10-Q – 2025-08-11 – d82325d10q.htm

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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.