to $500 million in common stock, in
addition to the $500 million in common stock  
repurchase program announced in July 2024.  
As of December 31, 2025, the Corporation
had repurchased 6,916,544 shares of common stock  
for $718.8 million at an average price of  
$103.92 per share, as part of the 2024
and 2025 common stock repurchase programs.
Equity Compensation Plans
For information about our equity compensation plans,  
refer to Part III, Item 12.
Stock Performance Graph (1)

 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 

 
 
 
 
43
The graph  
below compares  
the cumulative  
total stockholder  
return during  
the measurement  
period with  
the cumulative
total return, assuming reinvestment of dividends, of  
the Nasdaq Bank Index and the Nasdaq Composite  
Index.
The  
cumulative  
total  
stockholder  
return  
was  
obtained  
by  
dividing  
(i)  
the  
cumulative  
amount  
of  
dividends  
per  
share,
assuming dividend reinvestment since the measurement point, December 31, 2020, plus (ii) the change  
in the per share price since
the measurement date, by the share price at  
the measurement date.
Comparison of Five-Year Cumulative Total Return (TSR)
Assumes all dividends were reinvested
Base Year:  
December 31, 2020 = $100
(1) Unless Popular specifically states otherwise, this Stock Performance Graph shall not be deemed to be incorporated by
reference  
and  
shall  
not  
constitute  
soliciting  
material  
or  
otherwise  
be  
considered  
filed  
under  
the  
Securities  
Act  
of  
1933  
or  
the
Securities Exchange Act of 1934.
ITEM 6. [RESERVED]
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION  
AND RESULTS OF OPERATIONS
The information required by this item is included in  
this Form 10-K, commencing on page 54.
ITEM 7A. QUANTITATIVE AND QUALITATIVE  
DISCLOSURES ABOUT MARKET RISK
The information regarding the  
market risk of our  
investments appears under the caption  
“Risk Management”, on page  
79
within Management’s Discussion and Analysis of Financial  
Condition and Results of Operations in this  
Form 10-K.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 
44
The information required by this item appears under the caption “Statistical Summaries” on pages 104 to 106 of this Form
10-K.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH  
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not Applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our  
management,  
with  
the  
participation  
of  
our  
Chief  
Executive  
Officer  
and  
Chief  
Financial  
Officer,  
has  
evaluated  
the
effectiveness  
of  
our  
disclosure  
controls  
and  
procedures  
(as  
such  
term  
is  
defined  
in  
Rules  
13a-15(e)  
and  
15d-15(e)  
under  
the
Exchange Act) as  
of the end  
of the period covered  
by this report.  
Based on such  
evaluation, our Chief Executive  
Officer and Chief
Financial  
Officer  
have  
concluded  
that,  
as  
of  
the  
end  
of  
such  
period,  
our  
disclosure  
controls  
and  
procedures  
are  
effective  
in
recording, processing, summarizing and  
reporting, on a timely  
basis, information required to  
be disclosed by Popular  
in the reports
that  
we  
file  
or  
submit  
under  
the  
Exchange  
Act  
and  
such  
information  
is  
accumulated  
and  
communicated  
to  
management,  
as
appropriate, to allow timely decisions regarding required  
disclosures.
Assessment on Internal Control over Financial  
Reporting
Information relating to our assessment on  
internal control over financial reporting is presented under the  
captions “Report
of  
Management  
on  
Internal  
Control  
Over  
Financial  
Reporting”  
and  
“Report  
of  
Independent  
Registered  
Public  
Accounting  
Firm”
located on pages 107 and 108 of this Form 10-K.
Changes in Internal Control over Financial Reporting
There have  
been no  
changes in  
our internal  
control over  
financial reporting  
(as such  
term is  
defined in  
Rules 13a-15(f)
and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025, that have materially affected, or
are reasonably likely to materially affect, our internal control  
over financial reporting.
ITEM 9B. OTHER INFORMATION
Rule 10b5-1 Trading Plans or Other Preplanned Trading Arrangements
Certain  
of  
our  
officers  
or  
directors  
have  
made  
and  
may  
from  
time  
to  
time  
make  
elections  
to
participate in
,  
and  
are
participating in, our dividend  
reinvestment and purchase plan, the  
Company stock fund associated with  
our 401(k) plans and/or  
the
Company stock fund associated with  
our non-qualified deferred compensation plans and have  
shares withheld to cover withholding
taxes upon the vesting  
of equity awards, which may  
be designed to satisfy the  
affirmative defense conditions of Rule  
10b5-1 under
the Exchange Act or may constitute non-Rule 10b5–1
trading arrangements
 
(as defined in Item 408(c) of Regulation S-K).
ITEM 9C. DISCLOSURE REGARDING FOREIGN  
JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 
 
 
 
 
45
The  
information  
contained  
under  
the  
captions  
“Security  
Ownership  
of  
Certain  
Beneficial  
Owners  
and  
Management”,
“Delinquent Section  
16(a) Reports”,  
“Corporate Governance”, “Nominees  
for Election  
as Directors”  
and “Executive  
Officers” in  
the
Proxy Statement  
are incorporated herein  
by reference.  
Information about our  
Code of  
Ethics, which  
applies to  
our senior  
financial
officers, is included in “Business — Available Information” in Part I  
of this Form 10-K.
ITEM 11. EXECUTIVE COMPENSATION
The  
information  
in  
the  
Proxy  
Statement  
under  
the  
caption  
“Executive  
and  
Director  
Compensation,”  
including  
the
“Compensation  
Discussion  
and  
Analysis,”  
the  
“2025  
Executive  
Compensation  
Tables  
and  
Compensation  
Information”  
and  
the
“Compensation  
of  
Non-Employee  
Directors,”  
and  
under  
the  
caption  
“Committees  
of  
the  
Board  
–  
Talent  
and  
Compensation
Committee – Talent and Compensation Committee Interlocks and Insider Participation” is  
incorporated herein by reference.
ITEM  
12.  
SECURITY  
OWNERSHIP  
OF  
CERTAIN  
BENEFICIAL  
OWNERS  
AND  
MANAGEMENT  
AND  
RELATED
STOCKHOLDERS MATTERS
The information under the captions “Principal Shareholders” and “Shares Beneficially  
Owned by Directors,  
Nominees and
Executive Officers” in the Proxy Statement is incorporated herein  
by reference.
The following tables sets forth information as  
of December 31, 2025 regarding securities remaining available for issuance
to directors and eligible employees under our  
equity-based compensation plans.
Plan Category
Plan
Number of Securities
Remaining Available  

for Future Issuance  

Under Equity Compensation
 
Plan
Equity compensation plan approved by security holders
2020 Omnibus Incentive Plan
2,599,105
Total
2,599,105
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The  
information  
under  
the  
caption  
“Board  
of  
Directors  
and  
Nominees’  
Independence”  
and  
“Certain  
Relationships  
and
Transactions” in the Proxy Statement is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information regarding principal accountant fees and services is set forth under Proposal 5 – Ratification of Appointment of
Independent Registered Public Accounting Firm in  
the Proxy Statement, which is incorporated herein  
by reference.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a). The following financial statements and reports are included  
on pages 108 through 260 in this Form10K.
(1)
 
Financial Statements
Report of Independent Registered Public Accounting Firm  
(
PCAOB ID
238
)

46
Consolidated Statements of Financial Condition as of  
December 31, 2025 and 2024
Consolidated Statements of Operations for each of  
the years in the three-year period ended December  
31, 2025
Consolidated Statements of  
Comprehensive Income for  
each of  
the years  
in the  
three-year period  
ended December 31,
2025
Consolidated  
Statements  
of  
Changes  
in  
Stockholders’  
Equity  
for  
each  
of  
the  
years  
in  
the  
three-year  
period  
ended
December 31, 2025
Consolidated Statements of Cash Flows for each of  
the years in the three-year period ended  
December 31, 2025
Notes to Consolidated Financial Statements
(2)  
Financial  
Statement  
Schedules:  
No  
schedules  
are  
presented  
because  
the  
information  
is  
not  
applicable  
or  
is  
included  
in  
the
Consolidated Financial Statements described in (a) (1)  
above or in the notes thereto.
(3) Exhibits
ITEM 16. FORM 10-K SUMMARY
None.
The exhibits listed on the Exhibits Index below are  
filed herewith or are incorporated herein by  
reference.

47
Exhibit Index
3.1
Restated   Certificate   of   Incorporation   of   Popular,   Inc.   (incorporated   by   reference   to   Exhibit   3.1   of   the   Corporation’s
Quarterly Report on Form 10-Q for the quarter ended   June 30, 2020).
3.2
Amended and Restated Bylaws of   Popular, Inc. as   of May 9, 2024 (incorporated   by reference to Exhibit 3.1   of Popular,
Inc.’s Current Report on Form 8-K dated May 9, 2024 and   filed on May 10, 2024).
4.1
Specimen of   Physical Common   Stock Certificate   of Popular,   Inc. (incorporated   by reference   to Exhibit   4.1 of   Popular,
Inc.’s Current Report on Form 8-K dated May 29, 2012   and filed on May 30, 2012).
4.2
Certificate of   Designation of   Popular,   Inc.’s 6.375%   Non-Cumulative Monthly   Income Preferred   Stock, 2003   Series A
(incorporated by reference to Exhibit 3.3 of Popular, Inc.’s Form 8-A filed on   February 25, 2003).
4.3
Form of certificate representing Popular, Inc.’s 6.375% Non-Cumulative Monthly Income Preferred Stock, 2003 Series A
(incorporated by reference to Exhibit 4.1 of Popular, Inc.’s Form 8-A filed on   February 25, 2003).
4.4
Senior Indenture of Popular, Inc., dated   as of February 15, 1995, as supplemented by the   First Supplemental Indenture
thereto, dated as of   May 8, 1997, each   between Popular, Inc.   and The Bank of   New York   Mellon, as successor trustee
(incorporated by   reference to   Exhibit 4(d)   to the   Registration Statement on   Form S-3,   File No.   333-26941, of   Popular,
Inc., Popular International Bank, Inc., and Popular North   America, Inc., filed on May 12, 1997).
4.5
Second Supplemental Indenture   of Popular,   Inc., dated   as of   August 5,   1999, between Popular,   Inc. and The   Bank of
New York   Mellon, as successor   trustee (incorporated by   reference to Exhibit   4(e) to   Popular, Inc.’s   Current Report on
Form 8-K dated August 5, 1999 and filed on   August 17, 1999).
4.6
Subordinated Indenture of Popular,   Inc., dated as   of November 30, 1995,   between Popular,   Inc. and The Bank   of New
York Mellon, as successor trustee (incorporated by reference to Exhibit 4(e) to   the Registration Statement on Form S-3,
File No. 333- 26941, of Popular, Inc., Popular International Bank, Inc.   and Popular North America, Inc., filed on May 12,
1997).
4.7
Senior   Indenture   of   Popular   North   America,   Inc.,   dated   as   of   October   1,   1991,   as   supplemented   by   the   First
Supplemental Indenture   thereto, dated   as of   February 28,   1995, and   by the   Second Supplemental   Indenture thereto,
dated as of   May 8, 1997,   each among Popular   North America, Inc.,   Popular, Inc.,   as guarantor,   and The Bank   of New
York Mellon,   as successor trustee (incorporated by reference to Exhibit   4(f) to the Registration Statement on Form   S-3,
File No. 333-26941, of Popular,   Inc., Popular International Bank, Inc. and   Popular North America, Inc., filed on   May 12,
1997).
4.8
Third   Supplemental   Indenture   of   Popular   North   America,   Inc.,   dated   as   of   August   5,   1999,   among   Popular   North
America, Inc.,   Popular,   Inc., as   guarantor,   and The   Bank of   New York   Mellon, as   successor trustee   (incorporated by
reference to   Exhibit 4(h)   to Popular,   Inc.’s Current   Report on   Form 8-K,   dated August   5, 1999,   as filed   on August   17,
1999).
4.9
Junior Subordinated Indenture   of Popular,   Inc., dated   as of October   31, 2003, between   Popular, Inc.   and The   Bank of
New York   Mellon, as   successor trustee   (incorporated by   reference to   Exhibit 4.2   of Popular,   Inc.’s Current   Report on
Form 8-K, dated October 31, 2003 and filed   on November 4, 2003).
4.10
Description of Popular, Inc.’s securities registered pursuant to Section 12 of   the Securities Exchange Act. (1)
 

48
10.1
Popular, Inc. 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 4.4   of Popular, Inc.’s Form S-8 filed on
May 12, 2020). *
10.2
Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan. (1)*
10.3
Form of Compensation Agreement for Directors Elected Chairman of a Committee (incorporated by reference to Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended September 30, 2004). *
10.4
Form   of   Compensation Agreement   for   Directors not   Elected Chairman   of   a Committee   (incorporated by   reference to
Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended September 30, 2004). *
10.5
Compensation Agreement for Alejandro M.   Ballester as director of   Popular, Inc.,   dated January 28, 2010   (incorporated
by reference to Exhibit 10.9 of Popular, Inc.’s Annual Report on Form   10-K for the year ended December 31, 2009).   *
10.6
Compensation Agreement for   Carlos A.   Unanue as   director of   Popular, Inc.,   dated January   28, 2010   (incorporated by
reference to Exhibit 10.10 of Popular, Inc.’s Annual Report on Form 10-K   for the year ended December 31, 2009). *
10.7
Compensation   Agreement   for   C.   Kim   Goodwin   as   director   of   Popular,   Inc.,   dated   May   10,   2011   (incorporated   by
reference to Exhibit 10.1 of Popular, Inc.’s Quarterly Report on Form   10-Q for the quarter ended June 30, 2011). *
10.8
Compensation Agreement for Joaquin   E. Bacardi, III   as director of   Popular, Inc.,   dated April 30,   2013 (incorporated by
reference to Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form   10-Q for the quarter ended June 30, 2013). *
10.9
Compensation Agreement for John. W.   Diercksen as director of Popular,   Inc., dated October 18, 2013 (incorporated by
reference to Exhibit 10.13 of Popular, Inc.’s Annual Report on 10-K for   the year ended December 31, 2013). *
10.10
Form of 2015 Long-Term   Equity Incentive Award and   Agreement (incorporated by reference to Exhibit   10.1 of Popular,
Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2015). *
10.11
Form of 2016 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit 10.27 of Popular,
Inc.’s Annual Report on Form 10-K for the year ended December   31, 2015). *
10.12
Form   of   Director   Compensation   Letter,   Election   Form   and   Restricted   Stock   Agreement,   effective   April   26,   2016
(incorporated by reference to Exhibit 10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March
31, 2016). *
10.13
Form of 2017 Long-Term   Equity Incentive Award and   Agreement (incorporated by reference to Exhibit   10.1 of Popular,
Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2017). *
10.14
Long-Term   Equity   Incentive   Award   and   Agreement   for   Ignacio   Alvarez,   dated   as   of   June   22,   2017   (incorporated   by
reference to Exhibit 10.1 of Popular, Inc.’s Quarterly report on Form 10-Q   for the quarter ended June 30, 2017). *
10.15
Form   of   Popular,   Inc.   2018   Long-Term   Equity Incentive   Award   and   Agreement   (incorporated by   reference to   Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2018). *

49
10.16
Director Compensation Letter,   Election Form and Restricted Stock   Agreement for Myrna M.   Soto, dated June 22,   2018
(incorporated by reference to Exhibit   10.1 of Popular,   Inc.’s Quarterly Report on   Form 10-Q for the   quarter ended June
30, 2018). *
10.17
Director Compensation Letter, Election Form   and Restricted Stock Agreement for Robert Carrady,   dated December 29,
2018   (incorporated by   reference to   Exhibit   10.25 of   Popular,   Inc.’s   Annual   Report on   Form 10-K   for the   year   ended
December 31, 2018). *
10.18
Form   of   Director Compensation   Letter,   Election Form   and   Restricted Stock   Unit Award   Agreement,   effective   May   7,
2019   (incorporated by   reference to   Exhibit   10.26 of   Popular,   Inc.’s   Annual   Report on   Form 10-K   for the   year   ended
December 31, 2018). *
10.19
Form   of   Popular,   Inc.   2019   Long-Term   Equity Incentive   Award   and   Agreement   (incorporated by   reference to   Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2019). *
10.20
Director Compensation Letter, Election   Form and Restricted Stock Unit Award   Agreement for Richard L. Carrión, dated
July 1,   2019 (incorporated by   reference to   Exhibit 10.1   of Popular,   Inc.’s Annual   Report on   Form 10-Q   for the   quarter
ended September 30, 2019). *
10.21
Form   of   Popular,   Inc.   2020   Long-Term   Equity Incentive   Award   and   Agreement   (incorporated by   reference to   Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2020). *
10.22
Form   of   Director   Compensation Election   Form   and   Restricted Stock   Unit   Award   Agreement,   effective   May   12,   2020
(incorporated by reference to Exhibit   10.2 of Popular,   Inc.’s Quarterly Report on   Form 10-Q for the   quarter ended June
30, 2020). *
10.23
Form   of   Popular,   Inc.   2021   Long-Term   Equity Incentive   Award   and   Agreement   (incorporated by   reference to   Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2021). *
10.24
Form of Director Compensation Letter,   Election Form and Restricted Stock Unit Award   Agreement for Betty DeVita and
José   R.   Rodriguez,   effective   June   25,   2021   (incorporated   by   reference   to   Exhibit   10.1   of   Popular,   Inc.’s   Quarterly
Report on Form 10-Q for the quarter ended   June 30, 2021). *
10.25
Form   of   Popular,   Inc.   2022   Long-Term   Equity Incentive   Award   and   Agreement   (incorporated by   reference to   Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2022). *

50
10.26
Asset Purchase Agreement, dated as of February 24, 2022,   among Evertec, Inc. and Evertec Group, LLC, Popular,
Inc. and Banco Popular de Puerto Rico (incorporated   by reference to Exhibit 2.1 of Popular, Inc.’s Current Report on
Form 8-K dated and filed on February 24,   2022).
10.27
Second Amended and   Restated Master Service Agreement,   dated as of   July 1,   2022, among Popular,   Inc., Banco
Popular de Puerto Rico, and   Evertec Group, LLC and its Subsidiaries   (Incorporated by reference to Exhibit 99.1   on
Form 8-K filed on July 1, 2022.)
10.28
Form of Popular, Inc.   2023 Long-Term Equity   Incentive Award and Agreement (incorporated by reference to Exhibit
10.1 of Popular, Inc’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2023). *
10.29
Award   Agreement,   dated   as   of   December   7,   2023,   by   and   between   Carlos   J.   Vázquez   and   Popular,   Inc.
(incorporated   by   reference   to   Exhibit   10.28   of   Popular,   Inc.’s   Annual   Report   on   Form   10-K   for   the   year   ended
December 31, 2023). *
10.30
Services   Agreement,   dated   as   of   December   7,   2023,   by   and   between   Carlos   J.   Vázquez   and   Popular,   Inc.
(incorporated   by   reference   to   Exhibit   10.29   of   Popular,   Inc.’s   Annual   Report   on   Form   10-K   for   the   year   ended
December 31, 2023). *
10.31
Form of Popular, Inc.   2024 Long-Term Equity   Incentive Award and Agreement (incorporated by reference to Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2024). *
10.32
Form of Popular, Inc.   2025 Long-Term Equity   Incentive Award and Agreement (incorporated by reference to Exhibit
10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter   ended March 31, 2025).*
10.33
Equity   Award   Agreement,   dated   as   of   February   25,   2025,   by   and   between   Ignacio   Alvarez   and   Popular,   Inc.
(incorporated by   reference to   Exhibit 10.2   of Popular,   Inc.’s Quarterly   Report on   Form 10-Q   for the   quarter ended
March 31, 2025).*
10.34
Services   Agreement,   dated   as   of   February   25,   2025,   by   and   between   Ignacio   Alvarez   and   Popular,   Inc.
(incorporated by   reference to   Exhibit 10.3   of Popular,   Inc.’s Quarterly   Report on   Form 10-Q   for the   quarter ended
March 31, 2025).*
10.35
Form of Director Compensation Letter, Election Form, Restricted Stock Award Agreement and Restricted Stock Unit
Award   Agreement,   effective   May   8,   2025   (incorporated   by   reference   to   Exhibit   10.1   of   Popular,   Inc.’s   Quarterly
Report on Form 10-Q for the quarter ended   June 30, 2025).*
10.36
Equity   Award   Agreement,   dated   as   of   June   26,   2025,   by   and   between   Ignacio   Alvarez   and   Popular,   Inc.
(incorporated by   reference to   Exhibit 10.2   of Popular,   Inc.’s Quarterly   Report on   Form 10-Q   for the   quarter ended
June 30, 2025).*
10.37
2025 Long-Term   Equity Incentive   Award Agreement,   dated as   of June   26, 2025,   by and   between Javier D.   Ferrer
and Popular, Inc. (incorporated by reference to Exhibit 10.3 of Popular, Inc.’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2025).*
 

19.1
Insider Trading Policy and Procedures (1).
21.1
Schedule of Subsidiaries of Popular, Inc. (1)
22.1
Issuers of Guaranteed Securities (1)
23.1
Consent of Independent Registered Public Accounting   Firm. (1)
31.1
Certification of Principal Executive Officer pursuant to Section   302 of the Sarbanes-Oxley Act of 2002. (1)
31.2
Certification of Principal Financial Officer pursuant to Section   302 of the Sarbanes-Oxley Act of 2002. (1)
32.1
Certification of Principal Executive Officer   pursuant to 18 U.S.C. Section   1350, as adopted pursuant to   Section 906
of the Sarbanes-Oxley Act of 2002. (1)(2)
32.2
Certification of Principal   Financial Officer pursuant   to 18 U.S.C.   Section 1350, as   adopted pursuant to   Section 906
of the Sarbanes-Oxley Act of 2002. (1)(2)
97.1
Compensation Recoupment Policy of Popular, Inc. (1)
101.INS
XBRL Instance  
Document -  
the instance  
document does not  
appear in the  
Interactive Data File  
because its XBRL
tags are embedded within the Inline Document. (1)
101.SCH
Inline XBRL Taxonomy Extension Schema Document (1)

51
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)
101.DEF
Inline XBRL Taxonomy Extension Definitions Linkbase Document (1)
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document (1)
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document (1)
104
The cover page of Popular, Inc. Annual Report on Form 10-K for the  
year ended December 31, 2025, formatted in
Inline XBRL (included within the Exhibit 101 attachments)  
(1)
(1)
Included herewith
(2)  

Furnished herewith. This  
exhibit shall not  
be deemed “filed”  
for purposes of  
Section 18 of  
the Securities Exchange
Act of 1934, or otherwise subject  
to the liability of that Section,  
and shall not be deemed incorporated into  
any filing
under the Securities Act of 1933 or the  
Securities Exchange Act of 1934.  

*
This exhibit is a management contract or compensatory  
plan or arrangement.
Popular,  
Inc. has  
not filed  
as exhibits  
certain instruments  
defining the rights  
of holders  
of debt  
of Popular,  
Inc. not
exceeding 10% of the  
total assets of Popular,  
Inc. and its consolidated  
subsidiaries. Popular, Inc.  
hereby agrees to
furnish  
upon  
request  
to  
the  
Commission  
a  
copy  
of  
each  
instrument  
defining  
the  
rights  
of  
holders  
of  
senior  
and
subordinated debt of Popular, Inc., or of any of its consolidated  
subsidiaries.

52
Financial Review and
Supplementary Information
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
54
Statistical Summaries
104
Report of Management on Internal Control Over Financial
Reporting
107
Report of Independent Registered Public  

Accounting Firm
108
Consolidated Statements of Financial Condition as of  

December 31, 2025 and 2024
111
Consolidated Statements of Operations for the  

years ended December 31, 2025, 2024 and  
2023
112
Consolidated Statements of Comprehensive
Income for the years ended December 31, 2025,  
2024 and
2023
113
Consolidated Statements of Changes in Stockholders’
Equity for the years ended December 31, 2025,  
2024 and
2023
114
Consolidated Statements of Cash Flows for the  

years ended December 31, 2025, 2024 and  
2023
115
Notes to Consolidated Financial Statements
117
Signatures
261

53
Management’s Discussion and
Analysis of Financial Condition  

and Results of Operations
Forward-Looking Statements
54
Overview
55
Critical Accounting Policies / Estimates
60
Statement of Operations Analysis
64
Net Interest Income
64
Provision for Credit Losses
67
Non-Interest Income
67
Operating Expenses
68
Income Taxes
69
Fourth Quarter Operational Results
70
Reportable Segment Results
70
Statement of Financial Condition Analysis
72
Assets
72
Liabilities
73
Stockholders’ Equity
75
Capital
76
Risk Management
79
Market / Interest Rate Risk
79
Liquidity
82
Enterprise Risk Management
102
Adoption of New Accounting Standards and Issued  
but
Not Yet Effective Accounting Standards
103
Statistical Summaries
Statements of Financial Condition
104
Statements of Operations
105
Average Balance Sheet and Summary of Net Interest
Income
106

54
FORWARD-LOOKING STATEMENTS
This  
Form  
10-K contains  
“forward-looking statements”  
within the  
meaning  
of  
the  
U.S. Private  
Securities Litigation  
Reform Act  
of
1995,  
including,  
without  
limitation,  
statements  
about  
Popular,  
Inc.’s  
(the  
“Corporation,”  
“Popular,”  
“we,”  
“us,”  
“our”)  
business,
financial condition, results  
of operations, plans,  
objectives and future  
performance. These statements  
are not  
guarantees of future
performance,  
are  
based  
on  
management’s  
current  
expectations  
and,  
by  
their  
nature,  
involve  
risks,  
uncertainties,  
estimates  
and
assumptions. Potential  
factors, some  
of which  
are beyond  
the Corporation’s  
control, could  
cause actual  
results to  
differ materially
from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include without limitation the effect
of competitive and  
economic factors, and our  
reaction to those factors,  
the adequacy of  
the allowance for loan  
losses, delinquency
trends, market  
risk and  
the impact  
of interest  
rate changes  
(including on  
our cost  
of deposits),  
capital markets  
conditions, capital
adequacy  
and  
liquidity,  
and  
the  
effect  
of  
legal  
and  
regulatory  
proceedings  
and  
new  
accounting  
standards  
on  
the  
Corporation’s
financial condition  
and results  
of operations.  
All statements  
contained herein  
that  
are not  
clearly  
historical in  
nature are  
forward-
looking, and the words “anticipate,” “believe,” “continues,”  
“expect,” “estimate,” “intend,” “project” and similar expressions  
and future
or conditional verbs  
such as  
“will,” “would,” “should,”  
“could,” “might,” “can,”  
“may” or similar  
expressions are  
generally intended to
identify forward-looking statements.
Various factors, some of which  
are beyond Popular’s control, could cause actual results to differ materially from those expressed in,
or implied by,  
such forward-looking statements. Factors that might cause such a  
difference include, but are not limited to  
the rate of
growth or  
decline in the  
economy and employment  
levels, as well  
as general  
business and economic  
conditions in the  
geographic
areas we serve and,  
in particular, in  
the Commonwealth of Puerto Rico  
(the “Commonwealth” or “Puerto Rico”), where  
a significant
portion of our business is concentrated; adverse economic conditions, including high levels of inflation, that adversely affect housing
prices, the  
job market,  
consumer confidence  
and spending  
habits which  
may affect  
in turn,  
among other  
things, our  
level of  
non-
performing assets,  
charge-offs  
and  
provision expense;  
changes in  
interest  
rates  
and  
market liquidity,  
which may  
reduce interest
margins,  
impact  
funding  
sources,  
reduce  
loan  
originations,  
affect  
our  
ability  
to  
originate  
and  
distribute  
financial  
products  
in  
the
primary and secondary markets and impact the value of our investment portfolio and our ability to return capital to our shareholders;
the impact of bank failures or adverse  
developments at other banks and related negative media coverage of  
the banking industry in
general  
on  
investor  
and  
depositor  
sentiment  
regarding  
the  
stability  
and  
liquidity  
of  
banks;  
the  
impact  
of  
the  
current  
fiscal  
and
economic challenges  
of Puerto  
Rico and  
the measures  
taken and  
to be  
taken by  
the Puerto  
Rico Government and  
the Federally-
appointed oversight board on the economy,  
our customers and our business; the amount of Puerto  
Rico public sector deposits held
at the Corporation, whose future balances are uncertain  
and difficult to predict and may  
be impacted by factors such as the  
amount
of  
Federal funds  
received by  
the P.R.  
Government and  
the rate  
of expenditure  
of such  
funds, as  
well as  
the financial  
condition,
liquidity  
and  
cash  
management  
practices  
of  
the  
Puerto  
Rico  
Government  
and  
its  
instrumentalities;  
unforeseen  
or  
catastrophic
events, including extreme  
weather events such  
as hurricanes and  
other natural disasters,  
man-made disasters, acts  
of violence or
war or  
pandemics, epidemics  
and other  
health-related crises,  
or the  
fear of  
any such  
event occurring,  
any of  
which could  
cause
adverse  
consequences  
for  
our  
business,  
including,  
but  
not  
limited  
to,  
disruptions  
in  
our  
operations;  
our  
ability  
to  
achieve  
the
expected benefits  
from our  
transformation initiatives,  
including our  
ability to  
achieve projected  
earnings, efficiencies  
and return  
on
tangible common  
equity and  
accurately anticipate  
costs and  
expenses associated therewith;  
our ability  
to execute  
capital actions,
including  
with  
respect  
to  
share  
repurchases  
and  
dividends;  
the  
fiscal  
and  
monetary  
policies  
of  
the  
federal  
government  
and  
its
agencies;  
changes  
in  
federal  
bank  
regulatory  
and  
supervisory  
policies,  
including  
required  
levels  
of  
capital,  
liquidity,  
resolution-
related requirements and the impact of other proposed capital  
standards on our capital ratios; changes in and  
uncertainty regarding
federal funding, tax and  
trade policies, and federal  
rulemaking, supervision, examination and enforcement priorities;  
adjustments to
or  
additional  
Federal  
Deposit  
Insurance  
Corporation  
(“FDIC”)  
assessments;  
regulatory  
approvals  
that  
may  
be  
necessary  
to
undertake  
certain  
actions  
or  
consummate  
strategic  
transactions,  
such  
as  
acquisitions  
and  
dispositions;  
the  
relative  
strength  
or
weakness of  
the consumer  
and commercial  
credit sectors  
and of  
the real  
estate markets  
in Puerto  
Rico and  
the other  
markets in
which our borrowers are located; a deterioration in the credit  
quality of our clients, customers and counterparties; the performance  
of
the stock and bond markets; competition in the financial services industry; possible legislative, tax or regulatory changes; a failure in
or breach of our  
operational or security systems or  
infrastructure or those of Evertec,  
Inc., our provider of core  
financial transaction
processing and information technology services, or  
of third parties providing services to  
us, including as a  
result of cyberattacks, e-
fraud, denial-of-services and computer intrusion, that might result  
in, among other things, loss or breach of customer data, disruption
of services, reputational damage or additional costs to Popular; changes in market rates and prices which may adversely impact the
value of financial assets and liabilities; potential judgments, claims, damages, penalties, fines, enforcement actions and reputational
damage resulting  
from  
pending or  
future litigation  
and regulatory  
or government  
investigations or  
actions; changes  
in accounting
standards,  
rules  
and  
interpretations;  
our  
ability  
to  
grow  
our  
core  
businesses;  
decisions  
to  
downsize,  
sell  
or  
close  
branches  
or
business units or otherwise change our business  
mix; and management’s ability to identify and manage  
these and other risks.

 
55
Moreover,  
the outcome  
of any  
legal and  
regulatory proceedings, as  
discussed in  
“Part I,  
Item 3.  
Legal Proceedings,”  
is inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
“Part I, Item 1A” of this Form 10-K for a discussion  
of certain risks and uncertainties to which  
the Corporation is subject.
 

All forward-looking  
statements included  
in this  
Form 10-K  
are based  
upon information  
available to  
Popular as  
of the  
date of  
this
Form 10- K, and other than as required by law,  
including the requirements of applicable securities laws, we assume no obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.
OVERVIEW
The Corporation is a  
diversified, publicly owned financial holding company subject  
to the supervision and regulation  
of the Board of
Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the United States (“U.S.”) mainland, and
the  
U.S.  
and  
British  
Virgin  
Islands.  
In  
Puerto  
Rico,  
the  
Corporation  
provides  
retail,  
mortgage,  
as  
well  
as  
commercial  
banking
services as  
well as  
auto and  
equipment leasing  
and financing,  
through its  
principal banking  
subsidiary,  
Banco Popular  
de Puerto
Rico (“BPPR”),  
and broker-dealer  
and insurance  
services through  
specialized subsidiaries.  
In the  
U.S. mainland,  
the Corporation
provides  
retail  
and  
commercial  
banking  
services,  
as  
well  
as  
equipment  
leasing  
and  
financing,  
through  
its  
New  
York-chartered
banking subsidiary, Popular Bank  
(“PB” or “Popular U.S.”), which has  
branches located in New York,  
New Jersey and Florida. Note
36 to the Consolidated Financial Statements presents  
information about the Corporation’s business segments.
The shares of the Corporation’s common stock are traded  
on the Nasdaq Global Select Market under the  
symbol BPOP.
RESULTS OF OPERATIONS
YEAR 2025 SIGNIFICANT EVENTS
Capital Actions
During the year  
ended December 31,  
2025, the Corporation  
repurchased 4,660,124 shares  
of common stock  
for $501.5 million,  
at
an average price of $107.61 per common share.  
At December 31, 2025, $281.2 million remained  
on our common stock repurchase
authorization. The  
Corporation’s common  
stock  
repurchases may  
be  
executed  
in  
open  
market  
transactions,  
privately negotiated
transactions, block trades  
or any other  
manner determined by  
the Corporation. The  
timing, quantity and  
price of such  
repurchases
will  
be  
subject  
to  
various  
factors,  
including  
market  
conditions,  
the  
Corporation’s  
capital  
position  
and  
financial  
performance,  
the
capital impact of strategic initiatives and regulatory and tax considerations.  
The common stock repurchase program does not require
the Corporation to acquire a specific dollar amount or  
number of shares and may be modified, suspended or terminated  
at any time
without prior notice.  

The  
Corporation  
increased  
its  
quarterly  
common  
stock  
dividend  
from  
$0.70  
to  
$0.75  
per  
share,  
commencing  
with  
the  
dividend
declared in the  
third quarter of  
2025. During 2025,  
the Corporation declared  
dividends of $196.2  
million, or $2.90  
per share, on  
its
common stock.
Transformation Initiatives
The Corporation continues  
its broad-based, multi-year,  
technological and business  
process transformation, which  
was launched in
2022. As part of this transformation, we are making  
significant investments in technology, talent and new digital and data capabilities
in order to provide our customers with more personalized and accessible services, increase employee performance and satisfaction
with more agile work processes, and generate  
sustainable profitable growth and value for our  
shareholders.
In  
2025, the  
Corporation achieved  
significant  
advancements in  
transforming customer  
channels and  
enhancing the  
overall client
experience. The organization  
remains committed to  
delivering solutions efficiently  
and increasing productivity.  
During the year,  
the

 
56
Corporation introduced a  
commercial cash management  
platform and implemented  
a new consumer  
origination platform in  
Puerto
Rico and  
the Virgin  
Islands. The  
lending initiatives  
contributed to  
an upward  
trend in  
online originations  
in the  
latter part  
of 2025,
resulting in $36 million in new originations since  
the third quarter launch.
During the year the  
Corporation also executed a  
series of efficiency  
initiatives, including exiting our  
mortgage business in the  
U.S.,
and  
optimizing  
our  
mortgage  
servicing  
business  
in  
Puerto  
Rico.  
We  
also  
transformed  
our  
Enterprise  
Resource  
Planning  
(ERP)
solution to a modern cloud platform,  
as implemented in January 2026.
The Corporation anticipates that these investments, along with  
future initiatives, will deliver an improved digital experience for  
clients
and provide enhanced technology and more  
efficient processes for employees. The  
technology and business transformation efforts
will continue to be a strategic priority  
for the Corporation.
Financial highlights for the year ended December 31,  
2025
The Corporation’s  
net income  
for the  
year ended  
December 31,  
2025  
amounted to  
$833.2 million,  
an increase  
of $219.0  
million
when compared to a net  
income of $614.2 million for  
2024. Excluding the partial reversal of  
the FDIC Special Assessment reserve,
adjusted net income  
for 2025  
was $823.5 million,  
compared to $646.1  
million in  
2024, which also  
excluded the impact  
of an  
FDIC
special  
assessment expense  
and  
prior  
period  
tax  
withholdings.  
For  
more  
information on  
adjusted  
net  
income  
refer  
to  
the  
“Non-
GAAP Financial Measures” section below.  

Financial highlights for the year ended December 31,  
2025 include:  

●
 
Net interest income amounted  
to $2.5 billion, an  
increase of $258.9 million  
when compared to the  
year ended December
31,  
2024,  
mainly  
driven  
by  
lower cost  
of  
deposits,  
loan  
growth,  
and  
investments  
in  
U.S.  
Treasury  
securities  
at  
higher
yields, partially  
offset by  
a decrease  
in interest  
income from  
money market  
investments.  
Net interest  
income on  
taxable
equivalent  
basis  
for  
the  
year  
ended  
December  
31,  
2025  
was  
$2.8  
billion,  
an  
increase  
of  
$359.9  
million.  
Net  
interest
margin expanded by 25 bps to 3.49%. On a  
taxable equivalent basis, net interest margin expanded  
by 39 bps to 3.88%.  

●
 
The provision  
for credit  
losses amounted  
to $260.2  
million for  
the year  
ended December  
31, 2025,  
an increase  
of $3.2
million when  
compared to 2024,  
driven by  
higher reserves for  
the CRE  
portfolio at PB  
and higher  
reserves in the  
BPPR  

commercial portfolio, mainly due to two unrelated NPL inflows and portfolio growth, partially offset by a lower provision for
the consumer portfolios, particularly for credit cards  
and auto loans.
●
 
Non
-interest  
income  
amounted  
to  
$658.0  
million,  
a  
decrease  
of  
$0.9  
million,  
when compared  
with the  
previous year,
mainly due to lower  
revenues related to the car  
rental business sold in the  
fourth quarter of 2024,  
partially offset by other
service fees  
income from  
our fee  
generating business such  
as debit  
and credit  
card fees,  
investment management fees
and higher non-balance compensation fees from commercial deposits.  

●
 
Operating expenses amounted to $1.9 billion for 2025, an increase of  
$44.6 million when compared to 2024. The increase
was mainly driven  
by higher personnel  
costs, primarily due  
to the profit  
sharing expense of  
$38.8 million which  
is tied to
the  
Corporation’s  
financial  
performance  
and  
other  
performance-based  
incentives,  
a  
$13.0  
million  
non-cash  
goodwill
impairment  
charge  
related  
to  
the  
U.S.  
based  
leasing  
subsidiary,  
higher  
technology  
and  
software  
costs  
from
transformation initiatives and higher  
credit and debit card  
merchant processing fees, partially  
offset by lower  
reserves for
operational losses, lower costs  
associated with compliance activities, and lower  
depreciation expense related to the  
daily
car rental business sold during the fourth quarter  
of 2024.
●
 
Income tax expense amounted to $173.6 million for the year ended December 31, 2025, with an effective tax  
rate (“ETR”)
of 17.3%, compared to an income tax expense of $182.4 million for the previous  
year, with an ETR of 22.9%.  
The income
tax expense in 2024 included the impact of $16.5  
million related to intercompany distributions for the  
years 2014-2023.
●
 
At December 31, 2025, the Corporation’s total assets were $75.3 billion, compared to $73.0 billion at December 31, 2024.
The increase of  
$2.3 billion is  
primarily due to  
an increase in loans  
held-in-portfolio, mainly in the  
commercial, mortgage,
and construction portfolios,  
and an increase in available-for-sale (“AFS”) securities, mainly U.S. Treasuries, partially offset
by a decrease in money market investments.  

●
 
Deposits amounted to $66.2 billion at  
December 31, 2025, an increase of  
$1.3 billion from December 31, 2024,  
driven by
higher savings, NOW and money market deposits,  
demand deposits and time deposits,  
all primarily at BPPR.  

57
●
 
Stockholders’ equity amounted to $6.2 billion at December 31, 2025, compared to $5.6  
billion at December 31, 2024. The
Corporation  
and  
its  
banking  
subsidiaries  
continue  
to  
be  
well  
capitalized. As  
of  
December  
31,  
2025,  
the  
Corporation’s
tangible book value per common share was $82.65, an increase of $14.49 from December 31, 2024. The Common Equity
Tier 1 Capital ratio at December 31, 2025 was 15.72%, compared  
to 16.03% at December 31, 2024.
For a  
discussion of  
our 2024  
results of  
operations compared with  
2023, see  
“Management’s Discussion and  
Analysis of  
Financial
Condition and Results of Operations” in our Form  
10-K for the year ended December 31, 2024.
Refer to Table 1 for selected financial data for the past three years.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58
Table 1 - Selected Financial Data
Years ended December  
31,
(Dollars in thousands, except per common share data)
2025
2024
2023
CONDENSED STATEMENTS  
OF OPERATIONS
Interest income
$
3,783,009
$
3,673,263
$
3,245,307
Interest expense
1,241,806
1,390,975
1,113,783
Net interest income  

2,541,203
2,282,288
2,131,524
Provision for credit losses
260,163
256,942
208,609
Non-interest income
658,019
658,909
650,724
Operating expenses
1,932,266
1,887,637
1,898,100
Income tax expense  

173,634
182,406
134,197
Net income
$
833,159
$
614,212
$
541,342
Net income applicable to common stock
$
831,747
$
612,800
$
539,930
PER COMMON SHARE DATA
Net income per common share - basic
$
12.31
$
8.56
$
7.53
Net income per common share - diluted
12.30
8.56
7.52
Dividends declared
2.90
2.56
2.27
Common equity per share
94.75
79.71
71.03
Market value per common share
124.52
94.06
82.07
Outstanding shares:
Average - basic
67,586,130
71,590,757
71,710,265
Average - assuming dilution
67,612,847
71,623,702
71,791,692
End of period
65,719,385
70,141,291
72,153,621
AVERAGE BALANCES
Net loans
[1]
$
37,982,637
$
35,701,240
$
33,164,960
Earning assets
72,636,005
70,327,465
68,175,022
Total assets
75,740,647
73,400,279
71,234,236
Deposits
66,402,180
64,444,283
62,546,480
Borrowings
1,156,769
1,022,063
1,227,094
Total stockholders'  
equity
7,207,682
7,053,193
6,600,603
PERIOD END BALANCE
Net loans
[1]
$
39,337,516
$
37,113,075
$
35,069,272
Allowance for credit losses - loans portfolio
808,056
746,024
729,341
Earning assets
72,132,940
69,739,000
67,216,816
Total assets
75,348,267
73,045,383
70,758,155
Deposits
66,190,093
64,884,345
63,618,243
Borrowings
1,448,578
1,176,126
1,078,332
Total stockholders'  
equity
6,249,079
5,613,066
5,146,953
SELECTED RATIOS
Net interest margin (non-taxable equivalent basis)
3.49
%
3.24
%
3.13
%
Net interest margin (taxable equivalent basis) -Non-GAAP
3.88
3.49
3.31
Return on assets
1.10
0.84
0.76
Return on average common equity
11.58
8.72
8.21
Tangible common  
book value per common share (non-GAAP)
[2]
82.65
68.16
59.74
Return on average tangible common equity
[2]
13.04
9.85
9.40
Tier I capital
15.77
16.08
16.36
Total capital
17.50
17.83
18.13
[1]
Includes loans held-for-sale.
[2]
Refer to Table 11  
for reconciliation to GAAP financial measures.
Table 2 presents  
a three-year summary of the components of net income  
as a percentage of average total assets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
59
Table 2 - Components of Net  
Income as a Percentage of Average Total  
Assets
2025
2024
2023
Net interest income
3.36
%
3.11
%
2.99
%
Provision for credit losses
(0.34)
(0.35)
(0.29)
Service charges on deposit accounts
0.21
0.21
0.21
Other service fees
0.53
0.53
0.53
Other non-interest income  

0.12
0.16
0.17
Total net interest  
income and non-interest income, net of provision  
for credit losses  

3.88
3.66
3.61
Operating expenses
(2.55)
(2.57)
(2.66)
Income before income tax  

1.33
1.09
0.95
Income tax expense
(0.23)
(0.25)
(0.19)
Net income
1.10
%
0.84
%
0.76
%
Non-GAAP Financial Measures
This Form  
10-K contains financial  
information prepared under  
accounting principles generally  
accepted in the  
United States (“U.S.
GAAP”)  
and  
non-GAAP  
financial  
measures.  
Management  
uses  
non-GAAP  
financial  
measures  
when  
it  
is  
determined  
that  
these
measures provide  
meaningful information  
about the  
underlying performance  
of the  
Corporation’s ongoing  
operations. Non-GAAP
financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by  
other
companies.
Adjusted net income - Non-GAAP Financial Measure
In  
addition to  
analyzing the  
Corporation’s  
results on  
a reported  
basis, management  
monitors whether  
the  
impact of  
certain non-
recurring or  
infrequent transactions  
need to  
be excluded  
from the  
results of  
operations to  
present what  
is then  
considered to  
be
“adjusted  
net  
income”  
of  
the  
Corporation.  
Management  
believes  
that  
the  
“adjusted  
net  
income”  
provides  
meaningful  
information
about  
the  
underlying  
performance  
of  
the  
Corporation’s  
ongoing  
operations.  
The  
“adjusted  
net  
income”  
is  
a  
non-GAAP  
financial
measure.
The following tables present adjusted net income  
for the years ended December 31, 2025 and  
2024.
Table 3 - Adjusted Net Income  
for the Year Ended December 31,  
2025 (Non-GAAP)
(In thousands)
Income before  

income tax
Income tax
expense
(benefit)
Net Income
U.S. GAAP Net income
$1,006,793
$173,634
$833,159
Non-GAAP Adjustments:
FDIC Special Assessment [1]
(15,323)
5,622
(9,701)
Adjusted net income (Non-GAAP)
$991,470
$168,012
$823,458
[1] Partial reversal of the FDIC special assessment reserve  
imposed in connection with the receivership of several  
failed banks. Refer to the Operating
Expenses section in the Management’s Discussion  
and Analysis of Financial Condition and Results of Operations  
section (“MD&A”) included in this
Form 10-K for additional information.

 
 
 
 
 
 
 
 
 
 
 
60
Table 4 - Adjusted Net Income  
for the Year Ended December 31,  
2024 (Non-GAAP)
(In thousands)
Income before  

income tax
Income tax
expense
(benefit)
Net Income
U.S. GAAP Net income
$796,618
$182,406
$614,212
Non-GAAP Adjustments:
FDIC Special Assessment [1]
14,287
(5,234)
9,053
Adjustments related to intercompany distributions [2]
6,400
16,483
22,883
Adjusted net income (Non-GAAP)
$817,305
$171,157
$646,148
[1] Expense recorded in the first quarter of 2024 related to  
the special assessment imposed by the FDIC to  
recover the losses in connection with the
receivership of several failed banks.
[2] Expense recorded in the first quarter of 2024 related to  
tax withholdings on prior period distributions from U.S.  
subsidiaries.
Net interest income on a taxable equivalent basis  

Net  
interest  
income,  
on  
a  
taxable  
equivalent  
basis,  
is  
presented  
with  
its  
different  
components  
in  
Table  
5  
for  
the  
year  
ended
December 31,  
2025  
as compared  
with  
the same  
period in  
2024, segregated  
by  
major categories  
of  
interest  
earning assets  
and
interest-bearing liabilities.  

The  
main  
sources  
of  
tax-exempt  
interest  
income  
are  
certain  
loans  
and  
investments  
in  
obligations  
of  
the  
U.S.  
Government,  
its
agencies and sponsored entities, and  
certain obligations of the  
Commonwealth of Puerto Rico and  
its agencies and assets  
held by
the Corporation’s  
international banking  
entities. On  
table 5,  
the interest  
income has  
been converted  
to a  
taxable equivalent  
basis,
using the  
applicable statutory income  
tax rates  
for each  
period net  
of interest  
expense that the  
Puerto Rico  
tax law  
requires to  
be
disallowed, based  
on an  
equal proportion  
of tax-exempt  
assets to  
total assets,  
and by  
an allocation  
of general  
and administrative
expenses attributable to exempt income, reducing the benefit of  
the tax-exempt income. The effective yield, on a  
taxable equivalent
basis, will  
vary depending on  
the level  
of these  
expenses that are  
attributable to  
the available exempt  
income. Under Puerto  
Rico
tax  
law,  
the  
exempt  
interest  
can  
be  
deducted  
up  
to  
the  
amount  
of  
taxable  
income.  
Management believes  
that  
this  
presentation
provides meaningful information since it facilitates the comparison  
of revenues arising from taxable and exempt  
sources.
Tangible Common Equity and Tangible Assets
Tangible  
common equity,  
tangible common equity ratio, tangible  
assets and tangible book value  
per common share are  
non-GAAP
financial measures.  
Tangible  
common equity  
ratio and  
tangible book  
value per  
common share  
should be  
used in  
conjunction with
more  
traditional  
bank  
capital  
ratios  
commonly  
used  
by  
banks  
and  
analysts  
to  
compare  
the  
capital  
adequacy  
of  
banking
organizations  
with  
significant  
amounts  
of  
goodwill  
or  
other  
intangible  
assets,  
typically  
stemming  
from  
the  
use  
of  
the  
purchase
accounting method for  
mergers and acquisitions.  
Tangible  
common equity,  
tangible assets  
and other related  
measures should not
be  
used  
in  
isolation  
or  
as  
a substitute  
for  
stockholders' equity,  
total  
assets  
or  
any  
other  
measure calculated  
in  
accordance  
with
GAAP.  
Moreover,  
the manner  
in which  
the  
Corporation calculates  
its  
tangible common  
equity,  
tangible assets  
and  
other  
related
measures may differ from that of other companies  
reporting measures with similar names.
Table  
12 provides  
a reconciliation of  
total stockholders’ equity  
to tangible common  
equity and total  
assets to tangible  
assets as  
of
December 31, 2025, and December 31, 2024.
CRITICAL ACCOUNTING POLICIES / ESTIMATES
The accounting  
and reporting  
policies followed  
by the  
Corporation and  
its subsidiaries  
conform U.S.  
GAAP and  
general practices
within the financial services  
industry. The  
Corporation’s significant accounting policies, including  
those related to critical  
accounting
estimates, are  
described in  
detail in  
Note 2  
to the  
Consolidated Financial  
Statements and  
should be  
read in  
conjunction with  
this
section.  

61
Critical accounting  
policies that  
require management  
to make  
estimates and  
assumptions may  
involve significant  
judgment about
the effect  
of matters  
that are  
inherently uncertain  
and that  
involve a  
high degree  
of subjectivity.  
These estimates  
are made  
under
facts and  
circumstances at  
a point  
in time  
and changes  
in those  
facts and  
circumstances could  
produce actual  
results that  
differ
from  
those  
estimates.  
The  
following  
MD&A  
section  
is  
a  
summary  
of  
what  
management  
considers  
the  
Corporation’s  
critical
accounting estimates.
Fair Value Measurement of Financial Instruments
The Corporation  
currently measures  
at fair  
value on  
a recurring  
basis its  
trading debt  
securities, debt  
securities available-for-sale,
certain equity securities, derivatives and  
mortgage servicing rights. Occasionally,  
the Corporation is required to  
record other assets
at fair  
value on  
a nonrecurring  
basis, such  
as loans  
held-for-sale, loans  
held-in-portfolio that  
are collateral  
dependent and  
certain
other assets. These nonrecurring fair value  
adjustments typically result from the application of lower of  
cost or fair value accounting
or write-downs of individual assets.  

The  
Corporation categorizes  
its  
assets and  
liabilities measured  
at fair  
value under  
the three-level  
hierarchy.  
The level  
within the
hierarchy is based on whether the inputs to  
the valuation methodology used for fair value measurement  
are observable.
Management assesses the fair value of its  
portfolio of investment securities at least on  
a quarterly basis. Securities are classified in
the  
fair  
value  
hierarchy  
according  
to  
product  
type,  
characteristics  
and  
market  
liquidity.  
At  
the  
end  
of  
each  
period,  
management
assesses  
the  
valuation  
hierarchy  
for  
each  
asset  
or  
liability  
measured.  
The  
fair  
value  
measurement  
analysis  
performed  
by  
the
Corporation includes  
validation  
procedures and  
review  
of  
market  
changes,  
pricing methodology,  
assumption  
and  
level  
hierarchy
changes, and evaluation of distressed transactions.  

Most of the values for trading debt securities and debt securities available-for-sale are obtained from third-party pricing services and
are validated with alternate pricing sources when available.  
Securities not priced by a secondary pricing source  
are documented and
validated internally according to their significance to the Corporation’s financial statements. Management has established materiality
thresholds  
according  
to  
the  
investment  
class  
to  
monitor  
and  
investigate  
material  
deviations  
in  
prices  
obtained  
from  
the  
primary
pricing  
service  
provider  
and  
the  
secondary  
pricing  
source  
used  
as  
support  
for  
the  
valuation  
results.  
During  
the  
year  
ended
December 31, 2025, the Corporation  
did not adjust any prices  
obtained from pricing service providers or  
broker dealers. During the
year  
ended December  
31,  
2025, none  
of  
the  
Corporation’s  
debt securities  
were subject  
to  
pricing discontinuance  
by the  
pricing
service providers. The pricing methodology and approach of our primary pricing service providers is concluded to be consistent with
the fair value measurement guidance
Broker quotes reflect  
market illiquidity as  
they are exit  
prices. As of  
December 31, 2025,  
$8 million in  
financial assets were  
valued
using broker  
quotes: $1 million  
in Level 3  
assets (mainly tax-exempt  
GNMA mortgage-backed securities)  
and $7 million  
in Level  
2
assets. Level 3 asset values were based on an  
internal matrix using local broker quotes from  
limited trading activity.
Refer to  
Note 27  
to the  
Consolidated Financial Statements for  
a description of  
the Corporation’s  
valuation methodologies used  
for
the assets and liabilities measured at fair value.
Loans and Allowance for Credit Losses  

One of  
the most  
critical and  
complex accounting  
estimates is  
associated with  
the determination  
of the  
allowance for  
credit losses
(“ACL”). The Corporation establishes an ACL for its loan portfolio based on its estimate of expected credit losses over the remaining
contractual term  
of the  
loans, adjusted  
for expected  
prepayments, in  
accordance with  
Accounting Standards  
Codification (“ASC”)
Topic  
326.  
An  
ACL  
is  
recognized  
for  
all  
loans  
including  
originated  
and  
purchased  
loans,  
since  
inception,  
with  
a  
corresponding
charge to the provision for credit losses, except for purchased  
credit deteriorated (“PCD”) loans. Upon the acquisition of a PCD  
loan,
the Corporation recognizes the estimate of the expected credit losses over the remaining contractual term of each individual loan as
an ACL with a corresponding addition to the loan purchase price.  
The Corporation follows a methodology to establish  
the ACL which
includes a  
reasonable and supportable  
forecast period  
for estimating credit  
losses, considering  
quantitative and  
qualitative factors
as well  
as the  
economic outlook. As  
part of  
this methodology,  
management evaluates various  
macroeconomic scenarios provided
by third parties. At December 31, 2025, management  
applied probability weights to the outcome of  
the selected scenarios.

62
The  
Corporation  
has  
designated  
as  
collateral  
dependent  
loans  
secured  
by  
collateral  
when  
foreclosure  
is  
probable  
or  
when
foreclosure is  
not probable but  
the practical expedient  
is used.  
The practical expedient  
is used  
when repayment is  
expected to  
be
provided  
substantially  
by  
the  
sale  
or  
operation  
of  
the  
collateral  
and  
the  
borrower is  
experiencing financial  
difficulty.  
The  
ACL  
of
collateral dependent loans  
is measured based  
on the fair  
value of the  
collateral less costs  
to sell. The  
fair value of  
the collateral is
based on appraisals, which may be adjusted due to their  
age, and the type, location, and condition of the  
property or area or general
market conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date.  
In
addition,  
refer  
to  
the  
Credit  
Risk  
section  
of  
this  
MD&A  
and  
to  
Note  
2  
to  
the  
Consolidated  
Financial  
Statements  
for  
detailed
information on  
the  
Corporation’s collateral  
value estimation  
for other  
real  
estate. In  
addition, refer  
to  
Note  
8 to  
the Consolidated
Financial Statements for additional information on  
the allowance for credit losses.
Income Taxes
Income taxes are  
accounted for using the  
asset and liability method,  
recognizing deferred tax assets and  
liabilities based on future
tax consequences of temporary differences between financial statement carrying amounts  
and their respective tax basis. These are
measured using  
enacted tax  
rates expected  
to apply  
when the  
temporary differences  
are recovered  
or paid,  
with changes  
in tax
rates recognized in earnings when enacted.  

Calculating periodic income taxes involves complexity and requires estimates  
and judgments. The Corporation has two accruals  
for
income taxes: (i)  
the net estimated  
amount currently due  
or receivable, including any  
reserve for potential  
examination issues, and
(ii)  
a  
deferred  
income  
tax  
reflecting the  
estimated  
impact  
of  
temporary differences  
between  
asset and  
liability  
recognition under
GAAP and the tax  
code. Differences in actual  
future tax consequences could affect  
the Corporation’s financial position or  
results of
operations.  

Management evaluates  
the realization  
of the  
deferred tax  
asset by  
its three  
major components:  
U.S. mainland  
operations, Puerto
Rico banking operations  
and Holding Company.  
This evaluation requires judgment  
related to the  
Corporation’s estimation of future
taxable income  
over the  
term the  
deferred tax  
assets will  
expire. For  
the evaluation  
of the  
realization of  
the deferred  
tax asset  
by
taxing jurisdiction, refer to Note 34 to the Consolidated  
Financial Statements.
Under the Puerto Rico Internal Revenue Code, the  
Corporation and its subsidiaries are treated as separate taxable  
entities and are
not entitled to file  
consolidated tax returns. The Code  
provides a dividends-received deduction of 100%  
on dividends received from
“controlled” domestic subsidiaries subject to taxation in  
Puerto Rico  

Changes in  
the Corporation’s  
estimates can occur  
due to changes  
in tax  
rates, new business  
strategies, newly  
enacted guidance,
and resolution of issues with taxing authorities regarding previously taken tax  
positions. In estimating taxes, management evaluates
the merits and risks of  
appropriate tax treatment, considering statutory,  
judicial and regulatory guidance. Such changes could affect
the  
amount  
of  
accrued  
taxes.  
The  
Corporation  
has  
made  
tax  
payments  
in  
accordance  
with  
estimated  
tax  
payments  
rules.  
Any
remaining payment will not have any significant impact  
on liquidity and capital resources.
Refer to Note 34 to the  
Consolidated Financial Statements for additional information on the Corporation’s unrecognized tax benefits
and their possible effect on its effective tax rate.
Goodwill and Other Intangible Assets
The  
Corporation’s  
goodwill  
and  
other  
identifiable  
intangible  
assets  
having  
an  
indefinite  
useful  
life  
are  
tested  
for  
impairment.
Intangibles with indefinite lives are evaluated for impairment at least annually or on a more frequent basis if events or circumstances
indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business
climate, an  
adverse action  
by a  
regulator,  
an unanticipated  
change in  
the competitive  
environment and  
a decision  
to change  
the
operations or  
dispose of  
a reporting  
unit. Other  
identifiable intangible  
assets with  
a finite  
useful life  
are evaluated  
periodically for
impairment when events or changes in circumstances  
indicate that the carrying amount may not be  
recoverable.  

Goodwill impairment is recognized when the carrying amount of any  
of the reporting units exceeds its fair value up  
to the amount of
the goodwill. The Corporation estimates the fair value of each reporting unit generally using a combination of methods which include
market price multiples  
of comparable companies  
and transactions, as  
well as discounted  
cash flow analyses.  
Subsequent reversal
of goodwill impairment losses is not permitted under  
applicable accounting standards.  

63
For a  
detailed description  
of the  
annual goodwill  
impairment evaluations  
performed by  
the Corporation  
during the  
third and  
fourth
quarter of 2025, refer to Note 14 to the Consolidated  
Financial Statements.
Pension and Postretirement Benefit Obligations
The Corporation provides pension and  
restoration benefit plans for certain employees  
of various subsidiaries. The Corporation also
provides certain  
health care  
benefits for  
retired employees of  
BPPR. The  
non-contributory defined pension  
and benefit  
restoration
plans (“the Pension Plans”) are frozen with regards  
to all future benefit accruals.  

The estimated  
benefit costs  
and obligations  
of the  
Pension Plans and  
Postretirement Health  
Care Benefit Plan  
(“OPEB Plan”) are
impacted by  
the use  
of subjective  
assumptions, which can  
materially affect  
recorded amounts, including  
expected returns on  
plan
assets,  
discount  
rates,  
termination  
rates,  
retirement  
rates  
and  
health  
care  
trend  
rates.  
The  
Corporation  
uses  
an  
independent
actuarial firm for assistance in the determination of  
the Pension Plans and OPEB Plan costs and obligations.  

The Corporation periodically reviews its assumption for the long-term expected return on Pension Plans  
assets. The Pension Plans’
assets  
fair  
value  
at  
December  
31,  
2025  
was  
$625.8  
million.  
The  
expected  
return  
on  
plan  
assets  
is  
determined  
by  
considering
various factors,  
including a  
total funds  
return estimate  
based on  
a weighted-average  
of estimated  
returns for  
each asset  
class in
each plan.  
Asset class returns are estimated using current and projected economic and  
market factors such as real rates of  
return,
inflation, credit spreads, equity risk premiums and  
excess return expectations.
Net Periodic Benefit Cost  
(“pension expense”) for the Pension Plans  
amounted to $11.2  
million in 2025. The  
total pension expense
included  
a  
benefit  
of  
$32.3  
million  
for  
the  
expected  
return  
on  
assets.  
Management  
believes  
that  
the  
fair  
value  
estimates  
of  
the
Pension Plans assets are reasonable given the valuation methodologies used to measure the investments at fair value as described
in  
Note  
27  
to  
the  
Consolidated Financial  
Statements. Also,  
the  
compositions  
of  
the  
plan assets  
are primarily  
in  
equity  
and  
debt
securities, which have readily determinable quoted  
market prices.  

Detailed  
information  
on  
the  
Plans  
and  
related  
valuation  
assumptions  
are  
included  
in  
Note  
29  
to  
the  
Consolidated  
Financial
Statements.
As part of the review,  
the Corporation’s independent consulting actuaries performed an analysis of expected  
returns based on each
plan’s expected asset  
allocation for the year  
2026 using the  
Willis Towers  
Watson US Expected  
Return Estimator.  
This analysis is
reviewed by the Corporation  
and used as a  
tool to develop expected  
rates of return, together  
with other data. This  
forecast reflects
the actuarial firm’s view of  
expected long-term rates of return for each significant asset  
class or economic indicator as of January  
1,
2026;  
for  
example, 8.7%  
for  
large  
cap  
stocks,  
9.0% for  
small cap  
stocks,  
8.9% for  
international stocks,  
6.4% for  
long  
corporate
bonds  
and  
5.8%  
for  
long  
Treasury  
bonds.  
A  
range  
of  
expected  
investment  
returns  
is  
developed,  
and  
this  
range  
relies  
both  
on
forecasts and on broad-market historical benchmarks  
for expected returns, correlations, and volatilities  
for each asset class.
As a consequence of  
recent reviews, the Corporation selected its  
expected return on plan  
assets for the year  
2026 to be 5.6% and
6.7% for  
the Pension  
Plans. Expected  
rates of  
return for  
the Pension  
Plans of  
5.6% and  
6.7% had  
been used  
for 2025  
and 5.6%
and 6.6% had been used for 2024. The expected  
return can be materially impacted by a  
change in the plan’s asset allocation.
Pension expense is sensitive  
to changes in the  
expected return on assets.  
For example, decreasing the expected  
rate of return for
2026 from  
5.6% to  
5.35% would  
increase the  
projected 2026  
pension expense  
for the  
Banco Popular  
de Puerto  
Rico Retirement
Plan, the Corporation’s largest plan, by approximately  
$1.4  
million.  

The Corporation had recorded a pension balance sheet asset of $38.2 million and a pension balance sheet liability of $4.7 million  
at
December 31, 2025.
The Corporation uses  
the spot rate  
yield curve from  
the Willis Towers  
Watson RATE:  
Link (10/90) Model  
to discount the  
expected
projected  
cash  
flows  
of  
the  
plans.  
The  
equivalent  
single  
weighted  
average  
discount  
rate  
ranged  
from  
5.25%  
to  
5.29%  
for  
the
Pension Plans and 5.44% for the OPEB Plan to determine  
the benefit obligations at December 31, 2025.
A 50  
basis point  
decrease to  
each of  
the rates  
in the  
December 31,  
2025 Willis  
Towers  
Watson RATE:  
Link (10/90)  
Model would
increase the  
projected 2026  
expense for  
the Banco  
Popular de  
Puerto Rico  
Retirement Plan  
by approximately  
$1.8  
million. The
change would not affect the minimum required contribution  
to the Pension Plans.  

The OPEB Plan was unfunded (no assets were held by the plan) at December 31, 2025. The Corporation had recorded a liability for
the underfunded postretirement benefit obligation of  
$104.0 million at December 31, 2025.  

 
 
 
 
 
 
 
 
 
 
64
STATEMENT  
OF OPERATIONS ANALYSIS
Net Interest Income
 

Net interest income is the interest earned from loans, debt securities and money market investments, including loan fees, minus  
the
interest cost of deposits and borrowed money.  
Various risk factors  
affect net interest income including the economic  
environment in
which we operate, market related events, the mix and size of the earning assets and related funding, changes in volumes, re-pricing
characteristics, loan fees  
collected, delay  
charges and  
interest collected on  
nonaccrual loans, as  
well as  
strategic decisions made
by the Corporation’s management.
The average key index rates for the years 2025  
and 2024 were as follows:
 

2025
2024
Prime rate…………………………………………………………………………………………………
7.37%
8.31%
SOFR………………………………………………………………………………………………………
4.24
5.15
Fed funds rate…………………………………………………………………………………………….
4.20
5.12
3-month Treasury Bill…………………………………………………………………………………….
4.15
5.09
10-year Treasury…………………………………………………………………………………………
4.29
4.20
FNMA 30-year…………………………………………………………………………………………….
5.47
5.58
Net interest  
income (“NII”) for  
the year  
ended December 31,  
2025 was  
$2.5 billion,  
or $258.9  
million higher than  
2024. NII  
growth
was driven by  
lower interest expense on  
deposits by $158.2 million  
primarily due to  
lower P.R.  
public deposits cost,  
higher income
from loans by $137.1  
million primarily due to  
loan growth mainly attributed to  
the commercial, construction loans in  
both banks and
mortgage loans  
in BPPR  
and higher  
income resulting  
from higher  
yields of  
U.S. Treasuries  
by $83.4  
million also  
supported to  
NII
expansion. This  
increase in  
NII was  
partially  
offset  
by  
lower  
income from  
money market  
investments by  
$97.4 million  
driven  
by
short-term market rates  
declines by the  
Federal Open Market  
Committee coupled with  
lower average balances  
due to loan  
growth
and investments in U.S.  
Treasuries. Net interest margin  
(“NIM”) of 3.49% in  
2025 increased 25 basis points, compared  
to 3.24% in
2024, driven by lower deposit costs, higher yielding  
U.S. treasuries and loan growth.  

Total  
deposit costs of 1.77%  
decreased 30 basis points  
when compared to 2024. Excluding  
P.R.  
public deposits, average deposits
increased by $903.0 million and total deposit  
costs decreased seven basis points to 1.16% year-over-year.  

Net Interest Income on a taxable equivalent basis (“FTE”) for the year ended December 31, 2025 was $2.8 billion, compared  
to $2.5
billion for the same period in 2024,  
an increase of $359.9 million. NIM on a  
taxable equivalent (“NIM FT””) basis in 2025 was  
3.88%
or 39 basis points higher than the 3.49%  
reported in 2024. NIM FTE expansion during 2025 is  
primarily due to higher re-investment
in U.S. treasuries  
which are tax  
exempt in Puerto  
Rico and exempt  
interest income on  
certain loan portfolios.  
The main factors  
for
the increase in net interest income FTE were:
●
 
Higher income  
from  
investment securities  
by  
$147.1 million  
driven by  
the  
re-investment of  
maturities of  
U.S. Treasury
securities at higher yields by 50 basis points
●
 
Higher  
interest  
income  
from  
loans  
by  
$160.9  
million,  
due  
to  
growth,  
most  
notably  
in  
commercial,  
construction  
and
mortgage portfolios, which include income of certain  
loans in Banco Popular de Puerto Rico (“BPPR”)  
that are tax-exempt,
partially offset in part by the re-pricing of adjustable-rate  
loans;
●
 
Lower  
interest  
expense  
by  
$158.2  
million  
or  
30  
basis  
points,  
mainly  
due  
to  
a  
decrease  
in  
market-linked  
P.R.  
public
deposits cost  
by  
88  
basis points  
and  
Popular Bank  
(“PB”) savings  
online  
deposits by  
76  
basis points,  
driven by  
lower
short-term market rates;
Partially offset by:

 
 
 
65
●
 
Lower income  
from money  
markets by  
$97.4 million  
driven by  
lower yield  
by 95  
basis points  
due to  
short-term market
rates decline  
and lower  
average balances  
due to  
the use  
of funds  
to support  
loan growth  
and U.S.  
Treasury  
securities
purchases, as mentioned above.
Table  
5 presents  
the  
different  
components  
of  
the  
Corporation’s  
net  
interest  
income,  
on  
a  
taxable  
equivalent  
basis,  
for  
the  
year
ended December 31,  
2025, as compared  
with the same  
period in 2024,  
segregated by major  
categories of interest  
earning assets
and interest-bearing liabilities.  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66
Table 5 – Analysis of Levels & Yields  
on a Taxable Equivalent Basis  
from Continuing Operations (Non-GAAP)
Period ended December 31, 2025
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
 
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
5,853
$
6,641
$
(788)
4.35
%
5.30
%
(0.95)
%
Money market
investments
$
254,786
$
352,194
$
(97,408)
$
(58,638)
$
(38,770)
28,770
27,955
815
3.32
2.89
0.43
Investment securities
[1]
955,548
808,458
147,090
113,349
33,741
30
30
-
5.61
5.23
0.38
Trading securities  

1,667
1,583
84
112
(28)
Total money market,  

investment and
trading
34,653
34,626
27
3.50
3.36
0.14
securities
1,212,001
1,162,235
49,766
54,823
(5,057)
Loans:
18,951
17,855
1,096
6.73
6.86
(0.13)
Commercial  

1,275,422
1,224,856
50,566
(23,568)
74,134
1,490
1,099
391
8.19
8.81
(0.62)
Construction
122,051
96,778
25,273
(7,168)
32,441
1,969
1,820
149
7.20
6.90
0.30
Leasing
141,828
125,652
16,176
5,637
10,539
8,397
7,873
524
5.92
5.70
0.22
Mortgage
497,419
448,880
48,539
17,945
30,594
3,241
3,211
30
13.85
13.90
(0.05)
Consumer
448,958
446,357
2,601
(1,950)
4,551
3,935
3,843
92
9.15
8.90
0.25
Auto
359,870
342,075
17,795
9,537
8,258
37,983
35,701
2,282
7.49
7.52
(0.03)
Total loans
2,845,548
2,684,598
160,950
433
160,517
$
72,636
$
70,327
$
2,309
5.59
%
5.47
%
0.12
%
Total earning assets
$
4,057,549
3,846,833
210,716
55,256
155,460
Interest bearing
deposits:
$
8,147
$
7,498
$
649
1.73
%
1.99
%
(0.26)
%
NOW and money
market
$
141,344
$
149,438
$
(8,094)
$
(18,950)
$
10,856
14,543
14,495
48
0.83
0.91
(0.08)
Savings  

120,525
132,321
(11,796)
(12,160)
364
8,656
8,183
473
3.15
3.35
(0.20)
Time deposits
272,686
273,814
(1,128)
(17,272)
16,144
20,259
19,203
1,056
3.18
4.06
(0.88)
P.R. public  
deposits
643,341
780,548
(137,207)
(178,506)
41,299
51,605
49,379
2,226
2.28
2.71
(0.43)
Total interest bearing
deposits
1,177,896
1,336,121
(158,225)
(226,888)
68,663
14,798
15,065
(267)
Non-interest bearing
demand deposits
66,403
64,444
1,959
1.77
2.07
(0.30)
Total deposits
1,177,896
1,336,121
(158,225)
(226,888)
68,663
356
84
272
4.44
5.53
(1.09)
Short-term
borrowings
15,818
4,676
11,142
(801)
11,943
Other medium and  

824
962
(138)
5.83
5.22
0.61
long-term debt
48,092
50,178
(2,086)
5,241
(7,327)
Total interest bearing
52,785
50,425
2,360
2.35
2.76
(0.41)
liabilities (excluding
demand deposits)
1,241,806
1,390,975
(149,169)
(222,448)
73,279
5,053
4,837
216
Other sources of
funds
$
72,636
70,327
2,309
1.71
1.98
(0.27)
%
Total source of funds
$
1,241,806
$
1,390,975
$
(149,169)
$
(222,448)
$
73,279
3.88
%
3.49
%
0.39
%
Net interest margin/
income on a taxable
equivalent basis
(Non-GAAP)
$
2,815,743
$
2,455,858
$
359,885
$
277,704
$
82,181
3.24
%
2.71
%
0.53
%
Net interest spread
Taxable equivalent
adjustment
274,540
173,570
100,970
3.49
%
3.24
%
0.25
%
Net interest margin/
income non-taxable
equivalent basis
(GAAP)
$
2,541,203
$
2,282,288
$
258,915
Note: The changes that are not due solely to volume or  
rate are allocated to volume and rate based on the  
proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses  
on debt securities available-for-sale and the unrealized  
loss related to certain securities transferred
from available-for-sale to held-to-maturity.

67
Provision for Credit Losses - Loans Held-in-Portfolio  
and Unfunded Commitments
For the year ended December 31, 2025, the Corporation recorded a provision for credit of $260.2 million, an increase of $3.2 million
when compared  
to  
$256.9 million  
for the  
year ended  
December 31,  
2024. The  
provision for  
loan and  
lease losses  
for 2025  
was
$260.7 million, an increase of $2.3 million.
As discussed  
in Note  
8 to  
the Consolidated  
Financial Statements,  
the Corporation  
estimates the  
ACL by  
weighting the  
outputs of
optimistic,  
baseline,  
and  
pessimistic  
scenarios.  
During  
the  
first  
quarter  
of  
2025,  
in  
response  
to  
the  
economic  
uncertainty,  
the
Corporation increased the probability assigned to the pessimistic  
scenario making it equal to the baseline scenario. Subsequently, in
the second quarter  
of 2025, the  
probability assigned to the  
pessimistic scenario was moderately  
reduced based on  
the changes in
the economic outlook and  
a reassessment of uncertainty  
compared to the previous  
quarter. The  
net impact of these  
two events on
the ACL levels for the year ended December 31, 2025 was $13.7 million in additional reserves. There were no additional changes  
to
the probability weights during the  
year 2025. The probability  
weight for the pessimistic scenario  
remains above the levels observed
in 2024, given the ongoing economic uncertainty.
The major drivers of the changes in  
the provision for loan losses during the year  
by business segments when compared to the year
2024 were as follows:
●
 
In BPPR,  
the provision  
for loan  
losses for  
was $240.2  
million, a  
decrease of  
$13.6 million  
when compared  
to the  
year
ended in 2024,  
driven by lower  
reserves for the  
consumer portfolio of  
$34.7 million mainly  
due to improvements in  
credit
quality,  
for  
the  
credit  
cards  
portfolio,  
lower  
net  
charge-offs,  
in  
the  
auto  
portfolio  
and  
a  
lower  
provision  
for  
the  
leases
portfolio. These favorable variance were partially offset by higher reserves in the commercial portfolio by $20.5 million due
to a specific reserve recognized for a $158.3 million commercial and industrial facility and a $13.5 million provision related
to  
a  
charge-off  
recognized  
during  
the  
third  
quarter  
for  
a  
$30.1  
million  
commercial  
real  
estate  
(“CRE”)  
facility,  
both
classified as NPLs during the year.
●
 
In  
the  
Popular  
U.S.  
segment,  
the  
provision  
for  
loans  
losses  
was  
$20.5  
million,  
an  
increase  
of  
$15.9  
million  
when
compared to  
the year  
2024., mainly  
driven by  
higher qualitative  
reserves and  
changes in  
credit quality  
within the  
CRE
portfolio partially offset by lower net charge-offs within the consumer  
portfolio.
At  
December  
31,  
2025,  
the  
total  
allowance  
for  
credit  
losses  
for  
loans  
held-in-portfolio amounted  
to  
$808.1  
million,  
compared  
to
$746.0  
million  
as  
of  
December  
31,  
2024.  
The  
ratio  
of  
the  
allowance  
for  
credit  
losses  
to  
loans  
held-in-portfolio  
was  
2.05%  
at
December  
31,  
2025, compared  
to  
2.01%  
at  
December 31,  
2024. Refer  
to  
Note  
8  
to  
the  
Consolidated Financial  
Statements, for
additional  
information  
on  
the  
Corporation’s  
methodology  
to  
estimate  
its  
ACL  
and  
to  
the  
Credit  
Risk  
section  
of  
this  
MD&A  
for  
a
detailed analysis of net charge-offs, non-performing assets,  
the allowance for credit losses and selected loan  
losses statistics.
Non-Interest Income
For the year ended December 31, 2025, non-interest  
income was $658.0 million, a decrease of $0.9  
million when compared with the
previous year. The variance was primarily due to:  

●
 
lower other operating income by $16.8 million  
mainly due to lower daily car rental revenue  
by $18.1 million and gains from
the sale of car rental units by $8.0 million, associated  
with the car rental business sold in the fourth  
quarter of 2024,
partially offset by income of $5.3 million related to a retroactive  
charge billed to a tenant for energy supplied in  
prior years
and higher income from investments accounted under  
the equity method by $3.9 million; and
●
 
lower income from mortgage banking activities by  
$4.1 million mainly due to a decrease in  
mortgage servicing fees due to
portfolio runoff and an unfavorable variance in the fair value adjustments  
of mortgage servicing rights (“MSRs”);
partially offset by:

68
●
 
higher other service fees by $13.7 million mainly  
due to higher debit and credit card  
fees by $12.7 million, driven by higher
customer purchase activity, and higher investment management fees by $4.5  
million, due to higher assets under
management, partially offset by lower insurance fees by  
$6.6 million;
●
 
higher service charges on deposit accounts by $4.5  
million mainly due to higher non-balance  
compensation fees in
commercial deposits; and  

●
 
higher income from equity securities by $3.2 million,  
mainly due to an impairment on equity  
securities of $2.3 million
recognized during 2024 and a favorable variance  
of $1.1 million in the fair value adjustment of equity  
securities related to
the deferred benefit plans, which have an offsetting  
effect in personnel cost.
Operating Expenses
Operating expenses for the  
year ended December  
31, 2025 amount to  
$1.9 billion, an increase  
of $44.6 million  
when compared to
the previous year. The results of 2025 include a partial reversal of the FDIC special assessment reserve  
of $15.3 million imposed on
banks to recover losses in connection with the  
receivership of two failed banks during 2023. Management revised its reserve  
based
on the FDIC’s interim final rule, which became effective December  
19, 2025 and amended, among other  
things, the collection rate of
the  
special  
assessment.  
Operating  
expenses  
for  
the  
year  
ended  
December  
31,  
2024  
included  
$6.4  
million  
of  
interest  
accrued
related to prior period tax withholdings and the $14.3 million expense related to the FDIC special assessment. The other factors that
contributed to the increase in operating expenses  
for the year were:
●
 
higher personnel costs by $84.8  
million mainly due to higher incentives, including $38.8 million  
related to the profit-sharing
plan  
which is  
tied  
to  
the  
Corporation’s financial  
performance and  
$24.2  
million  
in  
other  
performance-based incentives,
higher  
salaries  
expenses  
by  
$12.9  
million  
due  
to  
a  
higher  
headcount  
and  
annual  
merit  
increases,  
and  
a  
$7.7  
million
increase in  
other personnel costs  
mainly related to  
the valuation  
of securities  
held for  
deferred compensation plans  
and
higher payroll tax;  

●
 
a non-cash goodwill impairment of $13.0 million  
in the Corporation’s U.S. based equipment leasing subsidiary due  
to
lower projected earnings for the forecasted period;
●
 
higher technology and software expenses,  
including software cost amortization, by $12.5 million  
related to investments in
the Corporation’s cloud infrastructure, among other continuing  
investments in technology and transformation  
initiatives;  

●
 
higher  
processing  
and  
transactional  
services  
expenses  
by  
$9.7  
million  
mainly  
due  
to  
higher credit  
and  
debit  
card  
and
merchant processing expenses as a result of higher  
transactional volumes;  

●
 
higher  
other  
taxes  
expense  
by  
$6.9  
million  
mainly  
due  
to  
an  
increase  
in  
municipal  
license  
tax  
and  
higher  
regulatory
examination fees in BPPR; and
●
 
higher business  
promotion expenses  
by  
$5.4 million  
mainly  
due to  
higher customer  
rewards programs  
expense in  
our
credit card business reflecting an increase in  
customer purchase activity;
partially offset by:
●
 
lower other  
operating expenses  
by $33.0  
million mainly  
driven by  
lower accruals  
for reserves  
for operational  
losses by
$10.6 million;
●
 
lower professional fees by $15.7 million mainly due  
to lower costs associated with regulatory compliance  
activities; and
●
 
lower equipment expenses by $11.3 million, mainly due to the  
depreciation of car rental units during 2024 associated with
units sold as part of the daily car rental transaction  
during the fourth quarter of 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
69
Table 6 provides a breakdown of operating expenses by major categories.  

Table 6 - Operating Expenses
Years ended December  
31,  

(Dollars in thousands)
2025
2024
2023
Personnel costs:
Salaries
$
542,717
$
529,794
$
505,935
Commissions, incentives, profit sharing and other bonuses
189,041
126,081
112,657
Pension, postretirement and medical insurance
69,329
68,185
67,469
Other personnel costs, including payroll taxes
104,127
96,391
91,984
Total personnel  
costs
905,214
820,451
778,045
Net occupancy expenses
110,213
111,430
111,586
Equipment expenses
22,110
33,424
37,057
Other taxes
72,939
66,046
55,926
Professional fees
110,098
125,822
161,142
Technology and  
software expenses
341,605
329,061
290,615
Processing and transactional services:
Credit and debit cards
56,168
49,301
44,578
Other processing and transactional services
96,218
93,376
93,492
Total processing  
and transactional services
152,386
142,677
138,070
Communications
19,270
18,899
16,664
Business promotion:
Rewards and customer loyalty programs
69,809
63,773
59,092
Other business promotion
37,474
38,157
35,834
Total business  
promotion
107,283
101,930
94,926
FDIC deposit insurance
24,369
54,626
105,985
Other real estate owned (OREO) income
(13,393)
(18,124)
(15,375)
Other operating expenses:
Operational losses
16,581
27,200
23,505
All other
48,841
71,257
73,774
Total other operating  
expenses
65,422
98,457
97,279
Amortization of intangibles
1,750
2,938
3,180
Goodwill impairment charge
13,000
-
23,000
Total operating  
expenses
$
1,932,266
$
1,887,637
$
1,898,100
Personnel costs to average assets
1.20
%
1.12
%
1.09
%
Operating expenses to average assets
2.55
2.57
2.66
Employees (full-time equivalent)
9,238
9,231
9,088
Average assets per employee (in millions)
$8.20
$7.95
$7.84
Income Taxes
For the  
year ended  
December 31,  
2025, the  
Corporation recorded an  
income tax  
expense of  
$173.6 million,  
compared to  
$182.4
million for the year 2024.  
The decrease of $8.8 million reflects the impact of  
the tax withholding expense of $22.9 million recorded in
the year 2024  
related to intercompany distributions for  
the years 2014-2024, coupled with  
higher exempt income, partially offset  
by
higher income before tax for the year 2025.  

At December  
31, 2025,  
the Corporation  
had a  
net deferred  
tax asset  
amounting to  
$812.3 million, net  
of a  
valuation allowance  
of
$464.7 million. The net  
deferred tax asset related  
to the U.S. operations  
was $228.2 million, net  
of a valuation allowance  
of $386.6
million.

 
70
Refer to  
Note 34  
to the  
Consolidated Financial  
Statements for  
a reconciliation  
of the  
statutory income  
tax rate  
to the  
effective tax
rate and additional information on the income  
tax expense and deferred tax asset balances.
Fourth Quarter Operational Results
●
 
For  
the  
quarter  
ended  
December  
31,  
2025,  
the  
Corporation  
recorded  
net  
income  
of  
$233.9  
million,  
compared  
to  
net
income  
of  
$177.8 million  
for  
the same  
quarter of  
the  
previous year.  
Excluding the  
partial  
reversal of  
the  
FDIC special
assessment reserve of $9.7 million, net of tax,  
adjusted net income for the fourth quarter of  
2025 was $224.2 million.
●
 
Net interest income for the fourth  
quarter of 2025 amounted to $657.6  
million, compared with $590.8 million for the  
fourth
quarter  
of  
2024.  
On  
a  
taxable  
equivalent  
basis,  
net  
interest  
income  
amounted  
to  
$733.8  
million,  
compared  
to  
$638.6
million.  
The  
increase  
of  
$95.2  
million  
in  
net  
interest  
income,  
on  
a  
taxable  
equivalent  
basis,  
was  
mainly  
due  
to  
higher
income from investment securities by $51.6 million mainly due  
to higher yields by 51 basis points and average balances  
of
U.S. Treasury securities, higher interest income from loans by $43.8  
million, due to growth across most portfolios at  
BPPR
and  
the  
commercial and  
construction portfolios  
in  
PB,  
and lower  
cost  
of  
deposits by  
$34.2  
million, or  
38  
basis  
points,
primarily in P.R.  
public deposits,  
which declined by 72  
basis points as these are  
mainly linked to short-term market rates;
partially  
offset  
by  
lower  
income  
from  
money  
market  
investments  
by  
$31.1  
million  
due  
to  
lower  
average  
balances  
and
yields by 82 basis points as a result of short-term  
market rate declines.  
Net interest margin increased by 26 basis points  
to
3.61%. On a taxable equivalent basis, the net interest margin for the fourth quarter of 2025  
was 4.03%, or 41 basis points
higher when compared to 3.62% for the fourth  
quarter of 2024.
●
 
The provision  
for loan  
losses was  
$71.4 million  
for the  
fourth quarter  
of  
2025, compared  
to $69.1  
million for  
the same
quarter of the previous year. The increase of $2.3 million was driven by the commercial portfolios, loan modifications, loan
growth,  
and  
the  
qualitative  
reserve  
release  
recorded  
in  
2024  
due  
to  
the  
implementation  
of  
a  
new  
CRE  
non-owner
occupied model; partially offset by lower NCOs and improvements  
in credit quality at the consumer portfolios.
●
 
Non-interest income amounted to $166.3 million for  
the quarter ended December 31, 2025,  
compared with $164.7 million
for the same  
quarter in 2024.  
The increase of  
$1.6 million was  
driven by higher  
other service fees  
by $7.2 million  
due to
higher debit and  
credit card fees  
from higher customer  
purchase activity,  
partially offset by  
lower other operating  
income
by $3.2 million due to lower daily car  
rental revenue by $3.2 million, due to the sale  
of the daily car rental business during
the  
fourth  
quarter  
of  
2024,  
and  
lower  
income  
from  
mortgage  
banking  
activities  
by  
$2.7  
million  
mainly  
due  
to  
an
unfavorable variance  
in the  
fair value  
adjustment  
of MSRs  
driven by  
portfolio runoff  
compared  
to  
the fourth  
quarter of
2024.
●
 
Operating expenses totaled $473.2 million for the quarter  
ended December 31, 2025, compared with $467.6  
million for the
same quarter  
in the  
previous year.  
The increase  
of $5.6  
million was  
mainly related  
to higher  
personnel costs  
by $24.4
million due to  
annual salary revisions,  
higher headcount, and higher incentives,  
which include $12.8 million related to  
the
quarterly accrual for the profit-sharing plan driven by the  
Corporation’s performance,  
partially offset by a reversal of $15.3
million from  
the reserve  
related to  
the FDIC  
special assessment imposed  
on banks  
to recover  
losses in  
connection with
the receivership of two failed banks during 2023 and  
lower accruals for reserves for operational losses  
by $6.8 million.
●
 
For the quarter  
ended December 31,  
2025, the Corporation  
recorded an income tax  
expense of $44.7  
million, compared
with an income tax expense of $43.9 million for the same quarter of 2024. The unfavorable variance was mostly attributed
to a higher income before tax.
REPORTABLE SEGMENT RESULTS
The Corporation’s  
reportable segments  
for managerial  
reporting purposes  
consist of  
Banco Popular  
de Puerto  
Rico and  
Popular
U.S. A Corporate group has been defined to  
support the reportable segments.  

For  
a  
description  
of  
the  
Corporation’s  
reportable  
segments,  
including  
additional  
financial  
information  
and  
the  
underlying
management accounting process, refer to Note 36  
to the Consolidated Financial Statements.  

The Corporate  
group reported  
a net  
income of  
$15.6 million  
for the  
year ended  
December 31,  
2025, compared  
with a  
net loss  
of
$19.0 million for  
the previous year.  
The loss in  
2024 was mainly  
attributable to the  
expense related to the  
$22.9 million adjustment
recorded in  
the  
first  
quarter of  
2024 to  
recognize the  
tax  
impact associated  
with prior  
period intercompany  
distributions and  
the

71
additional  
$6.5  
million  
expense  
for  
the  
tax  
impact  
of  
intercompany  
distributions  
paid  
during  
the  
first  
quarter  
of  
2024.  
A  
positive
adjustment of  
$3.9 million  
was recorded  
during the  
second quarter  
of 2025,  
resulting from  
reimbursements received from  
the IRS
related  
to  
interest  
paid  
for  
the  
intercompany  
distributions.  
Higher  
income  
from  
equity  
method  
investments  
and  
lower  
expenses
driven by  
professional services, also  
contributed to  
the positive  
variance for  
the year  
ended December 31,2025,  
partially offset  
by
lower income from money market investments due  
to a decrease in rates.
Highlights on the earnings results for the reportable  
segments are discussed below:
Banco Popular de Puerto Rico  

The Banco Popular de Puerto Rico reportable segment’s  
net income amounted to $729.5 million for  
the year ended December 31,
2025, compared with $555.7 million for the year ended  
December 31, 2024. The principal factors that  
contributed to the variance in
the financial results included the following:  

●
 
Net interest income by $2.2 billion was higher  
by $209.1 million primary driven by lower  
expense on deposits, mainly from
the re-pricing of P.R. public funds, which decreased by $137.2 million, or 88 basis points and higher  
income from loans by
$79.9 million due to portfolio growth, higher income  
from in U.S. Treasury securities by $75.7 million, or 20 basis  
points,
mainly from reinvestments at higher yields, partially offset  
by lower income from money market securities investments  
by
$72.7 million reflecting the decline in short-term market  
rates and lower average balances. The net  
interest margin for the
year ended December 31,2025 was 3.69%, 27 basis  
points higher when compared with 3.43%  
the previous year;
●
 
The provision for credit losses for the loan portfolio  
of $240.4 million was lower by $13.2 million  
mainly attributable to
improvement in credit quality for the credit  
cards portfolios, lower net charge-offs in the auto portfolio,  
and lower reserves
in the leases portfolios, partially offset by an increase  
in the reserves in the commercial portfolio mainly  
due to the impact
of two unrelated NPL inflows;  

●
 
Non-interest income of $584.4 million, lower by $11.8 million, mainly due to lower  
daily car rental revenue by $18.1 million
and gains from the sale of car rental units by $8.0  
million related to the car rental business  
sold in the fourth quarter of
2024, lower mortgage banking activities by $4.1  
million mainly due to a decrease in mortgage  
servicing fees and fair value
adjustments in MSRs;  
partially offset by the $5.3 million retroactive charge  
billed to a tenant for energy supplied in prior
years, higher service fees by $10.9 million due  
to credit and debit card fees, from higher volume  
of transactions, higher
investment management fees and higher charges on  
deposit accounts by $4.0 million mainly due  
to non-balance
compensation in commercial deposits;  

●
 
Higher operating expenses by $33.0 million mostly due  
to  

●
 
higher personnel costs of $53.8 million, including  
profit sharing expense by $30.8 million and  
higher salaries
expense by $22.2 million due to annual merit  
increases and a higher headcount;
●
 
higher other taxes by $7.3 million due to municipal  
license and regulatory examination fees;  

●
 
higher processing fees by $9.7 million due to credit  
and debit card transactions; and  

●
 
higher technology expenses by $8.0 million mainly related  
to investments in technology and transformation
initiatives;  

partially offset by  

●
 
lower equipment expenses by $10.8 million mainly related  
to the daily rental business sold in 2024;
●
 
lower FDIC expense by $26.8 million due to the reversal  
in 2025 of the FDIC special assessment of  
$13.6
million compared to the expense of $12.7 million  
recorded in 2024;
●
 
lower other operating expenses by $8.1 million  
due to reserves for operational losses; and  

●
 
lower professional fees by $6.6 million;
●
 
Higher income tax expense by $4.2 million mainly  
due to higher income before tax, offset by higher exempt  
income.

72
Popular U.S.  

For the  
year ended  
December 31, 2025, Popular  
U.S. reported  
net income  
of $87.8  
million, compared with  
a net  
income of  
$77.6
million for the year ended  
December 31, 2024. The principal factors  
that contributed to the variance  
in the financial results included
the following:  

●
 
Net interest  
income of  
$411.9  
million, higher  
by $55.9  
million mainly  
due to  
higher interest  
income from  
loans by  
$57.2
million,  
or  
10  
basis  
points,  
mainly  
related  
to  
growth  
in  
the  
commercial  
and  
construction  
portfolios  
and  
lower  
interest
expense from deposits by $32.8 million, or 44 basis points,  
due to the repricing of high-cost deposits, mainly direct on-line
deposits, partially  
offset by  
lower income  
from money  
market investments due  
to decline  
in short-term  
market rates  
and
lower average  
balances. The  
net interest  
margin for  
the year  
ended December  
31,2025 was  
2.94%, higher  
by 28  
basis
points when compared to 2.66% for the previous  
year;
●
 
The provision for credit losses for the loan portfolio of $20.5 million was  
higher by $15.9 million driven by higher qualitative
reserves and  
changes in  
credit quality  
for the  
commercial real  
estate portfolio;  
partially offset  
by lower  
reserves for  
the
consumer loans;
●
 
Higher operating  
expenses by  
$18.4 million  
reflecting the  
$13.0 million  
goodwill impairment  
charge related  
to  
our U.S.
based  
equipment leasing  
subsidiary recorded  
in 2025;  
higher personnel  
costs  
by  
$4.1 million  
mainly due  
to  
the  
profit-
sharing expense;  
partially offset  
by lower  
FDIC expense  
by $3.4  
million due  
to the  
reversal in  
2025 of  
the FDIC  
special
assessment $1.7 million compared to an expense  
of $1.6 million in 2024;
●
 
Higher income tax expense by $9.9 million due  
to higher income before tax.
STATEMENT  
OF FINANCIAL CONDITION ANALYSIS  

Assets
The  
Corporation’s  
total  
assets  
were $75.3  
billion  
at  
December 31,  
2025, compared  
to  
$73.0  
billion  
at  
December 31,  
2024.  
The
increase in  
total assets  
of $2.3  
billion was  
driven by  
an increase  
in AFS  
securities and  
loan growth  
across most  
portfolios at  
both
BPPR and PB segments, partially offset by a decrease in money market  
investments, HTM securities, and other assets. Refer to the
Corporation’s  
Consolidated  
Statements  
of  
Financial  
Condition  
at  
December  
31,  
2025  
and  
2024  
included  
in  
this  
Form  
10-K  
for
additional  
information.  
Also,  
refer  
to  
the  
Statistical  
Summary  
2025-2024  
in  
this  
MD&A  
for  
Condensed  
Statements  
of  
Financial
Condition.  

Money market investments and debt securities
Money market investments decreased by  
$1.8 billion at December 31,  
2025, when compared to December 31,  
2024, mainly driven
by funds  
used for  
loan growth  
and to  
purchase U.S.  
Treasury securities.  
Debt securities  
available-for-sale (“AFS”) increased  
$2.3
billion, mainly due to reinvestment in U.S. Treasury Securities. Debt securities  
held-to-maturity (“HTM”) decreased by $430.5 million
driven by  
maturities and  
paydowns, partially  
offset  
by the  
amortization of  
$186.4 million  
of the  
discount related  
to  
U.S. Treasury
securities previously reclassified from  
AFS to HTM.  
Refer to Notes  
5 and 6  
to the Consolidated Financial  
Statements for additional
information with respect to the Corporation’s debt securities  
available-for-sale and held-to-maturity.
Loans
Refer to Table  
7 for a breakdown of  
the Corporation’s loan portfolio. Also,  
refer to Note 7  
to the Consolidated Financial Statements
for detailed information about the Corporation’s loan portfolio  
composition and loan purchases and sales.
Loans  
held-in-portfolio increased  
by  
$2.2  
billion to  
$39.3 billion  
at December  
31, 2025,  
compared to  
December 31,  
2024. In  
the
BPPR  
segment,  
loan  
balances  
increased  
by  
$1.5  
billion  
across  
most  
portfolios,  
most  
notably  
commercial,  
mortgage,  
and
construction portfolios.  
The PB segment also increased by $740.3 million,  
mainly driven by commercial and construction lending.  

During the year  
ended December 31,  
2025, the Corporation’s  
loans to non-depository  
financial institutions (“NDFIs’’),  
increased by
$150.2 million  
to $545.0  
million. The increase  
was mainly  
related to a  
loan for  
working capital to  
an insurance  
company in  
Puerto
Rico.  
At  
December 31,  
2025, the  
Corporation’s  
exposure to  
NDFIs  
was composed  
of  
approximately $337.3  
million  
to  
insurance

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
73
companies  
for  
working  
capital  
needs  
unrelated  
to  
lending  
activities,  
$105.9  
million  
to  
consumer  
and  
commercial  
credit
intermediaries,  
and  
$101.8  
million  
related  
to  
mortgage  
credit  
intermediaries.  
All  
loans  
to  
NDFIs  
are  
current  
in  
their  
contractual
payments and carry a ‘pass’ rating.
Refer to  
Note 7  
to the  
Consolidated Financial  
Statements for  
additional information  
on delinquency,  
asset quality  
and origination
vintage information of these loan segments.
Table 7 provides a breakdown of loan balance per portfolio.
Table 7 - Loans Ending Balances
(In thousands)
December 31, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial  

 
Commercial multi-family
$
2,455,790
$
2,399,620
$
56,170
 
Commercial real estate non-owner occupied
5,543,284
5,363,235
180,049
 
Commercial real estate owner occupied
3,153,080
3,157,746
(4,666)
 
Commercial and industrial
8,607,412
7,741,562
865,850
Total Commercial
19,759,566
18,662,163
1,097,403
Construction
1,674,899
1,263,792
411,107
Mortgage
8,649,440
8,114,183
535,257
Leasing
2,001,365
1,925,405
75,960
Consumer
 
Credit cards  

1,256,717
1,218,079
38,638
 
Home equity lines of credit
78,692
73,571
5,121
 
Personal  

1,906,228
1,855,244
50,984
 
Auto
3,819,812
3,823,437
(3,625)
 
Other
180,799
171,778
9,021
Total Consumer  

7,242,248
7,142,109
100,139
Total loans held-in  
-portfolio
$
39,327,518
$
37,107,652
$
2,219,866
Loans held-for-sale:
 
Mortgage
$
9,998
$
5,423
$
4,575
Total loans held-for-sale
$
9,998
$
5,423
$
4,575
Total loans
$
39,337,516
$
37,113,075
$
2,224,441
Other assets
Other assets amounted to $1.7 billion  
at December 31, 2025, a decrease of  
$91.8 million compared to $1.8 billion at  
December 31,
2024.  
The variance  
was mainly  
driven  
by  
a  
decrease in  
net  
deferred tax  
assets  
of  
approximately $112.1  
million  
due  
to  
positive
changes  
in  
the  
valuation  
of  
AFS  
securities,  
a  
reduction  
in  
unsettled  
trade  
receivables  
of  
$14.6  
million  
related  
to  
proceeds  
from
maturities of U.S. Treasury securities, and lower principal, interest and escrow servicing advances of $13.5 million, partially offset by
an increase in capitalize software costs of approximately $46.9 million mainly  
related to technology modernization. Refer to Note 13
to the Consolidated Financial Statements  
for a breakdown of  
the principal categories that comprise the  
caption of “Other Assets” in
the Consolidated Statements of Financial Condition  
at December 31, 2025 and 2024.
Liabilities
The Corporation’s  
total liabilities were  
$69.1 billion  
at December  
31, 2025,  
an increase  
of $1.7  
billion compared to  
$67.4 billion  
at
December  
31,  
2024,  
mainly  
due  
to  
an  
increase in  
deposits  
as  
discussed  
below.  
The  
following  
is  
a  
discussion  
of  
the  
significant
changes in liabilities.
Deposits and Borrowings
Total Deposits

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74
The Corporation’s  
deposits totaled  
$66.2 billion  
at December  
31, 2025,  
compared to  
$64.9 billion  
at December  
31, 2024.  
Ending
deposit balances increased  
by $1.3 billion,  
while average balances for  
the year grew  
by $2.0 billion.  
The average deposit  
balance,
excluding P.R.  
public deposits, increased by $0.9 billion. Non-interest-bearing deposits increased by $164.7 million when  
compared
to December 31, 2024, demonstrating the impact  
of the Corporation’s continued focus on deposit retention  
strategies.
Excluding P.R.  
Government deposits, as of December 31, 2025, deposits amounted to $46.8 billion, compared to  
$45.4 billion as of
December 31, 2024. This $1.4 billion increase included higher savings, NOW,  
and money market deposits by $829.8 million, higher
time deposits by $361.0 million and higher  
demand deposits by $159.2 million, all primarily  
at BPPR.
At December 31, 2025, Puerto Rico public deposits were $19.4 billion, a decrease of approximately $44.2 million when compared to
December 31,  
2024. P.R  
public deposits  
represent 29%  
of total  
deposits and  
are expected  
to continue  
to range  
in the  
short term
between $18  
billion and  
$20  
billion. However,  
the rate  
at  
which public  
deposit balances  
may change  
is  
uncertain and  
difficult  
to
predict. The  
amount and  
timing of  
any such  
change is  
likely to  
be impacted  
by,  
for example,  
the level  
of federal  
assistance and
speed at which  
any federal assistance is  
distributed, the financial condition, liquidity  
and cash management practices  
of the Puerto
Rico  
Government  
and  
its  
instrumentalities,  
and  
the  
implementation  
of  
fiscal  
and  
debt  
adjustment  
plans  
approved  
pursuant  
to
PROMESA or  
other  
actions  
mandated by  
the  
Fiscal  
Oversight and  
Management Board  
for Puerto  
Rico  
(the  
“Oversight Board”).
Additionally,  
the Trump  
Administration is  
conducting a  
review of  
federal funding,  
which could  
entail a  
reduction in  
federal funding
available for Puerto Rico. P.R  
public deposits costs are generally indexed  
to changes in short-term market  
rates with a one-quarter
lag, in  
accordance with  
contractual terms.  
As a  
result, these  
deposits’ costs  
have typically  
lagged variable  
asset repricing.  
These
deposits require that the bank pledge high credit quality securities as collateral; therefore, liquidity risks arising  
from deposit outflows
are lower.
The volume and cost of P.R.  
public deposits and the proportion of high-cost deposits in the U.S, directly impact the balance and mix
of earning assets and therefore represent a key  
factor in the Corporation’s ability to expand its net  
interest margin.
Refer to Table 8 for a breakdown of the Corporation’s deposits at December 31, 2025 and 2024.
Table 8 - Deposits Ending Balances
(In thousands)
December 31, 2025
December 31, 2024
[2]
Variance
Deposits excluding P.R.  
public deposits:
 
Demand deposits
$
15,298,712
$
15,139,555
$
159,157
 
Savings, NOW and money market deposits (non-brokered)
22,655,936
21,814,632
841,304
 
Savings, NOW and money market deposits (brokered)
87,566
99,099
(11,533)
 
Time deposits (non-brokered)
7,861,848
7,620,265
241,583
 
Time deposits (brokered CDs)
866,772
747,363
119,409
Sub-total deposits excluding P.R.  
public deposits
46,770,834
45,420,914
1,349,920
P.R. public  
deposits:
 
Demand deposits
 
[1]
11,534,301
11,730,273
(195,972)
 
Savings, NOW and money market deposits (non-brokered)
7,134,217
7,087,904
46,313
 
Time deposits (non-brokered)
750,741
645,254
105,487
Sub-total P.R.  
public deposits
19,419,259
19,463,431
(44,172)
Total deposits
$
66,190,093
$
64,884,345
$
1,305,748
[1] Includes interest bearing demand deposits.  

[2] Savings, NOW and money market deposits include  
reciprocal deposits of $780 million (2024-$637.1 million)  
that were categorized as brokered
deposits at December 31, 2024 and recharacterized  
as non-brokered for December 31, 2025. Similarly,  
Time deposits include reciprocal deposits  
of
$92.6 million (2024-$143.3 million) that were categorized  
as brokered deposits at December 31, 2024 and recharacterized  
as non-brokered for
December 31, 2025. The presentation for the year 2024  
has been adjusted to conform to the 2025 presentation.

75
Borrowings
The Corporation’s borrowings amounted to $1.4  
billion at December 31, 2025, compared to  
$1.2 billion at December 31,  
2024. The
increase was mainly due to FHLB advances which increased  
by $286.9 million, partially offset by lower repurchase commitments by
$15.8 million.  
Refer to Note  
16 to  
the Consolidated Financial  
Statements for  
detailed information on  
the Corporation’s  
borrowings.
Also, refer to the Liquidity section in this MD&A  
for additional information on the Corporation’s funding  
sources.
Stockholders’ Equity
Stockholders’ equity totaled  
$6.2 billion at  
December 31, 2025,  
an increase of  
$0.6 billion when  
compared to December  
31, 2024.
The increase was principally  
due to net  
income for the year  
ended December 31, 2025 of  
$833.2 million,  
coupled with the after-tax
effect of the  
decrease in net unrealized losses in  
the portfolio of AFS securities  
of $340.4 million and the  
amortization of unrealized
losses from  
securities previously reclassified  
to HTM  
of $149.1  
million,  
partially offset  
by an  
increase in  
Treasury Stock  
of $494.3
million mainly  
due to  
the repurchases  
of common stock  
during the  
year and  
the common  
and preferred dividends  
declared during
the year of $196.2 million and $1.4 million, respectively.  

During  
the  
year  
ended  
December  
31,  
2025,  
Popular  
repurchased  
4,660,124  
shares  
of  
common  
stock  
for  
$501.5  
million  
at  
an
average price of $107.61 per share, as part of the 2024 and 2025 common stock repurchase programs previously announced. As of
December 31, 2025, $281.2 million remained available  
for stock repurchase under the active repurchase authorization.  

The  
Corporation  
increased  
its  
quarterly  
common  
stock  
dividend  
from  
$0.70  
to  
$0.75  
per  
share,  
commencing  
with  
the  
dividend
declared in the third quarter of 2025.
Refer  
to  
the  
Consolidated  
Statements  
of  
Financial  
Condition,  
Comprehensive  
Income  
and  
Changes  
in  
Stockholders’  
Equity  
for
information on the composition of stockholders’ equity. Also, refer to Note 21 to the Consolidated Financial Statements  
for a detail of
accumulated other comprehensive income (loss), an  
integral component of stockholders’ equity.
The composition of the Corporation’s financing to total assets  
at December 31, 2025 and 2024 is included  
in Table 9.  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
76
Table 9 - Financing to Total  
Assets
December 31,
December 31,  

% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2024 to 2025
2025
2024
Non-interest-bearing core deposits
$
15,304
$
15,139
1.1
%
20.3
%
20.7
%
Interest-bearing core deposits
46,017
44,622
3.1
61.1
61.1
Interest-bearing other deposits
4,869
5,123
(5.0)
6.4
7.0
Repurchase agreements
39
55
(29.1)
0.1
0.1
Other short-term borrowings
650
225
188.9
0.9
0.3
Notes payable
760
896
(15.2)
1.0
1.2
Other liabilities
1,460
1,372
6.4
1.9
1.9
Stockholders’ equity
6,249
5,613
11.3
8.3
7.7
CAPITAL
Regulatory Capital
The Corporation and its bank subsidiaries are subject to capital adequacy  
standards established by the Federal Reserve Board. The
risk-based capital  
standards applicable  
to Popular,  
Inc., BPPR  
and PB,  
are based  
on the  
final capital  
framework of  
Basel III.  
The
Basel III capital rules include a “Common Equity Tier 1” (“CET1”) capital ratio and define Tier 1 capital as CET1 plus “Additional Tier
1  
Capital”  
instruments  
meeting  
specified  
requirements.  
Note  
20  
to  
the  
Consolidated  
Financial  
Statements  
presents  
further
information on the Corporation’s regulatory capital requirements,  
including the regulatory capital ratios of BPPR  
and PB.
An institution  
is considered “well-capitalized”  
if it  
maintains a total  
capital ratio  
of 10%,  
a Tier  
1 capital ratio  
of 8%,  
a CET1 capital
ratio  
of  
6.5%  
and  
a  
leverage  
ratio  
of  
5%.  
The  
Corporation’s  
ratios  
presented  
in  
Table
10  
show  
that  
the  
Corporation  
was  
“well
capitalized” for  
regulatory purposes,  
the highest  
classification, under  
Basel III  
for years  
2025 and  
2024. BPPR  
and PB  
were also
well-capitalized for all the years presented.
The  
Basel  
III  
Capital  
Rules  
also  
require  
an  
additional  
2.5%  
“capital  
conservation  
buffer”,  
composed entirely  
of  
CET1,  
on  
top  
of
minimum risk-weighted asset ratios, which excludes the leverage ratio. The capital conservation buffer is  
designed to absorb losses
during periods of  
economic stress. Banking  
institutions with a  
ratio of CET1  
to risk-weighted assets  
above the minimum  
but below
the capital conservation buffer will face constraints on dividends, equity repurchases, and compensation  
based on the amount of the
shortfall. Popular,  
BPPR and  
PB are  
required to  
maintain this  
additional capital  
conservation buffer  
of 2.5%  
of CET1,  
resulting in
minimum ratios  
of (i) CET1  
to risk-weighted  
assets of  
at least  
7%, (ii) Tier  
1 capital  
to risk-weighted  
assets of  
at least  
8.5%, and
(iii) Total capital to risk-weighted assets of at least 10.5%.
Table 10 presents the Corporation’s capital adequacy information for the years 2025 and 2024.  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
77
Table 10 - Capital Adequacy  
Data
At December 31,  

(Dollars in thousands)
2025
2024
Risk-based capital:
Common Equity Tier 1 capital
$
6,463,527
$
6,262,792
Additional Tier 1 Capital  

22,143
22,143
Tier 1 capital
$
6,485,670
$
6,284,935
Supplementary (Tier 2) capital  

710,397
683,268
 
Total  
capital  

$
7,196,067
$
6,968,203
 
Total  
risk-weighted assets  

$
41,123,753
$
39,073,462
Adjusted average quarterly assets
$
74,661,894
$
72,593,464
Ratios:
Common Equity Tier 1 capital
15.72
%
16.03
%
Tier 1 capital  

15.77
16.08
Total capital  

17.50
17.83
Leverage ratio  

8.69
8.66
Average equity to assets
[1]
9.51
9.61
Average tangible equity to assets
[1]
8.54
8.60
[1]
Average balances exclude unrealized gains or losses  
on debt securities available-for-sale and unrealized  
losses on debt securities transfer
to held-to-maturities
The decrease in the CET1 capital ratio,  
Tier 1 capital ratio  
and, total capital ratio as of  
December 31, 2025, compared to December
31, 2024,
was due  
primarily to  
the repurchase  
of shares  
under the  
common stock  
repurchase authorization  
plan, common  
stock
dividends and higher risk  
weighted assets driven by the  
loan growth in the  
commercial loans held-in-portfolio, partially offset  
by the
annual earnings. The increase in  
the leverage capital ratio  
was mainly due to the  
increase in capital driven by  
the annual earnings,
partially offset by an increase in average total assets.
Pursuant  
to  
the  
adoption  
of  
CECL  
on  
January  
1,  
2020,  
the  
Corporation elected  
to  
use  
the  
five-year  
transition  
period  
option  
as
provided in the final interim regulatory capital rules effective March  
31, 2020. The five-year transition period provision delays for two
years the  
estimated impact  
of  
CECL on  
regulatory capital,  
followed by  
a three-year  
transition period  
to  
phase out  
the aggregate
amount of the capital  
benefits provided during the initial two-year  
delay. During the  
first quarter of 2025,  
the Corporation completed
the phase-in of all the cumulative impact of the  
CECL adoption.
Table 11  
reconciles the Corporation’s total common stockholders’  
equity to common equity Tier 1 capital.
Table 11  
- Reconciliation Common Equity Tier 1 Capital
At December 31,  

(Dollars in thousands)
2025
2024
Common stockholders’ equity
$
6,226,936
$
5,633,298
 
AOCI related adjustments due to opt-out election
1,096,805
1,589,875
 
Goodwill, net of associated deferred tax liability  
(DTL)
(639,734)
(657,181)
 
Intangible assets, net of associated DTLs
(5,076)
(6,826)
 
Deferred tax assets and other deductions
(215,404)
(296,374)
Common equity tier 1 capital
$
6,463,527
$
6,262,792
Common equity tier 1 capital to risk-weighted assets
15.72
%
16.03
%
Reconciliation to Tangible Common Equity and Tangible Assets
Table  
12  
provides  
a  
reconciliation of  
total  
stockholders’  
equity  
to  
tangible  
common  
equity  
and  
total  
assets  
to  
tangible  
assets  
at
December 31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
78
Table 12 - Reconciliation  
of Tangible Common Equity  
and Tangible Assets
At December 31,
(In thousands, except share or per share information)
2025
2024
Total stockholders’  
equity
$
6,249,079
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,076)
(6,826)
Total tangible common  
equity
$
5,431,906
$
4,781,143
Total assets  

$
75,348,267
$
73,045,383
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,076)
(6,826)
Total tangible assets
$
74,553,237
$
72,235,603
Tangible common  
equity to tangible assets
7.29
%
6.62
%
Common shares outstanding at end of period
65,719,385
70,141,291
Tangible book value  
per common share
$
82.65
$
68.16
Year-to-date average
Total stockholders’  
equity [1]
$
6,892,821
$
6,480,598
Average unrealized (gains) losses on AFS securities  
transferred to HTM  

314,861
572,595
Adjusted total stockholder's equity  

7,207,682
7,053,193
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(799,641)
(804,423)
Less: Other intangibles
(5,927)
(8,366)
Total tangible common  
equity
$
6,379,971
$
6,218,261
Average return on tangible common equity
13.04
%
9.85
%
[1] Average balances exclude unrealized gains or losses  
on debt securities available-for-sale.  

 
79
RISK MANAGEMENT
Market / Interest Rate Risk
The Corporation’s assets that are mainly subject to market valuation risk are debt securities classified as available-for-sale. Refer to
Notes 5 and 6 to  
the Consolidated Financial Statements for further information on  
the debt securities available-for-sale and held-to-
maturity portfolios.  
Debt securities  
classified as  
available-for-sale and  
held-to-maturity amounted  
to  
$20.6 billion  
and  
$7.3  
billion,
respectively,  
as of  
December 31, 2025.  
Other assets  
subject to  
market risk  
include mortgage  
servicing rights  
("MSRs") with  
a fair
value of $96.4 million as of December 31,  
2025.  

Interest Rate Risk (“IRR”)
The Corporation’s net interest income is subject  
to various categories of interest rate risk,  
including repricing, basis, yield curve and
option risks.  
In managing  
interest rate  
risk, management may  
alter the  
mix of  
floating and  
fixed rate  
assets and  
liabilities, change
pricing  
schedules,  
adjust  
maturities  
through  
sales  
and  
purchases  
of  
investment  
securities,  
and  
enter  
into  
derivative  
contracts,
among other alternatives.  

Management utilizes various tools to assess IRR, including Net Interest  
Income (“NII”) simulation modeling, static gap analysis, and
Economic Value of Equity (“EVE”) to monitor the risk arising from the dynamic characteristics of assets and liabilities subject to  
IRR.
The  
three  
methodologies complement  
each  
other  
and  
are  
used jointly  
in  
the  
evaluation of  
the  
Corporation’s IRR.  
NII simulation
modeling, by legal entity and on a consolidated basis, is prepared for a five-year period, which in conjunction  
with the EVE analysis,
provides management a better view of long-term  
IRR.
The Corporation processes NII  
simulations under interest rate  
scenarios in which the  
yield curve is assumed  
to rise and  
decline by
the same magnitude  
(parallel shifts). The  
rate scenarios considered in  
these market risk  
simulations include instantaneous parallel
changes of  
-100,  
-200, +100,  
and +200  
basis points  
during the  
succeeding twelve-month  
period. Assumptions  
included in  
these
analyses  
include  
that  
the  
balance  
sheet  
remains  
flat,  
relative  
levels  
of  
market  
interest  
rates  
across  
all  
yield  
curve  
points  
and
indexes, interest rate spreads, loan  
prepayments and deposit elasticity.  
Thus, they should not be  
relied upon as indicative of  
actual
results  
and  
do  
not  
contemplate  
actions  
that  
management  
may  
engage  
in  
as  
a  
response  
to  
future  
changes  
in  
interest  
rates.
Additionally,  
the Corporation  
is also  
subject to  
the risk  
inherent in  
the use  
of different  
rate indexes  
for the  
repricing of  
assets and
liabilities, as well the  
risk of pricing lags  
due to contractual or  
timing differences between the  
market and management response  
to
changes  
in  
the  
rate  
environment.  
These  
forward-looking  
computations  
are  
management’s  
best  
estimate  
based  
on  
known  
and
available information and actual results may differ.  

The  
following  
table  
presents  
the  
results  
of  
the  
simulations  
at  
December  
31,  
2025  
and  
December  
31,  
2024,  
assuming  
a  
static
balance sheet and parallel changes over flat spot rates  
over a one-year time horizon:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80
Table 13 - Net Interest Income  
Sensitivity (One Year Projection)
December 31, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
(7,520)
(0.27)
44,747
1.78
+100 basis points
(4,379)
(0.16)
22,917
0.91
-100 basis points
2,691
0.10
9,157
0.36
-200 basis points
7,488
0.27
588
0.02
As of  
December 31,  
2025, NII  
simulations showed  
a liability  
sensitive position  
for the  
Corporation, compared  
to the  
results as  
of
December 31,  
2024, when the  
Corporation showed an  
asset sensitive position.  
The variation in  
sensitivity and the  
resulting profile
was mainly due to an increase in asset  
duration driven by the extension of U.S. Treasury Notes  
and a decline in U.S. Treasury Bills
and excess  
reserves at the  
FRB as  
part of  
a decision to  
reduce sensitivity to  
declining rate scenarios,  
combined with the  
runoff in
the agency MBS portfolio  
and rise in fixed-rate  
loans. In rising rate  
scenarios, Popular’s net interest income  
would decrease due to
the lower volume of short-term assets as a result  
of the investment portfolio extension strategy combined with higher deposits costs
due to  
BPPR’s large  
proportion of  
market-linked Puerto  
Rico public  
sector deposits,  
this would  
be partially  
offset by  
variable rate
loan repricing and  
intermediate maturity assets  
coming due within  
one year.  
The portfolio extension  
transactions completed during
the  
year  
that  
contributed  
to  
the  
variance  
in  
sensitivity  
include  
purchases  
of  
$2.4  
billion  
of  
U.S.  
Treasury  
Notes  
with  
maturities
between 6  
months up  
to 3  
years with  
an average  
yield of  
4.04% executed  
mostly during  
May 2025,  
$2.5 billion  
in U.S.  
Treasury
Notes with  
an average  
maturity of  
approximately 1.4 years  
executed in  
September 2025,  
and $900  
million in  
U.S. Treasury  
notes
with an average maturity of 2.2 years and a  
yield of approximately 3.56% executed between  
November and December 2025.
The  
Corporation’s  
loan  
and  
investment  
portfolios  
are  
subject  
to  
prepayment  
risk.  
Prepayment  
risk  
also  
could  
have  
a  
significant
impact on the duration of mortgage-backed securities  
and collateralized mortgage obligations.
Table 14 presents the Corporation’s sensitivity to interest rates, reflecting its assets and liabilities  
by repricing date.
Table 14 - Interest Rate Sensitivity
At December 31, 2025
By repricing dates  

(Dollars in thousands)
0-30 days
Within 31 -
90 days
After three
months but
within six
months
After six
months but
within nine
months  

After nine
months but
within one
year
After one
year but
within two
years
After two
years
Non-
interest
bearing
funds
Total
Assets:
Money market investments
$
4,626,506
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
4,626,506
Investment and trading securities  

3,318,045
4,951,458
1,939,100
1,650,773
1,639,760
6,563,518
8,243,704
(143,252)
28,163,106
Loans
6,422,687
3,983,535
1,628,570
1,716,373
1,766,974
6,117,288
17,770,822
(68,733)
39,337,516
Other assets
-
-
-
-
-
-
-
3,221,139
3,221,139
 
Total  

14,367,238
8,934,993
3,567,670
3,367,146
3,406,734
12,680,806
26,014,526
3,009,154
75,348,267
Liabilities and stockholders' equity:
Savings, NOW and money market and  

other interest bearing demand deposits
21,254,342
216,993
318,597
310,549
302,973
1,139,963
17,863,106
-
41,406,523
Certificates of deposit
2,338,802
1,066,684
1,531,137
1,074,288
676,054
1,166,414
1,625,982
-
9,479,361
Federal funds purchased and assets  

sold under agreements to repurchase
29,356
9,645
-
-
-
-
-
-
39,001
Other short-term borrowings
650,000
-
-
-
-
-
-
-
650,000
Notes payable  

25,000
-
25,000
24,500
-
6,112
678,965
-
759,577
Non-interest bearing deposits
-
-
-
-
-
-
15,304,209
15,304,209
Other non-interest bearing liabilities
-
-
-
-
-
-
-
1,460,517
1,460,517
Stockholders' equity
-
-
-
-
-
-
-
6,249,079
6,249,079
 
Total  

$
24,297,500
$
1,293,322
$
1,874,734
$
1,409,337
$
979,027
$
2,312,489
$
20,168,053
$
23,013,805
$
75,348,267
Interest rate sensitive gap
(9,930,262)
7,641,671
1,692,936
1,957,809
2,427,707
10,368,317
5,846,473
(20,004,651)
-
Cumulative interest rate sensitive gap
(9,930,262)
(2,288,591)
(595,655)
1,362,154
3,789,861
14,158,178
20,004,651
-
-
Cumulative interest rate sensitive gap  

to earning assets
(13.73)
%
(3.16)
%
(0.82)
%
(1.88)
%
(5.24)
%
(19.57)
%
(27.65)
%
-
-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
81
Table 15, which presents the maturity distribution of earning assets, takes into consideration  
prepayment assumptions.  

Table 15 - Maturity Distribution  
of Earning Assets
As of December 31, 2025
Maturities
After one year
 
After five years
through five years
through fifteen years
After fifteen years
One year
Fixed  

Variable  

Fixed  

Variable  

Fixed  

Variable  

(In thousands)
 
or less
interest rates
interest rates
interest rates
interest rates
interest rates
interest rates
Total
Money market securities  

$
4,626,506
$
-
$
-
$
-
 
$  

-
 
$  

-
 
$  

-
$
4,626,506
Investment and trading
securities  

13,417,856
12,937,914
5,198
1,583,947
38,966
-
-
27,983,881
Loans:
 
Commercial  

5,969,126
7,262,593
3,880,219
1,358,283
781,363
69,452
278,574
19,599,610
 
Construction  

1,035,786
166,330
411,834
899
60,048
-
-
1,674,897
 
Leasing  

687,344
1,459,161
-
9,743
-
-
-
2,156,248
 
Consumer  

1,956,190
3,864,793
258,658
267,021
796,771
264
103,626
7,247,323
 
Mortgage  

697,026
2,415,129
197,246
4,464,224
18,644
670,803
196,366
8,659,438
Subtotal loans  

10,345,472
15,168,006
4,747,957
6,100,170
1,656,826
740,519
578,566
39,337,516
Total earning assets
$
28,389,834
$
28,105,920
$
4,753,155
$
7,684,117
$
1,695,792
$
740,519
$
578,566
$
71,947,903
Note: Equity securities available-for-sale and other investment  
securities, including Federal Reserve Bank stock and  
Federal Home Loan Bank stock
held by the Corporation, are not included in this table.  
Loans held-for-sale have been allocated according to the  
expected sale date.  

Trading  

The Corporation  
engages in  
trading activities  
in the  
ordinary course  
of business  
at its  
subsidiaries, BPPR  
and Popular  
Securities.
Popular Securities’  
trading activities  
consist primarily  
of market-making  
activities to  
meet expected  
customers’ needs  
related to  
its
retail brokerage business, and purchases and sales of  
U.S. Government and government sponsored securities with the objective of
realizing gains  
from expected  
short-term price  
movements. BPPR’s  
trading activities consist  
primarily of  
holding U.S.  
Government
sponsored  
mortgage-backed  
securities  
and  
economic  
hedges  
of  
the  
related  
market  
risk  
with  
“TBA”  
(to-be-announced)  
market
transactions. In  
addition, BPPR  
uses forward  
contracts or  
TBAs that  
have characteristics  
similar to  
that of  
the forecasted  
security
and its conversion timeline to hedge its securitization  
pipeline.
At  
December  
31,  
2025,  
the  
Corporation  
held  
trading  
securities  
with  
a  
fair  
value  
of  
$36.6  
million,  
representing  
0.05%  
of  
the
Corporation’s  
total  
assets,  
compared  
with  
$32.8  
million  
and  
0.05%,  
respectively,  
at  
December  
31,  
2024.  
The  
trading  
portfolio
consists  
principally of  
investment grade  
securities  
such  
as mortgage-backed  
securities  
of  
$23.4  
million with  
a  
weighted average
yield of 5.20% and U.S. Treasuries of $12.5 million with a weighted average yield  
of 2.57% at December 31, 2025 and $29.1 million
with a yield of 5.54% and $2.8 million with a  
yield of 3.28%, respectively, as of December 31, 2024.  

The Corporation’s trading activities are  
limited by internal policies. For each  
of the two subsidiaries, the  
market risk assumed under
trading  
activities  
is  
measured  
by  
the  
5-day  
net  
value-at-risk  
(“VAR”),  
with  
a  
confidence  
level  
of  
99%.  
The  
VAR  
measures  
the
maximum estimated loss that may occur over a  
5-day holding period, given a 99% probability.  

The  
Corporation’s  
trading  
portfolio  
had  
a  
5-day  
VAR  
of  
$0.3  
million  
for  
the  
last  
week  
of  
December  
2025.  
VAR  
models  
include
assumptions and  
estimates thus  
actual results  
could differ  
from the  
outputs from  
these models  
and assumptions.  
Back-testing is
performed  
on  
model  
results  
to  
compare  
actual  
results  
against  
maximum  
estimated  
losses,  
in  
order  
to  
evaluate  
model  
and
assumptions accuracy.  

 
 
 
 
82
In the opinion of management, the size and composition  
of the trading portfolio does not represent  
a significant source of market risk
for the Corporation.
Foreign Exchange
The Corporation holds  
an interest in  
BHD León in  
the Dominican Republic,  
which is an  
investment accounted for  
under the equity
method. The  
Corporation’s carrying  
value of  
the equity  
interest in  
BHD León  
approximated $249.4  
million at  
December 31,  
2025.  

This business is conducted in  
the country’s foreign currency.  
The resulting foreign currency translation  
adjustment, from operations
for which the functional  
currency is other than  
the U.S. dollar,  
is reported in accumulated  
other comprehensive income (loss) in  
the
consolidated  
statements  
of  
condition,  
except  
for  
highly-inflationary  
environments  
in  
which  
the  
effects  
would  
be  
included  
in  
the
consolidated statements  
of  
operations. At  
December 31,  
2025, the  
Corporation had  
approximately $  
85 million in  
an unfavorable
foreign currency translation  
adjustment as part  
of accumulated other  
comprehensive income (loss),  
compared with an  
unfavorable
adjustment of $ 71 million at December 31,  
2024 and $ 65 million at December 31,  
2023.  

Liquidity
Liquidity Risk Management Process
The Corporation  
has adopted  
policies and  
limits to  
monitor the  
Corporation’s liquidity  
position and  
that of  
its banking  
subsidiaries.
Refer to  
the Enterprise  
Risk Management  
section of  
Management’s Discussion  
and Analysis  
included in  
the 2025  
Form 10-K  
for
information on the framework  
in place to monitor,  
review, and approve  
policies to measure, limit and  
manage funding activities and
strategies  
impacting  
liquidity  
risk.  
Additionally,  
contingency  
funding  
plans  
are  
used  
to  
model  
various  
stress  
events  
of  
different
magnitudes that  
affect different  
time horizons,  
to assist  
management in  
evaluating the  
size of  
the liquidity  
buffers needed  
if those
events occur. However,  
such models may not predict  
accurately how the market and customers  
might react to every  
event and are
dependent on  
many assumptions.  
The objective  
of effective  
liquidity management  
is to  
ensure that  
the Corporation  
has sufficient
liquidity  
to  
meet  
all  
its  
financial  
obligations,  
finance  
expected  
future  
growth,  
fund  
planned  
capital  
distributions  
and  
maintain  
a
reasonable safety margin for cash needs under both  
normal and stressed market conditions.
Sources of Liquidity
Deposits, including  
customer deposits,  
brokered deposits  
and public  
funds deposits,  
continue to  
be the  
most significant  
source of
funds for the  
Corporation, representing  
88% of funding  
of the Corporation’s  
total assets at  
December 31, 2025 and  
December 31,
2024. The ratio of total ending loans to deposits was 59% and 57% at December 31, 2025 and December 31, 2024, respectively.  
In
addition to  
traditional deposits,  
the Corporation  
maintains borrowing  
arrangements, which  
amounted to  
$1.4 billion  
in outstanding
balances at December 31, 2025 (December 31, 2024 - $1.2 billion). A detailed  
description of the Corporation’s borrowings, including
their terms,  
is included  
in Note  
16 to  
the Consolidated  
Financial Statements. Also,  
the Consolidated Statements  
of Cash  
Flows in
the accompanying Consolidated Financial Statements provide  
information on the Corporation’s cash inflows and outflows.  

The  
following  
sections  
provide  
further  
information  
on  
the  
Corporation’s  
major  
funding  
activities  
and  
needs,  
as  
well  
as  
the  
risks
involved in these activities.
Banking Subsidiaries
Primary  
sources of  
funding  
for the  
Corporation’s  
banking subsidiaries  
(BPPR and  
PB  
or,  
collectively,  
“the banking  
subsidiaries”)
include  
retail,  
commercial  
and  
public  
sector  
deposits,  
brokered  
deposits,  
unpledged  
investment  
securities,  
mortgage  
loan
securitization and, to a lesser extent, loan sales. In  
addition, the Corporation maintains borrowing facilities with the FHLB and at the
discount window  
of the  
Federal Reserve  
Bank of  
New York  
(the “FRB”)  
and has  
a considerable  
amount of  
collateral pledged  
that
can be used to raise funds under these facilities.
During the second quarter of 2025, BPPR was able to increase its available  
liquidity by approximately $2.9 billion after the merger of
Popular Auto, LLC with  
and into BPPR, effective  
on May 1,  
2025, that allowed BPPR  
to pledge auto loans  
and leases as collateral
under the federal  
reserve’s discount window.  
At December 31,  
2025, the Corporation’s  
available liquidity amounted to  
$27.0 billion
(December  
31,  
2024  
-  
$21.6  
million),  
which  
includes  
$3.2  
billion  
related  
to  
auto  
loans  
and  
leases  
pledged  
under  
the  
federal

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
83
reserve’s  
discount  
window.  
During  
the  
fourth  
quarter  
of  
2025,  
the  
Corporation  
had  
no  
material  
incremental  
use  
of  
its  
available
liquidity sources. The liquidity sources of the Corporation  
at December 31, 2025 are presented in Table 16 below:
Table 16 - Liquidity Sources
December 31, 2025
December 31, 2024
(In thousands)
BPPR
Popular U.S.
Total
BPPR
Popular U.S.
Total
Unpledged securities and unused funding
sources:
Money market (excess funds at the
Federal Reserve Bank)
$
3,595,806
$
1,020,478
$
4,616,284
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
5,215,981
1,057,129
6,273,110
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,291,672
692,744
3,984,416
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
8,472,866
3,644,486
12,117,352
4,839,388
2,178,646
7,018,034
Total available liquidity
$
20,576,325
$
6,414,837
$
26,991,162
$
16,304,902
$
5,249,293
$
21,554,195
Refer  
to  
Note  
16  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional  
information  
of  
the  
Corporation’s  
borrowing  
facilities
available through its banking subsidiaries.  

The principal  
uses of  
funds for  
the banking  
subsidiaries include  
loan originations,  
investment portfolio  
purchases, loan  
purchases
and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational
expenses. Also, the  
banking subsidiaries assume liquidity  
risk related to collateral  
posting requirements for certain  
activities mainly
in  
connection  
with  
contractual  
commitments,  
recourse  
provisions,  
servicing  
advances,  
derivatives  
and  
credit  
card  
licensing
agreements.  

The banking  
subsidiaries maintain  
sufficient funding  
capacity to  
address large  
increases in  
funding requirements  
such as  
deposit
outflows.  
The  
Corporation has  
established  
liquidity  
guidelines  
that  
require  
the  
banking  
subsidiaries  
to  
have  
sufficient  
liquidity  
to
cover all short-term borrowings and a portion of deposits.  

Deposits are  
a key  
source of  
funding. Refer  
to Table  
8 for  
a breakdown  
of deposits  
by major  
types. Core  
deposits are  
generated
from a large base of consumer, corporate and public sector customers. Core deposits  
include certificates  
of deposit under $250,000,
all  
interest-bearing  
transactional  
deposit  
accounts,  
non-interest-bearing  
deposits,  
and  
savings  
deposits.  
Core  
deposits  
exclude
brokered  
deposits  
and  
certificates  
of  
deposit  
over  
$250,000.  
Core  
deposits,  
excluding  
P.R.  
public  
funds,  
which  
are  
fully
collateralized, have  
historically provided  
the Corporation  
with a  
sizable source  
of relatively  
stable and  
low-cost funds.  
P.R.  
public
funds, while linked to market interest rates, provide a stable source of funding with an  
attractive earning spread. As of December 31,
2025, total Puerto Rico public sector deposits were $19.4  
billion, compared to $19.5 billion at December  
31, 2024.
Core deposits represent  
92% of total  
deposits at $60.9 billion,  
as of December  
31, 2025, compared with  
92% at $59.9  
billion as of
December 31, 2024.  
Core deposits financed  
85% of the  
Corporation’s earning assets  
at December 31,  
2025, compared to  
86% at
December 31, 2024.
The Corporation  
had $1.0  
billion in  
brokered deposits  
at December  
31, 2025,  
which financed  
approximately 1%  
of its  
total assets
(December 31, 2024 - $1.6 billion and 2% respectively.  

The distribution by maturity of certificates of deposit with denominations of $250,000 and over at December 31, 2025 is presented in
the table that follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
84
Table 17 - Distribution by  
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,479,766
Over 3 to 12 months
1,017,526
Over 1 year to 3 years
280,721
Over 3 years
136,733
Total
$
3,914,746
For  
the  
year  
ended  
December  
31,  
2025,  
average  
deposits,  
including  
brokered  
deposits,  
represented  
91%  
of  
average  
earning
assets, compared with 92% for the year ended December  
31, 2024. Table 18 summarizes average deposits for the past two years.  

Table 18 - Average  
Total Deposits
For the years ended December 31,
(In thousands)
2025
2024
[2]
Deposits excluding P.R.  
public deposits
 
Demand deposits
$
14,787,933
$
15,065,039
 
Savings, NOW and money market deposits (non-brokered)
22,599,111
21,889,652
 
Savings, NOW and money market deposits (brokered)
90,776
103,201
 
Time deposits (non-brokered)
7,890,260
7,360,538
 
Time deposits (brokered CDs)
765,424
823,145
Sub-total deposits excluding P.R.  
public deposits
46,133,504
45,241,575
P.R. public  
deposits:
 
Demand deposits
 
[1]
12,125,807
11,754,910
 
Savings, NOW and money market deposits (non-brokered)
7,407,669
6,728,781
 
Time deposits (non-brokered)
735,200
719,017
Sub-total P.R.  
public deposits
20,268,676
19,202,708
Average total deposits
$
66,402,180
$
64,444,283
[1] Includes interest bearing demand deposits.  

[2] Savings, NOW and money market deposits include  
reciprocal deposits of $790 million (2024-$661.5 million)  
that were categorized as brokered
deposits at December 31, 2024 and recharacterized  
as non-brokered for December 31, 2025. Similarly,  
Time deposits include reciprocal deposits  
of
$120.1 million (2024-$133.1 million) that were categorized  
as brokered deposits at December 31, 2024 and recharacterized  
as non-brokered for
December 31, 2025. The presentation for the year 2024  
has been adjusted to conform to the 2025 presentation.
As of  
December 31,  
2025, the  
banking subsidiaries  
had sufficient  
current and  
projected liquidity  
sources to  
meet their  
anticipated
cash flow  
obligations, as  
well as  
special needs  
and off-balance  
sheet commitments,  
in the  
ordinary course  
of business  
and have
sufficient  
liquidity  
resources  
to  
address  
stress  
events.  
Although  
the  
banking  
subsidiaries  
have  
historically  
been  
able  
to  
replace
maturing  
deposits and  
advances, no  
assurance can  
be given  
that  
they  
would be  
able to  
replace those  
funds  
in the  
future if  
the
Corporation’s  
financial condition  
or  
general market  
conditions  
were to  
deteriorate. The  
Corporation’s financial  
flexibility would  
be
severely constrained if  
the banking subsidiaries  
are unable to  
maintain access to  
funding or if  
adequate funding is  
not available to
accommodate future  
financing needs  
at  
acceptable interest  
rates. The  
banking subsidiaries  
also  
are required  
to  
deposit cash  
or
qualifying  
securities  
to  
meet  
margin  
requirements  
on  
repurchase  
agreements,  
deposit  
agreements  
and  
other  
collateralized
borrowing facilities. To  
the extent that  
the value of  
securities previously pledged as  
collateral declines because of  
market changes,
the Corporation will be required to deposit additional cash or securities to meet its margin or collateral requirements and would need
to  
rely  
more  
heavily  
on  
alternative  
funding  
sources.  
In  
these  
scenarios,  
the  
Corporation’s  
financial  
flexibility  
and  
ability  
to  
grow
revenues may not increase proportionately to cover costs and  
profitability would be adversely affected.

85
The Corporation considers balances in  
excess of $250,000 to have a  
higher potential liquidity risk.  
Table  
19 reflects the aggregate
balance in  
deposit accounts  
in excess  
of $250,000,  
including collateralized  
public funds  
and deposits  
outside of  
the U.S.  
and its
territories.  
Collateralized public funds, as presented in Table 19, represent public deposit balances from governmental  
entities in the
U.S.  
and  
its  
territories,  
including  
Puerto  
Rico  
and  
the  
United  
States  
Virgin  
Islands,  
collateralized  
based  
on  
such  
jurisdictions’
applicable collateral requirements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
86
Table 19 - Deposits
31-Dec-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,873,328
44
%
$
8,283,967
69
%
$
32,157,295
49
%
Transactional deposits balances over
$250,000
8,254,961
15
%
2,341,365
19
%
10,596,326
16
%
Time deposits balances over $250,000
2,182,301
4
%
794,183
7
%
2,976,484
4
%
Uninsured foreign deposits
446,360
1
%
-
-
%
446,360
1
%
Collateralized public funds
19,748,934
36
%
264,694
2
%
20,013,628
30
%
Intercompany deposits
235,251
-
%
349,483
3
%
-
-
%
Total deposits
$
54,741,135
100
%
$
12,033,692
100
%
$
66,190,093
100
%
[1] Includes the first $250,000 in balances of transactional  
and time deposit accounts with balances in excess  
of $250,000.
31-Dec-24
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$
23,588,937
44
%
$
7,961,334
68
%
$
31,550,271
49
%
Transactional deposits balances over
$250,000
8,046,175
15
%
1,944,674
16
%
9,990,849
15
%
Time deposits balances over $250,000
1,991,934
4
%
813,424
7
%
2,805,358
4
%
Uninsured foreign deposits
450,068
1
%
-
-
%
450,068
1
%
Collateralized public funds
19,771,083
36
%
316,716
3
%
20,087,799
31
%
Intercompany deposits
205,839
-
%
667,839
6
%
-
-
%
Total deposits
$
54,054,036
100
%
$
11,703,987
100
%
$
64,884,345
100
%
[1] Includes the first $250,000 in balances of transactional  
and time deposit accounts with balances in excess  
of $250,000.
Bank Holding Companies
The principal  
sources of  
funding for  
the BHCs,  
which are  
Popular,  
Inc.  
(holding company  
only) and  
PNA, include  
cash on  
hand,
investment  
securities,  
dividends  
received from  
banking  
and  
non-banking subsidiaries,  
asset sales,  
credit  
facilities  
available from
affiliate banking subsidiaries and proceeds from potential securities offerings.  
Dividends from banking and non-banking subsidiaries
are subject  
to various  
regulatory limits  
and authorization  
requirements imposed  
by banking  
regulators, including  
the FED  
and the
NYDFS, that may limit the ability of those subsidiaries  
to act as a source of funding to the BHCs.
The principal uses of these funds include the repayment of debt, interest payments to holders of senior debt and junior subordinated
deferrable interest debentures (related to trust preferred securities), the payment of dividends to common stockholders,  
repurchases
of the Corporation’s securities and capitalizing its subsidiaries.  

The  
outstanding  
balance  
of  
notes  
payable  
at  
the  
BHCs  
amounted  
to  
$595  
million  
at  
December  
31,  
2025  
and  
$594  
million  
at
December 31, 2024.
The contractual maturities of the BHCs notes payable  
at December 31, 2025 are presented in  
Table 20.
Table 20  
- Distribution of BHC's Notes Payable by Contractual  
Maturity
Year
(In thousands)
2028
396,558
Later years
198,399
Total
$
594,957

 
 
 
 
87
As of  
December 31,  
2025, the  
BHCs had  
cash and  
money markets  
investments totaling  
$524.8 million  
and borrowing  
potential of
$165 million from its secured facility with BPPR.  
The BHCs’ liquidity position continues to be adequate with sufficient  
cash on hand,
investments and  
other sources of  
liquidity that are  
expected to be  
sufficient to  
meet all  
interest payments and  
dividend obligations
for the  
foreseeable future.  
Additionally,  
the Corporation’s  
latest quarterly  
paid dividend  
was $0.75  
per share  
or approximately  
$47
million per quarter.
The BHCs have in  
the past borrowed in the  
corporate debt market primarily to finance  
their non-banking subsidiaries and refinance
debt  
obligations.  
These  
sources  
of  
funding  
are  
more  
costly  
given  
that  
two  
out  
of  
three  
principal  
credit  
rating  
agencies  
rate  
the
Corporation’s debt  
securities below  
“investment grade”.  
The Corporation  
has a  
shelf registration  
statement filed  
and effective  
with
the  
Securities  
and  
Exchange  
Commission,  
which  
permits  
the  
Corporation  
to  
issue  
an  
unspecified  
amount  
of  
debt  
or  
equity
securities.
Non-Banking Subsidiaries
The  
principal  
sources  
of  
funding  
for  
the  
non-banking  
subsidiaries  
include  
internally  
generated  
cash  
flows  
from  
operations,  
loan
sales, repurchase agreements, capital  
injections and borrowed funds  
from their direct  
parent companies or the  
holding companies.
The principal uses of funds for the non-banking  
subsidiaries include repayment of maturing debt,  
operational expenses and payment
of dividends to the BHCs.  

Dividends
The  
Corporation  
increased  
its  
quarterly  
common  
stock  
dividend  
from  
$0.70  
to  
$0.75  
per  
share,  
commencing  
with  
the  
dividend
declared in the third  
quarter of 2025. During the  
year ended December 31, 2025,  
the Corporation declared cash dividends of  
$2.90
per  
common  
share  
outstanding  
($196.2  
million  
in  
the  
aggregate).  
The  
dividends  
for  
the  
Corporation’s  
Series  
A  
preferred  
stock
amounted to $1.4 million.
During the  
year ended December  
31, 2025,  
the BHCs  
received dividends and  
distributions amounting to  
$575 million  
from BPPR,
$23 million  
from Popular  
International Bank,  
Inc. (“PIBI”)  
and $22  
million from  
its other  
non-banking subsidiaries.  
Dividends from
BPPR constitute  
Popular,  
Inc.’s primary  
source of  
liquidity.  
In addition,  
during the  
year ended  
December 31,  
2025, PIBI,  
a wholly
owned subsidiary of Popular, Inc., received $20.0 million in cash dividends and $5.3  
million in stock dividends from its investment in
BHD.
In  
addition to  
regulatory  
limits previously  
discussed, the  
ability  
of a  
bank  
subsidiary to  
up-stream dividends  
to  
its  
BHC could  
be
impacted by  
its financial  
performance and  
capital, including  
tangible and  
regulatory capital,  
thus potentially  
limiting the  
amount of
cash up  
streamed to  
the BHCs  
from the  
banking subsidiaries.  
This could,  
in turn,  
affect BHC’s  
ability to  
declare dividends  
on its
outstanding common and preferred stock, repurchase its securities or meet its debt obligations. At December 31, 2025, BPPR could
declare  
a  
dividend  
of  
up  
to  
approximately  
$191  
million  
without  
prior  
approval  
of  
the  
Federal  
Reserve  
Board  
due  
to  
its  
retained
income, declared dividend activity and transfers to statutory reserves  
over the measurement period. In addition, pursuant to the FRB
requirements, PB may not declare or pay a dividend  
without the prior approval of the Federal Reserve  
Board and the NYSDFS.
Other Funding Sources and Capital
In addition to cash reserves held at  
the FRB that totaled $4.7 billion at  
December 31, 2025, the debt securities portfolio provides an
additional  
source  
of  
liquidity,  
which  
may  
be  
realized  
through  
either  
securities  
sales,  
collateralized  
borrowings  
or  
repurchase
agreements.  
The  
Corporation’s  
debt  
securities  
portfolio  
consists  
primarily  
of  
liquid  
U.S.  
government  
debt  
securities  
and  
U.S.
government sponsored agency  
mortgage-backed securities that can  
be used to  
raise funds in  
the repo markets.  
The availability of
repurchase  
agreements  
would  
be  
subject  
to  
having  
sufficient  
unpledged  
collateral  
available  
at  
the  
time  
the  
transactions  
are
consummated,  
in  
addition  
to  
overall  
liquidity  
and  
risk  
appetite of  
the  
various  
counterparties.  
Refer  
to  
Table  
16  
for  
details  
of  
the
Corporation’s  
unpledged  
debt  
securities  
and  
available  
credit  
facilities  
with  
the  
FHLB  
and  
the  
discount  
window  
of  
the  
Federal
Reserve Bank.  
A substantial  
portion of  
these debt  
securities could  
be used  
to raise  
financing in  
the U.S.  
money markets  
or from
secured lending sources,  
subject to changes in their fair market value and  
customary adjustments (haircuts).  

Additional  
liquidity  
may  
be  
provided  
through  
loan  
maturities,  
prepayments  
and  
sales.  
The  
loan  
portfolio  
provides  
a  
source  
of
collateral to  
secure the  
available credit  
facilities with  
the FHLB  
and the  
discount window  
of the  
Federal Reserve  
Bank. The  
loan
portfolio  
can  
also  
be  
used  
to  
obtain  
funding  
in  
the  
capital  
markets.  
Mortgage  
loans  
and  
some  
types  
of  
consumer  
loans,  
have
secondary markets which the Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments

 
88
In the ordinary course  
of business, the Corporation  
engages in financial transactions that  
are not recorded on  
the balance sheet or
may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a
provider of  
financial services,  
the Corporation  
routinely enters  
into commitments  
with off-balance  
sheet risk  
to meet  
the financial
needs  
of  
its  
customers.  
Refer  
to  
Note  
23  
to  
the  
Consolidated  
Financial  
Statements  
for  
information  
on  
the  
Corporation’s
commitments to extent credit and other non-credit commitments.  

Other types  
of off-balance  
sheet arrangements  
that the  
Corporation enters  
in the  
ordinary course  
of business  
include derivatives,
operating  
leases  
and  
provision  
of  
guarantees,  
indemnifications,  
and  
representation  
and  
warranties.  
Refer  
to  
Note  
22  
to  
the
Consolidated Financial  
Statements for  
a detailed  
discussion related  
to the  
Corporation’s guarantees,  
indemnifications obligations,
and representation and warranties arrangements.  

The Corporation monitors its cash requirements, including  
its contractual obligations and debt commitments.  

Financial Information of Guarantor and Issuers of Registered  
Guaranteed Securities
The principal sources of funding for Popular, Inc. Holding Company (“PIHC”) and Popular North America, Inc. (“PNA”) have included
dividends received  
from their  
banking and  
non-banking subsidiaries subject  
to statutory  
provisions that  
limit dividends  
paid by  
the
banking subsidiary without regulatory approval, asset  
sales and proceeds from the issuance of debt  
and equity.  

The Corporation ("PIHC") is  
the parent holding company  
of Popular North America (“PNA”)  
and operates financial services through
its subsidiaries. PNA, a wholly owned subsidiary of Popular, Inc., manages entities such as Equity One, Inc., and PB, including PB’s
subsidiaries: Popular Equipment Finance, LLC,  
Popular Insurance Agency, U.S.A., and E-LOAN, Inc.
PNA has issued junior subordinated debentures guaranteed by PIHC (the “obligor group”), purchased by statutory  
trusts established
by the Corporation using proceeds from trust preferred  
securities (“capital securities”) and common securities  
of the trusts.
PIHC guarantees  
the junior  
subordinated debentures  
issued by  
PNA. If  
PIHC fails  
to make  
interest payments  
on the  
debentures
held by the trust,  
the trust will not  
distribute payments on the  
capital securities. The guarantee  
ranks subordinate and junior  
in right
of  
payment to  
all  
other liabilities  
of  
PIHC and  
equally with  
all  
other PIHC-issued  
guarantees, allowing  
direct  
legal  
action against
PIHC without involving other entities.
Funding  
for  
PIHC  
and  
PNA  
includes  
dividends  
from  
subsidiaries,  
asset  
sales,  
and  
proceeds  
from  
debt  
and  
equity  
issuance.
Statutory provisions limit the dividends an insured  
depository institution can pay to its holding  
company without regulatory approval.
The summarized financial  
information below shows  
the combined financial  
position of the  
obligor group as  
of December 31,  
2025,
and December  
31, 2024,  
and the  
results of  
their operations  
for the  
years  
ending on  
those dates.  
Excluded are  
investments and
equity in earnings from subsidiaries and affiliates outside  
the obligor group.
Intercompany balances  
and transactions  
within the  
obligor group  
have been  
eliminated. Material  
amounts due  
from, due  
to, and
transactions with subsidiaries and affiliates are shown separately. Related party transactions  
are also presented separately.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
89
Table 21 - Summarized Statement  
of Condition
(In thousands)
December 31, 2025
December 31, 2024
Assets
Cash and money market investments
$
524,882
$
634,809
Investment securities
38,656
35,150
Accounts receivables from non-obligor subsidiaries
12,798
14,602
Accounts receivables from affiliates and related parties
 
-
 
-
Other loans (net of allowance for credit losses of $132 (2024  
- $281))
24,169
25,381
Investment in equity method investees
5,145
5,279
Other assets
91,618
65,483
Total assets
$
697,268
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
7,669
$
12,163
Notes payable
594,958
593,571
Other liabilities
135,785
126,718
Stockholders' (deficit) equity
(41,144)
48,252
Total liabilities and  
stockholders' equity
$
697,268
$
780,704
Table 22 - Summarized Statement  
of Operations
For the years ended
(In thousands)
December 31, 2025
December 31, 2024
Income:
Dividends from non-obligor subsidiaries
$
596,500
$
623,000
Interest income from non-obligor subsidiaries and affiliates
4,021
9,784
(Losses) earnings from investments in equity method  
investees
(135)
15
Other operating income
7,571
2,399
Total income
$
607,957
$
635,198
Expenses:
Services provided by non-obligor subsidiaries and affiliates  
(net of
reimbursement by subsidiaries for services provided by parent  
of
$253,213 (2024 - $172,449))
$
19,240
$
13,328
Other expenses
24,328
37,391
Income tax (benefit) expense
[1]
(2,443)
20,725
Total expenses
$
41,125
$
71,444
Net income
$
566,832
$
563,754
[1] The net income for the year ended  
December 31, 2024, included $22.9 million  
of expenses, of which $16.5 million was  
reflected in income
tax  
expense  
and  
$6.4  
million  
was  
reflected  
in  
other  
operating  
expenses,  
related  
to  
an  
out-of-period  
adjustment  
associated  
with  
the
Corporation’s U.S.  
subsidiary’s non-payment  
of taxes  
on certain  
intercompany distributions  
to the  
Bank Holding  
Company (BHC)  
in Puerto
Rico, a foreign corporation for U.S. tax purposes.

90
In addition to  
the dividend income  
reflected in the  
Statement of Operations  
table above,  
during the year  
ended December
31,  
2025,  
the  
obligor  
group  
recorded  
a  
$23.0  
million  
of  
dividend  
distributions  
from  
non-obligor  
subsidiary  
which  
was
recorded as a reduction to the investment (2024 -  
$67.4 million).

 
 
 
 
 
91
Risk to Liquidity
The  
Corporation’s  
liquidity  
may  
come  
under  
pressure  
if  
it  
experiences  
significant  
unexpected  
cash  
outflows  
due  
to  
deposit
withdrawals, which could arise  
from various factors like  
economic conditions, loss of  
depositor confidence, competition, exogenous
events, regulatory requirements or changes, a  
downgrade in credit rating, or other events  
causing counterparties to avoid exposure.
Investors should refer to Liquidity Risks section  
of “Part I, Item 1A” of  
this Form 10-K for an  
additional discussion of liquidity risks to
which the Corporation is subject.
Credit Risk
Geographic and Government Risk  

The Corporation is exposed to geographic and government risk.  
The Corporation’s assets and revenue composition by geographical
area and by  
business segment reporting are  
presented in Note  
32 to the  
Consolidated Financial Statements. Readers should  
refer
to  
the Economic  
and Market  
Risk section  
and the  
Business Risk  
section of  
“Part I,  
Item 1A”  
of  
this Form  
10-K for  
an additional
discussion  
on  
how  
the  
Corporation is  
impacted  
by  
global  
and  
local  
economic  
and  
market  
conditions, including  
weakness  
in  
the
economy,  
particularly in Puerto  
Rico, where a  
significant portion of  
our business is  
concentrated. This section  
also addresses how
our credit risk and credit  
losses can increase to the extent  
our loans are concentrated on borrowers engaged in  
the same or similar
activities or in borrowers who as a group  
may be uniquely or disproportionately affected by certain  
economic or market conditions.
Commonwealth of Puerto Rico
A  
significant portion  
of  
our financial  
activities and  
credit  
exposure is  
concentrated in  
the  
Commonwealth of  
Puerto Rico  
(“Puerto
Rico”) which has faced severe economic and fiscal  
challenges in the past and may face additional  
challenges in the future.
Economic Performance  

The latest estimates from the  
Puerto Rico Planning Board (the  
“Planning Board”) indicate that real  
GNP grew by 2.1%  
during fiscal
year  
2024  
(July 2023-June  
2024) and  
by  
1.1% in  
fiscal  
year  
2025 (July  
2024-June 2025).  
For fiscal  
year 2026  
(July  
2025-June
2026), the Planning Board  
forecasted modest GNP growth of  
0.5%. Meanwhile, the Puerto Rico  
Economic Activity Index showed a
0.8% year-over-year increase and a 0.1% month-over-month  
increase in November 2025. While this index is not  
a direct measure of
real GNP, it serves as an indicator of ongoing economic activity.
In  
2021  
and  
2022,  
inflation  
rose  
sharply  
in  
the  
U.S.  
and  
Puerto  
Rico  
due  
to  
post-pandemic  
demand  
and  
supply  
chain  
issues.
Inflation  
began  
to  
decrease  
by  
mid-2022  
as  
the  
Federal  
Reserve  
raised  
interest  
rates,  
largely  
stabilizing  
by  
September  
2024,
leading  
to  
a  
series  
of  
rate  
reductions  
by  
the  
Federal  
Reserve  
for  
the  
first  
time  
in  
four  
years.  
As  
of  
December  
2025,  
the  
U.S.
Consumer Price Index  
showed a 2.7%  
year-over-year increase, which  
is significantly lower  
than peak  
2022 inflation levels  
but still
above the Federal Reserve’s 2% target. In Puerto Rico,  
the Consumer Price Index increased by 1.9%  
over the same period.  

Fiscal Challenges of Puerto Rico and its Municipalities
As  
Puerto Rico’s  
economy contracted  
in the  
2000s, public  
debt  
increased rapidly  
due to  
borrowing to  
cover  
deficits to  
pay  
debt
service, pension benefits,  
and other expenditures.  
By 2016, the  
government had over  
$120 billion in  
combined debt and  
unfunded
pension liabilities, lost access to capital markets, and  
faced a fiscal crisis.  

In  
response,  
the  
U.S.  
Congress  
enacted  
PROMESA  
in  
June  
2016.  
PROMESA  
established  
an  
Oversight  
Board  
with  
significant
control over Puerto Rico’s  
fiscal and economic affairs,  
including those of its public  
corporations, instrumentalities and municipalities
(collectively, “PR Government Entities”).  

In August 2025, President Donald J. Trump dismissed six of the seven members of  
the Oversight Board, reportedly due to inefficient
leadership and excessive spending. Three of the dismissed members subsequently filed suit in federal  
court challenging the legality
of their dismissal. On October 3, 2025, the court issued a preliminary injunction that effectively reinstated such members and barred
the seating of replacement members while the case proceeds. An  
appeal of this ruling has been filed and remains  
pending. It is still
too early to determine what impact these developments  
may have on Puerto Rico’s fiscal and economic affairs.

 
 
92
Under PROMESA, the Oversight  
Board will remain  
in place until market  
access is restored and  
balanced budgets are achieved for
at  
least  
four  
consecutive  
years.  
PROMESA  
also  
established  
two  
mechanisms  
for  
the  
restructuring  
of  
the  
obligations  
of  
PR
Government Entities:  
(a) Title  
III, an  
in-court process  
akin to  
that of  
the U.S.  
Bankruptcy Code  
and which  
permits adjustment  
of a
broad range  
of  
obligations, and  
(b) Title  
VI,  
a largely  
out-of-court process  
through which  
a supermajority  
of creditors  
can  
accept
modifications to debt and bind holdouts.
Since  
2017,  
Puerto  
Rico  
and  
several  
of  
its  
instrumentalities  
have  
availed  
themselves  
of  
these  
mechanisms.  
The  
Puerto  
Rico
government exited Title III in March 2022, and several instrumentalities, such as the Government Development Bank and the Puerto
Rico Highways and Transportation  
Authority have also completed  
debt restructurings under Titles  
III or VI  
of PROMESA. However,
the Puerto Rico Electric Power Authority is still undergoing  
its debt restructuring.
Puerto  
Rico's economic  
difficulties  
have also  
impacted its  
municipalities. Historically,  
the central  
government provided  
significant
municipal subsidies. However, these have decreased pursuant to fiscal measures required by the Oversight Board. This decline has
been partly  
offset by  
federal disaster  
and COVID-relief  
funding received  
by municipalities  
in recent  
years. The  
latest Puerto  
Rico
fiscal plan proposes a  
restructured grant system to enhance  
municipal services and encourage accountability through  
performance
metrics.
Municipalities  
are  
subject  
to  
PROMESA,  
and  
the  
Oversight  
Board  
has  
required  
certain  
municipalities  
to  
submit  
fiscal  
plans  
and
annual budgets  
for review  
and approval.  
Municipalities are  
also required  
to seek  
Oversight Board  
approval to  
issue, guarantee  
or
modify  
their  
debts  
and  
to  
enter  
into  
significant  
contracts.  
To  
date  
no  
municipality  
has  
availed  
itself  
of  
the  
debt  
restructuring
mechanisms available to them under PROMESA.
Exposure of the Corporation  

The credit quality of BPPR’s  
loan portfolio is closely tied to the  
economic conditions in Puerto Rico. Deterioration in the Puerto  
Rico
economy  
could  
potentially  
increase  
delinquencies  
and  
charge-offs,  
thereby  
impacting  
the  
Corporation’s  
financial  
health.  
The
Corporation has direct exposure to P.R. Government Entities, which are mainly concentrated in obligations from various Puerto Rico
municipalities. Additionally,  
the Corporation  
holds loans  
and securities  
insured by  
P.R.  
Government Entities,  
such as  
the Housing
Finance  
Authority,  
whose  
ability  
to  
honor  
guarantees  
depends  
on  
its  
financial  
condition.  
BPPR’s  
commercial,  
mortgage,  
and
consumer loan portfolios are also exposed to risks from private borrowers who are service providers or have other relationships with
the Puerto  
Rico government  
and government employees  
who could  
be negatively  
affected by  
Puerto Rico’s  
fiscal challenges.  
For
further  
discussion  
of  
the  
Corporation’s  
direct  
and  
indirect  
exposure  
to  
the  
Puerto  
Rico  
government and  
its  
instrumentalities and
municipalities, please refer to Note 23 – Commitments  
and Contingencies to the Consolidated  
Financial Statements.
The  
Corporation  
also  
maintains  
significant  
deposits  
from  
P.R.  
Government  
Entities,  
with  
future  
balances  
subject  
to  
various
uncertainties.  
Further  
information  
on  
Puerto  
Rico  
Government  
deposits  
is  
included  
in  
Note  
15  
–  
Deposits  
to  
the  
Consolidated
Financial Statements.
United States Virgin Islands
The Corporation has operations in the United  
States Virgin Islands (“USVI”) and has credit exposure  
to USVI government entities.
Non-Performing Assets
Non-performing assets (“NPAs”)  
include primarily past-due  
loans that  
are no  
longer accruing interest,  
renegotiated loans, and  
real
estate property acquired through foreclosure. A summary, including certain credit  
quality metrics, is presented in Table 23.
During 2025, the Corporation’s credit quality metrics were affected by two significant unrelated commercial exposures, resulting in a
$188.4 million increase  
in non-performing loans (“NPLs”).  
The determination to classify  
these loans as  
NPLs was driven  
by factors
specific to the individual borrowers and are not  
believed to be indicative of a broader decline  
in portfolio credit quality.
The first  
loan classified  
as NPL  
is a  
$158.3 million  
commercial and  
industrial facility  
issued to  
a telecommunications  
company in
Puerto Rico  
experiencing reduced  
revenue due  
to operational  
challenges following  
a business  
acquisition and  
client attrition.  
The
second loan classified as  
NPL is a $30.1  
million commercial real estate  
facility, following  
a $13.5 million charge-off,  
and is secured
by a hotel property in Florida.

93
Excluding these cases, credit  
quality metrics reflected favorable trends. The  
Corporation continues to closely monitor the  
economic
landscape  
and  
borrower  
performance,  
as  
economic  
uncertainty  
remains  
a  
key  
consideration.  
The  
Corporation’s  
experience
managing credit risk under  
different macroeconomic and operating  
environments and, more recently,  
the steps taken  
around credit
tightening  
supports  
management’s  
view  
that  
exposure  
to  
riskier  
borrowers  
is  
adequately  
managed.  
Nonetheless,  
carefully
monitoring the performance of our loan portfolio and  
its response to the environment will continue  
to be a priority.
Total  
NPAs of $540.8 million as of December  
31, 2025, increased by $132.7 million when compared with December 31, 2024. Total
NPLs of  
$498.3 million increased  
by $147.6  
million from December  
31, 2024.  
BPPR’s NPLs  
increased by $166.6  
million, primarily
due to the classification of the two commercial exposures with book values of $158.3 million and $30.1 million as NPLs, partly offset
by lower mortgage  
NPLs by $26.1  
million. Popular U.S.  
NPLs decreased by  
$19.1 million, mostly  
driven by a  
decrease of $16.5  
in
the mortgage NPLs, due to the return  
to accrual of a single loan after a period of  
sustained performance.
 

On December  
31, 2025,  
the ratio  
of NPLs  
to total  
loans held-in-portfolio  
was 1.27%,  
compared to  
0.95%, at  
December 31,  
2024.
Other real estate owned loans (“OREOs”) totaled  
$42.4 million, a decrease of $14.8 million from December  
31, 2024.  

The Corporation’s  
commercial loan  
portfolio secured  
by real  
estate (“CRE”)  
amounted to  
$11.2  
billion on  
December 31,  
2025, of
which  
$3.2  
billion  
was  
secured  
with  
owner  
occupied  
properties,  
compared  
with  
$10.9  
billion  
and  
$3.2  
billion,  
respectively,  
on
December 31, 2024.
CRE NPLs  
amounted to  
$76.0 million  
at December  
31, 2025,  
compared with  
$53.7 million  
at December  
31, 2024.  
The CRE  
NPL
ratios for the BPPR and Popular U.S. segments were 1.23% and 0.25%, respectively,  
at December 31, 2025, compared with 0.64%
and 0.37%, respectively, on December 31, 2024.
The non-owner occupied CRE portfolio was $5.5 billion at December 31, 2025, split between $3.4 billion in BPPR and $2.1  
billion in
Popular U.S. This portfolio is diversified across sectors: retail (34%), hotels (19%),  
and office space (12%) which together represent
two-thirds of  
total non-owner  
occupied CRE  
exposure. Specifically,  
office space  
leasing accounts  
for just  
1.7% ($685.2  
million) of
the total loan portfolio, mainly comprising mid-rise properties with an average loan size of $3 million, and is well diversified by tenant
type.  

Within CRE, the  
commercial multi-family portfolio is  
$2.5 billion (approximately 6%  
of total loans),  
concentrated in New  
York  
Metro
($1.4 billion), South Florida ($664.1 million) and Puerto Rico ($196.7  
million) regions. In the New York Metro, there is no exposure to
rent-controlled buildings and rent-stabilized  
units make up less than 40% of total units,  
with most originated after 2019.
In  
addition  
to  
the  
NPLs  
included  
in  
Table  
23,  
at  
December  
31,  
2025,  
there  
were  
$499.6  
million  
of  
performing  
loans,  
mostly
commercial  
loans,  
which  
in  
management’s  
opinion,  
are  
currently  
subject  
to  
potential  
future  
classification  
as  
non-performing
(December 31, 2024 - $596 million).
The following table presents the Corporation’s NPAs as of December 31, 2025 and  
2024:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94
Table 23 - Non-Performing  
Assets
December 31, 2025
December 31, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Non-accrual loans:
Commercial
Commercial multi-family
$
112
$
8,636
$
8,748
$
79
$
8,700
$
8,779
Commercial real estate non-owner
occupied
35,692
7,020
42,712
6,429
8,015
14,444
Commercial real estate owner occupied
24,567
-
24,567
25,258
5,191
30,449
Commercial and industrial  

183,914
6,498
190,412
19,335
1,748
21,083
Total Commercial  

244,285
22,154
266,439
51,101
23,654
74,755
Leasing
9,179
-
9,179
9,588
-
9,588
Mortgage
132,373
13,422
145,795
158,442
29,890
188,332
Consumer  

 
Home equity lines of credit
-
2,796
2,796
-
3,393
3,393
 
Personal  

18,863
1,233
20,096
20,269
1,741
22,010
 
Auto
52,200
-
52,200
51,792
-
51,792
 
Other
1,809
29
1,838
899
11
910
Total Consumer  

72,872
4,058
76,930
72,960
5,145
78,105
Total non-performing  
loans held-in-portfolio
458,709
39,634
498,343
292,091
58,689
350,780
Other real estate owned (“OREO”)
41,929
504
42,433
57,197
71
57,268
Total non-performing  
assets
[1]
$
500,638
$
40,138
$
540,776
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or more
[2]
$
228,772
$
188
$
228,960
$
242,250
$
190
$
242,440
Non-performing loans  
to loans held-in-
portfolio  

1.27
%
0.95
%
Interest Lost  

12,598
15,565
[1] There were no non-performing loans held-for-sale  
as of December 31, 2025 and December 31, 2024.
[2] It is the Corporation’s  
policy to report delinquent  
residential mortgage loans  
insured by FHA or  
guaranteed by the VA  
as accruing loans past  
due 90
days or more as opposed to non-performing  
since the principal repayment is insured.  
These balances include $47 million of  
residential mortgage loans
insured by FHA or guaranteed by the VA  
that are no longer accruing interest as of  
December 31, 2025 (December 31, 2024  
- $65 million). Furthermore,
at December 31, 2025 the  
Corporation had approximately  
$27 million in reverse  
mortgage loans which are  
guaranteed by FHA, but  
which are currently
not accruing  
interest. Due  
to the  
guaranteed nature  
of the  
loans, it  
is the  
Corporation’s  
policy to  
exclude these  
balances from  
non-performing assets
(December 31, 2024 - $31 million).
For  
the  
year  
ended December  
31,  
2025,  
total  
inflows  
of  
NPLs  
held-in-portfolio, excluding  
consumer loans,  
increased by  
$132.1
million, compared to  
the same  
period in 2024.  
Inflows of  
NPLs held-in-portfolio at  
the BPPR segment  
increased by $198.2  
million,
compared to the same period in 2024, mainly driven  
by higher commercial inflows by $216.2 million, in  
part offset by lower mortgage
inflows by $18.0 million. The increase in commercial inflows was primarily driven by the abovementioned exposures, totaling $188.4
million, which were classified as NPLs during the third quarter of 2025. Inflows  
of NPLs held-in-portfolio at the Popular U.S. segment
decreased by $66.0 million from the same period in 2024, mainly  
driven by lower commercial and mortgage inflows by $29.9 million
and $36.2 million, respectively.
Tables 24 to 30 present the Corporation’s inflows to NPLs for the years ended 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
95
Table 24 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the year ended December 31, 2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance  
- NPLs
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
359,190
32,318
391,508
Advances on existing non-performing loans
(2,312)
117
(2,195)
Less:
Non-performing loans transferred to OREO
(13,067)
(433)
(13,500)
Non-performing loans charged-off
(18,325)
(1,730)
(20,055)
Loans returned to accrual status / loan collections
(158,371)
(48,240)
(206,611)
Ending balance - NPLs
$
376,658
$
35,576
$
412,234
Table 25 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the year ended December 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
158,713
98,088
256,801
Advances on existing non-performing loans
-
382
382
Less:
Non-performing loans transferred to OREO
(16,572)
(24)
(16,596)
Non-performing loans charged-off
(18,643)
(1,885)
(20,528)
Loans returned to accrual status / loan collections
(168,431)
(65,371)
(233,802)
Ending balance -  
NPLs
$
209,543
$
53,544
$
263,087

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
96
Table 26 - Activity in Non  
-Performing Commercial Loans Held-In-Portfolio
For the year ended December 31, 2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$51,101
$23,654
$74,755
Plus:
New non-performing loans
234,270
19,092
253,362
Advances on existing non-performing loans
(2,312)
116
(2,196)
Less:
Non-performing loans transferred to OREO
(260)
-
(260)
Non-performing loans charged-off
(17,948)
(1,730)
(19,678)
Loans returned to accrual status / loan collections
(20,566)
(18,978)
(39,544)
Ending balance - NPLs
$244,285
$22,154
$266,439
Table 27 - Activity in Non  
-Performing Commercial Loans Held-in-Portfolio
For the year ended December 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$72,992
11,163
$84,155
Plus:
New non-performing loans
15,749
48,764
64,513
Advances on existing non-performing loans
-
314
314
Less:
Non-performing loans transferred to OREO
(358)
-
(358)
Non-performing loans charged-off
(18,485)
(1,867)
(20,352)
Loans returned to accrual status / loan collections
(18,797)
(34,720)
(53,517)
Ending balance - NPLs
$51,101
$23,654
$74,755

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
97
Table 28 -  
Activity in Non-Performing Construction Loans Held-in  
-Portfolio
For the year ended December 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$6,378
$-
$6,378
Less:
Loans returned to accrual status / loan collections
(6,378)
-
(6,378)
Ending balance - NPLs
$-
$-
$-
Table 29 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the year ended December 31,  
2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$158,442
$29,890
$188,332
Plus:
New non-performing loans
124,920
13,226
138,146
Advances on existing non-performing loans
-
1
1
Less:
Non-performing loans transferred to OREO
(12,807)
(433)
(13,240)
Non-performing loans charged-off
(377)
-
(377)
Loans returned to accrual status / loan collections
(137,805)
(29,262)
(167,067)
Ending balance - NPLs
$132,373
$13,422
$145,795
Table 30 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the year ended December 31,  
2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$175,106
$11,191
$186,297
Plus:
New non-performing loans
142,964
49,324
192,288
Advances on existing non-performing loans
-
68
68
Less:
Non-performing loans transferred to OREO
(16,214)
(24)
(16,238)
Non-performing loans charged-off
(158)
(18)
(176)
Loans returned to accrual status / loan collections
(143,256)
(30,651)
(173,907)
Ending balance - NPLs
$158,442
$29,890
$188,332

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
98
Loan Delinquencies
Another key measure used to evaluate and  
monitor the Corporation’s asset quality is loan  
delinquencies. Loans delinquent 30 days
or  
more  
and  
delinquencies, as  
a  
percentage  
of  
their  
related  
portfolio  
category  
at  
December  
31,  
2025  
and  
2024,  
are  
presented
below.
Table 31 - Loan Delinquencies
(Dollars in thousands)
December 31, 2025
December 31, 2024
Loans delinquent
30 days or more
Total loans
Total delinquencies  

as a percentage
 
of total loans
Loans delinquent
30 days or more
Total loans
Total delinquencies  

as a percentage
 
of total loans
Commercial  

Commercial multi-family
$
24,982
$
2,455,790
1.02
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
47,068
5,543,284
0.85
24,925
5,363,235
0.46
Commercial real estate
owner occupied
28,008
3,153,080
0.89
42,311
3,157,746
1.34
Commercial and industrial
215,068
8,607,412
2.50
49,942
7,741,562
0.65
Total Commercial  

315,126
19,759,566
1.59
133,004
18,662,163
0.71
Construction  

17,283
1,674,899
1.03
1,039
1,263,792
0.08
Mortgage
[1]
759,300
8,649,440
8.78
798,130
8,114,183
9.84
Leasing
37,567
2,001,365
1.88
39,641
1,925,405
2.06
Consumer  

Credit cards  

51,846
1,256,717
4.13
59,078
1,218,079
4.85
Home equity lines of credit
4,160
78,692
5.29
5,054
73,571
6.87
Personal  

53,632
1,906,228
2.81
57,835
1,855,244
3.12
Auto  

186,798
3,819,812
4.89
191,008
3,823,437
5.00
Other
5,929
180,799
3.28
3,930
171,778
2.29
Total Consumer  

302,365
7,242,248
4.18
316,905
7,142,109
4.44
Loans held-for-sale
-
9,998
-
-
5,423
-
Total  

$
1,431,641
$
39,337,516
3.64
%
$
1,288,719
$
37,113,075
3.47
%
[1]  
Loans delinquent 30 days or more includes $0.4 billion  
of residential mortgage loans insured by FHA or guaranteed  
by the VA as of December
31, 2025 (December 31, 2024 - $0.4 billion). Refer to Note  
7 to the Consolidated Financial Statements for additional information  
of guaranteed loans.
Allowance for Credit Losses (“ACL”)
The ACL  
represents management’s  
estimate of  
expected credit  
losses through  
the remaining  
contractual life  
of the  
different loan
segments, impacted by expected prepayments. The ACL  
is maintained at a sufficient  
level to provide for estimated credit  
losses on
collateral dependent loans as well as loans modified  
for borrowers with financial difficulties separately from the remainder  
of the loan
portfolio. The Corporation’s  
management evaluates the adequacy  
of the ACL  
on a quarterly  
basis. In this  
evaluation, management
considers current  
conditions, macroeconomic  
economic expectations through  
a reasonable  
and supportable  
period, historical  
loss
experience,  
portfolio composition  
by  
loan  
type  
and  
risk  
characteristics,  
results  
of  
periodic credit  
reviews  
of  
individual loans,  
and
regulatory requirements, amongst other factors.
The Corporation must rely on  
estimates and exercise judgment regarding matters where  
the ultimate outcome is unknown, such  
as
economic developments affecting specific  
customers, industries, or markets.  
Other factors that can  
affect management’s estimates
are  
recalibration  
of  
statistical  
models  
used  
to  
calculate  
lifetime  
expected  
losses,  
changes  
in  
underwriting  
standards,  
financial
accounting standards and loan impairment measurements,  
among others. Changes in the financial condition  
of individual borrowers,
in economic  
conditions, and  
in the  
condition of  
the various  
markets in  
which collateral  
may be  
sold, may  
also affect  
the required
level of  
the allowance  
for credit  
losses. Consequently,  
the business  
financial condition,  
liquidity,  
capital, and  
results of  
operations
could also be affected.

99
At December  
31, 2025,  
the ACL  
increased by  
$62.1  
million from  
December 31,  
2024 to  
$808.1 million.
The increase  
in ACL  
was
driven  
by  
a  
combination  
of  
changes  
in  
the  
economic  
scenario,  
probability  
weights,  
loan  
volumes  
and  
increases  
in  
qualitative
reserves, in  
response to  
the current  
economic environment uncertainty,  
coupled with  
a specific  
reserve recognized  
for the  
above-
mentioned $158.3 million commercial NPL inflow.  

The  
ACL  
for  
BPPR  
increased  
by  
$47.3  
million,  
driven  
by  
a  
combination  
of  
a  
specific  
reserve  
recognized for  
the  
$158.3  
million
commercial  
NPL  
inflow,  
higher  
loan  
volumes,  
changes  
in  
the  
economic  
scenario,  
and  
changes  
in  
the  
probability  
weights  
that
resulted in a $8.8 million net ACL increase. In PB, the ACL  
increased by $14.8 million, when compared to December 31, 2024. This
increase was  
influenced by  
higher qualitative  
reserves for  
the CRE  
portfolio in  
response to  
current market  
volatility and  
economic
uncertainty, coupled with changes in the probability weights that resulted in a  
$4.9 million net increase.
The Corporation’s ratio of  
the allowance for credit  
losses to loans held-in-portfolio was  
2.05% on December 31,  
2025, compared to
2.01% on December 31, 2024.  
The ratio of the allowance for  
credit losses to NPLs held-in-portfolio stood at  
162.15%, compared to
212.68% on December 31, 2024.
Refer to Note 8 – Allowance for credit losses – loans held-in-portfolio to the Consolidated Financial Statements, and to the Provision
for Credit Losses section of this MD&A for additional  
information.  

Tables 32 to 33 details the allowance for credit losses by loan categories and the percentage  
it represents of total loans held-in-
portfolio and NPLs. The breakdown is made for analytical  
purposes, and it is not necessarily indicative of the  
categories in which
future loan losses may occur.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100
Table 32 - Allowance for Credit  
Losses - Loan Portfolios
December 31, 2025
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
 
Commercial multi-family
$
19,345
$
2,455,790
0.79
%
$
8,748
221.14
%
 
Commercial real estate non-owner occupied
58,717
5,543,284
1.06
%
42,712
137.47
%
 
Commercial real estate owner occupied
48,451
3,153,080
1.54
%
24,567
197.22
%
 
Commercial and industrial  

180,934
8,607,412
2.10
%
190,412
95.02
%
Total Commercial  

$
307,447
$
19,759,566
1.56
%
$
266,439
115.39
%
Construction
13,826
1,674,899
0.83
%
-
-
Mortgage
80,554
8,649,440
0.93
%
145,795
55.25
%
Leasing
18,620
2,001,365
0.93
%
9,179
202.85
%
Consumer  

 
Credit cards
91,124
1,256,717
7.25
%
-
-
 
Home equity lines of credit
1,335
78,692
1.70
%
2,796
47.75
%
 
Personal  

106,612
1,906,228
5.59
%
20,096
530.51
%
 
Auto
180,364
3,819,812
4.72
%
52,200
345.52
%
 
Other
8,174
180,799
4.52
%
1,838
444.72
%
Total Consumer  

$
387,609
$
7,242,248
5.35
%
$
76,930
503.85
%
Total
$
808,056
$
39,327,518
2.05
%
$
498,343
162.15
%
Table 33 - Allowance for Credit  
Losses - Loan Portfolios
December 31, 2024
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
 
Commercial multi-family
$
9,236
$
2,399,620
0.38
%
$
8,779
105.21
%
 
Commercial real estate non-owner occupied
54,494
5,363,235
1.02
%
14,444
377.28
%
 
Commercial real estate owner occupied
49,828
3,157,746
1.58
%
30,449
163.64
%
 
Commercial and industrial  

146,006
7,741,562
1.89
%
21,083
692.53
%
Total Commercial  

$
259,564
$
18,662,163
1.39
%
$
74,755
347.22
%
Construction
11,264
1,263,792
0.89
%
-
-
Mortgage
82,409
8,114,183
1.02
%
188,332
43.76
%
Leasing
16,419
1,925,405
0.85
%
9,588
171.25
%
Consumer  

 
Credit cards
99,130
1,218,079
8.14
%
-
-
 
Home equity lines of credit
1,503
73,571
2.04
%
3,393
44.30
%
 
Personal  

102,736
1,855,244
5.54
%
22,010
466.77
%
 
Auto
165,995
3,823,437
4.34
%
51,792
320.50
%
 
Other
7,004
171,778
4.08
%
910
769.67
%
Total Consumer  

$
376,368
$
7,142,109
5.27
%
$
78,105
481.87
%
Total
$
746,024
$
37,107,652
2.01
%
$
350,780
212.68
%
Table  
34  
details  
the  
breakdown  
of  
the  
allowance  
for  
credit  
losses  
by  
loan  
categories.  
The  
breakdown  
is  
made  
for  
analytical
purposes, and it is not necessarily indicative of  
the categories in which future loan losses may occur.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101
Table 34 - Allocation of the  
Allowance for Credit Losses - Loans
At December 31,
2025
2024
% of loans
% of loans
in each
in each
category to
category to
(Dollars in millions)
ACL
total loans
ACL
total loans
Commercial
 
Commercial multi-family
$19.3
6.2
%
$9.2
6.5
%
 
Commercial real estate non-owner occupied
58.7
14.1
54.5
14.5
 
Commercial real estate owner occupied
48.6
8.0
49.9
8.5
 
Commercial and industrial  

180.9
21.9
146.0
20.8
Total Commercial  

$307.5
50.2
%
$259.6
50.3
%
Construction
13.8
4.3
11.3
3.4
Mortgage  

80.6
22.0
82.4
21.9
Leasing
18.6
5.1
16.4
5.2
Consumer
 
Credit cards
91.1
3.2
99.1
3.3
 
Home equity lines of credit
1.3
0.2
1.5
0.2
 
Personal  

106.6
4.8
102.7
5.0
 
Auto
180.4
9.7
166.0
10.2
 
Other Consumer  

8.2
0.5
7.0
0.5
Total Consumer  

$387.6
18.4
%
$376.3
19.2
%
Total
[1]
$808.1
100.0
%
$746.0
100.0
%
[1] Note: For purposes of this table the term loans refers to  
loans held-in-portfolio excluding loans held-for-sale.
The following  
table presents  
net charge-offs  
to average  
loans held-in-portfolio  
(“HIP”) ratios  
by loan  
category for  
the years  
ended
December 31, 2025 and 2024:
Table 35 - Net Charge-Offs  
(Recoveries) to Average Loans HIP
December 31, 2025
December 31, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial  

0.14
%
0.01
%
0.08
%
0.17
%
0.04
%
0.11
%
Construction  

(0.01)
(0.01)
(0.01)
(0.59)
(0.01)
(0.10)
Mortgage  

(0.14)
(0.02)
(0.12)
(0.21)
(0.01)
(0.18)
Leasing
0.55
-
0.55
0.67
-
0.67
Consumer  

2.53
3.01
2.55
3.06
7.44
3.20
Total  

0.72
%
0.05
%
0.52
%
0.89
%
0.18
%
0.68
%
NCOs for the year ended December 31, 2025, amounted to $198.7 million, decreasing by $43.1 million when compared to the same
period in  
2024. The  
BPPR segment  
decreased by  
$30.1 million  
mainly driven  
by lower  
consumer NCOs  
by $32.1  
million. The  
PB
segment NCOs decreased by $13.0 million, primarily  
driven by lower consumer NCOs by $10.6  
million.

 
102
Loan Modifications
For the year ended December 31, 2025, modified  
loans to borrowers with financial difficulty amounted  
to $406.6 million, of which
$386.8 million were in accruing status. The BPPR  
segment’s modifications to borrowers with financial difficulty amounted  
to $345.7
million, mainly comprised of commercial and mortgage  
loans of $264.9 million and $54.9 million, respectively. A total of $35.9 million
of the mortgage modifications were related to government  
guaranteed loans. The Popular U.S. segment’s modifications  
to
borrowers with financial difficulty amounted to $60.9 million,  
mostly comprised of commercial loans.
Refer  
to  
Note  
8  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional  
information  
on  
modifications  
made  
to  
borrowers
experiencing financial difficulties.
Enterprise Risk Management
The Corporation’s  
Board of  
Directors has  
established a  
Risk Management  
Committee (“RMC”)  
to, among  
other things,  
assist the
Board in its (i) oversight of the Corporation’s overall risk framework and (ii)  
to monitor, review, and approve policies to measure, limit
and manage the Corporation’s risks.  

The  
Corporation  
has  
established  
a  
three  
lines  
of  
defense  
framework:  
(a)  
business  
line  
management constitutes  
the  
first  
line  
of
defense by identifying  
and managing the  
risks associated with  
business activities, (b) components  
of the Risk  
Management Group
and  
the  
Corporate  
Security  
Group,  
among  
others,  
act  
as  
the  
second  
line  
of  
defense  
by,  
among  
other  
things,  
measuring  
and
reporting on the Corporation’s risk activities, and (c) the Corporate Auditing Division
,
 
as the third line of defense, reporting directly to
the Audit Committee of the Board, by independently providing  
assurance regarding the effectiveness of the risk  
framework.  

The Enterprise Risk Management Committee (the “ERM Committee”)  
is a management committee whose purpose is to oversee and
monitor Market, Interest, Liquidity,  
Regulatory and Financial Compliance, BSA/AML & Sanctions, Regulatory,  
Strategic, Operational
(including  
Fraud  
and  
Third  
Party  
Risk,  
among  
others),  
Information  
Technology  
and  
Cyber  
Security,  
Legal,  
Credit,  
Climate  
and
Reputational risks, as  
defined in the  
Risk Appetite Statement  
(“RAS”) of the  
Risk Management Policy  
and within the  
Corporation’s
Enterprise Risk  
Management (“ERM”)  
framework. The  
ERM  
Committee and  
the Enterprise  
Risk Management  
Department in  
the
Financial and  
Operational Risk  
Management Division  
(the “FORM  
Division”), in  
coordination with  
the Chief  
Risk Officer  
(“CRO”),
create the framework to identify and manage multiple  
and cross-enterprise risks, and to articulate the  
RAS and supporting metrics.
The  
Enterprise  
Risk  
Management  
Department  
has  
established  
a  
process  
to  
ensure  
that  
an  
appropriate  
standard  
readiness
assessment is performed before we launch a new product or service. Similar procedures are performed by the Treasury Division for
transactions involving  
the purchase  
and sale  
of assets,  
and by  
the Mergers  
and Acquisitions  
Division for  
acquisition transactions.
The Enterprise Risk Management Department has a Corporate  
Issues Management Policy to promote on time remediation of  
issues
and increase the  
governance and transparency around  
the number and  
the severity of  
issues identified for each  
business unit and
corporate  
function  
by  
all  
sources.  
The  
Enterprise  
Risk  
Management  
Department  
also  
has  
a  
Corporate  
Regulatory  
Change
Management Program  
to  
oversee,  
on  
a  
risk  
basis,  
the  
implementation of  
laws  
and  
regulations by  
the  
appropriate  
business and
support areas.
The Asset/Liability  
Committee (“ALCO”),  
composed of  
senior management  
representatives from  
the business  
lines and  
corporate
functions, and the Corporate Finance Group, are responsible for planning and executing the  
Corporation’s market, interest rate risk,
funding  
activities  
and  
strategy,  
as  
well  
as  
for  
implementing  
approved  
policies  
and  
procedures.  
The  
ALCO  
also  
reviews  
the
Corporation’s  
capital  
policy  
and  
the  
attainment  
of  
the  
capital  
management  
objectives.  
In  
addition,  
the  
Financial  
Risk,  
Corporate
Insurance & Advisory Department independently measures,  
monitors and reports compliance with  
liquidity and market risk policies,
and oversees controls surrounding interest risk measurements.
The Corporate Compliance  
Committee, comprised of  
senior management team  
members and representatives  
from the Regulatory
and Financial  
Compliance Division  
and the  
Financial Crimes  
Compliance Division,  
among others,  
are responsible  
for overseeing
and  
assessing  
the  
adequacy  
of  
the  
risk  
management  
processes  
that  
support  
Popular’s  
compliance  
program  
for  
identifying,
assessing,  
measuring,  
monitoring,  
testing,  
mitigating,  
and  
reporting  
compliance  
risks.  
They  
also  
supervise  
Popular’s  
reporting
obligations  
under  
the  
compliance  
program  
to  
assess  
the  
adequacy,  
consistency  
and  
timeliness  
of  
the  
reporting  
of  
compliance-
related risks across the Corporation.  

103
The Regulatory Affairs  
team is responsible  
for maintaining an  
open dialog with  
the banking regulatory  
agencies to have  
regulatory
risks properly identified, measured, monitored, as well as communicated to  
the appropriate regulatory agency as necessary to keep
them apprised of material matters within the purview  
of these agencies.
The  
Credit  
Strategy  
Committee,  
composed  
of  
senior  
level  
management  
representatives  
from  
the  
business  
lines  
and  
corporate
functions, and the Corporate Credit Risk Management Division,  
are responsible for monitoring credit risk management  
activities both
at  
the corporate  
level  
and  
across all  
Popular subsidiaries  
providing for  
the  
development and  
consistent  
application of  
credit  
risk
policies, processes  
and procedures  
that measure,  
limit and  
manage credit  
risks, while  
seeking to  
maintain the  
effectiveness and
efficiency of the operating and businesses processes.  

The Corporation’s Operational Risk Committee (“ORCO”) composed of senior  
level management representatives from the business
lines  
and  
corporate  
functions,  
provide  
executive  
oversight  
of  
the  
operational  
risk  
management  
activities  
of  
Popular  
and  
its
subsidiaries providing  
for the  
development and  
consistent application  
of operational  
risk policies,  
processes, and  
procedures that
measure,  
limit,  
and  
manage  
operational  
risks  
while  
maintaining  
the  
effectiveness  
and  
efficiency  
of  
the  
operating  
and  
business
processes.  
The  
FORM  
Division,  
within  
the  
Risk  
Management  
Group,  
serves  
as  
ORCO’s  
operating  
arm  
and  
is  
responsible  
for
establishing baseline processes to measure, monitor, limit and manage  
operational risk.
The Corporate Security Group (“CSG”), under the direction of the  
Chief Security Officer, leads  
all efforts pertaining to cybersecurity,
enterprise fraud and data  
privacy, including  
developing strategies and oversight processes with  
policies and programs that mitigate
compliance, operational,  
strategic, financial  
and reputational  
risks associated  
with the  
Corporation’s and  
our customers’  
data and
assets.  

The Information Technology  
and Cyber Risk  
Committee, composed of senior  
management representatives from the  
business lines
and  
corporate  
functions,  
the  
Information  
Technology  
Division  
and  
the  
CSG,  
are  
responsible  
for  
the  
oversight  
and  
monitoring  
of
information  
technology  
and  
cybersecurity  
risks,  
mitigation  
strategies,  
actions  
and  
controls,  
key  
risk  
metrics,  
and  
information
technology and cyber incidents that may result in operational, compliance and reputational risks.
The Chief Security Officer also co-
chairs the Information Technology & Cyber Security Risk Committee along with the Chief Information  
& Digital Strategy Officer.
The Corporate Legal Division, in this context, has the responsibility  
of assessing, monitoring, managing and reporting with respect to
legal risks, including those related to litigation, investigations  
and other material legal matters.  

The  
Corporation has  
also  
established  
a  
Corporate Sustainability  
Committee  
whose  
purpose  
and  
responsibility is  
to  
oversee the
Corporation’s sustainability efforts and support the development and consistent application of policies, strategies and guidelines that
measure and  
manage sustainability  
matters and  
risks. The  
Corporate Sustainability  
Committee also  
assesses environmental  
and
social considerations  
with respect  
to certain  
commercial credit  
applications, in  
accordance with  
the applicable  
Commercial Credit
Policy and Commercial Credit Manuals of BPPR  
and PB.
The processes  
of strategic  
risk planning  
and the  
evaluation of  
reputational risk  
are on-going  
processes through  
which continuous
data gathering and analysis are performed. In order to have strategic risks properly identified and monitored, the Corporate Strategy
and  
Transformation  
Division,  
performs  
periodic  
assessments  
regarding  
corporate  
strategic  
priority  
initiatives,  
such  
as  
the
Corporation’s transformation initiative and other emerging issues. The  
Acquisitions and Corporate Investments Division continuously
assesses potential  
strategic transactions.  
The Corporate  
Communications Division is  
responsible for  
the monitoring,  
management
and implementation of action plans with respect  
to reputational risk issues.
Popular’s capital planning process integrates the Corporation’s risk profile  
as well as its strategic focus, operating  
environment, and
other factors  
that could  
materially affect  
capital adequacy  
in hypothetical  
highly-stressed business  
scenarios. Capital  
ratio targets
and triggers take into consideration the different risks evaluated  
under Popular’s risk management framework.
In  
addition to  
establishing a  
formal process  
to manage  
risk, our  
corporate culture  
is also  
critical to  
an effective  
risk management
function.  
Through our Code  
of Ethics, the  
Corporation provides a framework  
for all our  
employees to conduct themselves  
with the
highest integrity.
ADOPTION OF NEW ACCOUNTING STANDARDS AND ISSUED BUT NOT  
YET EFFECTIVE ACCOUNTING STANDARDS
Refer to Note 3 “New Accounting Pronouncements”  
to the Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
104
Statistical Summary 2025-2024
Statements of Financial Condition
At December 31,
(In thousands)
2025
2024
Assets:
 

Cash and due from banks
$
402,755
$
419,638
Money market investments:  

Time deposits with other banks  

4,626,506
6,380,948
Total money market investments
4,626,506
6,380,948
Trading account debt securities, at fair value
36,569
32,831
Debt securities available-for-sale, at fair  
value
20,574,972
18,245,903
Debt securities held-to-maturity, at amortized cost
7,327,529
7,758,077
Less – Allowance for credit losses
5,812
5,317
Debt securities held-to-maturity, net
7,321,717
7,752,760
Equity securities
229,848
208,166
Loans held-for-sale, at fair value
9,998
5,423
Loans held-in-portfolio:
Loans held-in-portfolio
39,749,142
37,522,995
Less – Unearned income
421,624
415,343
 
Allowance for credit losses
808,056
746,024
Total loans held-in-portfolio, net
38,519,462
36,361,628
Premises and equipment, net
685,820
601,787
Other real estate  

42,433
57,268
Accrued income receivable
300,824
263,389
Mortgage servicing rights, at fair value
96,356
108,103
Other assets
1,705,977
1,797,759
Goodwill
789,954
802,954
Other intangible assets
5,076
6,826
Total assets
$
75,348,267
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:  

Deposits:  

Non-interest bearing
$
15,304,209
$
15,139,555
Interest bearing
50,885,884
49,744,790
Total deposits
66,190,093
64,884,345
Assets sold under agreements to repurchase
39,001
54,833
Other short-term borrowings
650,000
225,000
Notes payable
759,577
896,293
Other liabilities
1,460,517
1,371,846
Total liabilities
69,099,188
67,432,317
Stockholders’ equity:
Preferred stock
22,143
22,143
Common stock
1,049
1,048
Surplus
4,924,296
4,908,693
Retained earnings
5,206,497
4,570,957
Treasury stock – at cost
(2,722,819)
(2,228,535)
Accumulated other comprehensive loss, net  
of tax
(1,182,087)
(1,661,240)
Total stockholders’ equity  

6,249,079
5,613,066
Total liabilities and stockholders’ equity
$
75,348,267
$
73,045,383

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
105
Statistical Summary 2023-2025
Statements of Operations
For the years ended December 31,
(In thousands)
2025
2024
2023
Interest income:
Loans
$
2,763,118
$
2,626,058
$
2,331,654
Money market investments
254,786
352,195
366,625
Investment securities
765,105
695,010
547,028
Total interest income
3,783,009
3,673,263
3,245,307
Less - Interest expense
1,241,806
1,390,975
1,113,783
Net interest income
2,541,203
2,282,288
2,131,524
Provision for credit losses  

260,163
256,942
208,609
Net interest income after provision for  
credit losses  

2,281,040
2,025,346
1,922,915
Mortgage banking activities
14,956
19,059
21,497
Net gain (loss), including impairment, on  
equity securities
1,596
(1,583)
3,482
Net gain on trading account debt securities
1,908
1,445
1,382
Net gain (loss) on sale of loans, including  
valuation adjustments on loans held-for-sale
-
440
(115)
Adjustment to indemnity reserves on loans  
sold
(174)
1,266
2,319
Other non-interest income
639,733
638,282
622,159
Total non-interest income
658,019
658,909
650,724
Operating expenses:  

Personnel costs
905,214
820,451
778,045
All other operating expenses
1,027,052
1,067,186
1,120,055
Total operating expenses
1,932,266
1,887,637
1,898,100
Income before income tax  

1,006,793
796,618
675,539
Income tax expense
173,634
182,406
134,197
Net Income
$
833,159
$
614,212
$
541,342
Net Income Applicable to Common Stock  

$
831,747
$
612,800
$
539,930

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
106
Statistical Summary 2025-2023
Average Balance Sheet and Summary of  
Net Interest Income
On a Taxable Equivalent  
Basis*
2025
2024
2023
(Dollars in thousands)
Average
Balance
Interest  

Average
Rate  

Average
Balance
Interest  

Average
Rate  

Average
Balance
Interest  

Average
Rate  

Assets
Interest earning assets:
Money market investments
$
5,853,342
$
254,786
4.35
%
$
6,640,514
$
352,195
5.30
%
$
7,051,718
$
366,625
5.20
%
U.S.  
Treasury securities
22,491,878
812,239
3.61
21,047,129
654,712
3.11
20,305,488
441,179
2.17
Obligations of U.S.  
Government  

Obligations of Puerto Rico, States
and political subdivisions
53,292
5,743
10.78
59,668
6,215
10.42
64,682
5,863
9.06
Collateralized mortgage obligations and
 
mortgage-backed securities
6,007,691
126,136
2.10
6,642,953
136,016
2.05
7,360,071
157,196
2.14
Other  

217,451
11,430
5.26
205,711
11,514
5.60
196,226
11,519
5.87
Total investment securities
28,770,312
955,548
3.32
27,955,461
808,457
2.89
27,926,467
615,757
2.20
Trading account securities
29,714
1,667
5.61
30,250
1,583
5.23
31,876
1,377
4.32
Loans (net of unearned income)
37,982,637
2,845,548
7.49
35,701,240
2,684,598
7.52
33,164,961
2,387,351
7.20
Total interest earning  
assets/Interest
income
$
72,636,005
$
4,057,549
5.59
%
$
70,327,465
$
3,846,833
5.47
%
$
68,175,022
$
3,371,110
4.94
%
Total non-interest  
earning assets
3,104,642
3,072,814
3,059,214
Total assets
$
75,740,647
$
73,400,279
$
71,234,236
Liabilities and Stockholders' Equity  

Interest bearing liabilities:
Savings, NOW,  
money market and
other
 

 
interest bearing demand accounts
$
42,213,411
$
884,594
2.10
%
$
40,476,544
$
1,046,100
2.58
%
$
39,463,481
$
862,981
2.19
%
Time deposits
9,390,884
293,303
3.12
8,902,700
290,021
3.26
7,775,846
187,043
2.41
Federal funds purchased
6,027
264
4.39
6,011
322
5.36
6
-
5.25
Securities purchased under agreement
to resell
59,793
2,726
4.56
70,145
3,900
5.56
115,808
6,019
5.20
Other short-term borrowings
290,617
12,827
4.41
8,402
454
5.40
27,302
1,310
4.80
Notes payable  

824,356
48,092
5.83
961,886
50,178
5.22
1,109,163
56,430
5.09
 

Total interest bearing  
liabilities/Interest
expense
52,785,088
1,241,806
2.35
50,425,688
1,390,975
2.76
48,491,606
1,113,783
2.30
 

Total non-interest  
bearing liabilities
15,747,877
15,921,398
16,142,027
Total liabilities
68,532,965
66,347,086
64,633,633
Stockholders' equity  

7,207,682
7,053,193
6,600,603
Total liabilities and  
stockholders' equity
$
75,740,647
$
73,400,279
$
71,234,236
Net interest income on a taxable
equivalent basis
$
2,815,743
$
2,455,858
$
2,257,327
Cost of funding earning assets
1.71
%
1.98
%
1.63
%
Net interest margin
3.88
%
3.49
%
3.31
%
Effect of the taxable equivalent
adjustment
274,540
173,570
125,803
Net interest income per books
$
2,541,203
$
2,282,288
$
2,131,524
*  
Shows  
the  
effect  
of  
the  
tax  
exempt  
status  
of  
some  
loans  
and  
investments  
on  
their  
yield,  
using  
the  
applicable  
statutory  
income  
tax  
rates.  
The
computation considers  
the interest  
expense disallowance  
required by  
the Puerto  
Rico Internal  
Revenue Code.  
This adjustment  
is shown  
in order  
to
compare the yields of the tax exempt and taxable assets  
on a taxable basis.  

Note: Average loan  
balances include the  
average balance of  
non-accruing loans. No  
interest income is  
recognized for these  
loans in accordance  
with
the Corporation’s  
policy.  
Average  
balances  
exclude  
unrealized  
gains  
or  
losses  
on  
debt  
securities  
available-for-sale  
and  
unrealized  
losses  
on  
debt
securities transfer to held-to-maturities.

 
 

107
Report of Management on Internal Control Over Financial  
Reporting
The management of  
Popular, Inc.  
(the “Corporation”) is responsible  
for establishing and  
maintaining adequate internal control  
over
financial reporting as defined in Rules 13a - 15(f) and 15d -  
15(f) under the Securities Exchange Act of 1934 and for our assessment
of internal control over financial reporting. The Corporation’s internal  
control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in  
accordance  
with  
accounting  
principles  
generally  
accepted  
in  
the  
United  
States  
of  
America,  
and  
includes  
controls  
over  
the
preparation of  
financial statements  
in accordance  
with the  
instructions to  
the Consolidated  
Financial Statements  
for Bank  
Holding
Companies (Form FR Y-9C)  
to comply with the reporting requirements of Section 112  
of the Federal Deposit Insurance Corporation
Improvement Act (FDICIA). The Corporation’s internal control  
over financial reporting includes those policies  
and procedures that:
(i)  
pertain  
to  
the  
maintenance  
of  
records  
that,  
in  
reasonable  
detail,  
accurately  
and  
fairly  
reflect  
the  
transactions  
and
dispositions of the assets of the Corporation;
(ii)  
provide  
reasonable  
assurance  
that  
transactions  
are  
recorded  
as  
necessary  
to  
permit  
preparation  
of  
financial
statements in accordance with accounting principles generally accepted in the United States of America, and that receipts
and expenditures of the Corporation are being made only in accordance with authorizations of management and directors
of the Corporation; and
(iii) provide reasonable assurance regarding  
prevention or timely detection of  
unauthorized acquisition, use or disposition
of the Corporation’s assets that could have a material effect  
on the financial statements.
Because  
of  
its  
inherent  
limitations,  
internal  
control  
over  
financial  
reporting  
may  
not  
prevent  
or  
detect  
misstatements.  
Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance  
with the policies or procedures may deteriorate.
The management of Popular,  
Inc. has assessed the  
effectiveness of the Corporation’s  
internal control over financial reporting  
as of
December  
31,  
2025.  
In  
making  
this  
assessment,  
management  
used  
the  
criteria  
set  
forth  
in  
the  
Internal  
Control-Integrated
Framework (2013) issued by the Committee of  
Sponsoring Organizations of the Treadway Commission (COSO).  

Based on our assessment, management concluded that the Corporation maintained effective internal control over financial reporting
as of December 31, 2025 based on the  
criteria referred to above.
The Corporation’s  
independent registered  
public accounting  
firm,
PricewaterhouseCoopers LLP
,  
has audited  
the effectiveness  
of
the Corporation’s  
internal control  
over financial  
reporting as  
of December  
31, 2025,  
as stated  
in their  
report dated  
March 2,  
2026
which appears herein.
/s/ Javier D. Ferrer
/s/ Jorge J. García
Javier D. Ferrer
Jorge J. García
President and Chief Executive Officer
Executive Vice President
and Chief Financial Officer

108
Report of Independent Registered Public Accounting Firm  

To
the
Board of Directors and Stockholders of Popular, Inc.
Opinions on the Financial Statements and Internal  
Control over Financial Reporting  

We  
have  
audited  
the  
accompanying  
consolidated  
statements  
of  
financial  
condition  
of  
Popular,  
Inc.  
and  
its
subsidiaries  
(the  
“Corporation”)  
as  
of  
December  
31,  
2025  
and  
2024,  
and  
the  
related  
consolidated  
statements  
of
operations, comprehensive income, changes  
in stockholders’ equity and cash  
flows for each of  
the three years in  
the
period ended  
December 31,  
2025, including  
the related  
notes (collectively  
referred to  
as the  
“consolidated financial
statements”).  
We  
also  
have  
audited  
the  
Corporation's  
internal  
control  
over  
financial  
reporting  
as  
of  
December  
31,
2025,  
based  
on  
criteria established in Internal  
Control  
-  
Integrated  
Framework (2013)  
issued  
by  
the  
Committee  
of
Sponsoring Organizations of the Treadway Commission (COSO).
In  
our  
opinion,  
the  
consolidated  
financial  
statements  
referred  
to  
above  
present  
fairly,  
in  
all  
material  
respects,  
the
financial position of the Corporation as of  
December 31, 2025 and 2024, and the  
results of its operations and its cash
flows  
for  
each  
of  
the  
three  
years  
in  
the  
period  
ended  
December  
31,  
2025  
in  
conformity with  
accounting  
principles
generally  
accepted  
in  
the  
United  
States  
of  
America. Also in  
our  
opinion,  
the  
Corporation maintained,  
in  
all  
material
respects,  
effective  
internal  
control  
over  
financial  
reporting  
as  
of  
December  
31,  
2025,  
based  
on
criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions  

The  
Corporation's management  
is responsible  
for these  
consolidated  
financial statements,  
for maintaining  
effective
internal control  
over financial  
reporting, and  
for its  
assessment of  
the effectiveness  
of internal  
control over  
financial
reporting,  
included  
in  
the  
accompanying  
Report  
of  
Management  
on  
Internal  
Control  
over  
Financial  
Reporting.  
Our
responsibility is  
to express  
opinions on  
the Corporation’s  
consolidated financial  
statements and  
on the  
Corporation's
internal  
control  
over  
financial  
reporting  
based  
on  
our  
audits.  
We  
are  
a  
public  
accounting  
firm  
registered  
with  
the
Public  
Company  
Accounting  
Oversight  
Board  
(United  
States)  
(PCAOB)  
and  
are  
required  
to  
be  
independent  
with
respect  
to  
the  
Corporation  
in  
accordance  
with  
the  
U.S.  
federal  
securities  
laws  
and  
the  
applicable  
rules  
and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits  
in accordance with the standards  
of the PCAOB. Those standards  
require that we plan and
perform  
the audits  
to obtain  
reasonable assurance  
about  
whether the  
consolidated financial  
statements are  
free of
material  
misstatement,  
whether due  
to error  
or  
fraud, and  
whether  
effective  
internal control  
over financial  
reporting
was maintained in all material respects.
Our  
audits  
of  
the  
consolidated  
financial  
statements  
included  
performing  
procedures  
to  
assess  
the  
risks of  
material
misstatement of the consolidated  
financial statements, whether due  
to error or fraud,  
and performing procedures that
respond to  
those risks.  
Such procedures  
included examining,  
on a  
test basis,  
evidence regarding  
the amounts  
and
disclosures  
in  
the  
consolidated  
financial  
statements.  
Our  
audits  
also  
included  
evaluating  
the  
accounting  
principles
used  
and  
significant  
estimates  
made  
by  
management,  
as  
well  
as  
evaluating  
the  
overall  
presentation  
of  
the
consolidated  
financial  
statements.  
Our  
audit  
of  
internal  
control  
over  
financial  
reporting  
included  
obtaining  
an
understanding  
of  
internal  
control  
over  
financial  
reporting,  
assessing  
the  
risk  
that  
a  
material  
weakness  
exists,  
and
testing  
and  
evaluating  
the  
design  
and  
operating  
effectiveness  
of  
internal  
control  
based  
on  
the  
assessed  
risk.  
Our
audits also included performing such other procedures as we considered necessary in  
the circumstances. We believe
that our audits provide a reasonable basis for our opinions.

109
Definition and Limitations of Internal Control over Financial Reporting  

A
company’s  
internal  
control  
over  
financial  
reporting  
is  
a  
process  
designed  
to  
provide  
reasonable  
assurance
regarding  
the  
reliability  
of  
financial  
reporting  
and  
the  
preparation  
of  
financial  
statements  
for  
external  
purposes  
in
accordance  
with  
generally  
accepted  
accounting  
principles.  
Management's  
assessment  
and  
our  
audit  
of  
Popular,
Inc.'s  
internal  
control  
over  
financial  
reporting  
also  
included  
controls  
over  
the  
preparation  
of  
financial  
statements  
in
accordance with the instructions  
to the Consolidated Financial Statements  
for Bank Holding Companies  
(Form FR Y-
9C)  
to  
comply  
with  
the  
reporting  
requirements  
of  
Section  
112  
of  
the  
Federal  
Deposit  
Insurance  
Corporation
Improvement  
Act  
(FDICIA).  
A  
company’s  
internal  
control  
over  
financial  
reporting  
includes  
those  
policies  
and
procedures  
that (i)  
pertain to  
the maintenance  
of records  
that, in  
reasonable detail,  
accurately  
and fairly  
reflect the
transactions and  
dispositions of  
the assets  
of the  
company; (ii)  
provide reasonable  
assurance that  
transactions are
recorded  
as  
necessary  
to  
permit  
preparation  
of  
financial  
statements  
in  
accordance  
with  
generally  
accepted
accounting  
principles, and  
that receipts  
and expenditures  
of the  
company are  
being made  
only  
in accordance  
with
authorizations  
of  
management  
and  
directors  
of  
the  
company;  
and  
(iii)  
provide  
reasonable  
assurance  
regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have
a material effect on the financial statements.
Because of  
its inherent  
limitations, internal  
control over  
financial reporting  
may not  
prevent or  
detect misstatements.
Also, projections of  
any evaluation of effectiveness  
to future periods are  
subject to the risk  
that controls may become
inadequate because  
of changes  
in conditions,  
or that  
the degree  
of compliance  
with the  
policies or  
procedures may
deteriorate.
Critical Audit Matters  

The  
critical  
audit  
matter  
communicated  
below  
is  
a  
matter  
arising  
from  
the  
current  
period  
audit  
of  
the  
consolidated
financial  
statements  
that  
was  
communicated  
or  
required  
to  
be  
communicated  
to  
the  
audit  
committee  
and  
that  
(i)
relates  
to  
accounts  
or  
disclosures  
that  
are  
material  
to  
the  
consolidated  
financial  
statements  
and  
(ii)  
involved  
our
especially challenging,  
subjective, or  
complex judgments.  
The communication  
of critical  
audit matters  
does not  
alter
in any way our opinion on the consolidated financial statements, taken as a whole, and  
we are not, by communicating
the  
critical  
audit  
matter  
below,  
providing  
a  
separate  
opinion  
on  
the  
critical  
audit  
matter  
or  
on  
the  
accounts  
or
disclosures to which it relates.
Allowance for Credit Losses – Certain Loans Held-in-Portfolio
As described  
in Notes  
2 and  
8 to  
the consolidated  
financial statements,  
as of  
December 31,  
2025, the  
Corporation
had an allowance for credit  
losses (“ACL”) on loans held-in-portfolio  
of $307.4 million related to  
the commercial loans
portfolio, $13.8 million related to the construction loans  
portfolio, $70.7 million related to the Banco Popular de  
Puerto
Rico’s (“BPPR”) mortgage loans portfolio,  
$97.8 million related to BPPR’s  
personal loans portfolio, and $180.4 million
related to  
the BPPR’s  
auto loans  
portfolio (collectively  
“certain loans  
held-in-portfolio”). Management  
establishes an
ACL  
for  
the  
loan  
portfolio  
based  
on  
an  
estimate  
of  
credit  
losses  
over  
the  
remaining  
contractual  
term  
of  
the  
loans,
adjusted  
for  
expected  
prepayments.  
Management  
follows  
a  
methodology  
to  
estimate  
the  
ACL  
which  
includes  
a
reasonable  
and  
supportable  
forecast  
period  
for  
estimating  
credit  
losses,  
considering  
quantitative  
and  
qualitative
factors as  
well as  
the economic  
outlook. The  
modeling framework  
includes internally  
developed quantitative  
models
that generate  
lifetime default  
and prepayments,  
and other  
loan level  
techniques to  
estimate loss  
severity.  
As part  
of
the  
methodology,  
management  
evaluates  
various  
macroeconomic  
scenarios  
and  
applies  
probability  
weights  
to  
the
outcome  
of  
the  
selected  
macroeconomic  
scenarios.  
The  
macroeconomic  
variables  
chosen  
by  
management  
to
estimate  
credit  
losses  
are  
selected  
by  
combining  
quantitative  
procedures  
with  
expert  
judgement.  
The  
ACL  
also
includes a  
qualitative adjustment  
framework that  
addresses two  
main components:  
losses that  
are expected  
but not
captured within the quantitative modeling framework and model imprecision.
The  
principal  
considerations  
for  
our  
determination  
that  
performing  
procedures  
relating  
to  
the  
allowance  
for  
credit
losses for  
certain  
loans held-in-portfolio  
is a  
critical audit  
matter are  
(i) a  
high degree  
of auditor  
effort in  
performing
procedures and evaluating audit  
evidence related to  
the allowance for credit  
losses for certain loans  
held-in-portfolio;
and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.

 
110
Addressing the  
matter involved  
performing procedures  
and evaluating audit  
evidence in  
connection with  
forming our
overall  
opinion  
on  
the  
consolidated  
financial  
statements.  
These  
procedures  
included  
testing  
the  
effectiveness  
of
controls relating to  
the allowance for credit  
losses for certain loans  
held-in-portfolio. These procedures  
also included,
among others, (i) testing management’s process for developing  
the allowance for credit losses for certain  
loans held-
in-portfolio;  
(ii) testing  
the completeness  
and  
accuracy of  
certain  
data  
used  
in  
the  
internally  
developed quantitative
models; and  
(iii) the  
involvement of  
professionals with  
specialized skill  
and knowledge  
to assist  
in evaluating  
(a) the
appropriateness of  
the methodology  
and the internally  
developed quantitative models  
used by management;  
and (b)  

the  
lifetime  
default,  
prepayment  
and  
loss  
severity  
estimates,  
management’s  
selection  
of  
various  
macroeconomic
scenarios  
and  
macroeconomic  
variables,  
the  
probability  
weights  
applied  
to  
the  
outcome  
of  
the  
selected
macroeconomic  
scenarios,  
the  
reasonable  
and  
supportable  
forecast  
period,  
and  
the  
qualitative  
adjustments  
for
losses that are expected but not captured within the quantitative modeling framework and model imprecision.
/s/ PricewaterhouseCoopers LLP
San Juan, Puerto Rico
March 2, 2026
We have served as the Corporation’s auditor since 1971, which includes periods before the Corporation became
subject to SEC reporting requirements
Stamp DLLP216-854 of the P.R. Society of
Certified Public Accountants is affixed to
the original of this report

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
111
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF FINANCIAL CONDITION
[UNAUDITED]
December 31,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
402,755
$
419,638
Money market investments
4,626,506
6,380,948
Trading account debt securities, at fair value
36,569
32,831
Debt securities available-for-sale, at fair  
value:
Pledged securities with creditors’ right to repledge  

30,687
30,486
Other debt securities available-for-sale
20,544,285
18,215,417
Debt securities available-for-sale
20,574,972
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge  

9,298
27,405
Other debt securities held-to-maturity
7,318,231
7,730,672
Debt securities held-to-maturity (fair  
value 2025 - $
7,363,587
; 2024 - $
7,682,664
)
7,327,529
7,758,077
Less – Allowance for credit losses
5,812
5,317
Debt securities held-to-maturity, net
7,321,717
7,752,760
Equity securities (realizable value 2025 -  
$
230,388
; 2024 - $
208,663
)
229,848
208,166
Loans held-for-sale, at fair value
9,998
5,423
Loans held-in-portfolio
39,749,142
37,522,995
Less – Unearned income
421,624
415,343
 
Allowance for credit losses
808,056
746,024
Total loans held-in-portfolio, net
38,519,462
36,361,628
Premises and equipment, net
685,820
601,787
Other real estate
42,433
57,268
Accrued income receivable
300,824
263,389
Mortgage servicing rights, at fair value
96,356
108,103
Other assets
1,705,977
1,797,759
Goodwill
789,954
802,954
Other intangible assets
5,076
6,826
Total assets
$
75,348,267
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:  

Deposits:
Non-interest bearing
$
15,304,209
$
15,139,555
Interest bearing
50,885,884
49,744,790
Total deposits
66,190,093
64,884,345
Assets sold under agreements to repurchase
39,001
54,833
Other short-term borrowings
650,000
225,000
Notes payable
759,577
896,293
Other liabilities
1,460,517
1,371,846
Total liabilities
69,099,188
67,432,317
Commitments and contingencies (Refer  
to Note 23)
 

 

Stockholders’ equity:  

Preferred stock,
30,000,000
 
shares authorized;
885,726
 
shares issued and outstanding (2024
-
885,726
)
22,143
22,143
Common stock, $
0.01
 
par value;
170,000,000
 
shares authorized;
104,921,229
 
shares issued (2024 -
104,849,460
) and
65,719,385
 
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,924,296
4,908,693
Retained earnings
5,206,497
4,570,957
Treasury stock - at cost,
39,201,844
 
shares (2024 -
34,708,169
)  

( 2,722,819 )
( 2,228,535 )
Accumulated other comprehensive loss, net  
of tax  

( 1,182,087 )
( 1,661,240 )
Total stockholders’ equity  

6,249,079
5,613,066
Total liabilities and stockholders’ equity
$
75,348,267
$
73,045,383
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
112
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF OPERATIONS
Years ended December 31,
(In thousands, except per share information)
2025
2024
2023
Interest income:
Loans
$
2,763,118
$
2,626,058
$
2,331,654
Money market investments
254,786
352,195
366,625
Investment securities
765,105
695,010
547,028
Total interest income
3,783,009
3,673,263
3,245,307
Interest expense:
Deposits
1,177,896
1,336,121
1,050,024
Short-term borrowings
15,818
4,676
7,329
Long-term debt
48,092
50,178
56,430
Total interest expense
1,241,806
1,390,975
1,113,783
Net interest income
2,541,203
2,282,288
2,131,524
Provision for credit losses  

260,163
256,942
208,609
Net interest income after provision for credit losses  

2,281,040
2,025,346
1,922,915
Service charges on deposit accounts
155,868
151,343
147,476
Other service fees
402,911
389,233
374,440
Mortgage banking activities (Refer to Note 9)
14,956
19,059
21,497
Net gain (loss), including impairment on equity securities
1,596
( 1,583 )
3,482
Net gain on trading account debt securities
1,908
1,445
1,382
Net gain (loss) on sale of loans, including  
valuation adjustments on loans
held-for-sale
-
440
( 115 )
Adjustments to indemnity reserves on loans sold
( 174 )
1,266
2,319
Other operating income
80,954
97,706
100,243
Total non-interest income
658,019
658,909
650,724
Operating expenses:
Personnel costs
905,214
820,451
778,045
Net occupancy expenses
110,213
111,430
111,586
Equipment expenses
22,110
33,424
37,057
Other taxes
72,939
66,046
55,926
Professional fees
110,098
125,822
161,142
Technology and software expenses
341,605
329,061
290,615
Processing and transactional services
152,386
142,677
138,070
Communications
19,270
18,899
16,664
Business promotion
107,283
101,930
94,926
FDIC deposit insurance
24,369
54,626
105,985
Other real estate owned (OREO) income
( 13,393 )
( 18,124 )
( 15,375 )
Other operating expenses
65,422
98,457
97,279
Amortization of intangibles
1,750
2,938
3,180
Goodwill impairment charge
13,000
-
23,000
Total operating expenses
1,932,266
1,887,637
1,898,100
Income before income tax
1,006,793
796,618
675,539
Income tax expense
173,634
182,406
134,197
Net Income
$
833,159
$
614,212
$
541,342
Net Income Applicable to Common Stock
$
831,747
$
612,800
$
539,930
Net Income per Common Share – Basic
$
12.31
$
8.56
$
7.53
Net Income per Common Share – Diluted
$
12.30
$
8.56
$
7.52
The accompanying notes are an integral part of  
these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
113
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF COMPREHENSIVE INCOME
Years ended December 31,  

(In thousands)
2025
2024
2023
Net income
$
833,159
$
614,212
$
541,342
Other comprehensive income before tax:
Foreign currency translation adjustment
( 13,917 )
( 6,837 )
( 7,793 )
Adjustment of pension and postretirement  
benefit plans
( 3,431 )
22,652
23,052
Amortization of net losses
9,090
14,471
19,253
Unrealized net holding gains (losses) on debt  
securities arising during the period  

402,862
101,442
391,633
Amortization of unrealized losses of debt  
securities transfer from available-for-sale  
to
held-to-maturity  

186,381
179,563
172,883
Unrealized net gains (losses) on cash flow  
hedges
-
-
( 30 )
Reclassification adjustment for net (gains)  
losses included in net income
-
-
( 41 )
Other comprehensive income before tax
580,985
311,291
598,957
Income tax (expense) benefit
( 101,832 )
( 77,000 )
30,440
Total other comprehensive income, net of tax
479,153
234,291
629,397
Comprehensive income, net of tax
$
1,312,312
$
848,503
$
1,170,739
Tax effect allocated to each component of other comprehensive  
income (loss):
Years ended December 31,  

(In thousands)
2025
2024
2023
Adjustment of pension and postretirement  
benefit plans
$
1,287
$
( 8,495 )
$
( 8,644 )
Amortization of net losses
( 3,409 )
( 5,427 )
( 7,219 )
Unrealized net holding (losses) gains on debt  
securities arising during the period  

( 62,435 )
( 27,165 )
80,854
Amortization of unrealized losses of debt  
securities transferred from available-for-sale  
to
held-to-maturity  

( 37,275 )
( 35,913 )
( 34,577 )
Unrealized net gains on cash flow hedges
-
-
11
Reclassification adjustment for net (gains)  
losses included in net income
-
-
15
Income tax (expense) benefit
$
( 101,832 )
$
( 77,000 )
$
30,440
The accompanying notes are an integral  
part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
114
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CHANGES IN STOCKHOLDERS’ EQUITY
Accumulated
 
other
Common  

Preferred
Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
loss
Total
Balance at December 31, 2022
$
1,047
$
22,143
$
4,790,993
$
3,834,348
$
( 2,030,178 )
$
( 2,524,928 )
$
4,093,425
Cumulative effect of accounting change
28,752
28,752
Net income
541,342
541,342
Issuance of stock
1
6,310
6,311
Dividends declared:
Common stock
[1]
( 163,664 )
( 163,664 )
Preferred stock
( 1,412 )
( 1,412 )
Common stock purchases  

-
( 4,550 )
( 4,550 )
Stock based compensation
1,581
15,771
17,352
Other comprehensive income, net of tax
629,397
629,397
Transfer to statutory reserve
44,515
( 44,515 )
-
Balance at December 31, 2023
$
1,048
$
22,143
$
4,843,399
$
4,194,851
$
( 2,018,957 )
$
( 1,895,531 )
$
5,146,953
Net income
614,212
614,212
Issuance of stock
6,860
6,860
Dividends declared:
Common stock
[1]
( 183,854 )
( 183,854 )
Preferred stock
( 1,412 )
( 1,412 )
Common stock purchases
[2]
( 224,626 )
( 224,626 )
Stock based compensation
5,594
15,048
20,642
Other comprehensive income, net of tax
234,291
234,291
Transfer to statutory reserve
52,840
( 52,840 )
-
Balance at December 31, 2024
$
1,048
$
22,143
$
4,908,693
$
4,570,957
$
( 2,228,535 )
$
( 1,661,240 )
$
5,613,066
Net income
833,159
833,159
Issuance of stock
1
7,118
7,119
Dividends declared:
Common stock
[1]
( 196,207 )
( 196,207 )
Preferred stock
( 1,412 )
( 1,412 )
Common stock purchases
 
[3]
( 510,639 )
( 510,639 )
Stock based compensation
8,485
16,355
24,840
Other comprehensive income, net of tax
479,153
479,153
Balance at December 31, 2025
$
1,049
$
22,143
$
4,924,296
$
5,206,497
$
( 2,722,819 )
$
( 1,182,087 )
$
6,249,079
[1]
Dividends declared per common share during the year ended  
December 31, 2025 - $
2.90
 
(2024 - $
2.56
; 2023 - $
2.27
).

[2]
Includes common  
stock  
repurchases  
of $
217.3
 
million  
as  
part of  
the 2024  
common  
stock  
repurchase  
program.  
Refer to  
Note  
19  
for additional
information.

[3]
Includes common stock repurchases of $
501.5
 
million as part of the 2024 and 2025 common stock  
repurchase program previously announced by
the Corporation. Refer to Note 19 for additional information.

Years ended December  
31,
Disclosure of changes in number of shares:
2025
2024
2023
Preferred Stock:
Balance at beginning and end of year
885,726
885,726
885,726
Common Stock:
Balance at beginning of year
104,849,460
104,767,348
104,657,522
Issuance of stock
71,769
82,112
109,826
Balance at end of year
104,921,229
104,849,460
104,767,348
Treasury stock
( 39,201,844 )
( 34,708,169 )
( 32,613,727 )
Common Stock – Outstanding
65,719,385
70,141,291
72,153,621
The accompanying notes are an integral part of these consolidated  
financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CASH FLOWS
Years ended December  
31,
(In thousands)
2025
2024
2023
Cash flows from operating activities:
Net income
$
833,159
$
614,212
$
541,342
Adjustments to reconcile net income to net cash provided  
by operating activities:
Provision for credit losses
260,163
256,942
208,609
Goodwill impairment charge
13,000
-
23,000
Amortization of intangibles
1,750
2,938
3,180
Depreciation and amortization of premises and equipment
53,230
57,078
58,507
Net accretion of discounts and amortization of premiums and  
deferred fees  

( 256,758 )
( 252,413 )
( 45,249 )
Interest capitalized on loans subject to the temporary  
payment moratorium or loss mitigation
alternatives
( 5,360 )
( 7,109 )
( 9,868 )
Share-based compensation
26,937
19,676
16,773
Fair value adjustments on mortgage servicing rights
12,881
11,370
12,339
Adjustments to indemnity reserves on loans sold
174
( 1,266 )
( 2,319 )
Earnings from investments under the equity method, net  
of dividends or distributions
( 25,886 )
( 23,541 )
( 27,450 )
Deferred income tax expense (benefit)
6,382
23,711
( 43,139 )
(Gain) loss on:
Disposition of premises and equipment and other productive  
assets
( 187 )
( 7,558 )
( 12,756 )
Proceeds from insurance claims
-
-
( 145 )
Sale of loans, including valuation adjustments on loans  
held-for-sale and mortgage banking
activities
( 608 )
( 758 )
203
Sale of equity method investment  

( 1,226 )
-
( 152 )
Sale of stock in equity method investee
-
( 551 )
-
Sale of foreclosed assets, including write-downs
( 11,890 )
( 17,953 )
( 22,665 )
Acquisitions of loans held-for-sale
( 8,688 )
( 6,886 )
( 7,639 )
Proceeds from sale of loans held-for-sale
35,968
47,809
44,734
Net originations on loans held-for-sale
( 34,214 )
( 49,579 )
( 68,310 )
Net decrease (increase) in:
Trading debt securities
10,512
13,898
33,500
Equity securities
( 5,186 )
( 6,847 )
( 11,341 )
Accrued income receivable  

( 37,401 )
216
( 23,238 )
Other assets
54,935
30,043
24,200
Net increase (decrease) in:
Interest payable
5,517
1,622
19,814
Pension and other postretirement benefits obligation
4,461
8,463
16,092
Other liabilities
( 53,218 )
( 38,795 )
( 41,410 )
Total adjustments
45,288
60,510
145,270
Net cash provided by operating activities
878,447
674,722
686,612
Cash flows from investing activities:  

Net decrease (increase) in money market investments
1,754,908
620,578
( 1,383,821 )
Purchases of investment securities:
Available-for-sale
( 36,751,680 )
( 34,339,865 )
( 16,707,264 )
Held-to-maturity
-
-
( 8,615 )
Equity
( 60,163 )
( 27,216 )
( 18,477 )
Proceeds from calls, paydowns, maturities and redemptions  
of investment securities:
Available-for-sale
35,211,557
33,789,182
18,215,910
Held-to-maturity
607,310
659,543
458,806
Proceeds from sale of investment securities:
Equity
45,167
19,623
31,946
Net disbursements on loans
( 1,792,913 )
( 1,636,569 )
( 2,475,837 )
Proceeds from sale of loans
66,982
42,287
135,231
Acquisition of loan portfolios
( 733,410 )
( 668,215 )
( 770,493 )
Return of capital from equity method investments
3
279
249
Payments to acquire equity method investments
( 687 )
( 1,250 )
( 1,500 )
Proceeds from sale of equity method investment
1,226
-
152
Proceeds from sale of stock in equity method investee
-
4,489
-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
116
Acquisition of premises and equipment
( 197,460 )
( 213,412 )
( 208,044 )
Proceeds from insurance claims
-
-
145
Proceeds from sale of:
Premises and equipment and other productive assets
659
8,890
8,658
Foreclosed assets
89,056
109,182
109,547
Net cash used in investing activities
( 1,759,445 )
( 1,632,474 )
( 2,613,407 )
Cash flows from financing activities:  

Net increase (decrease) in:
Deposits
1,300,698
1,261,053
2,365,451
Assets sold under agreements to repurchase  

( 15,832 )
( 36,551 )
( 57,225 )
Other short-term borrowings
425,000
225,000
( 365,000 )
Payments of notes payable
( 144,214 )
( 91,943 )
( 343,261 )
Principal payments of finance leases
( 3,933 )
( 3,977 )
( 5,360 )
Proceeds from issuances of notes payable
6,112
-
441,705
Proceeds from issuances of common stock
7,118
6,860
6,311
Dividends paid
( 197,568 )
( 180,461 )
( 159,860 )
Net payments for repurchase of common stock
( 504,721 )
( 213,922 )
( 461 )
Payments related to tax withholding for share-based compensation
( 8,079 )
( 6,476 )
( 4,089 )
Net cash provided by (used in) financing activities
864,581
959,583
1,878,211
Net (decrease) increase  
in cash and due from banks, and restricted cash
( 16,417 )
1,831
( 48,584 )
Cash and due from banks, and restricted cash at beginning  
of period
429,406
427,575
476,159
Cash and due from banks, and restricted cash at end of period
$
412,989
$
429,406
$
427,575
The accompanying notes are an integral part of these consolidated  
financial statements.

117
Notes to Consolidated Financial Statements  

Note 1 -
Nature of Operations
118
Note 2 -
Summary of Significant Accounting Policies
119
Note 3 -
New Accounting Pronouncements
129
Note 4 -
Restrictions on Cash and Due from Banks and Certain Securities
135
Note 5 -
Debt Securities Available-For-Sale
136
Note 6 -
Debt Securities Held-to-Maturity
139
Note 7 -
Loans
142
Note 8 -
Allowance for Credit Losses – Loans Held-In-Portfolio
150
Note 9 -
Mortgage Banking Activities
186
Note 10 -
Transfers of Financial Assets and Mortgage  
Servicing Assets
187
Note 11 -
Premises and Equipment
190
Note 12 -
Other Real Estate Owned
191
Note 13 -
Other Assets
192
Note 14 -
Goodwill and Other Intangible Assets  

194
Note 15 -
Deposits
196
Note 16 -
Borrowings
197
Note 17 -
Trust Preferred Securities
200
Note 18 -
Other Liabilities
201
Note 19 -
Stockholders’ Equity
202
Note 20 -
Regulatory Capital Requirements
203
Note 21 -
Other Comprehensive Income (Loss)  

206
Note 22 -
Guarantees
208
Note 23 -
Commitments and Contingencies
210
Note 24-
Non-consolidated Variable Interest  
Entities
213
Note 25 -
Derivative Instruments and Hedging Activities
215
Note 26 -
Related Party Transactions
218
Note 27 -
Fair Value Measurement
219
Note 28 -
Fair Value of Financial Instruments
227
Note 29 -
Employee Benefits
230
Note 30 -
Net Income per Common Share
238
Note 31 -
Revenue from Contracts with Customers
239
Note 32 -
Leases
241
Note 33 -
Stock-Based Compensation
243
Note 34 -
Income Taxes
246
Note 35 -
Supplemental Disclosure on the Consolidated Statements of Cash  
Flows
251
Note 36 -
Segment Reporting
252
Note 37 -
Popular, Inc. (Holding company only)  
Financial Information
257

118
Note 1 – Nature of Operations

 

Popular,  
Inc. (the  
“Corporation” or  
“Popular”) is  
a diversified,  
publicly owned  
financial holding  
company subject  
to the  
supervision
and  
regulation  
of  
the  
Board  
of  
Governors  
of  
the  
Federal  
Reserve  
System.  
The  
Corporation  
has  
operations  
in  
Puerto  
Rico,  
the
mainland United  
States (“U.S.”)  
and the  
U.S. and  
British Virgin  
Islands. In  
Puerto Rico,  
the Corporation  
provides retail,  
mortgage,
and  
commercial banking  
services, as  
well as  
auto and  
equipment leasing  
and financing  
through its  
principal banking  
subsidiary,
Banco Popular  
de Puerto  
Rico (“BPPR”),  
as well  
as broker-dealer  
and insurance  
services through  
specialized subsidiaries.  
In the
U.S.  
mainland,  
the  
Corporation  
provides  
retail  
and  
commercial  
banking  
services,  
as  
well  
as  
equipment  
leasing  
and  
financing,
through  
its  
New  
York-chartered  
banking subsidiary,  
Popular  
Bank  
(“PB”  
or  
“Popular  
U.S.”),  
which  
has  
branches  
located  
in  
New
York, New Jersey, and Florida.

119
Note 2 – Summary of significant accounting  
policies

The  
accounting  
and  
financial  
reporting  
policies  
of  
Popular,  
Inc.  
and  
its  
subsidiaries  
(the  
“Corporation”) conform  
with  
accounting
principles generally accepted in the United States  
of America and with prevailing practices within  
the financial services industry.  

The following is a description of the most significant  
of these policies:

Principles of consolidation
The  
consolidated  
financial  
statements  
include  
the  
accounts  
of  
Popular,  
Inc.  
and  
its  
subsidiaries.  
Intercompany  
accounts  
and
transactions have been  
eliminated in consolidation. In  
accordance with the  
consolidation guidance for variable  
interest entities, the
Corporation  
would  
also  
consolidate  
any  
variable  
interest  
entities  
(“VIEs”)  
for  
which  
it  
has  
a  
controlling  
financial  
interest;  
and
therefore, it is the primary beneficiary. Assets  
held in a fiduciary capacity are not assets of the Corporation and, accordingly,  
are not
included in the Consolidated Statements of Financial  
Condition.
Unconsolidated investments, in  
which there is  
at least  
20% ownership and  
/ or  
the Corporation exercises  
significant influence, are
generally  
accounted  
for  
by  
the  
equity  
method  
with  
earnings  
recorded  
in  
other  
operating  
income.  
Limited  
partnerships  
are  
also
accounted for by the equity method unless the investor’s  
interest is so “minor” that the limited partner may have  
virtually no influence
over  
partnership  
operating  
and  
financial  
policies.  
These  
investments  
are  
included  
in  
other  
assets  
and  
the  
Corporation’s
proportionate share of income or loss is included  
in other operating income.  

Statutory business trusts that are wholly-owned by the Corporation and are  
issuers of trust preferred securities are not consolidated
in the Corporation’s Consolidated Financial Statements.

Business combinations
Business combinations are accounted for under the acquisition method. Under this method, assets acquired, liabilities assumed and
any noncontrolling  
interest in  
the acquiree  
at the  
acquisition date  
are measured  
at their  
fair values  
as of  
the acquisition  
date. The
acquisition  
date  
is  
the  
date  
the  
acquirer  
obtains  
control.  
Transaction  
costs  
are  
expensed  
as  
incurred.  
Contingent  
consideration
classified as an asset  
or a liability is remeasured to  
fair value at each reporting  
date until the contingency is  
resolved. The changes
in fair  
value of  
the contingent  
consideration are  
recognized in  
earnings unless  
the arrangement  
is a  
hedging instrument  
for which
changes are initially recognized in other comprehensive income (loss). The Corporation did not engage  
in any business combination
activities during the years ended December 31,  
2025 and 2024.

 

Use of estimates in the preparation of financial  
statements
The preparation of financial  
statements in conformity with  
accounting principles generally accepted in  
the United States  
of America
requires management to make  
estimates and assumptions that  
affect the reported  
amounts of assets and  
liabilities and contingent
assets  
and  
liabilities  
at  
the  
date  
of  
the  
financial  
statements,  
and  
the  
reported  
amounts  
of  
revenues  
and  
expenses  
during  
the
reporting period. Actual results could differ from those estimates.

Fair value measurements
The Corporation determines the fair values of its  
financial instruments based on the fair value framework  
established in the guidance
for Fair Value  
Measurements in Accounting  
Standards Codification (“ASC”)  
Subtopic 820-10, which  
requires an entity  
to maximize
the use  
of observable inputs  
and minimize the  
use of  
unobservable inputs when  
measuring fair value.  
Fair value is  
defined as the
exchange price that would be received for an asset or paid to transfer a liability  
(an exit price) in the principal or most advantageous
market  
for  
the  
asset  
or  
liability  
in  
an  
orderly  
transaction  
between  
market  
participants  
on  
the  
measurement  
date.  
The  
standard
describes three  
levels of  
inputs that  
may be  
used to  
measure fair  
value which  
are (1)  
quoted market  
prices for  
identical assets  
or
liabilities in active markets, (2) observable market-based  
inputs or unobservable inputs that are corroborated  
by market data, and (3)
unobservable  
inputs  
that  
are  
not  
corroborated  
by  
market  
data.  
The  
fair  
value  
hierarchy  
ranks  
the  
quality  
and  
reliability  
of  
the
information used to determine fair values.  

The  
guidance  
in  
ASC  
Subtopic  
820-10  
also  
addresses  
measuring  
fair  
value  
in  
situations  
where  
markets  
are  
inactive  
and
transactions are  
not orderly.  
Transactions  
or quoted  
prices for  
assets and  
liabilities may  
not be  
determinative of  
fair value  
when
transactions are not  
orderly, and  
thus, may require  
adjustments to estimate fair  
value. Price quotes  
based on transactions  
that are
not orderly should be given  
little, if any,  
weight in measuring fair value. Price  
quotes based on transactions that are  
orderly shall be
considered  
in  
determining  
fair  
value,  
and  
the  
weight  
given  
is  
based  
on  
facts  
and  
circumstances.  
If  
sufficient  
information  
is  
not
available to  
determine if  
price quotes  
are based  
on orderly  
transactions, less  
weight should  
be given to  
the price  
quote relative  
to
other transactions that are known to be orderly.

 

120
Investment securities
Investment securities are classified in four categories and  
accounted for as follows:
●
 
Debt securities that  
the Corporation has  
the intent and  
ability to hold  
to maturity are  
classified as debt  
securities held-to-
maturity and reported  
at amortized cost. An  
ACL is established  
for the expected credit  
losses over the remaining  
term of
debt securities held-to-maturity. The Corporation has established a methodology to estimate credit losses which  
considers
qualitative factors,  
including internal credit  
ratings and  
the underlying source  
of repayment  
in determining  
the amount  
of
expected  
credit  
losses.  
Debt  
securities  
held-to-maturity  
are  
written-off  
through  
the  
ACL  
when  
a  
portion  
or  
the  
entire
amount is deemed uncollectible, based on the information considered to develop expected credit losses through the life of
the  
asset.  
The  
ACL  
is  
estimated  
by  
leveraging  
the  
expected  
loss  
framework  
for  
mortgages  
in  
the  
case  
of  
securities
collateralized by  
2
nd
 
lien loans  
and the  
commercial C&I  
models for  
municipal bonds.  
As part  
of this  
framework, internal
factors are stressed,  
as a qualitative  
adjustment, to reflect current  
conditions that are  
not necessarily captured within  
the
historical  
loss  
experience.  
The  
modeling  
framework  
includes  
a  
2-year  
reasonable  
and  
supportable  
period  
gradually
reverting, over a  
3-years horizon, to  
historical information at  
the model input  
level. The Corporation’s  
portfolio of held-to-
maturity  
securities  
includes  
U.S. Treasury  
notes  
and  
obligations from  
the  
U.S.  
Government. These  
securities  
have  
an
explicit or implicit guarantee from the U.S. government, are highly rated by major  
rating agencies, and have a long history
of no  
credit losses.  
Accordingly,  
the Corporation  
applies a  
zero-credit loss  
assumption and  
no ACL  
for these  
securities
has been established. The  
Corporation may not sell  
or transfer held-to-maturity securities without  
calling into question its
intent  
to  
hold  
other  
debt  
securities  
to  
maturity,  
unless  
a  
nonrecurring  
or  
unusual  
event  
that  
could  
not  
have  
been
reasonably anticipated has occurred.
●
 
Debt securities  
classified as  
trading securities  
are reported  
at fair  
value, with  
unrealized and  
realized gains  
and losses
included in non-interest income.
●
 
Debt  
securities  
classified  
as  
available-for-sale  
are  
reported  
at  
fair  
value.  
Declines  
in  
fair  
value  
below  
the  
securities’
amortized cost which are  
not related to estimated credit losses  
are recorded through other comprehensive income  
(loss),
net of  
taxes. If  
the Corporation intends  
to sell  
or believes  
it is  
more likely than  
not that it  
will be  
required to sell  
the debt
security,  
it is  
written down  
to  
fair value  
through earnings.  
Credit losses  
relating to  
available-for-sale debt  
securities are
recorded through an  
ACL, which are  
limited to the  
difference between the  
amortized cost and the  
fair value of  
the asset.
The ACL is established for the expected credit losses over the remaining term of debt security. The Corporation’s portfolio
of  
available-for-sale securities  
is comprised  
mainly  
of  
U.S. Treasury  
notes  
and  
obligations from  
the  
U.S.  
Government.
These  
securities  
have  
an  
explicit  
or  
implicit  
guarantee  
from  
the  
U.S.  
government,  
are  
highly  
rated  
by  
major  
rating
agencies, and have a  
long history of no  
credit losses. Accordingly,  
the Corporation applies a  
zero-credit loss assumption
and no  
ACL for  
these securities  
has been  
established. The Corporation  
monitors its securities  
portfolio composition and
credit performance on a  
quarterly basis to determine if  
any allowance is considered necessary.  
Debt securities available-
for-sale are written-off when  
a portion or  
the entire amount is  
deemed uncollectible, based on the  
information considered
to  
develop expected  
credit losses  
through the  
life of  
the asset.  
The specific  
identification method  
is used  
to  
determine
realized  
gains  
and  
losses  
on  
debt  
securities  
available-for-sale,  
which  
are  
included  
in  
net  
(loss)  
gain  
on  
sale  
of  
debt
securities in the Consolidated Statements of Operations.
●
 
Equity securities that have readily available fair values are reported at fair value. Equity securities that do not have readily
available fair  
values are  
measured at  
cost, less  
any impairment,  
plus or  
minus changes  
resulting from  
observable price
changes in  
orderly transactions  
for the  
identical or  
a similar  
investment of  
the same  
issuer.  
Stock that  
is owned  
by the
Corporation  
to  
comply  
with  
regulatory  
requirements,  
such  
as  
Federal  
Reserve  
Bank  
and  
Federal  
Home  
Loan  
Bank
(“FHLB”) stock, is included in this category, and their realizable value equals their cost. Unrealized and realized gains and
losses and any impairment on equity securities are included in net gain (loss), including impairment on equity securities in
the Consolidated Statements  
of Operations. Dividend income  
from investments in  
equity securities is included  
in interest
income.
The  
amortization  
of  
premiums is  
deducted  
and  
the  
accretion of  
discounts is  
added to  
net  
interest income  
based on  
the  
interest
method  
over the  
outstanding period  
of  
the  
related  
securities.  
Purchases and  
sales  
of  
securities  
are  
recognized  
on  
a  
trade  
date
basis.

Derivative financial instruments
All derivatives are recognized on the Statements of Financial Condition at  
fair value. The Corporation’s policy is not to  
offset the fair
value  
amounts  
recognized  
for  
multiple  
derivative  
instruments  
executed  
with  
the  
same  
counterparty  
under  
a  
master  
netting

121
arrangement nor to offset the fair value amounts recognized for the  
right to reclaim cash collateral (a receivable) or the obligation  
to
return cash collateral (a payable) arising from the  
same master netting arrangement as the derivative  
instruments.
For  
a  
cash  
flow  
hedge,  
changes  
in  
the  
fair  
value  
of  
the  
derivative  
instrument  
are  
recorded  
net  
of  
taxes  
in  
accumulated  
other
comprehensive income (loss) and subsequently reclassified  
to net income in the same period(s) that the hedged  
transaction impacts
earnings. For free-standing derivative instruments,  
changes in fair values are reported in current  
period earnings.
Prior  
to  
entering  
a  
hedge  
transaction,  
the  
Corporation  
formally  
documents  
the  
relationship  
between  
hedging  
instruments  
and
hedged  
items,  
as  
well  
as  
the  
risk  
management objective  
and  
strategy for  
undertaking various  
hedge  
transactions.  
This  
process
includes  
linking all  
derivative instruments  
to  
specific assets  
and  
liabilities on  
the Statements  
of  
Financial Condition  
or to  
specific
forecasted transactions  
or firm  
commitments along  
with a  
formal assessment,  
at both  
inception of  
the hedge  
and on  
an ongoing
basis,  
as  
to  
the  
effectiveness  
of the  
derivative instrument  
in  
offsetting  
changes  
in  
fair  
values  
or  
cash  
flows  
of  
the  
hedged  
item.
Hedge accounting  
is discontinued  
when the  
derivative instrument  
is not  
highly effective  
as a  
hedge, a  
derivative expires,  
is sold,
terminated, when it is unlikely that a forecasted transaction will  
occur or when it is determined that it is  
no longer appropriate. When
hedge accounting is discontinued the derivative continues  
to be carried at fair value with changes in fair  
value included in earnings.  

The Corporation  
utilizes forward  
contracts to  
hedge the  
sale  
of mortgage-backed  
securities with  
duration terms  
over one  
month.
Interest rate forwards are contracts for the delayed delivery of securities,  
which the seller agrees to deliver on a specified future date
at  
a  
specified  
price  
or  
yield.  
Based  
on  
the  
election  
to  
apply  
fair  
value  
accounting  
for  
its  
mortgage  
loans  
held  
for  
sale,  
hedge
accounting  
is  
not  
used  
for  
these  
forward  
contracts  
and  
changes  
in  
the  
fair  
value  
of  
the  
loans  
are  
expected  
to  
be  
offset  
by  
the
changes in the fair value of the forward  
contract, both of which are recorded through net  
income (loss).
For non-exchange  
traded contracts,  
fair value  
is based  
on dealer  
quotes, pricing  
models, discounted  
cash flow  
methodologies or
similar techniques for which the determination of  
fair value may require significant management judgment  
or estimation.  

The fair value of derivative instruments considers  
the risk of non-performance by the counterparty  
or the Corporation, as applicable.  

The Corporation obtains or pledges collateral in  
connection with its derivative activities when applicable  
under the agreement.

Loans  

Loans  
are  
classified  
as  
loans  
held-in-portfolio when  
management has  
the  
intent  
and  
ability  
to  
hold  
the  
loan  
for  
the  
foreseeable
future, or  
until maturity  
or payoff.  
The foreseeable  
future is  
a management  
judgment which  
is determined  
based upon  
the type  
of
loan,  
business strategies,  
current market  
conditions, balance  
sheet  
management and  
liquidity needs.  
Management’s view  
of  
the
foreseeable future may change based on changes in these conditions. When a decision is made to sell or securitize a loan that  
was
not originated or  
initially acquired with the  
intent to sell  
or securitize, the loan  
is reclassified from held-in-portfolio  
into held-for-sale.
Due to changing market conditions or other strategic  
initiatives, management’s intent with respect to the disposition of  
the loan may
change,  
and  
accordingly,  
loans  
previously classified  
as  
held-for-sale  
may  
be  
reclassified into  
held-in-portfolio. Loans  
transferred
between loans held-for-sale and held-in-portfolio  
classifications are recorded at the lower of cost or  
fair value at the date of transfer.  

Purchased  
loans  
with  
no  
evidence  
of  
credit  
deterioration  
since  
origination  
are  
recorded  
at  
fair  
value  
upon  
acquisition.  
Credit
discounts are included in the determination of fair  
value.  

Loans held-in-portfolio  
are reported  
at their  
outstanding principal  
balances net  
of any  
unearned income,  
charge-offs, unamortized
deferred fees and  
costs on originated  
loans, and premiums  
or discounts on  
purchased loans. Fees  
collected and costs  
incurred in
the  
origination of  
new  
loans are  
deferred and  
amortized using  
the interest  
method or  
a method  
which approximates  
the interest
method over the term of the loan as an adjustment  
to interest yield.
Loans held-for-sale,  
except for  
mortgage loans  
originated as  
held-for-sale, are  
stated at  
the lower  
of cost  
or fair  
value, cost  
being
determined based  
on the  
outstanding loan  
balance less  
unearned income,  
and fair  
value determined,  
generally in  
the aggregate.
Fair value is measured based on current market prices for similar loans, outstanding investor commitments, prices  
of recent sales or
discounted cash  
flow analyses  
which utilize  
inputs and  
assumptions which  
are believed  
to be  
consistent with  
market participants’
views. The  
cost basis  
also includes  
consideration of  
deferred origination  
fees and  
costs, which  
are recognized  
in earnings  
at the
time of sale.  
Upon reclassification to held-for-sale,  
credit related fair  
value adjustments are recorded  
as a reduction  
in the ACL.  
To
the extent that the loan's reduction in value  
has not already been provided for in the ACL,  
an additional provision for credit losses is
recorded. Subsequent to reclassification to held-for-sale, the amount, by  
which cost exceeds fair value, if any,  
is accounted for as a
valuation allowance  
with changes  
therein included  
in the  
determination of  
net income  
for the  
period in  
which the  
change occurs.
Newly originated mortgage loans held-for-sale are reported  
at fair value, with changes recorded through  
earnings.

122
The past due status of a loan is determined in accordance with its  
contractual repayment terms. Furthermore, loans are reported as
past due when either interest or principal remains  
unpaid for 30 days or more in accordance  
with its contractual repayment terms.
Non-accrual loans are those loans on which the  
accrual of interest is discontinued. When a loan is  
placed on non-accrual status, all
previously  
accrued  
and  
unpaid interest  
is  
charged against  
interest  
income  
and  
the  
loan  
is  
accounted for  
either  
on  
a cash-basis
method or  
on the  
cost-recovery method.  
Loans designated  
as non-accruing  
are returned  
to accrual  
status when  
the Corporation
expects repayment of the remaining contractual principal  
and interest.  

Recognition of interest income on commercial and construction loans is discontinued when the loans are 90 days or more in arrears
on payments of principal or interest or when other factors indicate that the collection of principal and interest is  
doubtful. The portion
of  
a  
secured  
loan  
deemed  
uncollectible  
is  
charged-off  
no  
later  
than  
365  
days  
past  
due.  
However,  
in  
the  
case  
of  
a  
collateral
dependent  
loan,  
the  
excess  
of  
the  
recorded  
investment  
over  
the  
fair  
value  
of  
the  
collateral  
(portion  
deemed  
uncollectible)  
is
generally  
promptly charged-off,  
but  
in  
any  
event,  
not  
later  
than  
the  
quarter  
following  
the  
quarter  
in  
which  
such  
excess was  
first
recognized.  
Commercial  
unsecured  
loans  
are  
charged-off  
no  
later  
than  
180  
days  
past  
due.  
Recognition  
of  
interest  
income  
on
mortgage  
loans  
is  
generally  
discontinued  
when  
loans  
are  
90  
days  
or  
more  
in  
arrears  
on  
payments  
of  
principal  
or  
interest.  
The
portion of a  
mortgage loan deemed  
uncollectible is charged-off  
when the loan  
is 180 days  
past due. The  
Corporation discontinues
the recognition  
of interest  
on residential  
mortgage loans  
insured by  
the Federal  
Housing Administration  
(“FHA”) or  
guaranteed by
the U.S.  
Department of Veterans  
Affairs (“VA”)  
when 15-months  
delinquent as  
to principal  
or interest.  
The principal  
repayment on
these loans is insured. Recognition of interest income on closed-end consumer loans and home equity lines of credit is discontinued
when the  
loans are  
90 days  
or more  
in arrears  
on payments  
of principal  
or interest.  
Income is  
generally recognized  
on open-end
consumer loans,  
except for  
home equity  
lines  
of  
credit,  
until  
the  
loans are  
charged-off.  
Recognition of  
interest  
income  
for  
lease
financing is ceased when  
loans are 90 days  
or more in arrears.  
Closed-end consumer loans and leases  
are charged-off when they
are 120  
days in  
arrears. Open-end  
(revolving credit)  
consumer loans  
are charged-off  
when 180  
days in  
arrears. Commercial  
and
consumer overdrafts are generally charged-off no later than  
60 days past their due date.
A loan  
modified with  
financial difficulties  
is typically  
in non-accrual  
status at  
the time  
of the  
modification. These  
loans continue  
in
non-accrual status until the borrower has demonstrated a willingness  
and ability to make the restructured loan payments (at  
least six
months of sustained performance after the modification (or one year for loans providing for quarterly or semi-annual payments)) and
management has concluded that it is probable  
that the borrower would not be in payment  
default in the foreseeable future.

Loan modifications
A modification  
is subject to  
disclosure under ASC  
Topic  
326 when the  
Corporation separately concludes  
that both  
of the  
following
conditions exist: 1) the  
debtor is experiencing financial difficulties  
and 2) the modification  
constitutes a reduction in  
the interest rate
on the  
loan, a  
payment extension,  
a forgiveness  
of principal,  
a more-than-insignificant  
payment delay,  
or a  
combination of  
these.
Determination  
that  
a  
borrower  
is  
experiencing  
financial  
difficulties  
involves  
a  
degree  
of  
judgment.  
The  
identification  
of  
loan
modifications to debtors with financial difficulties is critical  
in the determination of the adequacy of  
the ACL.  

Refer  
to  
Note  
8  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional  
qualitative  
information  
on  
loan  
modifications  
and  
the
Corporation’s determination of the ACL.

Lease financing
The  
Corporation leases  
passenger and  
commercial  
vehicles  
and  
equipment  
to  
individual  
and  
corporate  
customers.  
The  
finance
method of accounting  
is used to  
recognize revenue on lease  
contracts that meet  
the criteria specified in  
the guidance for leases  
in
ASC Topic  
842. Aggregate  
rentals due  
over the  
term of  
the leases  
less unearned  
income are  
included in  
finance lease  
contracts
receivable.  
Unearned  
income  
is  
amortized  
using  
a  
method  
which  
results  
in  
approximate  
level  
rates  
of  
return  
on  
the  
principal
amounts outstanding. Finance lease origination  
fees and costs  
are deferred and amortized  
over the average life  
of the lease as  
an
adjustment to the interest yield.
Revenue for other leases is recognized as it becomes  
due under the terms of the agreement.

Loans acquired with deteriorated credit quality  

Purchased credit  
deteriorated (“PCD”) loans  
are defined  
as those  
with evidence  
of a  
more-than-insignificant deterioration in  
credit
quality  
since  
origination.  
PCD  
loans  
are  
initially  
recorded at  
their  
purchase  
price  
plus  
an  
estimated allowance  
for  
credit  
losses
(“ACL”). Upon  
the acquisition of  
a PCD loan,  
the Corporation makes  
an estimate of  
the expected credit  
losses over the  
remaining
contractual  
term  
of  
each  
individual  
loan.  
The  
estimated  
credit  
losses  
over  
the  
life  
of  
the  
loan  
are  
recorded  
as  
an  
ACL  
with  
a
corresponding addition to the  
loan purchase price. The  
amount of the purchased  
premium or discount which  
is not related to  
credit

123
risk  
is  
amortized  
over  
the  
life  
of  
the  
loan  
through  
net  
interest  
income  
using  
the  
effective  
interest  
method  
or  
a  
method  
that
approximates the effective interest method. Changes in  
expected credit losses are recorded as an  
increase or decrease to the ACL
with a  
corresponding charge (reverse)  
to the  
provision for credit  
losses in  
the Consolidated Statement  
of Operations. These  
loans
follow the same nonaccrual policies as non-PCD  
loans.
Refer to Note  
7
and Note 8  
to the Consolidated  
Financial Statements for  
additional information with  
respect to loans  
acquired with
deteriorated credit quality and the corresponding allowance  
for credit losses.

Accrued interest receivable
The  
amortized  
basis  
for  
loans  
and  
investments  
in  
debt  
securities  
is  
presented  
exclusive  
of  
accrued  
interest  
receivable.  
The
Corporation has elected  
not to establish  
an ACL for  
accrued interest receivable for  
loans and investments  
in debt securities,  
given
the Corporation’s  
non-accrual policies, in  
which accrual  
of interest is  
discontinued and reversed  
based on the  
asset’s delinquency
status.

 

Allowance for credit losses – loans portfolio
The Corporation establishes an ACL  
for its loan  
portfolio based on its  
estimate of credit losses  
over the remaining contractual  
term
of the loans, adjusted for expected prepayments. An ACL is recognized for all loans including originated and purchased loans, since
inception, with  
a corresponding charge  
to the  
provision for  
credit losses,  
except for  
PCD loans  
for which  
the ACL  
at acquisition  
is
recorded  
as  
an  
addition  
to  
the  
purchase  
price  
with  
subsequent  
changes  
recorded  
in  
earnings.  
Loan  
losses  
are  
charged  
and
recoveries are credited to the ACL.
The  
Corporation  
follows  
a  
methodology  
to  
estimate  
the  
ACL  
which  
includes  
a  
reasonable  
and  
supportable  
forecast  
period  
for
estimating  
credit  
losses,  
considering  
quantitative  
and  
qualitative  
factors  
as  
well  
as  
the  
economic  
outlook.  
As  
part  
of  
this
methodology,  
management  
evaluates  
various  
macroeconomic  
scenarios  
provided  
by  
third  
parties.  
At  
December  
31,  
2025,
management  
applied  
probability  
weights  
to  
the  
outcome  
of  
the  
selected  
macroeconomic  
scenarios.  
This  
evaluation  
includes
benchmarking procedures as well as  
careful analysis of the  
underlying assumptions used to  
build the scenarios. The  
application of
probability  
weights  
include  
baseline,  
optimistic  
and  
pessimistic  
scenarios.  
The  
weights  
applied  
are  
subject  
to  
evaluation  
on  
a
quarterly basis as part of the ACL’s  
governance process. The Corporation considers additional macroeconomic scenarios as part of
its qualitative adjustment framework.  

The  
macroeconomic variables  
chosen  
to  
estimate credit  
losses  
were selected  
by  
combining  
quantitative  
procedures with  
expert
judgment.  
These  
variables  
were  
determined  
to  
be  
the  
best  
predictors  
of  
expected  
credit  
losses  
within  
the  
Corporation’s  
loan
portfolios and  
include drivers such  
as unemployment rate,  
different measures  
of employment levels,  
house prices,  
gross domestic
product  
and  
measures  
of  
disposable  
income,  
amongst  
others.  
The  
loss  
estimation  
framework  
includes  
a  
reasonable  
and
supportable period of  
2 years for  
PR portfolios, gradually  
reverting over a  
3-years horizon to  
historical macroeconomic variables at
the  
model  
input  
level.  
For  
the  
U.S.  
portfolio,  
the  
reasonable  
and  
supportable  
period  
considers  
the  
contractual  
life  
of  
the  
asset,
impacted by  
prepayments, except for  
the U.S.  
CRE portfolio. The  
U.S. CRE portfolio  
utilizes a 2-year  
reasonable and supportable
period gradually reverting, over a 3-years horizon,  
to historical information at the output level.  

The  
Corporation  
developed  
loan  
level  
quantitative  
models  
distributed  
by  
geography  
and  
loan  
type.  
This  
segmentation  
was
determined  
by  
evaluating  
their  
risk  
characteristics,  
which  
include  
default  
patterns,  
source  
of  
repayment,  
type  
of  
collateral,  
and
lending channels,  
amongst others. The  
modeling framework  
includes internally  
developed quantitative models  
to generate  
lifetime
defaults  
and  
prepayments,  
and  
other  
loan  
level  
modeling  
techniques  
to  
estimate  
loss  
severity.  
Recoveries  
on  
future  
losses  
are
contemplated  
as  
part  
of  
the  
loss  
severity  
modeling.  
These  
parameters  
are  
estimated  
by  
combining  
internal  
risk  
factors  
with
macroeconomic expectations.  
In order  
to  
generate the  
expected credit  
losses, the  
output of  
these models  
is combined  
with loan
level repayment information. The internal risk factors contemplated within  
the models may include borrowers’ credit scores, loan-to-
value, delinquency status, risk ratings, interest rate, loan  
term, loan age and type of collateral, amongst  
others.  

The ACL also  
includes a qualitative  
adjustment framework that  
addresses two main  
components: losses that  
are expected but  
not
captured  
within  
the  
quantitative  
modeling  
framework  
and  
model  
imprecision.  
In  
order  
to  
identify  
potential  
losses  
that  
are  
not
captured through the models,  
management evaluates model limitations  
as well as the  
different risks covered  
by the variables used
in each quantitative model. The Corporation considers  
additional macroeconomic scenarios to address these  
risks. This assessment
takes  
into  
consideration  
factors  
listed  
as  
part  
of  
ASC  
326-20-55-4.  
To  
complement  
the  
analysis,  
management  
also  
evaluates
whether there are sectors that  
have low levels of historical  
defaults, but current conditions show the  
potential for future losses. This
type of  
qualitative adjustment  
is more  
prevalent in  
the commercial  
portfolios. The  
model imprecision  
component of  
the qualitative

124
adjustments  
is  
determined  
after  
evaluating  
model  
performance  
for  
these  
portfolios  
through  
different  
time  
periods.  
This  
type  
of
qualitative adjustment mainly impacts consumer portfolios.
The  
Corporation  
has  
designated  
as  
collateral  
dependent  
loans  
secured  
by  
collateral  
when  
foreclosure  
is  
probable  
or  
when
foreclosure is  
not probable but  
the practical expedient  
is used.  
The practical expedient  
is used  
when repayment is  
expected to  
be
provided  
substantially  
by  
the  
sale  
or  
operation  
of  
the  
collateral  
and  
the  
borrower is  
experiencing financial  
difficulty.  
The  
ACL  
of
collateral dependent loans  
is measured based  
on the fair  
value of the  
collateral less costs  
to sell. The  
fair value of  
the collateral is
based on appraisals, which may be adjusted due to their  
age, and the type, location, and condition of the  
property or area or general
market conditions to reflect the expected change in  
value between the effective date of the appraisal  
and the measurement date.  

The Credit Cards  
portfolio, due to  
its revolving nature,  
does not have  
a specified maturity date.  
To  
estimate the average remaining
term  
of  
this  
segment,  
management evaluated  
the  
portfolios  
payment  
behavior  
based  
on  
internal  
historical data.  
These payment
behaviors were  
further classified  
into sub-categories  
that accounted  
for delinquency  
history and  
differences between  
transactors,
revolvers and customers that have exhibited mixed transactor/revolver behavior. Transactors are defined as active accounts without
any  
finance  
charge  
in  
the  
last  
6  
months.  
The  
paydown  
curves  
generated  
for  
each  
sub-category  
are  
applied  
to  
the  
outstanding
exposure at  
the measurement  
date using  
the first-in  
first-out (FIFO)  
methodology.  
These amortization  
patterns are  
combined with
loan level default and loss severity modeling to arrive  
at the ACL.

Reserve for unfunded commitments
The Corporation  
establishes a  
reserve for  
unfunded commitments,  
based on  
the estimated  
losses over  
the remaining  
term of  
the
facility.  
An allowance  
is not  
established for  
commitments that  
are unconditionally  
cancellable by  
the Corporation.  
Accordingly,  
no
reserve  
is  
established  
for  
unfunded commitments  
related to  
its  
credit  
cards  
portfolio.  
Reserve for  
the  
unfunded  
portion  
of  
credit
commitments  
is  
presented  
within  
other  
liabilities  
in  
the  
Consolidated Statements  
of  
Financial  
Condition.  
Net  
adjustments  
to  
the
reserve for unfunded commitments are  
reflected in the Consolidated Statements  
of Operations as provision for credit  
losses for the
years ended December 31, 2025, 2024, and 2023.

Transfers and servicing of financial assets
The transfer  
of an  
entire financial  
asset, a  
group of  
entire financial  
assets, or  
a participating interest  
in an  
entire financial  
asset in
which the Corporation surrenders control over the assets is accounted  
for as a sale  
if all of the following conditions set forth in  
ASC
Topic  
860 are met:  
(1) the assets  
must be isolated  
from creditors of  
the transferor,  
(2) the transferee  
must obtain the  
right (free of
conditions that constrain it  
from taking advantage  
of that right)  
to pledge or  
exchange the transferred assets,  
and (3) the  
transferor
cannot maintain effective control over  
the transferred assets through an agreement  
to repurchase them before their  
maturity. When
the  
Corporation  
transfers  
financial  
assets  
and  
the  
transfer  
fails  
any  
one  
of  
these  
criteria,  
the  
Corporation  
is  
prevented  
from
derecognizing the transferred financial  
assets and the  
transaction is accounted for  
as a secured  
borrowing. For federal and  
Puerto
Rico income  
tax purposes,  
the Corporation  
treats the  
transfers of  
loans which  
do not  
qualify as  
“true sales”  
under the  
applicable
accounting guidance, as sales, recognizing a deferred  
tax asset or liability on the transaction.  

For transfers  
of financial  
assets that  
satisfy the  
conditions to  
be accounted  
for as  
sales, the  
Corporation derecognizes  
all assets
sold; recognizes all  
assets obtained and liabilities  
incurred in consideration as  
proceeds of the  
sale, including servicing  
assets and
servicing liabilities, if  
applicable; initially measures  
at fair  
value assets obtained  
and liabilities incurred  
in a  
sale; and  
recognizes in
earnings any gain or loss on the sale.  

The guidance  
on transfer  
of financial  
assets requires a  
true sale  
analysis of  
the treatment  
of the  
transfer under state  
law as  
if the
Corporation was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the
nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a
true sale  
is never  
absolute and  
unconditional, but  
contains qualifications  
based on  
the inherent  
equitable powers  
of a  
bankruptcy
court, as  
well as  
the unsettled  
state of  
the common  
law.  
Once the  
legal isolation  
test has  
been met,  
other factors  
concerning the
nature  
and  
extent  
of  
the  
transferor’s  
control  
over  
the  
transferred  
assets  
are  
taken  
into  
account  
in  
order  
to  
determine  
whether
derecognition of assets is warranted.  

The Corporation sells mortgage loans to the Government National Mortgage Association (“GNMA”)  
in the normal course of business
and retains the servicing rights. The GNMA programs under which the loans  
are sold allow the Corporation to repurchase individual
delinquent loans that meet certain criteria. At the Corporation’s option, and without GNMA’s prior authorization, the Corporation may
repurchase the delinquent  
loan for an  
amount equal to  
100% of the  
remaining principal balance  
of the loan.  
Once the Corporation
has the  
unconditional ability  
to repurchase  
the delinquent  
loan, the  
Corporation is  
deemed to  
have regained  
effective control  
over

125
the  
loan  
and  
recognizes  
the  
loan  
on  
its  
balance  
sheet  
as  
well  
as  
an  
offsetting  
liability,  
regardless of  
the  
Corporation’s  
intent  
to
repurchase the loan.

Servicing assets
The  
Corporation  
periodically  
sells  
or  
securitizes  
loans  
while  
retaining  
the  
obligation  
to  
perform  
the  
servicing  
of  
such  
loans.  
In
addition,  
the  
Corporation  
may  
purchase  
or  
assume  
the  
right  
to  
service  
loans  
originated  
by  
others.  
Whenever  
the  
Corporation
undertakes an  
obligation to  
service a  
loan, management  
assesses whether  
a servicing  
asset or  
liability should  
be recognized.  
A
servicing  
asset  
is  
recognized  
whenever  
the  
compensation  
for  
servicing  
is  
expected  
to  
more  
than  
adequately  
compensate  
the
servicer  
for  
performing  
the  
servicing.  
Likewise,  
a  
servicing  
liability  
would  
be  
recognized  
in  
the  
event  
that  
servicing  
fees  
to  
be
received are not  
expected to adequately  
compensate the Corporation  
for its  
expected cost. Mortgage servicing  
assets recorded at
fair value are separately presented on the Consolidated  
Statements of Financial Condition.  

All separately recognized servicing assets are initially recognized at fair value. For subsequent measurement of  
servicing rights, the
Corporation  
has  
elected  
the  
fair  
value  
method  
for  
mortgage  
loans  
servicing  
rights  
(“MSRs”).  
Under  
the  
fair  
value  
measurement
method,  
MSRs  
are  
recorded  
at  
fair  
value  
each  
reporting  
period,  
and  
changes  
in  
fair  
value  
are  
reported  
in  
mortgage  
banking
activities in the Consolidated Statement of Operations. Contractual  
servicing fees including ancillary income and late  
fees, as well as
fair  
value  
adjustments, are  
reported in  
mortgage  
banking  
activities in  
the  
Consolidated Statement  
of  
Operations. Loan  
servicing
fees, which are based on a percentage of the principal balances of the  
loans serviced, are credited to income as loan payments are
collected.  

The fair value  
of servicing rights is  
estimated by using a  
cash flow valuation model  
which calculates the present value  
of estimated
future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount  
rates, servicing costs,
and other economic factors, which are determined  
based on current market conditions.

Premises and equipment  

Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a  
straight-
line basis over  
the estimated useful  
life of each  
type of asset.  
Amortization of leasehold  
improvements is computed  
over the fixed,
non-cancelable terms  
of the  
respective lease  
contracts or  
the  
estimated useful  
lives  
of the  
asset, whichever  
is shorter.  
Costs of
maintenance  
and  
repairs  
which  
do  
not  
improve  
or  
extend  
the  
life  
of  
the  
respective  
assets  
are  
expensed  
as  
incurred.  
Costs  
of
renewals  
and  
betterments  
are  
capitalized.  
When  
assets  
are  
disposed  
of,  
their  
cost  
and  
related  
accumulated  
depreciation  
are
removed from the accounts and any gain or loss  
is reflected in earnings as realized or incurred,  
respectively.
The  
Corporation  
recognizes  
right-of-use  
assets  
(“ROU  
assets”)  
and  
lease  
liabilities  
relating  
to  
operating  
and  
finance  
lease
arrangements in its Consolidated Statements of Financial Condition within other assets and other liabilities, respectively. For finance
leases, interest is recognized on the  
lease liability separately from the amortization  
of the ROU asset, whereas for  
operating leases
a single lease cost  
is recognized so that  
the cost of the  
lease is allocated over  
the lease term on  
a straight-line basis. Impairments
on ROU assets are evaluated under the guidance for impairment  
or disposal of long-lived assets.  
The Corporation recognizes gains
on sale and  
leaseback transactions in earnings when  
the transfer constitutes a  
sale, and the transaction  
was at fair value.  
Refer to
Note 32 to the Consolidated Financial Statements  
for additional information on operating and finance  
lease arrangements.

Impairment of long-lived assets
The  
Corporation  
evaluates  
for  
impairment  
its  
long-lived  
assets  
to  
be  
held  
and  
used,  
and  
long-lived  
assets  
to  
be  
disposed  
of,
whenever events or changes  
in circumstances indicate that the  
carrying amount of an  
asset may not be recoverable  
and records a
write down for the difference between the carrying amount  
and the fair value less costs to sell.

 

Other real estate
Other  
real  
estate,  
received  
in  
satisfaction  
of  
a  
loan,  
is  
recorded  
at  
fair  
value  
less  
estimated  
costs  
of  
disposal.  
The  
difference
between the carrying amount of the loan and the fair value less cost to  
sell is recorded as an adjustment to the ACL. Subsequent to
foreclosure, any  
losses in  
the carrying  
value arising  
from periodic  
re-evaluations of the  
properties, and any  
gains or  
losses on  
the
sale of these properties are credited or charged to expense in the period incurred and are included as OREO expenses. The cost of
maintaining and operating such properties is expensed  
as incurred.
Updated appraisals  
are obtained  
to adjust  
the value  
of the  
other real  
estate assets.  
The frequency  
depends on  
the loan  
type and
total credit exposure. The appraisal for a commercial or construction other real estate property with a book value  
equal to or greater
than $1 million is updated annually and if lower  
than $1 million it is updated every two years.  
For residential mortgage properties, the
Corporation requests appraisals annually.  

126
Appraisals  
may  
be  
adjusted  
due  
to  
age,  
collateral  
inspections,  
property  
profiles,  
or  
general  
market  
conditions.  
The  
adjustments
applied are based upon  
internal information such  
as other appraisals for  
the type of  
properties and/or loss severity  
information that
can provide historical trends in the real estate market  
and may change from time to time based  
on market conditions.

Goodwill and other intangible assets
Goodwill is recognized when the purchase price  
is higher than the fair value  
of net assets acquired in business combinations  
under
the purchase  
method of  
accounting. Goodwill  
is not  
amortized but  
is tested  
for impairment  
at least  
annually or  
more frequently  
if
events or circumstances indicate possible impairment. When evaluating goodwill for impairment, the Corporation may  
decide to first
perform a qualitative assessment, or “Step Zero” impairment test, to determine whether it is more likely than not that impairment has
occurred. The qualitative  
assessment includes a  
review of macroeconomic conditions,  
industry and market  
considerations, internal
cost factors, and our own overall  
financial and share price performance, among other factors. If  
it is determined that it is  
more likely
than  
not  
that  
the  
carrying  
amounts  
of  
our  
reporting  
units  
exceed  
their  
fair  
value,  
the  
Corporation  
will  
perform  
a  
quantitative
assessment and calculate the estimated fair value of the respective  
reporting unit. If the carrying amount of any of  
the reporting units
exceeds its fair value,  
the Corporation would be required  
to record an impairment charge  
for the difference up  
to the amount of  
the
goodwill. In  
determining the  
fair value  
of each  
reporting unit,  
the Corporation  
generally uses  
a combination  
of methods,  
including
market price  
multiples of  
comparable companies  
and transactions,  
as well  
as discounted  
cash flow  
analysis. Goodwill  
impairment
losses are recorded as part of operating expenses  
in the Consolidated Statements of Operations.  

Other intangible assets deemed  
to have an  
indefinite life are  
not amortized but are  
tested for impairment using  
a one-step process
which compares the fair value with the carrying amount of the asset.  
In determining that an intangible asset has an indefinite life, the
Corporation  
considers  
expected  
cash  
inflows  
and  
legal,  
regulatory,  
contractual,  
competitive,  
economic  
and  
other  
factors,  
which
could limit the intangible asset’s useful life.  

Other  
identifiable  
intangible  
assets  
with  
a  
finite  
useful  
life,  
mainly  
core  
deposits,  
are  
amortized  
using  
various  
methods  
over  
the
periods  
benefited,  
which  
range  
from  
5  
to  
10  
years.  
These  
intangibles are  
evaluated  
periodically for  
impairment  
when  
events  
or
changes in circumstances  
indicate that the carrying  
amount may not  
be recoverable. Impairments on  
intangible assets with  
a finite
useful life are evaluated under the guidance for  
impairment or disposal of long-lived assets.

 

Assets sold / purchased under agreements to repurchase  
/ resell
Repurchase and resell agreements  
are treated as collateralized  
financing transactions and are  
carried at the  
amounts at which the
assets will be subsequently reacquired or resold as  
specified in the respective agreements.
It is the  
Corporation’s policy to take possession  
of securities purchased under agreements to  
resell. However, the counterparties  
to
such  
agreements  
maintain  
effective  
control  
over  
such  
securities,  
and  
accordingly  
those  
securities  
are  
not  
reflected  
in  
the
Corporation’s Consolidated Statements  
of Financial  
Condition. The Corporation  
monitors the  
fair value of  
the underlying  
securities
as compared to the related receivable, including accrued  
interest.  

It  
is  
the  
Corporation’s  
policy  
to  
maintain  
effective  
control  
over  
assets  
sold  
under  
agreements  
to  
repurchase;  
accordingly,  
such
securities continue to be carried on the Consolidated  
Statements of Financial Condition.
The Corporation may require counterparties to deposit  
additional collateral or return collateral pledged,  
when appropriate.

Software
Capitalized  
software  
is  
stated  
at  
cost,  
less  
accumulated  
amortization.  
Capitalized  
software  
includes  
purchased  
software  
and
capitalizable application development costs associated with internally-developed software. Amortization, computed on a straight-line
method, is charged to operations  
over the estimated useful life  
of the software. Capitalized software is  
included in “Other assets” in
the Consolidated Statement of Financial Condition.

Guarantees, including indirect guarantees of indebtedness  
to others
The estimated losses to be absorbed under the credit  
recourse arrangements are recorded as a liability when  
the loans are sold and
are updated by  
accruing or reversing expense  
(categorized in the line  
item “Adjustments (expense) to  
indemnity reserves on loans
sold”  
in  
the  
Consolidated  
Statements  
of  
Operations)  
throughout  
the  
life  
of  
the  
loan,  
as  
necessary,  
when  
additional  
relevant
information  
becomes  
available.  
The  
methodology  
used  
to  
estimate  
the  
recourse  
liability  
considers  
current  
conditions,
macroeconomic expectations through a 2-years reasonable and supportable period, gradually reverting to historical macroeconomic
variables at the model input level over a 3-year period, portfolio  
composition by risk characteristics, amongst other factors. Statistical
methods are used  
to estimate the  
recourse liability.  
Expected loss rates  
are applied to  
different loan segmentations.  
The expected

127
loss, which  
represents the  
amount expected  
to be  
lost on  
a given  
loan, considers  
the probability  
of default  
and loss  
severity.  
The
reserve  
for  
the  
estimated  
losses  
under  
the  
credit  
recourse  
arrangements  
is  
presented  
separately  
within  
other  
liabilities  
in  
the
Consolidated Statements of  
Financial Condition. Refer  
to Note  
22 to  
the Consolidated Financial  
Statements for further  
disclosures
on guarantees.

Treasury stock
Treasury stock is  
recorded at cost and  
is carried as a  
reduction of stockholders’ equity in  
the Consolidated Statements of Financial
Condition.  
At the  
date of  
retirement or  
subsequent reissue,  
the treasury  
stock account  
is reduced  
by  
the cost  
of such  
stock.  
At
retirement, the excess of the cost of the treasury stock over  
its par value is recorded entirely to surplus. At reissuance,  
the difference
between the consideration received upon issuance and  
the specific cost is charged or credited to surplus.

 

Revenues from contracts with customers
Refer  
to  
Note  
31  
for  
a  
detailed  
description  
of  
the  
Corporation’s  
policies  
on  
the  
recognition  
and  
presentation  
of  
revenues  
from
contract with customers.

Foreign exchange
Assets and liabilities  
denominated in foreign currencies  
are translated to U.S.  
dollars using prevailing rates  
of exchange at  
the end
of  
the  
period.  
Revenues, expenses,  
gains  
and  
losses  
are  
translated using  
weighted  
average  
rates  
for  
the  
period.  
The  
resulting
foreign currency translation adjustment  
from operations for which  
the functional currency is  
other than the U.S.  
dollar is reported in
accumulated  
other comprehensive  
income  
(loss), except  
for  
highly inflationary  
environments in  
which the  
effects  
are  
included  
in
other operating expenses.
The Corporation  
holds interests  
in Centro  
Financiero BHD  
León, S.A.  
(“BHD León”)  
in the  
Dominican Republic.  
The business  
of
BHD León is  
mainly conducted in their  
country’s foreign currency.  
The resulting foreign currency  
translation adjustment from these
operations is reported in accumulated other comprehensive  
income (loss).  

Refer to the disclosure of accumulated other comprehensive  
income (loss) included in Note 21.

Income taxes
The Corporation  
recognizes deferred tax  
assets and  
liabilities for  
the expected  
future tax  
consequences of  
events that  
have been
recognized in  
the Corporation’s  
financial statements  
or tax  
returns. Deferred  
income tax  
assets and  
liabilities are  
determined for
differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible  
amounts in the
future.  
The  
computation  
is  
based  
on  
enacted  
tax  
laws  
and  
rates  
applicable  
to  
periods  
in  
which  
the  
temporary  
differences  
are
expected to be recovered or settled.  

The  
guidance for  
income  
taxes  
requires a  
reduction of  
the  
carrying  
amounts  
of  
deferred tax  
assets  
by  
a valuation  
allowance if,
based on the available evidence, it is more likely  
than not (defined as a likelihood of more  
than 50 percent) that such assets will not
be  
realized.  
Accordingly,  
the  
need  
to  
establish  
valuation  
allowances  
for  
deferred  
tax  
assets  
is  
assessed  
periodically  
by  
the
Corporation  
based  
on  
the  
more  
likely  
than  
not  
realization  
threshold  
criterion.  
In  
the  
assessment  
for  
a  
valuation  
allowance,
appropriate consideration  
is given  
to all  
positive and  
negative evidence  
related to  
the realization  
of the  
deferred tax  
assets. This
assessment considers, among others,  
all sources of  
taxable income available to  
realize the deferred tax  
asset, including the future
reversal of existing temporary differences, the future taxable income  
exclusive of reversing temporary differences and carryforwards,
taxable income in carryback years and tax-planning strategies. In making such  
assessments, significant weight is given to evidence
that can be objectively verified.  

The valuation  
of deferred  
tax assets  
requires judgment  
in assessing  
the likely  
future tax  
consequences of  
events that  
have been
recognized in the Corporation’s financial statements or tax returns and future profitability.  
The Corporation’s accounting for deferred
tax consequences represents management’s best estimate  
of those future events.  

Positions taken in  
the Corporation’s  
tax returns may  
be subject to  
challenge by the  
taxing authorities upon  
examination. Uncertain
tax positions  
are initially  
recognized in the  
financial statements when  
it is  
more likely than  
not (greater than  
50%) that  
the position
will be sustained upon examination by the tax authorities, assuming full knowledge of the position and all relevant facts.  
The amount
of unrecognized tax benefit may increase or decrease in  
the future for various reasons including adding amounts for  
current tax year
positions,
expiration of open income tax returns due to the statute of limitations, changes in management’s judgment about the level
of  
uncertainty,  
including  
addition  
or  
elimination  
of  
uncertain  
tax  
positions,  
status  
of  
examinations, litigation,  
settlements  
with  
tax
authorities and legislative activity.

128
The Corporation accounts for the taxes collected from customers  
and remitted to governmental authorities on a net  
basis (excluded
from revenues).
Income  
tax  
expense  
or  
benefit  
for  
the  
year  
is  
allocated  
among  
continuing  
operations,  
discontinued  
operations,  
and  
other
comprehensive income (loss), as applicable. The amount allocated to continuing operations is the tax effect of the pre-tax income or
loss from continuing operations that occurred during the year, plus or minus  
income tax effects of (a) changes in circumstances that
cause  
a  
change  
in  
judgment  
about  
the  
realization  
of  
deferred  
tax  
assets  
in  
future  
years,  
(b)  
changes  
in  
tax  
laws  
or  
rates,  
(c)
changes in tax status, and (d) tax-deductible  
dividends paid to stockholders, subject to certain  
exceptions.

Employees’ retirement and other postretirement benefit  
plans
Pension costs are  
computed on the  
basis of accepted  
actuarial methods and are  
charged to current  
operations. Net pension costs
are based  
on various actuarial  
assumptions regarding future  
experience under the  
plan, which include  
costs for services  
rendered
during the  
period, interest  
costs and  
return on  
plan assets,  
as well  
as deferral  
and amortization  
of certain  
items such  
as actuarial
gains or losses.  

The funding policy is  
to contribute to the  
plan, as necessary,  
to provide for services  
to date and for  
those expected to be  
earned in
the  
future.  
To  
the  
extent  
that  
these  
requirements  
are  
fully  
covered  
by  
assets  
in  
the  
plan,  
a  
contribution  
may  
not  
be  
made  
in  
a
particular year.
The cost  
of postretirement  
benefits, which  
is determined  
based on  
actuarial assumptions  
and estimates  
of the  
costs of  
providing
these benefits in the future, is accrued during  
the years that the employee renders the required  
service.
The guidance for compensation  
retirement benefits of ASC  
Topic  
715 requires the recognition  
of the funded status  
of each defined
pension  
benefit  
plan,  
retiree  
health  
care  
and  
other  
postretirement  
benefit  
plans  
on  
the  
Consolidated  
Statements  
of  
Financial
Condition.

 

Stock-based compensation
The  
Corporation  
opted  
to  
use  
the  
fair  
value  
method  
of  
recording  
stock-based  
compensation  
as  
described  
in  
the  
guidance  
for
employee share plans in ASC Subtopic 718-50.

Comprehensive income  

Comprehensive income  
(loss) is  
defined as  
the change  
in equity  
of  
a business  
enterprise during  
a period  
from  
transactions and
other events  
and circumstances,  
except those  
resulting from  
investments by  
owners and  
distributions to  
owners. Comprehensive
income (loss) is separately presented in the Consolidated  
Statements of Comprehensive Income.

Net income per common share
Basic income per common share is computed by dividing net income adjusted for preferred stock dividends, including undeclared or
unpaid dividends  
if cumulative,  
and charges  
or credits  
related to  
the extinguishment  
of preferred  
stock or  
induced conversions  
of
preferred stock, by the weighted average number of  
common shares outstanding during the year. Diluted income per common  
share
takes into consideration the weighted average common shares adjusted for the effect of stock options, restricted stock, performance
shares and warrants, if any, using the treasury stock method.

Statement of cash flows
For purposes of reporting cash flows, cash includes  
cash on hand and amounts due from banks, including  
restricted cash.

129
Note 3 - New accounting pronouncements

 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2025-02,
Liabilities (Topic 405) -
Amendments to SEC
Paragraphs Pursuant to
SEC Staff Accounting
Bulletin No. 122
The  
Financial Accounting  
Standards Board
("FASB")  
issued  
Accounting  
Standard
Update  
("ASU")  
2025-02  
in  
March  
2025,
which  
amends  
the  
guidance  
in  
Accounting
Standards  
Codification  
("ASC")  
450-10-
S99-1  
by  
removing  
the  
interpretative
guidance  
of  
Section  
FF  
of  
Topic  
5  
in  
the
Staff Accounting Bulletin Series ("SAB") text
that  
addressed  
the  
accounting  
for
obligations to  
safeguard crypto-assets  
held
by platform  
users to  
align the  
ASC with  
the
latest  
SAB  
112  
directive,  
ensuring
consistency and clarity.
March 18, 2025
The  
Corporation  
was  
not  
impacted  
by
the  
adoption of  
this  
ASU  
since  
it does
not currently hold crypto-assets.
FASB ASU 2024-02,
Codification Improvements
- Amendments to Remove
References to the
Concepts Statements  

The  
FASB  
issued  
ASU  
2024-02  
in  
March
2024, which  
removes various  
references to
concept statements from the ASC. The ASU
intends  
to  
simplify  
the  
Codification  
and
distinguish  
between  
nonauthoritative  
and
authoritative guidance.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
by
the adoption of this ASU since it did not
provide for  
accounting changes  
or new
presentation  
or  
disclosure
requirements.  
The  
ASU  
eliminated
references  
within  
the  
ASC  
to  
the
concept  
statements,  
which  
is
considered non-authoritative guidance.
FASB ASU 2024-01,
Compensation - Stock
Compensation (Topic 718)
- Scope Application of
Profits Interest and Similar
Awards
The  
FASB  
issued  
ASU  
2024-01  
in  
March
2024,  
which  
amends  
ASC  
Topic  
718  
by
including  
an  
illustrative  
example  
to
demonstrate how  
an entity  
would apply  
the
scope  
guidance  
in  
paragraph  
718-10-15-3
to determine whether profits interest awards
should be accounted  
for in accordance  
with
ASC  
Topic  
718.  
The  
ASU  
is  
intended  
to
reduce complexity and diversity in practice.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
by
the  
adoption  
of  
this  
ASU  
since  
the
performance  
share  
awards  
of  
the
Corporation  
continue  
to  
meet  
the
requirements of ASC 718-10-15-3.
FASB ASU 2023-09,
Income Tax (Topic  
740) -
Improvements to Income
Tax Disclosures
The  
FASB  
issued  
ASU  
2023-09  
in
December 2023,  
which amends ASC  
Topic
740  
by  
enhancing  
disclosures  
regarding
rate  
reconciliation  
and  
requiring  
the
disclosure of  
income taxes paid, income (or
loss)  
before  
income  
tax  
expense  
and
income  
tax  
expense  
disaggregated  
by
national, state and foreign level. Disclosures
that  
no  
longer  
were  
considered  
cost
beneficial  
or  
relevant  
were  
removed  
from
ASC Topic 740.
January 1, 2025
The Corporation adopted ASU  
2023-09
for  
it's  
Consolidated  
Financial
Statements  
in  
this  
Form  
10-K  
as  
of
December  
31,  
2025.  
The  
adoption  
of
this  
standard  
resulted  
in  
the
prospective  
inclusion  
of  
certain  
new
categories  
in  
the  
effective  
income  
tax
rate  
and  
income  
tax  
expense  
tabular
disclosures, as well as the disclosure of
income taxes  
paid. Refer  
to Note  
34 –
Income  
taxes  
for  
the  
additional
disclosures included.

130
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2023-08,
Intangibles - Goodwill and
Other - Crypto Assets
(Subtopic 350-60) -
Accounting for and
Disclosure of Crypto
Assets  

The  
FASB  
issued  
ASU  
2023-08  
in
December  
2023,  
which  
amends  
ASC
Subtopic  
350-60  
by  
requiring  
that  
crypto
assets  
are  
measured  
at  
fair  
value  
in  
the
statement  
of  
financial  
position  
each
reporting  
period  
with  
changes  
from
remeasurement  
being  
recognized  
in  
net
income.  
The  
ASU  
also  
requires  
enhanced
disclosures  
for  
both  
annual  
and  
interim
reporting  
periods  
to  
provide  
investors  
with
relevant information  
to  
analyze and  
assess
the  
exposure  
and  
risk  
of  
significant
individual crypto asset holdings.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
by
the  
adoption of  
this  
ASU  
since  
it does
not currently hold crypto-assets.
FASB ASU 2023-05,
Business Combinations -
Joint Venture Formations
(Subtopic 805-60) -
Recognition and initial
measurement
The  
FASB  
issued  
ASU  
2023-05  
in  
August
2023, which  
amends ASC  
Subtopic 805-60
to include specific  
guidance about how  
joint
ventures  
should  
recognize  
and  
initially
measure  
assets  
contributed  
and  
liabilities
assumed.  
The  
amendments  
require  
that  
a
joint venture, upon formation, recognize and
initially  
measure its  
assets and  
liabilities at
fair value.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
at
the time of adoption of this ASU since it
elected  
to  
prospectively  
apply  
the
standard. The Corporation will  
consider
this  
guidance  
for  
the  
initial
measurement of assets and liabilities of
joint  
ventures created  
after the  
date of
adoption.

131
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2025-12,
Codification Improvements
The  
FASB  
issued  
ASU  
2025-12  
in
December  
2025  
which  
clarify  
and  
correct
errors within  
the ASC.  
The update  
includes
targeted  
refinements  
across multiple  
topics
and  
it  
is not  
expected to  
have a  
significant
effect on current accounting practices.  

January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2025-11,
Interim Reporting (Topic
270) - Narrow-Scope
Improvements
The  
FASB  
issued  
ASU  
2025-11  
in
December 2025, to clarify interim disclosure
requirements  
under  
ASC  
Topic  
270.  
The
update  
provides  
a  
comprehensive  
list  
of
interim  
disclosures  
that  
are  
required  
within
interim  
financial  
statements  
and  
introduces
a principles-based requirement to disclose
events since the last annual period that may
have a material impact.
January 1, 2028
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2025-10,
Government Grants (Topic
832) - Accounting for
Government Grants
Received by Business
Entities
The  
FASB  
issued  
ASU  
2025-10  
in
December  
2025,  
which  
establishes  
the
accounting  
for  
government  
grants  
received
by  
a  
business  
entity.  
The  
update
establishes  
recognition,  
measurement,  
and
disclosure  
requirements  
for  
government
grants.  
It  
allows  
asset  
related  
grants to  
be
recognized either  
as deferred  
income or  
as
an adjustment  
to the  
cost basis  
of an  
asset
and  
income-related  
grants  
as  
deferred
income.
January 1, 2029
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2025-09,
Derivatives and Hedging
(Topic 815) - Hedge
Accounting Improvements
The  
FASB  
issued  
ASU  
2025-09  
in
November 2025, which aims to improve and
broaden  
hedge  
accounting  
under  
ASC
Topic  
815  
by  
allowing  
entities  
to  
group
forecasted  
transaction  
with  
similar  
risk
exposures,  
provides  
a  
model  
for  
hedging
choose-your  
rate  
debt  
,  
expands  
hedge
accounting  
for  
forecasted  
purchases  
and
sales of non  
financial assets, eliminates net
written  
option  
limitations  
for  
certain
compound  
derivatives,  
and  
resolves
recognition  
mismatches  
in  
dual  
hedging
strategies  
involving
foreign
‑
currency
‑
denominated debt.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.

132
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2025-08,
Financial Instruments -
Credit Losses (Topic 326)
-  
Purchased Loans
The  
FASB  
issued  
ASU  
2025-08  
in
November 2025, which aims  
to simplify and
reduce the  
complexity of  
the accounting  
for
purchased loans under ASC Topic  
326. The
update  
expands  
the  
population  
of  
loans
subject to  
the gross-up  
approach to  
include
purchased  
seasoned  
loans,  
regardless
whether they had credit deterioration.  

January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2025-07,
Derivatives and Hedging
(Topic 815) and Revenue
from Contracts with
Customers (Topic 606) -
Derivatives Scope
Refinements and Scope
Clarification for Share-
Based Noncash
Consideration from a
Customer in a Revenue
Contract
The  
FASB  
issued  
ASU  
2025-07  
in
September 2025, which refines the scope of
derivative accounting under  
ASC Topic  
815
and  
clarifies  
the  
treatment  
of  
share-based
noncash  
consideration  
under  
ASC  
Topic
606.  
The  
update  
excludes  
certain  
non-
exchange  
traded  
contracts  
with  
underlying
based  
on  
the  
operations  
of  
one  
of  
the
parties from derivative accounting, aiming to
better  
reflect  
the  
nature  
of  
these
arrangements  
and  
reduce  
complexity.  
It
also  
confirms  
that  
share-based  
noncash
consideration  
from  
a  
customer  
should  
be
accounted  
for  
under  
ASC  
Topic  
606  
until
the right  
to receive  
or retain  
such non-cash
consideration  
becomes  
unconditional,
promoting  
consistency  
in  
revenue
recognition practices.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2025-06,
Intangibles - Goodwill and
Other - Internal-Use
Software (Subtopic 350-
40) - Targeted
Improvements to the
Accounting for Internal-
Use Software
The  
FASB  
issued  
ASU  
2025-06  
in
September 2025, which seeks to modernize
the  
accounting  
for  
internal-use  
software
under  
ASC  
Subtopic  
350-40,  
Intangibles—
Goodwill and Other—Internal-Use Software.
The  
update  
replaces  
the  
traditional  
stage-
based  
model  
(preliminary,  
development,
post-implementation)  
with  
a  
principles-
based framework that better  
reflects current
software  
development  
practices,  
including
agile and cloud-based approaches.
January 1, 2028
The Corporation  
is currently  
evaluating
the  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
our  
accounting
for  
internal  
use  
software  
considering
our  
development  
practices  
which  
may
include  
agile  
and  
cloud  
based
approaches. Given the  
recent issuance
of  
this  
guidance  
it  
is  
too  
early  
to  
tell
whether  
the  
impact  
will  
be  
material  
in
our  
financial  
statements  
and
presentation and disclosures.
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The  
FASB  
issued  
ASU  
2025-05  
in  
July
2025,  
which  
permits  
entities  
to  
elect  
a
practical  
expedient  
when  
accounting  
for
current  
accounts  
receivable  
and  
current
contract  
assets  
arising  
from  
transactions
accounted  
for  
under  
ASC  
Topic  
606,
Revenue  
from  
Contracts  
with  
Customers.
This practical  
expedient establishes  
that, in
developing  
reasonable  
and  
supportable
forecasts  
as  
part  
of  
estimating  
expected
credit  
losses,  
entities  
assume  
that  
current
conditions as  
of the  
balance sheet  
date do
not  
change  
for  
the  
remaining  
life  
of  
the
asset.
January 1, 2026
The Corporation  
does not  
expect to  
be
impacted  
by  
the  
adoption  
of  
this
standard as it will not  
elect the practical
expedient.

133
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The  
FASB  
issued  
ASU  
2025-04  
in  
May
2025,  
which  
clarifies  
the  
accounting  
for
share-based  
awards  
granted  
as
consideration  
payable  
to  
a  
customer.  
The
ASU expands  
the definition  
of performance
condition  
for  
share-based  
consideration
under ASC 718 and eliminates the forfeiture
policy election for  
service conditions. It  
also
confirms  
that  
the  
variable  
consideration
constraint  
in  
ASC  
606  
does  
not  
apply  
to
such awards.
January 1, 2027
The Corporation  
does not  
expect to  
be
impacted  
by  
the  
adoption  
of  
this  
ASU
since  
it  
does  
not  
grant  
share-based
payment awards to customers.
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The  
FASB  
issued  
ASU  
2025-03  
in  
May
2025 which  
requires that  
an entity  
consider
the  
factors  
in  
paragraphs  
805-10-55-12
through  
55-15  
when  
it  
is  
involved  
in  
an
acquisition transaction  
effected primarily  
by
exchanging  
equity  
interests when  
the  
legal
acquiree is  
a variable  
interest entity  
("VIE")
that  
meets  
the  
definition  
of  
a  
business  
to
determine  
which  
entity  
is  
the  
accounting
acquirer.  
This  
replaces  
the  
previous
requirement  
that  
the  
primary  
beneficiary
always is the acquirer.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2024-04, Debt
- Debt with Conversion
and Other Options
(Subtopic 470- 20) -
Induced Conversions of
Convertible Debt
Instruments
The  
FASB  
issued  
ASU  
2024-04  
in
November  
2024,  
which  
clarifies  
the
requirements  
for  
determining  
whether
certain  
settlements  
of  
convertible  
debt
instruments should  
be accounted  
for as  
an
induced  
conversion.  
Also  
it  
makes
additional  
clarifications  
to  
assist
stakeholders in  
applying the  
guidance. The
ASU  
clarifies  
that  
the  
incorporation,
elimination,  
or  
modification  
of  
a  
volume-
weighted  
average  
price  
("VWAP")  
formula
does  
not  
automatically  
cause  
a  
settlement
to  
be  
accounted  
for  
as  
an  
extinguishment
and  
that  
the  
induced  
conversion  
guidance
applies to a convertible  
debt instrument that
is not currently  
convertible as long as  
it had
a substantive  
conversion feature  
as of  
both
its  
issuance  
date  
and  
the  
date  
the
inducement offer is accepted.
January 1, 2026
The Corporation  
does not  
expect to  
be  

impacted  
by  
the  
adoption  
of  
this  
ASU
since it does not hold convertible debt.
FASB ASU 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The  
FASB  
issued  
ASU  
2024-03  
in
November  
2024,  
which  
requires  
public
entities  
to  
disclose  
additional  
information
about  
specific  
expense  
categories  
in  
the
notes to  
financial statements  
at interim  
and
annual  
reporting  
periods  
to  
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation  
is currently  
evaluating
the  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.

134
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2023-06,
Disclosure Improvements -
Codification Amendments
in Response to the SEC’s  

Disclosure Update and
Simplification Initiative
The FASB  
issued ASU  
2023-06 in  
October
2023  
which  
modifies  
the  
disclosure  
or
presentation  
requirements  
of  
various
subtopics  
in  
the  
Codification  
with  
the
purpose  
of  
aligning  
U.S.  
GAAP
requirements  
with  
those  
of  
the  
SEC  
under
Regulation S-X and S-K.  

The date on which
the SEC removes
related disclosure
requirements. If by
June 30, 2027 the
SEC has not
removed the
applicable
requirements, the
standard will not
become  

effective.
The Corporation  
does not  
expect to  
be
impacted  
by  
the  
adoption  
of  
this  
ASU
since  
it  
is  
subject  
to  
SEC's  
current
disclosure  
and  
presentation
requirements under Regulation S-X and
S-K.

135
Note 4 - Restrictions on cash and due  
from banks and certain securities
BPPR is  
required by  
regulatory agencies  
to maintain  
average reserve  
balances with  
the Federal  
Reserve Bank  
of New  
York  
(the
“Fed”) or other banks. Required average  
reserve balances in BPPR amounted to  
$
2.7
 
billion at December 31, 2025 (December 31,
2024 -  
$
2.6
 
billion). Cash  
and due  
from banks,  
as well  
as other  
highly liquid  
securities, are  
used to  
cover these  
required average
reserve balances.  

At  
December  
31,  
2025,  
the  
Corporation  
held  
$
64
 
million  
in  
restricted  
assets  
in  
the  
form  
of  
funds  
deposited  
in  
money  
market
accounts, debt  
securities available for  
sale and  
equity securities (December  
31, 2024  
- $
61
 
million).  
The restricted  
assets held  
in
debt securities available for  
sale and equity securities  
consist primarily of assets  
held for the Corporation’s  
non-qualified retirement
plans and fund deposits guaranteeing possible liens  
or encumbrances over the title of insured  
properties.

 
136
Note 5 – Debt securities available-for-sale

The  
following  
tables  
present  
the  
amortized  
cost,  
gross  
unrealized  
gains  
and  
losses,  
fair  
value,  
weighted  
average  
yield  
and
contractual maturities of debt securities available-for-sale  
at December 31, 2025 and December 31,  
2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair  

average
(In thousands)
cost
gains  

losses
value
yield
U.S. Treasury securities
Within 1 year
$
10,154,698
$
4,716
$
1,528
$
10,157,886
3.44
%
After 1 to 5 years
5,555,079
29,795
19,306
5,565,568
3.70
Total U.S. Treasury  
securities
15,709,777
34,511
20,834
15,723,454
3.53
Collateralized mortgage obligations - federal agencies
Within 1 year
152
-
1
151
1.97
After 1 to 5 years
4,879
-
88
4,791
1.49
After 5 to 10 years
11,524
-
482
11,042
2.45
After 10 years
90,018
180
5,941
84,257
2.92
Total collateralized  
mortgage obligations - federal agencies
106,573
180
6,512
100,241
2.80
Mortgage-backed securities - federal agencies
Within 1 year
963
1
9
955
2.08
After 1 to 5 years
65,843
11
1,530
64,324
2.35
After 5 to 10 years
1,030,661
256
67,116
963,801
1.85
After 10 years
4,527,032
881
806,466
3,721,447
1.75
Total mortgage-backed  
securities - federal agencies
5,624,499
1,149
875,121
4,750,527
1.78
Other
Within 1 year
750
-
-
750
4.43
Total other  

750
-
-
750
4.43
Total debt securities  
available-for-sale
[1]
$
21,441,599
$
35,840
$
902,467
$
20,574,972
3.07
%
[1]
 
Includes $
14.3
 
billion pledged to secure government and trust  
deposits, credit facilities and loan servicing agreements that  
the secured parties
are not permitted to sell or repledge the collateral, of which  
$
13.2
 
billion serve as collateral for public funds.  
The Corporation had unpledged
Available for Sale securities with a fair value of  
$
6.3
 
billion that could be used to increase its borrowing  
facilities.

 
137
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Gross  

Gross  

Weighted  

Amortized  

unrealized
unrealized
Fair  

average  

(In thousands)
cost
gains  

losses
value
yield
U.S. Treasury securities  

Within 1 year
$
10,555,397
$
1,282
$
46,275
$
10,510,404
3.33
%
After 1 to 5 years
2,547,936
151
63,381
2,484,706
3.07
Total U.S. Treasury  
securities
13,103,333
1,433
109,656
12,995,110
3.28
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
10,538
-
345
10,193
1.53
After 5 to 10 years
15,334
-
904
14,430
2.24
After 10 years
104,168
132
8,639
95,661
2.76
Total collateralized  
mortgage obligations - federal agencies
130,040
132
9,888
120,284
2.60
Mortgage-backed securities - federal agencies
Within 1 year
776
-
5
771
1.65
After 1 to 5 years
79,542
8
2,700
76,850
2.35
After 5 to 10 years
733,506
82
45,078
688,510
2.37
After 10 years
5,468,448
337
1,106,657
4,362,128
1.67
Total mortgage-backed  
securities - federal agencies
6,282,272
427
1,154,440
5,128,259
1.75
Other
Within 1 year
500
-
-
500
5.00
After 1 to 5 years
1,750
-
-
1,750
5.50
Total other  

2,250
-
-
2,250
5.39
Total debt securities  
available-for-sale
[1]
$
19,517,895
$
1,992
$
1,273,984
$
18,245,903
2.78
%
[1]
Includes $
13.9
 
billion pledged to secure government and trust deposits,  
assets sold under agreements to repurchase, credit facilities  
and loan
servicing agreements that the secured parties are not permitted  
to sell or repledge the collateral, of which $
12.9
 
billion serve as collateral for
public funds. The Corporation had unpledged Available  
for Sale securities with a fair value of  
$
4.3
 
billion that could be used to increase its
borrowing facilities.

The weighted  
average yield  
on debt  
securities available-for-sale  
is based  
on amortized  
cost; therefore,  
it  
does not  
give  
effect to
changes in fair value.
Securities  
not  
due  
on  
a  
single  
contractual  
maturity  
date,  
such  
as  
mortgage-backed  
securities  
and  
collateralized  
mortgage
obligations, are classified  
in the period  
of final contractual  
maturity. The  
expected maturities of  
collateralized mortgage obligations,
mortgage-backed securities and certain other securities may  
differ from their contractual maturities  
because they may be subject to
prepayments or may be called by the issuer.
The following table presents the  
aggregate amortized cost and fair value of  
debt securities available-for-sale at December 31, 2025
by contractual maturity.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Amortized cost  

Fair value
Within 1 year
$
10,156,563
$
10,159,742
After 1 to 5 years
5,625,801
5,634,683
After 5 to 10 years
1,042,185
974,843
After 10 years
4,617,050
3,805,704
Total debt securities  
available-for-sale
$
21,441,599
$
20,574,972

At December 31, 2025,  
the Corporation did not intend  
to sell or believed  
it was more likely than  
not that it would be  
required to sell
debt  
securities  
classified  
as  
available-for-sale.  
There  
were
no
 
debt  
securities  
available-for-sale  
sold  
during  
the  
years  
ended
December 31, 2025, December 31, 2024 and December  
31, 2023.

 

 
 
138
The  
following  
tables  
present  
the  
Corporation’s  
fair  
value  
and  
gross  
unrealized  
losses  
of  
debt  
securities  
available-for-sale,
aggregated by investment category  
and length of time  
that individual securities have been  
in a continuous unrealized loss  
position,
at December 31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair  

 
unrealized
Fair  

 
unrealized
Fair  

 
unrealized
(In thousands)
value  

losses
value  

losses
value  

losses
U.S. Treasury securities
$
992,083
$
82
$
943,699
$
20,752
$
1,935,782
$
20,834
Collateralized mortgage obligations - federal agencies  

1,481
3
83,266
6,509
84,747
6,512
Mortgage-backed securities -federal agencies
222,333
9,975
4,469,097
865,146
4,691,430
875,121
Total debt securities  
available-for-sale in an unrealized loss position  

$
1,215,897
$
10,060
$
5,496,062
$
892,407
$
6,711,959
$
902,467

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair  

 
unrealized
Fair  

 
unrealized
Fair  

 
unrealized
(In thousands)
value  

losses
value  

losses
value  

losses
U.S. Treasury securities
$
2,309,894
$
24,646
$
3,638,092
$
85,010
$
5,947,986
$
109,656
Collateralized mortgage obligations - federal agencies  

4,878
27
102,160
9,861
107,038
9,888
Mortgage-backed securities - federal agencies
70,777
3,175
5,031,414
1,151,265
5,102,191
1,154,440
Total debt securities  
available-for-sale in an unrealized loss position  

$
2,385,549
$
27,848
$
8,771,666
$
1,246,136
$
11,157,215
$
1,273,984

As of December 31, 2025, the portfolio of available-for-sale  
debt securities reflects gross unrealized losses of $
0.9
 
billion (December
31,  
2024  
-  
$
1.3
 
billion), driven  
mainly  
by  
mortgage-backed securities,  
impacted  
by  
the  
higher-interest  
rate  
environment  
and  
the
portfolio’s longer  
duration.  
The portfolio  
of available-for-sale debt  
securities is  
comprised mainly of  
U.S Treasuries  
and obligations
from  
the  
U.S.  
Government,  
its  
agencies  
or  
government  
sponsored  
entities,  
including  
Federal  
National  
Mortgage  
Association
(“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association (“GNMA”). These
securities carry  
an explicit  
or implicit  
guarantee from the  
U.S. Government,  
are highly  
rated by  
major rating  
agencies, and  
have a
long history of no credit losses. Accordingly, the Corporation applies a zero-credit  
loss assumption.

 

 
139
Note 6 –Debt securities held-to-maturity

The following tables present the amortized cost, allowance for  
credit losses,  
gross unrealized gains and losses, fair value, weighted
average yield and contractual maturities of debt securities  
held-to-maturity at December 31, 2025 and  
2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Allowance
Carrying
Value  

Gross  

Gross  

Weighted
Amortized  

Book
[1]
for Credit
Net of  

unrealized
unrealized
Fair  

average
(In thousands)
cost
Value
Losses
Allowance
gains  

losses
value
yield
U.S. Treasury securities  

Within 1 year
$
2,558,293
$
2,519,071
$
-
$
2,519,071
$
5,224
$
110
$
2,524,185
1.31
%
After 1 to 5 years
5,003,219
4,749,896
-
4,749,896
35,910
-
4,785,806
1.27
Total U.S. Treasury  
securities
7,561,512
7,268,967
-
7,268,967
41,134
110
7,309,991
1.28
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,605
2,605
5
2,600
4
-
2,604
6.43
After 1 to 5 years
12,508
12,508
39
12,469
24
87
12,406
3.49
After 5 to 10 years
450
450
15
435
15
-
450
5.81
After 10 years
35,544
35,544
5,753
29,791
2,908
1,829
30,870
1.43
Total obligations of  
Puerto Rico, States and
political subdivisions
51,107
51,107
5,812
45,295
2,951
1,916
46,330
2.22
Collateralized mortgage obligations - federal
agencies
After 10 years
1,495
1,495
-
1,495
-
189
1,306
2.87
Total collateralized  
mortgage obligations -
federal agencies
1,495
1,495
-
1,495
-
189
1,306
2.87
Securities in wholly owned statutory business
trusts
After 5 to 10 years
5,960
5,960
-
5,960
-
-
5,960
6.33
Total securities  
in wholly owned statutory
business trusts
5,960
5,960
-
5,960
-
-
5,960
6.33
Total debt securities  
held-to-maturity [2]
$
7,620,074
$
7,327,529
$
5,812
$
7,321,717
$
44,085
$
2,215
$
7,363,587
1.29
%
[1]
Book value includes $
293
 
million of unrealized loss which remains in Accumulated  
other comprehensive (loss) income (AOCI) related  
to certain
securities previously transferred from available-for-sale securities  
portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.3
 
billion pledged to secure public and trust deposits that  
the secured parties are not permitted to sell or repledge  
the collateral.  
The
Corporation had unpledged held-to-maturities securities with  
a fair value of $
98.8
 
million that could be used to increase its borrowing facilities.

 
 
140
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Allowance  

Carrying
Value  

Gross  

Gross  

Weighted  

Amortized  

Book
[1]
for Credit
Net of
unrealized
unrealized
Fair  

average  

(In thousands)
cost
Value
Losses
Allowance
gains  

losses
value
yield
U.S. Treasury securities  

Within 1 year
$
599,910
$
599,910
$
-
$
599,910
$
-
$
4,498
$
595,412
2.76
%
After 1 to 5 years
7,572,435
7,093,508
-
7,093,508
-
65,096
7,028,412
1.28
Total U.S. Treasury  
securities
8,172,345
7,693,418
-
7,693,418
-
69,594
7,623,824
1.39
Obligations of Puerto Rico, States and
political subdivisions
`
Within 1 year
2,440
2,440
5
2,435
3
-
2,438
6.39
After 1 to 5 years
16,454
16,454
80
16,374
47
80
16,341
3.69
After 5 to 10 years
655
655
22
633
20
-
653
5.81
After 10 years
37,633
37,633
5,210
32,423
2,318
2,596
32,145
1.42
Total obligations of  
Puerto Rico, States and
political subdivisions
57,182
57,182
5,317
51,865
2,388
2,676
51,577
2.34
Collateralized mortgage obligations - federal
agencies
After 10 years
1,518
1,518
-
1,518
-
214
1,304
2.87
Total collateralized  
mortgage obligations -
federal agencies
1,518
1,518
-
1,518
-
214
1,304
2.87
Securities in wholly owned statutory business
trusts
After 5 to 10 years
5,959
5,959
-
5,959
-
-
5,959
6.33
Total securities  
in wholly owned statutory
business trusts
5,959
5,959
-
5,959
-
-
5,959
6.33
Total debt securities  
held-to-maturity [2]
$
8,237,004
$
7,758,077
$
5,317
$
7,752,760
$
2,388
$
72,484
$
7,682,664
1.40
%
[1]
Book value includes $
479
 
million of unrealized loss which remains in Accumulated  
other comprehensive (loss) income (AOCI) related  
to certain
securities transferred from available-for-sale securities  
portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.6
 
billion pledged to secure public and trust deposits that  
the secured parties are not permitted to sell or repledge  
the collateral. The
Corporation had unpledged held-to-maturities securities with  
a fair value of $
139.9
 
million that could be used to increase its borrowing  
facilities.

Securities not due  
on a single  
contractual maturity date,  
such as collateralized  
mortgage obligations, are classified  
in the  
period of
final contractual maturity. The  
expected maturities of collateralized mortgage obligations and certain other securities may differ from
their contractual maturities because they may be  
subject to prepayments or may be called by  
the issuer.

The following  
table presents the  
aggregate amortized cost  
and fair value  
of debt securities  
held-to-maturity at December  
31, 2025
by contractual maturity.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Amortized cost  

Book Value
Fair value
Within 1 year
$
2,560,898
$
2,521,676
$
2,526,789
After 1 to 5 years
5,015,727
4,762,404
4,798,212
After 5 to 10 years
6,410
6,410
6,410
After 10 years
37,039
37,039
32,176
Total debt securities  
held-to-maturity
$
7,620,074
$
7,327,529
$
7,363,587

Credit Quality Indicators
The following describes the credit quality indicators by major security  
type that the Corporation considers to develop the  
estimate of
the allowance for credit losses for investment securities  
held-to-maturity.
As discussed in Note  
2 to the  
Consolidated Financial Statement,  
U.S. Treasury securities  
carry an explicit guarantee  
from the U.S.
Government,  
are highly  
rated by  
major rating  
agencies,  
and have  
a long  
history of  
no credit  
losses. Accordingly,  
the Corporation
applies a zero-credit loss assumption and no allowance  
for credit losses (“ACL”) for these securities  
has been established.

141
At December 31, 2025 and December 31, 2024, the “Obligations  
of Puerto Rico, States and political subdivisions” classified  
as held-
to-maturity,  
included securities  
issued by  
municipalities of  
Puerto Rico  
that are  
generally not  
rated by  
a credit  
rating agency.  
The
Corporation performs periodic credit quality  
reviews of these securities and internally  
assigns standardized credit risk ratings based
on  
its  
evaluation. For  
the  
definitions  
of  
the  
obligor  
risk  
ratings, refer  
to  
the  
Credit  
Quality section  
of  
Note  
8  
to  
the  
Consolidated
Financial  
Statements.  
This  
includes  
an  
amortized  
cost  
of  
$
8.7
 
million  
of  
general  
and  
special  
obligation  
bonds  
issued  
by  
three
municipalities  
of  
Puerto  
Rico,  
of  
which  
$
7.9
 
million  
have  
a  
“Pass”  
rating,  
that  
are  
payable  
primarily  
from  
certain  
property  
taxes
imposed by the issuing municipality (compared to $
13
 
million and $
11.1
 
million, respectively, at December 31, 2024).

At December  
31, 2025,  
the portfolio  
of “Obligations  
of Puerto  
Rico, States  
and political  
subdivisions” also  
included $
36
 
million in
securities  
issued  
by  
the  
Puerto  
Rico  
Housing  
Finance  
Authority  
(“HFA”),  
a  
government  
instrumentality,  
for  
which  
the  
underlying
source of payment is second mortgage loans in Puerto Rico  
residential properties (not the government), but for which HFA, provides
a guarantee  
in the  
event of default  
and upon the  
satisfaction of certain  
other conditions (December  
31, 2024 -  
$
38
 
million). These
securities  
are  
not  
rated  
by  
a  
credit  
rating  
agency.  
Refer  
to  
Note  
23
to  
the  
Consolidated  
Financial  
Statements
for  
additional
information on the Corporation’s exposure to the Puerto  
Rico Government.
The  
Corporation  
assesses  
the  
credit  
risk  
associated  
with  
these  
HFA  
securities  
by  
evaluating  
the  
refreshed  
FICO  
scores  
of  
a
representative sample  
of the  
underlying borrowers.  
As of  
December 31,  
2025, the  
average refreshed  
FICO score  
for the  
sample,
comprised  
of
77
%  
of  
the  
nominal  
value  
of  
the  
securities,  
used  
for  
the  
loss  
estimate  
was  
of
698
 
(compared  
to
72
%  
and
674
,
respectively, at  
December 31, 2024).  
The loss estimates  
for this portfolio  
was based on  
the methodology established  
under CECL
for  
similar  
loan  
obligations.  
The  
Corporation  
does  
not  
consider  
the  
government  
guarantee  
when  
estimating  
the  
credit  
losses
associated with this portfolio.
A
deterioration of  
the Puerto  
Rico economy  
or  
of  
the fiscal  
health of  
the  
Government of  
Puerto Rico  
and/or  
its  
instrumentalities
(including if  
any of  
the issuing  
municipalities become  
subject to  
a debt  
restructuring proceeding  
under the  
Puerto Rico  
Oversight
Management and Economic Stability Act (“PROMESA”)  
could adversely affect the value of these securities, resulting in losses  
to the
Corporation.  

At December  
31, 2025,  
the portfolio  
of “Obligations  
of Puerto  
Rico, States  
and political  
subdivisions” also  
included $
6.8
 
million in
securities issued  
by the  
HFA  
for which  
the underlying  
source of  
payment is  
U.S. Treasury  
securities (December  
31, 2024  
- $
6.9
million).  
The Corporation  
applies a  
zero-credit loss  
assumption for  
these securities,  
and no  
ACL  
has  
been  
established for  
these
securities given that U.S. Treasury securities carry an explicit guarantee from  
the U.S. Government, are highly rated by major rating
agencies, and have a long history of no credit  
losses.

 

Delinquency status
At December 31, 2025 and December 31, 2024,  
there were
no
 
securities held-to-maturity in past due or non-performing  
status.

Allowance for credit losses on debt securities held-to-maturity
The  
allowance  
for  
credit  
losses  
related  
to  
the  
Obligations  
of  
Puerto  
Rico  
and  
the  
States  
and  
Political  
subdivisions  
securities  
at
December 31, 2025 was $
5.8
 
million (December 31, 2024 - $
5.3
 
million).

 

 
 
 
142
Note 7 – Loans

For a summary of the  
accounting policies related to loans, interest recognition  
and allowance for credit losses refer to  
Note 2 to the
Consolidated Financial Statements.

The following table presents the Corporation's loan  
purchases (including repurchases) for the years ended December 31,  
2025 and
2024 by class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the years ended December 31,  

(In thousands)
2025
2024
Commercial
$
250,032
$
296,201
Mortgage
491,832
378,573
Ending balance
$
741,864
$
674,774

The following table presents the Corporation’s whole-loan  
sales for the years ended December 31, 2025  
and 2024 by class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the years ended December 31,  

(In thousands)
2025
2024
Commercial
$
47,347
$
25,155
Construction
9,338
16,656
Mortgage
35,454
44,680
Ending balance
$
92,139
$
86,491

Delinquency status
The following tables present the  
amortized cost basis of loans  
held-in-portfolio (“HIP”), net of unearned  
income, by past due status,
and by loan class including those that are in non-performing status or that are accruing  
interest but are past due 90 days or more at
December 31, 2025 and 2024.

 
 
143
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing  

(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
6,579
$
155
$
112
$
6,846
$
296,502
$
303,348
$
112
$
-
Commercial real estate:
Non-owner occupied
2,457
299
35,692
38,448
3,356,682
3,395,130
35,692
-
Owner occupied
2,760
681
24,567
28,008
1,168,585
1,196,593
24,567
-
Commercial and industrial
8,864
3,760
187,222
199,846
5,770,227
5,970,073
183,914
3,308
Construction
17,283
-
-
17,283
340,258
357,541
-
-
Mortgage
261,145
133,124
329,613
723,882
6,624,085
7,347,967
132,373
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,885
1,256,731
-
27,529
Home equity lines of credit
-
-
-
-
1,908
1,908
-
-
Personal
19,608
11,894
19,082
50,584
1,785,818
1,836,402
18,863
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,285
5,900
165,858
171,758
1,809
476
Total
$
466,174
$
193,353
$
687,481
$
1,347,008
$
26,311,620
$
27,658,628
$
458,709
$
228,772

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total  

Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
9,500
$
-
$
8,636
$
18,136
$
2,134,306
$
2,152,442
$
8,636
$
-
Commercial real estate:
Non-owner occupied
-
1,600
7,020
8,620
2,139,534
2,148,154
7,020
-
Owner occupied
-
-
-
-
1,956,487
1,956,487
-
-
Commercial and industrial
7,608
928
6,686
15,222
2,622,117
2,637,339
6,498
188
Construction
-
-
-
-
1,317,358
1,317,358
-
-
Mortgage
15,596
6,400
13,422
35,418
1,266,055
1,301,473
13,422
-
Consumer:
Credit cards
-
-
-
-
( 14 )
( 14 )
-
-
Home equity lines of
credit
1,282
82
2,796
4,160
72,624
76,784
2,796
-
Personal
983
832
1,233
3,048
66,778
69,826
1,233
-
Other
-
-
29
29
9,012
9,041
29
-
Total
$
34,969
$
9,842
$
39,822
$
84,633
$
11,584,257
$
11,668,890
$
39,634
$
188

 
 
144
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
[2] [3]
loans
loans
Commercial multi-family
$
16,079
$
155
$
8,748
$
24,982
$
2,430,808
$
2,455,790
$
8,748
$
-
Commercial real estate:
Non-owner occupied
2,457
1,899
42,712
47,068
5,496,216
5,543,284
42,712
-
Owner occupied
2,760
681
24,567
28,008
3,125,072
3,153,080
24,567
-
Commercial and industrial
16,472
4,688
193,908
215,068
8,392,344
8,607,412
190,412
3,496
Construction
17,283
-
-
17,283
1,657,616
1,674,899
-
-
Mortgage
[1]
276,741
139,524
343,035
759,300
7,890,140
8,649,440
145,795
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,871
1,256,717
-
27,529
Home equity lines of credit
1,282
82
2,796
4,160
74,532
78,692
2,796
-
Personal
20,591
12,726
20,315
53,632
1,852,596
1,906,228
20,096
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,314
5,929
174,870
180,799
1,838
476
Total
$
501,143
$
203,195
$
727,303
$
1,431,641
$
37,895,877
$
39,327,518
$
498,343
$
228,960

[1]
At December 31, 2025, mortgage loans held-in-portfolio  
include $
3.2
 
billion of loans that carry certain guarantees from  
the FHA or the VA, for
which the Corporation’s policy is to exclude them  
from non-performing status, of which $
197
 
million are 90 days or more past due. The portfolio  
of
guaranteed loans includes $
47
 
million of residential mortgage loans in Puerto Rico that  
are no longer accruing interest as of December 31,  
2025.
The Corporation has $
27
 
million in reverse mortgage loans in Puerto Rico which  
are guaranteed by FHA, but which are currently not accruing
interest at December 31, 2025.
[2]
Loans held-in-portfolio are net of $
422
 
million in unearned income and exclude $
10
 
million in loans held-for-sale.
[3]
Includes $
22.7
 
billion pledged to secure credit facilities and public funds  
that the secured parties are not permitted to sell or repledge  
the collateral,
of which $
7.5
 
billion were pledged at the Federal Home Loan Bank  
("FHLB") as collateral for borrowings and $
15.2
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of December  
31, 2025, the Corporation had an available borrowing  
facility with the FHLB and
the discount window of FRB of $
4
.0 billion and $
12.1
 
billion, respectively.

 
 
145
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days  

Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
1,491
$
113
$
79
$
1,683
$
306,318
$
308,001
$
79
$
-
Commercial real estate:
Non-owner occupied
3,103
586
6,429
10,118
3,236,385
3,246,503
6,429
-
Owner occupied
11,054
808
25,258
37,120
1,338,791
1,375,911
25,258
-
Commercial and industrial
5,738
2,712
23,895
32,345
5,314,549
5,346,894
19,335
4,560
Construction
1,039
-
-
1,039
211,251
212,290
-
-
Mortgage
262,222
116,694
365,759
744,675
6,065,206
6,809,881
158,442
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,158,975
1,218,053
-
29,960
Home equity lines of credit
16
129
-
145
1,895
2,040
-
-
Personal
19,503
13,005
20,269
52,777
1,697,600
1,750,377
20,269
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
1,816
277
1,312
3,405
156,824
160,229
899
413
Total
$
458,730
$
179,963
$
534,341
$
1,173,034
$
25,005,987
$
26,179,021
$
292,091
$
242,250

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days  

Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
-
$
5,443
$
8,700
$
14,143
$
2,077,476
$
2,091,619
$
8,700
$
-
Commercial real estate:
Non-owner occupied
6,792
-
8,015
14,807
2,101,925
2,116,732
8,015
-
Owner occupied
-
-
5,191
5,191
1,776,644
1,781,835
5,191
-
Commercial and industrial
10,336
5,323
1,938
17,597
2,377,071
2,394,668
1,748
190
Construction
-
-
-
-
1,051,502
1,051,502
-
-
Mortgage
18,148
5,417
29,890
53,455
1,250,847
1,304,302
29,890
-
Consumer:
Credit cards
-
-
-
-
26
26
-
-
Home equity lines of credit
530
986
3,393
4,909
66,622
71,531
3,393
-
Personal  

1,808
1,509
1,741
5,058
99,809
104,867
1,741
-
Other
514
-
11
525
11,024
11,549
11
-
Total
$
38,128
$
18,678
$
58,879
$
115,685
$
10,812,946
$
10,928,631
$
58,689
$
190

 
 
 
 
146
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days  

Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
[2] [3]
loans
loans
Commercial multi-family
$
1,491
$
5,556
$
8,779
$
15,826
$
2,383,794
$
2,399,620
$
8,779
$
-
Commercial real estate:
Non-owner occupied
9,895
586
14,444
24,925
5,338,310
5,363,235
14,444
-
Owner occupied
11,054
808
30,449
42,311
3,115,435
3,157,746
30,449
-
Commercial and industrial
16,074
8,035
25,833
49,942
7,691,620
7,741,562
21,083
4,750
Construction
1,039
-
-
1,039
1,262,753
1,263,792
-
-
Mortgage
[1]
280,370
122,111
395,649
798,130
7,316,053
8,114,183
188,332
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,159,001
1,218,079
-
29,960
Home equity lines of credit
546
1,115
3,393
5,054
68,517
73,571
3,393
-
Personal
21,311
14,514
22,010
57,835
1,797,409
1,855,244
22,010
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
2,330
277
1,323
3,930
167,848
171,778
910
413
Total
$
496,858
$
198,641
$
593,220
$
1,288,719
$
35,818,933
$
37,107,652
$
350,780
$
242,440

[1]
At December 31, 2024 mortgage loans held-in-portfolio include  
$
2.6
 
billion of loans that carry certain guarantees from the FHA  
or the VA, for
which the Corporation’s policy is to exclude them  
from non-performing status, of which $
207
 
million are 90 days or more past due. The portfolio  
of
guaranteed loans includes $
65
 
million of residential mortgage loans in Puerto Rico that  
are no longer accruing interest as of December 31,  
2024.
The Corporation has $
31
 
million in reverse mortgage loans in Puerto Rico which  
are guaranteed by FHA, but which are currently not accruing
interest at December 31, 2024.
[2]
Loans held-in-portfolio are net of $
415
 
million in unearned income and exclude $
5
 
million in loans held-for-sale.
[3]
Includes $
16.8
 
billion pledged to secure credit facilities and public funds  
that the secured parties are not permitted to sell or repledge  
the collateral,
of which $
7.3
 
billion were pledged at the FHLB as collateral for borrowings  
and $
9.5
 
billion at the FRB for discount window borrowings. As  
of
December 31, 2024, the Corporation had an available borrowing  
facility with the FHLB and the discount window  
of FRB of $
3.8
 
billion and $
7
.0
billion, respectively.

The components of the net financing leases,  
including finance leases within the C&I category,  
receivable at December 31, 2025 and
2024 were as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
Total minimum lease  
payments
$
1,722,141
$
1,676,763
Estimated residual value of leased property
820,333
774,752
Deferred origination costs, net of fees
28,800
29,398
Less - Unearned financing income
408,735
403,273
Net minimum lease payments
2,162,539
2,077,640
Less - Allowance for credit losses
20,095
17,691
Net minimum lease payments, net of allowance for credit losses
$
2,142,444
$
2,059,949

At December 31, 2025, future minimum lease payments  
are expected to be received as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
$
169,390
2027
227,657
2028
313,503
2029
393,504
2030
448,441
2031 and thereafter
169,646
Total
$
1,722,141

 
 
147
The following tables present the amortized cost basis  
of non-accrual loans as of December 31, 2025  
and December 31, 2024 by
class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$
-
$
112
$
8,137
$
499
$
8,137
$
611
Commercial real estate non-owner occupied
31,408
4,284
6,979
41
38,387
4,325
Commercial real estate owner occupied
16,576
7,991
-
-
16,576
7,991
Commercial and industrial
6,245
177,669
5,985
513
12,230
178,182
Mortgage
59,302
73,071
732
12,690
60,034
85,761
Leasing
771
8,408
-
-
771
8,408
Consumer:
 
HELOCs
-
-
-
2,796
-
2,796
 
Personal  

3,314
15,549
-
1,233
3,314
16,782
 
Auto  

2,252
49,948
-
-
2,252
49,948
 
Other
378
1,431
-
29
378
1,460
Total
$
120,246
$
338,463
$
21,833
$
17,801
$
142,079
$
356,264

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$
-
$
79
$
8,700
$
-
$
8,700
$
79
Commercial real estate non-owner occupied
3,450
2,979
7,115
900
10,565
3,879
Commercial real estate owner occupied
17,767
7,491
4,957
234
22,724
7,725
Commercial and industrial
9,020
10,315
-
1,748
9,020
12,063
Mortgage
66,176
92,266
1,069
28,821
67,245
121,087
Leasing
500
9,088
-
-
500
9,088
Consumer:
 
HELOCs
-
-
-
3,393
-
3,393
 
Personal  

2,960
17,309
-
1,741
2,960
19,050
 
Auto  

1,992
49,800
-
-
1,992
49,800
 
Other
-
899
-
11
-
910
Total
$
101,865
$
190,226
$
21,841
$
36,848
$
123,706
$
227,074

The Corporation has  
designated loans classified as  
collateral dependent for  
which the ACL  
is measured based  
on the fair  
value of
the collateral less  
cost to sell,  
when foreclosure is  
probable or when  
the repayment is  
expected to be  
provided substantially by the
sale or  
operation of  
the collateral  
and the  
borrower is  
experiencing financial  
difficulty.  
The fair  
value of  
the collateral  
is based  
on
appraisals,  
which  
may  
be  
adjusted  
due  
to  
their  
age,  
type,  
location,  
and  
condition  
of  
the  
property  
or  
area  
or  
general  
market
conditions to reflect the expected change in value between the effective date  
of the appraisal and the measurement date. Appraisals
are updated every one to two years depending on  
the type of loan and the total exposure of  
the borrower.
Loans in non-accrual status with no  
allowance at December 31, 2025 include  
$
142
 
million in collateral dependent loans (December
31,  
2024  
-  
$
124
 
million).  
The  
Corporation recognized  
$
6
 
million  
in  
interest  
income  
on  
non-accrual  
loans  
during  
the  
year  
ended
December 31, 2025 (December 31, 2024 - $
4
 
million).

The following tables present the amortized cost basis  
of collateral-dependent loans, for which the ACL was measured  
based on the
fair value of the collateral less cost to sell, by  
class of loans and type of collateral as of December  
31, 2025 and December 31, 2024:

 
148
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,206
$
-
$
-
$
-
$
-
$
1,206
Commercial real estate:
Non-owner occupied
127,031
-
-
-
-
127,031
Owner occupied
23,014
-
-
-
-
23,014
Commercial and industrial
2,378
-
4,476
203
94
7,151
Mortgage
67,380
-
-
-
-
67,380
Leasing
-
1,925
-
-
-
1,925
Consumer:
Personal
3,402
-
-
-
-
3,402
Auto
-
16,512
-
-
-
16,512
Other
-
31
-
-
363
394
Total BPPR
$
224,411
$
18,468
$
4,476
$
203
$
457
$
248,015
Popular U.S.
Commercial multi-family
$
16,395
$
-
$
-
$
-
$
-
$
16,395
Commercial real estate:
Non-owner occupied
65,630
-
-
-
-
65,630
Commercial and industrial
4,187
-
-
-
1,798
5,985
Mortgage
1,398
-
-
-
-
1,398
Total Popular U.S.
$
87,610
$
-
$
-
$
-
$
1,798
$
89,408
Popular, Inc.
Commercial multi-family
$
17,601
$
-
$
-
$
-
$
-
$
17,601
Commercial real estate:
Non-owner occupied
192,661
-
-
-
-
192,661
Owner occupied
23,014
-
-
-
-
23,014
Commercial and industrial
6,565
-
4,476
203
1,892
13,136
Mortgage
68,778
-
-
-
-
68,778
Leasing
-
1,925
-
-
-
1,925
Consumer:
Personal
3,402
-
-
-
-
3,402
Auto
-
16,512
-
-
-
16,512
Other
-
31
-
-
363
394
Total Popular,  
Inc.
$
312,021
$
18,468
$
4,476
$
203
$
2,255
$
337,423

 
149
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,278
$
-
$
-
$
-
$
1,278
Commercial real estate:
Non-owner occupied
145,974
-
-
-
145,974
Owner occupied
23,361
-
-
-
23,361
Commercial and industrial
2,754
-
-
11,593
14,347
Construction
576
-
-
-
576
Mortgage
77,910
-
-
-
77,910
Leasing
-
1,437
1
-
1,438
Consumer:
Personal
3,347
-
-
-
3,347
Auto
-
15,782
-
-
15,782
Other
-
-
-
16
16
Total BPPR
$
255,200
$
17,219
$
1
$
11,609
$
284,029
Popular U.S.
Commercial multi-family
$
14,517
$
-
$
-
$
-
$
14,517
Commercial real estate:
Non-owner occupied
7,116
-
-
-
7,116
Owner occupied
4,956
-
-
-
4,956
Commercial and industrial
-
-
18
1,154
1,172
Mortgage
1,430
-
-
-
1,430
Total Popular U.S.
$
28,019
$
-
$
18
$
1,154
$
29,191
Popular, Inc.
Commercial multi-family
$
15,795
$
-
$
-
$
-
$
15,795
Commercial real estate:
Non-owner occupied
153,090
-
-
-
153,090
Owner occupied
28,317
-
-
-
28,317
Commercial and industrial
2,754
-
18
12,747
15,519
Construction
576
-
-
-
576
Mortgage
79,340
-
-
-
79,340
Leasing
-
1,437
1
-
1,438
Consumer:
Personal
3,347
-
-
-
3,347
Auto
-
15,782
-
-
15,782
Other
-
-
-
16
16
Total Popular,  
Inc.
$
283,219
$
17,219
$
19
$
12,763
$
313,220

150
Note 8 – Allowance for credit losses – loans  
held-in-portfolio

The
Corporation follows  
the current  
expected credit  
loss  
(“CECL”) model  
to  
establish and  
evaluate the  
adequacy of  
the ACL  
to
provide for  
expected losses  
in the  
loan portfolio.  
This model  
establishes a forward-looking  
methodology that  
reflects the  
expected
credit losses over the lives  
of financial assets starting when such  
assets are first acquired or originated.  
In addition, CECL provides
that  
the  
initial ACL  
on PCD  
financial  
assets be  
recorded as  
an  
increase to  
the  
purchase price,  
with subsequent  
changes to  
the
allowance  
recorded  
as  
a  
credit  
loss  
expense.  
The  
provision  
for  
credit  
losses  
recorded  
in  
current  
operations  
is  
based  
on  
this
methodology.  
Loan losses  
are charged  
and  
recoveries are  
credited to  
the ACL.  
The  
Corporation’s modeling  
framework includes
internally  
developed  
quantitative  
models  
that  
generate  
lifetime  
default  
and  
prepayment  
estimates  
as  
well  
as  
other  
loan  
level
techniques to estimate  
loss severity.  
These models combine credit  
risk factors which  
include the impact  
of loan modifications,  
with
macroeconomic expectations to derive the lifetime  
expected loss.  

At  
December  
31,  
2025,  
the  
Corporation  
estimated  
the  
ACL  
by  
weighting  
the  
outputs  
of  
optimistic,  
baseline,  
and  
pessimistic
scenarios. The  
weightings applied are  
subject to  
evaluation on a  
quarterly basis as  
part of  
the ACL’s  
governance process.  
During
the first quarter of 2025, the Corporation assigned equal probability weights to the baseline and pessimistic scenarios in response to
economic uncertainty,  
the optimistic scenario  
being the lowest  
of probabilities. During  
the second  
quarter of 2025,  
the Corporation
moderately  
reduced  
the  
probability  
weight  
for  
the  
pessimistic  
scenario  
based  
on  
changes  
in  
the  
economic  
outlook  
and  
a
reassessment of uncertainty compared to the first quarter. The net impact of these two changes in the assigned weights on the ACL
levels for  
the year  
ended December  
31, 2025  
was $
13.7
 
million in  
additional reserves.  
There were  
no changes  
to the  
probability
weights during  
the third  
and fourth  
quarter of  
2025. The  
probability weight  
for the  
pessimistic scenario  
remains above  
the levels
observed in 2024, given the ongoing economic uncertainty.

The  
following  
tables  
present  
the  
changes  
in  
the  
ACL  
of  
loans  
held-in-portfolio  
and  
unfunded  
commitments  
for  
the  
year  
ended
December 31, 2025 and 2024.

 
151
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
2,783
$
1,076
$
-
$
-
$
12
$
3,871
Commercial real estate non-owner occupied
44,852
10,870
-
( 13,576 )
2,003
44,149
Commercial real estate owner occupied
37,355
( 5,674 )
-
( 363 )
3,404
34,722
Commercial and industrial
130,136
40,009
-
( 14,745 )
8,477
163,877
Total Commercial
215,126
46,281
-
( 28,684 )
13,896
246,619
Construction
2,743
1,714
-
-
31
4,488
Mortgage
72,901
( 12,386 )
17
( 1,436 )
11,578
70,674
Leasing
16,419
12,987
-
( 16,856 )
6,070
18,620
Consumer
Credit cards
99,130
54,602
-
( 75,428 )
12,820
91,124
Home equity lines of credit
54
( 651 )
-
( 25 )
680
58
Personal
91,296
74,586
-
( 82,979 )
14,901
97,804
Auto
165,995
59,363
-
( 76,284 )
31,290
180,364
Other
7,002
3,717
-
( 3,148 )
598
8,169
Total Consumer
363,477
191,617
-
( 237,864 )
60,289
377,519
Total - Loans
$
670,666
$
240,213
$
17
$
( 284,840 )
$
91,864
$
717,920
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
( 732 )
$
-
$
-
$
-
$
5,993
Construction
1,663
907
-
-
-
2,570
Ending balance - unfunded commitments [1]
$
8,388
$
175
$
-
$
-
$
-
$
8,563
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
152
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Popular U.S.
Provision for  

Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
6,453
$
9,485
$
( 563 )
$
99
$
15,474
Commercial real estate non-owner occupied
9,642
4,926
-
-
14,568
Commercial real estate owner occupied
12,473
625
( 27 )
658
13,729
Commercial and industrial
15,870
2,349
( 2,445 )
1,283
17,057
Total Commercial
44,438
17,385
( 3,035 )
2,040
60,828
Construction
8,521
692
-
125
9,338
Mortgage
9,508
84
-
288
9,880
Consumer
Home equity lines of credit
1,449
( 1,437 )
( 84 )
1,349
1,277
Personal
11,440
2,925
( 8,140 )
2,583
8,808
Other
2
838
( 924 )
89
5
Total Consumer
12,891
2,326
( 9,148 )
4,021
10,090
Total - Loans
$
75,358
$
20,487
$
( 12,183 )
$
6,474
$
90,136
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
( 92 )
$
-
$
-
$
1,570
Construction
5,409
( 1,248 )
-
-
4,161
Consumer
11
133
-
-
144
Ending balance - unfunded commitments [1]
$
7,082
$
( 1,207 )
$
-
$
-
$
5,875
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
153
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
9,236
$
10,561
$
-
$
( 563 )
$
111
$
19,345
Commercial real estate non-owner occupied
54,494
15,796
-
( 13,576 )
2,003
58,717
Commercial real estate owner occupied
49,828
( 5,049 )
-
( 390 )
4,062
48,451
Commercial and industrial
146,006
42,358
-
( 17,190 )
9,760
180,934
Total Commercial
259,564
63,666
-
( 31,719 )
15,936
307,447
Construction
11,264
2,406
-
-
156
13,826
Mortgage
82,409
( 12,302 )
17
( 1,436 )
11,866
80,554
Leasing
16,419
12,987
-
( 16,856 )
6,070
18,620
Consumer
Credit cards
99,130
54,602
-
( 75,428 )
12,820
91,124
Home equity lines of credit
1,503
( 2,088 )
-
( 109 )
2,029
1,335
Personal
102,736
77,511
-
( 91,119 )
17,484
106,612
Auto
165,995
59,363
-
( 76,284 )
31,290
180,364
Other
7,004
4,555
-
( 4,072 )
687
8,174
Total Consumer
376,368
193,943
-
( 247,012 )
64,310
387,609
Total - Loans
$
746,024
$
260,700
$
17
$
( 297,023 )
$
98,338
$
808,056
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
( 824 )
$
-
$
-
$
-
$
7,563
Construction
7,072
( 341 )
-
-
-
6,731
Consumer
11
133
-
-
-
144
Ending balance - unfunded commitments [1]
$
15,470
$
( 1,032 )
$
-
$
-
$
-
$
14,438
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
154
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
3,614
$
( 834 )
$
-
$
-
$
3
$
2,783
Commercial real estate non-owner occupied
53,754
( 9,630 )
-
( 128 )
856
44,852
Commercial real estate owner occupied
40,637
( 4,196 )
-
( 2,793 )
3,707
37,355
Commercial and industrial
107,577
40,418
-
( 24,555 )
6,696
130,136
Total Commercial
205,582
25,758
-
( 27,476 )
11,262
215,126
Construction
5,294
( 3,587 )
-
-
1,036
2,743
Mortgage
72,440
( 13,580 )
34
( 1,084 )
15,091
72,901
Leasing
9,708
18,967
-
( 16,975 )
4,719
16,419
Consumer
Credit cards
80,487
78,024
-
( 69,731 )
10,350
99,130
Home equity lines of credit
103
( 45 )
-
( 380 )
376
54
Personal
101,181
78,574
-
( 98,669 )
10,210
91,296
Auto
157,931
68,096
-
( 85,400 )
25,368
165,995
Other
7,132
1,621
-
( 2,801 )
1,050
7,002
Total Consumer
346,834
226,270
-
( 256,981 )
47,354
363,477
Total - Loans
$
639,858
$
253,828
$
34
$
( 302,516 )
$
79,462
$
670,666
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
1,663
$
-
$
-
$
-
$
6,725
Construction
1,618
45
-
-
-
1,663
Ending balance - unfunded commitments [1]
$
6,680
$
1,708
$
-
$
-
$
-
$
8,388
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
155
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Popular U.S.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
10,126
$
( 3,243 )
$
( 441 )
$
11
$
6,453
Commercial real estate non-owner occupied
11,699
( 2,533 )
( 54 )
530
9,642
Commercial real estate owner occupied
16,227
( 3,721 )
( 154 )
121
12,473
Commercial and industrial
14,779
4,304
( 3,978 )
765
15,870
Total Commercial
52,831
( 5,193 )
( 4,627 )
1,427
44,438
Construction
7,392
1,029
-
100
8,521
Mortgage
10,774
( 1,381 )
( 18 )
133
9,508
Consumer
Home equity lines of credit
1,875
( 1,181 )
( 53 )
808
1,449
Personal
16,609
11,278
( 19,203 )
2,756
11,440
Other
2
61
( 101 )
40
2
Total Consumer
18,486
10,158
( 19,357 )
3,604
12,891
Total - Loans
$
89,483
$
4,613
$
( 24,002 )
$
5,264
$
75,358
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
( 189 )
$
-
$
-
$
1,662
Construction
8,446
( 3,037 )
-
-
5,409
Consumer
29
( 18 )
-
-
11
Ending balance - unfunded commitments [1]
$
10,326
$
( 3,244 )
$
-
$
-
$
7,082
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
156
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,740
$
( 4,077 )
$
-
$
( 441 )
$
14
$
9,236
Commercial real estate non-owner occupied
65,453
( 12,163 )
-
( 182 )
1,386
54,494
Commercial real estate owner occupied
56,864
( 7,917 )
-
( 2,947 )
3,828
49,828
Commercial and industrial
122,356
44,722
-
( 28,533 )
7,461
146,006
Total Commercial
258,413
20,565
-
( 32,103 )
12,689
259,564
Construction
12,686
( 2,558 )
-
-
1,136
11,264
Mortgage
83,214
( 14,961 )
34
( 1,102 )
15,224
82,409
Leasing
9,708
18,967
-
( 16,975 )
4,719
16,419
Consumer
Credit cards
80,487
78,024
-
( 69,731 )
10,350
99,130
Home equity lines of credit
1,978
( 1,226 )
-
( 433 )
1,184
1,503
Personal
117,790
89,852
-
( 117,872 )
12,966
102,736
Auto
157,931
68,096
-
( 85,400 )
25,368
165,995
Other
7,134
1,682
-
( 2,902 )
1,090
7,004
Total Consumer
365,320
236,428
-
( 276,338 )
50,958
376,368
Total - Loans
$
729,341
$
258,441
$
34
$
( 326,518 )
$
84,726
$
746,024
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,474
$
-
$
-
$
-
$
8,387
Construction
10,064
( 2,992 )
-
-
-
7,072
Consumer
29
( 18 )
-
-
-
11
Ending balance - unfunded commitments [1]
$
17,006
$
( 1,536 )
$
-
$
-
$
-
$
15,470
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial
Condition.

 
Modifications
A  
modification  
constitutes  
a  
change  
in  
loan  
terms  
in  
the  
form  
of  
principal  
forgiveness,  
an  
interest  
rate  
reduction,  
other  
than-
insignificant payment delay, term extension or combination of the above made  
to a borrower experiencing financial difficulty.
The amount of outstanding commitments to lend additional funds to debtors with financial difficulties owing receivables whose terms
have been  
modified during  
the year  
ended December  
31, 2025  
amounted to  
$
159
 
million (during  
the years  
ended December  
31,
2024 and 2023 - $
75
 
million and $21 million, respectively), related to  
the commercial loan portfolios.
The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of
the reporting period  
disaggregated by class  
of financing receivable and  
type of concession  
granted for the  
years ended December
31, 2025,  
2024, and 2023.  
Loans modified to  
borrowers experiencing financial  
difficulties that  
were fully paid  
down, charged-off  
or
foreclosed upon by period end are not reported.

 

157
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the year ended December 31, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
2,968
0.05
%
$
-
-
%
$
2,968
0.03
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
 
Credit cards
547
0.04
%
-
-
%
547
0.04
%
 
Personal
2,919
0.16
%
-
-
%
2,919
0.15
%
 
Other
4
-
%
-
-
%
4
-
%
Total
$
6,507
0.02
%
$
-
-
%
$
6,507
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,731
0.05
%
$
58,652
2.73
%
$
60,383
1.09
%
CRE owner occupied
19,606
1.64
%
-
-
%
19,606
0.62
%
Commercial and industrial
14,510
0.24
%
919
0.03
%
15,429
0.18
%
Mortgage
43,025
0.59
%
1,127
0.09
%
44,152
0.51
%
Consumer:
-
-
-
 
Personal
895
0.05
%
6
0.01
%
901
0.05
%
 
Auto
298
0.01
%
-
-
%
298
0.01
%
Total
$
80,065
0.29
%
$
60,704
0.52
%
$
140,769
0.36
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
102
-
%
$
-
-
%
$
102
-
%
CRE owner occupied
29,958
2.50
%
-
-
%
29,958
0.95
%
Commercial and industrial
194,151
3.25
%
-
-
%
194,151
2.26
%
Mortgage
718
0.01
%
-
-
%
718
0.01
%
Consumer:
 
Credit cards
11
-
%
-
-
%
11
-
%
Total
$
224,940
0.81
%
$
-
-
%
$
224,940
0.57
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
169
-
%
$
-
-
%
$
169
-
%
CRE owner occupied
162
0.01
%
-
-
%
162
0.01
%
Commercial and industrial
301
0.01
%
-
-
%
301
-
%
Mortgage
11,115
0.15
%
-
-
%
11,115
0.13
%
Consumer:
 
Personal
11,748
0.64
%
124
0.18
%
11,872
0.62
%
 
Auto
59
-
%
-
-
%
59
-
%
Total
$
23,554
0.09
%
$
124
-
%
$
23,678
0.06
%

 
158
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
1,270
0.02
%
$
-
-
%
$
1,270
0.01
%
Consumer:
-
-
 
Credit cards
9,390
0.75
%
-
-
%
9,390
0.75
%
Total
$
10,660
0.04
%
$
-
-
%
$
10,660
0.03
%

159
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the year ended December 31, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
169
0.01
%
$
-
-
%
$
169
0.01
%
Commercial and industrial
3,472
0.06
%
-
-
%
3,472
0.04
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
853
0.07
%
-
-
%
853
0.07
%
 
Personal
2,941
0.17
%
-
-
%
2,941
0.16
%
 
Other
23
0.01
%
-
-
%
23
0.01
%
Total
$
7,500
0.03
%
$
-
-
%
$
7,500
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Commercial multi-family
$
-
-
%
$
5,818
0.28
%
$
5,818
0.24
%
CRE non-owner occupied
36,585
1.13
%
-
-
%
36,585
0.68
%
CRE owner occupied
20,431
1.48
%
5,993
0.34
%
26,424
0.84
%
Commercial and industrial
24,820
0.46
%
684
0.03
%
25,504
0.33
%
Construction
576
0.27
%
-
-
%
576
0.05
%
Mortgage
51,238
0.75
%
1,460
0.11
%
52,698
0.65
%
Consumer:
-
-
 
Personal
683
0.04
%
17
0.02
%
700
0.04
%
 
Auto
83
-
%
-
-
%
83
-
%
Total
$
134,416
0.51
%
$
13,972
0.13
%
$
148,388
0.40
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
455
0.01
%
$
-
-
%
$
455
0.01
%
CRE owner occupied
20,399
1.48
%
-
-
%
20,399
0.65
%
Commercial and industrial
104,423
1.95
%
-
-
%
104,423
1.35
%
Mortgage
175
-
%
-
-
%
175
-
%
Total
$
125,452
0.48
%
$
-
-
%
$
125,452
0.34
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
885
0.03
%
$
-
-
%
$
885
0.02
%
CRE owner occupied
143,886
10.46
%
-
-
%
143,886
4.56
%
Commercial and industrial
644
0.01
%
-
-
%
644
0.01
%
Mortgage
14,674
0.22
%
66
0.01
%
14,740
0.18
%
Consumer:
 
Personal
8,662
0.49
%
329
0.31
%
8,991
0.48
%
Total
$
168,751
0.64
%
$
395
-
%
$
169,146
0.46
%

 
160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
1,033
0.08
%
$
-
-
%
$
1,033
0.03
%
Commercial and industrial
440
0.01
%
-
-
%
440
0.01
%
Consumer:
 
Credit cards
3,511
0.29
%
-
-
%
3,511
0.29
%
Total
$
4,984
0.02
%
$
-
-
%
$
4,984
0.01
%

161
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the year ended December 31, 2023
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE owner occupied
$
141,291
10.10
%
$
-
-
%
$
141,291
4.59
%
Commercial and industrial
70
-
%
-
-
%
70
-
%
Mortgage
301
-
%
-
-
%
301
-
%
Consumer:
 
Credit cards
700
0.06
%
-
-
%
700
0.06
%
 
Personal
783
0.04
%
-
-
%
783
0.04
%
 
Other
6
-
%
-
-
%
6
-
%
Total
$
143,151
0.58
%
$
-
-
%
$
143,151
0.41
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
33,318
1.11
%
$
-
-
%
$
33,318
0.65
%
CRE owner occupied
4,921
0.35
%
60,669
3.61
%
65,590
2.13
%
Commercial and industrial
39,445
0.82
%
250
0.01
%
39,695
0.56
%
Construction
-
-
%
5,990
0.76
%
5,990
0.62
%
Mortgage
53,447
0.84
%
5,450
0.42
%
58,897
0.77
%
Consumer:
 
Personal
413
0.02
%
129
0.08
%
542
0.03
%
 
Auto
91
-
%
-
-
%
91
-
%
Total
$
131,635
0.54
%
$
72,488
0.69
%
$
204,123
0.58
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,854
0.06
%
$
-
-
%
$
1,854
0.04
%
CRE owner occupied
16,068
1.15
%
13,468
0.80
%
29,536
0.96
%
Commercial and industrial
10,545
0.22
%
814
0.03
%
11,359
0.16
%
Mortgage
137
-
%
-
-
%
137
-
%
Total
$
28,604
0.12
%
$
14,282
0.14
%
$
42,886
0.12
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Commercial multi-family
$
65
0.02
%
$
-
-
%
$
65
-
%
CRE non-owner occupied
19,983
0.66
%
-
-
%
19,983
0.39
%
CRE owner occupied
14,416
1.03
%
-
-
%
14,416
0.47
%
Commercial and industrial
335
0.01
%
-
-
%
335
-
%
Mortgage
37,179
0.58
%
405
0.03
%
37,584
0.49
%
Consumer:
 
Personal
2,318
0.13
%
62
0.04
%
2,380
0.12
%
 
Auto
27
-
%
-
-
%
27
-
%
Total
$
74,323
0.30
%
$
467
-
%
$
74,790
0.21
%

 
162
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
180
0.01
%
$
-
-
%
$
180
-
%
Commercial and industrial
199
-
%
-
-
%
199
-
%
Consumer:
-
 
Credit cards
814
0.07
-
-
814
0.07
%
Total
$
1,193
-
%
$
-
-
%
$
1,193
-
%
Combination - Other-Than-Insignificant Payment Delays  
and Principal Forgiveness
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at
December 31,
2023
% of total class of
Financing
Receivable
CRE owner occupied
$
158
0.01
%
$
-
-
$
158
0.01
%
Total
$
158
-
%
$
-
-
%
$
158
-
%

163
The following tables describe the financial effect of the  
modifications made to borrowers experiencing  
financial difficulties:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
9.3
% to
7.5
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10
.0% to
7.5
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
23.8
% to
9.7
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.7
% to
5.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.1
% to
8.6
%.
Personal
Reduced weighted-average contractual interest rate from
20.6
% to
11.7
%.
Auto
Reduced weighted-average contractual interest rate from
11.87
% to
11.86
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
2
 
years to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
6
 
years to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
6
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
12
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
12
 
months to the life of loans.
Mortgage
Added a weighted-average of
21
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.

164
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
10.1
% to
8.3
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
6.7
% to
5.8
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
21.6
% to
9.6
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.1
% to
4.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.2
% to
7.6
%.
Personal
Reduced weighted-average contractual interest rate from
19.8
% to
10.6
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
4
 
months to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
1
 
year to the life of loans.
CRE Owner occupied
Added a weighted-average of
21
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
21
 
months to the life of loans.
Construction
Added a weighted-average of
2
 
months to the life of loans.
Mortgage
Added a weighted-average of
12
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
7
 
years to the life of loans.
Auto
Added a weighted-average of
3
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
13
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
6
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
12
 
months to the life of loans.
Mortgage
Added a weighted-average of
53
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
16
 
months to the life of loans.

165
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2023
Interest rate reduction
Loan Type
Financial Effect
Commercial multi-family
Reduced weighted-average contractual interest rate from
7.5
% to
5.3
%.
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
9.1
% to
7.3
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
8.4
% to
6.6
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
17.8
% to
7.8
%.
Mortgage
Reduced weighted-average contractual interest rate from
5.8
% to
4.2
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
18.8
% to
4.5
%.
Personal
Reduced weighted-average contractual interest rate from 17.8%  
to 9.3%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
43
 
years to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
20
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
1
 
year to the life of loans.
Commercial and industrial
Added a weighted-average of
2
 
years to the life of loans.
Construction
Added a weighted-average of
1
 
year to the life of loans.
Mortgage
Added a weighted-average of
11
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
8
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.
Principal forgiveness
Loan Type
Financial Effect
CRE Owner occupied
Reduced the amortized cost basis of the loans by $
88
 
thousand.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
11
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
9
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
7
 
months to the life of loans.
Mortgage
Added a weighted-average of
40
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
25
 
months to the life of loans.

166
The  
following  
tables  
present,  
by  
class,  
the  
performance  
of  
loans  
that  
have  
been  
modified  
during  
the  
twelve  
months  
preceding
December 31,  
2025. The  
past due  
90 days  
or more  
categories include all  
loans modified  
classified as  
non-accruing at the  
time of
the modification. These loans will continue in non-accrual status, and presented as past due 90 days or more, until the borrower has
demonstrated a willingness and  
ability to make  
the restructured loan payments  
(at least six  
months of sustained  
performance after
the modification  
or one  
year for  
loans providing  
for quarterly  
or semi-annual  
payments) and  
management has  
concluded that  
it is
probable that the borrower would not be in payment  
default in the foreseeable future.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
December 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
267
$
267
$
1,736
$
2,003
$
-
$
267
CRE owner occupied
1,100
274
2,722
4,096
45,630
49,726
-
2,722
Commercial and industrial
2,099
186
2,558
4,843
208,355
213,198
532
2,026
Mortgage
6,651
2,878
18,223
27,752
27,176
54,928
7,486
10,737
Consumer:
 
Credit cards
850
676
1,343
2,869
7,079
9,948
1,209
134
 
Personal
925
208
2,036
3,169
12,393
15,562
331
1,705
 
Auto
19
-
-
19
338
357
-
-
 
Other
-
-
-
-
4
4
-
-
Total
$
11,644
$
4,222
$
27,149
$
43,015
$
302,711
$
345,726
$
9,558
$
17,591
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default  
is defined as a restructured loan becoming 90 days past  
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.
Popular U.S.
 
December 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
-
$
-
$
58,652
$
58,652
$
-
$
-
Commercial and industrial
-
-
-
-
919
919
-
-
Mortgage
-
-
-
-
1,127
1,127
-
-
Consumer:
 
Personal
-
-
-
-
130
130
-
-
Total
$
-
$
-
$
-
$
-
$
60,828
$
60,828
$
-
$
-
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default  
is defined as a restructured loan becoming 90 days past  
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.
Popular Inc.
 
December 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
267
$
267
$
60,388
$
60,655
$
-
$
267
CRE owner occupied
1,100
274
2,722
4,096
45,630
49,726
-
2,722
Commercial and industrial
2,099
186
2,558
4,843
209,274
214,117
532
2,026
Mortgage
6,651
2,878
18,223
27,752
28,303
56,055
7,486
10,737
Consumer:
-
 
Credit cards
850
676
1,343
2,869
7,079
9,948
1,209
134
 
Personal
925
208
2,036
3,169
12,523
15,692
331
1,705
 
Auto
19
-
-
19
338
357
-
-
 
Other
-
-
-
-
4
4
-
-
Total
$
11,644
$
4,222
$
27,149
$
43,015
$
363,539
$
406,554
$
9,558
$
17,591
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments.  
Payment default is defined as a restructured loan becoming  
90 days past due after being modified, foreclosed  
or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.

167
The  
following  
tables  
present,  
by  
class,  
the  
performance  
of  
loans  
that  
have  
been  
modified  
during  
the  
twelve  
months  
preceding
December 31, 2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
December 31, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
1,340
$
1,340
$
36,585
$
37,925
$
-
$
1,340
CRE owner occupied
5,509
112
2,347
7,968
177,950
185,918
-
2,347
Commercial and industrial
217
108
4,701
5,026
128,773
133,799
399
4,302
Construction
-
-
-
-
576
576
-
-
Mortgage
5,253
4,127
20,236
29,616
36,513
66,129
7,679
12,557
Consumer:
 
Credit cards
491
347
630
1,468
2,896
4,364
362
268
 
Personal
288
201
2,047
2,536
9,750
12,286
190
1,857
 
Auto
-
-
-
-
83
83
-
-
 
Other
-
-
-
-
23
23
-
-
Total
$
11,758
$
4,895
$
31,301
$
47,954
$
393,149
$
441,103
$
8,630
$
22,671
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default  
is defined as a restructured loan becoming 90 days past  
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.
Popular U.S.
 
December 31, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,818
$
5,818
$
-
$
-
CRE owner occupied
-
-
-
-
5,993
5,993
-
-
Commercial and industrial
-
-
-
-
684
684
-
-
Mortgage
-
-
736
736
790
1,526
-
736
Consumer:
 
Personal
11
5
98
114
232
346
15
83
Total
$
11
$
5
$
834
$
850
$
13,517
$
14,367
$
15
$
819
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default  
is defined as a restructured loan becoming 90 days past  
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.
Popular Inc.
 
December 31, 2024
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,818
$
5,818
$
-
$
-
CRE non-owner occupied
-
-
1,340
1,340
36,585
37,925
-
1,340
CRE owner occupied
5,509
112
2,347
7,968
183,943
191,911
-
2,347
Commercial and industrial
217
108
4,701
5,026
129,457
134,483
399
4,302
Construction
-
-
-
-
576
576
-
-
Mortgage
5,253
4,127
20,972
30,352
37,303
67,655
7,679
13,293
Consumer:
 
Credit cards
491
347
630
1,468
2,896
4,364
362
268
 
Personal
299
206
2,145
2,650
9,982
12,632
205
1,940
 
Auto
-
-
-
-
83
83
-
-
 
Other
-
-
-
-
23
23
-
-
Total
$
11,769
$
4,900
$
32,135
$
48,804
$
406,666
$
455,470
$
8,645
$
23,490
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments.  
Payment default is defined as a restructured loan becoming  
90 days past due after being modified, foreclosed  
or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.

168
The  
following  
tables  
present,  
by  
class,  
the  
performance  
of  
loans  
that  
have  
been  
modified  
during  
the  
twelve  
months  
preceding
December 31, 2023.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
December 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
65
$
65
$
-
$
65
$
-
$
65
CRE non-owner occupied
-
-
2,094
2,094
53,241
55,335
-
2,094
CRE owner occupied
339
-
2,267
2,606
174,248
176,854
-
2,267
Commercial and industrial
2,519
77
14,881
17,477
33,117
50,594
556
14,325
Mortgage
7,520
3,358
28,128
39,006
52,058
91,064
8,319
19,809
Consumer:
 
Credit cards
59
51
294
404
1,110
1,514
176
118
 
Personal
140
-
817
957
2,557
3,514
63
754
 
Auto
-
-
15
15
103
118
-
15
 
Other
-
-
-
-
6
6
-
-
Total
$
10,577
$
3,486
$
48,561
$
62,624
$
316,440
$
379,064
$
9,114
$
39,447
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default  
is defined as a restructured loan becoming 90 days past  
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.
Popular U.S.
 
December 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE owner occupied
$
-
$
-
$
-
$
-
$
74,137
$
74,137
$
-
$
-
Commercial and industrial
-
250
-
250
814
1,064
-
-
Construction
-
-
-
-
5,990
5,990
-
-
Mortgage
-
-
388
388
5,467
5,855
-
388
Consumer:
 
Personal
-
-
125
125
68
193
-
125
Total
$
-
$
250
$
513
$
763
$
86,476
$
87,239
$
-
$
513
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default  
is defined as a restructured loan becoming 90 days past  
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.
Popular Inc.
 
December 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
65
$
65
$
-
$
65
$
-
$
65
CRE non-owner occupied
-
-
2,094
2,094
53,241
55,335
-
2,094
CRE owner occupied
339
-
2,267
2,606
248,385
250,991
-
2,267
Commercial and industrial
2,519
327
14,881
17,727
33,931
51,658
556
14,325
Construction
-
-
-
-
5,990
5,990
-
-
Mortgage
7,520
3,358
28,516
39,394
57,525
96,919
8,319
20,197
Consumer:
 
Credit cards
59
51
294
404
1,110
1,514
176
118
 
Personal
140
-
942
1,082
2,625
3,707
63
879
 
Auto
-
-
15
15
103
118
-
15
 
Other
-
-
-
-
6
6
-
-
Total
$
10,577
$
3,736
$
49,074
$
63,387
$
402,916
$
466,303
$
9,114
$
39,960
[1] Loans that were in non-accrual status at the time  
of modification are presented as past due until the borrower  
has demonstrated a willingness and ability
to make the restructured loan payments.  
Payment default is defined as a restructured loan becoming  
90 days past due after being modified, foreclosed  
or
charged-off, whichever occurs first. The recorded investment  
as of period end is inclusive of all partial paydowns  
and charge-offs since the modification
date. Loans modified with financial difficulty that  
were fully paid down, charged-off or foreclosed upon  
by period end are not reported.

 
 
 
169
Payment  
default  
is  
defined  
as  
a  
restructured  
loan  
becoming  
90  
days  
past  
due  
after  
being  
modified,  
foreclosed  
or  
charged-off,
whichever  
occurs  
first.

The  
following  
tables  
provide  
the  
outstanding  
balance  
of  
loans  
modified  
for  
borrowers  
under  
financial
difficulties that were subject to payment default and that  
had been modified during the twelve months prior  
to default.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted for the Year  
Ended December 31, 2025
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE non-owner occupied
$
-
$
-
$
435
$
-
$
-
$
435
CRE owner occupied
-
-
179
-
-
179
Commercial and industrial
151
68
200
-
416
835
Mortgage
-
16,739
429
1,998
-
19,166
Consumer:
 
Credit cards
322
-
-
-
1,725
2,047
 
Personal
131
45
-
323
-
499
Total
$
604
$
16,852
$
1,243
$
2,321
$
2,141
$
23,161

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Year  
Ended December 31, 2024
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE owner occupied
$
-
$
319
$
89
$
-
$
-
$
408
Commercial and industrial
97
11,407
11
-
96
11,611
Mortgage
-
16,436
-
3,926
-
20,362
Consumer:
 
Credit cards
222
-
-
-
307
529
 
Personal
222
24
-
273
-
519
Total
$
541
$
28,186
$
100
$
4,199
$
403
$
33,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Year  
Ended December 31, 2023
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
Commercial and industrial
$
-
$
556
$
-
$
-
$
24
$
580
Mortgage
-
7,011
137
2,309
-
9,457
Consumer:
 
Credit cards
167
-
-
-
102
269
 
Personal
87
-
-
20
-
107
Total
$
254
$
7,567
$
137
$
2,329
$
126
$
10,413

170
 
 
Credit Quality
The  
Corporation  
has  
defined  
a  
risk  
rating  
system  
to  
assign  
a  
rating  
to  
all  
credit  
exposures,  
particularly  
for  
the  
commercial  
and
construction loan  
portfolios. Risk  
ratings in  
the aggregate  
provide the  
Corporation’s management  
the asset  
quality profile  
for  
the
loan portfolio. The risk rating system provides for the  
assignment of ratings at the obligor level based  
on the financial condition of the
borrower. The risk rating analysis process is performed at least once a  
year or more frequently if events or conditions change which
may  
deteriorate  
the  
credit  
quality.  
In  
the  
case  
of  
consumer  
and  
mortgage  
loans,  
these  
loans  
are  
classified  
considering  
their
delinquency status at the end of the reporting period.
The Corporation’s obligor risk rating scales range from rating 1 (Excellent) to rating 14 (Loss). The obligor risk rating reflects the risk
of payment default of a borrower in the ordinary  
course of business.  

Pass Credit Classifications:
Pass (Scales 1 through 8)  
– Loans classified as  
pass have a well defined  
primary source of repayment, with no  
apparent
risk, strong financial position, minimal operating risk, profitability, liquidity and strong  
capitalization.  

Watch  
(Scale 9)  
– Loans  
classified as  
watch have  
acceptable business  
credit,  
but borrower’s  
operations, cash  
flow or
financial condition evidence more than average risk, requires above  
average levels of supervision and attention from Loan
Officers.
Special Mention (Scale 10) -  
Loans classified as special mention have  
potential weaknesses that deserve management’s
close attention.  
If left uncorrected, these potential weaknesses may result  
in deterioration of the repayment prospects for
the loan or of the Corporation’s credit position at  
some future date.  

Adversely Classified Classifications:
Substandard  
(Scales  
11  
and  
12)  
-  
Loans  
classified  
as  
substandard  
are  
deemed  
to  
be  
inadequately  
protected  
by  
the
current net worth  
and payment capacity  
of the obligor  
or of the  
collateral pledged, if  
any.  
Loans classified as  
such have
well-defined weaknesses that jeopardize the liquidation of  
the debt.  
They are characterized by the  
distinct possibility that
the institution will sustain some loss if the deficiencies  
are not corrected.  

Doubtful (Scale  
13) - Loans  
classified as  
doubtful have  
all the  
weaknesses inherent  
in those  
classified as  
substandard,
with the  
additional characteristic  
that the  
weaknesses make  
the collection  
or liquidation  
in full,  
on the  
basis of  
currently
existing facts, conditions, and values, highly questionable  
and improbable.  

Loss  
(Scale  
14)  
-  
Uncollectible  
and  
of  
such  
little  
value  
that  
continuance  
as  
a  
bankable  
asset  
is  
not  
warranted.  
This
classification does  
not mean  
that the  
asset has  
absolutely no  
recovery or  
salvage value,  
but rather  
it is  
not practical  
or
desirable to defer writing off this asset even though partial  
recovery may be effected in the future.
Risk  
ratings scales  
10  
through  
14  
conform  
to  
regulatory  
ratings.  
The  
assignment  
of  
the  
obligor  
risk  
rating  
is  
based  
on  
relevant
information about the ability of borrowers to  
service their debts such as current  
financial information, historical payment experience,
credit documentation, public information, and  
current economic trends, among other factors.  

The following tables present the amortized cost basis, net of unearned income, of  
loans held-in-portfolio based on the Corporation’s
assignment of obligor risk ratings as defined at  
December 31, 2025 and 2024 by vintage year.

 
 
 
171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior  

Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
12,328
$
32,906
$
36,473
$
131,276
$
20,536
$
47,303
$
107
$
-
$
280,929
Watch
-
15,795
-
523
-
1,742
-
-
18,060
Special Mention
222
-
-
-
73
127
-
-
422
Substandard
-
-
-
-
-
3,937
-
-
3,937
Total commercial
multi-family
$
12,550
$
48,701
$
36,473
$
131,799
$
20,609
$
53,109
$
107
$
-
$
303,348
Commercial real estate non-owner occupied
Pass
$
435,616
$
447,234
$
265,238
$
786,465
$
484,427
$
671,455
$
8,480
$
-
$
3,098,915
Watch
23,801
11,965
43,001
5,140
34,140
69,153
-
-
187,200
Special Mention
933
-
872
144
23,724
18,398
-
-
44,071
Substandard
-
726
8,406
28,490
1,438
25,884
-
-
64,944
Total commercial
real estate non-
owner occupied
$
460,350
$
459,925
$
317,517
$
820,239
$
543,729
$
784,890
$
8,480
$
-
$
3,395,130
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
157,288
$
113,778
$
71,288
$
55,715
$
169,037
$
278,495
$
20,468
$
-
$
866,069
Watch
6,255
26,923
6,348
35,565
29,409
78,046
2,191
-
184,737
Special Mention
-
-
1,494
18,063
726
12,637
1,500
-
34,420
Substandard
9,405
1,879
1,839
19,190
7,386
71,358
-
-
111,057
Doubtful
75
-
-
-
62
173
-
-
310
Total commercial
real estate owner
occupied
$
173,023
$
142,580
$
80,969
$
128,533
$
206,620
$
440,709
$
24,159
$
-
$
1,196,593
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
363
$
-
$
-
$
363

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
1,357,401
$
598,521
$
649,249
$
442,753
$
193,173
$
346,563
$
1,376,855
$
-
$
4,964,515
Watch
11,706
92,478
19,194
43,529
6,909
19,218
223,490
-
416,524
Special Mention
4,991
26,356
10,178
6,857
454
4,338
14,957
-
68,131
Substandard
38,422
12,526
48,230
89,771
156,970
15,079
159,854
-
520,852
Doubtful
21
-
-
24
-
6
-
-
51
Total commercial
and industrial
$
1,412,541
$
729,881
$
726,851
$
582,934
$
357,506
$
385,204
$
1,775,156
$
-
$
5,970,073
Year-to-Date gross
write-offs
$
1,587
$
716
$
1,643
$
655
$
21
$
803
$
9,320
$
-
$
14,745
Construction
Pass
$
28,575
$
99,963
$
70,674
$
-
$
3,608
$
9,692
$
52,758
$
-
$
265,270
Watch
-
43,202
40,231
8,129
-
-
709
-
92,271
Total construction
$
28,575
$
143,165
$
110,905
$
8,129
$
3,608
$
9,692
$
53,467
$
-
$
357,541
Mortgage
Pass
$
986,795
$
872,826
$
683,325
$
386,318
$
373,153
$
3,977,979
$
-
$
-
$
7,280,396
Substandard
-
151
3,115
1,915
764
61,626
-
-
67,571
Total mortgage
$
986,795
$
872,977
$
686,440
$
388,233
$
373,917
$
4,039,605
$
-
$
-
$
7,347,967
Year-to-Date gross
write-offs
$
31
 

$
-
 

$
1
 

$
-
 

$
-
 

$
1,404
$
-
$
-
$
1,436

172
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior  

Years
Total
BPPR
Leasing
Pass
$
682,378
$
535,227
$
354,748
$
251,520
$
135,973
$
32,270
$
-
$
-
$
1,992,116
Substandard
601
1,891
2,424
2,249
1,302
585
-
-
9,052
Loss
175
-
22
-
-
-
-
-
197
Total leasing
$
683,154
$
537,118
$
357,194
$
253,769
$
137,275
$
32,855
$
-
$
-
$
2,001,365
Year-to-Date gross
write-offs
$
990
$
4,449
$
5,041
$
4,541
$
1,807
$
28
$
-
$
-
$
16,856
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,229,201
$
-
$
1,229,201
Substandard
-
-
-
-
-
-
27,526
-
27,526
Loss
-
-
-
-
-
-
4
-
4
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,256,731
$
-
$
1,256,731
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
75,428
$
-
$
75,428
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,908
$
-
$
1,908
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,908
$
-
$
1,908
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
842,532
$
422,156
$
261,441
$
132,551
$
51,320
$
77,214
$
-
$
29,700
$
1,816,914
Substandard
1,452
3,310
3,509
1,632
618
6,654
-
2,278
19,453
Loss
-
4
7
12
-
12
-
-
35
Total Personal
$
843,984
$
425,470
$
264,957
$
134,195
$
51,938
$
83,880
$
-
$
31,978
$
1,836,402
Year-to-Date gross
write-offs
$
2,597
$
19,480
$
33,310
$
17,825
$
4,576
$
2,160
$
-
$
3,031
$
82,979
Auto
Pass
$
1,139,411
$
995,283
$
702,884
$
464,005
$
314,721
$
142,456
$
-
$
-
$
3,758,760
Substandard
3,992
17,559
14,881
11,699
7,590
5,306
-
-
61,027
Loss
-
-
-
-
19
6
-
-
25
Total Auto
$
1,143,403
$
1,012,842
$
717,765
$
475,704
$
322,330
$
147,768
$
-
$
-
$
3,819,812
Year-to-Date gross
write-offs
$
6,682
$
29,448
$
20,777
$
12,602
$
5,203
$
1,572
$
-
$
-
$
76,284
Other consumer
Pass
$
35,716
$
25,008
$
20,233
$
15,243
$
7,179
$
1,756
$
64,322
$
-
$
169,457
Substandard
-
45
211
114
20
47
476
-
913
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
35,716
$
25,053
$
20,444
$
16,382
$
7,562
$
1,803
$
64,798
$
-
$
171,758
Year-to-Date gross
write-offs
$
64
$
226
$
286
$
254
$
358
$
1,960
$
-
$
-
$
3,148
Total BPPR
$
5,780,091
$
4,397,712
$
3,319,515
$
2,939,917
$
2,025,094
$
5,979,515
$
3,184,806
$
31,978
$
27,658,628

 
 
 
173
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
349,850
$
138,662
$
118,143
$
380,479
$
274,195
$
534,623
$
4,394
$
-
$
1,800,346
Watch
-
2,468
21,142
94,135
39,881
151,526
1,249
-
310,401
Special Mention
-
-
2,711
7,840
-
4,560
-
-
15,111
Substandard
-
-
1,775
2,729
-
22,080
-
-
26,584
Total commercial
multi-family
$
349,850
$
141,130
$
143,771
$
485,183
$
314,076
$
712,789
$
5,643
$
-
$
2,152,442
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
216,537
$
162,382
$
296,653
$
467,811
$
163,984
$
582,004
$
6,024
$
-
$
1,895,395
Watch
10,300
11,369
11,441
15,141
9,333
65,750
500
-
123,834
Special Mention
-
2,069
-
-
-
1,902
-
-
3,971
Substandard
-
-
-
5,973
4,726
114,255
-
-
124,954
Total commercial
real estate non-
owner occupied
$
226,837
$
175,820
$
308,094
$
488,925
$
178,043
$
763,911
$
6,524
$
-
$
2,148,154
Commercial real estate owner occupied
Pass
$
561,716
$
198,946
$
192,174
$
188,536
$
180,981
$
288,439
$
8,803
$
-
$
1,619,595
Watch
-
48,837
39,519
30,764
12,813
52,010
3,179
-
187,122
Special Mention
-
17,946
-
-
-
10,944
-
-
28,890
Substandard
-
2,705
-
39,474
1,571
77,130
-
-
120,880
Total commercial
real estate owner
occupied
$
561,716
$
268,434
$
231,693
$
258,774
$
195,365
$
428,523
$
11,982
$
-
$
1,956,487
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
27
$
-
$
-
$
27

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
247,703
$
357,722
$
230,702
$
278,950
$
249,467
$
545,331
$
338,026
$
-
$
2,247,901
Watch
34,700
5,196
47,136
70,767
42,072
151,368
15,650
-
366,889
Special Mention
-
-
4,649
63
284
198
738
-
5,932
Substandard
-
5,546
838
4,145
112
1,393
4,583
-
16,617
Total commercial
and industrial
$
282,403
$
368,464
$
283,325
$
353,925
$
291,935
$
698,290
$
358,997
$
-
$
2,637,339
Year-to-Date gross
write-offs
$
100
$
1,106
$
483
$
-
$
599
$
25
$
132
$
-
$
2,445
Construction
Pass
$
358,475
$
427,221
$
291,714
$
85,385
$
-
$
6,030
$
12,491
$
-
$
1,181,316
Watch
1,366
15,771
72,580
27,870
-
6,941
-
-
124,528
Special Mention
-
-
2,912
-
-
-
-
-
2,912
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
359,841
$
442,992
$
367,206
$
121,857
$
-
$
12,971
$
12,491
$
-
$
1,317,358
Mortgage
Pass
$
100,210
$
78,166
$
79,367
$
205,446
$
259,877
$
564,985
$
-
$
-
$
1,288,051
Substandard
-
-
644
495
217
12,066
-
-
13,422
Total mortgage
$
100,210
$
78,166
$
80,011
$
205,941
$
260,094
$
577,051
$
-
$
-
$
1,301,473

174
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Consumer:
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
( 14 )
$
-
$
( 14 )
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
( 14 )
$
-
$
( 14 )
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,201
$
59,363
$
9,422
$
73,986
Substandard
-
-
-
-
-
1,276
12
543
1,831
Loss
-
-
-
-
-
139
-
828
967
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,616
$
59,375
$
10,793
$
76,784
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
84
$
-
$
84
Personal
Pass
$
18,658
$
17,906
$
12,102
$
15,593
$
3,061
$
1,272
$
-
$
-
$
68,592
Substandard
74
329
309
153
55
256
-
-
1,176
Loss
10
-
-
-
-
48
-
-
58
Total Personal
$
18,742
$
18,235
$
12,411
$
15,746
$
3,116
$
1,576
$
-
$
-
$
69,826
Year-to-Date gross
write-offs
$
37
$
1,787
$
2,212
$
3,420
$
638
$
46
$
-
$
-
$
8,140
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
9,012
$
-
$
9,012
Substandard
-
-
-
-
-
-
1
-
1
Loss
-
-
-
-
-
-
28
-
28
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
9,041
$
-
$
9,041
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
924
$
-
$
924
Total Popular U.S.
$
1,899,599
$
1,493,241
$
1,426,511
$
1,930,351
$
1,242,629
$
3,201,727
$
464,039
$
10,793
$
11,668,890

 
175
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
362,178
$
171,568
$
154,616
$
511,755
$
294,731
$
581,926
$
4,501
$
-
$
2,081,275
Watch
-
18,263
21,142
94,658
39,881
153,268
1,249
-
328,461
Special Mention
222
-
2,711
7,840
73
4,687
-
-
15,533
Substandard
-
-
1,775
2,729
-
26,017
-
-
30,521
Total commercial
multi-family
$
362,400
$
189,831
$
180,244
$
616,982
$
334,685
$
765,898
$
5,750
$
-
$
2,455,790
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
652,153
$
609,616
$
561,891
$
1,254,276
$
648,411
$
1,253,459
$
14,504
$
-
$
4,994,310
Watch
34,101
23,334
54,442
20,281
43,473
134,903
500
-
311,034
Special Mention
933
2,069
872
144
23,724
20,300
-
-
48,042
Substandard
-
726
8,406
34,463
6,164
140,139
-
-
189,898
Total commercial
real estate non-
owner occupied
$
687,187
$
635,745
$
625,611
$
1,309,164
$
721,772
$
1,548,801
$
15,004
$
-
$
5,543,284
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
719,004
$
312,724
$
263,462
$
244,251
$
350,018
$
566,934
$
29,271
$
-
$
2,485,664
Watch
6,255
75,760
45,867
66,329
42,222
130,056
5,370
-
371,859
Special Mention
-
17,946
1,494
18,063
726
23,581
1,500
-
63,310
Substandard
9,405
4,584
1,839
58,664
8,957
148,488
-
-
231,937
Doubtful
75
-
-
-
62
173
-
-
310
Total commercial
real estate owner
occupied
$
734,739
$
411,014
$
312,662
$
387,307
$
401,985
$
869,232
$
36,141
$
-
$
3,153,080
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
390
$
-
$
-
$
390
Commercial and industrial
Pass
$
1,605,104
$
956,243
$
879,951
$
721,703
$
442,640
$
891,894
$
1,714,881
$
-
$
7,212,416
Watch
46,406
97,674
66,330
114,296
48,981
170,586
239,140
-
783,413
Special Mention
4,991
26,356
14,827
6,920
738
4,536
15,695
-
74,063
Substandard
38,422
18,072
49,068
93,916
157,082
16,472
164,437
-
537,469
Doubtful
21
-
-
24
-
6
-
-
51
Total commercial
and industrial
$
1,694,944
$
1,098,345
$
1,010,176
$
936,859
$
649,441
$
1,083,494
$
2,134,153
$
-
$
8,607,412
Year-to-Date gross
write-offs
$
1,687
$
1,822
$
2,126
$
655
$
620
$
828
$
9,452
$
-
$
17,190

 
176
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
387,050
$
527,184
$
362,388
$
85,385
$
3,608
$
15,722
$
65,249
$
-
$
1,446,586
Watch
1,366
58,973
112,811
35,999
-
6,941
709
-
216,799
Special Mention
-
-
2,912
-
-
-
-
-
2,912
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
388,416
$
586,157
$
478,111
$
129,986
$
3,608
$
22,663
$
65,958
$
-
$
1,674,899
Mortgage
Pass
$
1,087,005
$
950,992
$
762,692
$
591,764
$
633,030
$
4,542,964
$
-
$
-
$
8,568,447
Substandard
-
151
3,759
2,410
981
73,692
-
-
80,993
Total mortgage
$
1,087,005
$
951,143
$
766,451
$
594,174
$
634,011
$
4,616,656
$
-
$
-
$
8,649,440
Year-to-Date gross
write-offs
$
31
$
-
$
1
$
-
$
-
$
1,404
$
-
$
-
$
1,436
Leasing
Pass
$
682,378
$
535,227
$
354,748
$
251,520
$
135,973
$
32,270
$
-
$
-
$
1,992,116
Substandard
601
1,891
2,424
2,249
1,302
585
-
-
9,052
Loss
175
-
22
-
-
-
-
-
197
Total leasing
$
683,154
$
537,118
$
357,194
$
253,769
$
137,275
$
32,855
$
-
$
-
$
2,001,365
Year-to-Date gross
write-offs
$
990
$
4,449
$
5,041
$
4,541
$
1,807
$
28
$
-
$
-
$
16,856

177
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,229,187
$
-
$
1,229,187
Substandard
-
-
-
-
-
-
27,526
-
27,526
Loss
-
-
-
-
-
-
4
-
4
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,256,717
$
-
$
1,256,717
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
75,428
$
-
$
75,428
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,201
$
61,271
$
9,422
$
75,894
Substandard
-
-
-
-
-
1,276
12
543
1,831
Loss
-
-
-
-
-
139
-
828
967
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,616
$
61,283
$
10,793
$
78,692
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
109
$
-
$
109
Personal
Pass
$
861,190
$
440,062
$
273,543
$
148,144
$
54,381
$
78,486
$
-
$
29,700
$
1,885,506
Substandard
1,526
3,639
3,818
1,785
673
6,910
-
2,278
20,629
Loss
10
4
7
12
-
60
-
-
93
Total Personal
$
862,726
$
443,705
$
277,368
$
149,941
$
55,054
$
85,456
$
-
$
31,978
$
1,906,228
Year-to-Date gross
write-offs
$
2,634
$
21,267
$
35,522
$
21,245
$
5,214
$
2,206
$
-
$
3,031
$
91,119
Auto
Pass
$
1,139,411
$
995,283
$
702,884
$
464,005
$
314,721
$
142,456
$
-
$
-
$
3,758,760
Substandard
3,992
17,559
14,881
11,699
7,590
5,306
-
-
61,027
Loss
-
-
-
-
19
6
-
-
25
Total Auto
$
1,143,403
$
1,012,842
$
717,765
$
475,704
$
322,330
$
147,768
$
-
$
-
$
3,819,812
Year-to-Date gross
write-offs
$
6,682
$
29,448
$
20,777
$
12,602
$
5,203
$
1,572
$
-
$
-
$
76,284
Other consumer
Pass
$
35,716
$
25,008
$
20,233
$
15,243
$
7,179
$
1,756
$
73,334
$
-
$
178,469
Substandard
-
45
211
114
20
47
477
-
914
Loss
-
-
-
1,025
363
-
28
-
1,416
Total Other
consumer
$
35,716
$
25,053
$
20,444
$
16,382
$
7,562
$
1,803
$
73,839
$
-
$
180,799
Year-to-Date gross
write-offs
$
64
$
226
$
286
$
254
$
358
$
1,960
$
924
$
-
$
4,072
Total Popular Inc.
$
7,679,690
$
5,890,953
$
4,746,026
$
4,870,268
$
3,267,723
$
9,181,242
$
3,648,845
$
42,771
$
39,327,518

 
 
 
178
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior  

Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
50,384
$
37,211
$
136,093
$
20,939
$
20,134
$
34,009
$
105
$
-
$
298,875
Watch
-
-
541
-
-
1,601
-
-
2,142
Special Mention
-
-
-
-
-
3,161
-
-
3,161
Substandard
-
-
-
-
-
3,823
-
-
3,823
Total commercial
multi-family
$
50,384
$
37,211
$
136,634
$
20,939
$
20,134
$
42,594
$
105
$
-
$
308,001
Commercial real estate non-owner occupied
Pass
$
419,200
$
322,998
$
828,404
$
547,674
$
335,060
$
525,088
$
6,159
$
-
$
2,984,583
Watch
26,097
2,296
654
5,349
28,832
50,924
72
-
114,224
Special Mention
7,018
41,274
156
406
-
46,390
-
-
95,244
Substandard
-
1,002
110
26,430
1,954
22,956
-
-
52,452
Total commercial
real estate non-
owner occupied
$
452,315
$
367,570
$
829,324
$
579,859
$
365,846
$
645,358
$
6,231
$
-
$
3,246,503
Year-to-Date gross
write-offs
$
-
$
-
$
69
$
-
$
-
$
59
$
-
$
-
$
128
Commercial real estate owner occupied
Pass
$
131,449
$
79,109
$
94,008
$
214,520
$
46,206
$
309,791
$
7,214
$
-
$
882,297
Watch
14,002
2,637
64,735
7,225
4,890
85,580
3
-
179,072
Special Mention
-
1,209
19,436
19,288
-
15,872
1,499
-
57,304
Substandard
455
1,651
20,528
3,872
140,579
77,098
13,021
-
257,204
Doubtful
-
-
-
-
-
34
-
-
34
Total commercial
real estate owner
occupied
$
145,906
$
84,606
$
198,707
$
244,905
$
191,675
$
488,375
$
21,737
$
-
$
1,375,911
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,793
$
-
$
-
$
2,793

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
790,273
$
910,355
$
602,454
$
304,227
$
66,395
$
331,493
$
1,495,490
$
-
$
4,500,687
Watch
124,987
24,935
49,497
6,394
3,465
31,609
135,811
-
376,698
Special Mention
5,519
7,316
1,895
157,627
53
30,360
28,171
-
230,941
Substandard
6,063
30,496
37,558
4,203
14,776
23,135
122,275
-
238,506
Doubtful
-
-
-
-
-
11
-
-
11
Loss
-
-
-
-
-
-
51
-
51
Total commercial
and industrial
$
926,842
$
973,102
$
691,404
$
472,451
$
84,689
$
416,608
$
1,781,798
$
-
$
5,346,894
Year-to-Date gross
write-offs
$
1,099
$
707
$
331
$
122
$
2,838
$
11,841
$
7,617
$
-
$
24,555
Construction
Pass
$
63,107
$
53,070
$
33,423
$
14,908
$
9,483
$
1,011
$
16,782
$
-
$
191,784
Watch
-
13,872
-
-
-
-
-
-
13,872
Special Mention
-
-
-
6,058
-
-
-
-
6,058
Substandard
-
-
-
576
-
-
-
-
576
Total construction
$
63,107
$
66,942
$
33,423
$
21,542
$
9,483
$
1,011
$
16,782
$
-
$
212,290
Mortgage
Pass
$
879,075
$
724,383
$
409,133
$
401,113
$
234,486
$
4,085,088
$
-
$
-
$
6,733,278
Substandard
-
1,961
1,331
1,675
347
71,289
-
-
76,603
Total mortgage
$
879,075
$
726,344
$
410,464
$
402,788
$
234,833
$
4,156,377
$
-
$
-
$
6,809,881
Year-to-Date gross
write-offs
$
-
 

$
9
 

$
-
 

$
8
 

$
-
 

$
1,067
$
-
$
-
$
1,084

179
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior  

Years
Total
BPPR
Leasing
Pass
$
731,053
$
477,226
$
362,426
$
217,537
$
104,812
$
22,762
$
-
$
-
$
1,915,816
Substandard
1,195
2,280
2,834
1,885
920
402
-
-
9,516
Loss
-
-
-
-
-
73
-
-
73
Total leasing
$
732,248
$
479,506
$
365,260
$
219,422
$
105,732
$
23,237
$
-
$
-
$
1,925,405
Year-to-Date gross
write-offs
$
1,733
$
4,842
$
5,373
$
3,281
$
694
$
1,052
$
-
$
-
$
16,975
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,093
$
-
$
1,188,093
Substandard
-
-
-
-
-
-
29,960
-
29,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,218,053
$
-
$
1,218,053
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
69,731
$
-
$
69,731
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,040
$
-
$
2,040
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,040
$
-
$
2,040
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
380
$
-
$
380
Personal
Pass
$
722,949
$
499,604
$
262,011
$
101,155
$
29,078
$
91,004
$
-
$
23,802
$
1,729,603
Substandard
924
4,965
3,561
1,221
271
8,205
-
1,626
20,773
Loss
-
-
-
1
-
-
-
-
1
Total Personal
$
723,873
$
504,569
$
265,572
$
102,377
$
29,349
$
99,209
$
-
$
25,428
$
1,750,377
Year-to-Date gross
write-offs
$
2,362
$
39,193
$
38,077
$
10,822
$
2,708
$
3,525
$
-
$
1,982
$
98,669
Auto
Pass
$
1,277,016
$
938,769
$
665,431
$
494,529
$
254,621
$
133,054
$
-
$
-
$
3,763,420
Substandard
7,239
16,876
13,579
10,775
6,377
5,131
-
-
59,977
Loss
14
15
-
2
-
9
-
-
40
Total Auto
$
1,284,269
$
955,660
$
679,010
$
505,306
$
260,998
$
138,194
$
-
$
-
$
3,823,437
Year-to-Date gross
write-offs
$
11,229
$
36,992
$
20,486
$
9,997
$
4,965
$
1,731
$
-
$
-
$
85,400
Other consumer
Pass
$
28,543
$
29,585
$
20,021
$
10,129
$
4,588
$
3,364
$
62,678
$
-
$
158,908
Substandard
-
228
44
-
29
57
413
-
771
Loss
-
-
-
550
-
-
-
-
550
Total Other
consumer
$
28,543
$
29,813
$
20,065
$
10,679
$
4,617
$
3,421
$
63,091
$
-
$
160,229
Year-to-Date gross
write-offs
$
29
$
213
$
130
$
96
$
128
$
2,205
$
-
$
-
$
2,801
Total BPPR
$
5,286,562
$
4,225,323
$
3,629,863
$
2,580,268
$
1,307,356
$
6,014,384
$
3,109,837
$
25,428
$
26,179,021

 
180
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
139,370
$
148,423
$
491,750
$
313,610
$
207,327
$
560,891
$
5,700
$
-
$
1,867,071
Watch
-
10,974
27,441
26,679
10,668
114,419
-
-
190,181
Special Mention
-
-
8,004
-
-
-
-
-
8,004
Substandard
-
-
2,761
-
-
23,602
-
-
26,363
Total commercial
multi-family
$
139,370
$
159,397
$
529,956
$
340,289
$
217,995
$
698,912
$
5,700
$
-
$
2,091,619
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
178,355
$
368,597
$
480,055
$
167,839
$
193,309
$
456,689
$
8,588
$
-
$
1,853,432
Watch
-
12,932
17,125
13,138
45,864
64,390
300
-
153,749
Special Mention
-
-
-
-
-
594
-
-
594
Substandard
-
-
2,657
2,741
5,758
97,801
-
-
108,957
Total commercial
real estate non-
owner occupied
$
178,355
$
381,529
$
499,837
$
183,718
$
244,931
$
619,474
$
8,888
$
-
$
2,116,732
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
54
$
-
$
-
$
54
Commercial real estate owner occupied
Pass
$
304,778
$
257,586
$
244,811
$
279,419
$
35,459
$
246,158
$
7,669
$
-
$
1,375,880
Watch
-
25,614
13,531
32,132
16,301
54,877
-
-
142,455
Special Mention
-
488
69,505
34,428
27,406
10,825
-
-
142,652
Substandard
-
-
17,101
2,596
3,678
97,473
-
-
120,848
Total commercial
real estate owner
occupied
$
304,778
$
283,688
$
344,948
$
348,575
$
82,844
$
409,333
$
7,669
$
-
$
1,781,835
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
154
$
-
$
-
$
154

 
181
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial and industrial
Pass
$
260,479
$
275,971
$
318,564
$
322,697
$
268,591
$
506,973
$
273,222
$
-
$
2,226,497
Watch
-
11,420
48,953
28,138
9,521
35,498
15,050
-
148,580
Special Mention
58
-
5,270
568
-
255
3,835
-
9,986
Substandard
2,276
-
-
195
45
1,610
5,479
-
9,605
Total commercial
and industrial
$
262,813
$
287,391
$
372,787
$
351,598
$
278,157
$
544,336
$
297,586
$
-
$
2,394,668
Year-to-Date gross
write-offs
$
1,103
$
1,571
$
190
$
300
$
211
$
480
$
123
$
-
$
3,978
Construction
Pass
$
259,194
$
512,428
$
155,268
$
-
$
-
$
765
$
-
$
-
$
927,655
Watch
-
1,541
36,264
-
-
7,172
24,691
-
69,668
Special Mention
-
4,897
6,367
-
-
-
-
-
11,264
Substandard
-
-
8,104
-
-
25,473
9,338
-
42,915
Total construction
$
259,194
$
518,866
$
206,003
$
-
$
-
$
33,410
$
34,029
$
-
$
1,051,502
Mortgage
Pass
$
98,345
$
88,788
$
215,600
$
272,908
$
216,025
$
382,746
$
-
$
-
$
1,274,412
Substandard
-
644
106
860
-
28,280
-
-
29,890
Total mortgage
$
98,345
$
89,432
$
215,706
$
273,768
$
216,025
$
411,026
$
-
$
-
$
1,304,302
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
18
$
-
$
-
$
18

182
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
26
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
26
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,914
$
50,533
$
11,691
$
68,138
Substandard
-
-
-
-
-
1,657
15
700
2,372
Loss
-
-
-
-
-
122
-
899
1,021
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,693
$
50,548
$
13,290
$
71,531
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
53
$
-
$
53
Personal
Pass
$
28,083
$
23,084
$
41,182
$
8,618
$
651
$
1,507
$
-
$
-
$
103,125
Substandard
157
399
627
134
7
302
-
-
1,626
Loss
53
10
-
5
-
48
-
-
116
Total Personal
$
28,293
$
23,493
$
41,809
$
8,757
$
658
$
1,857
$
-
$
-
$
104,867
Year-to-Date gross
write-offs
$
802
$
4,536
$
10,869
$
2,458
$
231
$
307
$
-
$
-
$
19,203
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
11,537
$
-
$
11,537
Substandard
-
-
-
-
-
-
12
-
12
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
11,549
$
-
$
11,549
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
101
$
-
$
101
Total Popular U.S.
$
1,271,148
$
1,743,796
$
2,211,046
$
1,506,705
$
1,040,610
$
2,726,041
$
415,995
$
13,290
$
10,928,631

 
183
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
189,754
$
185,634
$
627,843
$
334,549
$
227,461
$
594,900
$
5,805
$
-
$
2,165,946
Watch
-
10,974
27,982
26,679
10,668
116,020
-
-
192,323
Special Mention
-
-
8,004
-
-
3,161
-
-
11,165
Substandard
-
-
2,761
-
-
27,425
-
-
30,186
Total commercial
multi-family
$
189,754
$
196,608
$
666,590
$
361,228
$
238,129
$
741,506
$
5,805
$
-
$
2,399,620
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
597,555
$
691,595
$
1,308,459
$
715,513
$
528,369
$
981,777
$
14,747
$
-
$
4,838,015
Watch
26,097
15,228
17,779
18,487
74,696
115,314
372
-
267,973
Special Mention
7,018
41,274
156
406
-
46,984
-
-
95,838
Substandard
-
1,002
2,767
29,171
7,712
120,757
-
-
161,409
Total commercial
real estate non-
owner occupied
$
630,670
$
749,099
$
1,329,161
$
763,577
$
610,777
$
1,264,832
$
15,119
$
-
$
5,363,235
Year-to-Date gross
write-offs
$
-
$
-
$
69
$
-
$
-
$
113
$
-
$
-
$
182
Commercial real estate owner occupied
Pass
$
436,227
$
336,695
$
338,819
$
493,939
$
81,665
$
555,949
$
14,883
$
-
$
2,258,177
Watch
14,002
28,251
78,266
39,357
21,191
140,457
3
-
321,527
Special Mention
-
1,697
88,941
53,716
27,406
26,697
1,499
-
199,956
Substandard
455
1,651
37,629
6,468
144,257
174,571
13,021
-
378,052
Doubtful
-
-
-
-
-
34
-
-
34
Total commercial
real estate owner
occupied
$
450,684
$
368,294
$
543,655
$
593,480
$
274,519
$
897,708
$
29,406
$
-
$
3,157,746
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,947
$
-
$
-
$
2,947
Commercial and industrial
Pass
$
1,050,752
$
1,186,326
$
921,018
$
626,924
$
334,986
$
838,466
$
1,768,712
$
-
$
6,727,184
Watch
124,987
36,355
98,450
34,532
12,986
67,107
150,861
-
525,278
Special Mention
5,577
7,316
7,165
158,195
53
30,615
32,006
-
240,927
Substandard
8,339
30,496
37,558
4,398
14,821
24,745
127,754
-
248,111
Doubtful
-
-
-
-
-
11
-
-
11
Loss
-
-
-
-
-
-
51
-
51
Total commercial
and industrial
$
1,189,655
$
1,260,493
$
1,064,191
$
824,049
$
362,846
$
960,944
$
2,079,384
$
-
$
7,741,562
Year-to-Date gross
write-offs
$
2,202
$
2,278
$
521
$
422
$
3,049
$
12,321
$
7,740
$
-
$
28,533

 
184
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
322,301
$
565,498
$
188,691
$
14,908
$
9,483
$
1,776
$
16,782
$
-
$
1,119,439
Watch
-
15,413
36,264
-
-
7,172
24,691
-
83,540
Special Mention
-
4,897
6,367
6,058
-
-
-
-
17,322
Substandard
-
-
8,104
576
-
25,473
9,338
-
43,491
Total construction
$
322,301
$
585,808
$
239,426
$
21,542
$
9,483
$
34,421
$
50,811
$
-
$
1,263,792
Mortgage
Pass
$
977,420
$
813,171
$
624,733
$
674,021
$
450,511
$
4,467,834
$
-
$
-
$
8,007,690
Substandard
-
2,605
1,437
2,535
347
99,569
-
-
106,493
Total mortgage
$
977,420
$
815,776
$
626,170
$
676,556
$
450,858
$
4,567,403
$
-
$
-
$
8,114,183
Year-to-Date gross
write-offs
$
-
$
9
$
-
$
8
$
-
$
1,085
$
-
$
-
$
1,102
Leasing
Pass
$
731,053
$
477,226
$
362,426
$
217,537
$
104,812
$
22,762
$
-
$
-
$
1,915,816
Substandard
1,195
2,280
2,834
1,885
920
402
-
-
9,516
Loss
-
-
-
-
-
73
-
-
73
Total leasing
$
732,248
$
479,506
$
365,260
$
219,422
$
105,732
$
23,237
$
-
$
-
$
1,925,405
Year-to-Date gross
write-offs
$
1,733
$
4,842
$
5,373
$
3,281
$
694
$
1,052
$
-
$
-
$
16,975

185
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,119
$
-
$
1,188,119
Substandard
-
-
-
-
-
-
29,960
-
29,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,218,079
$
-
$
1,218,079
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
69,731
$
-
$
69,731
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,914
$
52,573
$
11,691
$
70,178
Substandard
-
-
-
-
-
1,657
15
700
2,372
Loss
-
-
-
-
-
122
-
899
1,021
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,693
$
52,588
$
13,290
$
73,571
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
433
$
-
$
433
Personal
Pass
$
751,032
$
522,688
$
303,193
$
109,773
$
29,729
$
92,511
$
-
$
23,802
$
1,832,728
Substandard
1,081
5,364
4,188
1,355
278
8,507
-
1,626
22,399
Loss
53
10
-
6
-
48
-
-
117
Total Personal
$
752,166
$
528,062
$
307,381
$
111,134
$
30,007
$
101,066
$
-
$
25,428
$
1,855,244
Year-to-Date gross
write-offs
$
3,164
$
43,729
$
48,946
$
13,280
$
2,939
$
3,832
$
-
$
1,982
$
117,872
Auto
Pass
$
1,277,016
$
938,769
$
665,431
$
494,529
$
254,621
$
133,054
$
-
$
-
$
3,763,420
Substandard
7,239
16,876
13,579
10,775
6,377
5,131
-
-
59,977
Loss
14
15
-
2
-
9
-
-
40
Total Auto
$
1,284,269
$
955,660
$
679,010
$
505,306
$
260,998
$
138,194
$
-
$
-
$
3,823,437
Year-to-Date gross
write-offs
$
11,229
$
36,992
$
20,486
$
9,997
$
4,965
$
1,731
$
-
$
-
$
85,400
Other consumer
Pass
$
28,543
$
29,585
$
20,021
$
10,129
$
4,588
$
3,364
$
74,215
$
-
$
170,445
Substandard
-
228
44
-
29
57
425
-
783
Loss
-
-
-
550
-
-
-
-
550
Total Other
consumer
$
28,543
$
29,813
$
20,065
$
10,679
$
4,617
$
3,421
$
74,640
$
-
$
171,778
Year-to-Date gross
write-offs
$
29
$
213
$
130
$
96
$
128
$
2,205
$
101
$
-
$
2,902
Total Popular Inc.
$
6,557,710
$
5,969,119
$
5,840,909
$
4,086,973
$
2,347,966
$
8,740,425
$
3,525,832
$
38,718
$
37,107,652

 
186
Note 9 – Mortgage banking activities
Income  
from  
mortgage  
banking  
activities  
includes  
mortgage  
servicing  
fees  
earned  
in  
connection  
with  
administering  
residential
mortgage  
loans  
and  
valuation  
adjustments  
on  
mortgage  
servicing  
rights.  
It  
also  
includes  
gain  
on  
sales  
and  
securitizations  
of
residential mortgage  
loans, losses  
on repurchased  
loans, including  
interest advances,  
and trading  
gains and  
losses on  
derivative
contracts  
used  
to  
hedge  
the  
Corporation’s  
securitization  
activities.  
In  
addition,  
fair  
value  
valuation  
adjustments  
to  
residential
mortgage loans held for sale, if any, are recorded as part of the mortgage  
banking activities.

The following table presents the components of mortgage  
banking activities:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December  
31,
(In thousands)
2025
2024
2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
27,629
$
30,227
$
32,981
Mortgage servicing rights fair value adjustments
( 12,880 )
( 11,370 )
( 11,589 )
Total mortgage  
servicing fees, net of fair value adjustments
14,749
18,857
21,392
Net gain (loss) on sale of loans, including valuation on loans  
held for sale [1]
608
317
( 88 )
Trading account profit:
Unrealized (loss) gains on outstanding derivative positions
( 89 )
185
( 138 )
Realized (loss) gains on closed derivative positions
( 184 )
( 150 )
614
Total trading account  
(loss) profit
( 273 )
35
476
Losses on repurchased loans, including interest advances
( 128 )
( 150 )
( 283 )
Total mortgage  
banking activities
$
14,956
$
19,059
$
21,497

 
 
187
Note 10 – Transfers of financial assets and mortgage servicing assets

The  
Corporation  
typically  
transfers  
conforming  
residential  
mortgage  
loans  
in  
conjunction  
with  
GNMA,  
FNMA  
and  
FHLMC
securitization transactions  
whereby the  
loans are  
exchanged for  
cash or  
securities and  
servicing rights.  
As seller,  
the Corporation
has made  
certain representations  
and warranties  
with respect  
to the  
originally transferred  
loans and,  
in the  
past,  
has sold  
certain
loans  
with  
credit  
recourse  
to  
a  
government-sponsored  
entity,  
namely  
FNMA.  
Refer  
to  
Note  
22  
to  
the  
Consolidated  
Financial
Statements for a description of such arrangements.  

No
 
liabilities were incurred  
as a result  
of these securitizations  
during the years  
ended December 31, 2025  
and 2024 because  
they
did not contain any credit recourse arrangements.  

The  
following tables  
present the  
initial fair  
value of  
the  
assets obtained  
as  
proceeds from  
residential mortgage  
loans securitized
during the years ended December 31, 2025 and  
2024:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Year  
Ended December 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial fair value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
5,690
$
-
$
5,690
Mortgage-backed securities - FNMA
-
8,560
-
8,560
Total trading account  
debt securities
$
-
$
14,250
$
-
$
14,250
Total  

$
-
$
14,250
$
-
$
14,250

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Year  
Ended December 31, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial fair value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
6,783
$
-
$
6,783
Mortgage-backed securities - FNMA
-
8,377
-
8,377
Total trading account  
debt securities
$
-
$
15,160
$
-
$
15,160
Mortgage servicing rights
$
-
$
-
$
302
$
302
Total  

$
-
$
15,160
$
302
$
15,462

During the  
year ended  
December 31,  
2025, the  
Corporation retained  
servicing rights  
on whole  
loan sales  
involving approximately
$
35
 
million in  
principal balance outstanding  
(2024 -  
$
44
 
million), with net  
realized gains  
of approximately $
1.2
 
million (2024  
- $
1.1
million). All loan sales performed during the  
years ended December 31, 2025 and 2024 were without  
credit recourse agreements.  

The Corporation recognizes as assets the rights to service loans for others,  
whether these rights are purchased or result from asset
transfers such as sales and securitizations. These mortgage  
servicing rights (“MSRs”) are measured at fair  
value.
The  
Corporation  
uses  
a  
discounted  
cash  
flow  
model  
to  
estimate  
the  
fair  
value  
of  
MSRs.  
The  
discounted  
cash  
flow  
model
incorporates  
assumptions  
that  
market  
participants  
would  
use  
in  
estimating  
future  
net  
servicing  
income,  
including  
estimates  
of
prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late
fees, among other considerations. Prepayment speeds are  
adjusted for the loans’ characteristics and portfolio behavior.  

The following table  
presents the changes  
in MSRs measured  
using the fair  
value method for  
the years ended  
December 31, 2025
and 2024.

 
 
188
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential MSRs
(In thousands)
December 31, 2025
December 31, 2024
December 31, 2023
Fair value at beginning of period
$
108,103
118,109
$
128,350
Additions
1,133
1,364
2,097
Changes due to payments on loans
 
[1]
( 8,590 )
( 8,739 )
( 9,934 )
Reduction due to loan repurchases
( 503 )
( 511 )
( 606 )
Changes in fair value due to changes in valuation model inputs  
or assumptions
( 3,787 )
( 2,120 )
( 529 )
Other
-
-
( 1,269 )
Fair value at end of period
 
[2]
$
96,356
108,103
$
118,109
[1] Represents changes due to collection / realization  
of expected cash flows over time.
[2] At December 31, 2025, PB had MSRs amounting to $
1.8
 
million (December 31, 2024 - $
1.9
 
million).

During the  
quarter ended June  
30, 2023  
the Corporation terminated  
a servicing agreement,  
in which it  
acted as sub-servicer  
for a
third  
party,  
for  
a  
portfolio  
with  
an  
unpaid  
principal  
balance  
of  
approximately  
$
260
 
million  
and  
a  
related  
MSR  
fair  
value  
of
approximately $
2
 
million.  
The transaction did not result in a material  
effect on the financial results of the Corporation.
Residential mortgage loans serviced for others were  
$
8.2
 
billion at December 31, 2025 (2024 - $
9.0
 
billion).
Net mortgage servicing fees, a component of mortgage banking activities in the Consolidated Statements of Operations, include the
changes from period to period in the fair value of the MSRs, including changes due to collection / realization of expected cash flows.
The banking  
subsidiaries receive servicing  
fees based  
on a  
percentage of the  
outstanding loan balance.  
These servicing fees  
are
credited to  
income when they  
are collected. At  
December 31,  
2025, those weighted  
average mortgage servicing  
fees were
0.32
%
(2024 –
0.32
%). Under these  
servicing agreements, the  
banking subsidiaries do  
not generally earn  
significant prepayment penalty
fees on the underlying loans serviced.
The section  
below includes  
information on  
assumptions used  
in the  
valuation model  
of the  
MSRs, originated  
and purchased.

Key
economic assumptions used  
in measuring the  
servicing rights derived  
from loans securitized  
or sold by  
the Corporation during  
the
years ended December 31, 2025 and 2024 were  
as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended
December 31, 2025
December 31, 2024
 

BPPR
PB
BPPR
PB
Prepayment speed
6.4
%
6.1
%
6.8
%
6.3
%
Weighted average life (in years)
10.2
8.8
9.4
8.7
Discount rate (annual rate)
9.8
%
12.6
%
9.7
%
12.8
%

Key  
economic  
assumptions  
used  
to  
estimate  
the  
fair  
value  
of  
MSRs  
derived  
from  
sales  
and  
securitizations  
of  
mortgage  
loans
performed  
by  
the  
banking  
subsidiaries  
and  
servicing  
rights  
purchased  
from  
other  
financial  
institutions,  
and  
the  
sensitivity  
to
immediate changes in those assumptions, were as follows  
as of the end of the periods reported:

189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated MSRs
Purchased MSRs
December 31,
December 31,
December 31,
December 31,  

(In thousands)
2025
2024
2025
2024
Fair value of servicing rights
$
29,784
$
34,019
$
66,572
$
74,084
Weighted average life (in years)
6.2
6.4
6.6
6.6
Weighted average prepayment speed (annual  
rate)
5.2
%
5.8
%
6.3
%
6.9
%
Impact on fair value of 10% adverse change
$
( 555 )
$
( 667 )
$
( 1,223 )
$
( 1,448 )
Impact on fair value of 20% adverse change
$
( 1,090 )
$
( 1,308 )
$
( 2,402 )
$
( 2,840 )
Weighted average discount rate (annual rate)
10.6
%
11.4
%
10.8
%
10.8
%
Impact on fair value of 10% adverse change
$
( 1,087 )
$
( 1,267 )
$
( 2,377 )
$
( 2,689 )
Impact on fair value of 20% adverse change
$
( 2,105 )
$
( 2,451 )
$
( 4,609 )
$
( 5,211 )

The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the
figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated
because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the sensitivity tables
included herein, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without
changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market
interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities.
 

At December 31, 2025, the Corporation serviced $
429
 
million (2024 - $
495
 
million) in residential mortgage loans with credit recourse
to the Corporation, from which $
9
 
million was 60 days or more past due (2024 - $
12
 
million). Also refer to Note 22 for information on
changes in the Corporation’s liability of estimated losses  
related to loans serviced with credit recourse.
During  
the  
year  
ended  
December 31,  
2025,  
the  
Corporation  
repurchased  
approximately  
$
39
 
million  
of  
mortgage  
loans  
from  
its
GNMA servicing portfolio (2024 - $
38
 
million). The determination to repurchase these loans  
was based on the economic benefits  
of
the transaction, which results in a reduction of the servicing costs for  
these severely delinquent loans, mostly related to principal and
interest advances. The  
risk associated with  
the loans is  
reduced due to  
their guaranteed nature.  
The Corporation may place  
these
loans under modification  
programs offered by  
FHA, VA  
or United States  
Department of Agriculture (USDA)  
or other loss  
mitigation
programs offered by the Corporation, and once brought back to  
current status, these may be either retained in portfolio or re-sold  
in
the secondary market.

 
190
Note 11 - Premises and equipment

Premises and equipment are stated at cost less accumulated  
depreciation and amortization as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Useful life in years
2025
2024
Premises and equipment:
Land
$
89,519
$
89,519
Buildings
10
-
50
589,394
497,631
Equipment
2
-
10
380,683
365,716
Leasehold improvements
3
-
10
102,737
96,521
1,072,814
959,868
 
Less - Accumulated depreciation and amortization
630,842
606,187
Subtotal
441,972
353,681
Construction in progress
154,329
158,587
Premises and equipment, net
$
685,820
$
601,787

Depreciation and amortization  
of premises and  
equipment for the  
year 2025 was  
$
53.3
 
million (2024 -  
$
57.1
 
million; 2023 -  
$
58.5
million), of  
which $
31.0
 
million (2024  
- $
26.4
 
million; 2023  
- $
26.5
 
million) was  
charged to  
occupancy expense  
and $
22.3
 
million
(2024  
-  
$
30.7
 
million;  
2023  
-  
$
32.0
 
million)  
was charged  
to  
equipment, technology  
and  
software  
and  
other  
operating expenses.
Occupancy expense of premises and equipment  
is net of rental income  
of $
13.9
 
million (2024 - $
11.5
 
million; 2023 - $
13.1
 
million).
For information related to the amortization expense  
of finance leases, refer to Note 32 - Leases.

 

 
 
 
191
Note 12 – Other real estate owned

The following  
tables present  
the activity  
related to  
Other Real  
Estate Owned  
(“OREO”), for  
the years  
ended December  
31, 2025,
2024 and 2023.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
8,424
$
48,844
$
57,268
Write-downs in value
( 970 )
( 2,356 )
( 3,326 )
Additions
931
36,319
37,250
Sales
( 3,474 )
( 45,069 )
( 48,543 )
Other adjustments
-
( 216 )
( 216 )
Ending balance
$
4,911
$
37,522
$
42,433

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
11,189
$
69,227
$
80,416
Write-downs in value
( 1,104 )
( 1,749 )
( 2,853 )
Additions
7,155
43,458
50,613
Sales
( 8,816 )
( 61,845 )
( 70,661 )
Other adjustments
-
( 247 )
( 247 )
Ending balance
$
8,424
$
48,844
$
57,268

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2023
OREO
OREO
(In thousands)
Commercial/ Construction
Mortgage
Total
Balance at beginning of period
$
12,500
$
76,626
$
89,126
Write-downs in value
( 607 )
( 2,179 )
( 2,786 )
Additions
2,707
68,582
71,289
Sales
( 3,428 )
( 73,548 )
( 76,976 )
Other adjustments
17
( 254 )
( 237 )
Ending balance
$
11,189
$
69,227
$
80,416

 
 
192
Note 13 − Other assets

The caption of other assets in the Consolidated  
Statements of Financial Condition consists of the  
following major categories:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
814,265
$
926,329
Investments under the equity method
261,687
251,537
Prepaid taxes
42,762
42,909
Other prepaid expenses
25,542
28,376
Capitalized software costs
183,381
136,442
Derivative assets
27,913
25,975
Trades receivable from brokers and counterparties
245
588
Receivables from investments maturities
-
14,600
Principal, interest and escrow servicing advances
30,252
43,793
Guaranteed mortgage loan claims receivable
9,184
17,226
Operating ROU assets

95,234
93,389
Finance ROU assets

 

23,686
19,174
Assets for pension benefit
38,157
33,233
Others
153,669
164,188
Total other assets
$
1,705,977
$
1,797,759

The Corporation regularly incurs in  
capitalizable costs associated with software development or  
licensing which are recorded within
the Other Assets line  
item in the accompanying Consolidated Statements  
of Financial Condition.  
In addition, the Corporation incurs
costs  
associated  
with  
hosting  
arrangements  
that  
are  
service  
contracts  
that  
are  
also  
recorded  
within  
Other  
Assets.  
The  
hosting
arrangements can  
include capitalizable  
implementation costs  
that are  
amortized during  
the term  
of the  
hosting arrangement.

The
following  
table  
summarizes  
the  
composition  
of  
acquired  
or  
developed  
software  
costs  
as  
well  
as  
costs  
related  
to  
hosting
arrangements:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net Carrying
(In thousands)
Amount
Amortization
Value
December 31, 2025
Software development costs
$
103,628
$
34,170
$
69,458
Software license costs
46,538
24,475
22,063
Cloud computing arrangements
106,410
14,550
91,860
Total Capitalized  
software costs [1] [2]
$
256,576
$
73,195
$
183,381
December 31, 2024
Software development costs
$
79,233
$
23,057
$
56,176
Software license costs
42,234
21,459
20,775
Cloud computing arrangements
65,797
6,306
59,491
Total Capitalized  
software costs [1] [2]
$
187,264
$
50,822
$
136,442
[1]
Software intangible assets are presented as part of Other  
Assets in the Consolidated Statements of Financial Condition.
[2]
The tables above exclude assets that have been fully  
amortized.

Total  
amortization expense for  
all capitalized software  
and hosting arrangement  
cost, reflected as  
part of  
technology and software
expenses in the consolidated statement of operations,  
is as follows:

 
193
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31,
(In thousands)
2025
2024
2023
Software development and license costs
$
89,752
 

$
77,731
$
66,233
Cloud computing arrangements
8,566
 

4,398
3,324
Total amortization  
expense
$
98,318
 

$
82,129
$
69,557

 
194
Note 14 – Goodwill and other intangible assets

Goodwill
The following  
table shows  
the changes  
in the  
carrying amount  
of goodwill  
for the  
years ended  
December 31,  
2025 and  
2024, by
reportable segments (refer to Note 36 for the definition  
of the Corporation’s reportable segments):

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Balance at  

Goodwill
Balance at
(In thousands)
January 1, 2025
impairment
December 31, 2025
Banco Popular de Puerto Rico
$
434,909
$
-
$
434,909
Popular U.S.
368,045
( 13,000 )
355,045
Total Popular,  
Inc.  

$
802,954
$
( 13,000 )
$
789,954

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Balance at  

Write down from
Balance at
(In thousands)
January 1, 2024
 
a disposal group [1]
December 31, 2024
Banco Popular de Puerto Rico
$
436,383
$
( 1,474 )
$
434,909
Popular U.S.
368,045
-
368,045
Total Popular,  
Inc.  

$
804,428
$
( 1,474 )
$
802,954
[1] During the year ended December 31, 2024, the Corporation  
recognized a write-down to goodwill due to the sale  
of its daily-rental business.

Other intangible assets
At  
December  
31,  
2025,  
the  
Corporation  
had  
intangible  
assets  
subject  
to  
amortization  
amounting  
to  
$
4.3
 
million  
(December  
31,
2024- $
6.1
 
million), which will be amortized through  
the year 2029.

 
Results of the Annual Goodwill Impairment Test
 

The  
Corporation  
evaluates  
goodwill  
for  
impairment  
at  
least  
annually  
and  
on  
a  
more  
frequent  
basis  
if  
events  
or  
circumstances
indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business
climate, an  
adverse action  
by a  
regulator,  
an unanticipated  
change in  
the competitive  
environment and  
a decision  
to change  
the
operations or dispose of a reporting unit.
Management  
monitors  
events  
or  
changes  
in  
circumstances  
between  
annual  
tests  
to  
determine  
if  
these  
events  
or  
changes  
in
circumstances would  
more likely  
than not  
reduce the  
fair value  
of its  
reporting units  
below their  
carrying amounts.  
The reporting
units evaluated are one level below the business  
segments and correspond to the legal entities within  
each reportable segment.
When  
evaluating  
goodwill  
for  
impairment,  
the  
Corporation  
may  
decide  
to  
first  
perform  
a  
qualitative  
assessment,  
or  
“Step  
Zero”
impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a
review of  
macroeconomic conditions,  
industry and  
market considerations,  
internal cost  
factors, and  
our own  
overall financial  
and
share  
price performance,  
among other  
factors. If  
it  
is  
determined that  
it  
is more  
likely than  
not that  
the carrying  
amounts  
of  
our
reporting units exceed their fair value,  
the Corporation will perform a quantitative  
assessment and calculate the estimated fair value
of  
the  
respective  
reporting  
unit.  
If  
the  
carrying  
amount  
of  
a  
reporting  
unit’s  
goodwill  
exceeds  
the  
fair  
value  
of  
that  
goodwill,  
an
impairment loss is recognized.  

To  
assess  
a  
reporting unit’s  
fair value,  
the  
Corporation generally  
uses  
a  
combination of  
methods  
such  
as  
discounted cash  
flow
analysis and market  
multiples.  
The financial projections used  
in the discounted  
cash flow (“DCF”)  
valuation analysis are  
based on
the  
most  
recent  
(as  
of  
the  
valuation  
date)  
projections  
presented  
to  
the  
Corporation’s  
Asset  
/  
Liability  
Management  
Committee
(“ALCO”). These  
projections reflect  
management’s  
expectations for  
the  
reporting unit’s  
financial  
prospects considering  
economic
and industry conditions. The Corporation evaluates the results obtained under the valuation methodology to identify and understand

 
 
195
 
the  
key  
value  
drivers,  
to  
ascertain  
that  
the  
results  
obtained are  
reasonable and  
appropriate under  
the  
circumstances. Elements
considered include current market and  
economic conditions, developments in specific lines of  
business, and any particular features
of the individual reporting units.  

The Corporation  
completed its  
annual goodwill  
impairment evaluation during  
the third  
quarter of  
2025, using  
July 31,  
2025 as  
the
evaluation date.  
Through a  
qualitative analysis,  
Step  
Zero, the  
Corporation determined  
that for  
all  
reporting units,  
except for  
the
Popular Equipment  
Finance (‘’PEF’’)  
reporting unit,  
it is  
more-likely-than-not that  
the fair  
value exceeded  
the carrying  
value. As  
a
result, the Corporation performed a quantitative test  
to assess PEF’s goodwill impairment.  

The results  
of the  
PEF annual  
goodwill impairment  
test as  
of July  
31, 2025,  
indicated that  
the estimated  
fair value  
was below  
its
carrying amount. Accordingly, the Corporation recognized a goodwill impairment  
charge of $
13.0
 
million, which was mainly driven by
lower projected earnings for the forecasted period,  
primarily due to lower lending activity.

Changes to the Annual Goodwill Impairment Test Date
The Corporation has historically evaluated its goodwill for impairment annually as of July 31 or more frequently.  
After completing the
annual test during  
the third quarter  
of 2025, the  
Corporation changed the  
date of its  
annual assessment of  
goodwill to October  
1st
for all  
reporting units.  
The change  
in testing  
date for  
goodwill is  
a change  
in accounting  
principle, which  
management believes  
is
preferable as  
the new  
date of  
the assessment  
will create  
a more  
efficient and  
timely process surrounding  
the impairment  
tests by
better aligning  
with its  
annual planning and  
budgeting process.
The Corporation has  
determined that this  
change does  
not have  
a
material effect on its financial statements considering the requirements to assess goodwill impairment upon certain triggering events
in current and prior periods and its internal control over financial reporting.  
The Corporation has determined that it is impracticable to
objectively determine  
projected cash  
flows and  
related valuation  
estimates that  
would have  
been used  
as of  
each October  
1st of
prior reporting  
periods without  
the use  
of hindsight.  
As such,  
the Corporation  
prospectively applied  
the change  
in annual  
goodwill
impairment testing date from October 1, 2025.
As of October 1, 2025, management performed a qualitative impairment assessment and determined that for the Puerto Rico based
reporting units, it was more-likely-than-not that  
the fair value exceeded their carrying  
value, resulting in no impairment.  
For the U.S.
based subsidiaries, Popular Bank and PEF, a quantitative goodwill impairment test was performed,  
resulting in no impairment.
The following tables present the gross amount  
of goodwill and accumulated impairment losses  
by reportable segments.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Balance at
Balance at
December 31,
Accumulated
December 31,
2025
impairment
2025
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
438,710
$
3,801
$
434,909
Popular U.S.
564,456
209,411
355,045
Total Popular,  
Inc.  

$
1,003,166
$
213,212
$
789,954

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
 
Balance at  

 
Balance at  

December 31,
Accumulated
December 31,
2024
impairment
2024
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
438,710
$
3,801
$
434,909
Popular U.S.
564,456
196,411
368,045
Total Popular,  
Inc.  

$
1,003,166
$
200,212
$
802,954

 
196
Note 15 – Deposits
Total deposits as of the end of the periods presented consisted of:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Savings accounts
$
14,368,599
$
14,224,271
NOW, money market and other interest  
-bearing demand deposits
27,037,924
26,507,637
Total savings, NOW,  
money market and other interest-bearing demand deposits
41,406,523
40,731,908
Certificates of deposit:
Under $250,000
5,564,615
5,383,331
$250,000 and over
3,914,746
3,629,551
 
Total certificates  
of deposit
9,479,361
9,012,882
Total interest-bearing  
deposits
$
50,885,884
$
49,744,790
Non- interest-bearing deposits
$
15,304,209
$
15,139,555
Total deposits
$
66,190,093
$
64,884,345

A summary of certificates of deposits by maturity at  
December 31, 2025 follows:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
$
6,716,134
2027
1,100,623
2028
709,395
2029
423,171
2030
434,716
2031 and thereafter
95,322
Total certificates of  
deposit
$
9,479,361

At December 31, 2025, the Corporation had brokered  
deposits amounting to $
1.0
 
billion (December 31, 2024 - $
1.6
 
billion).
The aggregate amount of overdrafts  
in demand deposit accounts that  
were reclassified to loans was $
10.7
 
million at December 31,
2025 (December 31, 2024 - $
10.4
 
million).
At December  
31, 2025,  
Puerto Rico  
government deposits  
amounted to  
$
19.4
 
billion. Puerto  
Rico government  
deposits are  
mostly
interest  
bearing  
accounts,  
which  
are  
indexed  
to  
short-term  
market  
rates  
and  
fluctuate  
in  
cost  
with  
changes  
in  
those  
rates,  
in
accordance with contractual terms.

 
197
Note 16 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted  
to $
39
 
million at December 31, 2025 and $
55
 
million at December 31, 2024.

The Corporation’s  
repurchase transactions are  
overcollateralized with the  
securities detailed in  
the table  
below.  
The Corporation’s
repurchase  
agreements  
have  
a  
right  
of  
set-off  
with  
the  
respective  
counterparty  
under  
the  
supplemental  
terms  
of  
the  
master
repurchase agreements.  
In an  
event of  
default,  
each party  
has a  
right of  
set-off  
against the  
other party  
for amounts  
owed in  
the
related  
agreement  
and  
any  
other  
amount  
or  
obligation  
owed  
in  
respect  
of  
any  
other  
agreement  
or  
transaction  
between  
them.
Pursuant to the  
Corporation’s accounting policy,  
the repurchase agreements  
are not offset  
with other repurchase  
agreements held
with the same counterparty.
The following table  
presents information related to  
the Corporation’s repurchase  
transactions accounted for as  
secured borrowings
that  
are  
collateralized  
with  
debt  
securities  
available-for-sale,  
debt  
securities  
held-to-maturity,  
and  
other  
assets  
held-for-trading
purposes or  
which have  
been obtained  
under agreements  
to resell.  
It is  
the Corporation’s  
policy to  
maintain effective  
control over
assets sold under agreements to repurchase; accordingly, such  
securities continue to be carried on the Consolidated Statements of
Financial Condition.

Repurchase agreements accounted for as secured borrowings

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
December 31, 2024
Repurchase liability
Repurchase liability
Repurchase
 
weighted average
Repurchase
 
weighted average
(Dollars in thousands)
 
liability
interest rate
 
liability
interest rate
U.S. Treasury securities
 
Within 30 days
$
29,356
4.11
%
$
22,591
5.04
%
 
After 30 to 90 days
9,645
4.15
13,813
4.71
Total U.S. Treasury  
securities
39,001
4.12
36,404
4.92
Mortgage-backed securities
 
Within 30 days
-
-
4,924
4.90
 
After 30 to 90 days
-
-
13,505
4.88
Total mortgage-backed  
securities
-
-
18,429
4.89
Total
$
39,001
4.12
%
$
54,833
4.91
%

Repurchase agreements in this portfolio are generally short-term, often overnight.  
As such, our risk is very  
limited.  
We manage the
liquidity risks arising from secured  
funding by sourcing funding globally from  
a diverse group of counterparties, providing  
a range of
securities collateral and pursuing longer durations,  
when appropriate.

 

198
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2025
2024
Maximum aggregate balance outstanding at any month-end
$
107,572
$
105,684
Average monthly aggregate balance outstanding
$
50,401
$
76,156
Weighted average interest rate:
For the year
4.27
%
5.54
%
At December 31
4.16
%
4.99
%

Other short-term borrowings
 

At December 31, 2025, other short-term borrowings  
consisted of $
650
 
million in FHLB Advances, compared to $
225
 
million in FHLB
Advances at December 31, 2024.

The following table presents additional information  
related to the Corporation’s other short-term
borrowings at December 31, 2025 and December 31,  
2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2025
2024
Maximum aggregate balance outstanding at any month-end
$
650,000
$
225,000
Average monthly aggregate balance outstanding
$
374,728
$
8,402
Weighted average interest rate:
For the year
4.16
%
5.40
%
At December 31
3.98
%
4.67
%

 
 
199
Notes Payable

The following table presents the composition of notes  
payable at December 31, 2025 and December  
31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2026
 
through
2029
 
paying interest at monthly
fixed rates ranging from
0.69
% to
4.17
%  
(2024 -
0.54
% to
5.26
%)
$
164,620
$
302,722
Unsecured senior debt securities maturing on
2028
 
paying interest
semiannually
 
at a fixed rate of
7.25
% (2024-
7.25
%), net of debt issuance costs of $
3,442
 
(2024 - $
4,082
)
[1]
396,558
395,198
Junior subordinated deferrable interest debentures (related to  
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
% (2024 -
6.125
% to
6.564
%), net of debt
issuance costs of $
234
 
(2024 - $
261
)
198,399
198,373
Total notes payable
$
759,577
$
896,293
[1] On March 13, 2023, the Corporation issued $
400
 
million aggregate principal amount of
7.25
% Senior Notes due
2028
 
(the “2028 Notes”) in an
underwritten public offering. The Corporation used a  
portion of the net proceeds of the 2028 Notes offering  
to redeem, on August 14, 2023, the
outstanding $
300
 
million aggregate principal amount of its
6.125
% Senior Notes which were due on September
2023
. The redemption price was
equal to
100
% of the principal amount plus accrued and unpaid  
interest through the redemption date.

A breakdown of borrowings by contractual maturities  
at December 31, 2025 is included in  
the table below.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under  

Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2026
$
39,001
650,000
74,500
763,501
2027
-
-
6,112
6,112
2028
-
-
440,908
440,908
2029
-
-
39,657
39,657
Later years
-
-
198,400
198,400
Total borrowings
$
39,001
$
650,000
$
759,577
$
1,448,578

At  
December  
31,  
2025  
and  
December  
31,  
2024,  
the  
Corporation had  
FHLB  
borrowing  
facilities  
whereby  
the  
Corporation could
borrow up to  
$
4.8
 
billion and $
4.7
 
billion, respectively,  
of which $
0.8
 
billion and $
0.5
 
billion, respectively,  
were used. In  
addition, at
December 31, 2024, the Corporation had  
placed $
0.3
 
billion of the available FHLB  
credit facility as collateral for municipal  
letters of
credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio,  
and do not have
restrictive covenants or callable features.  

Also, at  
December 31, 2025,  
the Corporation had  
borrowing facilities at  
the discount window  
of the Federal  
Reserve Bank of  
New
York  
amounting to $
12.1
 
billion (December 31,  
2024 - $
7.0
 
billion), which remained  
unused at December  
31, 2025 and  
December
31, 2024.  
The facilities are a collateralized source of credit  
that is highly dependable even under difficult market  
conditions.

200
Note 17 – Trust preferred securities
Statutory trusts established by the Corporation (Popular North America  
Capital Trust I and Popular  
Capital Trust II) had issued  
trust
preferred  
securities  
(also  
referred  
to  
as  
“capital  
securities”)  
to  
the  
public.  
The  
proceeds  
from  
such  
issuances,  
together  
with  
the
proceeds of the related issuances of common securities of the trusts (the “common securities”), were used by the trusts to purchase
junior subordinated deferrable interest debentures (the  
“junior subordinated debentures”) issued by the  
Corporation.  

The sole  
assets of  
the trusts  
consisted of  
the junior  
subordinated debentures  
of the  
Corporation and  
the related  
accrued interest
receivable. These trusts are not consolidated  
by the Corporation pursuant to accounting  
principles generally accepted in the United
States of America.
The junior subordinated  
debentures are included  
by the Corporation  
as notes payable  
in the Consolidated  
Statements of Financial
Condition, while  
the common  
securities issued  
by the  
issuer trusts  
are included  
as debt  
securities held-to-maturity.  
The common
securities of each trust are wholly-owned, or indirectly  
wholly-owned, by the Corporation.

The following table presents financial data pertaining  
to the different trusts at December 31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
December 31, 2025 and 2024
Popular  

North America  

Popular  

Issuer
Capital Trust I
Capital Trust Il
Capital securities
$
91,651
$
101,023
Distribution rate
6.564
%
6.125
%
Common securities
$
2,835
$
3,125
Junior subordinated debentures aggregate liquidation amount
$
94,486
$
104,148
Stated maturity date
September 2034
December 2034
Reference notes
[1],[3],[5]
[2],[4],[5]

[1] Statutory business trust that is wholly-owned by  
PNA and indirectly wholly-owned by the Corporation.
[2] Statutory business trust that is wholly-owned by  
the Corporation.
[3] The obligation of PNA under the junior subordinated  
debenture and its guarantees of the capital securities under  
the trust is fully and unconditionally
guaranteed on a subordinated basis by the Corporation  
to the extent set forth in the guarantee agreement.
[4] These capital securities are fully and unconditionally guaranteed  
on a subordinated basis by the Corporation to the extent  
set forth in the guarantee
agreement.
[5] The Corporation has the right, subject to any required  
prior approval from the Federal Reserve, to redeem  
after certain dates or upon the
occurrence of certain events mentioned below,  
the junior subordinated debentures at a redemption  
price equal to 100% of the principal amount, plus
accrued and unpaid interest to the date of redemption. The  
maturity of the junior subordinated debentures may  
be shortened at the option of the
Corporation prior to their stated maturity dates (i) on or  
after the stated optional redemption dates stipulated in  
the agreements, in whole at any time or
in part from time to time, or (ii) in whole, but not in part,  
at any time within 90 days following the occurrence  
and during the continuation of a tax event,
an investment company event or a capital treatment event  
as set forth in the indentures relating to the capital securities,  
in each case subject to
regulatory approval.

 

At December  
31, 2025  
and 2024,  
the Corporation’s  
$
193
 
million in  
trust preferred  
securities outstanding  
do not  
qualify for  
Tier  
1
capital treatment but qualify for Tier 2 capital treatment.

 
201
Note 18 − Other liabilities

The caption of other liabilities in the Consolidated  
Statements of Financial Condition consists of the following  
major categories:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Accrued expenses
$
321,203
$
334,145
Accrued interest payable
66,240
60,723
Accounts payable
78,998
91,218
Dividends payable
49,596
49,546
Trades payable
595,911
495,139
Liability for GNMA loans sold with an option to repurchase
8,734
9,108
Reserves for loan indemnifications
2,704
2,779
Reserve for operational losses
20,723
29,465
Operating lease liabilities

104,958
103,198
Finance lease liabilities

 

27,389
23,141
Pension benefit obligation
4,739
5,816
Postretirement benefit obligation
103,974
99,172
Others
75,348
68,396
Total other liabilities
$
1,460,517
$
1,371,846

202
Note 19 – Stockholders’ equity

 

The Corporation’s common stock ranks junior to all series of  
preferred stock as to dividend rights and / or as  
to rights on liquidation,
dissolution  
or  
winding  
up  
of  
the  
Corporation.  
Dividends  
on  
preferred  
stock  
are  
payable  
if  
declared.  
The  
Corporation’s  
ability  
to
declare or  
pay dividends  
on, or  
purchase, redeem  
or otherwise  
acquire, its  
common stock  
is subject  
to certain  
restrictions in  
the
event that the  
Corporation fails to pay  
or set aside  
full dividends on the  
preferred stock for the  
latest dividend period. The  
ability of
the Corporation to  
pay dividends in  
the future is  
limited by regulatory  
requirements, legal availability of  
funds, recent and  
projected
financial results, capital levels and liquidity of the Corporation, general  
business conditions and other factors deemed relevant by the
Corporation’s Board of Directors.
The Corporation’s  
common stock  
trades on  
the Nasdaq  
Global Select  
Market (the  
“Nasdaq”) under  
the symbol  
BPOP.  
The 2003
Series A Preferred Stock are not listed on Nasdaq.  

Preferred stocks
The Corporation has
30,000,000
 
shares of authorized  
preferred stock that may  
be issued in  
one or more  
series, and the  
shares of
each series shall have such rights and preferences as shall be fixed by the Board of Directors when authorizing the issuance of that
particular series. The Corporation’s shares of preferred stock at  
December 31, 2025 consisted of:
●
6.375
% non-cumulative monthly income preferred stock, 2003 Series  
A,
no
 
par value, liquidation preference value of  
$
25
per share. Holders on record of the 2003 Series A Preferred Stock are entitled to  
receive, when, as and if declared by the
Board of  
Directors of  
the Corporation  
or an  
authorized committee thereof,  
out of  
funds legally  
available, non-cumulative
cash dividends at the  
annual rate per share  
of
6.375
% of their  
liquidation preference value, or  
$
0.1328125
 
per share per
month.  
These  
shares  
of  
preferred  
stock  
are  
perpetual,  
nonconvertible,  
have  
no  
preferential  
rights  
to  
purchase  
any
securities of the  
Corporation and are redeemable solely  
at the option of  
the Corporation with the  
consent of the Board  
of
Governors  
of  
the  
Federal  
Reserve  
System.  
The  
redemption  
price  
per  
share  
is  
$
25.00
.  
The  
shares  
of  
2003  
Series  
A
Preferred Stock have no voting  
rights, except for certain rights in  
instances when the Corporation does not  
pay dividends
for a defined period. These  
shares are not subject to  
any sinking fund requirement. Cash dividends declared and  
paid on
the 2003  
Series A  
Preferred Stock  
amounted to  
$
1.4
 
million for  
the years  
ended December  
31, 2025,  
2024 and  
2023.
Outstanding shares of 2003 Series A Preferred Stock amounted  
to
885,726
 
at December 31, 2025, 2024 and 2023.
Common stock
Dividends
During  
the  
year  
2025,  
cash  
dividends  
of  
$
2.90
 
(2024  
-  
$
2.56
;  
2023  
-  
$
2.27
)  
per  
common  
share  
outstanding  
were  
declared
amounting to $
196.2
 
million (2024 - $
183.9
 
million; 2023 -  
$
163.7
 
million) of which  
$
49.6
 
million were payable to  
stockholders of
common stock at December 31, 2025 (2024 -  
$
49.5
 
million; 2023 - $
44.7
 
million).
Common stock repurchases
During the year ended December 31, 2025, the Corporation repurchased
4,660,124
 
(2024 –
2,256,420
) shares of common stock for
$
501.5
 
million (2024 -  
$
217.3
 
million), at an  
average price of  
$
107.61
 
(2024 - $
96.32
) per common  
share. At December  
31, 2025,
$
281.2
 
million  
remained  
on  
the  
Corporation’s  
common  
stock  
repurchase  
authorization.  
The  
common  
stock  
repurchase  
program
does  
not  
require  
the  
Corporation to  
acquire  
a  
specific  
dollar  
amount  
or  
number  
of  
shares  
and  
may  
be  
modified,  
suspended  
or
terminated at any time without prior notice.
Statutory reserve
The Banking Act  
of the Commonwealth of  
Puerto Rico (the  
“Act”) requires that
a minimum of 10% of BPPR’s
 
retained earnings for
the year be transferred to a statutory  
reserve account until such statutory reserve equals the total  
of paid-in capital on common and
preferred stock.  
Any losses  
incurred by  
a bank  
must first  
be charged  
to retained  
earnings and  
then to  
the reserve  
fund. Amounts
transferred to  
the reserve  
fund may  
not be  
used to  
pay dividends  
without the  
prior consent  
of the  
Puerto Rico  
Commissioner of
Financial Institutions. The failure to maintain sufficient statutory reserves would preclude BPPR from paying dividends.  
BPPR was in
compliance with the statutory reserve requirement in 2025, 2024 and 2023. BPPR’s statutory reserve fund amounted to $
961
 
million
at December 31, 2025 (2024 -  
$
961
 
million; 2023 - $
908
 
million). Banks that are well capitalized, have obtained  
a rating of 1 or 2  
in
the last examination performed by the Office of the Commissioner  
or an applicable regulatory agency and have  
accumulated at least
50% of  
the paid  
in capital  
for their  
common and  
preferred stock  
in their  
reserve fund  
may be  
exempted from  
the requirement  
to
transfer such funds to  
the statutory reserve fund.  
During 2024, $
53
 
million was transferred to  
the statutory reserve account  
(2023 -
$
45
 
million).

203
Note 20 – Regulatory capital requirements
The Corporation,  
BPPR and  
PB are  
subject to  
various regulatory  
capital requirements  
imposed by  
the federal  
banking agencies.
Failure to meet minimum capital requirements can  
lead to certain mandatory and additional  
discretionary actions by regulators that,
if undertaken,  
could have  
a direct  
material effect  
on the  
Corporation’s consolidated financial  
statements. Popular,  
Inc., BPPR  
and
PB are  
subject to  
Basel III  
capital requirements,  
including minimum  
and well  
capitalized regulatory  
capital ratios  
and compliance
with the standardized approach for determining  
risk-weighted assets.  

The Basel III Capital  
Rules established a Common Equity  
Tier I (“CET1”) capital  
measure and related regulatory capital ratio  
CET1
to risk-weighted assets.  

The Basel III Capital Rules provide that a  
depository institution will be deemed to be well capitalized if  
it maintained a leverage ratio
of at  
least
5
%, a  
CET1 ratio of  
at least
6.5
%, a Tier  
1 risk-based capital  
ratio of at  
least
8
% and  
a total risk-based  
ratio of  
at least
10
%.  
Management  
has  
determined  
that  
at  
December  
31,  
2025  
and  
2024,  
the  
Corporation  
exceeded  
all  
capital  
adequacy
requirements to which it is subject.
The Corporation  
has  
been designated  
by the  
Federal Reserve  
Board as  
a Financial  
Holding Company  
(“FHC”) and  
is eligible  
to
engage in certain financial activities permitted under  
the Gramm-Leach-Bliley Act of 1999.
Pursuant to the adoption of the CECL accounting standard on  
January 1, 2020, the Corporation elected to use a five-year  
transition
period  
option  
as  
permitted  
in  
the  
final  
interim  
regulatory  
capital  
rules  
effective  
March  
31,  
2020.  
The  
five-year  
transition  
period
provision delays for two years the estimated impact of the adoption of the CECL accounting standard on regulatory capital, followed
by a three-year transition period  
to phase out the  
aggregate amount of the capital  
benefit provided during the initial  
two-year delay.
This period ended in 2025.
At December 31, 2025 and 2024, BPPR and  
PB were well-capitalized under the regulatory  
framework for prompt corrective action.  

The following  
tables present  
the Corporation’s  
risk-based capital  
and leverage  
ratios at  
December 31,  
2025 and  
2024 under  
the
Basel III regulatory guidance.

204
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual  

Capital adequacy minimum
requirement (including
conservation capital buffer) [1]
(Dollars in thousands)
Amount  

Ratio
Amount
Ratio
2025
Total Capital (to Risk-Weighted  
Assets):
Corporation
$
7,196,067
17.50
%
$
4,317,994
10.50
%
BPPR
4,847,767
16.85
3,020,156
10.50
PB
1,727,818
14.60
1,242,517
10.50
Common Equity Tier I Capital (to Risk-Weighted  
Assets):
Corporation
$
6,463,527
15.72
%
$
2,878,663
7.00
%
BPPR
4,483,826
15.59
2,013,437
7.00
PB
1,631,808
13.79
828,345
7.00
Tier I Capital (to Risk-Weighted Assets):
Corporation
$
6,485,670
15.77
%
$
3,495,519
8.50
%
BPPR
4,483,826
15.59
2,444,888
8.50
PB
1,631,808
13.79
1,005,847
8.50
Tier I Capital (to Average Assets):
Corporation  

$
6,485,670
8.69
%
$
2,986,476
4.00
%  

BPPR
4,483,826
7.52
2,385,171
4.00
PB
1,631,808
11.26
579,937
4.00
[1] The conservation capital buffer included for these  
ratios is
2.5
%, except for the Tier I to Average  
Asset ratio for which the buffer is not applicable
and therefore the capital adequacy minimum of
4
% is presented.

 
 
205
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual  

Capital adequacy minimum
requirement (including
conservation capital buffer)
(Dollars in thousands)
Amount  

Ratio
Amount
Ratio
2024
Total Capital (to Risk-Weighted  
Assets):
Corporation
$
6,968,203
17.83
%
$
4,102,713
10.50
%
BPPR
4,734,198
17.04
2,917,399
10.50
PB
1,524,930
13.93
1,149,278
10.50
Common Equity Tier I Capital (to Risk-Weighted  
Assets):
Corporation
$
6,262,792
16.03
%
$
2,735,142
7.00
%
BPPR
4,383,759
15.78
1,944,932
7.00
PB
1,461,436
13.35
766,186
7.00
Tier I Capital (to Risk-Weighted Assets):
Corporation
$
6,284,935
16.08
%
$
3,321,244
8.50
%
BPPR
4,383,759
15.78
2,361,704
8.50
PB
1,461,436
13.35
930,368
8.50
Tier I Capital (to Average Assets):
Corporation  

$
6,284,935
8.66
%
$
2,903,739
4.00
%
BPPR
4,383,759
7.48
2,343,289
4.00
PB
1,461,436
10.64
549,618
4.00

The following table presents the minimum amounts  
and ratios for the Corporation’s banks to be  
categorized as well-capitalized.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
(Dollars in thousands)
Amount  

Ratio  

Amount  

Ratio
Total Capital (to Risk-Weighted  
Assets):
BPPR
$
2,876,339
10.00
%
$
2,778,475
10.00
%
PB
1,183,349
10.00
1,094,551
10.00
Common Equity Tier I Capital (to Risk-Weighted  
Assets):
BPPR
$
1,869,620
6.50
%
$
1,806,009
6.50
%
PB
769,177
6.50
711,458
6.50
Tier I Capital (to Risk-Weighted Assets):
BPPR
$
2,301,071
8.00
%
$
2,222,780
8.00
%
PB
946,679
8.00
875,641
8.00
Tier I Capital (to Average Assets):
BPPR
$
2,981,464
5.00
%
$
2,929,111
5.00
%
PB
724,922
5.00
687,022
5.00

206
Note 21 – Other comprehensive income (loss)

The  
following  
table  
presents  
changes  
in  
accumulated  
other  
comprehensive  
income  
(loss)  
by  
component  
for  
the  
years  
ended
December 31, 2025, 2024 and 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive (Loss) Income  
by Component [1]
Years ended December  
31,
(In thousands)
2025
2024
2023
Foreign currency translation
Beginning Balance
$
( 71,365 )
$
( 64,528 )
$
( 56,735 )
Other comprehensive (loss)  

( 13,917 )
( 6,837 )
( 7,793 )
Net change
( 13,917 )
( 6,837 )
( 7,793 )
Ending balance
$
( 85,282 )
$
( 71,365 )
$
( 64,528 )
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
( 94,692 )
$
( 117,893 )
$
( 144,335 )
Other comprehensive (loss) income before reclassifications
( 2,144 )
14,157
14,408
Amounts reclassified from accumulated other comprehensive loss  
for
amortization of net losses
5,681
9,044
12,034
Net change
3,537
23,201
26,442
Ending balance
$
( 91,155 )
$
( 94,692 )
$
( 117,893 )
Unrealized net holding
(losses) gains on debt
securities
Beginning Balance
$
( 1,495,183 )
$
( 1,713,110 )
$
( 2,323,903 )
Other comprehensive income before reclassifications
340,427
74,277
472,487
Amounts reclassified from accumulated other comprehensive  
(loss)
income for gains on securities
-
-
-
Amounts reclassified from accumulated other comprehensive income
for amortization of net unrealized losses of debt securities  
transferred
from available-for-sale to held-to-maturity
149,106
143,650
138,306
Net change
489,533
217,927
610,793
Ending balance
$
( 1,005,650 )
$
( 1,495,183 )
$
( 1,713,110 )
Unrealized net gains (losses)
on cash flow hedges
Beginning Balance
$
-
$
-
$
45
Other comprehensive (loss) income before reclassifications
-
-
( 19 )
Amounts reclassified from accumulated other comprehensive  
(loss)
income for gains on securities
-
-
( 26 )
Net change
-
-
( 45 )
Ending balance
$
-
$
-
$
-
Total  

$
( 1,182,087 )
$
( 1,661,240 )
$
( 1,895,531 )
[1] All amounts presented are net of tax.

 
207
The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for
the years ended December 31, 2025, 2024, and  
2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive  
(Loss) Income
Affected Line Item in the  

Years ended December  
31,
(In thousands)
Consolidated Statements of Operations
2025
2024
2023
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
( 9,090 )
$
( 14,471 )
$
( 19,253 )
Total before tax
( 9,090 )
( 14,471 )
( 19,253 )
Income tax benefit
3,409
5,427
7,219
Total net of tax
$
( 5,681 )
$
( 9,044 )
$
( 12,034 )
Unrealized net holding (losses) gains on debt securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Investment securities  

( 186,381 )
( 179,563 )
( 172,883 )
Total before tax
( 186,381 )
( 179,563 )
( 172,883 )
Income tax benefit  

37,275
35,913
34,577
Total net of tax
$
( 149,106 )
$
( 143,650 )
$
( 138,306 )
Unrealized net gains (losses) on cash flow hedges
Forward contracts
Mortgage banking activities
$
-
$
-
$
41
Total before tax
-
-
41
Income tax expense
-
-
( 15 )
Total net of tax
$
-
$
-
$
26
Total reclassification  
adjustments, net of tax
$
( 154,787 )
$
( 152,694 )
$
( 150,314 )

208
Note 22 – Guarantees

The Corporation  
has obligations  
upon the  
occurrence of  
certain events  
under financial  
guarantees provided  
in certain  
contractual
agreements.  
Also,  
from  
time  
to  
time,  
the  
Corporation  
securitized  
mortgage  
loans  
into  
guaranteed  
mortgage-backed  
securities
subject in certain instances, to  
lifetime credit recourse on the  
loans that serve as collateral  
for the mortgage-backed securities. The
Corporation has  
not sold  
any mortgage  
loans subject  
to credit  
recourse since  
2009. Also,  
from time  
to time,  
the Corporation  
may
sell, in  
bulk sale  
transactions, residential  
mortgage loans  
and Small  
Business Administration  
(“SBA”) commercial  
loans subject  
to
credit  
recourse  
or  
to  
certain  
representations  
and  
warranties  
from  
the  
Corporation  
to  
the  
purchaser.  
These  
representations  
and
warranties may  
relate, for  
example, to  
borrower creditworthiness,  
loan documentation,  
collateral,  
prepayment and  
early payment
defaults. The  
Corporation may  
be required  
to  
repurchase the  
loans under  
the credit  
recourse agreements  
or  
representation and
warranties.
At  
December 31,  
2025, the  
Corporation serviced  
$
429
 
million  
(December 31,  
2024  
- $
495
 
million) in  
residential mortgage  
loans
subject to  
credit recourse  
provisions, principally loans  
associated with  
FNMA and  
FHLMC residential  
mortgage loan  
securitization
programs. In the event  
of any customer default, pursuant to  
the credit recourse provided, the  
Corporation is required to repurchase
the  
loan  
or  
reimburse  
the  
third-party  
investor for  
the  
incurred  
loss.  
During  
2025,  
the  
Corporation repurchased  
approximately $
1
million of unpaid principal  
balance in mortgage loans  
subject to the credit  
recourse provisions (2024 -  
$
2
 
million). At December 31,
2025, the Corporation’s  
liability established to cover  
the estimated credit  
loss exposure related to  
loans sold or  
serviced with credit
recourse amounted to $
3
 
million (December 31, 2024 - $
3
 
million).  

The estimated losses to be absorbed under the credit  
recourse arrangements are recorded as a liability when  
the loans are sold and
are updated by  
accruing or reversing expense  
(categorized in the line  
item “Adjustments (expense) to  
indemnity reserves on loans
sold”  
in  
the  
consolidated  
statements  
of  
operations)  
throughout  
the  
life  
of  
the  
loan,  
as  
necessary,  
when  
additional  
relevant
information becomes available. The  
methodology used to  
estimate the recourse  
liability is a  
function of the  
recourse arrangements
given and  
considers a  
variety of  
factors, which  
include actual  
defaults and  
historical loss  
experience, foreclosure  
rate, estimated
future defaults  
and the  
probability that  
a loan  
would be  
delinquent. Statistical  
methods are  
used to  
estimate the  
recourse liability.
Expected loss  
rates are  
applied to  
different loan  
segmentations. The  
expected loss,  
which represents  
the amount  
expected to  
be
lost on a given loan, considers the  
probability of default and loss severity.  
The probability of default represents the probability that  
a
loan in  
good standing  
would become  
90 days  
delinquent within  
the following  
twelve-month period.  
Regression analysis  
quantifies
the relationship  
between the  
default event  
and loan-specific  
characteristics, including  
credit scores,  
loan-to-value ratios,  
and loan
aging, among others.  

When the  
Corporation sells or  
securitizes mortgage loans,  
it generally makes  
customary representations and  
warranties regarding
the characteristics  
of the  
loans sold. The  
Corporation’s mortgage operations  
in Puerto  
Rico group conforming  
mortgage loans into
pools which are  
exchanged for FNMA and  
GNMA mortgage-backed securities, which are  
generally sold to  
private investors, or are
sold directly  
to FNMA  
for cash.  
As required  
under the  
government agency  
programs, quality  
review procedures  
are performed  
by
the Corporation to  
ensure that asset  
guideline qualifications are met.  
To  
the extent the  
loans do not  
meet specified characteristics,
the  
Corporation may  
be required  
to  
repurchase such  
loans or  
indemnify for  
losses and  
bear any  
subsequent loss  
related to  
the
loans. The  
amount purchased  
under representation  
and warranty  
arrangements during  
the years  
ended December  
31, 2025  
and  

December 31, 2024 was not considered material  
for the Corporation.
From  
time  
to  
time, the  
Corporation sells  
loans and  
agrees to  
indemnify the  
purchaser for  
credit  
losses  
or  
any  
breach  
of  
certain
representations and warranties made in connection  
with the sale.

Servicing agreements  
relating to  
the mortgage-backed  
securities programs  
of FNMA,  
FHMLC and  
GNMA, and  
to mortgage  
loans
sold or serviced to certain other investors, including FHLMC,  
require the Corporation to advance funds to  
make scheduled payments
of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At December 31, 2025,  
the
Corporation serviced $
8.2
 
billion in mortgage loans for third-parties, including the loans serviced with credit recourse (December 31,
2024 - $
9.0
 
billion). The Corporation generally recovers funds advanced pursuant to these arrangements from  
the mortgage owner,
from liquidation proceeds when the mortgage  
loan is foreclosed or,  
in the case of FHA/VA  
loans, under the applicable FHA  
and
VA
insurance  
and guarantees  
programs. However,  
in the  
meantime, the  
Corporation must  
absorb the  
cost  
of the  
funds  
it  
advances
during the  
time the  
advance is  
outstanding. The  
Corporation must  
also bear  
the costs  
of attempting  
to collect  
on delinquent  
and
defaulted  
mortgage  
loans.  
In  
addition,  
if  
a  
defaulted  
loan  
is  
not  
cured,  
the  
mortgage  
loan  
would  
be  
canceled  
as  
part  
of  
the
foreclosure proceedings and the  
Corporation would not  
receive any future servicing  
income with respect  
to that loan. At  
December

209
31,  
2025,  
the  
outstanding  
balance  
of  
funds  
advanced  
by  
the  
Corporation under  
such  
mortgage  
loan  
servicing  
agreements  
was
approximately  
$
30
 
million  
(December  
31,  
2024  
-  
$
44
 
million).  
To  
the  
extent  
the  
mortgage  
loans  
underlying  
the  
Corporation’s
servicing portfolio experience  
increased delinquencies, the Corporation  
would be required  
to dedicate additional  
cash resources to
comply with its obligation to advance funds as well  
as incur additional administrative costs related  
to increases in collection efforts.  

Popular,  
Inc. Holding  
Company (“PIHC”) fully  
and unconditionally guarantees  
certain borrowing  
obligations issued by  
certain of  
its
100
% owned consolidated subsidiaries amounting to  
$
94
 
million at both December 31,  
2025 and December 31, 2024, respectively.
In addition, at both December 31, 2025 and December 31, 2024, PIHC  
fully and unconditionally guaranteed on a subordinated basis
$
193
 
million of capital securities (trust preferred securities) issued by wholly-owned issuing trust entities to the extent set forth in the
applicable  
guarantee  
agreement.  
Refer  
to  
Note  
17  
to  
the  
consolidated  
financial  
statements  
for  
further  
information  
on  
the  
trust
preferred securities.

 

210
Note 23 – Commitments and contingencies
Off-balance sheet risk
The Corporation  
is a  
party to  
financial instruments  
with off-balance  
sheet credit  
risk in  
the normal  
course of  
business to  
meet the
financial needs of its customers. These financial instruments  
include loan commitments, letters of credit and standby  
letters of credit.
These instruments involve,  
to varying  
degrees, elements of  
credit and  
interest rate  
risk in  
excess of  
the amount  
recognized in  
the
Consolidated Statements of Financial Condition.
The  
Corporation’s  
exposure  
to  
credit  
loss  
in  
the  
event  
of  
nonperformance  
by  
the  
other  
party  
to  
the  
financial  
instrument  
for
commitments to extend credit, standby  
letters of credit and financial  
guarantees is represented by the  
contractual notional amounts
of those instruments. The  
Corporation uses the same  
credit policies in  
making these commitments and conditional  
obligations as it
does for those reflected on the Consolidated Statements  
of Financial Condition.

Financial instruments with  
off-balance sheet credit  
risk, whose contract  
amounts represent potential credit  
risk as of  
the end of  
the
periods presented were as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,415,208
$
5,599,823
Commercial lines of credit
4,257,505
3,971,331
Construction lines of credit
1,197,319
1,131,824
Other consumer unused credit commitments  

277,635
260,121
Commercial letters of credit
21,248
5,002
Standby letters of credit
111,554
144,845
Commitments to originate or fund mortgage loans
20,099
29,604

At December 31,  
2025 and December 31,  
2024, the Corporation maintained  
a reserve of  
$
14
 
million and $
15
 
million, respectively,
for potential losses associated with unfunded loan  
commitments related to commercial and construction  
lines of credit.
Other commitments
At December  
31, 2025  
and December 31,  
2024, the Corporation  
also maintained other  
non-credit commitments for  
$
7
 
million and
$
2
 
million, respectively, primarily for the acquisition of other investments.  

Business concentration
Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition
are dependent  
upon the  
general trends  
of the  
Puerto Rico  
economy and,  
in particular,  
the residential  
and commercial  
real estate
markets. The concentration  
of the Corporation’s  
operations in Puerto Rico  
exposes it to  
greater risk than other  
banking companies
with a wider geographic base. Its  
asset and revenue composition by geographical area  
is presented in Note 36  
to the Consolidated
Financial Statements.  

Puerto  
Rico  
has  
faced  
significant  
fiscal  
and  
economic  
challenges  
for  
over  
a  
decade.  
In  
response  
to  
such  
challenges,  
the  
U.S.
Congress  
enacted  
PROMESA  
in  
2016,  
which,  
among  
other  
things,  
established  
the  
Oversight  
Board  
and  
a  
framework  
for  
the
restructuring  
of  
the  
debts  
of  
the  
Commonwealth,  
its  
instrumentalities  
and  
municipalities.  
The  
Commonwealth  
and  
several  
of  
its
instrumentalities have  
availed themselves  
of debt  
restructuring proceedings  
under PROMESA.  
As of  
the date  
of this  
report, while
municipalities have been designated as covered entities under PROMESA, no municipality has commenced or has been authorized
by the Oversight Board to commence, any such debt  
restructuring proceeding under PROMESA.
At December 31, 2025, the Corporation’s direct exposure to the  
Puerto Rico government and its instrumentalities and municipalities
totaled $
391
 
million, of which  
$
342
 
million were outstanding  
($
336
 
million and $
336
 
million at December  
31, 2024). Of  
the amount
outstanding,  
$
333
 
million  
consists  
of  
loans  
and  
$
9
 
million  
are  
securities  
($
323
 
million  
and  
$
13
 
million  
at  
December  
31,  
2024).
Substantially all  
of the  
amount outstanding  
at December  
31, 2025  
and December  
31, 2024  
were obligations  
from various  
Puerto
Rico  
municipalities.  
In  
most  
cases,  
these  
were  
“general  
obligations”  
of  
a  
municipality,  
to  
which  
the  
applicable  
municipality  
has
pledged  
its  
good  
faith,  
credit  
and  
unlimited  
taxing  
power,  
or  
“special  
obligations”  
of  
a  
municipality,  
to  
which  
the  
applicable
municipality has  
pledged other  
revenues. At  
December 31,  
2025, approximately
77
%  
of the  
Corporation’s exposure  
to municipal
loans  
and  
securities  
was  
concentrated  
in  
the  
municipalities  
of  
San  
Juan,  
Guaynabo,  
Carolina  
and  
Caguas.  
The  
Corporation’s

 
 
211
exposure  
at  
December  
31,  
2025,  
included  
up  
to  
$
47.4
 
million  
in  
Automated  
Clearing  
House  
(“ACH”)  
transaction  
settlement
exposure, none of which was outstanding.

The following table details the loans and investments representing the Corporation’s direct exposure to  
the Puerto Rico government
according to their maturities as of December 31, 2025

:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
41
$
-
$
41
$
47,441
Total Central  
Government
41
-
41
47,441
Municipalities
Within 1 year
2,605
11,574
14,179
16,179
After 1 to 5 years
5,660
166,515
172,175
172,175
After 5 to 10 years
450
124,087
124,537
124,537
After 10 years
-
30,991
30,991
30,991
Total Municipalities
8,715
333,167
341,882
343,882
Total Direct Government  
Exposure
$
8,756
$
333,167
$
341,923
$
391,323

 
 
 
 
 
 
 
 
 
 
 
 
 
In  
addition,  
at  
December  
31,  
2025,  
the  
Corporation  
had  
$
209
 
million  
in  
loans  
insured  
or  
securities  
issued  
by  
Puerto  
Rico
governmental entities  
but for  
which the  
principal source  
of repayment  
is non-governmental  
($
220
 
million at  
December 31,  
2024).
These  
included  
$
167
 
million  
in  
residential  
mortgage  
loans  
insured  
by  
the  
Puerto  
Rico  
Housing  
Finance  
Authority  
(“HFA”),  
a
governmental instrumentality that  
has been  
designated as a  
covered entity under  
PROMESA (December 31,  
2024 -  
$
176
 
million).
These mortgage loans are secured by first mortgages on Puerto Rico residential properties and the HFA  
insurance covers losses in
the event  
of a  
borrower default  
and upon  
the satisfaction  
of certain  
other conditions.  
The Corporation  
also had  
at December  
31,
2025, $
36
 
million in bonds  
issued by HFA  
which are secured by  
second mortgage loans on  
Puerto Rico residential properties,  
and
for which HFA  
also provides insurance to  
cover losses in  
the event of  
a borrower default  
and upon the  
satisfaction of certain  
other
conditions (December  
31, 2024  
- $
38
 
million). In  
the event  
that the  
mortgage loans  
insured by  
HFA  
and held  
by the  
Corporation
directly or those serving as collateral for the HFA  
bonds default and the collateral is insufficient to satisfy the  
outstanding balance of
these loans, HFA’s  
ability to honor its insurance will depend, among other factors, on the financial condition of HFA  
at the time such
obligations  
become  
due  
and  
payable. The  
Corporation does  
not consider  
the  
government guarantee  
when  
estimating the  
credit
losses  
associated  
with  
this  
portfolio.  
Although  
the  
Governor  
is  
currently  
authorized  
by  
local  
legislation  
to  
impose  
a  
temporary
moratorium on the financial obligations of the HFA, a moratorium on  
such obligations has not been imposed as of  
the date hereof.  

BPPR’s  
commercial loan  
portfolio also  
includes loans  
to  
private borrowers  
who  
are service  
providers, lessors,  
suppliers or  
have
other relationships with the government. These  
borrowers could be negatively affected by  
the Commonwealth’s fiscal crisis and  
the
ongoing  
Title  
III  
proceedings  
under  
PROMESA.  
Similarly,  
BPPR’s  
mortgage  
and  
consumer  
loan  
portfolios  
include  
loans  
to
government  
employees  
and  
retirees,  
which  
could  
also  
be  
negatively  
affected  
by  
fiscal  
measures  
such  
as  
employee  
layoffs  
or
furloughs or reductions in pension benefits.  

In  
addition,  
$
2.5
 
billion  
of  
residential  
mortgages  
and  
$
80.5
 
million  
commercial  
loans  
were  
insured  
or  
guaranteed  
by  
the  
U.S.
Government or its agencies at December 31, 2025 (compared to $
2.1
 
billion and $
87.4
 
million, respectively, at December 31, 2024).
The Corporation also had  
U.S. Treasury and  
obligations from the U.S.  
Government, its agencies or  
government sponsored entities
within the  
portfolio of  
available-for-sale and  
held-to-maturity securities as  
described in  
Note 5  
and 6  
to the  
Consolidated Financial
Statements.
At December 31, 2025, the Corporation had operations in the  
United States Virgin Islands (the “USVI”) and had $
28
 
million in direct
exposure to USVI government  
entities (December 31, 2024  
- $
28
 
million). The USVI has  
been experiencing a number of  
fiscal and
economic challenges that could adversely affect the ability  
of its public corporations and instrumentalities to service  
their outstanding
debt  
obligations.  
PROMESA  
does  
not  
apply  
to  
the  
USVI  
and,  
as  
such,  
there  
is  
currently  
no  
federal  
legislation  
permitting  
the
restructuring of the debts of the USVI and  
its public corporations and instrumentalities.

212
At December 31,  
2025, the Corporation  
had operations in  
the British Virgin  
Islands (“BVI”) and  
it had a  
loan portfolio amounting to
$
195
 
million comprised of various retail and commercial  
clients, compared to a loan portfolio  
of $
196
 
million at December 31, 2024.
At December 31, 2025, the Corporation had
no
 
significant exposure to a single borrower in  
the BVI.
FDIC Special Assessment  

On  
November 16,  
2023, the  
Federal Deposit  
Insurance Corporation  
(“FDIC”)  
imposed a  
special  
assessment (the  
“FDIC Special
Assessment”) amount to  
recover the losses  
to the  
deposit insurance fund  
resulting from the  
FDIC’s funds  
used, in March  
2023, in
connection with the systemic risk exception, to the least-cost resolution  
test, under the Federal Deposit Insurance Act to manage the
receiverships of several failed banks. In connection with this assessment, the Corporation accrued $
71.4
 
million, $
45.3
 
million net of
tax, in the fourth quarter of 2023 and an additional expense of $
14.3
 
million, $
9.1
 
million net of tax, during the first quarter of 2024 to
reflect the  
FDIC's higher  
loss estimate  
communicated by  
them at  
the time.  
Notwithstanding, the  
results of  
2025 include  
a partial
reversal  
of  
this  
reserve  
of  
$
15.3
 
million,  
$
9.7
 
million  
net  
of  
tax,  
based  
in  
the  
FDIC’s  
interim  
final  
rule,  
which  
became  
effective
December  
19,  
2025  
and  
amended,  
among  
other  
things,  
the  
collection  
rate  
of  
the  
special  
assessment. The  
special  
assessment
amount and collection  
period may change  
as the estimated  
loss is periodically  
adjusted or if  
the total amount collected  
varies. The
last payment for the FDIC special assessment is projected  
to be in the third quarter, September 2026.

Legal Proceedings
The nature of Popular’s  
business ordinarily generates claims, litigation, arbitration,  
regulatory and governmental investigations, and
legal  
and  
administrative  
cases  
and  
proceedings  
(collectively,  
“Legal  
Proceedings”).  
Popular’s  
Legal  
Proceedings  
may  
involve
various lines  
of business  
and include  
claims relating  
to contract,  
torts, consumer  
protection, securities,  
antitrust, employment,  
tax
and  
other  
laws.  
The  
recovery  
sought  
in  
Legal  
Proceedings  
may  
include  
substantial  
or  
indeterminate  
compensatory  
damages,
punitive  
damages,  
injunctive  
relief,  
or  
recovery  
on  
a  
class-wide  
basis.  
When  
the  
Corporation  
determines  
that  
it  
has  
meritorious
defenses to the claims  
asserted, it vigorously defends  
itself. The Corporation will  
consider the settlement of  
cases (including cases
where it has meritorious defenses) when, in management’s judgment,  
it is in the best interest of the Corporation and  
its stockholders
to do so.  
On at least  
a quarterly basis,  
Popular assesses its  
liabilities and contingencies  
relating to outstanding Legal  
Proceedings
utilizing the most current information available. For  
matters where it is probable that the Corporation will  
incur a material loss and the
amount can be reasonably estimated, the Corporation establishes an accrual for  
the loss. Once established, the accrual is  
adjusted
on at least a quarterly basis to reflect any relevant  
developments, as appropriate. For matters where a material loss is not probable,
or the amount of the loss cannot be reasonably  
estimated, no accrual is established.
In certain cases,  
exposure to loss  
exists in  
excess of any  
accrual to the  
extent such loss  
is reasonably possible,  
but not  
probable.
Management believes and  
estimates that the  
range of reasonably  
possible losses (with  
respect to those  
matters where such  
limits
may be determined in excess of amounts accrued) for current Legal Proceedings ranged from $
0
 
to approximately $
6.3
 
million as of
December 31, 2025. In certain cases, management cannot reasonably estimate the possible loss at this time. Any estimate involves
significant  
judgment,  
given  
the  
varying  
stages  
of  
the  
Legal  
Proceedings  
(including  
the  
fact  
that  
many  
of  
them  
are  
currently  
in
preliminary stages), the existence of multiple defendants in several of the current Legal Proceedings whose share of liability has yet
to be  
determined, the  
numerous unresolved issues  
in many  
of the  
Legal Proceedings,  
and the  
inherent uncertainty  
of the  
various
potential  
outcomes  
of  
such  
Legal  
Proceedings.  
Accordingly,  
management’s  
estimate  
will  
change  
from  
time-to-time,  
and  
actual
losses may be more or less than the current estimate.
While the  
outcome of  
Legal Proceedings  
is inherently  
uncertain, based  
on information  
currently available,  
advice of  
counsel, and
available  
insurance  
coverage,  
management  
believes  
that  
the  
amount  
it  
has  
already  
accrued  
is  
adequate  
and  
any  
incremental
liability arising from  
the Legal Proceedings  
in matters in  
which a loss  
amount can be  
reasonably estimated will not  
have a material
adverse effect  
on the Corporation’s  
consolidated financial position.  
However, in  
the event  
of unexpected future  
developments, it is
possible that  
the ultimate  
resolution of  
these matters  
in a  
reporting period, if  
unfavorable, could have  
a material  
adverse effect  
on
the Corporation’s consolidated financial position for that period.

213
Note 24 – Non-consolidated variable interest  
entities

The Corporation is  
involved with
three
 
statutory trusts which  
it created to  
issue trust preferred  
securities to the  
public. These trusts
are deemed to be variable interest entities (“VIEs”) since the equity investors at risk have no substantial decision-making rights. The
Corporation does not  
hold any variable  
interest in the  
trusts, and therefore,  
cannot be the  
trusts’ primary beneficiary.  
Furthermore,
the  
Corporation concluded  
that  
it did  
not  
hold  
a  
controlling financial  
interest  
in  
these  
trusts  
since the  
decisions  
of  
the  
trusts  
are
predetermined through  
the trust  
documents and the  
guarantee of  
the trust  
preferred securities is  
irrelevant since  
in substance  
the
sponsor is guaranteeing its own debt.
Also, the  
Corporation is  
involved with  
various special  
purpose entities  
mainly in  
guaranteed mortgage  
securitization transactions,
including  
GNMA  
and  
FNMA.  
The  
Corporation  
has  
also  
engaged  
in  
securitization  
transactions  
with  
FHLMC,  
but  
considers  
its
exposure in the  
form of servicing  
fees and servicing  
advances not to be  
significant at December  
31, 2025.  
These special purpose
entities  
are  
deemed  
to  
be  
VIEs  
since  
they  
lack  
equity  
investments  
at  
risk.  
The  
Corporation’s  
continuing  
involvement  
in  
these
guaranteed loan  
securitizations includes  
owning certain  
beneficial interests in  
the form  
of securities as  
well as  
the servicing  
rights
retained. The Corporation is not required to provide additional financial support to  
any of the variable interest entities to which it has
transferred  
the  
financial  
assets.  
The  
mortgage-backed  
securities,  
to  
the  
extent  
retained,  
are  
classified  
in  
the  
Corporation’s
Consolidated  
Statements  
of  
Financial  
Condition  
as  
available-for-sale  
or  
trading  
securities.  
The  
Corporation  
concluded  
that,
essentially,  
these  
entities  
(FNMA  
and  
GNMA)  
control  
the  
design  
of  
their  
respective  
VIEs,  
dictate  
the  
quality  
and  
nature  
of  
the
collateral, require  
the underlying  
insurance, set  
the servicing  
standards via  
the servicing  
guides and  
can change  
them at  
will, and
can remove a  
primary servicer with cause,  
and without cause in  
the case of  
FNMA. Moreover, through  
their guarantee obligations,
agencies (FNMA and GNMA) have the obligation  
to absorb losses that could be potentially significant  
to the VIE.
The  
Corporation  
holds  
variable  
interests  
in  
these  
VIEs  
in  
the  
form  
of  
agency  
mortgage-backed  
securities  
and  
collateralized
mortgage obligations, including those securities originated by the Corporation and those acquired from  
third parties. Additionally, the
Corporation holds agency mortgage-backed securities  
and agency collateralized mortgage obligations  
issued by third party  
VIEs in
which  
it  
has  
no  
other  
form  
of  
continuing  
involvement.  
Refer  
to  
Note  
27  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional
information  
on  
the  
debt  
securities  
outstanding  
at  
December  
31,  
2025  
and  
2024,  
which  
are  
classified  
as  
available-for-sale  
and
trading securities  
in the  
Corporation’s Consolidated  
Statements of  
Financial Condition.  
In addition,  
the Corporation  
holds variable
interests  
in  
the  
form  
of  
servicing fees,  
since  
it  
retains  
the  
right  
to  
service  
the  
transferred  
loans  
in  
those  
government-sponsored
special purpose entities (“SPEs”) and  
may also purchase the  
right to service loans  
in other government-sponsored SPEs that  
were
transferred to those SPEs by a third-party.  

The following  
table presents  
the carrying  
amount and  
classification of  
the assets  
related to  
the Corporation’s  
variable interests  
in
non-consolidated VIEs  
and the  
maximum exposure  
to loss  
as a  
result of  
the Corporation’s  
involvement as  
servicer of  
GNMA and
FNMA loans at December 31, 2025 and 2024.

 
214
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
74,236
$
84,356
Total servicing  
assets  

$
74,236
$
84,356
Other assets:
Servicing advances
$
3,385
$
6,112
Total other assets
$
3,385
$
6,112
Total assets
$
77,621
$
90,468
Maximum exposure to loss
$
77,621
$
90,468

The size of  
the non-consolidated VIEs,  
in which the  
Corporation has a  
variable interest in  
the form  
of servicing fees,  
measured as
the total unpaid principal balance of the loans,  
amounted to $
6.0
 
billion at December 31, 2025 (December  
31, 2024 - $
6.6
 
billion).
The Corporation  
determined that  
the maximum  
exposure to  
loss includes  
the fair  
value of  
the MSRs  
and the  
assumption that  
the
servicing advances  
at December 31,  
2025 and  
2024 will  
not be  
recovered. The agency  
debt securities are  
not included as  
part of
the maximum exposure to loss since they are guaranteed  
by the related agencies.

ASU 2009-17 requires that an ongoing primary beneficiary assessment should be made to determine whether the Corporation is the
primary beneficiary of any of the VIEs it is  
involved with. The conclusion on the assessment of these non-consolidated VIEs has not
changed  
since  
their  
initial  
evaluation.  
The  
Corporation  
concluded  
that  
it  
is  
still  
not  
the  
primary  
beneficiary  
of  
these  
VIEs,  
and
therefore, these VIEs are not required to be consolidated  
in the Corporation’s financial statements at December 31,  
2025.

215
Note 25 – Derivative instruments and hedging  
activities

The  
use  
of  
derivatives  
is  
incorporated  
as  
part  
of  
the  
Corporation’s  
overall  
interest  
rate  
risk  
management  
strategy  
to  
minimize
significant unplanned fluctuations in  
earnings and cash flows  
that are caused  
by interest rate volatility.  
The Corporation’s goal  
is to
manage interest  
rate sensitivity by  
modifying the repricing  
or maturity characteristics  
of certain  
balance sheet assets  
and liabilities
so  
that the  
net interest  
income is  
not materially  
affected  
by movements  
in interest  
rates. The  
Corporation uses  
derivatives in  
its
trading activities  
to facilitate  
customer transactions,  
and as  
a means  
of risk  
management. As  
a result  
of interest  
rate fluctuations,
hedged fixed and  
variable interest rate  
assets and liabilities  
will appreciate or  
depreciate in fair  
value. The effect  
of this  
unrealized
appreciation or depreciation is expected to be  
substantially offset by the Corporation’s  
gains or losses on the derivative instruments
that are linked to these hedged assets and liabilities. As a matter of policy,  
the Corporation does not use highly leveraged derivative
instruments for interest rate risk management.

 

The credit  
risk attributed to  
the counterparty’s  
nonperformance risk is  
incorporated in the  
fair value  
of the  
derivatives. Additionally,
the fair value of the Corporation’s own credit standing is  
considered in the fair value of the derivative liabilities.
The Corporation’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty.  
In an event
of default, each party has a right of set-off  
against the other party for amounts owed in the related agreement and any other amount
or obligation owed in respect of any  
other agreement or transaction between them.

Pursuant to the Corporation’s accounting policy,
the  
fair  
value  
of  
derivatives  
is  
not  
offset  
with  
the  
fair  
value  
of  
other  
derivatives  
held  
with  
the  
same  
counterparty  
even  
if  
these
agreements allow  
a right  
of set-off.  
In  
addition,  
the fair  
value of  
derivatives is  
not offset  
with the  
amounts for  
the right  
to  
reclaim
financial collateral or the obligation to return financial  
collateral.

 

Financial instruments designated as non-hedging derivatives  
outstanding at December 31, 2025 and 2024  
were as follows:

 
 
 
216
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional amount
Derivative assets
Derivative liabilities  

Statement of
Fair value at
Statement of
Fair value at
At December 31,
condition
December 31,
condition
December 31,
(In thousands)
2025
2024
classification
2025
2024
classification
2025
2024
Derivatives not designated
 
as hedging instruments:
Forward contracts
$
13,250
$
11,150
Trading
account debt
securities
$
-
$
48
Other liabilities
$
42
$
1
Interest rate caps
93,125
95,625
Other assets
-
26
Other liabilities
-
26
Indexed options on deposits
 

95,467
93,510
Other assets
27,913
25,949
-
-
-
Bifurcated embedded options
90,459
86,278
-
-
-
Interest
bearing
deposits
25,698
22,805
Total derivatives not
 
designated as  

 

hedging instruments
$
292,301
$
286,563
$
27,913
$
26,023
$
25,740
$
22,832
Total derivative assets
 

and liabilities
 

$
292,301
$
286,563
$
27,913
$
26,023
$
25,740
$
22,832

Cash Flow Hedges
The Corporation  
utilizes forward  
contracts to  
hedge the  
sale  
of mortgage-backed  
securities with  
duration terms  
over one  
month.
Interest rate forwards are contracts for the delayed delivery of securities,  
which the seller agrees to deliver on a specified future date
at  
a specified  
price or  
yield.  
These forward  
contracts are  
hedging a  
forecasted transaction  
and thus  
qualify for  
cash flow  
hedge
accounting.  
Changes  
in  
the  
fair  
value  
of  
these  
forward  
contracts  
designated  
as  
cash  
flow  
hedges  
are  
recorded  
in  
other
comprehensive income (loss).
Effective on  
January 1,  
2023, the  
Corporation discontinued  
the hedge  
accounting treatment  
of certain  
forward contracts  
for which
the  
changes  
in  
fair  
value  
were  
recorded,  
net  
of  
taxes,  
in  
accumulated  
other  
comprehensive  
income  
(loss)  
and  
subsequently
reclassified to net  
income (loss) in  
the same  
period that the  
hedged transaction impacted  
earnings. As a  
result of this  
change, the
changes in the fair value of these forward  
contracts are being recorded through net income.  

For cash flow hedges, net gains (losses) on derivative  
contracts that are reclassified from accumulated other  
comprehensive income
(loss) to current period earnings are included in the line item  
in which the hedged item is recorded and during  
the period in which the
forecasted transaction impacts earnings, as presented  
in the tables below.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2023
(In thousands)
Amount of net gain (loss)
recognized in OCI on
derivatives (effective
portion)
Classification in the statement of
operations of the net gain (loss)
reclassified from AOCI into income
(effective portion and ineffective
portion)
Amount of net gain
(loss) reclassified from
AOCI into income
(effective portion)
Amount of net gain
(loss) recognized in
income on derivatives
(ineffective portion)
Forward contracts
$
( 30 )
Mortgage banking activities
$
41
$
-
Total
$
( 30 )
$
41
$
-

Fair Value Hedges
At December 31, 2025 and 2024, there were
no
 
derivatives designated as fair value hedges.
Non-Hedging Activities

 
217
For the year ended December 31, 2025, the Corporation recognized a  
gain of $
0.4
 
million (2024 –gain of $
0.6
 
million; 2023 – gain
of $
1.5
 
million) related to its non-hedging derivatives, as  
detailed in the table below.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of Net Gain (Loss) Recognized in Income on Derivatives
Year ended  

Year ended  

Year ended  

Classification of Net Gain (Loss)
December 31,
December 31,
December 31,
(In thousands)
Recognized in Income on Derivatives
2025
2024
2023
Forward contracts
Mortgage banking activities
$
( 272 )
$
34
$
655
Interest rate caps
Other operating income
-
18
( 18 )
Indexed options on deposits
Interest expense
6,068
7,423
6,201
Bifurcated embedded options  

Interest expense
( 5,402 )
( 6,842 )
( 5,326 )
Total  

$
394
$
633
$
1,512

Forward Contracts
The Corporation has forward contracts to sell  
mortgage-backed securities, which are accounted for as trading  
derivatives. Changes
in their fair value are recognized in mortgage banking  
activities.
Interest Rate Caps  

The  
Corporation enters  
into  
interest rate  
caps as  
an intermediary  
on  
behalf of  
its customers  
and simultaneously  
takes offsetting
positions under the same terms and conditions, thus  
minimizing its market and credit risks.
Indexed and Embedded Options
The Corporation offers certain customers’ deposits whose  
return are tied to the performance of the Standard  
and Poor’s (“S&P 500”)
stock  
market  
indexes,  
and  
other  
deposits  
whose  
returns  
are  
tied  
to  
other  
stock  
market  
indexes  
or  
other  
equity  
securities
performance. The  
Corporation bifurcated the  
related options embedded  
within these  
customers’ deposits from  
the host  
contract in
accordance with  
ASC Subtopic  
815-15. In  
order to  
limit the  
Corporation’s exposure  
to changes  
in these  
indexes, the  
Corporation
purchases indexed options which  
returns are tied to  
the same indexes from  
major broker dealer companies  
in the over the  
counter
market. Accordingly, the embedded options and the related indexed options are  
marked-to-market through earnings.

 

218
Note 26 – Related party transactions

The Corporation has had loan transactions with  
the Corporation’s directors, executive officers, including certain  
related individuals or
organizations, and affiliates, and  
proposes to continue such  
transactions in the ordinary  
course of its business,  
on substantially the
same  
terms,  
including  
interest  
rates  
and  
collateral,  
as  
those  
prevailing  
for  
comparable  
loan  
transactions  
with  
third  
parties.  
The
activity and balance of all these loans were  
as follows:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Balance at December 31, 2023
$
146,017
New loans
10,365
Payments
( 11,743 )
Other changes, including existing loans to new related parties
( 2,422 )
Balance at December 31, 2024
$
142,217
New loans
14,610
Payments
( 7,097 )
Other changes, including existing loans to new related parties
( 621 )
Balance at December 31, 2025
$
149,109
New loans and payments include disbursements and collections  
from existing lines of credit.

Certain  
loans  
to  
related  
parties  
have  
participated  
in  
the  
Corporation’s  
loan  
mitigation  
programs  
that  
are  
also  
available  
to  
third
parties.
From time  
to time,  
the Corporation,  
in the  
ordinary course  
of business,  
also obtains  
services from  
related parties  
that have  
some
association with the  
Corporation. Management believes the  
terms of such  
arrangements are consistent with  
arrangements entered
into with independent third parties.

 
Centro Financiero BHD, S.A.
At December  
31, 2025,  
the Corporation  
had a
15.63
% equity  
interest in  
Centro Financiero  
BHD, S.A.  
(“BHD”), one  
of the  
largest
banking  
and  
financial  
services  
groups  
in  
the  
Dominican  
Republic.  
During  
the  
year  
ended  
December  
31,  
2025,  
the  
Corporation
recorded  
$
29.9
 
million  
in  
equity  
pickup  
(December  
31,  
2024  
-  
$
33.0
 
million),  
including  
the  
net  
impact  
of  
$
46.3
 
million  
from  
net
earnings (December 31, 2024  
- $
39.3
 
million), offset by  
($
16.4
) million recorded through  
Other Comprehensive Income (December
31,  
2024  
-  
($
6.3
)  
million)  
related  
to  
foreign  
currency  
translation  
adjustments  
and  
changes  
in  
the  
fair  
value  
of  
available  
for  
sale
securities. At  
December 31,  
2025, the  
investment in  
BHD had  
a carrying  
amount of  
$
249.4
 
million (December  
31, 2024  
- $
239.5
million)  
and  
the  
Corporation  
received  
$
20.0
 
million  
in  
cash  
dividend  
distributions  
during  
the  
year  
ended  
December  
31,  
2025
(December 31, 2024 - $
19.4
 
million).

219
Note 27 – Fair value measurement

 

ASC Subtopic  
820-10 “Fair  
Value  
Measurements and  
Disclosures” establishes  
a fair  
value hierarchy  
that prioritizes  
the inputs  
to
valuation techniques  
used to  
measure fair  
value into  
three levels  
in order  
to increase  
consistency and  
comparability in  
fair value
measurements and disclosures. The hierarchy is broken  
down into three levels based on the reliability  
of inputs as follows:
●
Level 1
- Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to
access at  
the measurement date.  
Valuation  
on these  
instruments does not  
necessitate a  
significant degree of  
judgment
since valuations are based on quoted prices that  
are readily available in an active market.
●
Level 2
- Quoted prices other than those included in Level 1 that are observable either directly or indirectly.  
Level 2 inputs
include  
quoted  
prices  
for  
similar  
assets  
or  
liabilities  
in  
active  
markets,  
quoted  
prices  
for  
identical  
or  
similar  
assets  
or
liabilities in  
markets that  
are  
not active,  
or other  
inputs that  
are  
observable or  
that can  
be corroborated  
by  
observable
market data for substantially the full term of the  
financial instrument.
●
Level  
3
-  
Inputs  
are  
unobservable  
and  
significant  
to  
the  
fair  
value  
measurement.  
Unobservable  
inputs  
reflect  
the
Corporation’s own judgements about assumptions that  
market participants would use in pricing the asset  
or liability.
The  
Corporation  
maximizes  
the  
use  
of  
observable  
inputs  
and  
minimizes  
the  
use  
of  
unobservable  
inputs  
by  
requiring  
that  
the
observable inputs be used when  
available. Fair value is  
based upon quoted market prices  
when available. If listed prices  
or quotes
are  
not  
available,  
the  
Corporation  
employs  
internally-developed  
models  
that  
primarily  
use  
market-based  
inputs  
including  
yield
curves, interest rates,  
volatilities, and credit  
curves, among others.  
Valuation  
adjustments are limited  
to those necessary  
to ensure
that the financial instrument’s  
fair value is adequately representative of  
the price that would  
be received or paid  
in the marketplace.
These adjustments include amounts that reflect counterparty credit quality,  
the Corporation’s credit standing, constraints on liquidity
and unobservable parameters that are applied consistently.  

The estimated fair  
value may  
be subjective in  
nature and may  
involve uncertainties and  
matters of  
significant judgment for  
certain
financial instruments. Changes in the underlying assumptions  
used in calculating fair value could significantly  
affect the results.

Fair Value on a Recurring and Nonrecurring Basis
The following fair value hierarchy tables  
present information about the Corporation’s assets  
and liabilities measured at fair value  
on
a recurring basis at December 31, 2025 and  
2024:

 

 
220
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

 

Debt securities available-for-sale:
U.S. Treasury securities
$
6,576,313
$
9,147,141
$
-
$
-
$
15,723,454
Collateralized mortgage obligations - federal
agencies
-
100,241
-
-
100,241
Mortgage-backed securities
-
4,750,122
405
-
4,750,527
Other
-
-
750
-
750
Total debt securities  
available-for-sale
$
6,576,313
$
13,997,504
$
1,155
$
-
$
20,574,972
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
12,450
$
10
$
-
$
-
$
12,460
Obligations of Puerto Rico, States and political
subdivisions
-
45
-
-
45
Collateralized mortgage obligations
-
567
-
-
567
Mortgage-backed securities
-
23,314
84
-
23,398
Other
-
-
99
-
99
Total trading account  
debt securities, excluding
derivatives
$
12,450
$
23,936
$
183
$
-
$
36,569
Equity securities
$
-
$
50,632
$
-
$
852
$
51,484
Mortgage servicing rights
-
-
96,356
-
96,356
Loans held-for-sale
-
9,998
-
-
9,998
Derivatives  

-
27,913
-
-
27,913
Total assets measured  
at fair value on a
recurring basis
$
6,588,763
$
14,109,983
$
97,694
$
852
$
20,797,292
Liabilities
Derivatives
$
-
$
( 25,740 )
$
-
$
-
$
( 25,740 )
Total liabilities measured  
at fair value on a
recurring basis
$
-
$
( 25,740 )
$
-
$
-
$
( 25,740 )

 
 
 
221
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Debt securities available-for-sale:
U.S. Treasury securities
$
7,512,171
$
5,482,939
$
-
$
-
$
12,995,110
Collateralized mortgage obligations - federal
agencies
-
120,284
-
-
120,284
Mortgage-backed securities
-
5,127,775
484
-
5,128,259
Other
-
-
2,250
-
2,250
Total debt securities  
available-for-sale
$
7,512,171
$
10,730,998
$
2,734
$
-
$
18,245,903
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
2,814
$
10
$
-
$
-
$
2,824
Obligations of Puerto Rico, States and political
subdivisions
-
55
-
-
55
Collateralized mortgage obligations
-
655
-
-
655
Mortgage-backed securities
-
29,032
84
-
29,116
Other
-
-
133
-
133
Total trading account  
debt securities, excluding
derivatives
$
2,814
$
29,752
$
217
$
-
$
32,783
Equity securities
$
-
$
45,664
$
-
$
381
$
46,045
Mortgage servicing rights
-
-
108,103
-
108,103
Loans held-for-sale
-
5,423
-
-
5,423
Derivatives  

-
26,023
-
-
26,023
Total assets measured  
at fair value on a
recurring basis
$
7,514,985
$
10,837,860
$
111,054
$
381
$
18,464,280
Liabilities
 

 

 

Derivatives
$
-
$
( 22,832 )
$
-
$
-
$
( 22,832 )
Total liabilities measured  
at fair value on a
recurring basis
$
-
$
( 22,832 )
$
-
$
-
$
( 22,832 )

Loans held-for-sale measured at fair value
 

Loans held-for-sale measured at fair value were priced  
based on secondary market prices. These loans  
are classified as Level 2.

The  
following  
tables summarize  
the difference  
between the  
aggregate fair  
value  
and the  
aggregate unpaid  
principal  
balance  
for
mortgage loans originated as held-for-sale measured  
at fair value as of December 31, 2025 and December  
31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
9,998
$
9,839
$
159

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2024
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
5,423
$
5,436
$
( 13 )

No
 
loans held-for-sale were 90 or more days past  
due or on nonaccrual status as of December 31,  
2025 and December 31, 2024.

 
 
222
The fair value information included in the following  
tables is not as of period end, but as  
of the date that the fair value measurement
was recorded during the years ended December 31, 2025,  
2024 and 2023  
and excludes nonrecurring fair value measurements  
of
assets no longer outstanding  
as of the reporting date.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
3,800
$
3,800
$
( 424 )
Other real estate owned
[2]
-
-
4,228
4,228
( 1,532 )
Other foreclosed assets
[2]
-
-
125
125
( 53 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
8,153
$
8,153
$
( 2,009 )
[1] Relates mainly to certain impaired collateral dependent loans.  
The impairment was measured based on the fair value  
of the collateral, which is
derived from appraisals that take into consideration prices  
in observed transactions involving similar assets in similar  
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and  
other collateral owned that were written down to their fair  
value. Costs to sell are
excluded from the reported fair value amount.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
6,808
$
6,808
$
( 939 )
Other real estate owned
[2]
-
-
6,050
6,050
( 1,934 )
Other foreclosed assets
[2]
-
-
134
134
( 55 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
12,992
$
12,992
$
( 2,928 )
[1] Relates mainly to certain impaired collateral dependent loans.  
The impairment was measured based on the fair value  
of the collateral, which is
derived from appraisals that take into consideration prices  
in observed transactions involving similar assets in similar  
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and  
other collateral owned that were written down to their fair  
value. Costs to sell are
excluded from the reported fair value amount.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2023
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
10,091
$
10,091
$
( 3,157 )
Other real estate owned
[2]
-
-
6,560
6,560
( 1,516 )
Other foreclosed assets
[2]
-
-
102
102
( 28 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
16,753
$
16,753
$
( 4,701 )
[1] Relates mostly to certain impaired collateral dependent loans.  
The impairment was measured based on the fair value  
of the collateral, which
is derived from appraisals that take into consideration  
prices in observed transactions involving similar assets  
in similar locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and  
other collateral owned that were written down to their fair  
value. Costs to sell are
excluded from the reported fair value amount.

223
The following tables present the changes in Level  
3 assets and liabilities measured at fair  
value on a recurring basis for the years
ended December 31, 2025, 2024, and 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2025
MBS
Other
classified
classified
CMOs
MBS  

Other
as debt
as debt
classified
classified
securities
securities
securities
as trading
as trading
classified as
Mortgage
available-
available-
account debt
account debt
trading account
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
debt securities
rights
assets
Balance at January 1,  
2025
$
484
$
2,250
$
-
$
84
$
133
$
108,103
$
111,054
Gains (losses) included in earnings
-
-
-
-
( 34 )
( 12,880 )
( 12,914 )
Gains (losses) included in OCI
( 4 )
-
-
-
-
-
( 4 )
Additions
-
-
-
-
-
1,133
1,133
Settlements
( 75 )
-
-
-
-
-
( 75 )
Transfers out of Level 3
-
( 1,500 )
-
-
-
-
( 1,500 )
Balance at December 31, 2025
$
405
$
750
$
-
$
84
$
99
$
96,356
$
97,694
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at December 31, 2025
$
-
$
-
$
-
$
( 1 )
$
18
$
( 3,786 )
$
( 3,769 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2024
MBS
Other
Other
classified
classified
CMOs
MBS  

securities
as debt
as debt
classified
classified
classified
securities
securities
as trading
as trading
as trading
Mortgage
available-
available-
account debt
account debt
account debt  

servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1, 2024
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Gains (losses) included in earnings
-
( 500 )
-
-
( 34 )
( 11,370 )
( 11,904 )
Gains (losses) included in OCI
3
-
-
-
-
-
3
Additions
-
-
-
-
-
1,364
1,364
Sales
-
250
-
-
-
-
250
Settlements
( 125 )
-
( 5 )
( 28 )
-
-
( 158 )
Balance at December 31, 2024
$
484
$
2,250
$
-
$
84
$
133
$
108,103
$
111,054
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at December 31, 2024
$
-
$
-
$
-
$
1
$
7
$
( 2,120 )
$
( 2,112 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December  
31, 2023
MBS
Other
Other
classified
classified
CMOs
MBS  

securities
as debt
as debt
classified
classified as
classified
securities
securities
as trading
trading
as trading
Mortgage
available-
available-
account debt
account debt  

account debt  

servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1,  
2023
$
711
$
1,000
$
113
$
215
$
207
$
128,350
$
130,596
Gains (losses) included in earnings
-
-
-
( 2 )
( 40 )
( 11,589 )
( 11,631 )
Gains (losses) included in OCI
( 5 )
-
-
-
-
-
( 5 )
Additions
-
1,500
4
-
-
2,097
3,601
Sales
-
-
-
-
-
( 1,269 )
( 1,269 )
Settlements
( 100 )
-
( 112 )
( 101 )
-
520
207
Balance at December 31, 2023
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Changes in unrealized gains (losses)
included in earnings relating to
assets still held at December 31,
2023
$
-
$
-
$
-
$
( 1 )
$
18
$
( 529 )
$
( 512 )

 
224
Gains and losses (realized and  
unrealized) included in earnings for the  
years ended December 31, 2025,  
2024, and 2023 for Level
3 assets and liabilities included in the previous  
tables are reported in the consolidated statement  
of operations as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
2023
Total
Changes in
unrealized
Total
Changes in
unrealized
Total
Changes in
unrealized
gains (losses)
gains (losses)  

gains (losses)
gains (losses)  

gains (losses)
gains (losses)  

included
relating to assets still
included
relating to assets still
included
relating to assets still  

(In thousands)
in earnings
held at reporting date
in earnings
held at reporting date
in earnings
held at reporting date
Mortgage banking activities
$
( 12,880 )
$
( 3,786 )
$
( 11,370 )
$
( 2,120 )
$
( 11,589 )
$
( 529 )
Trading account (loss) profit
 

( 34 )
17
( 34 )
8
( 42 )
17
Provision for credit losses
-
-
( 500 )
-
-
-
Total
 

$
( 12,914 )
$
( 3,769 )
$
( 11,904 )
$
( 2,112 )
$
( 11,631 )
$
( 512 )

The following  
tables include  
quantitative information  
about significant  
unobservable inputs  
used to  
derive the  
fair value  
of Level  
3
instruments, excluding those instruments  
for which the  
unobservable inputs were not  
developed by the  
Corporation such as  
prices
of prior transactions and/or unadjusted third-party pricing  
sources at December 31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
December 31,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
99
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
3,800
[2]
External appraisal
Haircut applied on
external appraisals
5.0
%
Other real estate owned
$
34
[2]
External appraisal
Haircut applied on
external appraisals
20
%
[1]  

Weighted average of significant unobservable inputs  
used to develop Level 3 fair value measurements  
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied  
to external appraisals were excluded from this table.  

[2]
Other real estate owned in which haircuts were not applied  
to external appraisals were excluded from this table.

 
225
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
December 31,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
133
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
6,808
[2]
External appraisal
Haircut applied on
external appraisals
6.6
% (
5
.0% -
10
.0%)
Other real estate owned
$
53
[3]
External appraisal
Haircut applied on
external appraisals
60.1
% (
35
.0% -
65.6
%)
[1]  

Weighted average of significant unobservable inputs  
used to develop Level 3 fair value measurements  
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied  
to external appraisals were excluded from this table.  

[3]
Other real estate owned in which haircuts were not applied  
to external appraisals were excluded from this table.

The significant unobservable inputs used in the fair value measurement of the Corporation’s collateralized mortgage obligations and
interest-only  
collateralized  
mortgage  
obligation  
(reported  
as  
“other”),  
which  
are  
classified  
in  
the  
“trading”  
category,  
are  
yield,
constant  
prepayment rate,  
and  
weighted average  
life. Significant  
increases (decreases)  
in  
any  
of  
those  
inputs in  
isolation would
result  
in  
significantly  
lower  
(higher)  
fair  
value  
measurement.  
Generally,  
a  
change  
in  
the  
assumption  
used  
for  
the  
constant
prepayment  
rate  
will  
generate  
a  
directionally  
opposite  
change  
in  
the  
weighted  
average  
life.  
For  
example,  
as  
the  
average life  
is
reduced  
by  
a  
higher  
constant  
prepayment  
rate,  
a  
lower  
yield  
will  
be  
realized,  
and  
when  
there  
is  
a  
reduction  
in  
the  
constant
prepayment  
rate,  
the  
average  
life  
of  
these  
collateralized  
mortgage  
obligations  
will  
extend,  
thus  
resulting  
in  
a  
higher  
yield.  
The
significant  
unobservable  
inputs  
used  
in  
the  
fair  
value  
measurement  
of  
the  
Corporation’s  
mortgage  
servicing  
rights  
are  
constant
prepayment rates and discount rates.  
Increases in interest rates may result in lower prepayments. Discount rates vary  
according to
products and / or portfolios depending on the  
perceived risk. Increases in discount rates result  
in a lower fair value measurement.

Following is  
a description  
of the  
Corporation’s valuation  
methodologies used  
for assets  
and liabilities  
measured at  
fair value.  
The
disclosure requirements exclude certain financial instruments and all  
non-financial instruments. Accordingly, the aggregate fair value
amounts of the financial instruments disclosed do  
not represent management’s estimate of the underlying  
value of the Corporation.
Trading account debt securities and debt securities available-for-sale  

●
 
U.S. Treasury securities:  
The fair value  
of U.S. Treasury  
notes is based  
on yields that  
are interpolated from the  
constant
maturity treasury curve.  
These securities are classified  
as Level 2.  
U.S. Treasury  
bills are classified as  
Level 1 given the
high volume of trades and pricing based on those  
trades.  

●
 
Obligations of U.S.  
Government sponsored entities: The  
Obligations of U.S. Government  
sponsored entities include U.S.
agency  
securities,  
which  
fair  
value  
is  
based  
on  
an  
active  
exchange  
market  
and  
on  
quoted  
market  
prices  
for  
similar
securities. The U.S. agency securities are classified as  
Level 2.  

●
 
Obligations of Puerto  
Rico, States and  
political subdivisions: Obligations of  
Puerto Rico, States  
and political subdivisions
include  
municipal  
bonds.  
The  
bonds  
are  
segregated  
and  
the  
like  
characteristics  
divided  
into  
specific  
sectors.  
Market
inputs used in the  
evaluation process include all or  
some of the following:  
trades, bid price or  
spread, two sided markets,
quotes, benchmark curves including but not limited to Treasury  
benchmarks and swap curves, market data feeds such as
those obtained from  
municipal market sources,  
discount and capital  
rates, and  
trustee reports. The  
municipal bonds are
classified as Level 2.
●
 
Mortgage-backed securities: Certain agency mortgage-backed  
securities (“MBS”) are priced based on a bond’s theoretical
value  
derived  
from  
similar  
bonds  
defined  
by  
credit  
quality  
and  
market  
sector.  
Their  
fair  
value  
incorporates  
an  
option
adjusted spread. The  
agency MBS are classified  
as Level 2.  
Other agency MBS  
such as GNMA  
Puerto Rico Serials  
are
priced using an internally-prepared pricing matrix with quoted prices from local brokers dealers. These particular MBS are
classified as Level 3.
●
 
Collateralized mortgage  
obligations: Agency  
collateralized mortgage  
obligations (“CMOs”)  
are priced  
based on  
a bond’s
theoretical  
value  
derived  
from  
similar  
bonds  
defined  
by  
credit  
quality  
and  
market  
sector  
and  
for  
which  
fair  
value
incorporates  
an  
option  
adjusted  
spread.  
The  
option  
adjusted  
spread  
model  
includes  
prepayment  
and  
volatility
assumptions,  
ratings  
(whole  
loans  
collateral)  
and  
spread  
adjustments.  
These  
CMOs  
are  
classified  
as  
Level  
2.  
Other
CMOs, due  
to their  
limited liquidity,  
are classified  
as Level  
3 due  
to the  
insufficiency of  
inputs such  
as executed  
trades,
credit information and cash flows.  

226
●
 
Corporate securities (included  
as “other” in  
the “available-for-sale” category):  
Given that the  
quoted prices are  
for similar
instruments, these securities are classified as Level  
2.  

●
 
Corporate securities  
and  
interest-only strips  
(included as  
“other” in  
the  
“trading account  
debt securities”  
category): For
corporate securities, quoted prices for these security types are obtained from broker dealers. Given that the quoted prices
are for similar instruments or do not trade in highly liquid  
markets, these securities are classified as Level 2. Given  
that the
fair  
value  
was  
estimated  
based  
on  
a  
discounted  
cash  
flow  
model  
using  
unobservable  
inputs,  
interest-only  
strips  
are
classified as Level 3.  

Equity securities
Equity  
securities  
are  
comprised principally  
of  
shares  
in  
closed-ended  
and  
open-ended mutual  
funds  
and  
other  
equity  
securities.
Closed-end funds are  
traded on the  
secondary market at  
the shares’ market value.  
Open-ended funds are considered  
to be liquid,
as investors can sell their shares continually to the fund and are priced at NAV.  
Mutual funds are classified as Level 2. Other equity
securities that  
do not  
trade in  
highly liquid  
markets are  
also classified  
as Level  
2, except  
for one  
equity security  
that do  
not have
readily determinable fair value and is under an investment  
company is measured at NAV.
Mortgage servicing rights  

Mortgage  
servicing  
rights  
(“MSRs”)  
do  
not  
trade  
in  
an  
active  
market  
with  
readily  
observable  
prices.  
MSRs  
are  
priced  
using  
a
discounted cash  
flow model  
valuation performed  
by a  
third party.  
The discounted  
cash flow  
model incorporates  
assumptions that
market  
participants  
would  
use  
in  
estimating  
future  
net  
servicing  
income,  
including  
portfolio  
characteristics,  
prepayments
assumptions, discount  
rates, delinquency  
and foreclosure  
rates, late  
charges, other  
ancillary revenues,  
cost to  
service and  
other
economic factors.  
Prepayment speeds  
are adjusted  
for the  
loans’ characteristics  
and portfolio  
behavior.  
Due to  
the unobservable
nature of certain valuation inputs, the MSRs are  
classified as Level 3.  

Derivatives  

Interest  
rate  
caps  
and  
indexed  
options  
are  
traded  
in  
over-the-counter  
active  
markets.  
These  
derivatives  
are  
indexed  
to  
an
observable interest rate benchmark, such  
as LIBOR or equity indexes,  
and are priced using an  
income approach based on present
value  
and  
option  
pricing  
models  
using  
observable  
inputs.  
Other  
derivatives  
are  
liquid  
and  
have  
quoted  
prices,  
such  
as  
forward
contracts or  
“to be  
announced securities”  
(“TBAs”). All  
of these  
derivatives are  
classified as  
Level 2.  
The non-performance  
risk is
determined using internally-developed models that  
consider the collateral  
held, the remaining  
term, and the  
creditworthiness of the
entity that  
bears the  
risk, and  
uses available  
public data  
or internally-developed  
data related  
to current  
spreads that  
denote their
probability of default.
Loans held-in-portfolio that are collateral dependent
The impairment is  
measured based on  
the fair value  
of the collateral,  
which is derived  
from appraisals that  
take into consideration
prices  
in  
observed  
transactions  
involving  
similar  
assets  
in  
similar  
locations  
and  
which  
could  
be  
subject  
to  
internal  
adjustments.
These collateral dependent loans are classified as Level  
3.  

Loans measured at fair value or measured at  
the lower of cost or market
Loans  
held-for-sale measured  
at fair  
value  
or measured  
at the  
lower of  
cost  
or market  
were priced  
based  
on secondary  
market
prices. These loans are classified as Level 2.  

Other real estate owned and other foreclosed assets  

Other  
real  
estate  
owned  
includes  
real  
estate  
properties  
securing  
mortgage,  
consumer,  
and  
commercial  
loans.  
Other  
foreclosed
assets include primarily automobiles  
securing auto loans. The  
fair value of  
foreclosed assets may be  
determined using an external
appraisal, broker price opinion, or an  
internal valuation.  
These foreclosed assets are classified as Level  
3 since they are subject  
to
internal adjustments.

227
Note 28 – Fair value of financial instruments

The fair  
value of  
financial instruments  
is the  
amount at  
which an  
asset or  
obligation could  
be exchanged  
in a  
current transaction
between  
willing  
parties,  
other  
than  
in  
a  
forced  
or  
liquidation  
sale.  
For  
those  
financial  
instruments  
with  
no  
quoted  
market  
prices
available, fair values have been estimated using present  
value calculations or other valuation techniques, as well  
as management’s
best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment
assumptions. Many of these  
estimates involve various assumptions and  
may vary significantly from  
amounts that could be  
realized
in actual transactions.
The  
fair  
values  
reflected  
herein  
have  
been  
determined  
based  
on  
the  
prevailing  
rate  
environment  
at  
December  
31,  
2025  
and
December 31, 2024, as  
applicable. In different interest  
rate environments, fair value  
estimates can differ significantly,  
especially for
certain  
fixed  
rate  
financial  
instruments.  
In  
addition,  
the  
fair  
values  
presented  
do  
not  
attempt  
to  
estimate  
the  
value  
of  
the
Corporation’s fee  
generating businesses and  
anticipated future business  
activities, that  
is, they  
do not  
represent the  
Corporation’s
value as  
a going concern.  
There have been  
no changes in  
the Corporation’s valuation  
methodologies and inputs  
used to estimate
the fair values for each class of financial assets and  
liabilities not measured at fair value.
The following tables present the  
carrying amount and estimated fair  
values of financial instruments with their  
corresponding level in
the fair  
value hierarchy.  
The aggregate  
fair value  
amounts of  
the financial  
instruments disclosed  
do not  
represent management’s
estimate of the underlying value of the Corporation.

 
228
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Carrying  

Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value  

Financial Assets:
Cash and due from banks
$
402,755
$
402,755
$
-
$
-
$
-
$
402,755
Money market investments
4,626,506
4,616,272
10,234
-
-
4,626,506
Trading account debt securities, excluding  
derivatives
[1]
36,569
12,450
23,936
183
-
36,569
Debt securities available-for-sale
[1]
20,574,972
6,576,313
13,997,504
1,155
-
20,574,972
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,268,967
$
-
$
7,309,991
$
-
$
-
$
7,309,991
Obligations of Puerto Rico, States and political
subdivisions
45,295
-
6,766
39,564
-
46,330
Collateralized mortgage obligation-federal agency
1,495
-
1,306
-
-
1,306
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities  
held-to-maturity
$
7,321,717
$
-
$
7,324,023
$
39,564
$
-
$
7,363,587
Equity securities:
FHLB stock
$
68,422
$
-
$
68,422
$
-
$
-
$
68,422
FRB stock
102,665
-
102,665
-
-
102,665
Other investments
58,761
-
50,632
7,817
852
59,301
Total equity securities
$
229,848
$
-
$
221,719
$
7,817
$
852
$
230,388
Loans held-for-sale
$
9,998
$
-
$
9,998
$
-
$
-
$
9,998
Loans held-in-portfolio
38,519,462
-
-
37,858,044
-
37,858,044
Mortgage servicing rights
96,356
-
-
96,356
-
96,356
Derivatives
27,913
-
27,913
-
-
27,913
December 31, 2025
Carrying  

Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value  

Financial Liabilities:
Deposits:
Demand deposits
$
56,710,732
$
-
$
56,710,732
$
-
$
-
$
56,710,732
Time deposits
9,479,361
-
9,305,980
-
-
9,305,980
Total deposits
$
66,190,093
$
-
$
66,016,712
$
-
$
-
$
66,016,712
Assets sold under agreements to repurchase
$
39,001
$
-
$
39,004
$
-
$
-
$
39,004
Other short-term borrowings
[2]
650,000
-
650,000
-
-
650,000
Notes payable:
FHLB advances
$
164,620
$
-
$
163,417
$
-
$
-
$
163,417
Unsecured senior debt securities
396,558
-
419,300
-
-
419,300
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,399
-
191,909
-
-
191,909
Total notes payable
$
759,577
$
-
$
774,626
$
-
$
-
$
774,626
Derivatives
$
25,740
$
-
$
25,740
$
-
$
-
$
25,740
[1]
Refer to Note 27 to the Consolidated Financial Statements  
for the fair value by class of financial asset and its hierarchy  
level.
[2]
Refer to Note 16 to the Consolidated Financial Statements  
for the composition of other short-term borrowings.

 

 
229
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Carrying  

Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value  

Financial Assets:
Cash and due from banks
$
419,638
$
419,638
$
-
$
-
$
-
$
419,638
Money market investments
6,380,948
6,371,180
9,768
-
-
6,380,948
Trading account debt securities, excluding  
derivatives
[1]
32,783
2,814
29,752
217
-
32,783
Debt securities available-for-sale
[1]
18,245,903
7,512,171
10,730,998
2,734
-
18,245,903
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,693,418
$
-
$
7,623,824
$
-
$
-
$
7,623,824
Obligations of Puerto Rico, States and political
subdivisions
51,865
-
6,866
44,711
-
51,577
Collateralized mortgage obligation-federal agency
1,518
-
1,304
-
-
1,304
Securities in wholly owned statutory business trusts
5,959
-
5,959
-
-
5,959
Total debt securities  
held-to-maturity
$
7,752,760
$
-
$
7,637,953
$
44,711
$
-
$
7,682,664
Equity securities:
FHLB stock
$
55,786
$
-
$
55,786
$
-
$
-
$
55,786
FRB stock
100,304
-
100,304
-
-
100,304
Other investments
52,076
-
45,664
6,528
381
52,573
Total equity securities
$
208,166
$
-
$
201,754
$
6,528
$
381
$
208,663
Loans held-for-sale
$
5,423
$
-
$
5,423
$
-
$
-
$
5,423
Loans held-in-portfolio
36,361,628
-
-
35,652,539
-
35,652,539
Mortgage servicing rights
108,103
-
-
108,103
-
108,103
Derivatives
26,023
-
26,023
-
-
26,023
December 31, 2024
Carrying  

Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value  

Financial Liabilities:
Deposits:
Demand deposits
$
55,871,463
$
-
$
55,871,463
$
-
$
-
$
55,871,463
Time deposits
9,012,882
-
8,795,803
-
-
8,795,803
Total deposits
$
64,884,345
$
-
$
64,667,266
$
-
$
-
$
64,667,266
Assets sold under agreements to repurchase
$
54,833
$
-
$
54,845
$
-
$
-
$
54,845
Other short-term borrowings
[2]
225,000
-
225,000
-
-
225,000
Notes payable:
FHLB advances
$
302,722
$
-
$
295,023
$
-
$
-
$
295,023
Unsecured senior debt securities
395,198
-
415,148
-
-
415,148
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,373
-
189,758
-
-
189,758
Total notes payable
$
896,293
$
-
$
899,929
$
-
$
-
$
899,929
Derivatives
$
22,832
$
-
$
22,832
$
-
$
-
$
22,832
[1]
Refer to Note 27 to the Consolidated Financial Statements  
for the fair value by class of financial asset and its hierarchy  
level.  

[2]
Refer to Note 16 to the Consolidated Financial Statements  
for the composition of other short-term borrowings.

 

Refer  
to  
Note  
23  
to  
the  
Consolidated  
Financial  
Statements  
for  
the  
notional  
amount  
of  
commitments  
to  
extend  
credit,  
which
represents the unused portion of  
credit facilities granted to customers,  
and letters of credit,  
which represent the contractual amount
that  
is  
required  
to  
be  
paid  
in  
the  
event  
of  
nonperformance,  
at  
December  
31,  
2025  
and  
December  
31,  
2024.  
The  
fair  
value  
of
commitments to  
extend credit  
and letters  
of credit,  
which are  
based on  
the fees  
charged to  
enter into  
those agreements,  
are not
material to Popular’s financial statements.

 

230
Note 29 – Employee benefits
Certain employees of BPPR are covered by three  
non-contributory defined benefit pension plans,  
the Banco Popular de Puerto Rico
Retirement Plan and two Restoration Plans (the  
“Pension Plans”).  
Pension benefits are based on age, years of  
credited service,
and final average compensation.
The Pension  
Plans are  
currently closed to  
new hires  
and the  
accrual of  
benefits are  
frozen to  
all participants. The  
Pension Plans’
benefit formula  
is based  
on a  
percentage of  
average final  
compensation and  
years of  
service as  
of the  
plan freeze  
date. Normal
retirement age under  
the retirement plan  
is age 65  
with 5 years  
of service. Pension  
costs are funded  
in accordance with  
minimum
funding standards  
under the  
Employee Retirement  
Income Security  
Act of  
1974 (“ERISA”).  
Benefits under  
the Pension  
Plans are
subject to  
the U.S.  
and Puerto  
Rico Internal Revenue  
Code limits  
on compensation  
and benefits.  
Benefits under restoration  
plans
restore benefits  
to selected  
employees that are  
limited under  
the Banco  
Popular de  
Puerto Rico  
Retirement Plan  
due to  
U.S. and
Puerto Rico  
Internal Revenue  
Code limits  
and a  
compensation definition  
that excludes  
amounts deferred pursuant  
to nonqualified
arrangements.  

In  
addition  
to  
providing  
pension  
benefits,  
BPPR  
provides  
certain  
health  
care  
benefits  
for  
certain  
retired  
employees  
(the  
“OPEB
Plan”).  
Regular employees  
of BPPR,  
hired before  
February 1,  
2000, may  
become eligible  
for health  
care benefits,  
provided they
reach retirement age while working for BPPR.
The  
Corporation’s  
funding  
policy is  
to  
make  
annual contributions  
to  
the  
Pension Plans,  
when necessary,  
in amounts  
which fully
provide for all benefits as they become due under  
the plans.  

The Corporation’s pension fund investment strategy  
is to invest in a  
prudent manner for the exclusive  
purpose of providing benefits
to participants. A well defined internal structure has  
been established to develop and implement  
a risk-controlled investment strategy
that is targeted to  
produce a total return that,  
when combined with BPPR contributions to  
the fund, will maintain the  
fund’s ability to
meet all  
required benefit obligations.  
Risk is controlled  
through diversification of  
asset types, such  
as investments in  
domestic and
international equities and fixed income.
Equity investments include various types of stock and index funds. Also, this category  
includes Popular, Inc.’s common stock. Fixed
income  
investments include  
U.S. Government  
securities  
and  
other U.S.  
agencies’ obligations,  
corporate  
bonds, mortgage  
loans,
mortgage-backed securities  
and index  
funds, among  
others. A  
designated committee  
periodically reviews  
the performance  
of the
pension  
plans’  
investments  
and  
assets  
allocation.  
The  
Trustee  
and  
the  
money  
managers  
are  
allowed  
to  
exercise  
investment
discretion, subject  
to limitations  
established by  
the pension  
plans’ investment  
policies. The  
plans forbid  
money managers  
to enter
into derivative transactions, unless approved by the  
Trustee.  

The  
overall  
expected  
long-term  
rate-of-return-on-assets assumption  
reflects  
the  
average rate  
of  
earnings  
expected  
on  
the funds
invested or  
to  
be invested  
to provide  
for the  
benefits included  
in the  
benefit obligation.  
The assumption  
has been  
determined by
reflecting  
expectations  
regarding  
future  
rates  
of  
return  
for  
the  
plan  
assets,  
with  
consideration  
given  
to  
the  
distribution  
of  
the
investments by asset  
class and  
historical rates of  
return for each  
individual asset class.  
This process is  
reevaluated at least  
on an
annual basis and if market, actuarial and economic  
conditions change, adjustments to the rate of return  
may come into place.

The  
Pension  
Plans  
weighted  
average  
asset  
allocation  
as  
of  
December  
31,  
2025  
and  
2024  
and  
the  
approved  
asset  
allocation
ranges, by asset category, are summarized in the table below.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum allotment
Maximum allotment
2025
2024
Equity
0
%
70
%
12
%
10
%
Debt securities
0
%
100
%
85
%
85
%
Popular related securities
0
%
5
%
1
%
1
%
Cash and cash equivalents
0
%
100
%
2
%
4
%

 
231
The following table sets  
forth by level, within  
the fair value hierarchy,  
the Pension Plans’ assets at  
fair value at December  
31, 2025
and 2024. Investments  
measured at net  
asset value per share  
(“NAV”) as  
a practical expedient have  
not been classified  
in the fair
value hierarchy, but are presented in order to permit reconciliation of  
the plans’ assets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
(In thousands)
Level 1
Level 2
Level 3
Measured
at NAV
Total  

Level 1
Level 2
Level 3
Measured
at NAV
Total  

Obligations of the U.S.
Government, its agencies,
states and political
subdivisions
$
-
$
15,473
$
-
$
183,353
$
198,826
$
-
$
6,956
$
-
$
125,476
$
132,432
Corporate bonds and
debentures
-
315,583
-
9,146
324,729
-
364,900
-
10,734
375,634
Equity securities - Common
Stock
5,205
-
-
-
5,205
3,821
-
-
-
3,821
Equity securities - ETF's
37,021
8,416
-
-
45,437
32,372
6,503
-
-
38,875
Foreign commingled trust
funds
-
-
-
26,553
26,553
-
-
-
20,097
20,097
Mutual fund
-
11,207
-
-
11,207
-
9,833
-
-
9,833
Mortgage-backed securities
-
138
-
-
138
-
14,160
-
-
14,160
Cash and cash equivalents
9,387
-
-
-
9,387
17,034
-
-
-
17,034
Accrued investment income  

-
-
4,356
-
4,356
-
-
5,289
-
5,289
Total assets  

$
51,613
$
350,817
$
4,356
$
219,052
$
625,838
$
53,227
$
402,352
$
5,289
$
156,307
$
617,175

232
The closing prices reported in the active markets  
in which the securities are traded are used  
to value the investments.  

Following is a description of the valuation methodologies  
used for investments measured at fair value:
●
 
Obligations  
of  
U.S.  
Government,  
its  
agencies,  
states  
and  
political  
subdivisions  
-  
The  
fair  
value  
of  
Obligations  
of  
U.S.
Government and its agencies obligations are based on an  
active exchange market and on quoted market prices for  
similar
securities. U.S.  
agency structured  
notes  
are  
priced based  
on  
a bond’s  
theoretical value  
from similar  
bonds  
defined by
credit quality  
and market sector  
and for  
which the  
fair value  
incorporates an  
option adjusted spread  
in deriving  
their fair
value.  
The fair value  
of municipal bonds  
are based on  
trade data on  
these instruments reported on  
Municipal Securities
Rulemaking Board (“MSRB”)  
transaction reporting system  
or comparable bonds  
from the same  
issuer and credit  
quality.  

These securities are classified as Level 2, except for  
the governmental index funds that are measured  
at NAV.
●
 
Corporate bonds and debentures -  
Corporate bonds and debentures are  
valued at fair value at  
the closing price reported
in the active market in  
which the bond is traded. These  
securities are classified as Level  
2, except for the
c
orporate bond
funds that are measured at NAV.
●
 
Equity securities – common stock  
- Equity securities with  
quoted market prices obtained from  
an active exchange market
and high liquidity are classified as Level 1.
●
 
Equity securities – ETF’s  
– Exchange Traded Funds  
shares with quoted market prices  
obtained from an active exchange
market. Highly liquid ETF’s are classified as Level 1 while  
less liquid ETF’s are classified as Level 2.  

●
 
Foreign commingled trust fund-  
Collective investment funds that are  
valued using the NAV  
per share practical expedient,
were not  
categorized within  
the fair  
value  
hierarchy and  
were presented  
separately.  
The Fund's  
investments are  
in an
international equity portfolio and in an emerging markets  
equity fund.
●
 
Mutual  
funds  
–  
Mutual  
funds  
held  
by  
the  
Plan  
are  
open-end  
mutual  
funds  
that  
are  
registered  
with  
the  
Securities  
and
Exchange  
Commission (SEC)  
and are  
required to  
publish their  
daily NAV.  
Since these  
funds  
have liquid  
markets with
trading activity of these or similar securities they  
are considered level 2.
●
 
Cash and cash equivalents - The carrying amount of  
cash and cash equivalents is a reasonable estimate of the  
fair value
since it is available on demand or due  
to their short-term maturity. Cash and cash equivalents are classified as Level 1.
●
 
Accrued investment income – Given the  
short-term nature of these assets, their carrying  
amount approximates fair value.
Since there is a lack of observable inputs  
related to instrument specific attributes,  
these are reported as Level 3.
The preceding valuation methods may produce a fair value calculation that may not be indicative of net realizable value  
or reflective
of future fair values. Furthermore, although the plan believes its valuation methods are appropriate and consistent with other market
participants, the  
use  
of  
different  
methodologies  
or  
assumptions to  
determine  
the  
fair value  
of  
certain financial  
instruments could
result in a different fair value measurement at the reporting  
date.

The following table presents the change in Level  
3 assets measured at fair value.

 
 
233
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
Balance at beginning of year
$
5,289
$
3,927
Purchases, sales, issuance and settlements (net)
( 933 )
1,362
Balance at end of year
$
4,356
$
5,289

There were
no
 
transfers in  
and/or out  
of Level  
3 for  
financial instruments  
measured at  
fair value  
on a  
recurring basis  
during the
years ended  
December 31,  
2025 and  
2024. There  
were
no
 
transfers in  
and/or out  
of Level  
1 and  
Level 2  
during the  
years ended
December 31, 2025 and 2024.

Information on the shares of common stock held by  
the pension plans is provided in the table that  
follows.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except number of shares information)
2025
2024
Shares of Popular, Inc. common stock
41,796
40,619
Fair value of shares of Popular, Inc. common  
stock
$
5,204
$
3,821
Dividends paid on shares of Popular,  
Inc. common stock held by the plan
$
117
$
360

The following table presents the components of net  
periodic benefit cost for the years ended  
December 31, 2025, 2024 and 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2023
2025
2024
2023
(in thousands)
Service cost
$
-
$
-
$
-
$
59
$
127
$
191
Other operating expenses:
Interest cost
29,642
30,234
31,548
5,163
5,686
6,082
Expected return on plan assets
( 32,277 )
( 34,376 )
( 34,365 )
-
-
-
Recognized net actuarial loss
13,799
16,664
21,465
( 4,707 )
( 2,193 )
( 2,212 )
Net periodic cost (benefit)
$
11,164
$
12,522
$
18,648
$
515
$
3,620
$
4,061
Other Adjustments
-
-
-
40
-
-
Total cost (benefit)  

$
11,164
$
12,522
$
18,648
$
555
$
3,620
$
4,061

 
234
The following table sets forth the aggregate status of the plans and the amounts recognized in the consolidated financial statements
at December 31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Change in benefit obligation:
Benefit obligation at beginning of year
$
589,758
$
635,794
$
99,172
$
117,045
Service cost  

-
-
59
127
Interest cost  

29,642
30,234
5,163
5,686
Actuarial (gain)/loss
[1]
17,556
( 31,747 )
6,370
( 16,787 )
Benefits paid
( 44,537 )
( 44,523 )
( 6,830 )
( 6,899 )
Other adjustments
-
-
40
-
Benefit obligation at end of year
$
592,419
$
589,758
$
103,974
$
99,172
Change in fair value of plan assets:
Fair value of plan assets at beginning of year
$
617,175
$
652,426
$
-
$
-
Actual return on plan assets
52,970
9,042
-
-
Employer contributions
230
230
6,830
6,899
Benefits paid
( 44,537 )
( 44,523 )
( 6,830 )
( 6,899 )
Fair value of plan assets at end of year
$
625,838
$
617,175
$
-
$
-
Funded status of the plan:
Benefit obligation at end of year
$
( 592,419 )
$
( 589,758 )
$
( 103,974 )
$
( 99,172 )
Fair value of plan assets at end of year
625,838
617,175
-
-
Funded status at year end
$
33,419
$
27,417
$
( 103,974 )
$
( 99,172 )
Amounts recognized in accumulated other comprehensive  
loss:
Net loss/(gain)
160,081
177,017
( 28,971 )
( 40,048 )
Accumulated other comprehensive loss (AOCL)
$
160,081
$
177,017
$
( 28,971 )
$
( 40,048 )
Reconciliation of net (liabilities) assets:
Net asset (liabilities) at beginning of year
$
27,417
$
16,632
$
( 99,172 )
$
( 117,045 )
Amount recognized in AOCL at beginning of year,  
pre-tax
177,017
200,094
( 40,048 )
( 25,454 )
Amount prepaid (liability) at beginning of year
204,434
216,726
( 139,220 )
( 142,499 )
Total benefit  
cost
( 11,164 )
( 12,522 )
( 555 )
( 3,620 )
Contributions
230
230
6,830
6,899
Amount prepaid (liability) at end of year
193,500
204,434
( 132,945 )
( 139,220 )
Amount recognized in AOCL
( 160,081 )
( 177,017 )
28,971
40,048
Net asset/(liabilities) at end of year
$
33,419
$
27,417
$
( 103,974 )
$
( 99,172 )
[1]
For 2025, the significant component of the Pension Plans  
actuarial loss was mainly related to an increase in the  
obligation due to a decrease in the
single weighted-average discount rates. For OPEB plans, significant  
components of the actuarial loss that changed the  
benefit obligation were
mainly related to the per capita cost assumption at year  
end that deteriorated the funded position as well as  
an increase in the obligation due to a
decrease in the single weighted-average discount rate. For 2024,  
the significant component of the Pension Plans  
actuarial gain were mainly related
to an decrease in the obligation due to an increase in the  
single weighted-average discount rates and a change  
to certain demographic assumptions
partially offset by a lower return on the fair value of  
plan assets.  
For OPEB plans, significant components of the actuarial  
gain that changed the
benefit obligation were mainly related to the per capita  
assumption at year end that improved the funded position,  
a change to certain demographic
assumptions, a favorable demographic experience from larger  
than expected reductions and an increase in discount  
rates.

 
235
The following table presents the change in accumulated other  
comprehensive loss (“AOCL”), pre-tax, for the years ended December
31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Pension Plans
OPEB Plan
2025
2024
2025
2024
Accumulated other comprehensive loss at beginning of year
$
177,017
$
200,094
$
( 40,048 )
$
( 25,454 )
Increase (decrease) in AOCL:
Recognized during the year:
Amortization of actuarial losses
( 13,799 )
( 16,664 )
4,707
2,193
Occurring during the year:
Net actuarial (gains)/losses
( 3,137 )
( 6,413 )
6,370
( 16,787 )
Total (decrease) increase  
in AOCL
( 16,936 )
( 23,077 )
11,077
( 14,594 )
Accumulated other comprehensive loss at end of year
$
160,081
$
177,017
$
( 28,971 )
$
( 40,048 )

The Corporation estimates  
the service  
and interest cost  
components utilizing a  
full yield curve  
approach in the  
estimation of these
components  
by  
applying the  
specific spot  
rates  
along  
the yield  
curve  
used in  
the  
determination of  
the  
benefit obligation  
to  
their
underlying projected cash flows.  

To  
determine  
benefit  
obligation  
at  
year  
end,  
the  
Corporation  
used  
a  
weighted  
average  
of  
annual  
spot  
rates  
applied  
to  
future
expected cash flows for years ended December 31, 2025  
and 2024.

The following  
table presents  
the discount  
rate and  
assumed health  
care cost  
trend rates  
used to  
determine the  
benefit obligation
and net periodic benefit cost for the plans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plan
OPEB Plan
Weighted average assumptions used to
determine net periodic benefit cost for the
years ended December 31:
2025
2024
2023
2025
2024
2023
Discount rate for benefit obligation
5.54
 
-
5.57
%
5.02
 
-
5.05
%
5.34
 
-
5.37
%
5.65
%
5.10
%
5.42
%
Discount rate for service cost
N/A
N/A
N/A
5.95
%
5.37
%
5.66
%
Discount rate for interest cost
5.26
 
-
5.27
%
4.95
 
-
4.96
%
5.23
 
-
5.24
%
5.37
%
4.99
%
5.28
%
Expected return on plan assets
5.6
0 -
6.70
%
5.6
0 -
6.60
%
5.9
0 -
6.5
0
%
N/A
N/A
N/A
Initial health care cost trend rate
N/A
N/A
N/A
7.00
%
7.25
%
7.50
%
Ultimate health care cost trend rate
N/A
N/A
N/A
4.50
%
4.50
%
4.50
%
Year that the ultimate trend  
rate is reached
N/A
N/A
N/A
2035
2035
2035
Pension Plans
OPEB Plan
Weighted average assumptions used to determine  
benefit obligation at
December 31:
2025
2024
2025
2024
Discount rate for benefit obligation
5.25
-
5.29
%
5.54
-
5.57
%
5.44
%
5.65
%
Initial health care cost trend rate
N/A
N/A
6.75
%
7.00
%
Ultimate health care cost trend rate
N/A
N/A
4.50
%
4.50
%
Year that the ultimate trend  
rate is reached
N/A
N/A
2035
2035

236
The following table presents information for plans with a projected benefit obligation and accumulated benefit obligation in excess of
plan assets for the years ended December 31,  
2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Projected benefit obligation
$
34,236
$
33,993
$
103,974
$
99,172
Accumulated benefit obligation  

34,236
33,993
103,974
99,172
Fair value of plan assets  

29,498
28,177
-
-

The  
following table  
presents information  
for plans  
with plan  
assets in  
excess of  
its  
projected benefit  
obligation and  
accumulated
benefit obligation for the years ended December 31,  
2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Projected benefit obligation
$
558,183
$
555,765
$
-
$
-
Accumulated benefit obligation  

558,183
555,765
-
-
Fair value of plan assets  

596,341
588,998
-
-

The Corporation expects to make the following contributions  
to the plans during the year ended December  
31, 2026.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
Pension Plans
$
227
OPEB Plan
$
5,914

Benefit payments projected to be made from the  
plans during the next ten years are presented  
in the table below.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Pension Plans
OPEB Plan
2026
$
50,385
$
5,914
2027
45,855
6,089
2028
45,683
6,321
2029
45,394
6,534
2030
45,017
6,733
2031 - 2035
215,895
35,655

237
The table below presents a breakdown of the  
plans’ assets and liabilities at December  
31, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
(In thousands)
2025
2024
2025
2024
Non-current assets
$
38,157
$
33,233
$
-
$
-
Current liabilities  

222
222
5,805
5,304
Non-current liabilities
4,516
5,594
98,169
93,868

Savings plans
The  
Corporation  
also  
provides  
defined  
contribution  
savings  
plans  
pursuant  
to  
Section  
1081.01(d)  
of  
the  
Puerto  
Rico  
Internal
Revenue  
Code  
and  
Section  
401(k)  
of  
the  
U.S.  
Internal  
Revenue Code,  
as  
applicable, for  
substantially  
all  
the  
employees  
of  
the
Corporation. Investments  
in the  
plans are  
participant-directed, and employer  
matching contributions  
are determined  
based on  
the
specific provisions  
of each  
plan. Employees  
are fully  
vested in  
the employer’s  
contribution after  
five years  
of service.  
The cost  
of
providing these benefits in the year ended  
December 31, 2025 was $
22.2
 
million (2024 - $
21.4
 
million, 2023 - $
20.3
 
million).  

The  
plans held
1,150,624
 
(2024 –
1,177,588
) shares  
of common  
stock  
of  
the  
Corporation with  
a market  
value of  
approximately
$
143.3
 
million at December 31, 2025 (2024 - $
110.8
 
million).

 
238
Note 30 – Net income per common share

The  
following table  
sets  
forth the  
computation of  
net  
income per  
common share  
(“EPS”), basic  
and diluted,  
for the  
years  
ended
December 31, 2025, 2024 and 2023:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share information)
2025
2024
2023
Net income
$
833,159
$
614,212
$
541,342
Preferred stock dividends
( 1,412 )
( 1,412 )
( 1,412 )
Net income applicable to common stock
$
831,747
$
612,800
$
539,930
Average common shares outstanding
67,586,130
71,590,757
71,710,265
Average potential dilutive common shares  

26,717
32,945
81,427
Average common shares outstanding - assuming dilution
67,612,847
71,623,702
71,791,692
Basic EPS
$
12.31
$
8.56
$
7.53
Diluted EPS
$
12.30
$
8.56
$
7.52

Potential common shares consist of shares of common stock issuable under the assumed exercise of stock options, restricted stock
and  
performance  
share  
awards  
using  
the  
treasury  
stock  
method.  
This  
method  
assumes  
that  
the  
potential  
common  
shares  
are
issued and  
the proceeds  
from exercise,  
in addition  
to the  
amount of  
compensation cost  
attributed to  
future services,  
are used  
to
purchase shares of common stock at the exercise date. The difference between the number of potential common shares issued and
the shares  
of common  
stock  
purchased is  
added as  
incremental shares  
to  
the actual  
number of  
shares outstanding  
to  
compute
diluted  
earnings  
per  
share.  
Warrants,  
stock  
options,  
restricted  
stock  
and  
performance share  
awards,  
if  
any,  
that  
result  
in  
lower
potential common shares  
issued than shares  
of common stock  
purchased under the treasury  
stock method are  
not included in  
the
computation of dilutive earnings per share  
since their inclusion would have an antidilutive effect in earnings  
per common share.

 
239
Note 31 – Revenue from contracts with customers

The following table presents  
the Corporation’s revenue streams  
from contracts with customers  
by reportable segment for the  
years
ended December 31, 2025, 2024, and 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December  
31,
(In thousands)
2025
2024
2023
BPPR
Popular U.S.
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
145,244
$
10,624
$
141,240
$
10,103
$
137,297
$
10,179
Other service fees:
Debit card fees
[1]
111,979
854
105,017
793
98,779
853
Insurance fees, excluding reinsurance
36,540
7,759
44,808
6,946
46,903
5,602
Credit card fees, excluding late fees and membership  
fees
[1]
109,614
1,363
102,849
1,587
102,214
1,597
Sale and administration of investment products
37,693
-
33,213
-
26,316
-
Trust fees
28,313
-
27,659
-
26,160
-
Total revenue from  
contracts with customers
[2]
$
469,383
$
20,600
$
454,786
$
19,429
$
437,669
$
18,231
[1] Effective in the third quarter of 2024, the  
Corporation reclassified certain interchange fees, which  
were previously included jointly with credit card
fees from common network activity,  
as debit card fees. For the year ended December 31, 2024,  
these interchange fees were approximately $
45.5
million, which include approximately $
22.2
 
million corresponding to the first and second quarters  
of 2024 which were reclassified. For the year
ended December 31, 2023, interchange fees of approximately  
$
45.3
 
million were reclassified.
[2] The amounts include intersegment transactions of $
2.4
 
million, $
4.5
 
million and $
5
.0 million, respectively, for the  
years ended December 31,
2025, 2024 and 2023.

Revenue from contracts with  
customers is recognized when,  
or as, the performance  
obligations are satisfied by  
the Corporation by
transferring the  
promised services  
to  
the customers.  
A  
service is  
transferred to  
the customer  
when, or  
as, the  
customer obtains
control  
of  
that  
service.  
A  
performance obligation  
may  
be  
satisfied over  
time  
or  
at  
a  
point  
in  
time.  
Revenue from  
a  
performance
obligation satisfied  
over time  
is recognized  
based on  
the services  
that have  
been rendered  
to date.  
Revenue from  
a performance
obligation satisfied at a point in time  
is recognized when the customer obtains control over the  
service. The transaction price, or the
amount of revenue  
recognized, reflects the  
consideration the Corporation expects  
to be entitled  
to in exchange  
for those promised
services. In determining the transaction price, the Corporation considers the effects of variable consideration. Variable consideration
is included  
in the  
transaction price  
only to  
the extent  
it is  
probable that a  
significant reversal  
in the  
amount of  
cumulative revenue
recognized will  
not occur.  
The Corporation  
is the  
principal in  
a transaction  
if it  
obtains control  
of the  
specified goods  
or services
before they  
are transferred  
to  
the customer.  
If the  
Corporation acts  
as principal,  
revenues are  
presented in  
the gross  
amount  
of
consideration to which it expects to  
be entitled and are not  
netted with any related expenses. On the  
other hand, the Corporation is
an agent if it does not control  
the specified goods or services before they are transferred  
to the customer. If  
the Corporation acts as
an agent, revenues are presented in the amount  
of consideration to which it expects to be entitled,  
net of related expenses.
Following is a description of the nature and timing  
of revenue streams from contracts with customers:
Service charges on deposit accounts
Service  
charges  
on  
deposit  
accounts  
are  
earned  
on  
retail  
and  
commercial  
deposit  
activities  
and  
include,  
but  
are  
not  
limited  
to,
nonsufficient fund  
fees, overdraft  
fees and  
checks stop  
payment fees.  
These transaction-based  
fees are  
recognized at  
a point  
in
time,  
upon  
occurrence  
of  
an  
activity  
or  
event  
or  
upon  
the  
occurrence  
of  
a  
condition  
which  
triggers  
the  
fee  
assessment.  
The
Corporation is acting as principal in these transactions.
Debit card fees
Debit card fees include, but are not limited to, interchange  
fees, surcharging income and foreign transaction  
fees. These transaction-
based fees  
are recognized at  
a point in  
time, upon  
occurrence of an  
activity or  
event or upon  
the occurrence of  
a condition which
triggers  
the  
fee  
assessment.  
Interchange  
fees  
are  
recognized  
upon  
settlement  
of  
the  
debit  
card  
payment  
transactions.  
The
Corporation is acting as principal in these transactions.
Insurance fees

240
Insurance fees  
include, but  
are  
not limited  
to, commissions  
and contingent  
commissions. Commissions  
and fees  
are  
recognized
when related  
policies are effective  
since the Corporation  
does not  
have an enforceable  
right to  
payment for services  
completed to
date.  
An  
allowance  
is  
created  
for  
expected  
adjustments  
to  
commissions  
earned  
related  
to  
policy  
cancellations.  
Contingent
commissions  
are  
recorded  
on  
an  
accrual  
basis  
when  
the  
amount  
to  
be  
received  
is  
notified  
by  
the  
insurance  
company.  
The
Corporation is acting  
as an  
agent since it  
arranges for the  
sale of  
the policies and  
receives commissions if,  
and when, it  
achieves
the sale.  

Credit card fees
Credit card  
fees include,  
but are  
not limited  
to, interchange  
fees, additional  
card fees,  
cash advance  
fees, balance  
transfer fees,
foreign transaction fees, and returned payments  
fees. Credit card fees are  
recognized at a point in  
time, upon the occurrence of  
an
activity or  
an event.  
Interchange fees  
are recognized  
upon settlement  
of the  
credit card  
payment transactions. The  
Corporation is
acting as principal in these transactions.
Sale and administration of investment products
Fees from  
the sale  
and administration  
of investment  
products include,  
but are  
not limited  
to, commission  
income from  
the sale  
of
investment products, asset management fees, underwriting  
fees, and mutual fund fees.  

Commission income from investment products is recognized on the trade date since clearing, trade execution, and custody services
are satisfied when  
the customer acquires  
or disposes of  
the rights to  
obtain the economic  
benefits of the  
investment products and
brokerage contracts have no fixed duration and  
are terminable at will by  
either party. The  
Corporation is acting as principal in these
transactions since it  
performs the service  
of providing the  
customer with the  
ability to acquire  
or dispose of  
the rights to  
obtain the
economic benefits of investment products.  

Asset  
management  
fees  
are  
satisfied  
over  
time  
and  
are  
recognized  
in  
arrears.  
At  
contract  
inception,  
the  
estimate  
of  
the  
asset
management fee  
is constrained  
from the  
inclusion in  
the transaction  
price since  
the promised  
consideration is  
dependent on  
the
market and thus  
is highly susceptible  
to factors  
outside the manager’s  
influence. As advisor,  
the broker-dealer subsidiary  
is acting
as principal.
Underwriting fees are  
recognized at a point  
in time, when  
the investment products  
are sold in  
the open market at  
a markup. When
the broker-dealer subsidiary is lead  
underwriter, it is  
acting as an agent. In  
turn, when it is  
a participating underwriter, it  
is acting as
principal.
Mutual fund fees,  
such as distribution fees,  
are considered variable consideration  
and are recognized over  
time, as the  
uncertainty
of the fees to be  
received is resolved as NAV  
is determined and investor activity occurs. The  
promise to provide distribution-related
services  
is  
considered  
a  
single  
performance  
obligation  
as  
it  
requires  
the  
provision  
of  
a  
series  
of  
distinct  
services  
that  
are
substantially the same and have the same pattern of  
transfer. When the broker-dealer subsidiary is acting as a distributor, it is acting
as principal. In turn, when it acts as third-party dealer, it is acting  
as an agent.
Trust fees
Trust fees  
are recognized from  
retirement plan, mutual fund  
administration, investment management, trustee,  
escrow, and  
custody
and  
safekeeping services.  
These  
asset  
management services  
are  
considered  
a  
single  
performance obligation  
as  
it  
requires the
provision of  
a series  
of distinct  
services that  
are substantially  
the same  
and have  
the same  
pattern of  
transfer.  
The performance
obligation  
is  
satisfied  
over  
time,  
except  
for  
optional  
services  
and  
certain  
other  
services  
that  
are  
satisfied  
at  
a  
point  
in  
time.  

Revenues are recognized in  
arrears, when, or as,  
the services are rendered.  
The Corporation is acting  
as principal since,  
as asset
manager, it has the obligation to provide the specified service to the customer and  
has the ultimate discretion in establishing the fee
paid by the customer for the specified services.

 
 
241
Note 32 – Leases
The  
Corporation enters  
in  
the  
ordinary course  
of  
business  
into  
operating and  
finance  
leases  
for  
land,  
buildings  
and  
equipment.
These contracts generally do not include purchase options or residual value guarantees.  
The remaining lease terms of
0.30
 
to
29.0
years  
considers options  
to  
extend the  
leases for  
up  
to
20
 
years. The  
Corporation identifies  
leases when  
it  
has  
both the  
right to
obtain substantially all of the economic benefits from  
the use of the asset and the right to direct  
the use of the asset.
The Corporation  
recognizes right-of-use  
assets (“ROU  
assets”) and  
lease liabilities  
related to  
operating and  
finance leases  
in its
Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 13
and  
Note  
18  
to  
the  
Consolidated Financial  
Statements,  
respectively,  
for  
information  
on  
the  
balances of  
these  
lease  
assets  
and
liabilities.
The Corporation uses the  
incremental borrowing rate for  
purposes of discounting lease payments  
for operating and finance leases,
since it  
does not have  
enough information to  
determine the rates  
implicit in the  
leases. The discount  
rates are based  
on fixed-rate
and  
fully  
amortizing  
borrowing  
facilities  
of  
its  
banking  
subsidiaries  
that  
are  
collateralized.  
For  
leases  
held  
by  
non-banking
subsidiaries, a credit spread is added to this rate  
based on financing transactions with a  
similar credit risk profile.

The following table presents the undiscounted  
cash flows of operating and finance leases for  
each of the following periods:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
(In thousands)
2026
2027
2028
2029
2030
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
24,644
$
20,150
$
17,858
$
15,645
$
9,997
$
35,309
$
123,603
$
( 18,645 )
$
104,958
Finance Leases
5,051
3,805
3,506
3,351
3,288
12,854
31,855
( 4,466 )
27,389

The following table presents the lease cost recognized  
by the Corporation in the Consolidated  
Statements of Operations as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December  
31,
(In thousands)
2025
2024
2023
Finance lease cost:
Amortization of ROU assets
$
3,351
$
3,006
$
4,192
Interest on lease liabilities
944
912
1,063
Operating lease cost
29,670
30,660
31,596
Short-term lease cost
814
497
456
Variable lease cost
354
290
211
Sublease income
( 60 )
( 81 )
( 66 )
Total lease cost  
[1]
$
35,073
$
35,284
$
37,452
[1]
Total lease cost  
is recognized as part of net occupancy expense.

The  
following  
table  
presents  
supplemental  
cash  
flow  
information  
and  
other  
related  
information  
related  
to  
operating  
and  
finance
leases.

242
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December  
31,
(Dollars in thousands)
2025
2024
2023
Cash paid for amounts included in the measurement of  
lease liabilities:
Operating cash flows from operating leases
$
30,054
$
31,416
$
31,124
Operating cash flows from finance leases
943
912
1,063
Financing cash flows from finance leases
3,933
3,977
5,360
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
12,231
$
2,290
$
8,048
Finance leases
6,954
732
6,198
Weighted-average remaining lease term:
Operating leases
7.8
years
7.2
years
7.3
years
Finance leases
9.3
years
8.1
years
8.3
years
Weighted-average discount rate:
Operating leases
3.7
%
3.4
%
3.3
%
Finance leases
3.8
%
3.6
%
3.9
%

As of December 31, 2025, the Corporation had  
additional operating leases contracts that have  
not yet commenced with an
undiscounted contract amount of $
5.2
 
million, which will have lease terms of
10
 
years.

243
Note 33 - Stock-based compensation

Incentive Plan
 
On May 12, 2020, the shareholders of the Corporation approved the Popular, Inc. 2020 Omnibus Incentive Plan, which permits
the Corporation to issue several types of stock-based compensation to employees and directors of  
the Corporation and/or any of its
subsidiaries (the  
“2020 Incentive  
Plan”). The  
2020 Incentive  
Plan replaced  
the Popular,  
Inc. 2004  
Omnibus Incentive  
Plan, which
was in effect  
prior to the adoption of  
the 2020 Incentive Plan (the  
“2004 Incentive Plan” and, together  
with the 2020 Incentive  
Plan,
the “Incentive Plan”). Participants under the Incentive Plan are designated by the Talent and Compensation Committee of the Board
of Directors (or its delegate, as determined by the Board). Under the Incentive Plan, the Corporation has issued restricted stock and
performance shares to its employees and restricted  
stock and restricted stock units (“RSUs”)  
to its directors.
The restricted  
stock granted  
under the  
Incentive Plan  
to employees  
becomes vested  
based on  
the employees’  
continued service
with  
Popular.  
Unless  
otherwise  
stated  
in  
an  
agreement,
the compensation cost associated with the shares of restricted stock
granted prior to 2021 was determined based on a two-prong vesting schedule. These grants include ratable vesting over five or four
years commencing at the date of grant (the “graduated vesting portion”) with a portion vested at termination of employment after
attainment of 55 years of age and 10 years of service or 60 years of age and 5 years of service (the “retirement vesting portion”).
The graduated vesting portion is accelerated at termination of employment after attaining 55 years of age and 10 years of service or
60 years of age and 5 years of service. Restricted stock granted on or after 2021 have ratable vesting in equal annual installments
over a period of 4 years or 3 years, depending in the classification of the employee. The vesting schedule is accelerated at
termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of
service.
 

The  
performance share  
awards  
granted  
under  
the  
Incentive  
Plan  
consist  
of  
the  
opportunity  
to  
receive  
shares  
of  
Popular,  
Inc.’s
common stock provided that the Corporation achieves certain goals during a three-year performance cycle.  
The goals will be based
on  
two  
metrics  
weighted  
equally:  
the  
Relative  
Total  
Shareholder  
Return  
(“TSR”)  
and  
the  
Absolute  
Return  
on  
Average  
Tangible
Common Equity  
(“ROATCE”).  
The TSR metric  
is considered to  
be a  
market condition under  
ASC 718.  
For equity settled  
awards
based  
on a  
market condition,  
the  
fair value  
is  
determined as  
of the  
grant date  
and  
is not  
subsequently revised  
based on  
actual
performance.  
The  
ROATCE  
metric  
is  
considered  
to  
be  
a  
performance condition  
under ASC  
718.  
The  
fair value  
is  
determined
based on  
the probability  
of achieving  
the ROATCE  
goal as  
of each  
reporting period.  
The TSR  
and ROATCE  
metrics are  
equally
weighted and  
work independently.  

The number of shares that will ultimately vest ranges from 50 % to a 150 % of target based on
both market (TSR) and performance (ROATCE) conditions. The performance shares will vest at the end of the three-year
performance cycle. If a participant terminates employment after attaining the earlier of 55 years of age and 10 years of service or 60
years of age and 5 years of service, the performance shares shall continue outstanding and vest at the end of the performance
cycle.

The  
following  
table  
summarizes  
the  
restricted  
stock  
and  
performance  
shares  
activity  
under  
the  
Incentive  
Plan  
for  
members  
of
management.

 
 
244
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Shares
Weighted-average
grant date fair value
Non-vested at January 1, 2023
281,963
$
56.50
Granted
257,757
66.01
Performance Shares Quantity Adjustment
19,753
75.32
Vested  

( 243,133 )
66.31
Forfeited
( 16,444 )
55.82
Non-vested at December 31, 2023
299,896
$
58.20
Granted
242,474
86.62
Performance Shares Quantity Adjustment
( 18,650 )
87.79
Vested  

( 267,873 )
74.26
Forfeited
( 7,939 )
50.68
Non-vested at December 31, 2024
247,908
$
66.86
Granted
226,259
100.35
Performance Shares Quantity Adjustment
55,517
91.18
Vested  

( 293,939 )
90.00
Forfeited
( 8,787 )
66.53
Non-vested at December 31, 2025
226,958
$
76.13

During  
the  
year  
ended  
December  
31,  
2025,
194,599
 
shares  
of  
restricted  
stock  
(2024  
-
177,249
;  
2023  
-
200,303
)  
and
31,660
performance shares (2024 -
65,225
; 2023 -
57,454
) were awarded to management under the  
Incentive Plan.
During  
the  
year  
ended  
December  
31,  
2025,  
the  
Corporation  
recognized  
$
18.3
 
million  
of  
restricted  
stock  
expense  
related  
to
management incentive awards, with a tax benefit of $
2.5
 
million (2024 - $
14.0
 
million, with a tax benefit of $
2.4
 
million; 2023 - $
11.5
million, with  
a tax  
benefit of  
$
1.9
 
million). During  
the year  
ended December  
31, 2025,  
the fair  
market value  
of the  
restricted stock
and performance shares vested was $
20.4
 
million at grant date and $
28.0
 
million at vesting date. This differential triggers  
a windfall
of $
2.8
 
million that was recorded as a reduction in income tax expense.  
During the year ended December 31, 2025, the Corporation
recognized $
4.3
 
million of performance  
shares expense, with  
a tax benefit  
of $
0.4
 
million (2024 -  
$
3.9
 
million, with a  
tax benefit of
$
0.3
 
million; 2023 - $
3.5
 
million, with a tax benefit of $
0.1
 
million).  
The total unrecognized compensation cost related to non-vested
restricted  
stock  
awards  
and  
performance  
shares  
to  
members  
of  
management  
at  
December  
31,  
2025  
was  
$
12.4
 
million  
and  
is
expected to be recognized over a weighted-average  
period of
1.58
 
years.

The following table summarizes the restricted stock  
activity under the Incentive Plan for members of  
the Board of Directors:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Units/Stocks
Weighted-average  
grant
date fair value
Non-vested at January 1, 2023
-
-
Granted
39,104
$
55.30
Vested  

( 39,104 )
55.30
Forfeited
-
-
Non-vested at December 31, 2023
-
-
Granted
25,462
$
89.51
Vested  

( 25,462 )
89.51
Forfeited
-
-
Non-vested at December 31, 2024
-
-
Granted
24,476
$
101.33
Vested  

( 5,363 )
104.33
Forfeited
-
-
Non-vested at December 31, 2025
19,113
100.49

245
The equity awards granted to members of the Board of Directors of Popular,  
Inc. (the “Directors”) on or after May 2025 will vest and
become non-forfeitable on the first anniversary of the grant date  
of such award. Equity awards granted to the Directors may be  
paid
in either common stock or RSUs  
at each Director`s election. If RSUs  
are elected, the Directors may defer the delivery  
of the shares
of common stock underlying  
the RSUs award until  
their retirement. To  
the extent that cash  
dividends are paid on  
the Corporation’s
outstanding common stock, the Directors will  
receive an additional number of RSUs  
that reflect a reinvested dividend equivalent.  

For 2025, 2024 and  
2023, Directors elected RSUs and  
common stock.  
For the year ended December  
31, 2025,
21,788
 
RSUs and
2,688
 
shares of  
restricted stock  
were granted  
to the  
Directors (2024  
-
24,070
 
RSUs and
1,392
 
shares of  
restricted stock;  
2023 -
36,804
 
RSUs  
and
2,300
 
shares  
of  
restricted  
stock).  
For  
the  
year  
ended  
December  
31,  
2025,  
$
2.0
 
million  
of  
restricted  
stock
expense related  
to these  
shares was  
recognized, with  
a tax  
benefit of  
$
0.4
 
million (2024  
- $
2.2
 
million with  
a tax  
benefit of  
$
0.4
million; 2023  
- $
2.2
 
million with  
a tax  
benefit of  
$
0.4
 
million).  
The fair  
value at  
vesting date  
of the  
RSUs vested  
during the  
year
ended December 31, 2025 for the Directors was $
0.6
 
million.

 
 
 
 
 
 
 
246
Note 34 – Income taxes

 

The  
income  
before  
income tax  
and the  
components of  
income tax  
expense  
disaggregated between  
domestic (Puerto  
Rico) and
foreign (including Unites  
States federal and  
state) for the  
years ended December  
31, 2025, 2024  
and 2023 are  
summarized in the
following tables:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
2023
Income before income tax
Puerto Rico
$
730,740
$
545,298
$
468,001
Foreign
276,053
251,320
207,538
Total income  
before tax
$
1,006,793
$
796,618
$
675,539
Current income tax expense:
Puerto Rico
$
107,055
$
107,405
$
168,001
Foreign
60,197
51,291
9,335
Total current income  
tax expense
$
167,252
$
158,696
$
177,336
Deferred income tax (benefit) expense:
Puerto Rico
$
( 7,473 )
$
( 6,982 )
$
( 50,871 )
Foreign
13,855
30,692
7,732
Total deferred income  
tax expense (benefit)
$
6,382
$
23,710
$
( 43,139 )
Total income tax  
expense  

$
173,634
$
182,406
$
134,197

The following table represents income taxes paid  
(net of refunds) for the year ended December  
31, 2025:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
Income Taxes Paid
Puerto Rico [1]
$
148,043
Foreign income tax paid
United States Federal
40,820
United States - States and Local
15,077
Other Foreign
234
Total foreign income  
tax paid
56,131
Total income tax  
paid
$
204,174
[1] Includes $
141.8
 
million paid for the purchase of tax credits in Puerto  
Rico.

The tables below  
present a reconciliation  
of the statutory  
income tax rate  
to the effective  
income tax rate.  
The Company uses  
the
Puerto Rico statutory tax rate as the national  
tax rate, since Popular, Inc. is based in Puerto Rico.

 
 
247
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
(In thousands)
Amount  

% of pre-tax
income
Computed income tax at Puerto Rico statutory tax  
rate
$
377,547
37.5
%
Foreign Tax Effects  

 
United States
Statutory Tax Rate  
difference between United States and Puerto Rico
( 21,337 )
( 2.1 )
BPPR U.S. Branch Federal and State Taxes
30,789
3.1
State and Local Taxes
14,821
1.5
Other adjustments
1,050
0.1
Other foreign jurisdictions
( 89 )
-
Total foreign tax  
effects
25,234
2.6
Effect of Cross Borders Tax  
Laws  

P.R. Tax  
on Intercompany Distributions
( 980 )
( 0.1 )
P.R. foreign  
tax credit
( 30,789 )
( 3.1 )
Total effect  
of cross borders tax laws
( 31,769 )
( 3.2 )
Tax Credits
Discount on Tax  
Credits Purchased
( 8,443 )
( 0.8 )
Total tax credits
( 8,443 )
( 0.8 )
Change in Valuation Allowance  

11,512
1.1
Non taxable or Non deductible Items
Net benefit of tax-exempt interest income
( 152,774 )
( 15.2 )
International banking entity exempt income
( 36,484 )
( 3.6 )
Other
( 5,729 )
( 0.6 )
Total non-taxable  
or non-deductible items
( 194,987 )
( 19.4 )
Effect of Other Adjustments
( 5,460 )
( 0.5 )
Income tax expense  

$
173,634
17.3
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
2023
(In thousands)
Amount  

% of pre-tax
income
Amount  

% of pre-tax
income
Computed income tax at statutory states
$
298,732
37.5
%
253,327
37.5
%
Net benefit of tax-exempt interest income
( 125,732 )
( 15.8 )
( 95,222 )
( 14.1 )
Effect of income subject to preferential tax rate
( 29 )
-
( 1,854 )
( 0.3 )
Deferred tax asset valuation allowance
3,390
0.4
2,304
0.3
Difference in tax rates due to multiple jurisdictions
( 17,111 )
( 2.1 )
( 12,857 )
( 1.9 )
Change in tax rates
Unrecognized tax benefits
-
-
( 1,529 )
( 0.2 )
Other tax benefits
( 4,500 )
( 0.6 )
( 2,925 )
( 0.4 )
Tax on intercompany  
distributions
24,325
3.1
-
-
States and local taxes
9,634
1.2
6,687
1.0
Others
( 6,303 )
( 0.8 )
( 13,734 )
( 2.0 )
Income tax expense  

$
182,406
22.9
%
134,197
19.9
%

Deferred income taxes reflect the  
net tax effects  
of temporary differences between the  
carrying amounts of assets and  
liabilities for
financial reporting  
purposes and  
their tax  
bases. Significant  
components of  
the Corporation’s  
deferred tax  
assets and  
liabilities at
2025 and 2024 were as follows:

 

 
248
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available  
for carryforward
$
7,318
$
46,632
$
53,950
Net operating loss and other carryforward available  

59,578
568,156
627,734
Postretirement and pension benefits
29,453
-
29,453
Allowance for credit losses
255,017
28,465
283,482
Deferred loan origination fees/cost
7,205
( 2,474 )
4,731
Depreciation
8,422
7,899
16,321
FDIC-assisted transaction
152,665
-
152,665
Lease liability
27,382
17,758
45,140
Unrealized net loss on investment securities
160,809
12,850
173,659
Difference in outside basis from pass-through entities
54,457
-
54,457
Mortgage Servicing Rights
15,375
-
15,375
Other temporary differences
26,347
7,586
33,933
Total gross deferred  
tax assets
804,028
686,872
1,490,900
Deferred tax liabilities:
Intangibles
92,797
55,760
148,557
Right of use assets
24,846
15,875
40,721
Loans acquired
17,053
-
17,053
Other temporary differences
7,082
429
7,511
 

Total gross deferred  
tax liabilities
141,778
72,064
213,842
Valuation allowance
78,153
386,587
464,740
Net deferred tax asset
$
584,097
$
228,221
$
812,318
 
December 31, 2024
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available  
for carryforward
$
4,861
$
24,728
$
29,589
Net operating loss and other carryforward available  

52,211
610,279
662,490
Postretirement and pension benefits
27,786
-
27,786
Allowance for credit losses
247,153
24,415
271,568
Depreciation
7,700
7,229
14,929
FDIC-assisted transaction
152,665
-
152,665
Lease liability
25,167
16,451
41,618
Unrealized net loss on investment securities
252,411
20,996
273,407
Difference in outside basis from pass-through entities
50,144
-
50,144
Mortgage Servicing Rights
14,475
-
14,475
Other temporary differences
41,127
9,072
50,199
Total gross deferred  
tax assets
875,700
713,170
1,588,870
Deferred tax liabilities:
Intangibles
88,351
55,926
144,277
Right of use assets
22,784
14,454
37,238
Deferred loan origination fees/cost
( 1,880 )
2,085
205
Loans acquired
18,415
-
18,415
Other temporary differences
6,799
429
7,228
 

Total gross deferred  
tax liabilities
134,469
72,894
207,363
Valuation allowance
69,837
386,914
456,751
Net deferred tax asset
$
671,394
$
253,362
$
924,756

 
249
The net deferred tax  
asset shown in the  
table above at  
December 31, 2025, is  
reflected in the consolidated  
statements of financial
condition as $
814.2
 
million in net deferred tax  
assets (in the “other assets”  
caption) (December 31, 2024 -  
$
926.3
 
million) and $
1.9
million in deferred tax liabilities (in the “other liabilities” caption) (December 31, 2024- $
1.6
 
million), reflecting the aggregate deferred
tax assets or  
liabilities of individual  
tax-paying subsidiaries of the  
Corporation in their  
respective tax jurisdiction, Puerto  
Rico or the
United States.  
During the year ended December 31, 2025,  
the net valuation allowance increased by approximately  
$
8.0
 
million.

The deferred tax asset related to the NOLs and  
other carryforwards as of December 31, 2025, expires  
as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2027
406
2028
196,569
2029
118,594
2030
127,136
2031
103,555
2032
15,872
2033
21,032
2034
-
2035
44,570
$
627,734

At December  
31, 2025, the  
net deferred tax  
asset of the  
U.S. operations amounted  
to $
614.8
 
million with  
a valuation allowance  
of
$
386.6
 
million, for a net deferred tax asset  
of $
228.2
 
million. The Corporation evaluates the realization of the  
deferred tax assets by
taxing jurisdiction,  
on a quarterly basis.  
The U.S. Operations have generated taxable income each of the last three years,  
with 2025
having the highest  
taxable income. These financial  
results are objectively verifiable  
positive evidence. Additionally,  
the Corporation
considered as negative  
evidence, inconsistency  
in  
performance trends,  
including lower than  
anticipated results  
in  
recent periods.
 
Also, management considered  
the uncertainty in  
predicting future taxable  
income, as  
given the impact  
of external factors  
such as
changes in  
macroeconomic conditions,  
geopolitical issues,  
and shifts  
in monetary  
policy.  
In  
addition, management  
evaluated the
expiration period of the NOLs carried forward  
which begin to expire in 2028.  

As of  
December 31,  
2025, after weighting  
all positive  
and negative evidence,  
the Corporation concluded  
that it  
is more  
likely than
not that approximately $
228.2
 
million of the deferred tax assets from the  
U.S. operations, comprised mainly of net operating losses,
will  
be  
realized.  
The  
Corporation based  
this  
determination  
on  
its  
estimated  
taxable  
income  
available  
to  
realize  
the  
deferred  
tax
assets for  
the remaining carryforward  
periods, together  
with the  
historical level of  
book income  
adjusted by permanent  
differences
and taxable income. Management will continue to  
monitor and review the U.S. operation’s  
results, including recent earnings trends,
pre-tax  
earnings  
forecasts,  
new  
tax  
initiatives,  
and  
performance  
indicators  
such  
as  
net  
income  
versus  
forecast,  
targeted  
loan
growth,  
net  
interest  
income  
margin,  
changes  
in  
deposit  
costs,  
allowance  
for  
credit  
losses,  
charge-offs,  
NPLs  
inflows,  
and  
NPA
balances. Significant changes, or a combination of changes, could positively or  
negatively impact the amount of deferred tax assets
to be realized in the future.
At December 31,  
2025, the Corporation’s  
net deferred tax  
assets related to  
its Puerto Rico  
operations amounted to  
$
662.3
 
million.
The Corporation’s  
Puerto Rico  
Banking operation  
has strong  
historical record  
of profitability.  
This is  
considered a  
strong piece  
of
objectively verifiable  
positive evidence  
that outweighs  
any negative  
evidence considered  
by Management  
in the  
evaluation of  
the
realization of the deferred tax assets. Based on this evidence and Management’s estimate of future taxable income, the Corporation
has concluded that it is more likely than not that  
such net deferred tax assets  
of the Puerto Rico Banking operations  
will be realized.
The Holding Company operation has been in a  
cumulative loss position in recent years.  
Management expects these losses will be a
trend  
in  
future  
years.  
This  
objectively  
verifiable  
negative  
evidence is  
considered  
by  
Management strong  
negative  
evidence that
suggests that  
income in  
future years  
will be  
insufficient to  
support the  
realization of  
all deferred  
tax assets.  
After weighting  
of all
positive  
and  
negative evidence,  
Management concluded  
as  
of  
the reporting  
date,  
that  
it  
is  
more  
likely  
than  
not that  
the  
Holding
Company will not be  
able to realize any  
portion of the deferred tax  
assets. Accordingly, the  
Corporation has maintained a valuation
allowance on the deferred tax assets of $
78.2
 
million as of December 31, 2025.

 
250
The Corporation’s  
subsidiaries in  
the United  
States file  
a consolidated  
federal income  
tax return.  
The intercompany  
settlement of
taxes paid is based on tax sharing agreements  
which generally allocate taxes to each  
entity based on a separate return basis.

The following table presents a reconciliation of  
unrecognized tax benefits.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Balance at January 1, 2024
$
1.5
Balance at December 31, 2024
$
1.5
Balance at December 31, 2025
$
1.5

At  
December 31,  
2025, the  
total amount  
of  
interest recognized  
in the  
statement of  
financial condition  
approximated  
$
2.5
 
million
(2024 - $
2.4
 
million). The total interest  
expense recognized during 2025 was  
$
110
 
thousand (2024 - $
110
 
thousand). Management
determined that, as of  
December 31, 2025 and  
2024, there was
no
 
need to accrue for  
the payment of penalties.  
The Corporation’s
policy is  
to report  
interest related  
to unrecognized  
tax benefits  
in income  
tax expense,  
while the  
penalties, if  
any,  
are reported  
in
other operating expenses in the consolidated statements  
of operations.  

After consideration  
of the  
effect on  
U.S. federal  
tax of  
unrecognized U.S.  
state tax  
benefits, the  
total amount  
of unrecognized  
tax
benefits, including U.S. and Puerto Rico that, if recognized, would affect the Corporation’s effective tax rate, was approximately $
3.0
million at December 31, 2025 (2024 - $
3.0
 
million).
The amount of  
unrecognized tax benefits  
may increase or  
decrease in the  
future for various  
reasons including adding amounts  
for
current  
tax  
year  
positions,  
expiration  
of  
open  
income  
tax  
returns  
due  
to  
the  
statute  
of  
limitations,  
changes  
in  
management’s
judgment about  
the level  
of uncertainty,  
status of  
examinations, litigation  
and legislative  
activity,  
and the  
addition or  
elimination of
uncertain tax positions.  
The Corporation does not anticipate a  
reduction in the total amount  
of unrecognized tax benefits within the
next 12 months.
The  
Corporation and  
its subsidiaries  
file  
income tax  
returns in  
Puerto  
Rico, the  
U.S. federal  
jurisdiction, various  
U.S. states  
and
political subdivisions, and  
foreign jurisdictions. As  
of December 31,  
2025, the  
following years remain  
subject to  
examination in the
U.S. Federal jurisdiction – 2022 and thereafter and  
in the Puerto Rico jurisdiction – 2019 and thereafter.

 

 
251
Note 35 – Supplemental disclosure on the consolidated  
statements of cash flows

Additional disclosures on cash flow information and  
non-cash activities for the years ended December  
31, 2025, 2024 and 2023 are
listed in the following table:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
2023
Income taxes paid
$
204,174
$
186,659
$
185,423
Interest paid
1,236,290
1,389,354
1,093,968
Non-cash activities:
 
Loans transferred to other real estate
30,755
43,082
60,976
 
Loans transferred to other property
87,209
83,851
72,069
 
Total loans transferred  
to foreclosed assets
117,964
126,933
133,045
 
Loans transferred to other assets
47,338
50,478
28,616
 
Financed sales of other real estate assets
6,059
10,620
10,378
 
Financed sales of other foreclosed assets
56,384
52,385
49,361
 
Total financed sales  
of foreclosed assets
62,443
63,005
59,739
 
Financed sale of premises and equipment
63,610
127,785
88,537
 
Transfers from premises and equipment to  
long-lived assets held-for-sale
-
50,645
-
 
Transfers from loans held-in-portfolio to  
loans held-for-sale
5,740
28,001
57,256
 
Transfers from loans held-for-sale to loans  
held-in-portfolio
2,510
6,007
5,354
 
Loans securitized into investment securities
[1]
14,251
15,160
37,345
 
Trades payable to brokers and counterparties
595,911
495,139
30
 
Net change in receivables from investments securities
14,670
161,400
51,000
 
Recognition of mortgage servicing rights on securitizations  
or asset transfers
1,133
1,364
2,097
 
Loans booked under the GNMA buy-back option
5,274
3,537
6,014
 
Capitalization of right of use assets
35,702
5,202
23,991
[1]  

Includes loans securitized into trading securities and subsequently  
sold before year end.

The following table provides a reconciliation of  
cash and due from banks, and restricted cash  
reported within the Consolidated
Statement of Financial Condition that sum to the total of  
the same such amounts shown in the Consolidated  
Statement of Cash
Flows.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
December 31, 2024
December 31, 2023
Cash and due from banks
$
396,735
$
411,375
$
383,385
Restricted cash and due from banks
6,020
8,263
37,077
Restricted cash in money market investments
10,234
9,768
7,113
Total cash and due  
from banks, and restricted cash
[2]
$
412,989
$
429,406
$
427,575
[2]  

Refer to Note 4 - Restrictions on cash and due from banks  
and certain securities for nature of restrictions.

252
Note 36 – Segment reporting
The  
Corporation’s  
corporate  
structure  
consists  
of
two
 
reportable  
segments  
–
Banco Popular de Puerto Rico and Popular U.S.
Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess
where to allocate resources.
 
The segments were  
determined based on the  
organizational structure, which focuses  
primarily on the
markets the segments serve, as well as on the products  
and services offered by the segments.
The chief operating  
decision maker (“CODM”) of  
the Corporation is  
the Chief Executive  
Officer (“CEO”) who  
utilizes net income  
as
one of  
the segment  
profitability measures,  
to evaluate  
the performance  
of each  
reportable segment and  
assess where  
to allocate
resources effectively.  
The CEO  
receives  
profitability reports  
that  
include net  
income  
per segment,  
net  
interest income  
and  
other
income  
and expense  
categories. The  
CODM uses  
the segment’s  
net income  
and components  
of net  
income, including  
segment
revenues and  
expenses to  
assess performance  
and to  
manage important  
aspects by  
each reportable  
segments,  
such as  
human
capital, investment in technology, making budget allocations,  
as well as other strategic decisions.
Banco Popular de Puerto Rico:  

The Banco  
Popular de  
Puerto Rico  
reportable segment  
includes commercial,  
consumer and  
retail banking  
operations, as  
well as
mortgage and auto lending operations conducted  
at BPPR, including U.S. based activities conducted  
through its New York  
Branch.
Other financial  
services within the  
BPPR segment  
include the trust  
service units  
of BPPR,  
asset management services  
of Popular
Asset Management and  
the brokerage operations  
of Popular Securities,  
and the insurance  
agency and reinsurance  
businesses of
Popular Insurance, Popular Risk Services, Popular Life  
Re, and Popular Re.
Popular U.S.:  

Popular U.S. reportable segment  
consists of the  
banking operations of Popular  
Bank (PB), Popular Insurance  
Agency, U.S.A.,  
and
PEF.  
PB  
operates through  
a retail  
branch network  
in the  
U.S. mainland  
under the  
name of  
Popular,  
and equipment  
leasing and
financing services through PEF.  
Popular Insurance Agency,  
U.S.A. offers investment and insurance  
services across the PB  
branch
network.  

The Corporate group  
consists primarily of  
the holding companies  
Popular, Inc.,  
Popular North America,  
Popular International Bank
and certain of the Corporation’s investments accounted for under  
the equity method, including BHD.  

The  
accounting  
policies  
of  
the  
individual  
operating  
segments  
are  
the  
same  
as  
those  
of  
the  
Corporation.  
Transactions  
between
reportable segments are primarily conducted at market rates, resulting  
in profits that are eliminated for reporting consolidated results
of  
operations. Assets  
representing transactions  
between reportable  
segments  
or  
the  
Corporate  
group  
are  
also  
eliminated in  
the
tables presented below.
The tables that follow present the results of operations  
and total assets by reportable segments:

 
253
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2025
Intersegment  

(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
2,995,591
$
787,775
$
( 3,145 )
Interest expense
829,974
375,876
( 3,145 )
Net interest income
2,165,617
411,899
-
Provision for credit losses
241,032
19,280
-
Non-interest income  

584,442
26,679
-
Personnel costs
655,433
109,053
-
Professional fees
52,088
10,978
-
Technology and  
software expenses
262,540
39,583
-
Processing and transactional services
149,998
2,370
-
Amortization of intangibles
1,062
688
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
42,664
8,979
-
Other operating expenses
[1]
483,255
103,437
-
Total operating  
expenses
1,647,040
288,088
-
Income before income tax
861,987
131,210
-
Income tax expense
132,434
43,449
-
Net income
$
729,553
$
87,761
$
-
Segment assets
$
59,934,092
$
15,062,430
$
( 66,857 )
For the year ended December 31, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,780,221
$
6,654
$
( 3,866 )
$
3,783,009
Interest expense
1,202,705
42,967
( 3,866 )
1,241,806
Net interest income (expense)
2,577,516
( 36,313 )
-
2,541,203
Provision for credit losses (benefit)
260,312
( 149 )
-
260,163
Non-interest income
611,121
50,902
( 4,004 )
658,019
Personnel costs
764,486
140,728
-
905,214
Professional fees
63,066
48,145
( 1,113 )
110,098
Technology and  
software expenses
302,123
39,482
-
341,605
Processing and transactional services
152,368
18
-
152,386
Amortization of intangibles
1,750
-
-
1,750
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
51,643
1,587
-
53,230
Other operating expenses
[1]
586,692
( 228,292 )
( 3,417 )
354,983
Total operating  
expenses
1,935,128
1,668
( 4,530 )
1,932,266
Income before income tax
993,197
13,070
526
1,006,793
Income tax expense
175,883
( 2,554 )
305
173,634
Net income
$
817,314
$
15,624
$
221
$
833,159
Segment assets
$
74,929,665
$
5,820,869
$
( 5,402,267 )
$
75,348,267
[1]
Other operating expenses includes net occupancy expenses,  
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit  
insurance costs and OREO expenses.

 
254
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,926,996
$
753,912
$
( 10,600 )
Interest expense
970,430
397,910
( 10,600 )
Net interest income
1,956,566
356,002
-
Provision for credit losses
254,843
1,369
-
Non-interest income  

596,262
26,247
( 56 )
Personnel costs
601,652
104,948
-
Professional fees
58,687
12,562
( 56 )
Technology and  
software expenses
254,584
37,884
-
Processing and transactional services
140,293
2,362
-
Amortization of intangibles
1,696
1,242
-
Depreciation expense
47,019
8,499
-
Other operating expenses
[1]
510,108
102,207
-
Total operating  
expenses
1,614,039
269,704
( 56 )
Income before income tax
683,946
111,176
-
Income tax expense
128,207
33,549
-
Net income
$
555,739
$
77,627
$
-
Segment assets
$
58,601,802
$
14,333,292
$
( 264,885 )
For the year ended December 31, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,670,308
$
12,589
$
( 9,634 )
$
3,673,263
Interest expense
1,357,740
42,869
( 9,634 )
1,390,975
Net interest income (expense)
2,312,568
( 30,280 )
-
2,282,288
Provision for credit losses (benefit)
256,212
730
-
256,942
Non-interest income
622,453
41,046
( 4,590 )
658,909
Personnel costs
706,600
113,851
-
820,451
Professional fees
71,193
55,608
( 979 )
125,822
Technology and  
software expenses
292,468
36,593
-
329,061
Processing and transactional services
142,655
22
-
142,677
Amortization of intangibles
2,938
-
-
2,938
Depreciation expense
55,518
1,560
-
57,078
Other operating expenses
[1]
612,315
( 199,165 )
( 3,540 )
409,610
Total operating  
expenses
1,883,687
8,469
( 4,519 )
1,887,637
Income before income tax
795,122
1,567
( 71 )
796,618
Income tax expense (benefit)
161,756
20,609
41
182,406
Net income
$
633,366
$
( 19,042 )
$
( 112 )
$
614,212
Segment assets
$
72,670,209
$
5,895,389
$
( 5,520,215 )
$
73,045,383
[1]
Other operating expenses includes net occupancy expenses,  
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit  
insurance costs and OREO expenses.

 
255
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,631,407
$
627,600
$
( 16,432 )
Interest expense
819,752
276,955
( 16,434 )
Net interest income
1,811,655
350,645
2
Provision for credit losses
 
(benefit)
194,325
14,584
-
Non-interest income  

586,677
24,868
( 404 )
Personnel costs
571,516
102,994
-
Professional fees
79,108
17,410
( 401 )
Technology and  
software expenses
232,652
31,890
-
Processing and transactional services
135,528
2,521
-
Amortization of intangibles
1,937
1,243
-
Goodwill impairment charge
-
23,000
-
Depreciation expense
49,135
7,888
-
Other operating expenses
[1]
544,767
99,438
( 3 )
Total operating  
expenses
1,614,643
286,384
( 404 )
Income before income tax
589,364
74,545
2
Income tax expense (benefit)
117,412
18,198
-
Net income
$
471,952
$
56,347
$
2
Segment assets
$
57,023,071
$
13,812,158
$
( 426,058 )
 
December 31, 2023
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,242,575
$
18,141
$
( 15,409 )
$
3,245,307
Interest expense
1,080,273
48,919
( 15,409 )
1,113,783
Net interest income (expense)
2,162,302
( 30,778 )
-
2,131,524
Provision for credit losses
(benefit)
208,909
( 300 )
-
208,609
Non-interest income
611,141
44,410
( 4,827 )
650,724
Personnel costs
674,510
103,535
-
778,045
Professional fees
96,117
65,713
( 688 )
161,142
Technology and  
software expenses
264,542
26,073
-
290,615
Processing and transactional services
138,049
21
-
138,070
Amortization of intangibles
3,180
-
-
3,180
Goodwill impairment charge
23,000
-
-
23,000
Depreciation expense
57,023
1,484
-
58,507
Other operating expenses (benefit)
[1]
644,202
( 194,824 )
( 3,837 )
445,541
Total operating  
expenses
1,900,623
2,002
( 4,525 )
1,898,100
Income before income tax
663,911
11,930
( 302 )
675,539
Income tax expense
 
(benefit)
135,610
( 1,333 )
( 80 )
134,197
Net income
$
528,301
$
13,263
$
( 222 )
$
541,342
Segment assets
$
70,409,171
$
5,607,833
$
( 5,258,849 )
$
70,758,155
[1]
Other operating expenses includes net occupancy expenses,  
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit  
insurance costs and OREO expenses.

 
256
Geographic Information
The following information presents selected  
financial information based on the  
geographic location where the Corporation conducts
its business. The  
banking operations of BPPR  
are primarily based in  
Puerto Rico, where it  
has the largest  
retail banking franchise.
BPPR  
also  
conducts  
banking  
operations  
in  
the  
U.S.  
Virgin  
Islands,  
the  
British  
Virgin  
Islands  
and  
New  
York.  
BPPR’s  
banking
operations in  
the mainland  
United States  
include commercial  
lending activities  
in addition  
to  
periodic loan  
participations with  
PB.
During  
the  
year  
ended  
December  
31,  
2025,  
BPPR  
participated  
in  
loans  
originated  
by  
PB  
totaling  
$
29
 
million  
(2024  
-  
did
no
t
participate, 2023 -  
$
81
 
million). Total  
assets for the BPPR  
segment related to  
its operations in  
the United States  
amounted to $
1.4
billion  
(December  
31,  
2024  
-  
$
1.6
 
billion),  
including  
$
102
 
million  
in  
multifamily  
loans  
(December  
31,  
2024  
-  
$
104
 
million),  
$
435
million in  
commercial real  
estate loans (December  
31, 2024  
- $
588
 
million), $
714
 
million in  
C&I loans (December  
31, 2024  
- $
685
million), and  
$
41
 
million in  
unsecured personal  
loans (December  
31, 2024  
- $
113
 
million). During  
the year  
ended December  
31,
2025, the  
BPPR segment generated  
$
98.4
 
million (2024  
- $
124.2
 
million, 2023 -  
$
117.7
 
million) in  
revenues from its  
operations in
the United States, mainly from net interest income. In the Virgin Islands, the BPPR segment offers banking products,  
including loans
and deposits.  
Total  
assets for  
the BPPR  
segment related to  
its operations  
in the  
U.S. and  
British Virgin  
Islands amounted  
to $
1.0
billion (December 31, 2024 - $
1.0
 
billion). The BPPR segment generated $
52.1
 
million in revenues during the year ended December
31, 2025 (2024 - $
43.4
 
million, 2023 - $
45.0
 
million) from its operations in the U.S. and  
British Virgin Islands.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
2024
2023
Revenues:
[1]
Puerto Rico  

$
2,558,396
$
2,334,721
$
2,175,938
United States
542,287
520,534
518,805
Other
98,539
85,942
87,505
Total consolidated  
revenues
$
3,199,222
$
2,941,197
$
2,782,248
[1]
Total revenues include  
net interest income, service charges on deposit accounts,  
other service fees, mortgage banking activities, net  
(loss) gain,
including impairment on equity securities, net (loss) gain  
on trading account debt securities, net gain (loss) on sale  
of loans, including valuation
adjustments on loans held-for-sale, adjustments to indemnity  
reserves on loans sold, and other operating income.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information
(In thousands)
2025
2024
2023
Puerto Rico
Total assets
$
57,955,465
$
55,888,211
$
54,181,300
Loans
25,853,231
24,154,610
22,519,961
Deposits
52,451,498
52,099,309
51,282,007
United States
Total assets
$
16,101,705
$
15,890,339
$
15,343,156
Loans
12,966,468
12,431,859
12,006,012
Deposits
11,987,581
11,030,879
10,643,602
Other
Total assets
$
1,291,097
$
1,266,833
$
1,233,699
Loans
517,817
526,606
543,299
Deposits
[1]
1,751,014
1,754,157
1,692,634
[1]
Represents deposits from BPPR operations located in the  
U.S. and British Virgin Islands.

 

257
Note 37 - Popular, Inc. (holding company only) financial information
The following  
condensed financial  
information presents  
the financial  
position of  
Popular,  
Inc. Holding  
Company only  
at December
31, 2025 and 2024, and the results of its  
operations and cash flows for the years ended  
December 31, 2025, 2024 and 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statements of Condition
December 31,
(In thousands)
2025
2024
ASSETS
Cash and due from banks (includes $
185,376
 
due from bank subsidiary (2024 - $
175,715
))
$
185,376
$
175,715
Money market investments
328,027
453,723
Debt securities held-to-maturity,  
at amortized cost (includes $
3,125
 
in common  

securities from statutory trusts (2024 - $
3,125
))
[1]
3,125
3,125
Equity securities, at lower of cost or realizable value
32,677
29,170
Investment in BPPR and subsidiaries, at equity
3,783,899
3,183,855
Investment in Popular North America and subsidiaries,  
at equity
2,021,808
1,908,608
Investment in other non-bank subsidiaries, at equity
427,453
408,639
Other loans  

24,301
25,662
Less - Allowance for credit losses
132
281
Premises and equipment
5,228
6,299
Investment in equity method investees
5,145
5,279
Other assets (includes $
1,967
 
due from subsidiaries and affiliate (2024 - $
3,875
))
73,887
48,986
Total assets  

$
6,890,794
$
6,248,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable
$
500,706
$
499,346
Other liabilities (includes $
6,924
 
due to subsidiaries and affiliate (2024 - $
11,418
))
140,773
136,249
Stockholders’ equity
6,249,315
5,613,185
Total liabilities and  
stockholders’ equity  

$
6,890,794
$
6,248,780
[1] Refer to Note 17 to the consolidated financial statements  
for information on the statutory trusts.

 

258
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statements of Operations
Years ended December 31,
(In thousands)
2025
2024
2023
Income:
Dividends from subsidiaries
$
596,500
$
623,000
$
208,000
Interest income (includes $
3,984
 
due from subsidiaries and affiliates (2024 -  
$
9,693
; 2023 -
$
15,401
))
6,487
12,139
17,715
(Losses) earnings from investments in equity method investees
( 135 )
15
( 84 )
Other operating income
1
3
-
Net gain (losses), including impairment, on equity securities
297
( 293 )
2,012
Total income  

603,150
634,864
227,643
Expenses:
Interest expense
36,738
36,640
42,691
Provision for credit losses (benefit)
( 149 )
230
( 300 )
Operating expenses (includes expenses for services provided  
by subsidiaries and affiliate of
$
17,767
 
(2024 - $
13,265
 
; 2023 - $
13,463
)), net of reimbursement by subsidiaries for services
provided by parent of $
253,213
 
(2024 - $
226,299
 
; 2023 - $
215,479
)
315
730
924
Total expenses
36,904
37,600
43,315
Income before income taxes and equity in undistributed  
earnings of subsidiaries
566,246
597,264
184,328
Income tax (benefit) expense
[1]
( 2,053 )
23,410
-
Income before equity in undistributed earnings of subsidiaries
568,299
573,854
184,328
Equity in undistributed earnings of subsidiaries
264,860
40,358
357,014
Net income
$
833,159
$
614,212
$
541,342
Comprehensive income, net of tax
$
1,312,312
$
848,503
$
1,170,739
[1] The net income  
for the year ended  
December 31, 2024,  
included $22.9 million  
of expenses, of  
which $16.5 million  
was reflected in income  
tax
expense and $6.4 million  
was reflected in other  
operating expenses, related  
to an out-of-period adjustment  
associated with the Corporation’s  
U.S.
subsidiary’s non-payment of taxes  
on certain intercompany distributions to  
the Bank Holding Company (BHC)  
in Puerto Rico, a foreign corporation
for U.S. tax purposes.

 
259
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statements of Cash Flows
Years ended December 31,
(In thousands)
2025
2024
2023
Cash flows from operating activities:
Net income
$
833,159
$
614,212
$
541,342
Adjustments to reconcile net income to net cash provided  
by operating activities:
Equity in earnings of subsidiaries, net of dividends or  
distributions
( 264,860 )
( 40,358 )
( 357,014 )
Provision for credit (benefit) losses
( 149 )
230
( 300 )
Net accretion of discounts and amortization of premiums and  
deferred fees  

1,347
1,248
1,754
Share-based compensation
14,527
10,785
9,735
Losses (earnings) from investments under the equity method,  
net of dividends or distributions
135
( 15 )
84
Net increase in:
Equity securities
( 3,507 )
( 5,176 )
( 5,158 )
Other assets
( 22,723 )
( 10,531 )
( 62 )
Net increase (decrease) in:
Interest payable
-
-
3,239
Other liabilities
6,255
12,507
( 3,377 )
Total adjustments
( 268,975 )
( 31,310 )
( 351,099 )
Net cash provided by operating activities
564,184
582,902
190,243
Cash flows from investing activities:  

Net decrease (increase) in money market investments
126,000
( 210,000 )
( 165,000 )
Net repayments on other loans
1,373
1,307
1,252
Capital contribution to subsidiaries
( 10,000 )
( 1,725 )
( 4,150 )
Return of capital from wholly owned subsidiaries
23,000
67,400
64,000
Acquisition of premises and equipment
( 639 )
( 961 )
( 2,266 )
Proceeds from sale of premises and equipment
123
135
68
Net cash provided by (used in) investing activities
139,857
( 143,844 )
( 106,096 )
Cash flows from financing activities:  

Payments of notes payable
-
-
( 300,000 )
Proceeds from issuances of notes payable
-
-
393,061
Proceeds from issuances of common stock
16,698
16,312
14,045
Dividends paid
( 197,568 )
( 180,461 )
( 159,860 )
Net payments for repurchase of common stock
( 504,815 )
( 218,619 )
( 1,396 )
Payments related to tax withholding for share-based compensation
( 8,392 )
( 6,699 )
( 4,083 )
Net cash used in financing activities
( 694,077 )
( 389,467 )
( 58,233 )
Net increase in cash and due from banks, and restricted  
cash  

9,964
49,591
25,914
Cash and due from banks, and restricted cash at beginning  
of period
178,438
128,847
102,933
Cash and due from banks, and restricted cash at end of period
$
188,402
$
178,438
$
128,847

 
260
During  
the  
year  
ended  
December  
31,  
2025,  
Popular,  
Inc.  
(parent  
company  
only)  
received  
dividend  
distributions  
from  
PIBI’s
amounting to $
23.0
 
million (2024 - $
17.4
 
million; 2023 - $
14.0
 
million). PIBI’s main source of income is its investment in BHD. There
were no dividend distributions from PNA for the year  
ended December 31, 2025 (2024 - $
50.0
 
million; 2023 - $
50.0
 
million).
Notes payable include junior  
subordinated debentures issued by  
the Corporation that are  
associated to capital securities  
issued by
the  
Popular Capital  
Trust  
II  
and medium-term  
notes. Refer  
to  
Note 17  
for  
a description  
of  
significant provisions  
related to  
these
junior subordinated  
debentures. The following  
table presents  
the aggregate amounts  
by contractual maturities  
of notes  
payable at
December 31, 2025:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
(In thousands)
2026
$
-
2027
-
2028
396,558
2029
-
2030
-
Later years
104,148
Total  

$
500,706

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
261
SIGNATURES
Pursuant to the  
requirements of Section  
13 or  
15 (d)  
of the Securities  
Exchange Act of  
1934, the registrant  
has duly caused  
this
report to be signed on its behalf by the undersigned,  
thereunto duly authorized on March 2, 2026.
POPULAR, INC.
(Registrant)
By: /S/ JAVIER D. FERRER
Javier D. Ferrer
President and Chief Executive
Officer
Pursuant to the requirements  
of the Securities Exchange Act  
of 1934, this report  
has been signed below by  
the following persons
on behalf of the registrant and in the capacities  
and on the dates indicated.
/S/ RICHARD L. CARRIÓN
Chairman of the Board
03/02/2026
Richard L. Carrión
Chairman of the Board
/S/ JAVIER D. FERRER
President, Chief Executive Officer
03/02/2026
Javier D. Ferrer
and Director
President and Chief Executive Officer
/S/ JORGE J. GARCÍA
Principal Financial Officer
03/02/2026
Jorge J. García
Executive  
Vice  
President  
and  
Chief  
Financial
Officer
/S/ DENISSA M. RODRÍGUEZ
Principal Accounting Officer
03/02/2026
Denissa M. Rodríguez
Senior Vice President and Comptroller
/S/ ALEJANDRO M. BALLESTER
Director
03/02/2026
Alejandro M. Ballester
/S/ ROBERT CARRADY
Director
03/02/2026
Robert Carrady
/S/ BERTIL E. CHAPPUIS
Director
03/02/2026
Bertil E. Chappuis
/S/ BETTY DEVITA
Director
03/02/2026
Betty Devita
S/ MARÍA LUISA FERRÉ
Director
03/02/2026
María Luisa Ferré
/S/ C. KIM GOODWIN
Director
03/02/2026
C. Kim Goodwin
/S/ JOSÉ R. RODRÍGUEZ
Director
03/02/2026
José R. Rodríguez
/S/ ALEJANDRO M. SÁNCHEZ
Director
03/02/2026
Alejandro M. Sánchez
/S/ MYRNA M. SOTO
Director
03/02/2026
Myrna M. Soto
/S/ CARLOS A. UNANUE
Director
03/02/2026
Carlos A. Unanue