FULLTEXT DEL 3 AV 5
10-Q – 2026-05-08 – d121739d10q.htm
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1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
[X]
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
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.