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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  

September 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,
66,674,855
 
shares outstanding as of November 5, 2025.

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

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

ended September 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
125
Item 3. Quantitative and Qualitative Disclosures about  
Market Risk  

170
Item 4. Controls and Procedures
170
Part II – Other Information
Item 1. Legal Proceedings
170
Item 1A. Risk Factors
170
Item 2. Unregistered Sales of Equity Securities and  
Use of Proceeds
171
Item 3. Defaults Upon Senior Securities
171
Item 4. Mine Safety Disclosures
171
Item 5. Other Information
171
Item 6. Exhibits
171
Signatures
173

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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;
●
the impact of the current or any future  
U.S. government shutdown;
●
 
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]
September 30,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
377,079
$
419,638
Money market investments:  

Time deposits with other banks  

4,754,391
6,380,948
Total money market investments
4,754,391
6,380,948
Trading account debt securities, at fair value
33,122
32,831
Debt securities available-for-sale, at fair  
value:
Pledged securities with creditors’ right to repledge  

40,352
30,486
Other debt securities available-for-sale
20,646,071
18,215,417
Debt securities available-for-sale
20,686,423
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge  

18,525
27,405
Other debt securities held-to-maturity
7,414,610
7,730,672
Debt securities held-to-maturity (fair  
value 2025 - $
7,459,488
; 2024 - $
7,682,664
)
7,433,135
7,758,077
Less – Allowance for credit losses
5,837
5,317
Debt securities held-to-maturity, net
7,427,298
7,752,760
Equity securities (realizable value 2025 -  
$
219,599
; 2024 - $
208,663
)
218,993
208,166
Loans held-for-sale, at fair value
7,783
5,423
Loans held-in-portfolio
39,111,956
37,522,995
Less – Unearned income
424,798
415,343
 
Allowance for credit losses
786,220
746,024
Total loans held-in-portfolio, net
37,900,938
36,361,628
Premises and equipment, net
679,651
601,787
Other real estate
42,950
57,268
Accrued income receivable
297,347
263,389
Mortgage servicing rights, at fair value
99,523
108,103
Other assets
1,744,886
1,797,759
Goodwill
789,954
802,954
Other intangible assets
5,460
6,826
Total assets
$
75,065,798
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:  

Deposits:
Non-interest bearing
$
14,874,026
$
15,139,555
Interest bearing
51,639,378
49,744,790
Total deposits
66,513,404
64,884,345
Assets sold under agreements to repurchase
56,853
54,833
Other short-term borrowings
400,000
225,000
Notes payable
789,954
896,293
Other liabilities
1,189,915
1,371,846
Total liabilities
68,950,126
67,432,317
Commitments and contingencies (Refer  
to Note 18)
 

 

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;
104,906,144
 
shares issued (2024 -
104,849,460
) and
66,959,866
 
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,920,767
4,908,693
Retained earnings
5,022,546
4,570,957
Treasury stock - at cost,
37,946,278
 
shares (2024 -
34,708,169
)  

( 2,574,573 )
( 2,228,535 )
Accumulated other comprehensive loss, net  
of tax  

( 1,276,260 )
( 1,661,240 )
Total stockholders’ equity  

6,115,672
5,613,066
Total liabilities and stockholders’ equity
$
75,065,798
$
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 September 30,
Nine months ended September 30,
(In thousands, except per share information)
2025
2024
2025
2024
Interest income:
Loans
$
702,039
$
664,731
$
2,053,299
$
1,952,200
Money market investments
66,867
96,061
206,565
272,893
Investment securities
197,743
176,656
567,655
528,403
Total interest income
966,649
937,448
2,827,519
2,753,496
Interest expense:  

Deposits
303,432
350,985
896,353
1,020,420
Short-term borrowings
4,616
1,430
11,342
3,748
Long-term debt
12,096
12,560
36,173
37,799
Total interest expense
320,144
364,975
943,868
1,061,967
Net interest income
646,505
572,473
1,883,651
1,691,529
Provision for credit losses  

75,125
71,448
188,147
190,840
Net interest income after provision for credit losses  

571,380
501,025
1,695,504
1,500,689
Non-interest income:  

Service charges on deposit accounts
39,077
38,315
116,957
113,283
Other service fees
101,376
98,748
296,406
289,883
Mortgage banking activities  

2,771
2,670
11,332
12,753
Net gain (loss), including impairment on equity securities
2,197
( 546 )
3,645
876
Net gain on trading account debt securities
398
817
1,456
1,455
Adjustments to indemnity reserves on loans sold
36
808
329
783
Other operating income
25,340
23,270
61,608
75,173
Total non-interest income
171,195
164,082
491,733
494,206
Operating expenses:  

Personnel costs
232,988
201,856
675,056
614,657
Net occupancy expenses
26,083
28,031
82,441
83,764
Equipment expenses
5,313
9,349
16,404
28,578
Other taxes
17,967
17,757
55,324
47,465
Professional fees
25,808
26,708
80,741
93,370
Technology and software expenses  

87,117
88,452
255,481
247,666
Processing and transactional services
38,408
34,320
114,050
107,610
Communications
4,836
5,229
14,750
14,143
Business promotion
27,304
25,637
77,364
72,075
Deposit insurance
10,873
10,433
30,315
44,901
Other real estate owned (OREO) income
( 3,408 )
( 2,674 )
( 10,862 )
( 13,745 )
Other operating expenses
8,614
21,519
53,630
77,293
Amortization of intangibles
384
704
1,366
2,233
Goodwill impairment  

13,000
-
13,000
-
Total operating expenses
495,287
467,321
1,459,060
1,420,010
Income before income tax
247,288
197,786
728,177
574,885
Income tax expense
35,971
42,463
128,918
138,490
Net Income
$
211,317
$
155,323
$
599,259
$
436,395
Net Income Applicable to Common Stock  

$
210,964
$
154,970
$
598,200
$
435,336
Net Income per Common Share – Basic
$
3.15
$
2.16
$
8.78
$
6.06
Net Income per Common Share – Diluted
$
3.14
$
2.16
$
8.78
$
6.05
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

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

Nine months ended,
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Net income
$
211,317
$
155,323
$
599,259
$
436,395
Other comprehensive income (loss) before  
tax:
Foreign currency translation adjustment
( 14,524 )
615
( 13,670 )
( 3,240 )
Amortization of net losses of pension and  
postretirement benefit plans
2,272
3,618
6,817
10,854
Unrealized holding gains (losses) on debt securities  
arising during the period  

110,430
380,927
335,388
330,319
Amortization of unrealized losses of debt  
securities transfer from available-for-
sale to held-to-maturity
47,191
45,331
138,743
133,761
Other comprehensive income before tax
145,369
430,491
467,278
471,694
Income tax expense
( 25,972 )
( 65,203 )
( 82,298 )
( 89,157 )
Total other comprehensive income, net of tax
119,397
365,288
384,980
382,537
Comprehensive income, net of tax
$
330,714
$
520,611
$
984,239
$
818,932
Tax effect allocated to each component of other comprehensive  
income:
Quarters ended
Nine months ended,
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Amortization of net losses of pension and  
postretirement benefit plans
$( 851
)
$( 1,357
)
$( 2,555
)
$( 4,070
)
Unrealized holding losses on debt securities  
arising during the period  

( 15,683 )
( 54,779 )
( 51,994 )
( 58,334 )
Amortization of unrealized losses of debt  
securities transfer from available-for-
sale to held-to-maturity
( 9,438 )
( 9,067 )
( 27,749 )
( 26,753 )
Income tax expense
$
( 25,972 )
$
( 65,203 )
$
( 82,298 )
$
( 89,157 )
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 June 30, 2024
$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
( 2,010,500 )
$
( 1,878,282 )
$
5,372,678
Net income
155,323
155,323
Issuances of common stock
1,704
1,704
Dividends declared:
Common stock
[1]
( 44,614 )
( 44,614 )
Preferred stock
( 353 )
( 353 )
Common stock purchases
[2]
( 59,147 )
( 59,147 )
Stock based compensation
( 582 )
217
( 365 )
Other comprehensive income, net of tax
365,288
365,288
Balance at September 30, 2024  

$
1,048
$
22,143
$
4,853,869
$
4,495,878
$
( 2,069,430 )
$
( 1,512,994 )
$
5,790,514
Balance at June 30, 2025
$
1,049
$
22,143
$
4,919,950
$
4,861,958
$
( 2,455,425 )
$
( 1,395,657 )
$
5,954,018
Net income
211,317
211,317
Issuances of common stock
1,764
1,764
Dividends declared:
Common stock
[1]
( 50,376 )
( 50,376 )
Preferred stock
( 353 )
( 353 )
Common stock purchases
[3]
( 119,697 )
( 119,697 )
Stock based compensation
( 947 )
549
( 398 )
Other comprehensive income, net of tax
119,397
119,397
Balance at September 30, 2025
$
1,049
$
22,143
$
4,920,767
$
5,022,546
$
( 2,574,573 )
$
( 1,276,260 )
$
6,115,672
[1]
Dividends declared per common share during the quarter  
ended September 30, 2025 - $
0.75
 
(2024 - $
0.62
).

[2]
Includes common  
stock  
repurchases of  
$
58.8
 
million  
as part  
of the  
2024 common  
stock repurchase  
program. Refer  
to Note  
15 for  
additional
information.

[3]
Includes common stock  
repurchases of $
119.4
 
million as part  
of the 2024  
and 2025 common  
stock repurchase programs  
previously announced
by the Corporation. Refer to Note 15 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
436,395
436,395
Issuances of common stock
5,271
5,271
Dividends declared:
Common stock
[1]
( 134,309 )
( 134,309 )
Preferred stock
( 1,059 )
( 1,059 )
Common stock purchases
[2]
( 65,923 )
( 65,923 )
Stock based compensation
5,199
15,450
20,649
Other comprehensive income, net of tax
382,537
382,537
Balance at September 30, 2024  

$
1,048
$
22,143
$
4,853,869
$
4,495,878
$
( 2,069,430 )
$
( 1,512,994 )
$
5,790,514
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
599,259
599,259
Issuances of common stock
1
5,293
5,294
Dividends declared:
Common stock
[1]
( 146,611 )
( 146,611 )
Preferred stock
( 1,059 )
( 1,059 )
Common stock purchases
[3]
( 362,752 )
( 362,752 )
Stock based compensation
6,781
16,714
23,495
Other comprehensive income, net of tax
384,980
384,980
Balance at September 30, 2025
$
1,049
$
22,143
$
4,920,767
$
5,022,546
$
( 2,574,573 )
$
( 1,276,260 )
$
6,115,672
[1]
Dividends declared per common share during the nine months  
ended September 30, 2025 - $
2.15
 
(2024 - $
1.86
).

[2]
Includes common stock repurchases of $
58.8
 
million as part of the 2024 common stock repurchase  
program. Refer to Note 15 for additional
information.
[3]
Includes common stock repurchases of $
353.7
 
million as part of the 2024 and 2025 common stock  
repurchase programs previously announced
by the Corporation. Refer to Note 15 for additional information.

For the nine months ended
September 30,
September 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
56,684
65,364
Balance at end of period
104,906,144
104,832,712
Treasury stock
( 37,946,278 )
( 33,045,363 )
Common Stock – Outstanding
66,959,866
71,787,349
The accompanying notes are an integral part of these Consolidated  
Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CASH FLOWS
(UNAUDITED)
Nine months ended September 30,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$
599,259
$
436,395
Adjustments to reconcile net income to net cash provided  
by operating activities:
Provision for credit losses
188,147
190,840
Goodwill impairment charge
13,000
-
Amortization of intangibles
1,366
2,233
Depreciation and amortization of premises and equipment
38,901
46,720
Net accretion of discounts and amortization of premiums and  
deferred fees  

( 203,871 )
( 196,221 )
Interest capitalized on loans subject to the temporary payment  
moratorium or loss mitigation alternatives
( 4,729 )
( 5,933 )
Share-based compensation
23,574
17,853
Fair value adjustments on mortgage servicing rights
9,359
10,280
Adjustments to indemnity reserves on loans sold
( 329 )
( 783 )
Earnings from investments under the equity method, net  
of dividends or distributions
( 13,760 )
( 12,723 )
Deferred income tax expense  

26,666
19,247
Gain on:
Disposition of premises and equipment and other productive  
assets
( 31 )
( 7,651 )
Sale of loans, including valuation adjustments on loans  
held-for-sale and mortgage banking activities
( 103 )
( 396 )
Sale of equity method investment  

( 1,226 )
-
Sale of foreclosed assets, including write-downs
( 8,722 )
( 13,590 )
Acquisitions of loans held-for-sale
( 4,135 )
( 5,810 )
Proceeds from sale of loans held-for-sale
26,924
28,697
Net originations on loans held-for-sale
( 22,184 )
( 31,284 )
Net decrease (increase) in:
Trading debt securities
6,561
10,445
Equity securities
( 4,827 )
( 7,337 )
Accrued income receivable  

( 33,921 )
6,032
Other assets
( 4,008 )
15,425
Net increase (decrease) in:
Interest payable
( 7,042 )
( 4,785 )
Pension and other postretirement benefits obligation
3,372
5,937
Other liabilities
( 18,266 )
( 28,352 )
Total adjustments
10,716
38,844
Net cash provided by operating activities
609,975
475,239
Cash flows from investing activities:  

Net decrease in money market investments
1,626,969
469,042
Purchases of investment securities:
Available-for-sale
( 28,253,550 )
( 24,469,345 )
Equity
( 37,006 )
( 2,370 )
Proceeds from calls, paydowns, maturities and redemptions  
of investment securities:
Available-for-sale
26,178,815
24,670,995
Held-to-maturity
456,532
508,511
Proceeds from sale of investment securities:
 

 

Equity
32,506
5,242
Net disbursements  
on loans
( 1,342,325 )
( 833,899 )
Proceeds from sale of loans
61,379
18,266
Acquisition of loan portfolios
( 480,793 )
( 510,556 )
Return of capital from equity method investments
2
279
Payments to acquire equity method investments
( 687 )
( 1,250 )
Net proceeds from sale of equity method investment  

1,226
-
Acquisition of premises and equipment and other productive  
assets
( 150,079 )
( 153,085 )
Proceeds from sale of:
Premises and equipment and other productive assets
494
5,570
Foreclosed assets
67,911
82,986
Net cash used in investing activities
( 1,838,606 )
( 209,614 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
Cash flows from financing activities:  

Net increase in:
Deposits
1,626,359
46,924
Assets sold under agreements to repurchase  

2,020
( 36,024 )
Other short-term borrowings
175,000
-
Payments of notes payable
( 113,522 )
( 69,570 )
Principal payments of finance leases
( 2,894 )
( 2,717 )
Proceeds from issuances of notes payable
6,112
-
Proceeds from issuances of common stock
5,294
5,271
Dividends paid
( 146,840 )
( 135,495 )
Net payments for repurchase of common stock
( 356,975 )
( 59,556 )
Payments related to tax withholding for share-based compensation
( 8,070 )
( 6,367 )
Net cash provided by financing activities
1,186,484
( 257,534 )
Net (decrease) increase in cash and due from banks, and  
restricted cash
( 42,147 )
8,091
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
$
387,259
$
435,666
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 -
Other real estate owned
78
Note 10 -
Other assets
79
Note 11 -
Goodwill and other intangible assets  

81
Note 12 -
Deposits
84
Note 13 -
Borrowings
85
Note 14 -
Other liabilities
87
Note 15 -
Stockholders’ equity
88
Note 16 -
Other comprehensive income (loss)  

89
Note 17 -
Guarantees
91
Note 18 -
Commitments and contingencies
92
Note 19-
Non-consolidated variable interest entities
95
Note 20 -
Related party transactions
97
Note 21 -
Fair value measurement
98
Note 22 -
Fair value of financial instruments
106
Note 23 -
Net income per common share
109
Note 24 -
Revenue from contracts with customers
110
Note 25 -
Stock-based compensation
111
Note 26 -
Income taxes
114
Note 27 -
Supplemental disclosure on the consolidated
statements of cash flows
118
Note 28 -
Segment reporting
119

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 the  
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 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.

 

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 currently hold crypto-assets.
FASB ASU 2024-02,
Codification Improvements
- Amendments to Remove
References to the
Concepts Statements  

The  
FASB  
issued  
ASU  
2024-02  
in  
March
2024, which  
removes various  
references to
concept statements from the ASC. The ASU
intends  
to  
simplify  
the  
Codification  
and
distinguish  
between  
nonauthoritative  
and
authoritative guidance.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
by
the adoption of this ASU since it did not
provide for  
accounting changes  
or new
presentation  
or  
disclosure
requirements.  
The  
ASU  
eliminated
references  
within  
the  
ASC  
to  
the
concept  
statements,  
which  
is
considered non-authoritative guidance.
FASB ASU 2024-01,
Compensation - Stock
Compensation (Topic 718)
- Scope Application of
Profits Interest and Similar
Awards
The  
FASB  
issued  
ASU  
2024-01  
in  
March
2024,  
which  
amends  
ASC  
Topic  
718  
by
including  
an  
illustrative  
example  
to
demonstrate how  
an entity  
would apply  
the
scope  
guidance  
in  
paragraph  
718-10-15-3
to determine whether profits interest awards
should be accounted  
for in accordance  
with
ASC  
Topic  
718.  
The  
ASU  
is  
intended  
to
reduce complexity and diversity in practice.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
by
the  
adoption  
of  
this  
ASU  
since  
the
performance  
share  
awards  
of  
the
Corporation  
continue  
to  
meet  
the
requirements of ASC 718-10-15-3.
FASB ASU 2023-08,
Intangibles - Goodwill and
Other - Crypto Assets
(Subtopic 350-60) -
Accounting for and
Disclosure of Crypto
Assets  

The  
FASB  
issued  
ASU  
2023-08  
in
December  
2023,  
which  
amends  
ASC
Subtopic  
350-60  
by  
requiring  
that  
crypto
assets  
are  
measured  
at  
fair  
value  
in  
the
statement  
of  
financial  
position  
each
reporting  
period  
with  
changes  
from
remeasurement  
being  
recognized  
in  
net
income.  
The  
ASU  
also  
requires  
enhanced
disclosures  
for  
both  
annual  
and  
interim
reporting  
periods  
to  
provide  
investors  
with
relevant information  
to  
analyze and  
assess
the  
exposure  
and  
risk  
of  
significant
individual crypto asset holdings.
January 1, 2025
The  
Corporation  
was  
not  
impacted  
by
the  
adoption of  
this  
ASU  
since  
it does
not currently hold crypto-assets.

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  
at
the time of adoption of this ASU since it
elected  
to  
prospectively  
apply  
the
standard. The Corporation will  
consider
this  
guidance  
for  
the  
initial
measurement of assets and liabilities of
joint  
ventures created  
after the  
date of
adoption.

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

FASB ASU 2025-07,
Derivatives and Hedging
(Topic 815) and Revenue
from Contracts with
Customers (Topic 606) -
Derivatives Scope
Refinements and Scope
Clarification for Share-
Based Noncash
Consideration from a
Customer in a Revenue
Contract
The  
FASB  
issued  
ASU  
2025-07  
in
September 2025, which refines the scope of
derivative accounting under  
ASC Topic  
815
and  
clarifies  
the  
treatment  
of  
share-based
noncash  
consideration  
under  
ASC  
Topic
606.  
The  
update  
excludes  
certain  
non-
exchange traded  
contracts with  
underlyings
based  
on  
the  
operations  
of  
one  
of  
the
parties from derivative accounting, aiming to
better  
reflect  
the  
nature  
of  
these
arrangements  
and  
reduce  
complexity.  
It
also  
confirms  
that  
share-based  
noncash
consideration  
from  
a  
customer  
should  
be
accounted  
for  
under  
ASC  
Topic  
606  
until
the right  
to receive  
or retain  
such non-cash
consideration  
becomes  
unconditional,
promoting  
consistency  
in  
revenue
recognition practices.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2025-06,
Intangibles - Goodwill and
Other - Internal-Use
Software (Subtopic 350-
40) - Targeted
Improvements to the
Accounting for Internal-
Use Software
The  
FASB  
issued  
ASU  
2025-06  
in
September 2025, which seeks to modernize
the  
accounting  
for  
internal-use  
software
under  
ASC  
Subtopic  
350-40,  
Intangibles—
Goodwill and Other—Internal-Use Software.
The  
update  
replaces  
the  
traditional  
stage-
based  
model  
(preliminary,  
development,
post-implementation)  
with  
a  
principles-
based framework that better  
reflects current
software  
development  
practices,  
including
agile and cloud-based approaches.
January 1, 2028
The Corporation  
is currently  
evaluating
the  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
our  
accounting
for  
internal  
use  
software  
considering
our  
development  
practices  
which  
may
include  
agile  
and  
cloud  
based
approaches. Given the  
recent issuance
of  
this  
guidance  
it  
is  
too  
early  
to  
tell
whether  
the  
impact  
will  
be  
material  
in
our  
financial  
statements  
and
presentation and disclosures.
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The  
FASB  
issued  
ASU  
2025-05  
in  
July
2025,  
which  
permits  
entities  
to  
elect  
a
practical  
expedient  
when  
accounting  
for
current  
accounts  
receivable  
and  
current
contract  
assets  
arising  
from  
transactions
accounted  
for  
under  
ASC  
Topic  
606,
Revenue  
from  
Contracts  
with  
Customers.
This practical  
expedient establishes  
that, in
developing  
reasonable  
and  
supportable
forecasts  
as  
part  
of  
estimating  
expected
credit  
losses,  
entities  
assume  
that  
current
conditions as  
of the  
balance sheet  
date do
not  
change  
for  
the  
remaining  
life  
of  
the
asset.
January 1, 2026
The  
Corporation  
does  
not  
expect  
that
the adoption of this standard will have a
significant  
impact  
on  
its  
financial
statements.
FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The  
FASB  
issued  
ASU  
2025-04  
in  
May
2025,  
which  
clarifies  
the  
accounting  
for
share-based  
awards  
granted  
as
consideration  
payable  
to  
a  
customer.  
The
ASU expands  
the definition  
of performance
condition  
for  
share-based  
consideration
under ASC 718 and eliminates the forfeiture
policy election for  
service conditions. It  
also
confirms  
that  
the  
variable  
consideration
constraint  
in  
ASC  
606  
does  
not  
apply  
to
such awards.
January 1, 2027
The Corporation  
does not  
expect to  
be
impacted  
by  
the  
adoption  
of  
this  
ASU
since  
it  
does  
not  
grant  
share-based
payment awards to customers.

18
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The  
FASB  
issued  
ASU  
2025-03  
in  
May
2025 which  
requires that  
an entity  
consider
the  
factors  
in  
paragraphs  
805-10-55-12
through  
55-15  
when  
it  
is  
involved  
in  
an
acquisition transaction  
effected primarily  
by
exchanging  
equity  
interests when  
the  
legal
acquiree is  
a variable  
interest entity  
("VIE")
that  
meets  
the  
definition  
of  
a  
business  
to
determine  
which  
entity  
is  
the  
accounting
acquirer.  
This  
replaces  
the  
previous
requirement  
that  
the  
primary  
beneficiary
always is the acquirer.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2024-04, Debt
- Debt with Conversion
and Other Options
(Subtopic 470- 20) -
Induced Conversions of
Convertible Debt
Instruments
The  
FASB  
issued  
ASU  
2024-04  
in
November  
2024,  
which  
clarifies  
the
requirements  
for  
determining  
whether
certain  
settlements  
of  
convertible  
debt
instruments should  
be accounted  
for as  
an
induced  
conversion.  
Also  
it  
makes
additional  
clarifications  
to  
assist
stakeholders in  
applying the  
guidance. The
ASU  
clarifies  
that  
the  
incorporation,
elimination,  
or  
modification  
of  
a  
volume-
weighted  
average  
price  
("VWAP")  
formula
does  
not  
automatically  
cause  
a  
settlement
to  
be  
accounted  
for  
as  
an  
extinguishment
and  
that  
the  
induced  
conversion  
guidance
applies to a convertible  
debt instrument that
is not currently  
convertible as long as  
it had
a substantive  
conversion feature  
as of  
both
its  
issuance  
date  
and  
the  
date  
the
inducement offer is accepted.
January 1, 2026
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The  
FASB  
issued  
ASU  
2024-03  
in
November  
2024,  
which  
requires  
public
entities  
to  
disclose  
additional  
information
about  
specific  
expense  
categories  
in  
the
notes to  
financial statements  
at interim  
and
annual  
reporting  
periods  
to  
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation  
is currently  
evaluating
the  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.
FASB ASU 2023-09,
Income Tax (Topic  
740) -
Improvements to Income
Tax Disclosures
The  
FASB  
issued  
ASU  
2023-09  
in
December 2023,  
which amends  
ASC Topic
740  
by  
enhancing  
disclosures  
regarding
rate  
reconciliation  
and  
requiring  
the
disclosure of  
income taxes paid, income (or
loss)  
before  
income  
tax  
expense  
and
income  
tax  
expense  
disaggregated  
by
national, state and foreign level. Disclosures
that  
no  
longer  
were  
considered  
cost
beneficial  
or  
relevant  
were  
removed  
from
ASC Topic 740.
January 1, 2026
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
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

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

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

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

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

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 $
2.6
 
billion at September 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  
September  
30,  
2025,  
the  
Corporation  
held  
$
63
 
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 September 30, 2025 and December 31,  
2024.

 

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

average
(In thousands)
cost
gains  

losses
value
yield
U.S. Treasury securities
Within 1 year
$
10,182,136
$
2,162
$
8,399
$
10,175,899
3.68
%
After 1 to 5 years
5,531,033
23,619
23,786
5,530,866
3.73
Total U.S. Treasury  
securities
15,713,169
25,781
32,185
15,706,765
3.70
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
6,213
-
135
6,078
1.52
After 5 to 10 years
12,050
-
549
11,501
2.51
After 10 years
93,542
119
6,540
87,121
2.92
Total collateralized  
mortgage obligations - federal agencies
111,805
119
7,224
104,700
2.80
Mortgage-backed securities - federal agencies
Within 1 year
15,380
-
78
15,302
2.23
After 1 to 5 years
82,670
8
2,102
80,576
2.30
After 5 to 10 years
836,304
247
48,922
787,629
2.10
After 10 years
4,859,779
907
869,985
3,990,701
1.70
Total mortgage-backed  
securities - federal agencies
5,794,133
1,162
921,087
4,874,208
1.77
Other
Within 1 year
500
-
-
500
4.33
After 1 to 5 years
250
-
-
250
4.79
Total other  

750
-
-
750
4.48
Total debt securities  
available-for-sale
[1]
$
21,619,857
$
27,062
$
960,496
$
20,686,423
3.18
%
[1]
 
Includes $
14.9
 
billion pledged to secure government and trust  
deposits, credit facilities and loan servicing agreements that the  
secured parties
are not permitted to sell or repledge the collateral, of which  
$
13.9
 
billion serve as collateral for public funds.  
The Corporation had unpledged
Available for Sale securities with a fair value of  
$
5.7
 
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 September  
30, 2025,  
the Corporation  
did not  
intend to  
sell and  
did not  
believe that  
it was  
more likely  
than not  
that it  
would be
required to sell debt securities classified as  
available-for-sale. There were
no
 
sales of debt securities classified as available-for-sale
during the nine months ended September 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
September 30, 2025 and December 31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 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
$
4,241,874
$
9,041
$
1,656,231
$
23,144
$
5,898,105
$
32,185
Collateralized mortgage obligations - federal agencies  

6,506
9
87,499
7,215
94,005
7,224
Mortgage-backed securities -federal agencies
18,000
480
4,798,315
920,607
4,816,315
921,087
Total debt securities  
available-for-sale in an unrealized loss position  

$
4,266,380
$
9,530
$
6,542,045
$
950,966
$
10,808,425
$
960,496

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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  
September  
30,  
2025,  
the  
portfolio  
of  
available-for-sale  
debt  
securities  
reflects  
gross  
unrealized  
losses  
of  
$
1.0
 
billion
(December 31, 2024  
- $
1.3
 
billion), driven mainly  
by mortgage-backed securities, impacted  
by the higher-interest  
rate environment
and  
the  
portfolio’s  
longer  
duration.  
The  
portfolio  
of  
available-for-sale debt  
securities  
is  
comprised  
mainly  
of  
U.S  
Treasuries  
and
obligations  
from  
the  
U.S.  
Government,  
its  
agencies  
or  
government  
sponsored  
entities,  
including  
Federal  
National  
Mortgage
Association  
(“FNMA”),  
Federal  
Home  
Loan  
Mortgage  
Corporation  
(“FHLMC”)  
and  
Government  
National  
Mortgage  
Association
(“GNMA”).  
These  
securities  
carry  
an  
explicit  
or  
implicit  
guarantee  
from  
the  
U.S.  
Government,  
are  
highly  
rated  
by  
major  
rating
agencies, and have a long history of no credit  
losses. Accordingly, the Corporation applies a zero-credit loss assumption.

 

 
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 September 30,  
2025 and  
December
31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 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
$
2,107,187
$
2,071,286
$
-
$
2,071,286
$
2,554
$
762
$
2,073,078
1.50
%
After 1 to 5 years
5,607,069
5,302,786
-
5,302,786
29,216
-
5,332,002
1.24
Total U.S. Treasury  
securities
7,714,256
7,374,072
-
7,374,072
31,770
762
7,405,080
1.31
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,605
2,605
9
2,596
7
-
2,603
6.43
After 1 to 5 years
12,530
12,530
44
12,486
28
80
12,434
3.48
After 5 to 10 years
450
450
15
435
15
-
450
5.81
After 10 years
36,012
36,012
5,769
30,243
3,205
1,802
31,646
1.42
Total obligations of  
Puerto Rico, States and
political subdivisions
51,597
51,597
5,837
45,760
3,255
1,882
47,133
2.21
Collateralized mortgage obligations - federal
agencies
After 10 years
1,506
1,506
-
1,506
-
191
1,315
2.87
Total collateralized  
mortgage obligations -
federal agencies
1,506
1,506
-
1,506
-
191
1,315
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]
$
7,773,319
$
7,433,135
$
5,837
$
7,427,298
$
35,025
$
2,835
$
7,459,488
1.32
%
[1]
Book value includes $
340
 
million of unrealized loss which remains in Accumulated  
other comprehensive (loss) income (AOCI) related  
to certain
securities previously transferred from available-for-sale securities  
portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.3
 
billion pledged to secure public and trust deposits that  
the secured parties are not permitted to sell or repledge  
the collateral.  
The
Corporation had unpledged held-to-maturities securities with  
a fair value of $
89.7
 
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  
September 30,  
2025 and  
December 31,  
2024, the  
“Obligations of  
Puerto Rico,  
States and  
political subdivisions”  
classified as
held-to-maturity,  
included securities  
issued by  
municipalities of  
Puerto Rico  
that are  
generally not  
rated by  
a credit  
rating agency.
The Corporation  
performs periodic  
credit quality  
reviews of  
these securities  
and internally  
assigns standardized  
credit risk  
ratings
based on its evaluation. For the definitions of the obligor risk ratings, refer to the Credit Quality section of Note 8 to the Consolidated
Financial Statements.  
This includes  
$
8.7
 
million of  
general and  
special obligation  
bonds issued  
by three  
municipalities of  
Puerto
Rico,  
of  
which  
$
7.9
 
million  
have  
a  
“Pass”  
rating,  
that  
are  
payable  
primarily  
from  
certain  
property  
taxes  
imposed  
by  
the  
issuing
municipality (compared to $
13
 
million and $
11.1
 
million, respectively, at December 31, 2024).

At September  
30, 2025,  
the portfolio  
of “Obligations  
of Puerto  
Rico, States  
and political  
subdivisions” also  
included $
36
 
million in
securities  
issued  
by  
the  
Puerto  
Rico  
Housing  
Finance  
Authority  
(“HFA”),  
a  
government  
instrumentality,  
for  
which  
the  
underlying
source of payment is second mortgage loans in Puerto Rico  
residential properties (not the government), but for which HFA, provides
a guarantee  
in the  
event of default  
and upon the  
satisfaction of certain  
other conditions (December  
31, 2024 -  
$
38
 
million). These

26
securities  
are  
not  
rated  
by  
a  
credit  
rating  
agency.  
Refer  
to  
Note  
18
to  
the  
Consolidated  
Financial  
Statements
for  
additional
information on the Corporation’s exposure to the Puerto  
Rico Government
The  
Corporation  
assesses  
the  
credit  
risk  
associated  
with  
these  
securities  
by  
evaluating  
the  
refreshed  
FICO  
scores  
of  
a
representative sample of  
the underlying  
borrowers. As  
of September 30,  
2025, the  
average refreshed FICO  
score for  
the sample,
comprised  
of
76
%  
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.  

At September 30,  
2025 and December 31,  
2024, the portfolio of  
“Obligations of Puerto Rico,  
States and political subdivisions”  
also
included $
6.9
 
million in  
securities issued  
by the  
HFA for  
which the  
underlying source  
of payment  
is U.S.  
Treasury securities.  
The
Corporation applies a zero-credit  
loss assumption for these  
securities, and no ACL  
has been established for  
these securities given
that U.S. Treasury  
securities carry an  
explicit guarantee from the  
U.S. Government, are  
highly rated by  
major rating agencies,  
and
have a long history of no credit losses.

 

Delinquency status
At September 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
September 30, 2025 was $
5.8
 
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  
(including  
repurchases)  
for  
the  
quarters  
and  
nine  
months  
ended
September 30, 2025 and 2024 by class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,  

Nine months ended September 30,  

(In thousands)
2025
2024
2025
2024
Commercial
$
40,797
$
32,484
$
115,683
$
247,906
Mortgage
122,452
97,586
369,049
268,239
Ending balance
$
163,249
$
130,070
$
484,732
$
516,145

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,  

Nine months ended September 30,  

(In thousands)
2025
2024
2025
2024
Commercial
$
19,998
$
-
$
47,347
$
-
Construction
-
-
9,338
11,656
Mortgage
11,393
9,126
26,780
32,882
Ending balance
$
31,391
$
9,126
$
83,465
$
44,538

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
September 30, 2025 and December 31, 2024.

 
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
1,357
$
1
$
174
$
1,532
$
300,834
$
302,366
$
174
$
-
Commercial real estate:
Non-owner occupied
17,422
292
37,043
54,757
3,247,988
3,302,745
37,043
-
Owner occupied
2,004
152
25,619
27,775
1,167,509
1,195,284
25,619
-
Commercial and industrial
4,237
2,032
178,224
184,493
5,567,505
5,751,998
173,245
4,979
Construction
2,898
1,691
-
4,589
299,364
303,953
-
-
Mortgage
252,650
118,092
314,103
684,845
6,548,261
7,233,106
139,958
174,145
Leasing
23,537
5,372
7,747
36,656
1,961,995
1,998,651
7,747
-
Consumer:
Credit cards
13,556
9,917
25,625
49,098
1,176,469
1,225,567
-
25,625
Home equity lines of credit
-
-
-
-
1,693
1,693
-
-
Personal
19,826
11,353
18,375
49,554
1,773,594
1,823,148
18,375
-
Auto
107,907
21,874
49,432
179,213
3,671,740
3,850,953
49,432
-
Other
2,907
245
2,195
5,347
166,980
172,327
1,776
419
Total
$
448,301
$
171,021
$
658,537
$
1,277,859
$
25,883,932
$
27,161,791
$
453,369
$
205,168

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
-
$
2,638
$
8,467
$
11,105
$
2,176,118
$
2,187,223
$
8,467
$
-
Commercial real estate:
Non-owner occupied
84
-
7,083
7,167
2,152,668
2,159,835
7,083
-
Owner occupied
15,171
217
-
15,388
1,880,052
1,895,440
-
-
Commercial and industrial
14,949
-
1,434
16,383
2,477,258
2,493,641
1,246
188
Construction
-
-
-
-
1,300,659
1,300,659
-
-
Mortgage
1,298
4,988
27,809
34,095
1,291,207
1,325,302
27,809
-
Consumer:
Home equity lines of
credit
395
335
3,257
3,987
73,210
77,197
3,257
-
Personal
1,006
990
941
2,937
74,240
77,177
941
-
Other
-
-
30
30
8,863
8,893
30
-
Total
$
32,903
$
9,168
$
49,021
$
91,092
$
11,434,275
$
11,525,367
$
48,833
$
188

 
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
1,357
$
2,639
$
8,641
$
12,637
$
2,476,952
$
2,489,589
$
8,641
$
-
Commercial real estate:
Non-owner occupied
17,506
292
44,126
61,924
5,400,656
5,462,580
44,126
-
Owner occupied
17,175
369
25,619
43,163
3,047,561
3,090,724
25,619
-
Commercial and industrial
19,186
2,032
179,658
200,876
8,044,763
8,245,639
174,491
5,167
Construction
2,898
1,691
-
4,589
1,600,023
1,604,612
-
-
Mortgage
[1]
253,948
123,080
341,912
718,940
7,839,468
8,558,408
167,767
174,145
Leasing
23,537
5,372
7,747
36,656
1,961,995
1,998,651
7,747
-
Consumer:
Credit cards
13,556
9,917
25,625
49,098
1,176,469
1,225,567
-
25,625
Home equity lines of credit
395
335
3,257
3,987
74,903
78,890
3,257
-
Personal
20,832
12,343
19,316
52,491
1,847,834
1,900,325
19,316
-
Auto
107,907
21,874
49,432
179,213
3,671,740
3,850,953
49,432
-
Other
2,907
245
2,225
5,377
175,843
181,220
1,806
419
Total
$
481,204
$
180,189
$
707,558
$
1,368,951
$
37,318,207
$
38,687,158
$
502,202
$
205,356

[1]
At September 30, 2025, mortgage loans held-in-portfolio  
include $
3
.0 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 $
174
 
million are 90 days or more past due. The portfolio  
of
guaranteed loans includes $
49
 
million of residential mortgage loans in Puerto Rico that  
are no longer accruing interest as of September 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 September 30, 2025.
[2]
Loans held-in-portfolio are net of $
425
 
million in unearned income and exclude $
8
 
million in loans held-for-sale.
[3]
Includes $
21.9
 
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 $
14.4
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of September  
30, 2025, the Corporation had an available borrowing  
facility with the FHLB and
the discount window of FRB of $
4.2
 
billion and $
11.2
 
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.

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

 
 
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
8,137
$
330
$
8,137
$
504
Commercial real estate non-owner occupied
34,986
2,057
6,994
89
41,980
2,146
Commercial real estate owner occupied
16,618
9,001
-
-
16,618
9,001
Commercial and industrial
6,504
166,741
-
1,246
6,504
167,987
Mortgage
62,445
77,513
1,117
26,692
63,562
104,205
Leasing
602
7,145
-
-
602
7,145
Consumer:
 
HELOCs
-
-
-
3,257
-
3,257
 
Personal  

3,264
15,111
-
941
3,264
16,052
 
Auto  

2,263
47,169
-
-
2,263
47,169
 
Other
363
1,413
-
30
363
1,443
Total
$
127,045
$
326,324
$
16,248
$
32,585
$
143,293
$
358,909

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 30, 2025 include $
143
 
million in collateral dependent loans (December
31,  
2024 -  
$
124
 
million). The  
Corporation recognized  
$
3
 
million in  
interest income  
on non-accrual  
loans during  
the  
nine months
ended September 30, 2025 (September 30, 2024  
- $
3
 
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 September  
30, 2025  
and December  
31,
2024:

 
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,221
$
-
$
-
$
-
$
-
$
1,221
Commercial real estate:
Non-owner occupied
128,209
-
-
-
-
128,209
Owner occupied
23,060
-
-
-
-
23,060
Commercial and industrial
2,409
-
4,404
1,383
2,781
10,977
Mortgage
70,547
-
-
-
-
70,547
Leasing
-
1,597
-
-
-
1,597
Consumer:
Personal
3,724
-
-
-
-
3,724
Auto
-
16,694
-
-
-
16,694
Other
-
8
-
-
363
371
Total BPPR
$
229,170
$
18,299
$
4,404
$
1,383
$
3,144
$
256,400
Popular U.S.
Commercial multi-family
$
13,915
$
-
$
-
$
-
$
-
$
13,915
Commercial real estate:
Non-owner occupied
65,645
-
-
-
-
65,645
Mortgage
1,651
-
-
-
-
1,651
Total Popular U.S.
$
81,211
$
-
$
-
$
-
$
-
$
81,211
Popular, Inc.
Commercial multi-family
$
15,136
$
-
$
-
$
-
$
-
$
15,136
Commercial real estate:
Non-owner occupied
193,854
-
-
-
-
193,854
Owner occupied
23,060
-
-
-
-
23,060
Commercial and industrial
2,409
-
4,404
1,383
2,781
10,977
Mortgage
72,198
-
-
-
-
72,198
Leasing
-
1,597
-
-
-
1,597
Consumer:
Personal
3,724
-
-
-
-
3,724
Auto
-
16,694
-
-
-
16,694
Other
-
8
-
-
363
371
Total Popular,  
Inc.
$
310,381
$
18,299
$
4,404
$
1,383
$
3,144
$
337,611

 
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  
September  
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 first quarter. The net impact of these two changes in the assigned weights on the ACL
levels  
for  
the  
nine  
months  
ended  
September  
30,  
2025  
was  
$
13.7
 
million  
in  
additional  
reserves.  
There  
were  
no  
changes  
to  
the
probability weights  
during the  
third quarter  
of  
2025. The  
probability weight  
for the  
pessimistic scenario  
remains above  
the levels
observed in 2024, given the ongoing economic uncertainty.

The following tables present the changes in  
the ACL of loans held-in-portfolio and  
unfunded commitments for the quarters and nine
months ended September 30, 2025 and 2024.

 
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 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
$
3,696
$
( 177 )
$
-
$
 

-
 

$
2
$
3,521
 
Commercial real estate non-owner occupied
43,139
10,931
-
( 13,490 )
876
41,456
 
Commercial real estate owner occupied
35,848
( 2,211 )
-
-
947
34,584
 
Commercial and industrial
123,202
30,220
-
( 2,801 )
1,334
151,955
 
Total Commercial
205,885
38,763
-
( 16,291 )
3,159
231,516
Construction
3,075
370
-
-
-
3,445
Mortgage
74,966
337
6
( 585 )
2,801
77,525
Leasing
20,040
1,234
-
( 4,017 )
1,963
19,220
Consumer
 
Credit cards
92,306
10,212
-
( 18,139 )
2,829
87,208
 
Home equity lines of credit
54
( 95 )
-
-
89
48
 
Personal
92,891
13,195
-
( 19,218 )
3,533
90,401
 
Auto
182,274
7,581
-
( 19,175 )
7,139
177,819
 
Other
7,758
1,042
-
( 759 )
132
8,173
 
Total Consumer
375,283
31,935
-
( 57,291 )
13,722
363,649
Total - Loans
$
679,249
$
72,639
$
6
$
( 78,184 )
$
21,645
$
695,355
Allowance for credit losses - unfunded commitments:
Commercial
$
5,876
$
943
$
-
$
-
$
-
$
6,819
Construction
1,869
( 127 )
-
-
-
1,742
Ending balance - unfunded commitments [1]
$
7,745
$
816
$
-
$
-
$
-
$
8,561
[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 September 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
$
13,085
$
( 84 )
$
-
$
60
$
13,061
Commercial real estate non-owner occupied
15,978
1,411
-
-
17,389
Commercial real estate owner occupied
13,203
1,388
-
16
14,607
Commercial and industrial
18,160
( 148 )
( 722 )
62
17,352
Total Commercial
60,426
2,567
( 722 )
138
62,409
Construction
7,504
155
-
-
7,659
Mortgage
10,209
( 789 )
-
36
9,456
Consumer
Home equity lines of credit
1,330
( 253 )
-
423
1,500
Personal
10,763
183
( 1,629 )
520
9,837
Other
4
15
( 25 )
10
4
Total Consumer
12,097
( 55 )
( 1,654 )
953
11,341
Total - Loans
$
90,236
$
1,878
$
( 2,376 )
$
1,127
$
90,865
Allowance for credit losses - unfunded commitments:
Commercial
$
1,935
$
( 7 )
$
-
$
-
$
1,928
Construction
3,289
( 100 )
-
-
3,189
Consumer
84
61
-
-
145
Ending balance - unfunded commitments [1]
$
5,308
$
( 46 )
$
-
$
-
$
5,262
[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 September 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
$
16,781
$
( 261 )
$
-
$
-
$
62
$
16,582
Commercial real estate non-owner occupied
59,117
12,342
-
( 13,490 )
876
58,845
Commercial real estate owner occupied
49,051
( 823 )
-
-
963
49,191
Commercial and industrial
141,362
30,072
-
( 3,523 )
1,396
169,307
Total Commercial
266,311
41,330
-
( 17,013 )
3,297
293,925
Construction
10,579
525
-
-
-
11,104
Mortgage
85,175
( 452 )
6
( 585 )
2,837
86,981
Leasing
20,040
1,234
-
( 4,017 )
1,963
19,220
Consumer
Credit cards
92,306
10,212
-
( 18,139 )
2,829
87,208
Home equity lines of credit
1,384
( 348 )
-
-
512
1,548
Personal
103,654
13,378
-
( 20,847 )
4,053
100,238
Auto
182,274
7,581
-
( 19,175 )
7,139
177,819
Other
7,762
1,057
-
( 784 )
142
8,177
Total Consumer
387,380
31,880
-
( 58,945 )
14,675
374,990
Total - Loans
$
769,485
$
74,517
$
6
$
( 80,560 )
$
22,772
$
786,220
Allowance for credit losses - unfunded commitments:
Commercial
$
7,811
$
936
$
-
$
-
$
-
$
8,747
Construction
5,158
( 227 )
-
-
-
4,931
Consumer
84
61
-
-
-
145
Ending balance - unfunded commitments [1]
$
13,053
$
770
$
-
$
-
$
-
$
13,823
[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 nine months ended September 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
$
728
$
-
$
-
$
10
$
3,521
Commercial real estate non-owner occupied
44,852
8,172
-
( 13,576 )
2,008
41,456
Commercial real estate owner occupied
37,355
( 5,129 )
-
( 103 )
2,461
34,584
Commercial and industrial
130,136
23,194
-
( 8,579 )
7,204
151,955
Total Commercial
215,126
26,965
-
( 22,258 )
11,683
231,516
Construction
2,743
702
-
-
-
3,445
Mortgage
72,901
( 2,533 )
15
( 1,570 )
8,712
77,525
Leasing
16,419
10,863
-
( 12,543 )
4,481
19,220
Consumer
Credit cards
99,130
37,128
-
( 57,015 )
7,965
87,208
Home equity lines of credit
54
( 516 )
-
( 25 )
535
48
Personal
91,296
48,904
-
( 60,724 )
10,925
90,401
Auto
165,995
43,904
-
( 53,649 )
21,569
177,819
Other
7,002
3,062
-
( 2,339 )
448
8,173
Total Consumer
363,477
132,482
-
( 173,752 )
41,442
363,649
Total - Loans
$
670,666
$
168,479
$
15
$
( 210,123 )
$
66,318
$
695,355
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
94
$
-
$
-
$
-
$
6,819
Construction
1,663
79
-
-
-
1,742
Ending balance - unfunded commitments [1]
$
8,388
$
173
$
-
$
-
$
-
$
8,561
[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 nine months ended September 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
$
7,110
$
( 563 )
$
61
$
13,061
Commercial real estate non-owner occupied
9,642
7,747
-
-
17,389
Commercial real estate owner occupied
12,473
1,581
( 26 )
579
14,607
Commercial and industrial
15,870
2,862
( 1,918 )
538
17,352
Total Commercial
44,438
19,300
( 2,507 )
1,178
62,409
Construction
8,521
( 862 )
-
-
7,659
Mortgage
9,508
( 305 )
-
253
9,456
Consumer
Home equity lines of credit
1,449
( 1,188 )
( 46 )
1,285
1,500
Personal
11,440
3,800
( 7,175 )
1,772
9,837
Other
2
50
( 67 )
19
4
Total Consumer
12,891
2,662
( 7,288 )
3,076
11,341
Total - Loans
$
75,358
$
20,795
$
( 9,795 )
$
4,507
$
90,865
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
266
$
-
$
-
$
1,928
Construction
5,409
( 2,220 )
-
-
3,189
Consumer
11
134
-
-
145
Ending balance - unfunded commitments [1]
$
7,082
$
( 1,820 )
$
-
$
-
$
5,262
[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 nine months ended September 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
$
7,838
$
-
$
( 563 )
$
71
$
16,582
Commercial real estate non-owner occupied
54,494
15,919
-
( 13,576 )
2,008
58,845
Commercial real estate owner occupied
49,828
( 3,548 )
-
( 129 )
3,040
49,191
Commercial and industrial
146,006
26,056
-
( 10,497 )
7,742
169,307
Total Commercial
259,564
46,265
-
( 24,765 )
12,861
293,925
Construction
11,264
( 160 )
-
-
-
11,104
Mortgage
82,409
( 2,838 )
15
( 1,570 )
8,965
86,981
Leasing
16,419
10,863
-
( 12,543 )
4,481
19,220
Consumer
Credit cards
99,130
37,128
-
( 57,015 )
7,965
87,208
Home equity lines of credit
1,503
( 1,704 )
-
( 71 )
1,820
1,548
Personal
102,736
52,704
-
( 67,899 )
12,697
100,238
Auto
165,995
43,904
-
( 53,649 )
21,569
177,819
Other
7,004
3,112
-
( 2,406 )
467
8,177
Total Consumer
376,368
135,144
-
( 181,040 )
44,518
374,990
Total - Loans
$
746,024
$
189,274
$
15
$
( 219,918 )
$
70,825
$
786,220
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
360
$
-
$
-
$
-
$
8,747
Construction
7,072
( 2,141 )
-
-
-
4,931
Consumer
11
134
-
-
-
145
Ending balance - unfunded commitments [1]
$
15,470
$
( 1,647 )
$
-
$
-
$
-
$
13,823
[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 September 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
$
3,303
$
( 417 )
$
-
$
-
$
-
$
2,886
Commercial real estate non-owner occupied
53,386
3,344
-
( 69 )
59
56,720
Commercial real estate owner occupied
39,375
( 2,418 )
-
( 2 )
1,556
38,511
Commercial and industrial
111,263
16,597
-
( 6,190 )
1,461
123,131
Total Commercial
207,327
17,106
-
( 6,261 )
3,076
221,248
Construction
3,638
( 970 )
-
-
1,036
3,704
Mortgage
73,900
( 5,221 )
3
( 208 )
4,102
72,576
Leasing
14,385
3,725
-
( 3,630 )
1,374
15,854
Consumer
Credit cards
86,313
21,238
-
( 17,503 )
2,646
92,694
Home equity lines of credit
83
( 90 )
-
( 82 )
158
69
Personal
94,021
20,232
-
( 24,712 )
2,526
92,067
Auto
157,449
20,765
-
( 23,011 )
6,110
161,313
Other
6,489
362
-
( 728 )
526
6,649
Total Consumer
344,355
62,507
-
( 66,036 )
11,966
352,792
Total - Loans
$
643,605
$
77,147
$
3
$
( 76,135 )
$
21,554
$
666,174
Allowance for credit losses - unfunded commitments:
Commercial
$
5,540
$
816
$
-
$
-
$
-
$
6,356
Construction
2,095
373
-
-
-
2,468
Ending balance - unfunded commitments [1]
$
7,635
$
1,189
$
-
$
-
$
-
$
8,824
[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 September 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
$
7,877
$
( 1,126 )
$
-
$
5
$
6,756
Commercial real estate non-owner occupied
10,849
53
( 54 )
62
10,910
Commercial real estate owner occupied
18,815
( 4,430 )
-
19
14,404
Commercial and industrial
15,219
( 1,617 )
( 613 )
241
13,230
Total Commercial
52,760
( 7,120 )
( 667 )
327
45,300
Construction
9,251
259
-
-
9,510
Mortgage
9,389
( 361 )
-
46
9,074
Consumer
Home equity lines of credit
1,643
22
( 4 )
124
1,785
Personal
13,427
2,799
( 4,442 )
691
12,475
Other
2
23
( 28 )
5
2
Total Consumer
15,072
2,844
( 4,474 )
820
14,262
Total - Loans
$
86,472
$
( 4,378 )
$
( 5,141 )
$
1,193
$
78,146
Allowance for credit losses - unfunded commitments:
Commercial
$
2,850
$
( 1,080 )
$
-
$
-
$
1,770
Construction
8,399
( 609 )
-
-
7,790
Ending balance - unfunded commitments [1]
$
11,249
$
( 1,689 )
$
-
$
-
$
9,560
[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 September 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
$
11,180
$
( 1,543 )
$
-
$
-
$
5
$
9,642
Commercial real estate non-owner occupied
64,235
3,397
-
( 123 )
121
67,630
Commercial real estate owner occupied
58,190
( 6,848 )
-
( 2 )
1,575
52,915
Commercial and industrial
126,482
14,980
-
( 6,803 )
1,702
136,361
Total Commercial
260,087
9,986
-
( 6,928 )
3,403
266,548
Construction
12,889
( 711 )
-
-
1,036
13,214
Mortgage
83,289
( 5,582 )
3
( 208 )
4,148
81,650
Leasing
14,385
3,725
-
( 3,630 )
1,374
15,854
Consumer
Credit cards
86,313
21,238
-
( 17,503 )
2,646
92,694
Home equity lines of credit
1,726
( 68 )
-
( 86 )
282
1,854
Personal
107,448
23,031
-
( 29,154 )
3,217
104,542
Auto
157,449
20,765
-
( 23,011 )
6,110
161,313
Other
6,491
385
-
( 756 )
531
6,651
Total Consumer
359,427
65,351
-
( 70,510 )
12,786
367,054
Total - Loans
$
730,077
$
72,769
$
3
$
( 81,276 )
$
22,747
$
744,320
Allowance for credit losses - unfunded commitments:
Commercial
$
8,390
$
( 264 )
$
-
$
-
$
-
$
8,126
Construction
10,494
( 236 )
-
-
-
10,258
Ending balance - unfunded commitments [1]
$
18,884
$
( 500 )
$
-
$
-
$
-
$
18,384
[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 nine months ended September 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
$
( 729 )
$
-
$
-
$
1
$
2,886
Commercial real estate non-owner occupied
53,754
2,607
-
( 69 )
428
56,720
Commercial real estate owner occupied
40,637
( 2,567 )
-
( 2,787 )
3,228
38,511
Commercial and industrial
107,577
31,413
-
( 20,931 )
5,072
123,131
Total Commercial
205,582
30,724
-
( 23,787 )
8,729
221,248
Construction
5,294
( 2,626 )
-
-
1,036
3,704
Mortgage
72,440
( 11,959 )
26
( 999 )
13,068
72,576
Leasing
9,708
14,787
-
( 12,321 )
3,680
15,854
Consumer
Credit cards
80,487
54,734
-
( 50,318 )
7,791
92,694
Home equity lines of credit
103
35
-
( 373 )
304
69
Personal
101,181
55,987
-
( 72,354 )
7,253
92,067
Auto
157,931
44,386
-
( 59,787 )
18,783
161,313
Other
7,132
672
-
( 2,072 )
917
6,649
Total Consumer
346,834
155,814
-
( 184,904 )
35,048
352,792
Total - Loans
$
639,858
$
186,740
$
26
$
( 222,011 )
$
61,561
$
666,174
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
1,294
$
-
$
-
$
-
$
6,356
Construction
1,618
850
-
-
-
2,468
Ending balance - unfunded commitments [1]
$
6,680
$
2,144
$
-
$
-
$
-
$
8,824
[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 nine months ended September 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
$
( 2,939 )
$
( 441 )
$
10
$
6,756
Commercial real estate non-owner occupied
11,699
( 903 )
( 54 )
168
10,910
Commercial real estate owner occupied
16,227
( 1,925 )
-
102
14,404
Commercial and industrial
14,779
219
( 2,372 )
604
13,230
Total Commercial
52,831
( 5,548 )
( 2,867 )
884
45,300
Construction
7,392
2,018
-
100
9,510
Mortgage
10,774
( 1,788 )
( 18 )
106
9,074
Consumer
Home equity lines of credit
1,875
( 741 )
( 25 )
676
1,785
Personal
16,609
8,585
( 14,750 )
2,031
12,475
Other
2
46
( 77 )
31
2
Total Consumer
18,486
7,890
( 14,852 )
2,738
14,262
Total - Loans
$
89,483
$
2,572
$
( 17,737 )
$
3,828
$
78,146
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
( 81 )
$
-
$
-
$
1,770
Construction
8,446
( 656 )
-
-
7,790
Consumer
29
( 29 )
-
-
-
Ending balance - unfunded commitments [1]
$
10,326
$
( 766 )
$
-
$
-
$
9,560
[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 nine months ended September 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
$
( 3,668 )
$
-
$
( 441 )
$
11
$
9,642
Commercial real estate non-owner occupied
65,453
1,704
-
( 123 )
596
67,630
Commercial real estate owner occupied
56,864
( 4,492 )
-
( 2,787 )
3,330
52,915
Commercial and industrial
122,356
31,632
-
( 23,303 )
5,676
136,361
Total Commercial
258,413
25,176
-
( 26,654 )
9,613
266,548
Construction
12,686
( 608 )
-
-
1,136
13,214
Mortgage
83,214
( 13,747 )
26
( 1,017 )
13,174
81,650
Leasing
9,708
14,787
-
( 12,321 )
3,680
15,854
Consumer
Credit cards
80,487
54,734
-
( 50,318 )
7,791
92,694
Home equity lines of credit
1,978
( 706 )
-
( 398 )
980
1,854
Personal
117,790
64,572
-
( 87,104 )
9,284
104,542
Auto
157,931
44,386
-
( 59,787 )
18,783
161,313
Other
7,134
718
-
( 2,149 )
948
6,651
Total Consumer
365,320
163,704
-
( 199,756 )
37,786
367,054
Total - Loans
$
729,341
$
189,312
$
26
$
( 239,748 )
$
65,389
$
744,320
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,213
$
-
$
-
$
-
$
8,126
Construction
10,064
194
-
-
-
10,258
Consumer
29
( 29 )
-
-
-
-
Ending balance - unfunded commitments [1]
$
17,006
$
1,378
$
-
$
-
$
-
$
18,384
[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 nine months ended September 30, 2025 amounted to $
148
 
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 nine months
ended  
September  
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 September 30,  
2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
742
0.01
%
$
-
-
%
$
742
0.01
%
Consumer:
 
Credit cards
202
0.02
%
-
-
%
202
0.02
%
 
Personal
713
0.04
%
-
-
%
713
0.04
%
Total
$
1,657
0.01
%
$
-
-
%
$
1,657
-
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,670
0.05
%
$
-
-
%
$
1,670
0.03
%
CRE owner occupied
13,618
1.14
%
-
-
%
13,618
0.44
%
Commercial and industrial
8,172
0.14
%
925
0.04
%
9,097
0.11
%
Mortgage
15,194
0.21
%
466
0.04
%
15,660
0.18
%
Consumer:
-
 
Personal
149
0.01
%
8
0.01
%
157
0.01
%
 
Auto
92
-
%
-
-
%
92
-
%
Total
$
38,895
0.14
%
$
1,399
0.01
%
$
40,294
0.10
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
22,889
1.91
%
$
-
-
%
$
22,889
0.74
%
Commercial and industrial
79,734
1.39
%
-
-
%
79,734
0.97
%
Mortgage
303
-
%
-
-
%
303
-
%
Total
$
102,926
0.38
%
$
-
-
%
$
102,926
0.27
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
166
0.01
%
$
-
-
%
$
166
0.01
%
Commercial and industrial
2,739
0.05
%
-
-
%
2,739
0.03
%
Mortgage
2,153
0.03
%
-
-
%
2,153
0.03
%
Consumer:
 
Personal
2,925
0.16
%
39
0.05
%
2,964
0.16
%
 
Auto
27
-
%
-
-
%
27
-
%
Total
$
8,010
0.03
%
$
39
-
%
$
8,049
0.02
%
Combination -  
Other-Than-Insignificant Payment Delays and Interest Rate  
Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
371
0.01
%
$
-
-
%
$
371
-
%
Consumer:
 
Credit cards
2,666
0.22
%
-
-
%
2,666
0.22
%
Total
$
3,037
0.01
%
$
-
-
%
$
3,037
0.01
%

49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the nine months ended September  
30, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
2,692
0.05
%
$
-
-
%
$
2,692
0.03
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
 
Credit cards
617
0.05
%
-
-
%
617
0.05
%
 
Personal
2,782
0.15
%
-
-
%
2,782
0.15
%
 
Other
5
-
%
-
-
%
5
-
%
Total
$
6,165
0.02
%
$
-
-
%
$
6,165
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,773
0.05
%
$
58,652
2.72
%
$
60,425
1.11
%
CRE owner occupied
18,854
1.58
%
-
-
%
18,854
0.61
%
Commercial and industrial
16,163
0.28
%
925
0.04
%
17,088
0.21
%
Mortgage
37,568
0.52
%
1,130
0.09
%
38,698
0.45
%
Consumer:
 
Personal
630
0.03
%
8
0.01
%
638
0.03
%
 
Auto
179
-
%
-
-
%
179
-
%
Total
$
75,167
0.28
%
$
60,715
0.53
%
$
135,882
0.35
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
29,763
2.49
%
$
-
-
%
$
29,763
0.96
%
Commercial and industrial
165,360
2.87
%
-
-
%
165,360
2.01
%
Mortgage
721
0.01
%
-
-
%
721
0.01
%
Total
$
195,844
0.72
%
$
-
-
%
$
195,844
0.51
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
166
0.01
%
$
-
-
%
$
166
0.01
%
Commercial and industrial
2,837
0.05
%
-
-
%
2,837
0.03
%
Mortgage
9,202
0.13
%
-
-
%
9,202
0.11
%
Consumer:
 
Personal
9,187
0.50
%
154
0.20
%
9,341
0.49
%
 
Auto
43
-
%
-
-
%
43
-
%
Total
$
21,435
0.08
%
$
154
-
%
$
21,589
0.06
%

 
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
1,157
0.02
%
$
-
-
%
$
1,157
0.01
%
Consumer:
 
Credit cards
7,175
0.59
%
-
-
%
7,175
0.59
%
Total
$
8,332
0.03
%
$
-
-
%
$
8,332
0.02
%

51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the quarter ended September 30,  
2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
147
0.01
%
$
-
-
%
$
147
-
%
Commercial and industrial
693
0.01
%
-
-
%
693
0.01
%
Consumer:
 
Credit cards
213
0.02
%
-
-
%
213
0.02
%
 
Personal
830
0.05
%
-
-
%
830
0.04
%
Total
$
1,883
0.01
%
$
-
-
%
$
1,883
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial multi-family
$
-
-
%
$
10,570
0.50
%
$
10,570
0.44
%
CRE non-owner occupied
13,108
0.42
%
-
-
%
13,108
0.25
%
CRE owner occupied
764
0.05
%
-
-
%
764
0.02
%
Commercial and industrial
20,966
0.41
%
-
-
%
20,966
0.28
%
Construction
768
0.40
%
-
-
%
768
0.07
%
Mortgage
11,850
0.18
%
429
0.03
%
12,279
0.15
%
Consumer:
 
Personal
148
0.01
%
-
-
%
148
0.01
%
Total
$
47,604
0.19
%
$
10,999
0.11
%
$
58,603
0.16
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
139
-
%
$
-
-
%
$
139
-
%
CRE owner occupied
4,993
0.36
%
-
-
%
4,993
0.16
%
Commercial and industrial
71,867
1.39
%
-
-
%
71,867
0.97
%
Consumer:
 
Credit cards
5
-
%
-
-
%
5
-
%
Total
$
77,004
0.30
%
$
-
-
%
$
77,004
0.21
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
202
0.01
%
$
-
-
%
$
202
0.01
%
Commercial and industrial
44
-
%
-
-
%
44
-
%
Mortgage
4,728
0.07
%
-
-
%
4,728
0.06
%
Consumer:
 
Personal
2,569
0.15
%
65
0.05
%
2,634
0.14
%
Total
$
7,543
0.03
%
$
65
-
%
$
7,608
0.02
%

 
52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination -  
Other-Than-Insignificant Payment Delays and Interest Rate  
Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
23
-
%
$
-
-
%
$
23
-
%
Consumer:
 
Credit cards
862
0.07
%
-
-
%
862
0.07
%
Total
$
885
-
%
$
-
-
%
$
885
-
%

53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the nine months ended September  
30, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
175
0.01
%
$
-
-
%
$
175
0.01
%
Commercial and industrial
2,756
0.05
%
-
-
%
2,756
0.04
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
721
0.06
%
-
-
%
721
0.06
%
 
Personal
1,873
0.11
%
-
-
%
1,873
0.10
%
 
Other
24
0.02
%
-
-
%
24
0.01
%
Total
$
5,591
0.02
%
$
-
-
%
$
5,591
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial multi-family
$
-
-
%
$
10,570
0.50
%
$
10,570
0.44
%
CRE non-owner occupied
55,655
1.77
%
-
-
%
55,655
1.07
%
CRE owner occupied
11,482
0.82
%
6,033
0.36
%
17,515
0.57
%
Commercial and industrial
23,837
0.46
%
-
-
%
23,837
0.32
%
Construction
768
0.40
%
-
-
%
768
0.07
%
Mortgage
41,649
0.62
%
1,075
0.08
%
42,724
0.53
%
Consumer:
 
Personal
537
0.03
%
-
-
%
537
0.03
%
 
Auto
53
-
%
-
-
%
53
-
%
Total
$
133,981
0.52
%
$
17,678
0.17
%
$
151,659
0.42
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
139
-
%
$
-
-
%
$
139
-
%
CRE owner occupied
20,591
1.47
%
-
-
%
20,591
0.67
%
Commercial and industrial
75,231
1.45
%
-
-
%
75,231
1.02
%
Mortgage
127
-
%
-
-
%
127
-
%
Consumer:
 
Credit cards
5
-
%
-
-
%
5
-
%
Total
$
96,093
0.37
%
$
-
-
%
$
96,093
0.27
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
889
0.03
%
$
-
-
%
$
889
0.02
%
CRE owner occupied
202
0.01
%
-
-
%
202
0.01
%
Commercial and industrial
615
0.01
%
-
-
%
615
0.01
%
Mortgage
13,404
0.20
%
67
0.01
%
13,471
0.17
%
Consumer:
 
Personal
5,755
0.33
%
312
0.26
%
6,067
0.32
%
Total
$
20,865
0.08
%
$
379
-
%
$
21,244
0.06
%

 
54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
110
-
%
$
-
-
$
110
-
%
Consumer:
 
Credit cards
1,335
0.11
%
-
-
1,335
0.11
%
Total
$
1,445
0.01
%
$
-
-
$
1,445
-
%

 
55
The following tables describe the financial effect of the  
modifications made to borrowers experiencing  
financial difficulties:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10
.0% to
7.5
%
Commercial and industrial
Reduced weighted-average contractual interest rate from
14.4
% to
8
.0%.
Mortgage
Reduced weighted-average contractual interest rate from
6.9
% to
5.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.6
% to
8.5
%.
Personal
Reduced weighted-average contractual interest rate from
20.1
% to
11.6
%.
Auto
Reduced weighted-average contractual interest rate from
8.2
0% to
8.19
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
5
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
7
 
years 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
6
 
years to the life of loans.
Auto
Added a weighted-average of
21
 
months to the life of loans.
Other than insignificant payment delays
Loan Type
Financial Effect
CRE Owner occupied
Added a weighted-average of
9
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
14
 
months to the life of loans.
Mortgage
Added a weighted-average of
22
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
18
 
months to the life of loans.

 
56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10.0
% to
7.5
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
18.6
% to
8.7
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.8
% to
5.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.9
% to
8.4
%.
Personal
Reduced weighted-average contractual interest rate from
21.1
% to
11.7
%.
Auto
Reduced weighted-average contractual interest rate from
11.86
% to
11.85
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
2
 
years to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
5
 
years to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
5
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Owner occupied
Added a weighted-average of
11
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
12
 
months to the life of loans.
Mortgage
Added a weighted-average of
21
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.

 
57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10.5
% to
6.6
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
25.8
% to
10.2
%.
Mortgage
Reduced weighted-average contractual interest rate from
5.9
% to
4.3
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.5
% to
8
.0%.
Personal
Reduced weighted-average contractual interest rate from
19.5
% to
10.4
%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
4
 
months to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
7
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
5
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
1
 
year to the life of loans.
Construction
Added a weighted-average of
2
 
months to the life of loans.
Mortgage
Added a weighted-average of
12
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
5
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
14
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
7
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
7
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
16
 
months to the life of loans.

58
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 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
10.6
% to
6.5
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
20.6
% to
9.6
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.1
% to
4.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.9
% to
6.5
%.
Personal
Reduced weighted-average contractual interest rate from
19.1
% to
10
.0%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
4
 
months to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
9
 
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
2
 
years to the life of loans.
Construction
Added a weighted-average of
2
 
months to the life of loans.
Mortgage
Added a weighted-average of
12
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
8
 
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
14
 
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
7
 
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
18
 
months to the life of loans.

59
The  
following  
tables  
present,  
by  
class,  
the  
performance  
of  
loans  
that  
have  
been  
modified  
during  
the  
twelve  
months  
preceding
September 30, 2025.  
The past due  
90 days  
or more categories  
include all loans  
modified classified as  
non-accruing at the  
time of
the modification. These loans will continue in non-accrual status, and presented as past due 90 days or more, until the borrower has
demonstrated a willingness and  
ability to make  
the restructured loan payments  
(at least six  
months of sustained  
performance after
the modification  
or one  
year for  
loans providing  
for quarterly  
or semi-annual  
payments) and  
management has  
concluded that  
it is
probable that the borrower would not be in payment  
default in the foreseeable future.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
September 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
$
-
$
-
$
2,084
$
2,084
$
-
$
2,084
$
311
$
1,773
CRE owner occupied
135
-
2,572
2,707
56,062
58,769
63
2,509
Commercial and industrial
175
171
3,055
3,401
187,480
190,881
520
2,535
Mortgage
5,717
2,960
20,001
28,678
30,224
58,902
6,851
13,150
Consumer:
 
Credit cards
760
670
1,319
2,749
6,811
9,560
1,135
184
 
Personal
585
340
2,211
3,136
13,210
16,346
356
1,855
 
Auto
-
-
-
-
254
254
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,372
$
4,141
$
31,242
$
42,755
$
294,046
$
336,801
$
9,236
$
22,006
[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.
 
September 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
$
-
$
-
$
-
$
-
$
58,652
$
58,652
$
-
$
-
Commercial and industrial
-
-
-
-
1,422
1,422
-
-
Mortgage
-
-
-
-
1,519
1,519
-
-
Consumer:
 
Personal
28
-
13
41
164
205
13
-
Total
$
28
$
-
$
13
$
41
$
61,757
$
61,798
$
13
$
-
[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.
 
September 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
$
-
$
-
$
2,084
$
2,084
$
58,652
$
60,736
$
311
$
1,773
CRE owner occupied
135
-
2,572
2,707
56,062
58,769
63
2,509
Commercial and industrial
175
171
3,055
3,401
188,902
192,303
520
2,535
Mortgage
5,717
2,960
20,001
28,678
31,743
60,421
6,851
13,150
Consumer:
 
Credit cards
760
670
1,319
2,749
6,811
9,560
1,135
184
 
Personal
613
340
2,224
3,177
13,374
16,551
369
1,855
 
Auto
-
-
-
-
254
254
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,400
$
4,141
$
31,255
$
42,796
$
355,803
$
398,599
$
9,249
$
22,006
[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
September 30, 2024.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
September 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
$
-
$
-
$
63
$
63
$
-
$
63
$
-
$
63
CRE non-owner occupied
-
-
2,798
2,798
55,766
58,564
-
2,798
CRE owner occupied
92
-
2,232
2,324
36,355
38,679
89
2,143
Commercial and industrial
12,359
26
4,817
17,202
86,203
103,405
96
4,721
Construction
-
-
-
-
768
768
-
-
Mortgage
5,649
4,359
24,206
34,214
40,358
74,572
6,609
17,597
Consumer:
 
Credit cards
205
81
283
569
1,715
2,284
197
86
 
Personal
286
51
1,914
2,251
6,854
9,105
210
1,704
 
Auto
-
-
34
34
69
103
-
34
 
Other
24
-
-
24
4
28
-
-
Total
$
18,615
$
4,517
$
36,347
$
59,479
$
228,092
$
287,571
$
7,201
$
29,146
[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.
 
September 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
$
-
$
-
$
-
$
-
$
10,570
$
10,570
$
-
$
-
CRE owner occupied
-
-
-
-
39,855
39,855
-
-
Mortgage
-
-
795
795
407
1,202
-
795
Consumer:
 
Personal
29
-
85
114
216
330
-
85
Total
$
29
$
-
$
880
$
909
$
51,048
$
51,957
$
-
$
880
[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.
 
September 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
$
-
$
-
$
63
$
63
$
10,570
$
10,633
$
-
$
63
CRE non-owner occupied
-
-
2,798
2,798
55,766
58,564
-
2,798
CRE owner occupied
92
-
2,232
2,324
76,210
78,534
89
2,143
Commercial and industrial
12,359
26
4,817
17,202
86,203
103,405
96
4,721
Construction
-
-
-
-
768
768
-
-
Mortgage
5,649
4,359
25,001
35,009
40,765
75,774
6,609
18,392
Consumer:
 
Credit cards
205
81
283
569
1,715
2,284
197
86
 
Personal
315
51
1,999
2,365
7,070
9,435
210
1,789
 
Auto
-
-
34
34
69
103
-
34
 
Other
24
-
-
24
4
28
-
-
Total
$
18,644
$
4,517
$
37,227
$
60,388
$
279,140
$
339,528
$
7,201
$
30,026
[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 September  
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
$
-
$
-
$
311
$
-
$
-
$
311
Commercial and industrial
110
131
122
-
150
513
Mortgage
-
6,021
236
569
-
6,826
Consumer:
 
Credit cards
270
-
-
-
938
1,208
 
Personal
353
-
-
68
-
421
Total
$
733
$
6,152
$
669
$
637
$
1,088
$
9,279

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Nine Months Ended  
September 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
$
-
$
-
$
438
$
-
$
-
$
438
CRE owner occupied
-
-
176
-
-
176
Commercial and industrial
166
131
122
-
339
758
Mortgage
-
12,784
236
1,835
-
14,855
Consumer:
 
Credit cards
440
-
-
-
1,298
1,738
 
Personal
410
45
-
105
-
560
Total
$
1,016
$
12,960
$
972
$
1,940
$
1,637
$
18,525

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Quarter Ended September  
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
$
-
$
-
$
89
$
-
$
-
$
89
Commercial and industrial
6
45
-
-
-
51
Mortgage
-
5,911
127
919
-
6,957
Consumer:
 
Credit cards
223
-
-
-
19
242
 
Personal
186
42
-
118
-
346
Total
$
415
$
5,998
$
216
$
1,037
$
19
$
7,685

 
62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Nine Months Ended  
September 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
$
-
$
536
$
89
$
-
$
-
$
625
Commercial and industrial
6
9,130
11
-
50
9,197
Mortgage
-
12,281
127
2,177
-
14,585
Consumer:
 
Credit cards
285
-
-
-
54
339
 
Personal
260
42
-
258
-
560
Total
$
551
$
21,989
$
227
$
2,435
$
104
$
25,306

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 September  
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
5,767
$
33,483
$
36,660
$
133,261
$
20,611
$
47,906
$
107
$
-
$
277,795
Watch
-
15,880
-
528
-
948
-
-
17,356
Special Mention
219
-
-
-
75
3,122
-
-
3,416
Substandard
-
-
-
-
-
3,799
-
-
3,799
Total commercial
multi-family
$
5,986
$
49,363
$
36,660
$
133,789
$
20,686
$
55,775
$
107
$
-
$
302,366
Commercial real estate non-owner occupied
Pass
$
307,242
$
440,086
$
275,057
$
796,328
$
517,382
$
708,490
$
7,907
$
-
$
3,052,492
Watch
9,391
9,750
18,744
5,153
24,694
55,619
-
-
123,351
Special Mention
-
-
23,362
147
-
19,146
-
-
42,655
Substandard
-
729
8,627
30,379
26,020
18,492
-
-
84,247
Total commercial
real estate non-
owner occupied
$
316,633
$
450,565
$
325,790
$
832,007
$
568,096
$
801,747
$
7,907
$
-
$
3,302,745
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
59,045
$
135,482
$
73,688
$
95,839
$
171,002
$
316,767
$
3,961
$
-
$
855,784
Watch
2,105
11,092
5,455
29,058
29,571
74,965
1,886
-
154,132
Special Mention
-
-
1,793
16,062
796
15,956
1,499
-
36,106
Substandard
13,441
351
1,414
39,420
9,189
70,920
14,448
-
149,183
Doubtful
-
-
-
-
-
79
-
-
79
Total commercial
real estate owner
occupied
$
74,591
$
146,925
$
82,350
$
180,379
$
210,558
$
478,687
$
21,794
$
-
$
1,195,284
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
103
$
-
$
-
$
103

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
932,284
$
666,483
$
775,714
$
489,942
$
205,112
$
359,273
$
1,380,285
$
-
$
4,809,093
Watch
5,888
98,918
14,605
8,809
3,748
21,330
166,902
-
320,200
Special Mention
20,525
22,327
9,475
62,104
475
2,897
15,186
-
132,989
Substandard
12,269
12,994
53,950
76,399
158,743
19,757
155,604
-
489,716
Total commercial
and industrial
$
970,966
$
800,722
$
853,744
$
637,254
$
368,078
$
403,257
$
1,717,977
$
-
$
5,751,998
Year-to-Date gross
write-offs
$
845
$
332
$
209
$
389
$
21
$
212
$
6,571
$
-
$
8,579
Construction
Pass
$
18,405
$
119,700
$
77,544
$
9,379
$
2,925
$
10,269
$
49,038
$
-
$
287,260
Watch
-
-
16,615
-
78
-
-
-
16,693
Total construction
$
18,405
$
119,700
$
94,159
$
9,379
$
3,003
$
10,269
$
49,038
$
-
$
303,953
Mortgage
Pass
$
752,769
$
885,122
$
691,353
$
390,170
$
383,945
$
4,058,832
$
-
$
-
$
7,162,191
Substandard
-
354
2,527
2,037
874
65,123
-
-
70,915
Total mortgage
$
752,769
$
885,476
$
693,880
$
392,207
$
384,819
$
4,123,955
$
-
$
-
$
7,233,106
Year-to-Date gross
write-offs
$
31
 

$
-
 

$
1
 

$
-
 

$
-
 

$
1,538
$
-
$
-
$
1,570

64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
553,617
$
571,841
$
385,290
$
277,696
$
154,797
$
47,637
$
-
$
-
$
1,990,878
Substandard
256
1,156
2,254
2,271
1,176
593
-
-
7,706
Loss
-
-
-
33
34
-
-
-
67
Total leasing
$
553,873
$
572,997
$
387,544
$
280,000
$
156,007
$
48,230
$
-
$
-
$
1,998,651
Year-to-Date gross
write-offs
$
520
$
3,244
$
3,717
$
3,778
$
1,284
$
-
$
-
$
-
$
12,543
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,199,942
$
-
$
1,199,942
Substandard
-
-
-
-
-
-
25,622
-
25,622
Loss
-
-
-
-
-
-
3
-
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,225,567
$
-
$
1,225,567
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
57,015
$
-
$
57,015
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,693
$
-
$
1,693
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,693
$
-
$
1,693
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
667,332
$
496,053
$
307,971
$
157,341
$
61,363
$
85,216
$
-
$
29,114
$
1,804,390
Substandard
671
2,548
3,519
2,104
847
6,692
-
2,213
18,594
Loss
-
61
58
5
22
18
-
-
164
Total Personal
$
668,003
$
498,662
$
311,548
$
159,450
$
62,232
$
91,926
$
-
$
31,327
$
1,823,148
Year-to-Date gross
write-offs
$
586
$
12,216
$
26,518
$
14,121
$
3,709
$
1,631
$
-
$
1,943
$
60,724
Auto
Pass
$
899,264
$
1,068,559
$
762,480
$
513,010
$
357,768
$
191,541
$
-
$
-
$
3,792,622
Substandard
2,250
15,673
14,283
11,662
7,750
6,535
-
-
58,153
Loss
-
17
103
37
-
21
-
-
178
Total Auto
$
901,514
$
1,084,249
$
776,866
$
524,709
$
365,518
$
198,097
$
-
$
-
$
3,850,953
Year-to-Date gross
write-offs
$
3,122
$
21,282
$
15,163
$
9,159
$
3,657
$
1,266
$
-
$
-
$
53,649
Other consumer
Pass
$
28,822
$
25,904
$
23,307
$
16,942
$
8,217
$
3,455
$
63,479
$
-
$
170,126
Substandard
-
-
216
104
22
52
419
-
813
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
28,822
$
25,904
$
23,523
$
18,071
$
8,602
$
3,507
$
63,898
$
-
$
172,327
Year-to-Date gross
write-offs
$
30
$
191
$
226
$
181
$
313
$
1,398
$
-
$
-
$
2,339
Total BPPR
$
4,291,562
$
4,634,563
$
3,586,064
$
3,167,245
$
2,147,599
$
6,215,450
$
3,087,981
$
31,327
$
27,161,791

 
 
 
65
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
296,771
$
141,317
$
151,040
$
464,528
$
297,074
$
652,853
$
7,077
$
-
$
2,010,660
Watch
-
-
-
15,589
24,021
100,470
-
-
140,080
Special Mention
-
-
-
7,882
-
2,503
-
-
10,385
Substandard
-
-
1,781
2,736
-
21,581
-
-
26,098
Total commercial
multi-family
$
296,771
$
141,317
$
152,821
$
490,735
$
321,095
$
777,407
$
7,077
$
-
$
2,187,223
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
152,036
$
184,351
$
312,258
$
472,285
$
174,416
$
632,757
$
4,585
$
-
$
1,932,688
Watch
10,300
8,834
10,841
11,285
-
52,924
-
-
94,184
Substandard
-
-
-
13,023
7,430
112,510
-
-
132,963
Total commercial
real estate non-
owner occupied
$
162,336
$
193,185
$
323,099
$
496,593
$
181,846
$
798,191
$
4,585
$
-
$
2,159,835
Commercial real estate owner occupied
Pass
$
321,250
$
251,751
$
246,753
$
263,185
$
242,063
$
286,643
$
9,556
$
-
$
1,621,201
Watch
-
13,500
25,247
7,799
2,284
48,409
1,600
-
98,839
Special Mention
-
18,001
-
-
-
11,055
-
-
29,056
Substandard
-
2,715
-
54,030
2,308
87,291
-
-
146,344
Total commercial
real estate owner
occupied
$
321,250
$
285,967
$
272,000
$
325,014
$
246,655
$
433,398
$
11,156
$
-
$
1,895,440
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
-
$
26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
193,963
$
327,871
$
277,660
$
327,177
$
280,585
$
661,457
$
264,838
$
-
$
2,333,551
Watch
-
1,706
9,462
29,796
22,081
63,952
4,295
-
131,292
Special Mention
-
-
4,454
180
342
207
810
-
5,993
Substandard
-
5,670
864
4,464
152
1,457
10,198
-
22,805
Total commercial
and industrial
$
193,963
$
335,247
$
292,440
$
361,617
$
303,160
$
727,073
$
280,141
$
-
$
2,493,641
Year-to-Date gross
write-offs
$
100
$
1,106
$
-
$
-
$
599
$
5
$
108
$
-
$
1,918
Construction
Pass
$
229,225
$
420,979
$
427,419
$
85,358
$
-
$
6,030
$
12,333
$
-
$
1,181,344
Watch
741
5,007
47,416
47,642
-
6,999
-
-
107,805
Special Mention
-
-
2,908
-
-
-
-
-
2,908
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
229,966
$
425,986
$
477,743
$
141,602
$
-
$
13,029
$
12,333
$
-
$
1,300,659
Mortgage
Pass
$
94,885
$
84,091
$
85,278
$
207,578
$
262,878
$
562,783
$
-
$
-
$
1,297,493
Substandard
-
-
644
-
217
26,948
-
-
27,809
Total mortgage
$
94,885
$
84,091
$
85,922
$
207,578
$
263,095
$
589,731
$
-
$
-
$
1,325,302

66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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:
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,580
$
58,047
$
10,311
$
73,938
Substandard
-
-
-
-
-
1,423
13
763
2,199
Loss
-
-
-
-
-
165
-
895
1,060
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,168
$
58,060
$
11,969
$
77,197
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
46
$
-
$
46
Personal
Pass
$
16,107
$
20,115
$
14,538
$
19,843
$
4,249
$
1,384
$
-
$
-
$
76,236
Substandard
82
74
171
259
16
269
-
-
871
Loss
-
-
22
-
-
48
-
-
70
Total Personal
$
16,189
$
20,189
$
14,731
$
20,102
$
4,265
$
1,701
$
-
$
-
$
77,177
Year-to-Date gross
write-offs
$
-
$
1,665
$
1,845
$
3,051
$
577
$
37
$
-
$
-
$
7,175
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
8,863
$
-
$
8,863
Substandard
-
-
-
-
-
-
30
-
30
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
8,893
$
-
$
8,893
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
67
$
-
$
67
Total Popular U.S.
$
1,315,360
$
1,485,982
$
1,618,756
$
2,043,241
$
1,320,116
$
3,347,698
$
382,245
$
11,969
$
11,525,367

 
67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
302,538
$
174,800
$
187,700
$
597,789
$
317,685
$
700,759
$
7,184
$
-
$
2,288,455
Watch
-
15,880
-
16,117
24,021
101,418
-
-
157,436
Special Mention
219
-
-
7,882
75
5,625
-
-
13,801
Substandard
-
-
1,781
2,736
-
25,380
-
-
29,897
Total commercial
multi-family
$
302,757
$
190,680
$
189,481
$
624,524
$
341,781
$
833,182
$
7,184
$
-
$
2,489,589
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
459,278
$
624,437
$
587,315
$
1,268,613
$
691,798
$
1,341,247
$
12,492
$
-
$
4,985,180
Watch
19,691
18,584
29,585
16,438
24,694
108,543
-
-
217,535
Special Mention
-
-
23,362
147
-
19,146
-
-
42,655
Substandard
-
729
8,627
43,402
33,450
131,002
-
-
217,210
Total commercial
real estate non-
owner occupied
$
478,969
$
643,750
$
648,889
$
1,328,600
$
749,942
$
1,599,938
$
12,492
$
-
$
5,462,580
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
380,295
$
387,233
$
320,441
$
359,024
$
413,065
$
603,410
$
13,517
$
-
$
2,476,985
Watch
2,105
24,592
30,702
36,857
31,855
123,374
3,486
-
252,971
Special Mention
-
18,001
1,793
16,062
796
27,011
1,499
-
65,162
Substandard
13,441
3,066
1,414
93,450
11,497
158,211
14,448
-
295,527
Doubtful
-
-
-
-
-
79
-
-
79
Total commercial
real estate owner
occupied
$
395,841
$
432,892
$
354,350
$
505,393
$
457,213
$
912,085
$
32,950
$
-
$
3,090,724
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
129
$
-
$
-
$
129
Commercial and industrial
Pass
$
1,126,247
$
994,354
$
1,053,374
$
817,119
$
485,697
$
1,020,730
$
1,645,123
$
-
$
7,142,644
Watch
5,888
100,624
24,067
38,605
25,829
85,282
171,197
-
451,492
Special Mention
20,525
22,327
13,929
62,284
817
3,104
15,996
-
138,982
Substandard
12,269
18,664
54,814
80,863
158,895
21,214
165,802
-
512,521
Total commercial
and industrial
$
1,164,929
$
1,135,969
$
1,146,184
$
998,871
$
671,238
$
1,130,330
$
1,998,118
$
-
$
8,245,639
Year-to-Date gross
write-offs
$
945
$
1,438
$
209
$
389
$
620
$
217
$
6,679
$
-
$
10,497

 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
247,630
$
540,679
$
504,963
$
94,737
$
2,925
$
16,299
$
61,371
$
-
$
1,468,604
Watch
741
5,007
64,031
47,642
78
6,999
-
-
124,498
Special Mention
-
-
2,908
-
-
-
-
-
2,908
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
248,371
$
545,686
$
571,902
$
150,981
$
3,003
$
23,298
$
61,371
$
-
$
1,604,612
Mortgage
Pass
$
847,654
$
969,213
$
776,631
$
597,748
$
646,823
$
4,621,615
$
-
$
-
$
8,459,684
Substandard
-
354
3,171
2,037
1,091
92,071
-
-
98,724
Total mortgage
$
847,654
$
969,567
$
779,802
$
599,785
$
647,914
$
4,713,686
$
-
$
-
$
8,558,408
Year-to-Date gross
write-offs
$
31
$
-
$
1
$
-
$
-
$
1,538
$
-
$
-
$
1,570
Leasing
Pass
$
553,617
$
571,841
$
385,290
$
277,696
$
154,797
$
47,637
$
-
$
-
$
1,990,878
Substandard
256
1,156
2,254
2,271
1,176
593
-
-
7,706
Loss
-
-
-
33
34
-
-
-
67
Total leasing
$
553,873
$
572,997
$
387,544
$
280,000
$
156,007
$
48,230
$
-
$
-
$
1,998,651
Year-to-Date gross
write-offs
$
520
$
3,244
$
3,717
$
3,778
$
1,284
$
-
$
-
$
-
$
12,543

69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 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
$
-
$
-
$
-
$
-
$
-
$
-
$
1,199,942
$
-
$
1,199,942
Substandard
-
-
-
-
-
-
25,622
-
25,622
Loss
-
-
-
-
-
-
3
-
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,225,567
$
-
$
1,225,567
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
57,015
$
-
$
57,015
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,580
$
59,740
$
10,311
$
75,631
Substandard
-
-
-
-
-
1,423
13
763
2,199
Loss
-
-
-
-
-
165
-
895
1,060
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,168
$
59,753
$
11,969
$
78,890
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
71
$
-
$
71
Personal
Pass
$
683,439
$
516,168
$
322,509
$
177,184
$
65,612
$
86,600
$
-
$
29,114
$
1,880,626
Substandard
753
2,622
3,690
2,363
863
6,961
-
2,213
19,465
Loss
-
61
80
5
22
66
-
-
234
Total Personal
$
684,192
$
518,851
$
326,279
$
179,552
$
66,497
$
93,627
$
-
$
31,327
$
1,900,325
Year-to-Date gross
write-offs
$
586
$
13,881
$
28,363
$
17,172
$
4,286
$
1,668
$
-
$
1,943
$
67,899
Auto
Pass
$
899,264
$
1,068,559
$
762,480
$
513,010
$
357,768
$
191,541
$
-
$
-
$
3,792,622
Substandard
2,250
15,673
14,283
11,662
7,750
6,535
-
-
58,153
Loss
-
17
103
37
-
21
-
-
178
Total Auto
$
901,514
$
1,084,249
$
776,866
$
524,709
$
365,518
$
198,097
$
-
$
-
$
3,850,953
Year-to-Date gross
write-offs
$
3,122
$
21,282
$
15,163
$
9,159
$
3,657
$
1,266
$
-
$
-
$
53,649
Other consumer
Pass
$
28,822
$
25,904
$
23,307
$
16,942
$
8,217
$
3,455
$
72,342
$
-
$
178,989
Substandard
-
-
216
104
22
52
449
-
843
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
28,822
$
25,904
$
23,523
$
18,071
$
8,602
$
3,507
$
72,791
$
-
$
181,220
Year-to-Date gross
write-offs
$
30
$
191
$
226
$
181
$
313
$
1,398
$
67
$
-
$
2,406
Total Popular Inc.
$
5,606,922
$
6,120,545
$
5,204,820
$
5,210,486
$
3,467,715
$
9,563,148
$
3,470,226
$
43,296
$
38,687,158

 
 
 
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 – Other real estate owned

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
5,897
$
40,229
$
46,126
Write-downs in value
( 70 )
( 344 )
( 414 )
Additions
152
8,731
8,883
Sales
( 323 )
( 11,343 )
( 11,666 )
Other adjustments
-
21
21
Ending balance
$
5,656
$
37,294
$
42,950

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
9,428
$
60,797
$
70,225
Write-downs in value
( 39 )
( 549 )
( 588 )
Additions
1,125
7,966
9,091
Sales
( 588 )
( 15,112 )
( 15,700 )
Ending balance
$
9,926
$
53,102
$
63,028

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 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
( 934 )
( 2,059 )
( 2,993 )
Additions
723
25,428
26,151
Sales
( 2,557 )
( 34,717 )
( 37,274 )
Other adjustments
-
( 202 )
( 202 )
Ending balance
$
5,656
$
37,294
$
42,950

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 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
( 1,103 )
( 1,260 )
( 2,363 )
Additions
6,985
32,748
39,733
Sales
( 7,145 )
( 47,548 )
( 54,693 )
Other adjustments
-
( 65 )
( 65 )
Ending balance
$
9,926
$
53,102
$
63,028

 
 
79
Note 10 − Other assets

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
837,375
$
926,329
Investments under the equity method
249,139
251,537
Prepaid taxes
54,447
42,909
Other prepaid expenses
34,639
28,376
Capitalized software costs
182,204
136,442
Derivative assets
27,700
25,975
Trades receivable from brokers and counterparties
9,670
588
Receivables from investments maturities
800
14,600
Principal, interest and escrow servicing advances
31,226
43,793
Guaranteed mortgage loan claims receivable
10,654
17,226
Operating ROU assets

99,384
93,389
Finance ROU assets

 

23,706
19,174
Assets for pension benefit
35,137
33,233
Others
148,805
164,188
Total other assets
$
1,744,886
$
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
September 30, 2025
Software development costs
$
89,878
$
34,203
$
55,675
Software license costs
59,845
32,476
27,369
Cloud computing arrangements
110,472
11,312
99,160
Total Capitalized  
software costs [1] [2]
$
260,195
$
77,991
$
182,204
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:

80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,
Nine months ended September 30,
(In thousands)
2025
2024
2025
2024
Software development and license costs
$
22,157
$
21,118
$
66,139
$
57,431
Cloud computing arrangements
2,500
1,514
5,328
3,052
Total amortization  
expense
$
24,657
$
22,632
$
71,467
$
60,483

 
 
 
81
Note 11 – Goodwill and other intangible assets

 
Goodwill
The following table shows the changes in the carrying  
amount of goodwill for the nine months ended  
September 30, 2025 and 2024,
by reportable segments (refer to Note 32 for  
the definition of the Corporation’s reportable segment):

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Balance at  

Goodwill
Balance at
(In thousands)
January 1, 2025
impairment
September 30, 2025
Banco Popular de Puerto Rico
$
434,909
$
-
$
434,909
Popular U.S.
368,045
( 13,000 )
355,045
Total Popular,  
Inc.  

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2024
Balance at  

Goodwill
Balance at
(In thousands)
January 1, 2024
impairment
September 30, 2024
Banco Popular de Puerto Rico
$
436,383
$
-
$
436,383
Popular U.S.
368,045
-
368,045
Total Popular,  
Inc.  

$
804,428
$
-
$
804,428

 
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
September 30, 2025
Core deposits
$
12,810
$
12,810
$
-
Other customer relationships
14,286
9,586
4,700
Total other intangible  
assets
$
27,096
$
22,396
$
4,700
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  
September 30,  
2025, the  
Corporation recognized  
$
0.4
 
million in  
amortization expense  
related to  
other
intangible assets with definite useful lives (September 30, 2024 - $
0.7
 
million). During the nine months ended September 30, 2025,
the Corporation  
recognized $
1.4
 
million in  
amortization related to  
other intangible assets  
with definite useful  
lives (September 30,
2024 - $
2.2
 
million).  

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

82
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Remaining 2025
$
384
Year 2026
1,440
Year 2027
959
Year 2028
959
Year 2029
958

 
Results of the Annual Goodwill Impairment Test
 

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

To  
assess  
a  
reporting unit’s  
fair value,  
the  
Corporation generally  
uses  
a  
combination of  
methods  
such  
as  
discounted cash  
flow
analysis and market  
multiples.  
The financial projections used  
in the discounted  
cash flow (“DCF”)  
valuation analysis are  
based on
the  
most  
recent  
(as  
of  
the  
valuation  
date)  
projections  
presented  
to  
the  
Corporation’s  
Asset  
/  
Liability  
Management  
Committee
(“ALCO”). These  
projections reflect  
management’s  
expectations for  
the  
reporting unit’s  
financial  
prospects considering  
economic
and industry conditions. The Corporation evaluates the results obtained under the valuation methodology to identify and understand
the  
key  
value  
drivers,  
to  
ascertain  
that  
the  
results  
obtained are  
reasonable and  
appropriate under  
the  
circumstances. Elements
considered include current market and  
economic conditions, developments in specific lines of  
business, and any particular features
of the individual reporting units.  

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

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

The following tables present the gross amount  
of goodwill and accumulated impairment losses  
by reportable segments.

 
 
83
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Balance at
Balance at
September 30,
Accumulated
September 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
209,411
355,045
Total Popular,  
Inc.  

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
 
Balance at  

 
Balance at  

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

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

 
84
Note 12 – Deposits
Total deposits as of the end of the periods presented consisted of:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Savings accounts
$
14,411,671
$
14,224,271
NOW, money market and other interest  
-bearing demand deposits
27,606,313
26,507,637
Total savings, NOW,  
money market and other interest-bearing demand deposits
42,017,984
40,731,908
Certificates of deposit:
Under $250,000
5,717,369
5,383,331
$250,000 and over
3,904,025
3,629,551
 
Total certificates  
of deposit
9,621,394
9,012,882
Total interest-bearing  
deposits
$
51,639,378
$
49,744,790
Non- interest-bearing deposits
$
14,874,026
$
15,139,555
Total deposits
$
66,513,404
$
64,884,345

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

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
$
3,400,879
2026
3,671,826
2027
935,141
2028
697,796
2029
436,147
2030 and thereafter
479,605
Total certificates of  
deposit
$
9,621,394

At September 30, 2025, the Corporation had brokered  
deposits amounting to $
1.8
 
billion (December 31, 2024 - $
1.6
 
billion).
The aggregate amount  
of overdrafts in  
demand deposit accounts that  
were reclassified to loans  
was $
8.4
 
million at September  
30,
2025 (December 31, 2024 - $
10.4
 
million).
At September 30, 2025,  
Puerto Rico government deposits amounted  
to $
20.1
 
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.

 
85
Note 13 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted  
to $
57
 
million at September 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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
December 31, 2024
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
28,378
$
22,591
After 30 to 90 days
24,065
13,813
Total U.S. Treasury  
securities
52,443
36,404
Mortgage-backed securities
 
Within 30 days
4,410
4,924
 
After 30 to 90 days
-
13,505
Total mortgage-backed  
securities
4,410
18,429
Total
$
56,853
$
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  
September  
30,  
2025  
and  
December  
31,  
2024,  
other  
short-term  
borrowings  
consisted  
of  
$
400
 
million  
and  
$
225
 
million,
respectively, in FHLB Advances.

 
 
86
Notes Payable

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 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
%
$
195,312
$
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 $
3,751
396,249
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 $
241
198,393
198,373
Total notes payable
$
789,954
$
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 September 30, 2025 is included in the table  
below.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under  

Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
56,853
$
400,000
$
30,692
$
487,545
2026
-
-
74,500
74,500
2027
-
-
6,112
6,112
2028
-
-
440,599
440,599
2029
-
-
39,658
39,658
Later years
-
-
198,393
198,393
Total borrowings
$
56,853
$
400,000
$
789,954
$
1,246,807

At  
September  
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 $
0.6
 
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 September  
30, 2025, the Corporation  
had borrowing facilities  
at the discount  
window of the  
Federal Reserve Bank of  
New
York  
amounting to $
11.2
 
billion (December 31, 2024  
- $
7.0
 
billion), which remained unused  
at September 30, 2025  
and December
31, 2024.  
The facilities are a collateralized source of credit  
that is highly dependable even under difficult market  
conditions.

 
87
Note 14 − Other liabilities

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Accrued expenses
$
332,204
$
334,145
Accrued interest payable
53,682
60,723
Accounts payable
99,649
91,218
Dividends payable
50,376
49,546
Trades payable
306,775
495,139
Liability for GNMA loans sold with an option to repurchase
9,389
9,108
Reserves for loan indemnifications
2,240
2,779
Reserve for operational losses
23,279
29,465
Operating lease liabilities

109,328
103,198
Finance lease liabilities

 

27,524
23,141
Pension benefit obligation
5,618
5,816
Postretirement benefit obligation
97,828
99,172
Others
72,023
68,396
Total other liabilities
$
1,189,915
$
1,371,846

88
Note 15 – Stockholders’ equity

 

As  
of  
September  
30,  
2025,  
stockholders’  
equity  
totaled  
$
6.1
 
billion.  
During  
the  
nine  
months  
ended  
September  
30,  
2025,  
the
Corporation declared cash dividends of $
2.15
 
(2024 - $
1.86
) per common share amounting to $
146.6
 
million (2024 - $
134.3
 
million).
The quarterly dividend of $
0.75
 
per share declared to stockholders of record as  
of the close of business on
September 12, 2025
 
was
paid on
October 1, 2025
.
During the quarter  
ended September 30,  
2024, the Corporation  
completed the repurchase  
of
599,096
 
shares of common  
stock for
$
58.8
 
million at  
an average price  
of $
98.11
 
per share  
under the 2024  
common stock  
repurchase program. During  
the quarter  
and
nine months ended  
September 30, 2025,  
the Corporation repurchased
1,000,862
 
shares of common  
stock for $
119.4
 
million at an
average price of  
$
119.33
 
per share, and
3,407,821
 
shares of common stock  
for $
353.7
 
million at an  
average price of $
103.78
, per
share, respectively,  
as part of the  
2024 and 2025 common  
stock repurchases programs. As  
of September 30, 2025,  
$
429.0
 
million
remained available for stock repurchase under  
the active repurchase authorization.

89
Note 16 – Other comprehensive income (loss)

The following  
table presents  
changes in  
accumulated other comprehensive  
income (loss)  
by component  
for the  
quarters and  
nine
months ended September 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Loss  
by Component [1]
Quarters ended
Nine months ended
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Foreign currency translation
Beginning Balance
$
( 70,512 )
$
( 68,383 )
$
( 71,365 )
$
( 64,528 )
Other comprehensive (loss) income
( 14,524 )
615
( 13,670 )
( 3,240 )
Net change
( 14,524 )
615
( 13,670 )
( 3,240 )
Ending balance
$
( 85,036 )
$
( 67,768 )
$
( 85,035 )
$
( 67,768 )
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
( 91,851 )
$
( 113,371 )
$
( 94,692 )
$
( 117,894 )
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
1,421
2,261
4,262
6,784
Net change
1,421
2,261
4,262
6,784
Ending balance
$
( 90,430 )
$
( 111,110 )
$
( 90,430 )
$
( 111,110 )
Unrealized net holding losses
on debt securities
Beginning Balance
$
( 1,233,294 )
$
( 1,696,528 )
$
( 1,495,183 )
$
( 1,713,109 )
Other comprehensive income  

94,747
326,148
283,394
271,985
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
37,753
36,264
110,994
107,008
Net change
132,500
362,412
394,388
378,993
Ending balance
$
( 1,100,794 )
$
( 1,334,116 )
$
( 1,100,795 )
$
( 1,334,116 )
Total accumulated  
other comprehensive loss
$
( 1,276,260 )
$
( 1,512,994 )
$
( 1,276,260 )
$
( 1,512,994 )
[1]  

All amounts presented are net of tax.

 
90
The following  
table presents  
the amounts  
reclassified out  
of each  
component of  
accumulated other  
comprehensive income  
(loss)
during the quarters and nine months ended September  
30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive  
Loss
Quarters ended  

Nine months ended
Affected Line Item in the  

September 30,
September 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 )
$
( 6,817 )
$
( 10,854 )
Total before tax
( 2,272 )
( 3,618 )
( 6,817 )
( 10,854 )
Income tax benefit
851
1,357
2,555
4,070
Total net of tax
$
( 1,421 )
$
( 2,261 )
$
( 4,262 )
$
( 6,784 )
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
$
( 47,191 )
$
( 45,331 )
$
( 138,743 )
$
( 133,761 )
Total before tax
( 47,191 )
( 45,331 )
( 138,743 )
( 133,761 )
Income tax expense
9,438
9,067
27,749
26,753
Total net of tax
$
( 37,753 )
$
( 36,264 )
$
( 110,994 )
$
( 107,008 )
Total reclassification  
adjustments, net of tax
$
( 39,174 )
$
( 38,525 )
$
( 115,256 )
$
( 113,792 )

91
Note 17 – 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 September  
30, 2025,  
the Corporation  
serviced $
445
 
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. During the quarter and  
nine months ended September 30,  
2025,
the Corporation repurchased $
0.2
 
million and $
1.1
 
million, respectively, of unpaid principal balance in mortgage loans subject  
to the
credit  
recourse  
provisions  
(September  
30,  
2024
-
$
0.5
 
million  
and  
$
1.5
 
million,  
respectively).  
At  
September  
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).
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 September 30, 2025, the
Corporation serviced $
8.4
 
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  
September
30, 2025, the outstanding  
balance of funds advanced by  
the Corporation under such  
mortgage loan servicing agreements was  
$
31
million  
(December  
31,  
2024  
-  
$
44
 
million).  
To  
the  
extent  
the  
mortgage  
loans  
underlying  
the  
Corporation’s  
servicing  
portfolio
experience  
increased delinquencies,  
the  
Corporation would  
be  
required to  
dedicate  
additional cash  
resources to  
comply  
with its
obligation to advance funds as well as incur additional  
administrative costs related to increases in collection  
efforts.
Popular,  
Inc. Holding  
Company (“PIHC”) fully  
and unconditionally guarantees  
certain borrowing  
obligations issued by  
certain of  
its
100
% owned  
consolidated subsidiaries  
amounting to  
$
94
 
million at  
September 30,  
2025 and  
December 31,  
2024, respectively.  
In
addition, at both  
September 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.

92
Note 18 – 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)
September 30, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,266,974
$
5,599,823
Commercial lines of credit
4,422,977
3,971,331
Construction lines of credit
1,126,310
1,131,824
Other consumer unused credit commitments  

275,462
260,121
Commercial letters of credit
14,920
5,002
Standby letters of credit
130,856
144,845
Commitments to originate or fund mortgage loans
16,091
29,604

At September 30, 2025  
and December 31, 2024,  
the Corporation maintained a  
reserve of $
14
 
million and $
15
 
million, respectively,
for potential losses associated with unfunded loan  
commitments related to commercial and construction  
lines of credit.
Other commitments
At  
September  
30,  
2025  
and  
December 31,  
2024,  
the  
Corporation  
also  
maintained  
other  
non-credit  
commitments  
for  
$
6
 
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 28  
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 September 30, 2025, the Corporation’s direct exposure to the Puerto Rico government and its instrumentalities and municipalities
totaled  
$
391
 
million,  
of  
which  
$
342
 
million  
were  
outstanding  
($
336
 
million  
and  
$
336
 
million  
at  
December  
31,  
2024).  
The
Corporation’s  
exposure  
at  
September  
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, $
333
 
million consists of  
loans and $
9
 
million are
securities ($
323
 
million and $
13
 
million at December  
31, 2024). Substantially all  
of the amount  
outstanding at September 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  
September  
30,  
2025,

 
 
93
approximately
76
% of  
the 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 September 30, 2025

:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
-
$
-
$
-
$
47,400
After 10 years
41
-
41
41
Total Central  
Government
41
-
41
47,441
Municipalities
Within 1 year
2,605
11,574
14,179
16,179
After 1 to 5 years
5,660
166,515
172,175
172,175
After 5 to 10 years
450
124,087
124,537
124,537
After 10 years
-
30,991
30,991
30,991
Total Municipalities
8,715
333,167
341,882
343,882
Total Direct Government  
Exposure
$
8,756
$
333,167
$
341,923
$
391,323

 
 
 
 
 
 
 
 
 
 
 
 
 
In  
addition,  
at  
September  
30,  
2025,  
the  
Corporation  
had  
$
208
 
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  
$
165
 
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 September  
30,
2025, $
36
 
million in bonds  
issued by HFA  
which are secured by  
second mortgage loans on  
Puerto Rico residential properties,  
and
for which HFA  
also provides insurance to  
cover losses in  
the event of  
a borrower default  
and upon the  
satisfaction of certain  
other
conditions (December  
31, 2024  
- $
38
 
million). In  
the event  
that the  
mortgage loans  
insured by  
HFA  
and held  
by the  
Corporation
directly or those serving as collateral for the HFA  
bonds default and the collateral is insufficient to satisfy the  
outstanding balance of
these loans, HFA’s  
ability to honor its insurance will depend, among other factors, on the financial condition of HFA  
at the time such
obligations  
become  
due  
and  
payable. The  
Corporation does  
not consider  
the  
government guarantee  
when  
estimating the  
credit
losses  
associated  
with  
this  
portfolio.  
Although  
the  
Governor  
is  
currently  
authorized  
by  
local  
legislation  
to  
impose  
a  
temporary
moratorium on the financial obligations of the HFA, a moratorium on  
such obligations has not been imposed as of  
the date hereof.  

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

In  
addition,  
$
2.4
 
billion  
of  
residential  
mortgages  
and  
$
80.9
 
million  
commercial  
loans  
were  
insured  
or  
guaranteed  
by  
the  
U.S.
Government  
or  
its  
agencies  
at  
September  
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 September 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.  
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.

94
At September 30, 2025,  
the Corporation had operations  
in the British Virgin  
Islands (“BVI”) and it  
had a loan portfolio  
amounting to
$
193
 
million comprised of various retail and commercial  
clients, compared to a loan portfolio  
of $
196
 
million at December 31, 2024.
At September 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.  
The last payment  
for the FDIC  
special assessment is
projected to be in the third quarter, September 2026.

 

Legal Proceedings
The nature of Popular’s  
business ordinarily generates claims, litigation, arbitration,  
regulatory and governmental investigations, and
legal  
and  
administrative  
cases  
and  
proceedings  
(collectively,  
“Legal  
Proceedings”).  
Popular’s  
Legal  
Proceedings  
may  
involve
various lines  
of business  
and include  
claims relating  
to contract,  
torts, consumer  
protection, securities,  
antitrust, employment,  
tax
and  
other  
laws.  
The  
recovery  
sought  
in  
Legal  
Proceedings  
may  
include  
substantial  
or  
indeterminate  
compensatory  
damages,
punitive  
damages,  
injunctive  
relief,  
or  
recovery  
on  
a  
class-wide  
basis.  
When  
the  
Corporation  
determines  
that  
it  
has  
meritorious
defenses to the claims  
asserted, it vigorously defends  
itself. The Corporation will  
consider the settlement of  
cases (including cases
where it has meritorious defenses) when, in management’s judgment,  
it is in the best interest of the Corporation and  
its stockholders
to do so.  
On at least  
a quarterly basis,  
Popular assesses its  
liabilities and contingencies  
relating to outstanding Legal  
Proceedings
utilizing the most current information available. For  
matters where it is probable that the Corporation will  
incur a material loss and the
amount can be reasonably estimated, the Corporation establishes an accrual for  
the loss. Once established, the accrual is  
adjusted
on at least a quarterly basis to reflect any relevant  
developments, as appropriate. For matters where a material loss is not probable,
or the amount of the loss cannot be reasonably  
estimated, no accrual is established.
In certain cases,  
exposure to loss  
exists in  
excess of any  
accrual to the  
extent such loss  
is reasonably possible,  
but not  
probable.
Management believes and  
estimates that the  
range of reasonably  
possible losses (with  
respect to those  
matters where such  
limits
may be determined in excess of amounts accrued) for current Legal Proceedings ranged from $
0
 
to approximately $
7.2
 
million as of
September  
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.

95
Note 19 – 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 September 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  
21  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional
information on the debt securities outstanding at September 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 September 30, 2025 and  
December 31, 2024.

 
96
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
76,673
$
84,356
Total servicing  
assets  

$
76,673
$
84,356
Other assets:
Servicing advances
$
4,017
$
6,112
Total other assets
$
4,017
$
6,112
Total assets
$
80,690
$
90,468
Maximum exposure to loss
$
80,690
$
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 $
6.1
 
billion at September 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  
September 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 September 30,  
2025.

97
Note 20 – Related party transactions

 
Centro Financiero BHD, S.A.
At September  
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  
nine  
months  
ended  
September  
30,  
2025,  
the
Corporation recorded $
17.0
 
million in  
equity pickup (September  
30, 2024  
- $
29.6
 
million), including the  
net impact  
of $
33.8
 
million
from net  
earnings (September  
30, 2024  
- $
31.5
 
million), offset  
by ($
16.8
) million  
recorded through  
Other Comprehensive  
Income
(September 30, 2024  
- ($
1.9
) million) related  
to foreign currency  
translation adjustments and  
changes in the  
fair value  
of available
for sale  
securities. At September  
30, 2025,  
the investment  
in BHD had  
a carrying  
amount of  
$
236.5
 
million (December  
31, 2024 -
$
239.5
 
million) and the Corporation received $
20
 
million in cash dividend distributions during the nine months ended September 30,
2025 (September 30, 2024 - $
19.4
 
million).

98
Note 21 – 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 September 30, 2025 and December  
31, 2024:

 
99
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 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
$
6,423,246
$
9,283,519
$
-
$
-
$
15,706,765
Collateralized mortgage obligations - federal
agencies
-
104,700
-
-
104,700
Mortgage-backed securities
-
4,873,777
431
-
4,874,208
Other
-
-
750
-
750
Total debt securities  
available-for-sale
$
6,423,246
$
14,261,996
$
1,181
$
-
$
20,686,423
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
8,026
$
10
$
-
$
-
$
8,036
Obligations of Puerto Rico, States and political
subdivisions
-
46
-
-
46
Collateralized mortgage obligations
-
595
-
-
595
Mortgage-backed securities
-
24,227
84
-
24,311
Other
-
-
118
-
118
Total trading account  
debt securities, excluding
derivatives
$
8,026
$
24,878
$
202
$
-
$
33,106
Equity securities
$
-
$
50,047
$
-
$
825
$
50,872
Mortgage servicing rights
-
-
99,523
-
99,523
Loans held-for-sale
-
4,785
-
-
4,785
Derivatives  

-
27,716
-
-
27,716
Total assets measured  
at fair value on a
recurring basis
$
6,431,272
$
14,369,422
$
100,906
$
825
$
20,902,425
Liabilities
Derivatives
$
-
$
( 26,157 )
$
-
$
-
$
( 26,157 )
Total liabilities measured  
at fair value on a
recurring basis
$
-
$
( 26,157 )
$
-
$
-
$
( 26,157 )

 
 
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 30, 2025 and  
December 31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
4,785
$
4,715
$
70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 September 30,  
2025 and December 31, 2024.

 
101
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  
nine months ended September 30,  
2025 and 2024 and  
excludes nonrecurring fair value measurements of
assets no longer outstanding as of the reporting  
date.

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

 

 

 

 

Write-downs
Other real estate owned
[1]
$
-
$
-
$
3,983
$
3,983
$
( 1,351 )
Other foreclosed assets
[1]
-
-
196
196
( 51 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
4,179
$
4,179
$
( 1,402 )
[1] 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.

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

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
4,166
$
4,166
$
( 654 )
Other real estate owned
[2]
-
-
5,749
5,749
( 1,889 )
Other foreclosed assets
[2]
-
-
174
174
( 38 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
10,089
$
10,089
$
( 2,581 )
[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.

102
The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters  

and nine months ended September 30, 2025 and  
2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 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 June 30, 2025
$
432
$
750
$
84
$
122
$
103,077
$
104,465
Gains (losses) included in earnings
-
-
-
( 4 )
( 3,835 )
( 3,839 )
Gains (losses) included in OCI
( 1 )
-
-
-
-
( 1 )
Additions
-
-
-
-
281
281
Balance at September 30, 2025
$
431
$
750
$
84
$
118
$
99,523
$
100,906
Changes in unrealized gains (losses) included in
earnings relating to assets still held at September
30, 2025
$
-
$
-
$
-
$
-
$
( 1,505 )
$
( 1,505 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 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
-
-
-
( 15 )
( 9,359 )
( 9,374 )
Gains (losses) included in OCI
( 3 )
-
-
-
-
( 3 )
Additions
-
-
-
-
779
779
Settlements
( 50 )
-
-
-
-
( 50 )
Transfers out of Level 3
-
( 1,500 )
-
-
-
( 1,500 )
Balance at September 30, 2025
$
431
$
750
$
84
$
118
$
99,523
$
100,906
Changes in unrealized gains (losses) included in
earnings relating to assets still held at September
30, 2025
$
-
$
-
$
-
$
23
$
( 2,482 )
$
( 2,459 )

103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 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 June 30, 2024
$
581
$
2,000
$
84
$
158
$
113,386
$
116,209
Gains (losses) included in earnings
-
-
-
( 4 )
( 4,896 )
( 4,900 )
Gains (losses) included in OCI
2
-
-
-
-
2
Additions
-
-
-
-
337
337
Settlements
( 25 )
-
-
-
-
( 25 )
Balance at September 30, 2024
$
558
$
2,000
$
84
$
154
$
108,827
$
111,623
Changes in unrealized gains (losses) included in
earnings relating to assets still held at September
30, 2024
$
-
$
-
$
-
$
6
$
( 2,577 )
$
( 2,571 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 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 )
-
-
( 13 )
( 10,280 )
( 10,793 )
Gains (losses) included in OCI
2
-
-
-
-
-
2
Additions
-
-
-
-
-
998
998
Settlements
( 50 )
-
( 5 )
( 28 )
-
-
( 83 )
Balance at September 30, 2024
$
558
$
2,000
$
-
$
84
$
154
$
108,827
$
111,623
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at September 30, 2024
$
-
$
-
$
-
$
-
$
18
$
( 3,279 )
$
( 3,261 )

 
 
 
104
Gains and losses  
(realized and unrealized)  
included in earnings  
for the  
quarters  
and nine months  
ended September 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 September 30, 2025
Nine months ended September 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
$
( 3,835 )
$
( 1,505 )
$
( 9,359 )
$
( 2,482 )
Trading account profit (loss)
( 4 )
-
( 15 )
23
Total  

$
( 3,839 )
$
( 1,505 )
$
( 9,374 )
$
( 2,459 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30, 2024
Nine months ended September 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
$
( 4,896 )
$
( 2,577 )
$
( 10,280 )
$
( 3,279 )
Trading account profit (loss)
( 4 )
6
( 13 )
18
Provision for credit losses
-
-
( 500 )
-
Total  

$
( 4,900 )
$
( 2,571 )
$
( 10,793 )
$
( 3,261 )

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 September 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
September 30,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
118
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Other real estate owned
$
34
[2]
External appraisal
Haircut applied on
external appraisals
20
%
[1]  

Weighted average of significant unobservable inputs  
used to develop Level 3 fair value measurements  
were calculated by relative fair value.
[2]
Other real estate owned in which haircuts were not applied  
to external appraisals were excluded from this table.

 
105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
September 30,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
154
Discounted cash flow model
Weighted average life
2.3
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
4,166
[2]
External appraisal
Haircut applied on
external appraisals
7.5
% (
5
.0% -
10
.0%)
Other real estate owned
$
16
[3]
External appraisal
Haircut applied on
external appraisals
35
.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.  

[3]
Other real estate owned in which haircuts were not applied  
to external appraisals were excluded from this table.

106
Note 22 – 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  
September  
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.

 
107
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Carrying  

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

Financial Assets:
Cash and due from banks
$
377,079
$
377,079
$
-
$
-
$
-
$
377,079
Money market investments
4,754,391
4,744,211
10,180
-
-
4,754,391
Trading account debt securities, excluding  
derivatives
[1]
33,106
8,026
24,878
202
-
33,106
Debt securities available-for-sale
[1]
20,686,423
6,423,246
14,261,996
1,181
-
20,686,423
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,374,072
$
-
$
7,405,080
$
-
$
-
$
7,405,080
Obligations of Puerto Rico, States and political
subdivisions
45,760
-
6,799
40,334
-
47,133
Collateralized mortgage obligation-federal agency
1,506
-
1,315
-
-
1,315
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities  
held-to-maturity
$
7,427,298
$
-
$
7,419,154
$
40,334
$
-
$
7,459,488
Equity securities:
FHLB stock
$
58,552
$
-
$
58,552
$
-
$
-
$
58,552
FRB stock
102,038
-
102,038
-
-
102,038
Other investments
58,403
-
50,047
8,137
825
59,009
Total equity securities
$
218,993
$
-
$
210,637
$
8,137
$
825
$
219,599
Loans held-for-sale
$
7,783
$
-
$
7,783
$
-
$
-
$
7,783
Loans held-in-portfolio
37,900,938
-
-
37,105,428
-
37,105,428
Mortgage servicing rights
99,523
-
-
99,523
-
99,523
Derivatives
27,716
-
27,716
-
-
27,716
September 30, 2025
Carrying  

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

Financial Liabilities:
Deposits:
Demand deposits
$
56,892,010
$
-
$
56,892,010
$
-
$
-
$
56,892,010
Time deposits
9,621,394
-
9,419,413
-
-
9,419,413
Total deposits
$
66,513,404
$
-
$
66,311,423
$
-
$
-
$
66,311,423
Assets sold under agreements to repurchase
$
56,853
$
-
$
56,859
$
-
$
-
$
56,859
Other short-term borrowings
[2]
400,000
-
400,000
-
-
400,000
Notes payable:
FHLB advances
$
195,312
$
-
$
193,131
$
-
$
-
$
193,131
Unsecured senior debt securities
396,249
-
420,152
-
-
420,152
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,393
-
188,081
-
-
188,081
Total notes payable
$
789,954
$
-
$
801,364
$
-
$
-
$
801,364
Derivatives
$
26,157
$
-
$
26,157
$
-
$
-
$
26,157
[1]
Refer to Note 21 to the Consolidated Financial Statements  
for the fair value by class of financial asset and its hierarchy  
level.
[2]
Refer to Note 13 to the Consolidated Financial Statements  
for the composition of other short-term borrowings.

 

 
108
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 21 to the Consolidated Financial Statements  
for the fair value by class of financial asset and its hierarchy  
level.  

[2]
Refer to Note 13 to the Consolidated Financial Statements  
for the composition of other short-term borrowings.

 

Refer  
to  
Note  
18  
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  
September  
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.

 

109
Note 23 – 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 nine
months ended September 30, 2025 and 2024:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,
Nine months ended September 30,
(In thousands, except per share information)
2025
2024
2025
2024
Net income
$
211,317
$
155,323
$
599,259
$
436,395
Preferred stock dividends
( 353 )
( 353 )
( 1,059 )
( 1,059 )
Net income applicable to common stock
$
210,964
$
154,970
$
598,200
$
435,336
Average common shares outstanding
67,058,260
71,807,136
68,121,447
71,882,273
Average potential dilutive common shares  

35,554
21,266
22,239
29,880
Average common shares outstanding - assuming dilution
67,093,814
71,828,402
68,143,686
71,912,153
Basic EPS
$
3.15
$
2.16
$
8.78
$
6.06
Diluted EPS
$
3.14
$
2.16
$
8.78
$
6.05

For the quarters  
and nine months  
ended September 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.

 
110
Note 24 – 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 nine months ended September 30,  
2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30,
Nine months ended September 30,
(In thousands)
2025
2025
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
36,392
$
2,685
$
109,042
$
7,915
Other service fees:
Debit card fees
27,868
216
81,809
625
Insurance fees, excluding reinsurance
9,449
1,772
25,849
5,682
Credit card fees, excluding late fees and membership  
fees  

27,846
301
81,376
1,040
Sale and administration of investment products
9,459
-
27,490
-
Trust fees
7,279
-
20,789
-
Total revenue from  
contracts with customers [1]
$
118,293
$
4,974
$
346,355
$
15,262
[1]
The amounts include intersegment transactions of $
0.6
 
million and $
1.8
 
million, respectively, for the  
quarter and nine months ended September 30,  
2025.
Quarter ended September 30,
Nine months ended September 30,
(In thousands)
2024
2024
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
35,699
$
2,616
$
105,770
$
7,513
Other service fees:
Debit card fees [2]
25,997
200
78,308
599
Insurance fees, excluding reinsurance
11,702
1,684
33,966
5,130
Credit card fees, excluding late fees and membership  
fees [2]
26,189
379
76,828
1,205
Sale and administration of investment products
8,387
-
23,664
-
Trust fees
6,902
-
20,810
-
Total revenue from  
contracts with customers [1]
$
114,876
$
4,879
$
339,346
$
14,447
[1]
The amounts include intersegment transactions of $
0.6
 
million and $
3.9
 
million, respectively, for the  
quarter and nine months ended September 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 nine month period ended September  
30, 2024, interchange fees of approximately $
22.2
 
million,
corresponding to the first and second quarters 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.

111
Note 25 - 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.

 
 
112
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
225,928
100.32
Performance Shares Quantity Adjustment
43,961
91.54
Vested  

( 281,558 )
90.26
Forfeited
( 5,515 )
60.68
Non-vested at September 30, 2025
230,724
$
75.82

During the quarter ended September 30,  
2025,
no
 
shares of restricted stock (September  
30, 2024 –
928
 
shares of restricted stock)
were awarded to management under the Incentive Plan. During the quarters ended September 30, 2025 and  
2024,
no
 
performance
shares  
were  
awarded  
to  
management  
under  
the  
Incentive  
Plan.  
During  
the  
nine  
months  
ended  
September  
30,  
2025,
194,268
shares of  
restricted stock (September  
30, 2024  
–
176,519
 
shares of  
restricted stock) and
31,660
 
performance shares (September
30, 2024 -
65,225
 
performance shares) were awarded to management  
under the Incentive Plan.  

During  
the  
quarter  
ended  
September  
30,  
2025,  
the  
Corporation  
recognized  
$
2.1
 
million  
of  
restricted  
stock  
expense  
related  
to
management  
incentive  
awards,  
with  
a  
tax  
benefit  
of  
$
0.4
 
million  
(September  
30,  
2024  
-  
$
1.8
 
million,  
with  
a  
tax  
benefit  
of  
$
0.4
million).  
For  
the  
nine  
months  
ended  
September  
30,  
2025,  
the  
Corporation recognized  
$
16.4
 
million  
of  
restricted  
stock  
expense
related to management incentive awards, with a tax  
benefit of $
2.1
 
million (September 30, 2024 - $
12.3
 
million, with a tax benefit of
$
2.0
 
million). For the nine months ended  
September 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 triggered a windfall of $
2.7
 
million that
was recorded  
as a  
reduction on  
income tax  
expense. During  
the quarter  
ended September  
30, 2025,  
the Corporation  
recognized
$
( 1.0 )
 
million  
of  
performance  
shares  
expense/(credit),  
with  
a  
tax  
benefit  
of  
$
( 0.1 )
 
million  
due  
to  
performance  
shares  
target
adjustment (September 30, 2024  
- $
( 0.5 )
 
million, with a  
tax benefit of  
$
( 32 )
 
thousand).  
For the nine  
months ended September  
30,
2025, the  
Corporation recognized  
$
3.2
 
million  
of  
performance shares  
expense, with  
a tax  
benefit of  
$
0.3
 
million  
(September 30,
2024 -  
$
3.5
 
million, with  
a tax  
benefit of  
$
0.2
 
million).  
The total  
unrecognized compensation cost  
related to  
non-vested restricted
stock awards and performance shares to members of management at  
September 30, 2025 was $
14.6
 
million and is expected to be
recognized over a weighted-average period of
1.58
 
years.
The following table summarizes the restricted stock  
activity under the Incentive Plan for members of  
the Board of Directors:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
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
23,310
100.14
Vested  

( 4,197 )
98.52
Forfeited
-
-
Non-vested at September 30, 2025
19,113
$
100.49

113
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
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  
September  
30,  
2025,
1,260
 
RSUs  
and
no
 
shares  
of  
restricted  
stock  
were  
granted  
to  
the  
Directors
(September  
30,  
2024  
-
1,281
 
RSUs  
and
no
 
shares  
of  
restricted  
stock)  
and  
the  
Corporation recognized  
$
0.6
 
million  
of  
expense
related to these shares with  
a tax benefit of $
0.1
 
million (September 30, 2024 - $
0.1
 
million with a tax benefit  
of $
21
 
thousand). For
the  
nine  
months  
ended September  
30,  
2025,  
the  
Corporation
granted
20,622
 
RSUs  
and
2,688
 
shares  
of  
restricted stock  
to  
the
Directors (September 30, 2024 -
22,887
 
RSUs and
1,392
 
shares of unrestricted stock)  
and the Corporation recognized $
1.3
 
million
of expense related  
to these shares,  
with a tax  
benefit of $
0.2
 
million, (September 30, 2024  
- $
2.2
 
million, with a  
tax benefit of  
$
0.4
million). The fair value at vesting  
date of the RSUs vested  
during the nine months ended September 30, 2025  
for the Directors was
$
2.3
 
million.

 
114
Note 26 – Income taxes

 

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

 

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

% of pre-tax
income  

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

$
92,733
37.5
%
$
74,169
37.5
%
Net benefit of tax exempt income
( 51,732 )
( 20.9 )
( 29,055 )
( 13.3 )
Effect of income subject to preferential tax rate
( 2,490 )
( 1.0 )
( 327 )
-
Deferred tax asset valuation allowance
2,748
1.1
451
-
Difference in tax rates due to multiple jurisdictions
( 6,212 )
( 2.5 )
( 6,764 )
( 3.1 )
State and local taxes
2,717
1.1
3,429
0.4
Others
( 1,794 )
( 0.8 )
560
-
Income tax expense
$
35,970
14.5
%
$
42,463
21.5
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended
September 30, 2025
September 30, 2024
(In thousands)
Amount  

% of pre-tax
income  

Amount
% of pre-tax
income  

Computed income tax expense at statutory rates  

$
273,066
37.5
%
$
215,582
37.5
%
Net benefit of tax exempt income
( 137,061 )
( 18.8 )
( 91,035 )
( 15.8 )
Effect of income subject to preferential tax rate
( 4,009 )
( 0.6 )
( 475 )
( 0.1 )
Deferred tax asset valuation allowance
10,680
1.5
2,779
0.5
Difference in tax rates due to multiple jurisdictions
( 11,469 )
( 1.6 )
( 11,893 )
( 2.1 )
Other tax benefits
-
-
( 4,500 )
( 0.8 )
Tax on intercompany  
distributions
[1]
-
-
24,325
4.2
U.S., States, and local taxes
7,167
1.0
6,669
1.2
Others
( 9,456 )
( 1.3 )
( 2,962 )
( 0.5 )
Income tax expense
$
128,918
17.7
%
$
138,490
24.1
%
[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
September 30, 2025, and December 31, 2024,  
were as follows:

 
115
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available  
for carryforward
$
4,861
$
38,382
$
43,243
Net operating loss and other carryforward available  

60,370
584,546
644,916
Postretirement and pension benefits
28,228
-
28,228
Allowance for credit losses
249,065
28,482
277,547
Deferred loan origination fees/cost
4,533
( 2,844 )
1,689
Depreciation
7,700
7,742
15,442
FDIC-assisted transaction
152,665
-
152,665
Lease liability
28,040
18,572
46,612
Unrealized net loss on investment securities
179,530
14,083
193,613
Difference in outside basis from pass-through entities
53,182
-
53,182
Mortgage Servicing Rights
15,051
-
15,051
Other temporary differences
33,698
8,555
42,253
Total gross deferred  
tax assets
816,923
697,518
1,514,441
Deferred tax liabilities:
Intangibles
91,503
55,023
146,526
Right of use assets
25,509
16,666
42,175
Loans acquired
17,244
-
17,244
Other temporary differences
7,476
429
7,905
 

Total gross deferred  
tax liabilities
141,732
72,118
213,850
Valuation allowance
78,134
386,914
465,048
Net deferred tax asset
$
597,057
$
238,486
$
835,543
 
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

116
The  
net  
deferred  
tax  
assets  
shown  
in  
the  
table  
above  
at  
September  
30,  
2025,  
is  
reflected  
in  
the  
Consolidated  
Statements  
of
Financial Condition as $
837.3
 
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 September 30, 2025, the net deferred tax  
assets of the U.S. operations amounted to $
625.4
 
million with a valuation allowance of
$
386.9
 
million, for  
net  
deferred tax  
assets  
after valuation  
allowance of  
$
238.5
 
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.  
These historical financial results are objectively verifiable positive evidence, evaluated  
together with the positive evidence of
stable credit  
metrics. 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 and  
the
length of the federal budget  
impasse that could negatively impact U.  
S. operations’ achieving expected pre-tax income  
levels in the
near future.  
As of September 30, 2025, after weighting all positive and negative evidence, the Corporation concluded that it is more
likely than not that $
238.5
 
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 September 30, 2025,  
the Corporation’s net deferred  
tax assets related to  
its Puerto Rico operations amounted  
to $
597.1
 
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 $
78.1
 
million as of September 30, 2025.

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

 
117
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
Balance at September 30
$
1.5
$
1.5

At September  
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 September 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 September 30, 2025 (December  
31,
2024 - $
3.0
 
million).
The amount of  
unrecognized tax benefits  
may increase or  
decrease in the  
future for various  
reasons including adding amounts  
for
current  
tax  
year  
positions,  
expiration  
of  
open  
income  
tax  
returns  
due  
to  
the  
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 September 30, 2025, the following years remain subject to examination in the U.S.
Federal jurisdiction: 2022 and thereafter; and in  
the Puerto Rico jurisdiction, 2018 and thereafter.

 
118
Note 27 – Supplemental disclosure on the consolidated  
statements of cash flows

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
September 30, 2024
Non-cash activities:
 
Loans transferred to other real estate
$
20,915
$
34,756
 
Loans transferred to other property
66,838
61,447
 
Total loans transferred  
to foreclosed assets
87,753
96,203
 
Loans transferred to other assets
37,338
37,495
 
Financed sales of other real estate assets
5,234
8,551
 
Financed sales of other foreclosed assets
43,032
39,283
 
Total financed sales  
of foreclosed assets
48,266
47,834
 
Financed sale of premises and equipment
41,746
59,628
 
Transfers from loans held-in-portfolio to  
loans held-for-sale
5,739
7,505
 
Transfers from loans held-for-sale to loans  
held-in-portfolio
1,792
5,084
 
Loans securitized into investment securities
[1]
6,852
11,162
 
Trades receivable from brokers and counterparties
9,125
4,983
 
Trades payable to brokers and counterparties
306,775
3,540
 
Net change in receivables from investments maturities
13,861
176,000
 
Recognition of mortgage servicing rights on securitizations  
or asset transfers
675
998
 
Loans booked under the GNMA buy-back option
5,349
2,836
 
Capitalization of lease right of use asset
33,276
2,553
[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)
September 30, 2025
September 30, 2024
Cash and due from banks
$
370,684
$
418,168
Restricted cash and due from banks
6,395
9,426
Restricted cash in money market investments
10,180
8,072
Total cash and due  
from banks, and restricted cash
[2]
$
387,259
$
435,666
[2]  

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

119
Note 28 – 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:

120
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
For the quarter ended September 30, 2025
Intersegment  

(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
765,204
$
201,327
$
( 423 )
Interest expense
214,489
96,124
( 423 )
Net interest income
550,715
105,203
-
Provision for credit losses
73,326
1,833
-
Non-interest income  

150,619
6,888
-
Personnel costs
170,524
28,451
-
Professional fees
12,764
2,643
-
Technology and  
software expenses
67,146
9,977
-
Processing and transactional services
37,794
607
-
Amortization of intangibles
240
144
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
10,759
2,439
-
Other operating expenses
[1]
113,649
26,463
-
Total operating  
expenses
412,876
83,724
-
Income before income tax
215,132
26,534
-
Income tax expense
26,104
8,732
-
Net income
$
189,028
$
17,802
$
-
Segment assets
$
59,771,004
$
14,940,858
$
( 50,833 )
For the quarter ended September 30, 2025
Reportable  

(In thousands)
Segments
Corporate
Eliminations
Total Popular,  
Inc.
Interest income
$
966,108
$
1,373
$
( 832 )
$
966,649
Interest expense
310,190
10,786
( 832 )
320,144
Net interest income (expense)
655,918
( 9,413 )
-
646,505
Provision for credit losses (benefit)
75,159
( 34 )
-
75,125
Non-interest income
157,507
15,330
( 1,642 )
171,195
Personnel costs
198,975
34,013
-
232,988
Professional fees
15,407
10,682
( 281 )
25,808
Technology and  
software expenses
77,123
9,994
-
87,117
Processing and transactional services
38,401
7
-
38,408
Amortization of intangibles
384
-
-
384
 
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
13,198
384
-
13,582
Other operating expenses
[1]
140,112
( 54,815 )
( 1,297 )
84,000
Total operating  
expenses
496,600
265
( 1,578 )
495,287
Income before income tax
241,666
5,686
( 64 )
247,288
Income tax expense
34,836
1,120
15
35,971
Net income
$
206,830
$
4,566
$
( 79 )
$
211,317
Segment assets
$
74,661,029
$
5,772,344
$
( 5,367,575 )
$
75,065,798
[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.

 
121
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
Intersegment  

(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
2,245,804
$
583,387
$
( 3,145 )
Interest expense
634,722
283,048
( 3,145 )
Net interest income
1,611,082
300,339
-
Provision for credit losses
169,290
18,975
-
Non-interest income  

433,809
20,452
-
Personnel costs
486,602
81,280
-
Professional fees
38,848
7,832
-
Technology and  
software expenses
195,523
30,410
-
Processing and transactional services
112,249
1,786
-
Amortization of intangibles
822
544
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
30,797
6,902
-
Other operating expenses
[1]
374,407
80,103
-
Total operating  
expenses
1,239,248
221,857
-
Income before income tax
636,353
79,959
-
Income tax expense
96,803
24,734
-
Net income
$
539,550
$
55,225
$
-
Segment assets
$
59,771,004
$
14,940,858
$
( 50,833 )
For the nine months ended September 30, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
2,826,046
$
4,487
$
( 3,014 )
$
2,827,519
Interest expense
914,625
32,257
( 3,014 )
943,868
Net interest income (expense)
1,911,421
( 27,770 )
-
1,883,651
Provision for credit losses (benefit)
188,265
( 118 )
-
188,147
Non-interest income
454,261
40,466
( 2,994 )
491,733
Personnel costs
567,882
107,174
-
675,056
Professional fees
46,680
34,926
( 865 )
80,741
Technology and  
software expenses
225,933
29,548
-
255,481
Processing and transactional services
114,035
15
-
114,050
Amortization of intangibles
1,366
-
-
1,366
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
37,699
1,202
-
38,901
Other operating expenses
[1]
454,510
( 171,398 )
( 2,647 )
280,465
Total operating  
expenses
1,461,105
1,467
( 3,512 )
1,459,060
Income before income tax
716,312
11,347
518
728,177
Income tax expense
121,537
7,072
309
128,918
Net income
$
594,775
$
4,275
$
209
$
599,259
Segment assets
$
74,661,029
$
5,772,344
$
( 5,367,575 )
$
75,065,798
[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.

122
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
For the quarter ended September 30, 2024
Intersegment  

(In thousands)
BPPR
 
Popular U.S.
Eliminations
Interest income
$
743,936
$
195,102
$
( 2,345 )
Interest expense
255,928
101,974
( 2,345 )
Net interest income
488,008
93,128
-
Provision for credit losses (benefit)
77,514
( 6,066 )
-
Non-interest income  

149,050
6,789
-
Personnel costs
149,563
26,372
-
Professional fees
14,490
2,821
-
Technology and  
software expenses
67,778
9,959
-
Processing and transactional services
33,775
542
-
Amortization of intangibles
394
310
-
Depreciation expense
13,023
2,063
-
Other operating expenses
[1]
124,621
22,662
-
Total operating  
expenses
403,644
64,729
-
Income before income tax
155,900
41,254
-
Income tax expense
30,064
12,472
-
Net income
$
125,836
$
28,782
$
-
Segment assets
$
56,906,693
$
14,306,045
$
( 260,464 )
For the quarter ended September 30, 2024
Reportable  

(In thousands)
Segments
Corporate
Eliminations
Total Popular,  
Inc.
Interest income
936,693
2,098
( 1,343 )
937,448
Interest expense
355,557
10,761
( 1,343 )
364,975
Net interest income (expense)
$
581,136
$
( 8,663 )
$
-
$
572,473
Provision for credit losses (benefit)
71,448
-
-
71,448
Non-interest income  

155,839
8,876
( 633 )
164,082
Personnel costs
175,935
25,921
-
201,856
Professional fees
17,311
9,584
( 187 )
26,708
Technology and  
software expenses
77,737
10,715
-
88,452
Processing and transactional services
34,317
3
-
34,320
Amortization of intangibles
704
-
-
704
Depreciation expense
15,086
385
-
15,471
Other operating expenses
[1]
147,283
( 46,614 )
( 859 )
99,810
Total operating  
expenses
468,373
( 6 )
( 1,046 )
467,321
Income before income tax
197,154
219
413
197,786
Income tax expense (benefit)
42,536
( 279 )
206
42,463
Net income
$
154,618
$
498
$
207
$
155,323
Segment assets
$
70,952,274
$
5,887,340
$
( 5,516,540 )
$
71,323,074
[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.

 
123
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,195,266
$
564,580
$
( 8,254 )
Interest expense
745,672
300,748
( 8,254 )
Net interest income
1,449,594
263,832
-
Provision for credit losses
188,576
1,806
-
Non-interest income  

447,073
19,909
( 56 )
Personnel costs
448,253
79,578
-
Professional fees
41,426
9,454
( 56 )
Technology and  
software expenses
191,218
28,643
-
Processing and transactional services
105,866
1,730
-
Amortization of intangibles
1,302
931
-
Depreciation expense
39,349
6,210
-
Other operating expenses
[1]
383,500
77,902
-
Total operating  
expenses
1,210,914
204,448
( 56 )
Income before income tax
497,177
77,487
-
Income tax expense
92,810
23,917
-
Net income
$
404,367
$
53,570
$
-
Segment assets
$
56,906,693
$
14,306,045
$
( 260,464 )
For the nine months ended September 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
2,751,592
$
10,287
$
( 8,383 )
$
2,753,496
Interest expense
1,038,166
32,184
( 8,383 )
1,061,967
Net interest income (expense)
1,713,426
( 21,897 )
-
1,691,529
Provision for credit losses (benefit)
190,382
458
-
190,840
Non-interest income
466,926
31,314
( 4,034 )
494,206
Personnel costs
527,831
86,826
-
614,657
Professional fees
50,824
43,312
( 766 )
93,370
Technology and  
software expenses
219,861
27,805
-
247,666
Processing and transactional services
107,596
14
-
107,610
Amortization of intangibles
2,233
-
-
2,233
Depreciation expense
45,559
1,161
-
46,720
Other operating expenses
[1]
461,402
( 150,953 )
( 2,695 )
307,754
Total operating  
expenses
1,415,306
8,165
( 3,461 )
1,420,010
Income before income tax
574,664
794
( 573 )
574,885
Income tax expense (benefit)
116,727
21,921
( 158 )
138,490
Net income
$
457,937
$
( 21,127 )
$
( 415 )
$
436,395
Segment assets
$
70,952,274
$
5,887,340
$
( 5,516,540 )
$
71,323,074
[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.

 
124
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 nine months ended September 30, 2025, BPPR participated in loans originated by PB totaling $
29
 
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 $
103
 
million in  
multifamily loans (December  
31, 2024  
- $
104
 
million), $
421
 
million in commercial
real estate loans (December 31, 2024 - $
588
 
million), $
707
 
million in C&I loans (December 31, 2024 - $
685
 
million), and $
54
 
million
in unsecured  
personal loans  
(December 31,  
2024 -  
$
113
 
million). During  
the nine  
months ended  
September 30,  
2025, the  
BPPR
segment generated $
75.6
 
million (September 30,  
2024 - $
91.2
 
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 $
38.7
 
million in  
revenues during  
the nine  
months ended  
September 30,  
2025
(September 30, 2024 - $
32.3
 
million) from its operations in the U.S. and  
British Virgin Islands.

 

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

$
654,274
$
582,953
$
1,900,467
$
1,735,035
 
United States
135,852
133,067
402,342
386,819
 
Other
27,574
20,535
72,575
63,881
Total consolidated  
revenues  

$
817,700
$
736,555
$
2,375,384
$
2,185,735
[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)
September 30, 2025
December 31, 2024
Puerto Rico
 

Total assets
$
57,492,551
$
55,888,211
 

Loans
25,362,400
24,154,610
 

Deposits
52,929,118
52,099,309
United States
 

Total assets
$
16,279,331
$
15,890,339
 

Loans
12,815,827
12,431,859
 

Deposits
11,861,212
11,030,879
Other
 

Total assets
$
1,293,916
$
1,266,833
 

Loans
516,714
526,606
 

Deposits
[1]
1,723,074
1,754,157
[1]
Represents deposits from BPPR operations located in the  
U.S. and British Virgin Islands.

 
 
125
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 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  
28  
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.
OVERVIEW
Financial highlights for the quarter ended September 30,  
2025
The Corporation’s  
net income for  
the quarter  
ended September 30,  
2025 amounted to  
$211.3  
million, an  
increase of  
$56.0 million
when compared to a  
net income of $155.3 million  
for the quarter ended September  
30, 2024. Higher net  
income was mainly driven
by higher net interest income, offset in part by an increase  
in operating expense.  

Financial highlights for the quarter ended September 30,  
2025 include:
●
 
Net  
interest  
income  
amounted  
to  
$646.5  
million,  
an  
increase  
of  
$74.0  
million  
when  
compared  
to  
the  
quarter  
ended
September 30,  
2024, driven  
by lower cost  
of deposits,  
investments in U.S.  
Treasury securities  
at higher yields  
and loan
growth.  
Net interest income on  
a taxable equivalent basis for  
the third quarter of  
2025 was $720.8 million,  
an increase of
$107.9  
million.  
Net  
interest  
margin  
expanded  
by  
27  
bps  
to  
3.51%.  
On  
a  
taxable  
equivalent  
basis,  
net  
interest  
margin
expanded by 43 basis points to 3.90%.  

●
 
The provision for  
credit losses amounted to  
$75.1 million for the  
quarter ended September 30,  
2025, an increase of  
$3.7
million  
when compared  
to  
the  
quarter  
ended  
September  
30,  
2024,  
driven  
by  
higher  
reserves  
in  
the  
commercial  
loans

126
portfolio, mainly due to two unrelated NPL inflows during the quarter, partially offset by  
a lower provision for the consumer
loans portfolio due to improvements in credit quality.  

●
 
Non-interest  
income  
amounted  
to  
$171.2  
million,  
an  
increase  
of  
$7.1  
million  
when  
compared  
to  
the  
quarter  
ended
September 30, 2024, mainly driven by  
higher credit and debit card fee income,  
a favorable valuation adjustment of equity
securities held for deferred compensation plans, higher other operating income  
due to a retroactive charge to a tenant  
for
energy supplied in prior years, and higher investment  
management fees.
●
 
Operating expenses amounted to $495.3 million for  
the quarter, reflecting  
an increase of $28.0 million when  
compared to
the quarter ended September 30, 2024.  
The increase was mainly driven by  
higher personnel costs, primarily due to profit
sharing  
accrual  
and  
higher  
incentives,  
and  
a  
non-cash  
goodwill  
impairment  
charge  
related  
to  
our  
U.S.  
based  
leasing
subsidiary,  
partially offset by lower insurance claims and operational  
losses reserves and lower equipment expenses.
●
 
Income tax expense  
of $36.0 million with  
an effective tax  
rate (“ETR”) of  
14.5% during the  
quarter ended September 30,
2025, compared  
to an  
income tax  
expense of  
$42.5 million  
with an  
ETR of  
21.5% for  
the quarter  
ended September  
30,
2024 due to higher tax-exempt income and tax  
credit purchases during 2025.
●
 
At September 30,  
2025, the Corporation’s  
total assets amounted  
to $75.1 billion,  
compared to $73.0  
billion at December
31,  
2024.  
The  
increase  
of  
$2.1  
billion  
is  
primarily  
due  
to  
higher  
balance  
in  
the  
available-for-sale  
(“AFS”)  
securities
portfolio,  
mainly  
driven  
by  
higher  
U.S.  
Treasury  
securities,  
and  
an  
increase  
across  
most  
loan  
portfolios,  
mainly  
in
commercial,  
mortgage,  
and  
construction,  
partially  
offset  
by  
lower  
balance  
in  
the  
money  
market  
investments,  
held-to-
maturity (“HTM”) investment securities, and a decrease  
in other assets.
●
 
Deposits amounted to $66.5 billion at September 30, 2025, an increase of $1.6 billion from December 31, 2024, driven by
an increase in high-cost deposits,  
mainly time deposits at PB, and P.R. public deposits.
●
 
Stockholders’ equity amounted to $6.1 billion at September 30, 2025,  
compared to $5.6 billion at December 31, 2024. The
Corporation and  
its  
banking subsidiaries  
continue to  
be  
well capitalized.  
As  
of  
September  
30,  
2025, the  
Corporation’s
tangible book value per common share was $79.12, an increase of $10.96 from December 31, 2024. The Common Equity
Tier 1 Capital ratio at September 30, 2025 was 15.79%,  
compared to 16.03% at December 31, 2024.
Refer to Table 1 for selected financial data for the quarters ended September 30, 2025 and  
September 30, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
127
Table 1 - Financial Highlights
Financial Condition Highlights
Ending balances at  

Average for the nine months ended
(In thousands)
September 30,
2025
December 31,
2024
Variance
September
30, 2025
September
30, 2024
Variance
Money market investments
$
4,754,391
$
6,380,948
$
(1,626,557)
$
6,205,101
$
6,663,967
$
(458,866)
Investment securities
28,371,673
26,244,977
2,126,696
28,758,022
27,701,911
1,056,111
Loans
[1]
38,694,941
37,113,075
1,581,866
37,692,744
35,411,807
2,280,937
Earning assets
71,821,005
69,739,000
2,082,005
72,655,867
69,777,685
2,878,182
Total assets
75,065,798
73,045,383
2,020,415
75,776,756
72,851,597
2,925,159
Deposits
66,513,404
64,884,345
1,629,059
66,452,057
64,521,953
1,930,104
Borrowings
1,246,807
1,176,126
70,681
1,145,836
1,039,130
106,706
Total liabilities
68,950,126
67,432,317
1,517,809
68,584,814
66,530,111
2,054,703
Stockholders’ equity
6,115,672
5,613,066
502,606
7,191,941
6,321,486
870,455
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 September 30,
Nine months ended September 30,
(In thousands, except per share information)
2025
2024
Variance
2025
2024
Variance
Net interest income  

$
646,505
$
572,473
$
74,032
$
1,883,651
$
1,691,529
$
192,122
Provision for credit losses
 
(benefit)
75,125
71,448
3,677
188,147
190,840
(2,693)
Non-interest income
171,195
164,082
7,113
491,733
494,206
(2,473)
Operating expenses
495,287
467,321
27,966
1,459,060
1,420,010
39,050
Income before income tax
247,288
197,786
49,502
728,177
574,885
153,292
Income tax expense
35,971
42,463
(6,492)
128,918
138,490
(9,572)
Net income
$
211,317
$
155,323
$
55,994
$
599,259
$
436,395
$
162,864
Net income applicable to common stock
$
210,964
$
154,970
$
55,994
$
598,200
$
435,336
$
162,864
Net income per common share – basic
$
3.15
$
2.16
$
0.99
$
8.78
$
6.06
$
2.72
Net income per common share – diluted
$
3.14
$
2.16
$
0.98
$
8.78
$
6.05
$
2.73
Dividends declared per common share
$
0.75
$
0.62
$
0.13
$
2.15
$
1.86
$
0.29
Quarters ended September 30,
Nine months ended September 30,
Selected Statistical Information
2025
2024
2025
2024
Common Stock Data
 
End market price
$
129.10
100.27
$
129.10
100.27
 
Book value per common share at period end
91.00
80.35
91.00
80.35
Profitability Ratios
 
Return on assets
1.09
%
0.84
%
1.06
%
0.79
%
 
Return on common equity
11.60
8.82
11.15
8.43
 
Net interest spread (non-taxable equivalent basis)
2.87
2.43
2.81
2.41
 
Net interest spread (taxable equivalent) - Non-GAAP
3.26
2.66
3.18
2.65
 
Net interest margin (non-taxable equivalent basis)
3.51
3.24
3.46
3.20
 
Net interest margin (taxable equivalent) - Non-GAAP
3.90
3.47
3.83
3.44
Capitalization Ratios
 
Average equity to average assets
9.46
%
8.86
%
9.49
%
8.68
%
 
Common equity Tier 1 capital
15.79
16.42
15.79
16.42
 
Tangible common  
book value per common share (non-GAAP)
[2]
79.12
69.04
79.12
69.04
 
Return on average tangible common equity
[2]
13.06
9.98
12.57
9.56
 
Tier I capital  

15.84
16.48
15.84
16.48
 
Total capital
17.58
18.24
17.58
18.24
 
Tier 1 leverage
8.48
8.67
8.48
8.67
[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.

 
 
 
 
 
 
 
 
 
 
 
128
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  
nine months  
ended September  
30, 2024.  
There were  
no non-GAAP
adjustments for the nine months ended September  
30, 2025.  

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

income tax
Income tax
expense
(benefit)
Total
U.S. GAAP Net income
$574,885
$138,490
$436,395
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)
$595,572
$127,241
$468,331
[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.

129
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
nine months  
ended September  
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 attributable to exempt income, reducing the benefit of  
the tax-exempt income. The effective yield, on a  
taxable equivalent
basis, will  
vary depending on  
the level  
of these  
expenses that are  
attributable to  
the available exempt  
income. Under Puerto  
Rico
tax  
law,  
the  
exempt  
interest  
can  
be  
deducted  
up  
to  
the  
amount  
of  
taxable  
income.  
Management believes  
that  
this  
presentation
provides meaningful information since it facilitates the comparison  
of revenues arising from taxable and exempt  
sources.
Tangible Common Equity and Tangible Assets
Tangible  
common equity,  
tangible common equity ratio, tangible  
assets and tangible book value  
per common share are  
non-GAAP
financial measures.  
Tangible  
common equity  
ratio and  
tangible book  
value per  
common share  
should be  
used in  
conjunction with
more  
traditional  
bank  
capital  
ratios  
commonly  
used  
by  
banks  
and  
analysts  
to  
compare  
the  
capital  
adequacy  
of  
banking
organizations  
with  
significant  
amounts  
of  
goodwill  
or  
other  
intangible  
assets,  
typically  
stemming  
from  
the  
use  
of  
the  
purchase
accounting method for  
mergers and acquisitions.  
Tangible  
common equity,  
tangible assets  
and other related  
measures should not
be  
used  
in  
isolation  
or  
as  
a substitute  
for  
stockholders' equity,  
total  
assets  
or  
any  
other  
measure calculated  
in  
accordance  
with
GAAP.  
Moreover, the  
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
September 30, 2025 and December 31, 2024.

 
 
130
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
Net interest income (“NII”)  
for the quarter ended  
September 30, 2025 was  
$646.5 million an increase of  
$74.0 million, compared to
the same quarter in 2024. The increase in net interest income was supported by lower cost  
of deposits, mainly P.R.  
public deposits,
higher income from investments in U.S. Treasury securities at  
higher yields, and from loan growth. Net interest income on a  
taxable
equivalent basis for the third quarter of 2025  
was $720.8 million, an increase of $107.9  
million.
Net interest margin  
(“NIM”) for the  
quarter was 3.51%,  
an increase of  
27 basis points  
when compared to the  
third quarter of  
2024.
On a  
taxable equivalent  
basis, net  
interest margin  
for the  
third quarter  
of 2025  
was 3.90%,  
an increase  
of 43  
basis points  
when
compared to the third quarter of 2024, driven  
by higher level of tax-exempt securities and loans. NIM expansion, when compared  
to
the same quarter of  
the previous year,  
was mainly attributable to  
lower deposit costs driven  
as a result of  
the repricing of high-cost
deposits that  
are market-linked,  
mainly those  
of P.R.  
public deposits,  
and higher  
yields on  
U.S. Treasury  
securities. Total  
cost of
deposits decreased 37 basis points to 1.79%.
On a taxable equivalent basis, the main drivers of  
the increase for the third quarter of 2025 were:
●
 
higher income from investment securities and money market investments  
by $17.5 million, mainly driven by higher income
from  
U.S. Treasury  
securities  
by  
$49.3  
million  
or  
57  
basis  
points, due  
to  
higher  
re-investment activity  
at  
higher yields
partially offset  
by lower  
income from  
money market  
securities by  
$29.2 million  
as a  
result of  
the deployment  
of funds  
to
loan growth  
and the  
purchase of  
U.S. Treasury  
securities. During  
the third  
quarter of  
2025, the  
Corporation purchased
approximately  
$2.5  
billion  
of  
U.S.  
Treasury  
notes  
with  
an  
average duration  
of  
1.4  
years  
and  
a  
yield  
of  
approximately
3.65%, through a combination  
of approximately $1.0 billion  
in maturing U.S. Treasuries  
and a reduction of  
approximately
$1.5 billion in overnight Fed funds;
●
 
higher  
income  
from  
loans  
by  
$45.6  
million  
driven  
by  
loan  
growth  
most  
notably  
in  
the  
commercial,  
construction  
and
mortgage portfolios, including certain  
tax-exempt loans in BPPR,  
partially offset by  
lower yields by  
7 basis points,  
mainly
from adjustable rate commercial and construction portfolios  
due to short-term market rates decline; and
●
 
lower interest expense on  
deposits by $47.6 million, or  
37 basis points, when compared  
to the same period  
in 2024. The
cost of  
interest-bearing deposits  
decreased by  
52 basis  
points, mainly  
due to  
the repricing  
of market-linked  
P.R.  
public
deposits  
which  
decreased  
by  
105  
basis  
points  
to  
3.19%,  
and  
a  
decrease  
in  
the  
cost  
of  
deposits  
in  
Popular  
U.S.,
particularly in time deposits and those captured through  
online channels.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
131
Table 3 - Analysis of Levels & Yields  
on a Taxable Equivalent Basis  
(Non-GAAP)
Quarter ended September 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)
$
5,990
$
7,033
$
(1,043)
4.43
%
5.43
%
(1.00)
%
Money market
investments
$
66,867
$
96,061
$
(29,194)
$
(16,107)
$
(13,087)
28,957
27,569
1,388
3.42
2.92
0.50
Investment securities [1]
249,071
202,317
46,754
32,970
13,784
28
30
(2)
5.43
5.87
(0.44)
Trading securities  

391
436
(45)
(31)
(14)
Total money market,  

investment and
trading
34,975
34,632
343
3.59
3.43
0.16
securities
316,329
298,814
17,515
16,832
683
Loans:
19,229
17,798
1,431
6.72
6.90
(0.18)
Commercial
325,869
308,734
17,135
(7,239)
24,374
1,549
1,129
420
8.24
8.85
(0.61)
Construction
32,184
25,102
7,082
(1,732)
8,814
1,981
1,851
130
7.26
6.97
0.29
Leasing
35,957
32,241
3,716
1,378
2,338
8,484
7,911
573
5.96
5.73
0.23
Mortgage
126,352
113,409
12,943
4,523
8,420
3,257
3,211
46
13.80
14.08
(0.28)
Consumer
113,280
112,423
857
(787)
1,644
3,945
3,879
66
9.15
8.94
0.21
Auto
91,006
87,189
3,817
2,338
1,479
38,445
35,779
2,666
7.49
7.56
(0.07)
Total loans
724,648
679,098
45,550
(1,519)
47,069
$
73,420
$
70,411
$
3,009
5.63
%
5.53
%
0.10
%
Total earning assets
$
1,040,977
$
977,912
$
63,065
$
15,313
$
47,752
Interest bearing
deposits:
$
8,184
$
7,387
$
797
1.77
%
2.04
%
(0.27)
%
NOW and money
market
$
36,421
$
37,857
$
(1,436)
$
(4,891)
$
3,455
14,529
14,318
211
0.81
0.92
(0.11)
Savings  

29,772
33,134
(3,362)
(3,981)
619
8,825
8,366
459
3.16
3.45
(0.29)
Time deposits
70,196
72,503
(2,307)
(6,096)
3,789
20,766
19,468
1,298
3.19
4.24
(1.05)
P.R. public  
deposits
167,043
207,491
(40,448)
(52,899)
12,451
52,304
49,539
2,765
2.30
2.82
(0.52)
Total interest bearing
deposits
303,432
350,985
(47,553)
(67,867)
20,314
14,846
14,968
(122)
Non-interest bearing
demand deposits
67,150
64,507
2,643
1.79
2.16
(0.37)
Total deposits
303,432
350,985
(47,553)
(67,867)
20,314
405
101
304
4.52
5.62
(1.10)
Short-term borrowings
4,616
1,430
3,186
(267)
3,453
Other medium and  

812
950
(138)
5.98
5.32
0.66
long-term debt
12,096
12,560
(464)
226
(690)
Total interest bearing
53,521
50,590
2,931
2.37
2.87
(0.50)
liabilities (excluding
demand deposits)
320,144
364,975
(44,831)
(67,908)
23,077
Other sources of funds
5,053
4,853
200
$
73,420
$
70,411
$
3,009
1.73
%
2.06
%
(0.33)
%
Total source of funds
$
320,144
$
364,975
$
(44,831)
$
(67,908)
$
23,077
Net interest margin/
income on a taxable
equivalent basis (Non-
GAAP)
3.90
%
3.47
%
0.43
%
$
720,833
$
612,937
$
107,896
$
83,221
$
24,675
3.26
%
2.66
%
0.60
%
 
Net interest spread
Taxable equivalent
adjustment
74,328
40,464
33,864
Net interest margin/
income non-taxable
equivalent basis (GAAP)
3.51
%
3.24
%
0.27
%
$
646,505
$
572,473
$
74,032
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.

 
 
 
 
132
Net Interest income  
for the  
nine-month period ended  
September 30, 2025  
was $1.9  
billion, or $192.1  
million higher than  
the same
period in 2024.  
Taxable  
equivalent net interest  
income was $2.1  
billion, an increase  
of $264.6 million  
when compared to  
the same
period in  
2024. NIM  
was 3.46%,  
an increase  
of 26  
basis points  
when compared  
to 3.20%  
in 2024.  
NIM, on  
a taxable  
equivalent
basis, for the  
nine months ended September  
30, 2025 was  
3.83%, an increase  
of 39 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  
nine-month period ended September
30, 2025 were:
●
 
higher income  
from investment securities  
and money market  
investments by $29.3  
million driven  
by higher income  
from
U.S. Treasury  
securities by  
$103.2 million mainly  
due to  
higher yields by  
47 basis  
points and higher  
average volume  
by
$1.1 billion,  
as the  
Corporation continues to  
re-invest U.S.  
Treasury Notes  
maturities at  
higher yields,  
as well  
as use  
of
funds for  
the purchase  
of U.S.  
Treasury  
securities, partially  
offset by  
lower income  
from money  
market investments  
by
$66.3  
million,  
or  
102  
basis  
points,  
mainly  
due  
money  
market  
investments lower  
yield  
due  
to  
the  
decline  
in  
short-term
market rates and the use of  
funds for loan growth and investments in U.S.  
Treasury securities , as discussed above;
●
 
higher income from  
loans by $117.2  
million resulting from  
higher average balances by  
$2.3 billion, reflected across  
most
portfolios, most notably in the commercial, construction and mortgage loan portfolios, partially offset by lower loan yield by
three basis points driven by adjustable-rate construction  
and commercial portfolios due to the decline  
in market rates; and
●
 
lower deposit cost  
by $124.1 million  
mainly due to  
the repricing of  
market linked P.R.  
public deposits, which  
declined by
96 basis points, and the repricing of high-cost deposits  
at Popular U.S.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
133
Table 4 – Analysis of Levels & Yields  
on a Taxable Equivalent Basis  
from Continuing Operations (Non-GAAP)
Period ended September 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)
$
6,205
$
6,664
$
(459)
4.45
%
5.47
%
(1.02)
%
Money market
investments
$
206,565
$
272,893
$
(66,328)
$
(48,483)
$
(17,845)
28,729
28,271
458
3.28
2.88
0.40
Investment securities
[1]
705,879
610,341
95,538
79,281
16,257
29
30
(1)
5.74
5.02
0.72
Trading securities  

1,237
1,114
123
155
(32)
Total money market,  

investment and
trading
34,963
34,965
(2)
3.49
3.38
0.11
securities
913,681
884,348
29,333
30,953
(1,620)
Loans:
18,802
17,707
1,095
6.72
6.87
(0.15)
Commercial  

945,330
910,241
35,089
(20,306)
55,395
1,440
1,064
376
8.19
8.97
(0.78)
Construction
88,179
71,426
16,753
(6,722)
23,475
1,961
1,794
167
7.18
6.86
0.32
Leasing
105,650
92,292
13,358
4,501
8,857
8,331
7,818
513
5.89
5.67
0.22
Mortgage
368,141
332,626
35,515
13,125
22,390
3,224
3,209
15
14.10
13.94
0.16
Consumer
339,880
334,818
5,062
3,058
2,004
3,935
3,820
115
9.00
8.86
0.14
Auto
264,905
253,511
11,394
3,760
7,634
37,693
35,412
2,281
7.49
7.52
(0.03)
Total loans
2,112,085
1,994,914
117,171
(2,584)
119,755
$
72,656
$
70,377
$
2,279
5.57
%
5.46
%
0.11
%
Total earning assets
$
3,025,766
$
2,879,262
$
146,504
$
28,369
$
118,135
Interest bearing
deposits:
$
8,077
$
7,558
$
519
1.73
%
2.00
%
(0.27)
%
NOW and money
market
$
104,711
$
113,405
$
(8,694)
$
(14,883)
$
6,189
14,547
14,579
(32)
0.84
0.93
(0.09)
Savings  

91,430
101,008
(9,578)
(9,213)
(365)
8,587
8,142
445
3.17
3.35
(0.18)
Time deposits
203,909
204,014
(105)
(11,631)
11,526
20,464
19,168
1,296
3.24
4.20
(0.96)
P.R. public  
deposits
496,303
601,993
(105,690)
(144,853)
39,163
51,675
49,447
2,228
2.32
2.76
(0.44)
Total interest bearing
deposits
896,353
1,020,420
(124,067)
(180,580)
56,513
14,778
15,075
(297)
Non-interest bearing
demand deposits
66,453
64,522
1,931
1.80
2.11
(0.31)
Total deposits
896,353
1,020,420
(124,067)
(180,580)
56,513
333
89
244
4.55
5.65
(1.10)
Short-term
borrowings
11,342
3,748
7,594
(669)
8,263
Other medium and  

835
975
(140)
5.79
5.18
0.61
long-term debt
36,173
37,799
(1,626)
3,875
(5,501)
Total interest bearing
52,843
50,511
2,332
2.39
2.81
(0.42)
liabilities (excluding
demand deposits)
943,868
1,061,967
(118,099)
(177,374)
59,275
5,035
4,791
244
Other sources of
funds
$
72,656
$
70,377
$
2,279
1.74
%
2.02
%
(0.28)
%
Total source of funds
$
943,868
$
1,061,967
$
(118,099)
$
(177,374)
$
59,275
3.83
%
3.44
%
0.39
%
Net interest margin/
income on a taxable
equivalent basis
(Non-GAAP)
$
2,081,898
$
1,817,295
$
264,603
$
205,743
$
58,860
3.18
%
2.65
%
0.53
%
Net interest spread
Taxable equivalent
adjustment
198,247
125,766
72,481
3.46
%
3.20
%
0.26
%
Net interest margin/
income non-taxable
equivalent basis
(GAAP)
$
1,883,651
$
1,691,529
$
192,122
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.

134
Provision for Credit Losses - Loans Held-in-Portfolio  
and Unfunded Commitments
For the  
quarter ended September  
30, 2025,  
the Corporation  
recorded a provision  
for credit  
losses of $75.1  
million, an  
increase of
$3.7 million when compared to the same quarter of the previous  
year. The provision for loan  
and lease losses was $74.5 million, an
increase  
of  
$1.7  
million,  
and  
the  
provision  
for  
unfunded commitments  
was  
$0.8  
million,  
an  
unfavorable variance  
of  
$1.3  
million,
mainly driven by higher unfunded commitments at the BPPR segment.  
The provision release for HTM was $0.2 million,  
an increase
of $0.6 million when compared to the same quarter  
of the previous year.
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 nine months ended September  
30, 2025 was $13.7  
million in additional reserves. There  
were no changes to
the probability weights during the third quarter  
of 2025. The probability weight for  
the pessimistic scenario remains above the levels
observed in 2024, given the ongoing economic uncertainty.  

The major  
drivers of  
the changes  
in the  
provision for  
loan losses  
during the  
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 $72.6 million, a decrease  
of $4.5 million when compared  
to the
same quarter in 2024, driven by lower reserves for the consumer  
portfolio of $30.6 million, mainly in auto loans and credit
cards,  
due  
to  
improvements  
in  
credit  
quality  
and  
lower  
net  
charge-offs.  
The  
favorable  
variance  
was  
partially  
offset  
by
higher  
reserves  
in  
the  
commercial  
portfolio  
by  
$21.7  
million  
due  
to  
a  
specific  
reserve  
recognized  
for  
a  
$158.3  
million
commercial  
and  
industrial  
facility  
and  
a  
$13.5  
million  
charge-off  
recognized  
during  
the  
quarter  
for  
a  
$30.1  
million
commercial real estate facility,  
both classified as NPLs during the quarter.
●
 
In the Popular  
U.S. segment, the provision  
for loans losses  
was $1.9 million,  
an increase of  
$6.3 million when compared
to the  
same quarter  
in 2024,  
mainly driven  
higher qualitative  
reserves for  
the commercial  
real estate  
portfolios, partially
offset by lower net charge-offs mainly in consumer portfolios.
For  
the nine  
months ended  
September 30,  
2025, the  
provision for  
credit  
losses amounted  
to  
$188.1 million,  
a decrease  
of  
$2.7
million, compared to the  
nine months ended September  
30, 2024. The provision  
for the loan  
portfolio was $189.3 million,  
flat when
compared to the nine months ended September 30, 2024. The provision release related to unfunded commitments was $1.6 million,
a  
decrease  
of  
$3.0  
million,  
mainly  
driven  
by  
the  
reduction  
in  
unfunded commitments  
within  
the  
U.S.  
construction  
portfolio.  
The
provision for HTM was  
$0.5 million, an increase  
of $0.9 million when compared  
to the same period  
of the previous year.  
The major
drivers of the provision for loan losses during the nine months ended September 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 for the nine months ended September 30,  
2025 was $168.5 million, a
decrease  
of  
$18.3  
million  
when  
compared  
to  
the  
same  
period  
in  
2024,  
driven  
by  
improvement  
in  
credit  
quality  
in  
the
consumer portfolio, mainly in credit cards, and the stable performance of the lease portfolio for which a qualitative reserve
was established in 2024, partially offset by an increase in provisions for the  
mortgage portfolio, driven by lower recoveries
and changes in macroeconomic forecasts and credit  
quality.
●
 
In  
the  
Popular  
U.S.  
segment,  
the  
provision  
for  
loan  
losses  
was  
$20.8  
million,  
an  
increase  
of  
$18.2  
million,  
driven  
by
changes  
in  
credit  
quality  
within  
the  
commercial  
portfolio,  
partially  
offset  
by  
lower  
net  
charge-offs  
within  
the  
consumer
portfolios.  

At  
September 30,  
2025, the  
total  
allowance for  
credit  
losses for  
loans held-in-portfolio  
amounted to  
$786.2 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  
2.03%  
at
September  
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

135
Non-interest income  
amounted to $171.2  
million for  
the third  
quarter of  
2025, an  
increase of  
$7.1 million  
when compared with  
the
same quarter for the previous year. This variance was primarily due  
to:
●
 
higher gains from equity securities by $2.7 million mainly due to the valuation of securities held for deferred compensation
plans, which have an offsetting effect on personnel cost;
●
 
higher other  
service fees  
by  
$2.6 million  
mainly due  
to  
higher credit  
and debit  
card fee  
income by  
$3.3 million,  
due to
higher  
volume  
of  
costumer  
transactions,  
and  
higher  
investment  
management  
fees  
by  
$1.1  
million,  
driven  
by  
a  
higher
assets under management, partially offset by lower insurance  
fees by $2.4 million; and
●
 
higher other operating income by $2.1 million mainly  
due to income of $5.3 million related to  
a retroactive charge billed to
a tenant  
for energy  
supplied in  
prior years  
and higher  
income from  
investments accounted  
under the  
equity method  
by
$4.1 million, partially offset  
by lower daily car  
rental revenue by $5.0 million  
and gains from the sale  
of car rental units  
by
$1.4 million, associated with the car rental business  
sold in the fourth quarter of 2024;
Non-interest income amounted  
to $491.7  
million for  
the nine  
months ended September  
30, 2025,  
a decrease of  
$2.5 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 $13.6 million mainly due to lower daily car rental revenue by $14.9 million and gains from
the sale  
of car  
rental units  
by $7.7  
million  
during the  
nine months  
ended September  
30, 2025  
associated with  
the car
rental business sold in  
the fourth quarter of  
2024, partially offset by  
income of $5.3 million  
related to a retroactive  
charge
billed to  
a tenant  
for energy  
supplied in  
prior years  
and $3.3  
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 as  
disclosed in 2024; and
●
 
lower mortgage  
banking activities  
by  
$1.4 million  
mainly due  
to  
a decrease  
in mortgage  
servicing fees  
due to  
portfolio
runoff;
partially offset by:
●
 
higher other  
service fees  
by $6.5  
million due  
to  
higher credit  
and debit  
card fee  
income by  
$7.3 million,  
due to  
higher
volume of  
transactions, higher  
investment management  
fees by  
$3.8 million,  
due to  
higher assets  
under management,
and higher merchant membership fees by $1.2  
million, partially offset by lower insurance fees by  
$6.5 million;
●
 
higher  
service  
charges  
on  
deposit  
accounts  
by  
$3.7  
million  
mainly  
due  
to  
higher  
non-balance  
compensation  
fees  
in
commercial deposits; and
●
 
an impairment on equity securities of $2.3  
million recognized during 2024.

136
Operating Expenses
Operating  
expenses  
amounted  
to  
$495.3  
million  
for  
the  
quarter  
ended  
September  
30,  
2025,  
an  
increase  
of  
$28.0  
million  
when
compared with the same quarter of 2024. The  
variance in operating expenses was mainly driven  
by:
●
 
higher personnel costs by $31.1 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 $9.0 million in other performance-based incentives, higher salaries
expense by $3.4 million, due to  
a higher headcount and annual merit increases, and a  
$3.4 million increase in other personnel
costs mainly  
related to  
the valuation  
of securities  
held for  
deferred compensation  
plans,  
higher payroll  
taxes, and  
employee
termination benefits resulting from ongoing  
efforts to improve our  
profitability, including the  
decision to exit the  
U.S. residential
mortgage origination business and close four underperforming  
branches in the New York metro area at Popular U.S.;
●
 
a  
non-cash  
goodwill  
impairment  
of  
$13.0  
million  
in  
our  
U.S.  
based  
equipment  
leasing  
subsidiary  
due  
to  
lower  
projected
earnings for the forecasted period; and
●
 
higher processing  
and transactional  
services expenses  
by $4.1  
million mainly  
due to  
higher credit  
and debit  
card processing
expense as a result of higher transactional volumes;
partially offset by:
●
 
lower other operating expenses  
by $12.9 million mainly  
driven by a reversal  
in the third  
quarter of 2025 of  
a $4.8 million claim
reserve established  
during the  
second quarter  
of 2025  
and lower  
accruals for  
reserves for  
operational losses  
by $4.1  
million
mainly related to the mortgage servicing business; and
●
 
lower equipment expenses by $4.0 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  
$1.5 billion  
for the  
nine months  
ended September  
30, 2025,  
an increase  
of $39.1  
million when
compared with the same  
period of 2024. Excluding the  
$6.4 million interest accrued related  
to prior period tax  
withholdings and the
$14.3  
million  
impact  
of  
the  
FDIC  
Special  
Assessment  
recorded  
in  
2024,  
total  
operating  
expenses  
for  
the  
nine  
months  
ended
September 30,  
2025, increased  
by $59.7  
million, when  
compared with  
the same  
period of  
2024. The  
main drivers  
of the  
increase
were:
●
 
higher personnel costs by $60.4 million mainly due to higher incentives, including $26.0 million related to the profit-sharing  
plan
which  
is  
tied  
to  
the  
Corporation’s  
financial  
performance  
and  
$18.3  
million  
in  
other  
performance-based  
incentives,  
higher
salaries expenses  
by $9.1  
million due  
to a  
higher headcount  
and annual merit  
increases and a  
$5.7 million  
increase in  
other
personnel costs mainly related to the valuation of  
securities held for deferred compensation plans and  
higher payroll taxes;
●
 
a non-cash goodwill impairment of $13.0 million  
in our U.S. based equipment leasing subsidiary  
as discussed above;
●
 
higher other taxes expense by $7.9  
million mainly due to higher regulatory fees  
and an increase in municipal license tax in
Puerto Rico;  

●
 
higher technology  
and software  
expenses,  
including software  
cost amortization,  
by $7.8  
million related  
to investments  
in the
Corporation’s cloud infrastructure, among other continuing investments  
in technology and transformation initiatives;  

●
 
higher  
processing  
and  
transactional  
services  
expenses  
by  
$6.4  
million  
mainly  
due  
to  
higher  
credit  
and  
debit  
card  
and  

merchant processing expenses as a result of higher  
transactional volumes; and
●
 
higher business  
promotion expenses  
by $5.3  
million mainly  
due to  
higher customer  
rewards programs  
expense in  
our credit
card business;
partially offset by:

137
●
 
lower other  
operating expenses  
by $17.3  
million mainly  
driven by,  
lower accruals  
for reserves  
for operational  
losses by  
$9.7
million and lower pension plan cost by $3.3  
million due to changes in actuarial assumptions;
●
 
lower professional fees by $12.6 million mainly due  
to lower costs associated with regulatory compliance  
activities; and
●
 
lower equipment expenses by $12.2 million, mainly due to the depreciation of car rental units during 2024 associated with units
sold as part of the daily car rental transaction during  
the fourth quarter of 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
138
Table 5 - Operating Expenses
Quarters ended September 30,
Nine months ended September 30,
(In thousands)
2025
2024
Variance
2025
2024
Variance
Personnel costs:
Salaries
$
139,350
$
135,983
$
3,367
$
403,052
$
394,001
$
9,051
Commissions, incentives, and other bonuses
35,309
26,350
8,959
113,846
95,587
18,259
Profit sharing
13,000
-
13,000
26,000
-
26,000
Pension, postretirement, and medical insurance
18,749
16,387
2,362
51,773
50,391
1,382
Other personnel costs, including payroll taxes
26,580
23,136
3,444
80,385
74,678
5,707
Total personnel  
costs
232,988
201,856
31,132
675,056
614,657
60,399
Net occupancy expenses
26,083
28,031
(1,948)
82,441
83,764
(1,323)
Equipment expenses
5,313
9,349
(4,036)
16,404
28,578
(12,174)
Other taxes
17,967
17,757
210
55,324
47,465
7,859
Professional fees
25,808
26,708
(900)
80,741
93,370
(12,629)
Technology and  
software expenses
87,117
88,452
(1,335)
255,481
247,666
7,815
Processing and transactional services:
Credit and debit cards
14,728
11,761
2,967
40,698
37,644
3,054
Other processing and transactional services
23,680
22,559
1,121
73,352
69,966
3,386
Total processing  
and transactional services
38,408
34,320
4,088
114,050
107,610
6,440
Communications
4,836
5,229
(393)
14,750
14,143
607
Business promotion:
Rewards and customer loyalty programs
17,656
16,533
1,123
52,068
46,995
5,073
Other business promotion
9,648
9,104
544
25,296
25,080
216
Total business  
promotion
27,304
25,637
1,667
77,364
72,075
5,289
Deposit insurance
10,873
10,433
440
30,315
44,901
(14,586)
Other real estate owned (OREO) income
(3,408)
(2,674)
(734)
(10,862)
(13,745)
2,883
Other operating expenses:
Operational losses
1,634
5,769
(4,135)
13,957
21,153
(7,196)
All other
6,980
15,750
(8,770)
39,673
56,140
(16,467)
Total other operating  
expenses
8,614
21,519
(12,905)
53,630
77,293
(23,663)
Amortization of intangibles
384
704
(320)
1,366
2,233
(867)
Goodwill impairment
13,000
-
13,000
13,000
-
13,000
Total operating  
expenses
$
495,287
$
467,321
$
27,966
$
1,459,060
$
1,420,010
$
39,050
Income Taxes
For the quarter and nine months  
ended September 30, 2025, the Corporation recorded an income  
tax expense of $36.0 million and
$128.9  
million,  
respectively,  
with an  
effective  
tax  
rate  
(“ETR”) of  
14.5%  
and  
17.7%, respectively,  
compared to  
$42.5 million  
and
$138.5 million, respectively, with an ETR of 21.5% and 24.1% for the respective  
periods of year 2024.  

The lower income tax expense of $6.5 million for  
the third quarter, when compared to  
the same quarter of 2024, is mainly attributed
to the  
higher net  
exempt income.  
For the  
nine-months period  
ended September  
30, 2025,  
the lower  
income tax  
expense of  
$9.6
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;  
excluding this  
combined
impact, the adjusted increase of $8.1 million was  
due to higher income before tax, net of higher  
exempt income.  

At September  
30, 2025, the  
Corporation had a  
net deferred tax  
asset amounting to  
$835.5 million, net  
of a  
valuation allowance of
$465.0 million. The net  
deferred tax asset related  
to the U.S. operations  
was $238.5 million, net  
of a valuation allowance  
of $386.9
million.
Upon an  
amendment to  
the Puerto  
Rico internal  
revenue code  
during the  
third quarter  
of  
2025, the  
Corporation elected  
to  
treat
certain single members  
LLCs as disregarded entities,  
as allowed by  
this amendment, on  
its 2024 corporate income  
tax return filed
subsequent to the quarter  
end in October.  
It is expected that  
this election will lower  
our income tax expense  
by approximately $7.7
million during the fourth quarter of 2025.  

Refer to  
Note 26  
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.  

 
 
 
 
 
 
 
 
 
 
139
 

For  
a  
description  
of  
the  
Corporation’s  
reportable  
segments,  
including  
additional  
financial  
information  
and  
the  
underlying
management accounting process, refer to Note 28  
to the Consolidated Financial Statements.  

The corporate group reported  
a net income of  
$4.6 million for the  
quarter ended September 30,  
2025, compared with a  
net income
of $0.5 million for the same quarter of  
the previous year, mainly due to  
higher income from equity method investments.  
For the nine
months ended September 30, 2025, the corporate group reported net income of $4.3 million, compared to a net loss of $21.1 million
for  
the  
same  
period  
of  
the  
previous  
year.  
The  
loss  
in  
2024  
was  
mainly  
attributable  
to  
the  
expense  
related  
to  
the  
$22.9  
million
adjustment recorded in  
the first quarter  
of 2024 to  
recognize the tax  
impact associated with  
prior period intercompany  
distributions
and  
the  
additional  
$6.5  
million  
expense  
for  
the  
tax  
impact  
of  
intercompany  
distributions  
paid  
during  
the  
first  
quarter  
of  
2024.  
A
positive adjustment  
of $3.9  
million was  
recorded during  
the second  
quarter of  
2025, resulting  
from reimbursements  
received from
the IRS  
related to  
interest paid  
for these  
intercompany distributions.  
There were  
no intercompany  
distributions between  
the U.S.
subsidiaries and  
the  
bank holding  
companies during  
2025. Higher  
income from  
equity method  
investments and  
lower expenses,
driven by  
professional services, also  
contributed to the  
positive variance for  
the nine months,  
partially offset by  
lower income from
money market investments due to a decrease in rates.
Highlights on the earnings results for the reportable  
segments are discussed below:
Banco Popular de Puerto Rico  

The Banco Popular  
de Puerto Rico  
reportable segment’s net  
income amounted to  
$189.0 million for  
the quarter ended  
September
30, 2025, compared with a net income of $125.8 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 $550.7  
million was higher  
by $62.7  
million primarily driven  
by lower interest  
expense on deposits,
mainly from the  
re-pricing of P.R.  
public funds which are  
market-linked,  
higher income from U.S.  
Treasury securities with
higher yields and higher income from the loan portfolio driven by loan growth, partially offset by  
lower income from money
market investments  
due to  
decline in  
short-term market  
rates. The  
net interest  
margin for  
the quarter  
ended September
30, 2025 was  
3.71%, an increase  
of 30  
basis points, compared  
to 3.41% for  
the same quarter  
in the previous  
year. The
increase in  
the margin  
was mainly  
impacted by  
lower deposit  
costs and  
higher yield  
from investment  
securities, as  
well
loan growth,  
partially offset by lower rates on money market investments;  

●
 
the provision for  
loan losses of  
$72.7 million was  
lower by $4.5  
million mainly driven by  
lower reserves for the  
consumer
loan  
portfolios  
due  
to  
improvements in  
credit  
quality,  
partially  
offset  
by  
a  
higher  
provision  
in  
the  
commercial  
portfolio,
mainly attributable to reserves for two unrelated exposures with an aggregate balance of 188.4 million, which entered into
NPL status during the third quarter of 2025;  

●
 
higher non-interest income by $1.6 million mainly due to higher service fees by $2.7 million mainly due to higher debit and
credit fees due to higher  
volume of transactions and higher assets  
under management, the income of $5.3 million  
related
to a retroactive charge billed to a tenant for energy supplied in prior years, partially offset by lower daily car rental revenue
by $5.0 million  
and gains from  
the sale of  
car rental units  
by $1.4 million,  
associated with the  
car rental business  
sold in
the fourth quarter of 2024;  

●
 
higher operating expenses by $9.2  
million mostly due to higher  
personnel costs by $21.0 million, mainly  
due to the profit-
sharing  
expense  
accrual  
and  
other  
performance-related  
incentives,  
and  
higher  
processing  
and  
transactional  
fees
expenses by  
$4.0 million,  
offset by  
lower operational  
losses by  
$6.2 million,  
mainly related  
to mortgage  
servicing, lower
occupancy  
expense  
by  
$4.3  
million  
driven  
by  
a  
favorable  
reassessment  
of  
the  
real  
property  
tax  
estimate  
for  
certain
properties in  
Puerto Rico,  
and lower  
equipment expenses  
by $3.7  
million mainly  
related to  
the daily  
car rental  
business
sold in the fourth quarter of 2024; and
●
 
lower income tax expense by $4.0 million due  
mainly to higher exempt income.  

140
For  
the  
nine months  
ended September  
30,  
2025, the  
BPPR segment  
recorded net  
income  
of  
$539.5 million  
compared  
to  
a  
net
income of $404.3 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  
$1.6  
billion was  
higher by  
$161.5 million  
primarily driven  
by lower  
interest expense  
on deposits,
mainly from the re-pricing of P.R.  
public funds, higher income from investment securities,  
mainly U.S. Treasury securities,
and higher  
income from  
loans due  
to portfolio  
growth, partially  
offset by  
lower income  
from money  
market investments
reflecting the decline in short-term market rates. The  
net interest margin for the nine months  
ending September 30, 2025,
was 3.66%, 28 basis  
points higher when compared  
with 3.38% for the same  
period of the previous  
year. The  
increase in
the  
margin  
was  
mainly  
impacted  
by  
lower  
cost  
of  
deposits,  
mainly  
P.R.  
public  
deposits,  
higher  
yield  
from  
investment
securities and  
loan growth,  
partially offset  
by lower  
rates from  
money market  
investments and  
lower balances  
as funds
are deployed for loan growth and purchasing U.S.  
Treasury securities;
●
 
the  
provision for  
loan  
losses  
of  
$168.6  
million  
was  
lower  
by  
$18.2  
million  
mainly  
attributable to  
improvement in  
credit
quality for the  
credit cards portfolios,  
lower balance of  
personal loans and  
lower reserves in  
the leases portfolio,  
partially
offset  
by  
an  
increase  
in  
the  
provision  
expense  
for  
the  
mortgage  
portfolio,  
driven  
by  
lower  
net  
recoveries,  
changes  
in
macroeconomic forecasts, and changes in credit quality;
●
 
lower non-interest  
income by  
$13.3 million  
mainly due  
to lower  
daily car  
rental revenue  
by $14.9  
million and  
gains from
the  
sale  
of  
car  
rental  
units  
by  
$7.7  
million  
associated  
with  
the  
car  
rental  
business sold  
in  
the  
fourth  
quarter  
of  
2024,
partially offset by the above mentioned retroactive  
income of $5.3 million, higher service fees by  
$4.1 million due to credit
and debit card income,  
from higher volume of  
transactions and, higher investment management fees  
and higher charges
on deposit accounts by $3.3 million mainly due  
to non-balance compensation in commercial deposits;
●
 
higher operating expenses by $28.3 million  
mostly due to higher personnel costs  
by $38.3 million, including profit sharing
expense  
by  
$21.2  
million  
and  
higher  
salaries  
expense  
by  
$15.5  
million  
due  
to  
annual  
merit  
increases  
and  
a  
higher
headcount, 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 $4.0 million mainly  
due to higher income before tax, net of higher  
tax exempt income.  

Popular U.S.
For the quarter ended September 30, 2025, the reportable  
segment of Popular U.S. reported a net income  
of $17.8 million,
compared with a net income of $28.8 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 $105.2 million, higher  
by $12.1 million due to higher income from  
loans by $16.5 million, mainly
from growth in the commercial and construction portfolios,  
and lower cost of deposits by $9.3 million due  
to the repricing
of high-cost deposits, partially offset by lower income  
from money market investments due to lower average  
balances and
lower yields reflecting the decrease in short-term  
rates. The net interest margin for the quarter  
ended September 30, 2025
was 2.94% compared to 2.73% for the same quarter  
in the previous year driven by lower  
cost of deposits;
●
 
the provision for loan losses was $1.9 million,  
reflecting a higher provision for the commercial  
portfolio, offset by lower
provision for the consumer portfolio, compared to a release  
of $6.1 million in 2024, which was mainly  
related to
improvements in commercial credit quality;
●
 
higher operating expenses by $19.0 million, reflecting  
the goodwill impairment charge related to our U.S.  
based
equipment leasing subsidiary of $13.0 million recorded  
during the third quarter of 2025, higher personnel  
costs driven by
incentives and profit sharing; and higher occupancy  
expense; and

 
141
●
 
lower income tax expense by $3.7 million due  
to lower income before tax.
For the nine months ended September 30, 2025,  
the reportable segment of Popular U.S. recorded  
net income of $55.2 million,
compared with net income of $53.6 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 $36.5 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 the repricing of  
high-cost
deposits mentioned above, partially offset by lower income  
from money market investments due to decline in  
short-term
market rates. The net interest margin for the nine  
months ended September 30, 2025 was 2.87%  
compared to 2.64% for
the same period of the previous year driven by  
lower cost of deposits;
●
 
the provision for loan losses of $20.8 million was  
higher by $18.2 million driven by higher  
qualitative reserves and
changes in credit quality for the commercial real estate  
portfolio, partially offset by lower reserves for  
the consumer loans;  

●
 
higher operating expenses by $17.4 million reflecting  
the goodwill impairment charge related to our U.S.  
based equipment
leasing subsidiary of $13.0 million recorded in 2025;  
and higher personnel costs and consulting fees;  
offset by lower FDIC
expense due to FDIC Special Assessment recorded  
in 2024 and lower professional fees; and
●
 
higher income tax expense by $0.8 million due  
to higher income before tax.
STATEMENT  
OF FINANCIAL CONDITION ANALYSIS  

Assets
The  
Corporation’s total  
assets were  
$75.1  
billion at  
September 30,  
2025, compared  
to  
$73.0 billion  
at  
December 31,  
2024. The
variance in  
total assets  
of $2.1  
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 money market investments, HTM securities,  
and other assets. 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  
$1.6 billion as of  
September 30, 2025, when  
compared to December 31,  
2024, driven by
funds used for loan growth and to purchase U.S. Treasury securities.  
AFS securities increased $2.4 billion, mainly due to investment
in  
U.S.  
Treasury  
securities  
and  
the  
decrease  
in  
the  
unrealized  
losses  
of  
AFS  
securities  
of  
$338.6  
million,  
partially  
offset  
by
maturities  
and  
principal  
paydowns.  
HTM  
securities  
decreased  
by  
$324.9  
million  
driven  
by  
maturities  
and  
principal  
paydowns,
partially offset  
by the  
amortization of  
$138.7 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.

 
142
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  
$1.6  
billion to  
$38.7 billion  
at September  
30, 2025,  
compared to  
December 31,  
2024. In  
the
BPPR  
segment  
loan  
balances increased  
by  
$982.8  
million  
across most  
portfolios, most  
notably in  
the  
commercial, construction,
mortgage, auto  
loans and leasing  
portfolios. Commercial loans  
included  
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.  
Origination activity  
supported the  
growth in  
the mortgage,  
auto loans,  
and leasing  
portfolios,
despite the uncertainty about the  
economic outlook which may continue  
to have an impact  
on customer behavior.  
The PB segment
also increased  
by $596.7 million, mainly driven by commercial and  
construction lending.  

At September  
30, 2025,  
the Corporation’s  
loans to  
non-depository financial  
institutions (‘’NDFIs’’)  
amounted to  
$443.6 million,  
an
increase of $48.8 million,  
compared to December 31,  
2024. The increase was  
mainly related to a  
loan to an insurance  
company in
Puerto  
Rico  
for  
general  
corporate  
purposes,  
offset  
by  
a  
decrease  
in  
other  
exposures,  
mainly  
to  
consumer  
intermediaries.  
At
September 30, 2025, the  
Corporation’s exposure to NDFIs  
was composed of approximately $272.4  
million to insurance companies
for  
general corporate  
purposes  
unrelated to  
lending activities,  
$85.6 million  
related  
to  
mortgage credit  
intermediaries, and  
$85.6
million to consumer  
and commercial credit  
intermediaries. All loans  
to NDFIs are  
current in their  
contractual payments and  
carry a
‘pass’ rating.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
143
Table 6 - Loans Ending Balances
(In thousands)
September 30, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial  

 
Commercial multi-family
$
2,489,589
$
2,399,620
$
89,969
 
Commercial real estate non-owner occupied
5,462,580
5,363,235
99,345
 
Commercial real estate owner occupied
3,090,724
3,157,746
(67,022)
 
Commercial and industrial
8,245,639
7,741,562
504,077
Total Commercial
19,288,532
18,662,163
626,369
Construction
1,604,612
1,263,792
340,820
Mortgage
8,558,408
8,114,183
444,225
Leasing
1,998,651
1,925,405
73,246
Consumer
 
Credit cards  

1,225,567
1,218,079
7,488
 
Home equity lines of credit
78,890
73,571
5,319
 
Personal  

1,900,325
1,855,244
45,081
 
Auto
3,850,953
3,823,437
27,516
 
Other
181,220
171,778
9,442
Total Consumer  

7,236,955
7,142,109
94,846
Total loans held-in  
-portfolio
$
38,687,158
$
37,107,652
$
1,579,506
Loans held-for-sale:
 
Mortgage
$
7,783
$
5,423
$
2,360
Total loans held-for-sale
$
7,783
$
5,423
$
2,360
Total loans
$
38,694,941
$
37,113,075
$
1,581,866

 
 
144
Other assets
Other  
assets  
amounted  
to  
$1.7  
billion  
at  
September  
30,  
2025,  
a  
decrease  
of  
$52.9  
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 $89.0  
million due  
to a  
positive
variance  
in  
the  
valuation  
of  
AFS  
securities,  
a  
reduction  
in  
unsettled  
trade  
receivables  
of  
$13.8  
million  
related  
to  
proceeds  
from
maturities of U.S. Treasury securities,  
and lower principal, interest and escrow servicing advances of $12.6 million, partially offset by
an increase in capitalized software  
costs of $45.8 million  
mainly related to technology modernization,  
higher prepaid taxes of  
$11.5
million, and higher trades receivable from brokers and counterparties of  
$9.1 million. Refer to Note 10 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 September 30, 2025 and December  
31, 2024.  

Liabilities
The Corporation’s total liabilities were $69.0 billion at September 30, 2025, an increase of $1.5 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  
$66.5 billion  
as of  
September 30,  
2025, compared  
to  
$64.9 billion  
as  
of  
December 31,  
2024.
Ending  
deposit  
balances  
increased  
by  
$1.6  
billion,  
while  
average  
quarterly  
balances  
grew  
by  
$2.9  
billion.  
The  
average  
deposit
balance, excluding  
P.R.  
public deposits,  
increased by  
$1.5  
billion. Non-interest-bearing  
deposits remained  
flat when  
compared to
December 31, 2024, demonstrating the impact of the Corporation’s  
continued focus on deposit retention strategies.  
At the end of the
third quarter of 2025, Puerto Rico public deposits were $20.1 billion, an increase of $612.7 million when compared to  
December 31,
2024. P.R  
public deposits  
represent 30%  
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 it  

is  
distributed,  
the  
use  
of  
local  
funds  
to  
cover  
federal  
assistance  
programs  
during  
the  
U.S.  
government  
shutdown,  
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 $178  
million, while  
at PB  
segment ending  
deposit
balances increased by $616 million, net of intercompany  
activity.
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 September 30, 2025 and  
December 31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145
Table 7 - Deposits Ending Balances
(In thousands)
September 30, 2025
December 31, 2024
Variance
Deposits excluding P.R.  
public deposits:
 
Demand deposits
$
14,874,026
$
15,139,555
$
(265,529)
 
Savings, NOW and money market deposits (non-brokered)
21,739,958
21,177,506
562,452
 
Savings, NOW and money market deposits (brokered)
883,471
736,225
147,246
 
Time deposits (non-brokered)
8,014,080
7,476,924
537,156
 
Time deposits (brokered CDs)
925,761
890,704
35,057
Sub-total deposits excluding P.R.  
public deposits
46,437,296
45,420,914
1,016,382
P.R. public  
deposits:
 
Demand deposits
 
[1]
12,487,246
11,730,273
756,973
 
Savings, NOW and money market deposits (non-brokered)
6,907,309
7,087,904
(180,595)
 
Time deposits (non-brokered)
681,553
645,254
36,299
Sub-total P.R.  
public deposits
20,076,108
19,463,431
612,677
Total deposits
$
66,513,404
$
64,884,345
$
1,629,059
[1] Includes interest bearing demand deposits.  

Borrowings
The Corporation’s borrowings totaled $1.2  
billion at September 30, 2025  
an increase of $70.7 million  
when compared to December
31,  
2024.  
The  
increase  
was  
mainly  
related  
to  
higher  
FHLB  
advances  
by  
$67.6  
million,  
mainly  
at  
PB.  
Refer  
to  
Note  
13  
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 $6.1  
billion  
at September  
30, 2025,  
an increase  
of  
$502.6 million  
when compared  
to  
December 31,
2024. The increase was principally due to net income  
for the nine months ended September 30, 2025 of $599.3  
million, coupled with
the after-tax effect of the decrease in net unrealized losses in the portfolio of AFS securities  
of $283.4 million and the amortization of
unrealized losses from securities previously reclassified to  
HTM of $
111
.0 million, partially offset by  
an increase in treasury stock of
$346.0 million, mainly due to common stock repurchases and the common and preferred dividends declared of $147.7  
million. Refer
to the Consolidated Statements of Financial Condition, Comprehensive Income and Changes in Stockholders’ Equity for information
on the composition of stockholders’ equity.  

During  
the  
quarter  
and  
nine  
months  
ended  
September  
30,  
2025,  
Popular  
repurchased  
1,000,862  
shares  
of  
common  
stock  
for
$119.4  
million at  
an average  
price of  
$119.33  
per share  
and 3,407,821  
shares of  
common stock  
for $353.7  
million at  
an average
price of  
$103.78 per share  
respectively, as  
part of the  
2024 and 2025  
common stock repurchase  
programs previously announced.
As of September 30, 2025, $429.0 million remained  
available for stock repurchase under the active  
repurchase authorization.
During  
the  
third  
quarter  
of  
2025,  
the  
Corporation  
declared  
a  
common  
stock  
dividend  
of  
$0.75  
per  
share,  
an  
increase  
from  
the
common stock dividend of $0.70 per share.
The composition of the Corporation’s financing to total assets  
at September 30, 2025 and December 31,  
2024 is included in Table 8.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
146
Table 8 - Financing to Total  
Assets
September 30,
December 31,  

% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2024 to 2025
2025
2024
Non-interest-bearing core deposits
$
14,874
$
15,139
(1.8)
%
19.8
%
20.7
%
Interest-bearing core deposits
46,020
44,622
3.1
61.3
61.1
Interest-bearing other deposits
5,619
5,123
9.7
7.5
7.0
Repurchase agreements
57
55
3.6
0.1
0.1
Other short-term borrowings
400
225
77.8
0.5
0.3
Notes payable
790
896
(11.8)
1.1
1.2
Other liabilities
1,190
1,372
(13.3)
1.6
1.9
Stockholders’ equity
6,116
5,613
9.0
8.1
7.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
147
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 September 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 September 30, 2025 and December  
31, 2024.
Table 9 - Capital Adequacy  
Data
 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)
 

September 30, 2025
 

 

December 31, 2024
 

Common equity tier 1 capital:
 

 

 

 

 

 

Common stockholders' equity - U.S. GAAP basis
$
6,093,529
$
5,590,923
CECL transitional amount
 
[1]
-
42,375
AOCI related adjustments due to opt-out election
1,191,224
1,589,875
Goodwill, net of associated deferred tax liability (DTL)
(641,809)
(657,181)
Intangible assets, net of associated DTLs
(5,460)
(6,826)
Deferred tax assets and other deductions  

(223,648)
(296,374)
Common equity tier 1 capital
$
6,413,836
$
6,262,792
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
 

$
22,143
Tier 1 capital
$
6,435,979
 

$
6,284,935
 

Tier 2 capital:
Trust preferred securities subject to phase in as  
tier 2
192,674
192,674
Other inclusions (deductions), net
511,230
490,594
Tier 2 capital
$
703,904
$
683,268
Total risk-based capital  

$
7,139,883
 

$
6,968,203
 

Minimum total capital requirement to be well capitalized
$
4,062,200
 

$
3,907,346
 

Excess total capital over minimum well capitalized
$
3,077,683
 

$
3,060,857
 

Total risk-weighted  
assets
$
40,621,998
 

$
39,073,462
 

Total assets for leverage  
ratio
$
75,897,616
 

$
72,593,464
 

Risk-based capital ratios:
 

 

 

 

 

 

Common equity tier 1 capital
15.79
%
16.03
%
 

Tier 1 capital  

 

15.84
 

16.08
 

Total capital
 

17.58
 

 

17.83
 

 

Tier 1 leverage
 

8.48
 

 

8.66
 

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

148
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
September 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 September 30,
2025 as compared to December 31, 2024 was mainly due to the repurchase of common stock, common stock dividends,  
and higher
risk  
weighted  
assets  
driven  
by  
the  
increase  
in  
loans  
held-in-portfolio  
and  
higher  
non-performing  
loans  
held-in-portfolio,  
partially
offset by the nine-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
September 30, 2025, and December 31, 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
149
Table 10 - Reconciliation  
of Tangible Common Equity  
and Tangible Assets
(In thousands, except share or per share information)
September 30, 2025
December 31, 2024
Total stockholders’  
equity
$
6,115,672
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,460)
(6,826)
Total tangible common  
equity
$
5,298,115
$
4,781,143
Total assets  

$
75,065,798
$
73,045,383
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,460)
(6,826)
Total tangible assets
$
74,270,384
$
72,235,603
Tangible common  
equity to tangible assets
7.13
%
6.62
%
Common shares outstanding at end of period
66,959,866
70,141,291
Tangible book value  
per common share
$
79.12
$
68.16
Quarterly average
Total stockholders’  
equity [1]
$
6,943,541
$
6,620,766
Average unrealized (gains) losses on AFS securities  
transferred to HTM  

296,934
505,791
Adjusted total stockholder's equity
7,240,475
7,126,557
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(802,812)
(804,411)
Less: Other intangibles
(5,714)
(7,288)
Total tangible common  
equity
$
6,409,806
$
6,292,715
Return on average tangible common equity
13.06
%
11.22
%
 
[1] Average balances exclude unrealized gains or  
losses on debt securities available-for-sale.

 
150
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  
$20.7 billion  
and  
$7.4 billion,
respectively,  
as of September  
30, 2025. Other  
assets subject to  
market risk include  
mortgage servicing rights  
("MSRs") with a  
fair
value of $99.5 million as of September 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, by legal entity and on a consolidated basis, is prepared for a five-year period, which in conjunction  
with the EVE analysis,
provides management a better view of long-term  
IRR.
The Corporation processes NII  
simulations under interest rate  
scenarios in which the  
yield curve is assumed  
to rise and  
decline by
the same magnitude  
(parallel shifts). The  
rate scenarios considered in  
these market risk  
simulations include instantaneous parallel
changes of  
-100,  
-200, +100,  
and +200  
basis points  
during the  
succeeding twelve-month  
period. Assumptions  
included in  
these
analyses  
include  
that  
the  
balance  
sheet  
remains  
flat,  
relative  
levels  
of  
market  
interest  
rates  
across  
all  
yield  
curve  
points  
and
indexes, interest rate spreads, loan  
prepayments and deposit elasticity.  
Thus, they should not be  
relied upon as indicative of  
actual
results  
and  
do  
not  
contemplate  
actions  
that  
management  
may  
engage  
in  
as  
a  
response  
to  
future  
changes  
in  
interest  
rates.
Additionally,  
the Corporation  
is also  
subject to  
the risk  
inherent in  
the use  
of different  
rate indexes  
for the  
repricing of  
assets and
liabilities, as well the  
risk of pricing lags  
due to contractual or  
timing differences between the  
market and management response  
to
changes  
in  
the  
rate  
environment.  
These  
forward-looking  
computations  
are  
management’s  
best  
estimate  
based  
on  
known  
and
available information and actual results may differ.  

The  
following  
table  
presents  
the  
results  
of  
the  
simulations  
at  
September  
30,  
2025  
and  
December  
31,  
2024,  
assuming  
a  
static
balance sheet and parallel changes over flat spot rates  
over a one-year time horizon:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
151
Table 11  
- Net Interest Income Sensitivity (One Year  
Projection)
September 30, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
(10,760)
(0.41)
44,747
1.78
+100 basis points
(6,125)
(0.23)
22,917
0.91
-100 basis points
2,953
0.11
9,157
0.36
-200 basis points
17,319
0.66
588
0.02
As  
of  
September  
30,  
2025,  
NII  
simulations  
showed  
a  
shift  
in  
the  
Corporation’s  
sensitivity  
position  
to  
become  
liability  
sensitive.
Compared to the results as of December 31, 2024, the variation in sensitivity and the resulting profile was mainly due to an increase
in asset  
duration driven  
by the  
extension of  
U.S. Treasury  
Notes and  
a decline  
in U.S.  
Treasury Bills  
and excess  
reserves at  
the
FRB as  
part of  
a decision  
to reduce  
sensitivity to  
declining rate  
scenarios. In  
rising rate  
scenarios, Popular’s  
net interest  
income
would decrease  
due to  
the lower  
volume of  
short-term assets  
as a  
result of  
the investment  
portfolio extension strategy  
combined
with higher deposits costs due to BPPR’s large proportion of market-linked Puerto  
Rico public sector deposits, this would be partially
offset by  
variable rate  
loan repricing  
and intermediate  
maturity assets  
coming due  
within one  
year.  
Changes in  
the balance  
sheet
during the quarter  
that contributed to  
the variance in  
sensitivity include the  
purchase of $2.5  
billion in U.S.  
Treasury Notes  
with an
average maturity of approximately 1.4 years, in addition  
to higher fixed rate loan balances.
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  
September  
30,  
2025,  
the  
Corporation  
held  
trading  
securities  
with  
a  
fair  
value  
of  
$33.1  
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  
$24.3  
million with  
a  
weighted average
yield of 5.23% and U.S. Treasuries  
of $8.0 million with a weighted average  
yield of 2.57% at September 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  
of  
September 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.

 
 
 
152
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  
89% of funding of the  
Corporation’s total assets at September 30,  
2025 and December 31,
2024. The ratio  
of total ending  
loans to deposits  
was 58% and  
57% at September  
30, 2025 and  
December 31, 2024, respectively.  

In addition to traditional deposits, the Corporation  
maintains borrowing arrangements, which amounted to $1.2 billion  
in outstanding
balances  
at  
September  
30,  
2025  
(December  
31,  
2024  
-  
$1.2  
billion).  
A  
detailed  
description  
of  
the  
Corporation’s  
borrowings,
including their terms,  
is included in  
Note 13  
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  
September 30, 2025, the  
Corporation’s available liquidity increased to  
$25.8 billion
from $21.6  
billion on  
December 31, 2024.  
During the third  
quarter of  
2025, the  
Corporation had no  
material incremental use  
of its
available liquidity sources. The liquidity sources of  
the Corporation at September 30, 2025 are  
presented in Table 12 below:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153
Table 12 - Liquidity Sources
September 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)
$
3,719,430
$
1,024,811
$
4,744,241
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
4,658,303
1,010,386
5,668,689
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,134,633
1,023,693
4,158,326
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
7,833,348
3,375,793
11,209,141
4,839,388
2,178,646
7,018,034
Total available liquidity
$
19,345,714
$
6,434,683
$
25,780,397
$
16,304,902
$
5,249,293
$
21,554,195
Refer  
to  
Note  
13  
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  
September
30, 2025, total Puerto Rico public sector deposits were  
$20.1 billion, compared to $19.5 billion at December  
31, 2024.
Core deposits represent 92%  
of total deposits at  
$60.9 billion, as of  
September 30, 2025, compared with  
92% at $59.9 billion  
as of
December 31, 2024. Core  
deposits financed 85% of  
the Corporation’s earning assets  
at September 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 September  
30, 2025 is  
presented
in the table that follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
154
Table 13 - Distribution by  
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,374,866
Over 3 to 12 months
1,102,624
Over 1 year to 3 years
278,729
Over 3 years
147,806
Total
$
3,904,025
The Corporation had  
$1.8 billion in  
brokered deposits at September  
30, 2025, which  
financed approximately  
2% of its  
total assets
(December 31, 2024 - $1.6 billion and 2%,  
respectively).  

As of  
September 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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
155
Table 14 - Deposits
30-Sep-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,610,775
43
%
$
8,523,789
70
%
$
32,134,564
48
%
Transactional deposits balances over
$250,000
8,203,843
15
%
2,096,865
17
%
10,300,708
16
%
Time deposits balances over $250,000
2,013,907
4
%
925,802
8
%
2,939,709
4
%
Uninsured foreign deposits
399,980
1
%
-
-
%
399,980
1
%
Collateralized public funds
20,422,015
37
%
316,428
3
%
20,738,443
31
%
Intercompany deposits
227,477
-
%
298,714
2
%
-
-
%
Total deposits
$
54,877,997
100
%
$
12,161,598
100
%
$
66,513,404
100
%
[1] Includes the first $250,000 in balances of transactional  
and time deposit accounts with balances in excess  
of $250,000.
31-Dec-24
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$
23,588,937
44
%
$
7,961,334
68
%
$
31,550,271
49
%
Transactional deposits balances over
$250,000
8,046,175
15
%
1,944,674
16
%
9,990,849
15
%
Time deposits balances over $250,000
1,991,934
4
%
813,424
7
%
2,805,358
4
%
Uninsured foreign deposits
450,068
1
%
-
-
%
450,068
1
%
Collateralized public funds
19,771,083
36
%
316,716
3
%
20,087,799
31
%
Intercompany deposits
205,839
-
%
667,839
6
%
-
-
%
Total deposits
$
54,054,036
100
%
$
11,703,987
100
%
$
64,884,345
100
%
[1] Includes the first $250,000 in balances of transactional  
and time deposit accounts with balances in excess  
of $250,000.
Bank Holding Companies
The principal  
sources of  
funding for  
the BHCs,  
which are  
Popular,  
Inc.  
(holding company  
only) and  
PNA, include  
cash on  
hand,
investment  
securities,  
dividends  
received from  
banking  
and  
non-banking subsidiaries,  
asset sales,  
credit  
facilities  
available from
affiliate banking subsidiaries and proceeds from potential securities offerings.  
Dividends from banking and non-banking subsidiaries
are subject  
to various  
regulatory limits  
and authorization  
requirements imposed  
by banking  
regulators, including  
the FED  
and the
NYDFS, that may limit the ability of those subsidiaries  
to act as a source of funding to the BHCs.
The principal uses of these funds include the repayment of debt, interest payments to holders of senior debt and junior subordinated
deferrable interest debentures (related to trust preferred securities), the payment of dividends to common stockholders,  
repurchases
of the Corporation’s securities and capitalizing its subsidiaries.  

The  
outstanding  
balance  
of  
notes  
payable  
at  
the  
BHCs  
amounted  
to  
$595  
million  
at  
September  
30,  
2025  
and  
$594  
million  
at
December 31, 2024.
The contractual maturities of the BHCs notes payable  
at September 30, 2025 are presented in Table 15.
Table 15  
- Distribution of BHC's Notes Payable by Contractual  
Maturity
Year
(In thousands)
2028
$
396,249
Later years
198,393
Total
$
594,642

 
 
 
 
156
As of  
September 30,  
2025, the  
BHCs had  
cash and  
money markets  
investments totaling  
$484 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  
$47
million per quarter.
The BHCs have in  
the past borrowed in the  
corporate debt market primarily to finance  
their non-banking subsidiaries and refinance
debt  
obligations.  
These  
sources  
of  
funding  
are  
more  
costly  
given  
that  
two  
out  
of  
three  
principal  
credit  
rating  
agencies  
rate  
the
Corporation’s debt  
securities below  
“investment grade”.  
The Corporation  
has a  
shelf registration  
statement filed  
and effective  
with
the  
Securities  
and  
Exchange  
Commission,  
which  
permits  
the  
Corporation  
to  
issue  
an  
unspecified  
amount  
of  
debt  
or  
equity
securities.
Non-Banking Subsidiaries
The  
principal  
sources  
of  
funding  
for  
the  
non-banking  
subsidiaries  
include  
internally  
generated  
cash  
flows  
from  
operations,  
loan
sales, repurchase agreements, capital  
injections and borrowed funds  
from their direct  
parent companies or the  
holding companies.
The principal uses of funds for the non-banking  
subsidiaries include repayment of maturing debt,  
operational expenses and payment
of dividends to the BHCs.  

Dividends
During  
the  
third  
quarter  
of  
2025,  
the  
Corporation  
declared  
a  
quarterly  
common  
stock  
dividend  
of  
$0.75  
per  
common  
share,  
an
increase from $0.70 per common share in the previous quarter. During the nine months  
ended September 30, 2025, the Corporation
declared  
cash  
dividends  
of  
$2.15  
per  
common  
share  
outstanding  
($146.6  
million  
in  
the  
aggregate).  
The  
dividends  
for  
the
Corporation’s Series A preferred stock amounted to $1.1  
million.
During the nine months  
ended September 30, 2025, the  
BHCs received dividends and  
distributions amounting to $350  
million from
BPPR, $23  
from Popular  
International Bank,  
Inc. (“PIBI”)  
and $22  
million from  
its other  
non-banking subsidiaries.  
Dividends from
BPPR constitute Popular,  
Inc.’s primary source  
of liquidity.  
In addition, during  
the nine months  
ended September 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. At  
September  
30,  
2025,  
BPPR
could declare a dividend of up to approximately $237 million  
without prior approval of the Federal Reserve Board due to  
its retained
income, declared dividend activity and transfers to statutory reserves  
over the measurement period. In addition, pursuant to the FRB
requirements, PB may not declare or pay a dividend  
without the prior approval of the Federal Reserve  
Board and the NYSDFS.
Other Funding Sources and Capital
In addition to cash reserves held at the FRB that totaled $4.7 billion at September 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  
and  
U.S.
government sponsored agency  
mortgage-backed securities that can  
be used to  
raise funds in  
the repo markets.  
The availability of
repurchase  
agreements  
would  
be  
subject  
to  
having  
sufficient  
unpledged  
collateral  
available  
at  
the  
time  
the  
transactions  
are
consummated,  
in  
addition  
to  
overall  
liquidity  
and  
risk  
appetite of  
the  
various  
counterparties.  
Refer  
to  
Table  
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. The  
loan
portfolio  
can  
also  
be  
used  
to  
obtain  
funding  
in  
the  
capital  
markets.  
Mortgage  
loans  
and  
some  
types  
of  
consumer  
loans,  
have
secondary markets which the Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments

 
157
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  
18  
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  
17  
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 September 30,  
2025,
and December 31, 2024, and the  
results of their operations for the  
nine-month periods ended September 30, 2025, and September
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
Table 16 - Summarized Statement  
of Condition
(In thousands)
September 30, 2025
December 31, 2024
Assets
Cash and money market investments
$
484,141
$
634,809
Investment securities
37,618
35,150
Accounts receivables from non-obligor subsidiaries
14,541
14,602
Other loans (net of allowance for credit losses of $163 (2024  
- $281))
24,486
25,381
Investment in equity method investees
5,265
5,279
Other assets
95,829
65,483
Total assets
$
661,880
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
5,839
$
12,163
Notes payable
594,642
593,571
Other liabilities
131,489
126,718
Stockholders' (deficit) equity
(70,090)
48,252
Total liabilities and  
stockholders' equity
$
661,880
$
780,704
Table 17 - Summarized Statement  
of Operations
For the period ended
(In thousands)
September 30, 2025
September 30, 2024
Income:
Dividends from non-obligor subsidiaries
$
371,500
$
473,000
Interest income from non-obligor subsidiaries and affiliates
3,125
8,489
(Losses) earnings from investments in equity method investees
(14)
29
Other operating income
8,027
3,116
Total income
$
382,638
$
484,634
Expenses:
Services provided by non-obligor subsidiaries and affiliates  
(net of
reimbursement by subsidiaries for services provided by parent  
of
$188,825 (2024 - $172,449))
$
13,390
$
9,654
Other expenses
19,492
30,000
Income tax expense
[1]
7,075
21,934
Total expenses
$
39,957
$
61,588
Net income
$
342,681
$
423,046
[1] The net income  
for the nine  
months ended September  
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  
nine  
months  
ended
September 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).

 
 
 
 
 
159
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 0.2% month-over-month decline in June 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  
September  
2025,  
the  
U.S.
Consumer Price Index  
showed a 3.0%  
year-over-year increase, which  
is significantly lower  
than peak  
2022 inflation levels  
but still
above the Federal Reserve’s 2% target. In Puerto Rico,  
the Consumer Price Index increased by 1.9%  
over the same period.  

Moreover, since October 1,  
2025, a congressional impasse over fiscal year  
2026 appropriations has triggered a partial shutdown  
of
numerous U.S. federal agencies and  
services. The shutdown has disrupted,  
and may continue to  
disrupt, federal payments to  
U.S.
government  
employees, beneficiaries  
of  
federal  
programs  
and transfers  
to  
the Puerto  
Rico  
government. While  
these  
disruptions
could adversely affect  
our customers and  
the broader Puerto  
Rico economy,  
the overall impact  
remains uncertain and  
will depend
largely on the shutdown’s duration and scope.
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”).  

 
 
160
In August 2025, President Donald J. Trump dismissed six of the seven members of  
the Oversight Board, reportedly due to inefficient
leadership and excessive spending. Three of the dismissed members subsequently filed suit in federal  
court challenging the legality
of their dismissal. On October 3, 2025, the court issued a preliminary injunction that effectively reinstated such members and barred
the seating of replacement members  
while the case proceeds. Such  
ruling remains subject to potential  
appeal. It is still  
too early to
determine what impact these developments may  
have on Puerto Rico’s fiscal and economic affairs.
Under PROMESA, the Oversight  
Board will remain  
in place until market  
access is restored and  
balanced budgets are achieved for
at  
least  
four  
consecutive  
years.  
PROMESA  
also  
established  
two  
mechanisms  
for  
the  
restructuring  
of  
the  
obligations  
of  
PR
Government Entities:  
(a) Title  
III, an  
in-court process  
akin to  
that of  
the U.S.  
Bankruptcy Code  
and which  
permits adjustment  
of a
broad range  
of  
obligations, and  
(b) Title  
VI,  
a largely  
out-of-court process  
through which  
a supermajority  
of creditors  
can  
accept
modifications to debt and bind holdouts.
Since  
2017,  
Puerto  
Rico  
and  
several  
of  
its  
instrumentalities  
have  
availed  
themselves  
of  
these  
mechanisms.  
The  
Puerto  
Rico
government exited Title III in March 2022, and several instrumentalities, such as the Government Development Bank and the Puerto
Rico Highways and Transportation  
Authority have also completed  
debt restructurings under Titles  
III or VI  
of PROMESA. However,
the Puerto Rico Electric Power Authority is still undergoing  
its debt restructuring.
Puerto  
Rico's economic  
difficulties  
have also  
impacted its  
municipalities. Historically,  
the central  
government provided  
significant
municipal subsidies. However, these have decreased pursuant to fiscal measures required by the Oversight Board. This decline has
been partly  
offset by  
federal disaster  
and COVID-relief  
funding received  
by municipalities  
in recent  
years. The  
latest Puerto  
Rico
fiscal plan proposes a  
restructured grant system to enhance  
municipal services and encourage accountability through  
performance
metrics.
Municipalities  
are  
subject  
to  
PROMESA,  
and  
the  
Oversight  
Board  
has  
required  
certain  
municipalities  
to  
submit  
fiscal  
plans  
and
annual budgets  
for review  
and approval.  
Municipalities are  
also required  
to seek  
Oversight Board  
approval to  
issue, guarantee  
or
modify  
their  
debts  
and  
to  
enter  
into  
significant  
contracts.  
To  
date  
no  
municipality  
has  
availed  
itself  
of  
the  
debt  
restructuring
mechanisms available to them under PROMESA.
Exposure of the Corporation  

The credit quality of BPPR’s  
loan portfolio is closely tied to the  
economic conditions in Puerto Rico. Deterioration in the Puerto  
Rico
economy  
could  
potentially  
increase  
delinquencies  
and  
charge-offs,  
thereby  
impacting  
the  
Corporation’s  
financial  
health.  
The
Corporation has direct exposure to P.R. Government Entities, which are mainly concentrated in obligations from various Puerto Rico
municipalities. Additionally,  
the Corporation  
holds loans  
and securities  
insured by  
P.R.  
Government Entities,  
such as  
the Housing
Finance  
Authority,  
whose  
ability  
to  
honor  
guarantees  
depends  
on  
its  
financial  
condition.  
BPPR’s  
commercial,  
mortgage,  
and
consumer loan portfolios are also exposed to risks from private borrowers who are service providers or have other relationships with
the Puerto  
Rico government  
and government employees  
who could  
be negatively  
affected by  
Puerto Rico’s  
fiscal challenges.  
For
further  
discussion  
of  
the  
Corporation’s  
direct  
and  
indirect  
exposure  
to  
the  
Puerto  
Rico  
government and  
its  
instrumentalities and
municipalities, please refer to Note 18 – Commitments  
and Contingencies to the Consolidated  
Financial Statements.
The  
Corporation  
also  
maintains  
significant  
deposits  
from  
P.R.  
Government  
Entities,  
with  
future  
balances  
subject  
to  
various
uncertainties.  
Further  
information  
on  
Puerto  
Rico  
Government  
deposits  
is  
included  
in  
Note  
12  
–  
Deposits  
to  
the  
Consolidated
Financial Statements.
United States Virgin Islands
The Corporation has operations in the United  
States Virgin Islands (“USVI”) and has credit exposure  
to USVI government entities.
Non-Performing Assets
During  
the  
third  
quarter  
of  
2025,  
the  
Corporation’s  
credit  
quality  
metrics  
were  
affected  
by  
two  
significant  
unrelated  
commercial
exposures,  
resulting in  
a  
$188.4  
million  
increase in  
NPLs.  
The  
determination  
of  
classifying  
these  
loans  
as  
NPLs  
was  
driven  
by
factors specific to the individual borrowers and  
are not believed to be indicative of a broader  
decline in portfolio credit quality.
The first  
loan classified  
as NPL  
is a  
$158.3 million  
commercial and  
industrial facility  
issued to  
a telecommunications  
company in
Puerto Rico  
experiencing reduced  
revenue due  
to operational  
challenges following  
a business  
acquisition and  
client attrition.  
The

161
second  
loan  
classified  
as  
NPL  
is  
a  
$30.1  
million  
commercial  
real  
estate  
facility,  
following  
a  
$13.5  
million  
charge-off  
during  
the
quarter, and is secured by a hotel property in Florida.
Excluding these cases, credit quality metrics were stable. 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 $545.2 million as of September 30, 2025, increased by $137.1  
million when compared with December 31, 2024. Total
NPLs of  
$502.2 million increased  
by $151.4  
million from December  
31, 2024.  
BPPR’s NPLs  
increased by $161.3  
million, primarily
due to the classification of the two commercial exposures with book values of $158.3 million and $30.1 million as NPLs, partly offset
by lower mortgage NPLs by $18.5 million.  
Popular U.S. NPLs decreased by $9.9 million, mostly  
driven by decreases of $6.9 million
and $2.1 million in commercial and mortgage NPLs,  
respectively.
On September  
30, 2025,  
the ratio  
of NPLs  
to total  
loans held-in-portfolio was  
1.30%, compared to  
0.95% on  
December 31,  
2024.
Other real estate owned loans (“OREOs”) totaled $43.0  
million, a decrease of $14.3 million from December  
31, 2024. On September
30,  
2025,  
NPLs secured  
by  
real estate  
amounted to  
$211  
million in  
the Puerto  
Rico  
operations and  
$47  
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 September 30, 2025,  
with
$3.1 billion secured by owner-occupied properties  
(December 31, 2024 - $10.9 billion and $3.2  
billion, respectively).
CRE NPLs amounted to  
$78.4 million on September  
30, 2025, compared with $53.7  
million on December 31,  
2024. The CRE NPL
ratios  
for  
the  
BPPR  
and  
Popular  
U.S.  
segments  
were  
1.31%  
and  
0.25%,  
respectively,  
on  
September  
30,  
2025,  
compared  
with
0.64% and 0.37%, respectively, on December 31, 2024.
The non-owner occupied CRE portfolio was $5.5 billion at September  
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% ($713.4  
million) of
the total  
loan portfolio,  
mainly comprising  
mid-rise  
properties with  
an average  
loan size  
of $2.5  
million, and  
is well  
diversified by
tenant type.  

 

Within CRE, the  
commercial multi-family portfolio is  
$2.5 billion (approximately 6%  
of total loans),  
concentrated in New  
York  
Metro
($1.5 billion), South Florida ($672.2 million) and Puerto Rico ($199.6  
million) regions. In the New York Metro, there is no exposure to
rent-controlled buildings and rent-stabilized  
units make up less than 40% of total units,  
with most originated after 2019.  

In  
addition  
to  
the  
NPLs  
included  
in  
Table  
18,  
on  
September  
30,  
2025,  
there  
were  
$724  
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 September 30, 2025 and December  
31, 2024:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162
Table 18 - Non-Performing  
Assets
September 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
$
8,467
$
8,641
0.3
%
$
79
$
8,700
$
8,779
0.4
%
Commercial real estate non-owner
occupied
37,043
7,083
44,126
0.8
6,429
8,015
14,444
0.3
Commercial real estate owner
occupied
25,619
-
25,619
0.8
25,258
5,191
30,449
1.0
Commercial and industrial  

173,245
1,246
174,491
2.1
19,335
1,748
21,083
0.3
Total Commercial  

236,081
16,796
252,877
1.3
51,101
23,654
74,755
0.4
Mortgage
139,958
27,809
167,767
2.0
158,442
29,890
188,332
2.3
Leasing
7,747
-
7,747
0.4
9,588
-
9,588
0.5
Consumer  

 
Home equity lines of credit
-
3,257
3,257
4.1
-
3,393
3,393
4.6
 
Personal  

18,375
941
19,316
1.0
20,269
1,741
22,010
1.2
 
Auto
49,432
-
49,432
1.3
51,792
-
51,792
1.4
 
Other
1,776
30
1,806
1.0
899
11
910
0.5
Total Consumer  

69,583
4,228
73,811
1.0
72,960
5,145
78,105
1.1
Total non-performing  
loans held-in-
portfolio
453,369
48,833
502,202
1.3
%
292,091
58,689
350,780
0.9
%
Other real estate owned (“OREO”)
42,446
504
42,950
57,197
71
57,268
Total non-performing  
assets
[1]
$
495,815
$
49,337
$
545,152
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or
more
[2]
$
205,168
$
188
$
205,356
$
242,250
$
190
$
242,440
Ratios:
Non-performing assets to total assets
0.84
%
0.30
%
0.73
%
0.61
%
0.37
%
0.56
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio  

1.67
0.42
1.30
1.12
0.54
0.95
Allowance for credit losses to loans
held-in-portfolio
2.56
0.79
2.03
2.56
0.69
2.01
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
153.38
186.07
156.55
229.61
128.40
212.68
[1] There were no non-performing loans held-for-sale  
as of September 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  
$49 million  
of residential  
mortgage
loans insured  
by FHA  
or guaranteed  
by the  
VA  
that are  
no longer  
accruing interest  
as of  
September 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 September 30,  
2025, total inflows  
of NPLs held-in-portfolio,  
excluding consumer loans, increased  
by $187.0
million, when compared to the inflows for the same period in 2024. Inflows of NPLs held-in-portfolio at the BPPR segment increased
by $205.2  
million, compared  
to the  
same period  
in 2024,  
mainly driven  
by the  
two commercial  
exposures that  
were classified  
as
NPLs during  
the quarter.  
Inflows of  
NPLs held-in-portfolio  
at the  
Popular U.S.  
segment decreased  
by $18.2  
million from  
the same
period in 2024, driven by lower mortgage NPL  
inflows by $17.4 million.
Tables 19 to 25 present the Corporation’s inflows to NPLs for the quarters and nine months  
ended September 30, 2025 and 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
163
Table 19 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the quarter ended September 30, 2025
For the nine months ended September 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
189,630
$
49,763
$
239,393
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
241,745
4,786
246,531
310,973
21,853
332,826
Advances on existing non-performing loans
-
48
48
-
86
86
Less:
Non-performing loans transferred to OREO
(2,333)
-
(2,333)
(7,273)
(433)
(7,706)
Non-performing loans charged-off
(13,854)
-
(13,854)
(15,571)
(1,713)
(17,284)
Loans returned to accrual status / loan collections
(39,149)
(9,992)
(49,141)
(121,633)
(28,732)
(150,365)
Ending balance NPLs
$
376,039
$
44,605
$
420,644
$
376,039
$
44,605
$
420,644
Table 20 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
219,960
$
49,317
$
269,277
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
36,585
22,968
59,553
111,128
84,248
195,376
Advances on existing non-performing loans
-
32
32
-
352
352
Less:
Non-performing loans transferred to OREO
(4,016)
-
(4,016)
(12,665)
(24)
(12,689)
Non-performing loans charged-off
(4,031)
(82)
(4,113)
(17,930)
(1,050)
(18,980)
Loans returned to accrual status / loan collections
(36,759)
(5,325)
(42,084)
(123,270)
(38,970)
(162,240)
Ending balance NPLs
$
211,739
$
66,910
$
278,649
$
211,739
$
66,910
$
278,649
Table 21 - Activity in Non  
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended September 30, 2025
For the nine months ended September 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
42,166
$
21,711
$
63,877
$
51,101
$
23,654
$
74,755
Plus:
New non-performing loans
211,193
1,775
212,968
218,742
12,820
231,562
Advances on existing non-performing loans
-
48
48
-
85
85
Less:
Non-performing loans transferred to OREO
-
-
-
(260)
-
(260)
Non-performing loans charged-off
(13,779)
-
(13,779)
(14,921)
(1,713)
(16,634)
Loans returned to accrual status / loan
collections
(3,499)
(6,738)
(10,237)
(18,581)
(18,050)
(36,631)
Ending balance NPLs
$
236,081
$
16,796
$
252,877
$
236,081
$
16,796
$
252,877

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
164
Table 22 - Activity in Non  
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
56,170
$
37,763
$
93,933
$
72,992
$
11,163
$
84,155
Plus:
New non-performing loans
4,460
2,582
7,042
12,834
39,561
52,395
Advances on existing non-performing loans
-
3
3
-
305
305
Less:
Non-performing loans transferred to OREO
-
-
-
(280)
-
(280)
Non-performing loans charged-off
(4,085)
(82)
(4,167)
(17,784)
(1,032)
(18,816)
Loans returned to accrual status / loan collections
(2,726)
(1,790)
(4,516)
(13,943)
(11,521)
(25,464)
Ending balance NPLs
$
53,819
$
38,476
$
92,295
$
53,819
$
38,476
$
92,295
Table 23 - Activity in Non  
-Performing Construction Loans Held-in-Portfolio
For the quarter ended September 30, 2024
For the nine months ended September 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
$
-
$
-
$
-
$
-
$
-
$
-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
165
Table 24 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended September 30, 2025
For the nine months ended  
September 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
147,464
$
28,052
$
175,516
$
158,442
$
29,890
$
188,332
Plus:
New non-performing loans
30,552
3,011
33,563
92,231
9,033
101,264
Advances on existing non-performing loans
-
-
-
-
1
1
Less:
Non-performing loans transferred to OREO
(2,333)
-
(2,333)
(7,013)
(433)
(7,446)
Non-performing loans charged-off
(75)
-
(75)
(650)
-
(650)
Loans returned to accrual status / loan collections
(35,650)
(3,254)
(38,904)
(103,052)
(10,682)
(113,734)
Ending balance NPLs
$
139,958
$
27,809
$
167,767
$
139,958
$
27,809
$
167,767
Table 25 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.  

BPPR
Popular U.S.
Popular, Inc.  

Beginning balance
$
163,790
$
11,554
$
175,344
$
175,106
$
11,191
$
186,297
Plus:
New non-performing loans
32,125
20,386
52,511
98,294
44,687
142,981
Advances on existing non-performing loans
-
29
29
-
47
47
Less:
Non-performing loans transferred to OREO
(4,016)
-
(4,016)
(12,385)
(24)
(12,409)
Non-performing loans charged-off
54
-
54
(146)
(18)
(164)
Loans returned to accrual status / loan collections
(34,033)
(3,535)
(37,568)
(102,949)
(27,449)
(130,398)
Ending balance NPLs
$
157,920
$
28,434
$
186,354
$
157,920
$
28,434
$
186,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
166
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 September 30, 2025 and December 31,  
2024, are presented below.
Table 26 - Loan Delinquencies
(Dollars in thousands)
September 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
$
12,637
$
2,489,589
0.51
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
61,924
5,462,580
1.13
24,925
5,363,235
0.46
Commercial real estate
owner occupied
43,163
3,090,724
1.40
42,311
3,157,746
1.34
Commercial and industrial
200,876
8,245,639
2.44
49,942
7,741,562
0.65
Total Commercial  

318,600
19,288,532
1.65
133,004
18,662,163
0.71
Construction  

4,589
1,604,612
0.29
1,039
1,263,792
0.08
Mortgage
[1]
718,940
8,558,408
8.40
798,130
8,114,183
9.84
Leasing
36,656
1,998,651
1.83
39,641
1,925,405
2.06
Consumer  

Credit cards  

49,098
1,225,567
4.01
59,078
1,218,079
4.85
Home equity lines of credit
3,987
78,890
5.05
5,054
73,571
6.87
Personal  

52,491
1,900,325
2.76
57,835
1,855,244
3.12
Auto  

179,213
3,850,953
4.65
191,008
3,823,437
5.00
Other
5,377
181,220
2.97
3,930
171,778
2.29
Total Consumer  

290,166
7,236,955
4.01
316,905
7,142,109
4.44
Loans held-for-sale
-
7,783
-
-
5,423
-
Total  

$
1,368,951
$
38,694,941
3.54
%
$
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 September
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.
At September  
30, 2025,  
the ACL increased  
by $40.2  
million from  
December 31,  
2024 to  
$786.2 million. The  
increase in  
ACL was
mainly  
driven  
by  
a  
combination  
of  
changes  
in  
the  
economic  
scenario  
probability  
weights,  
increases  
in  
qualitative  
reserves  
in
response to  
the current  
economic environment uncertainty,  
higher loan volumes,  
and a  
specific reserve  
recognized for the  
$158.3
million commercial NPL inflow described above. 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

167
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.
At September 30, 2025, the ACL for BPPR increased by $24.7 million from December 31, 2024, driven by changes in the probability
weights that  
resulted in  
a  
$8.8 million  
net ACL  
increase, higher  
loan volumes,  
and  
a specific  
reserve recognized  
for  
the  
$158.3
million commercial NPL  
inflow described above.  
These increases were partially  
offset by  
improvements in credit  
quality and NCOs
during the  
period. In  
PB, the  
ACL increased  
by $15.5  
million, when  
compared to  
December 31,  
2024. This  
increase was  
mainly
driven by higher qualitative reserves for the CRE portfolio in response to current market volatility and economic uncertainty, coupled
with changes in the probability weights that resulted in  
a $4.9 million net increase.
The Corporation’s ratio of the allowance for  
credit losses to loans held-in-portfolio was 2.03%  
on September 30, 2025, compared to
2.01% on December  
31, 2024. The  
ratio of the  
ACL to NPLs  
held-in-portfolio stood at 156.6%,  
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
168
Table 27 - Allowance for Credit  
Losses - Loan Portfolios
September 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
$
16,582
$
2,489,589
0.67
%
$
8,641
191.90
%
 
Commercial real estate non-owner occupied
58,845
5,462,580
1.08
%
44,126
133.36
%
 
Commercial real estate owner occupied
49,191
3,090,724
1.59
%
25,619
192.01
%
 
Commercial and industrial  

169,307
8,245,639
2.05
%
174,491
97.03
%
Total Commercial  

$
293,925
$
19,288,532
1.52
%
$
252,877
116.23
%
Construction
11,104
1,604,612
0.69
%
-
-
Mortgage
86,981
8,558,408
1.02
%
167,767
51.85
%
Leasing
19,220
1,998,651
0.96
%
7,747
248.10
%
Consumer  

 
Credit cards
87,208
1,225,567
7.12
%
-
-
 
Home equity lines of credit
1,548
78,890
1.96
%
3,257
47.53
%
 
Personal  

100,238
1,900,325
5.27
%
19,316
518.94
%
 
Auto
177,819
3,850,953
4.62
%
49,432
359.72
%
 
Other
8,177
181,220
4.51
%
1,806
452.77
%
Total Consumer  

$
374,990
$
7,236,955
5.18
%
$
73,811
508.04
%
Total
$
786,220
$
38,687,158
2.03
%
$
502,202
156.55
%
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
%
-
-
Mortgage
82,409
8,114,183
1.02
%
188,332
43.76
%
Leasing
16,419
1,925,405
0.85
%
9,588
171.25
%
Consumer  

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

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

$
376,368
$
7,142,109
5.27
%
$
78,105
481.87
%
Total
$
746,024
$
37,107,652
2.01
%
$
350,780
212.68
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
169
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 nine months ended September  
30, 2025 and 2024.
Table 29 - Annualized Net Charge  
-offs (Recoveries) to Average Loans  
Held-in-Portfolio
Quarters ended
September 30, 2025
September 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial  

0.50
%
0.03
%
0.29
%
0.13
%
0.02
%
0.08
%
Construction
―
―
―
(2.33)
―
(0.37)
Mortgage
(0.12)
(0.01)
(0.11)
(0.24)
(0.01)
(0.20)
Leasing
0.41
―
0.41
0.49
―
0.49
Consumer
2.48
1.69
2.46
3.14
7.17
3.26
Total annualized  
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.84
%
0.04
%
0.60
%
0.86
%
0.15
%
0.65
%
Nine months ended
September 30, 2025
September 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial  

0.14
%
0.02
%
0.08
%
0.21
%
0.03
%
0.13
%
Construction
―
―
―
(0.82)
(0.01)
(0.14)
Mortgage
(0.14)
(0.03)
(0.12)
(0.25)
(0.01)
(0.21)
Leasing
0.55
―
0.55
0.64
―
0.64
Consumer
2.53
3.23
2.54
2.93
7.43
3.07
Total annualized  
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.73
%
0.06
%
0.53
%
0.86
%
0.18
%
0.66
%
NCOs for  
the quarter  
ended September  
30, 2025,  
amounted to  
$57.8 million,  
decreasing by  
$0.7 million  
when compared  
to  
the
same period in 2024. The BPPR  
segment increased by $2.0 million, mainly driven  
by an increase of $9.9 million  
and $1.7 million in
commercial and mortgage NCOs, respectively,  
mostly due to a $13.5 million charge-off related to the $30.1 million commercial  
NPL
inflow, partially  
offset by a decrease  
of $10.5 million in consumer  
NCOs. The PB segment NCOs  
decreased by $2.7 million, mainly
driven by lower consumer NCOs by $3.0 million
NCOs for the nine  
months ended September 30, 2025,  
amounted to $149.1 million, decreasing by  
$25.3 million when compared to
the same period in 2024. The BPPR segment decreased by $16.6 million, mainly driven  
by a decrease of $17.5 million in consumer
NCOs. The PB segment NCOs decreased by $8.6  
million, mainly driven by lower consumer NCOs by  
$7.9 million.
Loan Modifications
For the quarter ended September 30, 2025, modified loans to borrowers with financial difficulty amounted to $156.0 million, of which
$146.8 million were in  
accruing status. The BPPR segment’s modifications  
to borrowers with financial difficulty  
amounted to $154.5
million, mainly comprised of commercial and mortgage loans of $130.1  
million and $17.7 million, respectively. A total of $12.9 million
of  
the  
mortgage  
modifications  
were  
related  
to  
government  
guaranteed  
loans.  
The  
Popular  
U.S.  
segment’s  
modifications  
to
borrowers with financial difficulty amounted to $1.4 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.

 
 
 
 
170
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 September 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 18  
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
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 September  
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 September 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]
July 1 - July 31
247,066
$
114.06
247,066
$520,194,763
August 1 -August 31
418,011
117.25
417,467
$471,246,181
September 1 - September 30
336,706
125.82
336,329
$428,924,967
Total  

1,001,783
$
119.35
1,000,862
$428,924,967
[1] Includes 544  
and 377 shares  
of the Corporation’s  
common stock  
acquired by the  
Corporation during  
August and  
September 2025,  
respectively,  
in
connection  
with the  
satisfaction  
of tax  
withholding  
obligations  
on vested  
awards of  
restricted  
stock  
or restricted  
stock  
units  
granted to  
directors  
and
certain employees under the Corporation’s Omnibus Incentive  
Plan. The acquired shares of common stock were added  
back to treasury stock.  

[2]  
As part of its  
capital plan, in July  
2025, the Corporation announced  
plans to repurchase up  
to $500 million in common  
stock, in addition to  
the $500
million in  
common stock  
repurchase program  
announced in  
July 2024.  
As of  
September 30,  
2025, the  
Corporation repurchased  
5,664,241 shares  
of
common stock for $571 million at an average price  
of $100.80 per share, as part of the 2024 and 2025  
common stock repurchase programs.
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).

 
 
172
Item 6.  
Exhibits  

Exhibit Index
Exhibit No
Exhibit Description
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
(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 September 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.

 
 
 
173
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: November 10, 2025
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: November 10, 2025
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller