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

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

June 30, 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.
(Exact name of registrant as specified in its charter)
Puerto Rico
66-0667416
(State or other jurisdiction of Incorporation or
(IRS Employer Identification Number)
organization)
Popular Center Building
209 Muñoz Rivera Avenue
Hato Rey
,
Puerto Rico
00918
(Address of principal executive offices)
(Zip code)
(
787
)
765-9800
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.01 par value)
BPOP
The
NASDAQ Stock Market
6.125% Cumulative Monthly Income Trust
Preferred Securities
BPOPM
The
NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports  
required to be filed by Section 13 or 15(d) of the
Securities Exchange  
Act of  
1934 during  
the preceding  
12 months  
(or for  
such shorter  
period that  
the registrant  
was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X]  

Yes
[  
]  
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).
[X]  

Yes
[  
]  
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company.  
See definitions of “large accelerated filer”, “accelerated
filer,” “smaller reporting company,”  
and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
[X]
Accelerated filer [  
]
Non-accelerated filer [  
]
Smaller reporting company
[ ]
Emerging growth company
[ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act.  
[  
]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[  
]  
Yes
[X]
 
No
Indicate  
the  
number  
of  
shares  
outstanding  
of  
each  
of  
the  
issuer’s  
classes  
of  
common  
stock,  
as  
of  
the  
latest
practicable date:  
Common Stock, $0.01 par value,
67,582,844
 
shares outstanding as of August 7, 2025.

 
 
 
2
POPULAR INC
INDEX
Part I – Financial Information
Page
Item 1. Financial Statements
Unaudited Consolidated Statements of Financial Condition  
at June 30, 2025
and December 31, 2024
5
Unaudited Consolidated Statements of Operations for  
the quarters  

and six months ended June 30, 2025 and 2024
6
Unaudited Consolidated Statements of Comprehensive  
Income for the
quarters and six months ended June 30, 2025 and  
2024
7
Unaudited Consolidated Statements of Changes in  
Stockholders’ Equity for the
quarters and six months ended June 30, 2025 and  
2024
8
Unaudited Consolidated Statements of Cash Flows for  
the six months  

ended June 30, 2025 and 2024
10
Notes to Unaudited Consolidated Financial Statements
12
Item 2. Management’s Discussion and Analysis of Financial  
Condition and  

 
Results of Operations
133
Item 3. Quantitative and Qualitative Disclosures about  
Market Risk  

178
Item 4. Controls and Procedures
178
Part II – Other Information
Item 1. Legal Proceedings
178
Item 1A. Risk Factors
178
Item 2. Unregistered Sales of Equity Securities and  
Use of Proceeds
179
Item 3. Defaults Upon Senior Securities
179
Item 4. Mine Safety Disclosures
179
Item 5. Other Information
179
Item 6. Exhibits
179
Signatures
181

 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
Forward-Looking Statements
This  
Form 10-Q  
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 stockholders;
●
 
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 initiative, including  
our ability to  
achieve projected
earnings, efficiencies and  
return on tangible  
common equity and  
accurately anticipate costs  
and expenses associated
therewith;
●
 
the fiscal and monetary policies of the federal government  
and its agencies;

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
●
 
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,  
trade  
and  
tariff  
policies,  
and  
rulemaking,  
supervision,
examination and enforcement priorities of the federal  
administration;
●
 
increases  
to  
or  
additional  
Federal  
Deposit  
Insurance  
Corporation  
(“FDIC”)  
assessments,  
such  
as  
the  
special
assessment implemented  
by the  
FDIC to  
recover the  
losses to  
the deposit  
insurance fund  
(“DIF”) resulting  
from the
receiverships of Silicon Valley Bank and Signature Bank;
●
 
regulatory approvals  
that may  
be necessary  
to undertake  
certain actions  
or consummate  
strategic transactions,  
such
as acquisitions and dispositions;
●
 
the  
relative strength  
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,  
resulting  
in,  
among  
other
things, loss or breach of customer data, disruption  
of services, reputational damage or additional  
costs to Popular;
●
 
changes in market rates and prices which may  
adversely impact the value of financial assets  
and liabilities;
●
 
potential judgments,  
claims, damages,  
penalties, fines,  
enforcement actions  
and  
reputational damage  
resulting from
pending or future litigation and regulatory or government  
investigations or actions;
●
 
changes in accounting standards, rules and interpretations;
●
 
our ability to grow our core businesses;
●
 
decisions to downsize, sell or close branches or business  
units or otherwise change our business mix;  
and
●
 
management’s ability to identify and manage these and  
other risks.
Moreover, the  
outcome of any  
legal and  
regulatory proceedings, as  
discussed in “Part  
II, Item  
1. Legal Proceedings,”  
is inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
the Corporation’s Annual  
Report on Form  
10-K for the  
year ended December 31,  
2024 (the “2024  
Form 10-K”), as  
well as “Part  
II,
Item 1A” of our Quarterly  
Report on this Form 10-Q for  
a discussion of such factors and  
certain risks and uncertainties to which the
Corporation is subject.
All forward-looking  
statements included  
in this  
Form 10-Q  
are based  
upon information  
available to  
Popular as  
of the  
date of  
this
Form 10-Q, and other than as  
required by law, including the  
requirements of applicable securities laws, we assume no  
obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF FINANCIAL CONDITION
(UNAUDITED)
[UNAUDITED]
June 30,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
400,631
$
419,638
Money market investments:  

Time deposits with other banks  

6,340,786
6,380,948
Total money market investments
6,340,786
6,380,948
Trading account debt securities, at fair value
29,643
32,831
Debt securities available-for-sale, at fair  
value:
Pledged securities with creditors’ right to repledge  

31,022
30,486
Other debt securities available-for-sale
20,459,190
18,215,417
Debt securities available-for-sale
20,490,212
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge  

27,560
27,405
Other debt securities held-to-maturity
7,514,164
7,730,672
Debt securities held-to-maturity (fair  
value 2025 - $
7,555,517
; 2024 - $
7,682,664
)
7,541,724
7,758,077
Less – Allowance for credit losses
5,999
5,317
Debt securities held-to-maturity, net
7,535,725
7,752,760
Equity securities (realizable value 2025 -  
$
222,907
; 2024 - $
208,663
)
222,391
208,166
Loans held-for-sale, at fair value
2,898
5,423
Loans held-in-portfolio
38,611,834
37,522,995
Less – Unearned income
426,656
415,343
 
Allowance for credit losses
769,485
746,024
Total loans held-in-portfolio, net
37,415,693
36,361,628
Premises and equipment, net
649,191
601,787
Other real estate
46,126
57,268
Accrued income receivable
274,867
263,389
Mortgage servicing rights, at fair value
103,077
108,103
Other assets
1,745,052
1,797,759
Goodwill
802,954
802,954
Other intangible assets
5,844
6,826
Total assets
$
76,065,090
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:  

Deposits:
Non-interest bearing
$
15,114,614
$
15,139,555
Interest bearing
52,102,877
49,744,790
Total deposits
67,217,491
64,884,345
Assets sold under agreements to repurchase
56,043
54,833
Other short-term borrowings
550,000
225,000
Notes payable
808,451
896,293
Other liabilities
1,479,087
1,371,846
Total liabilities
70,111,072
67,432,317
Commitments and contingencies (Refer  
to Note 20)
 

 

Stockholders’ equity:  

Preferred stock,
30,000,000
 
shares authorized;
885,726
 
shares issued and outstanding (2024 -
885,726
)
22,143
22,143
Common stock, $
0.01
 
par value;
170,000,000
 
shares authorized;
104,889,180
 
shares issued (2024 -
104,849,460
) and
67,937,468
 
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,919,950
4,908,693
Retained earnings
4,861,958
4,570,957
Treasury stock - at cost,
36,951,712
 
shares (2024 -
34,708,169
)  

( 2,455,425 )
( 2,228,535 )
Accumulated other comprehensive loss, net  
of tax  

( 1,395,657 )
( 1,661,240 )
Total stockholders’ equity  

5,954,018
5,613,066
Total liabilities and stockholders’ equity
$
76,065,090
$
73,045,383
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF OPERATIONS
(UNAUDITED)
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2025
2024
2025
2024
Interest income:
Loans
$
684,587
$
648,739
$
1,351,260
$
1,287,469
Money market investments
69,532
88,316
139,698
176,832
Investment securities
189,753
184,852
369,912
351,747
Total interest income
943,872
921,907
1,860,870
1,816,048
Interest expense:  

Deposits
295,058
339,939
592,921
669,435
Short-term borrowings
5,300
1,126
6,726
2,318
Long-term debt
11,965
12,530
24,077
25,239
Total interest expense
312,323
353,595
623,724
696,992
Net interest income
631,549
568,312
1,237,146
1,119,056
Provision for credit losses  

48,941
46,794
113,022
119,392
Net interest income after provision for credit losses  

582,608
521,518
1,124,124
999,664
Non-interest income:  

Service charges on deposit accounts
38,826
37,526
77,880
74,968
Other service fees
100,522
96,863
195,030
191,135
Mortgage banking activities (Refer to Note 9)
4,872
5,723
8,561
10,083
Net gain, including impairment on equity securities
1,862
319
1,448
1,422
Net gain on trading account debt securities
538
277
1,058
638
Adjustments to indemnity reserves on loans sold
120
212
293
( 25 )
Other operating income
21,737
25,386
36,268
51,903
Total non-interest income
168,477
166,306
320,538
330,124
Operating expenses:  

Personnel costs
229,355
197,424
442,068
412,801
Net occupancy expenses
29,140
27,692
56,358
55,733
Equipment expenses
5,789
9,662
11,091
19,229
Other taxes
18,632
15,333
37,357
29,708
Professional fees
28,108
37,744
54,933
66,662
Technology and software expenses  

84,696
79,752
168,364
159,214
Processing and transactional services
37,861
39,096
75,642
73,290
Communications
5,010
4,357
9,914
8,914
Business promotion
26,385
25,449
50,060
46,438
Deposit insurance
9,407
10,581
19,442
34,468
Other real estate owned (OREO) income
( 4,124 )
( 5,750 )
( 7,454 )
( 11,071 )
Other operating expenses
22,117
27,502
45,016
55,774
Amortization of intangibles
385
734
982
1,529
Total operating expenses
492,761
469,576
963,773
952,689
Income before income tax
258,324
218,248
480,889
377,099
Income tax expense
47,884
40,459
92,947
96,027
Net Income
$
210,440
$
177,789
$
387,942
$
281,072
Net Income Applicable to Common Stock  

$
210,087
$
177,436
$
387,236
$
280,366
Net Income per Common Share – Basic
$
3.09
$
2.47
$
5.64
$
3.90
Net Income per Common Share – Diluted
$
3.09
$
2.46
$
5.64
$
3.90
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF COMPREHENSIVE INCOME
(UNAUDITED)
Quarters ended,  

Six months ended,
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Net income
$
210,440
$
177,789
$
387,942
$
281,072
Other comprehensive income (loss) before  
tax:
Foreign currency translation adjustment
7,499
165
854
( 3,855 )
Amortization of net losses of pension and  
postretirement benefit plans
2,272
3,618
4,545
7,236
Unrealized holding gains (losses) on debt securities  
arising during the period  

58,972
22,422
224,957
( 50,608 )
Amortization of unrealized losses of debt  
securities transfer from available-for-
sale to held-to-maturity
46,242
44,421
91,552
88,430
Other comprehensive income before tax
114,985
70,626
321,908
41,203
Income tax expense
( 20,655 )
( 15,722 )
( 56,325 )
( 23,954 )
Total other comprehensive income, net of tax
94,330
54,904
265,583
17,249
Comprehensive income, net of tax
$
304,770
$
232,693
$
653,525
$
298,321
Tax effect allocated to each component of other comprehensive  
income:
Quarters ended
Six months ended,
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Amortization of net losses of pension and  
postretirement benefit plans
$( 852
)
$( 1,357
)
$( 1,704
)
$( 2,714
)
Unrealized holding losses on debt securities  
arising during the period  

( 10,555 )
( 5,481 )
( 36,311 )
( 3,555 )
Amortization of unrealized losses of debt  
securities transfer from available-for-
sale to held-to-maturity
( 9,248 )
( 8,884 )
( 18,310 )
( 17,685 )
Income tax expense
$
( 20,655 )
$
( 15,722 )
$
( 56,325 )
$
( 23,954 )
The accompanying notes are an integral  
part of the Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Accumulated  

other
Common
Preferred  

Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
loss
Total
Balance at March 31, 2024
$
1,048
$
22,143
$
4,847,466
$
4,253,030
$
( 2,013,187 )
$
( 1,933,186 )
$
5,177,314
Net income
177,789
177,789
Issuances of common stock
1,768
1,768
Dividends declared:
Common stock
[1]
( 44,944 )
( 44,944 )
Preferred stock
( 353 )
( 353 )
Common stock purchases
( 3,200 )
( 3,200 )
Stock based compensation
3,513
5,887
9,400
Other comprehensive income, net of tax
54,904
54,904
Balance at June 30, 2024  

$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
( 2,010,500 )
$
( 1,878,282 )
$
5,372,678
Balance at March 31, 2025
$
1,049
$
22,143
$
4,912,886
$
4,699,697
$
( 2,346,093 )
$
( 1,489,987 )
$
5,799,695
Net income
210,440
210,440
Issuances of common stock
1,760
1,760
Dividends declared:
Common stock
[1]
( 47,826 )
( 47,826 )
Preferred stock
( 353 )
( 353 )
Common stock purchases
[2]
( 117,075 )
( 117,075 )
Stock based compensation
5,304
7,743
13,047
Other comprehensive income, net of tax
94,330
94,330
Balance at June 30, 2025
$
1,049
$
22,143
$
4,919,950
$
4,861,958
$
( 2,455,425 )
$
( 1,395,657 )
$
5,954,018
[1]
Dividends declared per common share during the quarter  
ended June 30, 2025 - $
0.7
0 (2024 - $
0.62
).

[2]
Includes common stock repurchases  
of $
112
.0 million as part of  
a repurchase authorization up  
to $
500
 
million announced by the  
Corporation on
July 24, 2024 (the "2024 Repurchase Program"). Refer to Note  
17 for additional information.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Accumulated  

other
Common
Preferred  

Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
loss
Total
Balance at December 31, 2023
$
1,048
$
22,143
$
4,843,399
$
4,194,851
$
( 2,018,957 )
$
( 1,895,531 )
$
5,146,953
Net income
281,072
281,072
Issuances of common stock
3,567
3,567
Dividends declared:
Common stock
[1]
( 89,695 )
( 89,695 )
Preferred stock
( 706 )
( 706 )
Common stock purchases
( 6,776 )
( 6,776 )
Stock based compensation
5,781
15,233
21,014
Other comprehensive income, net of tax
17,249
17,249
Balance at June 30, 2024  

$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
( 2,010,500 )
$
( 1,878,282 )
$
5,372,678
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
387,942
387,942
Issuances of common stock
1
3,529
3,530
Dividends declared:
Common stock
[1]
( 96,235 )
( 96,235 )
Preferred stock
( 706 )
( 706 )
Common stock purchases
[2]
( 243,055 )
( 243,055 )
Stock based compensation
7,728
16,165
23,893
Other comprehensive income, net of tax
265,583
265,583
Balance at June 30, 2025
$
1,049
$
22,143
$
4,919,950
$
4,861,958
$
( 2,455,425 )
$
( 1,395,657 )
$
5,954,018
[1]
Dividends declared per common share during the six months  
ended June 30, 2025 - $
1.40
 
(2024 - $
1.24
).

[2]
Includes common stock repurchases of $
234.3
 
million as part of the 2024 Repurchase Program. Refer  
to Note 17 for additional information.

For the six months ended
June 30,
June 30,
Disclosure of changes in number of shares:
2025
2024
Preferred Stock:
Balance at beginning and end of period
885,726
885,726
Common Stock – Issued:
Balance at beginning of period
104,849,460
104,767,348
Issuances of common stock
39,720
44,623
Balance at end of period
104,889,180
104,811,971
Treasury stock
( 36,951,712 )
( 32,446,045 )
Common Stock – Outstanding
67,937,468
72,365,926
The accompanying notes are an integral part of these Consolidated  
Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CASH FLOWS
(UNAUDITED)
Six months ended June 30,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$
387,942
$
281,072
Adjustments to reconcile net income to net cash provided  
by operating activities:
Provision for credit losses
113,022
119,392
Amortization of intangibles
982
1,529
Depreciation and amortization of premises and equipment
25,319
31,249
Net accretion of discounts and amortization of premiums and  
deferred fees  

( 136,208 )
( 127,770 )
Interest capitalized on loans subject to the temporary payment  
moratorium or loss mitigation alternatives
( 2,822 )
( 4,047 )
Share-based compensation
21,930
16,391
Fair value adjustments on mortgage servicing rights
5,523
5,384
Adjustments to indemnity reserves on loans sold
( 293 )
25
Earnings from investments under the equity method, net  
of dividends or distributions
152
( 2,871 )
Deferred income tax expense  

20,832
19,702
Gain on:
Disposition of premises and equipment and other productive  
assets
( 91 )
( 6,295 )
Sale of loans, including valuation adjustments on loans  
held-for-sale and mortgage banking activities
( 156 )
( 76 )
Sale of equity method investment  

( 1,226 )
-
Sale of foreclosed assets, including write-downs
( 5,076 )
( 10,575 )
Acquisitions of loans held-for-sale
( 2,332 )
( 1,767 )
Proceeds from sale of loans held-for-sale
15,584
19,358
Net originations on loans held-for-sale
( 12,137 )
( 22,580 )
Net decrease (increase) in:
Trading debt securities
10,040
6,735
Equity securities
( 1,411 )
( 4,445 )
Accrued income receivable  

( 11,419 )
( 17,340 )
Other assets
( 19,371 )
( 8,463 )
Net increase (decrease) in:
Interest payable
2,584
3,145
Pension and other postretirement benefits obligation
2,191
3,732
Other liabilities
1,434
( 59,481 )
Total adjustments
27,051
( 39,068 )
Net cash provided by operating activities
414,993
242,004
Cash flows from investing activities:  

Net decrease in money market investments
40,765
147,650
Purchases of investment securities:
Available-for-sale
( 18,905,199 )
( 17,231,900 )
Equity
( 25,811 )
( 1,667 )
Proceeds from calls, paydowns, maturities and redemptions  
of investment securities:
Available-for-sale
17,145,332
15,375,714
Held-to-maturity
303,212
304,653
Proceeds from sale of investment securities:
 

 

Equity
14,497
4,046
Net disbursements  
on loans
( 912,037 )
( 287,684 )
Proceeds from sale of loans
40,983
17,640
Acquisition of loan portfolios
( 319,297 )
( 384,479 )
Return of capital from equity method investments
-
279
Net proceeds from sale of equity method investment  

1,226
-
Acquisition of premises and equipment and other productive  
assets
( 96,200 )
( 95,412 )
Proceeds from sale of:
Premises and equipment and other productive assets
344
4,409
Foreclosed assets
47,590
58,979
Net cash used in investing activities
( 2,664,595 )
( 2,087,772 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
Cash flows from financing activities:  

Net increase in:
Deposits
2,334,656
1,912,286
Assets sold under agreements to repurchase  

1,210
14,300
Other short-term borrowings
325,000
-
Payments of notes payable
( 88,522 )
( 46,000 )
Principal payments of finance leases
( 1,829 )
( 1,774 )
Proceeds from issuances of common stock
3,530
3,567
Dividends paid
( 98,661 )
( 90,151 )
Net payments for repurchase of common stock
( 236,203 )
( 452 )
Payments related to tax withholding for share-based compensation
( 7,983 )
( 6,324 )
Net cash provided by financing activities
2,231,198
1,785,452
Net decrease in cash and due from banks, and restricted  
cash
( 18,404 )
( 60,316 )
Cash and due from banks, and restricted cash at beginning  
of period
429,406
427,575
Cash and due from banks, and restricted cash at the end of  
the period
$
411,002
$
367,259
The accompanying notes are an integral part of these Consolidated  
Financial Statements.

12
Notes to Consolidated Financial  

Statements  
(Unaudited)
Note 1 -
Nature of operations
13
Note 2 -
Basis of presentation
14
Note 3 -
New accounting pronouncements
15
Note 4 -
Restrictions on cash and due from banks and
certain securities
20
Note 5 -
Debt securities available-for-sale
21
Note 6 -
Debt securities held-to-maturity
24
Note 7 -
Loans
27
Note 8 -
Allowance for credit losses – loans held-in-
portfolio
35
Note 9 -
Mortgage banking activities
78
Note 10 -
Transfers of financial assets and mortgage
servicing assets
79
Note 11 -
Other real estate owned
83
Note 12 -
Other assets
84
Note 13 -
Goodwill and other intangible assets  

86
Note 14 -
Deposits
88
Note 15 -
Borrowings
89
Note 16 -
Other liabilities
91
Note 17 -
Stockholders’ equity
92
Note 18 -
Other comprehensive income  

93
Note 19 -
Guarantees
95
Note 20 -
Commitments and contingencies
97
Note 21-
Non-consolidated variable interest entities
100
Note 22 -
Related party transactions
102
Note 23 -
Fair value measurement
103
Note 24 -
Fair value of financial instruments
111
Note 25 -
Net income per common share
114
Note 26 -
Revenue from contracts with customers
115
Note 27 -
Leases
116
Note 28 -
Pension and postretirement benefits
118
Note 29 -
Stock-based compensation
119
Note 30 -
Income taxes
122
Note 31 -
Supplemental disclosure on the consolidated
statements of cash flows
126
Note 32 -
Segment reporting
127

13
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 U.S.  
and British  
Virgin Islands.  
In Puerto  
Rico, the  
Corporation provides retail,  
mortgage and
commercial banking services and auto and equipment leasing and financing through its principal banking subsidiary, Banco Popular
de Puerto  
Rico (“BPPR”),  
as well  
as broker-dealer  
and insurance  
services through  
specialized subsidiaries. In  
the U.S.  
mainland,
the  
Corporation provides  
retail, mortgage,  
commercial banking  
services, 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.

 

14
Note 2 – Basis of Presentation

 
Basis of Presentation
The (unaudited) interim Consolidated Financial Statements are, in the opinion of management, a fair statement of the results  
for the
periods reported.  
The consolidated statement  
of financial condition  
presented as  
of December 31,  
2024 was  
derived from  
audited
Consolidated Financial Statements of the Corporation  
for the year ended December 31, 2024.
Certain  
information  
and  
notes  
to  
the  
financial  
statements  
disclosures  
which  
would  
normally  
be  
included  
in  
financial  
statements
prepared in  
accordance with  
Accounting Principles  
Generally Accepted  
in the  
United States  
of America  
(U.S. GAAP),  
have been
condensed or omitted from the unaudited financial statements pursuant  
to the rules and regulations of the  
Securities and Exchange
Commission.  
Accordingly,  
these  
financial  
statements  
should  
be  
read  
in  
conjunction  
with  
the  
audited  
Consolidated  
Financial
Statements of  
the Corporation  
for the  
year ended  
December 31,  
2024,  
included in  
the 2024  
Form 10-K.  
Operating results  
for the
interim periods disclosed herein are not necessarily  
indicative of the results that may be expected  
for a full year or any future period.

 
Use of Estimates in the Preparation of Financial Statements
The preparation of financial  
statements in conformity with  
accounting principles generally accepted in  
the United States  
of America
requires management to make  
estimates and assumptions that  
affect the reported  
amounts of assets and  
liabilities and contingent
assets  
and  
liabilities  
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.

15
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 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 2023-08,
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 hold crypto-assets.

16
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2023-05,
Business Combinations -
Joint Venture Formations
(Subtopic 805-60) -
Recognition and initial
measurement
The  
FASB  
issued  
ASU  
2023-05  
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  
by
the  
adoption  
of  
this  
ASU  
but  
it  
will
consider  
this  
guidance  
for  
the  
initial
measurement of assets and liabilities of
newly  
created  
joint  
ventures
prospectively.

17
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

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  
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  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
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.

18
 
 
 
 
 
 
 
 
 
 
 
 
 
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  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

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
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
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.
For fiscal years
beginning on
January 1, 2025
The  
Corporation  
will  
prospectively
adopt  
ASU  
2023-09  
for  
it's
Consolidated  
Financial  
Statements  
in
the  
2025  
Form  
10-K.  
The  
adoption  
of
this standard  
will result  
in the  
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,
within the income taxes note.

19
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 from
Regulation S-X or
Regulation S-K. If by
June 30, 2027, the
SEC has not
removed the
applicable
requirements from
Regulation S-X or
Regulation S-K, the
pending content of
the related
amendment will be
removed from the
Codification and will
not become  

effective for any
entity.
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.

20
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 June 30, 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 June  
30, 2025,  
the Corporation  
held $
60
 
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.

 
21
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 June 30, 2025 and December 31,  
2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair  

average
(In thousands)
cost
gains  

losses
value
yield
U.S. Treasury securities
Within 1 year
$
11,617,164
$
81
$
23,332
$
11,593,913
3.66
%
After 1 to 5 years
3,823,444
20,739
25,300
3,818,883
3.80
Total U.S. Treasury  
securities
15,440,608
20,820
48,632
15,412,796
3.69
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
7,520
-
199
7,321
1.52
After 5 to 10 years
13,024
-
626
12,398
2.52
After 10 years
97,807
99
7,193
90,713
2.90
Total collateralized  
mortgage obligations - federal agencies
118,351
99
8,018
110,432
2.77
Mortgage-backed securities - federal agencies
Within 1 year
15,394
1
149
15,246
2.54
After 1 to 5 years
83,070
7
2,438
80,639
2.28
After 5 to 10 years
696,835
290
31,836
665,289
2.38
After 10 years
5,174,509
710
970,159
4,205,060
1.67
Total mortgage-backed  
securities - federal agencies
5,969,808
1,008
1,004,582
4,966,234
1.77
Other
Within 1 year
500
-
-
500
4.38
After 1 to 5 years
250
-
-
250
4.84
Total other  

750
-
-
750
4.53
Total debt securities  
available-for-sale
[1]
$
21,529,517
$
21,927
$
1,061,232
$
20,490,212
3.15
%
[1]
 
Includes $
15.5
 
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 $
14.3
 
billion serve as collateral for
public funds.  
The Corporation had unpledged Available  
for Sale securities with a fair value of $
5
.0 billion that could be used to increase its
borrowing facilities.

22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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  
based  
on  
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.
At June 30,  
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  
classified as  
available-for-sale sold during  
the six  
months
ended June 30, 2025 and 2024.

 

 
 
23
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
June 30, 2025 and December 31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 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
$
8,477,646
$
11,934
$
2,097,347
$
36,698
$
10,574,993
$
48,632
Collateralized mortgage obligations - federal agencies  

6,592
21
92,871
7,997
99,463
8,018
Mortgage-backed securities -federal agencies
50,680
2,594
4,863,122
1,001,988
4,913,802
1,004,582
Total debt securities  
available-for-sale in an unrealized loss position  

$
8,534,918
$
14,549
$
7,053,340
$
1,046,683
$
15,588,258
$
1,061,232

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30,  
2025, the portfolio of  
available-for-sale debt securities reflects gross unrealized losses  
of $
1.1
 
billion (December 31,
2024 -  
$
1.3
 
billion), driven mainly  
by mortgage-backed securities,  
which have  
been impacted by  
the-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.

 

 
24
Note 6 –Debt securities held-to-maturity

The following  
tables present  
the amortized  
cost, allowance  
for credit  
losses, gross  
unrealized gains  
and losses,  
approximate fair
value,  
weighted average  
yield  
and contractual  
maturities of  
debt securities  
held-to-maturity at  
June 30,  
2025  
and  
December 31,
2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 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
$
1,504,543
$
1,481,291
$
-
$
1,481,291
$
-
$
2,667
$
1,478,624
1.86
%
After 1 to 5 years
6,362,489
5,998,366
-
5,998,366
22,074
-
6,020,440
1.22
Total U.S. Treasury  
securities
7,867,032
7,479,657
-
7,479,657
22,074
2,667
7,499,064
1.34
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,540
2,540
7
2,533
6
-
2,539
6.41
After 1 to 5 years
14,777
14,777
60
14,717
31
98
14,650
3.40
After 5 to 10 years
655
655
21
634
21
-
655
5.81
After 10 years
36,625
36,625
5,911
30,714
2,740
2,117
31,337
1.42
Total obligations of  
Puerto Rico, States and
political subdivisions
54,597
54,597
5,999
48,598
2,798
2,215
49,181
2.24
Collateralized mortgage obligations - federal
agencies
After 10 years
1,510
1,510
-
1,510
-
198
1,312
2.87
Total collateralized  
mortgage obligations -
federal agencies
1,510
1,510
-
1,510
-
198
1,312
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]
$
7,929,099
$
7,541,724
$
5,999
$
7,535,725
$
24,872
$
5,080
$
7,555,517
1.35
%
[1]
Book value includes $
387
 
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 $
7.4
 
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 $
138.6
 
million that could be used to increase its borrowing  
facilities.

 
25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.

Debt 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.

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 of  
the 2024 Form  
10-K, 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.
At June  
30, 2025  
and December 31,  
2024, the “Obligations  
of Puerto  
Rico, States and  
political subdivisions” classified  
as held-to-
maturity,  
includes  
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  
$
11
 
million  
of  
general and  
special  
obligation bonds  
issued  
by three  
municipalities of  
Puerto
Rico,  
of  
which  
$
9.5
 
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 June 30, 2025, the portfolio of “Obligations of Puerto Rico, States  
and political subdivisions” also includes $
37
 
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.  

26
The  
Corporation  
assesses  
the  
credit  
risk  
associated  
with  
these  
securities  
by  
evaluating  
the  
refreshed  
FICO  
scores  
of  
a
representative  
sample  
of  
the  
underlying  
borrowers.  
As  
of  
June  
30,  
2025,  
the  
average  
refreshed  
FICO  
score  
for  
the  
sample,
comprised  
of
74
%  
of  
the  
nominal  
value  
of  
the  
securities,  
used  
for  
the  
loss  
estimate  
was  
of
676
 
(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.  

Refer to  
Note 20
to the  
Consolidated Financial  
Statements
for additional  
information on  
the Corporation’s  
exposure to  
the Puerto
Rico Government.

Delinquency status
At June 30, 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 June
30, 2025 was $
6.0
 
million (December 31, 2024 - $
5.3
 
million).

 

 
 
 
27
Note 7 – Loans

For  
a summary  
of  
the accounting  
policies related  
to  
loans, interest  
recognition and  
allowance for  
credit  
losses  
refer to  
Note  
2  
–
Summary of Significant Accounting Policies of the 2024  
Form 10-K.

The following  
table presents  
the Corporation's loan  
purchases for  
the quarters  
and six  
months ended June  
30, 2025  
and 2024  
by
class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,  

Six months ended June 30,  

(In thousands)
2025
2024
2025
2024
Commercial
$
67,726
$
159,258
$
74,886
$
215,422
Mortgage
125,690
84,849
246,597
170,653
Ending balance
$
193,416
$
244,107
$
321,483
$
386,075

The following table presents  
the Corporation’s loan sales for the quarters and six months ended June 30, 2025 and 2024 by class of
loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,  

Six months ended June 30,  

(In thousands)
2025
2024
2025
2024
Commercial
$
1,000
$
-
$
27,349
$
-
Construction
-
-
9,338
11,656
Mortgage
8,450
12,752
15,387
23,756
Ending balance
$
9,450
$
12,752
$
52,074
$
35,412

During the  
quarter ended  
June  
30,  
2025,  
the  
Corporation securitized  
$
3
 
million  
of  
mortgage  
loans  
into  
FNMA  
mortgage-backed
securities, compared to $
3
 
million during the quarter ended June 30, 2024. The Corporation securitized $
3
 
million of mortgage loans
into GNMA  
mortgage-backed securities  
during the  
quarter ended  
June 30,  
2025. There  
were
no
 
GNMA securitizations  
during the
quarter ended June 30, 2024.
During the six months  
ended June 30, 2025,  
the Corporation securitized $
4
 
million of mortgage loans into  
FNMA mortgage-backed
securities, compared to  
$
4
 
million during the  
six months ended  
June 30, 2024.  
The Corporation securitized  
$
3
 
million of mortgage
loans into  
GNMA mortgage-backed  
securities during  
the six  
months ended  
June 30,  
2025, compared  
to $
1
 
million during  
the six
months ended June 30, 2024.
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
June 30, 2025 and December 31, 2024.

 
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
6,337
$
-
$
174
$
6,511
$
299,852
$
306,363
$
174
$
-
Commercial real estate:
Non-owner occupied
113
1,679
6,084
7,876
3,322,108
3,329,984
6,084
-
Owner occupied
1,087
2,098
27,320
30,505
1,171,601
1,202,106
27,320
-
Commercial and industrial
4,657
2,449
12,652
19,758
5,574,966
5,594,724
8,588
4,064
Construction
3,720
-
-
3,720
249,579
253,299
-
-
Mortgage
262,525
109,530
324,140
696,195
6,407,811
7,104,006
147,464
176,676
Leasing
23,109
5,629
7,976
36,714
1,946,354
1,983,068
7,976
-
Consumer:
Credit cards
14,184
9,360
25,201
48,745
1,166,545
1,215,290
-
25,201
Home equity lines of credit
-
-
-
-
1,809
1,809
-
-
Personal
19,022
11,917
17,499
48,438
1,743,772
1,792,210
17,499
-
Auto
102,643
22,404
40,595
165,642
3,696,060
3,861,702
40,595
-
Other
2,500
160
2,212
4,872
155,550
160,422
1,948
264
Total
$
439,897
$
165,226
$
463,853
$
1,068,976
$
25,736,007
$
26,804,983
$
257,648
$
206,205

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
-
$
4,675
$
10,751
$
15,426
$
2,199,000
$
2,214,426
$
10,751
$
-
Commercial real estate:
Non-owner occupied
1,503
-
7,893
9,396
2,181,994
2,191,390
7,893
-
Owner occupied
10,677
-
231
10,908
1,790,841
1,801,749
231
-
Commercial and industrial
9,235
5,195
3,025
17,455
2,431,573
2,449,028
2,836
189
Construction
-
-
-
-
1,214,902
1,214,902
-
-
Mortgage
677
3,329
28,052
32,058
1,308,363
1,340,421
28,052
-
Consumer:
Credit cards
-
-
-
-
3
3
-
-
Home equity lines of
credit
845
717
3,120
4,682
70,988
75,670
3,120
-
Personal
1,045
532
1,094
2,671
81,582
84,253
1,094
-
Other
694
1
-
695
7,658
8,353
-
-
Total
$
24,676
$
14,449
$
54,166
$
93,291
$
11,286,904
$
11,380,195
$
53,977
$
189

 
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
6,337
$
4,675
$
10,925
$
21,937
$
2,498,852
$
2,520,789
$
10,925
$
-
Commercial real estate:
Non-owner occupied
1,616
1,679
13,977
17,272
5,504,102
5,521,374
13,977
-
Owner occupied
11,764
2,098
27,551
41,413
2,962,442
3,003,855
27,551
-
Commercial and industrial
13,892
7,644
15,677
37,213
8,006,539
8,043,752
11,424
4,253
Construction
3,720
-
-
3,720
1,464,481
1,468,201
-
-
Mortgage
[1]
263,202
112,859
352,192
728,253
7,716,174
8,444,427
175,516
176,676
Leasing
23,109
5,629
7,976
36,714
1,946,354
1,983,068
7,976
-
Consumer:
Credit cards
14,184
9,360
25,201
48,745
1,166,548
1,215,293
-
25,201
Home equity lines of credit
845
717
3,120
4,682
72,797
77,479
3,120
-
Personal
20,067
12,449
18,593
51,109
1,825,354
1,876,463
18,593
-
Auto
102,643
22,404
40,595
165,642
3,696,060
3,861,702
40,595
-
Other
3,194
161
2,212
5,567
163,208
168,775
1,948
264
Total
$
464,573
$
179,675
$
518,019
$
1,162,267
$
37,022,911
$
38,185,178
$
311,625
$
206,394

[1]
At June 30, 2025, mortgage loans held-in-portfolio include  
$
2.9
 
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 $
177
 
million are 90 days or more past due. The portfolio of
guaranteed loans includes $
52
 
million of residential mortgage loans in Puerto Rico that  
are no longer accruing interest as of June 30, 2025. The
Corporation has $
29
 
million in reverse mortgage loans in Puerto Rico which  
are guaranteed by FHA, but which are currently  
not accruing interest
at June 30, 2025.
[2]
Loans held-in-portfolio are net of $
427
 
million in unearned income and exclude $
3
 
million in loans held-for-sale.
[3]
Includes $
21.4
 
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 $
13.9
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of June  
30, 2025, the Corporation had an available borrowing  
facility with the FHLB and the
discount window of FRB of $
4
.0 billion and $
10.8
 
billion, respectively.

 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.

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 Corporation discontinues the recognition of interest income on residential mortgage loans insured by the
FHA or guaranteed by the VA when 15 months  
delinquent as to principal or interest, since the principal repayment on these loans is
insured.
Loans with a  
delinquency status of 90  
days past due  
as of June  
30, 2025 include  
$
8
 
million in loans  
previously pooled into  
GNMA
securities (December 31, 2024 - $
9
 
million). Under the GNMA program, issuers such as BPPR have  
the option but not the obligation
to repurchase loans that  
are 90 days or  
more past due. For  
accounting purposes, these loans subject to  
the repurchase option are
required to be reflected on the financial statements of BPPR with an offsetting liability.  
Loans in our serviced GNMA portfolio benefit
from payment forbearance programs but continue to reflect the  
contractual delinquency until the borrower repays deferred payments
or completes a payment deferral modification or other  
borrower assistance alternative.

The following tables present the amortized cost basis  
of non-accrual loans as of June 30, 2025 and  
December 31, 2024 by class of
loans:

 
 
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
-
$
174
$
10,751
$
-
$
10,751
$
174
Commercial real estate non-owner occupied
3,168
2,916
7,016
877
10,184
3,793
Commercial real estate owner occupied
17,795
9,525
-
231
17,795
9,756
Commercial and industrial
-
8,588
-
2,836
-
11,424
Mortgage
63,464
84,000
905
27,147
64,369
111,147
Leasing
479
7,497
-
-
479
7,497
Consumer:
 
HELOCs
-
-
-
3,120
-
3,120
 
Personal  

3,460
14,039
-
1,094
3,460
15,133
 
Auto  

1,973
38,622
-
-
1,973
38,622
 
Other
-
1,948
-
-
-
1,948
Total
$
90,339
$
167,309
$
18,672
$
35,305
$
109,011
$
202,614

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June  
30, 2025 include  
$
109
 
million in  
collateral dependent loans  
(December 31,
2024 -  
$
124
 
million). The  
Corporation recognized $
3
 
million in  
interest income  
on non-accrual  
loans during  
the six  
months ended
June 30, 2025 (June 30, 2024 - $
2
 
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 June  
30, 2025 and December 31, 2024:

 
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,250
$
-
$
-
$
-
$
-
$
1,250
Commercial real estate:
Non-owner occupied
143,152
-
-
-
-
143,152
Owner occupied
24,596
-
-
-
-
24,596
Commercial and industrial
2,436
-
-
124
2,248
4,808
Mortgage
71,234
-
-
-
-
71,234
Leasing
-
1,393
-
-
-
1,393
Consumer:
Personal
3,572
-
-
-
-
3,572
Auto
-
16,545
-
-
-
16,545
Other
-
12
-
-
-
12
Total BPPR
$
246,240
$
17,950
$
-
$
124
$
2,248
$
266,562
Popular U.S.
Commercial multi-family
$
16,542
$
-
$
-
$
-
$
-
$
16,542
Commercial real estate:
Non-owner occupied
65,668
-
-
-
-
65,668
Commercial and industrial
-
-
13
-
-
13
Mortgage
1,408
-
-
-
-
1,408
Total Popular U.S.
$
83,618
$
-
$
13
$
-
$
-
$
83,631
Popular, Inc.
Commercial multi-family
$
17,792
$
-
$
-
$
-
$
-
$
17,792
Commercial real estate:
Non-owner occupied
208,820
-
-
-
-
208,820
Owner occupied
24,596
-
-
-
-
24,596
Commercial and industrial
2,436
-
13
124
2,248
4,821
Mortgage
72,642
-
-
-
-
72,642
Leasing
-
1,393
-
-
-
1,393
Consumer:
Personal
3,572
-
-
-
-
3,572
Auto
-
16,545
-
-
-
16,545
Other
-
12
-
-
-
12
Total Popular,  
Inc.
$
329,858
$
17,950
$
13
$
124
$
2,248
$
350,193

 
34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

35
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
competing risk  
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 June  
30, 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 previous quarter. The net impact of these two changes in the  
assigned weights on the
ACL  
levels  
for  
the  
six  
months  
ended  
June  
30,  
2025  
was  
$
13.7
 
million  
in  
additional  
reserves.  
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  
quarters and six
months ended June 30, 2025 and 2024.

 
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
BPPR
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
 
Commercial multi-family
$
3,420
$
270
$
 

-
 

$
6
$
3,696
 
Commercial real estate non-owner occupied
42,848
( 160 )
( 21 )
472
43,139
 
Commercial real estate owner occupied
36,019
( 1,176 )
( 14 )
1,019
35,848
 
Commercial and industrial
131,407
( 6,769 )
( 2,466 )
1,030
123,202
 
Total Commercial
213,694
( 7,835 )
( 2,501 )
2,527
205,885
Construction
2,719
356
-
-
3,075
Mortgage
74,289
( 1,752 )
( 550 )
2,979
74,966
Leasing
20,206
2,570
( 3,982 )
1,246
20,040
Consumer
 
Credit cards
96,523
13,094
( 20,011 )
2,700
92,306
 
Home equity lines of credit
60
( 313 )
 

-
 

307
54
 
Personal
89,786
18,881
( 19,553 )
3,777
92,891
 
Auto
171,979
16,852
( 13,418 )
6,861
182,274
 
Other
7,007
1,297
( 700 )
154
7,758
 
Total Consumer
365,355
49,811
( 53,682 )
13,799
375,283
Total - Loans
$
676,263
$
43,150
$
( 60,715 )
$
20,551
$
679,249
Allowance for credit losses - unfunded commitments:
Commercial
$
7,445
$
( 1,569 )
$
-
$
-
$
5,876
Construction
1,560
309
-
-
1,869
Ending balance - unfunded commitments [1]
$
9,005
$
( 1,260 )
$
-
$
-
$
7,745
[1] Allowance for credit losses of unfunded commitments  
is presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 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
$
10,081
$
3,567
$
( 563 )
$
-
$
13,085
Commercial real estate non-owner occupied
15,453
525
-
-
15,978
Commercial real estate owner occupied
14,193
( 1,016 )
( 14 )
40
13,203
Commercial and industrial
16,422
1,533
( 49 )
254
18,160
Total Commercial
56,149
4,609
( 626 )
294
60,426
Construction
6,793
711
-
-
7,504
Mortgage
9,740
437
-
32
10,209
Consumer
Home equity lines of credit
1,550
( 799 )
( 16 )
595
1,330
Personal
11,651
1,417
( 2,920 )
615
10,763
Other
2
14
( 13 )
1
4
Total Consumer
13,203
632
( 2,949 )
1,211
12,097
Total - Loans
$
85,885
$
6,389
$
( 3,575 )
$
1,537
$
90,236
Allowance for credit losses - unfunded commitments:
Commercial
$
1,630
$
305
$
-
$
-
$
1,935
Construction
3,492
( 203 )
-
-
3,289
Consumer
42
42
-
-
84
Ending balance - unfunded commitments [1]
$
5,164
$
144
$
-
$
-
$
5,308
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
Popular Inc.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,501
$
3,837
$
( 563 )
$
6
$
16,781
Commercial real estate non-owner occupied
58,301
365
( 21 )
472
59,117
Commercial real estate owner occupied
50,212
( 2,192 )
( 28 )
1,059
49,051
Commercial and industrial
147,829
( 5,236 )
( 2,515 )
1,284
141,362
Total Commercial
269,843
( 3,226 )
( 3,127 )
2,821
266,311
Construction
9,512
1,067
-
-
10,579
Mortgage
84,029
( 1,315 )
( 550 )
3,011
85,175
Leasing
20,206
2,570
( 3,982 )
1,246
20,040
Consumer
Credit cards
96,523
13,094
( 20,011 )
2,700
92,306
Home equity lines of credit
1,610
( 1,112 )
( 16 )
902
1,384
Personal
101,437
20,298
( 22,473 )
4,392
103,654
Auto
171,979
16,852
( 13,418 )
6,861
182,274
Other
7,009
1,311
( 713 )
155
7,762
Total Consumer
378,558
50,443
( 56,631 )
15,010
387,380
Total - Loans
$
762,148
$
49,539
$
( 64,290 )
$
22,088
$
769,485
Allowance for credit losses - unfunded commitments:
Commercial
$
9,075
$
( 1,264 )
$
-
$
-
$
7,811
Construction
5,052
106
-
-
5,158
Consumer
42
42
-
-
84
Ending balance - unfunded commitments [1]
$
14,169
$
( 1,116 )
$
-
$
-
$
13,053
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
$
905
$
-
$
-
$
8
$
3,696
Commercial real estate non-owner occupied
44,852
( 2,759 )
-
( 86 )
1,132
43,139
Commercial real estate owner occupied
37,355
( 2,918 )
-
( 103 )
1,514
35,848
Commercial and industrial
130,136
( 7,026 )
-
( 5,778 )
5,870
123,202
Total Commercial
215,126
( 11,798 )
-
( 5,967 )
8,524
205,885
Construction
2,743
332
-
-
-
3,075
Mortgage
72,901
( 2,870 )
9
( 985 )
5,911
74,966
Leasing
16,419
9,629
-
( 8,526 )
2,518
20,040
Consumer
Credit cards
99,130
26,916
-
( 38,876 )
5,136
92,306
Home equity lines of credit
54
( 421 )
-
( 25 )
446
54
Personal
91,296
35,709
-
( 41,506 )
7,392
92,891
Auto
165,995
36,323
-
( 34,474 )
14,430
182,274
Other
7,002
2,020
-
( 1,580 )
316
7,758
Total Consumer
363,477
100,547
-
( 116,461 )
27,720
375,283
Total - Loans
$
670,666
$
95,840
$
9
$
( 131,939 )
$
44,673
$
679,249
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
( 849 )
$
-
$
-
$
-
$
5,876
Construction
1,663
206
-
-
-
1,869
Ending balance - unfunded commitments [1]
$
8,388
$
( 643 )
$
-
$
-
$
-
$
7,745
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
$
7,194
$
( 563 )
$
1
$
13,085
Commercial real estate non-owner occupied
9,642
6,336
-
-
15,978
Commercial real estate owner occupied
12,473
193
( 26 )
563
13,203
Commercial and industrial
15,870
3,010
( 1,196 )
476
18,160
Total Commercial
44,438
16,733
( 1,785 )
1,040
60,426
Construction
8,521
( 1,017 )
-
-
7,504
Mortgage
9,508
484
-
217
10,209
Consumer
Home equity lines of credit
1,449
( 935 )
( 46 )
862
1,330
Personal
11,440
3,617
( 5,546 )
1,252
10,763
Other
2
35
( 42 )
9
4
Total Consumer
12,891
2,717
( 5,634 )
2,123
12,097
Total - Loans
$
75,358
$
18,917
$
( 7,419 )
$
3,380
$
90,236
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
273
$
-
$
-
$
1,935
Construction
5,409
( 2,120 )
-
-
3,289
Consumer
11
73
-
-
84
Ending balance - unfunded commitments [1]
$
7,082
$
( 1,774 )
$
-
$
-
$
5,308
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
41
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
$
8,099
$
-
$
( 563 )
$
9
$
16,781
Commercial real estate non-owner occupied
54,494
3,577
-
( 86 )
1,132
59,117
Commercial real estate owner occupied
49,828
( 2,725 )
-
( 129 )
2,077
49,051
Commercial and industrial
146,006
( 4,016 )
-
( 6,974 )
6,346
141,362
Total Commercial
259,564
4,935
-
( 7,752 )
9,564
266,311
Construction
11,264
( 685 )
-
-
-
10,579
Mortgage
82,409
( 2,386 )
9
( 985 )
6,128
85,175
Leasing
16,419
9,629
-
( 8,526 )
2,518
20,040
Consumer
Credit cards
99,130
26,916
-
( 38,876 )
5,136
92,306
Home equity lines of credit
1,503
( 1,356 )
-
( 71 )
1,308
1,384
Personal
102,736
39,326
-
( 47,052 )
8,644
103,654
Auto
165,995
36,323
-
( 34,474 )
14,430
182,274
Other
7,004
2,055
-
( 1,622 )
325
7,762
Total Consumer
376,368
103,264
-
( 122,095 )
29,843
387,380
Total - Loans
$
746,024
$
114,757
$
9
$
( 139,358 )
$
48,053
$
769,485
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
( 576 )
$
-
$
-
$
-
$
7,811
Construction
7,072
( 1,914 )
-
-
-
5,158
Consumer
11
73
-
-
-
84
Ending balance - unfunded commitments [1]
$
15,470
$
( 2,417 )
$
-
$
-
$
-
$
13,053
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
42
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 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
$
3,567
$
( 264 )
$
-
$
-
$
-
$
3,303
Commercial real estate non-owner occupied
53,666
( 324 )
-
-
44
53,386
Commercial real estate owner occupied
43,537
( 5,296 )
-
-
1,134
39,375
Commercial and industrial
102,844
14,440
-
( 8,072 )
2,051
111,263
Total Commercial
203,614
8,556
-
( 8,072 )
3,229
207,327
Construction
3,114
524
-
-
-
3,638
Mortgage
76,564
( 6,419 )
6
( 26 )
3,775
73,900
Leasing
8,991
8,094
-
( 3,841 )
1,141
14,385
Consumer
Credit cards
88,169
11,856
-
( 16,419 )
2,707
86,313
Home equity lines of credit
102
22
-
( 94 )
53
83
Personal
99,504
15,492
-
( 23,293 )
2,318
94,021
Auto
157,456
10,250
-
( 16,609 )
6,352
157,449
Other
6,808
210
-
( 680 )
151
6,489
Total Consumer
352,039
37,830
-
( 57,095 )
11,581
344,355
Total - Loans
$
644,322
$
48,585
$
6
$
( 69,034 )
$
19,726
$
643,605
Allowance for credit losses - unfunded commitments:
Commercial
$
4,942
$
598
$
-
$
-
$
-
$
5,540
Construction
1,441
654
-
-
-
2,095
Ending balance - unfunded commitments [1]
$
6,383
$
1,252
$
-
$
-
$
-
$
7,635
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
43
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 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
$
9,176
$
( 1,303 )
$
-
$
4
$
7,877
Commercial real estate non-owner occupied
11,958
( 1,151 )
-
42
10,849
Commercial real estate owner occupied
20,270
( 1,514 )
-
59
18,815
Commercial and industrial
17,574
( 1,367 )
( 1,195 )
207
15,219
Total Commercial
58,978
( 5,335 )
( 1,195 )
312
52,760
Construction
8,025
1,126
-
100
9,251
Mortgage
9,874
( 502 )
( 18 )
35
9,389
Consumer
Home equity lines of credit
1,770
( 510 )
( 14 )
397
1,643
Personal
16,573
795
( 4,596 )
655
13,427
Other
2
( 2 )
( 18 )
20
2
Total Consumer
18,345
283
( 4,628 )
1,072
15,072
Total - Loans
$
95,222
$
( 4,428 )
$
( 5,841 )
$
1,519
$
86,472
Allowance for credit losses - unfunded commitments:
Commercial
$
2,542
$
308
$
-
$
-
$
2,850
Construction
7,837
562
-
-
8,399
Consumer
5
( 5 )
-
-
-
Ending balance - unfunded commitments [1]
$
10,384
$
865
$
-
$
-
$
11,249
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 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
$
12,743
$
( 1,567 )
$
-
$
-
$
4
$
11,180
Commercial real estate non-owner occupied
65,624
( 1,475 )
-
-
86
64,235
Commercial real estate owner occupied
63,807
( 6,810 )
-
-
1,193
58,190
Commercial and industrial
120,418
13,073
-
( 9,267 )
2,258
126,482
Total Commercial
262,592
3,221
-
( 9,267 )
3,541
260,087
Construction
11,139
1,650
-
-
100
12,889
Mortgage
86,438
( 6,921 )
6
( 44 )
3,810
83,289
Leasing
8,991
8,094
-
( 3,841 )
1,141
14,385
Consumer
Credit cards
88,169
11,856
-
( 16,419 )
2,707
86,313
Home equity lines of credit
1,872
( 488 )
-
( 108 )
450
1,726
Personal
116,077
16,287
-
( 27,889 )
2,973
107,448
Auto
157,456
10,250
-
( 16,609 )
6,352
157,449
Other
6,810
208
-
( 698 )
171
6,491
Total Consumer
370,384
38,113
-
( 61,723 )
12,653
359,427
Total - Loans
$
739,544
$
44,157
$
6
$
( 74,875 )
$
21,245
$
730,077
Allowance for credit losses - unfunded commitments:
Commercial
$
7,484
$
906
$
-
$
-
$
-
$
8,390
Construction
9,278
1,216
-
-
-
10,494
Consumer
5
( 5 )
-
-
-
-
Ending balance - unfunded commitments [1]
$
16,767
$
2,117
$
-
$
-
$
-
$
18,884
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
$
( 312 )
$
-
$
-
$
1
$
3,303
Commercial real estate non-owner occupied
53,754
( 737 )
-
-
369
53,386
Commercial real estate owner occupied
40,637
( 149 )
-
( 2,785 )
1,672
39,375
Commercial and industrial
107,577
14,816
-
( 14,741 )
3,611
111,263
Total Commercial
205,582
13,618
-
( 17,526 )
5,653
207,327
Construction
5,294
( 1,656 )
-
-
-
3,638
Mortgage
72,440
( 6,738 )
23
( 791 )
8,966
73,900
Leasing
9,708
11,062
-
( 8,691 )
2,306
14,385
Consumer
Credit cards
80,487
33,496
-
( 32,815 )
5,145
86,313
Home equity lines of credit
103
125
-
( 291 )
146
83
Personal
101,181
35,755
-
( 47,642 )
4,727
94,021
Auto
157,931
23,621
-
( 36,776 )
12,673
157,449
Other
7,132
310
-
( 1,344 )
391
6,489
Total Consumer
346,834
93,307
-
( 118,868 )
23,082
344,355
Total - Loans
$
639,858
$
109,593
$
23
$
( 145,876 )
$
40,007
$
643,605
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
478
$
-
$
-
$
-
$
5,540
Construction
1,618
477
-
-
-
2,095
Ending balance - unfunded commitments [1]
$
6,680
$
955
$
-
$
-
$
-
$
7,635
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
$
( 1,813 )
$
( 441 )
$
5
$
7,877
Commercial real estate non-owner occupied
11,699
( 956 )
-
106
10,849
Commercial real estate owner occupied
16,227
2,505
-
83
18,815
Commercial and industrial
14,779
1,836
( 1,759 )
363
15,219
Total Commercial
52,831
1,572
( 2,200 )
557
52,760
Construction
7,392
1,759
-
100
9,251
Mortgage
10,774
( 1,427 )
( 18 )
60
9,389
Consumer
Home equity lines of credit
1,875
( 763 )
( 21 )
552
1,643
Personal
16,609
5,786
( 10,308 )
1,340
13,427
Other
2
23
( 49 )
26
2
Total Consumer
18,486
5,046
( 10,378 )
1,918
15,072
Total - Loans
$
89,483
$
6,950
$
( 12,596 )
$
2,635
$
86,472
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
999
$
-
$
-
$
2,850
Construction
8,446
( 47 )
-
-
8,399
Consumer
29
( 29 )
-
-
-
Ending balance - unfunded commitments [1]
$
10,326
$
923
$
-
$
-
$
11,249
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

 
47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
$
( 2,125 )
$
-
$
( 441 )
$
6
$
11,180
Commercial real estate non-owner occupied
65,453
( 1,693 )
-
-
475
64,235
Commercial real estate owner occupied
56,864
2,356
-
( 2,785 )
1,755
58,190
Commercial and industrial
122,356
16,652
-
( 16,500 )
3,974
126,482
Total Commercial
258,413
15,190
-
( 19,726 )
6,210
260,087
Construction
12,686
103
-
-
100
12,889
Mortgage
83,214
( 8,165 )
23
( 809 )
9,026
83,289
Leasing
9,708
11,062
-
( 8,691 )
2,306
14,385
Consumer
Credit cards
80,487
33,496
-
( 32,815 )
5,145
86,313
Home equity lines of credit
1,978
( 638 )
-
( 312 )
698
1,726
Personal
117,790
41,541
-
( 57,950 )
6,067
107,448
Auto
157,931
23,621
-
( 36,776 )
12,673
157,449
Other
7,134
333
-
( 1,393 )
417
6,491
Total Consumer
365,320
98,353
-
( 129,246 )
25,000
359,427
Total - Loans
$
729,341
$
116,543
$
23
$
( 158,472 )
$
42,642
$
730,077
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,477
$
-
$
-
$
-
$
8,390
Construction
10,064
430
-
-
-
10,494
Consumer
29
( 29 )
-
-
-
-
Ending balance - unfunded commitments [1]
$
17,006
$
1,878
$
-
$
-
$
-
$
18,884
[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 six  
months ended  
June 30,  
2025 amounted  
to $
158
 
million (During  
the year  
ended December  
31,
2024 - $
75
 
million), 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 quarters and  
six months
ended June 30, 2025 and 2024. Loans modified  
to borrowers experiencing financial difficulties that were fully paid down,  
charged-off
or foreclosed upon by period end are not reported.

 

 
48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the quarter ended June 30, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
837
0.01
%
$
-
-
%
$
837
0.01
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
-
 
Credit cards
395
0.03
%
-
-
%
395
0.03
%
 
Personal
1,159
0.06
%
-
-
%
1,159
0.06
%
Total
$
2,460
0.01
%
$
-
-
%
$
2,460
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
108
-
%
$
58,652
2.68
%
$
58,760
1.06
%
CRE owner occupied
5,308
0.44
%
-
-
%
5,308
0.18
%
Commercial and industrial
5,693
0.10
%
-
-
%
5,693
0.07
%
Mortgage
12,983
0.18
%
665
0.05
%
13,648
0.16
%
Consumer:
-
 
Personal
260
0.01
%
21
0.02
%
281
0.01
%
 
Auto
49
-
%
-
-
%
49
-
%
Total
$
24,401
0.09
%
$
59,338
0.52
%
$
83,739
0.22
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
4,436
0.13
%
$
-
-
%
$
4,436
0.08
%
CRE owner occupied
8,827
0.73
%
-
-
%
8,827
0.29
%
Commercial and industrial
166,870
2.98
%
-
-
%
166,870
2.07
%
Mortgage
420
0.01
%
-
-
%
420
-
%
Total
$
180,553
0.67
%
$
-
-
%
$
180,553
0.47
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
100
-
%
$
-
-
%
$
100
-
%
Mortgage
3,936
0.06
%
-
-
%
3,936
0.05
%
Consumer:
 
Personal
3,429
0.19
%
73
0.09
%
3,502
0.19
%
 
Auto
16
-
%
-
-
%
16
-
%
Total
$
7,481
0.03
%
$
73
-
%
$
7,554
0.02
%
Combination -  
Other-Than-Insignificant Payment Delays and Interest Rate  
Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
310
0.01
%
$
-
-
%
$
310
-
%
Consumer:
 
Credit cards
2,293
0.19
%
-
-
%
2,293
0.19
%
Total
$
2,603
0.01
%
$
-
-
%
$
2,603
0.01
%

49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the six months ended June 30,  
2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
2,048
0.04
%
$
-
-
%
$
2,048
0.03
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
 
Credit cards
542
0.04
%
-
-
%
542
0.04
%
 
Personal
2,280
0.13
%
-
-
%
2,280
0.12
%
 
Other
5
-
%
-
-
%
5
-
%
Total
$
4,944
0.02
%
$
-
-
%
$
4,944
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
108
-
%
$
58,652
2.68
%
$
58,760
1.06
%
CRE owner occupied
5,308
0.44
%
-
-
%
5,308
0.18
%
Commercial and industrial
11,271
0.20
%
-
-
%
11,271
0.14
%
Mortgage
22,922
0.32
%
665
0.05
%
23,587
0.28
%
Consumer:
 
Personal
495
0.03
%
21
0.02
%
516
0.03
%
 
Auto
87
-
%
-
-
%
87
-
%
Total
$
40,191
0.15
%
$
59,338
0.52
%
$
99,529
0.26
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
4,436
0.13
%
$
-
-
%
$
4,436
0.08
%
CRE owner occupied
20,980
1.75
%
-
-
%
20,980
0.70
%
Commercial and industrial
177,506
3.17
%
-
-
%
177,506
2.21
%
Mortgage
420
0.01
%
-
-
%
420
-
%
Total
$
203,342
0.76
%
$
-
-
%
$
203,342
0.53
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
100
-
%
$
-
-
%
$
100
-
%
Mortgage
7,061
0.10
%
-
-
%
7,061
0.08
%
Consumer:
 
Personal
6,534
0.36
%
114
0.14
%
6,648
0.35
%
 
Auto
16
-
%
-
-
%
16
-
%
Total
$
13,711
0.05
%
$
114
-
%
$
13,825
0.04
%

 
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
861
0.02
%
$
-
-
%
$
861
0.01
%
Consumer:
 
Credit cards
4,867
0.40
%
-
-
%
4,867
0.40
%
Total
$
5,728
0.02
%
$
-
-
%
$
5,728
0.02
%

 
51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the quarter ended June 30, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
33
-
%
$
-
-
%
$
33
-
%
Commercial and industrial
1,747
0.03
%
-
-
%
1,747
0.02
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
422
0.04
%
-
-
%
422
0.04
%
 
Personal
848
0.05
%
-
-
%
848
0.05
%
 
Other
25
0.02
%
-
-
%
25
0.02
%
Total
$
3,117
0.01
%
$
-
-
%
$
3,117
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
3,084
0.10
%
$
-
-
%
$
3,084
0.06
%
CRE owner occupied
1,134
0.08
%
6,071
0.35
%
7,205
0.23
%
Commercial and industrial
23,059
0.46
%
-
-
%
23,059
0.32
%
Mortgage
16,933
0.26
%
642
0.05
%
17,575
0.22
%
Consumer:
 
Personal
238
0.01
%
136
0.10
%
374
0.02
%
 
Auto
56
-
%
-
-
%
56
-
%
Total
$
44,504
0.18
%
$
6,849
0.07
%
$
51,353
0.14
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
57,071
1.92
%
$
-
-
%
$
57,071
1.14
%
CRE owner occupied
6,230
0.44
%
-
-
%
6,230
0.20
%
Commercial and industrial
52,124
1.04
%
-
-
%
52,124
0.72
%
Mortgage
127
-
%
-
-
%
127
-
%
Total
$
115,552
0.46
%
$
-
-
%
$
115,552
0.32
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
490
0.01
%
$
-
-
%
$
490
0.01
%
Mortgage
5,246
0.08
%
31
-
%
5,277
0.07
%
Consumer:
 
Personal
2,190
0.13
%
-
-
%
2,190
0.12
%
Total
$
7,926
0.03
%
$
31
-
%
$
7,957
0.02
%
Combination -  
Other-Than-Insignificant Payment Delays and Interest Rate  
Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
89
-
%
$
-
-
%
$
89
-
%
Consumer:
 
Credit cards
243
0.02
%
-
-
%
243
0.02
%
Total
$
332
-
%
$
-
-
%
$
332
-
%

52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the six months ended June 30,  
2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
33
-
%
$
-
-
%
$
33
-
%
Commercial and industrial
2,122
0.04
%
-
-
%
2,122
0.03
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
549
0.05
%
-
-
%
549
0.05
%
 
Personal
1,085
0.06
%
-
-
%
1,085
0.06
%
 
Other
25
0.02
%
-
-
%
25
0.02
%
Total
$
3,856
0.02
%
$
-
-
%
$
3,856
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
39,484
1.33
%
$
-
-
%
$
39,484
0.79
%
CRE owner occupied
11,718
0.83
%
6,071
0.35
%
17,789
0.57
%
Commercial and industrial
23,767
0.48
%
-
-
%
23,767
0.33
%
Mortgage
29,868
0.45
%
642
0.05
%
30,510
0.39
%
Consumer:
 
Personal
436
0.02
%
141
0.10
%
577
0.03
%
 
Auto
56
-
%
-
-
%
56
-
%
Total
$
105,329
0.42
%
$
6,854
0.07
%
$
112,183
0.32
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
57,071
1.92
%
$
-
-
%
$
57,071
1.14
%
CRE owner occupied
16,207
1.14
%
-
-
%
16,207
0.52
%
Commercial and industrial
56,477
1.13
%
-
-
%
56,477
0.78
%
Mortgage
127
-
%
-
-
%
127
-
%
Total
$
129,882
0.52
%
$
-
-
%
$
129,882
0.36
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
890
0.03
%
$
-
-
%
$
890
0.02
%
Commercial and industrial
586
0.01
%
-
-
%
586
0.01
%
Mortgage
8,655
0.13
%
68
0.01
%
8,723
0.11
%
Consumer:
 
Personal
3,234
0.19
%
144
0.11
%
3,378
0.18
%
Total
$
13,365
0.05
%
$
212
-
%
$
13,577
0.04
%

 
53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
89
-
%
-
-
89
-
%
Consumer:
 
Credit cards
539
0.05
%
-
-
539
0.05
%
Total
$
628
-
%
$
-
-
$
628
-
%

54
The following tables describe the financial effect of the  
modifications made to borrowers experiencing  
financial difficulties:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
22.7
% to
9.9
%.
Mortgage
Reduced weighted-average contractual interest rate from
7
.0% to
5.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.8
% to
7.9
%.
Personal
Reduced weighted-average contractual interest rate from
20.9
% to
11.1
%.
Auto
Reduced weighted-average contractual interest rate from
18.3
0% to
18.29
%.
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
17
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
10
 
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
5
 
years to the life of loans.
Auto
Added a weighted-average of
19
 
months to the life of loans.
Other than insignificant payment delays
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
14
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
20
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
24.3
% to
9.7
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.8
% to
5.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21
.0% to
8.2
%.
Personal
Reduced weighted-average contractual interest rate from
21.3
% to
11.5
%.
Auto
Reduced weighted-average contractual interest rate from
18.3
0% to
18.29
%.
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
17
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
17
 
months 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
5
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.

55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
10
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
20
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
18
 
months to the life of loans.

56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
12
.0% to
5
.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
18
.0% to
9.3
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.4
% to
4.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
19.7
% to
4.2
%.
Personal
Reduced weighted-average contractual interest rate from
19.2
% to
10.1
%.
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
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months 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
10
 
years to the life of loans.
Auto
Added a weighted-average of
4
 
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
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
30
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
24
 
months to the life of loans.

57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 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
12
.0% to
5
.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
19.2
% to
9.4
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.2
% to
4.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.2
% to
5
.0%.
Personal
Reduced weighted-average contractual interest rate from
18.8
% to
10
.0%.
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
11
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months 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
10
 
years to the life of loans.
Auto
Added a weighted-average of
4
 
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
11
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
30
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
23
 
months to the life of loans.

58
The following tables present, by  
class, the performance of loans  
that have been modified  
during the twelve months  
preceding June
30,  
2025.  
The  
past  
due  
90  
days  
or  
more  
categories  
includes  
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
 
June 30, 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
$
-
$
-
$
556
$
556
$
4,536
$
5,092
$
448
$
108
CRE owner occupied
386
-
2,583
2,969
43,635
46,604
429
2,154
Commercial and industrial
291
92
2,325
2,708
215,888
218,596
387
1,938
Mortgage
5,765
2,431
18,854
27,050
31,215
58,265
4,876
13,978
Consumer:
 
Credit cards
729
539
1,153
2,421
5,851
8,272
882
271
 
Personal
631
300
2,365
3,296
13,243
16,539
281
2,084
 
Auto
-
-
-
-
135
135
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,802
$
3,362
$
27,836
$
39,000
$
314,508
$
353,508
$
7,303
$
20,533
[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.
 
June 30, 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
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,791
5,791
$
-
$
-
CRE non-owner occupied
-
-
-
-
58,652
58,652
-
-
Commercial and industrial
-
-
-
-
609
609
-
-
Mortgage
-
-
-
-
1,481
1,481
-
-
Consumer:
 
Personal
17
-
-
17
208
225
-
-
Total
$
17
$
-
$
-
$
17
$
66,741
$
66,758
$
-
$
-
[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.

59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Popular Inc.
 
June 30, 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
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,791
$
5,791
$
-
$
-
CRE non-owner occupied
-
-
556
556
63,188
63,744
448
108
CRE owner occupied
386
-
2,583
2,969
43,635
46,604
429
2,154
Commercial and industrial
291
92
2,325
2,708
216,497
219,205
387
1,938
Mortgage
5,765
2,431
18,854
27,050
32,696
59,746
4,876
13,978
Consumer:
 
Credit cards
729
539
1,153
2,421
5,851
8,272
882
271
 
Personal
648
300
2,365
3,313
13,451
16,764
281
2,084
 
Auto
-
-
-
-
135
135
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,819
$
3,362
$
27,836
$
39,017
$
381,249
$
420,266
$
7,303
$
20,533
[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.

60
The following tables present, by  
class, the performance of loans  
that have been modified  
during the twelve months  
preceding June
30, 2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
June 30, 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
$
-
$
-
$
64
$
64
$
-
$
64
$
-
$
64
CRE non-owner occupied
176
-
2,847
3,023
123,280
126,303
-
2,847
CRE owner occupied
335
-
1,976
2,311
187,369
189,680
-
1,976
Commercial and industrial
379
27
16,325
16,731
81,051
97,782
11,994
4,331
Mortgage
8,969
3,596
23,535
36,100
46,337
82,437
4,833
18,702
Consumer:
 
Credit cards
81
174
113
368
1,269
1,637
79
34
 
Personal
78
172
1,461
1,711
5,085
6,796
232
1,229
 
Auto
-
-
48
48
59
107
-
48
 
Other
-
-
25
25
4
29
-
25
Total
$
10,018
$
3,969
$
46,394
$
60,381
$
444,454
$
504,835
$
17,138
$
29,256
[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.
 
June 30, 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 owner occupied
$
-
$
-
$
-
$
-
$
48,948
$
48,948
$
-
$
-
Mortgage
-
-
772
772
919
1,691
-
772
Consumer:
 
Personal
19
24
110
153
164
317
3
107
Total
$
19
$
24
$
882
$
925
$
50,031
$
50,956
$
3
$
879
[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.
 
June 30, 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
$
-
$
-
$
64
$
64
$
-
$
64
$
-
$
64
CRE non-owner occupied
176
-
2,847
3,023
123,280
126,303
-
2,847
CRE owner occupied
335
-
1,976
2,311
236,317
238,628
-
1,976
Commercial and industrial
379
27
16,325
16,731
81,051
97,782
11,994
4,331
Mortgage
8,969
3,596
24,307
36,872
47,256
84,128
4,833
19,474
Consumer:
 
Credit cards
81
174
113
368
1,269
1,637
79
34
 
Personal
97
196
1,571
1,864
5,249
7,113
235
1,336
 
Auto
-
-
48
48
59
107
-
48
 
Other
-
-
25
25
4
29
-
25
Total
$
10,037
$
3,993
$
47,276
$
61,306
$
494,485
$
555,791
$
17,141
$
30,135
[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.

 
 
61
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 During the Quarter Ended June  
30, 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
$
-
$
-
$
448
$
-
$
-
$
448
CRE owner occupied
-
-
254
-
-
254
Commercial and industrial
70
-
-
-
318
388
Mortgage
-
4,478
-
1,256
-
5,734
Consumer:
 
Credit cards
172
-
-
-
771
943
 
Personal
127
105
-
139
-
371
Total
$
369
$
4,583
$
702
$
1,395
$
1,089
$
8,138

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Six Months Ended  
June 30, 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
$
-
$
-
$
448
$
-
$
-
$
448
CRE owner occupied
-
88
429
-
-
517
Commercial and industrial
99
-
30
-
395
524
Mortgage
-
8,129
-
1,411
-
9,540
Consumer:
 
Credit cards
290
-
-
-
983
1,273
 
Personal
143
105
-
147
-
395
Total
$
532
$
8,322
$
907
$
1,558
$
1,378
$
12,697

 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Quarter Ended June  
30, 2024

 
 
62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
$
-
$
57
$
22
$
-
$
51
$
130
Mortgage
-
5,012
-
1,246
-
6,258
Consumer:
 
Credit cards
60
-
-
-
76
136
 
Personal
270
-
-
66
-
336
Total
$
330
$
5,069
$
22
$
1,312
$
127
$
6,860

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Six Months Ended  
June 30, 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
$
-
$
543
$
-
$
-
$
-
$
543
Commercial and industrial
-
11,936
32
-
76
12,044
Mortgage
-
6,707
-
1,548
-
8,255
Consumer:
 
Credit cards
85
-
-
-
147
232
 
Personal
309
-
-
144
-
453
Total
$
394
$
19,186
$
32
$
1,692
$
223
$
21,527

Credit Quality
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 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 June 30,  
2025 and December 31, 2024 and the gross write-offs recorded by  
vintage
year.  
For  
the  
definitions  
of  
the  
obligor  
risk  
ratings,  
refer  
to  
the  
Credit  
Quality  
section  
of  
Note  
8  
to  
the  
Consolidated  
Financial
Statements included in the 2024 Form 10-K:

 
 
 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
5,807
$
49,680
$
36,848
$
134,824
$
20,776
$
49,916
$
107
$
-
$
297,958
Watch
-
-
-
532
-
974
-
-
1,506
Special Mention
-
-
-
-
-
3,052
-
-
3,052
Substandard
-
-
-
-
-
3,847
-
-
3,847
Total commercial
multi-family
$
5,807
$
49,680
$
36,848
$
135,356
$
20,776
$
57,789
$
107
$
-
$
306,363
Commercial real estate non-owner occupied
Pass
$
170,876
$
435,905
$
277,255
$
800,396
$
539,661
$
851,734
$
6,502
$
-
$
3,082,329
Watch
8,463
9,012
2,133
736
4,929
55,975
72
-
81,320
Special Mention
-
-
40,950
150
-
21,642
-
-
62,742
Substandard
-
14,255
8,650
30,652
26,150
23,886
-
-
103,593
Total commercial
real estate non-
owner occupied
$
179,339
$
459,172
$
328,988
$
831,934
$
570,740
$
953,237
$
6,574
$
-
$
3,329,984
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
86
$
-
$
-
$
86
Commercial real estate owner occupied
Pass
$
37,062
$
137,720
$
79,163
$
103,152
$
183,384
$
334,315
$
6,647
$
-
$
881,443
Watch
1,871
14,458
5,509
26,227
21,246
80,797
-
-
150,108
Special Mention
-
-
1,671
16,158
743
11,605
1,461
-
31,638
Substandard
-
361
1,581
45,868
2,600
76,599
11,823
-
138,832
Doubtful
-
-
-
-
-
85
-
-
85
Total commercial
real estate owner
occupied
$
38,933
$
152,539
$
87,924
$
191,405
$
207,973
$
503,401
$
19,931
$
-
$
1,202,106
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
103
$
-
$
-
$
103

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
610,403
$
726,378
$
802,741
$
507,669
$
213,257
$
406,259
$
1,375,443
$
-
$
4,642,150
Watch
24,809
98,741
24,041
69,784
52,631
24,827
114,548
-
409,381
Special Mention
25
20,707
15,190
193
155,494
3,748
15,670
-
211,027
Substandard
4,506
14,137
39,212
77,310
4,268
27,254
165,473
-
332,160
Doubtful
-
-
-
-
-
6
-
-
6
Total commercial
and industrial
$
639,743
$
859,963
$
881,184
$
654,956
$
425,650
$
462,094
$
1,671,134
$
-
$
5,594,724
Year-to-Date gross
write-offs
$
505
$
134
$
209
$
370
$
21
$
207
$
4,332
$
-
$
5,778
Construction
Pass
$
12,476
$
93,063
$
71,433
$
13,614
$
2,392
$
10,344
$
28,788
$
-
$
232,110
Watch
-
-
15,355
-
82
-
-
-
15,437
Substandard
-
-
-
-
5,752
-
-
-
5,752
Total construction
$
12,476
$
93,063
$
86,788
$
13,614
$
8,226
$
10,344
$
28,788
$
-
$
253,299
Mortgage
Pass
$
500,848
$
896,365
$
701,587
$
393,941
$
390,381
$
4,147,454
$
-
$
-
$
7,030,576
Substandard
-
76
2,349
2,923
837
67,245
-
-
73,430
Total mortgage
$
500,848
$
896,441
$
703,936
$
396,864
$
391,218
$
4,214,699
$
-
$
-
$
7,104,006
Year-to-Date gross
write-offs
$
-
 

$
-
 

$
-
 

$
-
 

$
-
 

$
985
$
-
$
-
$
985

64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
401,501
$
606,339
$
415,561
$
304,802
$
174,810
$
72,079
$
-
$
-
$
1,975,092
Substandard
102
947
2,339
2,527
1,318
743
-
-
7,976
Total leasing
$
401,603
$
607,286
$
417,900
$
307,329
$
176,128
$
72,822
$
-
$
-
$
1,983,068
Year-to-Date gross
write-offs
$
96
$
2,005
$
2,801
$
2,692
$
932
$
-
$
-
$
-
$
8,526
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,190,089
$
-
$
1,190,089
Substandard
-
-
-
-
-
-
25,179
-
25,179
Loss
-
-
-
-
-
-
22
-
22
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,215,290
$
-
$
1,215,290
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
38,876
$
-
$
38,876
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,809
$
-
$
1,809
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,809
$
-
$
1,809
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
463,420
$
565,928
$
361,675
$
187,632
$
73,097
$
94,447
$
-
$
28,023
$
1,774,222
Substandard
23
1,776
3,660
1,823
675
7,307
-
2,295
17,559
Loss
-
128
173
59
61
8
-
-
429
Total Personal
$
463,443
$
567,832
$
365,508
$
189,514
$
73,833
$
101,762
$
-
$
30,318
$
1,792,210
Year-to-Date gross
write-offs
$
55
$
7,261
$
19,056
$
10,308
$
2,754
$
1,137
$
-
$
935
$
41,506
Auto
Pass
$
631,487
$
1,141,753
$
823,831
$
563,712
$
402,200
$
249,272
$
-
$
-
$
3,812,255
Substandard
559
10,807
13,078
10,413
7,488
7,015
-
-
49,360
Loss
-
17
57
8
-
5
-
-
87
Total Auto
$
632,046
$
1,152,577
$
836,966
$
574,133
$
409,688
$
256,292
$
-
$
-
$
3,861,702
Year-to-Date gross
write-offs
$
907
$
14,215
$
9,433
$
6,088
$
2,823
$
1,008
$
-
$
-
$
34,474
Other consumer
Pass
$
11,209
$
26,344
$
27,484
$
17,591
$
8,930
$
4,052
$
62,591
$
-
$
158,201
Substandard
-
-
221
105
-
55
264
-
645
Loss
-
-
-
1,026
550
-
-
-
1,576
Total Other
consumer
$
11,209
$
26,344
$
27,705
$
18,722
$
9,480
$
4,107
$
62,855
$
-
$
160,422
Year-to-Date gross
write-offs
$
12
$
159
$
152
$
158
$
115
$
984
$
-
$
-
$
1,580
Total BPPR
$
2,885,447
$
4,864,897
$
3,773,747
$
3,313,827
$
2,293,712
$
6,636,547
$
3,006,488
$
30,318
$
26,804,983

 
 
65
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
220,110
$
141,968
$
158,579
$
463,959
$
304,759
$
713,040
$
7,845
$
-
$
2,010,260
Watch
-
-
-
19,739
24,169
124,218
-
-
168,126
Special Mention
-
-
-
7,922
-
-
-
-
7,922
Substandard
-
-
-
2,742
-
25,376
-
-
28,118
Total commercial
multi-family
$
220,110
$
141,968
$
158,579
$
494,362
$
328,928
$
862,634
$
7,845
$
-
$
2,214,426
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
134,448
$
184,579
$
311,357
$
474,945
$
168,109
$
650,531
$
9,897
$
-
$
1,933,866
Watch
10,300
8,875
10,900
11,365
9,221
85,023
-
-
135,684
Substandard
-
-
1,937
13,105
5,830
100,718
250
-
121,840
Total commercial
real estate non-
owner occupied
$
144,748
$
193,454
$
324,194
$
499,415
$
183,160
$
836,272
$
10,147
$
-
$
2,191,390
Commercial real estate owner occupied
Pass
$
182,187
$
256,245
$
256,523
$
265,347
$
267,836
$
283,143
$
8,454
$
-
$
1,519,735
Watch
-
13,500
25,370
7,838
859
55,575
-
-
103,142
Special Mention
-
18,056
-
38,063
-
22,984
-
-
79,103
Substandard
-
-
-
16,310
2,557
80,902
-
-
99,769
Total commercial
real estate owner
occupied
$
182,187
$
287,801
$
281,893
$
327,558
$
271,252
$
442,604
$
8,454
$
-
$
1,801,749
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
-
$
26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
128,135
$
324,089
$
288,628
$
319,633
$
290,456
$
714,577
$
245,021
$
-
$
2,310,539
Watch
-
-
5,203
38,038
24,093
38,311
5,940
-
111,585
Special Mention
-
-
3,909
4,822
427
215
1,906
-
11,279
Substandard
-
2,623
274
-
196
1,509
11,023
-
15,625
Total commercial
and industrial
$
128,135
$
326,712
$
298,014
$
362,493
$
315,172
$
754,612
$
263,890
$
-
$
2,449,028
Year-to-Date gross
write-offs
$
-
$
552
$
-
$
-
$
599
$
7
$
38
$
-
$
1,196
Construction
Pass
$
153,767
$
373,195
$
503,352
$
62,476
$
-
$
6,030
$
11,641
$
-
$
1,110,461
Watch
324
3,945
4,615
67,330
-
7,057
-
-
83,271
Special Mention
-
-
12,568
-
-
-
-
-
12,568
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
154,091
$
377,140
$
520,535
$
138,408
$
-
$
13,087
$
11,641
$
-
$
1,214,902
Mortgage
Pass
$
82,666
$
89,746
$
86,297
$
209,953
$
267,057
$
576,649
$
-
$
-
$
1,312,368
Substandard
-
-
644
-
-
27,409
-
-
28,053
Total mortgage
$
82,666
$
89,746
$
86,941
$
209,953
$
267,057
$
604,058
$
-
$
-
$
1,340,421

66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
3
$
-
$
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
3
$
-
$
3
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,408
$
56,341
$
10,802
$
72,551
Substandard
-
-
-
-
-
1,478
13
558
2,049
Loss
-
-
-
-
-
164
-
906
1,070
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,050
$
56,354
$
12,266
$
75,670
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
46
$
-
$
46
Personal
Pass
$
11,637
$
22,435
$
16,958
$
25,006
$
5,594
$
1,530
$
-
$
-
$
83,160
Substandard
-
231
228
251
49
279
-
-
1,038
Loss
-
-
7
-
-
48
-
-
55
Total Personal
$
11,637
$
22,666
$
17,193
$
25,257
$
5,643
$
1,857
$
-
$
-
$
84,253
Year-to-Date gross
write-offs
$
-
$
1,158
$
1,379
$
2,535
$
437
$
37
$
-
$
-
$
5,546
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
8,353
$
-
$
8,353
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
8,353
$
-
$
8,353
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
42
$
-
$
42
Total Popular U.S.
$
923,574
$
1,439,487
$
1,687,349
$
2,057,446
$
1,371,212
$
3,522,174
$
366,687
$
12,266
$
11,380,195

 
67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
225,917
$
191,648
$
195,427
$
598,783
$
325,535
$
762,956
$
7,952
$
-
$
2,308,218
Watch
-
-
-
20,271
24,169
125,192
-
-
169,632
Special Mention
-
-
-
7,922
-
3,052
-
-
10,974
Substandard
-
-
-
2,742
-
29,223
-
-
31,965
Total commercial
multi-family
$
225,917
$
191,648
$
195,427
$
629,718
$
349,704
$
920,423
$
7,952
$
-
$
2,520,789
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
305,324
$
620,484
$
588,612
$
1,275,341
$
707,770
$
1,502,265
$
16,399
$
-
$
5,016,195
Watch
18,763
17,887
13,033
12,101
14,150
140,998
72
-
217,004
Special Mention
-
-
40,950
150
-
21,642
-
-
62,742
Substandard
-
14,255
10,587
43,757
31,980
124,604
250
-
225,433
Total commercial
real estate non-
owner occupied
$
324,087
$
652,626
$
653,182
$
1,331,349
$
753,900
$
1,789,509
$
16,721
$
-
$
5,521,374
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
86
$
-
$
-
$
86
Commercial real estate owner occupied
Pass
$
219,249
$
393,965
$
335,686
$
368,499
$
451,220
$
617,458
$
15,101
$
-
$
2,401,178
Watch
1,871
27,958
30,879
34,065
22,105
136,372
-
-
253,250
Special Mention
-
18,056
1,671
54,221
743
34,589
1,461
-
110,741
Substandard
-
361
1,581
62,178
5,157
157,501
11,823
-
238,601
Doubtful
-
-
-
-
-
85
-
-
85
Total commercial
real estate owner
occupied
$
221,120
$
440,340
$
369,817
$
518,963
$
479,225
$
946,005
$
28,385
$
-
$
3,003,855
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
129
$
-
$
-
$
129
Commercial and industrial
Pass
$
738,538
$
1,050,467
$
1,091,369
$
827,302
$
503,713
$
1,120,836
$
1,620,464
$
-
$
6,952,689
Watch
24,809
98,741
29,244
107,822
76,724
63,138
120,488
-
520,966
Special Mention
25
20,707
19,099
5,015
155,921
3,963
17,576
-
222,306
Substandard
4,506
16,760
39,486
77,310
4,464
28,763
176,496
-
347,785
Doubtful
-
-
-
-
-
6
-
-
6
Total commercial
and industrial
$
767,878
$
1,186,675
$
1,179,198
$
1,017,449
$
740,822
$
1,216,706
$
1,935,024
$
-
$
8,043,752
Year-to-Date gross
write-offs
$
505
$
686
$
209
$
370
$
620
$
214
$
4,370
$
-
$
6,974

 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
166,243
$
466,258
$
574,785
$
76,090
$
2,392
$
16,374
$
40,429
$
-
$
1,342,571
Watch
324
3,945
19,970
67,330
82
7,057
-
-
98,708
Special Mention
-
-
12,568
-
-
-
-
-
12,568
Substandard
-
-
-
8,602
5,752
-
-
-
14,354
Total construction
$
166,567
$
470,203
$
607,323
$
152,022
$
8,226
$
23,431
$
40,429
$
-
$
1,468,201
Mortgage
Pass
$
583,514
$
986,111
$
787,884
$
603,894
$
657,438
$
4,724,103
$
-
$
-
$
8,342,944
Substandard
-
76
2,993
2,923
837
94,654
-
-
101,483
Total mortgage
$
583,514
$
986,187
$
790,877
$
606,817
$
658,275
$
4,818,757
$
-
$
-
$
8,444,427
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
985
$
-
$
-
$
985
Leasing
Pass
$
401,501
$
606,339
$
415,561
$
304,802
$
174,810
$
72,079
$
-
$
-
$
1,975,092
Substandard
102
947
2,339
2,527
1,318
743
-
-
7,976
Total leasing
$
401,603
$
607,286
$
417,900
$
307,329
$
176,128
$
72,822
$
-
$
-
$
1,983,068
Year-to-Date gross
write-offs
$
96
$
2,005
$
2,801
$
2,692
$
932
$
-
$
-
$
-
$
8,526

69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 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
$
-
$
-
$
-
$
-
$
-
$
-
$
1,190,092
$
-
$
1,190,092
Substandard
-
-
-
-
-
-
25,179
-
25,179
Loss
-
-
-
-
-
-
22
-
22
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,215,293
$
-
$
1,215,293
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
38,876
$
-
$
38,876
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,408
$
58,150
$
10,802
$
74,360
Substandard
-
-
-
-
-
1,478
13
558
2,049
Loss
-
-
-
-
-
164
-
906
1,070
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,050
$
58,163
$
12,266
$
77,479
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
71
$
-
$
71
Personal
Pass
$
475,057
$
588,363
$
378,633
$
212,638
$
78,691
$
95,977
$
-
$
28,023
$
1,857,382
Substandard
23
2,007
3,888
2,074
724
7,586
-
2,295
18,597
Loss
-
128
180
59
61
56
-
-
484
Total Personal
$
475,080
$
590,498
$
382,701
$
214,771
$
79,476
$
103,619
$
-
$
30,318
$
1,876,463
Year-to-Date gross
write-offs
$
55
$
8,419
$
20,435
$
12,843
$
3,191
$
1,174
$
-
$
935
$
47,052
Auto
Pass
$
631,487
$
1,141,753
$
823,831
$
563,712
$
402,200
$
249,272
$
-
$
-
$
3,812,255
Substandard
559
10,807
13,078
10,413
7,488
7,015
-
-
49,360
Loss
-
17
57
8
-
5
-
-
87
Total Auto
$
632,046
$
1,152,577
$
836,966
$
574,133
$
409,688
$
256,292
$
-
$
-
$
3,861,702
Year-to-Date gross
write-offs
$
907
$
14,215
$
9,433
$
6,088
$
2,823
$
1,008
$
-
$
-
$
34,474
Other consumer
Pass
$
11,209
$
26,344
$
27,484
$
17,591
$
8,930
$
4,052
$
70,944
$
-
$
166,554
Substandard
-
-
221
105
-
55
264
-
645
Loss
-
-
-
1,026
550
-
-
-
1,576
Total Other
consumer
$
11,209
$
26,344
$
27,705
$
18,722
$
9,480
$
4,107
$
71,208
$
-
$
168,775
Year-to-Date gross
write-offs
$
12
$
159
$
152
$
158
$
115
$
984
$
42
$
-
$
1,622
Total Popular Inc.
$
3,809,021
$
6,304,384
$
5,461,096
$
5,371,273
$
3,664,924
$
10,158,721
$
3,373,175
$
42,584
$
38,185,178

 
 
 
70
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

71
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
72
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
73
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
75
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

77
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
78
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:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
6,912
$
7,602
$
14,080
$
15,353
Mortgage servicing rights fair value adjustments
( 1,954 )
( 1,945 )
( 5,524 )
( 5,384 )
Total mortgage  
servicing fees, net of fair value adjustments
4,958
5,657
8,556
9,969
Net (loss) gain on sale of loans, including valuation on  
loans held-for-sale
( 37 )
2
156
76
Trading account (loss) profit:
Unrealized (losses) gains on outstanding derivative positions
( 8 )
56
( 95 )
157
Realized (losses) gains on closed derivative positions
( 10 )
9
( 9 )
12
Total trading account  
(loss) profit  

( 18 )
65
( 104 )
169
Losses on repurchased loans, including interest advances
( 31 )
( 1 )
( 47 )
( 131 )
Total mortgage  
banking activities
$
4,872
$
5,723
$
8,561
$
10,083

 
 
 
79
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  
19  
to  
the  
Consolidated  
Financial
Statements for a description of such arrangements.  

No
 
liabilities were  
incurred as  
a result  
of these  
securitizations during the  
quarters and  
six months  
ended June 30,  
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 quarters and six months ended June 30,  
2025 and 2024:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
2,581
$
-
$
2,581
Mortgage-backed securities - FNMA
-
2,553
-
2,553
Total trading account  
debt securities
$
-
$
5,134
$
-
$
5,134
Mortgage servicing rights
$
-
$
-
$
92
$
92
Total  

$
-
$
5,134
$
92
$
5,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June  
30, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
2,581
$
-
$
2,581
Mortgage-backed securities - FNMA
-
4,271
-
4,271
Total trading account  
debt securities
$
-
$
6,852
$
-
$
6,852
Mortgage servicing rights
$
-
$
-
$
135
$
135
Total  

$
-
$
6,852
$
135
$
6,987

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - FNMA
$
-
$
2,601
$
-
$
2,601
Total trading account  
debt securities
$
-
$
2,601
$
-
$
2,601
Mortgage servicing rights
$
-
$
-
$
72
$
72
Total  

$
-
$
2,601
$
72
$
2,673

 
80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June  
30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
1,100
$
-
$
1,100
Mortgage-backed securities - FNMA
-
3,706
-
3,706
Total trading account  
debt securities
$
-
$
4,806
$
-
$
4,806
Mortgage servicing rights
$
-
$
-
$
117
$
117
Total  

$
-
$
4,806
$
117
$
4,923

During the  
six months  
ended June 30,  
2025, the  
Corporation retained servicing  
rights on  
whole loan sales  
involving $
15
 
million in
principal balance  
outstanding (June  
30, 2024  
- $
23
 
million), with  
net realized  
gains of  
$
0.4
 
million (June  
30, 2024  
- gains  
of $
0.5
million). All loan sales performed during the six months  
ended June 30, 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 six months  
ended June 30,  
2025
and 2024.

 
81
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential MSRs
(In thousands)
June 30, 2025
June 30, 2024
Fair value at beginning of period
$
108,103
$
118,109
Additions
498
661
Changes due to payments on loans
 
[1]
( 4,326 )
( 4,435 )
Reduction due to loan repurchases
( 221 )
( 247 )
Changes in fair value due to changes in valuation model inputs  
or assumptions
( 977 )
( 702 )
Fair value at end of period
 
[2]
$
103,077
$
113,386
[1] Represents changes due to collection / realization  
of expected cash flows over time.
[2] At June 30, 2025, PB had MSRs amounting to $
1.8
 
million (June 30, 2024 - $
1.9
 
million).

Residential mortgage loans serviced for others were $
8.6
 
billion at June 30, 2025 (December 31, 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 June 30,  
2025, those weighted average  
mortgage servicing fees were
0.32
% (June
30, 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
quarters and six months ended June 30, 2025 and  
2024 were as follows:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
Six months ended
 

June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
BPPR
PB
BPPR
PB
BPPR
PB
BPPR
PB
Prepayment speed
5.9
%
5.8
%
6.9
%
6.3
%
6.8
%
6.0
%
6.4
%
6.2
%
Weighted average life (in years)
10.4
8.8
9.2
8.6
9.8
8.8
9.4
8.7
Discount rate (annual rate)
9.5
%
12.9
%
9.8
%
12.9
%
9.7
%
12.9
%
9.6
%
12.7
%

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:

82
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated MSRs
Purchased MSRs
June 30,
December 31,
June 30,
December 31,  

(In thousands)
2025
2024
2025
2024
Fair value of servicing rights
$
33,734
$
34,019
$
69,343
$
74,084
Weighted average life (in years)
6.4
6.4
6.6
6.6
Weighted average prepayment speed (annual  
rate)
5.6
%
5.8
%
6.9
%
6.9
%
Impact on fair value of 10% adverse change
$
( 658 )
$
( 667 )
$
( 1,346 )
$
( 1,448 )
Impact on fair value of 20% adverse change
$
( 1,289 )
$
( 1,308 )
$
( 2,641 )
$
( 2,840 )
Weighted average discount rate (annual rate)
11.3
%
11.4
%
10.9
%
10.8
%
Impact on fair value of 10% adverse change
$
( 1,245 )
$
( 1,267 )
$
( 2,496 )
$
( 2,689 )
Impact on fair value of 20% adverse change
$
( 2,410 )
$
( 2,451 )
$
( 4,837 )
$
( 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 sensitivity.
At  
June  
30,  
2025,  
the  
Corporation  
serviced  
$
460
 
million  
in  
residential  
mortgage  
loans  
with  
credit  
recourse  
to  
the  
Corporation
(December 31, 2024  
- $
495
 
million). Also refer  
to Note  
19 to  
the Consolidated Financial  
Statements for information  
on changes in
the Corporation’s liability of estimated losses related  
to loans serviced with credit recourse.
During the  
six months  
ended June  
30, 2025,  
the Corporation  
repurchased $
17
 
million (June  
30, 2024  
- $
18
 
million) of  
mortgage
loans from  
its GNMA  
servicing portfolio.  
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, mainly  
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.

 

 
 
 
 
83
Note 11 – Other real estate owned

The following tables present the activity related to Other  
Real Estate Owned (“OREO”),  
for the quarters  
and six months ended June
30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
7,111
$
45,003
$
52,114
Write-downs in value
( 835 )
( 516 )
( 1,351 )
Additions
314
7,908
8,222
Sales
( 693 )
( 12,145 )
( 12,838 )
Other adjustments
-
( 21 )
( 21 )
Ending balance
$
5,897
$
40,229
$
46,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
15,962
$
64,580
$
80,542
Write-downs in value
( 1,039 )
( 427 )
( 1,466 )
Additions
516
12,146
12,662
Sales
( 6,011 )
( 15,502 )
( 21,513 )
Ending balance
$
9,428
$
60,797
$
70,225

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
8,424
$
48,844
$
57,268
Write-downs in value
( 864 )
( 1,715 )
( 2,579 )
Additions
571
16,697
17,268
Sales
( 2,234 )
( 23,374 )
( 25,608 )
Other adjustments
-
( 223 )
( 223 )
Ending balance
$
5,897
$
40,229
$
46,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
11,189
$
69,227
$
80,416
Write-downs in value
( 1,064 )
( 711 )
( 1,775 )
Additions
5,860
24,782
30,642
Sales
( 6,557 )
( 32,436 )
( 38,993 )
Other adjustments
-
( 65 )
( 65 )
Ending balance
$
9,428
$
60,797
$
70,225

 
 
84
Note 12 − Other assets

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
862,089
$
926,329
Investments under the equity method
244,510
251,537
Prepaid taxes
63,677
42,909
Other prepaid expenses
31,982
28,376
Capitalized software costs
169,583
136,442
Derivative assets
24,792
25,975
Trades receivable from brokers and counterparties
880
588
Receivables from investments maturities
-
14,600
Principal, interest and escrow servicing advances
35,818
43,793
Guaranteed mortgage loan claims receivable
13,084
17,226
Operating ROU assets (Note 27)

89,253
93,389
Finance ROU assets (Note 27)

17,685
19,174
Assets for pension benefit
34,503
33,233
Others
157,196
164,188
Total other assets
$
1,745,052
$
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
June 30, 2025
Software development costs
$
83,809
$
29,575
$
54,234
Software license costs
52,630
26,924
25,706
Cloud computing arrangements
98,766
9,123
89,643
Total Capitalized  
software costs [1] [2]
$
235,205
$
65,622
$
169,583
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:

85
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six  
months ended June 30,
(In thousands)
2025
2024
2025
2024
Software development and license costs
$
22,254
$
18,612
$
43,982
$
36,313
Cloud computing arrangements
1,462
666
2,828
1,538
Total amortization  
expense
$
23,716
$
19,278
$
46,810
$
37,851

 
 
 
86
Note 13 – Goodwill and other intangible assets

 
Goodwill
There were
no
 
changes in the carrying amount of goodwill  
for the quarters and six months ended June 30, 2025  
and 2024.  

The following tables present the gross amount  
of goodwill and accumulated impairment losses  
by reportable segment:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
Balance at
Balance at
June 30,
Accumulated
June 30,
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
196,411
368,045
Total Popular,  
Inc.  

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
Other Intangible Assets
The following table reflects the components of  
other intangible assets subject to amortization:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net Carrying
(In thousands)
Amount
Amortization
Value
June 30, 2025
Core deposits
$
12,810
$
12,810
$
-
Other customer relationships
14,286
9,202
5,084
Total other intangible  
assets
$
27,096
$
22,012
$
5,084
December 31, 2024
Core deposits
$
12,810
$
12,595
$
215
Other customer relationships
14,286
8,435
5,851
Total other intangible  
assets
$
27,096
$
21,030
$
6,066

During the quarter ended June 30, 2025, the Corporation recognized  
$
0.4
 
million in amortization expense related to other intangible
assets  
with  
definite  
useful  
lives  
(June  
30,  
2024  
-  
$
0.7
 
million).  
During  
the  
six  
months  
ended  
June  
30,  
2025,  
the  
Corporation
recognized $
1.0
 
million in amortization related to other intangible  
assets with definite useful lives (June  
30, 2024 - $
1.5
 
million).  

The following  
table presents  
the estimated  
amortization of  
the intangible  
assets with  
definite useful  
lives for  
each of  
the following
periods:

87
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Remaining 2025
$
768
Year 2026
1,440
Year 2027
959
Year 2028
959
Year 2029
958

 
88
Note 14 – Deposits
Total deposits as of the end of the periods presented consisted of:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Savings accounts
$
14,337,808
$
14,224,271
NOW, money market and other interest  
-bearing demand deposits
28,166,283
26,507,637
Total savings, NOW,  
money market and other interest-bearing demand deposits
42,504,091
40,731,908
Certificates of deposit:
Under $250,000
5,580,334
5,383,331
$250,000 and over
4,018,452
3,629,551
 
Total certificates  
of deposit
9,598,786
9,012,882
Total interest-bearing  
deposits
$
52,102,877
$
49,744,790
Non- interest-bearing deposits
$
15,114,614
$
15,139,555
Total deposits
$
67,217,491
$
64,884,345

A summary of certificates of deposits by maturity at  
June 30, 2025 follows:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
$
4,645,684
2026
2,633,316
2027
823,872
2028
666,327
2029
446,123
2030 and thereafter
383,464
Total certificates of  
deposit
$
9,598,786

At June 30, 2025, the Corporation had brokered  
deposits amounting to $
1.7
 
billion (December 31, 2024 - $
1.6
 
billion).
The aggregate amount  
of overdrafts in  
demand deposit accounts that  
were reclassified to  
loans was $
6.4
 
million at June  
30, 2025
(December 31, 2024 - $
10.4
 
million).
At  
June  
30,  
2025,  
Puerto  
Rico  
government  
deposits  
amounted  
to  
$
20.9
 
billion.  
Puerto  
Rico  
government  
deposits  
are  
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.

 
89
Note 15 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted  
to $
56
 
million at June 30, 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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
December 31, 2024
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
27,789
$
22,591
After 30 to 90 days
23,781
13,813
Total U.S. Treasury  
securities
51,570
36,404
Mortgage-backed securities
 
Within 30 days
4,473
4,924
 
After 30 to 90 days
-
13,505
Total mortgage-backed  
securities
4,473
18,429
Total
$
56,043
$
54,833

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.
Other short-term borrowings
At June 30,  
2025 and December 31,  
2024, other short-term  
borrowings consisted of  
$
550
 
million and $
225
 
million, respectively,  
in
FHLB Advances.

 
 
90
Notes Payable

The following table presents the composition of notes  
payable at June 30, 2025 and December  
31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2025
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.57
% to
4.17
%
$
214,200
$
302,722
Unsecured senior debt securities maturing on
2028
 
paying interest
semi-annually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
4,135
395,865
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
%, net of debt issuance costs of $
248
198,386
198,373
Total notes payable
$
808,451
$
896,293
Note: Refer to the 2024 Form 10-K for rates information  
at December 31, 2024.

A breakdown of borrowings by contractual maturities  
at June 30, 2025 is included in the  
table below.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under  

Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
56,043
$
550,000
$
55,692
$
661,735
2026
-
-
74,500
74,500
2028
-
-
440,215
440,215
2029
-
-
39,658
39,658
Later years
-
-
198,386
198,386
Total borrowings
$
56,043
$
550,000
$
808,451
$
1,414,494

At June 30, 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  
June 30,  
2025, the Corporation  
had borrowing facilities  
at the  
discount window of  
the Federal  
Reserve Bank of  
New York
amounting to  
$
10.8
 
billion (December 31,  
2024 -  
$
7.0
 
billion), which remained  
unused at June  
30, 2025  
and December  
31, 2024.  

The facilities are a collateralized source of credit  
that is highly dependable even under difficult market conditions.

 
91
Note 16 − Other liabilities

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Accrued expenses
$
333,826
$
334,145
Accrued interest payable
63,307
60,723
Accounts payable
100,842
91,218
Dividends payable
47,826
49,546
Trades payable
593,949
495,139
Liability for GNMA loans sold with an option to repurchase
8,097
9,108
Reserves for loan indemnifications
2,331
2,779
Reserve for operational losses
28,699
29,465
Operating lease liabilities (Note 27)

98,575
103,198
Finance lease liabilities (Note 27)

21,316
23,141
Pension benefit obligation
5,684
5,816
Postretirement benefit obligation
98,219
99,172
Others
76,416
68,396
Total other liabilities
$
1,479,087
$
1,371,846

92
Note 17 – Stockholders’ equity

 

As of June 30, 2025, stockholders’ equity totaled $
6.0
 
billion. During the six months ended June 30, 2025, the Corporation declared
cash dividends of $
1.40
 
(2024 - $
1.24
) per common share amounting to  
$
96.2
 
million (2024 - $
89.7
 
million). The quarterly dividend
of $
0.70
 
per share declared to stockholders of record as  
of the close of business on
May 29, 2025
 
was paid on
July 1, 2025
.
During  
the  
quarter  
ended  
June  
30,  
2025,  
the  
Corporation  
completed  
the  
repurchase  
of
1,136,390
 
shares  
of  
common  
stock  
for
$
112.0
 
million at an  
average price of $
98.54
 
per share. As  
of June 30, 2025,  
a total of  
$
451.5
 
million has been repurchased  
under
the common stock repurchase program of up  
to $
500
 
million announced by the Corporation on July  
24, 2024.

On July 16, 2025, the Corporation announced the following actions as part of its capital plan: (i) an increase in  
its quarterly common
stock dividend from $
0.70
 
per share to $
0.75
 
per share, beginning with the dividend payable in the fourth quarter of 2025, subject to
approval by its Board of Directors, and (ii) a new  
common stock repurchase program of up to $
500
 
million.

93
Note 18 – Other comprehensive income

The following  
table presents changes  
in accumulated other  
comprehensive income by  
component for the  
quarters and six  
months
ended June 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Loss  
by Component [1]
Quarters ended
Six  
months ended
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Foreign currency translation
Beginning Balance
$
( 78,011 )
$
( 68,548 )
$
( 71,365 )
$
( 64,528 )
Other comprehensive income (loss)
7,499
165
854
( 3,855 )
Net change
7,499
165
854
( 3,855 )
Ending balance
$
( 70,512 )
$
( 68,383 )
$
( 70,511 )
$
( 68,383 )
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
( 93,271 )
$
( 115,632 )
$
( 94,692 )
$
( 117,894 )
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
1,420
2,261
2,841
4,522
Net change
1,420
2,261
2,841
4,522
Ending balance
$
( 91,851 )
$
( 113,371 )
$
( 91,851 )
$
( 113,372 )
Unrealized net holding losses
on debt securities
Beginning Balance
$
( 1,318,705 )
$
( 1,749,006 )
$
( 1,495,183 )
$
( 1,713,109 )
Other comprehensive income (loss)
48,417
16,941
188,646
( 54,163 )
Amounts reclassified from accumulated other
comprehensive loss for amortization of net unrealized
losses of debt securities transferred from available-for-
sale to held-to-maturity
36,994
35,537
73,242
70,745
Net change
85,411
52,478
261,888
16,582
Ending balance
$
( 1,233,294 )
$
( 1,696,528 )
$
( 1,233,295 )
$
( 1,696,527 )
Total  

$
( 1,395,657 )
$
( 1,878,282 )
$
( 1,395,657 )
$
( 1,878,282 )
[1]  

All amounts presented are net of tax.

 
94
The following  
table presents  
the amounts  
reclassified out  
of each  
component of  
accumulated other comprehensive  
income during
the quarters and six months ended June 30, 2025  
and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive  
Loss
Quarters ended  

Six  
months ended
Affected Line Item in the  

June 30,
June 30,
(In thousands)
Consolidated Statements of Operations
2025
2024
2025
2024
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
( 2,272 )
$
( 3,618 )
$
( 4,545 )
$
( 7,236 )
Total before tax
( 2,272 )
( 3,618 )
( 4,545 )
( 7,236 )
Income tax benefit
852
1,357
1,704
2,714
Total net of tax
$
( 1,420 )
$
( 2,261 )
$
( 2,841 )
$
( 4,522 )
Unrealized net holding losses on debt securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Interest income from investment securities
$
( 46,242 )
$
( 44,421 )
$
( 91,552 )
$
( 88,430 )
Total before tax
( 46,242 )
( 44,421 )
( 91,552 )
( 88,430 )
Income tax expense
9,248
8,884
18,310
17,685
Total net of tax
$
( 36,994 )
$
( 35,537 )
$
( 73,242 )
$
( 70,745 )
Total reclassification  
adjustments, net of tax
$
( 38,414 )
$
( 37,798 )
$
( 76,083 )
$
( 75,267 )

 
95
Note 19 – 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 June 30, 2025, the Corporation serviced $
460
 
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  
loss  
incurred. The  
maximum  
potential amount  
of  
future payments  
that  
the  
Corporation
would be required  
to make under  
the recourse arrangements in  
the event of  
nonperformance by the  
borrowers is equivalent to  
the
total outstanding balance of the residential mortgage loans serviced with recourse and  
interest, if applicable. During the quarter and
six  
months  
ended  
June  
30,  
2025,  
the  
Corporation  
repurchased  
$
0.5
 
million  
and  
$
0.8
 
million,  
respectively,  
of  
unpaid  
principal
balance in mortgage loans subject  
to the credit recourse provisions  
(June 30, 2024
-
$
0.5
 
million and $
1.1
 
million, respectively).  
In
the event  
of nonperformance  
by the  
borrower,  
the Corporation  
has rights  
to the  
underlying collateral  
securing the  
mortgage loan.
The  
Corporation suffers  
ultimate losses  
on  
these  
loans  
when the  
proceeds  
from  
a foreclosure  
sale  
of  
the  
property  
underlying a
defaulted mortgage loan are less  
than the outstanding principal balance of  
the loan plus any uncollected interest  
advanced and the
costs of holding  
and disposing the related  
property. At  
June 30, 2025,  
the Corporation’s liability  
established to cover  
the estimated
credit loss exposure related to loans sold or serviced  
with credit recourse amounted to $
2
 
million (December 31, 2024 - $
3
 
million).

The following table shows the changes in the Corporation’s liability of estimated losses related to loans serviced with credit recourse
provisions during the quarters and six months ended  
June 30, 2025 and 2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Balance as of beginning of period
$
2,397
$
4,353
$
2,611
$
4,211
Provision (benefit) for recourse liability
( 205 )
( 204 )
( 375 )
40
Net charge-offs
( 21 )
( 91 )
( 65 )
( 193 )
Balance as of end of period
$
2,171
$
4,058
$
2,171
$
4,058

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,  
FHLMC 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  
June  
30,  
2025, the
Corporation serviced $
8.6
 
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  
June 30,
2025,  
the  
outstanding balance  
of  
funds  
advanced  
by  
the  
Corporation under  
such  
mortgage  
loan servicing  
agreements was  
$
36
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.

96
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 June 30, 2025 and December 31, 2024, respectively. In addition,
at both June  
30, 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  
in the 2024  
Form 10-K for  
further information on
the trust preferred securities.

97
Note 20 – 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)
June 30, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,201,145
$
5,599,823
Commercial lines of credit
4,271,702
3,971,331
Construction lines of credit
1,114,750
1,131,824
Other consumer unused credit commitments  

271,638
260,121
Commercial letters of credit
10,284
5,002
Standby letters of credit
124,831
144,845
Commitments to originate or fund mortgage loans
17,556
29,604

At June  
30, 2025  
and December  
31, 2024,  
the Corporation  
maintained a  
reserve of  
$
13
 
million and  
$
15
 
million, respectively,  
for
potential losses associated with unfunded loan commitments  
related to commercial and construction lines of  
credit.
Other commitments
At June  
30, 2025  
and December 31,  
2024, the  
Corporation also maintained  
other non-credit  
commitments for $
2
 
million, 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 32  
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  
June  
30,  
2025,  
the  
Corporation’s  
direct  
exposure  
to  
the  
Puerto  
Rico  
government  
and  
its  
instrumentalities and  
municipalities
totaled  
$
412
 
million,  
of  
which  
$
362
 
million  
were  
outstanding  
($
336
 
million  
and  
$
336
 
million  
at  
December  
31,  
2024).  
The
Corporation’s exposure at  
June 30, 2025  
included up to  
$
47.4
 
million in Automated Clearing  
House (“ACH”) transaction settlement
exposure, none of  
which was outstanding. Of  
the amount outstanding,  
$
351
 
million consists of  
loans and $
11
 
million are securities
($
323
 
million and $
13
 
million at  
December 31, 2024).  
Substantially all of  
the amount outstanding  
at June 30,  
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  
June  
30,  
2025,  
approximately
81
%  
of  
the

 
 
98
Corporation’s exposure  
to municipal loans  
and securities was  
concentrated in the  
municipalities of San  
Juan, Guaynabo,  
Carolina
and Caguas.

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 June 30, 2025

:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
3
$
-
$
3
$
47,403
After 10 years
40
-
40
40
Total Central  
Government
43
-
43
47,443
Municipalities
Within 1 year
2,540
12,764
15,304
17,304
After 1 to 5 years
7,885
147,033
154,918
154,918
After 5 to 10 years
655
146,732
147,387
147,387
After 10 years
-
44,582
44,582
44,582
Total Municipalities
11,080
351,111
362,191
364,191
Total Direct Government  
Exposure
$
11,123
$
351,111
$
362,234
$
411,634

 
 
 
 
 
 
 
 
 
 
 
 
 
In addition,  
at June  
30, 2025,  
the Corporation had  
$
212
 
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
$
168
 
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 June  
30, 2025,  
$
37
million in  
bonds issued by  
HFA which  
are secured by  
second mortgage loans  
on Puerto Rico  
residential properties, and  
for which
HFA also provides  
insurance to cover losses in the  
event of a borrower default and  
upon the satisfaction of certain other  
conditions
(December 31,  
2024 -  
$
38
 
million). 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,  
$
2.3
 
billion  
of  
residential  
mortgages  
and  
$
83.1
 
million  
commercial  
loans  
were  
insured  
or  
guaranteed  
by  
the  
U.S.
Government or its agencies at June 30,  
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  
June  
30,  
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.  

99
At June 30,  
2025, the Corporation had  
operations in the British  
Virgin Islands (“BVI”)  
and it had  
a loan portfolio  
amounting to $
194
million comprised  
of various  
retail and  
commercial clients,  
compared to  
a loan  
portfolio of  
$
196
 
million at  
December 31,  
2024. At
June 30, 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, representing  
the full amount of the assessment.
During the first quarter of 2024, the Corporation recorded an additional expense of $
14.3
 
million, $
9.1
 
million net of tax, to reflect the
FDIC's higher loss estimate communicated  
by the FDIC. The  
special assessment amount and collection  
period may change as  
the
estimated loss is periodically adjusted or if the total amount  
collected varies.

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 $
7.1
 
million as of
June  
30,  
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.

100
Note 21 – Non-consolidated variable interest  
entities

 
 
 
The Corporation is involved with
two
 
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 June 30, 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  
23  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional
information on the  
debt securities outstanding at  
June 30, 2025  
and December 31,  
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 June 30, 2025 and December 31,  
2024.

 
101
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
79,881
$
84,356
Total servicing  
assets  

$
79,881
$
84,356
Other assets:
Servicing advances
$
5,598
$
6,112
Total other assets
$
5,598
$
6,112
Total assets
$
85,479
$
90,468
Maximum exposure to loss
$
85,479
$
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 $
6.3
 
billion at June 30, 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 June 30, 2025 and December 31, 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 June 30, 2025.

102
Note 22 – Related party transactions

 
Centro Financiero BHD, S.A.
At June 30, 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  
six months  
ended June  
30, 2025,  
the Corporation  
recorded
$
13.0
 
million in equity  
pickup (June 30,  
2024 - $
17.4
 
million), including the  
net impact of  
$
19.9
 
million from net  
earnings (June 30,
2024 - $
22.0
 
million), offset by ($
6.9
) million recorded through Other Comprehensive Income (June 30, 2024 - ($
4.6
) million) related
to  
foreign  
currency  
translation adjustments  
and  
changes  
in  
the  
fair value  
of  
available  
for  
sale  
securities.  
At  
June  
30,  
2025,  
the
investment in BHD had a carrying amount of  
$
232.5
 
million (December 31, 2024 - $
239.5
 
million) and the Corporation received $
20
million in cash dividend distributions during the  
six months ended June 30, 2025 (June 30, 2024 - $
19.4
 
million).

103
Note 23 – 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.  
There have been no changes in the  
Corporation’s methodologies used
to estimate the fair value of assets and liabilities from  
those disclosed in the 2024 Form 10-K.
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 June 30, 2025 and December  
31, 2024:

 
104
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 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
$
7,908,859
$
7,503,937
$
-
$
-
$
15,412,796
Collateralized mortgage obligations - federal
agencies
-
110,432
-
-
110,432
Mortgage-backed securities
-
4,965,802
432
-
4,966,234
Other
-
-
750
-
750
Total debt securities  
available-for-sale
$
7,908,859
$
12,580,171
$
1,182
$
-
$
20,490,212
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
5,813
$
10
$
-
$
-
$
5,823
Obligations of Puerto Rico, States and political
subdivisions
-
50
-
-
50
Collateralized mortgage obligations
-
615
-
-
615
Mortgage-backed securities
-
22,949
84
-
23,033
Other
-
-
122
-
122
Total trading account  
debt securities, excluding
derivatives
$
5,813
$
23,624
$
206
$
-
$
29,643
Equity securities
$
-
$
47,009
$
-
$
447
$
47,456
Mortgage servicing rights
-
-
103,077
-
103,077
Loans held-for-sale
-
2,898
-
-
2,898
Derivatives  

-
24,792
-
-
24,792
Total assets measured  
at fair value on a
recurring basis
$
7,914,672
$
12,678,494
$
104,465
$
447
$
20,698,078
Liabilities
Derivatives
$
-
$
( 23,349 )
$
-
$
-
$
( 23,349 )
Total liabilities measured  
at fair value on a
recurring basis
$
-
$
( 23,349 )
$
-
$
-
$
( 23,349 )

 
 
 
105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30, 2025 and December  
31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
2,898
$
2,832
$
66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 June 30,  
2025 and December 31, 2024.

 
 
106
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  
six months ended June  
30, 2025 and 2024  
and excludes nonrecurring fair  
value measurements of assets
no longer outstanding as of the reporting date.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
4,361
$
4,361
$
( 91 )
Other real estate owned
[2]
-
-
3,919
3,919
( 1,573 )
Other foreclosed assets
[2]
-
-
162
162
( 46 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
8,442
$
8,442
$
( 1,710 )
[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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
2,039
$
2,039
$
( 329 )
Loans held-for-sale
[2]
-
3,028
-
3,028
( 38 )
Other real estate owned
[3]
-
-
4,426
4,426
( 1,602 )
Other foreclosed assets
[3]
-
-
211
211
( 46 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
3,028
$
6,676
$
9,704
$
( 2,015 )
[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] Relates to a quarterly valuation on loans held-for-sale.  
Costs to sell are excluded from the reported fair value amount.
[3] 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.

107
The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters  

and six months ended June 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2025
MBS
Other
MBS
Other
classified
securities
classified
securities
as debt
classified as  

as trading
classified
securities
 
debt securities
account
as trading
Mortgage
available-
available-
 
debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at March 31, 2025
$
457
$
750
$
84
$
127
$
104,743
$
106,161
Gains (losses) included in earnings
-
-
-
( 5 )
( 1,954 )
( 1,959 )
Additions
-
-
-
-
288
288
Settlements
( 25 )
-
-
-
-
( 25 )
Balance at June 30, 2025
$
432
$
750
$
84
$
122
$
103,077
$
104,465
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2025
$
-
$
-
$
-
$
8
$
348
$
356

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
MBS
Other
MBS
Other
classified
securities
classified
securities
as debt
classified as  

as trading
classified
securities
 
debt securities
account
as trading
Mortgage
available-
available-
 
debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at January 1, 2025
$
484
$
2,250
$
84
$
133
$
108,103
$
111,054
Gains (losses) included in earnings
-
-
-
( 11 )
( 5,524 )
( 5,535 )
Gains (losses) included in OCI
( 2 )
-
-
-
-
( 2 )
Additions
-
-
-
-
498
498
Settlements
( 50 )
-
-
-
-
( 50 )
Transfers out of Level 3
-
( 1,500 )
-
-
-
( 1,500 )
Balance at June 30, 2025
$
432
$
750
$
84
$
122
$
103,077
$
104,465
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2025
$
-
$
-
$
-
$
16
$
( 977 )
$
( 961 )

108
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2024
MBS
Other
Other
classified
securities
MBS
securities
as debt
classified as
classified
classified
securities
debt securities
as trading
as trading
Mortgage
available-
available-
account debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at March 31, 2024
$
607
$
2,000
$
84
$
166
$
114,964
$
117,821
Gains (losses) included in earnings
-
-
-
( 8 )
( 1,945 )
( 1,953 )
Gains (losses) included in OCI
( 1 )
-
-
-
-
( 1 )
Additions
-
-
-
-
367
367
Settlements
( 25 )
-
-
-
-
( 25 )
Balance at June 30, 2024
$
581
$
2,000
$
84
$
158
$
113,386
$
116,209
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2024
$
-
$
-
$
-
$
10
$
500
$
510

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2024
MBS
Other
Other
classified
securities
CMOs
securities
as debt
classified as
classified
MBS  

classified
securities
debt securities
as trading
classified as
as trading
Mortgage
available-
available-
account debt
trading account
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 )
-
-
( 9 )
( 5,384 )
( 5,893 )
Additions
-
-
-
-
-
661
661
Settlements
( 25 )
-
( 5 )
( 28 )
-
-
( 58 )
Balance at June 30, 2024
$
581
$
2,000
$
-
$
84
$
158
$
113,386
$
116,209
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at June 30, 2024
$
-
$
( 500 )
$
-
$
-
$
12
$
( 702 )
$
( 1,190 )

 
 
 
109
Gains and losses (realized and  
unrealized) included in earnings for the quarters  
and six months ended June 30,  
2025 and 2024 for
Level 3 assets and liabilities included in the  
previous tables are reported in the Consolidated Statement  
of Operations as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2025
Six months ended June 30, 2025
Changes in unrealized
Changes in unrealized
Total gains
gains (losses) relating to
Total gains
gains (losses) relating to
(losses) included
assets still held at
(losses) included
assets still held at
(In thousands)
in earnings
reporting date
in earnings
reporting date
Mortgage banking activities
$
( 1,954 )
$
348
$
( 5,524 )
$
( 977 )
Trading account profit (loss)
( 5 )
8
( 11 )
16
Total  

$
( 1,959 )
$
356
$
( 5,535 )
$
( 961 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2024
Six months ended June 30, 2024
Changes in unrealized
Changes in unrealized
Total gains
gains (losses) relating to
Total gains
gains (losses) relating to
(losses) included
assets still held at
(losses) included
assets still held at
(In thousands)
in earnings
reporting date
in earnings
reporting date
Mortgage banking activities
$
( 1,945 )
$
500
$
( 5,384 )
$
( 702 )
Trading account profit (loss)
( 8 )
10
( 9 )
12
Provision for credit losses
-
-
( 500 )
( 500 )
Total  

$
( 1,953 )
$
510
$
( 5,893 )
$
( 1,190 )

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 June 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
June 30,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
122
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
4,361
[2]
External appraisal
Haircut applied on
external appraisals
5.0
%
[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.

 

 
110
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
June 30,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
158
Discounted cash flow model
Weighted average life
2.3
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
2,039
[2]
External appraisal
Haircut applied on
external appraisals
10
.0%
[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.

 

111
Note 24 – 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  
June 30,  
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.

 
112
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
Carrying  

Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value  

Financial Assets:
Cash and due from banks
$
400,631
$
400,631
$
-
$
-
$
-
$
400,631
Money market investments
6,340,786
6,330,415
10,371
-
-
6,340,786
Trading account debt securities, excluding  
derivatives
[1]
29,643
5,813
23,624
206
-
29,643
Debt securities available-for-sale
[1]
20,490,212
7,908,859
12,580,171
1,182
-
20,490,212
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,479,657
$
-
$
7,499,064
$
-
$
-
$
7,499,064
Obligations of Puerto Rico, States and political
subdivisions
48,598
-
6,820
42,361
-
49,181
Collateralized mortgage obligation-federal agency
1,510
-
1,312
-
-
1,312
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities  
held-to-maturity
$
7,535,725
$
-
$
7,513,156
$
42,361
$
-
$
7,555,517
Equity securities:
FHLB stock
$
66,152
$
-
$
66,152
$
-
$
-
$
66,152
FRB stock
101,252
-
101,252
-
-
101,252
Other investments
54,987
-
47,009
8,047
447
55,503
Total equity securities
$
222,391
$
-
$
214,413
$
8,047
$
447
$
222,907
Loans held-for-sale
$
2,898
$
-
$
2,898
$
-
$
-
$
2,898
Loans held-in-portfolio
37,415,693
-
-
36,611,781
-
36,611,781
Mortgage servicing rights
103,077
-
-
103,077
-
103,077
Derivatives
24,792
-
24,792
-
-
24,792
June 30, 2025
Carrying  

Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value  

Financial Liabilities:
Deposits:
Demand deposits
$
57,618,705
$
-
$
57,618,705
$
-
$
-
$
57,618,705
Time deposits
9,598,786
-
9,378,576
-
-
9,378,576
Total deposits
$
67,217,491
$
-
$
66,997,281
$
-
$
-
$
66,997,281
Assets sold under agreements to repurchase
$
56,043
$
-
$
56,049
$
-
$
-
$
56,049
Other short-term borrowings
[2]
550,000
-
550,000
-
-
550,000
Notes payable:
FHLB advances
$
214,200
$
-
$
211,087
$
-
$
-
$
211,087
Unsecured senior debt securities
395,865
-
416,044
-
-
416,044
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,386
-
187,515
-
-
187,515
Total notes payable
$
808,451
$
-
$
814,646
$
-
$
-
$
814,646
Derivatives
$
23,349
$
-
$
23,349
$
-
$
-
$
23,349
[1]
Refer to Note 23 to the Consolidated Financial Statements  
for the fair value by class of financial asset and its hierarchy  
level.
[2]
Refer to Note 15 to the Consolidated Financial Statements  
for the composition of other short-term borrowings.

 

 
113
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 23 to the Consolidated Financial Statements  
for the fair value by class of financial asset and its hierarchy  
level.  

[2]
Refer to Note 15 to the Consolidated Financial Statements  
for the composition of other short-term borrowings.

 

Refer  
to  
Note  
20  
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 June  
30, 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.

 

114
Note 25 – Net income per common share

The following table sets  
forth the computation of  
net income per common  
share (“EPS”), basic and  
diluted, for the quarters  
and six
months ended June 30, 2025 and 2024:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six  
months ended June 30,
(In thousands, except per share information)
2025
2024
2025
2024
Net income
$
210,440
$
177,789
$
387,942
$
281,072
Preferred stock dividends
( 353 )
( 353 )
( 706 )
( 706 )
Net income applicable to common stock
$
210,087
$
177,436
$
387,236
$
280,366
Average common shares outstanding
68,050,361
71,970,773
68,661,851
71,920,254
Average potential dilutive common shares  

29,288
21,138
25,808
17,180
Average common shares outstanding - assuming dilution
68,079,649
71,991,911
68,687,659
71,937,434
Basic EPS
$
3.09
$
2.47
$
5.64
$
3.90
Diluted EPS
$
3.09
$
2.46
$
5.64
$
3.90

For the quarters  
and six months ended June 30, 2025 and 2024, the  
Corporation calculated the impact of potential dilutive common
shares under the treasury stock method, consistent with the method used for the preparation of the financial statements for the year
ended December 31, 2024. For a discussion of the  
calculation under the treasury stock method, refer  
to Note 30 of the Consolidated
Financial Statements included in the 2024 Form 10-K.

 
115
Note 26 – Revenue from contracts with customers

The  
following  
table  
presents  
the  
Corporation’s  
revenue  
streams  
from  
contracts  
with  
customers  
by  
reportable  
segment  
for  
the
quarters and six months ended June 30, 2025 and  
2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30,
Six  
months ended June 30,
(In thousands)
2025
2025
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
36,194
$
2,632
$
72,650
$
5,230
Other service fees:
Debit card fees
27,707
211
53,941
409
Insurance fees, excluding reinsurance
8,719
2,223
16,400
3,910
Credit card fees, excluding late fees and membership  
fees  

28,145
334
53,530
739
Sale and administration of investment products
9,058
-
18,031
-
Trust fees
6,879
-
13,510
-
Total revenue from  
contracts with customers [1]
$
116,702
$
5,400
$
228,062
$
10,288
[1]
The amounts include intersegment transactions of $
0.6
 
million and $
1.2
 
million, respectively, for the  
quarter and six months ended June 30, 2025.
Quarter ended June 30,
Six  
months ended June 30,
(In thousands)
2024
2024
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
35,055
$
2,471
$
70,071
$
4,897
Other service fees:
Debit card fees [2]
26,976
200
52,311
399
Insurance fees, excluding reinsurance
11,708
1,600
22,264
3,446
Credit card fees, excluding late fees and membership  
fees [2]
26,125
368
50,639
826
Sale and administration of investment products
7,850
-
15,277
-
Trust fees
6,923
-
13,908
-
Total revenue from  
contracts with customers [1]
$
114,637
$
4,639
$
224,470
$
9,568
[1]
The amounts include intersegment transactions of $
2.7
 
million and $
3.3
 
million, respectively, for the  
quarter and six months ended June 30, 2024.
[2]
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 quarter and six month period  
ended June 30, 2024, interchange fees of $
10.9
 
million and $
22.2
million were reclassified.

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 based on ASC 606 Revenue  
from Contracts with Customers. Revenue streams
identified from contracts with customers, as  
listed above, will have certain timing for  
recognition based on the nature of  
the contract
including when  
the obligation is  
satisfied and/or services  
are rendered. Service  
charges on  
deposit accounts, debit  
card fees,  
and
credit card  
fees are  
recognized at  
a point  
in time,  
upon the  
occurrence of  
an activity  
or an  
event. Interchange  
fees on  
debit and
credit  
card  
transactions  
are  
recognized upon  
settlement  
of  
the  
payment  
transaction. For  
more  
details  
over  
nature  
and  
timing  
of
revenue streams from contracts with customers refer to Note 31 on the  
2024 Form 10-K for a complete description of the nature and
timing of revenue streams from contracts with customers.

 
 
116
Note 27 – 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
0.11
 
to
29.5
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 12
and  
Note  
16  
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:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
(In thousands)
Remaining
2025
2026
2027
2028
2029
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
14,190
$
21,975
$
16,790
$
14,278
$
12,184
$
35,255
$
114,672
$
( 16,097 )
$
98,575
Finance Leases
2,242
4,222
2,927
2,592
2,415
9,530
23,928
( 2,612 )
21,316

The following table presents the lease cost recognized  
by the Corporation in the Consolidated  
Statements of Operations as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six  
months ended June 30,
(In thousands)
2025
2024
2025
2024
Finance lease cost:
Amortization of ROU assets
$
747
$
749
$
1,493
$
1,497
Interest on lease liabilities
190
226
390
463
Operating lease cost
7,599
7,650
15,148
15,338
Short-term lease cost
214
120
407
236
Variable lease cost
89
70
174
139
Sublease income
( 20 )
( 21 )
( 40 )
( 41 )
Total lease cost
[1]
$
8,819
$
8,794
$
17,572
$
17,632
[1]
Total lease cost  
is recognized as part of net occupancy expense.

117
The  
following  
table  
presents  
supplemental  
cash  
flow  
information  
and  
other  
related  
information  
related  
to  
operating  
and  
finance
leases.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
(Dollars in thousands)
2025
2024
Cash paid for amounts included in the measurement of  
lease liabilities:
Operating cash flows from operating leases
$
15,610
$
15,689
Operating cash flows from finance leases
389
463
Financing cash flows from finance leases
1,829
1,774
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
5,832
$
1,463
Weighted-average remaining lease term:
Operating leases
7.5
years
7.2
years
Finance leases
7.9
years
8.0
years
Weighted-average discount rate:
Operating leases
3.5
%
3.3
%
Finance leases
3.5
%
3.8
%

 
 
118
Note 28 – Pension and postretirement benefits
The  
Corporation  
has  
a  
non-contributory  
defined  
benefit  
pension  
plan  
and  
supplementary  
pension  
benefit  
restoration  
plans  
for
regular employees of  
certain of its  
subsidiaries (the “Pension  
Plans”). The accrual  
of benefits under  
the Pension Plans  
is frozen to
all  
participants.  
The  
Corporation  
also  
provides  
certain  
postretirement  
health  
care  
benefits  
for  
retired  
employees  
of  
certain
subsidiaries (the “OPEB Plan”).  

The components of net periodic cost for the  
Pension Plans and the OPEB Plan for the periods presented  
were as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Quarter ended June 30,
Quarter ended June 30,
(In thousands)
2025
2024
2025
2024
Personnel Cost:
 
Service cost
$
-
$
-
$
15
$
32
Other operating expenses:
 
Interest cost
7,411
7,558
1,291
1,421
 
Expected return on plan assets
( 8,069 )
( 8,594 )
-
-
 
Amortization of prior service cost/(credit)
-
-
-
-
 
Amortization of net loss (gain)
3,449
4,166
( 1,177 )
( 548 )
Total net periodic  
pension cost  

$
2,791
$
3,130
$
129
$
905

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Six months ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Personnel Cost:
 
Service cost
$
-
$
-
$
30
$
63
Other operating expenses:
 
Interest cost
14,821
15,117
2,582
2,843
 
Expected return on plan assets
( 16,138 )
( 17,188 )
-
-
 
Amortization prior service cost/(credit)
-
-
-
-
 
Amortization of net loss
6,899
8,332
( 2,354 )
( 1,096 )
Total net periodic  
pension cost
$
5,582
$
6,261
$
258
$
1,810

The  
Corporation  
paid  
the  
following  
contributions  
to  
the  
plans  
for  
the  
six  
months  
ended  
June  
30,  
2025  
and  
expects  
to  
pay  
the
following contributions for the year ending December  
31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended
For the year ending
(In thousands)
June 30, 2025
December 31, 2025
Pension Plans
$
114
$
227
OPEB Plan
$
3,223
$
5,428

119
Note 29 - Stock-based compensation

Incentive Plan
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 (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 the earlier of 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 on 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 a  
market condition  
under ASC  
718.  
For equity  
settled awards  
based on  
market
conditions, the  
fair value  
is determined  
as of  
the grant  
date and  
is not  
subsequently revised  
based on  
actual performance.  
The
ROATCE metric  
is 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 % 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.

 
 
120
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Shares
Weighted-Average
Grant Date Fair
Value
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
241,762
100.67
Performance Shares Quantity Adjustment
48,923
92.33
Vested  

( 277,721 )
90.69
Forfeited
( 5,515 )
60.68
Non-vested at June 30, 2025
255,357
$
77.90

During  
the  
quarter  
ended  
June  
30,  
2025,
121,649
 
shares  
of  
restricted  
stock  
(June  
30,  
2024  
–
97,732
)  
were  
awarded  
to
management under the Incentive  
Plan. During the  
quarters ended June 30,  
2025 and 2024,
no
 
performance shares were awarded
to management under the Incentive Plan.  
During the six months ended June 30, 2025,
194,268
 
shares of restricted stock (June 30,
2024 –
175,591
) and
47,494
 
performance shares (June 30, 2024 -
65,225
) were awarded to management under the  
Incentive Plan.  

During the quarter ended June 30, 2025, the Corporation recognized  
$
6.9
 
million of restricted stock expense related to management
incentive awards, with a tax benefit of $
1.0
 
million (June 30, 2024 - $
4.1
 
million, with a tax benefit of $
1.0
 
million). For the six months
ended  
June  
30,  
2025,  
the  
Corporation  
recognized  
$
14.4
 
million  
of  
restricted  
stock  
expense  
related  
to  
management  
incentive
awards, with a tax benefit of $
1.6
 
million (June 30, 2024 - $
10.5
 
million, with a tax benefit of $
1.7
 
million). For the six months ended
June 30, 2025, the fair market value  
of the restricted stock and performance shares vested  
was $
20.0
 
million on the grant date and
$
27.4
 
million  
at  
vesting date.  
This  
differential  
triggers  
a  
windfall of  
$
2.7
 
million  
that  
was recorded  
as  
a  
reduction on  
income  
tax
expense. During the  
quarter ended June  
30, 2025, the Corporation  
recognized $
0.8
 
million of performance shares  
expense, with a
tax benefit of $
61
 
thousand due to performance shares target  
adjustment (June 30, 2024 -  
$
( 0.9 )
 
million, with a tax benefit  
of $
( 55 )
thousand).  
For the six months ended June  
30, 2025, the Corporation recognized $
4.2
 
million of performance shares expense, with
a tax benefit  
of $
0.5
 
million (June 30,  
2024 - $
4.1
 
million, with a  
tax benefit of  
$
0.3
 
million).  
The total unrecognized compensation
cost related to non-vested restricted stock awards  
and performance shares to members of management  
at June 30, 2025 was $
17.6
million and is expected to be recognized over a  
weighted-average period of
1.65
 
years.
The following table summarizes the restricted stock  
activity under the Incentive Plan for members of  
the Board of Directors:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
RSUs / Restricted stock
Weighted-Average Grant
Date Fair Value per Unit
Non-vested at December 31, 2023
-
$
-
Granted
25,462
89.51
Vested  

( 25,462 )
89.51
Forfeited
-
-
Non-vested at December 31, 2024
-
$
-
Granted
22,050
99.42
Vested  

( 2,937 )
92.45
Forfeited
-
-
Non-vested at June 30, 2025
19,113
$
99.42

The  
equity  
awards  
granted to  
members of  
the Board  
of  
Directors of  
Popular,  
Inc.  
(the  
“Directors”) 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

121
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.  

During the quarter ended June 30, 2025,
17,816
 
RSUs and
2,688
 
shares of restricted stock were granted to the Directors (June 30,
2024  
-
20,411
 
RSUs  
and
1,392
 
shares  
of  
unrestricted stock)  
and the  
Corporation recognized  
$
0.4
 
million  
of  
expense related  
to
these shares with  
a tax benefit  
of $
84
 
thousand (June 30,  
2024 - $
1.9
 
million with a  
tax benefit of  
$
0.4
 
million). For the  
six months
ended June 30,  
2025, the Corporation
granted
19,362
 
RSUs and
2,688
 
shares of restricted stock  
to the Directors (June  
30, 2024 -
21,606
 
RSUs  
and
1,392
 
shares  
of  
unrestricted  
stock)  
and  
the  
Corporation  
recognized  
$
0.7
 
million  
of  
expense  
related  
to  
these
shares, with  
a tax  
benefit of $
0.1
 
million, (June  
30, 2024  
- $
2.1
 
million, with a  
tax benefit of  
$
0.4
 
million). The fair  
value at vesting
date of the RSUs vested during the six months  
ended June 30, 2025 for the Directors was  
$
2.2
 
million.

 
122
Note 30 – Income taxes

 

The table below presents a reconciliation of  
the statutory income tax rate to the effective income tax  
rate:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
June 30, 2025
June 30, 2024
(In thousands)
Amount  

% of pre-tax
income  

Amount
% of pre-tax
income
Computed income tax expense at statutory rates  

$
96,871
37.5
%
$
81,843
37.5
%
Net benefit of tax exempt income
( 45,374 )
( 17.6 )
( 33,220 )
( 15.2 )
Effect of income subject to preferential tax rate
( 606 )
( 0.2 )
1,272
0.6
Deferred tax asset valuation allowance
4,050
1.6
( 235 )
( 0.1 )
Difference in tax rates due to multiple jurisdictions
( 2,282 )
( 0.9 )
( 4,456 )
( 2.1 )
Other tax benefits
-
-
( 4,500 )
( 2.1 )
State and local taxes
414
0.1
2,204
1.0
Others
( 5,189 )
( 2.0 )
( 2,449 )
( 1.1 )
Income tax expense
$
47,884
18.5
%
$
40,459
18.5
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended
June 30, 2025
June 30, 2024
(In thousands)
Amount  

% of pre-tax
income  

Amount
% of pre-tax
income  

Computed income tax expense at statutory rates  

$
180,333
37.5
%
$
141,412
37.5
%
Net benefit of tax exempt income
( 85,329 )
( 17.7 )
( 61,979 )
( 16.4 )
Effect of income subject to preferential tax rate
( 1,519 )
( 0.3 )
( 148 )
-
Deferred tax asset valuation allowance
7,932
1.6
2,328
0.6
Difference in tax rates due to multiple jurisdictions
( 5,257 )
( 1.1 )
( 5,129 )
( 1.4 )
Other tax benefits
-
-
( 4,500 )
( 1.2 )
Tax on intercompany  
distributions
[1]
-
-
24,325
6.4
U.S., States, and local taxes
4,450
0.9
3,240
0.9
Others
( 7,663 )
( 1.6 )
( 3,522 )
( 0.9 )
Income tax expense
$
92,947
19.3
%
$
96,027
25.5
%
[1]
Includes $
16.5
 
million of out-of-period adjustment recorded during the  
first quarter of 2024.

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
June 30, 2025, and December 31, 2024, were  
as follows:

 
123
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available  
for carryforward
$
4,861
$
32,925
$
37,786
Net operating loss and other carryforward available  

59,441
594,642
654,083
Postretirement and pension benefits
28,197
-
28,197
Allowance for credit losses
245,070
28,339
273,409
Deferred loan origination fees/cost
3,005
( 2,702 )
303
Depreciation
7,700
7,551
15,251
FDIC-assisted transaction
152,665
-
152,665
Lease liability
27,417
13,953
41,370
Unrealized net loss on investment securities
202,822
15,914
218,736
Difference in outside basis from pass-through entities
53,043
-
53,043
Mortgage Servicing Rights
14,561
-
14,561
Other temporary differences
36,015
8,743
44,758
Total gross deferred  
tax assets
834,797
699,365
1,534,162
Deferred tax liabilities:
Intangibles
90,392
57,493
147,885
Right of use assets
24,908
12,280
37,188
Loans acquired
17,471
-
17,471
Other temporary differences
7,138
429
7,567
 

Total gross deferred  
tax liabilities
139,909
70,202
210,111
Valuation allowance
76,804
386,914
463,718
Net deferred tax asset
$
618,084
$
242,249
$
860,333
 
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

 
124
The net  
deferred tax  
assets  
shown in  
the table  
above at  
June 30,  
2025, is  
reflected in  
the Consolidated  
Statements of  
Financial
Condition as $
862.1
 
million in net  
deferred tax assets  
in the “Other assets”  
caption (December 31,  
2024 - $
926.3
 
million) and $
1.8
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.  

At  
June  
30,  
2025,  
the  
net  
deferred  
tax  
assets  
of  
the  
U.S.  
operations  
amounted  
to  
$
629.1
 
million  
with  
a  
valuation  
allowance  
of
$
386.9
 
million, for  
net  
deferred tax  
assets  
after valuation  
allowance of  
$
242.2
 
million. The  
Corporation evaluates  
on  
a  
quarterly
basis the  
realization of  
the deferred  
tax asset  
by taxing  
jurisdiction.  
The U.  
S. operations  
sustained profitability  
for the  
last three
years  
and  
better  
results  
than  
projected  
for  
the  
period  
ended  
June  
30,  
2025.  
These  
historical  
financial  
results  
are  
objectively
verifiable positive evidence, evaluated together  
with the positive evidence  
of stable credit metrics,  
in combination with the  
length of
the  
expiration  
of  
the  
NOLs.  
On  
the  
other  
hand,  
the  
Corporation  
evaluated  
the  
negative  
evidence  
accumulated  
over  
the  
years,
including financial results lower than expectations and challenges to the economy due to inflationary pressures that could stem from
U. S. tariff policies and global geopolitical challenges,  
in addition to the economic effect of cuts in federal government spending that
could negatively impact U. S. operations’ achieving expected pre-tax  
income levels.  
As of June 30, 2025, after weighting all positive
and negative evidence,  
the Corporation concluded  
that it is  
more likely than  
not that $
242.2
 
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 earnings  
available to  
realize the  
deferred tax  
assets for  
the remaining  
carryforward period,  
together with  
the historical
level  
of  
book  
income  
adjusted  
by  
permanent  
differences.  
Management  
will  
continue  
to  
monitor  
and  
review  
the  
U.S.  
operation’s
results, including recent earnings trends, the pre-tax earnings  
forecast, any new tax initiative, and other factors,  
including net income
versus forecast, targeted loan growth, net interest income margin, changes in deposit costs, allowance  
for credit losses, charge offs,
non-performing loans  
held-in-portfolio (“NPLs”)  
inflows  
and  
non-performing asset  
(“NPA”)  
balances. Significant  
changes  
in these
factors or sustainable continuance of financial improvement  
could impact the future realization of the deferred  
tax assets.
At June 30,  
2025, the Corporation’s  
net deferred tax  
assets related to  
its Puerto Rico  
operations amounted to  
$
618.1
 
million.  
The
Corporation’s Puerto Rico  
Banking operation has  
a 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 $
76.8
 
million as of June 30, 2025.

The reconciliation of unrecognized tax benefits, excluding  
interest, was as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
2025
2024
Balance at January 1
$
1.5
$
1.5
Balance at March 31
$
1.5
$
1.5
Balance at June 30
$
1.5
$
1.5

At June  
30, 2025,  
the total  
amount of  
accrued interest  
recognized in the  
statement of  
financial condition  
amounted to  
$
2.5
 
million
(December 31, 2024 -  
$
2.4
 
million). Management determined that at  
June 30, 2025 and December  
31, 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 that if recognized, would affect the Corporation’s effective tax rate, was $
3.0
 
million at June 30, 2025 (December 31, 2024 -
$
3.0
 
million).

125
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  
statutes  
of  
limitation,  
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.  
At  
June  
30,  
2025,  
the  
following  
years  
remain  
subject  
to  
examination  
in  
the  
U.S.
Federal jurisdiction: 2021 and thereafter; and in  
the Puerto Rico jurisdiction, 2018 and thereafter.

 
126
Note 31 – Supplemental disclosure on the consolidated  
statements of cash flows

Additional disclosures on cash flow information and  
non-cash activities for the six months ended June  
30, 2025 and June 30, 2024
are listed in the following table:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
June 30, 2024
Non-cash activities:
 
Loans transferred to other real estate
$
14,006
$
25,922
 
Loans transferred to other property
45,065
38,867
 
Total loans transferred  
to foreclosed assets
59,071
64,789
 
Loans transferred to other assets
26,604
25,427
 
Financed sales of other real estate assets
2,580
6,220
 
Financed sales of other foreclosed assets
29,089
26,894
 
Total financed sales  
of foreclosed assets
31,669
33,114
 
Financed sale of premises and equipment
29,727
38,715
 
Transfers from loans held-in-portfolio to  
loans held-for-sale
2,662
7,505
 
Transfers from loans held-for-sale to loans  
held-in-portfolio
1,224
2,896
 
Loans securitized into investment securities
[1]
6,852
4,806
 
Trades receivable from brokers and counterparties
22
26,198
 
Trades payable to brokers and counterparties
593,949
24,603
 
Net change in receivables from investments maturities
14,377
124,000
 
Recognition of mortgage servicing rights on securitizations  
or asset transfers
498
661
 
Loans booked under the GNMA buy-back option
3,339
3,437
 
Capitalization of lease right of use asset
9,143
1,946
[1]
Includes loans securitized into trading securities and subsequently  
sold before quarter 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)
June 30, 2025
June 30, 2024
Cash and due from banks
$
394,211
$
348,170
Restricted cash and due from banks
6,420
11,803
Restricted cash in money market investments
10,371
7,286
Total cash and due  
from banks, and restricted cash
[2]
$
411,002
$
367,259
[2]  

Refer to Note 4 - Restrictions on cash and due from banks  
and certain securities for nature of restrictions.

127
Note 32 – 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:

128
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
For the quarter ended June 30, 2025
Intersegment  

(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
748,712
$
195,668
$
( 1,041 )
Interest expense
210,237
93,474
( 1,041 )
Net interest income
538,475
102,194
-
Provision for credit losses
42,452
6,532
-
Non-interest income  

145,685
7,421
-
Personnel costs
164,794
27,387
-
Professional fees
13,025
2,450
-
Technology and  
software expenses
64,226
10,345
-
Processing and transactional services
37,276
582
-
Amortization of intangibles
240
145
-
Depreciation expense
10,344
2,266
-
Other operating expenses
[1]
132,004
28,021
-
Total operating  
expenses
421,909
71,196
-
Income before income tax
219,799
31,887
-
Income tax expense
35,256
9,280
-
Net income
$
184,543
$
22,607
$
-
Segment assets
$
60,926,458
$
14,865,364
$
( 120,633 )
For the quarter ended June 30, 2025
Reportable  

(In thousands)
Segments
Corporate
Eliminations
Total Popular,  
Inc.
Interest income
$
943,339
$
1,578
$
( 1,045 )
$
943,872
Interest expense
302,670
10,698
( 1,045 )
312,323
Net interest income (expense)
640,669
( 9,120 )
-
631,549
Provision for credit losses (benefit)
48,984
( 43 )
-
48,941
Non-interest income
153,106
16,107
( 736 )
168,477
Personnel costs
192,181
37,174
-
229,355
Professional fees
15,475
12,887
( 254 )
28,108
Technology and  
software expenses
74,571
10,125
-
84,696
Processing and transactional services
37,858
3
-
37,861
Amortization of intangibles
385
-
-
385
Depreciation expense
12,610
429
-
13,039
Other operating expenses
[1]
160,025
( 60,181 )
( 527 )
99,317
Total operating  
expenses
493,105
437
( 781 )
492,761
Income before income tax
251,686
6,593
45
258,324
Income tax expense
44,536
3,277
71
47,884
Net income
$
207,150
$
3,316
$
( 26 )
$
210,440
Segment assets
$
75,671,189
$
5,786,893
$
( 5,392,992 )
$
76,065,090
[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.

 
129
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2025
Intersegment  

(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
1,480,600
$
382,060
$
( 2,722 )
Interest expense
420,233
186,924
( 2,722 )
Net interest income
1,060,367
195,136
-
Provision for credit losses
95,964
17,142
-
Non-interest income  

283,190
13,564
-
Personnel costs
316,078
52,829
-
Professional fees
26,084
5,189
-
Technology and  
software expenses
128,377
20,433
-
Processing and transactional services
74,455
1,179
-
Amortization of intangibles
582
400
-
Depreciation expense
20,038
4,463
-
Other operating expenses
[1]
260,758
53,640
-
Total operating  
expenses
826,372
138,133
-
Income before income tax
421,221
53,425
-
Income tax expense
70,699
16,002
-
Net income
$
350,522
$
37,423
$
-
Segment assets
$
60,926,458
$
14,865,364
$
( 120,633 )
For the six months ended June 30, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
1,859,938
$
3,114
$
( 2,182 )
$
1,860,870
Interest expense
604,435
21,471
( 2,182 )
623,724
Net interest income (expense)
1,255,503
( 18,357 )
-
1,237,146
Provision for credit losses (benefit)
113,106
( 84 )
-
113,022
Non-interest income
296,754
25,136
( 1,352 )
320,538
Personnel costs
368,907
73,161
-
442,068
Professional fees
31,273
24,244
( 584 )
54,933
Technology and  
software expenses
148,810
19,554
-
168,364
Processing and transactional services
75,634
8
-
75,642
Amortization of intangibles
982
-
-
982
Depreciation expense
24,501
818
-
25,319
Other operating expenses
[1]
314,398
( 116,583 )
( 1,350 )
196,465
Total operating  
expenses
964,505
1,202
( 1,934 )
963,773
Income before income tax
474,646
5,661
582
480,889
Income tax expense
86,701
5,952
294
92,947
Net income (loss)
$
387,945
$
( 291 )
$
288
$
387,942
Segment assets
$
75,671,189
$
5,786,893
$
( 5,392,992 )
$
76,065,090
[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.

130
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
For the quarter ended June 30, 2024
Intersegment  

(In thousands)
BPPR
 
Popular U.S.
Eliminations
Interest income
$
737,342
$
186,595
$
( 2,622 )
Interest expense
248,597
100,744
( 2,622 )
Net interest income
488,745
85,851
-
Provision for credit losses (benefit)
50,382
( 3,563 )
-
Non-interest income  

152,354
6,000
-
Personnel costs
145,764
26,062
-
Professional fees
14,568
3,154
-
Technology and  
software expenses
60,256
9,784
-
Processing and transactional services
38,537
555
-
Amortization of intangibles
424
310
-
Depreciation expense
13,317
2,204
-
Other operating expenses
[1]
127,106
27,608
-
Total operating  
expenses
399,972
69,677
-
Income before income tax
190,745
25,737
-
Income tax expense
33,540
7,989
-
Net income
$
157,205
$
17,748
$
-
Segment assets
$
58,464,408
$
14,287,739
$
( 264,040 )
For the quarter ended June 30, 2024
Reportable  

(In thousands)
Segments
Corporate
Eliminations
Total Popular,  
Inc.
Interest income
921,315
4,390
( 3,798 )
921,907
Interest expense
346,719
10,674
( 3,798 )
353,595
Net interest income (expense)
$
574,596
$
( 6,284 )
$
-
$
568,312
Provision for credit losses (benefit)
46,819
( 25 )
-
46,794
Non-interest income  

158,354
10,716
( 2,764 )
166,306
Personnel costs
171,826
25,598
-
197,424
Professional fees
17,722
20,324
( 302 )
37,744
Technology and  
software expenses
70,040
9,712
-
79,752
Processing and transactional services
39,092
4
-
39,096
Amortization of intangibles
734
-
-
734
Depreciation expense
15,521
367
-
15,888
Other operating expenses
[1]
154,714
( 54,854 )
( 922 )
98,938
Total operating  
expenses
469,649
1,151
( 1,224 )
469,576
Income before income tax
216,482
3,306
( 1,540 )
218,248
Income tax expense (benefit)
41,529
( 476 )
( 594 )
40,459
Net income
$
174,953
$
3,782
$
( 946 )
$
177,789
Segment assets
$
72,488,107
$
5,828,667
$
( 5,471,702 )
$
72,845,072
[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.

 
131
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
1,451,330
$
369,478
$
( 5,909 )
Interest expense
489,744
198,774
( 5,909 )
Net interest income
961,586
170,704
-
Provision for credit losses
111,062
7,872
-
Non-interest income  

298,023
13,120
( 56 )
Personnel costs
298,690
53,206
-
Professional fees
26,936
6,633
( 56 )
Technology and  
software expenses
123,440
18,684
-
Processing and transactional services
72,091
1,188
-
Amortization of intangibles
908
621
-
Depreciation expense
26,326
4,147
-
Other operating expenses
[1]
258,879
55,240
-
Total operating  
expenses
807,270
139,719
( 56 )
Income before income tax
341,277
36,233
-
Income tax expense
62,746
11,445
-
Net income
$
278,531
$
24,788
$
-
Segment assets
$
58,464,408
$
14,287,739
$
( 264,040 )
For the six months ended June 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
1,814,899
$
8,189
$
( 7,040 )
$
1,816,048
Interest expense
682,609
21,423
( 7,040 )
696,992
Net interest income (expense)
1,132,290
( 13,234 )
-
1,119,056
Provision for credit losses (benefit)
118,934
458
-
119,392
Non-interest income
311,087
22,438
( 3,401 )
330,124
Personnel costs
351,896
60,905
-
412,801
Professional fees
33,513
33,728
( 579 )
66,662
Technology and  
software expenses
142,124
17,090
-
159,214
Processing and transactional services
73,279
11
-
73,290
Amortization of intangibles
1,529
-
-
1,529
Depreciation expense
30,473
776
-
31,249
Other operating expenses
[1]
314,119
( 104,339 )
( 1,836 )
207,944
Total operating  
expenses
946,933
8,171
( 2,415 )
952,689
Income before income tax
377,510
575
( 986 )
377,099
Income tax expense (benefit)
74,191
22,200
( 364 )
96,027
Net income
$
303,319
$
( 21,625 )
$
( 622 )
$
281,072
Segment assets
$
72,488,107
$
5,828,667
$
( 5,471,702 )
$
72,845,072
[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.

 
132
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  
six  
months  
ended  
June  
30,  
2025,  
BPPR  
participated  
in  
loans  
originated  
by  
PB  
totaling  
$
2
9  
million  
(2024  
-  
did
no
t
participate). 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 $
104
 
million in  
multifamily loans (December  
31, 2024  
- $
104
 
million), $
435
 
million in commercial
real estate loans (December 31, 2024 - $
588
 
million), $
689
 
million in C&I loans (December 31, 2024 - $
685
 
million), and $
70
 
million
in unsecured personal loans  
(December 31, 2024 -  
$
113
 
million). During the six  
months ended June 30,  
2025, the BPPR segment
generated $
51.4
 
million (June 30, 2024 - $
60.1
 
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 $
1.1
 
billion (December 31, 2024  
- $
1.0
 
billion).
The BPPR segment generated $
25.0
 
million in revenues during the six months ended June 30, 2025 (June 30, 2024 - $
21.3
 
million)
from its operations in the U.S. and British  
Virgin Islands.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information
Quarter ended
Six months ended
(In thousands)
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Revenues:
[1]
 
Puerto Rico  

$
636,232
$
586,338
$
1,246,193
$
1,152,082
 
United States
139,274
127,011
266,490
253,752
 
Other
24,520
21,269
45,001
43,346
Total consolidated  
revenues  

$
800,026
$
734,618
$
1,557,684
$
1,449,180
[1]
Total revenues include  
net interest income, service charges on deposit accounts,  
other service fees, mortgage banking activities, net  
gain (loss),
including impairment, on equity securities, net gain on trading  
account debt securities, adjustments to indemnity reserves  
on loans sold, and
other operating income.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information:
(In thousands)
June 30, 2025
December 31, 2024
Puerto Rico
 

Total assets
$
58,522,143
$
55,888,211
 

Loans
24,979,110
24,154,610
 

Deposits
53,876,271
52,099,309
United States
 

Total assets
$
16,236,670
$
15,890,339
 

Loans
12,686,305
12,431,859
 

Deposits
11,529,189
11,030,879
Other
 

Total assets
$
1,306,277
$
1,266,833
 

Loans
522,661
526,606
 

Deposits
[1]
1,812,031
1,754,157
[1]
Represents deposits from BPPR operations located in the  
U.S. and British Virgin Islands.

 
 
 
 
 
 
 
 
 
 
 
 
133
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION  
AND RESULTS OF OPERATIONS
This  
report  
includes  
management’s  
discussion  
and  
analysis  
(“MD&A”)  
of  
the  
consolidated  
financial  
position  
and  
financial
performance  
of  
Popular,  
Inc.  
(the  
“Corporation”  
or  
“Popular”). All  
accompanying  
tables,  
financial  
statements  
and  
notes  
included
elsewhere in this report should be considered an  
integral part of this analysis.  

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,  
commercial banking services and auto
and equipment  
leasing and  
financing through its  
principal banking subsidiary,  
Banco Popular de  
Puerto Rico  
(“BPPR”), as  
well as
broker-dealer  
and  
insurance  
services  
through  
specialized  
subsidiaries.  
In  
the  
U.S.  
mainland,  
the  
Corporation  
provides  
retail,
mortgage, 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 32 to the
Consolidated Financial Statements presents information  
about the Corporation’s business segments.
As a financial services company,  
the Corporation’s earnings are significantly affected  
by general business and economic conditions
in the  
markets which  
we serve.  
Lending and  
deposit activities  
and fee  
income generation  
are influenced  
by the  
level of  
business
spending and  
investment, consumer  
income, spending  
and savings,  
capital market  
activities, competition,  
customer preferences,
interest rate conditions and prevailing market rates  
on competing products.
The Corporation  
operates in  
a highly  
regulated environment  
and may  
be adversely  
affected by  
changes in  
federal and  
local laws
and  
regulations.  
Also,  
competition  
with  
other  
financial  
institutions,  
as  
well  
as  
with  
non-traditional financial  
service  
providers  
and
technology  
companies  
that  
provide  
electronic  
and  
internet-based  
financial  
solutions  
and  
services,  
could  
adversely  
affect  
its
profitability.
The  
Corporation  
continuously  
monitors  
general  
business  
and  
economic  
conditions,  
industry-related  
indicators  
and  
trends,
competition, interest rate volatility, credit quality indicators, loan, and deposit demand, operational and systems efficiencies, revenue
enhancements and changes in the regulation of financial  
services companies.  

The description of the Corporation’s business contained in  
Item 1 of the 2024 Form 10-K, while not all inclusive,  
discusses additional
information about the business of the Corporation. Readers should also refer to “Part I - Item 1A” of the 2024 Form 10-K and “Part II
- Item 1A” of this Form 10-Q for a discussion of certain risks and uncertainties to which the Corporation is subject, many beyond the
Corporation’s control that, in addition to the other information in  
this Form 10-Q, readers should consider.
The Corporation’s common stock is traded on the NASDAQ  
Global Select Market under the symbol BPOP.
SIGNIFICANT EVENTS
Capital Actions
On July 16, 2025, the Corporation announced  
the following capital actions:
●
 
an increase  
in the  
Corporation’s quarterly  
common stock  
dividend from  
$0.70 to  
$0.75 per  
share, commencing  
with the
dividend payable in the fourth quarter of 2025,  
subject to the approval by the Corporation’s Board of Directors;  
and
●
 
a new common stock repurchase program of up  
to $500 million.
This new common stock repurchase program is in addition  
to the $500 million common stock repurchase program  
announced by the
Corporation on July 24, 2024 (the “2024  
Repurchase Program”).
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

 
 
 
 
 
 
 
 
134
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.
During  
the  
quarter  
and  
six  
months  
ended  
June  
30,  
2025,  
the  
Corporation  
repurchased  
1,136,390  
shares  
of  
common  
stock  
for
$112.0 million at an average price of $98.54 per share and 2,406,959 shares  
of common stock for $234.2 million at an average price
of $97.32 per share, respectively.  
As of June 30, 2025, the  
Corporation had repurchased a total of approximately 4.7 million  
shares
of common stock for $451.5  
million as part of the 2024 Repurchase  
Program.
OVERVIEW
Financial highlights for the quarter ended June 30,  
2025
The Corporation’s  
net income for  
the quarter  
ended June 30,  
2025 amounted to  
$210.4 million, an  
increase of  
$32.6 million when
compared to a net income of $177.8 million for the quarter ended June 30, 2024. Higher net income was mainly driven by higher net
interest income, offset in part by an increase in operating  
expense and income tax expense.  

Financial highlights for the quarter ended June 30,  
2025 include:
●
 
Net interest income  
amounted to $631.5  
million, an increase  
of $63.2 million  
when compared to  
the quarter  
ended June
30, 2024, driven by  
loan growth and higher  
deposits,  
higher volume of U.S.  
Treasuries with higher  
yields, and lower cost
of  
deposits,  
mainly  
P.R.  
public  
deposits  
and  
re-pricing  
at  
PB,  
partially  
offset  
by  
lower  
income  
from  
money  
market
securities. Net interest margin expanded by 27 bps to 3.49%. On a taxable  
equivalent basis, net interest margin expanded
by 37 basis points to 3.85% driven by tax-exempt  
investment securities at higher yields.  

●
 
The provision for credit losses amounted to $48.9 million  
for the quarter ended June 30, 2025,  
an increase of $2.1 million
when  
compared  
to  
the  
quarter  
ended  
June  
30,  
2024,  
driven  
by  
additional  
reserves  
in  
the  
commercial  
loans  
portfolio,
specifically in Commercial  
Real Estate portfolio in  
the PB segment  
due to higher  
qualitative reserves and changes  
in the
macroeconomic  
scenario,  
partially  
offset  
by  
a  
lower  
provision  
in  
the  
BPPR  
segment  
due  
to  
lower  
net  
charge-offs  
and
improvements of credit quality in the commercial  
portfolio.
●
 
Non-interest income  
amounted to  
$168.5 million,  
an increase  
of $2.2  
million when  
compared to  
the quarter  
ended June
30, 2024, mainly driven by higher  
credit and debit card fee income,  
higher investment management fees,  
and a favorable
fair value  
adjustment of  
equity securities held  
for deferred  
benefit plans,  
partially offset  
by lower  
other operating  
income
mainly related to the daily rental car business sold  
during the fourth quarter of 2024.
●
 
Operating expenses amounted to $492.8 million for  
the quarter, reflecting  
an increase of $23.2 million when  
compared to
the quarter  
ended June  
30, 2024.  
The increase  
was driven  
mainly by  
higher personnel  
costs due  
to higher  
incentives,
partially offset by lower professional fees.
●
 
Income tax expense of  
$47.9 million with an  
effective tax rate  
(“ETR”) of 18.5% during  
the quarter ended June  
30, 2025,
compared to an income tax expense of $40.5  
million with an ETR of 18.5% for the quarter ended  
June 30, 2024.
●
 
At June  
30, 2025,  
the Corporation’s  
total assets  
amounted to  
$76.1 billion,  
compared to  
$73.0 billion  
at December  
31,
2024. The  
increase of  
$3.1 billion  
is primarily  
due to  
higher balance  
in the  
available-for-sale (“AFS”)  
securities portfolio
and an  
increase across  
most loan  
portfolios,  
mainly in  
commercial, mortgage,  
and construction,  
partially offset  
by lower
balance in the held-to-maturity (“HTM”) investment  
securities, money market investments, and a decrease in  
other assets.
●
 
Deposits amounted to $67.2  
billion at June 30, 2025,  
an increase of $2.3  
billion from December 31, 2024,  
driven by P.R.
public deposits.
●
 
Stockholders’  
equity  
amounted  
to  
$6.0  
billion  
at  
June  
30,  
2025,  
compared  
to  
$5.6  
billion  
at  
December 31,  
2024.  
The
Corporation and its  
banking subsidiaries continue  
to be  
well capitalized. As  
of June  
30, 2025, the  
Corporation’s tangible
book value  
per common  
share was  
$75.41, an  
increase of  
$7.25 from  
December 31,  
2024. The  
Common Equity  
Tier  
1
Capital ratio at June 30, 2025 was 15.91%,  
compared to 16.03% at December 31, 2024.
Refer to Table 1 for selected financial data for the quarters ended June 30, 2025 and June  
30, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
135
Table 1 - Financial Highlights
Financial Condition Highlights
Ending balances at  

Average for the six months ended
(In thousands)
June 30, 2025
December 31,
2024
Variance
June 30,
2025
June 30,
2024
Variance
Money market investments
$
6,340,786
$
6,380,948
$
(40,162)
$
6,314,487
$
6,477,180
$
(162,693)
Investment securities
28,283,970
26,244,977
2,038,993
28,642,361
28,034,347
608,014
Loans
[1]
38,188,076
37,113,075
1,075,001
37,310,383
35,226,488
2,083,895
Earning assets
72,812,832
69,739,000
3,073,832
72,267,231
69,738,015
2,529,216
Total assets
76,065,090
73,045,383
3,019,707
75,391,749
72,800,664
2,591,085
Deposits
67,217,491
64,884,345
2,333,146
66,112,327
64,529,716
1,582,611
Borrowings
1,414,494
1,176,126
238,368
1,120,666
1,045,181
75,485
Total liabilities
70,111,072
67,432,317
2,678,755
68,224,476
66,549,458
1,675,018
Stockholders’ equity
5,954,018
5,613,066
340,952
7,167,273
6,251,206
916,067
Note: 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.  

Operating Highlights
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2025
2024
Variance
2025
2024
Variance
Net interest income  

$
631,549
$
568,312
$
63,237
$
1,237,146
$
1,119,056
$
118,090
Provision for credit losses
 
(benefit)
48,941
46,794
2,147
113,022
119,392
(6,370)
Non-interest income
168,477
166,306
2,171
320,538
330,124
(9,586)
Operating expenses
492,761
469,576
23,185
963,773
952,689
11,084
Income before income tax
258,324
218,248
40,076
480,889
377,099
103,790
Income tax expense
47,884
40,459
7,425
92,947
96,027
(3,080)
Net income
$
210,440
$
177,789
$
32,651
$
387,942
$
281,072
$
106,870
Net income applicable to common stock
$
210,087
$
177,436
$
32,651
$
387,236
$
280,366
$
106,870
Net income per common share – basic
$
3.09
$
2.47
$
0.62
$
5.64
$
3.90
$
1.74
Net income per common share – diluted
$
3.09
$
2.46
$
0.63
$
5.64
$
3.90
$
1.74
Dividends declared per common share
$
0.70
$
0.62
$
0.08
$
1.40
$
1.24
$
0.16
Quarters ended June 30,
Six months ended June 30,
Selected Statistical Information
2025
2024
2025
2024
Common Stock Data
 
End market price
$
110.21
88.43
$
110.21
88.43
 
Book value per common share at period end
87.31
73.94
87.31
73.94
Profitability Ratios
 
Return on assets
1.11
%
0.97
%
1.04
%
0.77
%
 
Return on common equity
11.77
10.38
10.93
8.24
 
Net interest spread (non-taxable equivalent basis)
2.85
2.44
2.79
2.41
 
Net interest spread (taxable equivalent) - Non-GAAP
3.21
2.70
3.14
2.65
 
Net interest margin (non-taxable equivalent basis)
3.49
3.22
3.45
3.20
 
Net interest margin (taxable equivalent) - Non-GAAP
3.85
3.48
3.80
3.44
Capitalization Ratios
 
Average equity to average assets
9.48
%
8.60
%
9.51
%
8.59
%
 
Common equity Tier 1 capital
15.91
16.48
15.91
16.48
 
Tangible common  
book value per common share (non-GAAP)
[2]
75.41
62.71
75.41
62.71
 
Return on average tangible common equity
[2]
13.26
11.77
12.32
9.35
 
Tier I capital  

15.96
16.54
15.96
16.54
 
Total capital
17.70
18.30
17.70
18.30
 
Tier 1 leverage
8.51
8.53
8.51
8.53
[1]
Includes loans held-for-sale.
[2]
Refer to Table 10 for reconciliation to GAAP financial measures.
 

Non-GAAP Financial Measures
This Form 10-Q  
contains financial information  
prepared under accounting  
principles generally accepted in  
the United States  
(“U.S.

 
 
 
 
 
 
 
 
 
 
 
136
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  
table  
presents  
the  
adjusted  
net  
income  
for  
the  
six  
months  
ended  
June  
30,  
2024.  
There  
were  
no  
non-GAAP
adjustments for the six months ended June 30, 2025.  

Table 2 - Adjusted Net Income  
for the Six Months Ended June 30, 2024 (Non-GAAP)
(In thousands)
Income before  

income tax
Income tax
expense
(benefit)
Total
U.S. GAAP Net income
$377,099
$96,027
$281,072
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)
$397,786
$84,778
$313,008
[1] Expense recorded during the first quarter of 2024 to  
increase the estimate recognized during the fourth  
quarter of 2023 related to the November 16,
2023 FDIC Special Assessment to recover the losses to the  
deposit insurance fund used by the FDIC in connection  
with the receiverships of several
failed banks. The special assessment amount and collection  
period may change if the estimated loss is periodically  
adjusted or if the total amount
collected varies.
[2] Income tax expense and other related expenses from  
prior periods related to withholding taxes on certain  
distributions from U.S. subsidiaries.

137
Net interest income on a taxable equivalent basis  
– Non-GAAP Financial Measure
Net interest income, on  
a taxable equivalent basis,  
is presented with its  
different components in Table  
s  
3 and 4 for  
the quarter and
six months  
ended June  
30, 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  
tables 3 and  
4, 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 attributed to  
exempt income, reducing  
the benefit  
of the  
tax-exempt income. The  
effective yield, on  
a taxable  
equivalent
basis, will vary depending on the  
level of these expenses that are  
attributed to the available exempt income.  
Under Puerto Rico tax
law, the exempt interest can be  
deducted up to the amount of taxable income. Management believes that this presentation provides
meaningful information since it facilitates the comparison  
of revenues arising from taxable and exempt  
sources.
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  
way 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  
10 provides  
a reconciliation of  
total stockholders’ equity  
to tangible common  
equity and total  
assets to tangible  
assets  
as of
June 30, 2025 and December 31, 2024.

 
 
 
 
138
CRITICAL ACCOUNTING POLICIES / ESTIMATES  

The accounting and reporting policies followed by the Corporation  
and its subsidiaries conform to U.S. GAAP and  
general practices
within  
the  
financial  
services  
industry.  
Various  
elements  
of  
the  
Corporation’s  
accounting  
policies,  
by  
their  
nature,  
are  
inherently
subject to estimation techniques, valuation assumptions  
and other subjective assessments.
Management  
has  
discussed  
the  
development  
and  
selection  
of  
the  
critical  
accounting  
estimates  
with  
the  
Corporation’s  
Audit
Committee. The Corporation has identified as critical accounting estimates those related to: (i) Fair Value  
Measurement of Financial
Instruments;  
(ii)  
Loans  
and  
Allowance  
for  
Credit  
Losses;  
(iii)  
Income  
Taxes;  
(iv)  
Goodwill  
and  
Other  
Intangible  
Assets;  
and  
(v)
Pension and Postretirement  
Benefit Obligations. For  
a summary of  
these critical accounting  
estimates, refer to  
the MD&A included
in  
the  
2024  
Form  
10-K.  
Also,  
refer  
to  
Note  
2  
to  
the  
Consolidated  
Financial  
Statements  
included  
in  
the  
2024  
Form  
10-K  
for  
a
summary of the Corporation’s significant accounting policies and to Note 3 to the Consolidated Financial Statements included in this
Form 10-Q for information on recently adopted accounting  
standard updates.
STATEMENT  
OF OPERATIONS ANALYSIS
NET INTEREST INCOME
The  
Corporation’s  
net  
interest  
income  
for  
the  
quarter  
ended  
June  
30,  
2025  
was  
$631.5  
million  
and  
increased  
$63.2  
million,
compared to the same  
quarter in 2024.  
Higher net interest income  
was supported by  
an increase in average  
deposit balances and
loan growth.  
Net interest  
income on  
a taxable  
equivalent basis  
for the  
second quarter  
of 2025  
was $697.2  
million, an  
increase of
$82.4 million.
Net interest margin (“NIM”) for the quarter was 3.49%, an increase  
of 27 basis points when compared to the second quarter  
of 2024.
On a  
taxable equivalent  
basis, net  
interest margin  
for the  
second quarter  
of  
2025 was  
3.85% or  
37 basis  
points higher  
than the
second quarter  
of 2024.  
NIM expansion  
was mainly  
attributed to  
lower deposit  
costs driven  
by the  
repricing of  
high-cost deposits
that are  
market-linked, such  
as P.R.  
public deposits,  
coupled with  
a higher  
volume of  
loans and  
higher yields  
of U.S.  
Treasuries.
Total cost of deposits decreased 32 basis points to 1.78%.  

On a taxable equivalent basis, the main drivers of  
the increase for the second quarter of 2025  
were:
●
 
higher income  
from  
U.S. Treasury  
securities  
by  
$21.5  
million,  
due to  
investment  
activity  
at  
higher yields  
supported  
by
deposits growth.  
The U.S.  
Treasuries yield  
increased 30  
basis points  
when compared  
to the  
second quarter  
of 2024  
as
reinvestment of maturing debt securities along with  
incremental balances are being reinvested  
at higher current rates;
●
 
higher  
income  
from  
loans  
by  
$40.4  
million  
resulting  
from  
higher  
average  
balances  
across  
most  
portfolios,  
led  
by
commercial, construction,  
mortgage, auto  
and lease  
portfolios, resulting  
from origination  
activity.  
Higher yields  
from the
auto, lease and  
mortgage portfolios mitigated the  
impact of lower  
yields from the  
commercial and construction portfolios,
due to  
the impact of  
short-term market rates  
decline on adjustable-rate  
loans. Overall, the  
loan portfolio yield  
decreased
by two basis points to 7.50%; and
●
 
lower interest expense on deposits  
by $44.9 million or 32  
basis points lower when compared to  
the same period in 2024.
The cost  
of interest-bearing  
deposits decreased  
by 45  
basis points,  
mainly due  
to the  
repricing of  
P.R.  
public deposits
which decreased by 93 basis points to 3.22% and  
a decrease in the cost of deposits in the  
PB segment;
partially offset by:  

●
 
lower interest  
income from  
money market  
investments by  
$18.8 million  
or  
103 basis  
points mainly  
due  
to  
lower yields
resulting from lower short-term market rates.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
139
Table 3 - Analysis of Levels & Yields  
on a Taxable Equivalent Basis  
(Non-GAAP)
Quarter ended June 30,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
 
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,251
$
6,471
$
(220)
4.46
%
5.49
%
(1.03)
%
Money market
investments
$
69,532
$
88,316
$
(18,784)
$
(15,866)
$
(2,918)
28,809
28,943
(134)
3.29
3.01
0.28
Investment securities [1]
236,372
216,922
19,450
18,673
777
27
26
1
5.99
5.69
0.30
Trading securities  

407
367
40
21
19
Total money market,  

investment and
trading
35,087
35,440
(353)
3.50
3.47
0.03
securities
306,311
305,605
706
2,828
(2,122)
Loans:
18,676
17,707
969
6.73
6.86
(0.13)
Commercial
313,493
302,003
11,490
(4,831)
16,321
1,459
1,070
389
8.19
9.11
(0.92)
Construction
29,806
24,224
5,582
(2,558)
8,140
1,963
1,789
174
7.18
6.86
0.32
Leasing
35,249
30,697
4,552
1,467
3,085
8,339
7,817
522
5.89
5.66
0.23
Mortgage
122,873
110,673
12,200
4,632
7,568
3,211
3,192
19
14.00
13.97
0.03
Consumer
112,083
110,906
1,177
374
803
3,937
3,819
118
9.14
8.88
0.26
Auto
89,706
84,268
5,438
2,780
2,658
37,585
35,394
2,191
7.50
7.52
(0.02)
Total loans
703,210
662,771
40,439
1,864
38,575
$
72,672
$
70,834
$
1,838
5.57
%
5.49
%
0.08
%
Total earning assets
$
1,009,521
$
968,376
$
41,145
$
4,692
$
36,453
Interest bearing
deposits:
$
8,062
$
7,522
$
540
1.71
%
1.97
%
(0.26)
%
NOW and money
market
$
34,288
$
36,783
$
(2,495)
$
(4,611)
$
2,116
14,605
14,728
(123)
0.83
0.92
(0.09)
Savings  

30,378
33,749
(3,371)
(2,862)
(509)
8,532
8,237
295
3.15
3.39
(0.24)
Time deposits
67,032
69,494
(2,462)
(4,857)
2,395
20,333
19,364
969
3.22
4.15
(0.93)
P.R. public  
deposits
163,360
199,913
(36,553)
(45,918)
9,365
51,532
49,851
1,681
2.29
2.74
(0.45)
Total interest bearing
deposits
295,058
339,939
(44,881)
(58,248)
13,367
14,825
15,176
(351)
Non-interest bearing
demand deposits
66,357
65,027
1,330
1.78
2.10
(0.32)
Total deposits
295,058
339,939
(44,881)
(58,248)
13,367
470
80
390
4.52
5.64
(1.12)
Short-term borrowings
5,300
1,126
4,174
(213)
4,387
Other medium and  

832
978
(146)
5.79
5.16
0.63
long-term debt
11,965
12,530
(565)
181
(746)
Total interest bearing
52,834
50,909
1,925
2.36
2.79
(0.43)
liabilities (excluding
demand deposits)
312,323
353,595
(41,272)
(58,280)
17,008
Other sources of funds
5,013
4,749
264
$
72,672
$
70,834
$
1,838
1.72
%
2.01
%
(0.29)
%
Total source of funds
$
312,323
$
353,595
$
(41,272)
$
(58,280)
$
17,008
Net interest margin/
income on a taxable
equivalent basis (Non-
GAAP)
3.85
%
3.48
%
0.37
%
$
697,198
$
614,781
$
82,417
$
62,972
$
19,445
3.21
%
2.70
%
0.51
%
 
Net interest spread
Taxable equivalent
adjustment
65,649
46,469
19,180
Net interest margin/
income non-taxable
equivalent basis (GAAP)
3.49
%
3.22
%
0.27
%
$
631,549
$
568,312
$
63,237
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.

 
 
 
 
 
 
 
 
140
The Corporation’s net  
interest income for the  
six-month period ended June  
30, 2025 was  
$1.2 billion, or $118.1  
million higher than
the same period  
in 2024. Taxable  
equivalent net interest  
income was $1.4  
billion, an increase  
of $156.7 million  
when compared to
the same  
period in  
2024. NIM  
was 3.45%,  
an increase  
of  
25 basis  
points when  
compared to  
3.20% in  
2024. NIM,  
on a  
taxable
equivalent basis, for the six months ended June  
30, 2025, was 3.80%, an increase of  
36 basis points compared to the same  
period
of 2024.  

The main drivers of the variances in net interest income on a taxable equivalent basis for the six-month period ended June 20, 2025
were:
●
 
higher income from U.S.  
Treasury securities by  
$53.9 million mainly driven  
by higher yields, coupled with  
higher average
volume by $640.0 million;
●
 
higher income from  
loans by $71.6  
million driven by  
higher average balances across  
most portfolios, mainly commercial,
construction and  
mortgage, and  
higher yields  
in the  
mortgage, auto  
and leasing  
portfolios due  
to originations  
at higher
rates, partially  
offset by  
lower yields  
in commercial  
and construction  
portfolios due  
to  
adjustable-rate loans  
which were
impacted by the decline in index rates; and
●
 
lower deposit  
cost by  
$76.5 million  
mainly due  
to the  
repricing of  
marked linked  
P.R.  
public deposits,  
which reflected  
a
lower cost by 90 basis points and deposit costs repricing  
in both banks;
partially offset by:
●
 
lower income from money markets investments by  
$37.1 million driven by the decline in  
short-term market rate and lower
average balances due to loan growth and investments,  
mainly in U.S. Treasuries; and
●
 
higher  
short-term  
borrowings  
expenses  
by  
$4.4  
million  
mainly  
due  
to  
higher  
average  
balances  
of  
FHLB  
advances  
at
Popular Bank.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
141
Table 4 – Analysis of Levels & Yields  
on a Taxable Equivalent Basis  
from Continuing Operations (Non-GAAP)
Period ended June 30,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
 
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,314
$
6,477
$
(163)
4.46
%
5.49
%
(1.03)
%
Money market
investments
$
139,698
$
176,832
$
(37,134)
$
(32,791)
$
(4,343)
28,613
28,626
(13)
3.22
2.86
0.36
Investment securities
[1]
456,807
408,024
48,783
45,804
2,979
29
30
(1)
5.90
4.60
1.30
Trading securities  

847
678
169
186
(17)
Total money market,  

investment and
trading
34,956
35,133
(177)
3.45
3.35
0.10
securities
597,352
585,534
11,818
13,199
(1,381)
Loans:
18,585
17,660
925
6.72
6.85
(0.13)
Commercial  

619,461
601,507
17,954
(13,059)
31,013
1,385
1,031
354
8.15
9.04
(0.89)
Construction
55,995
46,324
9,671
(4,994)
14,665
1,951
1,766
185
7.14
6.80
0.34
Leasing
69,693
60,051
9,642
3,129
6,513
8,254
7,770
484
5.86
5.64
0.22
Mortgage
241,789
219,216
22,573
8,609
13,964
3,207
3,208
(1)
14.02
13.94
0.08
Consumer
222,989
222,396
593
230
363
3,929
3,791
138
9.11
8.82
0.29
Auto
177,511
166,322
11,189
5,010
6,179
37,311
35,226
2,085
7.49
7.50
(0.01)
Total loans
1,387,438
1,315,816
71,622
(1,075)
72,697
$
72,267
$
70,359
$
1,908
5.54
%
5.43
%
0.11
%
Total earning assets
$
1,984,790
$
1,901,350
$
83,440
$
12,124
$
71,316
Interest bearing
deposits:
$
8,022
$
7,643
$
379
1.72
%
1.99
%
(0.27)
%
NOW and money
market
$
68,290
$
75,548
$
(7,258)
$
(9,978)
$
2,720
14,556
14,711
(155)
0.85
0.93
(0.08)
Savings  

61,658
67,873
(6,215)
(5,274)
(941)
8,466
8,029
437
3.18
3.29
(0.11)
Time deposits
133,713
131,511
2,202
(5,555)
7,757
20,310
19,017
1,293
3.27
4.17
(0.90)
P.R. public  
deposits
329,260
394,503
(65,243)
(90,446)
25,203
51,354
49,400
1,954
2.33
2.73
(0.40)
Total interest bearing
deposits
592,921
669,435
(76,514)
(111,253)
34,739
14,758
15,129
(371)
Non-interest bearing
demand deposits
66,112
64,529
1,583
1.81
2.09
(0.28)
Total deposits
592,921
669,435
(76,514)
(111,253)
34,739
297
82
215
4.57
5.67
(1.10)
Short-term
borrowings
6,726
2,318
4,408
(404)
4,812
Other medium and  

847
988
(141)
5.72
5.13
0.59
long-term debt
24,077
25,239
(1,162)
250
(1,412)
Total interest bearing
52,498
50,470
2,028
2.40
2.78
(0.38)
liabilities (excluding
demand deposits)
623,724
696,992
(73,268)
(111,407)
38,139
5,011
4,760
251
Other sources of
funds
$
72,267
$
70,359
$
1,908
1.74
%
1.99
%
(0.25)
%
Total source of funds
$
623,724
$
696,992
$
(73,268)
$
(111,407)
$
38,139
3.80
%
3.44
%
0.36
%
Net interest margin/
income on a taxable
equivalent basis
(Non-GAAP)
$
1,361,066
$
1,204,358
$
156,708
$
123,531
$
33,177
3.14
%
2.65
%
0.49
%
Net interest spread
Taxable equivalent
adjustment
123,920
85,302
38,618
3.45
%
3.20
%
0.25
%
Net interest margin/
income non-taxable
equivalent basis
(GAAP)
$
1,237,146
$
1,119,056
$
118,090
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.

142
Provision for Credit Losses - Loans Held-in-Portfolio  
and Unfunded Commitments
For the  
quarter ended  
June 30,  
2025,  
the Corporation  
recorded a  
provision for  
credit losses  
related to  
loans held-in-portfolio  
and
unfunded commitments of  
$48.4 million, an  
increase of $2.1  
million when compared to  
the same quarter  
of the previous  
year.  
The
provision  
for  
the  
loan  
portfolio  
was  
$49.5  
million,  
an  
increase  
of  
$5.4  
million,  
and  
the  
provision  
release  
related  
to  
unfunded
commitments was $1.1  
million, a favorable  
variance of $3.2  
million, mainly driven  
by lower unfunded  
commitments reserves at  
the
BPPR segment.  

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  
six  
months  
ended June  
30,  
2025  
was  
$13.7  
million  
in  
additional  
reserves. 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  
quarter by  
business segment  
when compared  
to the
same quarter in 2024, were as follows:
 

●
 
In the BPPR segment,  
the provision for loans losses  
was $43.2 million, a decrease  
of $5.4 million when  
compared to the
same quarter in  
2024, mainly driven  
by lower reserves  
for the commercial  
portfolio of $16.4 million  
due to improvements
in credit quality and lower net  
charge-offs,  
which offset the increase in the  
weight assigned to the pessimistic scenario for
the  
year  
2025,  
as  
discussed  
above.  
The  
favorable  
variance  
was  
partially  
offset  
by  
higher  
reserves  
in  
the  
consumer
portfolio due to changes in credit quality mainly within  
the auto portfolio and changes in the macroeconomic  
scenarios.
●
 
In  
the Popular  
U.S. segment,  
the provision  
for  
loans losses  
was  
$6.4 million  
for the  
quarter ended  
June  
30, 2025,  
an
increase of  
$10.8 million, mainly  
driven by  
higher qualitative reserves  
for the  
U.S. Commercial Real  
Estate portfolio  
and
changes in macroeconomic  
scenarios, when compared to  
the reserve release  
recorded for the  
same period in  
2024 due
to improvement in credit ratings.
For the six  
months ended June  
30, 2025, the  
provision for credit  
loss related to  
loans held-in-portfolio and  
unfunded commitments
amounted to $112.3 million, a decrease of $6.1 million, compared to the six months ended June 30, 2024. The provision for the loan
portfolio  
was  
$114.8  
million,  
a  
decrease  
of  
$1.8  
million,  
and  
the  
provision  
release  
related  
to  
unfunded  
commitments  
was  
$2.4
million, a  
decrease of  
$4.3 million,  
mainly driven  
by the  
reduction in  
unfunded commitment  
reserves within  
the U.S.  
construction
portfolio. The major drivers of the decrease  
in the provision for loan losses during  
the six months ended June 30,  
2025 by business
segment when compared to the same period in  
2024, were as follows:
●
 
In the  
BPPR segment,  
the provision  
for loan  
losses was  
$95.8 million,  
a decrease  
of $13.8  
million, driven  
by lower  
net
charge-offs,  
mainly  
in  
commercial  
and  
consumer  
loans,  
and  
improvement  
in  
credit  
quality,  
mainly  
in  
the  
commercial
portfolio, partially offset by the  
increase in the probability weight assigned to  
the pessimistic scenario which generated an
additional reserve of $8.8 million.
●
 
In the  
Popular U.S.  
segment, the  
provision for  
loan losses  
was $18.9  
million, an  
increase of  
$12.0 million,  
driven by  
an
increase of $7.1 million mainly  
due to credit quality changes and  
additional qualitative reserves established, mainly within
the  
commercial  
portfolio,  
and  
an  
increase  
of  
$4.9  
million  
related  
to  
the  
increase  
in  
probability  
weight  
assigned  
to  
the
pessimistic scenario.  

At June  
30, 2025,  
the total  
allowance for  
credit losses  
for loans  
held-in-portfolio amounted  
to $769.5  
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  
2.02% at June 30, 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.  
Refer 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

143
Non-interest income amounted to $168.5 million for the second quarter of 2025, an increase of $2.2 million when compared with the
same quarter for the previous year. The variance was primarily due  
to:
●
 
higher other  
service fees  
by  
$3.7 million  
mainly due  
to  
higher credit  
and debit  
card fee  
income by  
$2.5 million,  
due to
higher volume  
of costumer  
transactions,  
and higher  
investment management  
fees by  
$1.2 million,  
due to  
higher assets
under management; and
●
 
a favorable fair value adjustment of equity securities held  
for deferred compensation plans which have an offsetting effect
in personnel cost of $1.5 million;  

partially offset by:
●
 
lower other operating income  
by $3.6 million mainly  
due to lower daily  
car rental revenue by  
$4.9 million and lower  
gains
from  
the sale  
of car  
rental units  
by  
$2.9 million,  
both due  
to  
the sale  
of  
the daily  
car rental  
business during  
the fourth
quarter of 2024, partially  
offset by $2.3 million  
of income related to  
the reimbursement of excess  
interest paid to the  
U.S.
Internal Revenue Service  
(“the IRS”) for  
late payment penalties  
related to tax  
withholdings on intercompany  
distributions
for the years 2014-2024  
previously disclosed in 2024, and  
a $1.2 million cash  
distribution from the exit of  
a legacy equity
investment.
Non-interest income amounted to $320.5 million for the six  
months ended June 30, 2025, a decrease of $9.6 million when  
compared
to the same period of the previous year. The main factors that  
contributed to the variance were:
●
 
lower other operating income by $15.6 million mainly due to daily  
car rental revenue by $9.8 million and the gains from the
sale of car rental units by  
$6.3 million during the six months ended June  
30, 2024 associated with the car rental business
sold in the fourth quarter of 2024, partially offset  
by $3.9  
million income related to the reimbursement of interest paid from
the IRS, as discussed above;
partially offset by:
●
 
higher other  
service fees  
by $3.9  
million due  
to  
higher credit  
and debit  
card fee  
income by  
$4.0 million,  
due to  
higher
volume  
of  
transactions,  
and  
higher  
investment  
management  
fees  
by  
$2.8  
million,  
due  
to  
higher  
assets  
under
management,  
partially offset by lower insurance fees by $4.1 million;  
and
●
 
higher  
service  
charges  
on  
deposit  
accounts  
by  
$2.9  
million  
mainly  
due  
to  
higher  
non-balance  
compensation  
fees  
in
commercial deposits.

144
Operating Expenses
Operating expenses amounted to $492.8 million for the  
quarter ended June 30, 2025, an  
increase of $23.2 million, when compared
with the same quarter of 2024. The variance  
in operating expenses was mainly driven by:
●
 
higher personnel costs by $31.9 million mainly due to higher incentives, including $13.0 million related to the profit-sharing  
plan
which  
is  
tied  
to  
the  
Corporation’s  
financial  
performance  
and  
$9.9  
million  
in  
other  
performance-based incentives  
and  
stock-
based compensation, and higher salaries expense by  
$4.1 million due to a higher headcount and  
annual salary revisions;
●
 
higher  
technology  
and  
software  
expenses  
by  
$4.9  
million  
mainly  
due  
to  
higher  
software  
amortization  
expense  
due  
to  
the
acquisition  
and  
renewal  
of  
multiple  
technology  
licenses  
reflective  
of  
the  
continuous  
investment  
in  
technology  
and
transformation initiatives and an increase in network  
management services expense; and
●
 
higher other taxes expense by $3.3 million  
mainly due to higher regulatory fees and  
an increase in municipal license tax;
partially offset by:
●
 
lower  
professional  
fees  
by  
$9.6  
million  
mainly  
due  
to  
a  
decrease  
in  
advisory  
expenses  
related  
to  
corporate  
initiatives,  
a
decrease, due  
to  
expense-recognition timing  
differences,  
in the  
cost of  
restricted stock  
granted to  
directors, and  
lower legal
fees;
●
 
lower operational losses by  
$5.6 million due to  
a buildup of reserves  
for operational losses during the  
second quarter of 2024;
and
●
 
lower equipment expenses  
by $3.9 million, mainly due to the  
elimination of the car rental fleet depreciation  
expense, related to
the car rental business sold in 2024.
Operating  
expenses  
amounted  
to  
$963.8  
million  
for  
the  
six  
months  
ended  
June  
30,  
2025,  
an  
increase  
of  
$11.1  
million  
when
compared with the  
same period of  
2024. Excluding the  
$6.4 million of  
interest accrued related  
to prior period  
tax withholdings and
the  
$14.3  
million  
impact  
of  
the  
FDIC  
Special  
Assessment,  
total  
operating  
expenses  
for  
the  
six  
months  
ended  
June  
30,  
2025,
increased by $31.8 million, when compared with  
the same period of 2024. The main drivers of the increase  
were:
●
 
higher personnel costs by $29.3 million mainly due to higher incentives, including $13.0 million related to the profit-sharing plan
which  
is  
tied  
to  
the  
Corporation’s  
financial  
performance  
and  
$9.3  
million  
in  
other  
performance-based incentives  
and  
stock-
based compensation, and higher salaries expenses  
by $5.7 million due to a higher headcount  
and annual salary revisions;
●
 
higher  
technology  
and  
software  
expenses  
by  
$9.2  
million  
mainly  
due  
to  
higher  
software  
amortization  
expense  
due  
to  
the
acquisition  
and  
renewal  
of  
multiple  
technology  
licenses  
reflective  
of  
the  
continuous  
investment  
in  
technology  
and
transformation initiatives and an increase in network  
management services expense;  
and
●
 
higher other taxes expense by $7.6 million  
mainly due to higher regulatory fees and an  
increase in municipal license tax;  

partially offset by:
●
 
lower professional fees by $11.7  
million mainly due to a  
decrease in advisory expenses related to corporate initiatives  
focused
on compliance and cyber security efforts, a decrease in  
IT professional services,  
and lower legal fees;
●
 
lower equipment expenses  
by $8.1 million, mainly due to the depreciation of car rental units associated with the daily car rental
transaction; and
●
 
lower operational losses by $3.1 million due to a  
buildup of reserves for operational losses during  
the second quarter of 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145
Table 5 - Operating Expenses
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
Variance
2025
2024
Variance
Personnel costs:
Salaries
$
132,752
$
128,634
$
4,118
$
263,702
$
258,018
$
5,684
Commissions, incentives, and other bonuses
40,551
30,626
9,925
78,537
69,237
9,300
Profit sharing
13,000
-
13,000
13,000
-
13,000
Pension, postretirement, and medical insurance
18,458
16,619
1,839
33,024
34,004
(980)
Other personnel costs, including payroll taxes
24,594
21,545
3,049
53,805
51,542
2,263
Total personnel  
costs
229,355
197,424
31,931
442,068
412,801
29,267
Net occupancy expenses
29,140
27,692
1,448
56,358
55,733
625
Equipment expenses
5,789
9,662
(3,873)
11,091
19,229
(8,138)
Other taxes
18,632
15,333
3,299
37,357
29,708
7,649
Professional fees
28,108
37,744
(9,636)
54,933
66,662
(11,729)
Technology and  
software expenses
84,696
79,752
4,944
168,364
159,214
9,150
Processing and transactional services:
Credit and debit cards
13,044
13,739
(695)
25,970
25,883
87
Other processing and transactional services
24,817
25,357
(540)
49,672
47,407
2,265
Total processing  
and transactional services
37,861
39,096
(1,235)
75,642
73,290
2,352
Communications
5,010
4,357
653
9,914
8,914
1,000
Business promotion:
Rewards and customer loyalty programs
18,047
16,406
1,641
34,412
30,462
3,950
Other business promotion
8,338
9,043
(705)
15,648
15,976
(328)
Total business  
promotion
26,385
25,449
936
50,060
46,438
3,622
Deposit insurance
9,407
10,581
(1,174)
19,442
34,468
(15,026)
Other real estate owned (OREO) income
(4,124)
(5,750)
1,626
(7,454)
(11,071)
3,617
Other operating expenses:
Operational losses
6,185
11,823
(5,638)
12,323
15,384
(3,061)
All other
15,932
15,679
253
32,693
40,390
(7,697)
Total other operating  
expenses
22,117
27,502
(5,385)
45,016
55,774
(10,758)
Amortization of intangibles
385
734
(349)
982
1,529
(547)
Total operating  
expenses
$
492,761
$
469,576
$
23,185
$
963,773
$
952,689
$
11,084
Income Taxes
For the quarter  
and six months  
ended June 30,  
2025, the Corporation recorded  
an income tax  
expense of $47.9  
million and $92.9
million with an effective tax rate (“ETR”) of 18.5% and 19.3%, respectively, compared to $40.5 million and $96.0 million with an ETR
of 18.5% and 25.5% for the respective periods  
of year 2024.
Higher income tax expense of $7.4  
million for the second quarter,  
when compared to the same quarter of  
2024, is mainly attributed
to higher income before tax, partially offset with higher net exempt income. For the  
six-month period ended June 30, 2025, the lower
income  
tax  
expense  
of  
$3.1  
million  
reflects  
the  
impact  
of  
the  
tax  
withholding  
expense  
of  
$22.9  
million  
recorded  
during  
the  
first
quarter of year 2024, in connection with intercompany distributions  
for years 2014-2024, as disclosed in Note 34 to the Consolidated
Financial Statements in the  
2024 Form 10-K,  
and the benefit  
of $5.2 million  
related to the FDIC  
Special Assessment expense; this
was partially offset by the increase in  
income before tax. Excluding the impact of the  
withholding tax expense and the additional net
expense related to the FDIC Special Assessment in the first quarter  
of 2024, the ETR for the six-month period ended June 30, 2024,
would have been 21.3%.
At  
June  
30,  
2025,  
the  
Corporation  
had  
a  
net  
deferred  
tax  
asset  
amounting  
to  
$860.3  
million,  
net  
of  
a  
valuation  
allowance  
of
$463.7million. The net  
deferred tax asset  
related to the  
U.S. operations was  
$242.2 million, net  
of a valuation  
allowance of $386.9
million.
Refer to  
Note 30  
to the  
Consolidated Financial  
Statements for  
a reconciliation  
of the  
statutory income  
tax rate  
to the  
effective tax
rate and additional information on the income  
tax expense and deferred tax asset balances.
REPORTABLE SEGMENT RESULTS
The Corporation’s  
reportable segments  
for managerial  
reporting purposes  
consist of  
Banco Popular  
de Puerto  
Rico and  
Popular
U.S. A Corporate group  
has also been defined to support the reportable  
segments.  

 

 
 
 
 
 
 
 
 
146
For  
a  
description  
of  
the  
Corporation’s  
reportable  
segments,  
including  
additional  
financial  
information  
and  
the  
underlying
management accounting process, refer to Note 32  
to the Consolidated Financial Statements.  

The corporate group reported a net income of $3.3  
million for the quarter ended June 30, 2025, compared with a net income of $3.8
million for the same quarter of  
the previous year. For  
the six months ended June 30,  
2025, the corporate group reported net loss  
of
$0.3 million, compared  
to a  
net loss of  
$21.6 million for  
the same period  
of the  
previous year.  
The higher loss  
in 2024 was  
mainly
attributed 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 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  
six months  
ended
June 30,  
2025, resulting  
from reimbursements  
received from  
the U.S.  
Internal Revenue  
Service related  
to interest  
paid for  
these
intercompany  
distributions.  
There  
were  
no  
intercompany  
distributions  
between  
the  
U.S.  
subsidiaries  
and  
the  
bank  
holding
companies.  

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  
$184.5 million  
for the  
quarter ended  
June 30,
2025, compared  
with a  
net income of  
$157.2 million  
for the  
same quarter  
of the  
previous year.  
The factors  
that contributed  
to the
variance in the financial results included the following:  

●
 
Net interest income  
of $538.5 million  
was higher by  
$49.7 million primarily  
driven by lower  
interest expense on  
deposits,
mainly from the  
re-pricing of P.R.  
public funds,  
higher income from  
U.S. Treasury  
securities, mainly due  
to higher  
yields
and  
higher income  
from  
the  
loans portfolio  
driven by  
loan  
growth, partially  
offset  
by  
lower income  
from  
money market
investments reflecting the  
decline in rates.  
The net interest  
margin for the  
quarter ended June  
30, 2025 was  
3.68%, and
increase of 28 basis points, compared to 3.40% for the same quarter in the previous year. The increase in the margin was
mainly impacted  
by lower  
cost of  
deposits and  
higher yield  
from investment  
securities, as  
well as  
higher loan  
balances
which carry a higher yield, partially offset by lower rates  
on money market investments;  

●
 
the provision  
for loan  
losses of  
$43.2 million  
was lower  
by $5.4  
million mainly  
driven by  
lower reserves  
for commercial
loans,  
due  
to  
improvements  
in  
credit  
quality  
and  
lower  
net  
charge-offs  
partially  
offset  
by  
a  
higher  
provision  
for  
the
consumer loan portfolios due to changes in credit quality,  
mainly within the auto portfolio, and changes in macroeconomic
scenarios;
●
 
lower non-interest income by $6.7 million mainly due to lower income from the daily car rental business, which was sold in
the fourth quarter of 2024;
●
 
higher operating expenses by $21.9 million mostly due to higher personnel costs by $19.0 million, mainly due to the profit-
sharing expense accrual and other performance-related  
incentives, and higher technology expenses by  
$4.0 million, offset
by lower  
equipment expenses by  
$4.2 million  
mainly related to  
the daily  
car rental  
business sold  
in the  
fourth quarter  
of
2024; and
●
 
higher  
income  
tax  
expense  
by  
$1.7  
million  
mainly  
due  
to  
higher  
income  
before  
tax;  
partially  
offset  
by  
higher  
exempt
income and other tax credits recorded during the  
first quarter of 2025.  

For the six months ended  
June 30, 2025, the BPPR segment  
recorded a net income of $350.4  
million compared to a net income  
of
$278.5 million for the  
same period of the  
previous year. The factors  
that contributed to the variance  
in the financial results  
included
the following:
●
 
Net  
interest  
income  
of  
$1.1  
billion was  
higher by  
$98.8 million  
primarily  
driven by  
lower interest  
expense on  
deposits,
mainly from  
the re-pricing  
of P.R.  
public funds,  
higher income  
from investment  
securities and  
higher income  
from loans
due to portfolio growth, partially offset by lower income from money market  
investments reflecting the decline in rates and
lower balances. The net interest margin for the six months ended June  
30, 2025 was 3.66% compared with the 3.36% for

147
the same period  
of the previous  
year. The  
increase in the  
margin was mainly  
impacted by
lower cost of  
deposits, higher
yield from investment securities and loan growth, partially  
offset by lower rates from money market investments;
●
 
the provision  
for loan  
losses of  
$95.9 million  
was lower  
by $13.7  
million mainly  
driven by  
the commercial  
and consumer
portfolios due to lower net charge-offs and  
improvements in credit quality,  
partially offset by the increase in the  
probability
weight assigned to the pessimistic economic scenario;
●
 
lower non-interest income by $14.8 million mainly due to lower income from the daily car rental business sold in 2024 and
lower insurance fees, partially  
offset by higher credit  
and debit card income,  
due to higher volume  
of transactions, higher
investment management fees and an increase in non-balance  
compensation fees in commercial deposits;
●
 
higher operating  
expenses by  
$19.2 million  
mostly due  
to higher  
personnel costs  
by $17.4  
million, due  
to incentives  
as
discussed  
above,  
higher  
regulatory  
examination  
fees,  
municipal  
license  
tax  
and  
higher  
technology expenses,  
partially
offset by  
lower equipment  
expenses related  
to the  
daily rental  
business sold  
and lower  
FDIC expense  
due to  
the FDIC
Special Assessment recorded in 2024;  
and
●
 
Higher income tax expense by $8.0 million mainly  
due to higher income before tax.  

Popular U.S.
For the quarter ended June 30, 2025, the reportable segment of Popular U.S. reported a net income of $22.6 million, compared with
a net income  
of $17.7 million for  
the same quarter of  
the previous year.  
The factors that contributed  
to the variance  
in the financial
results included the following:
●
 
Net interest income of  
$102.2 million, higher by  
$16.3 million due to  
higher income from loans,  
mainly from growth in  
the
commercial and  
construction portfolios,  
and lower  
cost of  
deposits due  
to the  
repricing of  
most interest-bearing  
deposit
products,  
partially  
offset  
by  
lower  
income  
from  
money  
market  
investments  
due  
to  
average  
balances  
and  
lower  
yields
reflecting  
the  
decrease  
in  
short-term  
rates.  
The  
net  
interest  
margin  
for  
the  
quarter  
ended  
June  
30,  
2025  
was  
2.93%
compared to 2.60% for the same quarter in the  
previous year driven by lower cost of deposits;
●
 
the provision for loan losses was $6.4 million, reflecting higher reserves due to changes in economic scenarios, compared
to a benefit of $4.4 million in 2024, which was  
mainly related to improvements in commercial  
credit ratings;
●
 
higher operating expenses by $1.5 million, reflecting  
higher personnel costs driven by incentives;  
and
●
 
higher income tax expense by $1.3 million due  
to higher net income before tax.
For the six months ended June 30, 2025, the reportable segment of Popular  
U.S. recorded a net income of $37.4 million, compared
with  
a  
net  
income  
of  
$24.8  
million  
for  
the  
same  
period  
of  
the  
previous  
year.  
The  
factors  
that  
contributed  
to  
the  
variance  
in  
the
financial results included the following:  

●
 
Higher net interest  
income by $24.4  
million due to  
higher income from  
the loans  
portfolio mainly related  
to growth in  
the
commercial and construction  
portfolios and lower  
interest expense from  
deposits, due to  
product repricing as  
mentioned
above, partially offset by lower income from money market investments due to lower rates. The net interest margin for the
six months ended June 30, 2025 was 2.84% compared to 2.60% for the same  
period of the previous year driven by lower
cost of deposits;
●
 
the provision  
for loan  
losses of  
$18.9 million  
was higher  
by $12.0  
million driven  
by higher  
reserves  
for the  
commercial
portfolio due to higher loan balances;

 
148
●
 
lower operating expenses by  
$1.6 million reflecting lower  
FDIC expense due to  
FDIC Special Assessment of  
$1.6 million
recorded in  
2024 and  
lower professional  
fees, offset  
by higher  
allocation of  
Corporate expenses  
reflective of  
personnel
costs and consulting fees; and
●
 
higher income tax expense by $4.6 million due  
to higher net income before tax.
STATEMENT  
OF FINANCIAL CONDITION ANALYSIS  

Assets
The Corporation’s total assets were $76.1 billion at June 30, 2025, compared  
to $73.0 billion at December 31, 2024. The variance in
total assets of $3.1 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  
HTM securities, other assets, and money market investments.  
Refer to the Consolidated
Statements of Financial Condition included in  
this report and to the following narrative for  
additional information.
Money market investments and investment securities
Money market investments decreased by $40.2 million as of June 30,  
2025, when compared to December 31, 2024, driven by funds
deployed to support loan growth.  
AFS securities increased $2.2 billion, mainly due to investment in U.S. Treasury securities and the
decrease in  
the unrealized  
losses of  
AFS securities  
of $232.7  
million, partially  
offset  
by maturities  
and principal  
paydowns.  
HTM
securities  
decreased  
by  
$216.4 million  
driven  
by  
maturities  
and  
principal  
paydowns,  
partially  
offset  
by  
the  
amortization  
of  
$91.6
million of the discount related to U.S. Treasury securities previously reclassified  
from the AFS to HTM.  
Refer to Note 5 and to Note 6
to the  
Consolidated Financial  
Statements for  
additional information  
with respect  
to the  
Corporation’s debt  
securities available-for-
sale and held-to-maturity.

 
149
Loans
Refer to Table  
6 for a  
breakdown of the Corporation’s  
loan portfolio. Also, refer  
to Note 7 in  
the Consolidated Financial Statements
for detailed information about the Corporation’s loan portfolio  
composition and loan purchases and sales.  

Loans held-in-portfolio  
increased by  
$1.1 billion  
to $38.2  
billion at  
June 30,  
2025, compared  
to  
December 31,  
2024. Despite  
the
uncertainty about the economic outlook, demand for credit across all segments was strong during the second quarter of 2025. In the
BPPR segment  
loan balances  
increased by  
$626.0 million  
across all  
portfolios, mostly  
due to  
commercial and  
construction loans,
which  
include  
the  
origination  
of  
a  
$265.0  
million  
commercial  
loan  
during  
the  
second  
quarter  
of  
2025  
which  
represents  
the
Corporation’s  
portion  
of  
a  
$425.0  
million  
issuance  
in  
which  
BPPR  
acted  
as  
the  
lead  
bank  
and  
administrative agent,  
and  
higher
mortgage loans,  
driven primarily  
by home  
purchase activity.  
Auto loans  
and leases  
also increased,  
driven by  
a strong  
origination
activity. The PB  
segment also increased  
by $451.6 million, driven by commercial and construction lending.  
Nonetheless, the impact
of trade and tariff policies on economic activity may affect  
loan demand as uncertainty on the short-term  
economic outlook exists.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150
Table 6 - Loans Ending Balances
(In thousands)
June 30, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial  

 
Commercial multi-family
$
2,520,789
$
2,399,620
$
121,169
 
Commercial real estate non-owner occupied
5,521,374
5,363,235
158,139
 
Commercial real estate owner occupied
3,003,855
3,157,746
(153,891)
 
Commercial and industrial
8,043,752
7,741,562
302,190
Total Commercial
19,089,770
18,662,163
427,607
Construction
1,468,201
1,263,792
204,409
Leasing
1,983,068
1,925,405
57,663
Mortgage
8,444,427
8,114,183
330,244
Consumer
 
Credit cards  

1,215,293
1,218,079
(2,786)
 
Home equity lines of credit
77,479
73,571
3,908
 
Personal  

1,876,463
1,855,244
21,219
 
Auto
3,861,702
3,823,437
38,265
 
Other
168,775
171,778
(3,003)
Total Consumer  

7,199,712
7,142,109
57,603
Total loans held-in  
-portfolio
$
38,185,178
$
37,107,652
$
1,077,526
Loans held-for-sale:
 
Mortgage
$
2,898
$
5,423
$
(2,525)
Total loans held-for-sale
$
2,898
$
5,423
$
(2,525)
Total loans
$
38,188,076
$
37,113,075
$
1,075,001

 
 
151
Other assets
Other assets amounted to $1.7 billion at June 30, 2025, a decrease of  
$52.7 million when compared to $1.8 billion at December 31,
2024.  
The variance  
was mainly  
driven by  
a  
decrease in  
net  
deferred tax  
assets  
of  
$64.2  
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,  
lower principal, interest and escrow servicing advances  
of $8.0 million, and a reduction in investments under  
the
equity  
method  
by  
$7.0  
million  
mainly  
related  
to  
unrealized  
losses  
on  
the  
underlying  
investment  
portfolio  
held  
by  
the  
investee,
partially offset  
by an  
increase in  
capitalized software costs  
of $33.1  
million mainly  
related to  
technology modernization  
and higher
prepaid  
taxes  
of  
$20.8  
million.  
Refer  
to  
Note  
12  
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 June 30,  
2025 and
December 31, 2024.  

Liabilities
The Corporation’s total  
liabilities were $70.1  
billion at June  
30, 2025, an  
increase of $2.7  
billion, when compared  
to December 31,
2024. The following is a discussion of the significant  
changes in liabilities.
Deposits and Borrowings
Total Deposits
The Corporation’s  
deposits totaled $67.2  
billion as  
of June  
30, 2025,  
compared to  
$64.9 billion  
as of  
December 31,  
2024. Ending
deposit  
balances increased  
by  
$2.3 billion,  
while  
average quarterly  
balances grew  
by $2.1  
billion. The  
average deposit  
balance,
excluding P.R.  
public deposits, increased by  
$1.1 billion. Non-interest-bearing deposits  
remained flat when compared to  
December
31, 2024. At the end  
of the second quarter of  
2025, Puerto Rico public deposits were  
$20.9 billion, an increase of  
$1.5  
billion when
compared to December 31, 2024.  
P.R  
public deposits represent 31% 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.  

At BPPR,  
excluding Puerto  
Rico public  
deposits, ending  
deposits increased  
by $340  
million, while  
at PB  
segment ending  
deposit
balances increased by  
$400 million, net  
of intercompany activity.  
We continue to  
expect third quarter deposit  
balances in BPPR  
to
reflect historical seasonality and decrease based on past  
experience of our retail client behavior.
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 7 for a breakdown of the Corporation’s deposits at June 30, 2025 and December  
31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
152
Table 7 - Deposits Ending Balances
(In thousands)
June 30, 2025
December 31, 2024
Variance
Deposits excluding P.R.  
public deposits:
 
Demand deposits
$
15,114,614
$
15,139,555
$
(24,941)
 
Savings, NOW and money market deposits (non-brokered)
21,554,606
21,177,506
377,100
 
Savings, NOW and money market deposits (brokered)
829,506
736,225
93,281
 
Time deposits (non-brokered)
7,938,858
7,476,924
461,934
 
Time deposits (brokered CDs)
861,947
890,704
(28,757)
Sub-total deposits excluding P.R.  
public deposits
46,299,531
45,420,914
878,617
P.R. public  
deposits:
 
Demand deposits
 
[1]
12,376,316
11,730,273
646,043
 
Savings, NOW and money market deposits (non-brokered)
7,743,663
7,087,904
655,759
 
Time deposits (non-brokered)
797,981
645,254
152,727
Sub-total P.R.  
public deposits
20,917,960
19,463,431
1,454,529
Total deposits
$
67,217,491
$
64,884,345
$
2,333,146
[1] Includes interest bearing demand deposits.  

Borrowings
The Corporation’s  
borrowings totaled  
$1.4 billion  
at June  
30, 2025  
compared to  
$1.2  
billion at  
December 31,  
2024. The  
increase
was  
mainly  
related  
to  
higher  
FHLB  
advances  
by  
$236.5  
million,  
mainly  
at  
PB.  
Refer  
to  
Note  
15  
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 $6.0 billion at June 30, 2025, an increase of $341.0 million when compared to December 31, 2024. The
increase was  
principally due  
to net  
income for  
the six  
months ended  
June 30,  
2025 of  
$387.9 million,  
coupled with  
the after-tax
effect of the  
decrease in net unrealized losses in  
the portfolio of AFS securities  
of $188.6 million and the  
amortization of unrealized
losses  
from  
securities  
previously reclassified  
to  
HTM  
of  
$73.2 million,  
partially  
offset  
by  
an  
increase in  
treasury  
stock  
of  
$226.9
million, mainly due to  
common stock repurchases, and  
the common and preferred dividends  
declared of $96.9 million.  
Refer to the
Consolidated Statements  
of Financial  
Condition, Comprehensive  
Income and  
Changes in  
Stockholders’ Equity  
for information  
on
the composition of stockholders’ equity.
The composition of the Corporation’s financing to total assets  
at June 30, 2025 and December 31, 2024  
is included in Table 8.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153
Table 8 - Financing to Total  
Assets
June 30,
December 31,  

% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2024 to 2025
2025
2024
Non-interest-bearing core deposits
$
15,115
$
15,139
(0.2)
%
19.9
%
20.7
%
Interest-bearing core deposits
46,517
44,622
4.2
61.2
61.1
Interest-bearing other deposits
5,586
5,123
9.0
7.3
7.0
Repurchase agreements
56
55
1.8
0.1
0.1
Other short-term borrowings
550
225
144.4
0.7
0.3
Notes payable
808
896
(9.8)
1.1
1.2
Other liabilities
1,479
1,372
7.8
1.9
1.9
Stockholders’ equity
5,954
5,613
6.1
7.8
7.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
154
CAPITAL
Regulatory Capital
The Corporation, BPPR and PB  
are subject to regulatory capital  
requirements established by the Federal Reserve Board.  
The risk-
based  
capital  
standards  
applicable  
to  
the  
Corporation,  
BPPR  
and  
PB  
(“Basel  
III  
capital  
rules”)  
are  
based  
on  
the  
final  
capital
framework for strengthening international capital standards, known  
as Basel III, of the Basel Committee on Banking Supervision.  
As
of June 30,  
2025, the Corporation’s, BPPR’s  
and PB’s capital  
ratios continue to  
exceed the minimum requirements  
for being “well-
capitalized”.  

The risk-based  
capital ratios  
presented in  
Table  
9,  
which include  
common equity  
tier 1,  
Tier  
1 capital,  
total capital  
and leverage
capital as of June 30, 2025 and December  
31, 2024.
Table 9 - Capital Adequacy  
Data
 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)
 

June 30, 2025
 

 

December 31, 2024
 

Common equity tier 1 capital:
 

 

 

 

 

 

Common stockholders' equity - U.S. GAAP basis
$
5,931,875
$
5,590,923
CECL transitional amount
 
[1]
-
42,375
AOCI related adjustments due to opt-out election
1,325,146
1,589,875
Goodwill, net of associated deferred tax liability (DTL)
(653,493)
(657,181)
Intangible assets, net of associated DTLs
(5,844)
(6,826)
Deferred tax assets and other deductions  

(228,617)
(296,374)
Common equity tier 1 capital
$
6,369,067
$
6,262,792
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
 

$
22,143
Tier 1 capital
$
6,391,210
 

$
6,284,935
 

Tier 2 capital:
Trust preferred securities subject to phase in as  
tier 2
192,674
192,674
Other inclusions (deductions), net
503,781
490,594
Tier 2 capital
$
696,455
$
683,268
Total risk-based capital  

$
7,087,665
 

$
6,968,203
 

Minimum total capital requirement to be well capitalized
$
4,003,691
 

$
3,907,346
 

Excess total capital over minimum well capitalized
$
3,083,974
 

$
3,060,857
 

Total risk-weighted  
assets
$
40,036,914
 

$
39,073,462
 

Total assets for leverage  
ratio
$
75,114,655
 

$
72,593,464
 

Risk-based capital ratios:
 

 

 

 

 

 

Common equity tier 1 capital
15.91
%
16.03
%
 

Tier 1 capital  

 

15.96
 

16.08
 

Total capital
 

17.70
 

 

17.83
 

 

Tier 1 leverage
 

8.51
 

 

8.66
 

[1] The CECL transitional amount includes the impact  
of Popular's adoption of the new CECL accounting standard  
on January 1, 2020.

155
The Basel  
III capital rules  
provide that a  
depository institution is  
deemed to be  
well capitalized if  
it maintains a  
leverage ratio of  
at
least 5%,  
a common equity  
Tier 1  
ratio of  
at least 6.5%,  
a Tier  
1 capital ratio  
of at least  
8% and a  
total risk-based  
ratio of at  
least
10%. The Corporation, BPPR and PB leverage ratio, common equity  
Tier 1 ratio and Tier  
1 capital ratio, respectively as of June 30,
2025, continue to exceed the minimum requirements  
for being “well-capitalized” under the Basel III  
capital rules.  

Pursuant  
to  
the  
adoption  
of  
the  
CECL  
accounting  
standard  
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 delayed for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period
to phase out  
the aggregate amount of  
the capital benefit provided  
during the initial two-year  
delay. During  
the first quarter  
of 2025,
the Corporation phased-in all the cumulative CECL  
deferral over the three-year transition period.
The decrease in the common  
equity Tier I  
capital ratio, Tier  
I capital ratio, total capital  
ratio,  
and leverage ratio as of  
June 30, 2025
as compared to December 31, 2024  
was mainly due to  
higher risk weighted assets driven by  
the increase in loans held  
in portfolio,
the  
repurchase  
of  
shares  
under  
the  
2024  
Repurchase  
Program  
and  
common  
stock  
dividends,  
partially  
offset  
by  
the  
six-month
period’s earnings.  

Reconciliation to Tangible Common Equity and Tangible Assets
Table  
10 provides  
a reconciliation of  
total stockholders’ equity  
to tangible common  
equity and total  
assets to tangible  
assets as  
of
June 30, 2025, and December 31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
156
Table 10 - Reconciliation  
of Tangible Common Equity  
and Tangible Assets
(In thousands, except share or per share information)
June 30, 2025
December 31, 2024
Total stockholders’  
equity
$
5,954,018
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(802,954)
(802,954)
Less: Other intangibles
(5,844)
(6,826)
Total tangible common  
equity
$
5,123,077
$
4,781,143
Total assets  

$
76,065,090
$
73,045,383
Less: Goodwill
(802,954)
(802,954)
Less: Other intangibles
(5,844)
(6,826)
Total tangible assets
$
75,256,292
$
72,235,603
Tangible common  
equity to tangible assets
6.81
%
6.62
%
Common shares outstanding at end of period
67,937,468
70,141,291
Tangible book value  
per common share
$
75.41
$
68.16
Quarterly average
Total stockholders’  
equity [1]
$
6,849,789
$
6,620,766
Average unrealized (gains) losses on AFS securities  
transferred to HTM  

334,183
505,791
Adjusted total stockholder's equity
7,183,972
7,126,557
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(802,953)
(804,411)
Less: Other intangibles
(6,096)
(7,288)
Total tangible common  
equity
$
6,352,780
$
6,292,715
Return on average tangible common equity
13.26
%
11.22
%
 
[1] Average balances exclude unrealized gains or  
losses on debt securities available-for-sale.

 
157
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  
$20.5 billion  
and  
$7.5 billion,
respectively, as of June 30, 2025. Other assets subject to market risk include mortgage servicing rights ("MSRs") with a fair value of
$103.1 million as of June 30, 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 is prepared for a five-year period, which in conjunction with the EVE analysis, provides management a better view of long-
term IRR.
Net  
interest  
income  
simulation  
analysis  
performed by  
legal  
entity and  
on  
a  
consolidated  
basis  
is  
used  
to  
estimate the  
potential
change  
in  
net  
interest  
income  
resulting  
from  
hypothetical  
changes  
in  
interest  
rates.  
Sensitivity  
analysis  
is  
calculated  
using  
a
simulation model which incorporates actual balance  
sheet figures detailed by maturity and interest  
yields or costs.  

Management assesses interest  
rate risk  
by comparing various  
NII simulations under  
different interest rate  
scenarios to assess  
the
degree of  
change and  
the projected  
shape of  
the yield  
curve. Management  
also performs  
analyses to  
isolate and  
measure basis
and  
prepayment  
risk  
exposures.  
These  
models  
are  
periodically  
monitored.  
Assumptions  
are  
validated  
by  
management  
and  
are
subject to independent validations according to the Corporations’  
Model Governance Policy.
The Corporation processes NII  
simulations under interest rate  
scenarios in which the  
yield curve is assumed  
to rise and  
decline by
the same magnitude  
(parallel shifts). The  
rate scenarios considered in  
these market risk  
simulations include instantaneous parallel
changes 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  
June 30, 2025 and
December 31, 2024, assuming a static balance  
sheet and parallel changes over flat spot rates  
over a one-year time horizon:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
Table 11  
- Net Interest Income Sensitivity (One Year  
Projection)
June 30, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
22,433
0.85
44,747
1.78
+100 basis points
10,515
0.40
22,917
0.91
-100 basis points
(12,636)
(0.48)
9,157
0.36
-200 basis points
(18,563)
(0.71)
588
0.02
As of June  
30, 2025, NII simulations  
show the Corporation maintains  
an asset sensitive position  
that is symmetric  
in the rising  
and
declining rates scenarios. Compared to the  
results as of December 31, 2024,  
the variation in sensitivity and the  
resulting profile are
mainly driven  
by updated  
deposit beta  
model assumptions that  
reflect lower  
elasticity in  
declining rate  
scenarios. In  
declining rate
scenarios, the reduction in net interest income is driven by the repricing of short-term assets and variable rate loans offset in part by
declining  
deposit  
costs.  
In  
rising rate  
scenarios, Popular’s  
net interest  
income  
would increase  
due  
to  
the  
repricing  
of  
short-term
assets,  
variable  
rate  
loans,  
and  
intermediate  
maturity  
assets  
coming  
due  
within  
one  
year,  
that  
are  
offset  
in  
part  
by  
increased
deposits costs  
due to  
BPPR’s large  
proportion of  
market-linked Puerto Rico  
public sector  
deposits. Changes  
in the  
balance sheet
during the quarter  
led to reduced  
asset sensitivity.  
The Corporation purchased  
$2.4 billion in  
U.S. Treasury  
Notes with an  
average
maturity  
of  
approximately  
1.5  
years.  
Higher  
loan  
balances  
and  
growth  
in  
market-linked  
Puerto  
Rico  
public  
sector  
deposits  
also
contributed to reduced asset sensitivity.
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.
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 June 30,  
2025, the Corporation held  
trading securities with a  
fair value of  
$29.6 million, representing 0.04%  
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 $23.0  
million with a weighted average yield of 5.28% and U.S.
Treasuries of $5.8 million with a weighted average yield of 3.41% at June 30, 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 $0.4 million for the last week  
in June 2025. VAR models include assumptions
and estimates  
thus actual  
results could  
differ from  
the outputs  
from these  
models and  
assumptions. Back-testing is  
performed on
model results to compare actual results against maximum  
estimated losses, in order to evaluate model  
and assumptions accuracy.  

In the opinion of management, the size and composition  
of the trading portfolio does not represent  
a significant source of market risk
for the Corporation.

 
 
 
159
Liquidity
Liquidity Risk Management Process
The Corporation  
has adopted  
policies and  
limits to  
monitor the  
Corporation’s liquidity  
position and  
that of  
its banking  
subsidiaries.
Refer to  
the Enterprise  
Risk Management  
section of  
Management’s Discussion  
and Analysis  
included in  
the 2024  
Form 10-K  
for
information 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% and 89% of  
funding of the Corporation’s  
total assets at June  
30, 2025 and December
31, 2024, respectively.  
The ratio of  
total ending loans to  
deposits remained at  
57% at June  
30, 2025 and  
December 31, 2024.  
In
addition to  
traditional deposits,  
the Corporation  
maintains borrowing  
arrangements, which  
amounted to  
$1.4 billion  
in outstanding
balances at June 30, 2025 (December 31, 2024 - $1.2 billion). A detailed description of the Corporation’s borrowings, including their
terms, is  
included in  
Note 15  
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  
June 30,  
2025, the Corporation’s  
available liquidity increased  
to $26.1 billion  
from
$21.6  
billion on  
December 31,  
2024. During  
the second  
quarter of  
2025, the  
Corporation had  
no material  
incremental use  
of its
available liquidity sources. The liquidity sources of  
the Corporation at June 30, 2025 are presented  
in Table 12 below:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
160
Table 12 - Liquidity Sources
June 30, 2025
December 31, 2024
(In thousands)
BPPR
Popular U.S.
Total
BPPR
Popular U.S.
Total
Unpledged securities and unused funding
sources:
Money market (excess funds at the
Federal Reserve Bank)
$
4,753,672
$
1,576,770
$
6,330,442
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
4,453,281
519,711
4,972,992
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,178,798
816,840
3,995,638
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
7,895,298
2,875,787
10,771,085
4,839,388
2,178,646
7,018,034
Total available liquidity
$
20,281,049
$
5,789,108
$
26,070,157
$
16,304,902
$
5,249,293
$
21,554,195
Refer  
to  
Note  
15  
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  
7 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  
June 30,
2025, total Puerto Rico public sector deposits were  
$20.9 billion, compared to $19.5 billion at  
December 31, 2024.
Core deposits  
continue to  
represent 92%  
of total  
deposits at  
$61.6  
billion, as  
of June  
30, 2025,  
and compared  
to  
December 31,
2024. Core deposits financed 85% of the Corporation’s  
earning assets at June 30, 2025, compared  
to 86% at December 31, 2024.
The distribution by maturity  
of certificates of deposit  
with denominations of $250,000 and  
over at June 30,  
2025 is presented in  
the
table that follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
161
Table 13 - Distribution by  
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,591,418
Over 3 to 12 months
992,191
Over 1 year to 3 years
287,373
Over 3 years
147,470
Total
$
4,018,452
The  
Corporation  
had  
$1.7  
billion  
in  
brokered  
deposits  
at  
June  
30,  
2025,  
which  
financed  
approximately  
2%  
of  
its  
total  
assets
(December 31, 2024 - $1.6 billion and 2%,  
respectively).  

As of  
June 30,  
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  
a  
stress  
event.  
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.
The Corporation considers balances in  
excess of $250,000 to have a  
higher potential liquidity risk.  
Table  
14 reflects the aggregate
balance in  
deposit accounts  
in excess  
of $250,000,  
including collateralized  
public funds  
and deposits  
outside of  
the U.S.  
and its
territories.  
Collateralized public funds, as presented in Table 14, represent public deposit balances from governmental  
entities in the
U.S.  
and  
its  
territories,  
including  
Puerto  
Rico  
and  
the  
United  
States  
Virgin  
Islands,  
collateralized  
based  
on  
such  
jurisdictions’
applicable collateral requirements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162
Table 14 - Deposits
30-Jun-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,741,443
42
%
$
8,341,661
70
%
$
32,083,104
48
%
Transactional deposits balances over
$250,000
7,968,081
14
%
2,042,469
17
%
10,010,550
15
%
Time deposits balances over $250,000
2,262,268
4
%
833,527
7
%
3,095,795
5
%
Uninsured foreign deposits
444,748
1
%
-
-
%
444,748
1
%
Collateralized public funds
21,269,940
39
%
313,354
3
%
21,583,294
31
%
Intercompany deposits
195,313
-
%
415,184
3
%
-
-
%
Total deposits
$
55,881,793
100
%
$
11,946,195
100
%
$
67,217,491
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 $594 million at June 30, 2025  
and December 31, 2024.
The contractual maturities of the BHCs notes payable  
at June 30, 2025 are presented in Table 15.
Table 15  
- Distribution of BHC's Notes Payable by Contractual  
Maturity
Year
(In thousands)
2028
$
395,865
Later years
198,386
Total
$
594,251

 
 
 
163
As of  
June 30,  
2025, the  
BHCs had  
cash and  
money markets  
investments totaling  
$503 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 $0.70  
per share  
or approximately  
$48
million per quarter.
The BHCs have in  
the past borrowed in the  
corporate debt market primarily to finance  
their non-banking subsidiaries and refinance
debt  
obligations.  
These  
sources  
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
During  
the  
six  
months  
ended June  
30,  
2025,  
the  
Corporation declared  
cash  
dividends of  
$1.40  
per  
common  
share  
outstanding
($96.2 million in the  
aggregate). The dividends for the  
Corporation’s Series A preferred stock amounted to  
$0.7 million.
On July 16,
2025, the  
Corporation announced an  
increase in its  
quarterly common stock  
dividend from $0.70  
to $0.75  
per share, commencing
with the dividend payable in the fourth quarter of  
2025, subject to the approval by the Corporation’s  
Board of Directors.
During the six  
months ended June 30,  
2025, the BHCs  
received dividends and distributions  
amounting to $200 million  
from BPPR,
$23 from  
Popular International  
Bank, Inc.  
(“PIBI”) and  
$15 million  
from  
its  
other non-banking  
subsidiaries. Dividends  
from BPPR
constitute Popular,  
Inc.’s primary  
source of  
liquidity.  
In addition,  
during the  
six months  
ended June  
30, 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, for  
example. At  
June  
30,  
2025,
BPPR could declare  
a dividend of  
up to  
approximately $209 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 $6.3  
billion at  
June  
30, 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,  
U.S.
government  
sponsored  
agency  
debt  
securities,  
U.S.  
government  
sponsored  
agency  
mortgage-backed  
securities,  
and  
U.S.
government  
sponsored  
agency  
collateralized  
mortgage  
obligations  
that  
can  
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  
12 for
details of  
the Corporation’s  
unpledged debt  
securities and  
available credit  
facilities with  
the FHLB  
and the  
discount window  
of the
Federal Reserve Bank. A substantial portion  
of these debt securities could  
be used to raise financing  
in the U.S. money markets  
or
from secured lending sources, subject to changes in  
their fair market value and customary adjustments (haircuts).  

Additional  
liquidity  
may  
be  
provided  
through  
loan  
maturities,  
prepayments  
and  
sales.  
The  
loan  
portfolio  
provides  
a  
source  
of
collateral to  
secure the  
available credit  
facilities with  
the FHLB  
and the  
discount window  
of the  
Federal Reserve  
Bank. After  
the
merger of Popular Auto LLC into its  
parent company BPPR, effective on May 1, 2025, the  
Corporation has $2.9 billion in auto loans
pledged at June 30, 2025, in  
addition to mortgage loans, to secure credit  
facilities with the Federal Reserve's discount window.  
The

 
 
164
loan portfolio  
can also  
be used to  
obtain funding  
in the  
capital markets. Mortgage  
loans and  
some types of  
consumer loans, have
secondary markets which the Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments
In the ordinary course  
of business, the Corporation  
engages in financial transactions that  
are not recorded on  
the balance sheet or
may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a
provider 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  
20  
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  
27  
to  
the
Consolidated  
Financial  
Statements  
for  
more  
information  
on  
operating  
leases  
and  
to  
Note  
19  
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  
June 30,  
2025, and
December 31, 2024, and the results of  
their operations for the six-month period ended June  
30, 2025 and June 30, 2024. Excluded
are investments and equity in earnings from subsidiaries  
and affiliates outside the obligor group.
Intercompany balances  
and transactions  
within the  
obligor group  
have been  
eliminated. Material  
amounts due  
from, due  
to, and
transactions with subsidiaries and affiliates are shown separately. Related party transactions  
are also presented separately.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
165
Table 16 - Summarized Statement  
of Condition
(In thousands)
June 30, 2025
December 31, 2024
Assets
Cash and money market investments
$
502,784
$
634,809
Investment securities
35,557
35,150
Accounts receivables from non-obligor subsidiaries
29,111
14,602
Other loans (net of allowance for credit losses of $197 (2024  
- $281))
24,791
25,381
Investment in equity method investees
5,281
5,279
Other assets
83,401
65,483
Total assets
$
680,925
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
5,004
$
12,163
Notes payable
594,251
593,571
Other liabilities
129,332
126,718
Stockholders' (deficit) equity
(47,662)
48,252
Total liabilities and  
stockholders' equity
$
680,925
$
780,704
Table 17 - Summarized Statement  
of Operations
For the period ended
(In thousands)
June 30, 2025
June 30, 2024
Income:
Dividends from non-obligor subsidiaries
$
215,100
$
313,000
Interest income from non-obligor subsidiaries and affiliates
2,248
7,106
Earnings (losses) from investments in equity method investees
1
(10)
Other operating income
6,155
2,439
Total income
$
223,504
$
322,535
Expenses:
Services provided by non-obligor subsidiaries and affiliates  
(net of
reimbursement by subsidiaries for services provided by parent  
of
$127,054 (2024 - $120,987))
$
7,739
$
6,447
Other expenses
14,359
22,685
Income tax expense
[1]
5,952
22,208
Total expenses
$
28,050
$
51,340
Net income
$
195,454
$
271,195
[1] The  
net income  
for the  
six months  
ended  
June  
30, 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.
In addition to the  
dividend income reflected in the  
Statement of Operations table  
above, during the six months  
ended June
30,  
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).

 
 
 
 
 
166
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 2024 Form 10-K for an additional discussion of liquidity  
risks to
which the Corporation is subject.
Credit Risk
Geographic and Government Risk  

The Corporation is exposed to geographic and government risk.  
The Corporation’s assets and revenue composition by geographical
area and by  
business segment reporting are  
presented in Note 32 to the  
Consolidated Financial Statements. Readers  
should refer
to  
Economic  
and  
Market  
Risk  
section  
and  
Business  
Risk  
Section  
of  
“Part  
I,  
Item  
1A”  
of  
the  
2024  
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  
forecasts  
more  
modest  
GNP  
growth  
of  
0.5%.  
Meanwhile,  
the  
Puerto  
Rico  
Economic  
Activity  
Index
showed a  
0.9% year-over-year  
decline and  
a 0.5%  
month-over-month increase  
in February  
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  
June 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  
0.9% over  
the 12  
months ending  
in June
2025.
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”). On August 5, 2025, President Donald J. Trump dismissed five of the seven members of the
Oversight Board, reportedly due to inefficient leadership and  
excessive spending. As of the date of  
this report, the vacant Oversight
Board seats remain unfilled, and no official replacements have been announced. While the two remaining members may continue to
act  
on  
behalf  
of  
the  
Oversight  
Board,  
their  
authority  
is  
limited  
with  
respect  
to  
certain  
matters  
specified  
in  
PROMESA  
and  
the
Oversight  
Board’s  
by-laws.  
It  
is  
still  
too  
early  
to  
determine  
what  
impact  
these  
changes  
may  
have  
on  
the  
Oversight  
Board’s
operations or on Puerto Rico’s fiscal and economic  
affairs.

 
167
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  
reflects, among other  
things, the  
general economic conditions  
in Puerto  
Rico and  
other
adverse conditions affecting Puerto  
Rico consumers and businesses.  
Deterioration in the Puerto  
Rico economy has resulted  
in the
past, and could  
result in the future,  
in higher delinquencies, greater  
charge-offs and increased losses,  
which could materially affect
our financial condition and results of operations.  

At June  
30, 2025,  
the Corporation’s  
direct exposure  
to  
PR Government  
Entities totaled  
$412 million,  
of  
which $362  
million were
outstanding, compared  
to $336  
million, at  
December 31,  
2024, all  
of which  
were outstanding.  
The Corporation’s  
exposure to  
PR
Government Entities  
at June  
30, 2025  
included up  
to  
$47.4 million  
in Automated  
Clearing House  
(“ACH”) transaction  
settlement
exposure, none of which  
was outstanding.  
Substantially all of the  
Corporation’s direct exposure outstanding at  
June 30, 2025  
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 basic property tax or sales tax  
revenues.
At June 30, 2025, 81% of the  
Corporation’s
exposure to  
municipal loans  
and securities  
was concentrated  
in the  
municipalities of  
San Juan,  
Guaynabo, Carolina  
and Caguas.
For  
additional  
discussion  
of  
the  
Corporation’s  
direct  
exposure  
to  
the  
Puerto  
Rico  
government  
and  
its  
instrumentalities  
and
municipalities, refer to Note 20 – Commitments and  
Contingencies to the Consolidated Financial  
Statements.  

In addition,  
at June 30,  
2025, the Corporation  
had $212 million  
in loans insured  
or securities issued  
by PR Governmental  
Entities,
but  
for which  
the principal  
source of  
repayment is  
non-governmental ($220 million  
at  
December 31, 2024).  
These included  
$168
million  
in  
residential mortgage  
loans  
insured  
by  
the  
Puerto  
Rico  
Housing  
Finance Authority  
(“HFA”),  
a  
Puerto  
Rico  
Government
Entity ($176 million at December 31, 2024).  
The Corporation also had, at June 30,  
2025, $37 million in bonds issued by  
HFA which
are secured  
by second mortgage  
loans on  
Puerto Rico  
residential properties, and  
for which  
HFA also  
provides insurance to  
cover
losses in the  
event of a  
borrower default, and  
upon the satisfaction of  
certain other conditions  
($38 million at  
December 31, 2024).
HFA’s  
ability to honor its  
insurance will depend, among  
other factors, on the  
financial condition of HFA  
at the time such  
obligations
become  
due  
and  
payable.  
The  
Corporation  
does  
not  
consider  
the  
government  
guarantee  
when  
estimating  
the  
credit  
losses
associated with this portfolio.  

BPPR’s  
commercial loan  
portfolio also  
includes loans  
to  
private borrowers  
who  
are service  
providers, lessors,  
suppliers or  
have
other  
relationships  
with  
the  
PR  
government.  
These  
borrowers  
could  
be  
negatively  
affected  
by  
a  
deterioration  
in  
the  
fiscal  
and
economic  
situation  
of  
PR  
Government  
Entities.  
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, if the  
fiscal and economic situation deteriorates.
As of June  
30, 2025, BPPR had  
$20.9 billion in deposits from  
the Puerto Rico government, its  
instrumentalities, and municipalities.
The  
rate  
at  
which  
public  
deposit  
balances  
may  
decline is  
uncertain and  
difficult  
to  
predict.  
The  
amount  
and  
timing  
of  
any  
such
reduction is likely to  
be impacted by,  
for example, the level  
of federal assistance, the  
speed at which such  
assistance is distributed

 
168
and  
the financial  
condition, liquidity  
and cash  
management practices  
of such  
entities, as  
well as  
the ability  
of  
BPPR to  
maintain
these customer relationships.
United States Virgin Islands
The  
Corporation  
has  
operations  
in  
the  
United  
States  
Virgin  
Islands  
(the  
“USVI”)  
and  
has  
credit  
exposure  
to  
USVI  
government
entities.
The USVI has  
been experiencing a  
number of fiscal  
and economic challenges,  
which could adversely  
affect the  
ability of its  
public
corporations and instrumentalities to service their outstanding  
debt obligations. PROMESA does not apply to the USVI  
and, as such,
there  
is  
currently  
no  
federal  
legislation  
permitting  
the  
restructuring  
of  
the  
debts  
of  
the  
USVI  
and  
its  
public  
corporations  
and
instrumentalities.
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 18.
The Corporation’s  
credit quality  
metrics demonstrated  
favorable trends  
in the  
second quarter  
of 2025  
with improvements  
in NPLs
and Net Charge-Offs (NCOs). 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 $357.8 million  
as of June 30, 2025 decreased by  
$50.3 million when compared with December 31, 2024. Total  
NPLs
of $311.6  
million decreased by  
$39.2 million from December  
31, 2024. BPPR’s  
NPLs decreased by $34.4  
million, mainly driven  
by
lower consumer,  
mortgage and commercial  
NPLs by $12.9  
million, $11.0  
million and $8.9  
million, respectively.  
Popular U.S. NPLs
decreased  
by  
$4.7  
million,  
mostly  
driven  
by  
decreases  
of  
$1.9  
million  
and  
$1.8  
million  
in  
commercial  
and  
mortgage  
NPLs,
respectively.
On June  
30, 2025, the  
ratio of  
NPLs to total  
loans held-in-portfolio was  
0.82%, compared to  
0.95% on December  
31, 2024.  
Other
real estate owned loans (“OREOs”) decreased by $11.1 million from December 31, 2024. The decrease in OREO was mainly driven
by the combination of  
sales and lower residential  
property foreclosures. On June  
30, 2025, NPLs secured  
by real estate amounted
to  
$189  
million  
in  
the  
Puerto  
Rico  
operations  
and  
$50  
million  
in  
Popular  
U.S,  
compared  
with  
$200  
million  
and  
$56  
million,
respectively, on December 31, 2024.
The Corporation’s commercial  
loan portfolio secured  
by real estate  
(“CRE”) amounted to  
$11.0  
billion on June  
30, 2025,  
with $3.0
billion secured by owner-occupied properties (December  
31, 2024 - $10.9 billion and $3.2 billion, respectively).
The  
non-owner occupied  
CRE portfolio  
was $5.5  
billion at  
June  
30, 2025,  
split  
between $3.3  
billion in  
BPPR  
and $2.2  
billion in
Popular U.S.  
This portfolio is diversified across sectors: retail (33%), hotels (19%), and office  
space (13%) which together represent
two-thirds of  
total non-owner  
occupied CRE  
exposure. Specifically,  
office space  
leasing accounts  
for just  
1.8% ($688.8  
million) of
the total  
loan portfolio,  
mainly comprising  
mid-rise  
properties with  
an average  
loan size  
of $2.4  
million, and  
is well  
diversified by
tenant type.  

Within CRE, the  
commercial multi-family portfolio is  
$2.5 billion (approximately 7%  
of total loans),  
concentrated in New  
York  
Metro
($1.5 billion), South Florida ($716.6 million) and Puerto Rico  
($202.1 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.
CRE NPLs amounted to  
$52.5 million on June 30,  
2025, compared with $53.7 million  
on December 31, 2024. The  
CRE NPL ratios
for  
the  
BPPR  
and  
Popular  
U.S.  
segments  
were  
0.69%  
and  
0.30%,  
respectively,  
on  
June  
30,  
2025,  
compared  
with  
0.64%  
and
0.37%, respectively, on December 31, 2024.

169
In addition  
to the  
NPLs included  
in Table  
18, on  
June 30,  
2025, there  
were $529  
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 June 30, 2025 and December  
31, 2024:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
170
Table 18 - Non-Performing  
Assets
June 30, 2025
December 31, 2024
(Dollars in thousands)
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
Commercial
Commercial multi-family
$
174
$
10,751
$
10,925
0.4
%
$
79
$
8,700
$
8,779
0.4
%
Commercial real estate non-owner
occupied
6,084
7,893
13,977
0.3
6,429
8,015
14,444
0.3
Commercial real estate owner
occupied
27,320
231
27,551
0.9
25,258
5,191
30,449
1.0
Commercial and industrial  

8,588
2,836
11,424
0.1
19,335
1,748
21,083
0.3
Total Commercial  

42,166
21,711
63,877
0.3
51,101
23,654
74,755
0.4
Leasing
7,976
-
7,976
0.4
9,588
-
9,588
0.5
Mortgage
147,464
28,052
175,516
2.1
158,442
29,890
188,332
2.3
Consumer  

 
Home equity lines of credit
-
3,120
3,120
4.0
-
3,393
3,393
4.6
 
Personal  

17,499
1,094
18,593
1.0
20,269
1,741
22,010
1.2
 
Auto
40,595
-
40,595
1.1
51,792
-
51,792
1.4
 
Other
1,948
-
1,948
1.2
899
11
910
0.5
Total Consumer  

60,042
4,214
64,256
0.9
72,960
5,145
78,105
1.1
Total non-performing  
loans held-in-
portfolio
257,648
53,977
311,625
0.8
%
292,091
58,689
350,780
0.9
%
Other real estate owned (“OREO”)
45,643
483
46,126
57,197
71
57,268
Total non-performing  
assets
[1]
$
303,291
$
54,460
$
357,751
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or
more
[2]
$
206,205
$
189
$
206,394
$
242,250
$
190
$
242,440
Ratios:
Non-performing assets to total assets
0.51
%
0.34
%
0.47
%
0.61
%
0.37
%
0.56
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio  

0.96
0.47
0.82
1.12
0.54
0.95
Allowance for credit losses to loans
held-in-portfolio
2.53
0.79
2.02
2.56
0.69
2.01
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
263.63
167.17
246.93
229.61
128.40
212.68
[1] There were no non-performing loans held-for-sale  
as of June 30, 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  
$52 million  
of residential  
mortgage
loans  
insured  
by  
FHA  
or  
guaranteed  
by  
the  
VA  
that  
are  
no  
longer  
accruing  
interest  
as  
of  
June  
30,  
2025  
(December  
31,  
2024  
-  
$65  
million).
Furthermore, the Corporation  
has $29 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 quarter ended June 30,  
2025, total inflows of NPLs held-in-portfolio, excluding consumer loans,  
decreased by $26.1 million,
when compared  
to the  
inflows for  
the same  
period in  
2024. Inflows  
of NPLs  
held-in-portfolio at  
the BPPR  
segment decreased  
by
$8.8 million,  
compared to  
the same  
period in  
2024, mainly  
driven by  
lower mortgage  
NPL inflows  
by $6.6  
million. Inflows  
of NPLs
held-in-portfolio at the Popular U.S. segment decreased by  
$17.3 million from the same period in  
2024, driven by lower commercial
NPL inflows by $16.6 million, as the prior period  
was impacted by a single $17.3 million loan.
Tables 19 to 25 present the Corporation’s inflows to NPLs for the quarters and six months ended  
June 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
Table 19 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
191,103
$
46,594
$
237,697
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
32,205
8,909
41,114
69,228
17,067
86,295
Advances on existing non-performing loans
-
20
20
-
38
38
Less:
Non-performing loans transferred to OREO
(2,385)
(433)
(2,818)
(4,940)
(433)
(5,373)
Non-performing loans charged-off
(790)
(583)
(1,373)
(1,717)
(1,713)
(3,430)
Loans returned to accrual status / loan collections
(30,503)
(4,744)
(35,247)
(82,484)
(18,740)
(101,224)
Ending balance NPLs
$
189,630
$
49,763
$
239,393
$
189,630
$
49,763
$
239,393
Table 20 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
229,796
$
49,478
$
279,274
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
41,040
25,907
66,947
74,543
61,280
135,823
Advances on existing non-performing loans
-
298
298
-
320
320
Less:
Non-performing loans transferred to OREO
(4,540)
(24)
(4,564)
(8,649)
(24)
(8,673)
Non-performing loans charged-off
(5,590)
(18)
(5,608)
(13,899)
(968)
(14,867)
Loans returned to accrual status / loan collections
(40,746)
(26,324)
(67,070)
(86,511)
(33,645)
(120,156)
Ending balance NPLs
$
219,960
$
49,317
$
269,277
$
219,960
$
49,317
$
269,277
Table 21 - Activity in Non  
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
42,597
$
17,507
$
60,104
$
51,101
$
23,654
$
74,755
Plus:
New non-performing loans
1,768
5,632
7,400
7,549
11,045
18,594
Advances on existing non-performing loans
-
20
20
-
37
37
Less:
Non-performing loans transferred to OREO
(140)
-
(140)
(260)
-
(260)
Non-performing loans charged-off
(403)
(583)
(986)
(1,142)
(1,713)
(2,855)
Loans returned to accrual status / loan
collections
(1,656)
(865)
(2,521)
(15,082)
(11,312)
(26,394)
Ending balance NPLs
$
42,166
$
21,711
$
63,877
$
42,166
$
21,711
$
63,877

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172
Table 22 - Activity in Non  
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
63,323
$
21,407
$
84,730
$
72,992
$
11,163
$
84,155
Plus:
New non-performing loans
4,031
21,940
25,971
8,374
36,979
45,353
Advances on existing non-performing loans
-
282
282
-
302
302
Less:
Non-performing loans transferred to OREO
(280)
-
(280)
(280)
-
(280)
Non-performing loans charged-off
(5,700)
-
(5,700)
(13,699)
(950)
(14,649)
Loans returned to accrual status / loan collections
(5,204)
(5,866)
(11,070)
(11,217)
(9,731)
(20,948)
Ending balance NPLs
$
56,170
$
37,763
$
93,933
$
56,170
$
37,763
$
93,933
Table 23 - Activity in Non  
-Performing Construction Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
-
$
-
$
-
$
6,378
$
-
$
6,378
Less:
Loans returned to accrual status / loan collections
-
-
-
(6,378)
-
(6,378)
Ending balance NPLs
$
-
$
-
$
-
$
-
$
-
$
-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
173
Table 24 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2025
For the six months ended  
June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
148,506
$
29,087
$
177,593
$
158,442
$
29,890
$
188,332
Plus:
New non-performing loans
30,437
3,277
33,714
61,679
6,022
67,701
Advances on existing non-performing loans
-
-
-
-
1
1
Less:
Non-performing loans transferred to OREO
(2,245)
(433)
(2,678)
(4,680)
(433)
(5,113)
Non-performing loans charged-off
(387)
-
(387)
(575)
-
(575)
Loans returned to accrual status / loan
collections
(28,847)
(3,879)
(32,726)
(67,402)
(7,428)
(74,830)
Ending balance NPLs
$
147,464
$
28,052
$
175,516
$
147,464
$
28,052
$
175,516
Table 25 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
166,473
$
28,071
$
194,544
$
175,106
$
11,191
$
186,297
Plus:
New non-performing loans
37,009
3,967
40,976
66,169
24,301
90,470
Advances on existing non-performing loans
-
16
16
-
18
18
Less:
Non-performing loans transferred to OREO
(4,260)
(24)
(4,284)
(8,369)
(24)
(8,393)
Non-performing loans charged-off
110
(18)
92
(200)
(18)
(218)
Loans returned to accrual status / loan collections
(35,542)
(20,458)
(56,000)
(68,916)
(23,914)
(92,830)
Ending balance NPLs
$
163,790
$
11,554
$
175,344
$
163,790
$
11,554
$
175,344

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
174
Loan Delinquencies
Another key measure used to evaluate and  
monitor the Corporation’s asset quality is loan  
delinquencies. Loans delinquent 30 days
or more, as a percentage of their related portfolio  
category on June 30, 2025 and December 31, 2024,  
are presented below.
Table 26 - Loan Delinquencies
(Dollars in thousands)
June 30, 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
$
21,937
$
2,520,789
0.87
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
17,272
5,521,374
0.31
24,925
5,363,235
0.46
Commercial real estate
owner occupied
41,413
3,003,855
1.38
42,311
3,157,746
1.34
Commercial and industrial
37,213
8,043,752
0.46
49,942
7,741,562
0.65
Total Commercial  

117,835
19,089,770
0.62
133,004
18,662,163
0.71
Construction  

3,720
1,468,201
0.25
1,039
1,263,792
0.08
Leasing
36,714
1,983,068
1.85
39,641
1,925,405
2.06
Mortgage
[1]
728,253
8,444,427
8.62
798,130
8,114,183
9.84
Consumer  

Credit cards  

48,745
1,215,293
4.01
59,078
1,218,079
4.85
Home equity lines of credit
4,682
77,479
6.04
5,054
73,571
6.87
Personal  

51,109
1,876,463
2.72
57,835
1,855,244
3.12
Auto  

165,642
3,861,702
4.29
191,008
3,823,437
5.00
Other
5,567
168,775
3.30
3,930
171,778
2.29
Total Consumer  

275,745
7,199,712
3.83
316,905
7,142,109
4.44
Loans held-for-sale
-
2,898
-
-
5,423
-
Total  

$
1,162,267
$
38,188,076
3.04
%
$
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 June  
30,
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 Loans Held-in-Portfolio
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. Refer to  
Note 8 to  
the Consolidated Financial  
Statements, for additional  
information on the  
Corporation’s methodology to
estimate its ACL.
On June 30,  
2025, the ACL increased by  
$23.5 million from December 31,  
2024 to $769.5 million. The  
increase in ACL was  
driven
by changes in the economic scenario  
probability weights and increases in qualitative reserves, in  
response to the current economic
environment uncertainty,  
coupled with  
reserve build-up associated  
with portfolio  
growth and  
unfavorable changes in  
the economic
assumptions used  
in the  
ACL model.  
These increases  
were offset  
in part  
by the  
net effect  
of changes  
in credit  
quality and  
NCOs
during the period.  
Given that any economic outlook is inherently uncertain, the Corporation  
leverages multiple scenarios to estimate
its  
ACL.  
Prior  
to  
the  
first  
quarter  
of  
2025,  
the  
Corporation  
assigned  
the  
baseline  
scenario  
the  
highest  
probability  
among  
the
scenarios  
used  
to  
estimate  
the  
ACL,  
followed  
by  
the  
pessimistic  
scenario  
given  
the  
uncertainties  
in  
the  
economic  
outlook  
and
downside risk, and  
the optimistic scenario  
had the lowest  
probability. During  
the first quarter  
of 2025, the  
Corporation modified the
weight assigned  
to the  
pessimistic scenario to  
be equal  
to the  
baseline scenario  
in response  
to the  
current economic  
uncertainty,
resulting in  
an increase  
of $18.2  
million in  
the reserves.  
In  
the second  
quarter of  
2025, the  
probability weight  
for the  
pessimistic

175
scenario was moderately decreased based on changes in the economic outlook and a reassessment of uncertainty compared to the
previous  
quarter.  
This  
change  
resulted  
in  
a  
$4.5  
million  
reduction  
in  
ACL  
reserve  
levels,  
for  
a  
$13.7  
million  
net  
increase  
from
December  
31,  
2024.  
The  
probability  
weight  
for  
the  
pessimistic  
scenario  
remains  
above  
the  
levels  
observed  
in  
2024,  
given  
the
ongoing  
economic  
uncertainty.  
Refer  
to  
Note  
8  
to  
the  
Consolidated  
Financial  
Statements,  
for  
additional  
information  
on  
the
Corporation’s methodology to estimate its ACL, including  
probability weights assigned
On  
June  
30,  
2025,  
the  
ACL  
for BPPR  
increased by  
$8.6  
million  
from  
December 31,  
2024,  
driven by  
changes  
in  
the  
probability
weights that resulted  
in a  
$8.8 million net  
ACL increase, coupled  
with an increase  
in the reserves  
for auto loans  
due to migrations
between FICO  
score categories  
and changes  
in the  
economic scenarios.  
This increase  
was partially  
offset by  
lower reserves  
for
commercial loans  
due to  
improvements in credit  
quality,  
partially offset  
by ACL  
reserve build-up  
due to  
portfolio growth. In  
PB, on
June  
30,  
2025,  
the  
ACL  
increased  
by  
$14.9  
million,  
when  
compared  
to  
December  
31,  
2024.  
This  
increase  
was  
influenced  
by
changes in  
the forecast  
of the  
U.S. unemployment rate  
as well  
as 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 2.02% on June 30, 2025, compared to 2.01%
on  
December 31,  
2024. The  
ratio of  
the ACL  
to  
NPLs held-in-portfolio  
stood  
at  
246.9%, compared  
to  
212.7% on  
December 31,
2024.
Tables  
27 and  
28 detail  
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
176
Table 27 - Allowance for Credit  
Losses - Loan Portfolios
June 30, 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
$
16,781
$
2,520,789
0.67
%
$
10,925
153.60
%
 
Commercial real estate non-owner occupied
59,117
5,521,374
1.07
%
13,977
422.96
%
 
Commercial real estate owner occupied
49,051
3,003,855
1.63
%
27,551
178.04
%
 
Commercial and industrial  

141,362
8,043,752
1.76
%
11,424
N.M.
Total Commercial  

$
266,311
$
19,089,770
1.40
%
$
63,877
416.91
%
Construction
10,579
1,468,201
0.72
%
-
-
Leasing
20,040
1,983,068
1.01
%
7,976
251.25
%
Mortgage
85,175
8,444,427
1.01
%
175,516
48.53
%
Consumer  

 
Credit cards
92,306
1,215,293
7.60
%
-
-
 
Home equity lines of credit
1,384
77,479
1.79
%
3,120
44.36
%
 
Personal  

103,654
1,876,463
5.52
%
18,593
557.49
%
 
Auto
182,274
3,861,702
4.72
%
40,595
449.01
%
 
Other
7,762
168,775
4.60
%
1,948
398.46
%
Total Consumer  

$
387,380
$
7,199,712
5.38
%
$
64,256
602.87
%
Total
$
769,485
$
38,185,178
2.02
%
$
311,625
246.93
%
N.M. - Not meaningful.
Table 28 - 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
%
-
-
Leasing
16,419
1,925,405
0.85
%
9,588
171.25
%
Mortgage
82,409
8,114,183
1.02
%
188,332
43.76
%
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
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
177
Annualized net charge-offs (recoveries)
The following  
table presents  
annualized net charge-offs  
(recoveries) to average  
loans held-in-portfolio (“HIP”)  
by loan  
category for
the quarters and six months ended June 30, 2025  
and 2024.
Table 29 - Annualized Net Charge  
-offs (Recoveries) to Average Loans  
Held-in-Portfolio
Quarters ended
June 30, 2025
June 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial  

―
%
0.02
%
0.01
%
0.20
%
0.04
%
0.13
%
Construction
―
―
―
―
(0.04)
(0.04)
Mortgage
(0.14)
(0.01)
(0.12)
(0.23)
(0.01)
(0.19)
Leasing
0.56
―
0.56
0.60
―
0.60
Consumer
2.29
4.00
2.33
2.68
6.58
2.80
Total annualized  
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.61
%
0.07
%
0.45
%
0.79
%
0.16
%
0.61
%
Six months ended
June 30, 2025
June 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial  

(0.05)
%
0.02
%
(0.02)
%
0.25
%
0.04
%
0.15
%
Construction
―
―
―
―
(0.02)
(0.02)
Mortgage
(0.14)
(0.03)
(0.12)
(0.25)
(0.01)
(0.21)
Leasing
0.62
―
0.62
0.72
―
0.72
Consumer
2.55
3.95
2.59
2.83
7.54
2.98
Total annualized  
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.67
%
0.07
%
0.49
%
0.86
%
0.19
%
0.66
%
NCOs for the quarter ended June 30, 2025, amounted  
to $42.2 million, decreasing by $11.4 million when compared to the same
period in 2024. The BPPR segment decreased by  
$9.1 million, mainly driven by decreases of  
$5.6 million and $4.9 million in
consumer and commercial NCOs, respectively. The PB segment NCOs decreased  
by $2.3 million, mainly driven by lower  
consumer
NCOs by $1.8 million
NCOs for the six months ended June 30, 2025,  
amounted to $91.3 million, decreasing by $24.5  
million when compared to the same
period in 2024. The BPPR segment decreased by  
$18.6 million, mainly driven by decreases of  
$14.4 million and $7.0 million in
commercial and consumer NCOs, respectively. The PB segment NCOs decreased  
by $5.9 million, mainly driven by lower consumer
NCOs by $4.9 million.
Loan Modifications
For  
the  
quarter  
ended  
June  
30,  
2025,  
modified  
loans  
to  
borrowers  
with  
financial  
difficulty  
amounted  
to  
$276.9  
million,  
of  
which
$266.6 million were in  
accruing status. The BPPR segment’s  
modifications to borrowers with financial difficulty  
amounted to $217.5
million, mainly comprised of commercial and mortgage loans of $192.5  
million and $17.4 million, respectively. A total of $10.7 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 $59.4 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.

 
 
 
 
178
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.
Item 3. Quantitative and Qualitative Disclosures About  
Market Risk
Quantitative and qualitative disclosures for the current  
period can be found in the Market Risk  
section of this report, which includes
changes in market risk exposures from disclosures presented  
in the 2024 Form 10-K.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
The Corporation’s management,  
with the  
participation of the  
Corporation’s Chief Executive  
Officer and Chief  
Financial Officer,  
has
evaluated the effectiveness of the Corporation’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this report. Based
on such evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer have concluded that,  
as of the end of such
period, the Corporation’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a
timely basis,  
information required to  
be disclosed  
by the  
Corporation in  
the reports  
that it  
files or  
submits under  
the Exchange Act
and  
such  
information  
is  
accumulated  
and  
communicated  
to  
management,  
as  
appropriate,  
to  
allow  
timely  
decisions  
regarding
required disclosures.
Internal Control Over Financial Reporting  

There have been no changes in the Corporation’s 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  
June 30,  
2025 that have  
materially affected, or  
are
reasonably likely to materially affect, the Corporation’s internal control  
over financial reporting.
Part II - Other Information
Item 1. Legal Proceedings  

For a discussion of Legal Proceedings, see Note 20  
to the Consolidated Financial Statements.
Item 1A. Risk Factors
In addition to the other information set forth in  
this report, you should carefully consider the risk  
factors discussed under “Part I - Item
1A - Risk Factors” in our 2024 Form  
10-K. These factors could materially adversely affect our business, financial condition, liquidity,
results of  
operations and  
capital position,  
and 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.  
Also refer  
to the  
discussion in  
“Part I  
- Item  
2 –
Management’s Discussion  
and Analysis  
of Financial  
Condition and  
Results of  
Operations” in  
this report  
for additional  
information
that may supplement or update the discussion  
of risk factors below and in our 2024 Form 10-K.
There have been no material changes to the risk  
factors previously disclosed under Item 1A of the  
Corporation’s 2024 Form 10-K.
The risks described  
in our 2024 Form  
10-K and in  
this report are not  
the only risks  
facing us. Additional risks  
and uncertainties not
currently  
known  
to  
us  
or  
that  
we  
currently  
deem  
to  
be  
immaterial  
also  
may  
materially  
adversely  
affect  
our  
business,  
financial
condition, liquidity, results of operations and capital position.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
179
Item 2.  
Unregistered Sales of Equity Securities and  
Use of Proceeds  

The Corporation did not have any unregistered  
sales of equity securities during the quarter ended  
June 30, 2025.
Issuer Purchases of Equity Securities
The following table  
sets forth the  
details of  
purchases of common  
stock by  
the Corporation and  
its affiliated  
purchasers during the
quarter ended June 30, 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]
Approximate Dollar Value of
Shares that May Yet be
Purchased Under the Plans or
Programs [2]
April 1 - April 30
357,832
$
87.37
355,539
$129,330,233
May 1 -May 31
447,956
101.50
417,666
$86,774,331
June 1 - June 30
380,593
105.93
363,185
$48,375,729
Total  

1,186,381
$
98.66
1,136,390
$48,375,729
[1]  
Includes  
2,293,  
30,290  
and  
17,408  
shares  
of  
the  
Corporation’s  
common  
stock  
acquired  
by  
the  
Corporation  
during  
April,  
May  
and  
June  
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 2024,  
the Corporation announced plans  
to repurchase up to  
$500 million in common  
stock and repurchases  
began
in August 2024.  
As of June 30, 2025,  
the Corporation repurchased 4,663,379  
shares of common stock for  
$451.5 million at an average  
price of $96.82
per share, under the previously announced share repurchase  
authorization.
Item 3.  
Defaults Upon Senior Securities
None.
Item 4.  
Mine Safety Disclosures
Not applicable.
Item 5. 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).

 
 
180
Item 6.  
Exhibits  

Exhibit Index
Exhibit No
Exhibit Description
10.1
Form of Director Compensation Letter, Election Form, Restricted Stock   Award Agreement and Restricted
Stock Unit Award Agreement, effective May 8, 2025
(1)*
10.2
Equity Award Agreement, dated as of June 26, 2025, by   and between Ignacio Alvarez and Popular, Inc.
(1)*
10.3
2025 Long-Term Equity Incentive Award Agreement, dated as of June 26, 2025, by and between   Javier D.
Ferrer and Popular, Inc.
(1)*
22.1
Issuers of Guaranteed Securities (Incorporated by reference   to Exhibit 22.1 of Popular, Inc.’s Annual
Report on Form 10-K for the year ended December   31, 2024)
31.1
Certification pursuant to Section 302 of the Sarbanes-Oxley   Act of 2002
(1)
31.2
Certification pursuant to Section 302 of the Sarbanes-Oxley   Act of 2002
(1)
32.1
Certification pursuant   to   18 U.S.C.   Section 1350,   as adopted   pursuant to   Section 906   of the   Sarbanes-
Oxley Act of 2002
(1)
32.2
Certification pursuant to 18 U.S.C. Section 1350, as   adopted pursuant to Section 906 of the   Sarbanes-
Oxley Act of 2002   d82325dex322.htm
(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.
101.SCH
Inline Taxonomy Extension Schema Document
(1)
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. Quarterly Report on Form 10-Q for the  
quarter ended June 30, 2025,
formatted in Inline XBRL (included within the Exhibit  
101 attachments)
(1)
(1)
 
Included herewith
* 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.

 
 
 
181
SIGNATURES
Pursuant to the  
requirements 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.
POPULAR, INC.
(Registrant)
Date: August 11, 2025
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: August 11, 2025
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller