FULLTEXT DEL 3 AV 6
10-Q – 2025-11-10 – d873220d10q.htm

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

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

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.