10-K – 2026-03-02 – d17859d10k.htm

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