FULLTEXT DEL 4 AV 5
10-Q – 2026-05-08 – d121739d10q.htm
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.