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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  

March 31, 2026
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,
64,537,709
 
shares outstanding as of May 5, 2026.

 
 
 
2
POPULAR, INC.
INDEX
Part I – Financial Information
Page
Item 1. Financial Statements
Unaudited Consolidated Statements of Financial Condition  
at March 31, 2026 and
December 31, 2025
6
Unaudited Consolidated Statements of Operations for  
the quarters  

ended March 31, 2026 and 2025
7
Unaudited Consolidated Statements of Comprehensive  
Income for the
quarters  
ended March 31, 2026 and 2025
8
Unaudited Consolidated Statements of Changes in  
Stockholders’ Equity for the
quarters ended March 31, 2026 and 2025
9
Unaudited Consolidated Statements of Cash Flows for  
the quarters
ended March 31, 2026 and 2025
11
Notes to Unaudited Consolidated Financial Statements
13
Item 2. Management’s Discussion and Analysis of Financial  
Condition and  

 
Results of Operations
105
Item 3. Quantitative and Qualitative Disclosures about  
Market Risk  

143
Item 4. Controls and Procedures
143
Part II – Other Information
Item 1. Legal Proceedings
144
Item 1A. Risk Factors
144
Item 2. Unregistered Sales of Equity Securities and  
Use of Proceeds  

145  

Item 3. Defaults Upon Senior Securities
145
Item 4. Mine Safety Disclosures
145
Item 5. Other information  

145
Item 6. Exhibits
161
Signatures
 
162
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, and geopolitical conditions, including wars and conflicts,
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 shareholders;
●
 
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, war  
or conflicts,  
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 initiatives, including our  
ability to achieve projected
earnings, efficiencies and  
return on tangible  
common equity and  
accurately anticipate costs  
and expenses associated
therewith;
●
our ability to execute capital actions, including with  
respect to share repurchases and dividends;

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
●
 
the fiscal and monetary policies of the federal government  
and its agencies;
●
 
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 any future U.S. government  
shutdown;
●
 
changes  
in  
and  
uncertainty  
regarding  
federal  
funding,  
tax  
and  
trade  
policies,  
and  
federal  
rulemaking,  
supervision,
examination and enforcement priorities;
●
 
adjustments to or additional Federal Deposit Insurance  
Corporation (“FDIC”) assessments;
●
 
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,  
that  
might result  
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,  
2025 (the “2025  
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

5
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF FINANCIAL CONDITION
(UNAUDITED)
[UNAUDITED]
March 31,
December 31,
(In thousands, except share information)
2026
2025
Assets:
Cash and due from banks
$
384,922
$
402,755
Money market investments:  

Time deposits with other banks  

4,655,699
4,626,506
Total money market investments
4,655,699
4,626,506
Trading account debt securities, at fair value
30,449
36,569
Debt securities available-for-sale, at fair  
value:
Pledged securities with creditors’ right to repledge  

30,289
30,687
Other debt securities available-for-sale
21,702,980
20,544,285
Debt securities available-for-sale
21,733,269
20,574,972
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge  

4,705
9,298
Other debt securities held-to-maturity
6,957,954
7,318,231
Debt securities held-to-maturity (fair  
value 2026 - $
6,963,223
; 2025 - $
7,363,587
)
6,962,659
7,327,529
Less – Allowance for credit losses
5,900
5,812
Debt securities held-to-maturity, net
6,956,759
7,321,717
Equity securities (realizable value 2026 -  
$
217,696
; 2025 - $
230,388
)
217,167
229,848
Loans held-for-sale, at fair value
5,603
9,998
Loans held-in-portfolio
39,703,844
39,749,142
Less – Unearned income
414,142
421,624
 
Allowance for credit losses
823,729
808,056
Total loans held-in-portfolio, net
38,465,973
38,519,462
Premises and equipment, net
706,233
685,820
Other real estate
45,680
42,433
Accrued income receivable
308,617
300,824
Mortgage servicing rights, at fair value
94,232
96,356
Other assets
1,731,769
1,705,977
Goodwill
789,954
789,954
Other intangible assets
4,692
5,076
Total assets
$
76,131,018
$
75,348,267
Liabilities and Stockholders’ Equity
Liabilities:  

Deposits:
Non-interest bearing
$
15,785,788
$
15,304,209
Interest bearing
51,825,528
50,885,884
Total deposits
67,611,316
66,190,093
Assets sold under agreements to repurchase
34,576
39,001
Other short-term borrowings
350,000
650,000
Notes payable
734,981
759,577
Other liabilities
1,089,059
1,460,517
Total liabilities
69,819,932
69,099,188
Commitments and contingencies (Refer  
to Note 18)
 

 

Stockholders’ equity:  

Preferred stock,
30,000,000
 
shares authorized;
885,726
 
shares issued and outstanding (2025
-
885,726
)
22,143
22,143
Common stock, $
0.01
 
par value;
170,000,000
 
shares authorized;
104,936,510
 
shares issued (2025 -
104,921,229
) and
64,654,788
 
shares outstanding (2025 -
65,719,385
)
1,049
1,049
Surplus
4,928,636
4,924,296
Retained earnings
5,403,176
5,206,497
Treasury stock - at cost,
40,281,722
 
shares (2025 -
39,201,844
)  

( 2,875,230 )
( 2,722,819 )
Accumulated other comprehensive loss, net  
of tax  

( 1,168,688 )
( 1,182,087 )
Total stockholders’ equity  

6,311,086
6,249,079
Total liabilities and stockholders’ equity
$
76,131,018
$
75,348,267
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF OPERATIONS
(UNAUDITED)
Quarters ended March 31,
(In thousands, except per share information)
2026
2025
Interest income:
Loans
$
702,149
$
666,673
Money market investments
44,240
70,166
Investment securities
200,827
180,159
Total interest income
947,216
916,998
Interest expense:  

Deposits
259,418
297,863
Short-term borrowings
5,703
1,426
Long-term debt
11,915
12,112
Total interest expense
277,036
311,401
Net interest income  

670,180
605,597
Provision for credit losses
75,886
64,081
Net interest income after provision for credit losses
594,294
541,516
Non-interest income:  

Service charges on deposit accounts
38,766
39,054
Other service fees
102,921
94,508
Mortgage banking activities  

4,213
3,689
Net gain (loss), including impairment on equity securities
1,029
( 414 )
Net gain on trading account debt securities
261
520
Adjustments to indemnity reserves on loans sold  

35
173
Other operating income
18,401
14,531
Total non-interest income
165,626
152,061
Operating expenses:  

Personnel costs
216,069
212,713
Net occupancy expenses
27,299
27,218
Equipment expenses
5,229
5,302
Other taxes
17,677
18,725
Professional fees
25,553
26,825
Technology and software expenses
89,139
83,668
Processing and transactional services
39,087
37,781
Communications
4,509
4,904
Business promotion
22,860
23,675
Deposit insurance
9,917
10,035
Other real estate owned (OREO) expense (income)
( 4,618 )
( 3,330 )
Other operating expenses
14,205
22,899
Amortization of intangibles
384
597
Total operating expenses
467,310
471,012
Income before income tax
292,610
222,565
Income tax expense
46,936
45,063
Net Income
$
245,674
$
177,502
Net Income Applicable to Common Stock  

$
245,321
$
177,149
Net Income per Common Share - Basic
$
3.78
$
2.56
Net Income per Common Share - Diluted
$
3.78
$
2.56
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF COMPREHENSIVE INCOME
(UNAUDITED)
Quarters ended March 31,
(In thousands)
2026
2025
Net income  

$
245,674
$
177,502
Other comprehensive income before tax:
Foreign currency translation adjustment
( 256 )
( 6,646 )
Amortization of net losses of pension and  
postretirement benefit plans
2,258
2,273
Unrealized holding (losses) gains on debt securities arising  
during the period  

( 33,096 )
165,984
Amortization of unrealized losses of debt securities transfer  
from available-for-sale to held-to-
maturity
46,876
45,311
Other comprehensive income before tax
15,782
206,922
Income tax expense
( 2,383 )
( 35,669 )
Total other comprehensive income, net of tax
13,399
171,253
Comprehensive income, net of tax
$
259,073
$
348,755
Tax effect allocated to each component of other comprehensive income:
Quarters ended March 31,
(In thousands)
2026
2025
Amortization of net losses of pension and postretirement  
benefit plans
( 847 )
( 852 )
Unrealized holding (losses) gains on debt securities arising  
during the period  

7,839
( 25,755 )
Amortization of unrealized losses of debt securities  
transfer from available-for-sale to held-to-
maturity
( 9,375 )
( 9,062 )
Income tax expense
$
( 2,383 )
$
( 35,669 )
The accompanying notes are an integral part of  
these Consolidated Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2024
$
1,048
$
22,143
$
4,908,693
$
4,570,957
$
( 2,228,535 )
$
( 1,661,240 )
$
5,613,066
Net income
177,502
177,502
Issuances of common stock
1
1,769
1,770
Dividends declared:
Common stock
[1]
( 48,409 )
( 48,409 )
Preferred stock
( 353 )
( 353 )
Common stock purchases
[2]
( 125,980 )
( 125,980 )
Stock based compensation
2,424
8,422
10,846
Other comprehensive income, net of tax
171,253
171,253
Balance at March 31, 2025  

$
1,049
$
22,143
$
4,912,886
$
4,699,697
$
( 2,346,093 )
$
( 1,489,987 )
$
5,799,695
Balance at December 31, 2025
$
1,049
$
22,143
$
4,924,296
$
5,206,497
$
( 2,722,819 )
$
( 1,182,087 )
$
6,249,079
Net income
245,674
245,674
Issuances of common stock
1,824
1,824
Dividends declared:
Common stock
[1]
( 48,665 )
( 48,665 )
Preferred stock
( 353 )
( 353 )
Common stock purchases
[3]
( 160,228 )
( 160,228 )
Stock based compensation
2,516
7,817
10,333
Other comprehensive income, net of tax
13,399
13,399
Other adjustments
23
23
Balance at March 31, 2026
$
1,049
$
22,143
$
4,928,636
$
5,403,176
$
( 2,875,230 )
$
( 1,168,688 )
$
6,311,086
[1]
Dividends declared per common share during the quarter  
ended March 31, 2026 - $
0.75
 
(2025 - $
0.70
).

[2]
Includes common  
stock repurchases  
of $
122.3
 
million as  
part of  
the 2024  
common stock  
repurchase program.  
Refer to  
Note 15  
for additional
information.

[3]
Includes common  
stock repurchases  
of $
155.2
 
million as  
part of  
the 2025  
common stock  
repurchase program.  
Refer to  
Note 15  
for additional
information.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
For the period ended
March 31,
March 31,
Disclosure of changes in number of shares:
2026
2025
Preferred Stock:
Balance at beginning and end of period
885,726
885,726
Common Stock – Issued:
Balance at beginning of period
104,921,229
104,849,460
Issuances of common stock
15,281
19,729
Balance at end of period
104,936,510
104,869,189
Treasury stock
( 40,281,722 )
( 35,885,041 )
Common Stock – Outstanding
64,654,788
68,984,148
The accompanying notes are an integral part of these Consolidated  
Financial Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
POPULAR, INC.
CONSOLIDATED STATEMENTS  
OF CASH FLOWS
(UNAUDITED)
Quarters ended March 31,
(In thousands)
2026
2025
Cash flows from operating activities:
Net income
$
245,674
$
177,502
Adjustments to reconcile net income to net cash provided  
by operating activities:
Provision for credit losses
75,886
64,081
Amortization of intangibles
384
597
Depreciation and amortization of premises and equipment
13,538
12,280
Net accretion of discounts and amortization of premiums and  
deferred fees  

( 57,477 )
( 68,861 )
Interest capitalized on loans subject to the temporary payment  
moratorium or loss mitigation alternatives
( 1,238 )
( 1,357 )
Share-based compensation
16,228
11,028
Fair value adjustments on mortgage servicing rights
2,640
3,570
Adjustments to indemnity reserves on loans sold
( 35 )
( 173 )
Earnings from investments under the equity method, net  
of dividends or distributions
( 12,968 )
( 8,621 )
Deferred income tax (benefit) expense  

( 564 )
8,109
Loss (gain) on:
Disposition of premises and equipment and other productive  
assets
59
( 42 )
Sale of loans, including valuation adjustments on loans  
held-for-sale and mortgage banking activities
( 317 )
( 194 )
Sale of foreclosed assets, including write-downs
( 2,309 )
( 1,033 )
Acquisitions of loans held-for-sale
( 3,583 )
( 810 )
Proceeds from sale of loans held-for-sale
11,057
7,098
Net originations on loans held-for-sale
( 10,194 )
( 6,741 )
Net decrease (increase) in:
Trading debt securities
17,573
6,071
Equity securities
( 849 )
508
Accrued income receivable  

( 7,770 )
725
Other assets
( 2,087 )
12,864
Net (decrease) increase in:
Interest payable
( 7,280 )
( 7,370 )
Pension and other postretirement benefits obligation
1,306
1,079
Other liabilities
( 86,060 )
( 38,252 )
Total adjustments
( 54,060 )
( 5,444 )
Net cash provided by operating activities
191,614
172,058
Cash flows from investing activities:  

Net (increase) decrease in money market investments
( 29,624 )
186,609
Purchases of investment securities:
Available-for-sale
( 10,385,670 )
( 9,425,086 )
Equity
( 10,139 )
( 9,224 )
Proceeds from calls, paydowns, maturities and redemptions  
of investment securities:
Available-for-sale
8,954,537
8,429,813
Held-to-maturity
409,096
152,441
Proceeds from sale of investment securities:
 

 

Equity
23,670
13,361
Net repayments (disbursements)  
on loans
107,425
( 118,418 )
Proceeds from sale of loans
14,706
39,055
Acquisition of loan portfolios
( 160,670 )
( 127,291 )
Payments to acquire equity method investments
( 1,000 )
-
Acquisition of premises and equipment and other productive  
assets
( 36,680 )
( 51,526 )
Proceeds from sale of:
Premises and equipment and other productive assets
277
197
Foreclosed assets
17,602
23,155
Net cash used in investing activities
( 1,096,470 )
( 886,914 )

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
Cash flows from financing activities:  

Net increase (decrease) in:
Deposits
1,425,562
939,913
Assets sold under agreements to repurchase  

( 4,424 )
2,435
Other short-term borrowings
( 300,000 )
( 25,000 )
Payments of notes payable
( 25,000 )
( 63,522 )
Principal payments of finance leases
( 2,030 )
( 908 )
Proceeds from issuances of common stock
1,823
1,770
Dividends paid
( 49,949 )
( 49,899 )
Net payments for repurchase of common stock
( 154,742 )
( 125,341 )
Payments related to tax withholding for share-based compensation
( 4,648 )
( 3,376 )
Net cash provided by financing activities
886,592
676,072
Net decrease in cash and due from banks, and restricted  
cash
( 18,264 )
( 38,784 )
Cash and due from banks, and restricted cash at beginning  
of period
412,989
429,406
Cash and due from banks, and restricted cash at the end of  
the period
$
394,725
$
390,622
The accompanying notes are an integral part of these Consolidated  
Financial Statements.

13
Notes to Consolidated Financial  

Statements  
(Unaudited)
Note 1 -
Nature of operations
14
Note 2 -
Basis of presentation
15
Note 3 -
New accounting pronouncements
16
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
65
Note 10 -
Other assets
66
Note 11 -
Goodwill and other intangible assets  

68
Note 12 -
Deposits
69
Note 13 -
Borrowings
70
Note 14 -
Other liabilities
72
Note 15 -
Stockholders’ equity
73
Note 16 -
Other comprehensive income (loss)  

74
Note 17 -
Guarantees
76
Note 18 -
Commitments and contingencies
77
Note 19-
Non-consolidated variable interest entities
80
Note 20 -
Related party transactions
82
Note 21 -
Fair value measurement
83
Note 22 -
Fair value of financial instruments
89
Note 23 -
Net income per common share
92
Note 24 -
Revenue from contracts with customers
93
Note 25 -
Stock-based compensation
94
Note 26 -
Income taxes
97
Note 27 -
Supplemental disclosure on the consolidated
statements of cash flows
100
Note 28 -
Segment reporting
101

14
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,  
as well  
as  
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.

 

15
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,  
2025 was  
derived from  
audited
Consolidated Financial Statements of the Corporation  
for the year ended December 31, 2025.
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,  
2025,  
included in  
the 2025  
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.

16
Note 3 - New accounting pronouncements

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

FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The  
Financial Accounting  
Standards Board
("FASB")  
issued  
Accounting  
Standards
Update  
("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 Accounting Standards Codification
("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  
was  
not  
impacted  
by
the  
adoption  
of  
this  
ASU  
since  
the
update  
does  
not  
require  
accounting
changes  
or  
new  
presentation  
or
disclosure  
requirements.  
The  
practical
expedient was not applied.
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  
was  
not  
impacted  
by
the  
adoption  
of  
this  
ASU,  
but  
it  
will
prospectively consider this guidance for
any  
future  
transactions  
involving
induced conversions.

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

FASB ASU 2026-01,
Equity (Topic 505) - Initial
Measurement of Paid-in-
Kind Dividends  

on Equity-Classified
Preferred Stock
The  
FASB  
issued  
ASU  
2026
‑
01  
in  
April
2026,  
which  
establishes  
authoritative
guidance  
on  
the  
initial  
measurement  
of
paid
‑
in
‑
kind  
(PIK)  
dividends  
on
equity
‑
classified  
preferred  
stock.  
The
update  
establishes  
a  
consistent
measurement requirement for PIK dividends
but does  
not address  
when such  
dividends
should  
be  
recognized.  
It  
requires  
PIK
dividends to  
be initially  
measured using  
the
stated  
PIK  
dividend  
rate  
in  
the  
preferred
stock  
agreement,  
generally  
applied  
to  
the
liquidation preference of the preferred stock.
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.  
This  
ASU  
is  
not  
expected
to have a material impact.
FASB ASU 2025-10,
Government Grants (Topic
832) - Accounting for
Government Grants
Received by Business
Entities
The  
FASB  
issued  
ASU  
2025-10  
in
December  
2025,  
which  
establishes  
the
accounting  
for  
government  
grants  
received
by  
a  
business  
entity.  
The  
update
establishes  
recognition,  
measurement,  
and
disclosure  
requirements  
for  
government
grants.  
It  
allows  
asset  
related  
grants to  
be
recognized either  
as deferred  
income or  
as
an adjustment  
to the  
cost basis  
of an  
asset
and  
income-related  
grants  
as  
deferred
income.
January 1, 2029
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 2025-09,
Derivatives and Hedging
(Topic 815) - Hedge
Accounting Improvements
The  
FASB  
issued  
ASU  
2025-09  
in
November 2025, which aims to improve and
broaden  
hedge  
accounting  
under  
ASC
Topic  
815  
by  
allowing  
entities  
to  
group
forecasted  
transaction  
with  
similar  
risk
exposures,  
provides  
a  
model  
for  
hedging
choose-your  
rate  
debt,  
expands  
hedge
accounting  
for  
forecasted  
purchases  
and
sales of non  
financial assets, eliminates net
written  
option  
limitations  
for  
certain
compound  
derivatives,  
and  
resolves
recognition  
mismatches  
in  
dual  
hedging
strategies  
involving
foreign
‑
currency
‑
denominated debt.
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 2025-08,
Financial Instruments -
Credit Losses (Topic 326)
- Purchased Loans
The  
FASB  
issued  
ASU  
2025-08  
in
November 2025, which aims  
to simplify and
reduce the  
complexity of  
the accounting  
for
purchased loans under ASC Topic  
326. The
update  
expands  
the  
population  
of  
loans
subject to  
the gross-up  
approach to  
include
purchased  
seasoned  
loans,  
regardless
whether they had credit deterioration.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.

18
 
 
 
 
 
 
 
 
 
 
 
 
 
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  
reduces  
complexity  
and
diversity  
in  
application.  
Narrows  
the  
scope
of derivative  
accounting under  
ASC 815  
for
certain  
contracts  
whose  
underlyings  
are
based  
on  
a  
party’s  
own  
operations  
or
activities;  
and  
clarifies  
that  
ASC  
606
governs  
share
‑
based  
noncash
consideration  
received  
from  
a  
customer
until  
the  
entity’s  
right  
becomes
unconditional.  

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.
FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The  
FASB  
issued  
ASU  
2025-04  
in  
May
2025,  
which  
clarifies  
the  
accounting  
for
share-based  
awards  
granted  
as
consideration  
payable  
to  
a  
customer.  
The
ASU expands  
the definition  
of performance
condition  
for  
share-based  
consideration
under ASC 718 and eliminates the forfeiture
policy election for  
service conditions. It  
also
confirms  
that  
the  
variable  
consideration
constraint  
in  
ASC  
606  
does  
not  
apply  
to
such awards.
January 1, 2027
The Corporation  
does not  
expect to  
be
impacted  
by  
the  
adoption  
of  
this  
ASU
since  
it  
does  
not  
grant  
share-based
payment awards to customers.
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The  
FASB  
issued  
ASU  
2025-03  
in  
May
2025 which  
requires that  
an entity  
consider
the  
factors  
in  
paragraphs  
805-10-55-12
through  
55-15  
when  
it  
is  
involved  
in  
an
acquisition transaction  
effected primarily  
by
exchanging  
equity  
interests when  
the  
legal
acquiree is  
a variable  
interest entity  
("VIE")
that  
meets  
the  
definition  
of  
a  
business  
to
determine  
which  
entity  
is  
the  
accounting
acquirer.  
This  
replaces  
the  
previous
requirement  
that  
the  
primary  
beneficiary
always is the acquirer.
January 1, 2027
The Corporation  
is currently  
evaluating
any  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.

19
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements  

FASB ASU 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The  
FASB  
issued  
ASU  
2024-03  
in
November  
2024,  
which  
requires  
public
entities  
to  
disclose  
additional  
information
about  
specific  
expense  
categories  
in  
the
notes to  
financial statements  
at interim  
and
annual  
reporting  
periods  
to  
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation  
is currently  
evaluating
the  
impact  
that  
the  
adoption  
of  
this
guidance  
will  
have  
on  
its  
financial
statements  
and  
presentation  
and
disclosures.

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 $
2.8
 
billion at March 31, 2026 (December 31, 2025
-  
$
2.7
 
billion).  
Cash  
and  
due  
from  
banks,  
as  
well  
as  
other  
highly  
liquid  
securities,  
are  
used  
to  
cover  
these  
required  
average
reserves.  

At March 31,  
2026, the Corporation  
held $
65
 
million in restricted  
assets in the  
form of funds  
deposited in money  
market accounts,
debt  
securities  
available  
for  
sale  
and  
equity  
securities  
(December  
31,  
2025  
-  
$
64
 
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 March 31, 2026 and December 31,  
2025.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2026
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair  

average
(In thousands)
cost
gains  

losses
value
yield
U.S. Treasury securities
Within 1 year
$
10,459,758
$
1,286
$
1,727
$
10,459,317
3.52
%
After 1 to 5 years
6,603,717
10,645
35,638
6,578,724
3.69
Total U.S. Treasury  
securities
17,063,475
11,931
37,365
17,038,041
3.59
Collateralized mortgage obligations - federal agencies
Within 1 year
93
-
-
93
1.71
After 1 to 5 years
3,866
-
69
3,797
1.48
After 5 to 10 years
10,575
-
481
10,094
2.46
After 10 years
87,224
125
6,211
81,138
2.93
Total collateralized  
mortgage obligations - federal agencies
101,758
125
6,761
95,122
2.82
Mortgage-backed securities - federal agencies
Within 1 year
869
-
7
862
2.04
After 1 to 5 years
87,724
15
2,689
85,050
2.22
After 5 to 10 years
1,093,830
162
83,023
1,010,969
1.75
After 10 years
4,289,433
708
787,666
3,502,475
1.77
Total mortgage-backed  
securities - federal agencies
5,471,856
885
873,385
4,599,356
1.77
Other
Within 1 year
750
-
-
750
4.39
Total other  

750
-
-
750
4.39
Total debt securities  
available-for-sale
[1]
$
22,637,839
$
12,941
$
917,511
$
21,733,269
3.15
%
[1]
 
Includes $
15.1
 
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  
$
6.6
 
billion that could be used to increase its borrowing  
facilities.

 
22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2025
Gross  

Gross  

Weighted  

Amortized  

unrealized
unrealized
Fair  

average  

(In thousands)
cost
gains  

losses
value
yield
U.S. Treasury securities  

Within 1 year
$
10,154,698
$
4,716
$
1,528
$
10,157,886
3.44
%
After 1 to 5 years
5,555,079
29,795
19,306
5,565,568
3.70
Total U.S. Treasury  
securities
15,709,777
34,511
20,834
15,723,454
3.53
Collateralized mortgage obligations - federal agencies
Within 1 year
152
-
1
151
1.97
After 1 to 5 years
4,879
-
88
4,791
1.49
After 5 to 10 years
11,524
-
482
11,042
2.45
After 10 years
90,018
180
5,941
84,257
2.92
Total collateralized  
mortgage obligations - federal agencies
106,573
180
6,512
100,241
2.80
Mortgage-backed securities - federal agencies
Within 1 year
963
1
9
955
2.08
After 1 to 5 years
65,843
11
1,530
64,324
2.35
After 5 to 10 years
1,030,661
256
67,116
963,801
1.85
After 10 years
4,527,032
881
806,466
3,721,447
1.75
Total mortgage-backed  
securities - federal agencies
5,624,499
1,149
875,121
4,750,527
1.78
Other
Within 1 year
750
-
-
750
4.43
Total other  

750
-
-
750
4.43
Total debt securities  
available-for-sale
[1]
$
21,441,599
$
35,840
$
902,467
$
20,574,972
3.07
%
[1]
Includes $
14.3
 
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 $
13.2
 
billion serve as collateral for public
funds. The Corporation had unpledged Available for Sale  
securities with a fair value of $
6.3
 
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.
Debt  
securities  
not  
due  
on  
a  
single  
contractual  
maturity  
date,  
such  
as  
mortgage-backed  
securities  
and  
collateralized  
mortgage
obligations, are classified  
in 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 March 31, 2026, the Corporation did not intend  
to sell or believed it was more  
likely than not that it would be  
required to sell debt
securities classified as available-for-sale. There were  
no debt securities sold during the quarters ended  
March 31, 2026 and 2025.

 

 
 
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
March 31, 2026 and December 31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2026
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
$
11,616,601
$
17,111
$
442,317
$
20,254
$
12,058,918
$
37,365
Collateralized mortgage obligations - federal agencies  

4,568
45
75,409
6,716
79,977
6,761
Mortgage-backed securities -federal agencies
212,099
9,678
4,335,138
863,707
4,547,237
873,385
Total debt securities  
available-for-sale in an unrealized loss position  

$
11,833,268
$
26,834
$
4,852,864
$
890,677
$
16,686,132
$
917,511

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 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
$
992,083
$
82
$
943,699
$
20,752
$
1,935,782
$
20,834
Collateralized mortgage obligations - federal agencies  

1,481
3
83,266
6,509
84,747
6,512
Mortgage-backed securities - federal agencies
222,333
9,975
4,469,097
865,146
4,691,430
875,121
Total debt securities  
available-for-sale in an unrealized loss position  

$
1,215,897
$
10,060
$
5,496,062
$
892,407
$
6,711,959
$
902,467

Debt securities available-for-sale  
in a continuous  
unrealized loss position  
for  
less than twelve  
months of $
11.8
 
billion as of  
March
31, 2026, compared to $
1.2
 
billion on December 31, 2025, primarily driven by an increase market rates, which resulted in a  
decline
in the fair value of fixed-rate securities including U.S.  
Treasury securities and mortgage-backed securities.  

As of March 31, 2026, the portfolio of available-for-sale debt securities reflects gross unrealized losses of $
0.9
 
billion (December 31,
2025  
-  
$
0.9
 
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  
March 31,  
2026 and  
December 31,
2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2026
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
$
2,755,510
$
2,717,438
$
-
$
2,717,438
$
1,757
$
139
$
2,719,056
1.15
%
After 1 to 5 years
4,403,161
4,195,564
-
4,195,564
4,137
-
4,199,701
1.30
Total U.S. Treasury  
securities
7,158,671
6,913,002
-
6,913,002
5,894
139
6,918,757
1.24
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,720
2,720
13
2,707
11
-
2,718
6.45
After 1 to 5 years
3,910
3,910
27
3,883
12
8
3,887
1.84
After 5 to 10 years
450
450
14
436
7
-
443
5.81
After 10 years
35,126
35,126
5,846
29,280
2,672
1,795
30,157
1.43
Total obligations of  
Puerto Rico, States and
political subdivisions
42,206
42,206
5,900
36,306
2,702
1,803
37,205
1.83
Collateralized mortgage obligations - federal
agencies
After 10 years
1,491
1,491
-
1,491
-
190
1,301
2.87
Total collateralized  
mortgage obligations -
federal agencies
1,491
1,491
-
1,491
-
190
1,301
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]
$
7,208,328
$
6,962,659
$
5,900
$
6,956,759
$
8,596
$
2,132
$
6,963,223
1.25
%
[1]
Book value includes $
245
 
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 $
6.9
 
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 $
94.9
 
million that could be used to increase its borrowing facilities.

 
25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 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
$
2,558,293
 
$  

2,519,071
 
$  

-
 
$  

2,519,071
 
$  

5,224
 
$  

110
 
$  

2,524,185
1.31
%
After 1 to 5 years
5,003,219
4,749,896
-
4,749,896
35,910
-
4,785,806
1.27
Total U.S. Treasury  
securities
7,561,512
7,268,967
-
7,268,967
41,134
110
7,309,991
1.28
Obligations of Puerto Rico, States and
political subdivisions
`
Within 1 year
2,605
2,605
5
2,600
4
-
2,604
6.43
After 1 to 5 years
12,508
12,508
39
12,469
24
87
12,406
3.49
After 5 to 10 years
450
450
15
435
15
-
450
5.81
After 10 years
35,544
35,544
5,753
29,791
2,908
1,829
30,870
1.43
Total obligations of  
Puerto Rico, States and
political subdivisions
51,107
51,107
5,812
45,295
2,951
1,916
46,330
2.22
Collateralized mortgage obligations - federal
agencies
After 10 years
1,495
1,495
-
1,495
-
189
1,306
2.87
Total collateralized  
mortgage obligations -
federal agencies
1,495
1,495
-
1,495
-
189
1,306
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]
$
7,620,074
 
$  

7,327,529
 
$  

5,812
 
$  

7,321,717
 
$  

44,085
 
$  

2,215
 
$  

7,363,587
1.29
%
[1]
Book value includes $
293
 
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 $
98.8
 
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  
takes into  
account to  
develop the
estimate of the allowance for credit losses for investment  
securities held-to-maturity.
As discussed in  
Note 2 of  
the 2025 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 March 31, 2026  
and December 31, 2025, 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  
an  
amortized  
cost  
of  
$
7.1
 
million  
of  
general  
and  
special  
obligation  
bonds  
issued  
by  
three
municipalities  
of  
Puerto  
Rico,  
of  
which  
$
6.3
 
million  
have  
a  
“Pass”  
rating,  
that  
are  
payable  
primarily  
from  
certain  
property  
taxes
imposed by the issuing municipality (compared to $
8.7
 
million and $
7.9
 
million, respectively, at December 31, 2025).

At  
March  
31,  
2026,  
the  
portfolio  
of  
“Obligations  
of  
Puerto  
Rico,  
States  
and  
political  
subdivisions”  
also  
included  
$
35.1
 
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, 2025 -  
$
36
 
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.
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 March  
31, 2026,  
the portfolio  
of “Obligations  
of Puerto  
Rico, States  
and political  
subdivisions” had
no
 
securities issued  
by the
HFA  
for which  
the underlying  
source of  
payment is  
U.S. Treasury  
securities (December  
31, 2025  
- $
6.8
 
million). These  
securities
were fully redeemed during this quarter. 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 March 31, 2026 and December 31, 2025, 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
March 31, 2026 was $
5.9
 
million (December 31, 2025 - $
5.8
 
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 2025  
Form 10-K.

The following table  
presents the Corporation's  
loan purchases (including  
repurchases) for the  
quarters ended March  
31, 2026  
and
2025 by class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarters ended March 31,  

(In thousands)
2026
2025
Commercial
$
55,006
$
7,160
Mortgage
109,208
120,907
Ending balance
$
164,214
$
128,067

The following table presents the Corporation’s whole-loan  
sales for the quarters ended March 31, 2026 and  
2025 by class of loans:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarters ended March 31,  

(In thousands)
2026
2025
Commercial
$
14,191
$
26,349
Construction
-
9,338
Mortgage
11,035
6,937
Ending balance
$
25,226
$
42,624

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
March 31, 2026 and December 31, 2025.

 
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
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
$
2,717
$
7,927
$
-
$
10,644
$
332,447
$
343,091
$
-
$
-
Commercial real estate:
Non-owner occupied
3,123
-
26,457
29,580
3,362,611
3,392,191
26,457
-
Owner occupied
2,114
664
14,192
16,970
1,131,241
1,148,211
14,192
-
Commercial and industrial
5,792
2,240
190,205
198,237
5,742,028
5,940,265
185,993
4,212
Construction
13,635
-
-
13,635
399,144
412,779
-
-
Mortgage
218,044
102,818
325,321
646,183
6,789,562
7,435,745
129,367
195,954
Leasing
21,261
3,938
8,892
34,091
1,952,074
1,986,165
8,892
-
Consumer:
Credit cards
12,351
8,721
25,395
46,467
1,167,725
1,214,192
-
25,395
Home equity lines of credit
-
120
-
120
1,778
1,898
-
-
Personal
18,601
11,212
15,976
45,789
1,805,275
1,851,064
15,755
221
Auto
81,112
13,038
35,390
129,540
3,654,364
3,783,904
35,390
-
Other
574
135
4,663
5,372
162,036
167,408
4,227
436
Total
$
379,324
$
150,813
$
646,491
$
1,176,628
$
26,500,285
$
27,676,913
$
420,273
$
226,218

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
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
$
5,733
$
-
$
10,962
$
16,695
$
2,067,509
$
2,084,204
$
10,962
$
-
Commercial real estate:
Non-owner occupied
10,282
1,930
6,987
19,199
2,132,061
2,151,260
6,987
-
Owner occupied
21,202
1,610
-
22,812
2,041,333
2,064,145
-
-
Commercial and industrial
11,660
4,404
6,693
22,757
2,602,537
2,625,294
6,524
169
Construction
6,903
-
-
6,903
1,254,511
1,261,414
-
-
Mortgage
25,877
1,552
9,700
37,129
1,239,487
1,276,616
9,700
-
Consumer:
Credit cards
-
-
-
-
7
7
-
-
Home equity lines of
credit
660
252
2,766
3,678
74,188
77,866
2,766
-
Personal
1,062
523
905
2,490
59,727
62,217
905
-
Other
2
-
-
2
9,764
9,766
-
-
Total
$
83,381
$
10,271
$
38,013
$
131,665
$
11,481,124
$
11,612,789
$
37,844
$
169

 
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
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
$
8,450
$
7,927
$
10,962
$
27,339
$
2,399,956
$
2,427,295
$
10,962
$
-
Commercial real estate:
Non-owner occupied
13,405
1,930
33,444
48,779
5,494,672
5,543,451
33,444
-
Owner occupied
23,316
2,274
14,192
39,782
3,172,574
3,212,356
14,192
-
Commercial and industrial
17,452
6,644
196,898
220,994
8,344,565
8,565,559
192,517
4,381
Construction
20,538
-
-
20,538
1,653,655
1,674,193
-
-
Mortgage
[1]
243,921
104,370
335,021
683,312
8,029,049
8,712,361
139,067
195,954
Leasing
21,261
3,938
8,892
34,091
1,952,074
1,986,165
8,892
-
Consumer:
Credit cards
12,351
8,721
25,395
46,467
1,167,732
1,214,199
-
25,395
Home equity lines of credit
660
372
2,766
3,798
75,966
79,764
2,766
-
Personal
19,663
11,735
16,881
48,279
1,865,002
1,913,281
16,660
221
Auto
81,112
13,038
35,390
129,540
3,654,364
3,783,904
35,390
-
Other
576
135
4,663
5,374
171,800
177,174
4,227
436
Total
$
462,705
$
161,084
$
684,504
$
1,308,293
$
37,981,409
$
39,289,702
$
458,117
$
226,387

[1]
At March 31, 2026, mortgage loans held-in-portfolio include  
$
3.3
 
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 $
196
 
million are 90 days or more past due. The portfolio of
guaranteed loans includes $
43
 
million of residential mortgage loans in Puerto Rico that  
are no longer accruing interest as of March 31, 2026.  
The
Corporation has $
26
 
million in reverse mortgage loans in Puerto Rico which  
are guaranteed by FHA, but which are currently not  
accruing interest
at March 31, 2026.
[2]
Loans held-in-portfolio are net of $
414
 
million in unearned income and exclude $
6
 
million in loans held-for-sale.
[3]
Includes $
22.9
 
billion pledged to secure credit facilities and public funds  
that the secured parties are not permitted to sell or repledge  
the collateral,
of which $
7.4
 
billion were pledged at the Federal Home Loan Bank  
("FHLB") as collateral for borrowings and $
15.5
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of  
March 31, 2026, the Corporation had an available borrowing  
facility with the FHLB and the
discount window of FRB of $
4.2
 
billion and $
12.2
 
billion, respectively.

 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days  

Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
6,579
$
155
$
112
$
6,846
$
296,502
$
303,348
$
112
$
-
Commercial real estate:
Non-owner occupied
2,457
299
35,692
38,448
3,356,682
3,395,130
35,692
-
Owner occupied
2,760
681
24,567
28,008
1,168,585
1,196,593
24,567
-
Commercial and industrial
8,864
3,760
187,222
199,846
5,770,227
5,970,073
183,914
3,308
Construction
17,283
-
-
17,283
340,258
357,541
-
-
Mortgage
261,145
133,124
329,613
723,882
6,624,085
7,347,967
132,373
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,885
1,256,731
-
27,529
Home equity lines of credit
-
-
-
-
1,908
1,908
-
-
Personal
19,608
11,894
19,082
50,584
1,785,818
1,836,402
18,863
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,285
5,900
165,858
171,758
1,809
476
Total
$
466,174
$
193,353
$
687,481
$
1,347,008
$
26,311,620
$
27,658,628
$
458,709
$
228,772

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
9,500
$
-
$
8,636
$
18,136
$
2,134,306
$
2,152,442
$
8,636
$
-
Commercial real estate:
Non-owner occupied
-
1,600
7,020
8,620
2,139,534
2,148,154
7,020
-
Owner occupied
-
-
-
-
1,956,487
1,956,487
-
-
Commercial and industrial
7,608
928
6,686
15,222
2,622,117
2,637,339
6,498
188
Construction
-
-
-
-
1,317,358
1,317,358
-
-
Mortgage
15,596
6,400
13,422
35,418
1,266,055
1,301,473
13,422
-
Consumer:
Credit cards
-
-
-
-
( 14 )
( 14 )
-
-
Home equity lines of credit
1,282
82
2,796
4,160
72,624
76,784
2,796
-
Personal  

983
832
1,233
3,048
66,778
69,826
1,233
-
Other
-
-
29
29
9,012
9,041
29
-
Total
$
34,969
$
9,842
$
39,822
$
84,633
$
11,584,257
$
11,668,890
$
39,634
$
188

 
 
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
16,079
$
155
$
8,748
$
24,982
$
2,430,808
$
2,455,790
$
8,748
$
-
Commercial real estate:
Non-owner occupied
2,457
1,899
42,712
47,068
5,496,216
5,543,284
42,712
-
Owner occupied
2,760
681
24,567
28,008
3,125,072
3,153,080
24,567
-
Commercial and industrial
16,472
4,688
193,908
215,068
8,392,344
8,607,412
190,412
3,496
Construction
17,283
-
-
17,283
1,657,616
1,674,899
-
-
Mortgage
[1]
276,741
139,524
343,035
759,300
7,890,140
8,649,440
145,795
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,871
1,256,717
-
27,529
Home equity lines of credit
1,282
82
2,796
4,160
74,532
78,692
2,796
-
Personal
20,591
12,726
20,315
53,632
1,852,596
1,906,228
20,096
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,314
5,929
174,870
180,799
1,838
476
Total
$
501,143
$
203,195
$
727,303
$
1,431,641
$
37,895,877
$
39,327,518
$
498,343
$
228,960

[1]
At December 31, 2025 mortgage loans held-in-portfolio include  
$
3.2
 
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 $
197
 
million are 90 days or more past due. The portfolio  
of
guaranteed loans includes $
47
 
million of residential mortgage loans in Puerto Rico that  
are no longer accruing interest as of December 31,  
2025.
The Corporation has $
27
 
million in reverse mortgage loans in Puerto Rico which  
are guaranteed by FHA, but which are currently not accruing
interest at December 31, 2025.
[2]
Loans held-in-portfolio are net of $
422
 
million in unearned income and exclude $
10
 
million in loans held-for-sale.
[3]
Includes $
22.7
 
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 FHLB as collateral for borrowings  
and $
15.2
 
billion at the FRB for discount window borrowings.  
As of
December 31, 2025, the Corporation had an available borrowing  
facility with the FHLB and the discount window  
of FRB of $
4
.0 billion and $
12.1
billion, respectively.

The following tables present the amortized cost basis  
of non-accrual loans as of March 31, 2026  
and December 31, 2025 by class of
loans:

 
 
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
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
$
-
$
-
$
10,632
$
330
$
10,632
$
330
Commercial real estate non-owner occupied
22,240
4,217
6,957
30
29,197
4,247
Commercial real estate owner occupied
6,617
7,575
-
-
6,617
7,575
Commercial and industrial
6,203
179,790
5,975
549
12,178
180,339
Mortgage
59,937
69,430
760
8,940
60,697
78,370
Leasing
542
8,350
-
-
542
8,350
Consumer:
 
HELOCs
-
-
-
2,766
-
2,766
 
Personal  

3,484
12,271
-
905
3,484
13,176
 
Auto  

2,313
33,077
-
-
2,313
33,077
 
Other
363
3,864
-
-
363
3,864
Total
$
101,699
$
318,574
$
24,324
$
13,520
$
126,023
$
332,094

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
-
$
112
$
8,137
$
499
$
8,137
$
611
Commercial real estate non-owner occupied
31,408
4,284
6,979
41
38,387
4,325
Commercial real estate owner occupied
16,576
7,991
-
-
16,576
7,991
Commercial and industrial
6,245
177,669
5,985
513
12,230
178,182
Mortgage
59,302
73,071
732
12,690
60,034
85,761
Leasing
771
8,408
-
-
771
8,408
Consumer:
 
HELOCs
-
-
-
2,796
-
2,796
 
Personal  

3,314
15,549
-
1,233
3,314
16,782
 
Auto  

2,252
49,948
-
-
2,252
49,948
 
Other
378
1,431
-
29
378
1,460
Total
$
120,246
$
338,463
$
21,833
$
17,801
$
142,079
$
356,264

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 March 31,  
2026 include $
126
 
million in collateral dependent loans  
(December 31,
2025 - $
142
 
million). The Corporation recognized $
7
 
million in interest income on non-accrual loans during the quarter ended March
31, 2026 (March 31, 2025 - $
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 March  
31, 2026 and December 31, 2025:

 
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,189
$
-
$
-
$
-
$
1,189
Commercial real estate:
Non-owner occupied
97,743
-
-
-
97,743
Owner occupied
12,891
-
-
-
12,891
Commercial and industrial
2,355
-
4,433
2,578
9,366
Mortgage
50,344
-
-
-
50,344
Leasing
-
1,652
-
-
1,652
Consumer:
Personal
3,316
-
-
-
3,316
Auto
-
16,905
-
-
16,905
Other
-
14
-
363
377
Total BPPR
$
167,838
$
18,571
$
4,433
$
2,941
$
193,783
Popular U.S.
Commercial multi-family
$
16,379
$
-
$
-
$
-
$
16,379
Commercial real estate:
Non-owner occupied
65,608
-
-
-
65,608
Commercial and industrial
4,177
-
-
1,798
5,975
Mortgage
1,082
-
-
-
1,082
Total Popular U.S.
$
87,246
$
-
$
-
$
1,798
$
89,044
Popular, Inc.
Commercial multi-family
$
17,568
$
-
$
-
$
-
$
17,568
Commercial real estate:
Non-owner occupied
163,351
-
-
-
163,351
Owner occupied
12,891
-
-
-
12,891
Commercial and industrial
6,532
-
4,433
4,376
15,341
Mortgage
51,426
-
-
-
51,426
Leasing
-
1,652
-
-
1,652
Consumer:
Personal
3,316
-
-
-
3,316
Auto
-
16,905
-
-
16,905
Other
-
14
-
363
377
Total Popular,  
Inc.
$
255,084
$
18,571
$
4,433
$
4,739
$
282,827

 
34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,206
$
-
$
-
$
-
$
1,206
Commercial real estate:
Non-owner occupied
127,031
-
-
-
127,031
Owner occupied
23,014
-
-
-
23,014
Commercial and industrial
2,378
-
4,476
297
7,151
Mortgage
67,380
-
-
-
67,380
Leasing
-
1,925
-
-
1,925
Consumer:
Personal
3,402
-
-
-
3,402
Auto
-
16,512
-
-
16,512
Other
-
31
-
363
394
Total BPPR
$
224,411
$
18,468
$
4,476
$
660
$
248,015
Popular U.S.
Commercial multi-family
$
16,395
$
-
$
-
$
-
$
16,395
Commercial real estate:
Non-owner occupied
65,630
-
-
-
65,630
Commercial and industrial
4,187
-
-
1,798
5,985
Mortgage
1,398
-
-
-
1,398
Total Popular U.S.
$
87,610
$
-
$
-
$
1,798
$
89,408
Popular, Inc.
Commercial multi-family
$
17,601
$
-
$
-
$
-
$
17,601
Commercial real estate:
Non-owner occupied
192,661
-
-
-
192,661
Owner occupied
23,014
-
-
-
23,014
Commercial and industrial
6,565
-
4,476
2,095
13,136
Mortgage
68,778
-
-
-
68,778
Leasing
-
1,925
-
-
1,925
Consumer:
Personal
3,402
-
-
-
3,402
Auto
-
16,512
-
-
16,512
Other
-
31
-
363
394
Total Popular,  
Inc.
$
312,021
$
18,468
$
4,476
$
2,458
$
337,423

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
internally  
developed  
quantitative  
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 March  
31, 2026, 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  
2026,  
among  
the  
three  
scenarios  
evaluated  
to  
estimate  
the  
ACL,  
the  
baseline  
scenario  
was  
assigned  
the  
highest
probability, followed by the pessimistic scenario,  
where weight was increased during 2025 in response  
to ongoing uncertainties.
At March 31,2026, the ACL increased by $
15.6
 
million from December 31, 2025 to $
823.7
 
million.

The following  
tables present  
the changes  
in the  
ACL of  
loans held-in-portfolio  
and unfunded  
commitments for  
the quarters  
ended
March 31, 2026 and 2025.

 
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended March 31, 2026
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
$
3,871
$
831
$
-
$
-
$
2
$
4,704
 
Commercial real estate non-owner occupied
44,149
15,847
-
( 11,131 )
16
48,881
 
Commercial real estate owner occupied
34,722
326
-
( 91 )
446
35,403
 
Commercial and industrial
163,877
16,834
-
( 2,618 )
1,887
179,980
 
Total Commercial
246,619
33,838
-
( 13,840 )
2,351
268,968
Construction
4,488
1,268
-
-
11
5,767
Mortgage
70,674
764
7
( 483 )
2,799
73,761
Leasing
18,620
2,537
-
( 4,085 )
1,516
18,588
Consumer
 
Credit cards
91,124
14,305
-
( 19,235 )
3,182
89,376
 
Home equity lines of credit
58
( 82 )
-
-
91
67
 
Personal
97,804
17,602
-
( 20,744 )
2,795
97,457
 
Auto
180,364
3,006
-
( 21,150 )
8,324
170,544
 
Other
8,169
60
-
( 747 )
225
7,707
 
Total Consumer
377,519
34,891
-
( 61,876 )
14,617
365,151
Total - Loans
$
717,920
$
73,298
$
7
$
( 80,284 )
$
21,294
$
732,235
Allowance for credit losses - unfunded commitments:
Commercial
$
5,993
$
( 603 )
$
-
$
-
$
-
$
5,390
Construction
2,570
721
-
-
-
3,291
Ending balance - unfunded commitments [1]
$
8,563
$
118
$
-
$
-
$
-
$
8,681
[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 March 31, 2026
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
$
15,474
$
( 109 )
$
-
$
-
$
15,365
Commercial real estate non-owner occupied
14,568
697
-
-
15,265
Commercial real estate owner occupied
13,729
1,869
-
115
15,713
Commercial and industrial
17,057
424
( 29 )
44
17,496
Total Commercial
60,828
2,881
( 29 )
159
63,839
Construction
9,338
55
-
-
9,393
Mortgage
9,880
( 45 )
( 19 )
47
9,863
Consumer
Home equity lines of credit
1,277
( 400 )
-
234
1,111
Personal
8,808
( 104 )
( 1,818 )
396
7,282
Other
5
4
( 13 )
10
6
Total Consumer
10,090
( 500 )
( 1,831 )
640
8,399
Total - Loans
$
90,136
$
2,391
$
( 1,879 )
$
846
$
91,494
Allowance for credit losses - unfunded commitments:
Commercial
$
1,570
$
232
$
-
$
-
$
1,802
Construction
4,161
( 222 )
-
-
3,939
Consumer
144
( 19 )
-
-
125
Ending balance - unfunded commitments [1]
$
5,875
$
( 9 )
$
-
$
-
$
5,866
[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 March 31, 2026
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
$
19,345
$
722
$
-
$
-
$
2
$
20,069
Commercial real estate non-owner occupied
58,717
16,544
-
( 11,131 )
16
64,146
Commercial real estate owner occupied
48,451
2,195
-
( 91 )
561
51,116
Commercial and industrial
180,934
17,258
-
( 2,647 )
1,931
197,476
Total Commercial
307,447
36,719
-
( 13,869 )
2,510
332,807
Construction
13,826
1,323
-
-
11
15,160
Mortgage
80,554
719
7
( 502 )
2,846
83,624
Leasing
18,620
2,537
-
( 4,085 )
1,516
18,588
Consumer
Credit cards
91,124
14,305
-
( 19,235 )
3,182
89,376
Home equity lines of credit
1,335
( 482 )
-
-
325
1,178
Personal
106,612
17,498
-
( 22,562 )
3,191
104,739
Auto
180,364
3,006
-
( 21,150 )
8,324
170,544
Other
8,174
64
-
( 760 )
235
7,713
Total Consumer
387,609
34,391
-
( 63,707 )
15,257
373,550
Total - Loans
$
808,056
$
75,689
$
7
$
( 82,163 )
$
22,140
$
823,729
Allowance for credit losses - unfunded commitments:
Commercial
$
7,563
$
( 371 )
$
-
$
-
$
-
$
7,192
Construction
6,731
499
-
-
-
7,230
Consumer
144
( 19 )
-
-
-
125
Ending balance - unfunded commitments [1]
$
14,438
$
109
$
-
$
-
$
-
$
14,547
[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 quarter ended March 31, 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
$
635
$
-
$
-
$
2
$
3,420
Commercial real estate non-owner occupied
44,852
( 2,599 )
-
( 65 )
660
42,848
Commercial real estate owner occupied
37,355
( 1,742 )
-
( 89 )
495
36,019
Commercial and industrial
130,136
( 257 )
-
( 3,312 )
4,840
131,407
Total Commercial
215,126
( 3,963 )
-
( 3,466 )
5,997
213,694
Construction
2,743
( 24 )
-
-
-
2,719
Mortgage
72,901
( 1,118 )
9
( 435 )
2,932
74,289
Leasing
16,419
7,059
-
( 4,544 )
1,272
20,206
Consumer
Credit cards
99,130
13,822
-
( 18,865 )
2,436
96,523
Home equity lines of credit
54
( 108 )
-
( 25 )
139
60
Personal
91,296
16,828
-
( 21,953 )
3,615
89,786
Auto
165,995
19,471
-
( 21,056 )
7,569
171,979
Other
7,002
723
-
( 880 )
162
7,007
Total Consumer
363,477
50,736
-
( 62,779 )
13,921
365,355
Total - Loans
$
670,666
$
52,690
$
9
$
( 71,224 )
$
24,122
$
676,263
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
720
$
-
$
-
$
-
$
7,445
Construction
1,663
( 103 )
-
-
-
1,560
Ending balance - unfunded commitments [1]
$
8,388
$
617
$
-
$
-
$
-
$
9,005
[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 quarter ended March 31, 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
$
3,627
$
-
$
1
$
10,081
Commercial real estate non-owner occupied
9,642
5,811
-
-
15,453
Commercial real estate owner occupied
12,473
1,209
( 12 )
523
14,193
Commercial and industrial
15,870
1,477
( 1,147 )
222
16,422
Total Commercial
44,438
12,124
( 1,159 )
746
56,149
Construction
8,521
( 1,728 )
-
-
6,793
Mortgage
9,508
47
-
185
9,740
Consumer
Home equity lines of credit
1,449
( 136 )
( 30 )
267
1,550
Personal
11,440
2,200
( 2,626 )
637
11,651
Other
2
21
( 29 )
8
2
Total Consumer
12,891
2,085
( 2,685 )
912
13,203
Total - Loans
$
75,358
$
12,528
$
( 3,844 )
$
1,843
$
85,885
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
( 32 )
$
-
$
-
$
1,630
Construction
5,409
( 1,917 )
-
-
3,492
Consumer
11
31
-
-
42
Ending balance - unfunded commitments [1]
$
7,082
$
( 1,918 )
$
-
$
-
$
5,164
[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 quarter ended March 31, 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
$
4,262
$
-
$
-
$
3
$
13,501
Commercial real estate non-owner occupied
54,494
3,212
-
( 65 )
660
58,301
Commercial real estate owner occupied
49,828
( 533 )
-
( 101 )
1,018
50,212
Commercial and industrial
146,006
1,220
-
( 4,459 )
5,062
147,829
Total Commercial
259,564
8,161
-
( 4,625 )
6,743
269,843
Construction
11,264
( 1,752 )
-
-
-
9,512
Mortgage
82,409
( 1,071 )
9
( 435 )
3,117
84,029
Leasing
16,419
7,059
-
( 4,544 )
1,272
20,206
Consumer
Credit cards
99,130
13,822
-
( 18,865 )
2,436
96,523
Home equity lines of credit
1,503
( 244 )
-
( 55 )
406
1,610
Personal
102,736
19,028
-
( 24,579 )
4,252
101,437
Auto
165,995
19,471
-
( 21,056 )
7,569
171,979
Other
7,004
744
-
( 909 )
170
7,009
Total Consumer
376,368
52,821
-
( 65,464 )
14,833
378,558
Total - Loans
$
746,024
$
65,218
$
9
$
( 75,068 )
$
25,965
$
762,148
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
688
$
-
$
-
$
-
$
9,075
Construction
7,072
( 2,020 )
-
-
-
5,052
Consumer
11
31
-
-
-
42
Ending balance - unfunded commitments [1]
$
15,470
$
( 1,301 )
$
-
$
-
$
-
$
14,169
[1]
Allowance for credit losses of unfunded commitments is  
presented as part of Other Liabilities in the Consolidated  
Statements of Financial Condition.

42
 
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 quarter ended March 31, 2026 amounted to $
69
 
million (during the year ended December 31, 2025 -
$
159
 
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 ended March  
31,
2026 and 2025.  
Loans modified to  
borrowers experiencing financial  
difficulties that  
were fully paid  
down, charged-off or  
foreclosed
upon by period end are not reported.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the quarter ended March 31,  
2026
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Commercial and industrial
$
743
0.01
%
$
-
-
%
$
743
0.01
%
Mortgage
74
-
%
-
-
%
74
-
%
Consumer:
 
Credit cards
79
0.01
%
-
-
%
79
0.01
%
 
Personal
517
0.03
%
-
-
%
517
0.03
%
Total
$
1,413
0.01
%
$
-
-
%
$
1,413
-
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,856
0.05
%
$
-
-
%
$
1,856
0.03
%
CRE owner occupied
1,321
0.12
%
-
-
%
1,321
0.04
%
Commercial and industrial
56,240
0.95
%
-
-
%
56,240
0.66
%
Mortgage
6,309
0.08
%
-
-
%
6,309
0.07
%
Consumer:
-
 
Personal
104
0.01
%
11
0.02
%
115
0.01
%
 
Auto
51
-
%
-
-
%
51
-
%
Total
$
65,881
0.24
%
$
11
-
%
$
65,892
0.17
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
CRE owner occupied
$
17,425
1.52
%
$
-
-
%
$
17,425
0.54
%
Commercial and industrial
155,817
2.62
%
-
-
%
155,817
1.82
%
Total
$
173,242
0.63
%
$
-
-
%
$
173,242
0.44
%

 
43
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Commercial and industrial
$
109
-
%
$
-
-
%
$
109
-
%
Mortgage
2,195
0.03
%
-
-
%
2,195
0.03
%
Consumer:
 
Personal
2,838
0.15
%
-
-
%
2,838
0.15
%
 
Auto
96
-
%
-
-
%
96
-
%
Total
$
5,238
0.02
%
$
-
-
%
$
5,238
0.01
%
Combination -  
Other-Than-Insignificant Payment Delays and Interest Rate  
Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2026
% of total class of
Financing
Receivable
Commercial and industrial
$
188
-
%
$
-
-
%
$
188
-
%
Consumer:
 
Credit cards
2,447
0.20
%
-
-
%
2,447
0.20
%
Total
$
2,635
0.01
%
$
-
-
%
$
2,635
0.01
%

 
44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial  
Difficulty for the quarter ended March 31,  
2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
1,272
0.02
%
$
-
-
%
$
1,272
0.02
%
Consumer:
 
Credit cards
235
0.02
%
-
-
%
235
0.02
%
 
Personal
1,215
0.07
%
-
-
%
1,215
0.07
%
 
Other
5
-
%
-
-
%
5
-
%
Total
$
2,727
0.01
%
$
-
-
%
$
2,727
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,005
0.03
%
$
-
-
%
$
1,005
0.02
%
CRE owner occupied
512
0.04
%
-
-
%
512
0.02
%
Commercial and industrial
9,372
0.18
%
-
-
%
9,372
0.12
%
Mortgage
9,971
0.14
%
-
-
%
9,971
0.12
%
Consumer:
 
Personal
239
0.01
%
2
-
%
241
0.01
%
 
Auto
40
-
%
-
-
%
40
-
%
Total
$
21,139
0.08
%
$
2
-
%
$
21,141
0.06
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
4,454
0.13
%
$
-
-
%
$
4,454
0.08
%
CRE owner occupied
24,686
2.05
%
-
-
%
24,686
0.83
%
Commercial and industrial
96,529
1.84
%
-
-
%
96,529
1.25
%
Total
$
125,669
0.48
%
$
-
-
%
$
125,669
0.34
%
Combination - Term Extension  
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Mortgage
$
3,132
0.05
%
$
-
-
%
$
3,132
0.04
%
Consumer:
 
Personal
3,209
0.18
%
43
0.05
%
3,252
0.18
%
Total
$
6,341
0.02
%
$
43
0.05
%
$
6,384
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 March 31,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
567
0.01
%
$
-
-
%
$
567
0.01
%
Consumer:
 
Credit cards
2,751
0.23
%
-
-
%
2,751
0.23
%
Total
$
3,318
0.01
%
$
-
-
%
$
3,318
0.01
%

45
The following tables describe the financial effect of the  
modifications made to borrowers experiencing  
financial difficulties:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended March 31, 2026
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
22.6
% to
9.9
%.
Mortgage
Reduced weighted-average contractual interest rate from
7.3
% to
5.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.2
% to
8.8
%.
Personal
Reduced weighted-average contractual interest rate from
19.9
% to
12.1
%.
Auto
Reduced weighted-average contractual interest rate from
8.9
% to
8.7
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
16
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
4
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
5
 
months to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
4
 
years to the life of loans.
Auto
Added a weighted-average of
19
 
months to the life of loans.
Other than insignificant payment delays
Loan Type
Financial Effect
CRE Owner occupied
Added a weighted-average of
10
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
10
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.

 
46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended March 31, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
25.4
% to
9.6
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.5
% to
5.6
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.3
% to
8.2
%.
Personal
Reduced weighted-average contractual interest rate from
21.6
% to
11.7
%.
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
6
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
1
 
year to the life of loans.
Mortgage
Added a weighted-average of
15
 
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
3
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
10
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
9
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
13
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
19
 
months to the life of loans.

The following tables present, by class, the performance of loans that have been modified during the twelve months preceding March
31,  
2026.  
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.

 

47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
March 31, 2026
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
$
-
$
-
$
2,115
$
2,115
$
1,726
$
3,841
$
-
$
2,115
CRE owner occupied
485
-
2,741
3,226
58,227
61,453
-
2,741
Commercial and industrial
809
76
4,369
5,254
304,683
309,937
341
4,028
Mortgage
4,082
1,615
20,668
26,365
24,524
50,889
7,338
13,330
Consumer:
 
Credit cards
751
454
1,139
2,344
6,755
9,099
869
270
 
Personal
695
197
1,328
2,220
12,195
14,415
60
1,268
 
Auto
-
-
-
-
458
458
-
Total
$
6,822
$
2,342
$
32,360
$
41,524
$
408,568
$
450,092
$
8,608
$
23,752
[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.
 
March 31, 2026
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
-
-
-
-
914
914
-
-
Mortgage
-
-
-
-
1,120
1,120
-
-
Consumer:
 
Personal
-
-
33
33
75
108
33
-
Total
$
-
$
-
$
33
$
33
$
60,761
$
60,794
$
33
$
-
[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.
 
March 31, 2026
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
$
-
$
-
$
2,115
$
2,115
$
60,378
$
62,493
$
-
$
2,115
CRE owner occupied
485
-
2,741
3,226
58,227
61,453
-
2,741
Commercial and industrial
809
76
4,369
5,254
305,597
310,851
341
4,028
Mortgage
4,082
1,615
20,668
26,365
25,644
52,009
7,338
13,330
Consumer:
 
Credit cards
751
454
1,139
2,344
6,755
9,099
869
270
 
Personal
695
197
1,361
2,253
12,270
14,523
93
1,268
 
Auto
-
-
-
-
458
458
-
-
Total
$
6,822
$
2,342
$
32,393
$
41,557
$
469,329
$
510,886
$
8,641
$
23,752
[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.

48
The following tables present, by class, the performance of loans that have been modified during the twelve months preceding March
31, 2025.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
March 31, 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
$
-
$
-
$
451
$
451
$
8,571
$
9,022
$
-
$
451
CRE owner occupied
85
113
2,137
2,335
45,631
47,966
257
1,880
Commercial and industrial
290
177
4,856
5,323
167,950
173,273
273
4,583
Mortgage
5,072
2,767
17,345
25,184
37,456
62,640
3,256
14,089
Consumer:
 
Credit cards
699
536
845
2,080
4,690
6,770
503
342
 
Personal
391
129
1,887
2,407
12,584
14,991
136
1,751
 
Auto
-
-
-
-
119
119
-
-
 
Other
-
-
-
-
27
27
-
-
Total
$
6,537
$
3,722
$
27,521
$
37,780
$
277,028
$
314,808
$
4,425
$
23,096
[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.
 
March 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,804
$
5,804
$
-
$
-
CRE owner occupied
-
-
-
-
5,953
5,953
-
-
Commercial and industrial
-
-
-
-
684
684
-
-
Mortgage
-
-
699
699
796
1,495
645
54
Consumer:
 
Personal
14
-
-
14
221
235
-
-
Total
$
14
$
-
$
699
$
713
$
13,458
$
14,171
$
645
$
54
[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.
 
March 31, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,804
$
5,804
$
-
$
-
CRE non-owner occupied
-
-
451
451
8,571
9,022
-
451
CRE owner occupied
85
113
2,137
2,335
51,584
53,919
257
1,880
Commercial and industrial
290
177
4,856
5,323
168,634
173,957
273
4,583
Mortgage
5,072
2,767
18,044
25,883
38,252
64,135
3,901
14,143
Consumer:
 
Credit cards
699
536
845
2,080
4,690
6,770
503
342
 
Personal
405
129
1,887
2,421
12,805
15,226
136
1,751
 
Auto
-
-
-
-
119
119
-
-
 
Other
-
-
-
-
27
27
-
-
Total
$
6,551
$
3,722
$
28,220
$
38,493
$
290,486
$
328,979
$
5,070
$
23,150
[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.

 
 
49
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  
March 31, 2026
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
Commercial and industrial
$
152
$
40
$
14
$
96
$
140
$
442
Mortgage
-
7,741
109
736
-
8,586
Consumer:
 
Credit cards
69
-
-
-
1,133
1,202
 
Personal
50
-
-
288
-
338
Total
$
271
$
7,781
$
123
$
1,120
$
1,273
$
10,568

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That  
Subsequently Defaulted During the Quarter Ended  
March 31, 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 owner occupied
$
-
$
89
$
257
$
-
$
-
$
346
Commercial and industrial
81
64
84
-
132
361
Mortgage
-
4,820
-
415
-
5,235
Consumer:
 
Credit cards
178
-
-
-
454
632
 
Personal
85
11
-
67
-
163
Total
$
344
$
4,984
$
341
$
482
$
586
$
6,737

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  
March 31,  
2026 and  
December 31,  
2025 and  
the gross  
charge-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 2025 Form 10-K:

 
 
 
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior  

Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
42,608
$
11,093
$
32,748
$
36,284
$
130,510
$
65,455
$
303
$
-
$
319,001
Watch
-
-
15,710
-
518
3,654
-
-
19,882
Special Mention
-
220
-
-
-
193
-
-
413
Substandard
-
-
-
-
-
3,795
-
-
3,795
Total commercial
multi-family
$
42,608
$
11,313
$
48,458
$
36,284
$
131,028
$
73,097
$
303
$
-
$
343,091
Commercial real estate non-owner occupied
Pass
$
82,203
$
441,363
$
401,447
$
263,210
$
782,917
$
1,136,854
$
5,267
$
-
$
3,113,261
Watch
-
22,316
11,821
42,798
4,973
97,718
598
-
180,224
Special Mention
-
1,814
-
868
141
41,114
-
-
43,937
Substandard
-
-
723
8,367
17,435
28,244
-
-
54,769
Total commercial
real estate non-
owner occupied
$
82,203
$
465,493
$
413,991
$
315,243
$
805,466
$
1,303,930
$
5,865
$
-
$
3,392,191
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
11,131
$
-
$
-
$
-
$
11,131
Commercial real estate owner occupied
Pass
$
17,596
$
153,564
$
111,506
$
48,190
$
69,723
$
422,574
$
22,830
$
-
$
845,983
Watch
-
6,194
26,562
6,166
34,427
93,078
1,049
-
167,476
Special Mention
190
-
-
1,484
2,935
17,345
1,500
-
23,454
Substandard
987
9,312
1,894
1,804
18,232
76,798
1,827
-
110,854
Doubtful
-
73
-
-
220
151
-
-
444
Total commercial
real estate owner
occupied
$
18,773
$
169,143
$
139,962
$
57,644
$
125,537
$
609,946
$
27,206
$
-
$
1,148,211
Year-to-Date gross
write-offs
$
1
$
-
$
-
$
-
$
-
$
90
$
-
$
-
$
91

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
68,303
$
1,310,651
$
599,285
$
642,805
$
424,285
$
518,898
$
1,366,545
$
-
$
4,930,772
Watch
7,479
34,152
93,292
18,274
32,820
17,092
204,257
-
407,366
Special Mention
1,342
20,675
25,617
9,852
1,791
4,476
22,278
-
86,031
Substandard
8,539
36,138
14,964
46,521
94,276
170,270
145,363
-
516,071
Loss
-
-
-
-
-
-
25
-
25
Total commercial
and industrial
$
85,663
$
1,401,616
$
733,158
$
717,452
$
553,172
$
710,736
$
1,738,468
$
-
$
5,940,265
Year-to-Date gross
write-offs
$
322
$
257
$
161
$
60
$
14
$
14
$
1,790
$
-
$
2,618
Construction
Pass
$
8,389
$
34,849
$
114,149
$
77,267
$
-
$
11,792
$
71,895
$
-
$
318,341
Watch
-
-
45,773
43,224
5,688
-
( 247 )
-
94,438
Total construction
$
8,389
$
34,849
$
159,922
$
120,491
$
5,688
$
11,792
$
71,648
$
-
$
412,779
Mortgage
Pass
$
191,448
$
1,006,090
$
855,964
$
668,642
$
382,160
$
4,262,955
$
-
$
-
$
7,367,259
Substandard
-
183
727
2,872
1,922
62,782
-
-
68,486
Total mortgage
$
191,448
$
1,006,273
$
856,691
$
671,514
$
384,082
$
4,325,737
$
-
$
-
$
7,435,745
Year-to-Date gross
write-offs
$
-
 

$
-
 

$
-
 

$
-
 

$
-
 

$
483
$
-
$
-
$
483

51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior  

Years
Total
BPPR
Leasing
Pass
$
202,295
$
598,503
$
498,463
$
324,408
$
225,282
$
128,323
$
-
$
-
$
1,977,274
Substandard
1
653
1,825
2,632
2,242
1,538
-
-
8,891
Total leasing
$
202,296
$
599,156
$
500,288
$
327,040
$
227,524
$
129,861
$
-
$
-
$
1,986,165
Year-to-Date gross
write-offs
$
21
$
1,064
$
1,026
$
1,082
$
693
$
199
$
-
$
-
$
4,085
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,797
$
-
$
1,188,797
Substandard
-
-
-
-
-
-
25,392
-
25,392
Loss
-
-
-
-
-
-
3
-
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,214,192
$
-
$
1,214,192
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
19,235
$
-
$
19,235
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,898
$
-
$
1,898
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,898
$
-
$
1,898
Personal
Pass
$
238,029
$
755,971
$
361,303
$
223,153
$
111,867
$
113,321
$
-
$
31,028
$
1,834,672
Substandard
-
1,644
2,772
2,475
1,246
6,432
-
1,800
16,369
Loss
-
-
9
1
-
13
-
-
23
Total Personal
$
238,029
$
757,615
$
364,084
$
225,629
$
113,113
$
119,766
$
-
$
32,828
$
1,851,064
Year-to-Date gross
write-offs
$
-
$
2,534
$
3,780
$
4,636
$
1,937
$
7,205
$
-
$
652
$
20,744
Auto
Pass
$
286,874
$
1,082,045
$
930,739
$
647,257
$
420,503
$
372,300
$
-
$
-
$
3,739,718
Substandard
20
4,671
12,133
10,915
8,074
8,326
-
-
44,139
Loss
-
29
16
-
-
2
-
-
47
Total Auto
$
286,894
$
1,086,745
$
942,888
$
658,172
$
428,577
$
380,628
$
-
$
-
$
3,783,904
Year-to-Date gross
write-offs
$
82
$
5,175
$
7,130
$
5,400
$
2,516
$
847
$
-
$
-
$
21,150
Other consumer
Pass
$
5,899
$
32,313
$
23,730
$
15,510
$
14,353
$
7,189
$
63,737
$
-
$
162,731
Substandard
-
-
10
2,242
128
45
436
-
2,861
Loss
-
-
-
-
1,025
791
-
-
1,816
Total Other
consumer
$
5,899
$
32,313
$
23,740
$
17,752
$
15,506
$
8,025
$
64,173
$
-
$
167,408
Year-to-Date gross
write-offs
$
-
$
94
$
34
$
57
$
94
$
468
$
-
$
-
$
747
Total BPPR
$
1,162,202
$
5,564,516
$
4,183,182
$
3,147,221
$
2,789,693
$
7,673,518
$
3,123,753
$
32,828
$
27,676,913

 
 
52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
87,872
$
350,606
$
136,836
$
118,464
$
380,415
$
736,267
$
8,422
$
-
$
1,818,882
Watch
-
-
2,460
20,354
71,147
137,773
-
-
231,734
Special Mention
-
-
-
2,702
-
2,053
-
-
4,755
Substandard
-
-
-
1,769
2,720
24,344
-
-
28,833
Total commercial
multi-family
$
87,872
$
350,606
$
139,296
$
143,289
$
454,282
$
900,437
$
8,422
$
-
$
2,084,204
Commercial real estate non-owner occupied
Pass
$
23,820
$
216,348
$
163,271
$
321,723
$
460,793
$
722,441
$
7,065
$
-
$
1,915,461
Watch
-
10,300
9,757
11,387
15,032
59,839
-
-
106,315
Special Mention
-
-
2,067
-
-
1,888
-
-
3,955
Substandard
-
-
-
-
6,854
118,675
-
-
125,529
Total commercial
real estate non-
owner occupied
$
23,820
$
226,648
$
175,095
$
333,110
$
482,679
$
902,843
$
7,065
$
-
$
2,151,260
Commercial real estate owner occupied
Pass
$
257,819
$
562,643
$
219,711
$
155,809
$
192,366
$
399,096
$
10,052
$
-
$
1,797,496
Watch
-
-
35,238
55,274
25,253
32,158
1,600
-
149,523
Special Mention
-
-
17,890
-
-
10,816
-
-
28,706
Substandard
-
-
2,700
-
1,922
83,798
-
-
88,420
Total commercial
real estate owner
occupied
$
257,819
$
562,643
$
275,539
$
211,083
$
219,541
$
525,868
$
11,652
$
-
$
2,064,145

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
7,653
$
296,812
$
363,946
$
225,175
$
273,167
$
764,098
$
338,795
$
-
$
2,269,646
Watch
-
33,073
7,034
42,309
62,586
177,179
11,200
-
333,381
Special Mention
-
-
-
4,649
-
411
738
-
5,798
Substandard
-
-
5,441
1,070
3,906
1,506
4,546
-
16,469
Total commercial
and industrial
$
7,653
$
329,885
$
376,421
$
273,203
$
339,659
$
943,194
$
355,279
$
-
$
2,625,294
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2
$
27
$
-
$
29
Construction
Pass
$
70,527
$
356,131
$
404,477
$
214,892
$
60,026
$
-
$
12,491
$
-
$
1,118,544
Watch
-
12,983
10,814
60,772
28,524
6,903
-
-
119,996
Special Mention
-
-
-
3,833
-
-
-
-
3,833
Substandard
-
-
7,526
2,912
8,603
-
-
-
19,041
Total construction
$
70,527
$
369,114
$
422,817
$
282,409
$
97,153
$
6,903
$
12,491
$
-
$
1,261,414
Mortgage
Pass
$
2,484
$
96,739
$
72,630
$
77,522
$
204,371
$
813,170
$
-
$
-
$
1,266,916
Substandard
-
-
-
644
-
9,056
-
-
9,700
Total mortgage
$
2,484
$
96,739
$
72,630
$
78,166
$
204,371
$
822,226
$
-
$
-
$
1,276,616
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
19
$
-
$
-
$
19

53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Total
Popular U.S.
Consumer:
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
7
$
-
$
7
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
7
$
-
$
7
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
4,994
$
61,077
$
9,029
$
75,100
Substandard
-
-
-
-
-
1,219
11
880
2,110
Loss
-
-
-
-
-
39
-
617
656
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,252
$
61,088
$
10,526
$
77,866
Personal
Pass
$
3,471
$
16,383
$
15,929
$
10,265
$
12,048
$
3,216
$
-
$
-
$
61,312
Substandard
-
77
149
182
165
273
-
-
846
Loss
-
-
11
-
-
48
-
-
59
Total Personal
$
3,471
$
16,460
$
16,089
$
10,447
$
12,213
$
3,537
$
-
$
-
$
62,217
Year-to-Date gross
write-offs
$
30
$
276
$
554
$
454
$
300
$
204
$
-
$
-
$
1,818
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
9,766
$
-
$
9,766
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
9,766
$
-
$
9,766
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
13
$
-
$
13
Total Popular U.S.
$
453,646
$
1,952,095
$
1,477,887
$
1,331,707
$
1,809,898
$
4,111,260
$
465,770
$
10,526
$
11,612,789

 
54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
130,480
$
361,699
$
169,584
$
154,748
$
510,925
$
801,722
$
8,725
$
-
$
2,137,883
Watch
-
-
18,170
20,354
71,665
141,427
-
-
251,616
Special Mention
-
220
-
2,702
-
2,246
-
-
5,168
Substandard
-
-
-
1,769
2,720
28,139
-
-
32,628
Total commercial
multi-family
$
130,480
$
361,919
$
187,754
$
179,573
$
585,310
$
973,534
$
8,725
$
-
$
2,427,295
Commercial real estate non-owner occupied
Pass
$
106,023
$
657,711
$
564,718
$
584,933
$
1,243,710
$
1,859,295
$
12,332
$
-
$
5,028,722
Watch
-
32,616
21,578
54,185
20,005
157,557
598
-
286,539
Special Mention
-
1,814
2,067
868
141
43,002
-
-
47,892
Substandard
-
-
723
8,367
24,289
146,919
-
-
180,298
Total commercial
real estate non-
owner occupied
$
106,023
$
692,141
$
589,086
$
648,353
$
1,288,145
$
2,206,773
$
12,930
$
-
$
5,543,451
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
11,131
$
-
$
-
$
-
$
11,131
Commercial real estate owner occupied
Pass
$
275,415
$
716,207
$
331,217
$
203,999
$
262,089
$
821,670
$
32,882
$
-
$
2,643,479
Watch
-
6,194
61,800
61,440
59,680
125,236
2,649
-
316,999
Special Mention
190
-
17,890
1,484
2,935
28,161
1,500
-
52,160
Substandard
987
9,312
4,594
1,804
20,154
160,596
1,827
-
199,274
Doubtful
-
73
-
-
220
151
-
-
444
Total commercial
real estate owner
occupied
$
276,592
$
731,786
$
415,501
$
268,727
$
345,078
$
1,135,814
$
38,858
$
-
$
3,212,356
Year-to-Date gross
write-offs
$
1
$
-
$
-
$
-
$
-
$
90
$
-
$
-
$
91
Commercial and industrial
Pass
$
75,956
$
1,607,463
$
963,231
$
867,980
$
697,452
$
1,282,996
$
1,705,340
$
-
$
7,200,418
Watch
7,479
67,225
100,326
60,583
95,406
194,271
215,457
-
740,747
Special Mention
1,342
20,675
25,617
14,501
1,791
4,887
23,016
-
91,829
Substandard
8,539
36,138
20,405
47,591
98,182
171,776
149,909
-
532,540
Loss
-
-
-
-
-
-
25
-
25
Total commercial
and industrial
$
93,316
$
1,731,501
$
1,109,579
$
990,655
$
892,831
$
1,653,930
$
2,093,747
$
-
$
8,565,559
Year-to-Date gross
write-offs
$
322
$
257
$
161
$
60
$
14
$
16
$
1,817
$
-
$
2,647

 
55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
78,916
$
390,980
$
518,626
$
292,159
$
60,026
$
11,792
$
84,386
$
-
$
1,436,885
Watch
-
12,983
56,587
103,996
34,212
6,903
( 247 )
-
214,434
Special Mention
-
-
-
3,833
-
-
-
-
3,833
Substandard
-
-
7,526
2,912
8,603
-
-
-
19,041
Total construction
$
78,916
$
403,963
$
582,739
$
402,900
$
102,841
$
18,695
$
84,139
$
-
$
1,674,193
Mortgage
Pass
$
193,932
$
1,102,829
$
928,594
$
746,164
$
586,531
$
5,076,125
$
-
$
-
$
8,634,175
Substandard
-
183
727
3,516
1,922
71,838
-
-
78,186
Total mortgage
$
193,932
$
1,103,012
$
929,321
$
749,680
$
588,453
$
5,147,963
$
-
$
-
$
8,712,361
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
502
$
-
$
-
$
502
Leasing
Pass
$
202,295
$
598,503
$
498,463
$
324,408
$
225,282
$
128,323
$
-
$
-
$
1,977,274
Substandard
1
653
1,825
2,632
2,242
1,538
-
-
8,891
Total leasing
$
202,296
$
599,156
$
500,288
$
327,040
$
227,524
$
129,861
$
-
$
-
$
1,986,165
Year-to-Date gross
write-offs
$
21
$
1,064
$
1,026
$
1,082
$
693
$
199
$
-
$
-
$
4,085

56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,804
$
-
$
1,188,804
Substandard
-
-
-
-
-
-
25,392
-
25,392
Loss
-
-
-
-
-
-
3
-
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,214,199
$
-
$
1,214,199
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
19,235
$
-
$
19,235
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
4,994
$
62,975
$
9,029
$
76,998
Substandard
-
-
-
-
-
1,219
11
880
2,110
Loss
-
-
-
-
-
39
-
617
656
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,252
$
62,986
$
10,526
$
79,764
Personal
Pass
$
241,500
$
772,354
$
377,232
$
233,418
$
123,915
$
116,537
$
-
$
31,028
$
1,895,984
Substandard
-
1,721
2,921
2,657
1,411
6,705
-
1,800
17,215
Loss
-
-
20
1
-
61
-
-
82
Total Personal
$
241,500
$
774,075
$
380,173
$
236,076
$
125,326
$
123,303
$
-
$
32,828
$
1,913,281
Year-to-Date gross
write-offs
$
30
$
2,810
$
4,334
$
5,090
$
2,237
$
7,409
$
-
$
652
$
22,562
Auto
Pass
$
286,874
$
1,082,045
$
930,739
$
647,257
$
420,503
$
372,300
$
-
$
-
$
3,739,718
Substandard
20
4,671
12,133
10,915
8,074
8,326
-
-
44,139
Loss
-
29
16
-
-
2
-
-
47
Total Auto
$
286,894
$
1,086,745
$
942,888
$
658,172
$
428,577
$
380,628
$
-
$
-
$
3,783,904
Year-to-Date gross
write-offs
$
82
$
5,175
$
7,130
$
5,400
$
2,516
$
847
$
-
$
-
$
21,150
Other consumer
Pass
$
5,899
$
32,313
$
23,730
$
15,510
$
14,353
$
7,189
$
73,503
$
-
$
172,497
Substandard
-
-
10
2,242
128
45
436
-
2,861
Loss
-
-
-
-
1,025
791
-
-
1,816
Total Other
consumer
$
5,899
$
32,313
$
23,740
$
17,752
$
15,506
$
8,025
$
73,939
$
-
$
177,174
Year-to-Date gross
write-offs
$
-
$
94
$
34
$
57
$
94
$
468
$
13
$
-
$
760
Total Popular Inc.
$
1,615,848
$
7,516,611
$
5,661,069
$
4,478,928
$
4,599,591
$
11,784,778
$
3,589,523
$
43,354
$
39,289,702

 
 
 
57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
12,328
$
32,906
$
 

36,473
$
131,276
$
20,536
$
47,303
$
 

107
$
-
$
280,929
Watch
-
15,795
-
523
-
1,742
-
-
18,060
Special Mention
222
-
-
-
73
127
-
-
422
Substandard
-
-
-
-
-
3,937
-
-
3,937
Total commercial
multi-family
$
12,550
$
48,701
$
 

36,473
$
131,799
$
20,609
$
53,109
$
 

107
$
-
$
303,348
Commercial real estate non-owner occupied
Pass
$
435,616
$
447,234
$
 

265,238
$
786,465
$
484,427
$
671,455
$
 

8,480
$
-
$
3,098,915
Watch
23,801
11,965
43,001
5,140
34,140
69,153
-
-
187,200
Special Mention
933
-
872
144
23,724
18,398
-
-
44,071
Substandard
-
726
8,406
28,490
1,438
25,884
-
-
64,944
Total commercial
real estate non-
owner occupied
$
460,350
$
459,925
$
 

317,517
$
820,239
$
543,729
$
784,890
$
 

8,480
$
-
$
3,395,130
Year-to-Date gross
write-offs
$
-
$
13,356
$
 

-
$
134
$
-
$
86
$
 

-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
157,288
$
113,778
$
 

71,288
$
55,715
$
169,037
$
278,495
$
 

20,468
$
-
$
866,069
Watch
6,255
26,923
6,348
35,565
29,409
78,046
2,191
-
184,737
Special Mention
-
-
1,494
18,063
726
12,637
1,500
-
34,420
Substandard
9,405
1,879
1,839
19,190
7,386
71,358
-
-
111,057
Doubtful
75
-
-
-
62
173
-
-
310
Total commercial
real estate owner
occupied
$
173,023
$
142,580
$
 

80,969
$
128,533
$
206,620
$
440,709
$
 

24,159
$
-
$
1,196,593
Year-to-Date gross
write-offs
$
-
$
-
$
 

-
$
-
$
-
$
363
$
 

-
$
-
$
363

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
1,357,401
$
 

598,521
$
 

649,249
$
 

442,753
$
 

193,173
$
 

346,563
$
 

1,376,855
$
 

-
$
 

4,964,515
Watch
11,706
92,478
19,194
43,529
6,909
19,218
223,490
-
416,524
Special Mention
4,991
26,356
10,178
6,857
454
4,338
14,957
-
68,131
Substandard
38,422
12,526
48,230
89,771
156,970
15,079
159,854
-
520,852
Doubtful
21
-
-
24
-
6
-
-
51
Total commercial
and industrial
$
1,412,541
$
 

729,881
$
 

726,851
$
 

582,934
$
 

357,506
$
 

385,204
$
 

1,775,156
$
 

-
$
 

5,970,073
Year-to-Date gross
write-offs
$
1,587
$
 

716
$
 

1,643
$
 

655
$
 

21
$
 

803
$
 

9,320
$
 

-
$
 

14,745
Construction
Pass
$
28,575
$
99,963
$
 

70,674
$
-
$
3,608
$
9,692
$
 

52,758
$
-
$
265,270
Watch
-
43,202
40,231
8,129
-
-
709
-
92,271
Total construction
$
28,575
$
143,165
$
 

110,905
$
8,129
$
3,608
$
9,692
$
 

53,467
$
-
$
357,541
Mortgage
Pass
$
986,795
$
872,826
$
 

683,325
$
386,318
$
373,153
$
3,977,979
$
 

-
$
-
$
7,280,396
Substandard
-
151
3,115
1,915
764
61,626
-
-
67,571
Total mortgage
$
986,795
$
872,977
$
 

686,440
$
388,233
$
373,917
$
4,039,605
$
 

-
$
-
$
7,347,967
Year-to-Date gross
write-offs
$
31
 

$
 

-
 

$
 

1
 

$
 

-
 

$
 

-
 

$
 

1,404
$
 

-
$
 

-
$
 

1,436

58
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
682,378
$
535,227
$
 

354,748
$
251,520
$
135,973
$
32,270
$
 

-
$
-
$
1,992,116
Substandard
601
1,891
2,424
2,249
1,302
585
-
-
9,052
Loss
175
-
22
-
-
-
-
-
197
Total leasing
$
683,154
$
537,118
$
 

357,194
$
253,769
$
137,275
$
32,855
$
 

-
$
-
$
2,001,365
Year-to-Date gross
write-offs
$
990
$
4,449
$
 

5,041
$
4,541
$
1,807
$
28
$
 

-
$
-
$
16,856
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,229,201
$
-
$
1,229,201
Substandard
-
-
-
-
-
-
27,526
-
27,526
Loss
-
-
-
-
-
-
4
-
4
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,256,731
$
-
$
1,256,731
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
75,428
$
-
$
75,428
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,908
$
-
$
1,908
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,908
$
-
$
1,908
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
842,532
$
422,156
$
 

261,441
$
132,551
$
51,320
$
77,214
$
 

-
$
29,700
$
1,816,914
Substandard
1,452
3,310
3,509
1,632
618
6,654
-
2,278
19,453
Loss
-
4
7
12
-
12
-
-
35
Total Personal
$
843,984
$
425,470
$
 

264,957
$
134,195
$
51,938
$
83,880
$
 

-
$
31,978
$
1,836,402
Year-to-Date gross
write-offs
$
2,597
$
 

19,480
$
 

33,310
$
 

17,825
$
 

4,576
$
 

2,160
$
 

-
$
 

3,031
$
82,979
Auto
Pass
$
1,139,411
$
995,283
$
 

702,884
$
464,005
$
314,721
$
142,456
$
 

-
$
-
$
3,758,760
Substandard
3,992
17,559
14,881
11,699
7,590
5,306
-
-
61,027
Loss
-
-
-
-
19
6
-
-
25
Total Auto
$
1,143,403
$
1,012,842
$
717,765
$
475,704
$
322,330
$
147,768
$
-
$
-
$
3,819,812
Year-to-Date gross
write-offs
$
6,682
$
 

29,448
$
 

20,777
$
 

12,602
$
 

5,203
$
 

1,572
$
 

-
$
 

-
$
76,284
Other consumer
Pass
$
35,716
$
25,008
$
 

20,233
$
15,243
$
7,179
$
1,756
$
 

64,322
$
-
$
169,457
Substandard
-
45
211
114
20
47
476
-
913
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
35,716
$
25,053
$
 

20,444
$
16,382
$
7,562
$
1,803
$
 

64,798
$
-
$
171,758
Year-to-Date gross
write-offs
$
64
$
226
$
 

286
$
254
$
358
$
1,960
$
 

-
$
-
$
3,148
Total BPPR
$
5,780,091
$
4,397,712
$
3,319,515
$
2,939,917
$
2,025,094
$
5,979,515
$
3,184,806
$
31,978
$
27,658,628

 
59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
349,850
$
138,662
$
 

118,143
$
380,479
$
274,195
$
534,623
$
 

4,394
$
-
$
1,800,346
Watch
-
2,468
21,142
94,135
39,881
151,526
1,249
-
310,401
Special Mention
-
-
2,711
7,840
-
4,560
-
-
15,111
Substandard
-
-
1,775
2,729
-
22,080
-
-
26,584
Total commercial
multi-family
$
349,850
$
141,130
$
 

143,771
$
485,183
$
314,076
$
712,789
$
5,643
$
-
$
2,152,442
Year-to-Date gross
write-offs
$
-
$
 

-
$
 

-
$
 

-
$
 

-
$
 

563
$
 

-
$
 

-
$
 

563
Commercial real estate non-owner occupied
Pass
$
216,537
$
162,382
$
 

296,653
$
467,811
$
163,984
$
582,004
$
 

6,024
$
-
$
1,895,395
Watch
10,300
11,369
11,441
15,141
9,333
65,750
500
-
123,834
Special Mention
-
2,069
-
-
-
1,902
-
-
3,971
Substandard
-
-
-
5,973
4,726
114,255
-
-
124,954
Total commercial
real estate non-
owner occupied
$
226,837
$
175,820
$
 

308,094
$
488,925
$
178,043
$
763,911
$
6,524
$
-
$
2,148,154
Commercial real estate owner occupied
Pass
$
561,716
$
198,946
$
 

192,174
$
188,536
$
180,981
$
288,439
$
 

8,803
$
-
$
1,619,595
Watch
-
48,837
39,519
30,764
12,813
52,010
3,179
-
187,122
Special Mention
-
17,946
-
-
-
10,944
-
-
28,890
Substandard
-
2,705
-
39,474
1,571
77,130
-
-
120,880
Total commercial
real estate owner
occupied
$
561,716
$
268,434
$
 

231,693
$
258,774
$
195,365
$
428,523
$
11,982
$
-
$
1,956,487
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
27
$
-
$
-
$
27

60
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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 and industrial
Pass
$
247,703
$
357,722
$
 

230,702
$
278,950
$
249,467
$
545,331
$
 

338,026
$
-
$
2,247,901
Watch
34,700
5,196
47,136
70,767
42,072
151,368
15,650
-
366,889
Special Mention
-
-
4,649
63
284
198
738
-
5,932
Substandard
-
5,546
838
4,145
112
1,393
4,583
-
16,617
Total commercial
and industrial
$
282,403
$
368,464
$
 

283,325
$
353,925
$
291,935
$
698,290
$
 

358,997
$
-
$
2,637,339
Year-to-Date gross
write-offs
$
100
$
 

1,106
$
 

483
$
 

-
$
 

599
$
 

25
$
 

132
$
 

-
$
 

2,445
Construction
Pass
$
358,475
$
427,221
$
 

291,714
$
85,385
$
-
$
6,030
$
 

12,491
$
-
$
1,181,316
Watch
1,366
15,771
72,580
27,870
-
6,941
-
-
124,528
Special Mention
-
-
2,912
-
-
-
-
-
2,912
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
359,841
$
442,992
$
 

367,206
$
121,857
$
-
$
12,971
$
 

12,491
$
-
$
1,317,358
Mortgage
Pass
$
100,210
$
78,166
$
 

79,367
$
205,446
$
259,877
$
564,985
$
 

-
$
-
$
1,288,051
Substandard
-
-
644
495
217
12,066
-
-
13,422
Total mortgage
$
100,210
$
78,166
$
 

80,011
$
205,941
$
260,094
$
577,051
$
 

-
$
-
$
1,301,473

61
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
( 14 )
$
-
$
( 14 )
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
( 14 )
$
-
$
( 14 )
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,201
$
59,363
$
9,422
$
73,986
Substandard
-
-
-
-
-
1,276
12
543
1,831
Loss
-
-
-
-
-
139
-
828
967
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,616
$
59,375
$
10,793
$
76,784
Year-to-Date gross
write-offs
$
-
$
 

-
$
 

-
$
 

-
$
 

-
$
 

-
$
 

84
$
 

-
$
 

84
Personal
Pass
$
18,658
$
17,906
$
12,102
$
15,593
$
3,061
$
1,272
$
-
$
-
$
68,592
Substandard
74
329
309
153
55
256
-
-
1,176
Loss
10
-
-
-
-
48
-
-
58
Total Personal
$
18,742
$
18,235
$
12,411
$
15,746
$
3,116
$
1,576
$
-
$
-
$
69,826
Year-to-Date gross
write-offs
$
37
$
 

1,787
$
 

2,212
$
 

3,420
$
 

638
$
 

46
$
 

-
$
 

-
$
 

8,140
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
9,012
$
-
$
9,012
Substandard
-
-
-
-
-
-
1
-
1
Loss
-
-
-
-
-
-
28
-
28
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
9,041
$
-
$
9,041
Year-to-Date gross
write-offs
$
-
$
 

-
$
 

-
$
 

-
$
 

-
$
 

-
$
 

924
$
 

-
$
 

924
Total Popular U.S.
$
1,899,599
$
1,493,241
$
1,426,511
$
1,930,351
$
1,242,629
$
3,201,727
$
464,039
$
10,793
$
11,668,890

 
62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
362,178
$
171,568
$
154,616
$
511,755
$
294,731
$
581,926
$
 

4,501
$
-
$
2,081,275
Watch
-
18,263
21,142
94,658
39,881
153,268
1,249
-
328,461
Special Mention
222
-
2,711
7,840
73
4,687
-
-
15,533
Substandard
-
-
1,775
2,729
-
26,017
-
-
30,521
Total commercial
multi-family
$
362,400
$
189,831
$
180,244
$
616,982
$
334,685
$
765,898
$
 

5,750
$
 

-
 

$
2,455,790
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
 

-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
652,153
$
609,616
$
561,891
$
1,254,276
$
648,411
$
1,253,459
$
 

14,504
$
-
$
4,994,310
Watch
34,101
23,334
54,442
20,281
43,473
134,903
500
-
311,034
Special Mention
933
2,069
872
144
23,724
20,300
-
-
48,042
Substandard
-
726
8,406
34,463
6,164
140,139
-
-
189,898
Total commercial
real estate non-
owner occupied
$
687,187
$
635,745
$
625,611
$
1,309,164
$
721,772
$
1,548,801
$
 

15,004
$
 

-
 

$
5,543,284
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
 

-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
719,004
$
312,724
$
263,462
$
244,251
$
350,018
$
566,934
$
 

29,271
$
-
$
2,485,664
Watch
6,255
75,760
45,867
66,329
42,222
130,056
5,370
-
371,859
Special Mention
-
17,946
1,494
18,063
726
23,581
1,500
-
63,310
Substandard
9,405
4,584
1,839
58,664
8,957
148,488
-
-
231,937
Doubtful
75
-
-
-
62
173
-
-
310
Total commercial
real estate owner
occupied
$
734,739
$
411,014
$
312,662
$
387,307
$
401,985
$
869,232
$
 

36,141
$
-
$
3,153,080
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
390
$
 

-
$
-
$
390
Commercial and industrial
Pass
$
1,605,104
$
956,243
$
879,951
$
721,703
$
442,640
$
891,894
$
 

1,714,881
$
-
$
7,212,416
Watch
46,406
97,674
66,330
114,296
48,981
170,586
239,140
-
783,413
Special Mention
4,991
26,356
14,827
6,920
738
4,536
15,695
-
74,063
Substandard
38,422
18,072
49,068
93,916
157,082
16,472
164,437
-
537,469
Doubtful
21
-
-
24
-
6
-
-
51
Total commercial
and industrial
$
1,694,944
$
1,098,345
$
1,010,176
$
936,859
$
649,441
$
1,083,494
$
 

2,134,153
$
-
$
8,607,412
Year-to-Date gross
write-offs
$
1,687
$
1,822
$
2,126
$
655
$
620
$
828
$
 

9,452
$
-
$
17,190

 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
387,050
$
527,184
$
 

362,388
$
85,385
$
3,608
$
15,722
$
 

65,249
$
-
$
1,446,586
Watch
1,366
58,973
112,811
35,999
-
6,941
709
-
216,799
Special Mention
-
-
2,912
-
-
-
-
-
2,912
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
388,416
$
586,157
$
 

478,111
$
129,986
$
3,608
$
22,663
$
 

65,958
$
-
$
1,674,899
Mortgage
Pass
$
1,087,005
$
950,992
$
 

762,692
$
591,764
$
633,030
$
4,542,964
$
 

-
$
-
$
8,568,447
Substandard
-
151
3,759
2,410
981
73,692
-
-
80,993
Total mortgage
$
1,087,005
$
951,143
$
 

766,451
$
594,174
$
634,011
$
4,616,656
$
 

-
$
-
$
8,649,440
Year-to-Date gross
write-offs
$
31
$
-
$
 

1
$
-
$
-
$
1,404
$
 

-
$
-
$
1,436
Leasing
Pass
$
682,378
$
535,227
$
 

354,748
$
251,520
$
135,973
$
32,270
$
 

-
$
-
$
1,992,116
Substandard
601
1,891
2,424
2,249
1,302
585
-
-
9,052
Loss
175
-
22
-
-
-
-
-
197
Total leasing
$
683,154
$
537,118
$
 

357,194
$
253,769
$
137,275
$
32,855
$
 

-
$
-
$
2,001,365
Year-to-Date gross
write-offs
$
990
$
4,449
$
 

5,041
$
4,541
$
1,807
$
28
$
 

-
$
-
$
16,856

64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
-
$
-
$
-
$
-
$
-
$
-
$
1,229,187
$
-
$
1,229,187
Substandard
-
-
-
-
-
-
27,526
-
27,526
Loss
-
-
-
-
-
-
4
-
4
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,256,717
$
-
$
1,256,717
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
75,428
$
-
$
75,428
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,201
$
61,271
$
9,422
$
75,894
Substandard
-
-
-
-
-
1,276
12
543
1,831
Loss
-
-
-
-
-
139
-
828
967
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
6,616
$
61,283
$
10,793
$
78,692
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
109
$
-
$
109
Personal
Pass
$
861,190
$
440,062
$
273,543
$
148,144
$
54,381
$
78,486
$
-
$
29,700
$
1,885,506
Substandard
1,526
3,639
3,818
1,785
673
6,910
-
2,278
20,629
Loss
10
4
7
12
-
60
-
-
93
Total Personal
$
862,726
$
443,705
$
277,368
$
149,941
$
55,054
$
85,456
$
-
$
31,978
$
1,906,228
Year-to-Date gross
write-offs
$
2,634
$
21,267
$
35,522
$
21,245
$
5,214
$
2,206
$
-
$
3,031
$
91,119
Auto
Pass
$
1,139,411
$
995,283
$
 

702,884
$
464,005
$
314,721
$
142,456
$
-
$
-
$
3,758,760
Substandard
3,992
17,559
14,881
11,699
7,590
5,306
-
-
61,027
Loss
-
-
-
-
19
6
-
-
25
Total Auto
$
1,143,403
$
1,012,842
$
 

717,765
$
475,704
$
322,330
$
147,768
$
-
$
-
$
3,819,812
Year-to-Date gross
write-offs
$
6,682
$
29,448
$
20,777
$
12,602
$
5,203
$
1,572
$
-
$
-
$
76,284
Other consumer
Pass
$
35,716
$
25,008
$
20,233
$
15,243
$
7,179
$
1,756
$
73,334
$
-
$
178,469
Substandard
-
45
211
114
20
47
477
-
914
Loss
-
-
-
1,025
363
-
28
-
1,416
Total Other
consumer
$
35,716
$
25,053
$
20,444
$
16,382
$
7,562
$
1,803
$
73,839
$
-
$
180,799
Year-to-Date gross
write-offs
$
64
$
226
$
286
$
254
$
358
$
1,960
$
924
$
-
$
4,072
Total Popular Inc.
$
7,679,690
$
5,890,953
$
4,746,026
$
4,870,268
$
3,267,723
$
9,181,242
$
3,648,845
$
42,771
$
39,327,518

 
 
65
Note 9 – Other real estate owned

The following tables present the  
activity related to Other Real Estate  
Owned (“OREO”),  
for the quarters ended  
March 31, 2026 and
2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended March 31, 2026
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
4,911
$
37,522
$
42,433
Write-downs in value
( 190 )
( 535 )
( 725 )
Additions
974
11,394
12,368
Sales
( 558 )
( 7,542 )
( 8,100 )
Other adjustments
-
( 296 )
( 296 )
Ending balance
$
5,137
$
40,543
$
45,680

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended March 31, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
8,424
$
48,844
$
57,268
Write-downs in value
( 29 )
( 1,199 )
( 1,228 )
Additions
257
8,789
9,046
Sales
( 1,541 )
( 11,229 )
( 12,770 )
Other adjustments
-
( 202 )
( 202 )
Ending balance
$
7,111
$
45,003
$
52,114

 
 
66
Note 10 − Other assets

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
December 31, 2025
Net deferred tax assets (net of valuation allowance)
$
811,150
$
814,265
Investments under the equity method
280,246
261,687
Prepaid taxes
33,621
42,762
Other prepaid expenses
24,984
25,542
Capitalized software costs
193,973
183,381
Derivative assets
23,917
27,913
Trades receivable from brokers and counterparties
551
245
Principal, interest and escrow servicing advances
27,678
30,252
Guaranteed mortgage loan claims receivable
7,093
9,184
Operating ROU assets

97,803
95,234
Finance ROU assets

 

24,383
23,686
Assets for pension benefit
39,497
38,157
Others
166,873
153,669
Total other assets
$
1,731,769
$
1,705,977

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
March 31, 2026
Software development costs
$
104,516
$
37,735
$
66,781
Software license costs
73,116
39,149
33,967
Cloud computing arrangements
111,549
18,324
93,225
Total Capitalized  
software costs [1] [2]
$
289,181
$
95,208
$
193,973
December 31, 2025
Software development costs
$
103,628
$
34,170
$
69,458
Software license costs
46,538
24,475
22,063
Cloud computing arrangements
106,410
14,550
91,860
Total Capitalized  
software costs [1] [2]
$
256,576
$
73,195
$
183,381
[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:

67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended March 31,
(In thousands)
2026
2025
Software development and license costs
$
23,956
$
21,728
Cloud computing arrangements
3,601
1,366
Total amortization  
expense
$
27,557
$
23,094

 
 
68
Note 11 – Goodwill and other intangible assets

 
Goodwill
There were
no
 
changes in the carrying amount of goodwill  
for the quarters ended March 31, 2026 and  
2025.
The following tables present the gross amount  
of goodwill and accumulated impairment losses  
by reportable segment (refer to Note
28 for the definition of the Corporation’s reportable segments):

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Balance at
Balance at
March 31,
Accumulated
March 31,
2026
impairment
2026
(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, 2025
 
Balance at  

 
Balance at  

December 31,
Accumulated
December 31,
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

 
Other Intangible Assets
At March  
31, 2026,  
the Corporation  
had intangible  
assets subject  
to amortization  
amounting to  
$
3.9
 
million (December  
31, 2025-
$
4.3
 
million), which will be amortized through the  
year 2029

.

 
69
Note 12 – Deposits
Total deposits as of the end of the periods presented consisted of:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
December 31, 2025
Savings accounts
$
14,632,435
$
14,368,599
NOW, money market and other interest  
-bearing demand deposits
27,447,163
27,037,924
Total savings, NOW,  
money market and other interest-bearing demand deposits
42,079,598
41,406,523
Certificates of deposit:
Under $250,000
5,616,700
5,564,615
$250,000 and over
4,129,230
3,914,746
 
Total certificates  
of deposit
9,745,930
9,479,361
Total interest-bearing  
deposits
$
51,825,528
$
50,885,884
Non- interest-bearing deposits
$
15,785,788
$
15,304,209
Total deposits
$
67,611,316
$
66,190,093

A summary of certificates of deposits by maturity at  
March 31, 2026 follows:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2026
$
6,098,880
2027
1,807,034
2028
775,731
2029
453,492
2030
420,618
2031 and thereafter
190,175
Total certificates of  
deposit
$
9,745,930

At March 31, 2026, the Corporation had brokered  
deposits amounting to $
1.0
 
billion (December 31, 2025 - $
1.0
 
billion).
The aggregate amount of overdrafts in demand  
deposit accounts that were reclassified to loans was  
$
9.2
 
million at March 31, 2026
(December 31, 2025 - $
10.7
 
million).
At  
March  
31,  
2026,  
Puerto  
Rico  
government  
deposits  
amounted  
to  
$
19.7
 
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.

 
70
Note 13 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted  
to $
35
 
million at March 31, 2026 and $
39
 
million at December 31, 2025.

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
December 31, 2025
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
15,083
$
29,356
After 30 to 90 days
19,493
9,645
Total U.S. Treasury  
securities
34,576
39,001
Total
$
34,576
$
39,001

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 March 31, 2026 and December 31, 2025,  
other short-term borrowings consisted of $
350
 
million and $
650
 
million, respectively, in
FHLB Advances.

 
 
71
Notes Payable

The following table presents the composition of notes  
payable at March 31, 2026 and December  
31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
December 31, 2025
Advances with the FHLB with maturities ranging from
2026
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.69
% to
4.17
%
$
139,620
$
164,620
Unsecured senior debt securities maturing on
2028
 
paying interest
semi-annually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
3,045
396,955
396,558
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 $
227
198,406
198,399
Total notes payable
$
734,981
$
759,577
Note: Refer to the 2025 Form 10-K for rates information  
at December 31, 2025.

A breakdown of borrowings by contractual maturities  
at March 31, 2026 is included in the table  
below.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under  

Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2026
34,576
350,000
49,500
434,076
2027
-
-
6,113
6,113
2028
-
-
441,305
441,305
2029
-
-
39,657
39,657
Later years
-
-
198,406
198,406
Total borrowings
$
34,576
$
350,000
$
734,981
$
1,119,557

At March  
31, 2026  
and December 31,  
2025, the  
Corporation had FHLB  
borrowing facilities whereby  
the Corporation could  
borrow
up to  
$
4.7
 
billion and $
4.8
 
billion, respectively,  
of which $
0.5
 
billion and $
0.8
 
billion, respectively,  
were used. The  
FHLB borrowing
facilities are collateralized with securities and loans  
held-in-portfolio, and do not have restrictive covenants  
or callable features.  

Also, at March 31,  
2026, the Corporation had borrowing  
facilities at the discount  
window of the Federal Reserve  
Bank of New York
amounting to $
12.2
 
billion (December 31, 2025 - $
12.1
 
billion), which remained unused at March 31, 2026 and December 31, 2025.  

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

 
72
Note 14 − Other liabilities

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
December 31, 2025
Accrued expenses
$
232,452
$
321,203
Accrued interest payable
58,961
66,240
Accounts payable
98,568
78,998
Dividends payable
48,665
49,596
Trades payable
297,657
595,911
Liability for GNMA loans sold with an option to repurchase
8,225
8,734
Reserves for loan indemnifications
2,624
2,704
Reserve for operational losses
21,344
20,723
Operating lease liabilities

107,396
104,958
Finance lease liabilities

 

27,525
27,389
Pension benefit obligation
4,624
4,739
Postretirement benefit obligation
104,477
103,974
Others
76,541
75,348
Total other liabilities
$
1,089,059
$
1,460,517

73
Note 15 – Stockholders’ equity

 

As of March 31,  
2026, stockholders’ equity totaled $
6.3
 
billion. During the quarter  
ended March 31, 2026, the  
Corporation declared
cash dividends of $
0.75
 
(2025 - $
0.70
) per common share amounting to  
$
48.7
 
million (2025 - $
48.4
 
million). The quarterly dividend
of $
0.75
 
per share declared to stockholders of record as  
of the close of business on
March 18, 2026
 
was paid on
April 1, 2026
.
During the  
quarter ended  
March 31,  
2026, the  
Corporation completed  
the  
repurchase of
1,155,398
 
shares of  
common stock  
for
$
155.2
 
million at an average price of  
$
134.31
 
per share under the 2025 common stock  
repurchase program. As of March 31, 2026,
$
126.0
 
million  
remained  
available  
for  
stock  
repurchase  
under  
the  
2025  
common  
stock  
repurchase  
program.  
During  
the  
quarter
ended March  
31, 2025,  
the Corporation  
completed the  
repurchase of
1,270,569
 
shares of  
common stock  
for $
122.3
 
million at  
an
average price of $
96.24
 
per share, as part of the 2024 common stock  
repurchase program.

74
Note 16 – Other comprehensive income (loss)

The  
following  
table  
presents  
changes  
in  
accumulated  
other  
comprehensive  
income  
(loss)  
by  
component  
for  
the  
quarters  
ended
March 31, 2026 and 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Income  
(Loss) by Component [1]
Quarters ended March 31,
(In thousands)
2026
2025
Foreign currency translation
Beginning Balance
$
( 85,282 )
$
( 71,365 )
Other comprehensive loss
( 256 )
( 6,646 )
Net change
( 256 )
( 6,646 )
Ending balance
$
( 85,538 )
$
( 78,011 )
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
( 91,155 )
$
( 94,692 )
Amounts reclassified from accumulated other comprehensive loss  
for
amortization of net losses
1,411
1,421
Net change
1,411
1,421
Ending balance
$
( 89,744 )
$
( 93,271 )
Unrealized net holding losses on
debt securities
Beginning Balance
$
( 1,005,650 )
$
( 1,495,183 )
Other comprehensive (loss) income before reclassifications
( 25,257 )
140,229
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
37,501
36,249
Net change
12,244
176,478
Ending balance
$
( 993,406 )
$
( 1,318,705 )
Total accumulated  
other comprehensive loss
$
( 1,168,688 )
$
( 1,489,987 )
[1] All amounts presented are net of tax.

 
75
The following table  
presents the amounts  
reclassified out of  
each component of  
accumulated other comprehensive loss  
during the
quarters ended March 31, 2026 and 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive  
Loss
Affected Line Item in the  

Quarters ended March 31,
(In thousands)
Consolidated Statements of Operations
2026
2025
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
( 2,258 )
$
( 2,273 )
Total before tax
( 2,258 )
( 2,273 )
Income tax benefit
847
852
Total net of tax
$
( 1,411 )
$
( 1,421 )
Unrealized holding losses on debts securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Investment securities
$
( 46,876 )
$
( 45,311 )
Total before tax
( 46,876 )
( 45,311 )
Income tax benefit
9,375
9,062
Total net of tax
$
( 37,501 )
$
( 36,249 )
Total reclassification  
adjustments, net of tax
$
( 38,912 )
$
( 37,670 )

76
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 March 31, 2026,  
the Corporation serviced $
414
 
million (December 31, 2025  
- $
429
 
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  
incurred loss.  
The maximum  
potential amount  
of  
future payments  
that  
the  
Corporation
would be required  
to make under  
the recourse arrangements in  
the event of  
nonperformance by the  
borrowers is equivalent to  
the
total outstanding balance of the  
residential mortgage loans serviced with recourse  
and the interest, if applicable.  
During the quarter
ended  
March  
31,  
2026,  
the  
Corporation  
repurchased  
approximately  
$
0.2
 
million  
of  
unpaid  
principal  
balance  
in  
mortgage  
loans
subject  
to  
the  
credit  
recourse  
provisions  
(March  
31,  
2025  
-  
$
0.3
 
million).  
In  
the  
event  
of  
nonperformance  
by  
the  
borrower,  
the
Corporation has  
rights to  
the  
underlying collateral  
securing the  
mortgage loan.  
The  
Corporation suffers  
ultimate losses  
on these
loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding
principal balance of the loan plus any uncollected interest advanced and the  
costs of holding and disposing the related property.  
At
March 31, 2026,  
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, 2025 - $
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 March  
31, 2026,  
the
Corporation serviced $
8.0
 
billion in mortgage loans for third parties, including the loans serviced with credit recourse (December 31,
2025 - $
8.2
 
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 March 31,
2026,  
the  
outstanding balance  
of  
funds  
advanced  
by  
the  
Corporation under  
such  
mortgage  
loan servicing  
agreements was  
$
28
million  
(December  
31,  
2025  
-  
$
30
 
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  
March  
31,  
2026  
and  
December  
31,  
2025,  
respectively.  
In
addition, at both March 31, 2026 and  
December 31, 2025, 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  
2025  
Form  
10-K  
for  
further
information on the trust preferred securities.

77
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)
March 31, 2026
December 31, 2025
Commitments to extend credit:
Credit card lines
$
6,514,524
$
6,415,208
Commercial lines of credit
4,260,637
4,257,505
Construction lines of credit
1,139,056
1,197,319
Other consumer unused credit commitments  

283,742
277,635
Commercial letters of credit
6,838
21,248
Standby letters of credit
97,235
111,554
Commitments to originate or fund mortgage loans
20,457
20,099

At March  
31, 2026  
and December 31,  
2025, the  
Corporation maintained a  
reserve of  
$
15
 
million and  
$
14
 
million, respectively,  
for
potential losses associated with unfunded loan commitments  
related to commercial and construction lines of  
credit.
Other commitments
At March  
31, 2026  
and December  
31, 2025,  
the Corporation  
also maintained  
other non-credit  
commitments for  
$
5
 
million and  
$
7
million, respectively, 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  
March 31,  
2026, the  
Corporation’s direct  
exposure to  
the Puerto  
Rico  
government and  
its  
instrumentalities and  
municipalities
totaled  
$
390
 
million,  
of  
which  
$
340
 
million  
were  
outstanding  
($
391
 
million  
and  
$
342
 
million  
at  
December  
31,  
2025).  
Of  
the
outstanding amount, $
333
 
million consists of loans and $
7
 
million are securities ($
333
 
million and $
9
 
million at December 31, 2025).
Substantially all  
of the  
amount outstanding  
at March  
31, 2026  
and December  
31, 2025  
were obligations from  
various Puerto  
Rico
municipalities. In most cases, these were “general obligations” of a municipality, to which  
the applicable municipality has pledged its
good  
faith,  
credit  
and  
unlimited taxing  
power,  
or  
“special  
obligations”  
of  
a  
municipality,  
to  
which  
the  
applicable  
municipality  
has
pledged other revenues. At March 31, 2026, approximately
77
% of the Corporation’s exposure to municipal loans and securities  
was
concentrated in  
the municipalities  
of San  
Juan, Guaynabo,  
Carolina and  
Caguas. The  
Corporation’s exposure  
at March  
31, 2026,

 
 
78
included  
approximately $
47.4
 
million  
in  
Automated  
Clearing House  
(“ACH”) transaction  
settlement exposure,  
none  
of  
which was
outstanding.

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 March 31, 2026

:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
2,720
11,574
14,294
16,294
After 1 to 5 years
3,910
166,515
170,425
170,425
After 5 to 10 years
450
124,087
124,537
124,537
After 10 years
-
30,991
30,991
30,991
Total Municipalities
7,080
333,167
340,247
342,247
Total Direct Government  
Exposure
$
7,121
$
333,167
$
340,288
$
389,688

 
 
 
 
 
 
 
 
 
 
 
 
 
In addition, at March  
31, 2026, the Corporation had  
$
201
 
million in loans insured  
or securities issued by  
Puerto Rico governmental
entities but for  
which the principal  
source of  
repayment is non-governmental  
($
209
 
million at December  
31, 2025). These  
included
$
166
 
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,  
2025  
-  
$
167
 
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 March  
31, 2026, $
35
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,  
2025 -  
$
36
 
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. For example, at March 31, 2026 BPPR had  
$
178.4
 
million ($
178.6
 
million at December 31,
2025) in  
exposure  
to  
borrowers  
that  
are  
independent  
power  
producers  
that  
generate  
and  
sell  
energy  
under  
Power  
Purchase
Agreements to the Puerto Rico  
Electric Power Authority (“PREPA”),  
which is undergoing a debt  
restructuring process under Title  
III
of PROMESA.  
Borrowers with  
exposure to  
the government  
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,  
$
2.6
 
billion  
of  
residential  
mortgages  
and  
$
84.8
 
million  
commercial  
loans  
were  
insured  
or  
guaranteed  
by  
the  
U.S.
Government or  
its agencies  
at March  
31, 2026  
(compared to  
$
2.5
 
billion and  
$
80.5
 
million, respectively,  
at December  
31, 2025).
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 March  
31, 2026,  
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, 2025  
- $
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

79
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.
At March 31, 2026, the Corporation had  
operations in the British Virgin Islands (“BVI”)  
and it had a loan portfolio amounting to  
$
197
million comprised  
of various  
retail and  
commercial clients,  
compared to  
a loan  
portfolio of  
$
195
 
million at  
December 31,  
2025. At
March 31, 2026, the Corporation had
no
 
significant exposure to a single borrower  
in the BVI.

 

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 $
6.3
 
million as of
March 31,  
2026. 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.

80
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  
March  
31,  
2026
.
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  
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 March 31,  
2026 and December 31, 2025, which are classified  
as available-for-sale
and trading securities in  
the 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 March 31, 2026 and December  
31, 2025.

 
81
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
December 31, 2025
Assets
Servicing assets:
Mortgage servicing rights
$
73,947
$
74,236
Total servicing  
assets  

$
73,947
$
74,236
Other assets:
Servicing advances
$
3,456
$
3,385
Total other assets
$
3,456
$
3,385
Total assets
$
77,403
$
77,621
Maximum exposure to loss
$
77,403
$
77,621

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 $
5.9
 
billion at March 31, 2026 (December 31, 2025 - $
6.0
 
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 March  
31, 2026 and December  
31, 2025, 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 March 31,  
2026.

82
Note 20 – Related party transactions

 
Centro Financiero BHD, S.A.
At March 31, 2026, 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 quarter ended March 31, 2026, the Corporation recorded $
17.6
million in equity pickup (March 31, 2025 - $
1.0
 
million), including the net impact of $
13.0
 
million from net earnings (March 31, 2025 -
$
8.7
 
million), coupled  
with $
4.6
 
million recorded  
through other  
comprehensive income  
(March 31,  
2025 -  
($
9.7
) million)  
related to
foreign  
currency  
translation  
adjustments  
and  
changes  
in  
the  
fair  
value  
of  
available  
for  
sale  
securities.  
At  
March  
31,  
2026,  
the
investment  
in BHD  
had  
a  
carrying amount  
of  
$
267.0
 
million  
(December 31,  
2025  
-  
$
249.4
 
million)  
and  
there  
were
no
 
dividends
received by the Corporation during the quarters ended  
March 31, 2026 and 2025.

83
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 2025 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 March 31, 2026 and December  
31, 2025:

 

 
84
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2026
(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
$
6,996,073
$
10,041,968
$
-
$
-
$
17,038,041
Collateralized mortgage obligations - federal
agencies
-
95,122
-
-
95,122
Mortgage-backed securities
-
4,598,973
383
-
4,599,356
Other
-
-
750
-
750
Total debt securities  
available-for-sale
$
6,996,073
$
14,736,063
$
1,133
$
-
$
21,733,269
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
3,790
$
350
$
-
$
-
$
4,140
Obligations of Puerto Rico, States and political
subdivisions
-
44
-
-
44
Collateralized mortgage obligations
-
550
-
-
550
Mortgage-backed securities
-
25,496
85
-
25,581
Other
-
-
95
-
95
Total trading account  
debt securities, excluding
derivatives
$
3,790
$
26,440
$
180
$
-
$
30,410
Equity securities
$
-
$
51,198
$
-
$
1,135
$
52,333
Mortgage servicing rights
-
-
94,232
-
94,232
Loans held-for-sale
-
5,603
-
-
5,603
Derivatives  

-
23,956
-
-
23,956
Total assets measured  
at fair value on a
recurring basis
$
6,999,863
$
14,843,260
$
95,545
$
1,135
$
21,939,803
Liabilities
Derivatives
$
-
$
( 22,820 )
$
-
$
-
$
( 22,820 )
Total liabilities measured  
at fair value on a
recurring basis
$
-
$
( 22,820 )
$
-
$
-
$
( 22,820 )

 
 
 
85
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 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
$
6,576,313
$
9,147,141
$
-
$
-
$
15,723,454
Collateralized mortgage obligations - federal
agencies
-
100,241
-
-
100,241
Mortgage-backed securities
-
4,750,122
405
-
4,750,527
Other
-
-
750
-
750
Total debt securities  
available-for-sale
$
6,576,313
$
13,997,504
$
1,155
$
-
$
20,574,972
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
12,450
$
10
$
-
$
-
$
12,460
Obligations of Puerto Rico, States and political
subdivisions
-
45
-
-
45
Collateralized mortgage obligations
-
567
-
-
567
Mortgage-backed securities
-
23,314
84
-
23,398
Other
-
-
99
-
99
Total trading account  
debt securities, excluding
derivatives
$
12,450
$
23,936
$
183
$
-
$
36,569
Equity securities
$
-
$
50,632
$
-
$
852
$
51,484
Mortgage servicing rights
-
-
96,356
-
96,356
Loans held-for-sale
-
9,998
-
-
9,998
Derivatives  

-
27,913
-
-
27,913
Total assets measured  
at fair value on a
recurring basis
$
6,588,763
$
14,109,983
$
97,694
$
852
$
20,797,292
Liabilities
 

 

 

Derivatives
$
-
$
( 25,740 )
$
-
$
-
$
( 25,740 )
Total liabilities measured  
at fair value on a
recurring basis
$
-
$
( 25,740 )
$
-
$
-
$
( 25,740 )

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 March 31, 2026 and December  
31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
5,603
$
5,586
$
17

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
9,998
$
9,839
$
159

No
 
loans held-for-sale were 90 or more days past  
due or on nonaccrual status as of March 31,  
2026 and December 31, 2025.

 
 
86
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 quarters ended March 31,  
2026 and 2025 and excludes nonrecurring  
fair value measurements of assets no
longer outstanding as of the reporting date.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31, 2026
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
-
-
23,568
23,568
( 541 )
Other real estate owned
[2]
$
-
$
-
$
2,052
$
2,052
$
( 258 )
Other foreclosed assets
[2]
-
-
228
228
( 60 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
25,848
$
25,848
$
( 859 )
[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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE  
MEASUREMENTS
Assets  

 

 

 

 

Write-downs
Loans
[1]
$
-
$
-
$
4,167
$
4,167
$
( 362 )
Other real estate owned
[2]
-
-
2,018
2,018
( 485 )
Other foreclosed assets
[2]
-
-
133
133
( 76 )
Total assets measured  
at fair value on a nonrecurring basis
$
-
$
-
$
6,318
$
6,318
$
( 923 )
[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.

The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters
ended March 31, 2026 and 2025.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31, 2026
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 December 31, 2025
$
405
$
750
$
84
$
99
$
96,356
$
97,694
Gains (losses) included in earnings
-
-
1
( 4 )
( 2,639 )
( 2,642 )
Gains (losses) included in OCI
3
-
-
-
-
3
Additions
-
-
-
-
515
515
Settlements
( 25 )
-
-
-
-
( 25 )
Balance at March 31, 2026
$
383
$
750
$
85
$
95
$
94,232
$
95,545
Changes in unrealized gains (losses) included in
earnings relating to assets still held at March 31,
2026
$
-
$
-
$
-
$
-
$
( 472 )
$
( 472 )

 
 
87
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31, 2025
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 December 31, 2024
$
484
$
2,250
$
84
$
133
$
108,103
$
111,054
Gains (losses) included in earnings
-
-
-
( 6 )
( 3,570 )
( 3,576 )
Gains (losses) included in OCI
( 2 )
-
-
-
-
( 2 )
Additions
-
-
-
-
210
210
Settlements
( 25 )
-
-
-
-
( 25 )
Transfers out of Level 3
-
( 1,500 )
-
-
-
( 1,500 )
Balance at March 31, 2025
$
457
$
750
$
84
$
127
$
104,743
$
106,161
Changes in unrealized gains (losses) included in
earnings relating to assets still held at March 31,
2025
$
-
$
-
$
-
$
9
$
( 1,325 )
$
( 1,316 )

Gains and losses (realized and unrealized) included in earnings for the quarters ended March 31, 2026 and 2025  
for Level 3 assets
and liabilities included in the previous tables  
are reported in the consolidated statements of  
operations as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31, 2026
Quarter ended March 31, 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
$
( 2,639 )
$
( 472 )
$
( 3,570 )
$
( 1,325 )
Trading account (loss) profit
( 3 )
-
( 6 )
9
Total  

$
( 2,642 )
$
( 472 )
$
( 3,576 )
$
( 1,316 )

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 March 31, 2026 and 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
March 31,
(In thousands)
2026
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
95
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
23,568
[2]
External appraisal
Haircut applied on
external appraisals
35.4
% (
5.0
 
-
5.0
%)
[1]  

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

 

 
88
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
March 31,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
127
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
4,167
[2]
External appraisal
Haircut applied on
external appraisals
7.5
% (
5.0
.0% -
10.0
.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.

 

89
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  
March 31, 2026  
and December
31, 2025, 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.

 
90
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
Carrying  

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

Financial Assets:
Cash and due from banks
$
384,922
$
384,922
$
-
$
-
$
-
$
384,922
Money market investments
4,655,699
4,645,897
9,802
-
-
4,655,699
Trading account debt securities, excluding  
derivatives
[1]
30,410
3,790
26,440
180
-
30,410
Debt securities available-for-sale
[1]
21,733,269
6,996,073
14,736,063
1,133
-
21,733,269
Debt securities held-to-maturity:
U.S. Treasury securities
$
6,913,002
$
-
$
6,918,757
$
-
$
-
$
6,918,757
Obligations of Puerto Rico, States and political
subdivisions
36,306
-
-
37,205
-
37,205
Collateralized mortgage obligation-federal agency
1,491
-
1,301
-
-
1,301
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities  
held-to-maturity
$
6,956,759
$
-
$
6,926,018
$
37,205
$
-
$
6,963,223
Equity securities:
FHLB stock
$
53,796
$
-
$
53,796
$
-
$
-
$
53,796
FRB stock
103,759
-
103,759
-
-
103,759
Other investments
59,611
-
51,198
7,808
1,135
60,141
Total equity securities
$
217,166
$
-
$
208,753
$
7,808
$
1,135
$
217,696
Loans held-for-sale
$
5,603
$
-
$
5,603
$
-
$
-
$
5,603
Loans held-in-portfolio
38,465,973
-
-
37,793,368
-
37,793,368
Mortgage servicing rights
94,232
-
-
94,232
-
94,232
Derivatives
23,956
-
23,956
-
-
23,956
March 31, 2026
Carrying  

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

Financial Liabilities:
Deposits:
Demand deposits
$
57,865,386
$
-
$
57,865,386
$
-
$
-
$
57,865,386
Time deposits
9,745,930
-
9,528,676
-
-
9,528,676
Total deposits
$
67,611,316
$
-
$
67,394,062
$
-
$
-
$
67,394,062
Assets sold under agreements to repurchase
$
34,576
$
-
$
34,580
$
-
$
-
$
34,580
Other short-term borrowings
[2]
350,000
-
350,000
-
-
350,000
Notes payable:
FHLB advances
$
139,620
$
-
$
138,189
$
-
$
-
$
138,189
Unsecured senior debt securities
396,955
-
418,624
-
-
418,624
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,406
-
199,020
-
-
199,020
Total notes payable
$
734,981
$
-
$
755,833
$
-
$
-
$
755,833
Derivatives
$
22,820
$
-
$
22,820
$
-
$
-
$
22,820
[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.

 

 
91
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2025
Carrying  

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

Financial Assets:
Cash and due from banks
$
402,755
$
402,755
$
-
$
-
$
-
$
402,755
Money market investments
4,626,506
4,616,272
10,234
-
-
4,626,506
Trading account debt securities, excluding  
derivatives
[1]
36,569
12,450
23,936
183
-
36,569
Debt securities available-for-sale
[1]
20,574,972
6,576,313
13,997,504
1,155
-
20,574,972
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,268,967
$
-
$
7,309,991
$
-
$
-
$
7,309,991
Obligations of Puerto Rico, States and political
subdivisions
45,295
-
6,766
39,564
-
46,330
Collateralized mortgage obligation-federal agency
1,495
-
1,306
-
-
1,306
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities  
held-to-maturity
$
7,321,717
$
-
$
7,324,023
$
39,564
$
-
$
7,363,587
Equity securities:
FHLB stock
$
68,422
$
-
$
68,422
$
-
$
-
$
68,422
FRB stock
102,665
-
102,665
-
-
102,665
Other investments
58,761
-
50,632
7,817
852
59,301
Total equity securities
$
229,848
$
-
$
221,719
$
7,817
$
852
$
230,388
Loans held-for-sale
$
9,998
$
-
$
9,998
$
-
$
-
$
9,998
Loans held-in-portfolio
38,519,462
-
-
37,858,044
-
37,858,044
Mortgage servicing rights
96,356
-
-
96,356
-
96,356
Derivatives
27,913
-
27,913
-
-
27,913
December 31, 2025
Carrying  

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

Financial Liabilities:
Deposits:
Demand deposits
$
56,710,732
$
-
$
56,710,732
$
-
$
-
$
56,710,732
Time deposits
9,479,361
-
9,305,980
-
-
9,305,980
Total deposits
$
66,190,093
$
-
$
66,016,712
$
-
$
-
$
66,016,712
Assets sold under agreements to repurchase
$
39,001
$
-
$
39,004
$
-
$
-
$
39,004
Other short-term borrowings
[2]
650,000
-
650,000
-
-
650,000
Notes payable:
FHLB advances
$
164,620
$
-
$
163,417
$
-
$
-
$
163,417
Unsecured senior debt securities
396,558
-
419,300
-
-
419,300
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,399
-
191,909
-
-
191,909
Total notes payable
$
759,577
$
-
$
774,626
$
-
$
-
$
774,626
Derivatives
$
25,740
$
-
$
25,740
$
-
$
-
$
25,740
[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  
March  
31,  
2026  
and  
December  
31,  
2025.  
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.

 

 
92
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  
ended
March 31, 2026 and 2025:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended March 31,
(In thousands, except per share information)
2026
2025
Net income
$
245,674
$
177,502
Preferred stock dividends
( 353 )
( 353 )
Net income applicable to common stock
$
245,321
$
177,149
Average common shares outstanding
64,818,440
69,280,137
Average potential dilutive common shares  

39,168
27,544
Average common shares outstanding - assuming dilution
64,857,608
69,307,681
Basic EPS
$
3.78
$
2.56
Diluted EPS
$
3.78
$
2.56

For the quarters  
ended March 31, 2026 and  
2025, 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,  
2025.  
For  
a  
discussion  
of  
the  
calculation  
under  
the  
treasury  
stock  
method,  
refer  
to  
Note  
30  
of  
the  
Consolidated
Financial Statements included in the 2025 Form 10-K.

93
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 ended March 31, 2026 and 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended March 31,
(In thousands)
2026
2025
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
36,061
$
2,705
$
36,456
$
2,598
Other service fees:
Debit card fees  

29,785
224
26,234
198
Insurance fees, excluding reinsurance
7,920
2,691
7,681
1,687
Credit card fees, excluding late fees and membership  
fees  

27,186
347
25,385
405
Sale and administration of investment products
10,187
-
8,973
-
Trust fees
7,748
-
6,631
-
Total revenue from  
contracts with customers
[1]
$
118,887
$
5,967
$
111,360
$
4,888
[1] The amounts include intersegment transactions of $
0.5
 
million and $
0.6
 
million, respectively, for the  
quarters ended March 31, 2026 and 2025.

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  
2025 Form 10-K for a complete description of the nature and
timing of revenue streams from contracts with customers.

94
Note 25 - Stock-based compensation

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 considered to  
be a  
market condition under  
ASC 718.  
For equity settled  
awards
based  
on a  
market condition,  
the  
fair value  
is  
determined as  
of the  
grant date  
and  
is not  
subsequently revised  
based on  
actual
performance.  
The ROATCE  
metric is considered to  
be a performance condition  
under ASC 718.  
For equity settled  
awards based
on  
a  
performance  
condition,  
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% of target based on both market (TSR) and performance (ROATCE) conditions. The
performance shares 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 and employees.

 
 
95
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Shares
Weighted-Average
Grant Date Fair
Value
Non-vested at December 31, 2024
247,908
$
66.86
Granted
226,259
100.35
Performance Shares Quantity Adjustment
55,517
91.18
Vested  

( 293,939 )
90.00
Forfeited
( 8,787 )
66.53
Non-vested at December 31, 2025
226,958
$
76.13
Granted
78,215
144.93
Performance Shares Quantity Adjustment
12,282
117.41
Vested  

( 90,475 )
120.95
Forfeited
( 788 )
88.87
Non-vested at March 31, 2026
226,192
$
87.80

During the  
quarter ended  
March 31,  
2026,
42,395
 
shares of  
restricted stock  
(March 31,  
2025 -
72,619
) and
35,820
 
performance
shares (March 31, 2025 -
47,494
) were awarded to employees under the Incentive  
Plan.  

During the quarter  
ended March 31,  
2026, the Corporation recognized  
$
5.9
 
million of restricted stock  
expense related to  
employee
incentive awards, with a tax  
benefit of $
0.6
 
million (March 31, 2025 -  
$
7.5
 
million, with a tax  
benefit of $
0.6
 
million). For the quarter
ended March 31,  
2026, the fair  
market value of  
the restricted stock  
and performance shares  
vested was  
$
8.3
 
million at  
grant date
and $
17.3
 
million at vesting date. This excess requires the recognition of a windfall tax benefit of $
3.3
 
million that was recorded as a
reduction in  
income tax  
expense. For  
the quarter  
ended March  
31, 2026,  
the Corporation  
recognized $
3.9
 
million of  
performance
shares  
expense,  
with  
a  
tax  
benefit  
of  
$
0.2
 
million  
(March  
31,  
2025  
-  
$
3.4
 
million,  
with  
a  
tax  
benefit  
of  
$
0.4
 
million).  
The  
total
unrecognized compensation cost related to non-vested restricted stock awards  
and performance shares to employees at March  
31,
2026 was $
13.5
 
million and is expected to be recognized over  
a weighted-average period of
1.56
 
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, 2024
-
$
-
Granted
24,476
101.33
Vested  

( 5,363 )
104.33
Forfeited
-
-
Non-vested at December 31, 2025
19,113
$
100.49
Granted
1,166
125.96
Vested  

( 1,166 )
125.96
Forfeited
-
-
Non-vested at March 31, 2026
19,113
$
100.49

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 restricted 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  
after  
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  
reinvested dividend
equivalent.  

During the quarter ended March 31,  
2026,
1,166
 
RSUs were granted to the  
Directors (March 31, 2025 -
1,546
).  
During this period,
the Corporation recognized $
0.6
 
million of restricted stock  
expense related to these  
RSUs, with a tax  
benefit of $
0.1
 
million (March

96
31, 2025  
- $
0.3
 
million, with  
a tax  
benefit of  
$
48
 
thousand). The  
fair value  
at vesting  
date of  
the RSUs  
vested during  
the quarter
ended March 31, 2026 for the Directors was $
0.1
 
million.

97
Note 26 – Income taxes

 

For the quarter ended March 31, 2026, the  
Corporation recorded an income tax expense of $
46.9
 
million with an effective tax rate
(“ETR”) of
16.0
%, compared to $
45.1
 
million with an ETR of
20.2
% for the same period of year 2025. Lower  
ETR when compared to
the first quarter of 2025 is driven by higher net  
exempt income. The Puerto Rico statutory tax  
rate is
37.5
% for both periods.

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
March 31, 2026, and December 31, 2025,  
were as follows:

 
98
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2026
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available  
for carryforward
$
7,318
$
54,154
$
61,472
Net operating loss and other carryforward available  

63,350
554,936
618,286
Postretirement and pension benefits
30,200
-
30,200
Allowance for credit losses
337,923
29,096
367,019
Depreciation
8,528
7,996
16,524
FDIC-assisted transaction
152,665
-
152,665
Lease liability
31,943
18,607
50,550
Unrealized net loss on investment securities
158,885
14,038
172,923
Mortgage Servicing Rights
15,413
-
15,413
Other temporary differences
33,150
7,515
40,665
Total gross deferred  
tax assets
839,375
686,342
1,525,717
Deferred tax liabilities:
Intangibles
96,278
56,545
152,823
Right of use assets
29,162
16,922
46,084
Deferred loan origination fees/cost
18,941
2,278
21,219
Loans acquired
17,132
-
17,132
Other temporary differences
9,241
429
9,670
 

Total gross deferred  
tax liabilities
170,754
76,174
246,928
Valuation allowance
81,702
386,586
468,288
Net deferred tax asset
$
586,919
$
223,582
$
810,501
 
December 31, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available  
for carryforward
$
7,318
$
46,632
$
53,950
Net operating loss and other carryforward available  

59,578
568,156
627,734
Postretirement and pension benefits
29,453
-
29,453
Allowance for credit losses
255,017
28,465
283,482
Deferred loan origination fees/cost
7,205
( 2,474 )
4,731
Depreciation
8,422
7,899
16,321
FDIC-assisted transaction
152,665
-
152,665
Lease liability
27,382
17,758
45,140
Unrealized net loss on investment securities
160,809
12,850
173,659
Difference in outside basis from pass-through entities
54,457
-
54,457
Mortgage Servicing Rights
15,375
-
15,375
Other temporary differences
26,347
7,586
33,933
Total gross deferred  
tax assets
804,028
686,872
1,490,900
Deferred tax liabilities:
Intangibles
92,797
55,760
148,557
Right of use assets
24,846
15,875
40,721
Loans acquired
17,053
-
17,053
Other temporary differences
7,082
429
7,511
 

Total gross deferred  
tax liabilities
141,778
72,064
213,842
Valuation allowance
78,153
386,587
464,740
Net deferred tax asset
$
584,097
$
228,221
$
812,318

99
The net  
deferred tax  
assets shown  
in the  
table above  
at March  
31, 2026,  
is reflected  
in the  
Consolidated Statements of  
Financial
Condition as $
811.2
 
million in net deferred tax  
assets in the “Other assets”  
caption (December 31, 2025 -  
$
814.2
 
million) and $
649
thousand  
in  
deferred  
tax  
liabilities  
in  
the  
“Other  
liabilities”  
caption  
(December  
31,  
2025  
-  
$
1.9
 
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  
March 31,  
2026, the  
net deferred  
tax assets  
of the  
U.S. operations  
amounted to  
$
610.2
 
million with  
a valuation  
allowance of
approximately $
386.6
 
million, for net deferred  
tax assets after valuation  
allowance of $
223.6
 
million. The Corporation evaluates the
realization of the deferred tax asset by taxing jurisdiction on a quarterly basis.  
The U.S. Operations have generated taxable income
each of the last three  
years. The financial results for  
the first quarter of 2026  
continue to show an  
upward trend similar to 2024  
and
2025.  
These  
financial  
results  
are  
objectively  
verifiable  
positive  
evidence.  
Additionally,  
the  
Corporation  
considered  
as negative
evidence  
inconsistency  
in  
performance  
trends,  
including lower  
than  
anticipated  
results  
in  
recent  
periods.  
Also,  
management
considered  
the  
uncertainty  
in  
predicting  
future  
taxable  
income,  
as  
given  
the  
impact  
of  
external  
factors  
such  
as  
changes  
in
macroeconomic  
conditions,  
geopolitical  
issues,  
and  
shifts  
in  
monetary  
policy.  
In  
addition,  
management  
evaluated  
the  
expiration
period of the NOLs carried forward which begin  
to expire in 2028
As of  
March 31,  
2026, after  
weighting all  
positive and  
negative evidence, the  
Corporation concluded that  
it is  
more likely  
than not
that $
223.6
 
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  
taxable  
income  
available  
to  
realize  
the  
deferred  
tax  
assets  
for  
the
remaining carryforward  
periods, together  
with the  
historical level  
of  
book income  
adjusted by  
permanent differences  
and taxable
income.  
Management  
will  
continue  
to  
monitor  
and  
review  
the  
U.S.  
operation’s  
results,  
including  
recent  
earnings  
trends,  
pre-tax
earnings forecasts,  
new tax  
initiatives, and  
performance indicators, such  
as net  
income versus  
forecast, targeted  
loan growth,  
net
interest  
income  
margin,  
changes  
in  
deposit  
costs,  
allowance  
for  
credit  
losses,  
charge-offs,  
NPLs  
inflows,  
and  
NPA  
balances.
Significant changes,  
or  
a combination  
of changes,  
could  
positively or  
negatively impact  
the amount  
of  
deferred tax  
assets to  
be
realized in the future.
At March 31, 2026, the  
Corporation’s net deferred tax assets related to  
its Puerto Rico operations amounted to $
668.6
 
million.  
The
Corporation’s Puerto Rico Banking operation has a historical record of profitability. This is considered as strong 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 $
81.7
 
million as of March 31, 2026.

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  
March 31,  
2026, the  
following years  
remain subject  
to  
examination in  
the U.S.
Federal jurisdiction, 2022 and thereafter; and in  
the Puerto Rico jurisdiction, 2019 and thereafter.

 
100
Note 27 – Supplemental disclosure on the consolidated  
statements of cash flows

Additional disclosures on cash flow information and  
non-cash activities for the quarters ended March  
31, 2026 and March 31, 2025
are listed in the following table:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
March 31, 2025
Non-cash activities:
 
Loans transferred to other real estate
$
10,427
$
7,067
 
Loans transferred to other property
21,752
24,673
 
Total loans transferred  
to foreclosed assets
32,179
31,740
 
Loans transferred to other assets
11,852
13,992
 
Financed sales of other real estate assets
783
1,932
 
Financed sales of other foreclosed assets
13,461
14,979
 
Total financed sales  
of foreclosed assets
14,244
16,911
 
Financed sale of premises and equipment
14,372
15,329
 
Transfers from loans held-in-portfolio to  
loans held-for-sale
9,094
-
 
Transfers from loans held-for-sale to loans  
held-in-portfolio
409
776
 
Loans securitized into investment securities
[1]
11,453
1,718
 
Trades receivable from brokers and counterparties
51
936
 
Trades payable to brokers and counterparties
297,657
495,397
 
Net change in receivables from investments maturities
-
14,589
 
Recognition of mortgage servicing rights on securitizations  
or asset transfers
515
210
 
Loans booked under the GNMA buy-back option
3,483
1,921
 
Capitalization of lease right of use asset
10,396
7,288
[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
Statements of Financial Condition that sum to  
the total of the same such amounts shown  
in the Consolidated Statements of Cash
Flows.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
March 31, 2025
Cash and due from banks
$
378,866
$
373,718
Restricted cash and due from banks
6,056
6,447
Restricted cash in money market investments
9,803
10,457
Total cash and due  
from banks, and restricted cash
[2]
$
394,725
$
390,622
[2]  

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

101
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:

102
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2026
For the quarter ended March 31, 2026
Intersegment  

(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
748,501
$
198,248
$
-
Interest expense
180,555
86,541
-
Net interest income
567,946
111,707
-
Provision for credit losses
73,533
2,383
-
Non-interest income  

144,777
7,952
( 21 )
Personnel costs
152,634
25,147
( 21 )
Professional fees
11,966
2,649
-
Technology and  
software expenses
65,721
9,534
-
Processing and transactional services
38,457
607
-
Amortization of intangibles
240
144
-
Depreciation expense
10,966
2,189
-
Other operating expenses
[1]
122,325
25,289
-
Total operating  
expenses
402,309
65,559
( 21 )
Income before income tax
236,881
51,717
-
Income tax expense
32,511
14,752
-
Net income
$
204,370
$
36,965
$
-
Segment assets
$
60,785,767
$
14,953,476
$
( 49,214 )
For the quarter ended March 31, 2026
Reportable  

(In thousands)
Segments
Corporate
Eliminations
Total Popular,  
Inc.
Interest income
$
946,749
$
1,326
$
( 859 )
$
947,216
Interest expense
267,096
10,799
( 859 )
277,036
Net interest income (expense)
679,653
( 9,473 )
-
670,180
Provision for credit losses (benefit)
75,916
( 30 )
-
75,886
Non-interest income
152,708
13,844
( 926 )
165,626
Personnel costs
177,760
38,338
( 29 )
216,069
Professional fees
14,615
11,347
( 409 )
25,553
Technology and  
software expenses
75,255
13,884
-
89,139
Processing and transactional services
39,064
23
-
39,087
Amortization of intangibles
384
-
-
384
Depreciation expense
13,155
383
-
13,538
Other operating expenses
[1]
147,614
( 63,662 )
( 412 )
83,540
Total operating  
expenses
467,847
313
( 850 )
467,310
Income before income tax
288,598
4,088
( 76 )
292,610
Income tax expense
47,263
( 327 )
-
46,936
Net income
$
241,335
$
4,415
$
( 76 )
$
245,674
Segment assets
$
75,690,029
$
5,797,656
$
( 5,356,667 )
$
76,131,018
[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.

103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
For the quarter ended March 31, 2025
Intersegment  

(In thousands)
BPPR
 
Popular U.S.
Eliminations
Interest income
$
731,888
$
186,392
$
( 1,681 )
Interest expense
209,996
93,450
( 1,681 )
Net interest income
521,892
92,942
-
Provision for credit losses (benefit)
53,512
10,610
-
Non-interest income  

137,505
6,143
-
Personnel costs
151,284
25,442
-
Professional fees
13,059
2,739
-
Technology and  
software expenses
64,151
10,088
-
Processing and transactional services
37,179
597
-
Amortization of intangibles
342
255
-
Depreciation expense
9,694
2,197
-
Other operating expenses
[1]
128,754
25,619
-
Total operating  
expenses
404,463
66,937
-
Income before income tax
201,422
21,538
-
Income tax expense
35,443
6,722
-
Net income
$
165,979
$
14,816
$
-
Segment assets
$
59,288,907
$
14,529,602
$
( 166,540 )
For the quarter ended March 31, 2025
Reportable  

(In thousands)
Segments
Corporate
Eliminations
Total Popular,  
Inc.
Interest income
916,599
1,536
( 1,137 )
916,998
Interest expense
301,765
10,773
( 1,137 )
311,401
Net interest income (expense)
$
614,834
$
( 9,237 )
$
-
$
605,597
Provision for credit losses (benefit)
64,122
( 41 )
-
64,081
Non-interest income  

143,648
9,029
( 616 )
152,061
Personnel costs
176,726
35,987
-
212,713
Professional fees
15,798
11,357
( 330 )
26,825
Technology and  
software expenses
74,239
9,429
-
83,668
Processing and transactional services
37,776
5
-
37,781
Amortization of intangibles
597
-
-
597
Depreciation expense
11,891
389
-
12,280
Other operating expenses
[1]
154,373
( 56,402 )
( 823 )
97,148
Total operating  
expenses
471,400
765
( 1,153 )
471,012
Income before income tax
222,960
( 932 )
537
222,565
Income tax expense (benefit)
42,165
2,675
223
45,063
Net income
$
180,795
$
( 3,607 )
$
314
$
177,502
Segment assets
$
73,651,969
$
5,906,249
$
( 5,519,612 )
$
74,038,606
[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.

 
104
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 first  
quarter of 2026,  
BPPR did
no
t participate in  
loans originated by  
PB (2025 -  
$
6
 
million). Total  
assets for the  
BPPR
segment related  
to its  
operations in  
the United  
States amounted  
to $
1.4
 
billion (December 31,  
2025 -  
$
1.4
 
billion), including  
$
102
million in multifamily loans  
(December 31, 2025 -  
$
102
 
million), $
413
 
million in commercial  
real estate loans (December  
31, 2025 -
$
435
 
million), $
735
 
million in C&I loans (December 31, 2025 - $
714
 
million), and $
31
 
million in unsecured personal loans (December
31, 2025  
- $
41
 
million). During  
the quarter  
ended March  
31, 2026,  
the BPPR  
segment generated  
$
21.5
 
million (March  
31, 2025  
-
$
26.3
 
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, 2025  
- $
1.0
 
billion). The  
BPPR segment  
generated $
13.6
million in revenues during the  
first quarter of 2026 (March 31,  
2025 - $
11.8
 
million) from its operations in  
the U.S. and British Virgin
Islands.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information  

Quarter ended
(In thousands)
March 31, 2026
March 31, 2025
Revenues:
[1]
 
Puerto Rico  

$
668,071
$
609,961
 
United States
139,663
127,216
 
Other
28,072
20,481
Total consolidated  
revenues  

$
835,806
$
757,658
[1]
Total revenues include  
net interest income, service charges on deposit accounts,  
other service fees, mortgage banking activities, net  
(loss)
gain, including impairment on equity securities, net gain  
on trading account debt securities, adjustments to indemnity  
reserves on loans sold
and other operating income.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information:
(In thousands)
March 31, 2026
December 31, 2025
Puerto Rico
 

Total assets
$
58,510,727
$
57,955,465
 

Loans
25,884,571
25,853,231
 

Deposits
53,602,880
52,451,498
United States
 

Total assets
$
16,278,568
$
16,101,705
 

Loans
12,894,276
12,966,468
 

Deposits
12,185,414
11,987,581
Other
 

Total assets
$
1,341,723
$
1,291,097
 

Loans
516,458
517,817
 

Deposits
[1]
1,823,022
1,751,014
[1]
Represents deposits from BPPR operations located in the  
U.S. and British Virgin Islands.

 
 
105
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 2025 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 2025 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 March 31, 2026
The Corporation’s net income  
for the quarter ended March  
31, 2026 amounted to $245.7  
million, an increase of  
$68.2 million when
compared to a  
net income of  
$177.5 million for the  
quarter ended March  
31, 2025. Higher net  
income was mainly  
driven by higher
net interest income of $64.6 million and lower  
operating expenses  
by $3.7 million.  

Financial highlights for the quarter ended March 31, 2026  
include:
●
 
Net interest income amounted to $670.2  
million, an increase of $64.6 million  
when compared to the quarter ended March
31, 2025, driven  
by loan growth  
and investments in  
U.S. Treasury securities  
at higher yields,  
and lower cost  
of deposits,
mainly  
P.R.  
public  
deposits,  
partially  
offset  
by  
lower  
money  
market  
investments.  
Net  
interest  
income  
on  
a  
taxable
equivalent  
basis  
for  
the  
first  
quarter  
of  
2026  
was  
$757.8  
million,  
an  
increase  
of  
$93.9  
million.  
Net  
interest  
margin
expanded by 26 basis points to 3.66%. On  
a taxable equivalent basis, net interest margin expanded by  
41 basis points to
4.14%.  

106
●
 
The  
provision for  
credit  
losses amounted  
to  
$75.9 million  
for the  
quarter ended  
March 31,  
2026, an  
increase of  
$11.8
million when compared to the quarter ended March 31, 2025, driven by a higher provision at BPPR in the commercial and
mortgage  
loans  
portfolio,  
partially  
offset  
by  
a  
lower  
provision  
for  
the  
leases  
and  
consumer  
loans  
portfolio  
due  
to
improvements in credit  
quality metrics. Provision  
for credit losses  
decreased at PB  
primarily due to  
the higher qualitative
reserves  
established  
during  
the  
first  
quarter  
of  
2025  
to  
maintain  
adequate  
ACL  
coverage,  
for  
certain  
portfolios,  
and
improvements in overall credit quality.
 

●
 
Non-interest income amounted to $165.6 million, an increase of $13.6 million when compared to the quarter ended March
31, 2025, mainly driven by  
higher credit and debit card fee income,  
higher asset management fees, and higher insurance
fees.
●
 
Operating expenses  
amounted to  
$467.3  
million for  
the quarter,  
reflecting a  
decrease of  
$3.7 million  
when compared  
to
the  
quarter  
ended  
March  
31,  
2025.  
The  
decrease  
was  
mainly  
driven  
by  
lower  
operational  
loss  
reserves  
and  
lower
professional services  
expense, partially  
offset by  
higher technology  
and software  
expenses as  
a result  
of our  
continued
investment in technology and higher personnel costs, mainly related to salaries, as well as  
the valuation of securities held
for deferred benefit plans.  

●
 
Income tax expense of $46.9 million with an effective tax rate (“ETR”) of 16.0%  
during the quarter ended March 31, 2026,
compared to an income  
tax expense of $45.1  
million with an ETR  
of 20.2% for the  
quarter ended March 31,  
2025 due to
higher income before tax, partially offset by higher exempt  
income.
●
 
At March  
31, 2026,  
the Corporation’s  
total assets  
amounted to  
$76.1 billion, compared  
to $75.3  
billion at  
December 31,
2025.  
The  
increase  
of  
$782.8  
million  
was  
primarily  
due  
to  
higher  
balance  
in  
the  
available-for-sale  
(“AFS”)  
securities
portfolio,  
driven  
by  
reinvestment in  
U.S.  
Treasury  
securities,  
and  
an  
increase  
in  
money market  
investments and  
other
assets, partially  
offset  
by a  
decrease in  
held-to-maturity (“HTM”)  
investment securities  
and a  
decrease in  
loan portfolio
balances, mainly at PB.
●
 
Deposits  
amounted  
to  
$67.6  
billion  
at  
March  
31,  
2026,  
an  
increase  
of  
$1.4  
billion  
from  
December 31,  
2025,  
primarily
driven by growth at BPPR across retail, corporate,  
and P.R. public deposits.
●
 
Stockholders’ equity  
amounted to  
$6.3 billion  
at March  
31, 2026,  
compared to  
$6.2 billion  
at December  
31, 2025.  
The
Corporation and its banking subsidiaries continue  
to be well capitalized. As  
of March 31, 2026, the  
Corporation’s tangible
book value  
per common  
share was  
$84.98, an  
increase of  
$2.33 from  
December 31,  
2025. The  
Common Equity  
Tier  
1
Capital ratio at March 31, 2026 was 15.92%,  
compared to 15.72% at December 31, 2025.
Refer to Table 1 for selected financial data for the quarters ended March 31, 2026 and March  
31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
107
Table 1 - Financial highlights
Financial Condition Highlights
Ending Balances at
Average for the quarter ended
(In thousands)
March 31, 2026
 
December 31,
2025
Variance
March 31, 2026
March 31,
2025
Variance
Money market investments
$
4,655,699
$
4,626,506
$
29,193
$
4,850,141
$
6,379,085
$
(1,528,944)
Investment securities
28,943,544
28,168,918
774,626
29,008,686
28,446,090
562,596
Loans
 
[1]
39,295,305
39,337,516
(42,211)
39,270,501
37,006,149
2,264,352
Earning assets
72,894,548
72,132,940
761,608
73,129,328
71,831,324
1,298,004
Total assets
76,131,018
75,348,267
782,751
77,089,305
74,951,813
2,137,492
Deposits
67,611,316
66,190,093
1,421,223
67,364,627
65,858,092
1,506,535
Borrowings
1,119,557
1,448,578
(329,021)
1,335,239
959,211
376,028
Total liabilities
69,819,932
69,099,188
720,744
69,688,807
67,795,911
1,892,896
Stockholders’ equity
6,311,086
6,249,079
62,007
6,289,337
7,155,902
(866,565)
Note: Average balances, for balances prior to the period ended March 31, 2026, 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
Quarter ended March 31,
(In thousands, except per share information)
2026
2025
 
Variance
Net interest income
$
670,180
$
605,597
$
64,583
Provision for credit losses
75,886
64,081
11,805
Non-interest income
165,626
152,061
13,565
Operating expenses
467,310
471,012
(3,702)
Income before income tax
292,610
222,565
70,045
Income tax expense
46,936
45,063
1,873
Net income
$
245,674
$
177,502
$
68,172
Net income applicable to common stock
$
245,321
$
177,149
$
68,172
Net income per common share - basic
$
3.78
$
2.56
$
1.22
Net income per common share - diluted
$
3.78
$
2.56
$
1.22
Dividends declared per common share
$
0.75
$
0.70
$
0.05
Quarter ended March 31,
Selected Statistical Information
2026
2025
Common Stock Data
 
End market price
$
134.17
$
92.37
 
Book value per common share at period end
97.27
83.75
Profitability Ratios
 
Return on average assets
1.29
%
0.96
%
 
Return on average common equity
13.76
10.07
 
Net interest spread (non-taxable equivalent basis)
3.09
2.74
 
Net interest spread (taxable equivalent basis) -non-GAAP
3.57
3.07
 
Net interest margin (non-taxable equivalent basis)
3.66
3.40
 
Net interest margin (taxable equivalent basis) -non-GAAP
4.14
3.73
Capitalization Ratios
 
Average equity to average assets
9.41
%
8.99
%
 
Common equity Tier 1 capital
15.92
16.11
 
Tangible common  
book value per common share (non-GAAP)
 
[2]
84.98
72.02
 
Return on average tangible common equity
 
[2]
15.46
11.36
 
Tier 1 capital
15.98
16.17
 
Total capital
17.71
17.92
 
Tier 1 leverage
8.60
8.50
[1] Includes loans held-for-sale.

108
[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.
GAAP”) and  
non-GAAP financial  
measures. Management  
uses non-GAAP  
financial measures  
when it  
has 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.
There were no non-GAAP adjustments to net income  
for the quarters ended March 31, 2026  
and March 31, 2025.

109
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 2 for the quarter ended March
31, 2026, as compared with the same period in 2025,  
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 Table  
2, 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  
8 provides  
a reconciliation  
of total  
stockholders’ equity  
to tangible  
common equity  
and total  
assets to  
tangible assets  
as of
March 31, 2026 and December 31, 2025.

 
 
 
 
110
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  
2025  
Form  
10-K.  
Also,  
refer  
to  
Note  
2  
to  
the  
Consolidated  
Financial  
Statements  
included  
in  
the  
2025  
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 March 31, 2026 was $670.2 million an increase of  
$64.6 million, when compared to
the  
same  
quarter  
in  
2025.  
NII  
growth  
was  
attributable  
to  
lower  
cost  
of  
deposits  
by  
$38.4  
million,  
primarily  
due  
to  
P.R.  
public
deposits, loan growth  
and higher income  
from investments in  
U.S Treasury  
securities. Net interest  
income on a  
taxable equivalent
basis for the first quarter of 2026 was $757.8  
million, an increase of $94.0 million.
Net interest margin (“NIM”) for the first quarter of 2026 was 3.66%,  
an increase of 26 basis points when compared  
to the first quarter
of 2025. On  
a taxable equivalent basis,  
net interest margin for  
the first quarter of  
2026 was 4.14%, higher  
by 41 basis  
points when
compared to the first quarter of 2025, mainly due to higher level  
of tax-exempt securities and loans. NIM expansion, when  
compared
to the same quarter of the previous year,  
was primarily due to lower deposit costs resulting from the  
repricing of market-linked high-
cost deposits, mainly P.R.  
public deposits, and higher yields on  
U.S. Treasury securities. Total  
cost of deposits decreased 27 basis
points  
to  
1.56%.  
Excluding  
P.R.  
public  
deposits,  
total  
deposit  
costs  
decreased  
8  
basis  
points  
to  
1.09%  
compared  
to  
the  
same
quarter in 2025.
On a taxable equivalent basis, the main drivers of  
the increase for the first quarter of 2026 were:
●
 
higher income from  
U.S. Treasury  
securities by $42.4  
million or 44  
basis points, attributable  
to higher investment  
activity
at higher yields with average balances increasing by $2.0 billion supported by deposit growth and purchases completed in
the  
third  
quarter  
of  
2025  
of  
approximately  
$2.5  
billion  
of  
U.S.  
Treasury  
notes  
with  
an  
average  
duration  
of  
1.4  
years
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 $47.0 million or  
5 basis points, mostly due  
to loan growth, average loan  
balances increased
by $2.2 billion when  
compared to the same  
period in the previous year  
driven by commercial, construction and  
mortgage
portfolio, along  
with higher  
yields from  
auto, leases  
and mortgage  
portfolios.  
Loan portfolio  
yields increased  
five basis
points to 7.53%; and
●
 
lower interest expense on deposits  
by $38.4 million or 27  
basis points, when compared to the  
same quarter in 2025. The
cost of  
interest-bearing deposits decreased  
by 35  
basis points,  
driven by  
repricing of  
market-linked P.R.  
public deposits
which  
decreased  
by  
66  
basis  
points  
to  
2.66%,  
coupled  
with  
a  
decrease  
in  
Popular  
U.S.  
deposit  
costs  
attributable  
to
repricing across most deposit products, mainly online  
savings and time deposits;  

partially offset by:
●
 
lower income from money  
market investments by $26.0 million  
or 76 basis points,  
as a result of  
lower average balances,
driven by higher  
re-investment activity in  
U.S. Treasuries  
and loan growth  
as described above, coupled  
with lower yields
resulting from declining short-term market rates during  
2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
111
Table 2 - Analysis of Levels & Yields  
on a Taxable Equivalent Basis  
(Non-GAAP)
Quarter ended March 31,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2026
2025
Variance
2026
2025
 
Variance
2026
2025
Variance
Rate
Volume
(In millions)
(In thousands)
$
4,850
$
6,379
$
(1,529)
3.70
%
4.46
%
(0.76)
%
Money market
investments
$
44,240
$
70,166
$
(25,926)
$
(10,784)
$
(15,142)
29,810
28,415
1,395
3.52
3.14
0.38
Investment securities [1]
258,897
220,435
38,462
24,348
14,114
34
31
3
5.56
5.82
(0.26)
Trading securities  

463
440
23
(20)
43
Total money market,  

investment and
trading
34,694
34,825
(131)
3.54
3.38
0.16
securities
303,600
291,041
12,559
13,544
(985)
Loans:
19,723
18,489
1,234
6.71
6.71
-
Commercial
326,387
305,968
20,419
3
20,416
1,697
1,309
388
8.14
8.11
0.03
Construction
34,068
26,190
7,878
102
7,776
1,985
1,930
55
7.35
7.14
0.21
Leasing
36,459
34,444
2,015
1,015
1,000
8,664
8,168
496
6.08
5.82
0.26
Mortgage
131,679
118,917
12,762
5,360
7,402
3,309
3,203
106
13.86
14.04
(0.18)
Consumer
113,129
110,859
2,270
(1,351)
3,621
3,892
3,907
(15)
9.33
9.12
0.21
Auto
89,496
87,850
1,646
1,980
(334)
39,270
37,006
2,264
7.53
7.48
0.05
Total loans
731,218
684,228
46,990
7,109
39,881
$
73,964
$
71,831
$
2,133
5.66
%
5.49
%
0.17
%
Total earning assets
$
1,034,818
$
975,269
$
59,549
$
20,653
$
38,896
Interest bearing
deposits:
$
8,554
$
7,983
$
571
1.62
%
1.73
%
(0.11)
%
NOW and money
market
$
34,159
$
34,002
$
157
$
(4,227)
$
4,384
14,633
14,507
126
0.77
0.87
(0.10)
Savings  

27,714
31,280
(3,566)
(2,118)
(1,448)
8,714
8,400
314
2.99
3.22
(0.23)
Time deposits
64,243
66,681
(2,438)
(4,969)
2,531
20,362
20,286
76
2.66
3.32
(0.66)
P.R. public  
deposits
133,302
165,900
(32,598)
(33,046)
448
52,263
51,176
1,087
2.01
2.36
(0.35)
Total interest bearing
deposits
259,418
297,863
(38,445)
(44,360)
5,915
15,101
14,682
419
Non-interest bearing
demand deposits
67,364
65,858
1,506
1.56
1.83
(0.27)
Total deposits
259,418
297,863
(38,445)
(44,360)
5,915
597
121
476
3.88
4.77
(0.89)
Short-term borrowings
5,703
1,426
4,277
(284)
4,561
Other medium and  

772
862
(90)
6.26
5.66
0.60
long-term debt
11,915
12,112
(197)
1,223
(1,420)
Total interest bearing
53,632
52,159
1,473
2.09
2.42
(0.33)
liabilities (excluding
demand deposits)
277,036
311,401
(34,365)
(43,421)
9,056
Other sources of funds
5,231
4,990
241
$
73,964
$
71,831
$
2,133
1.52
%
1.76
%
(0.24)
%
Total source of funds
$
277,036
$
311,401
$
(34,365)
$
(43,421)
$
9,056
Net interest margin/
income on a taxable
equivalent basis (Non-
GAAP)
4.14
%
3.73
%
0.41
%
$
757,782
$
663,868
$
93,914
$
64,074
$
29,840
3.57
%
3.07
%
0.50
%
 
Net interest spread
Taxable equivalent
adjustment
87,602
58,271
29,331
Net interest margin/
income non-taxable
equivalent basis (GAAP)
3.66
%
3.40
%
0.26
%
$
670,180
$
605,597
$
64,583
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.

 
112
[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.

 
 
113
Provision for Credit Losses - Loans Held-in-Portfolio  
and Unfunded Commitments
For the quarter ended  
March 31, 2026, the  
Corporation recorded a provision for  
credit losses of $75.8  
million, an increase of  
$11.9
million  
when compared  
to  
the same  
quarter of  
the previous  
year.  
The  
provision for  
loan  
and lease  
losses  
was $75.7  
million, an
increase of  
$10.5 million,  
and the  
provision for  
unfunded commitments  
was $0.1  
million, an  
unfavorable variance  
of $1.4  
million,
mainly driven by higher unfunded commitments in the  
Popular Bank.  

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 2026, among the three scenarios evaluated  
to estimate the
ACL, the baseline scenario  
was assigned the highest probability,  
followed by the pessimistic scenario,  
which weight was increased
during 2025 in response to ongoing 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 2025, were as follows:  

●
 
In the BPPR segment, the provision for  
loan losses was $73.3 million, an increase of  
$20.6 million when compared to the
same quarter  
in 2025,  
driven by  
higher provision  
expense for  
the commercial  
portfolio by  
$39.1 million,  
primarily due  
to
loan modifications, an  
additional specific reserve to  
a single borrower  
in the telecommunications  
industry,  
and higher net
charge-offs due to an impairment recorded during the quarter of $11.1 million mainly due to a commercial real  
estate loan.
Both  
the  
borrower  
with  
the  
specific  
reserve  
and  
the  
commercial  
real  
estate  
loan  
were  
classified  
as  
NPLs  
in  
the  
third
quarter of  
2025. Higher  
provisions were  
partially offset  
by decreases  
of $15.8  
million and  
$4.5 million  
in the  
consumer
loan and leases portfolios,  
respectively, showing improvement in credit quality.
●
 
In the Popular U.S. segment, the  
provision for loans losses was  
$2.4 million, a decrease of  
$10.1 million when compared
to the  
same quarter  
in 2025. The  
decrease was primarily  
driven by lower  
provision expense in  
both the commercial  
and
consumer loan  
portfolio, with  
reductions of  
$7.5 million  
and $2.6  
million, respectively.  
The reduction  
in the  
commercial
loan  
segment  
was mainly  
driven by  
higher qualitative  
reserves established  
during the  
first  
quarter of  
2025 to  
maintain
adequate ACL coverage. The  
decrease in the consumer  
loan portfolio was mainly  
attributable to improvements in overall
credit quality and lower ending balances.
At March 31,  
2026, the total allowance  
for credit losses for  
loans held-in-portfolio amounted to $823.7  
million, an increase of  
$15.6
million when  
compared to  
December 31, 2025.  
The ratio  
of the  
allowance for credit  
losses to  
loans held-in-portfolio was  
2.10% at
March 31,  
2026 versus  
to 2.05%  
at December  
31, 2025.  
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
Non-interest income amounted  
to $165.6 million  
for the  
first quarter of  
2026, an increase  
of $13.6 million  
when compared with  
the
same quarter for the previous year. The variance was primarily  
due to:
●
 
higher other services fees  
by $8.4 million mainly  
due to $5.4 million  
in higher debit  
and credit card fees  
and higher asset
management commissions by $1.2 million; and
●
 
higher other operating income by  
$3.9 million mainly due  
to a $4.4 million increase  
in earnings from an  
investment under
equity method.
Operating Expenses
Operating expenses for the first quarter of 2026 totaled $467.3 million, a decrease of $3.7 million when compared to the first quarter
of 2025, mainly driven by:
 

 

 

●
 
lower other  
operating expenses  
by $8.7  
million mainly  
driven by  
lower reserves  
for operational  
losses and  
lower
pension plan costs due to changes in actuarial assumptions;

 
 
 
 
114
●
 
lower professional fees by $1.3 million due to lower  
costs associated with regulatory compliance activities;  
and
●
 
net gains in other  
real estate owned (OREO) by  
$1.3 million due to fair  
value increases as well  
as higher gains on
sale;
 

 

partially offset by:
 

●
 
higher technology and  
software expenses, including  
software amortization, by  
$5.5 million mainly  
due to continuing
investments in technology and transformation initiatives;  
and
●
 
higher personnel costs  
of $3.4 million  
mainly due to  
increase in salaries  
expenses of $3.9  
million driven  
by exempt
employees as well higher valuation of securities held  
for deferred benefit plans.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115
Table 3 - Operating Expenses
Quarters ended March 31,
(In thousands)
2026
2025
Variance
Personnel costs:
Salaries
$
134,813
$
130,950
$
3,863
Commissions, incentives and other bonuses
40,185
37,986
2,199
Profit sharing
(1,203)
-
(1,203)
Pension, postretirement and medical insurance
14,896
14,566
330
Other personnel costs, including payroll taxes
27,378
29,211
(1,833)
Total personnel  
costs
216,069
212,713
3,356
Net occupancy expenses
27,299
27,218
81
Equipment expenses
5,229
5,302
(73)
Other taxes
17,677
18,725
(1,048)
Professional fees
25,553
26,825
(1,272)
Technology and  
software expenses
89,139
83,668
5,471
Processing and transactional services:
Credit and debit cards
14,206
12,926
1,280
Other processing and transactional services
24,881
24,855
26
Total processing  
and transactional services
39,087
37,781
1,306
Communications
4,509
4,904
(395)
Business promotion:
Rewards and customer loyalty programs
15,393
16,365
(972)
Other business promotion
7,467
7,310
157
Total business  
promotion
22,860
23,675
(815)
Deposit insurance
9,917
10,035
(118)
Other real estate owned (OREO) expense (income)
(4,618)
(3,330)
(1,288)
Other operating expenses:
Operational losses
3,975
6,138
(2,163)
All other
10,230
16,761
(6,531)
Total other operating  
expenses
14,205
22,899
(8,694)
Amortization of intangibles
384
597
(213)
Total operating  
expenses
$
467,310
$
471,012
$
(3,702)
Income Taxes
For the  
quarter ended  
March 31,  
2026, the  
Corporation recorded  
an income  
tax expense  
of $46.9  
million with  
an ETR  
of 16.0%,
compared to $45.1 million with  
an ETR of 20.2% for  
the same period of  
year 2025.  
Lower ETR when compared to  
the first quarter
of 2025 is driven by higher net exempt income.
At March 31, 2026, the Corporation had a net deferred tax asset amounting to $810.5 million, net of a valuation allowance of $468.3
million. The net deferred tax asset related to the U.S.  
operations was $223.6 million, net of a valuation  
allowance of $386.6  
million.
Refer to Note 26 to the Consolidated Financial  
Statements for additional information on 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.  

 

For  
a  
description  
and  
definition  
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.  

 
 
116
The corporate group reported  
a net income  
of $4.4 million for  
the quarter ended March  
31, 2026, compared with  
a net loss  
of $3.6
million  
for  
the same  
quarter of  
the previous  
year,  
mainly  
due  
to  
higher income  
from  
equity  
method investments.  
There  
were no
intercompany distributions between the U.S. subsidiaries  
and the bank holding companies during the  
first quarters of 2026 or 2025.
Highlights on the earnings results for the reportable  
segments are discussed below:
Banco Popular de Puerto Rico  

The Banco  
Popular de  
Puerto Rico  
(“BPPR”) reportable  
segment’s net  
income amounted  
to $204.4  
million for  
the quarter  
ended
March 31,  
2026, higher  
by $38.4  
million when  
compared to  
the same  
quarter of  
the previous  
year.  
The main  
drivers for  
a higher
income included:  

●
 
net interest income of  
$567.9 million, an increase of  
$46.1 million, mainly driven by  
lower deposit cost by $29.4  
million or
32 basis points.  
P.R.  
public deposits costs, which are market linked,  
decreased by $32.6 million or 66  
basis points as the
cost was favorably impacted by declines in short-term market rates during  
2025. Additionally, higher income from loans by
$20.1  
million  
attributable  
to  
loan  
growth  
led  
by  
commercial,  
construction  
and  
mortgage  
portfolios  
during  
2025,  
which
resulted in higher average balances by  
$1.6 billion when compared to the first  
quarter of 2025. In addition, higher  
income
from  
investment securities  
by $16.7  
million or  
16  
basis points  
contributed to  
higher net  
interest income,  
due in  
part to
higher investment activity in higher yielding U.S.  
Treasury securities. This was partially offset by lower income from money
market investments by  
$20.2 million driven  
by lower average  
balances by $1.2  
billion driven by  
the deployment of  
funds
for loan growth and investments activity,  
and lower yields by 78 basis points due to declining short-term market rates. Net
interest margin  
expanded 22  
basis points  
to 3.85%  
when compared  
to the  
same quarter  
of 2025  
drive by  
lower deposit
costs;  

●
 
higher non-interest income by $7.3 million mainly due to higher service fees by $7.0 million mainly due to higher debit and
credit card fees due to higher transaction volume, and  
higher asset management fees;  

●
 
lower  
operating  
expenses  
by  
$2.2  
million  
mostly  
due  
to  
lower  
operational losses  
by  
$2.0  
million  
mainly  
related  
to  
the
mortgage servicing loss  
reserves and higher gains  
on repossessed unit  
sales by $1.3  
million, lower professional  
fees by
$1.1 million, partially  
offset by higher  
technology and software expenses  
by $1.6 million due  
to continuing investments in
technology  
and  
transformation initiatives,  
higher  
personnel costs  
by  
$1.4  
million  
mainly  
due  
to  
an  
increase  
in  
salaries
expenses driven by exempt employees,  
and higher processing and transactional fees  
expenses by $1.3 million; and
●
 
lower income tax expense by $2.9 million due  
mainly to higher exempt income;  

partially offset by:
●
 
provision for credit  
losses increased by  
$20.6 million to  
$73.3 million.  
Refer to section  
Provision for Credit  
Losses-Loans
Held-in-Portfolio and Unfunded Commitments in this MD&A for more discussion over the drivers  
of the provision for credit
losses by business segment.  

Popular U.S.
For the quarter ended March 31, 2026, the  
reportable segment of Popular U.S. reported a  
net income of $37.0 million, compared
with a net income of $14.8 million for the  
same quarter of the previous year. The main drivers for higher net  
income are the
following:
●
 
net interest income of $111.7 million, an increase of $18.8 million, driven by higher interest income  
from loans by $15.4
million or 22 basis points, primarily attributable  
to loan growth coupled with lower deposit cost driven  
by repricing in most
deposit products, most notably in online savings  
and time deposits. Additionally, higher income from investment securities
by $3.9 million in part due to higher investment  
activity in U.S. Treasury securities. This was partially offset by  
lower
income from money market investments by $7.4  
million due to lower average balances and an  
increase in short-term

 
 
117
borrowings expense by $4.3 million resulting from  
higher FHLB advances when compared  
to the same period of 2025.
Net interest margin at 3.15% expanded 41  
basis points, driven by the earning assets  
mix and lower deposit costs;  
and
●
 
provision for loan losses was $2.4 million, a decrease  
of $10.1 million when compared to the same quarter  
in 2025. Refer
to section Provision for Credit Losses-Loans Held-in-Portfolio  
and Unfunded Commitments in this MD&A for  
more
discussion over the drivers of the provision for  
credit losses by business segment;
partially offset by:
●
 
higher income tax expense by $8.0 million due  
to higher income before tax.
STATEMENT  
OF FINANCIAL CONDITION ANALYSIS  

Assets
The Corporation’s total  
assets were $76.1  
billion at March  
31, 2026, compared  
to $75.3 billion  
at December 31,  
2025. Higher total
assets by $782.8  
million was driven  
by an increase  
in AFS securities  
at both BPPR  
and PB segments,  
money market investments
and  
other  
assets,  
partially  
offset  
by  
a  
decrease  
in  
HTM  
securities  
and  
lower  
loan  
balances  
at  
PB.  
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 increased by $29.2  
million as of March 31,  
2026, when compared to December 31,  
2025, mainly driven
by  
higher deposit  
balances.  
AFS securities  
increased $1.2  
billion,  
driven by  
investment in  
U.S. treasury  
securities of  
$1.3 billion,
partially offset by  
maturities and principal paydowns, mainly  
in mortgage-backed securities (“MBS”) and higher  
unrealized losses in
AFS securities  
of $37.9  
million. HTM  
securities decreased by  
$365.0 million  
driven by  
maturities and  
principal paydowns,  
partially
offset by  
the accretion of  
$46.9 million of the  
discount related to  
U.S. Treasury securities  
previously reclassified from 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.
Loans
Refer to Table  
4 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  
were $39.3  
billion at  
March 31,  
2026, a  
slight decrease  
of $37.8  
million when  
compared to  
December 31,
2025.  
In  
the PB  
segment loan  
balances decreased  
by  
$56.1 million  
across the  
construction, mortgage  
and  
consumer portfolios,
mainly  
due  
to  
paydowns  
in  
the  
construction  
segment  
and  
runoff  
from  
the  
exited  
residential  
mortgage  
business.  
In  
the  
BPPR
segment, loan  
balances increased by  
$18.3 million with  
modest growth in  
the mortgage  
and commercial segments,  
partially offset
by lower auto loans and leases lending activities.
At  
March  
31,  
2026,  
the  
Corporation’s  
loans  
to  
non-depository  
financial  
institutions  
(‘’NDFIs’’)  
amounted  
to  
$540.8  
million,  
an
decrease of $4.2 million, compared to December 31, 2025. At March 31, 2026, the Corporation’s exposure to NDFIs was composed
of approximately $266.1 million to insurance companies  
for general corporate purposes unrelated to lending activities,  
$105.5 million
related to mortgage  
credit intermediaries, and $169.3  
million to consumer and  
commercial credit intermediaries. All  
loans to NDFIs
are current in their contractual payments and carry a  
‘pass’ rating.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
118
Table 4 - Loans Ending Balances
(In thousands)
March 31, 2026
December 31, 2025
Variance
Loans held-in-portfolio:
Commercial  

 
Commercial multi-family
$
2,427,295
$
2,455,790
$
(28,495)
 
Commercial real estate non-owner occupied
5,543,451
5,543,284
167
 
Commercial real estate owner occupied
3,212,356
3,153,080
59,276
 
Commercial and industrial
8,565,559
8,607,412
(41,853)
Total Commercial
19,748,661
19,759,566
(10,905)
Construction
1,674,193
1,674,899
(706)
Mortgage
8,712,361
8,649,440
62,921
Leasing
1,986,165
2,001,365
(15,200)
Consumer
 
Credit cards  

1,214,199
1,256,717
(42,518)
 
Home equity lines of credit
79,764
78,692
1,072
 
Personal  

1,913,281
1,906,228
7,053
 
Auto
3,783,904
3,819,812
(35,908)
 
Other
177,174
180,799
(3,625)
Total Consumer  

7,168,322
7,242,248
(73,926)
Total loans held-in  
-portfolio
$
39,289,702
$
39,327,518
$
(37,816)
Loans held-for-sale:
 
Mortgage
$
5,603
$
9,998
$
(4,395)
Total loans held-for-sale
$
5,603
$
9,998
$
(4,395)
Total loans
$
39,295,305
$
39,337,516
$
(42,211)

 
 
119
Other assets
Other assets amounted to  
$1.7  
billion at March 31,  
2026, an increase of  
$25.8 million when compared to  
December 31, 2025. The
variance  
was  
mainly  
driven  
by  
an  
increase  
of  
$18.6  
million  
in  
investments under  
the  
equity  
method,  
primarily due  
to  
the  
equity
pickup  
from  
our  
investment  
in  
BHD,  
and  
an  
increase  
in  
capitalized  
software  
costs  
of  
$10.6  
million  
related  
to  
technology
modernization, partially offset by lower prepaid taxes 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 March 31, 2026 and December 31,  
2025.  

Liabilities
The Corporation’s total  
liabilities were $69.8 billion  
at March 31,  
2026, an increase of  
$720.7 million, when compared to  
December
31, 2025. The following is a discussion of  
the significant changes in liabilities.
Deposits and Borrowings
Total Deposits
The Corporation’s deposits  
totaled $67.6 billion as  
of March 31,  
2026, compared to $66.2  
billion as of  
December 31, 2025. Ending
deposit balances  
increased by  
$1.4 billion  
mainly from  
higher retail and  
commercial deposits  
in BPPR  
in part  
due to  
seasonal tax
refunds. Excluding P.R.  
public deposits, customer deposits increased by  
$1.2 billion. Average deposits increased  
by $1.1 billion, or
$383.5 million when excluding P.R. public deposits.
At the  
end of  
the first  
quarter of  
2026, Puerto  
Rico public  
deposits were  
$19.7 billion,  
representing 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.  

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 5 for a breakdown of the Corporation’s deposits at March 31, 2026 and December  
31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120
Table 5 - Deposits Ending Balances
(In thousands)
March 31, 2026
December 31, 2025
Variance
Deposits excluding P.R.  
public deposits:
 
Demand deposits
$
15,778,435
$
15,298,712
$
479,723
 
Savings, NOW and money market deposits (non-brokered)
23,208,340
22,655,936
552,404
 
Savings, NOW and money market deposits (brokered)
82,417
87,566
(5,149)
 
Time deposits (non-brokered)
7,958,260
7,861,848
96,412
 
Time deposits (brokered CDs)
914,526
866,772
47,754
Sub-total deposits excluding P.R.  
public deposits
47,941,978
46,770,834
1,171,144
P.R. public  
deposits:
 
Demand deposits
 
[1]
11,967,888
11,534,301
433,587
 
Savings, NOW and money market deposits (non-brokered)
6,828,306
7,134,217
(305,911)
 
Time deposits (non-brokered)
873,144
750,741
122,403
Sub-total P.R.  
public deposits
19,669,338
19,419,259
250,079
Total deposits
$
67,611,316
$
66,190,093
$
1,421,223
[1] Includes interest bearing demand deposits.  

Borrowings
The Corporation’s borrowings totaled $1.1 billion at  
March 31, 2026, a decrease of $329.0 million  
when compared to December 31,
2025.  
The  
decrease  
was  
mainly  
related  
to  
lower  
FHLB  
advances  
by  
$325.0  
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 $6.3 billion at March 31, 2026, an increase of $62.0 million when compared to December 31, 2025. The
increase was principally due to  
net income for the  
quarter ended March 31, 2026  
of $245.7 million, coupled with  
the after-tax effect
of the amortization of unrealized losses from securities previously reclassified to HTM of $37.5 million, partially offset by an increase
in  
treasury stock  
of  
$152.4  
million, mainly  
due  
to  
common  
stock  
repurchases, the  
common  
and  
preferred dividends  
declared  
of
$48.9 million, and  
an increase in net  
unrealized losses in the  
portfolio of AFS  
securities of $25.3  
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 ended March 31, 2026, Popular repurchased 1,555,398 shares of common stock for $155.2 million at an average
price of $134.31 per share. As of March  
31, 2026, $126.0 million remained available for stock repurchase under the currently active
authorization.
The composition of the Corporation’s financing to total assets  
at March 31, 2026 and December 31, 2025  
is included in Table 6.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
121
Table 6 - Financing to Total  
Assets
March 31,
December 31,  

% (decrease) increase
% of total assets
(Dollars in millions)
2026
2025
from 2025 to 2026
2026
2025
Non-interest-bearing core deposits
$
15,785
$
15,304
3.1
%
20.7
%
20.3
%
Interest-bearing core deposits
45,872
46,017
(0.3)
60.3
61.1
Interest-bearing other deposits
5,954
4,869
22.3
7.8
6.4
Repurchase agreements
35
39
(10.3)
-
0.1
Other short-term borrowings
350
650
(46.2)
0.5
0.9
Notes payable
735
760
(3.3)
1.0
1.0
Other liabilities
1,089
1,460
(25.4)
1.4
1.9
Stockholders’ equity
6,311
6,249
1.0
8.3
8.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
122
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 March 31, 2026, 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  
7,  
which include  
common equity  
tier 1,  
Tier  
1 capital,  
total capital  
and leverage
capital as of March 31, 2026 and December 31,  
2025.
Table 7 - Capital Adequacy  
Data
 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)
 

March 31, 2026
 

 

December 31, 2025
 

Common equity tier 1 capital:
 

 

 

 

 

 

Common stockholders' equity - U.S. GAAP basis
$
6,288,943
$
6,226,936
AOCI related adjustments due to opt-out election
1,083,150
1,096,805
Goodwill, net of associated deferred tax liability (DTL)
(637,705)
(639,734)
Intangible assets, net of associated DTLs
(4,692)
(5,076)
Deferred tax assets and other deductions  

(209,380)
(215,404)
Common equity tier 1 capital
$
6,520,316
$
6,463,527
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
 

$
22,143
Tier 1 capital
$
6,542,459
 

$
6,485,670
 

Tier 2 capital:
Trust preferred securities subject to phase in as  
tier 2
192,674
192,674
Other inclusions (deductions), net
515,782
517,723
Tier 2 capital
$
708,456
$
710,397
Total risk-based capital  

$
7,250,915
 

$
7,196,067
 

Minimum total capital requirement to be well capitalized
$
4,095,067
 

$
4,112,375
 

Excess total capital over minimum well capitalized
$
3,155,848
 

$
3,083,692
 

Total risk-weighted  
assets
$
40,950,669
 

$
41,123,753
 

Total assets for leverage  
ratio
$
76,104,777
 

$
74,661,894
 

Risk-based capital ratios:
 

 

 

 

 

 

Common equity tier 1 capital
15.92
%
15.72
%
 

Tier 1 capital  

 

15.98
 

15.77
 

Total capital
 

17.71
 

 

17.50
 

 

Tier 1 leverage
 

8.60
 

 

8.69
 

123
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  
March
31, 2026, continue to exceed the minimum requirements  
for being “well-capitalized” under the Basel III  
capital rules.  

The increase in the common equity Tier I capital ratio, Tier I capital ratio, and total capital ratio as of March  
31, 2026 as compared to
December 31, 2025 was mainly due to  
the quarter’s earnings,  
and lower risk weighted assets driven by  
the decrease in loans held-
in-portfolio and lower non-performing  
loans held-in-portfolio, partially offset  
by the repurchase of  
common stock and  
common stock
dividends. The decrease in the leverage ratio was driven  
by higher total assets which are impacted  
by zero-risk weighted assets that
did not have a significant impact on the risk  
weighted assets, partially offset by the quarter’s earnings.  

Reconciliation to Tangible Common Equity and Tangible Assets
Table  
8 provides  
a reconciliation  
of total  
stockholders’ equity  
to tangible  
common equity  
and total  
assets to  
tangible assets  
as of
March 31, 2026, and December 31, 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
124
Table 8 - Reconciliation of Tangible  
Common Equity and Tangible  
Assets
(In thousands, except share or per share information)
March 31, 2026
December 31, 2025
Total stockholders’  
equity
$
6,311,086
$
6,249,079
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(789,954)
Less: Other intangibles
(4,692)
(5,076)
Total tangible common  
equity
$
5,494,297
$
5,431,906
Total assets  

$
76,131,018
$
75,348,267
Less: Goodwill
(789,954)
(789,954)
Less: Other intangibles
(4,692)
(5,076)
Total tangible assets
$
75,336,372
$
74,553,237
Tangible common  
equity to tangible assets
7.29
%
7.29
%
Common shares outstanding at end of period
64,654,788
65,719,385
Tangible book value  
per common share
$
84.98
$
82.65
Quarterly average
Total stockholders’  
equity  

$
6,289,337
$
6,938,571
[1]
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(789,954)
Less: Other intangibles
(4,944)
(5,328)
Total tangible equity  
before adjusting for the impact of unrealized losses
on AFS securities including those transferred to HTM
$
5,472,296
$
6,121,146
Return on average tangible common equity before adjusting  
for the
impact of unrealized losses on AFS securities including  
those transferred
to HTM
18.18
%
15.14
%
Add: Average unrealized losses on AFS securities
743,809
56,761
Add: Average unrealized losses on AFS securities  
transferred to HTM
221,114
259,058
Total tangible equity  
after add back of impact of unrealized losses on AFS
securities, including those transferred to HTM
$
6,437,219
$
6,436,965
Return on average tangible common equity after add back  
of impact of
unrealized losses on AFS securities including those transferred  
to HTM
(''ROTCE'')
15.46
%
14.39
%
 
[1] Average balances exclude certain unrealized  
gains or losses on debt securities available-for-sale.

 
125
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  
$21.7 billion  
and  
$7.0 billion,
respectively, as  
of March 31, 2026.  
Other assets subject to market risk  
include mortgage servicing rights ("MSRs") with  
a fair value
of $94.2 million as of March 31, 2026.  

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 as  
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  
March 31,  
2026 and  
December 31,  
2025, assuming  
a static  
balance
sheet and parallel changes over flat spot rates over  
a one-year time horizon:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
126
Table 9 - Net Interest Income Sensitivity  
(One Year Projection)
March 31, 2026
December 31, 2025
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
17,583
0.61
(7,520)
(0.27)
+100 basis points
8,316
0.29
(4,379)
(0.16)
-100 basis points
(10,053)
(0.35)
2,691
0.10
-200 basis points
(17,168)
(0.60)
7,488
0.27
As  
of  
March  
31,  
2026,  
NII  
simulations  
showed  
that  
the  
Corporation’s  
sensitivity  
position  
was  
asset  
sensitive.  
Compared  
to  
the
results as of December 31, 2025, the variation in sensitivity and the resulting profile was  
mainly due to an increase in U.S. Treasury
Bills as a result  
of a rise in  
non-interest bearing and low-cost interest-bearing deposits in  
Puerto Rico offset in  
part by the purchase
of  
two-to-three-year  
U.S.  
Treasury  
Notes.  
The  
profile  
reflects  
that  
in  
rising  
rate  
scenarios,  
Popular’s  
net  
interest  
income  
would
increase  
during  
the  
one-year  
horizon  
due  
to  
the  
larger  
volume  
of  
assets  
repricing  
and  
generating  
more  
interest  
income,  
while
interest expense increases modestly due to the high  
proportion of low-cost deposits.
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 March 31, 2026, the Corporation held trading securities with a fair value of $30.4 million,  
representing 0.04% of the Corporation’s
total assets, compared with $36.6 million and 0.05%,  
respectively, at December 31, 2025.
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. .  

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.
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 2025  
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

 
 
127
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% and 88% of funding of the Corporation’s total assets at March 31, 2026 and December
31, 2025,  
respectively. The  
ratio of  
total ending  
loans to  
deposits was 58%  
and 59%  
at March  
31, 2026  
and December  
31, 2025,
respectively.  
In addition to  
traditional deposits, the  
Corporation maintains borrowing arrangements, which  
amounted to $1.1  
billion
in  
outstanding  
balances  
at  
March  
31,  
2026  
(December  
31,  
2025  
-  
$1.4  
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.
At March 31,  
2026, the Corporation’s  
available liquidity increased to  
$27.7 billion from  
$27.0 billion on  
December 31, 2025.  
During
the first  
quarter of 2026,  
the Corporation had  
no material incremental  
use of  
its available liquidity  
sources. The liquidity  
sources of
the Corporation at March 31, 2026 are presented  
in Table 10 below:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
128
Table 10 - Liquidity Sources
March 31, 2026
December 31, 2025
(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)
$
3,635,635
$
1,010,262
$
4,645,897
$
3,595,806
$
1,020,478
$
4,616,284
Unpledged securities
5,617,332
1,051,193
6,668,525
5,215,981
1,057,129
6,273,110
FHLB borrowing capacity
3,315,007
927,693
4,242,700
3,291,672
692,744
3,984,416
Discount window of the Federal Reserve
Bank borrowing capacity
8,365,380
3,788,737
12,154,117
8,472,866
3,644,486
12,117,352
Total available liquidity
$
20,933,354
$
6,777,885
$
27,711,239
$
20,576,325
$
6,414,837
$
26,991,162
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  
5 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  
deposits,  
which  
are  
fully
collateralized, have  
historically provided  
the Corporation  
with a  
sizable source  
of relatively  
stable and  
low-cost funds.  
P.R.  
public
deposits, while linked to market interest rates,  
provide a stable source of funding with  
an attractive earning spread. As of March  
31,
2026, total Puerto Rico public sector deposits were  
$19.7 billion, compared to $19.4 billion at  
December 31, 2025.
Core deposits  
represent 91%  
of total  
deposits at  
$61.7 million,  
as of  
March 31,  
2026, compared  
with 92%  
at  
$60.9 billion  
as  
of
December  
31,  
2025.  
Core  
deposits  
financed  
85%  
of  
the  
Corporation’s  
earning  
assets  
at  
March  
31,  
2026,  
compared  
to  
85%  
at
December 31, 2025.
The  
Corporation  
had  
$1.0  
billion  
in  
brokered  
deposits  
at  
March  
31,  
2026,  
which  
financed  
approximately  
1%  
of  
its  
total  
assets
(December 31, 2025 - $1.0 billion and 1%,  
respectively).
The distribution by maturity of certificates of deposit with denominations of $250,000 and over at March 31, 2026 is presented in the
table that follows:

 
 
 
 
 
 
 
 
 
 
129
Table 11  
- Distribution by Maturity of Certificates of Deposit  
of $250,000 and Over
(In thousands)
3 months or less
$
2,600,756
Over 3 to 12 months
1,109,024
Over 1 year to 3 years
299,828
Over 3 years
119,622
Total
$
4,129,230
As of March  
31, 2026, 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  
stress  
events.  
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  
12 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 12, 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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
130
Table 12 - Deposits
31-Mar-26
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
24,374,849
44
%
$
8,292,411
68
%
$
32,667,260
48
%
Transactional deposits balances over
$250,000
8,431,271
15
%
2,845,596
23
%
11,276,867
17
%
Time deposits balances over $250,000
2,386,858
4
%
521,619
4
%
2,908,477
4
%
Uninsured foreign deposits
444,415
1
%
-
-
%
444,415
1
%
Collateralized public funds
20,048,501
36
%
265,796
2
%
20,314,297
30
%
Intercompany deposits
200,890
-
%
305,233
3
%
-
-
%
Total deposits
$
55,886,784
100
%
$
12,230,655
100
%
$
67,611,316
100
%
[1] Includes the first $250,000 in balances of transactional  
and time deposit accounts with balances in excess  
of $250,000.
31-Dec-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$
23,873,328
44
%
$
8,283,967
69
%
$
32,157,295
49
%
Transactional deposits balances over
$250,000
8,254,961
15
%
2,341,365
19
%
10,596,326
16
%
Time deposits balances over $250,000
2,182,301
4
%
794,183
7
%
2,976,484
4
%
Uninsured foreign deposits
446,360
1
%
-
-
%
446,360
1
%
Collateralized public funds
19,748,934
36
%
264,694
2
%
20,013,628
30
%
Intercompany deposits
235,251
-
%
349,483
3
%
-
-
%
Total deposits
$
54,741,135
100
%
$
12,033,692
100
%
$
66,190,093
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  
March 31, 2026 and  
$595 million at December
31, 2025.
The contractual maturities of the BHCs notes payable  
at March 31, 2026 are presented in Table 13.
Table 13  
- Distribution of BHC's Notes Payable by Contractual  
Maturity
Year
(In thousands)
2028
$
396,955
Later years
198,406
Total
$
595,361

 
 
 
 
131
As of  
March 31,  
2026, the  
BHCs had  
cash and  
money markets  
investments totaling  
$1.6 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 $0.75  
per share  
or approximately  
$48
million per quarter.
The BHCs have in  
the past borrowed in the  
corporate debt market primarily to finance  
their non-banking subsidiaries and refinance
debt  
obligations.  
These  
sources  
of  
funding  
are  
more  
costly  
given  
that  
two  
out  
of  
three  
principal  
credit  
rating  
agencies  
rate  
the
Corporation’s debt  
securities below  
“investment grade”.  
The Corporation  
has a  
shelf registration  
statement filed  
and effective  
with
the  
Securities  
and  
Exchange  
Commission,  
which  
permits  
the  
Corporation  
to  
issue  
an  
unspecified  
amount  
of  
debt  
or  
equity
securities.
Non-Banking Subsidiaries
The  
principal  
sources  
of  
funding  
for  
the  
non-banking  
subsidiaries  
include  
internally  
generated  
cash  
flows  
from  
operations,  
loan
sales, repurchase agreements, capital  
injections and borrowed funds  
from their direct  
parent companies or the  
holding companies.
The principal uses of funds for the non-banking  
subsidiaries include repayment of maturing debt,  
operational expenses and payment
of dividends to the BHCs.  

Dividends
During the  
quarter ended March  
31, 2026,  
the Corporation  
declared cash  
dividends of  
$0.75 per  
common share  
outstanding ($49
million in the aggregate). The dividends for the Corporation’s  
Series A preferred stock amounted to $0.4 million.
During the quarter ended March 31, 2026, the  
BHCs received dividends and distributions amounting  
to $175 million from BPPR, and
$12 million  
from its  
other non-banking  
subsidiaries. Dividends  
from BPPR  
constitute Popular,  
Inc.’s primary  
source of  
liquidity.  
In
addition, during the quarter ended March 31, 2026,  
PIBI, a wholly owned subsidiary of Popular, Inc., had no dividends.  

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  
March 31,  
2026, BPPR  
could
declare  
a  
dividend  
of  
up  
to  
approximately  
$13  
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 March  
31, 2026, debt securities provide 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  
10 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

 
132
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 March  
31, 2026  
and
December 31, 2025,  
and the results  
of their operations  
for the  
quarters ended March  
31, 2026 and  
March 31,  
2025. 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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
133
Table 14 - Summarized Statement  
of Condition
(In thousands)
March 31, 2026
December 31, 2025
Assets
Cash and money market investments
$
468,987
$
524,882
Investment securities
39,780
38,656
Accounts receivables from non-obligor subsidiaries
15,521
12,798
Other loans (net of allowance for credit losses of $102 (2025  
- $132))
23,844
24,169
Investment in equity method investees
5,145
5,145
Other assets
103,289
91,618
Total assets
$
656,566
$
697,268
Liabilities and Stockholders' deficit
Accounts payable to non-obligor subsidiaries
$
11,998
$
7,669
Notes payable
595,362
594,958
Other liabilities
108,959
135,785
Stockholders' deficit
(59,753)
(41,144)
Total liabilities and  
stockholders' deficit
$
656,566
$
697,268
Table 15 - Summarized Statement  
of Operations
For the quarters ended
(In thousands)
March 31, 2026
March 31, 2025
Income:
Dividends from non-obligor subsidiaries
$
187,000
$
206,000
Interest income from non-obligor subsidiaries and affiliates
904
1,181
Other operating income
1,281
838
Total income
$
189,185
$
208,019
Expenses:
Services provided by non-obligor subsidiaries and affiliates  
(net of
reimbursement by subsidiaries for services provided by parent  
of
$69,903 (2025 - $61,777))
$
5,126
$
3,903
Other expenses
5,694
7,339
Income tax (benefit) expense
(323)
2,679
Total expenses
$
10,497
$
13,921
Net income
$
178,688
$
194,098

 
 
 
 
 
134
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 2025 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  
2025  
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
reflected a 1.1% year-over-year increase in December 2025, with no change on a month-over-month basis. 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 disruptions.
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 March 2026, the  
U.S. Consumer
Price Index  
reflected a  
3.3% year-over-year increase,  
which, while below  
peak 2022  
levels, remains above  
the Federal  
Reserve’s
2% target. The year-over-year  
increase accelerated from 2.4%  
in February 2026 to  
3.3% in March  
2026, primarily driven by  
higher
energy and  
gasoline prices  
resulting from  
the recent  
geopolitical conflict involving  
Iran. In  
Puerto Rico,  
the Consumer  
Price Index
reflected a year-over-year  
increase of 2.5%  
in March 2026,  
up from 2.3%  
in February 2026.  
It is still  
too early to  
determine the full
extent to which the conflict involving Iran and its  
indirect impacts may impact the global and Puerto  
Rico economies.  

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”).  

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

 
 
135
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 was  
appealed to the  
United States Court of  
Appeals for
the First Circuit  
on December 3, 2025,  
and the appeal remains  
pending as of March  
31, 2026. 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.
For  
further  
discussion  
of  
the  
Corporation’s  
direct  
and  
indirect  
exposure to  
USVI  
government  
entities,  
please  
refer  
to  
Note  
18  
–
Commitments and Contingencies to the Consolidated  
Financial Statements.
Non-Performing Assets
Non-performing assets (“NPAs”)  
include primarily past-due  
loans that  
are no  
longer accruing interest,  
renegotiated loans, and  
real
estate property acquired through foreclosure. A summary, including certain credit  
quality metrics, is presented in Table 16.
During  
the  
first  
quarter  
of  
2026,  
the  
Corporation’s  
credit  
quality  
metrics  
remained  
stable.  
The  
Corporation  
continues  
to  
closely
monitor  
the  
economic  
landscape and  
borrower performance,  
as  
macro-economic uncertainty  
and  
increased volatility  
remain key

136
considerations. Management believes that the  
improvements in risk management practices over  
recent years and the  
overall credit
risk profile of the loan portfolio position the Corporation  
to continue to operate successfully in the current environment.
Total  
NPAs  
of $503.8 million  
as of  
March 31,  
2026 decreased by  
$37.0 million when  
compared with December  
31, 2025. BPPR’s
NPLs  
decreased  
by  
$38.4  
million,  
primarily driven  
by  
reductions in  
commercial, consumer  
and  
mortgage  
NPLs  
of  
$17.6 million,
$17.5 million  
and $3.0  
million, respectively.  
The decrease  
in commercial  
NPLs was  
mainly driven  
by  
an  
$11.1  
million charge-off
related to a  
commercial real estate  
facility classified as  
NPL in the  
third quarter of  
2025. The improvement  
in consumer NPLs  
was
primarily due to a $16.8 million  
reduction in auto NPLs driven by increased  
payment activity. Popular U.S.  
NPLs decreased by $1.8
million, mostly driven by a decrease of $3.7  
million in the mortgage NPLs.  

On March 31, 2026,  
the ratio of NPLs  
to total loans held-in-portfolio was  
1.17%, compared to 1.27% on  
December 31, 2025. Other
real estate owned loans (“OREOs”) totaled $45.7  
million, an increase of $3.2 million from December  
31, 2025.  

The Corporation’s commercial loan  
portfolio secured by real  
estate (“CRE”) amounted to  
$11.2 billion  
on March 31,  
2026, of which
$3.2 billion was secured with owner occupied properties,  
compared with $11.2 billion and $3.2 billion, respectively, on December 31,
2025.
CRE NPLs  
amounted to $58.6  
million at March  
31, 2026, compared  
with $76.0 million  
at December 31,  
2025, driven by  
the $11.  
1
million net  
charge off  
on the  
CRE facility  
discussed above.  
The CRE  
NPL ratios  
for the  
BPPR and  
Popular U.S.  
segments were
0.83% and 0.28%, respectively, on March 31, 2026, compared with 1.23% and  
0.25%, respectively, on December 31, 2025.
The non-owner  
occupied CRE  
portfolio was  
$5.5 billion  
at March  
31, 2026,  
split between  
$3.4 billion  
in BPPR  
and $2.2  
billion in
Popular U.S. This portfolio is diversified across sectors: retail (33%), hotels (19%), and office space (12%),  
which together represent
two-thirds of  
total non-owner  
occupied CRE  
exposure. Specifically,  
office space  
leasing accounts  
for just  
1.7% ($673.6  
million) of
the total loan portfolio, mainly comprising mid-rise properties with an average loan size of $3 million, and is well diversified by tenant
type.
 

Within CRE, the  
commercial multi-family portfolio is  
$2.4 billion (approximately 6%  
of total loans),  
concentrated in New  
York  
Metro
($1.4 billion), South Florida ($664.6  
million) and Puerto Rico ($238.5 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  
16, on March  
31, 2026 there were  
$593.2 million of  
performing loans, mostly commercial
loans, which in management’s opinion, are currently subject to potential future classification as non-performing (December 31, 2025
- $499.6 million).
The following table presents the Corporation’s NPAs as of March 31, 2026 and December  
31, 2025:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
137
Table 16 - Non-Performing  
Assets
March 31, 2026
December 31, 2025
(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
$
-
$
10,962
$
10,962
0.5
%
$
112
$
8,636
$
8,748
0.4
%
Commercial real estate non-owner
occupied
26,457
6,987
33,444
0.6
35,692
7,020
42,712
0.8
Commercial real estate owner
occupied
14,192
-
14,192
0.4
24,567
-
24,567
0.8
Commercial and industrial  

185,993
6,524
192,517
2.2
183,914
6,498
190,412
2.2
Total Commercial  

226,642
24,473
251,115
1.3
244,285
22,154
266,439
1.3
Mortgage
129,367
9,700
139,067
1.6
132,373
13,422
145,795
1.7
Leasing
8,892
-
8,892
0.4
9,179
-
9,179
0.5
Consumer  

 
Home equity lines of credit
-
2,766
2,766
3.5
-
2,796
2,796
3.6
 
Personal  

15,755
905
16,660
0.9
18,863
1,233
20,096
1.1
 
Auto
35,390
-
35,390
0.9
52,200
-
52,200
1.4
 
Other
4,227
-
4,227
2.4
1,809
29
1,838
1.0
Total Consumer  

55,372
3,671
59,043
0.8
72,872
4,058
76,930
1.1
Total non-performing  
loans held-in-
portfolio
420,273
37,844
458,117
1.2
%
458,709
39,634
498,343
1.3
%
Other real estate owned (“OREO”)
45,176
504
45,680
41,929
504
42,433
Total non-performing  
assets
[1]
$
465,449
$
38,348
$
503,797
$
500,638
$
40,138
$
540,776
Accruing loans past due 90 days or
more
[2]
$
226,218
$
169
$
226,387
$
228,772
$
188
$
228,960
Ratios:
Non-performing assets to total assets
0.78
%
0.24
%
0.66
%
0.85
%
0.25
%
0.72
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio  

1.52
0.33
1.17
1.66
0.34
1.27
Allowance for credit losses to loans
held-in-portfolio
2.65
0.79
2.10
2.60
0.77
2.05
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
174.23
241.77
179.81
156.51
227.42
162.15
[1] There were no non-performing loans held-for-sale  
as of March 31, 2026 and December 31, 2025.
[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  
$43 million  
of residential  
mortgage
loans  
insured  
by  
FHA  
or  
guaranteed  
by  
the  
VA  
that  
are  
no  
longer  
accruing  
interest  
as  
of  
March  
31,  
2026  
(December  
31,  
2025  
-  
$47  
million).
Furthermore, the Corporation  
has $26 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,  
2025 -
$27 million).
For the quarter ended  
March 31, 2026, total  
inflows of NPLs held-in-portfolio,  
excluding consumer loans, increased by  
$4.2 million,
compared to the  
same period in  
2025. Inflows of  
NPLs held-in-portfolio at the  
BPPR segment increased by  
$6.4 million, compared
to the same period in 2025, mainly driven by higher mortgage inflows  
by $7.2 million. Inflows of NPLs held-in-portfolio at the Popular
U.S. segment decreased by $2.3 million from the  
same period in 2025, mainly driven by lower  
commercial inflows by $2.1 million.
Tables 17 to 22 present the Corporation’s inflows to NPLs for the quarters ended March 31,  
2026 and 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
138
Table 17 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the quarter ended March 31, 2026
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
376,658
$
35,576
$
412,234
Plus:
New non-performing loans
43,461
5,733
49,194
Advances on existing non-performing loans
-
181
181
Less:
Non-performing loans transferred to OREO
(3,111)
-
(3,111)
Non-performing loans charged-off
(12,201)
(24)
(12,225)
Loans returned to accrual status / loan collections
(48,798)
(7,293)
(56,091)
Ending balance -  
NPLs
$
356,009
$
34,173
$
390,182
Table 18 - Activity in Non  
-Performing Loans Held-in-Portfolio (Excluding Consumer  
Loans)
For the quarter ended March 31, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
37,023
8,158
45,181
Advances on existing non-performing loans
-
18
18
Less:
Non-performing loans transferred to OREO
(2,555)
-
(2,555)
Non-performing loans charged-off
(927)
(1,130)
(2,057)
Loans returned to accrual status / loan collections
(51,981)
(13,996)
(65,977)
Ending balance -  
NPLs
$
191,103
$
46,594
$
237,697
Table 19 - Activity in Non  
-Performing Commercial Loans Held-In-Portfolio
For the quarter ended March 31, 2026
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
244,285
$
22,154
$
266,439
Plus:
New non-performing loans
5,004
3,205
8,209
Advances on existing non-performing loans
-
170
170
Less:
Non-performing loans transferred to OREO
(650)
-
(650)
Non-performing loans charged-off
(11,661)
(3)
(11,664)
Loans returned to accrual status / loan collections
(10,336)
(1,053)
(11,389)
Ending balance - NPLs
$
226,642
$
24,473
$
251,115

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
139
Table 20 - Activity in Non  
-Performing Commercial Loans Held-In-Portfolio
For the quarter ended March 31, 2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
51,101
$
23,654
$
74,755
Plus:
New non-performing loans
5,781
5,413
11,194
Advances on existing non-performing loans
-
17
17
Less:
Non-performing loans transferred to OREO
(120)
-
(120)
Non-performing loans charged-off
(739)
(1,130)
(1,869)
Loans returned to accrual status / loan collections
(13,426)
(10,447)
(23,873)
Ending balance - NPLs
$
42,597
$
17,507
$
60,104
Table 21 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended March 31, 2026
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
132,373
$
13,422
$
145,795
Plus:
New non-performing loans
38,457
2,528
40,985
Advances on existing non-performing loans
-
11
11
Less:
Non-performing loans transferred to OREO
(2,461)
-
(2,461)
Non-performing loans charged-off
(540)
(21)
(561)
Loans returned to accrual status / loan collections
(38,462)
(6,240)
(44,702)
Ending balance - NPLs
$
129,367
$
9,700
$
139,067
Table 22 - Activity in Non  
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended March 31, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
158,442
$
29,890
$
188,332
Plus:
New non-performing loans
31,242
2,745
33,987
Advances on existing non-performing loans
-
1
1
Less:
Non-performing loans transferred to OREO
(2,435)
-
(2,435)
Non-performing loans charged-off
(188)
-
(188)
Loans returned to accrual status / loan collections
(38,555)
(3,549)
(42,104)
Ending balance - NPLs
$
148,506
$
29,087
$
177,593

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
140
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 March 31, 2026 and December 31, 2025,  
are presented below.
Table 23 - Loan Delinquencies
(Dollars in thousands)
March 31, 2026
December 31, 2025
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
$
27,339
$
2,427,295
1.13
%
$
24,982
$
2,455,790
1.02
%
Commercial real estate
non-owner occupied
48,779
5,543,451
0.88
47,068
5,543,284
0.85
Commercial real estate
owner occupied
39,782
3,212,356
1.24
28,008
3,153,080
0.89
Commercial and industrial
220,994
8,565,559
2.58
215,068
8,607,412
2.50
Total Commercial  

336,894
19,748,661
1.71
315,126
19,759,566
1.59
Construction  

20,538
1,674,193
1.23
17,283
1,674,899
1.03
Mortgage  

Mortgage insured
[1]
395,379
3,281,279
12.05
429,796
3,166,679
13.57
Mortgage uninsured
287,933
5,431,082
5.30
329,504
5,482,761
6.01
Total Mortgage
683,312
8,712,361
7.84
759,300
8,649,440
8.78
Leasing
34,091
1,986,165
1.72
37,567
2,001,365
1.88
Consumer  

Credit cards  

46,467
1,214,199
3.83
51,846
1,256,717
4.13
Home equity lines of credit
3,798
79,764
4.76
4,160
78,692
5.29
Personal  

48,279
1,913,281
2.52
53,632
1,906,228
2.81
Auto  

129,540
3,783,904
3.42
186,798
3,819,812
4.89
Other
5,374
177,174
3.03
5,929
180,799
3.28
Total Consumer  

233,458
7,168,322
3.26
302,365
7,242,248
4.18
Loans held-for-sale
-
5,603
-
-
9,998
-
Total  

$
1,308,293
$
39,295,305
3.33
%
$
1,431,641
$
39,337,516
3.64
%
[1]  
Loans that carry certain guarantees from FHA or the  
VA. 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. The Corporation’s  
management evaluates the adequacy  
of the ACL  
on a quarterly  
basis. In this  
evaluation, management
considers current  
conditions, macroeconomic  
economic expectations through  
a reasonable  
and supportable  
period, historical  
loss
experience,  
portfolio composition  
by  
loan  
type  
and  
risk  
characteristics,  
results  
of  
periodic credit  
reviews  
of  
individual loans,  
and
regulatory requirements, amongst other factors.
The Corporation must rely on  
estimates and exercise judgment regarding matters where  
the ultimate outcome is unknown, such  
as
economic developments affecting specific  
customers, industries, or markets.  
Other factors that can  
affect management’s estimates
are  
recalibration  
of  
statistical  
models  
used  
to  
calculate  
lifetime  
expected  
losses,  
changes  
in  
underwriting  
standards,  
financial
accounting standards and loan impairment measurements,  
among others. Changes in the financial condition  
of individual borrowers,
in economic  
conditions, and  
in the  
condition of  
the various  
markets in  
which collateral  
may be  
sold, may  
also affect  
the required

141
level of  
the allowance  
for credit  
losses. Consequently,  
the business  
financial condition,  
liquidity,  
capital, and  
results of  
operations
could also be affected.
At March 31, 2026, the  
ACL increased by $15.6 million from December 31,  
2025 to $823.7 million. The increase in  
ACL was driven
by  
a combination  
of changes  
in  
the economic  
scenario,  
loan volumes  
and increases  
in  
qualitative reserves.  
The  
ACL for  
BPPR
increased by $14.3 million  
when compared to December 31,  
2025 due to a  
$22.3 million increase in reserves for  
commercial loans
driven  
by  
higher  
specific  
reserves  
for  
a  
single-borrower  
exposure  
in  
non-accrual,  
a  
$11.1  
million  
net  
charge  
off  
related  
to  
a
commercial real  
estate facility  
classified as  
NPL in  
the third  
quarter of  
2025, and  
other loan  
modifications. The  
ACL for  
mortgage
loans increased by $3.1 million, mostly  
due to changes in the  
macroeconomic scenarios. These increases were partially offset  
by a
$12.4 million decrease  
in the ACL  
for consumer loans,  
mainly in the  
auto portfolio, reflecting  
improvements in credit  
quality. In  
the
PB segment, the ACL remained stable, increasing by  
$1.4 million from the previous quarter.
The  
Corporation’s  
ratio  
of  
the  
allowance  
for  
credit  
losses  
to  
loans held-in-portfolio  
was  
2.10%  
on  
March  
31,  
2026  
compared  
to
2.05% on December 31, 2025.  
The ratio of the allowance for  
credit losses to NPLs held-in-portfolio stood at  
179.81%, compared to
162.15% on December 31, 2025.
Refer to Note 8 – Allowance for credit losses – loans  
held-in-portfolio to the Consolidated Financial  
Statements, and to the Provision
for Credit Losses section of this MD&A for additional  
information.
Tables  
24 and  
25 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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
142
Table 24 - Allowance for Credit  
Losses - Loan Portfolios
March 31, 2026
(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
$
20,069
$
2,427,295
0.83
%
$
10,962
183.08
%
 
Commercial real estate non-owner occupied
64,146
5,543,451
1.16
%
33,444
191.80
%
 
Commercial real estate owner occupied
51,116
3,212,356
1.59
%
14,192
360.17
%
 
Commercial and industrial  

197,476
8,565,559
2.31
%
192,517
102.58
%
Total Commercial  

$
332,807
$
19,748,661
1.69
%
$
251,115
132.53
%
Construction
15,160
1,674,193
0.91
%
-
-
Mortgage
83,624
8,712,361
0.96
%
139,067
60.13
%
Leasing
18,588
1,986,165
0.94
%
8,892
209.04
%
Consumer  

 
Credit cards
89,376
1,214,199
7.36
%
-
-
 
Home equity lines of credit
1,178
79,764
1.48
%
2,766
42.59
%
 
Personal  

104,739
1,913,281
5.47
%
16,660
628.69
%
 
Auto
170,544
3,783,904
4.51
%
35,390
481.90
%
 
Other
7,713
177,174
4.35
%
4,227
182.47
%
Total Consumer  

$
373,550
$
7,168,322
5.21
%
$
59,043
632.67
%
Total
$
823,729
$
39,289,702
2.10
%
$
458,117
179.81
%
Table 25 - Allowance for Credit  
Losses - Loan Portfolios
December 31, 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
$
19,345
$
2,455,790
0.79
%  

$
8,748
221.14
%
 
Commercial real estate non-owner occupied
58,717
5,543,284
1.06
%  

42,712
137.47
%
 
Commercial real estate owner occupied
48,451
3,153,080
1.54
%  

24,567
197.22
%
 
Commercial and industrial  

180,934
8,607,412
2.10
%  

190,412
95.02
%
Total Commercial  

$
307,447
$
19,759,566
1.56
%  

$
266,439
115.39
%
Construction
13,826
1,674,899
0.83
%  

 
-  

 
-  

Mortgage
80,554
8,649,440
0.93
%  

145,795
55.25
%
Leasing
18,620
2,001,365
0.93
%  

9,179
202.85
%
Consumer  

 
Credit cards
91,124
1,256,717
7.25
%  

 
-  

 
-  

 
Home equity lines of credit
1,335
78,692
1.70
%  

2,796
47.75
%
 
Personal  

106,612
1,906,228
5.59
%  

20,096
530.51
%
 
Auto
180,364
3,819,812
4.72
%  

52,200
345.52
%
 
Other
8,174
180,799
4.52
%
1,838
444.72
%
Total Consumer  

$
387,609
$
7,242,248
5.35
%  

$
76,930
503.85
%
Total
$
808,056
$
39,327,518
2.05
%
$
498,343
162.15
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
143
Annualized net charge-offs (recoveries)
The  
following  
table  
presents  
annualized  
net  
charge-offs  
(recoveries)  
(“NCOs“)  
to  
average  
loans  
held-in-portfolio  
(“HIP”)  
by  
loan
category for the quarters ended March 31, 2026  
and 2025.
Table 26  
- Annualized Net Charge-offs (Recoveries) to  
Average Loans Held-in-Portfolio
Quarter ended March 31, 2026
Quarter ended March 31, 2025
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Commercial  

0.42
%
(0.01)
%
0.23
%
(0.10)
%
0.02
%
(0.05)
%
Construction
(0.01)
―
―
―
―
―
Mortgage
(0.13)
(0.01)
(0.11)
(0.15)
(0.06)
(0.13)
Leasing
0.52
―
0.52
0.68
―
0.68
Consumer
2.68
3.09
2.69
2.82
3.90
2.85
Total annualized  
net charge-offs to
average loans held-in-portfolio
0.85
%
0.04
%
0.61
%
0.72
%
0.07
%
0.53
%
NCOs for  
the quarter  
ended March  
31, 2026  
amounted to  
$60.0 million,  
increasing by  
$10.9 million  
when compared  
to the  
same
period in 2025.  
The BPPR segment increased  
by $11.9  
million mainly driven by  
higher commercial NCOs by  
$14.0 million, mostly
due to the above referenced $11.1 million NCO.  
The PB segment NCOs decreased by $1.0 million.
Loan Modifications
For the  
quarter ended  
March  
31, 2026,  
modified loans  
to  
borrowers with  
financial difficulty  
amounted to  
$248.4 million,  
of  
which
$240.0  
million  
were  
in  
accruing  
status.  
The  
BPPR  
segment’s  
modifications  
to  
borrowers  
with  
financial  
difficulty  
amounted  
to
approximately $248.4 million, mainly  
comprised of commercial  
and mortgage loans of  
$233.7 million and $8.6  
million, respectively.
A total of $3.5 million of the mortgage modifications  
were related to government guaranteed loans.
Refer  
to  
Note  
8  
to  
the  
Consolidated  
Financial  
Statements  
for  
additional  
information  
on  
modifications  
made  
to  
borrowers
experiencing financial difficulties.
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 2025 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

 
 
144
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  

The  
Company  
continues  
to  
implement  
new  
business  
systems  
and  
solutions,  
including  
an  
enterprise  
resource  
planning  
(“ERP”)
system, which are expected to improve the efficiency of  
certain financial and related business processes.
On January  
1, 2026,  
the Corporation  
implemented a  
new ERP  
system, replacing  
our previous  
ERP system  
that had  
supported a
significant portion  
of our  
transactional records  
and general  
ledger. As  
a result  
of this  
implementation, we modified  
certain existing
controls  
and  
implemented  
new  
controls  
and  
procedures to  
maintain  
appropriate  
internal  
control  
over  
financial  
reporting  
and  
will
continue to evaluate the design and operating effectiveness  
of these controls.
Except as described above, 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 March  
31, 2026  
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 2025 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 2025 Form 10-K.
There have been no material changes to the risk  
factors previously disclosed under Item 1A of the  
Corporation’s 2025 Form 10-K.
The risks described  
in our 2025  
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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145
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 March  
31, 2026.
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 March 31, 2026:
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]
January 1 - January 31
306,003
$
127.73
301,380
$242,576,163
February 1 - February 28
345,242
143.58
344,075
$193,162,299
March 1 - March 31
540,114
132.49
509,943
$125,867,052
Total  

1,191,359
$
134.48
1,155,398
$125,867,052
[1] Includes  
4,623,  
1,167, and  
30,171  
shares of  
the Corporation’s  
common stock  
acquired  
by the  
Corporation  
during  
January,  
February,  
and March
2026, 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  
March 31, 2026,  
and since the  
first authorization in  
2024, the Corporation
had repurchased 8,071,942  
shares of common  
stock for $874  
million at an  
average price of  
$108.27 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).

 
 
146
Item 6.  
Exhibits  

Exhibit Index
Exhibit No
Exhibit Description
10.1
Form of Popular, Inc. 2026 Long-Term Equity Incentive Award and Agreement
(1)(*)
22.1
Issuers of Guaranteed Securities (Incorporated by reference   to Exhibit 22.1 of Popular, Inc.’s Annual
Report on Form 10-K for the year ended December   31, 2025)
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 March 31, 2026,
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.

 
 
 
147
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: May 8, 2026
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: May 8, 2026
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller